Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Multi Packaging Solutions International Ltd | d282985d8k.htm |
| EX-99.2 - EX-99.2 - Multi Packaging Solutions International Ltd | d282985dex992.htm |
Exhibit 99.1
Multi Packaging Solutions Announces Record Second Quarter Results
(Non GAAP net income per share of $0.26 versus $0.10 for the quarter and $0.55 versus $0.21 for the year to date)
New York, NY, February 11, 2016 – Multi Packaging Solutions International Limited (NYSE: MPSX), (“MPS” or “the Company”), a global leader in value-added print and packaging solutions for the branded consumer, healthcare, and multi-media markets, today announced results for 2Q 2016.
2Q FY 2016 vs 2Q FY 2015 Highlights:
| • | GAAP sales of $429.4 million vs $404.8 million |
| • | Negative foreign exchange impact of $23.6 million |
| • | GAAP net income (loss) attributable to MPS of $(7.9) million vs $(2.4) million |
| • | GAAP income (loss) attributable to MPS of $(0.11) per share vs $(0.04) per share |
| • | Non GAAP net income attributable to MPS of $18.9 million vs $6.1 million |
| • | Non GAAP net income attributable to MPS per share of $0.26 vs $0.10 |
| • | Non GAAP EBITDA of $69.4 million vs $58.5 million ($63.0 million in the prior year pro forma for acquisitions) |
| • | Non GAAP EBITDA margin of 16.2% vs 14.4% (13.2% in the prior year pro forma for acquisitions) |
YTD FY 2016 vs YTD FY 2015 Highlights:
| • | GAAP sales of $888.4 million vs $798.9 million |
| • | Negative foreign exchange impact of $58.0 million |
| • | GAAP net income attributable to MPS of $5.1 million vs $4.6 million |
| • | GAAP income attributable to MPS of $0.08 per share vs $0.07 per share |
| • | Non GAAP net income attributable to MPS of $37.0 million vs $12.8 million |
| • | Non GAAP net income attributable to MPS of $0.55 per share vs $0.21 per share |
| • | Non GAAP EBITDA of $146.6 million vs $119.6 million ($133.4 million in the prior year pro forma for acquisitions). |
| • | Non GAAP EBITDA margin of 16.5% vs 15.0% (13.3% pro forma in the prior year for acquisitions). |
Page 1 of 8
Marc Shore, Chief Executive Officer, commented, “We are pleased to have achieved record adjusted EBITDA and adjusted EBITDA margins despite the challenging global economy and the negative effects of foreign exchange. Our financial results continue to improve as we execute our global strategy. MPS continues to make significant improvement in operating efficiencies. We are also gaining traction in supplying our customers with a wide variety of products to meet their comprehensive needs on both a regional and global basis. Adjusted EBITDA for the trailing twelve months ending December 31, 2015 was $259.2 million. Due to continued strong cash generation, our pro forma leverage has dropped to 3.49x.”
Discussion of Second Quarter Fiscal 2016 Results
GAAP net sales for 2Q FY 2016 and YTD 2016 were $429.4 million and $888.4 million vs GAAP net sales for 2Q FY2015 and YTD 2015 of $404.8 million and $798.9 million. 2Q FY 2016 and YTD 2016 include negative foreign exchange effects of $23.6 million and $58.0 million. Adjusted for acquisitions in fiscal 2015, net sales for 2Q 2016 were down $49.2 million vs. 2Q 2015. This decrease was due to several factors: the impact of unfavorable foreign exchange rates, the anticipated and continuing decline in multi-media sales and reduced sales related to certain consumer product companies.
Gross margin for 2Q 2016 was 22.3%, up 200 basis points, vs. 20.3% for 2Q 2015. This increase reflects the Company’s improved manufacturing efficiencies in our facilities, returns from our targeted capital spending programs, and $4.9 million of realized synergies from acquisitions, partially offset by restructuring charges for the Melrose Park facility closure. The Company expects to realize an additional $2.5 million in synergies related to acquisitions in the next two quarters.
GAAP net income (loss) attributable to MPS for 2Q FY 2016 and YTD 2016 were $(7.9) million and $5.1 million vs GAAP net income (loss) for 2Q FY 2015 and YTD 2015 of $(2.4) million and $4.6 million. 2Q FY 2016 and YTD 2016 include negative foreign exchange effects of $4.2 million and $10.6 million. During the quarter, besides the foreign exchange impacts noted, the Company recorded stock compensation costs associated with the Company’s initial public offering of $26.9 million and debt extinguishment costs associated with the related early payment of term loans of $3.9 million, as well as restructuring charges. These charges were partially offset by $2.7 million of reduced income taxes associated with the enactment of “UK Finance (No. 2) Act 2015” on November 18, 2015
Non GAAP net income attributable to MPS for 2Q FY 2016 and YTD 2016 were $18.9 million and $37.0 million vs non GAAP net income attributable to MPS for 2Q FY 2015 and YTD 2015 of $6.1 million and $12.8 million.
Page 2 of 8
Non GAAP EBITDA for 2Q 2016 was $69.4 million, up $10.9 million, or 18.7%, vs. $58.5 million in 2Q 2015. Non GAAP EBITDA margin of 16.2% was driven by the Company’s targeted capital spending programs, plant improvement initiatives, and purchasing and cost savings programs. Pro forma for acquisitions, non GAAP EBITDA increased $6.4 million, or 10.1%, vs. $63.0 million in 2Q 2015.
Cash balances as of December 31, 2015 were $59.0 million. There were no amounts outstanding under our revolving credit facility. Total debt net of cash was $903.8 million including deferred debt discount of $15.1 million. At December 31, 2015, trailing twelve months pro forma adjusted EBITDA was $259.2 million, and the pro forma leverage ratio was 3.49x.
Second Quarter Earnings Conference Call and Webcast
The Company will host a conference call on February 11, 2016 at 5:00pm ET, which can be accessed by dialing 877-705-6003 (domestic) or 201-493-6725 (international).
Supplemental materials for today’s call can also be found on the investor relations portion of the Company’s website
The Company will also host a live webcast of its conference call which may be accessed on the Investor Relations section of the Company’s website at multipkg.com.
A replay will be available approximately three hours after the call, through February 18, 2016, accessible by dialing 877-870-5176 (domestic), or 858-384-5517 (international). The passcode for the replay is 13629434.
Non-GAAP Financial Measures
The historical financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA. Management uses these non-GAAP financial measures in the analysis of financial and operating performance because they assist in the evaluation of underlying trends in our business. Our use of the terms Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA may differ from that of others in our industry. Adjusted Net Income, Adjusted Operating Income and Adjusted EBITDA should not be considered as alternatives to net income (loss), operating income (loss), or any other performance measures prepared in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP.
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About Multi Packaging Solutions
Multi Packaging Solutions is a leading global provider of value-added packaging solutions to a diverse customer base across the healthcare, consumer and multi-media markets. MPS provides its customers with an extensive array of print-based specialty packaging solutions, including premium folding cartons, inserts, labels and rigid packaging across a variety of substrates and finishes. MPS has manufacturing locations across North America, Europe and Asia.
Cautionary Statement Concerning Forward-Looking Statements
This release contains certain forward-looking statements regarding MPS and its subsidiaries. All of these statements are based on management’s expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of MPS’ control that may cause its business, industry, strategy, financing activities or actual results to differ materially. MPS undertakes no obligation to update or revise any of the forward looking statements contained herein, whether as a result of new information, future events or otherwise.
Contact:
Multi Packaging Solutions
Paul Hatty, VP Finance - Investor Relations
Richard Zubek, Investor Relations
646-885-0005
ir@multipkg.com
Source: Multi Packaging Solutions International Limited
MPSX-IR
Page 4 of 8
Multi Packaging Solutions International Limited And Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
| December 31, 2015 |
June 30, 2015 |
|||||||
| (unaudited) | ||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 59,045 | $ | 55,675 | ||||
| Accounts receivable, net |
248,185 | 240,110 | ||||||
| Inventories |
163,849 | 171,836 | ||||||
| Prepaid expenses and other current assets |
28,180 | 26,892 | ||||||
| Deferred income taxes |
7,758 | 8,454 | ||||||
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|
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| Total current assets |
507,017 | 502,967 | ||||||
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| Property, plant and equipment |
||||||||
| Land |
55,792 | 58,316 | ||||||
| Buildings and improvements |
57,793 | 58,368 | ||||||
| Machinery and equipment |
375,518 | 373,639 | ||||||
| Furniture and fixtures |
14,784 | 13,056 | ||||||
| Construction in progress |
10,582 | 12,255 | ||||||
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|
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| Total |
514,469 | 515,634 | ||||||
| Less: Accumulated depreciation |
(112,331 | ) | (86,691 | ) | ||||
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|
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| Total property, plant and equipment, net |
402,138 | 428,943 | ||||||
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| Other assets |
||||||||
| Intangible assets, net |
386,280 | 419,733 | ||||||
| Goodwill |
468,144 | 474,901 | ||||||
| Deferred financing costs, net |
3,191 | 4,311 | ||||||
| Deferred income taxes |
14,322 | 14,568 | ||||||
| Other assets |
32,681 | 36,702 | ||||||
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|
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| Total assets |
$ | 1,813,773 | $ | 1,882,125 | ||||
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| Current liabilities |
||||||||
| Accounts payable |
$ | 168,529 | $ | 176,431 | ||||
| Payroll and benefits |
38,469 | 51,606 | ||||||
| Other current liabilities |
43,590 | 46,097 | ||||||
| Short-term foreign borrowings |
4,501 | 3,488 | ||||||
| Current portion of long-term debt |
10,167 | 11,740 | ||||||
| Income taxes payable |
5,308 | 6,022 | ||||||
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|
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| Total current liabilities |
270,564 | 295,384 | ||||||
| Long-term debt, less current portion |
948,220 | 1,173,161 | ||||||
| Deferred income taxes |
86,245 | 93,061 | ||||||
| Other long-term liabilities |
31,439 | 31,829 | ||||||
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|
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| Total liabilities |
1,336,468 | 1,593,435 | ||||||
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|
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| Commitments and contingencies |
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| Shareholders’ equity |
||||||||
| Contributed Capital, $1.00 par value, 1,000,000,000 shares authorized, 77,448,304 and 61,939,432 issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
77,448 | 61,939 | ||||||
| Paid in capital |
470,510 | 278,695 | ||||||
| Accumulated deficit |
(40,275 | ) | (45,365 | ) | ||||
| Accumulated other comprehensive loss |
(33,439 | ) | (13,287 | ) | ||||
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| Total Multi Packaging Solutions International Limited shareholders’ equity |
474,244 | 281,982 | ||||||
| Noncontrolling interest |
3,061 | 6,708 | ||||||
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| Total shareholders’ equity |
477,305 | 288,690 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 1,813,773 | $ | 1,882,125 | ||||
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Multi Packaging Solutions International Limited And Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended December 31, |
Six Months Ended December 31, |
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| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net sales |
$ | 429,357 | $ | 404,827 | $ | 888,408 | $ | 798,909 | ||||||||
| Cost of goods sold |
333,632 | 322,493 | 693,342 | 634,192 | ||||||||||||
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| Gross margin |
95,725 | 82,334 | 195,066 | 164,717 | ||||||||||||
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| Selling, general and administrative expenses |
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| Selling, general and administrative expenses |
59,306 | 61,955 | 117,890 | 116,983 | ||||||||||||
| Stock based and deferred compensation expense |
27,232 | 455 | 26,960 | 886 | ||||||||||||
| Transaction related expenses |
2,064 | 3,463 | 2,414 | 4,184 | ||||||||||||
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| Total selling, general and administrative expenses |
88,602 | 65,873 | 147,264 | 122,053 | ||||||||||||
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| Operating income |
7,123 | 16,461 | 47,802 | 42,664 | ||||||||||||
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| Other (expense) income, net |
100 | (1,776 | ) | (3,535 | ) | 1,543 | ||||||||||
| Debt extinguishment charges |
(3,867 | ) | — | (3,867 | ) | — | ||||||||||
| Interest expense |
(16,016 | ) | (17,871 | ) | (34,745 | ) | (36,411 | ) | ||||||||
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| Total other expense, net |
(19,783 | ) | (19,647 | ) | (42,147 | ) | (34,868 | ) | ||||||||
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| Income (loss) before income taxes |
(12,660 | ) | (3,186 | ) | 5,655 | 7,796 | ||||||||||
| Income tax expense (benefit) |
(4,656 | ) | (791 | ) | 575 | 2,903 | ||||||||||
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| Net (loss) income |
(8,004 | ) | (2,395 | ) | 5,080 | 4,893 | ||||||||||
| Less : Net income (loss) attributable to noncontrolling interest |
(87 | ) | 37 | (10 | ) | 318 | ||||||||||
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| Net (loss) income attributable to Multi Packaging Solutions International Limited |
$ | (7,917 | ) | $ | (2,432 | ) | $ | 5,090 | $ | 4,575 | ||||||
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| (Loss) Earnings per share |
||||||||||||||||
| Basic |
(.11 | ) | (.04 | ) | .08 | .07 | ||||||||||
| Diluted |
(.11 | ) | (.04 | ) | .08 | .07 | ||||||||||
| Weighted-average number of common shares outstanding: |
||||||||||||||||
| Basic |
73,825,723 | 61,939,432 | 67,817,268 | 61,939,432 | ||||||||||||
| Diluted |
73,825,723 | 61,939,432 | 67,817,268 | 61,939,432 | ||||||||||||
| Other comprehensive income (loss) |
||||||||||||||||
| Cumulative foreign currency translation adjustment |
(11,880 | ) | (30,421 | ) | (21,572 | ) | (40,113 | ) | ||||||||
| Adjustment on available-for-sale securities |
(5 | ) | 4 | (22 | ) | (13 | ) | |||||||||
| Pension adjustments |
662 | (154 | ) | 1,454 | 638 | |||||||||||
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| Total other comprehensive loss |
(11,223 | ) | (30,571 | ) | (20,140 | ) | (39,488 | ) | ||||||||
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| Comprehensive income (loss) |
(19,227 | ) | (32,966 | ) | (15,060 | ) | (34,595 | ) | ||||||||
| Comprehensive (income) loss attributable to non-controlling interests |
— | (101 | ) | (17 | ) | (113 | ) | |||||||||
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| Comprehensive income (loss) attributable to Multi Packaging Solutions International Limited |
$ | (19,227 | ) | ($ | 33,067 | ) | $ | (15,077 | ) | $ | (34,708 | ) | ||||
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Page 6 of 8
Multi Packaging Solutions International Limited And Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Six months ended December 31, |
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| 2015 | 2014 | |||||||
| Operating Activities |
||||||||
| Net income |
$ | 5,080 | $ | 4,893 | ||||
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: |
||||||||
| Depreciation expense |
37,930 | 38,737 | ||||||
| Amortization expense |
30,335 | 28,952 | ||||||
| Debt extinguishment charges |
3,867 | — | ||||||
| Deferred income taxes |
(5,243 | ) | (2,031 | ) | ||||
| Stock compensation |
25,962 | 606 | ||||||
| Equity in earnings of unconsolidated subsidiary |
— | (39 | ) | |||||
| Unrealized foreign currency loss (gain) |
1,715 | (4,524 | ) | |||||
| Other |
850 | 4,258 | ||||||
| Change in assets and liabilities: |
||||||||
| Accounts receivable |
(8,273 | ) | (16,233 | ) | ||||
| Inventories |
2,421 | 6,445 | ||||||
| Prepaid expenses and other current assets |
369 | (3,751 | ) | |||||
| Other assets |
(4,239 | ) | 2,534 | |||||
| Accounts payable |
(8,572 | ) | (14,472 | ) | ||||
| Payroll and benefits |
(12,160 | ) | (272 | ) | ||||
| Other current liabilities |
(4,789 | ) | 8,097 | |||||
| Income taxes payable |
(894 | ) | 2,195 | |||||
| Other long-term liabilities |
(1,543 | ) | (14,352 | ) | ||||
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| Net cash and cash equivalents provided by operating activities |
62,816 | 41,043 | ||||||
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| Investing Activities |
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| Additions to property, plant and equipment |
(24,507 | ) | (24,206 | ) | ||||
| Additions to intangible assets |
(68 | ) | (131 | ) | ||||
| Proceeds from sale of assets |
1,003 | 601 | ||||||
| Acquisitions of businesses, net of cash acquired |
(2,496 | ) | (123,273 | ) | ||||
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| Net cash and cash equivalents used in investing activities |
$ | (26,068 | ) | $ | (147,009 | ) | ||
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| Financing Activities |
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| Proceeds from initial public offering |
$ | 186,424 | $ | — | ||||
| Payments of offering costs |
(6,125 | ) | — | |||||
| Proceeds from issuance of long-term debt |
— | 136,906 | ||||||
| Proceeds from short-term borrowings |
41,619 | 103,825 | ||||||
| Payments on short-term borrowings |
(40,876 | ) | (103,937 | ) | ||||
| Payments on long-term debt |
(216,809 | ) | (10,133 | ) | ||||
| Deferred financing costs |
— | (4,442 | ) | |||||
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| Net cash and cash equivalents (used in) provided by financing activities |
(35,767 | ) | 122,219 | |||||
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| Effect of exchange rate changes on cash and cash equivalents |
2,389 | (117 | ) | |||||
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| Increase in cash and cash equivalents |
3,370 | 16,136 | ||||||
| Cash and cash equivalents—beginning |
55,675 | 27,533 | ||||||
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| Cash and cash equivalents—ending |
$ | 59,045 | $ | 43,669 | ||||
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Page 7 of 8
Multi Packaging Solutions International Limited And Subsidiaries
Reconciliation of Non-GAAP Results
Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income
Non GAAP Adjusted EBITDA
| (Dollars in thousands) | 2Q FY 2016 | 2Q FY 2015 | YTD FY 2016 | YTD FY 2015 | Trailing 12 months Dec 2015 |
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| Net Income (loss) |
$ | (8,004 | ) | $ | (2,395 | ) | $ | 5,080 | $ | 4,893 | $ | 7,213 | ||||||||
| Depreciation and Amortization |
32,727 | 32,533 | 66,038 | 65,580 | 132,161 | |||||||||||||||
| Interest Expense |
16,016 | 17,871 | 34,745 | 36,411 | 73,771 | |||||||||||||||
| Income Taxes |
(4,656 | ) | (791 | ) | 575 | 2,903 | (4,208 | ) | ||||||||||||
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| EBITDA |
36,083 | 47,218 | 106,438 | 109,787 | 208,937 | |||||||||||||||
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| Adjustments relating to operating income |
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| Transaction costs |
2,064 | 3,463 | 2,414 | 4,184 | 11,860 | |||||||||||||||
| Stock based and deferred compensation |
27,232 | 455 | 26,960 | 886 | 31,796 | |||||||||||||||
| Purchase accounting adjustments |
292 | 377 | 623 | 853 | 2,864 | |||||||||||||||
| Restructuring and severance costs |
750 | 3,086 | 3,576 | 3,790 | 6,205 | |||||||||||||||
| (Gain) Loss on sale of fixed assets |
168 | 472 | 362 | 408 | 538 | |||||||||||||||
| Other adjustments to operating income |
(951 | ) | 1,144 | (1,406 | ) | 649 | (4,007 | ) | ||||||||||||
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| Adjustments relating to operating income (A) |
29,555 | 8,997 | 32,529 | 10,770 | 49,256 | |||||||||||||||
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| Adjustments relating to non-operating income |
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| Foreign currency (gains) loss |
473 | 222 | 3,340 | (4,576 | ) | (4,255 | ) | |||||||||||||
| Debt extinguishment costs |
3,867 | — | 3,867 | — | 4,886 | |||||||||||||||
| Other Adjustments to non-operating income |
(572 | ) | 2,023 | 428 | 3,649 | (914 | ) | |||||||||||||
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| Adjustments relating to non-operating income |
3,768 | 2,245 | 7,635 | (927 | ) | (283 | ) | |||||||||||||
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| Total Adjustments (B) |
33,323 | 11,242 | 40,164 | 9,843 | 48,973 | |||||||||||||||
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| Adjusted EBITDA |
69,406 | 58,460 | 146,602 | 119,630 | 257,910 | |||||||||||||||
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| Pre-acquisition adjusted EBITDA |
— | 4,559 | — | 13,810 | 1,323 | |||||||||||||||
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| Proforma Adjusted EBITDA |
$ | 69,406 | $ | 63,019 | $ | 146,602 | $ | 133,440 | $ | 259,233 | ||||||||||
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Non GAAP Adjusted Operating Income
| (Dollars in thousands) | 2Q FY 2016 | 2Q FY 2015 | YTD FY 2016 | YTD FY 2015 | ||||||||||||
| Operating Income |
$ | 7,123 | $ | 16,461 | $ | 47,802 | $ | 42,664 | ||||||||
| Adjustments relating to operating income (A) |
29,555 | 8,997 | 32,529 | 10,770 | ||||||||||||
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| Adjusted Operating Income |
36,678 | 25,458 | 80,331 | 53,434 | ||||||||||||
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Non GAAP Adjusted Net Income
| (Dollars in thousands) | 2Q FY 2016 | 2Q FY 2015 | YTD FY 2016 | YTD FY 2015 | ||||||||||||
| Net Income (loss) |
$ | (8,004 | ) | $ | (2,395 | ) | $ | 5,080 | $ | 4,893 | ||||||
| Adjustments relating to net income (B) |
33,323 | 11,242 | 40,164 | 9,843 | ||||||||||||
| Tax impact of adjusting items |
(6,515 | ) | (2,672 | ) | (8,258 | ) | (1,596 | ) | ||||||||
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| Adjusted Net Income (loss) |
18,804 | 6,175 | 36,986 | 13,140 | ||||||||||||
| Less : net income attributable to noncontrolling interest |
(87 | ) | 37 | (10 | ) | 318 | ||||||||||
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| Adjusted net income (loss) attributable to Multi Packaging Solutions International Limited |
18,891 | 6,138 | 36,996 | 12,822 | ||||||||||||
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| Weighted average number of diluted shares outstanding |
73,825,723 | 61,939,432 | 67,817,268 | 61,939,432 | ||||||||||||
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| Adjusted net income per share |
$ | 0.26 | $ | 0.10 | $ | 0.55 | $ | 0.21 | ||||||||
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