Exhibit 99.1

 

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Walgreens Boots Alliance Reports Fiscal 2018 Third Quarter Results

Third quarter highlights

 

    GAAP diluted net earnings per share increased 26.2 percent from the year-ago quarter, to $1.35; Adjusted diluted net earnings per share increased 15.0 percent to $1.53

 

    GAAP net earnings attributable to Walgreens Boots Alliance increased 15.5 percent, to $1.3 billion; Adjusted net earnings attributable to Walgreens Boots Alliance increased 5.6 percent to $1.5 billion

 

    Sales increased 14.0 percent to $34.3 billion

 

    GAAP operating income increased 5.5 percent to $1.6 billion; Adjusted operating income increased 1.7 percent to $1.9 billion

 

    GAAP net cash provided by operating activities was $2.2 billion; Free cash flow was $1.9 billion

Share repurchase program and dividend increase

 

    Company authorized $10 billion share repurchase program

 

    Company declared 10 percent dividend increase

Fiscal 2018 guidance

 

    Company raised the lower end of its guidance for fiscal year 2018 by 5 cents per share and now anticipates adjusted diluted net earnings per share of $5.90 to $6.05

DEERFIELD, Ill., 28 June 2018 - Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the third quarter of fiscal 2018, which ended 31 May 2018.

Executive Vice Chairman and CEO Stefano Pessina said, “I am pleased that, in what has been a challenging environment, we have again delivered solid earnings per share growth combined with healthy cash flow. We expect to continue to drive growth, bringing more patients to our U.S. pharmacies through the recent acquisition of Rite Aid stores and through strategic partnerships. The $10 billion share repurchase program announced this morning demonstrates our confidence in future business performance and, as ever, our focus on driving long-term stockholder value.”

Overview of Third Quarter Results

Fiscal 2018 third quarter net earnings attributable to Walgreens Boots Alliance determined in accordance with GAAP increased 15.5 percent to $1.3 billion compared with the same quarter a year ago, while GAAP diluted net earnings per share increased 26.2 percent to $1.35 compared with the same quarter a year ago.

Adjusted fiscal 2018 third quarter net earnings attributable to Walgreens Boots Alliance1 increased 5.6 percent to $1.5 billion, up 4.6 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted diluted net earnings per share for the quarter increased 15.0 percent to $1.53, up 13.5 percent on a constant currency basis, compared with the same quarter a year ago.

Sales in the third quarter were $34.3 billion, an increase of 14.0 percent from the year-ago quarter, and an increase of 11.8 percent on a constant currency basis.

GAAP operating income in the third quarter was $1.6 billion, an increase of 5.5 percent from the same quarter a year ago. Adjusted operating income in the third quarter was $1.9 billion, an increase of 1.7 percent from the same quarter a year ago, and an increase of 0.9 percent on a constant currency basis.


The company’s GAAP effective tax rate was 7.6 percent in the third quarter, compared with 12.4 percent in the year-ago quarter. The decrease was due to the impact of U.S. tax law changes enacted in December 2017, including a revision to the company’s estimated transition tax accrual in the quarter. The adjusted effective tax rate, calculated excluding income from the company’s equity investment in AmerisourceBergen Corporation, was 16.7 percent in the third quarter compared with 19.1 percent in the year-ago quarter. The decrease was due to the impact of the U.S. tax law changes.

GAAP net cash provided by operating activities was $2.2 billion in the third quarter, and free cash flow was $1.9 billion.

Overview of Fiscal 2018 Year-to-Date Results

For the first nine months of fiscal 2018, net earnings attributable to Walgreens Boots Alliance determined in accordance with GAAP increased 7.2 percent to $3.5 billion compared with the same period a year ago, while GAAP diluted net earnings per share increased 16.2 percent to $3.51 compared with the same period a year ago.

Adjusted net earnings attributable to Walgreens Boots Alliance1 for the first nine months of fiscal 2018 increased 10.2 percent to $4.5 billion, up 9.1 percent on a constant currency basis, compared with the same period a year ago. Adjusted diluted net earnings per share for the first nine months of fiscal 2018 increased 19.8 percent to $4.54, up 18.5 percent on a constant currency basis, compared with the same period a year ago.

Sales in the first nine months of fiscal 2018 were $98.1 billion, an increase of 11.4 percent from the same period a year ago, and an increase of 9.5 percent on a constant currency basis.

GAAP operating income in the first nine months of fiscal 2018 was $4.9 billion, an increase of 10.4 percent from the same period a year ago. Adjusted operating income in the first nine months of the fiscal year was $5.9 billion, an increase of 4.6 percent from the same period a year ago, and an increase of 3.8 percent on a constant currency basis.

The company’s GAAP effective tax rate in the first nine months of fiscal 2018 was 19.4 percent compared with 16.2 percent for the first nine months of fiscal 2017. The increase primarily reflects net discrete tax benefits in the year-ago period. The company’s adjusted effective tax rate, calculated excluding income from the company’s equity investment in AmerisourceBergen Corporation, was 19.1 percent in the first nine months of fiscal 2018, compared with 22.7 percent for the first nine months of fiscal 2017. The decrease was due to the impact of the U.S. tax law changes.

GAAP net cash provided by operating activities was $5.4 billion in the first nine months of fiscal 2018, and free cash flow was $4.4 billion.

Share Repurchase Program and Dividend Increase

As announced today, the company’s board of directors has authorized a $10 billion share repurchase program and declared a quarterly dividend of 44 cents per share, an increase of 10 percent. Please refer to the separate press release issued today for additional information.

Company Outlook

The company raised the lower end of its guidance for fiscal year 2018 by 5 cents per share and now anticipates adjusted diluted net earnings per share of $5.90 to $6.05.

This guidance assumes current exchange rates for the rest of the fiscal year. As previously announced, the company does not expect Rite Aid to significantly impact fiscal 2018 adjusted diluted net earnings per share.

 

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Third Quarter Business Division Highlights

Retail Pharmacy USA:

Retail Pharmacy USA had third quarter sales of $25.9 billion, an increase of 15.0 percent over the year-ago quarter. Sales in comparable stores decreased 1.2 percent compared with the same quarter a year ago.

Pharmacy sales, which accounted for 72.5 percent of the division’s sales in the quarter, increased 19.3 percent compared with the year-ago quarter, primarily due to higher prescription volume from the acquisition of Rite Aid stores and from central specialty. Comparable pharmacy sales were unchanged from the year-ago quarter, as brand inflation was offset by reimbursement pressure and the impact of generics. The division filled 285.2 million prescriptions (including immunizations) adjusted to 30-day equivalents in the quarter, an increase of 11.8 percent over the year-ago quarter. Prescriptions filled in comparable stores were unchanged from the same quarter a year ago. The division’s retail prescription market share on a 30-day adjusted basis in the third quarter increased approximately 190 basis points over the year-ago quarter to 22.4 percent, as reported by IQVIA. This was the division’s highest reported quarterly retail prescription market share in the U.S.

Retail sales increased 5.2 percent in the third quarter compared with the year-ago period. Comparable retail sales were down 3.8 percent in the quarter, reflecting continued focus on profitability.

GAAP gross profit increased 9.5 percent compared with the same quarter a year ago and adjusted gross profit increased 7.7 percent. On an adjusted basis, pharmacy and retail gross profit both increased.

GAAP third quarter selling, general and administrative expenses (SG&A) as a percentage of sales decreased 0.9 percentage point compared with the year-ago quarter, primarily due to sales mix and cost savings, partially offset by the higher cost mix of acquired Rite Aid stores. On an adjusted basis, SG&A as a percentage of sales decreased 0.9 percentage point in the same period, for similar reasons.

GAAP operating income in the third quarter increased 7.1 percent from the year-ago quarter to $1.3 billion. Adjusted operating income in the third quarter increased 2.0 percent from the year-ago quarter to $1.5 billion.

As previously announced, during the third quarter the company completed the acquisition of all 1,932 Rite Aid stores under the amended and restated asset purchase agreement. The company continues to expect to transition three distribution centers and related inventory beginning in fiscal 2019 and to complete the integration of acquired stores and related assets by the end of fiscal 2020.

Retail Pharmacy International:

Retail Pharmacy International had third quarter sales of $3.0 billion, an increase of 6.6 percent from the year-ago quarter due to favorable currency exchange rates. Sales decreased 2.1 percent on a constant currency basis.

On a constant currency basis, comparable store sales decreased 1.4 percent compared with the year-ago quarter. Comparable pharmacy sales decreased 1.7 percent on a constant currency basis. Comparable retail sales decreased 1.3 percent on a constant currency basis mainly due to Boots UK.

GAAP gross profit increased 5.8 percent compared with the same quarter a year ago due to favorable currency exchange rates. On a constant currency basis, adjusted gross profit decreased 3.0 percent.

GAAP SG&A as a percentage of sales decreased 1.0 percentage point. Adjusted SG&A as a percentage of sales, on a constant currency basis, increased 0.1 percentage point.

GAAP operating income in the third quarter increased 21.1 percent from the year-ago quarter to $172 million. Adjusted operating income increased 2.6 percent to $198 million, down 9.3 percent on a constant currency basis.

 

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Pharmaceutical Wholesale:

Pharmaceutical Wholesale had third quarter sales of $6.0 billion, an increase of 12.6 percent from the year-ago quarter, including the favorable impact of currency exchange rates. On a constant currency basis, comparable sales increased 4.0 percent, which was behind the company’s estimate of market growth, weighted on the basis of country wholesale sales, due to challenging market conditions in certain continental European countries partially offset by strong performance in emerging markets and the UK.

GAAP operating income in the third quarter was $176 million, which included $52 million from the company’s equity earnings in AmerisourceBergen, compared with GAAP operating income of $200 million in the year-ago quarter, which included $84 million from the company’s equity earnings in AmerisourceBergen. Adjusted operating income increased 1.6 percent to $257 million, up 0.4 percent on a constant currency basis.

Conference Call

Walgreens Boots Alliance will hold a one-hour conference call to discuss the third quarter results beginning at 8:30 a.m. Eastern time today, 28 June 2018. The conference call will be simulcast through the Walgreens Boots Alliance investor relations website at: http://investor.walgreensbootsalliance.com. A replay of the conference call will be archived on the website for 12 months after the call.

The replay also will be available from 11:30 a.m. Eastern time, 28 June 2018 through 5 July 2018, by calling +1 855 859 2056 within the U.S. and Canada, or +1 404 537 3406 outside the U.S. and Canada, using replay code 7668398.

 

1  Please see the “Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures” at the end of this press release for more detailed information regarding non-GAAP financial measures.

Cautionary Note Regarding Forward-Looking Statements: All statements in this release that are not historical including, without limitation, those regarding estimates of and goals for future tax, financial and operating performance and results (including those under “Company Outlook” above), the expected execution and effect of our business strategies, our cost-savings and growth initiatives, pilot programs and initiatives, and restructuring activities and the amounts and timing of their expected impact, and our amended and restated asset purchase agreement with Rite Aid and the transactions contemplated thereby and their possible timing and effects, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “pilot,” “would,” “could,” “should,” “can,” “will,” “project,” “intend,” “plan,” “goal,” “guidance,” “target,” “aim,” “continue,” “sustain,” “synergy,” “on track,” “on schedule,” “headwind,” “tailwind,” “believe,” “seek,” “estimate,” “anticipate,” “upcoming,” “to come,” “may,” “possible,” “assume,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated, including, but not limited to, those relating to the impact of private and public third-party payers’ efforts to reduce prescription drug reimbursements, fluctuations in foreign currency exchange rates, the timing and magnitude of the impact of branded to generic drug conversions and changes in generic drug prices, our ability to realize synergies and achieve financial, tax and operating results in the amounts and at the times anticipated, supply arrangements including our commercial agreement with AmerisourceBergen, the arrangements and transactions contemplated by our framework agreement with AmerisourceBergen and their possible effects, the risks associated with the company’s equity method investment in AmerisourceBergen, the occurrence of any event, change or other circumstance that could give rise to the termination, cross-termination or modification of any of our contractual obligations, the amount of costs, fees, expenses and charges incurred in connection with strategic transactions, whether the costs and charges associated with our store optimization program will exceed estimates, our ability to realize expected savings and benefits from cost-savings initiatives, restructuring activities and acquisitions and joint ventures in the amounts and at the times anticipated, the timing and amount of any impairment or other charges, the timing and severity of cough, cold and flu season, risks related to pilot programs and new business initiatives and ventures generally, including the risks that anticipated benefits may not be realized, changes in management’s plans and assumptions, the risks associated with governance and control matters, the ability to retain key personnel, changes in economic

 

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and business conditions generally or in particular markets in which we participate, changes in financial markets, credit ratings and interest rates, the risks associated with international business operations, including the risks associated with the proposed withdrawal of the United Kingdom from the European Union, the risk of unexpected costs, liabilities or delays, changes in vendor, customer and payer relationships and terms, including changes in network participation and reimbursement terms and the associated impacts on volume and operating results, risks of inflation in the cost of goods, risks associated with the operation and growth of our customer loyalty programs, risks related to competition, risks associated with new business areas and activities, risks associated with acquisitions, divestitures, joint ventures and strategic investments, including those relating to the acquisition of certain assets pursuant to our amended and restated asset purchase agreement with Rite Aid, the risks associated with the integration of complex businesses, outcomes of legal and regulatory matters, and risks associated with changes in laws, including those related to the December 2017 U.S. tax law changes, regulations or interpretations thereof. These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended 31 August 2017 and our Quarterly Report on Form 10-Q for the fiscal quarter ended 30 November 2017, each of which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, we do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

Please refer to the supplemental information presented below for reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP financial measure and related disclosures.

ENDS

Notes to Editors:

About Walgreens Boots Alliance

Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. The company’s heritage of trusted health care services through community pharmacy care and pharmaceutical wholesaling dates back more than 100 years.

Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25* countries and employ more than 385,000* people. The company is a global leader in pharmacy-led, health and wellbeing retail and, together with the companies in which it has equity method investments, has more than 13,200* stores in 11* countries as well as one of the largest global pharmaceutical wholesale and distribution networks, with more than 390* distribution centers delivering to more than 230,000** pharmacies, doctors, health centers and hospitals each year in more than 20* countries. In addition, Walgreens Boots Alliance is one of the world’s largest purchasers of prescription drugs and many other health and wellbeing products.

The company’s portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Soap & Glory, Liz Earle, Sleek MakeUP and Botanics.

More company information is available at www.walgreensbootsalliance.com.

 

* As of 31 August 2017, using publicly available information for AmerisourceBergen.
** For 12 months ending 31 August 2017, using publicly available information for AmerisourceBergen

(WBA-ER)

 

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Media Relations    Contact

USA / Fiona Ortiz

International / Laura Vergani

  

+1 847 315 6402

+44 (0)207 980 8585

Investor Relations    Contact
Gerald Gradwell and Ashish Kohli    +1 847 315 2922

 

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WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

(UNAUDITED)

(in millions, except per share amounts)

 

     Three months ended
May 31,
    Nine months ended
May 31,
 
     2018     2017     2018     2017  

Sales

   $ 34,334     $ 30,118     $ 98,095     $ 88,065  

Cost of sales

     26,554       22,973       74,878       66,243  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     7,780       7,145       23,217       21,822  

Selling, general and administrative expenses

     6,231       5,712       18,456       17,522  

Equity earnings in AmerisourceBergen

     52       84       142       143  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     1,601       1,517       4,903       4,443  

Other income (expense)

     (4     (8     (132     (22
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before interest and income tax provision

     1,597       1,509       4,771       4,421  

Interest expense, net

     157       155       457       500  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before income tax provision

     1,440       1,354       4,314       3,921  

Income tax provision

     109       168       839       634  

Post tax earnings (loss) from other equity method investments

     15       (21     42       7  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

     1,346       1,165       3,517       3,294  

Net earnings attributable to noncontrolling interests

     4       3       5       18  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings attributable to Walgreens Boots Alliance, Inc.

   $ 1,342     $ 1,162     $ 3,512     $ 3,276  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings per common share:

        

Basic

   $ 1.35     $ 1.08     $ 3.52     $ 3.03  

Diluted

   $ 1.35     $ 1.07     $ 3.51     $ 3.02  

Dividends declared per share

   $ 0.400     $ 0.375     $ 1.200     $ 1.125  

Weighted average common shares outstanding:

        

Basic

     992.1       1,077.1       996.4       1,079.6  

Diluted

     995.3       1,082.6       1,000.6       1,085.5  

 

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WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(UNAUDITED)

(in millions)

 

     May 31, 2018      August 31, 2017  

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 1,818      $ 3,301  

Accounts receivable, net

     7,159        6,528  

Inventories

     9,889        8,899  

Other current assets

     1,122        1,025  
  

 

 

    

 

 

 

Total current assets

     19,988        19,753  
  

 

 

    

 

 

 

Non-current assets:

     

Property, plant and equipment, net

     13,938        13,642  

Goodwill

     17,089        15,632  

Intangible assets, net

     12,111        10,156  

Equity method investments

     6,272        6,320  

Other non-current assets

     754        506  
  

 

 

    

 

 

 

Total non-current assets

     50,164        46,256  
  

 

 

    

 

 

 

Total assets

   $ 70,152      $ 66,009  
  

 

 

    

 

 

 

Liabilities and equity

     

Current liabilities:

     

Short-term debt

   $ 2,587      $ 251  

Trade accounts payable

     13,089        12,494  

Accrued expenses and other liabilities

     5,435        5,473  

Income taxes

     371        329  
  

 

 

    

 

 

 

Total current liabilities

     21,482        18,547  
  

 

 

    

 

 

 

Non-current liabilities:

     

Long-term debt

     12,456        12,684  

Deferred income taxes

     1,973        2,281  

Other non-current liabilities

     5,771        4,223  
  

 

 

    

 

 

 

Total non-current liabilities

     20,200        19,188  
  

 

 

    

 

 

 

Total equity

     28,470        28,274  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 70,152      $ 66,009  
  

 

 

    

 

 

 

 

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WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in millions)

 

     Nine months ended May 31,  
     2018     2017  

Cash flows from operating activities:

    

Net earnings

   $ 3,517     $ 3,294  

Adjustments to reconcile net earnings to net cash provided by operating activities:

    

Depreciation and amortization

     1,300       1,244  

Deferred income taxes

     (382     (211

Stock compensation expense

     91       71  

Equity earnings from equity method investments

     (184     (150

Other

     266       289  

Changes in operating assets and liabilities:

    

Accounts receivable, net

     (762     (153

Inventories

     230       259  

Other current assets

     (4     22  

Trade accounts payable

     627       821  

Accrued expenses and other liabilities

     10       (268

Income taxes

     793       6  

Other non-current assets and liabilities

     (117     13  
  

 

 

   

 

 

 

Net cash provided by operating activities

     5,385       5,237  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to property, plant and equipment

     (983     (912

Proceeds from sale-leaseback transactions

     —         436  

Proceeds from sale of other assets

     221       39  

Business and intangible asset acquisitions, net of cash acquired

     (4,220     (63

Other

     (129     48  
  

 

 

   

 

 

 

Net cash used for investing activities

     (5,111     (452
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Net change in short-term debt with maturities of 3 months or less

     596       277  

Proceeds from debt

     5,043       —    

Payments of debt

     (3,507     (40

Stock purchases

     (2,525     (1,457

Proceeds related to employee stock plans

     118       174  

Cash dividends paid

     (1,291     (1,228

Other

     (217     (59
  

 

 

   

 

 

 

Net cash used for financing activities

     (1,783     (2,333
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     26       (6

Changes in cash and cash equivalents:

    

Net (decrease) increase in cash and cash equivalents

     (1,483     2,446  

Cash and cash equivalents at beginning of period

     3,301       9,807  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 1,818     $ 12,253  
  

 

 

   

 

 

 

 

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WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

REGARDING NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts)

The following information provides reconciliations of the supplemental non-GAAP financial measures, as defined under SEC rules, presented in this press release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). The Company has provided the non-GAAP financial measures in the press release, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP.

These supplemental non-GAAP financial measures are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the Company’s business from period to period and trends in the Company’s historical operating results. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis (including the information under “Company Outlook” above) where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share, the most directly comparable forward-looking GAAP financial measure. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Constant currency

The Company also presents certain information related to current period operating results in “constant currency,” which is a non-GAAP financial measure. These amounts are calculated by translating current period results at the foreign currency exchange rates used in the comparable period in the prior year. The Company presents such constant currency financial information because it has significant operations outside of the United States reporting in currencies other than the U.S. dollar and this presentation provides a framework to assess how its business performed excluding the impact of foreign currency exchange rate fluctuations.

Comparable sales

For our Retail Pharmacy divisions, comparable stores are defined as those that have been open for at least 12 consecutive months and that have not been closed for seven or more consecutive days, undergone a major remodel or been subject to a natural disaster during the past 12 months. Relocated and acquired stores are not included as comparable stores for the first 12 months after the relocation or acquisition. Comparable store sales, comparable pharmacy sales and comparable retail sales refer to total sales, pharmacy sales and retail sales, respectively, in such stores. For our Pharmaceutical Wholesale division, comparable sales are defined as sales excluding acquisitions and dispositions. The method of calculating comparable sales varies across the industries in which we operate. As a result, our method of calculating comparable sales may not be the same as other companies’ methods.

Comparable sales are presented on a constant currency basis for the Retail Pharmacy and Pharmaceutical Wholesale divisions. In the third quarter of fiscal 2018 compared to the year-ago quarter, the Retail Pharmacy International division’s comparable store sales on a reported currency basis increased 7.4 percent, comparable pharmacy sales on a reported currency basis increased 6.8 percent and comparable retail sales on a reported currency basis increased 7.7 percent. The Pharmaceutical Wholesale division’s comparable sales excluding acquisitions and dispositions on a reported currency basis increased 12.6 percent.

 

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NET EARNINGS AND DILUTED NET EARNINGS PER SHARE

 

     Three months ended
May 31,
    Nine months ended
May 31,
 
     2018     2017     2018     2017  

Net earnings attributable to Walgreens Boots Alliance, Inc. (GAAP)

   $ 1,342     $ 1,162     $ 3,512     $ 3,276  

Adjustments to operating income:

        

Acquisition-related amortization

     131       83       329       247  

Acquisition-related costs

     57       29       173       75  

LIFO provision

     69       97       166       204  

Adjustments to equity earnings in AmerisourceBergen

     60       17       136       95  

Certain legal and regulatory accruals and settlements

     5       —         120       —    

Hurricane-related costs

     —         —         83       —    

Store optimization

     24       —         24       —    

Cost transformation

     —         171       —         592  

Asset recovery

     —         —         (15     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments to operating income

     346       397       1,016       1,213  

Adjustments to other income (expense):

        

Impairment of equity method investment

     8       —         178       —    

Net investment hedging (gain) loss

     (3     1       (36     15  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments to other income (expense)

     5       1       142       15  

Adjustments to interest expense, net:

        

Prefunded acquisition financing costs

     —         34       29       123  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments to interest expense, net

     —         34       29       123  

Adjustments to income tax provision:

        

U.S. tax law changes1

     (140     —         44       —    

Equity method non-cash tax

     8       24       19       34  

UK tax rate change1

     —         —         —         (77

Tax impact of adjustments2

     (39     (177     (224     (466
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments to income tax provision

     (171     (153     (161     (509
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net earnings attributable to Walgreens Boots Alliance, Inc. (Non-GAAP measure)

   $ 1,522     $ 1,441     $ 4,538     $ 4,118  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net earnings per common share (GAAP)

   $ 1.35     $ 1.07     $ 3.51     $ 3.02  

Adjustments to operating income

     0.35       0.37       1.02       1.12  

Adjustments to other income (expense)

     0.01       —         0.14       0.01  

Adjustments to interest expense, net

     —         0.03       0.03       0.11  

Adjustments to income tax provision

     (0.18     (0.14     (0.16     (0.47
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted diluted net earnings per common share (Non-GAAP measure)

   $ 1.53     $ 1.33     $ 4.54     $ 3.79  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding, diluted

     995.3       1,082.6       1,000.6       1,085.5  

 

1  Discrete tax-only items.
2  Represents the adjustment to the GAAP basis tax provision commensurate with non-GAAP adjustments.

 

11


GROSS PROFIT BY DIVISION

 

     Three months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Gross profit (GAAP)

   $ 6,029     $ 1,215     $ 536     $ —       $ 7,780  

Acquisition-related amortization

     6       —         —         —         6  

LIFO provision

     69       —         —         —         69  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit (Non-GAAP measure)

   $ 6,104     $ 1,215     $ 536     $ —       $ 7,855  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 25,917     $ 2,995     $ 5,965     $ (543   $ 34,334  

Gross margin (GAAP)

     23.3     40.6     9.0       22.7

Adjusted gross margin (Non-GAAP measure)

     23.6     40.6     9.0       22.9

 

     Three months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Gross profit (GAAP)

   $ 5,507     $ 1,148     $ 491     $ (1   $ 7,145  

LIFO provision

     97       —         —         —         97  

Cost transformation

     61       —         —         —         61  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit (Non-GAAP measure)

   $ 5,665     $ 1,148     $ 491     $ (1   $ 7,303  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 22,528     $ 2,809     $ 5,296     $ (515   $ 30,118  

Gross margin (GAAP)

     24.4     40.9     9.3       23.7

Adjusted gross margin (Non-GAAP measure)

     25.1     40.9     9.3       24.2

 

     Nine months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Gross profit (GAAP)

   $ 17,898     $ 3,733     $ 1,590     $ (4   $ 23,217  

Acquisition-related amortization

     14       —         —         —         14  

LIFO provision

     166       —         —         —         166  

Hurricane-related costs

     43       —         —         —         43  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit (Non-GAAP measure)

   $ 18,121     $ 3,733     $ 1,590     $ (4   $ 23,440  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 72,884     $ 9,395     $ 17,438     $ (1,622   $ 98,095  

Gross margin (GAAP)

     24.6     39.7     9.1       23.7

Adjusted gross margin (Non-GAAP measure)

     24.9     39.7     9.1       23.9

 

12


     Nine months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Gross profit (GAAP)

   $ 16,822     $ 3,527     $ 1,478     $ (5   $ 21,822  

LIFO provision

     204       —         —         —         204  

Cost transformation

     61       —         —         —         61  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit (Non-GAAP measure)

   $ 17,087     $ 3,527     $ 1,478     $ (5   $ 22,087  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 65,001     $ 8,872     $ 15,743     $ (1,551   $ 88,065  

Gross margin (GAAP)

     25.9     39.8     9.4       24.8

Adjusted gross margin (Non-GAAP measure)

     26.3     39.8     9.4       25.1

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES BY DIVISION

 

     Three months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Selling, general and administrative expenses (GAAP)

   $ 4,776     $ 1,043     $ 412     $ —       $ 6,231  

Acquisition-related amortization

     (78     (26     (21     —         (125

Acquisition-related costs

     (57     —         —         —         (57

Certain legal and regulatory accruals and settlements

     (5     —         —         —         (5

Store optimization

     (24     —         —         —         (24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted selling, general and administrative expenses (Non-GAAP measure)

   $ 4,612     $ 1,017     $ 391     $ —       $ 6,020  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 25,917     $ 2,995     $ 5,965     $ (543   $ 34,334  

Selling, general and administrative expenses percent to sales (GAAP)

     18.4     34.8     6.9       18.1

Adjusted selling, general and administrative expenses percent to sales (Non-GAAP measure)

     17.8     34.0     6.6       17.5

 

     Three months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Selling, general and administrative expenses (GAAP)

   $ 4,337     $ 1,006     $ 375     $ (6   $ 5,712  

Acquisition-related amortization

     (38     (25     (20     —         (83

Acquisition-related costs

     (29     —         —         —         (29

Cost transformation

     (68     (26     (16     —         (110
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted selling, general and administrative expenses (Non-GAAP measure)

   $ 4,202     $ 955     $ 339     $ (6   $ 5,490  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 22,528     $ 2,809     $ 5,296     $ (515   $ 30,118  

Selling, general and administrative expenses percent to sales (GAAP)

     19.3     35.8     7.1       19.0

Adjusted selling, general and administrative expenses percent to sales (Non-GAAP measure)

     18.7     34.0     6.4       18.2

 

13


     Nine months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Selling, general and administrative expenses (GAAP)

   $ 14,117     $ 3,125     $ 1,219     $ (5   $ 18,456  

Acquisition-related amortization

     (172     (80     (63     —         (315

Acquisition-related costs

     (173     —         —         —         (173

Certain legal and regulatory accruals and settlements

     (120     —         —         —         (120

Hurricane-related costs

     (40     —         —         —         (40

Store optimization

     (24     —         —         —         (24

Asset recovery

     15       —         —         —         15  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted selling, general and administrative expenses (Non-GAAP measure)

   $ 13,603     $ 3,045     $ 1,156     $ (5   $ 17,799  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 72,884     $ 9,395     $ 17,438     $ (1,622   $ 98,095  

Selling, general and administrative expenses percent to sales (GAAP)

     19.4     33.3     7.0       18.8

Adjusted selling, general and administrative expenses percent to sales (Non-GAAP measure)

     18.7     32.4     6.6       18.1

 

     Nine months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Selling, general and administrative expenses (GAAP)

   $ 13,427     $ 3,005     $ 1,096     $ (6   $ 17,522  

Acquisition-related amortization

     (113     (75     (59     —         (247

Acquisition-related costs

     (75     —         —         —         (75

Cost transformation

     (456     (51     (24     —         (531
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted selling, general and administrative expenses (Non-GAAP measure)

   $ 12,783     $ 2,879     $ 1,013     $ (6   $ 16,669  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 65,001     $ 8,872     $ 15,743     $ (1,551   $ 88,065  

Selling, general and administrative expenses percent to sales (GAAP)

     20.7     33.9     7.0       19.9

Adjusted selling, general and administrative expenses percent to sales (Non-GAAP measure)

     19.7     32.5     6.4       18.9

EQUITY EARNINGS IN AMERISOURCEBERGEN

 

     Three months ended
May 31,
     Nine months ended
May 31,
 
     2018      2017      2018      2017  

Equity earnings in AmerisourceBergen (GAAP)

   $ 52      $ 84      $ 142      $ 143  

Litigation settlements and other

     7        2        185        7  

Acquisition-related amortization

     30        29        87        80  

Loss on previously held equity interest

     11        —          11        —    

Asset impairment

     8        —          8        —    

Early debt extinguishment

     —          —          5        —    

PharMEDium remediation costs

     4        —          4        —    

Change in fair market value of AmerisourceBergen warrants

     —          —          —          29  

LIFO provision

     —          (14      (12      (21

U.S. tax law changes

     —          —          (152      —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted equity earnings in AmerisourceBergen (Non-GAAP measure)

   $ 112      $ 101      $ 278      $ 238  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

14


OPERATING INCOME BY DIVISION

 

     Three months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale1
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Operating income (GAAP)

   $ 1,253     $ 172     $ 176     $ —       $ 1,601  

Acquisition-related amortization

     84       26       21       —         131  

Acquisition-related costs

     57       —         —         —         57  

LIFO provision

     69       —         —         —         69  

Adjustments to equity earnings in AmerisourceBergen

     —         —         60       —         60  

Certain legal and regulatory accruals and settlements

     5       —         —         —         5  

Store optimization

     24       —         —         —         24  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income(Non-GAAP measure)

   $ 1,492     $ 198     $ 257     $ —       $ 1,947  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 25,917     $ 2,995     $ 5,965     $ (543   $ 34,334  

Operating margin (GAAP)2

     4.8     5.7     2.1       4.5

Adjusted operating margin (Non-GAAP measure)2

     5.8     6.6     2.4       5.3

 

     Three months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale1
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Operating income (GAAP)

   $ 1,170     $ 142     $ 200     $ 5     $ 1,517  

Acquisition-related amortization

     38       25       20       —         83  

Acquisition-related costs

     29       —         —         —         29  

LIFO provision

     97       —         —         —         97  

Adjustments to equity earnings in AmerisourceBergen

     —         —         17       —         17  

Cost transformation

     129       26       16       —         171  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income(Non-GAAP measure)

   $ 1,463     $ 193     $ 253     $ 5     $ 1,914  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 22,528     $ 2,809     $ 5,296     $ (515   $ 30,118  

Operating margin (GAAP)2

     5.2     5.1     2.2       4.8

Adjusted operating margin (Non-GAAP measure)2

     6.5     6.9     2.9       6.0

 

15


     Nine months ended May 31, 2018  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale1
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Operating income (GAAP)

   $ 3,781     $ 608     $ 513     $ 1     $ 4,903  

Acquisition-related amortization

     186       80       63       —         329  

Acquisition-related costs

     173       —         —         —         173  

LIFO provision

     166       —         —         —         166  

Adjustments to equity earnings in AmerisourceBergen

     —         —         136       —         136  

Certain legal and regulatory accruals and settlements

     120       —         —         —         120  

Hurricane-related costs

     83       —         —         —         83  

Store optimization

     24       —         —         —         24  

Asset recovery

     (15     —         —         —         (15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income (Non-GAAP measure)

   $ 4,518     $ 688     $ 712     $ 1     $ 5,919  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 72,884     $ 9,395     $ 17,438     $ (1,622   $ 98,095  

Operating margin (GAAP)2

     5.2     6.5     2.1       4.9

Adjusted operating margin (Non-GAAP measure)2

     6.2     7.3     2.5       5.8

 

     Nine months ended May 31, 2017  
     Retail Pharmacy
USA
    Retail Pharmacy
International
    Pharmaceutical
Wholesale1
    Eliminations     Walgreens Boots
Alliance, Inc.
 

Operating income (GAAP)

   $ 3,395     $ 522     $ 525     $ 1     $ 4,443  

Acquisition-related amortization

     113       75       59       —         247  

Acquisition-related costs

     75       —         —         —         75  

LIFO provision

     204       —         —         —         204  

Adjustments to equity earnings in AmerisourceBergen

     —         —         95       —         95  

Cost transformation

     517       51       24       —         592  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income (Non-GAAP measure)

   $ 4,304     $ 648     $ 703     $ 1     $ 5,656  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales

   $ 65,001     $ 8,872     $ 15,743     $ (1,551   $ 88,065  

Operating margin (GAAP)2

     5.2     5.9     2.4       4.9

Adjusted operating margin (Non-GAAP measure)2

     6.6     7.3     3.0       6.2

 

1  Operating income for Pharmaceutical Wholesale includes equity earnings in AmerisourceBergen. As a result of the two month reporting lag, operating income for the three and nine month periods ended May 31, 2018 includes AmerisourceBergen equity earnings for the periods of January 1, 2018 through March 31, 2018 and July 1, 2017 through March 31, 2018, respectively. Operating income for the three and nine month periods ended May 31, 2017 includes AmerisourceBergen equity earnings for the periods of January 1, 2017 through March 31, 2017 and July 1, 2016 through March 31, 2017, respectively.
2  Operating margins and adjusted operating margins have been calculated excluding equity earnings in AmerisourceBergen.

 

16


ADJUSTED EFFECTIVE TAX RATE1

 

     Three months ended May 31, 2018     Three months ended May 31, 2017  
     Earnings
before
income tax
provision
    Income tax     Effective
tax rate
    Earnings
before
income tax
provision
    Income tax     Effective
tax rate
 

Effective tax rate (GAAP)

   $ 1,440     $ 109       7.6   $ 1,354     $ 168       12.4

Impact of non-GAAP adjustments

     351       71         432       97    

U.S. tax law changes

     —         140         —         —      

Equity method non-cash

     —         (8       —         (24  

Adjusted tax rate true-up

     —         (32       —         80    
  

 

 

   

 

 

     

 

 

   

 

 

   

Subtotal

   $ 1,791     $ 280       $ 1,786     $ 321    

Exclude adjusted equity earnings in AmerisourceBergen

     (112     —           (101     —      
  

 

 

   

 

 

     

 

 

   

 

 

   

Adjusted effective tax rate excluding adjusted equity earnings in AmerisourceBergen (Non-GAAP measure)

   $ 1,679     $ 280       16.7   $ 1,685     $ 321       19.1
  

 

 

   

 

 

     

 

 

   

 

 

   

 

     Nine months ended May 31, 2018     Nine months ended May 31, 2017  
     Earnings
before
income tax
provision
    Income tax     Effective
tax rate
    Earnings
before
income tax
provision
    Income tax     Effective
tax rate
 

Effective tax rate (GAAP)

   $ 4,314     $ 839       19.4   $ 3,921     $ 634       16.2

Impact of non-GAAP adjustments

     1,187       213         1,351       319    

U.S. tax law changes

     —         (44       —         —      

Equity method non-cash

     —         (19       —         (34  

UK tax rate change

     —         —           —         77    

Adjusted tax rate true-up

     —         11         —         147    
  

 

 

   

 

 

     

 

 

   

 

 

   

Subtotal

   $ 5,501     $ 1,000       $ 5,272     $ 1,143    

Exclude adjusted equity earnings in AmerisourceBergen

     (278     —           (238     —      
  

 

 

   

 

 

     

 

 

   

 

 

   

Adjusted effective tax rate excluding adjusted equity earnings in AmerisourceBergen (Non-GAAP measure)

   $ 5,223     $ 1,000       19.1   $ 5,034     $ 1,143       22.7
  

 

 

   

 

 

     

 

 

   

 

 

   

 

1  A change to the presentation of these tables was made to reflect the tax impact of non-GAAP excluded items as a single adjustment for the three and nine months ended May 31, 2018 and 2017. No change in calculation methodology was made.

FREE CASH FLOW

 

     Three months ended
May 31,
     Nine months ended
May 31,
 
     2018      2017      2018      2017  

Net cash provided by operating activities (GAAP)

   $ 2,209      $ 1,855      $ 5,385      $ 5,237  

Less: Additions to property, plant and equipment

     (317      (273      (983      (912
  

 

 

    

 

 

    

 

 

    

 

 

 

Free cash flow (Non-GAAP measure)1

   $ 1,892      $ 1,582      $ 4,402      $ 4,325  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

1  Free cash flow is defined as net cash provided by operating activities in a period less additions to property, plant and equipment (capital expenditures) made in that period. This measure does not represent residual cash flows available for discretionary expenditures as the measure does not deduct the payments required for debt service and other contractual obligations or payments for future business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statements of cash flows.

#    #    #    #    #

 

17

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