Endo Reports Fourth-Quarter And Full Year 2018 Financial Results

Thursday, February 28, 2019 General News
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Reconciliation of Net Debt Leverage Ratio (non-GAAP)

The following table provides a reconciliation of our Net loss (GAAP) to our Adjusted EBITDA (non-GAAP) for the twelve months ended December 31, 2018 (in thousands) and the calculation of our Net Debt Leverage Ratio (non-GAAP):

Twelve Months Ended December 31, 2018

Net loss (GAAP)

$

(1,031,469)

Income tax expense

22,935

Interest expense, net

521,656

Depreciation and amortization (15)

688,530

EBITDA (non-GAAP)

$

201,652

Inventory step-up and other cost savings

$

261

Upfront and milestone-related payments

45,108

Inventory reserve increase from restructuring

2,947

Separation benefits and other restructuring

83,348

Certain litigation-related and other contingencies, net

13,809

Asset impairment charges

916,939

Acquisition-related and integration costs

2,004

Fair value of contingent consideration

19,910

Loss on extinguishment of debt

—

Share-based compensation

54,071

Other income, net

(51,953)

Other adjustments

(737)

Discontinued operations, net of tax

69,702

Adjusted EBITDA (non-GAAP)

$

1,357,061

Calculation of Net Debt:

Debt

$

8,258,419

Cash (excluding Restricted Cash)

1,149,113

Net Debt (non-GAAP)

$

7,109,306

Calculation of Net Debt Leverage:

Net Debt Leverage Ratio (non-GAAP)

5.2



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