$PFGC
Performance Food Group Co

2023 Q3 Form 10-K Financial Statement

#000095017023043011 Filed on August 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023
Revenue $14.87B $57.25B
YoY Change 1.89% 12.5%
Cost Of Revenue $13.20B $51.00B
YoY Change 0.74% 11.75%
Gross Profit $1.668B $6.255B
YoY Change 11.99% 19.0%
Gross Profit Margin 11.22% 10.92%
Selling, General & Admin $55.80M $221.6M
YoY Change 12.73% -90.97%
% of Gross Profit 3.34% 3.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.5M $315.7M
YoY Change 3.24% 12.87%
% of Gross Profit 7.64% 5.05%
Operating Expenses $1.407B $5.489B
YoY Change 5.21% 11.36%
Operating Profit $261.8M $765.8M
YoY Change 71.34% 133.9%
Interest Expense -$56.00M $218.0M
YoY Change 17.15% 19.19%
% of Operating Profit -21.39% 28.47%
Other Income/Expense, Net $300.0K -$221.8M
YoY Change -97.32% 38.37%
Pretax Income $206.1M $544.0M
YoY Change 77.37% 225.55%
Income Tax $56.00M $146.8M
% Of Pretax Income 27.17% 26.99%
Net Earnings $150.1M $397.2M
YoY Change 97.5% 253.07%
Net Earnings / Revenue 1.01% 0.69%
Basic Earnings Per Share $0.78 $2.58
Diluted Earnings Per Share $0.96 $2.54
COMMON SHARES
Basic Shares Outstanding 156.2M 154.2M
Diluted Shares Outstanding 156.6M 156.1M

Balance Sheet

Concept 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.70M $12.70M
YoY Change 9.48% 9.48%
Cash & Equivalents $20.00M
Short-Term Investments
Other Short-Term Assets $227.8M $227.8M
YoY Change -5.24% -5.24%
Inventory $3.390B $3.390B
Prepaid Expenses
Receivables $2.399B $2.399B
Other Receivables $41.70M $41.70M
Total Short-Term Assets $6.072B $6.072B
YoY Change 0.82% 0.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.264B $2.968B
YoY Change 6.07% 7.6%
Goodwill $2.301B
YoY Change 0.96%
Intangibles $1.028B
YoY Change -13.98%
Long-Term Investments
YoY Change
Other Assets $130.5M $130.5M
YoY Change 12.31% 5.84%
Total Long-Term Assets $6.428B $6.428B
YoY Change 1.12% 1.12%
TOTAL ASSETS
Total Short-Term Assets $6.072B $6.072B
Total Long-Term Assets $6.428B $6.428B
Total Assets $12.50B $12.50B
YoY Change 0.98% 0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.454B $2.454B
YoY Change -4.14% -4.14%
Accrued Expenses $997.0M $997.0M
YoY Change 0.34% 0.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $102.6M
YoY Change 28.41%
Total Short-Term Liabilities $3.553B $3.553B
YoY Change -2.2% -2.2%
LONG-TERM LIABILITIES
Long-Term Debt $3.460B $3.907B
YoY Change -11.48% -8.61%
Other Long-Term Liabilities $217.9M $846.8M
YoY Change 1.4% 13.56%
Total Long-Term Liabilities $3.678B $4.754B
YoY Change -10.81% -5.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.553B $3.553B
Total Long-Term Liabilities $3.678B $4.754B
Total Liabilities $8.754B $8.754B
YoY Change -3.58% -3.58%
SHAREHOLDERS EQUITY
Retained Earnings $867.0M
YoY Change 84.55%
Common Stock $2.865B
YoY Change 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.746B $3.746B
YoY Change
Total Liabilities & Shareholders Equity $12.50B $12.50B
YoY Change 0.98% 0.98%

Cashflow Statement

Concept 2023 Q3 2023
OPERATING ACTIVITIES
Net Income $150.1M $397.2M
YoY Change 97.5% 253.07%
Depreciation, Depletion And Amortization $127.5M $315.7M
YoY Change 3.24% 12.87%
Cash From Operating Activities $174.9M $832.1M
YoY Change -253.29% 200.94%
INVESTING ACTIVITIES
Capital Expenditures $92.50M $269.7M
YoY Change -223.83% 25.15%
Acquisitions $224.4M $63.80M
YoY Change -96.13%
Other Investing Activities $17.40M -$24.90M
YoY Change 1142.86% -98.49%
Cash From Investing Activities -$75.10M -$294.6M
YoY Change 2.46% -84.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.20M -536.2M
YoY Change -151.38% -133.9%
NET CHANGE
Cash From Operating Activities 174.9M 832.1M
Cash From Investing Activities -75.10M -294.6M
Cash From Financing Activities -95.20M -536.2M
Net Change In Cash 4.600M 1.300M
YoY Change -319.05% -137.14%
FREE CASH FLOW
Cash From Operating Activities $174.9M $832.1M
Capital Expenditures $92.50M $269.7M
Free Cash Flow $82.40M $562.4M
YoY Change -309.14% 821.97%

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<p style="text-indent:-4.749%;padding-left:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">1.</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;"> </span><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><span style="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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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><span style="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;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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 (the “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:0.0%;font-size:10.0pt;margin-top:18.0pt;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;">Fiscal Years</span><span style="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;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">The Company’s fiscal year ends on the Saturday nearest to June 30</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">th</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;">.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </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;">This resulted in a 52-week year for fiscal 2023, a 52-week year for fiscal 2022 and a 53-week year for fiscal 2021. References to “fiscal 2023” are to the 52-week period ended July 1, 2023, references to “fiscal 2022” are to the 52-week period ended July 2, 2022, and references to “fiscal 2021” are to the 53-week period ended July 3, 2021.</span><span style="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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;">Share Repurchase Program</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:12.0pt;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 November 16, 2022, the Board of Directors of the Company authorized a share repurchase program for up to $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">300</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;"> million of the Company’s outstanding common stock. This authorization replaces the previously authorized $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">250</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million share repurchase program. The share repurchase program has an expiration date of November 16, 2026 and may be amended, suspended, or discontinued at any time at the Company’s discretion, subject to compliance with applicable laws. During the fiscal year ended July 1, 2023, the Company rep</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">urchased and subsequently retired </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">0.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million shares of common stock, for a total of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">11.2</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;"> million. As of July 1, 2023, approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">288.8</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;"> m</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;">illion remained available for additional share repurchases.</span><span style="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;"> </span></p>
CY2021 us-gaap Goodwill And Intangible Asset Impairment
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CY2022Q3 us-gaap Goodwill
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CY2022Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Indefinite Lived Trade Names
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CY2022Q3 us-gaap Indefinite Lived Trade Names
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25600000
CY2023 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;">Use of Estimates</span><span style="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;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, and income taxes. Actual results could differ from these estimates.</span><span style="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;"> </span></p>
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CY2022Q3 us-gaap Inventory Lifo Reserve
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CY2022Q3 us-gaap Inventory Adjustments
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CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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0
CY2022 us-gaap Goodwill And Intangible Asset Impairment
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0
CY2023 us-gaap Excise And Sales Taxes
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3900000000
CY2022 us-gaap Excise And Sales Taxes
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3700000000
CY2021 us-gaap Excise And Sales Taxes
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CY2022Q3 us-gaap Contract With Customer Asset Net
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q3 us-gaap Goodwill Gross
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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314000000
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1002800000
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CY2022Q3 us-gaap Derivative Assets
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CY2023Q3 us-gaap Derivative Liabilities
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CY2022Q3 us-gaap Derivative Liability Not Offset Policy Election Deduction
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CY2022Q3 us-gaap Derivative Liabilities
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CY2023Q3 us-gaap Derivative Net Liability Position Aggregate Fair Value
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CY2022Q3 pfgc Insurance Program Liabilities
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CY2023 us-gaap Lessee Finance Lease Option To Extend
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CY2021 us-gaap Finance Lease Interest Expense
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CY2023 pfgc Finance Lease Cost
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CY2022 pfgc Finance Lease Cost
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CY2021 pfgc Finance Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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23700000
CY2023 us-gaap Lease Cost
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2022 us-gaap Finance Lease Interest Payment On Liability
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CY2021 us-gaap Finance Lease Interest Payment On Liability
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CY2022 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Finance Lease Principal Payments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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Files In Submission

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