McKesson Corporation (NYSE:MCK) Q3 2019 Earnings Conference Call - Final Transcript

Jan 31, 2019 • 05:00 pm ET


McKesson Corporation (NYSE:MCK) Q3 2019 Earnings Conference Call - Final Transcript


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Good day ladies and gentlemen and welcome to the today's McKesson Q3 Earnings Call. I'd like to remind everyone this call is being recorded. And at this time, I will turn the floor over to Mr. Craig Mercer. Please go ahead, sir.

Craig Mercer

Thank you, Greg. Good afternoon and welcome to the McKesson's fiscal 2019 third quarter earnings call. I'm joined today by John Hammergren, McKesson's Chairman and CEO; Brian Tyler, McKesson's President and Chief Operating Officer and incoming CEO; and Britt Vitalone, McKesson's Executive Vice President and Chief Financial Officer.

John would provide opening remarks; Brian will provide a business update; and Britt will review the financial results for the quarter. After Britt's comments, we will open the call for your questions. We plan to end the call promptly after one hour at 3:00 p.m. Eastern time.

Before we begin, I remind listeners that during the course of this call, we will make forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks and uncertainties regarding the operations and future results of McKesson. In addition to the company's periodic current and annual reports filed with the Securities and Exchange Commission, please refer to the text of our press release and forward-looking statement slide for a discussion of the risks associated with such forward-looking statements.

Please note that on today's call, we will refer to certain non-GAAP financial measures. In particular, we will reference adjusted earnings, adjusted operating profit and margin and free cash flow and items excluding foreign currency exchange effects. We believe these non-GAAP measures provide useful information for investors with regard to the company's operating performance and comparability of financial results period-over-period.

Please refer to our press release announcing third quarter fiscal 2019 results and the supplemental slide presentation for further information and a reconciliation of the non-GAAP performance measures to the GAAP financial results. The supplemental presentation is useful in reviewing the fiscal 2019 versus fiscal 2018 results discussed today.

Finally, for those who have not yet met her I would like to introduce Holly Wise (ph). Holly Wise was recently appointed Senior Vice President of Investor Relations. My transition to Holly will be completed ahead of our year-end earnings call. On a personal note, I would like to thank John, Brian and Britt as well as the investment community for the opportunity to work with everyone over the last few years.

And with that thank you, and here is John Hammergren.

John H. Hammergren

Thanks Craig. As you probably aware as he does mentioned it, this is his last earnings call. I want to thank you Craig for your invaluable service to our team over many years and in various roles and I wish you the best in your future endeavors. And Holly, welcome as you -- as our new Head of Investor Relations. And thank you all for joining us on our call today.

This is my 79 earnings call of our investor community, and this call also marks my final earnings call as