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Performance Food Group Co (PFGC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, July 2, 2022

SEC Filings

Performance Food Group Co

CIK: 1618673 Ticker: PFGC

Exhibit 99.1

 

img156502227_0.jpg 

 

NEWS RELEASE

 

 

 

 

For Immediate Release

 

Investors:

 

Media:

 

 

William S. Marshall

 

Scott Golden

 

 

VP, Investor Relations

 

Director, Communications & Engagement

 

 

(804) 287-8108

 

(804) 484-7873

 

 

Bill.Marshall@pfgc.com

 

mediarelations@pfgc.com

Performance Food Group Company Reports Fourth-Quarter and Full-Year Fiscal 2022 Results

Strong Net Sales and Profit Growth; Continued Market Share Gains in Independent Restaurants and Solid Performance in All Business Segments; Initiates Fiscal 2023 Guidance

Fourth-Quarter Fiscal 2022 Highlights

Total case volume grew 17%
Net sales increased 57% to $14.6 billion
Gross profit improved 40% to $1.5 billion
Net income increased 142% to $76.0 million
Adjusted EBITDA increased 69% to $357.1 million1
Diluted Earnings Per Share (“EPS”) increased 113% to $0.49
Adjusted Diluted EPS increased 91% to $1.071

Full-Year Fiscal 2022 Highlights

Total case volume grew 29%
Net sales increased 67% to $50.9 billion
Gross profit improved 49% to $5.3 billion
Net income increased 176% to $112.5 million
Adjusted EBITDA increased 63% to $1.0 billion1
Diluted EPS increased 147% to $0.74
Adjusted Diluted EPS increased 93% to $2.60 1

RICHMOND, Va. – Aug. 17, 2022 –

Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its fourth-quarter and full-year fiscal 2022 business results.

 

“PFG closed out fiscal 2022 in a position of strength, with strong net sales and profit growth,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Our focus on driving independent restaurant growth continues to improve our customer mix, producing better margins and high-quality earnings. Vistar has seen solid progress, as several important channels continue to recover and provide a tailwind to our financial results. In Convenience, we continue to bring on new accounts and win business through the strength of our combined organization. The integration of Core-Mark has progressed smoothly and remains on schedule. As a result of the positive momentum in all three business segments, today, we are able to provide strong financial guidance for fiscal 2023. We believe our business is well positioned to achieve our objectives and is equipped to succeed in the current operating environment.”

 

1
This earnings release includes several metrics, including EBITDA, Adjusted EBITDA, Adjusted Diluted Earnings per Share and Free Cash Flow that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). Please see “Statement Regarding Non-GAAP Financial Measures” at the end of this release for the definitions of such non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their respective most comparable financial measures calculated in accordance with GAAP.

1


The following information was filed by Performance Food Group Co (PFGC) on Wednesday, August 17, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Performance Food Group Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Reconciliation Of Cash And Restricted Cash
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Summary Of Preliminary Purchase Price Allocation Of Major Class Of Assets Acquired And Liabilities Assumed (Detail)
Business Combinations - Summary Of Purchase Price For Acquisition (Detail)
Business Combinations - Summary Of Unaudited Pro-Forma Consolidated Financial Information (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Concentration Of Sales And Credit Risk
Concentration Of Sales And Credit Risk - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Debt (Detail)
Debt - Schedule Of Debt (Parenthetical) (Detail)
Debt - Schedule Of Fiscal Year Maturities Of Long Term Debt Excluding Finance Lease Obligation (Detail)
Debt - Summary Of Outstanding Borrowings, Availability, And Average Interest Rate Under Abl Facility (Detail)
Debt - Summary Of Outstanding Borrowings, Availability, And Average Interest Rate Under Abl Facility (Parenthetical) (Detail)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Additional Information (Detail)
Derivatives And Hedging Activities - Effect Of Interest Rate Swaps Designated In Hedging Relationships On Consolidated Statement Of Operations (Detail)
Derivatives And Hedging Activities - Schedule Of Outstanding Swap Agreements (Detail)
Derivatives And Hedging Activities - Summary Of Derivative Assets And Liability Balance By Type Of Financial Instrument Before And After Effects Of Offsetting (Detail)
Derivatives And Hedging Activities - Summary Of Fair Value Of Derivative Financial Instruments (Detail)
Earnings Per Common Share (Tables)
Earnings Per Common Share - Schedule Of Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Common Share Computations (Detail)
Earnings Per Share ("Eps")
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments - Additional Information (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Other Intangible Assets - Estimated Future Amortization Expense On Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Schedule Of Intangible Assets By Major Category (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Effective Income Tax Rate From Continuing Operation (Detail)
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Detail)
Income Taxes - Schedule Of Significant Deferred Tax Assets And Liabilities (Detail)
Insurance Program Liabilities
Insurance Program Liabilities (Tables)
Insurance Program Liabilities - Summary Of Activity In All Types Of Deductible Insurance Program Liabilities (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail)
Leases - Summary Of Location Of Lease Costs In Consolidated Statement Of Operations (Detail)
Leases - Summary Of Right-Of-Use Assets And Lease Liabilities In Consolidated Balance Sheet (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Detail)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Detail)
Property, Plant, And Equipment - Summary Of Property Plant And Equipment (Detail)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements - Additional Information (Detail)
Related-Party Transactions
Related-Party Transactions - Additional Information (Detail)
Retirement Plans
Retirement Plans - Additional Information (Detail)
Schedule 1 - Registrant's Condensed Financial Statements
Schedule 1 - Registrant's Condensed Financial Statements - Condensed Balance Sheets (Detail)
Schedule 1 - Registrant's Condensed Financial Statements - Condensed Balance Sheets (Parenthetical) (Detail)
Schedule 1 - Registrant's Condensed Financial Statements - Condensed Statements Of Cash Flows (Detail)
Schedule 1 - Registrant's Condensed Financial Statements - Condensed Statements Of Operations And Comprehensive Income (Detail)
Schedule 1 - Registrant's Condensed Financial Statements - Description Of Performance Food Group Company - Additional Information (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of Ebdita And Reconciliation To Consolidated Income Before Taxes (Detail)
Segment Information - Schedule Of Segment Reporting Information, By Segment (Detail)
Segment Information - Summary Assets By Reportable Segment, Excluding Intercompany Receivables (Detail)
Segment Information - Summary Sales Mix For Principal Product And Service Categories (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Changes In Nonvested Restricted Shares And Restricted Stock Units (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Weighted Average Assumptions (Detail)
Summary Of Business Activities
Summary Of Business Activities - Additional Information (Detail)
Summary Of Significant Accounting Policies And Estimates
Summary Of Significant Accounting Policies And Estimates (Policies)
Summary Of Significant Accounting Policies And Estimates - Additional Information (Detail)
Ticker: PFGC
CIK: 1618673
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-017624
Submitted to the SEC: Fri Aug 19 2022 4:18:45 PM EST
Accepted by the SEC: Fri Aug 19 2022
Period: Saturday, July 2, 2022
Industry: Wholesale Groceries General Line

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