$PFGC
Performance Food Group Co

2017 Q4 Form 10-Q Financial Statement

#000119312518034733 Filed on February 07, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $4.311B $4.365B $4.052B
YoY Change 6.4% -0.18% 4.06%
Cost Of Revenue $3.744B $3.810B $3.535B
YoY Change 5.91% -0.04% 3.74%
Gross Profit $567.6M $554.7M $517.2M
YoY Change 9.74% -1.18% 6.24%
Gross Profit Margin 13.17% 12.71% 12.76%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.30M $24.80M $20.80M
YoY Change 55.29% -23.46% -27.27%
% of Gross Profit 5.69% 4.47% 4.02%
Operating Expenses $518.5M $504.2M $465.9M
YoY Change 11.29% 1.96% 7.6%
Operating Profit $49.10M $50.50M $51.30M
YoY Change -4.29% -24.4% -4.65%
Interest Expense $15.10M $14.60M $13.60M
YoY Change 11.03% -181.11% -41.63%
% of Operating Profit 30.75% 28.91% 26.51%
Other Income/Expense, Net -$15.00M -$14.30M -$13.10M
YoY Change 14.5% 14200.0% -46.09%
Pretax Income $34.10M $36.20M $38.20M
YoY Change -10.73% -25.67% 29.49%
Income Tax -$43.90M $13.60M $15.30M
% Of Pretax Income -128.74% 37.57% 40.05%
Net Earnings $78.00M $22.60M $22.90M
YoY Change 240.61% -22.6% 30.86%
Net Earnings / Revenue 1.81% 0.52% 0.57%
Basic Earnings Per Share $0.77 $0.22 $0.23
Diluted Earnings Per Share $0.75 $0.22 $0.22
COMMON SHARES
Basic Shares Outstanding 101.4M 100.9M 100.1M shares
Diluted Shares Outstanding 104.5M 103.9M 102.7M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.10M $8.100M $8.900M
YoY Change 13.48% -25.69% -1.11%
Cash & Equivalents $23.00M $21.00M $24.60M
Short-Term Investments
Other Short-Term Assets $51.60M $35.00M $34.60M
YoY Change 49.13% -12.72% -32.42%
Inventory $1.043B $1.013B $985.1M
Prepaid Expenses
Receivables $1.035B $1.029B $990.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.140B $2.085B $2.020B
YoY Change 5.96% 7.53% 4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $734.9M $740.7M $699.8M
YoY Change 5.02% 16.28% 17.08%
Goodwill $740.1M $718.6M $687.5M
YoY Change 7.65% 6.62% 2.83%
Intangibles $206.8M $201.1M $168.3M
YoY Change 22.88% 34.7% 2.94%
Long-Term Investments $100.0K
YoY Change
Other Assets $47.90M $45.90M $44.70M
YoY Change 7.16% 6.0% 68.05%
Total Long-Term Assets $1.743B $1.719B $1.613B
YoY Change 8.02% 13.37% 9.25%
TOTAL ASSETS
Total Short-Term Assets $2.140B $2.085B $2.020B
Total Long-Term Assets $1.743B $1.719B $1.613B
Total Assets $3.883B $3.804B $3.633B
YoY Change 6.87% 10.09% 6.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $886.9M $907.1M $922.9M
YoY Change -3.9% -1.19% 11.29%
Accrued Expenses $204.8M $246.0M $197.6M
YoY Change 3.64% 6.31% -9.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000M $5.800M $5.600M
YoY Change 25.0% 141.67% -40.43%
Total Short-Term Liabilities $1.280B $1.383B $1.251B
YoY Change 2.35% 5.06% 3.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.359B $1.242B $1.299B
YoY Change 4.57% 11.72% 7.14%
Other Long-Term Liabilities $114.9M $106.4M $105.5M
YoY Change 8.91% -4.74% 10.82%
Total Long-Term Liabilities $1.474B $1.348B $1.405B
YoY Change 4.9% 10.22% 7.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.280B $1.383B $1.251B
Total Long-Term Liabilities $1.474B $1.348B $1.405B
Total Liabilities $2.867B $2.879B $2.779B
YoY Change 3.16% 8.52% 4.63%
SHAREHOLDERS EQUITY
Retained Earnings $167.2M $66.60M $5.400M
YoY Change 2996.3% -328.08% -107.96%
Common Stock $843.9M $856.5M $846.5M
YoY Change -0.31% 2.23% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.016B $925.5M $853.6M
YoY Change
Total Liabilities & Shareholders Equity $3.883B $3.804B $3.633B
YoY Change 6.87% 10.09% 6.46%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $78.00M $22.60M $22.90M
YoY Change 240.61% -22.6% 30.86%
Depreciation, Depletion And Amortization $32.30M $24.80M $20.80M
YoY Change 55.29% -23.46% -27.27%
Cash From Operating Activities $16.60M $16.00M -$75.20M
YoY Change -122.07% -86.27% -305.46%
INVESTING ACTIVITIES
Capital Expenditures $22.00M $16.50M $45.10M
YoY Change -51.22% -131.91% 78.97%
Acquisitions $63.20M $14.80M
YoY Change
Other Investing Activities $200.0K -$47.60M -$14.70M
YoY Change -101.36% -3075.0% -14800.0%
Cash From Investing Activities -$21.80M -$79.60M -$49.50M
YoY Change -55.96% 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 8.400M 62.40M 122.7M
YoY Change -93.15% -194.26% -976.43%
NET CHANGE
Cash From Operating Activities 16.60M 16.00M -75.20M
Cash From Investing Activities -21.80M -79.60M -49.50M
Cash From Financing Activities 8.400M 62.40M 122.7M
Net Change In Cash 3.200M -1.200M -2.000M
YoY Change -260.0% -700.0% -20.0%
FREE CASH FLOW
Cash From Operating Activities $16.60M $16.00M -$75.20M
Capital Expenditures $22.00M $16.50M $45.10M
Free Cash Flow -$5.400M -$500.0K -$120.3M
YoY Change -95.51% -100.3% -1155.26%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Business Overview</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Secondary Offerings</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> In September 2017, November 2017 and December 2017 Wellspring Capital Management (&#x201C;Wellspring&#x201D;) sold an aggregate of 16,272,914 shares of the Company&#x2019;s common stock in transactions registered under the Securities Act. The Company did not receive any proceeds from these sales. As a result of these sales, Wellspring no longer beneficially owns any shares of the Company&#x2019;s common stock.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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32600000
dei Trading Symbol
TradingSymbol
PFGC
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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dei Amendment Flag
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false
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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>&#xA0;for the fiscal year ended July&#xA0;1, 2017 (the &#x201C;Form&#xA0;<font style="WHITE-SPACE: nowrap">10-K&#x201D;).&#xA0;The</font>&#xA0;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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United&#xA0;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: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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&#xA0;<font style="WHITE-SPACE: nowrap">Form&#xA0;10-K.&#xA0;Certain</font>&#xA0;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>
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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dei Document Period End Date
DocumentPeriodEndDate
2017-12-30
dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
Performance Food Group Company
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OperatingIncomeLoss
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GrossProfit
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us-gaap Depreciation
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CostOfGoodsSold
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pfgc Deferred Income Tax Expense Revalued Amount
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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EarningsPerShareDiluted
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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