United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q3 2021 Earnings Presentation
19 slides from United Natural Foods's earnings presentation, Jun 9, 2021
Slide 1: Q3 Fiscal 2021 Supplemental Slides
Q3 Fiscal 2021 Supplemental Slides June 9, 2021
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: Key Accomplishments
Key Accomplishments • Sales of $6.62 billion were up 6.7% on a two-year stack (1) • Generated third quarter adjusted EBITDA of $179 million • Reduced outstanding net debt by $62 million • Added 53 all-electric trailers to fleet in Riverside, CA • Appointed Matt Whitney to newly created position of C
Slide 4: Strong Performance Continues
Strong Performance Continues Third Quarter Fiscal 2021 Results (1) Net Sales $6.62 billion Adjusted EBITDA (1) $179 million Adjusted EPS (1) $0.94 4 Better Food. Better Future. (1) See appendix for reconciliations for non-GAAP figures.
Slide 5: Q3 Consolidated Sales
Q3 Consolidated Sales Strong demand continues despite cycling pandemic-driven pantry stuffing $ 7,032 (176) +15.2% ($s in Millions) -5.6% +7.2% (206) +6.0% +8.5% -11.4% +6.5% 8 (59) 40 $ 6,620 -9.3% (19) Q3 FY20 Net Sales Chains Independent Supernatural Retail Other Eliminations (1) Q3 FY21 Net Sale
Slide 6: Q3 Adjusted EBITDA Was Strong
Q3 Adjusted EBITDA Was Strong (1) $ 222 (28) +122% ($s in Millions) (15) 0 $ 179 Q3 FY20 Wholesale / Retail Disc Ops Q3 FY21 (1) (1) Adjusted EBITDA Other / Elims Adjusted EBITDA (1) See appendix for the Company’s definition of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to net income
Slide 7: Multiple Drivers of Long-Term, Sustainable Growth
Multiple Drivers of Long-Term, Sustainable Growth Building on success in Fiscal 2020 for 2021 and beyond New Customers Fresh Private Brands Cross Selling Aggressively pursuing Key store level Industry leading Natural & with unmatched differentiator for portfolio of products conventional products off
Slide 8: Q3 Capital Structure Reflects Further Reduction in Net Debt
Q3 Capital Structure Reflects Further Reduction in Net Debt Adjusted EBITDA leverage has improved by one turn in past four quarters ($'s in Millions) Maturity Rate Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 (1), (2) Secured term loan B-1 October 2025 L + 3.50% $ 1,778 $ 1,773 $ 1,165 $ 1,015 $ 1,002 $2
Slide 9: Fiscal 2021 Full-Year Outlook
Fiscal 2021 Full-Year Outlook Better Food. Better Future. 9
Slide 10: Fiscal 2021 Outlook
Fiscal 2021 Outlook (1) Expect to finish at low end of range for net sales and upper end of ranges for adjusted EBITDA and adjusted EPS Net Sales Adjusted EBITDA (2) Adjusted EPS (2) Net Debt Reduction $27.0 - $27.8 B $690 - $730 M $3.05 - $3.55 ~ $250 M (1) The outlook provided above is for fiscal
Slide 11: Appendix
Appendix 11 Better Food. Better Future.
Slide 12: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA ($’s in Thousands) The non-GAAP adjusted EBITDA measure 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 expense, net and (Ben
Slide 13: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS (1) See slide 14 for definition of adjusted EPS 13 Better Food. Better Future.
Slide 14: Reconciliation – FY21 Outlook
Reconciliation – FY21 Outlook The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net Income attributable to UNFI plus goodwill and asset impairment benefits and charges, restructuring, acquisition, and integration related
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.
Slide 16: Reconciliation – Last Four Quarters Adjusted EBITDA
Reconciliation – Last Four Quarters Adjusted EBITDA (1) 16 Better Food. Better Future. (1) See slide 12 for the definition of adjusted EBITDA.
Slide 17: Calculation – Net Debt to Adjusted EBITDA Leverage Ratio
Calculation – Net Debt to Adjusted EBITDA Leverage Ratio The non-GAAP adjusted EBITDA leverage ratio is defined as the face value of outstanding debt less cash and cash equivalents divided by the trailing four quarters adjusted EBITDA (the definition of which is shown on slide 12). 17 Better Food. B
Slide 18: Adjusted EBITDA By Quarter – Fiscal 2021 and Fiscal 2020
Adjusted EBITDA By Quarter – Fiscal 2021 and Fiscal 2020 (1) (1) See slide 12 for the definition of adjusted EBITDA. 18 Better Food. Better Future.
Slide 19: Adjusted EBITDA By Segment
(1) Adjusted EBITDA By Segment (1) See slide 12 for the definition of adjusted EBITDA. 19 Better Food. Better Future.