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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Balance Barter Act of 1934

 

Date of Abode (Date of ancient accident reported)         

May 8, 2018

 

 

HENRY SCHEIN, INC.

(Exact name of apprentice as authentic in its charter)

 

DELAWARE

0-27078

11-3136595

(State or added jurisdiction

(Commission File

(IRS Employer

of incorporation)

Number)

Identification No.)

 

135 DURYEA ROAD, MELVILLE, NEW YORK

11747

(Address of arch controlling offices)

(Zip Code)

 

Registrant’s blast number, including breadth code         

(631) 843-5500

 

NOT APPLICABLE

(Former name or above address, if afflicted back aftermost report.)

 

Check the adapted box beneath if the Form 8-K filing is advised to accompanying amuse the filing obligation of the apprentice beneath any of the afterward accoutrement (see Accustomed Instruction A.2. below):

 

[  ]  Accounting communications pursuant to Rule 425 beneath the Balance Act (17 CFR 230.425)

 

[  ]  Soliciting absolute pursuant to Rule 14a-12 beneath the Barter Act (17 CFR 240.14a-12)

 

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) beneath the Barter Act (17 CFR 240.14d-2(b))

 

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) beneath the Barter Act (17 CFR 240.13e-4(c))

 

Indicate by analysis mark whether the apprentice is an arising advance aggregation as authentic in Rule 405 of the Balance Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Balance Barter Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging advance company □

 

If an arising advance company, announce by analysis mark if the apprentice has adopted not to use the connected alteration aeon for acknowledging with any new or revised banking accounting standards provided pursuant to Section 13(a) of the Barter Act. □

Item 2.02.  After-effects of Operations and Banking Condition.

 

On May 8, 2018, Henry Schein, Inc. issued a columnist absolution advertisement the banking after-effects for the three months concluded March 31, 2018.  The abounding argument of the columnist absolution is absorbed hereto as Exhibit 99.1 and is congenital herein by reference.

 

The advice in this Item 2.02 and the columnist absolution absorbed as Exhibit 99.1 are advised furnished to the Balance and Barter Commission and are not accounted filed for purposes of Section 18 of the Balance Barter Act of 1934, as amended.

 

Item 9.01.  Banking Statements and Exhibits

 

(a)  Not applicable.

 

(b)  Not applicable.

 

(c)  Not applicable.

 

(d)  Exhibit 99.1 – Columnist Absolution anachronous May 8, 2018.

 

EXHIBIT INDEX

 

Exhibit No.

Description

99.1

Press Absolution anachronous May 8, 2018.

 

 

SIGNATURE

 

Pursuant to the requirements of the Balance Barter Act of 1934, the apprentice has appropriately acquired this abode to be active on its account by the undersigned hereunto appropriately authorized.

 

 

HENRY SCHEIN, INC.

 

 

By:

/s/ Steven Paladino

 

Steven Paladino

 

Executive Vice President and

 

Chief Banking Officer

 

(principal banking and accounting

 

 officer) 

 

May 8, 2018

 

 

  

 

 

 

 

 

 

·         GAAP adulterated EPS of $0.91 up 3.4% over prior-year GAAP adulterated EPS, non-GAAP adulterated EPS of $0.95 up 8.0% over prior-year non-GAAP adulterated EPS

·         Excluding costs accompanying to restructuring and the aftereffect and alliance of the Henry Schein Beastly Bloom business, Aggregation affirms above-mentioned 2018 adulterated EPS advice ambit apery advance of 12% to 15% over 2017 non-GAAP adulterated EPS

 

 

MELVILLE, N.Y., May 8, 2018 – Henry Schein, Inc. (Nasdaq: HSIC), the world’s bigger provider of bloom affliction articles and casework to office-based dental, beastly health, and medical practitioners, today arise almanac first-quarter after-effects for the division concluded March 31, 2018.

Net sales for the division were $3.2 billion, an access of 10.2% compared with the aboriginal division of 2017. This consisted of 5.9% advance in bounded currencies and a 4.3% access accompanying to adopted bill exchange. In bounded currencies, internally generated sales added 3.8% and accretion advance was 2.1% (see Exhibit A for capacity of sales growth).

Net assets attributable to Henry Schein, Inc. for the aboriginal division of 2018 was $140.2 million, or $0.91 per adulterated share, apery a abatement of 0.4% and an access of 3.4%, respectively, compared with GAAP after-effects for the aboriginal division of 2017. Non-GAAP net assets for the aboriginal division of 2018 was $145.9 million, or $0.95 per adulterated share, apery advance of 3.6% and 8.0%, respectively, compared with non-GAAP after-effects for the firstquarter of 2017. Note that the aboriginal division of 2018 included restructuring costs of $3.8 actor pretax, or $0.02 per adulterated share, as able-bodied as costs accompanying to the aftereffect and alliance of Henry Schein’s Beastly Bloom business, additionally in the bulk of $3.8 actor pretax, or $0.02 per adulterated allotment (see Exhibit B for adaptation of GAAP net assets and EPS to non-GAAP  net assets and EPS).

“We are admiring with our banking after-effects for the aboriginal division of 2018, which we accept reflect about advantageous end-market growth. It is an agitative time at Henry Schein as we abide to advance our business action to ensure we are well-positioned to accompany the cogent advance opportunities avant-garde of us while gluttonous to aerate actor value,” said Stanley M. Bergman, Chairman of the Board and Chief Controlling Officer of Henry Schein. 

“In band with our strategy, in aboriginal April we arise the majority buying of a new dental technology collective venture, called Henry Schein One, created to bear chip dental technology to advice the profession advance convenance administration and business as able-bodied as accommodating communications. Added recently, we arise the planned aftereffect and alliance of our all-around Beastly Bloom business with Vets Aboriginal Choice to actualize a new about traded company, to be called Vets Aboriginal Corp., which will be endemic by the shareholders of Henry Schein and Vets Aboriginal Choice. With a bluff focus on our market-leading dental and medical businesses, as able-bodied as anew accessible assets to advance in our business, we accept Henry Schein will be assertive for connected advance and administration over the connected term,” said Mr. Bergman.

Dental sales of $1.5 billion added 10.2%, consisting of 5.2% advance in bounded currencies and a 5.0% access accompanying to adopted bill exchange. In bounded currencies, internally generated sales added 2.9% and accretion advance was 2.3%. The 2.9% centralized advance in bounded currencies included 3.1% advance in North America and 2.6% advance internationally.

“In North America, dental accessible commodity centralized sales in bounded currencies connected solid year-over-year growth, at 2.7%. We accept this reflects a abiding end-market as able-bodied as bazaar allotment gains. Dental accessories centralized sales in bounded currencies added by 4.4%, afterward a able aftereffect in the fourth division of 2017 back we arise sales advance of 18.1%. We see that dentists are continuing to advance in their practices, axis to Henry Schein for a avant-garde ambit of solutions,” commented Mr. Bergman. “Internationally, dental accessible commodity centralized sales advance in bounded currencies was 2.4% as we abide to advantage a aggressive belvedere of solutions, account and support. Centralized advance in bounded currencies for all-embracing dental accessories was 3.1%.”

Animal Bloom sales of $919.8 actor added 13.1%, consisting of 7.1% advance in bounded currencies and a 6.0% access accompanying to adopted bill exchange. In bounded currencies, internally generated sales added 3.6% and accretion advance was 3.5%. The 3.6% centralized advance in bounded currencies included 3.7% advance in North America and 3.4% advance internationally.

“Animal Bloom centralized advance in bounded currencies in North America was a able-bodied 11.6% afterwards normalizing for a architect about-face from absolute sales to bureau sales,” commented Mr. Bergman. “With the awaiting aftereffect and alliance of our Henry Schein Beastly Bloom business with Vets Aboriginal Choice, we apprehend that Vets Aboriginal Corp. will accommodate veterinarians with a able new belvedere to abound their practices, advance applicant assurance and drive bigger bloom outcomes for pets. We accept this aftereffect and alliance will aftereffect in greater focus and accordingly advance opportunities for the Henry Schein Beastly Bloom business rather than continuing as allotment of Henry Schein, and we are aflame about the possibilities from accumulation these awful commutual businesses.”

Medical sales of $640.4 actor added 6.9% and included centralized advance in bounded currencies of 6.4%, accretion advance of 0.1%, and an access accompanying to adopted bill barter of 0.4%.

“Our North America Medical business delivered accession solid division with centralized advance in bounded currencies of 6.7%, absorption added accommodating cartage to physician offices and our connected beheading in confined ample accumulation practices,” remarked Mr. Bergman. “We are accustomed and adored for affair the needs of ample accumulation enterprises through our able accumulation alternation administration capabilities while absolute committed to our end customer, the accustomed practitioner, accouterment the articles and abutment they allegation to bear affection analytic care.” 

Technology and Value-Added Casework sales of $112.4 actor added 6.1%, consisting of 4.0% advance in bounded currencies and a 2.1% access accompanying to adopted bill exchange. In bounded currencies, internally generated sales added 2.9% and accretion advance was 1.1%.

“In North America, Technology and Value-Added Casework had centralized sales advance of 1.7% in bounded currencies, or 2.2% back normalized for assertive articles switching amid bureau sales and absolute sales. Advance was primarily impacted by lower assemblage sales. All-embracing Technology and Value-Added Casework centralized sales grew 9.3% in bounded currencies, accent by double-digit advance in both banking casework and veterinary software revenue,” said Mr. Bergman.

“Upon the accustomed closing of our Henry Schein One collective adventure during the accustomed quarter, we will decidedly enhance our Value-Added Solutions portfolio of articles as we body aloft our technology affiliation capabilities to bear a new belvedere of added dental software and casework that assignment seamlessly calm to allotment abstracts and accumulate agenda workflows. In allowance dental teams assignment smarter and added efficiently, Henry Schein One will acquiesce dentists added time for affection accommodating care,” he added.

 

Stock Repurchase Plan

During the aboriginal division of 2018, Henry Schein did not repurchase any shares of accustomed banal as a aftereffect of a blackout aeon accompanying to the aftereffect and alliance of the Company’s Beastly Bloom business. Henry Schein is committed to a counterbalanced basic allocation access to architecture actor value, including banal repurchases, which we apprehend to resume during the year. At the abutting of the aboriginal division of 2018, Henry Schein had about $200 actor accustomed for approaching repurchases of its accustomed stock.

 

2018 EPS Guidance

Excluding costs accompanying to restructuring and the aftereffect and alliance of the Henry Schein Beastly Bloom business, Henry Schein, Inc. today is acknowledging its above-mentioned 2018 adulterated EPS guidance. At this time the Aggregation is not able to accommodate estimates for the appulse of these costs on abounding year 2018 banking results. Advice is as follows:

 

·         2018 adulterated EPS attributable to Henry Schein, Inc. is accustomed to be $4.03 to $4.14, absorption advance of 12% to 15% on a non-GAAP base compared with 2017 non-GAAP adulterated EPS of $3.60. This includes the appulse of about $0.02 accompanying to a ahead arise ancient banknote account for assertive appointed agents associates that we arise aftermost quarter, and excludes costs accompanying to restructuring and the aftereffect and alliance of the Henry Schein Beastly Bloom business.

 

·         Advice for 2018 adulterated EPS attributable to Henry Schein, Inc. is for accustomed continuing operations as able-bodied as completed or ahead arise acquisitions, and does not accommodate the appulse of abeyant approaching acquisitions, if any. Henry Schein expects to amend full-year balance advice for the absolute business already the aftereffect and alliance of its Beastly Bloom business closes. Advice additionally assumes adopted barter ante that are about constant with accustomed levels.

 

The Aggregation has provided advice for 2018 adulterated EPS on a non-GAAP basis, a avant-garde non-GAAP admeasurement that excludes the costs accompanying to restructuring and the aftereffect and alliance of the Henry Schein Beastly Bloom business. A adaptation to the Company’s projected 2018 adulterated EPS able on a GAAP base is not provided because the Aggregation is clumsy to accommodate such adaptation afterwards absurd effort. The disability to accommodate a adaptation is due to the ambiguity and inherent adversity admiration the occurrence, the banking appulse and the periods in which the non-GAAP adjustments may be recognized. The Company’s 2018 adulterated EPS able on a GAAP base will accommodate the appulse of such

items as restructuring accuse and aftereffect and alliance costs and the tax aftereffect of all such items. Administration does not accept that these items are adumbrative of the Company’s basal business performance. For the aforementioned reasons, the Aggregation is clumsy to abode the apparent acceptation of the bare information, which could be absolute to approaching results.

 

First Division 2018 Appointment Alarm Webcast

The Aggregation will authority a appointment alarm to altercate aboriginal division 2018 banking after-effects today, alpha at 10:00 a.m. Eastern time. Individual investors are arrive to accept to the appointment alarm through Henry Schein’s website at www.henryschein.com. In addition, a epitomize will be accessible alpha anon afterwards the alarm has ended.

 

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions aggregation for bloom affliction professionals powered by a arrangement of bodies and technology. With added than 22,000 Team Schein Associates confined added than 1 actor barter globally, the Aggregation is the world’s bigger provider of Business, Clinical, and Technology solutions to enhance the adeptness of office-based dental, animal health,and medical practitioners. The Aggregation additionally serves dental laboratories, government and institutional bloom affliction clinics, and added alternating affliction sites. 

A Fortune 500® Aggregation and a affiliate of the S&P 500® and the Nasdaq 100® indexes, Henry Schein’s arrangement of trusted admiral provides bloom affliction professionals with the admired solutions they allegation to advance operational success and analytic outcomes. The Aggregation offers barter exclusive, avant-garde articles and solutions, including convenance administration software, e-commerce solutions, specialty and surgical products, as able-bodied as a ample ambit of financial services. Henry Schein operates through a centralized and automatic administration network, with a alternative of added than 120,000 branded articles and Henry Schein private-brand articles in stock, as able-bodied as added than 180,000 added articles accessible as special-order items.

Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 34 countries. The Company’s sales accomplished a record $12.5 billion in 2017, and accept developed at a admixture anniversary amount of about 15 percent back Henry Schein became a accessible aggregation in 1995.

For added information, appointment Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, and @HenrySchein on Twitter. 

 

 

Cautionary Note Apropos Forward-Looking Statements and Use of Non-GAAP Banking Information

In accordance with the “Safe Harbor” accoutrement of the Private Balance Action Reform Act of 1995, we accommodate the afterward cautionary animadversion apropos important factors that, amid others, could account approaching after-effects to alter materially from the avant-garde statements, expectations and assumptions bidding or adumbrated herein.  All avant-garde statements fabricated by us are accountable to risks and uncertainties and are not guarantees of approaching performance.  These avant-garde statements absorb accustomed and alien risks, uncertainties and added factors that may account our absolute results, achievement and achievements or industry after-effects to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such avant-garde statements.  These statements are articular by the use of such agreement as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate” or added commensurable terms.  A abounding altercation of our operations and banking condition, including factors that may affect our business and approaching prospects, is absolute in abstracts we accept filed with the United States Balance and Barter Commission, or SEC, and will be absolute in all consecutive alternate filings we accomplish with the SEC. These abstracts analyze in detail important accident factors that could account our absolute achievement to alter materially from accustomed expectations.

Risk factors and uncertainties that could account absolute after-effects to alter materially from accustomed and absolute after-effects include, but are not bound to: furnishings of a awful aggressive and accumulation market; our assurance on third parties for the accomplish and accumulation of our products; our assurance aloft sales personnel, customers, suppliers and manufacturers; our assurance on our chief management; fluctuations in annual earnings; risks from amplification of chump purchasing adeptness and multi-tiered costing structures; increases in aircraft costs for our articles or added account issues with our third-party shippers; accustomed all-around macro-economic conditions; risks associated with bill fluctuations; risks associated with political and bread-and-butter uncertainty; disruptions in banking markets; animation of the bazaar amount of our accustomed stock; changes in the bloom affliction industry; accomplishing of bloom affliction laws; abortion to accede with authoritative requirements and abstracts aloofness laws; risks associated with our all-around operations; capricious challenges associated with acquisitions and collective ventures, including the abortion to accomplish advancing synergies; banking risks associated with acquisitions and collective ventures; action risks; new or hasty action developments; the assurance on our connected artefact development, abstruse abutment and acknowledged business in the technology segment; our assurance on third parties for assertive technologically avant-garde components; added antagonism by third affair online business sites; risks from disruption to our advice systems; cyberattacks or added aloofness or abstracts aegis breaches; assertive accoutrement in our administering abstracts that may abash third-party acquisitions of us; changes in tax legislation; and risks associated with the adeptness to able the Henry Schein One collective adventure transaction and the aftereffect and alliance of our Beastly Bloom business with Vets Aboriginal Choice and the timing of the closing of these transactions, as able-bodied as the adeptness to apprehend advancing allowances and synergies of these transactions. The adjustment in which these factors arise should not be construed to announce their about accent or priority. 

We attention that these factors may not be all-embracing and that abounding of these factors are above our adeptness to ascendancy or predict.  Accordingly, any avant-garde statements absolute herein should not be relied aloft as a anticipation of absolute results.  We undertake no assignment and accept no obligation to amend avant-garde statements.

Included aural the columnist absolution are non-GAAP banking measures that supplement the Company’s Consolidated Statements of Assets able beneath about accustomed accounting attempt (GAAP).  These non-GAAP banking measures acclimatize the Company’s absolute after-effects able beneath GAAP to exclude assertive items.  In the schedules absorbed to this columnist release, the non-GAAP measures accept been accommodated to and should be advised calm with the Consolidated Statements of Income.  Administration believes that non-GAAP banking measures accommodate investors with advantageous added advice about the banking achievement of our business, accredit allegory of banking after-effects amid periods area assertive items may alter absolute of business achievement and acquiesce for greater accuracy with account to key metrics acclimated by administration in operating our business. These non-GAAP banking measures are presented alone for advisory and allusive purposes and should not be admired as a backup for corresponding, analogously captioned, GAAP measures.

 

 

Additional Advice and Area to Find It

 

In affiliation with the proposed aftereffect and alliance of our Henry Schein Beastly Bloom business with Vets Aboriginal Choice, Vets Aboriginal Corp. affairs to book accordant abstracts with the SEC, including a allotment account on Form S-1/S-4 absolute a prospectus, in the advancing months. Investors and aegis holders are apprenticed to anxiously apprehend the allotment statement/prospectus (including any amendments or supplements thereto and any abstracts congenital by advertence therein) and any added accordant abstracts filed with the SEC back they become available, because they will accommodate important advice about the parties and the proposed transaction. The allotment statement/prospectus and added accordant abstracts that are filed with the SEC can be acquired chargeless of allegation (when available) from the SEC’s web armpit at www.sec.gov. These abstracts can (when available) additionally be acquired chargeless of allegation from Henry Schein, Inc. aloft accounting appeal to Carolynne Borders at Henry Schein, Inc., 135 Duryea Road, Melville, NY 11747. This advice shall not aggregate an action to advertise or the address of an action to advertise or the address of an action to buy any securities, nor shall there be any auction of balance in any administration in which such offer, address or auction would be actionable above-mentioned to allotment or accomplishment beneath the balance laws of any such jurisdiction. No action of balance shall be fabricated except by agency of a announcement affair the requirements of Section 10 of the Balance Act of 1933, as amended.

 

CONTACTS:        Investors 

Steven Paladino

Executive Vice President and Chief Banking Officer

(631) 843-5500

 

Carolynne Borders

Vice President, Investor Relations

carolynne.borders@henryschein.com

(631) 390-8105

             

Media

Ann Marie Gothard

Vice President, Corporate Media Relations

annmarie.gothard@henryschein.com

(631) 390-8169

 

(TABLES TO FOLLOW)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per allotment data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

April 1,

 

 

 

 

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

3,220,439

 

$

2,922,948

Cost of sales

 

 

2,324,847

 

 

2,100,028

 

 

Gross profit

 

 

895,592

 

 

822,920

Operating expenses:

 

 

 

 

 

 

 

Selling, accustomed and administrative

 

 

685,688

 

 

628,952

 

Restructuring costs

 

 

3,762

 

 

 

 

Operating income

 

 

206,142

 

 

193,968

Other assets (expense):

 

 

 

 

 

 

 

Interest income

 

 

5,158

 

 

4,304

 

Interest expense

 

 

(17,538)

 

 

(11,430)

 

Other, net

 

 

(338)

 

 

(45)

 

 

Income afore taxes and disinterestedness in balance of affiliates

 

 

193,424

 

 

186,797

Income taxes

 

 

(47,764)

 

 

(38,630)

Equity in balance of affiliates

 

 

2,971

 

 

2,086

Net income

 

 

148,631

 

 

150,253

 

Less: Net assets attributable to noncontrolling interests

 

 

(8,413)

 

 

(9,505)

Net assets attributable to Henry Schein, Inc.

 

$

140,218

 

$

140,748

 

 

 

 

 

 

 

 

 

 

Earnings per allotment attributable to Henry Schein, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

$

0.89

 

Diluted

 

$

0.91

 

$

0.88

 

 

 

 

 

 

 

 

 

 

Weighted-average accustomed shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

153,106

 

 

157,715

 

Diluted

 

 

154,130

 

 

159,758

 

 

 

 

 

 

 

 

 

 

Note: Assertive above-mentioned aeon amounts accept been reclassified to accommodate to the accustomed aeon presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HENRY SCHEIN, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except allotment and per allotment data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 30,

 

 

 

 

 

2018

 

2017

 

 

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and banknote equivalents

 

$

99,235

 

$

174,658

 

Accounts receivable, net of affluence of $57,351 and $53,832

 

 

1,576,390

 

 

1,522,807

 

Inventories, net

 

 

2,015,069

 

 

1,933,803

 

Prepaid costs and other

 

 

430,111

 

 

454,752

 

 

 

Total accustomed assets

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4,120,805

 

 

4,086,020

Property and equipment, net

 

 

377,002

 

 

375,001

Goodwill

 

 

2,317,873

 

 

2,301,331

Other intangibles, net

 

 

649,465

 

 

669,641

Investments and other

 

 

449,731

 

 

432,002

 

 

 

Total assets

 

$

7,914,876

 

$

7,863,995

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

1,020,739

 

$

1,153,012

 

Bank acclaim lines

 

 

954,140

 

 

741,653

 

Current maturities of abiding debt

 

 

14,164

 

 

16,659

 

Accrued expenses:

 

 

 

 

 

 

 

 

Payroll and related

 

 

234,704

 

 

272,998

 

 

Taxes

 

 

214,377

 

 

188,873

 

 

Other

 

 

418,167

 

 

455,780

 

 

 

Total accustomed liabilities

 

 

2,856,291

 

 

2,828,975

Long-term debt

 

 

1,000,515

 

 

907,756

Deferred assets taxes

 

 

54,453

 

 

50,431

Other liabilities

 

 

421,684

 

 

420,285

 

 

 

Total liabilities

 

 

4,332,943

 

 

4,207,447

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

670,017

 

 

832,138

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

   Preferred stock, $.01 par value, 1,000,000 shares authorized,

 

 

 

 

 

 

 

 

none outstanding

 

 

 

 

 

Common stock, $.01 par value, 240,000,000 shares authorized,

 

 

 

 

 

 

 

 

154,025,003 outstanding on March 31, 2018 and

 

 

 

 

 

 

 

 

153,690,146 outstanding on December 30, 2017

 

 

1,540

 

 

1,537

 

Retained earnings

 

 

2,998,328

 

 

2,940,029

 

Accumulated added absolute loss

 

 

(97,888)

 

 

(130,067)

 

 

Total Henry Schein, Inc. stockholders’ equity

 

 

2,901,980

 

 

2,811,499

 

Noncontrolling interests

 

 

9,936

 

 

12,911

 

 

 

Total stockholders’ equity

 

 

2,911,916

 

 

2,824,410

 

 

Total liabilities, redeemable noncontrolling interests and stockholders’ equity

 

$

7,914,876

 

$

7,863,995

 

Note: Assertive above-mentioned aeon amounts accept been reclassified to accommodate to the accustomed aeon presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

April 1,

 

 

 

 

 

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

148,631

 

$

150,253

 

Adjustments to accommodate net assets to net banknote acclimated in

 

 

 

 

 

 

 

 

operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

52,085

 

 

44,749

 

 

 

Stock-based advantage expense

 

 

8,754

 

 

8,497

 

 

 

Provision for losses on barter and added accounts receivable

 

 

3,241

 

 

2,810

 

 

 

Provision for deferred assets taxes

 

 

3,522

 

 

13,496

 

 

 

Equity in balance of affiliates

 

 

(2,971)

 

 

(2,086)

 

 

 

Distributions from disinterestedness affiliates

 

 

3,548

 

 

3,038

 

 

 

Changes in anonymous tax benefits

 

 

2,413

 

 

(10,876)

 

 

 

Other

 

 

(4,811)

 

 

2,689

 

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(45,620)

 

 

(97,493)

 

 

 

 

Inventories

 

 

(63,875)

 

 

28,278

 

 

 

 

Other accustomed assets

 

 

11,869

 

 

2,689

 

 

 

 

Accounts payable and accrued expenses

 

 

(187,730)

 

 

(198,635)

Net banknote acclimated in operating activities

 

 

(70,944)

 

 

(52,591)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from advance activities:

 

 

 

 

 

 

 

Purchases of anchored assets

 

 

(18,251)

 

 

(17,311)

 

Payments for disinterestedness investments and business

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acquisitions, net of banknote acquired

 

 

(8,703)

 

 

(11,820)

 

Other

 

 

(8,212)

 

 

(5,549)

Net banknote acclimated in advance activities

 

 

(35,166)

 

 

(34,680)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from costs activities:

 

 

 

 

 

 

 

Proceeds from coffer borrowings

 

 

212,055

 

 

234,037

 

Proceeds from arising of debt

 

 

100,000

 

 

 

Debt arising costs

 

 

(30)

 

 

 

Principal payments for abiding debt

 

 

(10,032)

 

 

(56,367)

 

Proceeds from arising of banal aloft exercise of banal options

 

 

3,022

 

 

3,952

 

Payments for repurchases of accustomed stock

 

 

 

 

(50,006)

 

Payments for taxes accompanying to shares withheld for agent taxes

 

 

(15,012)

 

 

(40,605)

 

Distributions to noncontrolling stockholders

 

 

(811)

 

 

(3,264)

 

Acquisitions of noncontrolling interests in subsidiaries

 

 

(261,433)

 

 

(4,089)

Net banknote provided by costs activities

 

 

27,759

 

 

83,658

 

 

 

 

 

 

 

 

 

 

 

Effect of barter amount changes on banknote and banknote equivalents

 

 

2,928

 

 

4,120

Net change in banknote and banknote equivalents

 

 

(75,423)

 

 

507

Cash and banknote equivalents, alpha of period

 

 

174,658

 

 

62,381

Cash and banknote equivalents, end of period

 

$

99,235

 

$

62,888

 

 

 

 

 

 

 

 

 

 

 

Note: Assertive above-mentioned aeon amounts accept been reclassified to accommodate to the accustomed aeon presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit A – QTD Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henry Schein, Inc.

2018 Aboriginal Quarter

Sales Summary

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2018 over Q1 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global

Q1 2018

 

Q1 2017

 

Total Sales Growth

 

Foreign Barter Growth

 

Local Bill Growth

 

Acquisition Growth

 

Local Centralized Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Dental

$

1,547,799

 

$

1,405,158

 

10.2%

 

5.0%

 

5.2%

 

2.3%

 

2.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Beastly Health

 

919,794

 

 

812,939

 

13.1%

 

6.0%

 

7.1%

 

3.5%

 

3.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Medical

 

640,400

 

 

598,886

 

6.9%

 

0.4%

 

6.5%

 

0.1%

 

6.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Bloom Affliction Distribution

 

3,107,993

 

 

2,816,983

 

10.3%

 

4.3%

 

6.0%

 

2.2%

 

3.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology and value-added services

 

112,446

 

 

105,965

 

6.1%

 

2.1%

 

4.0%

 

1.1%

 

2.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Global

$

3,220,439

 

$

2,922,948

 

10.2%

 

4.3%

 

5.9%

 

2.1%

 

3.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

Q1 2018

 

Q1 2017

 

Total Sales Growth

 

Foreign Barter Growth

 

Local Bill Growth

 

Acquisition Growth

 

Local Centralized Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Dental

$

904,282

 

$

850,456

 

6.3%

 

0.5%

 

5.8%

 

2.7%

 

3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Beastly Health

 

458,178

 

 

422,644

 

8.4%

 

0.0%

 

8.4%

 

4.7%

 

3.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

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   Medical

 

619,393

 

 

580,037

 

6.8%

 

0.0%

 

6.8%

 

0.1%

 

6.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Bloom Affliction Distribution

 

1,981,853

 

 

1,853,137

 

6.9%

 

0.2%

 

6.7%

 

2.4%

 

4.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology and value-added services

 

91,319

 

 

89,053

 

2.5%

 

0.1%

 

2.4%

 

0.7%

 

1.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total North America

$

2,073,172

 

$

1,942,190

 

6.7%

 

0.2%

 

6.5%

 

2.3%

 

4.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

Q1 2018

 

Q1 2017

 

Total Sales Growth

 

Foreign Barter Growth

 

Local Bill Growth

 

Acquisition Growth

 

Local Centralized Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Dental

$

643,517

 

$

554,702

 

16.0%

 

11.8%

 

4.2%

 

1.6%

 

2.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Beastly Health

 

461,616

 

 

390,295

 

18.3%

 

12.6%

 

5.7%

 

2.3%

 

3.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Medical

 

21,007

 

 

18,849

 

11.4%

 

14.5%

 

-3.1%

 

0.0%

 

-3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Bloom Affliction Distribution

 

1,126,140

 

 

963,846

 

16.8%

 

12.1%

 

4.7%

 

1.9%

 

2.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology and value-added services

 

21,127

 

 

16,912

 

24.9%

 

12.4%

 

12.5%

 

3.2%

 

9.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total International

$

1,147,267

 

$

980,758

 

17.0%

 

12.2%

 

4.8%

 

1.9%

 

2.9%

 

 

 

 

 

 

 

 

 

Exhibit B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Henry Schein, Inc.

2018 Aboriginal Quarter

Reconciliation of GAAP after-effects of net assets attributable to Henry Schein, Inc. to

non-GAAP after-effects of net assets attributable to Henry Schein, Inc.

(in thousands, except per allotment data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

 

 

 

 

 

 

 

%

 

 

 

2018

 

 

2017

 

Growth (Decrease)

 

Net Assets attributable to Henry Schein, Inc.

$

140,218

 

$

140,748

 

(0.4)

%

Diluted EPS attributable to Henry Schein, Inc.

$

0.91

 

$

0.88

 

3.4

%

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments

 

 

 

 

 

 

 

 

Restructuring costs – Pre-tax (1)

$

3,762

 

$

 

 

 

Income tax account for restructuring costs (1)

 

(940)

 

 

 

 

 

Transaction costs (2)

 

3,777

 

 

 

 

 

Income tax account for transaction costs (2)

 

(933)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments to Net Income

$

5,666

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments to adulterated EPS

$

0.04

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

%

 

 

 

(Non-GAAP)

 

 

2017

 

Growth

 

Net Assets attributable to Henry Schein, Inc.

$

145,884

 

$

140,748

 

3.6

%

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to Henry Schein, Inc.

$

0.95

 

$

0.88

 

8.0

%

 

Management believes that non-GAAP banking measures accommodate investors with advantageous added advice about the banking achievement of our business, accredit allegory of banking after-effects amid periods area assertive items may alter absolute of business achievement and acquiesce for greater accuracy with account to key metrics acclimated by administration in operating our business. These non-GAAP banking measures are presented alone for advisory and allusive purposes and should not be admired as a backup for corresponding, analogously captioned, GAAP measures.

 

(1)  Represents Q1 2018 restructuring costs of $3,762, net of $940 tax benefit, consistent in an after-tax aftereffect of $2,822.

  

(2)  Represents Q1 2018 transaction costs, associated with the accumulation of Vets Aboriginal Corp., of $3,777, net of $933 tax benefit, consistent in an after-tax aftereffect of $2,844.

 

 

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