Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q1 2013 Earnings Presentation
18 slides from Us Foods's earnings presentation, May 15, 2013
Slide 1: Q1 2013 Performance Update
Exhibit 99.1 A Taste of What’s Cooking at US Foods Q1 2013 Performance Update May 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’ continue •Q1 sales increased 2.8% • Organic units declined (0.4%) • Acquisitions added 1.2% •Q1 results • Net loss was $95 million 1 • Adjusted EBITDA was $156 million •Business transformation focus on differentiation and innovation • Category Manageme
Slide 7: Agenda: Quarterly Financial Update
Agenda •Business Highlights •Quarterly Financial Update •Closing Comments •Appendix FOOD. FOOD PEOPLE. EASY. 6
Slide 8: Delivered $156 million of Adjusted EBITDA in Q1, ahead of expectations
Delivered $156 million of Adjusted EBITDA in Q1, ahead of expectations, but behind prior year. Q1 Financial Performance $ IN MILLIONS Q1 2013 Q1 2012 B/(W) Y-O-Y CHANGE NET SALES $5,405 $5,260 +2.8% GROSS PROFIT $909 $876 +33 1 ADJUSTED GROSS PROFIT $911 $874 +37 % OF NET SALES 16.85% 16.62% +23 bps
Slide 9: LTM Adjusted EBITDA of $820 million, $1 million better than prior year
LTM Adjusted EBITDA of $820 million, $1 million better than prior year. CY LTM PY LTM $ IN MILLIONS (Q2 ‘12 – Q1 ‘13) (Q2 ‘11 – Q1 ‘12) B/(W) Y-O-Y CHANGE NET SALES $21,810 $20,772 +5.0% GROSS PROFIT $3,726 $3,564 +162 1 ADJUSTED GROSS PROFIT $3,743 $3,589 +154 % OF NET SALES 17.16% 17.28% (12 bps)
Slide 10: Quarterly Cash Flow
Quarterly Cash Flow Cash Flow Performance $ IN MILLIONS Q1 2013 Q2 2012 Q3 2012 Q4 2012 LTM Cash from Operating Activities ($10) $157 ($73) $297 $371 Capital Expenditures, net of Proceeds ($51) ($72) ($26) ($54) ($204) Acquisitions - ($17) ($74) ($14) ($105) Cash (used in) provided by Financing Acti
Slide 11: Capital Structure & Credit Statistics
Capital Structure & Credit Statistics Q1 2013 Financial Performance Credit Statistics Debt / LTM Debt Coverage Interest Coverage 2 3 As of Consolidated Ratio Ratio $ IN MILLIONS 3/30/2013 EBITDA 9.0x 3.0x ABL Revolver (2016) $145 Cash Flow Revolver (2013) $0 8.0x 8.2x 2.7x ABS Facility (2015) $686 2
Slide 12: We have $910 million of available liquidity
We have $910 million of available liquidity. Liquidity As of $ IN MILLIONS 3/30/2013 ABL Revolver (2016) $661 Cash Flow Revolver (2013) $100 Total Borrowing Availability $761 Total Cash & Cash Equivalents $149 Total Cash and Borrowing Availability $910 Note: Individual components may not add to tota
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) March 30, 2013 March 31, 2012 Q1 2013 Q1 2012 Net loss $ (95) $ (3) $ (142) $ (59) Interest expense, net 82 71 322 296 Income tax provision (benefit) 12 (2) 57 10 Depreciation and amortization expense 94 84 366 347 EBITDA 93
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) March 30, 2013 March 31, 2012 Q1 2013 Q1 2012 Gross Profit $ 909 $ 876 $ 3,726 $ 3,564 LIFO reserve change (1) 2 (2) 17 25 Adjusted Gross Profit $ 911 $ 874 $ 3,743 $ 3,589 Net sales $ 5,4
Slide 18: FOODS
@ FOODS KEEPING KITCHENS COOKING.”