Company: SYY
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0000096021-25-000010
Chunk: 25

Company: SYSCO CORP
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 2
Chunk 25
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Non-GAAP) (4)25 12 13 NMDepreciation and amortization, as adjusted (Non-GAAP) (5)(407)(365)(42)(11.5)Operating income adjusted for Certain Items (Non-GAAP) $1,655 $1,599 $56 3.5 %

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(1)Fiscal 2025 and 2024 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation.(2)Fiscal 2025 and 2024 include acquisition and due diligence costs.(3)In arriving at adjusted EBITDA, Sysco does not exclude interest income of $14 million and $20 million or non-cash stock compensation expense of $60 million and $53 million for fiscal 2025 and fiscal 2024, respectively.(4)Fiscal 2025 represents $25 million in GAAP other expense (income), net. Fiscal 2024 represents $12 million in GAAP other expense (income), net.(5)Fiscal 2025 includes $473 million in GAAP depreciation and amortization expense, less $66 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal 2024 includes $425 million in GAAP depreciation and amortization expense, less $61 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.NMRepresents that the percentage change is not meaningful.

Liquidity and Capital Resources

Highlights 

We produced positive free cash flow of $331 million in the first 26 weeks of fiscal 2025, as compared to positive free cash flow of $527 million in the first 26 weeks of fiscal 2024. The decrease in free cash flow is attributable to a decrease in cash provided by operating activities, partially offset by an increase in proceeds from sales of plant and equipment and a decrease in capital expenditures. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities and comparisons of the significant cash flows from the first 26 weeks of fiscal 2025 to the first 26 weeks of fiscal 2024 are provided. 

 26-Week Period Ended Dec. 28, 202426-Week Period Ended Dec. 30, 2023Source of cash (use of cash)(In millions)Net cash provided by operating activities (GAAP