$PFGC
Performance Food Group Co

2020 Q1 Form 10-Q Financial Statement

#000156459020020918 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $7.001B $4.689B $4.616B
YoY Change 49.3% 7.81% 7.07%
Cost Of Revenue $6.193B $4.084B $4.001B
YoY Change 51.63% 7.75% 6.88%
Gross Profit $807.5M $604.7M $614.6M
YoY Change 33.54% 8.23% 8.28%
Gross Profit Margin 11.53% 12.9% 13.32%
Selling, General & Admin $35.50M
YoY Change
% of Gross Profit 4.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $99.30M $39.70M $37.10M
YoY Change 150.13% 23.68% 14.86%
% of Gross Profit 12.3% 6.57% 6.04%
Operating Expenses $824.9M $545.5M $541.6M
YoY Change 51.22% 9.41% 4.46%
Operating Profit -$17.40M $59.20M $73.00M
YoY Change -129.39% -1.5% 48.68%
Interest Expense $35.20M $16.50M $16.00M
YoY Change 113.33% 8.55% 5.96%
% of Operating Profit 27.87% 21.92%
Other Income/Expense, Net -$7.900M $1.000M -$16.70M
YoY Change -890.0% -106.54% 11.33%
Pretax Income -$60.50M $43.70M $56.30M
YoY Change -238.44% -2.46% 65.1%
Income Tax -$20.30M $11.40M $13.20M
% Of Pretax Income 26.09% 23.45%
Net Earnings -$40.20M $32.30M $43.10M
YoY Change -224.46% -4.15% -44.74%
Net Earnings / Revenue -0.57% 0.69% 0.93%
Basic Earnings Per Share -$0.35 $0.31 $0.41
Diluted Earnings Per Share -$0.35 $0.31 $0.41
COMMON SHARES
Basic Shares Outstanding 115.9M 103.8M 103.9M
Diluted Shares Outstanding 115.9M 105.1M 104.9M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $372.1M $7.700M $7.500M
YoY Change 4732.47% 2.67% -25.74%
Cash & Equivalents $383.2M $18.40M $18.10M
Short-Term Investments
Other Short-Term Assets $106.3M $60.70M $51.90M
YoY Change 75.12% 18.09% 0.58%
Inventory $1.803B $1.128B $1.141B
Prepaid Expenses
Receivables $1.304B $1.129B $1.093B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.586B $2.325B $2.294B
YoY Change 54.22% 6.48% 7.17%
LONG-TERM ASSETS
Property, Plant & Equipment $1.482B $895.9M $855.6M
YoY Change 65.38% 20.37% 16.42%
Goodwill $1.349B
YoY Change
Intangibles $947.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.60M $54.50M $59.00M
YoY Change 0.18% 11.91% 23.17%
Total Long-Term Assets $4.285B $1.898B $1.873B
YoY Change 125.81% 8.5% 7.48%
TOTAL ASSETS
Total Short-Term Assets $3.586B $2.325B $2.294B
Total Long-Term Assets $4.285B $1.898B $1.873B
Total Assets $7.871B $4.223B $4.167B
YoY Change 86.39% 7.38% 7.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.373B $1.045B $940.6M
YoY Change 31.38% 2.2% 6.05%
Accrued Expenses $644.3M $260.9M $222.6M
YoY Change 146.95% 16.63% 8.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $28.10M $16.90M $13.50M
YoY Change 66.27% 122.37% 92.86%
Total Short-Term Liabilities $2.045B $1.599B $1.458B
YoY Change 27.93% 10.48% 13.91%
LONG-TERM LIABILITIES
Long-Term Debt $3.186B $1.168B $1.285B
YoY Change 172.81% -2.59% -5.45%
Other Long-Term Liabilities $172.8M $114.7M $117.9M
YoY Change 50.65% 2.96% 2.61%
Total Long-Term Liabilities $3.359B $1.283B $1.403B
YoY Change 161.89% -2.12% -4.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.045B $1.599B $1.458B
Total Long-Term Liabilities $3.359B $1.283B $1.403B
Total Liabilities $6.048B $2.989B $2.961B
YoY Change 102.36% 4.09% 3.29%
SHAREHOLDERS EQUITY
Retained Earnings $467.8M
YoY Change
Common Stock $1.364B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.823B $1.234B $1.205B
YoY Change
Total Liabilities & Shareholders Equity $7.871B $4.223B $4.167B
YoY Change 86.39% 7.38% 7.31%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$40.20M $32.30M $43.10M
YoY Change -224.46% -4.15% -44.74%
Depreciation, Depletion And Amortization $99.30M $39.70M $37.10M
YoY Change 150.13% 23.68% 14.86%
Cash From Operating Activities -$140.2M $190.5M $37.70M
YoY Change -173.6% -3.3% 127.11%
INVESTING ACTIVITIES
Capital Expenditures $52.10M $33.00M $35.10M
YoY Change 57.88% -4.9% 59.55%
Acquisitions
YoY Change
Other Investing Activities -$1.989B -$400.0K -$25.00M
YoY Change 497075.0% -94.59% -12600.0%
Cash From Investing Activities -$2.041B -$33.40M -$60.10M
YoY Change 6010.18% -20.67% 175.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.462B -156.8M 21.40M
YoY Change -1032.59% -0.38% 154.76%
NET CHANGE
Cash From Operating Activities -140.2M 190.5M 37.70M
Cash From Investing Activities -2.041B -33.40M -60.10M
Cash From Financing Activities 1.462B -156.8M 21.40M
Net Change In Cash -718.7M 300.0K -1.000M
YoY Change -239666.67% -112.0% -131.25%
FREE CASH FLOW
Cash From Operating Activities -$140.2M $190.5M $37.70M
Capital Expenditures $52.10M $33.00M $35.10M
Free Cash Flow -$192.3M $157.5M $2.600M
YoY Change -222.1% -2.96% -148.15%

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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 primarily 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 some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, and healthcare facilities. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products and other items nationally to vending distributors, big box retailers, theaters, convenience stores, and hospitality providers.</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 share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. The share repurchase program remains subject to the discretion of the Board of Directors. During the three months and nine months ended March 28, 2020, the Company repurchased and subsequently retired 0.3 million shares of common stock for a total of $5.0 million. 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. On March 23, 2020, the Company discontinued further repurchases under the plan. As of March 28, 2020, approximately $235.7 million remained available for additional share repurchases.</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;">Equity Issuances</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 20, 2019, Performance Food Group Company entered into an underwriting agreement related to the issuance and sale of an aggregate of 10,120,000 shares of its common stock, and up to 1,518,000 additional shares at the underwriters’ option, in each case on a forward sale basis. On November 22, 2019, the full option to purchase the 1,518,000 shares of additional common stock shares on a forward basis was exercised by the underwriters, and, on November 25, 2019, the Company closed the offering. On December 30, 2019, the Company physically settled the forward sale agreement at the forward sale price of $42.70 per share, net of the underwriting discount. The aggregate offering price of the amount of newly issued common stock was $514.9 million. In connection with the offering, the Company paid the underwriters a discount of $1.55 per share, for total underwriting discounts and commissions of $18.0 million. In addition, the Company incurred direct offering expenses of $6.3 million. The Company used the $490.6 million net proceeds that it received from the common stock offering to finance the cash consideration payable in connection with the acquisition of Reinhart.</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 April 16, 2020, Performance Food Group Company entered into an underwriting agreement related to the issuance and sale of 15,525,000 shares of its common stock for a cash offering price of $22.50 per share ($21.77 per share net of underwriting discounts and commissions), including the exercise in full by the underwriters of their option to purchase additional shares on April 20, 2020. The aggregate offering price of the issued common stock was $349.3 million. In connection with the offering, the Company paid the underwriters a discount of $0.73 per share, for total underwriting discounts and commissions of $11.3 million. In addition, the Company incurred direct offering expenses of $0.3 million. The Company intends to use the $337.7 million of net proceeds from the offering for working capital and other general corporate purposes.</p>
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