$PFGC
Performance Food Group Co

2015 Q4 Form 10-Q Financial Statement

#000119312516449359 Filed on February 03, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $3.894B $3.793B
YoY Change 2.67%
Cost Of Revenue $3.407B $3.335B
YoY Change 2.16%
Gross Profit $486.8M $457.3M
YoY Change 6.45%
Gross Profit Margin 12.5% 12.06%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.60M $30.80M
YoY Change -7.14%
% of Gross Profit 5.88% 6.74%
Operating Expenses $433.0M $410.2M
YoY Change 5.56%
Operating Profit $53.80M $47.10M
YoY Change 14.23%
Interest Expense $23.30M $21.80M
YoY Change 6.88%
% of Operating Profit 43.31% 46.28%
Other Income/Expense, Net -$24.30M -$24.50M
YoY Change -0.82%
Pretax Income $29.50M $22.60M
YoY Change 30.53%
Income Tax $12.00M $9.800M
% Of Pretax Income 40.68% 43.36%
Net Earnings $17.50M $12.80M
YoY Change 36.72%
Net Earnings / Revenue 0.45% 0.34%
Basic Earnings Per Share $0.18 $0.15
Diluted Earnings Per Share $0.17 $0.15
COMMON SHARES
Basic Shares Outstanding 99.11M shares 86.87M shares
Diluted Shares Outstanding 100.4M shares 87.64M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $51.20M
YoY Change
Inventory $911.6M
Prepaid Expenses
Receivables $963.9M
Other Receivables $0.00
Total Short-Term Assets $1.936B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $597.7M
YoY Change
Goodwill $668.6M
YoY Change
Intangibles $163.5M
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.60M
YoY Change
Total Long-Term Assets $1.477B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.936B
Total Long-Term Assets $1.477B
Total Assets $3.412B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $829.3M
YoY Change
Accrued Expenses $217.9M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $9.400M
YoY Change
Total Short-Term Liabilities $1.214B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.213B
YoY Change
Other Long-Term Liabilities $95.20M
YoY Change
Total Long-Term Liabilities $1.308B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.214B
Total Long-Term Liabilities $1.308B
Total Liabilities $2.656B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$67.80M
YoY Change
Common Stock $827.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $756.1M $455.8M
YoY Change
Total Liabilities & Shareholders Equity $3.412B
YoY Change

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $17.50M $12.80M
YoY Change 36.72%
Depreciation, Depletion And Amortization $28.60M $30.80M
YoY Change -7.14%
Cash From Operating Activities $36.60M $33.20M
YoY Change 10.24%
INVESTING ACTIVITIES
Capital Expenditures $25.20M $21.60M
YoY Change 16.67%
Acquisitions $400.0K
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change
Cash From Investing Activities -$25.10M -$21.60M
YoY Change 16.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.00M -13.70M
YoY Change 2.19%
NET CHANGE
Cash From Operating Activities 36.60M 33.20M
Cash From Investing Activities -25.10M -21.60M
Cash From Financing Activities -14.00M -13.70M
Net Change In Cash -2.500M -2.100M
YoY Change 19.05%
FREE CASH FLOW
Cash From Operating Activities $36.60M $33.20M
Capital Expenditures $25.20M $21.60M
Free Cash Flow $11.40M $11.60M
YoY Change -1.72%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Summary of Business Activities</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 112px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Business Overview</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> Performance Food Group Company, through its subsidiaries, markets and distributes national and company-branded food and food-related products to customer locations across the United States. The Company serves both of the major customer types in the restaurant industry: (i)&#xA0;independent, or &#x201C;Street&#x201D; customers, and (ii)&#xA0;multi-unit, or &#x201C;Chain&#x201D; customers, which include regional and national family and casual dining restaurants chains, fast casual chains, and quick-service restaurants. The Company also serves schools, healthcare facilities, business and industry locations, and other institutional customers.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 112px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Reverse Stock Split</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> On August&#xA0;28, 2015, the Company effected a 0.485 for one reverse stock split of its Class&#xA0;A and Class B common stock and a reclassification of its Class&#xA0;A common stock and its Class B common stock into a single class. The Company retained the par value of $0.01 per share for all shares of common stock. All references to numbers of common shares and per-share data in the accompanying financial statements have been adjusted to reflect the stock split on a retroactive basis. Shareholders&#x2019; equity reflects the stock split by reclassifying from Common stock to Additional paid-in capital an amount equal to the par value of the reduction in shares arising from the reverse stock split.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 112px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Initial Public Offering</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> On October&#xA0;6, 2015, the Company completed an initial public offering (&#x201C;IPO&#x201D;) of 16,675,000 shares of common stock for a cash offering price of $19.00 per share ($17.955 per share net of underwriting discounts), including the exercise in full by underwriters of their option to purchase additional shares. The Company sold an aggregate of 12,777,325 shares of such common stock and certain selling stockholders sold 3,897,675 shares (including the shares sold pursuant to the underwriters&#x2019; option to purchase additional shares). The offering was registered under the Securities Act of 1933, as amended, on a registration statement on Form S-1 (Registration No.&#xA0;333-198654). Our common stock is listed on the New York Stock Exchange under the ticker symbol &#x201C;PFGC.&#x201D;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The aggregate offering price of the amount of newly issued common stock sold was $242.8 million. In connection with the offering, we paid the underwriters a discount of $1.045 per share, for a total underwriting discount of $13.4 million. In addition, the Company incurred direct offering expenses consisting of legal, accounting, and printing costs of $5.7 million in connection with the IPO, of which $2.6 million was paid during the six months ended December&#xA0;26, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> We used the net offering proceeds to us, after deducting the underwriting discount and our direct offering expenses, to repay $223.0 million aggregate principal amount of indebtedness under the Term Facility (see Note 5,&#xA0;<i>Debt</i>). We used the remainder of the net proceeds for general corporate purposes.</p> </div>
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us-gaap Basis Of Accounting
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June&#xA0;27, 2015 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Company&#x2019;s Registration Statement on Form S-1 (File No.&#xA0;333-198654), as amended (the &#x201C;Registration Statement&#x201D;).&#xA0;The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders&#x2019; equity, and consolidated statements of cash flows.&#xA0;In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders&#x2019; equity, and cash flows for all periods presented have been made.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) 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.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Registration Statement.&#xA0;Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.</p> </div>
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