Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - STERIS plc | ste0930168-ka.htm |
Exhibit 99.2
STERIS plc | ||||||
Consolidated Condensed Statements of Cash Flows | ||||||
(In thousands) | ||||||
Six Months Ended | ||||||
September 30, | ||||||
2016 | 2015 | |||||
(Unaudited) | (Unaudited) | |||||
Operating Activities: | ||||||
Net income | $ | 88,913 | $ | 32,562 | ||
Non-cash items | 129,599 | 65,007 | ||||
Changes in operating assets and liabilities | (30,011 | ) | (18,097 | ) | ||
Net cash provided by operating activities | 188,501 | 79,472 | ||||
Investing Activities: | ||||||
Purchases of property, plant, equipment, and intangibles, net | (73,866 | ) | (39,928 | ) | ||
Proceeds from sale of property, plant, equipment and intangibles | 4,763 | 38 | ||||
Proceeds from the sale of businesses | 131,586 | — | ||||
Purchases of investments | (6,356 | ) | — | |||
Acquisition of businesses, net of cash acquired | (64,872 | ) | (220,840 | ) | ||
Net cash used in investing activities | (8,745 | ) | (260,730 | ) | ||
Financing Activities: | ||||||
Proceeds from issuance of long-term obligations | — | 350,000 | ||||
Payments on long-term obligations | (10,000 | ) | — | |||
(Payments) proceeds under credit facilities, net | (47,646 | ) | (139,750 | ) | ||
Acquisition related contingent consideration | (6,000 | ) | — | |||
Deferred financing fees and debt issuance costs | — | (2,426 | ) | |||
Repurchases of shares | (59,895 | ) | (12,974 | ) | ||
Cash dividends paid to shareholders | (45,585 | ) | (28,740 | ) | ||
Stock option and other equity transactions, net | 2,494 | 8,111 | ||||
Proceeds from issuance of equity to minority shareholders | 5,022 | — | ||||
Excess tax benefit from share-based compensation | — | 4,676 | ||||
Net cash provided by financing activities | (161,610 | ) | 178,897 | |||
Effect of exchange rate changes on cash and cash equivalents | (12,636 | ) | (3,141 | ) | ||
Increase (decrease) in cash and cash equivalents | 5,510 | (5,502 | ) | |||
Cash and cash equivalents at beginning of period | 248,841 | 167,689 | ||||
Cash and cash equivalents at end of period | $ | 254,351 | $ | 162,187 | ||
Exhibit 99.2
The following table presents a financial measure which is considered to be "non-GAAP financial measures" under Securities Exchange Commission rules. Free cash flow is defined by the Company as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net (capital expenditures) plus proceeds from the sale of property, plant, equipment and intangibles. The Company uses free cash flow as a measure to gauge its ability to fund future debt principal repayments, growth outside of core operations, repurchase shares, and pay cash dividends. STERIS's calculation of free cash flow may vary from other companies. | ||||||
Six Months Ended | ||||||
September 30, | ||||||
2016 | 2015 | |||||
Calculation of Free Cash Flow: | (Unaudited) | (Unaudited) | ||||
Cash flows from operating activities | $ | 188,501 | $ | 79,472 | ||
Purchases of property, plant, equipment, and intangibles, net | (73,866 | ) | (39,928 | ) | ||
Proceeds from the sale of property, plant, equipment, and intangibles | 4,763 | 38 | ||||
Free Cash Flow | $ | 119,398 | $ | 39,582 | ||
Twelve Months Ended | ||||||
March 31, | ||||||
Calculation of free cash flow for outlook: | 2017 | |||||
(Outlook)* | ||||||
Cash flows from operating activities | $ | 440,000 | ||||
Purchases of property, plant, equipment, and intangibles, net | (190,000 | ) | ||||
Free Cash Flow | $ | 250,000 | ||||
* All amounts are estimates. | ||||||