Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q1 2025 Earnings Presentation
28 slides from Us Foods's earnings presentation, May 8, 2025
Slide 1: First Quarter Fiscal Year 2025 Results
First Quarter Fiscal Year 2025 Results May 8, 2025
Slide 2: Disclaimer Page
Disclaimer Page Cautionary Statements Regarding Forward-Looking Information Statements in this presentation which are not historical in nature are “forward-looking statements” within the meaning of the federal securities laws. These statements often include words such as “believe,” “expect,” “projec
Slide 3: Executing in a Challenging Environment
Executing in a Challenging Environment Focused execution drove more than 9% Adjusted EBITDA growth and 26% Adjusted 1 EPS growth; demonstrates our ability to adjust to any macro and the resiliency of our business model Gained market share with Independent Restaurants for 16 consecutive quarters and
Slide 4: Outperformer in Resilient Industry with Levers to Pull
Outperformer in Resilient Industry with Levers to Pull if Weaker Macro Persists RESILIENT INDUSTRY AND BUSINESS MODEL Large and growing Total Food away from home continues to Continued market share gains in Addressable Market steadily increase year over year Independents, Healthcare and Hospitality
Slide 5: Culture
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Embrace the US Foods Culture • Committed to a strong safety culture; safety performance improved by 12% over prior year and 38% over the past two years • Recognized 44 assoc
Slide 6: Service
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Deliver Service Excellence • Drove ~20% improvement in Operations Quality Composite (Ops QC), our ability to deliver products to customers without errors, resulting in a bet
Slide 7: Growth
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Grow Profitable Market Share • Expanded Pronto Penetration, our small truck delivery service for existing independent restaurant customers; now live in 10 markets and plan t
Slide 8: Profit
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Further Optimize EBITDA Margin • Grew Adjusted Gross Profit 5% to $1.6B, driven by volume growth, improved cost of goods savings and private label growth • Increased private
Slide 9: First Quarter Fiscal Year 2025 Financial Review
First Quarter Fiscal Year 2025 Financial Review Dirk Locascio Chief Financial Officer
Slide 10: Delivered Consistent Top and Bottom-Line Growth
Delivered Consistent Top and Bottom-Line Growth B/(W) vs. Q1 2025 Q1 2024 Total Case Volume +1.1% Independent Restaurant Case Volume +2.5% Healthcare Case Volume +6.1% Hospitality Case Volume +3.6% Net Sales ($millions) $9,351 +4.5% Adjusted EBITDA ($millions) (1) $389 +9.3% Adjusted EBITDA Margin (
Slide 11: Drove Margin Expansion Despite Challenging Environment
Drove Margin Expansion Despite Challenging Environment $10.00 Adj. Gross Profit Per Case(1) Adj. EBITDA Per Case(1) $9.00 $8.00 $7.59 $7.89 +10.6% CAGR $7.00 $6.00 $2.07 $5.00 +$0.30 $1.90 $1.93 $4.00 $2.00 $2.00 $3.00 $2.00 $1.75 $1.69 $1.00 $- Q1 2024 Q1 2025 $1.50 $1.50 $10.00 $9.00 Adj. Operatin
Slide 12: Capital Allocation Priorities
Allocating Durable Cash Flow Towards Accretive Capital Allocation Priorities Operating Cash Flow ($M) $450 $400 $391 Capital Allocation Priorities 1 $350 $300 Invest in the business $250 Return capital to shareholders $200 $139 2 > Repurchased $23M of shares in Q1 2025 $150 > Authorized a new $1B sh
Slide 13: Reaffirming Fiscal Year 2025 Guidance and Updating Modeling Assumptions
Reaffirming Fiscal Year 2025 Guidance and Updating Modeling Assumptions Fiscal Year 2025 Guidance Modeling Assumptions Total Case Growth 1% to 3% Net Sales Growth 4% to 6% Sales Inflation & Mix ~3% Depreciation $410M to $450M Adjusted EBITDA Growth 8% to 12% (1) Interest Expense $310M to $325M Tax R
Slide 14: Positioned for Long-term Growth in a Resilient Industry
Positioned for Long-term Growth in a Resilient Industry 1 Operating in a resilient industry with a durable business model, levers to pull if 2025E to 2027E weaker macro persists Financial Targets Ongoing self-help initiatives to 2 enhance Gross Profit and streamline Operating Expenses ~5% ~10% Net S
Slide 15: Appendix
Appendix Summary Non-GAAP Reconciliations
Slide 16: What Differentiates US Foods?
What Differentiates US Foods? Proven strategy-driven operational playbook to 1 Only pure-play, U.S. focused foodservice distributor with national scale 5 advance Culture, Service, Growth and Profit strategy pillars Differentiated value proposition and scale with the 2 three most profitable customer
Slide 17: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare Hospitality 5.7% 4.6% 4.1% 3.2% 2.5% 6% 2.9% 3.2% 2.4% 1.8% 1.3% Q
Slide 18: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of Maturity Interest Terms ($ in millions) March 29, 2025 March 29, 2025 December 28, 2024 1M Term SOFR + ABL Facility December 7, 2027 1.35% 5.67% $75 $223 • Repurchased $23 million of 2021 Incremental Term Loan Facility (net
Slide 19: First Quarter Financial Performance
First Quarter Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 13 Weeks Ended 13 Weeks Ended (Case volume and $ in millions, March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change except per share data) Case Volume 205 203 1.1% Net Sales $9,351 $8,949 4.5% Gross
Slide 20: Non-GAAP Reconciliation – Adjusted Gross Profit per Case, Operating Expense per Case, EBITDA per Case
Non-GAAP Reconciliation – Adjusted Gross Profit per Case, Adjusted Operating Expense per Case, Adjusted EBITDA per Case Adjusted(1) (unaudited) 13 Weeks Ended Year Ended December 28, December 30, December 31, March 29, 2025 March 30, 2024 (Total cases and $ in millions, except per case data) 2024 20
Slide 21: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) Year Ended (unaudited) December 28, December 30, December 31, ($ in millions) March 29, 2025 March 30, 2024 2024 2023 2022 Gross Profit (GAAP) $1,614 $1,495 $6,534 $6,148 $5,492 LIFO reserve ad
Slide 22: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 23: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) Year Ended (unaudited) December 28, December 30, December 31, ($ in millions) March 29, 2025 March 30, 2024 2024 2023 2022 Net income available to common shareholders and net income margin (GAAP) $115 1.2% $
Slide 24: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Represe
Slide 25: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) March 29, 2025 March 30, 2024 Diluted EPS (GAAP) $0.49 $0.33 Restructuring activity and asset impairment charges(1) 0.02 0.05 Share-based compensation expense(2) 0.09 0.06 LIFO reserve adjustment(3) 0.02 0
Slide 26: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 27: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) March 29, 2025 December 28, 2024 March 30, 2024 Total Debt (GAAP) $4,805 $4,928 $4,701 Cash, cash equivalents and restricted cash (101) (59) (267) Net Debt (non-GAAP) $4,704 $4,869 $4,434 Adjusted E
Slide 28: WE HELP YOU MAKE IT
WE HELP YOU US. MAKE IT"