US Foods Reports Third Quarter Fiscal Year 2025 Earnings

ROSEMONT, Ill.--( BUSINESS WIRE)--US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the third quarter of fiscal year 2025.

Third Quarter Fiscal 2025 Highlights

“Our third quarter performance reflects our team’s ability to consistently deliver earnings growth through share gains and margin expansion,” said Dave Flitman, CEO. “We generated double-digit Adjusted Diluted EPS growth during the quarter, fueled by continued growth across our three target customer types and further progress on our self-help initiatives. We’re focused on delivering long-term shareholder value and disciplined capital allocation – investing for growth while executing share repurchases and targeted tuck-in M&A. I thank our associates for their commitment to our customers’ success and serving them with excellence.”

“We delivered a combination of top-line growth and 28 basis points of Adjusted EBITDA margin expansion again this quarter, resulting in 11% Adjusted EBITDA growth,” said Dirk Locascio, CFO. “We are deploying our strong cash flow to invest in the business, execute share repurchases and pursue opportunistic tuck-in M&A which will enable us to deliver on our commitment to generating long-term profitable growth and creating shareholder value.”

Third Quarter Fiscal Year 2025 Results

Total case volume increased 1.1% from the prior year driven by a 3.9% increase in independent restaurant case volume, a 3.9% increase in healthcare volume and a 2.4% increase in hospitality volume, partially offset by a 2.4% decrease in chain volume. Total organic case volume increased 0.8%, which includes 3.5% organic independent restaurant case volume growth. Net sales of $10.2 billion for the quarter increased 4.8% from the prior year, driven by case volume growth and food cost inflation of 3.0%.

Gross profit of $1.8 billion increased by $86 million, or 5.2%, from the prior year, primarily as a result of an increase in total case volume, improved cost of goods sold and inventory management, partially offset by an unfavorable year-over-year LIFO adjustment. Gross profit as a percentage of net sales was 17.2%. Adjusted Gross profit was $1.8 billion, an increase of $109 million, or 6.4% from the prior year. Adjusted Gross profit as a percentage of net sales was 17.7%.

Operating expenses of $1.5 billion increased by $83 million, or 6.0%, from the prior year, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. Operating expenses as a percentage of net sales were 14.4%. Adjusted Operating expenses were $1.3 billion, an increase of $62 million, or 5.0% from the prior year. Adjusted Operating expenses as a percentage of net sales were 12.7%.

Net income of $153 million, increased by $5 million, or 3.4%, from the prior year. Net income margin was 1.5%, a decrease of 2 basis points compared to the prior year. Adjusted EBITDA of $505 million, increased by $50 million, or 11.0%, from the prior year. Adjusted EBITDA margin was 5.0%, an increase of 28 basis points compared to the prior year. Diluted EPS was $0.67; Adjusted Diluted EPS was $1.07.

Cash Flow and Debt

Cash flow provided by operating activities for the first nine months of fiscal year 2025 was $1,076 million, an increase of $185 million from the prior year driven by higher net income and a reduction in tax payments. Cash capital expenditures for the first nine months of fiscal year 2025 totaled $276 million, an increase of $40 million from the prior year, related to investments in information technology, property and equipment and construction of and improvements to distribution facilities.

Net Debt at the end of the third quarter fiscal year 2025 was $4.9 billion. The ratio of Net Debt to Adjusted EBITDA was 2.6x at the end of the third quarter of fiscal year 2025, compared to 2.8x at the end of fiscal year 2024.

During the third quarter of fiscal year 2025, the Company repurchased 4.1 million shares of common stock for approximately $335 million. The Company had approximately $467 million in remaining funds authorized under its current $1 billion share repurchase program.

M&A Update

Subsequent to quarter-end, the Company has signed a definitive agreement to acquire Shetakis, an independent food distributor located in Las Vegas, Nevada. The Company is targeting to close the transaction in the fourth quarter of 2025.

Outlook for Fiscal Year 2025 2

The Company is updating its Fiscal Year 2025 guidance of:

Conference Call and Webcast Information

US Foods will host a live webcast to discuss the third quarter of fiscal year 2025 results on Thursday, November 6, 2025, at 8 a.m. CST. The call can also be accessed live over the phone by dialing (877) 344-2001; the conference ID number is 2528845. Presentation slides will be available shortly before the webcast begins. The webcast, slides, and a copy of this press release can be found in the Investor Relations section of our website at https://ir.usfoods.com.

About US Foods

With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.

Forward-Looking Statements

Statements in this press release which are not historical in nature, including those under the heading “Outlook for Fiscal Year 2025,” are “forward-looking statements” within the meaning of the federal securities laws. These statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “outlook,” “estimate,” “target,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecast,” “mission,” “strive,” “more,” “goal,” or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. However, you should understand that these statements are not guarantees of performance or results and there are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures; the impact of climate change or related legal, regulatory or market measures; impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets; the impact of governmental regulations; product recalls and product liability claims; our reputation in the industry; labor relations and increased labor costs and continued access to qualified and diverse labor; indebtedness and restrictions under agreements governing our indebtedness; interest rate increases; disruption of existing technologies and implementation of new technologies; cybersecurity incidents and other technology disruptions; risks associated with intellectual property, including potential infringement; effective consummation of pending acquisitions and effective integration of acquired businesses; potential costs associated with shareholder activism; changes in tax laws and regulations and resolution of tax disputes; certain provisions in our governing documents; health and safety risks to our associates and related losses; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events; the timing and scope of future repurchases by US Foods of its common stock; and management of retirement benefits and pension obligations.

For a detailed discussion of these risks, uncertainties and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in US Foods' Annual Report on Form 10-K for the fiscal year ended December 28, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC’s website at www.sec.gov. Additionally, we operate in a highly competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible to predict all risks nor identify all uncertainties. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to us at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS are non-GAAP financial measures regarding our operational performance and liquidity. These non-GAAP financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP.

We use Adjusted Gross profit and Adjusted Operating expenses as supplemental measures to GAAP measures to focus on period-over-period changes in our business and believe this information is helpful to investors. Adjusted Gross profit is Gross profit adjusted to remove the impact of the LIFO inventory reserve adjustments. Adjusted Operating expenses are Operating expenses adjusted to exclude amounts that we do not consider part of our core operating results when assessing our performance.

We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance. EBITDA is Net income (loss), plus Interest expense-net, Income tax provision (benefit), and Depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for (1) Restructuring activity and asset impairment charges; (2) Share-based compensation expense; (3) the non-cash impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) Business transformation costs; and (6) other gains, losses or costs as specified in the agreements governing our indebtedness. Adjusted EBITDA margin is Adjusted EBITDA divided by total net sales.

We use Net Debt as a supplemental measure to GAAP measures to review the liquidity of our operations. Net Debt is defined as total debt net of total Cash, cash equivalents and restricted cash remaining on the balance sheet as of the end of the most recent fiscal quarter. We believe that Net Debt is a useful financial metric to assess our ability to pursue business opportunities and investments. Net Debt is not a measure of our liquidity under GAAP and should not be considered as an alternative to Cash Flows Provided by Operations or Cash Flows Used in Financing Activities.

We believe that Adjusted Net income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense, and Income taxes on a consistent basis from period to period. Adjusted Net income is Net income (loss) excluding such items as restructuring activity and asset impairment charges, Share-based compensation expense, the non-cash impacts of LIFO reserve adjustments, amortization expense, loss on extinguishment of debt, Business transformation costs and other items, and adjusted for the tax effect of the exclusions and discrete tax items. We believe that Adjusted Net income may be used by investors, analysts, and other interested parties to facilitate period-over-period comparisons and provides additional clarity as to how factors and trends impact our operating performance.

We use Adjusted Diluted Earnings per Share, which is calculated by adjusting the most directly comparable GAAP financial measure, Diluted Earnings per Share, by excluding the same items excluded in our calculation of Adjusted EBITDA to the extent that each such item was included in the applicable GAAP financial measure. We believe the presentation of Adjusted Diluted Earnings per Share is useful to investors because the measurement excludes amounts that we do not consider part of our core operating results when assessing our performance. We also believe that the presentation of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Diluted Earnings per Share is useful to investors because these metrics may be used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in our industry.

Management uses these non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors as they assist in highlighting trends, (b) to set internal sales targets and spending budgets, (c) to measure operational profitability and the accuracy of forecasting, (d) to assess financial discipline over operational expenditures, and (e) as an important factor in determining variable compensation for management and employees. EBITDA and Adjusted EBITDA are also used in connection with certain covenants and restricted activities under the agreements governing our indebtedness. We also believe these and similar non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.

We caution readers that our definitions of Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS may not be calculated in the same manner as similar measures used by other companies. Definitions and reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release.

US FOODS HOLDING CORP.

Consolidated Balance Sheets

(Unaudited)

($ in millions)

September 27, 2025

December 28, 2024

ASSETS

Current assets:

Cash and cash equivalents

Accounts receivable, less allowances of $34 and $24

2,192

1,957

Vendor receivables, less allowances of $8 and $7

242

167

Inventories—net

1,695

1,626

Prepaid expenses

153

146

Other current assets and assets held for sale

Total current assets

4,365

3,974

Property and equipment—net

2,626

2,398

Goodwill

5,767

5,766

Other intangibles—net

787

836

Other assets and noncurrent assets held for sale

499

462

Total assets

14,044

13,436

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Cash overdraft liability

165

216

Accounts payable

2,699

2,231

Accrued expenses, other current liabilities and liabilities held for sale

823

740

Current portion of long-term debt

120

109

Total current liabilities

3,807

3,296

Long-term debt

4,832

4,819

Deferred tax liabilities

385

335

Other long-term liabilities and noncurrent liabilities held for sale

549

458

Total liabilities

9,573

8,908

Shareholders’ equity:

Common stock

Additional paid-in capital

3,804

3,748

Retained earnings

2,495

2,003

Accumulated other comprehensive income

Treasury Stock

(1,874

)

(1,269

)

Total shareholders’ equity

4,471

4,528

Total liabilities and shareholders' equity

14,044

13,436

US FOODS HOLDING CORP.

Consolidated Statements of Operations

(Unaudited)

For the 13 weeks ended

For the 39 weeks ended

(in millions, except per share data)

September 27, 2025

September 28, 2024

September 27, 2025

September 28, 2024

Net sales

10,191

9,728

29,624

28,386

Cost of goods sold

8,438

8,061

24,480

23,518

Gross profit

1,753

1,667

5,144

4,868

Distribution, selling and administrative costs

1,458

1,379

4,246

4,050

Restructuring activity and asset impairment charges

Total operating expenses

1,471

1,388

4,266

4,071

Operating income

282

279

878

797

Other expense (income)—net

—

)

Interest expense—net

227

235

Income before income taxes

206

201

654

557

Income tax provision

162

129

Net income

153

148

492

428

Net income per share

Basic

0.68

0.61

2.15

1.75

Diluted

0.67

0.61

2.12

1.74

Weighted-average common shares outstanding

Basic

225.5

241.0

228.8

243.9

Diluted

228.4

243.9

231.8

246.9

US FOODS HOLDING CORP.

Consolidated Statements of Cash Flows

(Unaudited)

For the 39 weeks ended

($ in millions)

September 27, 2025

September 28, 2024

Cash flows from operating activities:

Net income

492

428

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

345

327

Deferred tax provision (benefit)

(33

)

Share-based compensation expense

Provision for doubtful accounts

Other non-cash activities

Changes in operating assets and liabilities:

Increase in receivables

(329

)

(282

)

Increase in inventories

(56

)

(Increase) decrease in prepaid expenses and other assets

)

Increase in accounts payable and cash overdraft liability

407

316

Increase in accrued expenses and other liabilities

Net cash provided by operating activities

1,076

891

Cash flows from investing activities:

Proceeds from sales of property and equipment

Proceeds from divestitures

—

Purchases of property and equipment

(276

)

(236

)

Cash paid for acquisitions

(87

)

(214

)

Net cash used in investing activities

(319

)

(447

)

Cash flows from financing activities:

Principal payments on debt and financing leases

(7,165

)

(2,470

)

Principal payments on debt repricing

—

(14

)

Proceeds from debt repricing

—

Proceeds from debt borrowings

7,015

2,454

Repurchase of common stock

(602

)

(628

)

Debt financing costs and fees

—

)

Proceeds from employee stock purchase plan

Proceeds from exercise of stock options

Purchase of interest rate caps

)

—

Tax withholding payments for net share-settled equity awards

(35

)

(20

)

Net cash used in financing activities

(760

)

(632

)

Net decrease in cash, cash equivalents and restricted cash

)

(188

)

Cash, cash equivalents and restricted cash—beginning of period

269

Cash, cash equivalents and restricted cash—end of period

Supplemental disclosures of cash flow information:

Interest paid—net of amounts capitalized

240

233

Income taxes paid—net

139

Property and equipment purchases included in accounts payable

Leased assets obtained in exchange for financing lease liabilities

172

126

Leased assets obtained in exchange for operating lease liabilities

US FOODS HOLDING CORP.

Non-GAAP Reconciliation

(Unaudited)

For the 13 weeks ended

(in millions, except per share data)

September 27, 2025

September 28, 2024

Change

Net income and Net income margin (GAAP)

153

1.5

148

1.5

3.4

Interest expense—net

1.3

Income tax provision

—

Depreciation expense

103

4.0

Amortization expense

—

EBITDA and EBITDA margin (Non-GAAP)

400

3.9

390

4.0

2.6

Adjustments:

Restructuring activity and asset impairment charges (1)

30.0

Share-based compensation expense (2)

18.8

LIFO reserve adjustment (3)

100.0

Business transformation costs (4)

80.0

Business acquisition, integration related costs, divestitures and other (5)

50.0

Adjusted EBITDA and Adjusted EBITDA margin (Non-GAAP)

505

5.0

455

4.7

11.0

Depreciation expense

(103

)

(99

)

4.0

Interest expense—net

(76

)

(75

)

1.3

Income tax provision, as adjusted (6)

(81

)

(73

)

11.0

Adjusted Net income (Non-GAAP)

245

208

17.8

Diluted EPS (GAAP)

0.67

0.61

0.06

9.8

Restructuring activity and asset impairment charges (1)

0.06

0.04

0.02

50.0

Share-based compensation expense (2)

0.08

0.07

0.01

14.3

LIFO reserve adjustment (3)

0.20

0.09

0.11

122.2

Business transformation costs (4)

0.08

0.04

100.0

Business acquisition, integration related costs, divestitures and other (5)

0.04

0.02

100.0

Income tax provision, as adjusted (6)

(0.06

)

(0.02

)

(0.04

)

200.0

Adjusted Diluted EPS (Non-GAAP) (7)

1.07

0.85

0.22

25.9

Weighted-average diluted shares outstanding

228.4

243.9

Gross profit (GAAP)

1,753

1,667

5.2

LIFO reserve adjustment (3)

100.0

Adjusted Gross profit (Non-GAAP)

1,799

1,690

109

6.4

Operating expenses (GAAP)

1,471

1,388

6.0

Depreciation expense

(103

)

(99

)

4.0

Amortization expense

(15

)

(15

)

—

Restructuring activity and asset impairment charges (1)

(13

)

(10

)

30.0

Share-based compensation expense (2)

(19

)

(16

)

18.8

Business transformation costs (4)

(18

)

(10

)

80.0

Business acquisition, integration related costs, divestitures and other (5)

)

50.0

Adjusted Operating expenses (Non-GAAP)

1,294

1,232

5.0

NM - Not Meaningful

(1)

Consists primarily of severance and related costs, organizational realignment costs and other impairment charges.

(2)

Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan.

(3)

Represents the impact of LIFO reserve adjustments.

(4)

Transformational costs represent non-recurring expenses prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to third party consulting and non-capitalizable technology. For the 13 weeks ended September 27, 2025 and September 28, 2024, respectively, business transformation costs related to projects associated with information technology infrastructure initiatives and related workforce efficiencies.

(5)

Includes: (i) aggregate acquisition, integration related costs and divestiture costs of $6 million and $6 million for the 13 weeks ended September 27, 2025 and September 28, 2024, respectively, and (ii) other gains, losses or costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness.

(6)

Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-tax items excluded from Adjusted Net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances.

(7)

Adjusted Diluted EPS is calculated as Adjusted Net income divided by weighted average diluted shares outstanding.

US FOODS HOLDING CORP.

Non-GAAP Reconciliation

(Unaudited)

For the 39 weeks ended

(in millions, except per share data)

September 27, 2025

September 28, 2024

Change

Net income and Net income margin (GAAP)

492

1.7

428

1.5

15.0

Interest expense—net

227

235

)

(3.4

Income tax provision

162

129

25.6

Depreciation expense

303

288

5.2

Amortization expense

7.7

EBITDA and EBITDA margin (Non-GAAP)

1,226

4.1

1,119

3.9

107

9.6

Adjustments:

Restructuring activity and asset impairment charges (1)

)

(9.1

Share-based compensation expense (2)

39.1

LIFO reserve adjustment (3)

)

(4.4

Business transformation costs (4)

35.7

Business acquisition, integration related costs, divestitures and other (5)

70.6

Adjusted EBITDA and Adjusted EBITDA margin (Non-GAAP)

1,442

4.9

1,300

4.6

142

10.9

Depreciation expense

(303

)

(288

)

(15

)

5.2

Interest expense—net

(227

)

(235

)

(3.4

Income tax provision, as adjusted (6)

(231

)

(204

)

(27

)

13.2

Adjusted Net income (Non-GAAP)

681

573

108

18.8

Diluted EPS (GAAP)

2.12

1.74

0.38

21.8

Restructuring activity and asset impairment charges (1)

0.09

—

Share-based compensation expense (2)

0.28

0.19

0.09

47.4

LIFO reserve adjustment (3)

0.28

—

Business transformation costs (4)

0.16

0.11

0.05

45.5

Business acquisition, integration related costs, divestitures and other (5)

0.13

0.07

0.06

85.7

Income tax provision, as adjusted (6)

(0.12

)

(0.16

)

0.04

(25.0

Adjusted Diluted EPS (Non-GAAP) (7)

2.94

2.32

0.62

26.7

Weighted-average diluted shares outstanding

231.8

246.9

Gross profit (GAAP)

5,144

4,868

276

5.7

LIFO reserve adjustment (3)

)

(4.4

Adjusted Gross profit (Non-GAAP)

5,209

4,936

273

5.5

Operating expenses (GAAP)

4,266

4,071

195

4.8

Depreciation expense

(303

)

(288

)

(15

)

5.2

Amortization expense

(42

)

(39

)

7.7

Restructuring activity and asset impairment charges (1)

(20

)

(22

)

(9.1

Share-based compensation expense (2)

(64

)

(46

)

(18

)

39.1

Business transformation costs (4)

(38

)

(28

)

(10

)

35.7

Business acquisition, integration related costs, divestitures and other (5)

(29

)

(17

)

(12

)

70.6

Adjusted Operating expenses (Non-GAAP)

3,770

3,631

139

3.8

NM - Not Meaningful

(1)

Consists primarily of severance and related costs, organizational realignment costs and other asset impairment charges.

(2)

Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan.

(3)

Represents the impact of LIFO reserve adjustments.

(4)

Transformational costs represent non-recurring expenses prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to third party consulting and non-capitalizable technology. For the 39 weeks ended September 27, 2025 and September 28, 2024, respectively, business transformation costs related to projects associated with information technology infrastructure initiatives and related workforce efficiencies.

(5)

Includes: (i) aggregate acquisition, integration related costs and divestiture costs of $24 million and $17 million for the 39 weeks ended September 27, 2025 and September 28, 2024, respectively (ii) other gains, losses or costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness.

(6)

(7)

Adjusted Diluted EPS is calculated as Adjusted Net income divided by weighted average diluted shares outstanding.

US FOODS HOLDING CORP.

Non-GAAP Reconciliation

Net Debt and Net Leverage Ratios

(in millions, except ratios)

September 27, 2025

December 28, 2024

September 28, 2024

Total Debt (GAAP)

$4,952

$4,928

$4,789

Cash, cash equivalents and restricted cash

(56

)

(59

)

(81

)

Net Debt (Non-GAAP)

$4,896

$4,869

$4,708

Adjusted EBITDA (1)

$1,883

$1,741

$1,688

Net Leverage Ratio (2)

2.6

2.8

(1)

Trailing Twelve Months (TTM) Adjusted EBITDA

(2)

Net Debt/TTM Adjusted EBITDA