$CAG
CONAGRA BRANDS INC.

2022 Q1 Form 10-Q Financial Statement

#000156459022013862 Filed on April 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q3
Revenue $2.914B $3.059B $2.653B
YoY Change 5.15% 2.13% -0.96%
Cost Of Revenue $2.216B $2.298B $1.971B
YoY Change 10.62% 9.61% 5.5%
Gross Profit $697.4M $760.6M $681.9M
YoY Change -9.15% -15.34% -15.84%
Gross Profit Margin 23.94% 24.87% 25.7%
Selling, General & Admin $299.8M $285.8M $300.7M
YoY Change 34.08% -3.58% 0.13%
% of Gross Profit 42.99% 37.58% 44.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.30M $82.20M $81.60M
YoY Change -5.39% -0.72% 1.62%
% of Gross Profit 11.08% 10.81% 11.97%
Operating Expenses $283.7M $269.7M $284.6M
YoY Change 35.16% -4.6% -5.23%
Operating Profit $424.1M $468.4M $427.9M
YoY Change -22.24% -27.1% -27.12%
Interest Expense -$94.60M -$98.20M -$94.20M
YoY Change -5.96% -8.82% -17.15%
% of Operating Profit -22.31% -20.96% -22.01%
Other Income/Expense, Net
YoY Change
Pretax Income $280.7M $330.6M $285.2M
YoY Change -22.42% -24.38% -30.44%
Income Tax $109.9M $84.20M $69.70M
% Of Pretax Income 39.15% 25.47% 24.44%
Net Earnings $218.4M $275.5M $235.4M
YoY Change -22.39% -27.29% -28.45%
Net Earnings / Revenue 7.5% 9.01% 8.87%
Basic Earnings Per Share $0.45 $0.57 $0.49
Diluted Earnings Per Share $452.9K $571.7K $488.1K
COMMON SHARES
Basic Shares Outstanding 480.3M 480.2M 480.4M
Diluted Shares Outstanding 482.2M 481.9M 482.3M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.70M $68.70M $67.00M
YoY Change -10.35% -7.16% -84.92%
Cash & Equivalents $79.70M $68.70M $67.00M
Short-Term Investments $7.300M $6.700M $7.900M
Other Short-Term Assets $153.9M $134.7M $116.2M
YoY Change 21.18% -14.15% 7.2%
Inventory $1.767B $1.859B $1.955B
Prepaid Expenses
Receivables $914.5M $977.2M $834.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.915B $3.039B $2.972B
YoY Change 10.91% 8.64% 1.26%
LONG-TERM ASSETS
Property, Plant & Equipment $2.656B $2.623B $2.646B
YoY Change 5.09% 5.84% 8.87%
Goodwill $11.33B $11.33B $11.37B
YoY Change -0.55% -0.55% -0.62%
Intangibles $4.141B
YoY Change -3.77%
Long-Term Investments
YoY Change
Other Assets $1.519B $1.506B $1.407B
YoY Change 17.66% 18.22% 11.37%
Total Long-Term Assets $19.58B $19.55B $19.57B
YoY Change 0.55% 0.38% 0.65%
TOTAL ASSETS
Total Short-Term Assets $2.915B $3.039B $2.972B
Total Long-Term Assets $19.58B $19.55B $19.57B
Total Assets $22.50B $22.59B $22.54B
YoY Change 1.78% 1.42% 0.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.594B $1.597B $1.674B
YoY Change 10.48% -0.08% 9.92%
Accrued Expenses $859.9M $822.0M $935.4M
YoY Change -4.35% 8.02% 8.89%
Deferred Revenue
YoY Change
Short-Term Debt $362.8M $585.8M $458.6M
YoY Change -50.21% 58.93% 76333.33%
Long-Term Debt Due $706.3M $270.6M $21.90M
YoY Change 219.59% -56.21% -96.95%
Total Short-Term Liabilities $3.525B $3.277B $3.090B
YoY Change 7.09% -2.22% -0.37%
LONG-TERM LIABILITIES
Long-Term Debt $8.089B $8.528B $8.780B
YoY Change -2.28% 2.99% -1.33%
Other Long-Term Liabilities $2.032B $2.030B $2.034B
YoY Change -7.88% -6.7% -6.64%
Total Long-Term Liabilities $10.12B $10.56B $10.81B
YoY Change 358.79% 385.18% 396.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.525B $3.277B $3.090B
Total Long-Term Liabilities $10.12B $10.56B $10.81B
Total Liabilities $13.72B $13.84B $13.90B
YoY Change -0.37% 0.2% 163.3%
SHAREHOLDERS EQUITY
Retained Earnings $6.473B $6.348B
YoY Change 9.0%
Common Stock $5.238B $5.226B
YoY Change 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.008B $3.008B
YoY Change 11.61%
Treasury Stock Shares $104.5M $104.5M
Shareholders Equity $8.775B $8.679B $8.557B
YoY Change
Total Liabilities & Shareholders Equity $22.50B $22.59B $22.54B
YoY Change 1.78% 1.42% 0.73%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income $218.4M $275.5M $235.4M
YoY Change -22.39% -27.29% -28.45%
Depreciation, Depletion And Amortization $77.30M $82.20M $81.60M
YoY Change -5.39% -0.72% 1.62%
Cash From Operating Activities $490.5M $122.3M $139.8M
YoY Change -7.21% -52.39% -50.86%
INVESTING ACTIVITIES
Capital Expenditures -$106.7M -$102.6M $154.9M
YoY Change -6.97% -24.84% 6.46%
Acquisitions
YoY Change
Other Investing Activities $8.000M $13.30M $0.00
YoY Change -92.26% 49.44% -100.0%
Cash From Investing Activities -$98.70M -$89.30M -$154.9M
YoY Change 765.79% -30.02% 8.4%
FINANCING ACTIVITIES
Cash Dividend Paid $132.1M
YoY Change 27.63%
Common Stock Issuance & Retirement, Net $50.00M
YoY Change
Debt Paid & Issued, Net $23.70M
YoY Change -82.23%
Cash From Financing Activities -383.3M -29.20M 5.500M
YoY Change -23.89% -94.16% -102.12%
NET CHANGE
Cash From Operating Activities 490.5M 122.3M 139.8M
Cash From Investing Activities -98.70M -89.30M -154.9M
Cash From Financing Activities -383.3M -29.20M 5.500M
Net Change In Cash 8.500M 3.800M -15.10M
YoY Change -37.5% -101.02% -86.88%
FREE CASH FLOW
Cash From Operating Activities $490.5M $122.3M $139.8M
Capital Expenditures -$106.7M -$102.6M $154.9M
Free Cash Flow $597.2M $224.9M -$15.10M
YoY Change -7.17% -42.83% -110.86%

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CY2020Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
134400000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
378900000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8469500000
CY2021Q1 cag Stock Option And Incentive Plans Including Amortization Of Vesting Awards
StockOptionAndIncentivePlansIncludingAmortizationOfVestingAwards
10200000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
100000
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
298100000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-100000
CY2021Q1 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
300000
CY2021Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
600000
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.275
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
132900000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
281400000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8329800000
CY2022Q1 us-gaap Derivative Assets
DerivativeAssets
14000000.0
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
7300000
CY2022Q1 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
8100000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7500000
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
36900000
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1200000
CY2022Q1 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
75800000
CY2022Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
77000000.0
CY2021Q2 us-gaap Derivative Assets
DerivativeAssets
15500000
CY2021Q2 us-gaap Marketable Securities
MarketableSecurities
6600000
CY2021Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
8800000
CY2021Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
30900000
CY2021Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
6900000
CY2021Q2 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
81000000.0
CY2021Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
87900000
CY2021Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
27400000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
8800000000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
8300000000
CY2022Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
9540000000
CY2021Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
9760000000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2913700000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2771100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8625900000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8445200000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
424100000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
545400000
us-gaap Operating Income Loss
OperatingIncomeLoss
1320400000
us-gaap Operating Income Loss
OperatingIncomeLoss
1775000000.0
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
48100000
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
21500000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
97800000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
51000000.0
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
64900000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
96700000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
188500000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
285200000
CY2022Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-16100000
CY2021Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-13700000
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-48300000
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-41200000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-94600000
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-100600000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-283700000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-322000000.0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
109900000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
101600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
263800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
269000000.0
CY2022Q1 us-gaap Profit Loss
ProfitLoss
218900000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
281700000
us-gaap Profit Loss
ProfitLoss
730500000
us-gaap Profit Loss
ProfitLoss
991000000.0
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
500000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
300000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1200000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1700000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
218400000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
281400000
us-gaap Net Income Loss
NetIncomeLoss
729300000
us-gaap Net Income Loss
NetIncomeLoss
989300000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2913700000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2771100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8625900000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8445200000
CY2022Q1 cag Cumulative Derivative Gains Losses Recognized Not Yet Reclassified To Segment Operating Results
CumulativeDerivativeGainsLossesRecognizedNotYetReclassifiedToSegmentOperatingResults
16800000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
17700000
cag Derivative Gain Loss Of Previous Year To Be Reclassified To Segment Operating Results
DerivativeGainLossOfPreviousYearToBeReclassifiedToSegmentOperatingResults
-900000
cag Derivative Gains Losses To Be Reclassified To Segment Operating Results In Remainder Of Fiscal Year
DerivativeGainsLossesToBeReclassifiedToSegmentOperatingResultsInRemainderOfFiscalYear
7200000
cag Derivative Gain Loss To Be Reclassified To Segment Operating Results Thereafter
DerivativeGainLossToBeReclassifiedToSegmentOperatingResultsThereafter
9600000
CY2022Q1 us-gaap Depreciation
Depreciation
77300000
us-gaap Depreciation
Depreciation
241100000
CY2021Q1 us-gaap Depreciation
Depreciation
81700000
us-gaap Depreciation
Depreciation
244800000

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