Sysco Corporation (NYSE:SYY) today announced financial results for
its 13-week second fiscal quarter ended December 26, 2015.¹
Second Quarter Fiscal 2016 Highlights²
- Sales increased 0.6% to $12.2 billion;
- Gross profit increased 3.4% to $2.2 billion; gross margin
increased 50 basis points to 17.75%;
- Adjusted operating income increased 10.2% to $437 million;
and
- Adjusted Earnings Per Share (EPS), including a one-time $0.03
benefit from resolving certain tax contingencies, increased $0.07
to $0.48.
First Half Fiscal 2016 Highlights²
- Sales increased 0.8% to $24.7 billion;
- Gross profit increased 2.8% to $4.4 billion; gross margin
increased 36 basis points to 17.78%;
- Adjusted operating income increased 4.2% to $943 million;
and
- Adjusted Earnings Per Share (EPS), including a one-time $0.03
benefit from resolving certain tax contingencies, increased $0.07
to $1.00.
“I am very pleased with our second quarter results,” said Bill
DeLaney, Sysco chief executive officer. “We achieved strong local
case growth, while managing gross margins well and also containing
operating expense growth. Through the first six-months of the
year, we are on-track to achieve our financial objectives for the
first year of our three-year plan.”
¹Financial comparisons presented in this release are compared to
the same period in the prior year. Earnings Per Share (EPS) and
Adjusted EPS are shown on a diluted basis unless otherwise
specified. Adjusted financial results exclude certain items, which
primarily include restructuring and merger-related costs. A
reconciliation of non-GAAP measures is included in this
release.
²On a GAAP basis, operating income was $433 million for the
second quarter, an increase of 37.1% from the prior year, and $926
million for the first half, an increase of 18.6% from the prior
year. Diluted EPS was $0.48 for the second quarter, an
increase of 77.8% from the prior year, and $0.88 for the first
half, an increase of 21% from the prior year.
Second Quarter Fiscal 2016 Summary
Sales for the second quarter were $12.2 billion, an increase of
0.6% compared to the same period last year. Overall food cost
deflation was 1.2% (1.9% in U.S. Broadline), as measured by the
estimated change in Sysco's product costs, with deflation in the
meat, poultry, dairy and seafood categories partially offset by
modest inflation in other categories. In addition, sales from
acquisitions completed within the last 12 months increased sales by
0.4%, and the impact of changes in foreign exchange rates decreased
sales by 1.7%. Case volume for the Company’s U.S. Broadline
operations grew 3.9% during the quarter. Local case growth
within U.S. Broadline operations grew 3.0%. Gross profit was $2.2
billion, an increase of 3.4% compared to the same period last year.
Gross margin increased 50 basis points to 17.75%.
Non-GAAP Operating Income, Net Earnings and EPS
Adjusted operating expenses increased $31 million, or 1.8%,
compared to the same period last year, due mainly to higher case
volume-related expenses and planned business technology
investments. Adjusted operating income was $437 million, an
increase of $41 million, or 10.2%, compared to the same period last
year. Interest expense was $47 million, an increase of $22 million
compared to the same period last year, reflecting the increased
debt used primarily to fund the Company’s accelerated share
repurchase program. Adjusted net earnings, which include a $21
million or $0.03 per share tax benefit related to the favorable
resolution of certain tax contingencies, were $275 million, an
increase of $31 million, or 12.6%, compared to the same period last
year. Adjusted diluted EPS was $0.48, which was 17.1% higher
compared to the same period last year.
GAAP Operating Income, Net Earnings and EPS
Operating expenses decreased $45 million, or 2.6%, compared to
the same period last year, due mainly to a lower merger-related
expenses, partially offset by higher case volume-related expenses
and planned business technology investments. Operating income was
$433 million, an increase of $117 million, or 37.1%, compared to
the same period last year. Interest expense was $47 million, a
decrease of $30 million compared to the same period last year. Net
earnings were $272 million, an increase of $114 million, or 72.4%,
compared to the same period last year. Diluted EPS was $0.48, which
was 77.8% higher compared to the same period last year.
First Half Fiscal 2016 Summary
Sales for the first half of fiscal 2016 were $24.7 billion, an
increase of 0.8% compared to the same period last year. Overall
food cost deflation was 0.7% (1.5% in U.S. Broadline), as measured
by the estimated change in Sysco's product costs, with deflation in
the meat, poultry, dairy and seafood categories partially offset by
modest inflation in other categories. In addition, sales from
acquisitions completed within the last 12 months increased sales by
0.4%, and the impact of changes in foreign exchange rates decreased
sales by 1.8%. Case volume for the company’s U.S. Broadline
operations grew 3.6% during the first half. Local case growth
within U.S. Broadline operations grew 2.5%. Gross profit was $4.4
billion, an increase of 2.8% compared to the same period last year.
Gross margin increased 36 basis points to 17.78%.
Non-GAAP Operating Income, Net Earnings and EPS
Adjusted operating expenses increased $83 million, or 2.5%,
compared to the same period last year, due mainly to higher case
volume-related expenses, planned business technology investments
and incentive accruals. Adjusted operating income was $943 million,
an increase of $38 million, or 4.2%, compared to the same period
last year. Adjusted interest expense was $79 million, an increase
of $27 million compared to the same period last year, reflecting
the increased debt used primarily to fund the Company’s accelerated
share repurchase program. Adjusted net earnings were $587 million,
an increase of $33 million, or 6.1%, compared to the same period
last year. Adjusted diluted EPS was $1.00, which was 7.5% higher
compared to the same period last year.
GAAP Operating Income, Net Earnings and EPS
Operating expenses decreased $24 million, or 0.7%, compared to
the same period last year, due mainly to lower merger-related
expenses, partially offset partially offset by higher case
volume-related expenses, planned business technology investments
and incentive accruals. Operating income was $926 million, an
increase of $145 million, or 18.6%, compared to the same period
last year. Interest expense was $174 million, an increase of $66
million compared to the same period last year. Net earnings were
$517 million, an increase of $80 million, or 18.3%, compared to the
same period last year. Diluted EPS was $0.88, which was 20.5%
higher compared to the same period last year.
Capital Spending and Cash Flow
Capital expenditures, net of proceeds from sales of plant and
equipment, totaled $237 million for the first half of fiscal 2016.
Cash flow from operations was $469 million for the first half of
fiscal 2016, which was $16 million higher compared to the same
period last year. Free cash flow was $231 million, which was $75
million higher compared to the same period last year.
Conference Call & Webcast
Sysco’s second quarter fiscal 2016 earnings conference call will
be held on Monday, February 1, 2016, at 10:00 a.m. Eastern. A
live webcast of the call, a copy of this press release and a slide
presentation will be available online at investors.sysco.com.
For purposes of public disclosure, Sysco plans to use the
investor relations portion of its website as a primary channel for
publishing key information to its investors, some of which may
contain material and previously non-public information. As a
result, a live webcast of the call, a copy of this press release
and a slide presentation, will be available online at
investors.sysco.com. We encourage investors to consult that section
of our website, or our investor relations app, regularly for
important information about us.
|
13-Week Period Ended |
26-Week Period Ended |
|
Financial Comparison |
December 26, 2015 |
Change |
December 26, 2015 |
Change |
|
Sales: |
$12.2 billion |
|
0.6 |
% |
$24.7 billion |
|
0.8 |
% |
|
Real Growth (non-gaap)³ |
|
3.0 |
% |
130bps |
|
2.9 |
% |
130bps |
|
Food Cost Inflation |
|
-1.2 |
% |
-720bps |
|
-0.7 |
% |
-610bps |
|
Acquisitions |
|
0.4 |
% |
-40bps |
|
0.4 |
% |
-30bps |
|
Impact of Foreign Exchange Rate Translation |
|
-1.7 |
% |
-80bps |
|
-1.8 |
% |
-110bps |
|
Gross Profit: |
$2.2 billion |
|
3.4 |
% |
$4.4 billion |
|
2.8 |
% |
|
Gross Margin |
|
17.75 |
% |
+50bps |
|
17.78 |
% |
+36bps |
|
|
|
|
|
|
|
Non-GAAP³: |
|
|
|
|
|
Operating Expenses |
$1.7 billion |
|
1.8 |
% |
$3.5 billion |
|
2.5 |
% |
|
Operating Income |
$437 million |
|
10.2 |
% |
$943 million |
|
4.2 |
% |
|
Operating Margin |
|
3.59 |
% |
31bps |
|
3.82 |
% |
13bps |
|
Net Income |
$275 million |
|
12.6 |
% |
$587 million |
|
6.1 |
% |
|
Diluted Earnings Per Share |
$ |
0.48 |
|
|
17.1 |
% |
$ |
1.00 |
|
|
7.5 |
% |
|
|
|
|
|
|
|
GAAP: |
|
|
|
|
|
Operating Expenses |
$1.7 billion |
|
-2.6 |
% |
$3.5 billion |
|
-0.7 |
% |
|
Certain Items |
$4 million |
|
-94.7 |
% |
$17 million |
|
-86.1 |
% |
|
Operating Income |
$433 million |
|
37.1 |
% |
$926 million |
|
18.6 |
% |
|
Operating Margin |
|
3.56 |
% |
+95bps |
|
3.75 |
% |
+57bps |
|
Net Earnings |
$272 million |
|
72.4 |
% |
$517 million |
|
18.3 |
% |
|
Diluted Earnings Per Share |
$ |
0.48 |
|
|
77.8 |
% |
$ |
0.88 |
|
|
20.5 |
% |
|
Dividends Paid Per Share |
$ |
0.31 |
|
|
3.3 |
% |
$ |
0.61 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
Business Highlights |
|
|
|
|
|
Total Sales: |
$12.2 billion |
|
0.6 |
% |
$24.7 billion |
|
0.8 |
% |
|
Broadline |
$9.6 billion |
|
0.6 |
% |
$19.6 billion |
|
0.6 |
% |
|
SYGMA |
$1.5 billion |
|
-3.4 |
% |
$3.0 billion |
|
-4.8 |
% |
|
Other |
$1.4 billion |
|
10.9 |
% |
$2.8 billion |
|
10.1 |
% |
|
Intersegment |
($407) million |
|
24.4 |
% |
($685) million |
|
5.9 |
% |
|
|
|
|
|
|
|
Case Growth: |
|
|
|
|
|
Total Broadline |
|
3.4 |
% |
30bps |
|
3.4 |
% |
50bps |
|
Local |
|
2.9 |
% |
110bps |
|
2.8 |
% |
100bps |
|
U.S. Broadline |
|
3.9 |
% |
40 bps |
|
3.6 |
% |
60 bps |
|
Local |
|
3.0 |
% |
150 bps |
|
2.5 |
% |
100 bps |
|
|
|
|
|
|
|
Sysco Brand Sales: |
|
|
|
|
|
U.S. Broadline |
|
36.52 |
% |
-19bps |
|
36.80 |
% |
-2bps |
|
Local |
|
43.55 |
% |
43bps |
|
43.66 |
% |
57bps |
|
Note: |
|
|
|
³A reconciliation of
non-GAAP measures is included in this release. |
|
|
|
Individual components
in the table above may not sum to the totals due to rounding. |
|
|
|
|
|
About Sysco
Sysco is the global leader in selling, marketing
and distributing food products to restaurants, healthcare and
educational facilities, lodging establishments and other customers
who prepare meals away from home. Its family of products also
includes equipment and supplies for the foodservice and hospitality
industries. The company operates 194 distribution facilities
serving approximately 425,000 customers. For fiscal year 2015 that
ended June 27, 2015, the company generated sales of more than $48
billion. For more information, visit www.sysco.com or connect with
Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter
at https://twitter.com/Sysco. For important news regarding
Sysco, visit the Investor Relations section of the company's
Internet home page at investors.sysco.com, follow us at
www.twitter.com/SyscoStock and download the new Sysco IR App,
available on the iTunes App Store and the Google Play Market. In
addition, investors should also continue to review our press
releases and filings with the Securities and Exchange Commission.
It is possible that the information we disclose through any of
these channels of distribution could be deemed to be material
information.
Forward-Looking Statements
Statements made in this press release or in our
earnings call for the second quarter of fiscal 2016 that look
forward in time or that express management’s beliefs, expectations
or hopes are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the views of management at the
time such statements are made and are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. These
statements include our plans and expectations related to our
three-year financial objectives, including targets for adjusted
operating income and adjusted ROIC, and the key levers for
realizing these goals, expectations regarding revenue management,
expense management and our digital e-commerce strategy,
expectations regarding food cost deflation and currency
translation, expectations regarding restructuring charges,
expectations regarding tax rates, and expectations regarding
capital expenditures. The success of our plans and expectations
regarding our operating performance, including expectations
regarding our three-year financial objectives, are subject to the
general risks associated with our business, including the risks of
interruption of supplies due to lack of long-term contracts, severe
weather, crop conditions, work stoppages, intense competition,
technology disruptions, dependence on large regional and national
customers, inflation risks, the impact of fuel prices, adverse
publicity, and labor issues. Risks and uncertainties also include
risks impacting the economy generally, including the risks that the
current general economic conditions will deteriorate, or consumer
confidence in the economy or consumer spending, particularly on
food-away-from-home, may decline. Market conditions may not
improve. If sales from our locally managed customers do not grow at
the same rate as sales from regional and national customers, our
gross margins may decline. Our ability to meet our long-term
strategic objectives depends largely on the success of our various
business initiatives, including efforts related to revenue
management, expense management, our digital e-commerce strategy and
any efforts related to restructuring. There are various risks
related to these efforts, including the risk that these efforts may
not provide the expected benefits in our anticipated time frame, if
at all, and may prove costlier than expected; the risk that the
actual costs of any initiatives may be greater or less than
currently expected; and the risk of adverse effects to our
business, results of operations and liquidity if past and future
undertakings, and the associated changes to our business, do not
prove to be cost effective or do not result in the cost savings and
other benefits at the levels that we anticipate. Our plans related
to and the timing of any initiatives are subject to change at any
time based on management’s subjective evaluation of our overall
business needs. If we are unable to realize the anticipated
benefits from our efforts, we could become cost disadvantaged in
the marketplace, and our competitiveness and our profitability
could decrease. Capital expenditures may vary based on changes in
business plans and other factors, including risks related to the
implementation of various initiatives, the timing and successful
completion of acquisitions, construction schedules and the
possibility that other cash requirements could result in delays or
cancellations of capital spending. Periods of high inflation,
either overall or in certain product categories, can have a
negative impact on us and our customers, as high food costs can
reduce consumer spending in the food-away-from-home market, and may
negatively impact our sales, gross profit, operating income and
earnings, and periods of deflation can be difficult to manage
effectively. Fluctuations in inflation and deflation, as well as
fluctuations in the value of foreign currencies, are beyond our
control and subject to broader market forces. Expanding into
international markets presents unique challenges and risks,
including compliance with local laws, regulations and customs and
the impact of local political and economic conditions, and such
expansion efforts may not be successful. Any business that we
acquire may not perform as expected, and we may not realize the
anticipated benefits of our acquisitions. Expectations regarding
the accounting treatment of any acquisitions may change based on
management’s subjective evaluation. Expectations regarding share
repurchases are subject to various factors beyond management’s
control, including fluctuations in the stock market, and decisions
regarding share repurchases are subject to change based on
management’s subjective evaluation of the Company’s needs.
Expectations regarding tax rates are also subject to various
factors beyond management’s control. For a discussion of
additional factors impacting Sysco’s business, see the Company’s
Annual Report on Form 10-K for the year ended June 27, 2015,
as filed with the Securities and Exchange Commission, and the
Company’s subsequent filings with the SEC. Sysco does not undertake
to update its forward-looking statements.
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED RESULTS OF OPERATIONS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(In
Thousands, Except for Share and Per Share
Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Week Period
Ended |
|
26-Week Period
Ended |
|
|
|
Dec. 26, 2015 |
|
Dec. 27, 2014 |
|
Dec. 26, 2015 |
|
Dec. 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
|
12,153,626 |
|
|
$ |
12,087,074 |
|
$ |
|
24,716,237 |
|
|
$ |
24,532,155 |
|
Cost of sales |
|
|
|
9,996,812 |
|
|
|
10,001,937 |
|
|
|
20,321,428 |
|
|
|
20,258,301 |
|
Gross
profit |
|
|
2,156,814 |
|
|
|
2,085,137 |
|
|
|
4,394,809 |
|
|
|
4,273,854 |
|
Operating
expenses |
|
|
1,724,231 |
|
|
|
1,769,691 |
|
|
|
3,468,752 |
|
|
|
3,492,795 |
|
Operating
income |
|
|
432,583 |
|
|
|
315,446 |
|
|
|
926,057 |
|
|
|
781,059 |
|
Interest
expense |
|
|
47,235 |
|
|
|
77,042 |
|
|
|
174,142 |
|
|
|
107,976 |
|
Other
expense (income), net |
|
|
(7,764 |
) |
|
|
2,207 |
|
|
|
(23,004 |
) |
|
|
19 |
|
Earnings
before income taxes |
|
|
393,112 |
|
|
|
236,197 |
|
|
|
774,919 |
|
|
|
673,064 |
|
Income
taxes |
|
|
120,713 |
|
|
|
78,218 |
|
|
|
258,100 |
|
|
|
236,272 |
|
Net
earnings |
$ |
|
272,399 |
|
|
$ |
157,979 |
|
$ |
|
516,819 |
|
|
$ |
436,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
|
0.48 |
|
|
$ |
0.27 |
|
$ |
|
0.89 |
|
|
$ |
0.74 |
|
Diluted earnings per share |
|
|
|
0.48 |
|
|
|
0.27 |
|
|
|
0.88 |
|
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
shares outstanding |
|
|
566,881,538 |
|
|
|
590,723,351 |
|
|
|
581,790,230 |
|
|
|
589,499,802 |
|
Diluted shares
outstanding |
|
|
|
571,452,124 |
|
|
|
595,911,680 |
|
|
|
586,121,013 |
|
|
|
594,610,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share |
|
$ |
|
0.31 |
|
|
$ |
0.30 |
|
$ |
|
0.61 |
|
|
$ |
0.59 |
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|
|
|
|
|
|
|
|
(In
Thousands, Except for Share Data) |
|
|
|
|
|
|
|
|
|
Dec. 26, 2015 |
|
June 27, 2015 |
|
Dec. 27, 2014 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
|
595,602 |
|
|
$ |
|
5,130,044 |
|
|
$ |
|
4,907,677 |
|
|
Accounts
and notes receivable, less allowances of $57,631, $41,720 and
$68,427 |
|
|
3,353,453 |
|
|
|
|
3,353,381 |
|
|
|
|
3,529,997 |
|
|
Inventories |
|
|
2,736,382 |
|
|
|
|
2,691,823 |
|
|
|
|
2,791,813 |
|
|
Deferred
income taxes |
|
|
- |
|
|
|
|
135,254 |
|
|
|
|
140,456 |
|
|
Prepaid
expenses and other current assets |
|
|
83,263 |
|
|
|
|
93,039 |
|
|
|
|
76,682 |
|
|
Prepaid
income taxes |
|
|
10,326 |
|
|
|
|
90,763 |
|
|
|
|
10,279 |
|
|
Total
current assets |
|
|
6,779,026 |
|
|
|
|
11,494,304 |
|
|
|
|
11,456,904 |
|
Plant and equipment at cost, less depreciation |
|
|
3,936,612 |
|
|
|
|
3,982,143 |
|
|
|
|
4,002,932 |
|
Other assets |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
1,977,921 |
|
|
|
|
1,959,817 |
|
|
|
|
1,966,547 |
|
|
Intangibles, less amortization |
|
|
163,089 |
|
|
|
|
154,809 |
|
|
|
|
168,446 |
|
|
Restricted cash |
|
|
- |
|
|
|
|
168,274 |
|
|
|
|
165,465 |
|
|
Other
assets |
|
|
232,820 |
|
|
|
|
229,934 |
|
|
|
|
169,515 |
|
|
Total
other assets |
|
|
2,373,830 |
|
|
|
|
2,512,834 |
|
|
|
|
2,469,973 |
|
Total assets |
$ |
|
13,089,468 |
|
|
$ |
|
17,989,281 |
|
|
$ |
|
17,929,809 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Notes
payable |
$ |
|
83,037 |
|
|
$ |
|
70,751 |
|
|
$ |
|
76,876 |
|
|
Accounts
payable |
|
|
2,710,469 |
|
|
|
|
2,881,953 |
|
|
|
|
2,797,947 |
|
|
Accrued
expenses |
|
|
1,071,632 |
|
|
|
|
1,467,610 |
|
|
|
|
1,100,239 |
|
|
Current
maturities of long-term debt |
|
|
7,076 |
|
|
|
|
4,979,301 |
|
|
|
|
310,891 |
|
|
Total
current liabilities |
|
|
3,872,214 |
|
|
|
|
9,399,615 |
|
|
|
|
4,285,953 |
|
Other liabilities |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
4,265,857 |
|
|
|
|
2,271,825 |
|
|
|
|
7,208,252 |
|
|
Deferred
income taxes |
|
|
111,822 |
|
|
|
|
81,591 |
|
|
|
|
117,353 |
|
|
Other
long-term liabilities |
|
|
852,655 |
|
|
|
|
934,722 |
|
|
|
|
940,349 |
|
|
Total other
liabilities |
|
|
5,230,334 |
|
|
|
|
3,288,138 |
|
|
|
|
8,265,954 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
45,493 |
|
|
|
|
41,304 |
|
|
|
|
34,942 |
|
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 |
|
|
|
|
765,175 |
|
|
Paid-in
capital |
|
|
1,022,816 |
|
|
|
|
1,213,999 |
|
|
|
|
1,181,918 |
|
|
Retained
earnings |
|
|
8,922,498 |
|
|
|
|
8,751,985 |
|
|
|
|
8,858,831 |
|
|
Accumulated
other comprehensive loss |
|
|
(1,045,177 |
) |
|
|
|
(923,197 |
) |
|
|
|
(828,656 |
) |
|
Treasury
stock at cost, 198,552,842, 170,857,231 and 174,109,675 shares |
|
|
(5,723,885 |
) |
|
|
|
(4,547,738 |
) |
|
|
|
(4,634,308 |
) |
|
Total
shareholders' equity |
|
|
3,941,427 |
|
|
|
|
5,260,224 |
|
|
|
|
5,342,960 |
|
Total liabilities and shareholders' equity |
$ |
|
13,089,468 |
|
|
$ |
|
17,989,281 |
|
|
$ |
|
17,929,809 |
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
CONSOLIDATED CASH FLOWS (Unaudited) |
|
|
|
|
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
26-Week Period
Ended |
|
|
|
|
Dec. 26, 2015 |
|
Dec. 27, 2014 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
|
516,819 |
|
|
$ |
|
436,792 |
|
|
|
Adjustments to reconcile net earnings to cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Share-based
compensation expense |
|
|
44,045 |
|
|
|
|
44,460 |
|
|
|
|
Depreciation and amortization |
|
|
281,400 |
|
|
|
|
274,655 |
|
|
|
|
Amortization of debt issuance and other debt-related costs |
|
|
13,637 |
|
|
|
|
20,144 |
|
|
|
|
Loss on
extinguishment of debt |
|
|
86,460 |
|
|
|
|
- |
|
|
|
|
Deferred
income taxes |
|
|
153,423 |
|
|
|
|
6,804 |
|
|
|
|
Provision
for losses on receivables |
|
|
10,093 |
|
|
|
|
9,414 |
|
|
|
|
Other
non-cash items |
|
|
(15,468 |
) |
|
|
|
(2,359 |
) |
|
|
Additional changes in certain assets and liabilities, net of
effect of businesses acquired: |
|
|
|
|
|
|
|
|
(Increase)
in receivables |
|
|
(50,853 |
) |
|
|
|
(181,877 |
) |
|
|
|
(Increase)
in inventories |
|
|
(69,370 |
) |
|
|
|
(214,111 |
) |
|
|
|
Decrease in
prepaid expenses and other current assets |
|
|
9,812 |
|
|
|
|
6,537 |
|
|
|
|
(Decrease)
in accounts payable |
|
|
(140,499 |
) |
|
|
|
(7,450 |
) |
|
|
|
(Decrease)
increase in accrued expenses |
|
|
(388,667 |
) |
|
|
|
78,438 |
|
|
|
|
Increase in
accrued income taxes |
|
|
92,638 |
|
|
|
|
40,220 |
|
|
|
|
(Increase)
decrease in other assets |
|
|
(9,556 |
) |
|
|
|
16,072 |
|
|
|
|
(Decrease)
in other long-term liabilities |
|
|
(52,942 |
) |
|
|
|
(67,438 |
) |
|
|
|
Excess tax
benefits from share-based compensation arrangements |
|
|
(12,091 |
) |
|
|
|
(7,863 |
) |
|
|
Net cash provided by operating activities |
|
|
468,881 |
|
|
|
|
452,438 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Additions to plant and equipment |
|
|
(248,233 |
) |
|
|
|
(298,068 |
) |
|
|
Proceeds from sales of plant and equipment |
|
|
10,827 |
|
|
|
|
2,130 |
|
|
|
Acquisition of businesses, net of cash acquired |
|
|
(98,154 |
) |
|
|
|
(29,177 |
) |
|
|
Decrease (increase) in restricted cash |
|
|
168,274 |
|
|
|
|
(20,053 |
) |
|
|
Net cash used for investing activities |
|
|
(167,286 |
) |
|
|
|
(345,168 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Bank and commercial paper borrowings (repayments), net |
|
|
- |
|
|
|
|
(129,999 |
) |
|
|
Other debt borrowings |
|
|
2,012,353 |
|
|
|
|
5,008,502 |
|
|
|
Other debt repayments |
|
|
(19,155 |
) |
|
|
|
(21,618 |
) |
|
|
Redemption of senior notes |
|
|
(5,050,000 |
) |
|
|
|
- |
|
|
|
Debt issuance costs |
|
|
(20,881 |
) |
|
|
|
(30,980 |
) |
|
|
Cash paid for settlement of cash flow hedge |
|
|
(6,134 |
) |
|
|
|
(188,840 |
) |
|
|
Cash received from the termination of interest rate swap
agreements |
|
14,496 |
|
|
|
|
- |
|
|
|
Proceeds from stock option exercises |
|
|
131,969 |
|
|
|
|
122,492 |
|
|
|
Accelerated share and treasury stock purchases |
|
|
(1,521,638 |
) |
|
|
|
- |
|
|
|
Dividends paid |
|
|
(348,436 |
) |
|
|
|
(340,654 |
) |
|
|
Excess tax benefits from share-based compensation
arrangements |
|
|
12,091 |
|
|
|
|
7,863 |
|
|
|
Net cash (used for) provided by financing activities |
|
|
(4,795,335 |
) |
|
|
|
4,426,766 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash |
|
|
(40,702 |
) |
|
|
|
(39,405 |
) |
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(4,534,442 |
) |
|
|
|
4,494,631 |
|
|
Cash and cash equivalents at beginning of period |
|
|
5,130,044 |
|
|
|
|
413,046 |
|
|
Cash and cash equivalents at end of period |
$ |
|
595,602 |
|
|
$ |
|
4,907,677 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
$ |
|
106,600 |
|
|
$ |
|
73,756 |
|
|
|
|
Income
taxes |
|
|
33,156 |
|
|
|
|
189,538 |
|
|
Sysco
Corporation and its Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
|
Impact of Certain Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except for Share and Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco’s results of operations are impacted by certain items
which include restructuring costs (consisting of severance charges,
facility closure charges and professional fees incurred related to
our three-year financial objectives), merger and integration
planning, and termination costs in connection with the merger that
had been proposed with US Foods, Inc. (US Foods), and US Foods
related financing costs. These fiscal 2016 and fiscal 2015
items are collectively referred to as "Certain Items".
Management believes that adjusting its operating expenses,
operating income, operating margin as a percentage of sales,
interest expense, net earnings and diluted earnings per share to
remove these Certain Items provides an important perspective with
respect to our results and provides meaningful supplemental
information to both management and investors that removes these
items which are difficult to predict and are often unanticipated,
and which, as a result are difficult to include in analyst's
financial models and our investors' expectations with any degree of
specificity. Sysco believes the adjusted totals facilitate
comparison on a year-over-year basis. |
|
|
|
The company uses these non-GAAP measures when evaluating its
financial results as well as for internal planning and forecasting
purposes. These financial measures should not be used as a
substitute for GAAP measures in assessing the company’s results of
operations for the periods presented. An analysis of any
non-GAAP financial measure should be used in conjunction with
results presented in accordance with GAAP. As a result, in
the tables that follow, each period presented is adjusted to remove
the Certain Items noted above. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Week Period Ended
Dec. 26, 2015 |
|
13-Week Period Ended
Dec. 27, 2014 |
|
13-Week Period Change
in Dollars |
|
13-Week Period
% Change |
|
|
Sales |
$ |
|
12,153,626 |
|
|
$ |
|
12,087,074 |
|
|
$ |
|
66,552 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (GAAP) |
$ |
|
1,724,231 |
|
|
$ |
|
1,769,691 |
|
|
$ |
|
(45,460 |
) |
|
-2.6 |
% |
|
Impact of restructuring
cost |
|
|
(4,281 |
) |
|
|
|
(2,790 |
) |
|
|
|
(1,491 |
) |
|
53.4 |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
- |
|
|
|
|
(78,019 |
) |
|
|
|
78,019 |
|
|
NM |
|
|
|
Operating
expenses adjusted for certain items (Non-GAAP) |
$ |
|
1,719,950 |
|
|
$ |
|
1,688,882 |
|
|
$ |
|
31,068 |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (GAAP) |
$ |
|
432,583 |
|
|
$ |
|
315,446 |
|
|
$ |
|
117,137 |
|
|
37.1 |
% |
|
Impact of restructuring
cost |
|
|
4,281 |
|
|
|
|
2,790 |
|
|
|
|
1,491 |
|
|
53.4 |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
- |
|
|
|
|
78,019 |
|
|
|
|
(78,019 |
) |
|
NM |
|
|
|
Operating
income adjusted for certain items (Non-GAAP) |
$ |
|
436,864 |
|
|
$ |
|
396,255 |
|
|
$ |
|
40,609 |
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin (GAAP) |
|
|
3.56 |
% |
|
|
|
2.61 |
% |
|
|
|
0.95 |
% |
|
36.4 |
% |
|
Operating
margin (Non-GAAP) |
|
|
3.59 |
% |
|
|
|
3.28 |
% |
|
|
|
0.32 |
% |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense (GAAP) |
$ |
|
47,235 |
|
|
$ |
|
77,042 |
|
|
$ |
|
(29,807 |
) |
|
-38.7 |
% |
|
Impact of US Foods
financing costs |
|
|
- |
|
|
|
|
(52,057 |
) |
|
|
|
52,057 |
|
|
NM |
|
|
|
Adjusted
interest expense (Non-GAAP) |
$ |
|
47,235 |
|
|
$ |
|
24,985 |
|
|
$ |
|
22,250 |
|
|
89.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(GAAP) (1) |
$ |
|
272,399 |
|
|
$ |
|
157,979 |
|
|
$ |
|
114,420 |
|
|
72.4 |
% |
|
|
Impact of restructuring
cost (net of tax) |
|
|
2,966 |
|
|
|
|
1,819 |
|
|
|
|
1,147 |
|
|
63.1 |
|
|
|
Impact of US Foods
merger and integration planning costs (net of tax) |
|
|
- |
|
|
|
|
50,876 |
|
|
|
|
(50,876 |
) |
|
NM |
|
|
|
Impact of US Foods
Financing Costs (net of tax) |
|
|
- |
|
|
|
|
33,946 |
|
|
|
|
(33,946 |
) |
|
NM |
|
|
|
Net earnings
adjusted for certain items (Non-GAAP) (1) |
$ |
|
275,365 |
|
|
$ |
|
244,620 |
|
|
$ |
|
30,745 |
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (GAAP) (1) |
$ |
|
0.48 |
|
|
$ |
|
0.27 |
|
|
$ |
|
0.21 |
|
|
77.8 |
% |
|
|
Impact of restructuring
cost |
|
|
0.01 |
|
|
|
|
- |
|
|
|
|
0.01 |
|
|
NM |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
- |
|
|
|
|
0.09 |
|
|
|
|
(0.09 |
) |
|
NM |
|
|
|
Impact of US Foods
Financing Costs |
|
|
- |
|
|
|
|
0.06 |
|
|
|
|
(0.06 |
) |
|
NM |
|
|
|
Diluted EPS
adjusted for certain items (Non-GAAP) (1) (2) |
$ |
|
0.48 |
|
|
$ |
|
0.41 |
|
|
$ |
|
0.07 |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
|
|
571,452,124 |
|
|
|
|
595,911,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The net earnings and diluted earnings per share impacts
are shown net of tax. The tax impact of adjustments for Certain
Items was $1,315 and $46,224 for the 13-week periods ended December
26, 2015 and December 27, 2014, respectively. Amounts are
calculated by multiplying the pretax impact of each Certain Item by
the statutory rates in effect for each jurisdiction. |
|
|
|
|
|
(2) Individual components of diluted earnings per share may
not add to the total presented due to rounding. Total diluted
earnings per share is calculated using adjusted net earnings for
certain items divided by diluted shares outstanding. |
|
|
|
|
|
NM
represents that the percentage change is not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco
Corporation and its Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
|
Impact of Certain Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands, Except for Share and Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26-Week Period Ended
Dec. 26, 2015 |
|
26-Week Period Ended
Dec. 27, 2014 |
|
26-Week Period Change
in Dollars |
|
26-Week Period
% Change |
|
|
Sales |
$ |
|
24,716,237 |
|
|
$ |
|
24,532,155 |
|
|
$ |
|
184,082 |
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (GAAP) |
$ |
|
3,468,752 |
|
|
$ |
|
3,492,795 |
|
|
$ |
|
(24,043 |
) |
|
-0.7 |
% |
|
Impact of restructuring
cost |
|
|
(7,470 |
) |
|
|
|
(5,745 |
) |
|
|
|
(1,725 |
) |
|
30.0 |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
(9,816 |
) |
|
|
|
(118,499 |
) |
|
|
|
108,683 |
|
|
-91.7 |
|
|
|
Operating
expenses adjusted for certain items (Non-GAAP) |
$ |
|
3,451,466 |
|
|
$ |
|
3,368,551 |
|
|
$ |
|
82,915 |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (GAAP) |
$ |
|
926,057 |
|
|
$ |
|
781,059 |
|
|
$ |
|
144,998 |
|
|
18.6 |
% |
|
Impact of restructuring
cost |
|
|
7,470 |
|
|
|
|
5,745 |
|
|
|
|
1,725 |
|
|
30.0 |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
9,816 |
|
|
|
|
118,499 |
|
|
|
|
(108,683 |
) |
|
-91.7 |
|
|
|
Operating
income adjusted for certain items (Non-GAAP) |
$ |
|
943,343 |
|
|
$ |
|
905,303 |
|
|
$ |
|
38,040 |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin (GAAP) |
|
|
3.75 |
% |
|
|
|
3.18 |
% |
|
|
|
0.56 |
% |
|
17.7 |
% |
|
Operating
margin (Non-GAAP) |
|
|
3.82 |
% |
|
|
|
3.69 |
% |
|
|
|
0.13 |
% |
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense (GAAP) |
$ |
|
174,142 |
|
|
$ |
|
107,976 |
|
|
$ |
|
66,166 |
|
|
61.3 |
% |
|
Impact of US Foods
financing costs |
|
|
(94,835 |
) |
|
|
|
(55,761 |
) |
|
|
|
(39,074 |
) |
|
70.1 |
|
|
|
Adjusted
interest expense (Non-GAAP) |
$ |
|
79,307 |
|
|
$ |
|
52,215 |
|
|
$ |
|
27,092 |
|
|
51.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(GAAP) (1) |
$ |
|
516,819 |
|
|
$ |
|
436,792 |
|
|
$ |
|
80,027 |
|
|
18.3 |
% |
|
|
Impact of restructuring
cost (net of tax) |
|
|
4,683 |
|
|
|
|
3,729 |
|
|
|
|
954 |
|
|
25.6 |
|
|
|
Impact of US Foods
merger and integration planning costs (net of tax) |
|
|
6,154 |
|
|
|
|
76,901 |
|
|
|
|
(70,747 |
) |
|
-92.0 |
|
|
|
Impact of US Foods
Financing Costs (net of tax) |
|
|
59,452 |
|
|
|
|
36,187 |
|
|
|
|
23,265 |
|
|
64.3 |
|
|
|
Net earnings
adjusted for certain items (Non-GAAP) (1) |
$ |
|
587,108 |
|
|
$ |
|
553,609 |
|
|
$ |
|
33,499 |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (GAAP) (1) |
$ |
|
0.88 |
|
|
$ |
|
0.73 |
|
|
$ |
|
0.15 |
|
|
20.5 |
% |
|
|
Impact of restructuring
cost |
|
|
0.01 |
|
|
|
|
- |
|
|
|
|
0.01 |
|
|
NM |
|
|
|
Impact of US Foods
merger and integration planning costs |
|
|
0.01 |
|
|
|
|
0.13 |
|
|
|
|
(0.12 |
) |
|
-92.3 |
|
|
|
Impact of US Foods
Financing Costs |
|
|
0.10 |
|
|
|
|
0.06 |
|
|
|
|
0.04 |
|
|
66.7 |
|
|
|
Diluted EPS
adjusted for certain items (Non-GAAP) (1) (2) |
$ |
|
1.00 |
|
|
$ |
|
0.93 |
|
|
$ |
|
0.07 |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
|
|
586,121,013 |
|
|
|
|
594,610,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The net earnings and diluted earnings per share impacts
are shown net of tax. The tax impact of adjustments for Certain
Items was $41,832 and $63,189 for the 26-week periods ended
December 26, 2015 and December 27, 2014, respectively.
Amounts are calculated by multiplying the pretax impact of each
Certain Item by the statutory rates in effect for each
jurisdiction. |
|
|
|
|
|
(2) Individual components of diluted earnings per share may
not add to the total presented due to rounding. Total diluted
earnings per share is calculated using adjusted net earnings for
certain items divided by diluted shares outstanding. |
|
|
|
|
|
NM
represents that the percentage change is not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow represents net cash provided from operating
activities less purchases of plant and equipment and includes
proceeds from sales of plant and equipment. Sysco considers
free cash flow to be a liquidity measure that provides useful
information to management and investors about the amount of cash
generated by the business after the purchases and sales of
buildings, fleet, equipment and technology, which may potentially
be used to pay for, among other things, strategic uses of cash
including dividend payments, share repurchases and
acquisitions. However, free cash flow may not be available
for discretionary expenditures, as it may be necessary that we use
it to make mandatory debt service or other payments. Free
cash flow should not be used as a substitute for the most
comparable GAAP measure in assessing the company’s liquidity for
the periods presented. An analysis of any non-GAAP financial
measure should be used in conjunction with results presented in
accordance with GAAP. In the table that follows, free cash
flow for each period presented are reconciled to net cash provided
by operating activities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26-Week Period Ended
Dec 26, 2015 |
|
26-Week Period Ended
Dec 27, 2014 |
|
26-Week Period Change
in Dollars |
|
26-Week Period
% Change |
|
Net cash
provided by operating activities (GAAP) |
$ |
|
468,881 |
|
|
$ |
|
452,438 |
|
|
$ |
16,443 |
|
3.6 |
% |
|
Additions to plant and
equipment |
|
|
(248,233 |
) |
|
|
|
(298,068 |
) |
|
|
49,835 |
|
16.7 |
|
|
Proceeds from sales of
plant and equipment |
|
|
10,827 |
|
|
|
|
2,130 |
|
|
|
8,697 |
|
408.3 |
|
|
Free Cash Flow
(Non-GAAP) |
$ |
|
231,475 |
|
|
$ |
|
156,500 |
|
|
$ |
74,975 |
|
47.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
|
Real Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real growth represents our sales growth after removing the
impact of food cost inflation / deflation, sales from acquisitions
that occurred within the last 12 months and the impact of foreign
exchange rate translation. Sysco considers real growth to be
a performance measure that provides useful information to
management and investors about the amount of sales growth
organically generated. Real growth is a commonly used metric
within the food-away-from-home industry. The company uses
these non-GAAP measures when evaluating its financial results, as
well as for internal planning and forecasting purposes. These
financial measures should not be used as a substitute for GAAP
measures in assessing the company’s sales growth for the periods
presented. An analysis of any non-GAAP financial measure
should be used in conjunction with results presented in accordance
with GAAP. As a result, in the tables that follow, each
period presented is adjusted to remove the components of real
growth noted above. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Week Period Ended
Dec 26, 2015 |
|
13-Week Period Ended
Dec 27, 2014 |
|
26-Week Period Ended Dec 26, 2015 |
|
26-Week Period Ended Dec 27, 2014 |
|
|
Sales Growth
(GAAP) |
|
0.6 |
% |
|
7.6 |
% |
|
0.8 |
% |
6.9 |
% |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Food cost
inflation (deflation) |
|
-1.2 |
|
|
6.0 |
|
|
-0.7 |
|
5.4 |
|
|
|
Acquisitions |
|
0.4 |
|
|
0.1 |
|
|
0.4 |
|
0.7 |
|
|
|
Impact of
foreign exchange rate translation |
|
-1.7 |
|
|
-0.9 |
|
|
-1.8 |
|
-0.7 |
|
|
|
Real Growth
(Non-GAAP) (1) |
|
3.0 |
% |
|
1.7 |
% |
|
2.9 |
% |
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Individual components of real growth may not add to the
total presented due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information contact:
Neil Russell
Vice President, Investor Relations
T 281-584-1308
Charley Wilson
Vice President, Corporate Communications
T 281-584-2423
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