|
Condensed Consolidating Financial Statements (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Summary of condensed balance sheets |
CATAMARAN CORPORATION Condensed Consolidated Balance Sheets (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | As of December 31, 2014 | | | | | | | | | | ASSETS | | | | | | | | | | Current assets | |
| | | | | | | | |
| Cash and cash equivalents | $ | 333,469 |
| | $ | 648,903 |
| | $ | 29,580 |
| | $ | — |
| | $ | 1,011,952 |
| Accounts receivable, net | 304 |
| | 1,217,675 |
| | 166,937 |
| | (130,580 | ) | | 1,254,336 |
| Rebates receivable | 10,710 |
| | 851,929 |
| | 155,719 |
| | (154,534 | ) | | 863,824 |
| Other current assets | 99 |
| | 166,858 |
| | 52,478 |
| | — |
| | 219,435 |
| Intercompany receivable | — |
| | 675,551 |
| | — |
| | (675,551 | ) | | — |
| Total current assets | 344,582 |
| | 3,560,916 |
| | 404,714 |
| | (960,665 | ) | | 3,349,547 |
| Property and equipment, net | 110 |
| | 154,413 |
| | 55,504 |
| | — |
| | 210,027 |
| Goodwill | — |
| | 4,689,522 |
| | 35,117 |
| | — |
| | 4,724,639 |
| Other intangible assets, net | — |
| | 963,096 |
| | 5,103 |
| | — |
| | 968,199 |
| Investment in subsidiaries | 6,375,214 |
| | 266,096 |
| | 71 |
| | (6,641,381 | ) | | — |
| Other long-term assets | 13,874 |
| | 42,876 |
| | 22,084 |
| | (7,061 | ) | | 71,773 |
| Total assets | $ | 6,733,780 |
| | $ | 9,676,919 |
| | $ | 522,593 |
| | $ | (7,609,107 | ) | | $ | 9,324,185 |
| LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities | |
| | | | | | | | |
| Accounts payable | $ | 4 |
| | $ | 1,079,598 |
| | $ | 3,150 |
| | $ | (114,961 | ) | | $ | 967,791 |
| Accrued expenses and other current liabilities | 10,580 |
| | 304,309 |
| | 18,846 |
| | (6,545 | ) | | 327,190 |
| Rebates payable | — |
| | 967,733 |
| | 42,932 |
| | (42,932 | ) | | 967,733 |
| Current portion - long-term debt | 81,250 |
| | — |
| | — |
| | — |
| | 81,250 |
| Intercompany payable | 23,898 |
| | — |
| | 626,434 |
| | (650,332 | ) | | — |
| Total current liabilities | 115,732 |
| | 2,351,640 |
| | 691,362 |
| | (814,770 | ) | | 2,343,964 |
| Deferred income taxes | — |
| | 255,777 |
| | 1,548 |
| | — |
| | 257,325 |
| Long-term debt | 1,344,973 |
| | — |
| | — |
| | — |
| | 1,344,973 |
| Other long-term liabilities | 1,096 |
| | 71,475 |
| | 26,245 |
| | — |
| | 98,816 |
| Total liabilities | 1,461,801 |
| | 2,678,892 |
| | 719,155 |
| | (814,770 | ) | | 4,045,078 |
| Commitments and contingencies (Note 16) |
|
| |
|
| |
|
| |
|
| |
|
| Shareholders’ equity | | | | | | | | | | Total shareholders' equity | 5,271,979 |
| | 6,998,027 |
| | (197,807 | ) | | (6,800,220 | ) | | 5,271,979 |
| Non-controlling interest | — |
| | — |
| | 1,245 |
| | 5,883 |
| | 7,128 |
| Total equity | 5,271,979 |
| | 6,998,027 |
| | (196,562 | ) | | (6,794,337 | ) | | 5,279,107 |
| Total liabilities and equity | $ | 6,733,780 |
| | $ | 9,676,919 |
| | $ | 522,593 |
| | $ | (7,609,107 | ) | | $ | 9,324,185 |
|
CATAMARAN CORPORATION Condensed Consolidated Balance Sheets (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | As of December 31, 2013 | | | | | | | | | | ASSETS | | | | | | | | | | Current assets | |
| | | | | | | | |
| Cash and cash equivalents | $ | 15,090 |
| | $ | 362,647 |
| | $ | 9,504 |
| | $ | — |
| | $ | 387,241 |
| Accounts receivable, net | 294 |
| | 889,267 |
| | 120,869 |
| | (50,844 | ) | | 959,586 |
| Rebates receivable | 35,776 |
| | 270,179 |
| | 80,030 |
| | (80,030 | ) | | 305,955 |
| Other current assets | 107 |
| | 149,233 |
| | 35,553 |
| | — |
| | 184,893 |
| Intercompany receivable | — |
| | — |
| | 130,377 |
| | (130,377 | ) | | — |
| Total current assets | 51,267 |
| | 1,671,326 |
| | 376,333 |
| | (261,251 | ) | | 1,837,675 |
| Property and equipment, net | 69 |
| | 172,090 |
| | 24,848 |
| | — |
| | 197,007 |
| Goodwill | — |
| | 4,685,158 |
| | 35,117 |
| | — |
| | 4,720,275 |
| Other intangible assets, net | — |
| | 1,173,347 |
| | 8,072 |
| | — |
| | 1,181,419 |
| Intercompany loans receivable | — |
| | 175,000 |
| | — |
| | (175,000 | ) | | — |
| Investment in subsidiaries | 6,137,281 |
| | 202,292 |
| | 71 |
| | (6,339,644 | ) | | — |
| Other long-term assets | 15,675 |
| | 24,117 |
| | 21,818 |
| | (2,223 | ) | | 59,387 |
| Total assets | $ | 6,204,292 |
| | $ | 8,103,330 |
| | $ | 466,259 |
| | $ | (6,778,118 | ) | | $ | 7,995,763 |
| LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities | |
| | | | | | | | |
| Accounts payable | $ | — |
| | $ | 851,260 |
| | $ | 8,315 |
| | $ | (41,770 | ) | | $ | 817,805 |
| Accrued expenses and other current liabilities | 3,047 |
| | 228,801 |
| | 22,252 |
| | — |
| | 254,100 |
| Rebates payable | — |
| | 356,266 |
| | 31,332 |
| | (31,333 | ) | | 356,265 |
| Current portion - long-term debt | 50,000 |
| | — |
| | — |
| | — |
| | 50,000 |
| Intercompany payable | 25,673 |
| | 3,885 |
| | — |
| | (29,558 | ) | | — |
| Total current liabilities | 78,720 |
| | 1,440,212 |
| | 61,899 |
| | (102,661 | ) | | 1,478,170 |
| Deferred income taxes | — |
| | 299,794 |
| | 1,547 |
| | — |
| | 301,341 |
| Long-term debt | 1,215,363 |
| | — |
| | — |
| | — |
| | 1,215,363 |
| Intercompany loans payable | — |
| | — |
| | 175,000 |
| | (175,000 | ) | | — |
| Other long-term liabilities | 1,719 |
| | 65,812 |
| | 21,860 |
| | — |
| | 89,391 |
| Total liabilities | 1,295,802 |
| | 1,805,818 |
| | 260,306 |
| | (277,661 | ) | | 3,084,265 |
| Commitments and contingencies (Note 16) |
|
| |
|
| |
|
| |
|
| |
|
| Shareholders’ equity | |
| | | | | | | | |
| Total shareholders' equity | 4,908,490 |
| | 6,297,512 |
| | 204,707 |
| | (6,502,219 | ) | | 4,908,490 |
| Non-controlling interest | — |
| | — |
| | 1,246 |
| | 1,762 |
| | 3,008 |
| Total equity | 4,908,490 |
| | 6,297,512 |
| | 205,953 |
| | (6,500,457 | ) | | 4,911,498 |
| Total liabilities and equity | $ | 6,204,292 |
| | $ | 8,103,330 |
| | $ | 466,259 |
| | $ | (6,778,118 | ) | | $ | 7,995,763 |
|
|
| Summary of condensed income statements |
CATAMARAN CORPORATION Condensed Consolidated Statements of Operations (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2014 | | | | | | | | | | Revenue | $ | 40,141 |
| | $ | 20,849,801 |
| | $ | 3,028,412 |
| | $ | (2,336,464 | ) | | $ | 21,581,890 |
| Cost of revenue | 33,917 |
| | 19,764,270 |
| | 2,760,114 |
| | (2,336,464 | ) | | 20,221,837 |
| Gross profit | 6,224 |
| | 1,085,531 |
| | 268,298 |
| | — |
| | 1,360,053 |
| Expenses: | |
| | |
| | | | |
| | | Selling, general and administrative | 2,931 |
| | 418,400 |
| | 97,020 |
| | — |
| | 518,351 |
| Depreciation of property and equipment | 30 |
| | 53,932 |
| | 5,524 |
| | — |
| | 59,486 |
| Amortization of intangible assets | — |
| | 210,251 |
| | 2,969 |
| | — |
| | 213,220 |
| Total Expenses | 2,961 |
| | 682,583 |
| | 105,513 |
| | — |
| | 791,057 |
| Operating income | 3,263 |
| | 402,948 |
| | 162,785 |
| | — |
| | 568,996 |
| Interest and other expense, net | 51,904 |
| | 3,007 |
| | 6,177 |
| | — |
| | 61,088 |
| Equity in (income) of subsidiaries | (365,934 | ) | | (58,804 | ) | | — |
| | 424,738 |
| | — |
| Income before income taxes | 317,293 |
| | 458,745 |
| | 156,608 |
| | (424,738 | ) | | 507,908 |
| Income tax expense | — |
| | 92,811 |
| | 41,375 |
| | — |
| | 134,186 |
| Net income | 317,293 |
| | 365,934 |
| | 115,233 |
| | (424,738 | ) | | 373,722 |
| Less net income attributable to non-controlling interest | — |
| | — |
| | — |
| | 56,429 |
| | 56,429 |
| Net income attributable to the Company | $ | 317,293 |
| | $ | 365,934 |
| | $ | 115,233 |
| | $ | (481,167 | ) | | $ | 317,293 |
|
CATAMARAN CORPORATION Condensed Consolidated Statements of Operations (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2013 | | | | | | | | | | Revenue | $ | 34,875 |
| | $ | 13,682,194 |
| | $ | 1,750,509 |
| | $ | (687,484 | ) | | $ | 14,780,094 |
| Cost of revenue | 30,217 |
| | 12,756,828 |
| | 1,554,888 |
| | (687,484 | ) | | 13,654,449 |
| Gross profit | 4,658 |
| | 925,366 |
| | 195,621 |
| | — |
| | 1,125,645 |
| Expenses: | |
| | |
| | | | |
| | | Selling, general and administrative | 1,094 |
| | 374,435 |
| | 65,230 |
| | — |
| | 440,759 |
| Depreciation of property and equipment | 29 |
| | 35,005 |
| | 2,892 |
| | — |
| | 37,926 |
| Amortization of intangible assets | — |
| | 200,065 |
| | 3,127 |
| | — |
| | 203,192 |
| Total Expenses | 1,123 |
| | 609,505 |
| | 71,249 |
| | — |
| | 681,877 |
| Operating income | 3,535 |
| | 315,861 |
| | 124,372 |
| | — |
| | 443,768 |
| Interest and other (income) expense, net | 36,700 |
| | (344 | ) | | 5,270 |
| | — |
| | 41,626 |
| Equity in (income) of subsidiaries | (295,335 | ) | | (51,924 | ) | | — |
| | 347,259 |
| | — |
| Income before income taxes | 262,170 |
| | 368,129 |
| | 119,102 |
| | (347,259 | ) | | 402,142 |
| Income tax expense | — |
| | 72,794 |
| | 30,609 |
| | — |
| | 103,403 |
| Net income | 262,170 |
| | 295,335 |
| | 88,493 |
| | (347,259 | ) | | 298,739 |
| Less net income attributable to non-controlling interest | — |
| | — |
| | — |
| | 36,569 |
| | 36,569 |
| Net income attributable to the Company | $ | 262,170 |
| | $ | 295,335 |
| | $ | 88,493 |
| | $ | (383,828 | ) | | $ | 262,170 |
|
CATAMARAN CORPORATION Condensed Consolidated Statements of Operations (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2012 | | | | | | | | | | Revenue | $ | 15,343 |
| | $ | 9,578,406 |
| | $ | 911,107 |
| | $ | (564,736 | ) | | $ | 9,940,120 |
| Cost of revenue | 12,306 |
| | 8,926,325 |
| | 832,849 |
| | (564,736 | ) | | 9,206,744 |
| Gross profit | 3,037 |
| | 652,081 |
| | 78,258 |
| | — |
| | 733,376 |
| Expenses: | |
| | |
| | | | |
| | | Selling, general and administrative | 4,688 |
| | 322,843 |
| | 41,961 |
| | — |
| | 369,492 |
| Depreciation of property and equipment | 50 |
| | 14,784 |
| | 1,915 |
| | — |
| | 16,749 |
| Amortization of intangible assets | — |
| | 126,847 |
| | 3,269 |
| | — |
| | 130,116 |
| Total Expenses | 4,738 |
| | 464,474 |
| | 47,145 |
| | — |
| | 516,357 |
| Operating income | (1,701 | ) | | 187,607 |
| | 31,113 |
| | — |
| | 217,019 |
| Interest and other expense, net | 11,731 |
| | 13,577 |
| | 1,374 |
| | — |
| | 26,682 |
| Equity in (income) of subsidiaries | (130,090 | ) | | (14,551 | ) | | — |
| | 144,641 |
| | — |
| Income before income taxes | 116,658 |
| | 188,581 |
| | 29,739 |
| | (144,641 | ) | | 190,337 |
| Income tax expense | — |
| | 58,491 |
| | 10,825 |
| | — |
| | 69,316 |
| Net income | 116,658 |
| | 130,090 |
| | 18,914 |
| | (144,641 | ) | | 121,021 |
| Less net income attributable to non-controlling interest | — |
| | — |
| | — |
| | 4,363 |
| | 4,363 |
| Net income attributable to the Company | $ | 116,658 |
| | $ | 130,090 |
| | $ | 18,914 |
| | $ | (149,004 | ) | | $ | 116,658 |
|
|
| Summary of condensed cash flow statements |
CATAMARAN CORPORATION Condensed Consolidated Statements of Cash Flows (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2014 | | | | | | | | | | Cash flows from operating activities: | |
| | |
| | | | | | |
| Net cash provided (used) by operating activities | $ | 341,698 |
| | $ | 612,430 |
| | $ | (6,952 | ) | | $ | (356,995 | ) | | $ | 590,181 |
| Cash flows from investing activities: | |
| | |
| | | | | | |
| Acquisitions, net of cash acquired | — |
| | (2,026 | ) | | — |
| | — |
| | (2,026 | ) | Purchases of property and equipment | (71 | ) | | (41,664 | ) | | (36,343 | ) | | — |
| | (78,078 | ) | Proceeds from restricted cash | — |
| | 20,006 |
| | — |
| | — |
| | 20,006 |
| Net cash used in investing activities | (71 | ) | | (23,684 | ) | | (36,343 | ) | | — |
| | (60,098 | ) | Cash flows from financing activities: | |
| | |
| | | | | | |
| Proceeds from issuance of debt | 492,500 |
| | — |
| | — |
| | — |
| | 492,500 |
| Repayment of long-term debt | (337,500 | ) | | — |
| | — |
| | — |
| | (337,500 | ) | Payment of financing costs | (1,963 | ) | | — |
| | — |
| | — |
| | (1,963 | ) | Proceeds from exercise of options | 8,011 |
| | (2,355 | ) | | (17 | ) | | — |
| | 5,639 |
| Tax benefit on option exercises | — |
| | 3,455 |
| | 37 |
| | — |
| | 3,492 |
| Proceeds from warrants exercised | 3,452 |
| | — |
| | — |
| | — |
| | 3,452 |
| Payments of contingent consideration | — |
| | (18,338 | ) | | — |
| | — |
| | (18,338 | ) | Distributions to non-controlling interest | — |
| | — |
| | — |
| | (52,309 | ) | | (52,309 | ) | Net transactions with parent and affiliates | (208,486 | ) | | (264,620 | ) | | 63,802 |
| | 409,304 |
| | — |
| Proceeds from restricted stock
| 20,700 |
| | (20,249 | ) | | (451 | ) | | — |
| | — |
| Other | — |
| | (383 | ) | | — |
| | — |
| | (383 | ) | Net cash provided (used) by financing activities | (23,286 | ) | | (302,490 | ) | | 63,371 |
| | 356,995 |
| | 94,590 |
| Effect of foreign exchange on cash balances | 38 |
| | — |
| | — |
| | — |
| | 38 |
| Change in cash and cash equivalents | 318,379 |
| | 286,256 |
| | 20,076 |
| | — |
| | 624,711 |
| Cash and cash equivalents, beginning of period | 15,090 |
| | 362,647 |
| | 9,504 |
| | — |
| | 387,241 |
| Cash and cash equivalents, end of period | $ | 333,469 |
| | $ | 648,903 |
| | $ | 29,580 |
| | $ | — |
| | $ | 1,011,952 |
|
CATAMARAN CORPORATION Condensed Consolidated Statements of Cash Flows (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2013 | | | | | | | | | | Cash flows from operating activities: | |
| | |
| | | | | | |
| Net cash provided (used) by operating activities | $ | 186,985 |
| | $ | 616,168 |
| | $ | (30,476 | ) | | $ | (297,256 | ) | | $ | 475,421 |
| Cash flows from investing activities: | |
| | |
| | | | | | |
| Acquisitions, net of cash acquired | — |
| | (388,866 | ) | | — |
| | — |
| | (388,866 | ) | Purchases of property and equipment | (11 | ) | | (117,799 | ) | | (11,032 | ) | | — |
| | (128,842 | ) | Proceeds from restricted cash | — |
| | 20,004 |
| | — |
| | — |
| | 20,004 |
| Net cash used by investing activities | (11 | ) | | (486,661 | ) | | (11,032 | ) | | — |
| | (497,704 | ) | Cash flows from financing activities: | |
| | |
| | | | | | |
| Proceeds from issuance of debt | 450,000 |
| | — |
| | — |
| | — |
| | 450,000 |
| Repayment of long-term debt | (362,500 | ) | | — |
| | — |
| | — |
| | (362,500 | ) | Payment of financing costs | (2,347 | ) | | — |
| | — |
| | — |
| | (2,347 | ) | Proceeds from exercise of options and warrants | 4,729 |
| | (1,248 | ) | | (2 | ) | | — |
| | 3,479 |
| Tax benefit on option exercises | — |
| | 9,704 |
| | 28 |
| | — |
| | 9,732 |
| Payments of contingent consideration | — |
| | (18,338 | ) | | (4,865 | ) | | — |
| | (23,203 | ) | Distributions to non-controlling interest | — |
| | — |
| | — |
| | (36,314 | ) | | (36,314 | ) | Net transactions with parent and affiliates | (322,377 | ) | | (49,103 | ) | | 37,910 |
| | 333,570 |
| | — |
| Proceeds from restricted stock | 27,107 |
| | (26,645 | ) | | (462 | ) | | — |
| | — |
| Other | — |
| | — |
| | — |
| | — |
| | — |
| Net cash (used) provided by financing activities | (205,388 | ) | | (85,630 | ) | | 32,609 |
| | 297,256 |
| | 38,847 |
| Effect of foreign exchange on cash balances | (99 | ) | | — |
| | — |
| | — |
| | (99 | ) | Change in cash and cash equivalents | (18,513 | ) | | 43,877 |
| | (8,899 | ) | | — |
| | 16,465 |
| Cash and cash equivalents, beginning of period | 33,603 |
| | 318,770 |
| | 18,403 |
| | — |
| | 370,776 |
| Cash and cash equivalents, end of period | $ | 15,090 |
| | $ | 362,647 |
| | $ | 9,504 |
| | $ | — |
| | $ | 387,241 |
|
CATAMARAN CORPORATION Condensed Consolidated Statements of Cash Flows (in thousands) | | | | | | | | | | | | | | | | | | | | | | Catamaran Corporation | | Guarantors | | Non-Guarantors | | Consolidations | | Consolidated | For the year ended December 31, 2012 | | | | | | | | | | Cash flows from operating activities: | |
| | |
| | | | | | |
| Net cash provided (used) by operating activities | $ | (27,257 | ) | | $ | 430,091 |
| | $ | (18,449 | ) | | $ | (134,652 | ) | | $ | 249,733 |
| Cash flows from investing activities: | |
| | |
| | | | | | |
| Acquisitions, net of cash acquired | 3,644,364 |
| | (5,210,069 | ) | | — |
| | — |
| | (1,565,705 | ) | Purchases of property and equipment | (66 | ) | | (30,549 | ) | | (9,621 | ) | |
|
| | (40,236 | ) | Net cash provided by (used in) investing activities | 3,644,298 |
| | (5,240,618 | ) | | (9,621 | ) | | — |
| | (1,605,941 | ) | Cash flows from financing activities: | |
| | |
| | | | | | |
| Proceeds from issuance of debt | 1,475,448 |
| | — |
| | — |
| | — |
| | 1,475,448 |
| Repayment of long-term debt | (616,993 | ) | | — |
| | — |
| | — |
| | (616,993 | ) | Proceeds from public offering, net of issuance costs | 519,075 |
| | — |
| | — |
| | — |
| | 519,075 |
| Payment of financing costs | (18,806 | ) | | — |
| | — |
| | — |
| | (18,806 | ) | Proceeds from exercise of options | 11,016 |
| | (3,253 | ) | | — |
| | — |
| | 7,763 |
| Tax benefit on option exercises | — |
| | 19,206 |
| | 191 |
| | — |
| | 19,397 |
| Net transactions with parent and affiliates | (5,093,214 | ) | | 4,913,963 |
| | 44,599 |
| | 134,652 |
| | — |
| Proceeds from restricted stock | 17,903 |
| | (17,651 | ) | | (252 | ) | | — |
| | — |
| Other | (268 | ) | | — |
| | — |
| | — |
| | (268 | ) | Net cash (used) provided by financing activities | (3,705,839 | ) | | 4,912,265 |
| | 44,538 |
| | 134,652 |
| | 1,385,616 |
| Effect of foreign exchange on cash balances | (14 | ) | | — |
| | — |
| | — |
| | (14 | ) | Change in cash and cash equivalents | (88,812 | ) | | 101,738 |
| | 16,468 |
| | — |
| | 29,394 |
| Cash and cash equivalents, beginning of period | 122,415 |
| | 217,032 |
| | 1,935 |
| | — |
| | 341,382 |
| Cash and cash equivalents, end of period | $ | 33,603 |
| | $ | 318,770 |
| | $ | 18,403 |
| | $ | — |
| | $ | 370,776 |
|
|