Performance Food Group Company Reports First-Quarter Fiscal 2022 Results
Performance Food Group Company (PFGC) reported first-quarter fiscal 2022 results, showcasing a robust 47.4% increase in net sales, reaching $10.4 billion, attributed to the Core-Mark acquisition and price increases. Gross profit rose 40.1% to $1.1 billion, with net income flipping to $4.7 million from a prior loss. Adjusted EBITDA climbed 35.9% to $183.7 million. Total case volume surged by 27%, including a 21.1% increase in independent cases. The company anticipates net sales of $12.7 to $12.9 billion for Q2 2022 and $49.5 to $50.5 billion for the full year.
- Net sales surged 47.4% to $10.4 billion.
- Gross profit increased 40.1% to $1.1 billion.
- Net income of $4.7 million, reversing prior year loss.
- Adjusted EBITDA rose 35.9% to $183.7 million.
- Total case volume grew 27%, including 21.1% in independent cases.
- Operating expenses rose 40.3% to $1.1 billion, largely due to Core-Mark acquisition.
- Gross margin percentage decreased to 11.0% from 11.6%.
Double-Digit
First-Quarter Fiscal 2022 Highlights
-
Total case volume grew approximately
27% -
Net sales increased
47.4% to$10.4 billion -
Gross profit improved
40.1% to$1.1 billion -
Net income of
$4.7 million $0.7 million -
Adjusted EBITDA increased
35.9% to$183.7 million -
Diluted earnings per share (“EPS”) of
$0.03 -
Adjusted Diluted EPS increased
72.0% to$0.43
“Performance Food Group is off to a great start to fiscal 2022, with a record level of sales and strong underlying business trends,” said
“In addition to the strong operating results in the fiscal first quarter, we closed the Core-Mark acquisition and welcomed their 8,000 associates to the PFG family of companies. The integration of that business is already ahead of schedule, and we had several important strategic wins within the first few weeks of owning the business. We have high expectations for Core-Mark and the value the transaction can create for PFG. The early results are very encouraging. Our business is operating from a position of strength and we believe we have the footprint and scale to be successful in the years ahead.”
-
This earnings release includes several metrics, including EBITDA, Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow that are not calculated in accordance with Generally Accepted Accounting Principles in the
U.S. (“GAAP”). Please see “Statement Regarding Non-GAAP Financial Measures” at the end of this release for the definitions of such non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their respective most comparable financial measures calculated in accordance with GAAP.
First-Quarter Fiscal 2022 Financial Summary
Total case volume increased approximately
Net sales for the first quarter of fiscal 2022 grew
Gross profit for the first quarter of fiscal 2022 increased
Operating expenses rose by
The first quarter of fiscal 2022 resulted in net income of
EBITDA increased
Diluted EPS was
Cash Flow and Capital Spending
In the first quarter of fiscal 2022, PFG provided
First-Quarter Fiscal 2022 Segment Results
Foodservice
First-quarter of fiscal 2022 net sales for Foodservice increased
First-quarter of fiscal 2022 EBITDA for Foodservice increased
Vistar
For the first quarter of fiscal 2022, net sales for Vistar increased
First-quarter of fiscal 2022 EBITDA for Vistar increased
Core-Mark Transaction
On
Fiscal 2022 Outlook
For the fiscal second quarter of 2022, PFG expects net sales to be in a range of
For the full fiscal year 2022, PFG expects net sales to be in a range of
PFG’s Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, but are not limited to, loss on early extinguishment of debt, restructuring charges, certain tax items, and charges associated with non-recurring professional and legal fees associated with acquisitions. PFG’s management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported Net income, which could be significant, are difficult to predict and may be highly variable. As a result, PFG does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook. Please see the “Forward-Looking Statements” section of this release for a discussion of certain risks to PFG’s outlook.
Conference Call
As previously announced, a conference call with the investment community and news media will be webcast on
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, integration of our acquisition of Core-Mark and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties. The following factors, in addition to those discussed under the section entitled Item 1A. Risk Factors in the PFG’s Annual Report on Form 10-K for the fiscal year ended
- the material adverse impact of the COVID-19 pandemic has had and is expected to continue to have on the global markets, the restaurant industry, and our business specifically, including the effects on vehicle miles drive, on the financial health of our business partners, on supply chains, and on financial and capital markets;
- competition in our industry is intense, and we may not be able to compete successfully;
- we operate in a low margin industry, which could increase the volatility of our results of operations;
- we may not realize anticipated benefits from our operating cost reduction and productivity improvement efforts;
- our profitability is directly affected by cost inflation and deflation and other factors;
- we do not have long-term contracts with certain of our customers;
- group purchasing organizations may become more active in our industry and increase their efforts to add our customers as members of these organizations;
- changes in eating habits of consumers;
- extreme weather conditions, including earthquake and natural disaster damage;
- our reliance on third-party suppliers;
- labor relations and cost risks and availability of qualified labor;
- volatility of fuel and other transportation costs;
- inability to adjust cost structure where one or more of our competitors successfully implement lower costs;
- we may be unable to increase our sales in the highest margin portion of our business;
- changes in pricing practices of our suppliers;
- our growth strategy may not achieve the anticipated results;
- risks relating to acquisitions, including the risk that we are not able to realize benefits of acquisitions or successfully integrate the businesses we acquire;
- environmental, health, and safety costs;
- the risk that we fail to comply with requirements imposed by applicable law or government regulations, including increased regulation of electronic cigarette and other alternative nicotine products;
- a portion of our sales volume is dependent upon the distribution of cigarettes and other tobacco products, sales of which are generally declining;
- if the products we distribute are alleged to cause injury or illness or fail to comply with governmental regulations, we may need to recall our products and may experience product liability claims;
- our reliance on technology and risks associated with disruption or delay in implementation of new technology;
- costs and risks associated with a potential cybersecurity incident or other technology disruption;
- product liability claims relating to the products we distribute and other litigation;
- adverse judgements or settlements or unexpected outcomes in legal proceedings;
- negative media exposure and other events that damage our reputation;
- decrease in earnings from amortization charges associated with acquisitions;
- impact of uncollectibility of accounts receivable;
- difficult economic conditions affecting consumer confidence;
- increase in excise taxes or reduction in credit terms by taxing jurisdictions;
- the cost and adequacy of insurance coverage and increases in the number or severity of insurance and claims expenses;
- risks relating to our outstanding indebtedness;
- our ability to raise additional capital;
-
the following risks related to the acquisition of Core-Mark:
- the possibility that the expected synergies and value creation from the acquisition will not be realized or will not be realized within the expected time period;
- the risk that unexpected costs will be incurred in connection with the integration of the acquisition or that the integration of Core-Mark will be more difficult or time consuming than expected;
- the inability to retain key personnel;
- disruption from the acquisition including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; and
- the risk that the combined company may not be able to effectively manage its expanded operations.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||
(In millions, except per share data) |
|
Three Months Ended
|
|
|
Three Months Ended
|
|
||
Net sales |
|
$ |
10,386.3 |
|
|
$ |
7,046.8 |
|
Cost of goods sold |
|
|
9,244.0 |
|
|
|
6,231.3 |
|
Gross profit |
|
|
1,142.3 |
|
|
|
815.5 |
|
Operating expenses |
|
|
1,094.1 |
|
|
|
779.7 |
|
Operating profit |
|
|
48.2 |
|
|
|
35.8 |
|
Other expense, net: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
44.0 |
|
|
|
38.8 |
|
Other, net |
|
|
(1.3 |
) |
|
|
(1.0 |
) |
Other expense, net |
|
|
42.7 |
|
|
|
37.8 |
|
Income (loss) before taxes |
|
|
5.5 |
|
|
|
(2.0 |
) |
Income tax expense (benefit) |
|
|
0.8 |
|
|
|
(1.3 |
) |
Net income (loss) |
|
$ |
4.7 |
|
|
$ |
(0.7 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
139.7 |
|
|
|
131.7 |
|
Diluted |
|
|
141.2 |
|
|
|
131.7 |
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.03 |
|
|
$ |
(0.01 |
) |
Diluted |
|
$ |
0.03 |
|
|
$ |
(0.01 |
) |
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
($ in millions) |
|
As of
|
|
|
As of
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
35.1 |
|
|
$ |
11.1 |
|
Accounts receivable, less allowances of |
|
|
2,164.9 |
|
|
|
1,580.0 |
|
Inventories, net |
|
|
2,864.0 |
|
|
|
1,839.4 |
|
Income taxes receivable |
|
|
73.1 |
|
|
|
49.6 |
|
Prepaid expenses and other current assets |
|
|
211.7 |
|
|
|
100.3 |
|
Total current assets |
|
|
5,348.8 |
|
|
|
3,580.4 |
|
|
|
|
2,220.5 |
|
|
|
1,354.7 |
|
Other intangible assets, net |
|
|
1,280.1 |
|
|
|
796.4 |
|
Property, plant and equipment, net |
|
|
1,978.5 |
|
|
|
1,589.6 |
|
Operating lease right-of-use assets |
|
|
650.8 |
|
|
|
438.7 |
|
Restricted cash and other assets |
|
|
103.0 |
|
|
|
85.9 |
|
Total assets |
|
$ |
11,581.7 |
|
|
$ |
7,845.7 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Trade accounts payable and outstanding checks in excess of deposits |
|
$ |
2,374.1 |
|
|
$ |
1,776.5 |
|
Accrued expenses and other current liabilities |
|
|
709.9 |
|
|
|
625.0 |
|
Finance lease obligations-current installments |
|
|
71.5 |
|
|
|
48.7 |
|
Operating lease obligations-current installments |
|
|
105.8 |
|
|
|
77.0 |
|
Total current liabilities |
|
|
3,261.3 |
|
|
|
2,527.2 |
|
Long-term debt |
|
|
3,669.7 |
|
|
|
2,240.5 |
|
Deferred income tax liability, net |
|
|
376.1 |
|
|
|
140.4 |
|
Finance lease obligations, excluding current installments |
|
|
355.0 |
|
|
|
255.0 |
|
Operating lease obligations, excluding current installments |
|
|
560.5 |
|
|
|
378.0 |
|
Other long-term liabilities |
|
|
235.6 |
|
|
|
198.5 |
|
Total liabilities |
|
|
8,458.2 |
|
|
|
5,739.6 |
|
Total shareholders’ equity |
|
|
3,123.5 |
|
|
|
2,106.1 |
|
Total liabilities and shareholders’ equity |
|
$ |
11,581.7 |
|
|
$ |
7,845.7 |
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
($ in millions) |
|
Three Months Ended
|
|
|
Three Months Ended
|
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
4.7 |
|
|
$ |
(0.7 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
Depreciation and intangible asset amortization |
|
|
98.7 |
|
|
|
82.1 |
|
Provision for losses on accounts receivables |
|
|
0.2 |
|
|
|
(2.0 |
) |
Change in LIFO Reserve |
|
|
11.3 |
|
|
|
(8.7 |
) |
Non-cash activities |
|
|
14.6 |
|
|
|
10.7 |
|
Changes in operating assets and liabilities, net: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(77.3 |
) |
|
|
(23.6 |
) |
Inventories |
|
|
26.1 |
|
|
|
34.2 |
|
Income taxes receivable |
|
|
0.5 |
|
|
|
(7.5 |
) |
Prepaid expenses and other assets |
|
|
10.2 |
|
|
|
(15.1 |
) |
Trade accounts payable and outstanding checks in excess of deposits |
|
|
21.2 |
|
|
|
(155.3 |
) |
Accrued expenses and other liabilities |
|
|
(78.4 |
) |
|
|
(46.1 |
) |
Net cash provided by (used in) operating activities |
|
|
31.8 |
|
|
|
(132.0 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(24.4 |
) |
|
|
(40.8 |
) |
Net cash paid for acquisitions |
|
|
(1,382.6 |
) |
|
|
— |
|
Other |
|
|
0.4 |
|
|
|
6.1 |
|
Net cash used in investing activities |
|
|
(1,406.6 |
) |
|
|
(34.7 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Net borrowings under ABL Facility |
|
|
786.9 |
|
|
|
301.0 |
|
Borrowing of Notes due 2029 |
|
|
1,000.0 |
|
|
|
— |
|
Repayment of Notes due 2024 |
|
|
(350.0 |
) |
|
|
— |
|
Cash paid for debt issuance, extinguishment and modifications |
|
|
(21.5 |
) |
|
|
— |
|
Payments under finance lease obligations |
|
|
(15.0 |
) |
|
|
(8.0 |
) |
Cash paid for acquisitions |
|
|
(0.6 |
) |
|
|
(135.6 |
) |
Proceeds from exercise of stock options and employee stock purchase plan |
|
|
1.5 |
|
|
|
10.3 |
|
Cash paid for shares withheld to cover taxes |
|
|
(6.4 |
) |
|
|
(4.2 |
) |
Other |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
Net cash provided by financing activities |
|
|
1,394.8 |
|
|
|
163.2 |
|
Net increase (decrease) in cash and restricted cash |
|
|
20.0 |
|
|
|
(3.5 |
) |
Cash and restricted cash, beginning of period |
|
|
22.2 |
|
|
|
431.8 |
|
Cash and restricted cash, end of period |
|
$ |
42.2 |
|
|
$ |
428.3 |
|
The following table provides a reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
(In millions) |
|
As of |
|
|
As of |
|
||
Cash |
|
$ |
35.1 |
|
|
$ |
11.1 |
|
Restricted cash(1) |
|
|
7.1 |
|
|
|
11.1 |
|
Total cash and restricted cash |
|
$ |
42.2 |
|
|
$ |
22.2 |
|
(1) |
Restricted cash represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims. |
Supplemental disclosures of cash flow information:
($ in millions) |
|
Three Months Ended
|
|
|
Three Months Ended
|
|
||
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
11.8 |
|
|
$ |
10.8 |
|
Income tax payments, net |
|
|
0.6 |
|
|
|
0.7 |
|
Statement Regarding Non-GAAP Financial Measures
This earnings release and the accompanying financial statement tables include several financial measures that are not calculated in accordance with GAAP, including EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Diluted EPS. Such measures are not recognized terms under GAAP, should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP, and are not indicative of net income as determined under GAAP. EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Diluted EPS and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate PFG’s liquidity or financial performance. EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Diluted EPS, as presented, may not be comparable to similarly titled measures of other companies because of varying methods of calculation.
Management measures operating performance based on PFG’s EBITDA, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization.
PFG believes that the presentation of EBITDA enhances an investor’s understanding of PFG’s performance. PFG believes this measure is a useful metric to assess PFG’s operating performance from period to period by excluding certain items that PFG believes are not representative of PFG’s core business. PFG also uses this measure to evaluate the performance of its segments and for business planning purposes.
In addition, management uses Adjusted EBITDA, defined as net income before interest expense, interest income, income and franchise taxes, and depreciation and amortization, further adjusted to exclude certain items we do not consider part of our core operating results. Such adjustments include certain unusual, non-cash, non-recurring, cost reduction and other adjustment items permitted in calculating covenant compliance under the PFG’s credit agreement and indenture (other than certain pro forma adjustments permitted under our credit agreement and indenture relating to the Adjusted EBITDA contribution of acquired entities or businesses prior to the acquisition date). Under PFG’s credit agreement and indenture, PFG’s ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments, and making restricted payments is tied to ratios based on Adjusted EBITDA (as defined in the credit agreement and indenture).
Management also uses Adjusted Diluted EPS, which is calculated by adjusting the most directly comparable GAAP financial measure by excluding the same items excluded in PFG’s calculation of Adjusted EBITDA, as well as amortization of intangible assets, to the extent that each such item was included in the applicable GAAP financial measure. For business combinations, the Company generally allocates a portion of the purchase price to intangible assets and such intangible assets contribute to revenue generation. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization over the useful lives of the intangible assets. The amount of the purchase price from an acquisition allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition, and thus the Company does not believe it is reflective of ongoing operations. Intangible asset amortization excluded from Adjusted Diluted EPS represents the entire amount recorded within the Company’s GAAP financial statements and the revenue generated by the associated intangible assets has not been excluded from Adjusted Diluted EPS. Intangible asset amortization is excluded from Adjusted Diluted EPS because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired, or the estimated useful life of an intangible asset is revised.
Management also uses Free Cash Flow, which is defined as net cash provided by operating activities less capital expenditures (purchases of property, plant and equipment). PFG also believes that the presentation of Free Cash Flow enhances an investor’s understanding of PFG’s ability to make strategic investments and manage debt levels.
PFG believes that the presentation of Adjusted EBITDA, Free Cash Flow and Adjusted Diluted EPS is useful to investors because these metrics provide insight into underlying business trends and year-over-year results and are frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in PFG’s industry.
The following tables include a reconciliation of non-GAAP financial measures to the applicable most comparable GAAP financial measures.
|
||||||||||||||||
Non-GAAP Reconciliation (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||
($ in millions, except share and per share data) |
|
|
|
|
|
|
|
Change |
|
|
% |
|
||||
Net income (loss) (GAAP) |
|
$ |
4.7 |
|
|
$ |
(0.7 |
) |
|
$ |
5.4 |
|
|
|
771.4 |
|
Interest expense, net (A) |
|
|
44.0 |
|
|
|
38.8 |
|
|
|
5.2 |
|
|
|
13.4 |
|
Income tax expense (benefit) |
|
|
0.8 |
|
|
|
(1.3 |
) |
|
|
2.1 |
|
|
|
161.5 |
|
Depreciation |
|
|
57.0 |
|
|
|
52.8 |
|
|
|
4.2 |
|
|
|
8.0 |
|
Amortization of intangible assets |
|
|
41.7 |
|
|
|
29.3 |
|
|
|
12.4 |
|
|
|
42.3 |
|
EBITDA (Non-GAAP) |
|
|
148.2 |
|
|
|
118.9 |
|
|
|
29.3 |
|
|
|
24.6 |
|
Non-cash items (B) |
|
|
(0.3 |
) |
|
|
11.0 |
|
|
|
(11.3 |
) |
|
|
(102.7 |
) |
Acquisition, integration & reorganization charges (C) |
|
|
32.8 |
|
|
|
4.5 |
|
|
|
28.3 |
|
|
|
628.9 |
|
Productivity initiatives and other adjustment items (D) |
|
|
3.0 |
|
|
|
0.8 |
|
|
|
2.2 |
|
|
|
275.0 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
183.7 |
|
|
$ |
135.2 |
|
|
$ |
48.5 |
|
|
|
35.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (GAAP) |
|
$ |
0.03 |
|
|
$ |
(0.01 |
) |
|
$ |
0.04 |
|
|
|
400.0 |
|
Impact of amortization of intangible assets |
|
|
0.30 |
|
|
|
0.22 |
|
|
|
0.08 |
|
|
|
36.4 |
|
Impact of non-cash items |
|
|
— |
|
|
|
0.08 |
|
|
|
(0.08 |
) |
|
|
(100.0 |
) |
Impact of acquisition, integration & reorganization charges |
|
|
0.23 |
|
|
|
0.04 |
|
|
|
0.19 |
|
|
|
475.0 |
|
Impact of productivity initiatives and other adjustment items |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
100.0 |
|
Tax impact of above adjustments |
|
|
(0.15 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
|
(66.7 |
) |
Adjusted Diluted Earnings per Share (Non-GAAP) |
|
$ |
0.43 |
|
|
$ |
0.25 |
|
|
$ |
0.18 |
|
|
|
(72.0 |
) |
| A. |
Includes a |
|
| B. |
Includes adjustments for non-cash charges arising from stock-based compensation and gain/loss on disposal of assets. Stock-based compensation expense was |
|
| C. | Includes professional fees and other costs related to completed and abandoned acquisitions, costs of integrating certain of our facilities, and facility closing costs. |
|
| D. | Consists primarily of amounts related to fuel collar derivatives, certain financing transactions, lease amendments, legal settlements, franchise tax expense, insurance proceeds, and other adjustments permitted by our ABL Facility. |
(In millions) |
|
Three Months Ended
|
|
|
Three Months Ended
|
|
||
Net cash provided by operating activities (GAAP) |
|
$ |
31.8 |
|
|
$ |
(132.0 |
) |
Purchases of property, plant and equipment |
|
|
(24.4 |
) |
|
|
(40.8 |
) |
Free cash flow (Non-GAAP) |
|
$ |
7.4 |
|
|
$ |
(172.8 |
) |
Segment Results
The Company has two reportable segments: Foodservice and Vistar. Management evaluates the performance of these segments based on their respective sales growth and EBITDA. Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of our internal logistics unit responsible for managing and allocating inbound logistics revenue and expense.
The following tables set forth net sales and EBITDA by segment for the periods indicated (dollars in millions):
|
|
Three Months Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
Change |
|
|
% |
|
||||
Foodservice |
|
$ |
6,362.0 |
|
|
$ |
5,036.4 |
|
|
$ |
1,325.6 |
|
|
|
26.3 |
|
Vistar |
|
|
4,021.5 |
|
|
|
2,006.3 |
|
|
|
2,015.2 |
|
|
|
100.4 |
|
Corporate & All Other |
|
|
116.8 |
|
|
|
100.9 |
|
|
|
15.9 |
|
|
|
15.8 |
|
Intersegment Eliminations |
|
|
(114.0 |
) |
|
|
(96.8 |
) |
|
|
(17.2 |
) |
|
|
(17.8 |
) |
Total net sales |
|
$ |
10,386.3 |
|
|
$ |
7,046.8 |
|
|
$ |
3,339.5 |
|
|
|
47.4 |
|
EBITDA
|
|
Three Months Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
Change |
|
|
% |
|
||||
Foodservice |
|
$ |
159.9 |
|
|
$ |
156.2 |
|
|
$ |
3.7 |
|
|
|
2.4 |
|
Vistar |
|
|
68.4 |
|
|
|
11.7 |
|
|
|
56.7 |
|
|
|
484.6 |
|
Corporate & All Other |
|
|
(80.1 |
) |
|
|
(49.0 |
) |
|
|
(31.1 |
) |
|
|
(63.5 |
) |
Total EBITDA |
|
$ |
148.2 |
|
|
$ |
118.9 |
|
|
$ |
29.3 |
|
|
|
24.6 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110005479/en/
Investors:
VP, Investor Relations
(804) 287-8108
Bill.Marshall@pfgc.com
Media:
Director, Communications & Engagement
(804) 285-5390
mediarelations@pfgc.com
Source:
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