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Mckesson Corp (MCK) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Mckesson Corp

CIK: 927653 Ticker: MCK

Exhibit 99.1

 

LOGO

McKESSON REPORTS FISCAL 2018 FOURTH-QUARTER

AND FULL-YEAR RESULTS

 

    Revenues of $51.6 billion for the fourth quarter and $208.4 billion for the full year.

 

    Fourth-quarter GAAP loss per diluted share from continuing operations of $(5.58) and full-year GAAP earnings per diluted share from continuing operations of $0.30.

 

    Fourth-quarter Adjusted Earnings per diluted share of $3.49 and full-year Adjusted Earnings per diluted share of $12.62.

 

    Fiscal 2018 cash flow from operations of $4.3 billion.

 

    The Board of Directors authorized an additional $4.0 billion share repurchase program.

 

    Fiscal 2019 Outlook: Adjusted Earnings of $13.00 to $13.80 per diluted share.

SAN FRANCISCO, May 24, 2018 –

McKesson Corporation (NYSE:MCK) today reported that revenues for the fourth quarter ended March 31, 2018, were $51.6 billion, up 6% compared to $48.7 billion a year ago. On a constant currency basis, revenues increased 4% over the prior year. For the fiscal year, McKesson had revenues of $208.4 billion, up 5% compared to $198.5 billion a year ago. On a constant currency basis, revenues increased 4% over the prior year.

On the basis of U.S. generally accepted accounting principles (“GAAP”), fourth-quarter loss per diluted share from continuing operations was $(5.58), compared to earnings per diluted share of $16.79 a year ago. Full-year GAAP earnings per diluted share from continuing operations was $0.30, compared to $23.28 a year ago. Fourth-quarter GAAP loss per diluted share and full-year GAAP earnings per share included after-tax net charges totaling $1.9 billion and $2.6 billion, respectively, or $9.07 and $12.32 per diluted share, respectively, driven primarily by non-cash goodwill and long-lived asset impairment charges in the company’s European and Canadian retail businesses, partially offset by benefits related to the Tax Cuts and Jobs Act of 2017.

Prior year fourth-quarter and full-year GAAP earnings per diluted share included an after-tax net gain of $3.0 billion, or $14.10 per diluted share and $13.53 per diluted share, respectively, related to the creation of the Change Healthcare joint venture.

Fourth-quarter Adjusted Earnings per diluted share was $3.49, up 2% compared to $3.41 a year ago. Full-year Adjusted Earnings per diluted share was $12.62, up 1% compared to $12.54 for the prior year, which includes the $0.31 per diluted share contribution to create a non-profit foundation.

For the full year, McKesson generated cash from operations of $4.3 billion and ended the year with cash and cash equivalents of $2.7 billion. During the year, McKesson repaid approximately $765 million in net long-term debt, paid $2.9 billion for acquisitions, repurchased approximately $1.7 billion of its common stock, invested $580 million internally and paid $262 million in dividends.

“While we realized significant charges in the fourth quarter reflecting challenging market conditions in Europe and Canada, I’m pleased with the Fiscal 2018 performance across our other businesses. And the strength of our balance sheet and cash flow enabled us to make internal investments and acquisitions that will drive growth,” said John H. Hammergren, chairman and chief executive officer. “This strong financial position, combined with actions we are taking in relation to our recently announced multi-year strategic growth initiative, ensures McKesson’s ongoing focus on delivering shareholder value.

“We also returned capital to shareholders through share repurchases and a quarterly dividend. And yesterday, our Board of Directors approved an additional share repurchase authorization of $4 billion, as we believe that the company’s shares are an attractive investment opportunity and repurchasing stock is an important part of our diversified capital allocation strategy,” continued Hammergren.

 

1


The following information was filed by Mckesson Corp (MCK) on Thursday, May 24, 2018 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 Mckesson Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Supplementary Consolidated Financial Statement Schedule Valuation And Qualifying Accounts
Supplementary Consolidated Financial Statement Schedule Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity
Consolidated Statements Of Stockholders??? Equity (parentheticals)
Business Combinations
Business Combinations (tables)
Business Combinations - Acquisition Of Covermymeds (details)
Business Combinations - Acquisition Of Rexall Health (details)
Business Combinations - Acquisition Of Rxcrossroads (details)
Business Combinations - Acquisition Of Udg (details)
Business Combinations - Acquisition Of Vantage & Biologics (details)
Business Combinations - Fair Values Recognized Of Assets Acquired And Liabilities Assumed (details)
Business Combinations - Other Acquisitions (details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details)
Debt And Financing Activities
Debt And Financing Activities (tables)
Debt And Financing Activities - Commercial Paper (details)
Debt And Financing Activities - Long-term Debt (details)
Debt And Financing Activities - Revolving Credit Facilities (details)
Debt And Financing Activities - Schedule Of Long-term Debt (details)
Discontinued Operations
Discontinued Operations - Narrative (details)
Divestitures
Divestitures (details)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share - Narrative (details)
Earnings Per Common Share - Schedule Of Basic And Diluted Earnings Per Common Share (details)
Fair Value Measurements
Fair Value Measurements - Narrative (details)
Financial Guarantees And Warranties
Financial Guarantees And Warranties (details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (tables)
Goodwill And Intangible Assets, Net - Goodwill Narrative (details)
Goodwill And Intangible Assets, Net - Intangible Assets Narrative (details)
Goodwill And Intangible Assets, Net - Schedule Of Changes In The Carrying Amount Of Goodwill (details)
Goodwill And Intangible Assets, Net - Schedule Of Information Regarding Intangible Assets (details)
Goodwill Impairment Charges
Goodwill Impairment Charges (details)
Healthcare Technology Net Asset Exchange
Healthcare Technology Net Asset Exchange (details)
Hedging Activities
Hedging Activities (tables)
Hedging Activities - Narrative (details)
Hedging Activities - Schedule Of Information Regarding Fair Value Of Derivatives On A Gross Basis (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of Deferred Tax Balances (details)
Income Taxes - Components Of Provision For Income Taxes Related To Continuing Operations (details)
Income Taxes - Gross Unrecognized Tax Benefits (details)
Income Taxes - Narrative (details)
Income Taxes - Reconciliation Between Effective Tax Rate On Income From Continuing Operations And Statutory Tax Rate (details)
Income Taxes - Schedule Of Income From Continuing Operations Before Income Taxes (details)
Lease Obligations
Lease Obligations (tables)
Lease Obligations - Narrative (details)
Lease Obligations - Schedule Of Future Minimum Rental Payments For Operating Leases (details)
Other Income, Net
Other Income, Net (details)
Other Income, Net (tables)
Pension Benefits
Pension Benefits (tables)
Pension Benefits - Narrative (details)
Pension Benefits - Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income (details)
Pension Benefits - Schedule Of Changes In Benefit Obligations And Plan Assets (details)
Pension Benefits - Schedule Of Net Periodic Expense For Pension Plans (details)
Pension Benefits - Schedule Of Other Changes In Accumulated Other Comprehensive Income (details)
Pension Benefits - Schedule Of Projected Benefit Obligation, Accumulated Benefit Obligation And Fair Value Of Plan Assets For Pension Plans (details)
Pension Benefits - Schedule Of Weighted-average Assumptions Used To Estimate Net Periodic Pension Expense And Actuarial Present Value Of Benefit Obligations (details)
Pension Benefits - Summary Of Pension Plan Assets Using Fair Value Hierarchy By Asset Class (details)
Postretirement Benefits
Postretirement Benefits (tables)
Postretirement Benefits - Narrative (details)
Postretirement Benefits - Schedule Of Changes In Benefit Obligations For Postretirement Welfare Plans (details)
Postretirement Benefits - Schedule Of Net Periodic Expense (income) For Postretirement Welfare Benefits (details)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (details)
Property, Plant And Equipment, Net (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Quarterly Financial Information (unaudited) - Narrative (details)
Quarterly Financial Information (unaudited) - Schedule Of Quarterly Financial Information (details)
Receivables, Net
Receivables, Net (details)
Receivables, Net (tables)
Redeemable Noncontrolling Interests And Noncontrolling Interests
Redeemable Noncontrolling Interests And Noncontrolling Interests (tables)
Redeemable Noncontrolling Interests And Noncontrolling Interests - Narrative (details)
Redeemable Noncontrolling Interests And Noncontrolling Interests - Schedule Of Changes In Noncontrolling Interests And Redeemable Noncontrolling Interest (details)
Related Party Balances And Transactions
Related Party Balances And Transactions (details)
Restructuring And Asset Impairment Charges
Restructuring And Asset Impairment Charges (tables)
Restructuring And Asset Impairment Charges - Narrative (details)
Restructuring And Asset Impairment Charges - Summary Of Activity Related To Restructuring Liability (details)
Restructuring And Asset Impairment Charges - Summary Of Details For Charges Recorded (details)
Sale-leaseback
Sale-leaseback (details)
Segments Of Business
Segments Of Business (tables)
Segments Of Business - Narrative (details)
Segments Of Business - Schedule Of Segment Information (details)
Segments Of Business - Segment Assets And Property, Plant And Equipment, Net By Geographical Area (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Components Of Share-based Compensation Expense (details)
Share-based Compensation - Narrative (details)
Share-based Compensation - Schedule Of Assumptions For Stock Options Fair Values (details)
Share-based Compensation - Schedule Of Data Related To Stock Option Activity (details)
Share-based Compensation - Schedule Of Restricted Stock Unit Award Activity (details)
Share-based Compensation - Schedule Of Stock Option Activity (details)
Share-based Compensation - Schedule Of Weighted-average Assumptions Used To Estimate Fair Value Of Tsrus (details)
Share-based Compensation - Summary Of Data Related To Rsu Activity (details)
Share-based Compensation - Summary Of Options Outstanding (details)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Narrative (details)
Stockholders' Equity - Schedule Of Changes In Accumulated Other Comprehensive Income By Component (details)
Stockholders' Equity - Schedule Of Other Comprehensive Income (loss), Net Of Tax (details)
Stockholders' Equity - Schedule Of Share Repurchases (details)
Subsequent Events
Subsequent Events (details)
Variable Interest Entities
Variable Interest Entities (details)
Ticker: MCK
CIK: 927653
Form Type: 10-K Annual Report
Accession Number: 0000927653-18-000010
Submitted to the SEC: Thu May 24 2018 4:27:59 PM EST
Accepted by the SEC: Thu May 24 2018
Period: Saturday, March 31, 2018
Industry: Wholesale Drugs Proprietaries And Druggists Sundries

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