PATTERSON COMPANIES, INC.

CIK:0000891024|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2025	Jan. 27, 2024	Jan. 25, 2025	Jan. 27, 2024
Income Statement [Abstract]
Net sales	$ 1,572,411	$ 1,616,095	$ 4,788,528	$ 4,845,612
Cost of sales	1,251,587	1,265,089	3,827,003	3,836,525
Gross profit	320,824	351,006	961,525	1,009,087
Operating expenses	275,383	280,994	849,079	843,950
Operating income	45,441	70,012	112,446	165,137
Other income (expense):
Other income, net	8,147	3,653	19,566	22,650
Interest expense	(10,753)	(11,725)	(35,774)	(31,879)
Income before taxes	42,835	61,940	96,238	155,908
Income tax expense	11,665	14,347	24,733	37,330
Net income	31,170	47,593	71,505	118,578
Net loss attributable to noncontrolling interests	(85)	(110)	(234)	(317)
Net income attributable to Patterson Companies, Inc.	$ 31,255	$ 47,703	$ 71,739	$ 118,895
Earnings per share attributable to Patterson Companies, Inc.:
Basic (in USD per share)	$ 0.35	$ 0.52	$ 0.81	$ 1.26
Diluted (in USD per share)	$ 0.35	$ 0.52	$ 0.81	$ 1.26
Weighted average shares:
Basic (in shares)	88,306	92,009	88,197	94,088
Diluted (in shares)	89,070	92,519	88,871	94,704
Comprehensive income:
Net income (loss)	$ 31,170	$ 47,593	$ 71,505	$ 118,578
Foreign currency translation (loss) gain	(11,760)	12,538	(7,735)	2,317
Cash flow hedges, net of tax	261	261	782	782
Comprehensive income	$ 19,671	$ 60,392	$ 64,552	$ 121,677

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 25, 2025	Jan. 27, 2024
Statement of Cash Flows [Abstract]
Net income (loss)	$ 71,505	$ 118,578
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	39,693	36,314
Amortization	29,091	28,884
Stock-based compensation	16,568	15,395
Non-cash (gains) losses and other, net	(9,695)	4,120
Change in assets and liabilities:
Receivables	(615,136)	(744,275)
Inventory	(107,461)	(106,328)
Accounts payable	(101,856)	(43,533)
Accrued liabilities	(16,348)	(14,510)
Other changes from operating activities, net	(41,429)	(14,494)
Net cash used in operating activities	(735,068)	(719,849)
Investing activities:
Additions to property and equipment and software	(46,427)	(51,196)
Cash collections on DPP receivable	731,146	770,319
Payments related to acquisitions, net of cash acquired	(11,967)	(1,108)
Sale of investment	86,408	0
Net cash provided by investing activities	759,160	718,015
Financing activities:
Dividends paid	(69,165)	(75,021)
Repurchases of common stock	(50,000)	(214,587)
Payments on long-term debt	(3,375)	(35,250)
Draw on revolving credit	116,000	286,000
Other financing activities	3,505	4,767
Net cash used in financing activities	(3,035)	(34,091)
Effect of exchange rate changes on cash	(523)	254
Net change in cash and cash equivalents	20,534	(35,671)
Cash and cash equivalents at beginning of period	114,462	159,669
Cash and cash equivalents at end of period	134,996	123,998
Supplemental disclosure of non-cash investing activity:
Noncash investments acquired	$ 690,225	$ 739,382

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 25, 2025	Apr. 27, 2024
Current assets:
Cash and cash equivalents	$ 134,996	$ 114,462
Receivables, net of allowance for doubtful accounts of $2,518 and $2,731	469,924	547,287
Inventory, net	889,348	782,898
Prepaid expenses and other current assets	343,366	334,116
Total current assets	1,837,634	1,778,763
Property and equipment, net	227,802	229,081
Operating lease right-of-use assets, net	121,613	122,295
Long-term receivables, net	116,839	129,876
Goodwill	159,622	156,328
Identifiable intangibles, net	170,523	193,261
Investments	88,649	166,320
Other non-current assets, net	109,904	120,808
Total assets	2,832,586	2,896,732
Current liabilities:
Accounts payable	644,861	745,375
Accrued payroll expense	67,946	78,211
Other accrued liabilities	136,794	167,399
Operating lease liabilities	26,945	32,815
Current maturities of long-term debt	126,875	122,750
Borrowings on revolving credit	302,000	186,000
Total current liabilities	1,305,421	1,332,550
Long-term debt	321,763	328,911
Non-current operating lease liabilities	98,053	92,464
Other non-current liabilities	117,434	141,075
Total liabilities	1,842,671	1,895,000
Stockholders’ equity:
Common stock, $0.01 par value: 600,000 shares authorized; 88,454 and 89,701 shares issued and outstanding	885	897
Additional paid-in capital	278,744	258,679
Accumulated other comprehensive loss	(96,868)	(89,915)
Retained earnings	806,800	831,483
Total Patterson Companies, Inc. stockholders' equity	989,561	1,001,144
Noncontrolling interests	354	588
Total stockholders’ equity	989,915	1,001,732
Total liabilities and stockholders’ equity	$ 2,832,586	$ 2,896,732