VCA Inc. Reports Second Quarter 2016 Results and Revises Financial Guidance for 2016
- Revenue increased 19.1% to a second quarter record of $653.5 million
- Gross profit increased 16.4% to $163.9 million
- Operating income increased 19.4% to $116.0 million
- Diluted earnings per common share increased 20.0% to $0.78
- Non-GAAP diluted earnings per common share increased 24.3% to $0.87
LOS ANGELES–(BUSINESS WIRE)–VCA
Inc. (NASDAQ: WOOF), a leading animal healthcare company
in the United States and Canada, today reported financial results for
the second quarter ended June 30, 2016, as follows: revenue increased
19.1% to a second quarter record of $653.5 million; gross profit
increased 16.4% to $163.9 million; operating income increased 19.4% to
$116.0 million; net income increased 18.0% to $64.0 million; and diluted
earnings per common share increased 20.0% to $0.78.
Excluding acquisition-related amortization expense, transaction expenses
related to the acquisition of Companion Animal Practices, North America
(“CAPNA”) and debt retirement costs detailed in this press release,
Non-GAAP operating income increased 22.3% to $126.1 million; Non-GAAP
net income for the quarter increased 22.3% to $70.8 million; and
Non-GAAP diluted earnings per common share for the quarter increased
24.3% to $0.87.
We also reported our financial results for the six months ended June 30,
2016 as follows: revenue increased 16.1% to $1.2 billion; gross profit
increased 18.1% to $300.7 million; operating income increased 21.5% to
$202.1 million; net income increased 19.1% to $110.3 million; and
diluted earnings per common share increased 21.6% to $1.35. Excluding
acquisition-related amortization expense, transaction expenses related
to the acquisition of CAPNA, other discrete items and debt retirement
costs detailed in this press release, our financial results for the six
months ended June 30, 2016, on a Non-GAAP basis, are as follows: gross
profit increased 18.9% to $316.1 million; operating income increased
24.5% to $221.3 million; net income increased 25.1% to $124.5 million;
and Non-GAAP diluted earnings per common share increased 27.5% to $1.53.
Bob Antin, Chairman and CEO, stated, “We had an outstanding quarter
highlighted by the acquisition and integration of CAPNA, and 24.3%
growth in our adjusted diluted earnings per common share. We have
continued to experience strong organic revenue growth and gross margins
in both our core Animal Hospital and Laboratory businesses. Given our
results relative to our expectations and our future acquisition
pipeline, we are extremely optimistic with respect to our results for
the full year ended December 31, 2016.
“Animal Hospital revenue in the second quarter increased 24.1%, to
$540.4 million, driven by acquisitions made during the past 12 months
and same-store revenue growth of 6.3%. Our same-store gross profit
margin increased to 18.3%, from 17.0% in the prior-year quarter and our
total gross margin increased to 17.5%, from 16.9% in the prior-year
quarter. Excluding acquisition-related amortization expense, our
Non-GAAP same-store gross profit margin increased to 19.1% from 18.1%;
and Non-GAAP Animal Hospital total gross profit margin increased to
19.0% from 17.9% in the prior year quarter. During the 2016 second
quarter, we acquired CAPNA with 56 hospitals which had historical
combined annual revenue of $178.3 million; and 13 independent animal
hospitals which had historical combined annual revenue of $23.8 million.
“Our Laboratory internal revenue increased 5.5% to $112.1 million from
$106.2 million; laboratory gross profit margin increased 60 basis points
to 54.0%, from 53.4%; and our operating margin increased 100 basis
points to 45.4%, from 44.4% in the prior-year quarter. Excluding
acquisition-related amortization expense, Non-GAAP Laboratory gross
profit increased to 54.4% from 53.8%; and Non-GAAP Laboratory operating
margin increased to 45.8% from 44.8% in the prior year quarter.”
2016 Guidance
We are revising our previously provided guidance to include our expected
impact from the CAPNA acquisition as follows:
- Revenue from $2.52 billion to $2.54 billion;
- Net income from $210 million to $218 million;
- Diluted earnings per common share from $2.57 to $2.67; and
- Non-GAAP diluted earnings per common share from $2.87 to $2.97.
Non-GAAP Financial Measures
We believe investors’ understanding of our total performance is enhanced
by disclosing Non-GAAP financial measures including Non-GAAP net income,
Non-GAAP gross profit, Non-GAAP operating income and Non-GAAP diluted
earnings per common share. We define these adjusted measures as the
reported amounts, adjusted to exclude certain significant items and
amortization of intangibles acquired in acquisitions.
Management believes these adjusted measures are useful to management and
investors in evaluating the Company’s operational performance and their
use provides an additional tool for evaluating the Company’s operating
results and trends. As a result, these Non-GAAP financial measures help
to provide meaningful comparisons of our overall performance from one
reporting period to another and meaningful assessments of related trends.
There is a material limitation associated with the use of these Non-GAAP
financial measures: our adjusted measures exclude the impact of these
significant items, and as a result, our computation of adjusted diluted
earnings per common share does not depict diluted earnings per common
share in accordance with GAAP.
To compensate for the limitations in the Non-GAAP financial measures
discussed above, our disclosures provide a complete understanding of all
adjustments found in Non-GAAP financial measures, and we reconcile the
Non-GAAP financial measures to the GAAP financial measures in the
attached financial schedules titled “Supplemental Operating Data.”
Conference Call
We will discuss our second quarter 2016 financial results during a
conference call today, July 27th, at 9:00 a.m. Eastern Time.
A live broadcast of the call may be accessed by visiting our website at investor.vca.com.
The call may also be accessed by dialing (888) 311-3471 (domestic) or
(503) 406-4063 (international) and refer to conference ID 34372463.
Interested parties should call at least five minutes prior to the start
of the call to register. Replay of the webcast will be available for one
year by visiting the company’s website.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Among
the forward-looking statements in this press release are statements
addressing our 2016 guidance and plans, expectations, future financial
position and results of operation. These forward-looking statements are
not historical facts and are inherently uncertain and out of our
control. Any or all of our forward-looking statements in this press
release may turn out to be wrong. They can be affected by inaccurate
assumptions we might make or by known or unknown risks and
uncertainties. Actual future results may vary materially. Among other
factors that could cause our actual results to differ from this
forward-looking information are: the continued effects of the economic
uncertainty prevailing in regions in which we operate; our ability to
execute on our growth strategy and to manage acquired operations;
changes in demand for our products and services; fluctuations in our
revenue adversely affecting our gross profit, operating income and
margins; a material adverse change in the financial condition or
operations of the company; the ability to successfully integrate CAPNA
into VCA and achieve expected operating synergies following the
acquisition; and the effects of the other factors discussed in our
Annual Report on Form 10-K, Reports on Form 10-Q and our other filings
with the SEC.
About VCA Inc.
We own, operate and manage the largest networks of freestanding
veterinary hospitals and veterinary-exclusive clinical laboratories in
the country. We also supply diagnostic imaging equipment to the
veterinary industry.
| VCA Inc. | ||||||||||||||||||||
| Condensed, Consolidated Income Statements | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
|
(In thousands, except per share amounts) |
||||||||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Animal hospital | $ | 540,376 | $ | 435,376 | $ | 998,999 | $ | 828,402 | ||||||||||||
| Laboratory | 112,060 | 106,222 | 218,787 | 200,194 | ||||||||||||||||
| All other | 23,397 | 28,669 | 42,810 | 62,896 | ||||||||||||||||
| Intercompany | (22,344 | ) | (21,482 | ) | (43,668 | ) | (43,254 | ) | ||||||||||||
| 653,489 | 548,785 | 1,216,928 | 1,048,238 | |||||||||||||||||
| Direct costs | 489,541 | 407,938 | 916,200 | 793,529 | ||||||||||||||||
| Gross profit: | ||||||||||||||||||||
| Animal hospital | 94,679 | 73,385 | 168,096 | 128,869 | ||||||||||||||||
| Laboratory | 60,547 | 56,703 | 117,263 | 104,685 | ||||||||||||||||
| All other | 8,917 | 11,389 | 15,827 | 22,813 | ||||||||||||||||
| Intercompany | (195 | ) | (630 | ) | (458 | ) | (1,658 | ) | ||||||||||||
| 163,948 | 140,847 | 300,728 | 254,709 | |||||||||||||||||
| Selling, general and administrative expense: | ||||||||||||||||||||
| Animal hospital | 14,277 | 10,453 | 26,362 | 21,674 | ||||||||||||||||
| Laboratory | 9,702 | 9,487 | 19,998 | 18,352 | ||||||||||||||||
| All other | 6,022 | 7,741 | 11,321 | 16,428 | ||||||||||||||||
| Corporate | 18,189 | 16,804 | 40,637 | 32,429 | ||||||||||||||||
| 48,190 | 44,485 | 98,318 | 88,883 | |||||||||||||||||
| Net (gain) loss on sale or disposal of assets | (271 | ) | (819 | ) | 292 | (484 | ) | |||||||||||||
| Operating income | 116,029 | 97,181 | 202,118 | 166,310 | ||||||||||||||||
| Interest expense, net | 7,867 | 5,104 | 14,962 | 9,941 | ||||||||||||||||
| Debt retirement costs | 1,600 | — | 1,600 | — | ||||||||||||||||
| Other (income) expense | (600 | ) | (37 | ) | (864 | ) | 29 | |||||||||||||
| Income before provision for income taxes | 107,162 | 92,114 | 186,420 | 156,340 | ||||||||||||||||
| Provision for income taxes | 40,736 | 36,191 | 72,272 | 60,864 | ||||||||||||||||
| Net income | 66,426 | 55,923 | 114,148 | 95,476 | ||||||||||||||||
| Net income attributable to noncontrolling interests | 2,376 | 1,624 | 3,871 | 2,876 | ||||||||||||||||
| Net income attributable to VCA Inc. | $ | 64,050 | $ | 54,299 | $ | 110,277 | $ | 92,600 | ||||||||||||
| Diluted earnings per share | $ | 0.78 | $ | 0.65 | $ | 1.35 | $ | 1.11 | ||||||||||||
| Weighted-average shares outstanding for diluted earnings per share | 81,729 | 83,084 | 81,630 | 83,227 | ||||||||||||||||
| VCA Inc. | ||||||||||
| Condensed, Consolidated Balance Sheets | ||||||||||
| (Unaudited) | ||||||||||
|
(In thousands) |
||||||||||
|
June 30, 2016 |
December 31, 2015 |
|||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 109,684 | $ | 98,888 | ||||||
| Trade accounts receivable, net | 83,157 | 76,634 | ||||||||
| Inventory | 61,829 | 51,523 | ||||||||
| Prepaid expenses and other | 36,221 | 30,521 | ||||||||
| Prepaid income taxes | 1,153 | 24,598 | ||||||||
| Total current assets | 292,044 | 282,164 | ||||||||
| Property and equipment, net | 564,034 | 507,753 | ||||||||
| Other assets: | ||||||||||
| Goodwill | 1,963,377 | 1,517,650 | ||||||||
| Other intangible assets, net | 257,648 | 97,377 | ||||||||
| Notes receivable | 2,173 | 2,194 | ||||||||
| Other | 99,851 | 93,994 | ||||||||
| Total assets | $ | 3,179,127 | $ | 2,501,132 | ||||||
| Liabilities and Equity | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt | $ | 25,980 | $ | 33,623 | ||||||
| Accounts payable | 53,177 | 52,337 | ||||||||
| Accrued payroll and related liabilities | 80,817 | 75,519 | ||||||||
| Other accrued liabilities | 81,907 | 70,828 | ||||||||
| Total current liabilities | 241,881 | 232,307 | ||||||||
| Long-term debt, net | 1,279,453 | 832,718 | ||||||||
| Deferred income taxes | 130,209 | 131,478 | ||||||||
| Other liabilities | 39,236 | 36,084 | ||||||||
| Total liabilities | 1,690,779 | 1,232,587 | ||||||||
| Redeemable noncontrolling interests | 12,053 | 11,511 | ||||||||
| VCA Inc. stockholders’ equity: | ||||||||||
| Common stock | 81 | 81 | ||||||||
| Additional paid-in capital | 28,696 | 19,708 | ||||||||
| Retained earnings | 1,385,484 | 1,275,207 | ||||||||
| Accumulated other comprehensive loss | (37,827 | ) | (50,034 | ) | ||||||
| Total VCA Inc. stockholders’ equity | 1,376,434 | 1,244,962 | ||||||||
| Noncontrolling interests | 99,861 | 12,072 | ||||||||
| Total equity | 1,476,295 | 1,257,034 | ||||||||
| Total liabilities and equity | $ | 3,179,127 | $ | 2,501,132 | ||||||
| VCA Inc. | ||||||||||
| Condensed, Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
|
(In thousands) |
||||||||||
|
Six Months Ended June 30, |
||||||||||
| 2016 | 2015 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 114,148 | $ | 95,476 | ||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||
| Depreciation and amortization | 46,978 | 40,163 | ||||||||
| Amortization of debt issue costs | 865 | 870 | ||||||||
| Provision for uncollectible accounts | 2,891 | 3,379 | ||||||||
| Debt retirement costs | 1,600 | — | ||||||||
| Net loss (gain) on sale or disposal of assets | 292 | (484 | ) | |||||||
| Share-based compensation | 9,104 | 8,269 | ||||||||
| Excess tax benefit from share-based compensation | (1,421 | ) | (4,729 | ) | ||||||
| Other | 6,665 | (658 | ) | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Trade accounts receivable | (7,065 | ) | (24,217 | ) | ||||||
| Inventory, prepaid expense and other assets | (15,607 | ) | (8,942 | ) | ||||||
| Accounts payable and other accrued liabilities | 5,889 | (4,196 | ) | |||||||
| Accrued payroll and related liabilities | 2,817 | 8,300 | ||||||||
| Income taxes | 23,557 | 16,525 | ||||||||
| Net cash provided by operating activities | 190,713 | 129,756 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Business acquisitions, net of cash acquired | (540,878 | ) | (66,529 | ) | ||||||
| Property and equipment additions | (58,814 | ) | (34,521 | ) | ||||||
| Proceeds from sale of assets | 282 | 6,164 | ||||||||
| Other | (4,924 | ) | 205 | |||||||
| Net cash used in investing activities | (604,334 | ) | (94,681 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Repayment of long-term debt | (1,256,250 | ) | (7,924 | ) | ||||||
| Proceeds from issuance of long-term debt | 1,255,000 | — | ||||||||
| Proceeds from revolving credit facility | 435,000 | 61,000 | ||||||||
| Payment of financing costs | (3,829 | ) | — | |||||||
| Distributions to noncontrolling interest partners | (2,554 | ) | (2,447 | ) | ||||||
| Purchase of noncontrolling interests | (3,730 | ) | (1,493 | ) | ||||||
| Proceeds from issuance of common stock under stock option plans | 1,122 | 679 | ||||||||
| Excess tax benefit from share-based compensation | 1,421 | 4,729 | ||||||||
| Repurchase of common stock | (843 | ) | (96,674 | ) | ||||||
| Other | (1,233 | ) | (80 | ) | ||||||
| Net cash provided (used) in financing activities | 424,104 | (42,210 | ) | |||||||
| Effect of currency exchange rate changes on cash and cash equivalents | 313 | 78 | ||||||||
| Increase (decrease) in cash and cash equivalents | 10,796 | (7,057 | ) | |||||||
| Cash and cash equivalents at beginning of period | 98,888 | 81,383 | ||||||||
| Cash and cash equivalents at end of period | $ | 109,684 | $ | 74,326 | ||||||
| VCA Inc. | |||||||||||||||||||
| Supplemental Operating Data | |||||||||||||||||||
|
(Unaudited – In thousands, except per share amounts) |
|||||||||||||||||||
| Table #1 | |||||||||||||||||||
| Reconciliation of net income attributable to |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
| VCA Inc., to Non-GAAP net income attributable | |||||||||||||||||||
| to VCA Inc. (1) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Net income attributable to VCA Inc. | $ | 64,050 | $ | 54,299 | $ | 110,277 | $ | 92,600 | |||||||||||
| Adjustments to Other Long-term liabilities, net of tax (2) | — | — | 2,040 | — | |||||||||||||||
| Discrete tax items (3) | — | — | 1,045 | — | |||||||||||||||
| Transaction costs related to the CAPNA acquisition, net of tax (4) | 141 | — | 728 | — | |||||||||||||||
|
Debt retirement costs, net of tax (5) |
974 | — | 974 | — | |||||||||||||||
| Acquisitions related amortization, net of tax (1) | 5,628 | 3,565 | 9,419 | 6,928 | |||||||||||||||
| Non-GAAP net income attributable to VCA Inc. | $ | 70,793 | $ | 57,864 | $ | 124,483 | $ | 99,528 | |||||||||||
| Table #2 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
| Reconciliation of diluted earnings per share to | |||||||||||||||||||
| Non-GAAP diluted earnings per share (1) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Diluted earnings per share | $ | 0.78 | $ | 0.65 | $ | 1.35 | $ | 1.11 | |||||||||||
| Adjustments to Other Long-term liabilities, net of tax (2) | — | — | 0.02 | — | |||||||||||||||
| Discrete tax items (3) | — | — | 0.01 | — | |||||||||||||||
| Transaction costs related to the CAPNA acquisition, net of tax (4) | — | — | 0.01 | — | |||||||||||||||
| Debt retirement costs, net of tax (5) | 0.01 | — | 0.01 | — | |||||||||||||||
| Acquisitions related amortization, net of tax (1) | 0.07 | 0.04 | 0.12 | 0.08 | |||||||||||||||
| Non-GAAP diluted earnings per share (6) | $ | 0.87 | $ | 0.70 | $ | 1.53 | $ | 1.20 | |||||||||||
| Shares used for computing diluted earnings per share | 81,729 | 83,084 | 81,630 | 83,227 | |||||||||||||||
| Table #3 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
| Reconciliation of consolidated gross profit to | |||||||||||||||||||
| Non-GAAP consolidated gross profit (1) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Consolidated gross profit | $ | 163,948 | $ | 140,847 | $ | 300,728 | $ | 254,709 | |||||||||||
| Acquisitions related amortization (1) | 9,187 | 5,798 | 15,415 | 11,263 | |||||||||||||||
| Non-GAAP consolidated gross profit | $ | 173,135 | $ | 146,645 | $ | 316,143 | $ | 265,972 | |||||||||||
| Non-GAAP consolidated gross profit margin | 26.5% | 26.7% | 26.0% | 25.4% | |||||||||||||||
| Table #4 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
| Reconciliation of consolidated operating income to | |||||||||||||||||||
| Non-GAAP consolidated operating income (1) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Consolidated operating income | $ | 116,029 | $ | 97,181 | $ | 202,118 | $ | 166,310 | |||||||||||
| Adjustments to Other Long-term liabilities (2) | — | — | 1,954 | — | |||||||||||||||
| Transaction costs related to the CAPNA acquisition (4) | 231 | — | 1,197 | — | |||||||||||||||
| Acquisitions related amortization (1) | 9,799 | 5,858 | 16,027 | 11,384 | |||||||||||||||
| Non-GAAP consolidated operating income | $ | 126,059 | $ | 103,039 | $ | 221,296 | $ | 177,694 | |||||||||||
| Non-GAAP consolidated operating margin | 19.3% | 18.8% | 18.2% | 17.0% | |||||||||||||||
_________________________________________________
| (1) |
Management believes that investors’ understanding of our performance is enhanced by disclosing adjusted measures as the reported amounts, adjusted to exclude certain significant items and acquisition-related amortization. Non-GAAP net income, Non-GAAP diluted earnings per common share, Non-GAAP consolidated gross profit and Non-GAAP consolidated operating income measures are not, and should not be viewed as substitutes for U.S. generally accepted accounting principles (GAAP) net income, its components and diluted earnings per share. |
|
| (2) |
In the first quarter of 2016, we recorded a non-cash charge to adjust certain long-term liabilities for $3.4 million, or $2.0 million net of tax. $2.0 million of this amount relates to compensation and $1.4 million relates to interest accretion. |
|
| (3) |
In the first quarter of 2016, we recorded a tax adjustment to our income tax liabilities for $1.0 million. |
|
| (4) |
As of the end of the second quarter, we have recorded transaction costs of $1.2 million or $728,000 net of tax related to our acquisition of CAPNA. |
|
| (5) |
We incurred debt retirement costs of $1.6 million, or $974,000 net of tax, in connection with our new credit facility, entered into on June 29, 2016. |
|
| (6) | Amounts may not foot due to rounding. | |
| VCA Inc. | ||||||||||||||||||||
| Supplemental Operating Data (cont) | ||||||||||||||||||||
|
(Unaudited – In thousands, except per share amounts) |
||||||||||||||||||||
| As of | ||||||||||||||||||||
| Table #5 |
June 30, 2016 |
December 31, 2015 |
||||||||||||||||||
| Selected consolidated balance sheet data | ||||||||||||||||||||
| Debt: | ||||||||||||||||||||
| Senior term notes | $ | 880,000 | $ | 585,000 | ||||||||||||||||
| Revolving credit | 375,000 | 232,000 | ||||||||||||||||||
| Other debt and capital leases | 57,919 | 55,474 | ||||||||||||||||||
|
Total debt |
$ | 1,312,919 | $ | 872,474 | ||||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||
| Table #6 | ||||||||||||||||||||
| Selected expense data | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| Rent expense | $ | 23,449 | $ | 18,841 | $ | 44,313 | $ | 37,621 | ||||||||||||
|
Depreciation and amortization included in direct costs: |
||||||||||||||||||||
| Animal hospital | $ | 21,190 | $ | 16,381 | $ | 38,714 | $ | 32,343 | ||||||||||||
| Laboratory | 2,803 | 2,676 | 5,551 | 5,151 | ||||||||||||||||
| All other | 767 | 963 | 1,519 | 1,903 | ||||||||||||||||
| Intercompany | (597 | ) | (530 | ) | (1,183 | ) | (1,053 | ) | ||||||||||||
| $ | 24,163 | $ | 19,490 | $ | 44,601 | $ | 38,344 | |||||||||||||
|
Depreciation and amortization included in selling, general and |
1,526 | 876 | 2,377 | 1,819 | ||||||||||||||||
| Total depreciation and amortization | $ | 25,689 | $ | 20,366 | $ | 46,978 | $ | 40,163 | ||||||||||||
| Share-based compensation included in direct costs: | ||||||||||||||||||||
| Laboratory | $ | 181 | $ | 163 | $ | 358 | $ | 324 | ||||||||||||
|
Share-based compensation included in selling, general and |
||||||||||||||||||||
| Animal hospital | 724 | 673 | 1,508 | 1,337 | ||||||||||||||||
| Laboratory | 407 | 376 | 836 | 742 | ||||||||||||||||
| All other | 147 | 198 | 300 | 400 | ||||||||||||||||
| Corporate | 2,739 | 2,727 | 6,102 | 5,466 | ||||||||||||||||
| 4,017 | 3,974 | 8,746 | 7,945 | |||||||||||||||||
| Total share-based compensation | $ | 4,198 | $ | 4,137 | $ | 9,104 | $ | 8,269 | ||||||||||||
Source: VCA Inc.
Contacts
VCA Inc.
Tomas Fuller, 310-571-6505
Chief Financial Officer
