Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q2 2015 Earnings Presentation
15 slides from Us Foods's earnings presentation, Aug 11, 2015
Slide 1: Q2 2015 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q2 2015 Performance Update August 2015
Slide 2: Forward-looking statements notice
While the information provided herein is believed to be accurate and reliable, US Foods, Inc. (the “Company”) 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 tha
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains unaudited financial measures which are not required by, or presented in accordance with, accounting principals generally accepted in the United States of America (“GAAP”), including EBITDA, Adjusted EBITDA, Consolidated EBITDA, Debt Coverage Rat
Slide 4: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 3
Slide 5: Business Highlights
Business Highlights • Sysco Merger Termination • $300 million breakup fee paid by Sysco to USF Holding Corp., our parent company • $12.5 million breakup fee paid by US Foods, Inc. to Performance Food Group, Inc. • CEO Transition • Q2 Performance Highlights • Unit volume was flat and Sales decreased
Slide 6: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 5
Slide 7: Q2 Financial Performance
Q2 Financial Performance $ IN MILLIONS Q2 2015 Q2 2014 B/(W) Y-O-Y CHANGE NET SALES $5,843 $5,898 (0.9%) GROSS PROFIT $993 $964 +$29 1 ADJUSTED GROSS PROFIT $995 $988 +$7 % OF NET SALES 17.0% 16.8% +28 bps OPERATING EXPENSES $984 $900 ($84) 1 ADJUSTED OPERATING EXPENSES $759 $751 ($8) % OF NET SALES
Slide 8: Q2 Last Twelve Month Financial Performance
Q2 Last Twelve Month Financial Performance $ IN MILLIONS Q2 2015 Q2 2014 B/(W) Y-O-Y CHANGE NET SALES $23,061 $22,588 +2.1% GROSS PROFIT $3,861 $3,801 +$60 1 ADJUSTED GROSS PROFIT $3,850 $3,854 ($4) % OF NET SALES 16.7% 17.1% (37) bps OPERATING EXPENSES $3,638 $3,523 ($115) 1 ADJUSTED OPERATING EXPE
Slide 9: Cash Flow
Cash Flow $ IN MILLIONS Q3 2014 Q4 2014 Q1 2015 Q2 2015 LTM Cash from Operating Activities $56 $99 $102 $164 $420 Cash used by Investing Activities 1 Capital Expenditures ($31) ($42) ($57) ($54) ($183) 2 Other Investing Activities, net $14 $5 ($8) ($8) $4 Cash used by Financing Activities ($12) ($64
Slide 10: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Credit Statistics Debt /LTM Debt Coverage Interest Coverage As of Consolidated Ratio 2 Ratio 3 $ IN MILLIONS 6/27/2015 EBITDA ABL Revolver (2017) $0 ABS Facility (2016) $636 CMBS Facility (2017) $472 Term Loan (2019) $2,063 Obligations Under Capital Leases $205
Slide 11: We have $1.3 billion of available liquidity
We have $1.3 billion of available liquidity Liquidity As of $ IN MILLIONS 6/27/2015 Borrowing Availability: ABL Facility (2017) $731 ABS Facility (2016) $65 Total Cash & Equivalents $473 Total Cash and Borrowing Availability $1,269 FOOD. FOOD PEOPLE. EASY. 10
Slide 12: Agenda
Agenda •Business Highlights •Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 11
Slide 13: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Quarter Ended LTM (In millions) June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Net Loss $ (127) $ (19) $ (109) $ (62) Interest expense, net 70 74 284 292 Income tax provision 66 9 48 48 Depreciation and amortization expense 98 106 404 403 EBITDA 107
Slide 14: Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation - Adjusted Gross Profit and Adjusted Operating Expenses Quarter Ended LTM (In millions) June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Gross Profit $ 993 $ 964 $ 3,861 $ 3,801 Net LIFO reserve change 2 24 (11) 53 Adjusted Gross Profit $ 995 $ 988 $ 3,850 $ 3,854 Net
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