Patterson Companies, Inc. (NASDAQ:PDCO) Q4 2018 Earnings Conference Call - Preliminary Transcript

Jun 21, 2018 • 10:00 am ET


Patterson Companies, Inc. (NASDAQ:PDCO) Q4 2018 Earnings Conference Call - Preliminary Transcript


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Good morning. My name is Kim and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson Companies' fourth-quarter 2018 earnings conference call. All lines have been on mute placed to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator instructions).

Thank you. John Wright, vice president, investor relations, you may begin your conference.

John Wright

Thank you, operator. Good morning, everyone, and thank you for participating in Patterson Companies' fiscal 2018 fourth-quarter earnings conference call. Joining me today are Patterson's president and Chief Executive Officer, Mark Walchirk, and Interim Chief Financial Officer, Dennis Goedken. After a review of the fourth quarter by management, we will open up the call to your questions.

Before we begin, let me remind you that certain comments made during this conference call are forward-looking in nature and subject to certain risks and uncertainties. These factors, which could cause actual results to materially differ from those indicated in such forward-looking statements, are discussed in detail in our Form 10-K and our other filings with the Securities and Exchange Commission. We encourage you to review this material.

In addition, comments about the markets we serve, including growth rates and market shares, are based upon the company's internal analysis and estimates. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, June 21, 2018. Patterson undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Also, a financial slide presentation can be found in the Investor Relations section of our website at

Please note that in this morning's conference call, we will reference our adjusted results for the fourth quarter and full year of both fiscal 2017 and fiscal 2018. The reconciliation table in our press release, adjusts reported GAAP measures, namely earnings from continuing operations, net income from continuing operations, and earnings per diluted share from continuing operations, for the impact of transaction-related costs, deal amortization expenses, intangible asset impairment, integration and business restructuring expenses, along with the related tax effects of these items, the impact of the 2017 tax act and other discrete tax matters.

We will also discuss free cash flow, which is a non-GAAP measure, and the impact of foreign currency. The reconciliation of our reported and adjusted results can be found in this morning's press release. This call is being recorded and will be available for replay starting today at noon Central Time for a period of one week.

Now I'd like to turn the call over to Mark Walchirk.

Mark S.Walchirk

Thank you, John, and welcome everyone to our fourth-quarter conference call. On today's call, I will provide a brief overview of our fourth-quarter results, the progress we are making against our strategic objectives, and our outlook for the fiscal year 2019. Fourth-quarter results met our revised expectations.

We delivered adjusted Q4 earnings of $0.30 per diluted share