美国食品控股公司管理层会议：十大要点；在艰难时期保持韧性，对美好时期充满期待

Restricted - External USFDOVERWEIGHTUnchangedU.S. RestaurantsNEUTRALUnchangedPrice TargetUSD 95.00raised 12% from USD 85.00Price (03-Jun-25)USD 77.99Potential Upside/Downside+21.8%Source: Bloomberg, Barclays ResearchMarket Cap (USD mn)18042Shares Outstanding (mn)231.35Free Float (%)99.1252 Wk Avg Daily Volume (mn)2.0Dividend Yield (%)N/AReturn on Equity TTM (%)11.16Current BVPS (USD)19.96Source: BloombergPrice PerformanceExchange-NYSE52 Week rangeUSD 79.64-50.05Source: IDCLink to Barclays Live for interactive chartingU.S. RestaurantsJeffreyA. Bernstein+1 212 526 3855jeffrey.bernstein@barclays.comBCI, USPratik Patel+1 212 526 4438pratik.m.patel@barclays.comBCI, USAnisha Datt+1 212 526 1880anisha.datt@barclays.comBCI, US national brands, the company as the product is ~2x as profitable as national brands, & thesalesperson as they are compensated at a higher rate for private label sales. Forbackground, USFDoffersa suite of 22 private label brands, comprised of ~9,500 uniqueproducts stratified by “good / better / best” tier.5.Cash Flow Priorities;plan to deploy ~$4b over the '25-27 period, with the first priority toinvest in maintenance and CapEx (~$2b), followed by balance sheet leverage reduction(currently ~2.7x, within the 2-3x target, based primarily on EBITDA growth), and ultimatelyshare repurchase (~$2b relative to ~$958m in '24) though may vary y-y as such toggled toallow for M&A (1Q25 a good example with only ~$23m in repurchase with toggle to M&A withJake's acquisition for ~$93m).6.Cost Saving Initiatives;expect ~$260m in cost savings over the three-year period of ‘25-27,post the completion of ~$230m the prior three years, with a commitment to achieve 3-5ppof annual procurement cost savings tooffsetinflation, led by rebates & marketing dollarsfrom suppliers who are incentivized by US Foods growth, along with supply chain & techproductivity. The process will be enhanced via in-depth category management resulting ingreater price transparency, more streamlined collaboration in terms of data sharing,proactive negotiations with tail spend & local suppliers, & the elimination of low-performingSKUs.7.Digital Platform;Moxe represents ~85% of company sales including ~76% of independentrestaurant sales. Platform introduced three years ago as a one-stop shop where customerscan order product, check inventory, apply for credit, pay bills, etc. and importantly platformstickier for customers while reduces admin work for salespeople. As a reminder, benefits ofthe platform have already been seen, with a ~30% reduction in non-value-added selleractivities, ~5% greater retention of digital customers, & +1.5 cases per order through digitalmerchandising.8.Pronto Service Opportunity;Pronto is a service providing smaller, more frequentdeliveries currently across ~40 markets with ~300 trucks, which caters to hard-to-servicecustomers in high density geographic areas. Pronto's services include latercutofftimes,next-day delivery, six days a week delivery, with no minimum order requirements,accounting for ~33% of total independent restaurants case growth in deployed markets.Initially, Pronto was for new customers. With that said, USFD is expanding ProntoPenetration to their existing customer base, currently in ~10 markets, so they can maintainwallet share filling in non-routine days from broadline with Pronto, which will give them achance to win those cases that would normally go to a smaller supplier.9.TariffImplications;US Foods purchases 90%+ of their ~$30b in products sold within theUS, and therefore a relatively modest mid-to-high single digit percent from outside the US(i.e, seafood & containers), including 2-3% from China, with ongoingeffortsto reduce Chinaexposure further. Management is confident in their ability to managetariffrelatedimplications within guidance.10.US Foods Positioning;the company remains the only pure play national foodservicedistribution player at scale focused on the fastest growth and most profitable three keycustomer segments of independent restaurants, along with healthcare & hospitality, allfrom their ~75 US distribution centers representing all major US metro areas. Otherwise,chain restaurants remain an important segment, though no plans to add capacity to servicethem, as they are lower growth & margin.Looking back...2025 was challenged to start for USFD & the broader restaurant & foodservicedistribution industry (primarily in February) with a challenging consumer macro backdrop &severe weather. With that said, USFD 1Q25 included ~4% sales growth, ~9% EBITDA growth & 2 ~26% EPS growth, all essentially in line to above their long-term algorithm, demonstrating theresilience of the business model, with management noting its ability to "deliver our outcome inany macro." Importantly, case volume trends have improved each month since the depths inFebruary, and such continued into May, with expectation for momentum to prevail through2Q25 as new account growth was strongest in April. Needless to say, w