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Sirona Reports Record Fiscal 2012 Fourth Quarter And Full Year Results

Stocks in this article: SIRO

 

GAAP Reconciliation to Old Non-GAAP

 

GAAP Reconciliation to New Non-GAAP

Three months ended September 30, 2011 Three months ended September 30, 2011
Pre Tax   Tax Impact*   After Tax   Per Diluted Share Pre Tax   Tax Impact*   After Tax   Per Diluted Share
$'000s, except per share amount $'000s, except per share amount

GAAP net income attributable

 

$

13,758

0.24    

$

13,758

$

0.24

Adjustments

 
Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 13,531 2,716 10,815 $ 13,531 2,716 10,815
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee 4,216 925 3,291 4,216 925 3,291
 
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans 5,664 1,241 4,423 5,664 1,241 4,423
(Gain)/loss on other foreign currency transactions - - - (7,016 ) (1,319 ) (5,697)
 
(Gain)/loss on derivative instruments - - - 2,140 402 1,738
Non-cash compensation charge paid by shareholders 6,625 - 6,625 6,625 - 6,625
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

38,912

$

0.68

$

34,953

$

0.61

 
* tax impact calculated using an effective tax rate of 18.8%, excluding the $6.6 million non-cash compensation expense
 

GAAP Reconciliation to Old Non-GAAP

GAAP Reconciliation to New Non-GAAP

Three months ended June 30, 2011 Three months ended June 30, 2011
Pre Tax   Tax Impact*   After Tax Per Diluted Share Pre Tax   Tax Impact*   After Tax Per Diluted Share
$'000s, except per share amount $'000s, except per share amount

GAAP net income attributable

$

36,331

$

0.63

$

36,331

$

0.63

Adjustments

Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 13,693 3,012 10,681 $ 13,693 3,012 10,681
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee (1,248 ) (275 ) (973) (1,248 ) (275 ) (973)
 
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans (1,618 ) (356 ) (1,262) (1,618 ) (356 ) (1,262)
(Gain)/loss on other foreign currency transactions - - - (569 ) (131 ) (438)
 
(Gain)/loss on derivative instruments - - - 1,081 249 832
 
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

44,776

$

0.78

$

45,170

$

0.78

 
* tax impact calculated using an estimated effective tax rate of 21.5%
 

GAAP Reconciliation to Old Non-GAAP

 

GAAP Reconciliation to New Non-GAAP

Three months ended March 31, 2011 Three months ended March 31, 2011
Pre Tax   Tax Impact*   After Tax   Per Diluted Share Pre Tax   Tax Impact*   After Tax   Per Diluted Share
$'000s, except per share amount $'000s, except per share amount

GAAP net income attributable

 

$

29,312

$

0.51

   

$

29,312

$

0.51

Adjustments

 
Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 13,192 2,902 10,290 $ 13,192 2,902 10,290
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee (3,878) (853) (3,025) (3,878) (853) (3,025)
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans (4,347) (956) (3,391) (4,347) (956) (3,391)
(Gain)/loss on other foreign currency transactions - - - 3,889 856 3,033
(Gain)/loss on derivative instruments - - - (1,554) (342) (1,212)
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

33,186

$

0.58

$

35,008

$

0.61

 
* tax impact calculated using an estimated effective tax rate of 21.5%
 

GAAP Reconciliation to Old Non-GAAP

GAAP Reconciliation to New Non-GAAP

Three months ended December 31, 2010 Three months ended December 31, 2010
Pre Tax   Tax Impact*   After Tax Per Diluted Share Pre Tax   Tax Impact*   After Tax Per Diluted Share
$'000s, except per share amount $'000s, except per share amount

GAAP net income attributable

$

42,392

$

0.75

$

42,392

$

0.75

Adjustments

Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 13,146 2,892 10,254 $ 13,146 2,892 10,254
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee 1,408 310 1,098 1,408 310 1,098
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans 1,346 296 1,050 1,346 296 1,050
(Gain)/loss on other foreign currency transactions - - - (3,515) (773) (2,742)
(Gain)/loss on derivative instruments - - - 1,635 360 1,275
 
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

54,794

$

0.96

$

53,328

$

0.94

 
* tax impact calculated using an estimated effective tax rate of 21.5%
 

GAAP Reconciliation to Old Non-GAAP

 

GAAP Reconciliation to New Non-GAAP

Year ended September 30, 2012 Year ended September 30, 2012
Pre Tax   Tax Impact*   After Tax   Per Diluted Share Pre Tax   Tax Impact*   After Tax   Per Diluted Share
$'000s, except per share amount $'000s, except per share amount

GAAP net income attributable

 

$

133,832

$

2.36

   

$

133,832

$

2.36

Adjustments

 
Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 46,622 11,189 35,433 $ 46,622 11,189 35,433
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee 2,559 614 1,945 2,559 614 1,945
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans 3,677 882 2,795 3,677 882 2,795
(Gain)/loss on other foreign currency transactions - - - (363) 30 (392)
(Gain)/loss on derivative instruments - - - (1,961) (528) (1,433)
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

174,005

$

3.07

$

172,178

$

3.03

 
* tax impact calculated using an effective tax rate of 24%
 

GAAP Reconciliation to Old Non-GAAP

GAAP Reconciliation to New Non-GAAP

Year ended September 30, 2011 Year ended September 30, 2011
Pre Tax   Tax Impact*   After Tax Per Diluted Share Pre Tax   Tax Impact*   After Tax Per Diluted Share
$'000s, except per share amount $'000s, except per share amount
GAAP net income attributable to Sirona Dental Systems, Inc. Shareholders

$

121,793

$

2.13

$

121,793

$

2.13

Adjustments

Amortization and depreciation expense resulting from the step-up to fair values of intangible assets related to past business combinations $ 53,562 11,523 42,039 $ 53,562 11,523 42,039
(Gain)/loss on foreign currency transactions, net
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of the $-denominated exclusivity fee 499 107 392 499 107 392
Unrealized, non-cash (gain)/loss on revaluation of the carrying value of short-term intra-group loans 1,046 225 821 1,046 225 821
(Gain)/loss on other foreign currency transactions (7,211) (1,368) (5,843)
(Gain)/loss on derivative instruments 3,302 669 2,633
Non-cash compensation charge paid by shareholders 6,625 - 6,625 6,625 - 6,625
 
       
Non-GAAP adjusted net income attributable to Sirona Dental Systems, Inc. shareholders

$

171,670

$

3.00

$

168,460

$

2.94

 
* tax impact calculated using an effective tax rate of 21.5%, excluding the $6.6 million non-cash compensation expense




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