信達思 (CTAS) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Cintas Corporation announces fiscal 2025 fourth quarter and full-year 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財年第四季和全年業績電話會議。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; Jim Rozakis, Executive Vice President and Chief Operating Officer; and Scott Garula, Executive Vice President and Chief Financial Officer. We will discuss our fiscal 2025 fourth quarter and full-year 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。與我一起的還有總裁兼執行長 Todd Schneider、執行副總裁兼營運長吉姆‧羅扎基斯 (Jim Rozakis) 和執行副總裁兼財務長 Scott Garula。我們將討論 2025 財年第四季和全年業績。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. 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.

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，反映了公司對未來事件和財務表現的當前看法。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, and thank you all for joining us. I'd like to take a moment and welcome Jim and Scott to our call today. Jim is a seasoned leader that brings 26 years of experience with Cintas, and over the last two years has served as Cintas' Chief Operating Officer.

謝謝你，賈里德，也謝謝大家加入我們。我想花點時間歡迎吉姆和斯科特參加我們今天的電話會議。吉姆是一位經驗豐富的領導者，擁有 26 年的辛塔斯 (Cintas) 工作經驗，並在過去兩年中擔任辛塔斯 (Cintas) 的首席營運長。

Scott was recently appointed as our Chief Financial Officer and brings with him over 29 years of experience, including leading each of our route-based businesses.

史考特最近被任命為我們的財務官，他擁有超過 29 年的經驗，包括領導我們每項基於航線的業務。

On today's call, I'll start by sharing an overview of the quarter, the year, and our outlook for fiscal 2026. Jim will share some more detail on our segment performance and the drivers in the business, and Scott will wrap up with more detail on our financials.

在今天的電話會議上，我將首先分享本季、全年的概況以及我們對 2026 財年的展望。吉姆將分享有關我們分部業績和業務驅動因素的更多細節，斯科特將詳細介紹我們的財務狀況。

We are pleased to have delivered a strong fourth quarter to close out another impressive fiscal year for Cintas. We delivered robust top-line growth and maintained healthy margins in cash flow, demonstrating the value, excuse me, demonstrating the strength of our value proposition.

我們很高興看到辛塔斯在第四季度表現強勁，為另一個令人印象深刻的財政年度畫上了圓滿的句號。我們實現了強勁的營收成長，並維持了健康的現金流利潤率，證明了我們的價值，對不起，證明了我們價值主張的實力。

In the fourth quarter, total revenue grew 8% to $2.67 billion. Our organic growth rate, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations, and workday differences, was 9%.

第四季度，總營收成長8%，達到26.7億美元。我們的自然成長率（經收購、外匯匯率波動和工作日差異的影響調整後）為 9%。

We continue to execute at a high level across each of our businesses, including organic growth of 7.2% and the uniform rental and facility services segment, and 18.5% in our first aid and safety segment. All other, which includes our fire-protection services and uniform direct sale grew organically by 11.1%.

我們的各項業務持續保持高水準執行，其中製服租賃和設施服務部門的有機成長 7.2%，急救和安全部門的有機成長 18.5%。所有其他業務（包括我們的消防服務和製服直銷）有機增長了 11.1%。

Turning to profitability, gross margin for the fourth quarter grew 9.1% over the prior year from 49.2% to 49.7%. Operating income as a percentage of revenue increased 9.1% over the prior year, and diluted EPS increased 9% to $1.09.

談到獲利能力，第四季毛利率較上年同期成長 9.1%，從 49.2% 增至 49.7%。營業收入佔收入的百分比比上年增長 9.1%，稀釋每股收益增長 9% 至 1.09 美元。

We remain confident that the strategic investments we made in the business positioned us to capitalize on future growth opportunities. Those investments include technology that makes it easier for our employee partners to do their jobs such as our SAP system and SmartTruck platform investments in our infrastructure to increase capacity and position our employee partners for success as well as investments in management trainees in selling resources.

我們仍然相信，我們對業務的策略性投資使我們能夠利用未來的成長機會。這些投資包括使我們的員工合作夥伴更容易完成工作的技術，例如我們的 SAP 系統和 SmartTruck 平台，對我們的基礎設施進行投資以提高產能並為我們的員工合作夥伴取得成功做好準備，以及對銷售資源的管理培訓生進行投資。

For the full-year fiscal 2025 revenue was a record $10.34 billion an increase of 7.7%. Organic growth was 8% for the year. Our top-line growth continues to underscore the strength of Cintas' value proposition.

2025財年全年營收創紀錄達103.4億美元，成長7.7%。全年有機成長率為8%。我們的營收成長持續凸顯了辛塔斯價值主張的實力。

Operating margins for the full year or 22.8%, an increase of 14.1% in an all-time high compared to our prior-year operating margin of 21.6%. Diluted earnings per share of $4.40 grew 16.1% over the prior year.

全年營業利益率為 22.8%，較去年同期 21.6% 的營業利益率成長 14.1%，創歷史新高。每股攤薄收益為 4.40 美元，較上年增長 16.1%。

Balanced capital allocation remains a key pillar of our strategy. In the fourth quarter and throughout fiscal 2025, we continue to deploy capital across all of our strategic priorities, including reinvesting in our products, people, and technologies to ensure we are best positioned to deliver value for our customers.

平衡的資本配置仍然是我們策略的重要支柱。在第四季度以及整個 2025 財年，我們將繼續在所有策略重點上部署資金，包括對我們的產品、人員和技術進行再投資，以確保我們能夠為客戶提供最佳價值。

Looking ahead to fiscal '26, our financial expectations reflect both the strength of the underlying business and our commitment to discipline execution. Scott will later touch on the assumptions included in our guidance.

展望26財年，我們的財務預期既反映了基礎業務的實力，也反映了我們對執行紀律的承諾。斯科特稍後會談到我們指南中包含的假設。

We expect our revenue to be in the range of $11 billion to $11.15 billion. The total growth rate of 6.4% to 7.8%. We expect diluted EPS to be in the range of $4.71 to $4.85, a growth rate of 7% to 10.2%. Our fourth quarter and full-year 2025 results and 2026 outlook underscore the strength of our business model and our ability to execute in a dynamic environment.

我們預計營收將在 110 億美元至 111.5 億美元之間。整體增速由6.4%上升至7.8%。我們預計稀釋每股收益將在 4.71 美元至 4.85 美元之間，成長率為 7% 至 10.2%。我們對 2025 年第四季和全年的業績以及 2026 年的展望凸顯了我們商業模式的實力以及我們在動態環境中的執行能力。

Fiscal 2025 now marks 54 years out of the last 56 years that we've grown sales and adjusted EPS. I want to thank all of our employee partners for their hard work and dedication. With our culture of continuous improvement, superior products and services, and disciplined execution, we are well positioned for sustained growth and value creation.

到 2025 財年，我們已經連續 56 年實現銷售額和調整後每股盈餘的成長。我要感謝我們所有員工夥伴的辛勤工作和奉獻精神。憑藉我們持續改進的文化、優質的產品和服務以及嚴格的執行，我們已做好充分準備實現持續成長和價值創造。

Lastly, we were named to the prestigious Fortune 500 for the ninth consecutive year. It is an honor to be recognized among the most successful and respected companies. We're proud of these results and the value we continue to deliver for Cintas' shareholders. With that, I'll turn it over to Jim for additional insights.

最後，我們連續第九年入選著名的《財星》500強。能夠躋身最成功、最受尊敬的公司之列，我深感榮幸。我們對這些成果以及我們繼續為辛塔斯股東創造的價值感到自豪。說完這些，我會把話題交給 Jim 來獲得更多見解。

Thanks, Todd, and good morning. We continue to grow at attractive rates by helping new customers meet their needs of image, safety, cleanliness, and compliance. We are seeing success in adding new products and new services to existing customers.

謝謝，托德，早安。透過幫助新客戶滿足其形象、安全、清潔和合規性方面的需求，我們繼續以有吸引力的速度成長。我們在為現有客戶增加新產品和新服務方面取得了成功。

Our retention rates are right at our all-time highs and pricing continues to be at our historical levels. Turning to the fourth quarter organic growth by business. We grew 7.2% for uniform rental and facility services, 18.5% for first aid and safety services, 12.1% for fire protection services, and uniform direct sale was up 9%.

我們的保留率正處於歷史最高水平，定價也繼續保持在歷史水平。談談第四季業務的有機成長。制服租賃和設施服務增加了 7.2%，急救和安全服務增加了 18.5%，消防服務增加了 12.1%，制服直銷增加了 9%。

As we've done in the past, I will share a revenue mix of the uniform rental and facility services operating segment for the fourth quarter. Keep in mind there can be small fluctuations in mix between quarters. Uniform rental was 48%, dust was 19%. Hygiene was 16%. Shop towels were 3%. Linen, which includes microfiber, wipes, towels, and aprons was 10%, and catalog revenue was 4%. These percentages are consistent with last year and demonstrate we continue to experience strong demand across all our products and services.

正如我們過去所做的那樣，我將分享第四季度製服租賃和設施服務營運部門的收入組合。請記住，各個季度之間的組合可能會有小幅波動。制服租金為48%，灰塵為19%。衛生狀況為16%。車間毛巾佔3%。亞麻製品（包括超細纖維、抹布、毛巾和圍裙）佔 10%，目錄收入佔 4%。這些百分比與去年一致，顯示我們所有產品和服務的需求持續強勁。

Gross margin percentage by business was 49% for uniform rental facility services, 56.8% for first aid and safety services, 49.3% for fire protection services, and 41% -- 41.6% for uniform direct sale.

各業務的毛利率分別為：制服租賃設施服務49%、急救及安全服務56.8%、消防服務49.3%、制服直銷41%-41.6%。

Gross margin on the uniform rental facility services segment increased 40 basis points from last year. Our progress year over year reflects the positive impacts made by our excellent supply-chains team, as well as cost savings initiatives such as our garment sharing, technology enhancements like our auto sortation systems and our plans, and our proprietary smart-truck solution that makes our routes more efficient.

制服租賃設施服務部門的毛利率比去年增加了40個基點。我們逐年取得的進步反映了我們優秀的供應鏈團隊所產生的積極影響，以及服裝共享等成本節約舉措、自動分揀系統和計劃等技術改進，以及使我們的路線更有效率的專有智慧卡車解決方案。

Gross margin for the first aid and safety services segment increased 140 basis points from last year, with strong revenue growth continuing to create leverage. A healthy revenue mix that includes growth in a high margin recurring revenue products like AED rentals, eye wash stations and water break, as well as cost savings initiatives such as Smart truck and improved sourcing.

急救和安全服務部門的毛利率比去年增加了 140 個基點，強勁的收入成長持續創造槓桿作用。健康的收入組合包括高利潤率經常性收入產品（如 AED 租賃、洗眼站和飲水站）的成長，以及成本節約措施（如智慧卡車和改進採購）。

In fourth son of the Scott, I'd like to share an example that demonstrates how we're delivering for our customers. A customer in the southeastern part of the country has been a valued customer for over 10 years.

身為史考特的第四個兒子，我想分享一個例子來說明我們如何為客戶提供服務。該國東南部的一位客戶已經是我們十多年的尊貴客戶了。

For most of that time, we provided them exclusively with facilities, services, products, and services. Their maintenance department uniforms were direct purchase, what we would call a no-programmer.

在大部分時間裡，我們只為他們提供設施、服務、產品和服務。他們的維修部門制服都是直接購買的，我們稱之為無程式設計師。

Our customer approached us to see if we could help them address three key pain points. One, the initial investment ongoing costs associated with replacing uniforms due to turnover and damage made it difficult to forecast, spend, and manage cash flow.

我們的客戶聯絡我們，看看我們是否可以幫助他們解決三個關鍵痛點。首先，由於人員流動和損壞而更換制服的初始投資持續成本使得預測、支出和管理現金流變得困難。

Two, their employees expressed a strong preference for the convenience and professionalism of a laundered uniform program over washing their uniforms at home.

二，與在家洗制服相比，員工更傾向於選擇制服清洗服務的便利性和專業性。

Three, their managers found that overseeing uniform logistics in-house took valuable time away from focusing on their core business operations.

第三，他們的經理發現，監督內部統一的物流佔據了他們專注於核心業務運作的寶貴時間。

In response, we successfully introduced our uniform [rental] program on top of our facility services offering. But the story doesn't end there. We also are the trusted culinary department onboarding those employees who had previously been with a traditional uniform competitor. The switch was driven by a premium Chef Works exclusive attire and the opportunity for vendor consolidation.

作為回應，我們在設施服務的基礎上成功推出了製服[租賃]計劃。但故事並沒有結束。我們也是值得信賴的烹飪部門，為那些之前在傳統制服競爭對手那裡工作過的員工提供入職培訓。此次轉變是由 Chef Works 獨家推出的高端服裝和供應商整合的機會所推動的。

This example underscores several points. First, we don't always have to leave with uniforms. In this case, we had a long successful relationship with a customer built on our facility services offering.

這個例子強調了幾點。首先，我們不必總是穿著制服離開。在這種情況下，我們透過提供設施服務與客戶建立了長期成功的合作關係。

Second, we can grow in a variety of different ways. We can convert no programmers to a rental program. We can add new customers that are currently with another uniform rental provider by offering premium products and services, and we can grow by adding new products and services to our existing customers.

其次，我們可以透過多種不同的方式成長。我們可以將無程式設計師轉換為租賃程序。我們可以透過提供優質的產品和服務來吸引目前與其他制服租賃供應商合作的新客戶，並且我們可以透過向現有客戶添加新產品和服務來發展。

This example also illustrates how Cintas is more than a service provider. We are true problem solvers committed to helping our customers succeed. And by staying attuned to their feedback, we continue to strengthen our relationships and expand our footprint across industries. And I now turn over to Scott for additional details on capital-allocation strategy in 2026 outlook.

這個例子也說明了辛塔斯不僅僅是一個服務提供者。我們是真正的問題解決者，致力於幫助客戶成功。透過關注他們的回饋，我們不斷加強我們的關係並擴大我們在各個行業的影響力。現在我請斯科特提供有關 2026 年展望中的資本配置策略的更多詳細資訊。

Thank you, Jim, and good morning, everyone. As Todd mentioned, we closed our fiscal year with strong financial performance. Our balance sheet remains healthy, and during fiscal 2025, we generated $1.6 billion of free cash flow.

謝謝你，吉姆，大家早安。正如托德所說，我們以強勁的財務業績結束了本財年。我們的資產負債表依然健康，在 2025 財年，我們產生了 16 億美元的自由現金流。

In the fourth quarter, we were able to put our capital to work through capital expenditures of $114.6 million, acquisitions of $34.1 million, dividends of $157.8 million, and share repurchases of $256.7 million. Our effective tax rate for the fourth quarter was 22.1% compared to 21.4% last year.

在第四季度，我們透過 1.146 億美元的資本支出、3,410 萬美元的收購、1.578 億美元的股息和 2.567 億美元的股票回購將我們的資本投入使用。我們第四季的有效稅率為 22.1%，而去年同期為 21.4%。

For fiscal 2025, the effective tax rate was 20% compared to 20.4% the prior year. During fiscal-year 2025, we deployed significant capital across each of our capital-allocation priorities. This capital-allocation strategy has been effective for many years and has served us well. We invested $408.9 million in capital expenditures, which helps support investments in our technology and infrastructure.

2025 財年的有效稅率為 20%，而前一年為 20.4%。在 2025 財年，我們在每個資本配置重點上都投入了大量資本。這種資本配置策略多年來一直有效，並且為我們帶來了良好的效益。我們投資了 4.089 億美元的資本支出，這有助於支持我們對技術和基礎設施的投資。

Capital expenditures were 4.4% of revenue, which is right where we like to be. We invested $232.9 million in acquisitions in fiscal 2025, representing our largest year of M&A activity in almost 20 years, excluding our 2017 acquisition of G&K.

資本支出佔收入的 4.4%，這正是我們所希望的水平。我們在 2025 財年投資了 2.329 億美元用於收購，這是我們近 20 年來併購活動規模最大的一年（不包括 2017 年收購 G&K）。

These acquisitions spanned across each of our three route-based segments, adding new customers, extending capacity, and delivering compelling synergies. By optimizing our existing route structure, we've been able to spend more time with customers while reducing time spent on the road.

這些收購涵蓋了我們三個基於航線的部門，增加了新客戶，擴大了運力，並產生了顯著的協同效應。透過優化現有的路線結構，我們能夠花更多時間與客戶相處，同時減少在路上花費的時間。

Acquisitions remain an important lever for growth, enabling us to broaden our offerings and deliver greater value to our stakeholders. Additionally, we returned over $1.5 billion to shareholders through dividends and share buybacks.

收購仍然是我們成長的重要槓桿，它使我們能夠拓寬產品範圍並為利害關係人創造更大的價值。此外，我們也透過股利和股票回購向股東返還了超過 15 億美元。

Almost $612 million in dividend payments marks the 41st consecutive year that we've increased our dividend, which is every year since going public. We also repurchased approximately $935 million of shares during the fiscal year 2025.

近 6.12 億美元的股息標誌著我們連續第 41 年增加股息，自上市以來每年都是如此。我們也在 2025 財年回購了價值約 9.35 億美元的股票。

Todd provided our fiscal 2026 outlook at the start of the call, and I'd like to provide some context on a few assumptions underpinning our guidance. Please note that both fiscal 2025 and fiscal 2026 have the same number of workdays for the year and by quarter.

托德在電話會議開始時提供了我們對 2026 財年的展望，我想就我們指引背後的幾個假設提供一些背景。請注意，2025 財年和 2026 財年的全年和季度工作日數相同。

Our guidance does not assume any future acquisitions. Our guidance assumes a constant foreign currency exchange rate. The fiscal 2026 interest net is expected to be approximately $98 million. The fiscal 2026 effective tax rate is expected to be 20%, which is the same as fiscal 2025, and our guidance includes no future share buybacks or significant economic disruptions or downturn.

我們的指導不假設任何未來的收購。我們的指導假設外幣匯率維持不變。2026財年的利息淨額預計約為9,800萬美元。2026 財年的有效稅率預計為 20%，與 2025 財年相同，我們的預期包括未來不會出現股票回購或重大的經濟混亂或衰退。

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

接下來，我將把發言權交還給托德，請他做最後發言。

Thank you, Scott. As we look ahead to fiscal 2026, our results reflect the strength of our strategy and the value we provide in helping our customers meet their image, safety, cleanliness, and compliance needs. We remain focused on delivering exceptional customer experiences while continuing to make the necessary investments in our business to sustain long-term growth value creation.

謝謝你，斯科特。展望 2026 財年，我們的業績反映了我們策略的實力以及我們在幫助客戶滿足其形象、安全、清潔和合規需求方面所提供的價值。我們始終專注於提供卓越的客戶體驗，同時繼續對我們的業務進行必要的投資，以維持長期成長價值創造。

Our confidence in our ability to navigate the current environment and capitalize on future opportunities remains strong. Jared, back to you.

我們對自己駕馭當前環境和利用未來機會的能力依然充滿信心。賈里德，回到你身邊。

Thanks, Todd, Jim, and Scott. 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、吉姆和斯科特。我們的準備好的演講到此結束。現在我們很樂意回答分析師的提問。如果需要，請只問一個問題並進行一次跟進。謝謝。

(Operator Instructions)

（操作員指示）

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. Starting at a high level, can you talk a little bit about what the overall selling environment looks like, including how sale cycles are performing and how client sentiment is trending?

你好，謝謝。早安.從高層次開始，您能否談談整體銷售環境如何，包括銷售週期表現如何以及客戶情緒趨勢如何？

Good morning, George. Thanks for the question. I'll start. And Jim, if you want to add any color, no real change to the customer behavior, sales cycles. New business remains strong; retention rates are still at very attractive levels. Ad stops, really no significant change there.

早上好，喬治。謝謝你的提問。我先開始。吉姆，如果你想添加任何色彩，那麼客戶行為和銷售週期就不會發生真正的改變。新業務依然強勁；保留率仍處於非常有吸引力的水平。廣告停止了，確實沒有重大改變。

It is -- there are certain -- or excuse me, clearly, there's more uncertainty in the marketplace with the tariff trade, tax -- or excuse me, tariff-slash-trade taxes, which is a little bit more priority, and interest rates. But nevertheless, our value proposition continues to resonate. And it resonates in virtually every economic cycle, hence our 54, the last 56 years, and we expect that to continue and we like the position we're in. Anything else, Jim, on customer behavior that you'd like to contribute?

確實存在某些不確定性，或者說，很顯然，市場上存在關稅、貿易稅（或者說，關稅和貿易稅，這些是更優先考慮的因素）和利率等不確定性。但儘管如此，我們的價值主張仍然引起共鳴。它幾乎在每個經濟週期中都會產生共鳴，因此在過去的 54 年、56 年裡，我們預計這種情況會持續下去，我們也喜歡我們所處的地位。吉姆，關於客戶行為，您還有什麼想說的嗎？

Yeah. I think, maybe Todd, the only color I would add on that is that the customer behavior offers an opportunity for us to add value to our customers. I was recently at an operational visit. And in a routine conversation, one of our employee partners is out of a customer site. And as you can imagine during traditional rapport building, the customer expressed concern regarding the overall uncertainty in a macro environment.

是的。我想，也許托德，我唯一要補充的是，客戶行為為我們提供了為客戶增加價值的機會。我最近參加了一次行動訪問。在例行談話中，我們的員工合夥人並不在客戶現場。正如您可以想像的那樣，在傳統的融洽關係建立過程中，客戶表達了對宏觀環境中整體不確定性的擔憂。

Our employee partner turned out an opportunity to discuss further Cintas price and services. And we found out that we were able to go ahead and save this customer significant money on something as simple as disposable gloves. So there certainly is a degree, as you described, of a little bit of uncertainty. And uncertainty creates opportunity and the customers are looking for answers. And oftentimes, we [further] buy those answers for them.

我們的員工合作夥伴提供了一個進一步討論 Cintas 價格和服務的機會。我們發現，我們可以為這位顧客節省大量購買一次性手套等簡單物品的費用。因此，正如您所描述的，肯定存在一定程度的不確定性。不確定性創造了機會，客戶正在尋找答案。而且很多時候，我們還會為他們買這些答案。

Very helpful. And then, my follow up, you're continuing to see and deliver operating margin expansion on a year-over-year basis, but incremental margins stepped down this quarter from what was 40%, 50% before to around 25%. Can you talk a bit about what factors may be causing this narrowing rate of margin expansion?

非常有幫助。然後，我的後續問題是，您繼續看到營業利潤率同比增長，但本季增量利潤率從之前的 40% 到 50% 下降到 25% 左右。您能否談談哪些因素可能導致利潤率擴張速度縮小？

Yeah. George, yeah. We had another really good profit quarter. We did run 22.4% operating profit for the quarter. That brings us to 35% incrementals for the year excluding our land sale. We'll say last year, Q4 was by far our best profit quarter. So the comparables were certainly tougher.

是的。喬治，是的。我們又迎來了一個非常好的獲利季度。本季我們的營業利潤確實達到了 22.4%。除去土地出售，今年我們的增幅達到 35%。我們可以這麼說，去年第四季是迄今為止我們獲利最好的一個季度。因此可比性肯定更加困難。

As you know, running a business isn't linear, but we like where we are. We're right in that sweet spot of 25% to 35% incrementals, and we're investing for the future. And we're doing that because we see the opportunities ahead. And we like what the opportunities look like for us so we're investing appropriately.

如您所知，經營企業並不是直線性的，但我們喜歡現在的狀態。我們正處於 25% 至 35% 增量的最佳位置，我們正在為未來進行投資。我們這樣做是因為我們看到了未來的機會。我們喜歡這些對我們來說是機會的東西，所以我們會進行適當的投資。

Got it, very helpful, thank you.

明白了，非常有幫助，謝謝。

Jasper Bibb, Truist Securities.

賈斯柏·比布（Jasper Bibb），Truist Securities。

Hey, good morning, guys. I know you don't give quarterly guidance. Just hoping you could give a little bit more color on the cadence of your '26 outlook as I imagine you're going to have a lot more difficult comps on the incremental margin front in the first half or second half.

嘿，大家早安。我知道你不提供季度指引。我只是希望您能對 26 年的展望節奏給出更多的說明，因為我認為在上半年或下半年，您在增量利潤方面會面臨更多困難。

Jasper, thanks for the question. Yeah. On the revenue side, we just finished a very successful year where we grew 7.7%, which is right where we want to be. The '26 revenue guide calls for 6.4% to 7.8%, which again, a growth -- which again is right where we like to be and sets us up for another really good year. We're performing well and we like the momentum that we have in the business.

賈斯珀，謝謝你的提問。是的。在收入方面，我們剛結束了非常成功的一年，收入成長了 7.7%，這正是我們想要達到的目標。26 年的收入指南預計將增長 6.4% 至 7.8%，這又是一個增長——這正是我們所希望的，並為我們迎接又一個非常好的一年奠定了基礎。我們表現良好，我們喜歡業務中的發展勢頭。

On the EPS side, we had a great year in FY25 and we think we're set up for another really good year in FY26. The guide calls for EPS growth of 7% to 10.2%, which infers margin expansion throughout the guide.

在每股收益方面，我們在 25 財年取得了出色的成績，我們認為 26 財年也將迎來另一個非常好的一年。該指南預計每股收益成長率為 7% 至 10.2%，這意味著整個指南期間利潤率都將擴大。

And at the midpoint of revenue EPS guide, it also represents operating margin above 23% in incrementals in the high 20s%. So this is all consistent with how we got it last year. And this year, certainly, the macro environment is -- there's a little bit more uncertainty. But we think we're well positioned to navigate the environment and have another very successful year in '26.

而在收入 EPS 指南的中點，它也代表營業利潤率在 23% 以上，增量在 20% 以上。所以這與我們去年得到的結果一致。當然，今年的宏觀環境存在更多不確定性。但我們認為，我們已做好準備，應對各種環境，並在 2026 年再次取得巨大成功。

Got it. And then hoping maybe you could give some color on what you're seeing in the ad stops and how you're thinking about that trend in your fiscal '26 guidance?

知道了。然後希望您能對您在廣告中看到的情況以及您如何在 26 財年指導中考慮這一趨勢做出一些說明？

Yeah, Jasper, good question. We have an incredibly broad customer base. So we have some customers that are absolutely thriving in this environment. Some are dealing with input costs challenges. But the net net is our customer base is still performing well and we think that we're in a good position there.

是的，賈斯珀，這個問題問得好。我們擁有極為廣泛的客戶群。因此，我們的一些客戶在這種環境下絕對蓬勃發展。一些公司正在應對投入成本挑戰。但總體而言，我們的客戶群仍然表現良好，我們認為我們處於有利地位。

Keep in mind, 70% of our customer base are in the services-providing sector, 30% in the goods producing. But we -- so from an ad stop standpoint, we think we're in a good spot. We don't give out that specific number, but we like the momentum that we see in our business.

請記住，我們 70% 的客戶群來自服務提供產業，30% 來自商品生產產業。但是，從廣告停止的角度來看，我們認為我們處於一個很好的位置。我們不會透露具體的數字，但我們對業務中看到的勢頭感到滿意。

Thanks for taking the question.

感謝您回答這個問題。

Manav Patnaik, Barclays Capital.

巴克萊資本的馬納夫·帕特奈克（Manav Patnaik）。

Hi, good morning. This is Ronan Kennedy on for Manav. Thank you for taking my questions. You touched on this in response to Jasper's question, but if I may just look to go a little more granular. The '26 guide of the implied operating income margins at 25%, I think are at the lower end of the midterm guide at 25% to 35% and then 23% and 27% at the low and high ends, respectively.

嗨，早安。這是羅南肯尼迪 (Ronan Kennedy)，代替馬納夫 (Manav)。感謝您回答我的問題。您在回答 Jasper 的問題時提到了這一點，但我是否可以更詳細地講一下。我認為，26 年隱含營業利潤率為 25%，處於中期指導價 25% 至 35% 的低端，低端和高端分別為 23% 和 27%。

There's obviously an element of operating leverage at play and revenues. But any further insights you can shed as to the puts and takes to the drivers of those incrementals, whether it's the positive impacts of supply chain tech initiatives or the negative impacts, say of the SAP implementation for fire protection. Any further insights on kind of puts and takes to those incrementals, please?

顯然，經營槓桿和收入因素正在運作。但是，您是否可以對這些增量驅動因素的利弊提供進一步的見解，無論是供應鏈技術舉措的正面影響還是負面影響，例如 SAP 消防實施的影響。請問您對這些增量的投入和產出還有什麼進一步的見解嗎？

Yeah, thank you, Ronan. Yeah. We like our guide. We think we're -- the incrementals are right where we want to be. Certainly, there is -- we will be continuing to invest in SAP in our fire business. Does that -- that's not an inexpensive effort there. But that's all contemplated in our guide, as it is any input cost challenges that that are thrown our way as a result of the environment -- that the macro environment that we're dealing with, et cetera.

是的，謝謝你，羅南。是的。我們喜歡我們的導遊。我們認為——增量正是我們想要的。當然有—我們將繼續在消防業務中投資 SAP。這樣做 — — 這並不是一項廉價的努力。但這一切都已在我們的指南中考慮到，因為任何投入成本挑戰都因環境而產生——我們正在處理的宏觀環境等等。

So we feel good about the spot we're in from an incremental margin standpoint again 25% to 35%. And we're investing appropriately. Running a business isn't linear, so we -- but we're focused on the long term and positioning our partners and our and our customers to be incredibly successful. And we like the spot that we're in.

因此，從增量利潤率的角度來看，我們對目前的水準（25% 至 35%）感到滿意。我們正在進行適當的投資。經營企業並不是直線性的，所以我們——但我們專注於長遠發展，並讓我們的合作夥伴、我們的客戶獲得巨大的成功。我們喜歡我們所處的位置。

Thank you. And then for my follow up please. Similar question, but in relation to revenues. The range -- the guided revenue range is I think under 40 basis points which you understandably indicated is right where you want to be.

謝謝。然後請聽我的後續。類似的問題，但與收入有關。範圍－指導收入範圍我認為在 40 個基點以下，您可以理解地表示這正是您想要的。

I also think that range is consistent with the guided range for F25. Can you give us any further insight as to what that contemplates from organic by department or the expected contributions from say price, new biz, et cetera, versus historicals, any further insight there, please. Be greatly appreciate it.

我還認為該射程與 F25 的導引射程一致。您能否向我們提供進一步的見解，說明按部門劃分的有機成長預期，或價格、新業務等預期的貢獻，與歷史數據相比，您對此有何進一步的見解？非常感激。

Yes, certainly, Ronan. Yeah, we, again, we like our guide on the revenue as well. We think we're positioned there. The for us, we want to grow our business in the mid-to-high single-digit revenue. We certainly expect that our rental business will be similar. And our fire and first-aid businesses be in the double digit area.

是的，當然，羅南。是的，我們再次喜歡我們的收入指南。我們認為我們已經定位在那裡了。對我們來說，我們希望我們的業務收入能夠成長到中高個位數。我們當然希望我們的租賃業務也能如此。我們的消防和急救業務達到了兩位數的成長。

And then in our uniform direct sale business, as we've detailed out, we are not trying to grow that as aggressively, low single digits would be a good way to think about it. But it is a very strategic business because those rather large customers we sell -- our route-based businesses into as well. So that's kind of how we think about it.

然後，在我們的製服直銷業務中，正如我們已經詳細說明的那樣，我們並沒有試圖進行激進的成長，低個位數的成長是一個好的想法。但這是一項非常具有戰略意義的業務，因為我們向那些相當大的客戶銷售我們的基於航線的業務。這就是我們對此的看法。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Thank you.

謝謝。

Tim Mulrooney, William Blair.

提姆·馬爾羅尼、威廉·布萊爾。

And Todd Jim, Scott, good morning.

陶德吉姆、史考特，早安。

Good morning, Tim.

早安，提姆。

Thanks for taking my question. So just the first one on the quarter, your fourth quarter result here. Organic growth was 9%. That was well above consensus. I think it was also above what was implied by your own guidance range that you provided last quarter. So I'm just curious what business lines or sectors picked up during the quarter relative beyond expectations.

感謝您回答我的問題。這是本季的第一個數據，也是您第四季的業績。有機成長率為9%。這遠遠超出了共識。我認為它也高於您上個季度提供的指導範圍。所以我只是好奇本季哪些業務線或部門的成長超出了預期。

Yeah, thank you, Tim. Yeah, we're really proud of our fourth-quarter performance. It did exceed our expectations. I think, underscores the momentum we have in our business. But we did have for some -- I'll call it more discrete type of one-time benefits in the area of our first-aid business. We were propelled by, I mean, a great performance on our training area, which those tend to be a little bit more discrete one time in nature.

是的，謝謝你，提姆。是的，我們對第四季的表現感到非常自豪。它確實超出了我們的預期。我認為，這凸顯了我們業務的發展動能。但我們確實為一些急救業務領域提供了——我稱之為更離散的一次性福利。我們受到了訓練場上出色表現的推動，而這些表現在本質上往往更加謹慎。

Our uniform direct sale business grew to 9%, which was a really strong close to what was a bumpy year. So a little bit more one time in nature there. But we're really proud of the performance in the close of the year and we think we're well positioned for FY26.

我們的製服直銷業務成長了 9%，這對於坎坷的一年來說是一個真正強勁的結束。因此，在自然界中再多經歷一點。但我們對今年年底的表現感到非常自豪，我們認為我們已經為 2026 財年做好了準備。

kay? No follow up needed. Thanks, guys.

好嗎？無需跟進。謝謝大家。

Thank you.

謝謝。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Hi. The quarter ended six weeks ago. And I just wanted to get a sense of how the current quarter started. Just what's already behind us in June in the first couple weeks of July in terms of revenue growth momentum. Has it been consistent with the way you're finished the quarter? And then I'll just ask my second question also. I just saw some discussion, I was just wondering if there's any recent changes to your go to market strategy, particularly around on national accounts?

你好。本季已於六週前結束。我只是想了解本季的開始情況。就收入成長動能而言，7 月的前幾週已經超越了 6 月的水準。這與您完成本季的方式一致嗎？然後我還要問第二個問題。我剛剛看到一些討論，我只是想知道您的行銷策略最近是否有任何變化，特別是在國家帳戶方面？

Good morning, Andrew. Thanks for the question. First off, yeah, you're right. I mean, we're -- because of this being our Q4 call, we are further into our quarter than normal. And the start of the year, it's starting exactly the way we expected and it's reflected in our guide.

早安，安德魯。謝謝你的提問。首先，是的，你是對的。我的意思是，由於這是我們的第四季電話會議，所以我們比平常更深入地了解本季的情況。今年年初，一切正如我們所預期的那樣，這也反映在我們的指南中。

So well, I would say consistent with what we expected for the start of the year. As for our go-to market strategy, not that really hasn't changed. Websites change and we talk about trying to position ourselves appropriately to all of our customers. But we've been in the national account business for 30-plus years. I'd say, virtually my entire career.

好吧，我想說這與我們年初的預期一致。至於我們的行銷策略，其實並沒有改變。網站不斷變化，我們談論的是嘗試為所有客戶提供適當的定位。但我們從事國家帳戶業務已有 30 多年了。我想說，這幾乎是我整個職業生涯。

And the only thing I would call out is our vertical strategy has obviously -- has been different over the last 5 to 10 years, and that has performed well. So no other change and no real change in our market strategy. We're constantly reinvesting in our products and services to make them of more value to our customers and to position our employee partners to make it easier to take care of our customers. So there's always refreshes going on. A product here, a product there, that's just part of our culture to try to make sure we're positioned to be successful as possible.

我唯一要說的是，我們的垂直策略在過去 5 到 10 年裡顯然發生了變化，而且表現良好。因此，我們的市場策略沒有其他變化，也沒有真正的變化。我們不斷對我們的產品和服務進行再投資，以使其對我們的客戶更具價值，並讓我們的員工合作夥伴更輕鬆地照顧我們的客戶。因此總是會有更新發生。這裡推出一款產品，那裡推出一款產品，這只是我們文化的一部分，旨在確保我們能夠盡可能地取得成功。

Sounds right. Thanks.

聽起來不錯。謝謝。

Thank you.

謝謝。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, good morning, Todd, Jim. Scott here. As you look into your different cost buckets going into 2026, material, labor, your fleet. Anything to highlight in terms of the trajectory of cost changes. And maybe on the material side, could you touch on potential tariffs impact and how that could have -- how that could impact the cost thing?

嗨，早上好，托德，吉姆。這裡是斯科特。當您研究 2026 年的不同成本類別時，材料、勞動力、車隊。就成本變化軌跡而言，有什麼值得強調的嗎？也許在材料方面，您能否談談潛在的關稅影響以及它可能對成本產生什麼影響？

Yeah, good morning, Josh. Yeah, I want to I just speak a little bit about that subject. We believe we're in a good position to navigate through what is a -- clearly a very dynamic environment with challenges like tariffs and what have you. We think it gives us an opportunity to flex our strength, which is our people and our culture, which in all this is reflected in our guide. We contemplated some additional expense into the guide. But we have some -- we think some real advantages. First off, we -- the nature of how we expense our goods and in our largest businesses is because we amortize with. It gives us a time. It also -- we -- you probably noticed our balance sheet; our inventory is up. So we've anticipated and managed this appropriately.

是的，早上好，喬希。是的，我想稍微談談這個話題。我們相信，我們處於有利地位，可以應對充滿關稅等挑戰的、顯然非常動態的環境。我們認為這為我們提供了一個展示我們的力量的機會，那就是我們的人民和我們的文化，這一切都反映在我們的指南中。我們考慮將一些額外的費用納入指南中。但我們認為我們確實有一些優勢。首先，我們——我們如何花費我們的商品以及在我們最大的業務中，本質是因為我們進行攤銷。它給了我們時間。您可能還注意到了我們的資產負債表；我們的庫存增加了。因此，我們已經預見了這一點並進行了適當的管理。

And I'd like to also say that we've navigated this very successfully in the past. The past five years, whether it's been inflation or supply chain challenges, our global supply chain has shined. And it has been a competitive advantage for us in the marketplace. As a reminder, we source products all over the world. So we have great geographic diversity. And we also have 90% or so of our products.

我還想說，我們過去已經非常成功地解決了這個問題。過去五年，無論是通膨或供應鏈挑戰，我們的全球供應鏈都表現出色。這對我們來說是一個市場競爭優勢。提醒一下，我們的產品來自世界各地。因此，我們的地理分佈十分多樣化。而且我們的產品也有90%左右。

We have two or more sources. You put that together with our buying power. All that gives us options and leverage. So we think that that positions us well. And you put on top of that our corporate culture traits of positive discontent, and competitive urgency. It fuels us to look at process improvements and finding ways to extract inefficiencies out of our business. So that we can be more efficient.

我們有兩個或更多的消息來源。將其與我們的購買力結合。所有這些都為我們提供了選擇和優勢。因此我們認為這為我們帶來了有利地位。除此之外，我們也將我們的企業文化特徵融入其中，即積極的不滿和競爭的迫切性。它促使我們研究流程改善並尋找消除業務低效率的方法。這樣我們就可以更有效率。

We don't take the approach that, well, if a tariff is going to raise the cost, then we just got to eat that and pass it along to our customer. It's not how we run our business and it's not how we've run it in the past, and it's not how we're going to run it in the future. We're -- and we think it gives us an opportunity to shine.

我們不會採取這樣的做法：如果關稅會增加成本，那麼我們就必須承擔並將其轉嫁給我們的客戶。這不是我們經營業務的方式，也不是我們過去經營業務的方式，也不是我們將來經營業務的方式。我們——我們認為這給了我們一個大放異彩的機會。

Josh, if I might add to that, I think Todd did a great job describing the supply chain. He also talked about some of the work we're doing to remove inefficiencies. We have several initiatives ongoing. Some were mentioned in our prepared remarks that are all in play and again contemplated in next year's expectations. But garment sharing would be one that I think would be worth highlighting here.

喬希，如果我可以補充一點，我認為托德在描述供應鏈方面做得很好。他也談到了我們為消除低效率所做的一些工作。我們正在進行多項措施。我們在準備好的發言中提到了一些正在實施的措施，並在明年的期望中再次進行了考慮。但我認為服裝共享是值得在這裡強調的一點。

We continue to leverage the SAP platform to be able to share goods that we have an inventory across our entire network. And that's been quite effective and we think we got some room to go on that one. Automating within our plants and deploying auto sortation technology in our plants, we have about 50% of our plants have some degree of auto sortation. And we're in the middle of trying to deploy more of that in the past it's been challenging due to our plants being all different shapes and sizes. We believe that we've developed technology to overcome that and limit the disruption.

我們繼續利用 SAP 平台在整個網路中共享庫存商品。此舉非常有效，我們認為我們在這方面還有進一步發展的空間。我們工廠內部實現自動化，並在工廠中部署自動分揀技術，大約 50% 的工廠都實現了一定程度的自動分類。我們過去正試圖部署更多這樣的設備，但由於我們的工廠形狀和大小各異，因此部署起來很有挑戰性。我們相信我們已經開發出技術來克服這個問題並限制干擾。

So those are in motion and we expect those to continue to deploy this year. Todd mentioned operational excellence. Operational excellence is just really maximizing the assets, specifically in our rental business around the plant. That allows us to continue to defer capital expenditure and it also allows us to run those plants more efficiently, allowing us to wash fewer loads, consume less energy, less chemistry and water within our facilities. And then maybe last that I would be mentioning would be our SmartTruck initiative that's been ongoing now for several years. That allows us to incrementally route our fleets more efficiently, get them more time in front of the customer. But certainly route growth is significantly less than what our revenue growth is. And we're going to continue that in this next fiscal.

這些計劃正在進行中，我們預計今年將繼續實施。托德提到了卓越營運。卓越營運實際上是最大限度地利用資產，特別是在我們工廠周圍的租賃業務中。這使我們能夠繼續推遲資本支出，也使我們能夠更有效地運作這些工廠，使我們能夠在工廠內洗滌更少的負載，消耗更少的能源、更少的化學物質和水。最後我想提一下的可能是我們的 SmartTruck 計劃，該計劃已經持續了好幾年。這使我們能夠更有效率地逐步規劃車隊路線，讓它們有更多時間服務客戶。但航線成長肯定明顯低於我們的營收成長。我們將在下一財年繼續這樣做。

That's great. Yeah, I appreciate the context there. That's really helpful. And then, I guess for my follow-up, I think, Scott, you highlighted the M&A spend this past year. I just wonder if you could comment on the prospects of M&A going forward and how the pipeline of the bolt-ons look at the moment. Thank you.

那太棒了。是的，我很欣賞那裡的背景。這真的很有幫助。然後，我想我的後續問題是，史考特，你強調了去年的併購支出。我只是想知道您是否可以評論一下未來併購的前景以及目前的附加措施的管道情況。謝謝。

Why don't I start a little bit on pipeline and then Scott can talk about capital allocation. M&A is tough to predict, but it's very important to us. These relationships that we have -- we've had for decades. And trying to figure out when a business is going to be interest in selling is, I mean, it's not random, but it is certainly tough to predict. We had a great year, and we leverage those relationships that we've had for decades. And -- but we're in the business of buying really good businesses.

我先從管道開始聊聊，然後史考特可以談談資本配置。併購很難預測，但對我們來說非常重要。我們之間的這種關係已經持續了幾十年。試圖弄清楚企業何時會對出售感興趣，我的意思是，這不是隨機的，但肯定很難預測。我們度過了美好的一年，並且充分利用了數十年來建立的關係。而且——但我們的業務是收購真正優秀的企業。

And when you buy really good businesses, you get a lot of things. But you get customers and you get employee partners and are the are the most important areas. And in certain cases, we get capacity and if we don't get capacity we get really good synergy. So we'll continue to Work our pipeline and -- but nevertheless, we can't time it. But we're highly active so that when somebody is interested, we're well positioned for that. Scott, do you want to talk a little bit about capital allocation.

當你收購真正優秀的企業時，你會得到很多東西。但是你有客戶，有員工合作夥伴，這是最重要的領域。在某些情況下，我們會獲得產能，如果我們沒有獲得產能，我們就會得到非常好的綜效。因此，我們將繼續推進我們的管道建設——但儘管如此，我們無法確定時間。但我們非常活躍，因此當有人感興趣時，我們就能做好準備。史考特，你想談談資本配置嗎？

Yeah, thanks, Todd. As I mentioned in our prepared remarks, our approach to a balance the capital-allocation strategy has served us well for many years.

是的，謝謝，托德。正如我在準備好的演講中提到的那樣，我們平衡資本配置策略的方法多年來一直發揮著良好的作用。

I've been part of that in my prior roles. And I really don't see a change in that in the future. And continue not only to invest in M&A activity. We'll continue to reinvest back in the business via capital expenditures and continue to invest in both the dividends and the opportunistic with the share buybacks.

我在之前的職位上也曾參與過這份工作。我確實不認為未來這種情況會有什麼改變。並且不僅繼續投資於併購活動。我們將繼續透過資本支出對業務進行再投資，並繼續透過股票回購對股利和機會進行投資。

Great. Thank you for your time and congrats on a good quarter.

偉大的。感謝您抽出時間並祝賀本季取得良好業績。

Thank you.

謝謝。

Thank you.

謝謝。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good morning, and thanks for taking my questions. I'm curious if you expect the industry to pass on higher price increases in fiscal 2026 given the tariff-driven inflation. And if that's something that you've baked into your guidance systems, you could take more price as well, and what if that could represent upside? Thank you.

嘿，早上好，感謝您回答我的問題。我很好奇，考慮到關稅引發的通貨膨脹，您是否預計該行業會在 2026 財年轉嫁更高的價格上漲。如果您已經將其融入您的導航系統中，那麼您也可以獲得更高的價格，如果這能代表上行空間呢？謝謝。

Thanks for the question, Jason. Our pricing strategy is -- we're back at historical levels on pricing. We certainly don't control how our competitors price things, but we expect to be at historical levels of pricing. What we know of the environment today, we think we're well positioned. It's contemplated in our guide. And as I mentioned earlier, we don't just run our business in a manner where, well, if a tariff comes through and there is some cost increase. First off, we don't just accept that. And then secondly, we find ways to run our business more efficiently because we operate in a competitive environment, competitive marketplace. And as a result, we want to make sure that we're being great fiduciaries for not only our shareholders and our partners but our customers. So our guide contemplates historical pricing and that's how we would plan to manage the business.

謝謝你的提問，傑森。我們的定價策略是——我們的定價回到了歷史水平。我們當然無法控制競爭對手的定價方式，但我們希望維持歷史定價水準。就我們目前對環境的了解而言，我們認為我們已經處於有利地位。我們的指南對此進行了考慮。正如我之前提到的，我們經營業務的方式不僅是徵收關稅，還會增加成本。首先，我們不會只接受這一點。其次，我們找到了更有效地經營業務的方法，因為我們在競爭激烈的環境和市場中運作。因此，我們希望確保我們不僅能成為股東和合作夥伴的優秀受託人，還能成為客戶的優秀受託人。因此，我們的指南考慮了歷史定價，這就是我們計劃管理業務的方式。

Okay. Thank you, that's helpful. And then as a follow up, I was curious in this environment if you're seeing more competitive wins, particularly from some of your larger competitors that are out there since it seems like your growth rates are quite elevated versus what we've seen from others.

好的。謝謝，這很有幫助。然後作為後續問題，我很好奇在這種環境下，您是否看到了更多的競爭勝利，特別是來自一些較大的競爭對手，因為與我們從其他公司看到的相比，您的成長率似乎相當高。

Thank you.

謝謝。

Yeah. So again, thanks for the question. No real change in the marketplace. I'd say from a competitive landscape, it's been competitive my entire career and I'm sure we'll be into the future as well.

是的。再次感謝您的提問。市場沒有真正的改變。我想說，從競爭格局來看，我的整個職業生涯都充滿競爭，我相信未來我們也會如此。

That being said, we don't look at it as a finite pie. There's -- we have a little over a million business customers. There's 16 to 17 million businesses in the US and Canada. So we look at it as an opportunity to go and sell more to those customers who are not buying from us today. And then we have this incredible opportunity to sell more products and services to our current customers.

話雖如此，我們並不認為它是一塊有限的餡餅。我們擁有超過一百萬的商業客戶。美國和加拿大有 1600 萬到 1700 萬家企業。因此，我們將其視為一個機會，向那些目前沒有從我們這裡購買產品的客戶銷售更多產品。然後我們就有這個絕佳的機會向現有客戶銷售更多的產品和服務。

So how someone else in our direct competitor might be growing is that's not of interest to us. We're more focused on how can we provide more value to our customers. How can we position our employee partners to be more successful? We want to be easier to do business with. We want to be easier for our partners to sell and easier for our partner, our customers for them to do business with us.

因此，我們的直接競爭對手如何發展對我們來說並不重要。我們更加關注如何為客戶提供更多價值。我們如何讓我們的員工合作夥伴取得更大的成功？我們希望能夠更輕鬆地開展業務。我們希望我們的合作夥伴能夠更輕鬆地進行銷售，我們的合作夥伴和客戶也能夠更輕鬆地與我們開展業務。

Yeah. Thank you. That, that's very helpful.

是的。謝謝。這非常有幫助。

Ashish Sabara, RBC.

Ashish Sabara，RBC。

Thanks for taking my question. I just wanted to focus on the four strategic verticals: healthcare, government, education, and hospitality. I was wondering if you could just provide any update on those fronts and any big initiative as we go into 2026? Thanks.

感謝您回答我的問題。我只想專注在四個戰略垂直領域：醫療保健、政府、教育和酒店業。我想知道您是否可以提供這些方面的最新消息以及我們進入 2026 年時的任何重大舉措？謝謝。

Good morning, Ashish. Thanks for the question. I'll start and then Jim, feel free to chime in. We're -- we like all our verticals. We think we've chosen them really well. As a reminder, we don't just sell into those verticals. We organize around them and from a business standpoint to make sure that we can service them appropriately and provide better value. But we think we've chosen them quite well and we expect them all to perform above our average growth rates. Jim, anything specific on verticals you'd like to call out?

早上好，Ashish。謝謝你的提問。我先開始，然後吉姆，請隨意加入。我們——我們喜歡我們所有的垂直行業。我們認為我們選擇他們確實非常正確。提醒一下，我們的產品不僅銷往那些垂直產業。我們圍繞著他們並從商業角度進行組織，以確保我們能夠為他們提供適當的服務並提供更好的價值。但我們認為我們選擇它們已經相當正確，我們預計它們的表現都將高於我們的平均成長率。吉姆，您想特別指出垂直領域的什麼問題嗎？

I guess, I would just add that by organizing around the verticals allows us to gain intimate knowledge and really understand the industries well. Therefore, we're able to collaborate and innovate solutions that we bring to the marketplace. That not only allow us to have solid growth within those verticals, but oftentimes those solutions could expand outside of those verticals. And one we've discussed in the past has been our healthcare journey and our -- the journey would really would initiate the scrub dispensing, that scrub that dispensing service now is out beyond just healthcare, and we see lots of applications for that.

我想補充一點，透過圍繞垂直行業進行組織，我們可以獲得深入的知識並真正了解行業。因此，我們能夠合作並創新我們推向市場的解決方案。這不僅使我們能夠在這些垂直領域內實現穩健成長，而且這些解決方案往往還可以擴展到這些垂直領域之外。我們過去討論過的一個主題是我們的醫療保健之旅，我們的旅程將真正啟動擦洗配藥，擦洗配藥服務現在已經超越了醫療保健的範圍，我們看到了很多這樣的應用。

We've gone on a recent journey in healthcare to really innovate and change how we go to market for privacy curtains. And we believe that those are indicative and the types of solutions that you're able to bring to marketplace when you get that involved and invested in particular verticals. And we want to continue to do that moving forward.

我們最近在醫療保健領域進行了一次真正的創新，並改變了我們進入隱私窗簾市場的方式。我們相信，這些都是指示性的，當您參與並投資於特定垂直領域時，您就能夠將這些類型的解決方案推向市場。我們希望繼續這樣做。

Ashish, we hear from our customers, as Jim mentioned, when you organize around them and you, and you spend that much time with them, you hear where you -- where they need help and where they're struggling for -- whether it's cleanliness or compliance or image or safety. And Jim just walked through the privacy curtains and it's a great example where customers really struggle with that with the compliance, which affects cleanliness. And we didn't just roll out privacy curtains, we invested in technology around that and also in improving how there are -- how they function. And as a result of that, we have patents around that and we've got a lot of customers that are -- have been really excited and happy about what we're doing there.

Ashish，正如 Jim 所提到的，我們聽取了客戶的意見，當你圍繞他們組織起來並花大量時間與他們在一起時，你就會聽到他們在哪裡需要幫助以及他們在哪些方面遇到困難，無論是清潔度、合規性、形象還是安全。吉姆剛走過隱私窗簾，這是一個很好的例子，顧客在遵守規定方面確實遇到了困難，這影響了清潔度。我們不只是推出了隱私窗簾，我們還投資了相關技術，並改進了它們的功能。因此，我們擁有相關專利，我們擁有許多客戶，他們對我們所做的事情感到非常興奮和高興。

That's great color and maybe just on the follow up we've seen some material acceleration in the first-aid business. I was just -- it seems like based on the prepared remark that it was broad based across products. But I was just curious if there is incremental traction that you're getting for certain products or just improving penetration. Any color there will be helpful. Thanks.

這是非常好的顏色，也許在後續行動中，我們看到急救業務出現了一些實質的加速。我只是——根據準備好的評論，它似乎是基於各種產品的。但我只是好奇，您是否獲得了某些產品的增量吸引力，或者只是提高了滲透率。任何顏色都會有幫助。謝謝。

Yeah, great question. We love the first aid business and it's performing at a very exciting clip. And the value that they provide to the customers is it's reflecting. Jim talked a little bit about that we've got some good momentum around certain products and services. AEDs have been in great demand, that's been good. Our water break, our eye-wash stations, those recurring revenue-type products are really good for us. But our cabinet business is attractive.

是的，很好的問題。我們熱愛急救業務，而且它的發展速度非常令人興奮。他們提供給客戶的價值就體現出來了。吉姆稍微談到了我們在某些產品和服務方面取得了良好的發展勢頭。AED 的需求量很大，這是好事。我們的飲水處、洗眼站以及那些經常性收入類型的產品對我們來說確實很有用。但我們的櫥櫃業務很有吸引力。

So it's -- we've invested appropriately there and we're seeing the benefits of that. That being said, we did benefit from a spike in training during the quarter, which we don't expect to continue at those levels. But nevertheless, we think we're well positioned to be successful in the marketplace in the first-aid business.

所以——我們在那裡進行了適當的投資，並且看到了其帶來的好處。話雖如此，我們確實受益於本季度培訓的激增，但我們預計培訓不會繼續保持這種水平。但儘管如此，我們認為我們已經做好了在急救業務市場上取得成功的準備。

That's great color. Thank you.

顏色真棒。謝謝。

Thank you.

謝謝。

Shlomo Rosenbaum, Stifel Nicolaus.

什洛莫·羅森鮑姆，斯蒂費爾·尼古拉斯。

Hi, thank you for taking my questions. I want to piggyback a little on a Ashish's question.

你好，謝謝你回答我的問題。我想稍微回答一下 Ashish 的問題。

In that first-aid business, how much of that revenue would you say is more kind of recurring and how much of that business is usually training in other areas that might be more one-time-ish?

在急救業務中，您認為有多少收入是經常性的，有多少業務通常是在其他領域進行一次性的培訓？

Yeah, good morning, Shlomo. Yeah. We don't give out the exact percentages as far as revenue that's recurring versus more on consumption. But nevertheless, we're constantly reinvesting in that business to try to come up with products and services that are of real value to the customers and we're seeing the benefits there.

是的，早安，Shlomo。是的。我們不會透露經常性收入與消費收入的具體百分比。但儘管如此，我們仍在不斷對該業務進行再投資，努力推出對客戶真正有價值的產品和服務，並且我們也看到了其中的益處。

So that's part of our culture -- is that reinvestment and we'll continue down that path and we think, again, we're well positioned to be successful in that market and the demand is showing. And we expect that that business will grow in the low-double digits moving forward. And we like the spot for there.

這就是我們文化的一部分——再投資，我們將繼續沿著這條道路前進，我們認為，我們已準備好在該市場取得成功，而且需求正在顯現。我們預計該業務未來將實現兩位數的低點成長。我們喜歡那裡的地點。

Okay, thank you. And just for the follow up, could you comment a little on the spike up in uniform sales? Is that -- and usually I know you expect it to grow in the low-single digits. And was there something that will carry forward into the next quarter or two or was it really just kind of one quarter fulfillment or something?

好的，謝謝。接下來，您能否對制服銷量激增的情況發表一些評論？是的——通常我知道你預計它會以個位數低位增長。是否有一些事情會延續到下一兩個季度，或者只是一個季度的完成？

Yeah, good question, Shlomo. Yeah, in the Uniform Direct Sale business, we do expect that to grow in the low single digits. It was a bumpy year for them and they had a really strong close. But I would not expect that that would continue into the fiscal year. We plan for that business to grow into low-single digits. And because of the nature of it with rollout it can be a little bit of lumpiness to that. And Q4 was a really strong close to the year.

是的，什洛莫，這個問題問得好。是的，在統一直銷業務中，我們確實預期其成長率將達到個位數。對他們來說，這是坎坷的一年，但他們卻以非常強勁的勢頭結束了這一年。但我預計這種情況不會持續到本財政年度。我們計劃讓該業務成長至個位數。並且由於其推出的性質，它可能會產生一些不均勻性。第四季對於今年來說是個十分強勁的收尾。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Great. Good morning. Thank you. I was hoping you could talk a little bit about some of your end-market exposure, if you're seeing any kind of weakness or strength in particular end markets. Maybe the manufacturing sector, for example, has been kind of weak across the board here in the US. But any areas of weakness or areas of strength that you could call out? Thank you.

偉大的。早安.謝謝。我希望您能稍微談談您的一些終端市場敞口，看看您是否發現特定終端市場有任何弱點或優勢。例如，美國的製造業可能整體表現疲軟。但是您能指出其中的弱點或優點嗎？謝謝。

Yeah, good morning, Stephanie. In general, again, we have an incredibly broad customer base, whether it's by a business type, make code, and also geographically, And -- so no, a real weakness that we're seeing whatsoever in the marketplace. Certainly, the goods producing. Customers have been under more pressure in the last few years. The services providing customers are trying to fulfill demand. So the net net of it is no real weakness that we're seeing there.

是的，早上好，史蒂芬妮。總的來說，我們擁有非常廣泛的客戶群，無論是按業務類型、程式碼還是按地理位置劃分，所以，這是我們在市場上看到的真正的弱點。當然，貨物正在生產。過去幾年，客戶承受的壓力越來越大。為客戶提供的服務正在努力滿足需求。因此，從總體上看，我們並沒有看到真正的弱點。

We would be encouraged to see more production coming back into the US from the goods producing sector. And we would -- we're hoping for more certainty as far as what the tax -- or excuse me, what the trade looks like, which will allow businesspeople to invest appropriately. And we are hopeful that that will come in the near future.

我們很高興看到更多的產品從商品生產部門回流到美國。我們希望對稅收，或對不起，貿易的具體情況有更明確的認識，以便商人能夠進行適當的投資。我們希望這能在不久的將來實現。

Got it. And then really just any kind of -- I guess this one follow up here, if you think about your M&A opportunity, obviously, you've given some color today and kind of your continued focus on M&A. But are there any areas or that you would look at expanding an M&A outside of the core-uniform area?

知道了。然後實際上只是任何一種 - 我想這是這裡的後續，如果你考慮你的併購機會，顯然，你今天已經給出了一些顏色並且你繼續關注併購。但是，除了核心製服領域之外，您是否還考慮擴大併購範圍？

Yeah, thanks for the question, Stephanie. We're -- first off, we're inquisitive in each of our route-based businesses. And that's a -- it's a key component of our strategy. We love when we make an acquisition. I talked about synergies, and I talked about capacity. But it does give us an opportunity to go to those customers with a broader breadth of products and services that will -- that we can help them with.

是的，謝謝你的提問，史蒂芬妮。首先，我們對每個基於航線的業務都充滿好奇。這是我們策略的關鍵組成部分。我們喜歡進行收購。我談到了協同效應，也談到了能力。但它確實為我們提供了一個機會，讓我們能夠為這些客戶提供更廣泛的產品和服務，為他們提供幫助。

So that's an important function. But yeah, we're acquisitive in each of our route-based businesses and we're always -- various people bring us opportunities outside of those. And we don't need to. We don't need to go outside of those. The opportunity in our business is significant. The -- as I mentioned, a little over a million business customers, whether 16, 17 million businesses in the US and Canada. So the opportunity looking forward is very encouraging and we're staying disciplined while being aware of opportunities that are out there. But the all three route-based businesses are -- we're trying to make deals.

所以這是一項重要功能。但是的，我們在每條航線上的業務中都積極收購，而且我們總是——各種各樣的人為我們帶來了航線之外的機會。但我們不需要這麼做。我們不需要走出這些範圍。我們的業務中存在著巨大的機會。正如我所提到的，美國和加拿大的企業客戶數量略多於一百萬，其中有 1,600 萬到 1,700 萬家企業。因此，未來的機會非常令人鼓舞，我們會保持自律，同時意識到存在的機會。但所有三條基於航線的業務——我們都在嘗試達成交易。

Thank you. I appreciate it.

謝謝。我很感激。

Yes ma'am. Thank you.

是的，女士。謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much. Todd, I believe you mentioned progress relating to SmartTruck and improved sourcing. Could you please elaborate on that? And then my follow up I'll ask up front for Scott. Just curious. It sounds like we should be expecting 4% of revenue CapEx again in fiscal 26%. I'm just curious digging in from the one big, beautiful act Bill Act, anything to expect their, impacting cash flow in '26 or any other aspects of the business? Thanks guys.

非常感謝。托德，我相信您提到了與 SmartTruck 和改進採購相關的進展。能詳細說明一下嗎？然後我會提前詢問斯科特 (Scott) 的後續情況。只是好奇。聽起來我們應該在 26 財年再次預期 4% 的收入資本支出。我只是好奇，從一項偉大的、美麗的法案《法案》中深入挖掘，可以預見它會對 26 年的現金流或業務的任何其他方面產生什麼影響？謝謝大家。

Well, thank you for the question, Scott. Yeah, as I mentioned, and I think Jim expanded upon it. SmartTruck has been a great investment for us. It's technology that allows us to spend more time with the customer and less time driving. And as we like to say around here, we don’t generate any revenue when the wheels are turning. We only make, generate revenue when the wheels stop.

好吧，謝謝你的提問，斯科特。是的，正如我所提到的，我認為吉姆對此進行了擴展。SmartTruck 對我們來說是一項巨大的投資。科技讓我們能夠花更多的時間與客戶相處，減少駕駛時間。正如我們常說的那樣，當車輪轉動時，我們不會產生任何收入。我們只有在車輪停止時才能創造收入。

So -- and that technology has allowed us to improve upon that. Jim mentioned that we're adding routes at a certainly a slower pace and we're adding revenue. And that speaks to just what I mentioned from a sourcing standpoint. We’re constantly working on improving sourcing.

所以——這項技術使我們能夠改進這一點。吉姆提到，我們正在以較慢的速度增加航線，但同時也增加收入。這正是我從採購角度提到的內容。我們一直致力於改善採購。

We have seen benefits over the past few years with our centralized purchasing with our first-aid distribution center. But our sourcing organization is -- they're working overtime right now, and, because? Of the environment with tariffs being uncertain there, and, but we're encouraged by what they do, how they do it, and we again, we think this will give them an opportunity to shine. Scott, if you want to talk a little bit about CapEx and cash flow?

過去幾年來，我們透過急救配送中心進行集中採購，已經看到了效益。但是我們的採購組織——他們現在正在加班，因為什麼？儘管那裡的關稅環境不確定，但我們對他們的所作所為和做法感到鼓舞，我們再次認為，這將給他們一個大放異彩的機會。史考特，你想談談資本支出和現金流嗎？

Yeah, thanks Todd. Thanks for the question, Scott. Regarding CapEx, it came in at 4% of revenue in fiscal year '25. And we expect to be in that 3.5% to 4% going forward. As we know, I mean, investments can fluctuate, from quarter to quarter and year to year, but we like to be in that 3.5% to 4%, range as a percent of sales.

是的，謝謝托德。謝謝你的提問，斯科特。就資本支出而言，其佔 25 財年收入的 4%。我們預計未來成長率將達到 3.5% 至 4%。我們知道，投資可能會隨著季度和年份的變化而波動，但我們希望其佔銷售額的百分比在 3.5% 到 4% 之間。

I believe your second question was related to the tax bill. And we are not -- based on our -- the strength of our balance sheet and financials, we're not expecting any material impact from the tax bill on our tax rate, cash flow, or the business in general.

我認為您的第二個問題與稅收法案有關。基於我們的資產負債表和財務狀況，我們預期稅法不會對我們的稅率、現金流量或整體業務產生任何重大影響。

Great. Thanks, guys.

偉大的。謝謝大家。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Hi, good morning. This is Yehuda Silverman on the line for Toni Kaplan. So just had a quick question about new sales. So typically, what's the main driver for a customer to switch providers? Is there a certain product or area that's more or most attractive to customers?

嗨，早安。我是耶胡達·西爾弗曼 (Yehuda Silverman)，接聽托尼·卡普蘭 (Toni Kaplan) 的電話。我只是想問一個關於新銷售的簡單問題。那麼通常情況下，客戶更換供應商的主要原因是什麼？是否有某種產品或領域對顧客更有吸引力？

Yeah. Thank you for the question, Yehuda, it's -- there is -- we don't care where the customers start doing business with us whether it's uniforms or FS, as Jim spoke about earlier with his example in his prepared remarks. First aid, fire uniform direct sale, we just want to start doing business with them. And then, and as we do business, we think that makes it easier because they're -- they historically have a very good experience and then it leads to -- well, what else can you help us with?

是的。謝謝你的提問，耶胡達，我們不在乎客戶從哪裡開始與我們做生意，無論是製服還是 FS，正如吉姆之前在準備好的發言中舉例說明的那樣。急救、消防制服直銷，我們只想開始跟他們做生意。然後，當我們做生意時，我們認為這會讓事情變得更容易，因為他們 - 他們歷史上有非常好的經驗，然後它導致 - 那麼，你還能為我們做些什麼呢？

Excuse me, Jim mentioned a little bit about it really varies based upon where we get started, but also, the impetus for a customer to switch because of the white space out there where there's so many businesses that are self-served. That's where we really focus our time. And they're all spending money to some degree on items. Meaning they're all wear -- their people are wearing clothes. Their people are getting -- they're getting disposables from somewhere.

對不起，吉姆提到了一點，這確實取決於我們從哪裡開始，而且，由於存在空白，那裡有太多自助服務的企業，客戶轉換的動力也不同。這才是我們真正集中時間的地方。他們都會在一定程度上花錢購買物品。意思是他們全都穿著衣服——他們的人都穿著衣服。他們的人正在從某個地方獲取一次性用品。

It might be an e-commerce or it might be a brick-and-mortar retail store. So it really doesn't -- it varies based upon where the customer is, what the where the business is at that point. They may be dealing with an environment where they don't have as many people, but the work still needs to be done. Or they're struggling to keep up with demand. And you can help me with this, take this off my plate, be happy to free for to do that. Jim, anything else you'd like to add there?

它可能是一個電子商務商店，也可能是一個實體零售店。所以實際上並不是這樣——它會根據客戶所在位置以及當時業務所在位置而變化。他們可能面臨人手不夠的環境，但工作仍需要完成。或者他們正在努力滿足需求。你可以幫助我，幫我解決這件事，我很樂意為我騰出時間去做這件事。吉姆，您還有什麼要補充的嗎？

The only thing I would say is the new business wins converting from a traditional competitor over to us, they happen for a variety of different reasons, and we believe we have a lot of differentiators from the product line to the service to the technology offerings for the customers. But just as a -- maybe a level setting is that about two-thirds of our new business comes from what we call no programmers or .really that as Todd described the do it-yourself for the folks that are purchasing from some retail or e-commerce type of solution, and that's where we focus a lot of our time and that's where we have the most success. That's been a strategy for years and will continue to be a strategy and we know that that resonates well in the market.

我唯一想說的是，新業務從傳統競爭對手轉向我們，其發生有多種不同的原因，我們相信我們在產品線、服務以及為客戶提供的技術產品方面有很多差異化因素。但就像一個 - 也許一個水平設定是，我們大約三分之二的新業務來自我們所說的無程式設計師，或者真的，正如托德所描述的那樣，為那些從一些零售或電子商務類型的解決方案中購買的人提供自助服務，而這正是我們集中大量時間的地方，也是我們取得最大成功的地方。這是多年來一直堅持的策略，並將繼續堅持下去，我們知道這在市場上引起了良好的反響。

Great. Thank you.

偉大的。謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Hey, good morning.

嘿，早安。

Todd, maybe on the first-aid business. And I know that you're able to get pricing on the uniform side just because of the service level you're providing. And I'm wondering as you look at the first aid business and that double digit growth. What component is price and what's your ability to get price increases?

托德，也許是做急救工作吧。我知道，您能夠獲得統一的定價只是因為您提供的服務等級。我很好奇，當您看到急救業務和兩位數的成長時。價格是什麼組成部分？您提高價格的能力有多大？

Good morning, Kartik. Great question. The first aid businesses from a pricing strategy is the same as what -- how we run our other businesses. And they're back to historical levels. And so the vast majority of our growth in that business is volume growth. We're not growing our business because of -- or any of our businesses because of pricing being the major strategy.

早上好，卡爾蒂克。好問題。從定價策略來看，急救業務與我們經營其他業務的策略相同。它們已經回到了歷史水平。因此，我們在該業務中的成長絕大部分是銷量的成長。我們不會因為定價成為主要策略而成長我們的業務—或任何業務。

We're growing it because we're providing more value, more products, services to customers. So that volume is growing. That's the same in the -- in each of our businesses and that's an important component of our strategy. So yeah, can we get some price? Yes, but it's at historical levels. And we're excited about the values that we're providing the customers in the first aid but all of our businesses.

我們之所以不斷發展，是因為我們為客戶提供了更多的價值、更多的產品和服務。因此，這個數量正在增加。我們的每項業務都是一樣的，這是我們策略的重要組成部分。那麼，我們可以得到一些價格嗎？是的，但這是歷史性的。我們對我們為急救領域以及所有業務領域的客戶提供的價值感到非常興奮。

And just a follow up, but different topic. Just use of AI, where you are in Cintas more from -- is it today more of a cost or is it a benefit or is it neutral?

這只是後續，但主題不同。僅使用人工智慧，您在 Cintas 中更專注的是——今天它更多的是成本還是收益，還是中性的？

Great question, Kartik. I appreciate that. We've been investing in technology for years. And we will be doing so -- I'm sure in perpetuity. And I'll start with our investment in our -- what I call our rock-solid foundation of SAP. And then moving on to -- and we started investing in data analytics once we had that ability of accessing the data, and then the algorithms. And now, machine learning and artificial intelligence, which is certainly in the early innings for us, but we see opportunity there.

問得好，卡蒂克。我很感激。我們多年來一直在投資技術。而我們將會永遠這樣做——我確信如此。我首先要介紹的是我們對 SAP 堅如磐石的基礎的投資。然後繼續——一旦我們擁有了存取數據的能力，我們就開始投資數據分析，然後是演算法。現在，機器學習和人工智慧對我們來說無疑還處於早期階段，但我們看到了機會。

So yeah. We're making investments, and we're doing so because we think we're excited about where we think we can take this technology. And for it to be easier for our employee partners to do their job and make it easier for customers to do business with us.

是的。我們正在進行投資，我們這樣做是因為我們對這項技術的應用前景感到興奮。這也讓我們的員工合作夥伴更輕鬆地完成工作，也讓客戶更輕鬆地與我們開展業務。

An example of that is when we talked about with SmartTruck technology, that's not artificial intelligence, but it is certainly is -- that has been important to us. And the learnings that we've had there, we're making it better and better. Garment sharing applications, as Jim mentioned, similar. We're getting efficiencies out of our most critical assets. And all this makes it for our employee partners to be more successful, and productive, and to take administrative time out of their day.

例如，當我們談到 SmartTruck 技術時，它不是人工智慧，但它確實對我們來說很重要。我們在那裡學到的知識，正在使它變得越來越好。服裝共享應用程序，正如吉姆所提到的，類似。我們正在提高最關鍵資產的效率。所有這些都使我們的員工合作夥伴能夠取得更大的成功和效率，並從日常的行政管理中節省時間。

We also see opportunities too with technology and machine learning to direct them where to spend their time. So we think that's important. All this will show up, Kartik in, I'll say, incremental improvements over many years. But important investments for us to make. So that we can get those incremental investments and benefits for many years to come.

我們也看到了利用科技和機器學習來指導他們如何度過時間的機會。所以我們認為這很重要。我想說，這一切都會反映出來，Kartik 會經過多年的逐步改進。但對我們來說，這是一項重要的投資。這樣我們就能在未來許多年獲得這些增量投資和收益。

Thank you. I appreciate it.

謝謝。我很感激。

Thank you.

謝謝。

Great. And we have run out of time for a question-and-answer session. So I will turn the call back over to Jared for closing remarks.

偉大的。我們已經沒有時間進行問答環節了。因此，我將把電話轉回給賈里德，請他做最後發言。

Thank you, Ross, and thank you for joining us this morning. We will issue our first quarter of fiscal 2026 financial results in September. We look forward to speaking with you again at that time. Thank you.

謝謝你，羅斯，謝謝你今天早上加入我們。我們將於9月發布2026財年第一季的財務表現。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。