Cardinal Health Reports Strong Q4 And Fiscal Year 2012; Provides Fiscal 2013 Outlook
- Fourth-quarter diluted earnings per share from continuing operations increase by 17 percent to $0.68, or 22 percent to $0.73 on a non-GAAP basis(1)
- Fiscal 2012 diluted earnings per share from continuing operations increase by 12 percent to $3.06, or 15 percent to $3.21 on a non-GAAP basis
- Fiscal 2013 outlook for non-GAAP diluted earnings per share of $3.35 to $3.50
DUBLIN, Ohio, Aug. 2, 2012 /PRNewswire/ -- Cardinal Health today reported fourth-quarter fiscal year 2012 revenues of $26.8 billion and non-GAAP diluted earnings per share (EPS) from continuing operations of $0.73, up 22 percent. The company reported fiscal year 2012 revenues increased 5 percent to $108 billion, and non-GAAP diluted EPS from continuing operations increased 15 percent to $3.21.
"We finished our fiscal year with a strong fourth quarter, growing our non-GAAP EPS by 22 percent," said George Barrett, chairman and chief executive officer of Cardinal Health. "Our Pharmaceutical segment continued its strong momentum, and, as expected, our Medical segment finished the year with profit growth in the fourth quarter and is well-positioned as we begin FY 2013.
"Overall, fiscal 2012 was another strong year, meeting virtually all of our financial goals, including revenues, margin growth, operating earnings, EPS and cash flow. It was also a year in which we made great strides on our strategic priorities - including expansion of our retail independent customer base, improved generic contribution, build out of our Positron Emission Tomography capabilities, accelerating penetration of our specialty solutions, growth in preferred medical products, expansion of our ambulatory franchise and excellent growth in China."
The outlook for non-GAAP diluted EPS from continuing operations in fiscal 2013 is $3.35 to $3.50 and incorporates the previously announced non-renewal of the Express Scripts contract.
Q4 and Fiscal Year Summary
|
Q4 FY12 |
Q4 FY11 |
Y/Y |
FY12 |
FY11 |
Y/Y | |
|
Revenue |
$26.8 billion |
$26.8 billion |
0% |
$107.6 billion |
$102.6 billion |
5% |
|
Operating Earnings |
$403 million |
$359 million |
12% |
$1.8 billion |
$1.5 billion |
18% |
|
Non-GAAP Operating Earnings |
$425 million |
$375 million |
13% |
$1.9 billion |
$1.6 billion |
13% |
|
Earnings from Continuing Operations |
$236 million |
$207 million |
14% |
$1.1 billion |
$966 million |
11% |
|
Non-GAAP Earnings from Continuing Operations |
$255 million |
$214 million |
19% |
$1.1 billion |
$988 million |
13% |
|
Diluted EPS from Continuing Operations |
$0.68 |
$0.58 |
17% |
$3.06 |
$2.74 |
12% |
|
Non-GAAP Diluted EPS from Continuing Operations |
$0.73 |
$0.60 |
22% |
$3.21 |
$2.80 |
15% |
SEGMENT RESULTS
Pharmaceutical Segment
Fourth-quarter revenue for the Pharmaceutical segment decreased 1 percent to $24.3 billion. The decrease, primarily due to brand-to-generic conversions, was mostly offset by revenue from new customers. Segment profit for the quarter increased 15 percent to $354 million, driven by the overall strong performance of generic programs and the benefits of expanded business with new and existing customers, including strong contributions from retail independents. Segment profit also benefited from performance under branded agreements.
For the full year, revenue for the Pharmaceutical segment increased 4 percent to $97.9 billion, and segment profit increased 17 percent to $1.6 billion.
|
Q4 FY12 |
Q4 FY11 |
Y/Y |
FY12 |
FY11 |
Y/Y | |
|
Revenue |
$24.3 billion |
$24.5 billion |
(1%) |
$97.9 billion |
$93.7 billion |
4% |
|
Segment Profit |
$354 million |
$308 million |
15% |
$1.6 billion |
$1.3 billion |
17% |
Medical Segment
Fourth-quarter revenue for the Medical segment increased 5 percent to $2.4 billion. Segment profit increased 2 percent to $79 million, primarily driven by increased sales of preferred products, offset by expenses related to the new systems implementation. In addition, the negative impact of commodities and foreign exchange moderated to $8 million in the quarter versus prior year.
For the full year, Medical segment revenue increased 8 percent to $9.6 billion, and segment profit decreased 11 percent to $332 million.
|
Q4 FY12 |
Q4 FY11 |
Y/Y |
FY12 |
FY11 |
Y/Y | |
|
Revenue |
$2.4 billion |
$2.3 billion |
5% |
$9.6 billion |
$8.9 billion |
8% |
|
Segment Profit |
$79 million |
$78 million |
2% |
$332 million |
$373 million |
(11%) |
ADDITIONAL YEAR-END AND RECENT HIGHLIGHTS
- Increased the regular quarterly dividend by 10.5 percent to $0.2375 per share, effective July 15
- Closed several acquisitions in China, notably Da Sheng Group, significantly expanding the Cardinal Health footprint in Ningbo, a city of 7.6 million people
- Selected as the primary healthcare solutions partner by the Medical Oncology Association of Southern California Purchasing Network, Inc.
- Completed the acquisition of Dik Drug, an Illinois-based pharmaceutical distributor with more than 500 retail independent pharmacy customers
CONFERENCE CALL
Cardinal Health will host a webcast and conference call today at 8:00 a.m. Eastern Daylight Time to discuss fourth-quarter and full-year results and its future outlook. To access the call and corresponding slide presentation, go to the Investors page at cardinalhealth.com. The call also can be accessed by dialing 224.357.2209. Presentation slides and an audio replay will be archived on the website after the conclusion of the meeting. The audio replay will also be available until Sept. 2 by dialing 855.859.2056 or 404.537.3406, access code 98065830.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $108 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 60,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #21 on the Fortune 500, Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com and @CardinalHealth on Twitter.
1 See the attached tables for definitions of the non-GAAP financial measures presented in this news release and reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures.
Cardinal Health uses its website as a channel of distribution for material company information. Important information, including news releases, analyst presentations and financial information regarding Cardinal Health is routinely posted and accessible on the Investors page at cardinalhealth.com.
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include competitive pressures in Cardinal Health's various lines of business; the loss of one or more key customer or supplier relationships or changes to the terms of those relationships; the timing of generic and branded pharmaceutical introductions and the frequency or rate of pharmaceutical price appreciation or deflation; uncertainties due to government health care reform including federal health care reform legislation; changes in the distribution patterns or reimbursement rates for health care products and services; the effects of any investigation or action by any regulatory authority; changes in the cost of commodities such as oil-based resins, cotton, latex and diesel fuel; and uncertainties concerning Cardinal Health's ability to achieve the expected benefits of its Medical segment's business transformation project. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of Aug. 2, 2012. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.
|
Schedule 1 | |||||
|
Cardinal Health, Inc. and Subsidiaries | |||||
|
Condensed Consolidated Statements of Earnings (Unaudited) | |||||
|
Fourth Quarter |
|||||
|
(in millions, except per Common Share amounts) |
2012 |
2011 |
% Change | ||
|
Revenue |
$ 26,764 |
$ 26,764 |
0 % | ||
|
Cost of products sold |
25,628 |
25,720 |
(0)% | ||
|
Gross margin |
1,136 |
1,044 |
9 % | ||
|
Operating expenses: |
|||||
|
Distribution, selling, general and administrative expenses |
712 |
671 |
6 % | ||
|
Restructuring and employee severance |
9 |
5 |
N.M. | ||
|
Acquisition-related costs |
11 |
15 |
N.M. | ||
|
Impairments and loss on disposal of assets |
1 |
- |
N.M. | ||
|
Litigation (recoveries)/charges, net |
- |
(6) |
N.M. | ||
|
Operating earnings |
403 |
359 |
12 % | ||
|
Other (income)/expenses, net |
1 |
(2) |
N.M. | ||
|
Interest expense, net |
25 |
24 |
4 % | ||
|
Gain on sale of investment in CareFusion |
- |
(4) |
N.M. | ||
|
Earnings before income taxes and discontinued operations |
377 |
341 |
11 % | ||
|
Provision for income taxes |
141 |
134 |
5 % | ||
|
Earnings from continuing operations |
236 |
207 |
14 % | ||
|
Loss from discontinued operations, net of tax |
- |
(4) |
N.M. | ||
|
Net earnings |
$ 236 |
$ 203 |
17 % | ||
|
Basic earnings/(loss) per Common Share: |
|||||
|
Continuing operations |
$ 0.68 |
$ 0.59 |
15 % | ||
|
Discontinued operations |
- |
(0.01) |
N.M. | ||
|
Net basic earnings per Common Share |
$ 0.68 |
$ 0.58 |
17 % | ||
|
Diluted earnings/(loss) per Common Share: |
|||||
|
Continuing operations |
$ 0.68 |
$ 0.58 |
17 % | ||
|
Discontinued operations |
- |
(0.01) |
N.M. | ||
|
Net diluted earnings per Common Share |
$ 0.68 |
$ 0.57 |
19 % | ||
|
Weighted average number of Common Shares outstanding: |
|||||
|
Basic |
345 |
349 |
|||
|
Diluted |
349 |
355 |
|||
|
Schedule 2 | |||||
|
Cardinal Health, Inc. and Subsidiaries | |||||
|
Condensed Consolidated Statements of Earnings | |||||
|
Fiscal Year |
|||||
|
(in millions, except per Common Share amounts) |
2012 |
2011 |
% Change | ||
|
(Unaudited) |
|||||
|
Revenue |
$ 107,552 |
$ 102,644 |
5 % | ||
|
Cost of products sold |
103,011 |
98,482 |
5 % | ||
|
Gross margin |
4,541 |
4,162 |
9 % | ||
|
Operating expenses: |
|||||
|
Distribution, selling, general and administrative expenses |
2,677 |
2,528 |
6 % | ||
|
Restructuring and employee severance |
21 |
15 |
N.M. | ||
|
Acquisition-related costs |
33 |
90 |
N.M. | ||
|
Impairments and loss on disposal of assets |
21 |
9 |
N.M. | ||
|
Litigation (recoveries)/charges, net |
(3) |
6 |
N.M. | ||
|
Operating earnings |
1,792 |
1,514 |
18 % | ||
|
Other income, net |
(1) |
(22) |
N.M. | ||
|
Interest expense, net |
95 |
93 |
2 % | ||
|
Gain on sale of investment in CareFusion |
- |
(75) |
N.M. | ||
|
Earnings before income taxes and discontinued operations |
1,698 |
1,518 |
12 % | ||
|
Provision for income taxes |
628 |
552 |
14 % | ||
|
Earnings from continuing operations |
1,070 |
966 |
11 % | ||
|
Loss from discontinued operations, net of tax |
(1) |
(7) |
N.M. | ||
|
Net earnings |
$ 1,069 |
$ 959 |
11 % | ||
|
Basic earnings/(loss) per Common Share: |
|||||
|
Continuing operations |
$ 3.10 |
$ 2.77 |
12 % | ||
|
Discontinued operations |
- |
(0.02) |
N.M. | ||
|
Net basic earnings per Common Share |
$ 3.10 |
$ 2.75 |
13 % | ||
|
Diluted earnings/(loss) per Common Share: |
|||||
|
Continuing operations |
$ 3.06 |
$ 2.74 |
12 % | ||
|
Discontinued operations |
- |
(0.02) |
N.M. | ||
|
Net diluted earnings per Common Share |
$ 3.06 |
$ 2.72 |
13 % | ||
|
Weighted average number of Common Shares outstanding: |
|||||
|
Basic |
345 |
349 |
|||
|
Diluted |
349 |
353 |
|||
|
Schedule 3 | |||
|
Cardinal Health, Inc. and Subsidiaries | |||
|
Condensed Consolidated Balance Sheets | |||
|
June 30, |
June 30, | ||
|
(in millions) |
2012 |
2011 | |
|
(Unaudited) |
|||
|
Assets |
|||
|
Cash and equivalents |
$ 2,274 |
$ 1,929 | |
|
Trade receivables, net |
6,355 |
6,156 | |
|
Inventories |
7,864 |
7,334 | |
|
Prepaid expenses and other |
1,017 |
897 | |
|
Total current assets |
17,510 |
16,316 | |
|
Property and equipment, net |
1,551 |
1,512 | |
|
Goodwill and other intangibles, net |
4,392 |
4,259 | |
|
Other assets |
807 |
759 | |
|
Total assets |
$ 24,260 |
$ 22,846 | |
|
Liabilities and Shareholders' Equity |
|||
|
Accounts payable |
$ 11,726 |
$ 11,332 | |
|
Current portion of long-term obligations and other short-term borrowings |
476 |
327 | |
|
Other accrued liabilities |
1,972 |
1,711 | |
|
Total current liabilities |
14,174 |
13,370 | |
|
Long-term obligations, less current portion |
2,418 |
2,175 | |
|
Deferred income taxes and other liabilities |
1,424 |
1,452 | |
|
Total shareholders' equity |
6,244 |
5,849 | |
|
Total liabilities and shareholders' equity |
$ 24,260 |
$ 22,846 | |
|
Schedule 4 | |||||||
|
Cardinal Health, Inc. and Subsidiaries | |||||||
|
Condensed Consolidated Statements of Cash Flows | |||||||
|
Fourth Quarter |
Fiscal Year | ||||||
|
(in millions) |
2012 |
2011 |
2012 |
2011 | |||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||
|
Cash Flows from Operating Activities: |
|||||||
|
Net earnings |
$ 236 |
$ 203 |
$ 1,069 |
$ 959 | |||
|
Loss from discontinued operations |
- |
4 |
1 |
7 | |||
|
Earnings from continuing operations |
236 |
207 |
1,070 |
966 | |||
|
Adjustments to reconcile earnings from continuing operations to net cash from operations: |
|||||||
|
Depreciation and amortization |
86 |
74 |
325 |
313 | |||
|
Gain on sale of investment in CareFusion |
- |
(4) |
- |
(75) | |||
|
Impairments and loss on disposal of assets |
1 |
- |
21 |
9 | |||
|
Share-based compensation |
22 |
19 |
85 |
80 | |||
|
Provision for deferred income taxes |
158 |
128 |
158 |
128 | |||
|
Provision for bad debts |
7 |
5 |
22 |
27 | |||
|
Change in fair value of contingent consideration obligation |
(18) |
(6) |
(71) |
(7) | |||
|
Change in operating assets and liabilities, net of effects from acquisitions: |
|||||||
|
Decrease/(increase) in trade receivables |
190 |
122 |
(129) |
(457) | |||
|
Decrease/(increase) in inventories |
375 |
384 |
(495) |
(665) | |||
|
Increase/(decrease) in accounts payable |
(893) |
(630) |
319 |
1,356 | |||
|
Other accrued liabilities and operating items, net |
(271) |
(179) |
(129) |
(280) | |||
|
Net cash provided by/(used in) operating activities |
(107) |
120 |
1,176 |
1,395 | |||
|
Cash Flows from Investing Activities: |
|||||||
|
Acquisition of subsidiaries, net of cash acquired |
(31) |
(5) |
(174) |
(2,300) | |||
|
Purchase of held-to-maturity securities and other investments |
(25) |
- |
(35) |
(156) | |||
|
Additions to property and equipment |
(100) |
(105) |
(263) |
(291) | |||
|
Proceeds from divestitures and sale of property and equipment |
(1) |
- |
3 |
3 | |||
|
Proceeds from sale of CareFusion |
- |
- |
- |
706 | |||
|
Proceeds from maturities of held-to-maturity securities |
46 |
10 |
92 |
10 | |||
|
Net cash used in investing activities |
(111) |
(100) |
(377) |
(2,028) | |||
|
Cash Flows from Financing Activities: |
|||||||
|
Payment of contingent consideration |
- |
(10) |
- |
(10) | |||
|
Net change in short-term borrowings |
5 |
5 |
13 |
46 | |||
|
Reduction of long-term obligations |
(206) |
(1) |
(251) |
(229) | |||
|
Proceeds from long-term obligations, net of issuance costs |
496 |
- |
496 |
495 | |||
|
Proceeds from issuance of Common Shares |
19 |
27 |
42 |
63 | |||
|
Tax disbursements from exercises of stock options |
(8) |
(5) |
(4) |
(14) | |||
|
Dividends on Common Shares |
(74) |
(68) |
(300) |
(274) | |||
|
Purchase of treasury shares |
(150) |
- |
(450) |
(270) | |||
|
Net cash provided by/(used in) financing activities |
82 |
(52) |
(454) |
(193) | |||
|
Net increase/(decrease) in cash and equivalents |
(136) |
(32) |
345 |
(826) | |||
|
Cash and equivalents at beginning of period |
2,410 |
1,961 |
1,929 |
2,755 | |||
|
Cash and equivalents at end of period |
$ 2,274 |
$ 1,929 |
$ 2,274 |
$ 1,929 | |||
|
Schedule 5 | |||||||
|
Cardinal Health, Inc. and Subsidiaries | |||||||
|
Total Company Business Analysis | |||||||
|
Non-GAAP | |||||||
|
Fourth Quarter |
Fourth Quarter | ||||||
|
(in millions) |
2012 |
2011 |
2012 |
2011 | |||
|
Revenue |
|||||||
|
Amount |
$ 26,764 |
$ 26,764 |
|||||
|
Growth rate |
0 % |
9 % |
|||||
|
Operating earnings |
|||||||
|
Amount |
$ 403 |
$ 359 |
$ 425 |
$ 375 | |||
|
Growth rate |
12 % |
7 % |
13 % |
17 % | |||
|
Earnings from continuing operations |
|||||||
|
Amount |
$ 236 |
$ 207 |
$ 255 |
$ 214 | |||
|
Growth rate |
14 % |
7 % |
19 % |
17 % | |||
|
Non-GAAP | |||||||
|
Fiscal Year |
Fiscal Year | ||||||
|
(in millions) |
2012 |
2011 |
2012 |
2011 | |||
|
Revenue |
|||||||
|
Amount |
$ 107,552 |
$ 102,644 |
|||||
|
Growth rate |
5 % |
4 % |
|||||
|
Operating earnings |
|||||||
|
Amount |
$ 1,792 |
$ 1,514 |
$ 1,866 |
$ 1,644 | |||
|
Growth rate |
18 % |
16 % |
13 % |
18 % | |||
|
Earnings from continuing operations |
|||||||
|
Amount |
$ 1,070 |
$ 966 |
$ 1,119 |
$ 988 | |||
|
Growth rate |
11 % |
65 % |
13 % |
22 % | |||
|
Refer to the GAAP/Non-GAAP reconciliation for definitions and calculations supporting the Non-GAAP balances. | |||||||
|
Schedule 6 | ||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||
|
Segment Business Analysis | ||||||||
|
Fourth Quarter |
Fourth Quarter | |||||||
|
(in millions) |
2012 |
2011 |
(in millions) |
2012 |
2011 | |||
|
Pharmaceutical |
Medical |
|||||||
|
Revenue |
Revenue |
|||||||
|
Amount |
$ 24,335 |
$ 24,458 |
Amount |
$ 2,432 |
$ 2,312 | |||
|
Growth rate |
(1)% |
10 % |
Growth rate |
5 % |
7 % | |||
|
Mix |
91 % |
91 % |
Mix |
9 % |
9 % | |||
|
Segment profit |
Segment profit |
|||||||
|
Amount |
$ 354 |
$ 308 |
Amount |
$ 79 |
$ 78 | |||
|
Growth rate |
15 % |
34 % |
Growth rate |
2 % |
(24)% | |||
|
Mix |
82 % |
80 % |
Mix |
18 % |
20 % | |||
|
Segment profit margin |
1.46 % |
1.26 % |
Segment profit margin |
3.27 % |
3.38 % | |||
|
Refer to definitions for an explanation of calculations. | ||||||||
|
Total consolidated revenue for the three months ended June 30, 2012 was $26,764 million, which included total segment revenue of $26,767 million and Corporate revenue of $(3) million. Total consolidated revenue for the three months ended June 30, 2011 was $26,764 million, which included total segment revenue of $26,770 million and Corporate revenue of $(6) million. Corporate revenue consists primarily of elimination of inter-segment revenue. |
|
Total consolidated operating earnings for the three months ended June 30, 2012 were $403 million, which included total segment profit of $433 million and Corporate costs of $(30) million. Total consolidated operating earnings for the three months ended June 30, 2011 were $359 million, which included total segment profit of $386 million and Corporate costs of $(27) million. Corporate includes, among other things, restructuring and employee severance, acquisition-related costs (including amortization of acquisition-related intangible assets and changes in the fair value of contingent consideration obligations), impairments and loss on disposal of assets, litigation (recoveries)/charges, net and certain investment spending that are not allocated to the segments. |
|
Schedule 7 | ||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||
|
Segment Business Analysis | ||||||||
|
Fiscal Year |
Fiscal Year | |||||||
|
(in millions) |
2012 |
2011 |
(in millions) |
2012 |
2011 | |||
|
Pharmaceutical |
Medical |
|||||||
|
Revenue |
Revenue |
|||||||
|
Amount |
$ 97,925 |
$ 93,744 |
Amount |
$ 9,642 |
$ 8,922 | |||
|
Growth rate |
4 % |
4 % |
Growth rate |
8 % |
2 % | |||
|
Mix |
91 % |
91 % |
Mix |
9 % |
9 % | |||
|
Segment profit |
Segment profit |
|||||||
|
Amount |
$ 1,558 |
$ 1,329 |
Amount |
$ 332 |
$ 373 | |||
|
Growth rate |
17 % |
31 % |
Growth rate |
(11)% |
(13)% | |||
|
Mix |
82 % |
78 % |
Mix |
18 % |
22 % | |||
|
Segment profit margin |
1.59 % |
1.42 % |
Segment profit margin |
3.45 % |
4.18 % | |||
|
Refer to definitions for an explanation of calculations. | ||||||||
|
Total consolidated revenue for the fiscal year ended June 30, 2012 was $107,552 million, which included total segment revenue of $107,567 million and Corporate revenue of $(15) million. Total consolidated revenue for the fiscal year ended June 30, 2011 was $102,644 million, which included total segment revenue of $102,666 million and Corporate revenue of $(22) million. Corporate revenue consists primarily of elimination of inter-segment revenue. |
|
Total consolidated operating earnings for the fiscal year ended June 30, 2012 were $1,792 million, which included total segment profit of $1,890 million and Corporate costs of $(98) million. Total consolidated operating earnings for the fiscal year ended June 30, 2011 were $1,514 million, which included total segment profit of $1,702 million and Corporate costs of $(188) million. Corporate includes, among other things, restructuring and employee severance, acquisition-related costs (including amortization of acquisition-related intangible assets and changes in the fair value of contingent consideration obligations), impairments and loss on disposal of assets, litigation (recoveries)/charges, net and certain investment spending that are not allocated to the segments. |
|
Schedule 8 | ||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||
|
Schedule of Notable Items | ||||||||
|
Fourth Quarter |
Fiscal Year | |||||||
|
(in millions, except per Common Share amounts) |
2012 |
2011 |
2012 |
2011 | ||||
|
Restructuring and employee severance |
||||||||
|
Restructuring and employee severance |
$ (9) |
$ (5) |
$ (21) |
$ (15) | ||||
|
Tax benefit |
3 |
2 |
8 |
5 | ||||
|
Restructuring and employee severance, net of tax |
$ (6) |
$ (3) |
$ (13) |
$ (10) | ||||
|
Decrease to diluted EPS from continuing operations |
$ (0.02) |
$ (0.01) |
$ (0.04) |
$ (0.03) | ||||
|
Acquisition-related costs |
||||||||
|
Amortization of acquisition-related intangible assets |
$ (20) |
$ (14) |
$ (78) |
$ (67) | ||||
|
Tax benefit |
8 |
8 |
29 |
21 | ||||
|
Amortization of acquisition-related intangible assets, net of tax |
$ (12) |
$ (6) |
$ (49) |
$ (46) | ||||
|
Decrease to diluted EPS from continuing operations |
$ (0.03) |
$ (0.02) |
$ (0.14) |
$ (0.13) | ||||
|
Other acquisition-related costs 1 |
$ 9 |
$ (1) |
$ 45 |
$ (23) | ||||
|
Tax benefit/(expense) 1 |
(10) |
(2) |
(20) |
1 | ||||
|
Other acquisition-related costs, net of tax |
$ (1) |
$ (3) |
$ 25 |
$ (22) | ||||
|
Increase/(decrease) to diluted EPS from continuing operations 1 |
$ - |
$ (0.01) |
$ 0.07 |
$ (0.06) | ||||
|
Total acquisition-related costs |
$ (11) |
$ (15) |
$ (33) |
$ (90) | ||||
|
Tax benefit/(expense) |
(2) |
6 |
9 |
22 | ||||
|
Total acquisition-related costs, net of tax |
$ (13) |
$ (9) |
$ (24) |
$ (68) | ||||
|
Decrease to diluted EPS from continuing operations 2 |
$ (0.04) |
$ (0.03) |
$ (0.07) |
$ (0.19) | ||||
|
Impairments and loss on disposal of assets |
||||||||
|
Impairments and loss on disposal of assets |
$ (1) |
$ - |
$ (21) |
$ (9) | ||||
|
Tax benefit |
1 |
- |
8 |
3 | ||||
|
Impairments and loss on disposal of assets, net of tax |
$ - |
$ - |
$ (13) |
$ (6) | ||||
|
Decrease to diluted EPS from continuing operations |
$ - |
$ - |
$ (0.04) |
$ (0.02) | ||||
|
Litigation recoveries/(charges), net |
||||||||
|
Litigation recoveries/(charges), net |
$ - |
$ 6 |
$ 3 |
$ (6) | ||||
|
Tax expense |
- |
(3) |
(1) |
(1) | ||||
|
Litigation recoveries/(charges), net, net of tax |
$ - |
$ 3 |
$ 2 |
$ (7) | ||||
|
Increase/(decrease) to diluted EPS from continuing operations |
$ - |
$ 0.01 |
$ 0.01 |
$ (0.02) | ||||
|
Other Spin-Off costs |
||||||||
|
Other spin-off costs |
$ - |
$ (3) |
$ (2) |
$ (10) | ||||
|
Tax benefit |
- |
1 |
1 |
4 | ||||
|
Other spin-off costs, net of tax |
$ - |
$ (2) |
$ (1) |
$ (6) | ||||
|
Decrease to diluted EPS from continuing operations |
$ - |
$ - |
$ - |
$ (0.02) | ||||
|
Gain on sale of CareFusion stock |
||||||||
|
Gain on sale of CareFusion stock |
$ - |
$ 4 |
$ - |
$ 75 | ||||
|
Tax benefit |
- |
- |
- |
- | ||||
|
Gain on sale of CareFusion stock, net of tax |
$ - |
$ 4 |
$ - |
$ 75 | ||||
|
Increase to diluted EPS from continuing operations |
$ - |
$ 0.01 |
$ - |
$ 0.21 | ||||
|
Weighted average number of diluted shares outstanding |
349 |
355 |
349 |
353 | ||||
|
We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. | ||||||||
|
1 |
Includes a $71 million decrease in the fair value of the total contingent consideration obligation related to | |||||||
|
2 |
The sum of the components may not equal the total due to rounding. | |||||||
|
Schedule 9 | ||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||
|
Asset Management Analysis | ||||||||
|
Fourth Quarter |
Fiscal Year | |||||||
|
2012 |
2011 |
2012 |
2011 | |||||
|
Days sales outstanding |
22.3 |
20.3 |
||||||
|
Days inventory on hand |
23.9 |
22.5 |
||||||
|
Days payable outstanding |
35.6 |
34.8 |
||||||
|
Net working capital days1 |
10.5 |
8.0 |
||||||
|
Debt to total capital |
32 % |
30 % |
||||||
|
Net debt to capital |
9 % |
9 % |
||||||
|
Return on equity |
15.1 % |
14.1 % |
17.8 % |
17.5 % | ||||
|
Non-GAAP return on equity |
16.3 % |
14.9 % |
18.6 % |
18.0 % | ||||
|
Effective tax rate from continuing operations |
37.4 % |
39.3 % |
37.0 % |
36.4 % | ||||
|
Non-GAAP effective tax rate from continuing operations |
36.0 % |
39.6 % |
36.8 % |
37.2 % | ||||
|
1 |
The sum of the components may not equal the total due to rounding. | |||||||
|
Refer to the GAAP/Non-GAAP reconciliation for Non-GAAP calculations. Refer to DSO, DIOH and DPO for definitions and calculations. | ||||||||
|
Schedule 10 | ||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||
|
GAAP / Non-GAAP Reconciliation | ||||||||
|
Fourth Quarter 2012 | ||||||||
|
(in millions, except per Common Share amounts) |
Operating |
Operating |
Earnings |
Provision |
Earnings |
Earnings |
Diluted |
Diluted EPS from Continuing Operations Growth Rate |
|
GAAP |
$ 403 |
12 % |
$ 377 |
$ 141 |
$ 236 |
14 % |
$ 0.68 |
17 % |
|
Restructuring and employee severance |
9 |
9 |
3 |
6 |
0.02 |
|||
|
Acquisition-related costs |
11 |
11 |
(2) |
13 |
0.04 |
|||
|
Impairments and loss on disposal of assets |
1 |
1 |
1 |
- |
- |
|||
|
Litigation (recoveries)/charges, net |
- |
- |
- |
- |
- |
|||
|
Other Spin-Off costs |
- |
- |
- |
- |
- |
|||
|
Gain on sale of CareFusion stock |
- |
- |
- |
- |
- |
|||
|
Non-GAAP |
$ 425 |
13 % |
$ 398 |
$ 143 |
$ 255 |
19 % |
$ 0.73 |
22 % |
|
Fourth Quarter 2011 | ||||||||
|
GAAP |
$ 359 |
7 % |
$ 341 |
$ 134 |
$ 207 |
7 % |
$ 0.58 |
7 % |
|
Restructuring and employee severance |
5 |
5 |
2 |
3 |
0.01 |
|||
|
Acquisition-related costs |
15 |
15 |
6 |
9 |
0.03 |
|||
|
Impairments and loss on disposal of assets |
- |
- |
- |
- |
- |
|||
|
Litigation (recoveries)/charges, net |
(6) |
(6) |
(3) |
(3) |
(0.01) |
|||
|
Other Spin-Off costs |
3 |
3 |
1 |
2 |
- |
|||
|
Gain on sale of CareFusion stock |
- |
(4) |
- |
(4) |
(0.01) |
|||
|
Non-GAAP |
$ 375 |
17 % |
$ 354 |
$ 140 |
$ 214 |
17 % |
$ 0.60 |
20 % |
|
Fiscal Year 2012 | ||||||||
|
(in millions, except per Common Share amounts) |
Operating Earnings |
Operating Earnings Growth Rate |
Earnings Before Income Taxes and Discontinued Operations |
Provision for Income Taxes |
Earnings from Continuing Operations |
Earnings from Continuing Operations Growth Rate |
Diluted EPS from Continuing Operations |
Diluted EPS from Continuing Operations Growth Rate |
|
GAAP |
$ 1,792 |
18 % |
$ 1,698 |
$ 628 |
$ 1,070 |
11 % |
$ 3.06 |
12 % |
|
Restructuring and employee severance |
21 |
21 |
8 |
13 |
0.04 |
|||
|
Acquisition-related costs |
33 |
33 |
9 |
24 |
0.07 |
|||
|
Impairments and loss on disposal of assets |
21 |
21 |
8 |
13 |
0.04 |
|||
|
Litigation (recoveries)/charges, net |
(3) |
(3) |
(1) |
(2) |
(0.01) |
|||
|
Other Spin-Off costs |
2 |
2 |
1 |
1 |
- |
|||
|
Gain on sale of CareFusion stock |
- |
- |
- |
- |
- |
|||
|
Non-GAAP |
$ 1,866 |
13 % |
$ 1,772 |
$ 653 |
$ 1,119 |
13 % |
$ 3.21 |
15 % |
|
Fiscal Year 2011 | ||||||||
|
GAAP |
$ 1,514 |
16 % |
$ 1,518 |
$ 552 |
$ 966 |
65 % |
$ 2.74 |
69 % |
|
Restructuring and employee severance |
15 |
15 |
5 |
10 |
0.03 |
|||
|
Acquisition-related costs |
90 |
90 |
22 |
68 |
0.19 |
|||
|
Impairments and loss on disposal of assets |
9 |
9 |
3 |
6 |
0.02 |
|||
|
Litigation (recoveries)/charges, net |
6 |
6 |
(1) |
7 |
0.02 |
|||
|
Other Spin-Off costs |
10 |
10 |
4 |
6 |
0.02 |
|||
|
Gain on sale of CareFusion stock |
- |
(75) |
- |
(75) |
(0.21) |
|||
|
Non-GAAP |
$ 1,644 |
18 % |
$ 1,573 |
$ 585 |
$ 988 |
22 % |
$ 2.80 |
25 % |
|
The sum of the components may not equal the total due to rounding. | ||||||||
|
We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. | ||||||||
|
Schedule 11 | ||||||||||||||
|
Cardinal Health, Inc. and Subsidiaries | ||||||||||||||
|
GAAP / Non-GAAP Reconciliation | ||||||||||||||
|
Fourth Quarter |
||||||||||||||
|
(in millions) |
2012 |
2011 |
||||||||||||
|
GAAP return on equity |
15.1 % |
14.1 % |
||||||||||||
|
Non-GAAP return on equity |
||||||||||||||
|
Net earnings |
$ 236 |
$ 203 |
||||||||||||
|
Restructuring and employee severance, net of tax, in continuing operations |
6 |
3 |
||||||||||||
|
Acquisition-related costs, net of tax, in continuing operations |
13 |
9 |
||||||||||||
|
Impairments and loss on disposal of assets, net of tax, in continuing operations |
- |
- |
||||||||||||
|
Litigation (recoveries)/charges, net, net of tax, in continuing operations |
- |
(3) |
||||||||||||
|
Other spin-off costs, net of tax, in continuing operations |
- |
2 |
||||||||||||
|
Gain on sale of CareFusion stock, net of tax |
- |
(4) |
||||||||||||
|
CareFusion net loss in discontinued operations 1 |
- |
4 |
||||||||||||
|
Adjusted net earnings |
$ 255 |
$ 214 |
||||||||||||
|
Annualized |
$ 1,020 |
$ 856 |
||||||||||||
|
Fourth |
Third |
Fourth |
Third | |||||||||||
|
Quarter |
Quarter |
Quarter |
Quarter | |||||||||||
|
2012 |
2012 |
2011 |
2011 | |||||||||||
|
Total shareholders' equity |
$ 6,244 |
$ 6,240 |
$ 5,849 |
$ 5,657 | ||||||||||
|
Divided by average shareholders' equity |
$ 6,242 |
$ 5,753 |
||||||||||||
|
Non-GAAP return on equity |
16.3 % |
14.9 % |
||||||||||||
|
We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. | ||||||||||||||
|
1 |
To properly reflect the impact of the spin-off, on a non-GAAP basis, CareFusion net earnings included in | |||||||||||||
|
Schedule 12 | ||||||||||||||||||||
|
Cardinal Health, Inc. and Subsidiaries |
||||||||||||||||||||
|
GAAP / Non-GAAP Reconciliation |
||||||||||||||||||||
|
Fiscal Year |
Fiscal Year |
|||||||||||||||||||
|
(in millions) |
2012 |
2011 |
||||||||||||||||||
|
GAAP return on equity |
17.8 % |
17.5 % |
||||||||||||||||||
|
Non-GAAP return on equity |
||||||||||||||||||||
|
Net earnings |
$ 1,069 |
$ 959 |
||||||||||||||||||
|
Restructuring and employee severance, net of tax, in continuing operations |
13 |
10 |
||||||||||||||||||
|
Acquisition-related costs, net of tax, in continuing operations |
24 |
68 |
||||||||||||||||||
|
Impairments and loss on disposal of assets, net of tax, in continuing operations |
13 |
6 |
||||||||||||||||||
|
Litigation (recoveries)/charges, net, net of tax, in continuing operations |
(2) |
7 |
||||||||||||||||||
|
Other spin-off costs, net of tax, in continuing operations |
1 |
6 |
||||||||||||||||||
|
Gain on sale of CareFusion stock, net of tax |
- |
(75) |
||||||||||||||||||
|
CareFusion net loss in discontinued operations 1 |
- |
7 |
||||||||||||||||||
|
Adjusted net earnings |
$ 1,118 |
$ 988 |
||||||||||||||||||
|
Fourth |
Third |
Second |
First |
Fourth |
Fourth |
Third |
Second |
First |
Fourth | |||||||||||
|
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter | |||||||||||
|
2012 |
2012 |
2012 |
2012 |
2011 |
2011 |
2011 |
2011 |
2011 |
2010 | |||||||||||
|
Total shareholders' equity |
$ 6,244 |
$ 6,240 |
$ 5,928 |
$ 5,714 |
$ 5,849 |
$ 5,849 |
$ 5,657 |
$ 5,421 |
$ 5,239 |
$ 5,276 | ||||||||||
|
Divided by average shareholders' equity |
$ 5,995 |
$ 5,488 |
||||||||||||||||||
|
Non-GAAP return on equity |
18.6 % |
18.0 % |
||||||||||||||||||
|
We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. | ||||||||||||||||||||
|
1 |
To properly reflect the impact of the spin-off, on a non-GAAP basis, CareFusion net earnings included in discontinued operations are excluded | |||||||||||||||||||
|
Schedule 13 | |||||||
|
Cardinal Health, Inc. and Subsidiaries | |||||||
|
GAAP / Non-GAAP Reconciliation | |||||||
|
Fourth Quarter |
Fiscal Year | ||||||
|
(in millions) |
2012 |
2011 |
2012 |
2011 | |||
|
GAAP effective tax rate from continuing operations |
37.4 % |
39.3 % |
37.0 % |
36.4 % | |||
|
Non-GAAP effective tax rate from continuing operations |
|||||||
|
Earnings before income taxes and discontinued operations |
$ 377 |
$ 341 |
$ 1,698 |
$ 1,518 | |||
|
Restructuring and employee severance |
9 |
5 |
21 |
15 | |||
|
Acquisition-related costs |
11 |
15 |
33 |
90 | |||
|
Impairments and loss on disposal of assets |
1 |
- |
21 |
9 | |||
|
Litigation (recoveries)/charges, net |
- |
(6) |
(3) |
6 | |||
|
Other Spin-Off costs |
- |
3 |
2 |
10 | |||
|
Gain on sale of CareFusion stock |
- |
(4) |
- |
(75) | |||
|
Adjusted earnings before income taxes and discontinued operations |
$ 398 |
$ 354 |
$ 1,772 |
$ 1,573 | |||
|
Provision for income taxes |
$ 141 |
$ 134 |
$ 628 |
$ 552 | |||
|
Restructuring and employee severance tax benefit |
3 |
2 |
8 |
5 | |||
|
Acquisition-related costs tax benefit/(expense) |
(2) |
6 |
9 |
22 | |||
|
Impairments and loss on disposal of assets tax benefit |
1 |
- |
8 |
3 | |||
|
Litigation (recoveries)/charges, net tax expense |
- |
(3) |
(1) |
(1) | |||
|
Other spin-off costs tax benefit |
- |
1 |
1 |
4 | |||
|
Gain on sale of CareFusion stock tax benefit |
- |
- |
- |
- | |||
|
Adjusted provision for income taxes |
$ 143 |
$ 140 |
$ 653 |
$ 585 | |||
|
Non-GAAP effective tax rate from continuing operations |
36.0 % |
39.6 % |
36.8 % |
37.2 % | |||
|
Fourth Quarter |
|||||||
|
2012 |
2011 |
||||||
|
Debt to total capital |
32 % |
30 % |
|||||
|
Net debt to capital |
|||||||
|
Current portion of long-term obligations and other short-term borrowings |
$ 476 |
$ 327 |
|||||
|
Long-term obligations, less current portion |
2,418 |
2,175 |
|||||
|
Debt |
$ 2,894 |
$ 2,502 |
|||||
|
Cash and equivalents |
(2,274) |
(1,929) |
|||||
|
Net Debt |
$ 620 |
$ 573 |
|||||
|
Total shareholders' equity |
6,244 |
5,849 |
|||||
|
Capital |
$ 6,864 |
$ 6,422 |
|||||
|
Net debt to capital |
9 % |
9 % |
|||||
|
We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. | |||||||
|
Forward-Looking Non-GAAP Financial Measures | |||||||
|
We present non-GAAP earnings from continuing operations and non-GAAP effective tax rate from continuing | |||||||
|
Schedule 14 | ||||
|
Cardinal Health, Inc. and Subsidiaries | ||||
|
Fourth Quarter | ||||
|
(in millions) |
2012 |
2011 | ||
|
Days Sales Outstanding |
22.3 |
20.3 | ||
|
Days Inventory on Hand |
||||
|
Inventories |
$ 7,864 |
$ 7,334 | ||
|
Cost of products sold |
$ 25,628 |
$ 25,720 | ||
|
Chargeback billings |
3,984 |
3,556 | ||
|
Adjusted cost of products sold |
$ 29,612 |
$ 29,276 | ||
|
Adjusted cost of products sold divided by 90 days |
$ 329 |
$ 325 | ||
|
Days Inventory on Hand |
23.9 |
22.5 | ||
|
Days Payable Outstanding |
||||
|
Accounts payable |
$ 11,726 |
$ 11,332 | ||
|
Cost of products sold |
$ 25,628 |
$ 25,720 | ||
|
Chargeback billings |
3,984 |
3,556 | ||
|
Adjusted cost of products sold |
$ 29,612 |
$ 29,276 | ||
|
Adjusted cost of products sold divided by 90 days |
$ 329 |
$ 325 | ||
|
Days Payable Outstanding |
35.6 |
34.8 | ||
|
Net Working Capital Days1 |
10.5 |
8.0 | ||
|
1 |
The sum of the components may not equal the total due to rounding. | |||
|
Days Sales Outstanding: trade receivables, net divided by (monthly revenue divided by 30 days). | ||||
|
Days Inventory on Hand: inventory divided by ((quarterly cost of products sold plus chargeback billings) | ||||
|
Days Payable Outstanding: accounts payable divided by ((quarterly cost of products sold plus | ||||
|
Net Working Capital Days: days sales outstanding plus days inventory on hand less days payable | ||||
|
Cardinal Health, Inc. and Subsidiaries | |||||
|
Use of Non-GAAP Measures | |||||
|
This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). In general, the measures exclude items and charges that (i) management does not believe reflect Cardinal Health, Inc.'s (the "Company") core business and relate more to strategic, multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company's performance, evaluate the balance sheet, engage in financial and operational planning and determine incentive compensation. | |||||
|
Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on its financial and operating results and in comparing the Company's performance to that of its competitors. However, the non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. | |||||
|
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated. | |||||
|
Definitions | |||||
|
Debt: long-term obligations plus short-term borrowings. | |||||
|
Debt to Total Capital: debt divided by (debt plus total shareholders' equity). | |||||
|
Net Debt: a Non-GAAP measure defined as debt minus (cash and equivalents). | |||||
|
Net Debt to Capital: a Non-GAAP measure defined as net debt divided by (net debt plus total shareholders' equity). | |||||
|
Non-GAAP Diluted EPS from Continuing Operations and growth rate calculation 1: non-GAAP earnings from continuing operations divided by diluted weighted average shares outstanding. | |||||
|
Non-GAAP Earnings from Continuing Operations and growth rate calculation: earnings from continuing operations excluding (1) restructuring and employee severance 2, (2) acquisition-related costs 3, (3) impairments and loss on disposal of assets 4, (4) litigation (recoveries)/charges, net 5, (5) Other Spin-Off Costs and (6) gain on sale of CareFusion stock, each net of tax. | |||||
|
Non-GAAP Effective Tax Rate from Continuing Operations: (provision for income taxes adjusted for (1) restructuring and employee severance, (2) acquisition-related costs, (3) impairments and loss on disposal of assets, (4) litigation (recoveries)/charges, net, (5) Other Spin-Off Costs and (6) gain on sale of CareFusion stock) divided by (earnings before income taxes and discontinued operations adjusted for the same six items). | |||||
|
Non-GAAP Operating Earnings and growth rate calculation: operating earnings excluding (1) restructuring and employee severance, (2) acquisition-related costs, (3) impairments and loss on disposal of assets, (4) litigation (recoveries)/charges, net and (5) Other Spin-Off Costs. | |||||
|
Non-GAAP Return on Equity: (annualized current period net earnings excluding (1) restructuring and employee severance, (2) acquisition-related costs, (3) impairments and loss on disposal of assets, (4) litigation (recoveries)/charges, net, (5) Other Spin-Off Costs, (6) gain on sale of CareFusion stock and (7) CareFusion net loss in discontinued operations, each net of tax) and divided by average shareholders' equity. | |||||
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Other Spin-Off Costs: costs incurred in connection with our Spin-Off of CareFusion which are included in distribution, selling, general and administrative expenses. | |||||
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Return on Equity: annualized current period net earnings divided by average shareholders' equity. | |||||
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Revenue Mix: segment revenue divided by total segment revenue for all segments. | |||||
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Segment Profit: segment revenue minus (segment cost of products sold and segment distribution, selling, general and administrative expenses). | |||||
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Segment Profit Margin: segment profit divided by segment revenue. | |||||
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Segment Profit Mix: segment profit divided by total segment profit for all segments. | |||||
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1 |
In this earnings release growth rates are determined by dividing the difference between current period results and prior period results by prior period results. | ||||
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2 |
Programs whereby the Company fundamentally changes its operations such as closing and consolidating certain manufacturing and distribution facilities, moving manufacturing of a product to another location, outsourcing the production of a product, employee severance (including rationalizing headcount or other significant changes in personnel) and realigning operations (including substantial realignment of the management structure of a business unit in response to changing market conditions). | ||||
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3 |
Costs that consist primarily of transaction costs, integration costs, changes in the fair value of contingent consideration obligations and amortization of acquisition-related intangible assets. | ||||
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4 |
Asset impairments and losses from the disposal of assets not eligible to be classified as discontinued operations are classified within impairments and loss on disposal of assets within the consolidated statements of earnings. | ||||
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5 |
Loss contingencies related to litigation and regulatory matters and income from favorable resolution of legal matters. | ||||
SOURCE Cardinal Health
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