US Foods Files Q2 2024 10-Q Report

TL;DR

US Foods dropped its Q2 2024 10-Q. Check financials.

AI Summary

US Foods Holding Corp. filed its 10-Q for the period ending June 29, 2024. The filing details the company's financial performance and position, including its balance sheet, income statement, and cash flow statement for the second quarter of 2024. Specific financial figures and operational details are provided within the report.

Why It Matters

This report provides investors and analysts with a detailed look at US Foods' financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• US Foods Holding Corp. (company) — Filer of the 10-Q report
• 20240629 (date) — End of the reporting period
• 20240808 (date) — Date of filing

FAQ

Key Financial Figures

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

Filing Documents

• usfd-20240629.htm (10-Q) — 1145KB
• usfd6292024ex311.htm (EX-31.1) — 8KB
• usfd6292024ex312.htm (EX-31.2) — 8KB
• usfd6292024ex321.htm (EX-32.1) — 4KB
• usfd6292024ex322.htm (EX-32.2) — 4KB
• usfd-20240629_g1.jpg (GRAPHIC) — 206KB
• 0001665918-24-000135.txt ( ) — 6821KB
• usfd-20240629.xsd (EX-101.SCH) — 44KB
• usfd-20240629_cal.xml (EX-101.CAL) — 58KB
• usfd-20240629_def.xml (EX-101.DEF) — 225KB
• usfd-20240629_lab.xml (EX-101.LAB) — 564KB
• usfd-20240629_pre.xml (EX-101.PRE) — 442KB
• usfd-20240629_htm.xml (XML) — 746KB

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 June 29 , 2024 and December 30, 2023 1 Consolidated Statements of Comprehensive Income for the 13 weeks and 26 weeks ended June 29 , 2024 and July 1, 2023 2 Consolidated Statements of Shareholders' Equity for the 13 weeks and 26 weeks ended June 29, 2024 and J uly 1, 2023 3 Consolidated Statements of Cash Flows for the 26 weeks ended June 29, 2024 and July 1, 2023 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements US FOODS HOLDING CORP. CONSOLIDATED BALANCE SHEETS (In millions, except par value) June 29, 2024 December 30, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 405 $ 269 Accounts receivable, less allowances of $ 20 and $ 18 1,976 1,854 Vendor receivables, less allowances of $ 6 and $ 5 212 156 Inventories—net 1,593 1,600 Prepaid expenses 131 138 Other current assets 17 14 Total current assets 4,334 4,031 Property and equipment—net 2,359 2,280 Goodwill 5,779 5,697 Other intangibles—net 867 803 Other assets 364 376 Total assets $ 13,703 $ 13,187 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Cash overdraft liability $ 193 $ 220 Accounts payable 2,349 2,051 Accrued expenses and other current liabilities 706 731 Current portion of long-term debt 118 110 Total current liabilities 3,366 3,112 Long-term debt 4,589 4,564 Deferred tax liabilities 282 293 Other long-term liabilities 455 469 Total liabilities 8,692 8,438 Commitments and contingencies (Note 17) Shareholders' equity: Common stock, $ 0.01 par value— 600 shares authorized; 254.3 issued and 245.5 outstanding as of June 29, 2024, and 252.9 issued and 245.1 outstanding as of December 30, 2023 3 3 Additional paid-in capital 3,696 3,663 Retained earnings 1,789 1,509 Accumulated other comprehensive loss ( 112 ) ( 115 ) Treasury Stock, 8.8 and 7.8 shares, respectively ( 365 ) ( 311 ) Total shareholders' equity 5,011 4,749 Total liabilities and shareholders' equity $ 13,703 $ 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 26 Weeks Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 9,709 $ 9,013 $ 18,658 $ 17,555 Cost of goods sold 8,003 7,422 15,457 14,539 Gross profit 1,706 1,591 3,201 3,016 Operating expenses:

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 10, 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 ar