Aramark (ARMK) 2025 Q1 法說會逐字稿

Good morning, and welcome to Aramark's first quarter fiscal 2025 earnings results conference call. My name is Tanya, and I will be your operator for today's call. At this time, I would like to inform you that this conference is being recorded for rebroadcast and that all participants are in a listen-only mode. We will open the conference call for questions at the conclusion of the company's remarks.

早安，歡迎參加 Aramark 2025 財年第一季收益結果電話會議。我叫 Tanya，我將擔任您今天電話的接線生。此時，我想通知大家，本次會議正在錄音重播，所有參與者都處於只聽模式。在公司發言結束後，我們將開始電話會議回答問題。

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 the company'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.

感謝您並歡迎參加 Aramark 的收益電話會議和網路廣播。今天上午，我們將聽取該公司執行長 John Zillmer 以及財務長 Jim Tarangelo 的演講。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 filing. 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 our IR website.

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

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 review our first quarter results and share our financial expectations for the remainder of the fiscal year.

大家早安。感謝大家加入我們。在今天的電話會議上，吉姆和我將回顧我們的第一季業績並分享我們對本財年剩餘時間的財務預期。

Before we begin, I want to acknowledge our friends, partners, shareholders, and other stakeholders who have been impacted by the devastating wildfires in the Los Angeles area. We hope your families and loved ones are safe. While Aramark's operations were not largely affected, our hearts go out to all these communities, and we are currently working with relief organizations to lend assistance wherever we can.

在我們開始之前，我想感謝我們的朋友、合作夥伴、股東和其他受到洛杉磯地區毀滅性山火影響的利害關係人。我們希望您的家人和親人平安。雖然 Aramark 的營運沒有受到太大影響，但我們對所有這些社區深表同情，目前正在與救援組織合作，盡我們所能提供援助。

Turning to our performance in the quarter, we remain committed to our strategic priorities. First, our ability to drive strong, profitable top line growth through a combination of base business and net new business. In the first quarter, we achieved record global FSS revenue for any quarter in Aramark's history.

談到本季的表現，我們仍然致力於我們的戰略重點。首先，我們有能力透過基礎業務和淨新業務的結合來推動強勁、獲利的營收成長。第一季度，我們實現了 Aramark 歷史上任何季度的全球 FSS 收入的最高紀錄。

Second, our focus on accelerating AOI growth from increased volume, supply chain efficiency and cost discipline. Global FSS also reached record AOI profitability compared to any previous first quarter. And third, our efforts in leveraging our capital structure capabilities. Most recently, we initiated our oversubscribed debt refinancing to extend maturities and purchased Aramark shares as part of the company's $500 million share repurchase program announced in November.

其次，我們專注於透過增加產量、提高供應鏈效率和控製成本來加速 AOI 的成長。與以往任何一個第一季相比，全球FSS的AOI獲利能力也達到了創紀錄的水平。第三，我們努力運用我們的資本結構能力。最近，我們啟動了超額認購的債務再融資以延長期限，併購買了 Aramark 股票，這是該公司 11 月宣布的 5 億美元股票回購計劃的一部分。

These proactive measures come on the heels of Moody's upgrading Aramark's credit rating, which we believe is a testament to the strength of our current financial profile and the significant value-creating opportunities that lie ahead.

這些積極舉措是在穆迪上調 Aramark 信用評級之後採取的，我們認為這證明了我們當前財務狀況的強勁以及未來重大的價值創造機會。

Aramark's organic revenue grew 5% in the first quarter to $4.6 billion with the foodservice business up over 6% as a result of strong base business and net new business. We expect revenue growth to accelerate particularly in the second half of the year, given our great start in fiscal '25 in both new account wins and client retention. Across the organization, we're focused, motivated and incentivized to achieve net new of 4% to 5%, with retention levels above 95%. And I firmly believe these objectives will be accomplished this year and beyond.

由於基礎業務和淨新業務強勁，Aramark 第一季的有機收入成長了 5%，達到 46 億美元，其中餐飲服務業務成長了 6% 以上。鑑於我們在25財年在贏得新客戶和保留客戶方面都取得了良好的開端，我們預計營收成長將特別是在今年下半年加速。在整個組織中，我們集中精力、積極進取、全力以赴，努力實現 4% 至 5% 的淨新增率，並將保留率提高到 95% 以上。我堅信這些目標今年及以後一定能實現。

Moving to the business segments. FSS US increased organic revenue 3% to $3.3 billion in the first quarter, reflecting the portfolio changes in facilities now behind us. Facilities would have experienced growth in the quarter without these changes. The foodservice business increased 5%, driven by higher participation rates and workplace experience, meal plan optimization and collegiate hospitality, additional micro market and vending services and refreshments and strong new business wins in corrections.

轉向業務部門。FSS US 第一季有機收入成長 3%，達到 33 億美元，反映出我們目前設施組合的變化。如果沒有這些變化，本季的設施將會成長。餐飲服務業務成長了 5%，這得益於更高的參與率和工作場所體驗、膳食計劃優化和大學生熱情好客、額外的微型市場和自動售貨服務和茶點以及在懲教部門的強勁新業務勝利。

I'd like to take this opportunity to congratulate Aramark clients, the Kansas City Chiefs and the Philadelphia Eagles for advancing to the Super Bowl. We're proud to have had six of our NFL teams reach the playoffs providing the opportunity for additional high-profile sold-out games.

我想藉此機會祝賀 Aramark 客戶堪薩斯城酋長隊和費城老鷹隊晉級超級碗。我們很榮幸有六支 NFL 球隊進入季後賽，這為更多備受矚目的門票銷售一空的比賽提供了機會。

Our new business pipeline remains significant, including in first-time outsourcing. And as I mentioned, we are already off to a great start this fiscal year. New additions just added to the client portfolio include the opening of Walmart's new state-of-the-art headquarters, General Dynamics, WPP and the Indianapolis certainly.

我們的新業務管道仍然很重要，包括首次外包。正如我剛才提到的，我們本財政年度已經有了一個很好的開始。剛剛添加到客戶組合中的新成員包括沃爾瑪新開設的最先進的總部、通用動力公司、WPP 以及印第安納波利斯。

We're also excited about retaining Arizona State University, our largest collegiate hospitality client and expanding our services to now include athletics. In the next few months, we'll be expanding our culinary capabilities through our partnership with Michelin Star Chef, Daniel Boulud, and our LifeWorks brand, focused on corporate catering, special events, conferences and much more.

我們也很高興能保留亞利桑那州立大學，這是我們最大的大學酒店客戶，並將我們的服務擴展到包括體育賽事。在接下來的幾個月裡，我們將透過與米其林星級廚師 Daniel Boulud 和我們的 LifeWorks 品牌的合作來擴展我們的烹飪能力，專注於企業餐飲、特別活動、會議等。

Chef Boulud recently opened La Tête d'Or restaurant in New York City, where we have an ownership interest. The restaurant has been extremely well received with accolades in the press and a wait list often exceeding 1,000 guests per night.

主廚 Boulud 最近在紐約市開設了 La Tête d'Or 餐廳，我們擁有餐廳的所有權。該餐廳廣受媒體好評，每晚等候名單通常超過 1,000 名客人。

International had another great quarter of organic revenue growth, increasing 10% to $1.3 billion year-over-year. All geographic regions contributed to the strong performance with the UK, Canada, Chile and Ireland leading the way. I want to commend our teams in Spain for effectively managing through the severe flooding that occurred in the Valencia region during the quarter and helping our clients successfully resume operations at site locations.

國際業務又度過了一個有機收入成長強勁的季度，年增 10%，達到 13 億美元。所有地理區域都為強勁表現做出了貢獻，其中英國、加拿大、智利和愛爾蘭表現最為出色。我要讚揚我們在西班牙的團隊，他們有效應對了本季度瓦倫西亞地區發生的嚴重洪災，並幫助我們的客戶成功恢復了現場運作。

Our focus on cross-border growth and collaboration provided an opportunity for Aramark Korea to expand its presence in the defense sector as the food service partner for KADEX '24, a government-hosted event with nearly 10,000 attendees. UK colleagues joined the Aramark Korea team on-site to speak on best practices in private outsourcing within defense and government services.

我們專注於跨國成長與合作，這為 Aramark Korea 提供了一個機會，使其能夠作為政府主辦的活動 KADEX '24 的食品服務合作夥伴擴大其在國防領域的影響力，KADEX '24 有近 10,000 名與會者。英國同事與 Aramark 韓國團隊現場討論了國防和政府服務領域私人外包的最佳實踐。

Our integrated strategy of presenting a united front, a team that collaborates across borders has led to substantial potential in this area and across the broader portfolio. We were once again named the most innovative company in Chile within the managed services category and a study conducted by education and consulting institutions, highlighting our abilities to develop new customized products and services. Chile experienced high single-digit organic revenue growth year-over-year, continuing to build upon our established reputation in the marketplace.

我們的綜合策略是形成統一戰線，組成跨境合作的團隊，這為該領域以及更廣泛的投資組合帶來了巨大潛力。我們再次被評為智利託管服務類別中最具創新力的公司，並且在教育和諮詢機構進行的一項研究中，突顯了我們開發新客製化產品和服務的能力。智利的有機收入年比實現了高個位數成長，並繼續鞏固了我們在市場上建立的聲譽。

Additional new business wins awarded in the first quarter within international included further expanding our partnership with Walmart now in Chile, Toyota in Argentina, Homeplus in Korea and ALDI within Europe, among many other new client wins, collectively providing us the ability to build additional scale in the countries we serve. And you'll recall, we previously announced an expanded partnership with FC Barcelona in November, and we're pleased to share that that work is underway.

第一季在國際領域贏得的其他新業務包括進一步擴大與智利沃爾瑪、阿根廷豐田、韓國 Homeplus 和歐洲 ALDI 的合作夥伴關係，以及許多其他新客戶，這些共同使我們有能力在所服務的國家擴大規模。您可能還記得，我們​​先前在 11 月宣布擴大與巴塞隆納足球俱樂部的合作夥伴關係，我們很高興地告訴大家，這項工作正在進行中。

Now for an update on supply chain. At the end of the first quarter, we expanded Aramark's global supply chain footprint and increased our purchasing scale with the acquisition of Quantum Cost Consultancy Group. Quantum has managed spend of nearly $0.5 billion with operations in countries, including Spain, Portugal, Germany and the Netherlands. Quantum's addition to our portfolio provides many highly advantageous opportunities to globally serve the hotel industry as well as several other hospitality categories within restaurants, entertainment, senior living and education. Our managed services and GPO total spend now exceeds $20.5 billion and we are extremely excited about further leveraging our extensive and differentiated capabilities.

現在來了解一下供應鏈的最新情況。第一季末，我們透過收購 Quantum Cost Consultancy Group，擴大了 Aramark 的全球供應鏈足跡並增加了採購規模。Quantum 的業務範圍已覆蓋西班牙、葡萄牙、德國和荷蘭等國家，管理支出近 5 億美元。Quantum 加入我們的投資組合，將為我們的全球酒店業以及餐飲、娛樂、老年生活和教育等多個其他酒店類別提供許多極為有利的機會。我們的託管服務和 GPO 總支出現已超過 205 億美元，我們非常高興能夠進一步利用我們廣泛而差異化的能力。

Inflation remains favorable across our global portfolio, and we continue to expect inflation levels in the 2% to 3% range as we move through fiscal '25. We believe that the flexibility of our business model to -- in menu creation combined with our supply chain size and scale provides us with the ability to effectively manage market environment and government policy changes. This includes the fact that the vast majority of our products used in the United States are domestically sourced and we're highly selective and maintain strict protocols for suppliers.

我們全球投資組合的通膨狀況仍然良好，我們預計在 25 財年通膨水準將繼續保持在 2% 至 3% 的範圍內。我們相信，我們的商業模式在菜單創建方面的靈活性，加上我們的供應鏈規模，使我們能夠有效地管理市場環境和政府政策變化。其中包括：我們在美國使用的絕大多數產品都是國內採購的，而且我們對供應商的挑選非常嚴格，並遵守嚴格的協議。

Before turning the call over to Jim, I'd like to welcome back Rick Dillon to Aramark's Board of Directors. Rick's addition increases the size of our board to 11. As many of you know, Rick is the former Executive Chairman and CEO at Dollar Tree, served as Chairman and CEO of Dollar General and currently sits on the Board of Lowe's. Rick brings over 50 years of retail industry experience at all operating levels and will add significant value to the Board. On behalf of all of us at Aramark, we're excited for Rick's return to the Aramark Board.

在將電話轉給吉姆之前，我想歡迎里克·狄龍重返 Aramark 董事會。里克的加入使得我們的董事會規模增加到 11 人。大家可能都知道，里克 (Rick) 曾任 Dollar Tree 的執行董事長兼首席執行官，也曾擔任 Dollar General 的董事長兼首席執行官，目前擔任 Lowe's 的董事會成員。里克 (Rick) 擁有超過 50 年的零售業各個營運層面的經驗，將為董事會帶來重要價值。我代表 Aramark 全體員工對 Rick 重返 Aramark 董事會感到非常高興。

I'll now turn the call over to Jim for a financial review of the business.

我現在將把電話轉給吉姆，讓他對業務進行財務審查。

Thanks, John, and good morning, everyone. We are off to a great start to the fiscal year on executing our financial and strategic goals. These achievements include reporting double-digit AOI and adjusted EPS growth in the first quarter, expanding our global supply chain footprint and increasing our purchasing scale with the acquisition of Quantum in Europe, and further enhancing our financial flexibility by initiating steps to extend our debt maturities as well as returning capital to shareholders and commencing our share repurchase program. This is in addition to our efforts around driving top line growth, which John just reviewed, reflecting the company's continued momentum in the business. Now let's specifically focus on our profitability success in the quarter.

謝謝，約翰，大家早安。我們在實現財務和策略目標方面取得了良好的開端。這些成就包括第一季報告的兩位數AOI和調整後EPS成長，擴大我們的全球供應鏈足跡並透過收購歐洲的Quantum來增加我們的採購規模，並透過採取措施延長我們的債務期限以及向股東返還資本並啟動我們的股票回購計劃來進一步增強我們的財務靈活性。這是對我們為推動營收成長所做的努力的補充，約翰剛剛回顧了這一點，這反映了公司在業務上的持續發展勢頭。現在讓我們特別關注本季的獲利成功。

Operating income in the first quarter was $217 million, up 30% versus the prior year. Adjusted operating income was $258 million, up 13% on a constant currency basis compared to the same period last year. AOI margin of 5.6% increased more than 40 basis points year-over-year on a constant currency basis. The higher profitability and margin expansion was from higher base business volume combined with the majority of new business, supply chain efficiencies and effective middle of the P&L management of costs. Results were also strengthened by our ongoing approach technology, including leveraging automation and AI for speed in capturing the latest menu pricing and adding self-service capabilities, increasing efficiencies for both our clients and Aramark.

第一季營業收入為2.17億美元，較上年同期成長30%。調整後營業收入為 2.58 億美元，以固定匯率計算較去年同期成長 13%。AOI 利潤率為 5.6%，以固定匯率計算年增超過 40 個基點。更高的獲利能力和利潤率擴張來自於更高的基礎業務量、大部分新業務、供應鏈效率以及有效的損益成本管理中間環節。我們持續採用的技術方法也增強了業績，包括利用自動化和人工智慧快速獲取最新菜單價格並添加自助服務功能，從而提高我們客戶和 Aramark 的效率。

Turning to the business segments. The US reported AOI growth of 13% with an AOI margin improvement of more than 60 basis points compared to the same period last year. Education and healthcare had particularly strong quarters driven by revenue drop-through, supply chain productivity and strong middle of the P&L management of cost. On a constant currency basis, the international segment had year-over-year AOI growth of 15% and an AOI margin improvement of more than 20 basis points. Profitability growth was led by the team's efforts in Chile, Germany and Canada, which more than offset the impact of severe flooding in the Valencia region of Spain, temporarily affecting client locations and representing approximately 20 basis points.

轉向業務部門。美國報告稱，AOI 成長了 13%，與去年同期相比，AOI 利潤率提高了 60 個基點以上。教育和醫療保健產業在收入下降、供應鏈生產力和成本損益管理強勁的推動下，本季表現尤為強勁。以固定匯率計算，國際部門的 AOI 年增 15%，AOI 利潤率提高超過 20 個基點。獲利成長主要得益於團隊在智利、德國和加拿大的努力，這足以抵消西班牙瓦倫西亞地區嚴重洪災的影響，該洪災暫時影響了客戶所在地，並帶來了約 20 個基點的收益。

Turning to the remainder of the income statement. Interest expense was $76 million, a decrease when compared to the prior year period from lower debt levels. The adjusted tax rate was approximately 25%. Our quarterly performance resulted in GAAP EPS of $0.39 and adjusted EPS of $0.51, an increase of 25% versus the prior year on a constant currency basis.

轉向損益表的其餘部分。利息支出為 7,600 萬美元，與去年同期相比有所減少，因為債務水準較低。調整後的稅率約為25%。我們的季度業績為 GAAP EPS 0.39 美元，調整後 EPS 0.51 美元，以固定匯率計算較上年增長 25%。

Regarding cash flow, as expected and consistent with our normal first quarter cadence, we experienced a cash outflow due to the natural seasonality of the business, specifically in collegiate hospitality. Our free cash flow was stronger compared to the prior year period, improving $63 million from higher earnings and favorable working capital.

至於現金流，正如預期的那樣，並且與我們正常的第一季節奏一致，由於業務的自然季節性，特別是在大學酒店業，我們經歷了現金流出。我們的自由現金流比去年同期更強勁，由於收益增加和營運資本充足，增加了 6,300 萬美元。

As previously mentioned, we acquired Quantum in the first quarter, which, among other benefits, provides us an additional GPO presence in Europe to build on our existing business. We also started repurchasing Aramark shares toward the end of the quarter and into the second quarter as part of our $500 million share repurchase program we announced in November.

如前所述，我們在第一季收購了 Quantum，除其他好處外，這為我們在歐洲提供了額外的 GPO 業務，以鞏固我們現有的業務。這是我們 11 月宣布的 5 億美元股票回購計畫的一部分，我們也在本季末和第二季開始回購 Aramark 股票。

To date, we have repurchased over 645,000 shares at a purchase price of about $25 million. We took steps to extend maturities and further enhance our financial flexibility by issuing a notice to repay our $552 million 2025 U.S. senior notes and to refinance $839 million of 2027 term loans. The transactions are expected to close on February 18.

迄今為止，我們已回購超過 645,000 股，回購價格約為 2,500 萬美元。我們採取措施延長期限，並進一步增強我們的財務靈活性，包括發出通知償還 5.52 億美元的 2025 年美國高級票據，並為 8.39 億美元的 2027 年定期貸款進行再融資。交易預計將於 2 月 18 日完成。

These debt obligations will be replaced with $1.4 billion of new term loans that will mature in 2030. The actions are leverage-neutral and at comparable interest rates. We will continue to proactively enhance our capital structure, given our financial flexibility, with a focus on shareholder value creation. At quarter end, the company had over $1.7 billion in cash availability. I'll wrap up with our performance expectations.

這些債務將被 2030 年到期的 14 億美元新定期貸款取代。這些行動對槓桿率是中性的，利率可比。鑑於我們的財務靈活性，我們將繼續積極增強我們的資本結構，重點是創造股東價值。截至季末，該公司擁有超過 17 億美元的現金可用。我將總結一下我們的績效期望。

We are pleased with the start to our fiscal year and our financial results in the quarter. The sales pipeline remains substantial, and we are off to a great start in fiscal '25 on new account wins as well as client retention. We continue to expect revenue growth to accelerate in the second half of the fiscal year as we lap the facilities exits and onboard new account wins.

我們對財政年度的開始和本季的財務表現感到滿意。銷售管道仍然很大，我們在 25 財年在贏得新客戶和保留客戶方面取得了良好的開端。隨著我們完成設施退出並贏得新帳戶，我們繼續預計本財年下半年營收成長將會加速。

With that, we anticipate that the company's revenue growth in the second half were resumed to double-digit growth. We remain extremely confident in the full year, and we continue to anticipate performance for fiscal '25 as follows:

受此影響，我們預計公司下半年營收成長將恢復兩位數成長。我們對全年業績仍充滿信心，並持續預測25財年的業績如下：

Organic revenue growth between 7.5% and 9.5%, AOI growth between 15% and 18%, adjusted EPS growth between 23% and 28% and a leverage ratio of approximately 3 times by the end of the fiscal year. As previously shared, this includes an extra or a 53rd week in the fourth quarter.

有機收入成長率介於 7.5% 至 9.5% 之間，AOI 成長率介於 15% 至 18% 之間，調整後每股盈餘成長率在 23% 至 28% 之間，截至財政年度結束時的槓桿率約為 3 倍。正如之前所分享的，這包括第四季度的額外週或第 53 週。

We are extremely confident in our ability to consistently deliver strong top and bottom line growth, a significant pipeline of new business opportunities, the new account wins and client retention to date and our high-performing talent to execute on our profitable growth strategies represent the power of Aramark and the excitement of what's ahead.

我們非常有信心，我們有能力持續實現強勁的營收和利潤成長、大量的新業務機會、迄今為止的新帳戶贏得和客戶保留，而我們的高績效人才將執行我們的獲利成長策略，這代表了 Aramark 的實力和對未來的興奮。

With that, I will turn it back to John. Thank you for your time this morning. John?

說完這些，我就把話題轉回給約翰。感謝您今天上午抽出時間。約翰？

To conclude, we feel incredible momentum across the business and believe deeply in the ability of our teams around the globe to reach and go well beyond the financial targets we've set for ourselves. I continue to firmly believe the best still lies ahead. Thank you to our employees for their tireless commitment to these goals, which I'm confident we'll achieve together.

總而言之，我們感受到整個業務的令人難以置信的發展勢頭，並深信我們全球的團隊有能力達到並超越我們為自己設定的財務目標。我始終堅信最好的仍在前方。感謝我們的員工為實現這些目標所做的不懈努力，我相信我們一定能夠共同實現這些目標。

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

接線員，我們現在開始提問。

(Operator Instructions) Ian Zaffino, Oppenheimer.

（操作員指令）Ian Zaffino，奧本海默。

Thanks for the guide. I really enjoyed the discussion about the new wins. Maybe you could also talk about -- I've seen out there the athletics business at Nebraska. Maybe give us some color on that. That seems like it's a really big one. Any details you could provide would be really helpful.

謝謝您的指導。我真的很喜歡關於新勝利的討論。也許您還可以談談——我了解了內布拉斯加州的體育事業。也許可以提供我們一些相關資訊。看起來這是一個非常大的問題。您提供的任何詳細資訊都將非常有幫助。

Thanks, Ian. That's not really ours to announce. We're excited about the opportunity, and we expect to hear very soon and have that confirmed. I think the Board of Regions is meeting this week. So it's an exciting opportunity. As you know, the NCAA athletics business for us continues to grow rapidly. Arizona State just awarded us their athletics business as well. So it's an area that we're particularly focused on and excited about the growth potential.

謝謝，伊恩。這實際上不是我們可以宣布的。我們對這個機會感到非常興奮，我們希望很快得到消息並得到確認。我認為地區委員會本週將舉行會議。這是一個令人興奮的機會。如您所知，我們的 NCAA 運動業務持續快速成長。亞利桑那州立大學剛剛將他們的體育業務授予我們。因此，這是我們特別關注的領域，並且對其成長潛力感到興奮。

Okay. Great. And then as a follow-up, I guess, just two more. And the one is relatively quick is, can you maybe tell us how much of a drag the facility exits more to the top line? And then also, how do you think about inflation here, tariffs? How are you preparing for that potential or at least that risk?

好的。偉大的。然後作為後續，我想，還有兩個。相對較快的一個問題是，您能否告訴我們該設施對頂線的阻力有多大？另外，您如何看待這裡的通貨膨脹和關稅？您如何為這種潛在風險或至少是風險做好準備？

Yeah. I'll start, and John will comment as well. The facilities exit had about a 2% impact on the results. In terms of inflation, we're running about 2% to 3%, closer to 3% globally, about 2.5% in the US. And I'll let John comment on tariffs.

是的。我先開始，約翰也會發表評論。該設施的退出對結果產生了約2%的影響。就通膨而言，全球通膨率約為 2% 至 3%，接近 3%，美國約 2.5%。我會讓約翰對關稅發表評論。

Yeah, certainly. Certainly, this is a situation we have anticipated and modeled very carefully. We think the overall impact of tariffs as they're currently announced would be roughly 30 bps in terms of our increased cost. That's before any actions taken to either moderate, either through pricing or menu engineering and the like. So we think we've managed through the effects of these kinds of things in the past. We don't see it as having a material impact on the total company. Over 85% of the product that we buy is sourced locally in country, and so we see the impact of tariffs as fairly de minimis.

是的，當然。當然，我們已經非常仔細地預料和模擬了這種情況。我們認為，就成本增加而言，目前宣布的關稅的總體影響將約為 30 個基點。這是在採取任何調節措施（透過定價或菜單設計等）之前。因此我們認為我們已經設法克服了過去此類事情的影響。我們認為這不會對整個公司產生重大影響。我們購買的 85% 以上的產品都是在當地採購的，因此我們認為關稅的影響相當小。

Lizzie.

莉齊。

I just wanted to dive in a bit more on your guidance about the acceleration to double-digit growth in the second half. Understanding most of that's probably weighted to 4Q, given you're lapping the facilities exits by then you have the 53rd week. But maybe just some help on the cadence through the year, how much of a bump we might get in 2Q than 3Q versus kind of where we are now?

我只是想更深入地了解您對下半年加速實現兩位數成長的指導。了解其中的大部分內容可能與第四季度有關，因為考慮到您正在重疊設施退出，那麼您就有第 53 週了。但也許只是對全年的節奏有一些幫助，與現在相比，我們在第二季度會比第三季度獲得多大的成長？

Sure, Lizzie. I'll take that. And you're right. So as we lap the facilities exit, that will be a big driver of the revenue growth acceleration in the second half of the year. The onboarding of new business. We're off to a really strong start with our new a strong start with the retention. So we have good visibility into what those revenues will look like for the second half of the year. And then there's a week, which again we talked about, about 2% for the full year. Obviously, that would be more like 4% in the second half. So those are the main drivers of the revenue acceleration.

當然，莉齊。我接受。你說得對。因此，隨著我們完成設施退出，這將成為下半年營收成長加速的一大動力。新業務的啟動。我們在保留新業務方面取得了非常好的開始。因此，我們可以清楚地了解今年下半年的收入情況。然後有一周，我們再次討論了全年約 2% 的成長率。顯然，下半年這一數字可能會更高至 4%。這些是收入加速的主要驅動力。

Yeah. And I'll just reiterate that we're very excited about the level of activity in terms of new account sales and the very high levels of retention that we're achieving and feel very confident in the -- in reaffirming our numbers for the full year and very excited about the level of new account activity.

是的。我只想重申，我們對新帳戶銷售的活動水平和我們所實現的非常高的保留率感到非常興奮，並且對全年的數字非常有信心，並對新帳戶活動的水平感到非常興奮。

Got it. That's helpful. And maybe too early to ask this question. I know you do have guidance out there for '26 at least on the operating margin kind of side of things. But just I guess, as you think about lapping the 53rd week impact in 2026 on the organic growth side of things. Like how do you think about the outlook there? And what kind of might offset some of that potential headwind?

知道了。這很有幫助。也許問這個問題還為時過早。我知道您至少在營業利潤率方面確實對 26 年有所指導。但我只是猜測，當您考慮將 2026 年第 53 週的影響與有機增長方面結合起來時。那麼您如何看待那裡的前景呢？那麼什麼可以抵銷一些潛在的不利因素呢？

If you look at the run rate, right, so the guide this year is 7.5% to 9.5%, so roughly 2% or so coming from the 53rd week. We're in that zone of 5% to 8% organic growth rate, right? And that's consistent with the growth model we've described, and that's the run rate that we will be at in the second half of the year and carrying us into fiscal '26. So again, we're confident about our positioning for '26.

如果您看一下運行率，那麼今年的指導價格是 7.5% 到 9.5%，所以從第 53 週開始大約會有 2% 左右。我們處於 5% 到 8% 的有機成長率區間，對嗎？這與我們所描述的成長模式一致，這也是我們今年下半年以及進入26財年的運行率。因此，我們對於26年的定位充滿信心。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Jim, this is very similar to the last question. I just want to make sure I understand what you're saying about double-digit revenue growth in the second half of the year -- the fiscal year. Is that both for third and fourth quarter double-digit revenue growth? Or is it really just driven by fourth quarter? And I didn't catch if you're counting the extra week in saying double-digit revenue growth? Or are we talking about double-digit revenue growth on a same-day basis in the second half of the year.

吉姆，這個問題與上一個問題非常相似。我只是想確保我理解你所說的今年下半年——財政年度——兩位數的收入成長。第三季和第四季的營收都實現了兩位數的成長嗎？或者這實際上僅僅受到第四季度的推動？我不明白您是否將額外一週的收入成長也算在內？或者我們談論的是下半年同日兩位數的收入成長。

Yes. Andrew. Yeah, again, I'm not going to break out the quarters, Andrew, the 53rd week is embedded in that double-digit growth. The 7.5% to 9.5%, as I said, includes that 53rd week, which on an annual basis is 2%. So it will be more pronounced, obviously, in that fourth quarter. So yeah, the fourth quarter growth because of the 53rd week will be higher than the third quarter. But what we're providing is sort of north -- double-digit growth for the second half of the year, we'll continue to update you as the year continues.

是的。安德魯。是的，安德魯，我再說一遍，我不會單獨列出季度數據，第 53 週已經實現了兩位數的成長。正如我所說，7.5% 到 9.5% 包括第 53 週，按年率計算為 2%。因此，顯然在第四季這種現象會更加明顯。是的，由於第 53 週，第四季的成長將高於第三季。但我們所提供的是今年下半年的兩位數成長，我們將在今年繼續向您更新最新情況。

Okay. And if I can, I'm just going to ask one more. What was base revenue growth in the quarter and what drove it in the first quarter?

好的。如果可以的話我只想再問一個問題。本季基礎營收成長多少？

Yeah. So in the first quarter, about 2% to 3% of the growth was from price. The remainder was from volume and net new. We don't break out anything other than that.

是的。因此，第一季約有 2% 至 3% 的成長來自價格。其餘部分來自銷售量和淨新增量。除此之外我們沒透露任何其他事情。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

It sounds like you have a strong new business pipeline, and you mentioned the first-time outsourcing had been very positive as well. I was wondering, outsourcing has been a strong trend for some time. I guess, directionally, have you seen outsourcing accelerate or be sort of similar to recent quarters? Just wanted to understand directionally what's going on there and why you think that has continued for so long. And if you think it will continue for a lot longer?

聽起來你們有一個強大的新業務管道，而且你提到首次外包也取得了非常正面的成果。我想知道，外包一段時間以來一直是強勁的趨勢。我想，從方向上看，您是否看到外包加速或與最近幾季類似？只是想從方向性上了解那裡發生了什麼，以及您認為為什麼這種情況會持續這麼長時間。您認為這種情況還會持續很久嗎？

Yeah. Thanks, Toni. First of all, we are seeing it be very similar to the prior year in terms of the level of outsourcing and the level of first-time outsourcing. We're seeing it across a range of industries and in a range of geographies. So it continues to be a very supportive trend as it has for the last 24 months. So we don't see any sign of it slowing down. And some of these opportunities are new different verticals that are coming to market, and we see it as a continued tailwind certainly for the balance of this year and going into '26 as well.

是的。謝謝，托尼。首先，我們發現外包水準和首次外包水準與前一年非常相似。我們在各行各業和各地區都看到了這種情況。因此，就像過去 24 個月一樣，它繼續保持著非常有利的趨勢。因此我們沒有看到任何放緩的跡象。其中一些機會是即將進入市場的不同新垂直行業，我們認為這無疑將成為今年乃至 26 年持續的順風。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

John, for my first question, I just want to focus a little bit more on the education business. Growth was -- I think it was 2.6% in the quarter. And on a historical basis, it's kind of light in the commentary last quarter as the school calendar started a week later. So I just kind of thought that we would see a stronger first quarter. Maybe you can just give us a little bit of color as to the underlying growth of what is going on in education and what we can expect? And then I'll have a follow-up.

約翰，對於我的第一個問題，我只想更專注於教育業務。我認為本季的成長率是 2.6%。從歷史角度來看，上個季度的評論比較少，因為學校開學晚了一周。所以我只是認為我們會看到更強勁的第一季。您能否向我們簡單介紹一下教育領域正在發生的根本性發展以及我們可以期待什麼？然後我會跟進。

Yeah. So I'll start. So there was some moderate benefit in the first quarter from timing and higher ed sector. I think what you're seeing is really the timing of net new. So I'd expect the growth to accelerate in both our K-12 and collegiate hospitality business for the remainder of the year. So I think that's the timing that you're seeing sort of the growth being a little bit lower than the historical norm. So we're very confident that will accelerate in the second half of the year.

是的。那我就開始了。因此，第一季時機和高等教育領域獲得了一定程度的效益。我認為您看到的實際上是淨新時機。因此我預計今年剩餘時間內我們的 K-12 和大學酒店業務都將加速成長。所以我認為，此時的成長率略低於歷史正常水準。因此我們非常有信心今年下半年這一成長將會加速。

Yeah, we weren't seeing any underlying trend with respect to overall enrollment. That continues to be very supportive in collegiate hospitality. The universities that we serve continue to have good enrollment growth -- and so yes, I think really, it's a matter of more timing than anything else with respect to quarter-over-quarter kind of changes.

是的，我們沒有看到整體入學率的任何潛在趨勢。這對大學接待工作繼續提供了很大的支持。我們服務的大學繼續保持良好的入學人數增長 - 所以是的，我認為，就季度環比變化而言，這實際上更多的是一個時間問題，而不是其他任何問題。

But again, we're very excited about collegiate hospitality. As you know, Arizona state was our largest collegiate hospitality account. It has -- was out for bid for the first time in 20 years. And we're excited to have been awarded and retained that business plus multiple other components of new business associated with that account, including athletics. So we expect significant growth in higher ed this year.

但同樣，我們對大學生的熱情好客感到非常興奮。如您所知，亞利桑那州立大學是我們最大的大學接待客戶。這是 20 年來它首次進行招標。我們很高興能夠獲得並保留該業務以及與該帳戶相關的多個其他新業務組成部分，包括體育賽事。因此我們預計今年高等教育將出現顯著成長。

Okay. Great. And then just a follow-up. Can you talk a little bit more about the Quantum acquisition was -- what kind of revenue run rate is there? How should we expect it to add in fiscal year '25. And I'm just trying -- part of this is really a modeling question because the FX headwind increased the revenue by about $105 million from last quarter. I was just wondering how much is that going to be offset by this GPO acquisition? And maybe if there's any commentary on profits and how we should think about that?

好的。偉大的。然後只是後續行動。您能否再多談一下有關 Quantum 收購的情況——當時的營收運行率是怎樣的？我們該如何預期它在 25 財年的成長？我只是想——這實際上是一個建模問題，因為外匯逆風導致收入較上一季增加了約 1.05 億美元。我只是想知道這次 GPO 收購能抵銷多少損失？也許對利潤有什麼評論以及我們應該如何看待它？

Yeah. So again, with the GPO basis, remember that the revenues, we -- while we manage quite a significant amount of spend, the revenue is very low proportionally to the amount of spend that you take on. So it's really not a significant impact at all in terms of revenue the first year as we integrate I would not expect significant stores or change in profitability based on that deal, and it won't affect our overall exposure for the company.

是的。因此，再次強調，在 GPO 基礎上，請記住，雖然我們管理著相當多的支出，但相對於我們所承擔的支出額而言，收入是非常低的。因此，就我們整合後的第一年的收入而言，這實際上不會產生重大影響。

Yeah, the long-term value of adding that additional spend is the ability to negotiate new and better deals for our existing accounts for our existing customers as well as to leverage the overall volume discounts that we received as a result of the total purchasing spend globally. So it's accretive to earnings, very good margin after the first year and -- but not a significant driver of revenues.

是的，增加額外支出的長期價值在於能夠為現有客戶的現有帳戶協商新的更好的交易，並利用我們在全球總採購支出中獲得的整體批量折扣。因此，它可以增加收益，第一年後利潤率非常好，但並不是收入的重要動力。

Neil Tyler, Redburn Atlantic.

尼爾泰勒 (Neil Tyler)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Jim, just a question on margins, please. I wonder if you could help understand. You've framed in the past the different contributors to the margin improvement that you expect this year. I wonder if you could shed any light on whether the mix of those is any different in the quarter. And within that question, in the international business, obviously, the margin progress was a little bit less than in the US.

吉姆，請問一下關於利潤的問題。我想知道您是否能幫助我理解。您過去曾概述今年預期利潤率提高的不同因素。我想知道您是否可以解釋一下本季這些因素的組合是否有所不同。在這個問題中，在國際業務中，利潤率的成長顯然比美國略低。

I think I heard you mentioned in your prepared remarks that there was a 20 basis points impact of flooding, but I didn't know whether that was marginal growth. But is there also a an impact from the faster rate of organic growth still holding back the margin progress in the international business. So sort of long-winded question, lots of aspects to it. But if you could talk a little bit around that, that would be really appreciated.

我想我聽到您在準備好的發言中提到洪水影響了 20 個基點，但我不知道這是否是邊際增長。但是，有機成長率的加速是否也仍阻礙著國際業務利潤率的成長？這是一個冗長的問題，涉及很多方面。但如果您可以就此稍微討論一下，我將非常感激。

Sure. Yeah. So again, margin overall, right, we've made very good progress advancing margins at the company 4.6% last year, 5.1% in fiscal '24. So 50 basis points last year. This first quarter, we're reporting 40 basis points. So we like the consistency in what we're generating with margin accretion. The sources of that margin accretion has been very consistent.

當然。是的。所以，再說一遍，整體利潤率，我們取得了非常好的進展，去年公司利潤率提高了 4.6%，24 財年提高了 5.1%。去年是50個基點。第一季度，我們報告了 40 個基點。因此，我們喜歡透過增加利潤來創造一致性。利潤成長的來源非常一致。

Again, it confirms that our model is working supply chain efficiencies and scale and the benefits from that really drove -- continue to drive what we saw in Q1, along with maturity of new business and good management of what I call middle of the P&L, food and labor costs.

再次，它證實了我們的模型正在發揮作用，供應鏈效率和規模以及由此帶來的好處真正推動了——繼續推動我們在第一季度看到的情況，以及新業務的成熟和對我所說的中間損益表、食品和勞動力成本的良好管理。

In terms of the international margin, you're correct, the 20 basis points or so had -- 20 basis points of headwinds or so from the flooding in Valencia. So if you adjust for that, you're back to that sort of 40 to 50 basis point range. The organic growth in the international group is just the opposite actually. Their growth is helping to advance the margins as we scale same thing, scaling supply chain, scaling overhead. So it's just a bit of an unusual quarter with some headwinds from the flooding.

就國際利潤而言，您說的對，20 個基點左右的跌幅——20 個基點左右的跌幅受到瓦倫西亞洪水的影響。因此，如果您對此進行調整，就會回到 40 到 50 個基點的範圍。國際集團的有機成長實際上恰恰相反。當我們擴大相同產品、擴大供應鏈、擴大管理費用時，他們的成長有助於提高利潤率。所以，這是一個有點不尋常的季度，洪水帶來了一些不利因素。

Jasper Bibb, Truist Securities.

Truist Securities 的 Jasper Bibb。

Wanted to declare something -- clarify something on the potential 30 basis point margin impact from tariffs you talked about earlier. Would that just be the 10% tariff on China or would that also include the 25% tariffs on Mexico and Canada that I think have been suspended in the past couple of days?

想要聲明一些事情——澄清一下您之前談到的關稅可能對 30 個基點的利潤率造成的影響。這是否僅指對中國徵收 10% 的關稅，還是還包括對墨西哥和加拿大徵收的 25% 的關稅（我認為過去幾天已經暫停徵收了）？

Yeah, that was a model percentage of increase in terms of food costs, not margin decrement. So we thought about a 30 bp increase in food cost to those items that were purchased from Mexico, Canada and China. As I mentioned, close to 85% of our product is sourced locally. So it's a relatively small impact generally confined to things like fresh produce in the wintertime in the United States coming from Mexico. So with the freezing for the next 30 days, that impact would be obviously reduced.

是的，這是食品成本增加的模型百分比，而不是利潤減少的百分比。因此，我們考慮將從墨西哥、加拿大和中國購買的食品成本增加 30 個基點。正如我所提到的，我們近 85% 的產品都是在地採購的。因此，影響相對較小，通常僅限於美國冬季從墨西哥運來的新鮮農產品。因此，隨著未來 30 天的凍結，這種影響會顯著減少。

And again, that impact was prior to us taking any kind of mitigation actions with respect to either menu design or service offering and/or price recovery. So Overall, we see the impact of tariffs as they're currently anticipated to be relatively de minimis to the total company financial performance.

再次強調，這種影響是在我們採取與菜單設計、服務提供和/或價格恢復相關的任何緩解措施之前產生的。因此，總體而言，我們看到關稅的影響，因為目前預期關稅對公司整體財務表現的影響相對較小。

That's very clear. And then I want to ask about B&I in the US, strength there was notable. Can you just talk about some of the drivers there and then potentially what return to office has meant for both I guess, participation rates and your new sales pipeline?

這非常清楚。然後我想問美國的B&I，那裡的實力非常顯著。您能否談談其中的一些驅動因素，以及重返辦公室對參與率和新的銷售管道可能意味著什麼？

Yeah, I would say return to work continues to be a tailwind for the B&I marketplace. We continue to see employers bringing more people back on a full-time basis. And although I think many employees are still struggling, many employers are still struggling to implement those policy changes, but we do see the impact in both daily participation rates and in the -- just the overall revenue growth in the sector. Continues to also be a source of significant new account wins, and we continue to build our capabilities around a range of service offerings that we think will continue to supply additional growth, particularly in the high-end catering markets in cities like New York. And so we're excited about B&I. It's a great business, and we're very pleased with the results to date.

是的，我想說，重返工作崗位繼續成為 B&I 市場的順風。我們不斷看到雇主以全職形式聘用更多員工。儘管我認為許多員工仍在苦苦掙扎，許多雇主仍在努力實施這些政策變化，但我們確實看到了日常參與率和該行業整體收入成長的影響。這也繼續成為我們贏得重要新客戶的源泉，並且我們將繼續圍繞一系列服務產品構建我們的能力，我們認為這些產品將繼續提供額外的增長，特別是在紐約等城市的高端餐飲市場。因此我們對 B&I 感到非常興奮。這是一項偉大的事業，我們對迄今為止的成果非常滿意。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Jim, the US margins improved quite nicely this quarter. Could you talk about kind of the drivers behind that and whether there are any like onetime items within the US?

吉姆，本季美國利潤率大幅提高。您能否談談這背後的驅動因素以及美國境內是否有類似的一次性物品？

Yeah, definitely no onetime items. That is just consistent delivery and execution against the strategy that we've outlined, supply chain economics, it's continued improved compliance in terms of our purchasing programs, it's account maturity as new account wins continue to evolve and become more profitable over time. And so it's in the middle of the P&L management that Jim talked about. So it's really just fundamentally execution and no extraordinary onetime items included in that margin improvement.

是的，絕對沒有一次性物品。這只是根據我們所概述的供應鏈經濟學策略持續交付和執行，它在我們的採購計劃方面持續提高合規性，隨著新帳戶的贏得不斷發展並隨著時間的推移變得更加有利可圖，它的帳戶成熟度也在不斷提高。這就是 Jim 所說的損益管理的中間部分。因此，這實際上只是基本執行，並沒有包括任何特殊的一次性項目來改善利潤率。

That's great to hear. And what are you seeing on the labor front in terms of availability and inflation? Any kind of -- anything to kind of wash up for there?

我很高興聽到這個消息。您在勞動力供應和通貨膨脹方面看到什麼情況？有沒有什麼－什麼東西可以用來清洗？

No, we see labor availability as being very good. We had significantly improved over the circumstances of last year and the year before. So really no challenges from a labor availability perspective. Overall costs continue to be moderating, and we anticipate labor inflation somewhere in that 4% to 5% range. which we then mitigate by making organizational changes and the like.

不，我們認為勞動力供給非常好。與去年和前年相比，我們已經有了顯著的改善。因此從勞動力可用性的角度來看確實不存在挑戰。整體成本持續放緩，我們預計勞動力通膨將在 4% 至 5% 的範圍內。然後我們透過組織變革等方式來緩解這項影響。

The great thing about this business is our contracts give us great protections and flexibility in terms of execution against the business. And so we see labor as being very consistent and very solid and really no significant impact as well this year.

這項業務的優點在於，我們的合約在業務執行方面給予了我們極大的保護和靈活性。因此，我們認為勞動市場非常穩定、穩固，今年也沒有產生重大影響。

Harold Antor, Jefferies.

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

This is Harold on for Stephanie Moore. So I guess, on the Quantum acquisition, I guess, how much M&A should we expect for the remainder of the year? Would M&A be all focused on the GPO space? Just want to get a sense for your M&A strategy there. And Avendra having over $20.5 billion of spend, is there the target level of spend the company is looking to achieve. Just any comments around that would be helpful.

這是哈羅德 (Harold) 為 Stephanie Moore 主持的節目。因此，關於 Quantum 收購案，我想，我們預計今年剩餘時間內將有多少併購交易？併購是否會全部集中在 GPO 領域？只是想了解你們的併購策略。Avendra 的支出超過 205 億美元，這是公司希望實現的目標支出水準嗎？任何有關此的評論都會有幫助。

Terrific. There's no target level that we're trying to achieve other than to keep growing it. And we continue to believe in the power of supply chain and the ability to drive earnings as a result of growing the GPO. So we will continue to look at opportunities for M&A in both the GPO space as well as in our other lines of business where we can do bolt-on acquisitions that make sense from an economic perspective. I don't anticipate that M&A will be a significant driver of our top line growth.

了不起。除了繼續成長之外，我們沒有試圖達到任何目標水平。我們繼續相信供應鏈的力量以及隨著 GPO 的成長而推動獲利的能力。因此，我們將繼續尋找 GPO 領域以及其他業務領域的併購機會，從經濟角度來看，我們可以進行有意義的額外收購。我不認為併購會成為我們營收成長的重要推手。

It's really a secondary strategy for us, but we will take advantage when opportunities do present themselves. And so we're excited about the Quantum acquisition and believe that, that will add significant value not only through the additional spend that we'll be managing but through the additional capabilities it brings us in countries to expand our core services as well.

對我們來說這確實是次要策略，但當機會出現時我們就會好好利用它。因此，我們對 Quantum 的收購感到非常興奮，並相信，這不僅將透過我們管理的額外支出增加巨大的價值，而且還將透過它為我們在各國帶來的額外能力來擴展我們的核心服務。

And then I guess you also called out in the US, the micro market and vending services as contributors to deliver growth. So just any comments around the strategy and what you're doing there. And I know sports and entertainment has been a pretty attractive segment for the business in past quarters. So I just want to get an idea of how it trended in the quarter and how would you expect it to remain for the rest of the fiscal year?

然後我想你也提到在美國，微型市場和自動販賣服務是推動成長的貢獻者。所以只是針對該策略以及您在那裡所做的事情的任何評論。我知道體育和娛樂在過去幾季一直是我們業務中相當有吸引力的部分。所以我只是想了解本季的趨勢如何，以及您預計本財年剩餘時間內的趨勢如何？

Yes, I'll start, first of all, with the sports & entertainment business. Obviously, it's a very important business for us. We were very pleased to have, as I mentioned in the script, of our NFL teams get to the playoffs and excited to have the Super Bowl this coming Sunday for the Eagles and the Chiefs.

是的，首先我先談談體育和娛樂業務。顯然，這對我們來說是一項非常重要的業務。正如我在劇本中提到的那樣，我們非常高興我們的 NFL 球隊進入了季後賽，並且很高興老鷹隊和酋長隊將於本週日參加超級碗。

Overall, sports had experienced a very good quarter, although fewer playoff games for Major League Baseball than we had in the prior year. So there's always variability depending on team performance and playoff schedules. And as you know, we operate a lot of arenas and have NFL -- I'm sorry, NHL and NBA teams.

總體而言，本季體育界經歷了非常好的時期，儘管美國職棒大聯盟的季後賽場次比前一年少。因此，根據球隊表現和季後賽賽程安排，情況總是會改變。如你所知，我們經營著很多競技場，並且擁有 NFL——對不起，NHL 和 NBA 球隊。

And what drives the top line in that business is often team performance. So we're very keen supporters of all the teams that we serve, and we're excited about the possibilities. And that business has significant growth potential, not only by serving the professional sports teams. But as we talked about with NCAA athletics, those opportunities continue to get bigger and bigger, particularly as alcohol is now approved for sale in many NCAA stadiums. So it's a business we'll continue to focus on. We're excited. We've got a great leadership team in it and lots of runway for growth.

而推動該業務營收成長的往往是團隊表現。因此，我們非常熱心地支持我們所服務的所有團隊，並且我們對這些可能性感到興奮。而且這項業務具有巨大的成長潛力，不僅僅是為職業運動隊伍提供服務。但正如我們在談到 NCAA 體育時所說，這些機會會越來越大，特別是現在許多 NCAA 體育場都已獲準銷售酒精。因此我們將繼續關注這個業務。我們很興奮。我們擁有優秀的領導團隊和廣闊的成長空間。

Yeah. And just on the convenience retail, refreshment services we use internally, another really strong quarter for that business that's contributing to the double-digit growth you see in our B&I segment, how we determine externally. So lots of opportunities are there. The automated vending machines, cashless experience. So it's been a big focus of growth and a source of good opportunities for the company.

是的。就我們內部使用的便利零售和茶點服務而言，該業務又一個非常強勁的季度，這對我們的 B&I 部門實現了兩位數的增長做出了貢獻，我們如何在外部做出決定。因此，存在著許多機會。自動販賣機，無現金體驗。因此，它一直是公司的一大成長焦點和良好機會的來源。

Jaafar Mestari, BNP Paribas Exane.

Jaafar Mestari，法國巴黎銀行 Exane 銀行

I've got three, if that's all right. Firstly, just on the H2 momentum, which you've talked about in detail with some good reasons there in the ramp-up of new accounts, et cetera. Just curious if some of that momentum could start building in the second quarter? Or should we expect a very similar in Q2 versus Q1? Around 5% organic.

如果可以的話，我有三個。首先，就下半年的動能而言，您已經詳細討論了這個問題，並列舉了一些充分的理由，例如新帳戶數量的增加等等。只是好奇這種勢頭是否會在第二季開始增強？或者我們應該預期第二季與第一季的情況非常相似？有機物含量約為5％。

And secondly (multiple speakers)

其次（多位發言者）

Yeah, go ahead. You ask --

嗯，請說。你問--

Thank you. Then just on retention, how is '25 in terms of the amount of business you have up for renewal? How does that compare to an average year? Is it users? And lastly, on Arizona State University, a very holistic approach there, everything basically, student nutrition and athletics. Just curious if that's new information to us now that it's been announced? Or was it something you already had in your list of accounts that would ramp up for the year or the new recently, find out you had that extension.

謝謝。那麼，僅就保留而言，就您要續約的業務量而言，25 怎麼樣？與平均年份相比如何？是用戶嗎？最後，亞利桑那州立大學採取了非常全面的方法，基本上涵蓋了所有方面，包括學生的營養和體育運動。我只是好奇，既然已經宣布了，這對我們來說是否是新資訊？或者它是您在帳戶清單中已經擁有的、將在年度或最近新增的帳戶中增加的內容，發現您有該擴充功能。

Well, first of all, I would -- let's talk about ASU for a minute. That -- we've served ASU for decades for many, many years, and they were required by the state of Arizona to go ahead and go through a bid process, and which has lasted for many, many months. And it is with a lot of pride that we serve at university. We've always done the campus feeding. This new award includes a number of other components on campus, including faculty dining as well as athletics.

好吧，首先我想——我們來談談 ASU 一下。我們已經為亞利桑那州立大學服務了很多年，亞利桑那州要求他們進行招標程序，這個過程已經持續了很多個月。我們非常自豪能夠為大學服務。我們一直在為校園提供餐點。這項新獎項涵蓋校園內的許多其他內容，包括教職員餐飲和體育運動。

So the total value of the contract will go up significantly as a result of this new -- it's both a retention as well as a new business award. And so again, very excited that we've retained the business and literally found out yesterday. So we're excited about it.

因此，由於這項新合同，合約的總價值將大幅上升——這既是一項保留合同，也是一項新業務獎勵。因此，我們非常高興我們保留了這項業務，而且我們昨天才得知這一消息。所以我們對此感到很興奮。

With respect to overall retention, our level of rebid activity is actually lower this year than it was last year. That's a good thing. And you'll see that happen in the industry. It just depends on timing of new wins and contract expirations and the like. So some years, we've got more rebid activity in some years, our competitors do. This year, our level of activity is a little bit lower than normal which we're very pleased with. And we always are working to proactively extend our customer contracts even when they're not due for rebid.

就整體保留而言，我們今年的重新競標活動水平實際上低於去年。這是一件好事。你會看到這種情況在行業中發生。這只取決於新勝利的時間和合約到期的時間等等。因此，有些年份，我們的重新競標活動更多，我們的競爭對手也是如此。今年我們的活動水平比往常略低，我們對此感到非常高興。而且，我們始終致力於積極延長客戶合同，即使合約無需重新招標。

So we're constantly working against that list of customers to go ahead and extend our agreement. So we feel good about our current positioning in terms of the amount of activity, but we also feel very good about our efforts and the quality of the retention team that we have in place. and the work that's being done there. So we feel very good about our overall retention for 2025.

因此，我們一直在努力與該客戶名單保持一致，以延長我們的協議。因此，就活動量而言，我們對目前的定位感到滿意，但我們對我們的努力以及現有的保留團隊的品質也感到非常滿意。以及在那裡進行的工作。因此，我們對 2025 年的整體保留率感到非常滿意。

Yeah. And in terms of the revenue outlook in the second quarter, so if this were exactly where we expected to be in the first quarter exactly how we planned with the acceleration in the second half of the year. So it's a bit of an unusual year in terms of the facilities impact.

是的。就第二季的營收前景而言，如果這正是我們預期的第一季的情況，那麼就完全符合我們計劃在下半年加速成長。因此，從設施影響的角度來看，這是有點不尋常的一年。

So yeah, in the second quarter, I think you'll see a similar impact. And then the third quarter will be the acceleration that I talked about in my earlier comments. But like I said, it's exactly what we expected, exactly how we planned for the revenue cadence this year.

是的，在第二季度，我認為你會看到類似的影響。然後第三季將會出現我在之前的評論中談到的加速。但就像我說的，這正是我們所預期的，完全符合我們今年的收入節奏計畫。

I'm showing no further questions in the queue. At this time, I would like to turn the call back to Mr. Zillmer for closing remarks.

顯示隊列中沒有其他問題。現在，我想請齊爾默先生作結束語。

Again, thank you very much for everybody joining us this morning. We are extraordinarily pleased with the results of the first quarter and looking forward to a very strong year. I want to thank the Aramark employees around the world for all their continued efforts and great work. And I'd also like to thank both the analyst community and our shareholders for their support of the organization, we feel very good about the results we've delivered and we'll continue to deliver for all of you. So thank you very much.

再次感謝各位今天上午的出席。我們對第一季的業績感到非常滿意，並期待明年的業績表現強勁。我要感謝世界各地的 Aramark 員工的持續努力和出色工作。我還要感謝分析師社群和股東對組織的支持，我們對所取得的成果感到非常滿意，我們將繼續為大家提供服務。非常感謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。