Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q2 2013 Earnings Presentation
18 slides from Us Foods's earnings presentation, Aug 14, 2013
Slide 1: Q2 2013 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q2 2013 Performance Update August 2013
Slide 2: Forward-looking statements notice
While the information provided herein is believed to be accurate and reliable, US Foods (“US Foods”) 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 that any of
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains unaudited non-GAAP financial measures, including Reported EBITDA, Adjusted EBITDA, Consolidated EBITDA, Debt Coverage Ratio, Interest Coverage Ratio, Adjusted Operating Expenses and Adjusted Gross Profit. Management believes these non- GAAP fina
Slide 4: Agenda
Agenda • Business Highlights • Quarterly Financial Update • Closing Comments • Appendix FOOD. FOOD PEOPLE. EASY. 3
Slide 5: Agenda: Business Highlights
Agenda • Business Highlights • Quarterly Financial Update • Closing Comments • Appendix FOOD. FOOD PEOPLE. EASY. 4
Slide 6: Business Highlights
Business Highlights • External macro ‘headwinds’ persist • Q2 sales increased 3.6% • Organic units increased 0.8% • Acquisitions added 1.1% • Q2 results • Net income was $16 million • Adjusted EBITDA was $226 million1 • Business transformation focus on differentiation/innovation and functionalizatio
Slide 7: Agenda: Quarterly Financial Update
Agenda • Business Highlights • Quarterly Financial Update • Closing Comments • Appendix FOOD. FOOD PEOPLE. EASY. 6
Slide 8: Q2 Financial Performance
Delivered $226 million of Adjusted EBITDA in Q2, slightly behind prior year. Q2 Financial Performance $ IN MILLIONS Q2 2013 Q2 2012 B/(W) Y-O-Y CHANGE NET SALES $5,659 $5,463 +3.6% GROSS PROFIT $972 $943 +29 1 ADJUSTED GROSS PROFIT $977 $949 +28 % OF NET SALES 17.26% 17.37% (11 bps) OPERATING EXPENS
Slide 9: LTM Adjusted EBITDA of $819 million
LTM Adjusted EBITDA of $819 million. CY LTM PY LTM $ IN MILLIONS (Q2 ‘12 – Q1 ‘13) (Q2 ‘11 – Q1 ‘12) B/(W) Y-O-Y CHANGE NET SALES $22,006 $21,097 +4.3% GROSS PROFIT $3,754 $3,606 +148 1 ADJUSTED GROSS PROFIT $3,770 $3,626 +144 % OF NET SALES 17.13% 17.19% (6 bps) OPERATING EXPENSES $3,456 $3,293 (16
Slide 10: Quarterly Cash Flow
Quarterly Cash Flow Cash Flow Performance $ IN MILLIONS Q1 2013 Q2 2013 Q3 2012 Q4 2012 LTM Cash (used in) provided by Operating Activities ($10) $120 ($73) $297 $333 Capital Expenditures, net of Proceeds ($51) ($35) ($26) ($54) ($166) Acquisitions - - ($74) ($14) ($88) Cash (used in) provided by Fi
Slide 11: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Q2 2013 Financial Performance Credit Statistics Debt / LTM Debt Coverage Interest Coverage 2 3 As of Consolidated Ratio Ratio $ IN MILLIONS 6/29/2013 EBITDA ABL Revolver (2016) $130 9.0x 3.0x Cash Flow Revolver (2013) $ - 8.0x 8.2x 2.7x ABS Facility (2015) $686
Slide 12: We have $880 million of available liquidity
We have $880 million of available liquidity. Liquidity As of $ IN MILLIONS 6/29/2013 Borrowing Availability: ABL Revolver (2016) $677 Cash & Cash Equivalents 203 Total Cash and Borrowing Availability $880 Note: Individual components may not add to total presented due to rounding. FOOD. FOOD PEOPLE.
Slide 13: Agenda: Closing Comments
Agenda • Business Highlights • Quarterly Financial Update • Closing Comments • Appendix FOOD. FOOD PEOPLE. EASY. 12
Slide 14: Agenda: Appendix
Agenda • Business Highlights • Quarterly Financial Update • Closing Comments • Appendix FOOD. FOOD PEOPLE. EASY. 13
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our operating performance because they exclude amounts that our management and our board of directors do not consider part of core operating results when assessing the
Slide 16: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA 13-Weeks Ended LTM (In millions) June 29, 2013 June 30, 2012 Q2 2013 Q2 2012 Net income (loss) $ 16 $ 6 $ (132) $ 3 Interest expense, net 78 74 326 292 Income tax (benefit) provision (12) 3 41 8 Depreciation and amortization expense 97 88 376 353 EBITDA 179
Slide 17: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expense 13-Weeks Ended LTM (In millions) June 29, 2013 June 30, 2012 Q2 2013 Q2 2012 Gross Profit $ 972 $ 943 $ 3,754 $ 3,606 LIFO reserve change (1) 5 6 16 20 Adjusted Gross Profit $ 977 $ 949 $ 3,770 $ 3,626 Net sales $ 5,659 $
Slide 18: US Foods - Keeping Kitchens Cooking
e FOODS KEEPING KITCHENS COOKING.”