(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Post Office Box 27626, Richmond, Virginia | 23261-7626 | ||||||||||||||||
(Mailing address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |
OWENS & MINOR, INC. | ||||||||||||||||||||||||||
Date: November 3, 2023 | By: | /s/ Heath H. Galloway | ||||||||||||||||||||||||
Name: | Heath H. Galloway | |||||||||||||||||||||||||
Title: | Executive Vice President, General Counsel and Corporate Secretary |
Financial Summary (1) | YTD | YTD | |||||||||||||||||||||
($ in millions, except per share data) | 3Q23 | 3Q22 | 2023 | 2022 | |||||||||||||||||||
Revenue | $2,592 | $2,497 | $7,678 | $7,404 | |||||||||||||||||||
Operating income, GAAP | $23.8 | $60.2 | $44.5 | $196.4 | |||||||||||||||||||
Adj. Operating Income, Non-GAAP | $84.2 | $83.4 | $193.9 | $301.9 | |||||||||||||||||||
Net (loss) income, GAAP | $(6.4) | $12.5 | $(59.1) | $80.4 | |||||||||||||||||||
Adj. Net Income, Non-GAAP | $34.1 | $31.4 | $51.9 | $162.5 | |||||||||||||||||||
Adj. EBITDA, Non-GAAP | $134.7 | $127.5 | $356.2 | $413.4 | |||||||||||||||||||
Net (loss) income per common share, GAAP | $(0.08) | $0.16 | $(0.78) | $1.05 | |||||||||||||||||||
Adj. Net Income per share, Non-GAAP | $0.44 | $0.41 | $0.67 | $2.13 |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net revenue | $ | 2,591,742 | $ | 2,497,401 | |||||||
Cost of goods sold | 2,053,244 | 1,984,122 | |||||||||
Gross margin | 538,498 | 513,279 | |||||||||
Distribution, selling and administrative expenses | 452,583 | 430,957 | |||||||||
Acquisition-related charges and intangible amortization | 30,217 | 21,217 | |||||||||
Exit and realignment charges | 30,180 | 1,983 | |||||||||
Other operating expense (income), net | 1,677 | (1,125) | |||||||||
Operating income | 23,841 | 60,247 | |||||||||
Interest expense, net | 38,127 | 39,869 | |||||||||
Other (income) expense, net | (3,302) | 783 | |||||||||
(Loss) income before income taxes | (10,984) | 19,595 | |||||||||
Income tax (benefit) provision | (4,558) | 7,098 | |||||||||
Net (loss) income | $ | (6,426) | $ | 12,497 | |||||||
Net (loss) income per common share: | |||||||||||
Basic | $ | (0.08) | $ | 0.17 | |||||||
Diluted | $ | (0.08) | $ | 0.16 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net revenue | $ | 7,677,817 | $ | 7,404,368 | |||||||
Cost of goods sold | 6,122,579 | 5,985,136 | |||||||||
Gross margin | 1,555,238 | 1,419,232 | |||||||||
Distribution, selling and administrative expenses | 1,356,334 | 1,122,353 | |||||||||
Acquisition-related charges and intangible amortization | 74,609 | 100,628 | |||||||||
Exit and realignment charges | 74,817 | 4,879 | |||||||||
Other operating expense (income), net | 4,991 | (5,020) | |||||||||
Operating income | 44,487 | 196,392 | |||||||||
Interest expense, net | 121,053 | 87,727 | |||||||||
Other (income) expense, net | (843) | 2,347 | |||||||||
(Loss) income before income taxes | (75,723) | 106,318 | |||||||||
Income tax (benefit) provision | (16,638) | 25,937 | |||||||||
Net (loss) income | $ | (59,085) | $ | 80,381 | |||||||
Net (loss) income per common share: | |||||||||||
Basic | $ | (0.78) | $ | 1.08 | |||||||
Diluted | $ | (0.78) | $ | 1.05 |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 215,191 | $ | 69,467 | |||||||
Accounts receivable, net of allowances of $9,196 and $9,063 | 682,682 | 763,497 | |||||||||
Merchandise inventories | 1,084,350 | 1,333,585 | |||||||||
Other current assets | 148,046 | 128,636 | |||||||||
Total current assets | 2,130,269 | 2,295,185 | |||||||||
Property and equipment, net of accumulated depreciation of $532,399 and $450,286 | 540,419 | 578,269 | |||||||||
Operating lease assets | 300,264 | 280,665 | |||||||||
Goodwill | 1,635,010 | 1,636,705 | |||||||||
Intangible assets, net | 381,557 | 445,042 | |||||||||
Other assets, net | 136,544 | 150,417 | |||||||||
Total assets | $ | 5,124,063 | $ | 5,386,283 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 1,182,408 | $ | 1,147,414 | |||||||
Accrued payroll and related liabilities | 106,194 | 93,296 | |||||||||
Other current liabilities | 443,579 | 325,756 | |||||||||
Total current liabilities | 1,732,181 | 1,566,466 | |||||||||
Long-term debt, excluding current portion | 2,113,602 | 2,482,968 | |||||||||
Operating lease liabilities, excluding current portion of $85,149 and $76,805 | 225,208 | 215,469 | |||||||||
Deferred income taxes | 45,616 | 60,833 | |||||||||
Other liabilities | 120,596 | 114,943 | |||||||||
Total liabilities | 4,237,203 | 4,440,679 | |||||||||
Total equity | 886,860 | 945,604 | |||||||||
Total liabilities and equity | $ | 5,124,063 | $ | 5,386,283 |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income | $ | (6,426) | $ | 12,497 | |||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 73,652 | 58,151 | |||||||||
Share-based compensation expense | 5,742 | 4,555 | |||||||||
Provision for losses on accounts receivable | 413 | 777 | |||||||||
Gain on extinguishment of debt | (5,222) | — | |||||||||
Deferred income tax (benefit) provision | (9,557) | 1,390 | |||||||||
Changes in operating lease right-of-use assets and lease liabilities | 1,560 | 316 | |||||||||
Gain on sale and dispositions of property and equipment | (7,899) | (17,228) | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (13,006) | (8,858) | |||||||||
Merchandise inventories | 81,406 | 17,615 | |||||||||
Accounts payable | (5,821) | 18,075 | |||||||||
Net change in other assets and liabilities | 39,913 | (21,478) | |||||||||
Other, net | 2,680 | 2,709 | |||||||||
Cash provided by operating activities | 157,435 | 68,521 | |||||||||
Investing activities: | |||||||||||
Additions to property and equipment | (47,728) | (47,039) | |||||||||
Additions to computer software | (2,860) | (2,410) | |||||||||
Proceeds from sale of property and equipment | 17,916 | 23,874 | |||||||||
Other, net | — | (831) | |||||||||
Cash used for investing activities | (32,672) | (26,406) | |||||||||
Financing activities: | |||||||||||
Borrowings under amended Receivables Financing Agreement | 127,800 | 349,900 | |||||||||
Repayments under amended Receivables Financing Agreement | (127,800) | (367,900) | |||||||||
Repayments of debt | (191,888) | (1,500) | |||||||||
Financing costs paid | — | (1,123) | |||||||||
Other, net | 8,893 | 575 | |||||||||
Cash used for financing activities | (182,995) | (20,048) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (711) | (1,888) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (58,943) | 20,179 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 309,103 | 73,029 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 250,160 | $ | 93,208 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Income taxes paid, net | $ | 3,708 | $ | 7,786 | |||||||
Interest paid | $ | 22,454 | $ | 29,472 | |||||||
Noncash investing activity: | — | ||||||||||
Unpaid purchases of property and equipment and computer software at end of period | $ | 60,870 | $ | 63,158 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income | $ | (59,085) | $ | 80,381 | |||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 216,640 | 155,438 | |||||||||
Share-based compensation expense | 17,417 | 15,765 | |||||||||
(Benefit) provision for losses on accounts receivable | (487) | 5,289 | |||||||||
Gain on extinguishment of debt | (4,379) | — | |||||||||
Deferred income tax (benefit) provision | (16,315) | 2,991 | |||||||||
Changes in operating lease right-of-use assets and lease liabilities | (1,517) | 922 | |||||||||
Gain on sale and dispositions of property and equipment | (26,462) | (17,002) | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 77,197 | 7,417 | |||||||||
Merchandise inventories | 247,057 | (6,823) | |||||||||
Accounts payable | 46,338 | 30,424 | |||||||||
Net change in other assets and liabilities | 122,867 | (45,423) | |||||||||
Other, net | 9,674 | 8,666 | |||||||||
Cash provided by operating activities | 628,945 | 238,045 | |||||||||
Investing activities: | |||||||||||
Acquisition, net of cash acquired | — | (1,684,607) | |||||||||
Additions to property and equipment | (140,478) | (109,275) | |||||||||
Additions to computer software | (11,089) | (5,873) | |||||||||
Proceeds from sale of property and equipment | 53,645 | 29,720 | |||||||||
Other, net | (418) | (1,670) | |||||||||
Cash used for investing activities | (98,340) | (1,771,705) | |||||||||
Financing activities: | |||||||||||
Borrowings under amended Receivables Financing Agreement | 476,000 | 697,700 | |||||||||
Repayments under amended Receivables Financing Agreement | (572,000) | (770,700) | |||||||||
Repayments of debt | (270,189) | (3,000) | |||||||||
Proceeds from issuance of debt | — | 1,691,000 | |||||||||
Borrowings under revolving credit facility, net and Receivables Financing Agreement | — | 30,000 | |||||||||
Financing costs paid | — | (42,602) | |||||||||
Other, net | 74 | (41,813) | |||||||||
Cash (used for) provided by financing activities | (366,115) | 1,560,585 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (515) | (5,752) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 163,975 | 21,173 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 86,185 | 72,035 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 250,160 | $ | 93,208 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Income taxes (received) paid, net | $ | (6,798) | $ | 33,568 | |||||||
Interest paid | $ | 101,079 | $ | 61,889 | |||||||
Noncash investing activity: | |||||||||||
Unpaid purchases of property and equipment and computer software at end of period | $ | 60,870 | $ | 63,158 |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
% of | % of | ||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||
Amount | net revenue | Amount | net revenue | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 1,943,467 | 74.99 | % | $ | 1,903,356 | 76.21 | % | |||||||||||||||
Patient Direct | 648,275 | 25.01 | % | 594,045 | 23.79 | % | |||||||||||||||||
Consolidated net revenue | $ | 2,591,742 | 100.00 | % | $ | 2,497,401 | 100.00 | % | |||||||||||||||
% of segment | % of segment | ||||||||||||||||||||||
Operating income: | net revenue | net revenue | |||||||||||||||||||||
Products & Healthcare Services | $ | 19,803 | 1.02 | % | $ | 23,781 | 1.25 | % | |||||||||||||||
Patient Direct | 64,435 | 9.94 | % | 59,666 | 10.04 | % | |||||||||||||||||
Acquisition-related charges and intangible amortization | (30,217) | (21,217) | |||||||||||||||||||||
Exit and realignment charges | (30,180) | (1,983) | |||||||||||||||||||||
Consolidated operating income | $ | 23,841 | 0.92 | % | $ | 60,247 | 2.41 | % | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 20,021 | $ | 19,121 | |||||||||||||||||||
Patient Direct | 53,631 | 39,030 | |||||||||||||||||||||
Consolidated depreciation and amortization | $ | 73,652 | $ | 58,151 | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 5,023 | $ | 9,743 | |||||||||||||||||||
Patient Direct | 45,565 | 39,706 | |||||||||||||||||||||
Consolidated capital expenditures | $ | 50,588 | $ | 49,449 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
% of | % of | ||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||
Amount | net revenue | Amount | net revenue | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 5,789,679 | 75.41 | % | $ | 5,964,784 | 80.56 | % | |||||||||||||||
Patient Direct | 1,888,138 | 24.59 | % | 1,439,584 | 19.44 | % | |||||||||||||||||
Consolidated net revenue | $ | 7,677,817 | 100.00 | % | $ | 7,404,368 | 100.00 | % | |||||||||||||||
% of segment | % of segment | ||||||||||||||||||||||
Operating income: | net revenue | net revenue | |||||||||||||||||||||
Products & Healthcare Services | $ | 24,564 | 0.42 | % | $ | 174,108 | 2.92 | % | |||||||||||||||
Patient Direct | 169,349 | 8.97 | % | 127,791 | 8.88 | % | |||||||||||||||||
Acquisition-related charges and intangible amortization | (74,609) | (100,628) | |||||||||||||||||||||
Exit and realignment charges | (74,817) | (4,879) | |||||||||||||||||||||
Consolidated operating income | $ | 44,487 | 0.58 | % | $ | 196,392 | 2.65 | % | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 57,360 | $ | 57,325 | |||||||||||||||||||
Patient Direct | 159,280 | 98,113 | |||||||||||||||||||||
Consolidated depreciation and amortization | $ | 216,640 | $ | 155,438 | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 17,957 | $ | 38,804 | |||||||||||||||||||
Patient Direct | 133,610 | 76,344 | |||||||||||||||||||||
Consolidated capital expenditures | $ | 151,567 | $ | 115,148 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net (loss) income | $ | (6,426) | $ | 12,497 | $ | (59,085) | $ | 80,381 | |||||||||||||||
Weighted average shares outstanding - basic | 76,203 | 74,905 | 75,691 | 74,376 | |||||||||||||||||||
Dilutive shares | — | 1,510 | — | 1,835 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 76,203 | 76,415 | 75,691 | 76,211 | |||||||||||||||||||
Net (loss) income per common share: | |||||||||||||||||||||||
Basic | $ | (0.08) | $ | 0.17 | $ | (0.78) | $ | 1.08 | |||||||||||||||
Diluted | $ | (0.08) | $ | 0.16 | $ | (0.78) | $ | 1.05 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating income, as reported (GAAP) | $ | 23,841 | $ | 60,247 | $ | 44,487 | $ | 196,392 | ||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 30,217 | 21,217 | 74,609 | 100,628 | ||||||||||||||||||||||
Exit and realignment charges (2) | 30,180 | 1,983 | 74,817 | 4,879 | ||||||||||||||||||||||
Operating income, adjusted (non-GAAP) (Adjusted Operating Income) | $ | 84,238 | $ | 83,447 | $ | 193,913 | $ | 301,899 | ||||||||||||||||||
Operating income as a percent of net revenue (GAAP) | 0.92% | 2.41% | 0.58% | 2.65% | ||||||||||||||||||||||
Adjusted operating income as a percent of net revenue (non-GAAP) | 3.25% | 3.34% | 2.53% | 4.08% | ||||||||||||||||||||||
Net (loss) income, as reported (GAAP) | $ | (6,426) | $ | 12,497 | $ | (59,085) | $ | 80,381 | ||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 30,217 | 21,217 | 74,609 | 100,628 | ||||||||||||||||||||||
Exit and realignment charges (2) | 30,180 | 1,983 | 74,817 | 4,879 | ||||||||||||||||||||||
Other (3) | (4,657) | 525 | (2,685) | 1,574 | ||||||||||||||||||||||
Income tax benefit on pre-tax adjustments (4) | (15,180) | (4,776) | (35,711) | (25,002) | ||||||||||||||||||||||
Net income, adjusted (non-GAAP) (Adjusted Net Income) | $ | 34,134 | $ | 31,446 | $ | 51,945 | $ | 162,460 | ||||||||||||||||||
Net (loss) income per common share, as reported (GAAP) | $ | (0.08) | $ | 0.16 | $ | (0.78) | $ | 1.05 | ||||||||||||||||||
After-tax adjustments: | ||||||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 0.28 | 0.22 | 0.74 | 1.01 | ||||||||||||||||||||||
Exit and realignment charges (2) | 0.28 | 0.02 | 0.74 | 0.05 | ||||||||||||||||||||||
Other (3) | (0.04) | 0.01 | (0.03) | 0.02 | ||||||||||||||||||||||
Net income per common share, adjusted (non-GAAP) (Adjusted EPS) | $ | 0.44 | $ | 0.41 | $ | 0.67 | $ | 2.13 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net (loss) income, as reported (GAAP) | $ | (6,426) | $ | 12,497 | $ | (59,085) | $ | 80,381 | ||||||||||||||||||
Income tax (benefit) provision | (4,558) | 7,098 | (16,638) | 25,937 | ||||||||||||||||||||||
Interest expense, net | 38,127 | 39,869 | 121,053 | 87,727 | ||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 30,217 | 21,217 | 74,609 | 100,628 | ||||||||||||||||||||||
Exit and realignment charges (2) | 30,180 | 1,983 | 74,817 | 4,879 | ||||||||||||||||||||||
Other depreciation and amortization (5) | 50,909 | 43,849 | 151,635 | 99,979 | ||||||||||||||||||||||
Stock compensation (6) | 4,616 | 5,374 | 15,761 | 15,593 | ||||||||||||||||||||||
LIFO credits (7) | (3,660) | (4,957) | (3,253) | (3,331) | ||||||||||||||||||||||
Other (3) | (4,657) | 525 | (2,685) | 1,574 | ||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 134,748 | $ | 127,455 | $ | 356,214 | $ | 413,367 | ||||||||||||||||||
September 30, | ||||||||
2023 | ||||||||
Total debt, as reported (GAAP) | $ | 2,146,037 | ||||||
Cash and cash equivalents | (215,191) | |||||||
Net debt (non-GAAP) | $ | 1,930,846 | ||||||
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