$LW
Lamb Weston Holdings, Inc.

2019 Q4 Form 10-Q Financial Statement

#000155837020000031 Filed on January 03, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $1.019B $911.4M $914.9M
YoY Change 11.83% 10.53% 11.91%
Cost Of Revenue $734.1M $662.4M $684.3M
YoY Change 10.82% 7.64% 10.23%
Gross Profit $285.1M $249.0M $230.6M
YoY Change 14.5% 19.02% 17.23%
Gross Profit Margin 27.97% 27.32% 25.2%
Selling, General & Admin $91.60M $75.00M $78.00M
YoY Change 22.13% 14.68% 37.08%
% of Gross Profit 32.13% 30.12% 33.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.90M $36.90M $38.60M
YoY Change 18.97% 3.65% 24.52%
% of Gross Profit 15.4% 14.82% 16.74%
Operating Expenses $91.60M $75.00M $78.00M
YoY Change 22.13% 14.68% 37.08%
Operating Profit $193.5M $174.0M $152.6M
YoY Change 11.21% 21.0% 9.16%
Interest Expense -$25.40M -$26.20M -$26.80M
YoY Change -3.05% -4.38% 6.35%
% of Operating Profit -13.13% -15.06% -17.56%
Other Income/Expense, Net
YoY Change
Pretax Income $183.1M $158.0M $145.7M
YoY Change 15.89% 40.57% 29.63%
Income Tax $42.70M $34.00M $34.30M
% Of Pretax Income 23.32% 21.52% 23.54%
Net Earnings $140.4M $119.0M $107.8M
YoY Change 17.98% 55.35% 29.26%
Net Earnings / Revenue 13.78% 13.06% 11.78%
Basic Earnings Per Share $0.96 $0.74 $0.73
Diluted Earnings Per Share $0.95 $0.74 $0.73
COMMON SHARES
Basic Shares Outstanding 146.2M 146.6M 146.5M
Diluted Shares Outstanding 147.1M 147.4M 147.2M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.80M $121.6M $150.5M
YoY Change -80.43% 71.03% 115.62%
Cash & Equivalents $23.80M $121.6M $150.5M
Short-Term Investments
Other Short-Term Assets $47.80M $44.70M $55.50M
YoY Change 6.94% -2.61% -8.26%
Inventory $636.0M $628.2M $447.7M
Prepaid Expenses
Receivables $399.7M $340.1M $331.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.107B $1.135B $984.8M
YoY Change -2.41% 12.97% 17.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.552B $1.521B $1.468B
YoY Change 2.03% 14.26% 12.1%
Goodwill $307.2M
YoY Change
Intangibles $39.80M
YoY Change
Long-Term Investments $257.9M $218.2M $221.7M
YoY Change 18.19% 9.87% 13.11%
Other Assets $39.40M $11.30M $11.80M
YoY Change 248.67% 15.31% -9.23%
Total Long-Term Assets $2.360B $1.918B $1.870B
YoY Change 23.03% 12.12% 10.66%
TOTAL ASSETS
Total Short-Term Assets $1.107B $1.135B $984.8M
Total Long-Term Assets $2.360B $1.918B $1.870B
Total Assets $3.467B $3.053B $2.854B
YoY Change 13.57% 12.44% 12.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $406.0M $376.2M $270.2M
YoY Change 7.92% 9.78% 3.29%
Accrued Expenses $217.4M $236.3M $162.5M
YoY Change -8.0% 66.29% 7.05%
Deferred Revenue
YoY Change
Short-Term Debt $9.900M $13.10M $8.800M
YoY Change -24.43% -85.15% -72.76%
Long-Term Debt Due $36.10M $39.50M $38.70M
YoY Change -8.61% 0.51% -1.02%
Total Short-Term Liabilities $669.4M $696.8M $518.3M
YoY Change -3.93% 7.78% 0.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.204B $2.322B $2.330B
YoY Change -5.09% -1.33% -1.3%
Other Long-Term Liabilities $243.1M $86.20M $84.80M
YoY Change 182.02% 16.02% 20.45%
Total Long-Term Liabilities $2.596B $2.408B $2.414B
YoY Change 7.82% -0.8% -0.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $669.4M $696.8M $518.3M
Total Long-Term Liabilities $2.596B $2.408B $2.414B
Total Liabilities $3.266B $3.220B $3.100B
YoY Change 1.43% -0.82% -0.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.022B
YoY Change
Common Stock -$730.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $201.1M -$167.1M -$245.4M
YoY Change
Total Liabilities & Shareholders Equity $3.467B $3.053B $2.854B
YoY Change 13.57% 12.44% 12.92%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $140.4M $119.0M $107.8M
YoY Change 17.98% 55.35% 29.26%
Depreciation, Depletion And Amortization $43.90M $36.90M $38.60M
YoY Change 18.97% 3.65% 24.52%
Cash From Operating Activities $106.8M $88.90M $227.9M
YoY Change 20.13% 129.72% 58.82%
INVESTING ACTIVITIES
Capital Expenditures -$57.10M -$83.40M $87.00M
YoY Change -31.53% 62.26% -183.33%
Acquisitions
YoY Change
Other Investing Activities -$6.400M $1.500M -$200.0K
YoY Change -526.67% 1400.0%
Cash From Investing Activities -$63.50M -$81.90M -$86.80M
YoY Change -22.47% 59.65% -16.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.70M -35.50M -45.90M
YoY Change 9.01% -343.15% 50.49%
NET CHANGE
Cash From Operating Activities 106.8M 88.90M 227.9M
Cash From Investing Activities -63.50M -81.90M -86.80M
Cash From Financing Activities -38.70M -35.50M -45.90M
Net Change In Cash 4.600M -28.50M 94.90M
YoY Change -116.14% -1525.0% 1003.49%
FREE CASH FLOW
Cash From Operating Activities $106.8M $88.90M $227.9M
Capital Expenditures -$57.10M -$83.40M $87.00M
Free Cash Flow $163.9M $172.3M $140.9M
YoY Change -4.88% 91.23% -43.16%

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2400000
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2400000
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12100000
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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29600000
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18200000
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20100000
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17800000
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LesseeLiabilityPaymentsDueYearFive
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CY2019Q4 lw Lessee Liability Payments Due Year Six
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2900000
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P8Y4M24D
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P9Y6M
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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26100000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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16500000
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23700000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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15700000
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7200000
CY2019Q2 lw Leases Future Minimum Payments Due In Three Years
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22900000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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10500000
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6400000
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16900000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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8600000
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5900000
CY2019Q2 lw Leases Future Minimum Payments Due In Five Years
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14500000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2019Q2 lw Leases Future Minimum Payments Due Thereafter
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100100000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q2 lw Leases Future Minimum Payments Due
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28800000
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28800000
CY2019Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
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LeaseObligations
175400000
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4300000
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4300000
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171100000
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11100000
us-gaap Operating Lease Payments
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20200000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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20200000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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1900000
CY2019Q4 us-gaap Equity Method Investments
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257900000
CY2019Q2 us-gaap Equity Method Investments
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224600000
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7800000
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3700000
CY2018Q4 us-gaap Equity Method Investment Dividends Or Distributions
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EquityMethodInvestmentDividendsOrDistributions
25600000
CY2019Q2 us-gaap Goodwill
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205900000
us-gaap Goodwill Acquired During Period
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106100000
us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2019Q4 us-gaap Goodwill
Goodwill
307200000
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
18000000.0
CY2019Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
18000000.0
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42600000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
20800000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
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39100000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19500000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
60600000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
20800000
CY2019Q2 us-gaap Intangible Assets Gross Excluding Goodwill
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57100000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19500000
CY2019Q4 us-gaap Amortization Of Intangible Assets
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800000
CY2018Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000
us-gaap Amortization Of Intangible Assets
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1100000
CY2019Q4 us-gaap Accrued Employee Benefits Current
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68300000
CY2019Q2 us-gaap Accrued Employee Benefits Current
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92400000
CY2019Q4 us-gaap Accrued Marketing Costs Current
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54300000
CY2019Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
48600000
CY2019Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
29200000
CY2019Q2 us-gaap Dividends Payable Current
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29200000
CY2019Q4 us-gaap Operating Lease Liability Current
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23500000
CY2019Q4 lw Franchise Property Sales And Use Taxes Payable Current
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8700000
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FranchisePropertySalesAndUseTaxesPayableCurrent
8600000
CY2019Q4 us-gaap Interest Payable Current
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6700000
lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
9200000
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1600000
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AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
5000000.0
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AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
12600000
CY2019Q4 us-gaap Taxes Payable Current
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500000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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24700000
CY2019Q2 us-gaap Other Accrued Liabilities Current
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30300000
CY2019Q4 us-gaap Accrued Liabilities Current
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CY2019Q2 us-gaap Accrued Liabilities Current
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217200000
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
9900000
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
8400000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
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CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2019Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
14500000
CY2019Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
78900000
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DebtGrossAndCapitalLeaseObligations
2272600000
CY2019Q2 lw Debt Gross And Capital Lease Obligations
DebtGrossAndCapitalLeaseObligations
2352400000
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DeferredFinanceCostsNet
22900000
CY2019Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
25800000
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
9900000
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
8400000
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
36100000
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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38000000.0
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LongTermDebtAndCapitalLeaseObligations
2203700000
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LongTermDebtAndCapitalLeaseObligations
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CY2019Q4 us-gaap Interest Paid
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52600000
CY2018Q4 us-gaap Interest Paid
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53300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
68.03
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7600000
CY2019Q4 lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
7200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12900000
CY2019Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1600000
CY2018Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1500000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3100000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3000000.0
CY2019Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5600000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5100000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
10500000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8600000
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226800000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
39100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
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250000000.0
CY2019Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
112698
CY2019Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8600000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
185200
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
13400000
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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204700000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
58500000
CY2019Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29200000
CY2020Q1 us-gaap Dividends Payable Date Declared Day Month And Year
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2019-12-19
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.23
CY2020Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2020-02-28
CY2020Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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2020-01-31
CY2019Q4 us-gaap Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year
DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYear
-700000
CY2019Q4 lw Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year After Tax
DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYearAfterTax
-500000
CY2018Q4 us-gaap Number Of Operating Segments
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4
CY2019Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2019Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1019200000
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
911400000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2008200000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1826300000
CY2019Q4 lw Contribution Margin
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279100000
CY2018Q4 lw Contribution Margin
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242900000
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522900000
us-gaap Profit Loss
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235400000
CY2018Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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5000000.0
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
140400000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
119000000.0
CY2019Q4 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
6000000.0
CY2018Q4 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
6100000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
10800000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
12500000
CY2019Q4 us-gaap Gross Profit
GrossProfit
285100000
CY2018Q4 us-gaap Gross Profit
GrossProfit
249000000.0
us-gaap Gross Profit
GrossProfit
533700000
us-gaap Gross Profit
GrossProfit
479600000
CY2019Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91600000
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
75000000.0
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
170200000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
153000000.0
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
193500000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
174000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
363500000
us-gaap Operating Income Loss
OperatingIncomeLoss
326600000
CY2019Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-25400000
CY2018Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-26200000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-53600000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42700000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
79400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
68300000
CY2019Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15000000.0
CY2018Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10200000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
25600000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
30100000
CY2019Q4 us-gaap Profit Loss
ProfitLoss
140400000
CY2018Q4 us-gaap Profit Loss
ProfitLoss
124000000.0
us-gaap Profit Loss
ProfitLoss
256100000

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