| --- | --- | --- | --- | |---------------|---------|---------------------|---------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | nd | | | | Fiscal 2022 2 | Quarter | | | | | | Supplemental Slides | | | | | | | | | | | March 9, 2022 | 1 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. Statemen ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the company's unaudited condensed consolidated financial statements for the quarter ended October 30, 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $8.0 billion, driven by increases in inventories and accounts receivable Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Oct 30, 2021 | July 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $46 | $41 | | Inventories, net | $2,537 | $2,247 | | Total current assets | $4,019 | $3,550 | | Total assets | $7,999 | $7,525 | | **Liabilities & Equity** | | | | Accounts payable | $1,896 | $1,644 | | Total current liabilities | $2,691 | $2,487 | | Long-term debt | $2,376 | $2,175 | | Total liabilities | $6,412 | $6,011 | | Total stockholders' equity | $1,587 | $1,514 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Reports a 4.7% increase in net sales to $7.0 billion and a significant rise in net income to $76 million Condensed Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | 13-Week Period Ended Oct 30, 2021 | 13-Week Period Ended Oct 31, 2020 | | :--- | :--- | :--- | | Net sales | $6,997 | $6,684 | | Gross profit | $1,042 | $970 | | Operating income | $107 | $50 | | Net income (loss) attributable to UNFI | $76 | $(1) | | Diluted earnings (loss) per share | $1.25 | $(0.02) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $81 million, with financing activities providing $167 million in cash Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Cash Flow Activity | 13-Week Period Ended Oct 30, 2021 | 13-Week Period Ended Oct 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(81) | $(58) | | Net cash used in investing activities | $(81) | $(35) | | Net cash provided by financing activities | $167 | $95 | | Net increase in cash and cash equivalents | $5 | $2 | | Cash and cash equivalents, at end of period | $46 | $49 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details revenue by channel, debt facilities, segment performance, and opioid litigation contingencies Net Sales by Customer Channel (Q1 2022 vs Q1 2021, in millions) | Customer Channel | Q1 2022 Net Sales | Q1 2021 Net Sales | | :--- | :--- | :--- | | Chains | $3,082 | $3,027 | | Independent retailers | $1,750 | $1,672 | | Supernatural | $1,378 | $1,214 | | Retail | $602 | $606 | | Other | $580 | $581 | Long-Term Debt Composition (as of Oct 30, 2021, in millions) | Facility | Amount | | :--- | :--- | | Term Loan Facility | $994 | | ABL Credit Facility | $910 | | Senior Notes | $500 | | Other secured loans | $34 | | **Total Long-term debt, including current portion** | **$2,390** | Segment Performance (Q1 2022 vs Q1 2021, in millions) | Segment | Q1 2022 Net Sales | Q1 2022 Adj. EBITDA | Q1 2021 Net Sales | Q1 2021 Adj. EBITDA | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $6,734 | $164 | $6,438 | $123 | | Retail | $602 | $22 | $606 | $25 | - The company is a defendant in approximately 43 lawsuits related to the national opioid epidemic, consolidated as Multi-District Litigation (MDL)[88](index=88&type=chunk) - UNFI is being defended and indemnified by New Albertson's in a majority of these cases and believes the claims are without merit[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses Q1 2022 financial results, strategic initiatives, operational challenges, and the company's liquidity position [Executive Overview](index=27&type=section&id=EXECUTIVE%20OVERVIEW) Outlines the 'Fuel the Future' strategy, key customer agreements, and the focus on debt reduction - The company introduced its **'Fuel the Future' strategy** to strengthen customers, improve the supply chain, and inspire food solutions[100](index=100&type=chunk) - A key growth driver is a new **10-year supply agreement with Key Food Stores**, with expected sales of approximately **$10 billion** over the term[104](index=104&type=chunk) - The company continues to serve as the primary distributor to Whole Foods Market under an agreement that expires in September 2027[105](index=105&type=chunk) [Results of Operations](index=34&type=section&id=RESULTS%20OF%20OPERATIONS) Net sales grew 4.7% to $7.0 billion, driven by inflation, new business, and strong performance in the Supernatural channel Net Sales by Customer Channel (Q1 2022 vs Q1 2021, in millions) | Customer Channel | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Chains | $3,082 | $3,027 | 1.8% | | Independent retailers | $1,750 | $1,672 | 4.7% | | Supernatural | $1,378 | $1,214 | 13.5% | | Retail | $602 | $606 | (0.7)% | | **Total net sales** | **$6,997** | **$6,684** | **4.7%** | - Gross profit rate increased to **14.89% in Q1 2022** from 14.51% in Q1 2021, driven by improvements in the Wholesale segment margin, inflation, and the ValuePath initiative[139](index=139&type=chunk) - Operating expenses decreased as a percentage of net sales to **13.32% from 13.52%** due to leveraging fixed costs, despite higher transportation expenses and investments in labor[140](index=140&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Total liquidity stood at $1.11 billion, with fiscal 2022 capital spending projected at approximately $300 million - Total liquidity was **$1,112 million** as of October 30, 2021, comprising $1,066 million in unused credit and $46 million in cash[153](index=153&type=chunk) - Subsequent to the quarter end, the company made a **$150 million voluntary prepayment** on its Term Loan Facility and amended the loan to reduce the interest rate margin by 25 basis points[66](index=66&type=chunk)[153](index=153&type=chunk) - Fiscal 2022 capital spending is expected to be approximately **$300 million**, focused on network optimization, technology, and the new Allentown, PA distribution center[163](index=163&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks stem from interest rate fluctuations and diesel fuel price increases - Primary market risks are from fluctuations in interest rates on borrowings and diesel fuel prices[176](index=176&type=chunk) - As of October 30, 2021, the company had interest rate swap contracts on an aggregate of **$1,232 million of floating-rate notional debt** to hedge against LIBOR changes[161](index=161&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[177](index=177&type=chunk) - **No material changes** occurred during the first quarter of fiscal 2022 that are reasonably likely to materially affect the company's internal control over financial reporting[178](index=178&type=chunk) Part II. Other Information [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) No material legal proceedings are reported beyond the opioid-related lawsuits disclosed in the financial notes - The company states there are no pending material legal proceedings to which it is a party, other than those detailed in Note 15 of the financial statements[179](index=179&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported for the period - **No material changes** to the risk factors from the Annual Report were reported[180](index=180&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2022, with $176 million remaining under its repurchase authorization - As of October 30, 2021, **$176 million remained available** under the company's share repurchase program[183](index=183&type=chunk) - **No shares were repurchased** under the program in Q1 2022; however, 721,820 shares were surrendered by employees to cover taxes related to vested restricted stock[182](index=182&type=chunk)[183](index=183&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) Lists filed exhibits, including a Term Loan Agreement amendment and required CEO/CFO certifications - Key exhibits filed include an amendment to the Term Loan Agreement and certifications from the CEO and CFO as required by the Sarbanes-Oxley Act[184](index=184&type=chunk)

United Natural Foods, Inc. (NYSE:UNFI) Q1 2022 Earnings Conference Call December 8, 2021 8:30 AM ET Company Participants Steve Bloomquist - Vice President of Investor Relations Sandy Douglas - Chief Executive Officer Chris Testa - President John Howard - Chief Financial Officer Eric Dorne - Chief Operating Officer Conference Call Participants John Heinbockel - Guggenheim Scott Mushkin - R5 Capital William Reuter - Bank of America Bill Kirk - MKM Partners Eric Larson - Seaport Research Spencer Hanus - Wolfe ...

Financial Performance - First quarter sales reached $70 billion, a 47% increase compared to the first quarter of fiscal year 2021[7, 12] - Adjusted EBITDA was $189 million, up 19% year-over-year[7, 12] - Adjusted EPS increased by 902% to $097[7] - Net debt reduction of approximately $250 million occurred in the last 12 months[20] Capital Structure - Secured term loan B-1 balance was $994 million as of Q1 FY22[20] - The company has a $21 billion ABL revolver[20] - Net Debt to Adjusted EBITDA leverage ratio is 32x[20] - Available liquidity was $1112 billion[20] Fiscal 2022 Outlook - Net sales are projected to be between $278 billion and $283 billion, representing approximately 4% growth[26] - Adjusted EBITDA is expected to be in the range of $760 million to $790 million, also indicating around 4% growth[26] - Adjusted EPS is forecasted to be between $390 and $420, reflecting about 4% growth[26] - Net debt reduction is projected to be between $100 million and $150 million[26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2021 or ☐ 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: 001-15723 UNITED NATURAL FOODS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or o ...

| --- | --- | --- | |---------|---------------------|--------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | th | | | | Quarter | Fiscal 2021 4 | | | | Supplemental Slides | | | | | | | | | | | | | | | | | | | | | September 28, 2021 | 1 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 ...

United Natural Foods, Inc. (NYSE:UNFI) Q4 Fiscal 2021 Earnings Conference Call September 28, 2021 8:30 AM ET Company Participants Sandy Douglas – Chief Executive Officer Christopher P. Testa – President of UNFI Steve Bloomquist – Vice President of Investor Relations John W. Howard – Chief Financial Officer Eric A. Dorne – Chief Operating Officer Conference Call Participants William Kirk – MKM Partners Scott Mushkin – Analyst Jim Solera – Northcoast Research Eric Larson – Seaport Research Partners John Heinb ...

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 May 1, 2021 or ☐ 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: 001-15723 UNITED NATURAL FOODS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of i ...

United Natural Foods, Inc. (NYSE:UNFI) Q3 2021 Earnings Conference Call June 9, 2021 8:30 AM ET Company Participants Steve Bloomquist - VP, IR Steve L. Spinner - Chairman and CEO John W. Howard - CFO Christopher P. Testa - President Eric A. Dorne - COO Conference Call Participants Edward Kelly - Wells Fargo John Heinbockel - Guggenheim Partners Eric Larson - Seaport Global Securities Unidentified Analyst - Northcoast Research Spencer Hanus - Wolfe Research Peter Saleh - BTIG Research William Kirk - MKM Part ...

Q3 Fiscal 2021 Supplemental Slides June 9, 2021 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 historical facts are "forward looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results ...