Farmer Bros Co (FARM) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Farmer Brothers third quarter, Fiscal 2025 earnings conference call. [Operator Instructions] Today, the company filed its Form 10Q and issued its third quarter results press release, which are available on the investor relations section of the Farmer Brothers website at farmerbros.com

下午好，歡迎參加 Farmer Brothers 2025 財年第三季財報電話會議。[操作員指示] 今天，該公司提交了 10Q 表格並發布了第三季度業績新聞稿，可在 Farmer Brothers 網站 farmerbros.com 的投資者關係部分查閱。

The release is also included as an exhibit on the company's Form 10Q and is available on its website and the Securities and Exchange Commission's website at sec.gov.

新聞稿也作為附件包含在公司的 10Q 表中，可在其網站和美國證券交易委員會網站 sec.gov 上查閱。

A replay of this audio-only webcast will also be available on the company's website approximately two hours after the conclusion of this call. Before we begin the call, please note that all the financial information presented is audited, and various remarks made by management during this call about the company's future expectations, plans, and prospects may constitute forward-looking statements for the purposes of the safe harbor provisions under the federal securities laws and regulations.

本次電話會議結束後約兩小時，公司網站上也將提供此純音訊網路廣播的重播。在我們開始電話會議之前，請注意，所提供的所有財務資訊均經過審計，管理層在電話會議中就公司未來預期、計劃和前景所作的各種評論可能構成聯邦證券法律和法規下安全港條款所指的前瞻性陳述。

These forward-looking statements represent the company's views as of today and should not be relied upon as representing the company's views as of any subsequent date. Results could differ materially from those forward-looking statements. Additional information on factors which could cause actual results and other events to differ materially from those forward-looking statements is available in the company's release and public filings.

這些前瞻性陳述代表了公司截至今天的觀點，不應被視為代表公司在任何後續日期的觀點。結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果和其他事件與前瞻性陳述存在重大差異的因素的更多信息，請參閱本公司的新聞稿和公開文件。

On today's call, management will also reference certain non-gap financial measures, including adjusted EBITDA and adjusted EBITDA margin in assessing the company's operating performance. Reconciliation of these non-gap financial measures to their most directly comparable GAAP measures is also included in the company's release and SEC filings. I will now turn the conference over to former brothers, President and Chief Executive Officer; John Moore. Mr. Moore, please go ahead.

在今天的電話會議上，管理層還將參考某些非差距財務指標，包括調整後的 EBITDA 和調整後的 EBITDA 利潤率來評估公司的經營業績。這些非差距財務指標與最直接可比較的 GAAP 指標的對帳也包含在公司的發布和 SEC 文件中。現在，我將會議交給前兄弟、總裁兼執行長約翰·摩爾 (John Moore)。摩爾先生，請繼續。

Good afternoon everyone, and thank you for joining us. The third quarter was another solid quarter for Farmer Brothers. We realized our third straight quarter of positive adjusted EBITDA at USD1.7 million maintained gross margins above 42%, and continued improvement on our cost structure with decreases in both our selling and GNA expenses.

大家下午好，感謝大家的參與。第三季對於 Farmer Brothers 來說又是一個表現穩健的季度。我們連續第三個季度實現了調整後 EBITDA 為正 170 萬美元，毛利率保持在 42% 以上，並且成本結構持續改善，銷售費用和 GNA 費用均有所下降。

I am incredibly proud of our team and their ability to continue to maintain and build on the positive momentum we have achieved over the last several quarters, despite the extremely challenging consumer and industry headwinds. As all of you are well aware, both the Arabica and Robusta coffee markets remain historically high. Consumer confidence dropped again in April, according to the conference board to the lowest reading in many years, and nervous consumers spend less and less often.

我為我們的團隊感到無比自豪，儘管面臨極具挑戰性的消費者和行業逆風，他們仍能繼續保持和鞏固我們過去幾季所取得的積極勢頭。眾所周知，阿拉比卡咖啡和羅布斯塔咖啡市場都保持著歷史高點。世界大型企業聯合會的數據顯示，四月消費者信心再次下降，降至多年來的最低水平，緊張的消費者的消費意願越來越低。

These market dynamics, coupled with uncertainty regarding the potential impact of tariffs, continues to put pressure on the industry as a whole. Farmer Brothers has been proactively working to address these challenges by streamlining our operations, increasing internal efficiencies, and reducing our overhead to better manage our overall cost structure.

這些市場動態，加上關稅潛在影響的不確定性，繼續給整個產業帶來壓力。Farmer Brothers 一直積極努力應對這些挑戰，透過精簡營運、提高內部效率和降低管理費用來更好地管理我們的整體成本結構。

As is evident by our recent results, we believe these efforts have had a meaningful and positive impact on the organization and have us well positioned to meet the challenging market environment. We must continue to protect our gross margins and the progress we have made to date in spite of the macroeconomic headwinds. As such, we recently completed some additional right sizing of the organization, primarily among our support teams and corporate leadership.

從我們最近的結果可以看出，我們相信這些努力對組織產生了有意義的正面影響，並使我們處於有利地位，以應對充滿挑戰的市場環境。儘管面臨宏觀經濟逆風，我們必須繼續保護我們的毛利率和迄今為止的進展。因此，我們最近完成了組織的一些額外適當規模調整，主要是在我們的支援團隊和公司領導層中。

Included in those changes was the departure of our Chief Operations Officer, Tom Bauer. We thank Tom for his service and all that he has done over the last two years to help us navigate a significant amount of change and build a strong foundation upon which we now stand. Our sales team led by Brian Miller, who joined us earlier this year, and our DSD teams will remain separate as we mentioned on our last call. This will allow each respective team to focus solely on driving top line revenue and increasing both customer growth and retention.

這些變動包括我們的營運長湯姆鮑爾 (Tom Bauer) 的離職。我們感謝湯姆的服務以及他在過去兩年中所做的一切，幫助我們應對重大變革並建立我們現在所處的堅實基礎。我們的銷售團隊由今年稍早加入我們的 Brian Miller 領導，而我們的 DSD 團隊將保持獨立，正如我們在上次電話會議中提到的那樣。這將使每個團隊能夠專注於推動營業收入並增加客戶成長和留任率。

Our DSD team will now be led by Vice President of Field Operations Travis Young, who previously served as one of our DSD regional directors. Travis has been with Farmer Brothers for almost 25 years and has worked in a variety of roles across our operations, sales, and production teams. His experience in the trenches and vast knowledge of the industry, our company, and our customer base make him uniquely positioned to lead our DSD efforts.

我們的 DSD 團隊現在將由現場營運副總裁 Travis Young 領導，他之前曾擔任我們的 DSD 區域主管之一。特拉維斯已在 Farmer Brothers 工作近 25 年，並​​在我們的營運、銷售和生產團隊擔任過各種職務。他在一線的經驗以及對行業、我們公司和客戶群的廣泛了解使他成為領導我們 DSD 工作的獨特人選。

He also provides valuable insight and leadership into our ongoing route and capital optimization efforts, as well as our operational system and process enhancements. The official launch of Someone Coffee Roasters this quarter also marked the completion of our brand pyramid and coffee skew rationalization initiatives.

他還為我們正在進行的路線和資本優化工作以及我們的營運系統和流程改進提供了寶貴的見解和領導力。本季 Someone Coffee Roasters 的正式推出也標誌著我們品牌金字塔和咖啡傾斜合理化舉措的完成。

Over the last year, these projects have allowed us to remove redundancies, optimize our roasting and operational facilities, reduce overhead costs, simplify our go to market strategy, and enhance the overall customer experience. With clearly defined traditional premium and specialty tiers available across our nationwide DSD network for the first time in our history, our customers can now engage at the levels and prices which make the most sense for them.

在過去的一年裡，這些項目使我們能夠消除冗餘，優化我們的烘焙和營運設施，降低管理費用，簡化我們的市場策略，並提升整體客戶體驗。我們全國性的 DSD 網路有史以來首次提供明確界定的傳統高端和專業服務層級，我們的客戶現在可以選擇最適合他們的等級和價格。

This, along with our customer service efforts is something that will continue to set Farmer Brothers apart in the marketplace, particularly in the current economic environment. With that said, we did continue to see declines in overall coffee volumes and customer count during the quarter.

這一點，加上我們的客戶服務努力，將繼續使 Farmer Brothers 在市場上脫穎而出，尤其是在當前的經濟環境下。話雖如此，我們確實看到本季咖啡總銷量和顧客數量持續下降。

Total coffee pounds were down 9.4% compared to the third quarter of 2024. We believe this is driven in part by downstream degradation across the customer base. Despite these declines, we continue to deliver improved gross margins and adjusted EBITDA results. This is primarily a result of our cost management efforts and proactive pricing approach.

與 2024 年第三季相比，咖啡總產量下降了 9.4%。我們認為，這在一定程度上是由於整個客戶群的下游品質下降所致。儘管這些下滑，我們仍繼續提高毛利率和調整後的 EBITDA 表現。這主要是我們的成本管理努力和主動定價方法的結果。

Overall, we are proud of the progress we have made and the results we have been able to deliver despite these unprecedented market conditions. We know there is still much to do as we proactively navigate this ever-changing market environment, focus on execution and position Farmer Brothers for long-term growth. With that, I'll now turn it over to Vance to discuss our financials in more detail. Vance.

整體而言，儘管市場條件空前，但我們對所取得的進步和所取得的成果感到自豪。我們知道，在我們積極應對這個不斷變化的市場環境、專注於執行並為農民兄弟的長期成長做好準備的同時，還有很多工作要做。現在，我將把話題交給萬斯，讓他更詳細地討論我們的財務狀況。萬斯。

Thanks, John, and good afternoon, everyone. As John said, Farmer Brothers continues to deliver solid results despite the challenging operating environment, with positive adjusted EBITDA, stronger gross margin performance, and continued improvement in our cost structure.

謝謝，約翰，大家下午好。正如約翰所說，儘管經營環境充滿挑戰，但 Farmer Brothers 仍繼續取得穩健的業績，調整後的 EBITDA 為正，毛利率表現更強勁，成本結構持續改善。

Overall, our adjusted even for the quarter was USD1.7 million, an increase of approximately USD1.5 million compared to the third quarter of last year. Our adjusted EBITDA results were again supported by healthy gross margins. Gross margin in the third quarter was 42.1%, a year over year increase of 200 basis points compared to 40.1% in the third quarter of last year.

總體而言，本季的調整後利潤為 170 萬美元，與去年第三季相比增加了約 150 萬美元。我們的調整後 EBITDA 結果再次受到健康毛利率的支持。第三季毛利率為42.1%，較去年同期的40.1%成長200個基點。

As expected, gross margins did contract slightly compared to the second quarter, which reflects rising coffee prices working through our cost of goods sold. We expect this to continue over the coming quarters, but feel we have appropriately planned for this and we will continue to actively manage inventory and pricing to deliver margins above our 40% target despite current market conditions.

正如預期的那樣，與第二季相比，毛利率確實略有下降，這反映了咖啡價格上漲對我們銷售成本的影響。我們預計這種情況將在未來幾季持續下去，但我們認為我們已經為此做好了適當的計劃，儘管目前的市場狀況良好，我們仍將繼續積極管理庫存和定價，以實現高於 40% 目標的利潤率。

Net sales during the third quarter of fiscal '25 were down on a year over year basis to USD82.1 million compared to USD85.4 million during the prior year period. Operating expenses were USD38.1 million in the third quarter compared to USD34.7 million in the prior year period. The USD3.4 million increase was primarily driven by a USD5.3 million decrease in net gains related to asset disposals, as there were no branch sales in the third quarter of this fiscal year.

25 財年第三季淨銷售額年減至 8,210 萬美元，去年同期為 8,540 萬美元。第三季營運費用為 3,810 萬美元，去年同期為 3,470 萬美元。340 萬美元的成長主要是由於資產處置相關的淨收益減少 530 萬美元，因為本財年第三季沒有分公司銷售。

When adjusted for net asset sales, operating expenses declined USD1.9 million on a year over year basis, or 50 basis points as a percentage of net sales, reflecting our ongoing progress in right sizing our cost structure. As John mentioned, we've made some additional adjustments recently which better positioned us going forward to manage the challenging operating environment.

經淨資產銷售額調整後，營業費用年減 190 萬美元，佔淨銷售額的百分比下降了 50 個基點，這反映了我們在調整成本結構方面不斷取得進展。正如約翰所提到的，我們最近做了一些額外的調整，這使我們能夠更好地應對充滿挑戰的營運環境。

For the third quarter, Farmer Brothers recorded a net loss of USD5 million compared to a [700,000] net loss in the third quarter of last year. This quarter's results, however, included a USD2.4 million net loss associated with the disposal of assets, while the prior year period included a USD2.9 million gain associated with the disposal of assets.

第三季度，農民兄弟淨虧損 500 萬美元，而去年第三季淨虧損 [70 萬] 美元。然而，本季的業績包括與資產處置相關的 240 萬美元淨虧損，而去年同期包括與資產處置相關的 290 萬美元收益。

Looking at the balance sheet as of March 31, 2025, we had USD4.1 million of unrestricted cash and cash equivalents, USD200,000 in restricted cash, and USD23.3 million in outstanding borrowings under our credit facility with USD22.1 million of additional borrowing capacity. For the third quarter, cash flow from operating activities was USD1.3 million, an increase of USD3.6 million compared to the same period last year, and marking our third consecutive quarter of positive operating cash flow.

從截至 2025 年 3 月 31 日的資產負債表來看，我們擁有 410 萬美元的非限制性現金和現金等價物、20 萬美元的限制性現金以及 2,330 萬美元的信貸額度下的未償還借款，以及 2,210 萬美元的額外借款能力。第三季度，經營活動現金流為130萬美元，較去年同期增加360萬美元，連續第三季實現營運現金流為正。

Free cash flow was negative at USD0.7 million for the quarter, a USD5 million improvement over the third quarter of last year, a testament to our progress in driving better operating performance and improved working capital and CapEx efficiency. Looking ahead, we expect market conditions to continue to be challenging. We remain focused on execution and proactively managing the dynamic market conditions we are in and believe we are well positioned to do so.

本季自由現金流為負 70 萬美元，比去年第三季改善 500 萬美元，證明我們在推動更好的營運績效和提高營運資本和資本支出效率方面取得了進展。展望未來，我們預期市場環境將持續充滿挑戰。我們仍然專注於執行並積極管理我們所處的動態市場條件，並相信我們已準備好做到這一點。

We are pleased with the results of our recent quarters and believe they demonstrate the significant progress we've made in our ability to generate long-term value under more normal market conditions. With that, I'll turn it back over to John. John.

我們對最近幾季的業績感到滿意，並相信它們證明了我們在更正常的市場條件下創造長期價值的能力方面取得了重大進展。說完這些，我會把話題交還給約翰。約翰。

Thanks, Vance. To date, this year has been one of tremendous improvement for Farmer Brothers. We are extremely proud of the progress we have made both operationally and financially, particularly in terms of adjusted EBITDA gross margins and improvements in our overall cost structure. We do, however, know there is still much work to be done. We remain committed to driving growth on our top line coffee volumes and customer base, as we know these are fundamental to our long-term success.

謝謝，萬斯。到目前為止，今年對農民兄弟來說已經是巨大進步的一年。我們對在營運和財務方面取得的進展感到非常自豪，特別是在調整後的 EBITDA 毛利率和整體成本結構的改善方面。然而，我們知道還有很多工作要做。我們將繼續致力於推動咖啡銷售和客戶群的成長，因為我們知道這些對我們的長期成功至關重要。

With our fully implemented brand pyramid, we now have a tiered go to market strategy which allows our customers to move up and down the value chain to meet their current business needs. Rather than looking for a new supplier, Farmer Brothers now offers them a good, better, and best option to meet their quality and price requirements while also providing additional beverage and allied goods and equipment, as well as comprehensive white glove customer service.

透過全面實施品牌金字塔，我們現在擁有分層的行銷策略，使我們的客戶能夠在價值鏈中上下移動以滿足他們當前的業務需求。Farmer Brothers 現在不再尋找新的供應商，而是為他們提供好的、更好的、最好的選擇，以滿足他們的品質和價格要求，同時還提供額外的飲料和相關商品和設備，以及全面的白手套客戶服務。

These elements are a true market differentiator for Farmer Brothers and a tremendous benefit. In the current economic climate. Furthermore, with access to 90% of the global coffee market, our new simplified brand pyramid allows our planning and procurement team to fully take advantage of our global sourcing relationships to find the best origin options without sacrificing quality.

這些因素對於農民兄弟來說是一個真正的市場差異化因素，並且帶來了巨大的利益。在當前的經濟環境下。此外，透過進入全球 90% 的咖啡市場，我們新的簡化品牌金字塔使我們的規劃和採購團隊能夠充分利用我們的全球採購關係，在不犧牲品質的情況下找到最佳的原產地選擇。

This creates flexibility for our suppliers and allows us to proactively navigate potential tariff impacts as we continue to work to manage our cost structure. We do not anticipate any immediate tariff impact to our COGS in the current fiscal year. We remain focused on these elements as well as our initiatives to drive product penetration across our existing customer base and add density across our existing DSD routes. Our goal, of course, remains to drive top line and customer growth in the coming quarters.

這為我們的供應商創造了靈活性，並使我們能夠在繼續努力管理成本結構的同時主動應對潛在的關稅影響。我們預計本財政年度的關稅不會對我們的銷貨成本產生任何直接影響。我們將繼續關注這些要素以及推動產品在現有客戶群中的滲透率並增加現有 DSD 路線的密度的措施。當然，我們的目標仍然是推動未來幾季的營收和客戶成長。

Overall, we remain confident that we are well positioned to realize significant positive gains and create meaningful long-term growth and profitability when more stable market conditions return. I want to thank you all for joining us on the call today, operator, we will now open it up for questions.

總體而言，我們仍然相信，當市場條件更加穩定時，我們有能力實現顯著的正收益，並創造有意義的長期成長和獲利能力。接線員，我要感謝大家今天參加我們的電話會議，我們現在開始提問。

We will now begin the question and answer session. [Operator Instructions]

我們現在開始問答環節。[操作員說明]

The first question comes from Eric Deslaurier with Craig Hallam Capital Group. Please go ahead.

第一個問題來自 Craig Hallam Capital Group 的 Eric Deslaurier。請繼續。

Great, thanks for taking my questions. First one for me, I just wanted to clarify one of Vance's, comments, so obviously, there's some macro headwinds with pricing, you do expect some gross margin headwind as a result, but, should we still expect a sort of 40% plus in the quarters ahead? I wasn't sure if those headwinds might bring us below that or if you guys still feel confident that. You kind of have enough leverage topo to maintain that 40% gross margin.

太好了，謝謝你回答我的問題。對我來說，首先我想澄清一下 Vance 的一個評論，顯然，定價方面存在一些宏觀阻力，你確實預計毛利率會因此出現一些阻力，但是，我們是否仍應該預期未來幾個季度的毛利率會達到 40% 以上？我不確定這些不利因素是否會讓我們低於這個水平，或者你們是否仍然對此有信心。您擁有足夠的槓桿來維持 40% 的毛利率。

Hey, Eric, good question. Thanks for the question. Yes, we feel like the actions that we've taken today and will continue to take will certainly, put us in a position to stay above that target range over 40%. So feel pretty good about that over the coming quarters.

嘿，艾瑞克，這個問題問得好。謝謝你的提問。是的，我們覺得我們今天採取的行動以及將繼續採取的行動肯定會使我們保持 40% 以上的目標範圍。因此，在接下來的幾個季度裡，您會感覺非常良好。

All right, great, it's great to hear I guess this is sort of a related question how much room do you have to continue reducing operational costs or or or even cost of goods I I guess this maybe overall, how much room you have to continue increasing operational efficiency, I mean. You guys comment on there's a lot of work still to be done, but frankly you've made a lot of improvements already. I guess I'm just curious sort of where we are in the overall scheme of improving operational efficiency and reducing costs.

好的，太好了，很高興聽到這個消息，我想這是一個相關的問題，您有多少空間可以繼續降低營運成本或甚至商品成本，我想這可能總體而言，您有多少空間可以繼續提高營運效率，我的意思是。你們評論說還有很多工作要做，但坦白說，你們已經取得了很多進步。我想我只是好奇我們在提高營運效率和降低成本的整體方案中處於什麼位置。

Hi Eric, this is John. Thanks for the question. Thanks for joining the call. I think, we've done a lot of work over the last year and a half to optimize the operations, as you've said, you never stop looking for opportunities to optimize your business, particularly in this environment, but I do feel as though we've taken a number of measures to position us to maintain that [40+%] close margin as Vance said.

你好，艾瑞克，我是約翰。謝謝你的提問。感謝您參加電話會議。我認為，在過去的一年半里，我們做了很多工作來優化運營，正如您所說，您永遠不會停止尋找優化業務的機會，特別是在這種環境下，但我確實覺得我們已經採取了一些措施來保持 Vance 所說的 [40+%] 的利潤率。

And we feel as though we're in a very good place right now with the team that we have to go forward and to start shifting gears a little bit from from the optimization efforts to to really focusing on on growing the customer base and certainly maintaining and even selling deeper into the customers that we have. So I think that's really where our opportunity is at the moment. That's management team's focus, that's the focus of the team. Yeah.

我們覺得現在我們和團隊處於一個非常好的位置，我們必須繼續前進，開始從優化工作稍微轉變到真正專注於擴大客戶群，當然還要維護甚至更深入地向現有的客戶銷售產品。所以我認為這確實是我們目前的機會。這是管理團隊的重點，也是團隊的重點。是的。

That certainly makes sense to me. Last question for me, bit of a perhaps unusual question or I know just not the typical focus, but, on the allied products, how much of an ability is there to sort of add additional products or drive this revenue line? I mean, could this be a meaningful growth driver or is it. Kind of too small of an impact, not worth it right now while you guys are looking to, add more customers, add root density, all that good stuff. I'm just kind of wondering about that. Revenue line. [inaudible]

對我來說這當然是有道理的。對我來說最後一個問題，可能有點不尋常，或者我知道這不是典型的焦點，但是，對於相關產品，有多少能力可以添加額外的產品或推動這條收入線？我的意思是，這是否是一個有意義的成長動力？影響太小了，現在不值得，因為你們正在考慮增加更多的客戶，增加根密度，等等。我只是有點好奇這一點。收入線。[聽不清楚]

So no thanks for that question, Eric. We see it as a tremendous opportunity. I think, when you've got the customer accounts that we have, you always have your [cap exend] has already been committed, right? So the most, advantageous way to add immediate value is to sell deeper and sort of land and expand with your existing customer base. And I think that for us we see that as a tremendous opportunity. We've launched an initiative specifically around that idea and we're seeing, some positive returns already.

所以，艾瑞克，謝謝你提出這個問題。我們認為這是一個巨大的機會。我認為，當您擁有我們這樣的客戶帳戶時，您的[cap exend]總是已經被承諾了，對嗎？因此，最有利的增加即時價值的方式是深入銷售、佔領土地並擴大現有客戶群。我認為這對我們來說是一個巨大的機會。我們專門圍繞這個想法發起了一項倡議，並且已經看到了一些積極的回報。

So we're excited about that initiative. We have a lot of faith in our sales representative team and the operations team to execute on that, and I feel as though we've done a pretty good job of supporting that initiative with various other parts of the organization. So it's. It's mobilized the marketing team, it's mobilized sales support functions. It's mobilized, field operations team and we're seeing some good positive results.

因此我們對這項舉措感到非常興奮。我們對我們的銷售代表團隊和營運團隊執行這項計劃充滿信心，我覺得我們在與組織的其他部門合作支持該計劃方面做得相當不錯。原來如此。它調動了行銷團隊，調動了銷售支援職能。現場行動團隊已經動員起來，我們看到了一些正面的成果。

All right, it's great to hear. I appreciate the call thank you for taking my questions.

好的，很高興聽到這個消息。感謝您的來電，感謝您回答我的問題。

The next question is from Jerry Sweeney with Roth Capital. Please go ahead.

下一個問題來自 Roth Capital 的 Jerry Sweeney。請繼續。

Good afternoon, John, Vance. Thanks for taking my call.

下午好，約翰、萬斯。謝謝您接聽我的電話。

Thank you, thanks for calling in.

謝謝，謝謝您的來電。

I wanted to touch on. The splitting or dividing of operations back in the previous quarter, so Business development field operations, and I think this sort of goes along with some of the commentary around growth right so field operations, a lot of optimization.

我想談談。上一季的業務拆分或劃分，即業務發展現場運營，我認為這與有關增長的一些評論相一致，因此現場運營進行了大量優化。

Running routes and then business development and that feels as though it was a recent move, just wanted to see how that was going, and, how does that sort of play into some growth opportunities or at least strategy into developing some more growth op.

運行路線，然後是業務開發，感覺就像是最近的舉措，只是想看看進展如何，以及，這種發展方式如何轉化為一些成長機會，或至少是發展更多成長業務的策略。

Sure, I think, Brian Miller's still relatively fresh in the organization, but he's hit the ground running and is already making some pretty significant strides. We're very pleased with the results there. There's been a bit of a cultural shift and shift in structure in the business development team and that side of the business. I think he would characterize that as sort of creating centers of excellence that are not as much beholden to geography as they may have been in the past.

當然，我認為布萊恩米勒在組織中仍然比較新，但他已經開始努力工作並取得了相當大的進步。我們對那裡的結果非常滿意。業務開發團隊和業務方面發生了一些文化轉變和結構轉變。我認為他會將其描述為創建卓越中心，這些中心不再像過去那樣受地理位置的限制。

And really more role and function specific where you're able to put your aces in your places and have people that are that are pretty dedicated to their function really thrive and excel. So that those changes have already been made and implemented and now, our focus is really on having a a cleaner differentiation between those on that side that maintain the business and retain the customer base that we have, maintain those relationships and if anything strengthen those relationships.

而且實際上，角色和功能更加具體，您可以將自己的王牌放在自己的位置上，並讓那些非常致力於其職能的人真正蓬勃發展並脫穎而出。所以這些變化已經做出並實施了，現在，我們的重點實際上是在那些維持業務和保留現有客戶群的人之間進行更清晰的區分，維持這些關係，如果有的話，加強這些關係。

And then there's the pure customer acquisition activity which is more sort of the classic hunter gatherer differentiation, right? And there too we're seeing some some early progress some early results, so we're pleased with how that's going, but there's a ton of work to be done. And then I would say with Travis Young taking on the reins of the field operations team, we both share a belief that our route sales representatives can really unlock a tremendous amount of value for the organization.

然後還有純粹的客戶獲取活動，這更像是經典的狩獵採集者差異化，對嗎？我們也看到了一些早期進展和早期成果，因此我們對進展感到滿意，但還有很多工作要做。然後我想說，隨著 Travis Young 接管現場營運團隊，我們都相信我們的路線銷售代表確實可以為組織釋放巨大的價值。

I mean, if you look at the the head count alone and that side of the operation, we have exponentially more people pounding the pavement every day, selling into the customer base that we have where we have an ability to expand within that customer base, what we're selling and how we're selling it. Which makes us stickier with that customer base with the addition of [each SKU].

我的意思是，如果你只看員工人數和營運方面，我們每天都有成倍增長的人在路上奔波，向我們現有的客戶群銷售產品，我們有能力在客戶群中擴大我們銷售的產品以及銷售方式。這使得我們能夠更好地維繫這個客戶群，[每個 SKU]。

But in addition to that, there is a little bit of latent capability there that we can tap to do some business development work and some customer acquisition work, and not every single day is packed from beginning to end with deliveries, and we feel as though that team could add a tremendous amount of value by getting out and doing a little bit more business acquisition activity. So we're really looking to drive that over the quarters ahead and think that it could add quite a bit of value for the organization.

但除此之外，我們還可以利用一些潛在能力來進行一些業務開發工作和一些客戶獲取工作，而且並不是每一天都從頭到尾都忙於交付，我們覺得通過走出去並進行更多的業務獲取活動，該團隊可以增加巨大的價值。因此，我們確實希望在未來幾季推動這一點，並認為它可以為組織增加相當大的價值。

Got it. What's the biggest challenge right now to expanding growth? I mean. I'm assuming that it's probably the macroeconomic backdrop, a little uncertainty, etc. But I'm just curious as to How you guys view it?

知道了。目前擴大成長面臨的最大挑戰是什麼？我是說。我猜想這可能是宏觀經濟背景、一點不確定性等等。但我只是好奇你們是如何看待它的？

I think it is a little bit of that. I think it's also a very competitive landscape, and I think, we are still refining our value proposition and go to market strategy. So I think as we continue to do that and we continue to enable our business acquisition team through better tools, better technology, I think we're going to start seeing that we're able to invest in that growth and then we'll start to see the results that we've been looking for.

我認為有一點這樣的。我認為這也是一個競爭非常激烈的市場，而且我認為我們仍在完善我們的價值主張和市場策略。因此，我認為，隨著我們繼續這樣做，並繼續透過更好的工具、更好的技術來支持我們的業務收購團隊，我們將開始看到我們能夠投資於這種成長，然後我們將開始看到我們一直在尋找的結果。

Then Corporate actions that took place. Did we see those, did they benefit this quarter at all, or should they sort of, well, will they benefit the next quarter with the Be cognizant that there are also headwinds. Exactly when they took place and how they sort of filter into.

然後發生了公司行動。我們是否看到了這些，它們是否對本季度有益，或者它們是否應該對下個季度有益，但要意識到也存在阻力。它們究竟何時發生，以及它們如何滲透進來。

Yeah, Jerry, this is Vance. They, those actions were taken in early Q4, so there you'll see the flow through in Q4 and really position is better going into into fiscal '26 instead of baseline going into F-26.

是的，傑瑞，這是萬斯。這些行動是在第四季度初採取的，因此您會看到第四季度的流量，並且進入 26 財年的情況確實比進入 F-26 的基線情況更好。

Got it. Great. Okay, that's it for me. I'll jump back and cue thanks.

知道了。偉大的。好的，對我來說就這樣了。我會跳回去並表示感謝。

This concludes our question and answer session, and it also con concludes our conference. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，我們的會議也到此結束。感謝您參加今天的演講。您現在可以斷開連線。