Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q1 2015 Earnings Presentation
17 slides from Us Foods's earnings presentation, May 11, 2015
Slide 1: A Taste of What's Cooking at US Foods: Q1 2015 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q1 2015 Performance Update May 2015
Slide 2: Forward-looking statements notice
While the information provided herein is believed to be accurate and reliable, US Foods, Inc. (the “Company”) 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 tha
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains unaudited financial measures which are not required by, or presented in accordance with, accounting principals generally accepted in the United States of America (“GAAP”), including EBITDA, Adjusted EBITDA, Consolidated EBITDA, Debt Coverage Rat
Slide 4: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 3
Slide 5: Business Highlights
Business Highlights • Q1 results • Sales increased 1.8% • Case volume decreased 0.7% • Adjusted EBITDA was $158 million¹ • Net income was $7 million • Business focus areas • Continued progress on transformational initiatives • Sysco integration planning largely complete • Performance Food Group dive
Slide 6: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 5
Slide 7: Q1 Financial Performance
Q1 Financial Performance $ IN MILLIONS Q1 2015 Q1 2014 B/(W) Y-O-Y CHANGE NET SALES $5,554 $5,457 1.8% GROSS PROFIT $929 $895 $34 1 ADJUSTED GROSS PROFIT $905 $920 ($15) % OF NET SALES 16.3% 16.9% (57) bps OPERATING EXPENSES $887 $878 ($9) 1 ADJUSTED OPERATING EXPENSES $747 $751 $4 % OF NET SALES 13
Slide 8: Q1 Last Twelve Month Financial Performance
Q1 Last Twelve Month Financial Performance $ IN MILLIONS Q1 2015 Q1 2014 B/(W) Y-O-Y CHANGE NET SALES $23,117 $22,349 3.4% GROSS PROFIT $3,832 $3,809 $23 ADJUSTED GROSS PROFIT 1 $3,843 $3,844 ($1) % OF NET SALES 16.6% 17.2% (58) bps OPERATING EXPENSES $3,555 $3,494 ($61) ADJUSTED OPERATING EXPENSES
Slide 9: Cash Flow
Cash Flow $ IN MILLIONS Q2 2014 Q3 2014 Q4 2014 Q1 2015 LTM Cash from Operating Activities $216 $56 $99 $102 $473 Cash used by Investing Activities Capital Expenditures¹ ($34) ($31) ($42) ($57) ($164) Other Investing Activities, net² $9 $14 $5 ($8) $20 Cash used by Financing Activities ($45) ($12) (
Slide 10: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Credit Statistics Debt /LTM As of Consolidated Debt Coverage Interest Coverage $ IN MILLIONS 3/28/2015 EBITDA Ratio 2 Ratio 3 ABL Revolver (2016) $0 ABS Facility (2016) $636 CMBS Facility (2017) $472 Term Loan (2019) $2,069 Obligations Under Capital Leases $183
Slide 11: We have $1.2 billion of available liquidity.
We have $1.2 billion of available liquidity. Liquidity As of $ IN MILLIONS 3/28/2015 Borrowing Availability: ABL Facility (2016) $748 ABS Facility (2016) $86 Total Cash & Equivalents $378 Total Cash and Borrowing Availability $1,212 FOOD. FOOD PEOPLE. EASY. 10
Slide 12: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 11
Slide 13: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 12
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations Management believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s operating performance because they exclude amounts that the Company’s management and board of directors do not consider part of core operating results wh
Slide 15: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA. Quarter Ended LTM (In millions) March 28, 2015 March 29, 2014 March 28, 2015 March 29, 2014 Net income (loss) $ 7 $ (65) $ (1) $ (27) Interest expense, net 71 73 287 297 Income tax provision (benefit) (36) 9 (9) 27 Depreciation and amortization expense 100
Slide 16: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses. Quarter Ended LTM (In millions) March 28, 2015 March 29, 2014 March 28, 2015 March 29, 2014 Gross Profit $ 929 $ 895 $ 3,832 $ 3,809 Net LIFO reserve change (24) 25 11 35 Adjusted Gross Profit $ 905 $ 920 $ 3,843 $ 3,84
Slide 17: US Foods: Keeping Kitchens Cooking
@ FOODS KEEPING KITCHENS COOKING.”