MELVILLE, N.Y., Aug. 6, 2018 /PRNewswire/ -- Henry
Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health
care products and services to office-based dental, animal health
and medical practitioners, today reported record second quarter
financial results.
Net sales for the quarter ended June 30,
2018 were $3.3 billion, an
increase of 8.7% compared with the second quarter of 2017. This
consisted of 6.5% growth in local currencies and a 2.2% increase
related to foreign currency exchange. In local currencies,
internally generated sales increased 4.8% and acquisition growth
was 1.7% (see Exhibit A for details of sales growth).
Net income attributable to Henry Schein, Inc. for the second
quarter of 2018 was $141.2 million,
or $0.92 per diluted share,
representing an increase of 3.8% and 7.0%, respectively, compared
with GAAP results for the second quarter of 2017. Non-GAAP net
income for the second quarter of 2018 was $159.8 million, or $1.04 per diluted share, representing growth of
14.7% and 18.2%, respectively, compared with non-GAAP results for
the second quarter of 2017. Note that the second quarter of 2018
included restructuring costs of $14.9
million pretax, or $0.07 per
diluted share, as well as costs related to the planned spin-off of
Henry Schein's Animal Health business in the amount of $7.6 million pretax, or $0.05 per diluted share. Second quarter 2017
results included a litigation settlement expense of $5.3 million pretax, or $0.02 per diluted share (see Exhibit B for
reconciliation of GAAP net income and EPS to non-GAAP net income
and EPS).
"Results for the second quarter reflect solid revenue growth in
generally healthy end-markets, as well as our continued success in
gaining market share in all of our business groups. We are in the
early stages of executing on our new strategic plan for 2018
through 2020, yet we are already making solid strides in expanding
our offering of innovative solutions and extending our value
proposition for customers," said Stanley M.
Bergman, Chairman of the Board and Chief Executive Officer
of Henry Schein.
"We are excited about the potential for our new dental
technology joint venture, Henry Schein
One, which closed on July 1,
2018. This joint venture was created to deliver integrated
dental technology that combines leading practice management,
marketing and patient engagement solutions into one connected
management system. In addition, we are on track with our efforts to
prepare for the planned spin-off of our global Animal Health
business with Vets First Choice, which will create a new publicly
traded company, Vets First Corp. Upon the close of this
transaction, we believe Henry Schein will be well positioned to
drive further growth in our leadership positions in our dental and
medical businesses, as a result of a sharp focus and an increased
investment of resources," said Mr. Bergman.
Dental sales of $1.6 billion
increased 8.4%, consisting of 5.9% growth in local currencies and a
2.5% increase related to foreign currency exchange. In local
currencies, internally generated sales increased 4.4% and
acquisition growth was 1.5%. The 4.4% internal growth in local
currencies included 5.1% growth in North
America and 3.4% growth internationally.
"We are pleased with internal sales growth in local currencies
in our North America dental
consumable merchandise business of 4.7%, the highest quarterly
growth rate since the fourth quarter of 2015. This growth in part
reflects a favorable comparison versus second quarter 2017 sales;
however, we continue to believe the end-market is stable and we
have benefited from market share gains. Dental equipment internal
sales in local currencies increased by 6.2%," commented Mr.
Bergman. "Internationally, dental consumable merchandise internal
sales growth in local currencies was 3.0%. Internal growth in local
currencies for international dental equipment was a healthy
4.7%."
Animal Health sales of $985.9
million increased 10.6%, consisting of 7.4% growth in local
currencies and a 3.2% increase related to foreign currency
exchange. In local currencies, internally generated sales increased
4.4% and acquisition growth was 3.0%. The 4.4% internal growth in
local currencies included 3.2% growth in North America and 5.8% growth
internationally.
"Animal Health internal growth in local currencies in
North America continued to
experience robust growth of 10.9%, after normalizing for certain
products switching between agency sales and direct sales,"
commented Mr. Bergman. "Our team is working diligently to prepare
for the planned spin-off of our global Animal Health business and
the simultaneous merger with Vets First Choice to create Vets First
Corp., which we are working toward closing by the end of the
calendar year. We believe that Vets First Corp. will provide
veterinarians with a powerful new platform to grow their practices,
improve client engagement and drive better health outcomes for
pets."
Medical sales of $614.0 million
increased 7.5% and included internal growth in local currencies of
7.0%, acquisition growth of 0.2% and an increase related to foreign
currency exchange of 0.3%.
"Our North America Medical business continues to perform well
with internal growth in local currencies of approximately 7%,"
remarked Mr. Bergman. "Our customers rely on our consultative,
high-touch model, which helps them to adapt to an evolving
healthcare environment while remaining nimble and efficient as
their enterprises grow. Our supplier relationships and supply
chain expertise are central to our differentiated strategy and have
enabled us to grow our business more rapidly than end-market
growth."
Technology and Value-Added Services sales of $113.8 million increased 4.9%, consisting of 3.7%
growth in local currencies and a 1.2% increase related to foreign
currency exchange. In local currencies, internally generated sales
increased 3.0% and acquisition growth was 0.7%.
"In North America, Technology and Value-Added Services internal
sales growth in local currencies was 1.7%, or 2.2% growth when
normalized for certain products switching between agency sales and
direct sales. International Technology and Value-Added Services
internal sales grew 9.3% in local currencies, highlighted by
double-digit growth in both financial services and dental software
revenue," said Mr. Bergman.
Stock Repurchase Plan
The Company announced that it repurchased approximately 744,000
shares of its common stock during the second quarter at an average
price of $71.69 per share, or
approximately $53 million. The impact
of the repurchase of shares on second quarter 2018 diluted EPS was
immaterial. At the close of the second quarter, Henry Schein had
approximately $147 million authorized
for future repurchases of its common stock.
Year-to-Date Results
Net sales for the first half of 2018 were $6.5 billion, an
increase of 9.4% compared with the first half of 2017. This
consisted of 6.2% growth in local currencies and an increase of
3.2% related to foreign currency exchange. In local
currencies, internally generated sales increased 4.3% and
acquisition growth was 1.9%.
Net income attributable to Henry Schein, Inc. for the
first half of 2018 was $281.4 million, or $1.83 per
diluted share, an increase of 1.7% and 5.2%, respectively, compared
with the first half of 2017. Excluding costs related to
restructuring and the planned spin-off of Henry Schein's
Animal Health business in the first half of 2018, as well as the
litigation settlement expense in the first half of 2017, non-GAAP
net income for the first half of 2018 was $305.7
million, or $1.98 per diluted share, an increase of
9.2% and 12.5%, respectively, compared with non-GAAP net income for
the first half of 2017 (see Exhibit B for reconciliation of GAAP
net income and EPS to non-GAAP adjusted net income and EPS).
Restructuring Program
Henry Schein is providing details today on a comprehensive
restructuring plan designed to increase profitability by improving
business efficiencies, reducing redundancies and maximizing the
Company's infrastructure.
The Company expects to record a one-time restructuring charge in
2018 of between $45 million and
$55 million on a pretax basis, or
$0.22 to $0.27 per diluted share. This restructuring
charge primarily includes severance pay, facility closing costs,
and outside professional and consulting fees directly related to
the restructuring plan.
Mr. Bergman stated, "As we noted in our first-quarter
communications, we periodically look to reduce costs, particularly
following a number of acquisitions, which create redundant
activities. We are also looking at opportunities to augment
technology solutions to generate improved efficiencies across our
businesses. Accomplishing this through a coordinated effort is the
most efficient means of realizing lower costs. By continuing
to streamline our operations, we expect to create a leaner
organization that will allow us to better serve our customers'
rapidly changing needs and our priority is to continue to build
shareholder value. These changes are difficult to make, however, we
recognize that they are necessary to enable Henry Schein to
continue to build upon our success as well as to deliver solid
long-term financial returns to our shareholders."
2018 EPS Guidance
Henry Schein, Inc. today is revising its 2018 non-GAAP diluted
EPS guidance. At this time the Company is not able to provide
estimates for the total impact of costs related to the Animal
Health spin-off on full year 2018 financial results. Guidance is as
follows:
- 2018 non-GAAP diluted EPS attributable to Henry Schein, Inc. is
now expected to be $4.06 to
$4.14, reflecting growth of 13% to
15% compared with 2017 non-GAAP diluted EPS of $3.60, versus prior guidance of $4.03 to $4.14.
This guidance includes costs related to a previously announced
one-time cash bonus to certain designated staff members and
excludes costs related to the restructuring and the planned
spin-off of the Henry Schein Animal Health business in 2018. 2017
non-GAAP results exclude costs related to taxes associated with
U.S. tax reform legislation, a loss associated with Henry Schein's
divestiture of its equity ownership in E4D Technologies and
litigation settlement expenses in 2017.
- Guidance for 2018 non-GAAP diluted EPS attributable to Henry
Schein, Inc. is for current continuing operations as well as
completed or previously announced acquisitions, and does not
include the impact of potential future acquisitions, if any. Henry
Schein expects to update full-year earnings guidance for the
remaining business once the spin-off of its Animal Health business
closes. Guidance also assumes foreign exchange rates that are
generally consistent with current levels.
The Company has provided guidance for 2018 diluted EPS on a
non-GAAP basis, a forward-looking non-GAAP measure that excludes
the costs related to restructuring and the spin-off of the Henry
Schein Animal Health business. A reconciliation to the Company's
projected 2018 diluted EPS prepared on a GAAP basis is not provided
because the Company is unable to provide such reconciliation for an
estimate of Animal Health spin-off related costs without
unreasonable effort. The inability to provide a reconciliation is
due to the uncertainty and inherent difficulty predicting the
occurrence, the financial impact and the periods in which the
non-GAAP adjustments may be recognized.
The Company's 2018 diluted EPS prepared on a GAAP basis will
include the impact of such items as restructuring charges and
spin-off expenses and the tax effect of all such items. Management
does not believe that these items are representative of the
Company's underlying business performance. For the same reasons,
the Company is unable to address the probable significance of the
unavailable information, which could be material to future
results.
Second Quarter 2018 Conference Call Webcast
The
Company will hold a conference call to discuss second quarter 2018
financial results today, beginning at 10:00
a.m. Eastern time. Individual investors are invited to
listen to the conference call through Henry Schein's website at
www.henryschein.com. In addition, a replay will be available
beginning shortly after the call has ended.
About Henry Schein, Inc.
Henry Schein,
Inc. (Nasdaq: HSIC) is a solutions company for health care
professionals powered by a network of people and technology. With
more than 22,000 Team Schein Members serving more
than 1 million customers globally, the Company is the world's
largest provider of Business, Clinical, Technology and Supply Chain
solutions to enhance the efficiency of
office-based dental, animal health,
and medical practitioners. The Company also
serves dental laboratories, government and institutional
health care clinics, and other alternate care sites.
A Fortune 500® Company and a member of
the S&P 500® and the Nasdaq 100® indexes, Henry
Schein's network of trusted advisors provides health care
professionals with the valued solutions they need to improve
operational success and clinical outcomes. The Company offers
customers exclusive, innovative products and solutions, including
practice management software, e-commerce solutions, specialty and
surgical products, as well as a broad range of financial
services. Henry Schein operates through a centralized and automated
distribution network, with a selection of more than 120,000 branded
products and Henry Schein private-brand products in stock, as well
as more than 180,000 additional products available as special-order
items.
Headquartered in Melville, N.Y., Henry Schein has
operations or affiliates in 34 countries. The Company's sales
reached a record $12.5 billion in 2017, and have grown at
a compound annual rate of approximately 15% since Henry Schein
became a public company in 1995. For more information, visit Henry
Schein at www.henryschein.com, Facebook.com/HenrySchein
and @HenrySchein on Twitter.
Cautionary Note Regarding Forward-Looking Statements and Use
of Non-GAAP Financial Information
In accordance with the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us
are subject to risks and uncertainties and are not guarantees of
future performance. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance and achievements or industry
results to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These statements are identified
by the use of such terms as "may," "could," "expect," "intend,"
"believe," "plan," "estimate," "forecast," "project," "anticipate"
or other comparable terms. A full discussion of our
operations and financial condition, including factors that may
affect our business and future prospects, is contained in documents
we have filed with the United States Securities and Exchange
Commission, or SEC, and will be contained in all subsequent
periodic filings we make with the SEC. These documents identify in
detail important risk factors that could cause our actual
performance to differ materially from current expectations.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: effects of a highly competitive and
consolidating market; our dependence on third parties for the
manufacture and supply of our products; our dependence upon sales
personnel, customers, suppliers and manufacturers; our dependence
on our senior management; fluctuations in quarterly earnings; risks
from expansion of customer purchasing power and multi-tiered
costing structures; increases in shipping costs for our products or
other service issues with our third-party shippers; general global
macro-economic conditions; risks associated with currency
fluctuations; risks associated with political and economic
uncertainty; disruptions in financial markets; volatility of the
market price of our common stock; changes in the health care
industry; implementation of health care laws; failure to comply
with regulatory requirements and data privacy laws; risks
associated with our global operations; transitional challenges
associated with acquisitions and joint ventures, including the
failure to achieve anticipated synergies; financial risks
associated with acquisitions and joint ventures; litigation risks;
new or unanticipated litigation developments; the dependence on our
continued product development, technical support and successful
marketing in the technology segment; our dependence on third
parties for certain technologically advanced components; increased
competition by third party online commerce sites; risks from
disruption to our information systems; cyberattacks or other
privacy or data security breaches; certain provisions in our
governing documents that may discourage third-party acquisitions of
us; changes in tax legislation; and risks associated with the
ability to consummate the spin-off and merger of our Animal Health
business with Vets First Choice and the timing of the closing of
the transaction, as well as the ability to realize anticipated
benefits and synergies of the transaction. 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 and that
many of these factors are beyond our ability to control or
predict. Accordingly, any forward-looking statements
contained herein should not be relied upon as a prediction of
actual results. We undertake no duty and have no obligation
to update forward-looking statements.
Included within the press release are non-GAAP financial
measures that supplement the Company's Consolidated Statements of
Income prepared under generally accepted accounting principles
(GAAP). These non-GAAP financial measures adjust the
Company's actual results prepared under GAAP to exclude certain
items. In the schedules attached to this press release, the
non-GAAP measures have been reconciled to and should be considered
together with the Consolidated Statements of Income.
Management believes that non-GAAP financial measures provide
investors with useful supplemental information about the financial
performance of our business, enable comparison of financial results
between periods where certain items may vary independent of
business performance and allow for greater transparency with
respect to key metrics used by management in operating our
business. 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.
Additional Information and Where to Find It
In connection with the proposed spin-off and merger of our Henry
Schein Animal Health business with Vets First Choice, Vets First
Corp. plans to file relevant materials with the SEC, including a
registration statement on Form S-1/S-4 containing a prospectus, in
the coming months. Investors and security holders are urged
to carefully read the registration statement/prospectus (including
any amendments or supplements thereto and any documents
incorporated by reference therein) and any other relevant documents
filed with the SEC when they become available, because they will
contain important information about the parties and the proposed
transaction. The registration statement/prospectus and
other relevant documents that are filed with the SEC can be
obtained free of charge (when available) from the SEC's web site at
www.sec.gov. These documents can (when available) also be obtained
free of charge from Henry Schein, Inc. upon written request to
Carolynne Borders at Henry Schein,
Inc., 135 Duryea Road, Melville,
NY 11747. This communication shall not constitute an offer
to sell or the solicitation of an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933,
as amended.
(TABLES TO FOLLOW)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HENRY SCHEIN,
INC.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
July
1,
|
|
June
30,
|
|
July
1,
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
3,326,676
|
|
$
|
3,059,458
|
|
$
|
6,547,115
|
|
$
|
5,982,406
|
Cost of
sales
|
|
|
2,425,604
|
|
|
2,220,285
|
|
|
4,750,451
|
|
|
4,320,313
|
|
|
Gross
profit
|
|
|
901,072
|
|
|
839,173
|
|
|
1,796,664
|
|
|
1,662,093
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
677,216
|
|
|
628,511
|
|
|
1,359,127
|
|
|
1,257,463
|
|
Transaction costs
related to Animal Health spin-off
|
|
|
7,611
|
|
|
-
|
|
|
11,388
|
|
|
-
|
|
Restructuring
costs
|
|
|
14,896
|
|
|
-
|
|
|
18,658
|
|
|
-
|
|
|
Operating
income
|
|
|
201,349
|
|
|
210,662
|
|
|
407,491
|
|
|
404,630
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
5,108
|
|
|
4,107
|
|
|
10,266
|
|
|
8,411
|
|
Interest
expense
|
|
|
(17,883)
|
|
|
(12,198)
|
|
|
(35,421)
|
|
|
(23,628)
|
|
Other, net
|
|
|
(118)
|
|
|
728
|
|
|
(456)
|
|
|
683
|
|
|
Income before taxes
and equity in earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
affiliates
|
|
|
188,456
|
|
|
203,299
|
|
|
381,880
|
|
|
390,096
|
Income
taxes
|
|
|
(46,919)
|
|
|
(58,306)
|
|
|
(94,683)
|
|
|
(96,936)
|
Equity in earnings of
affiliates
|
|
|
5,972
|
|
|
4,589
|
|
|
8,943
|
|
|
6,675
|
Net income
|
|
|
147,509
|
|
|
149,582
|
|
|
296,140
|
|
|
299,835
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
(6,297)
|
|
|
(13,527)
|
|
|
(14,710)
|
|
|
(23,032)
|
Net income
attributable to Henry Schein, Inc.
|
|
$
|
141,212
|
|
$
|
136,055
|
|
$
|
281,430
|
|
$
|
276,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Henry Schein, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.92
|
|
$
|
0.86
|
|
$
|
1.84
|
|
$
|
1.76
|
|
Diluted
|
|
$
|
0.92
|
|
$
|
0.86
|
|
$
|
1.83
|
|
$
|
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
153,353
|
|
|
157,748
|
|
|
153,210
|
|
|
157,679
|
|
Diluted
|
|
|
154,189
|
|
|
159,076
|
|
|
154,163
|
|
|
159,260
|
|
Note: Certain prior
quarter amounts have been reclassified to conform to the current
period presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HENRY SCHEIN,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
30,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
111,321
|
|
$
|
174,658
|
|
Accounts receivable,
net of reserves of $53,609 and $53,832
|
|
|
1,561,097
|
|
|
1,522,807
|
|
Inventories,
net
|
|
|
1,930,202
|
|
|
1,933,803
|
|
Prepaid expenses and
other
|
|
|
459,320
|
|
|
454,752
|
|
|
|
Total current
assets
|
|
|
4,061,940
|
|
|
4,086,020
|
Property and
equipment, net
|
|
|
368,604
|
|
|
375,001
|
Goodwill
|
|
|
2,255,932
|
|
|
2,301,331
|
Other intangibles,
net
|
|
|
612,857
|
|
|
669,641
|
Investments and
other
|
|
|
510,453
|
|
|
432,002
|
|
|
|
Total
assets
|
|
$
|
7,809,786
|
|
$
|
7,863,995
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,117,925
|
|
$
|
1,153,012
|
|
Bank credit
lines
|
|
|
1,179,334
|
|
|
741,653
|
|
Current maturities of
long-term debt
|
|
|
12,475
|
|
|
16,659
|
|
Accrued
expenses:
|
|
|
|
|
|
|
|
|
Payroll and
related
|
|
|
251,042
|
|
|
272,998
|
|
|
Taxes
|
|
|
172,947
|
|
|
188,873
|
|
|
Other
|
|
|
419,199
|
|
|
455,780
|
|
|
|
Total current
liabilities
|
|
|
3,152,922
|
|
|
2,828,975
|
Long-term
debt
|
|
|
985,385
|
|
|
907,756
|
Deferred income
taxes
|
|
|
48,126
|
|
|
50,431
|
Other
liabilities
|
|
|
407,458
|
|
|
420,285
|
|
|
|
Total
liabilities
|
|
|
4,593,891
|
|
|
4,207,447
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
|
292,986
|
|
|
832,138
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value, 1,000,000 shares
authorized,
|
|
|
|
|
|
|
|
|
none
outstanding
|
|
|
-
|
|
|
-
|
|
Common stock, $.01
par value, 480,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
153,231,669
outstanding on June 30, 2018 and 240,000,000 shares
|
|
|
|
|
|
|
|
|
authorized,
153,690,146 outstanding on December 30, 2017
|
|
|
1,532
|
|
|
1,537
|
|
Retained
earnings
|
|
|
3,123,398
|
|
|
2,940,029
|
|
Accumulated other
comprehensive loss
|
|
|
(211,392)
|
|
|
(130,067)
|
|
|
Total Henry Schein,
Inc. stockholders' equity
|
|
|
2,913,538
|
|
|
2,811,499
|
|
Noncontrolling
interests
|
|
|
9,371
|
|
|
12,911
|
|
|
|
Total stockholders'
equity
|
|
|
2,922,909
|
|
|
2,824,410
|
|
|
Total liabilities,
redeemable noncontrolling interests and stockholders'
equity
|
|
$
|
7,809,786
|
|
$
|
7,863,995
|
|
Note: Certain prior
period amounts have been reclassified to conform to the current
period presentation.
|
HENRY SCHEIN,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
July
1,
|
|
June
30,
|
|
July
1,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
147,509
|
|
$
|
149,582
|
|
$
|
296,140
|
|
$
|
299,835
|
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
51,493
|
|
|
47,789
|
|
|
103,578
|
|
|
92,538
|
|
|
|
Stock-based
compensation expense
|
|
|
14,591
|
|
|
10,858
|
|
|
23,345
|
|
|
19,355
|
|
|
|
Provision for losses
on trade and other accounts receivable
|
|
|
2,401
|
|
|
1,239
|
|
|
5,642
|
|
|
4,049
|
|
|
|
Provision for
(benefit from) deferred income taxes
|
|
|
(5,994)
|
|
|
(9,081)
|
|
|
(2,472)
|
|
|
4,415
|
|
|
|
Equity in earnings of
affiliates
|
|
|
(5,972)
|
|
|
(4,589)
|
|
|
(8,943)
|
|
|
(6,675)
|
|
|
|
Distributions from
equity affiliates
|
|
|
5,796
|
|
|
6,640
|
|
|
9,344
|
|
|
9,678
|
|
|
|
Changes in
unrecognized tax benefits
|
|
|
(1,656)
|
|
|
3,249
|
|
|
757
|
|
|
(7,627)
|
|
|
|
Other
|
|
|
2,847
|
|
|
2,326
|
|
|
(1,964)
|
|
|
5,015
|
|
|
|
Changes in operating
assets and liabilities,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(36,094)
|
|
|
(20,623)
|
|
|
(81,714)
|
|
|
(118,116)
|
|
|
|
|
Inventories
|
|
|
32,718
|
|
|
87,522
|
|
|
(31,157)
|
|
|
115,800
|
|
|
|
|
Other current
assets
|
|
|
(36,994)
|
|
|
(60,388)
|
|
|
(25,125)
|
|
|
(57,699)
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
|
117,185
|
|
|
14,206
|
|
|
(70,545)
|
|
|
(184,429)
|
Net cash provided by
operating activities
|
|
|
287,830
|
|
|
228,730
|
|
|
216,886
|
|
|
176,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of fixed
assets
|
|
|
(20,469)
|
|
|
(19,654)
|
|
|
(38,720)
|
|
|
(36,965)
|
|
Payments for equity
investments and business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisitions, net of
cash acquired
|
|
|
(844)
|
|
|
(137,766)
|
|
|
(9,547)
|
|
|
(149,586)
|
|
Other
|
|
|
(18,161)
|
|
|
677
|
|
|
(26,373)
|
|
|
(4,872)
|
Net cash used in
investing activities
|
|
|
(39,474)
|
|
|
(156,743)
|
|
|
(74,640)
|
|
|
(191,423)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
(repayments of) bank borrowings
|
|
|
226,162
|
|
|
(94,775)
|
|
|
438,217
|
|
|
139,262
|
|
Proceeds from
issuance of long-term debt
|
|
|
-
|
|
|
100,000
|
|
|
100,000
|
|
|
100,000
|
|
Debt issuance
costs
|
|
|
(147)
|
|
|
(1,133)
|
|
|
(177)
|
|
|
(1,133)
|
|
Principal payments
for long-term debt
|
|
|
(16,949)
|
|
|
(2,817)
|
|
|
(26,981)
|
|
|
(59,184)
|
|
Proceeds from
issuance of stock upon exercise
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of stock
options
|
|
|
-
|
|
|
749
|
|
|
3,022
|
|
|
4,701
|
|
Payments for
repurchases of common stock
|
|
|
(53,355)
|
|
|
(50,000)
|
|
|
(53,355)
|
|
|
(100,006)
|
|
Payments for taxes
related to shares withheld for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
employee
taxes
|
|
|
(2,653)
|
|
|
(3,809)
|
|
|
(17,665)
|
|
|
(44,414)
|
|
Distributions to
noncontrolling stockholders
|
|
|
(11,793)
|
|
|
(16,337)
|
|
|
(12,604)
|
|
|
(19,601)
|
|
Acquisitions of
noncontrolling interests in subsidiaries
|
|
|
(391,292)
|
|
|
(62)
|
|
|
(652,725)
|
|
|
(4,151)
|
Net cash provided by
(used in) financing activities
|
|
|
(250,027)
|
|
|
(68,184)
|
|
|
(222,268)
|
|
|
15,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cash
equivalents
|
|
|
13,757
|
|
|
7,963
|
|
|
16,685
|
|
|
12,083
|
Net change in cash
and cash equivalents
|
|
|
12,086
|
|
|
11,766
|
|
|
(63,337)
|
|
|
12,273
|
Cash and cash
equivalents, beginning of period
|
|
|
99,235
|
|
|
62,888
|
|
|
174,658
|
|
|
62,381
|
Cash and cash
equivalents, end of period
|
|
$
|
111,321
|
|
$
|
74,654
|
|
$
|
111,321
|
|
$
|
74,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior
period amounts have been reclassified to conform to the current
period presentation.
|
|
|
|
|
|
|
Exhibit A - QTD
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein,
Inc.
|
|
2018 Second
Quarter
|
|
Sales
Summary
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2018 over Q2
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
Q2
2018
|
|
Q2
2017
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
1,612,875
|
|
$
|
1,488,167
|
|
8.4%
|
|
2.5%
|
|
5.9%
|
|
1.5%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
985,942
|
|
|
891,331
|
|
10.6%
|
|
3.2%
|
|
7.4%
|
|
3.0%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
614,025
|
|
|
571,427
|
|
7.5%
|
|
0.3%
|
|
7.2%
|
|
0.2%
|
|
7.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
3,212,842
|
|
|
2,950,925
|
|
8.9%
|
|
2.3%
|
|
6.6%
|
|
1.7%
|
|
4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
113,834
|
|
|
108,533
|
|
4.9%
|
|
1.2%
|
|
3.7%
|
|
0.7%
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Global
|
$
|
3,326,676
|
|
$
|
3,059,458
|
|
8.7%
|
|
2.2%
|
|
6.5%
|
|
1.7%
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
Q2
2018
|
|
Q2
2017
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
975,368
|
|
$
|
912,471
|
|
6.9%
|
|
0.5%
|
|
6.4%
|
|
1.3%
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
506,257
|
|
|
473,201
|
|
7.0%
|
|
0.0%
|
|
7.0%
|
|
3.8%
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
593,793
|
|
|
553,734
|
|
7.2%
|
|
0.0%
|
|
7.2%
|
|
0.1%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
2,075,418
|
|
|
1,939,406
|
|
7.0%
|
|
0.2%
|
|
6.8%
|
|
1.6%
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
92,684
|
|
|
90,292
|
|
2.6%
|
|
0.0%
|
|
2.6%
|
|
0.9%
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total North
America
|
$
|
2,168,102
|
|
$
|
2,029,698
|
|
6.8%
|
|
0.2%
|
|
6.6%
|
|
1.6%
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
Q2
2018
|
|
Q2
2017
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
637,507
|
|
$
|
575,696
|
|
10.7%
|
|
5.6%
|
|
5.1%
|
|
1.7%
|
|
3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
479,685
|
|
|
418,130
|
|
14.7%
|
|
6.7%
|
|
8.0%
|
|
2.2%
|
|
5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
20,232
|
|
|
17,693
|
|
14.4%
|
|
9.5%
|
|
4.9%
|
|
0.0%
|
|
4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
1,137,424
|
|
|
1,011,519
|
|
12.4%
|
|
6.1%
|
|
6.3%
|
|
1.9%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
21,150
|
|
|
18,241
|
|
15.9%
|
|
6.6%
|
|
9.3%
|
|
0.0%
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
International
|
$
|
1,158,574
|
|
$
|
1,029,760
|
|
12.5%
|
|
6.1%
|
|
6.4%
|
|
1.9%
|
|
4.5%
|
|
|
|
|
|
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Exhibit A - YTD
Sales
|
|
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|
|
|
|
|
|
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Henry Schein,
Inc.
|
|
2018 Second
Quarter Year to Date
|
|
Sales
Summary
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2018 YTD over
Q2 2017 YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
Q2 2018
YTD
|
|
Q2 2017
YTD
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
3,160,674
|
|
$
|
2,893,325
|
|
9.2%
|
|
3.6%
|
|
5.6%
|
|
1.9%
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
1,905,736
|
|
|
1,704,270
|
|
11.8%
|
|
4.5%
|
|
7.3%
|
|
3.3%
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
1,254,425
|
|
|
1,170,313
|
|
7.2%
|
|
0.4%
|
|
6.8%
|
|
0.1%
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
6,320,835
|
|
|
5,767,908
|
|
9.6%
|
|
3.3%
|
|
6.3%
|
|
1.9%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
226,280
|
|
|
214,498
|
|
5.5%
|
|
1.6%
|
|
3.9%
|
|
0.9%
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Global
|
$
|
6,547,115
|
|
$
|
5,982,406
|
|
9.4%
|
|
3.2%
|
|
6.2%
|
|
1.9%
|
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
Q2 2018
YTD
|
|
Q2 2017
YTD
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
1,879,650
|
|
$
|
1,762,927
|
|
6.6%
|
|
0.4%
|
|
6.2%
|
|
2.1%
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
964,435
|
|
|
895,845
|
|
7.7%
|
|
0.1%
|
|
7.6%
|
|
4.2%
|
|
3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
1,213,186
|
|
|
1,133,771
|
|
7.0%
|
|
0.0%
|
|
7.0%
|
|
0.1%
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
4,057,271
|
|
|
3,792,543
|
|
7.0%
|
|
0.2%
|
|
6.8%
|
|
2.0%
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
184,003
|
|
|
179,345
|
|
2.6%
|
|
0.1%
|
|
2.5%
|
|
0.8%
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total North
America
|
$
|
4,241,274
|
|
$
|
3,971,888
|
|
6.8%
|
|
0.2%
|
|
6.6%
|
|
2.0%
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
Q2 2018
YTD
|
|
Q2 2017
YTD
|
|
Total Sales
Growth
|
|
Foreign Exchange
Growth
|
|
Local Currency
Growth
|
|
Acquisition
Growth
|
|
Local Internal
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental
|
$
|
1,281,024
|
|
$
|
1,130,398
|
|
13.3%
|
|
8.6%
|
|
4.7%
|
|
1.7%
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Animal
Health
|
|
941,301
|
|
|
808,425
|
|
16.4%
|
|
9.5%
|
|
6.9%
|
|
2.2%
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical
|
|
41,239
|
|
|
36,542
|
|
12.9%
|
|
12.1%
|
|
0.8%
|
|
0.0%
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
Distribution
|
|
2,263,564
|
|
|
1,975,365
|
|
14.6%
|
|
9.1%
|
|
5.5%
|
|
1.9%
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
value-added services
|
|
42,277
|
|
|
35,153
|
|
20.3%
|
|
9.5%
|
|
10.8%
|
|
1.5%
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
International
|
$
|
2,305,841
|
|
$
|
2,010,518
|
|
14.7%
|
|
9.1%
|
|
5.6%
|
|
1.9%
|
|
3.7%
|
|
Exhibit
B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein,
Inc.
|
2018 Second
Quarter and YTD
|
Reconciliation of
GAAP results of net income attributable to Henry Schein, Inc.
to
|
non-GAAP results
of net income attributable to Henry Schein, Inc.
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
|
|
Year-to-Date
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
%
|
|
|
|
2018
|
|
|
2017
|
|
Growth
|
|
|
|
2018
|
|
|
2017
|
|
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to Henry Schein, Inc.
|
$
|
141,212
|
|
$
|
136,055
|
|
3.8
|
%
|
|
$
|
281,430
|
|
$
|
276,803
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
attributable to Henry Schein, Inc.
|
$
|
0.92
|
|
$
|
0.86
|
|
7.0
|
%
|
|
$
|
1.83
|
|
$
|
1.74
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs -
Pre-tax (1)
|
$
|
14,896
|
|
$
|
-
|
|
|
|
|
$
|
18,658
|
|
$
|
-
|
|
|
|
Income tax benefit
for restructuring costs (1)
|
|
(3,724)
|
|
|
-
|
|
|
|
|
|
(4,664)
|
|
|
-
|
|
|
|
Litigation settlement
- Pre-Tax (2)
|
|
-
|
|
|
5,325
|
|
|
|
|
|
-
|
|
|
5,325
|
|
|
|
Income tax benefit
for litigation settlement (2)
|
|
-
|
|
|
(2,130)
|
|
|
|
|
|
-
|
|
|
(2,130)
|
|
|
|
Transaction costs
related to Animal Health spin-off (3)
|
|
7,611
|
|
|
-
|
|
|
|
|
|
11,388
|
|
|
-
|
|
|
|
Income tax benefit
for Animal Health transaction costs (3)
|
|
(206)
|
|
|
-
|
|
|
|
|
|
(1,139)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP
adjustments to Net Income
|
$
|
18,577
|
|
$
|
3,195
|
|
|
|
|
$
|
24,243
|
|
$
|
3,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP
adjustments to diluted EPS
|
$
|
0.12
|
|
$
|
0.02
|
|
|
|
|
$
|
0.15
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
%
|
|
|
|
2018
|
|
|
2017
|
|
Growth
|
|
|
|
2018
|
|
|
2017
|
|
Growth
|
|
Non-GAAP Net
Income attributable to Henry Schein, Inc.
|
$
|
159,789
|
|
$
|
139,250
|
|
14.7
|
%
|
|
$
|
305,673
|
|
$
|
279,998
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
EPS attributable to Henry Schein, Inc.
|
$
|
1.04
|
|
$
|
0.88
|
|
18.2
|
%
|
|
$
|
1.98
|
|
$
|
1.76
|
|
12.5
|
%
|
Management
believes that non-GAAP financial measures provide investors with
useful supplemental information about the financial performance of
our business, enable comparison of financial results between
periods where certain items may vary independent of business
performance and allow for greater transparency with respect to key
metrics used by management in operating our business. 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.
|
|
(1) Represents
Q2 2018 and YTD 2018 restructuring costs of $14,896, net of $3,724
tax benefit, resulting in an after-tax effect of $11,172 and
$18,658, net of $4,664 tax benefit, resulting in an after-tax
effect of $13,994, respectively.
|
|
(2) Represents
Q2 2017 and YTD 2017 pre-tax charge of $5,325 related to a
litigation settlement. The associated tax benefit of $2,130
resulted in a net after tax charge of $3,195.
|
|
(3) Represents
Q2 2018 and YTD 2018 transaction costs, associated with the
spin-off of our Animal Health business, of $7,611, net of $206 tax
benefit, resulting in an after-tax effect of $7,405 and $11,388,
net of $1,139 tax benefit, resulting in an after-tax effect of
$10,249, respectively.
|
View original
content:http://www.prnewswire.com/news-releases/henry-schein-reports-record-second-quarter-2018-financial-results-300692240.html
SOURCE Henry Schein, Inc.