Performance Food Group Company (NYSE:PFGC) Q4 2023 Earnings Call Transcript August 16, 2023 9:00 AM ET

Company Participants

Bill Marshall - Vice President-Investor Relations

George Holm - Chief Executive Officer

Patrick Hatcher - Chief Financial Officer

Conference Call Participants

Edward Kelly - Wells Fargo

John Heinbockel - Guggenheim Securities

Joshua Long - Stephens, Inc.

Brian Harbour - Morgan Stanley

Alex Slagle - Jefferies

Mark Carden - UBS

Kelly Bania - BMO Capital Markets

Andrew Wolf - C.L. King

Jake Bartlett - Truist Securities

Carla Casella - JP Morgan

Jeffrey Bernstein - Barclays

Operator

Good day and welcome to PFG's Fiscal Year Q4 2023 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Bill Marshall, Vice President, Investor Relations for PFG. Please go ahead, sir.

Bill Marshall

Thank you and good morning. We're here with George Holm, PFG's CEO; and Patrick Hatcher, PFG's CFO. We issued a press release this morning regarding our 2023 fiscal fourth quarter and full-year results, which can be found in the Investor Relations section of our website at pfgc.com.

During our call today, unless otherwise stated, we're comparing results to the result in the same period in fiscal 2022. 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 in the back of the earnings release.

As a reminder, in the fiscal first quarter of 2023, we updated our segment reporting metrics to adjusted EBITDA from the prior EBITDA metric. Accordingly, the segment results for the fourth fiscal quarter of 2022 have been restated to reflect this change.

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 and 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 Holm

Thanks, Bill. Good morning, everyone, and thank you for joining our call today. PFG had an outstanding fiscal 2023 and we are proud with what we were able to accomplish. More importantly, we are just as excited about the upcoming fiscal year, which we believe will include additional growth opportunities and continued financial success for our company.

As you can see from our press release this morning, we are growing our highest-margin businesses continuing to pick up market share in independent restaurants, and building upon our strengths in Convenience and Vistar. Our disciplined cost controls and focus on our financial position have enabled us to continue to invest behind growth opportunities while returning cash to stockholders.