Catamaran Corp

CIK:0001363851|SEC Filings

Earnings Per Share

3 Months Ended

Mar. 31, 2015

The Company calculates basic EPS using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the same method as basic EPS, but the Company adds the number of additional common shares that would have been outstanding for the period if the potential dilutive common shares had been issued. The following is the reconciliation between the number of weighted average shares used in the basic and diluted EPS calculations for the three months ended March 31, 2015 and 2014:



	Three Months Ended March 31,
	2015	2014
Weighted average number of shares used in computing basic EPS	207,641,523	206,525,188
Add dilutive common stock equivalents:
Outstanding stock options and restricted stock units (a)	648,166	561,489
Weighted average number of shares used in computing diluted EPS	208,289,689	207,086,677

(a) Excludes 1,486,626 and 1,389,283 common stock equivalents for the three months ended March 31, 2015 and 2014 because their effect was anti-dilutive.

Condensed Consolidating Financial Statements - Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net cash provided (used) by operating activities	$ 146,682	$ 135,676
Cash flows from investing activities:
Acquisitions, net of cash acquired	(261,668)	(2,026)
Purchases of property and equipment	(9,140)	(12,782)
Net cash used by investing activities	(270,808)	(14,808)
Cash flows from financing activities:
Proceeds from issuance of debt	0us-gaap_ProceedsFromIssuanceOfDebt	492,500us-gaap_ProceedsFromIssuanceOfDebt
Repayment of long-term debt	(12,500)us-gaap_RepaymentsOfLongTermDebt	(306,250)us-gaap_RepaymentsOfLongTermDebt
Payment of financing costs	0us-gaap_PaymentsOfFinancingCosts	(955)us-gaap_PaymentsOfFinancingCosts
Proceeds from exercise of options	28	3,567
Tax benefit on option exercises	1,916	2,692
Net transactions with parent and affiliates	0	0
Distributions to non-controlling interest	(12,087)	(15,000)
Proceeds from restricted stock	0	0
Other	(28)	0
Net cash (used) provided by financing activities	(22,671)	176,554
Effect of foreign exchange on cash balances	46	52
Change in cash and cash equivalents	(146,751)	297,474
Cash and cash equivalents, beginning of period	1,011,952	387,241
Cash and cash equivalents, end of period	865,201	684,715
Reportable Legal Entities [Member] \| Catamaran Corporation [Member]
Cash flows from operating activities:
Net cash provided (used) by operating activities	48,431	46,037
Cash flows from investing activities:
Acquisitions, net of cash acquired	0	0
Purchases of property and equipment	(224)	(13)
Net cash used by investing activities	(224)	(13)
Cash flows from financing activities:
Proceeds from issuance of debt		492,500
Repayment of long-term debt	(12,500)	(306,250)
Payment of financing costs		(955)
Proceeds from exercise of options	40	5,070
Tax benefit on option exercises	0	0
Net transactions with parent and affiliates	(358,555)	(68,426)
Distributions to non-controlling interest	0	0
Proceeds from restricted stock	25,350	18,183
Other	0
Net cash (used) provided by financing activities	(345,665)	140,122
Effect of foreign exchange on cash balances	46	52
Change in cash and cash equivalents	(297,412)	186,198
Cash and cash equivalents, beginning of period	333,469	15,090
Cash and cash equivalents, end of period	36,057	201,288
Reportable Legal Entities [Member] \| Guarantors [Member]
Cash flows from operating activities:
Net cash provided (used) by operating activities	329,792	465,289
Cash flows from investing activities:
Acquisitions, net of cash acquired	0	(2,026)
Purchases of property and equipment	(7,660)	1,942
Net cash used by investing activities	(7,660)	(84)
Cash flows from financing activities:
Proceeds from issuance of debt		0
Repayment of long-term debt	0	0
Payment of financing costs		0
Proceeds from exercise of options	(12)	(1,503)
Tax benefit on option exercises	1,916	2,692
Net transactions with parent and affiliates	(264,464)	(333,956)
Distributions to non-controlling interest	0	0
Proceeds from restricted stock	(24,901)	(17,830)
Other	(28)
Net cash (used) provided by financing activities	(287,489)	(350,597)
Effect of foreign exchange on cash balances	0	0
Change in cash and cash equivalents	34,643	114,608
Cash and cash equivalents, beginning of period	648,903	362,647
Cash and cash equivalents, end of period	683,546	477,255
Reportable Legal Entities [Member] \| Non-Guarantors [Member]
Cash flows from operating activities:
Net cash provided (used) by operating activities	(114,184)	(300,816)
Cash flows from investing activities:
Acquisitions, net of cash acquired	(261,668)	0
Purchases of property and equipment	(1,256)	(14,711)
Net cash used by investing activities	(262,924)	(14,711)
Cash flows from financing activities:
Proceeds from issuance of debt		0
Repayment of long-term debt	0	0
Payment of financing costs		0
Proceeds from exercise of options	0	0
Tax benefit on option exercises	0	0
Net transactions with parent and affiliates	493,575	312,548
Distributions to non-controlling interest	0	0
Proceeds from restricted stock	(449)	(353)
Other	0
Net cash (used) provided by financing activities	493,126	312,195
Effect of foreign exchange on cash balances	0	0
Change in cash and cash equivalents	116,018	(3,332)
Cash and cash equivalents, beginning of period	29,580	9,504
Cash and cash equivalents, end of period	145,598	6,172
Consolidations [Member]
Cash flows from operating activities:
Net cash provided (used) by operating activities	(117,357)	(74,834)
Cash flows from investing activities:
Acquisitions, net of cash acquired	0	0
Purchases of property and equipment	0	0
Net cash used by investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of debt		0
Repayment of long-term debt	0	0
Payment of financing costs		0
Proceeds from exercise of options	0	0
Tax benefit on option exercises	0	0
Net transactions with parent and affiliates	129,444	89,834
Distributions to non-controlling interest	(12,087)	(15,000)
Proceeds from restricted stock	0	0
Other	0
Net cash (used) provided by financing activities	117,357	74,834
Effect of foreign exchange on cash balances	0	0
Change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 865,201	$ 1,011,952
Accounts receivable, net of allowance for doubtful accounts of $5,571 (2014 — $4,867)	1,369,196us-gaap_AccountsReceivableNetCurrent	1,254,336us-gaap_AccountsReceivableNetCurrent
Rebates receivable	836,136ctrx_RebatesReceivableCurrent	863,824ctrx_RebatesReceivableCurrent
Other current assets	214,275	219,435
Total current assets	3,284,808us-gaap_AssetsCurrent	3,349,547us-gaap_AssetsCurrent
Property and equipment, net of accumulated depreciation of $161,038 (2014 — $144,220)	198,988us-gaap_PropertyPlantAndEquipmentNet	210,027us-gaap_PropertyPlantAndEquipmentNet
Goodwill	4,923,665us-gaap_Goodwill	4,724,639us-gaap_Goodwill
Other intangible assets, net of accumulated amortization of $611,562 (2014 — $574,503)	980,480	968,199
Other long-term assets	70,430us-gaap_OtherAssetsNoncurrent	71,773us-gaap_OtherAssetsNoncurrent
Total assets	9,458,371us-gaap_Assets	9,324,185us-gaap_Assets
Current liabilities
Accounts payable	1,068,398us-gaap_AccountsPayableCurrent	967,791us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities	272,384us-gaap_AccruedLiabilitiesCurrent	327,190us-gaap_AccruedLiabilitiesCurrent
Rebates payable	955,623	967,733
Current portion - long-term debt	87,500us-gaap_LongTermDebtCurrent	81,250us-gaap_LongTermDebtCurrent
Total current liabilities	2,383,905us-gaap_LiabilitiesCurrent	2,343,964us-gaap_LiabilitiesCurrent
Deferred income taxes	269,836	257,325
Long-term debt	1,327,744us-gaap_LongTermDebtNoncurrent	1,344,973us-gaap_LongTermDebtNoncurrent
Other long-term liabilities	99,331us-gaap_OtherLiabilitiesNoncurrent	98,816us-gaap_OtherLiabilitiesNoncurrent
Total liabilities	4,080,816us-gaap_Liabilities	4,045,078us-gaap_Liabilities
Commitments and contingencies (Note 10)
Shareholders’ equity
Common shares: no par value, unlimited shares authorized; 208,012,259 shares issued and outstanding at March 31, 2015 (December 31, 2014 — 207,493,541 shares)	4,290,267us-gaap_CommonStockValue	4,264,764us-gaap_CommonStockValue
Additional paid-in capital	59,273us-gaap_AdditionalPaidInCapital	74,071us-gaap_AdditionalPaidInCapital
Retained earnings	1,021,147	934,454
Accumulated other comprehensive loss	(1,034)	(1,310)
Total shareholders' equity	5,369,653us-gaap_StockholdersEquity	5,271,979us-gaap_StockholdersEquity
Non-controlling interest	7,902us-gaap_MinorityInterest	7,128us-gaap_MinorityInterest
Total equity	5,377,555	5,279,107
Total liabilities and equity	$ 9,458,371	$ 9,324,185