Sysco Corp. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Sysco Corp. filed its Q2 FY2024 10-Q report, detailing financial performance and operations.</b>

AI Summary

SYSCO CORP (SYY) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. Sysco Corp. filed a 10-Q report for the period ending December 30, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 29th. Sysco Corp. is incorporated in Delaware. The company's principal business is Wholesale - Groceries & Related Products.

Why It Matters

For investors and stakeholders tracking SYSCO CORP, this filing contains several important signals. This filing provides investors with the latest financial data for Sysco Corp., crucial for understanding its current performance and making investment decisions. As a major player in the wholesale grocery sector, Sysco's financial health and operational updates in this 10-Q can indicate broader trends in the food distribution industry.

Risk Assessment

Risk Level: low — SYSCO CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Sysco's revenue, profitability, and any emerging trends.

Key Numbers

• 2023-12-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-31 — Filing Date (FILED AS OF DATE)
• 06-29 — Fiscal Year End (FISCAL YEAR END)
• 2024 — Fiscal Quarter (Quarter Information)

Key Players & Entities

• SYSCO CORP (company) — FILER
• 20231230 (date) — CONFORMED PERIOD OF REPORT
• 20240131 (date) — FILED AS OF DATE
• 0000096021 (company) — CENTRAL INDEX KEY
• 5140 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 281-584-1390 (phone) — BUSINESS PHONE
• SYY (ticker) — Ticker Symbol

Forward-Looking Statements

• Sysco will continue its routine quarterly filings without significant deviations in financial reporting. (SYSCO CORP) — high confidence, target: 2024-06-30

FAQ

Industry Context

Sysco Corp. operates in the wholesale grocery and related products sector, a critical part of the food supply chain.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine any disclosures regarding operational changes or strategic initiatives.
3. Compare key financial metrics to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 30, 2023, and a comparison to the prior period's 10-Q will be available in subsequent filings.

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 Par Value SYY New York Stock Exchange
• $0.49 — of tax 1,194 1,194 Dividends declared ($0.49 per common share) ( 249,014 ) ( 249,014

Filing Documents

• syy-20231230.htm (10-Q) — 2830KB
• exhibit1012023rsagrmt-nond.htm (EX-10.1) — 30KB
• exhibit102-2023rsagmtxdefe.htm (EX-10.2) — 30KB
• exhibit103summaryofcompens.htm (EX-10.3) — 8KB
• exhibit311ceocertsec302-q2.htm (EX-31.1) — 9KB
• exhibit312cfocertsec302-q2.htm (EX-31.2) — 9KB
• exhibit321ceocertsec906-q2.htm (EX-32.1) — 4KB
• exhibit322cfocertsec906-q2.htm (EX-32.2) — 4KB
• syy-20231230_g1.jpg (GRAPHIC) — 10KB
• 0000096021-24-000018.txt (&nbsp;) — 10820KB
• syy-20231230.xsd (EX-101.SCH) — 44KB
• syy-20231230_cal.xml (EX-101.CAL) — 85KB
• syy-20231230_def.xml (EX-101.DEF) — 235KB
• syy-20231230_lab.xml (EX-101.LAB) — 662KB
• syy-20231230_pre.xml (EX-101.PRE) — 447KB
• syy-20231230_htm.xml (XML) — 2109KB

– FINANCIAL INFORMATION Page No

PART I – FINANCIAL INFORMATION Page No. Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 4.

Controls and Procedures

Controls and Procedures 58

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 60 Item 6. Exhibits 60

Signatures

Signatures 63

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Sysco Corporation and its Consolidated Subsidiaries CONSOLIDATED BALANCE SHEETS (In thousands, except for share data) Dec. 30, 2023 Jul. 1, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 962,165 $ 745,201 Accounts receivable, less allowances of $ 79,179 and $ 45,599 5,291,552 5,091,970 Inventories 4,722,499 4,480,812 Prepaid expenses and other current assets 327,569 284,566 Income tax receivable 5,815 5,815 Total current assets 11,309,600 10,608,364 Plant and equipment at cost, less accumulated depreciation 5,157,150 4,915,049 Other long-term assets Goodwill 5,255,010 4,645,754 Intangibles, less amortization 1,174,151 859,530 Deferred income taxes 444,180 420,450 Operating lease right-of-use assets, net 824,390 731,766 Other assets 576,120 640,232 Total other long-term assets 8,273,851 7,297,732 Total assets $ 24,740,601 $ 22,821,145 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 5,737,726 $ 6,025,757 Accrued expenses 2,266,062 2,251,181 Accrued income taxes 46,772 101,894 Current operating lease liabilities 119,397 99,051 Current maturities of long-term debt 84,513 62,550 Total current liabilities 8,254,470 8,540,433 Long-term liabilities Long-term debt 12,028,122 10,347,997 Deferred income taxes 303,878 302,904 Long-term operating lease liabilities 737,354 656,269 Other long-term liabilities 979,376 931,708 Total long-term liabilities 14,048,730 12,238,878 Noncontrolling interest 33,367 33,212 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 1,877,201 1,814,681 Retained earnings 11,724,251 11,310,664 Accumulated other comprehensive loss ( 1,189,753 ) ( 1,252,590 ) Treasury stock at cost, 261,472,819 and 260,062,834 shares ( 10,772,840 ) ( 10,629,308