Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating
results for the fourth quarter and the fiscal year ended
December 31, 2020.
“2020 was an extraordinary year and I’m proud of our team for
how they responded to the unprecedented challenges we faced
throughout the year,” said J. Frank Harrison, III,
Chairman and Chief Executive Officer. “We made decisions early in
the pandemic to adjust our operating model and reduce expenses as
we navigated an unpredictable business environment. These
adjustments, coupled with strong consumer demand for our products,
enabled us to deliver incredibly strong operating results and make
strategic investments back into our business.”
“Coca-Cola Consolidated is a purpose-driven company and 2020 was
a great example of how we bring our Purpose to life,”
Mr. Harrison continued. “As the pandemic spread across the
country, the health and safety of our teammates was a top priority.
We reacted quickly by securing protective equipment for our
teammates and significantly adjusted our work routines to keep our
teammates safe. As the pandemic continues, we remain committed to
keeping our teammate’s health and well-being at the forefront as we
push forward into 2021.”
Results for the fourth quarter and the fiscal year ended
December 31, 2020 include four additional days compared to the
same fiscal period of 2019. For comparison purposes, the estimated
impact of the four additional days has been excluded from our
comparable(b) and adjusted(b) results. The Company estimates the
impact of the four additional days to be as follows:
(in thousands) |
|
Results of extra daysin fiscal
periods |
|
Physical case volume |
|
|
4,586 |
|
|
Net sales |
|
$ |
58,899 |
|
|
Gross profit |
|
$ |
21,707 |
|
|
SD&A expenses |
|
$ |
14,353 |
|
|
Income from operations |
|
$ |
7,354 |
|
|
Physical case volume increased 8.1% in the fourth quarter of
2020. On a comparable(b) basis, physical case volume increased 2.6%
as Sparkling beverages maintained steady growth and certain Still
brands, including BodyArmor, AHA and Monster, accelerated as
compared to the prior year. Sparkling category volume increased
1.1% on a comparable(b) basis in the fourth quarter of 2020, while
comparable(b) Still beverage volume grew 6.8%. Sales of multi-serve
packages in larger retail stores remained very strong, while
single-serve sales improved in small stores and accounts where our
products are consumed on-premise.
Revenue increased 8.5% in the fourth quarter of 2020 and
increased 3.5% excluding the impact of the additional four days.
The increase in revenue from our bottle/can Sparkling beverages was
driven primarily by price realization on multi-serve packages.
Sales of multi-serve PET packages were especially strong in the
quarter as we adjusted our commercial plans to emphasize these
packages to complement our assortment of multi-pack can products in
take-home outlets. Revenue from our Still beverages increased in
the fourth quarter of 2020 as a result of higher sales volume
across multiple selling channels.
For fiscal year 2020, revenue increased $180.8 million, or
3.7%. While sales within our Sparkling and Still categories grew
6.9% and 5.3%, respectively, for fiscal year 2020 fountain syrup
sales decreased 33.1%. The decline in fountain sales reflects the
COVID-related restrictions that are in place throughout our
territory.
Gross profit increased $48.7 million, or 11.8%, in the
fourth quarter of 2020, while gross margin increased 110 basis
points to 36.1%. On an adjusted(b) basis, gross profit increased
$32.8 million, or 8.1%, in the fourth quarter of 2020. The
improvement in gross profit and gross margin was primarily due to
price realization within our Sparkling category, favorable input
costs and the efficiency of our manufacturing operations. Gross
profit in fiscal year 2020 increased $98.4 million, or 5.9%,
while gross margin increased 70 basis points to 35.3%. On an
adjusted(b) basis, gross profit increased $80.7 million
compared to fiscal year 2019.
“COVID related quarantines and other restrictions we experienced
in 2020 caused a severe downturn in parts of our business, but they
also resulted in a significant increase in demand for our products
across our take-home channels. In response, our team worked
diligently throughout 2020 to meet this elevated demand and
optimize our commercial plan as well as our manufacturing and
distribution network,” said Dave Katz, President and Chief
Operating Officer. “Our full-year financial results reflect the
strong benefit of the pricing realization, manufacturing
efficiencies and cost savings we achieved throughout the year. The
combination of these factors along with favorable input costs,
drove our operating income up more than $100 million to
$313 million for the full year.”
Selling, delivery and administrative (“SD&A”) expenses in
the fourth quarter of 2020 decreased $5.4 million, or 1.4%.
SD&A expenses as a percentage of net sales decreased
290 basis points in the fourth quarter of 2020. Adjusted(b)
SD&A expenses in the fourth quarter of 2020 decreased
$12.8 million, or 3.5%. The decrease in SD&A expenses
related to lower labor costs as a result of adjustments we made to
our operating model earlier in the year in response to
COVID-19-related impacts on our business. Additionally, we
generated favorable results in a number of expense categories due
to the diligent management of our variable operating expenses.
SD&A expenses in fiscal year 2020 decreased $34.2 million,
or 2.3%. SD&A expenses as a percentage of net sales decreased
180 basis points in fiscal year 2020 as compared to fiscal
year 2019.
“We are very optimistic about our top line growth opportunities
in 2021 as we execute a robust commercial plan with our brand
partners, but we are also mindful of the continuing impact COVID-19
is having on our communities and the uncertainty it brings to our
operating environment,” Mr. Katz continued. “When impacted business
channels reopen and consumer buying patterns normalize, we expect
our operating costs to increase as we adjust our business model to
properly grow and service our full portfolio of customers. While we
expect to achieve another solid year of financial performance in
2021, the combination of higher operating expenses and expected
input cost inflation will likely result in 2021 income from
operations below the record performance we reached in 2020.”
Income from operations in the fourth quarter of 2020 was
$93.6 million, compared to $39.5 million in the fourth
quarter of 2019, an increase of 137%. Adjusted(b) income from
operations in the fourth quarter of 2020 was $84.0 million, an
increase of 119%. For fiscal year 2020, income from operations
increased $132.6 million to $313.4 million. Adjusted(b)
income from operations in fiscal year 2020 was $307.6 million,
an increase of $112.2 million, or 57%, compared to fiscal year
2019.
Net income in the fourth quarter of 2020 was $66.4 million,
compared to a net loss of $10.2 million in the fourth quarter
of 2019, an improvement of $76.5 million. Net income in the
fourth quarter of 2019 was adversely impacted by fair value
adjustments to our acquisition related contingent consideration
liability, driven primarily by changes in the underlying discount
rate used to value the liability. Fair value adjustments to this
liability are non-cash in nature and a routine part of our
quarterly financial closing process. Net income increased
$161.1 million for fiscal year 2020 to $172.5 million, as
compared to fiscal year 2019.
Cash flows provided by operations for fiscal year 2020 were
$494.5 million, compared to $290.4 million for fiscal
year 2019. The significant increase in operating cash flows for
fiscal year 2020 was a result of our strong operating performance
and working capital improvement.
(a) All comparisons are to the corresponding period in the prior
year unless specified otherwise.(b) The discussion of the results
for the fourth quarter and the fiscal year ended December 31,
2020 includes selected non-GAAP financial information, such as
"comparable" and “adjusted” results. The schedules in this news
release reconcile such non-GAAP financial measures to the most
directly comparable GAAP financial measures.(c) Fountain syrups are
dispensed through equipment that mixes with carbonated or still
water, enabling fountain retailers to sell finished products to
consumers in cups or glasses.
About Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated is the largest Coca-Cola bottler in the
United States. Our Purpose is to honor God in all we do, serve
others, pursue excellence and grow profitably. For over
118 years, we have been deeply committed to the consumers,
customers and communities we serve and passionate about the broad
portfolio of beverages and services we offer. We make, sell and
distribute beverages of The Coca-Cola Company and other
partner companies in more than 300 brands and flavors across
14 states and the District of Columbia to over 66 million
consumers.
Headquartered in Charlotte, N.C., Coca-Cola Consolidated is
traded on the NASDAQ Global Select Market under the symbol “COKE.”
More information about the Company is available at
www.cokeconsolidated.com. Follow Coca-Cola Consolidated on
Facebook, Twitter, Instagram and LinkedIn.
Cautionary Information Regarding Forward-Looking
Statements
Certain statements contained in this news release are
“forward-looking statements” that involve risks and uncertainties.
The words “anticipate,” “believe,” “expect,” “project,” “may,”
“will,” “should,” “could” and similar expressions are intended to
identify those forward-looking statements. These forward-looking
statements reflect the Company’s best judgment based on current
information, and, although we base these statements on
circumstances that we believe to be reasonable when made, there can
be no assurance that future events will not affect the accuracy of
such forward-looking information. As such, the forward-looking
statements are not guarantees of future performance, and actual
results may vary materially from the projected results and
expectations discussed in this news release. Factors that might
cause the Company’s actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: increased costs, disruption of supply or shortages of
raw materials, fuel and other supplies; the reliance on purchased
finished products from external sources; changes in public and
consumer perception and preferences, including concerns related to
obesity, artificial ingredients, product safety and sustainability
and brand reputation; changes in government regulations related to
nonalcoholic beverages, including regulations related to obesity,
public health, artificial ingredients and product safety and
sustainability; technology failures or cyberattacks on our
technology systems or our effective response to technology failures
or cyberattacks on our customers’, suppliers’ or other third
parties’ technology systems; decreases from historic levels of
marketing funding support provided to us by
The Coca‑Cola Company and other beverage companies;
material changes in the performance requirements for marketing
funding support or our inability to meet such requirements;
decreases from historic levels of advertising, marketing and
product innovation spending by The Coca‑Cola Company and
other beverage companies, or advertising campaigns that are
negatively perceived by the public; any failure of the several
Coca‑Cola system governance entities of which we are a participant
to function efficiently or on our best behalf and any failure or
delay of ours to receive anticipated benefits from these governance
entities; provisions in our beverage distribution and manufacturing
agreements with The Coca‑Cola Company that could delay or
prevent a change in control of us or a sale of our Coca‑Cola
distribution or manufacturing businesses; the concentration of our
capital stock ownership; unfavorable changes in the general
economy; changes in our top customer relationships and marketing
strategies; lower than expected net pricing of our products
resulting from continued and increased customer and competitor
consolidations and marketplace competition; our inability to meet
requirements under our beverage distribution and manufacturing
agreements; the effect of changes in our level of debt, borrowing
costs and credit ratings on our access to capital and credit
markets, operating flexibility and ability to obtain additional
financing to fund future needs; the failure to attract, train and
retain qualified employees while controlling labor costs, and other
labor issues; the failure to maintain productive relationships with
our employees covered by collective bargaining agreements,
including failing to renegotiate collective bargaining agreements;
changes in accounting standards; our use of estimates and
assumptions; changes in the inputs used to calculate our
acquisition related contingent consideration liability; changes in
tax laws, disagreements with tax authorities or additional tax
liabilities; changes in legal contingencies; natural disasters,
changing weather patterns and unfavorable weather; climate change
or legislative or regulatory responses to such change; and the
COVID-19 pandemic and other pandemic outbreaks in the future. These
and other factors are discussed in the Company’s regulatory filings
with the Securities and Exchange Commission, including those in
“Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K
for the fiscal year ended December 29, 2019 and in “Item 1A.
Risk Factors” of the Company’s Quarterly Report on Form 10-Q for
the quarter ended September 27, 2020. The forward-looking
statements contained in this news release speak only as of this
date, and the Company does not assume any obligation to update
them, except as required by applicable law.FINANCIAL
STATEMENTSCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
Fourth Quarter |
|
Fiscal Year |
(in
thousands, except per share data) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
|
$ |
1,278,637 |
|
|
|
$ |
1,178,949 |
|
|
|
$ |
5,007,357 |
|
|
$ |
4,826,549 |
|
Cost of sales |
|
816,762 |
|
|
|
765,758 |
|
|
|
3,238,448 |
|
|
3,156,047 |
|
Gross profit |
|
461,875 |
|
|
|
413,191 |
|
|
|
1,768,909 |
|
|
1,670,502 |
|
Selling, delivery and
administrative expenses |
|
368,280 |
|
|
|
373,651 |
|
|
|
1,455,531 |
|
|
1,489,748 |
|
Income from operations |
|
93,595 |
|
|
|
39,540 |
|
|
|
313,378 |
|
|
180,754 |
|
Interest expense, net |
|
8,957 |
|
|
|
10,144 |
|
|
|
36,735 |
|
|
45,990 |
|
Other (income) expense, net |
|
(4,223 |
) |
|
|
32,796 |
|
|
|
35,603 |
|
|
100,539 |
|
Income (loss) before income
taxes |
|
88,861 |
|
|
|
(3,400 |
) |
|
|
241,040 |
|
|
34,225 |
|
Income tax expense |
|
20,032 |
|
|
|
4,864 |
|
|
|
58,943 |
|
|
15,665 |
|
Net income (loss) |
|
68,829 |
|
|
|
(8,264 |
) |
|
|
182,097 |
|
|
18,560 |
|
Less: Net income attributable to
noncontrolling interest |
|
2,451 |
|
|
|
1,906 |
|
|
|
9,604 |
|
|
7,185 |
|
Net income (loss)
attributable to Coca-Cola Consolidated, Inc. |
|
$ |
66,378 |
|
|
|
$ |
(10,170 |
) |
|
|
$ |
172,493 |
|
|
$ |
11,375 |
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share based on net income (loss) attributable to Coca-Cola
Consolidated, Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
7.08 |
|
|
|
$ |
(1.09 |
) |
|
|
$ |
18.40 |
|
|
$ |
1.21 |
|
Weighted average number of Common
Stock shares outstanding |
|
7,141 |
|
|
|
7,141 |
|
|
|
7,141 |
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
7.08 |
|
|
|
$ |
(1.09 |
) |
|
|
$ |
18.40 |
|
|
$ |
1.21 |
|
Weighted average number of Class
B Common Stock shares outstanding |
|
2,232 |
|
|
|
2,232 |
|
|
|
2,232 |
|
|
2,229 |
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss)
per share based on net income (loss) attributable to Coca-Cola
Consolidated, Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
7.05 |
|
|
|
$ |
(1.08 |
) |
|
|
$ |
18.30 |
|
|
$ |
1.21 |
|
Weighted average number of Common
Stock shares outstanding – assuming dilution |
|
9,405 |
|
|
|
9,373 |
|
|
|
9,427 |
|
|
9,417 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
7.04 |
|
|
|
$ |
(1.09 |
) |
|
|
$ |
18.28 |
|
|
$ |
1.19 |
|
Weighted average number of Class
B Common Stock shares outstanding – assuming dilution |
|
2,264 |
|
|
|
2,232 |
|
|
|
2,286 |
|
|
2,276 |
|
FINANCIAL STATEMENTSCONDENSED
CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
(in
thousands) |
|
December 31, 2020 |
|
December 29, 2019 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
54,793 |
|
|
$ |
9,614 |
|
Trade accounts receivable,
net |
|
403,825 |
|
|
419,770 |
|
Other accounts receivable |
|
86,287 |
|
|
105,505 |
|
Inventories |
|
225,757 |
|
|
225,926 |
|
Prepaid expenses and other
current assets |
|
74,146 |
|
|
69,461 |
|
Assets held for sale |
|
6,429 |
|
|
— |
|
Total current assets |
|
851,237 |
|
|
830,276 |
|
Property, plant and equipment,
net |
|
1,022,722 |
|
|
997,403 |
|
Right-of-use assets -
operating leases |
|
134,383 |
|
|
111,376 |
|
Leased property under
financing leases, net |
|
69,867 |
|
|
17,960 |
|
Other assets |
|
111,781 |
|
|
113,269 |
|
Goodwill |
|
165,903 |
|
|
165,903 |
|
Other identifiable intangible
assets, net |
|
866,557 |
|
|
890,739 |
|
Total assets |
|
$ |
3,222,450 |
|
|
$ |
3,126,926 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Current portion of obligations
under operating leases |
|
$ |
19,766 |
|
|
$ |
15,024 |
|
Current portion of obligations
under financing leases |
|
5,860 |
|
|
9,403 |
|
Accounts payable and accrued
expenses |
|
621,434 |
|
|
597,768 |
|
Total current liabilities |
|
647,060 |
|
|
622,195 |
|
Deferred income taxes |
|
139,423 |
|
|
125,130 |
|
Pension and postretirement
benefit obligations and other liabilities |
|
792,605 |
|
|
783,397 |
|
Noncurrent portion of
obligations under operating leases |
|
119,923 |
|
|
97,765 |
|
Noncurrent portion of
obligations under financing leases |
|
69,984 |
|
|
17,403 |
|
Long-term debt |
|
940,465 |
|
|
1,029,920 |
|
Total liabilities |
|
2,709,460 |
|
|
2,675,810 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Stockholders’ equity |
|
512,990 |
|
|
346,952 |
|
Noncontrolling interest |
|
— |
|
|
104,164 |
|
Total liabilities and equity |
|
$ |
3,222,450 |
|
|
$ |
3,126,926 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTSCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
Fiscal Year |
(in
thousands) |
|
2020 |
|
2019 |
Cash Flows from Operating Activities: |
|
|
|
|
Net income |
|
$ |
182,097 |
|
|
$ |
18,560 |
|
Depreciation expense,
amortization of intangible assets and deferred proceeds, net |
|
179,017 |
|
|
179,916 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
31,210 |
|
|
92,788 |
|
Deferred income taxes |
|
8,737 |
|
|
3,987 |
|
Stock compensation
expense |
|
— |
|
|
2,045 |
|
Change in assets and
liabilities |
|
78,068 |
|
|
(23,683 |
) |
Other |
|
15,332 |
|
|
16,757 |
|
Net cash provided by
operating activities |
|
$ |
494,461 |
|
|
$ |
290,370 |
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
Additions to property, plant
and equipment |
|
$ |
(202,034 |
) |
|
$ |
(171,374 |
) |
Other |
|
1,615 |
|
|
(2,303 |
) |
Net cash used in
investing activities |
|
$ |
(200,419 |
) |
|
$ |
(173,677 |
) |
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
Payments on revolving credit
facility, term loan facility and senior bonds |
|
$ |
(325,000 |
) |
|
$ |
(690,339 |
) |
Borrowings under revolving
credit facility and proceeds from issuance of senior notes |
|
235,000 |
|
|
615,339 |
|
Purchase of noncontrolling
interest in Piedmont Coca-Cola Bottling Partnership |
|
(100,000 |
) |
|
— |
|
Payments of acquisition
related contingent consideration |
|
(43,400 |
) |
|
(27,182 |
) |
Cash dividends paid |
|
(9,374 |
) |
|
(9,369 |
) |
Principal payments on
financing lease obligations |
|
(5,861 |
) |
|
(8,656 |
) |
Debt issuance fees |
|
(228 |
) |
|
(420 |
) |
Net cash used in
financing activities |
|
$ |
(248,863 |
) |
|
$ |
(120,627 |
) |
|
|
|
|
|
Net increase (decrease) in
cash during period |
|
$ |
45,179 |
|
|
$ |
(3,934 |
) |
Cash at beginning of
period |
|
9,614 |
|
|
13,548 |
|
Cash at end of
period |
|
$ |
54,793 |
|
|
$ |
9,614 |
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES(d)
The following tables reconcile reported results (GAAP) to
comparable and adjusted results (non-GAAP):
|
|
Fourth Quarter |
|
|
|
Fiscal Year |
|
|
(in
millions) |
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
Physical case volume |
|
90.7 |
|
|
83.9 |
|
|
8.1 |
% |
|
358.8 |
|
|
343.2 |
|
|
4.5 |
% |
Volume related to extra days
in fiscal year |
|
4.6 |
|
|
— |
|
|
|
|
4.6 |
|
|
— |
|
|
|
Comparable physical
case volume |
|
86.1 |
|
|
83.9 |
|
|
2.6 |
% |
|
354.2 |
|
|
343.2 |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2020 |
(in
thousands, except per share data) |
|
Net sales |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
1,278,637 |
|
|
|
$ |
461,875 |
|
|
|
$ |
368,280 |
|
|
|
$ |
93,595 |
|
|
|
$ |
88,861 |
|
|
|
$ |
66,378 |
|
|
|
$ |
7.08 |
|
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,858 |
) |
|
|
(2,963 |
) |
|
|
(0.31 |
) |
|
Fair value adjustments for
commodity derivative instruments |
|
— |
|
|
|
(1,072 |
) |
|
|
1,740 |
|
|
|
(2,812 |
) |
|
|
(2,812 |
) |
|
|
(2,109 |
) |
|
|
(0.22 |
) |
|
Supply chain and asset
optimization |
|
— |
|
|
|
543 |
|
|
|
(5 |
) |
|
|
548 |
|
|
|
548 |
|
|
|
403 |
|
|
|
0.04 |
|
|
Results of extra days in
fiscal year |
|
(58,899 |
) |
|
|
(21,707 |
) |
|
|
(14,353 |
) |
|
|
(7,354 |
) |
|
|
(7,354 |
) |
|
|
(5,516 |
) |
|
|
(0.59 |
) |
|
Other tax adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,103 |
|
|
|
0.11 |
|
|
Total reconciling
items |
|
(58,899 |
) |
|
|
(22,236 |
) |
|
|
(12,618 |
) |
|
|
(9,618 |
) |
|
|
(13,476 |
) |
|
|
(9,082 |
) |
|
|
(0.97 |
) |
|
Adjusted results
(non-GAAP) |
|
$ |
1,219,738 |
|
|
|
$ |
439,639 |
|
|
|
$ |
355,662 |
|
|
|
$ |
83,977 |
|
|
|
$ |
75,385 |
|
|
|
$ |
57,296 |
|
|
|
$ |
6.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted % change vs. Q4 2019 |
|
|
3.5 |
% |
|
|
|
8.1 |
% |
|
|
|
(3.5 |
)% |
|
|
|
118.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2019 |
(in
thousands, except per share data) |
|
Net sales |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income (loss) before income taxes |
|
Net income (loss) |
|
Basic net income (loss) per share |
Reported results (GAAP) |
|
$ |
1,178,949 |
|
|
$ |
413,191 |
|
|
|
$ |
373,651 |
|
|
|
$ |
39,540 |
|
|
|
$ |
(3,400 |
) |
|
|
$ |
(10,170 |
) |
|
|
$ |
(1.09 |
) |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,771 |
|
|
|
22,954 |
|
|
|
2.45 |
|
|
Fair value adjustments for
commodity derivative instruments |
|
— |
|
|
(7,084 |
) |
|
|
961 |
|
|
|
(8,045 |
) |
|
|
(8,045 |
) |
|
|
(6,030 |
) |
|
|
(0.64 |
) |
|
Supply chain and asset
optimization |
|
— |
|
|
750 |
|
|
|
(4,952 |
) |
|
|
5,702 |
|
|
|
5,702 |
|
|
|
4,267 |
|
|
|
0.46 |
|
|
Capitalization threshold
change for certain assets |
|
— |
|
|
— |
|
|
|
(1,194 |
) |
|
|
1,194 |
|
|
|
1,194 |
|
|
|
884 |
|
|
|
0.09 |
|
|
Other tax adjustments |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,178 |
|
|
|
0.24 |
|
|
Total reconciling
items |
|
— |
|
|
(6,334 |
) |
|
|
(5,185 |
) |
|
|
(1,149 |
) |
|
|
29,622 |
|
|
|
24,253 |
|
|
|
2.60 |
|
|
Adjusted results
(non-GAAP) |
|
$ |
1,178,949 |
|
|
$ |
406,857 |
|
|
|
$ |
368,466 |
|
|
|
$ |
38,391 |
|
|
|
$ |
26,222 |
|
|
|
$ |
14,083 |
|
|
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2020 |
(in
thousands, except per share data) |
|
Net sales |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
5,007,357 |
|
|
|
$ |
1,768,909 |
|
|
|
$ |
1,455,531 |
|
|
|
$ |
313,378 |
|
|
|
$ |
241,040 |
|
|
|
$ |
172,493 |
|
|
|
$ |
18.40 |
|
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,210 |
|
|
|
23,408 |
|
|
|
2.50 |
|
|
Fair value adjustments for
commodity derivative instruments |
|
— |
|
|
|
(1,996 |
) |
|
|
791 |
|
|
|
(2,787 |
) |
|
|
(2,787 |
) |
|
|
(2,090 |
) |
|
|
(0.22 |
) |
|
Supply chain and asset
optimization |
|
— |
|
|
|
4,984 |
|
|
|
596 |
|
|
|
4,388 |
|
|
|
4,388 |
|
|
|
3,291 |
|
|
|
0.35 |
|
|
Results of extra days in fiscal
year |
|
(58,899 |
) |
|
|
(21,707 |
) |
|
|
(14,353 |
) |
|
|
(7,354 |
) |
|
|
(7,354 |
) |
|
|
(5,516 |
) |
|
|
(0.59 |
) |
|
Total reconciling
items |
|
(58,899 |
) |
|
|
(18,719 |
) |
|
|
(12,966 |
) |
|
|
(5,753 |
) |
|
|
25,457 |
|
|
|
19,093 |
|
|
|
2.04 |
|
|
Adjusted results
(non-GAAP) |
|
$ |
4,948,458 |
|
|
|
$ |
1,750,190 |
|
|
|
$ |
1,442,565 |
|
|
|
$ |
307,625 |
|
|
|
$ |
266,497 |
|
|
|
$ |
191,586 |
|
|
|
$ |
20.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted % change vs. 2019 |
|
|
2.5 |
% |
|
|
|
4.8 |
% |
|
|
|
(2.1 |
)% |
|
|
|
57.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2019 |
(in
thousands, except per share data) |
|
Net sales |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
4,826,549 |
|
|
$ |
1,670,502 |
|
|
|
$ |
1,489,748 |
|
|
|
$ |
180,754 |
|
|
|
$ |
34,225 |
|
|
|
$ |
11,375 |
|
|
|
$ |
1.21 |
|
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92,788 |
|
|
|
69,591 |
|
|
|
7.43 |
|
|
Fair value adjustments for
commodity derivative instruments |
|
— |
|
|
(6,602 |
) |
|
|
3,536 |
|
|
|
(10,138 |
) |
|
|
(10,138 |
) |
|
|
(7,604 |
) |
|
|
(0.81 |
) |
|
Supply chain and asset
optimization |
|
— |
|
|
5,625 |
|
|
|
(4,952 |
) |
|
|
10,577 |
|
|
|
10,577 |
|
|
|
7,933 |
|
|
|
0.85 |
|
|
Capitalization threshold change
for certain assets |
|
— |
|
|
— |
|
|
|
(7,305 |
) |
|
|
7,305 |
|
|
|
7,305 |
|
|
|
5,479 |
|
|
|
0.58 |
|
|
System transformation
expenses |
|
— |
|
|
— |
|
|
|
(6,915 |
) |
|
|
6,915 |
|
|
|
6,915 |
|
|
|
5,200 |
|
|
|
0.56 |
|
|
Total reconciling
items |
|
— |
|
|
(977 |
) |
|
|
(15,636 |
) |
|
|
14,659 |
|
|
|
107,447 |
|
|
|
80,599 |
|
|
|
8.61 |
|
|
Adjusted results
(non-GAAP) |
|
$ |
4,826,549 |
|
|
$ |
1,669,525 |
|
|
|
$ |
1,474,112 |
|
|
|
$ |
195,413 |
|
|
|
$ |
141,672 |
|
|
|
$ |
91,974 |
|
|
|
$ |
9.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) The Company reports its financial results in accordance with
accounting principles generally accepted in the United States
(“GAAP”). However, management believes that certain non-GAAP
financial measures provide users with additional meaningful
financial information that should be considered when assessing the
Company’s ongoing performance. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company’s performance. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, the Company’s reported results prepared in
accordance with GAAP. The Company’s non-GAAP financial information
does not represent a comprehensive basis of accounting.
MEDIA CONTACT: |
|
INVESTOR CONTACT: |
Kimberly Kuo |
|
Scott Anthony |
Senior Vice President Public
Affairs, Communications & Communities |
|
Executive Vice President &
Chief Financial Officer |
Kimberly.Kuo@cokeconsolidated.com |
|
Scott.Anthony@cokeconsolidated.com |
(704) 557-4584 |
|
(704) 557-4633 |
A PDF accompanying this release is available
at: http://ml.globenewswire.com/Resource/Download/def8bc94-7ae2-4bee-84e3-563dc7f435f4
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