Performance Food Group Co. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Performance Food Group Co. filed its quarterly report (10-Q) for the period ending December 30, 2023.</b>

AI Summary

Performance Food Group Co (PFGC) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. The filing is a 10-Q report for Performance Food Group Co. for the period ending December 30, 2023. The company's fiscal year ends on December 31st. Performance Food Group Co. is incorporated in Delaware. The company's business address is 12500 West Creek Parkway, Richmond, VA 23238. The SEC file number for this filing is 001-37578.

Why It Matters

For investors and stakeholders tracking Performance Food Group Co, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the specified quarter. Investors and analysts can use this report to assess the company's operational results, financial health, and any material changes since the last filing.

Risk Assessment

Risk Level: medium — Performance Food Group Co shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which is routine for publicly traded companies. However, the specific financial details within the report will determine the actual risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Performance Food Group's current financial health and operational performance.

Key Numbers

• 20231230 — Period End Date (Conformed Period of Report)
• 20240207 — Filing Date (Filed as of Date)
• 001-37578 — SEC File Number (SEC File Number)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Performance Food Group Co. (company) — Filer
• 0000950170-24-012248 (other) — Accession Number
• 20231230 (date) — Conformed Period of Report
• 20240207 (date) — Filed as of Date
• 0001618673 (company) — Central Index Key
• 5141 (other) — Standard Industrial Classification
• DE (other) — State of Incorporation
• 12500 West Creek Parkway (address) — Business Address Street 1

Forward-Looking Statements

• Performance Food Group will continue to manage its debt obligations, potentially refinancing the 6.875% Senior Notes due 2025 as their maturity approaches. (Performance Food Group Co.) — medium confidence, target: 2025

FAQ

Industry Context

Performance Food Group Co. operates in the wholesale-groceries and general line sector (SIC 5141). This filing pertains to their quarterly performance.

Regulatory Implications

This is a standard 10-Q filing under the Securities Exchange Act of 1934, requiring public companies to report on their financial performance quarterly.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ending December 30, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Check for any new or updated risk factors disclosed in the filing.

Key Dates

• 2023-12-30: Period End Date — End of the reporting quarter.
• 2024-02-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which provides a quarterly update. A comparison to the previous quarter's 10-Q and the prior year's 10-Q would be necessary for a full understanding of changes.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value PFGC New York Stock Excha

Filing Documents

• pfgc-20231230.htm (10-Q) — 1998KB
• pfgc-ex31_1.htm (EX-31.1) — 13KB
• pfgc-ex31_2.htm (EX-31.2) — 13KB
• pfgc-ex32_1.htm (EX-32.1) — 6KB
• pfgc-ex32_2.htm (EX-32.2) — 7KB
• img132829144_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-012248.txt (&nbsp;) — 8077KB
• pfgc-20231230.xsd (EX-101.SCH) — 1125KB
• pfgc-20231230_htm.xml (XML) — 1452KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 5 Item 1.

Financial Statements

Financial Statements 5 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 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

- OTHER INFORMATION

PART II - OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35 SIGNATURE 36 2 SPECIAL NOTE REGARDI NG FORWARD-LOOKING STATEMENTS In addition to historical information, this Quarterly Report on Form 10-Q (this "Form 10-Q") may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our business outlook, business trends and other information are forward-looking statements. Words such as "estimates," "expects," "contemplates," "will," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "may," "should" and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates, projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other importan

– FINANC IAL INFORMATION

Part I – FINANC IAL INFORMATION

Financi al Statements

Item 1. Financi al Statements PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except per share data) As of December 30, 2023 As of July 1, 2023 ASSETS Current assets: Cash $ 16.4 $ 12.7 Accounts receivable, less allowances of $ 62.7 and $ 56.3 2,298.9 2,399.3 Inventories, net 3,342.1 3,390.0 Income taxes receivable 62.4 41.7 Prepaid expenses and other current assets 236.5 227.8 Total current assets 5,956.3 6,071.5 Goodwill 2,418.3 2,301.0 Other intangible assets, net 1,072.5 1,028.4 Property, plant and equipment, net 2,465.8 2,264.0 Operating lease right-of-use assets 841.0 703.6 Other assets 158.6 130.5 Total assets $ 12,912.5 $ 12,499.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable and outstanding checks in excess of deposits 2,423.5 2,453.5 Accrued expenses and other current liabilities 837.0 891.5 Finance lease obligations—current installments 118.8 102.6 Operating lease obligations—current installments 108.4 105.5 Total current liabilities 3,487.7 3,553.1 Long-term debt 3,502.0 3,460.1 Deferred income tax liability, net 474.7 446.2 Finance lease obligations, excluding current installments 536.1 447.3 Operating lease obligations, excluding current installments 773.1 628.9 Other long-term liabilities 277.2 217.9 Total liabilities 9,050.8 8,753.5 Commitments and contingencies (Note 10) Shareholders' equity: Common Stock: $ 0.01 par value per share, 1.0 billion shares authorized, 153.9 million shares issued and outstanding as of December 30, 2023; 154.5 million shares issued and outstanding as of July 1, 2023 1.5 1.5 Additional paid-in capital 2,786.5 2,863.0 Accumulated other comprehensive income, net of tax expense of $ 2.7 and $ 4.9 7.7 14.0 Retained earnings 1,066.0 867.0 Total shareholders' equi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Business Activities Business Overview Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and company-branded food and food-related products to customer locations across North America. The Company serves both of the major customer types in the restaurant industry: (i) independent customers, and (ii) multi-unit, or "Chain" customers, which include some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, healthcare facilities, and retail establishments. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products, health and beauty care products and other items to vending distributors, big box retailers, theaters, convenience stores, drug stores, grocery stores, travel providers, and hospitality providers. Share Repurchase Program On November 16, 2022, the Board of Directors of the Company authorized a share repurchase program for up to $ 300 million of the Company's outstanding c ommon stock. This authorization replaced the previously authorized $ 250 million share repurchase program. The share repurchase program has an expiration date of November 16, 2026 and may be amended, s uspended, or discontinued at any time at the Company's discretion, subject to compliance with applicable laws. During the three months ended December 30, 2023, the Company repurchased and subsequently retired 0.8 million shares of common stock, for a total of $ 50.0 million or an average cost of $ 58.01 per share . During the six months ended December 30, 2023, the Company repurchased and subsequently retired 1.3 million shares of common stock, for a total of $ 78.1 million or an average cost of $ 58.83 per share . As of December 30, 2023, approximately $ 210.6 million remained available for additional share repurchases. 2. Summary of Significant Acco