Centaur Guernsey L.P. Inc.

CIK:0001557939|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Rental	$ 175,422	$ 180,397	$ 345,521	$ 353,236
Sales	296,999	281,248	578,266	552,459
Total revenue	472,421	461,645	923,787	905,695
Rental expenses	75,794	77,869	150,689	156,047
Cost of sales	78,118	75,509	156,697	148,923
Gross profit (loss)	318,509	308,267	616,401	600,725
Selling, general and administrative expenses	182,194	158,994	346,638	306,757
Research and development expenses	14,717	14,391	28,695	29,069
Acquired intangible asset amortization	41,159	44,712	83,361	90,589
Operating earnings (loss)	80,439	90,170	157,707	174,310
Interest income and other	589	67	696	214
Interest expense	(110,428)	(107,374)	(218,980)	(212,100)
Loss on extinguishment of debt	(10,107)	0	(13,716)	0
Foreign currency gain (loss)	8,998	(6,799)	4,668	12,601
Derivative instruments loss	(357)	(919)	(1,039)	(4,267)
Earnings (loss) before income tax expense (benefit)	(30,866)	(24,855)	(70,664)	(29,242)
Income tax benefit	(10,751)	(7,224)	(24,574)	(7,080)
Net earnings (loss)	$ (20,115)	$ (17,631)	$ (46,090)	$ (22,162)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (46,090)	$ (22,162)
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization of debt issuance costs, premium and discount	19,352	20,311
Depreciation and other amortization	127,418	132,334
Loss on disposition of assets	1,122	1,265
Amortization of fair value step-up in inventory	164	0
Provision for bad debt	3,429	3,266
Loss on extinguishment of debt	13,716	0
Equity-based compensation expense	1,602	1,305
Deferred income tax benefit	(46,880)	(30,224)
Unrealized gain on derivative instruments	(5,944)	(3,078)
Unrealized gain on foreign currency	(7,147)	(16,683)
Change in assets and liabilities:
Increase in accounts receivable, net	(7,500)	(968)
Increase in inventories, net	(5,656)	(10,856)
Increase in prepaid expenses and other	(5,133)	(4,685)
Decrease in accounts payable	(5,543)	(3,533)
Decrease in accrued expenses and other	(74,994)	(76,509)
Increase (decrease) in tax liabilities, net	(1,495)	6,213
Net cash provided (used) by operating activities	(39,579)	(4,004)
Cash flows from investing activities
Additions to property, plant and equipment	(35,762)	(29,574)
Increase in inventory to be converted into equipment for short-term rental	(98)	(4,144)
Dispositions of property, plant and equipment	2	0
Businesses acquired in purchase transactions, net of cash acquired	0	(2,948)
Increase in identifiable intangible assets and other non-current assets	(3,684)	(3,646)
Net cash provided (used) by investing activities	(39,542)	(40,312)
Cash flows from financing activities:
Distribution to limited partners	0	(55)
Settlement of equity-based awards	(226)	(1,348)
Proceeds from revolving credit facility	25,000	30,000
Proceeds from debt issuance	595,044	0
Repayments of long-term debt and capital lease obligations	(518,570)	(15,389)
Debt issuance costs	(12,899)	(6,256)
Net cash provided (used) by financing activities	88,349	6,952
Effect of exchange rate changes on cash and cash equivalents	1,560	(5,025)
Net increase (decrease) in cash and cash equivalents	10,788	(42,389)
Cash and cash equivalents, beginning of period	88,409	183,541
Cash and cash equivalents, end of period	$ 99,197	$ 141,152

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 99,197	$ 88,409
Accounts receivable, net	413,440	413,531
Inventories, net	197,583	181,309
Deferred income taxes	51,968	74,521
Prepaid expenses and other	40,117	34,985
Total current assets	802,305	792,755
Net property, plant and equipment	260,569	273,076
Deferred income taxes	22,333	29,909
Goodwill	3,406,475	3,405,823
Identifiable intangible assets, net	2,139,366	2,219,088
Other non-current assets	5,033	6,104
Total assets	6,636,081	6,726,755
Current liabilities:
Accounts payable	52,718	57,910
Accrued expenses and other	326,302	373,440
Current installments of long-term debt	23,307	22,130
Income taxes payable	4,372	3,561
Deferred income taxes	113,595	113,595
Total current liabilities	520,294	570,636
Long-term debt, net of current installments, premium, discount and debt issuance costs	4,845,783	4,720,363
Non-current tax liabilities	34,533	34,833
Deferred income taxes	681,592	760,737
Other non-current liabilities	15,153	37,021
Total liabilities	6,097,355	6,123,590
Equity:
General partner’s capital	0	0
Limited partners’ capital	577,979	622,899
Accumulated other comprehensive loss, net	(39,253)	(19,734)
Total equity	538,726	603,165
Total liabilities and shareholders' equity	$ 6,636,081	$ 6,726,755