Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q1 2014 Earnings Presentation
18 slides from Us Foods's earnings presentation, May 12, 2014
Slide 1: A Taste of What's Cooking at US Foods: Q1 2014 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q1 2014 Performance Update May 2014
Slide 2: Forward-looking statements notice
While the information provided herein is believed to be accurate and reliable, US Foods (“US Foods”) 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 that any of
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains unaudited non-GAAP financial measures, including Reported EBITDA, Adjusted EBITDA, Consolidated EBITDA, Debt Coverage Ratio, Interest Coverage Ratio, Adjusted Operating Expenses and Adjusted Gross Profit. Management believes these non- GAAP fina
Slide 4: Agenda
Agenda Business Highlights Quarterly Financial Update Closing Comments Appendix FOOD. FOOD PEOPLE. EASY. 3
Slide 5: Agenda
Agenda Business Highlights Quarterly Financial Update Closing Comments Appendix FOOD. FOOD PEOPLE. EASY. 4
Slide 6: Business Highlights
Business Highlights • Q1 sales increased 1.0%, and units decreased 1.3% • Organic units decreased 1.5% 1 • Acquisition units added 0.2% • Q1 results • Net income/(loss) was ($65) million 2 • Adjusted EBITDA was $169 million • Business transformation focused on differentiation and innovation • Catego
Slide 7: Agenda
Agenda Business Highlights Quarterly Financial Update Closing Comments Appendix FOOD. FOOD PEOPLE. EASY. 6
Slide 8: Q1 Financial Performance
Q1 Financial Performance B/(W) Y-O-Y $ IN MILLIONS Q1 2014 Q1 2013 CHANGE NET SALES $5,457 $5,405 1.0% GROSS PROFIT $895 $909 ($14) ADJUSTED GROSS PROFIT 1 $920 $911 +$9 % OF NET SALES 16.9% 16.9% (1) bps OPERATING EXPENSES $878 $886 +$8 ADJUSTED OPERATING EXPENSES 1 $751 $755 +$4 % OF NET SALES 13.
Slide 9: Q1 Last Twelve Month Financial Performance
Q1 Last Twelve Month Financial Performance $ IN MILLIONS Q1 2014 LTM Q1 2013 LTM B/(W) Y-O-Y CHANGE NET SALES $22,349 $21,810 2.5% GROSS PROFIT $3,809 $3,726 +$83 1 ADJUSTED GROSS PROFIT $3,844 $3,743 +$101 % OF NET SALES 17.2% 17.2% + 4bps OPERATING EXPENSES $3,494 $3,434 ($60) 1 ADJUSTED OPERATING
Slide 10: Quarterly Cash Flow
Quarterly Cash Flow $ IN MILLIONS Q2 2013 Q3 2013 Q4 2013 Q1 2014 LTM Cash from Operating Activities $120 $5 $208 $31 $363 Capital Expenditures, net of Proceeds ($35) ($34) ($56) ($40) ($165) Acquisitions - - ($11) - ($11) Cash (Used in)/Provided by Financing ($31) ($36) ($98) $1 ($164) Activities N
Slide 11: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Credit Statistics Debt /LTM As of Consolidated Debt Coverage Interest Coverage $ IN MILLIONS 3/29/2014 EBITDA 2 3 Ratio Ratio ABL Revolver (2016) $30 9.0x 9.0x ABS Facility (2015) $686 8.0x 8.0x CMBS Facility (2017) $472 8.2x 7.0x 7.0x Term Loan (2019) $2,090 6.
Slide 12: We have $1,014 million of available liquidity.
We have $1,014 million of available liquidity. Liquidity As of $ IN MILLIONS 3/29/2014 Borrowing Availability: ABL Facility (2016) $781 ABS Facility (2015) $61 Total Cash & Equivalents $172 Total Cash and Borrowing Availability $1,014 FOOD. FOOD PEOPLE. EASY. 11
Slide 13: Agenda
Agenda Business Highlights Quarterly Financial Update Closing Comments Appendix FOOD. FOOD PEOPLE. EASY. 12
Slide 14: Agenda
Agenda Business Highlights Quarterly Financial Update Closing Comments Appendix FOOD. FOOD PEOPLE. EASY. 13
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our operating performance because they exclude amounts that our management and our board of directors do not consider part of core operating results when assessing the
Slide 16: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Quarter Ended LTM (In millions) March 29, 2014 March 30, 2013 March 29, 2014 March 30, 2013 Net (loss)/income $ (65) $ (95) $ (27) $ (142) Interest expense, net 73 82 297 322 Income tax provision (benefit) 9 12 27 57 Depreciation and amortization expense 100
Slide 17: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense Quarter Ended LTM (In millions) March 29, 2014 March 30, 2013 March 29, 2014 March 30, 2013 Gross Profit $ 895 $ 909 $ 3,809 $ 3,726 LIFO reserve change (1) 25 2 35 17 Adjusted Gross Profit $ 920 $ 911 $ 3,844 $ 3,743 Ope
Slide 18: US Foods: Keeping Kitchens Cooking
® FOODS KEEPING KITCHENS COOKING.”