Performance Food Group Q2 2025 Filing

TL;DR

PFGC filed Q2 results, check Vistar & Convenience segment performance.

AI Summary

Performance Food Group Co. reported its second quarter results for the period ending December 28, 2024. The company's fiscal year ends on December 31st. Key financial data and segment information, including details on Vistar and Convenience segments, were filed on February 5, 2025.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Performance Food Group, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags.

Key Numbers

• $12500 — Street Address (Business Address)
• 23238 — ZIP Code (Business Address)
• 431983182 — IRS Number (Company Tax ID)

Key Players & Entities

• Performance Food Group Co (company) — Filer
• 20241228 (date) — Conformed Period of Report
• 20250205 (date) — Filed as of Date
• Vistar (company) — Operating Segment
• Convenience (company) — Operating Segment

FAQ

Key Financial Figures

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

Filing Documents

• pfgc-20241228.htm (10-Q) — 2616KB
• pfgc-ex10_2.htm (EX-10.2) — 39KB
• pfgc-ex10_3.htm (EX-10.3) — 75KB
• pfgc-ex31_1.htm (EX-31.1) — 14KB
• pfgc-ex31_2.htm (EX-31.2) — 14KB
• pfgc-ex32_1.htm (EX-32.1) — 7KB
• pfgc-ex32_2.htm (EX-32.2) — 7KB
• img133752642_0.jpg (GRAPHIC) — 117KB
• 0000950170-25-014484.txt ( ) — 10098KB
• pfgc-20241228.xsd (EX-101.SCH) — 1092KB
• pfgc-20241228_htm.xml (XML) — 1913KB

- 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 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, and integration of our acquisition of Cheney Bros., Inc. (the "Cheney Brothers Acquisition"), 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 and 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 important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contai

– 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 28, 2024 As of June 29, 2024 ASSETS Current assets: Cash $ 10.7 $ 20.0 Accounts receivable, less allowances of $ 68.2 and $ 55.2 2,587.5 2,478.9 Inventories, net 3,928.0 3,314.7 Income taxes receivable 104.4 71.6 Prepaid expenses and other current assets 255.1 268.1 Total current assets 6,885.7 6,153.3 Goodwill 3,407.5 2,418.3 Other intangible assets, net 1,823.5 971.1 Property, plant and equipment, net 3,861.3 2,788.5 Operating lease right-of-use assets 943.8 875.5 Other assets 175.2 186.2 Total assets $ 17,097.0 $ 13,392.9 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable and outstanding checks in excess of deposits 2,916.1 2,594.4 Accrued expenses and other current liabilities 910.8 908.3 Finance lease obligations—current installments 195.1 147.2 Operating lease obligations—current installments 105.4 108.2 Total current liabilities 4,127.4 3,758.1 Long-term debt 5,691.2 3,198.5 Deferred income tax liability, net 841.9 497.9 Finance lease obligations, excluding current installments 966.3 703.2 Operating lease obligations, excluding current installments 902.9 819.3 Other long-term liabilities 310.1 289.0 Total liabilities 12,839.8 9,266.0 Commitments and contingencies (Note 10) Shareholders' equity: Common Stock: $ 0.01 par value per share, 1.0 billion shares authorized, 154.6 million shares issued and outstanding as of December 28, 2024; 154.2 million shares issued and outstanding as of June 29, 2024 1.5 1.5 Additional paid-in capital 2,806.2 2,818.5 Accumulated other comprehensive (loss) income, net of tax benefit (expense) of $ 1.1 and ($ 1.5 ) ( 3.8 ) 4.0 Retained earnings 1,453.3 1,302

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 In November 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 current 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. As of December 28, 2024, there remains approximately $ 177.0 million available for additional share repurchases. During the three months ended December 28, 2024 , the Company repurchased and subsequently retired less than 0.1 million shares of common stock, for a total of $ 4.0 million or an average cost of $ 79.05 per share. During the six months ended December 28, 2024 , the Company repurchased and subsequently retired 0.4 million shares of common stock, for a total of $ 33.6 million or an average cost of $ 75.19 per share. During the t