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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 May 31, 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 May 31, 2022 was 864,256,651.




WALGREENS BOOTS ALLIANCE, INC.

FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED MAY 31, 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 Q3 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)
 May 31, 2022August 31, 2021
Assets  
Current assets:  
Cash and cash equivalents$2,285 $559 
Marketable securities2,173 634 
Accounts receivable, net5,034 5,663 
Inventories8,520 8,159 
Other current assets859 800 
Total current assets18,872 15,814 
Non-current assets: 
Property, plant and equipment, net11,789 12,247 
Operating lease right-of-use assets21,369 21,893 
Goodwill21,901 12,421 
Intangible assets, net11,583 9,936 
Equity method investments (see Note 6)5,777 6,987 
Other non-current assets1,469 1,987 
Total non-current assets73,887 65,471 
Total assets$92,759 $81,285 
Liabilities, redeemable non-controlling interest and equity  
Current liabilities:  
Short-term debt$2,787 $1,305 
Trade accounts payable (see Note 17)11,794 11,136 
Operating lease obligations2,270 2,259 
Accrued expenses and other liabilities7,156 7,260 
Income taxes60 94 
Total current liabilities24,067 22,054 
Non-current liabilities:  
Long-term debt10,670 7,675 
Operating lease obligations21,550 22,153 
Deferred income taxes1,578 1,850 
Other non-current liabilities3,737 3,413 
Total non-current liabilities37,535 35,091 
Commitments and contingencies (see Note 11)
Total liabilities61,602 57,145 
Redeemable non-controlling interest775 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 May 31, 2022 and August 31, 2021
12 12 
Paid-in capital11,029 10,988 
Retained earnings38,632 35,121 
Accumulated other comprehensive loss(2,724)(2,109)
Treasury stock, at cost; 308,256,967 shares at May 31, 2022 and 307,139,982 shares at August 31, 2021
(20,696)(20,593)
Total Walgreens Boots Alliance, Inc. shareholders’ equity26,253 23,419 
Non-controlling interests4,129 402 
Total equity30,382 23,822 
Total liabilities, redeemable non-controlling interest and equity$92,759 $81,285 
The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.

WBA Q3 2022 Form 10-Q
3

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and nine months ended May 31, 2022
(in millions, except shares)











Three months ended May 31, 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
February 28, 2022863,773,464 $12 $(20,712)$10,973 $(2,328)$38,757 $4,166 $30,867 
Net earnings— — — — — 289 (48)241 
Other comprehensive (loss) income, net of tax— — — — (397)— (19)(416)
Dividends declared and distributions— — — — — (413)(6)(420)
Employee stock purchase and option plans483,187 — 16 (5)— — — 11 
Stock-based compensation— — — 38 — — 33 71 
Acquisition of non-controlling interests— — — — — — (1)(1)
Redeemable non-controlling interests redemption price adjustments and other— — — 23 — — 5 28 
May 31, 2022864,256,651 $12 $(20,696)$11,029 $(2,724)$38,632 $4,129 $30,382 


Nine months ended May 31, 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)— — — — — 4,752 (141)4,611 
Other comprehensive (loss) income, net of tax— — — — (616)— (20)(637)
Dividends declared and distributions— — — — — (1,241)(12)(1,253)
Treasury stock purchases(3,910,000)— (187)— — — — (187)
Employee stock purchase and option plans2,793,015 — 84 (71)— — — 13 
Stock-based compensation— — — 118 — — 67 185 
Acquisition of non-controlling interests— — — 62 — — (117)(55)
Business combination— — — — — — 3,944 3,944 
Redeemable non-controlling interests redemption price adjustments and other— — — (67)— — 5 (62)
May 31, 2022864,256,651 $12 $(20,696)$11,029 $(2,724)$38,632 $4,129 $30,382 




WBA Q3 2022 Form 10-Q
4

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and nine months ended May 31, 2022
(in millions, except shares)











Three months ended May 31, 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
February 28, 2021864,394,418 $12 $(20,626)$10,916 $(3,306)$34,116 $514 $21,625 
Net earnings (loss)— — — — — 1,197 (24)1,173 
Other comprehensive income, net of tax— — — — 127 — 4 131 
Dividends declared and distributions— — — — — (405)— (405)
Employee stock purchase and option plans487,981 — 16 3 — — — 20 
Stock-based compensation— — — 50 — — — 50 
Other— — — 2 — — — 2 
May 31, 2021864,882,399 $12 $(20,610)$10,971 $(3,180)$34,908 $495 $22,596 


Nine months ended May 31, 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— — — — — 1,915 (16)1,899 
Other comprehensive income, net of tax— — — — 591 — 15 607 
Dividends declared and distributions— — — — — (1,215)— (1,215)
Treasury stock purchases(3,000,000)— (110)— — — — (110)
Employee stock purchase and option plans2,278,880 — 75 (35)— — — 41 
Stock-based compensation— — — 120 — — — 120 
Adoption of new accounting standards— — — — — (3)(3)(6)
Business combination— — — 120 — — — 120 
Other— — — 4 — 1 — 4 
May 31, 2021864,882,399 $12 $(20,610)$10,971 $(3,180)$34,908 $495 $22,596 

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


WBA Q3 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 May 31,Nine months ended May 31,
 2022202120222021
Sales$32,597 $34,030 $100,254 $98,247 
Cost of sales26,025 26,877 78,399 77,684 
Gross profit6,572 7,153 21,855 20,564 
Selling, general and administrative expenses7,019 6,116 19,975 17,936 
Equity earnings (loss) in AmerisourceBergen127 97 330 (1,196)
Operating (loss) income(320)1,134 2,209 1,432 
Other income410 159 2,829 473 
Earnings before interest and tax90 1,294 5,038 1,905 
Interest expense, net108 545 295 817 
(Loss) earnings before tax(18)749 4,743 1,088 
Income tax (benefit) provision(242)246 205 81 
Post tax earnings from other equity method investments5 575 29 604 
Net earnings from continuing operations229 1,078 4,566 1,610 
Net earnings from discontinued operations 95  289 
Net earnings229 1,173 4,566 1,899 
Net (loss) attributable to non-controlling interests - continuing operations(60)(27)(186)(25)
Net earnings attributable to non-controlling interests - discontinued operations 2  9 
Net earnings attributable to Walgreens Boots Alliance, Inc.$289 $1,197 $4,752 $1,915 
Net earnings attributable to Walgreens Boots Alliance, Inc.:
Continuing operations$289 $1,105 $4,752 $1,636 
Discontinued operations 92  279 
Total$289 $1,197 $4,752 $1,915 
Basic net earnings per common share:  
Continuing operations$0.33 $1.28 $5.50 $1.89 
Discontinued operations 0.11  0.32 
Total$0.33 $1.38 $5.50 $2.21 
Diluted net earnings per common share:
Continuing operations$0.33 $1.27 $5.49 $1.89 
Discontinued operations 0.11  0.32 
Total$0.33 $1.38 $5.49 $2.21 
Weighted average common shares outstanding:  
Basic864.0 864.7 864.4 864.7 
Diluted865.3 867.0 866.0 866.2 

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


WBA Q3 2022 Form 10-Q
6

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




 Three months ended May 31,Nine months ended May 31,
 2022202120222021
Comprehensive (loss) income:  
Net earnings$229 $1,173 $4,566 $1,899 
Other comprehensive (loss) income, net of tax:  
Pension/postretirement obligations(4)(1)(17)8 
Unrealized gain on cash flow hedges4 8 6 21 
Net investment hedges 135 (23)159 (79)
Available for sale debt securities 5 (96)5 
Share of other comprehensive (loss) income of equity method investments(17)(4)(143)16 
Currency translation adjustments(535)146 (545)636 
Total other comprehensive (loss) income, net(416)131 (637)607 
Total comprehensive (loss) income, net(187)1,304 3,929 2,506 
Comprehensive loss attributable to non-controlling interests(79)(19)(206)(1)
Comprehensive (loss) income attributable to Walgreens Boots Alliance, Inc.$(108)$1,323 $4,135 $2,506 

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


WBA Q3 2022 Form 10-Q
7

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in millions)
 Nine months ended May 31,
 20222021
Cash flows from operating activities:
  
Net earnings$4,566 $1,899 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization1,502 1,455 
Deferred income taxes(168)(210)
Stock compensation expense266 120 
Equity (earnings) loss from equity method investments(359)577 
Loss on early extinguishment of debt4 419 
Gain on previously held investment interests(2,576) 
Gain on sale of equity method investments(421)(290)
Impairment of equity method investments and investments in debt and equity securities233  
Other(199)(141)
Changes in operating assets and liabilities:  
Accounts receivable, net725 (897)
Inventories(510)71 
Other current assets(58)18 
Trade accounts payable767 927 
Accrued expenses and other liabilities(362)428 
Income taxes82 54 
Other non-current assets and liabilities320 (120)
Net cash provided by operating activities3,813 4,310 
Cash flows from investing activities:
  
Additions to property, plant and equipment(1,241)(1,001)
Proceeds from sale-leaseback transactions809 662 
Proceeds from sale of other assets976 406 
Business, investment and asset acquisitions, net of cash acquired(2,040)(1,394)
Other233 (14)
Net cash used for investing activities(1,262)(1,341)
Cash flows from financing activities:
  
Net change in short-term debt with maturities of 3 months or less(10)1,556 
Proceeds from debt11,944 12,720 
Payments of debt(7,350)(11,050)
Acquisition of non-controlling interests(2,108)