United Natural Foods, Inc. (NYSE:UNFI) Q2 2022 Earnings Conference Call March 9, 2022 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 Bill Kirk - MKM Partners Eric Larson - Seaport Research William Reuter - Bank of America Kelly Bania - BMO Carla Casella - JPMorgan Operator ...

| --- | --- | --- | --- | |---------------|---------|---------------------|---------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 ...