US Foods Holding (USFD) Q1 FY2024 earnings: revenue $8.9 billion, up 4.8% on the year

US Foods Holding Corp. (USFD) reported revenue of $8.9 billion for Q1 FY2024, the quarter ended 30 March 2024, up 4.8% on the same quarter a year earlier. Net income was $82 million, unchanged on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$8.9 billionup 4.8%

Net income$82 millionunchanged

Diluted EPS$0.33

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	8,949	8,936	n/a	n/a
Cost of revenue	7,454	7,346	n/a	n/a
Gross profit	1,495	1,590	n/a	n/a
Gross margin	16.7%	17.8%	n/a
Selling, general and administrative	1,317	1,298	n/a	n/a
Operating income	165	278	n/a	n/a
Operating margin	1.8%	3.1%	n/a
Interest expense	79.0	80.0	n/a	n/a
Pre-tax income	87.0	200	n/a	n/a
Income tax	5.0	53.0	n/a	n/a
Effective tax rate	5.7%	26.5%	n/a
Net income	82.0	147	n/a	n/a
Net margin	0.9%	1.6%	n/a
Diluted EPS	$0.33	$0.59	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	139	205	n/a	n/a
Capital expenditure	87.0	142	n/a	n/a
Free cash flow	52.0	63.0	n/a	n/a
Free cash flow margin	0.6%	0.7%	n/a
Cash from investing	-86.0	-194	n/a	n/a
Cash from financing	-55.0	-88.0	n/a	n/a
Depreciation and amortisation	105	105	n/a	n/a
Share-based compensation	15.0	13.0	n/a	n/a
Buybacks	13.0	65.0	n/a	n/a
Diluted shares, weighted	248m	248m	n/a	n/a
Shares outstanding at period end	246m	253m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	4,825	4,749	n/a	n/a
Debt	4,585	4,564	n/a	n/a
Operating lease liabilities	n/a	265	n/a	n/a
Finance lease liabilities	n/a	367	n/a	n/a
Other liabilities	3,980	3,242	n/a	n/a
Total liabilities and equity	13,390	13,187	n/a	n/a
Fixed assets	2,303	2,280	n/a	n/a
Goodwill	5,697	5,697	n/a	n/a
Intangible assets	796	803	n/a	n/a
Cash and equivalents	267	269	n/a	n/a
Receivables	1,966	1,854	n/a	n/a
Inventory	1,620	1,600	n/a	n/a
Other assets	741	684	n/a	n/a
Total assets	13,390	13,187	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	9,106	8,936	8,949	9,709	9,728	9,491	9,351	10,082	10,191	9,800	9,610	10,532
Cost of revenue	7,564	7,346	7,454	8,003	8,061	7,825	7,737	8,305	8,438	8,080	7,957	8,613
Gross profit	1,542	1,590	1,495	1,706	1,667	1,666	1,614	1,777	1,753	1,720	1,653	1,919
Gross margin	17%	18%	17%	18%	17%	18%	17%	18%	17%	18%	17%	18%
SG&A	1,312	1,298	1,317	1,354	1,379	1,362	1,385	1,403	1,458	1,386	1,429	1,477
Operating income	230	278	165	353	279	302	224	372	282	321	216	443
Operating margin	3%	3%	2%	4%	3%	3%	2%	4%	3%	3%	2%	4%
Interest expense	81.0	80.0	79.0	81.0	75.0	80.0	77.0	74.0	76.0	78.0	75.0	77.0
Pre-tax income	129	200	87.0	269	201	87.0	148	300	206	244	142	369
Tax rate	26%	26%	6%	26%	26%	24%	22%	25%	26%	25%	18%	25%
Net income	95.0	147	82.0	198	148	66.0	115	224	153	184	116	275
Net margin	1%	2%	1%	2%	2%	1%	1%	2%	2%	2%	1%	3%
Diluted EPS	$0.38	$0.59	$0.33	$0.80	$0.61	$0.28	$0.49	$0.96	$0.67	$0.82	$0.52	$1.24
Operating cash flow	282	205	139	482	270	283	391	334	351	293	294	431
Capital expenditure	59.0	142	87.0	69.0	80.0	105	84.0	77.0	115	134	98.0	76.0
Free cash flow	223	63.0	52.0	413	190	178	307	257	236	159	196	355
Buybacks	29.0	65.0	13.0	41.0	574	320	23.0	247	332	324	75.0	370
Shares outstanding	246m	253m	246m	246m	235m	230m	231m	228m	225m	220m	220m	216m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 9 May 2024, accession 0001665918-24-000101: the filing on EDGAR. All of US Foods Holding Corp.'s filings: EDGAR company page.

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