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Section 1: 10-Q (SRCL-10Q-20160630)

srcl-10q_20160630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016 or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number 1-37556

 

Stericycle, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-3640402

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification Number)

 

28161 North Keith Drive

Lake Forest, Illinois 60045

(Address of principal executive offices, including zip code)

(847) 367-5910

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES  x    NO  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES  x    NO  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

x

 

Accelerated filer

o

Non-accelerated filer

o

 

Smaller reporting company

o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  o    NO  x

On July 29, 2016 there were 85,041,964 shares of the Registrant’s Common Stock outstanding.

 

 

 

 


Stericycle, Inc.

Table of Contents

 

 

Page No.

PART I.  Financial Information

 

 

 

Item 1.  Financial Statements (Unaudited)

 

Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015

1

 

 

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015

2

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015

3

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015

4

 

 

Condensed Consolidated Statements of Changes in Equity for the six months ended June 30, 2016 and year ended December 31, 2015

5

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

32

 

 

Item 4.  Controls and Procedures

32

 

 

PART II.  Other Information

 

 

 

Item 1.  Legal Proceedings

35

 

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

35

 

 

Item 6.  Exhibits

36

 

 

Signatures

37

 

 

 


 

PART I. – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STERICYCLE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

In thousands, except share and per share data

 

 

 

June 30,

2016

 

 

December 31, 2015

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

44,320

 

 

$

55,634

 

Short-term investments

 

 

64

 

 

 

69

 

Accounts receivable, less allowance for doubtful accounts of $24,457 in 2016 and $22,329 in 2015

 

 

627,135

 

 

 

614,494

 

Prepaid expenses

 

 

58,566

 

 

 

46,740

 

Other current assets

 

 

40,277

 

 

 

44,891

 

Total Current Assets

 

 

770,362

 

 

 

761,828

 

Property, plant and equipment, less accumulated depreciation of $479,907 in 2016 and $426,019 in 2015

 

 

707,060

 

 

 

665,602

 

Goodwill

 

 

3,558,283

 

 

 

3,758,177

 

Intangible assets, less accumulated amortization of $220,398 in 2016 and $151,025 in 2015

 

 

2,078,234

 

 

 

1,842,561

 

Other assets

 

 

32,429

 

 

 

36,995

 

Total Assets

 

$

7,146,368

 

 

$

7,065,163

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

109,868

 

 

$

161,409

 

Accounts payable

 

 

145,069

 

 

 

149,202

 

Accrued liabilities

 

 

182,814

 

 

 

197,329

 

Deferred revenues

 

 

17,132

 

 

 

16,989

 

Other current liabilities

 

 

62,221

 

 

 

62,420

 

Total Current Liabilities

 

 

517,104

 

 

 

587,349

 

Long-term debt, net of current portion

 

 

3,008,588

 

 

 

3,040,352

 

Deferred income taxes

 

 

705,873

 

 

 

608,272

 

Other liabilities

 

 

85,724

 

 

 

81,352

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock (par value $0.01 per share, 1,000,000 shares authorized), Mandatory Convertible Preferred Stock, Series A, 763,500 issued and outstanding in 2016 and 770,000 in 2015

 

 

8

 

 

 

8

 

Common stock (par value $0.01 per share, 120,000,000 shares authorized, 84,965,277 issued and outstanding in 2016 and 84,852,584 issued and outstanding in 2015)

 

 

850

 

 

 

849

 

Additional paid-in capital

 

 

1,183,140

 

 

 

1,143,020

 

Accumulated other comprehensive loss

 

 

(297,558

)

 

 

(282,631

)

Retained earnings

 

 

1,931,807

 

 

 

1,868,645

 

Total Stericycle, Inc.’s Equity

 

 

2,818,247

 

 

 

2,729,891

 

Noncontrolling interest

 

 

10,832

 

 

 

17,947

 

Total Equity

 

 

2,829,079

 

 

 

2,747,838

 

Total Liabilities and Equity

 

$

7,146,368

 

 

$

7,065,163

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

1


 

STERICYCLE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

In thousands, except share and per share data

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

2015 (Restated)

 

 

2016

 

 

2015 (Restated)

 

Revenues

 

$

891,621

 

 

$

715,689

 

 

$

1,765,802

 

 

$

1,379,008

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation shown below)

 

 

486,915

 

 

 

396,793

 

 

 

969,271

 

 

 

764,133

 

Depreciation - cost of revenues

 

 

23,611

 

 

 

14,072

 

 

 

46,252

 

 

 

28,720

 

Selling, general and administrative expenses (exclusive of depreciation and amortization shown below)

 

 

222,378

 

 

 

136,752

 

 

 

424,866

 

 

 

351,615

 

Depreciation – selling, general and administrative expenses

 

 

8,100

 

 

 

4,387

 

 

 

15,599

 

 

 

8,505

 

Amortization

 

 

50,909

 

 

 

8,921

 

 

 

69,183

 

 

 

17,718

 

Total Costs and Expenses

 

 

791,913

 

 

 

560,925

 

 

 

1,525,171

 

 

 

1,170,691

 

Income from Operations

 

 

99,708

 

 

 

154,764

 

 

 

240,631

 

 

 

208,317

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

9

 

 

 

39

 

 

 

30

 

 

 

74

 

Interest expense

 

 

(24,367

)

 

 

(16,429

)

 

 

(48,429

)

 

 

(35,062

)

Other expense, net

 

 

(2,118

)

 

 

(1,604

)

 

 

(3,369

)

 

 

(2,202

)

Total Other Expense

 

 

(26,476

)

 

 

(17,994

)

 

 

(51,768

)

 

 

(37,190

)

Income Before Income Taxes

 

 

73,232

 

 

 

136,770

 

 

 

188,863

 

 

 

171,127

 

Income tax expense

 

 

27,002

 

 

 

48,493

 

 

 

65,038

 

 

 

53,558

 

Net Income

 

 

46,230

 

 

 

88,277

 

 

 

123,825

 

 

 

117,569

 

Less: net income attributable to noncontrolling interests

 

 

196

 

 

 

447

 

 

 

1,005

 

 

 

799

 

Net Income Attributable to Stericycle, Inc.

 

 

46,034

 

 

 

87,830

 

 

 

122,820

 

 

 

116,770

 

Less: mandatory convertible preferred stock dividend

 

 

10,021

 

 

 

 

 

 

20,127

 

 

 

 

Less: gain on repurchase of preferred stock

 

 

(1,280

)

 

 

 

 

 

(1,280

)

 

 

 

Net Income Attributable to Stericycle, Inc. Common Shareholders

 

$

37,293

 

 

$

87,830

 

 

$

103,973

 

 

$

116,770

 

Earnings Per Common Share Attributable to Stericycle, Inc. Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

 

$

1.03

 

 

$

1.23

 

 

$

1.37

 

Diluted

 

$

0.43

 

 

$

1.02

 

 

$

1.21

 

 

$

1.35

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

84,893,263

 

 

 

84,961,907

 

 

 

84,799,131

 

 

 

85,000,723

 

Diluted

 

 

85,760,686

 

 

 

86,221,034

 

 

 

85,798,892

 

 

 

86,292,816

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


 

STERICYCLE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

In thousands

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

2015 (Restated)

 

 

2016

 

 

2015 (Restated)

 

Net Income

 

$

46,230

 

 

$

88,277

 

 

$

123,825

 

 

$

117,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive (Loss)/ Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(32,946

)

 

 

24,560

 

 

 

(15,782

)

 

 

(39,941

)

Amortization of cash flow hedge into income, net of tax (($173) and ($55), and ($345) and ($109) for the three- and six- months ended June 30, 2016 and 2015, respectively)

 

 

269

 

 

 

90

 

 

 

538

 

 

 

180

 

Change in fair value of cash flow hedge, net of tax (($132) and ($117), and $(221) and $2,498 for the three- and six- months ended June 30, 2016 and 2015, respectively)

 

 

130

 

 

 

646

 

 

 

372

 

 

 

(3,778

)

Total Other Comprehensive (Loss)/ Income

 

 

(32,547

)

 

 

25,296

 

 

 

(14,872

)

 

 

(43,539

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

 

13,683

 

 

 

113,573

 

 

 

108,953

 

 

 

74,030

 

Less: comprehensive income/ (loss) attributable to noncontrolling interests

 

 

189

 

 

 

216

 

 

 

1,060

 

 

 

(252

)

Comprehensive Income Attributable to Stericycle, Inc. Common Shareholders

 

$

13,494

 

 

$

113,357

 

 

$

107,893

 

 

$

74,282

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

3


 

STERICYCLE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

In thousands

 

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

2015 (Restated)

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

123,825

 

 

$

117,569

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

11,557

 

 

 

10,904

 

Excess tax benefit of stock options exercised

 

 

 

 

 

(10,899

)

Depreciation

 

 

61,851

 

 

 

37,225

 

Amortization

 

 

69,183

 

 

 

17,718

 

Deferred income taxes

 

 

4,515

 

 

 

(8,390

)

Other, net

 

 

(2,644

)

 

 

5,686

 

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(12,888

)

 

 

(51,041

)

Accounts payable

 

 

(1,496

)

 

 

21,019

 

Accrued liabilities

 

 

(13,303

)

 

 

51,071

 

Deferred revenues

 

 

305

 

 

 

(3,156

)

Other assets and liabilities

 

 

4,535

 

 

 

(9,046

)

Net cash provided by operating activities

 

 

245,440

 

 

 

178,660

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Payments for acquisitions, net of cash acquired

 

 

(42,097

)

 

 

(61,766

)

Proceeds from investments

 

 

7

 

 

 

271

 

Proceeds from sale of property and equipment

 

 

1,355

 

 

 

 

Capital expenditures

 

 

(67,133

)

 

 

(46,794

)

Net cash used in investing activities

 

 

(107,868

)

 

 

(108,289

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayments of long-term debt and other obligations

 

 

(31,789

)

 

 

(39,590

)

Proceeds from foreign bank debt

 

 

27,619

 

 

 

18,363

 

Repayments of foreign bank debt

 

 

(36,953

)

 

 

(43,769

)

Proceeds from term loan

 

 

 

 

 

250,000

 

Repayment of term loan

 

 

(250,000

)

 

 

 

Proceeds from senior credit facility

 

 

902,817

 

 

 

879,024

 

Repayments of senior credit facility

 

 

(715,653

)

 

 

(1,072,468

)

Payments of capital lease obligations

 

 

(2,605

)

 

 

(1,951

)

Payment of cash flow hedge

 

 

 

 

 

(8,833

)

Payments for repurchase of common stock

 

 

(40,814

)

 

 

(85,149

)

Payments for repurchase of convertible preferred stock

 

 

(5,025

)

 

 

 

Proceeds from issuance of common stock

 

 

30,308

 

 

 

39,208

 

Dividends paid on mandatory convertible preferred stock

 

 

(20,127

)

 

 

 

Excess tax benefit of stock options exercised

 

 

 

 

 

10,899

 

Payments to noncontrolling interests

 

 

(6,961

)

 

 

(2,603

)

Net cash used in financing activities

 

 

(149,183

)

 

 

(56,869

)

Effect of exchange rate changes on cash and cash equivalents

 

 

297

 

 

 

(2,782

)

Net (decrease)/ increase in cash and cash equivalents

 

 

(11,314

)

 

 

10,720

 

Cash and cash equivalents at beginning of period

 

 

55,634

 

 

 

22,236

 

Cash and cash equivalents at end of period

 

$

44,320

 

 

$

32,956

 

 

 

 

 

 

 

 

 

 

NON-CASH INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Issuances of obligations for acquisitions

 

$

23,069

 

 

$

47,827

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

STERICYCLE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Six Months Ended June 30, 2016 and Year Ended December 31, 2015

(Unaudited)

 

In thousands

 

 

 

Stericycle, Inc. Equity

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-In Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Noncontrolling Interest

 

 

Total Equity

 

Balance at January 1, 2015

 

 

 

 

$

 

 

 

84,884

 

 

$

849

 

 

$

289,211

 

 

$

1,743,371

 

 

$

(138,419

)

 

$

22,173

 

 

$

1,917,185

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267,046

 

 

 

 

 

 

 

967

 

 

 

268,013

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(140,809

)

 

 

161

 

 

 

(140,648

)

Change in qualifying cash flow hedge, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,403

)

 

 

 

 

 

 

(3,403

)

Issuance of common stock for exercise of options, restricted stock units and employee stock purchases

 

 

 

 

 

 

 

 

 

 

973

 

 

 

10

 

 

 

68,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68,640

 

Issuance of mandatory convertible preferred stock

 

770

 

 

8

 

 

 

 

 

 

 

 

 

 

 

746,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

746,900

 

Purchase and cancellation of common stock

 

 

 

 

 

 

 

 

 

 

(1,004

)

 

 

(10

)

 

 

 

 

 

 

(131,666

)

 

 

 

 

 

 

 

 

 

 

(131,676

)

Preferred stock dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,106

)

 

 

 

 

 

 

 

 

 

 

(10,106

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,750

 

Excess tax benefit of stock options exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,897

 

Reduction to noncontrolling interests due to additional ownership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(360

)

 

 

 

 

 

 

 

 

 

 

(5,354

)

 

 

(5,714

)

Balance at December 31, 2015

 

 

770

 

 

 

8

 

 

 

84,853

 

 

 

849

 

 

 

1,143,020

 

 

 

1,868,645

 

 

 

(282,631

)

 

 

17,947

 

 

 

2,747,838

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122,820

 

 

 

 

 

 

 

1,005

 

 

 

123,825

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,837

)

 

 

55

 

 

 

(15,782

)

Change in qualifying cash flow hedge, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

910

 

 

 

 

 

 

 

910

 

Issuance of common stock for exercise of options, restricted stock units and employee stock purchases

 

 

 

 

 

 

 

 

 

 

473

 

 

 

4

 

 

 

34,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,460

 

Purchase and cancellation of common stock

 

 

 

 

 

 

 

 

 

 

(361

)

 

 

(3

)

 

 

 

 

 

 

(40,811

)

 

 

 

 

 

 

 

 

 

 

(40,814

)

Purchase and cancellation of convertible preferred stock

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,305

)

 

 

1,280

 

 

 

 

 

 

 

 

 

 

 

(5,025

)

Preferred stock dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,127

)

 

 

 

 

 

 

 

 

 

 

(20,127

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,557

 

Reduction to noncontrolling interests due to additional ownership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

 

 

 

 

 

(8,175

)

 

 

(7,763

)

Balance at June 30, 2016

 

 

764

 

 

$

8

 

 

 

84,965

 

 

$

850

 

 

$

1,183,140

 

 

$

1,931,807

 

 

$

(297,558

)

 

$

10,832

 

 

$

2,829,079

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


 

STERICYCLE, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Unless the context requires otherwise, "we," "us" or "our" refers to Stericycle, Inc. and its subsidiaries on a consolidated basis.

NOTE A1 — RESTATEMENT

The unaudited quarterly financial data for the three and six months ended June 30, 2015 has been restated for errors related to the timing of recognition of loss reserves between quarterly periods associated with the Company’s settlement of the previously disclosed TCPA Action and Qui Tam Action. The Company determined that the estimated loss contingency for the three and six months ended June 30, 2015 was overstated by $45.0 million and understated by $28.5 million, respectively, resulting in an understatement of net income of $27.4 million and an overstatement of $19.1 million for the three month and six months ended June 30, 2015, respectively.

The Company’s Condensed Consolidated Statements of Income; Condensed Consolidated Statements of Comprehensive Income; Condensed Consolidated Statements of Cash Flows; Note 5 - Income Taxes; Note 8 - Earnings Per Common Share; and Note 12 - Geographic Information; included in this Form 10-Q have been restated to correct the misstatements described above.

The following are previously reported and restated balances of affected line items in the Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive Income, and the Condensed Consolidated Statement of Cash Flows for the three and six months ended June 30, 2015 (Unaudited).

 

Condensed Consolidated Statement of Income

 

 

 

 

 

Three Months Ended June 30, 2015

 

 

Six Months Ended June 30, 2015

 

 

As Reported

 

Adjustment

 

Restated

 

 

As Reported

 

Adjustment

 

Restated

 

Selling, general and administrative expenses (exclusive of depreciation and amortization)

$

181,752

 

$

(45,000

)

$

136,752

 

 

$

323,115

 

$

28,500

 

$

351,615

 

Total costs and expenses

 

605,925

 

 

(45,000

)

 

560,925

 

 

 

1,142,191

 

 

28,500

 

 

1,170,691

 

Income from operations

 

109,764

 

 

45,000

 

 

154,764

 

 

 

236,817

 

 

(28,500

)

 

208,317

 

Income before income taxes

 

91,770

 

 

45,000

 

 

136,770

 

 

 

199,627

 

 

(28,500

)

 

171,127

 

Income tax expense

 

30,874

 

 

17,619

 

 

48,493

 

 

 

62,921

 

 

(9,363

)

 

53,558

 

Net income

 

60,896

 

 

27,381

 

 

88,277

 

 

 

136,706

 

 

(19,137

)

 

117,569

 

Net income attributable to Stericycle, Inc.

 

60,449

 

 

27,381

 

 

87,830

 

 

 

135,907

 

 

(19,137

)

 

116,770

 

EPS – basic

 

0.71

 

 

0.32

 

 

1.03

 

 

 

1.60

 

 

(0.23

)

 

1.37

 

EPS – diluted

 

0.70

 

 

0.32

 

 

1.02

 

 

 

1.57

 

 

(0.22

)

 

1.35