On this page of StockholderLetter.com we present the 10/10/2023 shareholder letter from Performance Food Group Co — ticker symbol PFGC. Reading current and past PFGC letters to shareholders can bring important insights into the investment thesis.

 •  10/10/2023 Letter Continued (Full PDF)
 •  10/10/2024 PFGC Stockholder Letter
 •  10/10/2025 PFGC Stockholder Letter
 •  More "Grocery & Drug Stores" Category Stockholder Letters
 •  PFGC Benford's Law Stock Score = 55

PFGC 10/10/2023 Shareholder/Stockholder Letter Transcript:

2023
ANNUAL
REPORT

TO OUR STOCKHOLDERS
We see a bright future for our Convenience
segment and believe we are uniquely positioned
to offer a full range of products and services to
the U.S. convenience operator.
ESG PROGRESS
During fiscal 2023, PFG also made progress
on our Environmental, Social and Governance
(   ESG   ) initiatives. We published our third
annual ESG report, which highlighted the
progress we   ve made on a range of metrics.
Our company remains focused on reaching key
goals around energy efficiency, greenhouse gas
emissions, waste management and responsible
sourcing. Our leadership recognizes the
importance of these initiatives and is committed
to integrating our ESG efforts across our
business. Our ESG performance is embedded
into the fabric of our company and will help
guide us as we deliver exceptional service and
value to our customers. Our fiscal 2023 financial
results included:
GEORGE L. HOLM
Our organization had another excellent year
in fiscal 2023, with strong execution across
our business units and solid top- and bottomline growth contributing to our strong financial
position. We made significant strides during the
fiscal year as the macro-economic environment
continued to recover, which allowed us to grow
our business while improving upon our efficiency
and generating record cash flow.
All three of our operating segments contributed
to the results, with rapid growth in some of our
most profitable businesses. In Foodservice, this
was reflected in 6.2% organic case growth in
our Independent Restaurant business. This growth
accelerated in the back half of the fiscal year,
setting our company up for what we expect
will be a great fiscal 2024. We also had great
success with our company-owned brands, which
in fiscal 2023 represented approximately 52%
of total Independent Restaurant sales     a record
for our company.
n
n
n
n
n
n
Total case volume growth of 6%
Net sales increased 13% to $57.3 billion
Gross profit improved 19% to $6.3 billion
Net income of $397.2 million
Adjusted EBITDA increased 34% to
$1.4 billion1
Diluted earnings per share (   EPS   ) of $2.54
EXECUTING OUR STRATEGIC PRIORITIES
Our business is focused on three key strategic
priorities that guide how our organization
executes every day: 1) consistent, profitable
top-line growth, 2) Adjusted EBITDA profit
margin expansion and 3) leverage reduction.
I am pleased to report that we made great
progress in all three areas during fiscal 2023.
Our revenue, which increased 13% in the fiscal
year, was the result of strong sales growth
across our business segments and was achieved
despite lower inflation as we exited the fiscal
year. This is a testament to our company   s ability
to drive case growth by adding business in key
accounts, gaining market share and expanding
into new lines of business. We have invested
behind technology and resources to support
our 35,000+ associates to help make their work
more efficient. We have introduced our new
Vistar improved through the fiscal year, as that
business continued to push into new lines of
business while growing the legacy channels.
As a result, Vistar experienced 23.6% revenue
growth for the fiscal year. Vistar remains an
important piece of our profit growth and margin
expansion.
Finally, our Convenience business has
progressed ahead of our original expectations,
with double-digit sales growth of food and
foodservice into the convenience store channel.
This growth was produced by a combination
of new business and organic same-store sales
growth. We are very pleased with the integration
of the Core-Mark organization, which has fit
nicely into our overall corporate structure.
online ordering platform, Customer First, to the
marketplace. We believe this new tool will make
our team more efficient and produce increased
cross-selling revenue opportunities across all
three business segments.
Our growth is focused on highly profitable
channels, which is one of the key drivers for our
second goal     Adjusted EBITDA profit margin
expansion. During the fiscal year, we built
upon profitable revenue growth by being more
efficient as an organization and disciplined
on our cost line. The result was 34% Adjusted
EBITDA growth, representing 38 bps of Adjusted
EBITDA profit margin expansion improvement
over fiscal 2022.
This strong bottom-line result produced $832
million of operating cash flow during the fiscal
year. Our strong cash flow profile enabled
us to make significant investments to support
our business, including increased capacity to
support long-term growth.
We were also able to reduce our leverage
during the fiscal year, the third pillar of our
strategy. At the end of fiscal 2023, our net debt
to Adjusted EBITDA ratio was 2.9x, which is just
below the mid-point of our 2.5x to 3.5x target
range. I am incredibly pleased with the progress
our team has made on our financial position.
Our strong balance sheet allowed our company
to take advantage of the $300 million share
repurchase program authorized by our board
of directors last fall. During fiscal 2023, PFG
repurchased $11.2 million of our stock.
I am proud of how our organization finished the
fiscal year on a high note and excited for the
year ahead. I am grateful to all of our associates
who have worked hard to help make PFG a true
leader in our industry.
Best regards,
George L. Holm
Chairman of the Board of Directors
and Chief Executive Officer
October 10, 2023
0.2%
ADJUSTED EBITDA*
CAGR = 26.2%
in $ millions
2018
2019
2020
NET SALES
$427
    Foodservice
    Vistar
    Convenience
    Other
$476
$406
2021
2022
2023
$625
42.1%
TOTAL
$57.3 BILLION
$1,020
$1,363
7.9%
For a reconciliation of non-GAAP to GAAP measures, see the Appendix.
* Fiscal 2021 includes a 53rd week.
1
49.8%

UNITED
STATES
UNITED
STATES
UNITED
STATES
UNITED
STATESCOMMISSION
SECURITIES
AND
EXCHANGE
SECURITIES
AND
EXCHANGE
COMMISSION
SECURITIES
AND
EXCHANGE
COMMISSION
Washington,
D.C.
20549
SECURITIES AND
EXCHANGE
COMMISSION
Washington,
D.C.
20549
Washington, D.C. 20549
Washington,
Washington, D.C.
D.C. 20549
20549
(Mark One)
(Mark One)
(Mark
One)
(Mark
(Mark One)
One)






Form
10-K
Form
10-K
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Form 10-K
10-K
ANNUAL
REPORT
PURSUANT
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ANNUAL
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ANNUAL
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ANNUAL
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PURSUANT
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OR
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OF
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SECURITIES
ACT
OF
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
EXCHANGE
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OF
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ACT
OF
1934
For the fiscal year ended July 1, 2023
ACT
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For the fiscal year ended July 1, 2023
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2023
TRANSITION
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EXCHANGE ACT
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File Number
Number 001-37578
001-37578
Performance
Food Group
Company
Performance
Performance Food
Food Group
Group Company
Company
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
(Exact
name of
registrant as
specified in
its charter)
(Exact
(Exact name
name of
of registrant
registrant as
as specified
specified in
in its
its charter)
charter)
Delaware
43-1983182
Delaware
43-1983182
Delaware
43-1983182
(State or other
jurisdiction of
(IRS
Employer
Delaware
43-1983182
(State or other
jurisdiction of
(IRS
Employer
Delaware
43-1983182
incorporation
or
organization)
Identification
No.)
(State
or
other
jurisdiction
of
(IRS
Employer
(State or
or other
otherorjurisdiction
jurisdiction
of
(IRS
Employer
incorporation
organization)
Identification
No.)
(State
of
(IRS
Employer
incorporation
or
organization)
Identification
No.)
incorporation
or
organization)
Identification
No.)
12500 West Creek
Parkway
incorporation
or
organization)
Identification
No.)
12500 West Creek Parkway
Richmond,
Virginia
23238
(804)
484-7700
12500
West
Creek
Parkway
12500
West Creek
Creek
Parkway
Richmond,
Virginia
23238
(804) 484-7700
12500
West
Parkway
Richmond,
Virginia
23238
(804)
484-7700
(Address of principal
executive
offices,
including zip code)
(Registrant   s telephone
number,
including area code)
Richmond,
Virginia
23238
(804)
484-7700
(Address of principal
executive
offices,
including zip code)
(Registrant   s telephone
area code)
Richmond,
Virginia
23238
(804)number,
484-7700including
(Address
of principal
executive
offices,
including zip
code)
(Registrant   s
telephone
number,
including
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(Registrant   s
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Securities
registered
pursuant to Section 12(b)
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principal executive
executive offices,
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(Registrant   s
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pursuant to Section 12(b) of the Act:
Securities
registered
Securities
registered
pursuant
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Section
12(b)
of
the
Act:
Securities
registered
pursuant
to
Section
12(b)
of
the
Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Securities
registered
pursuant
to
Section
12(b)
of
the
Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Title
of
class
Trading
Symbol(s)
Name
each
exchange
which
Common
Stock,
$0.01
par value
PFGC
Stockon
Title
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each
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Name of
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New
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Title
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Name
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Common
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$0.01
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PFGC
New
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Stock, $0.01
$0.01 par
par value
value
PFGC
New York
York Stock
Stock Exchange
Exchange
Securities registeredPFGC
pursuant to Section 12(g) of the Act: None New
Common
York
Stock
Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Securities
Securities registered
registered pursuant
pursuant to
to Section
Section 12(g)
12(g) of
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the Act:
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None
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Section
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Indicate by check mark if the registrant is aSecurities
well-known
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those
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check
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Indicate
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At
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Portions of the Registrant   s definitive proxy statement
to
be
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Exchange
Commission
pursuant
to Schedule 14A relating to the
DOCUMENTS
INCORPORATED
BYExchange
REFERENCE
Portions of the Registrant   s definitive proxy statement
to be filedINCORPORATED
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Commission pursuant to Schedule 14A relating to the
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Annual
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and
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Part
III
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Form
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Exchange
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Registrant   s fiscal
fiscal year
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July 1,
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2023.
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Registrant   s fiscal year ended July 1, 2023.
PFG 10K 2023 092523.indd 1
9/25/23 4:12 PM

TABLE OF CONTENTS
Page
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS .......................................................................................
1
PART I...................................................................................................................................................................................................
3
Item 1.
Business ...............................................................................................................................................................
3
Item 1A.
Risk Factors .........................................................................................................................................................
8
Item 1B.
Unresolved Staff Comments ................................................................................................................................
18
Item 2.
Properties .............................................................................................................................................................
19
Item 3.
Legal Proceedings ................................................................................................................................................
20
Item 4.
Mine Safety Disclosures ......................................................................................................................................
20
PART II .................................................................................................................................................................................................
21
Item 5.
Market for Registrant   s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

21
Item 6.
[Reserved] ............................................................................................................................................................
22
Item 7.
Management   s Discussion and Analysis of Financial Condition and Results of Operations ..............................
23
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk .............................................................................
36
Item 8.
Financial Statements and Supplementary Data....................................................................................................
38
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure .............................
80
Item 9A.
Controls and Procedures ......................................................................................................................................
80
Item 9B.
Other Information ................................................................................................................................................
81
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections .................................................................
81
PART III ................................................................................................................................................................................................
82
Item 10.
Directors, Executive Officers and Corporate Governance ..................................................................................
82
Item 11.
Executive Compensation .....................................................................................................................................
82
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...........
82
Item 13.
Certain Relationships and Related Transactions, and Director Independence ....................................................
82
Item 14.
Principal Accountant Fees and Services ..............................................................................................................
82
PART IV ................................................................................................................................................................................................
83
Item 15.
Exhibits and Financial Statement Schedules .......................................................................................................
83
Item 16.
Form 10-K Summary ...........................................................................................................................................
83
SIGNATURES ......................................................................................................................................................................................
PFG 10K 2023 092523.indd 2
88
9/25/23 4:01 PM

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical information, this Annual Report on Form 10-K (this    Form 10-K   ) may contain    forward-looking
statements    within the meaning of Section 27A of the Securities Act of 1933, as amended (the    Securities Act   ), and Section 21E of
the Securities Exchange Act of 1934, as amended (the    Exchange Act   ), which are subject to the    safe harbor    created by those
sections. All statements, other than statements of historical facts included in this Form 10-K, including statements concerning our
plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position, our
business outlook, business trends and other information, are forward-looking statements. Words such as    estimates,       expects,   
   contemplates,       will,       anticipates,       projects,       plans,       intends,       believes,       forecasts,       may,       should    and variations of such
words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical
facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by
their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in
good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management   s expectations,
beliefs, estimates and projections will result or be achieved, and actual results may vary materially from what is expressed in or
indicated by the forward-looking statements.
There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause
our actual results to differ materially from the forward-looking statements contained in this Form 10-K. Such risks, uncertainties and
other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth
under Part I, Item 1A. Risk Factors in this Form 10-K (   Item 1A   ), as such risk factors may be updated from time to time in our
periodic filings with the Securities and Exchange Commission (the    SEC   ), and are accessible on the SEC   s website at www.sec.gov,
and also include the following:

economic factors, including inflation or other adverse changes such as a downturn in economic conditions or a public
health crisis, negatively affecting consumer confidence and discretionary spending;

our reliance on third-party suppliers;

labor relations and cost risks and availability of qualified labor;

costs and risks associated with a potential cybersecurity incident or other technology disruption;

our reliance on technology and risks associated with disruption or delay in implementation of new technology;

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 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 hurricane, earthquake and natural disaster damage;

volatility of fuel and other transportation costs;

our inability to adjust cost structure where one or more of our competitors successfully implement lower costs;

our inability 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, including compliance with current and future environmental laws and regulations
relating to carbon emissions and climate change and related legal or market measures;
1
1
PFG 10K 2023 092523.indd 1
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 10/10/2023 Letter Continued (Full PDF)