$KHC
Kraft Heinz Co

2024 Q3 Form 10-Q Financial Statement

#000163745924000129 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $6.383B $6.476B
YoY Change -5.03% -0.2%
Cost Of Revenue $4.197B $4.182B
YoY Change -6.02% -4.43%
Gross Profit $2.186B $2.294B
YoY Change -3.06% 8.57%
Gross Profit Margin 34.25% 35.42%
Selling, General & Admin $2.287B $1.772B
YoY Change 153.27% 103.68%
% of Gross Profit 104.62% 77.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $245.0M $239.0M
YoY Change 13.43% 8.64%
% of Gross Profit 11.21% 10.42%
Operating Expenses $2.287B $1.772B
YoY Change 153.27% 103.68%
Operating Profit -$101.0M $522.0M
YoY Change -107.47% -58.0%
Interest Expense $230.0M $229.0M
YoY Change -179.86% 0.88%
% of Operating Profit 43.87%
Other Income/Expense, Net $48.00M $55.00M
YoY Change -43.53% 57.14%
Pretax Income -$283.0M $348.0M
YoY Change -124.15% -66.89%
Income Tax $7.000M $248.0M
% Of Pretax Income 71.26%
Net Earnings -$290.0M $102.0M
YoY Change -129.0% -87.8%
Net Earnings / Revenue -4.54% 1.58%
Basic Earnings Per Share -$0.24 $0.08
Diluted Earnings Per Share -$0.24 $0.08
COMMON SHARES
Basic Shares Outstanding 1.209B shares 1.214B shares
Diluted Shares Outstanding 1.210B shares 1.216B shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.284B $900.0M
YoY Change 35.59% 8.96%
Cash & Equivalents $1.284B $900.0M
Short-Term Investments
Other Short-Term Assets $633.0M $624.0M
YoY Change -36.06% -17.35%
Inventory $3.872B $3.573B
Prepaid Expenses $228.0M $273.0M
Receivables $2.178B $2.160B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.202B $7.530B
YoY Change 2.6% -8.35%
LONG-TERM ASSETS
Property, Plant & Equipment $7.137B $7.038B
YoY Change 3.95% 3.87%
Goodwill $28.90B $29.50B
YoY Change -6.77% -4.53%
Intangibles $41.80B $42.35B
YoY Change -2.14% -0.75%
Long-Term Investments
YoY Change
Other Assets $2.479B $2.381B
YoY Change 2.06% -0.71%
Total Long-Term Assets $80.36B $81.27B
YoY Change -3.13% -1.76%
TOTAL ASSETS
Total Short-Term Assets $8.202B $7.530B
Total Long-Term Assets $80.36B $81.27B
Total Assets $88.57B $88.80B
YoY Change -2.63% -2.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.553B $4.448B
YoY Change 0.18% -7.41%
Accrued Expenses $1.025B $984.0M
YoY Change -6.9% -8.29%
Deferred Revenue
YoY Change
Short-Term Debt $13.00M $0.00
YoY Change 1200.0% -100.0%
Long-Term Debt Due $695.0M $669.0M
YoY Change 10.49% -20.36%
Total Short-Term Liabilities $7.728B $7.486B
YoY Change -7.84% -16.39%
LONG-TERM LIABILITIES
Long-Term Debt $19.38B $19.27B
YoY Change 0.08% 0.01%
Other Long-Term Liabilities $1.437B $1.305B
YoY Change -52.75% -18.49%
Total Long-Term Liabilities $1.437B $1.305B
YoY Change -93.59% -18.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.728B $7.486B
Total Long-Term Liabilities $1.437B $1.305B
Total Liabilities $40.10B $39.77B
YoY Change -2.54% -4.39%
SHAREHOLDERS EQUITY
Retained Earnings $521.0M $1.297B
YoY Change -61.0% 56.08%
Common Stock $12.00M $12.00M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.764B $1.762B
YoY Change 102.76% 106.81%
Treasury Stock Shares
Shareholders Equity $48.33B $48.90B
YoY Change
Total Liabilities & Shareholders Equity $88.57B $88.80B
YoY Change -2.63% -2.36%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$290.0M $102.0M
YoY Change -129.0% -87.8%
Depreciation, Depletion And Amortization $245.0M $239.0M
YoY Change 13.43% 8.64%
Cash From Operating Activities $1.083B $942.0M
YoY Change -1.37% 93.83%
INVESTING ACTIVITIES
Capital Expenditures $234.0M $389.0M
YoY Change -3.31% 46.24%
Acquisitions
YoY Change
Other Investing Activities $17.00M $44.00M
YoY Change -45.16% -2300.0%
Cash From Investing Activities -$217.0M -$345.0M
YoY Change 2.84% 30.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -481.0M -1.326B
YoY Change -35.7% 202.05%
NET CHANGE
Cash From Operating Activities 1.083B 942.0M
Cash From Investing Activities -217.0M -345.0M
Cash From Financing Activities -481.0M -1.326B
Net Change In Cash 385.0M -729.0M
YoY Change 176.98% 242.25%
FREE CASH FLOW
Cash From Operating Activities $1.083B $942.0M
Capital Expenditures $234.0M $389.0M
Free Cash Flow $849.0M $553.0M
YoY Change -0.82% 151.36%

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Basis of Presentation<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the SEC. In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2024 fiscal year is scheduled to be a 52-week period ending on December 28, 2024, and our 2023 fiscal year was a 52-week period that ended on December 30, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated balance sheet data at December 30, 2023 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These statements should be read in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 30, 2023. The results for interim periods are not necessarily indicative of future or annual results.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Principles of Consolidation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include The Kraft Heinz Company and all of our controlled subsidiaries. All intercompany transactions are eliminated.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reportable Segments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the first quarter of 2024, our internal reporting structure and reportable segments changed. We divided our International segment into three operating segments — Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”) — to enable enhanced focus on the different strategies required for each of these regions as part of our long-term strategic plan. Subsequently, we manage our operating results through four operating segments. We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> Cash</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equivalents</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash equivalents include term deposits with banks, money market funds, and all highly liquid investments with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount. Cash and cash equivalents that are legally restricted as to withdrawal or usage are classified in other current assets or other non-current assets, as applicable, on the condensed consolidated balance sheets. At June 29, 2024, we had $2 million of restricted cash in other non-current assets. At December 30, 2023, we had restricted cash recorded in other current assets of $3 million and $1 million of restricted cash in other non-current assets. Total cash, cash equivalents, and restricted cash was $902 million at June 29, 2024 and $1,404 million at December 30, 2023.</span></div>
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2024 fiscal year is scheduled to be a 52-week period ending on December 28, 2024, and our 2023 fiscal year was a 52-week period that ended on December 30, 2023.</span></div>
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.</span></div>
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation.</span></div>
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