Performance Food Group Company

Good day and welcome to PFG's fiscal year Q3 2025 earnings conference call. If you would like to ask a question at the conclusion of the prepared remarks, please press the star key followed by the number one on your telephone keypad at any time. I would now like to turn the call over to Bill Marshall, Senior Vice President, Investor Relations for PFG. Please go ahead, sir.

Thank you and good morning. We're here with George Holm, PFG CEO, Patrick Hatcher, PFG CFO, and Scott McPherson, PFG COO. We issued a press release this morning regarding our 2025 fiscal third 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 are comparing results, the results in the same period in fiscal 2024. 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. 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 statement 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. Thanks, Bill.

Good morning, everyone, and thank you for joining our call today. We have a good deal of material to cover this morning. I'm going to provide a high-level overview of the current market conditions and the strategic measures we have prioritized during the volatile time. Scott McPherson will then provide some color around our segment's performance during the third quarter, and Patrick will follow with our financial performance and guidance. The fiscal third quarter provided some challenges to our industry, mainly due to difficult macroeconomic environment and adverse weather in January and February. We saw a decent recovery in March as the weather improved. Still, it appears that the underlying consumer performance remains muted. Interestingly, April results rebounded nicely and we grew our sales and profit through the month. The first week in May was stronger yet, producing a record sales week for food service, convenience, and total company. At PFT, we recognize that we cannot control the external macroeconomic environment. However, we do determine how we approach our markets, customers, associates, and suppliers. We do not know the exact path the economy will take. However, we are prepared for a range of scenarios. First, it is worth reminding you that our company has experienced several difficult periods through our history, including the 2008-09 Great Recession, and the pandemic in 2020. These experiences provide a playbook for the actions we can take in more difficult times to not only protect our business but align our operations so we will come out strong on the other side. This is exactly what we have done in the past and what we intend to do now. Even in our soft February, our share gains were consistent with our usual performance. At our Investor Day on May 28th, you will hear our detailed strategy that looks to capture both top and bottom line growth by being a diversified food away from home distributor. We have a powerful story and our momentum continues to build and get stronger. I'm excited for what the future holds for PFG and believe we are positioned to capture growth over the long term. Before turning it over to Scott, a few high level comments on recent trends. As I mentioned at the beginning of my comments, the operating environment has been dynamic to say the least. When we last reported earnings, I believe we could achieve 6% organic independent case growth for fiscal 2025. Our run rate through January, along with easier year over year comparisons for the balance of the fiscal year, made that objective a reasonable target for our organization. However, the challenges we faced in February have made this target harder to reach. At the same time, as I mentioned earlier, we did see a rebound as we entered the fiscal fourth quarter with our organic independent restaurant case growth hitting 6% in April. Despite the market challenges, our broad-based structure provides stability to our bottom-line results during market challenges. We believe that gauging the health of the consumer is difficult at this time. However, I have the utmost confidence in our company's ability to execute at a high level, capture market share, and deliver revenue and profit results that drive shareholder values. With that, I'll turn it over to Scott McPherson for more details on our segment results in the quarter. Scott?