8-K

Sysco Corporation

Date: May 4, 2021

/s/ Gerald W. Clanton

Gerald W. Clanton

Vice President, Legal, Deputy General Counsel and Assistant Corporate Secretary

0001193125-21-149056.txt : 20210504 0001193125-21-149056.hdr.sgml : 20210504 20210504080805 ACCESSION NUMBER: 0001193125-21-149056 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210504 DATE AS OF CHANGE: 20210504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYSCO CORP CENTRAL INDEX KEY: 0000096021 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 741648137 STATE OF INCORPORATION: DE FISCAL YEAR END: 0703 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06544 FILM NUMBER: 21886070 BUSINESS ADDRESS: STREET 1: 1390 ENCLAVE PKWY CITY: HOUSTON STATE: TX ZIP: 77077 BUSINESS PHONE: 281-584-1390 MAIL ADDRESS: STREET 1: 1390 ENCLAVE PKWY CITY: HOUSTON STATE: TX ZIP: 77077 8-K 1 d184882d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 4, 2021

Sysco Corporation

(Exact name of registrant as specified in its charter)


Delaware	1-06544	74-1648137
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1390 Enclave Parkway, Houston, TX 77077-2099

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (281) 584-1390

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $1.00 Par Value	SYY	New York Stock Exchange
1.25% Notes due June 2023	SYY23	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECTION 2 – FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2021, Sysco Corporation (“Sysco”) issued a press release announcing its results of operations and financial condition for its third quarter of fiscal year 2021, which ended on March 27, 2021. Sysco hereby incorporates by reference herein the information set forth in its press release dated May 4, 2021 (the “Press Release”), a copy of which is attached hereto as Exhibit 99.1.

Except for the historical information contained in this report, the statements made by Sysco are forward looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Sysco’s future financial performance could differ significantly from the expectations of management and from results expressed or implied in the Press Release. Forward-looking statements in the Press Release are subject to certain risks and uncertainties described in the Press Release. For further information on other risk factors, please refer to the “Risk Factors” contained in Sysco’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020.

The information in this Item 2.02 is being furnished, not filed, pursuant to Item 2.02 of Form 8-K. Accordingly, the information in Item 2.02 of this report, including the Press Release attached hereto as Exhibit 99.1, will not be incorporated by reference into any registration statement filed by Sysco under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

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SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(d) Exhibits.


Exhibit Number		Description

99.1		Press Release dated May 4, 2021

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Sysco Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

- 4 -

EX-99.1 2 d184882dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

SYSCO REPORTS THIRD QUARTER FISCAL 2021 RESULTS

U.S. RECOVERY ACCELERATING; SYSCO NOW SERVING MORE INDEPENDENT CUSTOMERS THAN IN 2019 WHILE EXECUTING TRANSFORMATION; SIGNIFICANT DEBT REDUCTION UNDERWAY

HOUSTON, May 4, 2021 - Sysco Corporation (NYSE: SYY) today announced financial results for its 13-week third fiscal quarter ended March 27, 2021.

•

Sales trends improving as markets reopen; Q3 decreased 13.7% versus FY20 and decreased 19.3% versus FY2019; April increased 102.1% versus 2020 and decreased 8.8% versus 2019;

•

We are now serving more independent customers compared to pre-COVID;

•

Gross profit decreased 17.2% to $2.1 billion; industry-leading gross margin decreased 77 basis points on mix among businesses;

•

Operating income increased 291.4% to $235.9 million; adjusted¹ operating income decreased 32.0% to $256.2 million;

•

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 76.5% to $425.8 million; adjusted¹ EBITDA decreased 18.7% to $437.4 million;

•

Earnings per share (“EPS”) increased $0.18, to $0.17; adjusted¹ EPS decreased $0.23, to $0.22;

•

Cash flow from operations was $543.1 million and free cash flow was $459.7 million in the quarter; and

•

Company reduced debt by $1.1 billion during the quarter.

“A robust business recovery is now upon us. We are seeing consistently improving demand trends from our customers in the United States and we are ready to execute in International as markets reopen,” said Kevin Hourican, Sysco’s president and chief executive officer. “Sysco has made substantial progress against our transformation agenda, as we simultaneously invest in growth and transform our company to better serve our customers.”

Earnings Per Share (EPS) are shown on a diluted basis unless otherwise specified. Adjusted financial results exclude certain items, which primarily include adjustments to our bad debt reserve specific to aged receivables existing prior to the COVID-19 pandemic, goodwill impairment charges, restructuring costs, transformational project costs and acquisition-related costs. Specific to EPS, this year’s third quarter and first 39 weeks Certain Items include the impact of a loss on the sale of our Spain operations. The first 39 weeks Certain Items include the impact of a loss on the sale of Cake Corporation and the impact of a new U.K. tax law change. Reconciliations of all non-GAAP measures are included at the end of this release.

Third Quarter Fiscal 2021 Results

Total Sysco

Sales for the third quarter were $11.8 billion, a decrease of 13.7% compared to the same period last year. The exit rate for the third quarter was stronger than the overall quarter, as select geographic markets continue to drive the recovery as restrictions ease in the areas in which we operate.

Gross profit decreased 17.2% to $2.1 billion, and gross margin decreased 77 basis points to 18.0%, compared in each case to the same period last year. The decline in gross profit for the third quarter was primarily driven by lower volumes due to COVID-19.

Operating expenses decreased $617.2 million, or 24.6%, compared to the same period last year, driven by reduced costs from the achievement of cost-out initiatives, as well as a benefit from a reduction in our allowance for doubtful accounts. Adjusted operating expenses decreased $320.8 million, or 14.7%, compared to the same period last year.

Operating income was $235.9 million, an increase of $175.6 million, or 291.4%, compared to the same period last year. Adjusted operating income was $256.2 million, a decrease of $120.8 million, or 32.0%, compared to the same period last year.

“We are leveraging our balance sheet strength to invest in our business – inventory, fleet, people and technology — while simultaneously reducing our debt levels to reflect the improving business environment,” said Aaron Alt, Sysco’s chief financial officer.

U.S. Foodservice Operations

Sales for the third quarter were $8.4 billion, a decrease of 12.8% compared to the same period last year. Local case volume within U.S. Broadline operations decreased 9.7% for the third quarter, of which a decrease of 9.7% was organic, while total case volume within U.S. Broadline operations decreased 14.1%, of which a decrease of 14.1% was organic.

Gross profit decreased 13.7% to $1.6 billion, and gross margin decreased 22 basis points to 19.6%, compared in each case to the same period last year. Product cost inflation was 3.5% in U.S. Broadline, as measured by the estimated change in Sysco’s product costs, primarily in the paper and disposables, poultry, and meat categories.

Operating expenses decreased $341.9 million, or 23.9%, compared to the same period last year. Adjusted operating expenses decreased $212.9 million, or 16.1%, compared to the same period last year.

Operating income was $545.5 million, an increase of $81.3 million, or 17.5%, compared to the same period last year. Adjusted operating income was $525.1 million, a decrease of $47.7 million, or 8.3%, compared to the same period last year.

International Foodservice Operations

Sales for the third quarter were $1.7 billion, a decrease of 31.3% compared to the same period last year. On a constant currency basis, sales for the third quarter were $1.6 billion, a decrease of 35.4% compared to the same period last year. Foreign exchange rates increased International Foodservice Operations sales by 4.1% and total Sysco sales by 0.8% during the quarter.

Gross profit decreased 35.1% to $325.2 million, and gross margin decreased 110 basis points to 18.9%, compared in each case to the same period last year. On a constant currency basis, gross profit decreased 39.2% to $304.5 million. Foreign exchange rates increased International Foodservice Operations gross profit by 4.1% and total Sysco gross profit by 0.8% during the quarter.

Operating expenses decreased $138.0 million, or 23.6%, compared to the same period last year. Adjusted operating expenses decreased $78.4 million, or 15.8%, compared to the same period last year. On a constant currency basis, adjusted operating expenses decreased $107.2 million, or 21.6%, compared to the same period last year. Foreign exchange rates increased International Foodservice Operations operating expense by 5.8% and total Sysco operating expense by 1.3% during the quarter.

The International Foodservice Operations segment delivered an operating loss of $121.5 million, a decrease of $37.7 million compared to the same period last year. Adjusted operating loss was $92.4 million, a decrease of $97.4 million compared to the same period last year. On a constant currency basis, adjusted operating loss was $84.2 million, a decrease of $89.2 million compared to the same period last year. Foreign exchange rates increased International Foodservice Operations operating loss by $8.2 million and reduced total Sysco operating income by $8.0 million during the quarter.

Balance Sheet, Capital Spending and Cash Flow

Capital expenditures, net of proceeds from sales of plant and equipment, for the first 39 weeks of fiscal 2021 were $358.8 million lower compared to the prior year period.

Cash flow from operations was $1.5 billion for the first 39 weeks of fiscal 2021, which was $401.3 million higher compared to the prior year period. Free cash flow² for the first 39 weeks of fiscal 2021 was $1.2 billion, which was $760.1 million higher compared to the prior year period. The improvement in cash flow was driven by higher earnings, improved working capital, lower capital spending and lower cash taxes paid during the quarter.

²	Free cash flow is a non-GAAP measure that represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Reconciliations for all non-GAAP measures are included at the end of this release.

Conference Call & Webcast

Sysco will host a conference call to review the company’s third quarter fiscal 2021 financial results on Tuesday, May 4, 2021, at 10:00 a.m. Eastern. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at investors.sysco.com.

Key Highlights:


	13-Week Period Ended		39-Week Period Ended
	March 27, 2021	Change	March 27, 2021	Change
Financial Comparison:
Sales	$11.8 billion	-13.7%	$35.2 billion		-20.1%
Gross profit	$2.1 billion	-17.2%	$6.4 billion		-22.7%
Gross Margin	18.0%	-77 bps	18.3%		-62 bps
GAAP:
Operating expenses	$1.9 billion	-24.6%	$5.6 billion		-21.0%
Certain Items	$20.3 million	-93.6%	$(12.6) million		-102.7%
Operating Income	$235.9 million	291.4%	$867.6 million		-32.3%
Operating Margin	2.0%	156 bps	2.5%		-44 bps
Net Earnings	$88.9 million	NM	$373.1 million		-55.3%
Diluted Earnings Per Share	$0.17	NM	$0.73		-54.9%
Non-GAAP ⁽¹⁾:
Operating Expenses	$1.9 billion	-14.7%	$5.6 billion		-15.2%
Operating Income	$256.2 million	-32.0%	$855.0 million		-51.0%
Operating Margin	2.2%	-59 bps	2.4%		-153 bps
EBITDA	$425.8 million	76.5%	$1.4 billion		-22.3%
Adjusted EBITDA	$437.4 million	-18.7%	$1.4 billion		-38.3%
Net Earnings	$114.8 million	-50.5%	$374.1 million		-68.3%
Diluted Earnings Per Share ⁽²⁾	$0.22	-51.1%	$0.73		-68.1%
Case Growth:
U.S. Broadline	-14.1%		-21.4%
Local	-9.7%		-17.2%
Sysco Brand Sales as a % of Cases:
U.S. Broadline	37.3%	-116 bps	37.6%		-92 bps
Local	44.5%	-234 bps	44.4%		-274 bps

Note:

⁽¹⁾	A reconciliation of non-GAAP measures is included at the end of this release.

⁽²⁾	Individual components in the table above may not sum to the totals due to the rounding.

NM represents that the percentage change is not meaningful.

Forward-Looking Statements

Statements made in this press release or in our earnings call for the third quarter of fiscal 2021 that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include statements concerning: the effect, impact, potential duration or other implications of the coronavirus (“COVID-19”) pandemic and any expectations we may have with respect thereto, including the extent and duration of lockdowns in the U.S. and Europe; the pace of the business recovery; our expectations regarding our ability to manage the current downturn and capitalize on our position as the industry leader as the global economy recovers; our expectations regarding future market share gains; the pace of implementation of our business transformation initiatives; our belief that our strategy and our transformational initiatives will drive future value for our associates, shareholders and customers in the fourth quarter and beyond; our expectations regarding our company, and our ability to attract and serve new customers, following the COVID-19 crisis; our expectations regarding our ability to win meaningful business in the national account space; the effects of our continuing investments in digital technology; our expectations regarding the timing of the business recovery following the COVID-19 crisis; our belief that consumers are ready to eat at restaurants as soon as COVID-19 restrictions are reduced; our expectations regarding the business recovery in Europe; the impact on our results of government-imposed restrictions on restaurant operations; our expectations that our work to accelerate growth will return to pre-COVID levels as demand resurges; our expectations regarding the effect of our hiring of drivers on transportation expenses in the short term; our belief that our hiring of drivers will help ensure that Sysco is able to maximize our share gain during the upcoming business recovery; our expectations regarding our ability to become the most customer-centric foodservice distributor in the industry; our expectations regarding our ability to accelerate profitable growth; our expectations regarding future sales; our expectations regarding cost savings over the next several quarters; our expectations that our investments in technology and our business will allow for future growth and exceptional customer service; our belief that the steps undertaken as part of our management of the COVID-19 crisis to date will help us retain and win additional business from our independent restaurant customers beyond the pandemic; our expectations that we will hire over 6,000 associates in the second half of our fiscal year; our expectations of significant returns on our investments in our capability builds in service of our transformation; our expectations regarding the impact of our investments in our transformation initiatives on our results in the second half of fiscal 2021; our expectations regarding improvements in the SYGMA segment; our plans to transition away from a large existing SYGMA customer; our expectations that international will be a growth opportunity for Sysco in fiscal 2022; our plans to reinvest a portion of our cost savings into our growth agenda; our ability to deliver against our strategic priorities; statements regarding economic trends in the United States and abroad; our expected repayment of amounts under the UK Commercial Paper Program; our expectations regarding the deployment of capital proceeds that Sysco currently holds; and our expectations regarding our cash performance in the fourth quarter of fiscal 2021.

The success of our plans and expectations regarding our operating performance are subject to the general risks associated with our business, including the risks of interruption of supplies due to lack of long-term contracts, severe weather, crop conditions, work stoppages, intense competition, technology disruptions, dependence on large, long-term regional and national customers, inflation risks, the impact of fuel prices, adverse publicity, labor issues, political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, any or all of which could delay our receipt of product or increase our input costs. Risks and uncertainties also include the impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic, and the adverse impact thereof on our business, financial condition and results of operations, including, but not limited to, our growth, product costs, supply chain, labor availability, logistical capabilities, customer demand for our products and industry demand generally, consumer spending, our liquidity, the price of our securities and trading markets with respect thereto, our credit ratings, our ability to maintain compliance with the covenants in our credit agreement, our ability to access capital markets, and the global economy and financial markets generally. Risks and uncertainties also include risks impacting the economy generally, including the risks that the current general economic conditions will deteriorate, or consumer confidence in the economy or consumer spending, particularly on food-away-from-home, may decline. Market conditions may not improve. Competition and the impact of GPOs may reduce our margins and make it difficult for us to maintain our market share, growth rate and profitability. We may not be able to fully compensate for increases in fuel costs, and fuel hedging arrangements intended to contain fuel costs could result in above market fuel costs. Our ability to meet our long-term strategic objectives depends on our ability to grow gross profit, leverage our supply chain costs and reduce administrative costs. This will depend largely on the success of our various business initiatives, including efforts related to revenue management, expense management, our digital e-commerce strategy and any efforts related to restructuring or the reduction of administrative costs. There are various risks related to these efforts, including the risk that if sales from our locally managed customers do not grow at the same rate as sales from regional and national customers, or if we are unable to continue to accelerate local case growth, our gross margins may decline; the risk that we are unlikely to be able to predict inflation over the long term, and lower inflation is likely to produce lower gross profit; the risk that our efforts to mitigate increases in warehouse costs may be unsuccessful; the risk that we may not be able to accelerate and/or identify additional administrative cost savings in order to compensate for any gross profit or supply chain cost leverage challenges; the risk that these efforts may not provide the expected benefits in our anticipated time frame, if at all, and may prove costlier than expected; the risk that the actual costs of any initiatives may be greater or less than currently expected; and the risk of adverse effects to our business, results of operations and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective or do not result in the cost savings and other benefits at the levels that we anticipate. Our plans related to and the timing of any initiatives are subject to change at any time based on management’s subjective evaluation of our overall business needs. If we are unable to realize the anticipated benefits from our efforts, we could become cost disadvantaged in the marketplace, and our competitiveness and our profitability could decrease. Adverse publicity about us or lack of confidence in our products could negatively impact our reputation and reduce earnings. Capital expenditures may vary based on changes in business plans and other factors, including risks related to the implementation of various initiatives, the timing and successful completion of acquisitions, construction schedules and the possibility that other cash requirements could result in delays or cancellations of capital spending. Periods of significant or prolonged inflation or deflation, either overall or in certain product categories, can have a negative impact on us and our customers, as high food costs can reduce consumer spending in the food-away-from-home market, and may negatively impact our sales, gross profit, operating income and earnings, and periods of deflation can be difficult to manage effectively. Fluctuations in inflation and deflation, as well as fluctuations in the value of foreign currencies, are beyond our control and subject to broader market forces. Expanding into international markets presents unique challenges and risks, including compliance with local laws, regulations and customs and the impact of local political and economic conditions, including the impact of Brexit and the “yellow vest” protests in France against a fuel tax increase, pension reform and the French government, and such expansion efforts may not be successful. Any business that we acquire may not perform as expected, and we may not realize the anticipated benefits of our acquisitions. Expectations regarding the financial statement impact of any acquisitions may change based on management’s subjective evaluation. A divestiture of one or more of our businesses may not provide the anticipated effects on our operations. Meeting our dividend target objectives depends on our level of earnings, available cash and the success of our various strategic initiatives. Changes in applicable tax laws or regulations and the resolution of tax disputes could negatively affect our financial results. We rely on technology in our business and any cybersecurity incident, other technology disruption or delay in implementing new technology could negatively affect our business and our relationships with customers. For a discussion of additional factors impacting Sysco’s business, see our Annual Report on Form 10-K for the year ended June 27, 2020, as filed with the SEC, and our subsequent filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.

About Sysco

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion. Information about our CSR program, including Sysco’s 2020 Corporate Social Responsibility Report, can be found at sysco.com/csr2020report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoFoods. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED RESULTS OF OPERATIONS

(In Thousands, Except for Share and Per Share Data)


	13-Week Period Ended						39-Week Period Ended
	Mar. 27, 2021			Mar. 28, 2020			Mar. 27, 2021			Mar. 28, 2020
Sales	$	11,824,589		$	13,698,699		$	35,160,950		$	44,026,746
Cost of sales		9,701,921			11,134,459			28,719,979			35,690,737

Gross profit		2,122,668			2,564,240			6,440,971			8,336,009
Operating expenses		1,886,751			2,503,966			5,573,413			7,054,924

Operating income		235,917			60,274			867,558			1,281,085
Interest expense		145,773			83,854			438,988			243,951
Other (income) expense, net		(12,708	)		5,200			(14,140	)		7,505

Earnings (loss) before income taxes		102,852			(28,780	)		442,710			1,029,629
Income taxes		13,925			(25,483	)		69,594			195,735

Net earnings (loss)	$	88,927		$	(3,297	)	$	373,116		$	833,894

Net earnings (loss):
Basic earnings (loss) per share	$	0.17		$	(0.01	)	$	0.73		$	1.63
Diluted earnings (loss) per share		0.17			(0.01	)		0.73			1.62
Average shares outstanding		511,110,670			508,745,253			510,081,610			510,729,277
Diluted shares outstanding		514,585,129			512,657,657			512,688,895			515,632,815

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except for Share Data)


	Mar. 27, 2021			Jun. 27, 2020
ASSETS
Current assets
Cash and cash equivalents	$	4,895,723		$	6,059,427
Accounts receivable, less allowances of $211,607 and $334,810		3,220,659			2,893,551
Inventories		3,218,827			3,095,085
Prepaid expenses and other current assets		250,022			192,163
Income tax receivable		1,534			108,006

Total current assets		11,586,765			12,348,232
Plant and equipment at cost, less accumulated depreciation		4,297,862			4,458,567
Other long-term assets
Goodwill		3,932,570			3,732,469
Intangibles, less amortization		769,503			780,172
Deferred income taxes		321,674			194,115
Operating lease right-of-use assets, net		661,474			603,616
Other assets		473,433			511,095

Total other long-term assets		6,158,654			5,821,467

Total assets	$	22,043,281		$	22,628,266

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable	$	8,315		$	2,266
Accounts payable		4,221,252			3,447,065
Accrued expenses		1,645,139			1,616,289
Accrued income taxes		64,159			2,938
Current operating lease liabilities		111,761			107,167
Current maturities of long-term debt		957,303			1,542,128

Total current liabilities		7,007,929			6,717,853
Long-term liabilities
Long-term debt		11,741,114			12,902,485
Deferred income taxes		49,426			86,601
Long-term operating lease liabilities		586,479			523,496
Other long-term liabilities		1,228,265			1,204,953

Total long-term liabilities		13,605,284			14,717,535
Commitments and contingencies
Noncontrolling interest		34,471			34,265
Shareholders’ equity
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none		—			—
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares		765,175			765,175
Paid-in capital		1,594,561			1,506,901
Retained earnings		10,241,666			10,563,008
Accumulated other comprehensive loss		(1,352,446	)		(1,710,881	)
Treasury stock at cost, 253,817,013 and 256,915,825 shares		(9,853,359	)		(9,965,590	)

Total shareholders’ equity		1,395,597			1,158,613

Total liabilities and shareholders’ equity	$	22,043,281		$	22,628,266

Sysco Corporation and its Consolidated Subsidiaries

CONSOLIDATED CASH FLOWS

(In Thousands)


	39-Week Period Ended
	Mar. 27, 2021			Mar. 28, 2020
Cash flows from operating activities:
Net earnings	$	373,116		$	833,894
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense		65,655			63,942
Depreciation and amortization		542,471			558,588
Operating lease asset amortization		81,414			83,749
Amortization of debt issuance and other debt-related costs		19,485			15,247
Goodwill impairment		—			68,725
Deferred income taxes		(161,824	)		(145,133	)
Provision for losses on receivables		(137,670	)		213,769
Loss on sale of businesses		22,834			—
Other non-cash items		(7,507	)		6,765
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
(Increase) decrease in receivables		(130,403	)		342,557
Increase in inventories		(82,525	)		(497,391	)
Increase in prepaid expenses and other current assets		(50,833	)		(38,831	)
Increase (decrease) in accounts payable		800,248			(353,836	)
Increase (decrease) in accrued expenses		9,065			(28,406	)
Decrease in operating lease liabilities		(94,228	)		(95,861	)
Increase (decrease) in accrued income taxes		167,693			(25,987	)
Decrease in other assets		23,345			23,263
Increase in other long-term liabilities		39,448			53,415

Net cash provided by operating activities		1,479,784			1,078,469

Cash flows from investing activities:
Additions to plant and equipment		(251,167	)		(603,865	)
Proceeds from sales of plant and equipment		19,308			13,245
Acquisition of businesses, net of cash acquired		—			(142,780	)
Purchase of marketable securities		(44,687	)		(11,424	)
Proceeds from sales of marketable securities		30,773			17,465
Other investing activities		—			67,371

Net cash used for investing activities		(245,773	)		(659,988	)

Cash flows from financing activities:
Bank and commercial paper (repayments) borrowings, net		(411,200	)		20,886
Other debt borrowings		2,943			2,682,278
Other debt repayments		(1,489,431	)		(28,244	)
Proceeds from stock option exercises		112,231			186,503
Stock repurchases		—			(844,699	)
Dividends paid		(689,251	)		(628,056	)
Other financing activities ⁽¹⁾		(15,024	)		(45,990	)

Net cash (used for) provided by financing activities		(2,489,732	)		1,342,678

Effect of exchange rates on cash, cash equivalents and restricted cash		85,183			(8,857	)

Net (decrease) increase in cash and cash equivalents ⁽²⁾		(1,170,538	)		1,752,302
Cash, cash equivalents and restricted cash at beginning of period		6,095,570			532,245

Cash, cash equivalents and restricted cash at end of period ⁽²⁾	$	4,925,032		$	2,284,547

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	386,753		$	247,606
Income taxes, net of refunds		71,435			358,622

⁽¹⁾	Change includes cash paid for shares withheld to cover taxes, debt issuance costs and other financing activities.

⁽²⁾	Change includes restricted cash included within other assets in the Consolidated Balance Sheet.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

Sysco’s results of operations for fiscal 2021 and fiscal 2020 were impacted by restructuring and transformational project costs consisting of: (1) restructuring charges; (2) expenses associated with our various transformation initiatives; and (3) facility closure and severance charges. Sysco’s results for fiscal 2021 and fiscal 2020 were also impacted by intangible amortization expense related to the fiscal 2017 acquisition of Cucina Lux Investments Limited (the Brakes Acquisition). Additionally, our results for fiscal 2021 were impacted by loss on the sale of businesses.

Fiscal 2021 results of operations were also positively impacted by the reduction of bad debt expense previously recognized in fiscal 2020 due to the unexpected impact of the COVID-19 pandemic on the collectability of our pre-pandemic trade receivable balances. Fiscal 2020 results of operations were also negatively impacted by costs arising from the COVID-19 pandemic, the most significant of which were (1) excess bad debt expense, as we experienced an increase in past due receivables and recognized additional bad debt charges, and (2) goodwill impairment charges. Many of Sysco’s customers, including those in the restaurant, hospitality and education segments, are operating at a substantially reduced volume due to governmental requirements for closures or other social-distancing measures and a portion of Sysco’s customers have been closed. Some of these customers ceased paying their outstanding receivables, creating uncertainty as to their collectability. We experienced an increase in past due receivables and recognized additional bad debt charges in the third and fourth quarters of fiscal 2020; however, collections have improved in fiscal 2021, partially from restaurant reopenings, volumes improvements and Sysco’s improved credit processes. We have estimated uncollectible amounts based on the current collection experience and by applying write-off percentages based on historical loss experience, including loss experience during times of local and regional disasters, current conditions and collection rates, and expectations regarding future losses. The COVID-19 pandemic is more widespread and longer in duration than historical disasters impacting our business, and it is possible that actual uncollectible amounts will differ and additional charges may be required; however, if collections continue to improve, it is also possible that additional reductions in our bad debt reserve could occur. While Sysco traditionally incurs bad debt expense, the magnitude of such expenses and benefits, that we have experienced is not indicative of our normal operations. Our adjusted results have not been normalized in a manner that would exclude the full impact of the COVID-19 pandemic on our business. As such, Sysco has not adjusted its results for lost sales, inventory write-offs or other costs associated with the COVID-19 pandemic not previously stated.

The results of our foreign operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our total Sysco and our International Foodservice Operations results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. The constant currency impact on our adjusted total Sysco and our adjusted International Foodservice Operations results are disclosed when the impact exceeds a defined threshold of greater than 1% on the growth metric. If the amount does not exceed this threshold, a disclosure will be made that the impact of the currency change was not significant.

Management believes that adjusting its operating expenses, operating income, net earnings and diluted earnings per share to remove these Certain Items and presenting its International Foodservice Operations results on a constant currency basis, provides an important perspective with respect to our underlying business trends and results and provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.

Although Sysco has a history of growth through acquisitions, the Brakes Group was significantly larger than the companies historically acquired by Sysco, with a proportionately greater impact on Sysco’s consolidated financial statements. Accordingly, Sysco is excluding from its non-GAAP financial measures for the relevant period the impact of acquisition-related intangible amortization specific to the Brakes Acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal 2021 and fiscal 2020.

Set forth below is a reconciliation of sales, operating expenses, operating income, interest expense, other (income) expense, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not add up to the total presented due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

(Dollars in Thousands, Except for Share and Per Share Data)


	13-Week Period Ended Mar. 27, 2021			13-Week Period Ended Mar. 28, 2020			Change in Dollars			% Change
Operating expenses (GAAP)	$	1,886,751		$	2,503,966		$	(617,215	)		-24.6	%
Impact of restructuring and transformational project costs ⁽¹⁾		(34,953	)		(77,195	)		42,242			-54.7
Impact of acquisition-related intangible amortization ⁽²⁾		(18,834	)		(17,321	)		(1,513	)		8.7
Impact of bad debt reserve adjustments⁽³⁾		33,473			(153,499	)		186,972			121.8
Impact of goodwill impairment		—			(68,725	)		68,725			NM

Operating expenses adjusted for Certain Items (Non-GAAP)		1,866,437			2,187,226			(320,789	)		-14.7	%
Impact of currency fluctuations⁽⁴⁾		(29,659	)		—			(29,659	)		1.3

Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	1,836,778		$	2,187,226		$	(350,448	)		-16.0	%

Operating income (GAAP)	$	235,917		$	60,274		$	175,643			291.4	%
Impact of restructuring and transformational project costs ⁽¹⁾		34,953			77,195			(42,242	)		-54.7
Impact of acquisition-related intangible amortization ⁽²⁾		18,834			17,321			1,513			8.7
Impact of bad debt reserve adjustments⁽³⁾		(33,473	)		153,499			(186,972	)		-121.8
Impact of goodwill impairment		—			68,725			(68,725	)		NM

Operating income adjusted for Certain Items (Non-GAAP)		256,231			377,014			(120,783	)		-32.0	%
Impact of currency fluctuations⁽⁴⁾		8,029			—			8,029			-2.1

Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	264,260		$	377,014		$	(112,754	)		-29.9	%

Other (income) expense (GAAP)	$	(12,708	)	$	5,200		$	(17,908	)		NM
Impact of loss on sale of businesses		(10,790	)		—			(10,790	)		NM

Other (income) expense (Non-GAAP)	$	(23,498	)	$	5,200		$	(28,698	)		NM

Net earnings (loss) (GAAP)	$	88,927		$	(3,297	)	$	92,224			NM
Impact of restructuring and transformational project costs ⁽¹⁾		34,953			77,195			(42,242	)		-54.7
Impact of acquisition-related intangible amortization ⁽²⁾		18,834			17,321			1,513			8.7
Impact of bad debt reserve adjustments⁽³⁾		(33,473	)		153,499			(186,972	)		-121.8
Impact of goodwill impairment		—			68,725			(68,725	)		NM
Impact of loss on sale of businesses		10,790			—			10,790			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾		(10,300	)		(28,461	)		18,161			-63.8
Tax impact of acquisition-related intangible amortization ⁽⁴⁾		(5,573	)		(6,777	)		1,204			-17.8
Tax impact of bad debt reserve adjustments ⁽⁴⁾		10,354			(46,410	)		56,764			-122.3
Tax impact of loss on sale of businesses		301			—			301			NM

Net earnings adjusted for Certain Items (Non-GAAP)	$	114,813		$	231,795		$	(116,982	)		-50.5	%

Diluted earnings (loss) per share (GAAP)	$	0.17		$	(0.01	)	$	0.18			NM
Impact of restructuring and transformational project costs ⁽¹⁾		0.07			0.15			(0.08	)		-53.3
Impact of acquisition-related intangible amortization ⁽²⁾		0.04			0.03			0.01			33.3
Impact of bad debt reserve adjustments ⁽³⁾		(0.07	)		0.30			(0.37	)		-123.3
Impact of goodwill impairment		—			0.13			(0.13	)		NM
Impact of loss on sale of businesses		0.02			—			0.02			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾		(0.02	)		(0.06	)		0.04			-66.7
Tax impact of acquisition-related intangible amortization ⁽⁴⁾		(0.01	)		(0.01	)		—			0.0
Tax impact of bad debt reserve adjustments ⁽⁴⁾		0.02			(0.09	)		0.11			-122.2

Diluted EPS adjusted for Certain Items (Non-GAAP) ⁽⁵⁾	$	0.22		$	0.45		$	(0.23	)		-51.1	%

Diluted shares outstanding		514,585,129			512,657,657

⁽¹⁾

Fiscal 2021 includes $21 million related to restructuring charges and $14 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2020 includes $48 million related to restructuring, facility closure and severance charges and $30 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.

⁽²⁾	Represents intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice.

⁽³⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.

⁽⁴⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.

⁽⁵⁾	The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.

⁽⁶⁾	Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.

NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items

(Dollars in Thousands, Except for Share and Per Share Data)


	39-Week Period Ended Mar. 27, 2021			39-Week Period Ended Mar. 28, 2020			Change in Dollars			% Change
Operating expenses (GAAP)	$	5,573,413		$	7,054,924		$	(1,481,511	)		-21.0	%
Impact of restructuring and transformational project costs ⁽¹⁾		(95,078	)		(191,022	)		95,944			-50.2
Impact of acquisition-related intangible amortization ⁽²⁾		(54,714	)		(51,543	)		(3,171	)		6.2
Impact of bad debt reserve adjustments⁽³⁾		162,372			(153,499	)		315,871			205.8
Impact of goodwill impairment		—			(68,725	)		68,725			NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	5,585,993		$	6,590,135		$	(1,004,142	)		-15.2	%

Operating income (GAAP)	$	867,558		$	1,281,085		$	(413,527	)		-32.3	%
Impact of restructuring and transformational project costs ⁽¹⁾		95,078			191,022			(95,944	)		-50.2
Impact of acquisition-related intangible amortization ⁽²⁾		54,714			51,543			3,171			6.2
Impact of bad debt reserve adjustments⁽³⁾		(162,372	)		153,499			(315,871	)		205.8
Impact of goodwill impairment		—			68,725			(68,725	)		NM

Operating income adjusted for Certain Items (Non-GAAP)	$	854,978		$	1,745,874		$	(890,896	)		-51.0	%

Other (income) expense (GAAP)	$	(14,140	)	$	7,505		$	(21,645	)		-288.4	%
Impact of loss on sale of businesses		(22,834	)		—			(22,834	)		NM

Other (income) expense (Non-GAAP)	$	(36,974	)	$	7,505		$	(44,479	)		NM

Net earnings (loss) (GAAP)	$	373,116		$	833,894		$	(460,778	)		-55.3	%
Impact of restructuring and transformational project costs ⁽¹⁾		95,078			191,022			(95,944	)		-50.2
Impact of acquisition-related intangible amortization ⁽²⁾		54,714			51,543			3,171			6.2
Impact of bad debt reserve adjustments⁽³⁾		(162,372	)		153,499			(315,871	)		205.8
Impact of goodwill impairment		—			68,725			(68,725	)		NM
Impact of loss on sale of businesses		22,834			—			22,834			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾		(26,886	)		(57,756	)		30,870			-53.4
Tax impact of acquisition-related intangible amortization ⁽⁴⁾		(15,471	)		(15,584	)		113			-0.7
Tax impact of bad debt reserve adjustments ⁽⁴⁾		45,913			(46,410	)		92,323			-198.9
Tax impact of loss on sale of businesses		(7,251	)		—			(7,251	)		NM
Impact of foreign tax rate change		(5,548	)		924			(6,472	)		NM

Net earnings adjusted for Certain Items (Non-GAAP)	$	374,127		$	1,179,857		$	(805,730	)		-68.3	%

Diluted earnings (loss) per share (GAAP)	$	0.73		$	1.62		$	(0.89	)		-54.9	%
Impact of restructuring and transformational project costs ⁽¹⁾		0.19			0.37			(0.18	)		-48.6
Impact of acquisition-related intangible amortization ⁽²⁾		0.11			0.10			0.01			10.0
Impact of bad debt reserve adjustments ⁽³⁾		(0.32	)		0.30			(0.62	)		206.7
Impact of goodwill impairment		—			0.13			(0.13	)		NM
Impact of loss on sale of businesses		0.04			—			0.04			NM
Tax impact of restructuring and transformational project costs ⁽⁴⁾		(0.05	)		(0.11	)		0.06			-54.5
Tax impact of acquisition-related intangible amortization ⁽⁴⁾		(0.03	)		(0.03	)		—			0.0
Tax impact of bad debt reserve adjustments ⁽⁴⁾		0.09			(0.09	)		0.18			-200.0
Tax impact of loss on sale of businesses		(0.01	)		—			(0.01	)		NM
Tax impact of foreign tax rate change		(0.01	)		—			(0.01	)		NM

Diluted EPS adjusted for Certain Items (Non-GAAP) ⁽⁵⁾	$	0.73		$	2.29		$	(1.56	)		-68.1	%

Diluted shares outstanding		512,688,895			515,632,815

⁽¹⁾

Fiscal 2021 includes $56 million related to restructuring, severance and facility closure charges, and $39 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2020 includes $100 million related to restructuring, severance, and facility closure charges and $91 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.

⁽²⁾	Represents intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice.

⁽³⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.

⁽⁴⁾	The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.

⁽⁵⁾	Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.

NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Segment Results

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Applicable Segments

(Dollars in Thousands)


	13-Week Period Ended Mar. 27, 2021			13-Week Period Ended Mar. 28, 2020			Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales	$	8,360,241		$	9,587,005		$	(1,226,764	)		-12.8	%
Gross Profit		1,634,837			1,895,378			(260,541	)		-13.7	%
Gross Margin		19.6	%		19.8	%					-22 bps
Operating expenses (GAAP)	$	1,089,335		$	1,431,205		$	(341,870	)		-23.9	%
Impact of restructuring and transformational project costs ⁽¹⁾		(1,285	)		(1,403	)		118			-8.4
Impact of bad debt reserve adjustments⁽²⁾		21,669			(107,230	)		128,899			-120.2

Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,109,719		$	1,322,572		$	(212,853	)		-16.1	%

Operating income (GAAP)	$	545,502		$	464,173		$	81,329			17.5	%
Impact of restructuring and transformational project costs ⁽¹⁾		1,285			1,403			(118	)		-8.4
Impact of bad debt reserve adjustments ⁽²⁾		(21,669	)		107,230			(128,899	)		-120.2

Operating income adjusted for Certain Items (Non-GAAP)	$	525,118		$	572,806		$	(47,688	)		-8.3	%

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	1,723,126		$	2,508,642		$	(785,516	)		-31.3	%
Impact of currency fluctuations ⁽³⁾		(103,338	)		—			(103,338	)		4.1

Comparable sales using a constant currency basis (Non-GAAP)	$	1,619,788		$	2,508,642		$	(888,854	)		-35.4	%

Gross Profit (GAAP)	$	325,200		$	500,929		$	(175,729	)		-35.1	%
Impact of currency fluctuations ⁽³⁾		(20,660	)		—			(20,660	)		4.1

Comparable gross profit using a constant currency basis (Non-GAAP)	$	304,540		$	500,929		$	(196,389	)		-39.2	%

Gross Margin (GAAP)		18.9	%		20.0	%					-110 bps
Impact of currency fluctuations ⁽³⁾		0.1			—						7 bps

Comparable gross margin using a constant currency basis (Non-GAAP)		18.8	%		20.0	%					-117 bps

Operating expenses (GAAP)	$	446,687		$	584,715		$	(138,028	)		-23.6	%
Impact of restructuring and transformational project costs ⁽⁴⁾		(18,635	)		(25,180	)		6,545			-26.0
Impact of acquisition-related intangible amortization ⁽⁵⁾		(18,834	)		(17,321	)		(1,513	)		8.7
Impact of bad debt reserve adjustments ⁽²⁾		8,357			(46,269	)		54,626			-118.1

Operating expenses adjusted for Certain Items (Non-GAAP)	$	417,575		$	495,945		$	(78,370	)		-15.8	%
Impact of currency fluctuations ⁽³⁾		(28,811	)		—			(28,811	)		5.8

Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	388,764		$	495,945		$	(107,181	)		-21.6	%

Operating (loss) income (GAAP)	$	(121,487	)	$	(83,786	)	$	(37,701	)		-45.0	%
Impact of restructuring and transformational project costs ⁽⁴⁾		18,635			25,180			(6,545	)		-26.0
Impact of acquisition-related intangible amortization ⁽⁵⁾		18,834			17,321			1,513			8.7
Impact of bad debt reserve adjustments⁽²⁾		(8,357	)		46,269			(54,626	)		-118.1

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(92,375	)	$	4,984		$	(97,359	)		NM
Impact of currency fluctuations ⁽³⁾		8,151			—			8,151			NM

Comparable operating (loss) income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(84,224	)	$	4,984		$	(89,208	)		NM


SYGMA
Sales	$	1,580,695		$	1,364,111		$	216,584		15.9	%
Gross Profit		133,478			118,891			14,587		12.3	%
Gross Margin		8.4	%		8.7	%				-27 bps
Operating expenses (GAAP)	$	120,541		$	108,590		$	11,951		11.0	%
Impact of restructuring and transformational project costs ⁽¹⁾		—			(122	)		122		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	120,541		$	108,468		$	12,073		11.1	%

Operating income (GAAP)	$	12,937		$	10,301		$	2,636		25.6	%
Impact of restructuring and transformational project costs ⁽¹⁾		—			122			(122	)	NM

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	12,937		$	10,423		$	2,514		24.1	%

OTHER
Sales	$	160,527		$	238,941		$	(78,414	)	-32.8	%
Gross Profit		37,911			56,000			(18,089	)	-32.3	%
Gross Margin		23.6	%		23.4	%				18 bps
Operating expenses (GAAP)	$	32,027		$	75,051		$	(43,024	)	-57.3	%
Impact of bad debt reserve adjustments ⁽²⁾		3,447			—			3,447		NM
Impact of goodwill impairment		—			(11,660	)		11,660		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	35,474		$	63,391			(27,917	)	-44.0	%

Operating (loss) income (GAAP)	$	5,884		$	(19,051	)	$	24,935		130.9	%
Impact of bad debt reserve adjustments ⁽²⁾		(3,447	)		—			(3,447	)	NM
Impact of goodwill impairment		—			11,660			(11,660	)	NM

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	2,437		$	(7,391	)		9,828		133.0	%

CORPORATE
Gross Profit	$	(8,758	)	$	(6,958	)	$	(1,800	)	-25.9	%
Operating expenses (GAAP)	$	198,161		$	304,405		$	(106,244	)	-34.9	%
Impact of restructuring and transformational project costs ⁽⁶⁾		(15,033	)		(50,490	)		35,457		-70.2
Impact of goodwill impairment		—			(57,065	)		57,065		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	183,128		$	196,850		$	(13,722	)	-7.0	%

Operating loss (GAAP)	$	(206,919	)	$	(311,363	)	$	104,444		33.5	%
Impact of restructuring and transformational project costs ⁽⁶⁾		15,033			50,490			(35,457	)	-70.2
Impact of goodwill impairment		—			57,065			(57,065	)	NM

Operating loss adjusted for Certain Items (Non-GAAP)	$	(191,886	)	$	(203,808	)	$	11,922		5.8	%

TOTAL SYSCO
Sales	$	11,824,589		$	13,698,699		$	(1,874,110	)	-13.7	%
Gross Profit		2,122,668			2,564,240			(441,572	)	-17.2	%
Gross Margin		18.0	%		18.7	%				-77 bps
Operating expenses (GAAP)	$	1,886,751		$	2,503,966		$	(617,215	)	-24.6	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}		(34,953	)		(77,195	)		42,242		-54.7
Impact of acquisition-related intangible amortization ⁽⁵⁾		(18,834	)		(17,321	)		(1,513	)	8.7
Impact of bad debt reserve adjustments ⁽²⁾		33,473			(153,499	)		186,972		-121.8
Impact of goodwill impairment		—			(68,725	)		68,725		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,866,437		$	2,187,226		$	(320,789	)	-14.7	%

Operating income (GAAP)	$	235,917		$	60,274		$	175,643		291.4	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}		34,953			77,195			(42,242	)	-54.7
Impact of acquisition-related intangible amortization ⁽⁵⁾		18,834			17,321			1,513		8.7
Impact of bad debt reserve adjustments ⁽²⁾		(33,473	)		153,499			(186,972	)	-121.8
Impact of goodwill impairment		—			68,725			(68,725	)	NM

Operating income adjusted for Certain Items (Non-GAAP)	$	256,231		$	377,014		$	(120,783	)	-32.0	%

⁽¹⁾	Includes charges related to restructuring and business transformation projects.

⁽²⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.

⁽³⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.

⁽⁴⁾	Includes restructuring, severance and facility closure costs primarily in Europe.

⁽⁵⁾	Represents intangible amortization expense from the Brakes Acquisition.

⁽⁶⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.

NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Segment Results

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Applicable Segments

(Dollars in Thousands)


	39-Week Period Ended Mar. 27, 2021			39-Week Period Ended Mar. 28, 2020			Change in Dollars			%/bps Change
U.S. FOODSERVICE OPERATIONS
Sales	$	24,205,917		$	30,659,215		$	(6,453,298	)		-21.0	%
Gross Profit		4,793,866			6,089,171			(1,295,305	)		-21.3	%
Gross Margin		19.8	%		19.9	%					-6 bps
Operating expenses (GAAP)	$	3,174,704		$	4,126,576		$	(951,872	)		-23.1	%
Impact of restructuring and transformational project costs ⁽¹⁾		(4,010	)		(9,208	)		5,198			-56.5
Impact of bad debt reserve adjustments⁽²⁾		123,225			(107,230	)		230,455			-214.9

Operating expenses adjusted for Certain Items (Non-GAAP)	$	3,293,919		$	4,010,138		$	(716,219	)		-17.9	%

Operating income (GAAP)	$	1,619,162		$	1,962,595		$	(343,433	)		-17.5	%
Impact of restructuring and transformational project costs ⁽¹⁾		4,010			9,208			(5,198	)		-56.5
Impact of bad debt reserve adjustments ⁽²⁾		(123,225	)		107,230			(230,455	)		-214.9

Operating income adjusted for Certain Items (Non-GAAP)	$	1,499,947		$	2,079,033		$	(579,086	)		-27.9	%

INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)	$	5,854,608		$	8,311,081		$	(2,456,473	)		-29.6	%
Impact of currency fluctuations ⁽³⁾		(197,380	)		—			(197,380	)		2.4

Comparable sales using a constant currency basis (Non-GAAP)	$	5,657,228		$	8,311,081		$	(2,653,853	)		-31.9	%

Gross Profit (GAAP)	$	1,149,438		$	1,692,153		$	(542,715	)		-32.1	%
Impact of currency fluctuations ⁽³⁾		(43,631	)		—			(43,631	)		2.6

Comparable gross profit using a constant currency basis (Non-GAAP)	$	1,105,807		$	1,692,153		$	(586,346	)		-34.7	%

Gross Margin (GAAP)		19.6	%		20.4	%					-73 bps
Impact of currency fluctuations ⁽³⁾		0.1			—						9 bps

Comparable gross margin using a constant currency basis (Non-GAAP)		19.5	%		20.4	%					-81 bps

Operating expenses (GAAP)	$	1,351,411		$	1,686,258		$	(334,847	)		-19.9	%
Impact of restructuring and transformational project costs ⁽⁴⁾		(52,033	)		(74,302	)		22,269			-30.0
Impact of acquisition-related intangible amortization ⁽⁵⁾		(54,714	)		(51,543	)		(3,171	)		6.2
Impact of bad debt reserve adjustments ⁽²⁾		33,583			(46,269	)		79,852			172.6

Operating expenses adjusted for Certain Items (Non-GAAP)	$	1,278,247		$	1,514,144		$	(235,897	)		-15.6	%
Impact of currency fluctuations ⁽³⁾		(56,263	)		—			(56,263	)		3.7

Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	1,221,984		$	1,514,144		$	(292,160	)		-19.3	%

Operating (loss) income (GAAP)	$	(201,973	)	$	5,895		$	(207,868	)		NM
Impact of restructuring and transformational project costs ⁽⁴⁾		52,033			74,302			(22,269	)		-30.0
Impact of acquisition-related intangible amortization ⁽⁵⁾		54,714			51,543			3,171			6.2
Impact of bad debt reserve adjustments⁽²⁾		(33,583	)		46,269			(79,852	)		172.6

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(128,809	)	$	178,009		$	(306,818	)		-172.4	%
Impact of currency fluctuations ⁽³⁾		12,632			—			12,632			-7.1

Comparable operating (loss) income adjusted for Certain Items using a constant currency basis (Non-GAAP)	$	(116,177	)	$	178,009		$	(294,186	)		-165.3	%


SYGMA
Sales	$	4,625,244		$	4,266,998		$	358,246		8.4	%
Gross Profit		394,318			369,048			25,270		6.8	%
Gross Margin		8.5	%		8.6	%				-12 bps
Operating expenses (GAAP)	$	358,361		$	341,316		$	17,045		5.0	%
Impact of restructuring and transformational project costs ⁽¹⁾		(7	)		(3,662	)		3,655		-99.8

Operating expenses adjusted for Certain Items (Non-GAAP)	$	358,354		$	337,654		$	20,700		6.1	%

Operating income (GAAP)	$	35,957		$	27,732		$	8,225		29.7	%
Impact of restructuring and transformational project costs ⁽¹⁾		7			3,662			(3,655	)	-99.8

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	35,964		$	31,394		$	4,570		14.6	%

OTHER
Sales	$	475,181		$	789,452		$	(314,271	)	-39.8	%
Gross Profit		114,108			194,248			(80,140	)	-41.3	%
Gross Margin		24.0	%		24.6	%				-59 bps
Operating expenses (GAAP)	$	109,247		$	193,762		$	(84,515	)	-43.6	%
Impact of bad debt reserve adjustments ⁽²⁾		5,564			—			5,564		NM
Impact of goodwill impairment		—			(11,660	)		11,660		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	114,811		$	182,102		$	(67,291	)	-37.0	%

Operating (loss) income (GAAP)	$	4,861		$	486		$	4,375		NM
Impact of bad debt reserve adjustments ⁽²⁾		(5,564	)		—			(5,564	)	NM
Impact of goodwill impairment		—			11,660			(11,660	)	NM

Operating (loss) income adjusted for Certain Items (Non-GAAP)	$	(703	)	$	12,146			(12,849	)	-105.8	%

CORPORATE
Gross Profit	$	(10,759	)	$	(8,611	)	$	(2,148	)	-24.9	%
Operating expenses (GAAP)	$	579,690		$	707,012		$	(127,322	)	-18.0	%
Impact of restructuring and transformational project costs ⁽⁶⁾		(39,028	)		(103,850	)		64,822		-62.4
Impact of goodwill impairment		—			(57,065	)		57,065		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	540,662		$	546,097		$	(5,435	)	-1.0	%

Operating loss (GAAP)	$	(590,449	)	$	(715,623	)	$	125,174		17.5	%
Impact of restructuring and transformational project costs ⁽⁶⁾		39,028			103,850			(64,822	)	-62.4
Impact of goodwill impairment		—			57,065			(57,065	)	NM

Operating loss adjusted for Certain Items (Non-GAAP)	$	(551,421	)	$	(554,708	)	$	3,287		0.6	%

TOTAL SYSCO
Sales	$	35,160,950		$	44,026,746		$	(8,865,796	)	-20.1	%
Gross Profit		6,440,971			8,336,009			(1,895,038	)	-22.7	%
Gross Margin		18.3	%		18.9	%				-62 bps
Operating expenses (GAAP)	$	5,573,413		$	7,054,924		$	(1,481,511	)	-21.0	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}		(95,078	)		(191,022	)		95,944		-50.2
Impact of acquisition-related intangible amortization ⁽⁵⁾		(54,714	)		(51,543	)		(3,171	)	6.2
Impact of bad debt reserve adjustments⁽²⁾		162,372			(153,499	)		315,871		-205.8
Impact of goodwill impairment		—			(68,725	)		68,725		NM

Operating expenses adjusted for Certain Items (Non-GAAP)	$	5,585,993		$	6,590,135		$	(1,004,142	)	-15.2	%

Operating income (GAAP)	$	867,558		$	1,281,085		$	(413,527	)	-32.3	%
Impact of restructuring and transformational project costs ^{(1) (4) (6)}		95,078			191,022			(95,944	)	-50.2
Impact of acquisition-related intangible amortization ⁽⁵⁾		54,714			51,543			3,171		6.2
Impact of bad debt reserve adjustments⁽²⁾		(162,372	)		153,499			(315,871	)	-205.8
Impact of goodwill impairment		—			68,725			(68,725	)	NM

Operating income adjusted for Certain Items (Non-GAAP)	$	854,978		$	1,745,874		$	(890,896	)	-51.0	%

⁽¹⁾	Includes charges related to restructuring and business transformation projects.

⁽²⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.

⁽³⁾	Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.

⁽⁴⁾	Includes restructuring, severance and facility closure costs primarily in Europe.

⁽⁵⁾	Represents intangible amortization expense from the Brakes Acquisition.

⁽⁶⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.

NM represents that the percentage change is not meaningful.

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Free Cash Flow

(In Thousands)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free cash flow should not be used as a substitute for the most comparable GAAP measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.


	39-Week Period Ended Mar. 27, 2021			39-Week Period Ended Mar. 28, 2020			39-Week Period Change in Dollars
Net cash provided by operating activities (GAAP)	$	1,479,784		$	1,078,469		$	401,315
Additions to plant and equipment		(251,167	)		(603,865	)		352,698
Proceeds from sales of plant and equipment		19,308			13,245			6,063

Free Cash Flow (Non-GAAP)	$	1,247,925		$	487,849		$	760,076

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)

Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

(Dollars in Thousands)

EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA plus the impact of Certain Items, excluding Certain items related to interest expense, income taxes, depreciation and amortization. Sysco’s management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and investors about the profitability of the business, as it facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions. Adjusted EBITDA should not be used as a substitute for the most comparable GAAP measure in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings (loss).


	13-Week Period Ended Mar. 27, 2021			13-Week Period Ended Mar. 28, 2020			Change in Dollars			% Change
Net earnings (loss) (GAAP)	$	88,927		$	(3,297	)	$	92,224			NM
Interest (GAAP)		145,773			83,854			61,919			73.8
Income taxes (GAAP)		13,925			(25,483	)		39,408			154.6
Depreciation and amortization (GAAP)		177,139			186,172			(9,033	)		4.9

EBITDA (Non-GAAP)	$	425,764		$	241,246		$	184,518			76.5	%
Certain Item adjustments:
Impact of restructuring and transformational project costs ⁽¹⁾	$	34,301		$	74,656		$	(40,355	)		54.1
Impact of bad debt reserve adjustments⁽²⁾		(33,473	)		153,499			(186,972	)		121.8
Impact of goodwill impairment		—			68,725			(68,725	)		NM
Impact of loss on sale of businesses		10,790			—			10,790			NM

EBITDA adjusted for Certain Items (Non-GAAP)	$	437,382		$	538,126		$	(100,744	)		18.7	%

⁽¹⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.

⁽²⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.


	39-Week Period Ended Mar. 27, 2021			39-Week Period Ended Mar. 28, 2020		Change in Dollars			% Change
Net earnings (loss) (GAAP)	$	373,116		$	833,894	$	(460,778	)		55.3	%
Interest (GAAP)		438,988			243,951		195,037			79.9
Income taxes (GAAP)		69,594			195,735		(126,141	)		64.4
Depreciation and amortization (GAAP)		542,471			558,588		(16,117	)		2.9

EBITDA (Non-GAAP)	$	1,424,169		$	1,832,168	$	(407,999	)		22.3	%
Certain Item adjustments:
Impact of restructuring and transformational project costs ⁽¹⁾	$	89,253		$	174,066	$	(84,813	)		48.7	%
Impact of bad debt reserve adjustments⁽²⁾		(162,372	)		153,499		(315,871	)		205.8
Impact of goodwill impairment		—			68,725		(68,725	)		NM
Impact of loss on sale of businesses		22,834			—		22,834			NM

EBITDA adjusted for Certain Items (Non-GAAP)	$	1,373,884		$	2,228,458	$	(854,574	)		38.3	%

⁽¹⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.

⁽²⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.


	13-Week Period Ended									39-Week Period Ended
	Sep. 26, 2020			Dec. 26, 2020			Mar. 27, 2021			Mar. 27, 2021
Net earnings (loss) (GAAP)	$	216,900		$	67,289		$	88,927		$	373,116
Interest (GAAP)		146,717			146,498			145,773			438,988
Income taxes (GAAP)		41,838			13,831			13,925			69,594
Depreciation and amortization (GAAP)		180,521			184,811			177,139			542,471

EBITDA (Non-GAAP)	$	585,976		$	412,429		$	425,764		$	1,424,169
Certain Item adjustments:
Impact of restructuring and transformational project costs ⁽¹⁾	$	25,278		$	29,674		$	34,301		$	89,253
Impact of bad debt reserve adjustments⁽²⁾		(98,628	)		(30,271	)		(33,473	)		(162,372	)
Impact of loss on sale of businesses		12,044			—			10,790			22,834

EBITDA adjusted for certain items (Non-GAAP)	$	524,670		$	411,832		$	437,382		$	1,373,884

⁽¹⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.

⁽²⁾	Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.


	13-Week Period Ended										52-Week Period Ended
	Sep. 28, 2019		Dec. 28, 2019		Mar. 28, 2020			June 27, 2020			June 27, 2020
Net earnings (loss) (GAAP)	$	453,781	$	383,410	$	(3,297	)	$	(618,419	)	$	215,475
Interest (GAAP)		83,335		76,762		83,854			164,269			408,220
Income taxes (GAAP)		128,090		93,128		(25,483	)		(117,826	)		77,909
Depreciation and amortization (GAAP)		187,405		185,011		186,172			247,177			805,765

EBITDA (Non-GAAP)	$	852,611	$	738,311	$	241,246		$	(324,799	)	$	1,507,369
Certain Item adjustments :
Impact of restructuring and transformational project costs ⁽¹⁾	$	45,546	$	53,864	$	74,656		$	116,218		$	290,284
Impact of bad debt reserve adjustments⁽²⁾		—		—		153,499			169,903			323,402
Impact of goodwill impairment		—		—		68,725			134,481			203,206
Impact of loss on assets held for sale		—		—		—			46,968			46,968

EBITDA adjusted for certain items (Non-GAAP)	$	898,157	$	792,175	$	538,126		$	142,771		$	2,371,229

⁽¹⁾	Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges related to accelerated depreciation.

⁽²⁾	Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.

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Document and Entity Information	May 04, 2021
Document And Entity Information [Line Items]
Entity Registrant Name	SYSCO CORP
Amendment Flag	false
Entity Central Index Key	0000096021
Document Type	8-K
Document Period End Date	May 04, 2021
Entity Incorporation State Country Code	DE
Entity File Number	1-06544
Entity Tax Identification Number	74-1648137
Entity Address, Address Line One	1390 Enclave Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77077
City Area Code	(281)
Local Phone Number	584-1390
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common stock, $1.00 Par Value
Trading Symbol	SYY
Security Exchange Name	NYSE
Senior Notes 125 Due 2023 [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.25% Notes due June 2023
Trading Symbol	SYY23
Security Exchange Name	NYSE