$PFGC
Performance Food Group Co

2017 Q3 Form 10-Q Financial Statement

#000119312517337262 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4
Revenue $4.365B $4.052B
YoY Change -0.18% 4.06%
Cost Of Revenue $3.810B $3.535B
YoY Change -0.04% 3.74%
Gross Profit $554.7M $517.2M
YoY Change -1.18% 6.24%
Gross Profit Margin 12.71% 12.76%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.80M $20.80M
YoY Change -23.46% -27.27%
% of Gross Profit 4.47% 4.02%
Operating Expenses $504.2M $465.9M
YoY Change 1.96% 7.6%
Operating Profit $50.50M $51.30M
YoY Change -24.4% -4.65%
Interest Expense $14.60M $13.60M
YoY Change -181.11% -41.63%
% of Operating Profit 28.91% 26.51%
Other Income/Expense, Net -$14.30M -$13.10M
YoY Change 14200.0% -46.09%
Pretax Income $36.20M $38.20M
YoY Change -25.67% 29.49%
Income Tax $13.60M $15.30M
% Of Pretax Income 37.57% 40.05%
Net Earnings $22.60M $22.90M
YoY Change -22.6% 30.86%
Net Earnings / Revenue 0.52% 0.57%
Basic Earnings Per Share $0.22 $0.23
Diluted Earnings Per Share $0.22 $0.22
COMMON SHARES
Basic Shares Outstanding 100.9M 100.1M shares
Diluted Shares Outstanding 103.9M 102.7M shares

Balance Sheet

Concept 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $8.900M
YoY Change -25.69% -1.11%
Cash & Equivalents $21.00M $24.60M
Short-Term Investments
Other Short-Term Assets $35.00M $34.60M
YoY Change -12.72% -32.42%
Inventory $1.013B $985.1M
Prepaid Expenses
Receivables $1.029B $990.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.085B $2.020B
YoY Change 7.53% 4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $740.7M $699.8M
YoY Change 16.28% 17.08%
Goodwill $718.6M $687.5M
YoY Change 6.62% 2.83%
Intangibles $201.1M $168.3M
YoY Change 34.7% 2.94%
Long-Term Investments $100.0K
YoY Change
Other Assets $45.90M $44.70M
YoY Change 6.0% 68.05%
Total Long-Term Assets $1.719B $1.613B
YoY Change 13.37% 9.25%
TOTAL ASSETS
Total Short-Term Assets $2.085B $2.020B
Total Long-Term Assets $1.719B $1.613B
Total Assets $3.804B $3.633B
YoY Change 10.09% 6.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $907.1M $922.9M
YoY Change -1.19% 11.29%
Accrued Expenses $246.0M $197.6M
YoY Change 6.31% -9.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.800M $5.600M
YoY Change 141.67% -40.43%
Total Short-Term Liabilities $1.383B $1.251B
YoY Change 5.06% 3.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.242B $1.299B
YoY Change 11.72% 7.14%
Other Long-Term Liabilities $106.4M $105.5M
YoY Change -4.74% 10.82%
Total Long-Term Liabilities $1.348B $1.405B
YoY Change 10.22% 7.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.383B $1.251B
Total Long-Term Liabilities $1.348B $1.405B
Total Liabilities $2.879B $2.779B
YoY Change 8.52% 4.63%
SHAREHOLDERS EQUITY
Retained Earnings $66.60M $5.400M
YoY Change -328.08% -107.96%
Common Stock $856.5M $846.5M
YoY Change 2.23% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $925.5M $853.6M
YoY Change
Total Liabilities & Shareholders Equity $3.804B $3.633B
YoY Change 10.09% 6.46%

Cashflow Statement

Concept 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $22.60M $22.90M
YoY Change -22.6% 30.86%
Depreciation, Depletion And Amortization $24.80M $20.80M
YoY Change -23.46% -27.27%
Cash From Operating Activities $16.00M -$75.20M
YoY Change -86.27% -305.46%
INVESTING ACTIVITIES
Capital Expenditures $16.50M $45.10M
YoY Change -131.91% 78.97%
Acquisitions $63.20M $14.80M
YoY Change
Other Investing Activities -$47.60M -$14.70M
YoY Change -3075.0% -14800.0%
Cash From Investing Activities -$79.60M -$49.50M
YoY Change 58.88% 97.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 62.40M 122.7M
YoY Change -194.26% -976.43%
NET CHANGE
Cash From Operating Activities 16.00M -75.20M
Cash From Investing Activities -79.60M -49.50M
Cash From Financing Activities 62.40M 122.7M
Net Change In Cash -1.200M -2.000M
YoY Change -700.0% -20.0%
FREE CASH FLOW
Cash From Operating Activities $16.00M -$75.20M
Capital Expenditures $16.50M $45.10M
Free Cash Flow -$500.0K -$120.3M
YoY Change -100.3% -1155.26%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>Business Overview</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 restaurant 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Secondary Offerings</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In September 2017 Wellspring Capital Management (&#x201C;Wellspring&#x201D;) sold 5,000,000 shares of the Company&#x2019;s common stock in a transaction registered under the Securities Act. The Company did not receive any proceeds from this sale. As a result of this sale, Wellspring&#x2019;s ownership percentage was reduced to approximately 10.8% from 15.6%.</p> </div>
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CY2017Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left"><b>2.</b></td> <td align="left" valign="top"><b>Basis of Presentation</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The consolidated financial statements have been prepared by the Company, without audit, with the exception of the July&#xA0;1, 2017 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Company&#x2019;s Annual Report on Form <font style="white-space:nowrap">10-K</font> for the fiscal year ended July&#xA0;1, 2017 (the &#x201C;Form <font style="white-space:nowrap">10-K&#x201D;).&#xA0;The</font> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 Form <font style="white-space:nowrap">10-K.&#xA0;Certain</font> 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>
CY2017Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--07-01
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2017Q3 dei Document Period End Date
DocumentPeriodEndDate
2017-09-30
CY2017Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
22600000
CY2017Q3 us-gaap Loans Assumed1
LoansAssumed1
2800000
CY2017Q3 us-gaap Interest Paid
InterestPaid
8900000
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.375 pure
CY2017Q3 dei Entity Registrant Name
EntityRegistrantName
Performance Food Group Company
CY2017Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4364900000
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16500000
CY2017Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
63200000
CY2017Q3 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
800000
CY2017Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-2100000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
50500000
CY2017Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5000000
CY2017Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
20100000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22600000
CY2017Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3400000
CY2017Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1300000
CY2017Q3 us-gaap Gross Profit
GrossProfit
554700000
CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
100000
CY2017Q3 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
800000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
300000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-14300000
CY2017Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4500000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36200000
CY2017Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2700000
CY2017Q3 us-gaap Depreciation
Depreciation
24800000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13600000
CY2017Q3 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-400000
CY2017Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-7600000
CY2017Q3 us-gaap Interest Expense
InterestExpense
14600000
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-79600000
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
100000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3400000
CY2017Q3 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1200000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
31400000
CY2017Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4200000
CY2017Q3 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
400000
CY2017Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
62400000
CY2017Q3 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
66600000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2800000
CY2017Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000
CY2017Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
3810200000
CY2017Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
19700000
CY2017Q3 us-gaap Increase Decrease In Outstanding Checks Operating Activities
IncreaseDecreaseInOutstandingChecksOperatingActivities
-13200000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
504200000
CY2017Q3 pfgc Amortization Of Financing Costs And Other
AmortizationOfFinancingCostsAndOther
1200000
CY2017Q3 pfgc Earnings Before Interest Income Taxes Depreciation And Amortization
EarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
82200000

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