Company: SYY
Filing Date: 2025-10-02
Form Type: DEF 14A
Source: 0000096021-25-000147
Chunk: 92

Company: SYSCO CORP
Filing Date: 2025-10-02
Form: DEF 14A
Chunk 92
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 Director and Pay Versus Performance)

$106 million of intangible amortization expense and $33 million of due diligence costs. Fiscal year 2021 represents $74 million of intangible amortization expense and $6 million of due diligence costs. (3) Fiscal year 2023 represents an adjustment to a product return allowance related to COVID-related personal protection equipment inventory. Fiscal year 2022 represents a write-down of COVID-related personal protection equipment inventory due to the reduction in the net realizable value of inventory. (4) Fiscal year 2023, 2022, and 2021 represent the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal year 2020 . EBITDA AND ADJUSTED EBITDA NON-GAAP RECONCILIATION (COMPENSATION DISCUSSION AND ANALYSIS) 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 financial 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 .

| (in Millions)                                                 | 2025($) | 2024($) | Period Change($) | Period Change(%) |
| Net earnings (GAAP)                                           |   1,828 |   1,955 |             -127 |             -6.5 |
| Interest (GAAP)                                               |     635 |