- Q1'21 net revenue of $845.7 million increased 27%
as-reported, or 26% in constant currency, compared to Q1'20. On an
organic basis, constant currency net revenue in Q1'21 grew 20%
compared to Q1'20.
- Q1'21 Adjusted EBITDA of $174.4 million increased 37%
as-reported, or 35% in constant currency, compared to
Q1'20.
- Q1'21 Biologics segment net revenue of $377.1 million
doubled compared to Q1'20.
- Net debt leverage of 2.6x as of September 30; more than $1
billion in cash and cash equivalents on-hand at September
30.
- Increased guidance reflects revenue growth of 16-22% and
adjusted EBITDA growth of 17-26%, compared to previous guidance of
revenue growth of 12-16% and adjusted EBITDA growth of
12-19%.
Catalent, Inc. (NYSE: CTLT), the leading global provider of
advanced delivery technologies, development, and manufacturing
solutions for drugs, biologics, cell and gene therapies, and
consumer health products, today announced financial results for the
first quarter of fiscal 2021, which ended September 30, 2020.
“Catalent’s strong start to fiscal 2021 was driven by robust
growth in our Biologics segment, which doubled its revenue
year-over-year and represented 44% of Catalent's total revenue in
the first quarter. Ongoing elevated demand across our drug product,
drug substance and cell and gene therapy offerings, as well as new
demand related to potential COVID-19 vaccines and treatments, were
partially offset by headwinds in our Softgel and Oral Technologies
and Oral and Specialty Delivery segments,” said John Chiminski,
Chair and Chief Executive Officer of Catalent, Inc. He added, “We
have accelerated our growth-related capital expenditures to meet
the near-term needs of customers and patients, and to position
Catalent for long-term value creation.”
First Quarter 2021 Consolidated Results
First quarter 2021 net revenue of $845.7 million increased 27%
as reported, or 26% in constant currency, from the $664.7 million
reported for the first quarter a year ago. Overall organic growth
was 20%.
First quarter 2021 net earnings were $82.4 million. Accounting
for the net earnings attributable to preferred shareholders on
Catalent’s Series A convertible preferred stock, net earnings
attributable to common shareholders were $68.8 million, or $0.42
per basic share, compared to a net loss attributable to common
shareholders of $8.0 million, or a loss of $0.05 per basic share,
in the first quarter a year ago.
First quarter 2021 EBITDA from operations, as referenced in the
GAAP to non-GAAP reconciliation provided later in this release, was
$161.8 million, an increase of $71.7 million from $90.1 million in
the first quarter a year ago. First quarter 2021 Adjusted EBITDA
(see the GAAP to non-GAAP reconciliation provided later in this
release) was $174.4 million, or 20.6% of net revenue, compared to
$127.1 million, or 19.1% of net revenue, in the first quarter a
year ago. This represents an increase of 37.2% as reported, and an
increase of 35.5% on a constant-currency basis.
First quarter 2021 Adjusted Net Income (see the GAAP to non-GAAP
reconciliation) was $78.1 million, or $0.43 per diluted share,
compared to Adjusted Net Income of $40.5 million, or $0.26 per
diluted share, in the first quarter a year ago.
First Quarter 2021 Segment Review
Biologics
Net revenue from the Biologics segment was $377.1 million for
the first quarter of fiscal 2021, an increase of 100% as reported
and 98% in constant currency, compared to the first quarter a year
ago. Segment EBITDA in the first quarter of fiscal 2021 was $106.5
million, an increase of 197% as reported and 194% in constant
currency compared to the first quarter a year ago. Segment EBITDA
margin was 28.2% in the first quarter of fiscal 2021 compared to
19.0% in the first quarter of the prior year.
Excluding the effect of acquisitions, net revenue increased 83%
and segment EBITDA increased 179% compared to the three months
ended September 30, 2019.
The Biologics segment represented 44% of Catalent’s total net
revenue in the first quarter of fiscal 2021.
Softgel and Oral Technologies
Net revenue from the Softgel and Oral Technologies segment was
$221.1 million for the first quarter of fiscal 2021, a decrease of
16% as reported or 17% in constant currency, compared to the first
quarter a year ago. Segment EBITDA was $37.8 million in the first
quarter of fiscal 2021, a decrease of 18% as reported, or 20% in
constant currency, compared to the first quarter a year ago.
Segment EBITDA margin was 17.1% in the first quarter of fiscal 2021
compared to 17.6% in the first quarter of the prior year.
After excluding the impact of the October 2019 divestiture of
the segment's consumer health manufacturing site in Australia, net
revenue decreased 12% and segment EBITDA decreased 21% compared to
the three months ended September 30, 2019.
The Softgel and Oral Technologies segment represented 26% of
Catalent’s total net revenue in the first quarter of fiscal
2021.
Oral and Specialty Delivery
Net revenue from the Oral and Specialty Delivery segment was
$158.3 million for the first quarter of fiscal 2021, an increase of
19% as reported and 17% in constant currency, over the first
quarter a year ago. Segment EBITDA in the first quarter of fiscal
2021 was $21.4 million, a decrease of 23% as reported, or 26% in
constant currency, compared to the first quarter a year ago.
Segment EBITDA margin was 13.5% in the first quarter of fiscal 2021
compared to 20.9% in the first quarter of the prior year.
Excluding the effect of acquisitions, net revenue decreased 1%
and segment EBITDA decreased 61% compared to the three months ended
September 30, 2019.
The Oral and Specialty Delivery segment represented 19% of
Catalent’s total net revenue in the first quarter of fiscal
2021.
Clinical Supply Services
Net revenue from the Clinical Supply Services segment was $92.7
million for the first quarter of fiscal 2021, an increase of 10% as
reported and 8% in constant currency, compared to the first quarter
a year ago. Segment EBITDA in the first quarter of fiscal 2021 was
$25.0 million, an increase of 16% as reported, or 13% in constant
currency, compared to the first quarter a year ago. Segment EBITDA
margin was 27.0% in the first quarter of fiscal 2021 compared to
25.5% in the first quarter of the prior year.
The Clinical Supply Services segment represented 11% of
Catalent’s total net revenue in the first quarter of fiscal
2021.
Backlog for the Clinical Supply Services segment, defined as
estimated future service revenues from work not yet completed under
signed contracts, was $428 million as of September 30, 2020,
compared to backlog of $425 million as of June 30, 2020 and $374
million as of September 30, 2019. The segment recorded net new
business wins of $99 million during the first quarter of fiscal
2021, an increase of 6.4% compared to the net new business wins
recorded in the first quarter of the prior year.
Balance Sheet and Liquidity
As of September 30, 2020, Catalent had $3.1 billion in total
debt, and $2.1 billion in total debt net of cash and short-term
investments, compared to $2.1 billion in total net debt as of June
30, 2020 . The current debt structure does not include any
significant maturity until 2026.
Catalent’s net leverage ratio as of September 30, 2020 was 2.6x,
compared to 2.8x at June 30, 2020 and 4.3x at September 30,
2019.
Fiscal Year 2021 Outlook
Catalent is raising its previously issued guidance to reflect
first quarter performance and to account for higher net underlying
demand, including increased demand related to COVID-19 treatments
and vaccines, partially offset by lower demand attributed to the
effects of the pandemic in some offerings.
The revised guidance continues to assume no major change to
either the current status of the COVID-19 pandemic generally or its
effect on Catalent’s operations and business. Also, as with the
earlier guidance, the revised guidance does not assume the receipt
by any of our customers of any marketing approval, on an emergency
basis or otherwise, for their COVID-19 vaccine candidates (but does
include the projected revenue from take-or-pay arrangements in
executed contracts). The guidance ranges set forth below are
broader than in recent years due to the increased uncertainty
introduced by the COVID-19 pandemic. The revised guidance
projects:
- Net revenue in the range of $3.58 billion to $3.78 billion,
compared to the previous range of $3.45 billion to $3.60
billion;
- Adjusted EBITDA in the range of $880 million to $950 million,
compared to the previous range of $840 million to $890
million;
- Adjusted Net Income in the range of $410 million to $470
million, compared to the previous range of $390 million to $435
million; and
- A fully diluted share count in the range of 178 million to 180
million shares on a weighted-average basis, counting the Series A
convertible preferred shares as-if converted, unchanged from
previous guidance.
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), an S&P 500® company, is the
leading global provider of advanced delivery technologies,
development, and manufacturing solutions for drugs, biologics, cell
and gene therapies, and consumer health products. With over 85
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 more than 14,000 people, including
approximately 2,400 scientists, at more than 40 facilities across
four continents and in fiscal 2020 generated over $3 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 operations, Adjusted EBITDA, Adjusted Net
Income and Segment EBITDA
Management measures operating performance based on consolidated
earnings from operations before interest expense, expense/(benefit)
for income taxes, and depreciation and amortization, adjusted for
the income or loss attributable to non-controlling interests
(“EBITDA from operations”). EBITDA from operations is not defined
under U.S. GAAP, is not a measure of operating income, operating
performance, or liquidity presented in accordance with U.S. GAAP,
and is subject to important limitations.
Catalent believes that the presentation of EBITDA from
operations enhances an investor’s understanding of its financial
performance. Catalent believes this measure is a useful financial
metric to assess its operating performance across periods 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. Catalent believes that EBITDA from 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. Catalent presents EBITDA from operations
in order to provide supplemental information that it considers
relevant for the readers of its consolidated financial statements,
and such information is not meant to replace or supersede U.S. GAAP
measures. Catalent’s definition of EBITDA from 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 Catalent’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, is not a
measure of operating income, operating performance, or liquidity
presented in accordance with 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, Catalent’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, is not a
measure of operating income, operating performance, or liquidity
presented in accordance with U.S. GAAP and is subject to important
limitations. Catalent 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. Catalent
believes these measures are a useful financial metric to assess its
operating performance across periods by excluding certain items
that it believes are not representative of its core business and
Catalent uses these measures for business planning purposes.
Catalent defines Adjusted Net Income/(Loss) as net earnings/(loss)
adjusted for amortization attributable to purchase accounting and
adjustments for other cash and non-cash items included in the table
below, partially offset by its estimate of the tax effects of such
cash and non-cash items. Catalent believes that Adjusted Net
Income/(Loss) and Adjusted Net Income/(Loss) per share provides
investors with a useful tool for assessing the comparability
between periods of its ability to generate cash from operations
available to its stockholders. Catalent’s definition of Adjusted
Net Income/(Loss) may not be the same as similarly titled measures
used by other companies.
The most directly comparable U.S. GAAP measure to EBITDA from
operations is operating earnings/(loss). The most directly
comparable U.S. GAAP measure to Adjusted EBITDA and Adjusted Net
Income/(Loss) is net earnings/(loss). Included in this release is a
reconciliation of operating earnings/(loss) to EBITDA from
operations and a reconciliation of net earnings/(loss) to Adjusted
EBITDA and Adjusted Net Income.
Catalent does not provide a reconciliation of forward-looking
non-GAAP financial measures to their comparable U.S. 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, Catalent does
so primarily on a non-GAAP basis without preparing a U.S. 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 Catalent’s future
hiring and retention needs, as well as the future fair market value
of its 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, Catalent does not believe
that a U.S. GAAP reconciliation would provide meaningful
supplemental information about its outlook.
Use of Constant Currency
As changes in exchange rates are an important factor in
understanding period-to-period comparisons, Catalent 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. Catalent uses results on a constant-currency basis as
one measure to evaluate its performance. Catalent calculates
constant currency by calculating current-year results using
prior-year foreign currency exchange rates. Catalent 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
Catalent 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 Catalent’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’s expectations and
projections. Some of the factors that could cause actual results to
differ include, but are not limited to, the following: the current
or future effects of the COVID-19 pandemic on Catalent's and its
clients' businesses; participation in a highly competitive market
and increased competition that may adversely affect Catalent’s
business; demand for its offerings, which depends in part on its
customers’ research and development and the clinical and market
success of their products; product and other liability risks that
could adversely affect Catalent’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
Catalent’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 Catalent’s operations; 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 Catalent 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 against other currencies, including as a result of the
U.K.’s exit from the European Union; adverse tax legislative or
regulatory initiatives or challenges or adjustments to Catalent’s
tax positions; loss of key personnel; risks generally associated
with information systems; inability to complete any future
acquisitions or other transactions that may complement or expand
its business or divest of non-strategic businesses or assets and
difficulties in successfully integrating acquired businesses and
realizing anticipated benefits of such acquisitions; risks
associated with timely and successfully completing, and correctly
anticipating the future demand predicted for, capital expansion
projects at existing facilities, 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 Catalent’s existing pension
plans; substantial leverage that may limit its ability to raise
additional capital to fund operations and react to changes in the
economy or in the industry; and exposure to interest-rate risk to
the extent of its variable-rate debt preventing it 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 Catalent’s Annual Report on Form 10-K for the
fiscal year ended June 30, 2020, filed August 31, 2020. All
forward-looking statements speak only as of the date of this
release or as of the date they are made, and Catalent 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
(Unaudited; dollars and shares
in millions, except per share data)
Three Months Ended
September 30,
FX Impact
Constant Currency
Increase/(Decrease)
2020
2019
Change $
Change %
Net revenue
$
845.7
$
664.7
$
9.7
$
171.3
26
%
Cost of sales
596.8
487.0
5.8
104.0
21
%
Gross margin
248.9
177.7
3.9
67.3
38
%
Selling, general, and administrative
expenses
164.7
142.8
0.9
21.0
15
%
Impairment charges and (gain)/loss on sale
of assets
1.8
(0.2)
—
2.0
(1,000)
%
Restructuring and other
0.9
0.7
0.1
0.1
14
%
Operating earnings
81.5
34.4
2.9
44.2
128
%
Interest expense, net
25.3
36.3
0.2
(11.2)
(31)
%
Other (income)/expense, net
(11.2)
4.9
1.5
(17.6)
(359)
%
Earnings/(loss) before income taxes
67.4
(6.8)
1.2
73.0
(1,074)
%
Income tax expense
(15.0)
(6.9)
(0.1)
(8.0)
116
%
Net earnings
$
82.4
$
0.1
$
1.3
$
81.0
81,000
%
Less: Net earnings attributable to
preferred shareholders
(13.6)
(8.1)
—
—
—
%
Net earnings/(loss) attributable to common
shareholders
$
68.8
$
(8.0)
$
—
$
—
—
%
Weighted average shares outstanding
164.1
145.7
Weighted average diluted shares
outstanding
166.5
145.7
Earnings/(loss) per share:
Basic
Net earnings/(loss)
$
0.42
$
(0.05)
Diluted
Net earnings/(loss)
$
0.41
$
(0.05)
Catalent, Inc. and
Subsidiaries
Selected Segment Financial
Data
(Unaudited; dollars in
millions)
Three Months Ended
September 30,
FX Impact
Constant Currency
Increase/(Decrease)
2020
2019
Change $
Change %
Biologics
Net revenue
$
377.1
$
188.6
$
3.4
$
185.1
98
%
Segment EBITDA
106.5
35.8
1.2
69.5
194
%
Softgel and Oral Technologies
Net revenue
221.1
263.7
2.0
(44.6)
(17)
%
Segment EBITDA
37.8
46.4
0.8
(9.4)
(20)
%
Oral and Specialty Delivery
Net revenue
158.3
132.6
2.9
22.8
17
%
Segment EBITDA
21.4
27.7
1.0
(7.3)
(26)
%
Clinical Supply Services
Net revenue
92.7
84.6
1.5
6.6
8
%
Segment EBITDA
25.0
21.6
0.7
2.7
13
%
Inter-segment revenue
elimination
(3.5)
(4.8)
(0.1)
1.4
29
%
Unallocated costs
(28.9)
(41.4)
(1.7)
14.2
34
%
Combined totals
Net revenue
$
845.7
$
664.7
$
9.7
$
171.3
26
%
EBITDA from operations
$
161.8
$
90.1
$
2.0
$
69.7
77
%
Refer to Catalent's description of non-GAAP measures, including
Segment EBITDA and EBITDA from operations as referenced above.
Catalent, Inc. and
Subsidiaries
Reconciliation of Net Earnings
to EBITDA from Operations and Adjusted EBITDA*
(Unaudited; dollars in
millions)
Quarter ended
September
30, 2019
December 31, 2019
March 31,
2020
June 30, 2020
September
30, 2020
Net earnings
$
0.1
$
45.5
$
20.9
$
154.2
$
82.4
Interest expense, net
36.3
34.9
34.4
20.5
25.3
Income tax
expense/(benefit)
(6.9)
13.0
8.8
24.8
(15.0)
Depreciation and
amortization
60.6
61.9
64.8
66.4
69.1
EBITDA from operations
90.1
155.3
128.9
265.9
161.8
Equity compensation
16.6
10.3
8.6
12.6
18.7
Impairment charges and
(gain)/loss on sale of assets
(0.2)
1.7
0.6
3.4
1.8
Financing-related expenses and
other
0.1
—
16.0
0.2
—
U.S. GAAP restructuring and
other
0.7
0.5
1.3
3.0
0.9
Acquisition, integration, and
other special items
11.1
7.5
7.5
10.6
4.0
Foreign exchange loss/(gain)
(included in other, net)
(0.1)
5.5
(3.8)
(0.1)
(3.8)
Other adjustments
8.8
(9.8)
26.3
(28.2)
(9.0)
Adjusted EBITDA
$
127.1
$
171.0
$
185.4
$
267.4
$
174.4
FX impact
2.2
Adjusted EBITDA at constant currency
$
172.2
* Refer to Catalent's description of non-GAAP measures,
including EBITDA from operations and Adjusted EBITDA as referenced
above.
Catalent, Inc. and
Subsidiaries
Reconciliation of Net Earnings
to Adjusted Net Income*
(Unaudited; in millions,
except per share data)
Quarter ended
September
30, 2019
December
31, 2019
March 31,
2020
June 30, 2020
September
30, 2020
Net earnings
$
0.1
$
45.5
$
20.9
$
154.2
$
82.4
Amortization (1)
21.5
21.8
23.0
22.5
22.9
Stock-based compensation
16.6
10.3
8.6
12.6
18.7
Impairment charges and
(gain)/loss on sale of assets
(0.2)
1.7
0.6
3.4
1.8
Financing-related expenses
0.1
—
16.0
0.2
—
U.S. GAAP restructuring and
other
0.7
0.5
1.4
3.0
0.9
Acquisition, integration, and
other special items
11.1
7.5
7.6
10.6
4.0
Foreign exchange loss/(gain)
(included in other, net)
(0.1)
5.5
(3.9)
(0.1)
(3.8)
Other adjustments(2)
8.8
(9.8)
26.2
(28.3)
(9.0)
Estimated tax effect of
adjustments(3)
(12.1)
(10.5)
(17.7)
(7.0)
(8.6)
Discrete income tax
(benefit)/expense items (4)
(6.0)
(0.5)
0.2
(16.7)
(31.2)
Adjusted net income (ANI)
$
40.5
$
72.0
$
82.9
$
154.4
$
78.1
Weighted average shares outstanding
145.7
164.1
Weighted average diluted shares
outstanding
160.9
179.6
ANI per share:
ANI per basic share
$
0.28
$
0.48
ANI per diluted share
$
0.26
$
0.43
Earnings/(loss) per share:
Net earnings/(loss) per basic
share
$
(0.05)
$
0.42
Net earnings/(loss) per diluted
share
$
(0.05)
$
0.41
* Refer to Catalent'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) Represents unrealized (gains)/losses related to the fair
value of the derivative liability associated with the Series A
convertible preferred stock
(3) The tax effect of adjustments to Adjusted Net Income are
computed by applying the statutory tax rate in the jurisdictions to
the income or expense items that 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.
Catalent, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Dollars in millions)
September 30,
2020
June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
1,007.0
$
953.2
Trade receivables, net
700.9
838.1
Inventories
384.3
323.8
Prepaid expenses and other
263.9
177.9
Total current assets
2,356.1
2,293.0
Property, plant, and equipment,
net
2,035.5
1,900.8
Other non-current assets,
including intangible assets
3,592.6
3,582.7
Total assets
$
7,984.2
$
7,776.5
LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term
obligations and other short-term borrowings
$
73.4
$
72.9
Accounts payable
329.4
321.0
Other accrued liabilities
516.9
499.3
Total current liabilities
919.7
893.2
Long-term obligations, less
current portion
2,985.3
2,945.1
Other non-current
liabilities
400.5
432.8
Commitments and contingencies
(1)
—
—
Redeemable preferred stock
606.6
606.6
Total shareholders' equity
3,072.1
2,898.8
Total liabilities,
redeemable preferred stock, and shareholders' equity
$
7,984.2
$
7,776.5
(1) Please refer to note 15 of the consolidated financial
statements within the Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2020.
Catalent, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(Dollars in millions)
Three Months Ended
September 30,
2020
2019
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net cash provided by/(used in)
operating activities
$
149.7
$
25.2
Net cash provided by operating
activities
$
149.7
$
25.2
CASH FLOWS FROM INVESTING
ACTIVITIES:
Acquisition of property,
equipment, and other productive assets
(149.6)
(73.5)
Payment for acquisitions, net
of cash acquired
—
(10.7)
Payments for investments
(1.6)
(0.7)
Net cash (used in) investing activities
from continuing operations
(151.2)
(84.9)
Net cash used in investing
activities
(151.2)
(84.9)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Net change in other
borrowings
(3.9)
(2.5)
Payments related to long-term
obligations
(2.4)
(3.3)
Dividends paid
(8.1)
(11.9)
Proceeds from sale of common
stock, net
83.6
—
Cash paid, in lieu of equity,
for tax withholding obligations
(19.6)
(18.1)
Net cash provided by financing
activities
49.6
(35.8)
Effect of foreign currency exchange on
cash
5.7
(6.5)
NET INCREASE/(DECREASE) IN CASH AND
EQUIVALENTS
53.8
(102.0)
CASH AND EQUIVALENTS AT BEGINNING OF
PERIOD
953.2
345.4
CASH AND EQUIVALENTS AT END OF
PERIOD
$
1,007.0
$
243.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201103005180/en/
Investor Contact: Catalent, Inc. Paul Surdez 732-537-6325
investors@catalent.com
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