Performance Food Group Company (NYSE:PFGC) Q3 2022 Earnings Conference Call May 11, 2022 9:00 AM ET

Company Participants

George L. Holm – Chairman and Chief Executive Officer

James Hope – Executive Vice President and Chief Financial Officer

Bill Marshall – Vice President of Investor Relations

Conference Call Participants

Alex Slagle – Jefferies Financial Group Inc.

Jake Bartlett – Truist Securities

John Heinbockel – Guggenheim Partners

Edward Kelly – Wells Fargo & Company

Mark Carden – UBS Securities

John Glass – Morgan Stanley

Kelly Bania – BMO Capital Markets

Lauren Silberman – Credit Suisse Group

Andrew P. Wolf – CL King & Associates

Mary Ann Dickson – Bank of America Merrill Lynch International Limited

Joshua Long – Piper Sandler Companies

Jeffrey Bernstein – Barclays

Operator

Good day, and welcome to PFG's Fiscal Year Q3 2022 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to Bill Marshall, Vice President of Investor Relations for PFG. Please go ahead, sir.

Bill Marshall

Thank you and good morning. We're here with George L. Holm, PFG's CEO and James Hope, PFG's CFO. We issued a press release regarding our 2022 fiscal third quarter in first nine months results this morning, which can be found in the Investor Relations section of our website at pfgc.com. During our call today, unless otherwise stated, we are comparing results to the same period in our 2021 fiscal third quarter. The results discussed on this call will include GAAP and non-GAAP results adjusted for certain items.

The reconciliation of these non-GAAP measures to the corresponding GAAP measures can be found at the back of the earnings release. Our remarks on this call, and in the earnings release contain forward-looking statements and projections of future results. Please review the cautionary forward-looking statements section in today's earnings release in our SEC filings for various factors that could cause our actual results to differ materially from our forward-looking statements and projections. Now, I'd like to turn the call over to George.

George L. Holm

Thanks, Bill. Good morning, everyone, and thank you for joining our call today. I'm pleased to speak with you this morning to share another stellar quarter for PFG, as business results across our organization continue to outpace our expectations. Our fiscal third quarter results were once again boosted by success in the independent restaurant channel, steady business wins in the convenience space and consistent improvement in Vistar 's channels. We're also pleased with the notable improvement of business experience in cost of labor due to declining temporary headcount. Our journey to become a unique leader across a variety of channels and product offerings continues.