Core-Mark Holding Company Inc (CORE) Q1 2021 Earnings Conference Call May 6, 2021 8:00 AM ET Company Participants David Lawrence – Vice President, Treasury and Investor Relations Scott McPherson – President, Chief Executive Officer Chris Miller – Chief Financial Officer Conference Call Participants Ben Bienvenu – Stephens Kelly Bania – BMO Capital Matt Fishbein – Jefferies John Lawrence – Benchmark Operator Welcome to the Core-Mark First Quarter 2021 Investor Call. My name is Karen, and I will be your opera ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37578 Performance Food Group Company (Exact name of registrant as specified in its charter) Delaware 43-1983182 (State or other jur ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | 2 Safe Harbor & SEC Regulation G Safe Harbor Statements made in the course of this presentation that state the company's or management's hopes, beliefs, expectations or predictions of the future are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results and performance could differ materially from those set forth in the forward-looking statements. Addi ...

Financial Data and Key Metrics Changes - In Q4 2020, the company reported revenues of $4.3 billion, a 2.3% increase from the previous year, driven by strong cigarette and tobacco sales trends [11][30] - EBITDA for the quarter was $55.1 million, reflecting a 14.1% improvement year-over-year, with a gross profit margin of 5.21%, showing significant recovery compared to the last two quarters [12][14] - For the full year, total sales reached $17 billion with record-setting EBITDA of $202 million, although remaining gross profit margins declined by 30 basis points [14][29] Business Line Data and Key Metrics Changes - Total cigarette sales increased by 4.6% in Q4, while non-cigarette sales decreased by 1.8%, indicating a shift in consumer buying behavior due to the pandemic [30][32] - The remaining gross profit margin for Q4 declined by 21 basis points, but this was an improvement compared to previous quarters [32] - Operating expenses decreased by 4.1% to $197.1 million, contributing to overall cost leverage [35] Market Data and Key Metrics Changes - Cigarette sales accounted for 66.7% of total sales in Q4, which compressed the overall remaining gross profit margin [33] - The company experienced a decline in margins in non-cigarette categories, particularly in food, candy, and health products [31][33] Company Strategy and Development Direction - The company aims to grow sales and margins faster than the industry, enhance category management solutions, and drive cost leverage [16][19] - A strategic focus on technology enhancements and acquisitions is planned, with optimism for meaningful acquisitions in the next 12 to 18 months [18][20] - The company has initiated a private label initiative and partnerships to meet consumer demand for unique products [82][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to drive growth despite pandemic-related challenges [25][26] - The outlook for 2021 anticipates revenues between $17.2 billion and $17.5 billion, with continued margin improvement expected [42] - The company expects to face cost inflation in labor and raw materials but has strategies in place to mitigate these impacts [66][68] Other Important Information - The company has a new three-year, $375 million shareholder return plan that includes aggressive share repurchases and continued dividend growth [40][25] - Free cash flow for the year was $117.1 million, primarily used for dividends and share repurchases [37] Q&A Session Summary Question: On the $375 million shareholder return plan and M&A - Management indicated that they can pursue both share repurchases and acquisitions simultaneously, supported by strong free cash flows [54] Question: On technology and robotics investments - Management noted that increased productivity in warehouse and transportation will enhance margins, with expectations of returning to normal margin rates by Q4 [56] Question: On cost inflation and its impact - Management acknowledged potential product inflation and labor cost increases, but emphasized that their pricing algorithms mitigate fuel cost impacts [66][68] Question: On distribution and delivery efficiency - Management highlighted improvements in fleet utilization and efficiency, anticipating continued benefits as consumer behavior normalizes [70] Question: On outlook for cigarettes and non-cigarettes - Management expects cigarette trends to stabilize, with non-cigarette categories showing steady recovery and growth projected in the 5% to 8% range [80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 26, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37578 Performance Food Group Company (Exact name of registrant as specified in its charter) Delaware 43-1983182 (State or other ...

Financial Data and Key Metrics Changes - Total case volume increased by 8.4% in Q2 2021 compared to the prior year, driven by the acquisition of Reinhart. Excluding Reinhart, case volume declined by 16.9% [26][27] - Net sales grew by 12.8% in Q2 2021 to $6.8 billion, with Reinhart contributing approximately $1.3 billion to net sales [27] - Gross profit increased by 14% to $811.1 million, with gross profit margin at 11.8%, slightly up from 11.7% in the prior year [29] - Net income declined by 57.3% year-over-year to $17.6 million, while adjusted EBITDA rose by 10.6% to $158 million [32] Business Line Data and Key Metrics Changes - Food service segment net sales grew by 27% to $4.9 billion, with EBITDA increasing by 36.7% to $155.3 million [33] - Vistar segment net sales decreased by 11.9% to $2 billion, with EBITDA declining by 31.6% [33] Market Data and Key Metrics Changes - Independent case volume rose by 26.5% including Reinhart, and was down only 5% when excluding the acquisition [26][27] - The company noted a modest rebound in sales trends in January 2021, aligning more closely with year-over-year comparisons from October and November 2020 [9][18] Company Strategy and Development Direction - The integration of Reinhart is progressing as expected, with anticipated annualized cost synergies of approximately $15 million by the third full fiscal year post-acquisition [11] - The company is focused on long-term growth, investing in capacity and expansion into new lines of business, while maintaining a disciplined approach to capital allocation [20][37] - The company aims to leverage its strong liquidity position of about $1.9 billion to pursue potential M&A opportunities in the future [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a surge in restaurant volume once public gatherings become more comfortable, preparing for this with appropriate inventory levels [10][39] - The company anticipates a slower recovery in certain segments like theater and office coffee services, but expects overall profitability to improve as conditions normalize [15][39] - Management highlighted the importance of community support and ESG initiatives during challenging times, reflecting a commitment to social responsibility [22] Other Important Information - The company reported a significant focus on safety and health, which contributed to lower operating expenses due to improved medical and safety experience rates [30][108] - The company published its first annual ESG report, emphasizing sustainability and social responsibility as key focus areas [22] Q&A Session Summary Question: Growth in Independent Sales - Management noted that several markets are experiencing growth in independent sales compared to the previous year, particularly in warmer areas, while some major markets remain challenged [44] Question: Vistar Business Performance - Management indicated gradual improvement in sales for Vistar, with significant contributions from the Eby-Brown convenience store business [49][51] Question: Investment for COVID Recovery - Management emphasized a long-term investment strategy, focusing on capacity and avoiding disruptions during recovery, while being prepared for potential labor market challenges [56][60] Question: Profitability by Channel in Vistar - Management confirmed that Vistar's profitability remains strong, with concerns primarily around theater and office coffee service channels, but potential growth in micro markets [70] Question: M&A Opportunities - Management is actively looking for acquisition opportunities that align culturally and strategically, similar to past successful acquisitions like Reinhart [74][76]

Core-Mark Holding Company, Inc. (CORE) Q3 2020 Earnings Conference Call November 5, 2020 9:00 AM ET Company Participants David Lawrence - Vice President, Treasury & Investor Relations Scott McPherson - President & Chief Executive Officer Chris Miller - Chief Financial Officer Conference Call Participants Ben Bienvenue - Stephens Inc. Kelly Bania - BMO Capital Markets Operator Welcome to the Core-Mark's Third Quarter 2020 Investor Call. My name is Vanessa, and I'll be your operator for today's call. At this ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37578 Performance Food Group Company (Exact name of registrant as specified in its charter) Delaware 43-1983182 (State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 27, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37578 Performance Food Group Company (Exact name of registrant as specified in its charter) Delaware 43-1983182 (State or other jurisdiction ...

Core-Mark Holding Company, Inc. (CORE) Q2 2020 Earnings Conference Call August 6, 2020 9:00 AM ET Company Participants David Lawrence - Vice President, Treasury and Investor Relations Scott McPherson - President and Chief Executive Officer Chris Miller - Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Chris Mandeville - Jefferies Kelly Bania - BMO Alessandra Jimenez - Raymond James Operator Welcome to the Core-Mark Second Quarter 2020 Investor Call. My name is John, and I'll be ...