Patterson Companies, Inc. (NASDAQ:PDCO) Q1 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 10:00 am ET


Patterson Companies, Inc. (NASDAQ:PDCO) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Patterson Companies First Quarter Fiscal 2021 Earnings Call. [Operator Instructions] I'd now like to hand the conference over to your speaker today, John Wright, VP of Investor Relations. Please go ahead, sir.

John M. Wright

Thank you, operator. Good morning, everyone, and thank you for participating in Patterson Companies' fiscal 2021 first 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 2021 first 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, September 3, 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 first quarter of fiscal 2021. The reconciliation table in our press release is provided to adjust reported GAAP measures, namely operating income, income before taxes, income tax expense, net income, net income attributable to Patterson Companies Inc. and diluted earnings per share attributable to Patterson Companies Inc., for the impact of deal amortization, integration and business restructuring expenses, legal reserve costs and an investment gain, along with the related tax effects of these items. We will also discuss free cash flow as defined in our earnings release, which is a non-GAAP measure, and use the term internal sales to represent net sales adjusted to exclude the impact of foreign currency. The reconciliation of our reported and adjusted results can be found in this morning's press release. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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 2021 first quarter earnings conference call. I hope all of you and your families are healthy and safe as we all continue to deal with the ongoing impact of the COVID-19 pandemic. We're very pleased with Patterson's performance in the first quarter of