(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Emerging growth company |
Exhibit Number | Exhibit Description |
99.1 |
Cardinal Health, Inc. | |||
(Registrant) | |||
Date: | May 11, 2020 | By: | /s/ DAVID C. EVANS |
David C. Evans | |||
Chief Financial Officer |
Media: | Sarah Shew | Investors: | Kevin Moran | |
(614) 553-3401 | (614) 757-7942 | |||
Sarah.Shew@cardinalhealth.com | Kevin.Moran@cardinalhealth.com |
• | Revenue increased 11% to $39.2 billion |
• | GAAP operating earnings increased 30% to $562 million, non-GAAP operating earnings increased 8% to $719 million |
• | Company reaffirms FY20 guidance |
Q3 FY20 | Q3 FY19 | Y/Y | |||||||
Revenue | $ | 39.2 | billion | $ | 35.2 | billion | 11% | ||
Operating earnings | $ | 562 | million | $ | 432 | million | 30% | ||
Non-GAAP operating earnings | $ | 719 | million | $ | 667 | million | 8% | ||
Net earnings attributable to Cardinal Health, Inc. | $ | 350 | million | $ | 296 | million | 18% | ||
Non-GAAP net earnings attributable to Cardinal Health, Inc. | $ | 474 | million | $ | 475 | million | —% | ||
Diluted EPS attributable to Cardinal Health, Inc. | $ | 1.19 | $ | 0.99 | 20% | ||||
Non-GAAP diluted EPS attributable to Cardinal Health, Inc. | $ | 1.62 | $ | 1.59 | 2% |
Q3 FY20 | Q3 FY19 | Y/Y | |||||||
Revenue | $ | 35.1 | billion | $ | 31.4 | billion | 12% | ||
Segment profit | $ | 534 | million | $ | 536 | million | —% |
Q3 FY20 | Q3 FY19 | Y/Y | |||||||
Revenue | $ | 4.1 | billion | $ | 3.9 | billion | 5% | ||
Segment profit | $ | 178 | million | $ | 155 | million | 15% |
• | Jason Hollar joined the company on April 27 and will become Chief Financial Officer on May 26. Jason previously served as CFO of Tenneco Inc. and Sears Holdings Corporation. |
• | Cardinal Health board of directors approved a quarterly dividend of $0.4859 per share. The dividend will be payable on July 15, 2020 to shareholders of record at the close of business on July 1, 2020. |
• | The company was recognized as a “2020 NAFE Top Companies for Executive Women" by the National Association for Female Executives for the ninth consecutive year. |
Third Quarter | Year-to-Date | |||||||||||||||||||||
(in millions, except per common share amounts) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Revenue | $ | 39,157 | $ | 35,228 | 11 | % | $ | 116,233 | $ | 108,181 | 7 | % | ||||||||||
Cost of products sold | 37,272 | 33,464 | 11 | % | 110,955 | 103,021 | 8 | % | ||||||||||||||
Gross margin | 1,885 | 1,764 | 7 | % | 5,278 | 5,160 | 2 | % | ||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Distribution, selling, general and administrative expenses | 1,165 | 1,097 | 6 | % | 3,435 | 3,315 | 4 | % | ||||||||||||||
Restructuring and employee severance | (6 | ) | 53 | 80 | 97 | |||||||||||||||||
Amortization and other acquisition-related costs | 130 | 154 | 395 | 468 | ||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | (1 | ) | 11 | 7 | (492 | ) | ||||||||||||||||
Litigation (recoveries)/charges, net 1 | 35 | 17 | 5,729 | 20 | ||||||||||||||||||
Operating earnings/(loss) | 562 | 432 | 30 | % | (4,368 | ) | 1,752 | N.M. | ||||||||||||||
Other (income)/expense, net | 19 | (13 | ) | 21 | 13 | |||||||||||||||||
Interest expense, net | 60 | 75 | (20 | )% | 189 | 227 | (17 | )% | ||||||||||||||
Loss on extinguishment of debt | 5 | — | 9 | — | ||||||||||||||||||
Earnings/(loss) before income taxes | 478 | 370 | 29 | % | (4,587 | ) | 1,512 | N.M. | ||||||||||||||
Provision for/(benefit from) income taxes 2 | 127 | 74 | 72 | % | (237 | ) | 342 | N.M. | ||||||||||||||
Net earnings/(loss) | 351 | 296 | 19 | % | (4,350 | ) | 1,170 | N.M. | ||||||||||||||
Less: Net earnings attributable to noncontrolling interests | (1 | ) | — | (2 | ) | (1 | ) | |||||||||||||||
Net earnings/(loss) attributable to Cardinal Health, Inc. | $ | 350 | $ | 296 | 18 | % | $ | (4,352 | ) | $ | 1,169 | N.M. | ||||||||||
Earnings/(loss) per common share attributable to Cardinal Health, Inc.: | ||||||||||||||||||||||
Basic | $ | 1.20 | $ | 0.99 | 21 | % | $ | (14.84 | ) | $ | 3.89 | N.M. | ||||||||||
Diluted | 1.19 | 0.99 | 20 | % | (14.84 | ) | 3 | 3.88 | N.M. | |||||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 292 | 298 | 293 | 301 | ||||||||||||||||||
Diluted | 294 | 299 | 293 | 3 | 302 |
(in millions) | March 31, 2020 | June 30, 2019 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 2,329 | $ | 2,531 | |||
Trade receivables, net | 9,019 | 8,448 | |||||
Inventories, net | 12,808 | 12,822 | |||||
Prepaid expenses and other | 1,692 | 1,946 | |||||
Total current assets | 25,848 | 25,747 | |||||
Property and equipment, net | 2,299 | 2,356 | |||||
Goodwill and other intangibles, net | 11,378 | 11,808 | |||||
Other assets | 1,623 | 1,052 | |||||
Total assets | $ | 41,148 | $ | 40,963 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,984 | $ | 21,535 | |||
Current portion of long-term obligations and other short-term borrowings | 508 | 452 | |||||
Other accrued liabilities | 2,179 | 2,122 | |||||
Total current liabilities | 24,671 | 24,109 | |||||
Long-term obligations, less current portion | 6,754 | 7,579 | |||||
Deferred income taxes and other liabilities | 8,517 | 2,945 | |||||
Total shareholders’ equity | 1,206 | 6,330 | |||||
Total liabilities and shareholders’ equity | $ | 41,148 | $ | 40,963 |
Third Quarter | Year-to-Date | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings/(loss) | $ | 351 | $ | 296 | $ | (4,350 | ) | $ | 1,170 | ||||||
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 224 | 261 | 688 | 759 | |||||||||||
Impairments and loss on sale of other investments | — | — | — | 2 | |||||||||||
Impairments and (gain)/loss on disposal of assets, net | (1 | ) | 11 | 7 | (492 | ) | |||||||||
Loss on extinguishment of debt | 5 | — | 9 | — | |||||||||||
Share-based compensation | 27 | 23 | 68 | 64 | |||||||||||
Provision for bad debts | 39 | 19 | 86 | 59 | |||||||||||
Change in operating assets and liabilities, net of effects from acquisitions and divestitures: | |||||||||||||||
(Increase)/decrease in trade receivables | (774 | ) | 35 | (653 | ) | (156 | ) | ||||||||
(Increase)/decrease in inventories | 983 | 408 | (8 | ) | (345 | ) | |||||||||
Increase/(decrease) in accounts payable | 525 | (95 | ) | 448 | 846 | ||||||||||
Other accrued liabilities and operating items, net | 297 | 522 | 5,425 | 309 | |||||||||||
Net cash provided by operating activities | 1,676 | 1,480 | 1,720 | 2,216 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of subsidiaries, net of cash acquired | — | (17 | ) | — | (38 | ) | |||||||||
Additions to property and equipment | (90 | ) | (76 | ) | (239 | ) | (192 | ) | |||||||
Purchases of investments | (12 | ) | (1 | ) | (18 | ) | (11 | ) | |||||||
Proceeds from sale of investments | 4 | 1 | 6 | 3 | |||||||||||
Proceeds from divestitures, net of cash sold, and disposal of property and equipment | — | 9 | 2 | 749 | |||||||||||
Net cash provided by/(used in) investing activities | (98 | ) | (84 | ) | (249 | ) | 511 | ||||||||
Cash flows from financing activities: | |||||||||||||||
Net change in short-term borrowings | (683 | ) | — | (2 | ) | — | |||||||||
Reduction of long-term obligations, net of issuance costs | (95 | ) | — | (888 | ) | (2 | ) | ||||||||
Net tax proceeds/(withholdings) from share-based compensation | 7 | — | (4 | ) | (13 | ) | |||||||||
Dividends on common shares | (141 | ) | (142 | ) | (428 | ) | (435 | ) | |||||||
Purchase of treasury shares | — | — | (350 | ) | (600 | ) | |||||||||
Net cash used in financing activities | (912 | ) | (142 | ) | (1,672 | ) | (1,050 | ) | |||||||
Effect of exchange rates changes on cash and equivalents | 4 | 2 | (1 | ) | (2 | ) | |||||||||
Net increase/(decrease) in cash and equivalents | 670 | 1,256 | (202 | ) | 1,675 | ||||||||||
Cash and equivalents at beginning of period | 1,659 | 2,182 | 2,531 | 1,763 | |||||||||||
Cash and equivalents at end of period | $ | 2,329 | $ | 3,438 | $ | 2,329 | $ | 3,438 |
Third Quarter | ||||||||||||||||
(in millions) | 2020 | 2019 | (in millions) | 2020 | 2019 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 35,112 | $ | 31,361 | Amount | $ | 4,051 | $ | 3,871 | |||||||
Growth rate | 12 | % | 6 | % | Growth rate | 5 | % | (1 | )% | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 534 | $ | 536 | Amount | $ | 178 | $ | 155 | |||||||
Growth rate | — | % | (10 | )% | Growth rate | 15 | % | (22 | )% | |||||||
Segment profit margin | 1.52 | % | 1.71 | % | Segment profit margin | 4.39 | % | 4.01 | % |
Year-to-Date | ||||||||||||||||
(in millions) | 2020 | 2019 | (in millions) | 2020 | 2019 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 104,254 | $ | 96,516 | Amount | $ | 11,991 | $ | 11,678 | |||||||
Growth rate | 8 | % | 7 | % | Growth rate | 3 | % | — | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 1,394 | $ | 1,388 | Amount1 | $ | 543 | $ | 479 | |||||||
Growth rate | — | % | (12 | )% | Growth rate | 13 | % | (13 | )% | |||||||
Segment profit margin | 1.34 | % | 1.44 | % | Segment profit margin | 4.53 | % | 4.10 | % |
Gross | Operating | Earnings | Net | Diluted | |||||||||||||||||||||||||||||
Margin | SG&A2 | Earnings | Before | Provision for | Earnings3 | Effective | EPS3 | ||||||||||||||||||||||||||
Gross | Growth | Growth | Operating | Growth | Income | Income | Net | Growth | Tax | Diluted | Growth | ||||||||||||||||||||||
(in millions, except per common share amounts) | Margin | Rate | SG&A2 | Rate | Earnings | Rate | Taxes | Taxes | Earnings3 | Rate | Rate | EPS3 | Rate | ||||||||||||||||||||
Third Quarter 2020 | |||||||||||||||||||||||||||||||||
GAAP | $ | 1,885 | 7 | % | $ | 1,165 | 6 | % | $ | 562 | 30 | % | $ | 478 | $ | 127 | $ | 350 | 18 | % | 26.8 | % | $ | 1.19 | 20 | % | |||||||
Surgical gown recall costs | (1 | ) | — | (1 | ) | (1 | ) | — | (1 | ) | — | ||||||||||||||||||||||
Restructuring and employee severance | — | — | (6 | ) | (6 | ) | (3 | ) | (3 | ) | (0.01 | ) | |||||||||||||||||||||
Amortization and other acquisition-related costs | — | — | 130 | 130 | 31 | 99 | 0.34 | ||||||||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | — | — | (1 | ) | (1 | ) | (1 | ) | — | — | |||||||||||||||||||||||
Litigation (recoveries)/charges, net | — | — | 35 | 35 | 8 | 27 | 0.09 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 5 | 1 | 4 | 0.01 | ||||||||||||||||||||||||||
Transitional tax benefit, net | — | — | — | — | 1 | (1 | ) | — | |||||||||||||||||||||||||
Non-GAAP | $ | 1,884 | 7 | % | $ | 1,165 | 6 | % | $ | 719 | 8 | % | $ | 639 | $ | 164 | $ | 474 | — | % | 25.7 | % | $ | 1.62 | 2 | % | |||||||
Third Quarter 2019 | |||||||||||||||||||||||||||||||||
GAAP | $ | 1,764 | (8 | )% | $ | 1,097 | (3 | )% | $ | 432 | (21 | )% | $ | 370 | $ | 74 | $ | 296 | 16 | % | 20.0 | % | $ | 0.99 | 22 | % | |||||||
Restructuring and employee severance | — | — | 53 | 53 | 14 | 39 | 0.13 | ||||||||||||||||||||||||||
Amortization and other acquisition-related costs | — | — | 154 | 154 | 38 | 116 | 0.39 | ||||||||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | — | — | 11 | 11 | 4 | 7 | 0.03 | ||||||||||||||||||||||||||
Litigation (recoveries)/charges, net | — | — | 17 | 17 | 7 | 10 | 0.03 | ||||||||||||||||||||||||||
Transitional tax benefit, net | — | — | — | — | (5 | ) | 5 | 0.02 | |||||||||||||||||||||||||
Non-GAAP | $ | 1,764 | (8 | )% | $ | 1,097 | (3 | )% | $ | 667 | (15 | )% | $ | 605 | $ | 130 | $ | 475 | 9 | % | 21.6 | % | $ | 1.59 | 14 | % |
Operating | Earnings/ | Net | |||||||||||||||||||||||||||||||
Gross | Earnings/ | (Loss) | Provision for/ | Earnings/ | Diluted | ||||||||||||||||||||||||||||
Margin | SG&A2 | Operating | (Loss) | Before | (Benefit from) | Net | (Loss)3 | Effective | EPS3 | ||||||||||||||||||||||||
Gross | Growth | Growth | Earnings/ | Growth | Income | Income | Earnings/ | Growth | Tax | Diluted | Growth | ||||||||||||||||||||||
(in millions, except per common share amounts) | Margin | Rate | SG&A2 | Rate | (Loss) | Rate | Taxes | Taxes | (Loss)3 | Rate | Rate | EPS3,4 | Rate | ||||||||||||||||||||
Year-to-Date 2020 | |||||||||||||||||||||||||||||||||
GAAP | $ | 5,278 | 2 | % | $ | 3,435 | 4 | % | $ | (4,368 | ) | N.M | $ | (4,587 | ) | $ | (237 | ) | $ | (4,352 | ) | N.M | 5.2 | % | $ | (14.84 | ) | N.M | |||||
Surgical gown recall costs | 55 | (40 | ) | 95 | 95 | 25 | 70 | 0.24 | |||||||||||||||||||||||||
State opioid assessment related to prior fiscal years | — | (4 | ) | 4 | 4 | 1 | 3 | 0.01 | |||||||||||||||||||||||||
Restructuring and employee severance | — | — | 80 | 80 | 18 | 62 | 0.21 | ||||||||||||||||||||||||||
Amortization and other acquisition-related costs | — | — | 395 | 395 | 98 | 297 | 1.01 | ||||||||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | — | — | 7 | 7 | 1 | 6 | 0.02 | ||||||||||||||||||||||||||
Litigation (recoveries)/charges, net5 | — | — | 5,729 | 5,729 | 509 | 5,220 | 17.80 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 9 | 2 | 7 | 0.02 | ||||||||||||||||||||||||||
Transitional tax benefit, net | — | — | — | 12 | (12 | ) | (0.04 | ) | |||||||||||||||||||||||||
Non-GAAP | $ | 5,333 | 3 | % | $ | 3,391 | 2 | % | $ | 1,942 | 5 | % | $ | 1,732 | $ | 429 | $ | 1,300 | 4 | % | 24.8 | % | $ | 4.41 | 6 | % | |||||||
Year-to-Date 2019 | |||||||||||||||||||||||||||||||||
GAAP | $ | 5,160 | (5 | )% | $ | 3,315 | — | % | $ | 1,752 | 45 | % | $ | 1,512 | $ | 342 | $ | 1,169 | (18 | )% | 22.6 | % | $ | 3.88 | (14 | )% | |||||||
Restructuring and employee severance | — | — | 97 | 97 | 25 | 72 | 0.24 | ||||||||||||||||||||||||||
Amortization and other acquisition-related costs | — | — | 468 | 468 | 112 | 356 | 1.18 | ||||||||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | — | — | (492 | ) | (492 | ) | (129 | ) | (363 | ) | (1.20 | ) | |||||||||||||||||||||
Litigation (recoveries)/charges, net | — | — | 20 | 20 | 7 | 13 | 0.04 | ||||||||||||||||||||||||||
Transitional tax benefit, net | — | — | — | — | (8 | ) | 8 | 0.03 | |||||||||||||||||||||||||
Non-GAAP | $ | 5,160 | (5 | )% | $ | 3,315 | — | % | $ | 1,845 | (13 | )% | $ | 1,605 | $ | 349 | $ | 1,255 | — | % | 21.7 | % | $ | 4.17 | 5 | % |
• | LIFO charges and credits are excluded because the factors that drive last-in first-out ("LIFO") inventory charges or credits, such as pharmaceutical manufacturer price appreciation or deflation and year-end inventory levels (which can be meaningfully influenced by customer buying behavior immediately preceding our fiscal year-end), are largely out of our control and cannot be accurately predicted. The exclusion of LIFO charges and credits from non-GAAP metrics facilitates comparison of our current financial results to our historical financial results and to our peer group companies’ financial results. |
• | Surgical gown recall costs includes inventory write-offs and certain remediation and supply disruption costs arising from the January 2020 recall of select Association for the Advancement of Medical Instrumentation ("AAMI") Level 3 surgical gowns and voluntary field actions (a recall of some packs and a corrective action allowing overlabeling of other packs) for Presource Procedure Packs containing affected gowns. We have excluded these costs from our non-GAAP metrics to allow investors to better understand the underlying operating results of the business and to facilitate comparison of our current financial results to our historical financial results and to our peer group companies’ financial results. |
• | State opioid assessments related to prior fiscal years is the portion of state assessments for prescription opioid medications that were sold or distributed in periods prior to the fiscal year of the initial assessment. This portion is excluded from non-GAAP financial measures because it is retrospectively applied to sales in prior fiscal years and inclusion would obscure analysis of the current fiscal year results of our underlying, ongoing business. Additionally, while states' laws may require us to make payments on an ongoing basis, the portion of the assessment related to sales in prior periods are contemplated to be one-time, nonrecurring items. Reversals of these accruals have occurred when certain assessments were found by a Court unconstitutional. |
• | Restructuring and employee severance costs are excluded because they are not part of the ongoing operations of our underlying business. |
• | Amortization and other acquisition-related costs, which include transaction costs, integration costs, and changes in the fair value of contingent consideration obligations, are excluded because they are not part of the ongoing operations of our underlying business and to facilitate comparison of our current financial results to our historical financial results and to our peer group companies' financial results. Additionally, costs for amortization of acquisition-related intangible assets are non-cash amounts, which are variable in amount and frequency and are significantly impacted by the timing and size of acquisitions, so their exclusion facilitates comparison of historical, current and forecasted financial results. We also exclude other acquisition-related costs, which are directly related to an acquisition but do not meet the criteria to be recognized on the acquired entity’s initial balance sheet as part of the purchase price allocation. These costs are also significantly impacted by the timing, complexity and size of acquisitions. |
• | Impairments and gain or loss on disposal of assets are excluded because they do not occur in or reflect the ordinary course of our ongoing business operations and are inherently unpredictable in timing and amount, and in the case of impairments, are non-cash amounts, so their exclusion facilitates comparison of historical, current and forecasted financial results. |
• | Litigation recoveries or charges, net are excluded because they often relate to events that may have occurred in prior or multiple periods, do not occur in or reflect the ordinary course of our business and are inherently unpredictable in timing and amount. |
• | Loss on extinguishment of debt is excluded because it does not typically occur in the normal course of business and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt extinguishment transactions. |
• | Transitional tax benefit, net related to the Tax Cuts and Jobs Act is excluded because it results from the one-time impact of a very significant change in the U.S. federal corporate tax rate and, due to the significant size of the benefit, obscures analysis of trends and financial performance. The transitional tax benefit includes the initial estimate and subsequent adjustments for the re-measurement of deferred tax assets and liabilities due to the reduction of the U.S. federal corporate income tax rate and the repatriation tax on undistributed foreign earnings. |
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Cover Page |
May 11, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 11, 2020 |
Entity Registrant Name | Cardinal Health, Inc. |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-11373 |
Entity Tax Identification Number | 31-0958666 |
Entity Address, Address Line One | 7000 Cardinal Place |
Entity Address, City or Town | Dublin |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 43017 |
City Area Code | 614 |
Local Phone Number | 757-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common shares (without par value) |
Trading Symbol | CAH |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000721371 |
Amendment Flag | false |