$SFM
Sprouts Farmers Market, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018026023 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $1.269B $1.322B $1.206B
YoY Change 5.25% 11.63% 16.44%
Cost Of Revenue $848.4M $885.7M $859.7M
YoY Change -1.31% 5.19% 15.5%
Gross Profit $421.0M $438.5M $346.4M
YoY Change 21.53% 28.21% 18.83%
Gross Profit Margin 33.16% 33.18% 28.72%
Selling, General & Admin $352.7M $362.6M $292.6M
YoY Change 20.54% 30.19% 17.04%
% of Gross Profit 83.78% 82.69% 84.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.70M $26.90M $24.80M
YoY Change 15.73% 14.47% 16.98%
% of Gross Profit 6.82% 6.13% 7.16%
Operating Expenses $380.6M $362.6M $292.6M
YoY Change 30.08% 30.19% 16.99%
Operating Profit $28.75M $61.70M $53.80M
YoY Change -46.56% -2.83% 29.95%
Interest Expense -$7.400M $7.419M $5.609M
YoY Change -231.93% -245.47% -251.59%
% of Operating Profit -25.74% 12.02% 10.43%
Other Income/Expense, Net $0.00 $117.0K $200.0K
YoY Change -100.0% 17.0% 48.15%
Pretax Income $21.30M $55.27M $47.60M
YoY Change -55.25% -5.51% 25.73%
Income Tax $8.600M $13.57M $16.10M
% Of Pretax Income 40.38% 24.54% 33.82%
Net Earnings $12.70M $41.71M $31.50M
YoY Change -59.67% 1.73% 31.88%
Net Earnings / Revenue 1.0% 3.16% 2.61%
Basic Earnings Per Share $0.10 $0.32
Diluted Earnings Per Share $0.10 $0.32 $230.3K
COMMON SHARES
Basic Shares Outstanding 127.6M 126.9M
Diluted Shares Outstanding 127.6M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $23.20M $18.90M
YoY Change -91.53% 56.76% -62.43%
Cash & Equivalents $1.588M $17.18M $19.48M
Short-Term Investments
Other Short-Term Assets $564.0K $28.70M $454.0K
YoY Change 24.23% 22.65% -98.15%
Inventory $264.4M $253.0M $229.5M
Prepaid Expenses $7.806M $9.354M
Receivables $40.60M $27.60M $23.20M
Other Receivables $2.224M $0.00 $2.949M
Total Short-Term Assets $333.8M $342.4M $299.5M
YoY Change 11.46% 23.87% 2.64%
LONG-TERM ASSETS
Property, Plant & Equipment $766.4M $773.3M $713.0M
YoY Change 7.49% 13.54% 23.49%
Goodwill $368.1M $368.1M $368.1M
YoY Change 0.01%
Intangibles $194.8M $195.2M $196.2M
YoY Change -0.71%
Long-Term Investments
YoY Change
Other Assets $12.50M $16.01M $4.782M
YoY Change 161.4% 105.26% -76.21%
Total Long-Term Assets $1.342B $1.353B $1.282B
YoY Change 4.65% 7.88% 10.18%
TOTAL ASSETS
Total Short-Term Assets $333.8M $342.4M $299.5M
Total Long-Term Assets $1.342B $1.353B $1.282B
Total Assets $1.676B $1.695B $1.582B
YoY Change 5.94% 10.77% 8.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.3M $265.6M $179.5M
YoY Change -33.0% 46.01% 10.6%
Accrued Expenses $133.7M $38.40M $101.9M
YoY Change 31.21% -54.88% 39.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.400M $14.40M $8.800M
YoY Change -15.91% -3.36% -6.38%
Total Short-Term Liabilities $310.0M $296.8M $299.7M
YoY Change 3.43% 5.31% 22.33%
LONG-TERM LIABILITIES
Long-Term Debt $453.0M $435.0M $348.0M
YoY Change 30.17% 0.07% 8.61%
Other Long-Term Liabilities $153.4M $144.4M $130.6M
YoY Change 17.4% 16.45% 16.75%
Total Long-Term Liabilities $606.4M $579.4M $478.6M
YoY Change 26.69% 3.71% 10.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.0M $296.8M $299.7M
Total Long-Term Liabilities $606.4M $579.4M $478.6M
Total Liabilities $1.086B $1.054B $930.9M
YoY Change 16.71% 20.02% 33.75%
SHAREHOLDERS EQUITY
Retained Earnings -$69.20M -$16.91M $30.56M
YoY Change -326.46%
Common Stock $657.3M $653.6M $620.9M
YoY Change 5.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $589.2M $641.3M $650.7M
YoY Change
Total Liabilities & Shareholders Equity $1.676B $1.695B $1.582B
YoY Change 5.94% 10.77% 8.67%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $12.70M $41.71M $31.50M
YoY Change -59.67% 1.73% 31.88%
Depreciation, Depletion And Amortization $28.70M $26.90M $24.80M
YoY Change 15.73% 14.47% 16.98%
Cash From Operating Activities $58.90M $66.60M $79.10M
YoY Change -25.54% 1.83% 64.45%
INVESTING ACTIVITIES
Capital Expenditures -$28.70M -$59.70M -$40.70M
YoY Change -29.48% -1.49% -29.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$28.70M -$59.70M -$40.70M
YoY Change -29.48% -1.32% -29.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -45.80M -5.000M -34.30M
YoY Change 33.53% -55.75% 83.42%
NET CHANGE
Cash From Operating Activities 58.90M 66.60M 79.10M
Cash From Investing Activities -28.70M -59.70M -40.70M
Cash From Financing Activities -45.80M -5.000M -34.30M
Net Change In Cash -15.60M 1.900M 4.100M
YoY Change -480.49% -129.69% -114.59%
FREE CASH FLOW
Cash From Operating Activities $58.90M $66.60M $79.10M
Capital Expenditures -$28.70M -$59.70M -$40.70M
Free Cash Flow $87.60M $126.3M $119.8M
YoY Change -26.88% 0.24% 13.45%

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CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.338
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.317
CY2018Q3 sfm Tax Cuts And Jobs Act Of2017 Accounting Complete Percentage Of Discrete Tax Rate Benefit
TaxCutsAndJobsActOf2017AccountingCompletePercentageOfDiscreteTaxRateBenefit
0.057
sfm Tax Cuts And Jobs Act Of2017 Accounting Complete Percentage Of Discrete Tax Rate Benefit
TaxCutsAndJobsActOf2017AccountingCompletePercentageOfDiscreteTaxRateBenefit
0.015
CY2018Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-2600000
CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1000000
CY2017Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
200000
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
12400000
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
8400000
CY2018Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
719004
CY2017Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3249204
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
8411575
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
9136468
CY2018Q3 sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
21.29
CY2017Q4 sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
22.16
sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
22.98
sfm Stock Repurchase Program Average Cost Per Share Acquired
StockRepurchaseProgramAverageCostPerShareAcquired
21.01
CY2018Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
15307000
CY2017Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
72000000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
192000000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
341000
CY2017Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2128000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
484000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2506000
CY2018Q3 sfm Number Of Swaps Outstanding
NumberOfSwapsOutstanding
5
CY2017Q4 sfm Number Of Swaps Outstanding
NumberOfSwapsOutstanding
5
us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P1Y
sfm Derivative Term Of Contract Maturity Starting Year
DerivativeTermOfContractMaturityStartingYear
2018
sfm Derivative Term Of Contract Maturity Ending Year
DerivativeTermOfContractMaturityEndingYear
2022
us-gaap Discussion Of Fair Value Hedge Effectiveness Assessment And Measurement
DiscussionOfFairValueHedgeEffectivenessAssessmentAndMeasurement
The Company reviews the effectiveness of its hedging instruments on a quarterly basis
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3043000
CY2017Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4085000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11673000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10325000
CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
782000
CY2017Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1528000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3000000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3863000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2261000
CY2017Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2557000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
8673000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6462000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1816000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4226000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
98000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
464000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4M24D
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
360000
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18432000

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