US Foods Holding Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>US Foods Holding Corp. has filed its quarterly report (10-Q) for the period ending March 30, 2024.</b>

AI Summary

US Foods Holding Corp. (USFD) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. US Foods Holding Corp. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 28th. US Foods Holding Corp. is incorporated in Illinois. The company's principal business address is in Rosemont, IL.

Why It Matters

For investors and stakeholders tracking US Foods Holding Corp., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position as of the end of the first fiscal quarter. The detailed financial information within the report is crucial for understanding the company's operational results and any changes since the last filing.

Risk Assessment

Risk Level: low — US Foods Holding Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to assess US Foods' performance and outlook.

Key Numbers

• 2024-03-30 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-05-09 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1228 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• US Foods Holding Corp. (company) — Filer and subject of the report
• 2024-03-30 (date) — Period ending date for the 10-Q filing
• 2024-05-09 (date) — Filing date of the 10-Q
• Rosemont, IL (location) — Business and mailing address city and state

FAQ

Industry Context

US Foods Holding Corp. operates in the wholesale-groceries and related products sector.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and other key performance indicators.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Compare the current period's financial data with prior periods to identify trends and changes.

Key Dates

• 2024-03-30: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — The date the 10-Q was officially submitted.

Year-Over-Year Comparison

This is a standard 10-Q filing for the first quarter of 2024. Specific comparative data against the previous filing (likely a 10-K or prior 10-Q) is not detailed in this header information.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share USFD New York Stock Exchange

Filing Documents

• usfd-20240330.htm (10-Q) — 899KB
• usfd3302024ex102.htm (EX-10.2) — 131KB
• usfd3302024ex103.htm (EX-10.3) — 144KB
• usfd3302024ex311.htm (EX-31.1) — 8KB
• usfd3302024ex312.htm (EX-31.2) — 8KB
• usfd3302024ex321.htm (EX-32.1) — 4KB
• usfd3302024ex322.htm (EX-32.2) — 4KB
• usfd-20240330_g1.jpg (GRAPHIC) — 206KB
• 0001665918-24-000101.txt (&nbsp;) — 6355KB
• usfd-20240330.xsd (EX-101.SCH) — 42KB
• usfd-20240330_cal.xml (EX-101.CAL) — 56KB
• usfd-20240330_def.xml (EX-101.DEF) — 213KB
• usfd-20240330_lab.xml (EX-101.LAB) — 532KB
• usfd-20240330_pre.xml (EX-101.PRE) — 417KB
• usfd-20240330_htm.xml (XML) — 594KB

Forward-Looking Statements

Forward-Looking Statements Statements in this Quarterly Report on Form 10-Q (this "Quarterly Report") 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," or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. However, you should understand that these statements are not guarantees of performance or results, and there are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation, rising interest rates and volatile commodity costs; competition; reliance on third-party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business; achievement of expected benefits from cost savings initiatives; fluctuations in fuel costs; changes in consumer eating habits; cost and pricing structures; the impact of climate change or measures implemented to address climate change; impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets; changes to or failure to comply with applicable governmental regulations; product recalls and product liability claims; our reputation i

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets as of March 30, 202 4 and December 3 0 , 202 3 1 Consolidated Statements of Comprehensive Income for the 13 weeks ended March 30, 202 4 and April 1, 202 3 2 Consolidated Statements of Shareholders' Equity for the 13 weeks ended March 30, 202 4 3 Consolidated Statements of Cash Flows for the 13 weeks ended March 30, 202 4 and April 1, 202 3 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements US FOODS HOLDING CORP. CONSOLIDATED BALANCE SHEETS (In millions, except par value) March 30, 2024 December 30, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 267 $ 269 Accounts receivable, less allowances of $ 20 and $ 18 1,966 1,854 Vendor receivables, less allowances of $ 6 and $ 5 210 156 Inventories—net 1,620 1,600 Prepaid expenses 152 138 Other current assets 19 14 Total current assets 4,234 4,031 Property and equipment—net 2,303 2,280 Goodwill 5,697 5,697 Other intangibles—net 796 803 Other assets 360 376 Total assets $ 13,390 $ 13,187 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Cash overdraft liability $ 198 $ 220 Accounts payable 2,273 2,051 Accrued expenses and other current liabilities 651 731 Current portion of long-term debt 116 110 Total current liabilities 3,238 3,112 Long-term debt 4,585 4,564 Deferred tax liabilities 300 293 Other long-term liabilities 442 469 Total liabilities 8,565 8,438 Commitments and contingencies (Note 16) Shareholders' equity: Common stock, $ 0.01 par value— 600 shares authorized; 253.9 issued and 245.8 outstanding as of March 30, 2024, and 252.9 issued and 245.1 outstanding as of December 30, 2023 3 3 Additional paid-in capital 3,668 3,663 Retained earnings 1,591 1,509 Accumulated other comprehensive loss ( 113 ) ( 115 ) Treasury Stock, 8.1 and 7.8 shares, respectively ( 324 ) ( 311 ) Total shareholders' equity 4,825 4,749 Total liabilities and shareholders' equity $ 13,390 $ 13,187 See Notes to Consolidated Financial Statements (Unaudited). 1 US FOODS HOLDING CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions, except per share data) 13 Weeks Ended March 30, 2024 April 1, 2023 Net sales $ 8,949 $ 8,542 Cost of goods sold 7,454 7,117 Gross profit 1,495 1,425 Operating expenses: Distribution, selling and administrative costs 1,317 1,238 Restructuring cost

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Amounts in tables in millions, except per share data, unless otherwise noted) 1. OVERVIEW AND BASIS OF PRESENTATION US Foods Holding Corp., a Delaware corporation, and its consolidated subsidiaries are referred to in these consolidated financial statements and notes as "we," "our," "us," the "Company," or "US Foods." US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. ("USF") and its subsidiaries. All of the Company's indebtedness, as further described in Note 9, Debt, is a direct obligation of USF and its subsidiaries. Business Description —The Company, through USF, operates in one business segment in which it markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States ("U.S."). These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations. Basis of Presentation —The Company operates on a 52- or 53-week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, the Company reports the additional week in the fiscal fourth quarter. Fiscal years 2024 and 2023 are both 52-week fiscal years. The consolidated financial statements included in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included in this Quarterly Report are