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What does Performance Food do and what are its main business segments?

- **Revenue & Profit Growth**: 10.8% net sales and 16.6% EBITDA expansion, driven by Foodservice (18.8% sales), Convenience (3.5% growth), and Specialty (13% EBITDA)
- **Key Wins**: Love's Travel Stops/RaceTrac onboarding, 6.3% organic independent case growth, and 5.8% new customer wins
- **Inflation Management**: 2.5% Foodservice inflation offset by margin expansion; 6.8% Convenience inflation neutralized by volume
- **Guidance Update**: Full-year sales raised to $67.5-$68.5 billion, reflecting new business and operational efficiency
- **M&A Focus**: Active pipeline with potential Foodservice and Convenience acquisitions

**【CEO Summary Section】**
- PFGC reported strong Q1 2026 results with 10.8% net sales growth and 16.6% adjusted EBITDA expansion, driven by growth across all three segments.
- Independent restaurant case volume in Foodservice grew 6.3% organically, fueled by new customer wins and penetration.
- Convenience segment saw 3.5% sales growth, with Core-Mark outperforming the industry and onboarding major accounts like Love's Travel Stops and RaceTrac.
- Specialty segment achieved 13% adjusted EBITDA growth despite a challenging industry backdrop, driven by efficiency improvements and new business pipeline.

**【CFO Financial Commentary】**
- Total net sales: $16.4 billion (10.8% YoY growth)
- Adjusted EBITDA: $480.1 million (16.6% YoY growth)
- Cost inflation: 4.4% overall, with Foodservice at 2.5%, Specialty at 3.8%, and Convenience at 6.8%
- Guidance updated: Full-year net sales $67.5-$68.5 billion (up $500 million) and EBITDA $1.9-$2.0 billion
- Capital expenditures: $79 million (70 basis points of net revenue)
- Tax rate: 23% for Q1, expected to remain stable

**【Q&A Highlights】**
- **Independent Case Growth**: Q1 growth of 6.3% organically, with confidence in 6%+ annual target despite near-term volatility
- **Salesforce Hiring**: 6% YoY increase, within 6-8% target range, supported by commission structure and retention programs
- **Convenience Expansion**: Core-Mark's 6.8% inflation offset by volume growth, with Love's/RaceTrac wins contributing to 2026 growth
- **Inflation Management**: Low-single-digit Foodservice inflation (2.5%) offset by procurement efficiencies; Specialty inflation (3.8%) driven by candy prices
- **M&A Pipeline**: Robust pipeline, with focus on Foodservice and high-return projects
- **ROIC Improvement**: Expected through EBITDA growth and capital discipline

Performance Food Group Company (PFGC) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PFGC

PFGC fundamentals

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