Performance Food Group Company (PFGC) 2026 Q3 法說會逐字稿

Good day, and welcome to PFG's fiscal year Q3 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to Bill Marshall, Senior Vice President, Investor Relations for PFG. Please go ahead, sir.

各位早安，歡迎參加 PFG 2026 會計年度第三季（Q3）財報電話會議。（接線員指示）現在我想把電話交給 PFG 投資人關係資深副總裁 Bill Marshall。先生，請開始。

Thank you, and good morning. We're here with Scott McPherson, PFG's CEO; and Patrick Hatcher, PFG's CFO. We issued a press release this morning regarding our 2026 fiscal third quarter results, which can be found in the Investor Relations section of our website at pfgc.com.

謝謝，各位早安。今天與會的有 PFG 執行長 Scott McPherson，以及 PFG 財務長 Patrick Hatcher。我們今早已發布關於 2026 會計年度第三季業績的新聞稿，可於 pfgc.com 網站的投資人關係（Investor Relations）專區查閱。

During our call today, unless otherwise stated, we are comparing results to the results in the same period in fiscal 2025. Any reference to 2025, 2026 or specific quarters refers to our fiscal calendar unless otherwise stated. The results discussed on this call will include GAAP and non-GAAP results adjusted for certain items. The reconciliation of these non-GAAP measures to the corresponding GAAP measures can be found at the back of the earnings release.

在今天的電話會議中，除非另有說明，我們將把本期結果與 2025 會計年度同期間的結果進行比較。任何提及 2025、2026 或特定季度者，除非另有說明，均係指我們的會計年度日曆。本次電話會議所討論的結果將包含 GAAP 與非 GAAP 結果，並就若干項目進行調整。這些非 GAAP 指標與相對應 GAAP 指標之調節表可於財報新聞稿末尾查閱。

Our remarks on this call and in the earnings release contain forward-looking statements and projections of future results. Please review the cautionary forward-looking statements section in today's earnings release and our SEC filings for various factors that could cause our actual results to differ materially from our forward-looking statements and projections.

我們在本次電話會議及財報新聞稿中的發言包含前瞻性陳述與對未來結果的預測。請查閱今日財報新聞稿中的前瞻性陳述警示段落，以及我們向 SEC 提交的文件，以了解可能導致實際結果與前瞻性陳述及預測存在重大差異的各項因素。

With that, I'd now like to turn the call over to Scott.

接下來，我想把電話交給 Scott。

Thanks, Bill. Good morning, everyone, and thank you for joining our call today. I'm excited to share our results from the third quarter, which demonstrate the strength of our strategy, solid execution in the field and building momentum that we expect to continue through the fourth quarter and into fiscal 2027.

謝謝你，Bill。各位早安，感謝今天加入我們的電話會議。我很高興分享第三季的業績，這些結果展現了我們策略的強勁、前線的扎實執行，以及我們正在建立的動能；我們預期這股動能將延續至第四季並進入 2027 會計年度。

At our Investor Day last May, we laid out the long-term vision for the company. Central to this plan is leveraging the diversification of our business across the entire food-away-from-home market. We believe that our broad position across the US is a unique strength for PFG and will result in many years of sustained growth.

在去年 5 月的投資人日（Investor Day）上，我們闡述了公司的長期願景。此計畫的核心在於，運用我們在整個「外食」（food-away-from-home）市場中的多元化布局。我們相信，PFG 在全美的廣泛佈局是獨特優勢，並將帶來多年可持續的成長。

The most recent quarter demonstrates the benefits of this strategy. There has been much discussion about the challenges facing our industry, including soft foot-traffic into restaurants, price inflation, major weather events and political disruption. Despite these items, we were able to achieve the high end of our guidance outlined in February, exceeding expectations in several of the metrics that underpin our projections. All three of our operating segments displayed positive signs of resilience and a strong foundation to grow upon in future quarters.

最近一季的表現證明了此策略的效益。市場對本產業面臨的挑戰有許多討論，包括餐廳客流量疲弱、價格通膨、重大天候事件以及政治動盪。儘管存在上述因素，我們仍達成 2 月所提供財測指引的高端，並在支撐我們預測的多項指標上超出預期。我們三個營運事業部門皆展現出正向的韌性跡象，並具備在未來季度持續成長的堅實基礎。

Let's discuss some of the business highlights from the quarter in each of our businesses. I'll then turn the call over to Patrick, who will review our financial performance and updated outlook for the fiscal year. Starting with our Foodservice segment. Strong sales execution combined with disciplined margin management translated into high single-digit EBITDA growth in our Foodservice business, excluding Cheney.

接下來我們將分別說明本季各業務的重點亮點，之後我會把電話交給 Patrick，由他回顧我們的財務表現以及更新本會計年度的展望。先從我們的餐飲服務（Foodservice）事業部門開始。強勁的銷售執行搭配嚴謹的毛利管理，使我們的 Foodservice 業務（不含 Cheney）EBITDA 實現高個位數成長。

This performance underscores the durability of our food service model and our ability to grow profitably even in a choppy macro environment. Our ability to gain market share and grow independent cases has been a strength of PFG's business throughout our history. Consistent with that theme, we are incredibly proud of our sales organization and their independent performance in the third quarter.

這項表現凸顯了我們餐飲服務模式的耐久性，以及即便在顛簸的總體環境下仍能獲利成長的能力。爭取市占並推動獨立客戶出貨箱數（independent cases）成長，一直是 PFG 歷史上的強項。延續此一主軸，我們對第三季銷售團隊在獨立客戶市場的表現深感自豪。

For the period, independent cases accelerated from the second quarter growing 6.5% exceeding our stated benchmark of 6%. Our performance was the result of consistent market share gains through the quarter and wallet share gains from existing customers. Net new account growth was approximately 5.4% as account wins continue to drive the majority of our case growth.

就本期而言，獨立客戶出貨箱數較第二季加速成長 6.5%，高於我們所設定的 6% 基準。此表現來自於本季持續的市占提升，以及既有客戶的錢包份額（wallet share）增加。淨新增客戶（net new account）成長約 5.4%，客戶贏單持續帶動我們出貨箱數成長的大部分。

At the same time, we were pleased to see 100 basis point differential between new account growth and total case growth, which indicates positive trends and account penetration within existing accounts. This performance occurred within a backdrop of consistent low single-digit foot traffic declines according to Black Box, demonstrating the strong execution of our sales force.

同時，我們也樂見淨新增客戶成長與總出貨箱數成長之間有 100 個基點的差距，顯示既有客戶的滲透率（account penetration）呈現正向趨勢。根據 Black Box 的資料，在整體餐廳客流量持續低個位數下滑的背景下仍能達成此表現，展現了我們銷售團隊的強勁執行力。

Our focus on recruiting, training and incentivizing our sales force is a key factor in our multiyear outperformance within the independent restaurant space. We continue to strengthen our talented sales team by providing them with industry-leading brands, technology that enables great customer engagement. And once again, we increased our headcount by mid-single digits compared to the prior year.

我們專注於招募、訓練與激勵銷售團隊，是我們在獨立餐廳市場多年來持續優於同業的關鍵因素。我們持續強化這支優秀的銷售團隊，提供業界領先的品牌，以及能促進卓越客戶互動的科技工具。此外，我們再次將人力編制較去年提升中個位數百分比。

Double-clicking on technology, we continue to see excellent traction from our online ordering platform CustomerFirst. Since highlighting this technology at our Investor Day, we have deployed multiple AI agents that provide our customers and salespeople, a digital partner with researching items, recipes and products to place the optimal order. CustomerFirst is not only a powerful tool for our restaurant business but will become our digital solution for all three operating segments, demonstrating the cross-company collaboration that defines our PFG One initiative.

進一步談到科技方面，我們的線上訂購平台 CustomerFirst 持續展現極佳的採用動能。自從在投資人日重點介紹這項技術以來，我們已部署多個 AI 代理（AI agents），為客戶與業務人員提供數位夥伴，協助查找品項、食譜與產品，以便下出最優訂單。CustomerFirst 不僅是我們餐廳業務的強大工具，也將成為我們三個營運事業部門的數位解決方案，展現了定義我們 PFG One 計畫的跨公司協作。

Turning to our chain business, we saw case volume increase in the third quarter. This was particularly impressive given the difficult backdrop that chains have experienced and reflect our efforts to partner with growth concepts. Also encouraging is our pipeline of new chain business, which is robust and should provide a lift to our foodservice volume performance in fiscal 2027.

再看我們的連鎖（chain）業務，第三季出貨箱數增加。考量連鎖客戶所面臨的艱困環境，這項表現尤其令人印象深刻，也反映我們與成長型品牌概念（growth concepts）合作的努力。同樣令人鼓舞的是，我們新增連鎖業務的案源（pipeline）相當強勁，預期將在 2027 會計年度為我們的 Foodservice 出貨量表現帶來提振。

Before turning from the Foodservice segment, a few comments on Cheney Brothers. In the third quarter, we continued to see strong sales growth from Cheney, particularly with independents where cases grew north of 6% as did the sales headcount. Their growth culture remains vibrant and their brand portfolio is growing, providing additional sales and margin opportunities ahead.

在結束 Foodservice 事業部門之前，補充幾點關於 Cheney Brothers。第三季我們持續看到 Cheney 的強勁銷售成長，尤其在獨立客戶方面，出貨箱數成長超過 6%，銷售人力也同樣增加。他們的成長文化依然蓬勃，品牌組合也在擴大，為未來帶來更多銷售與毛利機會。

Critical to continuing this growth are the investments we have made in their physical infrastructure discussed last quarter. The headline investment is our recently opened state-of-the-art broadline distribution facility in Florence, South Carolina, which started shipping to existing and new customers towards the end of the second quarter. This new facility will not only provide room to grow in the Carolinas, but will also free up capacity in other facilities in the Southeast. We are making investments today that will pay dividends in future periods.

延續此成長的關鍵，在於我們上季所提及、對其實體基礎設施的投資。其中最重要的投資是我們近期在南卡羅來納州佛羅倫斯（Florence, South Carolina）啟用的最先進綜合型（broadline）配送中心，並於第二季末開始向既有與新客戶出貨。這座新設施不僅將提供在卡羅來納地區的成長空間，也將釋放東南部其他設施的產能。我們今天所做的投資，將在未來期間帶來回報。

These activities did cause higher-than-anticipated expenses in the fiscal second and third quarters, and we have embedded a continuation of some cost items in our fourth quarter outlook. As we move through the fourth quarter and into fiscal 2027, we are confident Cheney will become a significant contributor to our revenue and profit growth moving forward.

這些活動確實使我們在會計年度第二季與第三季的費用高於原先預期，而我們也在第四季展望中納入部分成本項目將持續發生。隨著我們走過第四季並進入 2027 會計年度，我們有信心 Cheney 將成為未來營收與獲利成長的重要貢獻者。

Turning to our Convenience segment results. I'm extremely proud of how our Core-Mark associates have risen to the occasion and led our company in revenue and EBITDA growth. For the past two quarters, we have discussed adding two meaningful pieces of business with Love's and RaceTrac. While exciting in these types of large customer wins also bring potential execution risk.

接著談我們的便利（Convenience）事業部門表現。我對 Core-Mark 同仁在關鍵時刻挺身而出、並在營收與 EBITDA 成長上領先全公司，感到非常自豪。過去兩季我們談到新增 Love's 與 RaceTrac 兩項重要業務。這類大型客戶贏單令人振奮，但也可能帶來執行風險。

I'm proud to say that Core-Mark has done a great job onboarding these customers and continues to work tirelessly to execute while building strong and lasting partnerships with these iconic convenience retailers. The results speak for themselves. Convenience delivered 8.3% organic case growth and 8.7% total revenue growth in the quarter and an outstanding 34.1% adjusted EBITDA performance.

我很自豪地表示，Core-Mark 在導入（onboarding）這些客戶方面做得非常出色，並持續不懈地執行，同時與這些具代表性的便利零售商建立強健且長久的合作夥伴關係。成果不言自明：本季 Convenience 事業部門有機出貨箱數成長 8.3%，總營收成長 8.7%，調整後 EBITDA 更繳出亮眼的 34.1% 表現。

While the top line performance is certainly impressive, Core-Mark's ability to deliver on volume increases of this magnitude exemplifies the commitment this organization has to its customers. As I said at the onset of the call, PFG aspires to be the leader in the food away-from-home space, and this diversification has played a significant role in the success we are seeing with Core-Mark.

雖然營收端的表現確實令人印象深刻，但 Core-Mark 能在如此幅度的量能提升下仍交付成果，充分體現該組織對客戶的承諾。如同我在開場時所說，PFG 立志成為外食領域的領導者，而這種多元化布局在 Core-Mark 所展現的成功中扮演了重要角色。

Core-Mark has leveraged the broader enterprise to develop food expertise, expanding its food and brand portfolio, providing customers with a differentiated offer. That, coupled with great customer-facing technology, strong supply chain execution and a focus on building lasting partnerships, has resulted in significant market share wins for the segment.

Core-Mark 善用更廣泛的企業資源來發展食品專業，擴充其食品與品牌組合，為客戶提供差異化的方案。再加上優異的客戶端科技、強健的供應鏈執行，以及專注於建立長期夥伴關係，使該事業部門取得顯著的市占贏單。

Looking ahead, the addition of Love's and RaceTrac will continue to be an incremental benefit to our convenience performance through mid-fiscal 2027. We have visibility into additional customer wins and some offsetting losses though not nearly the size of either of these two pieces of business. We believe the outlook for our Convenience segment is bright, and we continue to resonate with customers looking through a partner to help them drive their business performance.

展望未來，Love's 與 RaceTrac 的加入將持續在 2027 會計年度年中之前，為我們的便利事業部門表現帶來增量效益。我們也能掌握其他新增客戶贏單，以及部分相抵的流失，但規模遠不及上述兩項業務。我們認為便利事業部門的前景光明，且我們持續獲得那些希望透過合作夥伴協助提升營運績效的客戶青睞。

Finishing with our Specialty segment. This is a unique asset within the PFG portfolio as there is no pure-play competitor that has the reach of Vistar in the candy snack and beverage market. As a result, we are able to pursue a range of business opportunities for long-term growth.

最後談我們的專業（Specialty）事業部門。這是 PFG 組合中一項獨特資產，因為在糖果、零食與飲料市場中，沒有任何純粹同業（pure-play competitor）能擁有 Vistar 這樣的覆蓋範圍。因此，我們得以追求多元的業務機會，以實現長期成長。

An example of this is the continued expansion into the e-commerce fulfillment space. While still a relatively small channel for us, our ability to ship direct to businesses and consumers across the US makes Vistar an attractive partner for a wide array of businesses and manufacturers trying to reach their end consumer. Vistar also continues to benefit from growth in other emerging channels, including specialty grocery and campus retail and is currently pursuing additional avenues that we are confident will fuel future growth.

其中一個例子是我們持續擴展至電商履約（e-commerce fulfillment）領域。雖然對我們而言仍是相對較小的通路，但我們能在全美直接配送至企業與消費者的能力，使 Vistar 成為各類企業與製造商在觸及終端消費者時極具吸引力的合作夥伴。Vistar 也持續受惠於其他新興通路的成長，包括特色雜貨（specialty grocery）與校園零售（campus retail），目前也正開拓更多我們有信心能驅動未來成長的途徑。

During the quarter, growth across most of Specialty's channels drove solid top line performance. Case growth of 1.1% produced a 5.3% revenue increase year-over-year. During the quarter, Specialty saw difficult margin comparisons, including lapping higher prior year inventory gains. Expenses in the third quarter were also elevated due to shipping and fuel costs resulting in negative EBITDA performance in the quarter compared to the prior year period. Despite a challenging quarter, the Specialty segment's attractive overall margins and prospects for continued revenue performance give us a high degree of confidence in their long-term profit opportunities.

在本季度，Specialty 多數通路的成長帶動了穩健的營收表現。箱數成長 1.1%，使營收年增 5.3%。本季度，Specialty 面臨艱難的毛利率比較基期，包括去年較高的庫存收益所形成的高基期。第三季費用亦因運輸與燃料成本而上升，導致本季度 EBITDA 表現較去年同期轉弱。儘管本季具挑戰性，Specialty 事業部整體具吸引力的毛利率水準，以及營收可望持續成長的前景，讓我們對其長期獲利機會保持高度信心。

To summarize, all three of our operating segments contributed nicely to our top line growth, allowing us to achieve sales results at the top end of the guidance we laid out in February. Our adjusted EBITDA came in above the high end of our guidance range even as we invested in our business to support future growth. This performance was possible because of our diversification efforts and share gains across the US food away-from-home market. I'm excited for the final months of fiscal 2026 and expect a nice acceleration in fiscal 2027, putting us well on track to achieve our three-year targets laid out last May.

總結來說，我們三個營運事業部都對營收成長做出了良好貢獻，使我們達成了 2 月所提出指引區間的高端銷售表現。即使我們持續投資業務以支持未來成長，調整後 EBITDA 仍高於指引區間上緣。這樣的表現得益於我們的多元化布局，以及在美國外食（food away-from-home）市場的市占提升。我對 2026 會計年度最後幾個月感到振奮，並預期 2027 會計年度將有不錯的加速成長，讓我們穩步朝向去年 5 月提出的三年目標前進。

I'll now turn the call over to Patrick, who will review our financial performance and outlook. Patrick?

接下來我把電話交給 Patrick，由他回顧我們的財務表現與展望。Patrick？

Thank you, Scott, and good morning. Today, I will review our third quarter financial results, provide color on our financial position, I'll review our tightened guidance for 2026. PFG's total net sales grew 6.4% in the third quarter, with growth in all three operating segments and particular strength in Convenience. Total company cases increased 4.4% during the quarter, highlighted by a 6.5% organic independent restaurant case growth and an 8.3% organic case gain for our Convenience segment.

謝謝你，Scott，大家早安。今天我將回顧我們第三季的財務結果，補充說明我們的財務狀況，並回顧我們對 2026 年收緊後的財測指引。PFG 第三季總淨銷售額成長 6.4%，三個營運事業部皆有成長，其中 Convenience 表現尤為強勁。公司整體箱數在本季度增加 4.4%，其中亮點包括獨立餐廳（organic independent restaurant）箱數有機成長 6.5%，以及 Convenience 事業部箱數有機成長 8.3%。

We are very pleased with the contribution from the addition of the Love's and RaceTrac business, which accounted for the majority of the growth in Convenience. Total company cost inflation was approximately 4.5% for the quarter, in line with what we experienced in the prior quarter. Foodservice inflation of 1.5% was slightly below recent trends with continued deflation in the cheese, poultry and egg categories, somewhat offset by higher inflation in beef.

我們對新增 Love's 與 RaceTrac 業務的貢獻感到非常滿意，Convenience 的成長多數來自於此。公司整體成本通膨本季度約為 4.5%，與上一季度的水準一致。餐飲服務（Foodservice）通膨為 1.5%，略低於近期趨勢；起司、家禽與雞蛋品類持續通縮，部分被牛肉較高的通膨所抵銷。

At the same time, while cheese and poultry remained deflationary on a year-over-year basis, we did not see the dramatic declines we experienced during the fiscal second quarter, and as a result, these items were less impactful to our overall financial results. Specialty segment cost inflation was up 5.1% year-over-year, about 25 basis points lower than the prior quarter, mainly the result of candy and hot drink price inflation.

同時，雖然起司與家禽在年對年基礎上仍呈通縮，但我們未見到 2026 會計年度第二季那樣劇烈的下跌，因此這些品項對整體財務結果的影響較小。Specialty 事業部成本通膨年增 5.1%，較上一季度低約 25 個基點，主要是糖果與熱飲價格通膨所致。

Convenience cost inflation increased 7.9%, slightly higher than the prior quarter due to inflation in tobacco and Candy. The inflationary environment has been active over the past several years, but as a company, we have demonstrated our ability to handle a range of outcomes. We expect the inflation rate to remain in the low to mid-single-digit range for the remainder of fiscal 2026.

Convenience 成本通膨上升至 7.9%，因菸草與糖果通膨而略高於上一季度。過去幾年通膨環境一直相當活躍，但就公司而言，我們已展現出能夠應對各種情境的能力。我們預期 2026 會計年度剩餘期間的通膨率將維持在低至中個位數區間。

Moving down the P&L. Total company gross profit increased 6.4% in the third quarter, representing a gross profit per case increase of $0.20 as compared to the prior year's period. This improvement was driven by strong mix, execution of our procurement initiatives outlined at our Investor Day and continued execution of our brand strategy.

接著看損益表。公司整體毛利在第三季成長 6.4%，每箱毛利較去年同期增加 0.20 美元。此改善主要由強勁的產品組合（mix）、我們在投資人日所提出的採購計畫之執行，以及品牌策略的持續落地所帶動。

We are very pleased with our gross profit results which demonstrate our ability to execute on our priorities outlined in our three-year plan. In the third quarter of 2026, PFG reported net income of $41.7 million, a 28.5% decrease year-over-year due to an increase in operating expenses. Adjusted EBITDA increased 6.6% to $410.6 million, Diluted earnings per share in the fiscal third quarter was $0.27, while adjusted diluted earnings per share was $0.80, an increase of 1.3% year-over-year.

我們對毛利表現非常滿意，這展現了我們執行三年計畫中各項優先事項的能力。2026 會計年度第三季，PFG 淨利為 4,170 萬美元，因營運費用增加而年減 28.5%。調整後 EBITDA 成長 6.6% 至 4.106 億美元。會計年度第三季稀釋每股盈餘為 0.27 美元，而調整後稀釋每股盈餘為 0.80 美元，年增 1.3%。

Our EPS was impacted by below-the-line items, including higher interest and depreciation expense. Our effective tax rate was 25.4% in the third quarter, a slight decrease from 25.8% last year. We expect our full year 2026 tax rate to be close to our historical range of around 27%.

我們的 EPS 受到損益表下方項目影響，包括較高的利息與折舊費用。第三季有效稅率為 25.4%，較去年 25.8% 略降。我們預期 2026 全年稅率將接近歷史區間，約為 27%。

Turning to our financial position, cash flow performance. In the first nine months of 2026, PFG generated over $1 billion of operating cash flow, an increase of approximately $245 million compared to the same period last year. We invested approximately $266 million in capital expenditures during the first nine months of 2026. We have been diligent around new capital projects and expect full year 2026 CapEx to be below our long-term target of 70 basis points of net revenue.

再來看財務狀況與現金流表現。2026 年前九個月，PFG 產生超過 10 億美元的營運現金流，較去年同期增加約 2.45 億美元。2026 年前九個月我們投入約 2.66 億美元的資本支出。我們對新增資本專案保持審慎，並預期 2026 全年 CapEx 將低於我們長期目標（淨營收的 70 個基點）。

The organization is striking a good balance of investing in infrastructure and high-return projects to support our long-term growth while maintaining excellent free cash flow performance. In the first nine months of 2026, we generated $806 million of free cash flow, up $312 million compared to last year. We are extremely pleased with our cash flow performance. We are fully committed to investing back into our business to support our growth. And as you can see from our nine-month results, we are generating significant cash flow to fund this investment.

公司在投資基礎建設與高報酬專案以支持長期成長的同時，也維持了優異的自由現金流表現。2026 年前九個月，我們產生 8.06 億美元的自由現金流，較去年增加 3.12 億美元。我們對現金流表現感到非常滿意。我們完全致力於將資金再投資於業務以支持成長。從九個月的結果可見，我們正在產生可觀的現金流來為這些投資提供資金。

During the quarter, we repurchased a total of $1.2 million of our stock at an average cost of $83.11 per share. We will continue to be opportunistic around share repurchase where our priority remains debt reduction and investing in our growth. The M&A pipeline remains robust, and we continue to evaluate strategic M&A. PFG has a history of successful acquisitions to drive growth and shareholder value and we expect that to continue. At the same time, we will apply our typical high standards and robust due diligence to evaluate high-quality acquisition opportunities.

本季度我們以每股平均成本 83.11 美元回購了合計 120 萬美元的股票。我們將持續在股票回購上保持機會主義，但我們的優先順序仍是降槓桿（減債）以及投資成長。併購（M&A）案源仍然強勁，我們持續評估策略性 M&A。PFG 過去透過成功併購推動成長與股東價值，並預期此趨勢將延續。同時，我們將以一貫的高標準與嚴謹的盡職調查來評估高品質的收購機會。

Turning to our guidance. Today, we tightened the guidance range for fiscal 2026. For the full fiscal year, our sales target is now a range of $67.7 billion to $68 billion compared to the previously stated $67.25 billion to $68.25 billion range. We now expect full year adjusted EBITDA in a range of $1.9 billion to $1.93 billion compared to the previously stated $1.875 billion and $1.975 billion in 2026. Our results keep us on track to achieve the three-year projections we announced at Investor Day with sales in the range of $73 billion to $75 billion and adjusted EBITDA between $2.3 billion and $2.5 billion in fiscal 2028.

接著談指引。今天我們收窄了 2026 會計年度的指引區間。就全年而言，我們的銷售目標區間調整為 677 億至 680 億美元，先前為 672.5 億至 682.5 億美元。我們目前預期全年調整後 EBITDA 為 19 億至 19.3 億美元，先前 2026 年指引為 18.75 億至 19.75 億美元。我們的結果使我們仍按計畫達成投資人日所公布的三年預測：2028 會計年度銷售額 730 億至 750 億美元，調整後 EBITDA 介於 23 億至 25 億美元。

To summarize, we are very pleased with our progress despite a challenging business environment in the third quarter. We are in a solid financial position, which supports our growth investments and capital return to our shareholders and expect strong execution to finish the year setting the stage for a strong fiscal 2027. Thank you for your time today. We appreciate your interest in Performance Food Group.

總結來說，儘管第三季的經營環境具挑戰性，我們對進展仍感到非常滿意。我們的財務狀況穩健，能支持成長投資並回饋股東資本；我們也預期將以強勁的執行力完成本年度，為 2027 會計年度的強勁表現奠定基礎。感謝各位今天撥冗參與。我們感謝您對 Performance Food Group 的關注。

And with that, Scott and I would be happy to take your questions.

接下來，Scott 和我很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行（Wells Fargo）。

And nice quarter, good to see such strong top line momentum in the business. What I wanted to ask about that, though, is that you did trim the Q4 guidance. At the midpoint, I think you had an acquisition that came into the quarter, so presumably maybe there's some help there. But can you just talk about the offsets that you're seeing in Q4 to drive a slightly more conservative view?

本季表現不錯，也很高興看到公司營收端動能如此強勁。我想就此請教的是，你們確實下修了第四季指引。以中位數來看，我認為你們有一項收購在本季納入，因此推測應該會有一些助益。但你們能否談談在第四季你們看到哪些抵銷因素，讓你們的看法稍微更保守一些？

Yes. Ed, this is Patrick. I'll take that and maybe Scott will add something on the acquisition if he wants to. But really, we gave the full year guidance. You're talking about the implied Q4 and how we're looking at it as we exit Q3 with a really strong top line momentum and a nice EBITDA increase of 6.6% at the top end of our guidance.

好的。Ed，我是 Patrick。我先回答，Scott 若想補充收購相關也可以。其實我們給的是全年指引。你提到的是隱含的第四季，以及我們在第三季結束時，營收端動能非常強、EBITDA 也成長 6.6% 且落在指引上緣的情況下，我們如何看待第四季。

So we're feeling really confident about the things that are -- we have line of sight of controllables. As we mentioned in our comments, really strong momentum. We are seeing positive improvement at Cheney, although there will be some pressure there during the quarter. And we're obviously seeing improvement in Specialty. Outside of our control are things like the macro environment.

因此，對於我們可控的事項，我們有很高的信心、也有清楚的能見度。如同我們在談話中提到的，動能非常強。我們看到 Cheney 有正向改善，儘管本季度仍會有一些壓力。我們也明顯看到 Specialty 的改善。至於我們無法控制的因素，則包括總體環境等。

Obviously, there's some pressure from fuel that we experienced a little in Q3. We expect some of that pressure in Q4 as well. So really very confident about Q4. There are some pressures on the numbers, as I mentioned. And then we're looking really towards '27 where we see a really nice setup, and we'll obviously give you guys much more color to that in August.

顯然，燃料方面有一些壓力，我們在第三季已略有感受；我們預期第四季也會有部分壓力。因此我們對第四季其實非常有信心。如我提到的，數字上仍存在一些壓力。接著我們更期待 2027 年，我們看到非常好的布局與起跑點；我們也會在 8 月提供各位更多細節說明。

Ed, this is Scott. Yes, just real quick on the acquisition. We did have an acquisition that came in late in the third quarter, some that we've been really excited about. Cashway is a distributor -- in a broad line foodservice distributor in Cerny, Nebraska, three facilities that really cover Nebraska and the Dakotas.

Ed，我是Scott。是的，關於這項收購我很快補充一下。我們確實在第三季末完成了一項收購，我們對此非常興奮。Cashway 是一家經銷商——位於內布拉斯加州 Cerny 的綜合型餐飲服務（foodservice）經銷商，擁有三個設施，實際上覆蓋了內布拉斯加州以及達科他兩州。

So again, kind of giving us a little more presence facing West. And a great family company, great culture. I think they're really excited to be a part of PFG, and we're excited to have them in the fold.

所以這也算是讓我們在更偏西的地區增加了一些布局。而且他們是一家很棒的家族企業、文化也很好。我想他們非常期待成為 PFG 的一員，我們也很高興把他們納入我們的版圖。

Great. And then maybe just a follow-up. And Patrick, you kind of hinted at this a little bit, but Cheney had some drags as we think about fiscal '26. I was hoping maybe you could talk about what that drag was, again, in Q3? And then I don't know if you can sort of summarize like what the drag has been for the year.

很好。那再追問一下。Patrick，你剛才也稍微提到一點，但在我們看 2026 會計年度時，Cheney 有一些拖累。我希望你能談談這個拖累是什麼——同樣是在第三季？另外我不確定你能否概括一下，今年到目前為止這個拖累大概是什麼情況。

I mean, I think the math would say it could be $30 million, something like that. Can you get all of that back next year? Because I think you have talked about you expect Cheney to be a pretty strong contributor in '27.

我的意思是，按數學推算可能是 3,000 萬美元左右，類似這樣。明年能把這些全部拿回來嗎？因為我記得你談過，你預期 Cheney 在 2027 年會是相當強的貢獻者。

No, a really good question, Ed. So from a Cheney standpoint, the first thing I'd say that we're really happy about it is we mentioned their top line. And Cheney has done a great job continuing to grow independent cases, continuing to grow share across Florida and the Carolinas. I think their sales culture is fantastic. And like I said, I think they're set up for the balance of this year and '27 from that perspective is great.

Ed，這是個非常好的問題。就 Cheney 而言，我首先要說的是，我們對他們的表現非常滿意，尤其是我們提到的營收端。Cheney 在持續成長獨立客戶箱數（independent cases）、並在佛羅里達與卡羅來納兩州持續提升市占方面做得非常好。我認為他們的銷售文化非常出色。就像我說的，從這個角度來看，他們在今年剩餘期間以及 2027 年的布局都很棒。

Over the last couple of quarters with the opening of the new facility, we certainly saw some expense drag. And we mentioned that, that will carry on into the fourth quarter. But really, we have great line of sight to get those things under control. The rollout of that facility has gone very well. We've transitioned 3 of our 4 phases of customers into there. And so again, we feel like their setup for '27 is great and really looking forward to their contributions, both top and bottom line going forward.

過去幾個季度，隨著新設施啟用，我們確實看到一些費用面的拖累。我們也提到過，這會延續到第四季。但我們對把這些費用控制住有非常清晰的掌握。該設施的導入進展非常順利，我們已經把四個階段中的三個階段客戶轉移到那裡。因此，我們再次認為他們對 2027 年的準備非常到位，也非常期待他們未來在營收與獲利兩端的貢獻。

Lauren Silberman, Deutsche Bank

Lauren Silberman，德意志銀行（Deutsche Bank）

Congrats on the quarter. A couple of follow-ups and then one question. But just on Q4, are you able to quantify the net impact of fuel costs that you're embedding for the quarter? I know there's some offset that surcharges but not fully figure out it's like basically accounts for the $20 million to $30 million down in the implied Q4.

恭喜本季表現。我有幾個追問，然後再一個問題。先就第四季而言，你們能否量化一下你們在本季指引中納入的燃料成本淨影響？我知道有燃油附加費（surcharges）可以部分抵銷，但似乎無法完全抵掉；我想確認這是否基本上解釋了第四季隱含的 2,000 萬到 3,000 萬美元下修。

Yes, Lauren, good question. Obviously, as we exited Q3, we saw the impact of fuel come in. You're going to get much more detail in the Q on this, but that gross impact for Q3 for that month was 7.3%, and that's not just because of higher fuel prices, that's also because of new customers, miles driven. Now because of the timing of surcharges, we weren't able to adjust the surcharge in March, but that was adjusted in April and again adjusted in May.

是的，Lauren，問題很好。顯然在第三季結束時，我們看到燃料的影響開始出現。你會在 Q 裡看到更多細節，但第三季那個月份的總體影響是 7.3%，而這不只是因為燃油價格更高，也包括新客戶、行駛里程增加等因素。由於附加費調整的時點，我們在 3 月無法調整附加費，但已在 4 月調整，並在 5 月再次調整。

So we do have some headwind in Q4, but it's not material. It's something we're working through, obviously. It's just we called it out as a headwind because it is one, but it's one of a few things that we embedded into our guidance, and that's why we gave the range we did.

所以第四季確實有一些逆風，但並不重大。我們當然正在處理中。我們之所以點出它是逆風，是因為它確實存在，但它只是我們納入指引的幾個因素之一，這也是我們給出該區間指引的原因。

And then on the Cheney expense drag, what exactly is driving these higher expenses? I guess I'm just trying to understand whether these expenses roll forward into fiscal '27 just within the base or some of them come off?

那再回到 Cheney 的費用拖累，究竟是什麼在推動這些較高的費用？我主要想了解，這些費用是否會在 2027 會計年度延續、成為基礎成本的一部分，還是其中有些會消退？

Yes. So there's a couple of things that I would outline there. One of them, and it's the primary one, Lauren, is the new facility in Florence. So if you think about right now, we have customers that we are shifting from other buildings into that facility. So we had to hire and staff that facility for all of that inbound volume and at the same time, we're still -- before we transition those customers, we're still servicing them in our existing facilities.

是的。這裡我會概述幾點。其中一點也是最主要的一點，Lauren，就是佛羅倫斯（Florence）的新設施。你可以這樣想：目前我們正把客戶從其他倉庫/大樓轉移到那個設施。因此，我們必須為該設施招聘並配置人力，以承接所有進入的量；同時，在這些客戶完成轉移之前，我們仍然——仍在既有設施中為他們提供服務。

So it's kind of double headcount to service that volume. And that's obviously continued over the course of four or five periods. So certainly, been impactful from an expense standpoint. The other thing that drops off in expense, and we've talked about our synergy kind of flow. And at the end of Q3, of this year really at the end of the second year of the anniversary of Cheney, we have a nice pickup in synergy and that will continue on through year three and beyond. So definitely have a couple of things that will be good momentum from the Cheney expense standpoint.

所以為了服務那個量，等於是「雙倍人頭」。而這顯然在四到五個期間內持續發生，因此在費用面確實有影響。另一個會在費用上逐步消退的因素，是我們談過的協同效益（synergy）釋放節奏。在今年第三季末——也就是 Cheney 併購滿兩周年的第二年末——我們會有一個不錯的協同效益提升，而且這會在第三年及之後持續。因此，從 Cheney 費用角度來看，確實有幾個因素會帶來良好的動能。

Great. And then on the independent case side, there's obviously a lot of different dynamics and noise throughout the quarter. Any color you could provide on the cadence you saw as you move through the quarter? And anything you can share on what you've seen into April thoughts on the fourth quarter?

很好。那在獨立客戶箱數（independent case）方面，本季顯然有很多不同的動態與雜訊。你能否分享一下你們在季度內看到的節奏變化？以及你們在 4 月看到的情況，對第四季有什麼看法可以分享？

Sure. So as I think about Q3, really, January was a great month. And towards the end of January, first of February, you saw pretty material weather impacts. So if I look at the average of January, February, that's kind of what we saw in March and saw that continue into April. So we've been pretty consistent over the last couple of months. And like I said, if we took the January, February average, that kind of equals what we saw in March and April.

當然。就第三季而言，1 月其實是很棒的一個月。而在 1 月底到 2 月初，你會看到相當明顯的天氣影響。所以如果我看 1 月與 2 月的平均值，那大致就是我們在 3 月看到的情況，並且延續到 4 月。過去幾個月我們表現相當一致。就像我說的，如果取 1 月、2 月的平均，基本上就等於我們在 3 月與 4 月看到的水準。

Kelly Bania, BMO Capital

Kelly Bania，BMO Capital

Scott, just to clarify one point on the Cheney expenses. Did your view of the impact of those to the fourth quarter change since you reported last quarter? Or did that -- is that just coming in line as you expected, as it still is an impact into the fourth quarter?

Scott，我想釐清 Cheney 費用的一點。自從你們上季財報以來，你們對第四季這些費用影響的看法有改變嗎？還是說——它只是如你們預期般發生，仍然會在第四季造成影響？

Thanks for the question, Kelly. There was a little more spillover into the fourth quarter than we probably anticipated a few months ago. And really, that's because we had kind of four waves of customer transition that were shifting business from existing buildings into that new facility. We've completed three of those waves, and that fourth wave will take place here in the next couple of weeks. And that's really what shifted is, we thought we were going to have all four of those waves completed in the third quarter.

謝謝你的問題，Kelly。相較於幾個月前我們的預期，確實有多一點延伸到第四季。主要原因是，我們有大概四波客戶轉移，把業務從既有大樓轉到新設施。我們已完成其中三波，第四波會在接下來幾週內進行。真正的差異在於，我們原本以為第三季就能完成全部四波。

But really just we had a little weather impact when we started opening that building that pushed it back a couple of weeks. And then we've just taken our time to make sure we do a great job servicing those customers we shift over. And really happy to say that we've seen sales growth in that new building on a same-store basis since day 1. So all those customers that we shifted in there have continued to grow. So really positive results that we've seen out of the transition.

但實際上，在我們開始啟用那棟大樓時遇到一些天氣影響，讓進度往後推了幾週。之後我們也放慢腳步，確保把轉移過去的客戶服務做到最好。我也很高興地說，自第一天起，我們就看到那個新大樓在同店基礎（same-store basis）上有銷售成長。也就是說，所有轉移進去的客戶都持續成長。因此，這次轉移帶來的結果非常正面。

Okay. That's very helpful. And Scott, you made the comment about fiscal '27 and looking for an acceleration in sales and profit growth there. You mentioned, I guess, we covered kind of cycling some of these expense headwinds and also the synergies, but you also mentioned some new chain business, I believe it's foodservice.

了解。這很有幫助。Scott，你提到 2027 會計年度，並期待那一年銷售與獲利成長加速。你提到我們大致已涵蓋了費用逆風的比較基期以及協同效益，但你也提到一些新的連鎖客戶業務，我相信是在餐飲服務（foodservice）方面。

So I was wondering if you could kind of help maybe bucket some dollars around how we should think about what that might look like in the coming quarters? And then also, I believe the procurement savings target should maybe start to build. Is that a factor we should think about being impactful in fiscal '27 as well?

所以我想請你協助我們把這部分可能的金額做個分桶，讓我們理解未來幾個季度可能會長什麼樣子？另外，我也認為採購節省（procurement savings）的目標應該會開始逐步建立。這是否也是我們在思考 2027 會計年度時，應該納入的影響因素？

No. Appreciate the questions, Kelly. You touched on a lot of the key drivers that we think about in the setup for '27 right there in your question. When I think about Foodservice, I would just say that the continued momentum in independent case growth, we did say in our prepared remarks that we have a really nice chain pipeline that we think is going to help us keep that chain growth positive for next year. Convenience has always, obviously had a great year from a market share gain standpoint, and obviously has some carryover into next year.

好的，Kelly，謝謝你的提問。你在問題裡其實點到了我們在規劃 2027 年布局時所思考的許多關鍵驅動因素。談到餐飲服務（Foodservice），我會說獨立客戶箱數成長的動能仍在延續；我們也在事先準備的講稿中提到，我們有一個相當不錯的連鎖客戶（chain）案源管線（pipeline），我們認為這將有助於讓明年的連鎖成長維持正向。便利通路（Convenience）今年在市占提升方面一直表現很好，顯然也會有一些動能延續到明年。

And then Specialty, if you look at Specialty over the last three quarters, they've improved their growth three quarters in a row, and we feel like they have a really nice pipeline as well. So that kind of hits the top half of the income statement. I'd say the margin setup is really good, too. And you talked about procurement synergy, I'd say, really how we feel about mix and how we feel about those procurement synergies, that really helps the margin profile as well. And then clearly, we'll have some spring back on Cheney expenses and then just overall efficiency of adding that volume. And I think the setup is really nice for next year.

至於 Specialty，如果你看 Specialty 過去三個季度，他們已連續三季改善成長，我們也覺得他們同樣有很不錯的案源管線。這大致涵蓋了損益表的上半部。我會說毛利率的布局也非常好。你提到採購協同效益（procurement synergy），我會說我們對產品組合（mix）的看法，以及我們對這些採購協同效益的看法，確實也有助於毛利率輪廓。此外，Cheney 的費用會有一些回彈（spring back），再加上整體在增加該等量能時的效率提升。我認為明年的布局非常不錯。

Mark Carden, UBS

Mark Carden，瑞銀（UBS）

So to start, I know it's pretty much impossible to predict the duration of the Middle East conflict. But if we see higher oil prices continue at their current level for an extended period of time, how much of an impact would you expect for it to have on your product inflation outlook over, call it, the next few quarters?

所以先從這裡開始，我知道要預測中東衝突會持續多久幾乎是不可能的。但如果我們看到油價在目前水準持續走高並維持一段較長時間，您預期這會對您對產品通膨的展望造成多大影響——比如說，未來幾個季度？

Let me -- I'll take a stab at this, Mark, and I'll let Patrick fill in the blanks. But I would say we've talked about how we handle fuel surcharges and fuel inflation and I think we've got a really good plan around that. Our fuel surcharges mitigate a lot of that impact. But certainly, there is going to be a little bit of headwind in Q4. Obviously, can't anticipate whether fuel prices go up significantly or down over that period of time and beyond.

Mark，我先試著回答一下，然後讓 Patrick 補充。我的看法是，我們已經談過我們如何處理燃油附加費與燃油通膨，我認為我們在這方面有一個非常好的方案。我們的燃油附加費能夠緩解很大一部分影響。但當然，第四季會有一些小幅逆風。顯然，我們無法預期在那段期間以及之後燃油價格會大幅上升或下降。

But we think we've got a good setup around fuel surcharges. As far as other product inflation, we haven't seen any material impacts to date other than there's been a little noise around, we'll call it, petroleum-based products. So we certainly sell some products that are petroleum based in containers and packaging that we sell.

但我們認為在燃油附加費方面的配置很到位。至於其他產品通膨，到目前為止我們尚未看到任何實質性的影響，除了在我們稱之為石油基產品方面有一些雜音。因此，我們確實有銷售一些以石油為基礎的產品，例如我們銷售的容器與包裝等。

And then obviously, I think the longer duration, I think everybody would anticipate that at some point, you're going to see inflation tick up. What we've seen in recent months is across the third quarter, we saw inflation tick up a little bit period by period, and we've seen inflation tick up a little bit as we started this quarter. So -- but we feel like we're really well positioned to navigate that right now.

然後很明顯地，我認為若時間拉長，大家都會預期在某個時間點通膨會開始上升。我們在最近幾個月看到的是，整個第三季通膨在每個期間都有小幅上揚，而在本季開始時我們也看到通膨略有上升。所以——但我們覺得目前我們的定位非常好，能夠因應這些狀況。

Yes, Mark, just a little more color. Just as Scott too, we manage a very large basket of commodities. As he mentioned, maybe some of the petroleum base might see a little bit of impact here, really hard to say. And as you opened up with your question, it's very hard to predict this. But as you know, over -- if you followed us for any period of time, which I know you have, we're able to manage through a variety of markets.

是的，Mark，我再補充一些背景。如同 Scott 所說，我們管理的是一個非常龐大的大宗商品組合。他提到的石油基產品可能會受到一些影響，但很難說。而且如你在問題開頭所說，這非常難以預測。但如你所知——如果你追蹤我們一段時間（我知道你有），我們有能力在各種市場環境中管理並度過。

And right now, we're seeing, as Scott mentioned, a slight tick up on inflation, but I just want to add a little more color there. We started January very low, below 1%, and we finished in March at 2%. I'm thus talking about foodservice inflation. So while we've seen a slight uptick, it's still well within that low single-digit area that -- and we managed it very well.

而目前我們看到的，如 Scott 所提到，通膨略有上升，但我想再補充一些細節。我們在一月時非常低，低於 1%，到三月結束時是 2%。我這裡談的是餐飲服務（foodservice）通膨。所以雖然我們看到小幅上升，但仍然完全落在低個位數的區間內——而且我們管理得非常好。

Makes sense. And then a follow-up on Cashway. Just how does its mix of business compared to the base foodservice business? Does it lead any more or less heavily towards independents? And then just more broadly, how is your traction going on building out some of your independent business organically at less than flat markets?

了解。接著想追問 Cashway。它的業務組合相較於基礎的餐飲服務業務如何？它是否更偏向或較不偏向獨立客戶？另外更廣泛地說，在市場成長低於持平的情況下，你們以有機方式擴展獨立客戶業務的進展如何？

No, really good question. So Cashway, I would say, their food service business is very much in line with what we see across broad line. They have a really nice independent mix. They also have some broadline national customers.

不，這是個很好的問題。就 Cashway 而言，我會說他們的餐飲服務業務與我們在綜合型（broadline）業務中看到的情況非常一致。他們有很不錯的獨立客戶組合，同時也有一些綜合型的全國性客戶。

And then the one thing that's a little unique about them is they have a segment of their business that does have some convenient sales. So they sell some snacks, some candy, a little bit of cigarette and tobacco as well. So very diversified mix that fits really well into our overall portfolio.

另外他們有一點比較獨特的是，他們有一個業務區塊包含一些便利性銷售。因此他們會賣一些零食、糖果，也有少量香菸與菸草。這是一個非常多元的組合，與我們整體投資組合非常契合。

And then as far as out West, we've talked a lot about, we've continued to add capacity, California and Oregon and Arizona and Colorado. And actually, the West is our fastest-growing region by a fair amount, doing exceptionally well in the West, really proud of that region and their ability to gain share in that market.

至於西部地區，我們談過很多——我們持續增加產能，包括加州、奧勒岡州、亞利桑那州與科羅拉多州。事實上，西部是我們成長最快的區域，而且快很多；在西部表現非常出色，我們對該區域以及他們在市場中提升市占的能力感到非常自豪。

John Heinbockel, Guggenheim

John Heinbockel，Guggenheim

Scott, two quick questions on local -- independent case growth. One, is there still an opportunity to reduce the loss rate, the account loss rate where it is today? And then if you look at the pickup in lines per account, where is that concentrated? Is there -- are you gaining some traction with COP versus where you might have been?

Scott，關於本地——獨立客戶箱數（case）成長有兩個簡短問題。第一，目前的流失率、帳戶流失率是否仍有機會再降低？第二，如果看每個帳戶的品項數（lines per account）提升，主要集中在哪裡？你們在 COP 上是否相較過去取得更多進展？

No. Really good questions, John. As far as loss rate, I would say we've been fairly consistent over a number of quarters. Is there an opportunity to improve that? Absolutely. We're always focused on improving that. And it's something that we spend a lot of time focused on. I mean, turning customers is obviously not the goal here. But I'd say, overall, that's been fairly balanced, and we haven't seen any big shift there. As far as the lines per drop, certainly that was kind of the headliner of our penetration in this quarter.

不。很好的問題，John。就流失率而言，我會說我們在多個季度以來都相當一致。是否有機會改善？當然有。我們一直專注於改善這點，也投入很多時間在這上面。我的意思是，讓客戶流失顯然不是我們的目標。但整體來看相當平衡，我們沒有看到任何重大變化。至於每次配送的品項數（lines per drop），這確實算是本季我們滲透率表現的亮點。

Really nice to see lines per drop, cases per do increase in a nice fashion. As far as what that's being driven by, one of the things that has been really positive, it continues to be driven by our brands. And I would say that if you asked all of our sales reps out in the field, what their biggest lever is, brands is going to be one of those top 1 or 2 things.

很高興看到每次配送的品項數、每次配送的箱數（cases per drop）都有不錯的提升。至於這是由什麼驅動的，其中一個非常正面的因素是，持續由我們的自有品牌（brands）帶動。我會說，如果你去問我們在第一線的所有業務代表，他們最大的槓桿是什麼，自有品牌會是前 1 或 2 名之一。

And then to your point, we actually have had really nice performance in center of the plate. Our protein strategy, continued to work to drive that as well as seafood. And so seeing some really nice performance in center of the plate. But brands is probably where I'd say the focus and the real growth has been.

另外就你提到的點，我們在「盤中主菜」（center of the plate）方面其實也有非常好的表現。我們的蛋白質策略持續發揮作用，帶動該類別以及海鮮。因此在「盤中主菜」看到很不錯的表現。但我會說，自有品牌大概是我們聚焦所在，也是實際成長最主要的來源。

And on Cheney, where are they now with -- now that they've got South Carolina open in terms of capacity, meaning I don't think they'll need to open another facility for a while. Where are they with that? And then if you took synergy out and just looked at Cheney kind of apples-to-apples, does it outgrow the rest of Foodservice because of the economic growth in its markets?

再問 Cheney 的部分——現在他們南卡羅來納州的據點已經啟用，就產能而言，他們目前到什麼狀態？我的意思是，我想他們應該暫時不需要再開新設施了。他們目前如何？另外，如果把協同效益拿掉、只看 Cheney 的同口徑（apples-to-apples）表現，是否因為其市場的經濟成長而比其他餐飲服務業務成長更快？

That's a good question. So capacity-wise, I'll hit that one first. So we're essentially taking volume out of a facility that I would say was 90% full that's now going to be more like 50% or 60%. So we're going to have three facilities that have 40% or 50% available capacity. Maybe one of them is not quite that high, but three facilities that have a lot of capacity, really which creates a whole network that has capacity across the network.

這是個好問題。先談產能。我們基本上是把部分量從一個我會說已經滿載 90% 的設施移出，現在那個設施會更像是 50% 或 60% 的使用率。因此我們將有三個設施各自有 40% 或 50% 的可用產能。也許其中一個沒有那麼高，但總之有三個設施有大量產能，這實際上讓整個網路在各據點之間都具備可用產能。

So really well positioned to continue to grow. And to your point, absent synergies, which are going to be a nice tailwind for Cheney, they're certainly in one of the fastest-growing markets in the country. And I think as a broad liner with a great reputation, a really good presence in that market with capacity available. Are they going to outgrow the rest of the country? I'm not sure. I hope they do, but I think they're going to have a really nice growth future ahead of them.

所以我們在持續成長方面的定位非常好。至於你提到的點，撇除協同效益（這會是 Cheney 很好的順風），他們確實位於全國成長最快的市場之一。我認為，作為一家綜合型供應商，擁有很好的口碑，在該市場有很強的存在感，且仍有可用產能。他們會不會比全國其他地區成長更快？我不確定。我希望會，但我認為他們未來的成長前景會非常不錯。

Alex Slagle, Jefferies.

Alex Slagle，Jefferies。

A follow-up on Cheney. I know the synergies aren't really expected until year 2 or '30, but as you've had some more time to evaluate the business, see how it pairs up against PFG. I mean do you see any incremental opportunities there? And also curious on the private label Cheney in your latest thoughts?

追問 Cheney。我知道協同效益大概到第 2 年或 2030 年才會真正顯現，但隨著你們有更多時間評估這項業務、看看它與 PFG 的搭配情況，你們是否看到任何額外的機會？另外也想了解你們對 Cheney 自有品牌（private label）的最新看法。

Yeah. I would say that the one thing that is, I think, clearly, an opportunity has been around brands. Cheney has actually established some of their own really solid brands. their brand performance has been, obviously, brand percentage sales is a lot less than what we see across the rest of Broadline. But they do have some really strong brands.

是的。我會說有一個很明顯的機會是在自有品牌方面。Cheney 其實建立了一些他們自己的、相當扎實的品牌。他們的品牌表現——很明顯地，品牌銷售占比比我們在其他綜合型（Broadline）業務看到的要低很多。但他們確實有一些非常強的品牌。

And one of those brands we've actually taken into the rest of Broadline. I do think there's a great opportunity in brands. I think that procurement piece around brands is going to be a really nice part of the synergy. But we've also found some other, I'd say, core competencies that Cheney has that we think will help the broader business. And that's really one of the big reasons when we approach acquisitions that we take our time in that first year and try and -- we try not to jump in and make big changes.

其中有一個品牌我們其實已經導入到其他綜合型業務中。我確實認為自有品牌有很大的機會。我認為在自有品牌的採購端會是協同效益中非常好的一部分。但我們也發現 Cheney 還有一些其他的——我會說——核心能力，我們認為能幫助更廣泛的業務。這也是我們在進行併購時的一個重要原因：我們會在第一年花時間慢慢來——我們盡量不會立刻介入並做出重大改變。

And that's the way we've approached this. And maybe we don't generate as much EBITDA in the first year. But in the long run, I think it positions us really well. And we feel like the future of Cheney in the setup for 2017 and beyond is really strong.

而這就是我們採取的方式。也許第一年我們不會產生那麼多 EBITDA，但長期來看，我認為這讓我們的定位非常好。我們覺得 Cheney 的未來，以及 2017 年及之後的布局都非常強勁。

Great. Also wanted to ask on inbound logistics opportunities and just sort of how that's come together and maybe potential offsets for some of the higher freight and inbound costs that you've had?

很好。另外也想請教進口端物流（inbound logistics）的機會，以及這部分是如何整合成形的？以及它是否可能抵消你們所面臨的一些較高的運費與進口端成本？

Really, really good question. We talked at Investor Day about redistribution and that we continue to grow our redistribution network. And that network has performed really well this year. That allows us -- and I would highlight the West. We've opened up a facility in the West to help us get our brands to all of those centers in the West. And now that I see how those distribution centers that are aided by are growing, it just makes me very bullish on what we can do around redistribution.

這真的是個非常、非常好的問題。我們在投資人日談到再分銷（redistribution），以及我們持續擴大再分銷網絡。而且這個網絡今年表現非常出色。這讓我們——我會特別強調西部——我們在西部新開了一個設施，幫助我們把自有品牌送到西部各個中心。現在看到這些由其支援的配送中心正在成長，讓我對我們在再分銷方面能做到的事情非常看多。

And then I would say just the broader inbound landscape, we certainly think that's an opportunity. It's one that we are really starting to focus on more and more every day is just being more efficient in getting goods to our buildings. So it's a great call out. It's something that we are paying a lot of attention to. It's something that Ready helps us with, but certainly more opportunity ahead.

另外我會說，就更廣泛的入庫（inbound）版圖而言，我們確實認為那是一個機會。我們每天都越來越聚焦的一件事，就是更有效率地把貨品送到我們的倉庫／營運據點。所以這點提醒得很好。我們非常關注這件事。Ready 也在這方面幫了我們，但未來確實還有更多機會。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，巴克萊。

My first question is just on the underlying consumer ex the weather, noise, which you talked about in Jan-Feb, but you noted the ongoing negative foot traffic for the restaurant industry. Can you just talk specifically about maybe the impact from what a spike in gas could have on your business?

我的第一個問題是，撇除天氣因素的干擾（noise），也就是你們提到 1–2 月的部分，關於底層消費者狀況。你們提到餐飲業整體的到店人流（foot traffic）仍為負成長。能否具體談談，汽油價格若出現一波上漲，可能會對你們的業務造成什麼影響？

I mean it doesn't seem like it's had much, but maybe how have your segment has been impacted in the past. It would seem like the convenience store segment might be the most vulnerable as it kind of ties in with gas stations and whatnot. So any color you could provide in terms of that underlying consumer behavior ex the weather that you've seen in recent months and what you might expect as we close out the fiscal year?

我的意思是，看起來目前影響不大，但過去你們的各個業務分部曾如何受到影響？看起來便利商店分部可能最脆弱，因為它與加油站等情境有所連動。所以想請你們補充一些觀察：近幾個月你們看到的、撇除天氣因素的底層消費者行為是什麼？以及在本財年結束前你們可能會有什麼預期？

Yeah. Thanks for the question, Jeff. So when I think about the restaurant consumer in particular, we've seen our independents, obviously, with our share gain, it's been really nice, but we've seen that independent restaurant hold up exceptionally well through that foot traffic pressure. We've certainly seen a little downdraft on the chains.

好的。謝謝你的問題，Jeff。當我特別看餐飲消費者時，我們看到獨立餐廳（independents）——顯然在我們市占提升的帶動下——表現非常好；即使在到店人流承壓的情況下，獨立餐廳的韌性仍然非常強。我們確實看到連鎖餐廳（chains）有一些較弱的走勢。

And so we've seen the chains feel a little more of that headwind with foot traffic. So when it comes to those two classes, I'd say right now, independents tend to be outperforming the chains. When I think about just overall fuel impact, I think it really comes down to discretionary income. In the restaurant space, certainly, if fuel prices continue to climb higher, that can impact discretionary income.

因此我們看到連鎖餐廳在到店人流方面感受到更大的逆風。就這兩類來說，我會說目前獨立餐廳的表現傾向優於連鎖。至於整體燃油的影響，我認為關鍵在於可支配所得。在餐飲領域，如果油價持續走高，確實可能影響可支配所得。

When I get to the convenience store space, my history would tell me that as price goes up, there's actually an environment where trips actually go up. So your convenience store consumer that's getting gas, they may even not be filling the tank every time they go in. And so we've actually seen trips tick up over the last few months in convenience stores.

談到便利商店領域，依我過去的經驗，當油價上升時，反而會出現「出行／到店次數增加」的環境。便利商店消費者去加油時，甚至可能每次不一定把油箱加滿。因此我們在過去幾個月其實看到便利商店的到店次數略有上升。

There is an inflection point there, though. I think at some point when fuel price would get pretty high, then you see it really be a discretionary income issue. Right now, I think the consumer has been very resilient across convenience, across foodservice. And so we anticipate they'll continue to perform that way and we're looking forward to the fourth quarter.

不過那裡確實存在一個拐點。我認為當油價高到某個程度時，就會真正變成可支配所得的問題。就目前而言，我認為消費者在便利商店與餐飲服務（foodservice）兩端都展現出很強的韌性。因此我們預期他們會持續維持這樣的表現，也很期待第四季。

Got it. My follow-up, just on the comment you made about the independent. I mean, your case growth is very strong at the 7% range, and you've seen confidence sustaining that in the fiscal fourth quarter. I think you said April was similar to recent months, and I assume that for in that range.

了解。我的追問是關於你剛才對獨立餐廳的評論。你們的箱數（case）成長非常強，大約在 7% 的區間，而且你們也表示有信心在財年第四季維持。我想你說 4 月與近幾個月類似，我推測也在那個區間。

But just wondering, who do you think you're taking share from, whether it's the large national peers or perhaps the big three or taking from the rest of the industry, which has kind of been the investment thesis behind the foodservice distribution segment more broadly? Thank you.

但我想問的是，你認為你們的市占是從誰那裡拿到的？是大型全國性同業，或可能是三大（big three），還是從產業其他玩家那裡取得？這也算是更廣義餐飲配送（foodservice distribution）投資論點的一部分。謝謝。

Yes. I think from who we're taking it from, pretty hard for us to tell. I think from my perspective, it's -- we're really focused on gaining share in each and every customer that we service, and we saw that in the penetration numbers. So some of that is certainly coming from specialty players, some of that might be coming from bigger competitors or even smaller. So really hard for me to tell there.

是的。至於我們是從誰那裡拿到的，對我們來說其實很難判斷。以我的角度來看，我們真正聚焦的是在我們服務的每一位客戶身上持續提升市占，我們也在滲透率（penetration）數據上看到了這點。所以其中一部分當然可能來自專業型玩家（specialty players），也可能來自更大的競爭對手，甚至是更小的競爭者；因此很難明確指出。

And I think for us, it's really focusing in on our brands, focusing in on the core competency that we have. And I'd call out one other thing that I think has really helped us gain share, and that's our tech stack around customer-facing ordering. I called that out in the prepared remarks. And I think our relationship with our customer, both the physical relationship with our rep and the digital relationship we have with them in CustomerFirst has really helped our penetration. It's helped us gain share, and we see that as being a big lever to pull in the future.

對我們而言，重點是聚焦在我們的品牌，聚焦在我們的核心能力。我還想補充一點，我認為這也大幅幫助我們提升市占：那就是我們在面向客戶的下單（ordering）方面的技術堆疊（tech stack）。我在開場致詞中提到過。我認為我們與客戶的關係——不論是業務代表的實體互動，或是透過 CustomerFirst 與他們建立的數位互動——都確實提升了我們的滲透率，幫助我們取得市占。我們也認為這會是未來可以持續發力的重要槓桿。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Scott, I guess, just following up on that. kind of the prior comments on convenience stores. What does penetration there look like lately? I guess if you sort of separate out the new customer wins, which has certainly helped. How would you describe that in the Convenience segment?

Scott，我想延續剛才的話題，關於便利商店。最近那邊的滲透率看起來如何？如果把新客戶贏單（new customer wins）——這確實有幫助——先拆開來看，你會如何描述便利商店分部的滲透情況？

It's a really good question. Convenience is a little different than, I would say, traditional Foodservice because in Convenience, you really have kind of a primary supplier. So you don't really share between -- like in foodservice, you might have two or three broadliners in an account and Convenience, you normally have a primary supplier that is doing the broad, vast majority of the goods now where you might have penetration is in foodservice.

這是個非常好的問題。便利商店和傳統餐飲服務（Foodservice）有點不同，因為在便利商店，你通常會有一個主要供應商（primary supplier）。所以你不太會像餐飲服務那樣在同一個客戶帳戶裡由兩到三家大型綜合供應商（broadliners）分食；在便利商店，通常會有一個主要供應商供應絕大多數商品。至於你可能看到滲透的地方，則更像是在餐飲服務。

You might have an external vendor there. And that's really where we've done a great job of penetrating in our Convenience segment. But if I go back, really for the last couple of years, our Convenience segment on a same-store basis has greatly outperformed the industry. And I think a lot of that is the tools that we bring to our customers around product mix, how to set your store, how to grow foodservice. I think our customer-facing technology and convenience has really helped us outperform the market.

你可能會在那裡看到外部供應商（external vendor）。而這正是我們在便利商店分部做得很好的滲透切入點。但如果回頭看，過去幾年我們便利商店分部以同店（same-store）口徑來看，表現大幅優於產業。我認為很大一部分原因是我們提供給客戶的工具：包含產品組合（product mix）、如何陳列／設定門店、如何成長餐飲服務。我認為我們面向客戶的技術能力在便利商店領域確實幫助我們跑贏市場。

Okay. Got it. What would -- you said you've actually -- it seems like done a little bit better with chains, notwithstanding the fact that they have had a tougher traffic quarter as an industry. I mean, what -- anything you'd call out that's helping there? Or is some of the specific segments you cover?

好的，了解。那你剛才說你們在連鎖（chains）方面似乎其實做得更好一些，儘管整個產業來看他們這一季的人流更具挑戰。我是說——有沒有什麼你會特別點出的因素在幫助你們？或者是因為你們覆蓋的某些特定細分領域？

I think some of the segments where you're big actually have been a little bit tougher recently, but what would you attribute kind of the chain success to?

我認為你們占比較大的某些細分領域最近其實更艱難一些，但你會把連鎖端的成功歸因於什麼？

Well, I think it's really two things. One of those is we've partnered what I'd say, with a couple of the more progressive foodservice players in the space. So those are people that are continuing to grow, and that's really helped us on a, call it, same-store basis.

我認為主要是兩件事。第一，我們與該領域中幾家更具前瞻性的餐飲服務玩家建立了合作關係。這些客戶仍在持續成長，這確實在同店（same-store）層面幫助了我們。

And the other one has just been share gain. We've done a really nice job, had a really nice pipeline in the chain space. We see that continuing into 2027. So I think our ability to resonate with those chain customers and be a great partner has really helped us.

第二就是市占提升。我們做得非常好，在連鎖領域也有很不錯的案源／管線（pipeline）。我們看到這個趨勢會延續到 2027 年。因此，我認為我們能夠與這些連鎖客戶產生共鳴並成為很好的合作夥伴，確實幫助了我們。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

I'm curious if you guys give us a little bit more color on strength and weakness made by cuisine, more specifically on that Italian segment, if you're seeing any sort of major changes at all? And then I have a follow-up.

我想請你們多分享一些按菜系（cuisine）來看哪些強、哪些弱的細節，尤其是義大利（Italian）品類，你們是否看到任何重大的變化？然後我還有一個追問。

Sure. When talking about the Italian segment, obviously, if you look at some of the publicly reporting chains, pizza and Italian has been -- the growth has been a little muted as of late. When I look internally at the company, we continue to grow share in pizza and Italian and I think everybody knows that's a really big, strong part of our business. It's interesting, one of the places we're growing it is really outside of traditional pizza and Italian locations. We're growing pizza and Italian in bar and grill.

當然。談到義大利品類時，顯然如果你看一些有公開財報的連鎖品牌，披薩與義大利類近期的成長相對偏溫和。從公司內部來看，我們在披薩與義大利類仍持續提升市占，而我想大家都知道那是我們業務中非常大、非常強的一部分。有趣的是，我們的成長有一部分其實來自傳統披薩與義大利餐廳以外的場景；我們在酒吧與美式餐酒館（bar and grill）也在成長披薩與義大利類。

We have -- that's been pretty prevalent as of late. We're growing that in our Convenience segment, both coming from foodservice and from our Convenience from Core-Mark. So we're holding our own in pizza and Italian although it's a segment that's been a little more challenged. Where we're seeing really nice growth is, I'd say, some of these other specialty segments. We've seen really nice growth in our Asian segment, continue to see market share gains in our Hispanic segment.

這種情況最近相當常見。我們也在便利商店分部成長這一類別，來源同時包括餐飲服務，以及 Core-Mark 的便利商店業務。因此即便披薩與義大利類是一個相對更具挑戰的品類，我們仍能守住並維持表現。我們看到成長非常亮眼的，則是其他一些專業細分品類。我們在亞洲（Asian）品類看到非常好的成長，在西語裔／拉丁（Hispanic）品類也持續看到市占提升。

And then I called it out, but one of the biggest share gain areas we have in food service right now is sales into Convenience. And so the share gains we have there have been very significant. And so that's also been a big driver for us as well.

另外我也提到過，但我們目前在餐飲服務（food service）最大的市占提升領域之一，是銷售到便利商店（Convenience）。我們在那裡的市占提升非常顯著，因此這也成為我們的一個重要驅動因素。

Great. And then just curious, there's been a lot of discussion in the industry around GLP-1s and the impact. Just curious if you guys have any thoughts on that, if you're seeing any sort of impact? Does it seem to be? Or if you're seeing any sort of changes in behavior among the restaurants and what they're purchasing that would indicate there's any sort of change in behavior?

了解。然後我也好奇，業界最近對 GLP-1 以及其影響有很多討論。想請教你們對此是否有任何看法，是否看到任何形式的影響？看起來是否有？或者你們是否看到餐廳端以及其採購行為出現任何變化，足以顯示消費行為有任何改變？

Yes. Really good question. We follow the statistics a lot on GLP-1 and eating behavior. And I think certainly in the first year that's somebody is on those, there could be a tick down in their consumption across just food in general, and that's not just restaurant convenience, that's across grocery and all channels. But what we're seeing really is there's a little bit of compression on snack and candy in the first year, but then that consumer seems to bounce right back and go back into those snack and candy items.

是的，這是個非常好的問題。我們非常密切追蹤 GLP-1 與飲食行為的統計數據。我認為，確實在使用這類藥物的第一年，整體食物消費可能會略微下降；而且不只是餐廳或即食便利通路，包含雜貨與所有通路都會受到影響。但我們實際看到的是，第一年零食與糖果會有些微壓縮，不過之後該消費者似乎會很快反彈，回到零食與糖果品項的消費。

In the restaurant space, there's certainly a focus on protein, a focus on fiber. We are seeing demand for smaller portions in some places. We see more to-go containers, so we're selling more containers. So really, that -- I think there's been some behavior shift, I think that's one of the reasons the independent restaurant has done so well as they're able to react to those things, change menus, change pricing fairly rapidly. And I think they've been able to react to that behavior really well.

在餐廳端，確實更聚焦於蛋白質、也更聚焦於纖維。我們在某些地方看到對較小份量的需求。我們也看到更多外帶容器，因此我們賣出更多容器。所以整體來看——我認為確實出現了一些行為轉變；我想這也是獨立餐廳表現很好的原因之一，因為他們能對這些變化做出反應，能相對快速地調整菜單與定價。我認為他們對這種行為變化的反應做得非常好。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

I would like to ask a couple of strategic questions. So the first one is on your M&A pipeline and potential future. So in your framework, you're highlighting pursuing transformational opportunities. And recently, we've seen two major players acquire cash-and-carry business and provide a more vertical integration through the customer life cycle. So kind of wondering if this is a strategy that you will be entertaining? Why or why not?

我想問幾個策略性問題。第一個是關於你們的併購（M&A）案源（pipeline）以及未來可能性。在你們的框架中，你們強調追求具轉型性的機會。近期我們看到兩家主要業者收購現金自提（cash-and-carry）業務，並透過客戶生命週期提供更垂直整合的服務。因此想請教，這是否是你們會考慮採行的策略？為什麼會或不會？

Well, I would say, first off, we spent a lot of time in our Investor Day outlining our M&A strategy. And certainly, our M&A strategy is really focused around broadline food service. And I think Cashway is a great example of that. And Cheney was a great example of that. And we see that we continue to have a pipeline of opportunity in that broadline food service.

我會說，首先，我們在投資人日花了很多時間闡述我們的併購策略。而且我們的併購策略確實主要聚焦在綜合型餐飲通路（broadline foodservice）。我認為 Cashway 是很好的例子，Cheney 也是很好的例子。我們也看到在綜合型餐飲通路這一塊，仍持續有一條機會管道。

There's some -- probably some tangential things around foodservice that we continue to look at whether that being in the protein space, the seafood space. So we certainly see opportunity in that broadline food service space. In Convenience and in Specialty, we made a small acquisition last year in the Convenience space. Certainly, we'll continue to look at opportunities there. But at the end of the day, our core focus is broadline foodservice, and we think that's the field that we want to play in.

在餐飲服務周邊也有一些——可能是較為延伸的領域——我們持續在看，例如蛋白質領域、海鮮領域。因此我們確實看到在綜合型餐飲通路領域的機會。在便利（Convenience）與專業（Specialty）方面，我們去年在便利領域做了一筆小型收購；當然我們也會持續尋找那邊的機會。但歸根結底，我們的核心重點是綜合型餐飲通路，我們認為那是我們想要投入競爭的場域。

Great. And then on the strength that you're seeing on the chain business, I was wondering if you can expand a little bit what is causing the incremental focus on the chain business and whether you think this is a strategic fit for you given that it will be a potentially lower margin business?

了解。再來關於你們在連鎖客戶業務（chain business）看到的強勁表現，我想請你們多談一點，是什麼原因導致你們對連鎖業務有額外的著力？以及考量到這可能是較低毛利的業務，你們是否認為這在策略上適合你們？

No, I wouldn't say there's been any strategic shift. The chain business has been an important part of our portfolio for a long time. Our independent to chain mix, we're about 40% or so independent, about 60% chain. So again, a really balanced portfolio. We are consistently growing independents faster than we are growing chains in foodservice and that's obviously been a calling card of ours.

不，我不會說有任何策略上的轉變。連鎖業務長期以來一直是我們組合中很重要的一部分。我們獨立客戶對連鎖客戶的組合，大約是 40% 獨立、約 60% 連鎖。所以這是一個非常均衡的組合。我們在餐飲服務中，獨立客戶的成長速度一貫快於連鎖客戶，這顯然一直是我們的招牌。

But certainly, when a big portion of your sales are chain, we are just as focused on growing that as well. So I wouldn't say there's been any shift in focus. I would say that we are resonating with the customer base in both those segments and are able to gain share. So really happy with how our sales force is performing in both those areas.

但當然，當你的銷售有很大一部分來自連鎖，我們同樣也非常專注於推動那一塊的成長。所以我不會說焦點有任何轉移。我會說，我們在這兩個區隔的客戶群都產生共鳴，並且能夠取得市占。因此我們對銷售團隊在這兩個領域的表現都非常滿意。

Karen Holthouse, Citi

Karen Holthouse，Citi

A couple on the convenience side of things. Some of the packaged group companies have started to talk about understanding pushback to inflation in the grocery aisle and you proactively actually decreasing prices on some things. Are you seeing anything similar play out on more of the single-serve convenience side of things?

有幾個關於便利通路的問題。一些包裝食品公司開始提到，他們在雜貨走道看到消費者對通膨的反彈，並且主動在某些品項上降價。你們在較偏單份（single-serve）的便利通路端，是否也看到類似情況？

No, we've not seen any deflationary noise at all as far as the Convenience segment. And I would say, historically, we don't see actual price deflation. What we see happen in the Convenience segment is we would actually see manufacturers discount, so they would discount at point of sale. It really has no impact on us or our margins, but they would go out and run promotional activity in the field that would lower the end cost of goods to the consumer.

沒有，就便利（Convenience）區隔而言，我們完全沒有看到任何通縮的雜音。我也會說，從歷史上看，我們不太會看到實際的價格通縮。在便利區隔中，我們看到的情況通常是製造商會做折扣，也就是在銷售端做折讓。他們會在終端做促銷活動，降低消費者的最終購買成本。這對我們或我們的毛利其實沒有影響。

And so we have seen that activity probably tick up a little bit. It wouldn't surprise me if that continues to go on, but really doesn't have any impact to us from a revenue or profit standpoint.

因此我們確實看到這類活動可能略有增加。若這種情況持續，我也不會意外，但從營收或獲利角度來看，對我們其實沒有任何影響。

And then just looking out over our call it the next 6 to 12 months, is there anything that should be on our radar for incremental new customers that might be onboarded specific to Convenience side?

然後再往前看，接下來大概 6 到 12 個月，有沒有任何事情應該讓我們留意，特別是便利通路端可能會新增上線的客戶？

Specific to Convenience. We called out in the prepared remarks. I mean, obviously, we will lap the Love's and RaceTrac next year. We have a really nice pipeline. We've picked up or haven't picked up, but we have a couple of other customers that we will onboard.

就便利通路而言。我們在事先準備的講稿中有提到。我的意思是，顯然明年我們會與 Love's 和 RaceTrac 進入同比基期（lap）。我們有一條非常不錯的案源管道。我們已經拿下——或者說不是已經拿下，但我們有另外幾個客戶將會上線導入。

And we do have a couple of customers that we will off-board in the course of the next, call it, 6 to 12 months. We have had some competitive reaction and our competitors have put a little pressure on the competitive market, but I would say, overall, the setup for Convenience for 2027 is really strong. Their pipeline is really strong. And these customer shifts that I'm talking about are much smaller in magnitude than then a Love's or a RaceTrac. So their setup is really good.

而且在接下來大約 6 到 12 個月內，我們也會有幾個客戶下線（off-board）。我們確實遇到一些競爭反應，競爭對手對市場施加了一些壓力；但我會說，整體而言，便利通路在 2027 年的布局非常強，他們的案源管道也非常強。我所提到的這些客戶變動，規模都遠小於 Love's 或 RaceTrac 這種等級。所以他們的布局真的很好。

(Operator Instructions) Jacob Aiken-Phillips, Melius Research.

（接線員指示）Jacob Aiken-Phillips，Melius Research。

I was just curious if you could talk about the pipeline or just conversations you're having on the Convenience segment with potential customers? And then how much of your Foodservice capabilities or your broader Q1 abilities impacts those conversations?

我想請教你能否談談便利通路區隔的案源管道，或你們與潛在客戶之間的對話情況？另外，你們的餐飲服務能力或更廣泛的 Q1 能力，在這些對話中影響有多大？

No, that's a really good question, Jacob. And I said in the prepared remarks, I think the Foodservice -- I mean, the Convenience segments, I guess, core competency around foodservice over the past three years has increased dramatically. The product mix that we offer in our opcos, the turnkey solutions we offer in our opcos.

這是個非常好的問題，Jacob。我在事先準備的講稿中也提到，我認為餐飲服務——我是說便利通路區隔——過去三年在餐飲服務方面的核心能力大幅提升。我們在各營運公司（opcos）提供的產品組合，以及我們在各營運公司提供的一站式（turnkey）解決方案。

And then I would say the knowledge of that organization just around food, has certainly been a big feather in our cap as far as customer interaction. At the end of the day, I mean, we've got to be a great partner. We've got to be a really efficient distributor, and we've got to be able to supply the full basket of goods. But I think having that core competency around foodservice has certainly helped in their negotiations on new chains and account wounds.

另外我會說，該組織在「食物」方面的知識，確實也成為我們與客戶互動時的一大優勢。歸根結底，我們必須成為很好的合作夥伴、必須是非常高效率的經銷商（distributor），並且必須能供應完整的一籃子商品。但我認為，具備餐飲服務的核心能力，確實有助於他們在新連鎖與新客戶開發（account wins）的談判。

And then a question on Cheney, and don't worry, it's a top line question. Just thoughts on putting PFG private label into Cheney or taking some much Cheney in private label where you think the opportunities are there? And how we should think about that going forward?

接著一個關於 Cheney 的問題，別擔心，這是關於營收（top line）的问题。你們對於把 PFG 的自有品牌（private label）導入 Cheney，或是把 Cheney 的自有品牌更廣泛導入，你們認為機會在哪裡？以及我們未來應該如何看待這件事？

Well, I see it going both ways. We have already taken a couple of Cheney's private labels and started to roll those out across the broader PFG organization. And we are just really -- we've been evaluating the labels that we would put into the Cheney organization as well. So I think we're really well positioned to do that. I would just take a step back and say, I think we talked about during the acquisition, Cheney's brand penetration was in that 15% to 20% range.

我認為兩個方向都會進行。我們已經把 Cheney 的幾個自有品牌帶到更廣泛的 PFG 組織中並開始推廣。同時，我們也正在評估要把哪些品牌導入 Cheney 組織。因此我認為我們在這方面的條件非常好。我稍微退一步補充，我記得我們在收購時談到，Cheney 的品牌滲透率大約在 15% 到 20% 的區間。

We just had a record brand penetration in the, we'll call it, legacy Foodservice segment at 4%. And so combined, we're now -- if we were going to reset a target we'd be right at 50% in brand cases to independents. And that's a number that I think we can grow. And I think Cheney will be a big portion of that growth.

而我們在所謂的傳統（legacy）餐飲服務區隔，剛創下 4% 的品牌滲透率新高。因此合併後——如果我們要重新設定一個目標——我們在對獨立客戶的品牌箱數（brand cases）占比會接近 50%。我認為這個數字是可以成長的，而我也認為 Cheney 會是這個成長的重要推動力。

At this time, this concludes our question-and-answer session. I will now turn the meeting back to Bill Marshall.

此時，我們的問答環節到此結束。接下來我將把會議交回給 Bill Marshall。

Thank you for joining our call today. If you have any follow-up questions, please reach out to Investor Relations.

感謝各位今天參與我們的電話會議。如有任何後續問題，請聯繫投資人關係部門。

Thank you. This concludes today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以掛線。