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hsic:number hsic:claims

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒

QUARTERLY

REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the

quarterly

period ended

March 29, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT

OF 1934

For the transition period from ____________ to ____________

Commission File Number:

0-27078

HENRY SCHEIN, INC.

(Exact name of registrant as specified in its charter)

Delaware

11-3136595

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

135 Duryea Road

Melville

New York

(Address of principal executive offices)

11747

(Zip Code)

(

631

)

843-5500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

HSIC

The

Nasdaq

Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required

to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such

shorter period that the registrant was required to file such

reports), and (2) has been subject to such filing requirements for the

past 90 days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every

Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during

the preceding 12 months (or for such shorter period

that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller

reporting company, or an emerging growth company.

See the definitions of “large accelerated filer,”

“accelerated filer,”

“smaller reporting company,”

and “emerging growth company”

in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for

complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined

in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

As of April 28, 2025,

there were

121,719,546

shares of the registrant’s common stock outstanding.

HENRY SCHEIN, INC.

INDEX

PART I. FINANCIAL INFORMATION

Page

ITEM 1.

Condensed Consolidated Financial Statements:

Condensed Consolidated Balance Sheets as of March 29, 2025 and December 28, 2024

Condensed Consolidated Statements of Income for the three months ended

March 29, 2025 and March 30, 2024

Condensed Consolidated Statements of Comprehensive Income for the

three months ended March 29, 2025 and March 30, 2024

Condensed Consolidated Statements of Changes in Stockholders' Equity

for the three months ended March 29, 2025 and March 30, 2024

Condensed Consolidated Statements of Cash Flows for the

three months ended March 29, 2025 and March 30, 2024

Notes to Condensed Consolidated Financial Statements

Note 1 – Basis of Presentation

Note 2 – Significant Accounting Policies and Recently Issued Accounting Standards

Note 3 – Cyber Incident

Note 4 – Net Sales from Contracts with Customers

Note 5 – Segment Data

Note 6 – Business Acquisitions

Note 7 – Fair Value Measurements

Note 8 – Debt

Note 9 – Income Taxes

Note 10 – Plans of Restructuring

Note 11 – Legal Proceedings

Note 12 – Stock-Based Compensation

Note 13 – Redeemable Noncontrolling Interests

Note 14 – Comprehensive Income

Note 15 – Earnings Per Share

Note 16 – Supplemental Cash Flow Information

Note 17 – Related Party Transactions

Note 18 – KKR Investment

ITEM 2.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

ITEM 4.

Controls and Procedures

PART II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

See accompanying notes.

PART

I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions,

except share data)

March 29,

December 28,

2025

2024

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

127

122

Accounts receivable, net of allowance for credit losses of $

and $

(1)

1,578

1,482

Inventories, net

1,842

1,810

Prepaid expenses and other

490

569

Total current assets

4,037

3,983

Property and equipment, net

556

531

Operating lease right-of-use assets

294

293

Goodwill

3,956

3,887

Other intangibles, net

1,028

1,023

Investments and other

609

501

Total assets

10,480

10,218

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND

STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

908

962

Bank credit lines

867

650

Current maturities of long-term debt

Operating lease liabilities

Accrued expenses:

Payroll and related

243

303

Taxes

160

139

Other

606

618

Total current liabilities

2,917

2,803

Long-term debt (1)

1,968

1,830

Deferred income taxes

135

102

Operating lease liabilities

256

259

Other liabilities

485

387

Total liabilities

5,761

5,381

Redeemable noncontrolling interests

765

806

Commitments and contingencies

(nil)

Stockholders' equity:

Preferred stock, $

0.01

par value,

1,000,000

shares authorized,

none

outstanding

Common stock, $

0.01

par value,

480,000,000

shares authorized,

122,243,683

outstanding on March 29, 2025 and

124,155,884

outstanding on December 28, 2024

Additional paid-in capital

Retained earnings

3,626

3,771

Accumulated other comprehensive loss

(317)

(379)

Total Henry Schein, Inc. stockholders' equity

3,310

3,393

Noncontrolling interests

644

638

Total stockholders' equity

3,954

4,031

Total liabilities, redeemable noncontrolling

interests and stockholders' equity

10,480

10,218

(1)

Amounts presented include balances held by our consolidated variable interest entity (“VIE”).

At March 29, 2025 and December

28, 2024, includes trade accounts receivable of $

471

million and $

241

million, respectively, and long-term debt of $

300

million and

150

million, respectively.

See

Note 1 – Basis of Presentation

for further information.

Table of Contents

See accompanying notes.

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF INCOME

(in millions,

except share and per share data)

(unaudited)

Three Months Ended

March 29,

March 30,

2025

2024

Net sales

3,168

3,172

Cost of sales

2,168

2,160

Gross profit

1,000

1,012

Operating expenses:

Selling, general and administrative

738

791

Depreciation and amortization

Restructuring costs

Operating income

175

150

Other income (expense):

Interest income

Interest expense

(35)

(30)

Other, net

(1)

Income before taxes, equity in earnings of affiliates and noncontrolling interests

145

127

Income taxes

(35)

(32)

Equity in earnings of affiliates, net of tax

Net income

113

Less: Net income attributable to noncontrolling interests

(3)

(5)

Net income attributable to Henry Schein, Inc.

110

Earnings per share attributable to Henry Schein, Inc.:

Basic

0.89

0.72

Diluted

0.88

0.72

Weighted-average common

shares outstanding:

Basic

123,776,073

128,720,661

Diluted

124,848,221

129,769,580

Table of Contents

See accompanying notes.

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF COMPREHENSIVE INCOME

(in millions)

(unaudited)

Three Months Ended

March 29,

March 30,

2025

2024

Net income

113

Other comprehensive income, net of tax:

Foreign currency translation gain (loss)

(54)

Unrealized gain (loss) from hedging activities

(5)

Other comprehensive income (loss), net of tax

(43)

Comprehensive income

184

Comprehensive income attributable to noncontrolling interests:

Net income

(3)

(5)

Foreign currency translation loss (gain)

(9)

Comprehensive loss (income) attributable to noncontrolling interests

(12)

Comprehensive income attributable to Henry Schein, Inc.

172

Table of Contents

See accompanying notes.

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF CHANGES IN

STOCKHOLDERS’ EQUITY

(in millions, except share data)

(unaudited)

Accumulated

Common Stock

Additional

Other

Total

$0.01 Par Value

Paid-in

Retained

Comprehensive

Noncontrolling

Stockholders'

Amount

Capital

Earnings

Income / (Loss)

Interests

Equity

Balance, December 28, 2024

124,155,884

3,771

(379)

638

4,031

Net income (excluding loss $

attributable to Redeemable

noncontrolling interests)

110

115

Foreign currency translation gain (excluding gain of $

attributable to Redeemable noncontrolling interests)

Unrealized loss from hedging activities,

net of tax benefit of $

(5)

Pension adjustment gain, net of tax of $

Change in fair value of redeemable securities

(28)

Noncontrolling interests and adjustments related to

business acquisitions and contingent consideration

(60)

Repurchase and retirement of common stock

(2,255,485)

(21)

(141)

(162)

Stock issued upon exercise of stock options

10,351

Stock-based compensation expense

520,385

Shares withheld for payroll taxes

(187,493)

(11)

Settlement of stock-based compensation awards

Transfer of charges in excess of

capital

114

(114)

Balance, March 29, 2025

122,243,683

3,626

(317)

644

3,954

Accumulated

Common Stock

Additional

Other

Total

$0.01 Par Value

Paid-in

Retained

Comprehensive

Noncontrolling

Stockholders'

Amount

Capital

Earnings

Income / (Loss)

Interests

Equity

Balance, December 30, 2023

129,247,765

3,860

(206)

634

4,289

Net income (excluding $

attributable to Redeemable

noncontrolling interests)

Foreign currency translation loss (excluding loss of $

attributable to Redeemable noncontrolling interests)

(44)

Unrealized gain from hedging activities,

net of tax of $

Change in fair value of redeemable securities

(42)

Noncontrolling interests and adjustments related to

business acquisitions

Repurchase and retirement of common stock

(998,728)

(10)

(65)

(75)

Stock issued upon exercise of stock options

20,939

Stock-based compensation expense

314,759

Shares withheld for payroll taxes

(103,865)

(8)

Settlement of stock-based compensation awards

Transfer of charges in excess of

capital

(50)

Balance, March 30, 2024

128,480,909

3,838

(239)

637

4,237

Table of Contents

See accompanying notes.

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS

(in millions)

(unaudited)

Three Months Ended

March 29,

March 30,

2025

2024

Cash flows from operating activities:

Net income

113

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

Depreciation and amortization

Impairment charge on intangible assets

Non-cash restructuring charges

Stock-based compensation expense

Provision for losses on trade and other accounts receivable

Provision for (benefit from) deferred income taxes

(7)

Equity in earnings of affiliates

(3)

Distributions from equity affiliates

Changes in unrecognized tax benefits

Other

(27)

(6)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(74)

190

Inventories

(14)

Other current assets

Accounts payable and accrued expenses

(112)

(290)

Net cash provided by operating activities

197

Cash flows from investing activities:

Purchases of property and equipment

(31)

(41)

Payments related to equity investments and business acquisitions,

net of cash acquired

(51)

(20)

Proceeds from loan to affiliate

Capitalized software costs

(12)

(9)

Other

(5)

(3)

Net cash used in investing activities

(99)

(72)

Cash flows from financing activities:

Net change in bank credit lines

215

Proceeds from issuance of long-term debt

150

Principal payments for long-term debt

(15)

(60)

Proceeds from issuance of stock upon exercise of stock options

Payments for repurchases and retirement of common stock

(161)

(75)

Payments for taxes related to shares withheld for employee taxes

(12)

(7)

Distributions to noncontrolling shareholders

(4)

(6)

Payments for contingent consideration

(12)

Acquisitions of noncontrolling interests in subsidiaries

(73)

(94)

Net cash provided by (used in) financing activities

(151)

Effect of exchange rate changes on cash and cash equivalents

(22)

Net change in cash and cash equivalents

(12)

Cash and cash equivalents, beginning of period

122

171

Cash and cash equivalents, end of period

127

159

Table of Contents

HENRY SCHEIN, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except share and per share data)

(unaudited

)

Note 1 – Basis of Presentation

Our condensed consolidated financial statements include the accounts of Henry

Schein, Inc., and all of our

controlled subsidiaries and VIE (“we”, “us” and “our”).

All intercompany accounts and transactions are eliminated

in consolidation.

Investments in unconsolidated affiliates for which we have the ability to influence

the operating

or financial decisions are accounted for under the equity method.

Certain prior period amounts have been

reclassified to conform to the current period presentation.

These reclassifications, individually and in the

aggregate, did not have a material impact on our condensed consolidated

financial condition, results of operations

or cash flows.

Our accompanying unaudited condensed consolidated financial statements

have been prepared in accordance with

accounting principles generally accepted in the United States

(“U.S. GAAP”) for interim financial information and

with the instructions to Form 10-Q and Article 10 of Regulation S-X.

Accordingly, they do not include all of the

information and footnote disclosures required by U.S. GAAP for complete

financial statements.

The unaudited interim condensed consolidated financial statements should be

read in conjunction with the audited

consolidated financial statements and notes to the consolidated financial

statements contained in our Annual Report

on Form 10-K for the year ended December 28, 2024 and with the information

contained in our other publicly-

available filings with the Securities and Exchange Commission.

The condensed consolidated financial statements

reflect all adjustments considered necessary for a fair presentation of

the consolidated results of operations and

financial position for the interim periods presented.

All such adjustments are of a normal recurring nature.

The preparation of consolidated financial statements in conformity with

accounting principles generally accepted in

the United States requires us to make estimates and assumptions that

affect the reported amounts of assets and

liabilities and disclosure of contingent assets and liabilities at the date of

the financial statements and the reported

amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimates.

The results of operations for the three months ended March 29, 2025 are

not necessarily indicative of the results to

be expected for any other interim period or for the year ending December 27, 2025.

Our condensed consolidated financial statements reflect estimates and

assumptions made by us that affect, among

other things, our goodwill, long-lived asset and definite-lived intangible

asset valuation; inventory valuation; equity

investment valuation; assessment of the annual effective tax rate; valuation of

deferred income taxes and income

tax contingencies; the allowance for credit losses; hedging activity; supplier

rebates; measurement of compensation

cost for certain share-based performance awards and cash bonus plans; and

pension plan assumptions.

The primary beneficiary of a VIE is required to consolidate the assets and

liabilities of the VIE.

We are deemed to

be the primary beneficiary of the VIE when we have the power to direct activities

that most significantly affect its

economic performance and have the obligation to absorb the majority of

its losses or the right to receive benefits

that could potentially be significant to the VIE.

In determining whether we are the primary beneficiary, we

consider factors such as ownership interest, debt investments, management

representation, authority to control

decisions, and contractual and substantive participating rights of each party.

For this VIE, related to our U.S. trade

accounts receivable securitization as discussed in

Note 8 – Debt

the trade accounts receivable transferred to the

VIE are pledged as collateral to the related debt.

The VIE’s creditors have recourse to us for losses on these trade

accounts receivable.

At March 29, 2025 and December 28, 2024, certain trade accounts

receivable that can only be

used to settle obligations of this VIE were $

471

million and $

241

million, respectively, and the liabilities of this

VIE where the creditors have recourse to us were $

300

million and $

150

million, respectively.

Table of Contents

HENRY SCHEIN, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except share and per share data)

(unaudited

)

Note 2 – Significant Accounting Policies and Recently Issued Accounting

Standards

Significant Accounting Policies

There have been no material changes in our significant accounting policies during

the three months ended March

29, 2025, as compared to the significant accounting policies described in Item

8 of our Annual Report on Form 10-

K for the year ended December 28, 2024.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

(“ASU”) 2024-03, “

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure

(Subtopic 220-40)

Disaggregation of Income Statement Expenses

,” which requires additional disclosure about the

specific expense categories in the notes to financial statements at interim and

annual reporting periods.

The

amendments in this ASU do not change or remove current expense

disclosure requirements but affect where this

information appears in the notes to financial statements.

This ASU is effective for annual reporting periods

beginning after December 15, 2026, and interim reporting periods beginning

after December 15, 2027, with early

adoption permitted.

Upon adoption, the guidance can be applied prospectively or

retrospectively.

We are currently

evaluating the impact that ASU 2024-03 will have on our condensed consolidated

financial statements.

In December 2023, the FASB issued ASU 2023-09, “

Income Taxes (Topic

740): Improvements to Income Tax

Disclosures

,” which requires public business entities to disclose additional

information in specified categories with

respect to the reconciliation of the effective tax rate to the statutory rate for federal, state and

foreign income taxes.

It also requires greater detail about individual reconciling items in

the rate reconciliation to the extent the impact of

those items exceeds a specified threshold.

In addition to new disclosures associated with the rate reconciliation,

the

ASU requires information pertaining to taxes paid (net of refunds received)

to be disaggregated for federal, state,

and foreign taxes and further disaggregated for specific jurisdictions

to the extent the related amounts exceed a

quantitative threshold.

The ASU also describes items that need to be disaggregated

based on their nature, which is

determined by reference to the item’s fundamental or essential characteristics, such as the transaction or event

that

triggered the establishment of the reconciling item and the activity with which

the reconciling item is associated.

The ASU eliminates the historic requirement that entities disclose information

concerning unrecognized tax

benefits having a reasonable possibility of significantly increasing

or decreasing in the 12 months following the

reporting date.

This ASU is effective for annual periods beginning after December 15, 2024.

We are currently

evaluating the impact that ASU 2023-09 will have on our consolidated

financial statements.

Note 3 – Cyber Incident

In October 2023 Henry Schein experienced a cyber incident that primarily

affected the operations of our North

American and European dental and medical distribution businesses.

Henry Schein One, our practice management

software, revenue cycle management and patient relationship management

solutions business, was not affected, and

our manufacturing businesses were mostly unaffected.

On November 22, 2023, we experienced a disruption of our

ecommerce platform and related applications, which was remediated.

With respect to the October 2023 cyber incident, we have a $

million insurance policy, following a $

million

retention.

During the three months ended March 30, 2024, we did

t receive any insurance proceeds.

During the

year ended December 28, 2024, we received insurance proceeds of $

million under this policy.

During the three

months ended March 29, 2025 we received insurance proceeds of $

million under this policy, representing the

remaining insurance recovery of losses related to the cyber incident.

During the three months ended March 29,

2025 and March 30, 2024, we incurred

zero

and $

million expenses, respectively, directly related to the cyber

incident, mostly consisting of professional fees.

The expenses and insurance recoveries related to the cyber

incident are included in the selling, general and administrative line in our

condensed consolidated statements of

income.

Table of Contents

HENRY SCHEIN, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except share and per share data)

(unaudited

)

Note 4 – Net Sales from Contracts with Customers

Net sales are recognized in accordance with policies disclosed in Item

8 of our Annual Report on Form 10-K for

the year ended December 28, 2024.

Disaggregation of Net Sales

As noted further in

Note 5 – Segment Data

during the fourth quarter of our fiscal year ended December 28,

2024, we revised our reportable segments to align with how the Chairman and

Chief Executive Officer manages

the business, assesses performance and allocates resources.

All prior comparative segment information has

been recast to reflect our new segment structure.

The following table disaggregates our net sales by reportable segment:

Three Months Ended

March 29,

March 30,

2025

2024

Net Sales:

Global Distribution and Value

-Added Services

Global Dental merchandise

1,185

1,210

Global Dental equipment

384

402

Global Value

-added services

Global Dental

1,621

1,668

Global Medical

1,055

1,025

Total Global Distribution

and Value

-Added Services

2,676

2,693

Global Specialty Products

367

360

Global Technology

162

157

Eliminations

(37)

(38)

Total

3,168

3,172

Contract Liabilities

The following table presents our contract liabilities:

As of

March 29,

December 28,

March 30,

December 30,

Description

2025

2024

2023

Current contract liabilities

Non-current contract liabilities

Total contract

liabilities

During the three months ended March 29, 2025, we recognized, in net sales,

million of the amount that was

previously deferred at December 28, 2024.

During the three months ended March 30, 2024, we recognized

in net

sales $

million of the amount that was previously deferred at December 30, 2023.

Current contract liabilities are

included in accrued expenses: other and the non-current contract liabilities

are included in other liabilities within

our condensed consolidated balance sheets.

Table of Contents

HENRY SCHEIN, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except share and per share data)

(unaudited

)

Note 5

–

Segment Data

During the fourth quarter of our fiscal year ended December 28, 2024,

we revised our reportable segments to align

with how the Chairman and Chief Executive Officer manages the business, assesses

performance and allocates

resources.

Our revised reportable segments now consist of: (i) Global Distribution

and Value

-Added Services; (ii)

Global Specialty Products; and (iii) Global Technology.

These segments offer different products and services to

the same customer base.

All prior comparative segment information has been recast

to reflect our new segment

structure.

We aggregate operating segments into these reportable segments based on economic similarities, the nature of their

products, customer base, and methods of distribution.

Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of

national brand and corporate brand merchandise, as well as equipment and related

technical services.

This segment

also includes value-added services such as financial services, continuing

education services, consulting and other

services.

This segment also markets and sells under our own corporate brand,

a portfolio of cost-effective, high-

quality consumable merchandise.

Global Specialty Products includes manufacturing, marketing

and sales of dental

implant and biomaterial products; and endodontic, orthodontic and orthopedic

products and other health care-

HENRY SCHEIN INC 10-Q