Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Market under the symbol COKE. There is no established public trading market for the Class B Common Stock. Shares of Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holder.
The Company’s Board of Directors determines the amount and frequency of dividends declared and paid by the Company in light of the earnings and financial condition of the Company at such time. No assurance can be given that dividends will be declared or paid in the future.
As of January 29, 2021, the number of stockholders of record of the Common Stock and Class B Common Stock was 1,394 and 10, respectively.
Stock Performance Graph
Presented below is a line graph comparing the yearly percentage change in the cumulative total return on the Company’s Common Stock to the cumulative total return of the Standard & Poor’s 500 Index and a peer group for the period commencing January 3, 2016 and ending December 31, 2020. The peer group is comprised of Keurig Dr Pepper Inc., National Beverage Corp., The Coca‑Cola Company, Primo Water Corporation (f/k/a Cott Corporation) and PepsiCo, Inc.
The graph assumes $100 was invested in the Company’s Common Stock, the Standard & Poor’s 500 Index and each of the companies within the peer group on January 3, 2016, and that all dividends were reinvested on a quarterly basis. Returns for the companies included in the peer group have been weighted on the basis of the total market capitalization for each company.
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN*
Among Coca-Cola Consolidated, Inc., the S&P 500 Index and a Peer Group
* Assumes $100 invested on 1/3/2016 in stock or on 12/31/2015 in index, including reinvestment of dividends.
Index calculated on a month-end basis.
22
Item 6. Selected Financial Data.
The table below sets forth certain selected financial data concerning the Company for the five fiscal years ended December 31, 2020. The data is derived from consolidated financial statements of the Company. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the accompanying notes to the consolidated financial statements for additional information.
Fiscal Year
(in thousands, except per share data) 2020 (1)
2019 2018 2017 2016
Net sales $ 5,007,357 $ 4,826,549 $ 4,625,364 $ 4,287,588 $ 3,130,145
Cost of sales 3,238,448 3,156,047 3,069,652 2,782,721 1,940,706
Gross profit 1,768,909 1,670,502 1,555,712 1,504,867 1,189,439
Selling, delivery and administrative expenses 1,455,531 1,489,748 1,497,810 1,403,320 1,058,240
Income from operations 313,378 180,754 57,902 101,547 131,199
Interest expense, net 36,735 45,990 50,506 41,869 36,325
Other expense, net 35,603 100,539 30,853 9,565 1,470
Gain (loss) on exchange transactions — — 10,170 12,893 (692)
Income (loss) before taxes 241,040 34,225 (13,287) 63,006 92,712
Income tax expense (benefit) 58,943 15,665 1,869 (39,841) 36,049
Net income (loss) 182,097 18,560 (15,156) 102,847 56,663
Less: Net income attributable to noncontrolling interest 9,604 7,185 4,774 6,312 6,517
Net income (loss) attributable to Coca‑Cola Consolidated, Inc. $ 172,493 $ 11,375 $ (19,930) $ 96,535 $ 50,146
Basic net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.:
Common Stock $ 18.40 $ 1.21 $ (2.13) $ 10.35 $ 5.39
Class B Common Stock $ 18.40 $ 1.21 $ (2.13) $ 10.35 $ 5.39
Diluted net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.:
Common Stock $ 18.30 $ 1.21 $ (2.13) $ 10.30 $ 5.36
Class B Common Stock $ 18.28 $ 1.19 $ (2.13) $ 10.29 $ 5.35
Cash dividends per share - Common Stock $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Cash dividends per share - Class B Common Stock $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net cash provided by operating activities $ 494,461 $ 290,370 $ 168,879 $ 307,816 $ 161,995
Net cash used in investing activities (200,419) (173,677) (143,945) (458,895) (452,026)
Net cash provided by (used in) financing activities (248,863) (120,627) (28,288) 146,131 256,383
Total assets 3,222,450 3,126,926 3,009,928 3,072,960 2,449,484
Working capital 204,177 208,081 195,681 155,086 135,904
Acquisition related contingent consideration 434,694 446,684 382,898 381,291 253,437
Current portion of obligations under financing or capital leases 5,860 9,403 8,617 8,221 7,527
Noncurrent portion of obligations under financing or capital leases 69,984 17,403 26,631 35,248 41,194
Long-term debt 940,465 1,029,920 1,104,403 1,088,018 907,254
Total equity of Coca-Cola Consolidated, Inc. 512,990 346,952 358,187 366,702 277,131
Physical case volume 358,812 343,242 337,711 323,836 243,578
(1) Fiscal year 2020 included four extra days in the fiscal year, as compared to other fiscal years presented. The estimated physical case volume, net sales, gross profit and selling, delivery and administrative (“SD&A”) expenses attributable to the additional days in 2020 were approximately 4.6 million, $59 million, $22 million and $14 million, respectively.
23