US Foods Files Q3 2024 10-Q

TL;DR

US Foods dropped its Q3 10-Q. Check financials.

AI Summary

US Foods Holding Corp. filed its 10-Q for the period ending September 28, 2024. The company reported its financial performance and position, with key figures related to its balance sheet and income statement for the third quarter of fiscal year 2024. The filing provides an update on the company's operations and financial health.

Why It Matters

This filing provides investors and analysts with the latest financial data for US Foods, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

• US Foods Holding Corp. (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241107 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• usfd-20240928.htm (10-Q) — 1225KB
• usfd9282024ex311.htm (EX-31.1) — 8KB
• usfd9282024ex312.htm (EX-31.2) — 8KB
• usfd9282024ex321.htm (EX-32.1) — 4KB
• usfd9282024ex322.htm (EX-32.2) — 4KB
• usfd-20240928_g1.jpg (GRAPHIC) — 206KB
• 0001665918-24-000149.txt ( ) — 7029KB
• usfd-20240928.xsd (EX-101.SCH) — 44KB
• usfd-20240928_cal.xml (EX-101.CAL) — 60KB
• usfd-20240928_def.xml (EX-101.DEF) — 228KB
• usfd-20240928_lab.xml (EX-101.LAB) — 575KB
• usfd-20240928_pre.xml (EX-101.PRE) — 448KB
• usfd-20240928_htm.xml (XML) — 767KB

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 September 2 8 , 2024 and December 30, 2023 1 Consolidated Statements of Comprehensive Income for the 13 weeks and 39 weeks ended September 2 8 , 2024 and Se ptember 3 0 , 2023 2 Consolidated Statements of Shareholders' Equity for the 13 weeks and 39 weeks ended September 2 8 , 2024 and Se ptember 30 , 2023 3 Consolidated Statements of Cash Flows for the 39 weeks ended September 2 8 , 2024 and Septe m ber 30 , 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements US FOODS HOLDING CORP. CONSOLIDATED BALANCE SHEETS (In millions, except par value) September 28, 2024 December 30, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 81 $ 269 Accounts receivable, less allowances of $ 20 and $ 18 2,065 1,854 Vendor receivables, less allowances of $ 8 and $ 5 217 156 Inventories—net 1,618 1,600 Prepaid expenses 123 138 Other current assets 12 14 Total current assets 4,116 4,031 Property and equipment—net 2,358 2,280 Goodwill 5,779 5,697 Other intangibles—net 852 803 Other assets 370 376 Total assets $ 13,475 $ 13,187 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Cash overdraft liability $ 179 $ 220 Accounts payable 2,395 2,051 Accrued expenses and other current liabilities 777 731 Current portion of long-term debt 118 110 Total current liabilities 3,469 3,112 Long-term debt 4,671 4,564 Deferred tax liabilities 261 293 Other long-term liabilities 468 469 Total liabilities 8,869 8,438 Commitments and contingencies (Note 17) Shareholders' equity: Common stock, $ 0.01 par value— 600 shares authorized; 254.6 issued and 235.4 outstanding as of September 28, 2024, and 252.9 issued and 245.1 outstanding as of December 30, 2023 3 3 Additional paid-in capital 3,722 3,663 Retained earnings 1,937 1,509 Accumulated other comprehensive loss ( 111 ) ( 115 ) Treasury Stock, 19.2 and 7.8 shares, respectively ( 945 ) ( 311 ) Total shareholders' equity 4,606 4,749 Total liabilities and shareholders' equity $ 13,475 $ 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 39 Weeks Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 9,728 $ 9,106 $ 28,386 $ 26,661 Cost of goods sold 8,061 7,564 23,518 22,103 Gross profit 1,667 1,542 4,868 4,558 Opera

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