信達思 (CTAS) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Cintas Corporation announces fiscal 2026 second quarter results conference call. Today's call is being recorded.

大家好，歡迎參加 Cintas 公司 2026 財年第二季業績電話會議。今天的通話將會被錄音。

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.

此時，我想把電話交給副總裁、財務長兼投資人關係負責人賈里德‧馬廷利先生。請繼續，先生。

Thank you, Ross, and 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 2026 second quarter results. After our commentary, we will open the call to questions from analysts.

謝謝你，羅斯，也謝謝你加入我們。與我一同出席的有：總裁兼執行長托德·施耐德；執行副總裁兼營運長吉姆·羅扎基斯；以及執行副總裁兼財務長史考特·加魯拉。我們將討論2026財年第二季業績。在我們的評論之後，我們將開放問答環節，接受分析師的提問。

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

1995 年《私人證券訴訟改革法案》為前瞻性聲明提供了免於民事訴訟的安全港。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。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們討論的結果有重大差異。關於這些要點，請參閱我們最近向美國證券交易委員會提交的文件。

I'll now turn the call over to Todd.

現在我將把電話交給托德。

Thank you, Jared. We had another successful quarter, reflecting the strength of our value proposition. Cintas delivered record revenues and strong operating margin performance, while we continue to invest in our business to position the company for the future. Second quarter total revenue grew a strong 9.3% to $2.8 billion. The organic growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 8.6%.

謝謝你，賈里德。我們又迎來了一個成功的季度，這反映了我們價值主張的強大實力。Cintas實現了創紀錄的收入和強勁的營業利潤率，同時我們將繼續投資於我們的業務，為公司的未來發展做好準備。第二季總營收強勁成長 9.3%，達到 28 億美元。經調整收購和外匯匯率波動的影響後，有機成長率為 8.6%。

Each of our three route-based businesses had strong revenue growth in the quarter. Our business continues to operate at a high level as our employee partners deliver strong execution across the board and maintain a clear focus on driving value for our customers and shareholders. Gross margin as a percent of revenue was 50.4%, a 60-basis point increase over the prior year.

本季度，我們三項以路線為基礎的業務均實現了強勁的營收成長。我們的業務繼續保持高水準運營，因為我們的員工夥伴在各個方面都表現出色，並始終專注於為我們的客戶和股東創造價值。毛利率佔收入的百分比為 50.4%，比上年增長了 60 個基點。

Operating income grew to $655.7 million, an increase of 10.9% over the prior year. Diluted EPS of $1.21 grew 11% over the prior year. Our strong revenue growth is creating leverage and our cost savings initiatives and investments we've made are helping to improve our employee partners' productivity and help them deliver better solutions for our customers.

營業收入成長至 6.557 億美元，比上年增長 10.9%。稀釋後每股收益為 1.21 美元，比上年增長 11%。我們強勁的營收成長正在創造槓桿效應，而我們採取的成本節約措施和投資正在幫助提高我們員工夥伴的生產力，並幫助他們為我們的客戶提供更好的解決方案。

Our operating margin for the company was an all-time high, the operating margins for our two largest route-based businesses were also all-time highs, reflecting the high level of execution by our employee partners. Turning to guidance. We are raising our fiscal 2026 financial guidance. We expect our revenue to be in the range of $11.15 billion to $11.22 billion, a total growth rate of 7.8% to 8.5%. We expect diluted EPS to be in the range of $4.81 to $4.88, a growth rate of 9.3% to 10.9%.

公司營業利潤率創歷史新高，我們兩大路線業務的營業利潤率也創歷史新高，這反映了我們員工合作夥伴的高水準執行力。尋求指導。我們將上調2026財年的財務預期。我們預計營收將在 111.5 億美元至 112.2 億美元之間，總成長率為 7.8% 至 8.5%。我們預計稀釋後每股收益將在 4.81 美元至 4.88 美元之間，成長率為 9.3% 至 10.9%。

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

接下來，我將把發言權交給吉姆，讓他來詳細討論我們第二季的業績。

Thanks, Todd. This quarter marked another period of solid progress for our business as we continue to advance the rollout of our technology initiatives and build on the strong foundation of organic growth we have established. Our focus on innovation, operational excellence and customer engagement is delivering measurable results.

謝謝你，托德。本季標誌著我們業務又取得了穩步進展，我們繼續推進技術計劃的推廣，並在我們已建立的強勁內生增長基礎上繼續發展。我們專注於創新、卓越營運和客戶互動，並取得了可衡量的成果。

We are strengthening our relationships with existing customers through expanded offerings and superior service, which has led to all-time highs in retention rates while also successfully attracting new customers who see the clear benefits of partnering with us. These achievements reflect the commitment and talent of our employee partners, whose efforts are positioning us for sustained success.

我們透過擴大產品和服務範圍，加強與現有客戶的關係，這使得客戶留存率達到了歷史新高，同時也成功吸引了新客戶，他們看到了與我們合作的明顯好處。這些成就體現了我們員工夥伴的奉獻精神和才華，他們的努力使我們得以持續成功。

Turning to our business segments. Organic growth by business was 7.8% for Uniform Rental Facility Services, 14.1% for First Aid and Safety Services, 11.5% for Fire Protection Services and 2% for Uniform Direct Sale. Gross margin percentage by business was 49.8% for Uniform Rental Facility Services, 57.7% for First Aid and Safety Services, 48.2% for Fire Protection Services and 41.9% for Uniform Direct Sale.

接下來，我們來看看我們的業務板塊。依業務劃分，有機成長率分別為：制服租賃設施服務 7.8%，急救和安全服務 14.1%，消防服務 11.5%，制服直銷 2%。各業務的毛利率分別為：制服租賃設施服務 49.8%，急救和安全服務 57.7%，消防服務 48.2%，制服直銷 41.9%。

Gross margin for the Uniform Rental Facility Services segment increased 70 basis points from last year. The 49.8% gross margin is the second highest gross margin ever for this segment. The strong revenue growth in this segment is helping to create leverage. In addition, our supply chain team and process improvement initiatives from our engineering and Six Sigma Black Belt teams continue to help expand our margins while navigating the current economic environment.

制服租賃設施服務部門的毛利率比去年增加了70個基點。49.8% 的毛利率是該業務板塊有史以來第二高的毛利率。此業務板塊強勁的營收成長有助於創造槓桿效應。此外，我們的供應鏈團隊以及工程和六西格瑪黑帶團隊的流程改善舉措，在應對當前經濟環境的同時，也持續幫助我們擴大利潤率。

Gross margin for the First Aid and Safety Services segment was 57.7%. This equals their previous all-time high set last year. As we mentioned previously, the mix of revenue and timing of investments can impact this business from quarter-to-quarter. We are pleased that our investments to grow this business are generating strong double-digit revenue growth while being able to expand our gross margin.

急救和安全服務部門的毛利率為 57.7%。這與他們去年創下的歷史最高紀錄持平。正如我們之前提到的，收入組合和投資時機可能會對這項業務的季度業績產生影響。我們很高興看到，我們對這項業務的投資正在產生強勁的兩位數收入成長，同時也能擴大我們的毛利率。

We are growing in many ways. We're adding new business with over 2/3 being converted from no-programmers. We are cross-selling to existing customers. Our retention rates are at all-time highs, and we continue to experience success in our focus verticals of health care, hospitality, education and state and local governments.

我們在很多方面都在發展壯大。我們正在拓展新業務，其中超過三分之二的客戶來自非程式設計師。我們正在向現有客戶進行交叉銷售。我們的客戶留存率達到了歷史最高水平，我們在醫療保健、酒店、教育以及州和地方政府等重點垂直領域中持續取得成功。

Our strong culture of execution, combined with multiple growth levers has positioned us over the years to grow in multiples of jobs growth and GDP. All businesses have a need for image, safety, cleanliness and compliance. Our value proposition resonates in all economic cycles as evidenced by our growth in sales and profit in 54 out of the last 56 years.

多年來，我們強大的執行力文化，加上多種成長槓桿，使我們實現了就業成長和 GDP 成長的數倍。所有企業都需要形象、安全、清潔和合規。我們的價值主張在所有經濟週期中都能引起共鳴，過去 56 年中有 54 年我們的銷售額和利潤都實現了成長，這便是最好的證明。

With that, I'll turn it over to Scott to discuss our operating income, capital allocation performance and 2026 guidance assumptions.

接下來，我將把發言權交給 Scott，讓他來討論我們的營業收入、資本配置表現以及 2026 年的業績預期。

Thanks, Jim, and good morning, everyone. As Todd mentioned, we continue to perform at a high level as evidenced by record level revenue and operating margins for the second quarter. Selling and administrative expenses as a percentage of revenue was 27%, which was a 20-basis point increase from last year. Second quarter operating income was $655.7 million compared to $591.4 million last year.

謝謝你，吉姆，大家早安。正如托德所提到的那樣，我們繼續保持著高水準的業績，第二季創紀錄的收入和營業利潤率證明了這一點。銷售及管理費用佔收入的27%，比去年增加了20個基點。第二季營業收入為 6.557 億美元，去年同期為 5.914 億美元。

Operating income as a percentage of revenue was 23.4% in the second quarter of fiscal 2026 compared to 23.1% in last year's second quarter, an increase of 30 basis points and an all-time high. Our effective tax rate for the second quarter was 21.2% compared to 20.7% last year. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.

2026 財年第二季營業收入佔營收的 23.4%，而去年同期為 23.1%，成長了 30 個基點，創歷史新高。第二季的實際稅率為 21.2%，而去年同期為 20.7%。這兩個季度的稅率都受到某些特定項目的影響，主要是股票選擇權激勵的稅務會計影響。

Net income for the second quarter was $495.3 million compared to $448.5 million last year. This year's second quarter diluted earnings per share was $1.21 compared to $1.09 last year, an increase of 11%. For the second quarter, our free cash flow was $425 million, an increase of 23.8% over the prior year. Our strong cash generation allows us to have a balanced approach to capital allocation in order to create value for our shareholders.

第二季淨利為 4.953 億美元，去年同期為 4.485 億美元。今年第二季稀釋後每股收益為 1.21 美元，去年同期為 1.09 美元，成長了 11%。第二季度，我們的自由現金流為 4.25 億美元，比上年同期成長 23.8%。我們強勁的現金流使我們能夠採取平衡的資本配置方式，從而為股東創造價值。

In the second quarter, we continued to invest in our businesses through capital expenditures of $106.3 million. Also in the second quarter, we were able to make strategic acquisitions totaling $85.6 million in all three of our route-based businesses. During the second quarter, we paid dividends in the amount of $182.3 million.

第二季度，我們繼續投資於我們的業務，資本支出達 1.063 億美元。第二季度，我們還在所有三家以路線為基礎的業務中完成了總計 8,560 萬美元的策略性收購。第二季度，我們支付了 1.823 億美元的股息。

Also during the second quarter and as of December 17, we were active in the buyback program with repurchases of $622.5 million of Cintas shares. That is the third largest share repurchase we've made in a quarter. During the first six-months of fiscal 2026, we have returned $1.24 billion in capital to our shareholders in the form of dividends and share buybacks.

此外，在第二季度，截至 12 月 17 日，我們積極開展股票回購計劃，回購了價值 6.225 億美元的 Cintas 股票。這是我們本季進行的第三大股票回購。在 2026 財年的前六個月，我們以股利和股票回購的形式向股東返還了 12.4 億美元的資本。

Earlier, Todd provided our updated guidance for the remainder of the fiscal year. As you contemplate the guidance, it is important to remember that during the third quarter of fiscal 2025, we recognized a $15 million gain on the sale of an asset. That will not repeat and will be a headwind when comparing the third quarter results year-over-year. In addition, please note the following in the guidance.

此前，托德提供了本財年剩餘時間的最新業績指引。當您考慮該指導意見時，請務必記住，在 2025 財年第三季度，我們確認了出售一項資產的 1500 萬美元收益。這種情況不會重演，並且在比較第三季業績與去年同期業績時將構成不利因素。此外，請注意指南中的以下內容。

Both fiscal 2025 and fiscal 2026 have the same number of workdays for the year and by quarter. Our guidance does not assume any future acquisitions. Our guidance assumes a constant foreign currency exchange rate, fiscal 2026 net interest expense of approximately $104 million, a fiscal 2026 effective tax rate of 20%, which is the same compared to our fiscal 2025, and the guidance does not include the impact of any future share buybacks or significant economic disruptions or downturns.

2025 財年和 2026 財年全年和每季的工作日天數相同。我們的指導意見並未考慮任何未來的收購計劃。我們的業績指引假設外匯匯率保持不變，2026 財年淨利息支出約為 1.04 億美元，2026 財年實際稅率為 20%（與 2025 財年相同），且該指引不包括任何未來股票回購或重大經濟動盪或衰退的影響。

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

接下來，我將把麥克風交還給托德，讓他做些總結發言。

Thank you, Scott. Looking ahead to the second half of fiscal 2026, we are right where we want to be, and our focus remains on helping customers meet and in many cases, exceed their image, safety, cleanliness and compliance needs. We remain committed to leveraging our investments to sustain our positive momentum and deliver exceptional customer service. I want to thank our employee partners for their incredible commitment to our customers and everything they do for Cintas.

謝謝你，斯科特。展望 2026 財年下半年，我們正朝著目標穩步前進，我們的重點仍然是幫助客戶滿足並在許多情況下超越他們在形象、安全、清潔和合規方面的需求。我們將繼續致力於利用我們的投資來保持積極的發展勢頭，並提供卓越的客戶服務。我要感謝我們的員工夥伴們，感謝他們對客戶的無私奉獻以及他們為 Cintas 所做的一切。

I'll now turn it back over to Jared.

現在我把任務交還給賈里德。

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.

我們的發言稿到此結束。現在我們很樂意回答分析師們提出的問題。請只提一個問題，如有需要，再提一次後續問題即可。謝謝。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作說明）蒂姆·穆爾魯尼，威廉·布萊爾。

Only 10 minutes on the prepared remarks. That's what I'm thankful for this holiday season. So just one question from me. There continues to be a lot of noise in the labor market data. But I think most would agree that we've seen a softening trend in terms of hiring activity over the last several months, at least on balance. And I'd be curious to hear if you've seen any material change in employment levels across your customer base.

只有10分鐘時間講完準備好的發言稿。這就是我在這個假期裡最感恩的事。我只有一個問題。勞動市場數據仍存在許多幹擾因素。但我認為大多數人都會同意，至少從整體來看，過去幾個月來，招募活動呈現出放緩的趨勢。我很想知道，您的客戶群中，就業水準是否發生了任何實質變化。

If what we are seeing in the broader payroll numbers are playing out in your world or if the reported job losses are more in the white-collar world where you're providing some services, but those folks don't typically wear uniforms. I know you've emphasized your ability to grow in all types of environments, but I'd be interested in your take on more of the underlying dynamics here given the number of businesses that you service week-to-week.

如果我們在更廣泛的薪資資料中看到的情況也發生在你的領域，或者如果報道的失業情況更多地發生在你提供某些服務的白領領域，但這些人通常不穿制服。我知道您一直強調自己能夠在各種環境中成長，但考慮到您每週服務的企業數量，我很想聽聽您對其中更深層動態的看法。

Well, thank you, Tim. We are Certainly -- we're reading the same things you are. We're watching jobs reports as we always do. And as we spoke about in our prepared remarks, as a reminder, we've shown the ability to grow in multiples of GDP and jobs growth for a long time now. And we certainly love it when our customers are adding employees and their businesses are really healthy and that's how -- we love that.

謝謝你，提姆。當然──我們讀的也是你們讀的那些東西。我們一如既往地關注著就業報告。正如我們在準備好的發言稿中所提到的，需要提醒的是，我們已經展現出長期以來以數倍於 GDP 和就業成長率實現成長的能力。我們當然樂見客戶增加員工，業務蒸蒸日上，我們喜歡看到這種情況。

But we don't need it in order to grow our business the way we like to. That being said, to your point, I think you have to dig past the headlines on the jobs report. First off, we've picked our verticals really well, very strategically. And the employment picture for them is, if you look at it, it's positive. Health care, education, hospitality, state, local government, those are good.

但我們並不需要它才能以我們喜歡的方式發展業務。話雖如此，正如你所說，我認為必須透過就業報告的標題深入分析。首先，我們選擇的垂直領域非常出色，極具策略性。從就業情勢來看，他們的就業前景是正面的。醫療保健、教育、旅館服務、州政府、地方政府，這些都是好行業。

The services providing sector continues to show growth. And the goods-producing sector isn't performing as well, but the specialty trades within them are doing well. And that's -- those are obvious uniform wearers and users of our services. So there are certainly many jobs that are under pressure, hence, what you see in the headlines and the market reports. But they are certainly more generally white-collar jobs, IT, financial, back office that are really not end markets for us, as you pointed out, Tim.

服務業持續保持成長動能。雖然商品生產部門表現不佳，但其中的專業貿易部門表現良好。而這些人顯然都是穿著制服並使用我們服務的人員。因此，確實有很多工作面臨壓力，這也是為什麼你在新聞標題和市場報告中看到這些內容的原因。但正如你所指出的，蒂姆，這些工作更普遍屬於白領工作，例如 IT、金融、後台辦公等，這些工作實際上並不是我們的最終市場。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

I also just had one broader question, maybe just following up from that one. I know you've obviously shown that you guys can outperform and execute in any kind of environment. But just maybe help us appreciate like what is your downturn playbook look like? Like if unemployment does crack, how do you still keep up these kind of high single-digit growth levels? Like which levers typically make up more? Is it all of them? Just any color there would be helpful.

我還有一個更廣泛的問題，或許可以算是這個問題的後續。我知道你們已經證明，你們能夠在任何環境下都表現出色並取得成功。但或許您可以幫我們了解一下，你們應對經濟衰退的策略是什麼？如果失業率大幅上升，如何才能繼續維持這種高個位數的成長水準？哪些槓桿通常佔比較大？都是這些嗎？任何顏色都可以。

Yes. Good question, Manav. We certainly have a wide array of products and services that we provide, and we service a wide breadth of customers as well. So our target of mid- to high single-digit organic growth is important to us. And we have so many different ways to grow that it gives us flexibility. Certainly, new business is important to us.

是的。問得好，馬納夫。我們提供的產品和服務種類繁多，我們的客戶群也十分廣泛。因此，我們實現個位數中高水準有機成長的目標對我們來說非常重要。我們有很多不同的發展途徑，這給了我們很大的彈性。當然，拓展新業務對我們來說非常重要。

And when you think about a business that -- when they have less people, that can certainly impact us. But they also have still other needs that they need to address. And in many cases, they don't have enough people to address those, and they look to us to outsource for those items. So new business is important. We are still very early in the innings of cross-selling all of our various products and services into us.

想想看，如果一家企業人手減少，這肯定會對我們產生影響。但他們還有其他一些需求需要解決。很多情況下，他們人手不足，無法處理這些問題，所以他們希望我們能將這些專案外包給我們。所以拓展新業務很重要。我們目前仍處於交叉銷售各種產品和服務的初期階段。

So trying to gain growth from our current customers is an important lever for us. So that's all valuable. M&A tends to get better during those periods of times as well. But we're -- we have many levers in addition to, obviously, the ones that I mentioned that I think give us real optionality. And certainly, when we look at no-programmers, that's a big opportunity for us.

因此，如何從現有客戶身上獲得成長是我們的重要槓桿。所以這些都很有價值。在這些時期，併購活動往往也會有所改善。但是，除了我剛才提到的那些之外，我們還有很多其他手段，我認為這些手段給了我們真正的選擇權。當然，當我們關注非程式設計師群體時，這對我們來說是一個巨大的機會。

And Manav, this is Jim. Perhaps I can give just a little more color on how much opportunity really lies within our current customers. And as Todd mentioned in his prepared remarks, our objective is to first supply our customers with a great experience with us, and that starts at the foundational level. And then we earn the right now to be able to ask them for more opportunities and to steer more of their spend that they already have over to us.

馬納夫，這位是吉姆。或許我可以再詳細闡述一下，我們現有的客戶群中蘊藏著多麼大的機會。正如托德在事先準備好的演講稿中提到的那樣，我們的目標首先是為客戶提供良好的體驗，而這一切要從基礎層面開始。然後，我們就贏得了現在的權利，可以要求他們提供更多機會，並將他們現有的更多支出引導到我們這裡。

And just due to the nature of our service model, we're in their facilities so frequently that we get a really deep understanding of what their needs are and where the opportunities may come from. So I have an example here of a property management company that we service out on the West Coast. And we've been servicing that facility for a number of years for uniform rental for all the folks who work on the property.

由於我們的服務模式的性質，我們經常出入他們的設施，因此我們對他們的需求以及可能的機會來自哪裡有了非常深入的了解。我這裡有一個例子，我們為西海岸的一家物業管理公司提供服務。多年來，我們一直為該設施提供製服租賃服務，供所有在該設施工作的員工使用。

And during our routine visits, our team uncovered that they were doing bulk orders from an e-commerce solution for all their restroom supplies. And when inquiring with the company, they realized that they were tying up cash flow, they were tying up really precious real estate space and storage space that they did not want to tie up and they were taking a lot of their labor and manpower to go ahead and inventory all of those goods.

在我們例行走訪中，我們的團隊發現他們所有的洗手間用品都是透過電商平台批量訂購的。向該公司詢問後，他們意識到這樣做會佔用現金流，佔用他們原本不想佔用的寶貴房地產空間和倉儲空間，而且還會耗費大量人力物力去清點所有這些貨物。

Our folks went in and introduced the concept of outsourcing that to us and utilizing the Cintas hygiene program. They found out that now their spend is much steadier than it was in the past. It makes it much easier to budget. They're not tying up that space. And maybe most importantly, their team is not involved in taking their precious time away from what they focus on, going ahead and managing hygiene inventories.

我們的人員進入公司，向我們介紹了將這項工作外包給我們並利用 Cintas 衛生計畫的概念。他們發現，現在他們的支出比過去穩定得多。這樣更容易制定預算。他們並沒有佔用那塊地。也許最重要的是，他們的團隊不必花費寶貴的時間去管理衛生用品庫存，以便專注於他們原本的工作。

They let us handle that for them. So just a small example of activities that happen across 1 million-plus customers every day.

他們讓我們代他們處理這件事。這只是每天超過 100 萬客戶所進行活動的小例子。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

I definitely heard the pluses and minuses about the customers' employee base. But I just didn't quite get a compilation if ad stops are changed year-over-year. I surely heard the separate point that you continue to grow with same customers. So just a comment on ad stops year-over-year. And then my second question is, with the acquisitions that were completed in this second quarter, how much will that add to second half of the year revenues?

我確實聽到了關於客戶員工隊伍的優點和缺點。但如果廣告投放點每年都會發生變化，我就無法得到完整的總結數據。我確實聽到了另一個觀點，那就是你們要依靠同樣的客戶群持續發展。所以，只是對廣告逐年停止投放的評論。我的第二個問題是，隨著第二季完成的收購，這將為下半年的收入增加多少？

Well, I'll take the first half, Andrew. So thank you for the question. As we mentioned and through Jim's example, we talked about all the various products and services we can provide for our customers, and it's broad and growing. So from that standpoint, growth from current customers, I would describe it as very stable, if anything, slightly positive. So we're in a good position.

那我選前半部分，安德魯。謝謝你的提問。正如我們之前提到的，透過吉姆的例子，我們討論了我們可以為客戶提供的各種產品和服務，而且這些產品和服務範圍很廣，還在不斷發展。所以從這個角度來看，現有客戶的成長非常穩定，如果非要說有什麼變化的話，那就是略微成長。所以我們處境不錯。

Our current customers see the value proposition that we can offer to them, and that actually helps with retention as well. Scott, if you want to address the second half?

我們現有的客戶看到了我們能為他們提供的價值，這其實也有助於客戶留存。史考特，你想談談後半部嗎？

Yes. Thanks, Todd. And Andrew, as we talked in the prepared remarks, the acquisition impact during the second quarter was about 70 bps. And if you think about the rest of the year and our guide, we obviously assume no new acquisitions. You can assume that there's a normal tail when it comes to the acquisition volume. And generally, for the second half of the year, you would assume about half of the second quarter impact, so call it, 30 to 35 bps.

是的。謝謝你，托德。安德魯，正如我們在準備好的發言稿中所說，第二季度的收購影響約為 70 個基點。考慮到今年剩餘的時間以及我們的指南，我們顯然假設不會有新的收購。你可以假設收購量存在正常的尾部。一般來說，下半年的影響大約是第二季的一半，也就是 30 到 35 個基點。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Congrats on a really strong quarter. I guess my two questions. One, I think both Todd and Jim mentioned that retention rates are at record levels. Usually, you see those in stronger economic times. So maybe could you talk about how you're able to achieve strong retention rates even in these types of climate? And then I guess my second question is on the incremental margins. I think both Q1 and Q2 were within your longer-term range, but maybe towards the lower end. So any way to think about how that kind of transpires in the second half would be great.

恭喜你們本季業績非常出色。我想問兩個問題。第一，我認為 Todd 和 Jim 都提到過，客戶留存率達到了歷史最高水準。通常情況下，這種情況會在經濟狀況較好的時期出現。那麼，您能否談談在這樣的市場環境下，您是如何維持較高的客戶留存率的呢？那麼，我的第二個問題是關於增量利潤率的。我認為第一季和第二季都在你的長期預期範圍內，但可能更偏向下限。所以，任何關於下半場如何展開討論的方法都非常歡迎。

Josh, I appreciate that. I'll take the first half regarding retention, and Jim will address the incrementals. Our retention rates are -- they're at all-time levels, and we have been for several quarters now. And it speaks to a number of things. First off, the execution by our team is impressive. They're doing a great job making sure they're taking great care of our customers.

喬什，謝謝你。我將負責前半部關於用戶留存的內容，Jim 將負責後續的增量部分。我們的客戶留存率達到了歷史最高水平，而且這種情況已經持續了好幾個季度。這說明了很多問題。首先，我們團隊的執行力令人印象深刻。他們做得很好，確保我們的客戶得到很好的照顧。

That is easy to say, really hard to do, starts with our supply chain team, our operations organization. They're doing a great job. And that all ties back into our culture. And we have spoken over and over again about the fact that our culture is our ultimate competitive advantage. And it shines even brighter in economic environments that are a little bit more uncertain than others. And it's showing up big time for our folks.

說起來容易做起來難，這要從我們的供應鏈團隊和營運部門開始。他們做得很好。而這一切都與我們的文化息息相關。我們已經一再強調，我們的文化是我們最大的競爭優勢。在經濟環境比其他環境更具不確定性的情況下，它的表現會更加出色。而且它對我們的人民來說影響巨大。

We're also providing great value for our customers, and they're seeing it with not only the products, but the services, the technology that we're utilizing. And the technology investments that we've made help accomplish two things at a 30,000-foot level. One is it makes it easier for our partners, our employee partners to service and take care of our customers to provide value for them.

我們也為客戶創造了巨大的價值，他們不僅從產品中感受到了這一點，也從我們的服務和我們所採用的技術中感受到了這一點。我們在技術方面的投資有助於從宏觀層面實現兩件事。其一是讓我們的合作夥伴，也就是我們的員工合作夥伴，更容易為我們的客戶提供服務和關懷，從而為他們創造價值。

And the second one was it makes it easier for our customers to do business with us. So when you add those up, all that, you mix it in, it adds up to retention rates that we find very attractive. Jim?

第二點是，它讓我們的客戶更容易與我們開展業務。所以，把這些因素加起來，綜合起來，就得到了我們認為非常有吸引力的客戶留存率。吉姆？

Yes, Josh, I'll get to the second question regarding margins. So first of all, we ran 27% incremental margin for the second quarter, which we really like. And that's right in our stated range of that 25% to 35%. That range is really important for us because that allows us to continue to invest in the future growth of the business while being able to expand margin along the way. So we really like that.

是的，喬希，關於利潤率的第二個問題，我稍後會回答。首先，我們第二季的利潤率成長了 27%，我們對此非常滿意。沒錯，這正好在我們之前公佈的 25% 到 35% 的範圍內。這個價格區間對我們來說非常重要，因為它使我們能夠在不斷擴大利潤率的同時，繼續投資於業務的未來成長。我們非常喜歡這一點。

That allows us to make the investments in technology, the necessary investments in capacity, bench strength, selling resources. All of those are really critically important to us. So that would be really right in the sweet spot of the range. Now a couple of things to keep in mind with regards to incrementals this year and how it plays out for the remainder of the year.

這使我們能夠對技術進行投資，對產能、人才儲備和銷售資源進行必要的投資。這些對我們來說都至關重要。所以這正好處於最佳範圍之內。現在有幾點需要注意，關於今年的增量以及它在今年剩餘時間裡的發展。

First off, we're coming off of a comparison to last fiscal year, which is a really tough comp. Last fiscal year, we ran in the second quarter, incrementals of 49.7%. That's an outperformance not what we normally expect. So we're really pleased with the 27% this quarter given that comparison. In fact, if you look at the whole first half of last year, we ran an incremental of 44.3%.

首先，我們要與上個財政年度進行比較，這是一個非常艱難的比較。上個財政年度，我們在第二季度實現了 49.7% 的成長。這超出了我們通常的預期。考慮到先前的比較，我們對本季27%的成長率感到非常滿意。事實上，如果你看去年上半年，我們的成長率達到了 44.3%。

So really, really high in the beginning of last fiscal year, settling back into our range this fiscal year. A couple of other things maybe to keep in mind is what the guide implies with regards to incrementals for this fiscal year. If you look at the whole year across the board, incrementals would imply somewhere between the 29% and 30% when you adjust for the $15 million asset sale from last fiscal year.

所以，上個財政年度初的數值非常非常高，而本財政年度則回落到我們設定的範圍內。還有幾件事要記住，那就是該指南對本財政年度增量撥款的規定。如果從全年來看，考慮到上個財政年度 1500 萬美元的資產出售，增量應該在 29% 到 30% 之間。

So that's right in the heart of where we want to be, perfect level of investment continuing to fuel the future growth. And if you look at the back half of the year, that would imply incrementals of 30% to 33%. So moving back up towards the high side of that range. So we're really pleased with where we are. We like the outlook of the year, and we think that's a great spot for us to run the business.

所以，這正是我們想要達到的目標，完美的投資水準將持續推動未來的成長。如果看下半年，那就意味著成長了 30% 到 33%。所以，現在又回到了該範圍的高端。所以我們對目前的狀況非常滿意。我們看好今年的發展前景，並認為這是我們開展業務的絕佳時機。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

I wanted to get an update on your experience with sourcing costs and tariffs so far this year. I guess, how have things trended relative to your expectations when you initially set guidance for the year?

我想了解您今年在採購成本和關稅方面的經驗。我想問的是，與您最初設定的年度目標相比，目前的進展如何？

Jasper, thanks for the question. Yes, the tariffs, it is certainly a dynamic environment as it relates to that. But we continue to execute at a high level. As I mentioned earlier, our culture, when the times are challenging, you might have to run at higher RPMs, but we're executing at a high level. We're not immune from impacts of higher costs from tariffs. But our supply chain has always been a competitive advantage.

Jasper，謝謝你的提問。是的，關稅方面，確實是一個動態變化的環境。但我們依然保持著高水準的執行力。正如我之前提到的，在我們的文化中，當面臨挑戰時，你可能需要以更高的轉速運轉，但我們的執行力卻很高。我們也無法免受關稅上漲帶來的成本增加的影響。但我們的供應鏈一直是我們的競爭優勢。

And when you're in this type of environment, it's that much more of an advantage. Now keeping in mind, the ability to -- they're flexible and adaptable. And part of how they have that optionality is because we source from all over the world, and we do have really good geographic diversity. And we've spoken in the past that 90-plus percent of our products, we have two or more options.

在這種環境下，這更是一種優勢。記住，它們具有這種能力——它們靈活且適應性強。他們之所以擁有這種選擇權，部分原因是我們的原料來自世界各地，我們的地理多樣性非常好。我們過去也說過，我們90%以上的產品都有兩種或兩種以上的選擇。

So that optionality is incredibly important when it comes to an economic -- excuse me, a sourcing environment and what we're dealing with. The guide does contemplate the current environment for tariffs. So it's coming in very similar to what we expected. You recognize that we do have the ability to -- we amortize most of our goods. So as a result of that, it does give us time to pivot and adapt.

因此，在經濟——抱歉，是採購環境以及我們所面臨的問題上，這種選擇權非常重要。該指南確實考慮了當前的關稅環境。所以結果和我們預期的非常相似。您也意識到我們確實有能力這樣做——我們對大部分貨物進行了攤銷。因此，這也給了我們時間來調整和適應。

But it's coming in about where we expected. But we're certainly staying on our toes because the sourcing environment is dynamic and the tariff environment is -- there certainly could be changes coming as well.

但結果基本上符合我們的預期。但我們肯定會保持警惕，因為採購環境和關稅環境都在不斷變化——未來肯定也會有變化。

And then really healthy margin in the First Aid business this quarter. Can you provide a bit more detail on what the underlying mix has looked like in that business this year? I know you were a bit heavier on the training side for the end of last year. So curious if that's flipped back some more recurring revenue?

而且本季急救用品業務的利潤率也非常健康。您能否更詳細地介紹一下今年該產業的基本組成？我知道你去年年底的訓練強度稍微大了一些。很好奇這是否帶來了更多經常性收入？

Yes. We're -- we love the First Aid business. It is a great business for us. We're very pleased with that. And you've seen that they've had outsized performance for a period of time now. One of the things that -- the mantra that we have and the leadership of our organization there talks about there's nothing more important than the health and wellness of a business' employees and customers. We completely agree with that.

是的。我們－我們熱愛急救產業。這對我們來說是一門很棒的生意。我們對此非常滿意。而且你已經看到，他們最近一段時間的表現都非常出色。我們一直以來秉持的理念，以及組織領導階層所強調的一點是：沒有什麼比企業員工和顧客的健康與福祉更重要。我們完全同意。

And you're seeing really good growth in that business. We see them as a low double-digit grower for the foreseeable future. So that's great. That being said, certainly, the mix of business can have an impact on the margins in that. So we like the range we're in. But if we have a little bit of change in mix, and there's a little change in margin within a range for us, we're okay with that.

而且你會看到這項業務發展勢頭非常強勁。我們認為在可預見的未來，它們的成長率將保持在兩位數以下。那太好了。也就是說，業務組合肯定會對利潤率產生影響。所以我們對目前的排名很滿意。但是，如果產品組合稍有變化，利潤率在一定範圍內稍有變化，我們也能接受。

We're investing for the future, providing more value to our customers. And running a business isn't linear. So we're not focused on just a pure, hey, we've got to get another certain amount of basis points lift in gross margin in that business. We think it's important that we are running a range that's really attractive so we can grow our operating margins. But the mix of business really is impacted by that.

我們正在為未來投資，為客戶創造更多價值。經營企業並非線性過程。所以，我們關注的不僅僅是純粹的「嘿，我們必須讓該業務的毛利率再提高幾個基點」。我們認為，推出真正有吸引力的產品系列非常重要，這樣我們才能提高營業利潤率。但業務組合確實會受到影響。

So Jim, anything else that you'd like to comment on that?

吉姆，你還有什麼想補充的嗎？

No, Todd, I think you hit all the main points of what really drives this business. The only other thing I might just say is the team did a fantastic job in the quarter of execution, and we're really pleased with the results and where they stand.

不，托德，我認為你已經抓住了真正推動這個行業發展的幾個要點。我唯一想補充的是，團隊在本季的執行工作中表現出色，我們對結果和目前所處的位置感到非常滿意。

Andrew Wittmann, R.W. Baird.

安德魯·維特曼，R.W.貝爾德。

I just thought I would give you guys an opportunity or hear -- I'd like to hear a little bit about the competitive environment. Obviously, over the last couple of years, you've had some competitors that have really gone on a volume chasing spree. You guys have obviously executed very well amongst all this. But I was just wondering what you're seeing out there and how that's affecting your price realization.

我只是想給你們一個機會，或者說聽聽你們的看法——我想了解一下競爭環境的情況。顯然，在過去的幾年裡，一些競爭對手確實瘋狂地追求銷量。在這一切之中，你們的表現顯然非常出色。但我只是想知道你目前看到的情況，以及這會對你的價格實現產生什麼影響。

Andrew, thanks for the question. Yes, I mean, as you know, we operate in a very competitive environment, always have, always will. My entire career, it's always been like that. And we certainly do win some business from competitors. But as you know, that's not where our focus is. Our focus is on signing new customers that weren't programmers when we walked in. And when we walk out, they are.

安德魯，謝謝你的提問。是的，我的意思是，如你所知，我們身處在競爭非常激烈的環境中，過去如此，將來亦然。我的整個職業生涯一直都是這樣。我們當然也從競爭對手那裡贏得了一些生意。但正如你所知，這並不是我們關注的重點。我們的重點是爭取那些在我們剛來時還不是程式設計師的新客戶。當我們走出去的時候，他們就在那裡。

And as a result of that, still over 2/3 of our new customers are coming from that sector. And the white space is incredibly large there with us servicing a little over 1 million customers, but there's still 16-plus million businesses in the US and Canada. So that's really attractive for us. So I mentioned our retention rates are at all-time high. That's helping us as well.

因此，我們超過三分之二的新客戶仍然來自這個行業。那裡的空白市場非常大，我們服務的客戶略超過 100 萬，但美國和加拿大還有超過 1,600 萬家企業。所以這對我們來說真的很有吸引力。我之前提到過，我們的客戶留存率達到了歷史最高水準。這對我們也很有幫助。

But that's really about the value proposition that we're providing for our customers, which starts with our culture and is executed through our employee partners. But it is a -- we're pleased with how our folks are performing, competing in the marketplace and really attacking that large TAM out there of that no-program market, which we think -- we're really excited about.

但這其實是關乎我們為客戶提供的價值主張，而這一切始於我們的企業文化，並透過我們的員工夥伴來執行。但是，我們對員工的表現感到滿意，他們在市場上競爭，並真正瞄準了那個巨大的無節目市場，我們對此感到非常興奮。

Great. Just for my follow-up, I thought I would just ask a little bit on the M&A side. Obviously, last fiscal year was one of your bigger years that you had since for a while. A pretty big quarter here in terms of capital deployment towards M&A. Maybe, Todd, you could just talk about kind of the funnel here. Do you feel like thinking about the amount of capital deployment last year is, again, doable this year with the progress that you made this year so far?

偉大的。為了跟進一下，我想稍微問一下併購方面的問題。顯然，上個財政年度是你們近年來業績最好的一年之一。本季在併購方面的資本投入相當可觀。托德，或許你可以談談這裡的漏斗模型。鑑於今年迄今的進展，您是否覺得今年還能像去年一樣投入大量資金？

Andrew, great question. First off, just capital allocation in general, we're very pleased with how we're going there. We invested over $100 million in CapEx for the quarter, $85 million in M&A. All 3 route-based businesses, we were acquisitive in. And then on top of that, $182 million in dividends paid out and over $600 million in buybacks.

安德魯，問得好。首先，就整體資本配置而言，我們對目前的進展感到非常滿意。本季我們在資本支出方面投資超過 1 億美元，其中 8,500 萬美元用於併購。我們對這三家以路線為基礎的業務都進行了收購。除此之外，還支付了 1.82 億美元的股息，並回購了超過 6 億美元的股票。

So we really like that capital allocation strategy. We've shown to be good fiduciaries with that, and M&A is certainly a part of that. As I mentioned, we had a really good quarter. We had a great year last year. But as you know, it's hard to predict. M&A tends to be a little unpredictable and lumpy, whether it's because there's family-owned businesses that are waiting on their -- the next generation, whether they want to move on or not. And we do love M&A of all shapes and sizes. We love tuck-ins.

所以我們非常欣賞這種資本配置策略。我們已經證明自己是優秀的受託人，而併購當然是其中的一部分。正如我之前提到的，我們上個季度業績非常好。我們去年過得非常成功。但你也知道，這很難預測。併購往往有點難以預測且進展緩慢，這可能是因為家族企業都在等待下一代接班，無論他們是否願意繼續經營下去。我們確實喜歡各種形式和規模的併購。我們喜歡塞進被窩裡。

We like new geographies. And when we make M&A, we always -- we value so much of it, but there's -- the number one things that we get out of it are the people that are running the business and the customers. And we try to make sure that we can get synergies if it's a tuck-in. And if it's not a tuck-in, then we get extra capacity. And we also then have more customers that we can cross-sell.

我們喜歡新的地域。當我們進行併購時，我們總是——我們非常重視併購的方方面面，但從中我們獲得的最重要的東西是經營企業的人員和客戶。如果是嵌入式菜品，我們會努力確保能夠產生綜效。如果不是用來塞進被窩，那我們就能騰出額外的空間。這樣一來，我們還可以向更多客戶進行交叉銷售。

So all that's attractive. The pipe, we are always working on that pipe. Jim and I and our corporate development team are all in that game together. We have relationships that are going back decades, and we're ready and willing for M&A to be an important component of our strategy moving forward.

所以這一切都很有吸引力。我們一直在維修那根管道。吉姆、我和我們的企業發展團隊都在共同參與這場競爭。我們擁有數十年的老客戶關係，我們已做好準備，並願意將併購作為我們未來策略的重要組成部分。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

You touched on some of this, but can you provide a high-level overview on what you're seeing with sales cycles and broader customer purchasing behaviors? And if you've noticed any meaningful changes from prior quarters?

您剛才提到了一些這方面的內容，但您能否從宏觀角度概述您觀察到的銷售週期和更廣泛的客戶購買行為？如果您注意到與前幾季相比有任何顯著變化，那會怎麼樣？

George, nothing specific to call out. We certainly operated in easier environments as this economic environment, it's a little less certain than we like. But despite that uncertainty, the value proposition continues to resonate. As I mentioned earlier, especially in periods of uncertainty, it can do that. Outsourcing can save money, improving steady cash flow and saving time that can be spent on running the business.

喬治，沒什麼特別要指出的。我們以前的經營環境確實比現在好得多，現在的經濟環境比我們希望的要不確定一些。儘管存在這種不確定性，但其價值主張仍然引起了共鳴。正如我之前提到的，尤其是在不確定時期，它可能會造成這種情況。外包可以節省資金，改善穩定的現金流，並節省時間，使企業能夠專注於業務營運。

That was referenced in Jim's example that we talked about earlier. I've already referred to retention rates being at very attractive levels. And I also mentioned our growth from our current customers was steady and if anything, improved slightly. So we think we're in a good spot, and we like where we're pointed.

吉姆舉的例子就是我們之前討論過的。我之前已經提到過，用戶留存率處於非常有吸引力的水平。我還提到，我們現有客戶的業務成長穩定，而且如果說有什麼變化的話，那就是略有成長。所以我們認為我們處境不錯，也對目前的發展方向感到滿意。

Got it. That's helpful. And then just a follow-up. You took up your full year guide for revenue. Can you talk about how much of the increase reflects upside in the quarter versus what you were internally expecting compared to maybe a stronger outlook for the remainder of the year?

知道了。那很有幫助。然後還有一個後續問題。你已完成全年營收目標。您能否談談，與貴公司內部預期相比，此次成長有多少反映了本季業績的上行成長，又有多少反映了對今年剩餘時間更為樂觀的預期？

Yes. We're -- first off, our guide for the year is really good. It looks right where we want it to be. If you look at the guide for -- or excuse me, the guide for the year is showing growth of 7.8% to 8.5%, midpoint of 8.2%. It's right where we want. I think it's also important to recognize that the comps do get tougher in the second half for growth. Last year's second half growth was about 90 basis points higher than the first half of last year.

是的。首先，我們今年的指南真的非常棒。它看起來正好在我們想要的位置。如果你看一下今年的指導方針——或者抱歉，是本年度的指導方針——就會發現增長率為 7.8% 至 8.5%，中位數為 8.2%。正是我們想要的那種感覺。我認為同樣重要的是要認識到，下半年的競爭會變得更加激烈，這對球隊的成長至關重要。去年下半年的成長比上半年高出約 90 個基點。

So we've booked a good performance, but we're going to be up against tougher comps in the second half on growth than we were in the first half. But we're pleased with where we are, and we're pleased with our guide. And we think that we'll be able to get some leverage as we move forward on that guide, which will help fall to the bottom line, hence, the EPS guide as well.

所以我們已經取得了不錯的成績，但下半年在成長方面，我們將面臨比上半年更嚴峻的競爭。但我們對現狀很滿意，也對我們的嚮導很滿意。我們認為，隨著我們繼續推進該指導方針，我們將能夠獲得一些槓桿作用，這將有助於降低利潤，因此，每股收益指導方針也會降低。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I just wanted to follow up to get some more detail on the timing of the tariff costs. It sounds like those have maybe started to flow through the P&L, but there's more impact to come. Is that like a fair understanding? And then how is the industry reacting? How are you reacting? Have you started to raise prices? Have your competitors begun raising prices? How should we think through that?

我只是想跟進一下，了解關稅費用的具體時間安排。聽起來這些影響可能已經開始反映在損益表中，但未來還會有更多影響。這樣算是公平的約定嗎？那麼，業界對此有何反應呢？你的反應如何？你們開始提價了嗎？你的競爭對手開始漲價了嗎？我們該如何思考這個問題？

Jason, well, a few things. First off, as tariffs come through, I mentioned that we have optionality. So don't think of it as simple as, well, tariffs are a significant impact. We just haven't seen it yet. That's not the case because our culture is such that we don't just accept that. We've got to go find ways to improve. We've got to find -- work at higher RPMs to find other additional suppliers to take cost out of our business as well.

傑森，嗯，有幾件事。首先，關於關稅問題，我提到我們有選擇餘地。所以不要簡單地認為，關稅會產生重大影響。我們只是還沒看到而已。事實並非如此，因為我們的文化決定了我們不會接受這種觀點。我們必須想辦法改進。我們必須找到—以更高的轉速尋找其他供應商，從而降低我們業務的成本。

And we're doing all that. I mentioned we're not immune from it. But we're working really hard to mute that subject as very best we can. As far as pricing is concerned, we take a long-term approach on pricing. We are at what I'll call historical type levels. But our philosophy is we care about the long-term value of a customer. So we're focused on growing our business via volume growth, not just pricing.

我們正在做所有這些事情。我說過我們也不能倖免。但我們正在盡最大努力淡化這個話題。在定價方面，我們採取的是長期定價策略。我們正處於我稱之為歷史性的水平。但我們的理念是，我們關心客戶的長期價值。因此，我們專注於透過銷售成長來發展業務，而不僅僅是透過價格上漲。

We're going to go out and extract out the inefficiencies of our business that will help us -- allow us to grow our margins at attractive levels, along with the revenue growth to help us get leverage. But we don't simply just pass along those costs to our customers and because we operate in a really competitive environment, and those customers have choices.

我們將努力消除業務中的低效環節，這將有助於我們實現利潤率的穩定成長，同時促進營收成長，從而獲得更大的槓桿效應。但我們不會簡單地將這些成本轉嫁給客戶，因為我們身處在競爭非常激烈的環境中，客戶有很多選擇。

So we've got to work really diligently to mute the cost impacts of tariffs and other costs that are going through so that -- and we're extracting out those inefficiencies and doing the very best we can to make sure that we're positioned for success to grow our margins.

因此，我們必須非常努力地降低關稅和其他成本的影響，以便——我們正在消除這些低效率之處，並盡我們所能確保我們能夠成功提高利潤率。

Great. That's very helpful. And then as a follow-up, can you just refresh us on the timing of the SAP Fire implementation costs? Are you still expecting a greater headwind to margins in Fire in the second half of the year as that system gets turned on and start recognizing the amortization?

偉大的。那很有幫助。其次，能否請您簡單介紹 SAP Fire 實施成本的時間安排？您是否仍預期，隨著系統啟用並開始確認攤銷，下半年火災保險業務的利潤率將面臨更大的阻力？

Jason, thanks for the question. These ERP implementations take time. And we are experiencing some additional costs now for sure. But there is more cost to come in the future. We're working really hard on this implementation. We think it will be really valuable for our employee partners and our customers. But -- so we're investing for the future in that business. You see that we're growing it really attractively.

傑森，謝謝你的提問。這些ERP系統的實施需要時間。我們現在確實面臨一些額外的成本。但未來還會帶來更多成本。我們正在全力以赴地推進這項工作的實施。我們認為這對我們的員工夥伴和客戶來說都非常有價值。但是——所以我們正在為這項業務的未來進行投資。你看，我們的成長方式非常吸引人。

We're not only growing it attractively, but we are also highly acquisitive in that business. So when you think about the Fire business, think about it this way. We are also dealing with M&A that comes to us. And as I mentioned earlier, M&A, you can't predict it exactly, but -- and in that business, we are -- some of our M&A allows us to be tuck-ins, but others are actually geographic expansion.

我們不僅在以有吸引力的方式發展這項業務，而且在該業務領域也積極進行收購。所以，當你考慮消防產業時，可以這樣想。我們也處理主動找上門的併購交易。正如我之前提到的，併購，你無法準確預測，但是——在這個行業，我們——我們的一些併購使我們能夠進行補充，但另一些實際上是地域擴張。

And when we make M&A in that business, and you get M&A expansion, it is -- for a period of time, that doesn't run at the margin profile that we do. We've got to make sure that we get our operating protocols in place. And as you can see, M&A account for 340 basis points of total growth for fire in Q2. So that's a component of any margin pressure that we have in that business, little bit of SAP.

當我們在該業務中進行併購，併購擴張時，在一段時間內，其利潤率並不會像我們現在這樣穩定。我們必須確保各項操作規程到位。正如你所看到的，併購活動在第二季度為火災市場帶來了 340 個基點的總成長。所以，這是我們在該業務中面臨的利潤壓力的一個組成部分，一點點 SAP 的影響。

But we're investing for that in that business because we think the future is really, really bright, and we're quite optimistic about the coming years.

但我們正在投資這項業務，因為我們認為它的未來非常光明，我們對未來幾年非常樂觀。

Jason, this is Scott. I just might add, as Todd mentioned, the ERP implementations take some time. We've got some experience with that in our rental business as well as First Aid and Safety. And we are expecting the Fire rollout to carry on into next fiscal year. And I would just look at the impact for fiscal year '27 to be around that 100 basis points for the fire protection business.

傑森，這位是斯科特。我還要補充一點，正如 Todd 所提到的，ERP 系統的實施需要一些時間。我們在租賃業務以及急救和安全方面都累積了一些經驗。我們預計 Fire 系統的推廣將持續到下一個財政年度。我認為，2027 財年消防業務受到的影響約為 100 個基點。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

So I wanted to ask about your technology. I think it's well understood that you guys are at the forefront of implementing the latest and greatest in terms of technology. So I just wanted to get an update on what are -- if there are any recent initiatives you'd like to talk about and maybe the return on those type of investments, whether it's AI related or anything else you would want to highlight?

所以我想問一下你們的技術狀況。我認為大家都很清楚，你們在技術應用方面一直處於領先地位，不斷採用最新、最先進的技術。所以我想了解一下最新的情況——您最近是否有任何舉措想要談談，以及這類投資的回報，無論是與人工智慧相關的，還是您想重點介紹的其他方面？

Yes, we are investing in technology, have been for many years and will be probably in perpetuity, just it's the nature of how business works now. And we are -- we spoke about in the past, we're seeing benefits, whether it's in material cost or cost of goods, production, delivery cost, all those, you're seeing that. We talked about Smart Truck helping us from a technology standpoint, garment utilization being on one system allows us to share garments and reduce our cost there. All that is important.

是的，我們一直在投資技術，多年來一直如此，而且可能永遠如此，這只是現在商業運作的本質。我們——就像我們過去談到的那樣——我們看到了好處，無論是材料成本還是商品成本、生產成本、運輸成本等等，你都看到了這些好處。我們討論了智慧卡車如何從技術角度幫助我們，服裝利用在一個系統上，使我們能夠共享服裝並降低成本。這些都很重要。

Certainly, AI, we see obvious opportunity there. We're in the early stages as many companies are on the AI front. And I include that into our total technology investment. But we're optimistic about where that will impact us in the future, and we are organizing and investing appropriately to make sure we leverage those opportunities.

當然，人工智慧領域顯然蘊藏著巨大的機會。和許多公司一樣，我們在人工智慧領域還處於早期階段。我已將這部分費用計入我們的技術總投資。但我們對未來它將如何影響我們持樂觀態度，我們正在進行適當的組織和投資，以確保我們能夠利用這些機會。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

I think two areas of your strategy were very clear this morning and obviously have been clear for some time now. And the first is obviously the record retention levels that you guys continue to see as well as, as you called out, your investments in key verticals and just the strength that you're seeing there despite the uncertain macro.

我認為今天早上你們的策略有兩個方面非常明確，而且顯然這兩個方面已經明確了一段時間了。首先，顯然是你們持續保持的創紀錄的客戶留存率，以及正如你們所指出的，你們在關鍵垂直領域的投資，以及儘管宏觀經濟形勢不明朗，但你們在這些領域所展現出的強勁勢頭。

So kind of given these two factors, maybe talk about how your view on pricing can change because it would seem like, look, retention is very strong. You're also in these verticals where you're seeing a lot of impact, but also continuing to build out your value with these customers. So, I would assume being much stickier. So maybe just talk about how that can inform your pricing strategy going forward.

鑑於這兩個因素，或許可以談談你對定價的看法會如何改變，因為看起來，你看，用戶留存率非常高。你也身處這些垂直領域，在那裡你看到了極大的影響力，同時也不斷地為這些客戶創造價值。所以，我猜它會更黏稠。所以，或許可以談談這會如何影響你未來的定價策略。

Stephanie, our pricing strategy hasn't changed. And as I mentioned, we're running at historical levels. And I also mentioned, we think long term about these subjects. So our strategy around pricing, thinking long term has helped the retention rates. So we're focused on growing our margins, but we're not going to do that just through pricing.

史蒂芬妮，我們的定價策略沒有改變。正如我之前提到的，我們的運行水平正處於歷史最高水平。我還提到過，我們對這些問題都是從長遠角度來考慮的。因此，我們圍繞定價制定的長期策略有助於提高客戶留存率。所以我們專注於提高利潤率，但我們不會只透過價格來實現這一點。

We have to go extract out inefficiencies because we operate in a very competitive market. And we have many competitors, whether it is what you might think of as a traditional competitor, but online, e-commerce, the big box retail, we compete with all these people. And as a result, we've got to be focused on providing great value and that applies to our key verticals as well.

我們必須消除低效率環節，因為我們身處在競爭非常激烈的市場。我們有許多競爭對手，無論是你認為的傳統競爭對手，或是線上的、電子商務的、大型零售商，我們都與這些人競爭。因此，我們必須專注於提供卓越的價值，這也適用於我們的關鍵垂直領域。

Each of our verticals, we operate in a very competitive environment. And we're focused on providing the value, extracting out those inefficiencies. But -- because we do not operate -- never have and never will operate in an environment where we can just adjust price up because it's an ultra-competitive environment.

我們每個垂直領域的營運環境都競爭非常激烈。我們專注於創造價值，消除低效率環節。但是——因為我們沒有——也永遠不會在競爭極其激烈的環境中經營，因為我們無法透過簡單地提高價格來獲利。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

It was asked earlier a question on sales cycles, and you guys covered the spectrum with the answer pretty well. I'm curious, just to ask that a little different way, what you're seeing behaviorally from large customers as opposed to small customers? Are you seeing any softness or strength in one or the other? Just any indications on those on size category.

之前有人問過關於銷售週期的問題，你們的回答涵蓋了各個方面，非常全面。我換個方式問一下，您觀察到大客戶和小客戶在行為上有什麼不同？你覺得哪一個比較柔和一些，哪一個比較強壯？能否提供一些關於尺寸分類的資訊？

Yes. Good question, Scott. As you can imagine, we watch our customer base really closely. But we have such a wide breadth of customers and products and services -- but it's that wide breadth of customers, whether it's geographic or by NIC code, you name it, we service it. And so nothing to call out specifically there.

是的。問得好，史考特。正如您所想，我們對客戶群非常關注。但是我們的客戶、產品和服務範圍非常廣泛——正是這種廣泛的客戶群，無論是按地理位置還是按 NIC 代碼劃分，只要你能想到的，我們都能提供服務。所以這方面沒有特別需要指出的。

We've got certain customers that are thriving, certain ones are having more challenges. But we're -- I wouldn't say anything specific to call out regarding the customer base. If we want to go to the fourth decimal type, we could get into those levels. But I don't think it's appropriate at this point because in general, our customer base has been pretty stable. And as I mentioned earlier, if anything, we had a slight improvement there.

有些客戶發展勢頭良好，有些客戶則面臨更多挑戰。但是，關於客戶群體，我不會發表任何具體評論。如果我們想使用小數點後第四位，我們可以進入那些等級。但我認為目前還不合適，因為總的來說，我們的客戶群一直相當穩定。正如我之前提到的，如果有什麼變化的話，那就是我們在這方面略有進步。

And did some, as you guys mentioned, very large buyback in the quarter. And clearly, we infer from this call, you're interested in being acquisitive. But it seems like we're going to see some large buybacks from you going forward based on what we've just seen. And your leverage is below one times, ticked up a little bit using a little bit of short-term borrowing to do it. What's the propensity to take the leverage higher and do that? How aggressive might we see you be with the buybacks? And where would you take the leverage?

正如你們所提到的，本季我們確實進行了一些非常大規模的股票回購。顯然，從這通電話中我們可以推斷出，你對收購很有興趣。但根據我們剛才看到的情況來看，未來你們似乎會進行一些大規模的股票回購。你的槓桿率低於 1 倍，透過少量短期借款略微提高了一些。增加槓桿並這樣做的可能性有多大？您在股票回購方面可能會採取多積極的策略？你會利用什麼優勢？

Good question. We view buybacks as an excellent use of cash to provide shareholder return. That being said, we have been very transparent on this. We view it as an opportunistic approach. So I wouldn't just simply model in that we are going to lever up and be highly aggressive on buybacks. We'll be opportunistic and handle that as we have in the past.

問得好。我們認為股票回購是利用現金為股東帶來回報的絕佳方式。話雖如此，我們在這件事上一直保持著非常透明的態度。我們認為這是一種投機取巧的做法。所以我不會簡單地把我們要增加槓桿並積極回購股票的情況納入模型中。我們會抓住機會，像過去那樣處理這件事。

And if you look at our history, even our 5-, 10-, 20-year history, we've been pretty consistent on that, our capital allocation approach. And I wouldn't expect a change to our approach there. We'll continue to look at that opportunistically and return that back to our shareholders as appropriate.

如果你回顧我們的歷史，甚至是我們過去 5 年、10 年、20 年的歷史，你會發現我們在資本配置方法上一直相當一致。我不認為我們在這方面的做法會有所改變。我們將繼續密切關注這一領域，並酌情將其回報給股東。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

The first question I have was just hoping to get more detail on the growth verticals versus the rest of the business. Maybe you could talk a little bit about the growth of those verticals in aggregate versus the rest of the business and maybe versus each other and what percentage of the business they are right now? And then just a separate -- just a deep dive a little bit more on one of the verticals.

我的第一個問題是，希望能更詳細地了解成長垂直領域與其他業務領域的差異。或許您可以談談這些垂直業務的整體成長情況，與公司其他業務相比如何，以及它們彼此之間的成長情況，並談談它們目前占公司業務的百分比？然後，再單獨深入探討其中一個垂直領域。

In terms of some of those like scrubs business that you guys have been very successful in, how much of a differentiator is it for you in terms of being able to use your balance sheet to have those dispensers out there and really invest in effective dispensers?

就你們在醫用洗手服業務方面取得的巨大成功而言，能夠利用你們的資產負債表來購置和投資高效的洗手服分發器，對你們來說有多大的差異化優勢？

Jim, why don't you take the first half, and then I'll talk about the dispensaries.

吉姆，不如你先講前半部分，然後我再講藥局的事。

Sure. Yes, Shlomo, as we mentioned in our prepared remarks, we continue to see really good success across all four of our verticals of health care, hospitality, state and local government and education. We continue -- right now, health care is the largest and probably the most developed. We've been in that business the longest. That one represents about 8% of our total revenue, is growing.

當然。是的，Shlomo，正如我們在準備好的演講稿中提到的，我們在醫療保健、酒店、州和地方政府以及教育這四個垂直領域都繼續取得了非常好的成功。我們持續下去—目前，醫療保健是規模最大、也可能最發達的行業。我們從事這個行業的時間最長。該業務約占我們總收入的 8%，並且還在成長。

And all four of them, by the way, are growing slightly faster than the aggregate of the company, but all the company -- we're getting demand in all of our business lines. So we're seeing good growth across the board. But right now, health care is about 8% of total. And if you put all four together, they're about 11%. But we really like the trajectory and the total available market in each one of those. So we continue to organize around those and put good resources toward them.

順便說一句，這四家公司的成長速度都略高於公司整體的成長速度，但整個公司——我們所有的業務線都得到了需求。所以我們看到各方面都呈現良好的成長動能。但目前醫療保健支出約佔總支出的 8%。如果把這四個加起來，大約是 11%。但我們非常看好這些產品的發展軌跡和整體市場規模。因此，我們繼續圍繞這些目標開展工作，並投入大量資源。

Yes. And I'll take the second half, Shlomo. As a reminder, we don't just sell into these verticals. We organize around them, whether it be customer service, the routing of that, which would take a little bit away from density, but we think it's so important to be experts in that business so that we can provide that much more value.

是的。什洛莫，我來接下半場。再次提醒，我們的銷售範圍並不僅限於這些垂直領域。我們圍繞著這些方面進行組織，無論是客戶服務還是相關路線的安排，雖然這會稍微降低密度，但我們認為成為該領域的專家非常重要，這樣我們才能提供更大的價值。

So that helps us get better at finding the next products and services that those customers want and help us provide a better customer experience. That being said, you mentioned dispensers. We have deployed dispensers at many customers. And the value that we bring is significant there because it changes the game for them and allows them to look at the product differently.

這樣可以幫助我們更好地找到客戶想要的下一個產品和服務，並幫助我們提供更好的客戶體驗。話雖如此，你提到了分配器。我們已在多家客戶處部署了分配器。我們帶來的價值意義重大，因為它改變了他們的遊戲規則，讓他們以不同的視角看待產品。

Instead of looking at the product as a commodity, that's -- and let's go with the cheapest one we can, they can provide a better value product because they have control over that inventory. So that's all important. And we're blessed to have a great balance sheet. We have a balance sheet that allows us to invest for those customers and ultimately get a return for our company to provide a better value and value proposition for the customer, better products, better service, better technology, and that gives us a strategic advantage.

與其將產品視為商品，然後選擇最便宜的產品，不如提供更有價值的產品，因為他們可以控制庫存。所以這些都很重要。我們很幸運擁有良好的資產負債表。我們擁有良好的資產負債表，使我們能夠為這些客戶進行投資，並最終為公司帶來回報，從而為客戶提供更好的價值和價值主張、更好的產品、更好的服務、更好的技術，這賦予了我們戰略優勢。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I was hoping you could talk about -- if you think about your business long term, you're already growing high single digits, great. Where do you see the next like step-up of growth coming from? Is it from the key verticals? Is it from new geographies, new products? I guess when you think about your penetration in the key verticals, like how do you think about long-term sustainability of growth at this level and where the biggest growth drivers come from?

我希望你能談談——如果你從長遠角度考慮你的業務，你現在已經實現了接近兩位數的成長，這很棒。你認為下一個成長高峰會來自哪裡？它來自關鍵垂直領域嗎？是來自新的地域，還是新的產品？我想，當你考慮你在關鍵垂直領域的滲透率時，你會如何看待這種程度的長期可持續成長，以及最大的成長動力來自哪裡？

Toni, we really like the growth levels that we're at. You see that, organically, we're growing at that mid- to high single-digit revenue number. And then we've had some nice M&A advantage as well. So we really like where we are. And it all goes into the algorithm. Our verticals, as Jim mentioned, are growing at a higher rate than our business overall, and we expect that.

托尼，我們非常滿意我們目前的成長水平。你可以看到，我們的有機成長使營收達到了中高個位數水準。此外，我們在併購方面也獲得了一些不錯的優勢。所以我們很喜歡現在的生活狀態。所有這些都會被輸入到演算法中。正如吉姆所提到的，我們的垂直業務成長速度高於我們整體業務的成長速度，這也是我們預期的。

We're always looking at new products and services that we can launch and do launch, and that goes into our algorithm as well. New geographies, we have the coverage that we really like in our Rental and First Aid businesses. The Fire business, we are still rolling out some flags in that area. So you'll get some geographic expansion there, but we've already spoken to that.

我們一直在尋找可以推出的新產品和服務，也一直在進行推出，這同樣也納入了我們的演算法中。在新的地域範圍內，我們在租賃和急救業務方面擁有我們非常滿意的覆蓋範圍。在消防業務方面，我們仍在該領域開展一些工作。所以你們會在那裡獲得一些地域擴張，但我們已經討論過這個問題了。

But the great news is for all of us that we don't need to take our models and go to other geographies, but we certainly need to continue to invest in our business, continue to invest in capacity, invest in new products and services, invest in new technologies. So that we can continue to grow at these levels. And we like these levels of growth because we can organize around them, we can plan for them, we can staff for those, we can invest capital for those levels. And when we grow at these levels, it gives us the opportunity to get leverage and margin expansion as a result.

但對我們所有人來說，好消息是，我們不需要把我們的模式搬到其他地區，但我們當然需要繼續投資我們的業務，繼續投資產能，投資新產品和服務，投資新技術。這樣我們才能繼續保持這樣的成長水準。我們喜歡這樣的成長水平，因為我們可以圍繞這些水平進行組織，我們可以為這些水平制定計劃，我們可以為這些水平配備人員，我們可以為這些水平投資資金。當我們達到這樣的成長水準時，就能獲得槓桿效應和利潤率擴張的機會。

Toni, this is Scott. I might just add that we obviously had an outstanding quarter in the second quarter, strong growth performance from all three of our route-based businesses. We had a favorable comp in Q2 to last Q2. And as we talked about earlier, when we think about the second half of the year, I think Todd mentioned this, we do have some more challenging comps, and you can see that in our guide for the second half of the year.

東尼，這位是斯科特。我還要補充一點，我們第二季的業績非常出色，我們所有三項以路線為基礎的業務都實現了強勁的成長。今年第二季與去年同期相比，我們獲得了有利的比較基數。正如我們之前討論過的，當我們展望下半年時，我想托德也提到過，我們確實會面臨一些更具挑戰性的比賽，你可以在我們下半年的指南中看到這一點。

But whether it's the first half of the year or our guide for the second half, we're right in the stated range of that mid- to high single-digit growth. And as Todd mentioned, the growth algorithm we have, we have a lot of confidence in that we can sustain that level of growth moving forward.

但無論是上半年還是我們對下半年的預測，我們都正處於先前公佈的中高個位數成長範圍內。正如托德所提到的那樣，我們擁有的成長演算法讓我們非常有信心能夠維持這種成長水平。

At this time, there are no further questions. I'll turn the call back over to Jared for closing remarks.

目前沒有其他問題了。我將把電話轉回給賈里德，請他作總結發言。

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

謝謝你，羅斯，也謝謝你今天早上和我們一起收看節目。我們將於3月份發布2026財年第三季財務業績。我們期待屆時再次與您聯繫。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。