[October 26, 2017] |
|
Alkermes plc Reports Third Quarter 2017 Financial Results
Alkermes
plc (NASDAQ: ALKS) today reported financial results for the third
quarter of 2017.
"Our third quarter results reflect solid year-over-year topline growth
of more than twenty percent and disciplined expense management. We
continue to focus on executing on our business strategy to grow our
commercial products and invest in the late-stage development programs
that we expect will be the growth drivers for the future," commented
James Frates, Chief Financial Officer of Alkermes. "As we head into the
final months of the year, today we are reiterating our guidance for
non-GAAP results and improving guidance for GAAP net loss. These
expectations reflect reduced revenues, largely due to VIVITROL®
sales growth being slightly lower than expected in the third quarter,
offset by lower cost forecasts."
"VIVITROL and ARISTADA® both operate in markets where there
remains significant unmet patient need. With new health and economic
data being generated to support the long-term potential of these
important medicines, we continue to progress VIVITROL and ARISTADA and
work toward ensuring access for the patients that need these medicines,"
said Richard Pops, Chief Executive Officer of Alkermes. "Looking ahead,
2018 will be a transformative year for Alkermes' proprietary development
pipeline, with key events across the development portfolio, highlighted
by FDA review of the ALKS 5461 NDA, the phase 3 data readout for ALKS
3831, submission of the ALKS 8700 NDA and important phase 1 data for
ALKS 4230."
Quarter Ended Sept. 30, 2017 Highlights
-
Total revenues for the quarter were $217.4 million. This compared to
$180.2 million for the same period in the prior year.
-
Net loss according to generally accepted accounting principles in the
U.S. (GAAP) was $36.3 million, or a basic and diluted GAAP loss per
share of $0.24, for the quarter. This compared to GAAP net loss of
$62.7 million, or a basic and diluted GAAP loss per share of $0.41,
for the same period in the prior year.
-
Non-GAAP net income was $4.2 million, or a non-GAAP basic and diluted
earnings per share of $0.03. This compared to non-GAAP net loss of
$14.1 million, or a non-GAAP basic and diluted loss per share of
$0.09, for the same period in the prior year.
Quarter Ended Sept. 30, 2017 Financial Results
Revenues
-
Net sales of VIVITROL were $69.2 million, compared to $55.8 million
for the same period in the prior year.
-
Net sales of ARISTADA were $24.5 million, compared to $14.0 million
for the same period in the prior year.
-
Manufacturing and royalty revenues from RISPERDAL CONSTA®,
INVEGA SUSTENNA®/XEPLION® and INVEGA TRINZA®/TREVICTA®
were $79.4 million, compared to $73.3 million for the same period in
the prior year.
-
Manufacturing and royalty revenues from AMPYRA®/FAMPYRA®1
were $24.5 million, compared to $12.9 million for the same period in
the prior year.
Costs and Expenses
-
Operating expenses were $255.7 million, compared to $241.4 million for
the same period in the prior year, reflecting increased investment in
the company's development pipeline and commercial organization.
Balance Sheet At Sept. 30, 2017,
Alkermes had cash and total investments of $568.9 million, compared to
$560.8 million at June 30, 2017. At Sept. 30, 2017, the company's total
debt outstanding was $282.0 million.
Financial Expectations Alkermes is
updating its financial expectations for 2017 to reflect year-to-date
results and expectations for the fourth quarter of 2017. The following
outlines Alkermes' updated financial expectations for 2017.
-
Revenues: The company now expects total revenues to range from
$850 million to $880 million, reduced from a previous range of $870
million to $920 million. Included in this total revenue expectation,
the company now expects VIVITROL net sales to range from $265 million
to $275 million, reduced from a previous range of $280 million to $300
million.
-
Cost of Goods Manufactured and Sold: The company continues to
expect cost of goods manufactured and sold to range from $150 million
to $160 million.
-
Research and Development (R&D) Expenses: The company now
expects R&D expenses to range from $400 million to $420
million, reduced from $405 million to $435 million, reflecting the
timing of certain expenses related to various ongoing programs.
-
Selling, General and Administrative (SG&A) Expenses: The
company now expects SG&A expenses to range from $410 million to $430
million, reduced from $425 million to $455 million, reflecting
disciplined expense management and the timing of certain commercial
initiatives.
-
Amortization of Intangible Assets: The company continues to
expect amortization of intangibles to be approximately $60 million.
-
Net Interest Expense: The company continues to expect net
interest expense to be approximately $10 million.
-
Other Income, Net: The company now expects net other income of
approximately $10 million.
-
Income Tax Benefit: The company now expects an income tax
benefit of approximately $5 million, improved from an income tax
expense of up to $10 million.
-
GAAP Net Loss: The company now expects GAAP net loss to range
from $160 million to $190 million, or a basic and diluted loss per
share of $1.04 to $1.23, based on a weighted average basic and diluted
share count of approximately 154 million shares outstanding. This
compares to previous expectations of GAAP net loss in the range of
$180 million to $210 million, or a basic and diluted loss per share of
$1.17 to $1.36, based on a weighted average basic and diluted share
count of approximately 154 million shares outstanding.
-
Non-GAAP Net Income (Loss): The company continues to expect its
non-GAAP financial measure to be in the range of non-GAAP net loss of
$15 million to non-GAAP net income of $15 million. This equates to a
non-GAAP basic loss per share of $0.10 to a non-GAAP basic income per
share of $0.10, based on a weighted average basic share count of
approximately 154 million shares outstanding, and a non-GAAP diluted
loss per share of $0.10 to a non-GAAP diluted income per share of
$0.09, based on a weighted average diluted share count of
approximately 161 million shares outstanding.
-
Capital Expenditures: The company now expects capital
expenditures to range from $50 million to $60 million, reduced from
$70 million to $80 million.
Conference Call Alkermes will
host a conference call and webcast presentation with accompanying slides
at 8:30 a.m. ET (1:30 p.m. BST) on Thursday, Oct. 26, 2017, to discuss
these financial results and provide an update on the company. The
webcast player may be accessed on the Investors section of Alkermes'
website at www.alkermes.com.
The conference call may be accessed by dialing +1 888 424 8151 for U.S.
callers and +1 847 585 4422 for international callers. The conference
call ID number is 6037988. A replay of the conference call will be
available from 11:00 a.m. ET (4:00 p.m. BST) on Thursday, Oct. 26, 2017
through 5:00 p.m. ET (9:00 p.m. GMT) on Thursday, Nov. 2, 2017, and may
be accessed by visiting Alkermes' website or by dialing +1 888 843 7419
for U.S. callers and +1 630 652 3042 for international callers. The
replay access code is 6037988.
About Alkermes plc Alkermes
plc is a fully integrated, global biopharmaceutical company developing
innovative medicines for the treatment of central nervous system (CNS)
diseases. The company has a diversified commercial product portfolio and
a substantial clinical pipeline of product candidates for chronic
diseases that include schizophrenia, depression, addiction and multiple
sclerosis. Headquartered in Dublin, Ireland, Alkermes plc has an R&D
center in Waltham, Massachusetts; a research and manufacturing facility
in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.
For more information, please visit Alkermes' website at www.alkermes.com.
Non-GAAP Financial Measures This
press release includes information about certain financial measures that
are not prepared in accordance with generally accepted accounting
principles in the U.S. (GAAP), including non-GAAP net income (loss) and
non-GAAP diluted earnings (loss) per share. These non-GAAP measures are
not based on any standardized methodology prescribed by GAAP and are not
necessarily comparable to similar measures presented by other companies.
Non-GAAP net income (loss) adjusts for one-time and non-cash charges by
excluding from GAAP results: share-based compensation expense;
amortization; depreciation; non-cash net interest expense; certain other
one-time or non-cash items; and the income tax effect of these
reconciling items.
The company's management and board of directors utilize these non-GAAP
financial measures to evaluate the company's performance. The company
provides these non-GAAP measures of the company's performance to
investors because management believes that these non-GAAP financial
measures, when viewed with the company's results under GAAP and the
accompanying reconciliations, are useful in identifying underlying
trends in ongoing operations. However, non-GAAP net income (loss) and
non-GAAP basic and diluted earnings (loss) per share are not measures of
financial performance under GAAP and, accordingly, should not be
considered as alternatives to GAAP measures as indicators of operating
performance. Further, non-GAAP net income (loss) and non-GAAP basic and
diluted earnings (loss) per share should not be considered measures of
our liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release.
Note Regarding Forward-Looking Statements Certain
statements set forth in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including, but not limited to,
statements concerning: future financial and operating performance,
business plans or prospects; the likelihood of continued revenue growth
from the company's commercial products, including the growth of VIVITROL
and ARISTADA; the therapeutic and commercial value of the company's
marketed and development products and patient access to such products;
and expectations concerning the timing and results of clinical
development activities, including the phase 3 data readout for ALKS
3831, phase 1 data readout for ALKS 4230, the timing of the submission
of the NDA for ALKS 8700, and the timing of the submission and FDA
review of the NDA for ALKS 5461. You are cautioned that forward-looking
statements are inherently uncertain. Although the company believes that
such statements are based on reasonable assumptions within the bounds of
its knowledge of its business and operations, the forward-looking
statements are neither promises nor guarantees and they are necessarily
subject to a high degree of uncertainty and risk. Actual performance and
results may differ materially from those expressed or implied in the
forward-looking statements due to various risks and uncertainties. These
risks and uncertainties include, among others: the unfavorable outcome
of litigation, including so-called "Paragraph IV" litigation and other
patent litigation, related to any of our products, which may lead to
competition from generic drug manufacturers; data from clinical trials
may be interpreted by the U.S. Food and Drug Administration ("FDA") in
different ways than we interpret it; the FDA may not agree with our
regulatory approval strategies or components of our filings, such as
clinical trial designs; clinical development activities may not be
completed on time or at all; the results of our clinical development
activities may not be positive, or predictive of real-world results or
of results in subsequent clinical trials; regulatory submissions may not
occur or be submitted in a timely manner; the company, and its partners,
may not be able to continue to successfully commercialize its products;
there may be a reduction in payment rate or reimbursement for the
company's products or an increase in the company's financial obligations
to governmental payers; the FDA or regulatory authorities outside the
U.S. may make adverse decisions regarding the company's products; the
company's products may prove difficult to manufacture, be precluded from
commercialization by the proprietary rights of third parties, or have
unintended side effects, adverse reactions or incidents of misuse; and
those risks and uncertainties described under the heading "Risk Factors"
in the company's Annual Report on Form 10-K for the year ended Dec. 31,
2016 and Quarterly Reports on Form 10-Q for the quarters ended March 31,
2017 and June 30, 2017 and in subsequent filings made by the company
with the U.S. Securities and Exchange Commission ("SEC"), which are
available on the SEC's website at www.sec.gov.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. Except as required by law, the company disclaims any
intention or responsibility for updating or revising any forward-looking
statements contained in this press release.
VIVITROL® is a registered trademark of Alkermes, Inc.;
ARISTADA® is a registered trademark of Alkermes Pharma
Ireland Limited; RISPERDAL CONSTA®, INVEGA SUSTENNA®,
XEPLION®, INVEGA TRINZA® and TREVICTA®
are registered trademarks of Johnson & Johnson; AMPYRA®
and FAMPYRA® are registered trademarks of Acorda
Therapeutics, Inc.
1AMPYRA® (dalfampridine) Extended Release Tablets,
10 mg is developed and marketed in the U.S. by Acorda Therapeutics, Inc.
and outside the U.S. by Biogen Idec, under a licensing agreement with
Acorda Therapeutics, as FAMPYRA® (prolonged-release
fampridine tablets).
(tables follow)
|
Alkermes plc and Subsidiaries
|
Selected Financial Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
Three Months
|
|
|
|
|
Ended
|
|
|
|
Ended
|
Condensed Consolidated Statements of Operations - GAAP
|
|
|
|
September 30,
|
|
|
|
September 30,
|
(In thousands, except per share data)
|
|
|
|
2017
|
|
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
Manufacturing and royalty revenues
|
|
|
|
$ 122,677
|
|
|
|
|
$ 110,250
|
|
Product sales, net
|
|
|
|
93,681
|
|
|
|
|
69,802
|
|
Research and development revenues
|
|
|
|
1,027
|
|
|
|
|
189
|
|
Total Revenues
|
|
|
|
217,385
|
|
|
|
|
180,241
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Cost of goods manufactured and sold
|
|
|
|
36,054
|
|
|
|
|
35,456
|
|
Research and development
|
|
|
|
104,411
|
|
|
|
|
99,444
|
|
Selling, general and administrative
|
|
|
|
99,633
|
|
|
|
|
91,145
|
|
Amortization of acquired intangible assets
|
|
|
|
15,643
|
|
|
|
|
15,323
|
|
Total Expenses
|
|
|
|
255,741
|
|
|
|
|
241,368
|
|
Operating Loss
|
|
|
|
(38,356
|
)
|
|
|
|
(61,127
|
)
|
Other Income (Expense), net:
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1,173
|
|
|
|
|
912
|
|
Interest expense
|
|
|
|
(3,129
|
)
|
|
|
|
(3,375
|
)
|
Change in the fair value of contingent consideration
|
|
|
|
13,600
|
|
|
|
|
(1,000
|
)
|
Other expense, net
|
|
|
|
(9,078
|
)
|
|
|
|
(752
|
)
|
Total Other Income (Expense), net
|
|
|
|
2,566
|
|
|
|
|
(4,215
|
)
|
Loss Before Income Taxes
|
|
|
|
(35,790
|
)
|
|
|
|
(65,342
|
)
|
Provision (Benefit) for Income Taxes
|
|
|
|
486
|
|
|
|
|
(2,655
|
)
|
Net Loss - GAAP
|
|
|
|
$ (36,276
|
)
|
|
|
|
$ (62,687
|
)
|
|
|
|
|
|
|
|
|
|
Net (Loss) Earnings Per Share:
|
|
|
|
|
|
|
|
|
GAAP net loss per share - basic and diluted
|
|
|
|
$ (0.24
|
)
|
|
|
|
$ (0.41
|
)
|
Non-GAAP earnings (loss) per share - basic and diluted
|
|
|
|
$ 0.03
|
|
|
|
|
$ (0.09
|
)
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic and diluted - GAAP
|
|
|
|
153,684
|
|
|
|
|
151,652
|
|
Basic - Non-GAAP
|
|
|
|
153,684
|
|
|
|
|
151,652
|
|
Diluted - Non-GAAP
|
|
|
|
159,989
|
|
|
|
|
151,652
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net loss on a GAAP basis and
non-GAAP net income (loss) is as follows:
|
|
|
|
|
|
Net Loss - GAAP
|
|
|
|
$ (36,276
|
)
|
|
|
|
$ (62,687
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
19,487
|
|
|
|
|
23,726
|
|
Amortization expense
|
|
|
|
15,643
|
|
|
|
|
15,323
|
|
Depreciation expense
|
|
|
|
9,394
|
|
|
|
|
8,497
|
|
Non-cash net interest expense
|
|
|
|
192
|
|
|
|
|
231
|
|
Other-than-temporary impairment of equity method investment
|
|
|
|
10,471
|
|
|
|
|
-
|
|
Change in the fair value of warrants and equity method investments
|
|
|
|
(303
|
)
|
|
|
|
521
|
|
Change in the fair value of contingent consideration
|
|
|
|
(13,600
|
)
|
|
|
|
1,000
|
|
Income tax effect related to reconciling items
|
|
|
|
(844
|
)
|
|
|
|
(673
|
)
|
Non-GAAP Net Income (Loss)
|
|
|
|
$ 4,164
|
|
|
|
|
$ (14,062
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
Nine Months
|
|
|
|
|
Ended
|
|
|
|
Ended
|
Condensed Consolidated Statements of Operations - GAAP
|
|
|
|
September 30,
|
|
|
|
September 30,
|
(In thousands, except per share data)
|
|
|
|
2017
|
|
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
Manufacturing and royalty revenues
|
|
|
|
$ 366,608
|
|
|
|
|
$ 353,444
|
|
Product sales, net
|
|
|
|
258,893
|
|
|
|
|
176,695
|
|
Research and development revenues
|
|
|
|
2,503
|
|
|
|
|
2,042
|
|
Total Revenues
|
|
|
|
628,004
|
|
|
|
|
532,181
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Cost of goods manufactured and sold
|
|
|
|
116,241
|
|
|
|
|
97,165
|
|
Research and development
|
|
|
|
308,399
|
|
|
|
|
297,523
|
|
Selling, general and administrative
|
|
|
|
310,682
|
|
|
|
|
276,985
|
|
Amortization of acquired intangible assets
|
|
|
|
46,417
|
|
|
|
|
45,636
|
|
Total Expenses
|
|
|
|
781,739
|
|
|
|
|
717,309
|
|
Operating Loss
|
|
|
|
(153,735
|
)
|
|
|
|
(185,128
|
)
|
Other Expense, net:
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
3,287
|
|
|
|
|
2,917
|
|
Interest expense
|
|
|
|
(8,816
|
)
|
|
|
|
(9,993
|
)
|
Change in the fair value of contingent consideration
|
|
|
|
15,900
|
|
|
|
|
3,100
|
|
Other expense, net
|
|
|
|
(10,696
|
)
|
|
|
|
(970
|
)
|
Total Other Expense, net
|
|
|
|
(325
|
)
|
|
|
|
(4,946
|
)
|
Loss Before Income Taxes
|
|
|
|
(154,060
|
)
|
|
|
|
(190,074
|
)
|
Income Tax Benefit
|
|
|
|
(5,904
|
)
|
|
|
|
(2,771
|
)
|
Net Loss - GAAP
|
|
|
|
$ (148,156
|
)
|
|
|
|
$ (187,303
|
)
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share:
|
|
|
|
|
|
|
|
|
GAAP net loss per share - basic and diluted
|
|
|
|
$ (0.97
|
)
|
|
|
|
$ (1.24
|
)
|
Non-GAAP net loss per share - basic and diluted
|
|
|
|
$ (0.15
|
)
|
|
|
|
$ (0.22
|
)
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic and diluted - GAAP and Non-GAAP
|
|
|
|
153,263
|
|
|
|
|
151,261
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net loss on a GAAP basis and
non-GAAP net loss is as follows:
|
|
|
|
|
|
Net Loss - GAAP
|
|
|
|
$ (148,156
|
)
|
|
|
|
$ (187,303
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
63,336
|
|
|
|
|
74,613
|
|
Amortization expense
|
|
|
|
46,417
|
|
|
|
|
45,636
|
|
Depreciation expense
|
|
|
|
26,889
|
|
|
|
|
23,972
|
|
Change in the fair value of warrants and equity method investments
|
|
|
|
2,760
|
|
|
|
|
1,264
|
|
Non-cash net interest expense
|
|
|
|
578
|
|
|
|
|
694
|
|
Other-than-temporary impairment of equity method investment
|
|
|
|
10,471
|
|
|
|
|
-
|
|
Increase in the fair value of contingent consideration
|
|
|
|
(15,900
|
)
|
|
|
|
(3,100
|
)
|
Income tax effect related to reconciling items
|
|
|
|
(8,896
|
)
|
|
|
|
616
|
|
Upfront license option payment to Reset Therapeutics, Inc. charged
to R&D expense
|
|
|
|
-
|
|
|
|
|
10,000
|
|
Non-GAAP Net Loss
|
|
|
|
$ (22,501
|
)
|
|
|
|
$ (33,608
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
September 30,
|
|
|
|
December 31,
|
(In thousands)
|
|
|
|
2017
|
|
|
|
2016
|
Cash, cash equivalents and total investments
|
|
|
|
$ 568,850
|
|
|
|
|
$ 619,165
|
|
Receivables
|
|
|
|
207,537
|
|
|
|
|
191,102
|
|
Inventory
|
|
|
|
85,027
|
|
|
|
|
62,998
|
|
Prepaid expenses and other current assets
|
|
|
|
38,888
|
|
|
|
|
39,344
|
|
Property, plant and equipment, net
|
|
|
|
270,666
|
|
|
|
|
264,785
|
|
Intangible assets, net and goodwill
|
|
|
|
364,683
|
|
|
|
|
411,100
|
|
Other assets
|
|
|
|
212,675
|
|
|
|
|
137,929
|
|
Total Assets
|
|
|
|
$ 1,748,326
|
|
|
|
|
$ 1,726,423
|
|
Long-term debt - current portion
|
|
|
|
$ 3,000
|
|
|
|
|
$ 3,000
|
|
Other current liabilities
|
|
|
|
253,014
|
|
|
|
|
208,993
|
|
Long-term debt
|
|
|
|
278,994
|
|
|
|
|
280,666
|
|
Deferred revenue - long-term
|
|
|
|
6,132
|
|
|
|
|
7,122
|
|
Other long-term liabilities
|
|
|
|
19,906
|
|
|
|
|
17,161
|
|
Total shareholders' equity
|
|
|
|
1,187,280
|
|
|
|
|
1,209,481
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
$ 1,748,326
|
|
|
|
|
$ 1,726,423
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares outstanding (in thousands)
|
|
|
|
153,746
|
|
|
|
|
152,431
|
|
|
|
|
|
|
|
|
|
|
|
This selected financial information should be read in conjunction with
the consolidated financial statements and notes thereto included in
Alkermes plc's Quarterly Report on Form 10-Q for the three and nine
months ended September 30, 2017, which the company intends to file in
October 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alkermes plc and Subsidiaries
|
2017 Guidance - GAAP to Non-GAAP Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between projected loss per share on a
GAAP basis and projected loss per share on a non-GAAP basis is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings
|
(In millions, except per share data)
|
|
|
|
Amount
|
|
|
|
|
Shares
|
|
|
|
|
Per Share
|
Projected Net Loss - GAAP
|
|
|
|
$ (175.0
|
)
|
|
|
|
|
154
|
|
|
|
|
$ (1.14
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
85.0
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
|
|
60.0
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
37.5
|
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary impairment of equity method investment
|
|
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
Change in the fair value of warrants and equity method investments
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash net interest expense
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
Increase in the fair value of contingent consideration
|
|
|
|
(16.0
|
)
|
|
|
|
|
|
|
|
|
|
|
Income tax effect related to reconciling items
|
|
|
|
(5.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected Non-GAAP Net Income (Loss)
|
|
|
|
$ -
|
|
|
|
|
|
161
|
|
|
|
|
$ -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected GAAP and non-GAAP measures reflect mid-points within
ranges of estimated guidance.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005707/en/
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|