西斯柯 (SYY) 2022 Q4 法說會逐字稿

Welcome to Sysco Corporation Quarter Fiscal Year 2022 Conference Call. (Operator Instructions) I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

歡迎來到 Sysco Corporation 2022 財年季度電話會議。 （操作員說明）我想將電話轉給投資者關係副總裁 Kevin Kim。請繼續。

Good morning, everyone, and welcome to Sysco's Fourth Quarter Fiscal Year 2022 Earnings Call. On today's call, we have Kevin Hourican, our President and Chief Executive Officer; Aaron Alt, our Chief Financial Officer; and Neil Russell, our SVP of Corporate Affairs and Chief Communications Officer.

大家早上好，歡迎參加 Sysco 2022 財年第四季度財報電話會議。今天的電話會議是我們的總裁兼首席執行官 Kevin Hourican； Aaron Alt，我們的首席財務官；以及我們的企業事務高級副總裁兼首席傳播官 Neil Russell。

Before we begin, please note that statements made during this presentation, which state the company's or management's intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act and actual results could differ in a material manner.

在我們開始之前，請注意，本演示文稿中陳述公司或管理層對未來的意圖、信念、預期或預測的陳述屬於《私人證券訴訟改革法案》含義內的前瞻性陳述，實際結果可能會有所不同一種物質方式。

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes, but is not limited to, risk factors contained in our annual report on Form 10-K for the year ended July 3, 2021, subsequent SEC filings and in the news release issued earlier this morning. A copy of these materials can be found in the Investors section at sysco.com.

有關可能導致結果與前瞻性陳述中的結果不同的因素的其他信息包含在公司提交給美國證券交易委員會的文件中。這包括但不限於我們截至 2021 年 7 月 3 日止年度的 10-K 表格年度報告、隨後向美國證券交易委員會提交的文件以及今天上午早些時候發布的新聞稿中包含的風險因素。這些材料的副本可在 sysco.com 的“投資者”部分找到。

Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can also be found in the Investors section of our website. (Operator Instructions)

非 GAAP 財務指標包含在我們今天的評論和演示幻燈片中。這些非公認會計原則措施與相應公認會計原則措施的對賬包含在演示幻燈片的末尾，也可以在我們網站的投資者部分找到。 （操作員說明）

At this time, I'd like to turn the call over to Kevin Hourican.

此時，我想將電話轉給 Kevin Hourican。

Good morning, and thank you for joining our call. Q4 marked another quarter of positive top and bottom line performance at Sysco. The quarter capped off strong financial performance in fiscal 2022 as we grew annual sales by 33.8% to over $68 billion.

早上好，感謝您加入我們的電話。第四季度標誌著 Sysco 又一個季度取得了積極的頂線和底線表現。隨著我們的年銷售額增長 33.8% 至超過 680 億美元，本季度為 2022 財年強勁的財務業績畫上了句號。

For the year, Sysco grew our business more than 1.3x the industry. This result exceeded our goal for the year and the second half of the year's performance was even stronger than the first.

這一年，Sysco 的業務增長超過了行業的 1.3 倍。這個結果超過了我們今年的目標，下半年的表現甚至比上半年還要強。

The outperformance in the U.S. helped drive over $17 billion of total company sales growth for the year. Consistent with our focus on profitable growth, we grew adjusted EPS by 133.8%. Our team generated these results while advancing our Recipe for Growth strategy, improving our balance sheet and delivering compelling shareholder returns.

美國的出色表現幫助推動了今年公司總銷售額超過 170 億美元的增長。與我們對盈利增長的關註一致，我們調整後的每股收益增長了 133.8%。我們的團隊在推進我們的“增長秘訣”戰略、改善我們的資產負債表並提供令人信服的股東回報的同時產生了這些結果。

I will highlight 2 topics during our call today. First, I will share progress we have made as a company over the past year that displays Sysco's unique position of strength in the market.

我將在今天的電話會議中強調兩個主題。首先，我將分享我們作為一家公司在過去一年中取得的進展，這些進展展示了 Sysco 在市場上的獨特實力地位。

Second, I'll convey why we are confident in our trajectory for profitable growth in fiscal '23. Before I get started, let me acknowledge that we are closely monitoring macroeconomic pressures that are impacting consumer confidence across the globe such as spikes in gas prices, food inflation and rising interest rates. Despite these external factors, Sysco is prepared to deliver significant market share gains and profitable growth this coming year.

其次，我將說明為什麼我們對 23 財年的盈利增長軌跡充滿信心。在開始之前，讓我承認，我們正在密切關注影響全球消費者信心的宏觀經濟壓力，例如汽油價格飆升、食品通脹和利率上升。儘管存在這些外部因素，Sysco 仍準備在來年實現顯著的市場份額增長和盈利增長。

So let's get started with our unique position of strength and a bit more about who we are, displayed on Slides 5 and 6. I am often asked to describe Sysco. Simply put, Sysco is 50% a food supply chain company and 50% at food sales and marketing company. To be successful as a leader at Sysco and to be successful in this business, you need to be equally capable of leading in both arenas, supply chain and sales. Over the past 2.5 years, we have developed a strategy called our Recipe for Growth that is advancing our capabilities in supply chain and sales. We are transforming Sysco by building new capabilities that will further enable our position as a global leader in food distribution.

因此，讓我們從我們獨特的優勢地位開始，更多地了解我們是誰，在幻燈片 5 和 6 上展示。我經常被要求描述 Sysco。簡而言之，Sysco 是一家食品供應鏈公司，50% 是食品銷售和營銷公司。要成為 Sysco 的領導者並在該業務中取得成功，您需要在領域、供應鍊和銷售方面同樣具有領導能力。在過去的 2.5 年中，我們制定了一項名為“增長秘訣”的戰略，以提升我們在供應鍊和銷售方面的能力。我們正在通過建立新的能力來改變 Sysco，這將進一步鞏固我們作為全球食品分銷領導者的地位。

Let me first highlight the 50% of Sysco that is our food supply chain by summarizing some of our biggest accomplishments of the past year. Throughout the year, we have led the industry from an OTIF perspective. For those not in logistics, that stands for on-time and in-full. This past year was the most challenging OTIF year on record in our industry.

讓我首先通過總結我們過去一年的一些最大成就來強調 50% 的 Sysco 是我們的食品供應鏈。全年，我們從 OTIF 的角度引領行業。對於那些不從事物流的人來說，這代表準時和完整。過去的一年是我們行業有記錄以來最具挑戰性的 OTIF 年。

During those challenging conditions, Sysco was able to be better in stock and better able to shift on time versus those that we compete against. As a result, we won substantial new business and provided stronger-than-industry average service levels to our existing customers. We're deeply committed to returning to and exceeding our historical OTIF levels over the coming quarters and years.

在那些充滿挑戰的條件下，與我們競爭的那些相比，Sysco 能夠更好地存貨並且能夠更好地按時轉移。因此，我們贏得了大量新業務，並為現有客戶提供了高於行業平均水平的服務水平。我們堅定地致力於在未來幾個季度和幾年內恢復並超過我們的歷史 OTIF 水平。

We fully converted our supply chain to a full 6-day service week. Simultaneously, we converted the majority of our U.S. frontline associates to a 4-day work schedule, enabling improved work-life balance for our associates. The 6-day work model for our large network of DCs will enable Sysco to grow profitably for years to come by better leveraging our physical assets.

我們將供應鏈完全轉變為為期 6 天的完整服務週。同時，我們將美國一線員工的大多數工作時間改為 4 天，從而改善員工的工作與生活平衡。我們大型 DC 網絡的 6 天工作模式將使 Sysco 通過更好地利用我們的實物資產在未來幾年實現盈利增長。

Their transition to the 6-day model was a big lift. And I want to thank our associates and our customers for their partnership and the transition. The 6-day model will ensure industry-leading OTIF results for years to come.

他們向 6 天模式的過渡是一個很大的提升。我要感謝我們的員工和客戶的合作和過渡。為期 6 天的模型將確保未來幾年行業領先的 OTIF 結果。

We launched our Sysco Driver Academy, opening our first training location and began building out a nationwide infrastructure that will be complete by the end of this calendar year. The driver academy is helping Sysco address the shortage of skilled drivers and our Academy will increase the number of skilled drivers at Sysco and will deliver increased lifetime earnings potential for the associates selected to participate. We have piloted and are scaling new picking methods at our warehouses that will improve the experience of our delivery drivers.

我們啟動了 Sysco 駕駛員學院，開設了我們的第一個培訓地點，並開始建設一個全國性的基礎設施，該基礎設施將在今年年底前完成。駕駛員學院正在幫助 Sysco 解決熟練駕駛員的短缺問題，我們的學院將增加 Sysco 熟練駕駛員的數量，並為被選中參加的員工提供更高的終生收入潛力。我們已經在我們的倉庫試行並正在擴展新的揀貨方法，這將改善我們送貨司機的體驗。

In addition, we're providing our drivers with advanced material handling equipment that reduces the physicality of their day. These actions will improve the experience of our drivers, enabling improved productivity, improved retention and increased customer service.

此外，我們還為司機提供先進的物料搬運設備，以減少他們一天的體力消耗。這些行動將改善我們司機的體驗，從而提高生產力、提高保留率和增加客戶服務。

Lastly, we've built out a distributed order management system, or DOMS for short, that will enable omnichannel fulfillment at Sysco in fiscal '23. We have decoupled the front end of our network sales from the back end of our network operations through this project. No longer will a customer need to order just from their local sites inventory assortment. We are opening up our vast network of inventory to our customers through the DOMS implementation, while also improving the productivity of our working capital through this industry-leading project. We will be launching our first (inaudible) soon with plans to expand and scale in '23 and beyond.

最後，我們建立了一個分佈式訂單管理系統，簡稱 DOMS，它將在 23 財年實現 Sysco 的全渠道履行。通過這個項目，我們將網絡銷售的前端與網絡運營的後端分離。客戶不再需要僅從其本地站點的庫存分類中訂購。我們正在通過實施 DOMS 向我們的客戶開放我們龐大的庫存網絡，同時還通過這個行業領先的項目提高我們營運資金的生產力。我們將很快推出我們的第一個（聽不清），併計劃在 23 年及以後擴展和擴展。

Our supply chain mission at Sysco is clear, enable profitable growth by delivering the industry's leading assortment of products delivered on-time and in-full at a delivery frequency that meets or exceeds our customers' expectations. Our supply chain greatly enhanced our capabilities to deliver on that mission in fiscal '22.

我們在 Sysco 的供應鏈使命很明確，即通過以符合或超過客戶期望的交付頻率按時和完整交付行業領先的產品種類，實現盈利增長。我們的供應鏈極大地增強了我們在 22 財年完成這一使命的能力。

Now I would like to highlight the progress that we have made in the other 50% of our company's key work focus, food sales and marketing. We live our Foodie credentials every day with over 7,500 sales consultants in hundreds of culinary partners and product specialists across the globe. I dare say there are a few, if any, that know more about food and food trends than our culinary teams. Our sales associates have the highest customer satisfaction scores in the industry, with NPS overall satisfaction rates, a full point higher than our competitors. Please see Chart 7.

現在我想強調一下我們在公司其他 50% 的關鍵工作重點——食品銷售和營銷方面取得的進展。我們每天與全球數百個烹飪合作夥伴和產品專家的 7,500 多名銷售顧問一起實現我們的美食家證書。我敢說，有少數人（如果有的話）比我們的烹飪團隊更了解食品和食品趨勢。我們的銷售人員擁有業內最高的客戶滿意度得分，NPS 整體滿意度比我們的競爭對手高一個百分點。請參見圖 7。

Our sales consultants are experts in everything from menus with our customers, identifying and introducing new food trends and importantly, partnering with our customers to help save them money. From a product perspective, we've the broadest assortment of food in the industry, and we have expanded that assortment strength with the recent acquisitions of Greco, Paragon Foods and The Coastal Companies. Our product assortment is second to none, and we offer fair and appropriate prices to our customers.

我們的銷售顧問是各個方面的專家，從為客戶提供菜單、識別和介紹新的食品趨勢，最重要的是，與我們的客戶合作幫助他們省錢。從產品的角度來看，我們擁有業內最廣泛的食品品種，並且通過最近收購 Greco、Paragon Foods 和 The Coastal Companies，我們擴大了品種實力。我們的產品種類是首屈一指的，我們為客戶提供公平合理的價格。

Like I summarize with our supply chain, I would like to highlight some of the progress that we have made over the past year with regards to food sales and marketing. We implemented an intelligent data-driven pricing system to improve our ability to be what we call right on price at the customer item level. We built and scaled a customer personalization engine, which provides our customers with unique offers that meet their specific needs. We upgraded and improved our digital shopping platform. We improved search navigation, We made it even easier to reorder Common Essentials, and we introduced product recommendation engines that increase customer basket size. We improved what we call team-based selling, better leveraging our sales teams across broadline and our collection of specialty businesses.

就像我總結我們的供應鏈一樣，我想強調過去一年我們在食品銷售和營銷方面取得的一些進展。我們實施了一個智能數據驅動的定價系統，以提高我們在客戶項目級別上成為我們所說的正確價格的能力。我們構建並擴展了客戶個性化引擎，為我們的客戶提供滿足其特定需求的獨特優惠。我們升級和改進了我們的數字購物平台。我們改進了搜索導航，使重新訂購 Common Essentials 變得更加容易，並且我們引入了增加客戶購物籃大小的產品推薦引擎。我們改進了我們所謂的基於團隊的銷售，更好地利用我們的銷售團隊跨越廣泛的業務和我們的專業業務集合。

Lastly, we can measure success over the past year in several ways. I'd highlight, too. Firstly, during the great resignation, our sales consultant retention in fiscal 2022 exceeded our historical average. Our SCs loved the new tools that we have built, and they have deeply embraced our Recipe for Growth.

最後，我們可以通過多種方式衡量過去一年的成功。我也會強調一下。首先，在大辭職期間，我們在 2022 財年的銷售顧問保留率超過了我們的歷史平均水平。我們的 SC 喜歡我們構建的新工具，他們深深地接受了我們的成長秘訣。

And secondly, we successfully grew more than 1.3x the industry in 2022. This result exceeded our goal for the year and the second half of the year performance was even stronger than the first. Our customers are rewarding us with more of their business because of the relationships they have with our sales teams and because of the new tools and services that we have deployed in food sales and marketing.

其次，我們在 2022 年成功實現了 1.3 倍以上的行業增長。這個結果超過了我們今年的目標，下半年的表現甚至比上半年還要強。由於他們與我們的銷售團隊的關係以及我們在食品銷售和營銷中部署的新工具和服務，我們的客戶正在獎勵我們更多的業務。

Defining excellence in food sales and distribution, that is Sysco. We are confident that we have the size, scale and expertise to be the leader in these 2 arenas, bringing innovation to our customers every day.

定義卓越的食品銷售和分銷，即 Sysco。我們相信，我們擁有成為這兩個領域領導者的規模、規模和專業知識，每天為我們的客戶帶來創新。

Topic 2 for today, I'd like to discuss the current economic climate and our view for the upcoming year. We're closely monitoring macroeconomic pressures and data points related to food inflation, gas prices and consumer confidence. There is no doubt that end consumers have a lot on their minds these days. We think it's important to remember the resilience of our industry and how we have adapted over the past few years. We submit respectively that food away from home has proven to be resilient. And quite frankly, essential. Over the last 2.5 years, our industry has dealt with challenge after challenge with 3 major ways of COVID, double-digit inflation and innovation in Ukraine impacting the food supply.

今天的話題2，我想討論當前的經濟環境和我們對來年的看法。我們正在密切關注與食品通脹、天然氣價格和消費者信心相關的宏觀經濟壓力和數據點。毫無疑問，如今終端消費者有很多想法。我們認為重要的是要記住我們行業的彈性以及我們在過去幾年中的適應方式。我們分別提出，離家出走的食物已被證明是有彈性的。坦率地說，必不可少。在過去的 2.5 年中，我們的行業通過 3 種主要的 COVID、兩位數通貨膨脹和烏克蘭創新影響食品供應的方式應對了挑戰。

Despite these challenges, we have delivered profitable growth. We have learned to operate in an abnormal environment and we are prepared to navigate another dynamic year ahead. While we anticipate that recent macroeconomic headwinds make REIT less robust industry-wide growth rate in '23 than we had originally planned, we are prepared to generate sales growth of at least 10% in 2023. Aaron will address guidance in more detail in a moment.

儘管存在這些挑戰，我們還是實現了盈利增長。我們已經學會在不正常的環境中運作，我們準備迎接另一個充滿活力的一年。雖然我們預計最近的宏觀經濟逆風使 REIT 在 23 年的全行業增長率不如我們最初計劃的強勁，但我們準備在 2023 年實現至少 10% 的銷售增長。Aaron 稍後將更詳細地討論指導.

There are several reasons why, we believe, we will deliver on our financial targets. First, as the industry leader, we're fully diversified, covering every corner of the food away from home market. We serve restaurants up and down the price point spectrum and across all restaurant types. We deliver food to health care and education facilities that are less prone to recession. We deliver to travel and recreation facilities into any office buildings. These last 2 sectors continue to rebound and will provide a source of growth in the coming years.

我們相信，我們將實現我們的財務目標有幾個原因。首先，作為行業龍頭，我們全面多元化，覆蓋了外賣市場的每一個角落。我們為不同價位範圍內和所有餐廳類型的餐廳提供服務。我們向不太容易出現衰退的醫療保健和教育機構提供食物。我們將旅行和娛樂設施運送到任何辦公樓。這最後兩個行業繼續反彈，並將在未來幾年提供增長來源。

Additionally, we still have big opportunities to grow in the restaurant space. Even if traffic is more muted than originally forecasted by Technomic, remember that we serve roughly 50% of the total restaurant door locations, and we have roughly 30% share of wallet with existing customers. Sysco can still grow our business even if the market growth is less compelling. And given the strict shutdowns internationally in 2022, we have strong growth potential year-over-year from our International division. Simply put, we intend to win share profitably in fiscal '23.

此外，我們在餐廳領域仍有很大的發展機會。即使流量比 Technomic 最初預測的要低得多，但請記住，我們服務於大約 50% 的餐廳門口位置，我們擁有大約 30% 的現有客戶錢包份額。即使市場增長不那麼引人注目，Sysco 仍然可以發展我們的業務。鑑於 2022 年全球範圍內的嚴格停工，我們的國際部門具有強勁的同比增長潛力。簡而言之，我們打算在 23 財年贏取利潤。

Second, regarding inflation, we continue to work with our customers to pass through the majority of cost inflation. Interestingly, the relative price of eating out has been less impacted by inflation than the cost of food at the grocery store as seen on Slides 8 to 9. When coupled with people's desire to eat out, we believe that restaurants will once again prove resilient.

其次，關於通脹，我們繼續與客戶合作，以通過大部分成本通脹。有趣的是，與雜貨店食品成本相比，外出就餐的相對價格受通貨膨脹的影響較小，如幻燈片 8 至 9 所示。再加上人們外出就餐的願望，我們相信餐館將再次證明具有彈性。

Third, our investments include sales and marketing capabilities through our Recipe for Growth strategy will deliver increased value in the coming years. The topics I highlighted on this call today, coupled with new programs like Sysco Your Way and Sysco Perks will drive increased market share growth. Once again, we plan to grow faster than the overall industry, with a target in fiscal '23 of growing 1.35x the industry. This trend will put us on the trajectory needed to deliver our end of fiscal year '24 target of growing 1.5x the industry. We are increasingly confident in our longer-term guidance provided in May of 2021 at our Investor Day.

第三，我們的投資包括銷售和營銷能力，通過我們的“增長秘訣”戰略將在未來幾年帶來更高的價值。我今天在這次電話會議上強調的主題，再加上 Sysco Your Way 和 Sysco Perks 等新計劃，將推動市場份額增長。再一次，我們計劃以比整個行業更快的速度增長，並在 23 財年實現行業增長 1.35 倍的目標。這一趨勢將使我們走上實現我們在 24 財年末實現行業增長 1.5 倍的目標所需的軌道。我們對 2021 年 5 月投資者日提供的長期指導越來越有信心。

In addition to ensuring that we drive compelling market share growth, Aaron, our entire leadership team and I will be focused on productivity improvement and structural cost out. We're proud of the progress that we have made in reducing structural costs over the past year and we will be relentlessly focused on improving operations efficiency in fiscal '23.

除了確保我們推動引人注目的市場份額增長之外，Aaron、我們的整個領導團隊和我將專注於提高生產力和降低結構性成本。我們為過去一年在降低結構成本方面取得的進展感到自豪，我們將在 23 財年不懈地專注於提高運營效率。

Lastly, we are excited to welcome Paulo Peereboom as the newly appointed leader of our international operations. Paulo has an extensive track record of driving transformation and building high-performing customer-focused teams across multiple geographies. This includes over 30 years of experience across 7 countries, all in the food business. Our international team had a strong year of improvement in '22, and we are increasingly confident in our future. Paulo will take some momentum we are building to the next level.

最後，我們很高興地歡迎 Paulo Peereboom 成為我們新任命的國際業務負責人。 Paulo 在推動轉型和在多個地區建立以客戶為中心的高績效團隊方面有著廣泛的記錄。這包括在 7 個國家/地區擁有超過 30 年的食品行業經驗。我們的國際團隊在 22 年取得了強勁的進步，我們對自己的未來越來越有信心。保羅將把我們正在建設的一些動力提升到一個新的水平。

I'd now like to turn it over to Aaron, who will provide additional financial details. Aaron, over to you.

我現在想把它交給 Aaron，他將提供更多的財務細節。亞倫，交給你了。

Thank you, Kevin, and good morning. The Sysco team delivered strong financial results for the fourth quarter and the full financial year, giving us many reasons to be upbeat about our business.

謝謝你，凱文，早上好。 Sysco 團隊在第四季度和整個財政年度都取得了強勁的財務業績，這讓我們有很多理由對我們的業務感到樂觀。

Let's talk about some of the highlights. We achieved an all-time record for quarterly and annual sales of Sysco landing at $19 billion for the quarter and almost $69 million for the year.

讓我們談談其中的一些亮點。我們實現了 Sysco 季度和年度銷售額的歷史記錄，本季度達到 190 億美元，全年達到近 6900 萬美元。

For the fourth quarter, our enterprise sales grew 17.5% with U.S. Foodservice growing at 16.4% and international growing at 30%. At the enterprise level, adjusting out the extra week in Q4 of fiscal year '21, our sales growth was even higher at 26.5%.

第四季度，我們的企業銷售額增長了 17.5%，美國餐飲服務增長 16.4%，國際增長 30%。在企業層面，剔除 21 財年第四季度的額外一周，我們的銷售額增長甚至更高，達到 26.5%。

With respect to volume, U.S. Broadline volume increased 5.4% on a 13- to 13-week comparison basis. We baked $3.5 billion in adjusted gross profit for the quarter and $12.4 billion for the year, up almost 20% versus last year for the fourth quarter and up 32.5% for the year.

就交易量而言，美國 Broadline 交易量在 13 至 13 週的比較基礎上增長了 5.4%。我們本季度的調整後毛利潤為 35 億美元，全年為 124 億美元，第四季度與去年同期相比增長近 20%，全年增長 32.5%。

Adjusted gross margin improved to 18.4% for the fourth quarter with the rate rising from last quarter and up 33 basis points to Q4 fiscal '21, even with the impact of incremental inflation. GP dollars per case grew in all 4 segments versus prior year, marking the fourth consecutive quarter of such growth. We continue to pass along product inflation, which was around 15% in the U.S. in the fourth quarter, while passing along part of our operating cost inflation.

第四季度調整後的毛利率提高到 18.4%，與上一季度相比上升了 33 個基點，至 21 財年第四季度，即使受到通脹增加的影響。與去年同期相比，所有 4 個部分的每箱 GP 美元均有所增長，這是連續第四個季度實現此類增長。我們繼續傳遞產品通脹，第四季度美國約為 15%，同時傳遞我們的部分運營成本通脹。

Our Snap-back operating costs dropped to $29 million in Q4. Productivity gaps, however, were a continuing factor as, on the one hand, we returned to employment levels higher than fiscal '19, but on the other, we invested to cover over time to address growing demand and lower productivity of the new staff. We invested $67 million of operating expenses for the Recipe for Growth in the quarter, with supply chain investments ramping up significantly.

我們的 Snap-back 運營成本在第四季度降至 2900 萬美元。然而，生產力差距是一個持續的因素，因為一方面，我們恢復到高於 19 財年的就業水平，但另一方面，隨著時間的推移，我們投資以應對不斷增長的需求和新員工的生產力降低。我們在本季度為增長配方投資了 6700 萬美元的運營費用，供應鏈投資顯著增加。

Overall adjusted operating expenses were $2.6 billion for the quarter or 13.8% of our sales. Operating leverage improved by 55 basis points for the quarter and 117 basis points for the year. Adjusted operating income increased by 45% versus last year to $877 million in the quarter, also exceeding our pre-COVID Q4 2019 results, an excellent sign of progress.

本季度調整後的總體運營費用為 26 億美元，占我們銷售額的 13.8%。本季度的經營槓桿率提高了 55 個基點，全年提高了 117 個基點。本季度調整後的營業收入與去年相比增長了 45%，達到 8.77 億美元，也超過了我們在 COVID 之前的 2019 年第四季度業績，這是一個很好的進步跡象。

Operating income for the year was $2.6 billion. We are particularly pleased with the progress of our U.S. Foodservice segment which delivered record operating income for the quarter and with the continued sequential progress of our international operations, which once again made progress in the direction of pre-COVID profitability.

全年營業收入為 26 億美元。我們對美國食品服務部門的進展感到特別高興，該部門在本季度創造了創紀錄的營業收入，並且我們的國際業務持續取得連續進展，再次朝著 COVID 之前的盈利方向取得進展。

At the enterprise level, we continue to have the highest EBITDA margin in the industry. Adjusted EBITDA surpassed $1 billion for the first time ever in a quarter at Sysco and we delivered $3.3 billion of adjusted EBITDA for the year, notwithstanding COVID, Omicron, inflation, the invasion of Ukraine and high fuel prices. Adjusted earnings per share increased to $1.15, which is an all-time high for the fourth quarter or any quarter for that matter at Sysco.

在企業層面，我們繼續保持行業最高的 EBITDA 利潤率。 Sysco 調整後的 EBITDA 在一個季度內首次超過 10 億美元，儘管受到 COVID、Omicron、通貨膨脹、烏克蘭入侵和高油價的影響，我們全年實現了 33 億美元的調整後 EBITDA。調整後的每股收益增至 1.15 美元，這是 Sysco 第四季度或任何季度的歷史新高。

In regards to the balance sheet, we paid down $450 million of debt as it came due in Q4. We ended the year at 2.9x net debt to adjusted EBITDA, and during the fiscal year, we returned $1.5 billion to shareholders through 500 million of share repurchase completed in the fourth quarter and $959 million of dividends. Since year-end, we have also repurchased additional shares. More on that to come.

關於資產負債表，我們償還了第四季度到期的 4.5 億美元債務。我們年底的淨債務是調整後 EBITDA 的 2.9 倍，在本財年，我們通過第四季度完成的 5 億股股票回購和 9.59 億美元的股息向股東返還了 15 億美元。自年底以來，我們還回購了額外的股份。更多關於這一點的內容。

Cash flow from operations was $1.8 billion, and free cash flow was $1.2 billion for the year. With our focus on driving rising sales and profitability comes rising inventory and a higher balance of healthy accounts receivable, both the use of cash for the year. Our team continues to manage our receivables balance as well and we also benefited from higher accounts payable. We ended the quarter with approximately $867 million in cash on hand.

運營現金流為 18 億美元，全年自由現金流為 12 億美元。隨著我們專注於推動銷售額和盈利能力的增長，庫存增加和健康應收賬款餘額增加，這兩者都是今年現金的使用。我們的團隊也繼續管理我們的應收賬款餘額，我們也受益於更高的應付賬款。我們在本季度結束時手頭有大約 8.67 億美元的現金。

So let's turn to look forward. In recent months and indeed at the start of my comments today, I observed that Kevin and I are upbeat about our business. And that view carries through to future quarters for Sysco. The upbeat guidance we are providing is reflective of our ongoing investments and our extensive efforts to reposition Sysco as a growth company.

所以讓我們轉而向前看。最近幾個月，實際上在我今天開始發表評論時，我觀察到凱文和我對我們的業務持樂觀態度。這種觀點一直延續到 Sysco 的未來幾個季度。我們提供的樂觀指導反映了我們正在進行的投資以及我們將 Sysco 重新定位為成長型公司的廣泛努力。

As Kevin mentioned earlier, we are well positioned and prepared to operate through another dynamic year and are assessing whether and to what degree a recession will impact the economy and our business. It's worth repeating that we benefit from the scale at which we're operating, our diversification as the industry leader across customer types, product categories and geographies, the discipline enabled by our pricing tool, our strong balance sheet and demonstrated focus on cost takeout. We have carefully examined Sysco's results during the '08-'09 recession, and importantly, we benefit from the fact that our company has just operated through and learned from the business interruption of COVID. Here's the real punch line. "we are better positioned today to address macro events than we have ever been before."

正如凱文之前提到的，我們已做好準備，準備在另一個充滿活力的一年中運營，並正在評估經濟衰退是否以及在多大程度上會影響經濟和我們的業務。值得重申的是，我們受益於我們的運營規模、我們作為客戶類型、產品類別和地域的行業領導者的多元化、我們的定價工具所支持的紀律、我們強大的資產負債表以及對成本支出的明顯關注。我們仔細檢查了 Sysco 在 08 年至 09 年經濟衰退期間的業績，重要的是，我們受益於我們公司剛剛經歷並從 COVID 的業務中斷中吸取教訓的事實。這是真正的妙語。 “我們今天比以往任何時候都更有能力應對宏觀事件。”

So with all of that said, during fiscal '23, from a growth algorithm perspective, we expect to grow at least 1.35x the market regardless of the economic environment. While it is difficult to be precise from the current macro environment, based on initial estimates of market growth and inflation, we expect top line growth of at least 10% over fiscal year 2022, which will move Sysco above the $75 billion annual sales mark for the first time. Bolt-on acquisitions will also contribute to our growth.

因此，綜上所述，在 23 財年，從增長算法的角度來看，無論經濟環境如何，我們都預計市場將增長至少 1.35 倍。雖然從目前的宏觀環境來看很難準確，但根據市場增長和通脹的初步估計，我們預計 2022 財年的收入增長至少 10%，這將使 Sysco 的年銷售額超過 750 億美元大關第一次。附加收購也將有助於我們的增長。

We are expecting mid-single-digit inflation for the full year on an enterprise basis across all categories, moderating from high single digits in the first quarter on a year-over-year basis to low single digits in Q4. We are not planning for a deflationary environment, though some categories may be individually inflationary.

我們預計全年所有類別的企業通脹率將達到中個位數，從第一季度的高個位數同比下降到第四季度的低個位數。我們沒有為通縮環境做計劃，儘管某些類別可能會單獨出現通貨膨脹。

We do expect elevated operating expenses during the year as we continue to deal with the hiring environment that is still recovering associate tenure driven productivity issues that we expect to improve over the course of this year and continued planned investments for our transformation, all these mitigated in part by cost-out efforts.

我們確實預計今年的運營費用會增加，因為我們將繼續處理仍在恢復員工任期驅動的生產力問題的招聘環境，我們預計這些問題將在今年內得到改善，並繼續為我們的轉型進行計劃投資，所有這些都在部分通過成本支出的努力。

Speaking of cost out, we delivered significant cost out in fiscal 2022, helping offset incremental operating expenses this year. We have now exceeded our cumulative cost-out target of $750 million. And we're going back for more, the achievement of which is already included in our EPS growth expectations.

說到成本支出，我們在 2022 財年交付了大量成本，幫助抵消了今年增加的運營費用。我們現在已經超過了 7.5 億美元的累計成本支出目標。而且我們將返回更多，其成就已經包含在我們的每股收益增長預期中。

All in, we are growing our adjusted EPS with both volume growth and profit improvements contributing to our substantial increases in earnings per share. We are guiding adjusted EPS for fiscal year '23 of $4.09 to $4.39. The midpoint of this range equals a 30% increase in adjusted EPS over fiscal year 2022. It also represents a 20% increase in our adjusted EPS from our previous high point, fiscal '19.

總而言之，我們正在增加調整後的每股收益，銷量增長和利潤改善都有助於我們每股收益的大幅增長。我們將 23 財年的調整後每股收益指導為 4.09 美元至 4.39 美元。該範圍的中點等於調整後的每股收益比 2022 財年增加 30%。這也代表我們調整後的每股收益比之前的高點 19 財年增加了 20%。

Please take note of the fact that even the low end of our adjusted EPS range for fiscal year '23 reflects the highest adjusted EPS achieved at Sysco ever in a year.

請注意，即使我們在 23 財年調整後的每股收益範圍的低端也反映了 Sysco 一年來最高的調整後每股收益。

While I do not intend to debate the definition of recession with economist, the low end of our range reflects a modest recession impacting our year. And the midpoint reflects the current operating environment and the top end reflects a strong economic recovery.

雖然我不打算與經濟學家討論衰退的定義，但我們範圍的低端反映了影響我們這一年的適度衰退。中點反映了當前的經營環境，高端反映了強勁的經濟復甦。

The macro environment, our productivity improvement efforts and the timing of our Recipe for Growth investments will impact the cadence of our earnings growth with stronger profit growth expected in the second half. For Q1, we expect adjusted EPS to be at or near our prior first quarter high point from back in 2020. The stronger earnings growth in the second half reflects continued progress with our Recipe for Growth, progress on productivity initiatives, lapping last year's Omicron related slowdown and the fact that Q4 is always our seasonal profit high point.

宏觀環境、我們提高生產力的努力以及我們投資增長配方的時機將影響我們的盈利增長節奏，預計下半年利潤增長將更加強勁。對於第一季度，我們預計調整後的每股收益將達到或接近我們在 2020 年以來的第一季度高點。下半年強勁的盈利增長反映了我們的增長秘訣的持續進展，生產力計劃的進展，與去年的 Omicron 相關放緩以及第四季度始終是我們的季節性利潤高點這一事實。

You may recall that in May 2021, we provided long-term guidance for fiscal year '24 to achieve adjusted EPS 30% higher than fiscal '19. The midpoint of our fiscal year '23 guidance, which is 20% above fiscal '19 reflects that we are well on our way to achieving our previous long-term EPS guidance.

您可能還記得，在 2021 年 5 月，我們為 '24 財年提供了長期指導，以實現比 '19 財年高出 30% 的調整後每股收益。我們 23 財年指導的中點比 19 財年高 20%，這表明我們正在朝著實現之前的長期每股收益指導邁進。

The midpoint of our guidance also translates to adjusted EBITDA of approximately $4 billion in the year. We are forecasting continued strong cash generation and an increase from 2022 levels driven by profit increases, offset by investments in working capital as AR grows with our sales, and we continue to our strategy with tactical investments in inventory.

我們指導的中點也轉化為今年調整後的 EBITDA 約為 40 億美元。我們預計將繼續強勁的現金產生，並在利潤增長的推動下從 2022 年的水平增加，但隨著 AR 隨著我們的銷售增長而被營運資本投資所抵消，我們將繼續我們的戰略，對庫存進行戰術投資。

Our capital allocation strategy remains sustained going forward, invest in the business, including through M&A, maintain our strong investment-grade rating and continue our return of capital to shareholders. With EBITDA growing, we expect to make further progress on our net debt to adjusted EBITDA leverage in service of our target of 2.5x to 2.75x.

我們的資本配置策略在未來保持持續，投資於業務，包括通過併購，保持我們強大的投資級評級，並繼續向股東返還資本。隨著 EBITDA 的增長，我們預計我們的淨債務將在調整後的 EBITDA 槓桿方面取得進一步進展，以實現我們 2.5 倍至 2.75 倍的目標。

Also note that we are positioned well in the current rising interest rate environment as approximately 95% of our debt is fixed. Just last week, Moody's reaffirmed Sysco's strong investment-grade credit rating and stabilized our rating outlook. We are committed to completing up to $500 million of share repurchases in fiscal '23, and indeed have already completed $267 million of that repurchase commitment during Q1 of this year.

另請注意，我們在當前利率上升的環境中處於有利地位，因為我們大約 95% 的債務是固定的。就在上週，穆迪重申了 Sysco 強大的投資級信用評級，並穩定了我們的評級前景。我們承諾在 23 財年完成高達 5 億美元的股票回購，並且確實已經在今年第一季度完成了 2.67 億美元的回購承諾。

We will be assessing the operating environment and the cash needs for further M&A opportunities before committing to an incremental share repurchase activity beyond the $500 million during the year. Our status for the dividend aristocrat is important to us and we already announced the effective $0.08 annual dividend increase for our fiscal year '23.

在承諾年內進行超過 5 億美元的增量股票回購活動之前，我們將評估經營環境和進一步併購機會的現金需求。我們在股息貴族中的地位對我們來說很重要，我們已經宣佈在 23 財年有效增加 0.08 美元的年度股息。

In summary, we view fiscal '23 as an excellent build upon fiscal '22 as we grow both the top line and the bottom line, while playing the long game and investing for the future at Sysco. All of these efforts are consistent with fulfilling our long-term guidance from Investor Day, which includes exceeding 1.5x market share growth by the end of fiscal year 2024 and adjusted EPS growth of at least 30% over our record 2019 levels.

總而言之，我們認為 '23 財年是對 '22 財年的出色構建，因為我們在增加收入和利潤的同時，在 Sysco 進行長期遊戲並為未來投資。所有這些努力都符合我們在投資者日的長期指導方針，其中包括到 2024 財年末市場份額增長超過 1.5 倍，調整後的每股收益增長至少比我們 2019 年創紀錄的水平增長 30%。

With that, I will turn the call back over to Kevin for remarks.

有了這個，我將把電話轉回給凱文發表評論。

Thank you, Aaron. As we conclude, I'd like to provide a brief summary on Slide 25. Sysco already is the industry leader from an EBITDA margin perspective. And as you heard from Aaron, we plan to build on that position of strength in fiscal 2023. Our key takeaways from today's call reflects 3 points. First, we advanced our Recipe for Growth strategy and grew more than 1.3x the market for the year, with the second half even stronger than the first; second, we improved profitability with sequential progress in both gross profit and operating margin rates; and third, recognizing macroeconomic pressures as well as the resiliency of our industry, we're confident in our external guidance for fiscal year 2023.

謝謝你，亞倫。正如我們總結的那樣，我想對幻燈片 25 做一個簡短的總結。從 EBITDA 利潤率的角度來看，Sysco 已經是行業領導者。正如您從 Aaron 那裡聽到的那樣，我們計劃在 2023 財年鞏固這一優勢地位。我們從今天的電話會議中得出的主要結論反映了 3 點。首先，我們推進了增長策略，全年市場增長超過 1.3 倍，下半年甚至比上半年更強勁；其次，我們的盈利能力隨著毛利率和營業利潤率的連續增長而提高；第三，認識到宏觀經濟壓力以及我們行業的彈性，我們對 2023 財年的外部指導充滿信心。

This assumes at least 10% sales growth and 30% EPS growth at the midpoint as we continue to grow with new and existing customers. We will also remain disciplined in expense management with a strong plan to drive increased operating leverage.

這假設隨著我們繼續與新老客戶一起增長，中點銷售額增長至少 10% 和每股收益增長 30%。我們還將在費用管理方面保持自律，並製定強有力的計劃以提高運營槓桿。

Turning to the next slide. We are generating substantial top line momentum and accelerating market charities. Our recipe for growth transformation is winning in the marketplace and creating capabilities at Sysco that will help us profitably grow for the long term. We are further building upon and enhancing our competitive scale advantages. Sysco's strength of income statement and balance sheet have enabled us to continue advancing our strategy during a difficult operating environment, while also rewarding our long-term shareholders with disciplined dividend growth and share repurchases.

轉到下一張幻燈片。我們正在產生可觀的頂線勢頭並加速市場慈善事業。我們的增長轉型秘訣是贏得市場並在 Sysco 創造能力，這將幫助我們實現長期盈利增長。我們正在進一步鞏固和增強我們的競爭規模優勢。 Sysco 的損益表和資產負債表的優勢使我們能夠在困難的經營環境中繼續推進我們的戰略，同時也通過嚴格的股息增長和股票回購來回報我們的長期股東。

Lastly, we are committed to our long-term financial outlook, which includes significant sales and EPS growth and returning value to our shareholders along the way. There are bright days ahead for Sysco, and I'm both excited and proud to be a part of the journey.

最後，我們致力於實現我們的長期財務前景，其中包括顯著的銷售額和每股收益增長，並在此過程中為我們的股東帶來回報。 Sysco 將迎來光明的日子，我既興奮又自豪能成為這一旅程的一部分。

Operator, you can now open the line for questions.

接線員，您現在可以打開線路提問。

(Operator Instructions)

（操作員說明）

Your first question comes from Lauren Silberman of Credit Suisse.

您的第一個問題來自瑞士信貸的 Lauren Silberman。

I just wanted to ask first one on local case growth, down 7 [days] for the quarter. Can you give us that number excluding the lapping over the 53rd week, just so we understand the underlying trend.

我只是想問第一個關於本地病例增長的問題，本季度下降了 7 [天]。你能給我們這個數字，不包括第 53 週的圈數，以便我們了解潛在趨勢。

And then on a 3-year basis versus '19, it looks like local case growth is down about 1.5%, pretty consistent, I think, each quarter throughout the year. So any color you can provide on what you're seeing as an independent customer.

然後在 3 年的基礎上與 19 年相比，本地病例增長似乎下降了約 1.5%，我認為，全年每個季度都相當一致。因此，作為獨立客戶，您可以提供任何顏色。

Thank you for the question. This is Kevin. I'll just start with math to answer to your question, and I'll talk a little bit about what we're seeing from a volume perspective. So flattish is the answer from a Q4 same number of weeks year-over-year. And just keep in mind, as you look at this past year, when we were comping against recovery, which Q4, we were comping against a pretty strong recovery in '21. So flattish volumes on 13 to 13 against prior year, pretty strong recovery.

感謝你的提問。這是凱文。我將從數學開始回答您的問題，然後從數量的角度談談我們所看到的內容。如此平淡是第四季度與去年同期相同的周數的答案。請記住，當您回顧過去的一年時，當我們在應對複蘇時，即第四季度，我們正在應對 21 年相當強勁的複蘇。與去年相比，13 至 13 日的交易量持平，復甦相當強勁。

What we're seeing right now from a volume perspective is when you couple that with inflation that was higher than what we had modeled and expected, really strong sales results for the quarter. And obviously, that strong sales, coupled with the flattish volume for local flowed through to a profit number that was robust for the quarter, exceeded our guide. As Aaron mentioned, highest quarter ever for Sysco.

從數量的角度來看，我們現在看到的是，當您將其與高於我們建模和預期的通貨膨脹結合起來時，本季度的銷售業績非常強勁。顯然，強勁的銷售，加上本地銷量持平，導致本季度的利潤數字強勁，超出了我們的指導。正如 Aaron 所說，這是 Sysco 有史以來最高的季度。

As we think about this coming year, I'd point you to Slide 10 that was in our prepared remarks, that chart does include all business. It's not just local, but it speaks for itself, the performance of Sysco over time that we're pulling away from the market. I stated on the call this morning that we grew at 1.3 times the industry for the year. And I also was pretty clear that we grew in the second half even faster than the first.

當我們考慮來年時，我會向您指出我們準備好的評論中的幻燈片 10，該圖表確實包括所有業務。這不僅僅是本地的，而且它不言自明，隨著時間的推移，我們正在遠離市場的 Sysco 的表現。我在今天早上的電話會議上表示，我們今年的增長率是行業的 1.3 倍。而且我也很清楚，我們在下半年的增長速度甚至比上半年還要快。

So and the chart shows that, if you look at the lines in the separation that's occurring. So we're building momentum, that moment, answer your question just on trends is carrying through at the national level and also at the local level. We're winning more new national business at profit rates that meet or exceed our expectations, and we're having a lot of success at the local level.as well.

因此，圖表顯示，如果您查看正在發生的分離中的線條。因此，我們正在建立勢頭，那一刻，僅就趨勢在國家層面和地方層面進行回答你的問題。我們正在以符合或超過我們預期的利潤率贏得更多新的全國性業務，並且我們在地方層面也取得了很大的成功。

My comments in regards to macroeconomics do apply to all customer types, including the mom-and-pop local independent. We view cost of fuel as one of the primary drivers of consumer sentiment and that high cost of fuel that was impacting consumers began in the Q4 and is included in the business trends that we're producing, and it was thoughtful in the guide that we provided today.

我對宏觀經濟學的評論確實適用於所有客戶類型，包括本地獨立的夫妻。我們將燃料成本視為消費者情緒的主要驅動因素之一，影響消費者的高燃料成本始於第四季度，並包含在我們正在生產的業務趨勢中，我們在指南中深思熟慮今天提供。

Last but not least, Aaron's comments of at least 10% sales growth this year and 30% EPS growth, and we're confident in our ability to deliver against those mile-markers.

最後但並非最不重要的一點是，Aaron 評論說今年銷售額至少增長 10%，每股收益增長 30%，我們對我們實現這些里程標誌的能力充滿信心。

Great. And if I could just ask a follow-up on gross profit. So gross profit dollar growth per case growth has been very strong. It feels like inflation is peaking. What's your confidence in maintaining gross profit dollars? Are you seeing any signs of pushback from consumers on the inflation? And I know you're not expecting deflation in '23, but should we see deflation? I mean how do we think about that ability to maintain gross profit dollars?

偉大的。如果我可以詢問毛利潤的後續情況。因此，每箱毛利潤的增長非常強勁。感覺通貨膨脹已經到了頂峰。您對保持毛利潤美元有什麼信心？您是否看到消費者反對通脹的任何跡象？而且我知道您預計 23 年不會出現通貨緊縮，但我們應該看到通貨緊縮嗎？我的意思是我們如何看待維持毛利潤的能力？

Yes. Thank you, Lauren. We're just really pleased with the work that we're doing within our merchant organization to drive to net lowest cost for Sysco. So through strategic sourcing. Judy Sansone and our merchant team is just doing excellent work to enable Sysco due to our size and scale to provide value to our customers, point one.

是的。謝謝你，勞倫。我們對我們在商家組織內為推動 Sysco 實現最低淨成本所做的工作感到非常滿意。所以通過戰略採購。 Judy Sansone 和我們的商家團隊正在為 Sysco 做出色的工作，因為我們的規模和規模可以為我們的客戶提供價值，第一點。

Point two, Sysco brand improvement in the quarter because of the value that Sysco brand provides to our customers. We're helping to save them money at high quality rates and our sales force did a really good job in the most recent quarter of introducing Sysco brand to our customers.

第二點，由於 Sysco 品牌為我們的客戶提供的價值，Sysco 品牌在本季度有所改善。我們正在幫助他們以高質量的價格為他們省錢，我們的銷售人員在最近一個季度向我們的客戶介紹 Sysco 品牌方面做得非常好。

Last point, only 3, the intelligent data-driven pricing system that we are leveraging is enabling us to be very sophisticated and thoughtful on how we're passing through that inflation. So we are confident that we can pass through inflation to our customers. And as I mentioned in my prepared remarks, and our sales team then worked with those exact same customers to help them be successful. Think about portion size. Think about ingredients on the menu. Think about the menu itself and how it can adjust, modify change to help that end restaurant be successful and for them to be profitable during this period of high inflation.

最後一點，只有 3 點，我們正在利用的智能數據驅動定價系統使我們能夠非常複雜和深思熟慮地了解我們如何度過通貨膨脹。因此，我們有信心可以將通貨膨脹轉嫁給我們的客戶。正如我在準備好的評論中提到的那樣，我們的銷售團隊隨後與這些完全相同的客戶合作，幫助他們取得成功。考慮份量。想想菜單上的成分。想想菜單本身，以及它如何調整、修改變化以幫助最終餐廳取得成功，並讓他們在這個高通脹時期盈利。

So we are confident in our ability to continue to pass through inflation and we are confident in the guide that we provided today.

因此，我們對繼續通過通脹的能力充滿信心，我們對今天提供的指南充滿信心。

I'm going to toss to Aaron for the second half of your question, Aaron, over to you.

我要把你問題的後半部分交給 Aaron，Aaron，交給你。

Great, good morning. Just to observe that we are assuming and expecting moderating into levels over the course of the year. We're not expecting a deflationary environment, although some categories may be deflationary and we've built that into our own models from a mix perspective. I want to observe as well that the inflation in our guidance is actually enterprise, not just USPL which we have typically disclosed in prior quarters.

太好了，早上好。只是為了觀察我們假設並期望在一年中緩和到水平。我們預計不會出現通貨緊縮的環境，儘管某些類別可能會出現通貨緊縮，我們已經從混合的角度將其構建到我們自己的模型中。我還想觀察到，我們指導中的通貨膨脹實際上是企業的，而不僅僅是我們通常在前幾個季度披露的 USPL。

And to perhaps reinforce Kevin's point, I am quite pleased with both the opportunity we have to optimize our product portfolio, the cost structure, as Kevin called out for us, but also to work with our customers, utilizing Sysco Brand products to optimize for both of us while also being pleased with our continued ability to pass through increased product inflation costs to our customers and then onto their own customers.

為了強化 Kevin 的觀點，我很高興我們有機會優化我們的產品組合、成本結構，正如 Kevin 呼籲我們的那樣，而且還與我們的客戶合作，利用 Sysco 品牌產品來優化兩者我們中的一些人同時也很高興我們能夠繼續將增加的產品通脹成本轉嫁給我們的客戶，然後轉嫁給他們自己的客戶。

Your next question comes from Ed Kelly of Wells Fargo.

您的下一個問題來自富國銀行的 Ed Kelly。

I wanted to start with just the trend in underlying case growth in the U.S. Could you maybe talk a little bit about the cadence of the case growth versus sort of '19 as the quarter progressed. And then what you are seeing in July and August? Are you above 2019 at this point?

我想從美國潛在病例增長的趨勢開始。你能否談談隨著季度的進展，病例增長的節奏與 19 年的那種節奏。然後你在 7 月和 8 月看到了什麼？此時您是否已超過 2019 年？

And then you mentioned consumer sort of changing or seeming like, I guess, maybe consumer risk. But are you actually seeing any impact yet?

然後你提到了消費者的變化或看起來，我猜，也許是消費者風險。但你真的看到任何影響了嗎？

Appreciate the question. What we talked about on the prepared remarks is just -- and you obviously know this -- and know this well. Our diversification from high to low restaurants from the white table cost all the way down to QSR, we're fully diversified across that spectrum and the broad product range that we carry from good, better and best pricing strategies, we cover the gamut from restaurant customer perspective. There's no notable call-out to report on shift within restaurant sectors other than to say there are winners and losers and top performers and top companies and top brands are doing well and weaker companies are not doing as well relatively. And we're seeing that in each of the restaurant consumer sectors that strong operators are performing well, weaker operators are donating share to the strong performers, but there's not a meaningful trend or news for us to share or talk about.

欣賞這個問題。我們在準備好的評論中談到的只是 - 你顯然知道這一點 - 並且非常了解這一點。我們從高檔餐廳到低檔餐廳的多樣化，從白桌成本一直到 QSR，我們在整個範圍內完全多元化，我們提供的廣泛產品範圍從好的、更好和最好的定價策略，我們涵蓋了從餐廳的所有領域客戶視角。除了說有贏家和輸家，表現最好的公司和頂級公司和頂級品牌表現良好，而相對較弱的公司表現不佳之外，沒有明顯的呼籲報告餐飲業的轉變。我們看到，在每個餐飲消費領域，實力雄厚的經營者表現良好，實力較弱的經營者正在向表現出色的經營者捐贈份額，但沒有有意義的趨勢或新聞可供我們分享或談論。

We provided color today relative to our overall performance versus the market accelerating and widening as it relates specifically to July, August. Our recommendation is to focus on the guide that we provided today, which is the 10% sales lift for the year. Aaron just talked about the inflation that's inherent in that sales guide and then the profit guide that we provided. So no meaningful call-outs, we're upbeat and positive on the performance of the company and our business trends and we point you to the full year guide to talk about how we're currently performing.

我們今天提供了相對於我們的整體表現與市場加速和擴大的對比，因為它與 7 月、8 月特別相關。我們的建議是關注我們今天提供的指南，即今年銷售額增長 10%。 Aaron 剛剛談到了銷售指南中固有的通貨膨脹，然後是我們提供的利潤指南。因此，沒有任何有意義的呼籲，我們對公司的業績和我們的業務趨勢持樂觀態度和積極態度，我們會向您指出全年指南，以談論我們目前的表現。

Okay. Great. And then just a quick follow-up it's really around SG&A, particularly around the U.S. business. You've made quite a bit of investment this year. You can kind of see that right in your OpEx dollars versus '19 or OpEx per case, for instance, quite a bit. How are you thinking about 2023 from sort of an OpEx per case standpoint, does that continue to grow? I mean it sounds like it does. But then at some point, it seems like once this settles down, that there's real opportunity to sort of capitalize on a lot of those investments. So I'm kind of curious as to when you think we see that period.

好的。偉大的。然後只是快速跟進，它實際上是圍繞 SG&A，特別是圍繞美國業務。今年你做了很多投資。例如，您可以從您的 OpEx 美元與 '19 或每個案例的 OpEx 中看到這一點。從每個案例的運營支出的角度來看，您如何看待 2023 年，這會繼續增長嗎？我的意思是聽起來確實如此。但在某些時候，似乎一旦這種情況穩定下來，就有真正的機會來利用這些投資中的很多。所以我有點好奇你認為我們什麼時候會看到那個時期。

This is Kevin. I'm going to start just talking about overall supply chain productivity, and then I'll toss to Aaron, who can comment on overall expense leverage and anything he'd like to share in that regard.

這是凱文。我將開始只談論整體供應鏈生產力，然後我會向 Aaron 提出建議，他可以評論整體費用槓桿以及他想在這方面分享的任何內容。

Aaron called out in our prepared remarks where we're winning as a company. There are elements where we're doing really well. We're winning from a top line perspective. We're gaining share, both national and local. We're doing an excellent job at GP management passing through inflation, using strategic sourcing to purchase product at a competitive rate and having that impact positively our margin rates, and we had a disappointment from an expense perspective versus where we expected to be. I want to be clear on what the driver of that is and it's just in general, our overall productivity within our supply chain being behind where we expected it to be. And I want to unpack that a little bit, make some comments about it and then toss to Aaron.

亞倫在我們準備好的講話中指出，我們作為一家公司正在獲勝。在某些方面我們做得非常好。從頂線的角度來看，我們正在獲勝。我們正在獲得國家和地方的份額。我們在通過通貨膨脹的 GP 管理方面做得很好，使用戰略採購以具有競爭力的價格購買產品，並對我們的利潤率產生積極影響，從費用的角度來看，我們對我們預期的情況感到失望。我想弄清楚驅動因素是什麼，而且總的來說，我們供應鏈中的整體生產力落後於我們的預期。我想稍微解開一下，對此發表一些評論，然後轉給 Aaron。

I want to be clear, we are properly staffed within our supply chain at this point in time, and that is a dramatic improvement year-over-year. This time last year, with the recovery of the business was occurring and the great resignation was happening, we were understaffed as well as the industry and it created a lot of pain within our supply chain. We are properly staffed at this time. Our hiring has improved, applicant flow has improved and the training that we are providing to our new associates has simply never been better. In fact, we're heading to one of our sites this afternoon to go spend time with our training academy and celebrate the success that, that team is having on providing literally the industry's best training program to our associates.

我想明確一點，目前我們在供應鏈中配備了適當的人員，這與去年相比有了顯著改善。去年這個時候，隨著業務的複蘇和大規模的辭職，我們和整個行業都人手不足，這給我們的供應鏈帶來了很多痛苦。目前，我們的人員配備充足。我們的招聘有所改善，申請人流有所改善，我們為新員工提供的培訓從未如此好過。事實上，我們今天下午將前往我們的一個站點，與我們的培訓學院共度時光，並慶祝該團隊在為我們的員工提供業界最佳培訓計劃方面所取得的成功。

So we are properly staffed, we are investing in training at a level that we have not before. We have a challenge in overall math, which is the simple following point. Roughly half of our supply chain associates have been with the company for under a year. And it's that point, that point alone, that results in a productivity rate that is below, therefore, our historical average. These are challenging jobs. They're skilled labor positions, and it takes time for someone to move up the productivity curve.

因此，我們配備了適當的人員，我們正在以前所未有的水平投資於培訓。我們在整體數學方面面臨挑戰，這是簡單的以下幾點。我們大約一半的供應鏈員工在公司工作不到一年。正是這一點，僅這一點，導致生產率低於我們的歷史平均水平。這些都是具有挑戰性的工作。他們是熟練的勞動力職位，有人需要時間來提升生產力曲線。

The reason for my calling out that data point, that roughly half of our associates were in job under a year, is that is absolutely an addressable topic by Sysco's leadership, myself, our team and the driver and selector academies that I referenced on today's call. We will improve associate retention in the process of improving that retention and improving our training efforts, we will move people up the productivity curve. And in the process of moving up there the productivity curve, it will lower our logistics cost as a percent of sales and our logistics cost to serve. It's taking a little bit longer than we would have liked, but we will improve retention. We will improve productivity, and that has been included in the guidance that we provided today for fiscal '23.

我之所以提到這個數據點，即我們大約一半的員工工作不到一年，這絕對是 Sysco 的領導層、我自己、我們的團隊以及我在今天的電話會議上提到的駕駛員和選拔學院的一個可解決的話題.我們將在提高員工保留率和改進培訓工作的過程中提高員工保留率，我們將提高員工的生產力曲線。在生產力曲線向上移動的過程中，它將降低我們的物流成本佔銷售額的百分比和我們的物流成本。花費的時間比我們希望的要長一些，但我們會提高留存率。我們將提高生產力，這已包含在我們今天為 23 財年提供的指導中。

Aaron, I'll toss to you for additional comments.

亞倫，我會向你提出更多意見。

Great. Let me touch a couple of the elements as apparent on the face of Kevin's remarks, we're going to increase volume over the course of fiscal '23. And of course, with increased incomes, increased cost of service. We would all expect that.

偉大的。讓我談談凱文言論中顯而易見的幾個要素，我們將在 23 財年期間增加交易量。當然，隨著收入的增加，服務成本也會增加。我們都希望如此。

During the quarter, we did also have to address increased costs of things like fuel, recruiting, et cetera, cost to hire, and those are moderating, right? And we have steps in place, hedging or other programs to address those as well. But as we look forward, we expect those to improve in fiscal '23.

在本季度，我們還必須解決諸如燃料、招聘等、招聘成本等成本增加的問題，這些都在緩和，對吧？我們也有措施、對沖或其他計劃來解決這些問題。但正如我們所期待的那樣，我們預計這些將在 23 財年有所改善。

Kevin has already touched on the impact of productivity. As we called out in our guidance, we expect that to improve over the course of the year. Our transformation expenses were higher in Q4. And indeed, we will continue to invest heavily in the year as we play the long game against our transformation expense, but those are costs that over time will moderate.

凱文已經談到了生產力的影響。正如我們在指導中所指出的那樣，我們預計這一情況會在一年內有所改善。我們的轉型費用在第四季度更高。事實上，我們將繼續在這一年進行大量投資，因為我們與我們的轉型費用進行長期博弈，但隨著時間的推移，這些成本會有所緩和。

And then snap back, they came down in Q4, and we expect them to continue to come down over the course of the year. Now the thing we haven't talked about so far yet is cost out, right? We were pleased that we had surpassed our original cost-out objective of $750 million during the year. And as I said in my prepared remarks, we are going back for more, and there is more opportunity.

然後回過頭來，它們在第四季度下降，我們預計它們將在一年中繼續下降。現在我們到目前為止還沒有談到的事情是成本，對吧？我們很高興我們在這一年超過了我們最初的 7.5 億美元的成本支出目標。正如我在準備好的講話中所說，我們將返回更多，並且有更多機會。

One of the benefits of operating of a company of the size of Sysco is where we find a good idea and we deploy it, we can recognize what works and that we can deploy to other parts of our enterprise. And so we've actually recently revised our structure of cost leadership to go after more and are confident that we can continue to help to offset some of the costs elsewhere in the network, at least through cost out as we carry forward. The benefits, they're all baked into the guidance that we've provided for fiscal year '23. Thank you.

運營像 Sysco 這樣規模的公司的好處之一是我們找到了一個好主意並進行部署，我們可以識別出什麼是有效的，並且我們可以將其部署到我們企業的其他部分。因此，我們實際上最近修改了我們的成本領先結構以追求更多，並相信我們可以繼續幫助抵消網絡中其他地方的一些成本，至少在我們繼續前進的過程中通過成本削減。好處，它們都融入了我們為 23 財年提供的指導中。謝謝你。

Your next question comes from Mark Carden of UBS.

您的下一個問題來自瑞銀的 Mark Carden。

So you grew at 1.3x the market in fiscal '22, which topped your original expectations, there's obviously some macro challenges in place. But is there any reason why you would expect your market share glide path to slow in fiscal '23 before accelerating in '24? Is this just some conservatism built in with the 1.35x or are there specifics on that front that we should be aware of?

因此，您在 22 財年的市場增長率為 1.3 倍，超出了您最初的預期，顯然存在一些宏觀挑戰。但是，您是否有任何理由期望您的市場份額下滑路徑在 23 財年放緩，然後在 24 財年加速？這只是 1.35x 內置的一些保守主義，還是在這方面有我們應該注意的細節？

Mark, I appreciate the question. Thank you for asking. The step-up is just go back to our original guide from May of '21, our Investor Day was to grow 1.2x in the year that just ended into grout 1.5x in fiscal 2024. And essentially, fiscal '23 was going to be a midpoint between those 2 things as we ramped up our Recipe for Growth.

馬克，我很欣賞這個問題。謝謝你的慰問。升級只是回到我們從 21 年 5 月開始的原始指南，我們的投資者日在剛剛結束的一年中增長 1.2 倍，在 2024 財年達到 1.5 倍。基本上，23 財年將是當我們增加我們的增長秘訣時，這兩件事之間的中點。

What happened in fiscal 2022, the year that just ended, is we had 2 primary contributions to our success. One was our Recipe for Growth, which I'm going to come back to in a second. The second was our ability to ship on-time and in-full, as I mentioned on today's call, was greater than the industry at large. And we had national customers and local customers coming to Sysco and essentially asking us to take on their business, and we were able to take on that business at above historical profit rates because of the economic macro conditions as they were.

在剛剛結束的 2022 財年發生的事情是，我們為我們的成功做出了兩項主要貢獻。一個是我們的成長秘訣，我稍後會再談。其次，正如我在今天的電話會議上提到的，我們的準時和足額發貨能力超過了整個行業。我們有國內客戶和本地客戶來到 Sysco，基本上要求我們接手他們的業務，由於當時的宏觀經濟狀況，我們能夠以高於歷史的利潤率接手該業務。

So that relative supply chain strength was a large contributor to our success and the Recipe for Growth was a large contributor to success. And what we guided today is a 1.35x market growth. As Aaron said, regardless of how the market performs, we're going to perform better than that market in total. What will happen in '23 is the relative supply chain strength contribution will be smaller because we expect for the overall marketplace to be more stable in this coming year and the relative impact of the Recipe for Growth will be greater in '23.

因此，相對的供應鏈實力是我們成功的重要因素，而增長的秘訣是成功的重要因素。我們今天指導的是 1.35 倍的市場增長。正如 Aaron 所說，無論市場表現如何，我們的總體表現都將優於該市場。 23 年將發生的情況是，相對供應鏈實力的貢獻會更小，因為我們預計來年整體市場將更加穩定，而 23 年增長配方的相對影響將更大。

And the reason it steps up to 1.5x in fiscal '20 again, that Recipe for Growth contribution gets bigger and stronger each year. Why is that? I'll just point to a couple of examples. We're an agile development health from a tech perspective, and we're rolling out new functionality to our website literally every 2 weeks. And those contributions of increasing the efficiency of placing an order, add value. The work we're doing with data and analytics to provide suggested orders to our customers get smarter and better over time, it adds value.

它在 20 財年再次上升到 1.5 倍的原因是，增長秘訣的貢獻每年都變得越來越大。這是為什麼？我只舉幾個例子。從技術的角度來看，我們是一個敏捷的開發健康者，我們幾乎每 2 週就會在我們的網站上推出新功能。而那些提高下訂單效率的貢獻，增加了價值。隨著時間的推移，我們使用數據和分析為我們的客戶提供建議訂單的工作變得更加智能和更好，它增加了價值。

I mentioned in my prepared remarks today, 2 of our newer efforts, which is Sysco Your Way and Sysco Perks, there's still an implementation mode at the current time. Here's the good news. Both programs are exceeding our internal expectations for the neighborhoods and customers that have been enrolled, and we will roll those programs out nationwide over the coming quarters and years. And so that's a relative contribution.

我在今天準備的發言中提到，我們的 2 個較新的努力，即 Sysco Your Way 和 Sysco Perks，目前還有一個實施模式。這是好消息。這兩個計劃都超出了我們對已註冊社區和客戶的內部預期，我們將在未來幾個季度和幾年內在全國范圍內推出這些計劃。所以這是一個相對的貢獻。

So what we see is a sequential increase in the effective power and weight of those programs, and it's why we reiterated today our overall macro confidence in our ability to grow 1.5x in the market in fiscal '24. And we think given everything that's going on in the overall environment, the 1.35x guide that we provided today is prudent.

因此，我們看到的是這些計劃的有效功率和權重連續增加，這就是為什麼我們今天重申我們對 24 財年市場增長 1.5 倍的能力的整體宏觀信心。我們認為，考慮到整體環境中發生的一切，我們今天提供的 1.35 倍指南是謹慎的。

Aaron, I'll toss to you for additional comments.

亞倫，我會向你提出更多意見。

Just one final thought, which is to observe that for a company of our size to still have a 17% market share, 30% penetration and we serve about 50% of the independent that gives -- that just reinforces just how much opportunity there is out there as we deploy the Recipe for Growth to drive, particularly with the benefit of our balance sheet.

最後一個想法，就是觀察到，對於我們這樣規模的公司來說，仍然擁有 17% 的市場份額、30% 的滲透率，並且我們為大約 50% 的獨立企業提供服務——這只會加強有多少機會當我們部署增長秘訣來推動時，尤其是在我們的資產負債表的幫助下。

Makes sense. And so separately, you noted that you're still able to pass through the majority of inflation. Are competitors acting any less rationally with respect to price the temptation for smaller players grow to get more aggressive, just to stay relevant? And then how does your pricing tool impact your positioning in this environment?

說得通。因此，您注意到您仍然能夠通過大部分通貨膨脹。競爭對手在價格方面的行為是否變得不那麼理性了，小公司的誘惑是否會變得更積極，只是為了保持相關性？然後，您的定價工具如何影響您在這種環境中的定位？

We're seeing a rational pricing environment. I'd say all distributors understand the cost increases to them and understand the impact to their P&L if they don't pass through the inflation. So we're seeing a rational pricing market out there. They're specific to our pricing tool and what enables one of the data feeds into our pricing tool is market price competitiveness. And it's a new muscle at Sysco. So think about every region within which we operate. We are intelligent about scraping the market to understand price, what's happening in the marketplace. It's one of -- I emphasize that, one of the data feeds. We've got other data feeds like what's our pricing strategy for that category, for that cuisine, for that customer type. And it's an algorithm that gets utilized, therefore, to provide a specific item of customer-specific price.

我們看到了一個合理的定價環境。我想說所有分銷商都了解他們的成本增加，並了解如果他們不通過通貨膨脹對他們的損益表的影響。因此，我們看到了一個合理的定價市場。它們特定於我們的定價工具，使我們的定價工具中的數據饋送之一是市場價格競爭力。這是 Sysco 的新力量。所以想想我們經營的每個地區。我們很聰明地抓取市場以了解價格，市場上正在發生的事情。它是其中之一——我要強調的是，數據饋送之一。我們還有其他數據源，例如我們針對該類別、該美食、該客戶類型的定價策略。因此，它是一種被利用來提供特定客戶價格的特定項目的算法。

So we are better equipped than ever before to understand what's happening in the local environment because pricing is local in this industry than we've ever been before.

因此，我們比以往任何時候都更有能力了解當地環境中正在發生的事情，因為這個行業的定價比以往任何時候都更加本地化。

Your next question comes from John Heinbockel of Guggenheim Partners.

您的下一個問題來自 Guggenheim Partners 的 John Heinbockel。

So Kevin, I want to start with -- you said at least 10% growth. So you can grow 10% in a mild recession, right, and, I guess, possibly grow faster than that if the macro is better. So I guess what would happen in a slower environment, your share gains, maybe you can comment -- your share gains relative to the market would increase beyond the 1.35x right? And where would that come from primarily? Do you think that's wallet share that 30% goes up? and what would be the 1 or 2 things that would be most impactful in driving that wallet share this year, the next 12 months?

所以凱文，我想從你說的至少 10% 的增長開始。所以你可以在溫和的衰退中增長 10%，對，而且，我猜，如果宏觀情況更好，增長速度可能會更快。所以我猜在一個較慢的環境下會發生什麼，你的股票收益，也許你可以評論一下——你的股票收益相對於市場會增加超過 1.35 倍，對吧？那主要來自哪裡？你認為這是 30% 上漲的錢包份額嗎？在接下來的 12 個月裡，今年對推動錢包份額最有影響的 1 或 2 件事是什麼？

John, good question. Thank you. Yes, mathematically implied in what you just said is if the overall market grows less than what we expected, and we communicated today that we see our ability to deliver at least a 10% sales lift. We will then take more share. And we will do so profitably. I want to be crystal clear, I've said before, many times, I'll say again, we will not use price as a primary lever to try to win business. We think that's irrational. And we want to win through assortment, our service, our capabilities, our programs, et cetera, et cetera.

約翰，好問題。謝謝你。是的，您剛才所說的數學暗示是，如果整個市場的增長低於我們的預期，我們今天表示，我們看到我們有能力實現至少 10% 的銷售提升。然後我們將獲得更多份額。我們將這樣做有利可圖。我想說的很清楚，我之前說過很多次，我再說一遍，我們不會以價格作為贏得業務的主要槓桿。我們認為這是不合理的。我們希望通過分類、我們的服務、我們的能力、我們的計劃等等來取勝。

If you pick just one thing to focus on to improve profitability, it would be increased penetration with existing customers. That's the direct answer to your question. If we could focus on one thing and one thing only, it's increased penetration with existing customers. we are really pleased with what we're seeing, John, with Sysco Your Way and Sysco Perks on penetration by providing customers in Sysco Your Way with late in the evening, caught off increased delivery frequency, no order minimums in a compelling service coverage model, meaning dedicated sales reps, dedicated driver, partner, et cetera, et cetera. The reward we are experiencing in those neighborhoods is increased penetration with existing customers.

如果你只選擇一件事來提高盈利能力，那就是增加對現有客戶的滲透。這就是你問題的直接答案。如果我們可以只專注於一件事，那就是增加對現有客戶的滲透。我們對我們所看到的非常滿意，John，通過在深夜向 Sysco Your Way 中的客戶提供 Sysco Your Way 和 Sysco Perks 的滲透率，在引人注目的服務覆蓋模式中趕上了交付頻率的提高，沒有最低訂單，意思是專門的銷售代表、專門的司機、合作夥伴等等。我們在這些社區中體驗到的回報是增加了對現有客戶的滲透。

And Sysco Perks is a loyalty program tied to our most important customers. Essentially, it's a VIP club, you get invited into. The entire purpose of that club is to increase penetration, increase share of wallet with existing customers.

Sysco Perks 是一項與我們最重要的客戶相關的忠誠度計劃。本質上，它是一個 VIP 俱樂部，你會被邀請加入。該俱樂部的全部目的是增加滲透率，增加現有客戶的錢包份額。

So we're bullish on those 2 strategic arrows in our quiver. But we believe that we can win new business as well. Our sales reps are motivated financially to win new customers. We've got the largest and most qualified sales force in the industry, and they're doing a very good job of new customer prospecting, and we continue to win net new customers at accelerated rates. So it's actually the 2 together is what's causing that separation on Slide 10 of us versus the market. But if you can do one and one only, it's increased penetration with existing customers.

所以我們看好我們箭袋中的那兩個戰略箭頭。但我們相信我們也可以贏得新業務。我們的銷售代表在經濟上受到激勵以贏得新客戶。我們擁有業內最大、最合格的銷售隊伍，他們在新客戶發掘方面做得非常好，我們繼續以更快的速度贏得淨新客戶。所以實際上是兩者加在一起是導致我們在幻燈片 10 上與市場分離的原因。但是，如果您只能做一件事，那就是增加對現有客戶的滲透率。

And maybe as a follow-up to that. What's the biggest pushback you get, right, from any restaurant where you have, right, 30% on average, right? So you have plenty that are under 30%. Because it just seems having fewer trucks in the back door, everything on one truck, the economic seems right, overwhelmingly positive. What's the hurdle? And I mean historically, right, we've heard the hurdle on the protein side is just a perception of quality versus specialists. I imagine that's not the case anymore? Or is that the biggest hurdle?

也許作為後續行動。你得到的最大阻力是什麼，對，從你擁有的任何餐廳，對，平均 30%，對吧？所以你有很多低於 30%。因為後門的卡車似乎更少，一輛卡車上的所有東西，經濟似乎是正確的，絕大多數是積極的。有什麼障礙？我的意思是從歷史上看，對，我們聽說蛋白質方面的障礙只是對質量與專家的看法。我想現在不是這樣了嗎？或者這是最大的障礙？

Yes, I would say that is not the biggest hurdle, especially when you think about our robust specialty platform, where we have the largest specialty business, and with Buckhead in Newport, we have the largest specialty meat business as well.

是的，我想說這不是最大的障礙，尤其是當您考慮我們強大的專業平台時，我們擁有最大的專業業務，而在紐波特的巴克海特，我們也擁有最大的專業肉類業務。

So we call it team-based selling and our ability to deliver that high-end fine protein center of plate along with Broadline value is second to none in the industry. And we're doing an even better job than ever before and have been able to bring that specialty price point, that specialty product, along with 50 pounds bags of rice and flour, et cetera, et cetera, that Broadline is known for. So we're doing that very well.

因此，我們稱其為基於團隊的銷售，我們提供高端優質蛋白質中心以及 Broadline 價值的能力在業內首屈一指。而且我們的工作比以往任何時候都好，並且能夠帶來 Broadline 聞名的特色價格點、特色產品以及 50 磅袋的大米和麵粉等等。所以我們做得很好。

John, I'd say in the current economic environment and the reality of COVID the biggest challenge, the biggest barrier has been product availability, believe it or not. The ability to be in stock at all times with key volume items that our customers need, and there have been challenges with long-term outs on product that if you can't deliver, guess what, their customer is going to go somewhere else to get that product. And then if they do go somewhere else, do they get sticky with that source of purchasing on that product and then you need to win it back over time.

約翰，我想說的是，在當前的經濟環境和 COVID 的現實中，最大的挑戰和最大的障礙是產品的可用性，信不信由你。能夠隨時為我們的客戶提供關鍵數量的商品，並且存在長期缺貨的挑戰，如果您無法交付，猜猜看，他們的客戶會去其他地方得到那個產品。然後，如果他們確實去了其他地方，他們是否會堅持購買該產品的來源，然後您需要隨著時間的推移贏回它。

So that's not a problem that's unique to Sysco. Fill rate from suppliers, inbound distributors has been difficult over the last 18 months because of staffing issues and challenges in the supplier base. And then that has shown up with a customer telling us, "Hey, listen, I need 2 or 3 distributors because if you can't fill my order, I need to be able to have my menu in stock." We're making meaningful progress on that topic at Sysco. We are leading the industry from an OTIF perspective, as I mentioned.

所以這不是 Sysco 獨有的問題。由於人員配備問題和供應商基礎的挑戰，過去 18 個月供應商和入境分銷商的填充率一直很困難。然後出現了一位客戶告訴我們，“嘿，聽著，我需要 2 或 3 個分銷商，因為如果你不能滿足我的訂單，我需要能夠讓我的菜單有庫存。”我們在 Sysco 在該主題上取得了有意義的進展。正如我所提到的，從 OTIF 的角度來看，我們正在引領行業。

So we don't view that as a point of weakness. We view it as a point of strength, but I'm meaningfully answering your question that, that has been for our industry, the biggest challenge, product availability.

所以我們不認為這是一個弱點。我們將其視為優勢點，但我正在有意義地回答您的問題，即對於我們的行業來說，最大的挑戰是產品可用性。

Topic 2, which is the more historical answer to your question is its price. A competitor comes in on one item and undercuts you on price with that 1 item and then the customer says, "Well, hey, wait a minute, I can get this product 10% cheaper somewhere else." We don't price -- a business just 1 item. It's a book of business. And so there's this that constant, I call it [ankle biters], a competitor coming in, trying to undercut you on price on a single item trying to get in the door. And that's not a new topic. People coming in and trying to undercut on a single item.

主題 2，這是對您的問題更具歷史意義的答案是它的價格。一個競爭對手進來了一個項目，用那個項目降低了你的價格，然後客戶說，“好吧，嘿，等一下，我可以在其他地方買到便宜 10% 的這個產品。”我們不定價——一個企業只有一件商品。這是一本商業書籍。所以有這個恆定的，我稱之為[腳踝咬人]，一個競爭對手進來，試圖在試圖進入門的單個項目上降低你的價格。這不是一個新話題。人們進來並試圖削弱單個項目。

But again, our pricing tool gives us the sophistication that we need to make sure that our sales reps are confident in the prices that they're representing in the marketplace are fair and appropriate, and I think we're better equipped to be able to manage that in the future than ever before.

但同樣，我們的定價工具為我們提供了確保我們的銷售代表對他們在市場上所代表的價格公平和適當的信心，我認為我們有更好的能力能夠在未來比以往任何時候都要管理它。

John, back to you if you have a follow-up.

約翰，如果您有後續行動，請回复您。

No, no, that is great.

不，不，那太好了。

Your next question comes from John Glass of Morgan Stanley.

您的下一個問題來自摩根士丹利的約翰·格拉斯。

One. My question is on international and how international pulls into your top line guidance for '23. Can you maybe frame how -- where case volumes are in absolute versus '19, for example, I don't think we've got the good sense of what inflation -- what the role of inflation has been there. And are there particular initiatives that you've rolled out in the U.S. that roll out maybe to those international markets that help drive sales? Any color there, please?

一。我的問題是關於國際化以及國際化如何影響您對 23 年的頂級指導。你能否描述一下如何——例如，案例數量是絕對值與 19 年相比，我認為我們沒有很好地了解什麼是通貨膨脹——通貨膨脹的作用是什麼。您是否在美國推出了一些特別的舉措，這些舉措可能會推廣到那些有助於推動銷售的國際市場？請問那裡有顏色嗎？

Yes, John, thank you for the question. We appreciate it. We're bullish on our international business. Strong quarter for the quarter that disclosed, wrapped up a strong year versus where we expected that business to be and we're building momentum.

是的，約翰，謝謝你的問題。我們很感激。我們看好我們的國際業務。披露季度的強勁季度結束了強勁的一年，而不是我們預期的業務，我們正在建立勢頭。

As we think about this upcoming year, Omicron impacted the United States, and we had some softening in the business in Q2 and Q3. Well, that softening was even greater internationally. Europe was in complete lockdown. The country of France, in particular, like shut all restaurants down again during Omicron. I mean it's really different how Europe handled COVID.

當我們想到即將到來的一年時，Omicron 影響了美國，我們在第二季度和第三季度的業務出現了一些疲軟。嗯，這種軟化在國際上甚至更大。歐洲處於完全封鎖狀態。尤其是法國這個國家，在 Omicron 期間再次關閉了所有餐廳。我的意思是，歐洲處理 COVID 的方式確實不同。

And in Canada, while the lockdowns weren't as robust as Europe, consumer psyche and consumer risk tolerance was much lower than the U.S. and just overall food away-from-home volumes were down.

在加拿大，雖然封鎖措施不如歐洲那麼嚴格，但消費者的心理和消費者風險承受能力遠低於美國，而且外賣食品的總體數量有所下降。

So we're bullish about the year ahead. Paulo joining our company, as I announced today on the call, is going to be just a great addition to our team, and we have confidence that this coming year will be a sequential increase in both the top line and the bottom line contribution from international.

所以我們看好未來一年。正如我今天在電話會議上宣布的那樣，Paulo 加入我們公司將是對我們團隊的一個很好的補充，我們有信心來年將連續增加來自國際的收入和利潤貢獻.

Specific to your question about initiatives, I love that question. It's exactly what we are doing. We are taking the Recipe for Growth, which is meaningfully working in the U.S., and we are bringing the best practices from now these programs to our international domain, starting with Canada.

具體到你關於倡議的問題，我喜歡這個問題。這正是我們正在做的。我們正在採用在美國有意義的“增長秘訣”，我們正在將這些項目的最佳實踐帶到我們的國際領域，從加拿大開始。

So we're deploying a new modern website this year in Canada. We are deploying a new pricing tool in Canada this year, and we will be bringing programs like Sysco Your Way and Sysco Perks to Canada as well.

因此，我們今年將在加拿大部署一個新的現代網站。今年我們將在加拿大部署一個新的定價工具，我們還將把 Sysco Your Way 和 Sysco Perks 等項目帶到加拿大。

The same goes to Ireland and GB and France to round out our larger international sectors. We are bringing to each of those countries the main elements of our strength portfolio, including advancing Sysco brand as a represented product offering in each of those countries.

愛爾蘭、英國和法國也是如此，以完善我們更大的國際部門。我們將把我們實力組合的主要元素帶到每個國家，包括推進 Sysco 品牌作為在每個國家的代表產品。

So we're thoughtful about it. We are pragmatic about it. We can't do everything overnight, but we are meaningfully rigorously prioritizing, which initiatives are taken to which country when. And obviously, that's been built into our guidance for this coming year.

所以我們對此深思熟慮。我們對此很務實。我們不可能在一夜之間完成所有事情，但我們正在認真地確定優先級，哪些舉措在何時被帶到哪個國家。顯然，這已納入我們對來年的指導。

Aaron, I'll toss to you for any additional comments.

亞倫，我會向您提出任何其他意見。

Great. Thank you. Just a couple of observations. We've been pleased with the contribution of the international business to our fiscal '22 delivery, as Kevin called out. And indeed, we have baked continued progress into the core or midpoint of our guidance for fiscal '23 as well. We don't separately disclose the volume numbers for the international business, so I'm not prepared to do that today other than to observe that one of the nice things about the international business as they continue to make progress is we're upbeat on the opportunity that, that part of the business continues to present to us to improve as we carry forward. And whether it's leadership on cost out or driving maybe the Recipe for Growth initiatives that Kevin called out. We have the opportunity to do more in that part of the business. And with the new leadership we have, we're upbeat there.

偉大的。謝謝你。只是一些觀察。正如凱文所說，我們對國際業務對我們 22 財年交付的貢獻感到滿意。事實上，我們也將持續進展納入我們對 23 財年指導的核心或中點。我們沒有單獨披露國際業務的數量，所以我今天不准備這樣做，除了觀察國際業務繼續取得進展的好處之一是我們對在我們繼續前進的過程中，這部分業務繼續為我們提供改進的機會。無論是在成本支出方面的領導力，還是推動 Kevin 提出的“增長秘訣”計劃。我們有機會在這部分業務中做得更多。有了我們擁有的新領導層，我們對此感到樂觀。

And Aaron, just a quick follow-up. You talked about snapback and transformation costs pertaining to '23. And in fact, that's one of the -- maybe it's pressuring the first half. Can you give an order of magnitude? Are those bigger, smaller or similar in '23 than they were in '22?

亞倫，只是一個快速的跟進。您談到了與 23 年有關的回彈和轉型成本。事實上，這就是其中之一——也許它給上半場帶來了壓力。你能給出一個數量級嗎？ 23 年的那些比 22 年更大、更小或相似嗎？

I'm not going to comment directly on that other than I'm referring you back to my prepared remarks and in particular, the color we tried to give around the cadence of earnings given where they were. The practical reality is if you look at what we said with Q1 being at or near our high point previously and then you do the math from the absolute guide, it's apparent that the profit increases are across the year, and that's the best I can give you.

我不會直接對此發表評論，只是讓您回到我準備好的評論，特別是我們試圖圍繞收益節奏給出的顏色。實際情況是，如果您查看我們之前所說的第一季度處於或接近高點的情況，然後您根據絕對指南進行數學計算，很明顯利潤增長是全年的，這是我能給出的最好的你。

Your next question comes from Alex Slagle of Jefferies.

您的下一個問題來自 Jefferies 的 Alex Slagle。

A question on the guidance and what's embedded there kind of what your high-level assumptions are around what kind of recovery you expect in some of the categories that lagged here in the U.S. like business industry and business travel, hospitality. Just your thoughts there.

關於指南的問題以及其中包含的內容，您的高級假設是圍繞您期望在美國落後的某些類別（例如商業行業和商務旅行，酒店業）中實現什麼樣的複蘇。只是你的想法。

Sure. Let me offer a couple of thoughts. First, as part of going through our planning cycle for fiscal '23, we were quite detailed in looking at the what-if scenario is around not just the enterprise as a whole, but the individual constituent pieces of our portfolio. And while we don't disclose that as part of our guide, you can have some confidence in the fact that we've looked at what might be the same or different around the European business, the parts of the business in the U.S., the Canadian business, et cetera, both as it relates to the possibility of recession risk or impact to the consumer, but also on variable rates of inflation and how the pieces fit together.

當然。讓我提供一些想法。首先，作為 23 財年規劃週期的一部分，我們非常詳細地研究了假設情景，不僅圍繞整個企業，還圍繞我們投資組合的各個組成部分。雖然我們沒有在我們的指南中披露這一點，但您可以相信我們已經研究了歐洲業務、美國業務的部分、加拿大企業等，既涉及經濟衰退風險的可能性或對消費者的影響，也涉及可變的通貨膨脹率以及這些因素如何組合在一起。

And so what we came out with from a guidance perspective with our $0.30 range was a balanced view, we believe, of if things continue as they are down the midpoint relative to our ability to deliver the profitability. Of course, if there is a modest impact from a recession perspective, again, looking at it across the portfolio as we do the math, you see the lower end of our guide. And indeed, if that doesn't materialize, some are saying it won't, not going to comment on that. We wanted to also reflect the fact that there is some further upside in the opportunity as well.

因此，我們從指導的角度得出的 0.30 美元區間是一個平衡的觀點，我們相信，如果事情繼續下去，因為它們相對於我們提供盈利能力的能力處於中點。當然，如果從經濟衰退的角度來看，影響不大，再次在我們進行數學計算時查看整個投資組合，您會看到我們指南的低端。事實上，如果這沒有實現，有些人會說不會，不會對此發表評論。我們還想反映這樣一個事實，即機會還有一些進一步的上漲空間。

And so we believe our guidance is a balanced approach, having done some detailed work on the individual constituent pieces of the portfolio.

因此，我們認為我們的指導是一種平衡的方法，對投資組合的各個組成部分做了一些詳細的工作。

This is Kevin. I'm just going to add one point. Our total business growth in health, we are seeing positive trends in travel, hospitality and business and industry sectors that historically Sysco performs very well in. We've also won market share in those sectors over the last 2 years. And then therefore, as those 2 sectors are on their natural recovery curve. That's a tailwind for Sysco because of the market share that we have won over the last 2.5 years in those sectors.

這是凱文。我只想補充一點。我們在健康方面的總業務增長，我們看到了旅遊、酒店和商業和工業部門的積極趨勢，這些部門歷來 Sysco 表現非常出色。我們在過去 2 年也贏得了這些部門的市場份額。因此，這兩個行業正處於自然復甦曲線上。這對 Sysco 來說是一個順風，因為我們在過去 2.5 年中在這些領域贏得了市場份額。

And then education and the health care sector. We've also won market share in those 2 sectors as well. And those are 2 very recession proof sectors for Sysco.

然後是教育和醫療保健部門。我們也在這兩個領域贏得了市場份額。對於 Sysco 來說，這些是 2 個非常適合經濟衰退的行業。

So we're pleased with our national sales team. They've done an excellent job of winning new business over the last couple of years, profitably. And in several sectors, you called out 2 of them, Alex. We see tailwinds in this coming year, and that was built into and factored into our guide today.

因此，我們對我們的全國銷售團隊感到滿意。在過去的幾年裡，他們在贏得新業務方面做得非常出色，而且盈利。在幾個部門，你叫出了其中的兩個，亞歷克斯。我們在接下來的一年中看到了順風，而這已經融入我們今天的指南中。

Maybe one final thought point, which is given the number of different opportunities we have across our diverse portfolio, I just want to emphasize that the low end of our range is still the highest EPS at Sysco ever.

也許最後一個想法是，考慮到我們在多樣化的投資組合中擁有的不同機會的數量，我只想強調，我們範圍的低端仍然是 Sysco 有史以來最高的每股收益。

Appreciate that. And then just on SYGMA and the opportunity to drive a recovery in the operating profit there, it looks like you're looking for improvements in '23. Could you talk about the actions taken and how much recovery you see coming in '23? Or does this take a couple of years to get back to historical profitability levels.

感謝。然後就 SYGMA 和推動那裡的營業利潤復甦的機會，看起來你正在尋找 23 年的改進。您能否談談所採取的行動以及您在 23 年看到的複蘇情況？或者這需要幾年時間才能恢復到歷史盈利水平。

So this is Kevin. I'll start just kind of what's happening with SYGMA and then I'll toss to Aaron to answer your question about the numbers in whatever manner he would like.

這就是凱文。我將從 SYGMA 發生的事情開始，然後我會向 Aaron 以他想要的任何方式回答你關於數字的問題。

So just a reminder for those that are new covering our company -- just a little bit about our SYGMA business. It's very different. It's very unique in relation to everything else we do. It is a cost per case business on a multiyear contract basis.

所以只是提醒那些剛接觸我們公司的人——只是關於我們的 SYGMA 業務的一點點。這是非常不同的。與我們所做的其他事情相比，它非常獨特。這是多年合同基礎上的每個案例業務的成本。

So let's just be honest and clear. It was a very difficult year for SYGMA as fuel costs rose significantly, as labor costs because of retention challenges and productivity challenges tied to that rose significantly. SYGMA got pinched and pinched hard on rising expenses, essentially the inability to pass through rising costs because of the way that business is run on a fee per case basis, challenging year.

所以讓我們誠實和清楚。對於 SYGMA 來說，這是非常艱難的一年，因為燃料成本顯著上升，勞動力成本因保留挑戰和與之相關的生產力挑戰而顯著上升。 SYGMA 在不斷上漲的費用上受到了重創，本質上是由於業務按案例收費的方式，充滿挑戰的一年，無法通過不斷上漲的成本。

Last point is it's a stretch miles business, where the route distances are substantially longer than what I call the pedal runs or Broadline where we started in D.C., do a little run come back home. SYGMA is long-distance driving in what we call stretch miles.

最後一點是，這是一項延伸里程業務，其路線距離比我所謂的踏板跑或我們在 DC 開始的 Broadline 長得多，回家跑一小段路。 SYGMA 是我們所說的長距離行駛里程。

So the rising cost of fuel was a real particular pain point. If I look at this upcoming year, I'll just give color commentary on where we have confidence the improvement will come from, and then I'll toss to Aaron.

因此，不斷上漲的燃料成本是一個真正的痛點。如果我看一下即將到來的一年，我只會對我們有信心改進的地方發表評論，然後我會向 Aaron 投擲。

The higher turnover and the negative impact of that higher turnover had on our productivity and overtime rates that we were incurring because of the open jobs was a major pain point, and that is meaningfully addressable through the work that we're doing with hiring stability, which is meaningfully improving. Training effectiveness, which I've already spoken to on this call, and our ability to reduce over time, reduce the use of third-party labor and just frankly, run the model more efficiently.

更高的流動率和更高的流動率對我們的生產力和加班率產生了負面影響，因為空缺職位是我們的主要痛點，這可以通過我們在招聘穩定性方面所做的工作來有意義地解決，這是有意義的改進。我已經在這次電話會議上談到了培訓效果，以及我們隨著時間的推移減少使用第三方勞動力的能力，坦率地說，更有效地運行模型。

So we can get back to more historical standards of cost to serve and improve the profitability of SYGMA, and that is our intention this year.

所以我們可以回到更多的歷史成本標準來服務和提高SYGMA的盈利能力，這就是我們今年的意圖。

Aaron, I'll toss to you for additional comment.

亞倫，我會拋給你額外的評論。

Just 2 quick thoughts. First is we're assuming continued progress on profitability for SYGMA within our guidance, although we don't separately guide by segment in that way. And then just to repeat the observation I made in previous quarters that our expense recovery or some of our expense recovery within the SYGMA segment actually trails. And so we'll have an expensive one quarter and we'll pick it we'll cover at the following quarter, and that's part of what's going on.

只是2個快速的想法。首先，我們假設在我們的指導下 SYGMA 的盈利能力將繼續取得進展，儘管我們不會以這種方式單獨按細分市場進行指導。然後只是重複我在前幾個季度所做的觀察，即我們的費用回收或 SYGMA 部分中的一些費用回收實際上落後了。所以我們會有一個昂貴的季度，我們會選擇它，我們將在下一個季度覆蓋，這就是正在發生的事情的一部分。

Your next question comes from Jeffrey Bernstein of Barclays.

您的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. Two questions. The first one, just a follow-up. Kevin, I know the topic earlier was brought up about the broader restaurant industry, whether it be chains versus independents or QSR versus casual dining. Was there a message to be that you're really not seeing a change in trend between the different segments? I know you service all restaurants. So seemingly, you'd be pretty well insulated if that was trade more likely to trade down. But just trying to understand what you're seeing across the restaurant industry over the past few months or whether perhaps you're not seeing any change at all? And then I had a follow-up.

偉大的。兩個問題。第一個，只是後續。凱文，我知道之前的話題是關於更廣泛的餐飲業，無論是連鎖店與獨立餐廳還是 QSR 與休閒餐飲。是否有信息表明您真的沒有看到不同細分市場之間的趨勢變化？我知道你們為所有餐館提供服務。因此，看起來，如果交易更有可能下跌，那麼您將被很好地隔離。但只是想了解你在過去幾個月裡在整個餐飲業看到了什麼，或者你是否根本沒有看到任何變化？然後我進行了跟進。

Yes, Jeff, we prefer not to get into the too detailed color on individual names. Of course, that's not our place. They report their own results.

是的，傑夫，我們不希望在個人姓名上使用過於詳細的顏色。當然，那不是我們的地方。他們報告自己的結果。

What we are commenting is that within each of our sectors, from white table cost all the way down to QSR, we see winners and losers within each of those sectors. And I think you see that in the coverage that you do across that sector. There are winners and there are losers within each segment. We are not seeing meaningful shift from the top end of the spectrum to QSR are within the sectors. What we are seeing, point number two, for some additional color is that customers within each of the sectors wanting to partner with Sysco to provide value to their customers to help offset the cost of inflation.

我們要評論的是，在我們的每個行業中，從白桌成本一直到 QSR，我們在每個行業中都看到了贏家和輸家。我認為您在該領域的報導中看到了這一點。每個細分市場都有贏家，也有輸家。我們沒有看到行業內從高端到 QSR 的有意義的轉變。我們看到的第二點是，每個行業的客戶都希望與 Sysco 合作，為他們的客戶提供價值，以幫助抵消通貨膨脹成本。

So because of that would be Sysco brand penetration is increasing, which is a good thing for us. and we will be sticky on that. I want to be clear about that. When we make progress in Sysco brand, when customers give it a try and we do product quality cuttings, they love the product quality. They obviously enjoy the savings from a cost perspective and then we can be very sticky in that regard.

所以正因為如此，Sysco 品牌滲透率正在增加，這對我們來說是一件好事。我們會堅持這一點。我想清楚這一點。當我們在 Sysco 品牌上取得進步時，當客戶嘗試並我們做產品質量的切割時，他們喜歡產品質量。從成本的角度來看，他們顯然很享受節省的費用，然後我們在這方面會非常堅持。

So that's a key point. And then I think you've heard from some of the manufacturers, some shift from the beef category into poultry that was publicly communicated yesterday. And I would say, yes, beef has been highly inflationary. It was the most inflationary category over the last couple of years and customers of ours are looking at portion size. They're looking at alternative protein options. And that's what our sales results -- excuse me, sales consultants do. They help our customers with that.

所以這是一個關鍵點。然後我想你已經從一些製造商那裡聽說，昨天公開傳達了一些從牛肉類別轉向家禽的轉變。我會說，是的，牛肉一直是高度通貨膨脹的。這是過去幾年通貨膨脹率最高的類別，我們的客戶正在關注份量。他們正在尋找替代蛋白質的選擇。這就是我們的銷售結果——對不起，銷售顧問就是這樣做的。他們幫助我們的客戶。

The good news on the protein side specific to beef, beef prices have normalized, and I know you're aware of that as well. So the overall rate of inflation in beef has stabilized meaningfully and we do expect for inflation in aggregate to moderate this coming year as Aaron has called out in our guidance.

關於牛肉蛋白質方面的好消息，牛肉價格已經正常化，我知道你也知道這一點。因此，牛肉的總體通脹率已顯著穩定，我們確實預計明年總體通脹將放緩，正如 Aaron 在我們的指導中所呼籲的那樣。

Got it. And then the follow-up, you mentioned the cost outs I know you're already above the $750 million target and you're going for more. Are there big buckets of opportunity that maybe you haven't touched before? Or is it primarily areas you've already hit, but there just -- is incremental opportunity there. Just try to figure out whether there's totally new channels that you're pursuing or just more of the existing.

知道了。然後跟進，你提到了成本支出，我知道你已經超過了 7.5 億美元的目標，而且你會爭取更多。是否有很多您以前從未接觸過的機會？或者它主要是你已經觸及的領域，但那裡只是 - 那裡有增量機會。只需嘗試弄清楚您是否正在追求全新的渠道或更多現有渠道。

I would say there's opportunity everywhere we look, whether it's new opportunity or indeed scaling opportunities we've already identified, whether it's indirect purchase or whether it's the structure we deploy, how we resource particular parts of the business.

我想說，無論是新機會還是我們已經確定的擴大機會，無論是間接購買還是我們部署的結構，我們如何為業務的特定部分提供資源，到處都有機會。

And while it's not part of our cost out per se, I want to emphasize the point that we have further opportunity to optimize our cost of goods serve as well. It's outside of the -- what I call cost out going forward. But there is goodness in the portfolio that we're going to use to help offset cost increases in the short term relative to our investments.

雖然這本身不是我們成本的一部分，但我想強調一點，我們還有進一步的機會來優化我們的商品服務成本。它超出了我所說的未來成本。但是，我們將使用投資組合來幫助抵消短期內相對於我們的投資的成本增加。

And this is Kevin. I'll just add one example, which is our omnichannel project, which I talked about briefly on today's call, I haven't really mentioned it too much in prior calls. The technology for the distributed order management system goes live this quarter and what it will enable us to do is decouple the front-end sales from the back-end operations. And by doing that, we can ensure that we decrease miles driven, meaning serve the customer from the closest possible warehouse. That sounds basic and obvious, but it is a meaningful unlock technologically, but it also is going to help us with our strategic stocking of product, what product is where.

這是凱文。我將僅添加一個示例，這是我們的全渠道項目，我在今天的電話會議中簡要介紹了該項目，在之前的電話會議中我並沒有真正過多地提及它。分佈式訂單管理系統的技術本季度上線，它將使我們能夠做的是將前端銷售與後端操作分離。通過這樣做，我們可以確保減少行駛里程，這意味著從最近的倉庫為客戶提供服務。這聽起來很基本且顯而易見，但它在技術上是一個有意義的解鎖，但它也將幫助我們進行產品的戰略儲備，什麼產品在哪裡。

Think about slow-moving SKUs and fewer warehouses that then get cross-docked through the last mile delivery location and really being strategic and optimized of increasing the ability of our inventory but actually doing it with overall over time, less inventory, less working capital.

想想緩慢移動的 SKU 和更少的倉庫，然後通過最後一英里的交付地點交叉對接，並真正具有戰略性和優化我們的庫存能力，但實際上隨著時間的推移整體上做到這一點，更少的庫存，更少的營運資金。

Those are examples of that project, which is multiyear in its build, creating cost structure take out into the future. And again, built into our guide for this coming year, but that project, in particular, is one that we're excited about.

這些是該項目的示例，該項目的建設需要多年時間，從而為未來創造成本結構。再一次，我們在來年的指南中加入了這個項目，但這個項目尤其是我們感到興奮的一個項目。

Got it. And just Aaron, to clarify or I guess, to level set for everyone on the call, I think you mentioned -- we understand the full year earnings guidance, but you said the fiscal first quarter earnings guidance would be at levels similar to the first quarter of fiscal '20. So is that the $0.98 if I'm getting that right, that you're thinking the first quarter will be in that $0.98 range?

知道了。只是亞倫，澄清一下，或者我想，為電話會議上的每個人設定的水平，我想你提到了——我們了解全年的盈利指導，但你說第一財季的盈利指導將與第一財季的水平相似'20財政年度的季度。如果我沒看錯，那是 0.98 美元，你認為第一季度會在 0.98 美元的範圍內嗎？

I said we'd be at or near that $0.98, yes. Just given the transformation investments and the productivity we're working through.

我說我們會達到或接近 0.98 美元，是的。僅考慮到轉型投資和我們正在努力的生產力。

Ladies and gentlemen, unfortunately, we have run out of time today. So this is going to conclude your conference call. We would like to thank everybody for participating and ask that you please disconnect your lines.

女士們，先生們，很遺憾，我們今天的時間不多了。所以這將結束你的電話會議。我們要感謝大家的參與，並要求您斷開線路。