United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q2 FY2020 Earnings Presentation
15 slides from United Natural Foods's earnings presentation, Mar 11, 2020
Slide 1: Q2 Fiscal 2020 Supplemental Slides
Q2 Fiscal 2020 Supplemental Slides MARCH 11, 2020
Slide 2: Disclaimer
Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding the Company’s business that are not hi
Slide 3: Results and Strategic Progress
Results and Strategic Progress Second Quarter Fiscal 2020 • Total net sales of $6.14 billion • Affirming full year guidance for net sales - Revised guidance for Adjusted EPS and Adjusted EBITDA reflects Q2 charges related to three customer bankruptcies • Reduced outstanding debt by approximately $14
Slide 4: Second Quarter Fiscal 2020 Financial Results
Second Quarter Fiscal 2020 Financial Results Better Food. Better Future. 4
Slide 5: Sales: Q2 FY19 to Q2 FY20
Sales: Q2 FY19 to Q2 FY20 Consolidated sales approximately flat to last year’s second quarter ($s in Millions) 110 (44) (28) $ 6,149 (49) $ 6,138 (1) (2) (3) (4) Q2 FY19 Net Sales Supermarkets Supernatural Independents Other Q2 FY20 Net Sales (1) (1.2)% decrease to last year (“LY”) driven predominan
Slide 6: Adjusted EBITDA: Q2 FY19 to Q2 FY20
Adjusted EBITDA : Q2 FY19 to Q2 FY20 (1) Second quarter Adjusted EBITDA included $33 million in expense related to customer bankruptcies ($s in Millions) 21 (8) (33) 8 $ 143 $ 131 (2) (3) Q2 FY19 Gross Profit Operating Expense Discontinued(4) Charges From Q2 FY20 Adjusted EBITDA Operations Customer
Slide 7: Q2 Capital Structure
Q2 Capital Structure Total debt, net of cash, decreased by $400 million since acquisition of SUPERVALU ($'s in Millions) Amount Outstanding Maturity Rate Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Secured term loan B-1 October 2025 L + 4.25% $ 1,800 $ 1,800 $ 1,795 $ 1,791 $ 1,787 $ 1,782 Secur
Slide 8: Retail Divestiture
Retail Divestiture Two remaining banners being operated (reported in Discontinued Operations) • Sold / selling 13 stores to three buyers and • Sales process continues as we explore closed/closing six additional stores alternatives to divest this market-leading brand • Marketing efforts continue for
Slide 9: Fiscal 2020 Full Year Outlook
Fiscal 2020 Full Year Outlook Better Food. Better Future. 9
Slide 10: Full-Year Fiscal 2020 Outlook
(1) Full-Year Fiscal 2020 Outlook $23.5B-$24.3B $520M-$560M (2) $0.85-$1.45 (2) (3) Net Sales Adjusted EBITDA Adjusted (unchanged) earnings per diluted (3) share (EPS) (1) The outlook provided above is for fiscal 2020. This outlook is forward-looking, is based on management's current estimates and e
Slide 11: Appendix
Appendix Better Food. Better Future. 11
Slide 12: Reconciliation – Q2 FY20 and Q2 FY19 Adjusted EBITDA
Reconciliation – Q2 FY20 and Q2 FY19 Adjusted EBITDA ($’s in Thousands) The non-GAAP measure adjusted EBITDA is defined as a consolidated measure inclusive of continuing and discontinued operations results, which we reconcile by adding Net (loss) income from continuing operations, plus Total other e
Slide 13: Reconciliation – FY20 Outlook Adjusted Earnings Per Diluted Share (EPS)
Reconciliation – FY20 Outlook Adjusted Earnings Per Diluted Share (EPS) The measure adjusted earnings per diluted common share excludes goodwill and asset impairment charges, restructuring, acquisition, and integration related expenses, pension settlement charges, note receivable charges, surplus pr
Slide 14: Reconciliation – FY20 Outlook for Adjusted EBITDA
Reconciliation – FY20 Outlook for Adjusted EBITDA 14 Better Food. Better Future.
Slide 15: Reconciliation – Adjusted Effective Tax Rate
Reconciliation – Adjusted Effective Tax Rate The non-GAAP adjusted effective tax rate excludes the potential impact of changes to various uncertain tax positions and valuation allowances, as well as stock compensation accounting (ASU 2016-09). 15 Better Food. Better Future.
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