Patterson Companies (PDCO) 10-Q 28 Aug 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 27, 2024	Aug. 20, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 27, 2024
Document Transition Report	false
Entity File Number	0-20572
Entity Registrant Name	PATTERSON COMPANIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0886515
Entity Address, Address Line One	1031 Mendota Heights Road
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55120
City Area Code	651
Local Phone Number	686-1600
Title of 12(b) Security	Common Stock, par value $.01
Trading Symbol	PDCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,145,000
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000891024
Current Fiscal Year End Date	--04-26

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Current assets:
Cash and cash equivalents	$ 148,079	$ 114,462
Receivables, net of allowance for doubtful accounts of $2,690 and $2,731	442,342	547,287
Inventory, net	849,504	782,898
Prepaid expenses and other current assets	322,185	334,116
Total current assets	1,762,110	1,778,763
Property and equipment, net	226,151	229,081
Operating lease right-of-use assets, net	124,473	122,295
Long-term receivables, net	132,683	129,876
Goodwill	156,211	156,328
Identifiable intangibles, net	183,955	193,261
Investments	167,386	166,320
Other non-current assets, net	121,789	120,808
Total assets	2,874,758	2,896,732
Current liabilities:
Accounts payable	656,977	745,375
Accrued payroll expense	49,656	78,211
Other accrued liabilities	173,369	167,399
Operating lease liabilities	33,643	32,815
Current maturities of long-term debt	123,875	122,750
Borrowings on revolving credit	320,000	186,000
Total current liabilities	1,357,520	1,332,550
Long-term debt	327,153	328,911
Non-current operating lease liabilities	94,261	92,464
Other non-current liabilities	143,323	141,075
Total liabilities	1,922,257	1,895,000
Stockholders’ equity:
Common stock, $0.01 par value: 600,000 shares authorized; 88,146 and 89,701 shares issued and outstanding	881	897
Additional paid-in capital	265,584	258,679
Accumulated other comprehensive loss	(86,473)	(89,915)
Retained earnings	771,997	831,483
Total Patterson Companies, Inc. stockholders' equity	951,989	1,001,144
Noncontrolling interests	512	588
Total stockholders’ equity	952,501	1,001,732
Total liabilities and stockholders’ equity	$ 2,874,758	$ 2,896,732

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,690	$ 2,731
Common stock, par value, (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, shares, issued	88,146,000	89,701,000
Common stock, shares outstanding	88,146,000	89,701,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Statement [Abstract]
Net sales	$ 1,541,742	$ 1,576,745
Cost of sales	1,229,133	1,257,690
Gross profit	312,609	319,055
Operating expenses	283,240	280,833
Operating income	29,369	38,222
Other income (expense):
Other income, net	1,714	11,901
Interest expense	(13,223)	(9,512)
Income before taxes	17,860	40,611
Income tax expense	4,221	9,481
Net income	13,639	31,130
Net loss attributable to noncontrolling interests	(76)	(104)
Net income attributable to Patterson Companies, Inc.	$ 13,715	$ 31,234
Earnings per share attributable to Patterson Companies, Inc.:
Basic (in USD per share)	$ 0.16	$ 0.33
Diluted (in USD per share)	$ 0.15	$ 0.32
Weighted average shares:
Basic (in shares)	88,127	95,544
Diluted (in shares)	88,645	96,190
Dividends declared per common share (in USD per share)	$ 0.26	$ 0.26
Comprehensive income:
Net income (loss)	$ 13,639	$ 31,130
Foreign currency translation gain	3,181	7,368
Cash flow hedges, net of tax	261	261
Comprehensive income	$ 17,081	$ 38,759

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests
Beginning Balance at Apr. 29, 2023	$ 1,118,535	$ 964	$ 233,706	$ (89,262)	$ 972,127	$ 1,000
Beginning Balance (in shares) at Apr. 29, 2023		96,350,000
Foreign currency translation	7,368			7,368
Cash flow hedges	261			261
Net income (loss)	31,130				31,234	(104)
Dividends declared	(25,134)				(25,134)
Common stock issued	1,574	$ 5	1,569
Common stock issued and related tax benefits (in shares)		565,000
Repurchases of common stock	(29,508)	$ (11)			(29,497)
Repurchases of common stock (in shares)		(1,109,000)
Stock-based compensation	7,015		7,015
Ending Balance at Jul. 29, 2023	1,111,241	$ 958	242,290	(81,633)	948,730	896
Ending Balance (in shares) at Jul. 29, 2023		95,806,000
Foreign currency translation	(17,589)			(17,589)
Cash flow hedges	260			260
Net income (loss)	39,855				39,958	(103)
Dividends declared	(24,897)				(24,897)
Common stock issued	3,228	$ 2	3,226
Common stock issued and related tax benefits (in shares)		180,000
Repurchases of common stock	(61,644)	$ (19)	(661)		(60,964)
Repurchases of common stock (in shares)		(1,897,000)
Stock-based compensation	4,635		4,635
Ending Balance at Oct. 28, 2023	1,055,089	$ 941	249,490	(98,962)	902,827	793
Ending Balance (in shares) at Oct. 28, 2023		94,089,000
Foreign currency translation	12,538			12,538
Cash flow hedges	261			261
Net income (loss)	47,593				47,703	(110)
Dividends declared	(23,591)				(23,591)
Common stock issued	1,845	$ 1	1,844
Common stock issued and related tax benefits (in shares)		103,000
Repurchases of common stock	(125,315)	$ (41)	(1,219)		(124,055)
Repurchases of common stock (in shares)		(4,101,000)
Stock-based compensation	3,745		3,745
Ending Balance at Jan. 27, 2024	972,165	$ 901	253,860	(86,163)	802,884	683
Ending Balance (in shares) at Jan. 27, 2024		90,091,000
Foreign currency translation	(4,012)			(4,012)
Cash flow hedges	260			260
Net income (loss)	66,941				67,036	(95)
Dividends declared	(23,521)				(23,521)
Common stock issued	2,463	$ 1	2,462
Common stock issued and related tax benefits (in shares)		107,000
Repurchases of common stock	(15,040)	$ (5)	(119)		(14,916)
Repurchases of common stock (in shares)		(497,000)
Stock-based compensation	2,476		2,476
Ending Balance at Apr. 27, 2024	$ 1,001,732	$ 897	258,679	(89,915)	831,483	588
Ending Balance (in shares) at Apr. 27, 2024	89,701,000	89,701,000
Foreign currency translation	$ 3,181			3,181
Cash flow hedges	261			261
Net income (loss)	13,639				13,715	(76)
Dividends declared	(23,221)				(23,221)
Common stock issued	(748)	$ 4	(752)
Common stock issued and related tax benefits (in shares)		385,000
Repurchases of common stock	(50,403)	$ (20)	(403)		(49,980)
Repurchases of common stock (in shares)		(1,940,000)
Stock-based compensation	8,060		8,060
Ending Balance at Jul. 27, 2024	$ 952,501	$ 881	$ 265,584	$ (86,473)	$ 771,997	$ 512
Ending Balance (in shares) at Jul. 27, 2024	88,146,000	88,146,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Apr. 27, 2024	Oct. 28, 2023	Jul. 29, 2023
Statement of Cash Flows [Abstract]
Net income (loss)	$ 13,639	$ 66,941	$ 39,855	$ 31,130
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	13,111			11,406
Amortization	9,639			9,627
Stock-based compensation	8,060			7,015
Non-cash losses (gains) and other, net	1,745			2,268
Change in assets and liabilities:
Receivables	(140,656)			(154,602)
Inventory	(65,292)			(114,323)
Accounts payable	(91,995)			(11,093)
Accrued liabilities	(22,698)			(21,715)
Other changes from operating activities, net	(10,523)			(13,079)
Net cash used in operating activities	(284,970)			(253,366)
Investing activities:
Additions to property and equipment and software	(13,507)			(17,087)
Cash collections on DPP receivable	271,834			242,013
Payments related to acquisitions, net of cash acquired	0			(1,108)
Net cash provided by investing activities	258,327			223,818
Financing activities:
Dividends paid	(23,312)			(25,432)
Repurchases of common stock	(50,000)			(29,508)
Payments on long-term debt	(750)			(750)
Draw on revolving credit	134,000			31,000
Other financing activities	(1,151)			1,574
Net cash provided by (used in) financing activities	58,787			(23,116)
Effect of exchange rate changes on cash	1,473			1,568
Net change in cash and cash equivalents	33,617			(51,096)
Cash and cash equivalents at beginning of period	114,462		$ 108,573	159,669
Cash and cash equivalents at end of period	148,079	$ 114,462		108,573
Supplemental disclosure of non-cash investing activity:
Noncash investments acquired	$ 251,917			$ 226,957

General

General	3 Months Ended
	Jul. 27, 2024
Accounting Policies [Abstract]
General	General Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as "Patterson" or in the first person notations "we," "our," and "us") as of July 27, 2024, and our results of operations and cash flows for the periods ended July 27, 2024 and July 29, 2023. Such adjustments are of a normal, recurring nature. The results of operations for the three months ended July 27, 2024 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 26, 2025. These financial statements should be read in conjunction with the financial statements included in our 2024 Annual Report on Form 10-K filed on June 18, 2024. The unaudited Condensed Consolidated Financial Statements include the assets and liabilities of PDC Funding Company, LLC ("PDC Funding"), PDC Funding Company II, LLC ("PDC Funding II"), PDC Funding Company III, LLC ("PDC Funding III") and PDC Funding Company IV, LLC ("PDC Funding IV"), which are our wholly owned subsidiaries and separate legal entities formed under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities established to sell customer installment sale contracts to unaffiliated financial institutions in the normal course of their business. PDC Funding III and PDC Funding IV are fully consolidated special purpose entities established to sell certain receivables to unaffiliated financial institutions. The assets of PDC Funding, PDC Funding II, PDC Funding III and PDC Funding IV would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding, PDC Funding II, PDC Funding III or PDC Funding IV. The unaudited Condensed Consolidated Financial Statements also include the assets and liabilities of Technology Partner Innovations, LLC, which is further described in Note 8. Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The first quarter of fiscal 2025 and 2024 represents the 13 weeks ended July 27, 2024 and July 29, 2023, respectively. Fiscal 2025 will include 52 weeks and fiscal 2024 included 52 weeks. Other Income, Net Other income, net consisted of the following: Three Months Ended July 27, 2024 July 29, 2023 (Loss) gain on interest rate swap agreements $ (3,755) $ 6,775 Investment income and other 5,469 5,126 Other income, net $ 1,714 $ 11,901 Comprehensive Income Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax because earnings from foreign operations are considered to be indefinitely reinvested outside the U.S. The income tax expense related to cash flow hedges was $80 and $80 for the three months ended July 27, 2024 and July 29, 2023, respectively. Earnings Per Share ("EPS") The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted EPS: Three Months Ended July 27, 2024 July 29, 2023 Denominator for basic EPS – weighted average shares 88,127 95,544 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 518 646 Denominator for diluted EPS – weighted average shares 88,645 96,190 Potentially dilutive securities representing 1,041 shares for the three months ended July 27, 2024 and 1,066 shares for the three months ended July 29, 2023 were excluded from the calculation of diluted EPS because their effects were anti-dilutive using the treasury stock method. Revenue Recognition Revenues are generated from the sale of consumable products, equipment and support, software and support, technical service parts and labor, and other sources. Revenues are recognized when or as performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the goods or services. Consumable product, equipment, software and parts sales are recorded upon delivery, except in those circumstances where terms of the sale are FOB shipping point, in which case sales are recorded upon shipment. Technical service labor is recognized as it is provided. Revenue derived from equipment support and software services is recognized ratably over the period in which the support and services are provided. In addition to revenues generated from the distribution of consumable products under arrangements (buy/sell agreements) where the full market value of the product is recorded as revenue, we earn commissions for services provided under agency agreements. The agency agreement contrasts to a buy/sell agreement in that we do not have control over the transaction, as we do not have the primary responsibility of fulfilling the promise of the good or service and we do not bill or collect from the customer in an agency relationship. Commissions under agency agreements are recorded when the services are provided. Estimates for returns, damaged goods, rebates, loyalty programs and other revenue allowances are made at the time the revenue is recognized based on the historical experience for such items. The receivables that result from the recognition of revenue are reported net of related allowances. We maintain a valuation allowance based upon the expected collectability of receivables held. Estimates are used to determine the valuation allowance and are based on several factors, including historical collection data, economic trends and credit worthiness of customers. Receivables are written off when we determine the amounts to be uncollectible, typically upon customer bankruptcy or non-response to continuous collection efforts. The portions of receivable amounts that are not expected to be collected during the next twelve months are classified as long-term. Receivables from vendors earned as a result of volume rebates and reimbursements for customer pricing contracts and promotions are recorded as a reduction of cost of sales in the period in which the related revenue is recognized. We estimate the vendor receivables earned but not received based on sales forecasts, transactional data and historical vendor collection trends. We offer customer financing contracts on equipment purchases by creditworthy customers. For financing contracts at a below-market interest rate, we record a subsidy as a reduction to net sales in the period the contract is originated. The subsidy on below-market rate contracts is estimated based on analyses of current publicly-available interest rate trends. We do not consider contracts with a term of one year or less to have a significant financing component and do not record a subsidy for these contracts. We generally sell our customers’ financing contracts to unaffiliated financial institutions in the normal course of our business. These financing arrangements are accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We receive the proceeds of the contracts upon sale to financial institutions, with a portion of the proceeds held by the financial institutions as a deferred purchase price (DPP) as security against eventual performance of the portfolio. Customer financing net sales include the impact of changes in interest rates on DPP receivables, as the average interest rate in our contract portfolio may not fluctuate at the same rate as interest rate markets, resulting in an increase or reduction of gain on contract sales. We enter into an interest rate swap to hedge a portion of the related interest rate risk. These agreements do not qualify for hedge accounting, and the gains or losses on an interest rate swap are reported in other income and expense in our Condensed Consolidated Statements of Operation and Other Comprehensive Income. Our financing business is described in further detail in Note 4 to the Condensed Consolidated Financial Statements. Patterson has a relatively large, dispersed customer base and no single customer accounts for more than 10% of consolidated net sales. In addition, the equipment sold to customers under finance contracts generally serves as collateral for the contract and the customer provides a personal guarantee as well. Net sales do not include sales tax as we are considered a pass-through conduit for collecting and remitting sales tax. Contract Balances Contract balances represent amounts presented in our Condensed Consolidated Balance Sheets when either we have transferred goods or services to the customer or the customer has paid consideration to us under the contract. These contract balances include accounts receivable, contract assets and contract liabilities. Contract asset balances as of July 27, 2024 and April 27, 2024 were $951 and $1,373, respectively. Our contract liabilities primarily relate to advance payments from customers, upfront payments for software and support provided over time, and options that provide a material right to customers, such as our customer loyalty programs. At July 27, 2024 and April 27, 2024, contract liabilities of $35,529 and $37,399 were reported in other accrued liabilities, respectively. During the three months ended July 27, 2024, we recognized $13,635 of the amount previously deferred at April 27, 2024. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional disclosures related to rate reconciliation and income taxes paid. The new standard is effective for annual disclosures in fiscal year 2026 and interim disclosures in fiscal year 2027, with early adoption permitted. We currently are evaluating the impact of adopting this pronouncement. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU requires disclosures of significant segment expenses and other segment items. Disclosures about a reportable segment's profit or loss and assets will be required for both annual and interim periods. This ASU also requires disclosure of the title and position of Chief Operating Decision Maker ("CODM") and an explanation of how the CODM uses the reported measures of profit or loss in assessing performance and allocating resources. The new standard is effective for annual disclosures in fiscal year 2025 and interim disclosures in fiscal year 2026, with early adoption permitted. We currently are evaluating the impact of adopting this pronouncement.

Acquisitions

Acquisitions	3 Months Ended
	Jul. 27, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the first quarter of fiscal 2024, we used $1,108 to pay a holdback following our acquisition of substantially all of the assets of Miller Vet Holdings, LLC. The payment was due on the 24-month anniversary of the closing date.

Receivables Securitization Prog

Receivables Securitization Program	3 Months Ended
	Jul. 27, 2024
Transfers and Servicing [Abstract]
Receivables Securitization Program	Receivables Securitization Program We are party to certain receivables purchase agreements (the “Receivables Purchase Agreements”) with MUFG Bank, Ltd. ("MUFG") (f.k.a. The Bank of Tokyo-Mitsubishi UFJ, Ltd.), under which MUFG acts as an agent to facilitate the sale of certain Patterson receivables (the “Receivables”) to certain unaffiliated financial institutions (the “Purchasers”). The sale of these receivables is accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We utilize PDC Funding III and PDC Funding IV to facilitate the sale to fulfill requirements within the agreement. We use a daily unit of account for these Receivables. The proceeds from the sale of these Receivables comprise a combination of cash and a deferred purchase price (“DPP”) receivable. The DPP receivable is ultimately realized by Patterson following the collection of the underlying Receivables sold to the Purchasers. The amount available under the Receivables Purchase Agreements fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business, with maximum availability of $200,000 as of July 27, 2024, of which $200,000 was utilized. We have no retained interests in the transferred Receivables, other than our right to the DPP receivable and collection and administrative service fees. We consider the fees received adequate compensation for services rendered, and accordingly have recorded no servicing asset or liability. As of July 27, 2024 and April 27, 2024, the fair value of outstanding trade receivables transferred to the Purchasers under the facility and derecognized from the Condensed Consolidated Balance Sheets were $373,714 and $400,626, respectively. Sales of trade receivables under this facility were $861,595 and $916,568, and cash collections from customers on receivables sold were $888,323 and $933,874 during the three months ended July 27, 2024 and July 29, 2023, respectively. The DPP receivable is recorded at fair value within the Condensed Consolidated Balance Sheets within prepaid expenses and other current assets. The difference between the carrying amount of the Receivables and the sum of the cash and fair value of the DPP receivable received at time of transfer is recognized as a gain or loss on sale of the related Receivables inclusive of bank fees and allowance for credit losses. In operating expenses in the Condensed Consolidated Statements of Operations and Other Comprehensive Income, we recorded losses of $3,509 and $3,424 during the three months ended July 27, 2024 and July 29, 2023, respectively, related to the Receivables. The following rollforward summarizes the activity related to the DPP receivable: Three Months Ended July 27, 2024 July 29, 2023 Beginning DPP receivable balance $ 198,827 $ 227,946 Non-cash additions to DPP receivable 227,759 216,112 Cash collections on DPP receivable (254,646) (233,798) Ending DPP receivable balance $ 171,940 $ 210,260

Customer Financing

Customer Financing	3 Months Ended
	Jul. 27, 2024
Receivables [Abstract]
Customer Financing	Customer Financing As a convenience to our customers, we offer several different financing alternatives, including a third party program and a Patterson-sponsored program. For the third party program, we act as a facilitator between the customer and the third party financing entity with no on-going involvement in the financing transaction. Under the Patterson-sponsored program, equipment purchased by creditworthy customers may be financed up to a maximum of $2,000. We generally sell our customers’ financing contracts to unaffiliated financial institutions in the normal course of our business. These financing arrangements are accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We use a monthly unit of account for these financing contracts. We operate under an agreement to sell a portion of our equipment finance contracts to commercial paper conduits with MUFG serving as the agent. We utilize PDC Funding to fulfill a requirement of participating in the commercial paper conduit. We receive the proceeds of the contracts upon sale to MUFG. At least 15.0% of the proceeds are held by the conduit as security against eventual performance of the portfolio. This percentage can be greater and is based upon certain ratios defined in the agreement with MUFG. The capacity under the agreement with MUFG at July 27, 2024 was $525,000. We service the financing contracts for which we are paid a servicing fee. The servicing fees we receive are considered adequate compensation for services rendered. Accordingly, no servicing asset or liability has been recorded. The portion of the purchase price for the receivables held by the conduits is deemed a DPP receivable, which is paid to PDC Funding as payments on the customers’ financing contracts are collected by Patterson from customers. The difference between the carrying amount of the receivables sold under these programs and the sum of the cash and fair value of the DPP receivable received at time of transfer is recognized as a gain or loss on sale of the related receivables and recorded in net sales in the Condensed Consolidated Statements of Operations and Other Comprehensive Income. Expenses incurred related to customer financing activities are recorded in operating expenses in our Condensed Consolidated Statements of Operations and Other Comprehensive Income. During the three months ended July 27, 2024 and July 29, 2023, we sold $78,881 and $83,873 of contracts under these arrangements, respectively. In net sales in the Condensed Consolidated Statements of Operations and Other Comprehensive Income, we recorded a gain of $6,681 and a loss of $8,927 during the three months ended July 27, 2024 and July 29, 2023, respectively, related to these contracts sold. Cash collections on financed receivables sold were $86,104 and $66,678 during the three months ended July 27, 2024 and July 29, 2023, respectively. Unamortized discounts of $1,507 and $3,097 were recorded as of July 27, 2024 and April 27, 2024, respectively, which represent subsidies on contracts with below-market interest rates. Included in cash and cash equivalents in the Condensed Consolidated Balance Sheets are $31,330 and $33,813 as of July 27, 2024 and April 27, 2024, respectively, which represent cash collected from previously sold customer financing contracts that have not yet been settled. Included in current receivables in the Condensed Consolidated Balance Sheets are $12,099 and $74,430 as of July 27, 2024 and April 27, 2024, respectively, of finance contracts we have not yet sold. A total of $583,688 of finance contracts receivable sold under the arrangements was outstanding at July 27, 2024. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than 1% of the loans originated. The following rollforward summarizes the activity related to the DPP receivable: Three Months Ended July 27, 2024 July 29, 2023 Beginning DPP receivable balance $ 114,259 $ 102,979 Non-cash additions to DPP receivable 24,158 10,845 Cash collections on DPP receivable (17,188) (8,215) Ending DPP receivable balance $ 121,229 $ 105,609 The arrangements require us to maintain a minimum current ratio and maximum leverage ratio. We were in compliance with those covenants at July 27, 2024.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We are a party to certain offsetting and identical interest rate cap agreements entered into to fulfill certain covenants of the equipment finance contract sale agreements. The interest rate cap agreements also provide a credit enhancement feature for the financing contracts sold by PDC Funding to the commercial paper conduit. The interest rate cap agreements are entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of July 27, 2024, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $525,000 and a maturity date of July 2032. We sold an identical interest rate cap to the same bank. These interest rate cap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change in fair value as income or expense during the period in which the change occurs. In January 2014, we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for it as a cash flow hedge, in order to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015. These notes were repaid on March 25, 2015 and replaced with new $250,000 3.48% senior notes due March 24, 2025. A cash payment of $29,003 was made in March 2015 to settle the interest rate swap. This amount is recorded in other comprehensive income (loss), net of tax, and is recognized as interest expense over the life of the related debt. We utilize forward interest rate swap agreements to hedge against interest rate fluctuations that impact the amount of net sales we record related to our customer financing contracts. These interest rate swap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change in fair value as income or expense during the period in which the change occurs. As of April 27, 2024, the remaining notional amount for interest rate swap agreements was $565,420, with the latest maturity date in fiscal 2031. During the three months ended July 27, 2024, we entered into forward interest rate swap agreements with a notional amount of $71,587. As of July 27, 2024, the remaining notional amount for interest rate swap agreements was $578,711, with the latest maturity date in fiscal 2032. Net cash receipts of $3,215 and $3,653 were received during the three months ended July 27, 2024 and July 29, 2023, respectively, to settle a portion of our assets and liabilities related to interest rate swap agreements. These receipts are reflected as cash flows in the Condensed Consolidated Statements of Cash Flows within net cash used in operating activities. The following presents the fair value of derivative instruments included in the Condensed Consolidated Balance Sheets: Derivative type Classification July 27, 2024 April 27, 2024 Assets: Interest rate contracts Prepaid expenses and other current assets $ 3,710 $ 5,781 Interest rate contracts Other non-current assets, net 16,815 21,193 Total asset derivatives $ 20,525 $ 26,974 Liabilities: Interest rate contracts Other accrued liabilities $ 621 $ 259 Interest rate contracts Other non-current liabilities 13,358 13,198 Total liability derivatives $ 13,979 $ 13,457 The following tables present the pre-tax effect of derivative instruments on the Condensed Consolidated Statements of Operations and Other Comprehensive Income: Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivatives in cash flow hedging relationships Statements of operations location July 27, 2024 July 29, 2023 Interest rate contracts Interest expense $ (341) $ (341) Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Derivatives not designated as hedging instruments Statements of operations location July 27, 2024 July 29, 2023 Interest rate contracts Other income, net $ (3,755) $ 6,775 There were no gains or losses recognized in other comprehensive income (loss) on cash flow hedging derivatives during the three months ended July 27, 2024 or July 29, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 27, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The fair value hierarchy of measurements is categorized into one of three levels based on the lowest level of significant input used: Level 1 - Quoted prices in active markets for identical assets and liabilities at the measurement date. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs for which there is little or no market data available. These inputs reflect management’s assumptions of what market participants would use in pricing the asset or liability. Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: July 27, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,131 $ 5,131 $ — $ — DPP receivable - receivables securitization program 171,940 — — 171,940 DPP receivable - customer financing 121,229 — — 121,229 Derivative instruments 20,525 — 20,525 — Total assets $ 318,825 $ 5,131 $ 20,525 $ 293,169 Liabilities: Derivative instruments $ 13,979 $ — $ 13,979 $ — April 27, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 4,685 $ 4,685 $ — $ — DPP receivable - receivables securitization program 198,827 — — 198,827 DPP receivable - customer financing 114,259 — — 114,259 Derivative instruments 26,974 — 26,974 — Total assets $ 344,745 $ 4,685 $ 26,974 $ 313,086 Liabilities: Derivative instruments $ 13,457 $ — $ 13,457 $ — Cash equivalents – We value cash equivalents at their current market rates. The carrying value of cash equivalents approximates fair value and maturities are less than three months. DPP receivable – receivables securitization program – We value this DPP receivable based on a discounted cash flow analysis using unobservable inputs, which include the estimated timing of payments and the credit quality of the underlying creditor. Significant changes in any of the significant unobservable inputs in isolation would not result in a materially different fair value estimate. The interrelationship between these inputs is insignificant. DPP receivable - customer financing – We value this DPP receivable based on a discounted cash flow analysis using unobservable inputs, which include a forward yield curve, the estimated timing of payments and the credit quality of the underlying creditor. Significant changes in any of the significant unobservable inputs in isolation would not result in a materially different fair value estimate. The interrelationship between these inputs is insignificant. Derivative instruments – Our derivative instruments consist of interest rate cap agreements and interest rate swaps. These instruments are valued using inputs such as interest rates and credit spreads. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments under certain circumstances. We adjust the carrying value of our non-marketable equity securities to fair value when observable transactions of identical or similar securities occur, or due to an impairment. We have an investment in Vetsource, a commercial partner and leading home delivery provider for veterinarians. The investment was valued based on the selling price of the portion of the investment we sold in the first quarter of fiscal 2022. The carrying value of the investment we owned following this sale was $56,849 and $56,849 as of July 27, 2024 and April 27, 2024, respectively. Concurrent with the sale completed in the first quarter of fiscal 2022, we obtained rights that will allow us, under certain circumstances, to require another shareholder of Vetsource to purchase our remaining shares. The carrying value of this put option, which is subject to a floor, as of July 27, 2024 is $25,757, and is reported within investments in our Condensed Consolidated Balance Sheets. Concurrent with obtaining this put option, we also granted rights to the same Vetsource shareholder that would allow such shareholder, under certain circumstances, to require us to sell our remaining shares at fair value. In the first quarter of fiscal 2025, the three-month exercise window opened for the option that could require Patterson to sell its investment in Vetsource. There were no fair value adjustments to such assets during the three months ended July 27, 2024. Our debt is not measured at fair value in the Condensed Consolidated Balance Sheets. The estimated fair value of our debt as of July 27, 2024 and April 27, 2024 was $449,140 and $448,287, respectively, as compared to a carrying value of $451,028 and $451,661 at July 27, 2024 and April 27, 2024, respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields (i.e., level 2 inputs). The carrying amounts of receivables, net of allowances, accounts payable, and certain accrued and other current liabilities approximated fair value at July 27, 2024 and April 27, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the three months ended July 27, 2024 was 23.6% compared to 23.3% for the three months ended July 29, 2023. The change in the rate was primarily due to larger excess tax benefits on stock compensation in the prior year quarter, offset by an income tax reserve adjustment in the current year quarter. The Organization for Economic Cooperation and Development (“OECD”) has published a framework to implement a global minimum income tax rate of 15% through its Base Erosion and Profit Shifting Pillar Two project (“BEPS Pillar Two”). This new legislation became effective in certain countries where the Company operates starting in fiscal 2025. We continue to evaluate the impact of this new legislation. At this time, we do not expect the impact of this legislation to be material to our effective tax rate.

Technology Partner Innovations,

Technology Partner Innovations, LLC ("TPI")	3 Months Ended
	Jul. 27, 2024
Equity Method Investments and Joint Ventures [Abstract]
Technology Partner Innovations, LLC ("TPI")	Technology Partner Innovations, LLC ("TPI") In fiscal 2019, we entered into an agreement with Cure Partners to form TPI, which offers a cloud-based practice management software, NaVetor, to its customers. We have determined that TPI is a variable interest entity, and we consolidate the results of operations of TPI as we have concluded that we are the primary beneficiary of TPI. Since TPI was formed, there have been no changes in ownership interests. No additional net assets were contributed during the three months ended July 27, 2024 or fiscal year ended April 27, 2024. As of July 27, 2024, we had noncontrolling interests of $512 on our Condensed Consolidated Balance Sheets.

Segment and Geographic Data

Segment and Geographic Data	3 Months Ended
	Jul. 27, 2024
Segment Reporting [Abstract]
Segment and Geographic Data	Segment and Geographic Data We present three reportable segments: Dental, Animal Health and Corporate. Dental and Animal Health are strategic business units that offer similar products and services to different customer bases. Dental provides a virtually complete range of consumable dental products, equipment, software, turnkey digital solutions and value-added services to dentists, dental laboratories, institutions, and other healthcare professionals throughout North America. Animal Health is a leading, full-line distributor in North America and the U.K. of animal health products, services and technologies to both the production-animal and companion-pet markets. Our Corporate segment is comprised of general and administrative expenses, including home office support costs in areas such as information technology, finance, legal, human resources and facilities. In addition, customer financing and other miscellaneous sales are reported within Corporate results. Corporate assets consist primarily of cash and cash equivalents, accounts receivable, property and equipment and long-term receivables. We evaluate segment performance based on operating income. The costs to operate the fulfillment centers are allocated to the operating units based on the through-put of the unit. The following table provides a breakdown of sales by geographic region: Three Months Ended July 27, 2024 July 29, 2023 Consolidated net sales United States $ 1,261,866 $ 1,291,371 United Kingdom 195,046 191,611 Canada 84,830 93,763 Total $ 1,541,742 $ 1,576,745 Dental net sales United States $ 498,957 $ 510,250 Canada 51,400 57,050 Total $ 550,357 $ 567,300 Animal Health net sales United States $ 753,937 $ 782,666 United Kingdom 195,046 191,611 Canada 33,430 36,713 Total $ 982,413 $ 1,010,990 Corporate net sales United States $ 8,972 $ (1,545) Total $ 8,972 $ (1,545) The following table provides a breakdown of sales by categories of products and services: Three Months Ended July 27, 2024 July 29, 2023 Consolidated net sales Consumable $ 1,278,413 $ 1,315,725 Equipment 159,286 163,971 Value-added services and other 104,043 97,049 Total $ 1,541,742 $ 1,576,745 Dental net sales Consumable $ 344,117 $ 352,047 Equipment 133,858 137,549 Value-added services and other 72,382 77,704 Total $ 550,357 $ 567,300 Animal Health net sales Consumable $ 934,296 $ 963,678 Equipment 25,428 26,422 Value-added services and other 22,689 20,890 Total $ 982,413 $ 1,010,990 Corporate net sales Value-added services and other $ 8,972 $ (1,545) Total $ 8,972 $ (1,545) The following table provides a breakdown of operating income (loss) by reportable segment: Three Months Ended July 27, 2024 July 29, 2023 Operating income (loss) Dental $ 27,058 $ 38,670 Animal Health 25,367 29,693 Corporate (23,056) (30,141) Total $ 29,369 $ 38,222 The following table provides a breakdown of total assets by reportable segment: July 27, 2024 April 27, 2024 Total assets Dental $ 911,350 $ 913,478 Animal Health 1,611,533 1,568,413 Corporate 351,875 414,841 Total $ 2,874,758 $ 2,896,732

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	3 Months Ended
	Jul. 27, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss ("AOCL")	Accumulated Other Comprehensive Loss ("AOCL") The following table summarizes the changes in AOCL during the three months ended July 27, 2024: Cash Flow Hedges Currency Total AOCL at April 27, 2024 $ (1,370) $ (88,545) $ (89,915) Other comprehensive loss before reclassifications — 3,181 3,181 Amounts reclassified from AOCL 261 — 261 AOCL at July 27, 2024 $ (1,109) $ (85,364) $ (86,473)

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jul. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings

Subsequent Events

Subsequent Events	3 Months Ended
	Jul. 27, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event During the second quarter of fiscal 2025, we acquired Infusion Concepts Limited, a U.K. market leader in the supply of high-performance infusion, drainage and critical care products that benefit the veterinary profession and their animal patients. This strategic purchase expands the portfolio with high-quality products for veterinary customers. The base purchase price at closing, net of cash acquired, was £4,278, or approximately $5,500, and was funded with existing cash. This includes a holdback of £1,120, which will be paid in part on the 15-month anniversary of the closing date with the remainder on the 24-month anniversary of the closing date.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 13,715	$ 31,234

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	3 Months Ended
	Jul. 27, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as "Patterson" or in the first person notations "we," "our," and "us") as of July 27, 2024, and our results of operations and cash flows for the periods ended July 27, 2024 and July 29, 2023. Such adjustments are of a normal, recurring nature. The results of operations for the three months ended July 27, 2024 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 26, 2025. These financial statements should be read in conjunction with the financial statements included in our 2024 Annual Report on Form 10-K filed on June 18, 2024. The unaudited Condensed Consolidated Financial Statements include the assets and liabilities of PDC Funding Company, LLC ("PDC Funding"), PDC Funding Company II, LLC ("PDC Funding II"), PDC Funding Company III, LLC ("PDC Funding III") and PDC Funding Company IV, LLC ("PDC Funding IV"), which are our wholly owned subsidiaries and separate legal entities formed under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities established to sell customer installment sale contracts to unaffiliated financial institutions in the normal course of their business. PDC Funding III and PDC Funding IV are fully consolidated special purpose entities established to sell certain receivables to unaffiliated financial institutions. The assets of PDC Funding, PDC Funding II, PDC Funding III and PDC Funding IV would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding, PDC Funding II, PDC Funding III or PDC Funding IV. The unaudited Condensed Consolidated Financial Statements also include the assets and liabilities of Technology Partner Innovations, LLC, which is further described in Note 8.
Fiscal Year End	Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The first quarter of fiscal 2025 and 2024 represents the 13 weeks ended July 27, 2024 and July 29, 2023, respectively. Fiscal 2025 will include 52 weeks and fiscal 2024 included 52 weeks.
Comprehensive Income	Comprehensive Income
Revenue Recognition	Revenue Recognition Revenues are generated from the sale of consumable products, equipment and support, software and support, technical service parts and labor, and other sources. Revenues are recognized when or as performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the goods or services. Consumable product, equipment, software and parts sales are recorded upon delivery, except in those circumstances where terms of the sale are FOB shipping point, in which case sales are recorded upon shipment. Technical service labor is recognized as it is provided. Revenue derived from equipment support and software services is recognized ratably over the period in which the support and services are provided. In addition to revenues generated from the distribution of consumable products under arrangements (buy/sell agreements) where the full market value of the product is recorded as revenue, we earn commissions for services provided under agency agreements. The agency agreement contrasts to a buy/sell agreement in that we do not have control over the transaction, as we do not have the primary responsibility of fulfilling the promise of the good or service and we do not bill or collect from the customer in an agency relationship. Commissions under agency agreements are recorded when the services are provided. Estimates for returns, damaged goods, rebates, loyalty programs and other revenue allowances are made at the time the revenue is recognized based on the historical experience for such items. The receivables that result from the recognition of revenue are reported net of related allowances. We maintain a valuation allowance based upon the expected collectability of receivables held. Estimates are used to determine the valuation allowance and are based on several factors, including historical collection data, economic trends and credit worthiness of customers. Receivables are written off when we determine the amounts to be uncollectible, typically upon customer bankruptcy or non-response to continuous collection efforts. The portions of receivable amounts that are not expected to be collected during the next twelve months are classified as long-term. Receivables from vendors earned as a result of volume rebates and reimbursements for customer pricing contracts and promotions are recorded as a reduction of cost of sales in the period in which the related revenue is recognized. We estimate the vendor receivables earned but not received based on sales forecasts, transactional data and historical vendor collection trends. We offer customer financing contracts on equipment purchases by creditworthy customers. For financing contracts at a below-market interest rate, we record a subsidy as a reduction to net sales in the period the contract is originated. The subsidy on below-market rate contracts is estimated based on analyses of current publicly-available interest rate trends. We do not consider contracts with a term of one year or less to have a significant financing component and do not record a subsidy for these contracts. We generally sell our customers’ financing contracts to unaffiliated financial institutions in the normal course of our business. These financing arrangements are accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We receive the proceeds of the contracts upon sale to financial institutions, with a portion of the proceeds held by the financial institutions as a deferred purchase price (DPP) as security against eventual performance of the portfolio. Customer financing net sales include the impact of changes in interest rates on DPP receivables, as the average interest rate in our contract portfolio may not fluctuate at the same rate as interest rate markets, resulting in an increase or reduction of gain on contract sales. We enter into an interest rate swap to hedge a portion of the related interest rate risk. These agreements do not qualify for hedge accounting, and the gains or losses on an interest rate swap are reported in other income and expense in our Condensed Consolidated Statements of Operation and Other Comprehensive Income. Our financing business is described in further detail in Note 4 to the Condensed Consolidated Financial Statements. Patterson has a relatively large, dispersed customer base and no single customer accounts for more than 10% of consolidated net sales. In addition, the equipment sold to customers under finance contracts generally serves as collateral for the contract and the customer provides a personal guarantee as well. Net sales do not include sales tax as we are considered a pass-through conduit for collecting and remitting sales tax. Contract Balances Contract balances represent amounts presented in our Condensed Consolidated Balance Sheets when either we have transferred goods or services to the customer or the customer has paid consideration to us under the contract. These contract balances include accounts receivable, contract assets and contract liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional disclosures related to rate reconciliation and income taxes paid. The new standard is effective for annual disclosures in fiscal year 2026 and interim disclosures in fiscal year 2027, with early adoption permitted. We currently are evaluating the impact of adopting this pronouncement. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU requires disclosures of significant segment expenses and other segment items. Disclosures about a reportable segment's profit or loss and assets will be required for both annual and interim periods. This ASU also requires disclosure of the title and position of Chief Operating Decision Maker ("CODM") and an explanation of how the CODM uses the reported measures of profit or loss in assessing performance and allocating resources. The new standard is effective for annual disclosures in fiscal year 2025 and interim disclosures in fiscal year 2026, with early adoption permitted. We currently are evaluating the impact of adopting this pronouncement.

General (Tables)

General (Tables)	3 Months Ended
	Jul. 27, 2024
Accounting Policies [Abstract]
Schedule of Other Income	Other income, net consisted of the following: Three Months Ended July 27, 2024 July 29, 2023 (Loss) gain on interest rate swap agreements $ (3,755) $ 6,775 Investment income and other 5,469 5,126 Other income, net $ 1,714 $ 11,901
Computation of Basic and Diluted Earnings Per Share (EPS)	The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted EPS: Three Months Ended July 27, 2024 July 29, 2023 Denominator for basic EPS – weighted average shares 88,127 95,544 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 518 646 Denominator for diluted EPS – weighted average shares 88,645 96,190

Transfers and Servicing (Tables

Transfers and Servicing (Tables)	3 Months Ended
	Jul. 27, 2024
Transfers and Servicing [Abstract]
Schedule of Deferred Purchase Price Receivable	The following rollforward summarizes the activity related to the DPP receivable: Three Months Ended July 27, 2024 July 29, 2023 Beginning DPP receivable balance $ 198,827 $ 227,946 Non-cash additions to DPP receivable 227,759 216,112 Cash collections on DPP receivable (254,646) (233,798) Ending DPP receivable balance $ 171,940 $ 210,260

Customer Financing (Tables)

Customer Financing (Tables)	3 Months Ended
	Jul. 27, 2024
Receivables [Abstract]
Summary of Activity Related to DPP Receivable	The following rollforward summarizes the activity related to the DPP receivable: Three Months Ended July 27, 2024 July 29, 2023 Beginning DPP receivable balance $ 114,259 $ 102,979 Non-cash additions to DPP receivable 24,158 10,845 Cash collections on DPP receivable (17,188) (8,215) Ending DPP receivable balance $ 121,229 $ 105,609

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Jul. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments Included in Condensed Consolidated Balance Sheets	The following presents the fair value of derivative instruments included in the Condensed Consolidated Balance Sheets: Derivative type Classification July 27, 2024 April 27, 2024 Assets: Interest rate contracts Prepaid expenses and other current assets $ 3,710 $ 5,781 Interest rate contracts Other non-current assets, net 16,815 21,193 Total asset derivatives $ 20,525 $ 26,974 Liabilities: Interest rate contracts Other accrued liabilities $ 621 $ 259 Interest rate contracts Other non-current liabilities 13,358 13,198 Total liability derivatives $ 13,979 $ 13,457
Effect of Derivative instruments in Cash Flow Hedging Relationship on Condensed Consolidated Statements of Income and Other Comprehensive Income (OCI)	The following tables present the pre-tax effect of derivative instruments on the Condensed Consolidated Statements of Operations and Other Comprehensive Income: Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivatives in cash flow hedging relationships Statements of operations location July 27, 2024 July 29, 2023 Interest rate contracts Interest expense $ (341) $ (341) Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Derivatives not designated as hedging instruments Statements of operations location July 27, 2024 July 29, 2023 Interest rate contracts Other income, net $ (3,755) $ 6,775

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 27, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: July 27, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,131 $ 5,131 $ — $ — DPP receivable - receivables securitization program 171,940 — — 171,940 DPP receivable - customer financing 121,229 — — 121,229 Derivative instruments 20,525 — 20,525 — Total assets $ 318,825 $ 5,131 $ 20,525 $ 293,169 Liabilities: Derivative instruments $ 13,979 $ — $ 13,979 $ — April 27, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 4,685 $ 4,685 $ — $ — DPP receivable - receivables securitization program 198,827 — — 198,827 DPP receivable - customer financing 114,259 — — 114,259 Derivative instruments 26,974 — 26,974 — Total assets $ 344,745 $ 4,685 $ 26,974 $ 313,086 Liabilities: Derivative instruments $ 13,457 $ — $ 13,457 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Jul. 27, 2024
Segment Reporting [Abstract]
Information about Reportable Segments	The following table provides a breakdown of sales by geographic region: Three Months Ended July 27, 2024 July 29, 2023 Consolidated net sales United States $ 1,261,866 $ 1,291,371 United Kingdom 195,046 191,611 Canada 84,830 93,763 Total $ 1,541,742 $ 1,576,745 Dental net sales United States $ 498,957 $ 510,250 Canada 51,400 57,050 Total $ 550,357 $ 567,300 Animal Health net sales United States $ 753,937 $ 782,666 United Kingdom 195,046 191,611 Canada 33,430 36,713 Total $ 982,413 $ 1,010,990 Corporate net sales United States $ 8,972 $ (1,545) Total $ 8,972 $ (1,545) The following table provides a breakdown of sales by categories of products and services: Three Months Ended July 27, 2024 July 29, 2023 Consolidated net sales Consumable $ 1,278,413 $ 1,315,725 Equipment 159,286 163,971 Value-added services and other 104,043 97,049 Total $ 1,541,742 $ 1,576,745 Dental net sales Consumable $ 344,117 $ 352,047 Equipment 133,858 137,549 Value-added services and other 72,382 77,704 Total $ 550,357 $ 567,300 Animal Health net sales Consumable $ 934,296 $ 963,678 Equipment 25,428 26,422 Value-added services and other 22,689 20,890 Total $ 982,413 $ 1,010,990 Corporate net sales Value-added services and other $ 8,972 $ (1,545) Total $ 8,972 $ (1,545) The following table provides a breakdown of operating income (loss) by reportable segment: Three Months Ended July 27, 2024 July 29, 2023 Operating income (loss) Dental $ 27,058 $ 38,670 Animal Health 25,367 29,693 Corporate (23,056) (30,141) Total $ 29,369 $ 38,222 The following table provides a breakdown of total assets by reportable segment: July 27, 2024 April 27, 2024 Total assets Dental $ 911,350 $ 913,478 Animal Health 1,611,533 1,568,413 Corporate 351,875 414,841 Total $ 2,874,758 $ 2,896,732

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	3 Months Ended
	Jul. 27, 2024
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes the changes in AOCL during the three months ended July 27, 2024: Cash Flow Hedges Currency Total AOCL at April 27, 2024 $ (1,370) $ (88,545) $ (89,915) Other comprehensive loss before reclassifications — 3,181 3,181 Amounts reclassified from AOCL 261 — 261 AOCL at July 27, 2024 $ (1,109) $ (85,364) $ (86,473)

General - Additional Informatio

General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Accounting Policies [Abstract]
Income tax expense related to cash flow hedges	$ 80	$ 80
Securities excluded from calculation of diluted earnings per share (in shares)	1,041	1,066

General - Schedule of Other Inc

General - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Accounting Policies [Abstract]
(Loss) gain on interest rate swap agreements	$ (3,755)	$ 6,775
Investment income and other	5,469	5,126
Other income, net	$ 1,714	$ 11,901

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Earnings Per Share [Abstract]
Denominator for basic earnings per share – weighted average shares (in shares)	88,127	95,544
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (in shares)	518	646
Denominator for diluted earnings per share – weighted average shares (in shares)	88,645	96,190

General - Contract Balances (De

General - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Accounting Policies [Abstract]
Contract assets	$ 951	$ 1,373
Contract liability	35,529	$ 37,399
Contract liability, revenue recognized	$ 13,635

Acquisitions (Details)

Acquisitions (Details) - Miller Vet Holdings, LLC $ in Thousands	3 Months Ended
	Jul. 29, 2023 USD ($)
Asset Acquisition [Line Items]
Holdback payment	$ 1,108
Anniversary of closing dates, period	24 months

Receivables Securitization Pr_2

Receivables Securitization Program - Narrative (Details) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Proceeds from receivables sold	$ 86,104,000	$ 66,678,000
Loss on sale of receivables	3,509,000	3,424,000
Receivables Purchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Eligible receivables, maximum available under Purchase Agreement	200,000,000
Eligible receivables, amount utilized under Purchase Agreement	200,000,000
Servicing asset	0		$ 0
Servicing liability	0		0
Receivables sold, fair value	373,714,000		$ 400,626,000
Trade receivables sold	861,595,000	916,568,000
Proceeds from receivables sold	$ 888,323,000	$ 933,874,000

Receivables Securitization Pr_3

Receivables Securitization Program - Activity in DPP Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Cash collections on DPP receivable	$ (271,834)	$ (242,013)
Receivables Purchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Beginning DPP receivable balance	198,827	227,946
Non-cash additions to DPP receivable	227,759	216,112
Cash collections on DPP receivable	(254,646)	(233,798)
Ending DPP receivable balance	$ 171,940	$ 210,260

Customer Financing - Narrative

Customer Financing - Narrative (Detail) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Customer Financing [Line Items]
Maximum credit financed for equipment purchases for any one customer	$ 2,000,000
Financing contracts sold	78,881,000	$ 83,873,000
Loss on sale of receivables	3,509,000	3,424,000
Proceeds from receivables sold	86,104,000	66,678,000
Unamortized discount	1,507,000		$ 3,097,000
Cash and cash equivalents	148,079,000		114,462,000
Current receivables of finance contracts not yet sold	12,099,000		74,430,000
Finance contracts receivable sold and outstanding	$ 583,688,000
Bad debt write-offs, percentage (less than)	1%
Unsettled Financing Arrangements
Customer Financing [Line Items]
Cash and cash equivalents	$ 31,330,000		$ 33,813,000
Customer Finance Contracts
Customer Financing [Line Items]
Servicing asset	0
Servicing liability	0
Loss on sale of receivables	$ 6,681,000	$ (8,927,000)
MUFG
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)	15%
Capacity under agreement	$ 525,000,000

Customer Financing - Activity i

Customer Financing - Activity in DPP Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collections on DPP receivable	$ (271,834)	$ (242,013)
Customer Finance Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning DPP receivable balance	114,259	102,979
Non-cash additions to DPP receivable	24,158	10,845
Cash collections on DPP receivable	(17,188)	(8,215)
Ending DPP receivable balance	$ 121,229	$ 105,609

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024	Mar. 25, 2015	Jan. 31, 2014
Derivative [Line Items]
Gains or losses recognized in OCI on cash flow hedging derivative		$ 0	$ 0
Ineffectiveness recorded during period		0	0
Accumulated other comprehensive loss expected to be reclassified into earnings		(909,000)
5.17% Senior Notes
Derivative [Line Items]
Interest rate						5.17%
3.48% Senior Notes due 2025
Derivative [Line Items]
Interest rate					3.48%
Aggregate principal amount					$ 250,000,000
Interest Rate Cap
Derivative [Line Items]
Derivative, notional amount		525,000,000
Interest Rate Swap Agreement
Derivative [Line Items]
Derivative, notional amount						$ 250,000,000
Net payments for (proceeds from) to settle interest rate swaps	$ 29,003,000	(3,215,000)	$ (3,653,000)
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount		578,711,000		$ 565,420,000
Interest Rate Swap Two
Derivative [Line Items]
Derivative, notional amount		$ 71,587,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivative Instruments Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 20,525	$ 26,974
Interest rate contracts, liabilities, fair value	13,979	13,457
Interest rate contracts | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	3,710	5,781
Interest rate contracts | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	16,815	21,193
Interest rate contracts | Other Accrued Liabilities
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	621	259
Interest rate contracts | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	$ 13,358	$ 13,198

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect of Derivative Instruments in Cash Flow Hedging Relationships on Condensed Consolidated Statements of Income and Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	$ (909)
Gain (loss) recognized in income on derivative	(3,755)	$ 6,775
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	(341)	(341)
Interest rate contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	$ (3,755)	$ 6,775
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Assets:
Cash equivalents	$ 5,131	$ 4,685
DPP receivable - receivables securitization program	171,940	198,827
DPP receivable - customer financing	121,229	114,259
Derivative instruments	20,525	26,974
Total assets	318,825	344,745
Liabilities:
Derivative instruments	13,979	13,457
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	5,131	4,685
DPP receivable - receivables securitization program	0	0
DPP receivable - customer financing	0	0
Derivative instruments	0	0
Total assets	5,131	4,685
Liabilities:
Derivative instruments	0	0
Fair Value, Inputs, Level 2
Assets:
Cash equivalents	0	0
DPP receivable - receivables securitization program	0	0
DPP receivable - customer financing	0	0
Derivative instruments	20,525	26,974
Total assets	20,525	26,974
Liabilities:
Derivative instruments	13,979	13,457
Fair Value, Inputs, Level 3
Assets:
Cash equivalents	0	0
DPP receivable - receivables securitization program	171,940	198,827
DPP receivable - customer financing	121,229	114,259
Derivative instruments	0	0
Total assets	293,169	313,086
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Inves

Fair Value Measurements - Investment Narrative (Detail) - Vetsource - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Schedule of Investments [Line Items]
Carrying value of investment	$ 56,849	$ 56,849
Carrying value, put option	$ 25,757
Put option, exercise period	3 months

Fair Value Measurements - Debt

Fair Value Measurements - Debt Narrative (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt fair value disclosure	$ 449,140	$ 448,287
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt fair value disclosure	$ 451,028	$ 451,661

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	23.60%	23.30%

Technology Partner Innovation_2

Technology Partner Innovations, LLC ("TPI") (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest	$ 512,000		$ 588,000
Net loss attributable to noncontrolling interest	76,000	$ 104,000
Technology Partner Innovations, LLC
Schedule of Equity Method Investments [Line Items]
Net assets contributed	0		$ 0
Net loss attributable to noncontrolling interest	$ 76,000	$ 104,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail)	3 Months Ended
	Jul. 27, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Information

Segment Reporting - Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Segment Reporting Information [Line Items]
Net sales	$ 1,541,742	$ 1,576,745
Operating income (loss)	29,369	38,222
Total assets	2,874,758		$ 2,896,732
Consumable
Segment Reporting Information [Line Items]
Net sales	1,278,413	1,315,725
Equipment
Segment Reporting Information [Line Items]
Net sales	159,286	163,971
Value-added services and other
Segment Reporting Information [Line Items]
Net sales	104,043	97,049
Dental
Segment Reporting Information [Line Items]
Net sales	550,357	567,300
Dental | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	27,058	38,670
Total assets	911,350		913,478
Dental | Consumable
Segment Reporting Information [Line Items]
Net sales	344,117	352,047
Dental | Equipment
Segment Reporting Information [Line Items]
Net sales	133,858	137,549
Dental | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	72,382	77,704
Animal Health
Segment Reporting Information [Line Items]
Net sales	982,413	1,010,990
Animal Health | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	25,367	29,693
Total assets	1,611,533		1,568,413
Animal Health | Consumable
Segment Reporting Information [Line Items]
Net sales	934,296	963,678
Animal Health | Equipment
Segment Reporting Information [Line Items]
Net sales	25,428	26,422
Animal Health | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	22,689	20,890
Corporate
Segment Reporting Information [Line Items]
Net sales	8,972	(1,545)
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(23,056)	(30,141)
Total assets	351,875		$ 414,841
Corporate | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	8,972	(1,545)
United States
Segment Reporting Information [Line Items]
Net sales	1,261,866	1,291,371
United States | Dental
Segment Reporting Information [Line Items]
Net sales	498,957	510,250
United States | Animal Health
Segment Reporting Information [Line Items]
Net sales	753,937	782,666
United States | Corporate
Segment Reporting Information [Line Items]
Net sales	8,972	(1,545)
United Kingdom
Segment Reporting Information [Line Items]
Net sales	195,046	191,611
United Kingdom | Animal Health
Segment Reporting Information [Line Items]
Net sales	195,046	191,611
Canada
Segment Reporting Information [Line Items]
Net sales	84,830	93,763
Canada | Dental
Segment Reporting Information [Line Items]
Net sales	51,400	57,050
Canada | Animal Health
Segment Reporting Information [Line Items]
Net sales	$ 33,430	$ 36,713

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,001,144
Ending Balance	951,989
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,370)
Other comprehensive loss before reclassifications	0
Amounts reclassified from AOCL	261
Ending Balance	(1,109)
Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(88,545)
Other comprehensive loss before reclassifications	3,181
Amounts reclassified from AOCL	0
Ending Balance	(85,364)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(89,915)
Other comprehensive loss before reclassifications	3,181
Amounts reclassified from AOCL	261
Ending Balance	$ (86,473)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($)
Equity [Abstract]
Income tax expense related t cash flow hedges	$ 80
Increase in interest expense	$ 341

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Forecast - Infusion Concepts Limited £ in Thousands, $ in Thousands	3 Months Ended
	Oct. 26, 2024 GBP (£)	Oct. 26, 2024 USD ($)
Subsequent Event [Line Items]
Cash paid for acquisition	£ 4,278	$ 5,500
Holdbacks	£ 1,120
Anniversary of closing date, period one	15 months	15 months
Anniversary of closing dates, period two	24 months	24 months