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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended February 28, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _______to _______
Commission File Number
001-36759
WALGREENS BOOTS ALLIANCE, INC.
(Exact name of registrant as specified in its charter)
Delaware47-1758322
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
108 Wilmot Road, Deerfield, Illinois
60015
(Address of principal executive offices)(Zip Code)
(847) 315-3700
(Registrant’s telephone number, including area code)
__________________________________________
Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueWBAThe NASDAQ Stock Market LLC
3.600% Walgreens Boots Alliance, Inc. notes due 2025WBA25The NASDAQ Stock Market LLC
2.125% Walgreens Boots Alliance, Inc. notes due 2026WBA26The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes  þ      No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                              Yes þ     No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No þ
The number of shares outstanding of the registrant’s Common Stock, $0.01 par value, as of February 28, 2022 was 863,773,464.




WALGREENS BOOTS ALLIANCE, INC.

FORM 10-Q FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2022

TABLE OF CONTENTS

PART I.  FINANCIAL INFORMATION
 Item 1.
  a)
  b)
  c)
  d)
  e)
  f)
 Item 2.
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
 Item 3.
 Item 4.



















WBA Q2 2022 Form 10-Q
2

PART I. FINANCIAL INFORMATION
Item 1. Consolidated Condensed Financial Statements (Unaudited)

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(in millions, except shares and per share amounts)
 February 28, 2022August 31, 2021
Assets  
Current assets:  
Cash and cash equivalents$1,887 $1,193 
Accounts receivable, net5,328 5,663 
Inventories8,947 8,159 
Other current assets662 800 
Total current assets16,824 15,814 
Non-current assets: 
Property, plant and equipment, net12,207 12,247 
Operating lease right-of-use assets21,730 21,893 
Goodwill21,958 12,421 
Intangible assets, net12,352 9,936 
Equity method investments (see Note 6)6,247 6,987 
Other non-current assets1,366 1,987 
Total non-current assets75,859 65,471 
Total assets$92,683 $81,285 
Liabilities, redeemable non-controlling interest and equity  
Current liabilities:  
Short-term debt$2,105 $1,305 
Trade accounts payable (see Note 17)11,178 11,136 
Operating lease obligations2,277 2,259 
Accrued expenses and other liabilities7,006 7,260 
Income taxes132 94 
Total current liabilities22,699 22,054 
Non-current liabilities:  
Long-term debt11,203 7,675 
Operating lease obligations21,951 22,153 
Deferred income taxes1,892 1,850 
Other non-current liabilities3,259 3,413 
Total non-current liabilities38,305 35,091 
Commitments and contingencies (see Note 11)
Total liabilities61,004 57,145 
Redeemable non-controlling interest812 319 
Equity:
Preferred stock $.01 par value; authorized 32 million shares, none issued
  
Common stock $.01 par value; authorized 3.2 billion shares; issued 1,172,513,618 at February 28, 2022 and August 31, 2021
12 12 
Paid-in capital10,973 10,988 
Retained earnings38,757 35,121 
Accumulated other comprehensive loss(2,328)(2,109)
Treasury stock, at cost; 308,740,154 shares at February 28, 2022 and 307,139,982 shares at August 31, 2021
(20,712)(20,593)
Total Walgreens Boots Alliance, Inc. shareholders’ equity26,702 23,419 
Non-controlling interests4,166 402 
Total equity30,867 23,822 
Total liabilities, redeemable non-controlling interest and equity$92,683 $81,285 
The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.

WBA Q2 2022 Form 10-Q
3

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and six months ended February 28, 2022
(in millions, except shares)










Three months ended February 28, 2022
Equity attributable to Walgreens Boots Alliance, Inc.
Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNon-controlling interestsTotal equity
November 30, 2021863,842,376 $12 $(20,700)$10,966 $(2,301)$38,286 $4,316 $30,579 
Net earnings— — — — — 883 (65)818 
Other comprehensive income (loss), net of tax— — — — (26)— 3 (24)
Dividends declared and distributions— — — — — (413)(6)(419)
Treasury stock purchases(730,250)— (33)— — — — (33)
Employee stock purchase and option plans661,338 — 21 (7)— — — 14 
Stock-based compensation— — — 44 — — 35 79 
Acquisition of non-controlling interests— — — 62 — — (116)(55)
Redeemable non-controlling interests redemption price adjustments— — — (83)— — — (83)
Non-controlling interests contribution and other— — — (8)— — — (8)
February 28, 2022863,773,464 $12 $(20,712)$10,973 $(2,328)$38,757 $4,166 $30,867 

Six months ended February 28, 2022
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNon-controlling interestsTotal equity
August 31, 2021865,373,636 $12 $(20,593)$10,988 $(2,109)$35,121 $402 $23,822 
Net earnings (loss)— — — — — 4,463 (93)4,370 
Other comprehensive income (loss), net of tax— — — — (220)—  (220)
Dividends declared and distributions— — — — — (828)(6)(834)
Treasury stock purchases(3,910,000)— (187)— — — — (187)
Employee stock purchase and option plans2,309,828 — 68 (66)— — — 2 
Stock-based compensation— — — 80 — — 35 115 
Acquisition of non-controlling interests— — — 62 — — (116)(55)
Business combination— — — — — — 3,944 3,944 
Redeemable non-controlling interests redemption price adjustments— — — (90)— — — (90)
Non-controlling interests contribution and other— — — — — — — — 
February 28, 2022863,773,464 $12 $(20,712)$10,973 $(2,328)$38,757 $4,166 $30,867 

WBA Q2 2022 Form 10-Q
4

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and six months ended February 28, 2022
(in millions, except shares)










Three months ended February 28, 2021
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNon-controlling interestsTotal equity
November 30, 2020863,901,817 $12 $(20,642)$10,876 $(3,682)$33,495 $506 $20,563 
Net earnings (loss)— — — — — 1,026 (1)1,025 
Other comprehensive income, net of tax— — — — 376 — 9 385 
Dividends declared— — — — — (405)— (405)
Employee stock purchase and option plans492,601 — 16 1 — — — 17 
Stock-based compensation— — — 34 — — — 34 
Business combination— — — 4 — — — 4 
Other— — — 1 — — — 1 
February 28, 2021864,394,418 $12 $(20,626)$10,916 $(3,306)$34,116 $514 $21,625 

Six months ended February 28, 2021
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNon-controlling interestsTotal equity
August 31, 2020865,603,519 $12 $(20,575)$10,761 $(3,771)$34,210 $498 $21,136 
Net earnings— — — — — 718 8 726 
Other comprehensive income, net of tax— — — — 465 — 11 476 
Dividends declared— — — — — (810)— (810)
Treasury stock purchases(3,000,000)— (110)— — — — (110)
Employee stock purchase and option plans1,790,899 — 59 (38)— — — 21 
Stock-based compensation— — — 70 — — — 70 
Adoption of new accounting standards— — — — — (3)(3)(6)
Business combination— — — 120 — — — 120 
Other— — — 2 — — — 2 
February 28, 2021864,394,418 $12 $(20,626)$10,916 $(3,306)$34,116 $514 $21,625 

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.


WBA Q2 2022 Form 10-Q
5

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(UNAUDITED)
(in millions, except per share amounts)



 Three months ended February 28,Six months ended February 28,
 2022202120222021
Sales$33,756 $32,779 $67,656 $64,217 
Cost of sales26,047 25,998 52,374 50,806 
Gross profit7,708 6,781 15,283 13,411 
Selling, general and administrative expenses6,565 6,029 12,956 11,820 
Equity earnings (loss) in AmerisourceBergen103 80 202 (1,293)
Operating income1,246 832 2,529 298 
Other (expense) income(198)251 2,418 313 
Earnings before interest and tax1,047 1,083 4,947 611 
Interest expense, net100 137 186 272 
Earnings before tax947 946 4,761 339 
Income tax provision (benefit)172 42 447 (165)
Post tax earnings from other equity method investments31 13 24 29 
Net earnings from continuing operations806 918 4,337 532 
Net earnings from discontinued operations 107  194 
Net earnings806 1,025 4,337 726 
Net (loss) earnings attributable to non-controlling interests - continuing operations(78)(4)(126)1 
Net earnings attributable to non-controlling interests - discontinued operations 3  7 
Net earnings attributable to Walgreens Boots Alliance, Inc.$883 $1,026 $4,463 $718 
Net earnings attributable to Walgreens Boots Alliance, Inc.:
Continuing operations$883 $922 $4,463 $531 
Discontinued operations 104  187 
Total$883 $1,026 $4,463 $718 
Basic net earnings per common share:  
Continuing operations$1.02 $1.07 $5.16 $0.61 
Discontinued operations 0.12  0.22 
Total$1.02 $1.19 $5.16 $0.83 
Diluted net earnings per common share:
Continuing operations$1.02 $1.06 $5.15 $0.61 
Discontinued operations 0.12  0.22 
Total$1.02 $1.19 $5.15 $0.83 
Weighted average common shares outstanding:  
Basic863.5 864.2 864.6 864.7 
Diluted865.2 865.6 866.4 865.7 

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.


WBA Q2 2022 Form 10-Q
6

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in millions)



 Three months ended February 28,Six months ended February 28,
 2022202120222021
Comprehensive income:  
Net earnings$806 $1,025 $4,337 $726 
Other comprehensive (loss) income, net of tax:  
Pension/postretirement obligations(8)(2)(13)9 
Unrealized gain on cash flow hedges 9 1 13 
Net investment hedges (20)(49)24 (56)
Available for sale debt securities  (96) 
Share of other comprehensive (loss) income of equity method investments(80)15 (125)20 
Currency translation adjustments84 413 (10)490 
Total other comprehensive (loss) income(24)385 (220)476 
Total comprehensive income782 1,410 4,117 1,202 
Comprehensive (loss) income attributable to non-controlling interests(75)8 (126)19 
Comprehensive income attributable to Walgreens Boots Alliance, Inc.$857 $1,402 $4,243 $1,183 

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.


WBA Q2 2022 Form 10-Q
7

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in millions)
 Six months ended February 28,
 20222021
Cash flows from operating activities:
  
Net earnings$4,337 $726 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization1,024 948 
Deferred income taxes94 (264)
Stock compensation expense170 70 
Equity (earnings) loss from equity method investments(226)1,253 
Gain on previously held investment interests(2,576) 
Gain on sale of equity method investment (191)
Impairment of equity method investments and investments in equity securities190  
Other(60)(104)
Changes in operating assets and liabilities:  
Accounts receivable, net495 (556)
Inventories(803)(248)
Other current assets(37)(9)
Trade accounts payable46 743 
Accrued expenses and other liabilities(476)254 
Income taxes154 (53)
Other non-current assets and liabilities(147)(12)
Net cash provided by operating activities2,184 2,556 
Cash flows from investing activities:
  
Additions to property, plant and equipment(870)(692)
Proceeds from sale-leaseback transactions475 452 
Proceeds from sale of other assets33 269 
Business, investment and asset acquisitions, net of cash acquired(1,918)(1,314)
Other99 (71)
Net cash used for investing activities(2,181)(1,356)
Cash flows from financing activities:
  
Net change in short-term debt with maturities of 3 months or less1,289 350 
Proceeds from debt9,928 6,538 
Payments of debt(7,331)(6,503)
Acquisition of non-controlling interests(2,108) 
Stock purchases(187)(110)
Proceeds related to employee stock plans32