Good afternoon, everyone. Thank you for joining us. My name is Jeff Bernstein. I'm the restaurant and food service distribution analyst here at Barclays. I'm thrilled to introduce our next presenting company. We have Sysco Corporation with us this afternoon from Houston, Texas. We have Kevin Hourican, Chairman, President, and CEO, and Kenny Cheung, CFO, and while we're thrilled to have Sysco here as a consumer staple, I did just want to highlight our primary discretionary event for our restaurants and other distributors is at our Eat, Sleep, Play, Shop conference, which is in our New York offices once again, the week post-Thanksgiving. So this year it's December 3rd through 5th. Hopefully, we see many of you there.
Specific to Sysco, with us today, by way of background for those not familiar, Sysco is the global leader in selling, marketing, and distributing food products to restaurants and others. Globally, Sysco services 730,000 customer locations with roughly 340 distribution facilities. In the most recent fiscal 2024, they generated $79 billion in revenue. 62% of that revenue goes to restaurants, but to share more detail, I will turn it over to Kevin Hourican to walk through several bigger picture slides, and then we will do some Q&A. With that said, I will turn it over to Chairman, President, and CEO of Sysco, Kevin Hourican.
Okay, great. Thank you, Jeff.
Sure.
Appreciate it. It is good to be back in Boston. I actually lived in this city for 10 years before moving to Houston, so I can definitively say at this time of year, it's good to be back in Boston. In February, you can come join us, in Houston. But as a company, it is good to be back. We're here to talk to you today about our industry, about our company, specifically, what we are doing from a profitable growth perspective. I'll then hand it over to Kenny, who will go through more of our financial details, and as Jeff said, we look forward to a Q&A period, then we'll have a short breakout after this in another room. So we'd like to start with this slide, which articulates the broader space that we are in, the total addressable market.
As you can see, $370 billion total addressable market. It's a large space that we operate within, and it is a consistently growing space. If you look at over a twenty-year period of time, there are actually only three years where we, as an industry, did not grow, and that was at the beginning of the 2008, 2009 financial crisis, and obviously, as this chart shows, what happened at the beginning of COVID. Outside of those windows of time, food away from home consistently takes market share from the grocery channel, and that is a secular trend that has lasted for decades, and as we look at our European businesses, that same trend is happening in Europe. It's just about ten years behind the United States, so what that implies is that we have tailwind in front of us, international.
When you add our international businesses, this $370 billion is just domestic U.S. It puts another $100 billion on the top line from a total addressable market. So the 10 countries that we own and operate, buildings, equipment, and have colleagues doing delivery to restaurants, it's a $470 billion total addressable market. The pie gets bigger each year, and then our slice of that pie, which is the largest in the industry, has been going up consistently over time, currently at 17%. Bigger pie, bigger slice equals the opportunity for Sysco to profitably grow on a consistent basis. This chart we showed at our Investor Day. Again, a sample of the countries that we operate in internationally, and I can explain it for those that are a little bit further back in the room.
The green bar is our 2019 market share. The blue bar is our 2023 market share. You can see in each country, other than France, we did, in fact, grow our market share profitably. In France, which I'll get to in a moment, we can talk about that story. Some highlights, U.S., 170 basis points of share, Canada, 120 basis points of share growth. We have, by far, the largest market share north of the border. In Ireland, it was the largest improvement during this span of time, 330 basis points. The why that growth occurred, we are now fully running the Sysco play in Sysco Ireland.
We rebranded as Sysco in Ireland, modern warehouse management system, modern customer ordering platform, full Sysco distribution center with a broad range of product, and we recently completed a specialty acquisition in Ireland in the produce business that is helping us accelerate our winning formula. Great Britain, 260 basis points of market share, but most notably local. When we acquired that business, it meaningfully over indexed in large corporate national bid business with a very small independent mom-and-pop customer business, which is a more profitable sector. We've been doing a lot of good work from a plumbing and electrical work perspective to prepare GB to win with independents, and we are beginning that progress. We grew our local business more than 8% in GB last year. To end with France, I want to talk about the total addressable market first.
As you see, $23 billion, it is the second largest total addressable market outside of the U.S. Foodie-centric country, excuse me, income per capita country. It is a restaurant country, and we, Sysco, were underperforming in this geography. The short story is, when we did an acquisition several years ago, an integration of what were two brands into one had some challenges. From a self-help perspective, we have addressed those challenges over the past 18 months. We now have a supply chain that we have confidence in. We have the ability to profitably grow from here, and there's no reason why in France, we can't have the type of success that we've had in Ireland and GB. There are no structural barriers in that country, and we're extremely pleased with our performance improvement in France, our profitability, ability improvement in France.
And if you look at the low market share and the size of the total addressable market for the longer term, it can become one of our more compelling international opportunities. If I could, my next two slides are to talk about what we call Drive Our Core, and then we'll talk about advance our growth for the future through our Recipe for Growth. At our Investor Day, we talked about 90%, nine zero, of our P&L is from driving our core. The running of today's play profitably. The Recipe for Growth is about 10% of our total P&L, about how we reinvent and advance for the future.
So these are the three topics that we talked about to drive our core: improve our business performance within our local independent sector, drive improved merchandising leverage, which is strategic sourcing in Sysco Brand, and improve the profitability of our supply chain, so we can drop more of the profit dollars to the bottom line. I'd like to highlight a quick update on two of the more important elements of that program on this slide. The left-hand slide talks about our headcount growth. As we said on our Investor Day, we communicated again in August as a part of our earnings call. We added 450 net new sales colleagues to the Sysco team, mostly at the back half of fiscal 2024. Those new colleagues will benefit financially this fiscal year, more towards the second half of this fiscal year.
Now, why we made this decision and why we moved forward is our territory sizes for our individual sales consultants had grown larger than we needed and wanted them to be. So we needed to bring that territory size down by adding incremental sales headcount profitably, which Kenny can talk about. We're being very methodical and thoughtful about this, the hiring pace, the training pace, and the introduction of these sales colleagues to our customers in what we call a book of business. So we're on track with the left-hand side. We will be disciplined and thoughtful about the pace with which we move forward with an ROI mindset. The right-hand side of the page are the actions that we are taking to drive improved performance from our existing sales reps. And I'll start with a change in our compensation model.
We had the opportunity to talk to several people in this room about this today, but on July first, we went forward with an updated and new comp model, lowering our base pay, increasing the commission potential of our sales consultants. So for an individual sales consultant, $1 was removed from their base pay, $1.50 potential was put into the earnings of commission to drive more performance-based outcomes. To be blunt about this, the bottom X% of our sales colleagues were living off their base pay, weren't doing the role that we needed the job to be done out in a restaurant kitchen every single day, multiple times per day, and we needed to control that a bit. The way to do that was to lower their base. One of two things will occur.
They'll either step up, step forward and improve, or perhaps they will pursue a different role somewhere else, and we are okay with that. That as a transition, we will go through, we will rehire back into that population. We want sales colleagues that are hungry and are out in front of our customers on a weekly basis. I already covered the reduced territory size. Last thing I'll say about the sales consultant pay, as you can see by the sub-bullets that are listed there, it drives the outcomes that are good for our customers and good for the Sysco P&L, and will be good for the sales colleague because of the bonus potential that they can earn. We are pleased with this comp change.
It is a program we tested for many, many months before we went live nationwide, and we are confident it will have a positive impact on fiscal 2025 as the year progresses and our colleagues get used to the new model and get used to on what we call growing on the grid, which is growing their profitability on a performance-based grid. Which is the last and final comment, which is our leaders driving increased visit frequency with our customers and driving increased visit quality with our customers. So that's a quick tour through things that we are doing to Drive Our Core performance. This chart is our Recipe for Growth. We introduced it about three and a half years ago.
It is a five-part plan, working together in a wheel, collaboratively to improve the service that we provide to our customers and our colleagues, which is why they are in the center of the wheel. The right-hand side of the chart shows each of the five pillars and the things that we are doing within each of those pillars to advance our capabilities forward. The punchline of this chart is we are meaningfully on track. The Recipe for Growth strategy is having the financial impact that we expect it to have, and when coupled with improvements in our core, it's the net of the two together that will deliver against the guidance that we put out for the year that Kenny will cover. On this one, I'll just cover a couple of very quick topics.
Sysco Your Way, which is delivery to restaurant-dense neighborhoods like the Seaport, right across the bridge, where we can have thirty, forty customers within a multi-block radius, will be to that neighborhood six days a week, multiple times per day, with a dedicated sales rep. That program is doing extraordinarily well in the marketplace. We couldn't be more pleased, and we have rolled that program out globally across Sysco. Kenny has talked throughout the morning about our expansion of our supply chain, and that's only the second of the two examples that I will give. We have 10 worldwide supply chain construction projects underway to expand our throughput capacity and our ability to serve, so we can profitably grow our business. The most recent example, the one that went live recently, was in Allentown, Pennsylvania. I want to be clear, it's not about Allentown, it's about Metro New York.
By opening Allentown, we've been able to pull volume off of our Metro New York facility, which sits a mile from the Holland Tunnel, so that our facility in Jersey City, New Jersey, can go straight into Manhattan, straight into the boroughs, and all of Northern and Central New Jersey can be fulfilled from Allentown. So an intentional investment in throughput capacity at a lower cost to serve, to allow that fit-for-purpose building in Jersey City to serve the significant growth potential that we have within Manhattan and the surrounding boroughs. So to wrap up, we say, you know, why Sysco? Food away from home is a good industry. It's a big and growing space and a durable space. Sysco is growing profitably.
We grew 1.75 times the market in aggregate in the most recent fiscal year, and we are confident in our ability to continue to grow profitably faster than the overall market. Our balance sheet health is best in class in this industry by far. We're the only ones in the space that we are in that pays a dividend for investment grade, and Kenny will talk more about both of those things. Led by a talented and engaged team, I couldn't be more pleased with the team that we have at Sysco from a tech perspective, from a selling perspective, from a supply chain perspective, and certainly from the CFO chair, and you'll hear more from Kenny in just a moment.
For our next three years, we recently introduced at our May Investor Day, a financial algorithm that we have confidence in, that we can consistently achieve over time, and that we can deliver against those targets. So honored to be here with you today, and I will turn it over to Kenny. Kenny?
Okay. Thank you, Kevin, and good afternoon, everyone. It is great to be here with all of you today at Boston. I'm excited. I'm also excited when I visit our field teams around the world. When I see them, our colleagues truly embody the Sysco's purpose, which is connecting the world to share food and care for one another. This superior service is not only reflected in our industry-leading NPS, but also in our financial outcome and performance, including our industry-leading margins. As Kevin mentioned earlier, we are in a growing industry, and we have the largest slice of the pie. As you think about Sysco, we have the fundamental building block to continue to win in this space. There's five of them. Number one, strong, robust, investment-grade balance sheet, the only one in our industry. Number two, ample free cash flow and liquidity, driven by our strong conversion rates.
Number three, and this is important one, number one position as the world's largest food distributor that comes with an attachment rate of number one in margins and also ROIC. Fourth, our passionate, world-class, 74,000-strong talent around the world. And last but not least, well-established Sysco brand, that's iconic. Now, let's take a step back and focus on the accretive return profile of Sysco. From 2019- 2024, our net sales, you can see on the page, and operating cash flow grew 6% and 5% CAGR, respectively. This is strong, stable performance despite unique industry headwinds in the same period. Our gross margins and EBITDA are 1.3 times and 1.5 times above our average core peer, respectively. We generated over $3 billion in operating cash flow in FY 2024, which is over a 70% conversion rate from EBITDA.
Last, our lens through ROIC, coupled with our investment-grade balance sheet, is a key differentiator in this space as it allows us to deliver today, invest for tomorrow, and reward our shareholders. This also allows us to weather any storms that pass through. Okay, lots of work on this page. Let me try to break it down simply. So as Kevin talked about, we introduced our growth algorithm earlier this year in May during Investor Day, one in which we believe and we are confident is achievable and we can deliver on a consistent basis. The following four items, which are focus on the core, driving Recipe for Growth, merchandising capabilities, and continue to execute on supply chain efficiencies, corresponds directly to our growth algorithm.
On the page, you can see this is based on sustainable growth, operational excellence, against a backdrop of a balanced capital return profile, which renders a compelling TSR. We will leverage our competitive advantage to drive growth in our core business through local, specialty, and international, and we'll continue to focus on bolt-on M&A to drive sustainable growth. Furthermore, our growth programs will continue to focus on driving growth in the both near term and also long term. Turning to the middle part of the page, operational excellence. Our strong margin management performance will be driven by continued execution on the supply chain side, as we continue to take costs out globally to drive positive operating leverage in our P&L. For example, this past quarter marked the seventh consecutive quarter of positive operating leverage. We plan to continue to optimize gross profit through merchandising and strategic sourcing capabilities.
Last, we will have a balanced approach to capital return and allocation, which are investing in the business, maintaining our investment-grade balance sheet, and rewarding our shareholders. These factors combined will provide compelling returns for our shareholders. The following is a three-year algorithm that spans between FY 2025 and FY 2027. As I mentioned, we have deep, deep confidence in our ability to deliver consistently against these targets, which includes the following: top-line sales, 4-6% growth, adjusted EPS growth of 6%-8% per year. Last, we value our Dividend Aristocrat status with a dividend yield of approximately 3%. If you add them all together, this renders a TSR profile of roughly 9%-11% per year. Additionally, we remain confident in our FY 2025 guidance, which is within the growth algorithm. Moving on to ROIC.
ROIC is a lens in which we operate in day in and day out. On the left-hand side of the page, you can see how Sysco's ROIC compares to the median consumer staples company. This is approximately 500 basis points higher than the average. Why is that? This is driven by multiple factors. For example, within our industry, we deliver industry-leading margin rates across both growth and operating margins. Our balance sheet is also industry-leading with 340 facilities. That's the most within our industry, combined with our investment-grade credit rating. We are a robust cash generative business with industry-leading cash conversion cycles. And lastly, our size and scale allows us to efficiently and effectively deploy capital across our business, generating value for our shareholders. Furthermore, you heard Kevin state that our sales compensation is being remixed from base to more bonus.
This shift will give us the ability to flex and match expenses to our sales and volume. Additionally, the volume additions will not be evenly spread across the board. In fact, we will be deliberate and disciplined on when and where we add, for example, in high-growth markets. These investments are well-laddered, so this year's hires, we will start seeing financial contribution next year, and so on. Last, we will grow. We will not grow for the sake of growing. We are focused on profitable growth, and I'll say it again, we are focused on profitable growth. It's all about Return on Invested Capital. So we'll make sure that each new customer account or each incremental sale to an existing customer is a win-win proposition. I would like to now transition to capital allocation. First, we will invest for growth.
We are planning CapEx to be approximately 1% of our annual sales over the next three years. This consists of both growth and maintenance CapEx. Second, we plan on maintaining our strong investment-grade balance sheet and operate within that 2.5-2.75 times net leverage ratio target. Last, we will return cash back to shareholders through dividends and share repurchases. For FY 2025, we have planned for $1 billion of dividend payout and approximately $1 billion of share repurchases, which could flex up based on the level of M&A. The charts below on the screen, you can see, demonstrates our disciplined approach over the past five years with CapEx, improving our balance sheet, and also returning cash back to shareholders. So to summarize, we like our position, and I'll say it again, we like our position.
We are the industry leader that sits in a growth sector, as Kevin mentioned. We have a balanced and diversified portfolio across geographies, channels, and product mixes. We have multiple vectors of growth in our core volume and through M&A via local, chain, specialty, and international, and we plan to remain disciplined with our accretive growth initiative that will continue to grow our earnings trajectory. Our industry-leading margins, balanced capital allocation, and strong ROIC really drives and yields a 9-11% TSR for shareholders. We have a strong track record of dividend growth and providing share repurchases, all while maintaining an investment-grade balance sheet. This allows us to deliver value at the spots and play the long game on the floor. Therefore, we believe that whether you are a value investor, or growth investor, an income investor, Sysco provides a compelling opportunity.
With that, thank you for your time today. I'll turn it over to Jeff for Q&A.
... Great. Thank you, Kevin and Kenny. With the remaining time, I did have a handful of questions, and then again, following this presentation, we will be in the breakout room, Ballroom two, for anybody who has any incremental questions. But just to start, because it is pretty fresh, your Investor Day, which was in May in New York City, and you've touched on a couple of the key themes, but I'm wondering if there's any incremental key takeaways or key learnings that you had from talking to investors that you'd be willing to share?
Sure. Okay, I think, you know, I'll start just with macro headlines, turn over to Kenny to talk more about our financials. The main message that I would want you to hear from my chair is that we are confident in our ability to deliver consistently against the targets that have been put out by Kenny and myself, point one. Point two, we have a detailed plan to be able to deliver against both top line and bottom line targets. So at that Investor Day, and perhaps we'll talk more about specialty in a moment, we provided growth vectors, growth vectors on the top line. Specialty, as an example, we sized as a $10 billion growth opportunity for Sysco. How we size that math is we're at about roughly 9% share of the specialty market.
We have approximately 17% share in total, and getting our specialty business to our company current total average is worth greater than $10 billion, and we have a very specific plan on how to do that, that I can talk more about later. We talked about international, our ability to run the Sysco play internationally and the big opportunity that we have in multiples of the countries that I showed on my slides today, bringing them to a full suite of capabilities that we, Sysco, have from fulfillment and assortment and selling capabilities. It, too, is, you know, a $10-plus, you know, billion-dollar opportunity for us.
And then within the core of our business, we leaned in pretty aggressively at our Investor Day to talk about how pleased we are with our national sales business and how it's performing, and the fact that we're not satisfied with our current volume growth within local. Our local business is extremely profitable, and we have the highest market share, but we're not fully satisfied with our performance there, and we laid out a plan for how we're going to improve, and I covered a couple of those highlights today. Incremental sales, headcount, a change to our comp model, rolling out something we call Total Team Selling , and frankly, getting better at the basics, which is the performance management element of our job. We highlighted the opportunity to improve our productivity within our supply chain.
Kenny and I talk all the time about there's one thing that we can do differently and better to drive productivity improvement, and that's retention of our colleagues. During COVID, there was a tremendous dislocation of labor talent in this space, and it's been very painful and expensive to build back that base. We have two main populations within our supply chain. We have a driver population. Retention has greatly improved in that group, essentially almost back to where we were. Our warehouse colleagues, we call them selectors. Our turnover is still too high with that population. We know the work that needs to be done to improve retention, and when we do, we see goodness in our P&L in five different places. I don't have time to talk about those places now, other than it is a gift that keeps giving as we improve our colleague retention.
So we are tremendously focused on that. We will make progress this year in that regard to get our supply chain back to world-class. It already is the strongest in the industry. It can be even stronger, and that will pay bottom-line dividends. So, Kenny, over to you for your comments.
Sure. So I'll say three things just to remind everybody, the algo top line, 4-6% growth, bottom line, 6-8%, and TSR, 9-11%. These are achievable targets, and one we are confident we can deliver on a consistent basis. FY 2025 is within the algo range, just to be clear. So why are we confident? That's my second point now. The reason why we are confident in delivering the algo target is because we, as Kevin talked about, we have a ton of levers across our P&L. If the market had an adverse impact than planned, we have levers across our P&L to mitigate over the course of the year. I'll give you a couple examples. On the GP side, we can drive Sysco Brand penetration.
We can partner with our suppliers on sourcing. We can also drive specialty, which is more accretive to our overall P&L. On the OpEx side, 90% of our expense base is supply chain. Kevin talked about retention. That is the single biggest driver to drive productivity for our business, and it's the gift that keeps on giving, as Kevin said. And what that means is, beyond productivity, there is what we call shrink, there is new hiring costs, there is training, there is workers' compensation, auto liability, and the like. So there's a lot of benefits across the P&L that once we see retention improve. And oh, by the way, it has improved. Last quarter, doubled year on year, so we're making good traction there. And last but not least is corporate SG&A.
Most of you heard me in the last earnings call, our SG&A is down 10% year on year in Q4, down 7% sequentially quarter over quarter. Two things there. Entering this fiscal year, we have nice carryover benefit from last year's action, and we have a robust pipeline, entering the back half of the fiscal year.
Understood, and as we think about your business, I mentioned earlier, 62%, I believe, is to restaurants. I know you often mention that it's roughly fifty-fifty chain versus independent. Can you just talk about the importance of balancing that chain versus independent? I know, like you said, chains have been growing well, independents, you'd like to see growing faster, so any incremental color on that balance?
Great. I'll take the start and then toss to Kenny for why both of these sectors matter. Again, roughly half of our business is corporate RFP-based bid, multi-year contracts. Half our business is not on contract. It's win each case, each week, one at a time. They both matter. Our intentions are to grow both sectors profitably for the long term. Right now, we have tremendous success happening within our national sales business. We are growing that business well in excess of industry average and at higher levels of profitability than would be historical. We are not using price as the mechanism to win. Why are we winning in national? It's our fulfillment scale, it's the broadness of our inventory, it's our nationwide reach. We can deliver to every zip code in the United States, and increasingly important, we have international scale.
Think about a customer like Cheesecake Factory that is mostly domestic, but they are opening doors overseas. We're a one-stop-shop easy button for them to be able to do their international expansion, and that's just one single customer example. We have dozens of those examples. These are multi-year contracts. Kenny and I personally review every one of them before they get presented to a customer, and our customer retention rate is extremely high within that space. So we need to keep running the good play, and the success that we were having in national. In local, I said it, we are the highest profit rate in local, we are the industry leader in local, and we need to step up our volume growth capabilities. We can do so. We have a plan to do so.
I want to be very clear, we're not going to use price as the mechanism and lever. It's very easy to go get cases on your truck if you're interested in doing so, and you're not concerned about margin management and profit rate. We'll be extremely disciplined, we'll be very pragmatic in our pricing approach, and we will do the right work to be successful for the long term, and we're confident in our ability to do so. In international, we're thrilled with our performance in local. We are taking Sysco's capabilities internationally, deploying that playbook, and we are seeing mid- to high-single-digits volume growth international, and we expect that to continue. Kenny, over to you for additional comment.
Yeah. So, fully agree with Kevin. We got to grow both, right? On the CMU side, financially, why is that important? It provides route density, which lowers the overall cost of delivery. It is a multi-year contract that we have, therefore, cash flow is recurring and consistent as well. And then, you know, the last but not least, it offers portfolio diversification. So two-thirds are restaurants, two-thirds meaning two-thirds of our customers for national, and one-third is actually what we call resilient, a recession-resilient customer, such as an education customer, a school, or healthcare/hospital. So again, that's very important for us. On the local side, as Kevin talked about, most profitable customer, and it also allows us to sell Sysco Brand.
They're highly, more highly penetrated on Sysco Brand as well, and because of the non-contract nature of local customers, we're able to pass on inflation and spot pricing at the real spot moment, meaning being priced on right, real time. So those are the two benefits of local and CMU, as Kevin talked about on the local side. We're seeing really good traction on international. International last quarter grew roughly 5% on international because of the Recipe for Growth playbook that's being replicated across the globe right now.
Earlier, throughout meetings this morning and during your presentation, you talked a little bit about the specialty product line. If I got it right, I think it's currently $9 billion of sales, but you see the opportunity to take it up to equivalent market share, which would get you to $19 billion, potentially, or an incremental $10 billion. That's a big number. Just wondering if you can give a little bit more color in terms of the ways with which you have that confidence and the game plan upon which to double that specialty line?
Great. It's a great question. We're, we're the largest operator in the specialty business, you know, by far, and we believe we have tremendous runway within this space. To be clear, what specialty is, it's our produce business, which is called FreshPoint. It's our protein business, which is Specialty Meat Group, mostly through the banner of Buckhead. We have a large Italian business through Greco, an expanding Asian business, which we call Asian Foods, and then most recently, Edward Don & Co, which is an equipment and supplies provider. So partly, it's a math. We know what our market share is. We know what geographies we're not currently in. I'll actually use Italian as the example. We're live in five states with our Greco Italian platform. We have full intentions to take that model coast to coast.
When we run the Greco play in a state with proper fulfillment, with the right assortment, we win meaningfully from a share perspective, profitably, and we can map that math. For produce, we're in most geographies, but we're not yet in the Pacific Northwest, and we're actually not in Metro New York. So one way or another, we will enter those geographies. It could be through an acquisition. It could be through greenfield, but we will have the opportunity to run that play. Last but not least is something we call Total Team Selling. I'll wrap up with the lights coming down. Having our broadline sales team and our specialty sales team partner together, we have changed our compensation model so that they get joint commissions if they sell together at a single account.
There used to actually be some competition between the two sectors at Sysco, and we've eliminated that competition. We have them partnering better than ever. We shared at our investor day, if we succeed in getting one specialty business into the door, we're currently serving that customer through broadline, we increase the business three X. We add a second specialty business, it goes up six X, and let's say this, we have many, many customers that have that opportunity, and that's how you scale to the $10 billion growth opportunity.
Tremendous. Well, we've run out of our formal time slot here, but we do have, again, a breakout session in Ballroom Two, if anyone would like to join us. Otherwise, I just want to thank Kevin and Kenny for joining us again from Sysco. Thank you.
Thank you.
Thank you, everyone. Appreciate it.
Thank you.