KEURIG GREEN MOUNTAIN, INC.

CIK:0000909954|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Consolidated Statements of Operations
Net sales	$ 1,258,421	$ 1,386,358
Cost of sales	898,424	922,236
Gross profit	359,997	464,122
Selling and operating expenses	137,573	176,522
General and administrative expenses	60,930	71,673
Restructuring expenses	681
Operating income	160,813	215,927
Other (expense) income, net	(223)	181
Gain on financial instruments, net	1,395	3,345
Loss on foreign currency, net	(809)	(9,071)
Interest expense	(2,244)	(1,087)
Income before income taxes	158,932	209,295
Income tax expense	(54,435)	(74,616)
Net Income	104,497	134,679
Net income attributable to noncontrolling interests		100
Net income attributable to Keurig	$ 104,497	$ 134,579
Net income attributable to Keurig per common share:
Basic (in dollars per share)	$ 0.70	$ 0.83
Diluted (in dollars per share)	0.69	0.82
Cash dividends declared per common share (in dollars per share)	$ 0.325	$ 0.2875
Weighted-average common shares outstanding:
Basic (in shares)	150,236,842	162,181,332
Diluted (in shares)	150,959,148	164,075,038

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Cash flows from operating activities:
Net income	$ 104,497	$ 134,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets	60,609	51,049
Amortization of intangibles	12,108	10,110
Amortization of deferred financing fees	368	1,413
Loss on impairment of fixed assets	8,332
Unrealized (gain) loss on foreign currency, net	(3,558)	8,981
Provision for doubtful accounts	1,019	2,479
Provision for sales returns	40,829	42,856
Gain on derivatives, net	(1,935)	(3,462)
Excess tax benefits from equity-based compensation plans	(881)	(12,324)
Deferred income taxes	(416)	3
Deferred compensation and stock compensation	9,381	10,407
Other	871	834
Changes in assets and liabilities, net of acquisitions
Receivables	(97,813)	(69,245)
Inventories	172,456	51,001
Income tax payable/receivable, net	43,096	(84,205)
Other current assets	(5,391)	(3,654)
Other long-term assets, net	194	1,297
Accounts payable and accrued expenses	(10,875)	(3,912)
Other current liabilities	934	(24,498)
Other long-term liabilities	505	28,599
Net cash provided by operating activities	334,330	142,408
Cash flows from investing activities:
Change in restricted cash	4,296	(158)
Acquisition, net of cash acquired		(180,698)
Capital expenditures for fixed assets	(57,911)	(100,303)
Other investing activities	192	(1,273)
Net cash used in investing activities	(53,423)	(282,432)
Cash flows from financing activities:
Net change in revolving line of credit	150,000
Proceeds from issuance of common stock under compensation plans	5,388	3,170
Repurchase of common stock	(235,035)	(80,898)
Purchase of noncontrolling interest	(4,454)
Excess tax benefits from equity-based compensation plans	881	12,324
Payments on capital lease and financing obligations	(949)	(853)
Repayment of long-term debt		(4,690)
Dividends paid	(44,019)	(40,580)
Other financing activities		(140)
Net cash used in financing activities	(128,188)	(111,667)
Effect of exchange rate changes on cash and cash equivalents	2,856	(3,164)
Net increase (decrease) in cash and cash equivalents	155,575	(254,855)
Cash and cash equivalents at beginning of period	59,334	761,214
Cash and cash equivalents at end of period	214,909	506,359
Supplemental disclosures of cash flow information:
Fixed asset purchases included in accounts payable and not disbursed at the end of each year	18,203	68,292
Dividends declared not paid at the end of each period	$ 48,486	46,594
Noncash investing and financing activities:
Fixed assets acquired under capital lease and financing obligations		$ 375

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 26, 2015	Sep. 26, 2015
Current assets:
Cash and cash equivalents	$ 214,909	$ 59,334
Restricted cash and cash equivalents	25,561	30,460
Receivables, less uncollectible accounts and return allowances of $53,247 and $35,459 at December 26, 2015 and September 26, 2015, respectively	572,185	517,936
Inventories	517,745	691,980
Income taxes receivable	8,869	51,786
Other current assets	102,265	95,526
Deferred income taxes, net	70,390	70,181
Total current assets	1,511,924	1,517,203
Fixed assets, net	1,264,509	1,293,563
Intangibles, net	401,235	423,887
Goodwill	734,991	747,406
Deferred income taxes, net	831	854
Long-term restricted cash	266	278
Other long-term assets	17,697	18,386
Total assets	3,931,453	4,001,577
Current liabilities:
Current portion of long-term debt	270	279
Current portion of capital lease and financing obligations	3,010	3,271
Accounts payable	266,912	298,609
Accrued expenses	231,584	226,519
Income tax payable	413	1,085
Dividend payable	48,486	44,048
Deferred income taxes, net	332	264
Other current liabilities	28,463	28,049
Total current liabilities	579,470	602,124
Long-term debt, less current portion	480,740	330,766
Capital lease and financing obligations, less current portion	116,505	117,187
Deferred income taxes, net	192,133	195,063
Other long-term liabilities	$ 42,944	$ 42,525
Commitments and contingencies
Redeemable noncontrolling interests		$ 4,554
Stockholders' equity:
Preferred stock, $0.10 par value: Authorized - 1,000,000 shares; No shares issued or outstanding
Common stock, $0.10 par value: Authorized - 500,000,000 shares; Issued and outstanding - 149,187,975 and 153,209,256 shares at December 26, 2015 and September 26, 2015, respectively	$ 14,919	$ 15,321
Additional paid-in capital	660,077	879,060
Retained earnings	2,070,319	2,014,279
Accumulated other comprehensive loss	(225,654)	(199,302)
Total stockholders' equity	2,519,661	2,709,358
Total liabilities and stockholders' equity	$ 3,931,453	$ 4,001,577