Fourth-Quarter and Full-Year 2019 Orphan and Rheumatology Segment Results
GAAP to Non-GAAP Reconciliation
EBITDA and Adjusted EBITDA - Three and Twelve Months Ended December 31
HORIZON
$ in thousands
Three Months Ended December 31,
2019
2018
2019
Twelve Months Ended December 31,
2018
GAAP net income (loss)
Depreciation
Amortization and step-up:
$
592,769
2,159
$
101,648
1,499
$
573,020 $
6,733
(38,380)
6,126
Intangible amortization expense
Inventory step-up expense
57,662
61,125
99
230,424
243,634
89
17,312
Interest expense, net (including amortization of
debt discount and deferred financing costs)
17,098
Benefit for income taxes
EBITDA
Other non-GAAP adjustments:
Acquisition/divestiture-related costs
(555,885)
$
113,803
$
29,771
(49,054)
145,088
87,089
121,692
(593,244)
(44,752)
$
304,111 $
305,632
Restructuring and realignment costs
942
204
(1,710)
462
3,556
4,396
237
15,350
Impairment of long-lived assets
10,847
46,096
(Gain)/Loss on sale of assets
(30,682)
10,963
(42,985)
Share-based compensation
24,149
27,878
91,215
114,860
Litigation settlements
1,000
5,750
Upfront, progress and milestone payments related to
license and collaboration agreements
9,073
(10)
Fees related to refinancing activities
855
854
2,292
937
Loss on debt extinguishment
58,835
Drug substance harmonization costs
Charges relating to discontinuation of Friedreich's ataxia program
63
(145)
1,275
457
2,855
(2,940)
1,076
(1,464)
Total of other non-GAAP adjustments
Adjusted EBITDA
26,068
$
139,871
$
5,984
151,072
178,704
145,785
$
482,815 $
451,417
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