VCA INC
CIK:0000817366|SEC Filings
Condensed, Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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| Income Statement [Abstract] | ||||||
| Revenue | $ 743,132 | $ 653,489 | $ 1,421,383 | $ 1,216,928 | ||
| Direct costs | 558,039 | 489,541 | 1,081,822 | 916,200 | ||
| Gross profit | 185,093 | 163,948 | 339,561 | 300,728 | ||
| Selling, general and administrative expense | 59,776 | 48,190 | 118,177 | 98,318 | ||
| Net loss (gain) on sale or disposal of assets | 230 | (271) | 480 | 292 | ||
| Operating income (loss) | 125,087 | 116,029 | 220,904 | 202,118 | ||
| Interest expense, net | 10,169 | 7,867 | 19,196 | 14,962 | ||
| Debt retirement costs | 0 | 1,600 | 0 | 1,600 | ||
| Other income | (280) | (600) | (582) | (864) | ||
| Income before provision for income taxes | 115,198 | 107,162 | 202,290 | 186,420 | ||
| Provision for income taxes | 44,774 | 40,736 | 79,413 | 72,272 | ||
| Net income | [1] | 70,424 | 66,426 | 122,877 | 114,148 | |
| Net income attributable to noncontrolling interests | 2,712 | 2,376 | 4,072 | 3,871 | ||
| Net income attributable to VCA Inc. | $ 67,712 | $ 64,050 | $ 118,805 | $ 110,277 | ||
| Basic earnings per share (in dollars per share) | $ 0.83 | $ 0.79 | $ 1.46 | $ 1.36 | ||
| Diluted earnings per share (in dollars per share) | $ 0.82 | $ 0.78 | $ 1.45 | $ 1.35 | ||
| Weighted-average shares outstanding for basic earnings per share (in shares) | 81,267 | 80,835 | 81,256 | 80,806 | ||
| Weighted-average shares outstanding for diluted earnings per share (in shares) | 82,228 | 81,729 | 82,204 | 81,630 | ||
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Condensed, Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 119,052 | $ 81,409 |
| Trade accounts receivable, less allowance for uncollectible accounts of $22,781 and $23,440 at June 30, 2017 and December 31, 2016, respectively | 86,323 | 85,593 |
| Inventory | 56,541 | 57,590 |
| Prepaid expenses and other | 42,721 | 44,752 |
| Prepaid income taxes | 0 | 11,705 |
| Total current assets | 304,637 | 281,049 |
| Property and equipment, net | 656,362 | 613,224 |
| Goodwill | 2,264,265 | 2,164,422 |
| Other intangible assets, net | 207,158 | 212,577 |
| Notes receivable | 2,196 | 2,147 |
| Other | 103,107 | 99,909 |
| Total assets | 3,537,725 | 3,373,328 |
| Current liabilities: | ||
| Current portion of long-term obligations | 49,347 | 38,320 |
| Accounts payable | 57,231 | 68,587 |
| Accrued payroll and related liabilities | 96,072 | 97,806 |
| Income tax payable | 4,732 | 0 |
| Other accrued liabilities | 93,053 | 91,783 |
| Total current liabilities | 300,435 | 296,496 |
| Long-term obligations, net | 1,325,411 | 1,309,397 |
| Deferred income taxes, net | 148,368 | 142,535 |
| Other liabilities | 47,472 | 44,560 |
| Total liabilities | 1,821,686 | 1,792,988 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests | 10,558 | 11,615 |
| Preferred stock, par value $0.001, 11,000 shares authorized, none outstanding | 0 | 0 |
| VCA Inc. stockholders’ equity: | ||
| Common stock, par value $0.001, 175,000 shares authorized, 81,270 and 81,231 shares outstanding as of June 30, 2017 and December 31, 2016, respectively | 81 | 81 |
| Additional paid-in capital | 40,985 | 32,157 |
| Retained earnings | 1,603,196 | 1,484,391 |
| Accumulated other comprehensive loss | (37,075) | (45,406) |
| Total VCA Inc. stockholders’ equity | 1,607,187 | 1,471,223 |
| Noncontrolling interests | 98,294 | 97,502 |
| Total equity | 1,705,481 | 1,568,725 |
| Total liabilities and equity | $ 3,537,725 | $ 3,373,328 |