US Foods(US:USFD)2023-02-16 17:12Financial 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]