Exhibit 99.1
| | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited, in millions, except per share data) |
| | | | | |
| Three Months Ended |
| June 25,
2021 | Percent of
Net sales | | June 26,
2020 | Percent of
Net sales |
| Net sales (includes retrospective one-time charge of $534.4 million related to the Medicaid lawsuit for the three months ended June 26, 2020) | $ | 546.4 | | 100.0 | % | | $ | 166.5 | | 100.0 | % |
| Cost of sales | 331.6 | | 60.7 | | | 386.7 | | 232.3 | |
| Gross profit (loss) | 214.8 | | 39.3 | | | (220.2) | | (132.3) | |
| Selling, general and administrative expenses | 145.0 | | 26.5 | | | 231.3 | | 138.9 | |
| Research and development expenses | 52.8 | | 9.7 | | | 82.9 | | 49.8 | |
| Restructuring charges, net | 6.1 | | 1.1 | | | 14.4 | | 8.6 | |
| Non-restructuring impairment charges | — | | — | | | 63.5 | | 38.1 | |
| Gains on divestiture | — | | — | | | (0.6) | | (0.4) | |
| Opioid-related litigation settlement loss | — | | — | | | 8.5 | | 5.1 | |
| Medicaid lawsuit | — | | — | | | 105.3 | | 63.2 | |
| Operating income (loss) | 10.9 | | 2.0 | | | (725.5) | | (435.7) | |
| Interest expense | (52.4) | | (9.6) | | | (64.2) | | (38.6) | |
| Interest income | — | | — | | | 1.0 | | 0.6 | |
| Other income (expense), net | 11.3 | | 2.1 | | | (0.6) | | (0.4) | |
| Reorganization items, net | (109.5) | | (20.0) | | | — | | — | |
| Loss from continuing operations before income taxes | (139.7) | | (25.6) | | | (789.3) | | (474.1) | |
| Income tax (benefit) expense | (33.5) | | (6.1) | | | 161.3 | | 96.9 | |
| Loss from continuing operations | (106.2) | | (19.4) | | | (950.6) | | (570.9) | |
| Income from discontinued operations, net of income taxes | 0.4 | | 0.1 | | | 17.5 | | 10.5 | |
| Net loss | $ | (105.8) | | (19.4) | % | | $ | (933.1) | | (560.4) | % |
| | | | | |
| Basic loss per share: | | | | | |
| Loss from continuing operations | $ | (1.25) | | | | $ | (11.25) | | |
| Income from discontinued operations | — | | | | 0.21 | | |
| Net loss | $ | (1.25) | | | | $ | (11.04) | | |
| Diluted loss per share: | | | | | |
| Loss from continuing operations | $ | (1.25) | | | | $ | (11.25) | | |
| Income from discontinued operations | — | | | | 0.21 | | |
| Net loss | $ | (1.25) | | | | $ | (11.04) | | |
| Weighted-average number of shares outstanding | | | | | |
| Basic weighted-average shares outstanding | 84.7 | | | 84.5 | |
| Diluted weighted-average shares outstanding | 84.7 | | | 84.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONSOLIDATED ADJUSTED EBITDA |
| (unaudited, in millions) |
| | | | | | | | | |
| Three Months Ended |
| June 25, 2021 | | June 26, 2020 |
| Gross Profit | SG&A | R&D | Adjusted EBITDA | | Gross Profit | SG&A | R&D | Adjusted EBITDA |
| Net loss | $ | 214.8 | | $ | 145.0 | | $ | 52.8 | | $ | (105.8) | | | $ | (220.2) | | $ | 231.3 | | $ | 82.9 | | $ | (933.1) | |
| Adjustments: | | | | | | | | | |
| Interest expense, net | — | | — | | — | | 52.4 | | | — | | — | | — | | 63.2 | |
| Income taxes | — | | — | | — | | (33.5) | | | — | | — | | — | | 161.3 | |
Depreciation (1) | 17.0 | | (4.3) | | (1.5) | | 22.8 | | | 17.5 | | (5.5) | | (1.7) | | 24.7 | |
| Amortization | 144.4 | | (0.8) | | — | | 145.2 | | | 190.8 | | (0.8) | | — | | 191.6 | |
| Restructuring charges, net | — | | — | | — | | 6.1 | | | — | | — | | — | | 14.4 | |
| Non-restructuring impairment charge | — | | — | | — | | — | | | — | | — | | — | | 63.5 | |
| Income from discontinued operations | — | | — | | — | | (0.4) | | | — | | — | | — | | (17.5) | |
| Change in contingent consideration fair value | — | | (5.3) | | — | | 5.3 | | | — | | 4.9 | | — | | (4.9) | |
| Significant legal and environmental charges | — | | — | | — | | — | | | 534.4 | | (17.2) | | — | | 665.4 | |
| Gains on divestiture | — | | — | | — | | — | | | — | | — | | — | | (0.6) | |
| Separation costs | — | | (0.3) | | — | | 0.3 | | | — | | (20.7) | | — | | 20.7 | |
| | | | | | | | | |
| Unrealized (gain) loss on equity investment | — | | — | | — | | (4.8) | | | — | | — | | — | | 2.4 | |
| R&D upfront payment | — | | — | | — | | — | | | — | | — | | (5.0) | | 5.0 | |
| Reorganization items, net | — | | — | | — | | 109.5 | | | — | | — | | — | | — | |
| Share-based compensation | 0.1 | | (1.9) | | (0.4) | | 2.4 | | | 0.3 | | (5.2) | | (1.1) | | 6.6 | |
| As adjusted: | $ | 376.3 | | $ | 132.4 | | $ | 50.9 | | $ | 199.5 | | | $ | 522.8 | | $ | 186.8 | | $ | 75.1 | | $ | 262.7 | |
| | | | | | | | | |
(1)Includes $0.6 million of accelerated depreciation in selling general and administrative ("SG&A") related to restructuring charges incurred during the three months ended June 25, 2021.
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
SEGMENT OPERATING INCOME (1) |
| (unaudited, in millions) |
| | | |
| Three Months Ended |
| June 25,
2021 | | June 26,
2020 |
| Specialty Brands | $ | 186.6 | | | $ | 252.7 | |
| Specialty Generics | 26.9 | | | 49.2 | |
| Segment operating income | 213.5 | | | 301.9 | |
| Unallocated amounts: | | | |
Corporate and unallocated expenses (2) | (25.7) | | | (52.7) | |
| Depreciation and amortization | (168.1) | | | (216.3) | |
| Share-based compensation | (2.4) | | | (6.6) | |
| Restructuring charges, net | (6.1) | | | (14.4) | |
| Non-restructuring impairment charge | — | | | (63.5) | |
| Separation costs | (0.3) | | | (20.7) | |
| R&D upfront payment | — | | | (5.0) | |
| Opioid-related litigation settlement loss | — | | | (8.5) | |
| Medicaid lawsuit | — | | | (639.7) | |
| Operating income (loss) | $ | 10.9 | | | $ | (725.5) | |
(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 | | | | | | |
| June 25,
2021 | | June 26,
2020 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | $ | 381.5 | | | $ | 522.8 | | | (27.0) | % | | 0.4 | % | | (27.4) | % |
| Specialty Generics | 164.9 | | | 178.1 | | | (7.4) | | | 0.2 | | | (7.6) | |
| Segment net sales | 546.4 | | | 700.9 | | | (22.0) | | | 0.3 | | | (22.3) | |
| Medicaid lawsuit | — | | | (534.4) | | | * | | * | | * |
| Net sales | $ | 546.4 | | | $ | 166.5 | | | 228.2 | % | | 0.3 | % | | 227.9 | % |
*Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH |
| (unaudited, in millions) |
| | | | | | | | | |
| Three Months Ended | | | | | | |
| June 25,
2021 | | June 26,
2020 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | | | | | | | | | |
| Acthar Gel | $ | 151.5 | | | $ | 213.7 | | | (29.1) | % | | — | % | | (29.1) | % |
| INOmax | 105.9 | | | 154.9 | | | (31.6) | | | 0.2 | | | (31.8) | |
| Ofirmev | 6.5 | | | 52.4 | | | (87.6) | | | — | | | (87.6) | |
| Therakos | 68.5 | | | 47.8 | | | 43.3 | | | 3.5 | | | 39.8 | |
| Amitiza | 44.8 | | | 49.4 | | | (9.3) | | | — | | | (9.3) | |
| Other | 4.3 | | | 4.6 | | | (6.5) | | | — | | | (6.5) | |
| Specialty Brands Total | 381.5 | | | 522.8 | | | (27.0) | | | 0.4 | | | (27.4) | |
| | | | | | | | | |
| Specialty Generics | | | | | | | | | |
| Hydrocodone (API) and hydrocodone-containing tablets | 20.5 | | | 25.4 | | | (19.3) | | | — | | | (19.3) | |
| Oxycodone (API) and oxycodone-containing tablets | 17.1 | | | 15.0 | | | 14.0 | | | — | | | 14.0 | |
| Acetaminophen (API) | 51.7 | | | 55.5 | | | (6.8) | | | — | | | (6.8) | |
| Other controlled substances | 69.0 | | | 77.8 | | | (11.3) | | | 0.5 | | | (11.8) | |
| Other | 6.6 | | | 4.4 | | | 50.0 | | | — | | | 50.0 | |
| Specialty Generics Total | 164.9 | | | 178.1 | | | (7.4) | | | 0.2 | | | (7.6) | |
| Segment net sales | 546.4 | | | 700.9 | | | (22.0) | | | 0.3 | | | (22.3) | |
| Medicaid lawsuit | — | | | (534.4) | | | * | | * | | * |
| Net sales | $ | 546.4 | | | $ | 166.5 | | | 228.2 | % | | 0.3 | % | | 227.9 | % |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
*Not meaningful
| | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited, in millions, except per share data) |
| | | | | |
| Six Months Ended |
| June 25,
2021 | Percent of
Net sales | | June 26,
2020 | Percent of
Net sales |
| Net sales (includes retrospective one-time charge of $534.4 million related to the Medicaid lawsuit for the six months ended June 26, 2020) | $ | 1,104.4 | | 100.0 | % | | $ | 832.3 | | 100.0 | % |
| Cost of sales | 639.2 | | 57.9 | | | 768.7 | | 92.4 | |
| Gross profit | 465.2 | | 42.1 | | | 63.6 | | 7.6 | |
| Selling, general and administrative expenses | 281.0 | | 25.4 | | | 462.4 | | 55.6 | |
| Research and development expenses | 119.0 | | 10.8 | | | 160.3 | | 19.3 | |
| Restructuring charges, net | 6.5 | | 0.6 | | | 12.6 | | 1.5 | |
| Non-restructuring impairment charges | 64.5 | | 5.8 | | | 63.5 | | 7.6 | |
| Losses (gains) on divestiture | 0.8 | | 0.1 | | | (0.4) | | — | |
| Opioid-related litigation settlement gain | — | | — | | | (8.3) | | (1.0) | |
| Medicaid lawsuit | — | | — | | | 105.3 | | 12.7 | |
| Operating loss | (6.6) | | (0.6) | | | (731.8) | | (87.9) | |
| Interest expense | (112.0) | | (10.1) | | | (138.7) | | (16.7) | |
| Interest income | 1.9 | | 0.2 | | | 4.5 | | 0.5 | |
| Other income, net | 19.4 | | 1.8 | | | 1.1 | | 0.1 | |
| Reorganization items, net | (203.0) | | (18.4) | | | — | | — | |
| Loss from continuing operations before income taxes | (300.3) | | (27.2) | | | (864.9) | | (103.9) | |
| Income tax (benefit) expense | (49.9) | | (4.5) | | | 142.4 | | 17.1 | |
| Loss from continuing operations | (250.4) | | (22.7) | | | (1,007.3) | | (121.0) | |
| Income from discontinued operations, net of income taxes | 0.7 | | 0.1 | | | 24.0 | | 2.9 | |
| Net loss | $ | (249.7) | | (22.6) | % | | $ | (983.3) | | (118.1) | % |
| | | | | |
| Basic loss per share: | | | | | |
| Loss from continuing operations | $ | (2.96) | | | | $ | (11.95) | | |
| Income from discontinued operations | 0.01 | | | | 0.28 | | |
| Net loss | $ | (2.95) | | | | $ | (11.66) | | |
| Diluted loss per share: | | | | | |
| Loss from continuing operations | $ | (2.96) | | | | $ | (11.95) | | |
| Income from discontinued operations | 0.01 | | | | 0.28 | | |
| Net loss | $ | (2.95) | | | | $ | (11.66) | | |
| Weighted-average number of shares outstanding: | | | | | |
| Basic | 84.7 | | | 84.3 | |
| Diluted | 84.7 | | | 84.3 | |
| | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONSOLIDATED ADJUSTED EBITDA |
| (unaudited, in millions) |
| | | | | | | | | |
| Six Months Ended |
| June 25, 2021 | | June 26, 2020 |
| Gross Profit | SG&A | R&D | Adjusted EBITDA | | Gross Profit | SG&A | R&D | Adjusted EBITDA |
| Net loss | $ | 465.2 | | $ | 281.0 | | $ | 119.0 | | $ | (249.7) | | | $ | 63.6 | | $ | 462.4 | | $ | 160.3 | | $ | (983.3) | |
| Adjustments: | | | | | | | | | |
| Interest expense, net | — | | — | | — | | 110.1 | | | — | | — | | — | | 134.2 | |
| Income taxes | — | | — | | — | | (49.9) | | | — | | — | | — | | 142.4 | |
Depreciation (1) | 34.9 | | (9.1) | | (3.1) | | 47.1 | | | 35.9 | | (10.8) | | (3.5) | | 50.2 | |
| Amortization | 288.8 | | (1.7) | | — | | 290.5 | | | 387.5 | | (1.7) | | — | | 389.2 | |
| Restructuring charges, net | — | | — | | — | | 6.5 | | | — | | — | | — | | 12.6 | |
| Non-restructuring impairment charges | — | | — | | — | | 64.5 | | | — | | — | | — | | 63.5 | |
| Income from discontinued operations | — | | — | | — | | (0.7) | | | — | | — | | — | | (24.0) | |
| Change in contingent consideration fair value | — | | 5.5 | | — | | (5.5) | | | — | | 5.7 | | — | | (5.7) | |
| Significant legal and environmental charges | — | | — | | — | | — | | | 534.4 | | (39.7) | | — | | 671.1 | |
| Losses (gains) on divestiture | — | | — | | — | | 0.8 | | | — | | — | | — | | (0.4) | |
| Separation costs | — | | (0.9) | | — | | 0.9 | | | — | | (42.0) | | — | | 42.0 | |
| | | | | | | | | |
| Unrealized gain on equity investment | — | | — | | — | | (11.7) | | | — | | — | | — | | (3.0) | |
| R&D upfront payment | — | | — | | — | | — | | | — | | — | | (5.0) | | 5.0 | |
| Reorganization items, net | — | | — | | — | | 203.0 | | | — | | — | | — | | — | |
| Share-based compensation | 0.3 | | (4.7) | | (1.0) | | 6.0 | | | 0.6 | | (10.6) | | (2.1) | | 13.3 | |
| As adjusted: | $ | 789.2 | | $ | 270.1 | | $ | 114.9 | | $ | 411.9 | | | $ | 1,022.0 | | $ | 363.3 | | $ | 149.7 | | $ | 507.1 | |
| | | | | | | | | |
(1)Includes $1.3 million of accelerated depreciation in SG&A related to restructuring charges incurred during the six months ended June 25, 2021.
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
SEGMENT OPERATING INCOME (1) |
| (unaudited, in millions) |
| | | |
| Six Months Ended |
| June 25,
2021 | | June 26,
2020 |
| Specialty Brands | $ | 398.7 | | | $ | 473.2 | |
| Specialty Generics | 58.6 | | | 112.4 | |
| Segment operating income | 457.3 | | | 585.6 | |
| Unallocated amounts: | | | |
Corporate and unallocated expenses (2) | (48.3) | | | (110.2) | |
| Depreciation and amortization | (337.7) | | | (439.4) | |
| Share-based compensation | (6.0) | | | (13.3) | |
| Restructuring charges, net | (6.5) | | | (12.6) | |
| Non-restructuring impairment charges | (64.5) | | | (63.5) | |
| Separation costs | (0.9) | | | (42.0) | |
| R&D upfront payment | — | | | (5.0) | |
| Opioid-related litigation settlement gain | — | | | 8.3 | |
| Medicaid lawsuit | — | | | (639.7) | |
| Operating loss | $ | (6.6) | | | $ | (731.8) | |
(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) |
| | | | | | | | | |
| Six Months Ended | | | | | | |
| June 25,
2021 | | June 26,
2020 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | $ | 789.9 | | | $ | 1,013.4 | | | (22.1) | % | | 0.4 | % | | (22.5) | % |
| Specialty Generics | 314.5 | | | 353.3 | | | (11.0) | | | 0.2 | | | (11.2) | |
| Segment net sales | 1,104.4 | | | 1,366.7 | | | (19.2) | | | 0.3 | | | (19.5) | |
| Medicaid lawsuit | — | | | (534.4) | | | * | | * | | * |
| Net sales | $ | 1,104.4 | | | $ | 832.3 | | | 32.7 | % | | 0.3 | % | | 32.4 | % |
*Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| SELECT PRODUCT LINE NET SALES |
| (unaudited, in millions) |
| | | | | | | | | |
| Six Months Ended | | | | | | |
| June 25,
2021 | | June 26,
2020 | | Percent
change | | Currency impact | | Constant-currency growth |
| Specialty Brands | | | | | | | | | |
| Acthar | $ | 280.5 | | | $ | 381.3 | | | (26.4) | % | | — | % | | (26.4) | % |
| Inomax | 239.9 | | | 296.6 | | | (19.1) | | | 0.2 | | | (19.3) | |
| Ofirmev | 19.3 | | | 127.3 | | | (84.8) | | | — | | | (84.8) | |
| Therakos | 135.3 | | | 111.5 | | | 21.3 | | | 2.9 | | | 18.4 | |
| Amitiza | 106.2 | | | 90.5 | | | 17.3 | | | — | | | 17.3 | |
| Other | 8.7 | | | 6.2 | | | 40.3 | | | — | | | 40.3 | |
| Specialty Brands Total | 789.9 | | | 1,013.4 | | | (22.1) | | | 0.4 | | | (22.5) | |
| | | | | | | | | |
| Specialty Generics | | | | | | | | | |
| Hydrocodone (API) and hydrocodone-containing tablets | 43.8 | | | 51.9 | | | (15.6) | | | — | | | (15.6) | |
| Oxycodone (API) and oxycodone-containing tablets | 34.3 | | | 31.9 | | | 7.5 | | | — | | | 7.5 | |
| Acetaminophen (API) | 97.2 | | | 99.6 | | | (2.4) | | | — | | | (2.4) | |
| Other controlled substances | 127.1 | | | 161.4 | | | (21.3) | | | 0.3 | | | (21.6) | |
| Other | 12.1 | | | 8.5 | | | 42.4 | | | — | | | 42.4 | |
| Specialty Generics Total | 314.5 | | | 353.3 | | | (11.0) | | | 0.2 | | | (11.2) | |
| Segment net sales | 1,104.4 | | | 1,366.7 | | | (19.2) | | | 0.3 | | | (19.5) | |
| Medicaid lawsuit | — | | | (534.4) | | | * | | * | | * |
| Net sales | $ | 1,104.4 | | | $ | 832.3 | | | 32.7 | % | | 0.3 | % | | 32.4 | % |
*Not meaningful
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (unaudited, in millions) |
| | | |
| June 25,
2021 | | December 25,
2020 |
| Assets | | | |
| Current Assets: | | | |
| Cash and cash equivalents | $ | 1,254.9 | | | $ | 1,070.6 | |
| Accounts receivable, net | 449.8 | | | 538.8 | |
| Inventories | 354.8 | | | 344.9 | |
| Prepaid expenses and other current assets | 280.4 | | | 350.0 | |
| | | |
| Total current assets | 2,339.9 | | | 2,304.3 | |
| Property, plant and equipment, net | 779.4 | | | 833.1 | |
| Intangible assets, net | 5,829.4 | | | 6,184.5 | |
| Other assets | 388.0 | | | 393.5 | |
| Total Assets | $ | 9,336.7 | | | $ | 9,715.4 | |
| | | |
| Liabilities and Shareholders' Equity | | | |
| Current Liabilities: | | | |
| Current maturities of long-term debt | $ | 1,703.0 | | | $ | 3,587.9 | |
| Accounts payable | 101.7 | | | 93.3 | |
| Accrued payroll and payroll-related costs | 102.5 | | | 79.4 | |
| Accrued interest | 27.7 | | | 26.9 | |
| | | |
| Accrued and other current liabilities | 372.5 | | | 331.2 | |
| | | |
| Total current liabilities | 2,307.4 | | | 4,118.7 | |
| | | |
| | | |
| Pension and postretirement benefits | 33.4 | | | 34.6 | |
| Environmental liabilities | 59.2 | | | 59.8 | |
| Deferred income taxes | 67.3 | | | 80.6 | |
| Other income tax liabilities | 98.6 | | | 100.1 | |
| Other liabilities | 94.4 | | | 109.8 | |
| Liabilities subject to compromise | 5,900.4 | | | 4,192.6 | |
| Total Liabilities | 8,560.7 | | | 8,696.2 | |
| Shareholders' Equity: | | | |
| Preferred shares | — | | | — | |
| Ordinary shares | 18.9 | | | 18.8 | |
| Ordinary shares held in treasury at cost | (1,616.1) | | | (1,616.1) | |
| Additional paid-in capital | 5,593.6 | | | 5,587.6 | |
| Retained deficit | (3,211.2) | | | (2,961.5) | |
| Accumulated other comprehensive loss | (9.2) | | | (9.6) | |
| Total Shareholders' Equity | 776.0 | | | 1,019.2 | |
| Total Liabilities and Shareholders' Equity | $ | 9,336.7 | | | $ | 9,715.4 | |
| | | | | | | | | | | |
| MALLINCKRODT PLC |
| (DEBTOR-IN-POSSESSION) |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (unaudited, in millions) |
| | | |
| Six Months Ended |
| June 25,
2021 | | June 26,
2020 |
| Cash Flows From Operating Activities: | | | |
| Net loss | $ | (249.7) | | | $ | (983.3) | |
| Adjustments to reconcile net cash from operating activities: | | | |
| Depreciation and amortization | 337.6 | | | 439.4 | |
| Share-based compensation | 6.0 | | | 13.3 | |
| Deferred income taxes | (13.2) | | | 314.1 | |
| Non-cash impairment charges | 64.5 | | | 63.5 | |
| | | |
| | | |
| | | |
| Reorganization items, net | 15.7 | | | — | |
| Other non-cash items | (15.5) | | | (12.9) | |
| Changes in assets and liabilities: | | | |
| Accounts receivable, net | 89.0 | | | 83.6 | |
| Inventories | (14.3) | | | (27.2) | |
| Accounts payable | (2.3) | | | (45.7) | |
| Income taxes | 22.8 | | | (219.8) | |
| Medicaid lawsuit | (3.2) | | | 639.7 | |
| Other | 86.6 | | | (40.1) | |
| Net cash from operating activities | 324.0 | | | 224.6 | |
| Cash Flows From Investing Activities: | | | |
| Capital expenditures | (29.2) | | | (31.3) | |
| | | |
| Proceeds from divestitures, net of cash | 15.7 | | | (3.5) | |
| Other | 0.3 | | | 6.0 | |
| Net cash from investing activities | (13.2) | | | (28.8) | |
| Cash Flows From Financing Activities: | | | |
| | | |
| Repayment of external debt | (123.5) | | | (129.6) | |
| Debt financing costs | — | | | (9.1) | |
| Repurchase of shares | — | | | (0.3) | |
| Other | — | | | (19.2) | |
| Net cash from financing activities | (123.5) | | | (158.2) | |
| Effect of currency rate changes on cash | 0.3 | | | (0.5) | |
| Net change in cash, cash equivalents and restricted cash | 187.6 | | | 37.1 | |
| Cash, cash equivalents and restricted cash at beginning of period | 1,127.0 | | | 822.6 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 1,314.6 | | | $ | 859.7 | |
| | | |
| Cash and cash equivalents at end of period | $ | 1,254.9 | | | $ | 818.3 | |
| Restricted cash included in prepaid expenses and other assets at end of period | 23.4 | | | 5.4 | |
| Restricted cash included in other long-term assets at end of period | 36.3 | | | 36.0 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 1,314.6 | | | $ | 859.7 | |
