- Adjusted fourth quarter earnings per
diluted share increase 15.9 percent to 73 cents, compared with
adjusted earnings per diluted share of 63 cents in year-ago
quarter; GAAP earnings per diluted share increase 75.9 percent to
69 cents compared with 39 cents in last year’s fourth quarter
- Adjusted fourth quarter earnings
increase 26.9 percent to $702 million, compared with adjusted
earnings of $553 million in year-ago quarter; GAAP earnings
increase 86.4 percent to $657 million compared with $353 million in
last year’s fourth quarter
- Fiscal 2013 sales reach a record $72.2
billion compared with $71.6 billion in prior year, with adjusted
earnings per diluted share of $3.12 compared with $2.93 in previous
year; GAAP fiscal year earnings per diluted share total $2.56
compared with $2.42 in previous year
- Company generates operating cash flow
of $4.3 billion and record free cash flow of $3.1 billion, in
fiscal year 2013, returning more than $1 billion to shareholders
through dividends
- Joint synergy program with Alliance
Boots delivers combined first-year net synergies of $154 million,
exceeding the previously stated range of $125-$150 million
Walgreen Co. (NYSE: WAG) (Nasdaq: WAG) today announced earnings
and sales results for the fourth quarter and fiscal year 2013 ended
Aug. 31.
Net earnings determined in accordance with generally accepted
accounting principles (GAAP) for the fiscal 2013 fourth quarter
were $657 million, an 86.4 percent increase from $353 million in
the same quarter a year ago. Net earnings per diluted share for the
quarter increased 75.9 percent to 69 cents, compared with 39 cents
per diluted share in the year-ago quarter.
Adjusted fiscal 2013 fourth quarter net earnings were $702
million, a 26.9 percent increase from $553 million in the same
quarter a year ago. Adjusted net earnings per diluted share for the
quarter increased 15.9 percent to 73 cents, compared with 63 cents
per diluted share in the year-ago quarter. This year’s adjusted
fourth quarter results exclude the negative impact of 5 cents per
diluted share in acquisition related amortization, 4 cents per
diluted share in Alliance Boots related tax, 1 cent per diluted
share in other acquisition related costs and 1 cent per diluted
share in costs associated with the company’s change in prescription
drug wholesalers. Also excluded is the positive impact of 6 cents
per diluted share in fair value adjustments and amortization
related to the company’s warrants to purchase AmerisourceBergen’s
common stock, and 1 cent per diluted share from the quarter’s LIFO
income.
GAAP and adjusted net earnings in this year’s quarter include 3
cents per diluted share in net gains from certain litigation
matters.
Last year’s adjusted fourth quarter results exclude the negative
impact of 9 cents per diluted share related to the company’s
transaction with Alliance Boots GmbH, 10 cents per diluted share
from the quarter’s LIFO provision and 5 cents per diluted share in
acquisition-related amortization costs.
“We had a solid quarter across our entire business. We saw
improvement in our daily living business resulting from the
investments we made and enhanced execution. We also saw continued
strength in our pharmacy business as we increased our retail
pharmacy market share for the fiscal year to 19.1 percent, and we
continued to make great progress on controlling selling, general
and administrative costs,” said Walgreens President and CEO Greg
Wasson. “We closed the year with record sales and record free cash
flow, and we were pleased to be able to return more than $1 billion
to shareholders during fiscal 2013 as we increased our dividend for
the 38th consecutive year.”
Fiscal Year Results
Net earnings for fiscal 2013 ended Aug. 31 determined in
accordance with GAAP were $2.5 billion, an increase of 15.2 percent
compared with $2.1 billion in fiscal 2012. Net earnings per diluted
share for fiscal 2013 increased 5.7 percent to $2.56, compared with
$2.42 per diluted share in fiscal 2012.
Adjusted net earnings for fiscal 2013 ended Aug. 31 were $3.0
billion, an increase of 16.3 percent compared with adjusted net
earnings of $2.6 billion in fiscal 2012. Adjusted net earnings per
diluted share for fiscal 2013 increased 6.5 percent to $3.12,
compared with $2.93 per diluted share in fiscal 2012. This year’s
adjusted fiscal-year results exclude the negative impact of 25
cents per diluted share in acquisition related amortization, 16
cents per diluted share from the LIFO provision, 13 cents per
diluted share in Alliance Boots related tax, 6 cents per diluted
share in other acquisition related costs, 5 cents per diluted share
related to a legal settlement with the DEA, 3 cents per diluted
share in costs related to Hurricane Sandy and 1 cent per diluted
share in costs associated with the company’s change in prescription
drug wholesalers. Also excluded is the positive impact of 12 cents
per diluted share in fair value adjustments and amortization
related to the company’s warrants to purchase AmerisourceBergen’s
common stock and 1 cent per diluted share in additional proceeds
from the 2011 sale of the company’s pharmacy benefit manager
business.
Walgreens joint synergy program with its strategic partner,
Alliance Boots, delivered combined first-year net synergies of $154
million, exceeding the previously stated range of $125-$150
million. Alliance Boots contributed 8 cents per diluted share to
Walgreens fourth quarter adjusted results.
During fiscal 2013, the company delivered fiscal year operating
cash flow of $4.3 billion and record free cash flow of $3.1
billion, while increasing its quarterly dividend rate in July 2013
by 14.5 percent to 31.5 cents per share, consistent with the
company’s goal of returning cash to shareholders.
“Our solid results, especially in the latter part of the
quarter, round out a year of steady progress on our long-term
growth strategies to create a well experience, transform community
pharmacy and establish an efficient global platform with our
strategic partner Alliance Boots and with our long-term
relationship with AmerisourceBergen,” Wasson said. “We are
very pleased to have exceeded our joint synergy target with
Alliance Boots. We also are pleased with the successful
distribution transition of branded drugs to
AmerisourceBergen. Extraordinary customer response to our
Balance® Rewards loyalty program, now with more than 85 million
enrollees, gives us a wealth of new insights to increase
customer delight. In addition this year, we expanded our
Healthcare Clinic and pharmacy services, and we forged long-term
contracts with fair and predictable reimbursement rates with the
major commercial pharmacy payers, bringing greater stability and
certainty to our pharmacy book of business. We also began
participating as part of the preferred pharmacy networks of three
of the top national Medicare Part D plans, giving us a leading role
in serving the growing number of Medicare-eligible Americans.”
FINANCIAL HIGHLIGHTS
Sales
Fourth quarter sales increased 5.1 percent compared with the
prior-year quarter to $17.9 billion, while sales for fiscal 2013
increased 0.8 percent to a record $72.2 billion. Front-end
comparable store sales (those open at least a year) increased 1.6
percent in the fourth quarter, customer traffic in comparable
stores decreased 1.9 percent and basket size increased 3.6 percent,
while total sales in comparable stores increased 4.6 percent.
Prescription sales, which accounted for 63.9 percent of sales in
the quarter, increased 6.1 percent, while prescription sales in
comparable stores increased 6.4 percent. The company filled 203
million prescriptions in the quarter, an increase of 8.2 percent
over last year’s fourth quarter. Prescriptions filled in comparable
stores increased 7.1 percent in the quarter.
In fiscal 2013 Walgreens filled a record 821 million
prescriptions, representing a retail prescription market share of
19.1 percent, an increase of 0.4 percentage point over the previous
year.
Gross Profit and SG&A
GAAP total gross profit dollars increased $356 million, or 7.4
percent, compared with the year-ago fourth quarter, with gross
profit margins increasing 60 basis points versus the year-ago
quarter to 28.9 as a percentage of sales. Adjusted gross profit
dollars increased $216 million, or 4.3 percent, compared with the
year-ago fourth quarter.
The growth in GAAP margins was driven by an increase in generic
prescription drugs dispensed, while front-end margins slightly
declined. Fiscal 2013 fourth quarter LIFO was a benefit of $8
million, compared with a $132 million charge in the year-ago
quarter, primarily driven by lower than anticipated prescription
drug inventory levels in advance of the transition to
AmerisourceBergen.
GAAP selling, general and administrative expense dollars
increased $37 million, or 0.9 percent, compared with the year-ago
quarter, including a 1.0 percentage point benefit of lower SG&A
expenses for acquisition-related costs, offset by 0.3 percentage
point related to the company’s change in prescription drug
wholesalers and 0.1 percentage point of acquisition related
amortization costs. Adjusted selling, general and administrative
expense dollars increased $60 million, or 1.5 percent, compared
with the year-ago quarter. Both GAAP and adjusted selling, general
and administrative expense dollars include a net benefit of 1.1
percentage points from certain litigation matters.
The company opened or acquired 33 new drugstores in the fourth
quarter compared with 54 in the year-ago quarter. In fiscal 2013,
Walgreens added a net gain of 186 new drugstores including 76 net
new drugstores through acquisitions.
Interest expense increased to $55 million in this year’s fourth
quarter compared with $37 million in the year-ago quarter. The
increase in interest expense was primarily attributable to the $4.0
billion issuance of notes associated with the Alliance Boots
transaction and also includes a $16 million negative impact from a
non-cash fair market value adjustment to the company’s previously
outstanding interest rate swaps on its $1.3 billion notes. These
notes were repaid in August and the swaps were settled.
Milestones and Looking Ahead
Walgreens achieved several key milestones since the beginning of
fiscal 2013 in executing its vision to be the first choice in
health and daily living, including:
- Following the announcement in March
that Walgreens and Alliance Boots reached a strategic, long-term
relationship with AmerisourceBergen, Walgreens and
AmerisourceBergen successfully began implementation in early
September of their 10-year agreement for pharmaceutical
distribution. AmerisourceBergen also will collaborate with
Walgreens and Alliance Boots on global supply chain opportunities,
and Walgreens and Alliance Boots together have rights to acquire a
minority equity position in AmerisourceBergen.
- Alex Gourlay, Chief Executive of the
Health & Beauty Division, Alliance Boots, was appointed as
Walgreens Executive Vice President, President of Customer
Experience and Daily Living, effective Oct. 1. Gourlay’s
appointment represented another important step forward in advancing
the company’s strategic partnership with Alliance Boots.
- In September, Walgreens announced a
partnership with Theranos, Inc. to bring access to Theranos’ new
lab testing service through Walgreens pharmacies nationwide.
Consumers will be able to access less invasive and more affordable
clinician-directed lab testing from a blood sample as small as a
few drops, or 1/1,000th the size of a typical blood draw.
- Last month, Walgreens also announced
its acquisition of Kerr Drug’s 76 retail drugstores and its
specialty pharmacy business, with the transaction expected to close
later this year. During fiscal 2013, Walgreens also completed its
acquisition of the USA Drug chain.
- Walgreens and Express Scripts launched
Smart90® Walgreens, a new option for Express Scripts clients
interested in 90-day prescription drug programs that drive lower
costs and improve health outcomes for people with chronic diseases.
Plan sponsors that choose to include Walgreens as part of the
Smart90 program for their pharmacy benefit will provide their
members who have chronic conditions the choice to receive 90-day
supplies of maintenance medications through home delivery from
Express Scripts or directly at a Walgreens retail pharmacy for the
same copayment.
- Walgreens Balance® Rewards loyalty
program has grown to more than 85 million enrollees. The company
announced that members can participate in additional health-related
activities and goal tracking to earn more points through walking,
running and weight management goals that can be logged and tracked
through Steps with Balance Rewards.
- Walgreens provided more than 8.5
million immunizations in fiscal year 2013, compared with 6.7
million the prior year. Walgreens is the largest retail provider of
flu immunizations in the country. This flu season, Walgreens is
partnering with the United Nations Foundation to help provide up to
3 million life-saving vaccines to children in developing countries
through a donation to the Foundation’s Shot@Life campaign.
- Earlier in the fiscal year, Walgreens
opened its 8,000th store nationwide with its flagship store in
Hollywood, Calif. The company also continued expansion of its Well
Experience stores and now operates more than 500 locations with the
new format, in addition to 12 flagship stores.
“Looking ahead, we begin the new fiscal year well positioned to
build on the momentum we have coming out of a solid fourth quarter.
We are advancing our key strategies with a continued focus on
disciplined execution, and are addressing the challenges ahead in a
difficult consumer environment and changing health care system,”
Wasson said. “While we are pleased with our progress and
momentum, we recognize there is more to do to achieve our vision of
being the first choice for health and daily living for everyone in
America, and beyond.”
At Aug. 31, Walgreens operated 8,582 locations in all 50 states,
the District of Columbia, Puerto Rico and Guam. The company has
8,116 drugstores nationwide, 186 more than a year ago. Walgreens
also operates worksite health and wellness centers, infusion and
respiratory services facilities, specialty pharmacies and mail
service facilities. Its Take Care Health Systems subsidiary manages
more than 700 in-store convenient care clinics and worksite health
and wellness centers. Walgreens e-commerce business includes
Walgreens.com, drugstore.com, Beauty.com, SkinStore.com and
VisionDirect.com.
Walgreens will hold a one-hour conference call to discuss the
fourth quarter results beginning at 8:30 a.m. Eastern time today,
Oct. 1. The conference call will be simulcast through Walgreens
investor relations website at: http://investor.walgreens.com. A
replay of the conference call will be archived on the website for
12 months after the call. A podcast also will be available on the
investor relations website.
The replay also will be available from 11:30 a.m. Eastern time,
Oct. 1, through Oct. 8 by calling 855-859-2056 within the U.S. and
Canada, or 404-537-3406 outside the U.S. and Canada, using replay
code 69675446.
Cautionary Note Regarding Forward-Looking Statements. Statements
in this release that are not historical, including, without
limitation, estimates of future financial and operating
performance, including the amounts and timing of future accretion
and synergies, 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, "would," "could," "should," "can," "will," "project,"
"intend," "plan," "goal," “target,” "continue," "sustain,"
"synergy," "on track," "believe," "seek," "estimate," "anticipate,"
"may," "possible," "assume," 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 involve risks, assumptions and
uncertainties, including, but not limited to, those relating to our
commercial agreement with AmerisourceBergen, the arrangements and
transactions contemplated by our framework agreement with
AmerisourceBergen and Alliance Boots and their possible effects,
the Purchase and Option Agreement and other agreements relating to
our strategic partnership with Alliance Boots, the arrangements and
transactions contemplated thereby and their possible effects, the
parties' ability to realize anticipated synergies and achieve
anticipated financial results, the risks associated with
transitions in supply arrangements, the risks associated with
international business operations, the risks associated with
governance and control matters, whether the option to acquire the
remainder of the Alliance Boots equity interest will be exercised
and the financial ramifications thereof, the risks associated with
potential equity investments in AmerisourceBergen including whether
the warrants to invest in AmerisourceBergen will be exercised and
the financial ramifications thereof, changes in vendor, payer and
customer relationships and terms, changes in network participation,
levels of business with Express Scripts customers, the
implementation, operation and growth of our customer loyalty
program, changes in economic and market conditions, competition,
risks associated with new business areas and activities, risks
associated with acquisitions, joint ventures and strategic
investments, the ability to realize anticipated results from
capital expenditures and cost reduction initiatives, outcomes of
legal and regulatory matters, and changes in legislation or
regulations. These and other risks, assumptions and uncertainties
are described in Item 1A (Risk Factors) of our most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, 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, Walgreens does not undertake, and
expressly disclaims, any duty or obligation to update publicly any
forward-looking statement after the initial distribution 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.
WALGREEN CO. AND SUBSIDIARIES CONSOLIDATED
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) (In
Millions, Except Per Share Amounts) Three
Months Ended Twelve Months Ended August 31, August
31, August 31, August 31, 2013 2012 2013 2012 Net
sales $ 17,941 $ 17,073 $ 72,217 $ 71,633 Cost of sales (1)
12,750 12,238 51,098 51,291 Gross Profit 5,191
4,835 21,119 20,342 Selling, general and administrative expenses
4,286 4,249 17,543 16,878 Equity earnings in Alliance Boots 124 -
344 - Gain on sale of business - - 20 -
Operating Income 1,029 586 3,940 3,464 Interest expense, net
55 37 165 88 Other income 43 - 120 -
Earnings Before Income Tax Provision 1,017 549 3,895 3,376 Income
tax provision 360 196 1,445 1,249 Net
Earnings 657 353 2,450 2,127 Net
earnings per common share: Basic $ .69 $ .40 $ 2.59 $ 2.43 Diluted
$ .69 $ .39 $ 2.56 $ 2.42 Dividends declared $ .3150 $ .2750
$ 1.1400 $ .9500 Average shares outstanding 945.7 889.8
946.0 874.7 Dilutive effect of stock options 11.6 5.5
9.2 5.4 Average Diluted Shares 957.3
895.3 955.2 880.1 Percent of Sales
Percent of Sales Net sales 100.0% 100.0% 100.0% 100.0% Cost
of sales 71.1 71.7 70.7 71.6 Gross
Margin 28.9 28.3 29.3 28.4 Selling, general and administrative
expenses 23.9 24.9 24.3 23.6 Equity earnings in Alliance Boots 0.7
- 0.5 - Gain on sale of business - - -
- Operating Income 5.7 3.4 5.5 4.8 Interest expense, net 0.3
0.2 0.2 0.1 Other income 0.3 - 0.2 -
Earnings Before Income Tax Provision
5.7 3.2 5.5 4.7 Income tax provision 2.0 1.1
2.0 1.7 Net Earnings 3.7% 2.1% 3.5%
3.0% (1) Fiscal 2013 fourth quarter LIFO includes a
benefit of $8 million versus a provision of $132 million in the
previous year. Fiscal 2013 twelve months ended includes a LIFO
provision of $239 million versus $309 million in the previous year.
WALGREEN CO. AND SUBSIDIARIES CONSOLIDATED
CONDENSED BALANCE SHEETS (UNAUDITED AND SUBJECT TO
RECLASSIFICATION) (In Millions)
August 31, August 31, 2013 2012 Assets Current Assets: Cash and
cash equivalents $ 2,106 $ 1,297 Accounts receivable, net 2,632
2,167 Inventories 6,852 7,036 Other current assets 284
260 Total Current Assets 11,874 10,760 Non-Current Assets:
Property and Equipment, at cost, less
accumulated depreciation and amortization
12,138 12,038 Equity investment in Alliance Boots 6,261 6,140
Alliance Boots call option 839 866 Goodwill 2,410 2,161 Other
non-current assets 1,959 1,497 Total Non-Current
Assets 23,607 22,702 Total Assets $ 35,481 $ 33,462
Liabilities and Shareholders' Equity Current Liabilities:
Short-term borrowings $ 570 $ 1,319 Trade accounts payable 4,635
4,384 Accrued expenses and other liabilities 3,577 3,019 Income
taxes 101 - Total Current Liabilities 8,883 8,722
Non-Current Liabilities: Long-term debt 4,477 4,073 Deferred income
taxes 600 545 Other non-current liabilities 2,067
1,886 Total Non-Current Liabilities 7,144 6,504
Shareholders' Equity 19,454 18,236 Total Liabilities
and Shareholders' Equity $ 35,481 $ 33,462
WALGREEN CO.
AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH
FLOWS (UNAUDITED AND SUBJECT TO RECLASSIFICATION) (In
Millions) Twelve Months Ended
August 31,
August 31, 2013 2012 Cash flows from operating
activities: Net earnings $ 2,450 $ 2,127
Adjustments to reconcile net earnings to
net cash provided by operating activities -
Depreciation and amortization 1,283 1,166
Change in fair value of warrants and
related amortization
(120) - Deferred income taxes 148 265 Stock compensation expense
104 99 Equity earnings in Alliance Boots (344) - Other 113 43
Changes in operating assets and liabilities - Accounts receivable,
net (449) 394 Inventories 321 1,083 Other current assets 18 (4)
Trade accounts payable 182 (439) Accrued expenses and other
liabilities 424 (184) Income taxes 103 (228) Other non-current
assets and liabilities 68 109 Net cash provided by
operating activities 4,301 4,431 Cash flows
from investing activities: Additions to property and equipment
(1,212) (1,550) Business and intangible asset acquisitions, net of
cash received (630) (491) Purchases of short term investments held
to maturity (66) - Proceeds from short term investments held to
maturity 16 - Proceeds from sale of assets 145 123 Proceeds
(payments) related to sale of business 20 (45) Return of restricted
cash - 191 Investment in AmerisourceBergen (224) - Investment in
Alliance Boots - (4,025) Other (45) (63) Net cash
used for investing activities (1,996) (5,860)
Cash flows from financing activities: Net proceeds from issuance of
debt 4,000 3,000 Payments of long-term debt (4,300) - Stock
purchases (615) (1,191) Proceeds related to employee stock plans
486 165 Cash dividends paid
(1,040)
(787) Other (27) (17) Net cash (used for) provided by
financing activities (1,496) 1,170 Changes in
cash and cash equivalents: Net increase (decrease) in cash and cash
equivalents 809 (259) Cash and cash equivalents at beginning of
period 1,297 1,556 Cash and cash equivalents at end
of period $ 2,106 $ 1,297
WALGREEN CO. AND
SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED)
RECONCILIATION OF 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
these 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 and
believes 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.
Three months ended Twelve months ended August 31,
August 31, August 31, August 31, 2013 2012 2013 2012
Net earnings (GAAP) $ 657 $ 353 $ 2,450 $ 2,127 Acquisition-related
amortization 59 45 241 161 Alliance Boots related tax add-back 38 -
124 - LIFO provision (5) 85 151 195 Hurricane Sandy costs - - 24 -
Acquisition-related costs 7 70 60 82 DEA settlement costs - - 47 -
Distributor transition costs 8 - 8 - Increase in fair market value
of warrants (62) - (110) - Gain on sale of Walgreen Health
Initiatives, Inc. - - (13) - Adjusted
net earnings $ 702 $ 553 $ 2,982 $ 2,565 Net earnings per
common share – diluted (GAAP) $ 0.69 $ 0.39 $ 2.56 $ 2.42
Acquisition-related amortization 0.05 0.05 0.25 0.18 Alliance Boots
related tax add-back 0.04 - 0.13 - LIFO provision (0.01) 0.10 0.16
0.22 Hurricane Sandy costs - - 0.03 - Acquisition-related costs
0.01 0.08 0.06 0.09 DEA settlement costs - - 0.05 - Distributor
transition costs 0.01 - 0.01 - Alliance Boots share issuance effect
- 0.01 - 0.02 Increase in fair market value of warrants (0.06) -
(0.12) - Gain on sale of Walgreen Health Initiatives, Inc. -
- (0.01) - Adjusted net earnings per common
share – diluted $ 0.73 $ 0.63 $ 3.12 $ 2.93
Three months ended August 31, August 31, 2013 2012 Gross
profit (GAAP) $ 5,191 $ 4,835 LIFO (benefit) provision (8)
132 Adjusted gross profit $ 5,183 $ 4,967 Adjusted gross
profit growth 4.3% Selling, general and administrative
expenses (GAAP) $ 4,286 $ 4,249 Acquisition-related amortization 73
70 Acquisition-related costs 11 50 Distributor transition costs
13 - Adjusted selling, general and administrative
expenses $ 4,189 $ 4,129 Adjusted selling, general and
administrative expenses growth 1.5% Twelve months ended
August 31, 2013 Net cash provided by operating activities (GAAP) $
4,301 Less: Additions to property and equipment 1,212 Free
cash flow(1) $ 3,089
(1) Free cash flow is defined as net cash
provided by operating activities in a period minus additions to
property 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.
WalgreensMichael Polzin,
847-315-2920http://news.walgreens.com@WalgreensNewsfacebook.com/Walgreens
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