01—Abstract
Summary
Summary of the 10-K/A filed July 26, 2017. Cited figures are marked; the original filing is the authoritative source.
Darden Restaurants, Inc. (DRI) filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2017.
This filing primarily serves as an amendment to correct an administrative error in an exhibit and does not update other financial or operational information presented in the original report filed on July 21, 2017. For investors, this means the core financial performance and strategic insights from the original 10-K remain the primary focus for analysis for the period ending May 28, 2017. The report indicates that Darden Restaurants is not a shell company, and the aggregate market value of its common stock held by non-affiliates as of November 25, 2016, was approximately $7.06 billiona.
The company had over 125 million shares of common stock outstanding as of May 28, 2017. Key strategic decisions and financial results for the fiscal year would be detailed in the original 10-K filing, with this amendment being a procedural correction.
02—Key points
Key Highlights
- This filing is an amendment (Amendment No. 1) to the original Form 10-K filed on July 21, 2017, for the sole purpose of correcting an administrative error in Exhibit 24.
- The amendment does not alter or update any other information previously disclosed in the original 10-K for the fiscal year ended May 28, 2017.
- Darden Restaurants, Inc. is confirmed not to be a shell company.
- The aggregate market value of common stock held by non-affiliates was approximately $7.06 billion as of November 25, 2016.
- As of May 28, 2017, there were 125,418,175 shares of Common Stock outstanding.
- The company is not an emerging growth company that has elected to opt-out of the extended transition period for new accounting standards.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2017, Darden Restaurants Inc kept $0.07.
- Revenue$7.17B100.0%
- Cost of revenue−$5.84B81.5%
- Gross profit$1.33B18.5%
- Operating costs−$652.2M9.1%
- Operating income$677.5M9.4%
- Interest, other & tax−$198.4M2.8%
- Net income$479.1M6.7%
Where FY2017 revenue went
$7.17B- Cost of revenue: $5.84B, 81% of revenue
- Net income: $479.1M, 6.7% of revenue
- Operating costs: $652.2M, 9.1% of revenue
- Interest, other & tax: $198.4M, 2.8% of revenue
Kept 6.7% as net incomeNet income $479.1M · 6.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2017filed July 26, 2017Financial Statements
FY2017 against FY2016
| Line item | FY2017FY2016 | Change |
|---|---|---|
| Revenue | $7.17B$6.93B | +3.4% |
| Gross Profit | $1.33B$1.30B | +2.0% |
| Operating Expenses | $6.49B$6.31B | +2.9% |
| Operating Income | $677.50M$622.20M | +8.9% |
| Interest Expense | $34.40M$165.40M | −79.2% |
| Net Income | $479.10M$375.00M | +27.8% |
| EPS (Basic) | $3.85$2.94 | +31.0% |
| EPS (Diluted) | $3.80$2.90 | +31.0% |
| Shares Outstanding (Basic) | 124.30M127.40M | −2.4% |
| Shares Outstanding (Diluted) | 126.00M129.30M | −2.6% |
05—Questions
Frequently Asked Questions
What is the main purpose of this Amendment No. 1 to the 10-K filing?
The main purpose of this Amendment No. 1 is to correct an administrative error found in Exhibit 24 of the original Form 10-K filing. It does not contain new financial information or updates to the company's performance for the fiscal year ended May 28, 2017.
Does this filing provide updated financial results for Darden Restaurants?
No, this Amendment No. 1 does not provide updated financial results. It is a procedural correction to an exhibit and does not amend or update any other information from the original 10-K filed on July 21, 2017.
What was the approximate market capitalization of Darden Restaurants at the end of the fiscal year?
The aggregate market value of common stock held by non-affiliates was approximately $7.06 billion as of November 25, 2016. This figure provides a reasonable proxy for the company's market capitalization around that time.
How many shares of Darden Restaurants' common stock were outstanding?
As of May 28, 2017, Darden Restaurants had 125,418,175 shares of Common Stock outstanding, excluding shares held in the Company's treasury.
06—Continue