Guarantor Condensed Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2015 |
Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Guarantor Condensed Consolidating Financial Statements | Guarantor Condensed Consolidating Financial Statements |
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Our 10.5% Second Lien Notes and 12.5% Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by us and each of our material 100% owned subsidiaries, other than the subsidiaries that are co-issuers of the notes, foreign subsidiaries and subsidiaries whose only assets are investments in foreign subsidiaries. The non-guarantor subsidiaries do not have any payment obligations under the 10.5% Second Lien Notes or 12.5% Unsecured Notes. Subject to the terms of the10.5% Second Lien Notes and 12.5% Unsecured Notes indentures, the guarantee of a subsidiary guarantor will terminate upon: |
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-1 | a sale or other disposition (including by way of consolidation or merger) of the capital stock of such guarantor or the sale or disposition of all or substantially all the assets of such subsidiary guarantor (other than to the Company or a restricted subsidiary) otherwise permitted by the 10.5% Second Lien Notes or 12.5% Unsecured Notes indentures, | | | | | | | | | | | | | | | | | | | | | | |
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-2 | the designation in accordance with the 10.5% Second Lien Notes or 12.5% Unsecured Notes indenture of the guarantor as an unrestricted subsidiary or the occurrence of any event after which the guarantor is no longer a restricted subsidiary, | | | | | | | | | | | | | | | | | | | | | | |
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-3 | defeasance or discharge of the 10.5% Second Lien Notes or 12.5% Unsecured Notes, or | | | | | | | | | | | | | | | | | | | | | | |
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-4 | upon the achievement of investment grade status by the 10.5% Second Lien Notes or 12.5% Unsecured Notes; provided that such guarantee shall be reinstated upon the reversion date. | | | | | | | | | | | | | | | | | | | | | | |
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In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the 10.5% Second Lien Notes and 12.5% Unsecured Notes indentures will not guarantee the 10.5% Second Lien Notes or 12.5% Unsecured Notes. As of March 31, 2015, there were no restrictions on the ability of subsidiary guarantors to transfer funds to the parent company. |
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As a result of the guarantee arrangements, we are presenting the following condensed consolidated balance sheets, statements of operations and comprehensive income (loss), and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries. |
Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Balance Sheet |
March 31, 2015 |
(in thousands) |
(unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets: | | | | | | | | | | | |
Current assets: | | | | | | | | | | | |
Cash and cash equivalents | $ | 398 | | | $ | 50,055 | | | $ | — | | | $ | 200,056 | | | $ | — | | | $ | 250,509 | |
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Accounts receivable, net | — | | | 181,254 | | | 66,017 | | | 117,853 | | | — | | | 365,124 | |
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Inventories, net | — | | | 106,137 | | | 116,069 | | | 93,585 | | | (133,334 | ) | | 182,457 | |
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Deferred income taxes | — | | | 58,059 | | | 10,594 | | | 1,862 | | | — | | | 70,515 | |
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Prepaid expenses and other | — | | | 14,178 | | | 2,902 | | | 246,711 | | | (235,454 | ) | | 28,337 | |
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Intercompany receivables | 166 | | | 2,000,335 | | | 2,448,575 | | | 72,599 | | | (4,521,675 | ) | | — | |
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Total current assets | 564 | | | 2,410,018 | | | 2,644,157 | | | 732,666 | | | (4,890,463 | ) | | 896,942 | |
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Net property, plant and equipment | — | | | 301,139 | | | 68,201 | | | 142,645 | | | (234,332 | ) | | 277,653 | |
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Debt issuance costs, net | — | | | 72,094 | | | — | | | — | | | — | | | 72,094 | |
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Deferred income taxes | — | | | — | | | — | | | 30,466 | | | — | | | 30,466 | |
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Goodwill | — | | | 2,483,240 | | | 732,138 | | | 162,920 | | | — | | | 3,378,298 | |
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Identifiable intangible assets, net | — | | | 285,726 | | | 1,770,658 | | | 296,430 | | | — | | | 2,352,814 | |
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Other non-current assets | — | | | 1,261 | | | 186 | | | 94,162 | | | (90,900 | ) | | 4,709 | |
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Intercompany loan receivables | — | | | 755,000 | | | 431,626 | | | — | | | (1,186,626 | ) | | — | |
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Intercompany investments | 656,463 | | | 409,245 | | | 319,910 | | | — | | | (1,385,618 | ) | | — | |
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| $ | 657,027 | | | $ | 6,717,723 | | | $ | 5,966,876 | | | $ | 1,459,289 | | | $ | (7,787,939 | ) | | $ | 7,012,976 | |
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Liabilities and Equity: | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 17,307 | | | $ | 12,703 | | | $ | 25,936 | | | $ | — | | | $ | 55,946 | |
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Accrued expenses and other | — | | | 286,332 | | | 233,481 | | | 67,683 | | | (191,982 | ) | | 395,514 | |
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Intercompany payables | 7,258 | | | 1,310,017 | | | 2,695,544 | | | 508,856 | | | (4,521,675 | ) | | — | |
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Current installments of long-term debt | — | | | 25,385 | | | — | | | — | | | — | | | 25,385 | |
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Income taxes payable | — | | | 555 | | | 4,123 | | | 5,303 | | | — | | | 9,981 | |
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Deferred income taxes | — | | | — | | | 103,135 | | | — | | | — | | | 103,135 | |
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Total current liabilities | 7,258 | | | 1,639,596 | | | 3,048,986 | | | 607,778 | | | (4,713,657 | ) | | 589,961 | |
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Long-term debt, net of current installments and discount | — | | | 4,774,787 | | | — | | | — | | | — | | | 4,774,787 | |
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Non-current tax liabilities | — | | | 9,852 | | | 6,276 | | | 17,717 | | | — | | | 33,845 | |
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Deferred income taxes | — | | | 111,338 | | | 641,696 | | | 46,300 | | | — | | | 799,334 | |
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Other non-current liabilities | 629 | | | 114,499 | | | 48,262 | | | 2,519 | | | — | | | 165,909 | |
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Intercompany loan payables | — | | | 423,357 | | | 755,000 | | | 8,269 | | | (1,186,626 | ) | | — | |
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Total liabilities | 7,887 | | | 7,073,429 | | | 4,500,220 | | | 682,583 | | | (5,900,283 | ) | | 6,363,836 | |
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Total equity | 649,140 | | | (355,706 | ) | | 1,466,656 | | | 776,706 | | | (1,887,656 | ) | | 649,140 | |
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| $ | 657,027 | | | $ | 6,717,723 | | | $ | 5,966,876 | | | $ | 1,459,289 | | | $ | (7,787,939 | ) | | $ | 7,012,976 | |
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Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Balance Sheet |
December 31, 2014 |
(in thousands) |
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| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets: | | | | | | | | | | | |
Current assets: | | | | | | | | | | | |
Cash and cash equivalents | $ | 398 | | | $ | 41,027 | | | $ | 1,499 | | | $ | 140,617 | | | $ | — | | | $ | 183,541 | |
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Accounts receivable, net | — | | | 179,872 | | | 67,355 | | | 123,256 | | | — | | | 370,483 | |
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Inventories, net | — | | | 73,904 | | | 110,355 | | | 93,765 | | | (99,802 | ) | | 178,222 | |
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Deferred income taxes | — | | | 52,868 | | | 10,157 | | | — | | | — | | | 63,025 | |
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Prepaid expenses and other | — | | | 11,106 | | | 6,851 | | | 247,606 | | | (238,000 | ) | | 27,563 | |
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Intercompany receivables | 166 | | | 1,854,033 | | | 2,432,299 | | | 48,267 | | | (4,334,765 | ) | | — | |
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Total current assets | 564 | | | 2,212,810 | | | 2,628,516 | | | 653,511 | | | (4,672,567 | ) | | 822,834 | |
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Net property, plant and equipment | — | | | 315,691 | | | 69,801 | | | 164,838 | | | (262,282 | ) | | 288,048 | |
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Debt issuance costs, net | — | | | 77,896 | | | — | | | — | | | — | | | 77,896 | |
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Deferred income taxes | — | | | — | | | — | | | 31,692 | | | — | | | 31,692 | |
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Goodwill | — | | | 2,483,240 | | | 732,138 | | | 162,920 | | | — | | | 3,378,298 | |
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Identifiable intangible assets, net | — | | | 299,575 | | | 1,788,661 | | | 309,015 | | | — | | | 2,397,251 | |
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Other non-current assets | — | | | 1,161 | | | 186 | | | 94,247 | | | (90,900 | ) | | 4,694 | |
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Intercompany loan receivables | — | | | 760,000 | | | 429,856 | | | — | | | (1,189,856 | ) | | — | |
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Intercompany investments | 667,530 | | | 360,292 | | | 223,581 | | | — | | | (1,251,403 | ) | | — | |
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| $ | 668,094 | | | $ | 6,510,665 | | | $ | 5,872,739 | | | $ | 1,416,223 | | | $ | (7,467,008 | ) | | $ | 7,000,713 | |
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Liabilities and Equity: | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
Accounts payable | $ | 245 | | | $ | 16,298 | | | $ | 14,463 | | | $ | 20,821 | | | $ | — | | | $ | 51,827 | |
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Accrued expenses and other | — | | | 218,793 | | | 244,829 | | | 74,380 | | | (194,518 | ) | | 343,484 | |
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Intercompany payables | 6,441 | | | 1,181,383 | | | 2,634,149 | | | 512,792 | | | (4,334,765 | ) | | — | |
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Current installments of long-term debt | — | | | 25,721 | | | — | | | — | | | — | | | 25,721 | |
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Income taxes payable | — | | | — | | | — | | | 1,305 | | | — | | | 1,305 | |
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Deferred income taxes | — | | | — | | | 113,658 | | | — | | | — | | | 113,658 | |
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Total current liabilities | 6,686 | | | 1,442,195 | | | 3,007,099 | | | 609,298 | | | (4,529,283 | ) | | 535,995 | |
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Long-term debt, net of current installments and discount | — | | | 4,815,290 | | | — | | | — | | | — | | | 4,815,290 | |
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Non-current tax liabilities | — | | | 9,404 | | | 6,203 | | | 17,693 | | | — | | | 33,300 | |
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Deferred income taxes | — | | | 106,440 | | | 637,777 | | | 47,940 | | | — | | | 792,157 | |
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Other non-current liabilities | 695 | | | 113,368 | | | 48,172 | | | 1,023 | | | — | | | 163,258 | |
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Intercompany loan payables | — | | | 420,294 | | | 760,000 | | | 9,562 | | | (1,189,856 | ) | | — | |
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Total liabilities | 7,381 | | | 6,906,991 | | | 4,459,251 | | | 685,516 | | | (5,719,139 | ) | | 6,340,000 | |
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Total equity | 660,713 | | | (396,326 | ) | | 1,413,488 | | | 730,707 | | | (1,747,869 | ) | | 660,713 | |
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| $ | 668,094 | | | $ | 6,510,665 | | | $ | 5,872,739 | | | $ | 1,416,223 | | | $ | (7,467,008 | ) | | $ | 7,000,713 | |
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Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Statement of Operations and Comprehensive Income (Loss) |
(in thousands) |
(unaudited) |
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| For the three months ended March 31, 2015 |
| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue: | | | | | | | | | | | |
Rental | $ | — | | | $ | 149,698 | | | $ | — | | | $ | 23,141 | | | $ | — | | | $ | 172,839 | |
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Sales | — | | | 83,737 | | | 239,691 | | | 229,663 | | | (281,880 | ) | | 271,211 | |
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Total revenue | — | | | 233,435 | | | 239,691 | | | 252,804 | | | (281,880 | ) | | 444,050 | |
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Rental expenses | 21 | | | 75,873 | | | 3,467 | | | 41,365 | | | (42,548 | ) | | 78,178 | |
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Cost of sales | 43 | | | 89,496 | | | 159,253 | | | 87,974 | | | (263,352 | ) | | 73,414 | |
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Gross profit (loss) | (64 | ) | | 68,066 | | | 76,971 | | | 123,465 | | | 24,020 | | | 292,458 | |
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Selling, general and administrative expenses | 471 | | | 68,519 | | | 36,716 | | | 42,308 | | | (251 | ) | | 147,763 | |
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Research and development expenses | — | | | 5,617 | | | 4,896 | | | 4,165 | | | — | | | 14,678 | |
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Acquired intangible asset amortization | — | | | 13,880 | | | 19,456 | | | 12,541 | | | — | | | 45,877 | |
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Operating earnings (loss) | (535 | ) | | (19,950 | ) | | 15,903 | | | 64,451 | | | 24,271 | | | 84,140 | |
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Non-operating intercompany transactions | — | | | (1,682 | ) | | 30,849 | | | (29,190 | ) | | 23 | | | — | |
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Interest income and other | — | | | 16,762 | | | 3,063 | | | 103 | | | (19,781 | ) | | 147 | |
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Interest expense | — | | | (107,782 | ) | | (16,718 | ) | | (7 | ) | | 19,781 | | | (104,726 | ) |
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Foreign currency gain (loss) | — | | | 35,006 | | | (1,593 | ) | | (14,013 | ) | | — | | | 19,400 | |
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Derivative instruments loss | — | | | (3,348 | ) | | — | | | — | | | — | | | (3,348 | ) |
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Earnings (loss) from continuing operations before income taxes (benefit) and equity in earnings (loss) of subsidiaries | (535 | ) | | (80,994 | ) | | 31,504 | | | 21,344 | | | 24,294 | | | (4,387 | ) |
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Income tax expense (benefit) | — | | | 415 | | | 141 | | | (412 | ) | | — | | | 144 | |
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Earnings (loss) from continuing operations before equity in earnings (loss) of subsidiaries | (535 | ) | | (81,409 | ) | | 31,363 | | | 21,756 | | | 24,294 | | | (4,531 | ) |
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Equity in earnings (loss) of subsidiaries | (3,996 | ) | | 48,953 | | | 21,756 | | | — | | | (66,713 | ) | | — | |
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Earnings (loss) from continuing operations | (4,531 | ) | | (32,456 | ) | | 53,119 | | | 21,756 | | | (42,419 | ) | | (4,531 | ) |
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Earnings (loss) from discontinued operations, net of tax | — | | | — | | | — | | | — | | | — | | | — | |
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Net earnings (loss) | $ | (4,531 | ) | | $ | (32,456 | ) | | $ | 53,119 | | | $ | 21,756 | | | $ | (42,419 | ) | | $ | (4,531 | ) |
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Total comprehensive income (loss) | $ | (11,602 | ) | | $ | (39,527 | ) | | $ | 46,048 | | | $ | 14,685 | | | $ | (21,206 | ) | | $ | (11,602 | ) |
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Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Statement of Operations and Comprehensive Income (Loss) |
(in thousands) |
(unaudited) |
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| For the three months ended March 31, 2014 |
| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue: | | | | | | | | | | | |
Rental | $ | — | | | $ | 135,764 | | | $ | — | | | $ | 29,213 | | | $ | — | | | $ | 164,977 | |
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Sales | — | | | 65,869 | | | 202,032 | | | 208,466 | | | (198,709 | ) | | 277,658 | |
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Total revenue | — | | | 201,633 | | | 202,032 | | | 237,679 | | | (198,709 | ) | | 442,635 | |
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Rental expenses | 43 | | | 68,791 | | | 2,148 | | | 54,111 | | | (40,444 | ) | | 84,649 | |
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Cost of sales | 6 | | | 65,341 | | | 115,064 | | | 92,834 | | | (191,855 | ) | | 81,390 | |
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Gross profit (loss) | (49 | ) | | 67,501 | | | 84,820 | | | 90,734 | | | 33,590 | | | 276,596 | |
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Selling, general and administrative expenses | 893 | | | 79,282 | | | 46,653 | | | 48,887 | | | (103 | ) | | 175,612 | |
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Research and development expenses | — | | | 5,622 | | | 6,744 | | | 5,124 | | | — | | | 17,490 | |
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Acquired intangible asset amortization | — | | | 16,425 | | | 20,172 | | | 14,092 | | | — | | | 50,689 | |
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Operating earnings (loss) | (942 | ) | | (33,828 | ) | | 11,251 | | | 22,631 | | | 33,693 | | | 32,805 | |
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Non-operating intercompany transactions | — | | | (6,626 | ) | | (8,282 | ) | | (8,007 | ) | | 22,915 | | | — | |
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Interest income and other | — | | | 17,200 | | | 9,828 | | | 30 | | | (26,963 | ) | | 95 | |
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Interest expense | — | | | (112,016 | ) | | (17,137 | ) | | (5 | ) | | 26,963 | | | (102,195 | ) |
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Foreign currency gain (loss) | — | | | (460 | ) | | (46 | ) | | 742 | | | — | | | 236 | |
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Derivative instruments loss | — | | | (3 | ) | | — | | | — | | | — | | | (3 | ) |
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Earnings (loss) from continuing operations before income taxes (benefit) and equity in earnings (loss) of subsidiaries | (942 | ) | | (135,733 | ) | | (4,386 | ) | | 15,391 | | | 56,608 | | | (69,062 | ) |
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Income tax expense (benefit) | — | | | (79,988 | ) | | 31,834 | | | 26,152 | | | — | | | (22,002 | ) |
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Earnings (loss) from continuing operations before equity in earnings (loss) of subsidiaries | (942 | ) | | (55,745 | ) | | (36,220 | ) | | (10,761 | ) | | 56,608 | | | (47,060 | ) |
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Equity in earnings (loss) of subsidiaries | (45,441 | ) | | (50,750 | ) | | (10,761 | ) | | — | | | 106,952 | | | — | |
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Earnings (loss) from continuing operations | (46,383 | ) | | (106,495 | ) | | (46,981 | ) | | (10,761 | ) | | 163,560 | | | (47,060 | ) |
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Earnings (loss) from discontinued operations, net of tax | — | | | — | | | 677 | | | — | | | — | | | 677 | |
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Net earnings (loss) | $ | (46,383 | ) | | $ | (106,495 | ) | | $ | (46,304 | ) | | $ | (10,761 | ) | | $ | 163,560 | | | $ | (46,383 | ) |
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Total comprehensive income (loss) | $ | (45,090 | ) | | $ | (105,202 | ) | | $ | (45,011 | ) | | $ | (9,468 | ) | | $ | 159,681 | | | $ | (45,090 | ) |
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Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Statement of Cash Flows |
(in thousands) |
(unaudited) |
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| For the three months ended March 31, 2015 |
| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | |
Net earnings (loss) | $ | (4,531 | ) | | $ | (32,456 | ) | | $ | 53,119 | | | $ | 21,756 | | | $ | (42,419 | ) | | $ | (4,531 | ) |
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Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities | 1,107 | | | 45,550 | | | 52,538 | | | 13,987 | | | (6,378 | ) | | 106,804 | |
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Net cash provided (used) by operating activities | (3,424 | ) | | 13,094 | | | 105,657 | | | 35,743 | | | (48,797 | ) | | 102,273 | |
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Cash flows from investing activities: | | | | | | | | | | | |
Net additions to property, plant and equipment | — | | | (23,421 | ) | | (2,285 | ) | | 588 | | | 11,949 | | | (13,169 | ) |
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Decrease (increase) in identifiable intangible assets and other non-current assets | — | | | (130 | ) | | (1,820 | ) | | 129 | | | — | | | (1,821 | ) |
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Net cash provided (used) by investing activities | — | | | (23,551 | ) | | (4,105 | ) | | 717 | | | 11,949 | | | (14,990 | ) |
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Cash flows from financing activities: | | | | | | | | | | | |
Distribution to limited partners | (55 | ) | | — | | | — | | | — | | | — | | | (55 | ) |
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Settlement of profits interest units | (517 | ) | | — | | | — | | | — | | | — | | | (517 | ) |
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Repayments of long-term debt and capital lease obligations | — | | | (6,446 | ) | | — | | | 31 | | | — | | | (6,415 | ) |
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Debt issuance costs | — | | | (6,256 | ) | | — | | | — | | | — | | | (6,256 | ) |
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Proceeds (payments) on intercompany loans | — | | | 8,063 | | | (6,770 | ) | | (1,293 | ) | | — | | | — | |
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Proceeds (payments) on intercompany investments | 3,996 | | | 24,124 | | | (96,281 | ) | | 31,313 | | | 36,848 | | | — | |
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Net cash provided (used) by financing activities | 3,424 | | | 19,485 | | | (103,051 | ) | | 30,051 | | | 36,848 | | | (13,243 | ) |
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Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (7,072 | ) | | — | | | (7,072 | ) |
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Net increase (decrease) in cash and cash equivalents | — | | | 9,028 | | | (1,499 | ) | | 59,439 | | | — | | | 66,968 | |
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Cash and cash equivalents, beginning of period | 398 | | | 41,027 | | | 1,499 | | | 140,617 | | | — | | | 183,541 | |
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Cash and cash equivalents, end of period | $ | 398 | | | $ | 50,055 | | | $ | — | | | $ | 200,056 | | | $ | — | | | $ | 250,509 | |
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Condensed Consolidating Parent Company, Co-Issuers, |
Guarantor and Non-Guarantor Statement of Cash Flows |
(in thousands) |
(unaudited) |
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| For the three months ended March 31, 2014 |
| Acelity L.P. Inc. Parent Company | | Kinetic Concepts, Inc. and KCI USA, Inc. Borrower | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | |
Net earnings (loss) | $ | (46,383 | ) | | $ | (106,495 | ) | | $ | (46,304 | ) | | $ | (10,761 | ) | | $ | 163,560 | | | $ | (46,383 | ) |
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Adjustments to reconcile net loss to net cash provided (used) by operating activities | 941 | | | 54,197 | | | 62,506 | | | 42,868 | | | (31,283 | ) | | 129,229 | |
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Net cash provided (used) by operating activities | (45,442 | ) | | (52,298 | ) | | 16,202 | | | 32,107 | | | 132,277 | | | 82,846 | |
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Cash flows from investing activities: | | | | | | | | | | | | | | | | | |
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Net additions to property, plant and equipment | — | | | (20,324 | ) | | (2,031 | ) | | (12,414 | ) | | 22,105 | | | (12,664 | ) |
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Businesses acquired in purchase transactions, net of cash acquired | — | | | — | | | (4,500 | ) | | (113 | ) | | — | | | (4,613 | ) |
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Decrease (increase) in identifiable intangible assets and other non-current assets | — | | | (29 | ) | | (1,187 | ) | | (65 | ) | | — | | | (1,281 | ) |
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Net cash provided (used) by investing activities | — | | | (20,353 | ) | | (7,718 | ) | | (12,592 | ) | | 22,105 | | | (18,558 | ) |
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Cash flows from financing activities: | | | | | | | | | | | | | | | | | |
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Repayments of long-term debt and capital lease obligations | — | | | (6,619 | ) | | — | | | (16 | ) | | — | | | (6,635 | ) |
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Proceeds (payments) on intercompany loans | — | | | 36,602 | | | (18,830 | ) | | (17,772 | ) | | — | | | — | |
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Proceeds (payments) on intercompany investments | 45,442 | | | 50,744 | | | 10,228 | | | 47,968 | | | (154,382 | ) | | — | |
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Net cash provided (used) by financing activities | 45,442 | | | 80,727 | | | (8,602 | ) | | 30,180 | | | (154,382 | ) | | (6,635 | ) |
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Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 38 | | | — | | | 38 | |
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Net increase (decrease) in cash and cash equivalents | — | | | 8,076 | | | (118 | ) | | 49,733 | | | — | | | 57,691 | |
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Cash and cash equivalents, beginning of period | 398 | | | 87,771 | | | 118 | | | 118,662 | | | — | | | 206,949 | |
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Cash and cash equivalents, end of period | $ | 398 | | | $ | 95,847 | | | $ | — | | | $ | 168,395 | | | $ | — | | | $ | 264,640 | |
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