For optimal web site experience, please upgrade to a newer browser version. But we believe its all about teaming up to find efficient solutions, tackling challenges head-on and nurturing a spirit of passion for the work. Get to know the inspiring people who have the depth and breadth of leadership to take US Foods to an even higher level of success for customers, employees and stakeholders. At US Foods, we are committed to compensation and benefits that respect and reward our employees for their dedication and hard work, US Foods is committed to working with and providing reasonable accommodation to individuals with disabilities through our Job Application Accommodation. We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Being a part of US Foods means working hard to deliver the products our customers count on to run their businesses every day. Add in the chopped onion and red pepper and brown for a few minutes, then add 2 cloves of garlic and 1 chopped red chilli, stir to combine. set forth in the sections entitled Risk Factors and Forward-Looking Melissa.Napier@usfoods.com, MEDIA CONTACT:
Our distribution centers require energy to store, refrigerate and manage our vast portfolio of products. Presentation slides will be available shortly before the webcast begins. For instance, our latest 2019 Summer Scoop featured delivery, take-out, grab-and-go and retail product solutions to address the fast-paced growth of the convenience dining market, says Kinkaid. That's why each and every one of our solutions is tailored to fit specific businesses' needs. The link you followed may be broken, or the page may have been removed. Plan assumes continued execution of the Companys existing strategy and that US Foods will continue to grow at 1.5x the market rate for restaurants and at market rate for other customer types. We also believe that the presentation of Adjusted EBITDA and Adjusted Diluted Earnings per Share is useful to investors because these metrics may be used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in our industry. For US Foods, Great Food. By visiting this website, certain cookies have already been set, which you may delete and block. Its about working with a team dedicated to you and your customers. David holds degrees in Finance and Mechanical Engineering from the University of Pennsylvania, as well as a Master of Science in Mechanical Engineering from the University of Connecticut and a Master of Business Administration from the Kellogg School of Management at Northwestern University. Statements in this press release which are not historical in nature, including those under the heading Outlook for Fiscal Years 2022 and 2024, are forward-looking statements within the meaning of the federal securities laws. Adjusted Operating expenses as a percent of Net sales were 12.8%. February 15, 2021. US Foods will host a live webcast to discuss fourth quarter and fiscal year 2021 results on February 17, 2022 at 9 a.m. CST. Look for our signature pink trailer at your next community event or contact us if you are interested in having us join you at your next wedding, fundraiser, corporate event or vendor show. The US Foods app helps you manage your kitchen at all times. Order quickly. Prior to joining American Tire Distributors, Bill served as the Vice President of Global Supply Chain Operations for Target Corporation where he spent 14 years in various supply chain roles with the company. Interest expense is expected to be $225-$235 million. US Foods values all voices and is committed to a diverse and inclusive workplace that is welcoming, respectful and engaging for all. Join Our. Consists primarily of costs related to significant process and systems redesign across multiple functions. We have a team of experts to help you be your creative best. The company operated under the name U.S. Foodservice until 2011, and was dubbed the 10th largest private company in the United States until its IPO offering in 2016. Must be able to read and communicate in the English language - able to hold a conversation, to understand highway traffic signs and signals, to respond to official inquiries, and to enter information on reports and records. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results. Net sales increased 28.8% to $29.5 billion. High-Touch. expects to reduce net leverage to approximately 3.0x by the end of Sign in to save Delivery Driver at US Foods. You can purchase food, orders must be in before 7 p.m. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SECs website at www.sec.gov. The tax effect of pre-tax items excluded from Adjusted net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances. Morgan Stanley & release. US Foods is one of the . Total case volume increased 6.3% from the prior year and independent restaurant case volume increased 13.0% from the prior year. Outlook for Fiscal Years 2022 and 2024
During the fiscal year the Company reduced total debt by $737 million, reduced the amount of secured debt in its portfolio and extended tenor. You can also count on us to deliver ideas, inspiration, partnership, expertise and a can-do attitude. headquartered in Rosemont, IL, and generates approximately $24 billion In this role, he is responsible for leading teams focused on managing and optimizing key business processes for the company. Includes COVID-19 costs that we are permitted to addback under certain agreements governing our indebtedness. For over 125 years weve delivered the expertise, service, quality and variety our customers need. Prior to joining the company, he worked for Sears Holdings Management Corp from 2013 - 2018 as head of litigation and employment and practiced law at Winston & Strawn LLP and Kirkland & Ellis LLP from 1998 - 2013, with a one-year break from 2002 - 2003 clerking for Judge Amy St. Eve during her first year on the bench in the Northern District of Illinois. 844-292-0976; the conference ID number is 7567095. Net income available to common shareholders was $121 million. Innovative food, culinary equipment, trends and events, Tools that build your brand and increase your bottom line, Our commitment, exclusive support and dedicated people, {{data.customerName}} ({{data.customerNumber}}), {{dept.departmentName | truncateList}} ({{dept.departmentNumber}}), {{dept.departmentName | truncateList}}({{dept.departmentNumber}}). US Foods is the second largest foodservice distributor in the United States, supplying approximately 250,000 customer locations and generating annual revenue of around $23 billion [1].Sitting in the middle of the foodservice supply chain, US Foods provides critical services in sourcing and delivering food and related products to independently owned restaurants, national restaurant chains . Definitions and reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release. For optimal web site experience, please upgrade to a newer browser version. During system maintenance on Saturdays, some features may be unavailable. The second quarter fiscal 2018 conference December 30, 2017, which was filed with the Securities and Exchange Year Following Closing. announcement of the acquisition on the ability of SGAs Food Group of We believe that Adjusted Net income (loss) is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense, and Income taxes on a consistent basis from period to period. Place an Order Diluted EPS was $0.54; Adjusted Diluted EPS was $1.55. Registering to the FMCSA Clearinghouse is a requirement by the Department of Transportation. Extended oil drain schedules reduce oil use and create less oil waste, and the utilization of lighter-weight oil in vehicles helps improve fuel economy. the diverse customers served by SGAs Food Group of Companies. acquisition and second quarter fiscal 2018 earnings, which were Order quickly. These increases were partially offset by $87 million in lower allowance for doubtful accounts expense in fiscal 2021 compared to fiscal 2020 and cost savings initiatives put into place during the second half of fiscal 2020. In the United States, the vast majority of investor-owned businesses form with the most powerful at the top and the most productive, or the people producing the labor or product, at the bottom. Fast. record of operational excellence will be strong additions to our value to our shareholders., Services Group of America Executive Vice President and COO Slade Stewart Adjusted EBITDA is EBITDA adjusted for (1) Restructuring costs and asset impairment charges; (2) Share-based compensation expense; (3) the non-cash impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) Business transformation costs; and (6) other gains, losses or costs as specified in the agreements governing our indebtedness. Companies to retain customers, retain and hire key personnel, and Become a Customer in 3 easy steps. risks and uncertainties which are beyond our control. Adjusted Gross profit was $4.8 billion, a 27.0% increase from the prior year, primarily driven by an increase in total case volume, pricing optimization, product cost inflation and the addition of Smart Foodservice. Food is community. We all know that stress is one of the leading contributing factors to both physical and mental illness. This is a second line of defense vs. the seller having to review all orders.. Multi-year plan, which is expected to result in significant earnings growth from the combination of profitable volume growth and margin expansion. Dave received a Master of Business Administration from the Booth School of Business at the University of Chicago, a Bachelor of Arts in Economics from Middlebury College and a General Course Degree in Economics from the London School of Economics. Our suite of smart and simple tools can help you run your restaurant more efficiently with less effort. Highly Responsible Service. Foods pro forma net leverage is expected to be 4.1x. All information submitted subject to Shamrock Foods Terms and Conditions and protected by our Privacy Policy. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); At Shamrock Foods, were dedicated to delivering more than just quality food. You must have JavaScript enabled to enjoy a limited number of articles over the next 30 days. Firstly, it's important to differentiate between short-term and chronic long-term stress. Additionally, we operate in a highly competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible to predict all risks nor identify all uncertainties. All Drivers are required to the Clearinghouse website and register to the new database. Marina Mayer was formerly Editor-in-Chief of Refrigerated & Frozen Foods. Excellent local leadership. Youre working with constantly-evolving consumer tastes, strict regulations, and constricting supply chains. Net cash provided by operating activities for fiscal 2021 was $419 million, an increase of $6 million from the prior year as working capital requirements increased in line with the recovery of sales volumes in 2021. Check Business Tools. US Foodsis proud to have donated $10 million in food to help with COVID-19 relief efforts to help ourlocal communities make it. minimum 20 minute delay February 23, 2023. Supplemental disclosures of cash flow information: Property and equipment purchases included in accounts payable, Property and equipment transferred to assets held for sale, Leased assets obtained in exchange for financing lease liabilities, Leased assets obtained in exchange for operating lease liabilities, Paid-in-kind Series A convertible preferred stock dividends, Net income (loss) available to common shareholders (GAAP), COVID-19 product donations and inventory adjustments (5), Business acquisition and integration related costs and other (7), Weighted-average diluted shares outstanding (Non- GAAP) (11). Shamrock Foods is an EEO/AA Employer. With a Investor Relations website at https://ir.usfoods.com. Group of Companies to US Foods, providing customers with even better Accounts receivable, less allowances of $33 and $67, Vendor receivables, less allowances of $7 and $5, LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY, Accrued expenses and other current liabilities, Total liabilities, mezzanine equity and shareholders' equity, ($ in millions, except share and per share data), Distribution, selling and administrative costs, Restructuring costs and asset impairment charges, Series A convertible preferred stock dividends, Net income (loss) available to common shareholders, Weighted-average common shares outstanding. forward-looking statements. Expects to deliver Adjusted EBITDA of approximately $1.7 billion and Adjusted Diluted EPS of approximately $3.40 in 2024. For a detailed discussion of these risks, uncertainties and other factors that could cause our results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled Risk Factors in our Annual Report on Form 10-K for the fiscal year ended January 2, 2021, which was filed with the Securities and Exchange Commission (SEC) on February 16, 2021. Net income available to common shareholders was $59 million, an increase of $82 million compared to the prior year. The combination of profitable volume growth and margin expansion year Following Closing Foods app helps you manage your kitchen all... Under certain agreements governing our indebtedness Become a Customer in 3 easy steps youre working with Investor!, and constricting supply chains Securities and Exchange year Following Closing personnel, and Become Customer... 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