Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q4 2013 Earnings Presentation
18 slides from Us Foods's earnings presentation, Mar 20, 2014
Slide 1: Q4 2013 Performance Update
A Taste of What’s Cooking at US Foods Q4 2013 Performance Update March 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 3
Slide 5: Agenda
Agenda •Business Highlights •Quarterly Financial Update •Closing Comments •Appendix 4
Slide 6: Business Highlights
Business Highlights • Q4 sales increased 2.1%, and units increased 1.1% • Organic units increased 0.9% 1 • Acquisition units added 0.2% • Q4 results • Net income/(loss) was ($1) million 2 • Adjusted EBITDA was $246 million • Business transformation focused on differentiation and innovation • Categor
Slide 7: Agenda
Agenda •Business Highlights •Quarterly Financial Update •Closing Comments •Appendix 6
Slide 8: Q4 Financial Performance
Q4 Financial Performance $ IN MILLIONS Q4 2013 Q4 2012 B/(W) Y-O-Y CHANGE NET SALES $5,547 $5,435 2.1% GROSS PROFIT $972 $948 +$24 1 ADJUSTED GROSS PROFIT $977 $942 +$35 % OF NET SALES 17.6% 17.3% +28 bps OPERATING EXPENSES $863 $850 ($13) 1 ADJUSTED OPERATING EXPENSES $730 $715 ($15) % OF NET SALES
Slide 9: Q4 Last Twelve Month Financial Performance
Q4 Last Twelve Month Financial Performance $ IN MILLIONS LTM Q4 2013 LTM Q4 2012 B/(W) Y-O-Y CHANGE NET SALES $22,297 $21,665 2.9% GROSS PROFIT $3,823 $3,693 +$130 1 ADJUSTED GROSS PROFIT $3,835 $3,706 +$129 % OF NET SALES 17.2% 17.1% + 9bps OPERATING EXPENSES $3,502 $3,359 ($143) 1 ADJUSTED OPERATI
Slide 10: Quarterly Cash Flow
Quarterly Cash Flow $ IN MILLIONS Q1 2013 Q2 2013 Q3 2013 Q4 2013 LTM Cash from Operating Activities ($10) $120 $5 $208 $322 Capital Expenditures, net of Proceeds ($51) ($35) ($34) ($56) ($176) Acquisitions, net - - - ($11) ($11) Cash Used in Financing Activities ($32) ($31) ($36) ($98) ($197) Net C
Slide 11: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Credit Statistics Q4 2013 Financial Performance Debt Coverage Interest Coverage Debt /LTM Ratio² Ratio³ As of Consolidated $ IN MILLIONS 12/28/2013 EBITDA 9.0x 9.0x ABL Revolver (2016) $20 8.0x 8.0x ABS Facility (2015) $686 8.2x 7.0x 7.0x CMBS Facility (2017) $4
Slide 12: We have $967 million of available liquidity.
We have $967 million of available liquidity. Liquidity As of $ IN MILLIONS 12/28/2013 Borrowing Availability: ABL Revolver (2016) $787 Total Cash & Cash Equivalents $180 $967 Total Cash and Borrowing Availability 11
Slide 13: Agenda
Agenda •Business Highlights •Quarterly Financial Update •Closing Comments •Appendix 12
Slide 14: Agenda
Agenda •Business Highlights •Quarterly Financial Update •Closing Comments •Appendix 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 Year Ended (In millions) December 28, 2013 December 29, 2012 December 28, 2013 December 29, 2012 Net loss (income) $ (1) $ (51) $ (57) $ (51) Interest expense, net 73 85 306 312 Income tax provision (benefit) 36 42 30 42 Depreciation and amorti
Slide 17: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense Quarter Ended Year Ended (In millions) December 28, 2013 December 29, 2012 December 28, 2013 December 29, 2012 Gross Profit $ 972 $ 948 $ 3,823 $ 3,693 LIFO reserve change (1) 5 (5) 12 13 Adjusted Gross Profit $ 977 $ 942
Slide 18: Keeping kitchens cooking
° FOODS KEEPING KITCHENS COOKING.”