Fourth-Quarter and Full-Year 2019 Orphan and Rheumatology Segment Results
GAAP to Non-GAAP Reconciliation
Operating Income - Three and Twelve Months Ended December 31
HORIZON
Three Months Ended December 31,
2019
2018
Twelve Months Ended December 31,
2019
2018
$ in thousands
GAAP operating income
Non-GAAP adjustments:
Acquisition/divestiture-related costs
Restructuring and realignment costs
Amortization and step-up:
Intangible amortization expense
Inventory step-up expense
$
54,675
$
(200)
204
82,468
$
(1,972)
462
126,611 $
37,911
1,032
237
3,989
15,350
57,662
61,125
230,424
243,634
99
89
17,312
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
Depreciation
2,159
1,499
6,733
6,126
Litigation settlements
1,000
5,750
Upfront, progress and milestone payments related to
license and collaboration agreements
9,073
90
Fees related to refinancing activities
855
854
2,292
937
Drug substance harmonization costs
63
1,275
457
2,855
Charges relating to discontinuation of Friedreich's ataxia program
(145)
(2,940)
1,076
(1,464)
Total of non-GAAP adjustments
Non-GAAP operating income
$
84,747
139,422
68,445
354,591
412,550
$
150,913
$
481,202 $
450,461
Orphan and Rheumatology segment operating income
Inflammation segment operating income
95,388
44,034
Total segment operating income
$
139,422 $
84,761
66,152
150,913
306,333
290,014
174,869
160,447
$
481,202
$
450,461
Foreign exchange (loss)/gain
58
(111)
Other income, net
Adjusted EBITDA
391
270
$
139,871
$
151,072
$
33
1,580
482,815
(192)
1,148
$
451,417
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