$PFGC
Performance Food Group Co

2022 Q2 Form 10-Q Financial Statement

#000095017022009353 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q2
Revenue $13.08B $12.84B
YoY Change 78.25%
Cost Of Revenue $11.73B $11.56B
YoY Change 81.48%
Gross Profit $1.346B $1.279B
YoY Change 53.57%
Gross Profit Margin 10.29% 9.96%
Selling, General & Admin $54.50M $38.70M
YoY Change 22.08%
% of Gross Profit 4.05% 3.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $124.1M $116.5M
YoY Change 44.18%
% of Gross Profit 9.22% 9.11%
Operating Expenses $1.277B $1.221B
YoY Change 50.87%
Operating Profit $68.60M $57.80M
YoY Change 147.01%
Interest Expense $45.90M $45.20M
YoY Change 21.83%
% of Operating Profit 66.91% 78.2%
Other Income/Expense, Net -$34.60M -$46.40M
YoY Change 30.7%
Pretax Income $34.00M $11.40M
YoY Change -194.21%
Income Tax $10.60M $3.000M
% Of Pretax Income 31.18% 26.32%
Net Earnings $23.40M $8.400M
YoY Change -210.53%
Net Earnings / Revenue 0.18% 0.07%
Basic Earnings Per Share $0.15 $0.05
Diluted Earnings Per Share $0.15 $0.05
COMMON SHARES
Basic Shares Outstanding 153.3M 152.9M
Diluted Shares Outstanding 154.9M 154.3M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.70M $9.600M
YoY Change -90.54%
Cash & Equivalents $20.80M $16.70M $20.80M
Short-Term Investments
Other Short-Term Assets $226.1M $205.2M
YoY Change 99.22%
Inventory $3.085B $3.191B
Prepaid Expenses
Receivables $2.186B $2.033B
Other Receivables $57.60M $72.60M
Total Short-Term Assets $5.568B $5.511B
YoY Change 73.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.105B $2.102B
YoY Change 4.85%
Goodwill $2.279B $2.296B
YoY Change
Intangibles $1.244B $1.289B
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.3M $106.9M
YoY Change 37.23%
Total Long-Term Assets $6.411B $6.445B
YoY Change 50.92%
TOTAL ASSETS
Total Short-Term Assets $5.568B $5.511B
Total Long-Term Assets $6.411B $6.445B
Total Assets $11.98B $11.96B
YoY Change 60.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.556B $2.446B
YoY Change 61.68%
Accrued Expenses $871.4M $872.5M
YoY Change 35.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $76.20M $74.60M
YoY Change 64.68%
Total Short-Term Liabilities $3.504B $3.394B
YoY Change 46.78%
LONG-TERM LIABILITIES
Long-Term Debt $3.721B $3.847B
YoY Change 79.0%
Other Long-Term Liabilities $217.1M $210.7M
YoY Change -62.65%
Total Long-Term Liabilities $3.938B $4.058B
YoY Change 88.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.504B $3.394B
Total Long-Term Liabilities $3.938B $4.058B
Total Liabilities $8.775B $8.796B
YoY Change 97.16%
SHAREHOLDERS EQUITY
Retained Earnings $393.8M $370.4M
YoY Change
Common Stock $2.799B $2.790B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.205B $3.161B
YoY Change
Total Liabilities & Shareholders Equity $11.98B $11.96B
YoY Change 60.49%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q2
OPERATING ACTIVITIES
Net Income $23.40M $8.400M
YoY Change -210.53%
Depreciation, Depletion And Amortization $124.1M $116.5M
YoY Change 44.18%
Cash From Operating Activities $236.8M $122.0M
YoY Change -38.23%
INVESTING ACTIVITIES
Capital Expenditures $72.30M $44.10M
YoY Change 22.84%
Acquisitions
YoY Change
Other Investing Activities $2.800M -$268.0M
YoY Change 4601.75%
Cash From Investing Activities -$69.50M -$312.1M
YoY Change 650.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.2M 164.6M
YoY Change -134.94%
NET CHANGE
Cash From Operating Activities 236.8M 122.0M
Cash From Investing Activities -69.50M -312.1M
Cash From Financing Activities -163.2M 164.6M
Net Change In Cash 4.100M -25.50M
YoY Change -91.91%
FREE CASH FLOW
Cash From Operating Activities $236.8M $122.0M
Capital Expenditures $72.30M $44.10M
Free Cash Flow $164.5M $77.90M
YoY Change -51.79%

Facts In Submission

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<div style="text-indent:0.0%;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;min-width:fit-content;text-indent:0;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;"> </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;min-width:fit-content;">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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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
23400000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-7600000
us-gaap Net Income Loss
NetIncomeLoss
36500000
us-gaap Net Income Loss
NetIncomeLoss
9300000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153300000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132300000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132000000.0
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1600000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1600000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1200000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154900000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132300000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150200000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133200000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13079000000.0
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13079000000.0
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
124100000
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
72300000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7202500000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7202500000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
80800000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35900000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
36304100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
36304100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
339300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
140800000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21094500000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21094500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
247100000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
118900000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
124100000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
80800000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
339300000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
247100000
CY2022Q2 us-gaap Interest Expense
InterestExpense
45900000
CY2021Q1 us-gaap Interest Expense
InterestExpense
37100000
us-gaap Interest Expense
InterestExpense
135100000
us-gaap Interest Expense
InterestExpense
114000000.0
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34000000.0
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10800000
CY2022Q2 us-gaap Assets
Assets
11979600000
CY2021Q3 us-gaap Assets
Assets
7845700000
CY2021Q3 us-gaap Goodwill
Goodwill
1354700000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
936800000
CY2022Q2 us-gaap Goodwill
Goodwill
2291500000
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13079000000.0
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7202500000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
36304100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21094500000

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