$PFGC
Performance Food Group Co

2024 Q4 Form 10-Q Financial Statement

#000095017024122325 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $15.42B
YoY Change 3.7%
Cost Of Revenue $13.65B
YoY Change 3.44%
Gross Profit $1.764B
YoY Change 5.75%
Gross Profit Margin 11.44%
Selling, General & Admin $54.90M
YoY Change -1.61%
% of Gross Profit 3.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.40M
YoY Change -23.61%
% of Gross Profit 5.52%
Operating Expenses $1.549B
YoY Change 10.12%
Operating Profit $215.3M
YoY Change -17.76%
Interest Expense $66.80M
YoY Change -219.29%
% of Operating Profit 31.03%
Other Income/Expense, Net -$68.40M
YoY Change -22900.0%
Pretax Income $146.9M
YoY Change -28.72%
Income Tax $38.90M
% Of Pretax Income 26.48%
Net Earnings $108.0M
YoY Change -28.05%
Net Earnings / Revenue 0.7%
Basic Earnings Per Share $0.70
Diluted Earnings Per Share $0.69
COMMON SHARES
Basic Shares Outstanding 155.8M 155.8M
Diluted Shares Outstanding 156.2M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.50M
YoY Change 234.65%
Cash & Equivalents $50.30M
Short-Term Investments
Other Short-Term Assets $224.6M
YoY Change -1.4%
Inventory $3.678B
Prepaid Expenses
Receivables $2.497B
Other Receivables $27.80M
Total Short-Term Assets $6.470B
YoY Change 6.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.968B
YoY Change 31.11%
Goodwill $2.702B
YoY Change 17.41%
Intangibles $1.241B
YoY Change 20.67%
Long-Term Investments
YoY Change
Other Assets $153.8M
YoY Change 17.85%
Total Long-Term Assets $7.927B
YoY Change 23.33%
TOTAL ASSETS
Total Short-Term Assets $6.470B
Total Long-Term Assets $7.927B
Total Assets $14.40B
YoY Change 15.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.774B
YoY Change 13.07%
Accrued Expenses $878.1M
YoY Change -11.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.814B
YoY Change 7.33%
LONG-TERM LIABILITIES
Long-Term Debt $3.926B
YoY Change 13.46%
Other Long-Term Liabilities $271.6M
YoY Change 24.64%
Total Long-Term Liabilities $4.198B
YoY Change 14.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.814B
Total Long-Term Liabilities $4.198B
Total Liabilities $10.19B
YoY Change 16.39%
SHAREHOLDERS EQUITY
Retained Earnings $1.411B
YoY Change 62.73%
Common Stock $2.799B
YoY Change -2.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.208B
YoY Change
Total Liabilities & Shareholders Equity $14.40B
YoY Change 15.18%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $108.0M
YoY Change -28.05%
Depreciation, Depletion And Amortization $97.40M
YoY Change -23.61%
Cash From Operating Activities $53.50M
YoY Change -69.41%
INVESTING ACTIVITIES
Capital Expenditures $96.50M
YoY Change 4.32%
Acquisitions $574.3M
YoY Change 155.93%
Other Investing Activities -$573.3M
YoY Change -3394.83%
Cash From Investing Activities -$669.8M
YoY Change 791.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 638.9M
YoY Change -771.11%
NET CHANGE
Cash From Operating Activities 53.50M
Cash From Investing Activities -669.8M
Cash From Financing Activities 638.9M
Net Change In Cash 22.60M
YoY Change 391.3%
FREE CASH FLOW
Cash From Operating Activities $53.50M
Capital Expenditures $96.50M
Free Cash Flow -$43.00M
YoY Change -152.18%

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<div class="item-list-element-wrapper" style="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:4.537%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">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="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:10pt;font-family:Times New Roman;min-width:fit-content;"> </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;">Share Repurchase Program</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In November 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 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;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, 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-size:10pt;font-family:Times New Roman;min-width:fit-content;">three months ended September 28, 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;">0.4</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;"> 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;">29.5</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">74.69</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. During the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three months ended September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, 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;">0.5</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;">28.1</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">60.35</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. 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1100000
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
146900000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
163300000
CY2024Q3 us-gaap Assets
Assets
14396500000
CY2024Q2 us-gaap Assets
Assets
13392900000

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