Exhibit 99.1
| | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited, in millions, except per share data) |
| | | | | |
| Three Months Ended |
| December 25,
2020 | Percent of
Net sales | | December 27,
2019 | Percent of
Net sales |
| Net sales | $ | 682.8 | | 100.0 | % | | $ | 804.9 | | 100.0 | % |
| Cost of sales | 372.3 | | 54.5 | | | 431.8 | | 53.6 | |
| Gross profit | 310.5 | | 45.5 | | | 373.1 | | 46.4 | |
| Selling, general and administrative expenses | 200.9 | | 29.4 | | | 169.2 | | 21.0 | |
| Research and development expenses | 65.0 | | 9.5 | | | 81.4 | | 10.1 | |
| Restructuring charges, net | 21.7 | | 3.2 | | | (12.9) | | (1.6) | |
| Non-restructuring impairment charges | — | | — | | | 274.5 | | 34.1 | |
| (Gains) losses on divestiture | (6.5) | | (1.0) | | | 33.5 | | 4.2 | |
| Opioid-related litigation settlement (gain) loss | (9.3) | | (1.4) | | | 1,643.4 | | 204.2 | |
| | | | | |
| Operating income (loss) | 38.7 | | 5.7 | | | (1,816.0) | | (225.6) | |
| Interest expense | (60.2) | | (8.8) | | | (77.2) | | (9.6) | |
| Interest income | 0.5 | | 0.1 | | | 2.9 | | 0.4 | |
| Gain on debt extinguishment, net | — | | — | | | 377.4 | | 46.9 | |
| Other income, net | 6.3 | | 0.9 | | | 24.2 | | 3.0 | |
| Reorganization items, net | (61.4) | | (9.0) | | | — | | — | |
| Loss from continuing operations before income taxes | (76.1) | | (11.1) | | | (1,488.7) | | (185.0) | |
| Income tax expense (benefit) | 78.1 | | 11.4 | | | (327.7) | | (40.7) | |
| Loss from continuing operations | (154.2) | | (22.6) | | | (1,161.0) | | (144.2) | |
| Income from discontinued operations, net of income taxes | 1.3 | | 0.2 | | | 3.9 | | 0.5 | |
| Net loss | $ | (152.9) | | (22.4) | % | | $ | (1,157.1) | | (143.8) | % |
| | | | | |
| Basic loss per share: | | | | | |
| Loss from continuing operations | $ | (1.82) | | | | $ | (13.80) | | |
| Income from discontinued operations | 0.02 | | | | 0.05 | | |
| Net loss | $ | (1.81) | | | | $ | (13.76) | | |
| Diluted loss per share: | | | | | |
| Loss from continuing operations | $ | (1.82) | | | | $ | (13.80) | | |
| Income from discontinued operations | 0.02 | | | | 0.05 | | |
| Net loss | $ | (1.81) | | | | $ | (13.76) | | |
| Weighted-average number of shares outstanding | | | | | |
| Basic weighted-average shares outstanding | 84.6 | | | 84.1 | |
| Diluted weighted-average shares outstanding | 84.6 | | | 84.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONSOLIDATED ADJUSTED EBITDA |
| (unaudited, in millions) |
| | | | | | | | | |
| Three Months Ended |
| December 25, 2020 | | December 27, 2019 |
| Gross Profit | SG&A | R&D | Adjusted EBITDA | | Gross Profit | SG&A | R&D | Adjusted EBITDA |
| Net loss | $ | 310.5 | | $ | 200.9 | | $ | 65.0 | | $ | (152.9) | | | $ | 373.1 | | $ | 169.2 | | $ | 81.4 | | $ | (1,157.1) | |
| Adjustments: | | | | | | | | | |
| Interest expense, net | — | | — | | — | | 59.7 | | | — | | — | | — | | 74.3 | |
| Income taxes | — | | — | | — | | 78.1 | | | — | | — | | — | | (327.7) | |
Depreciation(1) | 17.7 | | (18.8) | | (1.8) | | 38.3 | | | 16.1 | | (5.8) | | (2.1) | | 24.0 | |
| Amortization | 170.6 | | (0.8) | | — | | 171.4 | | | 202.8 | | (0.8) | | — | | 203.6 | |
| Restructuring charges, net | — | | — | | — | | 21.7 | | | — | | — | | — | | (12.9) | |
| Non-restructuring impairment charge | — | | — | | — | | — | | | — | | — | | — | | 274.5 | |
| Income from discontinued operations | — | | — | | — | | (1.3) | | | — | | — | | — | | (3.9) | |
| Change in contingent consideration fair value | — | | (7.5) | | — | | 7.5 | | | — | | 36.7 | | — | | (36.7) | |
Significant legal and environmental charges (2) | 0.9 | | (2.6) | | — | | (5.8) | | | — | | — | | — | | 1,643.4 | |
| (Gains) losses on divestiture | — | | — | | — | | (6.5) | | | — | | — | | — | | 33.5 | |
| Separation costs | — | | (18.4) | | — | | 18.4 | | | — | | (13.5) | | — | | 13.5 | |
| Gains on debt extinguishment, net | — | | — | | — | | — | | | — | | — | | — | | (377.4) | |
| Unrealized gain on equity investment | — | | — | | — | | (1.6) | | | — | | — | | — | | (13.7) | |
| | | | | | | | | |
| Reorganization items, net | — | | — | | — | | 61.4 | | | — | | — | | — | | — | |
| Share-based compensation | 0.4 | | (6.0) | | (1.3) | | 7.7 | | | 0.2 | | (2.6) | | (0.4) | | 3.2 | |
| As adjusted: | $ | 500.1 | | $ | 146.8 | | $ | 61.9 | | $ | 296.1 | | | $ | 592.2 | | $ | 183.2 | | $ | 78.9 | | $ | 340.6 | |
| | | | | | | | | |
(1)Includes $12.3 million of accelerated depreciation in selling general and administrative ("SG&A") related to restructuring charges incurred during the three months ended December 25, 2020.
(2)Includes a $9.3 million decrease in the fair value of the opioid settlement warrants, partially offset by $2.6 million in opioid defense costs and a $0.9 million change to the retrospective Medicaid lawsuit liability. Opioid defense costs are considered to be non-recurring as a result of the opioid-related litigation settlement announced during the three months ended March 27, 2020; therefore, such costs are included as an adjustment to net income on a go-forward basis.
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
SEGMENT OPERATING INCOME (1) |
| (unaudited, in millions) |
| | | |
| Three Months Ended |
| December 25,
2020 | | December 27,
2019 |
| Specialty Brands | $ | 250.7 | | | $ | 315.9 | |
| Specialty Generics | 50.9 | | | 43.1 | |
| Segment operating income | 301.6 | | | 359.0 | |
| Unallocated amounts: | | | |
Corporate and unallocated expenses (2) | (13.8) | | | (25.7) | |
| Depreciation and amortization | (209.7) | | | (227.6) | |
| Share-based compensation | (7.7) | | | (3.2) | |
| Restructuring charges, net | (21.7) | | | 12.9 | |
| Non-restructuring impairment charges | — | | | (274.5) | |
| Separation costs | (18.4) | | | (13.5) | |
| | | |
| Opioid-related litigation settlement gain (loss) | 9.3 | | | (1,643.4) | |
| Medicaid lawsuit | (0.9) | | | — | |
| Operating income (loss) | $ | 38.7 | | | $ | (1,816.0) | |
(1)During the three months ended September 25, 2020, the Company began excluding depreciation and share-based compensation from its evaluation of the operating results of its segments. As a result, prior period segment operating income has been recast to reflect this change on a comparable basis.
(2)Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
| (unaudited, in millions) |
| | | | | | | | | |
| Three Months Ended | | | | | | |
| December 25,
2020 | | December 27,
2019 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | $ | 506.6 | | | $ | 611.4 | | | (17.1) | % | | 0.1 | % | | (17.2) | % |
| Specialty Generics | 177.1 | | | 193.5 | | | (8.5) | | | — | | | (8.5) | |
| Segment net sales | 683.7 | | | 804.9 | | | (15.1) | | | 0.1 | | | (15.2) | |
| Medicaid lawsuit | (0.9) | | | — | | | * | | * | | * |
| Net sales | $ | 682.8 | | | $ | 804.9 | | | (15.2) | % | | 0.1 | % | | (15.3) | % |
*Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH |
| (unaudited, in millions) |
| | | | | | | | | |
| Three Months Ended | | | | | | |
| December 25,
2020 | | December 27,
2019 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | | | | | | | | | |
| Acthar Gel | $ | 191.3 | | | $ | 232.6 | | | (17.8) | % | | — | % | | (17.8) | % |
| INOmax | 135.6 | | | 143.8 | | | (5.7) | | | 0.1 | | | (5.8) | |
| Ofirmev | 60.5 | | | 111.8 | | | (45.9) | | | — | | | (45.9) | |
| Therakos | 64.5 | | | 63.3 | | | 1.9 | | | 1.2 | | | 0.7 | |
| Amitiza | 50.6 | | | 50.9 | | | (0.6) | | | — | | | (0.6) | |
| Other | 4.1 | | | 9.0 | | | (54.4) | | | — | | | (54.4) | |
| Specialty Brands Total | 506.6 | | | 611.4 | | | (17.1) | | | 0.1 | | | (17.2) | |
| | | | | | | | | |
| Specialty Generics | | | | | | | | | |
| Hydrocodone (API) and hydrocodone-containing tablets | 26.1 | | | 25.1 | | | 4.0 | | | — | | | 4.0 | |
| Oxycodone (API) and oxycodone-containing tablets | 20.4 | | | 21.6 | | | (5.6) | | | — | | | (5.6) | |
| Acetaminophen (API) | 58.5 | | | 46.8 | | | 25.0 | | | — | | | 25.0 | |
| Other controlled substances | 66.1 | | | 86.8 | | | (23.8) | | | — | | | (23.8) | |
| Other | 6.0 | | | 13.2 | | | (54.5) | | | — | | | (54.5) | |
| Specialty Generics Total | 177.1 | | | 193.5 | | | (8.5) | | | — | | | (8.5) | |
| Segment net sales | 683.7 | | | 804.9 | | | (15.1) | | | 0.1 | | | (15.2) | |
| Medicaid lawsuit | (0.9) | | | — | | | * | | * | | * |
| Net sales | $ | 682.8 | | | $ | 804.9 | | | (15.2) | % | | 0.1 | % | | (15.3) | % |
*Not meaningful
| | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited, in millions, except per share data) |
| | | | | |
| Fiscal Year |
| December 25,
2020 | Percent of
Net sales | | December 27,
2019 | Percent of
Net sales |
| Net sales (includes refined estimate of the retrospective one-time charge of $536.0 related to the Medicaid lawsuit for the fiscal year ended December 25, 2020) | $ | 2,213.4 | | 100.0 | % | | $ | 3,162.5 | | 100.0 | % |
| Cost of sales | 1,544.0 | | 69.8 | | | 1,741.1 | | 55.1 | |
| Gross profit | 669.4 | | 30.2 | | | 1,421.4 | | 44.9 | |
| Selling, general and administrative expenses | 884.1 | | 39.9 | | | 831.0 | | 26.3 | |
| Research and development expenses | 290.8 | | 13.1 | | | 349.4 | | 11.0 | |
| Restructuring charges, net | 37.5 | | 1.7 | | | (1.7) | | (0.1) | |
| Non-restructuring impairment charges | 63.5 | | 2.9 | | | 388.0 | | 12.3 | |
| (Gains) losses on divestiture | (16.6) | | (0.7) | | | 33.5 | | 1.1 | |
| Opioid-related litigation settlement (gain) loss | (43.4) | | (2.0) | | | 1,643.4 | | 52.0 | |
| Medicaid lawsuit | 105.1 | | 4.7 | | | — | | — | |
| Operating loss | (651.6) | | (29.4) | | | (1,822.2) | | (57.6) | |
| Interest expense | (261.1) | | (11.8) | | | (309.0) | | (9.8) | |
| Interest income | 5.9 | | 0.3 | | | 9.5 | | 0.3 | |
| Gains on debt extinguishment, net | — | | — | | | 466.6 | | 14.8 | |
| Other income, net | 7.4 | | 0.3 | | | 63.6 | | 2.0 | |
| Reorganization items, net | (61.4) | | (2.8) | | | — | | — | |
| Loss from continuing operations before income taxes | (960.8) | | (43.4) | | | (1,591.5) | | (50.3) | |
| Income tax expense (benefit) | 8.9 | | 0.4 | | | (584.3) | | (18.5) | |
| Loss from continuing operations | (969.7) | | (43.8) | | | (1,007.2) | | (31.8) | |
| Income from discontinued operations, net of income taxes | 25.1 | | 1.1 | | | 10.7 | | 0.3 | |
| Net loss | $ | (944.6) | | (42.7) | % | | $ | (996.5) | | (31.5) | % |
| | | | | |
| Basic loss per share: | | | | | |
| Loss from continuing operations | $ | (11.48) | | | | $ | (12.00) | | |
| Income from discontinued operations | 0.30 | | | | 0.13 | | |
| Net loss | $ | (11.18) | | | | $ | (11.88) | | |
| Diluted loss per share: | | | | | |
| Loss from continuing operations | $ | (11.48) | | | | $ | (12.00) | | |
| Income from discontinued operations | 0.30 | | | | 0.13 | | |
| Net loss | $ | (11.18) | | | | $ | (11.88) | | |
| Weighted-average number of shares outstanding: | | | | | |
| Basic | 84.5 | | | 83.9 | |
| Diluted | 84.5 | | | 83.9 | |
| | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONSOLIDATED ADJUSTED EBITDA |
| (unaudited, in millions) |
| Fiscal Year |
| December 25, 2020 | | December 27, 2019 |
| Gross Profit | SG&A | R&D | Adjusted EBITDA | | Gross Profit | SG&A | R&D | Adjusted EBITDA |
| Net loss | $ | 669.4 | | $ | 884.1 | | $ | 290.8 | | $ | (944.6) | | | $ | 1,421.4 | | $ | 831.0 | | $ | 349.4 | | $ | (996.5) | |
| Adjustments: | | | | | | | | | |
| Interest expense, net | — | | — | | — | | 255.2 | | | — | | — | | — | | 299.5 | |
| Income taxes | — | | — | | — | | 8.9 | | | — | | — | | — | | (584.3) | |
Depreciation(1) | 71.9 | | (35.1) | | (7.0) | | 114.0 | | | 67.7 | | (22.2) | | (7.8) | | 97.7 | |
| Amortization | 767.8 | | (3.4) | | — | | 771.2 | | | 847.9 | | (5.5) | | — | | 853.4 | |
| Restructuring charges, net | — | | — | | — | | 37.5 | | | — | | — | | — | | (1.7) | |
| Non-restructuring impairment charge | — | | — | | — | | 63.5 | | | — | | — | | — | | 388.0 | |
| Inventory step-up expense | — | | — | | — | | — | | | 10.0 | | — | | — | | 10.0 | |
| Income from discontinued operations | — | | — | | — | | (25.1) | | | — | | — | | — | | (10.7) | |
| Change in contingent consideration fair value | — | | (9.9) | | — | | 9.9 | | | — | | 60.2 | | — | | (60.2) | |
Significant legal and environmental charges (2) | 536.0 | | (55.7) | | — | | 653.4 | | | — | | (28.2) | | — | | 1,671.6 | |
| (Gains) losses on divestiture | — | | — | | — | | (16.6) | | | — | | — | | — | | 33.5 | |
| Separation costs | — | | (93.4) | | — | | 93.4 | | | — | | (63.9) | | — | | 63.9 | |
| Gain on debt extinguishment, net | — | | — | | — | | — | | | — | | — | | — | | (466.6) | |
| Unrealized gain on equity investment | — | | — | | — | | (3.8) | | | — | | — | | — | | (20.2) | |
| R&D upfront payment | — | | — | | (5.0) | | 5.0 | | | — | | — | | (20.0) | | 20.0 | |
| Reorganization items, net | — | | — | | — | | 61.4 | | | — | | — | | — | | — | |
| Share-based compensation | 1.3 | | (19.9) | | (4.1) | | 25.3 | | | 1.9 | | (26.7) | | (5.2) | | 33.8 | |
| As adjusted: | $ | 2,046.4 | | $ | 666.7 | | $ | 274.7 | | $ | 1,108.6 | | | $ | 2,348.9 | | $ | 744.7 | | $ | 316.4 | | $ | 1,331.2 | |
| 1300000 | -19900000 | -4100000 | | | | | | |
(1)Includes $12.3 million of accelerated depreciation in SG&A related to restructuring charges incurred during fiscal 2020.
(2)Includes a retrospective one-time charge of $641.1 million (the "Acthar Gel Medicaid Retrospective Rebate"), of which $536.0 million and $105.1 million have been reflected as a component of net sales and operating expenses, respectively, in the condensed consolidated statement of operations for the fiscal year ended December 25, 2020. The $105.1 million reflected as a component of operating expenses represents a pre-acquisition contingency related to the portion of the Acthar Gel Medicaid Retrospective Rebate that arose from sales of Acthar Gel prior to the Company’s acquisition of Questcor Pharmaceuticals, Inc. in August 2014. Also includes $55.7 million in opioid defense costs which are considered to be non-recurring as a result of the opioid-related litigation settlement announced during the three months ended March 27, 2020; therefore, such costs are included as an adjustment to net income on a go-forward basis. These costs were partially offset by a $43.4 million decrease in the fair value of the opioid settlement warrants.
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
SEGMENT OPERATING INCOME (1) |
| (unaudited, in millions) |
| | | |
| Fiscal Year |
| December 25,
2020 | | December 27,
2019 |
| Specialty Brands | $ | 1,015.7 | | | $ | 1,210.1 | |
| Specialty Generics | 206.4 | | | 168.5 | |
| Segment operating income | 1,222.1 | | | 1,378.6 | |
| Unallocated amounts: | | | |
Corporate and unallocated expenses (2) | (166.1) | | | (102.3) | |
| Depreciation and amortization | (885.2) | | | (951.1) | |
| Share-based compensation | (25.3) | | | (33.8) | |
| Restructuring charges, net | (37.5) | | | 1.7 | |
| Non-restructuring impairment charges | (63.5) | | | (388.0) | |
| Separation costs | (93.4) | | | (63.9) | |
| R&D upfront payment | (5.0) | | | (20.0) | |
| Opioid-related litigation settlement gain (loss) | 43.4 | | | (1,643.4) | |
| Medicaid lawsuit | (641.1) | | | — | |
| Operating loss | $ | (651.6) | | | $ | (1,822.2) | |
(1)During the three months ended September 25, 2020, the Company began excluding depreciation and share-based compensation from its evaluation of the operating results of its segments. As a result, prior period segment operating income has been recast to reflect this change on a comparable basis.
(2)Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
| (unaudited, in millions) |
| | | | | | | | | |
| Fiscal Year | | | | | | |
| December 25,
2020 | | December 27,
2019 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | $ | 2,059.6 | | | $ | 2,423.8 | | | (15.0) | % | | — | % | | (15.0) | % |
| Specialty Generics | 689.8 | | | 738.7 | | | (6.6) | | | — | | | (6.6) | |
| Segment net sales | 2,749.4 | | | 3,162.5 | | | (13.1) | | | — | | | (13.1) | |
| Medicaid lawsuit | (536.0) | | | — | | | * | | * | | * |
| Net sales | $ | 2,213.4 | | | $ | 3,162.5 | | | (30.0) | % | | — | % | | (30.0) | % |
*Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SELECT PRODUCT LINE NET SALES |
| (unaudited, in millions) |
| | | | | | | | | |
| Fiscal Year | | | | | | |
| December 25,
2020 | | December 27,
2019 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | | | | | | | | | |
| Acthar | $ | 767.9 | | | $ | 952.7 | | | (19.4) | % | | — | % | | (19.4) | % |
| Inomax | 574.1 | | | 571.4 | | | 0.5 | | | — | | | 0.5 | |
| Ofirmev | 276.5 | | | 384.0 | | | (28.0) | | | — | | | (28.0) | |
| Therakos | 238.6 | | | 246.9 | | | (3.4) | | | 0.3 | | | (3.7) | |
| Amitiza | 188.8 | | | 208.5 | | | (9.4) | | | — | | | (9.4) | |
| Other | 13.7 | | | 60.3 | | | (77.3) | | | — | | | (77.3) | |
| Specialty Brands Total | 2,059.6 | | | 2,423.8 | | | (15.0) | | | — | | | (15.0) | |
| | | | | | | | | |
| Specialty Generics | | | | | | | | | |
| Hydrocodone (API) and hydrocodone-containing tablets | 98.0 | | | 76.3 | | | 28.4 | | | — | | | 28.4 | |
| Oxycodone (API) and oxycodone-containing tablets | 68.4 | | | 74.9 | | | (8.7) | | | — | | | (8.7) | |
| Acetaminophen (API) | 213.0 | | | 189.9 | | | 12.2 | | | — | | | 12.2 | |
| Other controlled substances | 289.9 | | | 352.5 | | | (17.8) | | | — | | | (17.8) | |
| Other | 20.5 | | | 45.1 | | | (54.5) | | | — | | | (54.5) | |
| Specialty Generics Total | 689.8 | | | 738.7 | | | (6.6) | | | — | | | (6.6) | |
| Segment net sales | 2,749.4 | | | 3,162.5 | | | (13.1) | | | — | | | (13.1) | |
| Medicaid lawsuit | 536.0 | | | — | | | * | | * | | * |
| Net sales | $ | 2,213.4 | | | $ | 3,162.5 | | | (30.0) | % | | — | % | | (30.0) | % |
*Not meaningful
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (unaudited, in millions) |
| | | |
| December 25,
2020 | | December 27,
2019 |
| Assets | | | |
| Current Assets: | | | |
| Cash and cash equivalents | $ | 1,070.6 | | | $ | 790.9 | |
| Accounts receivable, net | 538.8 | | | 577.5 | |
| Inventories | 344.9 | | | 312.1 | |
| Prepaid expenses and other current assets | 350.0 | | | 150.2 | |
| | | |
| Total current assets | 2,304.3 | | | 1,830.7 | |
| Property, plant and equipment, net | 833.1 | | | 896.5 | |
| Intangible assets, net | 6,184.5 | | | 7,018.0 | |
| Other assets | 393.5 | | | 593.7 | |
| Total Assets | $ | 9,715.4 | | | $ | 10,338.9 | |
| | | |
| Liabilities and Shareholders' Equity | | | |
| Current Liabilities: | | | |
| Current maturities of long-term debt | $ | 3,587.9 | | | $ | 633.6 | |
| Accounts payable | 93.3 | | | 139.8 | |
| Accrued payroll and payroll-related costs | 79.4 | | | 105.2 | |
| Accrued interest | 26.9 | | | 62.9 | |
| Accrued and other current liabilities | 331.2 | | | 485.4 | |
| | | |
| Total current liabilities | 4,118.7 | | | 1,426.9 | |
| Long-term debt | — | | | 4,741.2 | |
| Opioid-related litigation settlement liability | — | | | 1,643.4 | |
| Pension and postretirement benefits | 34.6 | | | 62.4 | |
| Environmental liabilities | 59.8 | | | 60.0 | |
| Deferred income taxes | 80.6 | | | 11.0 | |
| Other income tax liabilities | 100.1 | | | 227.1 | |
| Other liabilities | 109.8 | | | 226.2 | |
| Liabilities subject to compromise | 4,192.6 | | | — | |
| Total Liabilities | 8,696.2 | | | 8,398.2 | |
| Shareholders' Equity: | | | |
| Preferred shares | — | | | — | |
| Ordinary shares | 18.8 | | | 18.7 | |
| Ordinary shares held in treasury at cost | (1,616.1) | | | (1,615.7) | |
| Additional paid-in capital | 5,587.6 | | | 5,562.5 | |
| Retained deficit | (2,961.5) | | | (2,016.9) | |
| Accumulated other comprehensive loss | (9.6) | | | (7.9) | |
| Total Shareholders' Equity | 1,019.2 | | | 1,940.7 | |
| Total Liabilities and Shareholders' Equity | $ | 9,715.4 | | | $ | 10,338.9 | |
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (unaudited, in millions) |
| | | |
| Fiscal Year |
| December 25,
2020 | | December 27,
2019 |
| Cash Flows From Operating Activities: | | | |
| Net loss | $ | (944.6) | | | $ | (996.5) | |
| Adjustments to reconcile net cash from operating activities: | | | |
| Depreciation and amortization | 885.2 | | | 951.1 | |
| Share-based compensation | 25.3 | | | 33.8 | |
| Deferred income taxes | 385.3 | | | (604.3) | |
| Non-cash impairment charges | 63.5 | | | 388.0 | |
| Inventory provisions | 18.5 | | | 18.0 | |
| (Gains) losses on divestiture | (16.6) | | | 33.5 | |
| Gain on repurchase of debt | — | | | (466.6) | |
| | | |
| Other non-cash items | (40.2) | | | (65.7) | |
| Reorganization items, net | 10.2 | | | — | |
| Changes in assets and liabilities: | | | |
| Accounts receivable, net | 37.9 | | | 31.6 | |
| Inventories | (51.1) | | | (23.1) | |
| Accounts payable | 15.7 | | | 6.7 | |
| Income taxes | (433.8) | | | (2.1) | |
| Opioid-related litigation settlement liability | — | | | 1,600.0 | |
| Medicaid lawsuit | 638.9 | | | — | |
| Other | (95.3) | | | (161.5) | |
| Net cash from operating activities | 498.9 | | | 742.9 | |
| Cash Flows From Investing Activities: | | | |
| Capital expenditures | (47.7) | | | (133.0) | |
| | | |
| Proceeds from divestiture, net of cash | (0.7) | | | 95.1 | |
| Other | 37.2 | | | 29.6 | |
| Net cash from investing activities | (11.2) | | | (8.3) | |
| Cash Flows From Financing Activities: | | | |
| Issuance of external debt | — | | | 695.0 | |
| Repayment of external debt | (139.5) | | | (945.1) | |
| Debt financing costs | (9.4) | | | (10.1) | |
| Proceeds from exercise of share options | — | | | 0.6 | |
| Repurchase of shares | (0.4) | | | (2.6) | |
| Other | (36.3) | | | (17.9) | |
| Net cash from financing activities | (185.6) | | | (280.1) | |
| Effect of currency rate changes on cash | 2.3 | | | 0.6 | |
| Net change in cash, cash equivalents and restricted cash | 304.4 | | | 455.1 | |
| Cash, cash equivalents and restricted cash at beginning of period | 822.6 | | | 367.5 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 1,127.0 | | | $ | 822.6 | |
| | | |
| Cash and cash equivalents at end of period | $ | 1,070.6 | | | $ | 790.9 | |
| Restricted cash included in prepaid expenses and other assets at end of period | 20.2 | | | — | |
| Restricted cash included in other long-term assets at end of period | 36.2 | | | 31.7 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 1,127.0 | | | $ | 822.6 | |
