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  "documentTitle": "2024 barclays 17th annual global consumer staples conference",
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  "notes": "The slide provides a detailed breakdown of adjustments made to GAAP net earnings and invested capital to arrive at the non-GAAP ROIC metric.",
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      "text": "Adjusted return on invested capital: 16.8%",
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      "text": "Although adjusted return on invested capital (ROIC) is considered a non-GAAP financial measure, Sysco management considers adjusted ROIC to be a measure that provides useful information to management and investors in evaluating the efficiency and effectiveness of the company's long-term capital investments. We calculate adjusted ROIC as adjusted net earnings, which exclude our Certain Items and the impact of our fiscal 2024 acquisitions, divided by the sum of: (1) stockholders' equity, computed as the average of adjusted stockholders' equity at the beginning of the year and at the end of each fiscal quarter during the year; and (2) total debt, computed as the average of adjusted total debt at the beginning of the year and at the end of each fiscal quarter during the year. These equity and debt amounts are adjusted for the impact of our Certain Items, foreign currency changes on our equity accounts, our fiscal 2024 acquisitions and excess cash. Trends in ROIC can fluctuate over time as management balances long-term strategic initiatives with possible short-term impacts.",
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      "text": "Net earnings (GAAP) 1,955; Impact of Certain Items 212; Income/interest related to M&A (4); Adjusted net earnings 2,163; Invested capital (GAAP) 13,621; Impact of Certain Items 165; Foreign currency 15; Borrowings (748); Excess cash (216); Adjusted invested capital 12,837; ROIC (GAAP) 14.4%; Adjusted ROIC 16.8%",
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      "text": "Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted Return on Invested Capital (In Millions)",
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