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 December 30, 2023 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 company achieved record full year 2023 adjusted EBITDA of $1.56 billion, driven by strong case growth and market share gains, with an adjusted EBITDA margin expansion of 53 basis points [19][25] - Net sales grew by 4.5% to $35.6 billion, with total case volume increasing by 4.4%, including a 6.9% rise in independent restaurant case volume [20][19] - Adjusted diluted EPS increased by 23% to $2.63, reflecting strong operational execution [25][19] Business Line Data and Key Metrics Changes - Independent restaurant case volume grew by 6.9%, healthcare volumes increased by 7.2%, and hospitality volumes rose by 8.9% [20] - Adjusted gross profit increased by 9% to $6.1 billion, with adjusted gross profit per case rising by 4.5% [25][28] - The company reported a 5% improvement in routing effectiveness through its Descartes routing pilot [12] Market Data and Key Metrics Changes - The company maintained its market share in January, with strong performance in independent restaurants, healthcare, and hospitality sectors [55] - The company expects to continue gaining market share with independent restaurants for 11 consecutive quarters [20] Company Strategy and Development Direction - The company focuses on four strategic pillars: culture, service, growth, and profit, aiming for sustainable improvements and growth [1][2] - The company is committed to enhancing its digital platforms, MOXe and VITALS, to drive growth and improve customer experience [10][14] - The company plans to expand its differentiated small truck delivery model, Pronto, into additional markets [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit adjusted EPS growth and continued market outperformance due to strong operational execution and strategic initiatives [32][19] - The company anticipates slight inflation of 0.5% to 1.5% in 2024, with a focus on maintaining operational discipline [50][91] - Management highlighted the importance of ongoing productivity improvements and cost management to enhance margins [25][40] Other Important Information - The company reduced its net leverage to 2.8x, down 0.7 turns from 2022, and plans to maintain a target leverage range between 2.5x and 3x for 2024 [29] - The company donated over $13 million in food and supplies to hunger relief efforts in 2023, equivalent to approximately 5 million meals [11] Q&A Session All Questions and Answers Question: Capital allocation strategy with strong free cash flow - Management indicated that with strong cash flow, the focus will be on share repurchases and opportunistic M&A, rather than significant debt paydown [34] Question: Case growth outlook amidst weather disruptions - Management reported a recovery in volumes post-labor disruption and weather events, maintaining confidence in the 4% to 6% case growth target for the year [35][55] Question: Impact of headcount growth on case growth - Management expects case growth to outpace headcount growth by 30% to 50%, with a focus on independent restaurants as the most profitable segment [38] Question: Sales compensation changes and industry trends - Management confirmed that recent changes to sales compensation were well received and aimed at incentivizing sellers for profitable growth [59][89] Question: Productivity and operational efficiency improvements - Management highlighted ongoing efforts in supply chain productivity and routing efficiencies, with expectations for continued improvements in 2024 [61][87]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (I.R.S. Employer Identification Number) 9399 W. Higgins Road, Suite 100 Rosemont, IL 60018 (847) 720-8000 (Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

US Foods Holding Corp. (NYSE:USFD) Q3 2023 Earnings Conference Call November 9, 2023 9:00 AM ET Company Participants Mike Neese - Senior Vice President of Investor Relations David Flitman - Chief Executive Officer Dirk Locascio - Executive Vice President and Chief Financial Officer Conference Call Participants John Heinbockel - Guggenheim Securities Kelly Bania - BMO Capital Markets Peter Saleh - BTIG Alexander Slagle - Jefferies LLC Lauren Silberman - Deutsche Bank Brian Harbour - Morgan Stanley Edward Kel ...

Q3 Fiscal Year 2023 Results November 9, 2023 Disclaimer Page Cautionary Statements Regarding Forward-Looking Information Statements in this presentation which are not historical in nature are "forward-looking statements" within the meaning of the federal securities laws. These statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "outlook," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecast," "mission," "strive," "more," "goal, ...

US Foods Holding Corporation (NYSE:USFD) Q2 2023 Earnings Conference Call August 10, 2023 10:00 AM ET Company Participants Adam Dabrowski - Director, Investor Relations David Flitman - Chief Executive Officer and Director Dirk Locascio - Executive Vice President and Chief Financial Officer Conference Call Participants Mark Carden - UBS Edward Kelly - Wells Fargo Brian Harbour - Morgan Stanley Jeffrey Bernstein - Barclays Kelly Bania - BMO Capital Markets John Heinbockel - Guggenheim Securities John Ivan ...

US Foods Holding Corporation (NYSE:USFD) Q1 2023 Earnings Conference Call May 11, 2023 10:00 AM ET Company Participants David Flitman - Chief Executive Officer and Director Dirk Locascio - Executive Vice President and Chief Financial Officer Adam Dabrowski - Director, Investor Relations Conference Call Participants Brian Harbour - Morgan Stanley John Ivankoe - JPMorgan Chase & Co. Kelly Bania - BMO Capital Markets Lauren Silberman - Crédit Suisse Jake Bartlett - Truist Securities Jeffrey Bernstein - Barclay ...

Financial Performance - In fiscal year 2022, total net sales reached $34.057 billion, an increase from $29.487 billion in 2021, representing a growth of approximately 15%[34] - Net sales for fiscal year 2022 reached $34,070 million, an increase of $4,570 million or 15.5% compared to the previous year, primarily driven by inflation across multiple product categories[154] - Gross profit increased by $837 million, or 18.0%, to $5,492 million in fiscal year 2022, with a gross profit margin of 16.1% compared to 15.8% in fiscal year 2021[155] - Operating income for fiscal year 2022 was $594 million, with an operating income margin of 1.7%, up from 1.4% in 2021[167] - Net income available to common shareholders was $228 million, resulting in a diluted net income per share of $1.01, compared to $0.54 in 2021[167] - Adjusted EBITDA for fiscal year 2022 was $1,310 million, reflecting an adjusted EBITDA margin of 3.8%, compared to 3.6% in 2021[167] - Free cash flow for fiscal year 2022 was $500 million, significantly up from $145 million in 2021[167] - Net income was $265 million in fiscal year 2022, compared to $164 million in fiscal year 2021, reflecting a significant increase in profitability[176] Sales and Customer Base - Sales to the top 50 customers accounted for approximately 43% of total net sales in fiscal year 2022, with no single customer representing more than 3%[23] - Group purchasing organizations (GPOs) contributed approximately 21% of net sales in fiscal year 2022, primarily from healthcare, hospitality, education, and government sectors[24] - Approximately 80% of customers utilize the company's e-commerce solutions, which enhance purchasing frequency and strengthen commercial relationships[28] - The product mix for fiscal year 2022 included $12.375 billion in meats and seafood, $5.758 billion in dry grocery products, and $3.564 billion in dairy[34] - Total case volume increased by 1.7% in fiscal year 2022, with independent restaurant case volume rising by 4.3%[154] Operational Insights - The company operates approximately 250,000 customer locations nationwide, including independent and chain restaurants, healthcare, hospitality, and educational institutions[20] - The company operates 70 distribution facilities totaling over 19 million square feet, with 72% owned and 28% leased[135] - The company has implemented cost savings initiatives, including routing improvements and new warehouse process enhancements, to offset rising operating expenses[156] Employee and Labor Relations - As of December 31, 2022, the company employed approximately 29,000 associates, with 21% covered by collective bargaining agreements[48] - Approximately 70% of associates were non-exempt, paid on an hourly basis, and 86% worked in field-based roles[51] - In fiscal year 2022, 12 collective bargaining agreements covering about 1,100 union associates were renegotiated, and 14 agreements covering approximately 1,200 union associates are set for renegotiation in fiscal year 2023[48] - The company is committed to diversity and inclusion, focusing on creating an inclusive work environment and investing in diverse talent pipelines[51] Risks and Challenges - The company is subject to various risks, including economic downturns and supply chain disruptions, which may adversely affect financial performance[65] - The company experienced significantly elevated commodity and supply chain costs in 2022, with ongoing inflation expected to continue into 2023[66] - Changes in consumer eating habits, such as a decline in dining out, could reduce demand for the company's products[77] - Competition in the U.S. foodservice distribution industry is intense, with low switching costs for customers, which may lead to loss of business[67] - The company may face challenges in maintaining relationships with customers and GPOs, as agreements are generally terminable upon advance written notice[72] Financial Obligations and Debt - The company had $4.9 billion of indebtedness outstanding as of December 31, 2022[100] - Approximately 42% of the net principal amount of the company's indebtedness accrued interest at variable rates as of December 31, 2022[107] - The company is subject to various financial covenants under its debt agreements, which may restrict its operational flexibility[104] - The company may face increased costs in servicing its debt due to the transition from U.S. dollar LIBOR to the Secured Overnight Financing Rate (SOFR)[108] Strategic Initiatives - The GREAT FOOD. MADE EASY.™ strategy emphasizes product innovation and customer service, targeting independent restaurants, healthcare, and hospitality sectors[30] - The company aims to leverage technology to enhance customer relationships and streamline operations, focusing on e-commerce and data analytics[28] - The company aims to reduce its absolute Scope 1 and 2 greenhouse gas emissions by 32.5% by 2032 from a 2019 base year, contingent on technological advancements[81] Legal and Compliance - The company may incur significant costs related to legal proceedings, which could materially affect its financial condition and operations[128] - The company is subject to oversight by the Department of Labor's Office of Federal Contract Compliance Programs, which could result in penalties or sanctions if compliance failures are found[99] - The company may face increased compliance costs and financial obligations due to changes in legal or regulatory requirements[83] Insurance and Liability - The company maintains insurance for health and safety risks, but there is no assurance that it will provide adequate coverage against all potential claims[127] - The company may experience product liability claims, and it believes it has sufficient liability insurance to cover such claims[89] - Negative publicity from product recalls or food-borne illnesses could adversely impact the company's reputation and financial condition[90] Acquisitions - The company completed the acquisition of Smart Foodservice for $972 million in April 2020, expanding its cash-and-carry store presence[31] - The company completed the acquisition of Smart Foodservice in April 2020, significantly expanding its cash and carry business in the West and Northwest parts of the U.S.[119]

US Foods Holding Corp. (NYSE:USFD) Q4 2022 Earnings Conference Call February 16, 2023 10:00 AM ET Company Participants Adam Dabrowski - Director, Investor Relations Dave Flitman - Chief Executive Officer Andrew Iacobucci - Chief Transition Officer Dirk Locascio - Chief Financial Officer Conference Call Participants John Heinbockel - Guggenheim Securities Jeffrey Bernstein - Barclays Mark Carden - UBS Alex Slagle - Jefferies John Ivankoe - JPMorgan Kelly Bania - BMO Capital Brian Harbour - Morgan Stanley Edw ...

Financial Performance - Net sales grew by 11% to $8515 million in Q4 2022 and 15% to $34057 million for the full year[9] - Adjusted EBITDA increased by 34% to $350 million in Q4 2022 and 24% to $1310 million for the full year[9] - Adjusted EBITDA margin expanded by 70 bps to 41% in Q4 2022 and 20 bps to 38% for the full year[9] - Adjusted Diluted EPS grew by 45% to $055 in Q4 2022 and 38% to $214 for the full year[9] Capital Allocation and Debt Management - Net leverage reduced to 35x, down 11x compared to the prior year[6] - The company pre-paid $200 million of debt and extended ABL revolver maturity[6] - Share repurchases amounted to $14 million in Q4 2022 and $17 million in January 2023[6] Operational Efficiency and Growth - Total organic case volume increased by 26% and IND (Independent) organic case volume increased by 58% in Q4 2022[9] - The company exceeded 15x restaurant market growth in 2022[7] - Six CHEF'STOREs were opened in 2022, with plans to accelerate growth with 8+ openings in 2023[7] Fiscal Year 2023 Guidance - The company expects restaurant volume to grow ~15x market and all other volume to grow ~1x market[12] - Adjusted EBITDA is projected to be between $145 billion and $151 billion[12] - Adjusted Diluted EPS is expected to be between $245 and $265, assuming ~250 million shares outstanding[12]