Company: SYY
Filing Date: 2025-10-02
Form Type: DEF 14A
Source: 0000096021-25-000147
Chunk: 90

Company: SYSCO CORP
Filing Date: 2025-10-02
Form: DEF 14A
Chunk 90
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 share to remove these Certain Items provides an important perspective with respect to our underlying business trends and results. Additionally, it provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the Company’s underlying operations, (2) facilitates comparisons on a year-over-year basis, and (3) removes those items that are difficult to predict and are often unanticipated and that, as a result, are difficult to include in analysts’ financial models and our investors’ expectations with any degree of specificity. Sysco’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ended June 28, 2025, June 29, 2024, July 1, 2023, and July 2, 2022 for fiscal 2025, 2024, 2023, 2022, and a 53-week year ended July 3, 2021 for fiscal 2021. Because fiscal 2021 contained an additional week as compared to fiscal 2025, 2024, 2023 and 2022, our Consolidated Results of Operations for fiscal 2025, 2024, 2023 and 2022 are not directly comparable to the fiscal 2021. To provide comparability, our disclosures for fiscal 2021 are adjusted and presented on a 52-week year basis. Management believes that adjusting the fiscal 2021 Consolidated Results of Operations for the estimated impact of the additional week provides more comparable financial results on a year-over-year basis. This is calculated by taking one-fourteenth of the total metric for the fourth quarter of fiscal 2021. Sysco uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These financial measures should not be used as a substitute for GAAP measures in assessing our results of operations for periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Any metric within this section referred to as “adjusted” will reflect the applicable impact of Certain Items. Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due-diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2025, 2024, 2023, 2022 and 2021. Set forth below