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Cardinal Health Inc (CAH) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

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Cardinal Health Inc

HISTORY TOOLS
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 2022

•Revenue increased 11% to $47.1 billion in the fourth quarter
•GAAP1 operating earnings were $36 million in the fourth quarter; GAAP diluted EPS were $0.50 in the fourth quarter
•Non-GAAP operating earnings increased 41% to $450 million in the fourth quarter; non-GAAP diluted EPS increased 36% to $1.05 in the fourth quarter
•Generated operating cash flow of $3.1 billion in fiscal year 2022
•Company provides fiscal year 2023 guidance and reiterates long-term targets
•Company introduces Medical Improvement Plan, targeting Medical segment profit of at least $650 million by fiscal year 2025

DUBLIN, Ohio, August 11, 2022
 – Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2022 revenues of $47.1 billion, an increase of 11% from the fourth quarter of last year. GAAP operating earnings were $36 million, primarily due to a non-cash, pre-tax goodwill impairment charge of $303 million in the Medical segment. GAAP diluted earnings per share (EPS) were $0.50, primarily due to this impairment, net of tax effects. Non-GAAP operating earnings increased 41% to $450 million, primarily due to the increase in Pharmaceutical segment profit, and non-GAAP diluted EPS increased 36% to $1.05 in the quarter.

Fiscal year 2022 revenues were $181.4 billion, a 12% increase from fiscal year 2021. GAAP operating loss was $596 million due to non-cash, pre-tax goodwill impairment charges of $2.1 billion in the Medical segment. GAAP diluted loss per share was $3.35, primarily due to these impairments, net of tax effects. Non-GAAP operating earnings decreased 12% to $2.0 billion, primarily due to net inflationary impacts and global supply chain constraints in the Medical segment. Non-GAAP diluted EPS decreased 9% to $5.06 due to the decline in Medical segment profit, partially offset by an increase in Pharmaceutical segment profit, net of tax effects.

“In fiscal year 2022, Medical segment performance was significantly impacted by inflation and supply chain constraints,” said Mike Kaufmann, CEO of Cardinal Health. “In addition, the Pharmaceutical segment grew 5% and we generated strong cash flow, returning $1.6 billion to our shareholders through share repurchases and dividends.”

Jason Hollar, CFO of Cardinal Health, said, “Looking forward, we have confidence in our Medical Improvement Plan and our long-term targets for growth. We remain committed to the essential role our company plays in healthcare and to delivering value for our customers, employees, and investors.”

Q4 and full year FY22 summary
Q4 FY22Q4 FY21Y/YFY22FY21Y/Y
Revenue$47.1 billion$42.6 billion11%$181.4 billion$162.5 billion12%
Operating earnings/(loss)$36 million$162 million(78)%$(596) million$472 millionN.M.
Non-GAAP operating earnings$450 million$320 million41%$2.0 billion$2.3 billion(12)%
Net earnings/(loss) attributable to Cardinal Health, Inc.$138 million$116 million19%$(933) million$611 millionN.M.
Non-GAAP net earnings attributable to Cardinal Health, Inc.$289 million$227 million27%$1.4 billion$1.6 billion(13)%
Effective Tax Rate1
575.3%2.6%(21.2)%(89.7)%
Non-GAAP Effective Tax Rate25.4%22.6%22.1%22.8%
Diluted EPS attributable to Cardinal Health, Inc.$0.50$0.4025%$(3.35)$2.08N.M.
Non-GAAP diluted EPS attributable to Cardinal Health, Inc.$1.05$0.7736%$5.06$5.57(9)%


The following information was filed by Cardinal Health Inc (CAH) on Thursday, August 11, 2022 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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Inside this 10-K Annual Report

Audit Information
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 (Assets Held For Sale) (Details)
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)
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 (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 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)
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: 0000721371-22-000058
Submitted to the SEC: Thu Aug 11 2022 4:17:06 PM EST
Accepted by the SEC: Thu Aug 11 2022
Period: Thursday, June 30, 2022
Industry: Wholesale Drugs Proprietaries And Druggists Sundries

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