Aramark (ARMK) 2024 Q4 法說會逐字稿

Good morning, and welcome to Aramark's fiscal 2024 earnings results conference call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions)

早安，歡迎參加 Aramark 2024 財年收益結果電話會議。我叫凱文，今天我將擔任您的電話接線生。（操作員指令）

I will now turn the call over to Felise Kissell, Senior Vice President, Investor Relations and Corporate Development. Ms. Kissell, please proceed.

現在我將電話轉給投資人關係和企業發展資深副總裁 Felise Kissell。基塞爾女士，請繼續。

Thank you, and welcome to Aramark's earnings conference call and webcast. This morning, we will be hearing from Aramark's CEO, John Zillmer; as well as CFO, Jim Tarangelo. As always, there are accompanying slides for this call that can be viewed through the webcast and are also available on the IR website for easy access.

謝謝，歡迎參加 Aramark 的收益電話會議和網路廣播。今天上午，我們將聽取 Aramark 執行長 John Zillmer 的演講；以及財務長 Jim Tarangelo。與往常一樣，本次電話會議附有幻燈片，可透過網路廣播觀看，也可在 IR 網站上輕鬆存取。

Our notice regarding forward-looking statements is included in our press release. During this call, we will be making comments that are forward-looking. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the risk factors, MD&A and other sections of our annual report on Form 10-K and SEC filings.

關於前瞻性聲明的通知已包含在我們的新聞稿中。在本次電話會議中，我們將發表前瞻性的評論。由於各種風險、不確定性和重要因素，實際結果可能與明示或暗示的結果有重大差異，包括我們在10-K 表年度報告和SEC 文件中的風險因素、MD&A 和其他部分中討論的結果。

We will be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found in our press release and IR website.

我們將討論某些非公認會計準則財務指標。您可以在我們的新聞稿和 IR 網站中找到這些項目與美國 GAAP 的對帳表。

With that, I will now turn the call over to John.

說完這些，我現在將電話轉給約翰。

Good morning, everyone. Thank you all for joining us. On today's call, Jim and I will be providing a detailed review of Aramark's earnings results released this morning and sharing our expectations for the business in fiscal '25.

大家早安。感謝大家加入我們。在今天的電話會議上，吉姆和我將詳細回顧今天早上發布的 Aramark 獲利結果，並分享我們對 25 財年業務的期望。

Every quarter this past fiscal year, we reached new highs in our financial performance, which resulted in us raising our full-year outlook throughout fiscal '24 and ultimately achieving record revenue and AOI profitability for any year in global food and support services history. This is a testament to what our teams are capable of, raising the bar every single day and challenging ourselves across the organization to deliver for our stakeholders.

在過去的財年中，我們的每個季度的財務業績都創下了新高，這促使我們在整個24 財年都上調了全年預期，並最終實現了全球食品和支持服務歷史上任何一年的最高收入和AOI 獲利能力。這證明了我們團隊的能力，每天都在提高標準，並在整個組織內挑戰自我，為我們的利害關係人提供服務。

For fiscal '24, this mindset led to year-over-year organic revenue growth of 10%, adjusted operating income increasing 20% and adjusted EPS rising by 35% on a constant currency basis. I truly believe the best is yet to come in recognizing our full potential.

對於 24 財年而言，這種思維方式導致有機收入年增 10%，調整後營業收入成長 20%，調整後每股盈餘以固定匯率計算成長 35%。我堅信，最好的結果還未實現，我們仍需努力才能充分發揮我們的潛力。

We also announced this morning that the Board approved a new $500 million share repurchase program, clearly demonstrating our continued confidence in the business and the significant growth opportunities ahead. Our strong and predictable cash flow provides us considerable financial flexibility to first, strategically invest to drive growth, focus on building on our prominent client portfolio; second, to pay down debt with a clear line of sight to reducing leverage to around 3 times by the end of this fiscal year; third, issue a quarterly dividend, which was just increased by 11%; and fourth, initiate a share buyback program to repurchase Aramark shares, highlighting our capital structure capabilities.

我們今天上午還宣布，董事會批准了一項新的 5 億美元股票回購計劃，這清楚地表明了我們對業務的持續信心以及未來巨大的成長機會。我們強勁且可預測的現金流為我們提供了相當大的財務靈活性，首先，我們可以進行策略性投資以推動成長，專注於建立我們知名的客戶組合；第二，償還債務，明確目標，在本財年末將槓桿率降至3倍左右；第三，發放季度股息，剛剛增加了11%；第四，啟動股票回購計劃，回購愛瑪克股票，凸顯我們的資本結構能力。

These actions reflect our ongoing commitment to maximizing shareholder value and further positioning the business on a firm foundation to deliver great results. Once again, we experienced significant annualized gross new business wins in fiscal '24, totaling more than $1.4 billion and representing nearly 9% of prior year revenue, the best year ever for global FSS.

這些措施反映了我們持續致力於最大化股東價值，並進一步為業務奠定堅實的基礎，以取得優異的績效。我們在 24 財年再次取得了顯著的年度新業務總勝利，總額超過 14 億美元，佔上年收入的近 9%，這是全球 FSS 有史以來最好的一年。

Retention for the total company was impacted by recently exiting some lower-margin facility services accounts, most notably Chicago public schools as a result of a policy change driven by political considerations. And while I'm not pleased with the effect this had on our overall retention number of 93.2%, we see this as a unique occurrence.

由於政治因素引發的政策變化，該公司近期退出了一些利潤率較低的設施服務帳戶，最明顯的是芝加哥公立學校帳戶，這對整個公司的留任產生了影響。雖然我對這對我們 93.2% 的整體保留率的影響並不滿意，但我們認為這是一個獨特的現象。

Our core Foodservice businesses in both the United States and international achieved retention of 95.2% in the fiscal year. Our new business pipeline across the organization remains substantial, including in first-time outsourcing, and we are already off to a great start this fiscal year with several large opportunities leaking into fiscal 2025.

我們在美國和國際上的核心餐飲服務業務在本財年實現了 95.2% 的保留率。我們整個組織的新業務管道仍然很大，包括首次外包，而且我們本財年已經有了一個良好的開端，有幾個巨大的機會可以延續到 2025 財年。

In just the first six weeks, we've added clients such as Broward Health Medical and Mastercard. I have strong confidence in the company's ability to achieve net new of 4% to 5% with retention levels above 95% in fiscal '25 and beyond.

僅在前六週內，我們就增加了 Broward Health Medical 和 Mastercard 等客戶。我對公司在 25 財年及以後實現 4% 至 5% 的淨新利潤和 95% 以上的保留率的能力充滿信心。

Turning to the business segments. FSS US grew organic revenue 7% in fiscal '24 primarily from record base business volume and pricing. In the fourth quarter, organic revenue in the segment increased 4% as pricing began to normalize with improving inflation, particularly in Education.

轉向業務部門。FSS US 24財年的有機收入成長了7%，這主要得益於創紀錄的業務量和定價。第四季度，隨著通膨改善，價格開始正常化，尤其是教育領域，該部門的有機收入成長了 4%。

Strong per capita spending and high fan attendance levels continued in Sports & Entertainment along with increased participation rates in Workplace Experience. And retail expansion in Corrections more than offset facilities, which I referenced earlier.

體育和娛樂領域的人均支出和球迷出席率持續保持強勁成長，同時工作場所體驗的參與率也有所提高。正如我之前提到的，懲教所的零售擴張已經超過了設施的補償。

New clients added in the fourth quarter included SAP America and Workplace Experience, House of Blues and Guinness locations in Sports & Entertainment and Palantir now in refreshments as well as our senior LifePlus business partnering with Asbury communities to provide dining and hospitality services in continuing care retirement communities.

第四季新增客戶包括 SAP America 和 Workplace Experience、體育和娛樂領域的 House of Blues 和 Guinness 門市、茶點領域的 Palantir，以及我們與 Asbury 社區合作的高級 LifePlus 業務，為持續護理退休提供餐飲和招待服務社區。

Destinations also began operations at Adventures on the Gorge, which encompasses more than 70,000 acres in West Virginia. Corrections continued to expand the portfolio in the fourth quarter with our IN2Work program, a key differentiator as a second chance employer, offering training, certification, internships and scholarships. IN2Work recently had a record graduating class from its warehouse and supply chain program and in total, now has more than 6,000 graduates.

目的地也開始了峽谷探險之旅，該旅程位於西維吉尼亞州，佔地超過 70,000 英畝。懲教部門在第四季度繼續透過我們的 IN2Work 計畫擴大投資組合，這是作為第二次機會雇主的關鍵差異化因素，提供培訓、認證、實習和獎學金。IN2Work 的倉庫和供應鏈計畫近期迎來了創紀錄的畢業班，目前畢業生總數已超過 6,000 名。

In the US, we just launched Hospitality IQ, a hub for AI-powered business applications to enhance the guest experience, empower our operators and further drive our clients' business objectives. These platforms include our award-winning Mosaic AI supply chain platform, which allows clients to receive real-time actionable supply chain data customized to their specific locations; Culinary Copilot, an AI-powered resource that provides real-time menu recommendations; and Aramark Connected, which creates a frictionless unified guest experience, leveraging multiple autonomous services that are open around the clock.

在美國，我們剛剛推出了 Hospitality IQ，這是一個由人工智慧驅動的商業應用中心，旨在增強客戶體驗、增強我們的營運商能力並進一步推動我們客戶的業務目標。這些平台包括我們屢獲殊榮的 Mosaic AI 供應鏈平台，該平台允許客戶接收針對其特定位置量身定制的即時可操作供應鏈數據； Culinary Copilot，一種提供即時菜單推薦的人工智慧資源； Aramark Connected 利用全天候開放的多項自主服務，創造出順暢的統一客戶體驗。

This offering is particularly appealing to clients in Education, Healthcare and Workplace Experience. Hospitality IQ represents another step forward in Aramark's mission to provide innovative and practical solutions for clients with strong financial benefits.

該產品對教育、醫療保健和職場體驗領域的客戶尤其有吸引力。Hospitality IQ 代表 Aramark 在為客戶提供創新、實用的解決方案並帶來豐厚財務收益的使命上又邁進了一步。

Now on to international. Momentum in international continued with organic revenue increasing 17% in fiscal '24 as the team has been extraordinarily successful in collaborating to deliver on our strategic priorities in the countries we serve outside the US from partnering across borders to sharing best practices to thoughtfully building scale. These actions led to strong business growth, high retention and significant new business.

現在轉向國際。國際業務繼續保持良好勢頭，24財年有機收入增長了17%，這得益於團隊在合作方面取得了非凡的成功，從跨境合作到分享最佳實踐，再到深思熟慮地擴大規模，我們在美國以外服務的國家實現了戰略重點。這些舉措帶來了強勁的業務成長、高保留率和大量新業務。

In the fourth quarter, international's organic revenue increased to 16%, included contribution from all geographic regions across the portfolio with the UK, Germany, Canada and Chile leading the country specific performance.

第四季度，國際業務的有機收入成長至 16%，其中包括來自投資組合所有地理區域的貢獻，其中英國、德國、加拿大和智利在特定國家表現最佳。

Aramark is proud of our long-standing European Sports & Entertainment presence with the Bundesliga in Germany and La Liga in Spain. And more recently, as I shared on my last call, just entering the English Premier League and become the Everton Football Club's official global food and experiences partner for their new stadium opening in a few months.

Aramark 對我們與德國德甲聯賽和西班牙西甲聯賽長期合作的歐洲體育和娛樂業務深感自豪。最近，正如我在上次通話中分享的那樣，我們剛剛進入英超聯賽，並成為埃弗頓足球俱樂部幾個月後新體育場開幕的官方全球食品和體驗合作夥伴。

We are now also pleased to announce the continuation and expansion of our relationship with one of the most powerful global brands in sports, FC Barcelona. Through a dynamic long-term partnership, Aramark will be the exclusive food and beverage and hospitality partner for the renovated 105,000-seat camp new stadium scheduled to reopen later this year.

我們現在也很高興地宣布，我們將繼續並擴大與全球最具影響力的運動品牌之一巴塞隆納足球俱樂部的合作關係。透過充滿活力的長期合作夥伴關係，Aramark 將成為計劃於今年稍後重新開放的經過翻新的 105,000 個座位的新體育場的獨家餐飲和酒店合作夥伴。

Additional new clients awarded in the fourth quarter within international included Allied Irish Bank in Ireland, BBVA Espana in Spain and BP Gulf of Mexico in our offshore business, among many others.

第四季度在國際範圍內獲得的其他新客戶包括愛爾蘭聯合銀行、西班牙 BBVA Espana 和海上業務的 BP 墨西哥灣等。

Moving to global supply chain. Global supply chain continues to grow, leverage and optimize our spend by providing a high standard of products, services, economics, analytical insights and sustainability solutions for our clients.

轉向全球供應鏈。全球供應鏈透過為客戶提供高標準的產品、服務、經濟、分析見解和永續解決方案來成長、利用和優化我們的支出。

Our global GPOs are aggressively expanding with double-digit organic net new growth across all our GPO channels, contributing to the $1 billion in new spend this past fiscal year with total spend of reaching $20 billion. This momentum comes from wins in hospitality, senior living, wellness and entertainment.

我們的全球 GPO 正在積極擴張，所有 GPO 管道都實現了兩位數的有機淨新增成長，為上個財年 10 億美元的新支出貢獻了力量，總支出達到了 200 億美元。這一勢頭源自於酒店業、老年生活、健康和娛樂業的成功。

We also launched Avendra International in the fourth quarter to enhance our service capabilities in the international marketplace, a key area of focus for us. To accelerate our success, we continue to selectively pursue acquisition opportunities to complement our organic efforts and enhance our potential in targeted areas.

我們也在第四季度推出了 Avendra International，以增強我們在國際市場的服務能力，這是我們關注的重點領域。為了加速我們的成功，我們繼續有選擇地尋求收購機會，以補充我們的有機努力並增強我們在目標領域的潛力。

A word on inflation. Inflation continues to be favorable across our global portfolio. Europe, North America and Asia are all showing continued improvement with only Latin America lagging behind. We expect this overall trend to continue with the business returning to historic inflation levels in the 2% to 3% range as we move through fiscal '25.

關於通貨膨脹。通貨膨脹繼續對我們全球投資組合有利。歐洲、北美和亞洲均呈現持續改善，只有拉丁美洲落後。我們預計，隨著 25 財年到來，這一總體趨勢將持續下去，企業通膨率將恢復到 2% 至 3% 的歷史水準。

Lastly, we're focused on optimizing our balance sheet and leveraging our financial flexibility, as I mentioned in the beginning of my remarks. As part of this strategy, we recently completed the sale of our remaining ownership stake in the San Antonio Spurs NBA franchise for approximately $100 million and use the debt -- and use the proceeds for debt repayment. We continue to work closely with the Spurs as a valued client.

最後，正如我在演講開頭提到的，我們專注於優化資產負債表和利用財務靈活性。作為該策略的一部分，我們最近以約 1 億美元的價格完成了我們在聖安東尼奧馬刺隊 NBA 球隊剩餘所有權股份的出售，並使用債務——並將收益用於償還債務。作為尊貴客戶，我們將繼續與馬刺隊密切合作。

Before turning the call over to Jim, I'd like to highlight a few more accomplishments and the recognitions we received in the fourth quarter. First, as the new academic year began, Aramark volunteers worked together with local organizations to assemble and deliver backpacks filled with school supplies to students in need across 30 communities in the US, Ireland and Chile.

在將電話轉給吉姆之前，我想強調我們在第四季度取得的更多成就和認可。首先，在新學年開始之際，愛瑪克志工與當地組織合作，組裝並運送裝滿學習用品的書包給美國、愛爾蘭和智利的30個社區有需要的學生。

Second, the company was highlighted as one of America's Most Admired Workplaces in 2025 by Newsweek with fostering innovation and professional growth as key considerations. We were also named as the Best Place to Work in Healthcare by the industry-leading publication, Modern Healthcare taking the number two spot.

其次，該公司被《新聞周刊》評選為2025年美國最受尊敬的工作場所之一，其中促進創新和專業成長是主要考慮因素。我們也被業界領先出版品《現代醫療保健》評選為醫療保健領域最佳工作場所，位居第二。

And finally, a number of Aramark leaders received prominent recognition of our commitment to people and the planet for environmental sustainability, DEI efforts and building local communities. This included our Head of Sustainability, Alan Horowitz, as a featured speaker during UN Climate Week. I'm proud of what we've accomplished this past year at Aramark and know we have tremendous runway going forward.

最後，一些 Aramark 領導者因我們對人類和地球的環境永續性、DEI 努力和建立當地社區的承諾而獲得了突出認可。其中包括我們的永續發展主管艾倫·霍洛維茨 (Alan Horowitz)，他將擔任聯合國氣候週的特邀演講嘉賓。我為 Aramark 過去一年所取得的成就感到自豪，並且知道我們在未來擁有巨大的發展空間。

I'll now turn the call over to Jim.

我現在將電話轉給吉姆。

Thanks, John, and good morning, everyone. As John mentioned, we had another record-breaking quarter, building on the strong results we have delivered throughout the fiscal year. Our passionate teams across the company are pursuing significant revenue growth and operational efficiency opportunities, which are expected to drive continued momentum in the business.

謝謝，約翰，大家早安。正如約翰所提到的，我們又迎來了一個破紀錄的季度，這要歸功於我們整個財年的強勁業績。我們公司上下充滿熱情的團隊正在追求顯著的收入成長和營運效率機會，預計這將推動業務持續發展。

We are really pleased with Aramark's performance in fiscal '24. As you recall, we started the year with an outlook of 7% to 9% growth in organic revenue; we delivered 10%; 15% to 20% growth in AOI, we reported 20%; 25% to 35% growth in adjusted EPS, we had 35%; and leverage of approximately 3.5 times, we ended the year at 3.4 times, a 50-basis-point improvement compared to the prior year.

我們對 Aramark 在 24 財年的表現非常滿意。大家還記得，今年年初我們預期有機收入將成長 7% 至 9%；我們交付了10%； AOI成長15%至20%，我們報告的是20%；調整後每股盈餘成長 25% 至 35%，我們的成長幅度為 35%；槓桿率約 3.5 倍，年底時達到 3.4 倍，比前一年提高了 50 個基點。

We exceeded or achieved the high end of our financial expectations across the board, reinforcing that our growth-oriented model is working, driving our margin levers and generating substantial underlying performance.

我們在各個方面都超越或實現了財務預期的高端，這進一步證明我們的成長導向模式是有效的，推動了我們的利潤率槓桿，並產生了可觀的潛在業績。

Now let's review these results in more detail. For the full fiscal year, we reported revenue on a GAAP basis of $17.4 billion, up 8% compared to the prior year with approximately 2% of foreign currency translation impact.

現在讓我們更詳細地回顧一下這些結果。就整個財年而言，我們根據 GAAP 報告的收入為 174 億美元，比上年增長 8%，外幣折算影響約為 2%。

Organic revenue grew 10% versus the prior year driven by record base business volume, pricing and the contribution from net new business. Fourth-quarter organic revenue was up 7% from increased base business volume and reflecting more normalized pricing from favorable inflation trends.

受創紀錄的業務量、定價和淨新業務貢獻的推動，有機收入較上年增長了 10%。第四季有機收入成長 7%，得益於基礎業務量的增加，並反映出有利的通膨趨勢導致定價更加正常化。

Adjusted operating income was $882 million in fiscal '24, up 20% on a constant currency basis, resulting in an AOI margin of 5.1%. This consistent execution of our profitable growth model led to margin progression for the full year of 50 basis points.

24 財年調整後營業收入為 8.82 億美元，以固定匯率計算成長 20%，AOI 利潤率為 5.1%。我們持續執行獲利成長模式，使全年利潤率成長了 50 個基點。

For the fourth quarter, AOI was $271 million and grew 8% on a constant currency basis. AOI margin was up 10 basis points from higher revenue growth, cost discipline and supply chain efficiencies, which more than offset the gain in the prior year from possessory interest at a Destinations site, which we previously highlighted. Excluding this item, the company would have experienced double-digit AOI growth.

第四季度，AOI 為 2.71 億美元，以固定匯率計算成長了 8%。AOI 利潤率因收入成長、成本控制和供應鏈效率提高而上升了 10 個基點，這遠遠抵消了我們先前強調的上一年目的地場地佔有權所帶來的收益。除去這一項，該公司的 AOI 將實現兩位數的成長。

Our results for the fiscal year led to adjusted EPS of $1.55, an increase of 35% on a constant currency basis. For the fourth quarter, adjusted EPS was $0.54, up 14% on a constant currency basis. Interest expense and effective tax rate ended up in line with our expectations and consistent with the modeling assumptions provided on our IR site.

我們本財年的業績調整後每股收益為 1.55 美元，以固定匯率計算成長了 35%。第四季度，調整後每股收益為 0.54 美元，以固定匯率計算成長 14%。利息支出和有效稅率最終符合我們的預期，並與我們的 IR 網站上提供的模型假設一致。

On a GAAP basis, Aramark reported consolidated operating income of $707 million and EPS of $0.99 for fiscal '24. And for the fourth quarter, operating income was $219 million, and EPS was $0.46.

根據 GAAP 基礎，Aramark 報告 24 財年的綜合營業收入為 7.07 億美元，每股收益為 0.99 美元。第四季度，營業收入為 2.19 億美元，每股收益為 0.46 美元。

Moving to cash flow. Consistent with our typical seasonality of the business, the fourth quarter generated a significant cash inflow, which contributed to our strong cash flow for the full year.

轉向現金流。與我們業務的典型季節性一致，第四季度產生了大量現金流入，這為我們全年強勁的現金流做出了貢獻。

Net cash provided by operating activities in fiscal '24 was $727 million, and free cash flow was $323 million. Our free cash flow grew by 121% compared to the prior year period from higher cash from operations and favorable working capital. As we have previously stated, our current free cash flow would have been even higher if it were not for approximately $100 million of onetime cash payments for taxes from the gain related to the AIM Services sale as well as for expenses from the spin. Cash from investing activities benefited from the sale of our remaining ownership stake in the San Antonio Spurs NBA franchise, as John shared earlier.

24 財年經營活動提供的淨現金為 7.27 億美元，自由現金流為 3.23 億美元。由於經營活動現金流增加且營運資本充足，我們的自由現金流較去年同期增加了 121%。正如我們之前所說，如果不是因為 AIM 服務出售相關收益產生的稅款以及分拆費用而一次性支付約 1 億美元，我們目前的自由現金流會更高。正如約翰之前所說，投資活動產生的現金受益於我們出售在聖安東尼奧馬刺隊 NBA 球隊剩餘的所有權股份。

In fiscal '24, we reduced net debt by $1.6 billion, which contributed to our leverage ratio getting down to 3.4 times, an improvement of 50 basis points year over year. We ended the fiscal year with over $2.6 billion of cash availability. We continue to remain strategic around extending our balance sheet maturities and our cost of financing, closely monitoring the credit markets for opportunities.

在24財年，我們減少了16億美元的淨債務，這使我們的槓桿率降至3.4倍，比去年同期改善了50個基點。我們在本財年結束時擁有超過 26 億美元的現金可用性。我們將繼續保持策略性，延長資產負債表期限和融資成本，並密切關注信貸市場以尋找機會。

Lastly, we are very excited about the Board's approval of our new $500 million share repurchase program. This is a significant step in further demonstrating the strength of our capital structure, confidence in our future and focus on shareholder value creation.

最後，我們對董事會批准新的 5 億美元股票回購計畫感到非常高興。這是進一步展示我們資本結構實力、對未來的信心以及對股東價值創造的關注的重要一步。

We intend to pursue stock repurchases opportunistically, which at a minimum is expected to offset equity dilution and be accretive to earnings. Our capital allocation approach will be strategic in achieving our deleveraging objectives and utilizing excess cash generation to repurchase shares, factoring in our intrinsic valuation assessment of the equity to optimize repurchase activity. In conjunction with these actions, let me be clear that our top priority is always to invest in the business to drive and propel growth, and we have the financial flexibility to do so.

我們打算適時進行股票回購，預計這至少可以抵消股權稀釋並增加收益。我們的資本配置方法將具有策略性，以實現我們的去槓桿目標並利用過剩現金回購股票，同時考慮到我們對股權的內在價值評估以優化回購活動。結合這些行動，我要明確指出，我們的首要任務始終是投資於業務以推動和促進成長，並且我們擁有這樣做的財務靈活性。

I'll now wrap up with our outlook for fiscal '25. We are extremely pleased with the performance in fiscal '24, and we continue to make great progress in achieving our longer-term financial targets, which I am confident in us going to and through.

現在我將總結我們對25財年的展望。我們對24財年的表現感到非常滿意，並且在實現我們的長期財務目標方面繼續取得巨大進展，我對我們能夠實現並完成這些目標充滿信心。

With that, we currently anticipate the following full-year performance: organic revenue growth of 7.5% to 9.5%, AOI increasing 15% to 18%, adjusted EPS growth of 23% to 28% and a leverage ratio of approximately 3 times. Of note, fiscal '25 and the fourth quarter specifically contain an extra or a 53rd week. This has an expected benefit of about 2% on organic revenue and AOI. Also, the outlook for adjusted EPS doesn't include any benefit which would occur from potential share repurchases.

因此，我們目前預計全年業績如下：有機收入成長 7.5% 至 9.5%，AOI 成長 15% 至 18%，調整後每股盈餘成長 23% 至 28%，槓桿率約 3 倍。值得注意的是，25 財年和第四季特別包含一個額外的第 53 週。預計這將為有機收入和 AOI 帶來約 2% 的收益。此外，調整後的每股盈餘前景並不包括潛在股票回購產生的任何收益。

In summary, we continue to deliver on both top and bottom line performance. Our strategies are producing great results, and we are excited to keep this momentum going. Thank you for your time this morning.

總而言之，我們將繼續實現營收和利潤的雙豐收。我們的策略正在產生巨大的成果，我們很高興能夠保持這一勢頭。感謝您今天上午抽出時間。

And with that, I'll turn it back to John.

說完這些，我就把話題轉回給約翰。

Thank you, Jim. Entering this new fiscal year, we are confident in our ability to build upon the success we've worked so hard to establish, leveraging our hospitality culture and growth mindset. Our teams have laid the groundwork to create significant new business and value-creating opportunities, and we know what needs to be done. We will continue to take the steps necessary to reach and surpass new levels of financial performance. I am really excited about what's ahead.

謝謝你，吉姆。進入新的財政年度，我們有信心憑藉我們的酒店文化和成長心態，繼續鞏固我們努力建立的成功。我們的團隊已經為創造重要的新業務和價值創造機會奠定了基礎，我們知道需要做些什麼。我們將繼續採取必要措施，達到並超越新的財務績效水準。我對未來感到非常興奮。

And operator, we'll now take -- we'll now open the call for questions.

接線員，我們現在開始問答環節。

(Operator Instructions) Neil Tyler, Redburn Atlantic.

（操作員指示） Neil Tyler，Redburn Atlantic。

Two, please. The first question really is just on the facilities contracts that you've exited. You mentioned that's a sort of unique specific issue. We could take it from that, can you confirm that there are no more sort of lurking within the portfolio you're unsatisfied with the profitability of? And can you perhaps give us an indication of what that means in terms of basis points of revenue growth missing from FY25? That's the first question.

請給我兩份。第一個問題實際上只是關於您已退出的設施合約。您提到這是一種獨特的具體問題。我們可以從中得出這樣的結論：您能否確認，投資組合中不再存在令您獲利能力不滿意的情況？您能否向我們說明一下，就 2025 財年缺少的營收成長基點而言，這意味著什麼？這是第一個問題。

Second one is really on the margin. I think excluding those one-offs in the base year, the margins expanded sort of close to 7 basis points year on year. The guidance implies something toward half that level for the forthcoming year. So I wonder if you could just sort of talk about the different levers side by side within those two years, which take you over from which and in what order you see the sort of contributing factors to the margin improvement for FY25?

第二個確實處於邊緣。我認為，除去基準年的一次性支出，利潤率比去年同期擴大了 7 個基點。該指引暗示明年的產量將降至該水準的一半左右。所以我想知道您是否可以並列談談這兩年內的不同槓桿，您認為這些槓桿對 FY25 利潤率的提高有何影響？

Sure. We'll take that, the first part of the question first. First of all, yes, there are no other large facilities contracts lurking in the background that are unprofitable that we are looking to exit or to manage our way out of. Those are very unique circumstances, one of which was, as I described, Chicago public schools.

當然。我們先回答這個問題的第一部分。首先，是的，沒有其他隱藏在幕後的無利可圖的大型設施合同，我們不想退出或透過管理方式擺脫這些合約。這些都是非常特殊的情況，其中之一就是我所描述的芝加哥公立學校。

Another was a very large organization that's gone through some very fundamental change with respect to their industry. And they made a very tough decision to go ahead and change the decision they've made literally the prior year. So it was a very significant new contract, which we had recently won and had begun to mobilize. And then because of a leadership change in that organization, they reversed course and went back to doing things the way they had done them.

另一家公司是一家非常大的組織，其所在產業經歷了一些根本性的變革。他們做出了一個非常艱難的決定，改變了去年所做的決定。所以這是一份非常重要的新合同，我們最近贏得了它並且已經開始動員。後來，由於組織領導階層的變動，他們改變了方針，又恢復了原來的做事方式。

So yes, very difficult and very unusual circumstances. We don't see that continuing. And we're very pleased with the overall state of the facilities business, its margin profile and profitability and the runway ahead. It is one of the businesses that has the largest opportunities for the company's growth rate going forward.

是的，非常困難且非常不尋常的情況。我們預計這種情況不會持續下去。我們對設施業務的整體狀況、利潤率、獲利能力和未來發展前景感到非常滿意。這是公司未來成長潛力最大的業務之一。

So Jim, you want to go ahead and --

那麼吉姆，你想繼續--

Yes. In terms of the impact, like we said, so the retention rate in the food business was 95% versus 93%. So overall facilities impact about 2% on retention. You could think of that in terms of the revenue impact as well. The larger two contracts had an impact of over 1% on the retention rate that John was just mentioning.

是的。就影響而言，正如我們所說的，食品業務的保留率分別為 95% 和 93%。因此，整體設施對保留率的影響約為 2%。您也可以從收入影響的角度來考慮這個問題。較大的兩份合約對約翰剛才提到的保留率產生了超過 1% 的影響。

Yes, in terms of the margin progression, so we've made great progress this year. We generated 50 basis points of margin improvement. I really see that as sort of our underlying run rate. There's always some one-offs quarter to quarter, but the levers are working.

是的，就利潤率成長而言，我們今年取得了很大進展。我們的利潤率提高了50個基點。我確實將其視為我們的基本運行率。每個季度總會有一些一次性事件發生，但槓桿正在發揮作用。

We've seen great efficiencies in supply chain. We continue to scale our overhead. If you take a look at the SG&A cost, you can see how we're able to scale the business with the revenue growth.

我們已經看到了供應鏈的高度效率。我們繼續擴大我們的管理費用。如果你看一下銷售、一般和行政費用，你就會明白我們如何能夠隨著收入的成長而擴大業務規模。

I think at the midpoint of the guidance or so, we're at about 40 basis points for fiscal '25. And again, there's a range. If you take the low end of revenue and high end of AOI, you'd be higher than that. So like I said, we're very comfortable with the 50 basis points underlying rate and the progression that we've seen. And we'll see how things play out over the next year.

我認為，在指導價的中間值左右，我們對 25 財年的預期約為 40 個基點。再次強調，這是一個範圍。如果您取收入的低端和 AOI 的高端，那麼您的結果會高於這個數字。所以就像我說的，我們對 50 個基點的基本利率以及我們所看到的進展感到非常滿意。我們將拭目以待明年事態將如何發展。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Congrats on a good Q4 and finish to the year. I was wondering on your net new, I noticed that you kind of are presenting them on a consolidated basis. So wondering if there's any difference in terms of US versus international in terms of net new this past year that we should be aware of?

恭喜您在第四季度取得良好業績並順利結束今年的年度。我對您的網路新聞很感興趣，我注意到您是以合併的方式呈現它們的。那麼，您想知道去年美國和國際的淨新增量是否存在我們應該注意的差異？

Yes, we did present it on a consolidated basis. But yes, the net new is very strong in international. The -- but both domestic and international had record new account wins. And when you factor out the retention losses that we had on the facility side, both organizations would have had very strong net new as well.

是的，我們確實是以合併形式呈現的。但是確實，網路新聞在國際上非常強大。但國內和國際市場都創下了新帳戶勝利的記錄。當你考慮到我們在設施方面的保留損失時，這兩個組織的淨新值也會非常強勁。

So as I said, I think we consider this very unique circumstance, in particular for US food and support services, very confident in the runway that, that business has, the size of the opportunities, frankly, our overall pipeline of opportunities. And frankly, some accounts that we anticipated that would be closing last year have leaked into the first quarter of this year. Some of them were very sizable. So a little bit of a timing difference with respect to when we would recognize those.

所以正如我所說的，我認為我們考慮到了這種非常獨特的情況，特別是對於美國食品和支援服務而言，我們對該業務的前景、機會的規模以及坦率地說我們的整體機會管道非常有信心。坦白說，我們預計去年將關閉的一些帳戶已經洩漏到今年第一季。其中一些規模非常大。因此，就我們何時能認識到這些而言，存在一點時間差異。

As a general rule, because we have incentive compensation tied to net new, we're very disciplined about when we recognize it. So at the end of the fiscal year, we called the number. And some of those opportunities that leaked into the first quarter of this year are very significant. And we look to be able to talk about those shortly.

一般來說，由於我們的激勵性薪酬與淨新增收入掛鉤，因此我們對何時確認這一點非常嚴格。因此，在財政年度末，我們撥打了這個電話。今年第一季出現的一些機會非常重要。我們希望很快就能討論這些問題。

That's really helpful. And then you mentioned that on the Education side specifically that you're lapping some prior year price increases. I was just wondering if you could talk about pricing just on an overall basis going forward in 2025. What level of pricing is currently embedded in that guidance? That would be really helpful.

這真的很有幫助。然後您特別提到，在教育方面，您正在彌補前幾年價格上漲的部分。我只是想知道您是否可以談談 2025 年的整體定價。該指導中目前包含什麼等級的定價？這將會非常有幫助。

Sure. So as the inflationary environment normalizes in the 2s or so, I think we could expect our pricing to be in the 2% to 3% range for fiscal '25.

當然。因此，隨著通膨環境在 2% 左右恢復正常，我認為我們可以預期我們的定價在 25 財年將在 2% 到 3% 的範圍內。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

This is [Isaac Sellhausen] on for Ian. My question is on the strong revenue guide for '25. Maybe if you could just help us understand the main drivers in terms of vertical contributions or US or international breakdown. And then you've noted, I guess, the fiscal '25 includes an extra week. So maybe if you could help us -- remind us of the impact again on the year and the guidance.

這是 Ian 的 [Isaac Sellhausen]。我的問題是關於25年的強勁收入指南。也許您可以幫助我們了解垂直貢獻或美國或國際細分市場的主要驅動因素。然後我想你會注意到，財政年度 25 包括了額外一周。所以也許你能幫助我們——再次提醒我們對今年和指導的影響。

Sure. So on the print, the guide is 7.5% to 9.5% growth in fiscal '25. We estimated about a 2% impact from the 53rd week. So if you adjust for that, 5.5 to 7.5 is where we would be.

當然。因此，從印刷版來看，預計 25 財年增長率為 7.5% 至 9.5%。我們估計從第53週開始影響約為2%。所以如果你對此進行調整，我們的範圍應該是 5.5 到 7.5。

In terms of the way we think about the growth, contingent growth across both -- broad-based growth really across all sectors in both the US and international. As I mentioned, pricing, I think, will be about 2% to 3% of that, generally net new at 2% to 3% and then the remainder coming from volume.

就我們對成長的看法而言，偶然成長涵蓋了美國和國際所有領域的廣泛成長。正如我所提到的，我認為定價將佔其中的 2% 到 3% 左右，一般淨新增量為 2% 到 3%，其餘部分則來自銷售。

Yes. Jim, correction on the net new, it should be 4% to 5% for net new for next year, right?

是的。吉姆，對淨新增量進行修正，明年的淨新增量應該是 4% 到 5%，對嗎？

Yes, the in-year impact.

是的，這是年內的影響。

Oh, got it. In-year impact. Thank you.

哦，明白了。年內影響。謝謝。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

When looking at your impressive growth, how does that break down between new outsourcing and win away? And do you feel like there's still a rising tide for the overall kind of food services provider industry in terms of a trend towards newly outsourced contracts?

當回顧您令人印象深刻的成長時，您如何區分新的外包和成功的外包？您是否覺得，從新外包合約的趨勢來看，整個食品服務供應商產業仍然呈現上升趨勢？

Thanks, Andrew. Yes, I would say we still see a very robust environment in terms of new account opportunities, both from a first-time outsourcing as well as just the market growth. So I think we believe that there's lots of runway ahead, very strong pipelines across the range of the business, both domestically and internationally, literally in every business unit.

謝謝，安德魯。是的，我想說我們仍然看到新帳戶機會方面的非常強勁的環境，無論是首次外包還是市場成長。所以我認為，我們相信，我們在未來的業務中，無論是國內還是國際，每個業務部門都擁有非常強大的發展空間和管道。

So we feel very strongly about our ability to achieve those long-term objectives that the company has set. So really nothing changing, just still a very robust environment and one that we're working very hard to take advantage of.

因此，我們堅信我們有能力實現公司所訂定的長期目標。所以實際上沒有什麼變化，只是仍然是一個非常強大的環境，我們正在努力利用它。

And the profitability and the required upfront quest for new outsourcing still looks conducive?

並且盈利能力和新外包所需的前期追求仍然看起來有利嗎？

Yes, absolutely, really consistent with our historical margin profile and the cost of investment in new business still at that low single-digit rate, call it, 2.5% to 3% potentially in the business. So really no change to the overall economic profile of winning new business.

是的，絕對一致，這與我們的歷史利潤率狀況一致，而且新業務的投資成本仍然保持在較低的個位數水平，可能為 2.5% 至 3%。因此，贏得新業務對於整體經濟狀況來說實際上沒有變化。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Wanting to see if I could get an update on the GPO network spend. I think you previously said that was to pass $20 billion by the end of this year. Any update on how you kind of see the opportunity to grow that further and just to remind of the key benefits there, especially on the margin side of things?

想看看是否可以獲得有關 GPO 網路支出的最新消息。我記得您之前說過，到今年年底這個數字將超過 200 億美元。您如何看待進一步發展這項業務的機會？

Sure, Lizzie. Thanks for the question. Yes, we absolutely see continued growth in the GPO network as one of the key drivers for our profitability going forward. We are consistently looking for new acquisition opportunities, both domestically and globally to expand the GPO reach.

當然，莉齊。謝謝你的提問。是的，我們確實認為 GPO 網路的持續成長是我們未來獲利的關鍵驅動力之一。我們一直在國內和全球範圍內尋找新的收購機會，以擴大 GPO 的影響力。

We've been very successful this last year, not only in the organic growth of the -- selling some major new accounts and adding that $1 billion of spend. But we've also been able to cultivate some very strong new partnerships and relationships that are helping to help us negotiate new and better deals, both domestically and internationally.

去年我們取得了巨大的成功，不僅實現了有機成長——出售了一些重要的新帳戶並增加了 10 億美元的支出。但我們也能夠培養一些非常強大的新夥伴關係和關係，這有助於我們在國內和國際上談判新的、更好的交易。

So we are in the process of working through several opportunities, which we'll probably be able to disclose in the January time frame with respect to some opportunities internationally. And we continue to be focused on the growth in this segment of the business because of its strong earnings potential.

因此，我們正在尋找幾個機會，對於一些國際機會，我們可能會在一月披露。由於該業務具有強勁的獲利潛力，我們將繼續專注於該業務領域的成長。

Got it. That's helpful. And then just on the margin side, I know, especially post-COVID, the net new business ramped up very quickly.

知道了。這很有幫助。然後就利潤方面而言，我知道，特別是在疫情之後，淨新業務成長非常迅速。

Lizzie, we're having a little trouble hearing you.

莉齊，我們聽不清楚你說什麼。

So just on the margin side, with the net new business, obviously, that ramped a lot post COVID and was -- does the profitability of that with -- initially, it's a little bit of a headwind and then ramps over time. Could you give a reminder of where you're kind of at? Is that still kind of a margin benefit to 2025? Is that a net new kind of ramp? Or we got through that kind of phasing up now since you have that jump in that new business?

因此，僅從利潤率來看，隨著新冠疫情的爆發，淨新業務顯然大幅增加，並且其盈利能力最初會有些許阻力，然後隨著時間的推移逐漸增加。您能否提醒一下您目前在哪裡？到 2025 年這仍然是一種利潤優勢嗎？這是一種全新的坡道嗎？或者說，既然您在新業務中取得了進展，那麼我們現在已經度過了這種階段？

Yes. So again, we've printed a record new business, right, three years in a row here and a record print, again, excluding the uniforms business in '24. And so with that, as we talked about, right, the margin profile of those newer accounts progresses over time.

是的。因此，我們連續三年創下了新業務的記錄，並且再次創下了1924年不包括制服業務的記錄。正如我們剛才所說，這些新帳戶的利潤率會隨著時間的推移而提高。

I think if you look at the margin levers, it will continue to be a benefit in fiscal '25. It was a benefit, that progression in '24. And I think by '26, we'll be in that sort of steady state with respect to how that new business and the progression of the margins materializes.

我認為，如果你看看利潤槓桿，它將在 25 財年繼續帶來好處。這是 24 年的進步，是一種好處。我認為到 26 年，我們將處於這種穩定狀態，新業務和利潤率的成長都將實現。

Jasper Bibb, Truist Securities.

Truist Securities 的 Jasper Bibb。

On the guidance, you mentioned some new contracts won at the end of the year, the exited facility services work and then the 53rd week next year. Just any color on how we should think about the, I guess, quarterly cadence of organic growth through fiscal '25, given those moving pieces?

在指引中，您提到了年底贏得的一些新合約、退出的設施服務工作以及明年的第 53 週。考慮到這些變動因素，我們該如何看待 25 財年季度有機成長的節奏？

Yes. I think with that, we'd expect the quarterly growth to accelerate. So Q4 fiscal '25 will likely be the highest revenue growth of all four quarters, just the way the timing of the new is working out and some of the losses that John mentioned in facilities.

是的。我認為，有了這個，我們預計季度成長將會加速。因此，2025 財年第四季很可能成為所有四個季度中收入成長最高的季度，這只是新舉措的時機問題，也是約翰提到的設施方面的一些損失。

Got it. That makes sense. And then I was wondering about the Avendra International launch. How do you think about the benefit of consolidating some of those international GPOs? Like is there potentially an impact to your purchasing power or maybe taking down the overhead costs required to support the international GPO operations?

知道了。這很有道理。然後我對 Avendra International 的發布感到好奇。您認為合併一些國際 GPO 有何好處？例如，這是否會對您的購買力產生影響，或降低支援國際 GPO 營運所需的管理費用？

Yes. We have already done the work of consolidating the GPOs internationally into one organization. So as we've acquired GPOs internationally, we've built them into one organization. We're really rebranding the individual companies as Avendra International, but the back-office work has already been done, the consolidation and leadership work has already been done.

是的。我們已經完成了將國際上的 GPO 合併為一個組織的工作。因此，當我們在國際上收購 GPO 時，我們將它們建構成一個組織。我們實際上正在將各個公司重新命名為 Avendra International，但後台工作、合併和領導工作已經完成。

And we're reaping the benefits of the improved management of that supply chain and that spend, which resulted in significant improvements year over year in total monies earned for the GPOs internationally. So we are reaping the benefits of it.

我們從供應鏈和支出管理的改善中獲益良多，這使得 GPO 的國際總收入逐年顯著提高。因此我們正在享受其帶來的好處。

We continue to focus on growth internationally because we believe we have a very strong position and the opportunity to grow organically with our existing customers that we serve in the United States and other parts of the world. And we're working to strengthen that network by way of bolt-on acquisitions as well as just the organic growth in those existing GPOs.

我們將繼續專注於國際成長，因為我們相信我們擁有非常強大的地位，並有機會與我們在美國和世界其他地區的現有客戶一起實現有機成長。我們正在努力透過附加收購以及現有 GPO 的有機成長來加強該網路。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes. I wanted to ask about the new business wins. And what your win rate has been like over the last few years? And if that has changed over time?

是的。我想要詢問有關新業務勝利的情況。過去幾年你的勝率如何？那這種情況是否會隨著時間的推移而改變？

Yes. Our win rate has consistently gone up over the last several years. We -- obviously, we have a very strong sales organization, very strong sales leadership, both domestically and internationally.

是的。過去幾年來我們的勝率持續上升。顯然，我們擁有非常強大的銷售組織和非常強大的銷售領導力，無論是在國內還是國際上。

And so while we don't disclose our closure rate in individual businesses because of competitive insights that, that would give, we are seeing continued improvement in closure rates year over year, and we're very excited by that performance. So I would say, generally, you could probably attribute a number of 10% to 15% improvement year over year in our overall closure rates, which is substantial.

因此，儘管由於競爭原因我們不會透露個別業務的成交率，但我們看到成交率逐年持續提高，我們對這一表現感到非常興奮。因此我想說，總體而言，我們的整體成交率同比可能有 10% 到 15% 的提高，這是相當可觀的。

Great. And then, Jim, I wanted to ask about your interest expense guide. I'm curious what you've built in there because I know you paid down some debt, and you have -- you do have some bonds that are due in 2025. Could you just give us some color on the assumptions behind your interest expense guide?

偉大的。然後，吉姆，我想問一下你的利息支出指南。我很好奇你在那裡建立了什麼，因為我知道你償還了一些債務，而且你確實有一些將於 2025 年到期的債券。您能否向我們詳細說明您的利息支出指南背後的假設？

There's a lot of moving pieces there. So you'll recall, we repriced some term loans in '24 favorable pricing. As you mentioned, we have some 2025 maturities that we need to address in the next few months as well, and we have some swaps rolling off as well.

那裡有很多活動的部分。所以你會記得，我們​​以 24 個優惠價格對一些定期貸款進行了重新定價。正如您所說，我們有一些 2025 年到期的債券需要在接下來的幾個月內處理，而且我們也有一些掉期合約需要到期。

So the other guide at 230, 330 is on a 53-week basis. On a 52-week basis, we think, 225. We'll see how interest rates play out this year and if they continue to decline, potentially some opportunity there. But those were the moving pieces in how we built up the guide.

因此，另一個指南 230、330 是以 53 週為基礎的。以 52 週計算，我們認為是 225。我們將觀察今年的利率如何變化，如果利率繼續下降，那麼可能就會有一些機會。但這些都是我們制定指南的關鍵部分。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

This is [Adam] on for Shlomo. The company had pricing normalizing, particularly in Education. Did Education see much less pricing than the rest of the business? And is the company being more precompetitive in this segment to win new business?

這是 Shlomo 的 [Adam]。該公司的價格已正常化，特別是在教育領域。教育產業的定價是否比其他產業低很多？公司是否會在這一領域更具競爭力以贏得新業務？

Yes. I think what you're seeing there in the Education sector in the fourth quarter is that the higher education business generally had one less week of operating days in the prior year. So the calendar just started about a week later. So we should see more normalized growth rate in that segment in Q1 and again, the pricing consistent with what we talked about for the rest of the business.

是的。我認為，您在第四季度在教育領域看到的情況是，高等教育業務的營運天數比去年同期普遍減少了一周。大約一周後日曆就開始了。因此，我們應該看到第一季該部門的成長率更加正常化，而且定價與我們討論的其他業務的定價一致。

Okay. And could you provide more color on non-cash inventory adjustment in the Corrections business? Does this imply a write-down?

好的。能否詳細介紹一下懲教業務中的非現金庫存調整？這是否意味著減記？

Yes, sure. So as we fully integrated the Union acquisition, which again strategically has been an excellent transaction for the business, building our capabilities in not only Foodservice but commissary, and you've seen the growth that we've generated in Corrections and a lot of that attributed to that getting that deal done.

是的，當然。因此，當我們完全整合了Union 的收購時，這在策略上對公司來說又是一筆極好的交易，不僅在餐飲服務方面，而且在小賣部方面也建立了我們的能力，你已經看到了我們在懲教署和許多其他部門所取得的成長。

Over the past year, we've essentially fully integrated that business as the earn-out period has concluded. The business during COVID built up some inventory like many companies did. And as we brought it on to Aramark's policies and procedures, we adjusted the inventory, continue to optimize. And we took a non-cash charge of about $17 million.

在過去的一年裡，隨著獲利期的結束，我們基本上已經完全整合了這項業務。與許多公司一樣，該企業在疫情期間累積了一些庫存。當我們將其納入 Aramark 的政策和程序時，我們調整了庫存，並不斷優化。我們也承擔了約 1,700 萬美元的非現金費用。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I was hoping you could give us an update on the workforce, how turnover is trending. And particularly also, you mentioned the 2% to 3% pricing. So just how we should be thinking about the price-cost spread as we move through '25?

我希望您能向我們提供有關勞動力的最新情況以及人員流動趨勢。而且特別的是，您提到了 2% 到 3% 的定價。那麼，在進入25年之際，我們該如何看待價格成本差呢？

Sure. Thanks, Toni. First of all, on the price-cost spread, we fully anticipate being able to recover any inflationary increases from food supplies through normalized pricing. So we don't see a particular spike affecting us this year from an inflationary perspective, both on the food and labor side.

當然。謝謝，托尼。首先，關於價格成本差，我們完全預期能夠透過正常化定價來收回食品供應帶來的任何通膨成長。因此，從通膨角度來看，我們認為今年食品和勞動力價格不會特別大幅上漲的影響。

Labor inflation is in the 4% to 5% range. We anticipate being able to price to recover that as well. So overall, pricing should be in the 2% to 3% range, might be a little bit higher depending on how things roll out over the course of the year.

勞動力通膨率在4%至5%之間。我們預計也能透過定價來收回這筆成本。因此總體而言，定價應該在 2% 到 3% 的範圍內，具體可能會略高一些，具體取決於全年事態的發展。

But I think we'll be very sensitive to watching both from a labor perspective as well as a food perspective. But we see a much more normalized environment. Our ability to recover costs and our ability to reprice is built into our contract structure, and we really don't have any impediment to recovery at these kinds of rates.

但我認為我們會非常敏感地從勞動力角度和食物角度進行關注。但我們看到環境更加正常化。我們的收回成本的能力和重新定價的能力已融入我們的合約結構中，在這樣的利率水平下，我們確實沒有遇到任何收回成本的障礙。

Yes. The only other thing I'd note there is the operating environment has normalized, right? There's a productivity with labor. We've seen a reduction over time in agency costs, right, which does offset some of the inflation that John mentioned.

是的。我唯一要注意的事情是操作環境已經正常化了，對嗎？有勞動就有生產力。我們看到代理成本隨著時間的推移而減少，這確實抵消了約翰提到的部分通貨膨脹。

Great. And then just for a follow-up, I think we all saw a number of headlines in September. So wanted to just get your thoughts on whether we should be seeing industry consolidation at this point and what you think would drive that and just maybe the M&A environment?

偉大的。然後作為後續報道，我想我們都看到了九月份的一些頭條新聞。所以想聽聽您對我們是否應該看到產業整合的看法，以及您認為什麼會推動這一進程，以及可能的併購環境？

Sure. Yes, I somewhat anticipated this question. And as I think was publicly stated by the other organization, there are no discussions going on between the two parties. So I think it's likely that any further consolidation in this industry will be at the margin, basically some of the smaller regional players that may decide to go ahead and sell, family-owned organizations that may sell, that kind of thing.

當然。是的，我有點預料到這個問題。我認為，正如另一組織公開聲明的那樣，雙方之間沒有進行任何討論。因此，我認為，這個行業的任何進一步整合都可能只是邊緣整合，基本上是一些較小的區域性參與者可能會決定繼續出售，家族企業可能會出售，諸如此類。

I don't think you'll see any real major consolidation any longer in this industry. So it's highly competitive. You got the three large players that have positions that are very well staked out. And are there some regional companies that are potentially going to consolidate? That's a possibility, but it probably won't be significant.

我認為這個行業不會再有任何真正的重大整合。所以競爭非常激烈。這三家大型公司的地位都非常穩固。有哪些地區性公司有可能進行合併？這是有可能的，但影響可能不大。

Andrew Wittmann, Baird.

安德魯威特曼，貝爾德。

Yes. Great. I thought I would start out and just ask on the 2026 guidance. Last year at this time, you kind of reiterated it here. I just was wondering, John, what you're thinking about the status of those targets if they're still good, how you're tracking towards them, et cetera?

是的。偉大的。我想我應該先詢問一下 2026 年的指導意見。去年此時，您在這裡重申了這一點。我只是想知道，約翰，如果這些目標仍然良好，你對這些目標的狀態有何看法，你是如何追蹤這些目標的，等等？

Yes. Absolutely. Those targets are still good, and it's our intention to get to and through them. And I think we've been able to overdeliver this year. Our expectation is for another very strong year in 2025 and to be on the money or above the '26 targets that we established. So yes, we're feeling very bullish about the overall performance and the overall environment, Andrew.

是的。絕對地。這些目標仍然很好，我們打算實現它們。我認為今年我們已經超額完成任務了。我們期望 2025 年再次取得強勁成長，達到或超越我們所訂定的 26 年目標。所以是的，我們對整體表現和整體環境非常樂觀，安德魯。

Cool. And then I just wanted to ask a little bit on the Sports & Entertainment business segment. I mean you highlighted almost every quarter good attendance, good per caps here through '24. And I was wondering kind of what you're seeing in terms of the comps this year.

涼爽的。然後我想問一下關於體育和娛樂業務領域的問題。我的意思是，您強調，截至 24 年，幾乎每季的出席率都很高，人均收入也很高。我很想知道您對今年的比較結果有何看法。

It sounds like you picked up some venues, which is always good. But if you look at maybe just even like playoff games, other things that can be notable, I'd just be kind of curious as to how you're thinking about that.

聽起來你已經選擇了一些場地，這總是好的。但如果你看看季後賽等其他值得注意的事情，我只是有點好奇你是如何看待這一點的。

And really underlying that, how is your experience of the consumer to the extent that you've got these ones that are a little bit more commercial in terms of the commercial spending or the consumer spending. I'm just kind of curious what you're seeing across the business there, but specifically in Sports & Entertainment as well.

而真正的根本問題是，從商業支出或消費者支出的角度來看，您對這些更具商業性的消費者的體驗如何？我只是有點好奇你對那裡的業務有何看法，特別是在體育和娛樂領域。

Sure. We continue to see robust consumer demand in the experiential markets of Sports & Entertainment. People still very much willing to go ahead and spend, to go ahead and either attend sporting events or concerts. And the activity level, very high; per capita spending, very strong across really all the venues. And we have not seen any change to consumer behavior from that perspective whatsoever.

當然。我們持續看到體育和娛樂體驗式市場的強勁消費需求。人們仍然非常願意花錢，願意參加體育賽事或音樂會。而且活躍程度非常高；所有場館的人均消費水準都非常高。從這個角度來看，我們沒有看到消費者行為有任何改變。

From a playoff perspective, this year, we had four teams in the MLB playoffs. We'll probably be a couple of games short of our experience last year where we had two teams go very, very deep. But we've already exceeded our planned budget, if you will, for playoff experiences.

從季後賽的角度來看，今年我們有四支球隊進入了 MLB 季後賽。我們可能比去年少打了幾場比賽，當時我們有兩支球隊打得很深。但如果你願意的話，我們已經超出了季後賽體驗的計畫預算。

So we feel like we're in very good shape from an internal expectation perspective. And we're looking forward to a strong NHL and NBA season and then -- and a strong close to the NFL, where we've got a number of teams that are performing very well.

因此，從內部預期角度來看，我們感覺我們的狀況非常好。我們期待 NHL 和 NBA 賽季取得好成績，然後——以及 NFL 的圓滿收官，我們有許多表現非常出色的球隊。

So a lot of what drives per caps literally is team performance. And when your teams are doing well, customers are excited, and they're willing to spend to go ahead and see their team. So right now, I would say it continues to be very robust and very supportive.

因此，實際上，推動人均收入成長的很大一部分因素是團隊表現。當您的團隊表現出色時，客戶會感到興奮，並且他們願意花錢去了解他們的團隊。因此現在，我想說它仍然非常強勁並且非常具有支持性。

Jaafar Mestari, BNP Paribas Exane.

Jaafar Mestari，法國巴黎銀行 Exane 銀行。

I have a couple, if that's okay. Firstly, just on the new business signings. Could you maybe comment a little bit about the timing of those? You do not give explicit numbers in H1. We have a $1.4 billion number.

如果可以的話，我有幾個。首先，僅談及新業務簽約。您能否就這些時間安排發表一些評論？您沒有在 H1 中給出明確的數字。我們有一個 14 億美元的數字。

Was this signed broadly linearly through the year? Or was it in any way weighted towards the second half? And the reason I'm asking is sort of get a view on the ramp-up you're assuming, how fast some of those can start contributing to revenue in '25.

全年簽署情況大致呈線性嗎？或者它在某種程度上偏向下半場？我之所以問這個問題，是想了解你所假設的成長速度，以及其中一些能在多快的時間內開始為 25 年帶來收入貢獻。

Yes. Again, I think the signing of that $1.4 billion was generally spread out relatively even throughout fiscal '24. So I don't think there's anything unusual to point out without that business would roll out for fiscal '25.

是的。再次，我認為這 14 億美元的簽署在整個 24 財年總體上分佈相對均勻。因此，我認為沒有什麼不尋常之處，如果沒有這項業務，25 財年就會推出。

Super. Very clear. And then in terms of retention, the big hits, obviously, a bit outside of FM, your retention is still down about 30 basis points. Could you maybe give us some color on where you've not always been successful in food, if there are any trends to highlight or if it's just a bit broad-based.

極好的。非常清楚。然後在保留方面，顯然最大的打擊是在 FM 之外，您的保留率仍然下降了約 30 個基點。您能否告訴我們您在食品領域並不總是成功的地方，是否有任何趨勢需要強調，或者只是稍微廣泛一點。

And specifically, in Education, one of your competitors has flagged that in 2012 -- in 2018 in K-12, some contracts had to be resigned because of a change in procurement regulation. And they say they have a large number of those that are coming up for renewal in '24 and a little bit less but still in '25. Is that something you're seeing?

具體來說，在教育領域，您的一位競爭對手指出，2012 年至 2018 年，由於採購法規的變化，K-12 領域的一些合約必須重新簽訂。他們表示，其中有大量合約將在 2024 年續約，而 2025 年續約的數量會稍微少一些，但仍有合約。這是你看到的嗎？

Yes. The USDA regs are very explicit in terms of how often school districts in the K-12 sector need to go out to bid. It affects the company's all a little bit differently depending on the timing of the award of contract.

是的。美國農業部的規定對於 K-12 學區需要多久進行一次招標有非常明確的規定。根據合約授予的時間不同，對公司的影響也有所不同。

So we had a larger year last year where we would have expected more contracts out for bid. Our competitors, I think, have a more active rebid season this year than we do.

因此，去年我們的業績較大，我們預計會有更多合約透過招標。我認為，我們的競爭對手今年的重新競標季節比我們更活躍。

So there's -- it affects each of the companies somewhat differently, but that phenomenon is consistent for all three of us. I would say in terms of retention, we had very strong retention in most of the businesses with facilities being the one outlier, both domestically or primarily domestically.

所以，它對每家公司的影響略有不同，但這種現象對我們三家公司來說都是一致的。我想說，在保留方面，我們在大多數業務中都擁有非常強大的保留率，只有設施是一個例外，無論是國內還是主要在國內。

So I think it's -- I think we feel very strongly about the company's ability to be added to historic and even higher retention levels and consider this last year to be really an anomaly in terms of the circumstance. We also had one significant loss internationally due to a low price bid that was significant, but international was able to offset that through their new sales performance.

所以我認為——我們非常相信公司有能力將員工留存率提高到歷史最高水平，並認為就目前的情況而言，去年確實是一個異常現象。由於投標價格過低，我們在國際上也遭受了重大損失，但國際市場能夠透過新的銷售業績彌補這一損失。

So overall, I'm very comfortable with our retention rate being in that plus 95% range and with our net new in the 4% to 5% range on an annualized basis. So I think the targets that we've established for ourselves are very consistent. We've been able to achieve them. And our people are very disciplined about both sides of the equation, selling new accounts at record levels and retaining their existing customers to the greatest degree possible.

因此總體而言，我對我們的留存率在 95% 以上的範圍內以及我們的淨新增量在年化 4% 到 5% 的範圍內感到非常滿意。所以我認為我們為自己設定的目標是非常一致的。我們已經能夠實現它們了。我們的員工對等式的兩邊都非常嚴謹，以創紀錄的水平銷售新客戶，並最大程度地留住現有客戶。

Super. And very last one for me, I promise. If I do the math on your guidance, 2%, 53rd week, then 2% or 3% pricing, 2% or 3% in-year net new business, this leaves me with like-for-like volumes that need to contribute a positive 1.5%.

極好的。我保證，這是我的最後一個。如果我按照你的指導進行計算，2%，第 53 週，然後是 2% 或 3% 的定價，2% 或 3% 的年內淨新業務，這讓我得到了需要貢獻的同類交易量正1.5 %。

In this industry, historically, it's been flat. So how are you able to forecast markedly positive volumes? Is it that there's still some return to the office? Is it more digital, more self-help, better upsell to the end customer?

從歷史上看，這個行業的發展一直比較穩定。那麼您如何能夠預測明顯的正交易量呢？是不是還有一些回辦公室的？它是否更數位化、更自助、對最終客戶有更好的追加銷售？

We had, again, really high levels of base business, both volume and price throughout fiscal '24. And even in the fourth quarter, really strong base business across all of the sectors.

在整個 24 財年，我們的基礎業務（無論是銷量還是價格）都保持了很高的水平。即使在第四季度，所有部門的基礎業務都表現得非常強勁。

So we continue to see -- expect base business, both with volume performing better than historic even in '25, and that's the trend we're seeing as we close out even the first month here. So yes, we expect base visits to continue to be elevated, not at the levels that we saw record levels in '25 but certainly elevated, be higher than our historic levels in '25.

因此，我們繼續看到 - 預計基礎業務的銷售表現甚至比 25 年的歷史表現更好，這是我們在第一個月結束時看到的趨勢。所以是的，我們預計基地訪問量將繼續上升，雖然不會達到25年創紀錄的水平，但肯定會上升，高於25年的歷史水平。

Harold Antor, Jefferies.

哈羅德‧安托 (Harold Antor)，傑富瑞 (Jefferies)。

This is Harold Antor on for Stephanie Moore. I guess on Avendra, could you provide us the, I guess, the cross-selling opportunities? And then, I guess, how you are seeing your clients being receptive, particularly as clients as you can expand with them internationally, if you could provide any sense of how you see your business with current clients grow and expand through this on the initiative.

這是哈羅德·安托 (Harold Antor)，她為斯蒂芬妮·摩爾 (Stephanie Moore) 主持節目。我想，在 Avendra 上，您能否為我們提供交叉銷售機會？然後，我想，您如何看待您的客戶對此的接受，特別是作為您可以與他們一起進行國際擴張的客戶，如果您可以提供任何關於您如何看待您與現有客戶的業務通過這一舉措實現成長和擴張的看法。

Yes. First of all, I'm sorry, we had a little bit of difficulty hearing you, but let me answer what I think I heard that first of all, the Avendra international growth rate, the opportunity that we have is very significant with our existing customers of Avendra. And we're continuing to do work with them in multiple countries around the world in multiple markets.

是的。首先，很抱歉，我們聽不太清楚您的問題，但讓我回答一下我認為我聽到的，首先，Avendra 的國際增長率，我們現有的業務機會非常巨大Avendra 的客戶。我們將繼續與他們在全球多個國家的多個市場合作。

And we see that organic growth potential as being very significant. Overall, last year, we had significant organic growth in Avendra, both domestically and internationally that as we talked about in our remarks, over $1.2 billion of new spend generated as a result of these expanded relationships.

我們認為有機成長潛力非常巨大。總體而言，去年，Avendra 在國內和國際上都實現了顯著的有機增長，正如我們在評論中提到的那樣，這些擴大的關係產生了超過 12 億美元的新支出。

So some very large new customers but also just significant volume growth with our existing client base. So we see the Avendra growth as an opportunity for continued earnings improvement. Every time we add spend, it increases our ability to negotiate new and better deals that impact not only our customers at Avendra but also our overall supply chain and which benefits Aramark on the contract foodservice side as well.

因此，我們不僅獲得了一些非常大的新客戶，而且現有客戶群的數量也顯著增長。因此，我們將 Avendra 的成長視為持續提高獲利的機會。每當我們增加支出時，我們談判新的、更好的交易的能力就會增強，這不僅影響 Avendra 的客戶，還影響我們的整個供應鏈，也使 Aramark 在合約餐飲服務方面受益。

So it's a very symbiotic relationship, one we're very much focused on growing. And we feel very good about the results last year, and we'll continue to pursue that business aggressively.

因此，這是一種非常共生的關係，我們非常注重發展這種關係。我們對去年的業績感到非常滿意，並將繼續積極拓展這項業務。

And then, I guess, just on Hospitality IQ, if you could provide, I guess, how receptive clients have been there, how the value clients are receiving there, and if you can provide any sense or anything else you're doing on the tech side.

然後，我想，就 Hospitality IQ 而言，如果您可以提供客戶在那裡接受度如何，客戶在那裡獲得的價值如何，以及您是否可以提供任何意義或您正在做的事情技術方面。

Yes. The Hospitality IQ live, it's already out there with our clients. A couple of examples we've talked about is our Culinary Copilot and with our menus that's optimizing often complex requirements, contractor requirements with our menus and matching that with optimizing our supply chain.

是的。Hospitality IQ 現已上線，我們的客戶已經可以享受它了。我們談到的幾個例子是我們的烹飪副駕駛，我們的菜單可以優化通常複雜的要求，承包商對我們菜單的要求，並將其與優化我們的供應鏈相匹配。

So that's something that enhances the client needs but also manages cost effectively. So that's something that's working very well. We've used the tool to aggregate our SKUs across the business. As you know, we have thousands and thousands of profit centers, thousands of SKUs.

因此，這既能滿足客戶需求，又能有效管理成本。所以這是非常有效的方法。我們已使用該工具來匯總整個企業的 SKU。如您所知，我們有成千上萬個利潤中心和成千上萬個 SKU。

And what the AI tool has enabled us to do is aggregate that spend with the common denominator and allow us to negotiate more effective pricing with our manufacturers and suppliers. So those are two tools already underway, improving -- generating very positive results.

人工智慧工具使我們能夠將這些支出與共同點匯總，並使我們能夠與製造商和供應商協商更有效的定價。這兩種工具已在運行，並且正在不斷改進，產生非常積極的結果。

I'll now turn the call back over to Mr. Zillmer for any closing remarks.

現在我將把電話轉回給齊爾默先生，請他做最後發言。

Terrific. Thank you very much, everybody, for your support of the company. We feel very, very good about the results for fiscal '24. I'm very positive about the runway for 2025 and 2026.

了不起。非常感謝大家對公司的支持。我們對24財年的業績感到非常非常滿意。我對 2025 年和 2026 年的跑道非常有信心。

I'm really proud of the Aramark team. They have done an extraordinary job. I want to thank the Aramark team for their hard work and dedication to our customers, our clients and our shareholders. And we're all in this together.

我為 Aramark 團隊感到非常自豪。他們做出了非凡的工作。我要感謝 Aramark 團隊為我們的客戶、客戶和股東所做的努力和奉獻。我們同舟共濟。

I'd also like to say to the veterans that serve Aramark, thank you for your service to this country. And have a great Veterans Day. Take care.

我還想對在 Aramark 服役的退伍軍人說一聲，感謝你們為這個國家所做的服務。祝退伍軍人節快樂。小心。

Thank you for participating. This concludes today's conference. You may now disconnect.

感謝您的參與。今天的會議到此結束。您現在可以斷開連線。