$PDCO
PATTERSON COMPANIES, INC.

2015 Q3 Form 10-Q Financial Statement

#000119312515317089 Filed on September 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $1.143B $939.0M
YoY Change 21.72% 6.68%
Cost Of Revenue $854.6M $688.3M
YoY Change 24.15% 14.99%
Gross Profit $288.2M $250.6M
YoY Change 15.0% -10.98%
Gross Profit Margin 25.22% 26.69%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $5.907M
YoY Change 157.32% -10.23%
% of Gross Profit 5.27% 2.36%
Operating Expenses $226.1M $184.6M
YoY Change 22.47% -7.8%
Operating Profit $62.10M $66.00M
YoY Change -5.9% -18.81%
Interest Expense -$12.10M $8.768M
YoY Change -238.0% 2.35%
% of Operating Profit -19.48% 13.29%
Other Income/Expense, Net $700.0K $1.370M
YoY Change -48.91% -345.96%
Pretax Income $50.70M $58.60M
YoY Change -13.48% -18.79%
Income Tax $30.40M $20.27M
% Of Pretax Income 59.96% 34.6%
Net Earnings $29.70M $50.29M
YoY Change -40.94% 9.58%
Net Earnings / Revenue 2.6% 5.36%
Basic Earnings Per Share $0.51
Diluted Earnings Per Share $296.4K $0.50
COMMON SHARES
Basic Shares Outstanding 103.2M shares 99.33M shares
Diluted Shares Outstanding 100.2M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.1M $302.3M
YoY Change -21.9% -49.9%
Cash & Equivalents $186.4M $260.7M
Short-Term Investments $49.70M $41.60M
Other Short-Term Assets $94.36M $59.52M
YoY Change 58.52% 8.49%
Inventory $716.7M $518.9M
Prepaid Expenses
Receivables $624.3M $564.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.802B $1.445B
YoY Change 24.68% -0.13%
LONG-TERM ASSETS
Property, Plant & Equipment $259.0M $214.5M
YoY Change 20.76% 10.72%
Goodwill $817.5M $845.1M
YoY Change -3.27% 3515.66%
Intangibles $551.3M $219.3M
YoY Change 151.42% 14.33%
Long-Term Investments
YoY Change
Other Assets $89.05M $86.79M
YoY Change 2.6% 269.45%
Total Long-Term Assets $2.438B $1.454B
YoY Change 67.67% 10.6%
TOTAL ASSETS
Total Short-Term Assets $1.802B $1.445B
Total Long-Term Assets $2.438B $1.454B
Total Assets $4.240B $2.899B
YoY Change 46.24% 4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $456.3M $388.2M
YoY Change 17.54% 70.41%
Accrued Expenses $165.3M $149.6M
YoY Change 10.46% 27.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $694.1M $583.0M
YoY Change 19.07% 10.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.725B $725.0M
YoY Change 137.93% 0.0%
Other Long-Term Liabilities $257.3M $123.1M
YoY Change 108.99% 8.73%
Total Long-Term Liabilities $1.982B $848.1M
YoY Change 133.73% 1.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $694.1M $583.0M
Total Long-Term Liabilities $1.982B $848.1M
Total Liabilities $2.726B $1.431B
YoY Change 90.46% 4.78%
SHAREHOLDERS EQUITY
Retained Earnings $1.638B $1.520B
YoY Change 7.76% 3.15%
Common Stock $25.22M $1.029M
YoY Change 2350.53% -2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.514B $1.468B
YoY Change
Total Liabilities & Shareholders Equity $4.240B $2.899B
YoY Change 46.24% 4.98%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $29.70M $50.29M
YoY Change -40.94% 9.58%
Depreciation, Depletion And Amortization $15.20M $5.907M
YoY Change 157.32% -10.23%
Cash From Operating Activities $5.400M $68.77M
YoY Change -92.15% 225.54%
INVESTING ACTIVITIES
Capital Expenditures -$17.10M $16.17M
YoY Change -205.73% 190.67%
Acquisitions
YoY Change
Other Investing Activities -$1.105B $5.200M
YoY Change -21346.15%
Cash From Investing Activities -$1.122B -$11.45M
YoY Change 9700.8% 105.72%
FINANCING ACTIVITIES
Cash Dividend Paid $20.06M
YoY Change -32.62%
Common Stock Issuance & Retirement, Net $42.88M
YoY Change 108.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 964.5M -63.80M
YoY Change -1611.76% -175.27%
NET CHANGE
Cash From Operating Activities 5.400M 68.77M
Cash From Investing Activities -1.122B -11.45M
Cash From Financing Activities 964.5M -63.80M
Net Change In Cash -151.9M 57.32M
YoY Change -364.98% -42.86%
FREE CASH FLOW
Cash From Operating Activities $5.400M $68.77M
Capital Expenditures -$17.10M $16.17M
Free Cash Flow $22.50M $52.60M
YoY Change -57.22% 238.01%

Facts In Submission

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3749000
CY2014Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-811000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6412000
CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11446000
CY2014Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-4813000
CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16532000
CY2014Q3 pdco Disposal Group Including Discontinued Operation Other Expense Income
DisposalGroupIncludingDiscontinuedOperationOtherExpenseIncome
-132000
dei Document Type
DocumentType
10-Q
us-gaap Discontinued Operation Period Of Continuing Involvement After Disposal
DiscontinuedOperationPeriodOfContinuingInvolvementAfterDisposal
P24M
dei Trading Symbol
TradingSymbol
PDCO
dei Entity Central Index Key
EntityCentralIndexKey
0000891024
dei Document Period End Date
DocumentPeriodEndDate
2015-08-01
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.22
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Certain prior year amounts have been reclassified to conform to the current year presentation.</p> </div>
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5424000
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.10
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
939 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
us-gaap Fiscal Period
FiscalPeriod
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Fiscal Year End</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The first quarter of fiscal years 2016 and 2015 represents the 14 weeks ended August&#xA0;1, 2015 and the 13 weeks ended July&#xA0;26, 2014, respectively. Fiscal year 2016 will include 53 weeks and fiscal 2015 included 52 weeks of operations.</p> </div>
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99436000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.599 pure
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.20
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
7694000
dei Amendment Flag
AmendmentFlag
false
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.20
dei Entity Registrant Name
EntityRegistrantName
PATTERSON COMPANIES, INC.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.10
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100162000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
726000 shares
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
47938000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
63000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
19045000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17064000
us-gaap Foreign Earnings Repatriated
ForeignEarningsRepatriated
200000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
11600000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1104730000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
670000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-11275000
us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
94767000
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
15809000
us-gaap Operating Income Loss
OperatingIncomeLoss
62177000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
20311000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
15899000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50704000
us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
27717000
us-gaap Sales Revenue Net
SalesRevenueNet
1142870000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
9392000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
617000
us-gaap Payments Of Dividends
PaymentsOfDividends
23128000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
39485000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
130811000
us-gaap Net Income Loss
NetIncomeLoss
29703000
us-gaap Gross Profit
GrossProfit
288244000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11275000
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
9392000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1335906000
us-gaap Interest Expense
InterestExpense
12143000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-8923000
us-gaap Operating Expenses
OperatingExpenses
226067000
us-gaap Depreciation
Depreciation
7346000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
964527000
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
6417000
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
82873000
us-gaap Cost Of Revenue
CostOfRevenue
854626000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30393000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-617000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4719000
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-54000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
517871000
us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-314000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-160820000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
32039000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-2270000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1000000000
us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
11800000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
7901000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-745000
us-gaap Share Based Compensation
ShareBasedCompensation
6965000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1121848000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
85000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1121794000
pdco Rate Of Bad Debts Written Off Maximum
RateOfBadDebtsWrittenOffMaximum
0.01 pure
pdco Number Of Customer Financing Contracts
NumberOfCustomerFinancingContracts
2 Customer
pdco Increase Decrease In Interest Expense
IncreaseDecreaseInInterestExpense
702000
pdco Disposal Group Including Discontinued Operation Other Expense Income
DisposalGroupIncludingDiscontinuedOperationOtherExpenseIncome
90000

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