LivaNova Reports First-Quarter 2024 Results
Financial Summary and Highlights(1)
- First-quarter revenue of
$294.9 million increased 12.0% on a reported basis and 12.4% on a constant-currency basis, as compared to the prior-year period. Excluding the impact of the Advanced Circulatory Support (ACS) segment wind down, revenue increased 13.5% on a constant-currency basis - First-quarter
U.S. GAAP diluted loss per share was$0.78 and adjusted diluted earnings per share was$0.73 - Closed private offering of
$345.0 million 2.50% convertible senior notes due 2029 and repurchased$230.0 million 3.00% exchangeable senior notes due 2025 - Achieved a positive predictive outcome of trial success in the OSPREY clinical study for moderate to severe obstructive sleep apnea (OSA) and concluded enrollment
"In the first quarter,
First-Quarter 2024 Results
The following table summarizes revenue for the first quarter of 2024 by segment (in millions):
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Three Months Ended |
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% Change |
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Constant- |
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2024 |
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2023 |
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Cardiopulmonary |
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|
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14.8 % |
|
15.7 % |
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Neuromodulation |
|
133.9 |
|
120.7 |
|
10.9 % |
|
11.0 % |
||
Other (2) |
|
5.1 |
|
7.0 |
|
(25.9) % |
|
(26.5) % |
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Total Net Revenue |
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|
|
|
|
12.0 % |
|
12.4 % |
||
Less: ACS (3) |
|
4.1 |
|
6.2 |
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(33.2) % |
|
(33.6) % |
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Total Net Revenue, Excluding ACS (1) |
|
|
|
|
|
13.0 % |
|
13.5 % |
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(1) |
Constant-currency percent change and total revenue excluding revenue from the ACS segment wind down are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. |
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(2) |
Includes revenue from the Company’s former ACS reportable segment, and rental and site services income not allocated to segments. |
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(3) |
Includes the results from the wind down portion of the Company's former ACS reportable segment. |
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Cardiopulmonary revenue increased 14.8% on a reported basis and increased 15.7%(1) on a constant-currency basis versus the first quarter of 2023 with growth across all regions, driven by EssenzTM Perfusion System sales in the
Neuromodulation revenue increased 10.9% on a reported basis and increased 11.0%(1) on a constant-currency basis versus the first quarter of 2023 with double-digit growth in the
Earnings Analysis
On a
On a
Full-Year 2024 Guidance
Adjusted diluted earnings per share for 2024 are now expected to be in the range of
As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.
Webcast and Conference Call Instructions
The Company will host a live audiocast at
____________________________ | ||
(1) |
Constant-currency percent change, total revenue excluding revenue from the ACS segment wind down, adjusted operating income, adjusted diluted earnings per share and adjusted free cash flow are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. For an explanation of these and other non-GAAP measures used in this news release, see the section entitled "Use of Non-GAAP Financial Measures." For reconciliations of certain non-GAAP measures, see the tables that accompany this news release. |
About
Use of Non-GAAP Financial Measures
In this news release, management has disclosed financial measurements that present financial information not in accordance with GAAP. Company management uses these measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operating performance measures as prescribed by GAAP.
In this news release, the Company refers to comparable, constant-currency percent change in revenue. Management believes that referring to comparable, constant-currency percent change is the most useful way to evaluate the revenue performance of
The Company also believes adjusted financial measures such as adjusted gross profit percentage, adjusted selling, general and administrative expense, adjusted research and development expense, adjusted other operating expenses, adjusted operating income, adjusted income tax expense, adjusted net income and adjusted diluted earnings per share, are measures by which
Safe Harbor Statement
Certain statements in this news release, other than statements of historical or current fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova’s plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, you can identify forward-looking statements by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the
Readers are cautioned not to place undue reliance on the Company's forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If
Essenz is a trademark of
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NET REVENUE - UNAUDITED |
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( |
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Three Months Ended |
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|
|
2024 |
|
2023 |
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% Change |
|
Constant-Currency |
|
Cardiopulmonary |
|
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|
|
|
|
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||
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|
|
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27.7 % |
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27.7 % |
||
|
40.9 |
|
36.4 |
|
12.5 % |
|
10.3 % |
||
Rest of World |
64.4 |
|
59.8 |
|
7.8 % |
|
11.0 % |
||
Total |
155.9 |
|
135.7 |
|
14.8 % |
|
15.7 % |
||
Neuromodulation |
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|
|
|
|
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|
105.9 |
|
94.5 |
|
12.1 % |
|
12.1 % |
||
|
13.4 |
|
13.3 |
|
1.0 % |
|
(1.4) % |
||
Rest of World |
14.5 |
|
13.0 |
|
12.2 % |
|
15.5 % |
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Total |
133.9 |
|
120.7 |
|
10.9 % |
|
11.0 % |
||
Other Revenue (3) |
5.1 |
|
7.0 |
|
(25.9) % |
|
(26.5) % |
||
Totals |
|
|
|
|
|
|
|
||
|
160.6 |
|
140.3 |
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14.5 % |
|
14.5 % |
||
|
54.3 |
|
49.6 |
|
9.5 % |
|
7.2 % |
||
Rest of World |
80.0 |
|
73.5 |
|
8.8 % |
|
12.0 % |
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Total |
|
|
|
|
12.0 % |
|
12.4 % |
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(1) |
Constant-currency percent change, a non-GAAP financial measure, measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period. |
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(2) |
Includes countries in |
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(3) |
Other revenue primarily includes revenue from the Company’s former ACS reportable segment and rental and site services income not allocated to segments. |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED |
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( |
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Three Months Ended |
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2024 |
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2023 |
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% Change |
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Net revenue |
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|
|
|
|
|
|
|
|
Cost of sales |
|
87.5 |
|
|
89.3 |
|
|
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Gross profit |
|
207.4 |
|
|
174.1 |
|
|
19.1 |
% |
Operating expenses: |
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|
|
|
|
|
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Selling, general and administrative |
|
129.9 |
|
|
124.1 |
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Research and development |
|
45.7 |
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50.0 |
|
|
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Other operating expense |
|
15.6 |
|
|
2.3 |
|
|
|
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Operating income (loss) |
|
16.2 |
|
|
(2.3 |
) |
|
(793.7 |
)% |
Interest expense |
|
(15.9 |
) |
|
(13.4 |
) |
|
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|
Loss on debt extinguishment |
|
(25.5 |
) |
|
— |
|
|
|
|
Foreign exchange and other income/(expense) |
|
(9.1 |
) |
|
25.5 |
|
|
|
|
(Loss) income before tax |
|
(34.2 |
) |
|
9.8 |
|
|
(450.1 |
)% |
Income tax expense |
|
7.7 |
|
|
2.4 |
|
|
|
|
Net (loss) income |
|
( |
) |
|
|
|
|
(669.1 |
)% |
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Basic (loss) income per share |
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( |
) |
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Diluted (loss) income per share |
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( |
) |
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Weighted average common shares outstanding: |
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Basic |
|
54.0 |
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|
53.6 |
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Diluted |
|
54.0 |
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|
53.9 |
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Adjusted Financial Measures ( |
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Adjusted (1) Three Months Ended |
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2024 |
|
2023 |
|
% Change |
|
Adjusted SG&A |
|
|
|
|
|
4.6 % |
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Adjusted R&D |
|
42.9 |
|
46.2 |
|
(7.1) % |
||
Adjusted operating income |
|
53.1 |
|
26.8 |
|
98.3 % |
||
Adjusted net income |
|
40.0 |
|
23.3 |
|
71.4 % |
||
Adjusted diluted earnings per share |
|
|
|
|
|
69.8 % |
||
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(1) |
Adjusted financial measures are non-GAAP measures and exclude specified items as described and reconciled in the “Reconciliation of GAAP to non-GAAP Financial Measures” contained in the news release. |
Statistics (as a % of net revenue, except for income tax rate) - Unaudited |
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|
GAAP Three Months Ended |
|
Adjusted (1) Three Months Ended |
|||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Gross profit |
|
70.3 % |
|
66.1 % |
|
71.0 % |
|
68.8 % |
||
SG&A |
|
44.0 % |
|
47.1 % |
|
38.4 % |
|
41.1 % |
||
R&D |
|
15.5 % |
|
19.0 % |
|
14.5 % |
|
17.5 % |
||
Operating income (loss) |
|
5.5 % |
|
(0.9) % |
|
18.0 % |
|
10.2 % |
||
Net (loss) income |
|
(14.2) % |
|
2.8 % |
|
13.6 % |
|
8.9 % |
||
Income tax rate |
|
(22.6) % |
|
24.3 % |
|
20.8 % |
|
6.2 % |
||
|
|
|
|
|
|
|
|
|
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|
(1) |
Adjusted financial measures are non-GAAP measures and exclude specified items as described and reconciled in the “Reconciliation of GAAP to non-GAAP Financial Measures” contained in the news release. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED ( |
||||||||||||||||||||
|
|
Specified Items |
|
|
||||||||||||||||
Three Months Ended |
GAAP |
Restructuring |
Depreciation |
Financing |
Contingent |
Certain Legal |
Stock-based |
Certain Tax |
Certain |
Adjusted |
||||||||||
Cost of sales |
|
|
$— |
|
( |
) |
$— |
|
|
|
$— |
|
( |
) |
$— |
|
$— |
|
|
|
Gross profit percent |
70.3 |
% |
— |
% |
0.6 |
% |
— |
% |
(0.1 |
)% |
— |
% |
0.1 |
% |
— |
% |
— |
% |
71.0 |
% |
Selling, general and administrative |
129.9 |
|
— |
|
(2.6 |
) |
— |
|
— |
|
(6.1 |
) |
(7.8 |
) |
— |
|
— |
|
113.3 |
|
Selling, general and administrative as a percent of net revenue |
44.0 |
% |
— |
% |
(0.9 |
)% |
— |
% |
— |
% |
(2.1 |
)% |
(2.7 |
)% |
— |
% |
— |
% |
38.4 |
% |
Research and development |
45.7 |
|
— |
|
— |
|
— |
|
— |
|
(0.8 |
) |
(2.0 |
) |
— |
|
— |
|
42.9 |
|
Research and development as a percent of net revenue |
15.5 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
(0.3 |
)% |
(0.7 |
)% |
— |
% |
— |
% |
14.5 |
% |
Other operating expense |
15.6 |
|
(9.2 |
) |
— |
|
— |
|
— |
|
(6.4 |
) |
— |
|
— |
|
— |
|
— |
|
Operating income |
16.2 |
|
9.2 |
|
4.3 |
|
— |
|
(0.1 |
) |
13.2 |
|
10.2 |
|
— |
|
— |
|
53.1 |
|
Operating margin percent |
5.5 |
% |
3.1 |
% |
1.5 |
% |
— |
% |
— |
% |
4.5 |
% |
3.5 |
% |
— |
% |
— |
% |
18.0 |
% |
Net (loss) income |
(41.9 |
) |
9.2 |
|
4.3 |
|
40.3 |
|
(0.1 |
) |
13.2 |
|
10.2 |
|
(2.8 |
) |
7.6 |
|
40.0 |
|
Net (loss) income as a percent of net revenue |
(14.2 |
)% |
3.1 |
% |
1.5 |
% |
13.7 |
% |
— |
% |
4.5 |
% |
3.5 |
% |
(1.0 |
)% |
2.6 |
% |
13.6 |
% |
Diluted EPS |
( |
) |
|
|
|
|
|
|
$— |
|
|
|
|
|
( |
) |
|
|
|
|
GAAP results for the three months ended |
|
(A) |
Restructuring expenses related to organizational changes |
(B) |
Includes depreciation and amortization associated with purchase price accounting |
(C) |
Loss on debt extinguishment, as well as mark-to-market adjustments for the embedded derivative features and capped call derivatives |
(D) |
Remeasurement of contingent consideration related to ImThera acquisition |
(E) |
3T Heater-Cooler litigation provision, cybersecurity incident costs, legal expenses primarily related to 3T Heater-Cooler defense, costs related to the SNIA matter and Medical Device Regulation ("MDR") costs |
(F) |
Non-cash expenses associated with stock-based compensation costs |
(G) |
The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions and the tax impact on non-GAAP adjustments |
(H) |
Non-cash interest expense on the 2025 cash exchangeable senior notes, 2029 convertible senior notes and 2021 Revolving Credit Facility, interest expense on the Term Facilities and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED ( |
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|
|
Specified Items |
|
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Three Months Ended |
GAAP Financial Measures |
Merger and Integration Expenses (A) |
Restructuring Expenses (B) |
Depreciation and Amortization Expenses (C) |
Financing Transactions (D) |
Contingent Consideration (E) |
Certain Legal & Regulatory Costs (F) |
Stock-based Compensation Costs (G) |
Certain Tax Adjustments (H) |
Certain Interest Adjustments (I) |
Adjusted Financial Measures |
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Cost of sales |
|
|
$— |
|
$— |
|
( |
) |
$— |
|
( |
) |
$— |
|
( |
) |
$— |
|
$— |
|
|
|
Gross profit percent |
66.1 |
% |
— |
% |
— |
% |
1.4 |
% |
— |
% |
1.2 |
% |
— |
% |
0.2 |
% |
— |
% |
— |
% |
68.8 |
% |
Selling, general and administrative |
124.1 |
|
— |
|
— |
|
(2.9 |
) |
— |
|
— |
|
(4.5 |
) |
(8.5 |
) |
— |
|
— |
|
108.3 |
|
Selling, general and administrative as a percent of net revenue |
47.1 |
% |
— |
% |
— |
% |
(1.1 |
)% |
— |
% |
— |
% |
(1.7 |
)% |
(3.2 |
)% |
— |
% |
— |
% |
41.1 |
% |
Research and development |
50.0 |
|
— |
|
— |
|
0.1 |
|
— |
|
(1.8 |
) |
(0.5 |
) |
(1.6 |
) |
— |
|
— |
|
46.2 |
|
Research and development as a percent of net revenue |
19.0 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
(0.7 |
)% |
(0.2 |
)% |
(0.6 |
)% |
— |
% |
— |
% |
17.5 |
% |
Other operating expense |
2.3 |
|
(0.3 |
) |
(0.7 |
) |
— |
|
— |
|
— |
|
(1.3 |
) |
— |
|
— |
|
— |
|
— |
|
Operating (loss) income |
(2.3 |
) |
0.3 |
|
0.7 |
|
6.4 |
|
— |
|
4.8 |
|
6.3 |
|
10.6 |
|
— |
|
— |
|
26.8 |
|
Operating margin percent |
(0.9 |
)% |
0.1 |
% |
0.3 |
% |
2.4 |
% |
— |
% |
1.8 |
% |
2.4 |
% |
4.0 |
% |
— |
% |
— |
% |
10.2 |
% |
Net income |
7.4 |
|
0.3 |
|
0.7 |
|
6.4 |
|
(21.0 |
) |
4.8 |
|
6.3 |
|
10.6 |
|
0.8 |
|
7.0 |
|
23.3 |
|
Net income as a percent of net revenue |
2.8 |
% |
0.1 |
% |
0.3 |
% |
2.4 |
% |
(8.0 |
)% |
1.8 |
% |
2.4 |
% |
4.0 |
% |
0.3 |
% |
2.7 |
% |
8.9 |
% |
Diluted EPS |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP results for the three months ended |
|
(A) |
Merger and integration expenses related to the acquisition of |
(B) |
Restructuring expenses related to organizational changes |
(C) |
Includes depreciation and amortization associated with purchase price accounting |
(D) |
Mark-to-market adjustment for the exchangeable option feature and capped call derivatives |
(E) |
Remeasurement of contingent consideration related to acquisitions |
(F) |
3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, costs related to the SNIA matter and MDR costs |
(G) |
Non-cash expenses associated with stock-based compensation costs |
(H) |
Discrete tax items, R&D tax credits and the tax impact of intercompany transactions |
(I) |
Non-cash interest expense on the 2025 cash exchangeable senior notes and 2021 Revolving Credit Facility, interest expense on the Term Facilities and interest income on the collateral for the SNIA litigation guarantee |
|
|
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CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED |
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( |
||||
|
|
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|
|
ASSETS |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Restricted cash |
|
306.5 |
|
311.4 |
Accounts receivable, net of allowance |
|
209.4 |
|
215.1 |
Inventories |
|
153.2 |
|
147.9 |
Prepaid and refundable taxes |
|
22.5 |
|
20.1 |
Prepaid expenses and other current assets |
|
39.2 |
|
27.2 |
Total Current Assets |
|
1,040.0 |
|
988.2 |
Property, plant and equipment, net |
|
152.2 |
|
154.2 |
|
|
771.8 |
|
782.9 |
Intangible assets, net |
|
253.9 |
|
261.2 |
Operating lease assets |
|
50.3 |
|
50.8 |
Investments |
|
22.7 |
|
22.8 |
Deferred tax assets |
|
113.7 |
|
118.9 |
Long-term derivative assets |
|
41.6 |
|
38.5 |
Other assets |
|
13.4 |
|
12.1 |
Total Assets |
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current Liabilities: |
|
|
|
|
Current debt obligations |
|
|
|
|
Accounts payable |
|
75.9 |
|
80.8 |
Accrued liabilities and other |
|
94.0 |
|
107.3 |
Current litigation provision liability |
|
17.0 |
|
10.8 |
Taxes payable |
|
29.8 |
|
23.3 |
Accrued employee compensation and related benefits |
|
91.4 |
|
94.6 |
Total Current Liabilities |
|
327.8 |
|
335.0 |
Long-term debt obligations |
|
604.8 |
|
568.5 |
Contingent consideration |
|
80.8 |
|
80.9 |
Deferred tax liabilities |
|
11.0 |
|
11.6 |
Long-term operating lease liabilities |
|
43.7 |
|
45.4 |
Long-term employee compensation and related benefits |
|
17.1 |
|
17.3 |
Long-term derivative liabilities |
|
104.9 |
|
45.6 |
Other long-term liabilities |
|
48.1 |
|
47.7 |
Total Liabilities |
|
1,238.1 |
|
1,151.9 |
Total Stockholders’ Equity |
|
1,221.5 |
|
1,277.6 |
Total Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED |
|
|
|
|
||
( |
|
Three Months Ended |
||||
|
|
2024 |
|
2023 |
||
Operating Activities: |
|
|
|
|
||
Net (loss) income |
|
( |
) |
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
||
Loss on debt extinguishment |
|
25.5 |
|
|
— |
|
Remeasurement of derivative instruments |
|
11.6 |
|
|
(26.3 |
) |
Stock-based compensation |
|
10.2 |
|
|
10.6 |
|
Depreciation |
|
6.3 |
|
|
6.0 |
|
Amortization of debt issuance costs |
|
4.9 |
|
|
5.0 |
|
Amortization of intangible assets |
|
4.3 |
|
|
6.4 |
|
Deferred income tax expense (benefit) |
|
4.8 |
|
|
(0.1 |
) |
Amortization of operating lease assets |
|
2.5 |
|
|
2.6 |
|
Remeasurement of contingent consideration to fair value |
|
(0.1 |
) |
|
4.8 |
|
Other |
|
(0.5 |
) |
|
(0.1 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||
Accounts receivable, net |
|
2.0 |
|
|
7.6 |
|
Inventories |
|
(8.1 |
) |
|
(11.3 |
) |
Other current and non-current assets |
|
(8.9 |
) |
|
(3.8 |
) |
Accounts payable and accrued current and non-current liabilities |
|
(15.6 |
) |
|
21.4 |
|
Taxes payable |
|
6.9 |
|
|
1.0 |
|
Litigation provision liability |
|
6.2 |
|
|
(10.3 |
) |
Net cash provided by operating activities |
|
10.0 |
|
|
20.8 |
|
Investing Activities: |
|
|
|
|
||
Purchases of property, plant and equipment |
|
(6.4 |
) |
|
(7.7 |
) |
Purchase of investments |
|
— |
|
|
(5.1 |
) |
Other |
|
— |
|
|
1.3 |
|
Net cash used in investing activities |
|
(6.4 |
) |
|
(11.5 |
) |
Financing Activities: |
|
|
|
|
||
Proceeds from long-term debt obligations |
|
335.5 |
|
|
— |
|
Repayment of long-term debt obligations |
|
(234.4 |
) |
|
(1.9 |
) |
Payment of debt extinguishment costs |
|
(39.0 |
) |
|
— |
|
Purchase of capped calls |
|
(31.6 |
) |
|
— |
|
Proceeds from unwind of capped calls |
|
22.5 |
|
|
— |
|
Payment of contingent consideration |
|
(13.8 |
) |
|
— |
|
Shares repurchased from employees for minimum tax withholding |
|
(0.3 |
) |
|
(1.6 |
) |
Payment of debt issuance costs |
|
(1.9 |
) |
|
— |
|
Repayments of short-term borrowings (maturities greater than 90 days) |
|
— |
|
|
(2.0 |
) |
Other |
|
— |
|
|
0.2 |
|
Net cash provided by (used in) financing activities |
|
37.1 |
|
|
(5.2 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(3.0 |
) |
|
3.3 |
|
Net increase in cash, cash equivalents and restricted cash |
|
37.8 |
|
|
7.3 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
577.9 |
|
|
515.6 |
|
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
|
|
|
|
|
|
|
||
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED ( |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
|
|
GAAP |
|
Certain Tax |
|
Adjusted |
|
GAAP |
|
Certain Tax |
|
Adjusted |
||||||
(Loss) income before tax |
|
( |
) |
|
$— |
|
|
|
|
|
|
|
|
$— |
|
|
|
|
Income tax expense |
|
7.7 |
|
|
2.8 |
|
|
10.5 |
|
|
2.4 |
|
|
(0.8 |
) |
|
1.5 |
|
Net (loss) income |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax rate |
|
(22.6 |
)% |
|
|
|
20.8 |
% |
|
24.3 |
% |
|
|
|
6.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED ( |
||||||||||||
|
|
|
Three Months Ended |
|
% Change |
|
Constant- |
|||||
|
|
|
2024 |
|
2023 |
|
|
|||||
GAAP net revenue |
|
|
|
|
|
12.0 |
% |
|
12.4 |
% |
||
Less: ACS |
|
4.1 |
|
6.2 |
|
(33.2 |
)% |
|
(33.6 |
)% |
||
Net revenue excluding ACS |
|
|
|
|
|
13.0 |
% |
|
13.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|||
(1) |
Constant-currency percent change, a non-GAAP financial measure, measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period. |
|||||||||||
(2) |
Includes net revenue from the Company's former ACS reportable segment. | |||||||||||
|
The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted net loss per common share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per common share (in millions of shares):
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (shares in millions) |
|||
|
|
|
Three Months Ended |
|
|
|
2024 |
GAAP diluted weighted average shares outstanding |
|
54.0 |
|
Add: Effects of stock-based compensation instruments |
|
0.4 |
|
Adjusted diluted weighted average shares outstanding (1) |
|
54.4 |
|
|
|
|
|
(1) |
Adjusted diluted weighted average shares outstanding is a non-GAAP measure and includes the effects of stock-based compensation instruments, as reconciled in the above table. |
||
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501035773/en/
Director, Investor Relations
Phone: +1 281 895 2382
e-mail: InvestorRelations@livanova.com
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