Company: SYY
Filing Date: 2025-03-24
Form Type: CORRESP
Source: 0000096021-25-000016
Chunk: 2

Company: SYSCO CORP
Filing Date: 2025-03-24
Form: CORRESP
Chunk 2
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 EBITDA increased 4.4% to $969 million 1,2 ;

1 Adjusted financial results, including adjusted operating expense, adjusted operating income (loss), adjusted net earnings, adjusted earnings per share (EPS) and adjusted EBITDA, among others, are non-GAAP financial measures that exclude certain items, which primarily include acquisition-related costs, restructuring and severance costs, and transformational project costs. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.

2 Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.

Non-GAAP Reconciliation

Net Debt to Adjusted EBITDA, page 23

#### 3.
Please disclose the reasons why management believes that presentation of debt/net debt to adjusted EBITDA ratios provides useful information to investors. Also, present and/or discuss debt/net debt to net earnings ratios with equal of greater prominence, when you present and/or discuss debt/net debt to adjusted EBITDA ratios. Refer to Item 10(e)(1)(i)(A) and (C) of Regulation S-K and Question 102.10(a) of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.

Response

The Company respectfully acknowledges the Staff’s comment. The Company advises the Staff that in future filings (including the Company’s next quarterly report on Form 10-Q), as well as the Company’s earnings release furnished under Item 2.02 of Form 8-K, the Company will enhance its explanations and address specific reasons why management believes that each of the non-GAAP measures presented or discussed, including debt/net debt to adjusted EBITDA ratios, provide useful information to investors. In addition, in future filings, as well as the Company’s earnings release furnished under Item 2.02 of Form 8-K, when presenting or discussing a non-GAAP measure, such as debt/net debt to adjusted EBITDA ratios, the Company will present or discuss the most comparable GAAP measure, such as debt/net debt to net earnings ratios, with equal or greater prominence.

The following is an example of the intended disclosure:

Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by