Lineage Inc (LINE) 2025 Q1 法說會逐字稿

Good day. And welcome to the Lineage first quarter 2025 earnings conference call.

再會。歡迎參加 Lineage 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

And then finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Evan Barbosa, VP, Investor Relations to begin the conference over to you.

最後，我想告知所有參與者，本次通話正在錄音。謝謝。現在，我歡迎投資者關係副總裁 Evan Barbosa 主持會議。

Thank you. Welcome to Lineage's discussion on the first quarter of 2025 financial results. Joining me today are Greg Lemhkuhl, President and Chief Executive Officer; and Rob Crisci Lineage's Chief Financial Officer.

謝謝。歡迎參與Lineage關於2025年第一季財務表現的討論。今天與我一起出席的還有總裁兼執行長 Greg Lemhkuhl；以及 Lineage 的財務長 Rob Crisci。

Our earnings presentation, which includes supplemental financial information, can be found on our Investor Relations website at ir.onelineage.com. Following management's prepared remarks, we'll be happy to take your questions.

我們的收益報告（包括補充財務資訊）可以在我們的投資者關係網站 ir.onelineage.com 上找到。在管理層準備好發言之後，我們很樂意回答您的問題。

Turning to slide 2, before we start, I would like to remind everyone that our comments today will include forward-looking statements under Federal securities laws. These statements are subject to numerous risks and uncertainties as described in our filings with the SEC.

翻到投影片 2，在我們開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法下的前瞻性陳述。正如我們向美國證券交易委員會提交的文件中所述，這些聲明受到眾多風險和不確定性的影響。

These risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued today, along with the comments on this call are made only as of today and will not be updated as actual events unfold.

這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果有重大差異。我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅截至今天為止，不會隨著實際事件的展開而更新。

In addition, reference will be made to certain non-GAAP financial measures. Information regarding our use of these measures and a reconciliation of non-GAAP to GAAP measures can be found in the press release that was issued this morning, unless otherwise noted and reporting figures around it and comparisons of the first quarter of 2025 or to the first quarter of 2020.

此外，也將參考某些非公認會計準則財務指標。有關我們使用這些指標以及非 GAAP 指標與 GAAP 指標的對帳信息，可在今天上午發布的新聞稿中找到，除非另有說明，並報告相關數字以及 2025 年第一季度或 2020 年第一季度的比較。

For now, I would like to turn the call over to Greg.

現在，我想把電話轉給格雷格。

Thanks, David. And thanks, everyone, for joining today. Today is a very exciting day for Lineage as we announced a landmark agreements with our valued customers, Tyson Foods.

謝謝，大衛。感謝大家今天的參與。今天對 Lineage 來說是激動人心的一天，因為我們宣布與我們尊貴的客戶泰森食品達成了一項具有里程碑意義的協議。

In total, we expect to deploy approximately 1 million of capital in the coming years on the acquisition and new greenfield developments that one stabilized will generate over $100 billion in annual EBITDA. The scale of these agreements on their own [vacuuming] fee would be the 5 or top 10 global cold storage company.

總體而言，我們預計未來幾年將投入約 100 萬美元的資金用於收購和新的綠地開發項目，一旦這些項目穩定下來，每年的 EBITDA 將超過 1000 億美元。這些協議的規模按其自身[吸塵]費用計算將相當於全球前五名或前十的冷藏公司。

First, we announced the definitive agreement to acquire and take over operations of four Tyson Foods cold storage warehouses for $247 million. These warehouses total approximately 49 million cubic feet with 160,000 houses that are located in Pottsville, Pennsylvania and Olathe, Kansas, Rochelle, Illinois and Tolleson, Arizona.

首先，我們宣布了最終協議，以 2.47 億美元收購並接管泰森食品四家冷藏倉庫的營運。這些倉庫總容量約為 4,900 萬立方英尺，擁有 16 萬間房屋，分別位於賓州波茨維爾、堪薩斯州奧拉西、伊利諾州羅謝爾和亞利桑那州托勒森。

Second, at or prior to closing the acquisition agreements, Lineage will enter into with additional multiyear warehouse agreement to design and build and operate to next-generation, fully-automated cold storage warehouses in major U.S. distribution markets.

其次，在完成收購協議時或之前，Lineage 將簽訂額外的多年期倉庫協議，以在美國主要分銷市場設計、建造和營運下一代全自動冷藏倉庫。

Tyson Foods will occupy as an anchor customer, stable at 80 million cubic feet at 260,000 pallet positions into our portfolio. We expect to deploy over $740 million on these two greenfield developments, with an expected yield of 9% to 11% would stabilized.

泰森食品將作為主要客戶，穩定佔據 8,000 萬立方英尺、260,000 個托盤位置的庫存。我們預計將在這兩個綠地開發項目上投入超過 7.4 億美元，預期收益率將穩定在 9% 至 11% 之間。

Under this warehouse agreement, Tyson Foods will also begin storing product at our newly-developed, next-generation, fully automated agents and facility, and [our eager] customers. The acquisitions are expect to close in the second quarter, subject to customary closing conditions.

根據該倉儲協議，泰森食品還將開始在我們新開發的下一代全自動代理和設施以及[我們熱切的]客戶中儲存產品。此次收購預計將於第二季完成，但需滿足慣例成交條件。

We look forward to welcoming over 1,000 existing Tyson Foods employees into Lineage family by executing our proven integration process. We expect to break ground on a Greenfield developments in the second half of this year.

我們期待透過執行我們成熟的整合流程，歡迎 1,000 多名現有泰森食品員工加入 Lineage 大家庭。我們預計今年下半年破土動工興建綠地開發案。

At the newbuild warehouses opening targeted for late '27 in 2028 for existing acquired warehouses, will transition to the public multi-client facilities. Our leading global facility network and world-class automation expertise, combined with our proprietary data science team abilities, aligns really well with Tyson Foods objective to enable a faster, smarter, and more integrated supply chain to meet the demands of an increasingly dynamic, evolving, and growing market.

新建倉庫計畫於 2027 年底在 2028 年投入使用，現有收購的倉庫將過渡到公共多客戶設施。我們領先的全球設施網絡和世界一流的自動化專業知識，加上我們專有的數據科學團隊能力，與泰森食品的目標非常吻合，即實現更快、更智能、更整合的供應鏈，以滿足日益動態、不斷發展和增長的市場的需求。

These landmark agreements showcase the multiple ways we can uniquely add value for our customers and look forward to future opportunities to help them build resilience and more responsive supply chains.

這些具有里程碑意義的協議展示了我們能夠以獨特的方式為客戶增加價值的多種方式，並期待未來有機會幫助他們建立更具彈性和響應速度的供應鏈。

Turning to our first quarter highlights on Slide 4. Our first quarter results reflect normal seasonality against the elevated inventory levels we saw in the first half of 2024 as discussed at our last earnings call. Our total revenue was down 3%, adjusted EBITDA down 7%, same-store warehouse satellite down 7.9%, and we delivered 6% AFFO per share growth.

轉到幻燈片 4 上的第一季亮點。我們第一季的業績反映了正常的季節性，與我們上次收益電話會議上討論的 2024 年上半年庫存水準上升的情況相對應。我們的總收入下降了 3%，調整後的 EBITDA 下降了 7%，同店倉庫衛星下降了 7.9%，但每股 AFFO 增加了 6%。

Right now, within the marketplace does cover trade-offs, despite the inventory reset, our same-store physical occupancy remained strong at 76.5%.

目前，市場確實存在權衡，儘管庫存重置，但我們的同店實體入住率仍然保持強勁，達到 76.5%。

However, the quarter was impacted by lower revenue per throughput, not [divide at all], primarily driven by new business wins at lower rates at customers resetting volume guarantees at lower levels, given lower industry occupants.

然而，本季受到每吞吐量收入下降的影響，而不是[完全分裂]，這主要是由於在行業佔用者較少的情況下，客戶以較低的費率贏得新業務，從而將吞吐量保證重置在較低水平。

However, our team continues to control cost and improve productivity and environment, where food companies are balancing that challenges of higher interest rates, shifting consumer sentiment and significant macroeconomic uncertainty, counted by evolving tariff policies.

然而，我們的團隊繼續控製成本並提高生產力和環境，食品公司正在平衡更高的利率、轉變的消費者情緒和重大的宏觀經濟不確定性等挑戰，這些挑戰包括不斷變化的關稅政策。

In response, many customers are pausing their supply chain investments and maintaining lean inventory levels. They are acutely focused on increasing their sales volumes while working hard to lower their operating expenses.

作為回應，許多客戶暫停了供應鏈投資並保持精益庫存水準。他們非常注重提高銷售量，同時努力降低營運費用。

Accordingly, we are partnering with our customers to leverage our global scale and expertise to help them optimize their supply chain and navigated this challenging period. All in, we are maintaining our previous guidance and expect to deliver adjusted EBITDA and AFFO per share growth for the full year, as well as return to same-store warehouse growth in the second half.

因此，我們正在與客戶合作，利用我們的全球規模和專業知識來幫助他們優化供應鏈並度過這段充滿挑戰的時期。總體而言，我們維持先前的指導方針，預計全年調整後的 EBITDA 和每股 AFFO 將成長，下半年同店倉庫將恢復成長。

We are excited to report continued progress on our Midwest pilots that are conventional buildings, which continued to exceed our expectations. As a reminder, Midwest is our proprietary warehouse execution system that we've already implemented in multiple automated service. The software uses patented and proprietary algorithms that result of many years of development.

我們很高興地報告，我們的中西部傳統建築試點計畫繼續取得進展，超出了我們的預期。提醒一下，Midwest 是我們專有的倉庫執行系統，我們已經在多個自動化服務中實施了這個系統。該軟體採用了經過多年開發的專利和專有演算法。

2025 is about testing and proving out these gains with a variety of facility profiles, expanse of a broader rollout starting next year. I'm personally really excited about little less. This technology is one example of the innovative bold thinking at the core of Lineage, I'm thrilled to see what a great compliment it is to our lean methodologies that we've been implementing over the last decade.

2025 年將透過各種設施概況來測試和證明這些收益，並從明年開始進行更廣泛的推廣。我個人對於 little less 感到非常興奮。這項技術是 Lineage 核心創新大膽思維的一個例子，我很高興看到它對我們過去十年來一直實施的精實方法產生了很大的補充。

These methodologies in our productivity initiatives are expected to offset labor inflation and lower our cost structure. We are realizing some of those benefits now as our same warehouse cost of operations declined 2% in the quarter despite the inflationary environment. We expect Midwest will supercharge those efforts in the future and create meaningful cost advantages versus our competition.

我們生產力措施中的這些方法有望抵消勞動力通膨並降低我們的成本結構。我們現在已經實現了其中的一些好處，因為儘管通貨膨脹，但本季我們的倉庫營運成本仍然下降了 2%。我們預計中西部地區未來將加強這些努力，並在與競爭對手的競爭中創造顯著的成本優勢。

Finally, we continue to execute our robust pipeline of development and M&A opportunities, including the Tyson Foods' agreements, which I've already talked about the acquisition of three warehouse canvases.

最後，我們繼續執行強大的開發和併購機會管道，包括泰森食品的協議，我已經談到了收購三個倉庫畫布。

So Bellingham cold storage for $121 million, adding to our existing portfolio in the Pac Northwest. We have $67 million of development spend in the quarter, including completing the semi-automated expansions that are [filed] in our facility, ahead of schedule and breaking ground on automated expansion project at our Bergen op Zoom facility in the Netherlands, which was completely be the largest cold storage Europe.

因此，貝靈漢冷藏庫的價值為 1.21 億美元，增加了我們在太平洋西北地區的現有投資組合。我們在本季的開發支出為 6700 萬美元，包括提前完成我們工廠中提交的半自動化擴建項目，以及在荷蘭 Bergen op Zoom 工廠破土動工進行自動化擴建項目，該工廠將成為歐洲最大的冷藏庫。

Finally, I'd like to give a shout out to our finance and accounting team for enhancing our quarterly close process resulting in our speaking to you today with Peter earlier that our last 10-Q with the you all. Their hard work efforts across the organization. And I would like to sincerely thank all of our global team members for their contributions during the first quarter.

最後，我要對我們的財務和會計團隊表示感謝，感謝他們改進了我們的季度結帳流程，使得我們今天能夠與 Peter 一起進行交談，這是我們上次與大家進行 10-Q 會議的早些時候。他們在整個組織中辛勤工作。我要真誠感謝我們所有全球團隊成員在第一季所做的貢獻。

Now I'd like to turn the call over to our CFO, Robert Crisci.

現在我想將電話轉給我們的財務長羅伯特克里斯西 (Robert Crisci)。

Good morning, everyone. Starting on slide 5, I'm looking at our financial results for the first quarter. Our total revenue was $1.29 billion, down 3%.

大家早安。從第 5 張投影片開始，我正在查看第一季的財務表現。我們的總收入為12.9億美元，下降3%。

Our adjusted EBITDA decreased 7% to $304 million, with adjusted EBITDA margin down 110 basis points to 23.5%. Our AFFO for the quarter was up 48% to $219 million, and AFFO per share was $0.86, a 6% increase versus prior year, aided by lower than expected tax expense and the timing of our annual maintenance CapEx back.

我們的調整後 EBITDA 下降 7% 至 3.04 億美元，調整後 EBITDA 利潤率下降 110 個基點至 23.5%。本季我們的 AFFO 上漲 48%，達到 2.19 億美元，每股 AFFO 為 0.86 美元，較上年增長 6%，這得益於低於預期的稅費以及我們年度維護資本支出的及時性。

Next slide, shifting to our Global Warehousing segment. We have before your view on this slide, the good job of pointing to a multiyear trends we talked about in February. Inventory levels were elevated in the last couple of years, helping drive 22% same warehouse and a high growth in the first quarter two years ago. The excess inventory appears to have stabilized.

下一張投影片，前往我們的全球倉儲部分。在您觀看這張投影片之前，我們已經很好地指出了我們在二月討論過的多年趨勢。過去幾年庫存水準有所提高，推動了兩年前第一季同一倉庫 22% 的高速成長。過剩庫存似乎已經穩定下來。

We are now seeing more typical seasonality as revenue declined sequentially from the fourth quarter, representative of a more normal pattern. Average revenue per pallet has been challenged for the reasons Greg mentioned. We have been controlling costs well through sustainable labor productivity improvements even before realizing future benefits around our [middle-act] technology.

我們現在看到了更典型的季節性，因為收入從第四季度開始連續下降，這代表著更正常的模式。由於格雷格提到的原因，每個托盤的平均收入受到了挑戰。甚至在實現我們的[中間行為]技術的未來效益之前，我們就一直透過可持續的勞動生產力改進來很好地控製成本。

Turning to the outlook remainder of the year, we continue to expect normal seasonality with the second half, outpacing the first half. However, since our February call, the macroeconomic uncertainty, driven largely by the US tariff announcements, has created some hesitancy among our customer base in the shorter, notably, about 15% of our US throughput volume is directly tied to import export.

展望今年剩餘時間的前景，我們預計下半年仍將呈現正常的季節性特徵，成長速度將超過上半年。然而，自從我們二月召開電話會議以來，主要受美國關稅公告驅動的宏觀經濟不確定性在短期內導致我們的客戶群產生了一些猶豫，值得注意的是，我們約 15% 的美國吞吐量與進出口直接相關。

Some of our customers earning's wait-and-see mode, making it difficult to predict near-term activity. We expect year-over-year declines in Q2, similar to Q1 and comps remain challenging in Q2, which by the way, it typically the lowest quarter of the year from a seasonal perspective. We anticipate growth to return in the second half, driven by normal seasonal increases, an easier comp.

我們的一些客戶處於觀望狀態，因此很難預測近期的活動。我們預計第二季的年減幅度與第一季類似，而第二季的年減仍然具有挑戰性，順便說一句，從季節性角度來看，第二季通常是一年中業績最低的一個季度。我們預計，在正常的季節性成長和更容易的競爭推動下，下半年經濟將恢復成長。

However, given the macro uncertainty, it's difficult to predict the level of which we will grow in the second, half. Past supply chain disruption sometimes boosts customer inventory levels, but it's too early to tell with confidence what's going to happen.

然而，考慮到宏觀的不確定性，很難預測下半年的成長水準。過去的供應鏈中斷有時會增加客戶的庫存水平，但現在判斷會發生什麼還為時過早。

We will have more visibility. It will be better able to to quantify growth as tariff policy stabilized. And we look forward to updating you next quarter.

我們將擁有更高的知名度。隨著關稅政策的穩定，它將能夠更好地量化成長。我們期待下個季度向您更新最新情況。

Turning to slide 7 and covering our Global Integrated Solutions segment. Segment revenue was down 3% and $348 million. NOI was down 3% to $37 million with NOI margin flat at 16.4%.

翻到第 7 張投影片，介紹我們的全球整合解決方案部分。該部門營收下降 3%，至 3.48 億美元。資訊下降 3% 至 3,700 萬美元，NOI 利潤率持平於 16.4%。

As expected, we saw new business that we won in the second half of 2024 starting to come online in the first quarter. We see strength in this segment as our transportation and other value-added services are increasingly sought after by our customers.

正如預期的那樣，我們看到 2024 年下半年贏得的新業務在第一季開始上線。我們看到這一領域的優勢，因為我們的運輸和其他增值服務越來越受到客戶的追捧。

For 2025, we expect strong momentum to continue with sequential growth throughout the year. Easier comps later in the year should help drive strong double-digit growth in the second half.

對於 2025 年，我們預計強勁勢頭將持續，全年將保持連續成長。今年稍後更容易的同店銷售額應該有助於推動下半年強勁的兩位數成長。

Turning to Slide 8, we ended the quarter with net debt of $6.7 billion. Total liquidity at the end of the quarter stood at $1.7 billion, including cash and revolving credit facility capacity.

翻到第 8 張投影片，本季末我們的淨債務為 67 億美元。本季末的總流動資金為 17 億美元，包括現金和循環信貸額度。

Our leverage ratio, defined as net debt to adjusted EBITDA was 5.2 at the end of the quarter. Our strong balance sheet, available cash, and debt capacity continues to offer us flexibility to take advantage of attractive capital deployment opportunities, moving forward.

我們的槓桿率（定義為淨負債與調整後 EBITDA 的比率）在本季末為 5.2。我們強勁的資產負債表、可用現金和債務能力將繼續為我們提供靈活性，以便我們能夠利用有吸引力的資本配置機會向前發展。

Our landmark agreements with Tyson Foods are great example, and we look forward to continuing to take advantage of our attractive pipeline of accretive opportunities.

我們與泰森食品達成的具有里程碑意義的協議就是很好的例子，我們期待繼續利用我們具有吸引力的增值機會。

Turning to slide 9, we are maintaining our 2025 guidance with our adjusted EBITDA range in millions of $1,350 to $1,400 and AFFO per share of $3.40 to $3.60. Our guidance includes contributions from our recently announced acquisition of approximately $25 million of adjusted EBITDA and $0.05 of AFFO per share for the balance of the year.

轉到幻燈片 9，我們維持 2025 年的指導方針，調整後的 EBITDA 範圍為 1,350 美元至 1,400 美元，每股 AFFO 為 3.40 美元至 3.60 美元。我們的指導包括我們最近宣布的收購貢獻，即今年剩餘時間內約 2500 萬美元的調整後 EBITDA 和每股 0.05 美元的 AFFO。

However, we believe it is appropriate to maintain previous guidance to account the near-term uncertainty we are seeing in the core business as our customers remain tentative. Given evolving tariff policy, we continue to be well positioned for growth in the second half of the year.

然而，我們認為，由於我們的客戶仍持猶豫態度，維持先前的指導是適當的，以解決我們在核心業務中看到的近期不確定性。鑑於不斷變化的關稅政策，我們將繼續為下半年的成長做好準備。

As a compounder, it's nice to have some strategic capital deployment to help fill the gap created by some of this near-term uncertainty.

作為複合型企業，最好進行一些策略資本部署，以幫助填補短期不確定性造成的缺口。

Importantly, the Tyson Food's agreements helped increase our base and position as well for incremental growth in 2026 and beyond, both from the acquisitions and down the road from the Greenfield developments.

重要的是，泰森食品的協議幫助我們擴大了基礎和地位，並為 2026 年及以後的逐步成長奠定了基礎，無論是透過收購還是透過綠地開發。

Lastly, we've included some additional modeling support on this page. Loss assumptions remain unchanged with the exception of higher interest due to the new capital deployment and lower tax expense related some of our international operations.

最後，我們在此頁面上添加了一些額外的建模支援。損失假設維持不變，但因新資本配置而產生的利息增加以及部分國際業務相關的稅費降低除外。

With that, I'll turn it back over to Greg to wrap up before turning it over to your questions.

說完這些，我將把時間交還給 Greg 總結，然後再回答你們的問題。

Thanks, Rob. I'll conclude on Slide 10. Our achievements this quarter demonstrate our strength and ability to create value through strong customer relationships. The landmark agreements with Tyson Foods representing approximately $1 billion to capital deployment, will significantly enhance our platform and add to our global leadership position.

謝謝，羅布。我將在第 10 張投影片上結束演講。我們本季所取得的成就證明了我們透過建立牢固的客戶關係來創造價值的實力和能力。與泰森食品達成的具有里程碑意義的協議代表著約 10 億美元的資本部署，將大大增強我們的平台並鞏固我們的全球領導地位。

Our acquisition of three warehouse campuses for Bellingham cold storage, strengthen our presence in key markets. While our violated Bergen op Zoom expansions showcase customer-led growth across our global markets.

我們收購了貝靈漢冷藏倉庫的三個園區，增強了我們在主要市場的影響力。雖然我們違反了 Bergen op Zoom 的擴張政策，但展示了我們全球市場以客戶為主導的成長。

Lineage has competitive advantages continue to differentiate us in the market. We remain committed to growing these advantages to our technology first approach, exemplified by our progress on LinOS.

Lineage 的競爭優勢使我們在市場上繼續脫穎而出。我們將繼續致力於將這些優勢融入我們的技術優先方法，例如我們在 LinOS 上取得的進展。

Looking ahead, we see significant opportunities for growth with a robust pipeline of strategic acquisitions and Greenfield development opportunities. As I reflect on the challenges in our environment today, I'm heartened that at its core managed the business that is built to weather the storm.

展望未來，我們看到了巨大的成長機遇，擁有強大的策略性收購和綠地開發機會。當我反思當今環境所面臨的挑戰時，我感到欣慰的是，其核心管理業務是為了抵禦風暴而建立的。

We have the largest platform, driving significant network effects. The best assets are industry leaders in technology, automation, and data science in are the most diversified geographically and across our more than 13,000 customers. We provide the most comprehensive set of services with our globally integrated solutions segments.

我們擁有最大的平台，帶來顯著的網路效應。最好的資產是技術、自動化和數據科學領域的行業領導者，他們在地理上最為多樣化，遍布我們的 13,000 多家客戶。我們透過全球整合的解決方案部門提供最全面的服務。

We are leaders in meat operational excellence. We believe we remain the acquirer of choice in the industry, demonstrated again by today's announced landmark agreements with Tyson Foods.

我們是肉類卓越營運領域的領導者。我們相信，我們仍然是業內首選的收購者，今天宣布的與泰森食品達成的具有里程碑意義的協議再次證明了這一點。

We have the balance sheet that attractive cost of capital to take advantage of market opportunities, strategic M&A and capital deployment. Because of the structural and distinct advantages as the industry leader, I'm confident that we are well positioned to win fit to deliver long-term compounding growth to create shareholder value.

我們擁有具有吸引力資本成本的資產負債表，可以利用市場機會、策略併購和資本配置。由於身為產業領導者所具有的結構性和獨特的優勢，我相信我們完全有能力實現長期複合成長，從而創造股東價值。

Lastly, I want to thank our over 26,000 team members around the world for their great work they do to safely serve our customers every single day. With that, I'll open it up to questions.

最後，我要感謝我們遍佈全球的 26,000 多名團隊成員，感謝他們每天為我們的客戶提供安全的服務。好了，現在我來回答大家的提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

(Caitlin Burrow, Goldman Sachs)

（凱特琳·伯羅，高盛）

Hi. Good morning, everyone. You mentioned in the prepared remarks that 50% has to pay is directly tied to the import-export business. So is the other 50% consumption or can you go through that?

你好。大家早安。您在準備好的評論中提到，必須支付的 50% 與進出口業務直接相關。那麼另外 50% 是消費嗎？或者你能承受嗎？

And I think we've just been surprised on how volatile the food business can be. So can you give some more color on how that food imports-exports business is able to be so volatile and similar for consumption, like how does economic uncertainty impact on customer inventory? And I guess that's a lot, but hopefully it all ties together.

我認為我們對食品業的波動性感到驚訝。那麼，您能否詳細說明食品進出口業務為何如此不穩定，以及消費情況如何相似，例如經濟不確定性如何影響客戶庫存？我想這已經很多了，但希望它們都能連結在一起。

Good morning. Just to clarify, that's 15% one-five.

早安.需要澄清的是，這是 15% 的五分之一。

I heard 50, so thank you.

我聽說是 50，所以謝謝你。

Yes, no worries. And I'll turn it over to Greg.

是的，不用擔心。我將把它交給格雷格。

I think the -- well, the tariffs have created significant uncertainty in the short term. It always be consulted, really hasn't changed. So the -- and it really hasn't impacted overall occupancy too much at this point.

我認為——關稅在短期內造成了很大的不確定性。它總是被諮詢，實際上沒有改變。所以 — — 目前它確實還沒有對整體入住率產生太大影響。

They're certainly against short-term uncertainty, given the tariffs that our customers are not making major supply chain decisions in large part because of the tariffs. But I don't think it's driving substantial volatility, so far yet.

他們當然反對短期不確定性，因為考慮到關稅，我們的客戶很大程度上因為關稅而沒有做出重大的供應鏈決策。但我認為，到目前為止，它還沒有引發實質的波動。

Got it. And then maybe just if you could add to -- realized 15% is a different scale than 50%, but on that import-export business, is it just a certain food center being consumed less today than they would have been previously? Or how does that actually end up happening and impacting it?

知道了。然後也許您可以補充一下——意識到 15% 與 50% 是不同的比例，但就進出口業務而言，是否只是某個食品中心今天的消費量比以前少了？或者這最終是如何發生並產生影響的？

So I've met with 20 customers literally, just the last few weeks. And I think the biggest single impact as customers are delaying major decisions.

光是過去幾週，我就見了 20 位客戶。我認為最大的影響是客戶推遲做出重大決定。

And it's just creating hesitancy by our customers waiting for more clarity before the big major decisions like we are to expand operations, where to we do plans, where to source long-time transportation, whether that be domestically two boards or internationally at the [Fording] space for where to where to shift position and build inventories, but kind of rapid changing of tariff policies that has caused some, call it short-term disruption.

這只會讓我們的客戶在做出重大決策之前猶豫不決，例如我們要擴大業務，我們要製定計劃，從哪裡尋找長期運輸來源，無論是在國內兩個董事會還是在國際上[Fording]調整位置和建立庫存，但關稅政策的快速變化已經造成一些人稱之為短期中斷。

For example, our customers have rerouted inventory that we've been in flight based on the way to destinations like China. For example, Alaskan seafood would generally comes to the Pac Northwest after being processed in China, that was headed to China after processing, is either come back to the US for processing or rerouted to other Southeast Asian countries like India or Vietnam for processing.

例如，我們的客戶根據運往中國等目的地的路線重新安排了我們正在運送的庫存。例如，阿拉斯加海鮮一般在中國加工後運往太平洋西北地區，加工後運往中國，要麼返回美國加工，要麼轉運到印度或越南等其他東南亞國家加工。

In the protein space, we've seen certain proteins, we think the export levels come down. But importantly, when you talk about volatility, even though some export levels have come down and specific proteins filled the production and manufacturing levels have actually remained very steady.

在蛋白質領域，我們看到某些蛋白質的出口水準下降了。但重要的是，當你談論波動性時，儘管一些出口水平下降並且特定蛋白質的生產和製造水平實際上保持非常穩定。

The end consumption is remaining steady at just a little bit more of that of that production is being routed to the US versus overseas. I think you know, out of 20 customers literally only one of beef producer in Australia that have met with a couple of weeks ago was was not worried about the US tariffs because he said the US has so much of beef shortage because we've heard is so small right now.

最終消費量維持穩定，與銷往海外的產量相比，銷往美國的產量僅略高一點。我想你知道，在幾週前見過的 20 位客戶中，只有一位澳洲牛肉生產商不擔心美國關稅，因為他說美國牛肉短缺嚴重，正如我們聽說的那樣，目前短缺量很小。

He basically said no matter what our price does to export to the US. Americans gonna eat cheeseburgers. But everybody else -- they said tariff was at the top of their list.

他基本上是說無論我們的價格如何，都要出口到美國。美國人會吃起司漢堡。但其他人都表示，關稅是他們最關心的問題。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Thanks for taking my question. On the assets for bigger acquired from Tyson, can you talk about where they are in the supply chain? And what their level of commitment to you is that over the long term for those specific assets? Yes, obviously, it's a long-term agreement, a multi-year agreement.

感謝您回答我的問題。關於 Bigger 從泰森收購的資產，您能談談它們在供應鏈中的位置嗎？從長遠來看，他們對這些特定資產的承諾程度如何？是的，顯然這是一項長期協議，一項多年期協議。

We can't disclose specific attributes of the actual agreements themselves on the assets that we're acquiring are a mix between production and distribution.

我們不能透露我們所收購資產的實際協議本身的具體屬性，這些協議是生產和分銷的混合。

Very good. Thank you for on the just borrow -- (multiple speakers)

非常好。謝謝你借來的——（多位發言者）

More swiftly toward the distribution side them.

更迅速地向分配方靠攏。

Sameer Sharma, Bank of America.

美國銀行的薩米爾夏爾馬 (Sameer Sharma)。

Good morning, everybody. Greg, just maybe talk around your occupancy rate. I mean occupancy was down because we would have thought maybe a little bit even more, but how to think about the cadence of occupancy as we go through the year? I know you talked about a recovery in the second half. So any color on that would be helpful.

大家早安。格雷格，也許可以談談你的入住率。我的意思是入住率下降了，因為我們以為可能會下降更多一點，但是如何看待全年入住率的節奏呢？我知道您談到了下半年的復甦。因此任何顏色都會有幫助。

Yes, certainly. So we talked at length last quarter about how you know, there was a multi-year inventory stocking that concluded in the third quarter last year. And since that and we reported last quarter that we've seen that more normal seasonality.

是的，當然。因此，我們在上個季度詳細討論瞭如何進行多年的庫存備貨，該備貨已於去年第三季結束。自那時起，我們在上個季度報告稱，我們已經看到了更正常的季節性。

And that that holds true through this quarter, we are we're seeing normal seasonality despite the tariff uncertainty. And what that means is we were elevated in the first half of last year and the first half this year is very challenging, but we would expect to see normal seasonality of the second half, which would give us a little elevated levels from last year or versus right now.

本季情況依然如此，儘管關稅存在不確定性，但我們仍看到正常的季節性。這意味著我們在去年上半年的業績有所提升，而今年上半年的業績也非常具有挑戰性，但我們預計下半年的季節性將恢復正常，這將使我們的業績比去年或現在略有提升。

I guess as a follow-up to that, I mean, what gives you the confidence of that sort of return back to seasonality? I know the comps get easier in the second half, but you kind of highlighted the delays in decision making by customers.

我想作為後續問題，我的意思是，什麼讓您對這種回歸季節性有信心？我知道下半年的競爭會變得更容易，但你有點強調了客戶決策的延遲。

And I guess what are you seeing and changes to that customer behavior to kind of give you that confidence given the uncertainty?

我想問一下，在這種不確定性的情況下，您看到了哪些客戶行為的變化，從而給了您信心？

They're great questions. So our data science team studied the last almost 10 years of our data for what we core inventory holdings, user customers where we never -- we neither one do business nor lost any business and doubled out from the skew level in the actual facilities.

這些都是很好的問題。因此，我們的數據科學團隊研究了過去近 10 年的數據，包括我們的核心庫存、用戶客戶，我們既沒有做生意，也沒有失去任何業務，實際設施的偏差水準翻了一番。

And from that, we derive what we consider normal seasonality across our global network and that historical pattern of normal seasonality kind of how inventories change month to month, resumed in the third quarter of last year and that stayed consistent with that historical trend through the first quarter of this year.

由此，我們得出了我們認為的全球網路的正常季節性以及正常季節性的歷史模式，即庫存如何逐月變化，這種模式在去年第三季度恢復，並與今年第一季的歷史趨勢保持一致。

So of course, things could change. We're not trying to predict the future. We're just saying that that has so far, as our data shows that (inaudible) get the inventory destocking concluded the third quarter of last year.

所以當然，事情可能會改變。我們並不是試圖預測未來。我們只是說，到目前為止，我們的數據顯示（聽不清楚）庫存去庫存工作在去年第三季完成。

Michael Carroll, RBC.

邁克爾·卡羅爾，RBC。

Greg, can you provide some more color on your storage and service rental rates and both, looks like there are down a decent amount every year and sequentially? I guess what's driving this weaknesses? Lineage cutting rates to win market share or is there a mix shift? I guess what's going on with those numbers?

格雷格，您能否提供更多有關儲存和服務租賃費率的詳細資訊？這兩項費率似乎每年都下降了不少，而且逐年下降？我猜是什麼導致了這種弱點？Lineage 會降低價格以贏得市場份額，還是會進行產品組合調整？我猜這些數字是怎麼回事？

Great question. So let me just kind of provide a quite a bit of color on what we're seeing in the industry right now, respond to your question. There's a lot there's a few things going the same time here.

好問題。因此，請容許我稍微介紹一下我們目前在業界看到的情況，並回答您的問題。這裡有很多事情同時發生。

First of all, our inventory [audience] base decline to the destocking, I just reviewed. Again, normal seasonality has resumed, but we'll have tough comps in the first half of this year. But in the first quarter of this year, so that the inventory levels of core holdings are down.

首先，我剛才回顧了一下，我們的庫存[受眾]基數下降是由於去庫存化。再次，正常的季節性已經恢復，但今年上半年我們將面臨艱難的競爭。但今年一季度，核心持股的庫存水準卻有所下降。

And so in the first quarter this year, our customers who reset volume guarantees at a local level to match their inventory needs again then and certainly, you know, over the last couple of years, some new capacities come online in select markets.

因此，在今年第一季度，我們的客戶在當地重新設定了產量保證，以滿足他們的庫存需求，當然，你知道，在過去幾年中，一些新的產能在特定市場上線。

And so in this challenging environment, we've been focused on keeping our physical inventory high.I mentioned on the last earnings call that we are willing to trade volume for price strategically when it makes sense for the long-term health of the business.

因此，在這個充滿挑戰的環境中，我們一直專注於維持高實體庫存。我在上次財報電話會議上提到，當這對企業的長期健康發展有意義時，我們願意在策略上以數量換價格。

Our sales team has actually done a great job managing the situation by winning a lot of new business, which is largely offset the core holdings decline that we that we just talked about. And I think that's illustrated by in a declining environment, our physical inventory is only down 1%.

我們的銷售團隊實際上在管理情況方面做得很好，贏得了許多新業務，這在很大程度上抵消了我們剛才談到的核心持股下降。我認為這說明在經濟下滑的環境下，我們的實體庫存僅下降了 1%。

And as you as you suggest, part of the trade-off to win some of that new business is to work strategically with the customers are on price.

正如您所說，贏得部分新業務的權衡之一就是在價格上與客戶進行策略合作。

Now all that said and well, there is pressure and uncertainty in the short term in the marketplace definitely remains competitive. We believe that we could return to again normal inventory holdings and seasonal patterns, even without some kind of inventory rebound, which we're not counting and guiding to.

總而言之，短期內市場存在壓力和不確定性，但競爭仍然很激烈。我們相信，即使沒有某種形式的庫存反彈，我們也可以恢復正常的庫存持有量和季節性模式，但我們不會對此進行計算和指導。

And the year-over-year pricing headwinds that you're seeing in our numbers will wane as the year progresses. As the year progresses, as customers have largely reset their volume guarantees, now that happens majority in the first quarter and inventory levels have stabilized.

隨著時間的推移，您從我們的數據中看到的同比定價阻力將會減弱。隨著時間的推移，客戶已基本重新設定了其產量保證，目前這種情況大部分發生在第一季度，庫存水準已經穩定下來。

And so, when we look forward, as Rob talked about in his prepared remarks, we see a similar environment in the second quarter, the first quarter and a return to same store growth in the second half.

因此，當我們展望未來時，正如羅佈在他的準備好的發言中談到的那樣，我們會看到第二季度和第一季度的環境類似，並且下半年同店銷售額將恢復增長。

We're not providing that exact same store growth figure for the second half, only because of the macro uncertainty, there's a number of things in the short term that today impact us by a few points in either direction.

我們不會提供下半年完全相同的門市成長數據，只是因為宏觀不確定性，短期內有很多事情會對我們產生一些影響。

But we are confident in the mid term that we're going to be fine just because of the scale and diversification of our network.

但我們很有信心，從中期來看，憑藉我們網路的規模和多樣化，我們會做得很好。

Where's the minimum resets stores' numbers coming down on impacting that rent number, because that is that all kind of already through in the numbers in 1Q? And I believe you kind of highlighted that, so we should think about that kind of at a good level today, not any incremental weakness in could build back up over time may be in line with inflation?

最低重置商店數量對租金數字有何影響，因為這些已經在第一季的數字中體現出來了？我相信您已經強調了這一點，所以我們今天應該考慮這種良好的水平，任何漸進的弱點都不會隨著時間的推移而重新建立，這可能與通貨膨脹相一致？

Yes, think of a general assumption, I think that's very fair. I mean I think -- you know, we were just there is uncertainty right around all is that we talked about. And so we just wanted to be super careful because we're we learn more every day and we think of other really, really good year and a really nice second half and we're just -- we're challenged to quantify for all the recent documents.

是的，想想一個普遍的假設，我認為這非常公平。我的意思是，我認為——你知道，我們所談論的一切都存在不確定性。因此，我們只是想格外小心，因為我們每天都在學習更多東西，我們想到其他非常非常好的一年和非常美好的下半年，我們只是 - 我們面臨的挑戰是量化所有最近的文件。

Yes, but I think in large part that kind of price or volume purity reset has happened in the first quarter that will cascade through the year. But then as you know, we would expect to get you those normal price increases and not have guaranteed drop a bunch of -- again, next year because for very lean inventory levels throughout the industry and the destocking is concluded.

是的，但我認為，很大程度上，這種價格或數量純度的重置已經在第一季發生，並將持續全年。但正如你所知，我們預計價格會正常上漲，而不是保證大幅下降——明年再次下降，因為整個行業的庫存水平非常低，去庫存已經完成。

Michael Mueller, JP Morgan.

摩根大通的邁克爾·穆勒。

I guess, first, can you talk about some examples of where you're seeing customer pauses? Are you seeing it more with producers or is it more from retailers? Just some color to it would be great.

我想，首先，您能否講一下您看到客戶暫停的一些例子？您認為這種情況是更多地出現在生產商還是零售商身上？只要加點顏色就好了。

I would say it's more for or for producers that retailers as the consumption in the US isn't changing. It's more about kind of outside of Tyson, making structural changes contracting with forwarders for just for certain international lanes for a year and locking down price when there's so much volatility because their producers on the export side or import side.

我想說的是，這對生產商來說比對零售商更重要，因為美國的消費並沒有改變。這更多的是關於泰森之外的事情，進行結構性變革，與貨運代理簽訂一年的某些國際航線合同，並在出口方或進口方的生產商出現如此大的波動時鎖定價格。

I don't know exactly. They may be sourcing certain products or will that will be shipping certain products. What we know is that food flows like water around the world and people are going to eat everywhere and kind of no matter what happens we think will be well positioned to do.

我不太清楚。他們可能正在採購某些產品或將要運送某些產品。我們知道，食物像水一樣在世界各地流動，人們會在各地吃飯，無論發生什麼，我們都認為我們能夠做好。

And then, I guess second question had an acquisition and development required returns change when you're dealing with kind of somewhat of an anchor customer candidates as opposed to just normal course, one-off activity?

然後，我想第二個問題是，當您處理某種類型的錨定客戶候選人而不是正常的一次性活動時，收購和開發所需的回報是否會改變？

I would say these are all the deals that we announced today are in line with our historical expectations. And we love the customer. We think we're going to be able to help of time with our technology and automation. We think we can really partnered with Abbott and streamline their supply chain even more than that deals are accretive to us in line with our steels.

我想說，我們今天宣布的所有交易都符合我們的歷史預期。我們熱愛顧客。我們認為我們將能夠利用我們的技術和自動化來幫助節省時間。我們認為，我們可以真正與雅培合作，並簡化他們的供應鏈，甚至比根據我們的鋼鐵業務進行的那些交易更能為我們帶來增值。

Yes, I mean, Tyson's is very much a win-win for both parties. And we will be worked really closely over many, many bond fund on these agreements. And we very much want our customers do well. And we think we'll do well and it's a wonderful day.

是的，我的意思是，泰森對雙方來說都是雙贏的。我們將就這些協議中的許多債券基金進行密切合作。我們非常希望我們的客戶一切順利。我們相信我們會做得很好，這是美好的一天。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Good morning, guys. Just wanted to follow up on kind of the changing assumptions here. I mean, if it hadn't been for the Tysons deal essentially would have lower guidance here by $0.05.

大家早安。只是想跟進一下這裡不斷變化的假設。我的意思是，如果沒有泰森交易，這裡的指導價基本上會降低 0.05 美元。

I mean, what's the biggest pressure point as you guys reevaluated kind of the risk of tariffs? Is it, you know, further erosion in occupancy rate margin? What worries you the most visibility perspective?

我的意思是，當你們重新評估關稅風險時，最大的壓力點是什麼？您知道，這是否會進一步侵蝕入住率利潤？從可見性角度看，您最擔心的是什麼？

I think it's just the unbilled and the uncertainty of the tariffs. I mean, again, we're all over the world that we can support consumption with all the major markets in which we operate. But our customers are telling us they're not sure what they're going to do. They don't know where they're going to build inventories. They don't know how they're going to direct trade flows.

我認為這只是未開票和關稅的不確定性。我的意思是，我們的業務遍布全球，我們可以支持我們經營的所有主要市場的消費。但我們的客戶告訴我們，他們不確定該怎麼做。他們不知道要在哪裡建立庫存。他們不知道該如何引導貿易流。

And that could have a short-term disruptions, even though we're very confident we'll support their needs in the medium and long term. So given that uncertainty, given 19 to the 25 just like [networks], we don't know what's going to happen with our supply chain.

儘管我們非常有信心在中長期內能夠滿足他們的需求，但這可能會造成短期的混亂。因此，考慮到這種不確定性，就像[網路]一樣，考慮到 19 到 25 的不確定性，我們不知道我們的供應鏈會發生什麼。

I think it's prudent to to reinforce our overall guidance with the acquisition, you know, new cash flows, but not trying to get specific when none of our customers know exactly what's going to happen in the aggregate.

我認為，透過收購、新的現金流來加強我們的整體指導是明智的，但當我們的客戶都不知道整體上會發生什麼時，我們不會試圖具體說明。

And as I said the prepared remarks, there's also an upside opportunity here to right, which still difficult to predict, but normally more inventory to hesitate to get to the system, a timing of disruption. We've seen that many times over history, [Sales Utopia], Brexit Con, et cetera. It's just hard to predict.

正如我在準備好的發言中所說的那樣，這裡也有一個上行機會，雖然仍然很難預測，但通常更多的庫存會猶豫是否要進入系統，這是一個中斷的時機。我們在歷史上多次見過這種情況，例如[銷售烏托邦]、英國脫歐騙局等等。這很難預測。

As Greg mentioned, I mean we're going to be within a range, but it could go a few points one way or the other. And so we really want to see more and we'll update everyone as we see things here into the next quarter or second half of the year.

正如格雷格所提到的，我的意思是我們會在一個範圍內，但它可能會朝這個方向或那個方向發展幾個點。因此，我們真的希望看到更多，我們會在下個季度或下半年向大家通報情況。

Yes. I mean, there has been supply chain disruptions in the past, like port strikes, like COVID, like Brexit. But there's really -- this is unprecedented. I mean, no one knows what's going to happen with global trade flow.

是的。我的意思是，過去曾發生過供應鏈中斷，例如港口罷工、新冠疫情和英國脫歐。但這確實是前所未有的。我的意思是，沒有人知道全球貿易流動會發生什麼事。

I think we just feel thankful that we're not in the consumer electronics or auto parts that can be handicapped in the medium and long turn from these changes. And we're in food and people are going to eat and quarter over the world and diversified. So we think we're super well positioned versus both companies in the long term. But in the short term, there could be a little a little volatility.

我認為我們只是感到慶幸，我們並不處於消費性電子產品或汽車零件行業，因為這些變化在中長期內不會對這些行業造成不利影響。我們從事食品業，人們吃的食物來自世界各地，而且種類繁多。因此我們認為，從長遠來看，我們相對於這兩家公司都處於非常有利的地位。但短期內可能會出現一點波動。

Okay. And then just on the volume kind of resets here with customers and sort of the lower price points, I mean, how much of that is happening with renewal agreements versus pricing pressure trying to poach clients from competitors to bring in kind of new deals?

好的。然後，就客戶數量和較低價格點而言，我的意思是，續約協議與試圖從競爭對手那裡挖走客戶以帶來新交易的價格壓力相比，有多少是相同的？

I would say on the volume guarantees, it is-- what's happening with the volume guarantees is we're actually saw our sales team to really great job of getting new volume guarantees. We have record new business despite the soft environment, and the new business has more than 42% volume guarantees.

關於銷售保證，我想說的是——銷售保證的情況是，我們實際上看到我們的銷售團隊在獲得新的銷售保證方面做得非常出色。儘管經濟形勢疲軟，但我們的新業務仍創下紀錄，新業務量保證率超過 42%。

However, the existing customers that kind of core holdings that we have volume guarantees with going into the first quarter. They've lowered those guarantees and that puts pressure on our revenue per occupied and throughput balance.

然而，對於現有客戶這類核心持股，我們在進入第一季時有數量保證。他們降低了這些擔保，這給我們的每間客房收入和吞吐量平衡帶來了壓力。

So while we love collecting and revenue from customers, we don't we actually don't think customers paving significantly for paying for more significantly more space than they are using is beneficial for the long run. And we like a relatively low gap between physical and economic bomb for [that]. Recently, we think two bigger gaps is kind of taking time on, frankly.

因此，雖然我們喜歡從客戶那裡收集和賺取收入，但我們實際上並不認為客戶為支付比他們使用的空間更多的費用而付出的代價從長遠來看是有益的。我們喜歡實體炸彈和經濟炸彈之間的差距相對較小[那]。坦白說，最近我們認為兩個較大的差距需要時間。

So, we work through that or it will be more stable going forward?

那麼，我們會努力解決這個問題，還是說未來會更穩定？

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, good morning out. There are two questions. First, if we look at the non-same-store pool, that seems to be where you guys are experiencing a much bigger occupancy drop. So just wanted to get a little bit more color. That's my first question.

嘿，早安。有兩個問題。首先，如果我們看一下非同店飯店群，我們會發現那裡的入住率下降幅度更大。所以只是想獲得更多一點顏色。這是我的第一個問題。

Yes, I mean that's really related to that. The catalytic higher from last year. It's in the [job]. It's basically -- that's a big part of it in the first quarter. So 42 properties were that occupancy drop was good, 15% drop was all driven by one property.

是的，我的意思是這確實與此相關。催化劑較去年同期增加。它在[工作]。基本上——這是第一季的很大一部分。因此，42 家酒店的入住率下降是好事，15% 的下降全部是由一家酒店造成的。

Yes, there is also a big bear. So there's a couple, where we had no incidence rate with the fires. That's the biggest driver. I mean that's kind of it was one of our largest facilities, but that's okay. It's all on same-store basis, it was totally full. So I think that that's a big driver out.

是的，還有一隻大熊。因此，有幾處地方沒有發生火災。這是最大的驅動力。我的意思是，它是我們最大的設施之一，但沒關係。全部都是同店銷售，全部滿。所以我認為這是一個很大的推動力。

Okay. And then the second half question is we've been at EO. For the past few quarters, we've been talking about this normalization of inventory levels and obviously, you guys have a lot of experience in the business, but it does seem that each quarter it seems to be the next quarter.

好的。然後後半部的問題是我們已經在 EO 了。在過去的幾個季度裡，我們一直在談論庫存水準的正常化，顯然，你們在這個行業有很多經驗，但似乎每個季度都像是下一個季度一樣。

So just curious, as you look at the normalization of inventory levels and the stable consumption that you guys see in the food business, is there something different about this cycle versus your 15-plus years in the in the business that seems to be taking longer for inventories to normalize?

所以我很好奇，當您看到食品行業的庫存水平正常化和消費穩定時，與您從事該行業 15 多年的經驗相比，這個週期有什麼不同嗎？庫存似乎需要更長的時間才能正常化？

Because I mean, COVID was a few years ago, presumably the destocking occur to a few years ago, and the tenant should have been back, especially pre-April 2. So just sort of curious why it seems to just be taking a little bit longer than what we initially spoke about? I think it was back on the on your initial earnings call.

因為我的意思是，COVID 是幾年前的事了，大概去庫存也是幾年前發生的，租戶應該已經回來了，尤其是在 4 月 2 日之前。所以只是有點好奇為什麼它似乎比我們最初談論的時間要長一點？我認為這是在您最初的收益電話會議上提出的。

Yes, I'll start over to Greg. We actually from an occupancy level, we're pretty much right. But we expect and for the first quarter, we saw normal seasonality. As we talked about, we saw the core holdings does stabilize after the second quarter of last year.

是的，我將從 Greg 開始。實際上，從入住率來看，我們的判斷基本上都正確。但我們預計，第一季的季節性表現正常。正如我們所討論的，我們看到核心持股在去年第二季後確實趨於穩定。

So actually, COVID [ops] from the occupancy standpoint, we are directly in line, like, you know, rate with a tiny bit worse, as Greg talked about it that way. What's the driver? We were actually pretty close to our internal models on Q1. So consistent with what we had told people. Now, I'll turn it over to Greg.

因此實際上，從入住率的角度來看，COVID [ops] 的情況是直接一致的，就像格雷格所說的那樣，評級稍微差一點。司機是誰？實際上，我們在第一季的表現與內部模型非常接近。與我們告訴人們的完全一致。現在，我將把發言權交給格雷格。

I would just reiterate what you said. We said very clearly last quarter, we thought Novolog neural occupancy and seasonal patterns resumed in the third quarter. That remains true today and is reflected in our numbers. And as Rob said, the occupancy was right where we frankly hoped it would be in the first quarter.

我只是想重申你所說的話。我們上個季度非常明確地表示，我們認為 Novolog 的神經佔用率和季節性模式在第三季度恢復。今天這依然是事實，並且反映在我們的數字中。正如羅布所說，入住率確實達到了我們第一季所希望的水平。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Just a few with respect to the agreement with Tyson, can you talk about the age and condition of the four properties that you acquired, whether they might need any redevelopment or repositioning as Tyson moves from those properties into Hazelton and then eventually the two new developments?

關於與泰森達成的協議，您能否談談您收購的四處房產的使用年限和狀況，以及當泰森從這些房產遷至哈澤爾頓並最終遷至兩個新開發項目時，這些房產是否需要重新開發或重新定位？

And then also, what the yield is on the assets that are being acquired if you could share that?

另外，如果可以分享一下，所收購資產的收益率是多少？

So yes, so I think we talked about [98%] of the development. In terms of the EBITDA contributions of these acquisitions were low double digit, EBITDA multiple on the acquisitions we announced this quarter. There that we did do, of course, complete due diligence and Tyson was totally open book on the condition of the assets that are generally a very good condition at any CapEx that we would need to put.

是的，我認為我們討論了 [98%] 的開發內容。就這些收購的 EBITDA 貢獻而言，EBITDA 為低兩位數，是我們本季宣布的收購的倍數。當然，我們確實進行了徹底的盡職調查，泰森對資產狀況完全公開，無論我們需要投入多少資本支出，資產狀況通常都非常好。

It is certainly a figured into the overall deal and returns.

這當然是算在整體交易和回報中的。

Okay, great. That's helpful. And then second question, can you talk about how we should think about the sources of funding pass? The cash that you guys hold on the balance sheet for the total spend on the acquisition and development agreement?

好的，太好了。這很有幫助。第二個問題，您能談談我們該如何考慮資金來源嗎？你們在資產負債表上持有的現金用於收購和開發協議的總支出嗎？

And maybe how you think about additional capacity or dry powder for investments kind of incorporating this deal? The Bellingham acquisition with the additional spend on development under way and potentially any debt paydowns that you might be considering?

也許您認為透過這筆交易可以增加產能或用於投資的資金是多少？貝靈漢的收​​購以及正在進行的開發額外支出以及您可能考慮的任何債務償還？

Yes. I think this dotted line with our normal operating cadence, where we have we spend money using our revolver. We still have a ton of capacity where a solid investment grade company.

是的。我認為這條虛線符合我們正常的運作節奏，我們用左輪手槍來花錢。我們仍然擁有大量具有穩健投資等級實力的公司。

We have the opportunity to do public bonds here moving forward, which is I think we'll certainly look at. As we grow the business that we generate more EBITDA, we can get more capacity to generate our cash and you get the flywheel that we talked about.

我們有機會在這裡發行公債，我想我們一定會考慮的。隨著我們業務的成長，我們產生的 EBITDA 也隨之增加，我們可以獲得更多產生現金的能力，這樣你就可以獲得我們所謂的飛輪。

So we still have capacity now of what we're going to be very thoughtful in this market. Again, we're always going to be patient. It will -- and we'll manage as investment grade balance sheet and continue to grow the business.

因此，我們現在仍然有能力在這個市場上做出深思熟慮的決定。再次強調，我們將始終保持耐心。它會的——我們將以投資等級資產負債表進行管理並繼續發展業務。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning, guys. Maybe wanted to touch some on the variable costs within the business and the labor in particular. I guess, what do you guys seeing on the labor front when it comes wages or practice wage pressures kind of have abated at this point?

嘿，大家早安。或許想談談企業內部的變動成本，特別是勞動成本。我想，當談到工資或實踐工資壓力時，你們在勞動力方面看到什麼情況已經減輕了？

And then what are you guys kind of doing understand levels with volume expected to be a little bit lower on the import export? I guess, how are you adjusting to this type of environment?

那麼，你們對進出口量預計會略低的水平有何了解？我猜，你如何適應這種環境？

So I'll start with the labor productivity is still a great story for us that we talked about. I think we showed our same-store warehousing costs down in the quarter.

因此，我首先要說的是勞動生產力，這對我們來說仍然是一個偉大的故事。我認為我們本季的同店倉儲成本有所下降。

And that's driving helping us and it's all about labor productivity and believe that the things we're doing forever. And then, well, I'm sure we'll talk about little at the opportunity there. But yes, no, it's a good story.

這對我們有幫助，一切都與勞動生產力有關，我們相信我們所做的事情會永遠持續下去。然後，好吧，我相信我們會談論那裡的機會。但無論如何，這是一個好故事。

I think you know, we continue to have a lot of positives here that are helping us. Yes, I would say certainly built with the labor front is stable and we're seeing wage increases of about 3.5% a year, which is in line with history.

我想你知道，我們這裡繼續有很多正面因素在幫助我們。是的，我想說勞動市場確實穩定，我們看到工資每年增長約 3.5%，這與歷史情況相符。

That's helpful. And then maybe just following up on an earlier question of the $25 million of EBITDA, are you able to break that down between Tyson and the Bellingham acquisition?

這很有幫助。那麼也許只是繼續之前關於 2500 萬美元 EBITDA 的問題，您能否將其在泰森和貝靈漢收購之間進行細分？

No. I don't want to get into details from that. But as you know, they're absolute together, like I said. We're at the low double digit EBITDA should kind of back into it.

不。我不想談論這個細節。但正如你所知，他們絕對是在一起的，就像我說的。我們的 EBITDA 處於低兩位數水平，應該會回到這個水平。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. I was hoping you could dive a little deeper into the guidance really get it unseen. You're gaining a $0.05 from all the acquisition activity, including will talk a little bit about all the other moving parts, whether it is a, you know, with now expecting like newest by, you know, X amount and operations but we're picking up this amount from a better cost.

是的，大家早安。我希望您能夠更深入地了解指導，並真正發現它。您將從所有收購活動中獲利 0.05 美元，其中包括談論所有其他活動部分，無論是現在預期的最新金額，您知道，X 金額和運營，但我們是從更好的成本中獲得這筆金額。

Just to kind of get to the general sense of how guidance still kind of ends up being flat, but understanding some of the moving parts a little bit better.

只是為了大致了解指導最終如何保持平穩，但要更好地理解一些活動部件。

Yes, for sure. So it's really about all the uncertainty that we talked about earlier. So that there are a lot of moving parts. We have a lot of leverage to pull. We feel very confident and these guidance ranges that we gave your adjusted EBITDA and AFFO per share.

是的，當然。所以這其實與我們之前談到的所有不確定性有關。因此有很多活動部件。我們擁有很大的影響力。我們非常有信心，這些指導範圍是我們給您調整後的每股 EBITDA 和 AFFO 給出的。

There's logical way to get there, and we'll continue to execute throughout the year to make sure we deliver these results are better, but there's a lot of moving pieces, right? I mean it's tough to quantify everything because you can't predict the future.

有合理的方法可以實現這一目標，而且我們將全年繼續執行，以確保我們取得更好的結果，但還有很多變數，對吧？我的意思是量化一切是很困難的，因為你無法預測未來。

I'm glad we feel really good about these ranges and were aided by the acquisitions and will execute well the rest and I -- and we're certainly build again, substantially productivity improvement continuing through the year as we're accelerating through the year.

我很高興我們對這些範圍感到非常滿意，並得到了收購的幫助，並將很好地執行其餘部分，而且我 - 我們肯定會再次建設，大幅提高生產力，持續全年，因為我們全年都在加速發展。

And I think the price, pressure that we saw in the first quarter will continue throughout the year, and that's all baked into our assumptions.

我認為，我們在第一季看到的價格壓力將持續全年，而這一切都已包含在我們的假設中。

That's helpful. And then if I could ask a quick second question. Could you talk about the business in terms of how the domestic is performing relative to the international operations? Is one genuinely feeling better than the others? Is there more risk in one of the other? Just kind of curious how that's shaping up.

這很有幫助。然後我可以快速問第二個問題。您能否從國內業務相對於國際業務的表現方面談談業務表現如何？一個人真的比其他人感覺更好嗎？其中一個的風險更大嗎？只是有點好奇事情進展如何。

So I think the price pressure that we saw that with the volume guarantees resetting was kind of a US phenomenon in our both our Asia-Pacific business at our European business is actually performing very well and I believe has accelerating performance.

因此，我認為，隨著產量保證重新設定，我們看到的價格壓力是一種美國現象，我們的亞太業務和歐洲業務實際上都表現得非常好，而且我相信業績正在加速成長。

[In -- well] GIS, our GIS segment was down year over year. We're still guiding to 5% to 10% EBITDA growth of that segment and we feel good about that.

[在——嗯] GIS，我們的 GIS 部門年減。我們仍預期該部門的 EBITDA 成長率為 5% 至 10%，我們對此感到滿意。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, great. Just two quick ones. So starting with [sort] of same store on line. I know the previous guidance, obviously, I have 2% to 5% constant currency. The presentation says Q2 should be sort of down as much as 1Q, if I'm understanding that correctly.

嘿，太棒了。只需簡單兩句話。因此從網路上同一家商店的 [sort] 開始。我知道之前的指導，顯然，我有 2% 到 5% 的恆定貨幣。如果我理解正確的話，簡報中說第二季的銷售額應該會比第一季下降很多。

So just trying to think about the cadence of the what's baked into the second half of the year. Obviously, we'll often an exact number on it. But are you guys thinking about sat down and recovery in the second half of the year?

因此，只是想思考一下今年下半年將發生什麼事情的節奏。顯然，我們通常會給出一個確切的數字。但你們有沒有想過下半年會坐下來恢復呢？

Yes. I think, you know, as we said, we're comping growth in the second half of the year for all the things we talked about, the easier comps, the seasonality. I think that we're not sure how much is going to grow, and that's why we're being careful on giving ranges. That's where we'll continue to give you more information as we see it.

是的。我認為，正如我們所說的，我們將在下半年對我們所討論的所有事物、更容易的比較和季節性進行增長。我認為我們不確定會成長多少，這就是為什麼我們在給出範圍時非常謹慎。我們將在那裡繼續向您提供更多資訊。

That's really the -- as Greg mentioned, that's kind of at the point out those both of those are the key points.

這確實 — — 正如格雷格所提到的那樣，這在某種程度上指出了這兩個都是關鍵點。

Great. And then my second question is just up just a little bit more color on what you're hearing from tenants and sort of their level of inventory and sort of post tariffs. And so for us, and are there any sort of sectors whether it's food or seafood, protein, is there any one or other that's better or worse position than any other sort of post tariffs announcement?

偉大的。我的第二個問題是，請稍微詳細地了解您從租戶那裡聽到的情況，以及他們的庫存水平和關稅後的情況。那麼對我們來說，無論是食品、海鮮還是蛋白質，是否有任何一個行業比其他任何行業的關稅公告後表現更好或更差？

Yes, I would say there's wait and see on whether to change any inventory positioning or level of holdings. Our seafood business, we talked about that a lot last year, that's stabilized. And I think we're kind of a normal consumption level in seafood.

是的，我想說，我們還要拭目以待，看看是否要改變庫存定位或持有水準。我們的海鮮業務，我們去年談論了很多，現在已經穩定下來了。我認為我們的海鮮消費水準處於正常水準。

And so we're seeing that, you know, we've seen those inventories down from the peak of COVID, but there is no longer downward pressure in that event in that segment of our business.

因此，我們看到，雖然庫存已從 COVID 的峰值下降，但在這種情況下，我們業務的這一部分不再面臨下行壓力。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yes, thanks. Good morning. I don't know if you guys saw there was a major article about the Chinese that canceled the major, I guess four quarter from US, obviously, given the tariff situation. And I'm just curious how that sort of transaction ripples back through the system here in the US and could things like that in some cases, put upward pressure on occupancy?

是的，謝謝。早安.我不知道你們是否看到一篇關於中國取消重大貿易協議的重要文章，我猜美國取消了四個季度的貿易協議，顯然，考慮到關稅情況。我只是好奇這種交易會如何影響美國的系統，在某些情況下，這種情況是否會對入住率造成上行壓力？

Or how do you sort of think about that in light of the comments, Greg, you sort of made about customer uncertainty with kind of the import export business?

或者，格雷格，根據您對客戶對進出口業務的不確定性所發表的評論，您如何看待這一點？

It's a really great question. So absolutely, that could happen. I mean, we're all the uncertainty that we have been the reason we're not giving a same store exact number for the second half is it isn't all downside. There's a lot of things that could happen here that could be we are our occupancy results.

這真是一個好問題。所以絕對有可能發生。我的意思是，我們都不確定，所以我們沒有給出下半年同店銷售額的確切數字，因為這並非全是不利因素。這裡可能會發生很多事情，這些事情可能是我們的入住率結果。

And that's one of them. I mean China is a very large trading partner with the US and in the food space. We've spoken with our team and a number of commodity experts. And I think importantly though, what China is a large partner, they've been using non-tariff trade barriers for a number of years.

這就是其中之一。我的意思是，中國是美國在食品領域非常大的貿易夥伴。我們已經與我們的團隊和一些商品專家進行了交談。但我認為重要的是，中國作為一個大夥伴，多年來一直在使用非關稅貿易壁壘。

So this really isn't a new issue while it's pronounced that it could have a bigger impact than past issues. It is not a new thing for our customers to deal with.

因此，這實際上不是一個新問題，儘管據稱它的影響可能比過去的問題更大。對我們的客戶來說，這並不是什麼新鮮事。

I mean, for example, China was not renewing export licenses for a number of US protein locations that compete with their domestic producers all of last year and our customers have been dealing with that. In so, customers and producers are already working to read or redirect their exports to different countries.

我的意思是，例如，去年全年中國都沒有為與其國內生產商競爭的多家美國蛋白質生產商續簽出口許可證，我們的客戶一直在應對這個問題。因此，客戶和生產商已開始努力調整或重新定向其出口至不同的國家。

And that's exactly what they'll do if the tariffs remain if China's a protectionist policies to continue or the tariffs get larger. So I mean, like we said, food flows like water around the world. It is not exported to China, though it'll be exported somewhere else or it will be-- because it would be pointed to the domestic market here in the US. But yes, there is upside measured as you point out.

如果關稅維持不變、中國繼續推行保護主義政策或關稅提高，那麼他們就會這麼做。所以我的意思是，就像我們說的，食物就像水一樣在世界各地流動。它不會出口到中國，儘管它會出口到其他地方，或者它會——因為它會指向美國國內市場。但確實，正如您所指出的，存在著上升空間。

Okay. Thanks. And then maybe just sorry, did you want to say something else,

好的。謝謝。然後也許只是抱歉，你還想說點別的嗎，

Ok, proceed.

好的，繼續。

Okay. And the second question, just I guess you think about capital deployment and like this Tyson's deal, does the economic uncertainty maybe create more opportunities for you guys as customers look to kind of shed costs and streamline their business?

好的。第二個問題，我想您考慮的是資本配置，就像泰森的交易一樣，當客戶希望削減成本並簡化業務時，經濟的不確定性是否會為您創造更多機會？

And how are you thinking about those deals? And maybe the return hurdles in light of kind of where your stock has traded since the IPO and uncertainty in the bond market or you are you raising your investment hurdles? Do you think this can create more opportunity?

您對這些交易有何看法？也許是因為您的股票自 IPO 以來的交易情況以及債券市場的不確定性而產生了回報障礙，或者您是否提高了投資障礙？您認為這能創造更多機會嗎？

So we think it could. We're always looking at risk-adjusted return in our cost of capital. That is a key component of that calculation that we talk about every week at our capital deployment call. But certainly, if tariffs impact the global supply chain, customers will shift there either production or distribution channels.

所以我們認為這是有可能的。我們始終關注資本成本中的風險調整報酬。這是我們每週在資本部署電話會議上討論的計算的關鍵組成部分。但可以肯定的是，如果關稅影響全球供應鏈，客戶將會轉移生產或分銷管道。

And we are in those rooms with those executive staff, helping them decided and and execute on any major supply chain changes and so, Tyson is one that was obviously born well before the tariffs are these tariff policy changes. But as things change, we tend to we tend to even more valuable with our customers.

我們和那些高階主管待在同一個房間裡，幫助他們決定並執行任何重大的供應鏈變革，因此，泰森顯然是在關稅和關稅政策變化之前誕生的公司之一。但隨著情況的變化，我們傾向於為客戶提供更多價值。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Good morning. Going back to the Tyson deal, ultimately, what was the value proposition for Tyson? Was it just cost savings or and LinOS or just more sustainable operations, just [the result raw].

早安.回顧泰森交易，最終，泰森的價值主張是什麼？只是節省成本還是 LinOS 或只是更永續的營運？[原始結果]。

All of the above, I mean lower cost, best technology, best automation, serving their dynamic customers better, positioning their inventory and the optimal locations. These guys are really smart about how they plan their future supply chain, and we were able to work with them for a full year on what that future supply change look like.

以上所有，我的意思是更低的成本、最好的技術、最好的自動化、更好地服務他們的動態客戶、定位他們的庫存和最佳位置。這些人對於如何規劃未來的供應鏈非常聰明，我們能夠與他們合作一整年，研究未來的供應變化。

We also provide them with a lot of flexibility, given that there is a customer in these buildings, can flex inventory if needed to a certain extent and that kind of future proof their supply chain. Little West was certainly a piece of this.

我們也為他們提供了極大的靈活性，因為這些建築物中有客戶，可以根據需要在一定程度上調整庫存，並為他們的供應鏈提供未來保障。小韋斯特 (Little West) 肯定是其中的一部分。

And we'll be running in these automated buildings and we will convert to LinOS in the buildings that were that were purchasing for them. But I'll just give a quick Midwest update, lower wallboard on the topic. You know, our our pilots continue to go extremely well.

我們將在這些自動化建築中運行，並將在為其購買的建築物中轉換為 LinOS。但我只想簡要介紹中西部的最新情況，降低關於這個主題的牆板。你知道，我們的飛行員表現一直都非常出色。

We're seeing double-digit productivity improvement in these buildings. And as we mentioned, this is a year of just proving it out and then we'll roll it out more broadly over the next couple of years. But we're increasingly excited about how this technology can transform our operations.

我們看到這些建築的生產效率實現了兩位數的提升。正如我們所提到的，今年我們只是在驗證這一點，然後我們將在接下來的幾年裡更廣泛地推廣它。但我們越來越興奮於這項技術如何改變我們的營運。

And we're seeing very real benefit, not only direct labor, but also an indirect labor and benefits in energy and safety and employee turnover in training expense. We think this will lower our bases sense in CapEx as we'll be able to use our facilities and more efficiently.

我們看到了非常實際的好處，不僅是直接勞動力，還有間接勞動力和能源、安全以及員工流動率方面的培訓費用方面的好處。我們認為這將降低我們在資本支出方面的基礎意識，因為我們將能夠更有效地利用我們的設施。

And over time, we think this will meaningfully lower our cost structure and create an even deeper go between us and our competition and improve the already outstanding service we provide to our customers. And we're highly encouraged in this technology was a component of the deal with Tyson.

隨著時間的推移，我們認為這將顯著降低我們的成本結構，使我們與競爭對手的差距進一步拉大，並改善我們為客戶提供的優質服務。我們非常高興這項技術成為與泰森交易的一部分。

Great. Thank you. On the trade uncertainties, one of the things the administration of time about is not just tarrifs, but perhaps, improving the balance of trade through exports, especially like agricultural exports.

偉大的。謝謝。關於貿易不確定性，現任政府關注的事情之一不僅是關稅，或許還有透過出口（特別是農產品出口）來改善貿易平衡。

I'm not sure if you and the food producers have had much dialogue with administration, but any kind of insights you can share what this potential could be? And how real that I feel like or would it be like all soybeans and not touch the cold storage warehouse?

我不確定您和食品生產商是否與管理層進行過很多對話，但您能否分享一些關於這種潛力的見解？而且我的感覺有多真實或會不會像所有的大豆一樣，不接觸冷藏倉庫？

Yes, I think it could impact us, but trying to predict how and why and where and which comes out of these. Yes, we've got I've met with many customers in the last just several weeks, and there's still uncertainty. I think it would be unwise for me to predict what's going to happen at this time, but more next quarter.

是的，我認為它可能會影響我們，但我們正在嘗試預測這些影響將如何、為什麼、在何處以及會產生什麼結果。是的，過去幾週我已經會見了許多客戶，但仍然存在不確定性。我認為現在預測會發生什麼是不明智的，但下個季度可以預測更多。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks for taking my question, how much room do you think your current tenants have within their current commitments to utilize before they would need to take on more space?

早安.感謝您回答我的問題，您認為您目前的租戶在需要租用更多空間之前，在他們目前的承諾範圍內有多少空間可供利用？

In various costs versus a high-cost countered by region, by commodity? I think where we are from an occupancy standpoint, there's a ton of room that we have to sell to customers. And that's actually a really nice opportunity moving forward, right? With all the things we've done from a productivity standpoint, you know, getting our costs are really good level here.

按地區、按商品劃分的各種成本與高成本？我認為從入住率的角度來看，我們有大量的房間可以賣給顧客。這實際上是一個很好的前進的機會，對吧？從生產力的角度來看，我們所做的一切都使我們的成本處於非常好的水平。

Having the space of sale, having a market that is going to bounce back at some point, gives us a ton of opportunity to drive really strong operating leverage going forward.

擁有銷售空間、擁有在某個時候會反彈的市場，為我們提供了大量的機會來推動未來真正強勁的營運槓桿。

Yes. And I think because the volume guarantees were just reset here in the first quarter. Customers are -- they have an appropriate amount of offset as base reserves for what they see in their business.

是的。我認為這是因為我們在第一季就重新設定了銷售保證。客戶－他們有適當數量的抵銷金額作為他們在業務中看到的基本儲備。

If there's any inventory inflection, if there's any increase in consumer sentiment that leads to an uptick in sales and volumes, that's all upside for us at incremental margins are extremely strong. And so we're kind of hit a bottom in inventories right now. Any any stimulus to rebuild or ITO or reposition, just help us that.

如果庫存出現任何變化，如果消費者情緒增加，從而導致銷售量和銷售量上升，那麼這對我們來說都是有利的，因為增量利潤率非常強勁。因此，我們現在的庫存已經觸底。任何重建、ITO 或重新定位的刺激措施都有助於我們實現這一點。

Just the follow-up of supply, how much supply delivered over the last year is yet to be absorbed? And then also, how much supply is going to be delivered in 2025 that is on lease to the main industry?

僅就供應的後續情況而言，去年交付的供應有多少尚未被吸收？那麼，2025 年將向主要產業提供多少租賃供應？

Great question. So certainly there's been no new supply into the market over the last several years. That new capacity peaked in 2023 with about 4% in the US in about incremental propositions.

好問題。因此過去幾年肯定沒有新的供應進入市場。新增產能將在 2023 年達到頂峰，其中美國約佔 4%（增量提案）。

That came down by about 50% in '24 and again, similarly this year, so about 2% new pallet positions added in the US in '24 and '25. In that new supply is expected to be cut in half again based on what's been announced so far, and what we do is happening in 2026.

2024 年這一數字下降了約 50%，今年也出現了類似的下降，因此 2024 年和 2025 年美國新增托盤位置約佔 2%。根據目前宣布的情況，預計新供應量將再次減少一半，而我們的行動將在 2026 年實現。

So in 2026, the new pallet positions added in the US will kind of be back to historical of pre-COVID levels. But I think it's important dimension that that capacity that's been built at the highest cost to build effort and the cost of capital obviously increased.

因此，到 2026 年，美國新增的托盤數量將恢復到疫情前的歷史水準。但我認為，重要的一點是，以最高的成本建造的產能和資本成本顯然增加了。

So it's hard for these smaller players to succeed at anything below kind of market prices. And we expect some of these businesses to underperform in some detail, and we're definitely seeing evidence of that marketplace. And we expect those sales dislocations to create opportunities for us to either grow organically or through acquisition.

因此，這些小型企業很難以低於市場價格的價格取得成功。我們預計其中一些企業的表現會在某些細節上不佳，而且我們確實看到了該市場的證據。我們預期這些銷售錯位將為我們創造機會，實現有機成長或透過收購。

And I think compared to these new entrants have such a distinct competitive advantages, we have scale creates network effects. We have world-class and leading automation. We have proprietary technology even before the winter West launch.

我認為與這些新進入者相比，我們具有明顯的競爭優勢，規模創造了網路效應。我們擁有世界一流、領先的自動化。甚至在冬季西部發射之前，我們就擁有專有技術。

We have 13,000 customer relationships and we have global farm to fork service offerings. In Sweden, we have a really deep moat. I mean, for example, I'd argue that if you think about this new capacity or new companies that have it our space, I think we're the only one capable of successfully signed to executing a deal like to the scale of a tight [Pete's agreements].

我們擁有 13,000 個客戶關係，並提供從農場到餐桌的全球服務。在瑞典，我們有一條非常深的護城河。我的意思是，例如，我認為，如果你考慮這種新產能或擁有我們空間的新公司，我認為我們是唯一能夠成功簽署並執行如此規模的協議的公司[皮特的協議]。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Good morning. First question, I just wanted to follow up on the minimum volume guarantees, which decreased 200 basis points, sequentially to 42% level. That decrease occurred before the tariff announcements.

早安.第一個問題，我只是想跟進最低交易量保證的問題，該保證減少了 200 個基點，環比下降至 42% 的水平。這一下降發生在關稅公告發布之前。

And I realize there's uncertainty around how inventory levels will trend in the near term with the uncertainty around trade flows and inventory. But in terms of those changes, I just wanted to clarify if that was predominantly first quarter reset of sorts or whether you do expect that process to be ongoing throughout the year?

我意識到，由於貿易流量和庫存的不確定性，短期內庫存水準的趨勢也存在不確定性。但就這些變化而言，我只想澄清一下，這是否主要是第一季的重置，或者您是否預計該過程將持續全年？

And whether or not the fixed commits, the percent of fixed commits might might fall further perhaps below 40%?

固定提交是否以及固定提交的百分比是否可能會進一步下降，也許低於 40％？

It is largely a first quarter phenomenon. The majority of get reset in the first quarter and [they can] -- that they're reset at lower levels. It's but above al, the existing customer volume guarantees came down a little bit. The new business we're selling has more than 42% average volume guarantees.

這主要是第一季的現象。大多數在第一季就被重置，並且它們可以在較低的水平上重置。但最重要的是，現有客戶數量保證略有下降。我們正在出售的新業務的平均交易量保證超過 42%。

And so we would expect, I don't think tariffs would have an impact on this. If anything to Steve, six point earlier, if there is any stockpiling of inventory or things are having to be held or redirected or diverted back to the US that are on the water actively to people, we need to give more space and potentially come kind of how the cycle and asked for increased volume purity.

因此我們預計，我認為關稅不會對此產生影響。如果對史蒂夫說了什麼，六點之前，如果有任何庫存囤積或物品必須被扣留或重新定向或轉移回美國，而這些物品正在水上積極地供人們使用，我們需要給予更多的空間，並有可能實現某種循環，並要求增加體積純度。

So we'll see what happens if I got a lot of uncertainty. But to directly to iterate your question, it is, but majority first quarter phenomena.

因此，我們將看看如果我遇到很多不確定性會發生什麼。但直接重申你的問題，這是事實，但大多數是第一季的現象。

Okay. And then separate question on the Tysons transaction. With regard to the existing facilities that we'll be transitioned to the public warehouses, will those warehouses experienced a decrease in occupancy in '27 or '28 during that transition? How will that handoff happen?

好的。然後是關於泰森交易的單獨問題。對於我們將要過渡到公共倉庫的現有設施，在過渡期間，這些倉庫的入住率是否會在 27 年或 28 年下降？交接將如何進行？

Just curious whether or not we should expect how those operations sort of trend during that transition period, if they need to fill up and operating like [Lisapor] or development aspects during that period.

我只是好奇我們是否應該預期這些運營在過渡期間的趨勢如何，它們是否需要像 [Lisapor] 那樣填補和運營，或者在過渡期間進行開發。

I mean, you know, we can't get this. All it does to the agreement but we've bet there's a smooth transition like anything else. It's because of all that warehouses, their concern is a bit of [Jaker] as you're filling up the new warehouse in a couple.

我的意思是，你知道，我們無法得到這個。它對協議所做的一切都是，但我們確信它會像其他任何事情一樣順利過渡。因為有這麼多倉庫，他們有點擔心 [Jaker]，因為你要在幾個新倉庫裡填滿東西。

There's a transaction around it. The answer is yes. There will be a [50] decline when they depart and we will move it back up to public facility. But all of that was certainly built in contemplated as we (inaudible).

周圍有一個交易。答案是肯定的。他們離開後，人數將會減少 [50]，我們會將其移回公共設施。但所有這些都是經過深思熟慮的（聽不清楚）。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning. Thanks for the question. Just going back to the guidance, just to get it right because to pinpoint where it seems to warehouse. Even with the double solution and NOI growth, kind of growth, just to understand, high levels to keep the guidance back, you must have baked something in.

早晨。謝謝你的提問。只需回到指導，就可以做到正確，因為要精確定位倉庫的位置。即使有雙重解決方案和 NOI 成長，某種程度上的成長，只是要理解，高水準的指導才能保持下去，你必須融入一些東西。

I say it in another way like it starts to go tomorrow, would you still be hitting your original guide or there's some other offset like you maintain the guidance. One of the other components that you're cutting, assuming kind of the expansion comes in well below your original expectations?

換句話說，就像它明天開始運行一樣，您是否仍會按照原來的指南進行操作，或者是否存在其他偏移量，例如您保持指導。假設擴張幅度遠低於您最初的預期，您要削減的其他組件之一是？

es, it’s real hard to predict what would happen if tariffs got — went away tomorrow. Yes, I think if you just do the simple math, right, and you look at our guide and you look at the $25 million that we’re planning to get, you’re losing $25 million somewhere else, right?

是的，如果明天取消關稅，真的很難預測會發生什麼事。是的，我認為如果你只是做簡單的數學計算，對吧，你看看我們的指南，看看我們計劃獲得的 2500 萬美元，你在其他地方損失了 2500 萬美元，對吧？

So that gets you more to the low end of our initial same-store guide, if you’re going to go back to that. But again, there’s a ton of volatility. There’s upside, downside. We’re very confident in the levers that we can pull on cost and everything else. And so we’re committed here to deliver these ranges, barring any sort of other economic thing that were to happen, and our job here will be to do even better than that.

因此，如果您要回顧一下，這將使您更接近我們初始同店指南的低端。但同樣，存在著巨大的波動性。有好處，也有壞處。我們對於控製成本和其他一切問題的能力非常有信心。因此，我們致力於實現這些目標，除非發生任何其他經濟事件，我們的工作將是做得更好。

Got it. And then I guess just you talked a lot about opportunities on the external growth side. Obviously, Tyson is a solid deal. Wondering just given kind of how the stock’s performed and, obviously, the embedded value, what about considering a big buyback or even just other ways to kind of highlight value?

知道了。然後我想您剛才談了很多關於外部成長方面的機會。顯然，泰森是一筆划算的交易。想知道，考慮到股票的表現以及明顯的內在價值，是否考慮大規模回購或甚至只是採用其他方式來凸顯價值？

Yes. I think the Board and the management team will always do whatever that we think is the best interest of the shareholders. And so we’ll always evaluate all things that we could potentially do to drive shareholder value over the long term. I mean we’re really focused here, as you know, on compounding growth and driving long-term shareholder value. I think that’s what we do.

是的。我認為董事會和管理團隊將始終盡一切努力滿足股東的最大利益。因此，我們將始終評估所有可能為長期提升股東價值所採取的措施。我的意思是，如你所知，我們真正關注的是複合成長和推動長期股東價值。我想這就是我們所做的。

Okay. And then just one, if I can clarify, like how much of this — the — I guess the challenged same-store, you’ve got a big global portfolio, the scale, et cetera. Are you able to share any like industry stats to kind of show how maybe the Lineage portfolio is outperforming even in this environment? Like what’s happened to economic occupancy changes across your peers or just the overall growth? Any stats you can share that would highlight Lineage still outperforming fundamentally?

好的。然後，如果我可以澄清一下的話，例如這其中有多少——我想是受到挑戰的同店銷售額，你有一個龐大的全球投資組合、規模等等。您能否分享一些類似的行業統計數據來表明 Lineage 投資組合在這種環境下的表現如何優異？例如，您的同行的經濟入住率變化或整體成長如何？您能分享哪些數據來顯示 Lineage 仍然表現優異？

There’s not really publicly — or it’s very fragmented industry.

實際上並沒有公開——或者說這是一個非常分散的行業。

Very fragmented. It’s not transparent even in the U.S., much less in the international markets. I think we’re getting that from the intel of our 250 salespeople around the world that are acutely aware of the capacity or occupancy of their competitors in their markets.

非常分散。即使在美國也不透明，更不用說在國際市場上了。我認為，我們從遍布全球的 250 名銷售人員那裡獲得了這些信息，他們非常清楚其市場上競爭對手的產能或占有率。

I personally visited with teams across 10 markets around the world — actually, more like 12 this year and met with our teams. And they are very in tune with what’s going on in the market and what customers are going where and what the capacity is at our competitors’ buildings. And based on that intel, we think we’re performing very well from physical standpoint.

我親自拜訪了全球 10 個市場的團隊——實際上，今年大概有 12 個市場，並與我們的團隊會面。他們非常了解市場動態、顧客去向以及競爭對手的建築容量。根據這些訊息，我們認為從身體狀況來看我們的表現非常好。

Ladies and gentlemen, due to the constraints of time, we do need to conclude our Q&A session for today. And I would like to turn the call back over to Evan Barbosa, for closing remarks.

女士們、先生們，由於時間限制，我們需要結束今天的問答環節。我想將電話轉回給埃文·巴博薩 (Evan Barbosa)，請他做最後發言。

On behalf of the entire Lineage team, thank you for joining us today and for your interest in Lineage. We look forward to speaking with you again on our next quarterly call.

我代表整個 Lineage 團隊感謝您今天的加入我們以及您對 Lineage 的關注。我們期待在下次季度電話會議上再次與您交談。

Thanks, everybody.

謝謝大家。

This concludes today’s conference call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開連線。