Sysco Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Sysco Corp. filed its Q3 2024 10-Q, providing detailed financial statements and balance sheet information as of March 30, 2024.</b>

AI Summary

SYSCO CORP (SYY) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Sysco Corp. filed its quarterly report (10-Q) for the period ending March 30, 2024. The filing covers the third quarter of fiscal year 2024. The report details financial information as of and for the periods ending March 30, 2024, and March 31, 2023. Key financial statement data, including common stock, additional paid-in capital, retained earnings, and treasury stock, are presented for various dates. The company's fiscal year ends on June 29.

Why It Matters

For investors and stakeholders tracking SYSCO CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for Sysco Corp., crucial for evaluating the company's current health and future prospects. Understanding the specific figures for revenue, net income, and balance sheet items allows for a precise assessment of Sysco's operational and financial standing compared to previous periods and industry benchmarks.

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, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand Sysco Corp.'s revenue trends, profitability, and balance sheet changes for the third quarter of fiscal year 2024.

Key Numbers

• 2024-03-30 — Period End Date (Reporting period for the 10-Q)
• 2023-03-31 — Prior Period End Date (Comparative period end date)
• 0629 — Fiscal Year End (Sysco's fiscal year end date)
• 2024-05-01 — Filing Date (Date the 10-Q was filed)

Key Players & Entities

• SYSCO CORP (company) — Filer name
• 2024-03-30 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• 2024-04-30 (date) — Date as of change
• 77077 (other) — Business address zip code
• 281-584-1390 (other) — Business phone
• 0629 (other) — Fiscal year end
• SYY (ticker) — Ticker symbol

FAQ

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 Par Value SYY New York Stock Exchange

Filing Documents

• syy-20240330.htm (10-Q) — 2860KB
• exhibit311ceocertsec302-q3.htm (EX-31.1) — 9KB
• exhibit312cfocertsec302-q3.htm (EX-31.2) — 9KB
• exhibit321ceocertsec906-q3.htm (EX-32.1) — 4KB
• exhibit322cfocertsec906-q3.htm (EX-32.2) — 4KB
• syy-20240330_g1.jpg (GRAPHIC) — 10KB
• 0000096021-24-000043.txt (&nbsp;) — 10934KB
• syy-20240330.xsd (EX-101.SCH) — 45KB
• syy-20240330_cal.xml (EX-101.CAL) — 85KB
• syy-20240330_def.xml (EX-101.DEF) — 231KB
• syy-20240330_lab.xml (EX-101.LAB) — 605KB
• syy-20240330_pre.xml (EX-101.PRE) — 440KB
• syy-20240330_htm.xml (XML) — 2263KB

– 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 60 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 60 Item 6. Exhibits 60

Signatures

Signatures 62

– 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) Mar. 30, 2024 Jul. 1, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 598,322 $ 745,201 Accounts receivable, less allowances of $ 85,590 and $ 45,599 5,556,703 5,091,970 Inventories 4,733,966 4,480,812 Prepaid expenses and other current assets 310,069 284,566 Income tax receivable 5,815 5,815 Total current assets 11,204,875 10,608,364 Plant and equipment at cost, less accumulated depreciation 5,290,437 4,915,049 Other long-term assets Goodwill 5,220,989 4,645,754 Intangibles, less amortization 1,136,869 859,530 Deferred income taxes 442,256 420,450 Operating lease right-of-use assets, net 882,211 731,766 Other assets 534,703 640,232 Total other long-term assets 8,217,028 7,297,732 Total assets $ 24,712,340 $ 22,821,145 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 5,869,479 $ 6,025,757 Accrued expenses 2,246,595 2,251,181 Accrued income taxes 33,988 101,894 Current operating lease liabilities 122,984 99,051 Current maturities of long-term debt 93,225 62,550 Total current liabilities 8,366,271 8,540,433 Long-term liabilities Long-term debt 12,113,205 10,347,997 Deferred income taxes 312,927 302,904 Long-term operating lease liabilities 791,007 656,269 Other long-term liabilities 995,420 931,708 Total long-term liabilities 14,212,559 12,238,878 Noncontrolling interest 32,557 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 1,846,743 1,814,681 Retained earnings 11,898,772 11,310,664 Accumulated other comprehensive loss ( 1,231,221 ) ( 1,252,590 ) Treasury stock at cost, 266,250,088 and 260,062,834 shares ( 11,178,516 ) ( 10,629,308