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PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 | | | | NEWS RELEASE |
1Non-GAAP FinancialMeasures
The Reconciliation of GAAP to non-GAAP Measures table appearing behind the accompanying financial informationis provided to adjust reported GAAP measures, namely operating income, other income (expense), net, income before taxes, income tax expense, net income, net income attributable to Patterson Companies, Inc. and diluted earnings per share attributableto Patterson Companies, Inc., for the impact of gains on investments, inventory donation charges, deal amortization, legal reserves and integration and business restructuring expenses along with the related tax effects of these items.
The term free cash flow used in this release is defined as net cash used in operating activities less capital expenditures plus the collection of deferredpurchase price receivables.
In addition, the term internal sales used in this release represents net sales adjusted to exclude the impact of foreigncurrency, changes in product selling relationships, contributions from recent acquisitions and the extra week of selling results in the first quarter of fiscal 2022. Foreign currency impact represents the difference in results that is attributableto fluctuations in currency exchange rates the company uses to convert results for all foreign entities where the functional currency is not the U.S. dollar. The company calculates the impact as the difference between the current period resultstranslated using the current period currency exchange rates and using the comparable prior periods currency exchange rates. The company believes the disclosure of net sales changes in constant currency provides useful supplementary informationto investors in light of fluctuations in currency rates.
Management believes that these non-GAAP measures may provide ahelpful representation of the companys second-quarter performance and enable comparison of financial results between periods where certain items may vary independent of business performance. Thesenon-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.
Second-Quarter Conference Call and Replay
Patterson Companies fiscal2022 second-quarter conference call will start at 8:30 a.m. Eastern today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com. The conference call will be archived on the Patterson Companies website. A replayof the fiscal 2022 second-quarter conference call can be heard for one week at 1-800-770-2030 and by providing the Conference ID73285 when prompted.
About Patterson Companies Inc.
Patterson CompaniesInc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Ourcomprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com
This press release contains, and our officersand representatives may from time to time make, certain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding futurefinancial performance, and the objectives and expectations of management. Forward-looking statements often include words such as believes, expects, anticipates, estimates, intends,plans, seeks or words of similar meaning, or future or conditional verbs, such as will, should, could or may.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations andassumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherentuncertainties, risks and changes in