$DRI
DARDEN RESTAURANTS INC

2018 Q3 Form 10-Q Financial Statement

#000094094418000061 Filed on October 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $2.061B $1.936B
YoY Change 6.47% 12.93%
Cost Of Revenue $1.628B $1.522B
YoY Change 6.95% 13.25%
Gross Profit $374.4M $347.8M
YoY Change 7.65% 12.92%
Gross Profit Margin 18.16% 17.96%
Selling, General & Admin $171.0M $164.0M
YoY Change 4.27% 8.32%
% of Gross Profit 45.67% 47.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.70M $76.10M
YoY Change 6.04% 13.92%
% of Gross Profit 21.55% 21.88%
Operating Expenses $171.0M $164.0M
YoY Change 4.27% 8.32%
Operating Profit $189.1M $174.5M
YoY Change 8.37% 8.18%
Interest Expense -$13.10M -$15.00M
YoY Change -12.67% 51.52%
% of Operating Profit -6.93% -8.6%
Other Income/Expense, Net
YoY Change
Pretax Income $176.0M $159.5M
YoY Change 10.34% 5.35%
Income Tax $7.100M $38.20M
% Of Pretax Income 4.03% 23.95%
Net Earnings $166.2M $119.0M
YoY Change 39.66% 7.99%
Net Earnings / Revenue 8.06% 6.15%
Basic Earnings Per Share $1.34 $0.95
Diluted Earnings Per Share $1.32 $0.93
COMMON SHARES
Basic Shares Outstanding 123.8M shares 125.2M shares
Diluted Shares Outstanding 125.8M shares 127.3M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.0M $147.0M
YoY Change 3.4% 27.83%
Cash & Equivalents $151.8M $146.8M
Short-Term Investments
Other Short-Term Assets $133.0M $102.0M
YoY Change 30.39% -63.44%
Inventory $194.6M $176.3M
Prepaid Expenses
Receivables $65.00M $58.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $544.6M $483.0M
YoY Change 12.75% -20.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.474B $2.319B
YoY Change 6.68% 13.9%
Goodwill $1.184B $1.172B
YoY Change 0.98% 34.38%
Intangibles $950.8M $950.2M
YoY Change 0.06% 65.37%
Long-Term Investments
YoY Change
Other Assets $344.2M $299.3M
YoY Change 15.0% 8.17%
Total Long-Term Assets $4.952B $4.741B
YoY Change 4.47% 26.09%
TOTAL ASSETS
Total Short-Term Assets $544.6M $483.0M
Total Long-Term Assets $4.952B $4.741B
Total Assets $5.497B $5.224B
YoY Change 5.23% 19.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $268.7M $256.8M
YoY Change 4.63% 19.94%
Accrued Expenses $200.0M $186.0M
YoY Change 7.53% 12.73%
Deferred Revenue $382.5M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.324B $1.258B
YoY Change 5.25% 11.15%
LONG-TERM LIABILITIES
Long-Term Debt $926.8M $936.6M
YoY Change -1.05% 112.77%
Other Long-Term Liabilities $522.7M $525.9M
YoY Change -0.61% 9.11%
Total Long-Term Liabilities $1.450B $1.463B
YoY Change -0.89% 58.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.324B $1.258B
Total Long-Term Liabilities $1.450B $1.463B
Total Liabilities $3.222B $3.165B
YoY Change 1.8% 23.19%
SHAREHOLDERS EQUITY
Retained Earnings $693.5M $515.0M
YoY Change 34.66% 19.96%
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 $2.275B $2.059B
YoY Change
Total Liabilities & Shareholders Equity $5.497B $5.224B
YoY Change 5.23% 19.52%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $166.2M $119.0M
YoY Change 39.66% 7.99%
Depreciation, Depletion And Amortization $80.70M $76.10M
YoY Change 6.04% 13.92%
Cash From Operating Activities $206.5M $174.8M
YoY Change 18.14% 5.24%
INVESTING ACTIVITIES
Capital Expenditures $106.4M $95.70M
YoY Change 11.18% 59.23%
Acquisitions $0.00
YoY Change
Other Investing Activities -$1.800M -$1.000M
YoY Change 80.0% -126.32%
Cash From Investing Activities -$109.2M -$96.70M
YoY Change 12.93% 53.25%
FINANCING ACTIVITIES
Cash Dividend Paid $93.00M $79.10M
YoY Change 17.57% 12.2%
Common Stock Issuance & Retirement, Net -$2.000M $84.40M
YoY Change -102.37% -56.11%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.40M -164.4M
YoY Change -43.8% -37.51%
NET CHANGE
Cash From Operating Activities 206.5M 174.8M
Cash From Investing Activities -109.2M -96.70M
Cash From Financing Activities -92.40M -164.4M
Net Change In Cash $4.900M -86.30M
YoY Change -105.68% -46.1%
FREE CASH FLOW
Cash From Operating Activities $206.5M $174.8M
Capital Expenditures $106.4M $95.70M
Free Cash Flow $100.1M $79.10M
YoY Change 26.55% -25.38%

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206400000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
119000000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
166200000 USD
CY2017Q3 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
35900000 USD
CY2018Q3 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
50600000 USD
CY2018Q3 us-gaap Number Of Reportable Segments
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4 segment
CY2017Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-3300000 USD
CY2018Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
14100000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
174500000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
189100000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
351700000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
344200000 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
CY2018Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-200000 USD
CY2017Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0 USD
CY2018Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-2600000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
8600000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-500000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
400000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3200000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8800000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-2800000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
13700000 USD
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
457600000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
469200000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
531800000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
522700000 USD
CY2017Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1400000 USD
CY2018Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3100000 USD
CY2017Q3 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1000000 USD
CY2018Q3 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1800000 USD
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100200000 USD
CY2018Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
31300000 USD
CY2017Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
79100000 USD
CY2018Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
93000000 USD
CY2017Q3 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
4900000 USD
CY2018Q3 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
5400000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
95700000 USD
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
106400000 USD
CY2017Q3 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
400000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
400000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
89900000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
99800000 USD
CY2018Q2 us-gaap Prepaid Taxes
PrepaidTaxes
15900000 USD
CY2018Q3 us-gaap Prepaid Taxes
PrepaidTaxes
18500000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15800000 USD
CY2018Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
33300000 USD
CY2017Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
100000 USD
CY2018Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
200000 USD
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2900000 USD
CY2018Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
800000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2429800000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2473600000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
83700000 USD
CY2018Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
68800000 USD
CY2017Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-100000 USD
CY2018Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
5300000 USD
CY2017Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1000000 USD
CY2018Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1600000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
657600000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
693500000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1936100000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2061400000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8400000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
17900000 USD
CY2018Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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2700000 USD
CY2017Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
100000 shares
CY2018Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
100000 shares
CY2017Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000 shares
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
700000 shares
CY2017Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1400000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1700000 USD
CY2017Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
14400000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
31600000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2101700000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
2058700000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
2194800000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
2275200000 USD
CY2017Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
-100000 USD
CY2018Q3 us-gaap Stockholders Equity Other
StockholdersEquityOther
8700000 USD
CY2017Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2018Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
100000 USD
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1200000 shares
CY2018Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
300000 shares
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
7800000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
7800000 USD
CY2017Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
100200000 USD
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
31300000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127300000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125800000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125200000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123800000 shares

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