Us Foods Holding Corp. (USFD) 10-Q Quarterly Report May 2019

ROSEMONT, Ill. (BUSINESS WIRE) May 7, 2019 – US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal 2019.

First Quarter Fiscal 2019 Highlights


•	Total case volume increased 1.4%; independent restaurant case volume increased 5.5%


•	Net sales increased 3.6% to $6.0 billion


•	Gross profit increased 6.0% to $1,052 million


•	Income before income taxes increased $28 million to $91 million


•	Net income increased $4 million to $71 million


•	Adjusted EBITDA increased 3.6% to $232 million


•	Diluted EPS increased 3.2% to $0.32; Adjusted Diluted EPS increased 5.7% to $0.37

CEO Perspective

“Our first quarter fiscal 2019 results were in line with our expectations,” said Chairman and CEO Pietro Satriano. “We accelerated case volumes across all customer types and are particularly pleased with our 5.5% organic independent restaurant case growth rate, our best quarter since third quarter fiscal 2016. We expanded our adjusted operating leverage per case for the 13th quarter in a row, resulting in Adjusted EBITDA growth of 3.6%. We remain favorable on the overall industry outlook and expect to deliver the full year fiscal 2019 guidance targets that we discussed on our fourth quarter call.”

First Quarter Fiscal 2019 Results

Total case volume increased 1.4% from the prior year while independent restaurant case volume increased 5.5%, all on an organic basis. Net sales of $6,031 million for the quarter increased 3.6% from the prior year, due to year-over-year inflation in poultry, produce and grocery items and an increase in case volume.

Gross profit of $1,052 million increased $60 million, or 6.0%, from the prior year, primarily driven by margin expansion initiatives, an increase in case volume and the favorable year-over-year change in the last-in, first-out (LIFO) reserve. Gross profit as a percentage of Net sales was 17.4%. Adjusted Gross profit was $1,050 million, a 3.9% increase from the prior year, driven by margin expansion initiatives and an increase in case volume. Adjusted Gross profit as a percentage of Net sales was 17.4%.

Operating expenses were $921 million, an increase of 3.6% from the prior year. The increase was driven by higher wage, distribution and acquisition-related costs, partially offset by the positive impact of expense control initiatives. Adjusted Operating expenses for the quarter were $820 million, a 3.8% increase from the prior year.

The following information was filed by Us Foods Holding Corp. (USFD) on Tuesday, May 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Us Foods Holding Corp.'s 10-Q Quarterly Report:

Financial - Earnings Highlight
18 18 Non-GAAP Reconciliations We provide EBITDA, Adjusted EBITDA, Adjusted net income and Free cash flow as supplemental measures to GAAP measures regarding our operational performance and liquidity.

Revenue - Product Highlight
As a percentage of net sales, gross profit increased 0.4% from 17.0% in 2018 to 17.4% in 2019, primarily due to the favorable impact from margin expansion initiatives, favorable year over year LIFO adjustments and lower inbound freight costs.
Financial - Cash Flow Highlight
Cash Flows The following table presents condensed highlights from our Consolidated Statements of Cash Flows for the periods presented*: 13-Weeks Ended March 30, 2019 March 31, 2018 Net income $ 71 $ 67 Changes in operating assets and liabilities (8 ) 6 Other adjustments 91 119 Net cash provided by operating activities 154 192 Net cash used in investing activities (61 ) (57 ) Net cash used in financing activities (106 ) (168 ) Net decrease in cash, cash equivalents and restricted cash (13 ) (33 ) Cash, cash equivalents and restricted cash-beginning of period 105 119 Cash, cash equivalents and restricted cash-end of period $ 92 $ 86 (*) Prior year amounts may have been rounded to conform with the current year presentation.
Financial - Earnings Highlight
EBITDA, Adjusted EBITDA, and Adjusted net income as presented in this Quarterly Report are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP.
Financial - Earnings Highlight
We caution readers that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, Adjusted net income, and Free cash flow may not be the same as similar measures used by other companies.
Financial - Expense
Adjusted EBITDA is defined as...Read more
Financial - Earnings
The following table reconciles EBITDA,...Read more
Other - Other
We compensate for these limitations...Read more
Financial - Earnings
Not all companies and analysts...Read more
Financial - Earnings
We believe that Adjusted net...Read more
Financial - Income
Operating income as a percent...Read more
Financial - Expense
Operating Expenses Operating expenses, comprised...Read more
Financial - Shares
We operate as one business...Read more
Revenue - Product
Management uses these non-GAAP financial...Read more
Other - Other
We believe EBITDA and Adjusted...Read more
Financial - Cash Flow
Operating Activities Cash flows provided...Read more
Financial - Shares
These discrete tax items included...Read more
Financial - Expense
The increase includes $15 million...Read more
Other - Other
We believe these non-GAAP measures...Read more
M & A - Other
(5) 2019 primarily consists of...Read more
Other - Other
Our strategy includes continued focus...Read more
Financial - Earnings
We believe that Adjusted net...Read more
Revenue - Product
They are supported by sophisticated...Read more
Financial - Income
Income Tax Provision (Benefit) For...Read more
Other - Other
Recent Accounting Pronouncements See Note...Read more
Other - Other
As of March 30, 2019,...Read more
Other - Other
Outstanding borrowings under the ABS...Read more
Revenue - Product
Highlights and Initiatives Total case...Read more
Financial - Income
For the 13-weeks ended March...Read more
Financial - Earnings
The improvement in net income...Read more
Revenue - Product
Net Sales Total case volume...Read more
Financial - Earnings
Gross profit increased $60 million,...Read more
Financial - Earnings
Gross Profit Gross profit increased...Read more
Revenue - Product
Comparison of Results 13-Weeks Ended...Read more
Other - Other
As of March 30, 2019,...Read more
Revenue - Product
Net sales increased $208 million,...Read more
Other - Other
We also believe these and...Read more
Financial - Expense
Our LIFO method of inventory...Read more
Other - Other
We contributed $10 million to...Read more
Financial - Cash Flow
It is not a measurement...Read more
Financial - Cash Flow
We use Free cash flow...Read more
Financial - Income
Operating Income Operating income increased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Us Foods Holding Corp. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.6: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: USFD
CIK: 1665918
Form Type: 10-Q Quarterly Report
Accession Number: 0001665918-19-000102
Submitted to the SEC: Tue May 07 2019 12:16:07 PM EST
Accepted by the SEC: Tue May 07 2019
Period: Saturday, March 30, 2019
Industry: Wholesale Groceries And Related Products

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Us Foods Holding Corp. (USFD) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 30, 2019

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