$PFGC
Performance Food Group Co

2022 Q4 Form 10-Q Financial Statement

#000095017022023873 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $14.72B $10.39B
YoY Change 41.72% 51.73%
Cost Of Revenue $13.14B $9.244B
YoY Change 42.19% 53.2%
Gross Profit $1.575B $1.142B
YoY Change 37.89% 40.83%
Gross Profit Margin 10.7% 11.0%
Selling, General & Admin $54.70M $29.60M
YoY Change 84.8% -5.73%
% of Gross Profit 3.47% 2.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.10M $98.70M
YoY Change -22.9% 17.22%
% of Gross Profit 4.83% 8.64%
Operating Expenses $1.384B $1.094B
YoY Change 26.49% 45.84%
Operating Profit $191.2M $48.20M
YoY Change 296.68% -20.85%
Interest Expense $50.40M $44.00M
YoY Change 14.55% 15.49%
% of Operating Profit 26.36% 91.29%
Other Income/Expense, Net -$61.30M $1.300M
YoY Change -4815.38% -103.61%
Pretax Income $129.9M $5.500M
YoY Change 2261.82% -77.91%
Income Tax $34.20M $800.0K
% Of Pretax Income 26.33% 14.55%
Net Earnings $95.70M $4.700M
YoY Change 1936.17% -73.3%
Net Earnings / Revenue 0.65% 0.05%
Basic Earnings Per Share $0.62 $0.03
Diluted Earnings Per Share $0.62 $0.03
COMMON SHARES
Basic Shares Outstanding 153.8M 139.7M
Diluted Shares Outstanding 155.6M 141.2M

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.60M $35.10M
YoY Change -69.8% -91.58%
Cash & Equivalents $17.70M $42.20M
Short-Term Investments
Other Short-Term Assets $213.7M $211.7M
YoY Change 0.94% 136.8%
Inventory $3.335B $2.864B
Prepaid Expenses
Receivables $2.297B $2.165B
Other Receivables $11.50M $73.10M
Total Short-Term Assets $5.868B $5.349B
YoY Change 9.7% 66.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.128B $2.629B
YoY Change -19.08% 33.09%
Goodwill $2.279B
YoY Change
Intangibles $1.151B
YoY Change
Long-Term Investments
YoY Change
Other Assets $129.6M $103.0M
YoY Change 25.83% 31.71%
Total Long-Term Assets $6.301B $6.233B
YoY Change 1.09% 45.88%
TOTAL ASSETS
Total Short-Term Assets $5.868B $5.349B
Total Long-Term Assets $6.301B $6.233B
Total Assets $12.17B $11.58B
YoY Change 5.07% 54.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.629B $2.374B
YoY Change 10.72% 131.57%
Accrued Expenses $861.3M $815.7M
YoY Change 5.59% 45.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $71.50M
YoY Change -100.0% -34.4%
Total Short-Term Liabilities $3.573B $3.261B
YoY Change 9.57% 59.91%
LONG-TERM LIABILITIES
Long-Term Debt $3.664B $3.670B
YoY Change -0.16% 46.33%
Other Long-Term Liabilities $221.5M $235.6M
YoY Change -5.98% -57.08%
Total Long-Term Liabilities $3.886B $3.905B
YoY Change -0.51% 55.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.573B $3.261B
Total Long-Term Liabilities $3.886B $3.905B
Total Liabilities $8.768B $8.458B
YoY Change 3.66% 55.29%
SHAREHOLDERS EQUITY
Retained Earnings $565.5M $362.0M
YoY Change 56.22%
Common Stock $2.820B $2.766B
YoY Change 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.401B $3.124B
YoY Change
Total Liabilities & Shareholders Equity $12.17B $11.58B
YoY Change 5.07% 54.55%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $95.70M $4.700M
YoY Change 1936.17% -73.3%
Depreciation, Depletion And Amortization $76.10M $98.70M
YoY Change -22.9% 17.22%
Cash From Operating Activities $315.9M $31.80M
YoY Change 893.4% -70.45%
INVESTING ACTIVITIES
Capital Expenditures $40.10M $24.40M
YoY Change 64.34% -42.18%
Acquisitions $0.00 $1.383B
YoY Change -100.0%
Other Investing Activities $400.0K -$1.382B
YoY Change -100.03% 11515.13%
Cash From Investing Activities -$39.70M -$1.407B
YoY Change -97.18% 2500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -277.2M 1.395B
YoY Change -119.87% -2682.96%
NET CHANGE
Cash From Operating Activities 315.9M 31.80M
Cash From Investing Activities -39.70M -1.407B
Cash From Financing Activities -277.2M 1.395B
Net Change In Cash -1.000M 20.00M
YoY Change -105.0% -4100.0%
FREE CASH FLOW
Cash From Operating Activities $315.9M $31.80M
Capital Expenditures $40.10M $24.40M
Free Cash Flow $275.8M $7.400M
YoY Change 3627.03% -88.69%

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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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 North America. 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 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:&quot;Calibri&quot;, sans-serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">On September 1, 2021, Performance Food Group Company completed the acquisition of Core-Mark. Refer to Note 5.</span><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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> Business Combinations</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> for additional details regarding the acquisition of Core-Mark.</span></p>
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-5300000
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129900000
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5500000
CY2022Q4 us-gaap Assets
Assets
12168600000
CY2022Q3 us-gaap Assets
Assets
12378000000.0

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