信達思 (CTAS) 2025 Q2 法說會逐字稿

Good day, everyone and welcome to the Cintas Corporation announces fiscal 2025 second-quarter results conference call. Today's call is being recorded at this time.

大家好，歡迎來到 Cintas Corporation 宣布 2025 財年第二季業績電話會議。今天的通話此時正在錄音。

I would like to turn the call over to Mr Jared Mattingley, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

我想將電話轉給財務主管和投資者關係副總裁賈里德·馬丁利 (Jared Mattingley) 先生。請繼續，先生。

Thank you for joining us. With me are, Todd Schneider, President and Chief Executive Officer; and Mike Hansen, Executive Vice President and Chief Financial Officer, who will discuss our fiscal 2025 second quarter results. After our commentary, we will open the call to questions from analysts.

感謝您加入我們。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 Hansen 將討論我們 2025 財年第二季的業績。在我們的評論之後，我們將開始接受分析師提問。

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This conference call contains forward-looking statements that reflect the company's current views as to future events and financial performance.

1995 年《私人證券訴訟改革法案》為前瞻性聲明提供了避免民事訴訟的安全港。本次電話會議包含前瞻性陳述，反映了公司目前對未來事件和財務表現的看法。

These 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.

這些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包含的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, Jared. We are pleased with our strong second quarter results, which reflect great execution by our employee partners and a comprehensive value proposition we provide to our customers in supporting their image, safety, cleanliness and compliance needs.

謝謝你，賈里德。我們對第二季的強勁業績感到滿意，這反映出我們的員工合作夥伴的出色執行力以及我們為客戶提供的全面價值主張，以支持他們的形象、安全、清潔和合規需求。

Second quarter total revenue grew 7.8% to $2.56 billion, an all-time high for revenue in a quarter. The organic growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations was 7.1%.

第二季總營收成長 7.8%，達到 25.6 億美元，創單季營收歷史新高。調整收購和外幣匯率波動影響後的有機成長率為 7.1%。

In the second quarter, we continued to experience strong demand for our services reflecting the complementary nature of our platform, and our unmatched product and service offerings for businesses of all types and sizes. Virtually every business has a need Cintas' ready to meet. Whether it's a front door that needs a mat, a bathroom to service, exit lighting, fire extinguishers and sprinkler systems, first aid and safety needs or an apparel solution.

第二季度，我們的服務需求持續強勁，這反映出我們平台的互補性，以及我們為各種類型和規模的企業提供的無與倫比的產品和服務。事實上，Cintas 已準備好滿足每個企業的需求。無論是需要墊子的前門、需要維修的浴室、出口照明、滅火器和灑水系統、急救和安全需求或服裝解決方案。

Cintas is continually deepening our value propositions particularly within our four focused verticals of health care, hospitality, education and state and local government, which continued to perform well.

Cintas 不斷深化我們的價值主張，特別是在醫療保健、酒店、教育以及州和地方政府這四個重點垂直領域，這些領域繼續表現良好。

Gross margin for the second quarter grew 11.8% over the prior year to 49.8% just below our all-time high we set in the first quarter. Operating income of 23.1% and as a percent of revenue was an all-time record, an increase of 18.4% over the prior year.

第二季毛利率較上年同期成長 11.8%，達到 49.8%，略低於第一季創下的歷史新高。營業收入達 23.1%，佔收入的比例創歷史新高，比上年增長 18.4%。

Diluted EPS grew a robust 21.1% to $1.09. Our strong earnings growth reflects our operational excellence via sourcing and supply chain initiatives, route and energy optimization and technology enabled efficiency in our facilities.

稀釋後每股收益強勁成長 21.1% 至 1.09 美元。我們強勁的獲利成長反映了我們透過採購和供應鏈計劃、路線和能源優化以及技術來提高設施效率來實現卓越營運。

Cash flow this year continues to be very strong with free cash flow for the first six months, increasing 34.9% over the prior year. We continue to deploy capital across each of our capital allocation fees, starting with investing back into our businesses. This strong cash flow generation allows us to focus on making strategic investments in our customers and our employee partners which positions us to deliver long-term value for our shareholders.

今年的現金流持續強勁，前六個月的自由現金流比去年同期成長了 34.9%。我們繼續在每項資本分配費用中部署資本，首先投資回我們的業務。這種強勁的現金流使我們能夠專注於對客戶和員工合作夥伴進行策略性投資，這使我們能夠為股東創造長期價值。

Our technology investments remain a significant area of reinvestment. We continue to leverage our SAP system to standardize processes across our operations. Combined with our focus on operational excellence, we are improving the way our employees work and getting the right products to our customers faster, all of which improves the customer experience and possibly impacts our margin profile.

我們的技術投資仍然是再投資的重要領域。我們繼續利用 SAP 系統來標準化我們的營運流程。結合我們對卓越營運的關注，我們正在改進員工的工作方式，並更快地為客戶提供合適的產品，所有這些都改善了客戶體驗，並可能影響我們的利潤狀況。

At the same time of investing in our customers and employee partners and making strategic acquisitions, returning capital to Cintas' shareholders remains a key priority. Cintas paid a quarterly cash dividend of $0.39 per share last week. And looking ahead, we will continue our opportunistic approach with share buyback.

在投資我們的客戶和員工合作夥伴並進行策略性收購的同時，向 Cintas 股東返還資本仍然是關鍵優先事項。 Cintas 上週支付了每股 0.39 美元的季度現金股息。展望未來，我們將繼續採取股票回購的機會主義做法。

Before turning the call over to Mike to provide details of our second quarter results, I'll provide our updated financial expectations for our fiscal year, which reflect our strong momentum and confidence in our outlook. We are updating our annual revenue expectations from a range of $10.22 billion to $10.32 billion to a range of $10.255 billion to $10.32 billion, a total growth rate of 6.9% to 7.5%.

在將電話轉給麥克提供我們第二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，這反映了我們強勁的勢頭和對前景的信心。我們將年收入預期從 102.2 億至 103.2 億美元調整為 102.55 億至 103.2 億美元，總成長率為 6.9% 至 7.5%。

We expect our organic growth rate to be in the range of 7.0% to 7.7%. We are also updating our annual diluted EPS expectations from a range of $4.17 to $4.25 to a range of $4.28 to $4.34, a growth rate of 12.9% to 14.5%.

我們預計有機成長率將在 7.0% 至 7.7% 之間。我們也將年度稀釋每股收益預期從 4.17 美元至 4.25 美元調整為 4.28 美元至 4.34 美元，成長率為 12.9% 至 14.5%。

Cintas's differentiated culture, superior products and services and industry best talent position us to deliver meaningful value creation in fiscal 2025 and beyond. We remain focused on delivering outstanding customer experiences and making appropriate investments in the business to sustain our growth. I thank all Cintas's employee partners whose outstanding work and dedication to our customers remains the key to our success.

Cintas 的差異化文化、卓越的產品和服務以及行業最優秀的人才使我們能夠在 2025 財年及以後創造有意義的價值。我們仍然專注於提供卓越的客戶體驗，並對業務進行適當的投資以維持我們的成長。我感謝 Cintas 的所有員工合作夥伴，他們的出色工作和對客戶的奉獻仍然是我們成功的關鍵。

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

接下來，我將把它交給麥克討論我們第二季業績的細節。

Thanks, Todd, and good morning. Our fiscal 2025 second quarter revenue was $2.56 billion compared to $2.38 billion last year. The organic revenue growth rate adjusted for acquisitions and foreign currency exchange rate fluctuations was 7.1%. Organic growth by business was 6.9% for Uniform Rental and Facility Services, 12.3% for First Aid and Safety Services, 10% for Fire Protection Services and Uniform Direct Sale was down 9.2%.

謝謝托德，早安。我們 2025 財年第二季的營收為 25.6 億美元，去年為 23.8 億美元。經收購和外幣匯率波動調整後的有機收入成長率為 7.1%。按業務劃分，制服租賃和設施服務有機成長 6.9%，急救和安全服務有機成長 12.3%，消防服務有機成長 10%，制服直銷下降 9.2%。

Gross margin for the second quarter of fiscal '25 was $1.28 billion compared to $1.14 billion last year, an increase of 11.8%. As Todd mentioned, gross margin as a percent of revenue was 49.8% for the second quarter compared to 48% last year, an increase of 180 basis points. Robust volume growth, operating leverage and continued operational efficiencies helped generate this strong gross margin.

25財年第二季的毛利率為12.8億美元，與去年的11.4億美元相比，成長了11.8%。正如托德所提到的，第二季毛利率佔營收的百分比為 49.8%，與去年的 48% 相比，成長了 180 個基點。強勁的銷售成長、營運槓桿和持續的營運效率幫助實現了強勁的毛利率。

Gross margin percentage by business was 49.1% for Uniform Rental and Facility Services, 57.3% for First Aid and Safety Services. 49.9% for Fire Protection Services and 41.2% for Uniform Direct Sale. Gross margin for the Uniform Rental and Facility Services segment increased 170 basis points from last year.

制服租賃和設施服務的毛利率為 49.1%，急救和安全服務的毛利率為 57.3%。消防服務佔 49.9%，統一直銷佔 41.2%。制服租賃和設施服務部門的毛利率比去年增加了 170 個基點。

Our progress year-over-year reflects our focus on operational excellence initiatives, combined with leverage from strong revenue growth. We continue to realize benefits from our technology investments and extracting inefficiencies from the business through our Six Sigma and engineering teams.

我們的逐年進步反映了我們對卓越營運計劃的關注，以及強勁的收入成長的槓桿作用。我們繼續從技術投資中獲益，並透過六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 280 basis points from last year, with strong revenue growth continuing to create leverage. Our sales mix remains favorable with more profitable first aid products and increases in our recurring revenue products like AED rentals, eyewash stations and Waterbreak.

急救和安全服務部門的毛利率比去年增長了 280 個基點，強勁的收入成長持續創造槓桿。我們的銷售組合仍然有利，急救產品利潤更高，AED 租賃、洗眼站和 Waterbreak 等經常性收入產品也有所增加。

Our technology investment in SmartTruck provides route optimization and improved efficiencies, and we continue to see sourcing benefits from our first aid dedicated distribution center that have allowed us to lower product costs. All of these contribute to improved margins.

我們對 SmartTruck 的技術投資提供了路線優化和提高的效率，我們繼續看到從我們的急救專用配送中心採購的好處，這使我們能夠降低產品成本。所有這些都有助於提高利潤率。

Selling and administrative expenses as a percent of revenue was 26.8%, which was relatively consistent with last year. Second quarter operating income was $591.4 million compared to $499.7 million last year. Operating income as a percent of revenue was 23.1% in the second quarter of fiscal '25 compared to 21% in last year's second quarter, an increase of 210 basis points.

銷售及管理費用佔收入的百分比為26.8%，與去年基本一致。第二季營業收入為 5.914 億美元，去年同期為 4.997 億美元。 25 財年第二季營業收入佔營收的百分比為 23.1%，而去年第二季為 21%，成長了 210 個基點。

Our effective tax rate for the second quarter was 20.7% compared to 20.9% last year. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock based compensation. Net income for the second quarter was $448.5 million compared to $374.6 million last year. This year's second quarter diluted EPS of $1.09 compared to $0.90 last year, an increase of 21.1%.

我們第二季的有效稅率為 20.7%，而去年為 20.9%。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。第二季淨利為 4.485 億美元，去年同期為 3.746 億美元。今年第二季攤薄後每股收益為 1.09 美元，較去年同期的 0.90 美元成長 21.1%。

As Todd mentioned earlier, we continue to generate strong cash flow. Through the first six months, our free cash flow increased 34.9% over the prior year. This great cash flow over the first six months has allowed us to deploy a total of $1.3 billion of capital across each of our capital allocation priorities of capital expenditures, M&A, dividends and share buybacks.

正如托德之前提到的，我們繼續產生強勁的現金流。前六個月，我們的自由現金流比去年同期成長了 34.9%。前六個月的龐大現金流使我們能夠在資本支出、併購、股息和股票回購等各個資本配置優先事項上部署總計 13 億美元的資本。

Todd provides our annual financial guidance, related to the guidance, please note the following, fiscal '25 net interest expense is expected to be approximately $101 million compared to $95 million in fiscal '24, predominantly as a result of higher variable rate debt. Our fiscal '25 effective tax rate is expected to be 20.2%, and guidance does not include any future share buybacks or significant economic disruptions or downturns.

托德提供了我們的年度財務指導，與該指導相關，請注意以下內容，25 財年的淨利息支出預計約為1.01 億美元，而24 財年的淨利息支出為9500 萬美元，這主要是由於可變利率債務較高。我們 25 財年的有效稅率預計為 20.2%，且指引不包括任何未來的股票回購或重大經濟幹擾或衰退。

I'll now turn it back over to Jared.

我現在將把它轉回給賈里德。

Thanks, Mike. That concludes our prepared remarks. Now we are happy to answer questions from the analysts. Please ask just one question and a single follow-up if needed. Thank you

謝謝，麥克。我們準備好的演講到此結束。現在我們很高興回答分析師的提問。如果需要，請僅提出一個問題並進行一次後續行動。謝謝

(Operator instructions)

（操作員說明）

Tim Mulrooney, William Blair.

提姆·馬爾魯尼，威廉·布萊爾。

Yeah. Hi. Thanks for taking my questions. I wanted to ask about your guide on organic growth. It looks like it came down slightly at the high end from 8.1% to 7.7%. Just curious what the reason for that was a second quarter sales came in below your expectations or if it's, the outlook for the second half of the fiscal year, it shifted slightly? I know it's a small number, but just curious if you had any comment there.

是的。你好。感謝您回答我的問題。我想問一下你們關於有機成長的指南。看起來高端略有下降，從 8.1% 降至 7.7%。只是好奇第二季度銷售額低於您的預期的原因是什麼，或者本財年下半年的前景略有變化？我知道這個數字很小，但只是好奇你是否有任何評論。

Well, good morning Tim. Thanks for the question. First, we're pleased with our organic growth rate at 7.1%. It's very good, and it's right where we'd like to be. And our second half guide implies a continuation of that good growth, mid to high single digits.

嗯，早上好，提姆。謝謝你的提問。首先，我們對 7.1% 的有機成長率感到滿意。這非常好，而且正是我們想去的地方。我們的下半年指南意味著這種良好的成長將持續，中高個位數。

The rental division is right in line where we like it to be. And the first aid and fire divisions both grew double digits. So they continue to perform well and the value proposition continues to resonate. So we like where we are, and we think that our guide reflects attractive growth on, for the year and the back half of the year as well.

租賃部門正好符合我們的要求。急救和消防部門均實現了兩位數成長。因此，他們繼續表現良好，價值主張繼續引起共鳴。所以我們喜歡我們現在的處境，我們認為我們的指南反映了今年和下半年的有吸引力的成長。

And Tim, I might offer a couple of things on the guide as well. The workday adjusted revenue for the year is now 7.7% to 8.4%. So a really nice range for us. And as you said, the organic revenue growth of 7% to 7.7% is a really good year for us and not much of a change. But maybe I'll give you a little, a bit of thoughts on the implied growth as well.

蒂姆，我也可能會在指南中提供一些內容。今年工作日調整後的收入目前為 7.7% 至 8.4%。所以對我們來說這是一個非常好的範圍。正如您所說，7% 至 7.7% 的有機收入成長對我們來說確實是很好的一年，而且變化不大。但也許我也會給你一些關於隱含成長的想法。

So if you think about that guide that we just gave, it implies an organic growth rate range of 6.6% to 7.9% for the back half of the year, and that's the same implied growth rate that we had in the guide last quarter for the final three quarters.

因此，如果你考慮我們剛剛給出的指南，它意味著今年下半年的有機成長率範圍為 6.6% 至 7.9%，這與我們上季指南中的隱含成長率相同。

So in other words, that implied guide hasn't really changed. And so we, again, as Todd said, we had a nice quarter, and the outlook for the second half of the year really hasn't changed all that much, still a really good year, both in total growth and in organic growth.

換句話說，隱含的指南並沒有真正改變。因此，正如托德所說，我們再次度過了一個不錯的季度，下半年的前景確實沒有太大變化，無論是在整體增長還是在有機增長方面，仍然是非常好的一年。

Okay. That's good color. It sounds like just some fine tuning around the edges and continuation of what you've been doing. So that's very helpful context. Thank you. For my second question is I just wanted to touch on the incremental EBITDA margins, 60%, I think, in the quarter. Obviously, very impressive, well above street expectations.

好的。這顏色真好啊聽起來只是一些邊緣上的微調和你一直在做的事情的延續。所以這是非常有幫助的背景。謝謝。我的第二個問題是，我只想談談本季 EBITDA 利潤率的增量，我認為是 60%。顯然，非常令人印象深刻，遠遠超出了街頭的預期。

Just putting my analyst hat on and trying to pick this apart a little bit. Curious if there's any one-offs or discrete factors that we should be considering that were either favorable to this year or unfavorable to last year that might help explain some of the strong outperformance because 60% is obviously just really, really high. Thank you.

只是戴上我的分析師帽子，試著把這個問題稍微分開。很好奇是否有任何一次性或離散因素值得我們考慮，這些因素要么對今年有利，要么對去年不利，這可能有助於解釋一些強勁的表現，因為 60% 顯然非常非常高。謝謝。

Well, Tim, no one-offs to speak of. We're getting good leverage from our revenue growth. So the revenue growth is really helping us to get leverage. We've spoken in the past about where we've got programs initiatives to extract out inefficiencies in our business, and that continues to go well. Our Six Sigma Black Belt team, our global supply chain.

好吧，提姆，沒有一次性可言。我們從收入成長中獲得了良好的槓桿作用。因此，收入成長確實幫助我們獲得了槓桿作用。我們過去曾談到我們在哪些方面採取了計劃舉措來消除業務效率低下的問題，而且進展順利。我們的六西格瑪黑帶團隊，我們的全球供應鏈。

Our engineering teams are all functioning at high levels and allowing us to extract out improvements throughout our organization. So no one-offs to speak of, and we're trying to get great leverage on the revenue and then extract that inefficiencies and that plan is working.

我們的工程團隊都在高水準運作，使我們能夠在整個組織中進行改進。因此，沒有一次性可言，我們正在努力充分利用收入，然後消除效率低下的情況，而該計劃正在發揮作用。

Got it. Thanks Todd. Thanks Mike.

知道了。謝謝托德。謝謝邁克。

Thank you.

謝謝。

Andrew Steinerman, JPMorgan Securities.

安德魯‧史坦納曼，摩根大通證券。

Hi. When talking about the organic revenue growth of 7.1% in the quarter, could you just give us a sense if price realization has kind of now return to the long-term average increase? And then also, did adopt change much when looking at the November quarter year-over-year versus the August quarter year-over-year?

你好。當談到本季 7.1% 的有機收入成長時，您能否告訴我們價格實現現在是否已恢復到長期平均成長水準？另外，11 月季度與 8 月季度相比，採用率是否發生了很大變化？

Well, good morning Andrew. Obtaining price increases is more challenging than it was in the past compared to earlier portion of the calendar year and the first quarter, but we're still able to obtain price increases. They are right at about our historical levels now, which makes sense since we continue to see price increases coming down as inflation has come down.

嗯，早上好，安德魯。與今年稍早和第一季相比，獲得漲價比過去更具挑戰性，但我們仍然能夠獲得漲價。現在它們正處於我們的歷史水平，這是有道理的，因為我們繼續看到隨著通貨膨脹的下降，價格漲幅也在下降。

And in spite of this, I'm really proud of the organization being able to increase margins while extracting out those inefficiencies I spoke about earlier. And as was mentioned with Tim previously, our incremental margins are really strong.

儘管如此，我還是為該組織能夠提高利潤率，同時消除我之前提到的低效率問題而感到自豪。正如蒂姆之前提到的，我們的增量利潤非常強勁。

As far as, why don't I just speak a little bit about customer behavior in general. I mentioned price increases. New business is quite strong. Our retention rates are still at very attractive levels. Pit stops, so I would say no significant changes there. Catalog spending was down a little bit.

就目前而言，我為什麼不簡單談談一般的客戶行為？我提到了漲價。新業務相當強勁。我們的保留率仍然處於非常有吸引力的水平。進站，所以我想說那裡沒有重大變化。目錄支出略有下降。

But overall, the business is functioning at a high level. And the macro data seems to be pretty stable. And the second half guide, I think, reflects that we're going to have a, we plan to have a very good year and not only the first half, but the second half reflects that.

但總體而言，業務運作在高水準上。而且宏觀數據看起來相當穩定。我認為下半年指南反映了我們將有一個非常好的一年，不僅是上半年，下半年也反映了這一點。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Jasper Bibb, Truist Securities.

賈斯柏‧比伯 (Jasper Bibb)，Truist 證券公司。

Hey, good morning guys. I want to ask about the proposed tariffs from the new administration and potential impact on your material cost if those proposals come through. I think you previously talked about a bit of inflation on (inaudible) costs from tariffs on China during the last Trump administration. Is there more sourcing coming through Mexico, Canada or China that could potentially be impacted?

嘿，早上好，夥計們。我想詢問新政府提出的關稅建議，以及如果這些建議獲得通過，對你們材料成本的潛在影響。我想你之前談到過上屆川普政府期間對中國徵收關稅造成的（聽不清楚）成本的一些通貨膨脹。是否有更多來自墨西哥、加拿大或中國的採購可能會受到影響？

Good morning, Jasper. Certainly, we're watching all those items very closely with tariffs. It's still way too early to tell exactly what's going to occur there. But I know that we have a world-class global supply chain. And they're positioned to pivot as necessary. We're already in a position where we do source over 90% of our products.

早上好，賈斯柏。當然，我們正在密切關注所有這些項目的關稅。現在確切判斷那裡會發生什麼還為時過早。但我知道我們擁有世界一流的全球供應鏈。他們的定位是根據需要進行調整。我們已經實現了 90% 以上產品的採購。

So those multiple sources include also geographic diversity. So I think we're in a good spot to, because when those types of challenges are, that we may face in the future or the world will face, our global supply team will have a chance to shine and I'm confident that, that's exactly what they'll do, and we'll pivot as appropriate, but we're in a good spot.

因此，這些多重來源也包括地理多樣性。所以我認為我們處於一個很好的位置，因為當我們未來可能面臨或世界將面臨這些類型的挑戰時，我們的全球供應團隊將有機會大放異彩，我相信，這正是他們要做的，我們也會適當調整，但我們處於有利位置。

Jasper, I might, just as a reminder, speak to our rental material cost. So in the rental business, you might keep in mind that we amortize the costs of our garments, our mats and other products over some period of time. And that allows us time to our global supply chain adapt to the current situation, maybe make some changes, but also it allows us to recognize those costs over a longer period of time.

賈斯珀，作為提醒，我可能會談談我們的租賃材料成本。因此，在租賃業務中，您可能會記住，我們會在一段時間內攤銷服裝、墊子和其他產品的成本。這讓我們有時間讓我們的全球供應鏈適應當前情況，也許做出一些改變，但也讓我們能夠在更長的時間內認識到這些成本。

In other words, we don't recognize that cost in our P&L right away. And that allows us to do other things like not just sourcing changes, but also how to think about our initiatives that we've got going on in the business and how to think of future price increases and so on.

換句話說，我們不會立即在損益表中確認該成本。這使我們能夠做其他事情，例如不僅是採購變化，還包括如何考慮我們在業務中正在進行的舉措以及如何考慮未來的價格上漲等等。

So just as a reminder, our ability to amortize a good chunk of our materials can really be a benefit in a time when uncertainty like this related to these tariffs.

因此，提醒一下，在與這些關稅相關的不確定性時期，我們攤銷大量材料的能力確實可以帶來好處。

Thanks for that. And then maybe to follow up on Tim's earlier question. Is there anything that you think might make incremental operating margins to moderate in the second half versus the first half? I mean, on my math, adjusting for working days, incremental operating margin was well north of 40% in the first half and seems like guidance imply a pretty material step down in the incremental for the second half. Is there anything specific driving that first half, second half (inaudible) ?

謝謝你。然後也許可以跟進蒂姆之前的問題。您認為有哪些因素可能會讓下半年的營業利潤率較上半年放緩？我的意思是，根據我的數學計算，根據工作日進行調整，上半年增量營業利潤率遠超 40%，而且指導似乎意味著下半年增量營業利潤率將大幅下降。上半場、下半場有什麼特別的推動力（聽不清楚）嗎？

Nothing specific, Jasper. Certainly, running business isn't linear. But when you look at our guide for the year, we think we're in a really good spot to grow our operating margin, our EPS, so attractive margins for the year. And we think we're in a good spot to deliver that.

沒什麼具體的，賈斯帕。當然，經營業務並不是線性的。但當你看看我們今年的指南時，我們認為我們處於一個非常好的位置，可以提高我們的營業利潤率、每股收益，因此今年的利潤率非常有吸引力。我們認為我們處於實現這一目標的最佳位置。

You might remember Jasper that our, we want to be in an incremental of 25% to 35%, and while we are above that in the first half of the year, our expectation is longer term, we're going to be sort of in that range, and that's what we have guided for the back half of the year. We will likely be closer to that range. It's hard to think that we would be in a 40% to 50% incremental longer term. But as Todd said, we've got a lot of initiatives that are really working for us.

你可能還記得 Jasper 說，我們希望增量為 25% 到 35%，雖然我們在今年上半年就超過了這個數字，但我們的期望是長期的，我們將在某種程度上這個範圍，這就是我們今年下半年的指導。我們可能會更接近這個範圍。很難想像我們會在長期內達到 40% 到 50% 的增量。但正如托德所說，我們有很多真正對我們有用的措施。

Got it. Thank you for taking the questions.

知道了。感謝您提出問題。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Yeah, thank you. If I can just follow up on that. The top line guide that you lowered by 40 basis points. It sounds like you said all your expectations have kind of remain the same, but you still lowered it. So just curious, is that, can you just help us with why you lowered it by 40 bps, maybe if the catalog sales that were down? Is that what it was? Just any color there would be helpful.

是的，謝謝。如果我能跟進的話。您下調了 40 個基點的頂線指引。聽起來你說你所有的期望都保持不變，但你還是降低了它。所以只是好奇，您能幫我們解釋一下為什麼您將其降低了 40 個基點嗎？原來是這樣嗎？任何顏色都會有幫助。

Manav, it's a little bit of math, right? The implied guide is about the same today as it was for the second half of the year as it was after the first quarter. But we've got a another quarter in the books. Our Q2 at [7.1%] comes right in the middle of that range. And so that's really, it's, that's the math of seeing it go from [8.1% to 7.7%] But the implication of that guide for the rest of the year is still the same as what we called out after our first quarter. Does that make sense?

馬納夫，這有點數學，對吧？今天的隱含指引與下半年和第一季之後的指引大致相同。但我們還有一個季度的帳目。我們的第二季 [7.1%] 正好處於該範圍的中間。所以這確實是，這就是從 [8.1% 到 7.7%] 的數學計算，但該指南對今年剩餘時間的影響仍然與我們在第一季後呼籲的內容相同。這樣有道理嗎？

I mean, I guess, are you seeing that maybe this quarter perhaps didn't come in better than maybe what you would have thought?

我的意思是，我想，您是否發現本季的情況可能並不比您想像的更好？

Well, it's, this quarter is sort of in the middle of that organic revenue guide that we've given.

嗯，這個季度有點處於我們給出的有機收入指南的中間。

Okay. Fine. And then if I can just follow up. Sorry, go ahead if you were saying something.

好的。美好的。然後我是否可以跟進。抱歉，如果您有話要說，請繼續。

No, go ahead.

不，繼續吧。

I was just going to say the M&A in the quarter, can you, it seems like you were pretty active. So just curious in which areas and anything to call out there?

我剛才想說的是本季的併購，可以嗎，看來你們非常活躍。所以只是好奇在哪些領域以及有什麼值得關注的地方？

Manav, I'll speak to that. Good morning. M&A is hard to predict. We've been pursuing businesses in all of our route based businesses as long as I can remember. And we did have a good quarter with M&A. We bought some businesses and each of our areas. And those, we get some, we're after really good quality businesses that can position us to obtain synergies in certain cases and then help us with an offering a broader offering to that customer base.

馬納夫，我會談談這個。早安.併購很難預測。從我記事起，我們就一直在所有基於航線的業務中開展業務。我們在併購方面確實度過了一個不錯的季度。我們購買了一些企業和我們的每個領域。我們得到了一些，我們正在尋找真正優質的業務，這些業務可以使我們在某些​​情況下獲得協同效應，然後幫助我們向該客戶群提供更廣泛的產品。

So yes, we like the businesses we're buying. They're very complementary, and they're quality businesses, and we think that's going to be a good long-term investment for our organization.

所以，是的，我們喜歡我們正在購買的企業。它們非常互補，而且都是優質企業，我們認為這對我們的組織來說將是一項很好的長期投資。

Got it. Thank you.

知道了。謝謝。

Josh Chan, UBS.

喬許陳，瑞銀。

Hi, good morning. Todd, Mike, Jared. I guess, on the guidance question, maybe I can ask it this way. I guess, as compared to the scenario where you would have held your top line guidance, the top end of your top line guidance, like what did not happen, I guess, what did you not see could allow you to kind of hold that? I guess maybe that helps ask that question a little bit.

嗨，早安。托德、麥克、賈里德。我想，關於指導問題，也許我可以這樣問。我想，與您持有頂線指導的情況相比，頂線指導的頂端，就像沒有發生的事情一樣，我想，您沒有看到什麼可以讓您保持這一點？我想也許這有助於提出這個問題。

Well, Josh, as I described earlier, the pricing environment is obtaining price increases is more challenging than it was. And as we're still able to obtain price increases, but it's more challenging. It's back to historical levels. So we're having to grow off of over and above that.

好吧，喬什，正如我之前所描述的，定價環境使價格上漲比以前更具挑戰性。由於我們仍然能夠獲得價格上漲，但更具挑戰性。又回到了歷史水準。因此，我們必須在此基礎上不斷成長。

So just tightening that up a little bit. But when you look at, as Mike spoke of, when you look at the back half of the year, organic of implied organic of 6.6% to 7.9% and workday adjusted growth of 7.3% to 8.6%. It's right where we want to be, and we like that, and we think we're well positioned to achieve those results.

所以只是稍微收緊一點。但正如麥克所說，當你看看今年下半年時，你會發現有機成長或隱含機成長為 6.6% 至 7.9%，工作日調整後成長為 7.3% 至 8.6%。這正是我們想要達到的目標，我們喜歡這樣，我們認為我們有能力實現這些成果。

Certainly, that's still very good growth. And then maybe my follow-up on fire, obviously, it grew 10% this quarter, that's really strong. But I guess in prior quarters, it had been above that. So was there any abnormality in fire this quarter? Or do you think it's just normal fluctuation?

當然，這仍然是非常好的成長。然後也許我的後續行動很火，顯然，本季成長了 10%，這真的很強勁。但我想在前幾個季度，它已經高於這個數字。那麼本季火災是否有異常情況呢？還是你認為這只是正常的波動？

Yes, Josh, no abnormality to speak of. They were coming off a pretty attractive growth rate last year. So, but no, we think we're really well positioned there to continue to grow that business at those, at the levels at double-digit levels. And the team has organized around that and positioned it and that's what we certainly expect in the future.

是的，喬什，沒有什麼異常可言。去年他們的成長率相當有吸引力。所以，但不，我們認為我們確實處於有利位置，可以繼續以兩位數的水平繼續發展該業務。團隊圍繞著這一點進行組織和定位，這就是我們未來的期望。

Great. Thanks for your time and good luck in the second half.

偉大的。感謝您抽出寶貴的時間，祝您下半場好運。

Thank you.

謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, thanks. Good morning. You mentioned new business and retention rates were strong in the quarter. Can you talk more about what you're seeing with customer sentiment and customer purchasing behaviors and how they've evolved over the course of the quarter?

你好，謝謝。早安.您提到本季的新業務和保留率很高。您能否多談談您所看到的客戶情緒和客戶購買行為以及它們在本季度的演變？

Good morning George. Besides what I mentioned with customer behavior, not much has changed there. The sales cycle is, I wouldn't, it's not elongated. It's pretty similar to what it has been in the past. We're still selling about two-third of all of our new accounts are no programmers.

早上好喬治。除了我提到的客戶行為之外，沒有太大變化。銷售週期是，我不會，它不會被拉長。這與過去的情況非常相似。我們仍在銷售的所有新客戶中約有三分之二不是程式設計師。

And that's exciting to us because the pie is massive out there because as we talked about, we serviced a little over one million business customers, and there's 60 million businesses in North America. So that makes it really attractive.

這對我們來說很令人興奮，因為市佔率很大，因為正如我們所說，我們為略高於 100 萬的企業客戶提供服務，而北美有 6,000 萬家企業。這使得它非常有吸引力。

Now that being said, those businesses that we're selling, it's not always new money. They're wearing clothes, garments. They're got items to help keep their facilities clean and maintain. We can do it better, faster, smarter, cheaper in certain ways, certain times.

話雖這麼說，我們出售的那些業務並不總是新資金。他們穿著衣服，衣服。他們有幫助保持設施清潔和維護的物品。我們可以在某些時候、以某些方式做得更好、更快、更聰明、更便宜。

That allows for those customers to accomplish their objectives more in a better fashion. So no changes there. We're still selling a significant amount of no programmers and the future looks bright there because it's just such a massive quantity out there of no programmers.

這使得這些客戶能夠以更好的方式實現他們的目標。所以那裡沒有變化。我們仍然在銷售大量的無程式設計師，那裡的未來看起來很光明，因為那裡有大量的無程式設計師。

George. Do you have a follow up question?

喬治.您還有後續問題嗎？

Yes. Sorry, I was on mute. So on the margin side, you're seeing good benefits from sourcing and supply chain and routing. Can you talk a little bit more about where you are in your journey in terms of unlocking additional efficiencies, what you've already achieved?

是的。抱歉，我當時處於靜音狀態。因此，在利潤方面，您會看到採購、供應鏈和路線的良好效益。您能否多談談您在提高效率方面的進展以及您已經取得的成就？

In other words, are you, would you say you're still in the very early innings of what you hope to achieve with efficiencies? Or are you towards the middle or towards the later stages of what you hope to accomplish?

換句話說，您是否認為您仍處於希望實現效率目標的早期階段？或者你正處於你希望實現的目標的中期或後期階段嗎？

Thank you, George. Part of our culture here is a culture of positive discontent. We are constantly looking for ways to improve. And so you're going to continue to see improvements in those areas. We, there's a long list of initiatives that we are constantly focused on and we're excited about because the team has done one heck of a job in that area, whether I mentioned sourcing, engineering, Six Sigma. It's an impressive performance, and they still have a big to-do list.

謝謝你，喬治。我們文化的一部分是積極不滿的文化。我們不斷尋找改進的方法。因此，您將繼續看到這些領域的改進。我們有一長串我們一直關注的舉措，我們對此感到興奮，因為團隊在該領域做了一項出色的工作，無論我提到採購、工程還是六西格瑪。這是令人印象深刻的表現，而且他們還有很多待辦事項。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you.

謝謝。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi. Thank you for taking my questions. Just to talk a little bit about the guidance a little more on the top end. But I'd like to ask a little bit about the M&A. It looks like you did about $145 million in acquisitions in the quarter. Could you talk about how much those acquisitions are expected to add to revenue in this fiscal year, and if there, where exactly would they be falling out, would be mostly in the laundry and the uniforms. Or was there something else that you (inaudible) that was sizable. I mean, didn't hit the news? And then I'll have a follow-up.

你好。感謝您回答我的問題。只是想多談談高端的指導。但我想問一些有關併購的問題。看來您在本季進行了約 1.45 億美元的收購。您能否談談這些收購預計會為本財年的收入增加多少？或者還有其他東西（聽不清楚）是相當大的。我是說，沒上新聞？然後我會跟進。

Shlomo, we did made some nice acquisitions in the rental space. We've also made some in the fire and first aid safety space, but the rental space, we did have some nice acquisitions. We don't typically get into exactly the amount of those. They are sort of local market to maybe a little bit of regional but really nice players in the market, and we're excited about it.

什洛莫，我們確實在租賃領域進行了一些不錯的收購。我們也在消防和急救安全空間方面做了一些工作，但在租賃空間方面，我們確實進行了一些不錯的收購。我們通常不會確切了解其中的數量。對於可能有一點區域性但市場上非常好的參與者來說，它們是一種本地市場，我們對此感到興奮。

Okay. The reason I was asking is because there's a huge focus on kind of the tweaking of the guidance on the top, and it's the commentary about the pricing being a little bit tougher just to dimensionalize, it would be helpful to know how much we should be expecting in terms of incremental M&A. So that's where the question is coming from.

好的。我問的原因是因為人們非常關注頂部指導的調整，而且這是關於定價有點困難的評論，只是為了維度化，這將有助於知道我們應該是多少預計增量併購。這就是問題的來源。

But the second question, the follow-up I have is, could you give a little bit more color on the growth of the targeted verticals, specifically in the quarter, did some do better than others. Maybe just give us a little bit more detail in terms of how much of the growth is being driven by those verticals are some of them accelerating versus decelerating just so we get a sense as to how the efforts are progressing there.

但第二個問題，我的後續問題是，您能否對目標垂直行業的成長提供更多的信息，特別是在本季度，有些行業做得比其他行業更好。也許只需給我們更多細節，說明這些垂直領域推動成長的程度是加速還是減速，以便我們了解這些領域的努力進展。

Shlomo, the, our four focus verticals are performing well. They have been and continue to perform well. They perform at above our normal operating levels of growth. So, and we expect them to because they're focused verticals. And I think it's important to understand, it's not just a sales focus in those areas, it's, we organize around those.

Shlomo，我們的四個重點垂直領域表現良好。他們一直並將繼續表現良好。他們的表現高於我們正常的營運成長水準。所以，我們希望他們這樣做，因為他們專注於垂直領域。我認為重要的是要理解，這不僅僅是這些領域的銷售重點，而是我們圍繞這些領域進行組織。

We have teams of leaders and partners that are focused on understanding those businesses, understanding products and services that are important to them. And so they're in that world, and they're delivering great results and helping customers accomplish their objectives better and we expect that to continue. But that's been in, baked into our business for the past years, and we suspect that will continue to occur.

我們擁有由領導者和合作夥伴組成的團隊，專注於了解這些業務、了解對他們來說很重要的產品和服務。因此，他們身處這個世界，他們正在交付出色的成果並幫助客戶更好地實現他們的目標，我們希望這種情況能夠繼續下去。但過去幾年這種情況已經融入我們的業務中，我們懷疑這種情況還會繼續發生。

Thank you.

謝謝。

Thank you.

謝謝。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，加拿大皇家銀行。

Hi, good morning. This is David Paige on for Ashish. I was just curious if we could, if you could just give us some sense on how the Uniform Direct sales performed in the quarter? Was it in line with your expectations? And then, not to go back to it, but how is that playing Uniform Direct specifically playing into your organic revenue growth guide for 2025?

嗨，早安。我是阿什什的大衛·佩奇。我只是好奇我們是否可以，您能否讓我們了解本季統一直銷的表現？符合你的預期嗎？然後，不回過頭來說，Uniform Direct 是如何具體影響您 2025 年的有機收入成長指南？

Good morning David. So our Uniform Direct Sale business, as we mentioned, was down in the quarter. It's a strategic business for us that sells into Fortune 1000-type customers, airlines, hotels, casinos, those types. So that business can be quite lumpy. And it was negative in the quarter. But keep in mind, we sell many things into that customer base.

早安，大衛。因此，正如我們所提到的，我們的製服直銷業務在本季有所下降。對我們來說，這是一項策略性業務，向財富 1000 強類型的客戶、航空公司、酒店、賭場等類型的客戶進行銷售。所以這項業務可能會相當不穩定。本季為負值。但請記住，我們向該客戶群出售很多東西。

It's not just direct sale. So it's been a strategic area for us to sell whether it's rental garments or facility services our fire and our first aid businesses all sell into those. So it's a real strategic market for us. And again, that business can be a little lumpy and it went backwards in Q2, but we like the market, and we like the solutions that we're providing those customers.

這不僅僅是直銷。因此，這一直是我們銷售的策略領域，無論是租賃服裝還是設施服務，我們的消防和急救業務都會向這些領域銷售。所以這對我們來說是一個真正的戰略市場。再說一遍，該業務可能有點不穩定，並且在第二季度出現倒退，但我們喜歡這個市場，也喜歡我們為這些客戶提供的解決方案。

Okay. Great. That's helpful. And then I know you mentioned that your focus verticals are continuing to perform really strong. But was there any specific vertical either within the focus or outside of the focus verticals that performed, I guess, that stood out of the (inaudible) performed really well. Thank you.

好的。偉大的。這很有幫助。然後我知道您提到您的重點垂直領域繼續表現強勁。但是，我猜想，在焦點之內或焦點之外的垂直方向上是否有任何特定的垂直方向表現得非常好（聽不清楚）。謝謝。

David, nothing specific to call out regarding the four verticals. They're all performing well, and we've been investing make sure that we're positioning them for the future to get the right products, the right services for those customers, and it's showing in their results and we expect that will continue.

大衛，關於四個垂直領域沒有什麼具體的可說的。他們都表現良好，我們一直在投資，確保我們為他們的未來做好定位，為這些客戶提供正確的產品和正確的服務，這在他們的業績中得到了體現，我們預計這種情況將繼續下去。

Andrew Wittmann, R W Baird.

安德魯威特曼，R·W·貝爾德。

Thanks and excuse me, good morning guys. I just thought maybe, Mike, I'll give you an opportunity to talk a little bit more about the margin profile here today. Obviously, results were good. But could you just talk about any categories in particular? Obviously, you called out the energy, always call it the energy, but maybe other key categories, merchandise costs, maybe route costs in general beyond just the energy there.

謝謝，抱歉，大家早安。我只是想，麥克，我今天可能會給你一個機會更多地談論一下利潤概況。顯然，結果是好的。但您能具體談談某些類別嗎？顯然，你提到了能源，總是稱之為能源，但也許還有其他關鍵類別、商品成本，也許一般的路線成本超出了能源的範圍。

Other things in the plant or things in SG&A. Just to help understand some of the puts and takes on that line item with gross margins now having been consistently above people's expectations for several quarters in a row, I thought maybe opportunity to drill into that a little bit more, it would be helpful.

工廠中的其他事物或 SG&A 中的事物。只是為了幫助了解該訂單項目的一些看跌期權和承付金額，現在毛利率已經連續幾個季度持續高於人們的預期，我認為也許有機會進一步深入研究這一點，這會有所幫助。

Sure. Andy, as you know, within our, and I'll speak to rentals, as you know, in our cost of rentals, there are, you can think of three buckets, right? The material cost, the production cost, which is the cost associated with our operating our laundry facilities and the service costs. So that's the routing. And the really good news, Andy, is we've got initiatives that are working really well in each of those. And so over the last year, a couple of years, we've seen improvements in all of those areas.

當然。安迪，如你所知，在我們的內部，我會談到租金，如你所知，在我們的租金成本中，有，你可以想到三個桶，對吧？材料成本、生產成本，即與我們營運洗衣設施相關的成本和服務成本。這就是路由。安迪，真正的好消息是我們在每一個方面都採取了非常有效的措施。因此，在過去的一年、幾年裡，我們看到了所有這些領域的進步。

So material costs, Todd talks about our global supply chain. It has operated so well for us and continues to do so. And it's constantly looking for better ways to source. In addition to that, you've heard us speak to a garment sharing. So this goes to the stockrooms, and when we share garments, that means we have better utilization out of those garments, and we order fewer garments.

那麼材料成本，托德談到了我們的全球供應鏈。它對我們來說運作得非常好，並將繼續如此。並且它一直在尋找更好的來源方式。除此之外，您也聽過我們談論服裝分享。因此，這會進入庫房，當我們共享服裝時，這意味著我們可以更好地利用這些服裝，並且我們訂購的服裝會更少。

New garments from our distribution centers. So in other words, that is allowing us to put fewer garments into service, meaning our amortization tends to come down. That's been a really good area for us over the course of the last year or two years.

來自我們配送中心的新服裝。換句話說，這使我們能夠投入更少的服裝，這意味著我們的攤銷往往會下降。在過去的一兩年裡，這對我們來說是一個非常好的領域。

If we move to production, we talked a lot about operational excellence and things like making sure we are perfectly loading the washers and dryers has been really important for us. We are automating our sortation. As you know, once those garments come out of the dryer, we have to sort them to get them back to the customer.

如果我們轉向生產，我們會談論很多關於卓越營運的事情，例如確保我們完美地裝載洗衣機和烘乾機對我們來說非常重要。我們正在自動化分類。如您所知，一旦這些衣服從烘乾機中出來，我們就必須對其進行分類以將其返回給客戶。

And we've got initiatives going on that are automating that sorting and that allows for efficiencies in the production department. So the wash alley has become more efficient. The sorting has become more efficient, and that helps overall production costs.

我們正在採取一些舉措，使分類自動化，並提高生產部門的效率。因此，洗衣巷變得更有效率。分類變得更加高效，這有助於降低整體生產成本。

And then you continue to hear us speak to a SmartTruck. It's just a new way of life for us, but it continues to allow us to leverage the service costs in that bucket. And so when we are able to be better at routing. That means fewer trucks need to be purchased, fewer routes being opened. And we are just more efficient. Todd always talks about we don't make money when the truck is moving.

然後你會繼續聽到我們與智慧卡車交談。這對我們來說只是一種新的生活方式，但它繼續使我們能夠利用該桶中的服務成本。因此，當我們能夠更好地進行路由時。這意味著需要購買的卡車更少，開通的路線也更少。我們只是更有效率。托德總是說卡車行駛時我們賺不到錢。

And effectively, the truck is not moving as much as it has been in past. So really nice performance there. The other thing that SmartTruck allows us to do is save on energy because we can do things like monitor idling and our idling is down and that means we are more efficient with our energy spend.

實際上，卡車的移動量不如過去那麼大。那裡的表演非常好。 SmartTruck 允許我們做的另一件事是節省能源，因為我們可以執行諸如監控怠速之類的操作，並且我們的怠速會下降，這意味著我們的能源消耗更加高效。

So Andy, those are a few of the components of those different buckets that are operating really well. And as you hopefully can pick up, those aren't sort of one-timers that go away. Those are all sort of new ways or more efficient ways of doing business.

安迪，這些是這些不同桶子中運作良好的一些組件。正如您希望能夠了解的那樣，這些並不是一次性的事情。這些都是新的或更有效的經營方式。

Got it. Thank you for that context. Maybe just for my follow-up, I'd say, over the last 18 months, it kind of feels like there's been more national account business that kind of hit the market its traded hands. Obviously, there's always some of that, and it's not new, but because there was a bit more of a flurry around that, I would just thought, I would kind of talk to you about getting your thoughts about a national account business today. How much is trading compared to historical levels? And what you're seeing in the pricing dynamic specifically related to that segment of the marketplace?

知道了。謝謝你的背景。也許只是為了我的後續行動，我會說，在過去 18 個月裡，感覺好像有更多的國民帳戶業務進入了其交易手的市場。顯然，總是有一些這樣的事情，而且這並不新鮮，但因為周圍有更多的混亂，我只是想，今天我想和你們談談，了解你們對國民帳戶業務的想法。與歷史水準相比，交易量是多少？您在與該市場細分市場相關的定價動態中看到了什麼？

Andy, nothing specific there. It's always been a highly competitive market. Our business, in general is highly competitive. And our team has done a great job with pursuing those, retaining those. And certainly, those wins are nice. But we're trying to build our business around selling, growing the pie of customers. We think that's really attractive and there's a massive opportunity there.

安迪，沒有什麼具體的。它一直是一個競爭激烈的市場。總的來說，我們的業務競爭非常激烈。我們的團隊在追求這些目標、保留這些目標方面做得非常出色。當然，這些勝利是美好的。但我們正在努力圍繞銷售建立我們的業務，擴大客戶份額。我們認為這確實很有吸引力，並且存在巨大的機會。

So that's where we're focusing our businesses, selling those no programmers, providing great value for them. And so often, when we get in there and we talk to the customers, they don't even realize that what we provide and the fact that our average customer is relatively small.

因此，這就是我們業務的重點，出售那些沒有程式設計師的人，為他們提供巨大的價值。通常，當我們進入那裡並與客戶交談時，他們甚至沒有意識到我們提供的服務以及我們的平均客戶相對較小的事實。

Many of our customers don't think that they're not big enough to have a service like what we provide. And so it's, our role is to get out there and talk to them about it and make them aware. And that's helping to grow our business, and we like where that's heading.

我們的許多客戶認為他們的規模不夠大，無法提供我們提供的服務。因此，我們的角色就是走出去與他們討論並讓他們意識到這一點。這有助於發展我們的業務，我們喜歡這個發展方向。

Great. Thanks a lot. Have a happy holidays guys.

偉大的。多謝。祝大家節日快樂。

Thank you, Andy.

謝謝你，安迪。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. I was hoping to go back to the direct sales business, and I'm less focused on the quarter because I think the comp was fairly tough. But just when you think about how fast that line of business should grow over time. How should we be thinking about that? And could you also give us an update on what percent of your customers are buying products or services across more than one segment? Thanks.

非常感謝。我希望回到直銷業務，但我不太關注本季度，因為我認為競爭相當艱難。但當你考慮到該業務線隨著時間的推移應該以多快的速度成長時。我們該如何思考這個問題？您能否向我們介紹一下您的客戶在多個細分市場購買產品或服務的百分比的最新情況？謝謝。

So Toni, as far as the direct sale business, we tend to grow our other businesses faster than that business. Now when you think of that group of customers, they're growing at, I'll call it, normalized levels. But the direct sale business specifically is not growing. It wouldn't, we wouldn't expect it to grow at the levels of our business in total. So as we look at it, we're, we see many of those customers are very interested in those products, which gets us in the door, and then we can sell many other products and services to them.

因此，東尼，就直銷業務而言，我們其他業務的成長速度往往快於該業務。現在，當你想到這群客戶時，他們正在以我稱之為標準化的水平成長。但直銷業務具體並沒有成長。不會的，我們不會期望它能達到我們業務整體水準的成長。因此，當我們看到它時，我們看到許多客戶對這些產品非常感興趣，這讓我們進入了大門，然後我們可以向他們銷售許多其他產品和服務。

As far as any particular percentages, we see, I don't think we've given out specific percentages of how many customers use what products and services. But we have, we are still in the very early innings of cross-selling across our business. So we're focused on doing that, but we're also focused on adding new customers, whether they be up and down the street customers or more regional in nature.

就我們看到的任何特定百分比而言，我認為我們沒有給出有多少客戶使用哪些產品和服務的具體百分比。但我們仍然處於整個業務交叉銷售的早期階段。因此，我們專注於這樣做，但我們也專注於增加新客戶，無論他們是街頭客戶還是區域性客戶。

We think there's an amazing opportunity to sell more into our current customer base and even more amazing opportunity to bring additional customers on because we service a little over one million businesses, and there's 60 million businesses in North America. So great opportunity.

我們認為，這是向我們目前的客戶群銷售更多產品的絕佳機會，甚至是吸引更多客戶的絕佳機會，因為我們為超過 100 萬家企業提供服務，而北美有 6000 萬家企業。這麼好的機會。

Yes. Great. And then on first aid margins, they've really ramped up over the past few years. You mentioned the favorable mix and sourcing benefits in this quarter. I guess, should we expect those to be sustainable? How big were those benefits? And maybe just in general, like the margins were very good. And so like how are you thinking about the right level of investment, how much, should you be investing more, for example? Thanks.

是的。偉大的。然後在急救方面，過去幾年確實有所增加。您提到了本季有利的組合和採購優勢。我想，我們應該期望這些是可持續的嗎？這些好處有多大？也許只是一般而言，利潤率非常好。例如，您如何考慮正確的投資水平，多少，您是否應該進行更多投資？謝謝。

Great, Toni. Thank you. We love the First Aid business. It's growing really attractively. As you mentioned, the margins are very good. And it's not linear. So there's puts and takes in every quarter. But we suspect that these margins will be sustainable. And nothing specific to call out besides the fact that we're continuing to get very good efficiencies from our dedicated distribution center in first aid.

太棒了，托尼。謝謝。我們熱愛急救事業。它的成長確實很有吸引力。正如您所提到的，利潤率非常好。而且它不是線性的。所以每季都有投入和投入。但我們懷疑這些利潤將是可持續的。除了我們在急救方面的專用配送中心繼續獲得非常高的效率之外，沒有什麼特別值得指出的。

The mix of business is very attractive in what we're selling. It's repeat revenue. And we are investing heavily. And I think you're seeing that in the growth rates that we've experienced and expect to continue experiencing in that business. So really good business, and we're investing to grow it at very attractive levels.

我們銷售的業務組合非常有吸引力。這是重複收入。我們正在大力投資。我認為您已經從我們已經經歷過的成長率中看到了這一點，並且預計將繼續經歷該業務的成長率。這是一項非常好的業務，我們正在投資以使其成長到非常有吸引力的水平。

Thanks and happy holidays as well.

謝謝，也祝節日快樂。

Thank you.

謝謝。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes, hi, thank you and good morning. So I wanted to ask a little bit more about the pricing comments that you made. And I'm curious if you're seeing more difficulty in taking pricing across the board, or is it more specific products, categories, verticals, maybe to Andy's question earlier is that around some of the national accounts. Just more color on, is this, and perhaps if you can help us dimensionalize the deceleration in pricing that you've seen and what you expect from here?

是的，嗨，謝謝你，早安。所以我想多詢問一下您提出的定價評論。我很好奇你是否發現全面定價面臨更多困難，或者是更具體的產品、類別、垂直領域，也許安迪之前的問題是圍繞一些國民帳戶的。只是更多的顏色，是這樣的，也許你可以幫助我們維度化你所看到的定價減速以及你對這裡的期望？

Faiza, as I mentioned, it's always been a very competitive environment that we've operated in. My entire career has been. And as far as price adjustments, it's pretty well. It's more of a general position that price increases are more challenging than they were several in the first quarter. And, but nothing, no real changes besides the fact that inflation has come down significantly. And with that, it's very reasonable to think that price increases will come down as well.

Faiza，正如我所提到的，我們一直在一個競爭非常激烈的環境中運作。而且就價格調整而言，情況還不錯。更普遍的看法是，價格上漲比第一季的幾次上漲更具挑戰性。但除了通貨膨脹顯著下降之外，沒有什麼真正的改變。因此，認為價格漲幅也會下降是非常合理的。

So we are facing that. But nevertheless, the team is doing one heck of a job and in growing the business in spite of that and finding efficiencies to grow margins in spite of that as well. So very bullish on the future and proud of what the team is accomplishing.

所以我們正面臨這個問題。但儘管如此，團隊仍在做一項艱鉅的工作，儘管如此，仍在發展業務，並尋找提高利潤的效率。因此對未來非常樂觀，並對團隊所取得的成就感到自豪。

Great. Thank you. And then I wanted to ask about M&A. We've seen some increasing activity in M&A. And I'm curious what you're seeing in terms of valuation expectations and just the opportunities out there? What's the environment like?

偉大的。謝謝。然後我想問一下併購的事情。我們看到併購活動增加。我很好奇您在估值預期和機會方面看到了什麼？環境怎麼樣？

Faiza, trying to predict M&A, it's challenging because it really depends upon if it's a local business, it takes many cases, some type of an event to occur where a family member decides to move on from the business that would trigger something like that.

Faiza，試圖預測併購，這是具有挑戰性的，因為這實際上取決於它是否是一家本地企業，需要很多案例，某種類型的事件發生，當家庭成員決定離開該企業時，就會引發類似的事情。

So it's tough to predict it. I can say this, we're very active, and we are most active in the best businesses because we want to buy really good businesses that can, they have great customer bases, they are happy, have great employee partners that can come into our organization.

所以很難預測它。我可以這麼說，我們非常活躍，而且我們在最好的企業中最活躍，因為我們想購買真正優秀的企業，他們擁有巨大的客戶群，他們很高興，擁有優秀的員工合作夥伴，可以進入我們的團隊。

And then the ability to extract out inefficiencies, whether it gave us some additional capacity that we can leverage or routing capacities. All those items are opportunities for us. So trying to predict it's tough. But we do, we're very active. We think it's a very strategic investment for us long term.

然後是消除低效率的能力，無論它是否為我們提供了一些可以利用的額外能力或路由能力。所有這些對我們來說都是機會。所以試圖預測它是很困難的。但我們確實如此，我們非常活躍。我們認為這對我們來說是一項非常具有戰略意義的長期投資。

Great. Thank you so much.

偉大的。太感謝了。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

This is Harold Lance on for Stephanie. So I just want to piggyback on one of the questions about the company's freight cost. I know, in Costco's, you talked about some of the innovations you've done in the health care sector in terms of providing curtains and stuff. So I just wanted to ask, would, other innovations have you done in some of your other (inaudible).

我是史蒂芬妮的哈羅德·蘭斯。所以我只想順便提一下關於公司運費的問題之一。我知道，在好市多，您談到了您在醫療保健領域在提供窗簾和其他東西方面所做的一些創新。所以我只是想問，您是否在其他方面進行了其他創新（聽不清楚）。

And then I guess the follow-up on that would be, help us understand the incremental margins, how they've trended in these new innovative products and I guess, the increase in revenue that you have seen in those business from these innovations. Thank you.

然後我想後續行動將幫助我們了解增量利潤，它們在這些新的創新產品中的趨勢如何，我想，您在這些業務中從這些創新中看到的收入增加。謝謝。

Harold, thanks for the question. I'll answer the first half. As I mentioned, we do organize around those verticals. The health care is the one that I think I'll speak to that whether it is microfiber mops that we, our customers are using to keep patient rooms and common areas clean to help prevent the health care-acquired infections. So it's very important to them.

哈羅德，謝謝你的提問。我來回答前半部。正如我所提到的，我們確實圍繞著這些垂直領域進行組織。我想我要談的是醫療保健，我們的客戶是否使用超細纖維拖把來保持病房和公共區域的清潔，以幫助預防醫療保健獲得性感染。所以這對他們來說非常重要。

Certainly, we have provided technology around dispensing of garments that has really helped our customers not just in the health care vertical, but all verticals where they can control the dispensing of inventory, which allows them to ensure that people have the garments when they need them. But also control any loss that occurs.

當然，我們提供了有關服裝分配的技術，這些技術不僅在醫療保健垂直領域，而且在所有可以控制庫存分配的垂直領域都為我們的客戶提供了真正的幫助，這使他們能夠確保人們在需要時擁有衣服。但也要控制發生的任何損失。

So that's been important to our customers. in general, health care specific just because of when you think of health care, they tend to wear scrubs, which normally was a kind of a commodity item because they would put them on a shelf and then they would disappear through some type of, wherever they would end up. So that's been really valuable to our customers.

所以這對我們的客戶來說很重要。一般來說，醫療保健是特定的，因為當你想到醫療保健時，他們傾向於穿磨砂膏，這通常是一種商品，因為他們會把它們放在架子上，然後它們會透過某種類型消失，無論在哪裡他們最終會這樣。所以這對我們的客戶來說非常有價值。

And then lastly, you cited the privacy curtains. We learned of this issue with our customers, spending time with the customers and asking them where they need help. And this item continued to come up where they said it's a significant compliance problem for them. It certainly affects health care acquired infections. And those are two really strong buying modes for our customers.

最後，你提到了隱私窗簾。我們從客戶那裡了解了這個問題，花時間與客戶交談並詢問他們哪裡需要幫助。他們繼續提出這個問題，稱這對他們來說是一個重大的合規問題。它肯定會影響醫療保健獲得性感染。對於我們的客戶來說，這是兩種非常強大的購買模式。

So we came up with technology that allows for us to help them with that. It came up with a patented product that allows us to help them with that. And the customers are embracing it. They very much like it. They struggle to find labor to handle it, and we're able to help them with that solution. So I think that's attractive and we'll continue to invest in the future for those customers.

因此，我們想出了可以幫助他們實現這一目標的技術。它提出了一種專利產品，使我們能夠幫助他們實現這一目標。客戶正在接受它。他們非常喜歡它。他們很難找到勞動力來處理這個問題，而我們能夠幫助他們找到解決方案。所以我認為這很有吸引力，我們將繼續為這些客戶的未來投資。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much. Good morning. I want to follow up a few M&A questions in here. And guys, I understand there's limited color you'll share there. But this was, I think, the biggest quarter of M&A since all the way back to (inaudible). And you said it was across a few of the business lines you serve. But was it, was there any one particularly large acquisition in one area?

非常感謝。早安.我想在這裡跟進一些併購問題。夥計們，我知道你們能分享的顏色有限。但我認為，這是自（聽不清楚）以來併購規模最大的季度。您說它涉及您所服務的一些業務領域。但在某個領域是否有過一項特別大規模的收購？

And I'm just curious kind of is it, as a follow-up on this topic, what are you looking for in M&A right now? What type of assets, the multiples? But, just if you could talk about prevailing multiple, that would be great, what you're seeing out there. And what are you looking for? Are you looking to add technology? Are you building out vended laundry, on-premises laundry. Just curious, are there some areas you might be moving into. Thanks.

我只是好奇，作為這個主題的後續，您現在在併購中尋找什麼？什麼類型的資產，倍數？但是，如果您能談論當前的倍數，那就太好了，您所看到的就是這樣。你在尋找什麼？您想添加技術嗎？您是否正在建造自動販賣洗衣房、內部洗衣房？只是好奇，您可能會進入某些領域。謝謝。

Scott, thanks for the question. We're active across all of our route based businesses and acquiring business. What are we interested in? We're interested in quality businesses. Buying really good businesses with great customer base and great employee partners. Those are usually the businesses that have invested in making sure that they are positioned to take great care of customers and their employees. So those are the ones we're interested in.

斯科特，謝謝你的提問。我們活躍於所有基於航線的業務和收購業務。我們對什麼有興趣？我們對優質企業感興趣。購買擁有龐大客戶群和優秀員工合作夥伴的真正優秀企業。這些企業通常會進行投資，以確保自己能夠很好地照顧客戶及其員工。這些就是我們感興趣的。

We don't get into multiples. But as far as the focus, it's quality businesses that are in the businesses that we're in is what we bought. And so nothing out of the ordinary there, and it's across each of the route-based businesses. We think we're in a really good spot to do that. And then once we do it, We certainly are interested in extracting out synergies.

我們不會陷入倍數。但就重點而言，我們所購買的業務是我們所在業務中的優質業務。因此，沒有什麼不尋常的地方，而且它遍及每一個基於路線的業務。我們認為我們處於一個非常適合做到這一點的位置。一旦我們這樣做了，我們當然有興趣發揮協同效應。

We get, in certain cases, really good capacity. And then, and what we always get is a customer base that we can sell more into and provide more value to those customers. So our focus is on buying great businesses with great people and great customers. And when we do that, really good things happen.

在某些情況下，我們獲得了非常好的容量。然後，我們總是能得到一個客戶群，我們可以向這些客戶銷售更多產品，並為這些客戶提供更多價值。因此，我們的重點是收購擁有優秀人才和優秀客戶的優秀企業。當我們這樣做時，真正好的事情就會發生。

Great, thanks. And just as a follow-up, I don't think we've discussed myCintas portal on an earnings call in a while. A progress report on that, and just curious, is that contributing at all? It could be, it's been around for a few years now. Is that contributing at all yet to the impressive margins that we're seeing?

太好了，謝謝。作為後續行動，我認為我們已經有一段時間沒有在財報電話會議上討論 myCintas 入口網站了。對此的進度報告，只是好奇，這有貢獻嗎？可能是這樣，它已經存在了幾年了。這是否對我們所看到的令人印象深刻的利潤率有所貢獻？

Yes. Thank you, Scott. myCintas has been important to our business, important to customers. It allows us to provide our customers an opportunity to manage their account, manage it on the time that they want to do it. We've always had the ability to, we're going to see our customers for the most part, every single week.

是的。謝謝你，斯科特。 myCintas 對我們的業務和客戶都很重要。它使我們能夠為客戶提供管理他們的帳戶的機會，並在他們想要的時間進行管理。我們一直有能力每週都會見到我們的客戶。

Certainly, they can call if they need anything. But that interaction in person on a weekly basis is really, really valuable. But it doesn't mean that the customer wants to do business or all their business right then. They may not even be available at that point. So having an electronic portal that allows for them to manage their business, pay their bill. It's just another conduit that makes us easier to do business with for the customer and that's important to us.

當然，如果他們需要什麼，可以打電話。但每週的面對面互動確實非常有價值。但這並不意味著客戶想要立即開展業務或完成他們的所有業務。那時他們甚至可能不可用。因此，擁有一個電子入口網站可以讓他們管理業務、支付帳單。這只是另一個管道，使我們更容易與客戶開展業務，這對我們很重要。

So it allows for that. It allows for us to the customer pays their bill. There is no cash application. So it's meaning that it goes right to the account. So we don't have to apply it. So there's efficiencies there. If they're managing their account and they're not calling in, there's efficiencies there, right? So, but it just allows the customer another conduit, and many of them really, really like that conduit and which allows for them to be happier and us to get efficiencies and a better relationship with the customer.

所以它允許這樣做。它允許我們客戶支付他們的賬單。沒有現金申請。所以這意味著它直接進入帳戶。所以我們不必應用它。所以那裡有效率。如果他們管理自己的帳戶並且不打電話，那麼效率就很高，對吧？所以，但這只是為客戶提供了另一個管道，他們中的許多人真的非常喜歡這個管道，這讓他們更快樂，我們也能提高效率並與客戶建立更好的關係。

Great, thanks guys. Happy holidays.

太好了，謝謝大家。節日快樂。

Thank you. You as well.

謝謝。你也一樣。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hey, good morning. And thanks for taking my questions. I'm curious if you could help quantify where we are in terms of the price increases relative to history. Are we still like close to 3%, and we're sort of on a path back to 2%? Or how would you describe it? And then are there certain verticals or industries where you find it a little bit easier to maintain those prices?

嘿，早安。感謝您回答我的問題。我很好奇您是否可以幫助量化我們相對於歷史的價格上漲。我們是否仍接近 3%，並且正在回歸 2%？或者你會如何描述它？那麼，在某些垂直行業或行業中，您是否發現維持這些價格更容易一些？

Jason, thanks for the question. Yes, as I mentioned, historically, we're in the 0% to 2% price increase range. We've been above that, with inflation being well above that, certainly, well below those peaks of inflation. And as a result, our price increases are now back into that historical range. And it's tough to predict what inflation looks like moving forward. We watch what the Fed is trying to figure out. And, but we're watching that very closely, and we will manage it appropriately moving forward.

傑森，謝謝你的提問。是的，正如我所提到的，從歷史上看，我們的價格上漲幅度是 0% 到 2%。我們已經高於這個水平，通貨膨脹遠高於這個水平，當然，遠低於通貨膨脹的峰值。結果，我們的價格上漲現在回到了歷史範圍。而且很難預測未來的通膨情況。我們關注聯準會正在試圖弄清楚什麼。而且，我們正在密切關注這一情況，我們將妥善管理它並向前邁進。

Got it. That's very helpful. And I guess I'll talk to this. So are there any verticals that it's easier to maintain those prices? Or is it all sort of, is it all reverted back to that historical 0% to 2% range? And then I also wanted to just follow up on the incremental margins because those were really strong in the first half. And I know you said that we're, the expectation is we'll get back to more sort of normal targeted levels for the second half, I was just curious like what the drivers of that would be? So what changes from the first half to the second half that causes those incremental margins to come down? Thanks.

知道了。這非常有幫助。我想我會談談這個。那麼有哪些垂直產業更容易維持這些價格呢？還是一切都回到了歷史上 0% 到 2% 的範圍？然後我還想跟進增量利潤，因為上半年這些利潤非常強勁。我知道你說過，我們的期望是下半年我們將恢復到更正常的目標水平，我只是好奇這的驅動因素是什麼？那麼，上半年到下半年的哪些變動導致增加利潤率下降呢？謝謝。

Jason, so as far as any verticals, is it able to, are we able to obtain better price increases in any one particular? I wouldn't say so. It's probably pretty darn reflective of the market in general. So as far as incrementals in the back half of the year, yes, we had, as I mentioned, it's not linear. So, and we had some really good incrementals in the first half. But we like that 25% to 35% range, and that's what we're guiding towards, and that's what we're organizing around as well. So with that, I think you should be thinking about.

傑森，就任何垂直領域而言，我們是否能夠在任何特定領域獲得更好的價格上漲？我不會這麼說。這可能非常準確地反映了整個市場。因此，就今年下半年的增量而言，是的，正如我所提到的，它不是線性的。所以，我們在上半年取得了一些非常好的進展。但我們喜歡 25% 到 35% 的範圍，這就是我們的指導目標，也是我們組織的目標。因此，我認為您應該考慮一下。

Yes. Sometimes it's tough comps relative to last year. We had a really good second half of the year margin. And as Todd said, sometimes it's just timing of investments. It is not going to be a straight line for sure.

是的。有時候，與去年相比，情況會很艱難。我們下半年的利潤率非常好。正如托德所說，有時這只是投資時機的問題。它肯定不會是一條直線。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

Thank you. And at this time, there are no further questions. I'd like to turn the call back over to Jared for closing remarks.

謝謝。而此時，已經沒有其他問題了。我想將電話轉回給賈里德，讓其結束語。

Thank you for joining us this morning. We will issue our third quarter of fiscal '25 financial results in March. We look forward to speaking with you again at that time. Thank you.

感謝您今天早上加入我們。我們將於 3 月發布 25 財年第三季的財務表現。我們期待屆時再次與您交談。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

The host has ended this call. Good bye.

主持人已結束本次通話。再見。