STARBUCKS CORP
For the period ended Jun 30, 2024. Filed Jul 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Deferred Revenue
Note 10: Deferred Revenue
Our deferred revenue primarily consists of the prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, our unredeemed stored value card liability, and unredeemed loyalty points (“Stars”) associated with our loyalty program.
As of June 30, 2024, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.9 billion, respectively. As of October 1, 2023, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $6.0 billion, respectively. During each of the quarters ended June 30, 2024 and July 2, 2023, we recognized $44.1 million of prepaid royalty revenue related to Nestlé. During each of the three quarters ended June 30, 2024 and July 2, 2023, we recognized $132.3 million of prepaid royalty revenue related to Nestlé.
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):
| Quarter Ended June 30, 2024 | Total |
|---|---|
| Stored value cards and loyalty program at March 31, 2024 | $1,818.9 |
| Revenue deferred - card activations, card reloads and Stars earned | 3,833.4 |
| Revenue recognized - card and Stars redemptions and breakage | (3,870.2) |
| Other(1) | (8.3) |
| Stored value cards and loyalty program at June 30, 2024(2) | $1,773.8 |
| Quarter Ended July 2, 2023 | Total |
| Stored value cards and loyalty program at April 2, 2023 | $1,664.5 |
| Revenue deferred - card activations, card reloads and Stars earned | 3,641.3 |
| Revenue recognized - card and Stars redemptions and breakage | (3,662.9) |
| Other(1) | (14.7) |
| Stored value cards and loyalty program at July 2, 2023(2) | $1,628.2 |
| Three Quarters Ended June 30, 2024 | Total |
| Stored value cards and loyalty program at October 1, 2023 | $1,567.5 |
| Revenue deferred - card activations, card reloads and Stars earned | 11,977.1 |
| Revenue recognized - card and Stars redemptions and breakage | (11,761.0) |
| Other(1) | (9.8) |
| Stored value cards and loyalty program at June 30, 2024(2) | $1,773.8 |
| Three Quarters Ended July 2, 2023 | Total |
| Stored value cards and loyalty program at October 2, 2022 | $1,503.0 |
| Revenue deferred - card activations, card reloads and Stars earned | 11,280.7 |
| Revenue recognized - card and Stars redemptions and breakage | (11,155.4) |
| Other(1) | (0.1) |
| Stored value cards and loyalty program at July 2, 2023(2) | $1,628.2 |
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.
(2)As of June 30, 2024 and July 2, 2023, approximately $1.6 billion and $1.5 billion, respectively, of these amounts were current.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.