2018 Q2 Form 10-Q Financial Statement
#000172312818000013 Filed on May 15, 2018
Income Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| Revenue | $413.8M | $0.00 | $0.00 |
| YoY Change | 59.23% | -100.0% | -100.0% |
| Cost Of Revenue | $235.5M | $130.6M | $170.4M |
| YoY Change | 72.98% | -18.12% | -52.63% |
| Gross Profit | $178.3M | $144.6M | $151.4M |
| YoY Change | 44.1% | 24.63% | -193.87% |
| Gross Profit Margin | 43.09% | ||
| Selling, General & Admin | $56.00M | $25.12M | $64.00M |
| YoY Change | 107.9% | -46.66% | 11.11% |
| % of Gross Profit | 31.41% | 17.37% | 42.27% |
| Research & Development | $50.34M | $44.21M | $15.70M |
| YoY Change | 6.68% | 96.48% | -23.41% |
| % of Gross Profit | 28.23% | 30.57% | 10.37% |
| Depreciation & Amortization | $15.45M | $14.80M | $24.00M |
| YoY Change | 60.13% | -42.64% | -4.76% |
| % of Gross Profit | 8.67% | 10.24% | 15.85% |
| Operating Expenses | $106.3M | $0.00 | $0.00 |
| YoY Change | 43.46% | -100.0% | -100.0% |
| Operating Profit | -$181.1M | $63.55M | $151.4M |
| YoY Change | -505.94% | 36.63% | -163.25% |
| Interest Expense | -$36.62M | -$21.05M | $24.40M |
| YoY Change | 106.6% | 59.48% | -282.09% |
| % of Operating Profit | -33.12% | 16.11% | |
| Other Income/Expense, Net | -$81.44M | -$11.54M | -$300.0K |
| YoY Change | 1527.9% | 787.54% | -104.76% |
| Pretax Income | -$262.5M | $52.02M | -$310.1M |
| YoY Change | -762.89% | -177.06% | 14.43% |
| Income Tax | -$12.42M | $400.0K | $0.00 |
| % Of Pretax Income | 0.77% | ||
| Net Earnings | -$17.86M | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Net Earnings / Revenue | -4.32% | ||
| Basic Earnings Per Share | -$0.15 | $0.00 | $0.00 |
| Diluted Earnings Per Share | -$0.15 | $0.00 | $0.00 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 1.000K shares | 1.000K shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $61.50M | $48.20M | $181.8M |
| YoY Change | -64.12% | -69.36% | 0.94% |
| Cash & Equivalents | $61.52M | $48.22M | $74.17M |
| Short-Term Investments | |||
| Other Short-Term Assets | $58.90M | $41.70M | $53.40M |
| YoY Change | 59.62% | 54.44% | 190.22% |
| Inventory | $512.5M | $327.9M | $284.0M |
| Prepaid Expenses | |||
| Receivables | $626.5M | $346.7M | $351.4M |
| Other Receivables | $19.43M | $11.00M | $15.15M |
| Total Short-Term Assets | $1.348B | $0.00 | $771.9M |
| YoY Change | 114.46% | -100.0% | 22.32% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $569.3M | $489.9M | $486.8M |
| YoY Change | 144.87% | 103.96% | 108.55% |
| Goodwill | $386.5M | $26.44M | |
| YoY Change | -7.02% | ||
| Intangibles | $1.789B | $44.60M | |
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $78.65M | $18.90M | $11.26M |
| YoY Change | -14.69% | -80.43% | -91.39% |
| Total Long-Term Assets | $3.197B | $0.00 | $570.0M |
| YoY Change | 198.03% | -100.0% | -52.18% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.348B | $0.00 | $771.9M |
| Total Long-Term Assets | $3.197B | $0.00 | $570.0M |
| Total Assets | $4.545B | $0.00 | $1.342B |
| YoY Change | 167.16% | -100.0% | -26.39% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $169.0M | $84.20M | $70.01M |
| YoY Change | 198.67% | 14.71% | 18.67% |
| Accrued Expenses | $386.6M | $129.0M | $248.1M |
| YoY Change | 47.05% | -44.2% | 1.39% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $77.50M | $75.00M | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $21.70M | $14.40M | $89.17M |
| YoY Change | 21.91% | -19.1% | 403.79% |
| Total Short-Term Liabilities | $669.7M | $0.00 | $296.9M |
| YoY Change | 86.45% | -100.0% | -7.6% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $2.641B | $1.392B | $1.355B |
| YoY Change | 244.59% | 81.96% | 66.6% |
| Other Long-Term Liabilities | $45.67M | $20.30M | $7.793M |
| YoY Change | -6.03% | -58.23% | -87.86% |
| Total Long-Term Liabilities | $2.924B | $1.413B | $1.421B |
| YoY Change | 258.67% | 73.59% | 61.85% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $669.7M | $0.00 | $296.9M |
| Total Long-Term Liabilities | $2.924B | $1.413B | $1.421B |
| Total Liabilities | $3.593B | $0.00 | $0.00 |
| YoY Change | 205.63% | -100.0% | -100.0% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$19.10M | -$382.8M | |
| YoY Change | |||
| Common Stock | $10.00 | $10.00 | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $494.5M | $0.00 | $0.00 |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $4.545B | $0.00 | $1.342B |
| YoY Change | 167.16% | -100.0% | -26.39% |
Cashflow Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$17.86M | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Depreciation, Depletion And Amortization | $15.45M | $14.80M | $24.00M |
| YoY Change | 60.13% | -42.64% | -4.76% |
| Cash From Operating Activities | -$98.60M | $27.03M | $0.00 |
| YoY Change | -635.87% | -32.09% | -100.0% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$20.10M | $19.50M | -$2.600M |
| YoY Change | 95.15% | -324.13% | -85.14% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$321.3M | -$4.400M | |
| YoY Change | -2733.61% | -6.38% | |
| Cash From Investing Activities | -$341.4M | -$19.50M | $0.00 |
| YoY Change | -18068.42% | 137.79% | -100.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | $30.00M | ||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 457.2M | -$33.25M | $0.00 |
| YoY Change | -7720.0% | -40.74% | -100.0% |
| NET CHANGE | |||
| Cash From Operating Activities | -98.60M | $27.03M | $0.00 |
| Cash From Investing Activities | -341.4M | -$19.50M | $0.00 |
| Cash From Financing Activities | 457.2M | -$33.25M | $0.00 |
| Net Change In Cash | 17.20M | -$25.31M | $0.00 |
| YoY Change | 20.28% | 3.29% | -100.0% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$98.60M | $27.03M | $0.00 |
| Capital Expenditures | -$20.10M | $19.50M | -$2.600M |
| Free Cash Flow | -$78.50M | $7.530M | $2.600M |
| YoY Change | -373.52% | -84.47% | -196.3% |
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OVERVIEW AND DESCRIPTION OF BUSINESS</font></div><div style="line-height:144%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amneal Pharmaceuticals, Inc., formerly known as Atlas Holdings, Inc. (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:10pt;">”), was formed along with its wholly owned subsidiary, K2 Merger Sub Corporation, a Delaware corporation ("</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Merger Sub</font><font style="font-family:inherit;font-size:10pt;">"), on October 4, 2017, for the purpose of facilitating the combination of Impax Laboratories, Inc. (now Impax Laboratories, LLC after the completion of the Impax Conversion as defined and described below), a Delaware corporation then listed on the Nasdaq Stock Market ("</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Impax</font><font style="font-family:inherit;font-size:10pt;">") and Amneal Pharmaceuticals LLC, a Delaware limited liability company ("</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Amneal LLC</font><font style="font-family:inherit;font-size:10pt;">"). On October 17, 2017, Impax and Amneal LLC announced their agreement to combine the generics and specialty pharmaceutical business of Impax with the generic drug development and manufacturing business of Amneal LLC pursuant to the Business Combination Agreement (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">BCA</font><font style="font-family:inherit;font-size:10pt;">”), dated as of October 17, 2017, as amended on November 21, 2017 and December 16, 2017, by and among Impax, Amneal LLC, the Company and Merger Sub. As used herein, the “Company” and “Amneal” refers to Amneal Pharmaceuticals, Inc. at and after the closing of the Transactions (as defined below) and to Atlas Holdings, Inc. prior to the closing of the Transactions.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On the closing of the transactions in accordance with the BCA on May 4, 2018 (i) Merger Sub merged with and into Impax (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Impax Merger</font><font style="font-family:inherit;font-size:10pt;">”), with Impax surviving the Impax Merger as a direct wholly-owned subsidiary of the Company, (ii) each share of Impax’s common stock, par value </font><font style="font-family:inherit;font-size:10pt;">$0.01</font><font style="font-family:inherit;font-size:10pt;"> per share (“</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Impax Common Stock</font><font style="font-family:inherit;font-size:10pt;">”), issued and outstanding immediately prior to the Impax Merger, other than Impax Common Stock held by Impax in treasury, by Amneal LLC or by any of their respective subsidiaries, was converted into the right to receive </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> fully paid and nonassessable share of Class A common stock of the Company, par value </font><font style="font-family:inherit;font-size:10pt;">$0.01</font><font style="font-family:inherit;font-size:10pt;"> per share (“</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Class A Common Stock</font><font style="font-family:inherit;font-size:10pt;">”), (iii) Impax was converted to a limited liability company pursuant to the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Impax Conversion</font><font style="font-family:inherit;font-size:10pt;">”), (iv) the Company contributed to Amneal LLC all of the Company’s equity interests in Impax, in exchange for common units of Amneal LLC (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contribution</font><font style="font-family:inherit;font-size:10pt;">”), (v) the Company issued an aggregate number of shares of Class B common stock of the Company, par value </font><font style="font-family:inherit;font-size:10pt;">$0.01</font><font style="font-family:inherit;font-size:10pt;"> per share (“</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Class B Common Stock</font><font style="font-family:inherit;font-size:10pt;">”, and together with Class A Common Stock and Class B-1 common stock of the Company, par value </font><font style="font-family:inherit;font-size:10pt;">$0.01</font><font style="font-family:inherit;font-size:10pt;"> per share the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Company Common Stock</font><font style="font-family:inherit;font-size:10pt;">”) to Amneal Pharmaceuticals Holding Company, LLC (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Issuance</font><font style="font-family:inherit;font-size:10pt;">” and, together with the Impax Merger, the Impax Conversion and the Contribution, the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Transactions</font><font style="font-family:inherit;font-size:10pt;">”), and (vi) the Company became the managing member of Amneal LLC. In connection with the consummation of the Transactions (the “</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Closing</font><font style="font-family:inherit;font-size:10pt;">”), the Company changed its name from Atlas Holdings, Inc. to Amneal Pharmaceuticals, Inc. On May 7, 2018, the Company began trading on the New York Stock Exchange under the symbol “AMRX”.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In this Quarterly Report on Form 10-Q, the Company is reporting the shell company results for Amneal for the quarter ended March 31, 2018. As of March 31, 2018, Amneal was known as Atlas Holdings, Inc. and was a wholly owned subsidiary of Impax. Prior to the Closing of the Transactions on May 4, 2018, the Company did not conduct any activities other than those incidental to the formation of it and Merger Sub and the matters contemplated by the BCA and had no operations and no material assets or liabilities.</font></div></div> |
