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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 29, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            .
Commission File Number: 0-20322
Starbucks Corporation
(Exact Name of Registrant as Specified in its Charter)
sbux-20200329_g1.jpg
Washington91-1325671
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
2401 Utah Avenue South, Seattle, Washington 98134
(Address of principal executive offices)
(206) 447-1575
(Registrant’s Telephone Number, including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
TitleTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareSBUXNASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  x 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares Outstanding as of April 22, 2020
1,168.3 million



Table of Contents
STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended March 29, 2020
Table of Contents
 
  
PART I. FINANCIAL INFORMATION
Item 1
Item 2
Item 3
Item 4
PART II. OTHER INFORMATION
Item 1
Item 1A
Item 2
Item 6

 


Table of Contents
PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share data)
(unaudited)
 Quarter EndedTwo Quarters Ended
Mar 29,
2020
Mar 31,
2019
Mar 29,
2020
Mar 31,
2019
Net revenues:
Company-operated stores$4,766.0  $5,159.0  $10,546.6  $10,529.3  
Licensed stores689.8  678.2  1,481.9  1,415.3  
Other539.9  468.7  1,064.3  994.1  
Total net revenues5,995.7  6,305.9  13,092.8  12,938.7  
Cost of sales1,997.7  2,012.0  4,234.2  4,187.8  
Store operating expenses2,721.4  2,554.1  5,542.9  5,140.9  
Other operating expenses95.0  87.1  196.7  184.9  
Depreciation and amortization expenses356.3  356.2  707.4  689.6  
General and administrative expenses406.5  458.1  840.7  906.0  
Restructuring and impairments(0.7) 43.0  5.6  86.2  
Total operating expenses5,576.2  5,510.5  11,527.5  11,195.4  
Income from equity investees67.9  62.3  141.9  130.1  
Operating income487.4  857.7  1,707.2  1,873.4  
Net gain resulting from divestiture of certain operations  21.0    21.0  
Interest income and other, net2.0  15.2  18.0  39.9  
Interest expense(99.2) (73.9) (191.1) (148.9) 
Earnings before income taxes390.2  820.0  1,534.1  1,785.4  
Income tax expense65.4  161.2  324.0  366.4  
Net earnings including noncontrolling interests324.8  658.8  1,210.1  1,419.0  
Net earnings/(loss) attributable to noncontrolling interests(3.6) (4.4) (4.0) (4.6) 
Net earnings attributable to Starbucks$328.4  $663.2  $1,214.1  $1,423.6  
Earnings per share - basic$0.28  $0.54  $1.03  $1.15  
Earnings per share - diluted$0.28  $0.53  $1.02  $1.14  
Weighted average shares outstanding:
Basic1,171.8  1,239.2  1,176.1  1,240.6  
Diluted1,180.7  1,250.7  1,185.8  1,252.1  
See Notes to Consolidated Financial Statements.
3

Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
Quarter EndedTwo Quarters Ended
Mar 29,
2020
Mar 31,
2019
Mar 29,
2020
Mar 31,
2019
Net earnings including noncontrolling interests$324.8  $658.8  $1,210.1  $1,419.0  
Other comprehensive income/(loss), net of tax:
Unrealized holding gains/(losses) on available-for-sale debt securities3.2  3.7  3.1  5.9  
Tax (expense)/benefit(0.7) (0.8) (0.7) (1.3) 
Unrealized gains/(losses) on cash flow hedging instruments(127.9) (12.4) (95.5) (21.5) 
Tax (expense)/benefit31.2  3.5  24.6  5.3  
Unrealized gains/(losses) on net investment hedging instruments57.6  2.9  81.3  (19.0) 
Tax (expense)/benefit(14.6) (0.7) (20.6) 4.9  
Translation adjustment and other(79.9) 78.3  (3.8) 79.9  
Tax (expense)/benefit1.5  1.4  1.5  1.4  
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment(6.4) (5.8) (17.1) 2.3  
Tax expense/(benefit)1.6  1.6  3.9  0.9  
Other comprehensive income/(loss)(134.4) 71.7  (23.3) 58.8  
Comprehensive income including noncontrolling interests190.4  730.5  1,186.8  1,477.8  
Comprehensive income/(loss) attributable to noncontrolling interests(3.6) (4.4) (4.0) (4.6) 
Comprehensive income attributable to Starbucks$194.0  $734.9  $1,190.8  $1,482.4  

See Notes to Consolidated Financial Statements.
4

Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
(unaudited)
Mar 29,
2020
Sep 29,
2019
ASSETS
Current assets:
Cash and cash equivalents$2,572.3  $2,686.6  
Short-term investments52.9  70.5  
Accounts receivable, net941.0  879.2  
Inventories1,492.2  1,529.4  
Prepaid expenses and other current assets691.5  488.2  
Total current assets5,749.9  5,653.9  
Long-term investments198.8  220.0  
Equity investments420.9  396.0  
Property, plant and equipment, net6,387.0  6,431.7  
Operating lease, right-of-use asset 8,260.8    
Deferred income taxes, net1,709.7  1,765.8  
Other long-term assets580.1  479.6  
Other intangible assets678.7  781.8  
Goodwill3,493.0  3,490.8  
TOTAL ASSETS$27,478.9  $19,219.6  
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable$997.7  $1,189.7  
Accrued liabilities1,539.0  1,753.7  
Accrued payroll and benefits 596.1  664.6  
Income taxes payable 86.7  1,291.7  
Current portion of operating lease liability1,253.5    
Store value card liability and current portion of deferred revenue1,436.3  1,269.0  
Short-term debt1,107.1    
Current portion of long-term debt1,249.4    
Total current liabilities8,265.8  6,168.7  
Long-term debt11,658.7  11,167.0  
Operating lease liability7,650.4    
Deferred revenue 6,685.5  6,744.4  
Other long-term liabilities 751.4  1,370.5  
Total liabilities35,011.8  25,450.6  
Shareholders’ equity/(deficit):
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,168.1 and 1,184.6 shares, respectively
1.2  1.2  
Additional paid-in capital41.1  41.1  
Retained earnings/(deficit)(7,050.6) (5,771.2) 
Accumulated other comprehensive loss(521.8) (503.3) 
Total shareholders’ equity/(deficit)(7,530.1) (6,232.2) 
Noncontrolling interests(2.8) 1.2  
Total equity/(deficit)(7,532.9) (6,231.0) 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)$27,478.9  $19,219.6  

See Notes to Consolidated Financial Statements.
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Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Two Quarters Ended
Mar 29,
2020
Mar 31,
2019
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests$1,210.1  $1,419.0  
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization746.9  723.5  
Deferred income taxes, net47.7  (714.5) 
Income earned from equity method investees(116.3) (108.2) 
Distributions received from equity method investees98.1  93.3  
Net gain resulting from divestiture of certain retail operations  (21.0) 
Stock-based compensation146.6  192.1  
Goodwill impairments  5.4  
Non-cash lease costs596.3    
Other67.7  91.1  
Cash provided by changes in operating assets and liabilities:
Accounts receivable(60.7) 9.8  
Inventories36.9  (51.0) 
Prepaid expenses and other current assets(247.7) 774.6  
Income taxes payable(1,227.4) 542.0  
Accounts payable(186.4) (83.4) 
Deferred revenue112.1  9.4  
Operating lease liability(608.6)   
Other operating assets and liabilities(140.5) (112.7) 
Net cash provided by operating activities474.8  2,769.4  
INVESTING ACTIVITIES:
Purchases of investments(65.1) (150.2) 
Sales of investments93.7  218.3  
Maturities and calls of investments4.3  55.1  
Additions to property, plant and equipment(758.3) (845.6) 
Net proceeds from the divestiture of certain operations  48.5  
Other(22.5) (37.1) 
Net cash used in investing activities(747.9) (711.0) 
FINANCING ACTIVITIES:
Net proceeds from issuance of commercial paper613.0  75.0  
Proceeds from issuance of commercial paper (maturities longer than 90 days) 494.1    
Proceeds from issuance of long-term debt1,739.7    
Repayments of long-term debt  (350.0) 
Proceeds from issuance of common stock65.4  275.7  
Cash dividends paid(965.2) (894.5) 
Repurchase of common stock(1,698.9) (7,827.9) 
Minimum tax withholdings on share-based awards(87.6) (56.3) 
Other(10.4) 0.1  
Net cash provided by/(used in) financing activities150.1  (8,777.9) 
Effect of exchange rate changes on cash and cash equivalents8.7  18.3  
Net decrease in cash and cash equivalents(114.3) (6,701.2) 
CASH AND CASH EQUIVALENTS:
Beginning of period2,686.6  8,756.3  
End of period$2,572.3  $2,055.1  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest$186.3  $132.7  
Income taxes/(refunds)$1,726.2  $(168.8) 
See Notes to Consolidated Financial Statements.
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Table of Contents
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarter Ended March 29, 2020 and March 31, 2019
(in millions, except per share data, unaudited)
Common StockAdditional Paid-in CapitalRetained
Earnings/(Deficit)
Accumulated
Other
Comprehensive
Income/(Loss)
Shareholders’
Equity/(Deficit)
Noncontrolling
Interests
Total
 SharesAmount
Balance, December 29, 20191,174.5$1.2  $41.1  $(6,414.8) $(387.4) $(6,759.9) $0.8  $(6,759.1) 
Net earnings/(loss)    328.4    328.4  (3.6) 324.8  
Other comprehensive income/(loss)      (134.4) (134.4)   (134.4) 
Stock-based compensation expense  57.1      57.1    57.1  
Exercise of stock options/vesting of RSUs0.8  13.6      13.6    13.6  
Sale of common stock0.1  9.6      9.6    9.6  
Repurchase of common stock(7.3)  (80.3) (486.8)   (567.1)   (567.1) 
Cash dividends declared, $0.41 per share
    (477.4)   (477.4)   (477.4) 
Balance, March 29, 20201,168.1$1.2  $41.1  $(7,050.6) $(521.8) $(7,530.1) $(2.8) $(7,532.9) 
Balance, December 30, 20181,243.2$1.2  $41.1  $(2,584.0) $(343.2) $(2,884.9) $6.1  $(2,878.8) 
Net earnings/(loss)    663.2    663.2  (4.4) 658.8  
Other comprehensive income/(loss)      71.7  71.7    71.7  
Stock-based compensation expense