$DRI
DARDEN RESTAURANTS INC

2017 Q3 Form 10-Q Financial Statement

#000094094417000044 Filed on October 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.936B $1.714B
YoY Change 12.93% 1.62%
Cost Of Revenue $1.522B $1.344B
YoY Change 13.25% 2.66%
Gross Profit $347.8M $308.0M
YoY Change 12.92% -0.87%
Gross Profit Margin 17.96% 17.97%
Selling, General & Admin $164.0M $151.4M
YoY Change 8.32% -6.95%
% of Gross Profit 47.15% 49.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.10M $66.80M
YoY Change 13.92% -17.63%
% of Gross Profit 21.88% 21.69%
Operating Expenses $164.0M $151.4M
YoY Change 8.32% -6.95%
Operating Profit $174.5M $161.3M
YoY Change 8.18% 20.19%
Interest Expense -$15.00M -$9.900M
YoY Change 51.52% -55.8%
% of Operating Profit -8.6% -6.14%
Other Income/Expense, Net
YoY Change
Pretax Income $159.5M $151.4M
YoY Change 5.35% 35.42%
Income Tax $38.20M $40.30M
% Of Pretax Income 23.95% 26.62%
Net Earnings $119.0M $110.2M
YoY Change 7.99% 27.55%
Net Earnings / Revenue 6.15% 6.43%
Basic Earnings Per Share $0.95 $0.88
Diluted Earnings Per Share $0.93 $0.87
COMMON SHARES
Basic Shares Outstanding 125.2M shares 124.9M shares
Diluted Shares Outstanding 127.3M shares 126.7M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.0M $115.0M
YoY Change 27.83% -83.33%
Cash & Equivalents $146.8M $114.7M
Short-Term Investments
Other Short-Term Assets $102.0M $279.0M
YoY Change -63.44% -4.12%
Inventory $176.3M $161.8M
Prepaid Expenses
Receivables $58.00M $56.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $483.0M $610.8M
YoY Change -20.92% -49.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.319B $2.036B
YoY Change 13.9% -34.41%
Goodwill $1.172B $872.3M
YoY Change 34.38% -0.01%
Intangibles $950.2M $574.6M
YoY Change 65.37% 0.0%
Long-Term Investments
YoY Change
Other Assets $299.3M $276.7M
YoY Change 8.17% 2.22%
Total Long-Term Assets $4.741B $3.760B
YoY Change 26.09% -22.03%
TOTAL ASSETS
Total Short-Term Assets $483.0M $610.8M
Total Long-Term Assets $4.741B $3.760B
Total Assets $5.224B $4.370B
YoY Change 19.52% -27.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $256.8M $214.1M
YoY Change 19.94% 1.86%
Accrued Expenses $186.0M $165.0M
YoY Change 12.73% 3.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.258B $1.132B
YoY Change 11.15% -0.92%
LONG-TERM LIABILITIES
Long-Term Debt $936.6M $440.2M
YoY Change 112.77% -69.38%
Other Long-Term Liabilities $525.9M $482.0M
YoY Change 9.11% 4.83%
Total Long-Term Liabilities $1.463B $922.2M
YoY Change 58.59% -51.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.258B $1.132B
Total Long-Term Liabilities $1.463B $922.2M
Total Liabilities $3.165B $2.569B
YoY Change 23.19% -28.69%
SHAREHOLDERS EQUITY
Retained Earnings $515.0M $429.3M
YoY Change 19.96% -58.81%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.800M $7.800M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $2.059B $1.801B
YoY Change
Total Liabilities & Shareholders Equity $5.224B $4.370B
YoY Change 19.52% -27.48%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $119.0M $110.2M
YoY Change 7.99% 27.55%
Depreciation, Depletion And Amortization $76.10M $66.80M
YoY Change 13.92% -17.63%
Cash From Operating Activities $174.8M $166.1M
YoY Change 5.24% 51.55%
INVESTING ACTIVITIES
Capital Expenditures $95.70M $60.10M
YoY Change 59.23% -7.4%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $3.800M
YoY Change -126.32% -97.08%
Cash From Investing Activities -$96.70M -$63.10M
YoY Change 53.25% -202.44%
FINANCING ACTIVITIES
Cash Dividend Paid $79.10M $70.50M
YoY Change 12.2% 0.71%
Common Stock Issuance & Retirement, Net $84.40M $192.3M
YoY Change -56.11% -437.96%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -164.4M -263.1M
YoY Change -37.51% 1447.65%
NET CHANGE
Cash From Operating Activities 174.8M 166.1M
Cash From Investing Activities -96.70M -63.10M
Cash From Financing Activities -164.4M -263.1M
Net Change In Cash -86.30M -160.1M
YoY Change -46.1% -203.83%
FREE CASH FLOW
Cash From Operating Activities $174.8M $166.1M
Capital Expenditures $95.70M $60.10M
Free Cash Flow $79.10M $106.0M
YoY Change -25.38% 137.14%

Facts In Submission

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CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q3 us-gaap Net Income Loss
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14900000 USD
CY2017Q3 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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35900000 USD
CY2017Q3 us-gaap Number Of Reportable Segments
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4 segment
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161300000 USD
CY2017Q3 us-gaap Operating Income Loss
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100000 USD
CY2017Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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100000 USD
CY2017Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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0 USD
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0 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q3 us-gaap Other Cost Of Services
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CY2017Q3 us-gaap Other Cost Of Services
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CY2017Q2 us-gaap Other Liabilities Current
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CY2017Q3 us-gaap Other Liabilities Current
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CY2017Q2 us-gaap Other Liabilities Noncurrent
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CY2017Q3 us-gaap Other Liabilities Noncurrent
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CY2016Q3 us-gaap Other Noncash Income Expense
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CY2017Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
500000 USD
CY2016Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
195600000 USD
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100200000 USD
CY2016Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
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CY2017Q3 us-gaap Payments Of Dividends
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79100000 USD
CY2016Q3 us-gaap Payments To Acquire Other Productive Assets
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6800000 USD
CY2017Q3 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
4900000 USD
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
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60100000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
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95700000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Benefit Contributions
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400000 USD
CY2017Q3 us-gaap Pension And Other Postretirement Benefit Contributions
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400000 USD
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CY2017Q2 us-gaap Prepaid Taxes
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6200000 USD
CY2017Q3 us-gaap Prepaid Taxes
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2900000 USD
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
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3300000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Common Stock
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15800000 USD
CY2016Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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0 USD
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1000000 USD
CY2016Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3800000 USD
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2900000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
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2272300000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2318800000 USD
CY2017Q2 us-gaap Receivables Net Current
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75900000 USD
CY2017Q3 us-gaap Receivables Net Current
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57600000 USD
CY2016Q3 us-gaap Repayment Of Notes Receivable From Related Parties
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100000 USD
CY2017Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
100000 USD
CY2016Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
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1000000 USD
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1000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
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560100000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
515000000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1936100000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6200000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8400000 USD
CY2017Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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600000 USD
CY2016Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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0 shares
CY2017Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
100000 shares
CY2016Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
100000 shares
CY2017Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000 shares
CY2016Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1200000 USD
CY2017Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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1400000 USD
CY2016Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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2100000 USD
CY2017Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1952000000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2101700000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
2058700000 USD
CY2016Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2017Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3200000 shares
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1200000 shares
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
7800000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
7800000 USD
CY2016Q3 us-gaap Treasury Stock Value Acquired Cost Method
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195600000 USD
CY2017Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
100200000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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126700000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127300000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124900000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125200000 shares

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