Flowers Foods, Inc. Files 10-Q for Period Ending April 20, 2024

TL;DR

<b>Flowers Foods, Inc. (FLO) filed its Q1 2024 10-Q, detailing financial performance, executive compensation, and risk factors.</b>

AI Summary

FLOWERS FOODS INC (FLO) filed a Quarterly Report (10-Q) with the SEC on May 16, 2024. Filing is a 10-Q for Flowers Foods, Inc. (FLO) for the period ending April 20, 2024. The filing includes data points related to various financial metrics and dates, such as '2023-12-31', '2024-04-20', and '2024-05-09'. Specific financial instruments and accounts mentioned include 'CommodityContract', 'UnsecuredCreditFacility', and 'AdditionalPaidInCapital'. Customer-related information such as 'CustomerConcentrationRisk' and specific customers like 'WalmartSamsClub' are noted. Executive compensation elements like 'AnnualGrants' for 'NonEmployeeDirectors' are referenced.

Why It Matters

For investors and stakeholders tracking FLOWERS FOODS INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial results and operational updates for Flowers Foods, Inc., enabling informed investment decisions. The detailed breakdown of financial instruments, customer relationships, and executive compensation offers transparency into the company's strategic and financial health.

Risk Assessment

Risk Level: medium — FLOWERS FOODS INC shows moderate risk based on this filing. The filing contains numerous specific financial and operational data points, but lacks consolidated financial statements or detailed performance narratives typically found in a full earnings release, requiring further analysis of linked documents.

Analyst Insight

Review the detailed financial instruments and customer concentration data to assess potential risks and revenue stability.

Key Numbers

• 2024-04-20 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-16 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Various financial data points)
• 2023-04-22 — Prior Year Period End Date (Various financial data points)

Key Players & Entities

• FLOWERS FOODS INC (company) — Filer name
• FLO (company) — Ticker symbol
• 2024-04-20 (date) — Conformed period of report
• 2024-05-16 (date) — Filed as of date
• WalmartSamsClub (company) — Customer concentration risk
• NonEmployeeDirectors (person) — Annual grants

FAQ

Key Dates

• 2024-04-20: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-16: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and condition.)

CommodityContract

A contract related to the trading of commodities. (Indicates potential exposure to commodity price fluctuations and hedging strategies.)

CustomerConcentrationRisk

The risk associated with having a significant portion of revenue from a small number of customers. (Highlights potential vulnerability if a major customer reduces or ceases business.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FLO NYSE Indicate by ch

Filing Documents

• flo-20240420.htm (10-Q) — 2827KB
• flo-ex10_1.htm (EX-10.1) — 997KB
• flo-ex31_1.htm (EX-31.1) — 13KB
• flo-ex31_2.htm (EX-31.2) — 13KB
• flo-ex32.htm (EX-32) — 12KB
• img51835163_0.jpg (GRAPHIC) — 11KB
• img51835163_1.jpg (GRAPHIC) — 3KB
• 0000950170-24-061086.txt (&nbsp;) — 15946KB
• flo-20240420.xsd (EX-101.SCH) — 2343KB
• flo-20240420_htm.xml (XML) — 2945KB

Financial Information

PART I. Financial Information 4 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets as of April 20, 2024 and December 30, 2023 4 Condensed Consolidated Statements of Income for the Sixteen Weeks Ended April 20, 2024 and April 22, 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Sixteen Weeks Ended April 20, 2024 and April 22, 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Sixteen Weeks Ended April 20, 2024 and April 22, 2023 7 Condensed Consolidated Statements of Cash Flows for the Sixteen Weeks Ended April 20, 2024 and April 22, 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45

Other Information

PART II. Other Information 47 Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48

Forward-Looking Statements

Forward-Looking Statements Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in this Quarterly Report on Form 10-Q (this "Form 10-Q") and may include, but are not limited to: unexpected changes in any of the following: (i) general economic and business conditions; (ii) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (iii) interest rates and other terms available to us on our borrowings; (iv) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (v) relationships with or increased costs related to our employees and third-party service providers; (vi) laws and regulations (including environmental and health-related issues); an

FINANCIAL STA TEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STA TEMENTS (UNAUDITED) FLOWERS FOODS, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (Amounts in thousands, except share data) (Unaudited) April 20, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 15,818 $ 22,527 Accounts and notes receivable, net of allowances of $ 32,810 and $ 33,386 , respectively 359,481 328,246 Inventories, net: Raw materials 63,610 72,941 Packaging materials 27,518 28,743 Finished goods 84,875 82,813 Inventories, net 176,003 184,497 Spare parts and supplies 88,579 86,386 Other 48,523 66,057 Total current assets 688,404 687,713 Property, plant and equipment: Property, plant and equipment 2,531,910 2,500,531 Less: accumulated depreciation ( 1,572,814 ) ( 1,537,550 ) Property, plant and equipment, net 959,096 962,981 Financing lease right-of-use assets 336 130 Operating lease right-of-use assets 294,203 276,734 Notes receivable from independent distributor partners 118,191 123,571 Assets held for sale 26,769 21,799 Other assets 14,245 18,487 Goodwill 679,896 677,796 Other intangible assets, net 648,026 657,742 Total assets $ 3,429,166 $ 3,426,953 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ — $ — Current maturities of financing leases 153 99 Current maturities of operating leases 57,610 47,507 Accounts payable 303,583 318,600 Other accrued liabilities 261,048 292,946 Total current liabilities 622,394 659,152 Noncurrent long-term debt 1,043,543 1,048,144 Noncurrent financing lease obligations 40 23 Noncurrent operating lease obligations 247,387 236,872 Total long-term debt and right-of-use lease liabilities 1,290,970 1,285,039 Other liabilities: Postretirement/post-employment obligations 5,700 5,798 Deferred taxes 98,373 91,2

View Full Filing

View this 10-Q filing on SEC EDGAR