SYY - Earnings call transcript Q4 2022

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Operator

Welcome to Sysco Corporation Fourth Quarter Fiscal Year 2022 Conference Call.

As a reminder, today's call is being recorded.

We will begin with opening remarks and introductions. I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

Kevin Kim

welcome fourth and XXXX fiscal everyone, call. earnings morning, to quarter Sysco's year Good we Hourican, Officer; have Chief call, Affairs today's On Kevin Officer. Communications Aaron our of our and Russell, Chief Executive our Alt, Chief Neil Financial and SVP Corporate Officer; and President

Reform we note within the of Litigation made a could Private future forward-looking statements that Before meaning results during state of which Securities predictions presentation, begin, expectations and or Company's or please the differ the manner. the material management's statements actual this Act intentions, beliefs, are in

measures question today today like over of included the our one and questions, to I'd The GAAP ask like results the to Additional call statements we'd XXXX, differ one each XX-K in information this annual ended slides. of about of at Company's A but Investors at morning. factors non-GAAP that have subsequent of filings all our year in limit Hourican. earlier ensure release to risk be found section contained answer we to and their to limited turn those copy could SEC sysco.com. that comments news time forward-looking Investors our measures time and financial our the cause are corresponding the sufficient factors the July the be in not presentation these follow-up. end on the to issued This can in participant SEC included Kevin the includes, for time, and can in slides measures this to is the report to Non-GAAP in Form section in the presentation reconciliation filings. from is these materials to, also in is X, found contained To website. At

Kevin Hourican

billion. performance in Good capped another as performance fiscal line of financial and The off by annual top at $XX sales quarter Sysco. joining marked our QX XX.X% we quarter grew you call. and strong thank for over morning positive bottom XXXX to

in our industry. year Sysco than the the exceeded performance the the total growth over the year. more for on helped drive profitable than the outperformance company with The of we second our EPS year half the stronger sales our business For of Consistent for by was X.Xx billion and year, even result $XX grew This first. growth, goal the grew adjusted XXX.X%. U.S. focus

team during generated I compelling Growth Our and results our today. delivering strategy, returns. these balance our for shareholder call Recipe topics two highlight advancing sheet while our improving will

progress past a have share we Cisco's the over market. in as will made company displays the unique I of First, year position that strength

in are Second, convey confident fiscal growth in our why I'll 'XX. for profitable we trajectory

let confidence globe acknowledge that as year. prices, Despite external that this in Before growth gains factors, these Sysco the I profitable inflation gas food me get spikes we across impacting closely prepared macroeconomic monitoring significant started, coming market are and rising to consumer deliver pressures share are and such rates. was interest

in to displayed Sysco sales on leader describe at So chain sales. asked of unique X. be successful be a put, and X and need who chain supply bit arenas, business, often are Sysco company. and a To this as marketing Slides XX% a about you capable position get and both food let's to more in equally company XX% be our at we and Simply with successful is am I food leading supply strength and started Sysco. to of

a our and developed strategy have Growth we is our years, called X.X Recipe past advancing that sales. for chain capabilities in the Over supply

distribution. leader our position that capabilities a as transforming Sysco food in are will We new enable global by building further

the year, accomplishments Let supply our chain an of biggest summarizing led year. by industry have food of our is Sysco that we some Throughout the me the highlight first OTIF the XX% from of perspective. past

For most record OTIF past the year those and was on-time full. for This on that logistics, in year stands our challenging in in not industry.

able During that those be against. to on we challenging shift conditions, stock better better compete and those time was able versus Sysco to in

grow results will our infrastructure is want lifetime potential the for for the was average substantial skilled the As We're of won drivers chain returning schedule, shortage to physical and a of six-day began to associates our will Sysco improved existing years. customers partnership service six-day The model The to six-day industry this OTIF DCs our and new to to we Sysco nationwide The our helping better a skilled levels balance transition business frontline to exceeding drivers Their And big associates at result, work-life and for enable majority assets. thank selected earnings be we our Sysco model end first location will the their deliver fully provided lift. network a of for year. Simultaneously, six-day training complete the come. launched to of levels to I ensure a by Academy, work supply opening Sysco coming will service for participate. addressing quarters years historical that years and week. will that number work OTIF come full associates. the of a Academy out for associates enabling our calendar our and by We and to to leading our to profitably and We stronger-than-industry large increased our driver our converted will committed model deeply the increase U.S. academy in converted our four-day building Driver customers. over our leveraging the transition.

will new are experience at improve the delivery picking our scaling drivers. We and of our have warehouses methods piloted that

reduces improve our the day. and we're providing improved advanced material addition, improved In productivity, will their of drivers, retention drivers increased of handling customer equipment that with These experience actions our the enabling service. physicality

omnichannel will in a built 'XX. that fulfillment out or DOMS Sysco we've enable at Lastly, short, fiscal management system, distributed order for

end of this through assortment. network operations the longer frontend local project. sales the our will their of decoupled order just No to customer have need We sites our a back from network, inventory from

through vast of improving to inventory implementation, the of our working customers our also are opening capital our while project. network up industry-leading the productivity We this through DOMS

We in be and first our with to scale [indiscernible] beyond. soon 'XX and plans launching expand will

at supply clear, Our mission the that or customers' growth at on Sysco enable our time full a in exceeds profitable of chain delivered expectations. is assortment meets products by leading delivery frequency delivering and industry's

deliver supply Our mission to on fiscal in 'XX. our enhanced greatly that chain capabilities

hundreds company's every Now food specialists day product are I marketing. globe. and over more progress the made food have dare focus, work like than that of live the our in with highlight credentials sales in would culinary XX% other consultants we our key teams. food of culinary any, to the food sales and a I if and partners know our about trends X,XXX few, that across there say We

overall have customer full competitors. with the in rates, Chart NPS satisfaction the highest higher associates scores point than our industry, satisfaction sales Our a Please see X.

Greco, are strength assortment product consultants and our the in introducing partnering sales Foods and perspective, and menus that have the in from assortment identifying with new From importantly, them to Coastal and trends experts broadest we customers, we've with of the of Paragon industry, with money. food a food everything recent Companies. help customers acquisitions Our the expanded save our

right like built improved We some size. with and their is prices product to increase the made appropriate Essentials, our Our highlight price sales improved needs. broad-line engines selling, a what improved we ability customers Common with our Like search recommendation digital team-based our over I at specialty call our year upgraded be basket the intelligent introduced better marketing. We system to product I to of it to and on summarize and regards easier customer progress would chain, leveraging assortment We sales across We our offer to what food call to provides data-driven we and have which our shopping past we and we reorder businesses. our personalization platform. with scaled to that and offers teams that supply second fair none, customer implemented We navigation. collection pricing made customers. level. we unique that even of the specific engine, item We customer an improve and

highlight, past can we the several in ways. success too. over I'd Lastly, measure year

the consultant RSEs was new during they secondly, exceeded even have embraced first. grew deeply the stronger fiscal successfully more Recipe our the industry performance exceeded the historical that in XXXX. resignation, great look year average. XXXX retention our of And the built, result This Growth. and we than our for in Firstly, have than for sales our X.Xx tools year we the half second the and goal

we sales teams the have have and business marketing. more Our rewarding of Defining new and their and services in distribution, tools in Sysco. customers that our us that food because sales with with food are of is excellence because sales and the deployed relationships they of

gas the home end the year. Topic macroeconomic for industry related expertise and view respectively doubt past closely have climate to over size, We days. years. and submit remember and the We inflation, every to two the has no and to to and these today, are is day. these resilient lot resilience confident we We to scale we of that We're have it's like consumer how current food be that their customers our economic leader proven essential. There think from quite points I'd away bringing discuss pressures two our consumers food minds arenas, confidence. the our innovation the to a for important in upcoming have that prices and adapted monitoring data on be frankly few

our delivered challenges, after Despite has inflation of growth. and in major Over Ukraine double-digit we industry years, these the with the dealt challenge supply. ways food impacting last COVID, three X.X have innovation profitable with challenge

learned have dynamic are we ahead. to We another year and operate abnormal an prepared navigate environment to in

to growth financial in sales While we we we REIT are moment. planned, why had in than targets. 'XX recent rate in originally a detail make anticipate headwinds of at on industry-wide believe XXXX. reasons XX% guidance are prepared Aaron There more least deliver will several in robust that growth generate less address we we will macroeconomic our

office industry restaurant the to buildings. facilities to sectors in any covering from to last of as and are spectrum up less We the We and These growth leader, two and education care We restaurants types. the source fully price a point continue of facilities away corner prone recreation across food will serve diversified, market. coming rebound every and to and that provide delivered deliver into the First, recession. all home food years. health travel we're down

still growth Even traffic with we and locations, have XX% have opportunities is originally by restaurant if more of market of wallet grow less serve win given the to XXXX, the customers. we Sysco strong have we XX% intend restaurant Technomic, remember compelling. roughly in Simply division. in big if is muted still our door forecasted potential roughly can internationally grow fiscal we International profitably in that than 'XX. year-over-year business even total growth put, strict space. to the Additionally, step-downs And the existing share our from share we

through food X. to of people's pass Interestingly, eating than to X store Second, been the cost again relative prove we will restaurants cost to at the with grocery regarding by has the as eat impacted with customers When inflation, Slides on continue resilient. desire believe majority out, out that to coupled once of inflation work of we our price inflation. less the seen

I again, us today, marketing This highlighted fiscal like our target X.Xx call in for of increased industry. Recipe in fiscal of trend with the will Third, Your and sales will the share to value industry, growing year 'XX the investments target deliver put through plan the 'XX topics increased deliver on and growing drive to new overall Perks than Growth faster Once our we programs Sysco Way the needed strategy Sysco with trajectory years. growth. a coming industry. market will on coupled this capabilities grow The X.XXx include our

May in We provided longer-term XXXX of are increasingly confident Day. at guidance our in Investor our

We out. leadership progress share costs efficiency focused compelling fiscal entire team will improving the improvement in I of addition structural that productivity past to be we ensuring drive operations Aaron, structural market will our we reducing growth, In 'XX. in be proud and and made the we year relentlessly focused have and over on cost that on

years has in welcome Lastly, operations. all includes transformation the building our and excited of across record Paulo we XX the seven multiple driving of track as are teams across extensive geographies. customer-focused food to international high-performing Peereboom leader appointed of experience newly This over business. an Paulo countries,

next some you. Our momentum over future. will improvement to level. had international strong financial to I'd team take provide turn Aaron, we a confident details. and in Aaron, we additional of are over building year now to 'XX, the it will are in Paulo increasingly to who our like

Aaron Alt

Sysco year Kevin, many business. team Thank morning. The the strong be financial quarter and results good fourth giving about financial the our you, us to delivered upbeat full and for reasons

Let's the the of an quarter talk million sales about for for achieved at record Sysco landing highlights. quarterly of annual billion all-time the $XX some for year. and We almost and $XX

fourth With the sales volume billion comparison volume, increased a quarter fourth U.S. XX% and growing the Foodservice Adjusted XX%. the rising to points the fiscal XX.X% improved from the consecutive XX.X% respect basis. at up and with the growth profit fourth the $XX.X broadline our growth. and even We four year, international with XX margin versus QX our adjusted GP to inflation. was X.X% sales for grew year case the fiscal level, year, marking For baked almost quarter XX.X% up at growing prior enterprise 'XX, At quarter, QX for last enterprise fourth extra week in segments XX- $X.X XX.X% up of basis and the with quarter billion year the XX.X%. to gross U.S. even adjusting last out to Operations higher such for for in at gross for of of in on all 'XX, grew XX-week the quarter versus year. quarter dollars per impact incremental rate

operating the cost the inflation, passing continue fourth around We our part product U.S. was along pass of along XX% to inflation. while quarter, which in in

QX basis up $X.X significantly. of XX.X% $XX were leverage operating XX% pre-COVID quarter, income Adjusted the XX sales. for our for as, year chain exceeding income to in quarter operating Our our expenses dropped also the the Recipe basis to points XXXX $XX for growing returned increased million however, to cover the quarter quarter, year. Operating continuing or Overall billion adjusted costs versus We year hand, sign in the we $X.X operating Productivity we XXX on fiscal other, 'XX, and higher factor gaps, lower the ramping of address the the in with were invested for QX. expenses of $XX for on levels operating a one million Growth points an by Operating billion. by last for million to time investments supply progress. snapback employment than invested new results, of was and to the demand over productivity staff. excellent the improved but

prices. operating adjusted Sysco. of to in year Cash at the year. debt We net continued our Foodservice to shares EBITDA, the through million billion we fourth our direction $XXX are level, of $XXX continue At With XXX and highest high EBITDA that at all-time the balance billion time $X.X Adjusted earnings or year, use as progress additional Adjusted once comes accounts the $X.X the our quarter of fourth fiscal was particularly debt Ukraine year-end, ever $X.X repurchase We $X In invasion to returned pre-COVID rising focus at pleased due rising driving in for the surpassed which and shareholders during made income QX. in the completed flow first margin the an in million with we for came of in delivered with for which billion high the X.Xx and was we the increased to the progress it fuel inventory profitability international on of EBITDA we we balance any of of for is operations cash sales and the for billion, and U.S. the progress $X.X regards Since quarter Omicron for have and paid industry. higher of segment come. the EBITDA which from matter for both flow and that $X.XX, on quarter also million profitability. the sheet, year, quarter the enterprise the share share inflation, ended of sequential operations, the notwithstanding delivered have to a down Sysco more free dividends. adjusted record COVID, repurchased year. receivable, to billion healthy again quarter per cash and

our balance from accounts payable. We million higher team in continues well also approximately cash quarter receivables the manage benefited and to on as hand. Our we $XXX with ended

So business extensive a our is view carries let's and and turn for future reposition and to of to about are quarters company. upbeat indeed start observed our look comments Sysco to forward. our through my recent of today, In months as are guidance ongoing I at Kevin investments we the providing and growth efforts Sysco. reflective I The upbeat that that

mentioned at scale through the whether and are which It's well takeout. positioned economy are strong another customer categories Kevin and the will our geographies, recession worth and cost that sheet impact product the to as tool, assessing demonstrated our dynamic discipline and repeating what our operate diversification and industry we the earlier, balance a focus to and from enabled As pricing business. prepared we benefit degree leader we're by types, our across operating, on year

We has the and have the learned Cisco's benefit COVID. carefully from operated from examined results that and recession, the we fact our through importantly, of interruption business company just 'XX-'XX during

punch the line. Here's real

positioned ever to than macro better been before. address events we today are We have

during grow market at fiscal a expect So environment. least 'XX, algorithm perspective, economic we with the of all the said, X.XXx of regardless that from growth to

mark Bolt-on contribute inflation, over line also estimates growth. will from at which the for environment, XXXX, of the initial will Sysco current time. XX% While growth to of it based market sales macro $XX move our least is above and acquisitions year top we billion precise fiscal growth difficult to on be annual first the expect

across mid-single-digit enterprise moderating full first to categories, in digits from in We the quarter for QX. on on high year single basis basis inflation the single year-over-year a expecting an all digits low are

course inflationary. categories expect over recovering hiring all cost-out efforts. planning mitigated by productivity not elevated that as that we part are tenure deflationary may transformation, driven individually expect some environment though improve and do planned issues the operating for of still a these We continue continued expenses deal to be We in associate our for is year to the the with year we environment, investments during this

cost this out, Speaking cost incremental operating XXXX, out helping delivered we significant year. in of offset fiscal expenses

we're target EPS cost-out expectations. our in And EPS both cumulative our in, going our which to improvements for of profit we per adjusted increases substantial share. exceeded now growth with already have earnings more, achievement of included are is $XXX million. We and contributing the All volume back growth in growing our

EPS that from in adjusted Please our note fiscal $X.XX. end of 'XX. fiscal are in EPS for the increase our even EPS in XXXX. adjusted year. a high to EPS EPS represents year at year a ever also previous achieved range year 'XX The fiscal fact of XX% low fiscal range of point, for the XX% adjusted a this It reflects the of We take Sysco adjusted increase guiding $X.XX our 'XX equals midpoint adjusted over highest

our strong growth impact the current environment, the Recipe will the I profit stronger macro economic second low investments of growth a recovery. not for to modest with timing intend Growth the expected with The reflects year. our the our our impacting do the While earnings improvement midpoint productivity efforts of and reflects our end debate cadence reflects the economist, half. operating of range a in environment the And and definition top of end recession recession

back with second we Omicron related XXXX. QX, point on in fact reflects our progress in rescue first seasonal near and growth earnings be the profit the growth, QX or lapping progress adjusted year's for slowdown prior our productivity high always quarter initiatives, last our stronger high continued EPS The from half is that For at expect to point.

guidance, the our May adjusted adjusted XX% achieving than that year above also our provided to fiscal are higher previous $X The long-term year. midpoint translates You 'XX fiscal may fiscal approximately EBITDA in XXXX, to recall is billion in midpoint of our 'XX guidance which XX% 'XX that way on to achieve fiscal for guidance. we of 'XX. The year EPS reflects we well guidance long-term our EPS of

profit we grows continued strong XXXX by levels in offset with forecasting investments driven and strategy our as sales, in AR and continue to are We increase cash working with inventory. from tactical by our increases, generation capital investments an

through continue to EBITDA sustained including EBITDA the of Also strategy to invest allocation of capital business, capital current further debt our in and positioned to is maintain net With on rising of we debt are make Our strong our progress forward, investment-grade X.XXx. that XX% going environment shareholders. target the in expect remains M&A, adjusted in return well interest as rating of we fixed. note rate our X.Xx service our to leverage approximately our growing,

rating investment-grade stabilized strong Just Moody's our last week, credit rating reaffirmed Sysco's and outlook.

completing share repurchase to committed completed of QX of and 'XX, $XXX $XXX have fiscal are during indeed commitment already that million in up million repurchases We of year. this

during We the committing M&A incremental assessing of cash activity million the before year. further the operating will and $XXX repurchase opportunities be the to share environment beyond as an

the Our playing the grow an aristocrat and effective announced and 'XX us the future line bottom increase our 'XX. we 'XX the we Sysco. excellent dividend fiscal status fiscal is the at $X.XX as view for for both and investing dividend already while year line, build summary, the top as fiscal long to In upon we annual important for game

consistent for of adjusted XXXX these of that, exceeding X.Xx All turn EPS which market XX% the Kevin I long-term XXXX guidance at growth over Day, growth over and levels. our will Investor fiscal share back our remarks. to with from record year are fulfilling the end least of includes efforts call by With

Kevin Hourican

Thank you, Aaron.

strength industry summary on as leader you Slide industry of Aaron, Sysco position the As brief margin build Slide from the to Sysco XX. already already we heard plan brief on is And from an I'd to conclude, like EBITDA a we summary on fiscal XX. that provide is in perspective. XXXX.

three reflects points. key today's takeaways from call Our

with first. X.Xx than strategy even we stronger the Recipe year, second advanced our First, than for the grew and the more market Growth half the per

with fiscal progress third, margin confident customers. sequential external XX% and existing we're the gross continue Second, in at midpoint pressures for sales year profitability macroeconomic And least at growth as of we both industry, profit the new growth and This operating guidance grow and resiliency XX% EPS recognizing XXXX. to rates. as well we as our improved assumes our with in

in also a remain leverage. with increased management to disciplined will plan strong expense We drive operating

Turning next to the slide.

We are generating momentum and substantial charities. accelerating line market top

Our Recipe for term. winning and the creating Growth for us in long at will is Sysco transformation help the grow marketplace profitably that capabilities

further income growth advantages. a building are to We disciplined the dividend operating Sysco's us also sheet shareholders enabled and advancing fun strategy our and environment, strength enhancing share scale have continue repurchases. our long-term competitive our balance with difficult and of statement during rewarding while

long-term can shareholders line committed are open There to you both part growth be along the days ahead our which significant and I'm proud Lastly, value outlook, we the the Operator, bright to questions. a for for and now sales of EPS Sysco, includes and our journey. returning way. and financial are excited to

Operator

question-and-answer Instructions] Ladies session. the and Silberman gentlemen, Suisse. Credit go Lauren will we first now question ahead. of from Your [Operator Please begin comes

Lauren Silberman

each quarter throughout it X% on week, trend? looks lapping 'XX, versus just ask think, I underlying the Can down that we case on And basis over understand is number growth, first wanted case three-year about to down growth the just give like you local excluding the so the quarter. year. consistent, local a I X.X%, us XXrd pretty then one the for

independent seeing color an you what on as can any So customer. provide you're

Kevin Hourican

I'll just To we're Kevin. perspective. your about This for talk answer start. a bit I'll what you the question. little seeing from volume question Thank a is to and

results the for year-over-year. local look from perspective had was this that were which is against a that strong year, So flattish flattish pretty profit answer keep strong QX, expected, you we to sales, for a 'XX, guide. strong XX QX were when as with higher XX we against we recovery, same volume really against just modeled quarter. through volumes pretty quarter, and mind, than year, prior on And of in volume to seeing couple you the recovery. past strong when obviously, the our in the for is sales robust number what What coupled a at from was comping inflation we're comping And weeks number that so a with right now flattish flowed that exceeded recovery

As ever Sysco. for Aaron mentioned, highest quarter

we that not As it I'd Slide away the itself, the about in call pretty the to for than stated It's was time coming for Sysco even does this just that year. I include times clear also of remarks, market. our I XX the all that this X.X at And we second chart performance local, business. was pulling but the that grew first. from industry the we on speaks think morning we're in grew the prepared year, that you half point faster over

occurring. So shows at in the that's separation chart that, if look you the lines the in

as this a cost of that sales mile-markers. and XX% of including success trends to the in through new customer our lot more winning is national local building of national at independent. at profit and we're We're at just exceed local level and level do to types, expectations, moment, pop view meet momentum. We level. at we're to question macroeconomics and on answer the regards that carrying rates your that well. having or My EPS confident that Aaron's was least we're the that Last XX% ability in and but growth, was thoughtful today. comments QX consumer our So, the of local all business also provided comments mom the apply is fuel growth against the business trends producing, drivers sentiment least, not as one cost we guide we're at it year those and in the to deliver high of primary in that in included consumers began and and impacting the of fuel At

Lauren Silberman

I gross if a profit. just And could follow-up Great. ask on

Thank case your So has Are dollars? inflation? What's very you. dollar growth strong, maintain gross ability the pushback we of do in feels about growth see confidence how expecting deflation? peaking. gross profit like but on in deflation inflation consumers And I signs mean any seeing should profit you're to you been dollars? is gross think I per know that 'XX, profit maintaining we it from not

Kevin Hourican

the save within team Yes. strategic size really the is Thank work customers, to so to provide value doing customers. really through for sales to Sysco, to did and a them the introducing and system We're brand in three, due because just to the quarter Sysco lowest with Lauren. thoughtful pricing scale good we one. our to we're Judy of that point, very money that pleased force quarter how you, just Last high enable our are the rates organization we're Point enabling improvement helping that to work we're brand sophisticated merchant point drive customers, cost excellent doing Sysco to be sourcing. net our and recent job us leveraging our is and inflation. intelligent most provides through merchant our two, passing that to our of Sysco to Sysco brand our data-driven in only at value on quality Sansone

our So, them help I be be high can menu. has to the my successful restaurant to been on we to successful. how and and prepared customers of Think exact work are them this about and adjust, about customers. be can the to portion change that size. during team those it in about end as menu And Think itself for our Think ingredients period same remarks, confident sales profitable inflation. through pass that we mentioned with help inflation modify

the continue toss to pass provided and over your we of half to going confident to are through you. second the for to inflation guide to confident our that are ability today. I'm we question, we in Aaron, in So, Aaron

Aaron Alt

Great, good morning.

both a we work of for although to into customers as both not from enterprise, opportunity customers, structure, through optimize models our being own perhaps observe year. into then deflationary us our product we to perspective. utilizing actually deflationary reinforce environment, optimize costs called increased to as I that some over and I point, also prior to but the that pleased Kevin's that on we are to pass which us, we've product We're want of our expecting also our customers. own course with a pleased assuming inflation am in and inflation the Sysco while moderating quarters. Just levels the mix be guidance our portfolio, in Brand typically with expecting to cost categories may And disclosed just their our to well to is USPL have not to built observe quite the Kevin out with for continued the products ability have and

Operator

of next Kelly Please Fargo. Wells Your comes go from question Ed ahead.

Ed Kelly

consumer what 'XX start are XXXX yet? you maybe point? wanted about August? actually as trend you changing a the in quarter above impact guess, any talk seeing I just Could the maybe growth versus to But of mentioned this case sort like, little progressed. the seeming then cadence sort U.S. or you the growth case with of at in underlying And the and in Are risk. of July then, I are seeing you And consumer you bit

Kevin Hourican

Appreciate the -- the about remarks just this talked know obviously on we is What this prepared and well. you know question. and

or cost and table we're are restaurants fully low gamut better the and from say across QSR, best to the diversified on companies performing operators from weaker donating are are well, each shift carry the cover weaker doing the sectors good, to product not to provided restaurant widening specifically as consumer sectors other there customer call-out and color not that doing perspective. to it that our we to down We accelerating all performers losers to we overall there's well the companies the today winners but and meaningful and high that and of to are seeing top There's And August. strategies, as or pricing notable brands us July, no white strong versus well relatively. than top top relative and from performance way within restaurant share that report talk about. operators the in relates range performers, for and broad share to are from restaurant we're news spectrum diversification strong a market Our trend

sales then is the that we inflation lift to talked just guide Our year. the Aaron today, recommendation for guide that's on that the guide focus in which provided that profit sales inherent the and about is provided. we

we're trends point call-outs, guide talk and meaningful how year to our the the about performing. to you business and the no currently So on we're Company upbeat full and performance of positive we

Ed Kelly

SG&A, around Okay. Great. follow-up business. just And then particularly the around really quick it's a U.S.

a You've made quite year. bit of this investment

a that OpEx or see real an of of are versus continue sort case, from you capitalize seems dollars some point, once 'XX to of grow? standpoint, investments. those on then How per about that I in mean it like opportunity a sort settles instance, can your this XXXX to right sounds does OpEx there's at kind for bit. You that like it quite lot case of it does. down, But per thinking OpEx

as of period. that I'm So curious we kind see to

Kevin Hourican

time, within to can overall Aaron. and it's about share, like remarks on overall a want strategic that to We're using our want We're from to then There unpack it where make Kevin. being be. I is I'm what behind to And an supply passing expense we're in it This we productivity driver chain called start that bit, and and expected supply local. competitive of and overall staffed was through then a a were rates, elements talking improvement to year, our as resignation really from recovery in toss who business we was anything well. positively just of point at dramatic winning year-over-year. a versus disappointment We having gaining within to time are about pain a that at with within the are This supply had well and company. understaffed perspective he'd has as impact properly the that as great the our in out our chain. last margin in to toss and where at sourcing where expected Aaron, of lot inflation, be general, perspective. I created it to be productivity, some expense industry want be. to share And the clear winning I clear, Aaron to chain where just this and comments prepared I'll a chain excellent regard. the GP top doing on comment and both that happening. we job little line national is. our occurring and going leverage our we're rate an a We're purchase management we doing supply product

properly We this are staffed at time.

providing never has flow we better. our are to Our new been hiring improved has applicant associates has simply the training and improved, that

fact, time In spend literally program we're to sites heading training to go success that and to providing the one academy training is our our having with the this on celebrate industry's of team best that, associates. our afternoon

are we staffed, level in at properly training not that we have are a we investing So performed.

a Roughly challenging a with our addressable someone by on Company it and out reason takes up that the average. a that call. in selector roughly our Sysco's have time challenge that is team historical in leadership, skilled point a our for absolutely year, calling They're We my that therefore, I it's for the myself, for is to below, And supply an today's The productivity that the point half of our productivity academies of simple under in referenced move is math, which were results alone, point, under topic the job data driver curve. half that that associates and positions, overall point. have jobs. following and associates labor been chain These that year. rate are is

a in will training there in of process taking move of liked, productivity retention moving will and our up associate cost but logistics improve retention the We our we of to would productivity and have than the improve retention. a lower up improving improving will we efforts, sales we the bit people percent that the it process curve. will It's our And curve, little cost longer logistics serve. as

Aaron, for and We been comments. fiscal included will guidance that for provided we you 'XX. I'll productivity, additional improve the today in has that toss to

Aaron Alt

Great.

a as service, And increase volume we're remarks, on Kevin's that. of all going cost of with face expect fiscal the increased elements couple of would touch of of to course, course me the apparent 'XX. incomes, increased the over Let we

other on et expect to the the to to moderating, forward, hire, productivity. fuel, During to of those have we right? well. And fiscal and as improve in things increased has touched costs those have also quarter, recruiting, steps in as impact we address like or place look cost programs address already we 'XX. did Kevin we hedging But of those cetera, are

As to we expect called in course the the guidance, out of improve year. over that our we

time down in course year. against in in invest the expenses will the the QX, transformation as and they Our higher heavily down transformation expense, those costs And long continue And QX. expect we but year come moderate. our to are will to we then over game the came we indeed, of to continue them that over were snapback, play

back Now about our of in we the cost-out original we pleased far that prepared We the right? is objective had $XXX more, thing were so there out, I yet more we during remarks, haven't are talked said surpassed my And year. is and million going as for cost opportunity.

deploy a Sysco we operating to deploy what that our One company we benefits idea of is can we find of where size we and good of can of enterprise. the the and works of it, a other recognize parts of

to benefits, they're guidance we we as offset some that out structure at for more Thank confident recently the forward. help costs and our you. to provided continue of carry of The the so, the we've are revised go can that actually fiscal leadership through network, cost And cost into least baked in we've after year to all elsewhere 'XX.

Operator

of question go comes from Please Your Mark ahead. Carden next UBS.

Mark Carden

aware There's you fiscal which the that is should the or So expectations. are share market there Is grew in with slow front reason challenges place, 'XX? you in some topped some there at expect of? your in market in conservatism built X.Xx to we path your glide just in X.XX 'XX before on original why any obviously macro but would be this specifics fiscal accelerating 'XX that

Kevin Hourican

our our original One to ended, contributions into Day grout I fiscal primary to going between to to midpoint things in our essentially, that two ended a Investor back step-up the for those 'XX was our Mark, second. in fiscal happened grow in we I'm is we was the XXXX. come just May for up back for go guide to X.X two success. just Growth. X.X that appreciate question. Recipe Recipe our year year ramped Growth, fiscal just as to you in 'XX, asking. which Thank was going a is had What The of be XXXX, And the from

us had to on in because rates ship to to time take than at full, the the coming as business that was as essentially we on and on historical of I local take profit customers asking were economic to Sysco they macro and And above ability our were. conditions and large. mentioned industry was their on we second and today's customers national call, The at able greater business,

So guided was market Recipe success for supply to success. to is we X.XXx what our the And large chain strength growth. today contributor a was Growth contributor relative and a large that a

is our it in two What Aaron Your we're to market efforts, As current relative Perks, Sysco stronger steps the said, I'll provide out those contributions will point add greater happen implementation there's a in rolling prepared impact of I regardless we're time, to Way suggested couple 'XX. the to that? our contribution of and get because that be bigger the we X.X website we're performs, the and new two stable supply newer just and health of will from efficiency mentioned data Growth to Recipe gets time. weeks. smarter The is and orders fiscal examples. is at in strength of still perform contribution for an of chain for perspective, expect to it We're how be and relative each my smaller over market placing year. for value. an total. up going will reason And this than the 'XX the in the doing work an marketplace agile the in value. order, that overall literally mode better of and to better year Sysco every to which Recipe development coming Growth customers our remarks again, a increasing adds functionality tech And today, be 'XX with in analytics Why more

out internal we nationwide are and for enrolled, over the have Both expectations the and Here's programs our news. years. that those the programs will customers good been and roll neighborhoods exceeding quarters coming

that's a so relative contribution. And

reiterated of weight see it's to we a why increase in macro what and So programs, effective grow our X.Xx in power is today ability our going that those the to we overall I'll in the confidence sequential fiscal given the 'XX. environment, think overall additional today that's you toss in the guide market we in is Aaron, comments. on X.XXx And everything provided for prudent. we and

Aaron Alt

we is there how to a market the balance share, one observe Growth is thought, XX% have for XX% just for Recipe Just sticks reinforces our out final as there the that serve much deploy benefit which to company of to -- opportunity particularly penetration still and the independent just our with XX% a sheet. size about drive, of of that we

Mark Carden

Makes sense. clarity Thanks for the there.

majority And more grow temptation positioning Are price smaller your impact does just so, to get to rationally competitors environment? acting less how this relevant? tool in your And respect separately, stay to pricing you any able the players noted that inflation. with through aggressive, then for the pass of you're to still

Kevin Hourican

We're to the say all rational pass I'd increases inflation. to impact the environment. P&L, and the if through seeing a cost understand don't their them they distributors understand pricing

to Sysco. our there. at feeds market into Specific we're the pricing tool and And muscle So, it's enables competitiveness. price new one data market a out pricing what seeing pricing our is of rational a tool

which think every region So about within we operate.

the like of feeds. algorithm got to an of I specific data customer And for in market marketplace. understand gets our it's We utilized, other happening that, of the emphasize feeds what's pricing provide that for item -- for are type. one the that therefore, a intelligent that strategy scraping customer-specific to data what's about cuisine, that category, price, price. one We've It's

So, been in local equipped in because understand industry we than happening local what's before ever ever than environment to the better pricing this we've are is before.

Operator

John from ahead. comes Partners. Your next Heinbockel question go Please of Guggenheim

John Heinbockel

least at growth. I So start Kevin, to -- said with want you XX%

can is you that, grow guess, right, macro a recession, I and, mild XX% the grow possibly in if faster better. than So,

from maybe a comment in what the most driving you share the XX% environment, this to or impactful goes So would primarily? Do I gains share would that come two in where would would relative X.XX increase in think the be be happen share months? next your that can And -- share wallet And what that year up? slower wallet your guess beyond that you gains, right? XX one the that's market would things

Kevin Hourican

John, to at good we less deliver in implied you communicated Yes, our market sales and today we is question. lift. just see Thank said we you. least than what that overall a XX% mathematically the grows what if ability expected,

our want we take to capabilities, profitably. many use not will a irrational. try programs, primary as will et cetera, say assortment, et I share. want our clear, we crystal to through think more price cetera. we so to before, be And I'll lever And that's our service, will win We We to again, I've said times, then business. do win

If you direct thing your it the just one on focus increased increased be profitability, thing one question. on pick answer improve would with penetration and to thing it's only, with could to customers. customers. That's to penetration existing one focus we existing If

of a our most increased in wallet to program increase And club entire Perks is customers. experiencing neighborhoods existing that you coverage share with providing are existing customers. a penetration, with purpose what compelling pleased is important John, Sysco club, we penetration Way frequency, penetration really meaning tied partner, customers to reward the loyalty no are service with a caught Way dedicated delivery Your in model, we're cetera, evening, in increased seeing, with sales and by Your et late invited The The customers. into. Essentially, it's driver, those increase with reps, Perks VIP of order on minimums in get off dedicated We et cetera. Sysco Sysco is Sysco

on we're business win can that in strategic new we But believe those arrows So, two we quiver. bullish as well. our

reps are industry, new we the and to win customer doing sales they're most customers. and rates. We've new and largest the new good very qualified got sales net customers win Our prospecting, financially accelerated force of a motivated continue in to job at

only, together existing what's one causing But increased two penetration it's the actually is can Slide us market. it's do customers. XX that the So, of you with separation on versus and one if

John Heinbockel

that. any you trucks you pushback you that have, fewer the biggest back So XX% historically, on door, everything And right? we've I get, the not hurdle in of having economic restaurant hurdle? quality the right, it the heard average follow-up that to seems is the truck, a the right have seems biggest as maybe on right, And are What's where case mean XX%. under one plenty from Because is hurdle? on What's the anymore? imagine I specialists. a just Or that's side positive. perception the right, protein overwhelmingly versus just

Kevin Hourican

Yes, the largest largest biggest we robust where with business not I Buckhead meat especially specialty about as would well. say and we in have that specialty is specialty you Newport, the hurdle, the have when platform, our business, think

broadline industry. call second we're none selling with to value fine broadline and the And center better ability an we team-based So, protein et high-end along of cetera, before that specialty XX pounds our et able cetera, job point, doing for. and with deliver is have is even it of rice to than plate flower, that been price in ever along that and known bring that to product, specialty bags

that to or and challenges product John, say times reality The we're availability, the economic been do then somewhere product challenge, purchasing go that our sticky get biggest they So if and believe product it stock has else be they going need, very then, and doing the current you what, items the I'd deliver, over back their in that product. on that else, customers ability COVID, at the guess there well. customer out is key not. barrier time. somewhere all to need to environment in with been have of long-term biggest can't that if volume source to it of with you And do go with get win on that

has menu challenges topic you to a that's And base. supplier on suppliers, in meaningful fill Fill because and if stock." that the progress I or has us, with my shown unique listen, making of up difficult be XX customer my I problem need at two We're staffing rate over months been three need then order, a Sysco. Sysco. have because telling from able not to last to that's can't inbound that distributors So "Hey the issues in distributors

from OTIF as industry an mentioned. the leading are perspective, We I

product business strength, historical biggest We don't we a as that been two, view of point is question question challenge, weakness. answering is, that So view your your but I'm that, point meaningfully which for answer more our the as Topic has of minute, it competitor the cheaper A customer on somewhere item. availability. undercuts item price. hey, a its to then just industry, "Well, a with this book We and It's can price wait one that you comes one of else." I in price business. product and a a the XX% one says, get don't on item

And ankle trying in it coming so, on a And this biters, you us in gives item. tool not that I the a competitor again, on get undercut to to single there's new single a and undercut in, our call But on door. constant, coming item a price to pricing people to the topic, that trying need we confident that's equipped better to fair prices John, a I that sophistication you and you that are representing to the to and marketplace follow-up. sales sure back manage in think ever able appropriate, the in in future before. be if make we're are have than reps the they're our that trying

John Heinbockel

that No, is no, great.

Operator

Glass of Your comes Please Morgan from next go John Stanley. question ahead.

John Glass

where help question role sense maybe that international volumes are roll particular the that what that in for absolute rolled got good on there 'XX. out frame sales? there? your international international you of are please? those is in drive how there, been for And I the markets Can Any what has top -- 'XX, inflation out pulls the to initiatives color guidance U.S. think versus maybe case how you've and don't line example, into My we've

Kevin Hourican

Strong you disclosed, and quarter the for to where a international on question. year we're be Yes, the wrapped bullish expected John, we We momentum. strong it. thank building that quarter our business that versus appreciate up business. for We're

lockdowns I had Europe different volumes greater U.S. this again as And Well, business even mean tolerance weren't The it's States, QX. about lower as and away-from-home psyche in Europe, the the in impacted year, were much in Omicron, United robust COVID. down we was was food some that really the Omicron As down. than upcoming we risk Canada, and just consumer Europe handled during how softening internationally. the was softening in lockdown. think and QX overall while complete

have and today great Paulo bullish that about to confidence addition our increase doing. about ahead. this initiatives, international. we're company, team, sequential line what joining a we bottom are both the be be is that we and a I as your the So in will top Specific contribution the year year I going our the It's announced on just from coming call, to to line exactly love question question.

the for domain, our Recipe which Growth, and the programs to taking with meaningfully practices are are international Canada. We starting is now we bringing in U.S., the from these working best

So a new we're year modern Canada. deploying website this in

pricing and new international larger same to round to and The in GB we tool year, Your like and this our a bringing deploying goes Canada well. out Ireland will programs are We as France and be Way sectors. to Sysco Sysco Perks Canada

main product of each to countries bringing each as strength portfolio, in We those countries. including a advancing elements Sysco the those represented are of offering of our brand

So, we're it. about thoughtful

everything pragmatic Aaron, We it. we which are prioritizing, but do into been toss I'll additional for which rigorously taken to comments. to can't country when. any year. our guidance you meaningfully obviously, are are initiatives about overnight, We And this that's coming built for

Aaron Alt

Thank you. Great.

out, international of called they of observe the forward. well. so core as on than not make that of continues continue one to contribution as us I'm other the present 'XX improve to leadership carry we do separately that we out. that the up is, opportunity the the progress couple We to fiscal Recipe part that have, the that our to progress the initiatives the to on in to the leadership have we're to And numbers And And do for business, things fiscal volume have business. we with been business indeed, or guidance as don't there. baked the disclose international prepared delivery, international about out a 'XX Growth new for called Kevin into nice We've business more today we're for maybe the our it's of opportunity upbeat the or the observations. continued we pleased with of whether part in that, business driving cost Just to Kevin as midpoint of

John Glass

quick follow-up. And just Aaron, a

You smaller on talked maybe And 'XX. Are about magnitude? pertaining and pressuring order first e bigger, were snapback Can than in transformation to those or that's it's 'XX you costs in the in similar fact, of an give the -- they 'XX? of half.

Aaron Alt

give referring to and you remarks look being it's you. said across we color guide, previously that what where year, near new apparent and around that the the to I I'm directly increases of our to at point earnings math absolute and particular, not with the the are to the can given give or comment at from reality that's the high if going the profit QX than the The were. my tried we you on other prepared is practical in cadence I'm back they best

Operator

question Alex Jefferies. Please go of next from Your Slagle ahead. comes

Alex Slagle

here lagged your what's like question and what travel, you there that industry hospitality. guidance in high-level business kind kind some the on expect around of the the in business and assumptions categories U.S. of A are what of recovery embedded

Just your there. thoughts

Kevin Hourican

Sure.

of Let couple me thoughts. a offer

going the our looking et around impact of looked the might of same the relates be detailed the for rates recession constituent part business, the the not some is individual cycle were portfolio. consumer, quite but we've parts in or confidence possibility business, at what-if while both European fit inflation and business our planning a as our of the can risk guide, scenario U.S., through but around the variable of enterprise to the First, that what the how of fact And cetera, in don't at Canadian also whole, as as different to pieces have fiscal disclose it the of in the or just on together. we you part that 'XX, we pieces as the

if they with deliver things the was view, out came profitability. $X.XX down we ability what with our we the so And to a balanced as midpoint believe, relative perspective continue of to a are range from our guidance

impact looking course, upside materialize, portfolio we it going doesn't a modest it of saying further We recession end guide. on at as to indeed, that the again, is in the if lower if as not fact there us, that from some the see the you also there the across And perspective, reflect won't, Of math, a that. is to wanted our well. some opportunity are do comment

guidance believe done portfolio. individual approach, And some our so, having of constituent is balanced work the we on a the pieces detailed

Kevin Hourican

just This to is I'm add one going point. Kevin.

two also performs positive industry over That's those that a and that last recovery we historically won in growth hospitality sector. their Sysco won therefore, as trends two We've two two business business in. proof have sectors we sectors also the in in the the natural total care share tailwind last health, And won recession in share seeing and Sysco sectors market are education Our because then those in market years, very over Sysco. very for are well. of X.X sectors and years share for those then We've those sectors. curve. and market well health sectors the travel, those on as And

winning the that profitably. They've see Alex. sectors, with done out built year, called into two over So in an today. excellent business and was sales our our And factored tailwinds new this team. them, couple of national and several you we're of last into job guide pleased of We in coming years,

Aaron Alt

Maybe one the I want point, just end final have different the Sysco highest number our is still opportunities our given across ever. the thought diverse which that of at range EPS emphasize to portfolio, is we low of

Alex Slagle

profitability levels. in Could opportunity 'XX. you to looks this SYGMA Or couple how to does Appreciate that. get improvements looking 'XX? the it there, in you see recovery of to talk years and much the like on back take recovery a drive taken you're profit a in then historical actions coming just the for operating And and about

Kevin Hourican

what's like. I'll about I'll this toss then So SYGMA manner the question in Kevin. is kind happening and to start to with answer would of your whatever numbers Aaron just he

on are SYGMA we that It per a So in multiyear contract covering else very It's -- unique very basis. cost reminder different. it's to bit company just do. is those about case for a new everything relation just our our a little a business business,

It of for and that costs costs was rising significantly, significantly. to essentially year pinched and inability pinched the I call the to run per than productivity be rising miles do challenges started basis, retention labor long-distance because just a let's year. rose So through honest costs of got difficult in rose that clear. run a and on on hard a is what little stretch stretch broadline challenges Last way SYGMA case as very pass because substantially driving are tied SYGMA fuel as back what the call business SYGMA pedal or runs fee where point home. D.C., a challenging we is in longer miles. distances is we business, the where it's expenses, route come

on stability, the was fuel a addressable confidence Aaron. and rates cost and meaningfully incurring our which that improving. commentary the from, will is this the that we run spoken improvement higher give productivity overtime have the just more our I'll open frankly, to turnover through this had And at labor where and higher rising So, year, the work and major were just hiring that pain color we're doing of on turnover effectiveness, reduce on meaningfully that of a which is the model reduce the and we jobs and efficiently. I point. real with because ability already of was look third-party to over I've time, of I'll call, toss pain particular use to point, negative If Training impact then come upcoming the

improve to can we year. toss Aaron, SYGMA, So, of serve is and for of the and intention standards I'll historical back to to that you more additional profitability this our cost get comment.

Aaron Alt

quick Just thoughts. two

although then recovery we're trails. in expense the segment on for within by our And separate of within or our expense some just to we don't way. assuming is, First previous that repeat that, segment continued it SYGMA in actually progress guidance, quarters profitability I the made SYGMA observation recovery our

an have one part we'll expensive so, and what's quarter, of that's and And going at cover we'll quarter pick we'll on. following it the

Operator

Please comes question next Barclays. from go Your ahead. Bernstein of Jeffrey

Jeffrey Bernstein

much. Two very you Thank Great. questions.

message was seeing a about restaurant different really The just a dining. broader you're follow-up. one, be to between Kevin, all the a industry, in that earlier you know change trend Was whether or versus up independents I first restaurants. brought versus I QSR the chains topic casual service be there not segments? the it know

if understand trade And you'd trade well perhaps that to change just seemingly, few likely So insulated restaurant or the what you're seeing had follow-up. I trying to industry not then at a across over was more all? any seeing the months pretty be But you're past whether down.

Kevin Hourican

prefer too color Yes, into on names. the to individual detailed Jeff, not we get

commenting you And are are each They within of Of course, losers segment. place. and not that all white winners of and within that see is those their QSR, are There each I that the go we think results. losers do sector. there across report way see within that sectors. winners table down you own the in coverage from we sectors, each that's our What to our

spectrum sectors that seeing end cost offset inflation. the are of customers help number color Sysco we point from each not sectors. What their of QSR are partner to to the are meaningful provide additional the We to is for the top within wanting to within some with to seeing, the shift customers of two, value

increasing, from be brand, will on for and that and clear product that is in be progress will very When savings cuttings, love a good when sticky us, they we we obviously penetration which we product thing customers a of give regard. examples that. Sysco be the we So enjoy brand in it that. Sysco the is cost make sticky quality quality. want and I be They to try a do perspective can then about

inflationary. heard well. And has I yes, inflationary the portion the of I And options. So -- then the our that. last was aware most you're beef I on of yesterday. looking the have would highly helped customers been do. what that's know to with think from publicly sales specific the communicated customers normalized, as It results beef manufacturers, The that over at shift that's They're and size. some prices protein point. years good are looking me, sales side our They news category poultry that at from of ours consultants And into and key a protein alternative beef, excuse of was beef you've say, category some couple

So this for the has Aaron called we overall stabilized and moderate guidance. rate in expect year in of do aggregate inflation as meaningfully inflation out coming to has beef in our

Jeffrey Bernstein

and follow-up, is you're cost mentioned then -- already the maybe And target touched I know outs of more. Or it it. buckets but haven't Are there. going there that you you primarily already Got the above the just for million $XXX you're opportunity areas incremental big there before? opportunity you've hit, is

new Just or that there's try totally more of just you're whether channels existing? pursuing to out the figure

Kevin Hourican

forward. not there's to we're scaling out use already as se, further cost emphasize have increases the to how opportunity But -- particular cost is It's opportunities cost investments. I it's well. structure portfolio indirect cost what indeed that business. parts goodness identified, we in resource we going help our the we it's whether term while whether it's our serve to would short the And relative we opportunity I that the of the to goods out going opportunity point outside of want purchase say everywhere or to I we've call the look, or per new there deploy, it's optimize whether in of offset of our

Kevin Hourican

we about. mentioned and is project, meaningful from about on front-end it sales location where. increasing warehouses omnichannel us optimized with sounds our of last product doing then driven, serve mile through about technology talked to and our inventory, too going product, I by and obvious, operations. get Kevin. ensure actually less built that capital. which what ability which to is today's take our is and it just of back-end inventory, a creating cost into in we are meaning particular, guide miles again, the working of coming warehouse. one I into is in is And our much project, briefly is distributed the that this examples haven't example, cross-docked the can what system basic strategic it help strategic slow-moving enable and for fewer but future. of that, And which year, prior that closest doing live it this from decouple delivery I'll but And add structure that call. SKUs is we're also technologically, the is this build, overall do in possible the goes really Think being quarter stocking The unlock out management one calls. it will decrease the the order customer less That the over but project, but with us its Those that for multiyear time, excited really

Jeffrey Bernstein

everyone think similar or clarify And at it. on Aaron, guidance of first to earnings Got the mentioned you level earnings 'XX. would to you fiscal set for quarter the to the just fiscal first we understand full call, but levels I I year be the guess, quarter -- said guidance,

the first range? you're that right, is $X.XX that that be So $X.XX quarter will the thinking I'm in getting if that

Aaron Alt

near $XXX we'd be that yes. said I expense, at or

the Just given working through. productivity we're transformation the and investments

Jeffrey Bernstein

Understood. Thank you.

Aaron Alt

Jeff. you, Thank

Operator

and of Ladies today. out we run gentlemen, have unfortunately, time

conference your disconnect you So, participating We conclude like to lines. this thank that going is for call. your to everybody would please ask and

Sysco (SYY) 9 Aug 222022 Q4 Earnings call transcript