US Foods (USFD) Investor Day 2024 summary

Strategic transformation and leadership

• Pursuing a transformation with a seasoned leadership team, customer-centric solutions, operational excellence, and strong execution, supported by a simplified four-pillar strategy: culture, service, growth, and profitability.

• Flattened and decentralized organization structure, aligning sales with operations and increasing field leadership to drive accountability, customer proximity, and faster decision-making.

• Leveraging digital technologies, differentiated offerings, and team-based selling to accelerate market position and maintain leadership in a fragmented, resilient industry.

• Targeting independent restaurants, healthcare, and hospitality as key growth segments, aiming to outpace market growth by 1.5x-2.5x through 2027.

• Completed three accretive tuck-in acquisitions since 2023 to support growth.

Market position and growth opportunities

• Operates in a $359B+ foodservice market, serving ~250,000 customers with a leading national scale.

• Consumer spending trends favor food away from home, supporting long-term demand.

• Focused on expanding share in fragmented markets through digital innovation and team-based selling.

Operational and digital excellence

• Achieved record adjusted EBITDA of $1.56 billion and expanded margins by 53 basis points in 2023, driven by productivity and $110 million in cost of goods sold improvements.

• Achieved >5% supply chain productivity improvement and >10pp driver retention increase in 2023.

• MOXē digital platform now processes 84% of business, driving higher retention, 1.5 extra cases per order, and reducing seller workload by 30%.

• Investing in semi-automation, advanced analytics, and AI to drive 3–5% annual productivity gains and $100 million in additional working capital removal by 2027.

• Digital business is more profitable (+15%) and stickier (+4–5% lower churn) than non-digital.