西斯柯 (SYY) 2024 Q4 法說會逐字稿

Welcome to Sysco's fourth-quarter fiscal year 2024 conference call. As a reminder, today's call is being recorded. We will begin with opening remarks and introductions. I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

歡迎參加 Sysco 2024 財年第四季電話會議。提醒一下，今天的通話正在錄音。我們將從開場白和介紹開始。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 2024 earnings call. On today's call, we have Kevin Hourican, our Chair of the Board and Chief Executive Officer; and Kenny Cheung our Chief Financial Officer.

大家早安，歡迎參加 Sysco 2024 財年第四季財報電話會議。出席今天的電話會議的有董事會主席兼執行長 Kevin Hourican；和我們的財務長張肯尼。

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

在開始之前，請注意，本簡報中陳述公司或管理層的意圖、信念、期望或對未來的預測的陳述屬於《私人安全訴訟改革法案》含義內的前瞻性陳述，實際結果可能與實際結果存在重大差異。有關可能導致結果與前瞻性聲明中的結果不同的因素的更多資​​訊包含在該公司向 SEC 提交的文件中。

This includes, but is not limited to risk factors contained in our annual report on Form 10-K for the year ended July 1, 2023, 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. Non-GAAP financial measures are included in our comments today 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 be found in the investor section of our website.

這包括但不限於我們截至 2023 年 7 月 1 日的 10-K 表格年度報告、隨後向 SEC 提交的文件以及今天上午發布的新聞稿中包含的風險因素。這些資料的副本可以在 sysco.com 的投資者部分找到。非公認會計準則財務指標包含在我們今天的簡報幻燈片中的評論中。這些非 GAAP 衡量標準與相應 GAAP 衡量標準的對帳包含在簡報幻燈片的末尾，並且可以在我們網站的投資者部分找到。

During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year. To ensure we have sufficient time to answer all questions, we'd like to ask each participant to limit their time today to one question and one follow up. At this time, I'd like to turn the call over to Kevin Hourican.

在今天的討論中，除非另有說明，所有結果均與上一年同季進行比較。為了確保我們有足夠的時間回答所有問題，我們希望每位參與者將今天的時間限制在一個問題和一個後續。此時，我想將電話轉給 Kevin Hourican。

Good morning, everyone, and thank you for joining us today. During our call this morning, we will cover the following key topics: food-away-from-home volume trends, including foot traffic to restaurants; Sysco's performance for the quarter in the year relative to the overall market; and status updates on key topics of interest, including inflation, local case growth, supply chain productivity. And finally, Kenny will cover the financial details of our Q4 2024 as well as provide our fiscal 2025 guidance.

大家早安，感謝您今天加入我們。在今天早上的電話會議中，我們將討論以下關鍵主題：外出用餐量趨勢，包括餐廳的人潮； Sysco 本季相對於整體市場的表現；以及關鍵主題的狀態更新，包括通貨膨脹、當地個案成長、供應鏈生產力。最後，肯尼將介紹我們 2024 年第四季的財務細節，並提供我們的 2025 財年指導。

Let's get started with key highlights of the business on slide 5. I'm pleased to report that Sysco delivered $79 billion of top line revenue for the year, a growth of 3.3% versus fiscal 2023. The revenue growth was driven by USFS volume growth of 3.1% and USFS inflation of 0.5%. Sysco profitably took market share in fiscal 2024. I will speak more to this in a moment. Importantly, we delivered adjusted earnings per share of $1.39 for the quarter and $4.31 for the year. The full-year performance was $0.01 higher than the midpoint of the guidance that we provided at the beginning of fiscal 2024.

讓我們開始了解幻燈片 5 中該業務的主要亮點。我很高興地報告，Sysco 今年的營收為 790 億美元，比 2023 財年成長 3.3%。營收成長是由 3.1% 的 USFS 交易量成長和 0.5% 的 USFS 通膨推動的。Sysco 在 2024 財年獲利並佔據了市場份額。我稍後會詳細討論這一點。重要的是，我們本季調整後每股收益為 1.39 美元，全年調整後每股收益為 4.31 美元。全年業績比我們在 2024 財年初提供的指導中位數高出 0.01 美元。

Kenny calls this our Say:Do ratio, and I'm pleased that we delivered above the midpoint of our initial guidance for the year despite the softer economic environment in the second half of the fiscal year. During our Q4, our team once again displayed agility and accountability, enabling a strong financial performance despite negative year over year foot traffic to restaurants. As I said in my intro, I would like to start by providing an update on the health of the food-away-from-home industry.

肯尼將此稱為我們的「說：做」比率，我很高興儘管本財年下半年經濟環境較為疲軟，但我們的業績仍高於今年初步指導的中點。在第四季度，我們的團隊再次展現了敏捷性和責任感，儘管餐廳客流量同比下降，但仍實現了強勁的財務業績。正如我在介紹中所說，我想首先提供有關外賣行業健康狀況的最新資訊。

Traffic to restaurants was down approximately 3% year-over-year for the quarter. This is consistent with what you have heard from many restaurant names over the past couple of days and weeks. Sysco were successfully able to grow our volume 3.5% for the quarter despite the declining year over year foot traffic. We did this by taking market share versus the overall market. In fact, for the full year, we grew our business more than 1.75 times the market. That performance was above our stated goal for the year of 1.5 times market growth.

本季餐廳客流量年減約 3%。這與您在過去幾天和幾週內從許多餐廳名稱中聽到的情況一致。儘管人流量較去年同期下降，Sysco 本季的銷量仍成功成長了 3.5%。我們透過對比整個市場的市場份額來做到這一點。事實上，全年我們的業務成長超過市場的 1.75 倍。這一業績高於我們設定的今年市場成長 1.5 倍的目標。

Sysco's performance versus the market is calibrated via multiple external sources in the performances versus the total industry overall. The strong 1.75 times growth was a result of several important factors as seen on slide 6 and 7. The largest distributors in the industry are taking share versus the overall food service market.

Sysco 相對於市場的表現是透過多個外部來源對整個產業的表現進行校準的。1.75 倍的強勁成長是多個重要因素的結果，如投影片 6 和 7 所示。該行業最大的分銷商正在爭奪整個食品服務市場的份額。

Sysco specifically is winning with our specialty platforms, including, FreshPoint and our specialty meat businesses, as well as our recent acquisitions like Greco and Edward Don. The combination of our industry leading broadline business with our expanding specialty portfolio is winning marketplace.

Sysco 憑藉我們的特色平台贏得了勝利，包括 FreshPoint 和我們的特色肉類業務，以及我們最近收購的 Greco 和 Edward Don。我們行業領先的廣泛業務與不斷擴大的專業產品組合的結合正在贏得市場。

Lastly, our national sales business is winning versus the total market with notable wins in the food service management space and hospitality. We are pleased with our overall performance versus the total market. And with that said, we are not satisfied with our growth in the important local segment. As we covered at our Investor Day, we are confident that we can improve our local case performance in fiscal 2025. I'll speak more to those plans in a moment.

最後，我們的全國銷售業務在整個市場中取得了勝利，在食品服務管理領域和酒店業方面取得了顯著的勝利。與整個市場相比，我們對我們的整體表現感到滿意。話雖如此，我們對重要本地市場的成長並不滿意。正如我們在投資者日所述，我們有信心在 2025 財年提高本地案例績效。稍後我將詳細討論這些計劃。

For the fourth quarter, Sysco delivered the following performance: continuing compelling profitable case growth within national accounts, local case growth of positive 0.7% to last year.Importantly, our local cases international grew 5% for the period. SYGMA cases grew 5% from Q3 to Q4 with a June exit velocity of positive year-over-year growth.

第四季度，Sysco 取得了以下業績：國民帳戶中持續實現引人注目的盈利案例增長，本地案例較去年增長 0.7%。SYGMA 案件從第三季到第四季成長了 5%，6 月的退出速度較去年同期正成長。

This is a reversal of recent negative volume trends within SYGMA as we have last week 52 of a customer exit, and we have signed new profitable business that had started ship dates during our fourth quarter. We expect SYGMA to be a volume and profit growth business in fiscal 2025. Sysco has a well-balanced business with strong market share in the non-restaurant space.

這是 SYGMA 最近的負銷售趨勢的逆轉，因為上週我們有 52 名客戶退出，並且我們已經簽署了新的盈利業務，這些業務已在第四季度開始發貨。我們預計 SYGMA 將在 2025 財年實現銷售和利潤成長。Sysco 業務均衡，在非餐廳領域擁有強大的市場佔有率。

Many of the non-restaurant sectors like health care and foodservice management are less impacted by consumer confidence in restaurant foot traffic. At times like these, our well-balanced business portfolio is a strong asset for Sysco, including our international segment. Our gross profit rate for the quarter was strong, with GP growing 4.2% year-over-year and GP per case growing 1.3% versus prior year.

許多非餐廳行業（例如醫療保健和餐飲服務管理）受消費者對餐廳客流量信心的影響較小。在這樣的時刻，我們均衡的業務組合是 Sysco 的強大資產，包括我們的國際業務。本季我們的毛利率強勁，GP 年比成長 4.2%，每箱 GP 比去年同期成長 1.3%。

Our merchant team continues to do an excellent job with strategic sourcing and product innovation. Overall expense management continues to improve year-over-year with operating expenses increasing slower than our top line. Most notably, our corporate expenses were down 10% for the quarter on a year over year basis. The corporate expense reduction was a result of the efficiency work that we deployed in Q3 of this year. Benefits from those expense reductions will continue into 2025, and Kenny will speak to that in more detail.

我們的商人團隊繼續在策略採購和產品創新方面表現出色。整體費用管理持續逐年改善，營運費用成長速度低於我們的收入成長。最值得注意的是，本季我們的企業支出年減了 10%。公司費用的減少是我們在今年第三季部署的效率工作的結果。這些費用削減帶來的好處將持續到 2025 年，肯尼將更詳細地談論這一點。

All told, these factors resulted in a 6.4% increase in our operating income year over year, enabling us to exceed the midpoint of our full-year adjusted EPS guidance. Now that I've highlighted our financial performance for the quarter, I would like to continue the theme of our Investor Day and provide you a bit more color on two of the biggest levers within our P&L: local volume growth and supply chain productivity improvements.

總而言之，這些因素導致我們的營業收入年增 6.4%，使我們能夠超越全年調整後每股收益指引的中點。既然我已經強調了我們本季的財務業績，我想繼續我們投資者日的主題，並為您提供有關我們損益表中兩個最大槓桿的更多信息：本地銷售增長和供應鏈生產力提高。

Let's get started with volume growth. Specifically, I'll highlight progress we are making on the actions to deliver increased profitable local case volume in fiscal 2025 on slide 9. First, let me start with hiring status. In full-year fiscal 2024, we successfully hired 450 net incremental sales professionals. The Colleague hiring ramped throughout the year with many of them being hired in the second half. The new Colleague cohorts hired in 2024 will begin positively impacting our P&L throughout fiscal 2025 as they grow their new territories and become more knowledgeable about our product offerings.

讓我們從銷量成長開始。具體來說，我將在投影片 9 上強調我們在 2025 財年增加本地獲利案件量方面所取得的進展。首先，讓我從招募情況開始。2024 財年全年，我們成功聘用了 450 位淨增量銷售專業人員。同事的招募量全年都在增加，其中許多人是在下半年被聘用的。2024 年聘用的新同事將開始對我們整個 2025 財年的損益產生積極影響，因為他們拓展了新領域並對我們的產品更加了解。

As we mentioned on our Investor Day, we plan to hire an additional net 450 sales professionals in fiscal 2025, with those new cohorts expected to positively impact our fiscal 2026 results. We are confident in our ability to hire and train these new colleagues. In fact, we are supplementing our industry-leading training program by hiring more sales trainers in sales and administrative staff.

正如我們在投資者日所提到的，我們計劃在 2025 財年淨招聘 450 名銷售專業人員，這些新員工預計將對我們 2026 財年的業績產生積極影響。我們對僱用和培訓這些新同事的能力充滿信心。事實上，我們正​​在透過在銷售和管理人員中聘請更多銷售培訓師來補充我們行業領先的培訓計劃。

One of our top priorities as a company is to ensure that these new colleagues get the training that they deserve and ramp up the productivity curve in an efficient manner. Our executive leadership team is taking personal ownership to ensure we track the new trainees cohort-by-cohort to ensure that they are maturing on schedule and that they are provided the support and resources they need to be successful.

作為一家公司，我們的首要任務之一是確保這些新同事得到他們應得的培訓，並以有效的方式提高生產力曲線。我們的執行領導團隊採取個人所有權，以確保我們逐批追蹤新學員，以確保他們按計劃成熟，並為他們提供成功所需的支援和資源。

Our strong supplier community will be assisting in the ever-important product training that goes along with new colleague hiring. We greatly appreciate our supplier community for their support. On the first day of our new fiscal year, we introduced a new compensation program for our US Broadline sales colleagues. We have remixed the base pay to incentive ratios within our compensation program. In the process of doing so, we have increased the earnings potential of our sales staff, and the incentives put in place to motivate the specific behaviors that will help advance Sysco's P&L.

我們強大的供應商社群將協助進行至關重要的產品培訓以及新同事的招募。我們非常感謝供應商社群的支持。在新財年的第一天，我們為美國 Broadline 銷售同事推出了新的薪酬計畫。我們在薪酬計畫中重新調整了基本工資與激勵比率。在此過程中，我們提高了銷售人員的收入潛力，並制定了激勵措施來激勵有助於提高 Sysco 損益的具體行為。

The communication and change management of the new compensation program is well underway, and we are confident that this program will be good for our colleagues, our customers and our P&L. Benefits of this new program will be felt as the year progresses, but I don't anticipate any major movement in Q1. Our total team selling program continues to advance with our sales consultant generalists partnering better than ever with our produce and protein specialists.

新薪酬計劃的溝通和變更管理正在順利進行，我們相信該計劃將有利於我們的同事、客戶和損益。隨著時間的推移，這項新計劃的好處將逐漸顯現，但我預計第一季不會出現任何重大變化。我們的整體團隊銷售計劃繼續推進，我們的銷售顧問通才與我們的農產品和蛋白質專家比以往任何時候都更好地合作。

At our Investor Day in May, Greg Bertrand, our global COO, covered the compelling growth opportunity via our total team selling program. As he presented in May, a customer that buys from Sysco Broadline plus one of our specialty businesses spend 3 times more per week than a Broadline only customer, winning with Specialty as a $10 billion-plus opportunity for Sysco as we work to earn our fair share of the specialty market.

在五月的投資者日上，我們的全球營運長 Greg Bertrand 透過我們的整體團隊銷售計劃介紹了令人矚目的成長機會。正如他在5 月介紹的那樣，從Sysco Broadline 加上我們的一項專業業務購買產品的客戶每週的支出比僅使用Broadline 的客戶多3 倍，在我們努力贏得公平的同時，專業業務為Sysco贏得了超過100 億美元的機會專業市場的份額。

Sysco Specialty is a compelling moat versus the overall industry as it has taken more than 20 years for us to assemble our specialty assets. Integrating the systems, supply chains, Colleague compensation programs and the important go-to-market selling strategy between Specialty and Broadline, this was a very large work effort.

與整個行業相比，Sysco Specialty 是一條引人注目的護城河，因為我們花了 20 多年的時間來整合我們的專業資產。整合 Specialty 和 Broadline 之間的系統、供應鏈、同事薪酬計劃以及重要的上市銷售策略，這是一項非常艱鉅的工作。

In the coming years, we will continue to expand our specialty capabilities, both domestically and internationally through a combination of M&A and greenfield activities. For example, we are adding our Asian Foods business to our recently opened Allentown, Pennsylvania distribution center. This addition will greatly improve our ability to serve the large and growing Asian market in the Northeast. Lastly, our International business delivered compelling local case growth of 5% for the quarter.

未來幾年，我們將透過併購和綠地活動相結合，繼續擴大我們在國內和國際的專業能力。例如，我們正在將亞洲食品業務添加到最近開設的賓州阿倫敦配送中心。此次收購將極大提高我們為東北地區龐大且不斷成長的亞洲市場提供服務的能力。最後，我們的國際業務本季本地案成長了 5%，令人矚目。

We are running the Sysco play internationally with programs like Sysco Your Way and Perks beginning to positively impact our outcomes. We are also bringing improved technology and Sysco brand products to these important geographies. All told, the strong local case growth enabled our international segment to deliver a compelling 13.1% profit growth in the quarter. We expect international continue to be a top and bottom-line tailwind for Sysco in fiscal 2025.

我們正在國際上開展 Sysco 活動，Sysco Your Way 和 Perks 等計劃開始對我們的成果產生積極影響。我們還將改進的技術和 Sysco 品牌產品帶到這些重要地區。總而言之，強勁的本地案例成長使我們的國際部門在本季實現了 13.1% 的令人矚目的利潤成長。我們預計國際業務將繼續成為 Sysco 2025 財年營收和利潤的推動力。

Now that we have covered our local case growth performance, let's turn to the status and health of our supply chain. As I've said many times, the key to success in this business is being the distributor that can consistently ship on time and in full to our customers. Over the past quarter, we have continued to make progress in improving our service levels to our customers. We improved and advanced our on-time rates with a dedicated focus on routing excellence. I'm proud of our operations team for the hard work and for the improvement that they are making in on-time delivery.

現在我們已經介紹了當地的個案成長表現，讓我們來看看我們供應鏈的狀況和健康狀況。正如我多次說過的，這項業務成功的關鍵是經銷商能夠始終如一地按時全額向我們的客戶發貨。過去一個季度，我們在提高客戶服務水準方面持續取得進展。我們專注於卓越的路線，改善並提高了準時率。我為我們的營運團隊的辛勤工作以及他們在按時交付方面所取得的進步感到自豪。

You can see the impact on our NPS scores as satisfaction with delivery is up versus prior year. In addition to the good work with delivery service levels, our merchandising and inventory teams continue to work collaboratively to improve our first-time fill rate. Progress is being made on core in-stock guidance as well as improving our agility when a supply chain disruption occurs at one of our suppliers. We improved versus prior year in both aspects, and we'll make additional progress in 2025.

您可以看到對我們的 NPS 分數的影響，因為交付滿意度比去年有所提高。除了在交付服務水準方面的良好工作外，我們的銷售和庫存團隊還繼續協作，以提高我們的首次供貨率。我們在核心庫存指導方面取得了進展，並在我們的供應商之一發生供應鏈中斷時提高了我們的敏捷性。我們在這兩個方面都比去年有所進步，並且我們將在 2025 年取得更多進展。

We have increased the importance of fill rates in our leadership performance evaluation metrics for 2025. Fill rates are a strength point historically, and we are working to further advance that advantage through these efforts. As I've mentioned many times, the number one lever to improve our supply chain cost performance is to increase colleague retention. Retention rates improved sequentially quarter over-quarter throughout the year, and they more than doubled compared to the prior year in the fourth quarter.

我們在 2025 年領導績效評估指標中提高了填充率的重要性。從歷史上看，填充率是一個優勢點，我們正在努力透過這些努力進一步提升這一優勢。正如我多次提到的，提高供應鏈成本績效的首要手段是提高同事留任率。全年保留率季增提高，第四季與去年同期相比增加了一倍以上。

The improved retention is showing up in improved safety metrics, reduced product shrink and increased productivity of our colleagues. Many of these items like workers comp and auto liability have a long tail. So the improvement we are driving now will reflect positively in our P&L in fiscal '25 and '26. The last topic to cover in our supply chain update is the progress that we are making to expand our throughput capacity.

留任率的提高體現在安全指標的提高、產品收縮的減少以及同事生產力的提高。其中許多項目（例如工人補償和汽車責任）都有長尾。因此，我們現在正在推動的改進將積極反映在我們 25 財年和 26 財年的損益表中。我們供應鏈更新中涉及的最後一個主題是我們在擴大吞吐量方面所取得的進展。

During our Q4, we opened our first DC fold out in more than 10 years in Allentown, Pennsylvania. This facility will help Sysco better serve the population dense Northeast corridor by increasing service levels and lowering our cost to serve. As I wrap up my prepared remarks, I want to thank the entire Sysco team for a strong year. We grew our business more than 1.75 times the overall market at industry-leading profitability metrics, and we exceeded the midpoint of our EPS guide for the year.

第四季度，我們在賓州阿倫敦開設了 10 多年來的第一家 DC 折疊店。該設施將提高服務水準並降低服務成本，幫助西斯科更好地為人口密集的東北走廊提供服務。在結束我準備好的演講時，我要感謝整個 Sysco 團隊，感謝他們在這一年中的出色表現。按照業界領先的獲利指標，我們的業務成長超過整個市場的 1.75 倍，並且超過了今年 EPS 指南的中點。

Importantly, we have continued to advance our business strategy, making progress in important areas like improved technology and customer programs like Sysco Your Way and Perks. Lastly, we are focused upon the most important things to ensure success for fiscal 2025 and beyond, and we are positioned well to deliver against the guidance that Kenny will share in a moment. So with that, I'll now turn the call over to Kenny, who's going to highlight the fiscal details of the quarter and our year as well as TFR guidance for fiscal 2025. Kenny, over to you.

重要的是，我們繼續推進我們的業務策略，在改進技術和 Sysco Your Way 和 Perks 等客戶計劃等重要領域取得進展。最後，我們專注於最重要的事情，以確保 2025 財年及以後的成功，並且我們已做好準備，可以按照肯尼稍後分享的指導方針來實現。因此，我現在將電話轉給肯尼，他將重點介紹本季度和本年度的財務細節以及 2025 財年的 TFR 指導。肯尼，交給你了。

Thank you, Kevin, and good morning, everyone. I would like to start off by thanking our customers, colleagues, shareholders and partners. This quarter's results further demonstrates our ability to deliver solid financial performance in a relatively softer macro environment. Our focus on core performance drivers, enhance operational discipline.

謝謝你，凱文，大家早安。首先，我要感謝我們的客戶、同事、股東和合作夥伴。本季的業績進一步證明了我們在相對疲軟的宏觀環境下實現穩健財務表現的能力。我們專注於核心績效驅動因素，強化營運紀律。

As we have said before, business plans don't always materialize the exact same way you draw them up on paper. This past year was no different. We focus on operational discipline and tighten the belt to deliver on our initial profit guidance. I'm confident these choices, however, difficult at the time, create long-term structural returns. There is muscle memory across the organization, helping develop a stronger operating model that positions us to grow share profitably as we look ahead.

正如我們之前所說，商業計劃並不總是像紙上寫下的那樣具體化。過去的一年也不例外。我們專注於營運紀律，並勒緊褲帶以實現我們最初的利潤指導。我相信，這些選擇雖然在當時很困難，但卻能創造長期結構性回報。整個組織都有肌肉記憶，有助於開發更強大的營運模式，使我們能夠在展望未來時實現獲利成長。

Q4 financials reflect positive sales and volume growth as well as our seventh consecutive quarter of positive operating leverage, with gross profit growing faster than operating expenses and operating income growing faster than sales. Altogether, these rendered growth across adjusted operating income and EPS for the full year coming in $0.01 higher than the midpoint of the guidance range.

第四季的財務數據反映了銷售額和銷售的正成長，以及我們連續第七個季度的正營運槓桿，毛利成長快於營運支出，營運收入成長快於銷售額。總而言之，這些因素使得全年調整後營業收入和每股盈餘的成長比指導範圍的中點高出 0.01 美元。

Given the multiple levers across our business, we improved efficiency, both on gross profit and operating expenses. GP dollar growth of over 4% was driven by optimal pricing and sourcing improvements. Operating expense included record levels of supply chain productivity improvement, coupled with our continued focus on managing corporate expense, which were down 10% year-over-year. These efforts help us deliver our profit growth, reinvest back into the business and returned over $2.2 billion back to shareholders in FY24.

鑑於我們業務的多個槓桿，我們提高了毛利和營運費用的效率。最佳定價和採購改進推動了 GP 美元成長超過 4%。營運支出包括創紀錄水準的供應鏈生產力提高，以及我們持續專注於管理企業支出（年減 10%）。這些努力幫助我們實現利潤成長、對業務進行再投資，並在 2024 財年向股東返還超過 22 億美元。

Now turning to a summary of our reported results for the quarter, starting on slide 14. For the fourth quarter, our enterprise sales grew 4.2%, driven by US foodservice growing 4.9%, international growing 3.8%, and SYGMA growing 2%. With respect to volume, total US foodservice volume increased 3.5% and local volume increased 0.7%. Don positively impacted US foodservice volumes by 2.7% and local volumes by 1.6%. We produced $3.8 billion in gross profit, up 4.2% and gross margins of 18.7% was approximately flat to the prior year due to mix.

現在轉向我們報告的本季業績摘要，從投影片 14 開始。第四季度，我們的企業銷售額成長了 4.2%，其中美國餐飲服務成長 4.9%，國際成長 3.8%，SYGMA 成長 2%。就數量而言，美國餐飲服務總量增加了 3.5%，本地總量增加了 0.7%。Don 對美國餐飲服務量和當地服務量產生了 2.7% 和 1.6% 的正面影響。由於混合因素，我們的毛利為 38 億美元，成長 4.2%，毛利率為 18.7%，與上年基本持平。

Our gross profit dollar improvement reflected our ability to continue to effectively manage product inflation, which came in at 1.6% for the total enterprise, consistent with our expectations. The improvement in gross profit was also driven by incremental progress from our strategic sourcing efforts in our US and international segments. Specific to Sysco brand, penetration rates decreased by 51 bps to 36.6% in US Broadline and 37 bps to 47.1% in US local results.

我們毛利的改善反映了我們繼續有效管理產品通膨的能力，整個企業的產品通膨率為 1.6%，與我們的預期一致。毛利的改善也得益於我們在美國和國際部門的策略採購工作的逐步進展。具體到 Sysco 品牌，美國 Broadline 的滲透率下降了 51 個基點至 36.6%，美國本地結果的滲透率下降了 37 個基點至 47.1%。

We continue to improve with local customers with single units despite pressure from local businesses with multiple units. We have a strong history of growing Sysco brand penetration, and we have trade management actions to improve the mix over the course of the year. Adjusted operating expense were $2.8 billion for the quarter or 13.4% of sales, a 12 bps improvement from the prior year, reflecting supply chain and corporate expense efficiencies. Adjusted operating income was $1.1 billion for the quarter, improving to 5.3% margins.

儘管來自擁有多台設備的當地企業的壓力，我們仍繼續透過單一設備與當地客戶進行改進。我們在提高 Sysco 品牌滲透率方面有著悠久的歷史，並且我們在這一年中採取了貿易管理行動來改善產品組合。本季調整後營運費用為 28 億美元，佔銷售額的 13.4%，比上年提高 12 個基點，反映了供應鏈和企業費用效率。該季度調整後營業收入為 11 億美元，利潤率提高至 5.3%。

For the year, adjusted operating income grew 8.4% as we expanded margins both on a dollar and rate basis. Most noteworthy, our international segment continued to deliver substantial growth, demonstrating positive operating leverage and margin expansion. This included a 13.1% increase in adjusted operating income with our teams successfully growing share and executing the Sysco playbook with best practices.

今年，隨著我們以美元和利率計算的利潤率均有所擴大，調整後的營業收入成長了 8.4%。最值得注意的是，我們的國際業務持續大幅成長，展現出積極的營運槓桿和利潤率擴張。這包括調整後營業收入成長 13.1%，我們的團隊成功增加了份額並透過最佳實踐執行了 Sysco 手冊。

This segment remains a growth driver for the company. Adjusted OI growth also benefited from SYGMA contributing 44.4% profit growth after continued to focus on profit enhancements and growth from new customers. For the quarter, adjusted EBITDA increased to $1.3 billion or up 5.4%. I am also pleased with the health of our balance sheet, which further strengthened this quarter. We ended the year at 2.7 times net debt leverage ratio, which is within our target.

該部門仍然是公司的成長動力。調整後的 OI 成長也得益於 SYGMA 在持續專注於利潤提升和新客戶成長後貢獻了 44.4% 的利潤成長。本季調整後 EBITDA 增至 13 億美元，增幅 5.4%。我也對我們資產負債表的健康狀況感到滿意，本季資產負債表進一步加強。年末淨負債槓桿率為 2.7 倍，在我們的目標之內。

We ended the year with $11.3 billion in net debt and approximately $3.5 billion in total liquidity, which is a substantial headroom above our minimum threshold. Our debt is well laddered without any maturities over $1 billion until FY27. Turning to our cash flow on slide 23. We generated approximately $3 billion in operating cash flow and over $2.2 billion in free cash flow, which was a new record. Our conversion rate from adjusted EBITDA to operating cash flow was over 70% and free cash flow conversion was over 50%, showing the company's robust earnings power.

截至年底，我們的淨債務為 113 億美元，流動性總額約為 35 億美元，這比我們的最低門檻有很大的空間。我們的債務是階梯式的，到 2027 財年為止，任何期限都不會超過 10 億美元。轉向幻燈片 23 上的現金流。我們產生了約 30 億美元的營運現金流和超過 22 億美元的自由現金流，創下了新紀錄。調整後EBITDA到經營現金流的轉換率超過70%，自由現金流轉換率超過50%，顯示公司強勁的獲利能力。

Our strong financial position enabled us to return over $2.2 billion to shareholders this year. This was done through $1.2 billion of share repurchases and $1 billion of dividends. Despite the current macroeconomic landscape, we are poised to grow both top line and bottom line results in FY25, in line with the financial algorithm range. As a refresher from our Investor Day back in May, our three-year growth algorithm cost for sales growth of 4% to 6% and adjusted EPS growth of 6% to 8% per year.

我們強勁的財務狀況使我們今年能夠向股東回報超過 22 億美元。這是透過 12 億美元的股票回購和 10 億美元的股息來實現的。儘管當前宏觀經濟情勢嚴峻，但我們仍準備在 2025 財年實現營收和利潤雙雙成長，與財務演算法範圍一致。作為 5 月份投資者日的回顧，我們的三年成長演算法成本為每年 4% 至 6% 的銷售額成長和每年 6% 至 8% 的調整後每股收益成長。

We continue to be confident as we believe this algorithm is achievable and one we can deliver on a consistent basis. Let's go a bit deeper on 2025 guidance as seen on slide 25. During FY25, we expect net sales growth of 4% to 5%. Net sales growth includes inflation of approximately 2%, which we are seeing now and positive volume growth of low single digits for the year. We also anticipate a slight benefit from M&A during the year. All in, we are guiding to adjusted EPS growth of 6% to 7%, in line with the financial algorithm range.

我們仍然充滿信心，因為我們相信這項演算法是可以實現的，並且我們可以在一致的基礎上交付。讓我們更深入地了解 2025 年指導，如幻燈片 25 所示。25 財年，我們預期淨銷售額將成長 4% 至 5%。淨銷售成長包括我們現在看到的約 2% 的通貨膨脹以及今年低個位數的正銷量成長。我們也預計今年併購將帶來輕微好處。總而言之，我們指導調整後每股收益成長 6% 至 7%，與財務演算法範圍一致。

As we highlighted at the Investor Day, 2025 EPS growth will be impacted by non-operational below-the-line items with a higher tax rate and interest expense. We are confident these targets are achievable. Regarding phasing for the year, we expect similar traffic trends from this last quarter to continue into Q1 with modest industry traffic improvements in the back half of FY25. We also expect benefits from our investments in sales professionals and other growth initiatives as the year progresses.

正如我們在投資者日強調的那樣，2025 年每股收益成長將受到稅率和利息支出較高的非營運性線下項目的影響。我們相信這些目標是可以實現的。關於今年的分階段，我們預計與上季類似的流量趨勢將持續到第一季度，25 財年後半段產業流量將略有改善。隨著時間的推移，我們也預期我們對銷售專業人員的投資和其他成長計畫將帶來收益。

Consistent with our ROIC focus, our investments with sales professional hiring will yield meaningful returns over the long term. As Kevin stated earlier, we remain focused on improving local case performance in FY25. For example, the sales consultant comp structure will shift to more bonus, less based, raising performance-driven incentives and ensuring operating expenses will correspond more closely with sales results. We will be disciplined in adding self-headcount in high-growth areas, and we will be focused on profitable local sales growth.

與我們的投資報酬率重點一致，我們對銷售專業人員招募的投資將在長期內產生有意義的回報。正如 Kevin 之前所說，我們仍然專注於提高 2025 財年的本地案例績效。例如，銷售顧問的薪酬結構將轉向增加獎金、減少基數，提高績效驅動的激勵措施，並確保營運費用與銷售績效更緊密對應。我們將嚴格在高成長領域增加自營員工數量，並將重點放在有利可圖的本地銷售成長上。

Turning to expenses. We expect further improvements in operating leverage based on a continuation of the process improvement from this past year across our supply chain and corporate expenses. We ended FY24 with strong cash flow conversion rate, highlighting the importance of cash generation. For FY25, we expect a continuation of strong conversion rates in working capital management. We expect to distribute essentially all of our free cash flow to shareholders in 2025, depending on the volume of M&A activity as we did in 2024.

轉向開支。我們預計，基於去年對供應鏈和公司支出流程的持續改進，營運槓桿將進一步提高。我們以強勁的現金流轉換率結束了 24 財年，凸顯了現金產生的重要性。對於 25 財年，我們預期營運資本管理的轉換率將持續強勁。我們預計將在 2025 年將基本上所有自由現金流分配給股東，具體取決於我們 2024 年的併購活動量。

Returning cash back to shareholders is an important part of our capital allocation strategy as we value our dividend aristocrat status as we expect to pay over $1 billion related to dividends in FY25. Additionally, we are targeting approximately $1 billion of share repurchases with fluctuations dependent on M&A plans. We also expect to operate within our stated target of 2.5 to 2.75 times net leverage for the year. We wanted to provide guidance on several other important modeling elements. The tax rate for FY25 is expected to step up to approximately 25%. The increase is driven by global minimum tax rate. Interest expense is expected to step up to $650 million.

向股東返還現金是我們資本配置策略的重要組成部分，因為我們重視股息貴族地位，預計在 2025 財年支付超過 10 億美元的股息。此外，我們的目標是約 10 億美元的股票回購，其波動取決於併購計畫。我們也預期今年淨槓桿率將達到既定目標 2.5 至 2.75 倍。我們希望為其他幾個重要的建模元素提供指導。25 財年的稅率預計將升至 25% 左右。這一增長是由全球最低稅率推動的。利息支出預計將達到 6.5 億美元。

Other expense is expected to be approximately $50 million and adjusted D&A is expected to be approximately $800 million for the year. CapEx is expected to be approximately 1% of sales. We will look at each investment through the lens of driving both growth and ROIC. As a company, ROIC will dynamically guide our operating and investment decisions, which will accrete shareholder value over time as we continue the focus on both margin dollars and rate growth. In closing, I'm pleased with our quarterly performance as we have tremendous opportunities ahead.

今年其他費用預計約為 5000 萬美元，調整後的 D&A 預計約為 8 億美元。資本支出預計約為銷售額的 1%。我們將從推動成長和投資報酬率的角度來看待每項投資。作為一家公司，ROIC 將動態指導我們的營運和投資決策，隨著我們繼續關注利潤率和利率成長，這將隨著時間的推移增加股東價值。最後，我對我們的季度業績感到滿意，因為我們未來有巨大的機會。

I'm continually impressed by the size of scale advantages at Sysco. We are the industry leader in a growing industry. The stronger operating model I mentioned before allows us to continually enhance our competitive advantages in this highly fragmented market. Consistent performance combined with Sysco's focus on the long game, is a winning formula to create compounding benefits for our shareholders. Our scale advantages are reflected in our industry-leading margins.

Sysco 的規模優勢給我留下了深刻的印象。我們是不斷發展的行業的行業領導者。我之前提到的更強的營運模式讓我們能夠在這個高度分散的市場中不斷增強我們的競爭優勢。穩定的業績加上西斯科對長遠發展的關注，是為我們的股東創造複合利益的勝利法寶。我們的規模優勢體現在業界領先的利潤率。

Sysco's diversification as the industry leader across customer types with two-thirds in restaurants and one-third in recession-resistant categories, such as education and health care is also a structural advantage. Our robust industry-leading operating cash flow and strong investment-grade balance sheet gives us access the capital at attractive rates so we're able to take advantage of high ROIC growth opportunities as they present themselves.

Sysco 作為跨客戶類型的行業領導者的多元化（三分之二在餐館，三分之一在教育和醫療保健等抗衰退類別）也是一個結構性優勢。我們強勁的行業領先的營運現金流和強大的投資等級資產負債表使我們能夠以有吸引力的利率獲得資本，因此我們能夠利用高投資回報率成長機會。

And as you can see in our performance results, our international segment is proving to be a benefit, contributing higher rates of growth than our US business. We believe international can continue to be a profitable growth engine for Sysco. As we embark on a new fiscal year, I look forward to our progress ahead. We are positioned to win. Thank you for your time today. With that, we are now ready for questions.

正如您在我們的業績結果中看到的那樣，我們的國際業務被證明是有利的，比我們的美國業務貢獻了更高的成長率。我們相信國際業務可以繼續成為 Sysco 的獲利成長引擎。當我們開始新的財政年度時，我期待著我們未來的進展。我們已經做好了必勝的準備。感謝您今天抽出時間。至此，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Mark Carden, UBS.

馬克卡登，瑞銀集團。

Great. Good morning. Thanks so much for taking my questions. So to start, I wanted to dig into some of your end demand commentary a bit. Are you guys seeing trade down and trade out impacting a broader customer demographic? Or is it still largely confined to the lower to middle end here? And then on top of economic concerns, would you expect for uncertainty around the election to have much incremental impact on food away from home demand in the quarters ahead?

偉大的。早安.非常感謝您回答我的問題。首先，我想深入了解您對最終需求的一些評論。你們是否認為降價和淘汰會影響更廣泛的客戶群？還是說它仍然主要局限於中低端？然後，除了經濟擔憂之外，您是否預計選舉周圍的不確定性會對未來幾季的外食需求產生很大的增量影響？

Good morning, Mark. Kevin here, thanks for the question. So relative to just what's happening with the macro trade down, trade out, we're seeing reasonably consistent performance across all forms of restaurant types. It's not just QSR that's being impacted. So pretty consistent traffic declines by segment. We have a tremendous amount of data, as you know, serving the highest end white tablecloth all the way down to QSR and everything in between. So I'll start with traffic to restaurants down 3% for the quarter, as I mentioned in my prepared remarks.

早上好，馬克。凱文在這裡，謝謝你的提問。因此，相對於宏觀貿易下降、貿易淘汰所發生的情況，我們看到所有形式的餐廳類型的表現相當一致。受到影響的不僅是 QSR。因此，各細分市場的流量下降相當一致。如您所知，我們擁有大量數據，涵蓋最高端的白色桌布一直到 QSR 以及介於兩者之間的所有內容。因此，正如我在準備好的發言中提到的那樣，我將從本季餐廳客流量下降 3% 開始。

We don't anticipate that getting much better in the near term. probably through the election, as you indicated. Kenny indicated in our fiscal 2025 guide, we anticipate some improvement in the macro backdrop starting in the second half of our fiscal year, so calendar beginning 2025, hopefully, interest rates coming down will be a catalyst for that type of improvement.

我們預計這種情況在短期內不會有太大改善。正如你所指出的，可能是透過選舉。肯尼在我們的 2025 財年指南中表示，我們預計從本財年下半年開始宏觀背景會有所改善，因此從 2025 年開始，利率下降有望成為此類改善的催化劑。

Why would traffic be down? We believe it's the cumulative impact of inflation over the past three years, while inflation has moderated significantly over the past year. It's still a cumulative impact over the past three years of price increases. As always, we just go convert that into actions that we're taking. We can profitably grow our business even in a slower backdrop as we did in this most recent quarter.

為什麼流量會下降？我們認為這是過去三年通膨的累積影響，而過去一年通膨已顯著放緩。這仍然是過去三年價格上漲的累積影響。一如既往，我們只是將其轉化為我們正在採取的行動。即使在經濟放緩的背景下，我們也可以實現業務的獲利成長，就像我們在最近一個季度所做的那樣。

I'm really pleased with our performance in the non-restaurant segment, specifically FSM and travel and hospitality. We're doing very well in those two spaces. Our international local business growing notably. And within local in the US, I communicated on today's call, the actions that we're taking. We're not satisfied with our current rate of performance in local. We have a strong plan to improve throughout 2025.

我對我們在非餐廳領域的表現非常滿意，特別是密克羅尼西亞聯邦以及旅遊和酒店業。我們在這兩個領域做得很好。我們的國際本地業務顯著成長。在美國當地，我在今天的電話會議上傳達了我們正在採取的行動。我們對目前本地的表現並不滿意。我們制定了到 2025 年進行改進的強大計劃。

Great. And then as a follow up, you're now a few quarters into your new sales force hires. How is retention trending relative to your expectations? Does it become an even tougher to hold on to new salespeople in an increasingly challenging macro? And in some ramp becoming tougher for those with less direct foodservice sales experience?

偉大的。作為後續行動，您現在已經招募了新的銷售人員幾個季度了。與您的預期相比，保留趨勢如何？在日益嚴峻的宏觀情況下，留住新銷售人員是否會變得更加困難？對於那些直接餐飲服務銷售經驗較少的人來說，在某些方面會變得更加困難嗎？

Mark, thanks for the follow-up. We track our retention on a daily, weekly, monthly, quarterly basis. No notable callouts on turnover or retention. We have solid retention of colleagues. We don't anticipate the hiring of the new folks to change that dynamic, what the key to success for '25 will be is ramping up the productivity of that sales colleague workforce, providing them the training that they need.

馬克，感謝您的跟進。我們每天、每週、每月、每季追蹤我們的保留情況。沒有關於營業額或保留率的顯著標註。我們留住了很多同事。我們預計不會透過僱用新員工來改變這種動態，「25」成功的關鍵是提高銷售同事的生產力，為他們提供所需的培訓。

A lot of it is product training, to your point, depends on where they come from. If they come from a culinary background, if they were a sales rep at a competitor, we can ramp them up faster. If they're a good sales colleague, but they need to learn the food space, food business, there's a lot of product knowledge training that goes along with that.

就您而言，其中許多是產品培訓，這取決於他們來自哪裡。如果他們有烹飪背景，如果他們是競爭對手的銷售代表，我們可以更快地培養他們。如果他們是優秀的銷售同事，但他們需要學習食品領域、食品業務，那麼隨之而來的就是大量的產品知識培訓。

So the real key is actually that focus, intense, meaningful focus on the training of those new cohorts, working them up the productivity curve, that's the real key to success. That's why we've communicated that the hiring that we did throughout 2024 will positively impact 2025, but more in the back half. The majority of the hiring that we did for that net 450 colleague population was in the second half of fiscal 2024.

因此，真正的關鍵其實是專注、強烈、有意義地關​​注這些新員工的培訓，讓他們提高生產力曲線，這才是成功的真正關鍵。這就是為什麼我們表示，我們在 2024 年全年進行的招聘將對 2025 年產生積極影響，但在下半年影響更大。我們為這 450 名同事進行的大部分招聘是在 2024 財年下半年進行的。

Related tied to what you brought up is we introduced a new compensation model. I'm sure we'll get some questions about that on today's call. We will monitor retention of Colleagues very closely tied to that new comp model. But net-net, we're optimistic and confident that the new comp model will positively impact results.

與您提出的問題相關的是我們引入了一種新的薪酬模式。我確信我們會在今天的電話會議上收到一些相關問題。我們將監控與新薪酬模型密切相關的同事的保留。但是，我們對新的補償模型將對結果產生正面影響持樂觀態度和信心。

Hey, Mark, it's Kenny. Just one thing to add on the compensation model. One is, as I mentioned earlier, in the prepared remarks, we're shifting to a more variable incentive plan, which allows us to grow sales and commensurate with expenses. So matches outflows and inflows of cash, which also helps working capital.

嘿，馬克，我是肯尼。只需在薪酬模型上添加一件事。一是，正如我之前提到的，在準備好的發言中，我們正在轉向更具可變性的激勵計劃，這使我們能夠增加銷售額並與支出相稱。因此，現金流出和流入相匹配，這也有助於營運資金。

The other thing is this plan is the epitome of growing possibly, right? And what I mean by that is the construct of the plan rewards growth and profit. Paying those will be more, for example, a local case growth, Sysco-branded products, Total Team Selling, Specialty and the like. So it's truly a win-win for our sales professional as they have the opportunity to win to make more and for our company to create value on the P&L.

另一件事是這個計劃是可能成長的縮影，對嗎？我的意思是該計劃的結構獎勵增長和利潤。支付這些費用將更多，例如本地案例增長、Sysco 品牌產品、整體團隊銷售、專業等。因此，這對我們的銷售專業人員來說確實是雙贏，因為他們有機會贏得更多收入，而我們公司則可以在損益表上創造價值。

Great. Best of luck guys.

偉大的。祝大家好運。

Thanks, Mark.

謝謝，馬克。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you for the question. I first wanted to ask about the promotional environment. Obviously, restaurant industry challenged. Gross margin, look like it was down in the US foodservice business. Are you seeing an increase in promotional activity to drive customer acquisition more upfronts or discounts? And then any discussion on gross margin would be helpful. Thank you.

感謝你的提問。我首先想問宣傳環境。顯然，餐飲業面臨挑戰。美國餐飲服務業務的毛利率似乎下降。您是否發現促銷活動增加，以吸引更多預付款或折扣來吸引顧客？然後任何關於毛利率的討論都會有所幫助。謝謝。

Yeah, Lauren, good question. With traffic down to restaurants, cases per operator would be negatively impacted by that fact. And therefore, distributors of all types and all sizes are going to work hard to be able to get profitable cases to be put on their truck. So yeah, it's a competitive environment and competitive intensity increases when traffic is down. We, at Sysco, as you're well aware, operate at the highest profit margin rate in the industry.

是的，勞倫，好問題。隨著餐廳客流量下降，每個業者的病例數將受到這一事實的負面影響。因此，各種類型和各種規模的經銷商都將努力工作，以便能夠將有利可圖的箱子放在他們的卡車上。所以，是的，這是一個競爭環境，當流量下降時，競爭強度就會增加。如您所知，我們 Sysco 以業內最高的利潤率運作。

We are extremely disciplined in our process of evaluating pricing strategies for customers. We will not sell cases below cost. We are very disciplined in that regard. Our pricing system, pricing tool and pricing process enables for our RCs to sell competitively in the marketplace but within guardrail. So pleased with our performance in profit management during the most recent quarter, helps enable strong overall bottom line results. With that said, I'm going to toss to Kenny for a further comment on gross margin. Kenny, over to you.

我們在為客戶評估定價策略的過程中非常嚴格。我們不會以低於成本的價格出售箱子。我們在這方面非常有紀律。我們的定價系統、定價工具和定價流程使我們的 RC 能夠在市場上具有競爭力，但仍處於監管範圍內。我們對最近一個季度的利潤管理表現感到非常滿意，這有助於實現強勁的整體獲利結果。話雖如此，我將向肯尼請教關於毛利率的進一步評論。肯尼，交給你了。

Hey, Lauren. This is Kenny. Lauren, this is Kenny. So on gross margins and gross profit, a few things here. Taking a step back, gross profit for the quarter grew 4%, and gross profit per case grew 1% year-on-year. So for us, dollars really matters here. Now to directly answer your question on the margin front, the key driver of margin, slightly down year on year is because of the mix. So if you take a step back, we continue to grow and take share in the CMU space possibly and that action, while it's margin dollar accretive, it does dilute to some extent margin rate. So with that said, we'll continue to grow both CMU local and take share, which we have tangible actions again.

嘿，勞倫。這是肯尼。蘿倫，這是肯尼。關於毛利率和毛利，這裡有一些事情。退一步來說，該季度毛利成長了4%，每箱毛利年增了1%。所以對我們來說，美元在這裡真的很重要。現在直接回答你關於利潤率的問題，利潤率比去年同期略有下降的主要驅動因素是混合因素。因此，如果你退後一步，我們會繼續成長並可能在 CMU 領域佔據份額，這一行動雖然會增加保證金，但確實會在一定程度上稀釋保證金率。話雖如此，我們將繼續發展卡內基美隆大學本地業務並獲取份額，我們將再次採取實際行動。

And the other piece is Sysco brand. It was slightly down year over year, as you may have seen in the press tables. And we have tangible actions and plan as well to drive Sysco brand penetration for the remainder of the year. This includes additional product conversion opportunities, short-term incentives for targeted categories, and driving more product innovation as well. So I'm pretty confident that despite the fact that we already have roughly $22 billion Sysco sales annually, we can continue to penetrate on the space and drive margin for our P&L.

另一件是Sysco品牌。正如您在新聞發布會上看到的那樣，這一數字比去年同期略有下降。我們也有實際的行動和計劃來推動 Sysco 品牌在今年剩餘時間內的滲透。這包括額外的產品轉換機會、針對目標類別的短期激勵措施以及推動更多產品創新。因此，我非常有信心，儘管 Sysco 每年的銷售額已經達到約 220 億美元，但我們仍可以繼續滲透該領域並提高損益表利潤率。

Great. Very helpful. And then if I could ask about some comments on case growth. The cadence throughout the quarter, restaurant has seen a slowdown in June and July. Any thoughts on if that's where we should expect trend are running to start fiscal 1Q? And if we should expect relatively similar trends in 1Q to what you saw on 4Q. Thank you very much.

偉大的。很有幫助。然後我能否詢問一些關於病例增長的評論。整個季度的節奏，餐廳在六月和七月出現放緩。對於我們是否應該預期第一財季開始的趨勢有什麼想法？如果我們預期第一季的趨勢與第四季的趨勢相對相似。非常感謝。

Hello and thanks. We won't comment on July specifically, but I'd say Q1 macro environmental conditions are very similar to the exit velocity of Q4 and that's been factored into the guidance that we are providing today. And as I mentioned, we have the opportunity to grow our business profitably and be successful in that softer environmental conditions, and we anticipate some improvement in the second half of this fiscal year.

你好，謝謝。我們不會具體評論 7 月份，但我想說第一季的宏觀環境條件與第四季度的退出速度非常相似，這已被納入我們今天提供的指導中。正如我所提到的，我們有機會在較疲軟的環境條件下實現業務的盈利增長並取得成功，我們預計本財年下半年會出現一些改善。

New customer prospecting is an increased focus for our Sysco sales colleagues. 50% of the restaurant doors are not currently served by Sysco, and we have a substantial opportunity to grow our customer count, and we're very focused on that. The new compensation model that Kenny talked about, one of the key elements of that program is to intent and motivate new customer acquisition in a profitable way. Kenny, any additional thoughts?

新客戶挖掘日益成為我們 Sysco 銷售同事的關注重點。 50% 的餐廳目前不由 Sysco 提供服務，我們有很大的機會增加客戶數量，我們非常關注這一點。肯尼談到的新薪酬模式，該計劃的關鍵要素之一是以盈利的方式意圖和激勵新客戶的獲取。肯尼，還有其他想法嗎？

Sure. So from a pacing standpoint, just to provide color, as Kevin said, I agree. We're seeing similar industry traffic patterns from last quarter into this quarter. So now as you think about the guidance for the year of 4% to 5%, within that, we have volume at low single digits. And in particular, if you think about the pieces of that, most of the hires was completed in the back half of FY24. And the new compensation program was just recently rolled out as well. So we started seeing the financial benefit from this investment in the back half of fiscal year.

當然。因此，從節奏的角度來看，正如凱文所說，只是為了提供色彩，我同意。從上季到本季度，我們看到了類似的行業流量模式。因此，現在當你考慮今年 4% 至 5% 的指導時，我們的交易量處於較低的個位數。特別是，如果你考慮其中的各個部分，你會發現大部分的招募都是在 2024 財年下半年完成。新的補償計劃最近也剛推出。因此，我們在本財年後半段開始看到這項投資的財務收益。

Thank you very much. Very helpful.

非常感謝。很有幫助。

Thank you, Lauren.

謝謝你，勞倫。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great. Thanks for taking my question. So my question was on the sales force investments. You know, I understand you mentioned that retention has not changed materially, which is encouraging. I think there's some concern among investors that the changes that you're making, the large investments would create some disruption, maybe it's disruption of account switching salespeople, and that provides opportunity for competitors to kind of come in and take them.

偉大的。感謝您提出我的問題。所以我的問題是關於銷售團隊的投資。你知道，我知道你提到保留率沒有重大變化，這是令人鼓舞的。我認為投資者有些擔心，你正在做出的改變、巨額投資會造成一些幹擾，也許是對帳戶轉換銷售人員的干擾，這為競爭對手提供了進入並佔領他們的機會。

So the question is, should we expect a disruption in the near term. I mean, is that one reason why sales might be a little bit kind of weaker assets initiative gained seen. Just wanted to get your comments on the near-term impact of these investments.

所以問題是，我們是否應該預期短期內會出現混亂。我的意思是，這就是為什麼銷售可能會成為資產舉措較弱的原因之一。只是想聽聽您對這些投資的近期影響的評論。

Okay. Jake, very good. It's Kevin. I'll start just macro commentary about the new sales colleagues, a little bit more color on the comp model. I'll then toss to Kenny who can talk about how these two factors impact our guidance for the year and our confidence in delivering against the guidance that we provided for the year. So let's again, go back to the sales colleagues, net 450 new SEs. Let's do a refresh on the why we're doing this.

好的。傑克，非常好。是凱文。我將開始對新銷售同事進行宏觀評論，並對比較模型進行更多的描述。然後我將交給肯尼，他可以談談這兩個因素如何影響我們今年的指導，以及我們對兌現我們今年提供的指導的信心。讓我們再次回到銷售同事那裡，淨增加 450 個新 SE。讓我們回顧一下我們這樣做的原因。

Our territory sizes have grown larger than we would like them to be over the past few years, given the growth in our business the number of new customers that we're serving, and this is a relationships business. We desire for our SEs to be in our customers' accounts on a weekly basis, having quality conversations about the business of that restaurant, helping them with challenges and issues that they're facing to help profitably grow their business and ours. And that can only happen if they're in the backroom of the restaurant kitchen.

考慮到我們業務的成長以及我們所服務的新客戶數量的成長，我們的領土規模在過去幾年中已經超出了我們的預期，而這是一項關係業務。我們希望我們的SE每週都會出現在客戶的帳戶中，就該餐廳的業務進行高品質的對話，幫助他們解決所面臨的挑戰和問題，從而幫助他們和我們的業務實現盈利增長。只有當他們在餐廳廚房的後室時，這種情況才會發生。

So that's the net-net objective, increase boots on the ground in the restaurant, territory sizes had grown too large. So the positive yields of having increased base time outweighs the short term disruption of the territory realignment that, Jake, your good question is alluding to. But let me just put that in a little bit of context. So existing SEs, they would give up approximately on current customer to this net new hire. It's not like an existing SEs giving up 20%, 30% of their business. They're probably giving up one new customer, excuse me, existing customers.

這就是網路目標，增加餐廳地面上的靴子，領土面積已經變得太大了。因此，增加基地時間的積極收益超過了領土重新調整的短期破壞，傑克，你的好問題所提到的。但讓我把它放在一些背景下。因此，現有的SE，他們將大約放棄目前的客戶給這個淨新員工。這不像現有的社會企業放棄 20%、30% 的業務。他們可能會放棄一位新客戶，對不起，還有現有客戶。

We then expect that current SE to go backfill that, right, to grow their business. And then this new colleague who has a starter territory. The main job to be done by that person is to go get net new customers to Sysco. So the disruption that you're alluding to is real, but it's manageable given the net-net context that I provided. And the majority of this growth is coming from winning new customers to Sysco. So that's tied to the hiring. And it's not a flip of a switch, right? These are classes that are hired in cohorts. They hit the streets over time. This is why it's a gradual ramp-up of performance over time.

然後，我們預計目前的 SE 會回補這一點，以發展他們的業務。然後是這位新同事，他有一個入門領域。該人要做的主要工作是為 Sysco 吸引新客戶。因此，您提到的中斷是真實存在的，但考慮到我提供的網路環境，它是可以管理的。這一增長的大部分來自於為 Sysco 贏得新客戶。所以這與招募有關。這不是一個開關的翻轉，對吧？這些是按隊列僱用的課程。隨著時間的推移，他們走上街頭。這就是為什麼隨著時間的推移性能會逐漸提升。

The compensation change went live on July 1. So we are one month into that comp change. Again, a refresh on what we have done here. We've remixed base to bonus, aka, lowered base pay, putting more dollars into the incentive program. I want to be very clear about one thing, every sales colleague at Sysco has the opportunity to make more money in this new program than they were making before with uncapped earnings potential through the incentives. It is a net positive for our sales colleagues.

薪資變動於 7 月 1 日生效。所以我們已經進行了一個月的薪資調整。再次回顧一下我們在這裡所做的事情。我們重新混合了基本薪資和獎金，也就是降低了基本薪資，將更多的資金投入激勵計畫。我想明確一件事，Sysco 的每位銷售同事都有機會在這個新計劃中賺到比以前更多的錢，並且透過激勵措施獲得無限的收入潛力。這對我們的銷售同事來說是一個正面的結果。

But as Kenny talked about in his financial modeling, their pay will be consistent with their performance. For our top performers, this change is a very, very good change. It's the type of change that our top performers want. If you remember, back prior to COVID, they were on full commission. Our top performers, they want to be paid on their performance, and this program does more of that. For a lower performing colleague or a newer performing colleague, they need to improve their outcomes, and they need to improve those outcomes through behavior focused on key deliverables that we provide them coaching and resources to succeed against.

但正如肯尼在他的財務模型中談到的那樣，他們的薪酬將與他們的表現保持一致。對於我們表現最好的人來說，這個改變是一個非常非常好的改變。這是我們的頂尖員工想要的變革類型。如果你還記得，在新冠疫情爆發之前，他們是全薪的。我們的優秀員工希望根據自己的表現獲得報酬，而該計劃的作用更多。對於績效較低的同事或績效較新的同事，他們需要改善他們的成果，並且他們需要透過專注於關鍵可交付成果的行為來改善這些成果，我們為他們提供指導和資源以取得成功。

And it's that colleague population that needs to impact positive, their performance to make the type of money that they expect to make and that we want for them to make. Our sales leadership team, extremely focused on that population of colleague to help them be very successful in this new model. And Jake, we're going to monitor the change management of that very, very closely. And that would be a Q1, Q2 meaningful focus, which is why I said in my prepared remarks today, the comp model change that we put forward that started July 1, we'll have more of a second half of this year positive impact. Kenny, over to you for any additional comments.

正是這些同事需要對他們的表現產生正面的影響，以賺取他們期望賺到的錢，也是我們希望他們賺到的錢。我們的銷售領導團隊非常關注這群同事，幫助他們在這種新模式中取得巨大成功。傑克，我們將非常非常密切地監控變更管理。這將是第一季、第二季有意義的焦點，這就是為什麼我在今天準備好的發言中說，我們提出的從7 月1 日開始的補償模型變更，我們將在今年下半年產生更多積極影響。肯尼，如果您有任何補充意見，請留言。

Sure. Thanks, Kevin. So the sales hires, as we said before, this is ROIC positive, that's the headline news. We are deliberate in terms of when and where we add, meaning investing in high growth markets to ensure optimal return on investment. Now Jake, kind of the double hit on your question in terms of timing, there is some timing, given early on the full return isn't rendered given timing of the ramp, as Kevin mentioned, Kevin mentioned, not a flip able switch. So the good news is we have other levers in the P&L to ensure we achieve leverage from an enterprise standpoint, expand margins on the bottom line, which is all on the guide. All in all, we are confident with the return for our sales consultants and we're confident in our guide.

當然。謝謝，凱文。因此，正如我們之前所說，銷售人員的招募對投資回報率是正面的，這是頭條新聞。我們對添加的時間和地點進行了深思熟慮，這意味著投資於高成長市場，以確保最佳的投資回報。現在，傑克，在時間方面對你的問題進行了雙重打擊，有一些時間，考慮到在斜坡時間的早期，完全返回並沒有呈現，正如凱文提到的，凱文提到的，不是一個可翻轉的開關。因此，好消息是我們在損益表中還有其他槓桿，以確保我們從企業的角度實現槓桿，擴大利潤的利潤，這些都在指南上。總而言之，我們對銷售顧問的回報充滿信心，對我們的指南充滿信心。

Thank you.

謝謝。

John Heinbockel, Guggenheim.

約翰·海因博克爾，古根漢。

So Kevin, I want to start with going back to US gross margin, right? Because that was sort of an unusual decline versus what we've seen from you and others. So I guess as I understand it, the bulk of that -- the bulk of the 32 basis points was mix, both customer and product. So is that fair? Do you think that -- is that a one-off or the idea we're sort of going to be in negative territory here for a little bit. And then I'm not sure what you put into your guide for '25 on US growth. Did you sort of assume flattish and a rebound in the back half of the year?

凱文，我想先回到美國的毛利率，對吧？因為與我們從您和其他人那裡看到的情況相比，這是一種不同尋常的下降。所以我想，據我了解，32 個基點中的大部分是混合的，包括客戶和產品。那麼這公平嗎？你認為這是一次性的嗎？然後我不確定你在 25 年美國經濟成長指南中寫了什麼內容。您是否認為下半年會出現持平和反彈？

Hey, John. Good morning. I'll start, Kevin. I'll toss to Kenny for the comments on the '25 performance. So it's customer mix and Sysco brand percentage mix are the two primary drivers. As Kenny said, we've profitably grown our CMU business. Key there is profitably grown. We've improved our profitability of CMU, and we have some real solid wins in that space. And we grew national CMU faster than local in the most recent quarter, which applied some margin rate pressure to the overall.

嘿，約翰。早安.我要開始了，凱文。我將向肯尼詢問 25 年表演的評論。因此，客戶組合和 Sysco 品牌百分比組合是兩個主要驅動因素。正如肯尼所說，我們的 CMU 業務已經實現獲利成長。關鍵是獲利成長。我們提高了卡內基美隆大學的獲利能力，並且在該領域取得了一些真正紮實的勝利。最近一個季度，我們全國 CMU 的成長速度快於本地，這給整體帶來了一定的利潤率壓力。

We're pleased with our gross margin performance within the local business. It's a customer mix shift, see our comments on the need to improve our local performance that we're not satisfied with our local case growth performance. We are going to grow our [local piece] business responsibly and profitably. We're not going to chase cases to chase cases, we will be disciplined. We will be pragmatic and thoughtful, but we need to improve our local case performance, and we will, and we anticipate that impacting positively our 2025 business performance.

我們對本地業務的毛利率表現感到滿意。這是客戶組合的轉變，請參閱我們對提高本地績效的必要性的評論，我們對本地案例成長績效不滿意。我們將以負責任且有利可圖的方式發展我們的[本地業務]業務。我們不會追案子，我們會受到紀律處分。我們將務實且深思熟慮，但我們需要提高本地案例績效，我們會這樣做，並且我們預計這會對我們 2025 年的業務績效產生積極影響。

The second part, Sysco brand, Kenny did some key commentary early about that. If I could just add one piece of color to Sysco brand. One of the backdrop as to why Sysco brand was slightly down on a percent basis year-over year. To be clear, Sysco pieces -- Sysco brand pieces were up 2%. Year over year, our GP dollars from Sysco brand was up 3.2%, but there was a minor percentage reduction of mix to national brand products. Here's the key point. Fill rates of national brand suppliers have improved on a year over-year basis and a quarter-over-quarter basis. So there's less substitution happening from national brand out of stocks into Sysco brand.

第二部分，Sysco品牌，Kenny很早就對此做了一些關鍵評論。如果我能為 Sysco 品牌添加一種顏色就好了。這是 Sysco 品牌同比略有下降的背景之一。需要明確的是，Sysco 品牌的產品上漲了 2%。與去年同期相比，我們來自 Sysco 品牌的 GP 美元增長了 3.2%，但與國內品牌產品的混合比例略有下降。這是關鍵點。國內品牌供應商的填充率較去年同期均有所改善。因此，缺貨的國內品牌被 Sysco 品牌取代的情況較少。

While that has a slight negative impact on margin rate, that's actually a good thing for our business. It's a good thing for our operations. We want our suppliers to fill on time and ship to Sysco, including our national suppliers. And it's a good thing that national supplier fill rate improvement has stepped up. In the meantime, it has a moderate impact.

雖然這對保證金率有輕微的負面影響，但這對我們的業務來說實際上是一件好事。這對我們的營運來說是一件好事。我們希望我們的供應商（包括我們的國內供應商）能夠按時發貨並運送到 Sysco。國家供應商填充率的提高是件好事。同時，它具有中等影響。

We are confident that we can increase Sysco Brand penetration. Kenny talked to those house by providing value to our customers, motivating our colleagues through their performance evaluations to be focused upon it and bringing product innovation to our customers through Sysco brand. So Kenny, over to you for any comments about the modeling for '25?

我們有信心提高 Sysco 品牌的滲透率。Kenny 與這些公司進行了交談，為我們的客戶提供價值，透過績效評估激勵我們的同事專注於此，並透過 Sysco 品牌為我們的客戶帶來產品創新。那麼肯尼，請您對 25 年的模特兒有什麼意見嗎？

Yeah, John. So the way to think about the modeling is, as you -- as Kevin talked about, as we start realizing benefits from our sales consultants investments, new compensation models, the Sysco brand, actually, Kevin talked about, that should drive further leverage on the GP side. You should expect GP dollar per case to expand for us on a year-on-year basis for 2025. And the thing we haven't talked about is also specialty.

是的，約翰。因此，考慮建模的方法是，正如凱文所談到的，當我們開始意識到我們的銷售顧問投資、新的薪酬模式、Sysco 品牌的好處時，實際上，凱文談到，這應該會進一步推動全科醫生方面。您應該預計 2025 年我們每箱的 GP 美元將同比增長。而我們沒有談到的也是專業。

Specialty is also a GP accretive action for us. And that business has grown very well for us as well. So both of -- all three things, Sysco brand in terms of -- and the local sales and also specialty growth will all drive GP dollar per case for us.

專業對我們來說也是一種GP增值行動。我們的業務也發展得非常好。因此，Sysco 品牌這三件事以及本地銷售和專業成長都將推動我們每箱的 GP 美元成長。

All right. And maybe as a quick follow-up. The -- just curious going -- sort of going back to existing account opportunity, right, particularly you free up some time here for existing sales consultants. I know there's a headwind, right, a macro headwind, but maybe touch on that opportunity, right, to make some improvement in existing wallet share. And then I guess, Kevin, when you think about local case growth, I mean, I think you want to get into the 2% to 3% range, ultimately. What do you think is a reasonable target or the target that you would have for sort of exit rate of fiscal '25? Is that a fair exit rate? Or is that an optimistic one?

好的。也許作為一個快速的後續行動。只是奇怪的是，有點回到現有的客戶機會，對吧，特別是你可以為現有的銷售顧問騰出一些時間。我知道存在逆風，對吧，宏觀逆風，但也許會觸及這個機會，對吧，對現有錢包份額做出一些改進。然後我想，凱文，當你考慮當地病例增長時，我的意思是，我認為你最終希望進入 2% 到 3% 的範圍。您認為 25 財年退出率的合理目標或目標是什麼？這是一個公平的退出率嗎？或者說這是一種樂觀的態度？

Yeah. Just the first part of your question first, I'll toss to Kenny. He's always going to be the one that talks about the guidance that we have provided, and case growth is part of that guidance. So we'll do that part. The two main levers for existing customer case penetration improvement opportunity that I would highlight is the total team selling opportunity that Greg Bertrand covered at our Investor Day.

是的。首先，我會把你問題的第一部分拋給肯尼。他總是會談論我們提供的指導，而病例增長是該指導的一部分。所以我們會做那部分。我要強調的現有客戶案例滲透改進機會的兩個主要槓桿是格雷格·伯特蘭（Greg Bertrand）在我們的投資者日介紹的整個團隊銷售機會。

We have a very large sample size now of customers that we have sold from a total team selling perspective. And when we can bring that specialty produce sales rep from FreshPoint into an existing Broadline account or bring a sales protein expert from our SSMG business, specialty meat business into an account, that customer spends 3 times more with Sysco. And those are cases.

我們現在擁有非常大的客戶樣本，我們從整體團隊銷售的角度銷售了這些客戶。當我們可以將 FreshPoint 的特色產品銷售代表引入現有的 Broadline 帳戶，或將 SSMG 業務（特色肉類業務）的銷售蛋白質專家引入帳戶時，該客戶在 Sysco 上的支出就會增加 3 倍。這些都是案例。

Those are cases that are higher average ticket and those are cases that are probably going on a specialty distributors truck today and getting them on the Sysco truck or on a FreshPoint truck is a meaningful positive. So we are meaningfully focused on that total team selling opportunity. We have tremendous data, and we know exactly which customers are using that type of product and not buying it from Sysco.

這些案件的平均票價較高，這些案件今天可能會在專業分銷商的卡車上進行，將它們放在 Sysco 卡車或 FreshPoint 卡車上是一個有意義的積極因素。因此，我們有意義地關​​注整個團隊的銷售機會。我們擁有大量數據，我們確切地知道哪些客戶正在使用該類型的產品而不是從 Sysco 購買該產品。

We have prospect lists. We track those prospect lists on an ongoing basis. Our compensation systems are properly calibrated to reward that behavior. We can track it by geography. We can track it by site. We are tremendously focused on moving the needle on winning with specialty. It's our number one opportunity to improve cases per operator within existing customers.

我們有潛在客戶名單。我們持續追蹤這些潛在客戶名單。我們的薪酬制度經過適當調整，以獎勵這種行為。我們可以透過地理來追蹤它。我們可以透過站點追蹤它。我們非常專注於以專業取勝。這是我們改善現有客戶中每個營運商案例的首要機會。

The second vector, though, that just again has tremendous upside still despite multiple years of success is our Sysco Your Way neighborhoods. Those neighborhoods tended to be previously prior to Sysco Your Way, neighborhoods where we under-penetrated both cases per operator and number of doors covered, most likely and most often because these are urban areas where Sysco historically has underrepresented from a market share perspective.

儘管取得了多年的成功，第二個向量仍然具有巨大的上升空間，那就是我們的 Sysco Your Way 社群。這些社區往往是在Sysco Your Way 之前的社區，我們在每個運營商的案例和覆蓋的門數方面都滲透不足，很可能也是最常見的，因為從市場份額的角度來看，這些社區歷來是Sysco 代表性不足的城市地區。

Sysco Your Way, we've got internal goals. We've [now] quoted those statistics externally to increase our market share of existing customers. And we have many neighborhoods that are hitting those targets and many more that still have lots of growth potential. So those are the two things I'm most excited about. Sysco Your Way penetration opportunities and total team selling penetration opportunities. For your modeling question on how to think of local case growth, I'll toss to Kenny. Kenny, over to you.

Sysco Your Way，我們有內部目標。我們[現在]已對外引用這些統計數據，以增加我們現有客戶的市場份額。我們有許多社區正在實現這些目標，還有更多社區仍然具有巨大的成長潛力。所以這是我最興奮的兩件事。Sysco Your Way 滲透機會和整個團隊銷售滲透機會。對於您關於如何考慮本地病例增長的建模問題，我將拋給肯尼。肯尼，交給你了。

Hey, John. So you can expect local volume to be roughly low single digits growth for the year. Again, for the entire company as well, low single digits and as part of our guide in which we are confident as we believe these targets are achievable.

嘿，約翰。因此，您可以預期今年本地銷售將大致呈現低個位數成長。同樣，對於整個公司來說，也是低個位數，並且作為我們指南的一部分，我們充滿信心，因為我們相信這些目標是可以實現的。

Thank you.

謝謝。

Thanks, John.

謝謝，約翰。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi. Good morning, guys. Kenny, I wanted to start with the guidance and maybe some color on the cadence of how you think that's the guidance for the year. If I look at the volume, obviously, you're expecting a volume improvement through the year, both from the new associates as well as some market improvement in the back half. I'm not sure how meaningful that is. But then you have offsets, I guess, around things like corporate, which looked like they may be down quite a bit early on.

你好。早上好傢伙。肯尼，我想從指導開始，也許還有一些關於你認為今年指導的節奏的顏色。如果我看一下銷量，顯然，您預計今年的銷量會有所改善，這既來自新員工，也來自下半年的市場改善。我不確定這有多大意義。但我猜想，圍繞企業之類的事情，你會得到抵消，這些事情看起來可能很早就出現了下滑。

So how do we think about the cadence of the guidance? And specifically, are you comfortable with the Q1 consensus number? Because consensus expectations have you up around the same amount each quarter?

那我們要如何看待指導的節奏呢？具體來說，您對第一季的共識數字感到滿意嗎？因為共識預期每季的漲幅大約相同？

Yeah. So let me answer your last first. So I am confident in the Q1 number, and I'm confident with the full-year guidance on number as well. Just to recap before your guide '25 is within the algo range that we've talked about on Investor Day. So that's the point number one. And you see your first question is more around the cadence and the phasing of the forecast, Ed?

是的。所以讓我先回答你的最後一個。因此，我對第一季的數字充滿信心，對全年的數位指引也充滿信心。在您的指南 '25 處於我們在投資者日討論的演算法範圍內之前回顧一下。這就是第一點。你看你的第一個問題更多的是關於預測的節奏和階段，艾德？

Yes.

是的。

Yeah. So from a phasing standpoint, we do -- so let me take it in pieces here. From an industry traffic standpoint, as we mentioned, that will improve modestly in the back half of the year. That is our expectation. That's point number one. In terms of the benefits from the investments SEs, given those that were high in the back half as well as the compensation model that Kevin rolled out -- as we rolled out in July 1 that -- we should see the benefit in the back half of the year as well.

是的。因此，從分階段的角度來看，我們確實這樣做——所以讓我在這裡把它分成幾個部分。正如我們所提到的，從行業流量的角度來看，下半年情況將略有改善。這是我們的期望。這是第一點。就投資 SE 的收益而言，考慮到後半段的收益較高以及 Kevin 推出的薪酬模式（正如我們在 7 月 1 日推出的那樣），我們應該會看到後半段的收益也是今年的。

In terms of, call it, productivity, which is another holder of our P&L, that should be throughout the year, meaning we have good momentum from corporate this year down 10%, the assets that we took in Q3, and that rolls over into Q1 immediately, therefore, we expect leverage in Q1. And that is the gift that keeps on giving, Ed, because it's not just a rollover. We also have robust productivity along the next four quarters as well.

就生產力而言，它是我們損益表的另一個持有者，應該是全年的，這意味著我們今年的企業勢頭良好，下降了10%，我們在第三季度獲得的資產，並將轉入因此，我們預期第一季將出現槓桿化。這就是持續給予的禮物，艾德，因為這不僅僅是翻轉。未來四個季度我們的生產力也將強勁。

And then from a supply chain standpoint, we do expect as well continued progress on piece per labor hour and productivity. In fact, Q4 was the highest productivity month supply chain and across the past couple of years since COVID actually had. So we do expect that benefit to be more of a consistent throughout the year. Obviously, you have the inflation wage side, but from a productivity standpoint, that was day 1 for us enter the new fiscal year. So productivity consistent throughout the year. Volume we expect more back half given that, that's how we expect the industry to bounce back in the second half of the year.

然後從供應鏈的角度來看，我們確實預期每工時件數和生產力也會持續進步。事實上，第四季是供應鏈生產力最高的月份，也是過去幾年自新冠疫情以來生產力最高的月份。因此，我們確實預期全年的收益會更加一致。顯然，你有通貨膨脹工資方面，但從生產力的角度來看，那是我們進入新財政年度的第一天。因此生產力全年保持一致。有鑑於此，我們預計下半年銷量會更多，這就是我們預計該行業在下半年反彈的方式。

Got it. And then just a quick follow-up on international. Sales inflected in Q4, obviously, you're still very optimistic about this this business. I don't think that the macro over there is anything special. So I'm just curious. Maybe talk about momentum in the business and expectations for '25 there?

知道了。然後是國際方面的快速跟進。第四季銷售額出現了轉捩點，顯然你對這個業務還是非常看好的。我不認為那邊的宏有什麼特別的。所以我只是好奇。也許可以談談業務的發展勢頭以及對 25 年的期望？

Hey, good question. Thank you for asking about international. You're right that the improvement in our performance, the growth year over year, the profit improvement year over year is not from a macro. One of your terms is self-help activities in international. Productivity improvement within our supply chain has helped the P&L tremendously, in Europe specifically.

嘿，好問題。感謝您詢問有關國際的問題。你說得對，我們業績的改善、逐年的成長、逐年的獲利改善不是來自宏觀。你們的術語之一是國際自助活動。我們供應鏈內生產力的提高極大地幫助了損益，特別是在歐洲。

We're putting in improved technology to be more efficient, which is, again, helping with our productivity. Sysco brand being introduced in countries that did not have it before, which is helping on gross profit expansion. The local case growth that I mentioned, which was 5% local case growth in international is from a concerted effort on running the Sysco play, as we call it, which is Sysco Your Way being added, Perks being added, adding resources to the local sales force in international countries. Several of our larger international countries, Ed, were over indexed on CMU National.

我們正在採用改進的技術來提高效率，這再次有助於提高我們的生產力。Sysco品牌被引入之前沒有品牌的國家，這有助於毛利的擴張。我提到的本地病例增長，即國際本地病例增長 5%，來自於運行 Sysco 遊戲（我們稱之為 Sysco Your Way）的共同努力，添加了 Sysco Your Way，添加了 Perks，為本地增加了資源。國際國家的銷售團隊。Ed，我們的幾個較大的國際國家在 CMU National 上的指數過高。

So we're going to maintain, retain and grow profitably in our CMU business with a real meaningful focus on improving local. We have a team that started in our US business that's now leaning and helping with each of those international countries with their local business. And we're really pleased with the results, and we expect that improvement to continue into 2025. Kenny, is there anything you'd like to say about international?

因此，我們將真正有意義地專注於改善本地業務，以維持、保留和成長 CMU 業務的利潤。我們有一個從美國業務起步的團隊，現在正在向這些國際國家/地區的本地業務提供支援和幫助。我們對結果非常滿意，我們預計這種改善將持續到 2025 年。肯尼，關於國際比賽你有什麼想說的嗎？

Yeah. So for international, we have a global operating model that's working as we're replicating the success of Recipe for Growth, and it's working across international markets. I think if you look at the full year, we were top line 7% growth, bottom line, 24%. I do think one interesting fact is it's not just one market. If you look at across our portfolio, every market sitting within, for example, Europe and International Americas for the year, grew double digit on operating income, every market, right, between Europe and international, America. So it's not just one market leading it. So the benefit that we're seeing is pervasive across the board and we expect that to continue in 2025.

是的。因此，對於國際市場，我們擁有一個全球營運模式，該模式正在發揮作用，我們正在複製成長秘訣的成功，並且它正在跨國際市場發揮作用。我想如果你看看全年，我們的收入成長了 7%，收入成長了 24%。我確實認為一個有趣的事實是這不僅僅是一個市場。如果你縱觀我們的投資組合，你會發現今年歐洲和國際美洲等每個市場的營業收入都實現了兩位數成長，歐洲和國際美洲之間的每個市場都實現了兩位數成長。因此，這不僅僅是一個市場的主導。因此，我們看到的好處是普遍存在的，我們預計這種情況將在 2025 年持續下去。

Thank you.

謝謝。

Thanks, Ed.

謝謝，艾德。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yes, thanks. Good morning, guys. Kenny, just your comments on corporate costs. I know you took some actions in 3Q, right? So that's still kind of a benefit in the first half of the year. But are there ongoing actions just on the corporate cost side, specifically, do you still think you can see improvement there throughout the course of this fiscal year?

對了謝謝。早上好傢伙。肯尼，只是您對公司成本的評論。我知道你們在第三季採取了一些行動，對嗎？所以這對上半年來說仍然是一種好處。但是，僅在企業成本方面是否有持續的行動，具體來說，您是否仍然認為在本財年整個過程中可以看到改善？

Hey, Brian. Good to talk to you. Yes, the answer is a resounding yes, but let me take a backstep on this one. So corporate expense for the quarter, $205 million. That was down 10% as we talked about. But I also think it's important to note, it was down 7% quarter-over-quarter, driven by the structural cost out we did in Q3. And Brian, to your question, we are looking for more, and we've done more.

嘿，布萊恩。很高興和你說話。是的，答案是肯定的，但讓我在這個問題上退一步。因此，本季的公司支出為 2.05 億美元。正如我們所說，下降了 10%。但我還認為值得注意的是，由於我們在第三季進行的結構性成本削減，該季度環比下降了 7%。布萊恩，對於你的問題，我們正在尋找更多，我們已經做了更多。

This includes digital, automation, shared service deployment, indirect third-party procurement savings as well. So the answer is, we've done $120 million-plus last year. Part of it carries over into the new fiscal, and we have a robust pipeline to ensure we continue to execute the product that we play across the year.

這包括數位化、自動化、共享服務部署、間接第三方採購節省。所以答案是，我們去年的營收超過 1.2 億美元。其中一部分會延續到新的財政年度，我們擁有強大的管道來確保我們繼續執行我們全年所玩的產品。

Specifically in international, in particular, we have structural cost improvement opportunities international that we're very focused on. They've already done great work international, which is driving the outsized profit improvement versus domestic US, and we expect that to continue.

特別是在國際上，我們非常關注國際上的結構性成本改善機會。他們已經在國際市場上做出了出色的工作，這推動了與美國國內相比的大幅利潤改善，我們預計這種情況將繼續下去。

Okay. Thanks. Your 2% inflation outlook. Is that fairly even through the year? Is it kind of some of the same items driving that that you called out most recently? Or could you elaborate on that?

好的。謝謝。您的 2% 通膨前景。全年情況是否相當均勻？您最近提到的驅動因素是否與某些相同？或是能詳細說明一下嗎？

Yeah. Even throughout the year -- this is Kevin. There will be ups and downs by category. Kenny always talks about; we have 13 different category baskets. Some will be up, some will be down. We expect that roughly approximately 2%, which, by the way, we're there right now. We are at that level right now, and we have modeled it, and we expect it to be reasonably consistent at that level throughout the year.

是的。即使是全年——這就是凱文。按類別會有起伏。肯尼總是談論；我們有 13 個不同類別的籃子。有些會上升，有些會下降。我們預計這個數字大約是 2%，順便說一下，我們現在就達到這個數字。我們現在正處於這個水平，我們已經對其進行了建模，我們期望它全年都在這個水平上保持相當一致。

Thank you.

謝謝。

Thank you.

謝謝。

Kendall Toscano, Bank of America.

肯德爾·托斯卡諾，美國銀行。

Hi. Thanks for taking my question. Just curious, I know you talked last quarter a bit about maybe needing to see restaurants take down our investment prices a little in order to drive an improvement in industry volumes. So curious if you've seen kind of any of that starting to play out? And when you are assuming a -- that the macro backdrop improves in the back half of next year, is that assuming that there is some price investment by the restaurant operators? Thanks.

你好。感謝您提出我的問題。只是好奇，我知道您在上個季度談到可能需要看到餐廳稍微降低我們的投資價格，以推動行業銷售的改善。很好奇您是否已經看到其中任何一個開始上演？當你假設宏觀背景在明年下半年有所改善時，這是假設餐廳經營者進行了一些價格投資嗎？謝謝。

Kendall, it's Kevin. Thank you for the question. It's up to our customers to decide what to do with their menu prices, obviously. What we started with and what we focus on are things we, Sysco, can do to help them, driving improved purchasing economics, sharing in the value of that purchasing economic favorability with our customers, advancing Sysco brand, providing them with products that save them time, save them money, precooked products when it's appropriate for their menu, et cetera, et cetera.

肯德爾，是凱文。感謝你的提問。顯然，由我們的顧客決定如何處理他們的菜單價格。我們的出發點和重點是我們 Sysco 可以幫助他們做的事情，推動改善採購經濟性，與客戶分享採購經濟優勢的價值，提升 Sysco 品牌，為他們提供拯救他們的產品時間，節省金錢，在適合他們菜單的情況下預煮產品，等等。

So those are the things we can do. Those are the things we will do. We're here to help. As it relates to -- are we seeing movement? Yes, we're seeing movements, specifically within QSR. I think that has been a sector that has written a lot and said a lot about the lower-income customer and the impact that raised prices have had upon them. You're seeing a lot of value menu activity happening out there within the QSR space. I do believe it will help that activity. I believe for the other restaurant types, it is about the quality of the product that they're serving, the quality of that in-restaurant experience. And again, us, we being Sysco, providing them with value.

這些就是我們可以做的事情。這些就是我們要做的事。我們隨時為您提供協助。正如它所涉及的——我們看到了運動嗎？是的，我們看到了一些變化，特別是在 QSR 領域。我認為這個行業已經寫了很多文章，也說了很多關於低收入客戶以及漲價對他們的影響的內容。您會看到 QSR 領域正在發生許多有價值的選單活動。我確實相信這對這項活動有幫助。我相信對於其他類型的餐廳來說，重要的是他們所提供的產品的品質以及餐廳內體驗的品質。再說一遍，我們，我們是 Sysco，為他們提供價值。

As we thought about this year, we didn't model into the year lower menu prices as one of the change vectors within our guide. We expect for consumer confidence to be moderately better in the second half than the first half, mostly through interest rate reductions. Hopefully, they begin later in this calendar year. Mortgage rates coming down, that has a psychological impact on consumers as you're well aware. So our second half more optimism is more tied to mortgage rates and interest rates than it is to menu price.

正如我們今年所考慮的那樣，我們沒有將今年較低的菜單價格作為我們指南中的變化向量之一。我們預計下半年消費者信心將略好於上半年，這主要是透過降息。希望他們能在今年晚些時候開始。眾所周知，抵押貸款利率下降對消費者產生心理影響。因此，我們下半年的樂觀情緒與抵押貸款利率和利率更相關，而不是與菜單價格相關。

And then my main point here, and this is what I want to end, we, Sysco can profitably grow our business in these market conditions. We have share we can take profitably. We have new customers that we can acquire. We have penetration opportunities, back to John Heinbockel's question, with produce and protein. And we are going to profitably grow this business in these market conditions. And all of that obviously was built into the guide that we have for year -- excuse me, for the year. Kendall, I'll toss back to you if you have a follow-up.

然後我的要點是，這就是我想要結束的，我們 Sysco 可以在這些市場條件下獲利地發展我們的業務。我們有可以獲利的份額。我們有可以獲得的新客戶。回到約翰·海因博克爾的問題，我們在農產品和蛋白質方面有滲透機會。我們將在這些市場條件下實現這項業務的獲利成長。所有這些顯然都已納入我們今年的指南中——對不起，是今年的指南。肯德爾，如果你有後續行動，我會回覆你。

Thank you. Just one quick -- another question I had was I know you mentioned the decline in private label penetration. Did you talk about what drove that?

謝謝。我的另一個問題是，我知道你提到了自有品牌滲透率的下降。你有沒有談過是什麼推動了這一點？

Yeah. The primary driver is improvement in national supplier fill rate inbound to Sysco. So when a national brand supplier isn't able to ship, we have substitute alternatives. And most often, that substitute alternative is a Sysco brand because we do a great job of keeping our Sysco brand products in stock at our facilities. So overall, it's a good thing for the industry that national supplier fulfillment rates have increased and improved. It is a good thing.

是的。主要驅動因素是 Sysco 國內供應商填充率的提高。因此，當國內品牌供應商無法出貨時，我們有替代品。大多數情況下，替代品是 Sysco 品牌，因為我們在我們的設施中保持 Sysco 品牌產品的庫存方面做得很好。因此，總體而言，國家供應商履約率的提高和改善對整個產業來說是一件好事。這是一件好事。

Nobody likes substitutes. Customers don't like them. Our warehouse operations get their on curveballs when we have to do substitute. So net-net, it's a good thing. It's a short-term small headwind on the percent of cases, Sysco brand. But again, we grew our pieces, Sysco brand. We grew our profit, Sysco brand. Long term, we are bullish on Sysco brand. We are working on providing trade management deals to all of our customer types. And as I mentioned earlier, we've increased the importance of Sysco brand penetration on our performance objectives for fiscal 2025.

沒有人喜歡替代品。顧客不喜歡它們。當我們必須進行替代時，我們的倉庫運作就會陷入困境。所以網絡網絡，這是一件好事。這對 Sysco 品牌的案例百分比來說是一個短期的小阻力。但我們再次擴大了我們的產品，Sysco 品牌。我們增加了 Sysco 品牌的利潤。長期來看，我們看好Sysco品牌。我們致力於為所有類型的客戶提供貿易管理交易。正如我之前提到的，我們提高了 Sysco 品牌滲透率對 2025 財年業績目標的重要性。

Thanks, again.

再次感謝。

Thank you.

謝謝。

And ladies and gentlemen, due to time constraints, that will conclude our question-and-answer session and Sysco's fourth-quarter conference call. Thank you for your participation. You may disconnect your lines at this time, and everyone have a wonderful day.

女士們先生們，由於時間有限，我們的問答環節和 Sysco 第四季電話會議即將結束。感謝您的參與。此時您可以斷開線路，大家度過美好的一天。