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Pharmerica financials

Pharmerica Revenue

Pharmerica revenue was $2.09 b in FY, 2016 which is a 3.1% year over year increase from the previous period.

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Summary - Funding Rounds

Founding Date	2007
Investors	KKR & Co. (Kohlberg Kravis Roberts & Co.)

Pharmerica is a subsidiary of KKR

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	2.1b	1.8b	1.8b	1.9b	2.0b	2.1b
Revenue growth, %				8%	7%	3%
Cost of goods sold	1.8b	1.5b	1.4b	1.6b	1.7b	1.8b
Gross profit	293.3m	300.2m	327.2m	339.3m	335.1m	326.0m
Gross profit Margin, %	14%	16%	19%	18%	17%	16%
R&D expense		3.0m
General and administrative expense	214.9m	214.7m	225.3m	236.3m	222.5m	220.6m
Operating expense total	246.3m	251.4m	271.4m	308.9m	281.3m	287.6m
Depreciation and amortization			15.4m	20.1m	28.6m	33.7m
EBIT	47.0m	48.8m	55.8m	30.4m	53.8m	38.4m
EBIT margin, %	2%	3%	3%	2%	3%	2%
Interest expense	8.8m	10.0m	10.6m	9.9m	6.6m	9.5m
Pre tax profit	38.2m	38.8m	45.2m	16.2m	47.2m	28.9m
Income tax expense	14.8m	15.9m	26.3m	9.4m	12.1m	7.3m
Net Income	23.4m	22.9m	18.9m	6.8m	35.1m	21.6m

Source: Pitchbook

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Revenue	531.7m	518.7m	498.9m	458.5m	442.0m	439.8m	430.8m	436.8m	452.2m	448.6m	470.2m	511.6m	497.5m	498.8m	524.5m	519.6m	512.6m	566.8m	592.0m	595.1m
Cost of goods sold	455.3m	443.4m	426.3m	382.4m	366.4m	355.5m	348.2m	357.6m	372.2m	367.1m	387.2m	423.0m	416.3m	420.2m	442.5m	437.8m	434.1m	478.9m	502.4m	505.8m
Gross profit	76.4m	75.3m	72.6m	76.1m	75.6m	84.3m	82.6m	79.2m	80.0m	81.5m	83.0m	88.6m	81.2m	78.6m	82.0m	81.8m	78.5m	87.9m	89.6m	89.3m
Gross profit Margin, %	14%	15%	15%	17%	17%	19%	19%	18%	18%	18%	18%	17%	16%	16%	16%	16%	15%	16%	15%	15%
R&D expense					800.0k	1.3m
General and administrative expense	55.1m	54.7m	52.4m	55.1m	54.0m	56.7m	55.5m	55.5m	57.2m	57.5m	56.0m	59.0m	55.4m	52.7m	57.0m	55.7m	53.1m	63.5m	61.8m	62.2m
Operating expense total	62.9m	64.6m	60.6m	60.9m	63.3m	64.3m	61.3m	78.6m	69.7m	91.2m	65.9m	71.8m	72.7m	70.1m	74.1m	74.3m	66.5m	78.7m	78.0m	79.1m
Depreciation and amortization								3.7m
EBIT	13.5m	10.7m	12.0m	15.2m	12.3m	20.0m	21.3m	600.0k	10.3m	(9.7m)	17.1m	16.8m	8.5m	8.5m	7.9m	7.5m	12.0m	9.2m	11.6m	10.2m
EBIT margin, %	3%	2%	2%	3%	3%	5%	5%	0%	2%	(2%)	4%	3%	2%	2%	2%	1%	2%	2%	2%	2%
Interest expense	2.6m	2.6m	2.7m	2.5m	2.4m	2.6m	2.9m	2.6m	2.5m	2.3m	2.1m	1.4m	1.9m	2.1m	3.0m	3.3m	3.0m	3.7m	4.1m	4.1m
Pre tax profit	10.9m	8.1m	9.3m	12.7m	9.9m	17.4m	18.4m	(2.0m)	7.8m	(12.0m)	10.7m	15.4m	6.6m	6.4m	4.9m	4.2m	9.0m	5.5m	7.5m	6.1m
Income tax expense	3.5m	3.3m	3.7m	5.1m	3.9m	6.9m	8.2m	4.2m	3.0m	(2.3m)	2.2m	5.8m	4.3m	3.4m	800.0k	1.7m	1.7m	2.0m	2.8m	2.9m
Net Income	7.4m	4.8m	5.6m	7.6m	6.0m	10.5m	10.2m	(6.2m)	4.8m	(9.7m)	8.5m	9.6m	2.3m	3.0m	4.1m	2.5m	7.3m	3.5m	4.7m	3.2m

Source: Pitchbook

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Cash	17.4m	12.3m	24.2m	33.3m	23.1m	5.4m
Accounts Receivable	232.4m	206.5m	199.8m	195.7m	200.5m	235.4m
Prepaid Expenses	34.5m	38.6m	38.6m	90.4m	52.4m
Inventories	130.5m	135.7m	110.3m	135.7m	155.2m	214.7m
Current Assets	451.3m	429.8m	411.7m	497.3m	483.5m	552.4m
PP&E		53.1m	61.9m	71.4m	74.5m
Goodwill	214.2m	268.2m	282.6m	317.7m	371.0m	392.3m
Total Assets	833.4m	885.7m	901.4m	1.1b	1.2b	1.3b
Accounts Payable	54.1m	49.2m	83.8m	95.5m	71.7m	107.1m
Short-term debt	6.3m	12.5m	12.5m	18.0m	11.6m	15.6m
Current Liabilities	102.2m	106.5m	151.5m	175.8m	141.4m	182.3m
Long-term debt	293.7m	303.0m	218.8m	344.9m	415.7m	457.8m
Total Debt	300.0m	315.5m	231.3m	351.3m	427.3m	473.4m
Common Stock	300.0k	300.0k	300.0k	300.0k	300.0k
Preferred Stock
Additional Paid-in Capital	355.9m	363.0m	380.2m	394.1m	404.6m	411.1m
Retained Earnings	68.4m	91.3m	110.2m	117.0m	152.1m	173.7m
Total Equity	413.8m	442.6m	462.5m	478.1m	519.4m	544.2m
Debt to Equity Ratio	0.7 x	0.7 x	0.5 x	0.7 x	0.8 x	0.9 x
Debt to Assets Ratio	0.4 x	0.4 x	0.3 x	0.3 x	0.4 x	0.4 x
Financial Leverage	2 x	2 x	1.9 x	2.2 x	2.2 x	2.4 x

Source: Pitchbook

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Cash	14.6m	10.3m	6.7m	12.0m	49.5m	7.8m	12.3m	52.4m	12.7m	11.1m	7.1m	25.2m	21.3m	40.0m	25.5m	27.4m	6.5m	15.4m	13.5m	7.8m
Accounts Receivable	242.8m	239.9m	244.3m	219.3m	209.9m	207.7m	195.3m	190.5m	186.2m	188.1m	213.7m	199.5m	199.1m	195.8m	199.5m	208.1m	215.4m	247.8m	246.6m	249.2m
Prepaid Expenses	33.3m	31.4m	34.9m	37.2m	34.4m	37.5m	40.8m	40.4m	41.4m	50.4m	70.0m	62.0m	47.5m	52.6m	55.3m	52.6m	54.3m	57.1m	51.1m	54.0m
Inventories	129.3m	118.4m	104.2m	109.1m	98.0m	100.2m	113.2m	70.3m	107.4m	141.4m	133.4m	122.6m	135.2m	117.5m	118.5m	160.9m	118.8m	143.5m	139.6m	139.2m
Current Assets	459.9m	438.8m	422.9m	407.3m	424.9m	386.4m	397.0m	390.5m	386.4m	435.9m	466.1m	449.7m	450.2m	452.3m	453.4m	494.2m	430.0m	468.8m	457.4m	455.3m
PP&E					51.6m	54.9m	57.3m	59.2m	62.9m	65.1m	70.3m	70.1m	70.8m	71.5m	74.6m	76.8m	84.6m	87.1m	88.3m	89.3m
Goodwill	186.8m	183.4m	214.6m	214.9m	214.9m	268.5m	268.5m	271.4m	282.5m	286.9m	321.5m	336.3m	336.8m	341.8m	372.1m	372.2m	388.1m	431.6m	422.9m	449.3m
Total Assets	823.4m	787.6m	800.4m	782.3m	798.2m	840.9m	850.3m	845.1m	869.4m	923.4m	1.0b	1.0b	1.1b	1.1b	1.2b	1.2b	1.2b	1.3b	1.2b	1.3b
Accounts Payable	81.5m	53.2m	47.4m	36.7m	43.6m	36.8m	41.4m	53.1m	61.5m	59.1m	75.5m	81.6m	80.1m	83.3m	87.2m	97.4m	73.0m	86.9m	104.5m	97.1m
Short-term debt		3.1m	9.4m	12.5m	9.4m	12.5m	12.5m	12.5m	12.5m	12.5m	2.8m	20.5m	11.6m	11.4m	11.6m	11.6m	11.8m	15.5m	15.5m	15.4m
Current Liabilities	125.3m	102.1m	92.9m	90.7m	101.7m	93.5m	104.5m	108.5m	113.0m	125.6m	132.4m	154.8m	155.2m	167.2m	149.5m	168.4m	138.5m	161.2m	177.8m	176.3m
Long-term debt	274.0m	257.9m	262.7m	237.5m	234.4m	259.2m	244.6m	221.9m	218.4m		358.1m	317.1m	338.2m	326.0m	366.0m	400.2m	378.7m	451.0m	417.4m	444.8m
Total Debt	274.0m	261.0m	272.1m	250.0m	243.8m	271.7m	257.1m	234.4m	230.9m	268.9m	360.9m	326.0m	349.8m	337.4m	377.6m	411.8m	390.5m	466.5m	432.9m	460.2m
Common Stock	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k	300.0k
Preferred Stock
Additional Paid-in Capital	353.0m	354.4m	357.5m	358.8m	361.4m	365.3m	367.0m	368.9m	387.4m	389.7m	391.9m	397.9m	400.1m	402.3m	406.5m	408.5m	410.4m	416.0m	417.7m	419.3m
Retained Earnings	55.7m	60.5m	74.0m	81.6m	87.6m	101.8m	112.0m	105.8m	115.0m	105.3m	113.8m	126.6m	128.9m	131.9m	156.2m	158.7m	166.0m	177.2m	181.9m	185.1m
Total Equity	398.3m	404.5m	420.8m	429.7m	437.3m	453.6m	465.4m	456.7m	470.0m	462.2m	472.7m	487.1m	492.1m	496.9m	522.4m	526.9m	535.8m	550.4m	556.8m	561.6m
Debt to Equity Ratio	0.7 x	0.6 x	0.6 x	0.6 x	0.6 x	0.6 x	0.6 x	0.5 x	0.5 x	0.6 x	0.8 x	0.7 x	0.7 x	0.7 x	0.7 x	0.8 x	0.7 x	0.8 x	0.8 x	0.8 x
Debt to Assets Ratio	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.3 x	0.4 x	0.4 x	0.4 x
Financial Leverage	2.1 x	1.9 x	1.9 x	1.8 x	1.8 x	1.9 x	1.8 x	1.9 x	1.8 x	2 x	2.2 x	2.1 x	2.1 x	2.1 x	2.2 x	2.3 x	2.2 x	2.3 x	2.2 x	2.3 x

Source: Pitchbook

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Net Income	23.4m	22.9m	18.9m	6.8m	35.1m	21.6m
Depreciation and Amortization	20.1m	18.6m		40.4m	51.7m	57.5m
Accounts Receivable	9.1m	35.8m		29.1m	(2.4m)	(34.3m)
Inventories	(38.3m)	(4.7m)		(18.8m)	(15.9m)	(56.7m)
Accounts Payable	(25.0m)	(9.3m)		(2.9m)	(24.0m)	36.4m
Cash From Operating Activities	26.8m	85.7m		48.4m	18.5m	30.8m
Purchases of PP&E	(51.0m)	(20.8m)	(26.5m)	(25.6m)	(23.9m)	(34.2m)
Capital Expenditures	(13.2m)
Cash From Investing Activities	(64.0m)	(105.3m)		(157.0m)	(104.1m)	(91.7m)
Long-term Borrowings	(240.0m)	(6.3m)		(231.3m)	(5.5m)	(11.3m)
Cash From Financing Activities	43.8m	14.5m		117.7m	75.4m	43.2m
Net Change in Cash	6.6m	(5.1m)		9.1m	(10.2m)	(17.7m)
Interest Paid	7.6m	9.3m			8.5m	10.6m
Income Taxes Paid	500.0k	12.6m			19.4m	(4.8m)
Free Cash Flow	13.6m

Source: Pitchbook

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017
Net Income	10.7m	15.5m	5.6m	13.2m	19.2m	10.5m	20.7m	14.5m	4.8m	(4.9m)	3.6m	9.6m	11.9m	14.9m		6.6m	13.9m	3.5m		11.4m
Depreciation and Amortization	10.1m	14.9m	4.8m	15.1m	22.9m	4.8m	9.6m	26.2m	9.2m	18.3m	28.1m	12.4m	25.1m	37.8m	5.3m	11.0m	41.9m	16.0m	32.7m	49.3m
Accounts Receivable	(8.3m)	(2.2m)	(12.1m)	12.9m	22.3m	(1.2m)	10.3m	14.8m	13.1m	12.1m	10.4m	(2.3m)	(2.2m)	1.2m	1.0m	(7.0m)	(14.4m)	(5.3m)	(4.1m)	(6.7m)
Inventories			26.5m	21.6m	32.7m	35.5m	22.5m	65.4m	2.8m	(31.2m)	(16.3m)	13.2m	600.0k	18.1m	34.9m	(7.4m)	36.5m	73.6m	77.5m	81.0m
Accounts Payable	7.0m	(21.3m)	(7.0m)	(18.0m)	(10.8m)	(12.6m)	(7.9m)	3.8m	(21.8m)	(20.5m)	(22.9m)	(14.1m)	(15.5m)	(11.9m)	14.2m	26.8m	2.3m	(25.8m)	(8.4m)	(15.8m)
Cash From Operating Activities	300.0k	12.3m	19.9m	51.8m	103.2m	47.7m	74.3m	152.0m	4.4m	(22.1m)	(2.4m)	44.3m	22.1m	59.6m	62.3m	41.2m	80.3m	72.2m	114.7m	132.7m
Purchases of PP&E	(8.5m)	(8.5m)		(6.9m)	(13.5m)	(6.7m)	(14.0m)	(20.9m)	(6.0m)	(12.8m)	(19.0m)	(4.6m)	(11.0m)	(17.6m)	(5.4m)	(13.3m)	(26.3m)	(7.9m)	(15.9m)	(23.4m)
Capital Expenditures	(6.2m)	(9.4m)	(2.5m)
Cash From Investing Activities	(14.7m)	(17.8m)	(2.4m)	(7.0m)	(14.0m)	(7.2m)	(14.4m)	(25.4m)	(16.3m)	(29.9m)	(143.3m)	(25.0m)	(31.5m)	(38.3m)	(12.1m)	(20.2m)	(57.5m)	(56.1m)	(66.6m)	(117.4m)
Short-term Borrowings																		3.0m
Long-term Borrowings	(240.0m)	(240.0m)	(100.0k)	(100.0k)	(6.3m)	(3.1m)	(6.3m)	(9.4m)	(3.1m)	(6.3m)	(231.3m)	(200.0k)	(500.0k)	(3.3m)	(2.9m)	(5.8m)	(8.8m)	(3.9m)	(7.8m)	(11.7m)
Cash From Financing Activities	18.2m	5.0m	(28.2m)	(50.2m)	(57.1m)	(45.0m)	(59.9m)	(86.5m)	400.0k	38.9m	128.6m	(27.4m)	(2.6m)	(14.6m)	(47.8m)	(16.7m)	(39.4m)	(6.1m)	(40.0m)	(12.9m)
Net Change in Cash	3.8m	(500.0k)	(10.7m)	(5.4m)	32.1m	(4.5m)		40.1m	(11.5m)	(13.1m)	(17.1m)	(8.1m)	(12.0m)	6.7m	2.4m	4.3m	(16.6m)	10.0m	8.1m	2.4m
Interest Paid	2.5m	5.1m	2.8m	5.0m	7.2m	2.3m	4.6m	6.6m	1.8m	3.7m	5.6m	2.1m	3.0m	6.2m	2.6m	5.2m	7.9m	3.5m	7.4m	11.3m
Income Taxes Paid	300.0k	100.0k	1.3m	2.2m	4.0m	500.0k	6.4m	11.9m	400.0k	4.7m	5.7m	4.7m	17.0m	19.4m		200.0k	(4.8m)	(400.0k)	(200.0k)	200.0k
Free Cash Flow	(5.9m)	2.9m	17.4m