Performance Food Group Company · NYSE:PFGC
Performance Food — Q1 FY2017 Earnings Presentation
15 slides from Performance Food's earnings presentation, Nov 8, 2016
Slide 1: Founded on Food, Focused on Service
Founded on Food, Focused on Service Q1 FY2017 Earnings Call • November 8, 2016
Slide 2: Forward Looking Statements
Forward Looking Statements • This presentation includes, and our response to various questions may include, certain forward‐looking statements, estimates, and projections with respect to our anticipated future performance, including the statements in the “Fiscal 2017 Outlook” section of this present
Slide 3: Statement Regarding Non-GAAP Financial Measures
Statement Regarding Non-GAAP Financial Measures • This presentation includes several financial measures that are not calculated in accordance with GAAP, including EBITDA, Adjusted EBITDA, and Adjusted Diluted Earnings per Share. • Such measures are not recognized terms under GAAP, should not be cons
Slide 4: George Holm, Chief Executive Officer
George Holm Chief Executive Officer 3
Slide 5: Q1 FY2017 Highlights
Q1 FY2017 Highlights • Our underlying business performed well in the quarter ̶ We grew total cases by 6.5% with incremental market share gains ̶ The 6.5% total case growth is one of our best growth quarters since fiscal 2015 despite our national account business softening in the quarter • Our Perfor
Slide 6: Continued Progress on Key Initiatives
Continued Progress on Key Initiatives • PFG Customized expects in 2H FY2017 to offset the effect of planned exits of certain customers to free up capacity for the addition of new business with Red Lobster ̶ Began providing distribution solutions to a portion of Red Lobster’s restaurants in Q1 FY2017
Slide 7: Continued Progress on Key Initiatives
Continued Progress on Key Initiatives • In late Q4 FY2016, Vistar began service into new geographies in the dollar store channel, which required additional expense with a second distribution center to service the customer ̶ Productivity subsequently improved through Q1 FY2017 ̶ The additional expens
Slide 8: Tom Ondrof, Chief Financial Officer
Tom Ondrof Chief Financial Officer 7
Slide 9: Q1 FY2017 Financial Results
Q1 FY2017 Financial Results $MM, except per share Q1 FY2017 Growth vs. PY Cases + 6.5% Net Sales $ 4,046.1 + 3.0% Gross Profit 511.3 + 6.3% Operating Expense 479.7 + 9.7% Operating Profit 31.6 (28.2%) Net Income 12.2 Unchanged Diluted EPS 0.12 (14.3%) Adjusted EBITDA1 76.0 (5.1%) Adj. EBITDA1/Gross
Slide 10: Q1 FY2017 Segment Results
Q1 FY2017 Segment Results Net Sales EBITDA $ MM % vs. PY $ MM % vs. PY Performance $ 2,436.4 2.9% $ 73.8 4.7% Foodservice PFG $ 867.3 (6.5%) $ 3.9 (46.6%) Customized Vistar $ 741.5 17.3% $ 22.6 0.9% 9
Slide 11: Q1 FY2017 Cash Flow and Balance Sheet
Q1 FY2017 Cash Flow and Balance Sheet • YTD Cash Flow highlights ̶ Operating Cash Flow of ($75.2) vs. ($25.9) PY ̶ CapEx of ($34.8) vs. ($17.7) PY ̶ Acquisitions of ($14.8) vs. ($8.9) PY • Net Debt ̶ Q4 FY2016: $1,134.6MM ̶ Q1 FY2017: $1,257.7MM ̶ Increase vs. PY: $ 123.1MM 10
Slide 12: FY2017 Outlook
FY2017 Outlook 52 vs. 52 weeks 52 vs. 53 Weeks PFGC provides fiscal 2017 Adjusted EBITDA1 growth 7%-9% 5%-7% versus PY outlook: PFGC provides fiscal 2017 Adjusted Diluted EPS1 growth 27%-31% 24%-28% versus PY outlook: • Due to Q1 FY2017 results, the remaining impact of new business transaction costs
Slide 13: What we really do is deliver.
What we really do is deliver. 12
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures PERFORMANCE FOOD GROUP COMPANY Non-GAAP Reconciliation (Unaudited) Three months ended ($ in millions, except per share data) October 1, 2016 September 26, 2015 Change % Net income (GAAP) .....................................................................................
Slide 15: —SPFG scx
—SPFG scx
Performance Food Group Company — Q1 FY2017 Earnings Presentation on 6ix