INDEX TO MANAGEMENT'S DISCUSSION AND ANALYSIS



Section                                                         Page

  General                                                       33

  Overview of     o    ur Business                              33

  Executive Summary                                             34

  Trends and Uncertainties                                      35

  Overview of Consolidated Results                              38

  Overview of Segment Results                                   42

  New Accounting Pronouncements                                 44

  Financial Condition, Liquidity, and Capital Resources         45

  Cautionary Notice About Forward-Looking Statements            48

GENERAL



Management's discussion and analysis of financial condition and results of
operations, referred to as the "Financial Review," is intended to assist the
reader in the understanding and assessment of significant changes and trends
related to the results of operations and financial position of McKesson
Corporation together with its subsidiaries (collectively, the "Company,"
"McKesson," "we," "our," or "us" and other similar pronouns). This discussion
and analysis should be read in conjunction with the condensed consolidated
financial statements and accompanying financial notes in Item 1 of Part I of
this Quarterly Report on Form 10-Q ("Quarterly Report") and in Item 8 of Part II
of our Annual Report on Form 10-K for the fiscal year ended March 31, 2022
previously filed with the Securities and Exchange Commission on May 9, 2022
("2022 Annual Report").

Our fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references to a particular year shall mean our fiscal year.



Certain statements in this report constitute forward-looking statements. See
"Cautionary Notice About Forward-Looking Statements" included in this Quarterly
Report.

Overview of our Business:

We are a diversified healthcare services leader dedicated to advancing health
outcomes for patients everywhere. Our teams partner with biopharma companies,
care providers, pharmacies, manufacturers, governments, and others to deliver
insights, products, and services to help make quality care more accessible and
affordable.

We report our results in four reportable segments: U.S. Pharmaceutical,
Prescription Technology Solutions ("RxTS"), Medical-Surgical Solutions, and
International. Our organizational structure also includes Corporate, which
consists of income and expenses associated with administrative functions and
projects, and the results of certain investments. The factors for determining
the reportable segments include the manner in which management evaluates the
performance of the Company combined with the nature of individual business
activities. We evaluate the performance of our operating segments on a number of
measures, including revenues and operating profit before interest expense and
income taxes.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
The following summarizes our four reportable segments. Refer to Financial Note
14, "Segments of Business," to the accompanying condensed consolidated financial
statements included in this Quarterly Report for further information regarding
our reportable segments.

•U.S. Pharmaceutical is a reportable segment that distributes branded, generic,
specialty, biosimilar, and over-the-counter pharmaceutical drugs and other
healthcare-related products. This segment also provides practice management,
technology, clinical support, and business solutions to community-based oncology
and other specialty practices. In addition, the segment sells financial,
operational, and clinical solutions to pharmacies (retail, hospital, alternate
site) and provides consulting, outsourcing, technological, and other services.

•Prescription Technology Solutions is a reportable segment that combines automation and our ability to navigate the healthcare ecosystem to connect pharmacies, providers, payers, and biopharma companies to address patients' medication access, adherence, and affordability challenges to help people get the medicine they need to live healthier lives.

•Medical-Surgical Solutions is a reportable segment that provides medical-surgical supply distribution, logistics, and other services to healthcare providers in the United States ("U.S.").



•International is a reportable segment that includes our operations in Europe
and Canada, bringing together non-U.S.-based drug distribution services,
specialty pharmacy, retail, and infusion care services. During fiscal 2022, we
entered into agreements to sell certain of our businesses in the European Union
("E.U.") and our retail and distribution businesses in the United Kingdom
("U.K."), as well as completed the sale of our Austrian business. During the
three months ended June 30, 2022, we completed the sale of our retail and
distribution businesses in the U.K. These divestitures are further described in
the "European Divestiture Activities" section below.

European Divestiture Activities



On July 5, 2021, we entered into an agreement to sell certain of our businesses
in the E.U. located in France, Italy, Ireland, Portugal, Belgium, and Slovenia,
along with our German headquarters and wound-care business, part of a shared
services center in Lithuania, and our ownership stake in a joint venture in the
Netherlands ("E.U. disposal group") to the PHOENIX Group for a purchase price of
€1.2 billion (or, approximately $1.3 billion) adjusted for certain items,
including cash, net debt and working capital adjustments, and reduced by the
value of the noncontrolling interest held by minority shareholders of McKesson
Europe AG ("McKesson Europe") at the transaction closing date. We recorded a
gain of $12 million for the three months ended June 30, 2022 in total operating
expenses to remeasure the E.U. disposal group to fair value less costs to sell,
of which gains of $106 million are included within Corporate expenses, net,
partially offset by charges of $94 million included within our International
segment. The transaction is anticipated to close within the second half of
fiscal 2023, pursuant to the satisfaction of customary closing conditions,
including receipt of regulatory approvals.

On April 6, 2022, we completed the previously announced sale of our retail and
distribution businesses in the U.K. ("U.K. disposal group") to Aurelius Elephant
Limited for a purchase price of £110 million (or, approximately $144 million),
including certain adjustments. As part of the transaction, we divested net
assets of $615 million and released $731 million of accumulated other
comprehensive loss.

As of June 30, 2022, we had $3.2 billion of assets and $2.3 billion of
liabilities classified as "Assets held for sale" and "Liabilities held for
sale," respectively, in the Condensed Consolidated Balance Sheet primarily
related to the pending sale of our E.U. disposal group described above. Refer to
Financial Note 2, "Held for Sale," to the accompanying condensed consolidated
financial statements included in this Quarterly Report for more information.

Executive Summary:

The following summary provides highlights and key factors that impacted our business, operating results, financial condition, and liquidity for the three months ended June 30, 2022.



•The pandemic disease caused by the SARS-CoV-2 coronavirus ("COVID-19") impacted
our results of operations for the three months ended June 30, 2022. For a more
in-depth discussion of how COVID-19 impacted our business, operations, and
outlook, refer to the COVID-19 section of "Trends and Uncertainties" included
below;


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
•For the three months ended June 30, 2022 compared to the prior year, revenues
increased by 7%, gross profit was flat, total operating expenses decreased by
19%, and other income, net decreased by 65%. Refer to the "Overview of
Consolidated Results" section below for an analysis of these changes;

•Diluted earnings per common share from continuing operations attributable to
McKesson Corporation for the three months ended June 30, 2022 increased 70% to
$5.25, primarily driven by reduced corporate expenses, growth across our North
American businesses, and a lower share count compared to the prior year due to
the cumulative effect of share repurchases; and

•We returned $1.1 billion of cash to shareholders during the three months ended
June 30, 2022 through $1.0 billion of common stock repurchases under an
accelerated share repurchase ("ASR") program entered into in May 2022 and $71
million of dividend payments. In July 2022, our Board of Directors (the "Board")
approved an increase of $4.0 billion in the authorization for repurchases of
McKesson's common stock and raised our quarterly dividend from $0.47 to $0.54
per common share.

Trends and Uncertainties:

The Impact of Inflationary and Global Events



Our business and results of operations, financial condition, and liquidity are
impacted by broad economic conditions including inflation, increased competition
for talent, and disruption of the supply chain, as well as by political or civil
unrest or military action, including indirect results such as commodity price
increases from the conflict between Russia and Ukraine ("Russo-Ukrainian War").
Cost inflation generally affects us by increasing transportation, operational,
and other administrative costs associated with our business operations which we
might not be able to fully pass along to our customers. Although it is difficult
to predict the impact that these factors may have on our business in the future,
they did not have a material effect on our results of operations, financial
condition, or liquidity for the three months ended June 30, 2022.

COVID-19



COVID-19 has continued to evolve since it was declared a global pandemic by the
World Health Organization on March 11, 2020. We continue to evaluate the nature
and extent of the ongoing impacts of COVID-19 on our business, operations, and
financial results. Refer to Item 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations in Part II of our 2022 Annual
Report for additional disclosure of trends and uncertainties due to COVID-19.
The disclosures below include significant updates that occurred during the first
quarter of fiscal 2023 and the financial impacts compared to fiscal 2022.

Our Role in the Distribution of COVID-19 Vaccines and Ancillary Supply Kits



As a diversified healthcare services leader, we are well positioned to respond
to the COVID-19 pandemic in the U.S., Canada, and Europe. We work closely with
national and local governments, agencies, and industry partners to ensure that
available supplies, including personal protective equipment ("PPE"), and
medicine reach our customers and their patients.

In December 2020, we began distributing certain COVID-19 vaccines in support of
the U.S. government through a contract with the Centers for Disease Control and
Prevention ("CDC"). In July 2022, we renewed our relationship with the CDC,
under which we serve as a centralized distributor of COVID-19 vaccines and
ancillary supplies used to administer vaccines. The results of operations
related to our vaccine distribution are reflected in our U.S. Pharmaceutical
segment. We also extended our contract to manage the assembly, storage, and
distribution of ancillary supply kits as directed by the Department of Health
and Human Services ("HHS"), the results of which are reflected in our
Medical-Surgical Solutions segment.

McKesson Canada and McKesson Europe support governments and public health entities through distributing COVID-19 vaccines and administering them in pharmacies as well as distributing COVID-19 tests and certain PPE.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
Trends in our Business

We observed increases in prescription volumes within our U.S. Pharmaceutical
segment and favorability in our primary care business within our
Medical-Surgical Solutions segment during the three months ended June 30, 2022
compared to the same prior year period. The contributions from COVID-19 tests
and our vaccine and related kitting distribution programs have decreased year
over year primarily driven by lower demand.

Impacts to our Supply Chain



We continue to monitor and address the COVID-19 pandemic impacts on our supply
chain. Although the availability of various products is dependent on our
suppliers, their locations, and the extent to which they are impacted by the
COVID-19 pandemic, we proactively work with manufacturers, industry partners,
and government agencies to meet the needs of our customers. During the quarter,
we had an increase in supply chain costs primarily related to transportation and
labor; however, this did not materially impact our results of operations for the
three months ended June 30, 2022. As potential shortages or disruptions of any
products are identified, we address supply continuity which includes securing
additional products when available, sourcing back-up products when needed, and
following allocation procedures to maintain and protect supply as much as
possible. We utilize business continuity action planning to maintain and protect
operations across all locations and facilities.

Impact to our Results of Operations, Financial Condition, and Liquidity



For the three months ended June 30, 2022, COVID-19 tests and the kitting and
distribution of ancillary supplies for COVID-19 vaccines in our Medical-Surgical
Solutions segment contributed approximately $201 million and $49 million to
segment revenues and segment operating profit, respectively. For the three
months ended June 30, 2021, the contribution was approximately $323 million to
segment revenues and including total inventory charges that are further
described below, reduced our segment operating profit by approximately $90
million.

The distribution of COVID-19 vaccines in our U.S. Pharmaceutical segment
decreased during the first quarter of fiscal 2023 when compared to the same
prior year period. The contribution was less than 10% to segment operating
profit for each of the three months ended June 30, 2022 and 2021. The financial
impact from our COVID-19 response efforts in the International segment during
the three months ended June 30, 2022 and 2021 was not material to our
consolidated results, but favorably contributed to our segment operating
results.

Additionally, we recorded inventory charges totaling $164 million on certain PPE
and other related products in our Medical-Surgical Solutions segment during the
three months ended June 30, 2021. We have taken measures to mitigate risks for
market price volatility and changes to anticipated customer demand that may
require additional write-downs in future periods of other PPE and related
product categories.

These COVID-19 related items had a net favorable impact on consolidated income
from continuing operations before income taxes for the three months ended June
30, 2022 compared to the same prior year period, primarily due to prior year
inventory charges on certain PPE and other related products as mentioned above.

During the three months ended June 30, 2022 and 2021, we maintained appropriate
labor and overall vendor supply levels and experienced no material impacts to
our liquidity or net working capital due to the COVID-19 pandemic.

Opioid-Related Litigation and Claims



We are a defendant in many legal proceedings asserting claims related to the
distribution of controlled substances (opioids) in federal and state courts
throughout the U.S., and in Puerto Rico and Canada. The plaintiffs in these
actions have included state attorneys general, county and municipal governments,
tribal nations, hospitals, health and welfare funds, third-party payors, and
individuals.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
On February 25, 2022, the Company and two other United States pharmaceutical
distribution companies (collectively, "Distributors") determined that there was
sufficient State and subdivision participation to proceed with an agreement
("Settlement") to settle a substantial majority of opioids-related lawsuits
filed against the Distributors by U.S. states, territories and local
governmental entities. Under the Settlement, 46 of 49 eligible states and their
participating subdivisions, as well as the District of Columbia and all eligible
territories (collectively, "Settling Governmental Entities"), have agreed to
join the Settlement. The Settlement became effective on April 2, 2022. If all
conditions to the Settlement are satisfied, including the receipt of approval by
relevant courts of consent decrees to dismiss the lawsuits, the Distributors
would pay the Settling Governmental Entities up to approximately $19.5 billion
over 18 years, with up to approximately $7.4 billion to be paid by the Company
for its 38.1% portion. Under the Settlement, a minimum of 85% of the settlement
payments must be used by state and local governmental entities to remediate the
opioid epidemic. Most of the remaining percentage relates to plaintiffs'
attorneys' fees and costs, and would be payable over a shorter time period.
Under the Settlement, the Distributors will establish a clearinghouse to
consolidate their controlled-substance distribution data, which will be
available to the settling U.S. states to use as part of their anti-diversion
efforts. The Settlement provides that the Distributors do not admit liability or
wrongdoing and do not waive any defenses.

The Settlement only addresses the claims of attorneys general of U.S. states and
territories and political subdivisions in participating states and territories.
Governmental entities not participating in the Settlement may continue to pursue
their claims. The states of Alabama, Oklahoma and Washington chose not to
participate in the Settlement, but, since the announcement of the Settlement, we
have reached separate agreements in principle with the attorneys general of
these states to settle the claims of the states and their subdivisions. The
Distributors previously settled with the Cherokee Nation and reached a separate
agreement in principle to settle the claims of the remaining federally
recognized Native American Tribes.

We recorded a charge of $8.3 billion during the year ended March 31, 2022
related to our estimated liability to U.S. governmental entities, including
those expected to participate in the Settlement, the states and subdivisions
that were not expected to participate or were not eligible, and the Native
American tribes. Our total estimated liability for opioid-related claims was
$7.9 billion as of June 30, 2022, of which $759 million was included in "Other
accrued liabilities" for the amount estimated to be paid within the next twelve
months, and the remaining liability was included in "Long-term litigation
liabilities" in our Condensed Consolidated Balance Sheet.

Although the vast majority of opioid claims have been brought by governmental
entities in the U.S., the Company is also a defendant in cases brought in the
U.S. by private plaintiffs, such as hospitals, health and welfare funds,
third-party payors, and individuals, as well as four cases brought in Canada
(three by governmental or tribal entities and one by an individual). These
claims, and those of private individuals or entities generally, are not included
in the Settlement or in the charges recorded by the Company, described above.
The Company believes it has valid legal defenses in these matters and intends to
mount a vigorous defense.

Because of the many uncertainties associated with ongoing opioid-related
litigation matters, we are not able to reasonably estimate the upper or lower
ends of the range of ultimate possible loss for all opioid-related litigation
matters. In light of the uncertainty, the amount of any ultimate loss may differ
materially from the amount accrued.

Notwithstanding the Settlement, we also continue to prepare for trial in pending
matters. We believe that we have valid defenses to the claims pending against us
and, absent an acceptable settlement, intend to vigorously defend against all
such claims. An adverse judgment or negotiated resolution in any of these
matters could have a material adverse impact on our financial position, cash
flows or liquidity, or results of operations. Refer to Financial Note 12,
"Commitments and Contingent Liabilities," to the accompanying condensed
consolidated financial statements included in this Quarterly Report for more
information.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)

Risks and Forward-Looking Information



Recent events such as the COVID-19 pandemic, the Russo-Ukrainian War, and
associated economic impacts have disrupted the global economy and exacerbated
uncertainties inherent in estimates, judgments, and assumptions used in our
forecasts. We have experienced and may experience difficulties in sourcing
products and changes in costs and pricing due to the effects of these events on
supply chains. Our participation in government-sponsored vaccination
distribution and related ancillary supply kit programs with the CDC and HHS
exposes us to various uncertainties, such as the scope and length of related
agreements and the amount of COVID-19 vaccines and ancillary supply kits that we
are contracted to distribute, which could materially impact our future financial
performance. Additionally, we periodically review our intangible and other
long-lived assets for impairment when events or changes in circumstances
indicate the carrying value may not be recoverable. Key assumptions and
estimates about future values in our impairment assessments can be affected by a
variety of factors, including the impacts of socio-political events on industry
and economic trends as well as on our business strategy and internal forecasts.
Impairment charges have been recognized in prior periods due to the impact from
the COVID-19 pandemic. Material changes to key assumptions and estimates could
decrease the projected cash flows or increase the discount rates that could
potentially result in future impairment charges. Refer to Item 1A - Risk Factors
in Part I of our 2022 Annual Report for a discussion of risk factors that could
cause our actual results to differ materially from our projections.

RESULTS OF OPERATIONS

Overview of Consolidated Results:


                                                                 Three Months Ended June 30,
(Dollars in millions, except per share data)                       2022                 2021                  Change
Revenues                                                     $       67,154          $ 62,674                    7    %
Gross profit                                                          3,023             3,032                       -
Gross profit margin                                                    4.50    %         4.84    %             (34)   bp
Total operating expenses                                     $       (1,987)         $ (2,464)                 (19)   %
Total operating expenses as a percentage of revenues                   2.96    %         3.93    %             (97)   bp
Other income, net                                            $           15          $     43                  (65)   %

Interest expense                                                        (45)              (49)                  (8)
Income from continuing operations before income taxes                 1,006               562                   79
Income tax expense                                                     (199)              (26)                 665
Income from continuing operations                                       807               536                   51
Income (loss) from discontinued operations, net of tax                    2                (3)                 167
Net income                                                              809               533                   52
Net income attributable to noncontrolling interests                     (41)              (47)                 (13)
Net income attributable to McKesson Corporation              $          768          $    486                   58    %

Diluted earnings (loss) per common share attributable to
McKesson Corporation
Continuing operations                                        $         5.25          $   3.09                   70    %
Discontinued operations                                                0.01             (0.02)                 150
Total                                                        $         5.26          $   3.07                   71    %

Weighted-average diluted common shares outstanding                    145.9             158.1                   (8)   %


All percentage changes displayed above which are not meaningful are displayed as zero percent.



bp - basis points


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
Revenues

Revenues increased for the three months ended June 30, 2022 compared to the same
prior year period primarily due to market growth in our U.S. Pharmaceutical
segment. This was partially offset by lower revenues in our International
segment driven by the completed divestiture of our U.K. disposal group in April
2022 and unfavorable effects of foreign currency exchange fluctuations. Market
growth includes growing drug utilization, price increases, and newly launched
products, partially offset by price deflation associated with branded to generic
drug conversion.

Gross Profit

Gross profit was flat for the three months ended June 30, 2022 compared to the
same prior year period. Gross profit decreased in our International segment
primarily driven by the completed divestiture of our U.K. disposal group in
April 2022 and unfavorable effects of foreign currency exchange fluctuations.
This was partially offset by an increase in gross profit in our Medical-Surgical
Solutions segment due to prior year inventory charges on PPE and other related
products as well as growth in our primary care business. Gross profit was also
favorably impacted by growth of specialty pharmaceuticals in our U.S.
Pharmaceutical segment as well as increased volume with new and existing
customers in our RxTS segment.

Last-in, first-out ("LIFO") inventory credits were $13 million and $23 million
for the three months ended June 30, 2022 and 2021, respectively. LIFO credits
were lower in the first quarter of fiscal 2023 compared to the same prior year
period primarily due to higher expected brand inflation. Our U.S. Pharmaceutical
business uses the LIFO method of accounting for the majority of its inventories,
which results in cost of sales that more closely reflects replacement cost than
under other accounting methods. The business' practice is to pass on to
customers published price changes from suppliers. Manufacturers generally
provide us with price protection, which limits price related inventory losses. A
LIFO expense is recognized when the net effect of price increases on
pharmaceutical and non-pharmaceutical products held in inventory exceeds the
impact of price declines, including the effect of branded pharmaceutical
products that have lost market exclusivity. A LIFO credit is recognized when the
net effect of price declines exceeds the impact of price increases on
pharmaceutical and non-pharmaceutical products held in inventory. Our quarterly
LIFO credit is based on our estimates of the annual LIFO credit which is
impacted by expected changes in year-end inventory quantities, product mix, and
manufacturer pricing practices, which may be influenced by market and other
external factors. Changes to any of the above factors could have a material
impact to our annual LIFO credit. The actual valuation of inventory under the
LIFO method is calculated at the end of the fiscal year.

Total Operating Expenses

A summary of the components of our total operating expenses for the three months ended June 30, 2022 and 2021 is as follows:



•Selling, distribution, general, and administrative expenses ("SDG&A"): SDG&A
consists of personnel costs, transportation costs, depreciation and
amortization, lease costs, professional fee expenses, administrative expenses,
remeasurement charges to the lower of carrying value or fair value less costs to
sell, and other general charges.

•Claims and litigation charges, net: These charges include adjustments for
estimated probable settlements related to our controlled substance monitoring
and reporting, and opioid-related claims, as well as any applicable income items
or credit adjustments due to subsequent changes in estimates. Legal fees to
defend claims, which are expensed as incurred, are included within SDG&A.

•Restructuring, impairment, and related charges, net: Restructuring charges are
incurred for programs in which we change our operations, the scope of a business
undertaken by our business units, or the manner in which that business is
conducted as well as long-lived asset impairments.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
                                                                Three Months Ended June 30,
(Dollars in millions)                                             2022                 2021               Change

Selling, distribution, general, and administrative expenses $ 1,959

         $  2,232             (12)   %
Claims and litigation charges, net                                       5                74             (93)

Restructuring, impairment, and related charges, net                     23               158             (85)
Total operating expenses                                    $        1,987          $  2,464             (19)   %
Percent of revenues                                                   2.96    %         3.93    %        (97)   bp

All percentage changes displayed above which are not meaningful are displayed as zero percent.



bp - basis points

For the three months ended June 30, 2022, total operating expenses and total
operating expenses as a percentage of revenues decreased compared to the same
prior year period. Total operating expenses were impacted by the following
significant items:

•SDG&A for the three months ended June 30, 2022 reflects lower operating expenses due to the completed divestiture of our U.K. disposal group in April 2022;



•Claims and litigation charges, net for the three months ended June 30, 2022 and
2021 includes charges of $5 million and $74 million, respectively, related to
our estimated liability for opioid-related claims as previously discussed in the
"Trends and Uncertainties" section;

•Restructuring, impairment, and related charges, net for the three months ended
June 30, 2021 includes charges of $158 million primarily related to our
transition to a partial remote work model approved during the first quarter of
fiscal 2022 and costs for optimization programs in Canada; and

•Total operating expenses were favorably impacted by foreign currency exchange fluctuations for the three months ended June 30, 2022.

Goodwill Impairment



We evaluate goodwill for impairment on an annual basis and at an interim date,
if indicators of potential impairment exist. We voluntarily changed our annual
goodwill impairment testing date from October 1st to April 1st to align with the
change in timing of our annual long-term planning process. This change was not
material to our consolidated financial statements as it did not delay,
accelerate, or avoid any potential goodwill impairment charge. Refer to
Financial Note 7, "Goodwill and Intangible Assets, Net," to the accompanying
condensed consolidated financial statements included in this Quarterly Report
for more information.

The annual impairment testing performed in fiscal 2023 and fiscal 2022 did not
indicate any impairment of goodwill and no goodwill impairment charges were
recorded during the three months ended June 30, 2022 and 2021. However, other
risks, expenses, and future developments, such as additional government actions,
increased regulatory uncertainty, and material changes in key market assumptions
limit our ability to estimate projected cash flows, which could adversely affect
the fair value of various reporting units in future periods, including our
McKesson Canada reporting unit within our International segment, where the risk
of a material goodwill impairment is higher than other reporting units.

Restructuring Initiatives and Long-Lived Asset Impairments



During the first quarter of fiscal 2022, we approved an initiative to increase
operational efficiencies and flexibility by transitioning to a partial remote
work model for certain employees. This initiative primarily included the
rationalization of our office space in North America. Where we ceased using
office space, we exited the portion of the facility no longer used. We also
retained and repurposed certain other office locations. We recorded charges of
$95 million for the three months ended June 30, 2021 primarily related to lease
right-of-use and other long-lived asset impairments, lease exit costs, and
accelerated depreciation and amortization. This initiative was substantially
complete in fiscal 2022 and remaining costs we expect to record under this
initiative are not material.

Refer to Financial Note 3, "Restructuring, Impairment, and Related Charges, Net," to the accompanying condensed consolidated financial statements included in this Quarterly Report for further information on our restructuring initiatives.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
Other Income, Net

Other income, net decreased for the three months ended June 30, 2022 compared to
the same prior year period primarily due to unfavorability from our equity
investments and lower net equity in earnings. This was partially offset by the
payment from a tax receivable agreement related to our previous joint venture
with Change Healthcare, Inc., which was split-off in March 2020.

In July 2022, we exited one of our investments in equity securities for proceeds
of $179 million. We expect to recognize a gain within "Other income, net" in our
Condensed Consolidated Statement of Operations for the second quarter of fiscal
2023 related to the disposition. The cost basis of the investment was $38
million.

Interest Expense

Interest expense decreased for the three months ended June 30, 2022 when compared to the same prior year period. Interest expense may fluctuate based on timing, amounts, and interest rates of term debt repaid and new term debt issued, as well as amounts incurred associated with financing fees.

Income Tax Expense



During the three months ended June 30, 2022 and 2021, we recorded an income tax
expense of $199 million and $26 million, respectively. Our reported income tax
rates were 19.8% and 4.6% for the three months ended June 30, 2022 and 2021,
respectively. Fluctuations in our reported income tax rates are primarily due to
discrete benefits recognized in the quarter. Refer to Financial Note 4, "Income
Taxes," to the accompanying condensed consolidated financial statements included
in this Quarterly Report for more information.

Net Income Attributable to Noncontrolling Interests



Net income attributable to noncontrolling interests for the three months ended
June 30, 2022 and 2021 primarily represents ClarusONE Sourcing Services LLP,
Vantage Oncology Holdings, LLC, and the accrual of the annual recurring
compensation amount of €0.83 per McKesson Europe share that McKesson is
obligated to pay to the noncontrolling shareholders of McKesson Europe under the
December 2014 domination and profit and loss transfer agreement (the "Domination
Agreement"). Noncontrolling interests with redemption features, such as put
rights, that are not solely within our control are considered redeemable
noncontrolling interests. Refer to the "Selected Measures of Liquidity and
Capital Resources" section of this Financial Review and Financial Note 5,
"Redeemable Noncontrolling Interests and Noncontrolling Interests," to the
accompanying condensed consolidated financial statements included in this
Quarterly Report for more information on changes to our redeemable and
noncontrolling interests that occurred during the first quarter of fiscal 2022.

Net Income Attributable to McKesson Corporation



Net income attributable to McKesson Corporation was $768 million and $486
million for the three months ended June 30, 2022 and 2021, respectively. Diluted
earnings per common share attributable to McKesson Corporation was $5.26 and
$3.07 for the three months ended June 30, 2022 and 2021, respectively.

Weighted-Average Diluted Common Shares Outstanding



Diluted earnings per common share was calculated based on a weighted-average
number of shares outstanding of 145.9 million and 158.1 million for the three
months ended June 30, 2022 and 2021, respectively. Weighted-average diluted
shares outstanding for the three months ended June 30, 2022 decreased from the
same prior year period primarily due to the cumulative effect of shares
repurchases.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)

Overview of Segment Results:

Segment Revenues:

                                           Three Months Ended June 30,
(Dollars in millions)                          2022                   2021          Change
Segment revenues
U.S. Pharmaceutical                 $       56,947                 $ 50,019          14   %
Prescription Technology Solutions            1,066                      881          21
Medical-Surgical Solutions                   2,592                    2,528           3
International                                6,549                    9,246         (29)
Total revenues                      $       67,154                 $ 62,674           7   %


U.S. Pharmaceutical

Three Months Ended June 30, 2022 vs. 2021

U.S. Pharmaceutical revenues for the three months ended June 30, 2022 increased
$6.9 billion or 14% compared to the same prior year period. Within the segment,
sales to pharmacies and institutional healthcare providers increased $6.6
billion and sales to specialty practices and other increased $315 million
compared to the same prior year period. Other includes the results for the
distribution of COVID-19 vaccines. Overall, these increases were primarily due
to market growth, including growth in specialty pharmaceuticals driven by higher
volumes from retail national account customers, and branded pharmaceutical price
increases, partially offset by branded to generic drug conversions.

Prescription Technology Solutions

Three Months Ended June 30, 2022 vs. 2021



RxTS revenues for the three months ended June 30, 2022 increased $185 million or
21% compared to the same prior year period. This increase was due to increased
volumes with new and existing customers primarily in our third-party logistics
and wholesale distribution services as well as higher technology service
revenues.

Medical-Surgical Solutions

Three Months Ended June 30, 2022 vs. 2021



Medical-Surgical Solutions revenues for the three months ended June 30, 2022
increased $64 million or 3% compared to the same prior year period. Within the
segment, sales to primary care and extended care customers increased $87 million
and $10 million, respectively, partially offset by a $33 million decline in
sales primarily related to the results of the kitting and distribution of
ancillary supply kits used to administer COVID-19 vaccines. The increase in our
primary care business was driven by underlying revenue growth from physician
office customers, partially offset by lower sales of COVID-19 tests.

International

Three Months Ended June 30, 2022 vs. 2021



International revenues for the three months ended June 30, 2022 decreased $2.7
billion or 29% compared to the same prior year period. Within the segment,
foreign currency exchange fluctuations were unfavorable by $574 million and
sales in Europe declined by $2.3 billion, partially offset by increased sales in
Canada of $169 million compared to the same prior year period. Excluding the
unfavorable effects of foreign currency exchange fluctuations, revenues for this
segment decreased 23% largely due to the completed divestitures of our U.K.
disposal group in April 2022 and Austrian business in January 2022.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)

Segment Operating Profit (Loss) and Corporate Expenses, Net:



                                                                     Three Months Ended June 30,
(Dollars in millions)                                                  2022                2021                Change
Segment operating profit (loss) (1)
U.S. Pharmaceutical                                                $      696          $     682                2    %
Prescription Technology Solutions                                         144                104               38
Medical-Surgical Solutions (2)                                            256                 75              241
International (3)                                                          (6)                53             (111)

Subtotal                                                                1,090                914               19
Corporate expenses, net (4)                                               (39)              (303)             (87)

Interest expense                                                          (45)               (49)              (8)
Income from continuing operations before income taxes              $    1,006          $     562               79    %

Segment operating profit (loss) margin
U.S. Pharmaceutical                                                      1.22    %          1.36    %         (14)   bp
Prescription Technology Solutions                                       13.51              11.80              171
Medical-Surgical Solutions                                               9.88               2.97              691
International                                                           (0.09)              0.57              (66)

All percentage changes displayed above which are not meaningful are displayed as zero percent.



bp - basis points

(1)Segment operating profit (loss) includes gross profit, net of total operating expenses, as well as other income, net, for our reportable segments.



(2)Operating profit for our Medical-Surgical Solutions segment for the three
months ended June 30, 2021 includes $164 million of inventory charges on certain
PPE and other related products.

(3)Operating loss for our International segment for the three months ended June
30, 2022 includes charges of $94 million to remeasure our E.U. disposal group to
fair value less costs to sell.

(4)Corporate expenses, net includes the following:

•gains of $106 million for the three months ended June 30, 2022 primarily related to the effect of accumulated other comprehensive loss components from our E.U. disposal group;



•charges of $5 million and $74 million for the three months ended June 30, 2022
and 2021, respectively, related to our estimated liability for opioid-related
claims;

•charges of $19 million and $35 million for the three months ended June 30, 2022
and 2021, respectively, of opioid-related costs, primarily litigation expenses;
and

•restructuring charges of $62 million for the three months ended June 30, 2021 primarily due to the transition to a partial remote work model for certain employees.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
U.S. Pharmaceutical

Three Months Ended June 30, 2022 vs. 2021



Operating profit increased for this segment for the three months ended June 30,
2022 compared to the same prior year period primarily due to growth in specialty
pharmaceuticals, partially offset by a decrease in the contribution from our
COVID-19 vaccine distribution program.

Prescription Technology Solutions

Three Months Ended June 30, 2022 vs. 2021

Operating profit for this segment increased for the three months ended June 30, 2022 compared to the same prior year period primarily driven by increased volumes with new and existing customers due to growth in our access, affordability, and adherence solutions.

Medical-Surgical Solutions

Three Months Ended June 30, 2022 vs. 2021

Operating profit for this segment increased for the three months ended June 30, 2022 compared to the same prior year period primarily due to prior year inventory charges on certain PPE and other related products.

International

Three Months Ended June 30, 2022 vs. 2021



Operating loss for this segment for the three months ended June 30, 2022
compared to operating profit for the same prior year period was largely due to
fair value remeasurement charges recorded during the first quarter of fiscal
2023 related to our E.U. disposal group, partially offset by the cessation of
depreciation and amortization expenses from its assets classified as held for
sale, as well as unfavorable impacts from the completed divestitures of our
Austrian business and U.K. disposal group. These impacts were partially offset
by lower restructuring expenses primarily due to optimization programs in
Canada.

Corporate Expenses, Net

Three Months Ended June 30, 2022 vs. 2021



Corporate expenses, net decreased for the three months ended June 30, 2022
compared to the same prior year period primarily due to fair value remeasurement
gains recognized during the first quarter of fiscal 2023 related to our E.U.
disposal group, lower charges related to our estimated liability for
opioid-related claims, and prior year restructuring charges for the transition
to a partial remote work model for certain employees.

New Accounting Pronouncements

New accounting pronouncements that we have recently adopted as well as those that have been recently issued but not yet adopted by us are included in Financial Note 1, "Significant Accounting Policies," to the accompanying condensed consolidated financial statements included in this Quarterly Report.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES



We expect our available cash generated from operations and our short-term
investment portfolio, together with our existing sources of liquidity from our
credit facilities and commercial paper program, will be sufficient to fund our
short-term and long-term capital expenditures, working capital, and other cash
requirements. We remain adequately capitalized with access to liquidity from our
$4.0 billion revolving credit facility. At June 30, 2022, we were in compliance
with all debt covenants, and believe we have the ability to continue to meet our
debt covenants in the future.

The following table summarizes the net change in cash, cash equivalents, and restricted cash for the periods shown:



                                                              Three Months Ended June 30,
(Dollars in millions)                                           2022                 2021             Change
Net cash provided by (used in):
Operating activities                                      $         (941)         $ (1,622)         $    681
Investing activities                                                  39               (99)              138
Financing activities                                              (1,181)           (2,151)              970
Effect of exchange rate changes on cash, cash
equivalents, and restricted cash                                      18                11                 7

Change in cash, cash equivalents, and restricted cash classified within Assets held for sale (1)

                           470                 -               470

Net change in cash, cash equivalents, and restricted cash $ (1,595)

$ (3,861) $ 2,266




(1)This change reflects a reversal of cash, cash equivalents, and restricted
cash previously classified within assets held for sale at March 31, 2022 as part
of the U.K. disposal group and is offset by cash outflows primarily related to
the settlement of liabilities which is reflected in operating activities. Refer
to Financial Note 2, "Held for Sale," to the accompanying condensed consolidated
financial statements included in this Quarterly Report for further information.

Operating Activities



Operating activities used cash of $941 million and $1.6 billion during the three
months ended June 30, 2022 and 2021, respectively. Cash flows from operations
can be significantly impacted by factors such as the timing of receipts from
customers, inventory receipts, and payments to vendors. Additionally, working
capital is primarily a function of sales and purchase volumes, inventory
requirements, and vendor payment terms.

Operating activities for the three months ended June 30, 2022 were affected by
net income adjusted for non-cash items and changes in receivables, drafts and
accounts payables, and inventories classified as held for sale. Refer to the
"Selected Measures of Liquidity and Capital Resources" section below of this
Financial Review and Financial Note 2, "Held for Sale," to the accompanying
condensed consolidated financial statements included in this Quarterly Report
for further information. Operating activities for the three months ended June
30, 2022 were affected by increases in receivables of $1.6 billion, drafts and
accounts payable of $1.0 billion, and inventory of $955 million, all primarily
driven by higher revenues and timing. Our litigation liabilities also decreased
by $370 million primarily driven by payments made during the first quarter of
fiscal 2023 associated with the Settlement and separate settlement agreements of
opioid-related claims of participating states, subdivisions, and Native American
tribes.

Operating activities for the three months ended June 30, 2021 were affected by
increases in receivables of $1.0 billion and inventory of $901 million, both
primarily due to timing and higher revenues. Other non-cash items for the three
months ended June 30, 2021 includes non-cash inventory charges totaling $164
million on certain PPE and other related products in our Medical-Surgical
Solutions segment.

Investing Activities



Investing activities provided cash of $39 million and used cash of $99 million
during the three months ended June 30, 2022 and 2021, respectively. Investing
activities for the three months ended June 30, 2022 includes proceeds from sales
of businesses and investments of $240 million, primarily due to the completed
divestiture of our U.K. disposal group in April 2022. Investing activities for
the three months ended June 30, 2022 and 2021 includes $100 million and $159
million, respectively, in capital expenditures for property, plant, and
equipment, and capitalized software.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)
Financing Activities

Financing activities used cash of $1.2 billion and $2.2 billion during the three
months ended June 30, 2022 and 2021, respectively. Financing activities for each
of the three months ended June 30, 2022 and 2021 includes $1.0 billion of cash
paid for share repurchases as well as $71 million and $69 million of cash paid
for dividends, respectively. Financing activities for the three months ended
June 30, 2021 includes a payment of $1.0 billion to purchase shares of McKesson
Europe through exercises of a put right option by noncontrolling shareholders.
The put right option expired on June 15, 2021 as further described below. Cash
used for other financing activities generally includes shares surrendered for
tax withholding and payments to noncontrolling interests.

Share Repurchase Plans



The Board has authorized the repurchase of McKesson's common stock from
time-to-time in open market transactions, privately negotiated transactions,
through ASR programs, or by combinations of such methods, any of which may use
pre-arranged trading plans that are designed to meet the requirements of Rule
10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases
and the actual number of shares repurchased will depend on a variety of factors,
including the Company's stock price, corporate and regulatory requirements,
restrictions under the Company's debt obligations, and other market and economic
conditions. The ASR programs discussed below were designed to comply with Rule
10b5-1(c).

In May 2022, we entered into an ASR program with a third-party financial
institution to repurchase $1.0 billion of the Company's common stock. Pursuant
to the ASR agreement, we paid $1.0 billion to the financial institution and
received an initial delivery of 2.6 million shares in May 2022. The transaction
will be completed during the second quarter of fiscal 2023, at which point we
expect to receive additional shares. The final number of shares repurchased and
the average price per share paid will be determined based on the volume-weighted
average price of the Company's common stock during the term of the ASR program,
less a pre-negotiated discount.

In February 2022, we entered into an ASR program with a third-party financial
institution to repurchase $1.5 billion of the Company's common stock. The total
number of shares repurchased under this ASR program was 5.1 million shares at an
average price per share of $295.16. We received 4.8 million shares as the
initial share settlement, and in May 2022, we received an additional 0.3 million
shares upon the completion of this ASR program.

In May 2021, we entered into an ASR program with a third-party financial
institution to repurchase $1.0 billion of the Company's common stock. The total
number of shares repurchased under this ASR program was 5.2 million shares at an
average price per share of $193.22. We received 4.3 million shares as the
initial share settlement, and in August 2021, we received an additional 0.9
million shares upon the completion of this ASR program.

There were no other shares repurchased during the three months ended June 30, 2022 and 2021.



The total remaining authorization outstanding for repurchases of the Company's
common stock at June 30, 2022 was $2.3 billion. In July 2022, the Board approved
an increase of $4.0 billion in the authorization for repurchase of McKesson's
common stock.



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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONTINUED)
                                  (UNAUDITED)

Selected Measures of Liquidity and Capital Resources



(Dollars in millions)                            June 30, 2022        March 31, 2022
Cash, cash equivalents, and restricted cash     $        2,340       $        3,935
Working capital                                         (1,818)              (2,235)
Debt to capital ratio (1)                                122.4   %            114.5   %


(1)This ratio describes the relationship and changes within our capital
resources, and is computed as total debt divided by the sum of total debt and
McKesson stockholders' equity (deficit), which excludes noncontrolling interests
and accumulated other comprehensive loss.

Cash equivalents, which are readily convertible to known amounts of cash, are
carried at fair value. Cash equivalents are primarily invested in AAA-rated U.S.
government money market funds and overnight deposits with financial
institutions. Deposits with financial institutions are primarily denominated in
U.S. dollars and the functional currencies of our foreign subsidiaries,
including Euro, British pound sterling, and Canadian dollars. We mitigate the
risk of our short-term investment portfolio by depositing funds with reputable
financial institutions and monitoring risk profiles and investment strategies of
money market funds.

Our cash and cash equivalents balance as of June 30, 2022 and March 31, 2022
included approximately $821 million and $1.5 billion of cash held by our
subsidiaries outside of the U.S., respectively. Our primary intent is to utilize
this cash for foreign operations for an indefinite period of time. Although the
majority of cash held outside the U.S. is available for repatriation, doing so
could subject us to foreign withholding taxes and state income taxes. Following
enactment of the 2017 Tax Cuts and Jobs Act, the repatriation of cash to the
U.S. is generally no longer taxable for federal income tax purposes.

Working capital primarily includes cash and cash equivalents, receivables,
inventories, and net current assets or liabilities classified as held for sale,
net of drafts and accounts payable, current portion of long-term debt, and other
accrued liabilities. Our businesses require substantial investments in working
capital that are susceptible to large variations during the year as a result of
inventory purchase patterns and seasonal demands. Inventory purchase activity is
a function of sales activity and other requirements.

Consolidated working capital improved at June 30, 2022 compared to March 31,
2022 primarily due to increases in receivables, net assets classified as held
for sale related to our European divestiture activities, and inventory,
partially offset by an increase in drafts and accounts payable and a decrease in
cash and cash equivalents.

Our debt to capital ratio increased for the three months ended June 30, 2022 primarily due to share repurchases, partially offset by net income for the quarter.



In July 2022, we raised our quarterly dividend from $0.47 to $0.54 per common
share for dividends declared on or after such date by the Board. We anticipate
that we will continue to pay quarterly cash dividends in the future. However,
the payment and amount of future dividends remain within the discretion of the
Board and will depend upon our future earnings, financial condition, capital
requirements, and other factors.

Redeemable Noncontrolling Interests



Our previously recognized redeemable noncontrolling interests primarily related
to our consolidated subsidiary, McKesson Europe. Under the Domination Agreement,
the noncontrolling shareholders of McKesson Europe had a right to put ("Put
Right") their shares at €22.99 per share, increased annually for interest in the
amount of five percentage points above a base rate published semi-annually by
the German Bundesbank, less any compensation amount or guaranteed dividend
already paid by McKesson ("Put Amount"). During the three months ended June 30,
2021, we paid $1.0 billion to purchase 34.5 million shares of McKesson Europe
through exercises of the Put Right by the noncontrolling shareholders, which
reduced the balance of our redeemable noncontrolling interests.

The Put Right expired on June 15, 2021, at which point the remaining shares
owned by the minority shareholders, valued at $287 million, were transferred
from redeemable noncontrolling interests to noncontrolling interests and as a
result, we no longer have redeemable noncontrolling interests presented in our
condensed consolidated balance sheets at June 30, 2022 or March 31, 2022. Our
noncontrolling interest in McKesson Europe will be included in the sale of our
E.U. disposal group.


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                              McKESSON CORPORATION

                          FINANCIAL REVIEW (CONCLUDED)
                                  (UNAUDITED)

Additionally, we are obligated to pay an annual recurring compensation of €0.83
per McKesson Europe share (the "Compensation Amount") to the noncontrolling
shareholders of McKesson Europe under the Domination Agreement. The Compensation
Amount is recognized ratably during the applicable annual period. The Domination
Agreement does not expire, but it may be terminated at the end of any fiscal
year by giving at least six months' advance notice.

Refer to Financial Note 5, "Redeemable Noncontrolling Interests and Noncontrolling Interests," to the accompanying condensed consolidated financial statements included in this Quarterly Report for additional information on redeemable noncontrolling interests.

Credit Resources



We fund our working capital requirements primarily with cash and cash
equivalents as well as short-term borrowings from our credit facilities and
commercial paper issuances. Funds necessary for future debt maturities and our
other cash requirements, including any future payments that may be made related
to our total estimated litigation liability of $7.9 billion as of June 30, 2022
payable under the Settlement terms for opioid-related claims, are expected to be
met by existing cash balances, cash flow from operations, existing credit
sources, and other capital market transactions. Long-term debt markets and
commercial paper markets, our primary sources of capital after cash flow from
operations, are open and accessible to us should we decide to access those
markets. Detailed information regarding our debt and financing activities is
included in Financial Note 8, "Debt and Financing Activities," to the
accompanying condensed consolidated financial statements included in this
Quarterly Report.

We believe that our future operating cash flow, financial assets, and current
access to capital and credit markets, including our existing credit facilities,
will give us the ability to meet our financing needs for the foreseeable future.
However, there can be no assurance that an increase in volatility or disruption
in the global capital and credit markets will not impair our liquidity or
increase our costs of borrowing.

CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS



This Quarterly Report on Form 10-Q, including "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in Item 2 of Part I
of this report, contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Some of these statements can be identified by the use of
terminology such as "believes," "expects," "anticipates," "may," "will,"
"should," "seeks," "approximately," "intends," "projects," "plans," "estimates,"
or the negative of these words and other comparable terminology. The discussion
of financial trends, strategy, plans, assumptions, or intentions may also
include forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which speak only as of the date such statements were
first made. Except to the extent required by law, we undertake no obligation to
update or revise our forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, or implied. Although it is not
possible to predict or identify all such risks and uncertainties, they include,
but are not limited to, factors described in the Risk Factors discussion in Item
1A of Part I of our most recently filed Annual Report.

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