Flowers Foods Q2 Filing: Financials and Incentive Plans Detailed

TL;DR

**FLOWERS FOODS Q2 FILING OUT: Details on stock, severance, and credit facilities.**

AI Summary

Flowers Foods Inc. reported its second quarter results for the period ending July 13, 2024. The company's filing details various financial aspects, including common stock, employee severance plans, and credit facilities. Specific dates like April 23, 2023, and December 31, 2023, are mentioned in relation to incentive plans and financial reporting.

Why It Matters

This filing provides insight into Flowers Foods' financial health and operational details, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 12/28 — Fiscal Year End (Indicates the end of the company's fiscal year for reporting.)
• 2024-07-13 — Reporting Period End Date (Marks the end of the second quarter for which financial data is reported.)
• 2023-12-31 — Prior Year End Date (Used for comparative financial reporting and balance sheet items.)

Key Players & Entities

• Flowers Foods Inc. (company) — Filer of the 10-Q report
• 20240713 (date) — End of the reporting period
• 0000950170-24-097806 (accession_number) — Unique identifier for the filing
• Thomasville, GA (location) — Company headquarters and mailing address
• TwoThousandTwentyThreeVoluntaryEmployeeSeparationIncentivePlanMember (plan) — Mentioned in relation to employee severance

FAQ

Key Financial Figures

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

Filing Documents

• flo-20240713.htm (10-Q) — 3689KB
• flo-ex10_1.htm (EX-10.1) — 41KB
• flo-ex31_1.htm (EX-31.1) — 14KB
• flo-ex31_2.htm (EX-31.2) — 14KB
• flo-ex32.htm (EX-32) — 12KB
• 0000950170-24-097806.txt ( ) — 17120KB
• flo-20240713.xsd (EX-101.SCH) — 2393KB
• flo-20240713_htm.xml (XML) — 3611KB

Financial Information

PART I. Financial Information 4 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets as of July 13, 2024 and December 30, 2023 4 Condensed Consolidated Statements of Income for the Twelve and Twenty-Eight Weeks Ended July 13, 2024 and July 15, 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Twelve and Twenty-Eight Weeks Ended July 13, 2024 and July 15, 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Twelve and Twenty-Eight Weeks Ended July 13, 2024 and July 15, 2023 7 Condensed Consolidated Statements of Cash Flows for the Twenty-Eight Weeks Ended July 13, 2024 and July 15, 2023 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 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 35 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50

Other Information

PART II. Other Information 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

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) July 13, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 6,866 $ 22,527 Accounts and notes receivable, net of allowances of $ 27,029 and $ 33,386 , respectively 390,430 328,246 Inventories, net: Raw materials 64,733 72,941 Packaging materials 27,261 28,743 Finished goods 77,254 82,813 Inventories, net 169,248 184,497 Spare parts and supplies 90,552 86,386 Other 45,671 66,057 Total current assets 702,767 687,713 Property, plant and equipment: Property, plant and equipment 2,554,207 2,500,531 Less: accumulated depreciation ( 1,598,941 ) ( 1,537,550 ) Property, plant and equipment, net 955,266 962,981 Financing lease right-of-use assets 274 130 Operating lease right-of-use assets 295,668 276,734 Notes receivable from independent distributor partners 113,229 123,571 Assets held for sale 26,104 21,799 Other assets 14,094 18,487 Goodwill 679,896 677,796 Other intangible assets, net 640,763 657,742 Total assets $ 3,428,061 $ 3,426,953 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ — $ — Current maturities of financing leases 164 99 Current maturities of operating leases 59,975 47,507 Accounts payable 298,870 318,600 Other accrued liabilities 230,488 292,946 Total current liabilities 589,497 659,152 Noncurrent long-term debt 1,068,844 1,048,144 Noncurrent financing lease obligations 19 23 Noncurrent operating lease obligations 243,967 236,872 Total long-term debt and right-of-use lease liabilities 1,312,830 1,285,039 Other liabilities: Postretirement/post-employment obligations 5,567 5,798 Deferred taxes 100,290 91,24

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View this 10-Q filing on SEC EDGAR