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Press Release

Stericycle, Inc. Reports Results for the Fourth Quarter and Full Year Ended 2016

Company Release - 2/15/2017 4:02 PM ET

LAKE FOREST, Ill., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the fourth quarter and the full year of 2016.

FOURTH QUARTER HIGHLIGHTS COMPARED TO PRIOR YEAR:

  • Revenues of $ 906.4 million, up 2.0%, including a 2.9% negative impact from foreign exchange
  • GAAP gross profit of $373.7 million, down 1.8%
  • GAAP earnings per diluted share (“GAAP EPS”) decreased 82.4% to $0.14 and Non-GAAP earnings per diluted share (“Non-GAAP EPS”) decreased 20.6% to $1.00

FOURTH QUARTER RESULTS

Revenues for the quarter ended December 31, 2016 were $906.4 million, up $18.1 million or 2.0% from $888.3 million in the fourth quarter of last year. Acquisitions contributed approximately $5.0 million to the current period’s growth in revenues. Divestitures negatively impacted current period revenues by $0.2 million. Revenues increased 4.9% compared to the fourth quarter of last year when adjusted for unfavorable foreign exchange impacts of $25.8 million. Organic revenues grew 4.4%, or 5.2% when adjusted for manufacturing and industrial services. See Tables 1A-1C.

“We were very pleased with our fourth quarter operational performance. Additionally, our recall team delivered a record-breaking quarter which enhanced our results,” said Charlie Alutto, President and Chief Executive Officer.

Gross profit, reported in accordance with U.S. generally accepted accounting principles (“GAAP”), was $373.7 million, down 1.8% from $380.4 million in the fourth quarter of last year. GAAP gross profit as a percentage of revenue was 41.2% compared to 42.8% in the fourth quarter of last year. Non-GAAP gross profit, when adjusted for contract exit costs as identified in Table 2, was $380.2 million, a decrease of 0.2% from $380.9 million in the fourth quarter of last year. Non-GAAP gross profit as a percentage of revenues was 42.0% compared to 42.9% in the fourth quarter of last year.

“Shred-it synergies remain on track. We completed the integration of the inside sales and customer service teams and established standardized best practices for our operational teams. Additionally our cross selling efforts produced several sizable wins among our national and hospital accounts,” said Brent Arnold, Chief Operating Officer.

GAAP earnings per diluted share decreased 82.4% to $0.14 from $0.82 in the fourth quarter of last year. Non-GAAP earnings per diluted share, when adjusted for various items, decreased 20.6% to $1.00 from $1.26 in the fourth quarter of last year. See Tables 3 and 4.

FULL YEAR HIGHLIGHTS COMPARED TO PRIOR YEAR

  • Revenues of $3.56 billion, up 19.3%, including a 2.9% negative impact from foreign exchange
  • GAAP gross profit of $1.50 billion, up 18.7%
  • GAAP EPS decreased 30.2% to $2.08 and Non-GAAP EPS decreased 4.6% to $4.52

FULL YEAR RESULTS

Revenues for the full year 2016 were $3.56 billion, up $576.4 million or 19.3% from $2.99 billion in the same period last year. Acquisitions contributed approximately $570.1 million to the current year’s growth in revenues. Divestitures negatively impacted current year revenues by $0.2 million. Revenues increased 22.2% compared to the same period last year when adjusted for unfavorable foreign exchange impact of $88.0 million. Organic revenues grew 3.2%, or 4.5% when adjusted for manufacturing and industrial services. See Tables 1A-1C.

GAAP gross profit was $1.50 billion, up $237.0 million or 18.7% from $1.27 billion in the same period last year. GAAP gross profit as a percentage of revenues was 42.2% compared to 42.4% in the same period last year. Non-GAAP gross profit, when adjusted for contract exit costs and plant conversion expenses as identified in Table 2, was $1.51 billion, up $244.6 million or 19.3% from $1.27 billion in the same period as last year. Non-GAAP gross profit as a percentage of revenues was flat at 42.5% in the fourth quarter of 2016 and 2015.

GAAP earnings per diluted share decreased 30.2% to $2.08 from $2.98 in 2015. Non-GAAP earnings per diluted share, when adjusted for various items, decreased 4.6% to $4.52 from $4.74 in the same period last year. See Tables 3 and 4.

Cash flow from operations for the year ended 2016 was $547.4 million, up 40.2% from $390.3 million in the same period last year.

CONFERENCE CALL INFORMATION

Conference call to be held February 15, 2017 4:00 p.m. Central time – Dial 866-516-6872 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available for 30 days by dialing 855-859-2056, access code 49243907. To hear a live simulcast of the call or access the audio archive, visit the investor relations page on www.stericycle.com.

PRESENTATION OF NON-GAAP INFORMATION

This press release includes certain non-GAAP financial measures, as defined in the SEC’s Regulation G. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures allows for a better period over period comparison by removing the impact of items that, in management’s view, do not reflect the Company’s underlying operating performance. These measures are also used to evaluate senior management and are a factor in determining their at-risk compensation.

Adjusted diluted earnings per share, adjusted net income attributable to Stericycle common shareholders, adjusted gross profit, and adjusted revenue growth are described in the Reconciliation of Certain Non-GAAP Measures section of this document.

These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results, but should be read in conjunction with the unaudited condensed consolidated statement of income and other information presented herein. The non-GAAP financial measures in the press release may differ from similar measures used by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure is included in the accompanying tables.

DISCUSSION OF ADJUSTING ITEMS FOR NON-GAAP MEASURES

For the purpose of evaluating revenues, we present non-GAAP revenues to show the impact of foreign currency, revenues from acquisitions and Manufacturing and Industrial Services (“M&I”). Management reviews and analyzes revenues excluding the effect of foreign currency translation and revenue from acquisitions because we believe this better represents the Company’s underlying business trends, including organic revenue growth. Separate presentation of M&I allows for visibility of a revenue stream that has shown greater volatility than our other service lines.

For the purpose of evaluating operating performance, we present our financials to show the impact of income and expenses in our non-GAAP earnings related to acquisitions. These adjustments include acquisition expense, integration expense, amortization expense, and the change in fair value of contingent consideration. This allows for comparison of period over period results without the impact of acquisition-related expenses.

For the purpose of evaluating operating performance, we additionally present our financials to show the impact of certain expenses and income in our non-GAAP earnings to allow for period over period comparison of financials without the impact of charges that may not occur each year and if so, are due to different factors. For the periods presented, these adjustments include litigation expense, restructuring and plant conversion expenses, contract exit costs, asset impairment charges, and insurance proceeds.

For the purpose of calculating the ultimate impact of our mandatory convertible preferred stock, we show the impact to our EPS by excluding the mandatory convertible preferred stock dividend and using the “if-converted” method of share dilution. This provides the reader insight to how our diluted shares will be affected after these preferred shares are converted to common shares.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

Table 1 – A: RECONCILIATION OF GAAP TO NON-GAAP REVENUE GROWTH – QTD Q4

  Three Months Ended December 31, 2016 and 2015 
  In millions  Percentage Growth (%) 
Global Revenue Details by Service 2016    2015  Growth  Organic Acquisitions
and
Divestitures
 Foreign
Exchange
 
Regulated Waste and Compliance Services $512.7    $520.3  $(7.5)  1.0% 0.4% (2.8%)
Secure Information Destruction Services  185.2     178.1   7.1   4.8% 1.7% (2.4%)
Communication and Related Services  112.4     86.6   25.9   31.4% 0.4% (1.9%)
Manufacturing and Industrial Services  96.0     103.4   (7.4)  (1.5%) (0.5%) (5.1%)
Total Revenues, as Reported  906.4     888.3   18.1   4.4% 0.5% (2.9%)
Less: Manufacturing and Industrial Services  (96.0)    (103.4)              
Total Revenues, as Adjusted (Non-GAAP) $810.4    $784.9  $25.5   5.2% 0.7% (2.6%)
                         
Domestic and Canada Revenues $725.3    $687.5  $37.9   4.4% 1.1% 0.0%
International Revenues  181.1     200.8   (19.8)  4.5% (1.5%) (12.8%)
Total Revenues, as Reported $906.4    $888.3  $18.1   4.4% 0.5% (2.9%)
                         

Table 1 – B: RECONCILIATION OF GAAP TO NON-GAAP REVENUE GROWTH – YTD

    Years Ended December 31, 2016 and 2015 
    In millions  Percentage Growth (%) 
Global Revenue Details by Service   2016    2015  Growth  Organic Acquisitions
and
Divestitures
 Foreign
Exchange
 Total 
Regulated Waste and Compliance Services   $2,063.0    $2,064.9  $(1.9)  2.1% 0.5% (2.7%) (0.1%)
Secure Information Destruction Services    747.5     178.1   569.4  N/A N/A N/A N/A 
Communication and Related Services    370.4     334.1   36.3   10.5% 1.8% (1.5%) 10.9%
Manufacturing and Industrial Services    381.5     408.8   (27.4)  (4.8%) 2.4% (4.3%) (6.7%)
Total Revenues, as Reported    3,562.3     2,985.9   576.4   3.2% 19.1% (2.9%) 19.3%
Less: Manufacturing and Industrial Services    (381.5)    (408.8)                 
Total Revenues, as Adjusted (Non-GAAP)   $3,180.9    $2,577.1  $603.8   4.5% 21.7% (2.8%) 23.4%
                              
Domestic and Canada Revenues   $2,810.7    $2,269.1  $541.5   2.7% 21.3% (0.1%) 23.9%
International Revenues    751.7     716.8   34.9   4.6% 12.2% (12.0%) 4.9%
Total Revenues, as Reported   $3,562.3    $2,985.9  $576.4   3.2% 19.1% (2.9%) 19.3%
                              

Table 1 – C: DISAGGREGATED REVENUE GROWTH – 2016

In millions 
 Three Months Ended
December 31, 2016
    Year Ended December 31, 2016 
Organic$39.1    $94.6 
Acquisitions 5.0     570.1 
Divestitures (0.2)    (0.2)
Foreign Exchange (25.8)    (88.0)
Total Growth$18.1    $576.4 
          

Table 2: RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT

In millions                           
 Three Months Ended December 31,  Years Ended December 31, 
 2016  2015  2016  2015 
 $ % of Rev  $ % of Rev  $ % of Rev  $ % of Rev 
Gross Profit, as Reported$373.7  41.2% $380.4  42.8% $1,503.2  42.2% $1,266.2  42.4%
Contract exit costs 6.5  0.7%  -  0.0%  8.3  0.2%  -  0.0%
Plant Conversion Expenses -  0.0%  0.5  0.1%  0.8  0.0%  1.5  0.1%
Gross Profit, as Adjusted (Non-GAAP)$380.2  42.0% $380.9  42.9% $1,512.3  42.5% $1,267.7  42.5%
                            

Table 3: RECONCILIATION OF GAAP TO NON-GAAP NET INCOME ATTRIBUTABLE TO STERICYCLE COMMON SHAREHOLDERS

In millions, except share and per share data 
 Three Months Ended December 31,  Years Ended December 31, 
 2016 2015  2016 2015 
Net Income Attributable to Stericycle, Inc. Common Shareholders, As Reported$12.3  70.7  $177.8  256.9 
Adjustments:             
Amortization Expense a 27.0  18.5   129.3  45.5 
Acquisition Expenses 1.8  (0.8)  9.6  39.1 
Integration Expenses 26.6  20.4   87.6  51.7 
Litigation and Professional Service Expenses 7.5  0.6   12.9  59.7 
Changes in Fair Value of Contingent Consideration 0.0  -   (2.1) (0.6)
Restructuring and Plant Conversion Expenses 2.3  4.6   4.0  22.7 
Contract Exit Costs 1.2  -   24.0  - 
Asset impairment charges b 31.0  1.8   31.0  1.8 
Insurance Proceeds -  -   (3.1) - 
Add Back Convertible Preferred Stock Dividend 9.6  10.1   39.4  10.1 
Total Adjustments 106.9  55.3   332.7  230.0 
Tax Effect of above adjustments c (29.0) (10.4)  (98.2) (70.8)
Net Income Attributable to Stericycle, Inc. Common Shareholders, as Adjusted (Non-GAAP)$90.3 $115.6  $412.3 $416.1 
EPS, as Reported$0.14 $0.82  $2.08 $2.98 
EPS, as Adjusted (Non-GAAP)$1.00 $1.26  $4.52 $4.74 
Weighted average number of common shares outstanding - diluted 85,433,490  85,949,461   85,610,219  86,162,609 
Additional Dilution Under If-Converted Method 5,348,094  5,481,207   5,528,257  1,648,318 
Diluted Weighted Average Number of Common Shares Outstanding Under If-Converted Method 90,781,584  91,430,668   91,138,476  87,810,927 


a)Beginning in the quarter ended March 31, 2016, the Company has started to exclude amortization expense from non-GAAP EPS. For comparable reporting, the Company’s previously reported 2015 results are adjusted to reflect the change.
b)Asset impairment charges included $28.5 million in “Selling, general and administrative expenses exclusive of depreciation” and $2.5 million with “Other (expense)/ income, net” on our Consolidated Statement of Income.
c)The tax effect of the adjustments is calculated based on applying the appropriate tax rate for the jurisdictions in which the adjustment occurred for the respective periods.
  

Table 4: RECONCILIATION OF GAAP TO NON-GAAP EPS

 Three Months Ended December 31,  Years Ended December 31, 
         Change         Change 
 2016  2015  $ %  2016  2015 $ % 
EPS, as Reported$0.14  $0.82  $(0.68) -82.4% $2.08  $2.98 $(0.90) -30.2%
Amortization Expense 0.20   0.14          0.98   0.35       
Acquisition Expenses 0.01   0.00          0.07   0.34       
Integration Expenses 0.21   0.15          0.65   0.39       
Litigation and Professional Service Expenses 0.05   0.05          0.09   0.46       
Changes in Fair Value of Contingent Consideration 0.00   0.00          (0.02)  (0.01)      
Restructuring and Plant Conversion Expenses 0.02   0.04          0.04   0.18       
Contract Exit Costs 0.01   0.00          0.21   0.00       
Asset Impairment Charges 0.31   0.02          0.31   0.02       
Insurance Proceeds 0.00   0.00          (0.04)  0.00       
Add Back Convertible Preferred Stock Dividend 0.11   0.12          0.46   0.12       
Total Impact of All Adjustments Including Convertible Preferred Stock Dividend (0.06)  (0.08)         (0.31)  (0.09)      
EPS, as Adjusted (Non-GAAP)$1.00  $1.26  $(0.26) -20.6% $4.52  $4.74 $(0.22) -4.6%
Diluted Weighted Average Number of Common Shares Outstanding Under If-Converted Method 90,781,584   91,430,668          91,138,476   87,810,927       
                             

For more information about Stericycle, please visit our website at www.stericycle.com.

Safe Harbor Statement: This press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond our control (for example, general economic and market conditions). Our actual results could differ significantly from the results described in the forward-looking statements. Factors that could cause such differences include changes in governmental regulation of the collection, transportation, treatment and disposal of regulated waste or the proper handling and protection of personal and confidential information, increases in transportation and other operating costs, the level of governmental enforcement of regulations governing regulated waste collection and treatment or the proper handling and protection of personal and confidential information, our obligations to service our substantial indebtedness and to comply with the covenants and restrictions contained in our private placement notes, term loan credit facility and revolving credit facility, our ability to execute our acquisition strategy and to integrate acquired businesses, competition and demand for services in the regulated waste and secure information destruction industries, political, economic and currency risks related to our foreign operations, impairments of goodwill or other indefinite-lived intangibles, variability in the demand for services we provide on a project or non-recurring basis, exposure to environmental liabilities, fluctuations in the price we receive for the sale of paper, disruptions in or attacks on our information technology systems, compliance with existing and future legal and regulatory requirements, as well as other factors described in our filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We make no commitment to disclose any subsequent revisions to forward-looking statements.

  
STERICYCLE, INC. AND SUBSIDIARIES 
CONSOLIDATED BALANCE SHEETS 
        
In thousands 
 December 31, 
 2016  2015 
 (Unaudited)     
ASSETS       
Current Assets:       
Cash and cash equivalents$44,189  $55,634 
Short-term investments 62   69 
Accounts receivable, net 633,650   614,494 
Prepaid expenses 47,864   46,740 
Assets held for sale 8,147   - 
Other current assets 38,207   44,891 
Total Current Assets 772,119   761,828 
Property, plant and equipment, net 724,086   665,602 
Goodwill 3,596,882   3,758,177 
Intangible assets, net 1,861,973   1,842,561 
Other assets 29,555   36,995 
Total Assets$6,984,615  $7,065,163 
        
LIABILITIES AND EQUITY       
Current Liabilities:       
Current portion of long-term debt$72,974  $161,409 
Accounts payable 148,055   149,202 
Accrued liabilities 234,504   197,329 
Deferred revenues 17,902   16,989 
Liabilities held for sale 1,871   - 
Other current liabilities 65,990   62,420 
Total Current Liabilities 541,296   587,349 
        
Long-term debt, net of current portion 2,878,149   3,040,352 
Deferred income taxes 651,177   608,272 
Other liabilities 98,137   81,352 
Equity:       
Mandatory convertible preferred stock 7   8 
Common stock 852   849 
Additional paid-in capital 1,166,457   1,143,020 
Accumulated other comprehensive loss (367,783)  (282,631)
Retained earnings 2,005,674   1,868,645 
Total Stericycle, Inc. Equity 2,805,207   2,729,891 
Noncontrolling interests 10,649   17,947 
Total Equity 2,815,856   2,747,838 
Total Liabilities and Equity$6,984,615  $7,065,163 
        


STERICYCLE, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF INCOME 
                            
In thousands, except share and per share data 
 Three Months Ended December 31,  Years Ended December 31, 
 2016  2015  2016  2015 
 $ % of
Rev
  $ % of
Rev
  $ % of
Rev
  $ % of
Rev
 
 (Unaudited)  (Unaudited)        
                            
Revenues$906,396  100.0% $888,304  100.0% $3,562,342  100.0% $2,985,908  100.0%
Cost of revenues ("COR") exclusive of depreciation 513,159  56.6%  489,030  55.1%  1,970,584  55.3%  1,658,081  55.5%
Depreciation 19,564  2.2%  18,919  2.1%  88,546  2.5%  61,642  2.1%
Total cost of revenues 532,723  58.8%  507,949  57.2%  2,059,130  57.8%  1,719,723  57.6%
                            
Gross profit, as reported 373,673  41.2%  380,355  42.8%  1,503,212  42.2%  1,266,185  42.4%
Gross profit, as adjusted (non-GAAP) 380,239  42.0%  380,862  42.9%  1,512,253  42.5%  1,267,693  42.5%
                            
Selling, general and administrative expenses ("SG&A") exclusive of depreciation 290,103  32.0%  222,297  25.0%  1,029,397  28.9%  758,301  25.4%
Depreciation 9,655  1.1%  7,519  0.8%  34,752  1.0%  20,272  0.7%
Total SG&A expense, as reported 299,758  33.1%  229,816  25.9%  1,064,149  29.9%  778,573  26.1%
Total SG&A expense, as adjusted (non-GAAP) 211,495  23.3%  185,075  20.8%  779,341  21.9%  560,216  18.8%
                            
Income from operations, as reported 73,915  8.2%  150,539  16.9%  439,063  12.3%  487,612  16.3%
Income from operations, as adjusted (non-GAAP) exclusive of adjusting items shown below 168,744  18.6%  195,787  22.0%  732,912  20.6%  707,477  23.7%
                            
Adjusting items:                           
Plant conversion expenses (COR) -  0.0%  507  0.1%  760  0.0%  1,508  0.1%
Contract exit costs (COR) 6,566  0.7%  -  0.0%  8,281  0.2%  -  0.0%
Amortization (SG&A) 26,989  3.0%  18,541  2.1%  129,300  3.6%  45,498  1.5%
Acquisition expenses (SG&A) 1,784  0.2%  (818) -0.1%  9,646  0.3%  39,138  1.3%
Integration expenses (SG&A) 26,579  2.9%  20,432  2.3%  87,587  2.5%  51,689  1.7%
Litigation and professional services expenses (SG&A) 7,459  0.8%  645  0.1%  12,904  0.4%  59,651  2.0%
Change in fair value of contingent consideration (SG&A) 34  0.0%  -  0.0%  (2,051) -0.1%  (640) 0.0%
Restructuring and plant conversion expenses (SG&A) 2,329  0.3%  4,160  0.5%  3,226  0.1%  21,240  0.7%
Contract exit costs (SG&A) (5,379) -0.6%  -  0.0%  15,724  0.4%  -  0.0%
Asset impairment charges (SG&A) 28,468  3.1%  1,781  0.2%  28,472  0.8%  1,781  0.1%
Total adjustments 94,829  10.5%  45,248  5.1%  293,849  8.2%  219,865  7.4%
                            
Other income (expense):                           
Interest expense, net (24,620) -2.7%  (24,908) -2.8%  (97,709) -2.7%  (77,274) -2.6%
Other (expense)/ income, net (7,149) -0.8%  4,525  0.5%  (7,586) -0.2%  569  0.0%
Total other expense (31,769) -3.5%  (20,383) -2.3%  (105,295) -3.0%  (76,705) -2.6%
                            
Income before income taxes 42,146  4.6%  130,156  14.7%  333,768  9.4%  410,907  13.8%
                            
Income tax expense 23,635  2.6%  49,618  5.6%  126,259  3.5%  142,894  4.8%
                            
Net income 18,511  2.0%  80,538  9.1%  207,509  5.8%  268,013  9.0%
                            
Less: net income attributable to noncontrolling interests 157  0.0%  (289) 0.0%  1,540  0.0%  967  0.0%
                            
Net income attributable to Stericycle, Inc. 18,354  2.0%  80,827  9.1%  205,969  5.8%  267,046  8.9%
                            
Less: mandatory convertible preferred stock dividend 9,561  1.1%  10,106  1.1%  39,414  1.1%  10,106  0.3%
Less: gain on repurchase of preferred stock (3,538) -0.4%  -  0.0%  (11,285) -0.3%  -  0.0%
                            
Net income attributable to Stericycle, Inc. common shareholders$12,331  1.4% $70,721  8.0% $177,840  5.0% $256,940  8.6%
                            
Earnings per share - diluted$0.14     $0.82     $2.08     $2.98    
                            
Weighted average number of common shares outstanding - diluted 85,433,490      85,949,461      85,610,219      86,162,609    
                            


STERICYCLE, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
        
In thousands 
 Years Ended December 31, 
 2016  2015 
 (Unaudited)     
Operating Activities:       
Net income$207,509  $268,013 
Adjustments to reconcile net income to net cash provided by operating activities:       
Stock compensation expense 20,455   21,750 
Excess tax benefit of stock options exercised -   (16,897)
Depreciation 123,298   81,914 
Amortization 129,300   45,498 
Deferred income taxes 7,020   (10,294)
Asset impairment charges 28,472   8,107 
Other, net 975   (640)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:       
Accounts receivable (41,884)  (55,890)
Accounts payable 6,041   26,366 
Accrued liabilities 34,502   26,060 
Deferred revenue 1,382   (4,615)
Other assets and liabilities 30,311   956 
Net cash provided by operating activities 547,381   390,328 
        
Investing Activities:       
Payments for acquisitions, net of cash acquired (63,917)  (2,419,437)
Proceeds from investments 7   294 
Proceeds from insurance settlement 2,358   - 
Proceeds from sale of business 790   - 
Proceeds from sale of property and equipment 1,316   - 
Capital expenditures (136,160)  (114,761)
Net cash used in investing activities (195,606)  (2,533,904)
        
Financing Activities:       
Repayments of long-term debt and other obligations (89,215)  (93,172)
Proceeds from foreign bank debt 76,237   53,747 
Repayments of foreign bank debt (84,114)  (87,308)
Proceeds from term loan -   1,550,000 
Repayments of term loan (250,000)  (300,000)
Proceeds from private placement of long-term note -   600,000 
Repayments of private placement of long-term note -   (100,000)
Proceeds from senior credit facility 1,464,902   1,907,402 
Repayments of senior credit facility (1,393,323)  (2,004,385)
Repayments of capital lease obligations (5,313)  (3,865)
Payments of deferred financing costs (605)  (9,903)
Payment for hedge -   (8,833)
Payments for repurchase of common stock (40,814)  (130,576)
Payments for repurchase of mandatory convertible preferred stock (30,910)  - 
Proceeds from issuances of mandatory convertible preferred stock -   746,900 
Proceeds from issuances of common stock 37,504   60,124 
Dividends paid on mandatory convertible preferred stock (39,414)  (10,106)
Excess tax benefit of stock options exercised -   16,897 
Payments to noncontrolling interests (8,190)  (5,714)
Net cash (used in)/ provided by financing activities (363,255)  2,181,208 
Effect of exchange rate changes on cash and cash equivalents 35   (4,234)
Net (decrease)/ increase in cash and cash equivalents (11,445)  33,398 
Cash and cash equivalents at beginning of period 55,634   22,236 
        
Cash and cash equivalents at end of period$44,189  $55,634 
        
Non-cash activities:       
Net issuances of obligations for acquisitions$44,230  $80,189 
        


FOR FURTHER INFORMATION CONTACT:

Investor Relations 847-607-2012

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Source: Stericycle, Inc.