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USFD · US Foods Holding

31 filings

10-Q

USFD 10-Q Quarterly Reports

US Foods Holding - 31 quarterly reports

Filing record · 2016–202610-K1010-Q318-K141

2026-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 27, 2026
US Foods Holding Corp. reported net sales of $10.53 billion for the 13 weeks ended June 27, 2026, up from $10.08 billion a year earlier, with case volume up 1.9% and food cost inflation of 2.3% cited as drivers. Operating income rose to $443 million from $372 million, and net income increased to $275 million from $224 million. Diluted EPS was $1.24 versus $0.96. For the 26 weeks, net sales were $20.14 billion, operating income was $659 million, and net income was $391 million, compared with $339 million a year earlier. Adjusted EBITDA was $604 million for the quarter and $1.02 billion year to date, with Adjusted EBITDA margin at 5.7% for the quarter and 5.0% for the half. Cash flow from operations was $725 million for the 26 weeks, flat year over year, while free cash flow was $552 million compared with $569 million. The company repurchased $445 million of common stock in the first half under its May 2025 and November 2025 programs. As of June 27, 2026, $640 million remained authorized under the November 2025 program, and total debt was $5.24 billion, with $1.8 billion of cash and available liquidity. Roughly 34% of total debt bore floating rates. The filing also reports an amendment on May 28, 2026 that raised ABL Facility commitments from $2.3 billion to $2.5 billion and extended its maturity to May 28, 2031. Management states there were no material changes to principal risk factors and that disclosure controls were effective as of June 27, 2026.
Aug 6, 2026
2026-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 28, 2026
US Foods Holding Corp. reported net sales of $9.61 billion for the 13 weeks ended March 28, 2026, up $259 million, or 2.8%, from $9.35 billion a year earlier. The increase was driven by case volume growth, with total case volume up 1.4% and independent restaurant case volume up 4.6%, along with food cost inflation of 1.0%. Gross profit rose $39 million to $1.65 billion, but gross margin slipped to 17.2% from 17.3%, reflecting a $38 million LIFO expense compared with $5 million a year earlier. Operating income declined $8 million to $216 million, while net income edged up $1 million to $116 million and diluted EPS was $0.52 versus $0.49. Adjusted EBITDA increased $24 million, or 6.2%, to $413 million, and the Adjusted EBITDA margin rose to 4.3% from 4.2%. Cash flow from operations fell to $294 million from $391 million, and free cash flow was $197 million compared with $308 million, which the filing attributes to changes in operating assets and liabilities and higher tax payments. Interest expense decreased to $75 million from $77 million. On the balance sheet, total debt was $5.17 billion at quarter-end, and the company reported about $1.6 billion in cash and available liquidity. The company repurchased about 1.4 million shares for approximately $125 million under its May 2025 program, leaving about $14 million authorized under that program and $1 billion under the November 2025 program. Management expects fiscal 2026 cash capital expenditures of $400 million to $450 million, and fiscal 2026 is a 53-week year.
May 7, 2026
2025-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 27, 2025
US Foods Holding Corp. reported net sales of $10,191 million for the 13 weeks ended September 27, 2025, up from $9,728 million a year earlier, and net sales of $29,624 million for the 39 weeks, up from $28,386 million. Net income was $153 million for the quarter (versus $148 million) and $492 million year to date (versus $428 million). Operating income was $282 million for the quarter and $878 million year to date. Adjusted EBITDA was $505 million for the quarter, or 5.0% of net sales, compared with $455 million, or 4.7%, a year earlier, and $1,442 million year to date, or 4.9% of net sales. Total case volume increased 1.1% in the quarter, with independent restaurant case volume up 3.9%. Organic case volume increased 0.8% in the quarter. Cash flow from operations was $1,076 million for the 39 weeks, up from $891 million, and Free Cash Flow was $806 million, up from $658 million. The company repurchased approximately 4.1 million shares for about $335 million in the quarter and approximately 7.6 million shares for about $608 million year to date. As of the quarter end, roughly $467 million remained authorized under the New Share Repurchase Program. The company reported approximately $1.9 billion in cash and available liquidity, with $1,822 million of available capacity under its ABL Facility. Total debt was $4,952 million at quarter end, and the company expects fiscal 2025 cash capital expenditures between $395 million and $410 million. The filing notes that LIFO expense was $46 million in the quarter and $65 million year to date, and that the company's disclosure controls were concluded to be effective as of September 27, 2025. The company stated that it believes cash from operations and borrowing capacity will be adequate to meet obligations for the next 12 months.
Nov 6, 2025
2025-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 28, 2025
US Foods Holding Corp. reported net sales of $10.08 billion for the 13 weeks ended June 28, 2025, up from $9.71 billion a year earlier, with operating income of $372 million versus $353 million and net income of $224 million versus $198 million. For the 26 weeks, net sales were $19.43 billion (versus $18.66 billion) and net income was $339 million (versus $280 million). Total case volume rose 0.9% in the quarter and 1.0% year to date, driven by independent restaurant growth, while Adjusted EBITDA reached $548 million, or 5.4% of net sales, for the quarter compared with 5.0% a year earlier. Cash flow from operations was $725 million for the 26 weeks, up from $621 million, and free cash flow was $569 million versus $467 million. The company repurchased $270 million of common stock during the first half, and at quarter-end had approximately $802 million remaining under its New Share Repurchase Program. Total debt was $4.83 billion, and the company reported approximately $2.0 billion in cash and available liquidity. Management expects fiscal 2025 cash capital expenditures of $375 million to $425 million. The balance sheet shows total assets of $13.79 billion and shareholders' equity of $4.63 billion. Accounts payable rose to $2.53 billion from $2.23 billion at year-end. Management stated the company has no material changes to its principal risk factors, and it concluded its disclosure controls were effective as of June 28, 2025.
Aug 7, 2025
2025-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 29, 2025
US Foods Holding Corp. reported net sales of $9,351 million for the 13 weeks ended March 29, 2025, up $402 million, or 4.5%, from $8,949 million a year earlier, driven by case volume growth and food cost inflation of 3.0%. Total case volume rose 1.1% (organic case volume rose 0.1%). Gross profit increased $119 million, or 8.0%, to $1,614 million, helped by volume, improved cost of goods sold, pricing optimization and a smaller LIFO expense ($5 million versus $45 million). Operating income rose to $224 million from $165 million, and net income increased to $115 million from $82 million. Diluted EPS was $0.49 versus $0.33. Adjusted EBITDA increased $33 million, or 9.3%, to $389 million, with an Adjusted EBITDA margin of 4.2% versus 4.0%. Cash flow from operations was $391 million versus $139 million, and free cash flow was $308 million versus $53 million. Cash flow improved mainly from changes in operating assets and liabilities. The company spent $85 million on the Jake's Finer Foods acquisition in Texas and received $38 million from the sale of the Freshway business. Capital expenditures were $84 million, and the company expects fiscal 2025 cash capital expenditures of $375 million to $425 million. Total debt was $4,805 million at March 29, 2025, down from $4,928 million at December 28, 2024. The company had approximately $1.8 billion in cash and available liquidity, including $1,658 million of remaining ABL Facility capacity. The company repurchased $23 million of stock in the quarter, and on May 7, 2025, its Board authorized a new $1 billion share repurchase program.
May 8, 2025
2024-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 28, 2024
US Foods Holding Corp. reported net sales of $9,728 million for the 13 weeks ended September 28, 2024, up 6.8% from $9,106 million a year earlier, driven by a 3.8% increase in total case volume and food cost inflation of 3.2%. Operating income rose to $279 million from $230 million, and net income increased to $148 million from $95 million. For the 39 weeks ended September 28, 2024, net sales were $28,386 million, up 6.5%, with net income of $428 million compared to $359 million. Adjusted EBITDA for the 13 weeks was $455 million, or 4.7% of net sales, compared to $402 million, or 4.4%, in the prior-year quarter. Cash flow from operating activities for the 39 weeks was $891 million, down from $935 million, which the company attributed to less working capital benefit. Free Cash Flow was $658 million for the 39 weeks versus $776 million a year earlier. The company repurchased 10,399,672 shares for approximately $580 million in the quarter under its Amended Share Repurchase Program, leaving approximately $398 million authorized as of September 28, 2024. Total debt was $4,789 million, and the company reported approximately $1.7 billion in cash and available liquidity. Subsequent to quarter end, the company completed a $500 million offering of 5.75% senior unsecured notes due 2033 and amended its term loan credit agreement on October 3, 2024, using proceeds and cash on hand to repay the 2019 Incremental Term Loan Facility. The company also began settling its Terminating Pension Plan in October 2024 through a $414 million annuity purchase and $254 million of lump sum payments, and expects a one-time non-cash pre-tax pension settlement charge of $124 million in the fiscal fourth quarter of 2024.
Nov 7, 2024
2024-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 29, 2024
US Foods Holding Corp. reported net sales of $9,709 million for the 13 weeks ended June 29, 2024, up from $9,013 million, with total case volume increasing 5.2% and organic case volume increasing 1.9%. Operating income rose to $353 million from $322 million, and net income was $198 million versus $182 million in the prior-year quarter. Adjusted EBITDA was $489 million, or 5.0% of net sales, compared with $432 million, or 4.8%, a year earlier. For the 26 weeks, net sales were $18,658 million and net income was $280 million, while operating cash flow was $621 million compared with $653 million. The balance sheet shows total debt of $4,707 million and cash and cash equivalents of $405 million at June 29, 2024. The company had approximately $2.1 billion in cash and available liquidity, including $1,738 million of remaining capacity under its ABL Facility. Shareholders' equity rose to $5,011 million. Capital expenditures for the 26 weeks were $156 million, and the company expects fiscal 2024 cash capital expenditures of $325 million to $375 million. During the quarter, the company completed the IWC Food Service acquisition for a net purchase price of $214 million and announced on June 5, 2024 a new $1 billion share repurchase authorization, with approximately $979 million remaining at June 29, 2024. The company also said it intends to explore a potential sale of its CHEF'STORE wholesale restaurant supply business, though it was in the early stages of that exploration as of the filing date.
Aug 8, 2024
2024-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 30, 2024
US Foods Holding Corp. reported net sales of $8,949 million for the 13 weeks ended March 30, 2024, up from $8,542 million a year earlier, driven by case volume growth and food cost inflation of 1.5%. Total case volume rose 4.2% and organic case volume rose 1.4%, with organic independent restaurant case volume up 2.9%. Gross profit was $1,495 million, with the gross margin flat at 16.7% of net sales, while operating expenses rose to $1,330 million (14.9% of net sales versus 14.5% a year earlier) and operating income fell to $165 million from $187 million. LIFO expense increased to $45 million from $20 million. Net income was flat at $82 million, and diluted EPS was $0.33 versus $0.32 a year earlier. Adjusted EBITDA rose to $356 million from $337 million, with the Adjusted EBITDA margin at 4.0% of net sales. Operating cash flow fell to $139 million from $279 million due to less working capital benefit, and free cash flow was $53 million versus $219 million. Total debt was $4,701 million, and the company had approximately $2.0 billion in cash and available liquidity, including $1,758 million of remaining ABL Facility capacity. The Series A convertible preferred stock is no longer outstanding. Subsequent to quarter end, on April 5, 2024, the company completed the acquisition of IWC Food Service for approximately $220 million in cash, expanding its reach into Tennessee and the southeastern United States. The company also began terminating the majority of its defined benefit Retirement Plan, with benefits expected to be settled during 2024.
May 9, 2024
2023-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 30, 2023
US Foods Holding Corp. reported net sales of $9,106 million for the 13 weeks ended September 30, 2023, up $189 million, or 2.1%, from $8,917 million a year earlier, driven primarily by case volume growth and the Renzi Foodservice acquisition, partially offset by food cost deflation of 1.3%. Total case volume rose 4.0%, with independent restaurant case volume up 5.8%. Operating income was $230 million versus $214 million, and net income was $95 million versus $109 million, with the decline tied to higher interest expense ($81 million versus $65 million) and a $21 million loss on extinguishment of debt. Adjusted EBITDA increased $51 million, or 14.5%, to $402 million, and was 4.4% of net sales compared with 3.9% a year earlier. For the 39 weeks ended September 30, 2023, net sales rose $1,119 million, or 4.4%, to $26,661 million, and net income increased to $359 million from $172 million. Adjusted EBITDA reached $1,171 million, up 22.0%, and free cash flow was $768 million versus $412 million in the prior-year period. Operating cash flow was $935 million, and the company had approximately $2.2 billion in cash and available liquidity as of September 30, 2023. During the quarter, the company refinanced its 6.25% Secured Senior Notes due 2025 by issuing $500 million of 6.875% Unsecured Senior Notes due 2028 and $500 million of 7.250% Unsecured Senior Notes due 2032, and repurchased 5.8 million shares for approximately $229 million over the 39 weeks. The Series A Convertible Preferred Stock was fully converted into common stock during 2023, and the preferred stock designation was eliminated effective November 3, 2023.
Nov 9, 2023
2023-Q3
US Foods Holding Quarterly Report for Q3 Ended Jul 1, 2023
US Foods Holding Corp. reported net sales of $9,013 million for the 13 weeks ended July 1, 2023, up $186 million, or 2.1%, from $8,827 million a year earlier, driven primarily by case volume growth (total case volume up 2.7%) and food cost deflation of 0.3%. Gross profit rose $208 million, or 15.0%, to $1,591 million, and operating income increased to $322 million from $150 million. Net income was $182 million versus $70 million in the prior-year quarter. For the 26 weeks, net sales were $17,555 million (up 5.6%), net income was $264 million, and cash flow from operations was $653 million, compared with $259 million a year earlier. Adjusted EBITDA reached $432 million for the quarter, up $64 million, or 17.4%, with margin expanding to 4.8% of net sales from 4.2%. Free cash flow was $327 million for the quarter and $545 million year to date. Management attributed margin gains to case volume growth, cost of goods sold optimization, improved freight income, optimized pricing and a favorable LIFO adjustment, while noting that inflation, supply chain disruptions and labor shortages continue to affect the business. On the balance sheet, total debt stood at $4,751 million as of July 1, 2023, and liquidity was approximately $2.2 billion, including $1,829 million of available capacity under the ABL Facility. During the period the company repurchased $200 million of common stock, converted all remaining Series A Preferred Stock held by KKR into common stock (with KKR relinquishing its board seat), and entered into interest rate caps on $450 million of term loan principal. Subsequent to quarter end, the company completed the acquisition of Renzi Foodservice for $143 million in cash.
Aug 10, 2023
2023-Q2
US Foods Holding Quarterly Report for Q2 Ended Apr 1, 2023
US Foods Holding Corp. reported net sales of $8,542 million for the 13 weeks ended April 1, 2023, up $744 million, or 9.5%, from $7,798 million a year earlier. Growth was driven by a 5.7% increase in total case volume (independent restaurant case volume up 8.1%) and food cost inflation of 3.7%. Gross profit rose $230 million, or 19.2%, to $1,425 million, with gross margin improving to 16.7% of net sales from 15.3%. Operating income increased to $187 million from $34 million, and net income was $82 million compared with a net loss of $7 million in the prior-year quarter. Adjusted EBITDA rose to $337 million, or 3.9% of net sales, from $241 million (3.1%). Cash generation strengthened, with operating cash flow of $279 million versus $158 million and free cash flow of $218 million versus $86 million. The company repurchased 917,704 shares for about $34 million under its $500 million program, leaving approximately $452 million authorized. Series A Preferred Stock held by KKR was largely converted into 7.6 million common shares on March 10, 2023, leaving 0.4 million preferred shares outstanding as of April 1, 2023. Total debt was $4,810 million, with approximately 41% at floating rates, and the company entered into interest rate cap agreements covering $450 million of notional principal in April 2023. Management states that cash from operations and available borrowing capacity should be adequate for the next 12 months, with liquidity of approximately $2.1 billion. The filing attributes results to case growth, inflation, and cost savings initiatives, while noting that higher labor costs and wage inflation increased operating expenses. Interest expense rose to $81 million from $55 million due to higher interest rates. LIFO expense was $20 million compared with $72 million a year earlier. Management has not predicted how inflation, supply chain disruptions, and labor shortages will affect future results.
May 11, 2023
2022-Q3
US Foods Holding Quarterly Report for Q3 Ended Oct 1, 2022
US Foods Holding Corp. reported its 10-Q for the 13 weeks and 39 weeks ended October 1, 2022. Net sales rose to $8,917 million for the quarter, up 13.0% from $7,890 million, driven primarily by food cost inflation of approximately 12.0%, while total case volume grew 0.7%. Operating income increased to $214 million from $135 million, and net income reached $109 million versus $64 million a year earlier. Adjusted EBITDA rose 20.6% to $351 million, with Adjusted EBITDA margin at 3.9% of net sales compared to 3.7%. For the 39 weeks, net sales were $25,542 million (up 16.9%), operating income was $398 million, and net income was $172 million. Cash generation improved, with operating cash flow of $613 million for the 39 weeks versus $520 million, and free cash flow of $412 million versus $347 million. Total debt was $4,937 million as of October 1, 2022, and the company voluntarily prepaid $100 million of its 2021 Incremental Term Loan Facility. Cash and cash equivalents were $366 million, and the company reported approximately $2.1 billion in cash and available liquidity. Approximately 45% of total debt bore floating-rate interest. Subsequent to quarter end, the Board approved a share repurchase program of up to $500 million of common stock on November 2, 2022, and the company prepaid an additional $100 million of the 2019 Incremental Term Loan Facility on October 31, 2022. The filing also notes that the company's operations continue to be affected by inflation, supply chain disruptions, labor shortages and COVID-19, and that the company has an Interim Chief Executive Officer.
Nov 10, 2022
2022-Q3
US Foods Holding Quarterly Report for Q3 Ended Jul 2, 2022
US Foods Holding Corp. (USFD) reported net sales of $8,827 million for the 13 weeks ended July 2, 2022, up $1,164 million, or 15.2%, from $7,663 million a year earlier, driven by food cost inflation of approximately 15.0%. Total case volume decreased 0.4% in the quarter, while independent restaurant case volume increased 0.3%. Gross profit rose $214 million, or 18.3%, to $1,383 million, and operating income increased $26 million, or 21.0%, to $150 million. Net income was $70 million, compared to $55 million a year earlier. Adjusted EBITDA increased $36 million, or 10.8%, to $368 million, with the margin at 4.2% of net sales versus 4.3% a year earlier. Operating expenses rose 18.0% to $1,233 million, primarily due to higher distribution costs from increased labor turnover and higher than normal wage inflation. For the 26 weeks ended July 2, 2022, net sales were $16,625 million, up 19.1%, and net income was $63 million versus $31 million. Total case volume rose 1.7% and independent restaurant case volume rose 4.3%. LIFO expense was $137 million for the first half, compared with $118 million a year earlier. Free cash flow was $116 million for the 26 weeks, compared with $143 million in the prior-year period, and operating cash flow was $259 million. Capital expenditures totaled $143 million. At July 2, 2022, total debt was $5,020 million, cash was $197 million, and the company reported approximately $1.9 billion in cash and available liquidity. Approximately 46% of total debt bore floating interest rates. The company paid $9 million of Series A Preferred Stock dividends in each of the second quarter and first quarter of 2022. The filing also references a Cooperation Agreement with Sachem Head dated May 9, 2022, and a $34 million diesel fuel forward purchase commitment.
Aug 11, 2022
2022-Q2
US Foods Holding Quarterly Report for Q2 Ended Apr 2, 2022
US Foods Holding Corp. reported results for the 13 weeks ended April 2, 2022. Net sales rose $1,503 million, or 23.9%, to $7,798 million, driven by a 4.1% increase in total case volume and a year-over-year average inflation increase of 17.3% in multiple product categories. Gross profit increased $192 million, or 19.1%, to $1,195 million, though gross margin declined to 15.3% of net sales from 15.9%, partly because LIFO expense rose to $72 million from $21 million. Operating income was $34 million compared with $28 million, and the net loss narrowed to $7 million from $24 million. Net loss available to common shareholders, after $9 million of Series A Preferred Stock dividends, was $16 million, or $(0.07) per share. Adjusted EBITDA increased $69 million, or 40.1%, to $241 million, or 3.1% of net sales. Cash flow and liquidity were modest. Operating cash flow was $158 million, down from $176 million, primarily due to working capital needs, and free cash flow was $86 million versus $130 million. Capital expenditures were $72 million. The company had approximately $1.9 billion in cash and available liquidity as of April 2, 2022, and total debt of $4,993 million, of which about 47% bore floating rates. Management stated that cash generated from operations and available borrowing capacity should be sufficient to meet obligations for the next 12 months. The company expects fiscal 2022 cash capital expenditures of $280 million to $300 million, excluding approximately $110 million under fleet financing leases. Management noted that the Omicron variant reduced net sales in January 2022, with growth resuming through the end of the quarter. Management said it cannot predict the extent to which the pandemic will continue to affect results, citing supply constraints, cost increases, labor shortages, and inflation.
May 12, 2022
2021-Q3
US Foods Holding Quarterly Report for Q3 Ended Oct 2, 2021
US Foods Holding Corp. reported a strong recovery in its third quarter of fiscal 2021 (13 weeks ended October 2, 2021). Net sales rose $2,042 million, or 34.9%, to $7,890 million, driven by a total case volume increase of 18.5% and an independent restaurant case volume increase of 25.1%, as COVID-19 restrictions eased. Operating income increased to $135 million from $78 million, and net income improved to $64 million from $8 million. Adjusted EBITDA rose $82 million, or 39.2%, to $291 million, or 3.7% of net sales. Gross profit as a percentage of net sales declined to 15.7% from 16.7%, reflecting unfavorable year-over-year LIFO adjustments of $32 million, while operating expenses rose $210 million, or 23.4%, on higher supply chain labor and non-labor distribution costs. For the 39 weeks ended October 2, 2021, net sales were $21,848 million, up $5,101 million, or 30.5%, and operating income was $287 million compared with an operating loss of $107 million a year earlier. Cash flow from operations was $520 million, and free cash flow was $347 million. Total debt was $5,396 million at quarter end, down from $5,748 million at January 2, 2021, with the company making $300 million of voluntary prepayments on its Initial Term Loan Facility. The company issued $900 million of 4.75% Unsecured Senior Notes due 2029 in February 2021 to refinance higher-cost debt, recording a $23 million loss on extinguishment. Management stated that about $2.5 billion of cash and available liquidity was on hand and expects it to be adequate through the end of fiscal 2022. The filing also notes ongoing COVID-19 uncertainty, including the November 4, 2021 OSHA vaccine regulations, which management says could disrupt its workforce and operations. Approximately 60% of total debt bears floating interest rates, and a hypothetical 1% rate change would alter annual interest expense on floating-rate debt by approximately $33 million.
Nov 8, 2021
2021-Q3
US Foods Holding Quarterly Report for Q3 Ended Jul 3, 2021
For the 13 weeks ended July 3, 2021, US Foods Holding Corp. reported net sales of $7,663 million, up 68.0% from $4,560 million, with total case volume up 53.5% and independent restaurant case volume up 79.1%, as eased COVID-19 restrictions drove demand recovery. Gross profit rose to $1,169 million (15.3% of net sales versus 14.7%), operating income was $124 million versus an operating loss of $59 million a year earlier, and net income was $55 million versus a net loss of $92 million. Adjusted EBITDA reached $332 million (4.3% of net sales) compared with $88 million (1.9%). LIFO expense of $97 million weighed on gross profit, and operating expenses rose on higher supply chain labor and distribution costs. For the 26 weeks ended July 3, 2021, net sales were $13,958 million (up 28.1%), net income was $31 million, and Adjusted EBITDA was $504 million. Operating cash flow was $250 million, and free cash flow was $143 million, down from $770 million and $639 million, respectively, in the prior-year period, which the company attributed mainly to working capital needs from the sales recovery. Total debt carrying value was $5,515 million as of July 3, 2021, versus $5,748 million at January 2, 2021, after the company issued $900 million of 4.75% Unsecured Senior Notes due 2029 and used the proceeds to redeem higher-cost notes and term loans, incurring a $23 million loss on extinguishment. The company stated it had approximately $2.4 billion in cash and available liquidity as of July 3, 2021.
Aug 9, 2021
2021-Q2
US Foods Holding Quarterly Report for Q2 Ended Apr 3, 2021
US Foods Holding Corp. (USFD) reported results for the 13 weeks ended April 3, 2021 in its 10-Q filed May 10, 2021. Net sales were $6,295 million, down slightly from $6,339 million in the prior-year period, with total case volume decreasing 0.9% as COVID-19 continued to weigh on restaurant, hospitality and education customers. Operating income improved to $28 million from an operating loss of $126 million, helped mainly by a $185 million lower provision for doubtful accounts tied to better-than-anticipated collections of pre-COVID receivables. The company still posted a net loss of $24 million, or $(0.18) per share on a net loss available to common shareholders basis of $(39) million after $15 million of preferred dividends. Adjusted EBITDA was $172 million compared with $177 million a year earlier, and the Smart Foodservice acquisition contributed net sales of $261 million in the quarter. Cash generation improved meaningfully. Operating cash flow was $176 million versus a $62 million outflow in the prior year, and free cash flow was $130 million compared with $(141) million. Liquidity was approximately $2.6 billion as of April 3, 2021. During the quarter, USF issued $900 million of 4.75% Unsecured Senior Notes due 2029 and used the proceeds, together with cash on hand, to redeem its 5.875% Unsecured Senior Notes due 2024 and repay the 2020 Incremental Term Loan Facility, recording a $23 million loss on extinguishment of debt. Total debt was $5,738 million, and approximately 52% of total debt bore floating interest rates after considering interest rate swaps. The company expects total cash capital expenditures of $290 million to $305 million in fiscal 2021 and states that its liquidity should be adequate through the end of fiscal 2022. Management notes that overall demand remains below pre-COVID-19 levels and that the timing of a full recovery remains uncertain.
May 10, 2021
2020-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 26, 2020
US Foods Holding Corp. reported a sharp decline in results for the 13 weeks and 39 weeks ended September 26, 2020, as COVID-19 reduced demand from restaurant, hospitality and education customers. Net sales were $5,848 million for the quarter, down $683 million, or 10.5%, from $6,531 million a year earlier, and $16,747 million for the 39 weeks, down $2,258 million, or 11.9%. The company posted a quarterly net loss available to common shareholders of $2 million (net income of $8 million before $10 million of Series A preferred dividends) and a 39-week net loss of $216 million. Operating income fell to $78 million for the quarter and was an operating loss of $107 million for the 39 weeks. Adjusted EBITDA was $209 million for the quarter, down 31.9%, and $474 million for the 39 weeks, down 44.8%. Liquidity was reinforced during 2020 through several financing actions: a $700 million incremental term loan used in part to fund the $973 million Smart Foodservice acquisition, $1.0 billion of 6.25% Secured Notes due 2025, the termination of the ABS Facility, a $390 million increase in ABL Facility commitments to $1,990 million, and a $500 million Series A Convertible Preferred Stock investment from KKR. Cash and cash equivalents rose to $1,019 million at September 26, 2020, from $90 million at December 28, 2019, while total debt carrying value was $5,787 million. Management stated it believes liquidity is sufficient through 2021 even if case volumes decline to April 2020 levels through mid-2021. A rating agency downgraded the company's credit ratings in September 2020. Management expects the pandemic to continue to have a significant adverse impact for the duration of the pandemic and, if recovery is slow, throughout substantial portions of that recovery. Total case volumes decreased 8.9% for the quarter and 11.4% for the 39 weeks, while independent restaurant case volume fell 6.8% and 13.7%, respectively. Investors should weigh the operating losses and reduced volumes against the improved cash position and the company's stated liquidity runway.
Nov 2, 2020
2020-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 27, 2020
US Foods Holding Corp. reported a sharp decline in results for the 13 weeks ended June 27, 2020, as COVID-19 reduced restaurant, hospitality and education demand. Net sales fell $1,883 million, or 29.2%, to $4,560 million, and total case volume decreased 28.0%. Gross profit declined to $671 million (14.7% of net sales versus 17.7% a year earlier), and the company recorded an operating loss of $59 million compared with operating income of $194 million in the prior-year quarter. Net loss was $92 million, and Adjusted EBITDA fell to $88 million from $320 million. For the 26 weeks, net sales were $10,899 million and net loss was $224 million. Operating cash flow for the first half rose to $770 million from $394 million, largely from lower working capital needs, and free cash flow was $639 million. The company strengthened its liquidity during the quarter. It acquired Smart Foodservice for $973 million (net of cash acquired), funded partly by a $700 million incremental term loan and a $1.0 billion 6.25% Secured Notes offering due 2025. It repaid and terminated its $542 million ABS Facility, expanded the ABL Facility commitments to $1,990 million, and sold 500,000 shares of Series A Convertible Preferred Stock to KKR for $500 million. Total debt was $6,214 million at quarter end, up from $4,736 million at year end, and cash and cash equivalents rose to $1,668 million from $90 million. Management states it believes liquidity is sufficient through 2021 even if case volumes remain at April 2020 levels through mid-2021. A rating agency downgraded the company's credit ratings in May 2020. For investors, the central issues are the depth of the volume decline and the trajectory of case volumes, the adequacy of liquidity under the stated scenario, the higher leverage and the credit rating downgrade, and the potential dilution and governance influence from KKR's preferred stake, which represents approximately 9.5% of common stock on an as-converted basis. Management notes that the duration and severity of the pandemic remain unclear.
Aug 4, 2020
2020-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 28, 2020
US Foods Holding Corp.'s first-quarter 2020 10-Q (13 weeks ended March 28, 2020) shows a sharp deterioration tied to COVID-19. Net sales rose $308 million, or 5.1%, to $6,339 million, driven by the Food Group acquisition and inflation, partly offset by COVID-19's effect on case volume. However, the company posted an operating loss of $126 million and a net loss of $132 million (basic and diluted EPS of $(0.60)), compared with operating income of $131 million and net income of $71 million a year earlier. Operating expenses rose 29.4% to $1,192 million, largely due to a $170 million increase in the provision for doubtful accounts tied to COVID-19. Adjusted EBITDA fell $55 million, or 23.7%, to $177 million, and operating cash flow was negative at $(62) million, leaving free cash flow at $(141) million. Management stated that the impact will be much larger in the second quarter, with the first five weeks of the 13-week period ending June 28, 2020 showing approximately 50% decreases in both net sales and total case volumes versus the prior year. Cash and cash equivalents rose to $1,077 million at quarter-end, largely from $1.0 billion of borrowings under the ABS and ABL facilities. Total debt was $5,915 million as of March 28, 2020. The company also disclosed a rating agency downgrade and said it expects sufficient liquidity through 2021, even with volumes flat at current levels through mid-2021. Subsequent events are significant. US Foods agreed to acquire Smart Foodservice for $970 million in cash (closed April 24, 2020), financed with a $700 million term loan and cash on hand. It also issued $1.0 billion of 6.25% senior secured notes due 2025, entered a $500 million Series A Convertible Preferred Stock investment with KKR (expected to close in May 2020), and amended the ABL Facility to increase commitments to $1,990 million from $1,600 million.
May 5, 2020
2019-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 28, 2019
US Foods Holding Corp. (USFD) reported results for the 13 weeks and 39 weeks ended September 28, 2019. Net sales rose 6.1% to $6,531 million for the quarter and 4.8% to $19,005 million for the 39 weeks, driven by organic case volume growth and year-over-year inflation in multiple product categories, including grocery, produce and beef. Independent restaurant case volume grew 6.3% in the quarter. Net income was $106 million for the quarter, down from $114 million a year earlier, and $293 million for the 39 weeks, down from $307 million. Operating income rose 5.0% to $188 million in the quarter, and Adjusted EBITDA increased 8.5% to $307 million. The most significant event in the period was the September 13, 2019 all-cash acquisition of the Food Group from Services Group of America for $1.8 billion, which expands the company's network in the West and Northwest. The purchase was financed with a new $1.5 billion incremental senior secured term loan and revolver borrowings. As a condition of FTC clearance, three Food Group distribution facilities were divested for $94 million at closing on October 11, 2019; those operations are reported as discontinued operations. Total debt rose to $4,924 million at September 28, 2019 from $3,457 million at December 29, 2018, and approximately 65% of debt was floating rate. Cash flow from operations improved to $559 million for the 39 weeks from $444 million, mainly because a $70 million pension contribution in 2018 did not recur. Free cash flow was $402 million versus $276 million a year earlier. The company also refinanced its ABL Facility in May 2019 and its ABS Facility in September 2019, and it reports being in compliance with all debt covenants. Management expects fiscal 2019 capital additions of $345 million to $355 million.
Nov 5, 2019
2019-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 29, 2019
US Foods Holding Corp. (USFD) reported net sales of $6,443 million for the 13 weeks ended June 29, 2019, up $285 million, or 4.6%, from $6,158 million a year earlier, driven by a 1.7% increase in total case volume (independent restaurant case volume up 4.8%) and a 2.9% increase in the net sales rate per case. Operating income fell $12 million, or 5.8%, to $194 million, and net income declined to $116 million from $126 million. Adjusted EBITDA rose $20 million, or 6.7%, to $320 million, with the company citing higher wage and acquisition-related costs and depreciation as pressures on operating expenses, partially offset by expense control initiatives. For the 26 weeks, net sales rose $493 million, or 4.1%, to $12,474 million, while net income was $187 million versus $193 million. On the balance sheet, total debt carrying value was $3,205 million at June 29, 2019, compared with $3,457 million at December 29, 2018. On May 31, 2019, USF refinanced its asset based revolving credit facility into a new $1,700 million facility, of which $1,400 million was effective immediately and $300 million may become effective by November 30, 2019 upon consummation of the contemplated acquisition of Services Group of America's Food Group of Companies (SGA) for $1.8 billion in cash. Cash flow from operations was $394 million for the 26 weeks, compared with $311 million a year earlier, and the company reported $1.1 billion of restricted payment capacity under its covenants. The filing states that management concluded disclosure controls were effective as of June 29, 2019, and that the company was in compliance with all debt covenants. Approximately 47% of total debt was at a floating rate after considering interest rate swaps, and the company stated that a 1% change in the applicable rate would change interest expense on floating-rate debt by approximately $15 million per year.
Aug 6, 2019
2019-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 30, 2019
US Foods Holding Corp. reported results for the 13-week fiscal first quarter ended March 30, 2019. Net sales rose $208 million, or 3.6%, to $6,031 million, driven by a 1.4% increase in total case volume (independent restaurant case volume up 5.5%) and a 2.2% increase in the net sales rate per case, which the filing attributes primarily to year-over-year inflation. Gross profit increased $60 million, or 6.0%, to $1,052 million, and gross margin rose to 17.4% of net sales from 17.0%, which the company attributed to margin expansion initiatives, favorable LIFO adjustments and lower inbound freight costs. Operating income increased $28 million, or 27.2%, to $131 million, while net income was $71 million compared with $67 million a year earlier. Diluted earnings per share were $0.32 versus $0.31. Operating expenses rose $32 million, or 3.6%, to $921 million, mainly from higher payroll and related costs and $11 million of acquisition-related costs tied to the pending SGA Food Group acquisition. Adjusted EBITDA increased $8 million, or 3.6%, to $232 million, and free cash flow was $93 million compared with $135 million a year earlier, as operating cash flow fell to $154 million from $192 million, mainly because of working capital benefits in the prior-year period. Total debt was $3,381 million at March 30, 2019, and the company reported $929 million of available ABL Facility capacity and $496 million of available ABS Facility capacity. The company stated it was in compliance with all debt covenants. The company's pending $1.8 billion cash acquisition of the SGA Food Group Companies, signed July 28, 2018, remains subject to customary conditions, including required regulatory approvals, and is supported by a $1.5 billion senior secured term loan commitment. Management said its fiscal 2019 outlook, set forth in the 2018 Annual Report, remains unchanged, and it expects fiscal 2019 capital additions of $335 million to $345 million.
May 7, 2019
2018-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 29, 2018
US Foods Holding Corp. reported results for the 13-week and 39-week periods ended September 29, 2018. Net sales were $6.15 billion for the quarter, down from $6.20 billion a year earlier, and $18.13 billion for the 39 weeks, essentially flat versus $18.15 billion. Case volume declined 0.8% in the quarter and 1.3% for the 39 weeks, reflecting select planned chain customer exits partially offset by independent restaurant growth. Gross profit rose to $1.11 billion in the quarter (18.0% of net sales versus 17.7%) and operating income fell $10 million to $179 million, while net income increased to $114.3 million from $95.6 million, aided by a lower income tax provision. For the 39 weeks, operating income increased $95 million, or 24.3%, to $487 million, and net income rose to $307.1 million from $187.8 million. Adjusted EBITDA reached $806 million for the 39 weeks, up from $768 million. Net cash provided by operating activities was $444 million, compared with $506 million in the prior-year period, and free cash flow was $276 million versus $343 million. Total debt was $3.51 billion at quarter end, with about 42% at floating rates, and the company said it was in compliance with its debt covenants. A pending acquisition is a key item for investors: on July 28, 2018, USF agreed to acquire the SGA Food Group Companies for $1.8 billion in cash, subject to regulatory approvals, with a committed $1.5 billion incremental senior secured term loan. The company stated its fiscal 2018 outlook from its 2017 Annual Report remains unchanged, and it expects 2018 total capital additions of $340 million to $350 million.
Nov 6, 2018
2018-Q2
US Foods Holding Quarterly Report for Q2 Ended Jun 30, 2018
US Foods Holding Corp. reported net sales of $6.16 billion for the 13-weeks ended June 30, 2018, flat versus the prior year period, and $11.98 billion for the 26-weeks, up $34 million, or 0.3%. Case volume declined 0.9% in the quarter and 1.6% year to date, reflecting select planned chain customer exits, partly offset by independent restaurant growth and acquisitions. Operating income rose to $205 million in the quarter (from $127 million) and net income to $126 million (from $65 million), helped by lower amortization expense, a higher gross profit rate, and LIFO benefits. Adjusted EBITDA was $300 million for the quarter, up $14 million, or approximately 4.9%. On the balance sheet, total debt was $3.60 billion at June 30, 2018, cash and cash equivalents were $100 million, and shareholders' equity rose to $3.02 billion. Operating cash flow for the 26 weeks was $311 million, down from $368 million, mainly due to a $35 million incremental pension contribution, income tax payments and working capital changes. Capital expenditures were $117 million year to date, and the company stated its 2018 outlook was unchanged. Subsequent to quarter end, on July 28, 2018, USF agreed to acquire the Food Group Companies of Services Group of America, Inc. for $1.8 billion in cash, subject to regulatory approvals. A commitment letter for a $1.5 billion senior secured term loan facility was also signed to support the transaction.
Aug 1, 2018
2018-Q1
US Foods Holding Quarterly Report for Q1 Ended Mar 31, 2018
US Foods Holding Corp. (USFD) reported results for the 13-weeks ended March 31, 2018 in this Form 10-Q. Net sales were $5,822.5 million, slightly up from $5,788.4 million in the prior-year period, with case volume declining 2.3% due to planned chain customer exits and lower education volume, partially offset by independent restaurant growth and acquisitions. Gross profit was $991.9 million, essentially flat, and operating income rose to $102.5 million from $75.8 million, primarily because distribution, selling and administrative costs fell $25.7 million, driven by a $27 million reduction in amortization of a customer relationship intangible. Net income was $67.3 million, or $0.31 per diluted share, compared with $26.8 million, or $0.12 per diluted share, a year earlier. The company's effective tax rate was (7)%, reflecting a $19 million discrete tax benefit tied to an IRS consent to change a method of accounting. Cash flow from operations was $191.6 million, up from $121.6 million, and free cash flow, a non-GAAP measure, was $135 million versus $52 million. Total debt was $3,630.5 million at March 31, 2018, with approximately 57% at fixed rates after interest rate swaps. The company stated it was in compliance with all debt covenants and that cash flow and available borrowings should be adequate for the next 12 months. Capital expenditures are expected to total $330 million to $340 million in 2018, and management said its fiscal 2018 outlook remains unchanged. The filing also notes that the Sponsors (KKR and CD&R) no longer hold any common stock following the December 2017 secondary offering, and that the company adopted ASC 606 with no significant impact on results.
May 8, 2018
2017-Q3
US Foods Holding Quarterly Report for Q3 Ended Sep 30, 2017
US Foods Holding Corp. reported net sales of $6.20 billion for the 13 weeks ended September 30, 2017, up $363 million, or 6.2%, from $5.84 billion a year earlier, with case volume up 2.0%. Operating income rose $75 million, or 65.2%, to $190 million, and net income was $96 million versus $133 million in the prior-year quarter, which benefited from a $78 million income tax benefit. For the 39 weeks, net sales were $18.15 billion (up 5.3%), operating income was $392 million (up 31.5%), and net income was $188 million compared with $133 million. Adjusted EBITDA was $268 million for the quarter ($267 million as reported in the table), rising to $768 million for the 39 weeks; free cash flow was $343 million year-to-date. The balance sheet shows total debt of $3.70 billion at September 30, 2017, down from $3.78 billion at December 31, 2016. Net cash provided by operating activities was $506 million for the 39 weeks, and the company made about $183 million of cash acquisitions across five broadline and specialty distributors. The company also disclosed that the Sponsors (CD&R and KKR) sold 127.4 million shares in follow-on offerings during 2017 and no longer hold a controlling interest. Each Sponsor's stake was reduced to about 9%, and the company received no proceeds from those sales. Management cited inflation-driven net sales rate growth, independent restaurant case growth, and LIFO adjustments as key drivers of margin trends. Gross margin was flat at 17.7% in the quarter but declined to 17.3% for the 39 weeks because of LIFO expense. The company expects a planned lump-sum pension settlement of about $100 million, paid in the fourth quarter, and expects 2017 capital additions of $310 million to $320 million.
Nov 7, 2017
2017-Q3
US Foods Holding Quarterly Report for Q3 Ended Jul 1, 2017
US Foods Holding Corp. (USFD) reported results for the 13-week and 26-week periods ended July 1, 2017 in this Form 10-Q filed August 9, 2017. Net sales rose to $6.16 billion for the quarter, up $352 million or 6.1%, and to $11.95 billion for the 26 weeks, up $547 million or 4.8%. Case volume grew 3.6% in the quarter and 4.0% for the half-year, with independent restaurant case growth of 4.7% and 4.3%, respectively. Net income was $65.5 million for the quarter versus a net loss of $13.4 million a year earlier, and $92.3 million for the 26 weeks versus a break-even result in 2016. Adjusted EBITDA reached $286 million for the quarter and $501 million for the half-year, and the filing notes gross profit margin fell to 17.1% due to LIFO charges from inflation. Balance sheet and liquidity: total debt was $3.73 billion at July 1, 2017, with $2.79 billion of floating-rate debt before swaps. The company reported $150 million of cash and $922 million of available ABL Facility capacity. Operating cash flow was $368 million for the 26 weeks, and free cash flow was $260 million. Subsequent to quarter-end, the company entered into interest rate swaps on $1.1 billion of its term loan and acquired The Thompson Company, Braunger Foods and Variety Foods, with aggregate annual sales of approximately $130 million. The company also disclosed plans to restructure or refinance its 2012 ABS Facility, which matures September 30, 2018, on or before September 30, 2017. Sponsor overhang remains a factor: CD&R and KKR had reduced their common stock interest to approximately 18% after follow-on offerings in January and May 2017, which generated no proceeds for the company. Management stated it has no current plans to pay future dividends.
Aug 9, 2017
2017-Q2
US Foods Holding Quarterly Report for Q2 Ended Apr 1, 2017
US Foods Holding Corp. (USFD) reported results for the 13-weeks ended April 1, 2017 in this Form 10-Q. Net sales rose $195 million, or 3.5%, to $5,788 million, driven by a 4.3% increase in case volume, partly offset by a 0.8% decline in the overall rate per case. Gross profit increased $31 million, or 3.2%, to $991 million, but gross margin was essentially flat at 17.1% of net sales. Distribution, selling and administrative costs rose $49 million, or 5.7%, to $913 million, so operating income fell $8 million, or 9.4%, to $77 million. Net income increased to $27 million from $13 million, largely because interest expense—net declined to $42 million from $71 million following debt redemptions funded by the 2016 IPO. Cash flow from operations was $122 million, down from $137 million, and capital expenditures rose to $70 million from $37 million, lowering free cash flow to $52 million from $100 million. Total debt was $3,855 million in aggregate indebtedness at quarter end, and the company stated it intends to restructure or refinance the 2012 ABS Facility on or before September 30, 2017. The company also completed the acquisition of certain assets of All American Foods and SRA Foods for about $62 million during the quarter, and acquired FirstClass Foods after quarter end on April 28, 2017. Management expects positive industry growth in 2017 and anticipates total capital additions of $330 million to $350 million for the year, inclusive of approximately $100 million in fleet capital leases. Management also stated that the company was in compliance with all debt covenants as of April 1, 2017.
May 9, 2017
2016-Q3
US Foods Holding Quarterly Report for Q3 Ended Oct 1, 2016
US Foods Holding Corp. reported results for the 13 and 39 weeks ended October 1, 2016 in this Form 10-Q filed November 8, 2016. Net sales were $5,840.963 million for the quarter, up from $5,796.066 million a year earlier, and $17.24 billion for the 39 weeks. Operating income rose to $115.1 million from $73.3 million in the quarter, and to $298.2 million for the 39 weeks from $137.5 million. Net income for the quarter was $133.0 million, driven largely by an $80 million discrete tax benefit from releasing a valuation allowance on federal and certain state deferred tax assets. Adjusted EBITDA was $244.1 million for the quarter versus $225.4 million a year earlier, and $706.9 million for the 39 weeks versus $620.1 million. The company completed its initial public offering on June 1, 2016, selling 51,111,111 shares at $23.00 per share, and listed on the NYSE under the ticker USFD. Net IPO proceeds of approximately $1,114 million were used to redeem $1,090 million of the 8.5% Old Senior Notes and pay a $23 million early redemption premium. In June 2016 the company refinanced its term loan into a $2,200 million Amended and Restated 2016 Term Loan due 2023 and issued $600 million of 5.875% Senior Notes due 2024. Total debt was $3,831.35 million at October 1, 2016, down from $4,733.136 million at January 2, 2016. In September 2016 the CMBS Fixed Facility was defeased, producing a loss on extinguishment of debt of approximately $12 million, and the 39-week loss on extinguishment totaled $54 million. Case volume grew 4.0% in the quarter and 2.5% for the 39 weeks, with independent restaurant case volume up 5.5% and 6.5%, respectively. The company cited ongoing product deflation, particularly in beef and dairy, which reduced the rate per case by 3.2% in the quarter. Gross profit was 17.7% of net sales in the quarter, up from 17.5%. The company also reported a $29 million reduction in distribution, selling and administrative costs for the 39 weeks, with a corporate cost reduction program launched in October 2016. Cash flow from operations for the 39 weeks was $439.7 million, compared with $585.7 million a year earlier, which included a $288 million net termination fee from the terminated Sysco acquisition.
Nov 8, 2016
2016-Q3
US Foods Holding Quarterly Report for Q3 Ended Jul 2, 2016
US Foods Holding Corp. (USFD) reported its second-quarter fiscal 2016 results for the 13 weeks ended July 2, 2016, with net sales of $5.81 billion, essentially flat versus $5.84 billion in the prior-year quarter, as a 1.2% increase in case volume was offset by a 1.8% reduction in the overall rate per case. Net loss was $13.4 million, compared with net income of $165.0 million a year earlier, which included a $287.5 million net acquisition termination fee. Operating income rose to $98.4 million from $22.0 million, and Adjusted EBITDA increased to $260.2 million from $236.4 million, with the company citing higher gross profit and lower restructuring charges. For the 26 weeks ended July 2, 2016, net sales were $11.40 billion and net loss was $81 thousand, versus net income of $172.1 million in the prior-year period. Cash flow from operations was $301.4 million and free cash flow was $234 million. The company completed its initial public offering on June 1, 2016, selling 51,111,111 shares at $23.00 per share, with net proceeds of approximately $1.11 billion used to redeem Old Senior Notes. In June 2016 USF refinanced its term loan and issued $600 million of 5.875% Senior Notes due 2024, and total debt fell to $3.87 billion from $4.73 billion at fiscal year-end 2015. The company also paid a $666 million special cash distribution to shareholders in January 2016. The filing notes a Baltimore distribution facility closure in June 2016, associated labor strikes, and a $42 million loss on debt extinguishment. Management stated it was in compliance with all debt agreements, and it expects total 2016 capital additions of approximately $280 million.
Aug 9, 2016