Aramark (ARMK) 2026 Q3 法說會逐字稿

Good morning, and welcome to Aramark's third quarter and fiscal 2026 earnings results conference call. My name is Kevin, and I'll be your operator for today's call. At this time, I'd like to inform you this conference is being recorded for rebroadcast. (Operator Instructions)

早安，歡迎參加 Aramark 2026 會計年度第三季及 2026 會計年度財報結果電話會議。我叫 Kevin，將擔任今天電話會議的接線員。此刻我想提醒各位，本次會議將被錄音以供重播。(接線員指示)

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

我現在把電話交給投資人關係與企業發展資深副總裁 Felise Kissell。Kissell 女士，請開始。

Thank you, and welcome to Aramark's earnings conference call and webcast. This morning, we will be hearing from our CEO, John Zillmer; as well as our 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. Our notice regarding forward-looking statements is in our press release. During this call, we will be making comments that are forward-looking.

謝謝，歡迎參加 Aramark 的財報電話會議與網路直播。今天早上，我們將聽取執行長 John Zillmer，以及財務長 Jim Tarangelo 的發言。如同以往，本次電話會議備有簡報，可透過網路直播觀看，也可在投資人關係（IR）網站上取得以便查閱。關於前瞻性陳述的公告已載於我們的新聞稿中。在本次電話會議中，我們將發表若干前瞻性評論。

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. 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.

由於各種風險、不確定性及重要因素（包括我們在 Form 10-K 年報與向 SEC 提交文件中的風險因素、管理層討論與分析（MD&A）及其他章節所討論者），實際結果可能與明示或暗示的內容存在重大差異。我們也將討論若干非 GAAP 財務衡量指標。這些項目與美國 GAAP 的調節表可在我們的新聞稿及 IR 網站上查閱。

I will now turn the call over to John.

我現在把電話交給 John。

Good morning, everyone, and welcome to our fiscal third quarter earnings call. Thank you for joining us. Jim and I are pleased to be here with you to review our financial results, provide an update on the business, and discuss our strategic growth agenda, which continues to drive strong, sustained performance.

各位早安，歡迎參加我們的會計年度第三季財報電話會議。感謝各位加入。Jim 和我很高興能與各位一同回顧我們的財務結果、提供業務最新進展，並討論我們的策略性成長議程；該議程持續推動強勁且可持續的表現。

We're heading into the fourth quarter with significant momentum across the portfolio, including industry-leading client retention at record levels of approximately 98%, underscoring the strength of our client relationships and the excellence of our service and execution, accelerating organic revenue growth in every US sector, absent the calendar shift in education and across all regions within international.

我們帶著整體投資組合的顯著動能邁入第四季，其中包括創紀錄、約 98% 的業界領先客戶留存率，凸顯我們客戶關係的穩固以及服務與執行的卓越；在美國各業務領域（教育業務受日曆移轉影響者除外）以及國際各區域，皆呈現有機營收成長加速。

New client wins totaling more than $1.6 billion fiscal year-to-date, 51% higher than the comparable prior year period, reflecting strong demand for our hospitality capabilities and the depth of our sales pipeline, and the launch of operations just weeks ago under our recently awarded multiyear engagement with a top global hyperscaler, alongside the continued expansion of Aramark Nexus, which now includes providing premium hospitality services to workforce communities for an AI data center colocation leader. In the third quarter, organic revenue for the company grew 9% to $5 billion and would have increased another approximately 2% if not for the calendar shift.

本會計年度迄今新客戶得標金額合計超過 16 億美元，較去年同期高出 51%，反映市場對我們款待（hospitality）能力的強勁需求以及銷售管線的深度；此外，我們在數週前已開始為近期取得的一家全球頂尖超大規模雲端業者（hyperscaler）的多年期合作案啟動營運，同時持續擴展 Aramark Nexus，目前亦包含為一家 AI 資料中心共置（colocation）領導業者的員工社區提供高端款待服務。第三季公司有機營收成長 9% 至 50 億美元；若非教育業務的日曆移轉影響，還可再增加約 2%。

Once again, our strong revenue performance was driven by broad-based net new business and base business growth across sectors and geographies. These results are a testament to the dedication of our teams whose commitment to serving our clients, delivering exceptional hospitality experiences, and performing at a high level every day has been instrumental in our success.

再一次，我們強勁的營收表現來自各產業與各地區廣泛的新淨增業務以及既有基礎業務成長。這些成果證明了我們團隊的投入與奉獻；他們每天致力於服務客戶、提供卓越的款待體驗並維持高水準表現，對我們的成功至關重要。

Moving to the business segments. FSS US organic revenue grew 8% to $3.5 billion and would have increased more than 10% excluding the calendar shift.

接著談各業務部門。FSS US 的有機營收成長 8% 至 35 億美元；若排除日曆移轉影響，增幅將超過 10%。

Education would have achieved more than 7% growth absent the shift, which is expected to be fully recaptured in the fourth quarter. Collegiate Hospitality is benefiting from increased residential meal plan enrollment, record retention and the strongest selling season in recent history.

教育業務若無該移轉影響，本可達成超過 7% 的成長；預期該影響將在第四季完全回補。大學款待（Collegiate Hospitality）受惠於住宿餐飲方案（meal plan）登記增加、創紀錄的留存率，以及近年來最強勁的銷售旺季。

US revenue growth in the quarter was further driven by Sports & Entertainment strong year-over-year performance, which reflected higher revenue from the ongoing Major League Baseball season along with an expanded client portfolio, including a Major League Soccer and Collegiate Athletics.

本季美國營收成長亦受到運動與娛樂（Sports & Entertainment）強勁的年對年表現所帶動，反映美國職棒大聯盟（MLB）賽季持續進行帶來的較高營收，以及客戶組合擴大（包括美國職業足球大聯盟（MLS）與大學體育）。

We demonstrated the strength of our capabilities during the 15 FIFA World Cup matches hosted at the stadiums we serve, delivering premium fan experiences amid unprecedented attendance and record per capita spending, with an additional four matches held after quarter end. We also proudly supported our NHL and NBA clients throughout the playoffs, and extend our congratulations to the San Antonio Spurs on reaching the NBA finals.

在我們所服務的場館主辦的 15 場 FIFA 世界盃賽事期間，我們展現了能力的強項；在前所未有的入場人數與創紀錄的人均消費之下，仍提供高端的球迷體驗，且在季末後另有 4 場比賽舉行。我們也在季後賽期間全力支援 NHL 與 NBA 客戶，並恭喜聖安東尼奧馬刺隊打進 NBA 總決賽。

Our S&E team was hard at work last month during the MLB All-Star game here in Philadelphia, providing hospitality services throughout the three-day series of events with merchandise revenue a particular highlight. Healthcare Plus built upon the successful launch of Penn Medicine with our team actively mobilizing multiple lines of service across RWJ Barnabus Health 18 locations, while continuing to deliver strong base business performance.

上個月，我們的 S&E 團隊在費城舉行的 MLB 全明星賽期間也全力投入，於為期三天的一系列活動中提供款待服務，其中商品銷售收入尤其亮眼。Healthcare Plus 在成功啟動 Penn Medicine 之後持續擴大成果；我們的團隊正積極在 RWJ Barnabus Health 的 18 個據點動員多條服務線，同時持續交出強勁的基礎業務表現。

And workplace experience and refreshments achieved double-digit compounded growth for the 19th consecutive quarter, reflecting the contribution from new business, exceptional client retention and continued base business performance across the portfolio.

此外，職場體驗與茶點（workplace experience and refreshments）已連續第 19 季達成兩位數的複合成長，反映新業務貢獻、卓越的客戶留存率，以及整體投資組合持續穩健的基礎業務表現。

Now turning to Aramark Nexus. We began operations at our first Texas-based site supporting a top global hyperscaler, which contributed to revenue and profitability late in the third quarter as we started scaling our service offerings.

接著談 Aramark Nexus。我們已在德州的首個據點開始營運，以支援一家全球頂尖超大規模雲端業者；隨著我們開始擴大服務內容，該案在第三季後段對營收與獲利有所貢獻。

We're currently mobilizing a second site for this client and the scope of work across both locations is now expected to increase by approximately 40% from original estimates. In addition, the client has indicated we should anticipate supporting additional sites as new locations come online.

我們目前正為該客戶動員第二個據點，且兩個據點的工作範圍目前預期將較原先估計增加約 40%。此外，客戶也表示，隨著新據點上線，我們應預期將支援更多地點。

We remain in active dialogue with other leading hyperscalers as well, reflecting the strong demand for our integrated suite of capabilities.

我們也持續與其他領先的超大規模雲端業者保持積極對話，反映市場對我們整合式能力組合的強勁需求。

We continue to expand the reach of Aramark Nexus recently announcing a significant multiyear engagement with a leading AI data center colocation provider to deliver premium hospitality services to workforce communities across multiple locations, including in Wyoming and Texas. The initial site is scheduled to mobilize in the first half of our new fiscal year.

我們持續擴大 Aramark Nexus 的觸及範圍，近期宣布與一家領先的 AI 資料中心共置服務供應商達成重要的多年期合作，將在多個地點（包括懷俄明州與德州）為員工社區提供高端款待服務。首個據點預計在我們新會計年度的上半年啟動動員。

Data center colocators develop, own and operate facilities that supply the power, cooling and infrastructure relied upon by technology companies. As these projects increase in scale and geographic reach, we believe that Nexus is uniquely positioned to help clients attract and retain skilled labor through differentiated hospitality solutions and premium amenities that enhance the employee experience and support project success.

資料中心共置業者開發、擁有並營運設施，為科技公司提供其所依賴的電力、冷卻與基礎設施。隨著這些專案在規模與地理覆蓋範圍上持續擴大，我們相信 Nexus 具備獨特定位，可透過差異化的款待解決方案與高端設施，協助客戶吸引並留住技術勞動力，提升員工體驗並支持專案成功。

During the quarter, FSS US continued to build on its strong momentum as we were awarded several additional client wins, including our first collaboration within the University of Colorado system at Colorado Springs, Grand Canyon University, Ohio Westland University, and Texas State University and Collegiate Hospitality, Texas State and Florida State University Athletics and Sports, the Camden City School District in Student Nutrition and Paul Weiss and Workplace Experience as we expand our hospitality services into top-tier law firms.

本季，FSS US 持續在強勁動能上再接再厲，我們又取得多項新增客戶得標，包括在科羅拉多大學體系內的首次合作（科羅拉多泉分校）、大峽谷大學、俄亥俄 Westland 大學，以及德州州立大學與大學款待（Collegiate Hospitality）；另包括德州州立大學與佛羅里達州立大學的體育與運動（Athletics and Sports）、Camden 市學區的學生營養（Student Nutrition），以及 Paul Weiss 與職場體驗（Workplace Experience），隨著我們將款待服務拓展至頂級律師事務所。

The International segment continued its strong growth trajectory, delivering another quarter of impressive results with organic revenue increasing 11% to $1.5 billion. Performance was broad-based across geographies and sectors, led by Spain, Canada, the UK, and Germany. Concert and festival activity was especially strong with many of our venues further benefiting from major touring artists adding performances across Europe. We are also -- we also successfully served more than 300,000 fans during the multi-day Formula 1 Grand Prix in Barcelona, leveraging nearly 100 food and beverage locations across several event areas.

國際事業部持續維持強勁成長軌跡，再度交出亮眼的一季成果，有機營收成長 11% 至 15 億美元。表現遍及各地區與各產業，其中以西班牙、加拿大、英國與德國領先。演唱會與音樂節活動特別強勁，我們的多個場館亦受惠於主要巡演藝人於歐洲加場演出。我們也——我們也在巴塞隆納多日舉行的一級方程式（Formula 1）大獎賽期間成功服務超過 30 萬名車迷，並在多個活動區域運用近 100 個餐飲據點。

Every country within the international portfolio delivered strong new business performance, underscoring the breadth of our service offerings and focus on excellence. International was awarded nearly 200 client location accounts during the quarter, including continued expansion in the mining industry, providing remote hospitality services for Discovery Silver mine in Canada as well as Codelco's Chuquicamata and AMSA's Los Pelambres copper mines in Chile.

國際投資組合中的每個國家都展現強勁的新業務表現，凸顯我們服務內容的廣度以及對卓越的專注。本季國際事業部獲得近 200 個客戶據點帳戶，其中包括在礦業的持續擴張：在加拿大為 Discovery Silver 礦提供偏遠地區款待服務，以及在智利為 Codelco 的 Chuquicamata 與 AMSA 的 Los Pelambres 銅礦提供服務。

We also concluded our international Guest Chef's Cup in Dublin, celebrating the very best of Aramark's culinary talent from around the world, following a year of in-country competitions. It was especially meaningful to see our host chefs from Ireland take top honors this year.

我們也在都柏林完成了國際 Guest Chef's Cup，慶祝 Aramark 來自全球的頂尖廚藝人才，這是在各國內部競賽歷時一年後的成果。尤其令人感到意義非凡的是，今年由愛爾蘭的地主主廚奪得最高榮譽。

On to global supply chain. Our global supply chain and GPO business maintained strong momentum, delivering more than $1.1 billion of annualized new spend globally fiscal year-to-date. This performance reflects the differentiation of our value proposition, market-leading procurement capabilities and disciplined execution. We believe Avendra International is well positioned as a premier global hospitality procurement solution with multinational clients increasingly consolidating spend with us across regions and continents, leveraging our scale, local expertise and extensive global supply network. We're also seeing inflation trends remain slightly more favorable than our original expectations across regions.

接著談全球供應鏈。我們的全球供應鏈與 GPO 業務維持強勁動能，本財年至今在全球新增年化採購支出超過 11 億美元。此表現反映了我們價值主張的差異化、市場領先的採購能力以及嚴謹的執行力。我們相信 Avendra International 已具備優勢，作為頂尖的全球餐旅採購解決方案供應商；跨國客戶正日益在各區域與各大洲將採購支出整合至我們平台，運用我們的規模、在地專業與廣泛的全球供應網絡。我們也看到各地區的通膨趨勢仍略優於我們原先的預期。

Lastly, I would like to welcome Tony Spring as the newest member of Aramark's Board of Directors. As Chairman and CEO of Macy's, Tony brings deep executive leadership expertise and valuable strategic insights, particularly in integrating AI to enhance consumer experiences and leading a large diverse workforce.

最後，我想歡迎 Tony Spring 加入 Aramark 董事會，成為最新成員。身為梅西百貨（Macy's）的董事長兼執行長，Tony 帶來深厚的高階管理領導經驗與寶貴的策略洞見，特別是在整合 AI 以提升消費者體驗，以及領導龐大且多元的員工隊伍方面。

Before handing the call over to Jim, I want to reiterate that we are extremely confident in our ability to continue building on our strong results. We believe that the opportunities before us from the outperformance of our core business to the expansion of Aramark Nexus and our global supply chain platform position us well to capitalize on the substantial value-creating actions underway at the company. Once again, I would like to thank our teams around the globe for embodying our culture and values, which remain the foundation of who we are as a company.

在把電話交給 Jim 之前，我想重申，我們對於持續在強勁成果的基礎上再接再厲，充滿信心。我們相信，從核心業務的優於預期表現，到 Aramark Nexus 與全球供應鏈平台的擴張，眼前的機會使我們具備良好定位，得以把握公司目前正在推動的重大價值創造行動。再次感謝全球各地的團隊展現我們的文化與價值觀，這些仍是我們作為一家公司的根基。

With that, Jim, I'll turn the call over to you.

那麼，Jim，我把電話交給你。

Thanks, John, and good morning, everyone. We had another record-breaking quarter, delivering impressive top and bottom line results, driven by broad-based performance across sectors and geographies. As John mentioned, we continue to experience strong momentum with the execution of our growth strategies creating significant opportunities throughout the company that position us well for the remainder of the year and beyond.

謝謝你，John，各位早安。我們再度創下破紀錄的一季，在各產業與各地區廣泛的優異表現帶動下，交出亮眼的營收與獲利成果。如 John 所提到，我們在執行成長策略方面持續展現強勁動能，為公司各處帶來顯著機會，讓我們在今年剩餘期間及更長遠的未來都具備良好定位。

Regarding profit growth in the third quarter, operating income grew 18% to $216 million versus the prior year period. Adjusted operating income increased 13% to $261 million, with AOI margins expanding nearly 20 basis points. The calendar shift reduced AOI by an estimated $20 million. AOI growth would have increased approximately 21% without the calendar shift with margin expansion of nearly 50 basis points on a constant currency basis. This double-digit profit growth and margin expansion were driven by higher revenue levels, expanded supply chain capabilities and effective cost management.

就第三季的獲利成長而言，營業利益較去年同期成長 18%，達 2.16 億美元。調整後營業利益（AOI）成長 13%，達 2.61 億美元，AOI 利潤率擴張近 20 個基點。行事曆因素使 AOI 估計減少約 2,000 萬美元。若排除行事曆因素，AOI 成長約可達 21%，在固定匯率基礎下利潤率擴張近 50 個基點。這樣的雙位數獲利成長與利潤率擴張，主要由較高的營收水準、供應鏈能力擴張以及有效的成本管理所帶動。

Turning to the business segments. FSS US reported AOI growth of 11% with AOI margins expanding more than 20 basis points. Excluding the calendar shift, AOI growth would have increased approximately 22% and with margins gaining almost 65 basis points.

接著看各業務部門。FSS US 的 AOI 成長 11%，AOI 利潤率擴張超過 20 個基點。若排除行事曆因素，AOI 成長約可達 22%，利潤率提升近 65 個基點。

Profitability and margin expansion in the quarter was a result of greater revenue from base and new business, particularly in Sports & Entertainment, the Workplace Experience Group, Refreshments, and Healthcare. FSS US also benefited from supply chain efficiencies and productivity gains from effective cost management.

本季的獲利能力與利潤率擴張，來自既有與新增業務帶動的更高營收，尤其是在運動與娛樂（Sports & Entertainment）、職場體驗事業群（Workplace Experience Group）、茶點（Refreshments）以及醫療保健（Healthcare）等領域。FSS US 也受惠於供應鏈效率提升，以及有效成本管理帶來的生產力增益。

The International segment delivered AOI growth of 24%, with margins expanding nearly 60 basis points on a constant currency basis. AOI growth was driven by higher base business volume and net new business, along with strengthened supply chain economics. Our strong quarterly performance resulted in GAAP EPS of $0.36 and adjusted EPS of $0.52, an increase of nearly 30% versus the prior year and almost 45%, excluding the calendar shift, reflecting the successful execution of our growth strategies.

國際事業部 AOI 成長 24%，在固定匯率基礎下利潤率擴張近 60 個基點。AOI 成長主要由既有業務量增加與淨新增業務帶動，並伴隨供應鏈經濟效益的強化。我們強勁的季度表現帶來 GAAP 每股盈餘 0.36 美元與調整後每股盈餘 0.52 美元，較去年同期增加近 30%；若排除行事曆因素，增幅接近 45%，反映我們成功執行成長策略。

With respect to cash flow, net cash provided by operating activities in the third quarter grew $41 million and free cash flow increased $42 million. These positive cash flow results were driven by strong business performance and earnings growth. As always, we expect to generate a large inflow in the fourth quarter, primarily from Collegiate Hospitality and Sports & Entertainment.

就現金流而言，第三季營運活動提供的淨現金增加 4,100 萬美元，自由現金流增加 4,200 萬美元。這些正向的現金流結果來自強勁的業務表現與獲利成長。一如往常，我們預期第四季將產生大量現金流入，主要來自大學餐旅（Collegiate Hospitality）以及運動與娛樂（Sports & Entertainment）。

The higher cash flow generation in the quarter enabled us to proactively repay $100 million of term loans subsequent to the quarter end. We remain committed to achieving a leverage ratio below 3 times by fiscal year-end. We will continue to pursue additional capital allocation opportunities with a focus on maximizing returns. At quarter end, the company had over $1.4 billion in cash availability.

本季較高的現金流創造，使我們在季後主動償還 1 億美元的定期貸款。我們仍致力於在本財年年底前將槓桿比率降至 3 倍以下。我們將持續尋求其他資本配置機會，並以最大化報酬為重點。截至季末，公司可動用現金額度超過 14 億美元。

And finally, let me wrap up with our performance expectations for the remainder of fiscal '26, with only a few months to go. We are benefiting from the consistent execution of our teams across the business from industry-leading client retention to broad-based revenue growth across the US and international to record levels of new client wins and the continued expansion of Aramark Nexus.

最後，讓我以對 2026 財年剩餘期間（僅剩幾個月）的表現展望作結。我們受惠於團隊在各業務面向的持續一致執行，從業界領先的客戶留存率、在美國與國際市場的廣泛營收成長至創紀錄的新客戶得標，以及 Aramark Nexus 的持續擴張。

Our sales pipeline remains substantial with first-time outsourcing at elevated levels. As a result, we have raised our fiscal '26 organic revenue growth outlook to an increase of 9% to 10%, reflecting continued momentum across Aramark's portfolio as well as the early contribution from commencing operations with a top global hyperscaler. We are also reaffirming our expectations for AOI growth of 12% to 17%, and adjusted EPS growth of 20% to 25%, both of which are aligned with Wall Street estimates as we look at the fourth quarter.

我們的銷售管線仍相當可觀，首次外包的水準維持在高檔。因此，我們將 2026 財年有機營收成長展望上調至成長 9% 至 10%，反映 Aramark 產品組合的持續動能，以及與全球頂尖超大規模雲端業者（hyperscaler）開始營運所帶來的初期貢獻。我們也重申 AOI 成長 12% 至 17% 以及調整後 EPS 成長 20% 至 25% 的預期；在展望第四季時，兩者皆與華爾街預估一致。

We anticipate accelerated AOI growth and margin expansion in the fourth quarter, driven by our multiple operating levers and the early contribution from Aramark Nexus. We are mobilizing a record level of new business throughout the company and adding Aramark Nexus growth resources as appropriate to further capitalize on the significant new business opportunities before us.

我們預期第四季 AOI 成長與利潤率擴張將加速，主要由我們多項營運槓桿以及 Aramark Nexus 的初期貢獻所帶動。我們正於全公司動員創紀錄水準的新業務，並視需要增補 Aramark Nexus 的成長資源，以進一步把握眼前重大的新業務機會。

In summary, the strength of our financial performance this quarter, combined with the continued momentum we are seeing across the business, reinforces our confidence in Aramark's growth trajectory. We believe the company is well positioned to drive significant shareholder value creation.

總結而言，本季財務表現的強勁，加上我們在各業務面向持續看到的動能，進一步強化我們對 Aramark 成長軌跡的信心。我們相信公司已具備良好定位，可推動顯著的股東價值創造。

Thank you for your time this morning. Operator, we will now open up the call for questions.

感謝各位今天早上的時間。接線員，我們現在開放提問。

(Operator Instructions) Curtis Nagle, Bank of America.

（接線員指示）美國銀行（Bank of America）的 Curtis Nagle。

I guess first, just focusing on that additional Nexus contract, great numbers to hear, right, the 40% increase in scope in new sites. I guess, would you be able to provide an update on potentially how much larger this contract could be? I think, initially, we were thinking several hundred million? And would the duration of this contract also potentially expand in a longer than you might think? And then I'll have a follow-up.

我想先聚焦在那份新增的 Nexus 合約，聽到這些數字很不錯，對吧，新站點的範圍增加了 40%。我想問的是，你們能否更新一下這份合約可能會變得多大？我記得一開始我們想的是數億美元的規模？另外，這份合約的期間是否也可能延長，超過你們原先的想法？然後我還有一個追問。

Sure. The initial contract, we estimated at about $100 million annualized over the life of the contract -- I'm sorry, annually over the life of the contract. And with this 40% increase in scope, we expect it to be somewhere in the range of $140 million per year. The life expectancy of the contract, we continue to believe, is somewhere in the range of four to five years dependent upon the speed of development and also determined ultimately by the total number of employees that they bring on board.

當然可以。最初的合約，我們估計在合約期間內的年化金額約為 1 億美元——抱歉，是指在合約期間內每年約 1 億美元。而隨著範圍增加 40%，我們預期每年大約會落在 1.4 億美元左右。至於合約的預期年限，我們仍認為大約在四到五年之間，取決於開發速度，也最終取決於他們將招募到位的員工總數。

So very attractive contract, very attractive returns, as we've talked about. This is a capital-light strategy for us, immediately accretive to margins above company average and will be a strong contributor going forward.

所以這是一份非常具吸引力的合約，報酬也非常具吸引力，如同我們先前談過的。對我們而言，這是一項輕資本策略，將立即對利潤率產生增益，且高於公司平均水準，未來也會是重要的貢獻來源。

Just a quick clarification. Just it's $100 million, I guess, now $140 per site, right?

我快速確認一下。也就是說，原本是 1 億美元，我想現在是每個站點 1.4 億美元，對嗎？

Per site, per year. That's the initial contract at that first site. The second site that we will be -- that we are currently beginning to mobilize will actually be slightly larger and approximately the same duration. So that would tend to be around $160 million a year based on the expected size of the second site.

以每個場址、每年計算。那是第一個場址的初始合約。我們將要——也就是我們目前正開始動員的第二個場址，實際上會稍微更大，且工期大致相同。因此，按第二個場址的預期規模推算，每年大約會是 1.6 億美元。

Got it. Okay. I guess just more of a holistic question, just your confidence in being able to maintain this, call it, 9% to 10% organic growth range. Just look at your current book of business, the [1.6], the retention normalized pricing and then let alone perhaps more upside from data centers, it seems like it's pretty achievable in the next year, but just -- yes, it would be great to your level of confidence (inaudible).

了解。好的。我想再問一個更整體性的問題：你們對於能夠維持所謂 9% 到 10% 的有機成長區間，有多大信心？看看你們目前的在手訂單（book of business）、[1.6]、續約率、常態化定價，再加上資料中心可能帶來的更多上行空間，感覺明年應該相當可達成，但——是的，很希望聽聽你們的信心程度(聽不清楚)。

Yes. Again, we're -- the metrics on new business or great record levels of new business at this point in the year, exceptional retention levels, we're seeing broad-based growth, and as you mentioned, on top of that, the Nexus business that we are mobilizing. If you look at the underlying growth rate in Q3, excluding the calendar shift, it's in the 10% to 11% range. I think you see implied at a similar level for the fourth quarter. So that's all very sustainable, and that's exactly how we're thinking about the exit rate and the outlook as we think about 2027.

是的。再說一次，我們——新業務的指標在今年這個時間點已達到非常高、創紀錄的水準，續約率也非常出色；我們看到的是廣泛性的成長，而且如你所提到的，還有我們正在動員的 Nexus 業務。如果看第三季的基礎成長率、排除日曆移轉的影響，大約在 10% 到 11% 的區間。我想你也會看到第四季隱含的水準相近。所以這一切都非常可持續，這也正是我們在思考退出成長率（exit rate）以及展望時、對 2027 年的看法。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

As on a great print I just wanted to ask more now that you're kind of several months into this, some great updates on Nexus. Like any latest thoughts on just how to think about the TAM that you have? And within that kind of addressable market, how you think about your kind of market share opportunity within that specifically?

在這麼亮眼的成績之後，我想問的是，現在你們推進這件事已經幾個月了，Nexus 也有一些很好的更新。你們對於 TAM（總可服務市場）該如何看待，有沒有最新想法？以及在這個可觸及市場之內，你們如何看待自己在其中、特別是在這一塊的市占機會？

Sure. I think total addressable market is something we're still working on. But obviously, there are hundreds of these projects that are currently under consideration for construction across the United States and elsewhere around the world. So I think to extrapolate to the total addressable market is a little bit difficult at this stage. We do think it's in the many billions of dollars in terms of the total addressable market, and we'll continue to refine those estimates as we get a better understanding of the actual construction pace and the implementation across the US.

當然。我想總可服務市場（TAM）我們仍在持續研究。但很明顯地，目前在美國以及全球其他地區，有數百個這類專案正在被評估、準備進入施工。所以在這個階段要外推到整體 TAM 其實有點困難。我們確實認為，從 TAM 的角度看會是數十億美元的規模；隨著我們更了解美國實際的建設節奏與落地推進情況，我們也會持續精進這些估算。

But right now, we feel like we're very well positioned in this segment. We are investing in resources to go ahead and bring this business to life. We've already established a very good leadership structure, committed sales resources against this business. And so I like our positioning. We currently have eight sites that are signed and under active development in various stages. So there is a lot of runway to this business.

但就目前而言，我們覺得自己在這個細分領域的布局非常到位。我們正在投入資源，把這項業務真正做起來。我們已經建立了非常好的領導架構，也針對這項業務配置了專責的銷售資源。因此我很喜歡我們目前的定位。我們目前已有 8 個場址完成簽約，並在不同階段積極開發中。所以這項業務還有很長的成長跑道。

I also think that this business is going to be very large, and it's -- I think we'll achieve very significant share gains very rapidly. But I do think this will be a competitive marketplace, and there's more than enough room for all the companies who serve these industries to succeed given the demand that appears to be out there.

我也認為這項業務會非常大，而且——我想我們會在很短時間內取得非常顯著的市占提升。但我也確實認為這會是一個競爭激烈的市場；不過，考量到目前看起來的需求規模，對所有服務這些產業的公司而言，空間都綽綽有餘、足以成功。

Great. And then great to hear that it sounds like the 9% to 10% range you feel is sustainable over the next year. I guess any way that we should think about margins specifically on the impact of that on Nexus? It sounds like you've said in the past that Nexus margins are accretive. They're higher than the total company right now.

很好。另外也很高興聽到你們覺得 9% 到 10% 的區間在明年是可持續的。那在 Nexus 的影響上，我們應該如何特別看待毛利/利潤率？你們過去似乎提過 Nexus 的利潤率是增厚（accretive）的。目前它高於公司整體水準。

But then I guess there's still maybe a bit of a ramp phase. And so kind of putting those pieces together, I am not asking for guidance, but just any way to think about as we move into '27 and longer term, how we think about kind of margin impact from all of this?

但我想可能仍有一段爬坡期。所以把這些拼在一起，我不是在要你們給指引，但想請教：當我們走向 2027 年以及更長期時，應該如何思考這一切對利潤率的影響？

Yes. I think the -- certainly, the Nexus opportunity and the above company margin certainly will be a tailwind to the longer-term picture on margins. we've been consistently generating 30 to 40 basis points of margin accretion, and that's implied by the guidance for this year as well. As John mentioned, we're mobilizing 2 sites with a large hyperscaler, the colocator on top of that. The first site alone expected to add about $150 million of revenues.

是的。我認為——當然，Nexus 的機會以及其高於公司平均的利潤率，長期來看會對利潤率形成順風。我們一直穩定地帶來 30 到 40 個基點的利潤率增厚，而今年的指引也隱含了這一點。如 John 提到的，我們正與一家大型超大規模客戶（hyperscaler）動員 2 個場址，另外還有一家共置業者（colocator）。僅第一個場址預計就會增加約 1.5 億美元營收。

So it is the $400 million to $500 million of revenue that will ramp up over the course of fiscal '27 and to '28 with above company margins. So that's how we're thinking about it. So we'll certainly be a tailwind to that picture.

因此，將會有 4 億到 5 億美元的營收在 2027 財年到 2028 財年期間逐步爬坡，而且利潤率高於公司平均。這就是我們的思考方式。所以它肯定會對整體利潤率展望形成順風。

Yes. And I would just add, Lizzie, that we're committed to -- as we have said over the past, we're committed to seeing significant margin accretion in the core business without the impact of Nexus. Nexus will be additive and we feel very good about that positioning, but we're also very much focused on continuing the margin expansion that exists in the core business that comes just through the normal growth of the organization as well as the supply chain discipline and SG&A leverage.

是的。Lizzie，我再補充一點：我們承諾——如同過去所說——即使不考慮 Nexus 的影響，我們也會在核心業務看到顯著的利潤率增厚。Nexus 會帶來額外貢獻，我們對這個定位非常有信心；但同時，我們也非常專注於持續推動核心業務的利潤率擴張，這來自於組織的正常成長，以及供應鏈紀律與 SG&A 槓桿效益。

So we continue to have expectations in that 30 to 40 basis point range on the core business in addition to the margin accretion that will come from Nexus.

因此，除了 Nexus 將帶來的利潤率增厚之外，我們對核心業務仍維持每年約 30 到 40 個基點的期待。

Ian Zaffino, Oppenheimer.

Ian Zaffino，Oppenheimer。

Really good quarter. Question, I guess, if we could just maybe move away from Nexus for just a second here. It does seem like the broader portfolio in general has had just a ton of success here. I don't know I explain other than just kind of firing on all cylinders here. But maybe talk about what the greatest opportunities you're seeing out there, again, putting Nexus aside and kind of focusing on the core business?

非常好的季度表現。我想問的是，如果我們先暫時把 Nexus 放一邊。看起來整體更廣泛的產品組合普遍都非常成功。我不知道該怎麼形容，除了說你們幾乎是各方面都火力全開。但能否談談你們在外部看到的最大機會是什麼？同樣先不談 Nexus，而是聚焦在核心業務。

Sure. Thanks for the question, Ian. We absolutely do see continued growth in the core business. We've had a very strong selling season across the enterprise, both domestically and internationally, experiencing very strong growth and reactive pipelines across the range of the portfolio. So I think we've maintained our commitment to each of the businesses.

當然。謝謝你的問題，Ian。我們確實看到核心業務持續成長。我們在整個企業層面、無論國內或國際，都經歷了一個非常強勁的銷售季，並在整個產品組合範圍內看到非常強的成長與活躍的商機管線。所以我認為我們一直維持對各項業務的承諾。

We're driving performance. We've got a great management team in place, and we're executing well in terms of serving our customers' needs through adding new solutions every day. So we continue to see great opportunities in the health care sector as continued self-op conversion takes place.

我們正在推動績效表現。我們有一支很棒的管理團隊，而且在滿足客戶需求方面執行得很好，透過每天持續推出新的解決方案。因此，隨著自營轉外包（self-op conversion）持續發生，我們在醫療保健領域仍看到很好的機會。

We see continued expansion in the collegiate sports area, but we're experiencing growth in all of our businesses, even those that have been highly contracted for a long period of time, we're seeing exceptional growth in workplace experience, both domestically and internationally. So feel very confident in the long-term growth trajectory of the organization and believe our long-term prospects are excellent.

我們也看到大學體育領域持續擴張；但其實我們所有業務都在成長，即便是那些長期以來高度收縮的業務，我們也看到職場體驗（workplace experience）出現卓越成長，無論在國內或國際皆然。因此我們對公司長期成長軌跡非常有信心，並相信我們的長期前景非常出色。

Okay. And then I'm going to ask a question here on Nexus. I just kind of want to be -- and I appreciate you guys are being prudent and kind of disciplined in managing, I don't know, call it, maybe expectations here. But when we think about just the business in general and maybe again, the margins, why are the margins higher?

好的。接著我想問一個關於 Nexus 的問題。我想確認一下——也很感謝你們在管理上保持審慎與紀律，我不知道該怎麼說，可能是在管理市場預期。但當我們思考這項業務整體、以及可能還有利潤率時，為什麼利潤率會更高？

Is it a factor of -- or maybe let me ask it differently. How do we expect the margins to ramp? Typically, in the core business, we see some dilution as you win large contracts initially and then it kind of ramps throughout the contract. Is that something similar we're going to see here? And how should we kind of wrap our brains around this, so we kind of keep everything in check and retention is in line with Nexus? And what you're seeing actually on the ground, et cetera?

這會是一個因素嗎——或者我換個方式問。我們預期利潤率會如何爬升？通常在核心業務中，我們會看到一開始贏得大型合約時利潤率有些稀釋，之後在合約期間逐步提升。這裡也會看到類似情況嗎？我們應該如何理解這件事，才能讓一切都在掌控之中，並且留存率與 Nexus 保持一致？以及你們在第一線實際看到的情況等等？

Yes, sure. So the -- there is some moderate ramp with Nexus as we ramp up the number of folks that we are serving. But the primary underlying structure of these contracts is cost reimbursable. We don't want to get into too much detail for competitive reasons, but that's how we structure them. The margins are attractive, especially if you compare it to some of the smaller players in the industry, margins are actually much higher than that on their model.

是的，當然。所以——隨著我們服務的人數增加，Nexus 的確會有一些溫和的爬升效應。但這些合約的主要底層結構是成本補償型（cost reimbursable）。出於競爭因素我們不想談得太細，但我們就是這樣來設計合約架構的。利潤率很有吸引力，尤其是與產業中一些較小的業者相比，我們的利潤率其實高出很多。

So it's low capital intensity with that cost reimbursable primarily. There are some moderate cost upfront, but it scales much faster than a sort of a typical, say, higher education or sports contracts so that we have very good visibility into the margins, very predictable. So there's not significant start-up costs like we see typically in a contract of that size.

因此在以成本補償為主的情況下，資本密集度很低。前期會有一些中度成本，但它的擴張速度比典型的、例如高等教育或體育合約快得多，因此我們對利潤率有很好的能見度、也非常可預測。所以不像我們通常在那種規模的合約中看到的那樣，並沒有顯著的啟動成本。

Leo Carrington, Citi.

Leo Carrington，花旗。

Please ask some follow-ups on the AI data center progress you've made. Firstly, that point about the scope of work on the hyperscaler contracts having increased 40%, can you give some more color on what kind of services you've been able to add and how this came about? Is there scope for further increases with the -- in terms of scope with hyperscaler.

我想就你們在 AI 資料中心方面的進展追問幾個問題。首先，關於超大規模雲端業者（hyperscaler）合約的工作範疇增加了 40% 這點，你能否多補充一些細節：你們新增了哪些類型的服務？這是如何發生的？另外，與 hyperscaler 的合作在工作範疇上是否還有進一步擴大的空間？

Really -- I'm sorry, go ahead. Go ahead and finish, Leo.

真的——不好意思，你繼續。你先把問題問完，Leo。

I was just going to just ask sort of a similar question on the co-location side. it'd be interesting just to hear the similarities and differences versus the hyperscaler contract. And if there was anything you could add in terms of the revenue opportunity for this co-locator contract versus the numbers for the hyperscaler one you've already given us?

我只是想在共置（co-location）那邊問一個類似的問題。聽聽它與 hyperscaler 合約之間的相同點與不同點會很有意思。另外，就營收機會而言，你是否能補充一下這個共置業者合約相較於你們先前已提供的 hyperscaler 合約數字，可能帶來的差異？

Sure. Typically, what drives the difference in scale is the number of people expected to be employed on-site, which you could roughly translate into beds. And remember, these are residential communities. These are workforce communities that are being created in remote areas. And so you can kind of think of the number of beds as being kind of an indicator of scale and scope.

當然。通常決定規模差異的，是預期在現場雇用的人數，你可以大致換算成床位數。請記得，這些是住宅型社區。這些是在偏遠地區打造的勞動力社區。因此你可以把床位數視為衡量規模與範疇的一個指標。

So our initial site was originally projected to be about 3,500 employees. The increase in size and scale is directly related to the number of beds that they will have on site. So second location estimated to be 4,000 beds, the co-locator site originally looking at like 4,500 beds. So that's the primary driver. The scope of services that we'll be offering across the communities is consistent.

所以我們的第一個場址原本預估約 3,500 名員工。規模與量體的增加，直接與他們在現場配置的床位數相關。因此第二個地點估計約 4,000 床；共置業者場址原本看起來大約 4,500 床。所以這是主要驅動因素。我們在各個社區提供的服務範疇是一致的。

It's essentially hospitality, food, retail, housekeeping, facilities management, unarmed security, which we will subcontract and not perform ourselves, but that's not included in our revenue estimates.

基本上就是款待服務（hospitality）、餐飲、零售、房務清潔、設施管理、非武裝保全——保全我們會外包而不是自行執行，但這部分不包含在我們的營收估算中。

So it's a full suite of amenities and services provided to those people who are residing in these communities in a remote environment. So scope is very broad. I think fitness centers, pickleball courts, basketball courts, volleyball, it's a community that we're building. So the best indicator of overall size of the scope of a contract is related to the number of people, or a number of beds that are affiliated with the site.

因此，這是在偏遠環境中，為居住在這些社區的人提供的一整套設施與服務。所以服務範疇非常廣。我想包括健身中心、匹克球場、籃球場、排球場——我們是在打造一個社區。因此，衡量合約整體範疇規模的最佳指標，是與該場址相關的人數或床位數。

We currently have essentially under contract with those first 3 locations, approximately 12,000 to 13,000 beds, and they can scale up or down based on the size of the facility that's being built.

目前就前 3 個地點而言，我們基本上已簽約的床位數約為 12,000 到 13,000 床，並且可依正在建造的設施規模而上調或下調。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

I just wanted to maybe touch on the medium-term algo. I surely haven't heard the figures in maybe about a year's time. But for a long time, we were talking about a medium-term 5% to 8% organic revenue growth algo. Surely, you're growing faster than that now and into next year. My question is, has the whole portfolio evolved to a point where the medium-term algorithm has to be increased?

我想稍微談一下中期的成長算法（algo）。我確實可能有一年左右沒聽到這些數字了。但很長一段時間，我們談的中期算法是 5% 到 8% 的有機營收成長。顯然你們現在以及到明年都成長得比這更快。我的問題是：整體投資組合是否已演變到一個程度，使得中期算法必須上調？

I'll start, Andrew. I mean the algo, as you mentioned, is -- has been 5% to 8%, right? That's the growth we need to fuel the 30 to 40 basis points. We're obviously operating well above that this year as we exit into '27 as well, and we're evaluating continue to update in terms of what that algorithm will be. If you look at the components of growth on that, right, the main change there is obviously the net new impact, right?

Andrew，我先回答。如你所說，這個算法——一直是 5% 到 8%，對吧？這是我們為了支撐 30 到 40 個基點所需要的成長。很明顯我們今年的運行水準遠高於此，並且在邁向 27 財年時也是如此；我們也在評估並持續更新這個算法會是什麼。如果你看成長的組成部分，主要的變化顯然是淨新增（net new）的影響，對吧？

If you look at the quarter, we're now realizing the 5% to 6% net new realized, right, continuing with the pricing, say, 3.5%, volume 1% to 2%, minus calendar year for this quarter, obviously, but that's generally how we're thinking about the quarters, and we're in the early stages of planning for fiscal '27. But certainly, the expectations that we'll be operating above the algorithm that we initially established as part of Investor Day.

如果看這一季，我們現在實現的淨新增已落在 5% 到 6% 的區間，對吧？同時持續有定價，例如 3.5%；量（volume）1% 到 2%；本季當然要扣除日曆年的影響，但大致上我們就是這樣看待各季，而且我們也正處於 27 財年的規劃初期。但可以確定的是，我們的預期是將會高於我們在投資人日（Investor Day）最初所建立的那個算法來運行。

Okay. That's good. Could I just ask a real quick second one. New bookings that you just talked about, just give an update on the mix between your kind of self-op conversions versus competitive win ways?

好的。這很好。我能再很快問第二個問題嗎？你剛提到的新訂單（new bookings），能否更新一下組成：你們所謂的自營轉換（self-op conversions）相對於競爭性贏單（competitive win）各占多少？

Yes. I think it's probably consistent with our past disclosures. We're somewhere in the range of 40% to 45% self-op conversions. And what will skew that number up is whether or not you would call Nexus, which isn't really included in those numbers yet, a self-op conversion. It's a brand-new site, first-time outsourcing, so hard to really characterize it one way or the other. But I would say in the core business, we're still seeing in that range of 40% to 45% self-op conversion.

可以。我想這大概與我們過去的揭露一致。自營轉換大約在 40% 到 45% 的區間。而會讓這個比例偏高的因素，是你是否把 Nexus（目前其實還沒真正納入那些數字）視為自營轉換。它是一個全新場址、首次外包，所以很難用某一種方式去界定。但我會說，在核心業務中，我們仍然看到自營轉換約在 40% 到 45% 的區間。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I wanted to start off on Nexus. It sounds like you have a really complete service offering there. I was hoping you could just talk about the differentiation that you're able to provide because I'm sure a number of your large competitors are also trying to go after that business. And so I was hoping you could talk about maybe what customers have really liked and what makes your offering more unique or differentiated?

我想先從 Nexus 談起。聽起來你們在那裡的服務供給非常完整。我希望你能談談你們能提供的差異化，因為我確定你們一些大型競爭對手也在爭取這塊業務。所以我想請你談談，客戶特別喜歡哪些點，以及是什麼讓你們的供給更獨特或更具差異化？

Yes, sure. I'll take that, Tony. First of all, yes, there are a couple of smaller companies that are currently competing in this space. And I think the differentiated offerings that we brought to bear when we began to work with this global hyperscaler was a significantly differentiated hospitality approach that transition from a typical, call it, (inaudible) line, if you will, to a much more retail-oriented fine dining approach that offers a range of opportunities for those employees that are living there.

好的，當然。Tony，我來回答。首先，是的，目前有幾家較小的公司在這個領域競爭。我認為我們在開始與這家全球 hyperscaler 合作時所帶來的差異化供給，是一種顯著不同的款待（hospitality）方法：從典型的、可以說是（聽不清）產線式（line）的模式，轉向更偏零售導向的精緻餐飲（fine dining）方式，為住在那裡的員工提供一系列的選擇。

So it's not just walking through a cafeteria line for breakfast, lunch and dinner, it's having multiple outlets and multiple opportunities to choose how you want to be served, whether it's a full-service restaurant, whether it's buffet-style or whether it's some other kind of retail components. So what we brought to bear was a very significant change in the approach, and that's what they recognized. And that's the kind of quality that they wanted to achieve.

所以這不只是早餐、午餐和晚餐走一趟自助餐線而已，而是有多個供應點、也有多種機會讓你選擇希望如何被服務——不論是全服務餐廳、自助式，或是其他類型的零售組成。因此，我們所帶來的是在方法上的一項非常重大的改變，而這正是他們所認可的。而這就是他們想要達成的那種品質。

And the reason for doing so is pretty obvious. They want to recruit and retain high quality, high numbers of employees in remote environments. And to do that, they wanted to give them a solution that was significantly enhanced from the norm. And so we were able to deliver design and deliver and execute against that kind of an approach, including those other amenity offerings, which are consistent with what we do for our own employees in the national parks, what we do in remote mines in Chile and Canada. So it was bringing to bear that full suite of capabilities.

而這麼做的原因相當明顯。他們希望在偏遠環境中招募並留任高品質、且數量龐大的員工。為了做到這一點，他們想提供一個相較於一般標準顯著升級的解決方案。因此，我們能夠交付設計、交付並執行這樣的方法，包括那些其他的便利設施供給，這與我們在國家公園為自家員工所做的、以及我們在智利與加拿大偏遠礦區所做的都一致。所以這是把那一整套能力完整帶進來。

The other companies that focus on this segment have typically been construction-oriented organizations that focus more on the build as opposed to the hospitality. We're not in the build business. We're there to support the build business through our infrastructure, but we're there to provide hospitality for the employees. And that was the key differentiator.

其他專注於這個細分市場的公司，通常是以工程建設為導向的組織，更著重於建造本身，而不是款待服務。我們不做建造業務。我們透過自身的基礎設施來支援建造業務，但我們在那裡是為員工提供款待服務。而這就是關鍵的差異化因素。

Terrific. And shifting gears to sports, terrific quarter there. I know you called out World Cup in the release. I wanted to also understand how much of sort of the growth there was attributable to World Cup, but also wanted to find out about any sort of recent wins because you also talked about expanding the client portfolio in sports. So any recent wins for new teams, that would be awesome.

太棒了。接著把話題轉到體育，你們那邊這一季表現也很出色。我知道你們在新聞稿中特別提到世界盃。我也想了解那邊的成長有多少可歸因於世界盃，同時也想問問近期是否有任何新案子，因為你們也談到在體育領域擴大客戶組合。所以如果有任何新球隊的近期得標，那就太好了。

Yes, it was really a strong quarter in general for the sports group. The underlying performance in Major League Baseball is good. We have a number of teams buying for the playoffs at this point. We've -- in terms of the new business, Florida State University Athletics in Texas State Athletics were rolled out as part of the new business. We had -- did have significantly more playoff gains in the NHL and NBA this year with the Spurs obviously going to the championship.

是的，整體而言體育事業群這一季確實非常強勁。美國職棒大聯盟的基本面表現良好。目前我們有多支球隊正在為季後賽採購。就新業務而言，德州的佛羅里達州立大學體育部與德州州立大學體育部已作為新業務的一部分完成上線。另外，今年我們在 NHL 與 NBA 的季後賽增量也顯著更多，馬刺隊顯然打進了總冠軍賽。

And as John mentioned, we did have about 15 World Cup games in the quarter as well. So all that combined really led to the strong double-digit growth that we saw -- excess of double-digit growth in sports this quarter. So really, underlying strength is strong. The World Cup had a sort of a moderate impact as well. But all told, the combined business is really what drove the exceptional performance.

而且如 John 所提到的，本季我們也有大約 15 場世界盃賽事。因此，這些因素加總起來，確實帶動了我們本季在體育業務看到的強勁雙位數成長——超過雙位數的成長。所以基本面的強勢非常明顯。世界盃也帶來了中度的影響。但總體而言，是整體組合業務共同推動了這次的卓越表現。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

On Nexus, I just wanted to clarify how many sites you're signed up for right now? I think you said two with each -- two on the hyperscale side, two with colocation by -- I thought I heard sites total signed in response to an earlier question. So I just wanted to clarify how many kind of total sites you have signed up on the Nexus side?

關於 Nexus，我想先釐清一下你們目前簽下了多少個據點？我記得你說超大規模那邊有兩個、共置（colocation）那邊也有兩個——我以為先前回答某個問題時我聽到的是總共簽了幾個據點。所以我想確認一下，在 Nexus 這邊你們總共簽下了多少個據點？

And then if it's (inaudible), I guess I'm wondering what the timeline might be looking like for the sites that they're signed but are active or mobilizing today?

另外，如果是（聽不清），我想了解的是：那些已簽約、但目前已啟動或正在動員中的據點，時間表大概會是什麼樣子？

Yes. So we have the two sites that we're currently mobilizing with the top hyper global -- the top hyperscaler, sorry, and with a third under discussion and then there are five additional sites with the AI co-locator that are in various stages of development, one which will begin to ramp up in the early '27. The total Number of beds, if you were to extrapolate the number of beds for those additional 5 sites, you would estimate around 2,000 per site. So somewhere in the range of between 12,000 and 20,000 total beds under development at this point in time with the first three sites really under active engagement.

是的。目前我們正與全球頂級超大規模客戶（抱歉，是頂級 hyperscaler）動員兩個據點，並且正在討論第三個；此外，與 AI 共置業者還有另外五個據點正處於不同的開發階段，其中一個將在 2027 年初開始放量爬坡。若把那另外 5 個據點的床位數外推估算，每個據點大約可達 2,000 張床位。因此，目前在開發中的總床位數大約落在 12,000 到 20,000 張之間，而前三個據點確實已在積極推進中。

Awesome. Then my second question was just, I guess, I'm wondering if you could bridge the increased organic growth guide against reaffirming AOI and EPS ranges. Is that a little bit of new business start-up on some of these wins? Is that some selling commission because new business is up so much? Just any detail there would be great.

太好了。那我的第二個問題是，我想請你們說明一下：在提高有機成長指引的同時，為何仍重申 AOI 與 EPS 的區間？這是否與部分新案子的啟動成本有關？或是因為新業務大幅增加而產生一些銷售佣金？任何細節都會很有幫助。

Yes. That's right. Yes, the increase in the guide, really just the general broad-based favorable trends we're seeing in the business, then obviously, we put in the Nexus impact into the fourth quarter as well on the top line. On AOI and EPS, as you said, we're rolling out and mobilizing record levels of new business. And the businesses that hit the fourth quarter in particular, so higher education, we've had one of the best selling seasons in recent memory, and those accounts will ramp up in August and September.

是的。沒錯。指引上調主要反映我們在業務上看到的整體、廣泛的有利趨勢；另外，我們也把 Nexus 在第四季對營收端的影響納入了。至於 AOI 與 EPS，如你所說，我們正在推行與動員創紀錄水準的新業務。而特別是在第四季開始貢獻的業務方面，例如高等教育，我們經歷了近年記憶中最好的銷售旺季之一，這些帳戶會在 8 月與 9 月開始爬坡。

In destinations. We have Stone Mountain, one of the largest accounts we rolled out in many years. And then in Healthcare, we continue to ramp up Robert Wood Johnson. So with that, as we've always talked about, there is a mobilization costs and those margins will ramp up into fiscal '27.

在目的地業務方面，Stone Mountain 是我們多年來上線的最大帳戶之一。我們有 Stone Mountain，這是我們多年來推出的最大帳戶之一。而在醫療保健方面，我們持續推進 Robert Wood Johnson 的爬坡。因此，正如我們一直談到的，動員會產生成本，而這些利潤率將一路爬坡到 2027 財年。

Jafar Mestari, BNP Paribas.

Jafar Mestari，法國巴黎銀行（BNP Paribas）。

I just wanted to start by clarifying one thing. You mentioned in the release that your initial Aramark Nexus site has begun providing revenue. But there's reasonable sources out there that would suggest that that's July. So I just wanted to make it extra clear that in Q3, in the 11% organic growth, there is no contribution from Nexus?

我想先釐清一件事。你們在新聞稿中提到，初始的 Aramark Nexus 據點已開始帶來營收。但外界有合理的資訊來源顯示那會是在 7 月。所以我想非常明確地確認：在第三季 11% 的有機成長中，Nexus 沒有任何貢獻，對嗎？

Yes, they did ramp up at the first site with the hyperscaler did ramp up in late fiscal period. So it's just a very moderate amount amount affected July, primarily it's going to be in the fourth quarter.

是的，與 hyperscaler 的第一個據點確實在財務期間末期開始爬坡。因此 7 月只有非常有限的影響，主要貢獻會落在第四季。

Okay. Super. And I guess related to that, you've mentioned two clients, three firm sites, another five sites under discussion, and you said $400 million to $500 million revenue that could be ramping up over the next two years. I just wanted to make sure they're all on the same definition. And if those figures, $400 million to $500 million in particular, are included in the signings figure, $1.6 billion, how should we look at the signings ex-Nexus?

好的。非常好。另外相關地，你們提到兩個客戶、三個確定據點，另有五個據點在討論中，並且說未來兩年可能會有 4 億到 5 億美元的營收逐步爬坡。我想確認這些說法是否都基於同一個定義。另外，特別是 4 億到 5 億美元這個數字，是否已包含在 16 億美元的簽約額（signings）之中？我們應該如何看待扣除 Nexus 後的簽約額（signings ex-Nexus）？

The core businesses ex-Nexus last year in 25 signed $1.6 billion. So I know there's few months left to the year, but yes, if I do a very quick math, is it $1.1 billion, $1.2 billion of signings in your core segments of Education, healthcare, corporate, et cetera? And is it a good figure, if you did $1.6 billion. we'd do the same segments last year?

去年 2025 年，核心業務（不含 Nexus）簽下了 16 億美元。我知道今年還剩幾個月，但如果我快速算一下，你們在教育、醫療保健、企業等核心板塊的簽約額大概是 11 億到 12 億美元左右嗎？另外，如果去年是 16 億美元，我們是否可以用同樣口徑來看去年在相同板塊的表現？

Yes, I'll start. Yes, in terms of -- again, we're not going into too much detail on the components of the $1.6 billion. There's a portion of that $450 million, and that is a relatively small portion that's built in that is in the $1.6 billion. Just on the revenue question, just to confirm, right, we talked about 3 sites mobilizing, an active mobilization in development, the two with a hyperscaler and one with the co-locator. Those three sites is where I was referencing the $400 million to $500 million.

是的，我先開始。是的，就——再說一次，我們不會就這 16 億美元的組成項目講得太細。其中有一部分是那 4.5 億美元的一部分，而且那是已經納入 16 億美元中的相對小的一部分。就營收的問題，確認一下，對，我們談到有 3 個據點正在動員，一個在開發中進行中的動員，其中兩個是與超大規模雲端業者（hyperscaler），一個是與機房共置業者（co-locator）。我所提到的 4 億到 5 億美元，就是指這三個據點。

And as John mentioned, there's additional sites and opportunities with a co-locator. That's not part of the $400 million to $500 million. That's the annualized value. We're still planning in terms of when that will ramp up over the course of, but no, the underlying new business is driven by the core, excluding Nexus.

而且如 John 提到的，還有與機房共置業者相關的其他據點與機會。那不包含在 4 億到 5 億美元之內。那是年化價值。我們仍在規劃其在一段期間內何時會逐步爬升，但不是，底層的新業務是由核心業務驅動，不包含 Nexus。

Yes. And sorry, to belabor that point, but what's the definition reason why if the $400 million to $500 million are all based on three sites that are the most defined the (inaudible), why is it not all included in your one $1.6 billion signings?

是的。抱歉，我再追問一下，但如果 4 億到 5 億美元都是基於三個最明確的據點（聽不清），那為什麼沒有全部納入你們 16 億美元的簽約額（signings）？

Yes. At this point, we typical -- some of it has not the end to the week. So some has to do when we finalize contracts versus develop and roll them out. So there's just some particular things that we adhere to in terms of when we actually record the new business.

是的。目前，我們通常——其中一部分還沒有在週末前完成。所以有一部分取決於我們何時完成合約定稿，相對於開發並推出。因此，在我們實際認列新業務的時點上，有一些我們必須遵循的特定規範。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to follow up on Nexus also. I guess you talked about sales resources that you're putting into this particular business. And I'm just curious how you're approaching the go-to-market, and kind of how the competitive environment has evolved? It sounds like a lot of your core larger competitors are not participating in the same way that you are. And I'm just curious if that's how you're viewing that and if it's more related to just your go-to-market approach?

我也想追問一下 Nexus。我想你們提到正在把銷售資源投入到這個特定業務。我很好奇你們如何推進市場進入策略（go-to-market），以及競爭環境是如何演變的？聽起來你們核心的幾個大型競爭對手並沒有以你們這樣的方式參與。我想了解你們是否也是這樣看待，以及這是否更多與你們的 go-to-market 方法有關？

Yes. I think, first of all, we recognized very quickly the attractiveness of the market and began to frame an organization to serve it very, very quickly. So we installed a CEO for the business who is an experienced Aramark executive who's run multiple businesses and has an extraordinary background related to hospitality.

是的。我想，首先，我們非常快就認知到這個市場的吸引力，並且非常、非常迅速地開始建立一個組織來服務它。因此我們為這項業務任命了一位 CEO，他是一位經驗豐富的 Aramark 高階主管，曾經管理多個業務，且在餐旅相關領域有非常卓越的背景。

And so recognizing the attractiveness of it, we also committed resources from the sales organization to this go-to-market strategy, particularly related to this initial set of contracts. And as we began to explore the potential and the size of the market, we began to add additional sales sources focused on the other hyperscalers as well as other key participants in the industry, whether that's construction and engineering or other related firms.

因此，在認知到其吸引力之後，我們也從銷售組織投入資源來執行這個 go-to-market 策略，特別是與這一批初始合約相關。而當我們開始探索市場的潛力與規模時，我們也開始增加額外的銷售資源，聚焦於其他超大規模雲端業者，以及產業中的其他關鍵參與者，不論是營建與工程，或其他相關公司。

So I do expect that the other large companies will find a way into the business. They have divisions that do some of these things in other parts of the world. I just think we were first to move in recognizing the significance of the opportunity and established a business very quickly. But I fully expect that this will be a competitive marketplace.

所以我確實預期其他大型公司會找到切入這項業務的方法。他們在世界其他地區有部門在做其中一些事情。我只是認為我們是最早行動的，因為我們認知到這個機會的重要性，並且非常快速地建立了這項業務。但我完全預期這會是一個競爭激烈的市場。

I also -- as I said earlier, I also believe that the size and the scope of this total market is so large and the demand will be so significant that there's plenty of room for all the organizations to be successful competing in it. And we want to be first, we want to be the biggest, and we want to get our fair share. But ultimately, I think this will be competitive.

另外——如我先前所說，我也相信整體市場的規模與範疇非常龐大，需求也會非常可觀，因此所有組織都有很大的空間在其中成功競爭。我們希望成為第一，我們希望成為最大，我們希望取得我們應得的份額。但最終，我認為這會是競爭性的。

Understood. And then not to belabor the point around contribution from Nexus this year, but just want to understand, in the fourth quarter, like do you expect to fully ramp at at least the initial two sites, or is it a slower build up? Just trying to get a sense of how much revenue contribution you're expecting from Nexus in the fourth quarter?

了解。另外，不想再過度追問今年 Nexus 的貢獻，但我想理解的是，在第四季，你們是否預期至少最初的兩個據點會完全爬升到位，還是會是較慢的建立過程？只是想掌握你們預期第四季 Nexus 會貢獻多少營收？

Yes. I mean, roughly in the fourth quarter, that probably about 1% or so will come from Nexus. None of the sites are fully ramped up yet. So they all will be ramping up to their peak during the course of fiscal '27.

是的。我的意思是，大致上在第四季，可能約有 1% 左右會來自 Nexus。目前沒有任何據點已經完全爬升到位。因此它們都會在 2027 會計年度期間逐步爬升到峰值。

Sorry, I would just add a couple of comments on this. The ramp-up schedule is really not something that we are in control of. It is based on how these companies bring employment to bear in the site. So the ramp-up schedule is one that we're still working to define. And so it -- we'll be able to provide more clarity as we get through the fourth quarter and into the planning for fiscal '27.

抱歉，我再補充幾點。爬升時程其實不是我們能控制的。它取決於這些公司如何在該據點配置人力。所以爬升時程我們仍在努力釐清定義。因此——當我們度過第四季並進入 2027 會計年度的規劃時，我們將能提供更清楚的說明。

Justin Hack, Baird.

Justin Hack，Baird。

Yes. Great. I just have one here. I guess, just given the geographical concentration that you called out for Nexus and being in Texas, and with the development pipeline that you have of those, I guess, the five additional sites, not so much the three that are kind of under a firmer commitment. But I'm just curious about the Texas governor recently putting in moratorium or an audit on some of the new developments and just, I guess, your thoughts on that and if there's any exposure on kind of that development pipeline you have right now?

是的。很好。我這邊只有一個問題。我想，考量你們提到 Nexus 的地理集中度在德州，以及你們的開發管線中——我指的是另外 5 個據點，不是那 3 個承諾較為明確的。但我想問的是，德州州長最近對一些新開發案提出暫停令（moratorium）或審計，我想了解你們對此的看法，以及你們目前這條開發管線是否有任何曝險？

Yes. I would say there's no exposure on the development pipeline that we have under active development that we expect that the regulatory environment will continue to evolve across multiple states. I do think the state of Texas is very committed to the business in particular and that they will -- that these projects, which are already under construction and already underway will comply with whatever regulatory requirements are established by the state.

是的。我會說，我們目前正在積極開發、且預期會持續推進的開發管線沒有曝險；我們也預期監管環境會在多個州持續演變。我確實認為德州特別致力於這項業務，而且他們會——這些已在施工、已在進行中的專案，將會符合州政府所制定的任何監管要求。

That's the risk that the hyperscaler has, not us in providing service to them. So it could defer or delay a little bit implementation or the rollout of various projects, but we think, in the long term, the demand for the services, the demand for compute capacity in addition to the AI compute capacity that's being built will have to be met.

那是超大規模雲端業者的風險，不是我們在提供服務給他們時所承擔的風險。所以它可能會讓某些專案的導入或推進稍微遞延或延後，但我們認為，長期而言，對服務的需求、對算力容量的需求——以及正在建置的 AI 算力容量——都必須被滿足。

And so we'll -- we want to participate. We believe that it's going to be a strong marketplace, and we think the regulatory risks are -- will get managed. These facilities have to be built over time. And so we want to be there to support the customers as they build them.

因此我們會——我們希望參與其中。我們相信這會是一個強勁的市場，我們也認為監管風險——會被妥善管理。這些設施必須隨時間逐步建置。因此我們希望在客戶建置的過程中，能在那裡支持他們。

Josh Chan, UBS.

Josh Chan，瑞銀（UBS）。

Maybe on Nexus, could you talk about the hundreds of sites that are technically possible, but why you ended up with these locations? Are they the largest? Are they -- do they make the most sense geographically? Just kind of like how did you end up with these deals?

也許關於 Nexus，你能談談技術上可能有數百個據點，但為什麼最後會落在這些地點？它們是最大的嗎？還是——它們在地理上最合理？大概你們是如何促成這些交易的？

Well, that would be -- unfortunately, that would be revealing some competitive insights and information that I really prefer not to do. I will say that we began the relationship with this top global hyperscaler as a result of a reach out from them to us. And it was to focus on these sites that they had under active development and active planning. And so we pursued them aggressively, and we're awarded these sites by that top global hyperscaler. And so in addition to that, this co-locator is developing sites, and we are under contract or under an agreement with them for those five additional sites.

嗯，那會——很遺憾，那會揭露一些我其實不太希望透露的競爭洞見與資訊。我可以說的是，我們與這家全球頂尖超大規模雲端業者的關係，是因為他們主動聯繫我們而開始的。而且是聚焦在他們正在積極開發與積極規劃的這些據點。因此我們積極爭取，並由該全球頂尖超大規模雲端業者授予這些據點。此外，這家機房共置業者正在開發據點，而我們已與他們就另外 5 個據點簽訂合約或達成協議。

And again, those relationships were established as a result of the competitive process. So again, we're trying to take advantage of this marketplace in a very efficient way. And we're also trying to keep our competitive advantage close to the vest, if you will. And so I think that's about all I can say.

而且再次強調，這些關係是競爭流程的結果所建立的。所以同樣地，我們正試圖以非常高效率的方式善用這個市場。同時我們也希望把我們的競爭優勢「藏在袖子裡」，如果你願意這麼說的話。所以我想我大概只能說到這裡。

Okay. Yes. I appreciate that. And then I guess on the retention side, 98% through Q3 seems to be quite good. I guess what's driving this? And then how does the retention pipeline look like as you kind of go into next year?

好的。是的。我很感謝。那接著我想在留存方面，第三季累計達到 98% 看起來相當不錯。我想請問是什麼在驅動這個表現？另外，當你們進入明年時，留存的管線看起來如何？

I think it's execution and performance. Obviously, it speaks to the strength of our customer relationships and the quality of the performance that we bring to bear every day. We are hyper focused on doing the right thing in terms of serving our customers and our clients. And this has been the focus of the organization for the last five years, and we've continued to get better and better at it. It's something that we hold our people accountable for and -- hold accountable to, and we compensate them for.

我認為是執行力與績效。很明顯地，這反映了我們客戶關係的強度，以及我們每天所展現的高品質表現。我們高度聚焦於以正確的方式服務我們的顧客與客戶。這一直是組織過去五年的重點，而且我們持續做得越來越好。這是我們要求員工負責、並對其負責的事項，我們也會因此給予他們報酬。

So as you know, 40% of our incentive comp is related to net new, which is a complete measurement, which is focused on retention and growth. And when you focus incentives on something, it gets done. And so we're very proud of the retention rate. We look at this literally every month, and we think it's service and execution that drives it.

如你所知，我們的獎勵性薪酬中有 40% 與淨新增（net new）相關，這是一個完整的衡量指標，聚焦於留存與成長。當你把激勵聚焦在某件事上，它就會被完成。因此我們對留存率感到非常自豪。我們幾乎每個月都會檢視這個數字，我們認為是服務與執行力在驅動它。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

There's a lot of focus on Nexus and for good reason. But I want to go back to one of the questions about the rest of the business that seems to be getting a little bit overshadow about the fact that you seem to be having really good bookings and really good execution there. I was wondering if you could parse out the 51% of growth year-to-date in bookings? If you were to strip out those Nexus bookings, what kind of growth would we be looking at just on the core business?

市場對 Nexus 的關注很多，而且理由充分。但我想回到先前關於其他業務的一個問題：似乎有點被掩蓋了，因為你們在那部分其實也有非常好的訂單（bookings）與非常好的執行表現。我想請問，你們能否拆解一下今年迄今訂單成長 51% 的構成？如果把 Nexus 的訂單剔除，僅看核心業務的成長大概會是什麼水準？

And I know you talked a lot about the strength in the education business. And we've been through the strongest selling season, is that continuing as well? And then I have a follow-up.

我也知道你們談了很多教育業務的強勁表現。而我們已經度過最強的銷售旺季，這樣的動能是否仍在延續？另外我還有一個追問。

Yes, I'll start. Like I said, the increase in new business, the record levels of new business, is primarily driven by the core business, right? So there's only a small piece of Nexus in that. But as you said, it's been broad-based. In B&I, we continue to see record levels of new business, both in the underlying corporate business as well as the vending and refreshment services.

好的，我先開始。如我所說，新業務的增加、創紀錄的新業務水準，主要是由核心業務所驅動，對吧？所以其中只有一小部分來自 Nexus。但如你所說，這是廣泛性的成長。在 B&I（商業與產業）方面，我們持續看到創紀錄的新業務水準，包含基礎的企業業務，以及自動販賣與茶點服務。

Collegiate, as we talked about, had a record selling season and mentioning and opening the accounts that we talked about. Healthcare, second year in a row, last year, we had Penn this year, RWJBarnabas. So Healthcare has really picked up the levels of net new business.

大專院校（Collegiate）如我們所談到的，迎來創紀錄的銷售季，並且拿下並啟動了我們提到的那些客戶。醫療保健方面，連續第二年；去年我們拿下 Penn，今年是 RWJBarnabas。因此醫療保健的淨新增業務水準確實大幅提升。

In destinations, as I mentioned, Stone Mountain, one of the largest wins they've had in recent memory as well. And then broad-based growth across the international portfolio, right, nearly, I think it's over five years of double-digit growth. Strength across all the large countries, Europe, in particular.

在景點（destinations）方面，如我提到的 Stone Mountain，也是他們近年來記憶中最大的勝利之一。此外，國際組合也呈現廣泛成長，對吧？我想將近、甚至超過五年維持雙位數成長。所有主要國家都很強勁，尤其是歐洲。

From an industry perspective, done really well in broadening out our Sports & Entertainment business in Europe, both in terms of underlying soccer and then now festivals and concerts. And then remote services strength in Canada in the sands, in the mining business in Chile and in the offshore business in Europe. So broad-based across the portfolio in terms of geographies and sectors.

從產業角度來看，我們在歐洲的體育與娛樂（Sports & Entertainment）業務拓展得非常好，不僅涵蓋基礎的足球，現在也延伸到節慶與演唱會。另外，加拿大的偏遠服務（remote services）表現強勁；在智利的砂礦、採礦業務，以及歐洲的離岸業務也都很強。因此無論地理區域或產業別，整體組合都是廣泛性的成長。

Okay. Great. And then just getting back to free cash flow, that is a metric you used to give out in terms of guidance. And you haven't given it out recently, and I was wondering if you can just give us some direction on what to expect? Because clearly, the revenue is outperforming, the margin is expanding.

好的。很好。接著回到自由現金流（free cash flow），這是你們過去在指引中會提供的指標。但最近你們沒有再提供，我想請問能否給我們一些方向，讓我們知道可以期待什麼？因為很明顯地，營收表現優於預期，利潤率也在擴張。

And how should we think about where the free cash flow should go this year? And how should we be thinking about it over the next several years?

那我們應該如何看待今年自由現金流會走到哪裡？以及未來幾年我們又該如何看待？

And then frankly, you're going to get to your target of below 3 times leverage. How should we be thinking about that? Is that going to be funneled more into driving additional organic growth in terms of pursuing more Nexus contracts?

另外坦白說，你們將達到低於 3 倍槓桿的目標。我們應該如何看待這件事？這是否會更多被導向推動額外的有機成長，例如追求更多 Nexus 合約？

Should we see dividend raises? Should we see more share repurchases? Just how should we think about the scope, magnitude of free cash flow or what you're going to use it for?

我們會看到股利上調嗎？會看到更多庫藏股回購嗎？總之，我們應該如何看待自由現金流的範圍、規模，以及你們打算如何運用？

Yes, I'll start with, yes, really, the foundation for the capital structure strategy has been to be under 3 times leverage, a clear line of sight to achieving that by year-end. I think I've always -- I've been with the company over 20 years. I think it's the lowest ever we've had during my tenure. So we like where we are in terms of the capital structure.

好的，我先說：是的，資本結構策略的基礎確實是把槓桿降到 3 倍以下，而且我們清楚看到在年底前達成的路徑。我想我一直——我在公司超過 20 年了。我認為這是我任內見過最低的水準。所以就資本結構而言，我們對目前的位置感到滿意。

On free cash flow, I talked about targeting a conversion rate of about 40% of AOI. So that gives you a sense of where that will be. As we grow levels, we are, there may be a little bit more of a moderate use of working capital, kind of a good problem to have. Capital expenditures have been in the 3%, I think, is closer to 3.5% this year as a result of the record levels of new business. And as you model that out over the coming year, ample of capital there to continue to invest in growth.

關於自由現金流，我提到我們目標是把轉換率維持在約 AOI 的 40%。所以這能讓你大致了解自由現金流會落在哪裡。隨著我們的規模成長，營運資金的使用可能會稍微增加一些，算是一個「好問題」。資本支出一直在 3% 左右，我想今年因為創紀錄的新業務水準，會更接近 3.5%。當你把這些在未來一年建模時，我們仍有充足資本可以持續投資成長。

But again, it's been pretty consistent capital of 3.5%. With respect to M&A, we'll continue to be targeted and disciplined. And then we'll have capital to potentially accelerate share repurchases in the coming year as well as we balance that all out. But again, the foundation of that is really getting under 3 times levered.

但再次強調，資本支出大致一直維持在 3.5% 的一致水準。至於併購（M&A），我們會持續保持聚焦與紀律。同時在未來一年，當我們把各項資本配置取得平衡後，也可能有資本用來加速股票回購。但同樣地，這一切的基礎仍是把槓桿降到 3 倍以下。

There are no further questions at this time. I'd like to turn the call back over to Mr. Zillmer for closing remarks.

目前沒有其他問題。我想把電話會議交回給 Zillmer 先生作結語。

Yes. Well, thank you, everybody for the support of the company and for joining us this morning. I'd like to say thank you again to the dedicated Aramark family around the world. Thank you for all your performance for everything you've done for the organization and your commitment to serving your customers and each other. Again, thank you very much, and good day.

好的。那麼，感謝各位對公司的支持，也感謝各位今天早上加入我們。我也想再次感謝遍布全球、敬業的 Aramark 大家庭。感謝你們的表現、為組織所做的一切，以及你們致力於服務客戶並彼此支持的承諾。再次非常感謝，祝各位有美好的一天。

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

感謝各位參與。今天的電話會議到此結束。各位現在可以掛線。