信達思 (CTAS) 2025 Q1 法說會逐字稿

(Please stand by for streaming text.) Good day, everyone, and welcome to Cintas Corporation announces fiscal 2025 first quarter results conference call. Today's call is being recorded. At this time, I would like to turn the call turn the call over to Mr. Jared magically, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

（請等待串流文本。）大家好，歡迎來到 Cintas Corporation 宣布的 2025 財年第一季業績電話會議。 今天的通話正在錄音。 這時，我想把電話神奇地轉給副總裁、財務長和投資人關係賈里德先生。 請繼續，先生。

Thank you, Russ. Thank you for joining us. With me today are Todd Schneider, President and Chief Executive Officer; and Mike Hanse, Executive Vice President and Chief Financial Officer, who will discuss our fiscal 2025 first quarter results as from and former that Review's current views as to future events and financial performance.

謝謝你，拉斯。 感謝您加入我們。 今天與我在一起的有總裁兼執行長 Todd Schneider；執行副總裁兼財務長 Mike Hanse 將討論我們 2025 財年第一季的業績，回顧目前對未來活動和財務表現的看法。

Forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those we may discuss. I refer you to the discussion on these points contained in our most recent filings with the Securities and Exchange Commission.

前瞻性陳述存在風險和不確定性，可能導致實際結果與我們可能討論的結果有重大差異。 我建議您參閱我們最近向美國證券交易委員會提交的文件中有關這些觀點的討論。

I'll now turn the call over to Todd.

我現在將把電話轉給托德。

Thank you, our. We are pleased with our start to fiscal year 2025. Our first quarter results reflect the strength and breadth of Cintas value proposition for businesses of all types and stellar execution by our employee partners. First quarter, total revenue grew 6.8% to $2.51 billion, an all-time high for revenue and a quarter first quarter revenue growth was negatively impacted by one less workday in the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.

謝謝你，我們的。 我們對 2025 財年的開局感到滿意。 第一季總營收成長 6.8%，達到 25.1 億美元，創營收歷史新高，與 2024 財年第一季相比，2025 財年第一季工作日減少，對第一季營收成長產生負面影響。

On a same day work basis, first quarter revenue growth was 8.4%. The organic growth rate, which adjust for the impacts of acquisitions. Foreign currency exchange rate fluctuations in the fact that there was one less workday in the quarter was 8.0%.

以同日工作計算，第一季營收成長 8.4%。 有機成長率，根據收購的影響進行調整。 本季減少1個工作天導致的外幣匯率波動為8.0%。

Interest and taxes business divisions contributed to our success in the quarter. As Mike will detail, our rental division was right where we like them to be. And our First Aid and Safety and Fire Protection businesses each generated double digit year-over-year growth, demonstrating the complementary nature of our platform and our long runway for future growth.

利息和稅收業務部門為我們本季的成功做出了貢獻。 正如麥克將詳細介紹的那樣，我們的租賃部門正是我們所希望的。 我們的急救和安全與消防業務均實現了兩位數的同比增長，展示了我們平台的互補性和未來增長的長遠發展。

The value of the products and services syntax delivers continues to resonate with customers of all sizes and across industries. We remain focused on the tremendous opportunity. We have to serve 60 million businesses across North America.

產品和服務語法所提供的價值繼續引起各種規模和跨行業的客戶的共鳴。 我們仍然專注於巨大的機會。 我們必須為北美地區的 6,000 萬家企業提供服務。

In the first quarter, we continued to experience strong demand for our services, not only from existing customers but across our new business. Pipeline businesses across our four focus verticals of healthcare, hospitality, education and state and local government continued to perform well. Our top line results flow through to our bottom line.

在第一季度，我們繼續感受到對我們服務的強勁需求，不僅來自現有客戶，而且來自我們的新業務。 我們醫療保健、酒店、教育以及州和地方政府這四個重點垂直領域的管道業務繼續表現良好。 我們的頂線結果流向我們的底線。

Gross margin for the first quarter increased 9.7% over the prior year to a record 50.1%. Operating income of 22.4% as a percent of revenue was also an all-time record, an increase of 12.1% over the prior year. Diluted EPS reflects the recent in full for one stock split group grew a robust 18.3% to $1.10.

第一季毛利率比去年同期成長 9.7%，達到創紀錄的 50.1%。 營業收入佔收入的比例達22.4%，創歷史新高，較上年增長12.1%。 稀釋後每股盈餘反映出最近一個股票分割集團的整體強勁成長 18.3% 至 1.10 美元。

Earnings growth continues to reflect our relentless focus on operational excellence in every aspect of our business, including strategic sourcing and supply chain initiatives that drive down our material cost route and energy optimization with Smart Truck and leveraging our SAP system to minimize the efficiency of our facilities.

獲利成長繼續反映出我們對業務各個方面卓越營運的不懈關注，包括戰略採購和供應鏈計劃，透過智慧卡車降低我們的材料成本路線和能源優化，並利用我們的SAP 系統最大限度地降低我們設施的效率。

Cash flow was very strong in the first quarter with free cash flow increasing 62.4% over the prior year. Our cash generation enabled us to deploy capital across each of our capital allocation priorities. We continue to focus our strategic investments and our customers and our employee partners.

第一季現金流非常強勁，自由現金流比去年同期成長 62.4%。 我們的現金產生使我們能夠在每個資本配置優先事項中部署資本。 我們繼續關注我們的策略投資、我們的客戶和我們的員工合作夥伴。

This strategy is reflected in our capital allocation priorities that continue to position us to deliver long-term value for our shareholders. In the first quarter, we continued to invest in our businesses through capital expenditure of 92.9 million and made acquisitions in each of our three route-based segments.

這項策略反映在我們的資本配置優先事項中，這些優先事項繼續使我們能夠為股東創造長期價值。 第一季度，我們透過9,290萬美元的資本支出繼續投資於我們的業務，並在我們的三個航線細分市場中分別進行了收購。

Our technology investments are a significant area of reinvestment. We are making great strides to implement better technology driven solutions to standardize our processes across our operations. These investments have enabled us to provide more flexibility to our customers, including increased garment sharing and achieving more more nimble and efficient product sourcing. Coupled with our ongoing partnership with Verizon, Google and SAP, we're able to make our employee partners jobs easier and get the right products to our customers faster.

我們的技術投資是再投資的一個重要領域。 我們在實施更好的技術驅動解決方案方面取得了長足進步，以標準化我們整個營運的流程。 這些投資使我們能夠為客戶提供更大的靈活性，包括增加服裝共享並實現更靈活、更有效率的產品採購。 再加上我們與 Verizon、Google 和 SAP 的持續合作關係，我們能夠讓我們的員工合作夥伴的工作變得更輕鬆，並更快地為我們的客戶提供合適的產品。

We are seeing these efforts continued to improve customer experience and possibly impact our margin profile in addition to making the investments in our business to fuel future growth. Returning capital to since our shareholders through dividends and share repurchase remains a key priority.

我們看到這些努力持續改善客戶體驗，除了投資我們的業務以推動未來成長之外，還可能影響我們的利潤狀況。 透過股利和股票回購向股東返還資本仍然是關鍵優先事項。

Cintas increases. Quarterly dividend by 15.6% per share resulted in an aggregate quarterly cash dividend payment of $157.9 million on September third. This marks the 41 consecutive year that we increased our dividend, meaning we have maintained this practice every year since going public.

辛塔斯增加。 每股季股利為 15.6%，截至 9 月 3 日，季現金股利總額為 1.579 億美元。 這標誌著我們連續 41 年增加股息，這意味著我們自上市以來每年都保持這種做法。

We also purchased four and $73.6 million worth of common stock during the quarter. Before I turn the call over to Mike to provide details of our first quarter results, I'll provide our updated financial expectations for fiscal year, which were from momentum we carried through the first quarter and the exceptional dedication of our employee partners in helping our customers meet image safety, cleanliness and compliance needs.

我們還在本季購買了四股價值 7,360 萬美元的普通股。 在我將電話轉給麥克以提供我們第一季業績的詳細資訊之前，我將提供我們對本財年的最新財務預期，這些預期來自我們第一季的勢頭以及我們的員工合作夥伴在幫助我們的業務方面的卓越奉獻。

We are increasing our financial guidance range for fiscal 2025. We are raising our annual revenue expectations from a range of $10.16 billion to $10.31 billion, $10.31 billion to a range of $10.22 billion to $10.32 billion, a total growth rate of 6.5% to 7.5%.

我們正在提高 2025 財年的財務指引範圍。

We expect our organic growth rate to be in the range of 7.0% to 8.1%. We are also raising our annual diluted EPS expectations from a range of $4.6 to $4.19 to a range of $4.17 to $4.25 of growth rate of 10.0% to 12.1%.

我們預計有機成長率將在 7.0% 至 8.1% 之間。 我們也將年度稀釋每股盈餘預期從 4.6 美元至 4.19 美元上調至 4.17 美元至 4.25 美元，成長率為 10.0% 至 12.1%。

The future sent us remains bright, and I look forward to the year ahead.

我們的未來依然光明，我期待著新的一年。

With that, I'll turn the call over to Mike to discuss the details of our first quarter results.

接下來，我將把電話轉給麥克，討論我們第一季業績的細節。

Thanks, Todd, and good morning. Our fiscal 2025 first quarter revenue was $2.5 billion compared to 2.34 billion last year. The organic revenue growth rate, adjusted for acquisitions, foreign currency exchange rate fluctuations and a difference in the number of workdays was 8%.

謝謝托德，早安。 我們 2025 財年第一季的營收為 25 億美元，而去年為 23.4 億美元。 經收購、外幣匯率波動和工作天數差異調整後，有機收入成長率為 8%。

Total growth was negatively impacted by 160 basis points due to one fewer workday in the first quarter compared to the prior year period. As a reminder, we have two fewer workdays in fiscal 2025 compared to 20 fiscal 2020 for one impacted our first quarter, and the second will impact our fourth quarter. Each of our fiscal 2025 quarters has 65 days.

由於第一季工作日比去年同期減少，總成長受到 160 個基點的負面影響。 提醒一下，與 2020 財年的 20 個工作天相比，我們 2025 財年的工作日減少了兩個，其中一個工作日影響我們第一季度，第二個工作日影響我們第四季。 2025 財年每季都有 65 天。

Organic growth by business was 7% for Uniform Rental and Facility Services, 14% for first-aid and safety services, 13.8% for fire protection services. And you'd gross margin for the first quarter of fiscal 2025 was $1.25 billion compared to $1.14 billion last year, an increase of 9.7%.

按業務劃分，制服租賃和設施服務有機成長 7%，急救和安全服務有機成長 14%，消防服務有機成長 13.8%。 2025 財年第一季的毛利率為 12.5 億美元，較去年的 11.4 億美元成長 9.7%。

As Todd mentioned, gross margin as a percent of revenue reached a milestone 50.1% for the first quarter for fiscal 2025 compared to 48.7% last year, an increase of 140 basis points. Robust volume growth continues to generate strong operating leverage.

正如托德所提到的，2025 財年第一季毛利率佔收入的百分比達到了里程碑式的 50.1%，與去年的 48.7% 相比，增長了 140 個基點。 強勁的銷售成長持續產生強勁的營運槓桿。

Our gross margins also increased as a result of our world-class supply chain investments we have made in technology and continued operational efficiencies. Gross margin percentage by business was 49.3% for Uniform Rental and Facility Services, 57.7% for First Data Safety Services, 50.2% for Fire Protection Services and 40.6% for uniform direct sale.

由於我們在技術方面進行的世界級供應鏈投資和持續的營運效率，我們的毛利率也有所增加。 依業務劃分的毛利率為：統一租賃和設施服務為49.3%，第一個資料安全服務為57.7%，消防服務為50.2%，統一直銷為40.6%。

Gross margin for the Uniform Rental and Facility Services segment increased 120 basis points from last year. We continue to generate leverage as a result of our strong revenue growth. Great performance from our supply chain is lowering our product costs. We continue to realize benefits from our technology investments, and we are extracting inefficiencies from the business through our six Sigma and engineering teams.

制服租賃和設施服務部門的毛利率比去年增加了 120 個基點。 由於營收強勁成長，我們持續產生槓桿作用。 我們供應鏈的出色表現正在降低我們的產品成本。 我們不斷從技術投資中獲益，並透過六個西格瑪和工程團隊消除業務效率低下的問題。

Gross margin for the First Aid and Safety Services segment increased 180 basis points from last year. As with our rental business, strong revenue growth continues to create leverage. Our sales mix continues to be favorable with more profitable first aid products and increases in our recurring revenue products like ED.s, iWatch stations and Waterbury.

急救和安全服務部門的毛利率比去年增加了 180 個基點。 與我們的租賃業務一樣，強勁的收入成長繼續創造槓桿。 我們的銷售組合持續保持良好勢頭，急救產品利潤更高，經常性收入產品（如 ED.s、iWatch 站和 Waterbury）也有所增加。

Our technology investment in Smart Truck continue to provide a route optimization and improved efficiencies. And we continue to see sourcing benefits from our first state dedicated distribution center that we opened several years ago that has allowed us to lower product costs.

我們對智慧卡車的技術投資持續提供路線優化和提高效率。 我們繼續看到我們幾年前開設的第一個州專用配送中心的採購優勢，這使我們能夠降低產品成本。

All of these contribute to improved margins. Selling and administrative expenses as a percentage of revenue was 27.6%, which was at 20 basis point increase from last year. We continue to make strategic investments in technology and in our partners. First quarter operating income was $561 million compared to $500.6 million last year.

所有這些都有助於提高利潤率。 銷售及管理費用佔收入的比例為27.6%，較去年增加20個基點。 我們繼續對技術和合作夥伴進行策略性投資。 第一季營業收入為 5.61 億美元，去年同期為 5.006 億美元。

Operating income as a percentage of revenue was 22.4% in the first quarter of fiscal 2025 compared to 21.4% in last year's first quarter, an increase of 100 basis points. Our effective tax rate for the first quarter was 15.8% compared to 19.2% last year.

2025財年第一季營業收入佔營收的百分比為22.4%，較去年第一季的21.4%成長了100個基點。 我們第一季的有效稅率為 15.8%，而去年為 19.2%。

The tax rate in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock based compensation. Net income for the first quarter was $452 million compared to $385.1 million last year.

兩季的稅率均受到某些​​離散項目的影響，主要是股票薪資的稅務會計影響。 第一季淨利為 4.52 億美元，去年同期為 3.851 億美元。

This year's first quarter diluted EPS of $1.10 compared to $0.93 last year, an increase of 18.3%. As Todd mentioned earlier, we generated strong cash flow. Our first quarter free cash flow increased 62.4%. This has allowed us to invest back in the business, which has resulted in first quarter capital expenditures of $92.9 million.

今年第一季攤薄後每股收益為 1.10 美元，較去年同期的 0.93 美元成長 18.3%。 正如托德之前提到的，我們產生了強勁的現金流。 我們第一季的自由現金流成長了 62.4%。 這使我們能夠重新投資該業務，從而使第一季的資本支出達到 9,290 萬美元。

Our investments include technology to grow the top line and expand margins, automation to improve efficiencies in our plants and additional processing capacity where needed. We expect capital expenditures to finish between 3.5% and 4% of revenue for the year. Todd provided our annual financial guidance related to the guidance.

我們的投資包括用於增加收入和擴大利潤的技術、用於提高工廠效率的自動化以及在需要時增加處理能力。 我們預計今年資本支出將佔營收的 3.5% 至 4%。 托德提供了與該指導相關的年度財務指導。

Please note the following fiscal 2025 net interest expense is expected to be approximately $101 million compared to $95 million in fiscal 2024, predominantly as a result of higher variable rate debt used to complete a portion of the previously mentioned share buybacks.

請注意，2025 財年的淨利息支出預計約為 1.01 億美元，而 2024 財年為 9,500 萬美元，這主要是由於用於完成前述部分股票回購的可變利率債務較高。

Our fiscal 2025 effective tax rate is expected to be 20.4%, the same compared to our fiscal 2024. And guidance does not include any future share buybacks were significant economic disruptions or downturns.

我們 2025 財年的有效稅率預計為 20.4%，與 2024 財年相同。

With that, I'll turn it turn it back to Todd for some closing remarks. Thanks.

說到這裡，我將把它轉回給托德，讓他做一些結束語。 謝謝。

Thank you, Mike. Before we conclude, I'd like to take a moment to thank our employee partners for their continued efforts on behalf of sent us and our customers in the first quarter. As I've said before, our culture is our greatest competitive advantage.

謝謝你，麥克。 在結束之前，我想花點時間感謝我們的員工合作夥伴在第一季代表我們和我們的客戶所做的持續努力。 正如我之前所說，我們的文化是我們最大的競爭優勢。

Our partners fueled our success, and we believe deeply in the importance of each employee partner having ownership and the company to share collectively in that success has sent us shares reach record highs in the spring, our Board of Directors approved a four for one split of our common stock, which went into effect before the market opened on September 12. We are proud to enhance the accessibility of Cintas shares for all of our investors, especially for our employee partners to take and continued share in the future.

我們的合作夥伴推動了我們的成功，我們深信每個員工合作夥伴擁有所有權和公司共同分享的重要性，因為成功使我們的股價在春季達到歷史新高，我們的董事會批准了以四換一的分割方案我們的普通股於 9 月 12 日開市前生效。

Growth of centers. As we look ahead to the rest of fiscal 25, copper reflects our continued confidence in our strategy and value proposition of helping our customers achieve their image, safety, cleanliness and compliance needs. We remain focused on delivering outstanding customer experiences and making the necessary investments in the business to sustain our growth for the remainder of fiscal 2025 and beyond.

中心的增長。 展望 25 財年剩餘時間，銅反映了我們對幫助客戶實現形象、安全、清潔和合規需求的策略和價值主張的持續信心。 我們仍然專注於提供卓越的客戶體驗，並對業務進行必要的投資，以維持我們在 2025 財年剩餘時間及以後的成長。

I'll now turn the call back over to Jared

我現在將電話轉回賈里德

That concludes our prepared remarks. We are now happy to answer your questions from the analysts. Please ask just one question and a single follow-up if needed.

我們準備好的演講到此結束。 我們現在很高興回答分析師提出的問題。 如果需要，請僅提出一個問題並進行一次後續行動。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指令）George Tong，高盛。

Hi, thanks. Good morning. Can you talk a little bit about the overall selling environment and what you're seeing any changes in customer purchasing behaviors in response to the overall macro environment in evolving macro uncertainty?

你好，謝謝。 早安. 您能否談談整體銷售環境以及您所看到的客戶購買行為的變化，以應對不斷變化的宏觀不確定性中的整體宏觀環境？

Good morning, George, thanks for the question. We have we have not seen much change in our and the customer behavior, which just sub 60 days ago that we reported our full fiscal year 2024 earnings. But we haven't seen much change from. We still see nice demand from our customers. There's some and we're helping them with them, their their image, their safety there, cleanliness and the compliance needs that frees them up to focus on what's most important for them, taking care of their guests, their their their people, their patients, whatever their constituents, our sell-out, not much change, I would say in the sales cycle or in none in the demand of the customer.

早安，喬治，謝謝你的提問。 我們和客戶的行為沒有太大變化，就在不到 60 天前，我們報告了 2024 財年的完整收益。 但我們並沒有看到太大的改變。 我們仍然看到客戶的良好需求。 有一些，我們正在幫助他們，他們的形象，他們在那裡的安全，清潔和合規需求，使他們能夠專注於對他們來說最重要的事情，照顧他們的客人，他們的員工，他們的病人，無論他們的成分如何，我們的銷售量都沒有太大變化，我想說的是在銷售週期中或在客戶需求中沒有變化。

Got it. Pulp and you continue to highlight health care, hospitality, education and government as key focus for the goals for the Company. Can you talk a little bit more about traction you're seeing in those verticals in high growth and performance here comparing versus the broader company?

知道了。 Pulp and you 繼續強調醫療保健、酒店、教育和政府是公司目標的重點。 您能否多談談您在這些垂直領域與更廣泛的公司相比在高成長和績效方面所看到的吸引力？

Yes, certainly job. So those are what we've invested in them. We run them not like just the sales vertical, but we look at them as on how do we take care of those customers holistically? And I thought I would just give an example of that, but it all starts with our culture, um, we have a a spirit deposits.

是的，當然是工作。 這些就是我們對它們的投資。 我們不僅像銷售垂直領域那樣經營它們，而是將它們視為我們如何全面照顧這些客戶？ 我想我只想舉一個例子，但這一切都始於我們的文化，嗯，我們有一種精神存款。

Discontent is what we call it. Its entire switches meetings were, meaning we're constantly focused on improving and innovating side. And we also believe that the answers are not at our desk, meaning we believe the answer is out with our customers and our employee partners. So we travel and we get laid out, we talk to our customers about where we can help them.

不滿就是我們所說的。 它的整個切換會議都是，這意味著我們不斷專注於改進和創新方面。 我們也相信答案並不在我們的辦公桌上，這意味著我們相信答案就在我們的客戶和我們的員工合作夥伴那裡。 因此，我們旅行並安排好行程，與客戶討論我們可以在哪些方面為他們提供幫助。

And I'm I have two examples where we're helping customers in the healthcare area data that came exactly from those conversations. The first was, and we've spoken a little bit about this with government dispensing, Tom, we're continuing to have a very good success with this technology in our healthcare customers.

我有兩個例子，我們正在幫助醫療保健領域的客戶，而這些數據正是來自這些對話。 第一個是，湯姆，我們已經在政府配藥方面對此進行了一些討論，我們將繼續在醫療保健客戶中利用這項技術取得非常好的成功。

What they told us was they had a problem managing their inventory in this case of scrubs. So you didn't have accountability with the scrubs. So when you don't have accountability, there's hoarding of garments that occurs, which leads to a lack of availability, meaning the first person to get there, it takes garments. And then those who show up later don't get the governments.

他們告訴我們，他們在管理磨砂服的庫存方面遇到了問題。 所以你對磨砂膏沒有責任。 因此，當你沒有責任感時，就會出現囤積服裝的情況，這會導致缺乏可用性，這意味著第一個到達那裡的人會拿走服裝。 然後那些後來出現的人就無法得到政府的支持。

And as a result, our the health care costs offers for the most part invested in what I'll call substandard product because they're young they wanted while when they didn't have control over the inventory, they won as cheap as possible.

結果，我們的醫療保健成本大部分投資於我所說的不合格產品，因為他們還年輕，他們想要，而當他們無法控制庫存時，他們會盡可能便宜地贏得勝利。

So lab in this technology addresses those issues and as and today were being used in many clinical areas of labor and delivery, emergency room operating rooms, radiology, cath labs, ICU, or are some examples of where we're doing that we found the exact same opportunity, meaning when we spoke to our customers that we asked them, what else can we help the US.

因此，這項技術的實驗室解決了這些問題，並且今天已被用於分娩和分娩、急診室手術室、放射科、導管實驗室、ICU 等許多臨床領域，或者是我們正在做的一些例子，我們發現完全相同的機會，這意味著當我們與客戶交談時，我們問他們，我們還能為美國提供什麼幫助。

And they said we are having a heck of a problem with data privacy, Curtis, calm. And what they told us is that it was one of their top compliance issues and those are privacy burdens on when you think about those that are in patient rooms to recover areas, emergency rooms in acute care, but they're also in non-acute throughout in surgery centers and medical centers.

他們說我們在數據隱私方面遇到了嚴重的問題，柯蒂斯，冷靜。 他們告訴我們，這是他們最重要的合規問題之一，當你想到那些在病房恢復區、急診室的急診室、但他們也處於非急診室的人時，這些都是隱私負擔。手術中心和醫療中心。

And they have to be cleaned Tom Mann pretty clean on a frequent basis. And so it's a real compliance challenge for our customers. So while we listen to them and and we didn't just take over the problem, we studied it and data and came up with some up some great products and technology. Those products have some patterns on them as well in the technology allows us to do compliance. So it makes for in total, it makes for a safer environment for a more compliant environment.

湯姆·曼必須經常將它們清潔乾淨。 因此，這對我們的客戶來說是一個真正的合規挑戰。 因此，當我們傾聽他們的意見時，我們不僅解決了問題，還研究了問題和數據，並提出了一些很棒的產品和技術。 這些產品在技術上也有一些模式，使我們能夠做到合規性。 因此，總的來說，它為更合規的環境創造了更安全的環境。

And it frees up the environmental services that those organizations who are cleaning patient rooms in other areas where conditions provide care. So we have a safer, cleaner, more compliant and more efficient environment.

它還釋放了那些在有條件提供護理的其他地區清潔病房的組織的環境服務。 這樣我們就有了一個更安全、更乾淨、更合規、更有效率的環境。

So I thought that might help just to give a little bit of color around, what we're doing it, that particular vertical, but it really starts with our culture and we listened to our customers where can we help? And then we'll dive and we provide the solutions.

所以我認為這可能有助於提供一點顏色，我們正在做什麼，特定的垂直領域，但這實際上始於我們的文化，我們聽取了客戶的意見，我們可以在哪裡提供幫助？ 然後我們將深入研究並提供解決方案。

Tim Mulrooney, William Blair.

提姆·馬爾魯尼，威廉·布萊爾。

Tim, this is Luke Hatton on for Tim Mulrooney. Thanks for taking our questions today. Um, I might have missed it in your prepared remarks, but could you provide the breakdown in new sales between market share wins and conversion of no programmers for the quarter?

提姆，我是盧克·哈頓（Luke Hatton）替補蒂姆·莫魯尼（Tim Mulrooney）。 感謝您今天回答我們的問題。 嗯，我可能在您準備好的發言中漏掉了這一點，但是您能否提供本季度贏得市場份額和無程式設計師轉換之間的新銷售額細分？

Yes, good morning. We did not specifically, but no change to that trend. On average for us historically about two out of three of our new customers come from what we call the new program market, no program market with meaning that they are not with a traditional competitor bomb. Now that doesn't mean that they're not using products and services, meaning we might go in and they need help with the my own a map that they might have soaps, they might buy uniforms. And but they're they're not with a traditional competitor.

是的，早安。 我們沒有具體說明，但沒有改變這個趨勢。 從歷史上看，我們平均約有三分之二的新客戶來自我們所謂的新程式市場，沒有程式市場意味著他們沒有傳統競爭對手的炸彈。 現在，這並不意味著他們不使用產品和服務，這意味著我們可能會進去，他們需要幫助繪製我自己的地圖，他們可能有肥皂，他們可能會購買制服。 但他們並不是傳統的競爭對手。

So they may be spending money on these products and certain of those products have, but we redirect them to ourselves to help them do it better, faster, smarter, cheaper or in many cases.

因此，他們可能會在這些產品上花錢，而其中某些產品已經花錢，但我們將他們轉向我們自己，以幫助他們做得更好、更快、更聰明、更便宜，或者在很多情況下。

Understood. Really helpful. And then kind of just sticking on that topic with my follow-up. It sounds like that no programmer penetration continues to be an area of strength in the business. I was hoping you could offer maybe some insights into the typical profile of these recent no programmer conversions or the majority of these recent wins of a particular business size and the concentrated in any specific end market or the relatively broad-based?

明白了。 真的很有幫助。 然後我的後續行動就堅持這個主題。 聽起來程式設計師的滲透率仍然是該行業的優勢領域。 我希望您能提供一些關於最近這些無程式設計師轉換的典型概況或最近特定業務規模的大部分勝利以及集中在任何特定終端市場或相對廣泛的市場的見解？

Well, that's a that's the beauty of our business on we, um, and we service a little over 1 million customers in their 16 million businesses in North America, US and Canada. On. And so the wins come from all industries, all shapes, sizes of businesses. And that's why we're so bullish on the future because we see that opportunity that white space out there as a significant opportunity to help customers. And we're still and obviously the very much early innings there.

嗯，這就是我們業務的美妙之處，嗯，我們為北美、美國和加拿大 1,600 萬家企業中超過 100 萬的客戶提供服務。 在。 因此，勝利來自於所有產業、各種類型、規模的企業。 這就是為什麼我們如此看好未來，因為我們認為空白的機會是幫助客戶的重要機會。 顯然我們仍處於早期階段。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Hi, this is Andrew, if I could on I could you talk about merchandise amortization in the quarter year over year? How much is merchandise amortization, a headwind or tailwind? And what have you assumed for the fiscal year in terms of trends and merchandise amortization?

您好，我是安德魯，您能談談本季的商品攤銷情況嗎？ 商品攤提是多少，逆風還是順風？ 您對本財年的趨勢和商品攤銷有何假設？

Good morning, Andrew. And then the material cost has been an area of strength for us and in I'll say, the rental business, but also the others. But I'll stick to the rental business for a second on material cost has been has been trending nicely, and we work hard at that material costs. So, within there, you can think about our global supply chain and finding better ways to source better this cost of product.

早安，安德魯。 然後，材料成本一直是我們的優勢領域，我想說的是，租賃業務，還有其他業務。 但我會繼續專注於租賃業務，因為材料成本一直呈現良好趨勢，我們在材料成本方面努力工作。 因此，在其中，您可以考慮我們的全球供應鏈，並找到更好的方法來更好地採購產品成本。

And so they've done a really great job there, um, despite the really good business growth volume growth that we've had. And the other thing that we really worked hard at, as you know, Andrew, is is in our stock rooms and the sharing of garments.

因此，儘管我們的業務量成長非常好，但他們在那裡做得非常出色。 正如你所知，安德魯，我們真正努力做的另一件事是我們的儲藏室和服裝共享。

And so we the more we share in terms of our garments, the more pull percentage we get out of out of the stock rooms, and that means we are injecting fewer governments into service. And so the combination of those things have created some nice tailwind.

因此，我們在服裝方面分享得越多，我們從庫存室中取出的比例就越高，這意味著我們投入的服務中政府投入的資金就越少。 因此，這些因素的結合創造了一些良好的推動力。

And you see that showing up in our gross margin. We would expect that will continue through the fiscal year call .

你會看到這體現在我們的毛利率上。 我們預計這種情況將持續整個財年。

Jasper Bibb Bibb, Truist Securities.

賈斯珀·比伯·比伯 (Jasper Bibb Bibb)，Truist 證券公司。

Hey, good morning, guys. Wanted to ask about smart trunk and the Google partnership. I think you announced that Bob will over a year ago now in terms of hoping you can update us on comments from Brascan where you might be seeing some associated marginal efficiency benefits at this stage?

嘿，早上好，夥計們。 想詢問有關智慧行李箱和 Google 合作夥伴關係的問題。 我想你一年多前就宣布鮑伯會這樣做，希望你能向我們更新 Brascan 的評論，在這個階段你可能會看到一些相關的邊際效率效益？

Yes, Jeff, thank you for the question. On the Smart Truck is some As a reminder, as proprietary technology that we work to develop. It is it's been very helpful for our business. But more specifically, it's helpful for our customers because we're able to, instead of spending time driving, we're able to spend more time with our customers.

是的，傑夫，謝謝你的提問。 提醒一下，智慧卡車上有一些我們正在努力開發的專有技術。 這對我們的業務非常有幫助。 但更具體地說，這對我們的客戶很有幫助，因為我們能夠花更多的時間與客戶在一起，而不是花時間開車。

So and when we're there with our customers and gives us opportunity with eyes and ears mines in those business to them to solve problems for them, I'm aware whether it's something else in our business, like I mentioned with them in healthcare with the government dispensing and scrubs and privacy cartons.

因此，當我們與客戶在一起並為我們提供機會在這些業務中為他們解決問題時，我知道這是否是我們業務中的其他內容，就像我在醫療保健領域與他們提到的那樣政府分發、擦洗和隱私紙盒。

So more time with the customer is really valuable for us separate from the fact that we like to share. And here we don't we don't make money when the wheels are moving, willing make money and generate revenue when that will stop on our trucks. So that's been valuable.

因此，除了我們喜歡分享之外，更多與客戶相處的時間對我們來說確實很有價值。 在這裡，我們不這樣做，當車輪轉動時我們不會賺錢，當我們的卡車停下來時我們願意賺錢並產生收入。 所以這很有價值。

Our relationship with Google as some has been a very advantageous. And as important as our relation with Google is Google's relationship with SAP. So having that all combined gives us insight into our business, helps us to leverage our infrastructure and leverage our from our employee partners to put them in the right spot, the right place right time so on, we believe that that is going to be beneficial to the future.

我們與谷歌的關係一直都非常有利。 與我們與 Google 的關係一樣重要的是 Google 與 SAP 的關係。 因此，將所有這些結合起來可以讓我們深入了解我們的業務，幫助我們利用我們的基礎設施並利用我們的員工合作夥伴將他們放在正確的位置、正確的時間、正確的地點等等，我們相信這將是有益的到未來。

And and we really value those relationships.

我們非常重視這些關係。

Thanks. And then maybe following up on that last point on tend to look pretty good growth in prior in the quarter. Any color on an underlying operating margin for that business was in the first quarter? And would be great to hear how some of the initiatives you're doing there like SAP implementation and some of the G&A investments and called out in the past are where we stand today?

謝謝。 然後，也許在最後一點的基礎上，本季之前的成長看起來會相當不錯。 該業務第一季的基本營業利潤率有什麼變化嗎？ 我們很高興聽到您在那裡所做的一些舉措（例如 SAP 實施和一些 G＆A 投資）以及過去提出的一些舉措與我們今天的立場有何不同？

Yes, good question. So I would love the fire business. It has some is growing really nicely. The the organic opportunity is amazing. The M&A opportunity is really attractive for us and yet we're investing in that business. We're investing in our SAP system, and we're excited about that about having some of our route based systems on one system.

是的，好問題。 所以我很喜歡消防事業。 它有一些生長得非常好。 有機機會是驚人的。 併購機會對我們來說確實很有吸引力，但我們正在投資這項業務。 我們正在投資 SAP 系統，我們對在一個系統上擁有一些基於路線的系統感到興奮。

We think that will really give us some insights into our customers that we don't have today. But the opportunity out there for fire is, um, it's incredible just because that you would have three business generally business.

我們認為這確實能讓我們對客戶有一些現在所沒有的見解。 但是，火的機會是，嗯，這是令人難以置信的，因為你將擁有三項業務（通常是業務）。

We're in that every business really have to have at the services around it, whether it's some sprinklers alarms, in certain cases, fire extinguishers, emergency lights. So we think the runway is really attractive in that business. We like the margin profile, we know how to run the business.

我們認為，每個企業都必須擁有周圍的服務，無論是一些灑水警報器，在某些情況下，滅火器、緊急燈。 所以我們認為跑道在這個行業確實很有吸引力。 我們喜歡利潤狀況，我們知道如何經營業務。

We know the mix of business that's attractive as a result, not every M&A opportunity that comes down. The Pike is a really attractive for us, but we we know how to do it and we will be aggressive as appropriate. Maybe I'll offer two things with that as well. You heard me say in the prepared remarks, this was the second quarter in a row that gross margin in the fire business was 50%. And so that's that is a reflection of a lot of the things that I talked about in terms of really going well and running. The business will come off.

我們知道哪些業務組合會因此而具有吸引力，但並不是每個併購機會都會失敗。 派克對我們來說確實很有吸引力，但我們知道如何做到這一點，並且我們將酌情採取積極主動的態度。 也許我也會提供兩件事。 你聽到我在準備好的發言中說過，這是連續第二季消防業務的毛利率達到 50%。 這反映了我談到的很多關於真正順利和運行的事情。 生意就會成功。

We are in the midst of that SAP implementation that we've talked about. And I think back in July, I mentioned that there would be a little bit of pressure on higher margins in fiscal 2025 because of that implementation. And so you see a little bit of that coming through fire SG&A. And if you if you look at the all other operating margins were down a bit from Q4 to Q1.

我們正處於我們所討論的 SAP 實施過程中。 我想早在 7 月份，我就提到過，由於這項實施，2025 財年的利潤率上升將會面臨一些壓力。 所以你會看到其中有一點是透過 SG&A 來實現的。 如果你看看所有其他營業利潤率從第四季到第一季都有所下降。

And it's a bit of that reflection of the SAP implementation. As you've seen in our first-aid and safety and rental businesses that SAP implementation, it certainly takes some time, but there are some really nice benefits subsequent to getting that system in and running it and learning how to run it.

這在一定程度上反映了 SAP 的實施。 正如您在我們的急救、安全和租賃業務中所看到的那樣，SAP 實施確實需要一些時間，但在安裝並運行系統並學習如何運行系統之後，確實會帶來一些非常好的好處。

But as we've talked about, the fiscal 2025 may show a little bit of pressure in SG&A and fire business. Certainly that is all incorporated into the guy side. The overall guide that we've given. Greg answer in detail back.

但正如我們所討論的，2025 財年的 SG&A 和消防業務可能會面臨一些壓力。 當然，這一切都融入了男性方面。 我們給出的總體指南。 Greg詳細回答回來。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Madame from an ongoing supply chain, tech, operating efficiencies and element, a favorable mix, I think 20 bps from energy carriers and there are teed up as far as some where we can go with this year. We're focused on extracting out inefficiencies in our business and there's more to come on. So we don't like to put a ceiling on our aspirations there.

來自持續供應鏈、技術、營運效率和要素的女士，這是一個有利的組合，我認為能源營運商有 20 個基點，而且今年我們已經做好了一些準備。 我們專注於消除業務中的低效率問題，並且還有更多工作要做。 因此，我們不喜歡為我們的願望設定上限。

But then we see some opportunity in our business to excel track that and inefficiencies. And so we will continue to do that. And I think from an operating margin standpoint, we've talked about 25% to 35% incrementals. And and I think our guide that reflects up in that range.

但隨後我們在我們的業務中看到了一些可以出色追蹤這一點和效率低下的機會。 因此我們將繼續這樣做。 我認為從營業利潤率的角度來看，我們已經討論了 25% 到 35% 的增量。 我認為我們的指南反映了這個範圍。

Thank you. And I may please. Could I have can I ask for your current competitive dynamics within the industry and whether recent activity within the industry change changes that we think about capital allocation you're running? You're speaking of M&A. Is that correct? Or if you'd like to clarify?

謝謝。 我可以請你。 我可以詢問一下你們目前在業界的競爭動態嗎？ 你說的是併購。 這是正確的嗎？ 或者如果你想澄清一下？

Yes, fleets and broader. Yes, frequent financial M&A does we are around it's worked very well for our business for our customers. Our share holders throughout on and up. We certainly stay aware of what's going on in the marketplace and on and we like our competitive position. We think we're in a good spot. We will continue to invest to make sure that we're appropriately positioned to compete in the marketplace moving forward. So when that's where we're focused, where our focus is, and that's what we'll continue to do.

是的，艦隊或更廣泛。 是的，頻繁的金融併購確實對我們的客戶業務非常有效。 我們的股東自始至終。 我們當然了解市場上正在發生的事情，我們喜歡我們的競爭地位。 我們認為我們處於一個好的位置。 我們將繼續投資，以確保我們在未來的市場競爭中處於適當的位置。 因此，當這就是我們關注的焦點時，我們的重點就在那裡，這就是我們將繼續做的事情。

Joshua Chan, UBS.

瑞銀集團陳之鋒。

Hi, good morning, US time, Mike, Jared's. Thanks for taking my questions. I think fundamentally the business on, could you confirm that you haven't seen much change in wearer levels and kind of relate the if you were to see wearer levels start to moderate as the economy.

嗨，早上好，美國時間，麥克，賈里德。 感謝您回答我的問題。 我認為從根本上講，您能否確認佩戴者水平沒有發生太大變化，並且如果您看到佩戴者水平隨著經濟的發展而開始放緩，請與此聯繫起來。

Could you talk about best-in-class playbook in that scenario and what you can do to sustain the attractive growth that you're used to be?

您能否談談在這種情況下的最佳策略以及您可以採取哪些措施來維持過去的有吸引力的成長？

And thank you. Josh, thanks for the question. I'll start my gut feel free to chime in on a we certainly love when jobs are being added on. We haven't seen a real change in our wearer levels on. But that being said, our business, as we've demonstrated that we can grow our business in multiples of GDP and multiples of employment growth.

謝謝你。 喬什，謝謝你的提問。 當工作增加時，我會開始我的直覺，隨意加入我們當然喜歡的內容。 我們還沒有看到佩戴者水平發生真正的變化。 但話雖這麼說，我們的業務，正如我們已經證明的那樣，我們可以以 GDP 和就業成長的倍數成長我們的業務。

So we are certainly not reliant on that. With that being said, a lot of whenever when jobs are being at, I think it's good for for our economy and it's good for our customers and it's good for our business. So um, but we're not reliant on that. We've also demonstrated that we can grow our business and numb in virtually every type of Echo Dominic cycle that we've seen from.

所以我們當然不依賴於此。 話雖如此，每當有工作機會時，我認為這對我們的經濟有好處，對我們的客戶有好處，對我們的業務也有好處。 所以嗯，但我們並不依賴於此。 我們還證明，我們幾乎可以在所有類型的 Echo Dominic 自行車中發展我們的業務並麻木不仁。

So we're focused on doing just exactly that investing for the future to position our our employee partners who take incredibly good care of our customers, and um, and will continue to invest in that so that we can be positioned to have to be really successful for the future.

因此，我們專注於為未來進行投資，以定位我們的員工合作夥伴，他們對客戶的照顧非常好，嗯，並將繼續投資於此，以便我們能夠真正做到為未來的成功。

Great. Thank you for that color. And and on on your guidance was for the quarter, what the growth in Q1 better than our internal expectation? And I guess I'm asking in the context of you raising the full year guidance at the low end. Just wanted some color on your thoughts around that. Thanks so much for your time.

偉大的。 謝謝你的那個顏色。 關於您對本季的指導，第一季的成長比我們的內部預期好多少？ 我想我是在您提高全年指導低端的背景下問的。 只是想讓你對此有一些想法。 非常感謝您抽出時間。

Sure from a well, I'll say this the growth than we saw some nice growth in the first quarter ended. And generally it lines up with where we like to be. It was at the high end of our guide. But as we as we now have a quarter in the books, it's a little we can feel a little bit of the guy, I think about the same date growth range of 7.3% to 8.4% for the year.

當然，我會說，這一增長比我們在第一季看到的一些不錯的增長結束了。 一般來說，它與我們喜歡的地方一致。 這是我們指南的高端。 但由於我們現在有一個季度的帳目，我們可以感覺到這個傢伙的一點點，我認為今年同一日期的增長範圍為 7.3% 至 8.4%。

And when you think about the implied guide range for the rest of the year, Q2 through four were not too far different from that 6.928, 0.3% on a same workday basis. So look, this this 8% growth that we saw in the first quarter, organic growth from is right where we want to be in the guide, I think for the rest of the year is a reflection that look, we have some confidence in the way we're operating. We haven't seen a lot of change in the operating environment and the growth still looks good.

當你考慮今年剩餘時間的隱含指導範圍時，第二季到第四季與 6.928（以同一工作日計算的 0.3%）相差並不太大。 所以看，我們在第一季看到的 8% 的成長，有機成長正是我們希望在指南中達到的水平，我認為今年剩餘時間這反映了看起來，我們對我們的運作方式。 我們沒有看到經營環境發生太大變化，成長看起來仍然不錯。

Andy Wittmann, RW Baird.

安迪·魏特曼，RW·貝爾德。

Great. Thanks and good morning. Thank you for taking my questions. And you guys in the script, you talked about six Sigma, you talked about your engineering teams, degree of automation. So on. I was just wondering if you talk about Com, the rollout of things like RFID inside your plants. I know that you've been kind of testing this for a while, and I think maybe that you're ramping this a little bit more. I thought maybe, Todd, you could comment on that specifically and kind of where you are and if this is the direction we're heading and how long it takes to get to that promise land where this is the way your business runs on a day-to-day basis. I guess maybe there'd be a similar question related to the auto sortation.

偉大的。 謝謝，早安。 感謝您回答我的問題。 你們在劇本中談到了六個西格瑪，談到了你們的工程團隊、自動化程度。 很快。 我只是想知道您是否談論 Com，即在您的工廠內推出 RFID 之類的東西。 我知道您已經對此進行了一段時間的測試，並且我認為您可能會進一步加大力度。 托德，我想也許你可以具體地評論一下你現在的處境，這是否是我們前進的方向，以及需要多長時間才能到達那片希望之地，這就是你每天的業務運作方式- 以日為基礎。 我想也許會有與自動排序相關的類似問題。

I think in the past you guys have talked that you'd like AutoStore like half of your business roughly. I was just wondering if there's any new developments on that, like cheaper technologies that make it so you can deploy more widely or I know that sometimes like space considerations in your plants have been Illumina in fact, or any technologies that have been developed that allow you to broaden the rollout of your auto sortation.

我想你們過去曾說過希望 AutoStore 佔你們業務的大約一半。 我只是想知道這方面是否有任何新的進展，例如更便宜的技術，以便您可以更廣泛地部署，或者我知道有時像工廠中的空間考慮實際上已經是Illumina 的，或者任何已開發的技術可以允許您可以擴大自動分類的推廣範圍。

So just hoping you could talk about those two things in particular. Certainly. Thank you, Andy. I think it is go back to our culture of spirit of positive discontent. So and part of that is we are constantly innovating, um, it's just it's in our DNA and always has been since I've joined the Company and I'm sure it always will be. \

所以希望你能特別談談這兩件事。 當然。 謝謝你，安迪。 我認為這又回到了我們文化中積極不滿的精神。 所以，其中一部分是我們不斷創新，嗯，這就是我們的 DNA，自從我加入公司以來一直如此，我相信它永遠都會如此。 \

So we are always a time trying to find ways to make it easier for our partners to our employee partners to provide services, products and services to our customers and easier for our customers to do business with us. From. So RFID, you mentioned we've been using RFID for many years in our business on in certain areas of that. And we'll we're continuing to test and innovate on.

因此，我們一直在努力尋找方法，讓我們的合作夥伴、我們的員工合作夥伴更容易為我們的客戶提供服務、產品和服務，讓我們的客戶更容易與我們開展業務。 從。 RFID，您提到我們多年來一直在業務的某些領域使用 RFID。 我們將繼續測試和創新。

And hopefully there is a future where we can have that done more broadly in our business, whether it's a controlling inventory is important to less important to our customers so out. So we're always innovating in that area and up that will continue or similar with auto sortation in our facilities in our rental facilities.

希望未來我們能夠在我們的業務中更廣泛地做到這一點，無論是控制庫存對我們的客戶來說是重要還是不那麼重要。 因此，我們一直在該領域及以上領域進行創新，這將繼續或與我們租賃設施中的自動分類類似。

So when we're innovating and down and we see opportunities there, we have invested in some proprietary technology there that allows us to M. to a more broadly leverage that that those some technologies to extract out inefficiencies in our business. So direct footprint can be an issue with certain technologies without exportation on.

因此，當我們進行創新和下降時，我們看到了那裡的機會，我們在那裡投資了一些專有技術，使我們能夠更廣泛地利用這些技術來消除我們業務中的低效率問題。 因此，對於某些沒有導出的技術來說，直接足跡可能是一個問題。

And we looked at and say, well, there's got to be about and then we've invested and we're bullish on that moving forward. Those things all take time . We're constantly tweaking to them to make sure we nail it, but we'll continue on that data in that path.

我們看了之後說，好吧，一定會有這樣的事情發生，然後我們就進行了投資，我們對未來的發展持樂觀態度。 這些事情都需要時間。 我們不斷地對它們進行調整，以確保我們能夠做到這一點，但我們將繼續沿著這條道路處理這些數據。

Appreciate those prospective come thought. Maybe I'd ask you about some innovation, maybe nature that's relevant to the top line financials of your business. You've talked so much about health care. Government education has been a well-trodden thing for a while now. But I know you guys are always trying to open up new end markets. And I thought maybe you could talk about some of the developing end markets that maybe you're getting more excited about things around the residential home services Palm. Is that an opportunity for you?

欣賞那些前瞻性的想法。 也許我會問你一些創新，也許是與你的企業的營收財務相關的自然問題。 您已經談論了很多關於醫療保健的問題。 一段時間以來，政府教育一直是人們普遍關注的事情。 但我知道你們一直在努力開拓新的終端市場。 我想也許你可以談談一些發展中的終端市場，也許你對圍繞住宅家庭服務 Palm 的事情感到更加興奮。 這對你來說是一個機會嗎？

And can you just talk about if you can play there and the size of that market in comparison to some of these other growth markets that you've talked about in the past?

您能否談談您是否可以在那裡開展業務以及該市場與您過去談到的其他一些成長市場相比的規模？

Thanks for the question, Andy. So that spread best spirit of positive discontent, it flows through every area of our business. And we're always looking for the next best vertical. I'm not prepared to speak about anything where we see an investment in a particular vertical. Home residential services is not high on our list. Tom has not been an area of focus on. It's a very different business. Certainly they have needs for our products and services, but that has not been an area of significant investment for us.

謝謝你的提問，安迪。 因此，這種積極不滿的精神能夠傳播到我們業務的各個領域。 我們一直在尋找下一個最佳的垂直領域。 我不准備談論任何我們在特定垂直領域看到的投資。 家庭住宅服務在我們的名單上並不靠前。 湯姆一直不是重點關注的領域。 這是一項非常不同的業務。 當然，他們對我們的產品和服務有需求，但這並不是我們重大投資的領域。

Shlomo Rosenbaum, Stifel Nicolaus.

什洛莫·羅森鮑姆，斯蒂菲爾·尼古拉斯。

Hi, thank you all to get back to question that can fit Georges positive. Touching on how I know there's broad-based growth with their particular types of clients are verticals that you might want to hold out over here in terms? No, really standout growth during the quarter. Some I would just stay that way.

大家好，謝謝大家回到適合喬治的問題。 談到我如何知道他們的特定類型客戶存在廣泛的成長，您可能想在這裡堅持垂直行業？ 不，本季的成長確實非常出色。 有些我會一直這樣。

Our business in totality is is functioning at a at a very good level. So I know in no particular vertical to call out besides the investments we've made in health care, hospitality, education and state local governments, we've been investing there and we'll continue to compound annual.

我們的業務總體上處於非常好的水平。 因此，我知道除了我們在醫療保健、酒店、教育和州地方政府方面進行的投資之外，沒有什麼特別值得強調的，我們一直在這些領域進行投資，並且我們將繼續每年實現複合增長。

If you look at data, how in particular the jobs report there, they've been good in those areas, not shocking that our health care with the demographics of North America, that that there's continued investment there so far. But we see still see really good runway and all of those businesses, and we expect them to grow better than we do on average on if if they weren't.

如果你看一下數據，特別是那裡的就業報告，它們在這些領域表現良好，我們的醫療保健與北美的人口統計數據並不令人震驚，到目前為止，那裡的投資仍在繼續。 但我們仍然看到非常好的跑道和所有這些業務，我們預計它們的成長會比我們的平均水平更好，如果它們不是的話。

Then why would we have a focus verticals? So am I so down? Yes. So nothing specific to call out besides what I just mentioned.

那為什麼我們要關注垂直領域呢？ 那我就這麼消沉嗎？ 是的。 因此，除了我剛才提到的內容之外，沒有什麼特別需要指出的。

Okay, thanks. And this is just a housekeeping item for Mike. Tom, just to press releases, you repurchased about $474 million in stock and I go to the cash flow statement. It looks like six, 15 or can you just talk about what the differences between what's on the cash flow is stable? It's in the commentary.

好的，謝謝。 而這對麥克來說只是一個家事用品。 湯姆，就新聞稿而言，您回購了約 4.74 億美元的股票，我會查看現金流量表。 看起來有6個、15個或你能談談現金流穩定之間的差異嗎？ 評論裡有啊

Yes, the commentary reflects the Board approved a buyback authorization. The cash flow reflects that plus the impact of stock option exercises and restricted shares. So in other words, when we when we have some employee part owners that exercise of stock option, there are some shares that are effectively withheld or purchased for taxes for the exercise, the netting of shares, et cetera, for restricted shares that vest same thing.

是的，評論反映了董事會批准了回購授權。 現金流量反映了這一點以及股票選擇權行使和限制性股票的影響。 換句話說，當我們有一些員工部分所有者行使股票選擇權時，有一些股票實際上被扣留或購買，用於行權稅、股票淨額結算等，對於歸屬相同的限制性股票事物。

We are we are with holding shares for taxes and that's the difference.

我們持有股票是為了納稅，這就是差別。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，加拿大皇家銀行。

Thanks for taking my question. I just wanted to follow up on the margin front of me at any solid margin expansion and the culture of the total 8% incremental margins were above your time and they can make from guidance of 45 to 25 to 35, and that's despite one fewer looking the hedging as we go through the year. Obviously, you've made out multiple different online expansion drivers. But how should we think about the incremental margin for the next thing? It?

感謝您提出我的問題。 我只是想跟進我的利潤率方面是否有任何穩健的利潤率擴張，總利潤率增量 8% 的文化超出了你的時代，他們可以從 45 到 25 到 35 的指導，儘管少了一個尋找我們一年中的對沖。 顯然，您已經製作了多個不同的線上擴充驅動程式。 但我們該如何考慮下一步的增量利潤呢？ 它？

Thanks. We gave the 25% to 35% range. And that's where we're that's where our target is the businesses and wholly linear. And so there are some some periods where we invest a little bit more on there are so so will be a little bit lower in that range and there are some quarters where will be higher in the range.

謝謝。 我們給出了 25% 到 35% 的範圍。 這就是我們所處的位置，我們的目標是業務，並且完全是線性的。 因此，在某些時期，我們會在該範圍內投資更多一點，因此在該範圍內會稍低一些，而在某些季度該範圍內會較高。

Generally speaking, as we as we think about this year, though, we've got 65 work days in each of our quarters remaining. And and so there's a there's a little bit of some variability because of work days that's not going to be there, but the but I expect it will run within that range on some quarters at the higher end, some at the lower end.

不過，總的來說，正如我們今年所考慮的那樣，我們每個季度還剩下 65 個工作天。 因此，由於工作日的原因，存在一些變化，但我預計，某些季度的價格會在較高端，一些季度會處於較低端，因此會出現一些變化。

That's the way we'll that's where we'll go through the as we move into the future.

這就是我們走向未來的方式。

As Todd talked about so many initiatives and six Sigma projects and investments. And this just sort of can move us through that range, sometimes even in and out of that range.

正如托德談到瞭如此多的舉措以及六個西格瑪項目和投資。 這可以讓我們穿過這個範圍，有時甚至進出這個範圍。

Generally speaking, though, our expectation is we will be in that range, and that will be the really good news is that means margin improvement for the year. That's great color. And maybe just a quick follow-up on M&A. I just wanted to follow-up on your question. I have an appetite for potentially in March and in 18 as well.

但總的來說，我們的預期是我們將在這個範圍內，這將是真正的好消息，這意味著今年的利潤率有所改善。 那顏色真棒。 也許只是併購的快速跟進。 我只是想跟進你的問題。 我對 3 月和 18 月也有興趣。

Thanks. Pablo, I see. Thanks for the question on. First up again, M&A has been an important part of our strategy, and we've shown it can work really well for our business for our customers. Shareholders some all involved, and we're open to deals of various shapes and sizes across the entire platform.

謝謝。 巴勃羅，我明白了。 感謝您提出的問題。 首先，併購一直是我們策略的重要組成部分，我們已經證明它可以非常有效地為我們的客戶提供業務。 部分股東都參與其中，我們對整個平台上各種形式和規模的交易持開放態度。

Form Com, if you're speaking of what has been public with that Vestas being courted by a young, our national company, that acquisition in particular would pose a particular challenges because it's been historically underinvested asset.

Form Com，如果您談論的是維斯塔斯受到一家年輕的我們的國有公司的青睞，那麼這次收購尤其會帶來特殊的挑戰，因為它歷來是投資不足的資產。

So would it would make it hard for us to generate the level of value we expect from M&A in that particular one in M&A, in general on it. So it's again, it's important to us, and we think it's really attractive fight hard to predict when a buyer of sellers are ready to transact on. And it takes two to dance and those categories. So but we're we're very much in that area of the business. We're very interested. So from an M&A and a more general basis.

因此，這將使我們很難在特定的併購中產生我們期望的價值水平，一般而言。 所以，這對我們來說很重要，我們認為很難預測買家或賣家何時準備好進行交易，這確實很有吸引力。 跳舞和那些類別需要兩個人。 所以，我們非常專注於這個業務領域。 我們非常感興趣。 因此，從併購和更一般的角度來看。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Fourth point, I wanted to talk about the phosphate business. Was falling organic revenue growth acceleration in that business. And I mean, could you talk about that fiber there? And really my expectation is for the long term opportunities here . I don't know if you can talk about that potential plan or how we should think about the sustainability of it, 10s type of what's best for us. Pfizer?

第四點，我想說磷酸鹽業務。 該業務的有機收入成長加速下降。 我的意思是，您能談談那裡的光纖嗎？ 事實上，我的期望是這裡的長期機會。 我不知道你是否可以談論那個潛在的計劃，或者我們應該如何考慮它的可持續性，10 秒類型的什麼對我們來說是最好的。 輝瑞？

Thank you for your question. Although the first aid business and enforcing take the business has been great. The other buying motives resonate with the with our customer base. I'm still there's $16 million businesses in North America. Maybe not every single one of them is a great candidate, but a large portion of our great candidates for our products and services that we provide.

謝謝你的提問。 雖然急救業務和執法業務一直都很棒。 其他購買動機與我們的客戶群產生共鳴。 我在北美仍然有價值 1600 萬美元的企業。 也許並非每個人都是優秀的候選人，但我們提供的產品和服務的優秀候選人中有很大一部分都是優秀的候選人。

So leads to a certain degree. The pandemic changed some things with regard to that business, meaning people how they look at they're on the health and wellness of their of their people and of their facilities. And we think that's a that's been positive for our business.

所以在某種程度上導致了。 這場大流行改變了該行業的一些事情，這意味著人們如何看待他們的員工和設施的健康和福祉。 我們認為這對我們的業務來說是積極的。

So providing whether it's our first aid cabinet AED.s for in the case of sudden cardiac arrest, some are iWatch stations that are for health and wellness. And certainly our water break where it will provide some color, potable water for people that don't know, LA and various some dimensions that makes it accessible for them. So all those have been really attractive.

因此，無論是我們的急救櫃 AED，用於心臟驟停的情況，有些是用於健康和保健的 iWatch 站。 當然，我們的破水將為那些不認識的人提供一些顏色、飲用水，洛杉磯和各種尺寸，使他們能夠接觸到這些。 所以所有這些都非常有吸引力。

So the mix of business is really good, but done, meaning back, yes, during the pandemic, it was more probably PB. focused. So that mix of that business has changed, but the demand has been a very attractive. So we've invested there. We've invested in technology. We've invested in salespeople, service partners to take great care of our customers.

所以業務組合確實很好，但是已經完成了，這意味著，是的，在大流行期間，它更可能是PB。專注。 因此，該業務的組合已經發生了變化，但需求卻非常有吸引力。 所以我們在那裡投資了。 我們投資了技術。 我們投資於銷售人員和服務合作夥伴，以更好地照顧我們的客戶。

And I neglected to mention we have a really nice training and compliance business, which helps our customers stay in compliance with the various some needs and whether it's forklift training them. First, a general first aid training.

我沒有提到我們有一個非常好的培訓和合規業務，這可以幫助我們的客戶滿足各種需求，無論是堆高機培訓。 首先，進行一般急救訓練。

Certainly CPR training are all things that we think we can invest in more significantly and provide more value to the customers. And finally, there's zero revenue synergies with the uniform business. I know that really running the businesses separately in terms of certainly the different trucks and things like that.

當然，心肺復甦術培訓是我們認為可以更大量投資並為客戶提供更多價值的事情。 最後，與制服業務的收入綜效為零。 我知道，確實是根據不同的卡車和類似的東西來分別經營業務。

But I'm curious like what percentage of sort of more customized that you have in this space state 50 safety business, our existing platform customers? Or is it a whole new type of customer by attracting Pfizer? Good question.

但我很好奇，在這個太空國家 50 家安全業務中，我們現有的平台客戶佔多少比例？ 還是透過吸引輝瑞帶來了全新的客戶類型？ 好問題。

I don't have that number specific for you, but the but I'll say this, we do run separate trucks to those customers, and we found that done. Having that focus are organized around that business. Specific has been really beneficial for us from. But we but we shared data, we shared data within our customers and opportunities. And as I mentioned, we have this infrastructure of of employee partners that are in those customers and wind are visiting with those customers, thereby they have years, they have mines and they can help provide solutions to those customers.

我沒有具體的數字給你，但我要說的是，我們確實為這些客戶運行單獨的卡車，我們發現已經做到了。 重點是圍繞該業務進行組織。 具體來說確實對我們有利。 但我們只是共享數據，我們在客戶和機會中共享數據。 正如我所提到的，我們在這些客戶中擁有員工合作夥伴的基礎設施，並且風正在拜訪這些客戶，因此他們有多年的時間，他們有礦山，他們可以幫助為這些客戶提供解決方案。

So it's easy enough to say, hey, I noticed you you might have a need for this or they may I ask us so well, so there's a mix .

所以很容易說，嘿，我注意到你可能需要這個，或者他們可能會問我們這麼好，所以有一個混合。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。