$FLO
FLOWERS FOODS INC

2019 Q2 Form 10-Q Financial Statement

#000156459019019435 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.264B $1.207B
YoY Change 4.76% 1.59%
Cost Of Revenue $652.1M $625.1M
YoY Change 4.32% 2.8%
Gross Profit $611.8M $581.3M
YoY Change 5.25% 0.29%
Gross Profit Margin 48.41% 48.18%
Selling, General & Admin $476.0M $454.5M
YoY Change 4.73% -1.86%
% of Gross Profit 77.8% 78.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.80M $44.20M
YoY Change 1.36% -6.36%
% of Gross Profit 7.32% 7.6%
Operating Expenses $520.9M $498.6M
YoY Change 4.47% -2.27%
Operating Profit $90.90M $82.70M
YoY Change 9.92% 19.16%
Interest Expense -$3.800M -$2.900M
YoY Change 31.03% -42.0%
% of Operating Profit -4.18% -3.51%
Other Income/Expense, Net -$700.0K -$3.900M
YoY Change -82.05% -305.26%
Pretax Income $86.10M $69.80M
YoY Change 23.35% -26.6%
Income Tax $20.20M $18.50M
% Of Pretax Income 23.46% 26.5%
Net Earnings $65.90M $51.20M
YoY Change 28.71% -15.23%
Net Earnings / Revenue 5.21% 4.24%
Basic Earnings Per Share
Diluted Earnings Per Share $311.0K $242.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.60M $34.20M
YoY Change -66.08% 426.15%
Cash & Equivalents $11.58M $34.22M
Short-Term Investments
Other Short-Term Assets $66.88M $29.30M
YoY Change 128.25% -9.85%
Inventory $190.2M $173.6M
Prepaid Expenses $14.30M $23.74M
Receivables $308.7M $292.8M
Other Receivables $0.00 $3.200M
Total Short-Term Assets $577.4M $533.2M
YoY Change 8.29% 9.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.114B $721.6M
YoY Change 54.39% -4.61%
Goodwill $545.2M
YoY Change
Intangibles $785.9M
YoY Change
Long-Term Investments $3.200M $3.300M
YoY Change -3.03%
Other Assets $6.822M $12.90M
YoY Change -47.12% -68.61%
Total Long-Term Assets $2.662B $2.137B
YoY Change 24.56% -4.98%
TOTAL ASSETS
Total Short-Term Assets $577.4M $533.2M
Total Long-Term Assets $2.662B $2.137B
Total Assets $3.239B $2.670B
YoY Change 21.31% -2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.6M $209.6M
YoY Change 14.77% 13.6%
Accrued Expenses $194.1M $137.7M
YoY Change 40.96% -9.05%
Deferred Revenue
YoY Change
Short-Term Debt $9.800M $4.300M
YoY Change 127.91%
Long-Term Debt Due $5.000M $11.80M
YoY Change -57.63% 12.38%
Total Short-Term Liabilities $495.1M $373.8M
YoY Change 32.46% 5.92%
LONG-TERM LIABILITIES
Long-Term Debt $934.5M $818.1M
YoY Change 14.22% -7.22%
Other Long-Term Liabilities $49.50M $90.50M
YoY Change -45.31% -18.1%
Total Long-Term Liabilities $984.0M $908.6M
YoY Change 8.29% -8.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $495.1M $373.8M
Total Long-Term Liabilities $984.0M $908.6M
Total Liabilities $1.479B $1.379B
YoY Change 7.28% -7.59%
SHAREHOLDERS EQUITY
Retained Earnings $969.1M
YoY Change
Common Stock $645.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $227.1M
YoY Change
Treasury Stock Shares $17.27M
Shareholders Equity $1.268B $1.292B
YoY Change
Total Liabilities & Shareholders Equity $3.239B $2.670B
YoY Change 21.31% -2.43%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $65.90M $51.20M
YoY Change 28.71% -15.23%
Depreciation, Depletion And Amortization $44.80M $44.20M
YoY Change 1.36% -6.36%
Cash From Operating Activities $96.20M $97.10M
YoY Change -0.93% 27.76%
INVESTING ACTIVITIES
Capital Expenditures -$20.80M -$26.60M
YoY Change -21.8% 52.0%
Acquisitions
YoY Change
Other Investing Activities $400.0K -$900.0K
YoY Change -144.44% -101.97%
Cash From Investing Activities -$20.40M -$27.40M
YoY Change -25.55% -196.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -89.50M -40.60M
YoY Change 120.44% -61.07%
NET CHANGE
Cash From Operating Activities 96.20M 97.10M
Cash From Investing Activities -20.40M -27.40M
Cash From Financing Activities -89.50M -40.60M
Net Change In Cash -13.70M 29.10M
YoY Change -147.08% 29000.0%
FREE CASH FLOW
Cash From Operating Activities $96.20M $97.10M
Capital Expenditures -$20.80M -$26.60M
Free Cash Flow $117.0M $123.7M
YoY Change -5.42% 32.3%

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NetCashProvidedByUsedInFinancingActivities
-89510000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
225383000
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
401000
us-gaap Restructuring Charges
RestructuringCharges
188000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-40596000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13722000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
29087000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25306000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5129000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11584000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
34216000
us-gaap Additional Information About Entitys Reportable Segments
AdditionalInformationAboutEntitysReportableSegments
On May 3, 2017, the company announced an enhanced organizational structure designed to provide greater focus on the company’s long-term strategic objectives, emphasize brand growth and innovation in line with a national branded food company, drive enhanced accountability, and reduce costs.  The new organizational structure establishes two business units (“BUs”), Fresh Packaged Bread and Snacking/Specialty, and realigns key leadership roles.  The new structure also provides for centralized marketing, sales, supply chain, shared-services/administrative, and corporate strategy functions, each with clearly defined roles and responsibilities.  The company has concluded that under the new organizational structure the company has one operating segment based on the nature of products the company sells, intertwined production and distribution model, the internal management structure and information that is regularly reviewed by the chief executive officer (“CEO”), who is the chief operating decision maker, for the purpose of assessing performance and allocating resources. Capital allocations, such as building a new bakery or other investments, impact both BUs, as the two BUs are so intertwined in the production of products, sales, marketing and other functions. Beginning with the first quarter of 2019, the comparative periods are presented on a consolidated basis due to the change to a single operating segment.
CY2017Q2 flo Number Of Business Units
NumberOfBusinessUnits
2
flo Costs Recognized On Inferior Ingredients
CostsRecognizedOnInferiorIngredients
1300000
flo Reimbursement Of Previously Incurred Costs On Inferior Ingredients
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1700000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2018Q4 us-gaap Operating Lease Liability
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391900000
flo Project Centennial Restructuring Costs
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718000
us-gaap Restructuring Settlement And Impairment Provisions
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1259000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Four
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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37946000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Five
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6219000
us-gaap Payments For Restructuring
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415000
CY2019Q2 us-gaap Restructuring Reserve
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174000
CY2017Q4 us-gaap Restructuring Reserve
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25490000
us-gaap Payments For Restructuring
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26032000
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
717000
us-gaap Lessee Operating Lease Residual Value Guarantee Description
LesseeOperatingLeaseResidualValueGuaranteeDescription
Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts.
us-gaap Short Term Lease Cost
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800000
flo Increase Decrease In Lease Assets Liabilities Net
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1300000
us-gaap Finance Lease Right Of Use Asset Amortization
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2058000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
313000
flo Financing Lease Cost
FinancingLeaseCost
2371000
us-gaap Operating Lease Cost
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21364000
us-gaap Short Term Lease Cost
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814000
us-gaap Variable Lease Cost
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us-gaap Lease Cost
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32454000
us-gaap Finance Lease Interest Payment On Liability
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313000
us-gaap Operating Lease Payments
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22237000
us-gaap Finance Lease Principal Payments
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1872000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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6666000
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.035
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OperatingLeaseWeightedAverageDiscountRatePercent
0.041
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
44557000
CY2019Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
4426000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
66939000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
8146000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
53073000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5870000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
43190000
CY2019Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
2088000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
471088000
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
31390000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
89955000
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2535000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
381133000
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
28855000
CY2019Q2 us-gaap Operating Lease Liability Current
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51362000
CY2019Q2 us-gaap Finance Lease Liability Current
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CY2019Q2 us-gaap Operating Lease Liability Noncurrent
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329771000
CY2019Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
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CY2018 flo Capital Lease Expiration Period
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P18Y
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
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2263000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
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CY2018Q4 us-gaap Capital Lease Obligations
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5896000
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2019Q2 us-gaap Goodwill
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579306000
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588329000
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161084000
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579306000
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152061000
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588329000
us-gaap Amortization Of Intangible Assets
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9023000
us-gaap Amortization Of Intangible Assets
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7967000
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
20193000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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27893000
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27189000
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26309000
CY2019Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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206600000
CY2018Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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206600000
flo Number Of Independent Distributors
NumberOfIndependentDistributors
4300
CY2018 flo Number Of Independent Distributors
NumberOfIndependentDistributors
4300
CY2019Q2 flo Percentage Of Down Payment On Distribution Rights Purchased
PercentageOfDownPaymentOnDistributionRightsPurchased
0.05
us-gaap Investment Income Interest
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8647000
us-gaap Investment Income Interest
InvestmentIncomeInterest
8095000
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229884000
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230470000
CY2019Q2 us-gaap Notes And Loans Receivable Net Current
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26801000
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26345000
CY2019Q2 us-gaap Notes And Loans Receivable Net Noncurrent
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CY2019Q2 us-gaap Price Risk Cash Flow Hedge Liability At Fair Value
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22668000
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PriceRiskCashFlowHedgeDerivativeAtFairValueNet
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CY2018Q4 us-gaap Price Risk Cash Flow Hedge Asset At Fair Value
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501000
CY2018Q4 us-gaap Price Risk Cash Flow Hedge Liability At Fair Value
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8935000
CY2018Q4 us-gaap Price Risk Cash Flow Hedge Derivative At Fair Value Net
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501000
CY2019Q2 us-gaap Cash Flow Hedge Derivative Instrument Liabilities At Fair Value
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22668000
CY2018Q4 us-gaap Cash Flow Hedge Derivative Instrument Liabilities At Fair Value
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8935000
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-9593000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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10470000
us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
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0
us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
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29900000
CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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15400000
CY2018Q4 us-gaap Derivative Collateral Obligation To Return Cash
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0
CY2019Q2 us-gaap Derivative Collateral Obligation To Return Cash
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CY2019Q2 us-gaap Prepaid Expense Current
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CY2019Q2 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2018Q4 us-gaap Income Taxes Receivable
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CY2019Q2 us-gaap Other Assets Current
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1391000
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3215000
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3125000
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2202000
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2257000
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154000
CY2019Q2 us-gaap Other Assets Noncurrent
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934463000
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CY2019Q2 us-gaap Bank Overdrafts
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9800000
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10600000
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2500000
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CY2019Q2 us-gaap Notes Payable
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800463000
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6156000
CY2018Q4 us-gaap Notes Payable
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31800000
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29400000
us-gaap Loss Contingency New Claims Filed Number
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14
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21000000.0
us-gaap Net Income Loss
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us-gaap Net Income Loss
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51247000
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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210888000
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0.31
us-gaap Earnings Per Share Basic
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211388000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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210888000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
496000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
423000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
211884000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
211311000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
438630
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
378220
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
791000
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
111000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
609000
us-gaap Share Based Compensation
ShareBasedCompensation
3179000
us-gaap Share Based Compensation
ShareBasedCompensation
3375000
CY2019Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
1283000
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
1283000
CY2019Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
37664000
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
39149000
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
103388000
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
105036000
CY2019Q2 flo Defined Benefit Plan Estimated Future Noncash Settlement Charge
DefinedBenefitPlanEstimatedFutureNoncashSettlementCharge
125000000.0
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
10000000.0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2017Q4 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
15200000
flo Multiemployer Plans Withdrawal Obligation Increase Decrease
MultiemployerPlansWithdrawalObligationIncreaseDecrease
2300000
CY2017Q4 flo Multiemployer Plan Withdrawal Liability Of Net Present Value Monthly Payments Period
MultiemployerPlanWithdrawalLiabilityOfNetPresentValueMonthlyPaymentsPeriod
P20Y
flo Multiemployer Plans Tax Payments Payable Date
MultiemployerPlansTaxPaymentsPayableDate
2017-11-03
CY2019Q2 flo Multiemployer Plans Transition Payments Payable
MultiemployerPlansTransitionPaymentsPayable
3100000
flo Payment Of Multiemployer Plans Withdrawal Obligation
PaymentOfMultiemployerPlansWithdrawalObligation
200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.266

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