$PFGC
Performance Food Group Co

2018 Q2 Form 10-Q Financial Statement

#000119312518157542 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $4.595B $4.349B $4.235B
YoY Change 8.49%
Cost Of Revenue $3.983B $3.791B $3.714B
YoY Change 7.25%
Gross Profit $611.8M $558.7M $521.4M
YoY Change 17.34%
Gross Profit Margin 13.32% 12.85% 12.31%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.30M $32.10M $32.70M
YoY Change 4.89%
% of Gross Profit 5.61% 5.75% 6.27%
Operating Expenses $518.0M $498.6M $474.7M
YoY Change 9.12%
Operating Profit $93.80M $60.10M $46.70M
YoY Change 100.86%
Interest Expense -$15.50M $15.20M $14.00M
YoY Change -210.71%
% of Operating Profit -16.52% 25.29% 29.98%
Other Income/Expense, Net $200.0K -$15.30M -$13.80M
YoY Change -101.45%
Pretax Income $78.50M $44.80M $32.90M
YoY Change 138.6%
Income Tax $64.50M $11.10M $12.10M
% Of Pretax Income 82.17% 24.78% 36.78%
Net Earnings $64.40M $33.70M $20.80M
YoY Change 209.62%
Net Earnings / Revenue 1.4% 0.77% 0.49%
Basic Earnings Per Share $0.33 $0.21
Diluted Earnings Per Share $613.9K $0.32 $0.20
COMMON SHARES
Basic Shares Outstanding 104.2M shares 102.7M shares 100.3M shares
Diluted Shares Outstanding 104.5M shares 102.8M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $7.500M $7.600M
YoY Change -1.32%
Cash & Equivalents $17.80M $20.50M $20.50M
Short-Term Investments
Other Short-Term Assets $78.50M $51.40M $34.70M
YoY Change 126.22%
Inventory $1.052B $1.054B $1.000B
Prepaid Expenses
Receivables $1.066B $1.070B $1.038B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.204B $2.184B $2.081B
YoY Change 5.91%
LONG-TERM ASSETS
Property, Plant & Equipment $795.5M $744.3M $721.6M
YoY Change 10.24%
Goodwill $740.5M $740.4M $704.1M
YoY Change 5.17%
Intangibles $193.8M $202.5M $184.4M
YoY Change 5.1%
Long-Term Investments
YoY Change
Other Assets $57.30M $48.70M $42.80M
YoY Change 33.88%
Total Long-Term Assets $1.797B $1.749B $1.666B
YoY Change 7.9%
TOTAL ASSETS
Total Short-Term Assets $2.204B $2.184B $2.081B
Total Long-Term Assets $1.797B $1.749B $1.666B
Total Assets $4.001B $3.933B $3.746B
YoY Change 6.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $973.0M $1.023B $920.7M
YoY Change 5.68%
Accrued Expenses $227.8M $223.7M $227.9M
YoY Change -0.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.400M $7.600M $5.700M
YoY Change 47.37%
Total Short-Term Liabilities $1.470B $1.447B $1.375B
YoY Change 6.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.123B $1.199B $1.258B
YoY Change -10.71%
Other Long-Term Liabilities $113.5M $111.4M $105.2M
YoY Change 7.89%
Total Long-Term Liabilities $1.237B $1.311B $1.363B
YoY Change -9.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.470B $1.447B $1.375B
Total Long-Term Liabilities $1.237B $1.311B $1.363B
Total Liabilities $2.866B $2.871B $2.866B
YoY Change 0.0%
SHAREHOLDERS EQUITY
Retained Earnings $264.8M $200.9M $26.20M
YoY Change 910.69%
Common Stock $862.2M $853.5M $851.7M
YoY Change 1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.135B $1.061B $880.7M
YoY Change
Total Liabilities & Shareholders Equity $4.001B $3.933B $3.746B
YoY Change 6.8%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $64.40M $33.70M $20.80M
YoY Change 209.62%
Depreciation, Depletion And Amortization $34.30M $32.10M $32.70M
YoY Change 4.89%
Cash From Operating Activities $137.4M $197.0M $127.5M
YoY Change 7.76%
INVESTING ACTIVITIES
Capital Expenditures -$66.90M $34.70M $26.70M
YoY Change -350.56%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$7.400M -$62.30M
YoY Change -101.61%
Cash From Investing Activities -$65.90M -$42.10M -$89.00M
YoY Change -25.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -74.20M -157.4M -42.60M
YoY Change 74.18%
NET CHANGE
Cash From Operating Activities 137.4M 197.0M 127.5M
Cash From Investing Activities -65.90M -42.10M -89.00M
Cash From Financing Activities -74.20M -157.4M -42.60M
Net Change In Cash -2.700M -2.500M -4.100M
YoY Change -34.15%
FREE CASH FLOW
Cash From Operating Activities $137.4M $197.0M $127.5M
Capital Expenditures -$66.90M $34.70M $26.70M
Free Cash Flow $204.3M $162.3M $100.8M
YoY Change 102.68%

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<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>1.</b></td> <td align="left" valign="top"><b>Summary of Business Activities</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Business Overview</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Secondary Offerings</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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>
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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>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 Form&#xA0;<font style="WHITE-SPACE: nowrap">10-K.&#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 States of America (&#x201C;GAAP&#x201D;) 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 materially 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 Form&#xA0;<font style="WHITE-SPACE: nowrap">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>
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dei Document Period End Date
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