Year-over-Year Revenue Growth of over 14%
Continued Expansion of Operating Margin in
Global Solutions
Narrows Range for 2021 guidance and Affirms
previously announced 2022 guidance
Owens & Minor, Inc. (NYSE-OMI) today reported financial
results for the third quarter of 2021, as summarized in the table
below.
“I’m pleased that in the third quarter, we continued on our path
to a record setting year. Our performance reflects the results of
consistently providing high quality service and value to our
customers while strengthening the financial position of the
company,” said Edward A. Pesicka, President & Chief Executive
Officer of Owens & Minor.
Pesicka added, “We saw continued top and bottom-line momentum in
our Global Solutions segment as a result of share gains as
customers recognize our ability to provide scalable and flexible
solutions, combined with the market reception to our unique value
chain and the goodwill obtained from our response to the
pandemic.
“In our Global Products segment the advantage of having Americas
owned and operated manufacturing facilities enables us to
consistently provide our Halyard branded medical grade products
with minimal impact from global supply chain disruptions. This
resulted in both sequential and year-over-year volume growth in our
PPE products.
“The strength of our year-to-date results and our continued
execution of our long-term strategy allows us to narrow the range
of our full-year 2021 guidance for adjusted EPS of $3.90 to $4.10
and adjusted EBITDA of $475 million to $500 million as well as
reaffirm our previously announced 2022 guidance,” Pesicka
concluded.
Financial
Summary (1)
YTD
YTD
($ in millions, except per share data)
3Q21
3Q20
2021
2020
Revenue
$2,502
$2,188
$7,318
$6,118
Operating Income, GAAP
$62.9
$75.6
$306.5
$108.5
Adj. Operating Income, Non-GAAP
$79.3
$92.2
$357.5
$158.5
Income from continuing operations,
GAAP
$44.1
$46.1
$179.6
$37.3
Adj. Net Income, Non-GAAP
$56.5
$49.0
$248.0
$63.9
Adj. EBITDA, Non-GAAP
$91.7
$103.2
$394.9
$195.9
Income from continuing operations per
share, GAAP
$0.58
$0.76
$2.38
$0.61
Adj. Net income per share, Non-GAAP(2)
$0.74
$0.81
$3.29
$1.05
(1) Financial results relate to continuing
operations. Reconciliations of the differences between the non-GAAP
financial measures presented in this release and their most
directly comparable GAAP financial measures are included in the
tables below.
(2) Adjusted net income per share,
Non-GAAP for 3Q21 was unfavorably impacted as compared to prior
year by foreign currency translation in the amount of $0.06 and,
unfavorably impacted by $0.03 for the 2021 year-to-date period.
3rd Quarter 2021
Highlights
- Adjusted Net Income of $56 million reflects:
- Strong year-over-year revenue growth
- Margin expansion in Global Solutions
- Partial offset of accelerating inflationary pressures
- $9.4 million, or 45% decrease in interest expense
- Significant increase in year-over-year third quarter revenue by
over 14% driven by:
- Over 8% growth in Global Solutions revenue as a result of share
gains, our effective response to the ongoing recovery of elective
procedures and continued above market growth in Patient Direct
- 43% growth in Global Products revenue, 8% excluding glove cost
pass through as a result of increased output of previously added
capacity to fulfill continued high usage of S&IP products
- Balance Sheet and Cash Flow
- Total net debt reduced by $42 million during the quarter to
$921 million, the lowest level since Q1 2018
- Net leverage ratio of net debt to trailing twelve-months
adjusted EBITDA was 1.7 times
- Generated $61 million of operating cash flow in the third
quarter
- Business Highlights
- Launched an online emergency preparedness tracker as latest
enhancement to emergency response offerings
- Leveraged our business continuity plan, national footprint, and
transportation partnerships to ensure product availability to our
customers so they could maintain patient care
- Launched a supplier metrics and accountability tracker to help
our customers proactively navigate supply chain challenges through
customized mitigation strategies
Financial Outlook
The Company has narrowed its expectation for 2021 adjusted net
income per share and adjusted EBITDA:
- Adjusted net income per share expected to be in the range of
$3.90 to $4.10 from $3.75 to $4.25
- Adjusted EBITDA expected to be in the range of $475 million to
$500 million from $450 million to $500 million
The Company remains positioned to deliver its previously
announced guidance for 2022.
Although the Company does provide guidance for adjusted net
income per share and adjusted EBITDA (which are non-GAAP financial
measures), it is not able to forecast the most directly comparable
measures calculated and presented in accordance with GAAP without
unreasonable effort. Certain elements of the composition of the
GAAP amounts are not predictable, making it impracticable for the
Company to forecast. Such elements include but are not limited to
restructuring and acquisition charges. As a result, no GAAP
guidance or reconciliation of the Company’s adjusted net income per
share guidance or adjusted EBITDA guidance is provided. For the
same reasons, the Company is unable to assess the probable
significance of the unavailable information, which could have a
potentially significant impact on its future GAAP financial
results. The outlook is based on certain assumptions that are
subject to the risk factors discussed in the Company’s filings with
the Securities and Exchange Commission (“SEC”).
Investor Conference Call for 3rd
Quarter Financial Results
Owens & Minor executives will host a conference call at 8:30
a.m. EDT today, November 3, 2021, to discuss the results.
Participants may access the call at 866-393-1604. The international
dial-in number is 224-357-2191. A replay of the call will be
available for one week by dialing 855-859-2056. The access code for
the conference call, international dial-in and replay is 1735879. A
webcast of the event will be available at www.owens-minor.com under
the Investor Relations section.
Safe Harbor
This release is intended to be disclosure through methods
reasonably designed to provide broad, non-exclusionary distribution
to the public in compliance with the SEC's Fair Disclosure
Regulation. This release contains certain ''forward-looking''
statements made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, the statements in this release
regarding our expectations with respect to our 2021 and 2022
financial performance, as well as other statements related to the
impact of COVID-19 on the Company’s results and operations and the
Company’s expectations regarding the performance of its business.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause our actual results in future periods
to differ materially from those projected or contemplated in the
forward-looking statements. Investors should refer to Owens &
Minor’s Annual Report on Form 10-K for the year ended December 31,
2020, filed with the SEC including the sections captioned
“Cautionary Note Regarding Forward-Looking Statements” and “Item
1A. Risk Factors,” and subsequent, quarterly reports on Form 10-Q
and current reports on Form 8-K filed with or furnished to the SEC,
for a discussion of certain known risk factors that could cause the
Company’s actual results to differ materially from its current
estimates. These filings are available at www.owens-minor.com.
Given these risks and uncertainties, Owens & Minor can give no
assurance that any forward-looking statements will, in fact,
transpire and, therefore, cautions investors not to place undue
reliance on them. Owens & Minor specifically disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or
otherwise.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a global healthcare
solutions company that incorporates product manufacturing,
distribution support and innovative technology services to deliver
significant and sustained value across the breadth of the industry
– from acute care to patients in their home. Aligned to its Mission
of Empowering Our Customers to Advance HealthcareTM, more than
15,000 global teammates serve over 4,000 healthcare industry
customers. A vertically-integrated, predominantly Americas-based
footprint enables Owens & Minor to reliably supply its
self-manufactured surgical and PPE products. This seamless value
chain integrates with a portfolio of products representing 1,200
branded suppliers. Operating continuously since 1882 from its
headquarters in Richmond, Virginia, Owens & Minor has grown
into a FORTUNE 500 company with operations located across North
America, Asia, Europe and Latin America. For more information about
Owens & Minor, visit owens-minor.com, follow @Owens_Minor on
Twitter and connect on LinkedIn at
www.linkedin.com/company/owens-&-minor.
Owens & Minor, Inc.
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except per share
data)
Three Months Ended
September 30,
2021
2020
Net revenue
$
2,502,175
$
2,187,928
Cost of goods sold
2,173,336
1,843,589
Gross margin
328,839
344,339
Distribution, selling and administrative
expenses
262,457
262,538
Acquisition-related and exit and
realignment charges
6,380
6,382
Other operating income, net
(2,873
)
(134
)
Operating income
62,875
75,553
Interest expense, net
11,572
20,975
Loss on extinguishment of debt
—
308
Other expense (income), net
799
785
Income from continuing operations before
income taxes
50,504
53,485
Income tax provision
6,375
7,404
Income from continuing operations, net of
tax
44,129
46,081
Loss from discontinued operations, net of
tax
—
—
Net income (loss)
$
44,129
$
46,081
Basic income (loss) per common share:
Income from continuing operations
$
0.60
$
0.76
Loss from discontinued operations
—
—
Net income (loss)
$
0.60
$
0.76
Diluted income (loss) per common
share:
Income from continuing operations
$
0.58
$
0.76
Loss from discontinued operations
—
—
Net income (loss)
$
0.58
$
0.76
Owens & Minor, Inc.
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except per share
data)
Nine Months Ended
September 30,
2021
2020
Net revenue
$
7,318,169
$
6,118,340
Cost of goods sold
6,146,511
5,236,035
Gross margin
1,171,658
882,305
Distribution, selling and administrative
expenses
849,255
758,320
Acquisition-related and exit and
realignment charges
20,967
18,500
Other operating income, net
(5,016
)
(3,020
)
Operating income
306,452
108,505
Interest expense, net
36,784
65,923
Loss on extinguishment of debt
40,433
2,580
Other expense (income), net
2,397
(1,193
)
Income from continuing operations before
income taxes
226,838
41,195
Income tax provision
47,224
3,863
Income from continuing operations, net of
tax
179,614
37,332
Loss from discontinued operations, net of
tax
—
(58,203
)
Net income (loss)
$
179,614
$
(20,871
)
Basic income (loss) per common share:
Income from continuing operations
$
2.47
$
0.61
Loss from discontinued operations
—
(0.95
)
Net income (loss)
$
2.47
$
(0.34
)
Diluted income (loss) per common
share:
Income from continuing operations
$
2.38
$
0.61
Loss from discontinued operations
—
(0.95
)
Net income (loss)
$
2.38
$
(0.34
)
Owens & Minor, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(dollars in thousands)
September 30,
December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
39,759
$
83,058
Accounts receivable, net of allowances of
$19,273 and $19,087
759,744
700,792
Merchandise inventories
1,514,387
1,233,751
Other current assets
84,335
118,264
Total current assets
2,398,225
2,135,865
Property and equipment, net of accumulated
depreciation of $320,389 and $284,126
308,463
315,662
Operating lease assets
184,554
144,755
Goodwill
386,693
394,086
Intangible assets, net
209,789
243,351
Other assets, net
96,395
101,920
Total assets
$
3,584,119
$
3,335,639
Liabilities and equity
Current liabilities
Accounts payable
$
1,118,753
$
1,000,186
Accrued payroll and related
liabilities
100,171
109,447
Other current liabilities
206,094
236,094
Total current liabilities
1,425,018
1,345,727
Long-term debt, excluding current
portion
959,485
986,018
Operating lease liabilities, excluding
current portion
154,009
119,932
Deferred income taxes
37,093
50,641
Other liabilities
121,509
121,267
Total liabilities
2,697,114
2,623,585
Total equity
887,005
712,054
Total liabilities and equity
$
3,584,119
$
3,335,639
Owens & Minor, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(dollars in thousands)
Nine Months Ended
September 30,
2021
2020
Operating activities:
Net income (loss)
$
179,614
$
(20,871
)
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Depreciation and amortization
68,142
69,494
Share-based compensation expense
19,078
15,275
Loss on divestiture
—
65,472
Loss on extinguishment of debt
40,433
2,580
Provision for losses on accounts
receivable
19,270
9,583
Deferred income tax (benefit) expense
(18,286
)
25,017
Changes in operating lease right-of-use
assets and lease liabilities
1,190
(1,328
)
Changes in operating assets and
liabilities:
Accounts receivable
(84,381
)
(20,173
)
Merchandise inventories
(284,188
)
52,605
Accounts payable
120,821
136,156
Net change in other assets and
liabilities
(8,341
)
(69,117
)
Other, net
20,484
3,503
Cash provided by operating
activities
73,836
268,196
Investing activities:
Proceeds from divestiture
—
133,000
Additions to property and equipment
(26,446
)
(21,678
)
Additions to computer software
(6,179
)
(4,702
)
Proceeds from sale of property and
equipment
41
178
Proceeds from cash surrender value of life
insurance policies
—
6,032
Cash (used for) provided by investing
activities
(32,584
)
112,830
Financing activities:
Proceeds from issuance of debt
574,900
150,000
Repayments under revolving credit
facility, net
(90,900
)
(107,900
)
Repayments of debt
(553,140
)
(270,399
)
Financing costs paid
(13,912
)
(10,367
)
Cash dividends paid
(548
)
(467
)
Payment for termination of interest rate
swaps
(15,434
)
—
Other, net
(18,188
)
(5,822
)
Cash used for financing
activities
(117,222
)
(244,955
)
Effect of exchange rate changes on cash
and cash equivalents
(2,454
)
6,721
Net (decrease) increase in cash, cash
equivalents and restricted cash
(78,424
)
142,792
Cash, cash equivalents and restricted
cash at beginning of period
134,506
84,687
Cash, cash equivalents and restricted
cash at end of period (1)
$
56,082
$
227,479
Supplemental disclosure of cash flow
information:
Income taxes paid (received), net of
refunds
$
83,606
$
(1,892
)
Interest paid
$
32,035
$
61,271
(1) Restricted cash as of September
30, 2021 represents $16.3 million held in an escrow account as
required by the Centers for Medicare & Medicaid Services (CMS)
in conjunction with the Bundled Payments for Care Improvement
(BPCI) initiatives.
Owens & Minor, Inc.
Summary Segment Information
(unaudited)
(dollars in thousands)
Three Months Ended September
30,
2021
2020
% of
% of
consolidated
consolidated
Amount
net revenue
Amount
net revenue
Net revenue:
Segment net revenue
Global Solutions
$
2,022,919
80.85
%
$
1,865,182
85.24
%
Global Products
679,067
27.14
%
473,797
21.66
%
Total segment net revenue
2,701,986
2,338,979
Inter-segment revenue
Global Products
(199,811
)
(7.99
)%
(151,051
)
(6.90
)%
Total inter-segment revenue
(199,811
)
(151,051
)
Consolidated net revenue
$
2,502,175
100.00
%
$
2,187,928
100.00
%
% of segment
% of segment
Operating income:
net revenue
net revenue
Global Solutions
$
20,366
1.01
%
$
10,972
0.59
%
Global Products
51,327
7.56
%
89,923
18.98
%
Inter-segment eliminations
7,587
(8,718
)
Intangible amortization
(10,025
)
(10,242
)
Acquisition-related and exit and
realignment charges
(6,380
)
(6,382
)
Consolidated operating income
$
62,875
2.51
%
$
75,553
3.45
%
Depreciation and amortization:
Global Solutions
$
9,951
$
9,572
Global Products
12,691
11,118
Consolidated depreciation and
amortization
$
22,642
$
20,690
Capital expenditures:
Global Solutions
$
5,752
$
3,582
Global Products
8,192
10,656
Discontinued operations
—
—
Consolidated capital expenditures
$
13,944
$
14,238
Owens & Minor, Inc.
Summary Segment Information
(unaudited)
(dollars in thousands)
Nine Months Ended September
30,
2021
2020
% of
% of
consolidated
consolidated
Amount
net revenue
Amount
net revenue
Net revenue:
Segment net revenue
Global Solutions
$
5,850,007
79.94
%
$
5,261,415
86.00
%
Global Products
2,026,385
27.69
%
1,235,391
20.19
%
Total segment net revenue
7,876,392
6,496,806
Inter-segment revenue
Global Products
(558,223
)
(7.63
)%
(378,466
)
(6.19
)%
Total inter-segment revenue
(558,223
)
(378,466
)
Consolidated net revenue
$
7,318,169
100.00
%
$
6,118,340
100.00
%
% of segment
% of segment
Operating income:
net revenue
net revenue
Global Solutions
$
47,729
0.82
%
$
8,522
0.16
%
Global Products
310,242
15.31
%
160,268
12.97
%
Inter-segment eliminations
(475
)
(10,322
)
Intangible amortization
(30,077
)
(31,463
)
Acquisition-related and exit and
realignment charges
(20,967
)
(18,500
)
Consolidated operating income
$
306,452
4.19
%
$
108,505
1.77
%
Depreciation and amortization:
Global Solutions
$
29,678
$
31,273
Global Products
38,464
38,221
Consolidated depreciation and
amortization
$
68,142
$
69,494
Capital expenditures:
Global Solutions
$
14,776
$
7,545
Global Products
17,849
15,808
Discontinued operations
—
3,027
Consolidated capital expenditures
$
32,625
$
26,380
Owens & Minor, Inc.
Net Income (Loss) per Common Share
(unaudited)
(dollars in thousands, except per share
data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Income from continuing operations, net of
tax
$
44,129
$
46,081
$
179,614
$
37,332
Loss from discontinued operations, net of
tax
—
—
—
(58,203
)
Net income (loss)
$
44,129
$
46,081
$
179,614
$
(20,871
)
Weighted average shares outstanding -
basic
73,215
60,786
72,649
60,983
Dilutive shares
2,743
137
2,754
—
Weighted average shares outstanding -
diluted
75,958
60,923
75,403
60,983
Basic income (loss) per common share:
Income from continuing operations
$
0.60
$
0.76
$
2.47
$
0.61
Loss from discontinued operations
—
—
—
(0.95
)
Net income (loss)
$
0.60
$
0.76
$
2.47
$
(0.34
)
Diluted income (loss) per common
share:
Income from continuing operations
$
0.58
$
0.76
$
2.38
$
0.61
Loss from discontinued operations
—
—
—
(0.95
)
Net income (loss)
$
0.58
$
0.76
$
2.38
$
(0.34
)
Owens & Minor, Inc.
GAAP/Non-GAAP Reconciliations
(unaudited)
(dollars in thousands, except per share
data)
The following table provides a
reconciliation of reported operating income and income from
continuing operations to non-GAAP measures used by management.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Operating income, as reported (GAAP)
$
62,875
$
75,553
$
306,452
$
108,505
Intangible amortization (1)
10,025
10,242
30,077
31,463
Acquisition-related and exit and
realignment charges(2)
6,380
6,382
20,967
18,500
Operating income, adjusted (non-GAAP)
(Adjusted Operating Income)
$
79,280
$
92,177
$
357,496
$
158,468
Operating income as a percent of net
revenue (GAAP)
2.51
%
3.45
%
4.19
%
1.77
%
Adjusted operating income as a percent of
net revenue (non-GAAP)
3.17
%
4.21
%
4.89
%
2.59
%
Income from continuing operations, as
reported (GAAP)
$
44,129
$
46,081
$
179,614
$
37,332
Intangible amortization (1)
10,025
10,242
30,077
31,463
Income tax benefit (6)
(2,729
)
(4,787
)
(7,864
)
(7,819
)
Acquisition-related and exit and
realignment charges(2)
6,380
6,382
20,967
18,500
Income tax benefit (6)
(1,736
)
(2,983
)
(5,483
)
(4,598
)
Loss on extinguishment of debt (3)
—
308
40,433
2,580
Income tax benefit (6)
—
(144
)
(10,574
)
(641
)
Other (4)
570
573
1,709
(1,758
)
Income tax benefit (6)
(155
)
(267
)
(447
)
437
Tax adjustment (5)
—
(6,427
)
(402
)
(11,613
)
Income from continuing operations,
adjusted (non-GAAP) (Adjusted Net Income)
$
56,484
$
48,978
$
248,030
$
63,883
Income from continuing operations per
diluted common share, as reported (GAAP)
$
0.58
$
0.76
$
2.38
$
0.61
Intangible amortization (1)
0.09
0.09
0.29
0.39
Acquisition-related and exit and
realignment charges(2)
0.06
0.06
0.21
0.23
Loss on extinguishment of debt (3)
—
—
0.40
0.03
Other (4)
0.01
0.01
0.02
(0.02
)
Tax adjustment (5)
—
(0.11
)
(0.01
)
(0.19
)
Income from continuing operations per
diluted common share, adjusted (non-GAAP) (Adjusted EPS)
$
0.74
$
0.81
$
3.29
$
1.05
Owens & Minor, Inc.
GAAP/Non-GAAP Reconciliations
(unaudited), continued
(dollars in thousands)
The following tables provide
reconciliations of net income (loss) and total debt to non-GAAP
measures used by management.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Trailing Twelve Months
Ended
September 30, 2021
2021
2020
2021
2020
Net income (loss), as reported (GAAP)
$
44,129
$
46,081
$
179,614
$
(20,871)
$
230,355
Loss from discontinued operations, net of
tax
—
—
—
58,203
—
Income tax provision
6,375
7,404
47,224
3,863
65,194
Interest expense, net
11,572
20,975
36,784
65,923
54,260
Intangible amortization (1)
10,025
10,242
30,077
31,463
40,103
Other depreciation and amortization
(7)
12,617
11,237
38,066
38,031
51,882
EBITDA (non-GAAP)
$
84,718
$
95,939
$
331,765
$
176,612
$
441,794
Acquisition-related and exit and
realignment charges (2)
6,380
6,382
20,967
18,500
40,219
Loss on extinguishment of debt (3)
—
308
40,433
2,580
49,073
Other (4)
570
573
1,709
(1,758)
2,282
EBITDA, adjusted (non-GAAP) (Adjusted
EBITDA)
$
91,668
$
103,202
$
394,874
$
195,934
$
533,368
September 30,
2021
Total debt, as reported (GAAP)
$
961,101
Cash and cash equivalents
39,759
Net debt (non-GAAP)
921,342
Trailing twelve-months EBITDA, adjusted
(non-GAAP) (Adjusted EBITDA)
533,368
Leverage ratio of net debt to trailing
twelve-months adjusted EBITDA
1.7
Owens & Minor, Inc. GAAP/Non-GAAP Reconciliations
(unaudited), continued
The following items have been excluded in our non-GAAP financial
measures:
(1) Intangible amortization includes amortization of intangible
assets established during purchase accounting for business
combinations. These amounts are highly dependent on the size and
frequency of acquisitions and are being excluded to allow for a
more consistent comparison with forecasted, current and historical
results and the results of our peers.
(2) Acquisition-related and exit and realignment charges
presented in our consolidated statements of operations of $6.4
million and $21.0 million for the three and nine months ended
September 30, 2021 consisted primarily of wind-down costs related
to Fusion5, leadership reorganization costs, IT restructuring
charges, and other costs related to the reorganization of the U.S.
operations. Acquisition-related charges within exit and realignment
were $0.8 million and $8.9 million for the three and nine months
ended September 30, 2020, which consisted primarily of transition
costs for the Halyard acquisition. Exit and realignment charges
were $5.6 million and $9.6 million for the three and nine months
ended September 30, 2020, and consisted primarily of severance from
reduction in force, restructuring charges related to our client
engagement center, and other costs related to the reorganization of
the U.S. commercial, operations and executive teams.
Acquisition-related and exit and realignment charges for the twelve
months ended September 30, 2021 were $40.2 million, which consisted
primarily of transition costs for the Halyard acquisition,
severance from reduction in workforce, restructuring charges
related to our client engagement center, leadership reorganization
costs, IT restructuring charges, loss on sale of certain Fusion5
assets, wind-down costs related to Fusion5, and other costs related
to the reorganization of the U.S. operations and commercial
teams.
(3) Loss on extinguishment of debt for the nine months ended
September 30, 2021 includes the write-off of deferred financing
costs and third party fees associated with the debt financing in
March 2021 of $15.3 million and amounts reclassified from
accumulated other comprehensive loss as a result of the termination
of our interest rate swaps of $25.1 million. Loss on extinguishment
of debt for the three and nine months ended September 30, 2020
primarily includes the write-off of deferred financing costs and
third party fees, offset by the gain on extinguishment of debt
related to the partial repurchase of our 2021 and 2024 Notes. Loss
on extinguishment of debt for the twelve months ended September 30,
2021 includes the write-off of deferred financing costs and third
party fees of $19.0 million, amounts reclassified from accumulated
other comprehensive loss as a result of the termination of our
interest rate swaps of $25.1 million, and a make-whole premium
related to the extinguishment of our 2021 Notes of $5.0
million.
(4) Other includes interest costs and net actuarial losses
related to our retirement plans for the three and nine months ended
September 30, 2021 and the twelve months ended September 30, 2021.
Other includes interest costs and net actuarial losses related to
our retirement plans of $0.6 million and $1.7 million for the three
and nine months ended September 30, 2020, and gain from the
surrender of company-owned life insurance policies of $(3.5)
million for the nine months ended September 30, 2020.
(5) Includes tax adjustments associated with the estimated
benefits under the Tax Cuts and Jobs Act and the Coronavirus Aid,
Relief, and Economic Security (CARES) Act.
(6) These charges have been tax effected in the preceding table
by determining the income tax rate depending on the amount of
charges incurred in different tax jurisdictions and the
deductibility of those charges for income tax purposes.
(7) Other depreciation and amortization includes depreciation
expense for property and equipment and amortization for capitalized
computer software.
Use of Non-GAAP
Measures
This earnings release contains financial measures that are not
calculated in accordance with U.S. generally accepted accounting
principles ("GAAP"). In general, the measures exclude items and
charges that (i) management does not believe reflect Owens &
Minor, Inc.'s (the "Company") core business and relate more to
strategic, multi-year corporate activities; or (ii) relate to
activities or actions that may have occurred over multiple or in
prior periods without predictable trends. Management uses these
non-GAAP financial measures internally to evaluate the Company's
performance, evaluate the balance sheet, engage in financial and
operational planning and determine incentive compensation.
Management provides these non-GAAP financial measures to
investors as supplemental metrics to assist readers in assessing
the effects of items and events on its financial and operating
results and in comparing the Company's performance to that of its
competitors. However, the non-GAAP financial measures used by the
Company may be calculated differently from, and therefore may not
be comparable to, similarly titled measures used by other
companies.
The non-GAAP financial measures disclosed by the Company should
not be considered substitutes for, or superior to, financial
measures calculated in accordance with GAAP, and the financial
results calculated in accordance with GAAP and reconciliations to
those financial statements set forth above should be carefully
evaluated.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211103005246/en/
Jonathan Leon, SVP, Corporate Treasurer,
Investor.Relations@owens-minor.com, 804-723-7556
Owens and Minor (NYSE:OMI)
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