- Q4'18 revenue of $685.3 million increased 11% as-reported, or 9% in constant currency from the prior-year period.
- Full-year revenue of $2,463.4 million increased 19% as-reported, or 16% in constant currency from the prior-year.
- Closed the acquisition of Juniper Pharmaceuticals, a European early development Center of Excellence with dose form development and clinical manufacturing capabilities.
- Issued 11,431,411 shares of common stock at a price to the public of $40.24, raising approximately $445 million of net proceeds used to pay down USD Term Loan floating-rate debt.
SOMERSET, N.J.--(BUSINESS WIRE)--Catalent, Inc. (NYSE: CTLT), the leading global provider of advanced
delivery technologies and development solutions for drugs, biologics and
consumer health products, today announced financial results for the
fourth quarter and fiscal year 2018, which ended June 30, 2018.
Fourth quarter 2018 revenue of $685.3 million increased 11% as reported
and 9% in constant currency from $616.9 million reported in the fourth
quarter a year ago. For fiscal year 2018, revenue was $2,463.4 million
and increased 19% as reported and 16% in constant currency, compared to
the $2,075.4 million recorded in the prior-year period. The Company's
fourth quarter and fiscal year 2018 revenue growth over the prior fiscal
year was primarily driven by the Biologics and Specialty Drug Delivery
and Clinical Supply Services segments.
Fourth quarter 2018 net earnings were $82.7 million, or $0.61 per
diluted share, compared to net earnings of $61.8 million, or $0.49 per
diluted share, in the fourth quarter a year ago. For fiscal year 2018,
net earnings were $83.6 million, or $0.63 per diluted share, compared to
net earnings of $109.8 million, or $0.87 per diluted share, in fiscal
2017. The fiscal year 2018 results include a net tax charge of $42.5
million as a provisional estimate of the net accounting impact of the
U.S. tax law enacted in December 2017. Fourth quarter 2018 EBITDA from
continuing operations of $172.0 million, as referenced in the GAAP to
non-GAAP reconciliation provided later in this release, increased 32%
from $130.5 million in the fourth quarter a year ago. For fiscal year
2018, EBITDA from continuing operations was $453.5 million, an increase
of 22% compared to the $372.2 million recorded in the prior year.
Fourth quarter 2018 Adjusted EBITDA (see the non-GAAP reconciliation for
a discussion of this metric) was $181.5 million, or 26.5% of revenue,
compared to $159.1 million, or 25.8% of revenue, in the fourth quarter a
year ago. This represents an increase of 14% as reported, and an
increase of 11% on a constant-currency basis.
Fourth quarter 2018 Adjusted Net Income (see the non-GAAP
reconciliation) was $90.0 million, or $0.67 per diluted share, compared
to Adjusted Net Income of $82.6 million, or $0.65 per diluted share, in
the fourth quarter a year ago.
“Our financial performance for the fourth quarter was in line with our
expectations and positions us well heading into fiscal year 2019,” said
John Chiminski, Chair, President and Chief Executive Officer of
Catalent, Inc. “We're excited to have closed another acquisition on
August 14th -Juniper Pharmaceuticals- which adds to our spray drying
capability and creates a European early-stage formulation and
development center of excellence. The integration of both Juniper and
our Bloomington biologics acquisition, which closed during the second
quarter, is progressing according to plan. We're also very pleased to
have strengthened our balance sheet by paying down $450 million of
floating-rate term loan with the proceeds from our July 2018 equity
offering. These strategic steps allow us to play a role in the continued
consolidation of this fragmented industry."
In fiscal 2018, the Company engaged in a business reorganization to
better align its internal business unit structure with its "Follow the
Molecule" strategy and the increased focus on its biologics-related
offerings. Under the revised structure, it created two new operating
segments from its former Drug Delivery Solutions segment:
-
Biologics and Specialty Drug Delivery, which encompasses manufacturing
and development of biologic cell-lines, blow-fill-seal unit-doses,
prefilled syringes, vials, cartridges and other injectable and inhaled
formats; analytical development and testing services for large
molecules; and development and manufacturing for inhaled products for
delivery via metered dose inhalers, dry powder inhalers, and
intra-nasal sprays; and
-
Oral Drug Delivery, which encompasses comprehensive formulation and
analytical development capabilities using advanced processing
technologies such as bioavailability enhancement, controlled release,
particle size engineering; and taste-masking for solid oral dose forms.
Each of the two new segments reports through a separate management team.
The Company's operating segments are the same as its reporting segments.
All prior-period comparative segment information has been restated to
reflect the current reportable segments in accordance with ASC 280
Segment Reporting, as discussed in Note 1 to the Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K (the
"Consolidated Financial Statements").
Fourth Quarter 2018 Segment Highlights
Revenue Highlights by Business Segment
Revenue from the Softgel Technologies segment was $241.0 million for the
fourth quarter of fiscal 2018, a decrease of 6% as reported, or 7% in
constant currency, compared to the fourth quarter a year ago. The
constant-currency decline was primarily attributable to a decrease in
product participation revenue and volume declines for both prescription
and consumer health products within North America and Europe; partially
offset by strong demand for consumer health products within Latin
America.
Revenue from the Biologics and Specialty Drug Delivery segment was
$195.5 million for the fourth quarter of fiscal 2018, an increase of
100% as reported, or 98% in constant currency, over the fourth quarter a
year ago. The constant-currency growth was partially attributable to the
acquisition of Catalent Indiana (formerly Cook Pharmica), which
contributed 71 percentage points to the segment's revenue growth.
Excluding the impact of the acquisition, segment revenue increased 27%
in constant currency, driven by favorable end-customer demand for our
U.S. based drug substance and European drug product biologics offerings,
as well as higher volumes associated with products utilizing our
respiratory and opthalmic drug delivery platforms.
Revenue from the Oral Drug Delivery segment was $153.7 million for the
fourth quarter of fiscal 2018, a decrease of 11% as reported, or 14% in
constant currency, over the fourth quarter a year ago. The
constant-currency decline was primarily driven by a prior-year
contractual settlement recorded within the segment, a decrease in
product participation revenue and lower volume related to our integrated
oral solids development and commercial manufacturing capabilities.
Revenue from the Clinical Supply Services segment was $107.6 million for
the fourth quarter of fiscal 2018, an increase of 8% as reported, or 5%
in constant currency over the fourth quarter a year ago. The
constant-currency growth was due to higher volume related to storage and
distribution services, partially offset by lower comparator sourcing
volume.
Segment EBITDA Highlights
Softgel Technologies segment EBITDA (see the discussion of non-GAAP
measures below) in the fourth quarter of fiscal 2018 was $59.0 million,
a decrease of 10% as reported, or 8% in constant currency, versus the
fourth quarter a year ago. The decrease was primarily driven by the
lower product participation revenue and volume declines for high-margin
products within North America and Europe, partially related to a
shortage of supply of ibuprofen, an active pharmaceutical ingredient.
These declines were partially offset by strong demand for consumer
health products within Latin America.
Biologics and Specialty Drug Delivery segment EBITDA in the fourth
quarter of fiscal 2018 was $60.4 million, an increase of 154% as
reported, or 151% in constant currency. The constant-currency growth was
partially attributable to the Catalent Indiana acquisition, which
contributed 116 percentage points to the segment's EBITDA growth.
Excluding the impact of the acquisition, segment EBITDA increased 35% in
constant currency driven by favorable end-customer demand for our
U.S.-based drug substance and European drug product biologics offerings,
as well as higher volumes associated with products utilizing our
respiratory and opthalmic drug delivery platforms.
Oral Drug Delivery segment EBITDA in the fourth quarter of fiscal 2018
was $50.0 million, a decrease of 25% as reported, or 27% in constant
currency. The constant-currency decline was primarily driven by a
prior-year contractual settlement recorded within the segment, a
decrease in product participation revenue and lower volume related to
our integrated oral solids development and commercial manufacturing
capabilities.
Clinical Supply Services segment EBITDA in the fourth quarter of fiscal
2018 was $21.7 million, an increase of 27% as reported, or 20% in
constant currency. The increase was primarily attributable to higher
demand and favorable product mix within our storage and distribution
services, as well as improved capacity utilization across the network.
Fiscal 2018 Segment Highlights
Revenue Highlights by Business Segment
Revenue from the Softgel Technologies segment was $917.3 million for
fiscal year 2018, an increase of 7% as reported, or 4% in constant
currency, compared to a year ago. The constant-currency growth was
attributable to the February 2017 Accucaps acquisition, which
contributed 7 percentage points to the segment’s constant-currency
revenue growth during the year. Excluding the Accucaps acquisition,
Softgel revenue declined 3% in constant currency, due to a decrease in
product participation revenue and decreased end-market demand for
consumer health products in Europe and Asia-Pacific; partially offset by
strength in the Latin America region.
Revenue from the Biologics and Specialty Drug Delivery segment was
$601.9 million for fiscal year 2018, an increase of 72% as reported, or
68% in constant currency, over a year ago. The constant-currency growth
was partially attributable to the Catalent Indiana acquisition, which
contributed 50 percentage points to the segment's revenue growth.
Excluding the impact of the acquisition, segment revenue increased 18%
in constant currency, driven by favorable end-customer demand for our
U.S.-based drug substance and European drug product biologics offerings,
as well as higher volumes associated with products utilizing our
respiratory and opthalmic drug delivery platforms.
Revenue from the Oral Drug Delivery segment was $573.9 million for
fiscal year 2018, an increase of 2% as reported, or a decrease of 1% in
constant currency, over a year ago. The constant-currency decline was
primarily driven by a prior-year contractual settlement recorded within
the segment, a decrease in product participation revenue and lower
volume related to our analytical development services platform;
partially offset by favorable end-customer demand related to our
integrated oral solids development and commercial manufacturing
capabilities.
Revenue from the Clinical Supply Services segment was $430.4 million for
fiscal year 2018, an increase of 23% as reported, or 20% in constant
currency over a year ago. This growth was due to higher volume related
to storage and distribution services, as well as due to increased
lower-margin comparator sourcing activities.
Segment EBITDA Highlights
Softgel Technologies segment EBITDA for fiscal year 2018 was $196.4
million, an increase of 3% as reported, or 2% in constant currency,
versus a year ago. The constant-currency increase was driven by the
acquisition of Accucaps, which contributed 5 percentage points of the
constant-currency growth in segment EBITDA during the period. Excluding
the acquisition, segment EBITDA decreased by 3% in constant currency,
due to lower product participation revenue and a shortage of supply of
ibuprofen, an active pharmaceutical ingredient; partially offset by
favorable product mix within North America.
Biologics and Specialty Drug Delivery segment EBITDA for fiscal year
2018 was $146.8 million, an increase of 132% as reported, or 128% in
constant currency. The constant-currency increase was primarily driven
by the Catalent Indiana acquisition, which contributed 113 percentage
points of the constant-currency growth in segment EBITDA during the
period. Excluding the acquisition, segment EBITDA increased by 15% in
constant currency, primarily driven by favorable end-customer demand for
our U.S.-based drug substance and European drug product biologics
offerings, partially offset by lower levels of capacity utilization
within our respiratory and opthalmic drug delivery platforms.
Oral Drug Delivery segment EBITDA for fiscal year 2018 was $172.9
million, a decrease of 3% as reported, or 6% in constant currency. The
constant-currency decrease was primarily driven by a prior-year
contractual settlement recorded within the segment, a decrease in
product participation revenue and lower volume related to our analytical
development services platform; partially offset by favorable
end-customer demand related to our integrated oral solids development
and commercial manufacturing capabilities.
Clinical Supply Services segment EBITDA for fiscal year 2018 was $76.2
million, an increase of 39% as reported, or 32% in constant currency.
The increase was primarily attributable to higher demand for our storage
and distribution services, as well as improved capacity utilization
across the network. Increased volume related to lower-margin comparator
sourcing activities modestly contributed to the segment’s EBITDA growth.
Additional Financial Highlights
Fourth quarter 2018 gross margin of 34.1% decreased 80 basis points
as-reported, from 34.9% in the fourth quarter a year ago. The decrease
was primarily attributable to a decrease in product participation
revenue within the Oral Drug Delivery and Softgel Technologies segments,
partially offset by the Catalent Indiana acquisition.
Fourth quarter 2018 selling, general and administrative expenses were
$124.3 million and represented 18.1% of revenue, compared to $107.3
million, or 17.4% of revenue, in the fourth quarter a year ago.
Backlog for the Clinical Supply Services segment, defined as estimated
future service revenues from work not yet completed under signed
contracts, was $273.2 million as of June 30, 2018, a 2% increase
compared to the third quarter of fiscal year 2018. The segment recorded
net new business wins of $93.8 million during the fourth quarter, which
is an increase of 60% compared to the new business wins recorded in the
same period of prior year. The segment’s trailing-twelve-month
book-to-bill ratio was 0.9x. Please note that fourth quarter and prior
period ratios have been re-calculated in light of the change in revenue
recognition due to the adoption of ASC 606, a new accounting rule,
pursuant to which the Company will recognize revenue relating to
comparator procurement on a net basis.
Balance Sheet and Liquidity
As of June 30, 2018, Catalent had $2.7 billion in total debt, and $2.3
billion in total debt net of cash and short-term investments, which is
in-line with the total debt and net debt as of March 31, 2018. As of
June 30, 2018, Catalent’s total net leverage ratio was 4.2x, a
sequential improvement compared to the total net leverage of 4.5x as of
March 31, 2018. On a pro forma basis for the acquisition of Catalent
Indiana, the debt pay down of $450 million completed in July, and the
acquisition of Juniper Pharmaceuticals, Catalent’s total net leverage
ratio as of June 30, 2018 would have been 3.4x.
Fiscal Year 2019 Outlook
For fiscal year 2019, the Company expects revenue in the range of $2.50
billion to $2.59 billion. Catalent expects Adjusted EBITDA in the range
of $597 million to $622 million and Adjusted Net Income in the range of
$260 million to $285 million. The Company expects self-funded capital
expenditures in the range of $175 million to $185 million and fully
diluted share count in the range of 146 million to 147 million shares on
a weighted-average basis, taking into account the recent issuance of
additional shares in connection with the recent equity offering.
Earnings Webcast
The Company’s management will host a webcast to discuss the results at
8:15 a.m. ET today. Catalent invites all interested parties to listen to
the webcast, which will be accessible through Catalent’s website at
http://investor.catalent.com
.
A supplemental slide presentation will also be available in the
“Investors” section of Catalent’s website prior to the start of the
webcast. The webcast replay, along with the supplemental slides, will be
available for 90 days in the “Investors” section of Catalent’s website
at
www.catalent.com
.
About Catalent, Inc.
Catalent, Inc. (NYSE: CTLT) is the leading global provider of advanced
delivery technologies and development solutions for drugs, biologics and
consumer health products. With over 80 years serving the industry,
Catalent has proven expertise in bringing more customer products to
market faster, enhancing product performance and ensuring reliable
clinical and commercial product supply. Catalent employs over 11,000
people, including over 1,800 scientists, at more than 30 facilities
across 5 continents and in fiscal 2018 generated approximately $2.5
billion in annual revenue. Catalent is headquartered in Somerset, N.J.
For more information, please visit
www.catalent.com
.
Non-GAAP Financial Measures
Use of EBITDA from continuing operations, Adjusted EBITDA, Adjusted
Net Income and Segment EBITDA
Management measures operating performance based on consolidated earnings
from continuing operations before interest expense, expense/(benefit)
for income taxes, and depreciation and amortization, and it is adjusted
for the income or loss attributable to non-controlling interest (“EBITDA
from continuing operations”). EBITDA from continuing operations is not
defined under U.S. GAAP and is not a measure of operating income,
operating performance or liquidity presented in accordance with U.S.
GAAP and is subject to important limitations.
The Company believes that the presentation of EBITDA from continuing
operations enhances an investor’s understanding of its financial
performance. The Company believes this measure is a useful financial
metric to assess its operating performance from period to period by
excluding certain items that it believes are not representative of its
core business and uses this measure for business planning purposes.
In addition, given the significant investments that Catalent has made in
the past in property, plant and equipment, depreciation and amortization
expenses represent a meaningful portion of its cost structure. The
Company believes that EBITDA from continuing operations will provide
investors with a useful tool for assessing the comparability between
periods of its ability to generate cash from operations sufficient to
pay taxes, to service debt and to undertake capital expenditures because
it eliminates depreciation and amortization expense. The Company
presents EBITDA from continuing operations in order to provide
supplemental information that it considers relevant for the readers of
the Consolidated Financial Statements, and such information is not meant
to replace or supersede U.S. GAAP measures. The Company’s definition of
EBITDA from continuing operations may not be the same as similarly
titled measures used by other companies.
Catalent evaluates the performance of its segments based on segment
earnings before non-controlling interest, other (income)/expense,
impairments, restructuring costs, interest expense, income tax
expense/(benefit), and depreciation and amortization (“segment EBITDA”).
Moreover, under the Company's credit agreement, its ability to engage in
certain activities, such as incurring certain additional indebtedness,
making certain investments and paying certain dividends, is tied to
ratios based on Adjusted EBITDA, which is not defined under U.S. GAAP
and is subject to important limitations. Adjusted EBITDA is the covenant
compliance measure used in the credit agreement governing debt
incurrence and restricted payments. Because not all companies use
identical calculations, the Company’s presentation of Adjusted EBITDA
may not be comparable to other similarly titled measures of other
companies.
Management also measures operating performance based on Adjusted Net
Income/(loss) and Adjusted Net Income/(loss) per share. Adjusted Net
Income/(loss) is not defined under U.S. GAAP and is not a measure of
operating income, operating performance or liquidity presented in
accordance with U.S. GAAP and is subject to important limitations. The
Company believes that the presentation of Adjusted Net Income/(loss) and
Adjusted Net Income/loss per share enhances an investor’s understanding
of its financial performance. The Company believes this measure is a
useful financial metric to assess its operating performance from period
to period by excluding certain items that it believes are not
representative of its core business and the Company uses this measure
for business planning purposes. The Company defines Adjusted Net
Income/(loss) as net earnings/(loss) adjusted for (1) earnings or loss
of discontinued operations, net of tax, (2) amortization attributable to
purchase accounting and (3) income or loss from non-controlling interest
in its majority-owned operations. The Company also makes adjustments for
other cash and non-cash items included in the table below, partially
offset by its estimate of the tax effects as a result of such cash and
non-cash items. The Company believes that Adjusted Net Income/(loss) and
Adjusted Net Income/(loss) per share will provide investors with a
useful tool for assessing the comparability between periods of its
ability to generate cash from operations available to its stockholders.
The Company’s definition of Adjusted Net Income/(loss) may not be the
same as similarly titled measures used by other companies.
The most directly comparable GAAP measure to EBITDA from continuing
operations and Adjusted EBITDA is earnings/(loss) from continuing
operations. The most directly comparable GAAP measure to Adjusted Net
Income/(loss) is net earnings/(loss). Included in this release is a
reconciliation of earnings/(loss) from continuing operations to EBITDA
from continuing operations and Adjusted EBITDA and a reconciliation of
net earnings/(loss) to Adjusted Net Income.
The Company does not provide a reconciliation of forward-looking
non-GAAP financial measures to their comparable GAAP financial measures
because it could not do so without unreasonable effort due to the
unavailability of the information needed to calculate reconciling items
and due to the variability, complexity and limited visibility of the
adjusting items that would be excluded from the non-GAAP financial
measures in future periods. When planning, forecasting and analyzing
future periods, the Company does so primarily on a non-GAAP basis
without preparing a GAAP analysis as that would require estimates for
various cash and non-cash reconciling items that would be difficult to
predict with reasonable accuracy. For example, equity compensation
expense would be difficult to estimate because it depends on the
Company’s future hiring and retention needs, as well as the future fair
market value of the Company’s common stock, all of which are difficult
to predict and subject to constant change. It is equally difficult to
anticipate the need for or magnitude of a presently unforeseen one-time
restructuring expense or the values of end-of-period foreign currency
exchange rates. As a result, the Company does not believe that a GAAP
reconciliation would provide meaningful supplemental information about
the Company’s outlook.
Use of Constant Currency
As changes in exchange rates are an important factor in understanding
period-to-period comparisons, the Company believes the presentation of
results on a constant currency basis in addition to reported results
helps improve investors’ ability to understand its operating results and
evaluate its performance in comparison to prior periods. Constant
currency information compares results between periods as if exchange
rates had remained constant period over period. The Company uses results
on a constant currency basis as one measure to evaluate its performance.
The Company calculates constant currency by calculating current-year
results using prior-year foreign currency exchange rates. The Company
generally refers to such amounts calculated on a constant currency basis
as excluding the impact of foreign exchange or being on a constant
currency basis. These results should be considered in addition to, not
as a substitute for, results reported in accordance with U.S. GAAP.
Results on a constant currency basis, as the Company presents them, may
not be comparable to similarly titled measures used by other companies
and are not measures of performance presented in accordance with U.S.
GAAP.
Forward-Looking Statements
This release contains both historical and forward-looking statements.
All statements other than statements of historical fact are, or may be
deemed to be, 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. These forward-looking
statements generally can be identified by the use of statements that
include phrases such as “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “plan,” “project,” “foresee,” “likely,” “may,” “will,”
“would” or other words or phrases with similar meanings. Similarly,
statements that describe the Company’s objectives, plans or goals are,
or may be, forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results
could vary materially from Catalent, Inc.’s expectations and
projections. Some of the factors that could cause actual results to
differ include, but are not limited to, the following: participation in
a highly competitive market and increased competition may adversely
affect the business of the Company; demand for the Company’s offerings,
which depends in part on the Company’s customers’ research and
development and the clinical and market success of their products;
product and other liability risks that could adversely affect the
Company’s results of operations, financial condition, liquidity and cash
flows; failure to comply with existing and future regulatory
requirements; failure to provide quality offerings to customers could
have an adverse effect on the Company’s business and subject it to
regulatory actions and costly litigation; problems providing the highly
exacting and complex services or support required; global economic,
political and regulatory risks to the operations of the Company;
inability to enhance existing or introduce new technology or service
offerings in a timely manner; inadequate patents, copyrights, trademarks
and other forms of intellectual property protections; fluctuations in
the costs, availability, and suitability of the components of the
products the Company manufactures, including active pharmaceutical
ingredients, excipients, purchased components and raw materials; changes
in market access or healthcare reimbursement in the United States or
internationally; fluctuations in the exchange rate of the U.S. dollar
and other foreign currencies including as a result of the U.K.
referendum to exit from the European Union; adverse tax legislative or
regulatory initiatives or challenges to the Company’s tax positions;
loss of key personnel; risks generally associated with information
systems; inability to complete any future acquisitions and other
transactions that may complement or expand the business of the Company
or divest of non-strategic businesses or assets and difficulties in
successfully integrating acquired business and realizing anticipated
benefits of such acquisitions; offerings and customers’ products that
may infringe on the intellectual property rights of third parties;
environmental, health and safety laws and regulations, which could
increase costs and restrict operations; labor and employment laws and
regulations or labor difficulties, which could increase costs or result
in operational disruptions; additional cash contributions required to
fund the Company’s existing pension plans; substantial leverage
resulting in the limited ability of the Company to raise additional
capital to fund operations and react to changes in the economy or in the
industry, exposure to interest rate risk to the extent of the Company’s
variable-rate debt and preventing the Company from meeting its
obligations under its indebtedness. For a more detailed discussion of
these and other factors, see the information under the caption “Risk
Factors” in the Company’s Annual Report on Form 10-K for the fiscal year
ended June 30, 2018, filed today. All forward-looking statements speak
only as of the date of this release or as of the date they are made, and
Catalent, Inc. does not undertake to update any forward-looking
statement as a result of new information or future events or
developments except to the extent required by law.
More products. Better treatments. Reliably supplied.
™
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
(In millions, except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
FX impact
|
|
Constant Currency
Increase/(Decrease)
|
|
|
|
2018
|
|
2017
|
|
|
|
Change $
|
|
Change%
|
|
Net revenue
|
|
$
|
685.3
|
|
|
$
|
616.9
|
|
|
$
|
11.5
|
|
|
$
|
56.9
|
|
|
9%
|
|
Cost of sales
|
|
451.9
|
|
|
401.7
|
|
|
9.3
|
|
|
40.9
|
|
|
10%
|
|
Gross margin
|
|
233.4
|
|
|
215.2
|
|
|
2.2
|
|
|
16.0
|
|
|
7%
|
|
Selling, general and administrative expenses
|
|
124.3
|
|
|
107.3
|
|
|
1.0
|
|
|
16.0
|
|
|
15%
|
|
Impairment charges and (gain)/loss on sale of assets
|
|
4.3
|
|
|
7.5
|
|
|
—
|
|
|
(3.2
|
)
|
|
(43)%
|
|
Restructuring and other
|
|
7.5
|
|
|
3.5
|
|
|
—
|
|
|
4.0
|
|
|
114%
|
|
Operating earnings
|
|
97.3
|
|
|
96.9
|
|
|
1.2
|
|
|
(0.8
|
)
|
|
(1)%
|
|
Interest expense, net
|
|
30.0
|
|
|
22.6
|
|
|
0.3
|
|
|
7.1
|
|
|
31%
|
|
Other (income)/expense, net
|
|
(22.1
|
)
|
|
5.1
|
|
|
(2.3
|
)
|
|
(24.9
|
)
|
|
*
|
|
Earnings from continuing operations, before income
taxes
|
|
89.4
|
|
|
69.2
|
|
|
3.2
|
|
|
17.0
|
|
|
25%
|
|
Income tax expense
|
|
6.7
|
|
|
7.4
|
|
|
(1.3
|
)
|
|
0.6
|
|
|
8%
|
|
Net earnings
|
|
$
|
82.7
|
|
|
$
|
61.8
|
|
|
$
|
4.5
|
|
|
$
|
16.4
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
133.2
|
|
|
125.1
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
135.1
|
|
|
127.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
0.62
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
0.61
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - percentage not meaningful
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Selected Segment Financial Data
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
FX impact
|
|
|
Constant Currency
Increase/(Decrease)
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Change $
|
|
|
Change
|
%
|
|
Softgel Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
241.0
|
|
|
$
|
257.1
|
|
|
$
|
1.7
|
|
|
|
$
|
(17.8
|
)
|
|
|
(7
|
)%
|
|
Segment EBITDA
|
|
59.0
|
|
|
65.2
|
|
|
(1.2
|
)
|
|
|
(5.0
|
)
|
|
|
(8
|
)%
|
|
Biologics and Specialty Drug Delivery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
195.5
|
|
|
97.3
|
|
|
3.1
|
|
|
|
95.1
|
|
|
|
98
|
%
|
|
Segment EBITDA
|
|
60.4
|
|
|
23.8
|
|
|
0.7
|
|
|
|
35.9
|
|
|
|
151
|
%
|
|
Oral Drug Delivery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
153.7
|
|
|
173.6
|
|
|
4.0
|
|
|
|
(23.9
|
)
|
|
|
(14
|
)%
|
|
Segment EBITDA
|
|
50.0
|
|
|
67.0
|
|
|
1.4
|
|
|
|
(18.4
|
)
|
|
|
(27
|
)%
|
|
Clinical Supply Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
107.6
|
|
|
99.3
|
|
|
3.4
|
|
|
|
4.9
|
|
|
|
5
|
%
|
|
Segment EBITDA
|
|
21.7
|
|
|
17.1
|
|
|
1.1
|
|
|
|
3.5
|
|
|
|
20
|
%
|
|
Inter-segment revenue elimination
|
|
(12.5
|
)
|
|
(10.4
|
)
|
|
(0.7
|
)
|
|
|
(1.4
|
)
|
|
|
13
|
%
|
|
Unallocated costs
|
|
(19.1
|
)
|
|
(42.6
|
)
|
|
2.4
|
|
|
|
21.1
|
|
|
|
(50
|
)%
|
|
Combined totals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
685.3
|
|
|
$
|
616.9
|
|
|
$
|
11.5
|
|
|
|
$
|
56.9
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing operations
|
|
$
|
172.0
|
|
|
$
|
130.5
|
|
|
$
|
4.4
|
|
|
|
$
|
37.1
|
|
|
|
28
|
%
|
|
|
* - percentage not meaningful
Refer to the Company's description of non-GAAP measures including
segment EBITDA as referenced above.
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
(In millions, except per share amounts)
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
|
FX impact
|
|
Constant Currency
Increase/(Decrease)
|
|
|
|
2018
|
|
2017
|
|
|
|
Change $
|
|
Change%
|
|
Net revenue
|
|
$
|
2,463.4
|
|
|
$
|
2,075.4
|
|
|
$
|
62.1
|
|
|
$
|
325.9
|
|
|
16%
|
|
|
Cost of sales
|
|
1,710.8
|
|
|
1,420.8
|
|
|
48.2
|
|
|
241.8
|
|
|
17%
|
|
|
Gross margin
|
|
752.6
|
|
|
654.6
|
|
|
13.9
|
|
|
84.1
|
|
|
13%
|
|
|
Selling, general and administrative expenses
|
|
462.6
|
|
|
402.6
|
|
|
4.8
|
|
|
55.2
|
|
|
14%
|
|
|
Impairment charges and (gain)/loss on sale of assets
|
|
8.7
|
|
|
9.8
|
|
|
0.1
|
|
|
(1.2
|
)
|
|
(12)%
|
|
|
Restructuring and other
|
|
10.2
|
|
|
8.0
|
|
|
(0.1
|
)
|
|
2.3
|
|
|
29%
|
|
|
Operating earnings
|
|
271.1
|
|
|
234.2
|
|
|
9.1
|
|
|
27.8
|
|
|
12%
|
|
|
Interest expense, net
|
|
111.4
|
|
|
90.1
|
|
|
1.1
|
|
|
20.2
|
|
|
22%
|
|
|
Other (income)/expense, net
|
|
7.7
|
|
|
8.5
|
|
|
2.7
|
|
|
(3.5
|
)
|
|
(41)%
|
|
|
Earnings from continuing operations, before income
taxes
|
|
152.0
|
|
|
135.6
|
|
|
5.3
|
|
|
11.1
|
|
|
8%
|
|
|
Income tax expense
|
|
68.4
|
|
|
25.8
|
|
|
(1.6
|
)
|
|
44.2
|
|
|
171%
|
|
|
Net earnings
|
|
$
|
83.6
|
|
|
$
|
109.8
|
|
|
$
|
6.9
|
|
|
$
|
(33.1
|
)
|
|
(30)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
131.2
|
|
|
125.0
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
133.2
|
|
|
126.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
0.64
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
0.63
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - percentage not meaningful
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Selected Segment Financial Data
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
|
FX impact
|
|
Constant Currency
Increase/(Decrease)
|
|
|
|
2018
|
|
2017
|
|
|
|
Change $
|
|
Change%
|
|
Softgel Technologies
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
917.3
|
|
|
$
|
855.3
|
|
|
$
|
24.5
|
|
|
$
|
37.5
|
|
|
4%
|
|
|
Segment EBITDA
|
|
196.4
|
|
|
190.5
|
|
|
2.3
|
|
|
3.6
|
|
|
2%
|
|
|
Biologics and Specialty Drug Delivery
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
601.9
|
|
|
350.8
|
|
|
12.1
|
|
|
239.0
|
|
|
68%
|
|
|
Segment EBITDA
|
|
146.8
|
|
|
63.4
|
|
|
2.1
|
|
|
81.3
|
|
|
128%
|
|
|
Oral Drug Delivery
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
573.9
|
|
|
561.6
|
|
|
15.8
|
|
|
(3.5
|
)
|
|
(1)%
|
|
|
Segment EBITDA
|
|
172.9
|
|
|
179.0
|
|
|
5.1
|
|
|
(11.2
|
)
|
|
(6)%
|
|
|
Clinical Supply Services
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
430.4
|
|
|
348.8
|
|
|
13.4
|
|
|
68.2
|
|
|
20%
|
|
|
Segment EBITDA
|
|
76.2
|
|
|
54.9
|
|
|
4.0
|
|
|
17.3
|
|
|
32%
|
|
|
Inter-segment revenue elimination
|
|
(60.1
|
)
|
|
(41.1
|
)
|
|
(3.7
|
)
|
|
(15.3
|
)
|
|
37%
|
|
|
Unallocated costs
|
|
(138.8
|
)
|
|
(115.6
|
)
|
|
(2.7
|
)
|
|
(20.5
|
)
|
|
18%
|
|
|
Combined totals
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
2,463.4
|
|
|
$
|
2,075.4
|
|
|
$
|
62.1
|
|
|
$
|
325.9
|
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA from continuing operations
|
|
$
|
453.5
|
|
|
$
|
372.2
|
|
|
$
|
10.8
|
|
|
$
|
70.5
|
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer to the Company's description of non-GAAP measures including
Segment EBITDA as referenced above.
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Reconciliation of Earnings/(Loss) from Continuing Operations to
EBITDA from Continuing Operations and
|
|
Adjusted EBITDA*
|
|
(Dollars in millions)
|
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months
Ended
|
|
Quarter Ended
|
|
Twelve
Months
Ended
|
|
|
|
June 30,
2017
|
|
June 30,
2017
|
|
September 30,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
June 30,
2018
|
|
June 30,
2018
|
|
Net earnings / (loss)
|
|
61.8
|
|
|
$
|
109.8
|
|
|
$
|
3.8
|
|
|
$
|
(21.9
|
)
|
|
$
|
19.0
|
|
|
$
|
82.7
|
|
|
$
|
83.6
|
|
|
Interest expense, net
|
|
22.6
|
|
|
90.1
|
|
|
24.3
|
|
|
27.2
|
|
|
29.9
|
|
|
30.0
|
|
|
111.4
|
|
|
Income tax expense/(benefit)
|
|
7.4
|
|
|
25.8
|
|
|
(1.9
|
)
|
|
49.9
|
|
|
13.7
|
|
|
6.7
|
|
|
68.4
|
|
|
Depreciation and amortization
|
|
38.7
|
|
|
146.5
|
|
|
39.0
|
|
|
46.8
|
|
|
51.7
|
|
|
52.6
|
|
|
190.1
|
|
|
EBITDA from continuing operations
|
|
130.5
|
|
|
372.2
|
|
|
65.2
|
|
|
102.0
|
|
|
114.3
|
|
|
172.0
|
|
|
453.5
|
|
|
Equity compensation
|
|
4.5
|
|
|
20.9
|
|
|
7.0
|
|
|
8.5
|
|
|
5.6
|
|
|
6.1
|
|
|
27.2
|
|
|
Impairment charges and (gain)/loss
on sale of assets
|
|
7.5
|
|
|
9.8
|
|
|
—
|
|
|
4.2
|
|
|
0.2
|
|
|
4.3
|
|
|
8.7
|
|
|
Financing-related expenses
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
US GAAP restructuring and
other
|
|
3.5
|
|
|
8.0
|
|
|
1.2
|
|
|
0.1
|
|
|
1.4
|
|
|
7.5
|
|
|
10.2
|
|
|
Acquisition, integration and other
special items
|
|
8.5
|
|
|
25.6
|
|
|
11.0
|
|
|
11.8
|
|
|
9.1
|
|
|
12.2
|
|
|
44.1
|
|
|
Foreign exchange loss/(gain)
(included in other, net) (1)
|
|
4.1
|
|
|
9.6
|
|
|
6.5
|
|
|
0.6
|
|
|
8.4
|
|
|
(20.5
|
)
|
|
(5.0
|
)
|
|
Other adjustments
|
|
0.5
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.2
|
|
|
Adjusted EBITDA
|
|
$
|
159.1
|
|
|
$
|
450.0
|
|
|
$
|
90.9
|
|
|
$
|
139.3
|
|
|
$
|
139.0
|
|
|
$
|
181.5
|
|
|
$
|
550.7
|
|
|
FX impact (unfavorable)
|
|
|
|
|
|
|
|
|
|
|
|
4.3
|
|
|
10.8
|
|
|
Adjusted EBITDA at Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177.2
|
|
|
$
|
539.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Refer to the Company's description of non-GAAP measures including
EBITDA from continuing operations and Adjusted EBITDA as referenced
above.
|
(1)
|
|
Foreign exchange gain of $5.0 million for the twelve months ended
June 30, 2018 includes: (a) $2.9 million of unrealized gains related
to foreign trade receivables and payables, (b) $11.9 million of
unrealized losses on the ineffective portion of the Company's net
investment hedge, and (c) $10.7 million of unrealized losses on
inter-company loans. The foreign exchange adjustment was also
affected by the exclusion of realized foreign currency exchange rate
gains from the settlement of inter-company loans of $24.7 million.
Inter-company loans are between Catalent entities and do not reflect
the ongoing results of the Company's trade operations.
|
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Reconciliation of Net Earnings/(Loss) to Adjusted Net Income*
|
|
(In millions, except per share data)
|
|
|
|
|
|
Quarter Ended
|
|
Twelve Months Ended
|
|
Quarter Ended
|
|
Twelve
Months
Ended
|
|
|
|
June 30,
2017
|
|
June 30,
2017
|
|
September 30,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
June 30,
2018
|
|
June 30,
2018
|
|
Net earnings
|
|
$
|
61.8
|
|
|
$
|
109.8
|
|
|
$
|
3.8
|
|
|
$
|
(21.9
|
)
|
|
$
|
19.0
|
|
|
$
|
82.7
|
|
|
$
|
83.6
|
|
|
Amortization (1)
|
|
11.2
|
|
|
44.3
|
|
|
11.4
|
|
|
16.1
|
|
|
17.6
|
|
|
17.5
|
|
|
62.6
|
|
|
Equity compensation
|
|
4.5
|
|
|
20.9
|
|
|
7.0
|
|
|
8.5
|
|
|
5.6
|
|
|
6.1
|
|
|
27.2
|
|
|
Impairment charges and loss
on sale of assets
|
|
7.5
|
|
|
9.8
|
|
|
—
|
|
|
4.2
|
|
|
0.2
|
|
|
4.3
|
|
|
8.7
|
|
|
Financing-related expenses
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
U.S. GAAP restructuring and
other
|
|
3.5
|
|
|
8.0
|
|
|
1.2
|
|
|
0.1
|
|
|
1.4
|
|
|
7.5
|
|
|
10.2
|
|
|
Acquisition, integration, and
other special items
|
|
8.5
|
|
|
25.6
|
|
|
11.0
|
|
|
11.8
|
|
|
9.1
|
|
|
12.2
|
|
|
44.1
|
|
|
Foreign exchange loss/(gain)
(included in other, net) (2)
|
|
4.1
|
|
|
9.6
|
|
|
6.5
|
|
|
0.6
|
|
|
8.4
|
|
|
(20.5
|
)
|
|
(5.0
|
)
|
|
Other adjustments
|
|
0.5
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.2
|
|
|
Estimated tax effect of
adjustments (3)
|
|
(12.2
|
)
|
|
(35.9
|
)
|
|
(11.2
|
)
|
|
(14.0
|
)
|
|
(11.6
|
)
|
|
(6.7
|
)
|
|
(43.5
|
)
|
|
Discrete income tax
(benefit)/expense items (4)
|
|
(6.8
|
)
|
|
(10.4
|
)
|
|
(2.6
|
)
|
|
(2.8
|
)
|
|
(0.1
|
)
|
|
(3.9
|
)
|
|
(9.4
|
)
|
|
Tax law changes provision (5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46.0
|
|
|
5.6
|
|
|
(9.1
|
)
|
|
42.5
|
|
|
Adjusted net income (ANI)
|
|
$
|
82.6
|
|
|
$
|
185.6
|
|
|
$
|
27.1
|
|
|
$
|
60.7
|
|
|
$
|
55.2
|
|
|
$
|
90.0
|
|
|
$
|
233.0
|
|
|
Weighted average shares
outstanding
|
|
125.1
|
|
|
125.0
|
|
|
|
|
|
|
|
|
133.2
|
|
|
131.2
|
|
|
Weighted average diluted shares
outstanding
|
|
127.3
|
|
|
126.7
|
|
|
|
|
|
|
|
|
135.1
|
|
|
133.2
|
|
|
ANI per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANI per basic share
|
|
$
|
0.66
|
|
|
$
|
1.48
|
|
|
|
|
|
|
|
|
$
|
0.68
|
|
|
$
|
1.78
|
|
|
ANI per diluted share
|
|
$
|
0.65
|
|
|
$
|
1.46
|
|
|
|
|
|
|
|
|
$
|
0.67
|
|
|
$
|
1.75
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per basic share
|
|
$
|
0.49
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
$
|
0.62
|
|
|
$
|
0.64
|
|
|
Net earnings per diluted
share
|
|
$
|
0.49
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
$
|
0.61
|
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Refer to the Company's description of non-GAAP measures including
Adjusted Net Income as referenced above.
|
(1)
|
|
Represents the amortization attributable to purchase accounting for
previously completed business combinations.
|
|
|
|
|
|
(2)
|
|
Foreign exchange gain of $5.0 million for the twelve months ended
June 30, 2018 includes: (a) $2.9 million of unrealized gains related
to foreign trade receivables and payables, (b) $11.9 million of
unrealized losses on the ineffective portion of the Company's net
investment hedge, and (c) $10.7 million of unrealized losses on
inter-company loans. The foreign exchange adjustment was also
affected by the exclusion of realized foreign currency exchange rate
gains from the settlement of inter-company loans of $24.7 million.
Inter-company loans are between Catalent entities and do not reflect
the ongoing results of the Company's trade operations.
|
|
|
|
|
|
(3)
|
|
The tax effect of adjustments to Adjusted Net Income is computed by
applying the statutory tax rate in the jurisdictions to the income
or expense items which are adjusted in the period presented; if a
valuation allowance exists, the rate applied is zero.
|
|
|
|
|
|
(4)
|
|
Discrete period income tax expense/(benefit) items are unusual or
infrequently occurring items primarily including: changes in
judgment related to the realizability of deferred tax assets in
future years, changes in measurement of a prior year tax position,
deferred tax impact of changes in tax law, and purchase accounting.
|
|
|
|
|
|
(5)
|
|
During the fiscal year 2018, the Company recorded a net tax charge
of $42.5 million as its provisional estimate of the net accounting
impact of the recently enacted U.S. tax law changes. The Company
will continue to evaluate the full impact of the 2017 income tax
legislation and record any potential adjustment during the permitted
one-year measurement period.
|
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
(Dollars in millions)
|
|
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
410.2
|
|
|
$
|
288.3
|
|
Trade receivables, net
|
|
555.8
|
|
|
488.8
|
|
Inventories
|
|
209.1
|
|
|
184.9
|
|
Prepaid expenses and other
|
|
65.2
|
|
|
97.8
|
|
Total current assets
|
|
1,240.3
|
|
|
1,059.8
|
|
Property, plant, and equipment, net
|
|
1,270.6
|
|
|
995.9
|
|
Other non-current assets, including intangible assets
|
|
2,020.2
|
|
|
1,398.6
|
|
Total assets
|
|
$
|
4,531.1
|
|
|
$
|
3,454.3
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Current portion of long-term obligations and other short-term
borrowings
|
|
$
|
71.9
|
|
|
$
|
24.6
|
|
Accounts payable
|
|
192.1
|
|
|
163.2
|
|
Other accrued liabilities
|
|
312.9
|
|
|
281.2
|
|
Total current liabilities
|
|
576.9
|
|
|
469.0
|
|
Long-term obligations, less current portion
|
|
2,649.4
|
|
|
2,055.1
|
|
Other non-current liabilities
|
|
218.1
|
|
|
206.7
|
|
Commitments and contingencies (1)
|
|
—
|
|
|
—
|
|
Total shareholders' equity
|
|
1,086.7
|
|
|
723.5
|
|
Total liabilities and shareholders' equity
|
|
$
|
4,531.1
|
|
|
$
|
3,454.3
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Please refer to note 14 of the consolidated financial statements
within our Annual Report on Form 10-K for the year ended June 30,
2018.
|
|
|
|
Catalent, Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(Dollars in millions)
|
|
|
|
|
|
Twelve Months Ended
June 30,
|
|
|
|
2018
|
|
2017
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
374.5
|
|
|
$
|
299.5
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Acquisition of property and equipment and other productive assets
|
|
(176.5
|
)
|
|
(139.8
|
)
|
|
Proceeds from sale of property and equipment
|
|
1.8
|
|
|
0.7
|
|
|
Proceeds from sale of subsidiaries
|
|
3.4
|
|
|
—
|
|
|
Payment for acquisitions, net of cash acquired
|
|
(748.0
|
)
|
|
(169.9
|
)
|
|
Net cash (used in) investing activities from continuing operations
|
|
(919.3
|
)
|
|
(309.0
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Net change in other borrowings
|
|
(3.1
|
)
|
|
(5.8
|
)
|
|
Proceeds from borrowing, net
|
|
442.6
|
|
|
397.4
|
|
|
Payments related to long-term obligations
|
|
(18.9
|
)
|
|
(218.5
|
)
|
|
Call premium payments and financing fees paid
|
|
(15.6
|
)
|
|
(6.4
|
)
|
|
Proceeds from sale of common stock, net
|
|
277.8
|
|
|
—
|
|
|
Cash paid, in lieu of equity, for tax withholding obligations
|
|
(13.7
|
)
|
|
(5.4
|
)
|
|
Net cash provided by financing activities
|
|
669.1
|
|
|
161.3
|
|
|
Effect of foreign exchange on cash
|
|
(2.4
|
)
|
|
4.9
|
|
|
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS
|
|
121.9
|
|
|
156.7
|
|
|
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
|
|
288.3
|
|
|
131.6
|
|
|
CASH AND EQUIVALENTS AT END OF PERIOD
|
|
$
|
410.2
|
|
|
$
|
288.3
|
|
|
|
Investors:
Catalent, Inc.
Thomas Castellano, 732-537-6325
investors@catalent.com