$PFGC
Performance Food Group Co

2020 Q2 Form 10-K Financial Statement

#000156459021045434 Filed on August 24, 2021

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019
Revenue $5.774B $5.899B $19.74B
YoY Change -2.12% 28.39% 12.05%
Cost Of Revenue $5.135B $5.199B $17.23B
YoY Change -1.23% 30.53% 12.42%
Gross Profit $639.1M $700.1M $2.513B
YoY Change -8.71% 14.43% 9.6%
Gross Profit Margin 11.07% 11.87% 12.73%
Selling, General & Admin $9.500M
YoY Change
% of Gross Profit 1.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.50M $42.70M $116.2M
YoY Change 111.94% 24.49% 15.85%
% of Gross Profit 14.16% 6.1% 4.62%
Operating Expenses $864.7M $599.6M $2.230B
YoY Change 44.21% 15.75% 9.34%
Operating Profit -$225.6M $100.5M $283.3M
YoY Change -324.48% 7.14% 11.76%
Interest Expense -$38.00M -$17.30M $65.40M
YoY Change 119.65% 11.61% 8.28%
% of Operating Profit -17.21% 23.09%
Other Income/Expense, Net $1.400M -$100.0K -$65.00M
YoY Change -1500.0% -150.0% 8.51%
Pretax Income -$262.2M $83.10M $218.3M
YoY Change -415.52% 5.86% 12.76%
Income Tax -$111.0M $19.90M $51.50M
% Of Pretax Income 23.95% 23.59%
Net Earnings -$151.2M $63.20M $166.8M
YoY Change -339.24% -1.86% -16.05%
Net Earnings / Revenue -2.62% 1.07% 0.84%
Basic Earnings Per Share $1.61
Diluted Earnings Per Share -$1.184M $599.1K $1.59
COMMON SHARES
Basic Shares Outstanding 103.8M
Diluted Shares Outstanding 105.2M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $420.7M $14.70M $14.70M
YoY Change 2761.9% 96.0% 96.0%
Cash & Equivalents $431.8M $25.40M
Short-Term Investments
Other Short-Term Assets $68.70M $71.70M $71.70M
YoY Change -4.18% -8.66% -8.66%
Inventory $1.549B $1.357B $1.357B
Prepaid Expenses
Receivables $1.259B $1.227B $1.227B
Other Receivables $156.5M $0.00 $0.00
Total Short-Term Assets $3.454B $2.671B $2.671B
YoY Change 29.33% 21.2% 21.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.479B $950.5M $950.5M
YoY Change 55.6% 19.48% 19.48%
Goodwill $1.353B $765.8M
YoY Change 76.68% 3.42%
Intangibles $918.6M $194.3M
YoY Change 372.77% 0.26%
Long-Term Investments
YoY Change
Other Assets $62.90M $61.60M $72.30M
YoY Change 2.11% 7.5% 6.95%
Total Long-Term Assets $4.266B $1.983B $1.983B
YoY Change 115.13% 10.32% 10.32%
TOTAL ASSETS
Total Short-Term Assets $3.454B $2.671B $2.671B
Total Long-Term Assets $4.266B $1.983B $1.983B
Total Assets $7.720B $4.654B $4.654B
YoY Change 65.89% 16.31% 16.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.608B $1.131B $1.131B
YoY Change 42.2% 16.22% 16.22%
Accrued Expenses $762.4M $343.3M $343.2M
YoY Change 122.08% 50.7% 50.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $107.6M $18.30M $18.30M
YoY Change 487.98% 117.86% 117.86%
Total Short-Term Liabilities $2.619B $1.699B $1.699B
YoY Change 54.1% 15.6% 15.6%
LONG-TERM LIABILITIES
Long-Term Debt $2.249B $1.203B $1.332B
YoY Change 86.99% 7.11% 13.27%
Other Long-Term Liabilities $177.4M $216.2M $216.2M
YoY Change -17.95% 90.48% 90.48%
Total Long-Term Liabilities $2.427B $1.419B $1.548B
YoY Change 71.0% 14.77% 20.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.619B $1.699B $1.699B
Total Long-Term Liabilities $2.427B $1.419B $1.548B
Total Liabilities $5.709B $3.355B $3.355B
YoY Change 70.15% 17.09% 17.09%
SHAREHOLDERS EQUITY
Retained Earnings $316.6M $430.7M
YoY Change -26.49% 62.65%
Common Stock $1.704B $867.7M
YoY Change 96.42% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.011B $1.298B $1.298B
YoY Change
Total Liabilities & Shareholders Equity $7.720B $4.654B $4.654B
YoY Change 65.89% 16.31% 16.31%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019
OPERATING ACTIVITIES
Net Income -$151.2M $63.20M $166.8M
YoY Change -339.24% -1.86% -16.05%
Depreciation, Depletion And Amortization $90.50M $42.70M $116.2M
YoY Change 111.94% 24.49% 15.85%
Cash From Operating Activities $606.0M $56.90M $317.4M
YoY Change 965.03% -58.59% -13.51%
INVESTING ACTIVITIES
Capital Expenditures -$56.90M -$46.00M $139.1M
YoY Change 23.7% -31.24% -0.71%
Acquisitions $211.6M
YoY Change 197.61%
Other Investing Activities $200.0K -$153.6M -$210.3M
YoY Change -100.13% -15460.0% 203.46%
Cash From Investing Activities -$56.70M -$199.6M -$349.4M
YoY Change -71.59% 202.88% 66.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.300M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.7M 149.7M 39.60M
YoY Change -434.47% -301.75% -124.63%
NET CHANGE
Cash From Operating Activities 606.0M 56.90M 317.4M
Cash From Investing Activities -56.70M -199.6M -349.4M
Cash From Financing Activities -500.7M 149.7M 39.60M
Net Change In Cash 48.60M 7.000M 7.600M
YoY Change 594.29% -359.26% -337.5%
FREE CASH FLOW
Cash From Operating Activities $606.0M $56.90M $317.4M
Capital Expenditures -$56.90M -$46.00M $139.1M
Free Cash Flow $662.9M $102.9M $178.3M
YoY Change 544.22% -49.63% -21.42%

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CY2020 us-gaap Proceeds From Stock Options Exercised
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CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6600000
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7900000
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7500000
CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Interest Paid Net
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CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
10800000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<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:12pt;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:12pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:normal;"/>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. </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fiscal Years </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 Company’s fiscal year ends on the Saturday nearest to June 30<sup style="font-size:85%;line-height:120%;vertical-align:top">th</sup>.<sup style="font-size:85%;line-height:120%;vertical-align:top"> </sup>This resulted in a 53-week year for fiscal 2021 and 52-week years for fiscal 2020 and fiscal 2019. References to “fiscal 2021” are to the 53-week period ended July 3, 2021, references to “fiscal 2020” are to the 52-week period ended June 27, 2020, and references to “fiscal 2019” are to the 52-week period ended June 29, 2019. </p> <p style="margin-top:6pt;margin-bottom:0pt;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:12pt;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 fiscal year ended July 3, 2021, the Company did not repurchase any shares of common stock. <span style="Background-color:#FFFFFF;color:#000000;">During the fiscal year ended June 27, 2020, the Company repurchased and subsequently retired 0.3 million shares of common stock, for a total of $5.0 million. During the fiscal year ended June 29, 2019, the Company repurchased and subsequently retired 0.3 million shares of common stock, for a total of $9.3 million. On March 23, 2020, the Company discontinued further repurchases under the plan. </span>As of July 3, 2021, approximately $235.7 million remained available for additional share repurchases.  </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Equity Issuances</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On November 20, 2019, Performance Food Group Company entered into an underwriting agreement related to the issuance and sale of 11,638,000 shares of its common stock on a forward sale basis. On December 30, 2019, the Company settled the forward sale agreement for net proceeds of $490.6 million, comprised of an aggregate offering price of $514.9 million less $18.0 million of underwriting discounts and commissions and $6.3 million of direct offering expenses. The net proceeds from this offering were used to finance the cash consideration payable in connection with the acquisition of Reinhart.</span></p> <p style="margin-top:6pt;margin-bottom:0pt;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. On April 20, 2020, the Company settled the sale agreement for net proceeds of $337.5 million, comprised of an aggregate offering price of $349.3 million less $11.3 million of underwriting discounts and commissions and $0.5 million of direct offering expenses. The net proceeds from this offering were used to working capital and general corporate purposes.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </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 preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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>
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InventoryLIFOReserve
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CY2020Q2 us-gaap Inventory Lifo Reserve
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CY2020 pfgc Inventory Vendor Consideration
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CY2020Q2 us-gaap Inventory Adjustments
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23200000
CY2021 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Depreciation of property, plant and equipment, including finance lease assets, is calculated primarily using the straight-line method over the estimated useful lives of the assets, which range from two to 39 years
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2019 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021 us-gaap Lessee Finance Lease Option To Terminate
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CY2021 us-gaap Lessee Operating Lease Option To Terminate
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P6Y2M12D
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P6Y8M12D
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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95700000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
38600000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Five
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