2018 Q2 Form 10-Q Financial Statement
#000156459019017236 Filed on May 08, 2019
Income Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| Revenue | $4.595B | $4.349B | $4.311B |
| YoY Change | 8.49% | 6.4% | |
| Cost Of Revenue | $3.983B | $3.791B | $3.744B |
| YoY Change | 7.25% | 5.91% | |
| Gross Profit | $611.8M | $558.7M | $567.6M |
| YoY Change | 17.34% | 9.74% | |
| Gross Profit Margin | 13.32% | 12.85% | 13.17% |
| Selling, General & Admin | |||
| YoY Change | |||
| % of Gross Profit | |||
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $34.30M | $32.10M | $32.30M |
| YoY Change | 4.89% | 55.29% | |
| % of Gross Profit | 5.61% | 5.75% | 5.69% |
| Operating Expenses | $518.0M | $498.6M | $518.5M |
| YoY Change | 9.12% | 11.29% | |
| Operating Profit | $93.80M | $60.10M | $49.10M |
| YoY Change | 100.86% | -4.29% | |
| Interest Expense | -$15.50M | $15.20M | $15.10M |
| YoY Change | -210.71% | 11.03% | |
| % of Operating Profit | -16.52% | 25.29% | 30.75% |
| Other Income/Expense, Net | $200.0K | -$15.30M | -$15.00M |
| YoY Change | -101.45% | 14.5% | |
| Pretax Income | $78.50M | $44.80M | $34.10M |
| YoY Change | 138.6% | -10.73% | |
| Income Tax | $64.50M | $11.10M | -$43.90M |
| % Of Pretax Income | 82.17% | 24.78% | -128.74% |
| Net Earnings | $64.40M | $33.70M | $78.00M |
| YoY Change | 209.62% | 240.61% | |
| Net Earnings / Revenue | 1.4% | 0.77% | 1.81% |
| Basic Earnings Per Share | $0.33 | $0.77 | |
| Diluted Earnings Per Share | $613.9K | $0.32 | $0.75 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 104.2M shares | 102.7M shares | 101.4M |
| Diluted Shares Outstanding | 104.5M shares | 104.5M |
Balance Sheet
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $7.500M | $7.500M | $10.10M |
| YoY Change | -1.32% | 13.48% | |
| Cash & Equivalents | $17.80M | $20.50M | $23.00M |
| Short-Term Investments | |||
| Other Short-Term Assets | $78.50M | $51.40M | $51.60M |
| YoY Change | 126.22% | 49.13% | |
| Inventory | $1.052B | $1.054B | $1.043B |
| Prepaid Expenses | |||
| Receivables | $1.066B | $1.070B | $1.035B |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $2.204B | $2.184B | $2.140B |
| YoY Change | 5.91% | 5.96% | |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $795.5M | $744.3M | $734.9M |
| YoY Change | 10.24% | 5.02% | |
| Goodwill | $740.5M | $740.4M | $740.1M |
| YoY Change | 5.17% | 7.65% | |
| Intangibles | $193.8M | $202.5M | $206.8M |
| YoY Change | 5.1% | 22.88% | |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $57.30M | $48.70M | $47.90M |
| YoY Change | 33.88% | 7.16% | |
| Total Long-Term Assets | $1.797B | $1.749B | $1.743B |
| YoY Change | 7.9% | 8.02% | |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $2.204B | $2.184B | $2.140B |
| Total Long-Term Assets | $1.797B | $1.749B | $1.743B |
| Total Assets | $4.001B | $3.933B | $3.883B |
| YoY Change | 6.8% | 6.87% | |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $973.0M | $1.023B | $886.9M |
| YoY Change | 5.68% | -3.9% | |
| Accrued Expenses | $227.8M | $223.7M | $204.8M |
| YoY Change | -0.04% | 3.64% | |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $8.400M | $7.600M | $7.000M |
| YoY Change | 47.37% | 25.0% | |
| Total Short-Term Liabilities | $1.470B | $1.447B | $1.280B |
| YoY Change | 6.9% | 2.35% | |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $1.123B | $1.199B | $1.359B |
| YoY Change | -10.71% | 4.57% | |
| Other Long-Term Liabilities | $113.5M | $111.4M | $114.9M |
| YoY Change | 7.89% | 8.91% | |
| Total Long-Term Liabilities | $1.237B | $1.311B | $1.474B |
| YoY Change | -9.27% | 4.9% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.470B | $1.447B | $1.280B |
| Total Long-Term Liabilities | $1.237B | $1.311B | $1.474B |
| Total Liabilities | $2.866B | $2.871B | $2.867B |
| YoY Change | 0.0% | 3.16% | |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $264.8M | $200.9M | $167.2M |
| YoY Change | 910.69% | 2996.3% | |
| Common Stock | $862.2M | $853.5M | $843.9M |
| YoY Change | 1.23% | -0.31% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $1.135B | $1.061B | $1.016B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $4.001B | $3.933B | $3.883B |
| YoY Change | 6.8% | 6.87% |
Cashflow Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $64.40M | $33.70M | $78.00M |
| YoY Change | 209.62% | 240.61% | |
| Depreciation, Depletion And Amortization | $34.30M | $32.10M | $32.30M |
| YoY Change | 4.89% | 55.29% | |
| Cash From Operating Activities | $137.4M | $197.0M | $16.60M |
| YoY Change | 7.76% | -122.07% | |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$66.90M | $34.70M | $22.00M |
| YoY Change | -350.56% | -51.22% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $1.000M | -$7.400M | $200.0K |
| YoY Change | -101.61% | -101.36% | |
| Cash From Investing Activities | -$65.90M | -$42.10M | -$21.80M |
| YoY Change | -25.96% | -55.96% | |
| 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 | 8.400M |
| YoY Change | 74.18% | -93.15% | |
| NET CHANGE | |||
| Cash From Operating Activities | 137.4M | 197.0M | 16.60M |
| Cash From Investing Activities | -65.90M | -42.10M | -21.80M |
| Cash From Financing Activities | -74.20M | -157.4M | 8.400M |
| Net Change In Cash | -2.700M | -2.500M | 3.200M |
| YoY Change | -34.15% | -260.0% | |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $137.4M | $197.0M | $16.60M |
| Capital Expenditures | -$66.90M | $34.70M | $22.00M |
| Free Cash Flow | $204.3M | $162.3M | -$5.400M |
| YoY Change | 102.68% | -95.51% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
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Other Noncash Income Expense
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Increase Decrease In Accounts Receivable
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Incremental Common Shares Attributable To Share Based Payment Arrangements
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Stockholders Equity
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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Stockholders Equity
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Stockholders Equity
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Stockholders Equity
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Stock Issued During Period Value Share Based Compensation
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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Stock Issued During Period Value Share Based Compensation
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Stock Repurchased And Retired During Period Value
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Depreciation
Depreciation
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Amortization Of Intangible Assets
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Amortization Of Financing Costs And Other
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3400000 | ||
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Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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12400000 | ||
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Share Based Compensation
ShareBasedCompensation
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11800000 | ||
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Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
2500000 | ||
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Increase Decrease In Inventories
IncreaseDecreaseInInventories
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61300000 | ||
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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-24900000 | ||
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Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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Increase Decrease In Outstanding Checks Operating Activities
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15200000 | ||
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Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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32000000 | ||
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Net Cash Provided By Used In Operating Activities
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260500000 | ||
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Payments To Acquire Property Plant And Equipment
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93100000 | ||
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Payments To Acquire Businesses Net Of Cash Acquired
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57700000 | ||
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Proceeds From Sale Of Property Plant And Equipment
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Net Cash Provided By Used In Investing Activities
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Proceeds From Repayments Of Lines Of Credit
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Repayments Of Medium Term Notes
RepaymentsOfMediumTermNotes
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Payments To Finance Property Plant And Equipment
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Payments Of Merger Related Costs Financing Activities
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Repayments Of Long Term Capital Lease Obligations
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Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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7500000 | ||
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Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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9300000 | ||
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Proceeds From Payments For Other Financing Activities
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-1200000 | ||
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Net Cash Provided By Used In Financing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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600000 | ||
| CY2018Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Restricted Cash
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Capital Lease Obligations Incurred
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Loans Assumed1
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Interest Paid
InterestPaid
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Interest Paid
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37300000 | ||
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Income Taxes Paid Net
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Income Taxes Paid Net
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Nature Of Operations
NatureOfOperations
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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Summary of Business Activities</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Business Overview</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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) independent customers, and (ii) multi-unit, or “Chain” 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;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Share Repurchase Program</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2018, the Board of Directors of the Company (the “Board of Directors”) authorized a share repurchase program for up to $250 million of the Company’s outstanding common stock. The repurchases are executed in accordance with applicable securities laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. The share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. Repurchases under this program depend upon market place conditions and other factors, including compliance with the covenants under the ABL Facility, as defined in Note 6. Debt, and the indenture governing the Notes, as define in Note 6. Debt. The share repurchase program remains subject to the discretion of the Board of Directors. During the three months and nine months ended March 30, 2019, the Company repurchased and subsequently retired 0.1 million and 0.3 million shares of common stock, respectively, for a total of $4.1 million and $9.3 million for the respective periods. As of March 30, 2019, approximately $240.7 million remained available for additional share repurchases. </p> | ||
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Basis of Presentation</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June 30, 2018 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. 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’ equity, and cash flows for all periods presented have been made.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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 10-K. 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> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;"> </p> | ||
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Contract With Customer Asset Net
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|
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Number Of Businesses Acquired
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|
3 | ||
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Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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7100000 | |
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Long Term Debt
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1123000000 | |
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Capital Lease Obligations
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61200000 | |
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Debt And Capital Lease Obligations
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1184200000 | |
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Long Term Debt And Capital Lease Obligations Current
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8400000 | |
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Long Term Debt And Capital Lease Obligations
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Debt Amount Reserve By Lender
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12700000 | |
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Debt Amount Reserve By Lender
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12100000 | |
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Derivative Number Of Arrangement
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|
5 | |
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Derivative Nonmonetary Notional Amount Volume
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|
0.21 | ||
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Effective Income Tax Rate Continuing Operations
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|
-0.167 | ||
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0.28 | ||
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Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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Deferred Tax Assets Net
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Deferred Tax Assets Net
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Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
136300000 | |
| CY2018Q2 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
135500000 | |
| CY2019Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
400000 | |
| CY2018Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
400000 | |
| CY2019Q1 | us-gaap |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
|
1100000 | |
| CY2018Q2 | us-gaap |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
|
1200000 | |
| us-gaap |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
|
600000 | ||
| CY2019Q1 | pfgc |
Outstanding Purchase Contract Obligations Amount
OutstandingPurchaseContractObligationsAmount
|
27100000 | |
| CY2019Q1 | us-gaap |
Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
|
25500000 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
200000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
500000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
700000 | ||
| CY2019Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
1300000 | |
| CY2018Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
1800000 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
1300000 | ||
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | ||
| CY2019Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
39700000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
33000000 | |
| CY2018Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
32100000 | |
| CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
34700000 | |
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
112300000 |
