$THS
TreeHouse Foods, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018018922 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.456B $1.522B
YoY Change -4.36% -1.25%
Cost Of Revenue $1.219B $1.245B
YoY Change -2.09% -2.38%
Gross Profit $215.1M $276.6M
YoY Change -22.23% 4.06%
Gross Profit Margin 14.78% 18.17%
Selling, General & Admin $164.6M $177.7M
YoY Change -7.37% -2.58%
% of Gross Profit 76.52% 64.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.60M $37.90M
YoY Change 7.12% -15.59%
% of Gross Profit 18.87% 13.7%
Operating Expenses $232.6M $177.7M
YoY Change 30.89% -17.05%
Operating Profit $3.900M $98.90M
YoY Change -96.06% 91.69%
Interest Expense $31.30M -$34.10M
YoY Change -191.79% -208.25%
% of Operating Profit 802.56% -34.48%
Other Income/Expense, Net -$29.40M -$32.30M
YoY Change -8.98% 9.86%
Pretax Income -$25.80M -$56.00M
YoY Change -53.93% -352.25%
Income Tax -$6.000M -$21.80M
% Of Pretax Income
Net Earnings -$19.50M -$34.20M
YoY Change -42.98% -280.95%
Net Earnings / Revenue -1.34% -2.25%
Basic Earnings Per Share -$0.35 -$0.60
Diluted Earnings Per Share -$0.35 -$0.60
COMMON SHARES
Basic Shares Outstanding 56.40M shares 57.00M
Diluted Shares Outstanding 56.40M shares 57.00M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.9M $186.3M
YoY Change -39.4% 204.41%
Cash & Equivalents $98.90M $174.2M
Short-Term Investments $14.00M $12.10M
Other Short-Term Assets $118.5M $95.80M
YoY Change 23.7% 8.0%
Inventory $944.3M $993.1M
Prepaid Expenses
Receivables $198.9M $352.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.434B $1.628B
YoY Change -11.91% 8.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.270B $1.296B
YoY Change -2.0% -4.77%
Goodwill $2.177B $2.454B
YoY Change -11.32% -11.97%
Intangibles $737.0M $1.089B
YoY Change -32.35% -8.87%
Long-Term Investments
YoY Change
Other Assets $42.60M $42.10M
YoY Change 1.19% -19.1%
Total Long-Term Assets $4.227B $4.882B
YoY Change -13.43% -9.54%
TOTAL ASSETS
Total Short-Term Assets $1.434B $1.628B
Total Long-Term Assets $4.227B $4.882B
Total Assets $5.661B $6.510B
YoY Change -13.05% -5.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $504.0M $576.8M
YoY Change -12.62% 31.19%
Accrued Expenses $184.3M $123.5M
YoY Change 49.23% -11.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.20M $70.90M
YoY Change -85.61% 42.08%
Total Short-Term Liabilities $708.9M $783.0M
YoY Change -9.46% 19.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.391B $2.568B
YoY Change -6.91% -10.18%
Other Long-Term Liabilities $201.5M $205.6M
YoY Change -1.99% -6.81%
Total Long-Term Liabilities $201.5M $205.6M
YoY Change -1.99% -6.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $708.9M $783.0M
Total Long-Term Liabilities $201.5M $205.6M
Total Liabilities $3.475B $3.967B
YoY Change -12.4% -4.41%
SHAREHOLDERS EQUITY
Retained Earnings $526.1M
YoY Change -31.94%
Common Stock $2.094B
YoY Change 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.40M
YoY Change
Treasury Stock Shares
Shareholders Equity $2.208B $2.543B
YoY Change
Total Liabilities & Shareholders Equity $5.661B $6.510B
YoY Change -13.05% -5.63%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$19.50M -$34.20M
YoY Change -42.98% -280.95%
Depreciation, Depletion And Amortization $40.60M $37.90M
YoY Change 7.12% -15.59%
Cash From Operating Activities $173.5M $248.9M
YoY Change -30.29% 97.07%
INVESTING ACTIVITIES
Capital Expenditures -$46.90M -$42.00M
YoY Change 11.67% -33.33%
Acquisitions
YoY Change
Other Investing Activities $2.900M $20.50M
YoY Change -85.85% -2377.78%
Cash From Investing Activities -$44.00M -$21.50M
YoY Change 104.65% -66.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -157.9M -121.0M
YoY Change 30.5% 60.69%
NET CHANGE
Cash From Operating Activities 173.5M 248.9M
Cash From Investing Activities -44.00M -21.50M
Cash From Financing Activities -157.9M -121.0M
Net Change In Cash -28.40M 106.4M
YoY Change -126.69% -931.25%
FREE CASH FLOW
Cash From Operating Activities $173.5M $248.9M
Capital Expenditures -$46.90M -$42.00M
Free Cash Flow $220.4M $290.9M
YoY Change -24.24% 53.67%

Facts In Submission

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FiniteLivedIntangibleAssetsAccumulatedAmortization
486100000
CY2017 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
-273300000
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
750200000
CY2018Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
504000000
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
451300000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
69100000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
59900000
CY2018Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
48900000
CY2017Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
0
CY2018Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
28000000
CY2017Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
28700000
CY2018Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
9000000
CY2017Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
10400000
CY2018Q2 us-gaap Interest Payable Current
InterestPayableCurrent
21100000
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
23800000
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
10200000
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
7400000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8400000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8200000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.389
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.632
ths Effective Income Tax Rate Impact Of Discrete Benefit Expense Rate Attributable To Vesting And Exercise Of Share Based Awards
EffectiveIncomeTaxRateImpactOfDiscreteBenefitExpenseRateAttributableToVestingAndExerciseOfShareBasedAwards
-0.022
CY2018Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-9100000
CY2018Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
1400000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
28800000
CY2018Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1700000
CY2018Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3100000
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
(i) the leverage covenant threshold has increased through fiscal year 2019, (ii) the Company and the other loan parties secured the obligations with liens on substantially all of their personal property, and (iii) such liens will be released upon the Company’s leverage ratio being less than or equal to 4.00 to 1.00 no earlier than the fiscal quarter ended on December 31, 2019.
CY2018Q2 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0354
ths Direct Operating Income Loss
DirectOperatingIncomeLoss
276800000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
164600000
CY2018Q2 ths Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
1400000
ths Increase In Restricted Cash And Payment For Proceeds From Other Investing Activities
IncreaseInRestrictedCashAndPaymentForProceedsFromOtherInvestingActivities
-2600000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1600000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6900000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11100000
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1800000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5800000
CY2017Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4100000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
6900000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
10000000
CY2018Q2 ths Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Number Of Units Converted
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNumberOfUnitsConverted
79910
CY2018Q2 ths Share Based Compensation Arrangement By Share Based Payment Award Conversion Ratio
ShareBasedCompensationArrangementByShareBasedPaymentAwardConversionRatio
0.23
CY2018Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
46400000
CY2017Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
8800000
us-gaap Business Exit Costs1
BusinessExitCosts1
75300000
us-gaap Business Exit Costs1
BusinessExitCosts1
15600000
CY2018Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0
CY2017Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-85200000
CY2018Q2 ths Other Operating Income Expense Other Net
OtherOperatingIncomeExpenseOtherNet
-300000
CY2017Q2 ths Other Operating Income Expense Other Net
OtherOperatingIncomeExpenseOtherNet
0
ths Other Operating Income Expense Other Net
OtherOperatingIncomeExpenseOtherNet
-300000
ths Other Operating Income Expense Other Net
OtherOperatingIncomeExpenseOtherNet
0
CY2018Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
19300000
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
15100000
CY2018Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3400000
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1200000
CY2018Q2 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
7600000
CY2017Q2 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-2300000
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
2000000
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-2500000
CY2018Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
2000000
CY2017Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
500000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
5800000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
1100000
CY2018Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
9600000
CY2017Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1800000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
7800000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1400000
CY2018Q2 ths Direct Operating Income Loss
DirectOperatingIncomeLoss
145500000
CY2017Q2 ths Direct Operating Income Loss
DirectOperatingIncomeLoss
172700000
ths Direct Operating Income Loss
DirectOperatingIncomeLoss
351500000
CY2018Q2 ths Intangible Assets And Other Assets Noncurrent
IntangibleAssetsAndOtherAssetsNoncurrent
779600000
CY2017Q4 ths Intangible Assets And Other Assets Noncurrent
IntangibleAssetsAndOtherAssetsNoncurrent
818200000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
177700000
CY2017Q2 ths Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-700000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
354100000
ths Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-7300000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
361400000
ths Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-1400000
CY2018Q2 ths Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect
0
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-150100000
ths Increase In Restricted Cash And Payment For Proceeds From Other Investing Activities
IncreaseInRestrictedCashAndPaymentForProceedsFromOtherInvestingActivities
600000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-154600000

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