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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Petco Health and Wellness Company Inc | NASDAQ:WOOF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.27% | 1.55 | 1.54 | 1.65 | 1.67 | 1.55 | 1.62 | 2,957,932 | 00:50:16 |
VCA Inc. (NASDAQ: WOOF), a leading animal healthcare company in the United States and Canada, today reported financial results for the second quarter ended June 30, 2015, as follows: revenue increased 12.1% to a second quarter record of $548.8 million; gross profit increased 17.0% to $140.8 million; operating income increased 21.6% to $97.2 million; net income increased 19.1% to $54.3 million and diluted earnings per common share increased 27.5% to $0.65. Non-GAAP diluted earnings per common share, which excludes acquisition-related amortization, increased 27.3% to $0.70.
We also reported our financial results for the six months ended June 30, 2015, as follows: revenue increased 11.6% to $1.0 billion, gross profit increased 14.8% to $254.7 million, operating income increased 17.8% to $166.3 million, net income increased 16.3% to $92.6 million, and diluted earnings per common share increased 24.7% to $1.11. Our financial results for the six months ended June 30, 2015, on a Non-GAAP basis, are as follows: gross profit increased 14.6% to $266.0 million, operating income increased 17.3% to $178.0 million, net income increased 15.8% to $99.5 million, and Non-GAAP diluted earnings per common share increased 25.0% to $1.20.
Bob Antin, Chairman and CEO, stated, "We had a great quarter. Our Animal Hospital business segment same-store revenue growth rate continues to accelerate, driven once again by an increase in both the number of orders and the average revenue per order. Our Laboratory business segment experienced 7.3% internal revenue growth resulting in a 220 basis point increase in gross profit margin. Accordingly, we remain very optimistic with respect to our results for the full year ended December 2015.
"Animal Hospital revenue in the current quarter increased 12.6%, to $435.4 million, driven by acquisitions made during the past 12 months and same-store revenue growth of 6.0%. Our same-store gross profit margin increased to 17.3%, from 16.6% and our total gross margin increased to 16.9%, from 16.4% in the prior-year quarter. During the quarter, we acquired 12 independent animal hospitals which had historical combined annual revenue of $30.5 million.
"Laboratory internal revenue in the second quarter increased 7.3%, to $103.0 million. Our Laboratory gross profit margin increased to 53.4%, from 51.2% and our operating margin increased to 44.4%, from 42.5% in the prior-year quarter.
"During the quarter we repurchased 840,000 shares of our common stock for $43.9 million. Since the Board authorized our repurchase programs in April 2013, through the second quarter 2015, we have acquired 9.1 million shares for $365.7 million, including commissions. At the end of the second quarter, we have $159.5 million left in our authorization."
2015 Guidance
We are revising our guidance as follows:
• Revenue from $2.12 billion to $2.13 billion;
• Net income from $172 million to $181 million;
• Diluted earnings per common share from $2.08 to $2.18; and
• Non-GAAP diluted earnings per common share of $2.25 to $2.35.
Non-GAAP Financial Measures
We believe investors’ understanding of our total performance is enhanced by disclosing Non-GAAP financial measures including Non-GAAP net income, Non-GAAP gross profit, Non-GAAP operating income and Non-GAAP diluted earnings per common share. We define these adjusted measures as the reported amounts, adjusted to exclude certain significant items and amortization of intangibles acquired in acquisitions.
Management believes these adjusted measures are useful to management and investors in evaluating the Company's operational performance and their use provides an additional tool for evaluating the Company's operating results and trends. As a result, these Non-GAAP financial measures help to provide meaningful comparisons of our overall performance from one reporting period to another and meaningful assessments of related trends.
There is a material limitation associated with the use of these Non-GAAP financial measures: our adjusted measures exclude the impact of these significant items, and as a result, our computation of adjusted diluted earnings per common share does not depict diluted earnings per common share in accordance with GAAP.
To compensate for the limitations in the Non-GAAP financial measures discussed above, our disclosures provide a complete understanding of all adjustments found in Non-GAAP financial measures, and we reconcile the Non-GAAP financial measures to the GAAP financial measures in the attached financial schedules titled “Supplemental Operating Data.”
Conference Call
We will discuss our second quarter 2015 financial results during a conference call today, July 29th, at 9:00 a.m. Eastern Time. A live broadcast of the call may be accessed by visiting our website at investor.vca.com. The call may also be accessed by dialing (877) 293-5492. Interested parties should call at least ten minutes prior to the start of the call to register. Replay of the webcast will be available for ninety days by visiting the company's website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Among the forward-looking statements in this press release are statements addressing our 2015 guidance and plans, expectations, future financial position and results of operation. These forward-looking statements are not historical facts and are inherently uncertain and out of our control. Any or all of our forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Actual future results may vary materially. Among other factors that could cause our actual results to differ from this forward-looking information are: the continued effects of the economic uncertainty prevailing in regions in which we operate; our ability to execute on our growth strategy and to manage acquired operations; changes in demand for our products and services; fluctuations in our revenue adversely affecting our gross profit, operating income and margins; and the effects of the other factors discussed in our Annual Report on Form 10-K, Reports on Form 10-Q and our other filings with the SEC.
About VCA Inc.
We own, operate and manage the largest networks of freestanding veterinary hospitals and veterinary-exclusive clinical laboratories in the country, additionally we are the largest provider of online communication, professional education and marketing solutions to the veterinary community. We also supply diagnostic imaging equipment to the veterinary industry.
VCA Inc. Condensed, Consolidated Income Statements (Unaudited) (In thousands, except per share amounts) Three Months EndedJune 30, Six Months EndedJune 30, 2015 2014 2015 2014 Revenue: Animal hospital $ 435,376 $ 386,776 $ 828,402 $ 738,364 Laboratory 106,222 95,955 200,194 184,489 All other 28,669 23,712 62,896 51,833 Intercompany (21,482 ) (16,971 ) (43,254 ) (35,707 ) 548,785 489,472 1,048,238 938,979 Direct costs 407,938 369,057 793,529 717,113 Gross profit: Animal hospital 73,385 63,336 128,869 112,136 Laboratory 56,703 49,092 104,685 92,123 All other 11,389 7,648 22,813 17,617 Intercompany (630 ) 339 (1,658 ) (10 ) 140,847 120,415 254,709 221,866 Selling, general and administrative expense: Animal hospital 10,453 9,864 21,674 18,992 Laboratory 9,487 8,281 18,352 16,299 All other 7,741 7,411 16,428 15,759 Corporate 16,804 14,375 32,429 30,321 44,485 39,931 88,883 81,371 Net (gain) loss on sale or disposal of assets (819 ) 578 (484 ) (643 ) Operating income 97,181 79,906 166,310 141,138 Interest expense, net 5,104 4,030 9,941 8,197 Other (income) expense (37 ) 43 29 (10 ) Income before provision for income taxes 92,114 75,833 156,340 132,951 Provision for income taxes 36,191 28,925 60,864 51,128 Net income 55,923 46,908 95,476 81,823 Net income attributable to noncontrolling interests 1,624 1,324 2,876 2,196 Net income attributable to VCA Inc. $ 54,299 $ 45,584 $ 92,600 $ 79,627 Diluted earnings per share $ 0.65 $ 0.51 $ 1.11 $ 0.89 Weighted-average shares outstanding for diluted earnings per share 83,084 89,191 83,227 89,312VCA Inc. Condensed, Consolidated Balance Sheets (Unaudited) (In thousands) June 30, 2015 December 31, 2014 Assets Current assets: Cash and cash equivalents $ 74,326 $ 81,383 Trade accounts receivable, net 81,593 60,482 Inventory 53,789 56,050 Prepaid expenses and other 27,874 36,924 Deferred income taxes 30,324 30,331 Prepaid income taxes 6,472 18,277 Total current assets 274,378 283,447 Property and equipment, net 477,929 468,041 Other assets: Goodwill 1,452,370 1,415,861 Other intangible assets, net 98,908 88,175 Notes receivable 2,471 2,807 Deferred financing costs, net 7,004 7,874 Other 84,050 65,815 Total assets $ 2,397,110 $ 2,332,020 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 33,881 $ 19,356 Accounts payable 42,071 46,284 Accrued payroll and related liabilities 72,697 64,359 Other accrued liabilities 73,093 67,219 Total current liabilities 221,742 197,218 Long-term debt, less current portion 819,380 775,412 Deferred income taxes 103,424 103,502 Other liabilities 31,862 33,190 Total liabilities 1,176,408 1,109,322 Redeemable noncontrolling interests 11,183 11,077 VCA Inc. stockholders’ equity: Common stock 81 83 Additional paid-in capital 72,590 155,802 Retained earnings 1,156,758 1,064,158 Accumulated other comprehensive loss (30,331 ) (19,397 ) Total VCA Inc. stockholders’ equity 1,199,098 1,200,646 Noncontrolling interests 10,421 10,975 Total equity 1,209,519 1,211,621 Total liabilities and equity $ 2,397,110 $ 2,332,020
VCA Inc. Condensed, Consolidated Statements of Cash Flows (Unaudited) (In thousands) Six Months EndedJune 30, 2015 2014 Cash flows from operating activities: Net income $ 95,476 $ 81,823 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 40,163 39,797 Amortization of debt issue costs 870 604 Provision for uncollectible accounts 3,379 2,612 Net gain on sale or disposal of assets (484 ) (643 ) Share-based compensation 8,269 8,571 Excess tax benefit from stock based compensation (4,729 ) (2,092 ) Other (658 ) (53 ) Changes in operating assets and liabilities: Trade accounts receivable (24,217 ) (8,945 ) Inventory, prepaid expense and other assets (8,942 ) (6,610 ) Accounts payable and other accrued liabilities (4,196 ) 1,171 Accrued payroll and related liabilities 8,300 3,816 Income taxes 16,525 8,062 Net cash provided by operating activities 129,756 128,113 Cash flows from investing activities: Business acquisitions, net of cash acquired (66,529 ) (30,764 ) Property and equipment additions (34,521 ) (27,979 ) Proceeds from sale of assets 6,164 4,456 Other 205 55 Net cash used in investing activities (94,681 ) (54,232 ) Cash flows from financing activities: Repayment of debt (7,924 ) (26,218 ) Proceeds from revolving credit facility 61,000 — Distributions to non-controlling interest partners (2,447 ) (2,259 ) Purchase of non-controlling interests (1,493 ) (326 ) Proceeds from issuance of common stock under stock option plans 679 467 Excess tax benefit from stock based compensation 4,729 2,092 Repurchase of common stock (96,674 ) (49,091 ) Other (80 ) (838 ) Net cash used in financing activities (42,210 ) (76,173 ) Effect of currency exchange rate changes on cash and cash equivalents 78 (202 ) Decrease in cash and cash equivalents (7,057 ) (2,494 ) Cash and cash equivalents at beginning of period 81,383 125,029 Cash and cash equivalents at end of period $ 74,326 $ 122,535
VCA Inc. Supplemental Operating Data (Unaudited - In thousands, except per share amounts) Table #1 Reconciliation of net income attributable to Three Months EndedJune 30, Six Months EndedJune 30, VCA Inc., to Non-GAAP net income attributable to VCA Inc. (1) 2015 2014 2015 2014 Net income attributable to VCA Inc. $ 54,299 $ 45,584 $ 92,600 $ 79,627 Acquisitions related amortization (1) 5,858 5,227 11,384 10,374 Tax benefit from acquisitions related amortization (1) (2,293 ) (2,046 ) (4,456 ) (4,060 ) Non-GAAP net income attributable to VCA Inc. $ 57,864 $ 48,765 $ 99,528 $ 85,941 Table #2 Three Months EndedJune 30, Six Months EndedJune 30, Reconciliation of diluted earnings per share to Non-GAAP diluted earnings per share (1) 2015 2014 2015 2014 Diluted earnings per share $ 0.65 $ 0.51 $ 1.11 $ 0.89 Impact of acquisitions related amortization, net of tax (1) 0.04 0.04 0.08 0.07 Non-GAAP diluted earnings per share (2) $ 0.70 $ 0.55 $ 1.20 $ 0.96 Shares used for computing diluted earnings per share 83,084 89,191 83,227 89,312 Table #3 Three Months EndedJune 30, Six Months EndedJune 30, Reconciliation of consolidated gross profit to Non-GAAP consolidated gross profit (1) 2015 2014 2015 2014 Consolidated gross profit $ 140,847 $ 120,415 $ 254,709 $ 221,866 Impact of acquisitions related amortization (1) 5,798 5,160 11,263 10,240 Non-GAAP consolidated gross profit $ 146,645 $ 125,575 $ 265,972 $ 232,106 Non-GAAP consolidated gross profit margin 26.7% 25.7% 25.4% 24.7% Table #4 Three Months EndedJune 30, Six Months EndedJune 30, Reconciliation of consolidated operating income to Non-GAAP consolidated operating income (1) 2015 2014 2015 2014 Consolidated operating income $ 97,181 $ 79,906 $ 166,310 $ 141,138 Impact of acquisitions related amortization (1) 5,858 5,227 11,384 10,374 Non-GAAP consolidated operating income $ 103,039 $ 85,133 $ 177,694 $ 151,512 Non-GAAP consolidated operating margin 18.8% 17.4% 17.0% 16.1%
_________________________________________________
(1) Management believes that investors' understanding of our performance is enhanced by disclosing adjusted measures as the reported amounts, adjusted to exclude certain significant items and acquisition-related amortization. Non-GAAP net income, Non-GAAP diluted earnings per common share, Non-GAAP consolidated gross profit and Non-GAAP consolidated operating income measures are not, and should not be viewed as substitutes for U.S. generally accepted accounting principles (GAAP) net income, its components and diluted earnings per share.
(2) Amounts may not add due to rounding.
VCA Inc. Supplemental Operating Data (cont) (Unaudited - In thousands, except per share amounts) As of Table #5 June 30, 2015 December 31, 2014 Selected consolidated balance sheet data Debt: Senior term notes $ 600,000 $ 600,000 Revolving credit 196,000 135,000 Other debt and capital leases 57,261 59,768 Total debt $ 853,261 $ 794,768 Three Months EndedJune 30, Six Months EndedJune 30, Table #6 Selected expense data 2015 2014 2015 2014 Rent expense $ 18,841 $ 16,879 $ 37,621 $ 33,808 Depreciation and amortization included in direct costs: Animal hospital $ 16,381 $ 14,955 $ 32,343 $ 29,529 Laboratory 2,676 2,543 5,151 5,059 All other 963 1,671 1,903 3,402 Intercompany (530 ) (473 ) (1,053 ) (938 ) $ 19,490 $ 18,696 $ 38,344 $ 37,052 Depreciation and amortization included in selling, general and administrative expense 876 1,334 1,819 2,745 Total depreciation and amortization $ 20,366 $ 20,030 $ 40,163 $ 39,797 Share-based compensation included in direct costs: Laboratory $ 163 $ 133 $ 324 $ 283 Share-based compensation included in selling, general and administrative expense: Animal hospital 673 424 1,337 941 Laboratory 376 352 742 733 All other 198 191 400 373 Corporate 2,727 2,927 5,466 6,241 3,974 3,894 7,945 8,288 Total share-based compensation $ 4,137 $ 4,027 $ 8,269 $ 8,571
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729005404/en/
VCA Inc.Tomas FullerChief Financial Officer(310) 571-6505
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