US Food Holding Corp. (NYSE:USFD) Q3 2021 Earnings Conference Call November 8, 2021 10:00 AM ET Company Participants Pietro Satriano – CEO Melissa Napier – Treasurer & SVP-Investor Relations Dirk Locascio – CFO | --- | --- | |--------------------------------------------------|------------------------------| | | | | | Conference Call Participants | | Edward Kelly – Analyst | | | Lauren Silberma – Analyst | | | Mark Carden – Analyst | | | Nicole Miller – Analyst | | | Jeffrey Bernstein – Analyst John Glass – ...

Financial Data and Key Metrics Changes - Net sales for Q2 2021 were $7.7 billion, up 68% from Q2 2020 [37] - Adjusted EBITDA for the quarter was $332 million, a significant rebound from the previous year [44] - Adjusted net income in Q2 was $146 million, with adjusted diluted EPS at $0.58 compared to a loss in the prior year [47] Business Line Data and Key Metrics Changes - The restaurant segment is recovering rapidly, with case volumes ahead of 2019 levels [12][10] - The hospitality business is running at over 70% of 2019 case volumes, benefiting from increased leisure travel [14] - The healthcare business remains steady, with expectations for recovery in senior living facilities over time [16] Market Data and Key Metrics Changes - Foot traffic in restaurants is close to returning to pre-pandemic levels, with growth rates in high single digits for long-open markets compared to 2019 [11] - The company expects to return to pro forma 2019 total case volume levels later in 2022 [18] Company Strategy and Development Direction - The "Great Food Made Easy" strategy is driving market share gains, with a focus on product innovation and technology solutions [19][21] - The company is expanding its footprint with new store openings and enhancing its e-commerce platform [30][24] - The integration of recent acquisitions is on track, with expected synergies of $55 million by 2023 [30] Management's Comments on Operating Environment and Future Outlook - Management noted that while the operating environment remains challenging, they are effectively managing labor and supply chain issues [36] - The company anticipates that inflation will moderate, but does not expect the $25 million inflation benefit seen in Q2 to continue into Q3 or Q4 [50][70] - Management expressed confidence in achieving pre-pandemic performance levels, despite ongoing uncertainties in the labor market [46] Other Important Information - The company has proactively paid down $200 million in debt, resulting in a significant drop in leverage ratio [49] - Operating cash flow for the first half of the year was $250 million, indicating strong cash generation despite being in a recovery phase [48] Q&A Session Summary Question: What is the expectation for labor cost increases? - Management expects labor cost increases to moderate towards the end of the year as hiring progresses [56] Question: Update on driver and selector hiring? - The company has filled over a third of the gap in hiring drivers and selectors and is focused on reducing churn [60] Question: Is labor inflation transitory? - Management believes labor supply issues are transitory, particularly in states that have ended supplemental unemployment benefits [64] Question: Clarification on Q3 and Q4 EBITDA expectations? - Management indicated that Q3 and Q4 EBITDA will be lower than Q2 due to the absence of inflation benefits and increased operating expenses [50][70] Question: How is the competitive environment evolving? - The competitive environment remains stable, with some smaller competitors facing challenges, but the company is gaining market share [106]

Q2 Fiscal 2021 Results August 9, 2021 Cautionary statements regarding forward-looking information This presentation contains "forward-looking statements" within the meaning of the federal securities laws concerning, among other things, our liquidity, our possible or assumed results of operations and our business strategies. These forward-looking statements, including any statements regarding EBITDA guidance, rely on a number of assumptions and our experience in the industry and are subject to risks, uncerta ...

US Foods Holding Corp. (NYSE:USFD) Q1 2021 Results Conference Call May 10, 2021 10:00 AM ET Â Company Participants Melissa Napier - SVP, IR and Treasury Pietro Satriano - CEO Dirk Locascio - CFO Conference Call Participants Kelly Bania - BMO Capital John Glass - Morgan Stanley John Heinbockel - Guggenheim Alex Slagle - Jefferies Lauren Silberman - Credit Suisse Edward Kelly - Wells Fargo Peter Saleh - BTIG Jeffrey Bernstein - Barclays Nicole Miller - Piper Sandler John Ivankoe - JP Morgan Jenna Giannelli - ...

Q1 Fiscal 2021 Results May 10, 2021 Cautionary statements regarding forward-looking information This presentation contains "forward-looking statements" within the meaning of the federal securities laws concerning, among other things, our liquidity, our possible or assumed results of operations and our business strategies. These forward-looking statements, including any statements regarding EBITDA guidance, rely on a number of assumptions and our experience in the industry and are subject to risks, uncertain ...

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 January 2, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-37786 US FOODS HOLDING CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 26-0347906 (I.R. ...

Financial Data and Key Metrics Changes - The fourth quarter of fiscal 2020 included 14 weeks compared to 13 weeks in 2019, and the full fiscal year included 53 weeks versus 52 weeks in fiscal 2019 [4] - Adjusted EBITDA for the fourth quarter was $174 million, including approximately $8 million for the extra week, reflecting a decline of $26 million compared to the third quarter [41] - Adjusted net income was $10 million, with adjusted diluted EPS at $0.05 for the fourth quarter [41] - Sales inflation for the fourth quarter was 2%, similar to previous quarters, with the 53rd week contributing 5.3% to net sales [38] Business Line Data and Key Metrics Changes - The Smart Foodservice business continues to outperform the delivery business, with expectations for future growth opportunities in the cash and carry space [25] - Integration and synergy capture from acquisitions are on track, with $10 million of Food Group synergies achieved for 2020 and a target of $65 million by the end of 2023 [44] Market Data and Key Metrics Changes - Case volumes slowed in the last half of Q4 due to increased COVID cases and restrictions on in-person dining, but there was an improvement in restaurant and overall volume trends in January [32][33] - Southern markets with fewer restrictions are operating close to last year's levels, while regions like the Midwest and California have seen a quick increase in sales as restrictions have eased [62] Company Strategy and Development Direction - The company is focused on evolving its Great Food, Made Easy strategy to improve customer experience and capitalize on growth opportunities [10][12] - There is an emphasis on larger customers, with a robust pipeline for new business wins, and a focus on cash and carry as a higher-margin growth channel [56] - The company plans to open three to four stores in existing Smart Foodservice markets in 2021, with expectations for increased store openings in future years [27] Management's Comments on Operating Environment and Future Outlook - Management remains confident that case volume will recover as COVID cases decline and restaurant restrictions are lifted, although they are not providing specific financial guidance for 2021 [43] - The company expects to see improvements in gross profit margins as case volumes recover, driven by a better customer mix and fixed cost reductions [48] - The sentiment among independent restaurant owners is positive, with expectations for recovery supported by vaccine distribution and federal aid [63] Other Important Information - The company generated over $400 million of operating cash flow in fiscal 2020, demonstrating resilience despite pandemic impacts [49] - The company is focused on investing in its business and reducing debt, with a strong liquidity position of over $800 million in cash [44][46] Q&A Session Summary Question: Growth strategy in a post-COVID era - Management anticipates growth from independent restaurants, larger customers, and cash and carry channels, with a focus on expanding market share [53][56] Question: Addressable independent restaurant market recovery - Management sees a promising outlook for independents, with expectations for recovery to pre-COVID levels, although the exact timing is uncertain [61][66] Question: Competitive landscape and M&A opportunities - There has not been significant change in the competitive landscape, and management is focused on organic growth and successful integration of acquisitions [71][76] Question: Staffing and labor inflation dynamics - The company is hiring new employees in anticipation of increased demand, with some tightness in the labor market observed [129] Question: Incentive compensation changes - Changes were made to incentivize leadership for sales and profitability, with expectations for these changes to positively impact performance [122] Question: Gross margin performance and acquisition impact - Acquisitions had a modestly positive impact on overall EBITDA and gross margin, with expectations for improvement as volume recovers [95]

Business Overview - US Foods is a large, national distributor with scale advantages in a resilient industry poised to recover [6] - The company's "Great Food Made Easy" strategy drives profitable growth [6] - US Foods has a national footprint with 70 distribution facilities and 78 cash and carry stores [12] - The company offers a broad portfolio of products, with 400,000 SKUs [12] Financial Performance & Strategy - In Q3 2020, 35% of total sales came from private brands [20] - 70% of current sales revenue comes through e-commerce [21] - The company's omni-channel offering includes 78 cash and carry store locations [25] - The cash and carry business has 7-8% EBITDA margins and generated $85 million Adjusted EBITDA in 2019 [25] - The company's Organic Adjusted EBITDA grew from $875 million in FY2015 to $1,171 million in FY2019 [27] COVID-19 Impact & Recovery - Recent increases in COVID cases and temporary restrictions on restaurants have slowed near-term volume trends [7] - A slowdown in the pace of case volume recovery will result in Q4'20 Adjusted EBITDA below the previously communicated outlook [9]

Business Performance - Total legacy case volume for US Foods remained down by 18-20% year-over-year in November [6] - New restrictions on indoor dining have slowed restaurant recovery [6] - Modest improvement was seen in healthcare volume [6] - Steady total case volume continued in November, but temporary restrictions on restaurants are slowing near-term recovery [7] Financial Outlook - Fourth quarter 2020 Adjusted EBITDA is expected to be similar to the third quarter [6] Important Considerations - The presentation contains forward-looking statements that are subject to risks, uncertainties, and other important factors, many of which are beyond the company's control [2] - Legacy case volume refers to original US Foods locations only and does not include case volume from Smart Foodservice or the Food Group acquisitions [4]

US Foods Holding Corp (NYSE:USFD) Q3 2020 Results Conference Call November 2, 2020 10:00 AM ET Company Participants Melissa Napier - SVP, IR & Treasurer Pietro Satriano - Chairman & CEO Dirk Locascio - CFO Conference Call Participants John Heinbockel - Guggenheim Kelly Bania - BMO Capital Edward Kelly - Wells Fargo John Ivankoe - JPMorgan Lauren Silberman - Credit Suisse Alex Slagle - Jefferies Carla Casella - JPMorgan Jeff Priester - Barclays John Glass - Morgan Stanley William Reuter - Bank of America Ope ...