Henry Schein Reports Fourth-Quarter and Full-Year 2023 Financial Results and Introduces 2024 Financial Guidance
- Solid fourth-quarter financial results with GAAP diluted EPS of $0.13 and non-GAAP diluted EPS of $0.66.
- Introduces 2024 guidance with expected non-GAAP diluted EPS of $5.00 to $5.16, reflecting growth of 11% to 15% compared to 2023.
- Total net sales for the fourth quarter were $3.0 billion, a decrease of 10.5% compared to the same period last year.
- Full-year 2023 net sales were $12.3 billion, a decrease of 2.4% compared to 2022.
- None.
Insights
The reported GAAP and non-GAAP earnings per share (EPS) for Henry Schein, Inc. indicate a mixed financial performance in the fourth quarter. The GAAP EPS of $0.13 is significantly lower than the previous year's $0.34, reflecting several headwinds, including acquisition-related expenses and the aftermath of a cybersecurity incident. However, the non-GAAP EPS of $0.66, excluding these one-time costs, suggests that the company's core operations remain profitable.
Investors should note the company's guidance for 2024, projecting non-GAAP diluted EPS growth of 11% to 15%. This forward-looking statement demonstrates management's confidence in the company's ability to recover from the cybersecurity incident and capitalize on its strategic acquisitions. The introduction of Adjusted EBITDA guidance, with an expected increase of over 15%, provides an additional metric for investors to assess the company's operational efficiency and potential for margin improvement.
Despite the negative impact of the cybersecurity incident estimated at $0.70 to $0.75 per diluted share, Henry Schein's strategic investments and stock repurchase program signal a proactive approach to capital deployment. The repurchase of shares, although having an immaterial impact on EPS, reflects a shareholder-friendly capital allocation policy. The company's financial guidance excludes potential future acquisitions and restructuring expenses, which could be significant variables affecting future profitability and stock performance.
The cybersecurity incident's estimated impact on Henry Schein's financials underscores the importance of robust cybersecurity measures in today's business environment. The incident resulted in a significant reduction of net sales and affected the company's 2023 GAAP and non-GAAP net income by an estimated $0.70 to $0.75 per diluted share. This highlights the direct financial repercussions that cyber incidents can have on a company's bottom line.
The resilience and recovery efforts from such an incident are critical for restoring investor confidence and ensuring business continuity. Henry Schein's guidance for the upcoming year suggests that the company anticipates a residual impact from the incident, primarily in the first quarter. However, the management's proactive stance on recovery and the strategic plan to pivot towards higher-growth, higher-margin products and services may mitigate the long-term effects of the incident on the company's financial health.
Investors and stakeholders should be aware of the potential for future cybersecurity-related expenses, which are not included in the 2024 financial guidance. This exclusion indicates that there may be ongoing costs associated with strengthening cybersecurity defenses and managing the aftermath of the incident, which could influence future profitability.
Henry Schein's performance in the global dental and medical markets, as well as its growth in the technology and value-added services sector, provide insight into broader industry trends. The reported decrease in total net sales for 2023, with a particularly notable decline in the global medical segment, may reflect market-specific challenges. In contrast, the growth in technology and value-added services suggests a strategic shift towards areas with higher growth potential.
The company's 2024 sales growth forecast of 8% to 12% over 2023 is an optimistic indicator of the company's market position and the expected recovery from the cybersecurity incident. The acquisitions completed in 2023 are expected to contribute to this growth, indicating that Henry Schein is leveraging mergers and acquisitions as a strategic tool for expansion.
Investors should consider the potential for market volatility and exchange rate fluctuations, which could affect the company's international sales and overall financial performance. While the guidance assumes consistent foreign currency exchange rates and market conditions, unexpected shifts could impact the accuracy of these projections.
-
Fourth quarter GAAP diluted EPS of
$0.13 -
Solid fourth quarter financial results in line with the Company’s guidance provided on November 13, 2023.
-
Fourth quarter non-GAAP diluted EPS of
$0.66 -
$0.05 -
an estimated
$0.70 $0.75
-
-
Fourth quarter non-GAAP diluted EPS of
-
Introduces guidance for full-year 2024 non-GAAP diluted EPS of
$5.00 $5.16 11% to15% compared with 2023, and full-year 2024 Adjusted EBITDA growth of more than15% .
“We are pleased with our performance in the fourth quarter and for the full year 2023, which was in line with our expectations and reflects a solid recovery from last year’s cybersecurity incident,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Our fourth quarter financial results included strong growth in our Technology and Value-Added Services businesses, and in global sales of implants and biomaterials largely driven by acquisitions, and were negatively impacted by higher-than-usual acquisition-related expenses and adjustments,” Mr. Bergman said.
“The 2024 guidance we are introducing today reflects our continued confidence in the stability of the underlying markets we serve, our recovery efforts from the cybersecurity incident, and the execution of our Strategic Plan. For 2024, while we expect to have some short-term residual impact on merchandise sales from the incident, we believe we will continue to strengthen our leading market position. We are also introducing Adjusted EBITDA guidance as we believe this provides investors with an additional metric that reflects the performance of the business as we pivot to higher-growth, higher-margin products and services.” Mr. Bergman added, “We believe we are well positioned to grow the business in line with our financial goals of high-single-digit to low-double-digit operating income and earnings per share by continuing to execute on our BOLD+1 Strategic Plan.”
Fourth-Quarter 2023 Financial Results
-
Total net sales for the quarter were
$3.0 billion 10.5% compared with the fourth quarter of 2022. This reflects an internal sales decrease of12.0% , calculated at constant foreign exchange rates, excluding sales from acquisitions, and adjusting for the extra week in 2022. -
Total net sales reflect an estimated reduction of
$350 million $400 million 10% to12% , due to the cybersecurity incident. - Fourth-quarter sales and internal sales growth are summarized below and included in detail as Exhibit A1.
|
Sales
|
Internal Growth/(Decrease)1
(%)
|
Global Dental |
|
( |
Merchandise |
|
( |
Equipment |
|
( |
Global Medical |
|
( |
Global Technology and Value-Added Services |
|
|
|
|
|
TOTAL SALES |
|
( |
-
GAAP net income2 for the quarter was
$18 million $0.13 $0.05 $47 million $0.34 $0.02 -
Non-GAAP net income2 for the quarter was
$86 million $0.66 $0.05 $184 million $1.35 $0.02 -
GAAP and non-GAAP net income were negatively impacted by an estimated
$0.70 $0.75
Full-Year 2023 Financial Results
-
Total net sales for 2023 were
$12.3 billion 2.4% compared with 2022. This reflects an internal sales decrease of4.4% , calculated at constant foreign exchange rates, excluding sales from acquisitions, and adjusting for the extra week in 2022. The Company’s 2023 sales and internal sales growth are summarized below and included in detail as Exhibit A1.
|
Sales
|
Internal
(%)
|
Global Dental |
|
( |
Merchandise |
|
( |
Equipment |
|
( |
Global Medical |
|
( |
Global Technology and Value-Added Services |
|
|
|
|
|
TOTAL SALES |
|
( |
|
|
|
-
GAAP net income2 for 2023 was
$416 million $3.16 $0.09 $538 million $3.91 $0.02 -
Non-GAAP net income2 for 2023 was
$593 million $4.50 $0.09 $741 million $5.38 $0.02 -
GAAP and non-GAAP net income are negatively impacted by an estimated
$0.70 $0.75
Capital Deployment
To accelerate the implementation of its 2022-2024 BOLD+1 Strategic Plan, the Company invested
During the fourth quarter of 2023, the Company repurchased approximately 692,000 shares of its common stock at an average price of
For the full year of 2023, the Company repurchased approximately 3.2 million shares of its common stock at an average price of
At year-end, Henry Schein had approximately
2024 Financial Guidance
Henry Schein today introduced financial guidance for 2024. Guidance is for current continuing operations as well as announced acquisitions and does not include the impact of future share repurchases, potential future acquisitions, restructuring and integration expenses, amortization expense of acquired intangible assets, certain expenses directly associated with the cybersecurity incident or any potential insurance claim recovery. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels and that end markets remain consistent with current market conditions:
-
2024 non-GAAP diluted EPS attributable to Henry Schein, Inc. is expected to be
$5.00 $5.16 11% to15% compared with 2023 non-GAAP diluted EPS of$4.50 -
an estimated residual impact of the cybersecurity incident of approximately
$0.15 -
an estimated increase in the non-GAAP effective tax rate from
23% to25% , or approximately$0.13
-
an estimated residual impact of the cybersecurity incident of approximately
-
2024 sales growth is expected to be approximately
8% to12% over 2023, and reflects the expected merchandise sales recovery subsequent to the cybersecurity incident, and sales from the acquisitions completed in 2023. -
2024 Adjusted EBITDA3 is expected to increase by more than
15% .
Adjustments to 2024 GAAP Net Income and Diluted EPS
The Company is providing guidance for 2024 diluted EPS on a non-GAAP basis and for Adjusted EBITDA, as noted above. The Company is not providing a reconciliation of its 2024 non-GAAP guidance to its projected 2024 diluted EPS prepared on a GAAP basis, or its projected 2024 Adjusted EBITDA to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of integration and restructuring costs related to an ongoing initiative to drive operating efficiencies and certain expenses directly associated with the cybersecurity incident, including the corresponding tax effect, that will be included in the Company’s 2024 diluted EPS and net income prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing of related costs.
Management does not believe 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.
1 |
See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign exchange rates, excluding sales for acquisitions, and adjusting for the extra week in 2022. |
2 |
See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS. |
3 |
See Exhibit C for Adjusted EBITDA for the fourth quarter and full-year 2023. The Company will calculate full-year 2024 Adjusted EBITDA in the same manner. |
4 |
See Exhibit D for details of acquisition expense and acquisition-related adjustments included in GAAP and non-GAAP net income. |
5 |
Reference to diluted EPS refers to diluted EPS attributable to Henry Schein, Inc. |
Fourth-Quarter 2023 Conference Call Webcast
The Company will hold a conference call to discuss fourth-quarter and full-year 2023 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 by visiting www.henryschein.com/IRwebcasts. In addition, a replay will be available beginning shortly after the call has ended for a period of one week.
The Company will be posting slides that provide a summary of its fourth-quarter 2023 financial results on its website at https://www.henryschein.com/us-en/Corporate/investor-presentations.aspx.
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 25,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our distribution centers.
A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in
For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, and Twitter.com/HenrySchein.
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 include EPS and Adjusted EBITDA guidance and are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, 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, including our Annual Report on Form 10-K, 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: our dependence on third parties for the manufacture and supply of our products; our ability to develop or acquire and maintain and protect new products (particularly technology products) and technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; changes in the health care industry; 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 and domestic macro-economic and political conditions, including inflation, deflation, recession, ongoing wars, fluctuations in energy pricing and the value of the
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 except as required by law.
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 the 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. The impact of certain items that are excluded include integration and restructuring costs, and amortization of acquisition-related assets, because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. 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.
HENRY SCHEIN, INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||
(in millions, except share and per share data) |
||||||||||||
|
|
Three Months Ended |
|
Years Ended |
||||||||
|
|
December 30, |
|
December 31, |
|
December 30, |
|
December 31, |
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,017 |
|
$ |
3,371 |
|
$ |
12,339 |
|
$ |
12,647 |
Cost of sales |
|
|
2,092 |
|
|
2,372 |
|
|
8,478 |
|
|
8,816 |
Gross profit |
|
|
925 |
|
|
999 |
|
|
3,861 |
|
|
3,831 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
807 |
|
|
761 |
|
|
2,956 |
|
|
2,771 |
Depreciation and amortization |
|
|
58 |
|
|
45 |
|
|
210 |
|
|
182 |
Restructuring and integration costs |
|
|
21 |
|
|
121 |
|
|
80 |
|
|
131 |
Operating income |
|
|
39 |
|
|
72 |
|
|
615 |
|
|
747 |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
5 |
|
|
3 |
|
|
17 |
|
|
8 |
Interest expense |
|
|
(29) |
|
|
(12) |
|
|
(87) |
|
|
(35) |
Other, net |
|
|
(1) |
|
|
- |
|
|
(3) |
|
|
1 |
Income before taxes, equity in earnings of affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
and noncontrolling interests |
|
14 |
|
|
63 |
|
|
542 |
|
|
721 |
|
Income taxes |
|
|
(1) |
|
|
(15) |
|
|
(120) |
|
|
(170) |
Equity in earnings of affiliates, net of tax |
|
|
4 |
|
|
3 |
|
|
14 |
|
|
15 |
Net income |
|
|
17 |
|
|
51 |
|
|
436 |
|
|
566 |
Less: Net income attributable to noncontrolling interests |
|
|
1 |
|
|
(4) |
|
|
(20) |
|
|
(28) |
Net income attributable to Henry Schein, Inc. |
|
$ |
18 |
|
$ |
47 |
|
$ |
416 |
|
$ |
538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to Henry Schein, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
$ |
0.35 |
|
$ |
3.18 |
|
$ |
3.95 |
Diluted |
|
$ |
0.13 |
|
$ |
0.34 |
|
$ |
3.16 |
|
$ |
3.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
129,809,665 |
|
|
134,249,915 |
|
|
130,618,990 |
|
|
136,064,221 |
Diluted |
|
|
130,743,875 |
|
|
135,857,950 |
|
|
131,748,171 |
|
|
137,755,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
||||||||||||
HENRY SCHEIN, INC. |
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(in millions, except share data) |
||||||
|
|
December 30, |
|
December 31, |
||
|
|
2023 |
|
2022 |
||
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
171 |
|
$ |
117 |
Accounts receivable, net of allowance for credit losses of |
|
|
1,863 |
|
|
1,442 |
Inventories, net |
|
|
1,815 |
|
|
1,963 |
Prepaid expenses and other |
|
|
639 |
|
|
466 |
Total current assets |
|
|
4,488 |
|
|
3,988 |
Property and equipment, net |
|
|
498 |
|
|
383 |
Operating lease right-of-use assets |
|
|
325 |
|
|
284 |
Goodwill |
|
|
3,875 |
|
|
2,893 |
Other intangibles, net |
|
|
916 |
|
|
587 |
Investments and other |
|
|
471 |
|
|
472 |
Total assets |
|
$ |
10,573 |
|
$ |
8,607 |
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,020 |
|
$ |
1,004 |
Bank credit lines |
|
|
264 |
|
|
103 |
Current maturities of long-term debt |
|
|
150 |
|
|
6 |
Operating lease liabilities |
|
|
80 |
|
|
73 |
Accrued expenses: |
|
|
|
|
|
|
Payroll and related |
|
|
332 |
|
|
314 |
Taxes |
|
|
137 |
|
|
132 |
Other |
|
|
700 |
|
|
592 |
Total current liabilities |
|
|
2,683 |
|
|
2,224 |
Long-term debt |
|
|
1,937 |
|
|
1,040 |
Deferred income taxes |
|
|
54 |
|
|
36 |
Operating lease liabilities |
|
|
310 |
|
|
275 |
Other liabilities |
|
|
436 |
|
|
361 |
Total liabilities |
|
|
5,420 |
|
|
3,936 |
|
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
|
864 |
|
|
576 |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, |
|
|
|
|
|
|
none outstanding |
|
|
- |
|
|
- |
Common stock, |
|
|
|
|
|
|
129,247,765 outstanding on December 30, 2023 and |
|
|
|
|
|
|
131,792,817 outstanding on December 31, 2022 |
|
|
1 |
|
|
1 |
Additional paid-in capital |
|
|
- |
|
|
- |
Retained earnings |
|
|
3,860 |
|
|
3,678 |
Accumulated other comprehensive loss |
|
|
(206) |
|
|
(233) |
Total Henry Schein, Inc. stockholders' equity |
|
|
3,655 |
|
|
3,446 |
Noncontrolling interests |
|
|
634 |
|
|
649 |
Total stockholders' equity |
|
|
4,289 |
|
|
4,095 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity |
|
$ |
10,573 |
|
$ |
8,607 |
|
|
|
|
|
|
|
HENRY SCHEIN, INC. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(in millions) |
||||||||||||
|
|
Three Months Ended |
|
Years Ended |
||||||||
|
|
December 30, |
|
December 31, |
|
December 30, |
|
December 31, |
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17 |
|
$ |
51 |
|
$ |
436 |
|
$ |
566 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
68 |
|
|
52 |
|
|
248 |
|
|
212 |
Impairment charge on intangible assets |
|
|
7 |
|
|
34 |
|
|
7 |
|
|
34 |
Impairment of capitalized software |
|
|
27 |
|
|
- |
|
|
27 |
|
|
- |
Non-cash restructuring charges |
|
|
14 |
|
|
93 |
|
|
27 |
|
|
93 |
Stock-based compensation expense |
|
|
1 |
|
|
10 |
|
|
39 |
|
|
54 |
Provision for losses on trade and other accounts receivable |
|
|
11 |
|
|
3 |
|
|
18 |
|
|
5 |
Benefit from deferred income taxes |
|
|
(16) |
|
|
(53) |
|
|
(20) |
|
|
(73) |
Equity in earnings of affiliates |
|
|
(4) |
|
|
(3) |
|
|
(14) |
|
|
(15) |
Distributions from equity affiliates |
|
|
3 |
|
|
3 |
|
|
15 |
|
|
15 |
Changes in unrecognized tax benefits |
|
|
5 |
|
|
11 |
|
|
10 |
|
|
12 |
Other |
|
|
8 |
|
|
5 |
|
|
(3) |
|
|
(20) |
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(255) |
|
|
86 |
|
|
(327) |
|
|
(7) |
Inventories |
|
|
51 |
|
|
(117) |
|
|
231 |
|
|
(126) |
Other current assets |
|
|
(83) |
|
|
44 |
|
|
(138) |
|
|
(52) |
Accounts payable and accrued expenses |
|
|
114 |
|
|
35 |
|
|
(56) |
|
|
(96) |
Net cash provided by (used in) operating activities |
|
|
(32) |
|
|
254 |
|
|
500 |
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(39) |
|
|
(29) |
|
|
(147) |
|
|
(96) |
Payments related to equity investments and business acquisitions, |
|
|
|
|
|
|
|
|
|
|
|
|
net of cash acquired |
|
|
(287) |
|
|
(31) |
|
|
(955) |
|
|
(158) |
Proceeds from loan to affiliate |
|
|
2 |
|
|
2 |
|
|
6 |
|
|
11 |
Settlements for net investment hedges |
|
|
22 |
|
|
- |
|
|
22 |
|
|
- |
Capitalized software costs |
|
|
(10) |
|
|
(9) |
|
|
(40) |
|
|
(32) |
Other |
|
|
(15) |
|
|
2 |
|
|
(21) |
|
|
(1) |
Net cash used in investing activities |
|
|
(327) |
|
|
(65) |
|
|
(1,135) |
|
|
(276) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in bank credit lines |
|
|
251 |
|
|
(3) |
|
|
153 |
|
|
48 |
Proceeds from issuance of long-term debt |
|
|
210 |
|
|
105 |
|
|
1,368 |
|
|
270 |
Principal payments for long-term debt |
|
|
(11) |
|
|
(1) |
|
|
(468) |
|
|
(59) |
Debt issuance costs |
|
|
- |
|
|
- |
|
|
(3) |
|
|
- |
Proceeds from issuance of stock upon exercise of stock options |
|
|
- |
|
|
- |
|
|
1 |
|
|
2 |
Payments for repurchases and retirement of common stock |
|
|
(50) |
|
|
(285) |
|
|
(250) |
|
|
(485) |
Payments for taxes related to shares withheld for employee taxes |
|
|
- |
|
|
(2) |
|
|
(34) |
|
|
(32) |
Distributions to noncontrolling shareholders |
|
|
(6) |
|
|
(3) |
|
|
(47) |
|
|
(21) |
Acquisitions of noncontrolling interests in subsidiaries |
|
|
- |
|
|
(5) |
|
|
(19) |
|
|
(38) |
Net cash provided by (used in) financing activities |
|
|
394 |
|
|
(194) |
|
|
701 |
|
|
(315) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(30) |
|
|
(1) |
|
|
(12) |
|
|
(12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
5 |
|
|
(6) |
|
|
54 |
|
|
(1) |
Cash and cash equivalents, beginning of period |
|
|
166 |
|
|
123 |
|
|
117 |
|
|
118 |
Cash and cash equivalents, end of period |
|
$ |
171 |
|
$ |
117 |
|
$ |
171 |
|
$ |
117 |
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
||||||||||||
| Exhibit A - Fourth Quarter Sales | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
|||||||||||||||||
2023 Fourth Quarter |
|||||||||||||||||
Sales Summary |
|||||||||||||||||
(in millions) |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
Q4 2023 over Q4 2022 |
|||||||||||||||||
|
|||||||||||||||||
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
Global |
Q4 2023 |
|
Q4 2022 |
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
Dental Merchandise |
$ |
1,348 |
|
$ |
1,474 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Dental Equipment |
|
454 |
|
|
533 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Dental |
|
1,802 |
|
|
2,007 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
1,003 |
|
|
1,177 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Health Care Distribution |
|
2,805 |
|
|
3,184 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
212 |
|
|
187 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total Global |
$ |
3,017 |
|
$ |
3,371 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
|
Q4 2023 |
|
Q4 2022 |
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
770 |
|
$ |
920 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Dental Equipment |
|
283 |
|
|
348 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Dental |
|
1,053 |
|
|
1,268 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
977 |
|
|
1,160 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Health Care Distribution |
|
2,030 |
|
|
2,428 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
186 |
|
|
164 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total |
$ |
2,216 |
|
$ |
2,592 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
International |
Q4 2023 |
|
Q4 2022 |
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
578 |
|
$ |
554 |
|
- |
|
|
|
- |
|
- |
|
|
|
|
Dental Equipment |
|
171 |
|
|
185 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Dental |
|
749 |
|
|
739 |
|
- |
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
26 |
|
|
17 |
|
- |
|
|
|
- |
|
|
|
|
|
|
Total Health Care Distribution |
|
775 |
|
|
756 |
|
- |
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
26 |
|
|
23 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total International |
$ |
801 |
|
$ |
779 |
|
- |
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
|||||||||||||||||
Exhibit A - Year-to-Date Sales |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
|||||||||||||||||
Full Year 2023 |
|||||||||||||||||
Sales Summary |
|||||||||||||||||
(in millions) |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year 2023 over Full Year 2022 |
|||||||||||||||||
|
|||||||||||||||||
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
Global |
Full Year
|
|
Full Year
|
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
5,814 |
|
$ |
5,715 |
|
- |
|
|
|
- |
|
|
|
|
|
|
Dental Equipment |
|
1,725 |
|
|
1,758 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Dental |
|
7,539 |
|
|
7,473 |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
3,994 |
|
|
4,451 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Health Care Distribution |
|
11,533 |
|
|
11,924 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
806 |
|
|
723 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total Global |
$ |
12,339 |
|
$ |
12,647 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
|
Full Year
|
|
Full Year
|
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
3,429 |
|
$ |
3,535 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
Dental Equipment |
|
1,071 |
|
|
1,093 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
Total Dental |
|
4,500 |
|
|
4,628 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
3,897 |
|
|
4,375 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Health Care Distribution |
|
8,397 |
|
|
9,003 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
705 |
|
|
633 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total |
$ |
9,102 |
|
$ |
9,636 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||||
International |
Full Year
|
|
Full Year
|
|
Local
|
|
Acquisition
|
|
Extra
|
|
Total
|
|
Foreign
|
|
Total
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
2,385 |
|
$ |
2,180 |
|
|
|
|
|
- |
|
|
|
|
|
|
Dental Equipment |
|
654 |
|
|
665 |
|
- |
|
|
|
- |
|
- |
|
|
|
- |
Total Dental |
|
3,039 |
|
|
2,845 |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
97 |
|
|
76 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total Health Care Distribution |
|
3,136 |
|
|
2,921 |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
101 |
|
|
90 |
|
|
|
|
|
- |
|
|
|
|
|
|
Total International |
$ |
3,237 |
|
$ |
3,011 |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior period amounts have been reclassified to conform to the current period presentation. |
|||||||||||||||||
Exhibit B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
||||||||||||||||
2023 Fourth Quarter and Full Year |
||||||||||||||||
Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc. |
||||||||||||||||
to non-GAAP net income and diluted EPS attributable to Henry Schein, Inc. |
||||||||||||||||
(in millions, except per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
Full Year |
|
|||||||||
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
% |
|
|
|
2023 |
|
|
2022 |
|
Growth |
|
|
|
2023 |
|
|
2022 |
Growth |
|
Net income attributable to Henry Schein, Inc. |
$ |
18 |
|
$ |
47 |
|
(63.2) |
% |
|
$ |
416 |
|
$ |
538 |
(22.7) |
% |
Diluted EPS attributable to Henry Schein, Inc. |
$ |
0.13 |
|
$ |
0.34 |
|
(61.8) |
% |
|
$ |
3.16 |
|
$ |
3.91 |
(19.2) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and integration costs, net of tax and noncontrolling interests (1) |
$ |
11 |
|
$ |
96 |
|
|
|
|
$ |
53 |
|
$ |
103 |
|
|
Acquisition intangible amortization, net of tax and noncontrolling interests (2) |
|
26 |
|
|
19 |
|
|
|
|
|
92 |
|
|
78 |
|
|
Cybersecurity incident-professional and other fees, net of tax (3) |
|
8 |
|
|
- |
|
|
|
|
|
8 |
|
|
- |
|
|
Impairment of capitalized assets, net of tax (4) |
|
19 |
|
|
- |
|
|
|
|
|
19 |
|
|
- |
|
|
Impairment of intangible assets, net of taxes and noncontrolling interests (5) |
|
5 |
|
|
23 |
|
|
|
|
|
5 |
|
|
23 |
|
|
Non-GAAP adjustments to net income |
$ |
69 |
|
$ |
138 |
|
|
|
|
$ |
177 |
|
$ |
204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to Henry Schein, Inc. |
$ |
86 |
|
$ |
184 |
|
(53.0) |
% |
|
$ |
593 |
|
$ |
741 |
(20.0) |
% |
Non-GAAP diluted EPS attributable to Henry Schein, Inc. |
$ |
0.66 |
|
$ |
1.35 |
|
(51.1) |
% |
|
$ |
4.50 |
|
$ |
5.38 |
(16.4) |
% |
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. Net income growth rates are based on actual values and may not recalculate due to rounding. Amounts may not sum due to rounding.
(1) |
Restructuring and Integration Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
The following table presents details of our restructuring and integration costs: |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Fourth Quarter |
|
|
|
Full Year |
||||||
|
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Restructuring and integration costs - pre-tax, as reported |
$ |
21 |
|
$ |
121 |
|
|
$ |
80 |
|
$ |
131 |
|
Income tax benefit |
|
(5) |
|
|
(24) |
|
|
|
(20) |
|
|
(27) |
|
Amount attributable to noncontrolling interests |
|
(5) |
|
|
(1) |
|
|
|
(7) |
|
|
(1) |
|
Restructuring and integration costs, net |
$ |
11 |
|
$ |
96 |
|
|
$ |
53 |
|
$ |
103 |
Q4 2023 restructuring costs primarily consisted of employee severance and costs related to the exit of facilities.
(2) |
Acquisition Intangible Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents details of amortization of acquired intangible assets: |
|
|
|
|
|
|
|
|||||
|
|
|
Fourth Quarter |
|
|
|
Full Year |
||||||
|
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Acquisition intangible amortization - pre-tax, as reported |
$ |
43 |
|
$ |
31 |
|
|
$ |
151 |
|
$ |
126 |
|
Income tax benefit |
|
(11) |
|
|
(7) |
|
|
|
(38) |
|
|
(31) |
|
Amount attributable to noncontrolling interests |
|
(6) |
|
|
(4) |
|
|
|
(21) |
|
|
(16) |
|
Acquisition intangible amortization, net |
$ |
26 |
|
$ |
19 |
|
|
$ |
92 |
|
$ |
78 |
(3) |
Represents one time professional and other fees of |
|
|
|
|||||||||
(4) |
Represents impairment of certain capitalized asset costs of |
|
|
|
|||||||||
(5) |
The following table presents details of impairment charges recorded in relation to certain intangible assets: |
|
|
|
|||||||||
|
|
|
Fourth Quarter and Full Year |
|
|
|
|
|
|
|
|||
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Impairment charges - pre-tax, as reported |
$ |
7 |
|
$ |
34 |
|
|
|
|
|
|
|
|
Income tax benefit |
|
(2) |
|
|
(9) |
|
|
|
|
|
|
|
|
Amount attributable to noncontrolling interests |
|
- |
|
|
(2) |
|
|
|
|
|
|
|
|
Impairment charges, net |
$ |
5 |
|
$ |
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Exhibit C |
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|||||||||||
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|
|||||||||||
Henry Schein, Inc. |
|
|||||||||||||||||||||||
2023 Fourth Quarter and Full Year |
|
|||||||||||||||||||||||
Reconciliation of reported GAAP net income to Adjusted EBITDA |
|
|||||||||||||||||||||||
(in millions) |
|
|||||||||||||||||||||||
(unaudited) |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Fourth Quarter |
|
|
Full Year |
|
||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|||||||||||
Net income attributable to Henry Schein, Inc. (GAAP) |
$ |
18 |
|
$ |
47 |
|
|
$ |
416 |
|
$ |
538 |
|
|||||||||||
Income (loss) attributable to noncontrolling interests |
|
(1) |
|
|
4 |
|
|
|
20 |
|
|
28 |
|
|||||||||||
Net income (GAAP) |
|
17 |
|
|
51 |
|
|
|
436 |
|
|
566 |
|
|||||||||||
Definitional adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest income |
|
(5) |
|
|
(3) |
|
|
|
(17) |
|
|
(8) |
|
|||||||||||
Interest expense |
|
29 |
|
|
12 |
|
|
|
87 |
|
|
35 |
|
|||||||||||
Income taxes |
|
1 |
|
|
15 |
|
|
|
120 |
|
|
170 |
|
|||||||||||
Depreciation and amortization |
|
68 |
|
|
52 |
|
|
|
248 |
|
|
212 |
|
|||||||||||
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Restructuring and integration costs |
|
21 |
|
|
121 |
|
|
|
80 |
|
|
131 |
|
|||||||||||
Cybersecurity incident-professional and other fees |
|
11 |
|
|
- |
|
|
|
11 |
|
|
- |
|
|||||||||||
Impairment of capitalized assets |
|
27 |
|
|
- |
|
|
|
27 |
|
|
- |
|
|||||||||||
Impairment of intangible assets |
|
7 |
|
|
34 |
|
|
|
7 |
|
|
34 |
|
|||||||||||
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity in earnings of affiliates, net of tax |
|
(4) |
|
|
(3) |
|
|
|
(14) |
|
|
(15) |
|
|||||||||||
Adjusted EBITDA (non-GAAP) |
$ |
172 |
|
$ |
279 |
|
|
$ |
984 |
|
$ |
1,125 |
|
|||||||||||
Adjusted EBITDA is a non-GAAP measure that we calculate in the manner reflected on Exhibit C. We define Adjusted EBITDA as net income, excluding (i) net income (loss) attributable to noncontrolling interests, (ii) interest income and expense, (iii) income taxes, (iv) depreciation and amortization, (v) restructuring and integration costs, (vi) cybersecurity incident-professional and other fees, (vii) impairment of certain capitalized assets, (viii) impairment of certain intangible assets, and (ix) equity in earnings of affiliates. Amounts may not sum due to rounding. |
|
|||||||||||||||||||||||
Exhibit D |
|
|
|
|
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|
|
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|
|
|
|
||||||||||||
|
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|
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|
|
|
||||||||||||
Henry Schein, Inc. |
||||||||||||||||||||||||
2023 Fourth Quarter |
||||||||||||||||||||||||
Acquisition Expenses and Acquisition-Related Adjustments |
||||||||||||||||||||||||
(in millions, except per share data) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Q4 2023 |
|
Full Year 2023 |
|
|||||||||||||||||||
|
|
Operating
|
|
|
EPS |
|
|
Operating
|
|
|
EPS |
|
||||||||||||
Acquisition Expenses* |
$ |
(4) |
|
$ |
(0.03) |
|
$ |
(22) |
|
$ |
(0.15) |
|
||||||||||||
Acquisition-Related Fair Value Adjustments** |
|
(2) |
|
|
(0.02) |
|
|
10 |
|
|
0.06 |
|
||||||||||||
|
$ |
(6) |
|
$ |
(0.05) |
|
$ |
(12) |
|
$ |
(0.09) |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Q4 2022 |
|
Full Year 2022 |
|
|||||||||||||||||||
|
|
Operating
|
|
|
EPS |
|
|
Operating
|
|
|
EPS |
|
||||||||||||
Acquisition Expenses* |
$ |
(3) |
|
$ |
(0.03) |
|
$ |
(9) |
|
$ |
(0.06) |
|
||||||||||||
Acquisition-Related Fair Value Adjustments** |
|
1 |
|
|
0.01 |
|
|
13 |
|
|
0.08 |
|
||||||||||||
|
$ |
(2) |
|
$ |
(0.02) |
|
$ |
4 |
|
$ |
0.02 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
* Acquisition expenses include direct costs of acquisitions (primarily third-party professional fees).
** Net acquisition-related fair value adjustments include remeasurement gain resulting from the purchase of a controlling interest of a previously held equity investment, impact from non-cash assets step-up adjustments and fair value adjustments to contingent considerations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226961343/en/
Investors
Ronald N. South
Senior Vice President and Chief Financial Officer
ronald.south@henryschein.com
(631) 843-5500
Graham Stanley
Vice President, Investor Relations and Strategic Financial Project Officer
graham.stanley@henryschein.com
(631) 843-5500
Media
Ann Marie Gothard
Vice President, Global Corporate Media Relations
annmarie.gothard@henryschein.com
(631) 390-8169
Source: Henry Schein, Inc.
FAQ
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