01—Abstract
Summary
Summary of the 10-K/A filed May 26, 2021. Cited figures are marked; the original filing is the authoritative source.
Altria Group, Inc.'s 2020 10-K filing, amended and filed on May 25, 2021, details the company's financial performance and strategic positioning.
While the provided excerpt is limited to the exhibits section, it indicates a comprehensive review of financial statements, including those from ABI (likely a subsidiary or related entity) incorporated by reference. Investors should note that this amendment likely addresses specific disclosures or reclassifications, and the full 10-K report (not fully provided here) would contain crucial details on revenue, profitability, debt, and strategic initiatives. The presence of multiple independent registered public accounting firm consents suggests a thorough audit process and potential complexities in financial reporting across different business segments or acquisitions.
02—Key points
Key Highlights
- The filing is an amendment to the 2020 10-K, suggesting updates or clarifications to previously filed information.
- Incorporation by reference of ABI Financial Statements (Exhibit 99.4) implies significant operations or financial activity within this segment.
- Consents from two independent registered public accounting firms (PwC and Deloitte) highlight the thoroughness of the audit process.
- The focus on exhibits indicates potential changes in reporting or disclosure requirements.
- Investors should consult the full 10-K for detailed financial performance metrics beyond the scope of this excerpt.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2020, Altria Group, Inc. kept $0.17.
- Revenue$26.15B100.0%
- Cost of revenue−$13.13B50.2%
- Gross profit$13.02B49.8%
- Operating costs−$2.15B8.2%
- Operating income$10.87B41.6%
- Interest, other & tax−$6.41B24.5%
- Net income$4.47B17.1%
Where FY2020 revenue went
$26.15B- Cost of revenue: $7.82B, 30% of revenue
- Other operating costs: $7.33B, 28% of revenue
- Interest, other & tax: $6.41B, 24% of revenue
- Net income: $4.47B, 17% of revenue
- R&D: $131.0M, 0.5% of revenue
Kept 17% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2020filed May 26, 2021Financial Statements
FY2020 against FY2019
| Line item | FY2020FY2019 | Change |
|---|---|---|
| Revenue | $26.15B$25.11B | +4.2% |
| Cost of Revenue | $7.82B$7.08B | +10.3% |
| Gross Profit | $13.02B$12.71B | +2.5% |
| R&D Expenses | $131.00M$168.00M | −22.0% |
| Operating Income | $10.87B$10.33B | +5.3% |
| Interest Expense | $1.22B$1.32B | −7.5% |
| Net Income | $4.47B-$1.29B | +445.5% |
| EPS (Basic) | $2.40$-0.70 | +442.9% |
| EPS (Diluted) | $2.40$-0.70 | +442.9% |
| Shares Outstanding (Basic) | 1.86B1.87B | −0.6% |
| Shares Outstanding (Diluted) | 1.86B1.87B | −0.5% |
05—Questions
Frequently Asked Questions
What is the significance of this filing being an amendment (10-K/A)?
An amendment to a 10-K filing (10-K/A) means that Altria Group has made corrections, additions, or changes to information previously reported in its original 10-K filing for the fiscal year 2020. Investors should carefully review the amended sections to understand the nature of these changes and their potential impact on the company's financial health and outlook.
What does the incorporation of ABI Financial Statements mean for investors?
The incorporation of ABI Financial Statements from Exhibit 99.4 suggests that ABI represents a significant business segment, subsidiary, or investment for Altria. Investors should look into the full 10-K report to understand ABI's contribution to Altria's overall revenue, profitability, assets, and liabilities, as well as any associated risks or strategic importance.
Why are consents from two different accounting firms included?
The inclusion of consents from both PwC and Deloitte suggests that these firms audited different parts of Altria's financial statements or related entities. This could be due to the complexity of Altria's business structure, including subsidiaries or joint ventures, each requiring independent audit oversight. It underscores a rigorous audit process.
Where can I find the complete financial information for Altria Group for 2020?
This provided excerpt only covers Item 15 (Exhibits and Financial Statement Schedules) of the 10-K/A filing. To access the full financial statements, management's discussion and analysis, risk factors, and other critical disclosures for Altria Group's 2020 fiscal year, investors should refer to the complete 10-K/A filing available on the SEC's EDGAR database or Altria's investor relations website.
06—Continue