United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q3 FY2019 Earnings Presentation
12 slides from United Natural Foods's earnings presentation, Jun 5, 2019
Slide 1: Q3 Fiscal 2019 Supplemental Slides
Q3 Fiscal 2019 Supplemental Slides June 5, 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: Third Quarter Fiscal 2019 Supplemental Presentation
Third Quarter Fiscal 2019 Supplemental Presentation This material is provided as a supplement to UNFI’s June 5, 2019 press release announcing third quarter results for the period ended April 27, 2019. 3 Better Food. Better Future.
Slide 4: Key Accomplishments
Key Accomplishments Third Quarter Fiscal 2019 • Generated net sales of $5.96 billion and Adjusted EBITDA of $168.2 million • Paid down approximately $21 million of outstanding net debt in Q3 and $187 million since end of Q1 • Announced single, national UNFI leadership team and 4 region structure • S
Slide 5: Net Sales: Q3 FY18 to Q3 FY19
Net Sales: Q3 FY18 to Q3 FY19 Third quarter net sales increase driven by addition of SUPERVALU; Legacy UNFI YOY net sales +2.8% ($’s in Millions) Q3 FY18 Net Sales Supernatural Independents Supermarkets Other Q3 FY19 Net Sales 5 Better Food. Better Future.
Slide 6: Adjusted EBITDA: Q3 FY18 to Q3 FY19
Adjusted EBITDA: Q3 FY18 to Q3 FY19 Third quarter Adjusted EBITDA increase driven by addition of SUPERVALU ($’s in Millions) (3) Q3 FY18 Q3FY18 Estimate SVU Driven Incremental Disc Ops SVU Gross Legacy UNFI Q3 FY19 Adjusted Change Inventory LIFO Charge Operating Expense Excluding Profit Excluding Gr
Slide 7: Q3 Capital Structure
Q3 Capital Structure ($'s in Millions) Maturity Rate Q1 FY19 Q2 FY19 Q3 FY19 Secured term loan B-1 October 2025 L + 4.25% $ 1,800 $ 1,800 $ 1,795 Secured term loan B-2 October 2019 L + 2.00% 150 103 94 $2.1B ABL revolver October 2023 L + 1.50% / Prime + 0.50% 1,327 1,242 1,217 Unsecured bonds & prem
Slide 8: Integration
Integration Integration on-track • Announced single, national UNFI leadership team and 4 region structure • Successful system conversion of four warehouses onto common platform • Continued evaluation of administrative office rationalization opportunity • Completed payroll conversion to single payrol
Slide 9: Retail Divestiture
Retail Divestiture Two remaining banners being operated (reported in Discontinued Operations) 9 Better Food. Better Future.
Slide 10: Changes to GAAP EPS Guidance: March 2019 vs June 2019
Changes to GAAP EPS Guidance: March 2019 vs June 2019 Q3 Restructuring, Adjusted Midpoint March 2018 Tax Midpoint June 2019 Impairment acquisition, and EBITDA Earnings Per Share Earnings Per Share Charge Benefit integration related Guidance Guidance expenses 10 Better Food. Better Future.
Slide 11: Appendix
Appendix 11 Better Food. Better Future.
Slide 12: Reconciliation – Q3 FY19 and Q3 FY18 Adjusted EBITDA
Reconciliation – Q3 FY19 and Q3 FY18 Adjusted EBITDA ($’s in thousands) 12 Better Food. Better Future.
United Natural Foods — Q3 FY2019 Earnings Presentation on 6ix