Sysco Corporation (SYY) Q3 2023 Earnings Call Transcript

For the period ending April 1, 2023

May 2, 2023 10:0 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. Welcome to Sysco's Third Quarter Fiscal Year 2023 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 – VP of IR

Good morning, everyone, and welcome to Sysco's third quarter fiscal year 2023 earnings call. On today's call, we have Kevin Hourican, our President and Chief Executive Officer; Kenny Cheung, our Chief Financial Officer; and Neil Russell, our Chief Administrative Officer.

Before we begin, please note that statements made during this presentation that state the company's or management's intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act, and actual results could differ in a material manner. Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes, but is not limited to, risk factors contained in our annual report on Form 10-K for the year ended July 2, 2022, subsequent SEC filings and in the news release issued earlier this morning.

A copy of these materials can be found in the Investors section at sysco.com. Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can be found in the Investors section of our website. To ensure we have sufficient time to answer all questions, we'd like to ask each participant to limit their time today to one question. If you have follow-up questions, we ask that you please reenter the queue.

At this time, I'd like to turn the call over to Kevin Hourican.

Kevin Hourican – President and CEO

Thank you, Kevin, and good morning, everyone. We will start today with a brief review of our financial performance. We will then highlight how we continue to grow share profitably. And as is our custom, we will provide a brief update on select elements of our Recipe for Growth strategy. I will then introduce Kenny Cheung, who joined the team a couple of weeks ago as our Chief Financial Officer. Kenny will share a few thoughts about what attracted him to Sysco and his initial observations. Neil Russell, now on the Chief Administrative Officer role, will provide a detailed update on our third quarter financial results, our balanced approach to capital allocation and lastly he will provide additional commentary around guidance.