Diplomat Pharmacy, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year Ending December 31, 2018 and Year 2019
For the full year, the company announced net sales were $4,485,230,000 compared to $4,410,388,000 for the same period a year ago. Income from operations was $18,565,000 compared to $47,077,000 for the same period a year ago. Income before income taxes was $8,062,000 compared to $36,215,000 for the same period a year ago. Net income attributable to the company was $15,510,000 or $0.23 per basic and diluted share compared to $28,273,000 or $0.42 per diluted share for the same period a year ago. Net cash provided by operating activities was $135,254,000 compared to $31,326,000 for the same period a year ago. Expenditures for property and equipment was $6,652,000 compared to $6,217,000 for the same period a year ago. Expenditures for capitalized software for internal use was $3,505,000 compared to $12,595,000 for the same period a year ago. EBITDA was $85,666,000 compared to $96,086,000 for the same period a year ago. Adjusted EBITDA was $101,760,000 compared to $107,357,000 for the same period a year ago. Adjusted non-GAAP net income was $57,442,000 compared to $51,354,000 for the same period a year ago. Adjusted EPS was $0.84 compared to $0.75 for the same period a year ago. The company ended the year with $654 million of net debt, which represents approximately 3.8x the high-end of 2018 adjusted EBITDA range.
The company provided earnings guidance for the full year ending December 31, 2018. For the full-year 2018, the company expects net income attributable to the company between $4.5 million and $13.0 million, diluted EPS between $0.06 and $0.17, adjusted EPS between $0.87 and $0.97. EPS and adjusted EPS expectations assume approximately 74,900,000 weighted average common shares outstanding on a diluted basis and a tax rate of 24% and 27%, for the low- and high-end of the range, respectively, for the full year 2018, which could differ materially. Depreciation and amortization expected to be between $96,912,000 and $95,526,000. Interest expense expected to be $39,672,000 to $37,172,000. EBITDA expected to be between $142,505,000 and $150,506,000. Adjusted non-GAAP net income expected to be between $65,510,000 and $72,331,000.
The company expects to continue to be a strong cash generator, which will allow the company to be below 3x EBITDA in 2019.