- Reported net sales increased 6.5 percent year-over-year to
$1.55 billion, and internal sales increased 6.9 percent.
- Adjusted operating margin increased by 30 bps to 4.6
percent.
- Dental segment internal sales increased 3.6 percent fueled
by consumables growth of 13.6 percent.
- Animal Health segment internal sales increased 10.0 percent
driven by companion animal growth of 20.7 percent.
- Delivered third-quarter GAAP earnings of $0.50 per diluted
share and adjusted earnings1 of $0.58 per diluted share, an
increase of 23.4 percent.
Patterson Companies, Inc. (Nasdaq: PDCO) today reported
consolidated net sales of $1.55 billion (see attached Sales Summary
for further details) in its fiscal third quarter ended January 23,
2021, an increase of 6.5 percent compared to the same period last
year. Internal sales, which are adjusted for the effects of
currency translation and changes in product selling relationships,
increased 6.9 percent.
Reported net income attributable to Patterson Companies, Inc.
for the third quarter of fiscal 2021 was $48.8 million, or $0.50
per diluted share, compared to $23.2 million, or $0.24 per diluted
share, in the third quarter of fiscal 2020. Adjusted net income1
attributable to Patterson Companies, Inc., which excludes deal
amortization, integration and business restructuring expenses,
legal reserve costs and accelerated debt-related costs totaled
$55.8 million for the third quarter of fiscal 2021, or $0.58 per
diluted share, compared to $44.5 million in the same quarter of
fiscal 2020, or $0.47 per diluted share. The 25.3 percent
year-over-year increase in adjusted net income for the period is
primarily attributed to strong sales execution, improved operating
margins across both business segments, and the benefit of continued
expense discipline during the fiscal 2021 third quarter.
“Patterson’s third quarter results demonstrate the continued
focus and dedication of our team to help drive the success of our
customers as we navigate the ongoing disruption of the pandemic,”
said Mark Walchirk, President and CEO of Patterson Companies. “Our
commitment to strong execution and operational excellence, combined
with our ongoing investments to broaden and enhance our value
proposition, has enabled us to build additional momentum across our
entire business – including increased sales and margin expansion in
both our Dental and Animal Health segments during the third
quarter.
“We grew adjusted EPS by 23 percent through the continued focus
on improving our performance and creating value for our
shareholders. Looking ahead, we remain confident about our
strengthened position in each of our end markets and in Patterson's
long-term value creation potential.”
Patterson Dental
Reported net sales in our Dental segment for the third quarter
of fiscal 2021, which represented approximately 42 percent of total
company sales, were $648.9 million compared to $626.6 million in
the third quarter of last year. Internal sales increased 3.6
percent compared to the fiscal 2020 third quarter, including 13.6
percent growth in consumables.
Patterson Animal Health
Reported net sales in our Animal Health segment for the third
quarter of fiscal 2021, which comprised approximately 58 percent of
the company’s total sales, were $894.3 million compared to $817.3
million in the third quarter of last year. Internal sales for the
segment increased 10.0 percent from the fiscal 2020 third quarter
with companion animal posting internal sales growth of 20.7 percent
compared to the same period one year ago.
Balance Sheet and Capital Allocation
During the first nine months of fiscal 2021, Patterson Companies
used $604.9 million of cash from operating activities and collected
deferred purchase price receivables of $634.5 million, generating
cash of $29.6 million, compared to generating $190.3 million in the
first nine months of fiscal 2020. Free cash flow1 (see definition
below and attached free cash flow table) generated during the first
nine months of fiscal 2021 is down $120.0 million compared to the
first nine months of fiscal 2020, primarily due to an increased
level of working capital in the current period.
During the third quarter of fiscal 2021, Patterson Companies
declared a quarterly cash dividend of $0.26 per share. On a
year-to-date basis, Patterson has returned $50.1 million in cash
dividends to shareholders.
Year-to-Date Results
Consolidated reported net sales for the first nine months of
fiscal 2021 totaled $4.35 billion, a 3.5 percent year-over-year
increase. Internal sales also increased 3.5 percent compared to the
first nine months of fiscal 2020. Reported net income attributable
to Patterson Companies, Inc. was $127.2 million, or $1.32 per
diluted share, compared to a $20.1 million, or $0.21 per diluted
share, in last year's period. Adjusted net income1 attributable to
Patterson Companies, Inc., which excludes deal amortization,
integration and business restructuring expenses, legal reserve
costs, accelerated debt-related costs and an investment gain,
totaled $148.4 million, or $1.54 per diluted share. This compares
to $106.5 million, or $1.12 per diluted share in the year-ago
period, representing a 38 percent increase year-over-year.
Fiscal 2021 Guidance
Due to the continued uncertainty surrounding the COVID-19
pandemic and its impact on business operations, Patterson is not
providing fourth-quarter fiscal 2021 financial guidance at this
time.
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, 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 reserve costs, accelerated debt-related costs and an
investment gain, 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 less
the one-time benefit from the initiation of our trade accounts
receivables facilities 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 and changes in product selling relationships. 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 significant 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 2021 third-quarter earnings
conference call will start at 10 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 2021
third-quarter conference call can be heard for one week at
800-585-8367 and by providing the Conference ID 1612628 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 effects of the highly competitive dental and animal
health supply markets in which we compete; the COVID-19 pandemic
and measures taken in response thereto; general economic
conditions, including political and economic uncertainty; risks
from disruption to our information systems; our ability to comply
with restrictive covenants in our amended credit agreement; our
dependence on relationships with sales representatives, service
technicians and customers; our ability to realize the long-term
strategic benefits of our acquisition of Animal Health
International; potential disruption of distribution capabilities,
including service issues with third-party shippers; our ability to
provide our sales force and customers with the latest technology;
our dependence on suppliers for the manufacture and supply of the
products we sell; material changes in our purchasing relationship
with suppliers; 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
other businesses; the risk that our acquired technology or
developed technology might not be successful in maintaining or
gaining customers; litigation risks, including new or unanticipated
litigation developments and new or unanticipated regulatory
investigations; changes in consumer preferences; regulatory
restrictions; the cyclicality of the livestock market; the outbreak
of an infectious disease within the production animal or companion
animal population; pressure from animal rights groups; adverse
changes in supplier rebates; fluctuations in quarterly financial
results; volatility in the price of our stock; risks from the
expansion of customer purchasing power; increases in
over-the-counter sales of companion animal products; the risks
inherent in international operations, including currency
fluctuations; the effects of health care reform; failure to comply
with regulatory requirements and data privacy laws; cyberattacks or
other privacy or data security breaches; the risk of the products
we sell becoming obsolete or containing undetected errors;
volatility in the financial markets; our dependence on our senior
management; our dependence on leadership development and succession
planning; disruptions from our enterprise resource planning system;
risks associated with shareholder activism; the risk of being
required to record impairment charges; the risk of audit by tax
authorities; risks associated with interest rate fluctuations; and
the risk that our governing documents and Minnesota law may
discourage takeovers and business combinations. 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, as amended and supplemented by our
Quarterly Report on Form 10-Q for the quarterly period ended
October 24, 2020, 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 23, 2021
January 25, 2020
January 23, 2021
January 25, 2020
Net sales
$
1,551,268
$
1,456,155
$
4,350,273
$
4,203,550
Gross profit
324,541
311,830
898,725
903,378
Operating expenses
262,860
268,014
725,466
861,034
Operating income
61,681
43,816
173,259
42,344
Other income (expense):
Other income, net
4,323
2,307
9,580
34,493
Interest expense
(5,532
)
(16,584
)
(18,604
)
(34,320
)
Income before taxes
60,472
29,539
164,235
42,517
Income tax expense
11,905
6,567
37,640
23,087
Net income
48,567
22,972
126,595
19,430
Net loss attributable to noncontrolling
interests
(192
)
(255
)
(631
)
(710
)
Net income attributable to Patterson
Companies, Inc.
$
48,759
$
23,227
$
127,226
$
20,140
Earnings per share attributable to
Patterson Companies, Inc.:
Basic
$
0.51
$
0.25
$
1.33
$
0.21
Diluted
$
0.50
$
0.24
$
1.32
$
0.21
Weighted average shares:
Basic
95,734
94,267
95,472
94,052
Diluted
96,953
95,021
96,379
94,828
Dividends declared per common share
$
0.26
$
0.26
$
0.78
$
0.78
PATTERSON COMPANIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
January 23, 2021
April 25, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
155,961
$
77,944
Receivables, net
456,138
416,523
Inventory
838,012
812,194
Prepaid expenses and other current
assets
273,119
236,104
Total current assets
1,723,230
1,542,765
Property and equipment, net
224,310
303,725
Operating lease right-of-use assets,
net
80,157
79,021
Goodwill and identifiable intangibles,
net
428,156
452,229
Long-term receivables, net and other
395,112
337,610
Total assets
$
2,850,965
$
2,715,350
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
677,054
$
862,093
Other accrued liabilities
282,638
182,099
Operating lease liabilities
32,452
30,706
Current maturities of long-term debt
100,750
—
Borrowings on revolving credit
108,000
—
Total current liabilities
1,200,894
1,074,898
Long-term debt
487,850
587,766
Non-current operating lease
liabilities
51,648
49,854
Other non-current liabilities
175,968
166,388
Total liabilities
1,916,360
1,878,906
Stockholders' equity
934,605
836,444
Total liabilities and stockholders'
equity
$
2,850,965
$
2,715,350
PATTERSON COMPANIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
January 23, 2021
January 25, 2020
Operating activities:
Net income
$
126,595
$
19,430
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization
58,355
61,892
Investment gain
—
(34,334
)
Non-cash employee compensation
25,161
28,661
Accelerated amortization of costs on early
repayment of debt
—
8,984
Non-cash losses (gains) and other, net
6,791
—
Change in assets and liabilities:
Receivables
(685,345
)
(380,340
)
Inventory
(12,506
)
(104,494
)
Accounts payable
(199,558
)
151,464
Accrued liabilities
67,503
108,107
Long term receivables
(3,103
)
(6,169
)
Other changes from operating activities,
net
11,223
(22,157
)
Net cash used in operating activities
(604,884
)
(168,956
)
Investing activities:
Additions to property and equipment
(21,101
)
(32,872
)
Collection of deferred purchase price
receivables
634,499
359,329
Other investing activities
2,493
—
Net cash provided by investing
activities
615,891
326,457
Financing activities:
Dividends paid
(50,077
)
(75,522
)
Proceeds from issuance of long-term debt,
net
—
296,700
Payments on long-term debt
—
(460,840
)
Draw on revolving credit
108,000
95,000
Other financing activities
2,139
(3,319
)
Net cash provided by (used in) financing
activities
60,062
(147,981
)
Effect of exchange rate changes on
cash
6,948
1,003
Net change in cash and cash
equivalents
78,017
10,523
Cash and cash equivalents at beginning of
period
77,944
95,646
Cash and cash equivalents at end of
period
$
155,961
$
106,169
PATTERSON COMPANIES,
INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)
January 23, 2021
January 25, 20201
Total Sales
Growth
Foreign Exchange
Impact
Other 2
Internal Sales
Growth
Three Months
Ended
Consolidated net sales
Consumable
$
1,199,102
$
1,090,891
9.9
%
0.4
%
(0.9
)%
10.4
%
Equipment and software
266,519
273,329
(2.5
)
0.1
—
(2.6
)
Value-added services and other
85,647
91,935
(6.8
)
0.1
—
(6.9
)
Total
$
1,551,268
$
1,456,155
6.5
%
0.3
%
(0.7
)%
6.9
%
Dental
Consumable
$
342,561
$
301,599
13.6
%
—
%
—
%
13.6
%
Equipment and software
237,096
252,874
(6.2
)
0.1
—
(6.3
)
Value-added services and other
69,289
72,116
(3.9
)
—
—
(3.9
)
Total
$
648,946
$
626,589
3.6
%
—
%
—
%
3.6
%
Animal Health
Consumable
$
856,541
$
789,292
8.5
%
0.6
%
(1.3
)%
9.2
%
Equipment and software
29,423
20,455
43.8
—
—
43.8
Value-added services and other
8,383
7,538
11.2
1.5
—
9.7
Total
$
894,347
$
817,285
9.4
%
0.6
%
(1.2
)%
10.0
%
Corporate
Value-added services and other
$
7,975
$
12,281
(35.1
)%
—
%
—
%
(35.1
)%
Total
$
7,975
$
12,281
(35.1
)%
—
%
—
%
(35.1
)%
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 23, 2021.
PATTERSON COMPANIES,
INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)
January 23, 2021
January 25, 20201
Total Sales
Growth
Foreign Exchange
Impact
Other 2
Internal Sales
Growth
Nine Months
Ended
Consolidated net sales
Consumable
$
3,485,669
$
3,313,556
5.2
%
0.3
%
(0.3
)%
5.2
%
Equipment and software
616,077
621,652
(0.9
)
—
—
(0.9
)
Value-added services and other
248,527
268,342
(7.4
)
0.1
—
(7.5
)
Total
$
4,350,273
$
4,203,550
3.5
%
0.2
%
(0.2
)%
3.5
%
Dental
Consumable
$
957,013
$
909,638
5.2
%
—
%
—
%
5.2
%
Equipment and software
548,194
566,750
(3.3
)
—
—
(3.3
)
Value-added services and other
205,782
215,940
(4.7
)
—
—
(4.7
)
Total
$
1,710,989
$
1,692,328
1.1
%
—
%
—
%
1.1
%
Animal Health
Consumable
$
2,528,656
$
2,403,918
5.2
%
0.4
%
(0.4
)%
5.2
%
Equipment and software
67,883
54,902
23.6
—
—
23.6
Value-added services and other
24,138
24,192
(0.2
)
1.0
—
(1.2
)
Total
$
2,620,677
$
2,483,012
5.5
%
0.4
%
(0.4
)%
5.5
%
Corporate
Value-added services and other
$
18,607
$
28,210
(34.0
)%
—
%
—
%
(34.0
)%
Total
$
18,607
$
28,210
(34.0
)%
—
%
—
%
(34.0
)%
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 23, 2021.
PATTERSON COMPANIES,
INC.
OPERATING INCOME BY
SEGMENT
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
January 23, 2021
January 25, 2020
January 23, 2021
January 25, 2020
Operating income (loss)
Dental
$
61,291
$
48,822
$
172,017
$
135,458
Animal Health
20,615
13,438
55,605
51,236
Corporate
(20,225
)
(18,444
)
(54,363
)
(144,350
)
Total
$
61,681
$
43,816
$
173,259
$
42,344
PATTERSON COMPANIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES
(Dollars in thousands, except
per share amounts)
(Unaudited)
For the three months ended January 23,
2021
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserve costs
Accelerated debt-related
costs
Investment gain
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
%
For the three months ended January 25,
2020
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserve costs
Accelerated debt-related
costs
Investment gain
Non-GAAP
Operating income
$
43,816
$
9,267
$
7,714
$
2,288
$
—
$
—
$
63,085
Other income (expense), net
(14,277
)
—
—
—
8,984
—
(5,293
)
Income before taxes
29,539
9,267
7,714
2,288
8,984
—
57,792
Income tax expense
6,567
2,200
1,928
572
2,246
—
13,513
Net income
22,972
7,067
5,786
1,716
6,738
—
44,279
Net loss attributable to noncontrolling
interests
(255
)
—
—
—
—
—
(255
)
Net income attributable to Patterson
Companies, Inc.
$
23,227
$
7,067
$
5,786
$
1,716
$
6,738
$
—
$
44,534
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
0.24
$
0.07
$
0.06
$
0.02
$
0.07
$
—
$
0.47
Operating income as a % of sales
3.0
%
4.3
%
Effective tax rate
22.2
%
23.4
%
* 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 23,
2021
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserve costs
Accelerated debt-related
costs
Investment gain
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
%
For the nine months ended January 25,
2020
GAAP
Deal amortization
Integration and business
restructuring expenses
Legal reserve costs‡
Accelerated debt-related
costs
Investment gain
Non-GAAP
Operating income
$
42,344
$
27,758
$
13,461
$
81,254
$
—
$
—
$
164,817
Other income (expense), net
173
—
—
—
9,943
(34,334
)
(24,218
)
Income before taxes
42,517
27,758
13,461
81,254
9,943
(34,334
)
140,599
Income tax expense
23,087
6,601
3,370
7,113
2,486
(7,884
)
34,773
Net income
19,430
21,157
10,091
74,141
7,457
(26,450
)
105,826
Net loss attributable to noncontrolling
interests
(710
)
—
—
—
—
—
(710
)
Net income attributable to Patterson
Companies, Inc.
$
20,140
$
21,157
$
10,091
$
74,141
$
7,457
$
(26,450
)
$
106,536
Diluted earnings per share attributable to
Patterson Companies, Inc.*
$
0.21
$
0.22
$
0.11
$
0.78
$
0.08
$
(0.28
)
$
1.12
Operating income as a % of sales
1.0
%
3.9
%
Effective tax rate
54.3
%
24.7
%
‡ Includes costs and expenses incurred in
the first quarter of fiscal 2020 of $17,666 related to the
settlement of litigation with SourceOne Dental, Inc., costs and
expenses incurred in the second quarter of fiscal 2020 of $58,300
related to the then-probable settlement of litigation with the U.S.
Attorney's Office for the Western District of Virginia and $5,288
related to other legal proceedings.
* May not sum due to rounding
PATTERSON COMPANIES,
INC.
FREE CASH FLOW
(In thousands)
(Unaudited)
Nine Months Ended
January 23,
2021
January 25,
2020
Net cash used in operating activities
$
(604,884
)
$
(168,956
)
Additions to property and equipment
(21,101
)
(32,872
)
Collection of deferred purchase price
receivables
634,499
359,329
Impact of trade account receivables
facility
—
(29,000
)
Free cash flow
$
8,514
$
128,501
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210303005290/en/
INVESTOR CONTACT: John M. Wright, Investor Relations
Patterson Companies Inc. 651.686.1364
investor.relations@pattersoncompanies.com
MEDIA CONTACT: Patterson Corporate Communications
Patterson Companies Inc. 651.905.3349
corporate.communications@pattersoncompanies.com
WEB: pattersoncompanies.com
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