$PFGC
Performance Food Group Co

2024 Q2 Form 10-Q Financial Statement

#000095017024055773 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $15.19B $13.86B
YoY Change 10.3%
Cost Of Revenue $13.44B $12.29B
YoY Change 9.65%
Gross Profit $1.747B $1.569B
YoY Change 15.56%
Gross Profit Margin 11.5% 11.32%
Selling, General & Admin $54.00M $54.50M
YoY Change -5.59%
% of Gross Profit 3.09% 3.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $144.8M $139.3M
YoY Change 16.03%
% of Gross Profit 8.29% 8.88%
Operating Expenses $1.466B $1.414B
YoY Change 9.14%
Operating Profit $281.4M $154.9M
YoY Change 66.71%
Interest Expense -$57.60M $57.10M
YoY Change -203.04%
% of Operating Profit -20.47% 36.86%
Other Income/Expense, Net $1.200M -$58.10M
YoY Change -102.11%
Pretax Income $225.0M $96.80M
YoY Change 101.25%
Income Tax $58.50M $26.40M
% Of Pretax Income 26.0% 27.27%
Net Earnings $166.5M $70.40M
YoY Change 107.35%
Net Earnings / Revenue 1.1% 0.51%
Basic Earnings Per Share $0.46
Diluted Earnings Per Share $1.07 $0.45
COMMON SHARES
Basic Shares Outstanding 155.6M 155.6M
Diluted Shares Outstanding 156.1M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $16.50M
YoY Change 143.9%
Cash & Equivalents $27.70M $24.10M
Short-Term Investments
Other Short-Term Assets $268.1M $260.1M
YoY Change 15.81%
Inventory $3.315B $3.107B
Prepaid Expenses
Receivables $2.479B $2.365B
Other Receivables $71.60M $74.20M
Total Short-Term Assets $6.153B $5.823B
YoY Change 5.49%
LONG-TERM ASSETS
Property, Plant & Equipment $2.789B $2.571B
YoY Change 26.91%
Goodwill $2.418B $2.419B
YoY Change 5.02%
Intangibles $971.1M $1.023B
YoY Change -9.55%
Long-Term Investments
YoY Change
Other Assets $186.2M $177.3M
YoY Change 51.75%
Total Long-Term Assets $7.240B $7.051B
YoY Change 13.89%
TOTAL ASSETS
Total Short-Term Assets $6.153B $5.823B
Total Long-Term Assets $7.240B $7.051B
Total Assets $13.39B $12.87B
YoY Change 9.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.594B $2.508B
YoY Change 4.72%
Accrued Expenses $1.017B $903.3M
YoY Change 14.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $3.758B $3.541B
YoY Change 8.71%
LONG-TERM LIABILITIES
Long-Term Debt $3.199B $3.215B
YoY Change -9.45%
Other Long-Term Liabilities $289.0M $290.5M
YoY Change 38.21%
Total Long-Term Liabilities $3.488B $3.506B
YoY Change -6.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.758B $3.541B
Total Long-Term Liabilities $3.488B $3.506B
Total Liabilities $9.266B $8.921B
YoY Change 7.65%
SHAREHOLDERS EQUITY
Retained Earnings $1.303B $1.136B
YoY Change 81.74%
Common Stock $2.820B $2.810B
YoY Change -1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.127B $3.953B
YoY Change
Total Liabilities & Shareholders Equity $13.39B $12.87B
YoY Change 9.87%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $166.5M $70.40M
YoY Change 107.35%
Depreciation, Depletion And Amortization $144.8M $139.3M
YoY Change 16.03%
Cash From Operating Activities $206.3M $402.7M
YoY Change -11.35%
INVESTING ACTIVITIES
Capital Expenditures $151.2M $97.30M
YoY Change 91.15%
Acquisitions $579.0M
YoY Change
Other Investing Activities $1.500M $700.0K
YoY Change -92.46%
Cash From Investing Activities -$149.7M -$96.60M
YoY Change 152.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.00M -305.9M
YoY Change -69.08%
NET CHANGE
Cash From Operating Activities 206.3M 402.7M
Cash From Investing Activities -149.7M -96.60M
Cash From Financing Activities -53.00M -305.9M
Net Change In Cash 3.600M 200.0K
YoY Change 71.43%
FREE CASH FLOW
Cash From Operating Activities $206.3M $402.7M
Capital Expenditures $151.2M $97.30M
Free Cash Flow $55.10M $305.4M
YoY Change -64.13%

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<p style="font-size:10pt;margin-top:0;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;">1. Summary of Business Activities</span></p><p style="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-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><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;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-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;min-width:fit-content;">300</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of the Company’s outstanding c</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ommon stock. This authorization replaced the previously authorized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;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, s</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">uspended, or discontinued at any time at the Company’s discretion, subject to compliance with applicable laws. T</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">he Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">t repurchase any shares of common stock during the three months ended</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> March 30, 2024. During the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> nine months ended March 30, 2024, the Company repurchased and subsequently retired </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.3</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">78.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">or an average cost of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">58.83</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. As of March 30, 2024, approximately </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">210.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million remained available for additional share repurchases.</span></p>
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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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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Interest Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 pfgc Loss Gain On Fuel Derivatives
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pfgc Loss Gain On Fuel Derivatives
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CY2024Q1 us-gaap Business Combination Acquisition Related Costs
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CY2023Q2 us-gaap Business Combination Acquisition Related Costs
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us-gaap Business Combination Acquisition Related Costs
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us-gaap Business Combination Acquisition Related Costs
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CY2024Q1 us-gaap Income Tax Credits And Adjustments
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CY2023Q2 us-gaap Income Tax Credits And Adjustments
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us-gaap Income Tax Credits And Adjustments
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us-gaap Income Tax Credits And Adjustments
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CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q1 us-gaap Assets
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CY2023Q3 us-gaap Assets
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false

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