$SFM
Sprouts Farmers Market, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022007411 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $1.641B $1.575B
YoY Change 4.17% -4.1%
Cost Of Revenue $1.029B $989.3M
YoY Change 4.06% -3.97%
Gross Profit $611.7M $586.2M
YoY Change 4.36% -4.32%
Gross Profit Margin 37.28% 37.21%
Selling, General & Admin $459.9M $439.7M
YoY Change 4.61% -10.07%
% of Gross Profit 75.18% 75.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.72M $31.84M
YoY Change 2.76% 1.73%
% of Gross Profit 5.35% 5.43%
Operating Expenses $459.9M $439.7M
YoY Change 4.61% -10.07%
Operating Profit $119.6M $113.2M
YoY Change 5.66% 22.07%
Interest Expense -$3.039M -$3.000M
YoY Change 1.3% -18.92%
% of Operating Profit -2.54% -2.65%
Other Income/Expense, Net
YoY Change
Pretax Income $116.6M $110.2M
YoY Change 5.77% 23.83%
Income Tax $28.30M $27.20M
% Of Pretax Income 24.27% 24.67%
Net Earnings $88.31M $83.05M
YoY Change 6.33% 23.95%
Net Earnings / Revenue 5.38% 5.27%
Basic Earnings Per Share $0.80 $0.70
Diluted Earnings Per Share $0.79 $0.70
COMMON SHARES
Basic Shares Outstanding 110.9M 118.0M
Diluted Shares Outstanding 111.8M 118.6M

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.3M $256.0M
YoY Change 26.68% -21.98%
Cash & Equivalents $324.3M $257.8M
Short-Term Investments
Other Short-Term Assets $30.56M $35.90M
YoY Change -14.89% 145.89%
Inventory $272.2M $271.0M
Prepaid Expenses
Receivables $13.68M $14.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $640.7M $577.3M
YoY Change 10.98% -5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $701.1M $1.751B
YoY Change -59.95% -1.76%
Goodwill $368.9M
YoY Change
Intangibles $185.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.10M $15.10M
YoY Change 6.6% 2.72%
Total Long-Term Assets $2.357B $2.319B
YoY Change 1.62% -1.31%
TOTAL ASSETS
Total Short-Term Assets $640.7M $577.3M
Total Long-Term Assets $2.357B $2.319B
Total Assets $2.998B $2.897B
YoY Change 3.49% -2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $165.7M $160.6M
YoY Change 3.18% -4.86%
Accrued Expenses $143.5M $308.3M
YoY Change -53.47% -12.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.116M $1.000M
YoY Change 11.6% 11.11%
Total Short-Term Liabilities $523.7M $490.4M
YoY Change 6.79% -14.39%
LONG-TERM LIABILITIES
Long-Term Debt $259.4M $260.3M
YoY Change -0.33% -43.65%
Other Long-Term Liabilities $35.74M $45.48M
YoY Change -21.41% -95.98%
Total Long-Term Liabilities $35.74M $45.48M
YoY Change -21.41% -97.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $523.7M $490.4M
Total Long-Term Liabilities $35.74M $45.48M
Total Liabilities $1.986B $1.930B
YoY Change 2.9% -13.07%
SHAREHOLDERS EQUITY
Retained Earnings $301.4M $282.8M
YoY Change 6.57%
Common Stock $711.8M $691.3M
YoY Change 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.012B $966.9M
YoY Change
Total Liabilities & Shareholders Equity $2.998B $2.897B
YoY Change 3.49% -2.24%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income $88.31M $83.05M
YoY Change 6.33% 23.95%
Depreciation, Depletion And Amortization $32.72M $31.84M
YoY Change 2.76% 1.73%
Cash From Operating Activities $153.0M $105.4M
YoY Change 45.14% -9.26%
INVESTING ACTIVITIES
Capital Expenditures $27.23M $16.61M
YoY Change 63.97% -145.37%
Acquisitions $0.00
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$27.23M -$16.61M
YoY Change 63.97% -54.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $45.72M $3.209M
YoY Change 1324.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.71M -2.491M
YoY Change 1775.11% -307.58%
NET CHANGE
Cash From Operating Activities 153.0M 105.4M
Cash From Investing Activities -27.23M -16.61M
Cash From Financing Activities -46.71M -2.491M
Net Change In Cash 79.09M 86.34M
YoY Change -8.4% 6.86%
FREE CASH FLOW
Cash From Operating Activities $153.0M $105.4M
Capital Expenditures $27.23M $16.61M
Free Cash Flow $125.8M $88.83M
YoY Change 41.62% -41.86%

Facts In Submission

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IncreaseDecreaseInAccruedIncomeTaxesPayable
15275000
CY2021Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
16251000
CY2022Q2 sfm Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-32180000
CY2021Q2 sfm Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-28719000
CY2022Q2 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1399000
CY2021Q2 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
3910000
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
153029000
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
105438000
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27227000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16605000
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27227000
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16605000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
176000
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
163000
CY2022Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3373000
CY2021Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
CY2022Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45715000
CY2021Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3209000
CY2022Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2555000
CY2021Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
881000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-46709000
CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2491000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
79093000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
86342000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
247004000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
171441000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
326097000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
257783000
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
3044000
CY2021Q2 us-gaap Interest Paid Net
InterestPaidNet
2974000
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-46000
CY2021Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-226000
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
42176000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23863000
CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15666000
CY2021Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6532000
CY2022Q2 us-gaap Number Of Stores
NumberOfStores
379
CY2022Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
23
CY2022Q2 us-gaap Fiscal Period
FiscalPeriod
<p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company reports its results of operations on a 52- or 53-week fiscal calendar ending on the Sunday closest to December 31. The fiscal year ending January 1, 2023 (“fiscal year 2022”) and fiscal year 2021 are 52-week years. The Company reports its results of operations on a 13-week quarter, except for 53-week fiscal years (in which the fourth quarter has 14 weeks).</span></p>
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
9442000
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
9656000
CY2022Q2 sfm Long Term Debt And Finance Lease Liabilities Noncurrent
LongTermDebtAndFinanceLeaseLiabilitiesNoncurrent
259442000
CY2022Q1 sfm Long Term Debt And Finance Lease Liabilities Noncurrent
LongTermDebtAndFinanceLeaseLiabilitiesNoncurrent
259656000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
CY2022Q2 sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitDetrimentFromExerciseOfStockOptions
1500000
CY2021Q2 sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitDetrimentFromExerciseOfStockOptions
100000
CY2022Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1481187
CY2021Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
129968
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
88307000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
83048000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110903000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118044000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2022Q2 sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
30.86
CY2021Q2 sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
24.69
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
45715000
CY2021Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
3209000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
88307000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
83048000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110903000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118044000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
347000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
139000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
111833000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
118607000
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2022Q2 us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P1Y
CY2022Q2 sfm Derivative Term Of Contract Maturity Ending Year
DerivativeTermOfContractMaturityEndingYear
2022
CY2022Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1641161000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1575447000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4456000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3613000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
376000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
314000
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1088000
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1304000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
39412000

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