Catamaran Corporation Announces Record Second Quarter Financial Results

- Quarterly net income of $27.3 million and EBITDA of $58.6 million reach record levels -

- Q2 revenue of $1.7 billion increases 40% compared to prior year -

- 2012 guidance updated to reflect merger with Catalyst -

LISLE, IL, Aug. 1, 2012 /PRNewswire/ - Catamaran Corporation (formerly known as SXC Health Solutions Corp.) ("Catamaran" or the "Company") (NASDAQ: CTRX, TSX: CCT), a leading provider of pharmacy benefit management ("PBM") services and technology, announces its financial results for the three and six month periods ended June 30, 2012.

Q2 2012 Highlights

  • Revenue grew 40% on a year over year basis to $1.7 billion, compared to $1.2 billion in Q2 2011
  • Gross profit increased 65% to $122.5 million during Q2 2012, compared to $74.2 million in Q2 2011
  • Net income increased 27% to $27.3 million, or $0.41 per share (fully-diluted) for Q2 2012, compared to $21.6 million, or $0.34 per share (fully-diluted), in Q2 2011
  • EBITDA¹ increased 50% to $58.6 million for Q2 2012, compared to $39.0 million in Q2 2011
  • Adjusted earnings per share¹ (fully-diluted), increased 29% to $0.49 for Q2 2012, compared to $0.38 in Q2 2011
  • Both GAAP and Non-GAAP EPS included a $0.09 per share (fully-diluted), impact from transaction expenses and tax expense related to the Catalyst acquisition in Q2 2012
  • Cash from operations increased $31.1 million during Q2 2012 compared to Q2 2011
  • Adjusted prescription claim volume¹ for the PBM segment increased 46% to 33.2 million, in Q2 2012 compared to 22.8 million in Q2 2011
  • Transaction processing volume for the HCIT segment increased to 116.7 million for Q2 2012 compared to 98.1 million in Q2 2011
  • Generic dispense rate increased to an industry leading 81% for Q2 2012 compared to 78% in Q2 2011
  • The Company issued 5,980,000 common shares through a public offering in May 2012, yielding  $519.3 million in proceeds
  • Today the Company announced, a five year full service PBM contract with BCBS Arizona, valued at $350 million per year in annual drug spend
  • Successfully converted two HCIT clients to PBM services in the quarter
  • Subsequent to the quarter end, completed the merger with Catalyst Health Solutions, Inc. ("Catalyst"), a full-service PBM
  • Executed a $1.8 billion credit agreement subsequent to the quarter end to partially finance the Catalyst acquisition

"During Q2 we continued to execute on our plan, which yielded another quarter of strong results. The completion of our merger with Catalyst and the rebranding of the combined companies to Catamaran Corporation is the start of a remarkable and transformative time for our Company. This combination brings together the right resources and scale to help solve healthcare challenges for our customers and deliver a distinct product and experience. We believe our increased purchasing power, coupled with a management team that's second to none, has created a truly scaled alternative to the traditional PBM model. All of these factors have put us in a great position to continue delivering a record setting 2012 and continued growth moving forward," said Mark Thierer, Chairman and CEO of Catamaran Corporation.

Financial Review

Revenue and Gross Profit segmented by PBM and HCIT:

Catamaran evaluates segment performance based on revenue and gross profit. Reconciliations of the Company's business segments, PBM and Health Care Information Technology ("HCIT"), to the consolidated financial statements for the three and six months ended June 30, 2012 and 2011 are as follows:

Three months ended June 30, (unaudited, in thousands)

  PBM   HCIT   Consolidated
  2012   2011   2012   2011   2012   2011
Revenue $ 1,661,129     $ 1,182,856     $ 41,574     $ 29,183     $ 1,702,703     $ 1,212,039  
Cost of revenue   1,564,414     1,122,501     15,785     15,335     1,580,199     1,137,836  
Gross profit $ 96,715     $ 60,355     $ 25,789     $ 13,848     $ 122,504     $ 74,203  
Gross profit % 6 %   5 %   62 %   47 %   7 %   6 %

Six months ended June 30, (unaudited, in thousands)

  PBM   HCIT   Consolidated
  2012   2011   2012   2011   2012   2011
Revenue $ 3,342,274     $ 2,254,778     $ 77,526     $ 54,911     $ 3,419,800     $ 2,309,689  
Cost of revenue   3,154,603     2,142,689     32,304     29,221     3,186,907     2,171,910  
Gross profit $ 187,671     $ 112,089     $ 45,222     $ 25,690     $ 232,893     $ 137,779  
Gross profit % 6 %   5 %   58 %   47 %   7 %   6 %

PBM Revenue

Q2 2012 PBM revenue increased $478.3 million, or 40%, to $1.7 billion, compared to $1.2 billion in Q2 2011.  Revenue was $3.3 billion for the year to date ("YTD") period ended June 30, 2012, an increase of $1.1 billion, or 48%, as compared to the same period in 2011. The increase in revenue is primarily due to increased prescription claim volume as a result of new customer implementations during 2012, as well as revenues generated from customers acquired from the acquisition of HealthTran, LLC ("HealthTran") which closed on January 1, 2012.

HCIT Revenue

HCIT revenue increased $12.4 million, or 42%, to $41.6 million in Q2 2012 compared to $29.2 million in Q2 2011. HCIT revenue increased $22.6 million, or 41%, to $77.5 million for the YTD period ended June 30, 2012, as compared to $54.9 million for the same period in 2011. The increase in the quarterly and YTD periods were primarily due to an increase in revenues earned from transaction processing, revenues generated from the HCIT customer base acquired from HealthTran and an increase in system sales.

Consolidated Gross Profit

Gross profit for Q2 2012 increased $48.3 million, or 65%, to $122.5 million compared to $74.2 million in Q2 2011. Gross profit increased $95.1 million, or 69%, to $232.9 million for the YTD period ended June 30, 2012 as compared to $137.8 million for the same period in 2011. The increase is mostly due to incremental PBM revenues generated from new customer implementations in 2012 and customers acquired from HealthTran. Gross profit percentage increased to 7% of revenue in Q2 2012 from 6% of revenue in Q2 2011. Gross profit has increased from 6% of revenue to 7% of revenue during the YTD period ended June 30, 2012 as compared to the same period in 2011. The gross profit percentage increased in both periods primarily as a result of  realizing synergies with the integration of HealthTran customers acquired.

Selling, General and Administration ("SG&A") Costs

SG&A costs for Q2 2012 were $61.2 million compared to $32.2 million in Q2 2011. SG&A costs increased by $55.2 million, or 93%  to $114.9 million for the YTD period ended June 30, 2012 compared to $59.7 million for the same period in 2011. SG&A costs have increased due to the addition of operating costs related to the Company's recent acquisitions, including HealthTran, additional resources added to support the growth of the PBM segment and due to transaction and integration expenses related to the merger with Catalyst totaling $6.4 million for Q2 2012, and $6.7 million for the YTD period ended June 30, 2012.

Income Taxes

The Company recognized income tax expense of $17.1 million for Q2 2012, representing an effective tax rate of 38.5%, as compared to $10.9 million, representing an effective tax rate of 33.6%, for the same period in 2011. The Company recognized income tax expense of $30.5 million for the YTD period ended June 30, 2012, representing an effective tax rate of 36.2%, as compared to $20.0 million, representing an effective tax rate of 33.4%, for the same period in 2011. The Company's effective tax rate increased during these periods primarily due to expenses incurred during 2012 related to the merger with Catalyst that are not tax deductible.

Net Income

The Company reported Q2 2012 net income of $27.3 million, or $0.41 per share (fully-diluted), compared to $21.6 million, or $0.34 per share (fully-diluted), in Q2 2011. Net income for the YTD period ended June 30, 2012 was $53.7 million or $0.82 per share (fully-diluted), as compared to $39.8 million or $0.63 per share (fully-diluted) for the same period in 2011. The increase is driven by an increase in revenues from new customer implementations and the HealthTran acquisition offset by an increase in SG&A expense and amortization of intangibles due to acquisitions, and transaction expenses related to the merger with Catalyst and the increase in tax expense due to non-deductible transaction expenses.

Adjusted EPS¹ (fully-diluted), which excludes all transaction-related amortization of intangible assets, net of tax, increased 29% to $0.49 per share (fully-diluted), compared to $0.38 per share (fully-diluted) in Q2 2011. Adjusted EPS¹ (fully-diluted) increased 44% for the YTD period ended June 30, 2012 to $1.01 (fully-diluted), as compared to $0.70 (fully-diluted), in the same period of 2011.

EBITDA¹

Q2 2012 EBITDA  increased 50% to $58.6 million compared to $39.0 million in Q2 2011. In the quarter the Company incurred $6.4 million of transaction expenses related to the merger with Catalyst, which are not excluded from EBITDA. EBITDA for the YTD period ended June 30, 2012 increased 56% to $113.0 million, compared to $72.5 million for the same period of 2011. The EBITDA growth was due primarily to new contract implementations, as well as additional business generated from recent acquisitions and their associated synergies.

Cash from Operations

For Q2 2012, the Company generated $29.7 million of cash from operations, compared to a use of $1.4 million of cash during the same period in 2011. For the YTD period ended June 30, 2012, the Company generated $85.9 million of cash from operations, compared to a use of  $0.6 million of cash during the same period in 2011. The increased transaction volume in the PBM segment, propelled by new customer implementations during 2012, as well as the additional business generated as a result of the Company's recent acquisitions, were the primary drivers of increased operating cash flow during 2012.

2012 Full Year Financial Guidance

With today's announcement, the Company is updating its 2012 full year financial targets to reflect the merger with Catalyst.  The updated GAAP EPS (fully diluted) and Adjusted EPS (fully diluted) amounts consider the effects of the approximately 33.4 million shares issued to complete the merger;

  • Revenue of $9.9 to $10.0 billion.
  • EBITDA1 of $353 to $358 million.
  • GAAP EPS (fully-diluted) of $1.24 to $1.27.
  • Adjusted EPS1 (fully-diluted) of $2.14 to $2.17 (excluding all transaction-related amortization of $126-128 million less an estimated 2012 tax rate of 38-40%).

Notice of Conference Call

Catamaran will host a conference call on Wednesday, August 1, 2012, at 8:30 a.m. ET to discuss its financial results. Mark Thierer, Chairman and CEO, and Jeff Park, EVP and CFO, will co-chair the call. This call is being webcast and can be accessed from the IR Events page of the Catamaran Corporation web site at www.catamaranrx.com.  An archived replay of the webcast will be available for 90 days.

1Non-GAAP Financial Measures

Catamaran reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). Catamaran's management also evaluates and makes operating decisions using various other measures. Two such measures are Adjusted EPS and EBITDA, which are non-GAAP financial measures. Catamaran's management believes that these two measures provide useful supplemental information regarding the performance of Catamaran's business operations.

Adjusted EPS adds back the impact of all amortization of intangible asset expenses, net of tax. Amortization of intangible asset expense arises from the acquisition of intangible assets in connection with the Company's business acquisitions. The Company excludes acquisition-related amortization expense from EPS because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Catamaran's business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributes to revenue in the periods presented as well as future periods and should also note that such expenses will recur in future periods.

EBITDA is a non-GAAP measure that management believes is a useful supplemental measure of operating performance prior to interest and other expense, net, income taxes, depreciation and amortization. Management believes it is useful to exclude these expenses as they are essentially amounts that cannot be influenced by management in the short term.

The 2012 full year guidance of EBITDA was computed using the Company's estimated 2012 earnings before interest and other expense, net, taxes, depreciation and amortization. Adjusted EPS was computed by taking the Company's GAAP EPS (fully-diluted) guidance and adding back the expected impact of all acquisition-related amortization expense totaling approximately $126-128 million less an estimated 2012 tax rate of 38-40%.

Adjusted prescription claim volume equals Catamaran's mail service prescriptions multiplied by three, plus its retail and specialty prescriptions. The mail service prescriptions are multiplied by three to adjust for the fact that they typically include approximately three times the amount of product days supplied compared with retail prescriptions.

Management believes that Adjusted EPS, EBITDA and adjusted prescription claim volume provide useful supplemental information to management and investors regarding the performance of the Company's business operations and facilitate comparisons to its historical operating results. Management also uses this information internally for forecasting and budgeting as it believes that the measures are indicative of the Company's core operating results. Note, however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity. Non-GAAP financial measures should not be considered as a substitute for measures of financial performance in accordance with GAAP, and investors and potential investors are encouraged to review the reconciliations of Adjusted EPS and EBITDA to their most directly comparable GAAP measure.

Adjusted EPS and EBITDA do not have standardized meanings prescribed by GAAP. The Company's method of calculating these items may differ from the methods used by other companies and, accordingly, may not be comparable to similarly titled measures used by other companies. Reconciliations of EBITDA to net income and GAAP EPS (fully-diluted) to adjusted EPS (fully-diluted) are shown below:

EBITDA Reconciliation Three Months Ended June 30,   Six Months Ended June 30,
(in thousands) 2012   2011   2012   2011
  (unaudited)   (unaudited)
Net Income (GAAP) $ 27,310     $ 21,565     $ 53,652     $ 39,836  
Add:              
  Depreciation of property and equipment 3,241     2,251     6,297     4,580  
  Amortization of intangible assets 9,011     3,667     19,330     7,226  
  Interest and other expense, net 1,980     584     3,219     870  
  Income tax expense 17,065     10,910     30,483     19,978  
EBITDA $ 58,607     $ 38,977     $ 112,981     $ 72,490  

Adjusted EPS Reconciliation            
(in thousands, except per share data)              
    Three Months Ended June 30,   Six Months Ended June 30,
    2012   2011   2012   2011
    Operational
Results
  Per
Diluted
Share
  Operational
Results
  Per
Diluted
Share
  Operational
Results
  Per
Diluted
Share
  Operational
Results
  Per
Diluted
Share
    (unaudited)   (unaudited)
Net income (GAAP)   $ 27,310     $ 0.41     $ 21,565     $ 0.34     $ 53,652     $ 0.82     $ 39,836     $ 0.63  
Amortization of intangible assets   9,011     0.13     3,667     0.06     19,330     0.30     7,226     0.11  
Tax effect of reconciling item   (3,469)     (0.05)     (1,232)     (0.02)     (6,997)          (0.11)     (2,413)     (0.04)  
Non-GAAP net income   $ 32,852     $ 0.49     $ 24,000     $ 0.38     $ 65,985     $ 1.01     $ 44,649     $ 0.70  

About Catamaran Corporation

Catamaran, the industry's fastest-growing pharmacy benefits manager, helps organizations and the communities they serve take control of prescription drug costs. Managing more than 200 million prescriptions each year on behalf of 25 million members, our flexible, holistic solutions improve patient care and empower individuals to take charge of their health. Processing one in every five prescription claims in the U.S., Catamaran's skill and scale deliver compelling financial results and sustainable improvement in the overall health of members. Catamaran is headquartered in Lisle, Ill. with multiple locations in the U.S. and Canada. For more information, please visit www.catamaranrx.com.

Forward-Looking Statements

Certain information included herein is forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's anticipated operating results and the Company's objectives and the strategies to achieve those objectives, as well as information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our dependence on, and ability to retain, key customers; our ability to achieve increased market acceptance for our product offerings and penetrate new markets; consolidation in the healthcare industry; the existence of undetected errors or similar problems in our software products; our ability to identify and complete acquisitions, manage our growth, integrate acquisitions and achieve expected synergies from acquisitions; our ability to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions; interruption of our operations due to outside sources; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; potential write-offs of goodwill or other intangible assets; and the outcome of any legal proceeding that has been or may be instituted against us. This list is not exhaustive of the factors that may affect any of our forward-looking statements and is subject to change.

In addition, numerous factors could cause actual results with respect to the merger with Catalyst Health Solutions, Inc. ("Catalyst" or the "Merger") to differ materially from those in the forward-looking statements, including without limitation, the possibility that the expected efficiencies and cost savings from the Merger will not be realized, or will not be realized within the expected time period; the risk that the Company's and Catalyst businesses will not be integrated successfully; disruption from the Merger making it more difficult to maintain business and operational relationships; the risk of customer attrition; and the impact on the availability of funds for other business purposes due to our debt service obligations and  funds required to integrate Catalyst.

When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. In making the forward-looking statements contained herein, the Company does not assume any significant future acquisitions, dispositions or one-time items. It does assume, however, the renewal of certain customer contracts. Every year, the Company has major customer contracts that come up for renewal. In addition, the Company also assumes new customer contracts. In this regard, the Company is pursuing large opportunities that present a very long and complex sales cycle which substantially affects its forecasting abilities. The Company has assumed certain timing for the realization of these opportunities which it thinks is reasonable but which may not be achieved. Furthermore, the pursuit of these larger opportunities does not ensure a linear progression of revenue and earnings since they may involve significant up-front costs followed by renewals and cancellations of existing contracts. The Company has assumed certain revenues which may not be realized. The Company has also assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking information to differ materially from actual results or events. The foregoing list of factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Other factors that should be considered are discussed from time to time in Catamaran's filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2011Annual Report on Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov.  Investors are cautioned not to put undue reliance on forward-looking statements.  All subsequent written and oral forward-looking statements attributable to Catamaran or persons acting on our behalf are expressly qualified in their entirety by this notice.  We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.  

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY'S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.




CATAMARAN CORPORATION
Consolidated Balance Sheets
(in thousands, except share data)
 
  June 30, 2012     December 31, 2011
  (unaudited)      
ASSETS      
Current assets      
  Cash and cash equivalents $ 798,921     $ 341,382
  Restricted cash 12,588     12,017
  Accounts receivable, net of allowance for doubtful accounts of $2,232 (2011 — $2,725) 288,121     240,425
  Rebates receivable 79,312     33,834
  Prepaid expenses and other current assets 8,553     6,409
  Inventory 23,039     19,554
  Deferred income taxes 7,694     9,642
    Total current assets 1,218,228     663,263
Property and equipment, net of accumulated depreciation of $49,571 (2011 — $43,304) 29,017     21,658
Goodwill 462,579     291,045
Other intangible assets, net of accumulated amortization of $67,402 (2011 — $48,072) 127,577     69,777
Other assets 13,830     4,564
Total assets $ 1,851,231     $ 1,050,307
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
Current liabilities      
  Accounts payable $ 22,333     $ 19,679
  Accrued expenses and other current liabilities 97,076     66,729
  Pharmacy benefit management rebates payable 64,718     59,235
  Pharmacy benefit claims payable 276,025     199,701
    Total current liabilities 460,152     345,344
Deferred income taxes 16,712     18,361
Long term debt 100,000     —  
Other liabilities 8,519     15,564
    Total liabilities 585,383     379,269
Commitments and contingencies      
Shareholders' equity      
  Common shares: no par value, unlimited shares authorized; 68,987,840 shares issued and outstanding at June 30, 2012 (December 31, 2011 — 62,383,661 shares) 936,247     394,769
  Additional paid-in capital 37,616     37,936
  Retained earnings 291,985     238,333
    Total shareholders' equity 1,265,848     671,038
Total liabilities and shareholders' equity $ 1,851,231     $ 1,050,307




 
 
CATAMARAN CORPORATION
Consolidated Statements of Operations
(in thousands, except share and per share data)
 
  Three Months Ended
June 30,
  Six Months Ended 
June 30,
  2012   2011   2012   2011
  (unaudited)   (unaudited)
               
Revenue $ 1,702,703     $ 1,212,039     $ 3,419,800     $ 2,309,689
Cost of revenue 1,580,199     1,137,836     3,186,907     2,171,910
Gross profit 122,504     74,203     232,893     137,779
Expenses:              
  Product development costs 3,436     3,666     6,510     7,026
  Selling, general and administrative 61,223     32,229     114,864     59,668
  Depreciation of property and equipment 2,479     1,582     4,835     3,175
  Amortization of intangible assets 9,011     3,667     19,330     7,226
  76,149     41,144     145,539     77,095
Operating income 46,355     33,059     87,354     60,684
Interest and other expense, net 1,980     584     3,219     870
Income before income taxes 44,375     32,475     84,135     59,814
Income tax expense (benefit):              
  Current 17,533     11,687     31,188     20,297
  Deferred                 (468)                   (777)                   (705)     (319)
  17,065     10,910     30,483     19,978
Net income $ 27,310     $ 21,565     $ 53,652     $ 39,836
Earnings per share:              
  Basic $ 0.41     $ 0.35     $ 0.83     $ 0.64
  Diluted $ 0.41     $ 0.34     $ 0.82     $ 0.63
Weighted average number of shares used in computing earnings per share:              
  Basic 66,220,869     62,074,246     64,374,780     61,938,392
  Diluted 66,884,741     63,768,457     65,065,394     63,649,369

 
 
CATAMARAN CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
 
  Three Months Ended 
June 30,
  Six Months Ended 
June 30,
  2012   2011   2012   2011
  (unaudited)   (unaudited)
Cash flows from operating activities:              
  Net income $ 27,310     $ 21,565     $ 53,652     $ 39,836
  Items not involving cash:              
      Stock-based compensation 4,064     2,419     6,853     4,102
      Depreciation of property and equipment 3,241     2,251     6,297     4,580
      Amortization of intangible assets 9,012     3,667     19,330     7,226
      Deferred lease inducements and rent 154     (125)     205     (247)
      Deferred income taxes (469)     (778)     (705)     (319)
      Tax benefit on stock-based compensation plans (2,792)     (5,696)     (10,581)     (9,019)
  Changes in operating assets and liabilities, net of effects from acquisitions:              
      Accounts receivable 4,259     (24,879)     (27,584)     (103,044)
      Rebates receivable (32,235)     (723)     (41,012)     (401)
      Restricted cash 94     (1,160)     (571)     (1,172)
      Prepaid expenses and other current assets (798)     (2,162)     (654)     (2,939)
      Inventory (1,570)     (1,304)     (3,172)     (3,487)
      Income taxes 5,816     4,643     11,703     12,862
      Accounts payable 5,578     (209)     1,547     6,320
      Accrued expenses and other current liabilities 2,344     (95)     9,985     (7,879)
      Pharmacy benefit claims payable 12,672     7,609     61,433     60,329
      Pharmacy benefit management rebates payable (4,505)     (7,672)     2,720     (7,832)
      Other (2,459)     1,273     (3,508)     487
          Net cash provided (used) by operating activities 29,716     (1,376)     85,938     (597)
Cash flows from investing activities:              
    Acquisition, net of cash acquired 294     (12,985)     (242,884)     (12,985)
    Purchases of property and equipment (4,697)     (898)     (10,839)     (2,095)
        Net cash used by investing activities (4,403)     (13,883)     (253,723)     (15,080)
Cash flows from financing activities:              
    Proceeds from public offering, net of issuance costs 519,260         519,260     —  
    Proceeds from issuance of debt         100,000     —  
    Tax benefit on stock-based compensation plans 2,792     5,696     10,581     9,019
    Proceeds from exercise of options 1,130     3,348     4,464     5,106
    Payment of financing cost (9,000)         (9,000)     —  
        Net cash provided by financing activities 514,182     9,044     625,305     14,125
Effect of foreign exchange on cash balances (11)     (7)     19     (25)
Increase (decrease) in cash and cash equivalents 539,484     (6,222)     457,539     (1,577)
Cash and cash equivalents, beginning of period 259,437     325,929     341,382     321,284
Cash and cash equivalents, end of period $ 798,921     $ 319,707     $ 798,921     $ 319,707

 

SOURCE Catamaran



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