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Cardinal Health Inc (CAH) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, June 30, 2021

Cardinal Health Inc

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CIK: 721371 Ticker: CAH
Exhibit 99.1
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FOR IMMEDIATE RELEASE

Cardinal Health reports fourth quarter and full year results for fiscal year 2021

•Revenue increased 16% to $42.6 billion in the fourth quarter
•GAAP1 operating earnings decreased 40% to $162 million and non-GAAP operating earnings decreased 28% to $320 million in the fourth quarter, due to a COVID-19-related inventory reserve related to certain PPE in the Medical segment
•GAAP diluted EPS were $0.40 and non-GAAP diluted EPS were $0.77 for the fourth quarter
•Generated operating cash flow of $665 million in the fourth quarter, ending the year with $2.4 billion of operating cash flow
•Increasing enterprise cost savings target by an additional $250 million to $750 million by fiscal year 2023

DUBLIN, Ohio, August 5, 2021
 – Cardinal Health (NYSE: CAH) today reported that fourth-quarter fiscal 2021 revenue increased 16% to $42.6 billion. This increase includes the favorable prior year comparison from reduced pharmaceutical demand related to COVID-19. Fiscal year 2021 revenues were $162.5 billion, a 6% increase from fiscal year 2020.

Both GAAP and Non-GAAP operating earnings during the fourth quarter and fiscal year 2021 were adversely impacted by a $197 million COVID-19-related inventory reserve related to certain Personal Protective Equipment (PPE) in the Medical segment. Fourth-quarter and full year GAAP diluted earnings per share (EPS) were also negatively impacted by $149 million and $1.17 billion pre-tax charges, respectively, related to opioid lawsuits brought by states and local governmental entities.

Fourth-quarter GAAP operating earnings decreased 40% to $162 million and GAAP diluted EPS decreased to $0.40. Non-GAAP operating earnings decreased 28% to $320 million and Non-GAAP diluted EPS decreased 26% to $0.77 in the quarter.

Fiscal year 2021 GAAP operating earnings were $472 million and non-GAAP operating earnings decreased 5% to $2.3 billion. GAAP diluted EPS for fiscal year 2021 were $2.08, while non-GAAP diluted EPS were $5.57.

“We’re disappointed with our fourth quarter results. Throughout the past year we have been taking action to drive performance, and we will continue to move forward with urgency,” said Mike Kaufmann, CEO of Cardinal Health. “For example, we divested the Cordis business, extended our Red Oak Sourcing agreement with CVS Health, identified $250 million of additional cost savings opportunities and made important leadership changes. With the actions we’ve taken to date and our plans for fiscal year 2022, we feel confident in our strategy, and are encouraged by the tailwinds behind our growth areas and strong cash flow generation."











The following information was filed by Cardinal Health Inc (CAH) on Thursday, August 5, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Components Of Property And Equipment) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Dividends) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Goodwill And Other Intangible Assets) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Inventories) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Major Customers) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Property And Equipment) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Receivables) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Sales Returns And Allowances) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Shipping And Handling) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Vendor Reserves) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Revenue And Gross Trade Receivables Percentage By Major Customers) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies Loss Contingencies (Details)
Commitments, Contingent Liabilities And Litigation
Commitments, Contingent Liabilities And Litigation (Details)
Divestitures And Acquisitions
Divestitures And Acquisitions (Narrative) (Details)
Divestitures And Acquisitions (Tables)
Earnings Per Share Attributable To Cardinal Health, Inc.
Earnings Per Share Attributable To Cardinal Health, Inc. (Narrative) (Details)
Earnings Per Share Attributable To Cardinal Health, Inc. (Reconciliation Of Common Shares Used To Compute Basic And Diluted Eps) (Details)
Earnings Per Share Attributable To Cardinal Health, Inc. (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Fair Value Of Assets And Liabilities Measured On A Recurring Basis) (Details)
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs (Level 3)) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments (Schedule Of Fair Value Gain Loss Derivative Instrument) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Included In Aoci For Derivative Instruments Designated As Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Reclassified From Aoci Into Earnings For Derivative Instruments Designated As Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Recognized In Earnings For Derivatives Not Designated As Hedging Instrument) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Recognized In Earnings For Interest Rate Contracts Designated As Fair Value Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Economic Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Fair Value Hedges) (Details)
Financial Instruments (Schedule Of The Fair Value Of Assets And Liabilities Related To Derivatives Designated As Hedging Instruments) (Details)
Financial Instruments (Summary Of Estimated Fair Value Of Long-Term Obligations And Other Short-Term Borrowings) (Details)
Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit), Current And Deferred) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities After Netting By Tax Jurisdiction) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Before Income Tax, Domestic And Foreign) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details)
Income Taxes (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases Schedule Of Future Lease Payments (Details)
Leases Schedule Of Lease Costs (Details)
Leases Supplemental Balance Sheet Information (Details)
Leases Supplemental Cash Flow Information (Details)
Long-Term Obligations And Other Short-Term Borrowings
Long-Term Obligations And Other Short-Term Borrowings (Tables)
Long-Term Obligations And Other Short-Term Borrowings Long-Term Debt (Details)
Long-Term Obligations And Other Short-Term Borrowings Narrative (Details)
Long-Term Obligations And Other Short-Term Borrowings Other Financing Arrangements (Details)
Long-Term Obligations And Other Short-Term Borrowings Summary Of Debt (Details)
Restructuring And Employee Severance
Restructuring And Employee Severance (Activity Related To Restructuring And Employee Severance Costs) (Details)
Restructuring And Employee Severance (Liabilities Associated With Restructuring And Employee Severance Activities) (Details)
Restructuring And Employee Severance (Tables)
Schedule Ii - Valuations And Qualifying Accounts
Schedule Ii - Valuations And Qualifying Accounts (Details)
Segment Information
Segment Information (Assets By Reportable Segment) (Details)
Segment Information (Depreciation And Amortization And Additions To Property And Equipment By Reportable Segment) (Details)
Segment Information (Narrative) (Details)
Segment Information (Revenue By Reportable Segment) (Details)
Segment Information (Segment Profit By Reportable Segment) (Details)
Segment Information (Tables)
Segment Information Property And Equipment, Net By Geographic Area) (Details)
Share-Based Compensation
Share-Based Compensation (Additional Data Related To Performance Share Unit Activity) (Details)
Share-Based Compensation (Additional Data Related To Restricted Share Unit Activity) (Details)
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Additional Data Related To Stock Options) (Details)
Share-Based Compensation (Schedule Of All Stock Option Transactions Under The Plans) (Details)
Share-Based Compensation (Schedule Of All Transactions Related To Performance Share Units Under The Plans) (Details)
Share-Based Compensation (Schedule Of All Transactions Related To Restricted Share Units Under The Plans) (Details)
Share-Based Compensation (Schedule Of Total Share-Based Compensation Expense By Type Of Award) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation Schedule Of Remaining Stock Option Plan Data (Details)
Shareholders' Equity
Shareholders' Equity (Changes In The Accumulated Other Comprehensive Income (Loss)) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Tables)
Ticker: CAH
CIK: 721371
Form Type: 10-K Annual Report
Accession Number: 0000721371-21-000080
Submitted to the SEC: Mon Aug 16 2021 8:50:00 AM EST
Accepted by the SEC: Mon Aug 16 2021
Period: Wednesday, June 30, 2021
Industry: Wholesale Drugs Proprietaries And Druggists Sundries

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