Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions

Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care solutions

to office-based dental and medical practitioners, today reported record first-quarter financialresults from continuing

operations. Results from continuing operations exclude contributionsfrom Henry Schein's former Animal Health business,

which was spun off in February 2019 to form a new publicly traded company, Covetrus (Nasdaq: CVET).

Total net sales for the quarter ended March 27, 2021, were $2.9 billion, up 20.4%compared with the first quarter of

2020. The 20.4%increase included 14.9% internal growth in local currencies, 3.3%growth from acquisitions,and 2.2%

growth related to foreign currency exchange.(See Exhibit A for details of sales growth).

GAAP net income attributable to Henry Schein, Inc. from continuing operationsfor the first quarter of 2021 was

$166.0 million, or $1.16 per diluted share, compared with prior-year GAAP net income fromcontinuing operations of $130.5

million, or $0.91 per diluted share. Non-GAAP net income from continuingoperations for the first quarter of 2021 was

$177.7 million, or $1.24 per diluted share, compared with prior-year non-GAAP net incomefrom continuing operations of

$134.1 million, or $0.94 per diluted share. Exhibit B provides a reconciliationof GAAP net income and diluted EPS from

continuing operations to non-GAAP net income and diluted EPS from continuingoperations.

'We are pleased with exceptional first-quarter global financial performance versus the comparable prior-year period,

and also compared to the first quarter of 2019, which is the result of planningand excellent execution across all of our

businesses. We also delivered a very strong operating margin for the quarter. While end markets in most geographies still

face challenges due to the ongoing pandemic, the overall market recovery andour improving financial results have continued.

Our positive momentum reflects the adaptiveness of our businessmodel as well as the commitment of Team Schein Members

to our customers and our communities,' said Stanley M. Bergman, Chairman ofthe Board and Chief Executive Officer of

Henry Schein. 'Throughout these unprecedented times, Henry Schein hasremained focused on the safety of our team and on

NEWSRELEASE

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responding to our customers' needs, as well as on driving innovation, gainingmarket share, enhancing our margin profile,

and optimizing our cost structure.We believe all of this positions us well to continue to drive earnings growth and create

value over the long-term.'

Global Dental sales for the first quarter of 2021 of $1.8 billion increased21.3% versus the prior-year period. In local

currencies, internally generated sales increased 13.7% with 4.2% growthfrom acquisitions and 3.4% growth related to

foreign currency exchange. The 13.7% internal growth in local currenciesincluded an increase of 10.9% in North America

and an increase of 17.9% internationally.

Global Dental consumable merchandise internal sales increased by 13.2%in local currencies. Excluding sales of

personal protective equipment (PPE) and COVID-19 related products, growthwas 10.9%. In North America, dental

consumable merchandise internal sales in local currencies increased 9.3%,or 6.9%excluding sales of PPE and COVID-19

related products, and dental equipment internal sales in local currenciesincreased 17.4%. Internationally, dental consumable

merchandise internal sales in local currencies increased 19.2%, or 16.7%excluding sales of PPE and COVID-19 related

products, and dental equipment internal sales in local currencies increased12.9%.

'For the first quarter, our dental sales in both North America and international markets were strong,including

significant growth in North America dental equipment sales versus the fourthquarter of 2020,' noted Mr. Bergman. 'Global

Dental Specialty sales were also strong with year-over-year internal growth of18.3%in local currencies. We remain

optimistic about the stability and health of the global dental markets we serve,despite rising COVID-19 cases in certain

geographies, as patient traffic and practice spending have steadily improved sincethe first few months of the pandemic.'

Global Medical sales for the first quarter of 2021of $993.0 million increased 24.0%versus the comparable period

last year, consisting of 22.1%internal growth in local currencies,1.6% growth from acquisitions and 0.3%growth related to

foreign currency exchange.Excluding sales of PPE and COVID-19 related products, internal salesin local currencies

decreased 6.8%, in part resulting from an extremely mild influenza seasonthat impacted diagnostic and consumable

merchandise sales,as well as from lower pharmaceutical sales related to fewer patientoffice visits due to COVID-19.

'We are pleased to report strong double-digit global Medical sales growth during the first quarter. We expect the

physician, ambulatory surgery center, alternate care and home health markets to improve over time as infectionlevels abate

and patient volumes normalize. That said, we expect COVID-19test sales to decline, primarily as a result of unit price

erosion,' remarked Mr. Bergman.

'While sales of PPE products have begun to moderate from recent quarterlygrowth rates in both our Dental and

Medical businesses,we expect PPE sales will remain at elevated levels as dentistsand physicians implement new standard-

of-care best practices,'said Mr. Bergman.

Global Technology and Value-Added Services sales of $143.0 million increased 8.4% versus the prior-year quarter

and included 3.6% internal sales growth in local currencies,3.4%growth from acquisitions and 1.4% growth related to

foreign currency exchange.

'Global Technology and Value-Added Services sales have steadily improved over the last severalquarters, with

Henry Schein One internal sales in local currencies increasing by 2.6%in the first quarter, representing continued sequential-

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quarter growth. In addition, financial services internal sales in localcurrencies increased by 22.5%, in part driven by higher

sales of dental equipment,' noted Mr. Bergman.

Stock Repurchase Plan

During the first quarter of 2021, the Company repurchased approximately1.3 million shares of its common stock at

an average price of $66.90 per share, for a total of approximately $88.7 million.The impact of the repurchase of shares on

first-quarter diluted EPS was immaterial. At the end of the firstquarter, Henry Schein had approximately $112.6 million

authorized and available for future stock repurchases.

Financial Guidance

Henry Schein today raised guidance for 2021 non-GAAP diluted EPSfrom continuing operations.At this time, the

Company is not providing guidance for 2021 GAAP diluted EPS fromcontinuing operations as it is unable to provide an

accurate estimate of expenses related to the ongoing restructuring initiative.Financial guidance is as follows:

●

2021 non-GAAP diluted EPS from continuing operations attributableto Henry Schein, Inc. is expected to be at or

above $3.70, representing a floor for fiscal 2021.

●

Guidance for 2021 non-GAAP diluted EPS attributable to Henry Schein, Inc.is for current continuing operations as

well as completed or previously announced acquisitions, and does notinclude the impact of future share repurchases,

potential future acquisitions, if any, or restructuring expenses. Guidance also assumes foreign exchange ratesthat are

generally consistent with current levels, and that end markets remainstable and are consistent with current market

conditions. Guidance does not assume any material adverse market changesassociated with COVID-19.

Adjustments to Projected 2021 Non-GAAP Diluted EPS

The Company has provided guidance for 2021 non-GAAP diluted EPSfrom continuing operations,as noted above.

A reconciliation to the Company's projected 2021 diluted EPS from continuing operations prepared on a GAAPbasis is not

provided because the Company is unable to provide without unreasonableeffort an estimate of costs related to an ongoing

restructuring program to mitigate stranded costs and drive additional operatingefficiencies, including the corresponding tax

effect that will be included in the Company's 2021 diluted EPS from continuing operations prepared on a GAAP basis. The

inability to provide these reconciliations is due to the uncertainty andinherent difficulty of predicting the occurrence,

magnitude, financial impact and the timing of related costs. Managementdoes not believe these items are representative of

the Company's underlying business performance. For the same reasons, the Company is unable to address the probable

significance of the unavailable information, which could be material tofuture results.

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First Quarter 2021 Conference Call Webcast

The Company will hold a conference call to discuss first-quarter 2021 financialresults today, beginning at 10:00 a.m.

Eastern time. Individual investors are invited to listen to the conferencecall through Henry Schein's website by visiting

www.henryschein.com/IRwebcasts

. In addition, a replay will be available beginning shortlyafter the call has ended for a

period of one week.

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health careprofessionals powered by a network of

people and technology. With more than 20,000

Team Schein Members

worldwide, the Company's network of trusted

advisors provides more than 1 million customers globally with morethan 300 valued solutions that help improve operational

success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based

dental

and

medical

practitioners work more efficiently so they can provide quality care more effectively. These solutions also

support

dental laboratories

,

government and institutional health care clinics

, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distributionnetwork, with a selection of more than

120,000 branded products and Henry Schein private-brand productsin stock, as well as more than 180,000 additional

products available as special-order items.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville,

N.Y.,and has operations or affiliates in 31 countries and territories. The Company's sales reached$10.1 billion in 2020, and

have grown at a compound annual rate of approximately 12 percent since HenrySchein became a public company in 1995.

For more information, visit Henry Schein at

www.henryschein.com

,

Facebook.com/HenrySchein

,

and

@HenrySchein on Twitter

.

Cautionary Note Regarding Forward-Looking Statements and Useof Non-GAAP Financial Information

In accordance with the 'Safe Harbor' provisions of the Private SecuritiesLitigation Reform Act of 1995, we provide

the following cautionary remarks regarding important factors that,among others, could cause future results to differ

materially from the forward-looking statements, expectations and assumptionsexpressed or implied herein. All forward-

looking statements made by us are subject to risks and uncertainties andare not guarantees of future performance.These

forward-looking statements involve known and unknown risks, uncertaintiesand other factors that may cause our actual

results, performance and achievements or industry results to be materially differentfrom any future results, performance or

achievements expressed or implied by such forward-looking statements. Thesestatements include EPS guidance and are

generally identified by the use of such terms as 'may,' 'could,' 'expect,' 'intend,' 'believe,' 'plan,' 'estimate,' 'forecast,'

'project,' 'anticipate,' 'to be,' 'to make' or other comparableterms.A fuller discussion of our operations,financial

condition and status of litigation matters, including factors that mayaffect our business and future prospects, is contained in

documents we have filed with the United States Securities and ExchangeCommission, or SEC, including our Annual Report

on Form 10-K, and will be contained in all subsequent periodic filingswe make with the SEC. These documents identify in

detail important risk factors that could cause our actual performance todiffer materially from current expectations.

Forward

looking statements include the overall impact of the Novel Coronavirus Disease2019 (COVID-19) on the Company, its

results of operations, liquidity, and financial condition (including any estimates of the impact on these items),the rate and

consistency with which dental and other practices resume or maintainnormal operations in the United States and

internationally, expectations regarding personal protective equipment ('PPE') and COVID-19 related product sales and

inventory levels and whether additional resurgences of the virus will adverselyimpact the resumption of normal operations,

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the impact of restructuring programs as well as of any future acquisitions,and more generally current expectations regarding

performance in current and future periods.Forward looking statements also include the (i) ability of the Companyto make

additional testing available, the nature of those tests and the number oftests intended to be made available and the timing for

availability, the nature of the target market, as well as the efficacy or relative efficacy of the test results given that the test

efficacy has not been, or will not have been, independently verified under normal FDAprocedures and (ii) potential for the

Company to distribute the COVID-19 vaccines and ancillary supplies.

Risk factors and uncertainties that could cause actual results to differ materially fromcurrent and historical results

include, but are not limited to: risks associated with COVID-19,as well as other disease outbreaks, epidemics, pandemics, or

similar wide spread public health concerns and other natural disasters oracts of terrorism; our dependence on third parties for

the manufacture and supply of our products; our ability to develop or acquireand maintain and protect new products

(particularly technology products) and technologies that achieve market acceptancewith acceptable margins; transitional

challenges associated with acquisitions, dispositions and jointventures, including the failure to achieve anticipated

synergies/benefits; financial and tax risks associated with acquisitions, dispositions andjoint ventures; certain provisions in

our governing documents that may discourage third-party acquisitionsof us; effects of a highly competitive (including,

without limitation, competition from third-party online commerce sites) and consolidatingmarket; the potential repeal or

judicial prohibition on implementation of the Affordable Care Act; changesin the health care industry; risks from expansion

of customer purchasing power and multi-tiered costing structures; increasesin shipping costs for our products or other

service issues with our third-partyshippers; general global macro-economic and political conditions, includinginternational

trade agreements and potential trade barriers; failure to comply withexisting and future regulatory requirements; risks

associated with the EU Medical Device Regulation; failure to comply withlaws and regulations relating to health care fraud

or other laws and regulations; failure to comply with laws and regulations relatingto the confidentiality of sensitive personal

information or standards in electronic health records or transmissions;changes in tax legislation; litigation risks; new or

unanticipated litigation developments and the status of litigationmatters; cyberattacks or other privacy or data security

breaches; risks associated with our global operations; our dependence onour senior management, as well as employee hiring

and retention; and disruptions in financial markets. The order in which thesefactors appear should not be construed to

indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control

or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction ofactual

results. We undertake no duty and have no obligation to update forward-looking statements.

Included within the press release are non-GAAP financial measures that supplementthe Company's Consolidated

Statements of Income prepared under generally accepted accountingprinciples (GAAP). These non-GAAP financial

measures adjust the Company's actual results prepared under GAAP to exclude certain items.In the schedules attached to

this press release, the non-GAAP measures have been reconciled to and shouldbe considered together with the Consolidated

Statements of Income. Management believes that non-GAAPfinancial measures provide investors with useful supplemental

information about the financial performance of our business, enable comparisonof financial results between periods where

certain items may vary independent of business performance and allowfor greater transparency with respect to key metrics

used by management in operating our business. These non-GAAPfinancial measures are presented solely for informational

and comparative purposes and should not be regarded as a replacement for corresponding,similarly captioned, GAAP

measures.

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CONTACTS:

Investors

Steven Paladino

Executive Vice President and Chief Financial Officer

[e-mail]

[phone]

Carolynne Borders

Vice President, Investor Relations

[e-mail]

[phone]

Media

Ann Marie Gothard

Vice President, Corporate Media Relations

[e-mail]

[phone]

(TABLES TO FOLLOW)

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HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTSOF INCOME

(in thousands, except per share data)

(unaudited)

Three Months Ended

March 27,

March 28,

2021

2020

Net sales

$

2,924,961

$

2,428,871

Cost of sales

2,034,110

1,682,857

Gross profit

890,851

746,014

Operating expenses:

Selling, general and administrative

657,992

567,362

Restructuring costs

2,931

4,787

Operating income

229,928

173,865

Other income (expense):

Interest income

1,983

3,190

Interest expense

(6,485)

(7,812)

Other, net

309

(220)

Income from continuing operations before taxes, equity in

earnings of affiliates and noncontrolling interests

225,735

169,023

Income taxes

(56,685)

(37,910)

Equity in earnings of affiliates

5,878

2,734

Net income from continuing operations

174,928

133,847

Loss from discontinued operations

-

(282)

Net Income

174,928

133,565

Less: Net income attributable to noncontrolling interests

(8,931)

(3,304)

Net income attributable to Henry Schein, Inc.

$

165,997

$

130,261

Amounts attributable to Henry Schein, Inc.:

Continuing operations

$

165,997

$

130,543

Discontinued operations

-

(282)

Net income attributable to Henry Schein, Inc.

$

165,997

$

130,261

Earnings per share from continuing operations attributable to Henry Schein, Inc.:

Basic

$

1.17

$

0.91

Diluted

$

1.16

$

0.91

Loss per share from discontinued operations attributable to Henry Schein, Inc.:

Basic

$

-

$

0.00

Diluted

$

-

$

0.00

Earnings per share attributable to Henry Schein, Inc.:

Basic

$

1.17

$

0.91

Diluted

$

1.16

$

0.91

Weighted-average common shares outstanding:

Basic

142,298

142,967

Diluted

143,398

143,095

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HENRY SCHEIN, INC.

CONSOLIDATEDBALANCE SHEETS

(in thousands, except share and per share data)

March 27,

December 26,

2021

2020

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

144,538

$

421,185

Accounts receivable, net of reserves of $79,936 and $88,030

1,317,546

1,424,787

Inventories, net

1,626,185

1,512,499

Prepaid expenses and other

482,356

432,944

Total current assets

3,570,625

3,791,415

Property and equipment, net

353,248

342,004

Operating lease right-of-use assets

301,759

288,847

Goodwill

2,587,438

2,504,392

Other intangibles, net

597,619

479,429

Investments and other

369,231

366,445

Total assets

$

7,779,920

$

7,772,532

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

909,575

$

1,005,655

Bank credit lines

67,415

73,366

Current maturities of long-term debt

111,176

109,836

Operating lease liabilities

68,580

64,716

Accrued expenses:

Payroll and related

286,106

295,329

Taxes

146,755

138,671

Other

533,161

595,529

Total current liabilities

2,122,768

2,283,102

Long-term debt

506,461

515,773

Deferred income taxes

42,254

30,065

Operating lease liabilities

248,624

238,727

Other liabilities

410,184

392,781

Total liabilities

3,330,291

3,460,448

Redeemable noncontrolling interests

452,899

327,699

Commitments and contingencies

Stockholders' equity:

Preferred stock, $.01 par value, 1,000,000 shares authorized,

none outstanding

-

-

Common stock, $.01 par value, 480,000,000 shares authorized,

141,310,113 outstanding on March 27, 2021 and

142,462,571 outstanding on December 26, 2020

1,413

1,425

Additional paid-in capital

-

-

Retained earnings

3,493,060

3,454,831

Accumulated other comprehensive loss

(136,305)

(108,084)

Total Henry Schein, Inc. stockholders' equity

3,358,168

3,348,172

Noncontrolling interests

638,562

636,213

Total stockholders' equity

3,996,730

3,984,385

Total liabilities, redeemable noncontrollinginterests and stockholders' equity

$

7,779,920

$

7,772,532

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HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTSOF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

March 27,

March 28,

2021

2020

Cash flows from operating activities:

Net income

$

174,928

$

133,565

Loss from discontinued operations

-

(282)

Income from continuing operations

174,928

133,847

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

Depreciation and amortization

49,363

46,983

Impairment charge on intangible assets

-

2,000

Stock-based compensation (credit) expense

12,790

(17,514)

Provision for (benefit from) losses on trade and other accounts receivable

(2,696)

14,543

Provision for deferred income taxes

11,171

2,645

Equity in earnings of affiliates

(5,878)

(2,734)

Distributions from equity affiliates

5,139

2,413

Changes in unrecognized tax benefits

2,804

(1,575)

Other

35

(13,924)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

118,795

(1,283)

Inventories

(78,085)

73,038

Other current assets

(45,310)

(22,002)

Accounts payable and accrued expenses

(179,725)

(137,680)

Net cash provided by operating activities from continuing operations

63,331

78,757

Net cash used in operating activities from discontinued operations

-

(282)

Net cash provided by operating activities

63,331

78,475

Cash flows from investing activities:

Purchases of fixed assets

(13,843)

(23,008)

Payments related to equity investments and business

acquisitions, net of cash acquired

(204,027)

(37,947)

Proceeds from sale of equity investment

-

12,000

Repayments from loan to affiliate

139

1,137

Other

(5,513)

(5,787)

Net cash used in investing activities from continuing operations

(223,244)

(53,605)

Net cash used in investing activities from discontinued operations

-

-

Net cash used in investing activities

(223,244)

(53,605)

Cash flows from financing activities:

Net change in bank borrowings

(241)

358,639

Proceeds from issuance of long-term debt

-

250,000

Principal payments for long-term debt

(17,781)

(8,478)

Debt issuance costs

(85)

(58)

Payments for repurchases of common stock

(88,659)

(73,789)

Payments for taxes related to shares withheld for employee taxes

(6,158)

(13,155)

Distributions to noncontrolling shareholders

(6,520)

(3,664)

Acquisitions of noncontrolling interests in subsidiaries

-

(14,925)

Payments to Henry Schein Animal Health Business

-

(2,962)

Net cash provided by (used in) financing activities from continuing operations

(119,444)

491,608

Net cash provided by financing activities from discontinued operations

-

282

Net cash provided by (used in) financing activities

(119,444)

491,890

Effect of exchange rate changes on cash and cash equivalents from continuing operations

2,710

(5,489)

Effect of exchange rate changes on cash and cash equivalents from discontinued operations

-

-

Net change in cash and cash equivalents from continuing operations

(276,647)

511,271

Net change in cash and cash equivalents from discontinued operations

-

-

Cash and cash equivalents, beginning of period

421,185

106,097

Cash and cash equivalents, end of period

$

144,538

$

617,368

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Exhibit A - First Quarter Sales

Henry Schein, Inc.

2021 First Quarter

Sales Summary

(in thousands)

(unaudited)

Q1 2021 over Q1 2020

Global

Q1 2021

Q1 2020

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental

$

1,788,928

$

1,475,076

21.3%

3.4%

17.9%

4.2%

13.7%

Medical

993,037

800,688

24.0%

0.3%

23.7%

1.6%

22.1%

Total Health Care Distribution

2,781,965

2,275,764

22.2%

2.3%

19.9%

3.3%

16.6%

Technology and value-added services

142,996

131,965

8.4%

1.4%

7.0%

3.4%

3.6%

Total excluding Corporate TSA Revenue

2,924,961

2,407,729

21.5%

2.3%

19.2%

3.3%

15.9%

Corporate TSA revenues (1)

-

21,142

n/a

n/a

n/a

n/a

n/a

Total Global

$

2,924,961

$

2,428,871

20.4%

2.2%

18.2%

3.3%

14.9%

North America

Q1 2021

Q1 2020

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental

$

1,044,783

$

888,372

17.6%

0.6%

17.0%

6.1%

10.9%

Medical

965,127

778,028

24.0%

0.0%

24.0%

1.6%

22.4%

Total Health Care Distribution

2,009,910

1,666,400

20.6%

0.3%

20.3%

4.0%

16.3%

Technology and value-added services

121,937

113,498

7.4%

0.1%

7.3%

3.3%

4.0%

Total excluding Corporate TSA Revenue

2,131,847

1,779,898

19.8%

0.3%

19.5%

4.0%

15.5%

Corporate TSA revenues (1)

-

-

n/a

n/a

n/a

n/a

n/a

Total North America

$

2,131,847

$

1,779,898

19.8%

0.3%

19.5%

4.0%

15.5%

International

Q1 2021

Q1 2020

Total Sales

Growth

Foreign

Exchange

Growth

Local

Currency

Growth

Acquisition

Growth

Local

Internal

Growth

Dental

$

744,145

$

586,704

26.8%

7.7%

19.1%

1.2%

17.9%

Medical

27,910

22,660

23.2%

10.6%

12.6%

0.0%

12.6%

Total Health Care Distribution

772,055

609,364

26.7%

7.8%

18.9%

1.2%

17.7%

Technology and value-added services

21,059

18,467

14.0%

8.8%

5.2%

4.1%

1.1%

Total excluding Corporate TSA Revenue

793,114

627,831

26.3%

7.8%

18.5%

1.3%

17.2%

Corporate TSA revenues (1)

-

21,142

n/a

n/a

n/a

n/a

n/a

Total International

$

793,114

$

648,973

22.2%

7.6%

14.6%

1.2%

13.4%

(1)Corporate TSA revenues represents sales of certainanimal health products to Covetrus under the transition servicesagreement entered into in connection

with the Animal Health Spin-off, which ended in December 2020.

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Exhibit B

Henry Schein, Inc.

2021 First Quarter

Reconciliation of reported GAAP net income from continuing operations and

diluted EPS from continuing operations attributable to Henry Schein, Inc.

to non-GAAP net income from continuing operations and

diluted EPS from continuing operations attributable to Henry Schein, Inc.

(in thousands, except per share data)

(unaudited)

First Quarter

%

2021

2020

Growth

Net Income from continuing operations attributable

to Henry Schein, Inc.

$

165,997

$

130,543

27.2

%

Diluted EPS from continuing operations attributable

to Henry Schein, Inc.

$

1.16

$

0.91

27.5

%

Non-GAAP Adjustments

Restructuring costs - Pre-tax (1)

$

2,931

$

4,787

Income tax benefit for restructuring costs (1)

(733)

(1,197)

Settlement and litigation costs - Pre-tax (2)

12,750

-

Income tax benefit for settlement and litigation costs(2)

(3,202)

-

Totalnon-GAAP adjustments to Net Income from

continuing operations

$

11,746

$

3,590

Non-GAAP adjustments to diluted EPS from

continuing operations

$

0.08

$

0.03

Non-GAAP Net Income from continuing operations

attributable to Henry Schein, Inc.

$

177,743

$

134,133

32.5

%

Non-GAAP diluted EPS from continuing operations

attributable to Henry Schein, Inc.

$

1.24

$

0.94

31.9

%

Management believes that non-GAAP financial measuresprovide investors with useful supplemental informationabout the financial

performance of our business, enable comparison of financial resultsbetween periods where certain items mayvary independent of

business performance and allow for greater transparencywith respect to key metrics used by managementin operating our business.

These non-GAAP financial measures arepresented solely for informational and comparativepurposes and should not be regardedas a

replacement for corresponding,similarly captioned, GAAP measures.Earnings per share numbers may notsum due to rounding.

(1)

Represents Q1 2021restructuring costs of $2,931,net of $733 tax benefit, resulting in an after-tax effectof $2,198, Q1 2020

restructuring costs of $4,787, net of $1,197 tax benefit,resulting in an after-tax effect of $3,590.

(2)

Represents a Q1 2021 pre-tax charge of $12,750 related tosettlement and litigation costs, net of a tax benefit of $3,202, resulting in a

net after-tax charge of $9,548.