$PFGC
Performance Food Group Co

2023 Q4 Form 10-Q Financial Statement

#000095017023061166 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $14.30B $14.87B $14.72B
YoY Change -2.88% 1.89% 41.72%
Cost Of Revenue $12.70B $13.20B $13.14B
YoY Change -3.4% 0.74% 42.19%
Gross Profit $1.598B $1.668B $1.575B
YoY Change 1.46% 11.99% 37.89%
Gross Profit Margin 11.18% 11.22% 10.7%
Selling, General & Admin $58.30M $55.80M $54.70M
YoY Change 6.58% 12.73% 84.8%
% of Gross Profit 3.65% 3.34% 3.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $143.3M $127.5M $76.10M
YoY Change 88.3% 3.24% -22.9%
% of Gross Profit 8.97% 7.64% 4.83%
Operating Expenses $1.424B $1.407B $1.384B
YoY Change 2.91% 5.21% 26.49%
Operating Profit $173.9M $261.8M $191.2M
YoY Change -9.05% 71.34% 296.68%
Interest Expense $61.40M -$56.00M $50.40M
YoY Change 21.83% 17.15% 14.55%
% of Operating Profit 35.31% -21.39% 26.36%
Other Income/Expense, Net -$62.20M $300.0K -$61.30M
YoY Change 1.47% -97.32% -4815.38%
Pretax Income $111.7M $206.1M $129.9M
YoY Change -14.01% 77.37% 2261.82%
Income Tax $33.40M $56.00M $34.20M
% Of Pretax Income 29.9% 27.17% 26.33%
Net Earnings $78.30M $150.1M $95.70M
YoY Change -18.18% 97.5% 1936.17%
Net Earnings / Revenue 0.55% 1.01% 0.65%
Basic Earnings Per Share $0.51 $0.78 $0.62
Diluted Earnings Per Share $0.50 $0.96 $0.62
COMMON SHARES
Basic Shares Outstanding 155.6M 156.2M 153.8M
Diluted Shares Outstanding 155.7M 156.6M 155.6M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.40M $12.70M $10.60M
YoY Change 54.72% 9.48% -69.8%
Cash & Equivalents $23.90M $20.00M $17.70M
Short-Term Investments
Other Short-Term Assets $236.5M $227.8M $213.7M
YoY Change 10.67% -5.24% 0.94%
Inventory $3.342B $3.390B $3.335B
Prepaid Expenses
Receivables $2.299B $2.399B $2.297B
Other Receivables $62.40M $41.70M $11.50M
Total Short-Term Assets $5.956B $6.072B $5.868B
YoY Change 1.51% 0.82% 9.7%
LONG-TERM ASSETS
Property, Plant & Equipment $2.466B $2.264B $2.128B
YoY Change 15.89% 6.07% -19.08%
Goodwill $2.418B $2.301B $2.279B
YoY Change 6.1% 0.96%
Intangibles $1.073B $1.028B $1.151B
YoY Change -6.84% -13.98%
Long-Term Investments
YoY Change
Other Assets $158.6M $130.5M $129.6M
YoY Change 22.38% 12.31% 25.83%
Total Long-Term Assets $6.956B $6.428B $6.301B
YoY Change 10.4% 1.12% 1.09%
TOTAL ASSETS
Total Short-Term Assets $5.956B $6.072B $5.868B
Total Long-Term Assets $6.956B $6.428B $6.301B
Total Assets $12.91B $12.50B $12.17B
YoY Change 6.11% 0.98% 5.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.424B $2.454B $2.629B
YoY Change -7.8% -4.14% 10.72%
Accrued Expenses $945.4M $997.0M $861.3M
YoY Change 9.76% 0.34% 5.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.488B $3.553B $3.573B
YoY Change -2.4% -2.2% 9.57%
LONG-TERM LIABILITIES
Long-Term Debt $3.502B $3.460B $3.664B
YoY Change -4.42% -11.48% -0.16%
Other Long-Term Liabilities $277.2M $217.9M $221.5M
YoY Change 25.15% 1.4% -5.98%
Total Long-Term Liabilities $3.779B $3.678B $3.886B
YoY Change -2.74% -10.81% -0.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.488B $3.553B $3.573B
Total Long-Term Liabilities $3.779B $3.678B $3.886B
Total Liabilities $9.051B $8.754B $8.768B
YoY Change 3.23% -3.58% 3.66%
SHAREHOLDERS EQUITY
Retained Earnings $1.066B $867.0M $565.5M
YoY Change 88.51% 84.55% 56.22%
Common Stock $2.788B $2.865B $2.820B
YoY Change -1.13% 1.64% 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.862B $3.746B $3.401B
YoY Change
Total Liabilities & Shareholders Equity $12.91B $12.50B $12.17B
YoY Change 6.11% 0.98% 5.07%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income $78.30M $150.1M $95.70M
YoY Change -18.18% 97.5% 1936.17%
Depreciation, Depletion And Amortization $143.3M $127.5M $76.10M
YoY Change 88.3% 3.24% -22.9%
Cash From Operating Activities $466.9M $174.9M $315.9M
YoY Change 47.8% -253.29% 893.4%
INVESTING ACTIVITIES
Capital Expenditures $93.90M $92.50M $40.10M
YoY Change 134.16% -223.83% 64.34%
Acquisitions $224.4M $0.00
YoY Change -100.0%
Other Investing Activities -$75.60M $17.40M $400.0K
YoY Change -19000.0% 1142.86% -100.03%
Cash From Investing Activities -$169.5M -$75.10M -$39.70M
YoY Change 326.95% 2.46% -97.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -288.7M -95.20M -277.2M
YoY Change 4.15% -151.38% -119.87%
NET CHANGE
Cash From Operating Activities 466.9M 174.9M 315.9M
Cash From Investing Activities -169.5M -75.10M -39.70M
Cash From Financing Activities -288.7M -95.20M -277.2M
Net Change In Cash 8.700M 4.600M -1.000M
YoY Change -970.0% -319.05% -105.0%
FREE CASH FLOW
Cash From Operating Activities $466.9M $174.9M $315.9M
Capital Expenditures $93.90M $92.50M $40.10M
Free Cash Flow $373.0M $82.40M $275.8M
YoY Change 35.24% -309.14% 3627.03%

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CY2023Q3 us-gaap Nature Of Operations
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<div style="text-indent:0;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Summary of Business Activities</span></div></div><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Business Overview</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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 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></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Share Repurchase Program</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">300</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of the Company’s outstanding common stock. This authorization replaced the previously authorized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three months ended September 30, 2023, the Company repurchased and subsequently retired </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock, for a total of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">28.1</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million or an average cost of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">60.37</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. As of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023, approximately $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">260.7</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million remained available for additional share repurchases. During fiscal October 2023, the Company repurchase</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">d </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of common stock for a total of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">27.9</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million or an average cost of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">55.69</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">share.</span></p>
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CY2023Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
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These leases relate primarily to build-to-suit warehouse leases which will replace existing distribution centers and will commence upon building completion with terms of 15 to 25 years. In addition, these leases include vehicle leases expected to commence in fiscal 2024 with lease terms of 2 to 10 years.
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1800000
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1800000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156600000
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
155600000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2023Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14938600000
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14938600000
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
129300000
CY2023Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53200000
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14719300000
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14719300000
CY2022Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
119200000
CY2022Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40100000
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
129300000
CY2022Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
119200000
CY2023Q3 us-gaap Interest Expense
InterestExpense
56100000
CY2022Q4 us-gaap Interest Expense
InterestExpense
50400000
CY2023Q3 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
19200000
CY2022Q4 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
26800000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-10700000
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-11500000
CY2023Q3 pfgc Loss Gain On Fuel Derivatives
LossGainOnFuelDerivatives
-3500000
CY2022Q4 pfgc Loss Gain On Fuel Derivatives
LossGainOnFuelDerivatives
9800000
CY2023Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
-9800000
CY2022Q4 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
-3000000
CY2023Q3 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
1100000
CY2022Q4 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-4100000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
163300000
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129900000
CY2023Q3 us-gaap Assets
Assets
12903200000
CY2023Q3 us-gaap Assets
Assets
12499000000
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0000950170-23-061166-index-headers.html Edgar Link pending
0000950170-23-061166-index.html Edgar Link pending
0000950170-23-061166.txt Edgar Link pending
0000950170-23-061166-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
img132806080_0.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
pfgc-20230930.htm Edgar Link pending
pfgc-20230930.xsd Edgar Link pending
pfgc-ex31_1.htm Edgar Link pending
pfgc-ex31_2.htm Edgar Link pending
pfgc-ex32_1.htm Edgar Link pending
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pfgc-20230930_cal.xml Edgar Link unprocessable
pfgc-20230930_def.xml Edgar Link unprocessable
pfgc-20230930_pre.xml Edgar Link unprocessable
pfgc-20230930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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pfgc-20230930_lab.xml Edgar Link unprocessable