01—Abstract
Summary
Summary of the 8-K filed January 8, 2024. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. (NYSE: USFD) filed a Form 8-K under Item 7.01 (Regulation FD Disclosure) on January 8, 2024, to furnish a press release reaffirming its fiscal year 2023 guidance, first introduced on its third quarter earnings call on Nov.
9, 2023. The filing contains no new financial results; it confirms that the company's previously stated outlook remains unchanged. The reaffirmed guidance calls for Adjusted EBITDA of $1.54a-$1.56 billion, Adjusted Diluted EPS of $2.60-$2.70, interest expense of $320-$325 million, and total capital expenditures of $410-$430 million, made up of $290-$310 million in cash capital expenditures and about $120 million in fleet capital leases.
The company also expects Net Debt to Adjusted EBITDA leverage below 3.0xb by the end of fiscal year 2023. The company also announced that CEO Dave Flitman and CFO Dirk Locascio will take part in a fireside chat at the 26th Annual ICR Conference in Orlando on Monday, January 8, 2024, at 2:00 p.m.
EST, with a live audio webcast and a replay available on the Investor Relations page. The information is furnished rather than filed, so it is not subject to Section 18 liabilities.
02—Key points
Key Highlights
- Reaffirmed FY2023 Adjusted EBITDA guidance of $1.54-$1.56 billion, originally introduced on the Q3 earnings call on Nov. 9, 2023.
- Reaffirmed Adjusted Diluted EPS guidance of $2.60-$2.70 and interest expense guidance of $320-$325 million.
- Total capital expenditures guidance of $410-$430 million, including $290-$310 million of cash capex and about $120 million of fleet capital leases.
- Targets Net Debt to Adjusted EBITDA leverage below 3.0x by the end of fiscal year 2023.
- No new financial results or guidance changes were disclosed; the filing reaffirms prior outlook.
- CEO Dave Flitman and CFO Dirk Locascio will participate in a fireside chat at the 26th Annual ICR Conference on January 8, 2024, at 2:00 p.m. EST.
- Company describes itself as serving approximately 250,000 restaurants and foodservice operators, with 70 broadline locations and more than 85 cash and carry stores.
03—Questions
Frequently Asked Questions
Did US Foods change its fiscal 2023 guidance in this filing?
No. The company reaffirmed the fiscal year 2023 guidance it introduced on its third quarter earnings call on Nov. 9, 2023, without changing any of the figures.
What are the key fiscal 2023 guidance figures?
Adjusted EBITDA of $1.54-$1.56 billion, Adjusted Diluted EPS of $2.60-$2.70, interest expense of $320-$325 million, total capital expenditures of $410-$430 million, and Net Debt to Adjusted EBITDA leverage below 3.0x by the end of fiscal 2023.
Why does the company not reconcile its forward-looking non-GAAP measures?
The company says it cannot predict with reasonable certainty the financial impact of certain significant items, such as restructuring costs, asset impairment charges, share-based compensation, LIFO reserve adjustments, debt extinguishment losses, business transformation costs, other gains and losses, acquisition and integration costs, and diluted EPS effects. These items could have a material impact on GAAP results.
Will management be presenting at an investor conference?
Yes. CEO Dave Flitman and CFO Dirk Locascio will take part in a fireside chat at the 26th Annual ICR Conference in Orlando on Monday, January 8, 2024, at 2:00 p.m. EST (1:00 p.m. CST). A live audio webcast will be available on the Investor Relations page, with a replay later that day.
04—Continue