Patheon N.V. (PTHN) [Rocket]

In millions, except per share items	Oct-31-16	Oct-31-15	Oct-31-14	Oct-31-13
	10-K	10-K	10-K	S-1/A
Revenues:
DPS	1,153	1,144	1,089	817
DSS	495	395	189
PDS	219	199	165	148
Other				31
Other		36	41
Total revenues	1,867	1,774	1,484	991
Revenue growth [+]	5.2%	19.6%	49.8%
DPS	0.8%	5.1%	33.2%
DSS	25.2%	109.3%
PDS	10.4%	20.3%	11.9%
Cost of goods sold	1,321	1,216	1,096	750
Gross profit	546	559	387	241
Gross margin	29.2%	31.5%	26.1%	24.3%
Selling, general and administrative	323	309	239	157
Research and development	2	15	14	10
Other operating expenses	-5	-8	-10	-1
Adjusted EBITDA	360	365	235	143
Adjusted EBITDA margin	19.3%	20.5%	15.8%	14.4%
Stock-based compensation	22	14	10
EBITDA [+]	339	351	225
EBITDA growth	-3.4%	56.0%	194.6%
EBITDA margin	18.1%	19.8%	15.2%	7.7%
Depreciation	88	85	68
EBITA	250	266	157	76
EBITA margin	13.4%	15.0%	10.6%	7.7%
Amortization of intangibles	25	23	12
EBIT [+]	226	243	145	76
EBIT growth	-7.1%	67.1%	90.4%
EBIT margin	12.1%	13.7%	9.8%	7.7%
Non-recurring items [+]	28	61	132	39
Asset impairment		4	10	13
Restructuring charges	24	44	112	26
Interest expense	160	142	91	48
Interest expense	160	142	91	48
Other income (expense), net [+]	-27	-5	-36	-26
Gain (loss) on sale of assets		-16
Gain (loss) on debt retirement	22	4	28
Gain (loss) on foreign currency transactions	6	18	9	1
Other	-1	-1	-1	-2
Pre-tax income	11	35	-113	-36
Income taxes	-24	0	4	-4
Tax rate		0.9%		10.2%
Earnings from continuing ops	35	35	-117	-33
Earnings from discontinued ops				-36
Net income	32	138	-119	-69
Net margin	1.7%	7.8%	-8.0%	-6.9%

Basic EPS [+]	$0.28	$0.30	($1.01)
Growth	-7.0%	-129.8%
Diluted EPS [+]	$0.28	$0.30	($1.01)
Growth	-7.3%	-129.8%

Dividends per share [+]		$0.11
Growth	-100.0%

Shares outstanding (basic) [+]	124	116	116
Growth	7.2%	0.0%
Shares outstanding (diluted) [+]	124	116	116
Growth	7.5%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.