$PDCO
PATTERSON COMPANIES, INC.

2016 Q4 Form 10-Q Financial Statement

#000089102416000023 Filed on December 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $1.386B $1.418B
YoY Change -2.29% 44.98%
Cost Of Revenue $1.099B $1.058B
YoY Change 3.87% 47.21%
Gross Profit $315.7M $319.0M
YoY Change -1.01% 23.01%
Gross Profit Margin 22.79% 22.49%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.60M $23.20M
YoY Change -6.9% 141.67%
% of Gross Profit 6.84% 7.27%
Operating Expenses $239.2M $247.4M
YoY Change -3.35% 32.21%
Operating Profit $71.76M $79.80M
YoY Change -10.08% 10.62%
Interest Expense $10.10M $17.15M
YoY Change -41.14% 100.77%
% of Operating Profit 14.07% 21.5%
Other Income/Expense, Net $1.622M $954.0K
YoY Change 70.02% 22.78%
Pretax Income $71.33M $67.26M
YoY Change 6.04% 4.49%
Income Tax $25.57M $24.70M
% Of Pretax Income 35.85% 36.72%
Net Earnings $40.24M $45.76M
YoY Change -12.05% -14.92%
Net Earnings / Revenue 2.9% 3.23%
Basic Earnings Per Share $0.43 $0.48
Diluted Earnings Per Share $0.43 $0.48
COMMON SHARES
Basic Shares Outstanding 95.29M shares 98.53M shares
Diluted Shares Outstanding 95.90M shares 99.19M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.4M $95.50M
YoY Change 15.6% -72.13%
Cash & Equivalents $110.4M $95.45M
Short-Term Investments $0.00
Other Short-Term Assets $104.3M $83.20M
YoY Change 25.36% 40.36%
Inventory $795.5M $752.8M
Prepaid Expenses
Receivables $822.7M $734.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.833B $1.666B
YoY Change 10.02% 11.83%
LONG-TERM ASSETS
Property, Plant & Equipment $303.3M $272.2M
YoY Change 11.44% 23.98%
Goodwill $812.4M $817.6M
YoY Change -0.63% -2.63%
Intangibles $480.0M $537.1M
YoY Change -10.63% 156.33%
Long-Term Investments
YoY Change
Other Assets $64.68M $83.26M
YoY Change -22.31% 217.47%
Total Long-Term Assets $1.758B $1.786B
YoY Change -1.59% 30.58%
TOTAL ASSETS
Total Short-Term Assets $1.833B $1.666B
Total Long-Term Assets $1.758B $1.786B
Total Assets $3.590B $3.452B
YoY Change 4.01% 20.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $545.4M $492.5M
YoY Change 10.74% 45.8%
Accrued Expenses $148.4M $162.2M
YoY Change -8.52% 9.93%
Deferred Revenue
YoY Change
Short-Term Debt $163.0M $80.00M
YoY Change 103.75%
Long-Term Debt Due $20.63M $15.99M
YoY Change 28.98%
Total Short-Term Liabilities $946.7M $798.4M
YoY Change 18.58% 45.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.010B $1.035B
YoY Change -2.38% 42.74%
Other Long-Term Liabilities $227.4M $255.3M
YoY Change -10.93% 109.88%
Total Long-Term Liabilities $1.238B $1.290B
YoY Change -4.08% 52.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $946.7M $798.4M
Total Long-Term Liabilities $1.238B $1.290B
Total Liabilities $2.184B $2.089B
YoY Change 4.58% 49.85%
SHAREHOLDERS EQUITY
Retained Earnings $1.518B $1.476B
YoY Change 2.84% -4.99%
Common Stock $58.52M $28.75M
YoY Change 103.53% 689.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.406B $1.363B
YoY Change
Total Liabilities & Shareholders Equity $3.590B $3.452B
YoY Change 4.01% 20.8%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $40.24M $45.76M
YoY Change -12.05% -14.92%
Depreciation, Depletion And Amortization $21.60M $23.20M
YoY Change -6.9% 141.67%
Cash From Operating Activities $17.50M -$58.40M
YoY Change -129.97% -297.3%
INVESTING ACTIVITIES
Capital Expenditures -$14.40M -$23.90M
YoY Change -39.75% 91.2%
Acquisitions
YoY Change
Other Investing Activities $13.80M $763.7M
YoY Change -98.19% 1828.54%
Cash From Investing Activities -$600.0K $739.8M
YoY Change -100.08% 2640.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.900M -773.3M
YoY Change -100.5% 3247.62%
NET CHANGE
Cash From Operating Activities 17.50M -58.40M
Cash From Investing Activities -600.0K 739.8M
Cash From Financing Activities 3.900M -773.3M
Net Change In Cash 20.80M -91.90M
YoY Change -122.63% -374.33%
FREE CASH FLOW
Cash From Operating Activities $17.50M -$58.40M
Capital Expenditures -$14.40M -$23.90M
Free Cash Flow $31.90M -$34.50M
YoY Change -192.46% -181.95%

Facts In Submission

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CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1030836000 USD
CY2016Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
16500000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
20625000 USD
CY2016Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1022155000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1010211000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
191234000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
38069000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-382033000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-6262000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-1097463000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-6262000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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-52952000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-55306000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13967000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-55306000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
35421000 USD
us-gaap Net Income Loss
NetIncomeLoss
65124000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
45756000 USD
us-gaap Net Income Loss
NetIncomeLoss
84662000 USD
CY2016Q2 us-gaap Notes And Loans Receivable Net Noncurrent
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88248000 USD
CY2016Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
97114000 USD
CY2016Q2 us-gaap Notes Receivable Net
NotesReceivableNet
87406000 USD
CY2016Q4 us-gaap Notes Receivable Net
NotesReceivableNet
82591000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
247436000 USD
us-gaap Operating Expenses
OperatingExpenses
473503000 USD
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
239157000 USD
us-gaap Operating Expenses
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490919000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
83463000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
145640000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
79803000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
145219000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
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65811000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
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64684000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
437000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1054000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
437000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
870000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
265000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
350000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
265000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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6941000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-4334000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-14001000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-34258000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
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227568000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
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227436000 USD
CY2015Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
954000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1624000 USD
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1622000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3986000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-23115000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
160579000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
11600000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
45356000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
47655000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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1105229000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40978000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29377000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
91255000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
104257000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1000000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
80000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
143000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2894000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
974000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
48744000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
293315000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
303342000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5674000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
58000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
796693000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
822734000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
674125000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8250000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1529158000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1517796000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1389210000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2532080000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1418241000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2750677000 USD
CY2015Q4 us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
48172000 USD
us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
142939000 USD
CY2016Q4 us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
62663000 USD
us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
172257000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
13541000 USD
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99185000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99674000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
14693000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1441746000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1406052000 USD
CY2016Q2 us-gaap Unearned Esop Shares
UnearnedESOPShares
68916000 USD
CY2016Q4 us-gaap Unearned Esop Shares
UnearnedESOPShares
68916000 USD
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95904000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96138000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98525000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98981000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95290000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95510000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fiscal Year End</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The </font><font style="font-family:inherit;font-size:10pt;">second</font><font style="font-family:inherit;font-size:10pt;"> quarter of fiscal 2017 and 2016 represents the 13 weeks ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;29, 2016</font><font style="font-family:inherit;font-size:10pt;"> and the 13 weeks ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. The six months ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;29, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">October&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> included 26 and 27 weeks, respectively.&#160;Fiscal 2017 will include 52 weeks and fiscal 2016 included 53 weeks of operations.</font></div></div>

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