Patterson Companies, Inc. (NASDAQ:PDCO) Q4 2020 Earnings Conference Call - Final Transcript

Jun 24, 2020 • 10:00 am ET


Patterson Companies, Inc. (NASDAQ:PDCO) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Patterson Companies Fiscal 2020 Fourth Quarter and Year-End Conference Call. [Operator Instructions] I'd now like to turn the call over to Mr. John Wright, VP of Investor Relations. Please go ahead.

John M. Wright

Thank you, operator. Good morning, everyone and thank you for participating in Patterson Companies' fiscal 2020 fourth quarter earnings conference call. Joining me today are Patterson's President and Chief Executive Officer, Mark Walchirk and Patterson's Chief Financial Officer, Don Zurbay. After a review of the fiscal 2020 fourth quarter by management, we will open 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 24, 2020. 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 2019 and fiscal 2020. The reconciliation table in our press release is provided to adjust reported GAAP measures, namely operating income, income before taxes, income tax expense or benefit, net income, net income or loss attributable to Patterson Companies, Inc and diluted earnings per share attributable to Patterson Companies, Inc or the impact of deal amortization, integration and business restructuring expenses, certain legal expenses, accelerated debt issuance costs, discrete tax matters, investment gain or loss and goodwill impairment, along with the related tax effects of these items.

We will also discuss free cash flow defined in our earnings release, which is a non-GAAP measure, and the impact of foreign currency. In particular, we use the term internal sales to represent net sales adjusted to exclude foreign currency impact and changes in product selling relationships. 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 hand the call over to Mark Walchirk.

Mark Walchirk

Thank you, John and welcome everyone to Patterson's fiscal 2020 fourth quarter and year end conference call. First and foremost, I hope all of you and your loved ones are safe and healthy. To say the