信達思 (CTAS) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Cintas Corporation announces fiscal 2025 third quarter results conference call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Jared Mattingley, Vice President, Treasurer, and Investor Relations. Please go ahead, sir.

大家好，歡迎參加辛塔斯公司宣布2025財年第三季業績電話會議。今天的通話正在錄音。現在，我想將電話轉給財務主管兼投資者關係副總裁 Jared Mattingley 先生。先生，請繼續。

Thank you, Ross. 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. We will discuss our fiscal 2025 third quarter results. After our commentary, we will open the call to questions from analysts.

謝謝你，羅斯。感謝您加入我們。與我一起的是總裁兼執行長 Todd Schneider 和執行副總裁兼財務長 Mike Hansen。我們將討論 2025 財年第三季的業績。在我們的評論之後，我們將開始回答分析師的問題。

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. I'll now turn the call over to Todd.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們討論的結果有重大差異。我請您參閱我們最近向美國證券交易委員會提交的文件中關於這些問題的討論。我現在將電話轉給托德。

Thank you, Jared. We are pleased with our strong third quarter results. Third quarter total revenue grew 8.4% to $2.61 billion. Our organic growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 7.9%. Our results reflect great execution by our employee partners across each of our business segments.

謝謝你，賈里德。我們對第三季的強勁業績感到非常滿意。第三季總營收成長8.4%至26.1億美元。經調整收購和外匯匯率波動的影響後，我們的有機成長率為 7.9%。我們的業績反映了我們各個業務部門的員工合作夥伴的出色表現。

Uniform Rental and Facility Services continues to perform well with organic growth of 7%, and our First Aid and Safety Services and Fire Protection Services businesses grew double digits, underscoring the comprehensive value proposition we offer to customers of all types and sizes.

制服租賃和設施服務持續表現良好，有機成長率達到 7%，我們的急救和安全服務以及消防服務業務實現兩位數成長，凸顯了我們為各種類型和規模的客戶提供的全面價值主張。

Gross margin for the third quarter grew 11.1% over the prior year to 50.6%, an all-time high. Operating income increased -- 17.1% to 23.4%, which was also an all-time high. Our third quarter profitability includes a $15 million gain on the sale of property. Excluding that benefit, operating income as a percent of revenue was 22.8%, the second highest in Cintas' history. Diluted EPS grew a robust 17.7% to $1.13.

第三季毛利率較上年同期成長11.1%，達50.6%，創歷史新高。營業收入成長了17.1%至23.4%，這也是歷史最高水準。我們第三季的獲利包括出售房產的 1500 萬美元收益。除去這項福利，營業收入佔收入的百分比為22.8%，為辛塔斯史上第二高。稀釋每股盈餘強勁成長 17.7%，至 1.13 美元。

Our strong earnings growth and profitability reflect our continued operational excellence via sourcing and supply chain initiatives, route and energy optimization and technology-enabled efficiency in our facilities. For example, we continue to leverage our SAP system to standardize our processes across our operations. These initiatives are improving the way our employee partners work in getting the right products to our customers faster, improving both the customer experience and our margin profile.

我們強勁的獲利成長和獲利能力反映了我們透過採購和供應鏈計劃、路線和能源優化以及設施技術支援的效率持續實現的卓越營運。例如，我們繼續利用 SAP 系統來標準化我們的營運流程。這些措施改善了我們的員工合作夥伴的工作方式，使我們能夠更快地向客戶提供合適的產品，從而改善了客戶體驗和我們的利潤狀況。

Cash flow this year continues to be very strong. Our free cash flow for the first nine months of the year increased 14.5% over the prior year. Our strong cash flow generation enabled us to deploy capital across each of our capital allocation priorities, starting with investing back in the business, including products and technologies to support our employee partners as they look to sustain attractive growth levels and create value over the long term.

今年的現金流持續強勁。今年前九個月的自由現金流比去年增加了 14.5%。強勁的現金流使我們能夠在每個資本配置優先事項上部署資本，首先是投資業務，包括產品和技術，以支持我們的員工合作夥伴尋求維持有吸引力的成長水平並在長期內創造價值。

Additionally, we made strategic acquisitions across each of our three route-based segments in the quarter. Returning capital to Cintas shareholders also remains a key priority. Cintas paid a quarterly cash dividend of $0.39 per share on March 14, and we continue our opportunistic approach to share buybacks.

此外，我們在本季對三個基於航線的細分市場進行了策略性收購。向辛塔斯股東返還資本仍是我們的首要任務。辛塔斯於 3 月 14 日支付了每股 0.39 美元的季度現金股息，我們將繼續採取機會主義的方式進行股票回購。

Before turning the call over to Mike to provide details of our third quarter results, I'll provide our updated financial expectations for the remainder of our fiscal year, which reflect our continued momentum and confidence in our outlook.

在將電話轉給麥克提供我們第三季業績的詳細資訊之前，我將提供我們對本財年剩餘時間的最新財務預期，這反映了我們持續的發展勢頭和對前景的信心。

We are updating our annual revenue expectations from a range of $10.255 billion to $10.32 billion to a range of $10.28 billion to $10.305 billion. As we enter our last quarter of fiscal 2025, we have narrowed our revenue guidance to increase total revenue growth and organic revenue growth at the midpoint of the guide. The $15 million reduction at the top end of the range reflects the negative impact of the foreign currency exchange rate experienced in the third quarter the expected impact for the fourth quarter.

我們將年度營收預期從 102.55 億美元至 103.2 億美元調整為 102.8 億美元至 103.05 億美元。隨著我們進入 2025 財年的最後一個季度，我們縮小了營收預期，以提高總收入成長和有機收入成長至預期的中點。該範圍最高端的1500萬美元的減幅反映了第三季度外匯匯率的負面影響以及第四季度的預期影響。

Please keep in mind that the impact of foreign currency exchange rate fluctuations does not impact organic growth -- organic revenue growth -- excuse me, our organic revenue growth guidance is now to be in the range of 7.4% to 7.7%.

請記住，外匯匯率波動的影響不會影響有機成長——有機收入成長——對不起，我們目前對有機收入成長的預期是在 7.4% 到 7.7% 之間。

We are also raising our annual diluted EPS expectations from a range of $4.28 to $4.34 to a range of $4.36 to $4.40, implying a growth rate of 15% to 16.1%. I want to thank all of Cintas' employee partners for their outstanding work and dedication to our customers.

我們還將年度稀釋每股收益預期從 4.28 美元至 4.34 美元上調至 4.36 美元至 4.40 美元，這意味著成長率為 15% 至 16.1%。我要感謝辛塔斯所有員工夥伴的出色工作和對客戶的奉獻。

With our culture of continuous improvement, superior products and services and the strong value proposition we offer to our customers, we remain poised to deliver sustained growth and value creation for the rest of fiscal year 2025 and beyond. With that, I'll turn the call over to Mike to discuss details of our third quarter results.

憑藉我們持續改進的文化、卓越的產品和服務以及我們為客戶提供的強大價值主張，我們仍準備在 2025 財年剩餘時間及以後實現持續成長和價值創造。說完這些，我將把電話轉給麥克，討論我們第三季業績的細節。

Thanks, Todd, and good morning. Our fiscal 2025 third quarter revenue was $2.61 billion compared to $2.41 billion last year. The organic revenue growth rate adjusted for acquisitions and foreign currency exchange rate fluctuations was 7.9%.

謝謝，托德，早安。我們的 2025 財年第三季營收為 26.1 億美元，去年同期為 24.1 億美元。經收購和外匯匯率波動調整後的有機收入成長率為 7.9%。

As Todd alluded to, foreign exchange rates negatively impacted third quarter revenue growth by 40 basis points. Organic growth by business was 7% for Uniform Rental and Facility Services, 15% for First Aid and Safety Services, 10.6% for Fire Protection Services, and Uniform Direct Sale was down 2.3%.

正如托德所提到的，外匯匯率對第三季的營收成長產生了 40 個基點的負面影響。業務有機成長方面，制服租賃和設施服務成長 7%，急救和安全服務成長 15%，消防服務成長 10.6%，制服直銷下降 2.3%。

Gross margin for the third quarter of fiscal '25 was $1.32 billion compared to $1.19 billion last year, an increase of 11.1%. Gross margin as a percent of revenue was an all-time high at 50.6% for the third quarter compared to 49.4% last year, an increase of 120 basis points. Robust volume growth, operating leverage and continued operational efficiencies helped generate this strong gross margin.

25財年第三季的毛利為13.2億美元，而去年同期的毛利為11.9億美元，成長11.1%。第三季毛利率佔營收的百分比達到歷史最高水準 50.6%，較去年同期的 49.4% 成長 120 個基點。強勁的銷售成長、經營槓桿以及持續的營運效率幫助產生了強勁的毛利率。

Gross margin percentage by business was 50% for Uniform Rental and Facility Services, 57% 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 120 basis points from last year.

按業務劃分的毛利率百分比為：制服租賃和設施服務為 50%，急救和安全服務為 57%，消防服務為 49.9%，制服直銷為 41.2%。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。

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. Gross margin for the First Aid and Safety Services segment increased 70 basis points from last year, with strong revenue growth continuing to create leverage.

我們逐年取得的進步反映了我們對卓越營運措施的關注以及強勁的收入成長。我們不斷從技術投資和消除業務低效率中獲得收益。急救和安全服務部門的毛利率比去年增加了 70 個基點，強勁的收入成長繼續創造槓桿作用。

Our sales mix remains favorable with more profitable First Aid products and increases in our recurring revenue products like AED rentals, eyewash stations and water brick. Our technology investment in SmartTruck provides route optimization and improved efficiencies, and we continue to see sourcing benefits from our first day dedicated distribution center that have allowed us to lower product costs. All of these contribute to improved margins.

我們的銷售組合仍保持良好，急救產品的利潤更高，AED 租賃、洗眼站和水磚等經常性收入產品也有所增加。我們對 SmartTruck 的技術投資提供了路線優化和效率提高，我們繼續從第一天專用配送中心看到採購效益，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 percentage of revenue was 27.2%. As Todd shared, there was a $15 million gain on the sale of property during the third quarter of fiscal '25. Without that gain, selling and administrative expenses would have been 27.8%. Last year, there was a $15 million agreement in principle to settle a purported class action contract dispute. Without that $15 million settlement, selling and administrative expenses last year would have been 27.1% instead of the reported 27.7%.

銷售及管理費用佔收入的百分比為27.2%。正如托德所說，25 財年第三季出售房產收益為 1500 萬美元。如果沒有這筆收益，銷售和管理費用將達到 27.8%。去年，雙方達成了一項價值 1500 萬美元的原則協議，以解決所謂的集體訴訟合約糾紛。如果沒有這1500萬美元的和解金，去年的銷售和管理費用將達到27.1%，而不是報告的27.7%。

Third quarter operating income was $609.9 million compared to $520.8 million last year. Operating income as a percentage of revenue was 23.4% in the third quarter of fiscal '25 compared to 21.6% in last year's third quarter, an increase of 180 basis points. Adjusted for the gain on the property sale, operating margin in the third quarter of fiscal '25 was 22.8%, the second highest in Cintas' history.

第三季營業收入為 6.099 億美元，去年同期為 5.208 億美元。25 財年第三季度，營業收入佔營收的百分比為 23.4%，而去年第三季為 21.6%，增加了 180 個基點。經房地產銷售收益調整後，25財年第三季的營業利益率為22.8%，為辛塔斯史上第二高。

Our effective tax rate for the third quarter was 21% compared to 19.9% last year. 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 third quarter was $463.5 million compared to $397.6 million last year. This year's third quarter diluted EPS of $1.13 compared to $0.96 last year, an increase of 17.7%. When adjusted for the $15 million property sale, EPS was $1.10.

我們第三季的有效稅率為 21%，而去年同期為 19.9%。兩季的稅率都受到某些單獨項目的影響，主要是股票薪資的稅務會計影響。第三季淨收入為 4.635 億美元，去年同期為 3.976 億美元。今年第三季攤薄每股收益為 1.13 美元，去年同期為 0.96 美元，成長 17.7%。經 1,500 萬美元房產銷售額調整後，每股收益為 1.10 美元。

As Todd mentioned earlier, we continue to generate strong cash flow. Over the first nine months of the year, our free cash flow increased 14.5% over the prior year. This has allowed us to invest back in the business, which has resulted in the third quarter capital expenditures of $99.9 million. We expect capital expenditures for the year to finish close to our target of 4% of revenue.

正如托德之前提到的，我們繼續產生強勁的現金流。今年前九個月，我們的自由現金流比前一年增加了 14.5%。這使我們能夠重新投資於業務，從而導致第三季的資本支出達到 9,990 萬美元。我們預計今年的資本支出將接近我們設定的佔收入 4% 的目標。

Todd provided our annual financial guidance related to the guidance, please note the following. Fiscal '25 revenue guidance accounts for the impact of negative foreign currency exchange rate fluctuations. While the first half of the year was negatively impacted by only 10 basis points or $5 million, the second half of the year is expected to be negatively impacted by approximately 40 basis points or $16 million.

托德提供了與我們的年度財務指導相關的指導，請注意以下內容。25財年收入指引考慮了外匯匯率波動帶來的影響。雖然上半年僅受到 10 個基點或 500 萬美元的負面影響，但預計下半年將受到約 40 個基點或 1,600 萬美元的負面影響。

Fiscal '25 net interest expense is expected to be approximately $100 million compared to $95 million in fiscal '24. Our fiscal '25 effective tax rate is expected to be 20.2%. Please note that this implies a fourth quarter effective tax rate of 23% compared to an effective tax rate in last year's fourth quarter of 21.4%.

25財年的淨利息支出預計約為1億美元，而24財年的淨利息支出為9,500萬美元。我們的 25 財年有效稅率預計為 20.2%。請注意，這意味著第四季度的有效稅率為 23%，而去年第四季的有效稅率為 21.4%。

As a reminder, there are two fewer workdays in fiscal '25 compared to fiscal '24, which has a negative impact on total revenue growth of about 80 basis points for the year. Also, as a reminder, the upcoming fourth quarter will have one less workday than last year's fourth quarter. This will negatively impact the fourth quarter total revenue growth by about 160 basis points. Guidance does not include any future share buybacks or significant economic disruptions or downturns.

需要提醒的是，25財年的工作日比24財年少了兩個，這對全年總收入成長產生了約80個基點的負面影響。另外，提醒一下，即將到來的第四季的工作日將比去年第四季少一個。這將對第四季總營收成長產生約160個基點的負面影響。該指引不包括任何未來股票回購或重大經濟混亂或衰退。

I'll now turn the call back over to Todd for some closing remarks.

現在我將把電話轉回給托德，請他做一些結束語。

Thank you, Mike. Before we open the line to Q&A, I want to address the announcement we made on Monday afternoon. The Cintas has terminated discussions with UniFirst regarding Cintas' proposal to acquire UniFirst for $275 per share in cash.

謝謝你，麥克。在我們開始問答環節之前，我想先談談我們週一下午宣布的事情。Cintas 已終止與 UniFirst 就 Cintas 以每股 275 美元現金收購 UniFirst 的提議進行的討論。

After we publicly announced our proposal in early January, we engaged with UniFirst and its advisers in an effort to reach a mutual agreement regarding a transaction that we believe offers tremendous value for customers and shareholders. Despite Cintas' considerable efforts, we were unable to have substantive engagement with UniFirst regarding key transaction terms.

在我們於 1 月初公開宣布我們的提案後，我們與 UniFirst 及其顧問進行了接觸，努力就一項我們認為將為客戶和股東帶來巨大價值的交易達成一致。儘管辛塔斯做出了巨大努力，但我們仍無法與 UniFirst 就關鍵交易條款進行實質接觸。

While we continue to believe in the merits of a transaction, we do not believe further discussions are warranted at this time. As you all can appreciate, we won't have -- we will not have more to say on this matter.

雖然我們仍然相信交易的優點，但我們認為目前沒有必要進行進一步的討論。正如大家所理解的，我們不會對此事發表更多評論。

As our third quarter performance demonstrates, we remain focused on executing our strategy and taking great care of our customers, and we look forward to the great market opportunity ahead. With that, I'll turn it back over to Jared.

正如我們第三季的業績所表明的那樣，我們仍然專注於執行我們的策略並悉心照顧我們的客戶，我們期待未來巨大的市場機會。說完這些，我會把話題轉回給賈里德。

Thanks, Todd. 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，托德。我們的準備好的演講到此結束。現在我們很高興回答分析師的問題。如果需要，請只問一個問題並進行一次跟進。謝謝。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指示） 喬治·通 (George Tong)，高盛。

Can you talk a little bit about how customer purchasing behaviors in sales cycles are changing given the currently evolving ago environment?

您能否談談在當前不斷變化的環境下銷售週期中客戶購買行為如何變化？

So the customer behavior, I would say, is -- remains stable. Our new business and our retention rates continue to be attractive. Our ad stops metrics really, there has been no significant change. We certainly recognize there is more uncertainty in the marketplace right now, and we're reading the similar things to what you're reading and we continue to monitor things. But our value proposition continues to resonate, especially in the periods of uncertainty like this.

所以我想說，客戶行為仍然保持穩定。我們的新業務和保留率繼續具有吸引力。我們的廣告停止指標確實沒有重大變化。我們當然認識到目前市場上存在更多不確定性，我們正在閱讀與您閱讀的內容類似的內容，並且我們會繼續監控事態發展。但我們的價值主張仍然引起共鳴，特別是在像這樣的不確定時期。

Outsourcing can improve and steady cash flow and saves time that can be spent on people's business on our customers' business. So no real change, I would say, to the customer behavior at this point, sales cycles, et cetera. But we're certainly monitoring it and paying close attention as again, we're reading the same things you're reading.

外包可以改善和穩定現金流，節省花在人們業務上的時間並用於客戶的業務。所以我想說，目前顧客行為、銷售週期等並沒有真正的改變。但我們肯定會對其進行監視並且密切關注，因為我們讀到的內容與您讀到的內容相同。

Got it. That's helpful. And just as a quick follow-up. You mentioned last quarter that you were experiencing some pricing normalization as inflation normalizes. Can you talk a little bit about how pricing trends are performing this quarter compared to past quarters?

知道了。這很有幫助。這只是快速的後續行動。您在上個季度提到，隨著通貨膨脹的正常化，您正在經歷一些價格正常化。您能否談談本季與前幾季相比定價趨勢如何？

Great question. The pricing environment, as always, it's always challenging. It has been my entire career, I'm sure will be in the future. Our pricing is right at historic levels. So again, there is more uncertainty in the market than there was 90 days ago.

好問題。定價環境一如既往地充滿挑戰。這就是我的整個職業生涯，我相信未來也會如此。我們的定價正處於歷史水準。因此，市場上的不確定性比 90 天前更嚴重。

But we really haven't seen any change from that standpoint. And I'd like to just say that I'm really proud of the organization being able to grow at attractive levels the way they are and expand margins by extracting out inefficiencies in our business. It's been impressive to watch in an environment that has been certainly a little bit more uncertain with the news that has been coming out of the administration and other areas of our economy.

但從這個角度來看，我們確實沒有看到任何改變。我想說的是，我為公司能夠以目前有吸引力的水平發展並透過消除業務中的低效率來擴大利潤率感到非常自豪。在一個充滿不確定性的環境中，政府和其他經濟領域不斷傳出各種消息，這令人印象深刻。

Jasper Bibb, Truist Securities.

Truist Securities 的 Jasper Bibb。

I was hoping you could update us on what you're seeing on the COGS side related to tariffs on Mexico and China? And I guess, is there any way to frame the exposure to purchasing from those countries and what you might be able to do to offset any potential increased costs with your sourcing efforts?

我希望您能向我們介紹一下您對墨西哥和中國關稅的銷貨成本方面的看法？我想，有沒有什麼方法可以框定從這些國家採購的風險，以及您可以做些什麼來抵消採購工作可能增加的成本？

First off, it's too early to tell any tariff impact that might have. Certainly, we're well aware of April 2 that the administration is going to be announcing potentially additional tariffs. But it's too early to tell at this point. I'll say this, our supply chain organization is a strategic advantage for us. So we have less than 10% of our products are sole sourced.

首先，現在判斷關稅可能產生的影響還為時過早。當然，我們很清楚 4 月 2 日政府將會宣布可能徵收額外的關稅。但目前判斷還為時過早。我想說的是，我們的供應鏈組織對我們來說是一個策略優勢。因此，我們的產品中只有不到 10% 是單一來源的。

We're in a really good position to negotiate from that standpoint. Certainly, it is something that we're watching. But we're -- we think we've got a real competitive advantage there. The geographic diversity that we have, as I mentioned, the dual sourcing. And our corporate culture traits of positive discontent and competitive urgency.

從這個角度來看，我們在談判中處於非常有利的地位。當然，這是我們正在關注的事情。但我們認為我們在那裡擁有真正的競爭優勢。正如我所提到的，我們擁有地理多樣性，即雙重來源。我們的企業文化特徵是積極的不滿和競爭的迫切性。

They fuel process improvements that drives us to be more efficient. So -- we think we're in a good position there. We're certainly paying very close attention to it. And we will pivot as appropriate and we believe we're well positioned to pivot. All that being said, as you're aware, it takes a while for products to get through the system for us, whether it is manufacturing it, has to get into our inventory, then it has to be purchased by our locations and then we amortize it.

它們推動流程改進，從而提高我們的效率。所以——我們認為我們在那裡處於有利地位。我們確實會密切關注這一點。我們將根據需要做出調整，並且我們相信我們已做好準備。話雖如此，正如您所知，產品需要一段時間才能通過我們的系統，無論是製造它，必須進入我們的庫存，然後必須由我們的工廠購買，然後我們對其進行攤銷。

So we have really good visibility on what our costs will look like, which gives us time to pivot and time to address these subjects with customers as appropriate.

因此，我們非常清楚我們的成本狀況，這使我們有時間進行調整併有時間在適當的時候與客戶討論這些問題。

And then maybe stepping back on the M&A question. Are you thinking about the opportunity to consolidate, I guess, more midsized private platforms that could be available in rental uniform or your other industry verticals? And I guess, separately, how would you characterize the pipeline of those smaller tuck-in size deals for that?

然後也許會回顧一下併購問題。您是否正在考慮整合更多中型私人平台的機會，這些平台可以在租賃制服或其他垂直行業中使用？我想，您單獨會如何描述這些規模較小的合併交易的管道呢？

Great question. First off, we have -- M&A has been an important part of our strategy for the last, I would say, 30, 40 years. So that's important to us. And we love M&A. We love tuck-ins. Tuck-ins are very attractive for us. It allow us to bring efficiencies on route, bring customers on where we can offer additional, a wider breadth of products and services to those customers. And in certain cases, we're able to bring on M&A that allows us to have additional capacity. So that's all important to us, and we are always in search of that. You really can't pace it.

好問題。首先，我想說，在過去的 30 到 40 年裡，併購一直是我們策略的重要組成部分。這對我們很重要。我們熱愛併購。我們喜歡吃大餐。對我們來說，Tuck ins 非常有吸引力。它使我們能夠提高路線效率，為客戶提供更多、更廣泛的產品和服務。在某些情況下，我們能夠透過併購來獲得額外的產能。所以這對我們而言非常重要，我們一直在尋找這一點。你確實無法掌控節奏。

That pacing is really around in certain cases, family dynamics, whether or not an operator is getting to a retirement age or an operator doesn't have children that is interested in participating or whatever. So it's tough to pace those and predict them. But we're active in the market, and we are pursuing M&A in all of our route-based segments, and we think it's a great use of cash for us.

在某些情況下，這種節奏確實與家庭動態有關，無論操作員是否到了退休年齡，或者操作員沒有有興趣參與的孩子，等等。因此，對這些進行節奏和預測非常困難。但我們在市場上很活躍，我們正在所有基於航線的領域進行併購，我們認為這對我們來說是一種很好的現金利用方式。

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

This is Ronnie Kennedy on for Manav. Could I please reconfirm the primary drivers of the -- of the impressive margins, especially at the GM level? And then also the sustainability of those drivers and how that will evolve going forward in consideration as to whether the 25% to 35% incremental range is still the right way to think about it?

這是 Ronnie Kennedy，代替 Manav 發言。我能否再次確認令人印象深刻的利潤率的主要驅動因素，特別是在通用汽車層面？然後還有這些驅動因素的可持續性以及未來將如何發展，考慮到 25% 到 35% 的增量範圍是否仍然是正確的思考方式？

I'll start. Mike, if you want to chime in here. First off, yes, we believe the 25% to 35% incremental are the areas that -- where we want to point towards. And we believe we can continue to do that. It's really driven by solid execution in our key initiatives.

我先開始。麥克，如果你想在這裡插話的話。首先，是的，我們相信 25% 到 35% 的增量是我們想要指出的領域。而我們相信我們能夠繼續做到這一點。這其實是由我們關鍵舉措的堅實執行所推動的。

As I speak about often, our corporate culture is our greatest competitive advantage, and it drives the behaviors around trying to execute at high levels but also find ways to extract out inefficiencies. That being said, strong revenue growth is a very powerful leverage for us.

正如我經常說的那樣，我們的企業文化是我們最大的競爭優勢，它推動著我們努力在高水準上執行的行為，同時也找到消除低效率的方法。話雖如此，強勁的營收成長對我們來說是一個非常強大的槓桿。

And we've executed nicely upon that. In addition to that, the material cost improvements we've seen that through improved sourcing, the technology that we deployed into our facilities that allows us to get better reuse of garments has been important to us. And then I would say the other infrastructure improvements have we made through our engineering department and our Six Sigma Black Belt teams have been encouraging for us.

並且我們很好地執行了這一點。除此之外，透過改進採購，我們看到了材料成本的改善，我們在設施中部署的技術使我們能夠更好地重複使用服裝，這對我們來說非常重要。然後我想說的是，我們的工程部門和六西格瑪黑帶團隊所做的其他基礎設施改進對我們也起到了鼓舞作用。

And we still see that target of 25% to 35% incremental of being where we're focused on and where we plan to drive towards.

我們仍然認為，25% 至 35% 的增量目標是我們關注的重點，也是我們計劃努力實現的目標。

Appreciate it. And then going, I guess, to a more granular level with that question, how should we think about the current operating and incremental for the respective segments? Uniforms and First Aid drivers and sustainability there? And I guess also for Fire Protection, I understand there is going to be some potential impact of SAP conversion next year, but just anything to be mindful of margin-wise by segment specifically?

非常感謝。然後我想，從更細微的層面來思考這個問題，我們應該如何考慮各個部分的當前營運和增量？制服和急救司機以及永續性在那裡？我想對於消防而言，我知道明年 SAP 轉換可能會產生一些影響，但具體到每個細分市場的利潤率方面，有什麼需要注意的嗎？

Yes. I spoke a little bit to the rental, the garment sharing, the technology we're deploying in our facilities. Our SmartTruck technology that we're leveraging across all of our route-based systems -- our route-based businesses have been important for us. Speaking of First Aid, really, again, really good organic revenue growth, which is giving us real leverage. The value proposition in that business is resonating big time.

是的。我談了一些租賃、服裝共享以及我們在設施中部署的技術。我們在所有基於路線的系統中利用的 SmartTruck 技術——基於路線的業務對我們來說非常重要。說到急救，我們的有機收入再次實現了非常好的成長，這給了我們真正的槓桿作用。該業務的價值主張引起了巨大共鳴。

We talk -- the leadership of our organization in First Aid speaks about what's more important to a customer than the health and safety of businesses, employees, and their customers. So that value proposition is resonating. The mix of revenue in the First Aid business is attractive. It's in recurring type areas of our business. Our sourcing organization has done a really nice job with our dedicated First Aid distribution center.

我們討論－我們急救組織的領導階層談到，對顧客來說，什麼比企業、員工及其客戶的健康和安全更重要。因此這個價值主張是引起共鳴的。急救業務的收入組合很有吸引力。這是我們業務中經常出現的領域。我們的採購組織透過專門的急救配送中心做出了卓越的工作。

As I mentioned, SmartTruck. And in the fire business, our -- the leverage that we're getting is, again, on attractive revenue growth, deploying technology to make our people more successful and more efficient. And you're correct, we are investing in deploying SAP into that business, and we're encouraged about as we get through the deployment there, reaping some benefits in that business as well.

正如我所提到的，SmartTruck。在消防業務中，我們所獲得的優勢再次來自於誘人的收入成長，以及部署技術，使我們的員工更加成功、更有效率。您說得對，我們正在投資將 SAP 部署到該業務中，我們很高興看到，隨著部署的完成，我們也將從該業務中獲得一些好處。

Tim Mulrooney, William Blair.

提姆·馬爾羅尼、威廉·布萊爾。

Maybe starting off one here just on the macro picture. I fully recognize you're not providing guidance for 2026 at this time. But just curious, kind of at a high level, how should we think about the setup heading into next fiscal year, given organic growth in the business remains pretty healthy, but obviously, there's a decent amount of uncertainty out there right now?

也許可以從這裡開始，僅從宏觀角度看。我完全認識到您目前還沒有提供 2026 年的指導。但只是好奇，從高層次來看，我們應該如何考慮下一個財年的安排，因為業務的有機成長仍然非常健康，但顯然目前存在相當大的不確定性？

Yes. So we're certainly monitoring it very closely, but we're positioning our people to be successful in the short, mid, and long term. So we're investing in our business so that we have great products, great services and provide a real value proposition to our customers. We've shown the ability to grow our business in just about every economic environment that is -- that we've seen over my career. And we've shown the ability to grow in multiples of GDP.

是的。因此，我們肯定會密切關注這一情況，但我們會讓我們的員工在短期、中期和長期內獲得成功。因此，我們對我們的業務進行投資，以便我們擁有優質的產品、優質的服務並向我們的客戶提供真正的價值主張。在我的職業生涯中，我們幾乎在每個經濟環境中都展現了發展業務的能力。我們已展現出實現 GDP 倍數成長的能力。

We certainly love it when people are hiring more workers. But we've been able to grow in spite of that. So whatever the economic environment that is thrown at us, we plan to be successful. And we're organized around that. We're investing for that and we see that opportunity moving forward.

當人們僱用更多工人時我們當然很高興。但儘管如此，我們仍然能夠成長。因此，無論我們面臨什麼樣的經濟環境，我們都計劃成功。我們就是圍繞著這個來組織起來的。我們正在為此進行投資，並且我們看到了這個機會。

So we'll continue to monitor it very closely and watch the impact to the economy and to our customer base and will pivot appropriately. But nevertheless, we think our value proposition resonates with folks and helping them run a better business.

因此，我們將繼續密切監視並觀察其對經濟和客戶群的影響，並進行適當的調整。但儘管如此，我們認為我們的價值主張會引起人們的共鳴並幫助他們更好地經營業務。

Understood. That's really helpful. And then maybe switching gears a bit here. You've spoken recently about government as being a focused vertical. Just curious how you're thinking about that opportunity in light of the administration's intentions to reduce spending broadly across the federal government agencies?

明白了。這真的很有幫助。然後也許在這裡稍微轉換一下話題。您最近談到政府是一個重點垂直產業。我只是好奇，鑑於政府打算大幅削減聯邦政府機構的開支，您是如何看待這個機會的？

Great. Good question. Keep in mind, we have a very broad customer base. But the efforts that are going on there, it's still too early to tell what exactly is going to happen. As you have seen, the efforts are really around the federal government.

偉大的。好問題。請記住，我們擁有非常廣泛的客戶群。但就目前正在進行的努力而言，現在判斷最終結果還為時過早。正如你所看到的，這些努力實際上都是圍繞著聯邦政府進行的。

And our focus has been on state and local governments. So there's certainly a possibility. The work still needs to be done at the state and local government level. So as -- as the federal government shrinks, it's very possible that the state and local government just take on more work. So we're watching that.

我們的重點是州和地方政府。所以這肯定是有可能的。這項工作仍需在州和地方政府層級進行。因此，隨著聯邦政府規模的縮小，州和地方政府很可能會承擔更多的工作。所以我們正在關注這一點。

We recently -- and from a state and local standpoint, we had a local public school system. That is a very large public school system come to us and talk about, a, is there ways that you can take cost out? And in that case, we consolidated suppliers, meaning that provided us more business, but lowered their overall total cost of their program.

我們最近——從州和地方的角度來看，我們有一個地方公立學校系統。那是一個非常大的公立學校系統，來找我們討論一下，有沒有辦法降低成本？在這種情況下，我們整合了供應商，這意味著為我們提供了更多的業務，但降低了他們的整體專案成本。

And so this allowed us to streamline invoicing for the customer, which lowered administrative burden for the school system. So net-net, we took cost out of the total dollars that were in their budget, but we were able to enjoy a larger portion of that wallet.

這使我們能夠簡化客戶的發票流程，從而減輕學校系統的管理負擔。因此，淨額結算後，我們從他們的預算總額中扣除了成本，但我們能夠享受錢包中更大一部分的收益。

So these are -- we expect that, certainly, that may very well be a more common subject in the future. But we're having those types of conversations with all customers. And certainly, school systems are not immune to that. So we think we're in a good spot.

所以這些是—我們預計，這在未來很可能會成為一個更常見的話題。但我們正在與所有客戶進行此類對話。當然，學校系統也不能倖免。因此我們認為我們處於一個很好的位置。

Andrew Steinerman, JPMorgan Securities.

摩根大通證券的安德魯‧施泰納曼 (Andrew Steinerman)。

Two questions, one small one, one math one. So what was energy and fuel cost as a percentage of revenues in the just reported third quarter? And my second question is, could you tell us what's implied, what's embedded in your full year organic revenue growth guidance. When you look on a sequential basis, at the fourth quarter that we're in now versus the third quarter? And you can imagine I'm talking about organic constant currency sequential same-day basis.

兩個問題，一個小問題，一個數學問題。那麼剛剛報告的第三季能源和燃料成本佔收入的百分比是多少？我的第二個問題是，您能否告訴我們您全年有機收入成長指引中隱含的內容是什麼？如果以連續性來看，我們現在所處的第四季與第三季相比如何？你可以想像我正在談論有機恆定貨幣連續同日基礎。

Let me start, Andrew, with energy, and the energy for the quarter was -- for the total company was 1.7% of revenue. That's the same as last year's third quarter. Rental was 2%, same as last year, 2%. From an organic guide, Andrew, we just -- we talked about a 40-basis point impact on total revenue in the third quarter because of FX. We expect that to be fairly similar in the fourth quarter.

安德魯，讓我先從能源開始，本季的能源占公司總收入的 1.7%。這與去年第三季相同。租金為2%，與去年相同，為2%。安德魯，根據有機指南，我們剛剛談到了外匯對第三季總收入造成的 40 個基點的影響。我們預計第四季的情況將大致相同。

In addition to that, in the quarter, we had, call it, 70 basis points of M&A impact. Actually, it was 90 basis points of M&A impact with a 40-basis point headwind to get to that 50-basis point differential. Something not too different than that in the fourth quarter is where I would be guiding you.

除此之外，本季度，我們的併購影響達到了 70 個基點。實際上，併購的影響是 90 個基點，而逆風是 40 個基點，導致了 50 個基點的差異。我將指導您做與第四季度情況沒有太大不同的事情。

Right. So maybe let me just ask you one other way. When you look at the sequential revenue for the fourth quarter that we're in versus the third quarter we just reported, are you assuming a normal seasonal pattern?

正確的。因此，我不妨用另一種方​​式問您。當您查看我們所處的第四季度的連續收入與我們剛剛報告的第三季度相比時，您是否假設了一個正常的季節性模式？

Well, we would assume a normal seasonal pattern in the performance of the business and the underlying performance of the business, yes. The FX is a little different in that we have seen a change in the FX in this back half of the year, both in terms of the size of the move and the quickness of the move that is not usual for us. And that's why we've called out the Canadian FX impact.

嗯，我們假設業務表現和業務基本表現呈現正常的季節性模式，是的。外匯略有不同，因為我們看到今年下半年外匯發生了變化，無論是變動的幅度還是變動的速度，這對我們來說都不常見。這就是我們強調加拿大外匯影響的原因。

Justin Hauke, RW Baird.

賈斯汀·豪克、 RW 貝爾德。

I guess I just wanted to follow up on that tech question that was just asked because it would look like the fourth quarter organic constant currency and workday adjusted implied number with having that same FX headwind and the M&A contribution would be closer to like 6% versus the high 7's that you've done in the last two quarters.

我想我只是想跟進剛才提出的技術問題，因為看起來第四季度的有機恆定貨幣和工作日調整隱含數字，在同樣的外匯逆風和併購貢獻下，將更接近 6%，而過去兩個季度則為 7% 的高位。

So I guess I was just curious why there would be kind of a deceleration there? And then the second one, and this is also just purely a number question. But the $15 million gain on sale, which segment was that on the SG&A line?

所以我想我只是好奇為什麼那裡會出現這種減速？然後是第二個問題，這也只是數字問題。但是 1500 萬美元的銷售收益屬於銷售、一般和行政費用中的哪一部分呢？

I'll answer the second question first. That was -- it was spread across -- for both this year and last year spread across each of our segments. From a fourth quarter revenue standpoint, Justin, let's keep in mind that there's one less workday, right?

我先回答第二個問題。也就是說，它分佈在今年和去年，遍布我們的各個部門。賈斯汀，從第四季收入的角度來看，我們要記住，工作日少了一個，對嗎？

So that is 180 basis points of growth impact. So if you take that -- if you take the guide range and solve it for the fourth quarter, yes, you are going to see deceleration in total growth mainly because we have the headwind of one less workday.

因此，這對成長產生了 180 個基點的影響。因此，如果您採用這個指導範圍並解決第四季度的問題，是的，您將看到整體成長減速，主要是因為我們面臨的逆風是工作日減少了一個。

So when you add back that 180 basis points to our growth, you get something very similar to what we've been doing for the full year, both in growth, excluding the workday impact as well as the organic growth. We expect to have a pretty good quarter in the fourth quarter. That's what the guide is leading us to.

因此，當你將這 180 個基點加回我們的成長中時，你會得到與我們全年所取得的非常相似的成長結果，包括不包括工作日影響的成長和有機成長。我們預計第四季的業績將會相當不錯。這正是導遊帶領我們去做的。

Okay. All right. Thank you for clarifying that. I guess we'll check the math on the workdays, but it sounds like it should be similar to what you've did.

好的。好的。感謝您澄清這一點。我想我們會在工作日檢查數學運算，但它聽起來應該與你所做的類似。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

This is David Paige on for Ashish. Can you just dive a little bit deeper into Uniform Direct Sale. It looks like sequentially, it performed better but still a little down, so any color there? And then as a follow-up, just circling back to the capital allocation.

這是 Ashish 的 David Paige。您能否更深入地介紹一下統一直銷？看起來，從連續性來看，它的表現更好，但仍然有點下降，有沒有什麼顏色？然後作為後續，回到資本配置問題。

Can you just give us an overview of, I guess, like the valuations and the multiples you're seeing out in the market? And absent of any large M&A, would you shift towards a buyback?

您能否為我們概述一下您在市場上看到的估值和倍數？而且，在沒有任何大型併購的情況下，您會轉向回購嗎？

Yes. Thanks for the question. First off, our Uniform Direct Sale business is historically, there is some lumpiness to that business. It was improved sequentially. And -- but we are -- that's a very important business to us. It's a strategic business, serves -- we sell a lot into those customers not just Uniform Direct Sale, but they are outstanding prospects for Rental also for Facility Services, First Aid and Fire services.

是的。謝謝你的提問。首先，我們的統一直銷業務從歷史上看，存在一些不平衡。並陸續進行了改進。而且 — — 但我們 — — 這對我們來說是一項非常重要的業務。這是一項策略性業務，我們向這些客戶銷售許多產品，不僅是製服直銷，而且他們也是租賃、設施服務、急救和消防服務的傑出潛在客戶。

So that's a strategic business for us that sets the table for us to sell additional services. And yes, there can be some lumpiness, but we think we're well positioned in that business. Regarding capital allocation, just to remind you, our number one use of cash is investing back in the business. So we want to invest back in the business because we want to make sure that we're positioning our people to be highly successful, with the appropriate capacity, the appropriate technology tools, products, services, training, all that is very important.

所以這對我們來說是一項策略性業務，為我們銷售附加服務奠定了基礎。是的，可能會有一些不順利，但我們認為我們在該業務上處於有利地位。關於資本配置，只需提醒您，我們對現金的首要用途是投資於業務。因此，我們希望重新投資於業務，因為我們想確保我們的員工能夠獲得高度成功，擁有適當的能力、適當的技術工具、產品、服務、培訓，所有這些都非常重要。

Second item for us would be M&A. And I think we've shown to be very good stewards of capital as it relates to that. We're making strategic acquisitions, really attractive businesses that we can bring our products and services to and also bring our efficiencies too. And -- but it starts with -- when you have the strategic M&A, it starts with the most important resources there. Certainly, our products and trucks and kind of systems, what have you, but it's really the people and the customers.

對我們來說第二件事就是併購。我認為，就這一點而言，我們已經證明自己是非常優秀的資本管理者。我們正在進行策略性收購，收購真正有吸引力的企業，我們可以為其提供產品和服務，同時也帶來我們的效率。而且 — — 但它始於 — — 當你進行策略併購時，它始於那裡最重要的資源。當然，我們的產品、卡車和系統等等，但真正重要的是人和客戶。

That's where our focus is. So we're making sure that we're acquiring really well-run businesses that fit nicely into our network. And then lastly, buyback, we have dividend buyback returning to shareholders. As I mentioned, March 14, we paid out our dividend.

這就是我們的重點。因此，我們要確保收購的是真正運作良好、適合我們網路的企業。最後，回購，我們將股利回購返還給股東。正如我所提到的，3 月 14 日，我們支付了股息。

And then the buyback, we have always looked at buyback as an opportunistic way to redeploy capital back to our shareholders and give a return, and there were no buybacks in Q3, but we see -- we think we're -- our balance sheet puts us in an incredibly good position to deploy as needed.

然後是回購，我們一直將回購視為一種機會主義的方式，將資本重新部署回股東並給予回報，第三季度沒有回購，但我們看到 - 我們認為 - 我們的資產負債表使我們處於一個非常有利的位置，可以根據需要進行部署。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

I just wanted to touch base on -- I think it's pronounced Huebsch, the acquisition you made a quarter or two ago. Any learnings or just a progress report there? And any evolution or opportunity to offer new Cintas products, not only stemming from perhaps that but from other acquisitions or ideas or initiatives you've come with recently?

我只是想提一下——我認為它的發音是 Huebsch，這是您在一個或兩個季度前進行的收購。有什麼經驗教訓或只是進度報告嗎？是否有任何發展或機會來提供新的 Cintas 產品，不僅源於此，還源於您最近進行的其他收購、想法或舉措？

Thanks for the question, Scott. Huebsch is how you pronounce it. And it's a company that we've admired for decades. And that was in a particular case where it was in the family for generations and the owner, Jim Vaudreuil passed away. And in the family, then saw it as the most appropriate decision to merge their business in with Cintas.

謝謝你的提問，斯科特。它的發音是 Huebsch。這是我們幾十年來一直欽佩的公司。這是一個特殊情況，酒莊已在家族中傳承了幾代，其所有者 Jim Vaudreuil 已經去世。而對於他們的家人來說，將他們的業務與辛塔斯合併是最合適的決定。

So great example of an outstanding company, great customer relationships. We received capacity in those markets as well. But the most important thing that we got there were certainly the people and the customers. We love the capacity but it's about the now Cintas employee partners and their customers. And every time we acquire a company, we learn and we get better as a result of that.

這真是傑出公司和良好客戶關係的絕佳典範。我們也在這些市場獲得了產能。但我們在那裡得到的最重要的東西肯定是人和顧客。我們喜歡這種能力，但現在這與辛塔斯員工合作夥伴及其客戶有關。每次我們收購一家公司，我們都會從中學習並變得更好。

We learned from them. Hopefully, they learn a little from us. But the most important thing is we get usually really good people. In that case, we absolutely did. And great customers that we're going to try to make sure we nurture and hang on to and grow.

我們向他們學習。希望他們能從我們身上學到一點。但最重要的是我們通常都會招募到非常優秀的人才。如果是那樣的話，我們絕對會這麼做。我們將盡力培育、留住和發展優質客戶。

Appreciate that. And for the follow-up, just free cash flow has been very strong this year. Looks like in working capital, you've been making a lot of improvement. Just curious what has occurred structurally perhaps thinking ahead to the out years, are you going to be able to achieve a new level?

非常感謝。至於後續情況，今年的自由現金流非常強勁。看起來在營運資金方面你已經取得了很大的進步。只是好奇結構上發生了什麼，也許展望未來幾年，你是否能夠達到一個新的水平？

And how should we think about free cash flow as a percent of revenue perhaps? And are you moving in a very positive direction? And then maybe some discussion of how that's occurred.

那我們該如何看待自由現金流佔收入的百分比呢？您是否正朝著非常正面的方向前進？然後也許會討論一下這件事是如何發生的。

Sure, Scott. Free cash flow has been strong for us. And last year was quite a strong year, and we've grown about 15% over last year. We have generally, from a net income conversion to free cash flow, we've generally been in the 90% to 100% type of a range, and that's where we are this year, and that's where our expectation would be as we go into the next several years. We have -- there are times, for example, where we may spend a little bit more on inventory as we did in the third quarter.

當然，斯科特。我們的自由現金流一直很強勁。去年是相當強勁的一年，我們比去年增長了約 15％。一般來說，從淨收入轉換為自由現金流，我們的比率一般都在 90% 到 100% 之間，這就是我們今年的比率，也是我們對未來幾年的預期。例如，有時我們可能會在庫存上多花一點錢，就像第三季一樣。

You saw inventory go up just a little bit maybe get out ahead of the tariffs. Todd talked about how we're dealing with tariffs and maybe make a little bit more of an investment in the near term to make sure that we've got the inventory we want at the cost that we want. And so there can be various quarters, ups and downs. But generally speaking, we like our ops cash flow to be in that 110 to 120 range. We like our free cash flow to be in that 90% to 100% range.

您會看到庫存略有增加，或許可以趕在關稅之前上漲。托德談到了我們如何應對關稅，以及可能在短期內進行更多投資以確保我們能夠以我們想要的成本獲得我們想要的庫存。因此，可能會有各種各樣的情況、起伏。但一般來說，我們希望我們的營運現金流處於 110 到 120 的範圍內。我們希望我們的自由現金流處於 90% 到 100% 的範圍內。

I would expect that going forward, too.

我也期望未來能夠如此。

Shlomo Rosenbaum, Stifel Nicolas.

羅森鮑姆（Shlomo Rosenbaum）、Stifel Nicolas。

I just have a few questions out there. Todd, are you seeing any change at all competitively? One of your major competitors has just seen a lot of change on the top of their organization. I was just wondering, is that something that you kind of notice on the ground? Or is that not really noticed on the ground over the last kind of 1 year, 1.5 years?

我只是有幾個問題。托德，你看到競爭力方面有任何變化嗎？您的一個主要競爭對手剛剛看到其組織高層發生了很大變化。我只是想知道，這是你在地面上註意到的東西嗎？還是說在過去的一年或一年半里人們並沒有真正注意到這一點？

Thanks for the question. It's -- we operate in a very competitive industry. It always has been. So nothing noteworthy as far as change there. Certainly, we're aware of the changes in the organization at the top level of the organization you're speaking of.

謝謝你的提問。是的 — — 我們處在一個競爭非常激烈的行業。一直都是這樣。因此，那裡沒有什麼值得注意的變化。當然，我們知道您提到的組織高層的變化。

But I don't know that that's changed any dynamic of how people are taking care of their customers and what have you. And just keep in mind that how we -- our new business wins tend to come from the vast majority are from, we call it no programmers. Those who are not renting when we walk in and we will walk out they are. So it's -- yes, we love winning business in always. But for the past several decades, we've grown our business primarily by growing the pie of customers those who were sourcing products somehow.

但我不知道這是否會改變人們照顧客戶的方式等等。請記住，我們的新業務成功往往來自於絕大多數，我們稱之為沒有程式設計師。當我們走進來時沒有租房子的人，當我們離開時，他們卻租了房子。是的，我們始終熱愛贏得生意。但在過去幾十年裡，我們的業務成長主要透過擴大那些以某種方式採購產品的客戶群來實現。

They might be buying it on the Internet or they might be buying it at Costco or Walmart or what have you. And then -- and we've shown them a better, faster, smarter way. Even with garments, especially with garments, I would say, everybody is wearing garments and that just a matter of what's the best way to obtain those garments. So in fact, I've got a couple of examples I'll give you. We recently converted over a large equipment manufacturer that was purchasing flame-resistant clothing from a competitor.

他們可能在網路上購買，也可能從 Costco 或沃爾瑪等商店購買。然後——我們向他們展示了一種更好、更快、更聰明的方法。即使是服裝，尤其是服裝，我想說，每個人都在穿服裝，這只是一個獲得這些服裝的最佳方式的問題。事實上，我可以舉幾個例子給你聽。我們最近轉換了一家大型設備製造商，該公司正在從競爭對手那裡購買阻燃服裝。

They were really excited about our Carhartt branded flame-resistant clothing line, and they were looking for a higher quality garment to improve employee comfort and overall satisfaction. And as we dug into it, we're actually able to save them some dollars in the rental program because of the turnovers that they had.

他們對我們的 Carhartt 品牌阻燃服裝系列感到非常興奮，並且正在尋找更高品質的服裝來提高員工的舒適度和整體滿意度。當我們深入研究時，我們發現，由於他們的營業額，我們實際上能夠在租賃計劃中為他們節省一些錢。

And also our First Aid and Safety team, at the same time, was able to provide some essential training for that customer around their electrical program in conjunction with some recent OSHA guidance change on that subject. So that's an example where they were certainly wearing garments. They were -- but they weren't -- were not taking it from a rental competitor there, but it resulted for the customer in a safer, more compliant customer with happier wears and lower overall cost.

同時，我們的急救和安全團隊也能夠結合 OSHA 關於該主題的一些最新指導變化，為該客戶提供一些有關其電氣項目的基本培訓。這是他們確實穿著服裝的一個例子。他們——但他們沒有——沒有從那裡的租賃競爭對手那裡搶走它，但它為客戶帶來了更安全、更合規的客戶、更滿意的穿著和更低的整體成本。

So I've got other examples like that we've seen. We just recently converted over a Fortune 500 global field service company with thousands of remote service technicians that were in a direct purchase program. Again, they were dealing with long lead times, how do they repair the garments, how they replace them, size changes, new hires.

我還有其他我們見過的類似的例子。我們最近剛對一家財富 500 強全球現場服務公司進行了改造，該公司擁有數千名參與直接購買計畫的遠端服務技術人員。同樣，他們要處理較長的交貨時間、如何修補服裝、如何更換服裝、尺寸變化、新員工招募等問題。

And the challenge is the workforce doesn't report back to a central location. So in that case, we place them in a managed program where their employees were able to clean their own product, cleaning the garments, but we manage the inventory size changes, repairs placement.

而問題在於勞動力並不會向中心地點報告。因此在這種情況下，我們將他們置於一個管理項目中，他們的員工能夠清潔自己的產品、清潔服裝，但我們會管理庫存尺寸變化和維修位置。

So I give those examples because, yes, certainly, we're always interested in the competitive landscape. It's always been competitive, always will be, but we're -- we see the greatest opportunity is to expand that pie and sell programs, manage programs into companies that are buying product or haven't seen the value yet in having a uniform program, and we grow that pie. So it's really important to us. It's been a key strategic lever for us decades and will continue into the future. .

我之所以舉這些例子，是因為，是的，我們當然一直對競爭格局感興趣。競爭一直很激烈，也將永遠如此，但我們認為最大的機會是擴大這個市場，銷售項目，將項目管理到那些購買產品的公司或還沒有看到統一項目的價值的公司，然後我們再擴大這個市場。所以這對我們而言真的很重要。幾十年來它一直是我們的一個重要策略槓桿，並且在未來仍將如此。。

Great. Just one follow-up for Mike. Can you just give us a heads up and what the days look like for the quarters and fiscal year '26 for our modeling? Like is the year the same? Are there any nuances between the quarters?

偉大的。對 Mike 來說這只是一個後續問題。您能否提前告訴我們，我們建模時 26 個季度和財政年度的情況是怎樣的？例如年份是否相同？各季度之間是否存在細微差別？

Shlomo, they are all the same. As current -- as fiscal '25 for the quarters, the days per quarter in fiscal '26 are the same as in fiscal '25 -- 65 in every quarter.

什洛莫，他們都是一樣的。與目前（即 25 財年季度）一樣，26 財年每季的天數與 25 財年相同－每季 65 天。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

This is Harold on for Stephanie Moore. So I guess just real quick on the tech investment side, you talked about SAP, SmartTruck and myCintas portal. I know you still have some -- I know you're still rolled in on. So if you could just provide us a sense of where you are, at least like which inning you're in along that journey? And I guess if you're doing any other incremental tech investments in the business that you want to materialize, that would be helpful.

這是哈羅德 (Harold) 為 Stephanie Moore 主持的節目。所以我想在技術投資方面，您談到了 SAP、SmartTruck 和 myCintas 入口網站。我知道你還有一些——我知道你仍然在堅持。所以您能否讓我們了解一下您目前的情況，至少告訴我們您目前處於旅程的哪個階段？我想，如果你正在對業務進行任何其他增量技術投資並希望實現的話，這將會很有幫助。

Yes, Harold, we are -- thanks for the question. We are always making tech investments because it's important to make our employee partners more successful and provide more value to our customers. So Specific to the myCintas portal, yes, it is rolled out. Once we roll out the fire business on to SAP, all of our route-based businesses will be on that same portal. And we see advantages absolutely today, and we see advantages coming in the future as we expand it out but also offer more benefits to the customers.

是的，哈羅德，謝謝你的提問。我們一直在進行技術投資，因為這對於讓我們的員工合作夥伴取得更大的成功並為我們的客戶提供更多價值非常重要。因此具體到 myCintas 門戶，是的，它已經推出了。一旦我們將消防業務推廣到 SAP，我們所有基於路線的業務都將在同一個入口網站上。我們今天絕對看到了優勢，而且隨著我們的擴展，我們也看到未來將出現優勢，同時也為客戶提供更多利益。

So when you think about it, they can pay, they can service -- make service requests, they can manage their program in totality, they can buy. So all that is an additional conduit for the customer to be able to work with us and make it easier to work with us. So -- and that's a fundamental concept that we have here is that we want to make it easier for the customer to do business with us and make it easier for our employee partners to do their jobs. So yes, you'll see continued investment in that, and that will be going on for many, many years.

所以當你考慮它時，他們可以付款，他們可以提供服務 - 提出服務請求，他們可以全面管理他們的程序，他們可以購買。所以，這一切都是為了客戶能夠與我們合作並使其更容易與我們合作而提供的額外管道。所以 — — 這是我們的基本理念，我們希望讓客戶更容易與我們做生意，讓我們的員工夥伴更容易完成他們的工作。所以是的，你會看到對此的持續投資，而且這種投資將持續很多年。

I guess just on your verticals, health care, hospitality, food services. Anything to call out there? Are you seeing any new business wins in any particular vertical this quarter or any in the pipeline that you would like to call out?

我想只是針對你的垂直行業，醫療保健，酒店，食品服務。有什麼要喊的嗎？您是否看到本季在任何特定垂直領域有任何新的業務成長，或者有任何您想要指出的正在籌劃中的業務成長？

And then, I guess, also on the new business win side, it sounds like you've seen some new business wins on the larger side. So are you -- when you look at your new business wins, are they more so coming from national accounts now versus small businesses? Anything around the -- that would be helpful.

然後，我想，在新業務勝利方面，聽起來您已經看到了一些較大方面的新業務勝利。那麼，當您看到新業務的成功時，它們是否更多地來自全國性客戶，而不是小型企業？周圍的一切都會有幫助。

Thanks for the question, Harold. I -- just to address the back half of your question. The examples I gave you were a couple of larger ones, but we have wins of all shapes and sizes, all industries, really small companies, or larger ones, you name it, we have it. But as far as the verticals are concerned, they're all performing well. We're happy with our investments here.

謝謝你的提問，哈羅德。我——只是想回答你問題的後半部。我給的例子是幾個較大的例子，但我們的成功案例涉及各種類型和規模，各個行業，無論是小公司還是大公司，只要您說得出，我們都有。但就垂直行業而言，它們都表現良好。我們對在這裡的投資感到滿意。

We think we've chosen really good verticals. And we've organized around them as well, servicing them, selling them, managing them, all that is very important. In the health care, I'll give you a couple -- you ask for a couple of -- examples of wins. We rolled out our health care privacy curtain business product line about a year or so ago. And we just recently sold a large multistate health care network that we're into this privacy curtain service.

我們認為我們選擇了非常好的垂直行業。我們也圍繞著他們進行組織，為他們提供服務、銷售他們、管理他們，所有這些都是非常重要的。在醫療保健領域，我會給你舉幾個──你要求舉幾個──成功的例子。我們大約一年前推出了醫療隱私窗簾業務產品線。我們最近剛出售了一個大型跨州醫療保健網絡，我們從事這項隱私窗簾服務。

Prior to us, the customer is trying to manage the tracking, the exchange, the cleaning of the curtains themselves, which is what most of that market is. And we came in with our patented curtain system and proprietary technology. It had a really positive impact on their business. We received a letter from the customer, and they told us the following. They told us, first off, that our services allowed them to have -- to now achieve 100% compliance with regulators.

在我們之前，客戶試圖自行管理窗簾的追蹤、交換和清潔，而這正是該市場的大部分內容。我們推出了自己的專利窗簾系統和專有技術。這對他們的業務產生了非常積極的影響。我們收到了客戶的一封信，他們告訴我們以下內容。他們首先告訴我們，我們的服務使他們現在能夠 100% 遵守監管機構的規定。

The program has generated over 20% savings -- cost savings for them from them managing themselves. It has also helped them reduce hospital-acquired infections, which is obviously very, very important. And then lastly, our programs enhance the patient and employee satisfaction level at the hospital network. So a lot of wins there, and that came from the customer. And I'll give you one other one.

該計劃已為他們節省了超過 20% 的成本——這是由他們自我管理而節省的。它也幫助他們減少了醫院內感染，這顯然非常非常重要。最後，我們的計劃提高了醫院網路的患者和員工的滿意度。我們獲得了許多勝利，而這些勝利都來自於客戶。我再給你一個。

We had, from a health care scrub dispensing program, we converted over recently a 14-hospital network that was renting scrubs from a traditional supplier but one that had inadequate inventory control. And as a result, lost scrubs were a real problem for the customer and showing up in loss charges and a lack of supply for the wearers, which was a real pain point for the administrators, the hospital administrators, because, yes, the cost was a real problem.

我們從一個醫療手術服分配項目開始，最近改造了一個由 14 家醫院組成的網絡，該網絡從傳統供應商租用手術服，但庫存控制不足。結果，失去手術服對客戶來說是一個真正的問題，並表現為損失費用和穿著者的供應不足，這對管理人員（醫院管理人員）來說是一個真正的痛點，因為成本是一個真正的問題。

But when they didn't have product for the employees then that's a really big problem. So we deployed our patented dispensing technology, which eliminated the loss charges and the frustration around the lack of supply. But it also allowed us to invest in a more comfortable high-quality scrub, add a net savings for the customer.

但當他們沒有為員工提供產品時，這確實是一個大問題。因此，我們部署了我們的專利分配技術，消除了損失費用和因供應不足而產生的挫折感。但它也使我們能夠投資更舒適的高品質磨砂膏，為客戶增加淨儲蓄。

So a real win-win for the health care worker and the administrators. And another example of -- in both those cases, we're deploying better products, technology, positioning our people to take better care of the customer. And in most -- almost all those cases, we're helping to save them money.

因此，這對醫護工作者和管理者來說，是真正的雙贏。另一個例子是——在這兩種情況下，我們都在部署更好的產品、技術，並安排我們的員工更好地服務客戶。在大多數——幾乎所有情況下，我們都在幫助他們省錢。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I was hoping you could give us an update on cross-selling, how many products on average, each customer is purchasing, how that's trended. Just maybe -- what -- where are you seeing the most cross-selling or add-ons? Like is there a specific type of product or within a certain vertical? Just anything on cross-selling would be helpful.

我希望您能向我們提供有關交叉銷售的最新情況，平均每位顧客購買多少產品，以及趨勢如何。只是也許——什麼——您在哪裡看到最多的交叉銷售或附加產品？例如，是否存在特定類型的產品或屬於某個垂直行業？任何有關交叉銷售的內容都會有幫助。

Toni, great question. Our cross-selling efforts are going quite well with -- but we're still very much in the early innings. As I think we've described in the past, our most penetrated item are walk-off mats. But we have opportunities to sell a vast majority of our products into our -- even our rental customers separate from that to cross-sell within the business unit. So really having great success with each of them.

東尼，這個問題問得好。我們的交叉銷售工作進展順利——但我們仍處於早期階段。我認為我們過去曾描述過，我們最普及的產品是走道墊。但是，我們有機會將我們的絕大多數產品賣給我們自己的產品——甚至是我們的租賃客戶，以便在業務部門內進行交叉銷售。因此，他們每個人都確實取得了巨大的成功。

Our Fire business is the only business that we're in, where you legally have to have it in order to operate your business. So every business in the country is a prospect for us in that case. So that's certainly a simpler one because every customer that we service is a great candidate for our fire service, whether it be sprinkler, alarm, fire extinguishers, emergency lights, et cetera.

我們的 Fire 業務是我們所從事的唯一一項必須合法擁有該業務才能開展的業務。因此，在這種情況下，全國的每家企業對我們來說都是一個前景。這當然比較簡單，因為我們服務的每個客戶都是我們消防服務的最佳候選人，無論是灑水器、警報器、滅火器、緊急燈等等。

But we're having great success and continue to have great success with cross-selling our First Aid products, AEDs, eyewash, water break, first aid cabinets. That's going quite well. But the opportunity we have is immense to cross-sell and upsell within our current customer base, all while we're focused on bringing in additional customers into the fray.

但我們在交叉銷售急救產品、自動體外心臟去顫器、洗眼器、水歇器、急救櫃方面取得了巨大的成功，並將繼續取得巨大的成功。一切進展順利。但我們在現有客戶群中擁有龐大的交叉銷售和追加銷售機會，同時我們專注於吸引更多客戶。

Great. And then just as a follow-up on outsourcing, we talked about it a couple of times how there could be an opportunity if customers want to reduce their budgets that you can provide some help to them there. Just wanted to get a sense of, historically, when you've seen sort of periods of budget tightening or uncertainty. Like do you tend to see that outsourcing accelerate. Like just -- obviously, that could be offset by other things.

偉大的。然後，作為外包的後續事宜，我們討論過幾次，如果客戶想減少預算，你就有機會在那裡為他們提供一些幫助。只是想了解一下，從歷史上看，何時會出現預算緊縮或不確定的時期。您是否傾向於認為外包正在加速發展？就像——顯然，這可以被其他事物所抵消。

But do you -- have you seen that historically and just maybe an update on outsourcing and how that's been trending over the last, call it, few months?

但是，您是否從歷史上看到過這種情況？也許只是有關外包的最新情況？以及過去幾個月的趨勢如何？

Toni, it's a good question. When -- if a customer cuts back on the number of employees that they may have, there's still work to be done. And in many cases, they look to an alternative source to help them get that work done. And because we're there, we have eyes, ears, and minds in our customers on a very, very frequent basis. It allows us to see opportunities and help them with those.

東尼，這是個好問題。如果客戶削減員工數量，那麼仍然有工作要做。在很多情況下，他們會尋求其他來源來幫助他們完成工作。正因為我們在那裡，我們才能非常頻繁地觀察客戶的眼睛、耳朵和思想。它使我們看到了機會並幫助他們抓住機會。

In many cases, we'll hear from them, oh my gosh, you can take care of this for me. Thank you. I don't have to put the cash flow upfront, and I can just outsource it to you. So that happens. That absolutely happens.

在很多情況下，我們會聽到他們說，哦天哪，你可以幫我處理這個問題。謝謝。我不需要預付現金流，我可以將其外包給您。事情就是這樣的。這絕對是會發生的。

When customers are trying to cut back on cost, in many cases, they might be spending money in another -- with another vendor that -- not a traditional direct competitor that you would think of, but they might be buying it from website or a retail network.

當客戶試圖削減成本時，在許多情況下，他們可能會把錢花在另一家供應商上，這家供應商並不是你所想到的傳統直接競爭對手，但他們可能會從網站或零售網路購買。

And as a result, in many cases, because we're there and we can manage it for them, we can help them reduce the cost of running the program and allow them to be freed up to take care of their employees and their customers. So we see that as an opportunity. It has been an opportunity and will be in the future, and we'll pivot as appropriate based upon what we see with our customer base.

因此，在許多情況下，由於我們的存在，我們可以為他們進行管理，我們可以幫助他們降低運行該計劃的成本，並使他們能夠騰出時間去照顧他們的員工和客戶。因此我們認為這是一個機會。這對我們來說是一個機會，未來也將如此，我們將根據客戶群的情況做出適當的調整。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I wanted to follow up to response to an earlier question on pricing, just if you could put a finer point on it. I think you had said that we're right in the historical range, which my understanding of the historical range was that 0% to 2%. And I thought I was as of last quarter, the pricing was running more like 2%.

我想跟進回答之前關於定價的問題，希望您能對此做出更詳細的說明。我想您說過我們正處於歷史範圍內，我對歷史範圍的理解是 0％ 到 2％。我認為截至上個季度，價格上漲幅度超過 2%。

So I wasn't sure if that implies that there's been further moderation in pricing from last quarter and now, we just think about closer to the midpoint of that range. So if you could just kind of clarify that would be helpful.

因此，我不確定這是否意味著價格自上個季度以來進一步放緩，而現在，我們只是考慮更接近該範圍的中點。因此，如果你能澄清一下，那將會很有幫助。

Well, Jason, the way I'd describe it is, pricing hasn't changed. It's exactly where it was last quarter, which is about historical levels. And so really no change to the environment from what we described last quarter.

嗯，傑森，我的描述是，價格沒有改變。它與上個季度的水平完全一致，接近歷史水平。因此，與我們上個季度所描述的相比，環境實際上沒有變化。

Got it. Okay. That's helpful. And then just on the incremental margins on the thought that 25% to 35% is the right range. I think we're going to be definitely will be above that this year, it seems.

知道了。好的。這很有幫助。然後僅就增量利潤率而言，我認為 25％ 到 35％ 是正確的範圍。我認為今年我們的數字肯定會高於這個數字。

So can you help me just understand what -- what will drive the incremental margins back down to that 25% to 30% range? I'm not sure exactly what the gain on sale, the $15 million gain on sale. So like I assume that's not a recurring. I don't know as vehicle sales or what, but I assume that's not a recurring benefit. And then I know that there's the SAP implementation for Fire but is there anything else to think about that sort of brings those incremental margins back down lower going forward?

那麼您能幫助我理解什麼因素會導致增量利潤率回落至 25% 至 30% 的範圍嗎？我不太清楚銷售收益具體是多少，1500萬美元的銷售收益。所以我認為這不是重複發生的。我不知道這是不是汽車銷售或什麼，但我認為這不是一種經常性收益。然後我知道 Fire 有 SAP 實施，但還有其他需要考慮的因素會導致未來增量利潤率進一步降低嗎？

Well, Jason, first off, that land sale was -- is not reoccurring. So that was a one-timer. And as far as incremental moving forward, we're constantly making investments. So it's running a business is not linear, and we suspect that we'll have over time increments between 25% and 35%, which we're really proud of and I think are really attractive and right where we want to be. We want to make sure we're investing appropriately in the business.

嗯，傑森，首先，那塊土地出售不會再發生。所以這是一次性的。就未來的漸進式發展而言，我們正在持續進行投資。因此，經營企業並不是線性的，我們預計隨著時間的推移，我們的成長率將達到 25％ 到 35％ 之間，我們對此感到非常自豪，我認為這真的很有吸引力，這正是我們想要的。我們希望確保我們對該業務的投資是適當的。

And so we're doing exactly that, whether it comes from -- we'll be, to your point, investing in technology. We're investing in infrastructure, more products and services, training. All those items are very important for us so that we can continue to provide a great working environment for our employee partners and a great value proposition for our customers.

所以我們正在這樣做，無論它來自何處——正如你所說，我們將投資於技術。我們正在投資基礎設施、更多產品和服務以及培訓。所有這些對我們來說都非常重要，這樣我們才能繼續為我們的員工合作夥伴提供良好的工作環境，並為我們的客戶提供巨大的價值主張。

Jason, I might add, there are times also when you're -- when we're computing that incremental margin where last year's margin has an impact. So for example, especially if you remove the $15 million settlement from a year ago, our second half of fiscal '24 was -- we made a nice jump in operating margin. And so when you do that, that also has an impact on that incremental calculation.

傑森，我想補充一點，有時當我們計算增量利潤時，去年的利潤也會產生影響。舉例來說，特別是如果去掉一年前 1,500 萬美元的和解金，我們 24 財年下半年的營業利潤率實現了大幅成長。因此，當您這樣做時，這也會對增量計算產生影響。

So it's dependent on where we were last year, what our levels and cadence of investments are this year as well. But the really good news is, as Todd has been saying, our initiatives -- these initiatives that we talk about all the time, they are not onetime, but they are just changing the way we do business, and that gives us confidence that we can still work in that range for years to come.

所以這取決於我們去年的情況，以及今年我們的投資水準和節奏。但真正的好消息是，正如托德所說的那樣，我們的舉措——我們一直在談論的這些舉措，它們不是一次性的，而是正在改變我們開展業務的方式，這讓我們有信心在未來幾年內仍能在這一範圍內開展工作。

Leo Carrington, Citigroup.

花旗集團的 Leo Carrington。

On the topic of M&A away from UniFirst itself, are there any other large M&A targets in North America? And if not in Uniform Rentals, where does this leave you other route-based service targets of interest maybe outside of North America? Or are you just solely focused on the tuck-in otherwise?

關於除 UniFirst 本身以外的併購話題，北美還有其他大型併購目標嗎？如果不包括制服租賃，那麼您在北美以外的其他基於路線的服務目標在哪裡？還是你只是單純地關注飲食？

Yes, Leo, thanks for the question. We really don't get into any particular M&A -- particular deals. But I'll say that our focus is on North America. We still see a great runway there. We service 1 million customers. There's 17 million businesses in the US and Canada. So we see the opportunity to what is still a very fragmented business for M&A as an opportunity, but also just the selling more customers and bringing on more customers. So we don't see a need to expand outside of North America at this point. We're always watching.

是的，Leo，謝謝你的提問。我們實際上沒有參與任何特定的併購——特定的交易。但我想說的是，我們的重點是北美。我們仍然看到那裡有一條很棒的跑道。我們為100萬客戶提供服務。美國和加拿大有 1700 萬家企業。因此，我們認為，對於仍然非常分散的業務來說，併購既是一個機會，也可以帶來更多的客戶。因此我們認為目前沒有必要在北美以外擴張。我們一直在關注。

And we have relationships with the appropriate people in the various geographies, which we stay in touch with because we want to make sure we're in touch with the market. But we don't see a need. We have an incredible opportunity here in North America, in what we think is the greatest economy in the world, and that's where our focus is. And as far as any particular M&A, we're not -- we're interested in buying great companies. They have great customers and great employees that we can bring into the Cintas family.

我們與不同地區的適當人士建立了關係並保持聯繫，因為我們想確保與市場保持聯繫。但我們認為沒有必要。我們認為北美是世界上最偉大的經濟體，因此我們在北美擁有不可多得的機遇，這也是我們的重點。就任何特定的併購而言，我們感興趣的是收購優秀的公司。他們擁有優秀的客戶和優秀的員工，我們可以將他們帶入辛塔斯大家庭。

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

目前，沒有其他問題。我想將電話轉回給賈里德，讓他做一些結束語。

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

感謝您今天上午加入我們。我們將於7月發布25財年第四季的財務表現。我們期待屆時再次與您交談。謝謝。

This 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。