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HISTORICAL FINANCIAL INFORMATION 2017 by Quarter and Total Year - 5 periods 2018 by 1st Quarter - 1 period GENERAL Non-GAAP Financial Information Discontinued Operations Reporting Important Note Regarding Financial State

Monday, July 30, 2018 3 min read
Key Takeaway: 2017 by Quarter and Total Year - 5 periods 2018 by 1st Quarter - 1 period HISTORICAL FINANCIAL INFORMATION PRESENTED Operations Statements and GAAP to Non-GAAP Reconciliations Bridges To Previously Reported The Company uses non-GAAP financial measures, including the measures

Full Press Release Details

2017 by Quarter and Total Year - 5 periods
2018 by 1st Quarter - 1 period
HISTORICAL FINANCIAL INFORMATION PRESENTED
Operations Statements and GAAP to Non-GAAP Reconciliations
Bridges To Previously Reported
The Company uses non-GAAP financial measures, including the measures provided in this
presentation, to describe its operating results as well as the effect of the divestiture of the AS&O business which closed on July 2, 2018. Our management team believes that the presentation of these measures provides useful information to
investors and that these measures may assist investors in evaluating the Company s operations period over period. Investors should consider these non-GAAP measures only as a supplement to, not as a
substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
measures include the net impact of the Long-term Supply Agreements ( LSA ) entered into between the Company and Viant (formerly MedPlast LLC) as of the closing of the divestiture of the Advanced Surgical and Orthopedic product lines. These
long term supply agreements govern the sale of products supplied by Viant to the Company for further resale to customers and by the Company to Viant for further resale to customers.
For disposal transactions, a component of an entity that is anticipated to be sold in the future is reported in discontinued
operations after it meets the criteria for held-for-sale classification, and if the disposition represents a strategic shift that has (or will have) a major effect on
the entity s operations and financial results. Integer evaluated the quantitative and qualitative factors related to the sale of the AS&O business and concluded that it met the
held-for-sale criteria and discontinued operations presentation. The AS&O business financial results are reported within Discontinued Operations in these financial
Interest expense from discontinued operations was computed using the actual weighted average interest rate on the respective debt for the
period presented assuming $548 million of cash proceeds from the AS&O sale were used to first redeem all of the Company s outstanding 9.125% Senior Notes due 2023, second to repay the outstanding balance of the Company s revolving
credit loans outstanding during the period presented, and third, to use the remaining net cash proceeds to prepay the Company s outstanding Term B loans.
IMPORTANT NOTE REGARDING PRO FORMA FINANCIAL STATEMENTS
These financial statements will not agree to the pro forma financial statements filed by the Company on Form 8-K on
July 9, 2018, in connection with the AS&O divestiture as those statements adjust for the pro forma effects in accordance with Article 11 of Regulation S-X. These statements were prepared using the
assumptions described herein under the caption Assumptions.
The following financial statements are based on information currently available and have been
prepared using certain assumptions and estimates. These unaudited financial statements are intended for informational purposes only, and do not purport to represent what Integer s financial position and results of operations actually would have
been had the AS&O divestiture occurred on the dates indicated, or to project Integer s financial position or results of operations for any future date or period.
2017 2018
Q1 Q2 Q3 Q4 FY Q1
Sales $ 266,736 $ 280,916 $ 286,168 $ 302,260 $ 1,136,080 $ 292,426
Cost of sales 184,708 191,741 196,982 208,639 782,070 208,894
Gross profit 82,028 89,175 89,186 93,621 354,010 83,532
Operating expenses:
Selling, general and administrative expenses 34,794 35,146 35,064 38,069 143,073 36,429
Research, development and engineering costs 11,637 11,240 12,227 13,746 48,850 13,276
Other operating expenses 11,694 6,727 6,069 11,948 36,438 3,784
Total operating expenses 58,125 53,113 53,360 63,763 228,361 53,489
Operating income 23,903 36,062 35,826 29,858 125,649 30,043
Interest expense 18,367 15,058 15,808 14,739 63,972 15,595
(Gain) loss on cost and equity investments, net 398 4,427 (1,906 ) (1,354 ) 1,565 (4,970 )
Other loss, net 1,401 6,763 2,490 199 10,853 960
Income before taxes 3,737 9,814 19,434 16,274 49,259 18,458
Provision (benefit) for income taxes 789 255 (448 ) (38,424 ) (37,828 ) 5,374
Income from continuing operations $ 2,948 $ 9,559 $ 19,882 $ 54,698 $ 87,087 $ 13,084
Basic earnings per share $ 0.10 $ 0.31 $ 0.63 $ 1.73 $ 2.77 $ 0.41
Diluted earnings per share $ 0.09 $ 0.30 $ 0.62 $ 1.69 $ 2.72 $ 0.40
2017 2018
Q1 Q2 Q3 Q4 FY Q1
Sales $ 265,256 $ 280,242 $ 284,564 $ 300,692 $ 1,130,754 $ 291,731
Cost of sales 182,648 190,062 195,042 206,781 774,533 207,319
Gross profit 82,608 90,180 89,522 93,911 356,221 84,412
Gross margin 31% 32% 31% 31% 32% 29%
Operating expenses:
Selling, general and administrative 28,205 27,981 27,107 30,565 113,858 29,210
SG&A as a % of sales 11% 10% 10% 10% 43% 11%
Research, development and engineering 11,501 11,104 12,090 13,610 48,305 13,237
RD&E as a % of sales 4% 4% 4% 5% 18% 5%
Other operating expenses - - - - - -
Total operating expenses 39,706 39,085 39,197 44,175 162,163 42,447
Operating income 42,902 51,095 50,325 49,736 194,058 41,965
Operating margin 16% 18% 18% 17% 73% 16%
Interest expense 16,808 14,123 15,030 14,487 60,448 14,538
Loss on cost and equity investments, net - - - - - -
Other (income) loss, net 1,401 6,763 2,490 199 10,853 960
Income (loss) before taxes 24,693 30,209 32,805 35,050 122,757 26,467
Provision for income taxes 7,333 6,542 3,385 6,384 23,644 6,048
Effective tax rate 30% 22% 10% 18% 19% 23%
Income from continuing operations $ 17,360 $ 23,667 $ 29,420 $ 28,666 $ 99,113 $ 20,419
Diluted earnings per share $ 0.55 $ 0.74 $ 0.91 $ 0.89 $ 3.09 $ 0.63
2017 2018
Q1 Q2 Q3 Q4 FY Q1
GAAP
Medical
Cardio & Vascular $ 123,484 $ 130,718 $ 137,712 $ 138,917 $ 530,831 $ 136,863
Cardiac & Neuromodulation 103,755 106,173 101,612 116,735 428,275 108,910
Advanced Surgical, Orthopedics & Portable Medical 28,151 28,282 31,715 31,858 120,006 33,941
Total Medical 255,390 265,173 271,039 287,510 1,079,112 279,714
Non-Medical 11,346 15,743 15,129 14,750 56,968 12,712
Total sales $ 266,736 $ 280,916 $ 286,168 $ 302,260 $ 1,136,080 $ 292,426
NON-GAAP
Medical
Cardio & Vascular $ 123,486 $ 130,717 $ 137,696 $ 138,905 $ 530,804 $ 136,852
Cardiac & Neuromodulation 103,753 106,173 101,612 116,735 428,273 108,910
Advanced Surgical, Orthopedics & Portable Medical 26,671 27,609 30,127 30,302 114,709 33,257
Total Medical 253,910 264,499 269,435 285,942 1,073,786 279,019
Non-Medical 11,346 15,743 15,129 14,750 56,968 12,712
Total sales $ 265,256 $ 280,242 $ 284,564 $ 300,692 $ 1,130,754 $ 291,731
2017 2018
Q1 Q2 Q3 Q4 FY Q1
Income from continuing operations (GAAP) $ 2,948 $ 9,559 $ 19,882 $ 54,698 $ 87,087 $ 13,084
Adjustments:
Amortization of intangibles 7,018 7,084 7,103 7,117 28,322 8,397
Depreciation on held for sale assets - - - - - -
IP related litigation (SG&A) 245 595 1,128 876 2,844 254
Strategic reorganization and alignment (OOE) - - - 3,829 3,829 1,627
Manufacturing alignment to support growth (OOE) - - - - - 369
Consolidation and optimization expenses (OOE) 1,867 2,028 2,630 3,733 10,258 455
Acquisition and integration expenses (OOE) 3,133 2,037 1,106 926 7,202 -
Asset dispositions, severance and other (OOE) 2,928 670 546 356 4,500 470
(Gain) loss on cost/equity method investments 259 2,877 (1,239 ) (880 ) 1,017 (3,926 )
Loss on extinguishment of debt 1,013 608 506 164 2,291 835
LSA adjustments (2,051 ) (1,791 ) (2,242 ) (2,347 ) (8,431 ) (2,240 )
Tax adjustments - - - (39,806 ) (39,806 ) 1,094
Adjusted income from continuing operations (Non-GAAP) $ 17,360 $ 23,667 $ 29,420 $ 28,666 $ 99,113 $ 20,419
Diluted earnings per share $ 0.55 $ 0.74 $ 0.91 $ 0.89 $ 3.09 $ 0.63
2017 2018
EBITDA and Adjusted EBITDA Reconciliation Q1 Q2 Q3 Q4 FY Q1
Income from continuing operations (GAAP) $ 2,948 $ 9,559 $ 19,882 $ 54,698 $ 87,087 $ 13,084
Adjustments:
Interest expense 18,367 15,058 15,808 14,739 63,972 15,595
Provision (benefit) for income taxes 789 255 (448 ) (38,424 ) (37,828 ) 5,374
Depreciation 9,370 9,358 9,534 9,815 38,077 9,963
Amortization 10,083 10,147 10,145 10,193 40,568 10,653
EBITDA from continuing operations 41,557 44,377 54,921 51,021 191,876 54,669
IP related litigation 377 915 1,735 1,348 4,375 321
Stock-based compensation (excluding OOE) 2,173 2,902 2,041 4,167 11,283 2,979
Strategic reorganization and alignment - - - 5,891 5,891 2,054
Manufacturing alignment to support growth - - - - - 513
Consolidation and optimization expenses 2,347 2,729 2,979 4,880 12,803 575
Acquisition and integration expenses 4,820 2,970 2,267 813 10,870 -
Asset dispositions, severance and other 4,527 1,028 823 364 6,874 642
Non-cash (gain) loss on cost/equity method investments 398 4,427 (992 ) (868 ) 2,965 (4,970 )
LSA adjustments (3,155 ) (2,756 ) (3,450 ) (3,611 ) (12,972 ) (2,836 )
Adjusted EBITDA from continuing operations (Non-GAAP) $ 53,044 $ 56,592 $ 60,324 $ 64,005 $ 233,965 $ 53,947
(a) LESS:
Total Discontinued Continuing
Operations Operations Operations
Sales $ 345,413 $ 78,677 $ 266,736
Cost of sales 254,187 69,479 184,708
Gross profit 91,226 9,198 82,028
Operating expenses:
Selling, general and administrative expenses 39,499 4,705 34,794
Research, development and engineering costs 13,411 1,774 11,637
Other operating expenses 11,771 77 11,694
Total operating expenses 64,681 6,556 58,125
Operating income 26,545 2,642 23,903
Interest expense 28,893 10,526 18,367
Loss on cost and equity investments, net 398 - 398
Other loss, net 1,449 48 1,401
Income (loss) before taxes (4,195 ) (7,932 ) 3,737
Provision (benefit) for income taxes 144 (645 ) 789
Net loss (income) $ (4,339 ) $ (7,287 ) $ 2,948
Basic earnings (loss) per share $ (0.14 ) (0.23 ) $ 0.10
Diluted earnings (loss) per share $ (0.14 ) (0.23 ) $ 0.09
Weighted average shares outstanding - Basic 31,016 31,016 31,016
Weighted average shares outstanding - Diluted 31,016 31,685 31,685
(a) LESS:
Total Discontinued Continuing
Operations Operations Operations
Sales $ 362,719 $ 81,803 $ 280,916
Cost of sales 263,447 71,706 191,741
Gross profit 99,272 10,097 89,175
Operating expenses:
Selling, general and administrative expenses 39,724 4,578 35,146
Research, development and engineering costs 12,889 1,649 11,240
Other operating expenses 6,920 193 6,727
Total operating expenses 59,533 6,420 53,113
Operating income 39,739 3,677 36,062
Interest expense 25,647 10,589 15,058
Loss on cost and equity investments, net 4,427 - 4,427
Other (income) loss, net 5,549 (1,214 ) 6,763
Income (loss) before taxes 4,116 (5,698 ) 9,814
Provision for income taxes 1,126 871 255
Net income (loss) $ 2,990 $ (6,569 ) $ 9,559
Basic earnings (loss) per share $ 0.10 (0.21 ) $ 0.31
Diluted earnings (loss) per share $ 0.09 (0.21 ) $ 0.30
Weighted average shares outstanding - Basic 31,302 31,302 31,302
Weighted average shares outstanding - Diluted 31,982 31,982 31,982
(a) LESS:
Total Discontinued Continuing
Operations Operations Operations
Sales $ 363,308 $ 77,140 $ 286,168
Cost of sales 265,073 68,091 196,982
Gross profit 98,235 9,049 89,186
Operating expenses:
Selling, general and administrative expenses 39,733 4,669 35,064
Research, development and engineering costs 13,607 1,380 12,227
Other operating expenses 6,264 195 6,069
Total operating expenses 59,604 6,244 53,360
Operating income 38,631 2,805 35,826
Interest expense 26,485 10,677 15,808
Gain on cost and equity investments, net (1,906 ) - (1,906 )
Other (income) loss, net 2,062 (428 ) 2,490
Income (loss) before taxes 11,990 (7,444 ) 19,434
Benefit for income taxes (1,700 ) (1,252 ) (448 )
Net income (loss) $ 13,690 $ (6,192 ) $ 19,882
Basic earnings (loss) per share $ 0.43 (0.20 ) $ 0.63
Diluted earnings (loss) per share $ 0.43 (0.19 ) $ 0.62
Weighted average shares outstanding - Basic 31,594 31,594 31,594
Weighted average shares outstanding - Diluted 32,173 32,173 32,173
(a) Total Operations LESS: Discontinued Operations Continuing Operations
Sales $ 390,481 $ 88,221 $ 302,260
Cost of sales 285,663 77,024 208,639
Gross profit 104,818 11,197 93,621
Operating expenses:
Selling, general and administrative expenses 42,617 4,548 38,069
Research, development and engineering costs 15,340 1,594 13,746
Other operating expenses 12,337 389 11,948
Total operating expenses 70,294 6,531 63,763
Operating income 34,524 4,666 29,858
Interest expense 25,435 10,696 14,739
Gain on cost and equity investments, net (1,354 ) - (1,354 )
Other loss, net 527 328 199
Income (loss) before taxes 9,916 (6,358 ) 16,274
Benefit for income taxes (44,422 ) (5,998 ) (38,424 )
Net income (loss) $ 54,338 $ (360 ) $ 54,698
Basic earnings (loss) per share $ 1.71 (0.01 ) $ 1.73
Diluted earnings (loss) per share $ 1.68 (0.01 ) $ 1.69
Weighted average shares outstanding - Basic 31,698 31,698 31,698
Weighted average shares outstanding - Diluted 32,383 32,383 32,383
(a) Total Operations LESS: Discontinued Operations Continuing Operations
Sales $ 1,461,921 $ 325,841 $ 1,136,080
Cost of sales 1,068,370 286,300 782,070
Gross profit 393,551 39,541 354,010
Operating expenses:
Selling, general and administrative expenses 161,573 18,500 143,073
Research, development and engineering costs 55,247 6,397 48,850
Other operating expenses 37,292 854 36,438
Total operating expenses 254,112 25,751 228,361
Operating income 139,439 13,790 125,649
Interest expense 106,460 42,488 63,972
Loss on cost and equity investments, net 1,565 - 1,565
Other (income) loss, net 9,587 (1,266 ) 10,853
Income (loss) before taxes 21,827 (27,432 ) 49,259
Benefit for income taxes (44,852 ) (7,024 ) (37,828 )
Net income (loss) $ 66,679 $ (20,408 ) $ 87,087
Basic earnings (loss) per share $ 2.12 (0.65 ) $ 2.77
Diluted earnings (loss) per share $ 2.09 (0.64 ) $ 2.72
Weighted average shares outstanding - Basic 31,402 31,402 31,402
Weighted average shares outstanding - Diluted 31,888 32,056 32,056
(a) Total Operations LESS: Discontinued Operations Continuing Operations
Sales $ 381,745 $ 89,319 $ 292,426
Cost of sales 285,975 77,081 208,894
Gross profit 95,770 12,238 83,532
Operating expenses:
Selling, general and administrative expenses 41,238 4,809 36,429
Research, development and engineering costs 14,538 1,262 13,276
Other operating expenses 5,277 1,493 3,784
Total operating expenses 61,053 7,564 53,489
Operating income 34,717 4,674 30,043
Interest expense 26,445 10,850 15,595
Gain on cost and equity investments, net (4,970 ) - (4,970 )
Other loss, net 1,033 73 960
Income (loss) before taxes 12,209 (6,249 ) 18,458
Provision (benefit) for income taxes 4,091 (1,283 ) 5,374
Net income (loss) $ 8,118 $ (4,966 ) $ 13,084
Basic earnings (loss) per share $ 0.25 (0.16 ) $ 0.41
Diluted earnings (loss) per share $ 0.25 (0.15 ) $ 0.40
Weighted average shares outstanding - Basic 31,902 31,902 31,902
Weighted average shares outstanding - Diluted 32,423 32,423 32,423
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Consolidation and optimization Acquisition and integration Asset dispositions, severance and other Debt / investment related charges Adjusted Continuing Operations
Sales $ 266,736 $ (1,480 ) $ - $ - $ - $ - $ - $ - $ 265,256
Cost of sales 184,708 1,675 (3,735 ) - - - - - 182,648
Gross profit (loss) 82,028 (3,155 ) 3,735 - - - - - 82,608
Gross margin 31% -1% 1% 0% 0% 0% 0% 0% 31%
Operating expenses:
Selling, general and administrative 34,794 - (6,212 ) (377 ) - - - - 28,205
SG&A as a % of sales 13% 0% -2% 0% 0% 0% 0% 0% 11%
Research, development and engineering 11,637 - (136 ) - - - - - 11,501
RD&E as a % of sales 4% 0% 0% 0% 0% 0% 0% 0% 4%
Other operating expenses 11,694 - - - (2,347 ) (4,820 ) (4,527 ) - -
Total operating expenses 58,125 - (6,348 ) (377 ) (2,347 ) (4,820 ) (4,527 ) - 39,706
Operating income (loss) 23,903 (3,155 ) 10,083 377 2,347 4,820 4,527 - 42,902
Operating margin 9% -1% 4% 0% 1% 2% 2% 0% 16%
Interest expense 18,367 - - - - - - (1,559 ) 16,808
Loss (gain) on cost and equity investments, net 398 - - - - - - (398 ) -
Other loss, net 1,401 - - - - - - - 1,401
Income (loss) before taxes 3,737 (3,155 ) 10,083 377 2,347 4,820 4,527 1,957 24,693
Provision (benefit) for income taxes 789 (1,104 ) 3,065 132 480 1,687 1,599 685 7,333
Effective tax rate 21% 35% 30% 35% 20% 35% 35% 35% 30%
Net income (loss) $ 2,948 $ (2,051 ) $ 7,018 $ 245 $ 1,867 $ 3,133 $ 2,928 $ 1,272 $ 17,360
Diluted earnings (loss) per share $ 0.09 $ (0.06 ) $ 0.22 $ 0.01 $ 0.06 $ 0.10 $ 0.09 $ 0.04 $ 0.55
Weighted average shares - Diluted 31,685 31,685 31,685 31,685 31,685 31,685 31,685 31,685 31,685
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Consolidation and optimization Acquisition and integration Asset dispositions, severance and other Debt / investment related charges Adjusted Continuing Operations
Sales $ 280,916 $ (674 ) $ - $ - $ - $ - $ - $ - $ 280,242
Cost of sales 191,741 2,082 (3,761 ) - - - - - 190,062
Gross profit (loss) 89,175 (2,756 ) 3,761 - - - - - 90,180
Gross margin 32% -1% 1% 0% 0% 0% 0% 0% 32%
Operating expenses:
Selling, general and administrative 35,146 - (6,250 ) (915 ) - - - - 27,981
SG&A as a % of sales 13% 0% -2% 0% 0% 0% 0% 0% 10%
Research, development and engineering 11,240 - (136 ) - - - - - 11,104
RD&E as a % of sales 4% 0% 0% 0% 0% 0% 0% 0% 4%
Other operating expenses 6,727 - - - (2,729 ) (2,970 ) (1,028 ) - -
Total operating expenses 53,113 - (6,386 ) (915 ) (2,729 ) (2,970 ) (1,028 ) - 39,085
Operating income (loss) 36,062 (2,756 ) 10,147 915 2,729 2,970 1,028 - 51,095
Operating margin 13% -1% 4% 0% 1% 1% 0% 0% 18%
Interest expense 15,058 - - - - - - (935 ) 14,123
Loss (gain) on cost and equity investments, net 4,427 - - - - - - (4,427 ) -
Other loss, net 6,763 - - - - - - - 6,763
Income (loss) before taxes 9,814 (2,756 ) 10,147 915 2,729 2,970 1,028 5,362 30,209
Provision (benefit) for income taxes 255 (965 ) 3,063 320 701 933 358 1,877 6,542
Effective tax rate 3% 35% 30% 35% 26% 31% 35% 35% 22%
Net income (loss) $ 9,559 $ (1,791 ) $ 7,084 $ 595 $ 2,028 $ 2,037 $ 670 $ 3,485 $ 23,667
Diluted earnings (loss) per share $ 0.30 $ (0.06 ) $ 0.22 $ 0.02 $ 0.06 $ 0.06 $ 0.02 $ 0.11 $ 0.74
Weighted average shares - Diluted 31,982 31,982 31,982 31,982 31,982 31,982 31,982 31,982 31,982
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Consolidation and optimization Acquisition and integration Asset dispositions, severance and other Debt / investment related charges Adjusted Continuing Operations
Sales $ 286,168 $ (1,604 ) $ - $ - $ - $ - $ - $ - $ 284,564
Cost of sales 196,982 1,846 (3,786 ) - - - - - 195,042
Gross profit (loss) 89,186 (3,450 ) 3,786 - - - - - 89,522
Gross margin 31% -1% 1% 0% 0% 0% 0% 0% 31%
Operating expenses:
Selling, general and administrative 35,064 - (6,222 ) (1,735 ) - - - - 27,107
SG&A as a % of sales 12% 0% -2% -1% 0% 0% 0% 0% 10%
Research, development and engineering 12,227 - (137 ) - - - - - 12,090
RD&E as a % of sales 4% 0% 0% 0% 0% 0% 0% 0% 4%
Other operating expenses 6,069 - - - (2,979 ) (2,267 ) (823 ) - -
Total operating expenses 53,360 - (6,359 ) (1,735 ) (2,979 ) (2,267 ) (823 ) - 39,197
Operating income (loss) 35,826 (3,450 ) 10,145 1,735 2,979 2,267 823 - 50,325
Operating margin 13% -1% 4% 1% 1% 1% 0% 0% 18%
Interest expense 15,808 - - - - - - (778 ) 15,030
Loss (gain) on cost and equity investments, net (1,906 ) - - - - - - 1,906 -
Other loss, net 2,490 - - - - - - - 2,490
Income (loss) before taxes 19,434 (3,450 ) 10,145 1,735 2,979 2,267 823 (1,128 ) 32,805
Provision (benefit) for income taxes (448 ) (1,208 ) 3,042 607 349 1,161 277 (395 ) 3,385
Effective tax rate -2% 35% 30% 35% 12% 51% 34% 35% 10%
Net income (loss) $ 19,882 $ (2,242 ) $ 7,103 $ 1,128 $ 2,630 $ 1,106 $ 546 $ (733 ) $ 29,420
Diluted earnings (loss) per share $ 0.62 $ (0.07 ) $ 0.22 $ 0.04 $ 0.08 $ 0.03 $ 0.02 $ (0.02 ) $ 0.91
Weighted average shares - Diluted 32,173 32,173 32,173 32,173 32,173 32,173 32,173 32,173 32,173
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Strategic reorganization and alignment Consolidation and optimization Acquisition and integration Asset dispositions, severance and other Debt / investment related charges Tax Adjustment Adjusted Continuing Operations
Sales $ 302,260 $ (1,568 ) $ - $ - $ - $ - $ - $ - $ - $ - $ 300,692
Cost of sales 208,639 2,043 (3,901 ) - - - - - - - 206,781
Gross profit (loss) 93,621 (3,611 ) 3,901 - - - - - - - 93,911
Gross margin 31% -1% 1% 0% 0% 0% 0% 0% 0% 0% 31%
Operating expenses:
Selling, general and administrative 38,069 - (6,156 ) (1,348 ) - - - - - - 30,565
SG&A as a % of sales 13% 0% -2% 0% 0% 0% 0% 0% 0% 0% 10%
Research, development and engineering 13,746 - (136 ) - - - - - - - 13,610
RD&E as a % of sales 5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 5%
Other operating expenses 11,948 - - - (5,891 ) (4,880 ) (813 ) (364 ) - - -
Total operating expenses 63,763 - (6,292 ) (1,348 ) (5,891 ) (4,880 ) (813 ) (364 ) - - 44,175
Operating income (loss) 29,858 (3,611 ) 10,193 1,348 5,891 4,880 813 364 - - 49,736
Operating margin 10% -1% 3% 0% 2% 2% 0% 0% 0% 0% 17%
Interest expense 14,739 - - - - - - - (252 ) - 14,487
Loss (gain) on cost and equity investments, net (1,354 ) - - - - - - - 1,354 - -
Other loss, net 199 - - - - - - - - - 199
Income (loss) before taxes 16,274 (3,611 ) 10,193 1,348 5,891 4,880 813 364 (1,102 ) - 35,050
Provision (benefit) for income taxes (38,424 ) (1,264 ) 3,076 472 2,062 1,147 (113 ) 8 (386 ) 39,806 6,384
Effective tax rate -236% 35% 30% 35% 0% 24% -14% 2% 35% 18%
Net income (loss) $ 54,698 $ (2,347 ) $ 7,117 $ 876 $ 3,829 $ 3,733 $ 926 $ 356 $ (716 ) $ (39,806 ) $ 28,666
Diluted earnings (loss) per share $ 1.69 $ (0.07 ) $ 0.22 $ 0.03 $ 0.12 $ 0.12 $ 0.03 $ 0.01 $ (0.02 ) $ (1.23 ) $ 0.89
Weighted average shares - Diluted 32,383 32,383 32,383 32,383 32,383 32,383 32,383 32,383 32,383 32,383 32,383
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Strategic reorganization and alignment Consolidation and optimization Acquisition and integration Asset dispositions, severance and other Debt / investment related charges Tax Adjustment Adjusted Continuing Operations
Sales $ 1,136,080 $ (5,326 ) $ - $ - $ - $ - $ - $ - $ - $ - $ 1,130,754
Cost of sales 782,070 7,646 (15,183 ) - - - - - - - 774,533
Gross profit (loss) 354,010 (12,972 ) 15,183 - - - - - - - 356,221
Gross margin 31% -1% 1% 0% 0% 0% 0% 0% 0% 0% 32%
Operating expenses:
Selling, general and administrative 143,073 - (24,840 ) (4,375 ) - - - - - - 113,858
SG&A as a % of sales 13% 0% -2% 0% 0% 0% 0% 0% 0% 0% 10%
Research, development and engineering 48,850 - (545 ) - - - - - - - 48,305
RD&E as a % of sales 4% 0% 0% 0% 0% 0% 0% 0% 0% 0% 4%
Other operating expenses 36,438 - - - (5,891 ) (12,803 ) (10,870 ) (6,874 ) - - -
Total operating expenses 228,361 - (25,385 ) (4,375 ) (5,891 ) (12,803 ) (10,870 ) (6,874 ) - - 162,163
Operating income (loss) 125,649 (12,972 ) 40,568 4,375 5,891 12,803 10,870 6,874 - - 194,058
Operating margin 11% -1% 4% 0% 1% 1% 1% 1% 0% 0% 17%
Interest expense 63,972 - - - - - - - (3,524 ) - 60,448
Loss (gain) on cost and equity investments, net 1,565 - - - - - - - (1,565 ) - -
Other loss, net 10,853 - - - - - - - - - 10,853
Income (loss) before taxes 49,259 (12,972 ) 40,568 4,375 5,891 12,803 10,870 6,874 5,089 - 122,757
Provision (benefit) for income taxes (37,828 ) (4,541 ) 12,246 1,531 2,062 2,545 3,668 2,374 1,781 39,806 23,644
Effective tax rate -77% 35% 30% 35% 0% 20% 34% 35% 35% 19%
Net income (loss) $ 87,087 $ (8,431 ) $ 28,322 $ 2,844 $ 3,829 $ 10,258 $ 7,202 $ 4,500 $ 3,308 $ (39,806 ) $ 99,113
Diluted earnings (loss) per share $ 2.72 $ (0.26 ) $ 0.88 $ 0.09 $ 0.12 $ 0.32 $ 0.22 $ 0.14 $ 0.10 $ (1.24 ) $ 3.09
Weighted average shares - Diluted 32,056 32,056 32,056 32,056 32,056 32,056 32,056 32,056 32,056 32,056 32,056
GAAP Adjustments Non-GAAP
Continuing Operations LSA adjustment Amortization of intangibles IP related litigation Strategic reorganization and alignment Manufacturing alignment to support growth Consolidation and optimization Asset dispositions, severance and other Debt / investment related charges Tax Adjustment Adjusted Continuing Operations
Sales $ 292,426 $ (695 ) $ - $ - $ - $ - $ - $ - $ - $ - $ 291,731
Cost of sales 208,894 2,141 (3,716 ) - - - - - - - 207,319
Gross profit (loss) 83,532 (2,836 ) 3,716 - - - - - - - 84,412
Gross margin 29% -1% 1% 0% 0% 0% 0% 0% 0% 0% 29%
Operating expenses:
Selling, general and administrative 36,429 - (6,898 ) (321 ) - - - - - - 29,210
SG&A as a % of sales 12% 0% -2% 0% 0% 0% 0% 0% 0% 0% 10%
Research, development and engineering 13,276 - (39 ) - - - - - - - 13,237
RD&E as a % of sales 5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 5%
Other operating expenses 3,784 - - - (2,054 ) (513 ) (575 ) (642 ) - - -
Total operating expenses 53,489 - (6,937 ) (321 ) (2,054 ) (513 ) (575 ) (642 ) - - 42,447
Operating income (loss) 30,043 (2,836 ) 10,653 321 2,054 513 575 642 - - 41,965
Operating margin 10% -1% 4% 0% 1% 0% 0% 0% 0% 0% 14%
Interest expense 15,595 - - - - - - - (1,057 ) - 14,538
Loss (gain) on cost and equity investments, net (4,970 ) - - - - - - - 4,970 - -
Other loss, net 960 - - - - - - - - - 960
Income (loss) before taxes 18,458 (2,836 ) 10,653 321 2,054 513 575 642 (3,913 ) - 26,467
Provision (benefit) for income taxes 5,374 (596 ) 2,256 67 427 144 120 172 (822 ) (1,094 ) 6,048
Effective tax rate 29% 21% 21% 21% 0% 0% 21% 27% 21% 23%
Net income (loss) $ 13,084 $ (2,240 ) $ 8,397 $ 254 $ 1,627 $ 369 $ 455 $ 470 $ (3,091 ) $ 1,094 $ 20,419
Diluted earnings (loss) per share $ 0.40 $ (0.07 ) $ 0.26 $ 0.01 $ 0.05 $ 0.01 $ 0.01 $ 0.01 $ (0.10 ) $ 0.03 $ 0.63
Weighted average shares - Diluted 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 125,108 $ 1,624 $ 123,484 $ 2 (b) $ 123,486
Cardiac & Neuromodulation 103,813 58 103,755 (2) (b) 103,753
Advanced Surgical, Orthopedics & Portable Medical 105,146 76,995 28,151 (1,480) (b) 26,671
Total Medical 334,067 78,677 255,390 (1,480) 253,910
Non-Medical 11,346 - 11,346 - 11,346
Total sales $ 345,413 $ 78,677 $ 266,736 $ (1,480) $ 265,256
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 132,231 $ 1,513 $ 130,718 $ (1) (b) $ 130,717
Cardiac & Neuromodulation 106,185 12 106,173 - (b) 106,173
Advanced Surgical, Orthopedics & Portable Medical 108,560 80,278 28,282 (673) (b) 27,609
Total Medical 346,976 81,803 265,173 (674) 264,499
Non-Medical 15,743 - 15,743 - 15,743
Total sales $ 362,719 $ 81,803 $ 280,916 $ (674) $ 280,242
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 138,982 $ 1,270 $ 137,712 $ (16) (b) $ 137,696
Cardiac & Neuromodulation 101,616 4 101,612 - (b) 101,612
Advanced Surgical, Orthopedics & Portable Medical 107,581 75,866 31,715 (1,588) (b) 30,127
Total Medical 348,179 77,140 271,039 (1,604) 269,435
Non-Medical 15,129 - 15,129 - 15,129
Total sales $ 363,308 $ 77,140 $ 286,168 $ (1,604) $ 284,564
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 140,473 $ 1,556 $ 138,917 $ (12) (b) $ 138,905
Cardiac & Neuromodulation 116,735 - 116,735 - (b) 116,735
Advanced Surgical, Orthopedics & Portable Medical 118,523 86,665 31,858 (1,556) (b) 30,302
Total Medical 375,731 88,221 287,510 (1,568) 285,942
Non-Medical 14,750 - 14,750 - 14,750
Total sales $ 390,481 $ 88,221 $ 302,260 $ (1,568) $ 300,692
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 536,794 $ 5,963 $ 530,831 $ (27) (b) $ 530,804
Cardiac & Neuromodulation 428,349 74 428,275 (2) (b) 428,273
Advanced Surgical, Orthopedics & Portable Medical 439,810 319,804 120,006 (5,297) (b) 114,709
Total Medical 1,404,953 325,841 1,079,112 (5,326) 1,073,786
Non-Medical 56,968 - 56,968 - 56,968
Total sales $ 1,461,921 $ 325,841 $ 1,136,080 $ (5,326) $ 1,130,754
GAAP NON-GAAP
(a) LESS: Adjusted
Total Discontinued Continuing Continuing
Operations Operations Operations Adjustments Operations
Medical
Cardio & Vascular $ 138,348 $ 1,485 $ 136,863 $ (11) (b) $ 136,852
Cardiac & Neuromodulation 108,910 - 108,910 - (b) 108,910
Advanced Surgical, Orthopedics & Portable Medical 121,775 87,834 33,941 (684) (b) 33,257
Total Medical 369,033 89,319 279,714 (695) 279,019
Non-Medical 12,712 - 12,712 - 12,712
Total sales $ 381,745 $ 89,319 $ 292,426 $ (695) $ 291,731
(a) LESS:
Total Discontinued Continuing
Net Income (Loss) Reconciliation * Operations Operations Operations
Net income (loss) (GAAP) $ (4,339 ) $ (7,287 ) $ 2,948
Adjustments:
Amortization of intangibles 7,746 728 7,018
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 245 - 245
Strategic reorganization and alignment (OOE) - - -
Manufacturing alignment to support growth (OOE) - - -
Consolidation and optimization expenses (OOE) 1,899 32 1,867
Acquisition and integration expenses (OOE) 3,133 - 3,133
Asset dispositions, severance and other (OOE) 2,957 29 2,928
Loss on cost/equity method investments 259 - 259
Loss on extinguishment of debt 1,013 - 1,013
LSA adjustments - 2,051 (2,051 )
Tax adjustments - - -
Adjusted net income (loss) (Non-GAAP) $ 12,913 $ (4,447 ) $ 17,360
Diluted earnings (loss) per share $ 0.41 $ (0.14 ) $ 0.55
Weighted average shares outstanding - Diluted 31,685 31,685 31,685
(a) LESS:
Total Discontinued Continuing
Net Income (Loss) Reconciliation * Operations Operations Operations
Net income (loss) (GAAP) $ 2,990 $ (6,569 ) $ 9,559
Adjustments:
Amortization of intangibles 7,815 731 7,084
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 595 - 595
Strategic reorganization and alignment (OOE) - - -
Manufacturing alignment to support growth (OOE) - - -
Consolidation and optimization expenses (OOE) 2,093 65 2,028
Acquisition and integration expenses (OOE) 2,037 - 2,037
Asset dispositions, severance and other (OOE) 727 57 670
Loss on cost/equity method investments 2,877 - 2,877
Loss on extinguishment of debt 608 - 608
LSA adjustments - 1,791 (1,791 )
Tax adjustments - - -
Adjusted net income (loss) (Non-GAAP) $ 19,742 $ (3,925 ) $ 23,667
Diluted earnings (loss) per share $ 0.62 $ (0.12 ) $ 0.74
Weighted average shares outstanding - Diluted 31,982 31,982 31,982
(a) LESS:
Total Discontinued Continuing
Net Income (Loss) Reconciliation * Operations Operations Operations
Net income (loss) (GAAP) $ 13,690 $ (6,192 ) $ 19,882
Adjustments:
Amortization of intangibles 7,840 737 7,103
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 1,128 - 1,128
Strategic reorganization and alignment (OOE) - - -
Manufacturing alignment to support growth (OOE) - - -
Consolidation and optimization expenses (OOE) 2,737 107 2,630
Acquisition and integration expenses (OOE) 1,106 - 1,106
Asset dispositions, severance and other (OOE) 563 17 546
Gain on cost/equity method investments (1,239 ) - (1,239 )
Loss on extinguishment of debt 506 - 506
LSA adjustments - 2,242 (2,242 )
Tax adjustments - - -
Adjusted net income (loss) (Non-GAAP) $ 26,331 $ (3,089 ) $ 29,420
Diluted earnings (loss) per share $ 0.82 $ (0.10 ) $ 0.91
Weighted average shares outstanding - Diluted 32,173 32,173 32,173
(a) LESS:
Total Discontinued Continuing
Net Income (Loss) Reconciliation * Operations Operations Operations
Net income (loss) (GAAP) $ 54,338 $ (360 ) $ 54,698
Adjustments:
Amortization of intangibles 7,854 737 7,117
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 876 - 876
Strategic reorganization and alignment (OOE) 3,829 - 3,829
Manufacturing alignment to support growth (OOE) - - -
Consolidation and optimization expenses (OOE) 3,886 153 3,733
Acquisition and integration expenses (OOE) 926 - 926
Asset dispositions, severance and other (OOE) 475 119 356
Gain on cost/equity method investments (880 ) - (880 )
Loss on extinguishment of debt 164 - 164
LSA adjustments - 2,347 (2,347 )
Tax adjustments (40,281 ) (475 ) (39,806 )
Adjusted net income (loss) (Non-GAAP) $ 31,187 $ 2,521 $ 28,666
Diluted earnings (loss) per share $ 0.96 $ 0.08 $ 0.89
Weighted average shares outstanding - Diluted 32,383 32,383 32,383
Net Income (Loss) Reconciliation * (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 66,679 $ (20,408 ) $ 87,087
Adjustments:
Amortization of intangibles 31,255 2,933 28,322
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 2,844 - 2,844
Strategic reorganization and alignment (OOE) 3,829 - 3,829
Manufacturing alignment to support growth (OOE) - - -
Consolidation and optimization expenses (OOE) 10,615 357 10,258
Acquisition and integration expenses (OOE) 7,202 - 7,202
Asset dispositions, severance and other (OOE) 4,722 222 4,500
Loss on cost/equity method investments 1,017 - 1,017
Loss on extinguishment of debt 2,291 - 2,291
LSA adjustments - 8,431 (8,431 )
Tax adjustments (40,281 ) (475 ) (39,806 )
Adjusted net income (loss) (Non-GAAP) $ 90,173 $ (8,940 ) $ 99,113
Diluted earnings (loss) per share $ 2.81 $ (0.28 ) $ 3.09
Weighted average shares outstanding - Diluted 32,056 32,056 32,056
Net Income (Loss) Reconciliation * (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 8,118 $ (4,966 ) $ 13,084
Adjustments:
Amortization of intangibles 9,304 907 8,397
Depreciation on held for sale assets - - -
IP related litigation (SG&A) 254 - 254
Strategic reorganization and alignment (OOE) 2,779 1,152 1,627
Manufacturing alignment to support growth (OOE) 369 - 369
Consolidation and optimization expenses (OOE) 473 18 455
Acquisition and integration expenses (OOE) - - -
Asset dispositions, severance and other (OOE) 489 19 470
Gain on cost/equity method investments (3,926 ) - (3,926 )
Loss on extinguishment of debt 835 - 835
LSA adjustments - 2,240 (2,240 )
Tax adjustments 1,021 (73 ) 1,094
Adjusted net income (loss) (Non-GAAP) $ 19,716 $ (703 ) $ 20,419
Diluted earnings (loss) per share $ 0.61 $ (0.02 ) $ 0.63
Weighted average shares outstanding - Diluted 32,423 32,423 32,423
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ (4,339 ) $ (7,287 ) $ 2,948
Adjustments:
Interest expense 28,893 10,526 18,367
Provision (benefit) for income taxes 144 (645 ) 789
Depreciation 13,628 4,258 9,370
Amortization 10,978 895 10,083
EBITDA 49,304 7,747 41,557
IP related litigation 377 - 377
Stock-based compensation (excluding OOE) 2,406 233 2,173
Strategic reorganization and alignment - - -
Manufacturing alignment to support growth - - -
Consolidation and optimization expenses 2,395 48 2,347
Acquisition and integration expenses 4,820 - 4,820
Asset dispositions, severance and other 4,556 29 4,527
Non-cash loss on cost/equity method investments 398 - 398
LSA adjustments - 3,155 (3,155 )
Adjusted EBITDA (Non-GAAP) $ 64,256 $ 11,212 $ 53,044
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 2,990 $ (6,569 ) $ 9,559
Adjustments:
Interest expense 25,647 10,589 15,058
Provision for income taxes 1,126 871 255
Depreciation 13,813 4,455 9,358
Amortization 11,046 899 10,147
EBITDA 54,622 10,245 44,377
IP related litigation 915 - 915
Stock-based compensation (excluding OOE) 3,251 349 2,902
Strategic reorganization and alignment - - -
Manufacturing alignment to support growth - - -
Consolidation and optimization expenses 2,832 103 2,729
Acquisition and integration expenses 2,970 - 2,970
Asset dispositions, severance and other 1,118 90 1,028
Non-cash loss on cost/equity method investments 4,427 - 4,427
LSA adjustments - 2,756 (2,756 )
Adjusted EBITDA (Non-GAAP) $ 70,135 $ 13,543 $ 56,592
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 13,690 $ (6,192 ) $ 19,882
Adjustments:
Interest expense 26,485 10,677 15,808
Benefit for income taxes (1,700 ) (1,252 ) (448 )
Depreciation 14,068 4,534 9,534
Amortization 11,051 906 10,145
EBITDA 63,594 8,673 54,921
IP related litigation 1,735 - 1,735
Stock-based compensation (excluding OOE) 2,149 108 2,041
Strategic reorganization and alignment - - -
Manufacturing alignment to support growth - - -
Consolidation and optimization expenses 3,143 164 2,979
Acquisition and integration expenses 2,267 - 2,267
Asset dispositions, severance and other 854 31 823
Non-cash gain on cost/equity method investments (992 ) - (992 )
LSA adjustments - 3,450 (3,450 )
Adjusted EBITDA (Non-GAAP) $ 72,750 $ 12,426 $ 60,324
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 54,338 $ (360 ) $ 54,698
Adjustments:
Interest expense 25,435 10,696 14,739
Benefit for income taxes (44,422 ) (5,998 ) (38,424 )
Depreciation 14,575 4,760 9,815
Amortization 11,099 906 10,193
EBITDA 61,025 10,004 51,021
IP related litigation 1,348 - 1,348
Stock-based compensation (excluding OOE) 4,618 451 4,167
Strategic reorganization and alignment 5,891 - 5,891
Manufacturing alignment to support growth - - -
Consolidation and optimization expenses 5,111 231 4,880
Acquisition and integration expenses 813 - 813
Asset dispositions, severance and other 522 158 364
Non-cash gain on cost/equity method investments (868 ) - (868 )
LSA adjustments - 3,611 (3,611 )
Adjusted EBITDA (Non-GAAP) $ 78,460 $ 14,455 $ 64,005
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 66,679 $ (20,408 ) $ 87,087
Adjustments:
Interest expense 106,460 42,488 63,972
Benefit for income taxes (44,852 ) (7,024 ) (37,828 )
Depreciation 56,084 18,007 38,077
Amortization 44,174 3,606 40,568
EBITDA 228,545 36,669 191,876
IP related litigation 4,375 - 4,375
Stock-based compensation (excluding OOE) 12,424 1,141 11,283
Strategic reorganization and alignment 5,891 - 5,891
Manufacturing alignment to support growth - - -
Consolidation and optimization expenses 13,349 546 12,803
Acquisition and integration expenses 10,870 - 10,870
Asset dispositions, severance and other 7,182 308 6,874
Non-cash loss on cost/equity method investments 2,965 - 2,965
LSA adjustments - 12,972 (12,972 )
Adjusted EBITDA (Non-GAAP) $ 285,601 $ 51,636 $ 233,965
EBITDA and Adjusted EBITDA Reconciliation (a) Total Operations LESS: Discontinued Operations Continuing Operations
Net income (loss) (GAAP) $ 8,118 $ (4,966 ) $ 13,084
Adjustments:
Interest expense 26,445 10,850 15,595
Provision (benefit) for income taxes 4,091 (1,283 ) 5,374
Depreciation 14,621 4,658 9,963
Amortization 11,713 1,060 10,653
EBITDA 64,988 10,319 54,669
IP related litigation 321 - 321
Stock-based compensation (excluding OOE) 3,218 239 2,979
Strategic reorganization and alignment 3,492 1,438 2,054
Manufacturing alignment to support growth 513 - 513
Consolidation and optimization expenses 605 30 575
Acquisition and integration expenses - - -
Asset dispositions, severance and other 667 25 642
Non-cash gain on cost/equity method investments (4,970 ) - (4,970 )
LSA adjustments - 2,836 (2,836 )
Adjusted EBITDA (Non-GAAP) $ 68,834 $ 14,887 $ 53,947
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Last updated: Jul 30, 2018