Chefs' Warehouse Inc (CHEF) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Chefs' Warehouse first quarter 2025 earnings conference call. As a reminder, this conference is being recorded.

您好，歡迎參加 Chefs' Warehouse 2025 年第一季財報電話會議。提醒一下，本次會議正在錄製中。

I would now like to turn the call over to your host, Alex Aldous, General Counsel, Corporate Secretary and Chief Government Relations Officer. Please go ahead, sir.

現在，我想將電話轉給主持人、總法律顧問、公司秘書兼首席政府關係官 Alex Aldous。先生，請繼續。

Thank you, operator. Good morning, everyone. With me on today's call are Chris Pappas, Founder, Chairman and CEO; and Jim Leddy, our CFO. By now, you should have access to our first quarter 2025 earnings press release. It can also be found at www.chefswarehouse.com under the Investor Relations section.

謝謝您，接線生。大家早安。今天與我一起參加電話會議的還有創辦人、董事長兼執行長 Chris Pappas；以及我們的財務長 Jim Leddy。現在，您應該可以訪問我們的 2025 年第一季財報新聞稿。您也可以在 www.chefswarehouse.com 的「投資者關係」部分找到它。

Throughout this conference call, we will be presenting non-GAAP financial measures, including, among others, historical and estimated EBITDA and adjusted EBITDA as well as historical adjusted net income, adjusted earnings per share, adjusted operating expenses, adjusted operating expenses as a percentage of net sales and as a percentage of gross profit, net debt leverage and free cash flow.

在整個電話會議過程中，我們將介紹非公認會計準則財務指標，包括但不限於歷史和預計的 EBITDA 和調整後的 EBITDA 以及歷史調整後的淨收入、調整後的每股收益、調整後的營運費用、調整後的營運費用佔淨銷售額的百分比和占毛利潤的百分比、淨債務槓桿和自由現金流。

These measures are not calculated in accordance with GAAP and may be calculated differently in similarly titled non-GAAP financial measures used by other companies. Quantitative reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's press release and first quarter 2025 earnings presentation.

這些指標並非按照 GAAP 計算，且其他公司使用的類似名稱的非 GAAP 財務指標的計算方式可能有所不同。我們的非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的定量對帳出現在今天的新聞稿和 2025 年第一季財報中。

Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements, including statements regarding our estimated financial performance. Such forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them.

在我們開始正式發言之前，我需要提醒大家，我們今天的討論內容將包括前瞻性陳述，包括有關我們預期財務表現的陳述。此類前瞻性陳述並非對未來績效的保證，因此，您不應過度依賴它們。

These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's release. Others are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the SEC website.

這些聲明受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。今天的新聞稿中提到了其中一些風險。其他內容已在我們的 10-K 表年度報告和 10-Q 表季度報告中討論，這些報告可在美國證券交易委員會 (SEC) 網站上查閱。

Today, we are going to provide a business update and go over our first quarter results in detail. For a portion of our discussion this morning, we will refer to a few slides posted on the Chefs' Warehouse website under the investor relations section titled first quarter 2025 earnings presentation.

今天，我們將提供業務更新並詳細介紹我們的第一季業績。在今天上午的討論中，我們將參考 Chefs' Warehouse 網站投資者關係部分發布的幾張投影片，標題為「2025 年第一季財報」。

Please note that these slides are disclosed at this time for illustration purposes only. Then we will open up the call for questions. With that, I will turn the call over to Chris Pappas. Chris?

請注意，這些幻燈片目前僅出於說明目的而公開。然後我們將開始提問。說完這些，我將把電話轉給克里斯·帕帕斯 (Chris Pappas)。克里斯？

Thank you, Alex, and thank you all for joining our first quarter 2025 earnings call. First quarter of 2025 business activity displayed the typical seasonal cadence as revenue trends coming out of January increased steadily into February and March.

謝謝你，亞歷克斯，也謝謝大家參加我們的 2025 年第一季財報電話會議。2025 年第一季的商業活動呈現出典型的季節性節奏，1 月的營收趨勢在 2 月和 3 月穩步上升。

During the quarter, our business units, international and domestic delivered strong growth in unique item placements, solid operating leverage versus the prior year first quarter. As we entered the second quarter, revenue bills during the first few weeks of April continued to display typical seasonality.

本季度，與去年同期相比，我們的國際和國內業務部門在獨特商品投放方面實現了強勁增長，經營槓桿率也保持穩健。進入第二季度，四月前幾週的收入帳單繼續呈現典型的季節性。

I would like to thank all our Chefs' Warehouse teams from sales and operations to all the supporting functions for delivering a great start to 2025. I would also like to recognize our customer and supplier partners for their support and confidence in our people, quality and diversity of products and our high-touch flexible distribution platform.

我要感謝 Chefs' Warehouse 的所有團隊，從銷售和營運到所有支援職能，為 2025 年帶來了良好的開端。我還要感謝我們的客戶和供應商合作夥伴對我們的員工、產品的品質和多樣性以及我們高接觸靈活分銷平台的支持和信任。

Now please refer to slide 3 of the presentation. A few highlights from the first quarter include 8.7% growth in net sales. Specialty sales were up 10.7% over the prior year, which was driven by unique customer growth of approximately 4.5%, placement growth of 7.7% and specialty case growth of 5.7% Pounds in center-of-the-plate were approximately 1.3% lower than the prior year first quarter.

現在請參閱簡報的第 3 張投影片。第一季的一些亮點包括淨銷售額成長 8.7%。特種產品銷售額較上年同期成長 10.7%，這得益於獨特客戶成長約 4.5%、安置量成長 7.7% 和特種案例成長 5.7%。中心磅數比去年第一季低約 1.3%。

During the first quarter, we commenced attrition of certain low-margin noncore customer business that had an impact of 0.7% lower year-over-year sales versus prior year quarter. The primary driver of the attrition was a high-volume, low-dollar commodity poultry program acquired with an acquisition.

在第一季度，我們開始減少某些低利潤的非核心客戶業務，這導致銷售額與去年同期相比下降了 0.7%。人員流失的主要原因是透過收購而獲得的產量高、成本低的商品家禽項目。

Excluding this attrition, total center-of-the-plate pounds growth was 3% higher than prior year first quarter. Gross profit margins decreased approximately 18 basis points. Gross margin in the specialty category increased approximately 6 basis points as compared to the first quarter of 2024, while gross margins in the center-of-the-plate category decreased approximately 83 basis points year-over-year.

除此之外，中餐總磅數的成長比去年第一季高出 3%。毛利率下降約18個基點。與 2024 年第一季相比，特種類別的毛利率增加了約 6 個基點，而中盤類別的毛利率較去年同期下降了約 83 個基點。

Jim will provide more detail on gross profit and margins in a few moments. Now please refer to slide 4. Chart 1 provides first quarter 2025 trailing 12 month update to gross profit dollars per route as compared to full year 2024 and 2019.

吉姆稍後將提供有關毛利和利潤率的更多詳細資訊。現在請參閱投影片 4。圖 1 顯示了 2025 年第一季過去 12 個月每條航線的毛利更新情況，並與 2024 年全年和 2019 年全年進行了比較。

Chart 2 provides first quarter '25 trailing 12 month adjusted operating expense as a percentage of gross profit dollars improvements by 36 basis points versus full year 2024 and 127 basis points versus 2019. First quarter 2025 trailing 12 month adjusted EBITDA per employee increased 1% versus full year of 2024 and 19% versus 2019. Now please refer to slide 5.

圖 2 顯示，2025 年第一季過去 12 個月的調整後營業費用佔毛利的百分比與 2024 年全年相比提高了 36 個基點，與 2019 年相比提高了 127 個基點。2025 年第一季過去 12 個月的調整後每位員工 EBITDA 較 2024 年全年成長 1%，較 2019 年成長 19%。現在請參閱投影片 5。

The charts here display the progression of customer orders coming via our digital platform, which include orders coming via mobile and website. As of the first quarter of '25, approximately 58% of our customers ordering through our domestic specialty locations are online versus 56% at year-end 2024 and 48% at year-end 2023.

這裡的圖表顯示了透過我們的數位平台發出的客戶訂單的進展情況，其中包括透過行動裝置和網站發出的訂單。截至 2025 年第一季度，透過我們國內專賣店訂購的客戶中約有 58% 是在線訂購，而 2024 年底這一比例為 56%，2023 年底這一比例為 48%。

Investments in our digital platform contribute to improved profitability over time as our teams drive online order adoption growth, enhancements to customer-facing functionality and real-time data analytics supporting our sales team. In addition, we continue to expand our digital footprint within Chefs' Warehouse, bringing Chefs' Warehouse Middle East and Hardie's online during the last few months.

隨著我們的團隊推動線上訂單採用率的成長、面向客戶的功能的增強以及支持我們銷售團隊的即時數據分析，我們對數位平台的投資有助於提高盈利能力。此外，我們繼續擴大 Chefs' Warehouse 的數位足跡，在過去幾個月內將 Chefs' Warehouse Middle East 和 Hardie's 上線。

With that, I'll turn it over to Jim to discuss more detailed financial information for the quarter and an update on our liquidity. Jim?

接下來，我將把主題交給吉姆，討論本季更詳細的財務資訊以及我們的流動性最新情況。吉姆？

Thank you, Chris, and good morning, everyone. I'll now provide a comparison of our current quarter operating results versus the prior year quarter and provide an update on our balance sheet and liquidity.

謝謝你，克里斯，大家早安。我現在將對我們本季的經營業績與去年同期進行比較，並提供我們的資產負債表和流動性的最新資訊。

Please refer to slide 6. Our net sales for the quarter ended March 28, 2025, increased approximately 8.7% to $950.7 million from $874.5 million in the first quarter of 2024. Net inflation was 5.2% in the first quarter, consisting of 4.8% inflation in our specialty category and 5.9% inflation in our center-of-the-plate category versus the prior year quarter.

請參閱幻燈片 6。截至 2025 年 3 月 28 日的季度，我們的淨銷售額從 2024 年第一季的 8.745 億美元成長約 8.7% 至 9.507 億美元。第一季淨通貨膨脹率為 5.2%，其中與去年同期相比，專業類別的通貨膨脹率為 4.8%，中階類別的通貨膨脹率為 5.9%。

Reported inflation was impacted by two primary factors in the first quarter versus the prior year quarter. Prices in chocolate and egg category products remained elevated versus prior year with double-digit year-over-year inflation.

與去年同期相比，第一季報告的通膨受到兩個主要因素的影響。巧克力和蛋類產品的價格與去年同期相比仍然高企，年比通膨率達到兩位數。

Specialty product cross-sell growth in Texas as we combine our legacy, specialty, and protein sales with our Hardie's produce operation. Average revenue per case in Hardie's increased approximately 12% versus the first quarter of 2024 as the mix of lower volume, higher revenue cases increased.

隨著我們將傳統產品、特色產品和蛋白質銷售與 Hardie 的農產品業務相結合，德克薩斯州的特色產品交叉銷售實現成長。由於銷售量較低、收入較高的案例組合增加，Hardie's 每箱平均收入與 2024 年第一季相比增長了約 12%。

Excluding the impact of the Texas cross-sell growth, aggregate specialty inflation was approximately 3.1% and overall inflation for the company was approximately 3%. Gross profit increased 7.9% to $226 million for the first quarter of 2025 versus $209.4 million for the first quarter of 2024.

不包括德州交叉銷售成長的影響，整體專業通膨率約為 3.1%，公司整體通膨率約為 3%。2025 年第一季毛利為 2.26 億美元，較 2024 年第一季的 2.094 億美元成長 7.9%。

Gross profit margins decreased approximately 18 basis points to 23.8%. Selling, general and administrative expenses increased approximately 6.5% to $202.8 million for the first quarter of 2025 from $190.3 million for the first quarter of 2024.

毛利率下降約18個基點至23.8%。銷售、一般及行政費用從 2024 年第一季的 1.903 億美元增加約 6.5% 至 2025 年第一季的 2.028 億美元。

The increase was primarily due to higher costs associated with compensation and benefits, facilities and distribution to support sales growth and higher depreciation driven by facility investments. Adjusted operating expenses increased 5.5% versus the prior year first quarter.

成長的主要原因是與薪資福利、設施和分銷相關的成本增加，以支持銷售成長，以及設施投資導致的折舊增加。調整後的營業費用較去年同期第一季成長5.5%。

And as a percentage of net sales, adjusted operating expenses were 18.8% for the first quarter of 2025. Operating income for the first quarter of 2025 was $22.7 million compared to $16 million for the first quarter of 2024.

2025 年第一季調整後的營運費用佔淨銷售額的百分比為 18.8%。2025 年第一季的營業收入為 2,270 萬美元，而 2024 年第一季的營業收入為 1,600 萬美元。

The increase in operating income was driven primarily by higher gross profit, partially offset by higher selling, general and administrative expenses versus the prior year quarter. Our GAAP net income was $10.3 million or $0.25 per diluted share for the first quarter of 2025 compared to net income of $1.9 million or $0.05 per diluted share for the first quarter of 2024.

營業收入的成長主要得益於毛利的增加，但與去年同期相比，銷售、一般及管理費用的增加部分抵銷了這一成長。2025 年第一季度，我們的 GAAP 淨收入為 1,030 萬美元，即每股攤薄收益 0.25 美元，而 2024 年第一季的淨收入為 190 萬美元，即每股攤薄收益 0.05 美元。

On a non-GAAP basis, we had adjusted EBITDA of $47.5 million for the first quarter of 2025 compared to $40.2 million for the prior year first quarter. Adjusted net income was $10.2 million or $0.25 per diluted share for the first quarter of 2025 compared to $5.9 million or $0.15 per diluted share for the prior year first quarter.

根據非公認會計準則 (Non-GAAP)，我們 2025 年第一季的調整後 EBITDA 為 4,750 萬美元，而去年同期第一季的調整後 EBITDA 為 4,020 萬美元。2025 年第一季調整後淨收入為 1,020 萬美元或每股攤薄收益 0.25 美元，而去年同期第一季調整後淨收入為 590 萬美元或每股攤薄收益 0.15 美元。

Turning to the balance sheet and an update on our liquidity. Please refer to slide 7. At the end of the first quarter, we had total liquidity of $278.9 million, comprised of $116.5 million in cash and $162.4 million of availability under our ABL facility.

轉向資產負債表並更新我們的流動性。請參閱投影片 7。截至第一季末，我們的總流動資金為 2.789 億美元，其中包括 1.165 億美元現金和 1.624 億美元的 ABL 信貸額度可用資金。

As of March 28, 2025, total net debt was approximately $535.2 million, inclusive of all cash and cash equivalents, and net debt to adjusted EBITDA was approximately 2.4 times. Turning to our full year guidance for 2025. Based on the current trends in the business, we are providing our full year financial guidance as follows.

截至 2025 年 3 月 28 日，總淨債務約為 5.352 億美元，包括所有現金和現金等價物，淨債務與調整後 EBITDA 的比率約為 2.4 倍。談到我們對 2025 年全年的指導。根據當前的業務趨勢，我們提供全年財務指導如下。

We estimate that net sales for the full year of 2025 will be in the range of $3.96 billion to $4.04 billion, gross profit to be between $954 million and $976 million and adjusted EBITDA to be between $234 million and $246 million. Please note for the full year 2025, we expect the convertible notes maturing in 2028 to be dilutive, and therefore, we expect the fully diluted share count to be approximately 46.3 million to 47 million shares.

我們預計 2025 年全年淨銷售額將在 39.6 億美元至 40.4 億美元之間，毛利將在 9.54 億美元至 9.76 億美元之間，調整後 EBITDA 將在 2.34 億美元至 2.46 億美元之間。請注意，對於 2025 年全年，我們預計 2028 年到期的可轉換票據將具有稀釋性，因此，我們預計完全稀釋的股份數量約為 4,630 萬至 4,700 萬股。

Thank you. And at this point, we will open it up to questions. Operator?

謝謝。現在，我們將開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

Thanks, good morning. Congrats on the quarter. I wanted to ask a little bit more on the tariffs and inputs. I know we've discussed it before, but just as it becomes more real, I think, maybe you could give some comfort there, kind of talk about the flexibility you have, just to kind of give us the latest on what you're thinking on that front.

謝謝，早安。恭喜本季取得佳績。我想進一步詢問有關關稅和投入的問題。我知道我們之前討論過這個問題，但隨著它變得越來越現實，我想，也許您可以給予一些安慰，談談您的靈活性，只是為了讓我們了解您在這方面的最新想法。

We think there should be a tariff piece. Obviously, we've been getting ready for this. And I don't think anybody has clarity really where it's going to affect, where it will end up, but it's still a small percentage. A lot of the products, even though we import a lot of specialty foods, it's still a small percentage of our overall business.

我們認為應該有一個關稅部分。顯然，我們已經為此做好了準備。我認為沒有人真正清楚它會產生什麼影響，最終會造成什麼後果，但這仍然只佔很小的比例。儘管我們進口了許多特色食品，但許多產品仍然只占我們整體業務的一小部分。

So I think that, I mean, we always pass it on. Some of the suppliers, I think if it really sticks, are probably going to eat some of it, and there'll be some pass on. You got to remember, the freight as well is part of the cost. So that's not getting tariffs.

所以我認為，我的意思是，我們總是將它傳遞下去。我認為，如果這項政策真的實施，有些供應商可能會接受一部分，而有些則會被放棄。你必須記住，運費也是成本的一​​部分。所以這不涉及徵收關稅。

So I think we feel we're okay. Our category management team has gotten ahead and all suppliers want to sell products. So they're finding a way to make sure that their market share stays pretty steady. And we have many alternative sources for a lot of our products.

所以我認為我們感覺還不錯。我們的品類管理團隊已經取得進展，所有供應商都希望銷售產品。因此他們正在尋找方法來確保他們的市場份額保持相當穩定。我們的許多產品都擁有許多替代來源。

I think we've prided ourselves on especially after financial crashes in 9/11, really diversify our supply chain. That's why we buy from so many different places and obviously, we buy a tremendous amount in the US. We have a lot of artisan producers producing products for us that kind of mimic our South American and European supplies. So I'm pretty comfortable where we are.

我認為我們為自己感到自豪，特別是在 9/11 金融危機之後，我們的供應鏈真正實現了多樣化。這就是為什麼我們從這麼多不同的地方購買，而且顯然我們在美國購買了大量產品。我們有許多手工藝生產商為我們生產模仿南美和歐洲供應的產品。所以我對我們的現狀感到很滿意。

Great. And a follow-up, your commentary on the demand environment seemed pretty or at least your trends seem pretty steady. And I know there's been some stock market volatility and kind of curious if there's any sense this is impacting demand at all on the upscale end or from what you've heard or seen.

偉大的。另外，您對需求環境的評論似乎不錯，或者至少趨勢看起來相當穩定。我知道股市出現了一些波動，我很好奇這是否會對高端產品的需求產生影響，或者從您所聽到或看到的情況來看。

I think as we said in our opening remarks, April was what we expected. It's from our chairs, we haven't really seen anything maybe a few spots around the country that depend on maybe more seasonal tourism. But look at a good restaurant and try to get a seat.

我想，正如我們在開場白中所說的那樣，四月正如我們所預料的那樣。從我們的視角來看，我們並沒有真正看到任何東西，也許全國各地的幾個地方可能更依賴季節性旅遊。但是，找一家好的餐廳並嘗試找個座位。

Their business seems strong. Weather is improving and all our clubs are opening, all our outdoor cafes are opening. So I think our diversity in our customer base and what we focus on, I would like to think that we're in better shape for any sort of economic slowdown than maybe the overall market.

他們的生意看起來很強勁。天氣正在好轉，我們所有的俱樂部都開放了，所有的戶外咖啡館都開放了。因此，我認為，由於我們的客戶群和關注點多樣化，我認為與整體市場相比，我們能夠更好地應對任何形式的經濟放緩。

Again, if you go from $5 to $6 for a meal, that's a tremendous increase. If your entree goes from $26 to $28, I don't think a lot of people are going to use that as a reason not to go to a good meal. So I'm hopeful like our 40 years of experience in this business, serving this type of clientele that we're a little more insulated.

再說了，如果一頓飯的價格從 5 美元漲到 6 美元，那將是一個巨大的成長。如果主菜價格從 26 美元漲到 28 美元，我想很多人不會以此為理由不去享用一頓美餐。因此，我希望，憑藉我們在這個行業 40 年的經驗，為這類客戶提供服務，我們會更加安全。

Thanks, Alex.

謝謝，亞歷克斯。

Mark Carden, UBS.

瑞銀的馬克卡登。

Good morning. Thanks so much for taking the questions and nice quarter guys. To start, we've seen some reports that international travel into the US has come down a bit. Would you expect for this to be a material headwind to your sales if it's sustained? Or does it tend to be a pretty modest factor?

早安.非常感謝大家回答問題，大家表現很好。首先，我們看到一些報導稱，前往美國的國際旅行人數有所下降。如果這種情況持續下去，您是否認為這會對您的銷售造成重大阻力？或者它往往是一個相當溫和的因素？

Yeah. I'm trying to think of last time we had an environment like this, but obviously, tourism is a big part of a lot of the major cities, I guess, around the country. But I don't see a panic in any of our hearing from any of our clientele.

是的。我試著回想上次我們遇到這樣的環境是什麼時候，但顯然，旅遊業是全國許多大城市的重要組成部分。但我沒有聽到任何來自我們客戶的恐慌聲音。

Again, a modest slowdown here or there, I guess, besides the very best restaurants, we do so much business in the suburbs and local restaurants that really don't depend on tourism. There's still so much action around stadiums and sports and entertainment that bring people into eat in a lot of the major cities.

再次，我想，這裡或那裡會出現適度的放緩，除了最好的餐廳外，我們在郊區和當地餐廳做了很多生意，而這些餐廳實際上並不依賴旅遊業。在許多大城市，體育場館、體育和娛樂場所周圍仍然有如此多的活動吸引人們前來用餐。

Our cruise ship business seems really solid. So as of today, we're not really seeing anything or hearing anything from our clients.

我們的遊輪業務看起來確實很穩健。因此截至今天，我們還沒有看到或聽到客戶的任何消息。

Great. That's helpful. And then I know everything remains pretty fluid on the tariff front, but do you see much risk for tariffs having an impact on your facility growth plans? Just your expansion activities get any tougher from an ROC standpoint, just given the potential impacts on materials costs?

偉大的。這很有幫助。然後我知道關稅方面的一切仍然非常不穩定，但您是否認為關稅會對您的設施成長計畫產生很大的影響？從 ROC 的角度來看，您的擴張活動是否會變得更加艱難，是否會對材料成本產生潛在影響？

I think for the immediate future, for the projects that we have in place right now, we've moderated our CapEx versus the prior years in '22 and '23. So we have a couple of projects that are underway right now. We don't see really any impact to those that's our project in the Northwest, we expect to complete at the end of the year or early '26.

我認為，就近期而言，對於我們目前實施的項目，與 22 年和 23 年相比，我們已經調整了資本支出。我們現在有幾個項目正在進行中。我們認為這對我們在西北地區的項目不會產生任何影響，我們預計將在今年年底或 26 年初完成。

And our New Jersey, Philadelphia project, we expect to complete sometime towards the end of the summer of this year. In terms of going forward, we're making plans right now. We haven't really seen any kind of impacts at this time. So I think that's still TBD.

我們位於新澤西和費城的項目預計將在今年夏末完成。就未來而言，我們現在正在製定計劃。目前我們還沒有真正看到任何影響。所以我認為這仍有待確定。

Yeah. But just reminds me kind of COVID made us smarter. We had to do less with more. And I think in planning for the next stage, we are looking at more technology ways to actually build smaller buildings and make them more efficient.

是的。但它提醒我，COVID 讓我們變得更聰明了。我們必須用更多的資源做更少的事情。我認為在規劃下一階段時，我們正在研究更多技術方法來建造較小的建築並提高其效率。

And the same thing same way we look at our SKU rationalization plans to really space is so expensive, labor is so expensive that finding new ways to service our clients but have a better handle on the cost of inventory.

同樣，我們看待 SKU 合理化計劃的方式也是一樣，空間非常昂貴，勞動力非常昂貴，因此需要找到新的方式為客戶提供服務，但要更好地控制庫存成本。

We always say we have a company that said yes. And now we're the company that says, let's look at it. We'd like to, but it's going to cost more to do it this way and our clients have been working with us. They understand the environment.

我們總是說我們有一家公司答應了。現在我們是一家說「讓我們看看這個」的公司。我們願意這樣做，但這樣做成本會更高，而且我們的客戶一直在與我們合作。他們了解環境。

So I think it just makes us more disciplined and smart, it forces you to be smarter because the costs have gone up. So you have to do less with more is the way we've looked at it and using technology really and all the AI we have and the experience in the company, we're just going to find a way to have that ROI work for us in these new buildings.

所以我認為這只會讓我們更加自律和聰明，它迫使你變得更聰明，因為成本已經上升了。因此，我們必須以更少的投入獲得更多的產出，我們真正利用科技、我們擁有的所有人工智慧和公司的經驗，我們只是想找到一種方法，讓投資回報率在這些新建築中為我們服務。

Great thanks so much good luck guys.

非常感謝，祝大家好運。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great, thanks for taking the question and congrats on the quarter. Just another question on the overall environment. Are you guys seeing any slowdown in new restaurant formation given the tariff uncertainty in the overall market?

太好了，感謝您回答這個問題，並祝賀本季度取得的成績。這只是關於整體環境的另一個問題。鑑於整體市場關稅的不確定性，你們是否看到新餐廳的開設速度有所放緩？

I know you need a fair amount of new restaurant formation or you need to add some significant amount of gross new restaurants every year to continue this growth pace. So just curious if you're seeing any sort of slowdown on construction and new restaurant formation?

我知道你需要開設相當數量的新餐廳，或者你需要每年增加相當數量的新餐廳才能保持這種增長速度。所以我好奇的是，您是否看到建築和新餐廳建設有任何放緩的跡象？

Thanks, Peter. No, not really. We always say restaurant tours open restaurants, a lot of new buildings, a lot of new developments, especially in areas that you have population growth, right? So when you look at West Palm and you look at parts of Texas and places where the population is growing, you got lots of new customers.

謝謝，彼得。不，不是真的。我們總是說餐廳巡遊會開設餐廳，很多新建築，很多新發展，特別是在人口成長的地區，對嗎？因此，當你看看西棕櫚灘和德克薩斯州的部分地區以及人口增長的地方時，你會發現很多新客戶。

I think I always think sometimes the data that comes out for the independent restaurants, I don't think the data is accurate enough to say what's happening with a lot of the independents. So a lot of it's for chains that you have so many new places opening since COVID that I think that affects sometimes the numbers of how many people are going in and out of the same restaurants.

我認為，我有時總是認為獨立餐廳的數據不夠準確，無法反映許多獨立餐廳的情況。很多都是連鎖店，自從新冠疫情爆發以來，有很多新店開業，我認為這有時會影響進出同一家餐廳的人數。

I think there's just so many that the business is getting more and more spread out. And for us, really, that's a tailwind. We benefit from new restaurants. So it's kind of a tailwind.

我認為數量太多了，業務也越來越分散。對我們來說，這確實是個順風。新餐廳為我們帶來了好處。所以這是一種順風。

And we really haven't seen a slowdown. I think the only place that maybe has a little slowdown is those heavy, heavy tourist spots kind of like Vegas maybe during the week. I think they've been a little quiet and then the weekends are still boom. But right now, in April, we haven't seen anything.

我們確實沒有看到經濟放緩的跡象。我認為唯一可能稍微放緩的地方是那些遊客非常多的景點，例如拉斯維加斯，可能是在工作日。我認為他們最近有點安靜，但週末仍然很熱鬧。但現在，四月份，我們還沒有看到任何進展。

Great. And then just lastly, Chefs' Middle East, could you guys provide an update there? I believe last year at this time, there was some weather, some flooding. Just curious how that business is performing. Thanks.

偉大的。最後，中東廚師，你們能提供一下最新消息嗎？我記得去年這個時候，出現了一些惡劣天氣和洪水。只是好奇該業務的表現如何。謝謝。

Yeah. The business is performing great. We continue to see growth. I think we provided some of the demographic statistics at our Investor Day in terms of the number of hotels that are slated to come online between now and 2030.

是的。業務表現良好。我們繼續看到成長。我認為我們在投資者日提供了一些人口統計數據，包括從現在到 2030 年預計上線的酒店數量。

So it continues to perform. We opened our new facility at the end of December of last year. And the team is continues to grow, and they're performing better than our expectations.

因此它繼續表演。我們在去年 12 月底開設了新工廠。團隊不斷壯大，他們的表現超出了我們的預期。

Thank you very much.

非常感謝。

Andrew Wolf, CL King & Associates.

安德魯·沃爾夫（Andrew Wolf），CL King & Associates。

Hi, good morning. I ask if you might be able to comment on the relative performance within your customer segments, for example, how your understanding is like fine dining or white table cloth versus maybe upscale casual. I think, Chris, you mentioned the country clubs are opening well.

嗨，早安。我問您是否可以評論一下您的客戶群中的相對錶現，例如，您的理解是高級餐飲或白色桌布與高檔休閒裝的對比。克里斯，我認為你提到鄉村俱樂部開張得很好。

I ask that because I think [BlackRock] had the fine dining not doing that great. I mean, yes, white table cloth. And I know it may not be the biggest segment within Chefs, but I'm just kind of trying to see where how things queue up with some of the public information out there. Obviously, your performance speaks for itself.

我之所以問這個問題，是因為我認為貝萊德的高級餐飲業務表現不佳。我的意思是，是的，白色的桌布。我知道這可能不是 Chefs 中最大的部分，但我只是想看看它與一些公開資訊是如何匹配的。顯然，你的表現不言而喻。

Yeah. I think you just have to look at the numbers. I mean, I still get 100 calls a week, like I'm actually a concierge to get people reservations, and I keep reminding them, that's not what I do. It's still really hard to get into any good restaurant. There's seasonality, there's yes, I don't know what, I haven't seen that BlackRock comment.

是的。我認為你只要看一下數字即可。我的意思是，我每週仍然會接到 100 個電話，就好像我實際上是一名禮賓員，為人們提供預訂服務，而我不斷提醒他們，這不是我的工作。進入任何一家好餐廳仍然非常困難。有季節性，是的，我不知道是什麼，我還沒有看到貝萊德的評論。

But there's always people complaining and there's always the restaurant business, everybody wants to go to a good new restaurant. So there's always someone that's losing a few covers a night. But I think behavior, I expect it to change somewhat.

但總是有人抱怨，而且餐飲業也總是蓬勃發展，每個人都想去一家好的新餐廳。因此，每晚總會有人遺失一些封面。但我認為行為，我希望它會有所改變。

Again, I always wanted to be in the wine business. I'm a wine lover, but I'm kind of glad I'm not at this point because I think that's where some of the slowdown is on the spend of beverage.

再說一次，我一直想從事葡萄酒行業。我是一個葡萄酒愛好者，但我很高興我現在還沒有醉心於此，因為我認為這是飲料消費放緩的原因之一。

In past slowdowns, what we experienced is our business always did pretty well. Maybe the mix changes a little bit. I always say people go to a skirt steak versus a (inaudible) and then they go to a glass of wine versus a bottle.

在過去的經濟放緩中，我們的業務一直表現得相當不錯。也許混合物會稍微改變一下。我總是說人們會選擇吃牛腩排而不是（聽不清楚），然後他們會選擇喝一杯葡萄酒而不是一瓶葡萄酒。

Right now, you have mocktails growing like crazy, so they're taking the place for people that are choosing not to drink versus drinking a Martini. So there's always a lot of adjustments in the industry, but we haven't really seen anything, Andy.

目前，無酒精雞尾酒的銷售量正在瘋狂增長，它們正在取代那些選擇不喝酒而選擇喝馬丁尼的人。因此，行業中總是有很多調整，但我們還沒有真正看到任何變化，安迪。

Got it. And the other question, maybe it's more for Jim, I'm not sure, but just could you comment on your gross profit dollars per case, the trend, obviously, was up, but maybe between the two main product categories?

知道了。另一個問題，也許這更多是針對吉姆的，我不確定，但您能否評論一下每箱的毛利潤，趨勢顯然是上升的，但也許是在兩個主要產品類別之間？

Yeah. I mean I think we're really pleased with just under 8% year-over-year gross profit dollar growth, and we got good operating leverage on that growth. The one thing as we called out on the specialty side, we continue to grow gross profit dollars per case, and you see that on the chart.

是的。我的意思是，我認為我們對略低於 8% 的同比毛利成長感到非常滿意，並且我們在這一增長中獲得了良好的經營槓桿。正如我們在專業方面所指出的，我們的每箱毛利持續成長，您可以在圖表上看到這一點。

But the one thing was on the attrition from the big noncore customer that we kind of called out in our prepared remarks. So excluding that, we had not only pretty good pounds growth, but we had about 7% year-over-year gross profit dollar growth, revenue per pound on our center of the plate.

但有一件事是關於非核心大客戶的流失，我們在準備好的演講中已經提到了這一點。因此，除此以外，我們不僅實現了相當不錯的磅數增長，而且我們的毛利（美元）同比增長了約 7%，即每磅收入。

And that contributed to that overall gross profit dollar growth. So just excluding that attrition, really good gross profit dollar growth per unit and overall for both categories.

這促進了整體毛利的成長。因此，只要排除人員流失，兩個類別的單位毛利和整體毛利都會有很好的成長。

Good. All right, thank you.

好的。好的，謝謝。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Hi, good morning Chris and Jim. Thanks for taking our questions. Jim, I actually just wanted to follow up on that point and how the attrition of the noncore customer exits, how that impacted the center-of-plate growth margin.

嗨，克里斯和吉姆早上好。感謝您回答我們的問題。吉姆，我實際上只是想跟進這一點，以及非核心客戶的流失如何影響中心板塊的成長利潤率。

And, I guess we should assume that kind of flows through for the next, couple of quarters, but just helping us kind of model here the gross margin impact of that attrition and if there's any more planned attrition for the year that we should think about modeling.

而且，我想我們應該假設這種流動會持續幾個季度，但這只是幫助我們模擬這種人員流失對毛利率的影響，以及今年是否還有任何計劃中的人員流失，我們應該考慮建模。

Well, it was a big commodity poultry program, a few million pounds of commodity programs. So, the biggest impact is on our reported volume growth. So we'll continue to kind of call it out because it has an impact on the overall reported volume growth.

嗯，這是一個大型商品家禽項目，價值數百萬英鎊的商品項目。因此，最大的影響是我們報告的銷售成長。因此，我們會繼續關注這一點，因為它會對整體報告量成長產生影響。

But from a margin perspective, the biggest impact on year-over-year margin. Has been the fact that prices are 6% or 7% higher than they were in the first quarter of 2024 and then product mix changes. So it was really just a combination of we sold a greater volume of higher dollar center-of-the-plate products and cases versus last year.

但從利潤率的角度來看，對年比利潤率的影響最大。事實是，價格比 2024 年第一季高出 6% 或 7%，然後產品組合發生變化。因此，這實際上只是因為我們與去年相比，銷售了更多價格更高的中心盤產品和機殼。

And obviously, when you have that kind of inflation, price inflation, you're going to give up some margin to manage the customers expectations and still get the gross profit dollar growth that you need. And so we're very pleased with our center-of-plates contribution to that overall 7.9% year-over-year gross profit dollar growth.

顯然，當出現這種通貨膨脹，即價格通貨膨脹時，您將放棄一些利潤來管理客戶的期望，同時仍獲得所需的毛利成長。因此，我們對中心板塊對整體毛利年增 7.9% 的貢獻感到非常滿意。

But I would say more importantly, for our customers and for what we watch is sequential inflation. And so during the first quarter, really from the beginning of the year, other than a little bit of volatility in February, sequential pricing in both specialty and center-of-the-plate has been within pretty tight ranges.

但我想說，對於我們的客戶和我們所關注的是連續通膨。因此，在第一季度，實際上從今年年初開始，除了 2 月的一點波動外，特種產品和中端產品的連續定價一直在相當狹窄的範圍內。

I mean, obviously, chocolate and eggs have been a little bit all over the place and very volatile at very high price levels. But other than that, inflation really hasn't been a sequential problem in the first quarter. So it will impact the year-over-year reporting. But really, those are the two factors, just product mix and price changes versus last year.

我的意思是，顯然，巧克力和雞蛋的價格有點混亂，而且在高價位上波動很大。但除此之外，通貨膨脹其實並不是第一季的連續問題。因此它將影響同比報告。但實際上，這只是兩個因素，即產品組合和與去年相比的價格變化。

Okay. Very helpful. I wanted to also just follow up on the tourism question, and it sounds like you're definitely not seeing any impact there, maybe pockets.

好的。非常有幫助。我還想跟進旅遊業的問題，聽起來你肯定沒有看到任何影響，也許只是零星的影響。

But just curious if you can give some numbers or share some anecdotes about how much the business has changed maybe versus pre-COVID where you've had some business shift outside of the more dense urban markets into the suburbs. How does that shift look from pre-COVID to today?

但我只是好奇，您是否可以提供一些數字或分享一些軼事，說明與疫情之前相比，業務發生了多大的變化，當時一些業務已經從人口密集的城市市場轉移到郊區。從新冠疫情前到今天，這種轉變是怎麼樣的？

I think there was such a, as you know, I mean, I know some industries, the banking wants people back in the office five days a week. I don't know if that's really happening. But we saw a boom that maybe people are going back in more, but there's definitely more people working one to two days, not commuting and eating more local where they live, even in the cities.

我認為有這樣的情況，正如你所知，我的意思是，我知道有些行業，銀行希望人們每週五天回到辦公室。我不知道這是否真的發生了。但我們看到了一種繁榮景象，也許人們會更多地回家，但肯定有更多的人只工作一到兩天，不通勤，在他們居住的地方吃更多的當地食物，即使是在城市裡也是如此。

You live downtown, your office is uptown, you still see some demographic changes. So it's hard to really throw a dart at it, Kelly, but it's definitely rebalanced the business somewhat.

你住在市中心，你的辦公室在住宅區，你仍然會看到一些人口結構的變化。因此，凱利，很難真正對其進行打擊，但它確實在某種程度上重新平衡了業務。

There's still that boom in the cities when you have big events, shows, obviously, conventions. But the suburban restaurants, I would say many maybe are not doing the COVID numbers because nobody was going into the cities, but it definitely has changed the landscape.

當舉辦大型活動、表演、會議等時，城市仍然會很繁榮。但我想說，郊區的餐廳可能沒有達到 COVID 的數字，因為沒有人去城裡，但這確實改變了現狀。

Okay. That is helpful. Maybe just another one here on the guidance. Obviously, the Q1 was strong here on the top line. And if you look at your guidance, it would kind of imply a little slower growth for the rest of the year.

好的。這很有幫助。也許只是這裡的另一個指導。顯然，第一季的營收表現強勁。如果你看一下你的指導意見，它就意味著今年剩餘時間的成長將會略微放緩。

I'm assuming that's conservatism. But maybe you could just talk about how you think about that. Is that conservatism? Do you want to just be conservative planning in this environment or anything else that we should be thinking about?

我認為這就是保守主義。但也許您可以談談您對此的看法。這就是保守主義嗎？您是否只想在這種環境下進行保守規劃，或者我們應該考慮其他任何事情？

Yes, Kelly, we generally don't change our guidance materially after the first quarter. Just in general, if you look back just because you're through a quarter and you got three quarters of the year left. So that's just a little bit of our normal practice.

是的，凱利，我們通常不會在第一季之後大幅改變我們的預期。總的來說，如果你回顧一下，只是因為你已經度過了一個季度，而今年還剩下三個季度。這只是我們正常做法的一小部分。

We did bring up very slightly the lower end just to reflect the strength of the first quarter. And I think there's obviously some uncertainty around the macroeconomic environment given the tariff situation and the volatility around that.

我們確實略微提高了下限，以反映第一季的強勁表現。我認為，鑑於關稅情況及其波動性，宏觀經濟環境顯然存在一些不確定性。

So it's also comparison driven. So, we had a very strong second half of the year in '24. So if you look at our full year guidance, the growth level is lower than the first quarter year-over-year. And that's just driven by comps and the fact that we're usually a little conservative coming out of the first quarter.

所以這也是比較驅動的。因此，2024 年下半年我們的業績非常強勁。因此，如果你看一下我們的全年指引，你會發現成長水準低於第一季的年比水準。這只是受到同店銷售額成長以及我們在第一季通常採取一些保守態度的事實所驅動。

Makes sense, thank you.

有道理，謝謝。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Hey thanks and good morning to you both. Quick question, Chris. You talked about the normal April seasonality and the kind of reopening of.

嘿，謝謝，大家早安。問個快速問題，克里斯。您談到了四月份的正常季節性以及重新開放的情況。

Todd, we can't hear you.

托德，我們聽不到你說話。

Todd, we can't hear you.

托德，我們聽不到你說話。

Can you hear me now?

現在你能聽到我說話嗎？

Yes. Much better.

是的。好多了。

Sorry about that. Chris, you talked about that normal April seasonality, clubs reopening, outdoor dining reopening. Just wondering, as you're talking to customers and looking at kind of that May, June window, and obviously, this is a big season for a lot of restaurants with moms, dads and grads.

很抱歉。克里斯，你談到了四月正常的季節性變化，俱樂部重新開放，戶外餐飲重新開放。只是想知道，當您與顧客交談並查看五月、六月的窗口時，顯然，對於許多有媽媽、爸爸和畢業生的餐廳來說，這是一個重要的季節。

So just wondering if there's any sort of booking activity going on into that May time frame that you're getting kind of confidence in continuing activity when you talk to the clients?

所以我只是想知道在 5 月份期間是否有任何預訂活動正在進行，當您與客戶交談時，您是否對繼續進行活動有信心？

Yes. I mean, again, I haven't really heard any doom and gloom. I think most of our clientele is pretty confident. I think the only kind of noise I'm hearing is maybe some slowdowns in like Las Vegas. But comparing year-to-year comps, obviously, coming out of COVID when nobody was traveling and then you couldn't get a room and then everybody was going to place with Las Vegas.

是的。我的意思是，我還沒有真正聽到任何悲觀的消息。我認為我們的大多數客戶都非常有信心。我認為我聽到的唯一噪音可能是拉斯維加斯等地的經濟放緩。但是，與去年同期相比，顯然，在新冠疫情結束後，沒有人旅行，你也訂不到房間，然後每個人都會去拉斯維加斯。

So I'm thinking maybe it's more normality at this point that there's a lot of choices. I think it's the only place I hear a lot of noise is people that had a business boom, boom coming out of COVID and they kind of expected it to stay kind of like when I hear from areas of Florida, our business in Florida is doing great. I couldn't be happier with it and the growth.

所以我認為，現在有很多選擇可能會比較正常。我認為這是我唯一聽到很多噪音的地方，人們的生意興隆，新冠疫情帶來了繁榮，他們有點希望這種繁榮能夠持續下去，就像我從佛羅裡達地區聽到的那樣，我們在佛羅裡達的生意做得很好。我對此和它的成長感到無比高興。

But you hear people still complain that it's not as busy as last year or the year before. And I'm like, well, Florida was one of the only places you can go to. So that was not a pace that could continue, right? People like choices, people go other places now.

但你仍然會聽到人們抱怨今年不像去年或前年那麼繁忙。我想，佛羅裡達是唯一可以去的地方之一。所以這個速度是無法持續下去的，對嗎？人們喜歡選擇，現在人們會去其他地方。

So we remain cautiously optimistic. Again, this is not a new business. We've been serving this type of clientele for 40 years, actually, exactly 40 year anniversary. And there are spots that do slow down, and there's other spots that kind of pick up. So it kind of gives us a balance.

因此我們保持謹慎樂觀的態度。再說一遍，這並不是什麼新業務。我們已經為這類客戶服務了 40 年，實際上，正好 40 週年紀念日。有些地方確實會變慢，有些地方則會加快。所以它給了我們一種平衡。

I would say maybe you're giving up, maybe you're if you're a family on a budget and you're going to cut back a little bit, but you still book that cruise vacation for your family, you're probably going to go on that unless you lose your job, you're going to go on that vacation or you're going to go on that birthday or anniversary event or you're going to have that (inaudible) or wedding or [christening] party. So I remain cautiously optimistic.

我想說，也許你會放棄，也許如果你的家庭預算有限，你會削減一些開支，但你仍然會為你的家人預訂郵輪假期，你可能會繼續這樣做，除非你失業，你會去度假，或者你會參加那個生日或週年紀念活動，或者你會舉辦那個（聽不清）或婚禮或[洗禮]派對。因此我仍然保持謹慎樂觀的態度。

Perfect. And then, Jim, a follow-up question. You spoke to the inflation levels during the quarter and that there's an element of that, that was impacted from just the Hardie's business really getting in Chris (inaudible) and starting to cross-sell more specialty product.

完美的。然後，吉姆，有一個後續問題。您談到了本季的通貨膨脹水平，其中有一部分因素受到了 Hardie 業務的影響，Chris（聽不清楚）開始交叉銷售更多特色產品。

Is there a way from a modeling standpoint that you could level set assumptions for where your thoughts are on inflation right now for the balance of the year, either taking into account or backing out the tailwind from this improved cross-sell at Hardie's?

從建模的角度來看，您是否可以對目前對今年剩餘時間的通膨的看法進行平衡假設，無論是考慮還是排除 Hardie 的這種改善的交叉銷售帶來的順風？

Yeah. I would just kind of range around what we talked about in our prepared remarks. If you exclude the Hardie's cross-sell just the increase in their average case price because we're starting to grow the specialty part of the business as we integrate.

是的。我只是想大致談談我們在準備好的發言中所討論的內容。如果不考慮 Hardie 的交叉銷售，其平均箱價就會上漲，因為我們在整合過程中開始擴大業務的專業部分。

Inflation was around 3%. And then within that 3%, you still have chocolate prices, which are significantly higher than last year. Once again, sequentially, for the first quarter, they haven't changed that much. They've been trading within a range, a pretty tight range, but at much higher levels than a year ago.

通貨膨脹率約3%。在這 3% 的漲幅中，巧克力價格仍然比去年高出許多。再次，與第一季相比，它們並沒有太大的變化。它們的交易範圍相當窄，但比一年前高得多。

And then everybody is aware of what's happening with egg prices. They're down pretty significantly from where they were in the fourth quarter and last year, but they're still at an elevated level and they're pretty volatile. So that's all within that 3%.

然後每個人都知道雞蛋價格的變化。與第四季和去年同期相比，這一數字大幅下降，但仍處於較高水平，而且相當不穩定。這些都在 3% 以內。

So once again, I just think you exclude those two things and you're in that 2% to 3% range that we tend to model when we forecast out. And really nothing, no real commentary beyond that.

所以再說一次，我只是認為你排除了這兩件事，你就處於我們在預測時傾向於建模的 2% 到 3% 的範圍內。除此之外，真的沒有什麼真正的評論。

Okay perfect thank you both.

好的，非常感謝你們。

Ben Klieve, Lake Street Capital Markets.

Ben Klieve，Lake Street Capital Markets。

All right, thanks for taking my questions. I'm curious about the noncore exit that you have noted here. And specifically, I'm wondering about when that was decided to be exited and when that exit was first included in your guidance? If today is the first day or if that was included back when you first announced at ICR.

好的，感謝您回答我的問題。我對您在此處提到的非核心退出感到好奇。具體來說，我想知道您何時決定退出，以及何時首次將退出納入您的指導中？如果今天是第一天，或者當您第一次在 ICR 宣佈時就已將其包括在內。

Yeah. It's a program that we knew we would attrit out of at some point. So we factored it into the range of our guidance. We didn't, it's a kind of program that is not typical for us. We inherited it with an acquisition and we work to make it as profitable as possible, but these kind of programs go out to bid and then you decide whether you can make it profitable or not.

是的。我們知道，在某個時候，我們會失去這個專案。因此我們將其納入了指導範圍。我們沒有，這是對我們來說並不典型的項目。我們透過收購繼承了它，並努力使其盡可能盈利，但這類項目需要進行招標，然後你再決定是否能夠使其盈利。

And so it just happened that the attrition started in the first quarter, and we had already kind of built it into our guidance. And so the timing from those things, you can never time them perfectly, but that's really the cadence.

所以，人員流失恰好在第一季就開始了，我們已經將其納入了我們的預期之中。因此，你永遠無法完美地掌握這些事情的時間，但這確實是節奏。

And I think when we forecast, you don't know when things actually are going to be bid out and you're going to give up, I say we don't fire customers, but it's not what we do. Some of these acquisitions we have, they come along with, I call it, noncore business.

我認為，當我們進行預測時，你不知道什麼時候實際上會被出價，然後你就會放棄，我說我們不會解僱客戶，但這不是我們所做的。我們進行的一些收購伴隨著我所謂的非核心業務。

So we kind of build in good guy, bad guy. So you know that something you're probably going to lose something like this and then you're probably going to pick up something else.

因此，我們塑造了好人、壞人的角色。所以你知道，你可能會失去這樣的東西，然後你可能會得到其他的東西。

And that's why I think Jim does a pretty good job with the team helping build the forecast and the numbers go up and down a little bit, but kind of by the end of the year, they're kind of evening out with the upside. Usually, when something like this happens, we have more capacity on trucks.

這就是為什麼我認為吉姆在團隊幫助制定預測方面做得很好，雖然數字會稍微上下波動，但到年底，它們會趨於平穩並呈現上升趨勢。通常，當發生這樣的事情時，我們的卡車容量會更大。

So now we're not adding more routes. We're just filling up the routes that left a little vacuum. So it actually starts to become a much more profitable business.

所以現在我們不會增加更多航線。我們只是填補了留下一些空白的路線。因此它實際上開始成為一項更有利可圖的業務。

We did that in New England. So we have a lot of experience having done this with all the past acquisitions, and we call it [cheferizing] their business. And kind of changing it. I mean one of our business that we bought that was making barely any money. And four years later, they got $10 million of EBITDA.

我們在新英格蘭做到了這一點。我們在過去的所有收購中都積累了豐富的經驗，我們稱之為「Cheferizing」（精簡化）他們的業務。並對其進行某種程度的改變。我的意思是，我們收購的一家公司幾乎沒有獲利。四年後，他們的 EBITDA 達到 1000 萬美元。

So I think we're very confident in our strategy and not that we want to fire customers, but I always say we're a for-profit business, and it's just not what we do and maybe they're better off with a different model. We don't run someone else's company, but we know what it costs to run a truck and make a delivery and the numbers have to make sense. So I think it's going to be constant, it's a constant thing that we're going to experience forever.

所以我認為我們對我們的策略非常有信心，我們並不想解僱客戶，但我總是說我們是一家營利性企業，這不是我們所做的，也許他們採用不同的模式會更好。我們不經營別人的公司，但我們知道駕駛卡車並進行一次運送需要花費多少錢，而這些數字必須合理。所以我認為這將會持續下去，這是我們將永遠經歷的一件事。

And that totally makes sense. I mean the strategic and financial rationale here is certainly appropriate. I guess, Jim, is it a fair characterization then that maybe some part of this business was included in your initial guidance back in January, February.

這完全是有道理的。我的意思是這裡的策略和財務理由當然是恰當的。吉姆，我想，這樣的說法是否公平，也許這項業務的某些部分已經包含在您一月或二月的初步指導中了。

And now there's no part of this on a go-forward basis that's included. And so the kind of effective reiteration of guidance that you have today is kind of better than it looks because there's an exited business now that's no longer included?

而現在，這其中還沒有任何部分被納入其中。所以，您今天所做的有效指導重申比看上去要好一些，因為現在已經有一個退出的業務不再包括在內了？

I guess I think Chris really kind of framed it appropriately that when we're building our guidance suite, we factor in the potential loss of this type of stuff, but also potential gains that we may not have factored into the guidance.

我想我認為克里斯確實恰當地表達了這一點，當我們構建我們的指導套件時，我們會考慮到這類東西的潛在損失，但也會考慮到我們可能沒有考慮到指導中的潛在收益。

So I mean, net-net, we raised the bottom end of our top line guidance, which is really just flowing through a little bit of the goodness from Q1. But like we said, we factored in knowing that this was probably going to go away.

所以我的意思是，淨淨值方面，我們提高了頂線指導的底端，這實際上只是第一季的一些好處。但就像我們所說的那樣，我們已經考慮到這種情況可能會消失。

But not knowing exactly the business. So December, when we're doing our budgets in November for '25, we don't know that this will, this account will tell us that they don't want to pay the increase. But I think we just forecast on, say, $4 billion of sales, you're going to have some of this that's going to happen and you're going to have some good stuff coming. So balance. So maybe it gets a little squishy in a quarter or so.

但並不了解具體的業務。因此，當我們在 11 月制定 25 年預算時，我們不知道這個帳戶是否會告訴我們他們不想支付增加的費用。但我認為，我們只是預測了 40 億美元的銷售額，你會看到其中一些事情會發生，而且你會看到一些好東西。所以要保持平衡。因此，也許在四分之一左右的時間內它會變得有點柔軟。

But like we always say the Italians always say you throw everything in the pot and somehow it makes broth. And that's kind of our business when you're selling mostly independents. And then you sprinkle in a few of these, I call it, noncore customers.

但就像我們常說的那樣，義大利人總是說，把所有東西都丟進鍋裡，不知怎麼的，它就會變成湯。當您主要銷售獨立產品時，這就是我們的業務。然後再加入一些我稱之為非核心客戶的人。

And we look at it when we're buying companies. We're like, you know what, we know eventually this is going to go away. It's not what we do. So while we have it, we try to figure out the next stage of the strategy.

我們在收購公司時也會考慮這一點。我們就像，你知道嗎，我們知道最終這一切都會消失。這不是我們做的事。因此，當我們擁有它時，我們會嘗試找出策略的下一階段。

The way I look at it is if you got clunky low-margin business inside of an acquisition, we model it over four or five years. It will go away and those routes are going to be repurposed with more business that we do. So it's a little headwind when it goes away at once and then the rebuilding starts, and it looks really much, much better over that four year period.

我的看法是，如果你在收購中獲得了笨重的低利潤業務，我們會以四到五年的時間對其進行建模。它會消失，那些路線將被重新利用，用於我們所進行的更多業務。因此，當這種影響立即消失，然後開始重建時，就會出現一點阻力，但在四年的時間裡，情況看起來確實好多了。

Got it. That makes perfect sense. I appreciate the caller. Congratulations. Really good start to the year. I'll get back with you.

知道了。這很有道理。我很感謝來電者。恭喜。今年的開始確實很好。我會回來找你。

Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Chris Pappas for his closing comments. Chris?

女士們、先生們，由於沒有其他問題，我現在將會議交給克里斯·帕帕斯，請他作總結發言。克里斯？

Yeah. Well, we thank everyone for joining us today. We're really proud of our team in turbulent times with a lot of noise in the air. We think the CW team does a tremendous job in delivering the kind of quarter we've delivered. And I think our shareholders are proud of them, too.

是的。好吧，我們感謝大家今天的加入我們。在這個充滿噪音的動盪時期，我們真的為我們的團隊感到驕傲。我們認為 CW 團隊在實現我們所交付的季度業績方面做得非常出色。我認為我們的股東也為他們感到自豪。

So thank you, everybody, for joining today and look forward to our next call.

所以，感謝大家今天的參加，並期待我們的下一次電話會議。

Thank you. Ladies and gentlemen, the conference of the Chefs' Warehouse has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，廚師倉庫會議現已結束。感謝您的參與。現在您可以斷開線路了。