- Fourth quarter reported net sales increased 5.0 percent
year-over-year to $1.7 billion, and internal sales increased 5.7
percent.
- Drove adjusted operating margin expansion during the fourth
quarter and fiscal 2023 for business overall and across both Dental
and Animal Health segments.
- Returned $156.8 million to shareholders in fiscal 2023
through dividends and share repurchases.
- Achieved fourth quarter GAAP earnings of $0.77 per diluted
share and adjusted earnings1 of $0.84 per diluted share, an
increase of 18 percent over prior year.
- Delivered fiscal 2023 GAAP earnings of $2.12 per diluted
share and adjusted earnings of $2.42 per diluted share, an increase
of 7 percent compared to prior year.
- Issues fiscal 2024 GAAP earnings guidance of $2.14 to $2.24
per diluted share and adjusted earnings1 guidance of $2.45 to $2.55
per diluted share.
Patterson Companies, Inc. (Nasdaq: PDCO) today reported
consolidated net sales of $1.72 billion (see attached Sales Summary
for further details) in its fiscal fourth quarter ended April 29,
2023, an increase of 5.0 percent compared to the same period last
year. Internal sales, which are adjusted for the effects of
currency translation and contributions from recent acquisitions,
increased 5.7 percent over the prior year period.
Reported net income attributable to Patterson Companies, Inc.
for the fourth quarter of fiscal 2023 was $75.0 million, or $0.77
per diluted share, compared to $63.9 million, or $0.65 per diluted
share, in the fourth quarter of fiscal 2022. Adjusted net income1
attributable to Patterson Companies, Inc., which excludes deal
amortization and gains on investments, totaled $82.4 million for
the fourth quarter of fiscal 2023, or $0.84 per diluted share,
compared to $70.4 million, or $0.71 per diluted share, in the
fourth quarter of fiscal 2022. The year-over-year increase in
reported and adjusted net income attributable to Patterson
Companies, Inc. in the fourth quarter of fiscal 2023 is primarily
due to increased sales of dental equipment and value-added services
and operating margin expansion in both business segments. Both
reported and adjusted net income in the fiscal 2023 fourth quarter
contained a one-time gain of $3.6 million, or $0.03 per diluted
share related to the sale of a real estate asset.
“Patterson had an incredibly strong fourth quarter, concluding a
fiscal year in which we achieved our goals of delivering
year-over-year internal sales growth and adjusted operating margin
expansion for the business overall and across our Dental and Animal
Health segments,” said Don Zurbay, President and CEO of Patterson
Companies. “Our results demonstrate our team’s outstanding
performance throughout fiscal 2023, and the impact of our ongoing
initiatives to deepen the value proposition we offer customers and
drive margin expansion through improved mix and greater operational
efficiency. As we enter fiscal 2024, we remain focused on executing
our proven strategy and building upon our momentum to deliver
continued growth and value creation.”
Patterson Dental Reported net sales in the Dental segment
for the fourth quarter of fiscal 2023 were $683.5 million. Internal
sales increased 8.0 percent compared to the fiscal 2022 fourth
quarter. Internal sales of consumables increased 0.3 percent
year-over-year, impacted by the continued moderation of infection
control products compared to the pandemic-related performance in
the year-ago period. Excluding infection control products, internal
sales of consumables increased 4.4 percent year-over-year. Compared
to the prior year period, internal sales of equipment increased
19.2 percent driven by strength across all product categories.
Internal sales of value-added services increased 13.4 percent.
Patterson Animal Health Reported net sales in the Animal
Health segment for the fourth quarter of fiscal 2023 were $1.03
billion. Internal sales growth of 3.2 percent year-over-year was
driven by sales growth in the companion animal business. Compared
to the prior year period, internal sales of consumables grew 2.4
percent, equipment increased 16.7 percent and value-added services
increased 52.6 percent.
Balance Sheet and Capital Allocation During fiscal 2023,
Patterson Companies used $754.9 million of cash from operating
activities and collected deferred purchase price receivables of
$998.9 million, generating $244.1 million in cash, compared to
generating $232.5 million during fiscal 2022. Free cash flow1 (see
definition below and attached free cash flow table) during fiscal
2023 declined by $14.4 million compared to the fiscal 2022 period
due to an increased level of capital spending during fiscal
2023.
In the fourth quarter of fiscal 2023, Patterson Companies
declared a quarterly cash dividend of $0.26 per share and returned
$25.4 million in cash dividends to shareholders. Also, under an
existing repurchase authorization, the company repurchased
approximately 1.5 million shares during the fiscal fourth quarter.
At of the end of fiscal 2023, Patterson had approximately $410
million of share repurchase authority remaining on its current
share repurchase authorization. During fiscal 2023, Patterson
Companies returned $156.8 million to shareholders in the form of
cash dividends and share repurchases.
Fiscal 2023 Full Year Results Consolidated reported net
sales for fiscal 2023 totaled $6.5 billion, a 0.4 percent
year-over-year decrease. Sales in fiscal 2022 reflected an extra
week of sales results in the first quarter of fiscal 2022. Internal
sales for fiscal 2023, which are adjusted for the effects of
currency translation, the extra week of selling results in the
first quarter of fiscal 2022 and contributions from recent
acquisitions, increased 2.9 percent year-over-year. Fiscal 2023
Dental segment internal sales increased 1.3 percent, including a
2.1 percent decline in consumables, a 4.9 percent increase in
equipment and an 8.1 percent increase in value-added services.
Fiscal 2023 Animal Health segment internal sales increased 3.4
percent, including 3.1 percent growth in consumables, 6.8 percent
growth in equipment and a 24.4 percent increase in value-added
services.
Reported net income attributable to Patterson Companies, Inc. in
fiscal 2023 was $207.6 million, or $2.12 per diluted share,
compared to $203.2 million, or $2.06 per diluted share in fiscal
2022. Adjusted net income1 attributable to Patterson Companies,
Inc., which excludes deal amortization, integration and business
restructuring expenses, legal reserves, inventory donation charges
and gains on investments totaled $236.4 million in fiscal 2023, or
$2.42 per diluted share, compared to $223.7 million, or $2.27 per
diluted share in the prior year.
Fiscal 2024 Guidance Patterson Companies today initiated
its fiscal 2024 earnings guidance, which is provided on both a GAAP
and non-GAAP adjusted1 basis:
- GAAP earnings are expected to be in the range of $2.14 to $2.24
per diluted share.
- Non-GAAP adjusted earnings1 are expected to be in the
range of $2.45 to $2.55 per diluted share.
- Our non-GAAP adjusted earnings1 guidance excludes the
after-tax impact of:
- Deal amortization expenses of approximately $29.3 million
($0.31 per diluted share).
Our guidance reflects the strength of our business and
competitive positioning, as well as our expectations for the North
American and international end markets in which we operate, which
we expect to be affected by the ongoing challenges of inflationary
trends and higher interest rates as well as a potential slow-down
in the broader economy. Beyond macroeconomic and geopolitical
uncertainty, our guidance further assumes that there are no
material adverse developments associated with wide-spread public
health concerns.
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 deal
amortization, integration and business restructuring expenses,
legal reserves, inventory donation charges and gains on investments
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, the extra week of selling results in the first quarter of
fiscal 2022 and the impact from recent acquisitions. 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 fourth 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.
Fourth Quarter Conference Call and Replay Patterson
Companies’ fiscal 2023 fourth 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 2023 fourth 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: wide-spread public health concerns as we experienced,
and may continue to experience, with the COVID-19 pandemic; our
dependence on suppliers to manufacture and supply substantially all
of the products we sell; potential disruption of distribution
capabilities, including service issues with third-party shippers;
our dependence on relationships with sales representatives and
service technicians to retain customers and develop business;
adverse changes in supplier rebates or other purchasing incentives;
risks of selling private label products, including the risk of
adversely affecting our relationships with suppliers; the risk of
technological and market obsolescence for the products we sell; the
risk of failing to innovate and develop new and enhanced software
and e-services products; our dependence on positive perceptions of
Patterson’s reputation; risks associated with illicit human use of
pharmaceutical products we distribute; risks inherent in acquiring
and disposing of assets or other businesses and risks inherent in
integrating acquired businesses; turnover or loss of key personnel
or highly skilled employees; risks associated with information
systems, software products and cyber-security attacks; risks
related to climate change; our ability to comply with restrictive
covenants and other limits in our credit agreement; the risk that
our governing documents and Minnesota law may discourage takeovers
and business combinations; the effects of the highly competitive
dental and animal health supply markets in which we compete; the
effects of consolidation within the dental and animal health supply
markets; exposure to the risks of the animal production business,
including changing consumer demand, the cyclical livestock market,
weather conditions, the availability of natural resources and other
factors outside our control, and the risks of the companion animal
business, including the possibility of disease adversely affecting
the pet population; exposure to the risks of the health care
industry, including changes in demand due to political, economic
and regulatory influences and other factors outside our control;
increases in over-the-counter sales and e-commerce options; risks
from the formation or expansion of GPOs, provider networks and
buying groups that may place us at a competitive disadvantage;
risks of litigation and government inquiries and investigations,
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 health care fraud
or other laws and regulations; change and uncertainty in the health
care industry; failure to comply with existing or future U.S. or
foreign laws and regulations including those governing the
distribution of pharmaceuticals and controlled substances; failure
to comply with evolving data privacy laws and regulations; tax
legislation; risks inherent in international operations, including
currency fluctuations; and uncertain macro-economic conditions,
including inflationary pressures.
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
Twelve Months Ended
April 29, 2023
April 30, 2022
April 29, 2023
April 30, 2022
Net sales
$
1,721,152
$
1,638,772
$
6,471,471
$
6,499,405
Gross profit
389,761
348,239
1,372,945
1,289,087
Operating expenses
284,651
275,401
1,096,974
1,132,085
Operating income
105,110
72,838
275,971
157,002
Other income (expense):
Gains on investments
—
890
—
101,809
Other income, net
4,747
13,318
27,826
27,731
Interest expense
(10,798
)
(4,693
)
(33,636
)
(20,288
)
Income before taxes
99,059
82,353
270,161
266,254
Income tax expense
24,217
18,954
63,563
64,540
Net income
74,842
63,399
206,598
201,714
Net loss attributable to noncontrolling
interests
(123
)
(479
)
(959
)
(1,496
)
Net income attributable to Patterson
Companies, Inc.
$
74,965
$
63,878
$
207,557
$
203,210
Earnings per share attributable to
Patterson Companies, Inc.:
Basic
$
0.77
$
0.66
$
2.14
$
2.09
Diluted
$
0.77
$
0.65
$
2.12
$
2.06
Weighted average shares:
Basic
97,224
97,476
97,027
97,277
Diluted
97,768
98,680
97,815
98,514
Dividends declared per common share
$
0.26
$
0.26
$
1.04
$
1.04
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
April 29, 2023
April 30, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
159,669
$
142,014
Receivables, net
477,384
447,162
Inventory
795,072
785,604
Prepaid expenses and other current
assets
351,011
304,242
Total current assets
1,783,136
1,679,022
Property and equipment, net
212,283
213,140
Operating lease right-of-use assets,
net
92,956
70,722
Goodwill and identifiable intangibles,
net
388,293
393,244
Investments
160,022
139,182
Long-term receivables, net and other
242,456
246,320
Total assets
$
2,879,146
$
2,741,630
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
724,993
$
681,321
Other accrued liabilities
250,949
276,000
Operating lease liabilities
28,390
29,348
Current maturities of long-term debt
36,000
—
Borrowings on revolving credit
45,000
29,000
Total current liabilities
1,085,332
1,015,669
Long-term debt
451,231
488,554
Non-current operating lease
liabilities
67,376
43,332
Other non-current liabilities
156,672
151,440
Total liabilities
1,760,611
1,698,995
Stockholders' equity
1,118,535
1,042,635
Total liabilities and stockholders'
equity
$
2,879,146
$
2,741,630
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended
April 29, 2023
April 30, 2022
Operating activities:
Net income
$
206,598
$
201,714
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization
83,704
81,992
Gains on investments
—
(101,809
)
Non-cash employee compensation
15,543
23,805
Non-cash losses (gains) and other, net
654
(1,431
)
Change in assets and liabilities:
Receivables
(1,047,075
)
(1,144,833
)
Inventory
(11,086
)
(53,871
)
Accounts payable
43,095
80,904
Accrued liabilities
(21,714
)
(27,630
)
Other changes from operating activities,
net
(24,571
)
(39,835
)
Net cash used in operating activities
(754,852
)
(980,994
)
Investing activities:
Additions to property and equipment and
software
(64,220
)
(38,308
)
Collection of deferred purchase price
receivables
998,912
1,213,497
Payments related to acquisitions, net of
cash acquired
(33,280
)
(19,793
)
Payments related to investments
(15,000
)
—
Sale of investments
—
75,942
Other investing activities
15,155
7,690
Net cash provided by investing
activities
901,567
1,239,028
Financing activities:
Dividends paid
(101,346
)
(101,111
)
Repurchases of common stock
(55,492
)
(35,000
)
Payments on long-term debt
(1,500
)
(100,750
)
Draw (payment) on revolving credit
16,000
(24,000
)
Other financing activities
15,854
7,627
Net cash used in financing activities
(126,484
)
(253,234
)
Effect of exchange rate changes on
cash
(2,576
)
(6,030
)
Net change in cash and cash
equivalents
17,655
(1,230
)
Cash and cash equivalents at beginning of
period
142,014
143,244
Cash and cash equivalents at end of
period
$
159,669
$
142,014
PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)
April 29, 2023
April 30, 2022
Total
Sales
Growth
Foreign
Exchange
Impact
53rd Week
Acquisition Impact
Internal
Sales Growth
Three Months Ended
Consolidated net sales
Consumable
$
1,333,446
$
1,324,427
0.7
%
(1.3
) %
—
%
0.2
%
1.8
%
Equipment
279,901
236,713
18.2
(0.6
)
—
—
18.8
Value-added services and other
107,805
77,632
38.9
(1.3
)
—
7.0
33.2
Total
$
1,721,152
$
1,638,772
5.0
%
(1.2
) %
—
%
0.5
%
5.7
%
Dental
Consumable
$
353,295
$
354,255
(0.3
) %
(0.6
) %
—
%
—
%
0.3
%
Equipment
246,820
208,357
18.5
(0.7
)
—
—
19.2
Value-added services and other
83,391
73,805
13.0
(0.4
)
—
—
13.4
Total
$
683,506
$
636,417
7.4
%
(0.6
) %
—
%
—
%
8.0
%
Animal Health
Consumable
$
980,151
$
970,172
1.0
%
(1.6
) %
—
%
0.2
%
2.4
%
Equipment
33,081
28,356
16.7
—
—
—
16.7
Value-added services and other
18,946
9,315
103.4
(7.4
)
—
58.2
52.6
Total
$
1,032,178
$
1,007,843
2.4
%
(1.6
) %
—
%
0.8
%
3.2
%
Corporate
Value-added services and other
$
5,468
$
(5,488
)
199.6
%
—
%
—
%
—
%
199.6
%
Total
$
5,468
$
(5,488
)
199.6
%
—
%
—
%
—
%
199.6
%
PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)
April 29, 2023
April 30, 2022
Total
Sales
Growth
Foreign
Exchange
Impact
53rd Week
Acquisition Impact
Internal
Sales Growth
Twelve Months Ended
Consolidated net sales
Consumable
$
5,147,330
$
5,248,040
(1.9
) %
(1.9
) %
(1.9
) %
0.1
%
1.8
%
Equipment
950,403
920,424
3.3
(0.6
)
(1.4
)
—
5.3
Value-added services and other
373,738
330,941
12.9
(1.5
)
(1.7
)
1.8
14.3
Total
$
6,471,471
$
6,499,405
(0.4
) %
(1.7
) %
(1.8
) %
0.2
%
2.9
%
Dental
Consumable
$
1,358,823
$
1,424,677
(4.6
) %
(0.6
) %
(1.9
) %
—
%
(2.1
) %
Equipment
823,978
800,144
3.0
(0.6
)
(1.3
)
—
4.9
Value-added services and other
309,341
291,311
6.2
(0.4
)
(1.5
)
—
8.1
Total
$
2,492,142
$
2,516,132
(1.0
) %
(0.6
) %
(1.7
) %
—
%
1.3
%
Animal Health
Consumable
$
3,788,507
$
3,823,363
(0.9
) %
(2.4
) %
(1.8
) %
0.2
%
3.1
%
Equipment
126,425
120,280
5.1
—
(1.7
)
—
6.8
Value-added services and other
49,990
39,231
27.4
(9.9
)
(2.7
)
15.6
24.4
Total
$
3,964,922
$
3,982,874
(0.5
) %
(2.4
) %
(1.8
) %
0.3
%
3.4
%
Corporate
Value-added services and other
$
14,407
$
399
3,510.8
%
—
%
—
%
—
%
3,510.8
%
Total
$
14,407
$
399
3,510.8
%
—
%
—
%
—
%
3,510.8
%
PATTERSON COMPANIES, INC.
OPERATING INCOME BY SEGMENT
(In thousands)
(Unaudited)
Three Months Ended
Twelve Months Ended
April 29, 2023
April 30, 2022
April 29, 2023
April 30, 2022
Operating income (loss)
Dental
$
79,121
$
61,603
$
237,268
$
180,212
Animal Health
46,622
41,043
126,994
114,403
Corporate
(20,633
)
(29,808
)
(88,291
)
(137,613
)
Total
$
105,110
$
72,838
$
275,971
$
157,002
PATTERSON COMPANIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES
(Dollars in thousands, except per share
amounts)
(Unaudited)
For the three months ended April 29,
2023
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserves
Inventory donation charges
Gains on investments
Non-GAAP
Operating income
$
105,110
$
9,772
$
—
$
—
$
—
$
—
$
114,882
Other income (expense), net
(6,051
)
—
—
—
—
—
(6,051
)
Income before taxes
99,059
9,772
—
—
—
—
108,831
Income tax expense
24,217
2,337
—
—
—
—
26,554
Net income
74,842
7,435
—
—
—
—
82,277
Net loss attributable to noncontrolling
interests
(123
)
—
—
—
—
—
(123
)
Net income attributable to Patterson
Companies, Inc.
$
74,965
$
7,435
$
—
$
—
$
—
$
—
$
82,400
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
0.77
$
0.08
$
—
$
—
$
—
$
—
$
0.84
Operating income as a % of sales
6.1
%
6.7
%
Effective tax rate
24.4
%
24.4
%
For the three months ended April 30,
2022
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserves
Inventory donation charges
Gains on investments
Non-GAAP
Operating income
$
72,838
$
9,405
$
—
$
—
$
—
$
—
$
82,243
Other income (expense), net
9,515
—
—
—
—
(890
)
8,625
Income before taxes
82,353
9,405
—
—
—
(890
)
90,868
Income tax expense
18,954
2,237
—
—
—
(227
)
20,964
Net income
63,399
7,168
—
—
—
(663
)
69,904
Net loss attributable to noncontrolling
interests
(479
)
—
—
—
—
—
(479
)
Net income attributable to Patterson
Companies, Inc.
$
63,878
$
7,168
$
—
$
—
$
—
$
(663
)
$
70,383
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
0.65
$
0.07
$
—
$
—
$
—
$
(0.01
)
$
0.71
Operating income as a % of sales
4.4
%
5.0
%
Effective tax rate
23.0
%
23.1
%
* 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 twelve months ended April 29,
2023
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserves
Inventory donation charges
Gains on investments
Non-GAAP
Operating income
$
275,971
$
37,932
$
—
$
—
$
—
$
—
$
313,903
Other income (expense), net
(5,810
)
—
—
—
—
—
(5,810
)
Income before taxes
270,161
37,932
—
—
—
—
308,093
Income tax expense
63,563
9,083
—
—
—
—
72,646
Net income
206,598
28,849
—
—
—
—
235,447
Net loss attributable to noncontrolling
interests
(959
)
—
—
—
—
—
(959
)
Net income attributable to Patterson
Companies, Inc.
$
207,557
$
28,849
$
—
$
—
$
—
$
—
$
236,406
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
2.12
$
0.29
$
—
$
—
$
—
$
—
$
2.42
Operating income as a % of sales
4.3
%
4.9
%
Effective tax rate
23.5
%
23.6
%
For the twelve months ended April 30,
2022
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserves
Inventory donation charges
Gains on investments
Non-GAAP
Operating income
$
157,002
$
37,812
$
4,245
$
36,000
$
49,194
$
—
$
284,253
Other income (expense), net
109,252
—
—
—
—
(101,809
)
7,443
Income before taxes
266,254
37,812
4,245
36,000
49,194
(101,809
)
291,696
Income tax expense
64,540
8,990
1,061
8,460
12,308
(25,896
)
69,463
Net income
201,714
28,822
3,184
27,540
36,886
(75,913
)
222,233
Net loss attributable to noncontrolling
interests
(1,496
)
—
—
—
—
—
(1,496
)
Net income attributable to Patterson
Companies, Inc.
$
203,210
$
28,822
$
3,184
$
27,540
$
36,886
$
(75,913
)
$
223,729
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
2.06
$
0.29
$
0.03
$
0.28
$
0.37
$
(0.77
)
$
2.27
Operating income as a % of sales
2.4
%
4.4
%
Effective tax rate
24.2
%
23.8
%
* May not sum due to rounding.
PATTERSON COMPANIES, INC.
FREE CASH FLOW
(In thousands)
(Unaudited)
Twelve Months Ended
April 29, 2023
April 30, 2022
Net cash used in operating activities
$
(754,852
)
$
(980,994
)
Additions to property and equipment and
software
(64,220
)
(38,308
)
Collection of deferred purchase price
receivables
998,912
1,213,497
Free cash flow
$
179,840
$
194,195
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230621970315/en/
INVESTORS: John M. Wright, Investor Relations TEL:
651.686.1364 EMAIL:
investor.relations@pattersoncompanies.com
MEDIA: Patterson Corporate Communications TEL:
651.905.3349 EMAIL:
corporate.communications@pattersoncompanies.com
WEB: pattersoncompanies.com
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