US Foods Holding Corp. (USFD) Morgan Stanley Global Consumer & Retail Conference 2025 December 2, 2025 1:30 PM EST
Company Participants
David Flitman – CEO & Director
Dirk Locascio – Executive VP & CFO
Conference Call Participants
Brian Harbour – Morgan Stanley, Research Division
Presentation
Brian Harbour
Morgan Stanley, Research Division
Hi, everyone. Thank you for being here. I’m Brian Harbour, cover restaurants and food distributors, at Morgan Stanley. Real quickly for important disclosures, please see morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. And now we’re going to talk US Foods. Dave Flitman, CEO; Dirk Locascio, CFO. Thank you guys for being here. Much appreciate it.
David Flitman
CEO & Director
Thank you, Brian.
Question-and-Answer Session
Brian Harbour
Morgan Stanley, Research Division
Maybe just let’s begin real quick. Last week, so you said you were no longer going to pursue a transaction with PFGC. Maybe make some comments just on the drivers behind that. You did reaffirm, of course, all short-term, long-term guidance, but how does this affect any aspect of your strategy or your market approach going forward?
David Flitman
CEO & Director
Well, first of all, it doesn’t affect it in any way. And this was a distinct and separate piece of work. We wanted to take a look at it to see if there was industrial logic there, and if it made sense in any way. And there was really 3 key components to why we wanted to take a look and it had to do with potential synergies. Obviously, regulatory was a consideration. And importantly, from the beginning, this had to make sense for our shareholders. And what you saw last week was the culmination of that. What I will tell you is we had a point of view going into those discussions around synergies, and that was affirmed through the process.
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