United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q1 2022 Earnings Presentation
19 slides from United Natural Foods's earnings presentation, Dec 8, 2021
Slide 1: Fiscal 2022 1st Quarter Supplemental Slides
Fiscal 2022 1st Quarter Supplemental Slides December 8, 2021 1
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: Solid Start To Fiscal 2022
Solid Start To Fiscal 2022 r tEeRr RI Ne sSuCl tAsL E First Quarter Adjusted Adjusted Sales EBITDA (1) EPS (1) i rI sLtL QPuOaW $7.0B $189M $0.97 +4.7% +90.2% +18.9% F U LF F 3 (1) See appendix for reconciliations and definitions for non-GAAP figures; all percentages refer to changes compared to the
Slide 4: First Quarter Highlights
y EARc cIoNmSpCl iAs LhEm e n t s Unlock UNFI the Pride Retail UNFI Optimized Pride t eLr PKOeW Customer Experience • Sales of $7.0 billion, an increase of 4.7% compared to first quarter of fiscal 2021 F rI L (1) La • Adjusted EBITDA of $189 million, up 19% despite a challenging operating environmen
Slide 5: Q1 consolidated sales – broad based growth
Q1 consolidated sales – broad based growth ($’s in millions) 21 $ 6,997 164 (4) (1) r tEeRr RI Ne sSuCl tAsL E i rI sLtL QPuOaW 78 F U LF F 55 $ 6,684 Q1 FY21 Net Sales Chains Independent Supernatural Retail Other Eliminations (1) Q1 FY22 Net Sales Retailers 5 (1) Intercompany sales that are elimina
Slide 6: Q1 adjusted EBITDA
Q1 adjusted EBITDA ($’s in millions) 34 (3) (1) $ 189 r tEeRr RI Ne sSuCl tAsL E i rI sLtL QPuOaW F U LF F $ 159 Q1 FY21 (1) Wholesale / Retail Disc Ops Q1 FY22 (1) Adjusted EBITDA Other / Elims Adjusted EBITDA 6 (1) See appendix for the Company’s definition of Adjusted EBITDA and the reconciliation
Slide 7: Capital structure reflects ~$250M of net debt reduction in last 12 months
Capital structure reflects ~ $250M of net debt reduction in last 12 months Q1 net debt increase driven by seasonal working capital needs ($'s in Millions) Maturity Rate Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Secured term loan B-1 (1) October 2025 L + 3.25% (2) $ 1,165 $ 1,015 $ 1,002 $ 1,002 $ 994
Slide 8: Fiscal 2022 Outlook
8 FULFILL POWER IN SCALE 2022 Fiscal Outlook
Slide 9: Q3 Better Food. Better Future.
Q3 9 Better Food. Better Future.
Slide 10: Affirming Fiscal 2022 Outlook
Affirming Fiscal 2022(1) Outlook Includes sales growth of ~ $1 billion (at midpoint) within the $140 billion addressable market Net Sales Adjusted EBITDA (2) Adjusted EPS (2) Net Debt Reduction l oCoAkL E Nt S $27.8 - $28.3 B $760 - $790 M $3.90 - $4.20 $100 - $150 M 0 2E2R OI u s cLaPl O2 W F U L F
Slide 11: Appendix
UNFI Appendix
Slide 12: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA 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 income (loss) from continuing operations, less net income attributable to noncontrolling interests,
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 – FY22 Outlook
Reconciliation – FY22 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 impairment benefits and charges, restructuring, acquisition, and integration related expenses,
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). Beginning in the
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.