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  "documentTitle": "US Foods Holding Corp. (USFD)",
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  "authorName": "Scott Ferguson",
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      "text": "Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable.",
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      "text": "Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable.",
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      "text": "We believe that with proper oversight from a refreshed Board with the right expertise, the Company can succeed in closing a significant portion of the addressable margin gap, leading to a clear path to achieving over $4.00 in earnings per share.",
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      "text": "The future will be different than the past – market consensus estimates expect the margin gap to widen from calendar year 2019 to calendar year 2023.",
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      "text": "Although we are focused on the Company's network inefficiencies, we understand and agree that the customer experience is a vital aspect of the Company's business and can't be ignored. Based on customer feedback, we believe the most important drivers of customer satisfaction are receiving everything they ordered, on time, and at a reasonable price.",
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      "text": "US Foods has been plagued by value-destructive capital allocation under its current leadership. In 2018, the Company announced the purchase of Services Group of America (\"SGA\"). Despite reasonable strategic logic behind the deal, the Company mismanaged the integration and divestiture process leading to what we believe was a purchase price of ~19x pre-synergy EBITDA.",
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      "text": "One clear area where leadership has come up short is in creating a culture that effectively balances operational and supply chain excellence and an effective sales organization. The most glaring consequence is that since its initial public offering in 2016, the Company has had four different Chief Supply Chain Officers.",
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