United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q1 2020 Earnings Presentation
15 slides from United Natural Foods's earnings presentation, Dec 11, 2019
Slide 1: Q1 Fiscal 2020 Supplemental Slides
Q1 Fiscal 2020 Supplemental Slides December 11, 2019
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 First Quarter Fiscal 2020 • Affirming full year guidance for net sales, Adjusted EPS, and Adjusted EBITDA • Total sales increased $3.15 billion; legacy UNFI net sales increased 2.8% compared to first quarter fiscal 2019 • Continued to realize strong integration tractio
Slide 4: First Quarter Fiscal 2020 Financial Results
First Quarter Fiscal 2020 Financial Results 4 Better Food. Better Future.
Slide 5: Sales: Q1 FY19 to Q1 FY20
Sales: Q1 FY19 to Q1 FY20 Legacy UNFI YOY net sales +2.8% ($s in Millions) 2,840 137 $ 6,020 $ 2,868 84 91 (1) Q1 FY19 Net Sales Supernatural Independents Supermarkets Other Q1 FY20 Net Sales (1) Other includes E-commerce, Food Service, and Natural Military. 5 Better Food. Better Future.
Slide 6: Adjusted EBITDA: Q1 FY19 to Q1 FY20
Adjusted EBITDA : Q1 FY19 to Q1 FY20 (1) First quarter Adjusted EBITDA increase driven by addition of SUPERVALU ($s in Millions) 31 (7) (3) $ 122 15 $ 86 (3) Q1 FY19 Continuing (2) Discontinued LIFO Charge Rent Expense Q1 FY20 Adjusted EBITDA Operations Operations Adjusted EBITDA (1) See slide 12 in
Slide 7: Q1 Capital Structure
Q1 Capital Structure Face value of net debt increased due to anticipated seasonal working capital needs ($'s in Millions) Amount Outstanding Maturity Rate Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Secured term loan B-1 October 2025 L + 4.25% $ 1,800 $ 1,800 $ 1,795 $ 1,791 $ 1,787 Secured term loan B-
Slide 8: Retail Divestiture
Retail Divestiture Two remaining banners being operated (reported in Discontinued Operations) • Announced plan to sell 13 stores to three buyers and close four additional stores • Marketing efforts continue for remaining stores not sold / closed – targeting completion of disposition transactions by
Slide 9: Fiscal 2020 Full Year Outlook
Fiscal 2020 Full Year Outlook 9 Better Food. Better Future.
Slide 10: Full-Year Fiscal 2020 Outlook
(1) Full-Year Fiscal 2020 Outlook • Net sales (billions) $23.5 - $24.3 (unchanged) (2) • Adjusted earnings per diluted share (EPS) $1.22 - $1.76 (unchanged) (2) • Adjusted EBITDA (millions) $560 - $600 (unchanged) (1) The outlook provided above is for fiscal 2020. This outlook is forward-looking, is
Slide 11: Appendix
Appendix 11 Better Food. Better Future.
Slide 12: Reconciliation – Q1 FY20 and Q1 FY19 Adjusted EBITDA
Reconciliation – Q1 FY20 and Q1 FY19 Adjusted EBITDA ($’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 benefits and charges, restructuring, acquisition, and integration related expenses, note receivable charges, closed property depreciat
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.