01—Abstract
Summary
Summary of the 8-K filed January 13, 2025. Cited figures are marked; the original filing is the authoritative source.
On January 13, 2025, US Foods Holding Corp. (NYSE: USFD) filed an 8-K under Item 2.02 (Results of Operations and Financial Condition) to reaffirm its fiscal year 2024 guidance, first introduced on its third quarter earnings call on Nov.
7, 2024. The reaffirmed outlook calls for Net Sales of $37.7 billion to $38.0 billiona, Adjusted EBITDA of $1.72 billion to $1.74 billion, and Adjusted Diluted EPS of $3.05 to $3.15. The filing states that the company is not providing a reconciliation of the forward-looking non-GAAP measures (Adjusted EBITDA and Adjusted Diluted EPS) because it cannot predict with reasonable certainty the financial impact of items such as restructuring, asset impairment, share-based compensation, LIFO reserve adjustments, debt extinguishment losses, and business transformation and acquisition costs.
The company also announced that CEO Dave Flitman and CFO Dirk Locascio will attend the 27th Annual ICR Conference in Orlando and take part in a fireside chat on Tuesday, January 14, 2025 at 9:30 a.m. EST, with a live audio webcast and replay available through the Investor Relations page. The information is furnished under Item 2.02 and is not deemed filed for purposes of Section 18 of the Exchange Act.
For investors, the filing is primarily a reaffirmation rather than a new outlook: it contains no revised guidance and no fiscal 2024 actual results. The press release describes the company as a leading foodservice distributor partnering with approximately 250,000 restaurants and foodservice operators.
02—Key points
Key Highlights
- Reaffirmed fiscal year 2024 guidance, originally introduced on the Nov. 7, 2024 third quarter earnings call; no revision to the outlook was announced.
- Net Sales guidance of $37.7 billion to $38.0 billion.
- Adjusted EBITDA guidance of $1.72 billion to $1.74 billion.
- Adjusted Diluted EPS guidance of $3.05 to $3.15.
- Company does not provide a reconciliation of forward-looking Adjusted EBITDA and Adjusted Diluted EPS to GAAP, citing inability to predict with reasonable certainty items such as restructuring, impairment, LIFO and debt extinguishment effects.
- CEO Dave Flitman and CFO Dirk Locascio will participate in a fireside chat at the 27th Annual ICR Conference on Jan. 14, 2025 at 9:30 a.m. EST, with a live webcast and replay.
- Information is furnished under Item 2.02 and Exhibit 99.1 and is not deemed filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
Did US Foods change its fiscal year 2024 guidance in this filing?
No. The company reaffirmed the fiscal year 2024 guidance it introduced on its third quarter earnings call on Nov. 7, 2024, with Net Sales of $37.7 billion to $38.0 billion, Adjusted EBITDA of $1.72 billion to $1.74 billion, and Adjusted Diluted EPS of $3.05 to $3.15.
Why doesn't US Foods reconcile its guidance for Adjusted EBITDA and Adjusted Diluted EPS to GAAP?
The company states it is unable to predict with reasonable certainty the financial impact of certain significant items, including restructuring and asset impairment charges, share-based compensation, non-cash LIFO reserve adjustments, losses on debt extinguishments, business transformation costs, other gains and losses, business acquisition and integration costs, and diluted earnings per share, which could be material to GAAP results.
What event is US Foods announcing alongside the guidance reaffirmation?
Chief Executive Officer Dave Flitman and Chief Financial Officer Dirk Locascio will attend the 27th Annual ICR Conference in Orlando and participate in a fireside chat on Tuesday, Jan. 14, 2025 at 9:30 a.m. EST (8:30 a.m. CST). A live audio webcast will be available on the Investor Relations page, with a replay later the same day.
Is the information in this 8-K considered filed with the SEC?
The company states that the information under Item 2.02 and Exhibit 99.1 is furnished and not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into the company's Securities Act or Exchange Act filings.
04—Continue