Performance Food Group Co. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Performance Food Group Co. filed its Q3 2024 10-Q, detailing financial performance and segment data.</b>

AI Summary

Performance Food Group Co (PFGC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Performance Food Group Co. filed a 10-Q report for the period ending March 30, 2024. The filing includes data related to various segments including Foodservice, Vistar, and Convenience. Key financial elements such as Additional Paid In Capital and Common Stock are detailed. Information regarding the Abl Facility and Senior Notes Due Twenty Twenty Nine is present. The report covers periods from July 1, 2023, to March 30, 2024, and comparative periods.

Why It Matters

For investors and stakeholders tracking Performance Food Group Co, this filing contains several important signals. This 10-Q provides a quarterly update on Performance Food Group's financial health and operational performance, crucial for investors to assess recent trends. The detailed segment information (Foodservice, Vistar, Convenience) allows stakeholders to understand the performance drivers within the company's diverse business units.

Risk Assessment

Risk Level: medium — Performance Food Group Co shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance. While it contains specific financial data, it does not indicate any immediate or significant shifts in risk profile beyond what is typical for a company of this nature.

Analyst Insight

Review the detailed segment performance within the 10-Q to identify growth trends and potential areas of concern for Q4.

Key Numbers

• 2024-03-30 — Period End Date (Conformed period of report.)
• 2024-05-08 — Filing Date (Filed as of date.)
• 1231 — Fiscal Year End (Company's fiscal year end.)
• DE — State of Incorporation (State where the company is incorporated.)

Key Players & Entities

• Performance Food Group Co. (company) — Filer of the 10-Q report.
• 2024-03-30 (date) — Conformed period of report.
• 2024-05-08 (date) — Filed as of date.
• Richmond, VA (location) — Business and mail address.
• CoreMark Holdings Company Inc. (company) — Mentioned in relation to customer relationships.
• Vistar (company) — One of the operating segments.
• Foodservice (company) — One of the operating segments.
• Convenience (company) — One of the operating segments.

FAQ

Industry Context

Performance Food Group operates in the wholesale-groceries and general line distribution sector.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze revenue and profitability by segment (Foodservice, Vistar, Convenience).
2. Review any disclosed debt or credit facility information.
3. Examine changes in equity accounts like Additional Paid In Capital and Common Stock.

Key Dates

• 2024-03-30: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted, no prior filing data is available for comparison.

Key Financial Figures

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

Filing Documents

• pfgc-20240330.htm (10-Q) — 2004KB
• pfgc-ex31_1.htm (EX-31.1) — 13KB
• pfgc-ex31_2.htm (EX-31.2) — 13KB
• pfgc-ex32_1.htm (EX-32.1) — 7KB
• pfgc-ex32_2.htm (EX-32.2) — 7KB
• img133723835_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-055773.txt (&nbsp;) — 8023KB
• pfgc-20240330.xsd (EX-101.SCH) — 1091KB
• pfgc-20240330_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 March 30, 2024 As of July 1, 2023 ASSETS Current assets: Cash $ 16.5 $ 12.7 Accounts receivable, less allowances of $ 60.2 and $ 56.3 2,365.0 2,399.3 Inventories, net 3,107.0 3,390.0 Income taxes receivable 74.2 41.7 Prepaid expenses and other current assets 260.1 227.8 Total current assets 5,822.8 6,071.5 Goodwill 2,418.7 2,301.0 Other intangible assets, net 1,022.7 1,028.4 Property, plant and equipment, net 2,571.4 2,264.0 Operating lease right-of-use assets 861.0 703.6 Other assets 177.3 130.5 Total assets $ 12,873.9 $ 12,499.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable and outstanding checks in excess of deposits 2,508.4 2,453.5 Accrued expenses and other current liabilities 794.7 891.5 Finance lease obligations—current installments 128.8 102.6 Operating lease obligations—current installments 108.6 105.5 Total current liabilities 3,540.5 3,553.1 Long-term debt 3,215.4 3,460.1 Deferred income tax liability, net 483.1 446.2 Finance lease obligations, excluding current installments 589.3 447.3 Operating lease obligations, excluding current installments 801.7 628.9 Other long-term liabilities 290.5 217.9 Total liabilities 8,920.5 8,753.5 Commitments and contingencies (Note 10) Shareholders' equity: Common Stock: $ 0.01 par value per share, 1.0 billion shares authorized, 154.2 million shares issued and outstanding as of March 30, 2024; 154.5 million shares issued and outstanding as of July 1, 2023 1.5 1.5 Additional paid-in capital 2,808.9 2,863.0 Accumulated other comprehensive income, net of tax expense of $ 2.4 and $ 4.9 6.6 14.0 Retained earnings 1,136.4 867.0 Total shareholders' equity 3

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. T he Company did no t repurchase any shares of common stock during the three months ended March 30, 2024. During the nine months ended March 30, 2024, 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 March 30, 2024, approximately $ 210.6 million remained available for additional share repurchases. 2. Summary of Significant Accounting Policies and Estimates Basis of Presentation The consolidated financial statements have been p