$PFGC
Performance Food Group Co

2021 Q1 Form 10-Q Financial Statement

#000156459021024024 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $7.203B $7.001B
YoY Change 2.88% 49.3%
Cost Of Revenue $6.370B $6.193B
YoY Change 2.85% 51.63%
Gross Profit $832.7M $807.5M
YoY Change 3.12% 33.54%
Gross Profit Margin 11.56% 11.53%
Selling, General & Admin $31.70M $35.50M
YoY Change -10.7%
% of Gross Profit 3.81% 4.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.80M $99.30M
YoY Change -18.63% 150.13%
% of Gross Profit 9.7% 12.3%
Operating Expenses $809.3M $824.9M
YoY Change -1.89% 51.22%
Operating Profit $23.40M -$17.40M
YoY Change -234.48% -129.39%
Interest Expense $37.10M $35.20M
YoY Change 5.4% 113.33%
% of Operating Profit 158.55%
Other Income/Expense, Net -$35.50M -$7.900M
YoY Change 349.37% -890.0%
Pretax Income -$12.10M -$60.50M
YoY Change -80.0% -238.44%
Income Tax -$4.500M -$20.30M
% Of Pretax Income
Net Earnings -$7.600M -$40.20M
YoY Change -81.09% -224.46%
Net Earnings / Revenue -0.11% -0.57%
Basic Earnings Per Share -$0.06 -$0.35
Diluted Earnings Per Share -$0.06 -$0.35
COMMON SHARES
Basic Shares Outstanding 132.3M 115.9M
Diluted Shares Outstanding 132.3M 115.9M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.5M $372.1M
YoY Change -72.72% 4732.47%
Cash & Equivalents $112.6M $383.2M
Short-Term Investments
Other Short-Term Assets $103.0M $106.3M
YoY Change -3.1% 75.12%
Inventory $1.542B $1.803B
Prepaid Expenses
Receivables $1.391B $1.304B
Other Receivables $41.70M $0.00
Total Short-Term Assets $3.179B $3.586B
YoY Change -11.34% 54.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.005B $1.482B
YoY Change 35.31% 65.38%
Goodwill $1.349B
YoY Change
Intangibles $947.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $77.90M $54.60M
YoY Change 42.67% 0.18%
Total Long-Term Assets $4.271B $4.285B
YoY Change -0.33% 125.81%
TOTAL ASSETS
Total Short-Term Assets $3.179B $3.586B
Total Long-Term Assets $4.271B $4.285B
Total Assets $7.450B $7.871B
YoY Change -5.35% 86.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.513B $1.373B
YoY Change 10.21% 31.38%
Accrued Expenses $643.5M $644.3M
YoY Change -0.12% 146.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $45.30M $28.10M
YoY Change 61.21% 66.27%
Total Short-Term Liabilities $2.312B $2.045B
YoY Change 13.04% 27.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.149B $3.186B
YoY Change -32.55% 172.81%
Other Long-Term Liabilities $564.1M $172.8M
YoY Change 226.45% 50.65%
Total Long-Term Liabilities $2.149B $3.359B
YoY Change -36.02% 161.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.312B $2.045B
Total Long-Term Liabilities $2.149B $3.359B
Total Liabilities $4.461B $6.048B
YoY Change -26.23% 102.36%
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 $2.058B $1.823B
YoY Change
Total Liabilities & Shareholders Equity $7.450B $7.871B
YoY Change -5.35% 86.39%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$7.600M -$40.20M
YoY Change -81.09% -224.46%
Depreciation, Depletion And Amortization $80.80M $99.30M
YoY Change -18.63% 150.13%
Cash From Operating Activities $197.5M -$140.2M
YoY Change -240.87% -173.6%
INVESTING ACTIVITIES
Capital Expenditures $35.90M $52.10M
YoY Change -31.09% 57.88%
Acquisitions
YoY Change
Other Investing Activities -$5.700M -$1.989B
YoY Change -99.71% 497075.0%
Cash From Investing Activities -$41.60M -$2.041B
YoY Change -97.96% 6010.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -471.1M 1.462B
YoY Change -132.22% -1032.59%
NET CHANGE
Cash From Operating Activities 197.5M -140.2M
Cash From Investing Activities -41.60M -2.041B
Cash From Financing Activities -471.1M 1.462B
Net Change In Cash -315.2M -718.7M
YoY Change -56.14% -239666.67%
FREE CASH FLOW
Cash From Operating Activities $197.5M -$140.2M
Capital Expenditures $35.90M $52.10M
Free Cash Flow $161.6M -$192.3M
YoY Change -184.04% -222.1%

Facts In Submission

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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, healthcare facilities, and retail establishments. 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, travel providers, and hospitality providers.<span style="font-family:Calibri;font-size:11pt;"> </span></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;">The Company’s fiscal year ends on the Saturday nearest to June 30th. This will result in a 53-week year for fiscal 2021 compared to a 52-week year for fiscal 2020. References to “fiscal 2021” are to the 53-week period ended July 3, 2021 and references to “fiscal 2020” are to the 52-week period ended June 27, 2020.</p>
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9300000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
7600000
CY2021Q1 pfgc Finance Lease Cost
FinanceLeaseCost
13300000
CY2020Q1 pfgc Finance Lease Cost
FinanceLeaseCost
9400000
us-gaap Operating Lease Cost
OperatingLeaseCost
81100000
us-gaap Operating Lease Cost
OperatingLeaseCost
83700000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5900000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
6600000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
14900000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
18100000
CY2021Q1 us-gaap Lease Cost
LeaseCost
45000000.0
CY2020Q1 us-gaap Lease Cost
LeaseCost
44900000
us-gaap Lease Cost
LeaseCost
131100000
us-gaap Lease Cost
LeaseCost
126600000
us-gaap Operating Lease Payments
OperatingLeasePayments
75600000
us-gaap Operating Lease Payments
OperatingLeasePayments
81100000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
9300000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
16900000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
81900000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
49600000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
572600000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
26800000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
25700000
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
13900000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
94300000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
57600000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
80300000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
54000000.0
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
61800000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
53100000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47600000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
48900000
CY2021Q1 pfgc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
262900000
CY2021Q1 pfgc Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
111000000.0
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
338500000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
107800000
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
46900000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
464800000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
291600000
CY2021Q1 pfgc Operating Lease And Finance Lease Payments Not Yet Commenced Future Minimum Payments
OperatingLeaseAndFinanceLeasePaymentsNotYetCommencedFutureMinimumPayments
14800000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
These leases relate primarily to warehouse leases and are expected to commence in the fourth quarter of fiscal 2021 and first quarter of fiscal 2022 with lease terms of 5 to 15 years.
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.371
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.336
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.142
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.073
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
182800000
CY2020Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
186200000
CY2021Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
303400000
CY2020Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
301800000
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
700000
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
300000
CY2020Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
500000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000
CY2021Q1 pfgc Outstanding Purchase Contract Obligations Amount
OutstandingPurchaseContractObligationsAmount
63100000
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
100000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-7600000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-40200000
us-gaap Net Income Loss
NetIncomeLoss
9300000
us-gaap Net Income Loss
NetIncomeLoss
37100000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132300000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115900000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132000000.0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108100000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1200000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132300000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115900000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133200000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109500000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7202500000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7202500000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
80800000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35900000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7000700000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7000700000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
99300000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
52100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21094500000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21094500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
247100000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
118900000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19312300000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19312300000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
185800000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
101100000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
99300000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
247100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
185800000
CY2021Q1 us-gaap Interest Expense
InterestExpense
37100000
CY2020Q1 us-gaap Interest Expense
InterestExpense
35200000
us-gaap Interest Expense
InterestExpense
114000000.0
us-gaap Interest Expense
InterestExpense
78900000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12100000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-60500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10800000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
40000000.0
CY2021Q1 us-gaap Assets
Assets
7449800000
CY2020Q2 us-gaap Assets
Assets
7719700000

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