Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q3 2015 Earnings Presentation
15 slides from Us Foods's earnings presentation, Nov 9, 2015
Slide 1: A Taste of What's Cooking at US Foods: Q3 2015 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q3 2015 Performance Update November 2015
Slide 2: Forward-looking statements notice
While the information provided herein is believed to be accurate and reliable, US Foods, Inc. (the “Company”) does not make any representations or warranties, express or implied, as to the accuracy or completeness of such information or as to future results. No representation or warranty is made tha
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains unaudited financial measures which are not required by, or presented in accordance with, accounting principals generally accepted in the United States of America (“GAAP”), including EBITDA, Adjusted EBITDA, Consolidated EBITDA, Debt Coverage Rat
Slide 4: Agenda
Agenda • Business Highlights • Financial Update • Closing Comments • Appendix 3
Slide 5: Business Highlights
Business Highlights • US Foods Act II • ‘We’re Just Taking Off’ brand re-launch and marketing campaign • Q3 Performance Highlights • Unit volume decreased (0.6%) due to low margin chain business exits • Sales decreased (1.9%) due to the volume decrease and deflation • Adjusted EBITDA was $225 millio
Slide 6: Agenda
Agenda • Business Highlights • Financial Update • Closing Comments • Appendix 5
Slide 7: Q3 Financial Performance
Q3 Financial Performance $ IN MILLIONS Q3 2015 Q3 2014 B/(W) Y-O-Y CHANGE NET SALES $5,796 $5,911 (1.9%) GROSS PROFIT $1,013 $961 +$52 1 ADJUSTED GROSS PROFIT $993 $981 +$12 % OF NET SALES 17.1% 16.6% +52 bps OPERATING EXPENSES $940 $904 ($36) 1 ADJUSTED OPERATING EXPENSES $768 $762 ($6) % OF NET SA
Slide 8: Q3 Last Twelve Month Financial Performance
Q3 Last Twelve Month Financial Performance $ IN MILLIONS Q3 2015 Q3 2014 B/(W) Y-O-Y CHANGE NET SALES $22,946 $22,813 +0.6% GROSS PROFIT $3,913 $3,792 +$121 1 ADJUSTED GROSS PROFIT $3,862 $3,866 ($4) % OF NET SALES 16.8% 16.9% (12) bps OPERATING EXPENSES $3,675 $3,545 ($130) 1 ADJUSTED OPERATING EXP
Slide 9: Cash Flow
Cash Flow $ IN MILLIONS Q4 2014 Q1 2015 Q2 2015 Q3 2015 LTM Cash from Operating Activities $99 $102 $164 $20 $384 Cash used by Investing Activities Capital Expenditures 1 ($42) ($57) ($54) ($31) ($184) Other Investing Activities, net 2 $5 ($8) ($8) - ($11) Cash used by Financing Activities 2 ($64) (
Slide 10: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Credit Statistics Debt /LTM Debt Coverage Interest Coverage As of Consolidated Ratio 4 Ratio 5 $ IN MILLIONS 9/26/2015 EBITDA 9.0x 9.0x 1 ABL Facility (2018) $0 8.0x 8.0x ABS Facility (2018) 2 $586 8.2x 7.0x 7.0x CMBS Facility (2017) $472 Term Loan (2019) $2,058
Slide 11: We have $1.3 billion of available liquidity
We have $1.3 billion of available liquidity As of $ IN MILLIONS 9/26/2015 Borrowing Availability: ABL Facility (2018)1 $713 ABS Facility (2018)2 $141 Total Cash & Equivalents $398 Total Cash and Borrowing Availability $1,252 Notes: (1) On October 20, 2015 the ABL Facility was amended to increase the
Slide 12: Agenda
Agenda • Business Highlights • Financial Update • Closing Comments • Appendix 11
Slide 13: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Quarter Ended LTM (In millions) Sept 26, 2015 Sept 27, 2014 Sept 26, 2015 Sept 27, 2014 Net income (loss) $ 36 $ (37) $ (36) $ (121) Interest expense, net 70 71 281 292 Income tax (benefit) provision (33) 23 (7) 76 Depreciation and amortization expense 102 1
Slide 14: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses Quarter Ended LTM (In millions) Sept 26, 2015 Sept 27, 2014 Sept 26, 2015 Sept 27, 2014 Net sales $ 5,796 $ 5,911 $ 22,946 $ 22,813 Gross Profit $ 1,013 $ 961 $ 3,913 $ 3,792 Net LIFO reserve change (20) 21 (51) 74 Adjus
Slide 15: US Foods - Keeping Kitchens Cooking
° FOODS KEEPING KITCHENS COOKING.”