$PFGC
Performance Food Group Co

2022 Q1 Form 10-Q Financial Statement

#000095017022000973 Filed on February 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2020 Q4
Revenue $12.84B $10.39B $6.845B
YoY Change 78.25% 51.73% 12.8%
Cost Of Revenue $11.56B $9.244B $6.034B
YoY Change 81.48% 53.2% 12.63%
Gross Profit $1.279B $1.142B $811.1M
YoY Change 53.57% 40.83% 14.05%
Gross Profit Margin 9.96% 11.0% 11.85%
Selling, General & Admin $38.70M $29.60M $31.40M
YoY Change 22.08% -5.73% -2.79%
% of Gross Profit 3.03% 2.59% 3.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $116.5M $98.70M $84.20M
YoY Change 44.18% 17.22% 92.24%
% of Gross Profit 9.11% 8.64% 10.38%
Operating Expenses $1.221B $1.094B $750.2M
YoY Change 50.87% 45.84% 18.95%
Operating Profit $57.80M $48.20M $60.90M
YoY Change 147.01% -20.85% -24.35%
Interest Expense $45.20M $44.00M $38.10M
YoY Change 21.83% 15.49% 44.32%
% of Operating Profit 78.2% 91.29% 62.56%
Other Income/Expense, Net -$46.40M $1.300M -$36.00M
YoY Change 30.7% -103.61% 37.4%
Pretax Income $11.40M $5.500M $24.90M
YoY Change -194.21% -77.91% -54.14%
Income Tax $3.000M $800.0K $7.300M
% Of Pretax Income 26.32% 14.55% 29.32%
Net Earnings $8.400M $4.700M $17.60M
YoY Change -210.53% -73.3% -57.28%
Net Earnings / Revenue 0.07% 0.05% 0.26%
Basic Earnings Per Share $0.05 $0.03 $0.13
Diluted Earnings Per Share $0.05 $0.03 $0.13
COMMON SHARES
Basic Shares Outstanding 152.9M 139.7M 132.0M
Diluted Shares Outstanding 154.3M 141.2M 133.2M

Balance Sheet

Concept 2022 Q1 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.600M $35.10M $416.7M
YoY Change -90.54% -91.58% 3181.1%
Cash & Equivalents $16.70M $42.20M $427.8M
Short-Term Investments
Other Short-Term Assets $205.2M $211.7M $89.40M
YoY Change 99.22% 136.8% -92.16%
Inventory $3.191B $2.864B $1.478B
Prepaid Expenses
Receivables $2.033B $2.165B $1.208B
Other Receivables $72.60M $73.10M $29.10M
Total Short-Term Assets $5.511B $5.349B $3.221B
YoY Change 73.35% 66.05% -13.7%
LONG-TERM ASSETS
Property, Plant & Equipment $2.102B $2.629B $1.976B
YoY Change 4.85% 33.09% 100.87%
Goodwill $2.296B
YoY Change
Intangibles $1.289B
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.9M $103.0M $78.20M
YoY Change 37.23% 31.71% 38.16%
Total Long-Term Assets $6.445B $6.233B $4.273B
YoY Change 50.92% 45.88% 79.63%
TOTAL ASSETS
Total Short-Term Assets $5.511B $5.349B $3.221B
Total Long-Term Assets $6.445B $6.233B $4.273B
Total Assets $11.96B $11.58B $7.494B
YoY Change 60.49% 54.55% 22.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.446B $2.374B $1.025B
YoY Change 61.68% 131.57% -1.57%
Accrued Expenses $872.5M $815.7M $558.8M
YoY Change 35.59% 45.97% 13.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $74.60M $71.50M $109.0M
YoY Change 64.68% -34.4% 343.09%
Total Short-Term Liabilities $3.394B $3.261B $2.040B
YoY Change 46.78% 59.91% 11.87%
LONG-TERM LIABILITIES
Long-Term Debt $3.847B $3.670B $2.508B
YoY Change 79.0% 46.33% 14.6%
Other Long-Term Liabilities $210.7M $235.6M $548.9M
YoY Change -62.65% -57.08% 292.07%
Total Long-Term Liabilities $4.058B $3.905B $2.508B
YoY Change 88.8% 55.73% 7.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.394B $3.261B $2.040B
Total Long-Term Liabilities $4.058B $3.905B $2.508B
Total Liabilities $8.796B $8.458B $5.447B
YoY Change 97.16% 55.29% 15.09%
SHAREHOLDERS EQUITY
Retained Earnings $370.4M $362.0M
YoY Change
Common Stock $2.790B $2.766B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.161B $3.124B $2.047B
YoY Change
Total Liabilities & Shareholders Equity $11.96B $11.58B $7.494B
YoY Change 60.49% 54.55% 22.62%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $8.400M $4.700M $17.60M
YoY Change -210.53% -73.3% -57.28%
Depreciation, Depletion And Amortization $116.5M $98.70M $84.20M
YoY Change 44.18% 17.22% 92.24%
Cash From Operating Activities $122.0M $31.80M $107.6M
YoY Change -38.23% -70.45% 46.2%
INVESTING ACTIVITIES
Capital Expenditures $44.10M $24.40M $42.20M
YoY Change 22.84% -42.18% 61.07%
Acquisitions $1.383B
YoY Change
Other Investing Activities -$268.0M -$1.382B -$11.90M
YoY Change 4601.75% 11515.13% -6050.0%
Cash From Investing Activities -$312.1M -$1.407B -$54.10M
YoY Change 650.24% 2500.0% 108.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.6M 1.395B -54.00M
YoY Change -134.94% -2682.96% 63.14%
NET CHANGE
Cash From Operating Activities 122.0M 31.80M 107.6M
Cash From Investing Activities -312.1M -1.407B -54.10M
Cash From Financing Activities 164.6M 1.395B -54.00M
Net Change In Cash -25.50M 20.00M -500.0K
YoY Change -91.91% -4100.0% -103.45%
FREE CASH FLOW
Cash From Operating Activities $122.0M $31.80M $107.6M
Capital Expenditures $44.10M $24.40M $42.20M
Free Cash Flow $77.90M $7.400M $65.40M
YoY Change -51.79% -88.69% 37.97%

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<div style="display:flex;margin-top:6.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Summary of Business Activities</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Business Overview</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States and Canada. The Company serves both of the major customer types in the restaurant industry: (i) independent customers, and (ii) multi-unit, or “Chain” customers, which include some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, healthcare facilities, and retail establishments. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products, health and beauty care products and other items within the United States and Canada to vending distributors, big box retailers, theaters, convenience stores, drug stores, grocery stores, travel providers, and hospitality providers.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:Calibri;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On September 1, 2021, Performance Food Group Company completed the acquisition of Core-Mark. As a result, the Company expanded its convenience business, which now includes operations in Canada. Refer to Note 5. Business Combinations for additional details regarding the acquisition of Core-Mark.</span></p>
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
263900000
CY2021Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
159200000
CY2022Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
684900000
CY2021Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
299600000
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1300000
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
700000
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
300000
CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
300000
CY2022Q1 pfgc Outstanding Purchase Contract Obligations Amount
OutstandingPurchaseContractObligationsAmount
121100000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8400000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
17600000
us-gaap Net Income Loss
NetIncomeLoss
13100000
us-gaap Net Income Loss
NetIncomeLoss
16900000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152900000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132000000.0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146300000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131900000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1200000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154300000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133200000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147700000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132900000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12838800000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12838800000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
116500000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
44100000
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6845200000
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6845200000
CY2020Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
84200000
CY2020Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42200000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
23225100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
23225100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
215200000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
68500000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13892000000.0
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13892000000.0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
166300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
83000000.0
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
116500000
CY2020Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
84200000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
215200000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
166300000
us-gaap Interest Expense
InterestExpense
89200000
CY2022Q1 us-gaap Interest Expense
InterestExpense
45200000
CY2020Q4 us-gaap Interest Expense
InterestExpense
38100000
us-gaap Interest Expense
InterestExpense
76900000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
941000000.0
CY2022Q1 us-gaap Goodwill
Goodwill
2295700000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12838800000
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6845200000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11400000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22900000
CY2022Q1 us-gaap Assets
Assets
11956400000
CY2021Q3 us-gaap Assets
Assets
7845700000
CY2021Q3 us-gaap Goodwill
Goodwill
1354700000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
23225100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13892000000.0

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