Reported net sales increased 2.9 percent year-over-year to $1.6 billion, and internal sales increased 4.3 percent.
Drove adjusted operating margin improvement of 70 bps in the Dental segment and 10 bps in the Animal Health segment.
Delivered third-quarter GAAP earnings of $0.58 per diluted share and adjusted earnings1 of $0.55 per diluted share.
Raised fiscal 2022 GAAP earnings guidance range to $1.86 to $1.91 per diluted share and adjusted earnings1 guidance range to $2.08 to $2.13 per diluted share.
ST. PAUL, Minn.--(BUSINESS WIRE)--Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.6 billion (see attached Sales Summary for further details) in its fiscal third quarter ended January 29, 2022, an increase of 2.9 percent compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation, changes in product selling relationships and contributions from recent acquisitions, increased 4.3 percent over the prior year.
Reported net income attributable to Patterson Companies, Inc. for the third quarter of fiscal 2022 was $57.0 million, or $0.58 per diluted share, compared to $48.8 million, or $0.50 per diluted share, in the third quarter of fiscal 2021. Adjusted net income1 attributable to Patterson Companies, Inc., which excludes deal amortization and gains on investments, totaled $54.2 million for the third quarter of fiscal 2022, or $0.55 per diluted share, compared to $55.8 million in the same quarter of fiscal 2021, or $0.58 per diluted share. The year-over-year increase in reported net income attributable to Patterson Companies, Inc. is related to an investment gain in the current quarter. The year-over-year decrease in adjusted net income attributable to Patterson Companies, Inc. is primarily due to an effective tax rate that was 450 bps lower in the prior year period.
“Patterson is successfully navigating a dynamic end market environment and delivered solid top-line growth and gross margin expansion during the third quarter that builds on our strong performance during the year ago period,” said Mark Walchirk, President and CEO of Patterson Companies. “We also drove adjusted operating margin improvement in both our Dental and Animal Health segments through our continued focus on improving our product mix and efficiently serving customers. We are again raising our adjusted EPS guidance expectations for fiscal 2022 to reflect our confidence in the continued momentum of our business and the positive fundamentals in our end markets.”
Patterson Dental
Reported net sales in our Dental segment for the third quarter of fiscal 2022 were $650.6 million. Internal sales increased 0.1 percent compared to the fiscal 2021 third quarter. Internal sales of consumables declined 1.8 percent year-over-year primarily due to the expected moderation of infection control products compared to the pandemic-related performance in the year-ago period and the impact from the Omicron variant during the quarter. Excluding infection control products, internal sales of consumables increased 3.6 percent over the prior year period. Compared to the pre-pandemic period of the third quarter of fiscal 2020, consumables internal sales increased 11.6 percent. Equipment sales increased 1.6 percent year-over-year driven by strong performance in CAD/CAM and digital technology products, partially offset by lower sales of core equipment due to continued supply chain challenges. Internal sales of value added services increased 4.1 percent year-over-year driven by higher sales of software and service offerings.
Patterson Animal Health
Reported net sales in our Animal Health segment for the third quarter of fiscal 2022 were $944.8 million. Internal sales growth of 8.2 percent was driven by the sixth straight quarter of double-digit growth in companion animal and continued growth in production animal. Within the Animal Health segment, consumables grew 7.8 percent, equipment and software increased 19.2 percent and sales of value added services grew 18.0 percent over the prior year period.
Balance Sheet and Capital Allocation
During the first nine months of fiscal 2022, Patterson Companies used $834.1 million of cash from operating activities and collected deferred purchase price receivables of $918.4 million, generating $84.2 million in cash, compared to generating $29.6 million during the first nine months of fiscal 2021. Free cash flow1 (see definition below and attached free cash flow table) during the first nine months of fiscal 2022 improved by $49.2 million compared to the fiscal 2021 period due to a decreased level of working capital during fiscal 2022.
In the third quarter of fiscal 2022, Patterson Companies declared a quarterly cash dividend of $0.26 per share and returned $25.3 million in cash dividends to shareholders. Through the first nine months of fiscal 2022, Patterson Companies has returned $75.7 million in cash dividends to shareholders.
Year-to-Date Results
Consolidated reported net sales for the first nine months of fiscal 2022 totaled $4.9 billion, an 11.7 percent year-over-year increase. Sales in the first nine months of fiscal 2022 reflected an extra week of sales results in the fiscal first quarter versus the prior year. Internal sales, which are adjusted for the effects of currency translation, changes in product selling relationships, contributions from recent acquisitions and the extra week of selling results in the first quarter of fiscal 2022, increased 10.6 percent compared to the first nine months of fiscal 2021. Through the first nine months of fiscal 2022, Dental segment internal sales increased 6.8 percent, including 8.3 percent growth in consumables and 5.3 percent growth in equipment and software. Through the first nine months of fiscal 2022, Animal Health segment internal sales increased 13.5 percent, including 12.9 percent growth in consumables and 32.5 percent growth in equipment and software.
Reported net income attributable to Patterson Companies, Inc. was $139.3 million, or $1.42 per diluted share, compared to a $127.2 million, or $1.32 per diluted share in last year's period. Adjusted net income1 attributable to Patterson Companies, Inc., which excludes gains on investments, inventory donation charges, deal amortization, legal reserves and integration and business restructuring expenses totaled $153.3 million, or $1.56 per diluted share, compared to $148.4 million, or $1.54 per diluted share, in the year-ago period.
Fiscal 2022 Guidance
Patterson Companies today updated its fiscal 2022 earnings guidance, which is provided on both a GAAP and non-GAAP adjusted1 basis:
Our guidance is for current operations as well as completed or previously announced acquisitions and does not include the impact of potential future acquisitions, dispositions or similar transactions, if any, or impairments and material restructurings beyond those previously publicly disclosed. Our guidance assumes North American and international market conditions remain consistent with current market conditions and that there are no material adverse developments associated with the pandemic.
1Non-GAAP Financial Measures
The Reconciliation of GAAP to non-GAAP Measures table appearing behind the accompanying financial information is provided to adjust reported GAAP measures, namely operating income, other income (expense), net, income before taxes, income tax expense, net income, net income attributable to Patterson Companies, Inc. and diluted earnings per share attributable to Patterson Companies, Inc., for the impact of gains on investments, inventory donation charges, deal amortization, legal reserves and integration and business restructuring expenses along with the related tax effects of these items.
The term “free cash flow” used in this release is defined as net cash used in operating activities less capital expenditures plus the collection of deferred purchase price receivables.
In addition, the term “internal sales” used in this release represents net sales adjusted to exclude the impact of foreign currency, changes in product selling relationships, contributions from recent acquisitions and the extra week of selling results in the first quarter of fiscal 2022. Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchange rates the company uses to convert results for all foreign entities where the functional currency is not the U.S. dollar. The company calculates the impact as the difference between the current period results translated using the current period currency exchange rates and using the comparable prior period's currency exchange rates. The company believes the disclosure of net sales changes in constant currency provides useful supplementary information to investors in light of fluctuations in currency rates.
Management believes that these non-GAAP measures may provide a helpful representation of the company's third-quarter performance and enable comparison of financial results between periods where certain items may vary independent of business performance. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.
Third-Quarter Conference Call and Replay
Patterson Companies’ fiscal 2022 third-quarter conference call will start at 8:30 a.m. Eastern today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com. The conference call will be archived on the Patterson Companies website. A replay of the fiscal 2022 third-quarter conference call can be heard for one week at 1-800-770-2030 and by providing the Conference ID 71954 when prompted.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com
This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. Forward-looking statements often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could” or “may.”
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements.
Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic and measures taken in response thereto; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on suppliers to manufacture and supply substantially all of the products we sell; the risk of the products we sell becoming obsolete or containing undetected errors; adverse changes in supplier rebates; the risk that private label sales could adversely affect our relationships with suppliers; our dependence on positive perceptions of Patterson’s reputation; risks inherent in acquiring and disposing of assets or other businesses and the risks inherent in integrating acquired businesses; our ability to comply with restrictive covenants in our credit agreement; our dependence on leadership development and succession planning; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; the effects of the highly competitive and consolidating dental and animal health supply markets in which we compete; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, and other factors outside our control; risks from the formation of GPOs, provider networks and buying groups that may shift purchasing decisions and place us at a competitive disadvantage; increases in over-the-counter sales and e-commerce options for companion animal products or sales of companion animal products from non-veterinarian sources; change and uncertainty in the health care industry, including the effects of health care reform; failure to comply with existing or future U.S. or foreign laws and regulations including those governing the distribution of pharmaceuticals and controlled substances; public concern over the abuse of opioid medication in the U.S.; failure to comply with health care fraud or other laws and regulations; litigation risks, including the diversion of management’s attention, the cost of defending against such actions, the possibility of damage awards or settlements, fines or penalties, or equitable remedies (including but not limited to the revocation of or non-renewal of licenses) and inherent uncertainty; failure to comply with evolving data privacy laws and regulations; tax legislation; the risks inherent in international operations, including currency fluctuations; risks associated with information systems and cyber-security attacks; disruptions from our enterprise resource planning system; and the risk of being required to record significant impairment charges if our Dental segment’s goodwill or other intangible assets become impaired.
The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive, accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.
You should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K and information which may be contained in our other filings with the U.S. Securities and Exchange Commission, or SEC, when reviewing any forward-looking statement.
Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake any obligation to release publicly any revisions to any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
January 29, 2022 |
|
January 23, 2021 |
|
January 29, 2022 |
|
January 23, 2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net sales |
$ |
1,596,596 |
|
|
$ |
1,551,268 |
|
|
$ |
4,860,633 |
|
|
$ |
4,350,273 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
|
336,611 |
|
|
|
324,541 |
|
|
|
940,848 |
|
|
|
898,725 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating expenses |
|
275,778 |
|
|
|
262,860 |
|
|
|
856,684 |
|
|
|
725,466 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income |
|
60,833 |
|
|
|
61,681 |
|
|
|
84,164 |
|
|
|
173,259 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Other income (expense): |
|
|
|
|
|
|
|
|||||||||
Gains on investments |
|
13,092 |
|
|
|
— |
|
|
|
100,919 |
|
|
|
— |
|
|
Other income, net |
|
6,186 |
|
|
|
4,323 |
|
|
|
14,413 |
|
|
|
9,580 |
|
|
Interest expense |
|
(4,879 |
) |
|
|
(5,532 |
) |
|
|
(15,595 |
) |
|
|
(18,604 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Income before taxes |
|
75,232 |
|
|
|
60,472 |
|
|
|
183,901 |
|
|
|
164,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
|
18,657 |
|
|
|
11,905 |
|
|
|
45,586 |
|
|
|
37,640 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
|
56,575 |
|
|
|
48,567 |
|
|
|
138,315 |
|
|
|
126,595 |
|
|
Net loss attributable to noncontrolling interests |
|
(431 |
) |
|
|
(192 |
) |
|
|
(1,017 |
) |
|
|
(631 |
) |
|
Net income attributable to Patterson Companies, Inc. |
$ |
57,006 |
|
|
$ |
48,759 |
|
|
$ |
139,332 |
|
|
$ |
127,226 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share attributable to Patterson Companies, Inc.: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.58 |
|
|
$ |
0.51 |
|
|
$ |
1.43 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ |
0.58 |
|
|
$ |
0.50 |
|
|
$ |
1.42 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
97,471 |
|
|
|
95,734 |
|
|
|
97,213 |
|
|
|
95,472 |
|
|
Diluted |
|
98,554 |
|
|
|
96,953 |
|
|
|
98,450 |
|
|
|
96,379 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends declared per common share |
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.78 |
|
|
$ |
0.78 |
|
|
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||
|
January 29, 2022 |
|
April 24, 2021 |
|||
|
|
|
|
|||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
165,044 |
|
$ |
143,244 |
|
Receivables, net |
|
467,111 |
|
|
449,235 |
|
Inventory |
|
868,728 |
|
|
736,778 |
|
Prepaid expenses and other current assets |
|
289,548 |
|
|
286,672 |
|
Total current assets |
|
1,790,431 |
|
|
1,615,929 |
|
Property and equipment, net |
|
214,426 |
|
|
219,438 |
|
Operating lease right-of-use assets, net |
|
71,817 |
|
|
77,217 |
|
Goodwill and identifiable intangibles, net |
|
403,625 |
|
|
419,576 |
|
Long-term receivables, net and other |
|
383,197 |
|
|
419,351 |
|
Total assets |
$ |
2,863,496 |
|
$ |
2,751,511 |
|
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
715,544 |
|
$ |
609,264 |
|
Other accrued liabilities |
|
251,136 |
|
|
294,400 |
|
Operating lease liabilities |
|
30,417 |
|
|
32,252 |
|
Current maturities of long-term debt |
|
— |
|
|
100,750 |
|
Borrowings on revolving credit |
|
135,000 |
|
|
53,000 |
|
Total current liabilities |
|
1,132,097 |
|
|
1,089,666 |
|
Long-term debt |
|
488,353 |
|
|
487,545 |
|
Non-current operating lease liabilities |
|
43,513 |
|
|
48,318 |
|
Other non-current liabilities |
|
155,355 |
|
|
161,311 |
|
Total liabilities |
|
1,819,318 |
|
|
1,786,840 |
|
Stockholders' equity |
|
1,044,178 |
|
|
964,671 |
|
Total liabilities and stockholders' equity |
$ |
2,863,496 |
|
$ |
2,751,511 |
|
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
January 29, 2022 |
|
January 23, 2021 |
|||||
|
|
|
|
|||||
Operating activities: |
|
|
|
|||||
Net income |
$ |
138,315 |
|
|
$ |
126,595 |
|
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
61,405 |
|
|
|
58,355 |
|
|
Gains on investments |
|
(100,919 |
) |
|
|
— |
|
|
Non-cash employee compensation |
|
18,384 |
|
|
|
25,161 |
|
|
Non-cash losses (gains) and other, net |
|
5,815 |
|
|
|
6,791 |
|
|
Change in assets and liabilities: |
|
|
|
|||||
Receivables |
|
(850,628 |
) |
|
|
(685,345 |
) |
|
Inventory |
|
(132,689 |
) |
|
|
(12,506 |
) |
|
Accounts payable |
|
110,862 |
|
|
|
(199,558 |
) |
|
Accrued liabilities |
|
(49,296 |
) |
|
|
67,503 |
|
|
Other changes from operating activities, net |
|
(35,388 |
) |
|
|
8,120 |
|
|
Net cash used in operating activities |
|
(834,139 |
) |
|
|
(604,884 |
) |
|
Investing activities: |
|
|
|
|||||
Additions to property and equipment |
|
(26,488 |
) |
|
|
(21,101 |
) |
|
Collection of deferred purchase price receivables |
|
918,354 |
|
|
|
634,499 |
|
|
Acquisitions, net of cash acquired |
|
(19,793 |
) |
|
|
— |
|
|
Sale of investments |
|
74,346 |
|
|
|
396 |
|
|
Other investing activities |
|
— |
|
|
|
2,097 |
|
|
Net cash provided by investing activities |
|
946,419 |
|
|
|
615,891 |
|
|
Financing activities: |
|
|
|
|||||
Dividends paid |
|
(75,746 |
) |
|
|
(50,077 |
) |
|
Payments on long-term debt |
|
(100,750 |
) |
|
|
— |
|
|
Draw on revolving credit |
|
82,000 |
|
|
|
108,000 |
|
|
Other financing activities |
|
4,030 |
|
|
|
2,139 |
|
|
Net cash (used in) provided by financing activities |
|
(90,466 |
) |
|
|
60,062 |
|
|
Effect of exchange rate changes on cash |
|
(14 |
) |
|
|
6,948 |
|
|
Net change in cash and cash equivalents |
|
21,800 |
|
|
|
78,017 |
|
|
Cash and cash equivalents at beginning of period |
|
143,244 |
|
|
|
77,944 |
|
|
Cash and cash equivalents at end of period |
$ |
165,044 |
|
|
$ |
155,961 |
|
|
PATTERSON COMPANIES, INC. SALES SUMMARY (Dollars in thousands) (Unaudited) |
|||||||||||||||||||||
|
January 29, 2022 |
|
January 23, 20211 |
|
Total Sales Growth |
|
Foreign Exchange Impact |
|
53rd Week |
|
Other 2 |
|
Internal Sales Growth |
||||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
1,237,127 |
|
$ |
1,199,102 |
|
3.2 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.0 |
)% |
|
5.0 |
% |
|
Equipment and software |
|
276,446 |
|
|
266,628 |
|
3.7 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
3.6 |
|
|
Value-added services and other |
|
83,023 |
|
|
85,538 |
|
(2.9 |
) |
|
0.1 |
|
|
— |
|
|
(0.2 |
) |
|
(2.8 |
) |
|
Total |
$ |
1,596,596 |
|
$ |
1,551,268 |
|
2.9 |
% |
|
0.2 |
% |
|
— |
% |
|
(1.6 |
)% |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dental |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
337,192 |
|
$ |
342,561 |
|
(1.6 |
)% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
(1.8 |
)% |
|
Equipment and software |
|
241,384 |
|
|
237,205 |
|
1.8 |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
1.6 |
|
|
Value-added services and other |
|
72,057 |
|
|
69,180 |
|
4.2 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
4.1 |
|
|
Total |
$ |
650,633 |
|
$ |
648,946 |
|
0.3 |
% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Animal Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
899,935 |
|
$ |
856,541 |
|
5.1 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.9 |
)% |
|
7.8 |
% |
|
Equipment and software |
|
35,062 |
|
|
29,423 |
|
19.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
19.2 |
|
|
Value-added services and other |
|
9,777 |
|
|
8,383 |
|
16.6 |
|
|
0.2 |
|
|
— |
|
|
(1.6 |
) |
|
18.0 |
|
|
Total |
$ |
944,774 |
|
$ |
894,347 |
|
5.6 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.8 |
)% |
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Value-added services and other |
$ |
1,189 |
|
$ |
7,975 |
|
(85.1 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(85.1 |
)% |
|
Total |
$ |
1,189 |
|
$ |
7,975 |
|
(85.1 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(85.1 |
)% |
1 Certain sales were reclassified between categories to conform to the current period presentation. 2 Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and nine months ended January 29, 2022. Other represents the impact of this change in revenue recognition, as well as the impact of an acquisition on sales during the three and nine months ended January 29, 2022.
PATTERSON COMPANIES, INC. SALES SUMMARY (Dollars in thousands) (Unaudited) |
|||||||||||||||||||||
|
January 29, 2022 |
|
January 23, 20211 |
|
Total Sales Growth |
|
Foreign Exchange Impact |
|
53rd Week |
|
Other2 |
|
Internal Sales Growth |
||||||||
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
3,923,613 |
|
$ |
3,485,669 |
|
12.6 |
% |
|
1.3 |
% |
|
2.8 |
% |
|
(3.2 |
)% |
|
11.7 |
% |
|
Equipment and software |
|
683,711 |
|
|
616,286 |
|
10.9 |
|
|
0.6 |
|
|
2.0 |
|
|
— |
|
|
8.3 |
|
|
Value-added services and other |
|
253,309 |
|
|
248,318 |
|
2.0 |
|
|
0.8 |
|
|
1.9 |
|
|
(0.1 |
) |
|
(0.6 |
) |
|
Total |
$ |
4,860,633 |
|
$ |
4,350,273 |
|
11.7 |
% |
|
1.1 |
% |
|
2.6 |
% |
|
(2.6 |
)% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dental |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
1,070,422 |
|
$ |
957,013 |
|
11.9 |
% |
|
0.7 |
% |
|
2.9 |
% |
|
— |
% |
|
8.3 |
% |
|
Equipment and software |
|
591,787 |
|
|
548,403 |
|
7.9 |
|
|
0.7 |
|
|
1.9 |
|
|
— |
|
|
5.3 |
|
|
Value-added services and other |
|
217,506 |
|
|
205,573 |
|
5.8 |
|
|
0.3 |
|
|
1.9 |
|
|
— |
|
|
3.6 |
|
|
Total |
$ |
1,879,715 |
|
$ |
1,710,989 |
|
9.9 |
% |
|
0.7 |
% |
|
2.4 |
% |
|
— |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Animal Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
2,853,191 |
|
$ |
2,528,656 |
|
12.8 |
% |
|
1.5 |
% |
|
2.8 |
% |
|
(4.4 |
)% |
|
12.9 |
% |
|
Equipment and software |
|
91,924 |
|
|
67,883 |
|
35.4 |
|
|
— |
|
|
2.9 |
|
|
— |
|
|
32.5 |
|
|
Value-added services and other |
|
29,916 |
|
|
24,138 |
|
23.9 |
|
|
5.3 |
|
|
3.4 |
|
|
(1.3 |
) |
|
16.5 |
|
|
Total |
$ |
2,975,031 |
|
$ |
2,620,677 |
|
13.5 |
% |
|
1.5 |
% |
|
2.8 |
% |
|
(4.3 |
)% |
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Value-added services and other |
$ |
5,887 |
|
$ |
18,607 |
|
(68.4 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(68.4 |
)% |
|
Total |
$ |
5,887 |
|
$ |
18,607 |
|
(68.4 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(68.4 |
)% |
1 Certain sales were reclassified between categories to conform to the current period presentation. 2 Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and nine months ended January 29, 2022. Other represents the impact of this change in revenue recognition, as well as the impact of an acquisition on sales during the three and nine months ended January 29, 2022.
PATTERSON COMPANIES, INC. OPERATING INCOME BY SEGMENT (In thousands) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
January 29, 2022 |
|
January 23, 2021 |
|
January 29, 2022 |
|
January 23, 2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|||||||||
Dental |
$ |
64,125 |
|
|
$ |
61,291 |
|
|
$ |
118,609 |
|
|
$ |
172,017 |
|
|
Animal Health |
|
23,420 |
|
|
|
20,615 |
|
|
|
73,360 |
|
|
|
55,605 |
|
|
Corporate |
|
(26,712 |
) |
|
|
(20,225 |
) |
|
|
(107,805 |
) |
|
|
(54,363 |
) |
|
Total |
$ |
60,833 |
|
|
$ |
61,681 |
|
|
$ |
84,164 |
|
|
$ |
173,259 |
|
|
PATTERSON COMPANIES, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Dollars in thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||||||
For the three months ended January 29, 2022 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
60,833 |
|
|
$ |
9,252 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
70,085 |
|
Other income (expense), net |
|
|
14,399 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,092 |
) |
|
|
1,307 |
|
Income before taxes |
|
|
75,232 |
|
|
|
9,252 |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,092 |
) |
|
|
71,392 |
|
Income tax expense |
|
|
18,657 |
|
|
|
2,247 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,273 |
) |
|
|
17,631 |
|
Net income |
|
|
56,575 |
|
|
|
7,005 |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,819 |
) |
|
|
53,761 |
|
Net loss attributable to noncontrolling interests |
|
|
(431 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(431 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
57,006 |
|
|
$ |
7,005 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(9,819 |
) |
|
$ |
54,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
0.58 |
|
|
$ |
0.07 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.10 |
) |
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.4 |
% |
||||||
Effective tax rate |
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
24.7 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended January 23, 2021 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
61,681 |
|
|
$ |
9,238 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
70,919 |
|
Other income (expense), net |
|
|
(1,209 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1,209 |
) |
Income before taxes |
|
|
60,472 |
|
|
|
9,238 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
69,710 |
|
Income tax expense |
|
|
11,905 |
|
|
|
2,196 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
14,101 |
|
Net income |
|
|
48,567 |
|
|
|
7,042 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
55,609 |
|
Net loss attributable to noncontrolling interests |
|
|
(192 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(192 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
48,759 |
|
|
$ |
7,042 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
55,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
0.50 |
|
|
$ |
0.07 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.6 |
% |
||||||
Effective tax rate |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
20.2 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* May not sum due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PATTERSON COMPANIES, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Dollars in thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||||||
For the nine months ended January 29, 2022 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
84,164 |
|
|
$ |
28,407 |
|
$ |
4,245 |
|
$ |
36,000 |
|
$ |
49,194 |
|
$ |
— |
|
|
$ |
202,010 |
|
Other income (expense), net |
|
|
99,737 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(100,919 |
) |
|
|
(1,182 |
) |
Income before taxes |
|
|
183,901 |
|
|
|
28,407 |
|
|
4,245 |
|
|
36,000 |
|
|
49,194 |
|
|
(100,919 |
) |
|
|
200,828 |
|
Income tax expense |
|
|
45,586 |
|
|
|
6,753 |
|
|
1,061 |
|
|
8,460 |
|
|
12,308 |
|
|
(25,669 |
) |
|
|
48,499 |
|
Net income |
|
|
138,315 |
|
|
|
21,654 |
|
|
3,184 |
|
|
27,540 |
|
|
36,886 |
|
|
(75,250 |
) |
|
|
152,329 |
|
Net loss attributable to noncontrolling interests |
|
|
(1,017 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1,017 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
139,332 |
|
|
$ |
21,654 |
|
$ |
3,184 |
|
$ |
27,540 |
|
$ |
36,886 |
|
$ |
(75,250 |
) |
|
$ |
153,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
1.42 |
|
|
$ |
0.22 |
|
$ |
0.03 |
|
$ |
0.28 |
|
$ |
0.37 |
|
$ |
(0.76 |
) |
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.2 |
% |
||||||
Effective tax rate |
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
24.1 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the nine months ended January 23, 2021 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
173,259 |
|
|
$ |
27,741 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
201,000 |
|
Other income (expense), net |
|
|
(9,024 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(9,024 |
) |
Income before taxes |
|
|
164,235 |
|
|
|
27,741 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
191,976 |
|
Income tax expense |
|
|
37,640 |
|
|
|
6,596 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
44,236 |
|
Net income |
|
|
126,595 |
|
|
|
21,145 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
147,740 |
|
Net loss attributable to noncontrolling interests |
|
|
(631 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(631 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
127,226 |
|
|
$ |
21,145 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
148,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
1.32 |
|
|
$ |
0.22 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.6 |
% |
||||||
Effective tax rate |
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
23.0 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* May not sum due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PATTERSON COMPANIES, INC. FREE CASH FLOW (In thousands) (Unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
January 29, 2022 |
|
January 23, 2021 |
|||||
Net cash used in operating activities |
$ |
(834,139 |
) |
|
$ |
(604,884 |
) |
|
Additions to property and equipment |
|
(26,488 |
) |
|
|
(21,101 |
) |
|
Collection of deferred purchase price receivables |
|
918,354 |
|
|
|
634,499 |
|
|
Free cash flow |
$ |
57,727 |
|
|
$ |
8,514 |
|
|
|
|
|
|
Отчетный чистый объем продаж увеличился на 2,9 процента по сравнению с аналогичным периодом прошлого года до 1,6 миллиарда долларов, а внутренние продажи увеличились на 4,3 процента.
Скорректированная операционная маржа улучшилась на 70 базисных пунктов в стоматологическом сегменте и на 10 базисных пунктов в сегменте ветеринарии.
Прибыль по GAAP за третий квартал составила 0,58 доллара на разводненную акцию, а скорректированная прибыль1 — 0,55 доллара на разводненную акцию.
Повышен прогноз прибыли по GAAP на 2022 финансовый год в диапазоне от 1,86 до 1,91 долл. США на разводненную акцию, а скорректированный прогноз прибыли1 — в диапазоне от 2,08 до 2,13 долл. США на разводненную акцию.
СТ. ПОЛ, Миннесота. — (BUSINESS WIRE) — Patterson Companies, Inc. (Nasdaq: PDCO) сегодня сообщила о консолидированных чистых продажах в размере 1,6 млрд долларов (более подробную информацию см. рост на 2,9 процента по сравнению с аналогичным периодом прошлого года. Внутренние продажи, скорректированные с учетом влияния пересчета валюты, изменений в отношениях по продаже продукции и вклада от недавних приобретений, увеличились на 4,3 процента по сравнению с предыдущим годом.
Отчетная чистая прибыль, относящаяся к Patterson Companies, Inc., за третий квартал 2022 финансового года составила 57,0 млн долларов США, или 0,58 долларов США на разводненную акцию, по сравнению с 48,8 млн долларов США, или 0,50 долларов США на разводненную акцию, в третьем квартале 2021 финансового года. Скорректированная чистая прибыль1, относящаяся к Patterson Companies, Inc., которая исключает амортизацию сделки и прибыль от инвестиций, составила 54,2 млн долларов в третьем квартале 2022 финансового года, или 0,55 доллара на разводненную акцию, по сравнению с 55,8 млн долларов в том же квартале 2021 финансового года, или 0,58 доллара на разводненную акцию. Годовое увеличение отчетной чистой прибыли, относящейся к Patterson Companies, Inc., связано с прибылью от инвестиций в текущем квартале. Снижение скорректированной чистой прибыли по сравнению с прошлым годом, относящееся к Patterson Companies, Inc., в основном связано с фактической налоговой ставкой, которая была на 450 базисных пунктов ниже в предыдущем году.
«Паттерсон успешно ориентируется в динамичной среде конечного рынка и добился устойчивого роста выручки и увеличения валовой прибыли в третьем квартале, что основано на наших высоких результатах за период год назад», — сказал Марк Уолчирк, президент и генеральный директор Patterson Companies. «Мы также улучшили скорректированную операционную маржу как в сегментах «Стоматология», так и в сегментах «Здоровье животных», благодаря нашему постоянному вниманию к улучшению ассортимента нашей продукции и эффективному обслуживанию клиентов. Мы снова повышаем наши скорректированные прогнозы по прибыли на акцию на 2022 финансовый год, чтобы отразить нашу уверенность в сохранении динамики нашего бизнеса и положительных фундаментальных показателях на наших конечных рынках».
Паттерсон Дентал
Отчетный чистый объем продаж в нашем стоматологическом сегменте за третий квартал 2022 финансового года составил 650,6 млн долларов. Внутренние продажи выросли на 0,1 процента по сравнению с третьим кварталом 2021 финансового года. Внутренние продажи расходных материалов снизились на 1,8% по сравнению с прошлым годом, главным образом из-за ожидаемого снижения количества продуктов для инфекционного контроля по сравнению с показателями, связанными с пандемией, в период прошлого года и влиянием варианта Omicron в течение квартала. За исключением средств инфекционного контроля, внутренние продажи расходных материалов выросли на 3,6% по сравнению с предыдущим годом. По сравнению с допандемическим периодом третьего квартала 2020 финансового года внутренние продажи расходных материалов выросли на 11,6%. Продажи оборудования выросли на 1,6% по сравнению с прошлым годом благодаря высоким показателям продаж продуктов CAD/CAM и цифровых технологий, что частично компенсируется снижением продаж основного оборудования из-за сохраняющихся проблем с цепочками поставок. Внутренние продажи дополнительных услуг выросли на 4,1% по сравнению с прошлым годом благодаря увеличению продаж программного обеспечения и услуг.
Паттерсон Здоровье животных
Чистый объем продаж в нашем сегменте здоровья животных за третий квартал 2022 финансового года составил 944,8 млн долларов. Рост внутренних продаж на 8,2 процента был обусловлен шестым кварталом подряд двузначным ростом количества домашних животных и продолжающимся ростом продуктивного скота. В сегменте ветеринарии расходные материалы выросли на 7,8%, оборудование и программное обеспечение выросли на 19,2%, а продажи услуг с добавленной стоимостью выросли на 18,0% по сравнению с предыдущим годом.
Баланс и распределение капитала
В течение первых девяти месяцев 2022 финансового года компания Patterson Companies использовала денежные средства в размере 834,1 млн долларов США от операционной деятельности и собрала отложенную дебиторскую задолженность по покупной цене в размере 918,4 млн долларов США, получив 84,2 млн долларов денежных средств по сравнению с 29,6 млн долларов США в течение первых девяти месяцев 2021 финансового года. Свободные денежные средства поток1 (см. определение ниже и прилагаемую таблицу свободных денежных потоков) за первые девять месяцев 2022 финансового года улучшился на 49,2 млн долларов по сравнению с периодом 2021 финансового года из-за снижения уровня оборотного капитала в 2022 финансовом году.
В третьем квартале 2022 финансового года Patterson Companies объявил ежеквартальные денежные дивиденды в размере 0,26 доллара США на акцию и вернул акционерам денежные дивиденды в размере 25,3 миллиона долларов США. За первые девять месяцев 2022 финансового года Patterson Companies вернула акционерам 75,7 млн долларов в виде денежных дивидендов.
Годовые результаты
Консолидированные отчетные чистые продажи за первые девять месяцев 2022 финансового года составили 4,9 миллиарда долларов, что на 11,7% больше, чем в прошлом году. Продажи за первые девять месяцев 2022 финансового года отразили дополнительную неделю результатов продаж в первом финансовом квартале по сравнению с предыдущим годом. Внутренние продажи, которые скорректированы с учетом влияния пересчета валюты, изменений в отношениях по продаже продуктов, вклада от недавних приобретений и дополнительной недели результатов продаж в первом квартале 2022 финансового года, выросли на 10,6 процента по сравнению с первыми девятью месяцами 2021 финансового года. За первые девять месяцев 2022 финансового года внутренние продажи стоматологического сегмента выросли на 6,8%, включая рост расходных материалов на 8,3% и рост оборудования и программного обеспечения на 5,3%. За первые девять месяцев 2022 финансового года внутренние продажи сегмента здоровья животных выросли на 13,5%, включая рост расходных материалов на 12,9% и рост оборудования и программного обеспечения на 32,5%.
Сообщенная чистая прибыль, относящаяся к Patterson Companies, Inc., составила 139,3 млн долларов, или 1,42 доллара на разводненную акцию, по сравнению с 127,2 миллиона долларов, или 1,32 доллара на разводненную акцию, в прошлом году. Скорректированная чистая прибыль1, относящаяся к Patterson Companies, Inc., которая не включает доход от инвестиций, расходы на передачу товарно-материальных запасов, амортизацию сделки, юридические резервы, а также расходы на интеграцию и реструктуризацию бизнеса, составила 153,3 млн долларов США, или 1,56 доллара США на разводненную акцию, по сравнению со 148,4 млн долларов США, или 1,54 доллара США на разводненную акцию. доля, в годовом периоде.
Прогноз на 2022 финансовый год
Patterson Companies сегодня обновил свой прогноз по прибыли на 2022 финансовый год, который предоставляется как с поправкой на GAAP, так и без учета GAAP1:
Наше руководство относится к текущей деятельности, а также к завершенным или ранее объявленным приобретениям и не включает влияние потенциальных будущих приобретений, отчуждений или аналогичных сделок, если таковые имеются, а также обесценения и существенных реструктуризаций помимо тех, о которых было объявлено ранее. В нашем прогнозе предполагается, что рыночные условия в Северной Америке и на международном уровне остаются в соответствии с текущими рыночными условиями и что с пандемией не связано никаких существенных неблагоприятных событий.
1Финансовые показатели не по GAAP
Таблица «Сверка показателей GAAP с показателями, не относящимися к GAAP», появляющаяся за сопроводительной финансовой информацией, предназначена для корректировки сообщаемых показателей GAAP, а именно: операционной прибыли, прочих доходов (расходов), чистой прибыли, прибыли до налогообложения, расхода по подоходному налогу, чистой прибыли, чистой прибыли, относящейся к в Patterson Companies, Inc. и разводненной прибыли на акцию, приходящейся на Patterson Companies, Inc., с учетом влияния доходов от инвестиций, затрат на передачу запасов, амортизации сделок, юридических резервов и расходов на интеграцию и реструктуризацию бизнеса, а также соответствующих налоговых последствий этих статей.
Термин «свободный денежный поток», используемый в настоящем релизе, определяется как чистые денежные средства, использованные в операционной деятельности, за вычетом капитальных затрат плюс получение отложенной дебиторской задолженности по покупной цене.
Кроме того, термин «внутренние продажи», используемый в этом выпуске, представляет собой чистые продажи, скорректированные с учетом влияния иностранной валюты, изменений в отношениях по продаже продуктов, вклада от недавних приобретений и результатов продаж за дополнительную неделю в первом квартале 2022 финансового года. Влияние иностранной валюты представляет собой разницу в результатах, связанную с колебаниями обменных курсов валют, которые компания использует для конвертации результатов для всех иностранных организаций, функциональной валютой которых не является доллар США. Компания рассчитывает влияние как разницу между результатами текущего периода, пересчитанными с использованием обменных курсов валют текущего периода и с использованием обменных курсов сопоставимых валют предыдущего периода. Компания считает, что раскрытие информации об изменении чистых продаж в постоянной валюте предоставляет инвесторам полезную дополнительную информацию в свете колебаний курсов валют.
Руководство полагает, что эти показатели, не относящиеся к GAAP, могут дать полезное представление о результатах деятельности компании за третий квартал и позволить сравнить финансовые результаты между периодами, когда некоторые статьи могут варьироваться независимо от результатов деятельности. Эти финансовые показатели, не относящиеся к GAAP, представлены исключительно в информационных и сравнительных целях и не должны рассматриваться в качестве замены соответствующих показателей GAAP с аналогичным названием.
Конференц-связь третьего квартала и повтор
Конференц-звонок Patterson Companies за третий квартал 2022 финансового года начнется сегодня в 8:30 по восточному времени. Инвесторы могут прослушать онлайн-трансляцию телефонной конференции на сайте www.pattersoncompanies.com. Конференц-связь будет заархивирована на веб-сайте Patterson Companies. Повтор телефонной конференции за третий квартал 2022 финансового года можно прослушать в течение одной недели по телефону 1-800-770-2030, указав идентификатор конференции 71954 при появлении запроса.
О Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) предоставляет клиентам в области стоматологии и ветеринарии в Северной Америке и Великобритании новейшие продукты, технологии, услуги и инновационные бизнес-решения, которые обеспечивают операционный и профессиональный успех. Наш обширный портфель, дистрибьюторская сеть и цепочка поставок сравнимы только с нашими преданными своему делу, знающими людьми, которые обеспечивают непревзойденный опыт и непревзойденное обслуживание клиентов и поддержку.
Узнать больше: pattersoncompanies.com
Этот пресс-релиз содержит, и наши должностные лица и представители могут время от времени делать определенные «прогнозные заявления» по смыслу положений о безопасной гавани Закона США о реформе судебных разбирательств по частным ценным бумагам от 1995 года, включая заявления относительно будущих финансовых результатов, а также цели и ожидания руководства. Прогнозные заявления часто включают такие слова, как «полагает», «ожидает», «предвидит», «оценивает», «намеревается», «планирует», «стремится» или слова с аналогичным значением, а также будущие или условные глаголы, такие как «будет», «должен», «может» или «может».
Прогнозные заявления не являются ни историческими фактами, ни гарантиями будущих результатов. Вместо этого они основаны только на наших текущих убеждениях, ожиданиях и предположениях относительно будущего нашего бизнеса, будущих планов и стратегий, прогнозов, ожидаемых событий и тенденций, экономики и других будущих условий. Поскольку прогнозные заявления относятся к будущему, они подвержены неотъемлемым факторам неопределенности, рискам и изменениям обстоятельств, которые трудно предсказать и многие из которых находятся вне нашего контроля. Наши фактические результаты и финансовое положение могут существенно отличаться от тех, которые указаны в прогнозных заявлениях. Поэтому вам не следует чрезмерно полагаться на какое-либо из этих прогнозных заявлений.
Любое количество факторов может повлиять на наши фактические результаты и привести к тому, что такие результаты будут существенно отличаться от тех, которые предусмотрены любыми прогнозными заявлениями, включая, помимо прочего, следующее: пандемия COVID-19 и меры, принятые в ответ на нее; наша зависимость от отношений с торговыми представителями и специалистами по обслуживанию для удержания клиентов и развития бизнеса; потенциальное нарушение возможностей распространения, включая проблемы с обслуживанием у сторонних грузоотправителей; наша зависимость от поставщиков в производстве и поставке практически всей продаваемой нами продукции; риск того, что продаваемые нами продукты устареют или будут содержать необнаруженные ошибки; неблагоприятные изменения в скидках поставщиков; риск того, что продажи под собственной торговой маркой могут отрицательно сказаться на наших отношениях с поставщиками; наша зависимость от положительного восприятия репутации Паттерсона; риски, связанные с приобретением и отчуждением активов или других предприятий, и риски, связанные с интеграцией приобретенных предприятий; наша способность соблюдать ограничительные условия в нашем кредитном соглашении; наша зависимость от развития лидерства и планирования преемственности; риск того, что наши руководящие документы и закон штата Миннесота могут препятствовать поглощениям и объединениям бизнеса; влияние высококонкурентных и консолидирующихся рынков стоматологических товаров и товаров для животных, на которых мы конкурируем; подверженность рискам животноводства, включая изменение потребительского спроса, цикличность рынка животноводства и другие факторы, не зависящие от нас; риски, связанные с формированием GPO, сетей поставщиков и закупочных групп, которые могут изменить решения о закупках и поставить нас в невыгодное положение с точки зрения конкуренции; увеличение безрецептурных продаж и вариантов электронной коммерции продуктов для домашних животных или продаж продуктов для домашних животных из неветеринарных источников; изменения и неопределенность в отрасли здравоохранения, включая последствия реформы здравоохранения; несоблюдение существующих или будущих законов и правил США или других стран, в том числе регулирующих распространение фармацевтических препаратов и контролируемых веществ; общественное беспокойство по поводу злоупотребления опиоидными препаратами в США; несоблюдение законов о мошенничестве в сфере здравоохранения или других законов и правил; судебные риски, включая отвлечение внимания руководства, затраты на защиту от таких действий, возможность присуждения или компенсации ущерба, штрафы или пени или средства правовой защиты по праву справедливости (включая, помимо прочего, отзыв или непродление лицензий) и присущая неопределенность; несоблюдение меняющихся законов и правил о конфиденциальности данных; налоговое законодательство; риски, присущие международным операциям, включая колебания валютных курсов; риски, связанные с информационными системами и кибератаками; сбои в работе нашей системы планирования ресурсов предприятия; а также риск необходимости отразить значительные суммы обесценения в случае обесценения деловой репутации нашего стоматологического сегмента или других нематериальных активов.
Порядок, в котором появляются эти факторы, не следует истолковывать как указание на их относительную важность или приоритет. Мы предупреждаем, что эти факторы могут быть не исчерпывающими, соответственно, любые прогнозные заявления, содержащиеся в настоящем документе, не должны рассматриваться как предсказание фактических результатов.
Вам следует внимательно рассмотреть эти и другие соответствующие факторы, в том числе факторы риска, указанные в части I, пункт 1A («Факторы риска») в нашей самой последней форме 10-K, а также информацию, которая может содержаться в других наших документах, поданных в Управление по ценным бумагам и Комиссия по обмену или SEC при рассмотрении любого прогнозного заявления.
Инвесторы должны понимать, что невозможно предсказать или выявить все такие факторы или риски. Таким образом, вы не должны рассматривать приведенный выше список или риски, указанные в наших документах SEC, как полное обсуждение всех потенциальных рисков или неопределенностей.
Любое прогнозное заявление, сделанное нами в этом пресс-релизе, основано только на информации, доступной нам в настоящее время, и актуально только на дату, когда оно было сделано. Мы не берем на себя никаких обязательств публиковать какие-либо изменения любых прогнозных заявлений, письменных или устных, которые могут быть сделаны время от времени, будь то в результате новой информации, будущих событий или иным образом.
Patterson Companies, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
January 29, 2022 |
|
January 23, 2021 |
|
January 29, 2022 |
|
January 23, 2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net sales |
$ |
1,596,596 |
|
|
$ |
1,551,268 |
|
|
$ |
4,860,633 |
|
|
$ |
4,350,273 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
|
336,611 |
|
|
|
324,541 |
|
|
|
940,848 |
|
|
|
898,725 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating expenses |
|
275,778 |
|
|
|
262,860 |
|
|
|
856,684 |
|
|
|
725,466 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income |
|
60,833 |
|
|
|
61,681 |
|
|
|
84,164 |
|
|
|
173,259 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Other income (expense): |
|
|
|
|
|
|
|
|||||||||
Gains on investments |
|
13,092 |
|
|
|
— |
|
|
|
100,919 |
|
|
|
— |
|
|
Other income, net |
|
6,186 |
|
|
|
4,323 |
|
|
|
14,413 |
|
|
|
9,580 |
|
|
Interest expense |
|
(4,879 |
) |
|
|
(5,532 |
) |
|
|
(15,595 |
) |
|
|
(18,604 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Income before taxes |
|
75,232 |
|
|
|
60,472 |
|
|
|
183,901 |
|
|
|
164,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
|
18,657 |
|
|
|
11,905 |
|
|
|
45,586 |
|
|
|
37,640 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
|
56,575 |
|
|
|
48,567 |
|
|
|
138,315 |
|
|
|
126,595 |
|
|
Net loss attributable to noncontrolling interests |
|
(431 |
) |
|
|
(192 |
) |
|
|
(1,017 |
) |
|
|
(631 |
) |
|
Net income attributable to Patterson Companies, Inc. |
$ |
57,006 |
|
|
$ |
48,759 |
|
|
$ |
139,332 |
|
|
$ |
127,226 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share attributable to Patterson Companies, Inc.: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.58 |
|
|
$ |
0.51 |
|
|
$ |
1.43 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ |
0.58 |
|
|
$ |
0.50 |
|
|
$ |
1.42 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
97,471 |
|
|
|
95,734 |
|
|
|
97,213 |
|
|
|
95,472 |
|
|
Diluted |
|
98,554 |
|
|
|
96,953 |
|
|
|
98,450 |
|
|
|
96,379 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends declared per common share |
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.78 |
|
|
$ |
0.78 |
|
|
Patterson Companies, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||
|
January 29, 2022 |
|
April 24, 2021 |
|||
|
|
|
|
|||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
165,044 |
|
$ |
143,244 |
|
Receivables, net |
|
467,111 |
|
|
449,235 |
|
Inventory |
|
868,728 |
|
|
736,778 |
|
Prepaid expenses and other current assets |
|
289,548 |
|
|
286,672 |
|
Total current assets |
|
1,790,431 |
|
|
1,615,929 |
|
Property and equipment, net |
|
214,426 |
|
|
219,438 |
|
Operating lease right-of-use assets, net |
|
71,817 |
|
|
77,217 |
|
Goodwill and identifiable intangibles, net |
|
403,625 |
|
|
419,576 |
|
Long-term receivables, net and other |
|
383,197 |
|
|
419,351 |
|
Total assets |
$ |
2,863,496 |
|
$ |
2,751,511 |
|
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
715,544 |
|
$ |
609,264 |
|
Other accrued liabilities |
|
251,136 |
|
|
294,400 |
|
Operating lease liabilities |
|
30,417 |
|
|
32,252 |
|
Current maturities of long-term debt |
|
— |
|
|
100,750 |
|
Borrowings on revolving credit |
|
135,000 |
|
|
53,000 |
|
Total current liabilities |
|
1,132,097 |
|
|
1,089,666 |
|
Long-term debt |
|
488,353 |
|
|
487,545 |
|
Non-current operating lease liabilities |
|
43,513 |
|
|
48,318 |
|
Other non-current liabilities |
|
155,355 |
|
|
161,311 |
|
Total liabilities |
|
1,819,318 |
|
|
1,786,840 |
|
Stockholders' equity |
|
1,044,178 |
|
|
964,671 |
|
Total liabilities and stockholders' equity |
$ |
2,863,496 |
|
$ |
2,751,511 |
|
Patterson Companies, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
January 29, 2022 |
|
January 23, 2021 |
|||||
|
|
|
|
|||||
Operating activities: |
|
|
|
|||||
Net income |
$ |
138,315 |
|
|
$ |
126,595 |
|
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
61,405 |
|
|
|
58,355 |
|
|
Gains on investments |
|
(100,919 |
) |
|
|
— |
|
|
Non-cash employee compensation |
|
18,384 |
|
|
|
25,161 |
|
|
Non-cash losses (gains) and other, net |
|
5,815 |
|
|
|
6,791 |
|
|
Change in assets and liabilities: |
|
|
|
|||||
Receivables |
|
(850,628 |
) |
|
|
(685,345 |
) |
|
Inventory |
|
(132,689 |
) |
|
|
(12,506 |
) |
|
Accounts payable |
|
110,862 |
|
|
|
(199,558 |
) |
|
Accrued liabilities |
|
(49,296 |
) |
|
|
67,503 |
|
|
Other changes from operating activities, net |
|
(35,388 |
) |
|
|
8,120 |
|
|
Net cash used in operating activities |
|
(834,139 |
) |
|
|
(604,884 |
) |
|
Investing activities: |
|
|
|
|||||
Additions to property and equipment |
|
(26,488 |
) |
|
|
(21,101 |
) |
|
Collection of deferred purchase price receivables |
|
918,354 |
|
|
|
634,499 |
|
|
Acquisitions, net of cash acquired |
|
(19,793 |
) |
|
|
— |
|
|
Sale of investments |
|
74,346 |
|
|
|
396 |
|
|
Other investing activities |
|
— |
|
|
|
2,097 |
|
|
Net cash provided by investing activities |
|
946,419 |
|
|
|
615,891 |
|
|
Financing activities: |
|
|
|
|||||
Dividends paid |
|
(75,746 |
) |
|
|
(50,077 |
) |
|
Payments on long-term debt |
|
(100,750 |
) |
|
|
— |
|
|
Draw on revolving credit |
|
82,000 |
|
|
|
108,000 |
|
|
Other financing activities |
|
4,030 |
|
|
|
2,139 |
|
|
Net cash (used in) provided by financing activities |
|
(90,466 |
) |
|
|
60,062 |
|
|
Effect of exchange rate changes on cash |
|
(14 |
) |
|
|
6,948 |
|
|
Net change in cash and cash equivalents |
|
21,800 |
|
|
|
78,017 |
|
|
Cash and cash equivalents at beginning of period |
|
143,244 |
|
|
|
77,944 |
|
|
Cash and cash equivalents at end of period |
$ |
165,044 |
|
|
$ |
155,961 |
|
|
Patterson Companies, INC. SALES SUMMARY (Dollars in thousands) (Unaudited) |
|||||||||||||||||||||
|
January 29, 2022 |
|
January 23, 20211 |
|
Total Sales Growth |
|
Foreign Exchange Impact |
|
53rd Week |
|
Other 2 |
|
Internal Sales Growth |
||||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
1,237,127 |
|
$ |
1,199,102 |
|
3.2 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.0 |
)% |
|
5.0 |
% |
|
Equipment and software |
|
276,446 |
|
|
266,628 |
|
3.7 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
3.6 |
|
|
Value-added services and other |
|
83,023 |
|
|
85,538 |
|
(2.9 |
) |
|
0.1 |
|
|
— |
|
|
(0.2 |
) |
|
(2.8 |
) |
|
Total |
$ |
1,596,596 |
|
$ |
1,551,268 |
|
2.9 |
% |
|
0.2 |
% |
|
— |
% |
|
(1.6 |
)% |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dental |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
337,192 |
|
$ |
342,561 |
|
(1.6 |
)% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
(1.8 |
)% |
|
Equipment and software |
|
241,384 |
|
|
237,205 |
|
1.8 |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
1.6 |
|
|
Value-added services and other |
|
72,057 |
|
|
69,180 |
|
4.2 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
4.1 |
|
|
Total |
$ |
650,633 |
|
$ |
648,946 |
|
0.3 |
% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Animal Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
899,935 |
|
$ |
856,541 |
|
5.1 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.9 |
)% |
|
7.8 |
% |
|
Equipment and software |
|
35,062 |
|
|
29,423 |
|
19.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
19.2 |
|
|
Value-added services and other |
|
9,777 |
|
|
8,383 |
|
16.6 |
|
|
0.2 |
|
|
— |
|
|
(1.6 |
) |
|
18.0 |
|
|
Total |
$ |
944,774 |
|
$ |
894,347 |
|
5.6 |
% |
|
0.2 |
% |
|
— |
% |
|
(2.8 |
)% |
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Value-added services and other |
$ |
1,189 |
|
$ |
7,975 |
|
(85.1 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(85.1 |
)% |
|
Total |
$ |
1,189 |
|
$ |
7,975 |
|
(85.1 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(85.1 |
)% |
1 Некоторые продажи были реклассифицированы между категориями, чтобы соответствовать представлению текущего периода. 2 Продажи определенных продуктов, ранее признанные на валовой основе, были признаны на нетто-основе в течение трех и девяти месяцев, закончившихся 29 января 2022 г. Прочие представляют влияние этого изменения в признании выручки, а также влияние приобретения на продажи. в течение трех и девяти месяцев, закончившихся 29 января 2022 года.
Patterson Companies, INC. SALES SUMMARY (Dollars in thousands) (Unaudited) |
|||||||||||||||||||||
|
January 29, 2022 |
|
January 23, 20211 |
|
Total Sales Growth |
|
Foreign Exchange Impact |
|
53rd Week |
|
Other2 |
|
Internal Sales Growth |
||||||||
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
3,923,613 |
|
$ |
3,485,669 |
|
12.6 |
% |
|
1.3 |
% |
|
2.8 |
% |
|
(3.2 |
)% |
|
11.7 |
% |
|
Equipment and software |
|
683,711 |
|
|
616,286 |
|
10.9 |
|
|
0.6 |
|
|
2.0 |
|
|
— |
|
|
8.3 |
|
|
Value-added services and other |
|
253,309 |
|
|
248,318 |
|
2.0 |
|
|
0.8 |
|
|
1.9 |
|
|
(0.1 |
) |
|
(0.6 |
) |
|
Total |
$ |
4,860,633 |
|
$ |
4,350,273 |
|
11.7 |
% |
|
1.1 |
% |
|
2.6 |
% |
|
(2.6 |
)% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dental |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
1,070,422 |
|
$ |
957,013 |
|
11.9 |
% |
|
0.7 |
% |
|
2.9 |
% |
|
— |
% |
|
8.3 |
% |
|
Equipment and software |
|
591,787 |
|
|
548,403 |
|
7.9 |
|
|
0.7 |
|
|
1.9 |
|
|
— |
|
|
5.3 |
|
|
Value-added services and other |
|
217,506 |
|
|
205,573 |
|
5.8 |
|
|
0.3 |
|
|
1.9 |
|
|
— |
|
|
3.6 |
|
|
Total |
$ |
1,879,715 |
|
$ |
1,710,989 |
|
9.9 |
% |
|
0.7 |
% |
|
2.4 |
% |
|
— |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Animal Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumable |
$ |
2,853,191 |
|
$ |
2,528,656 |
|
12.8 |
% |
|
1.5 |
% |
|
2.8 |
% |
|
(4.4 |
)% |
|
12.9 |
% |
|
Equipment and software |
|
91,924 |
|
|
67,883 |
|
35.4 |
|
|
— |
|
|
2.9 |
|
|
— |
|
|
32.5 |
|
|
Value-added services and other |
|
29,916 |
|
|
24,138 |
|
23.9 |
|
|
5.3 |
|
|
3.4 |
|
|
(1.3 |
) |
|
16.5 |
|
|
Total |
$ |
2,975,031 |
|
$ |
2,620,677 |
|
13.5 |
% |
|
1.5 |
% |
|
2.8 |
% |
|
(4.3 |
)% |
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Value-added services and other |
$ |
5,887 |
|
$ |
18,607 |
|
(68.4 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(68.4 |
)% |
|
Total |
$ |
5,887 |
|
$ |
18,607 |
|
(68.4 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
(68.4 |
)% |
1 Некоторые продажи были реклассифицированы между категориями, чтобы соответствовать представлению текущего периода. 2 Продажи определенных продуктов, ранее признанные на валовой основе, были признаны на нетто-основе в течение трех и девяти месяцев, закончившихся 29 января 2022 г. Прочие представляют влияние этого изменения в признании выручки, а также влияние приобретения на продажи. в течение трех и девяти месяцев, закончившихся 29 января 2022 года.
Patterson Companies, INC. OPERATING INCOME BY SEGMENT (In thousands) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
January 29, 2022 |
|
January 23, 2021 |
|
January 29, 2022 |
|
January 23, 2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|||||||||
Dental |
$ |
64,125 |
|
|
$ |
61,291 |
|
|
$ |
118,609 |
|
|
$ |
172,017 |
|
|
Animal Health |
|
23,420 |
|
|
|
20,615 |
|
|
|
73,360 |
|
|
|
55,605 |
|
|
Corporate |
|
(26,712 |
) |
|
|
(20,225 |
) |
|
|
(107,805 |
) |
|
|
(54,363 |
) |
|
Total |
$ |
60,833 |
|
|
$ |
61,681 |
|
|
$ |
84,164 |
|
|
$ |
173,259 |
|
|
Patterson Companies, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Dollars in thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||||||
For the three months ended January 29, 2022 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
60,833 |
|
|
$ |
9,252 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
70,085 |
|
Other income (expense), net |
|
|
14,399 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,092 |
) |
|
|
1,307 |
|
Income before taxes |
|
|
75,232 |
|
|
|
9,252 |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,092 |
) |
|
|
71,392 |
|
Income tax expense |
|
|
18,657 |
|
|
|
2,247 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,273 |
) |
|
|
17,631 |
|
Net income |
|
|
56,575 |
|
|
|
7,005 |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,819 |
) |
|
|
53,761 |
|
Net loss attributable to noncontrolling interests |
|
|
(431 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(431 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
57,006 |
|
|
$ |
7,005 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(9,819 |
) |
|
$ |
54,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
0.58 |
|
|
$ |
0.07 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.10 |
) |
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.4 |
% |
||||||
Effective tax rate |
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
24.7 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended January 23, 2021 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
61,681 |
|
|
$ |
9,238 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
70,919 |
|
Other income (expense), net |
|
|
(1,209 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1,209 |
) |
Income before taxes |
|
|
60,472 |
|
|
|
9,238 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
69,710 |
|
Income tax expense |
|
|
11,905 |
|
|
|
2,196 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
14,101 |
|
Net income |
|
|
48,567 |
|
|
|
7,042 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
55,609 |
|
Net loss attributable to noncontrolling interests |
|
|
(192 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(192 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
48,759 |
|
|
$ |
7,042 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
55,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
0.50 |
|
|
$ |
0.07 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.6 |
% |
||||||
Effective tax rate |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
20.2 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* May not sum due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Patterson Companies, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Dollars in thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||||||
For the nine months ended January 29, 2022 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
84,164 |
|
|
$ |
28,407 |
|
$ |
4,245 |
|
$ |
36,000 |
|
$ |
49,194 |
|
$ |
— |
|
|
$ |
202,010 |
|
Other income (expense), net |
|
|
99,737 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(100,919 |
) |
|
|
(1,182 |
) |
Income before taxes |
|
|
183,901 |
|
|
|
28,407 |
|
|
4,245 |
|
|
36,000 |
|
|
49,194 |
|
|
(100,919 |
) |
|
|
200,828 |
|
Income tax expense |
|
|
45,586 |
|
|
|
6,753 |
|
|
1,061 |
|
|
8,460 |
|
|
12,308 |
|
|
(25,669 |
) |
|
|
48,499 |
|
Net income |
|
|
138,315 |
|
|
|
21,654 |
|
|
3,184 |
|
|
27,540 |
|
|
36,886 |
|
|
(75,250 |
) |
|
|
152,329 |
|
Net loss attributable to noncontrolling interests |
|
|
(1,017 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1,017 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
139,332 |
|
|
$ |
21,654 |
|
$ |
3,184 |
|
$ |
27,540 |
|
$ |
36,886 |
|
$ |
(75,250 |
) |
|
$ |
153,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
1.42 |
|
|
$ |
0.22 |
|
$ |
0.03 |
|
$ |
0.28 |
|
$ |
0.37 |
|
$ |
(0.76 |
) |
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.2 |
% |
||||||
Effective tax rate |
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
24.1 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the nine months ended January 23, 2021 |
|
GAAP |
|
Deal amortization |
|
Integration and business restructuring expenses |
|
Legal reserves |
|
Inventory donation charges |
|
Gains on investments |
|
Non-GAAP |
||||||||||
Operating income |
|
$ |
173,259 |
|
|
$ |
27,741 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
201,000 |
|
Other income (expense), net |
|
|
(9,024 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(9,024 |
) |
Income before taxes |
|
|
164,235 |
|
|
|
27,741 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
191,976 |
|
Income tax expense |
|
|
37,640 |
|
|
|
6,596 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
44,236 |
|
Net income |
|
|
126,595 |
|
|
|
21,145 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
147,740 |
|
Net loss attributable to noncontrolling interests |
|
|
(631 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(631 |
) |
Net income attributable to Patterson Companies, Inc. |
|
$ |
127,226 |
|
|
$ |
21,145 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
148,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share attributable to Patterson Companies, Inc.* |
|
$ |
1.32 |
|
|
$ |
0.22 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income as a % of sales |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.6 |
% |
||||||
Effective tax rate |
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
23.0 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* May not sum due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patterson Companies, INC. FREE CASH FLOW (In thousands) (Unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
January 29, 2022 |
|
January 23, 2021 |
|||||
Net cash used in operating activities |
$ |
(834,139 |
) |
|
$ |
(604,884 |
) |
|
Additions to property and equipment |
|
(26,488 |
) |
|
|
(21,101 |
) |
|
Collection of deferred purchase price receivables |
|
918,354 |
|
|
|
634,499 |
|
|
Free cash flow |
$ |
57,727 |
|
|
$ |
8,514 |
|
|
|
|
|
|