Performance Food Group Company (NYSE:PFGC) Q1 2024 Earnings Conference Call November 8, 2023 9:00 AM ET

Company Participants

William Marshall - Vice President-Investor Relations

George Holm - Chief Executive Officer

Patrick Hatcher - Chief Financial Officer

Conference Call Participants

Edward Kelly - Wells Fargo

Mark Carden - UBS

Kelly Bania - BMO Capital Markets

Brian Harbour - Morgan Stanley

Alexander Slagle - Jefferies

John Heinbockel - Guggenheim

Jeffrey Bernstein - Barclays

Andrew Wolf - CL King

Lauren Silberman - Deutsche Bank

Josh Long - Stephens Inc.

William Reuter - Bank of America

Peter Saleh - BTIG

Jake Bartlett - Truist Securities

Operator

Good day and welcome to PFG's Fiscal Year Q1 2024 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.

William 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 2024 fiscal first quarter 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 2023. 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.

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. I'm pleased to share our strong first quarter fiscal 2024 results with you today, highlighting our business momentum, which continues despite a range of macroeconomic factors.

As you saw in our release this morning, our top line performance was just below the top end of the guidance range we laid out in August, and our adjusted EBITDA was above the top end of our guidance range. Our results show our company's ability to perform at a high-level through a range of economic scenarios, and we expect this to continue going forward. Once again, we are very pleased with our independent restaurant case growth, which was 7.6% in the quarter as we continue to add new accounts and grow our share in this important channel.