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Core-Mark Hldg (CORE)

Core-Mark is one of the largest marketers of food, fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 40,000 customer locations in the U.S. and Canada through 32 distribution centers (excluding two distribution facilities the Company operates as a third-party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products.

Company profile

Ticker
CORE
Exchange
CEO
Scott McPherson
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Core-Mark Holding Company, Inc. • Core-Mark International, Inc. • Core-Mark Midcontinent, Inc. • Core-Mark Interrelated Companies, Inc. • Core-Mark Distributors, Inc. • Sources LLC ...
IRS number
201489747

CORE stock data

Calendar

5 Aug 21
1 Oct 22
31 Dec 22
Quarter (USD) Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 34.3M 34.3M 34.3M 34.3M 34.3M 34.3M
Cash burn (monthly) 3.07M 6.16M (no burn) (no burn) 30.5M 10.11M
Cash used (since last report) 46.18M 92.74M n/a n/a 459.32M 152.23M
Cash remaining -11.88M -58.44M n/a n/a -425.02M -117.93M
Runway (months of cash) -3.9 -9.5 n/a n/a -13.9 -11.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 21 William Stein Coremark Common Stock Sale back to company Dispose D No No 0 85,749 0 0
1 Sep 21 William Stein 2021 RSU Grant Coremark Common Stock Sale back to company Dispose D No No 0 10,597 0 0
1 Sep 21 William Stein 2020 RSU Grant Coremark Common Stock Sale back to company Dispose D No No 0 8,612 0 0
1 Sep 21 William Stein 2019 RSU Grant Coremark Common Stock Sale back to company Dispose D No No 0 4,155 0 0
1 Sep 21 William Stein 2021 Performance Shares Coremark Common Stock Sale back to company Dispose D No No 0 15,895 0 0
1 Sep 21 William Stein 2020 Performance Shares Coremark Common Stock Sale back to company Dispose D No No 0 11,626 0 0
1 Sep 21 William Stein 2019 Performance Shares Coremark Common Stock Sale back to company Dispose D No No 0 6,094 0 0
1 Sep 21 Harvey L Tepner Core-Mark Common Stock Sale back to company Dispose D No No 0 45,386 0 0
1 Sep 21 Harvey L Tepner 2021 RSU Grant Coremark Common Stock Sale back to company Dispose D No No 0 3,261 0 0
1 Sep 21 Brian Brandon Coremark Common Stock Sale back to company Dispose D Yes No 0 300 0 0
13F holders Current Prev Q Change
Total holders 327 314 +4.1%
Opened positions 56 58 -3.4%
Closed positions 43 40 +7.5%
Increased positions 134 125 +7.2%
Reduced positions 104 96 +8.3%
13F shares Current Prev Q Change
Total value 18.2B 7.95B +129.1%
Total shares 153.15M 156.02M -1.8%
Total puts 498.7K 819.6K -39.2%
Total calls 173.2K 306.2K -43.4%
Total put/call ratio 2.9 2.7 +7.6%
Largest owners Shares Value Change
Vanguard 14.72M $677.02M -2.2%
Wellington Management 14.17M $651.63M +6.6%
FMR 13.66M $628.02M +29.3%
BLK Blackrock 13.1M $602.22M -24.5%
Clearbridge Advisors 5.42M $249.24M -1.1%
JPM JPMorgan Chase & Co. 5.22M $240.02M -25.3%
William Blair Investment Management 4.85M $222.97M -20.0%
IVZ Invesco 4.6M $211.66M +0.6%
STT State Street 4.04M $185.63M -16.8%
Citadel Advisors 3.84M $176.46M +5.0%
Largest transactions Shares Bought/sold Change
BLK Blackrock 13.1M -4.25M -24.5%
FMR 13.66M +3.09M +29.3%
Millennium Management 2.68M +2.16M +422.1%
JPM JPMorgan Chase & Co. 5.22M -1.76M -25.3%
William Blair Investment Management 4.85M -1.21M -20.0%
Wellington Management 14.17M +873.3K +6.6%
NTRS Northern Trust 1.21M -834.49K -40.8%
STT State Street 4.04M -812.94K -16.8%
GS Goldman Sachs 801.28K -698.4K -46.6%
Point72 Asset Management 1.98M +676.56K +52.1%

Financial report summary

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Risks
  • A significant portion of our sales volume is dependent upon the distribution of cigarettes, sales of which are generally declining.
  • We are largely dependent on the convenience retail industry, and our results of operations could suffer if it experiences an overall decline or consolidation.
  • We depend on attracting and retaining qualified labor including our senior management and other key personnel.
  • Many of the markets in which we compete are highly competitive and we may lose market share and suffer a decline in sales and profitability in these markets if we are unable to outperform our competition.
  • Our ability to operate effectively could be impaired by the risks and costs associated with expansion activities.
  • Our failure to maintain relationships with large customers could potentially harm our business.
  • We may lose business if manufacturers or large retail customers convert to direct distribution of their products.
  • Our business is sensitive to fuel prices and related transportation costs, which could adversely affect our business.
  • Information technology systems may be subject to failure, disruptions, security breaches (such as malware, viruses, hacking, break-ins, business e-mail compromises, phishing attacks, attempts to overload our services or other cyber-attacks) which could compromise our ability to conduct business, seriously harm our business and adversely affect our financial results.
  • Cigarette and consumable goods distribution is a low-margin business sensitive to inflation and deflation.
  • We rely on manufacturer discount and incentive programs and cigarette excise stamping allowances, and any material changes in these programs could adversely affect our results of operations.
  • We depend on relatively few suppliers for a large portion of our products, and any interruptions in the supply of the products that we distribute could adversely affect our results of operations.
  • We may be subject to product liability claims and counterfeit product claims which could materially adversely affect our business.
  • We may not be able to achieve the expected benefits from the implementation of marketing and category management initiatives.
  • Maintaining our brand and reputation is necessary for the success of our business.
  • We may be subject to various claims and lawsuits that could result in significant expenditures.
  • Unions may attempt to organize our employees.
  • Employee health benefit costs represent a significant expense to us and may negatively affect our profitability.
  • Changes to minimum wage laws and other governmental legislation or regulations could increase our costs substantially.
  • If we are unable to comply with governmental regulations that affect our business or if there are substantial changes in these regulations, our business could be adversely affected.
  • Natural disaster damage could have a material adverse effect on our business.
  • Insurance and claims expenses could have a material adverse effect on us.
  • Legislation, regulation and other matters are negatively affecting the cigarette, tobacco and alternative nicotine industries.
  • Our distribution of cigarettes and other tobacco products exposes us to potential liabilities.
  • If a tax jurisdiction changes its tax legislation or a material change occurs in our credit terms, it could have a material adverse effect on our business and results of operations.
  • There can be no assurance that we will continue to declare cash dividends in the future or in any particular amounts and if there is a reduction in dividend payments, our stock price may be harmed.
  • Currency exchange rate fluctuations could have an adverse effect on our revenues and financial results.
  • We may not be able to borrow additional capital to provide us with sufficient liquidity and capital resources necessary to meet our future financial obligations.
  • Our operating flexibility is limited in significant respects by the restrictive covenants in our Credit Facility.
  • Our actual business and financial results could differ as a result of the accounting methods, estimates and assumptions that we use in preparing our financial statements, which may negatively impact our results of operations and financial condition.
Management Discussion
  • ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Statements in this Quarterly Report on Form 10-Q that are not statements of historical fact are forward-looking statements made pursuant to the safe-harbor provisions of the Securities Exchange Act of 1934 and the Securities Act of 1933.
  • Forward-looking statements in some cases can be identified by the use of words such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “would,” “project,” “predict,” “continue,” “plan,” “propose” or other similar words or expressions. Forward-looking statements are made only as of the date of this Form 10-Q and are based on our current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from historical results or those described in or implied by such forward-looking statements.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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