US Foods Holding Corp. (NYSE:USFD) Q2 2018 Earnings Conference Call Transcript
Jul 30, 2018 • 08:30 am ET
Good morning, everyone. My name is Jean, and I will be your conference operator today. At this time, I would like to welcome everyone to the US Foods Update Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. (Operator Instructions).
Ms. Melissa Napier, you may begin your conference.
Thanks, Jean, and good morning, everyone. Welcome to our conference call. Today, we're excited to announce US Foods agreement to acquire SGA's Food Group of companies as well as present our second quarter 2018 earnings results. Joining me today are Pietro Satriano, our CEO; and Dirk Locascio, our CFO. Pietro and Dirk will first discuss the transaction, following will be discussion of our second quarter fiscal '18 results. And then following those remarks, Pietro and Dirk will take your questions. As noted in our press release, today's call will take the place of our previously announced earnings call scheduled for August 7.
During today's call, and unless otherwise stated, we are comparing our second quarter results to the same period in fiscal year 2017. Our earnings release issued earlier this morning, as well as our acquisition announcement and today's presentation slides, can be accessed on the Investor Relations page of our website.
(Forward-Looking Cautionary Statements)
Lastly, I'd like to point out that during today's call, we will refer to certain non-GAAP financial measures. All reconciliations to the most comparable GAAP financial measures are included in the schedule on our earnings press release.
Thanks again for accommodating the time change, and I'll now turn the call over to Pietro.
Thank you, Melissa. Good morning, everyone, and thanks for joining us on a short notice. I'm actually here in Scottsdale, Arizona, home to the corporate headquarters of the SGA Food Group. I'm thrilled to talk about the exciting combination of US Foods and the SGA Food Group. Today's announcement builds on the strong foundation we've established at US Foods and is clearly aligned with the growth strategy that we have put in place. SGA Foods Group is one of the most well regarded regional distributors and it will strengthen our collective position as a world-class food service company, ultimately enabling us to provide our customer with even better products, service and expanded capabilities in order to deliver accelerated growth and value to our shareholders.
Let me start on Page 2 by summarizing why SGA Food Group is an absolutely ideal fit for us. With a complementary geographic footprint and capability, SGA Food Group enables us to significantly enhance our position across the attractive and growing Northwest region as well as adding to our presence in the West. Our strategic priorities are aligned, with a similar focus on independent restaurants, leading technology and private brand. Given our common customer-centric culture, this combination will provide us with the opportunity to leverage our respective best practices in order to become an even better company from a financial perspective. The transaction is expected to be