西斯柯 (SYY) 2025 Q1 法說會逐字稿

Welcome to Sysco's first quarter fiscal year 2025 conference call. As a reminder, today's call is being recorded. We will begin with opening remarks and introductions.

歡迎參加 Sysco 2025 財年第一季電話會議。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。

I would now like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

我現在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 first quarter fiscal year 2025 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 2025 財年第一季財報電話會議。出席今天的電話會議的有董事會主席兼執行長 Kevin Hourican；以及我們的財務長張肯尼（Kenny Cheung）。

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 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，本簡報中陳述公司或管理層對未來的意圖、信念、期望或預測的陳述屬於《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。

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 June 29, 2024, 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更多資​​訊包含在該公司向 SEC 提交的文件中。這包括但不限於我們截至 2024 年 6 月 29 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。

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 be found in the Investors section of our website.

非公認會計準則財務指標包含在我們今天的評論和簡報幻燈片中。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. If you have a follow-up question, we ask that you re-enter the queue.

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上。如果您有後續問題，我們要求您重新進入隊列。

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

此時，我們想將電話轉給 Kevin Hourican。

Good morning, everyone, and thank you for joining us today. During our call this morning, I will provide an update on general marketplace conditions, highlight Sysco's specific performance results, provide some color on select priority initiatives, and re-confirm Sysco's previously issued full year 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，我將提供有關一般市場狀況的最新信息，重點介紹 Sysco 的具體業績結果，對選定的優先計劃提供一些說明，並重新確認 Sysco 之前發布的全年指導。

Let's get started with a brief update on the overall food-away-from-home marketplace. Food traffic to restaurants was down 3.6% for the first quarter, a roughly 100-basis-point erosion from the fourth quarter. With that said, traffic trends improved throughout the quarter, with July down 5%, August down 4%, and September, down 3%. The traffic data just referenced includes the impact from significant hurricanes that occurred in the beginning and ending of the quarter.

讓我們先簡單介紹一下整體外送市場的最新情況。第一季餐廳的食品流量下降了 3.6%，比第四季下降了約 100 個基點。儘管如此，整個季度的流量趨勢有所改善，其中 7 月下降 5%，8 月下降 4%，9 月下降 3%。剛才所引用的交通數據包括本季初和末發生的重大颶風的影響。

We are cautiously optimistic that recent actions by the Federal Reserve, lower general gas prices and getting past the election will positively impact food-away-from-home traffic in the second half of our fiscal year. Notably, the improvement in Q1 food traffic data was evident across all restaurant types. To help matters, we see restaurant owners taking actions on menu pricing to improve their value proposition. This is a positive for the industry overall.

我們謹慎樂觀地認為，聯準會最近的行動、整體汽油價格下降以及大選過後將對我們本財年下半年的外出食品運輸產生積極影響。值得注意的是，所有類型餐廳的第一季食品流量數據都有明顯改善。為了幫助解決問題，我們看到餐廳老闆在菜單定價上採取了行動，以改善他們的價值主張。這對整個行業來說是一個利好。

Sysco can help restaurant operators achieve lower menu prices through our Sysco brand assortment and through value-added products that help save restaurants time and money. An example of this is our FreshPoint business that provides [pre-cut] products that help remove prep work from the kitchen.

Sysco 可以透過我們的 Sysco 品牌分類和幫助餐廳節省時間和金錢的增值產品，幫助餐廳經營者實現更低的菜單價格。我們的 FreshPoint 業務就是一個例子，該業務提供[預切]產品，幫助消除廚房的準備工作。

Turning to the non-restaurant sectors. We are seeing strong performance across the board with particular strength coming from the business and industry sector as more companies are encouraging work from the office. As Kenny has said many times, these non-commercial sectors tend to be more resilient to overall economic conditions, and we are seeing that in our current results.

轉向非餐飲業。隨著越來越多的公司鼓勵在辦公室工作，我們看到了各方面的強勁表現，尤其是商業和工業領域的強勁表現。正如肯尼多次說過的那樣，這些非商業部門往往對整體經濟狀況更具彈性，我們在當前的表現中看到了這一點。

Turning from macro industry trends to Sysco's specific performance, we delivered the following results within our first quarter. Total revenue of $20.5 billion, a growth of 4.4%. The revenue growth was fueled by US. Food service volume growth of 2.7% plus moderate inflation. Our volume growth was generated by 5.5% national volume growth and 0.2% local volume growth. Adjusted operating income grew 2.2% for the period, supported by disciplined expense control. We delivered an adjusted earnings per share of $1.09, a growth of 1.9% to prior year.

從宏觀產業趨勢轉向 Sysco 的具體業績，我們在第一季提供了以下結果。總營收205億美元，成長4.4%。收入成長是由美國推動的。食品服務量成長 2.7%，加上溫和的通膨。我們的銷售成長是由 5.5% 的全國銷售成長和 0.2% 的本地銷售成長所推動的。在嚴格的費用控制的支持下，調整後的營業收入在該期間增加了 2.2%。我們的調整後每股收益為 1.09 美元，比上年增長 1.9%。

Most importantly, our first quarter results have Sysco on track for our full year guidance and we are reconfirming our full year guidance on today's call. While we are pleased with many aspects of the quarter, we see opportunities for improvement within our performance.

最重要的是，我們第一季的業績使 Sysco 步入了全年指導的軌道，我們在今天的電話會議上再次確認了我們的全年指導。雖然我們對本季度的許多方面感到滿意，但我們看到了業績改進的機會。

I'll start first with the strength points of the quarter. I am particularly pleased with our International Business segment. We grew our international top line 3% for the quarter and grew adjusted operating income an impressive 12%. Our strong profit growth is being generated by expanding Sysco brand presence, operational improvements in the business and the introduction of higher-margin categories into select international geographies. Adding to the success is strong strategic sourcing programs that are now running globally and the expansion of our Sysco Your Way local sales program.

我首先從本季的優勢點開始。我對我們的國際業務部門特別滿意。本季我們的國際營收成長了 3%，調整後的營業收入成長了 12%，令人印象深刻。我們強勁的利潤成長是透過擴大 Sysco 品牌影響力、業務營運改善以及在選定的國際地區推出利潤率更高的類別來實現的。更成功的是目前在全球範圍內運行的強大戰略採購計劃以及我們的 Sysco Your Way 本地銷售計劃的擴展。

In addition to the success in international, our national sales business is performing at a very high level. We continue to onboard high-quality net new national business with strong margin profiles across restaurants and the non-commercial sectors. These new customer wins will continue our strong track record of performance in the national business sector.

除了在國際上的成功外，我們的國內銷售業務也表現出非常高的水準。我們繼續開展高品質的淨新全國業務，在餐廳和非商業領域具有強勁的利潤率。這些新客戶的贏得將繼續我們在全國商業領域的強勁業績記錄。

As we have said many times, national sales customers help us leverage our fixed costs, increase our purchasing scale with suppliers and improve our delivery route density as these deliveries are interspersed with our local deliveries.

正如我們多次所說的，全國銷售客戶幫助我們利用固定成本，增加我們與供應商的採購規模，並提高我們的交付路線密度，因為這些交付與我們的本地交付交織在一起。

Our SYGMA segment had an extremely strong quarter, growing sales 7.3% and operating income 38.5%. It is great to see our SYGMA business return to sales and volume growth after resetting our customer base to a more appropriate business mix. We are confident that SYGMA will continue to deliver strong results over the remainder of the year.

我們的 SYGMA 部門本季表現極為強勁，銷售額成長 7.3%，營業收入成長 38.5%。在將我們的客戶群重置為更合適的業務組合後，很高興看到我們的 SYGMA 業務恢復銷售和銷售成長。我們相信 SYGMA 將在今年剩餘時間內繼續取得強勁業績。

Our specialty platform continues to win in the marketplace with our ttal team selling program picking up pace and momentum. We are introducing our produce and protein specialty businesses to more Sysco Broadline customers, increasing our ability to serve customer needs, retain their business and grow our profit contribution. We expect total team selling to accelerate and help move Sysco towards our longer-term goal of a $20 billion specialty portfolio.

我們的專業平台繼續在市場上獲勝，我們的整體團隊銷售計劃不斷加快步伐和勢頭。我們正在向更多 Sysco Broadline 客戶介紹我們的農產品和蛋白質特種業務，從而提高我們滿足客戶需求、保留他們的業務並增加我們利潤貢獻的能力。我們預計整個團隊的銷售將加速，並幫助 Sysco 實現 200 億美元專業產品組合的長期目標。

As we discussed at our Investor Day in May, the growth comes from a simple equation. When a Sysco Broadline customer buys from one Sysco specialty business, their total purchases are 3x higher than if they buy from just Broadline. Today, we have thousands of Sysco customers that only buy from our Broadline business. We intend to change that over time and have made this work a top priority for our sales organization.

正如我們在五月的投資者日討論的那樣，成長來自一個簡單的方程式。當 Sysco Broadline 客戶從 Sysco 一家專業企業購買產品時，他們的總購買量比僅從 Broadline 購買時高出 3 倍。如今，我們有數千名 Sysco 客戶只從我們的 Broadline 業務購買產品。我們打算隨著時間的推移改變這種狀況，並將這項工作作為我們銷售組織的首要任務。

We will be adding our Edward Don business to the Total Team Selling mix as we advance integration efforts. To that end, we are very pleased with the status of our Edward Don business. We have a compelling opportunity to introduce our equipment and supplies offering to Sysco customers, large and small. Over time, we believe we have international opportunities with this platform as well. With those business wins in context, there are elements of our business that need to strengthen.

隨著我們推進整合工作，我們將把 Edward Don 業務添加到整體團隊銷售組合中。為此，我們對 Edward Don 業務的現狀感到非常滿意。我們有一個絕佳的機會向 Sysco 大大小小的客戶介紹我們的設備和耗材產品。隨著時間的推移，我們相信我們也可以透過這個平台獲得國際機會。在取得這些業務勝利的背景下，我們的業務中有一些要素需要加強。

I'd like to start with local case growth. As I stated in my introduction, our local business was up 0.2% for the quarter. We are growing our local business despite negative 3.6% foot traffic. However, we know we can take share and drive higher volume profitably. To reiterate what I mentioned in our last quarterly call, we have a focused plan to drive increased local case growth.

我想從當地病例的成長開始。正如我在介紹中所述，本季我們的本地業務成長了 0.2%。儘管人流量為負 3.6%，但我們仍在發展本地業務。然而，我們知道我們可以搶佔市場份額並提高銷量，從而實現盈利。重申我在上一季電話會議中提到的內容，我們有一個重點計畫來推動當地病例的成長。

I'd like to provide a brief update on our status of those efforts. Most importantly, in the last quarter, we introduced a new sales consultant compensation model. This was a needed change that went live on the July 1. We remixed our sales consultant compensation reducing base pay by approximately $1 and adding $1.50 to earnings incentives. Net-net, every single Sysco sales colleague has the opportunity to make more money in this new program, but their pay will have a higher correlation to their performance.

我想簡單介紹一下我們這些努力的最新進展。最重要的是，在上個季度，我們推出了新的銷售顧問薪酬模式。這是一項必要的更改，並於 7 月 1 日生效。我們重新調整了銷售顧問的薪酬，將基本工資減少了約 1 美元，並增加了 1.50 美元的收入誘因。Net-net中，每位Sysco銷售同事都有機會在這個新計劃中賺更多的錢，但他們的薪酬將與他們的績效有更高的相關性。

Notably, our top-performing colleagues are excited by this change and are indeed making more money as they continue to grow their book of business profitably. We are very confident that the new model is the right structure and possesses the right constructs to motivate all Sysco colleagues to actively engage our customers in selling and support activities.

值得注意的是，我們表現得最好的同事對這項變化感到興奮，隨著他們不斷擴大業務利潤，他們確實賺了更多的錢。我們非常有信心，新模型是正確的結構，並擁有正確的構造，可以激勵所有 Sysco 同事積極讓我們的客戶參與銷售和支援活動。

During our Q1, we experienced some short-term transitional issues as we work through the change management of the new program. We expect the positive impact of the comp change will be felt as we transition into the second half of this fiscal year.

在第一季度，我們在進行新計劃的變更管理時遇到了一些短期過渡問題。我們預計，當我們進入本財年下半年時，將會感受到薪酬變化的正面影響。

Topic two, regarding local sales is the status of our incremental sales headcount. We are very focused on upskilling our 2024 cohort of new colleagues to enable their success. Our 2024 hiring court continues to receive product training and selling skills training to help them advance their book of business. Our 2025 hiring cohorts will be metered across the year to balance the hiring with the pace and the health of the P&L. We will not go too fast or too slow. We will be firmly at the wheel of the hiring pace throughout the year, and we continue to have strong success in filling our job requisitions with high-quality candidates from competition and from the industry overall.

話題二，關於本地銷售，是我們增量銷售人員的狀況。我們非常注重提升 2024 年新同事的技能，以幫助他們取得成功。我們的 2024 年招聘法庭將繼續接受產品培訓和銷售技能培訓，以協助他們拓展業務。我們將全年對 20​​25 年的招募隊伍進行計量，以平衡招募與損益表的節奏和健康狀況。我們不會走得太快或太慢。我們將全年牢牢掌握招聘節奏，並繼續在從競爭和整個行業中找到高品質候選人來滿足我們的職位申請方面取得巨大成功。

We are seeing initial progress with our US broadline local business results, as our exit velocity for the quarter was stronger than our entry point. We have modeled our improvement trajectory for the remainder of the year and have confidence that our improvement will support our ability to deliver our full year P&L.

我們看到美國廣泛的本地業務業績取得了初步進展，因為本季的退出速度強於我們的進入點。我們已經對今年剩餘時間的改進軌跡進行了建模，並相信我們的改進將支持我們實現全年損益的能力。

To that end, we have proof points with select geographies already hitting our growth expectations. These regions are ahead of the curve in regards to implementing change and are succeeding in running our go-to-market selling program. They give us the proof points and the confidence that the total company can and will achieve the outcomes that we expect.

為此，我們有證據表明某些地區已經達到了我們的成長預期。這些地區在實施變革方面處於領先地位，並成功實施了我們的上市銷售計劃。它們為我們提供了證據和信心，讓我們相信整個公司能夠並且將會實現我們期望的結果。

The last thing I'd like to discuss today regarding our business outcomes is our margin performance for the quarter. We delivered a gross profit margin of 18.3% for the quarter, 27 basis points below 2024. There are 3 primary causes of that year-on-year performance. A, customer mix. B, strategic sourcing timing, and C, Sysco brand penetration.

今天我想討論的關於我們業務成果的最後一件事是我們本季的利潤率表現。我們本季的毛利率為 18.3%，比 2024 年低 27 個基點。造成同比表現的主要原因有 3 個。A、客戶組合。B、策略採購時機，C、Sysco 品牌滲透率。

Starting with customer mix, our strong relative growth in national sales has a downward rotation on margin percentage. We expect the gap between national and local sales volume to compress as the year progresses which will decrease this mix impact.

從客戶組合開始，我們在全國銷售方面的強勁相對成長導致了利潤率的下降。我們預計隨著時間的推移，全國和地方銷售之間的差距將縮小，這將減少這種混合影響。

Secondly, as it relates to our strategic sourcing efforts, we saw a lower contribution from vendor negotiations in the first quarter on a year-on-year basis. I want to be very clear that this is a timing-only topic that is unique to the first half of 2025. We have full confidence that our strategic sourcing efforts in 2025 will enable delivery of our margin targets for the full year. The strategic sourcing program will have a strong contribution year to go.

其次，由於與我們的策略採購工作相關，我們發現第一季供應商談判的貢獻較去年同期有所下降。我想明確指出，這是一個 2025 年上半年特有的時間主題。我們完全有信心，我們 2025 年的策略採購工作將能夠實現我們全年的利潤目標。戰略採購計畫今年將做出巨大貢獻。

Lastly, our Sysco brand penetration is down nominally year-over-year. This is mostly due to customer mix shift with a small percentage impact from improved fill rates from national brand suppliers. Sysco brand remains a compelling strength point for the company with approximately 50% of our cases sold to local street customers being a Sysco brand product. In total, we have full confidence that margin management will be a strength point for the full year, and therefore, we have full confidence in reiterating our full year profit guidance.

最後，我們的 Sysco 品牌滲透率名義上年減。這主要是由於客戶組合的轉變，以及國內品牌供應商填充率提高的一小部分影響。Sysco 品牌仍然是該公司的一個引人注目的優勢，我們向當地街頭客戶出售的大約 50% 的箱子都是 Sysco 品牌產品。總的來說，我們完全有信心保證金管理將成為全年的優勢，因此我們有充分的信心重申全年利潤指引。

As I transition out of the business results, I have a few miscellaneous topics that I'd like to cover today. At an investor conference in September, we announced our intention to sell our share of our Mexico JV partnership. The business is not material to our top or bottom line. Exiting the Mexico market is the display of ROIC decision-making framework in action. By exiting Mexico, we are focusing our capital, technology investments and human capital leadership to higher-yield priorities across the globe. We will buy and sell assets as appropriate to maximize our business value creation.

當我從業務結果中過渡出來時，我今天想討論一些雜項主題。在 9 月的投資者會議上，我們宣布打算出售我們在墨西哥合資企業夥伴關係中的股份。該業務對我們的營收或利潤並不重要。退出墨西哥市場是ROIC決策架構在行動中的體現。透過退出墨西哥，我們將把我們的資本、技術投資和人力資本領導力集中到全球更高收益的優先事項。我們將酌情購買和出售資產，以最大限度地創造我們的業務價值。

To that end, we recently acquired Campbells Prime Meat, a specialty meat business within the UK. The Scotland-based business is the number one, specialty meat company in the region. By integrating Campbell's compelling product offerings and custom cut capabilities with our Sysco Great Britain Broadline business, we will enable total team selling in the geography. We will continue to look for high-quality assets that complement our business offerings.

為此，我們最近收購了英國的特種肉品 Campbells Prime Meat。這家總部位於蘇格蘭的企業是該地區排名第一的特色肉品公司。透過將金寶湯引人注目的產品和客製化切割能力與我們的 Sysco Great Britain Broadline 業務相結合，我們將實現整個團隊在該地區的銷售。我們將繼續尋找優質資產來補充我們的業務。

As I wrap up my remarks this morning, I will summarize with the following. Sysco has delivered strong business outcomes in our International segment, our national sales business and our SYGMA segment. We expect that these businesses will continue their success in the year to go, if not pick up further momentum. We have a strong plan in place to drive improvement in our local business, and we are beginning to see the initial progress with our broadline efforts, with the exit velocity of our quarter being stronger than the entry point, and we have confidence in our improvement actions due to the strong results being delivered by regions that are ahead of the change curve.

當我結束今天上午的演講時，我將總結如下。Sysco 在我們的國際業務、國內銷售業務和 SYGMA 業務領域取得了強勁的業務成果。我們預計，這些企業即使沒有進一步的發展勢頭，也將在未來一年繼續取得成功。我們制定了強有力的計劃來推動本地業務的改善，並且我們開始看到我們的廣泛努力取得了初步進展，本季度的退出速度強於進入點，我們對我們的改進充滿信心由於領先於變化曲線的地區所取得的強勁成果而採取的行動。

Margin management will be a strength point for the full year. We have a direct line of sight to the actions that will deliver our full year margin performance. The combination of these factors gives me and Kenny the full confidence to reiterate our guidance for the full year. With 3 quarters to go in the year, we have our leadership team extremely focused on our top priorities.

利潤管理將成為全年的優勢點。我們直接關注將實現全年利潤率表現的行動。這些因素的結合使我和肯尼有充分的信心重申我們對全年的指導。今年還有 3 個季度，我們的領導團隊非常專注於我們的首要任務。

I thank all of those leaders and our entire 76,000-plus colleagues for their work focus. They are the best team in the industry, and I'm proud to work with them every day, serving Sysco's 100,000-plus global customers. Our future is bright, and I'm excited for what lies ahead.

我感謝所有這些領導者和我們 76,000 多名同事的工作重點。他們是業內最優秀的團隊，我很自豪每天與他們一起工作，為 Sysco 的 100,000 多家全球客戶提供服務。我們的未來是光明的，我對未來感到興奮。

I'll now turn it over to Kenny, who will provide a detailed review of Q1 performance and select fiscal year 2025 guidance commentary. Kenny, over to you.

我現在將其交給 Kenny，他將詳細回顧第一季的業績並選擇 2025 財年指導評論。肯尼，交給你了。

Thank you, Kevin, and good morning, everyone. Our performance this quarter included sales growth and improved profitability in addition to returning meaningful cash back to shareholders. As Kevin mentioned earlier, restaurant [foot] traffic was down 4% during Q1. Traffic levels also improved throughout the quarter, an important positive signal for the industry.

謝謝你，凱文，大家早安。我們本季的業績包括銷售成長和獲利能力提高，以及向股東返還大量現金。正如 Kevin 之前提到的，第一季餐廳[人流]下降了 4%。整個季度的流量水平也有所改善，這對該行業來說是一個重要的積極信號。

Here at Sysco, we are focused on executing on the things that we can control as the market leader by growing share profitably. This includes continued improvements to the core business to better align expenses with volume growth, improving supply chain productivity and corporate expenses, all while delivering world-class customer service. We exited the quarter with stronger year-over-year top and bottom line growth rates during the month of September, adding to our confidence in our full year guidance.

在 Sysco，我們專注於執行我們作為市場領導者可以透過增加利潤份額來控制的事情。這包括持續改善核心業務，以更好地調整支出與銷售成長，提高供應鏈生產力和企業支出，同時提供世界一流的客戶服務。我們在 9 月以較去年同期更強勁的營收和利潤成長率結束了本季度，這增強了我們對全年指引的信心。

While traffic is an important proxy for industry health, Sysco has proven our ability to grow in any environment. Looking back at the past 12 months, we've seen, on average, 600-basis-point positive spread between our growth and industry traffic to accrete leverage on our P&L. We believe the current macro and industry challenges are transitory. And as volumes improve, we believe we are well positioned to fully leverage our size and scale advantages.

雖然流量是行業健康狀況的重要指標，但 Sysco 已經證明了我們在任何環境中成長的能力。回顧過去 12 個月，我們發現我們的成長和產業流量之間平均存在 600 個基點的正利差，增加了我們損益表的槓桿作用。我們認為當前的宏觀和行業挑戰是暫時的。隨著銷售量的增加，我們相信我們已做好充分利用我們的規模和規模優勢的準備。

Additionally, our strong investment-grade balance sheet, coupled with our robust operating cash flow allows us to invest in business and reward our shareholders. We remain on target to return $2 billion back to shareholders this fiscal year through share repurchase and dividends. Looking ahead to the remainder of the year, we continue to expect a more normal rate of top line growth, in particular from local in the second half of the year.

此外，我們強大的投資等級資產負債表，加上強勁的營運現金流，使我們能夠投資業務並回報股東。我們的目標仍然是本財年透過股票回購和股利向股東返還 20 億美元。展望今年剩餘時間，我們繼續預期營收成長將更加正常，尤其是下半年的本地收入成長。

The second half is expected to deliver mix benefits as well as other P&L benefits from our actions across operations. This includes our plan to escalate strategic sourcing efforts this year, which we expect will positively impact gross profit dollars and margins in the second half. This will be coupled with continued supply chain expense rigor, which we expect to progress over the course of the year.

下半年預計將透過我們跨業務的行動帶來混合效益以及其他損益效益。這包括我們今年加大策略採購力度的計劃，我們預計這將對下半年的毛利和利潤率產生正面影響。這將與持續嚴格的供應鏈費用相結合，我們預計這一點將在今年取得進展。

Additionally, we are optimizing our portfolio with an ROIC lens by announcing the planned divestment of our JV in Mexico, which will enable us to redeploy resources on higher-margin, higher-growth international markets. We are confident that our incremental actions will deliver positive operating leverage as we progress into FY25 and beyond.

此外，我們宣布計劃撤資墨西哥合資企業，透過投資報酬率鏡頭優化我們的投資組合，這將使我們能夠在利潤率更高、成長更快的國際市場上重新部署資源。我們相信，隨著我們進入 2025 財年及以後，我們的增量行動將帶來積極的營運槓桿。

Now turning to a summary of our reported results for the quarter, starting on Slide 14. For the first quarter, our enterprise sales grew 4.4%, driven by US. Foodservice growing 4.6%, international growing 3% and SYGMA growing 7.3%. This sales growth is within our guidance and the algorithm, which we shared during Investor Day.

現在從投影片 14 開始總結本季的業績報告。第一季度，在美國的推動下，我們的企業銷售額成長了 4.4%。餐飲服務成長 4.6%，國際成長 3%，SYGMA 成長 7.3%。這種銷售成長符合我們在投資者日分享的指導和演算法範圍內。

With respect to volume, total US. Foodservice volume increased 2.7% and local volume increased 0.2%. Don positively impacted US. Foodservice volumes by 2.6% and local volumes by 1.6%. National volume growth in the quarter also included margin expansion driven by contract renewals with existing customers and new customer wins. We produced $3.8 billion in gross profit, up 2.9% and gross margin of 18.3% was down 27 basis points due to national mix increase, decrease in Sysco brand penetration and timing of benefits from strategic sourcing.

就數量而言，美國總量。餐飲服務量成長 2.7%，本地服務量成長 0.2%。唐對美國產生了正面的影響。餐飲服務量成長 2.6%，本地服務量成長 1.6%。本季全國銷售的成長還包括與現有客戶續約合約和贏得新客戶推動的利潤率擴張。我們的毛利為 38 億美元，成長 2.9%，毛利率為 18.3%，下降了 27 個基點，原因是全國組合的增加、Sysco 品牌滲透率的下降以及策略採購的效益時機。

Kevin spoke to the updated sales compensation model rollout at the start of Q1, resulting in a sequential improvement in new customer acquisition, an important step to drive future penetration related to growing share of wallet. Second half gross margins are expected to expand from growing local, improving Sysco brand penetration and driving strategic sourcing benefits to the bottom line.

Kevin 談到了第一季初推出的更新的銷售薪酬模型，該模型導致新客戶獲取量連續改善，這是推動與錢包份額不斷增長相關的未來滲透率的重要一步。下半年毛利率預計將因本地成長、Sysco 品牌滲透率提高以及將策略採購效益推向利潤而擴大。

Our gross profit dollar improvement reflected our ability to continue to effectively manage product inflation, which came in at 2.2% for the total enterprise, consistent with our expectations. Specific to Sysco brand, penetration rates decreased by 59 basis points to 36.5% in US broadline and 55 basis points to 47% in US local results. We continued to improve with local customers with single units despite pressure from local businesses with multiple units, we tend to utilize more national brand products.

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 2.2%，與我們的預期一致。具體到 Sysco 品牌，美國寬線滲透率下降 59 個基點至 36.5%，美國本土滲透率下降 55 個基點至 47%。儘管來自擁有多臺本地企業的壓力，我們仍繼續改進單一本地客戶，我們傾向於使用更多的國家品牌產品。

As Kevin mentioned, our national brand suppliers have improved fill rates as of late. We have a strong history of growing Sysco brand penetration, and we have trade management actions to improve the mix and penetration over the course of the year. We continued to improve corporate expenses, which were down 14.5% from the prior year on an adjusted basis, driven by the efficiency work that we deployed in FY24 and incremental actions during the quarter.

正如凱文所提到的，我們的國內品牌供應商最近提高了填充率。我們在提高 Sysco 品牌滲透率方面擁有悠久的歷史，我們採取了貿易管理行動來改善這一年的產品組合和滲透率。在我們 2024 財年部署的效率工作和本季增量行動的推動下，我們持續改善企業支出，調整後的企業支出比上年下降 14.5%。

Overall, adjusted operating expenses were $2.9 billion for the quarter or 14.1% of sales, an 18 basis points improvement from the prior year, reflecting supply chain and corporate expense efficiencies. Our supply chain remains fully staffed. We continue to improve colleague retention year-over-year with retention more than doubling and we are building on productivity gains with pieces per labor hour up low to mid-single digits year-over-year.

總體而言，本季調整後的營運支出為 29 億美元，佔銷售額的 14.1%，比上年提高 18 個基點，反映了供應鏈和企業支出效率。我們的供應鏈仍配備充足的人員。我們繼續逐年提高同事的留任率，留任率增加了一倍以上，並且我們正在提高生產率，每工時的件數同比上升到低至中個位數。

Turning to field expenses. We remain disciplined around the pacing of our sales professional hires and we'll focus on the quality and return on investments of the new hires. We are deliberate and disciplined on when and where we add. These investments are well laddered with this year's hires starting to drive financial contributions next year and thereafter. Looking at it from a different angle, approximately 50% of the year-over-year increase in adjusted operating expenses was driven by our investments in higher selling expenses, which includes sales professional hires and depreciation expenses related to new facilities.

轉向現場費用。我們仍然嚴格控制銷售專業人員的招募節奏，並將重點放在新員工的品質和投資回報。我們在添加的時間和地點上是經過深思熟慮和嚴格遵守的。這些投資是階梯式的，今年的員工開始推動明年及以後的財務貢獻。從不同角度來看，調整後營運費用年增率的約 50% 是由我們對較高銷售費用的投資所推動的，其中包括銷售專業人員的聘用和與新設施相關的折舊費用。

Two examples would be our net new distribution centers in Allentown, Pennsylvania for Sysco broadline and Los Angeles for our [Greco] business. The return of these investments will not be in the period, but several quarters later as we bring new customers into the fold, driven by the capacity available from these new buildings. These actions will help contribute to positive operating leverage for the year. Overall, adjusted operating income was $873 million for the quarter.

兩個例子是我們在賓州阿倫敦為 Sysco Broadline 設立的淨新配送中心和在洛杉磯為我們的 [Greco] 業務設立的淨新配送中心。這些投資的回報不會在此期間實現，而是在幾個季度後，我們將在這些新建築的可用容量的推動下引入新客戶。這些行動將有助於為今年帶來積極的營運槓桿。整體而言，本季調整後營業收入為 8.73 億美元。

Our International segment continued to deliver substantial growth demonstrating positive operating leverage and margin expansion. This included a 12.1% increase in adjusted operating income with our teams successfully executing the Sysco playbook and growing substantially across Canada and Europe.

我們的國際部門繼續實現大幅成長，證明了積極的營運槓桿和利潤率擴張。其中包括調整後營業收入成長 12.1%，我們的團隊成功執行了 Sysco 方案，並在加拿大和歐洲大幅成長。

Adjusted operating income growth also benefited from SYGMA contributing 38.5% profit growth as we continue to focus on profit enhancement and growth from the additions of new customers. We were able to prune our portfolio by exiting customers last year that did not meet our profit thresholds and bringing in new customers at healthier margin profile.

調整後的營業收入成長也受益於 SYGMA 貢獻的 38.5% 的利潤成長，因為我們繼續專注於利潤的提高和新客戶增加帶來的成長。去年，我們透過退出未達到利潤門檻的客戶並以更健康的利潤率引入新客戶來修剪我們的投資組合。

For the quarter, adjusted EBITDA increased to $1.1 billion or up 4.4%. The health of our balance sheet remains a source of competitive advantage and it's industry-leading. We ended the quarter at a 2.7x net debt leverage ratio, which is within our target. We ended the quarter with $11.6 billion in net debt and approximately $3.3 billion in total liquidity, which is substantially above our minimum threshold. Our debt is well laddered without any maturities over $1 billion until FY27.

本季調整後 EBITDA 增至 11 億美元，增幅 4.4%。我們的資產負債表的健康狀況仍然是競爭優勢的源泉，並且處於行業領先地位。本季結束時，我們的淨負債槓桿率為 2.7 倍，在我們的目標之內。本季末，我們的淨債務為 116 億美元，流動性總額約為 33 億美元，遠高於我們的最低門檻。我們的債務階梯式良好，到 2027 財年為止，任何期限都不會超過 10 億美元。

Turning to our cash flow. We generated approximately $53 million in operating cash flow and increased our free cash flow for the quarter by $81 million. Our first quarter is typically our lowest cash flow quarter of the year due to seasonality with the improvement this quarter showing strong quality of earnings and prudent management of working capital.

轉向我們的現金流。我們產生了約 5,300 萬美元的營運現金流，本季的自由現金流增加了 8,100 萬美元。由於季節性原因，我們的第一季通常是一年中現金流量最低的季度，本季的改善顯示了強勁的獲利品質和審慎的營運資本管理。

Our strong financial position enabled us to return more than $359 million to shareholders this quarter. We remain confident in growing both top and bottom line results in FY25, in line with our financial algorithm range. We continue to be confident as we believe this algorithm is achievable and one we can deliver on a consistent basis.

我們強勁的財務狀況使我們本季向股東返還超過 3.59 億美元。我們仍有信心在 2025 財年實現營收和利潤的成長，這與我們的財務演算法範圍一致。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。

Importantly, we are reiterating our 2025 guidance metrics as seen on Slide 20. 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 benefits from M&A during the year. All in, we are guiding to adjusted EPS growth of 6% to 7%, in line with our financial algorithm range.

重要的是，我們重申了投影片 20 所示的 2025 年指引指標。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。我們也預計今年將受益於併購。總而言之，我們預計調整後每股收益將成長 6% 至 7%，與我們的財務演算法範圍一致。

Regarding phasing for the year, the second quarter will include benefits from an improved traffic environment relative to Q1. Q2 will also include significant comparisons, lapping the highest level of local case growth of 2024 and over 11% adjusted EPS growth. All in for the quarter, we currently expect a slight sequential improvement in the rate of adjusted EPS growth year-over-year relative to Q1, with the growth rate turning more positive in the second half.

就今年的分階段而言，第二季將受益於相對於第一季交通環境的改善。第二季也將進行重大比較，達到 2024 年當地個案成長的最高水平，調整後每股盈餘成長超過 11%。總而言之，我們目前預計本季調整後每股盈餘年增率將比第一季略有改善，下半年成長率將變得更加積極。

We continue to believe the second half will benefit from a stronger macro, modest industry traffic improvements and benefits from our investments in sales professionals and other growth initiatives. Additionally, we expect second half margins to benefit from our sourcing efforts, leveraging our unique scale advantages. This is essentially an expansion of strategic sourcing benefits to include a wider basket of categories and further leveraging our geographic buying power as well as improving inbound freight to further optimize COGS, minimizing touch points across our network. All in, we expect a stronger rate of adjusted EPS growth in the second half of the year.

我們仍然相信，下半年將受益於更強勁的宏觀經濟、適度的行業流量改善以及我們對銷售專業人員的投資和其他成長舉措的好處。此外，我們預計下半年的利潤率將受益於我們的採購工作，並利用我們獨特的規模優勢。這本質上是戰略採購優勢的擴展，包括更廣泛的類別，並進一步利用我們的地理購買力以及改善入境貨運以進一步優化銷貨成本，最大限度地減少我們網路中的接觸點。總而言之，我們預計下半年調整後每股盈餘成長率將更高。

Consistent with our ROIC focus, we plan to divest our JV in Mexico. This is expected to impact international sales on an annualized basis by approximately $500 million and will be immaterial from a profit standpoint.

與我們的投資報酬率重點一致，我們計劃剝離我們在墨西哥的合資企業。預計這將影響年化國際銷售額約 5 億美元，但從利潤角度來看並不重要。

Turning to expenses. We remain on target to deliver positive operating leverage based on our sales professionals moving up the productivity curve and a continuation of process improvements from FY24 across our supply chain and corporate expenses. For example, supply chain productivity was the strongest in September, critically important as expense improvements essentially flow through to the bottom line.

轉向開支。我們的目標仍然是，基於我們的銷售專業人員提高生產力曲線以及從 2024 財年開始在我們的供應鏈和公司費用方面持續進行流程改進，提供積極的營運槓桿。例如，供應鏈生產力在 9 月最為強勁，這一點至關重要，因為費用改善基本上會影響利潤。

As I mentioned before, there is muscle memory across the organization, and our year-to-go actions will help develop a stronger operating model that positions us to grow share profitably. We continue to expect strong conversion rates from adjusted EBITDA to operating and free cash flow for FY25, and we plan to reward our shareholders by distributing essentially all our annual free cash flow with over $1 billion in dividends and $1 billion in share repurchases, which can flex up depending on M&A activity.

正如我之前提到的，整個組織都有肌肉記憶，我們未來一年的行動將有助於發展更強大的營運模式，使我們能夠在有利可圖的情況下增加份額。我們仍然預計25 財年從調整後EBITDA 到營運現金流和自由現金流的轉換率將很高，並且我們計劃透過分配幾乎所有年度自由現金流來獎勵我們的股東，其中包括超過10 億美元的股息和10 億美元的股票回購，這可以根據併購活動靈活調整。

We also expect to operate within our stated target of 2.5x to 2.75x net leverage for the year. The adjusted tax rate for FY '25 is expected to remain at approximately 25%, driven by the implementation of the global minimum tax. We continue to evaluate additional actions to offset this impact. Our adjusted Q1 tax rate included timing benefits and planning initiatives.

我們也預計今年的淨槓桿率將達到 2.5 倍至 2.75 倍的既定目標。受全球最低稅實施的推動，25 財年調整後的稅率預計將維持在 25% 左右。我們將繼續評估採取其他行動來抵消這種影響。我們調整後的第一季稅率包括時間效益和規劃措施。

In closing, I'm confident in our FY25 guidance and our ability to deliver on our long-term financial algorithm. We believe we are taking the right steps for the long-term benefit of the business and unlocking value that we reward our shareholders. I look forward to our progress ahead. We are positioned to win. Thank you for your time today.

最後，我對我們的 2025 財年指引以及我們實現長期財務演算法的能力充滿信心。我們相信，我們正在採取正確的步驟，以實現企業的長期利益，並釋放我們回報股東的價值。我期待著我們未來的進步。我們已經做好了必勝的準備。感謝您今天抽出時間。

I'll now pass the call back to Kevin.

我現在將電話轉給凱文。

Thank you, Kenny. Before turning it over to questions, I want to acknowledge the recent passing of Ed Shirley, our former Chairman of the Board. Ed had a tremendous impact on Sysco over his 8 years of dedicated service. His mentorship, wisdom, experience and joy for life will be missed. Our thoughts are with Ed's family.

謝謝你，肯尼。在提出問題之前，我想感謝我們前董事會主席 Ed Shirley 最近去世。Ed 在 8 年的熱忱服務中對 Sysco 產生了巨大影響。他的指導、智慧、經驗和生活樂趣將被懷念。我們的心與艾德的家人同在。

With that, operator, we're now ready for questions.

接線員，我們現在準備好回答問題了。

(Operator Instructions) Kelly Bania, BMO Capital.

（操作員指令）Kelly Bania，BMO Capital。

Good morning and thanks for taking our questions. Just wanted to maybe start off with a quick one about the stronger exit trends in September. Can you just maybe drill down and elaborate on what is driving that? And are you willing to comment about where you're tracking in October?

早安，感謝您提出我們的問題。只是想先快速介紹一下 9 月更強勁的退出趨勢。您能深入研究並詳細說明是什麼推動了這一趨勢嗎？您願意評論一下 10 月的追蹤情況嗎？

And then just in terms of bigger picture question, you remain quite positive on the impact from the compensation change into the second half? And can you just help us understand what gives you that confidence, quantify the effect that, that change had on local case growth in the quarter? And if low single digit is still the target for fiscal '25?

然後就更大的問題而言，您對下半年薪資變化的影響仍然非常樂觀？您能否幫助我們了解什麼讓您有信心，量化這項變化對本季當地病例成長的影響？如果低個位數仍然是 25 財年的目標？

Kelly, good morning, This is Kenny. So let me talk about Q2 to start off, and then I'll address your question around September and October. So for Q2, we expect the EPS growth rate to be slightly higher than Q1, and that growth rate will step up in the back half of the year. Again, we're confident in the full year guidance. As it relates to October, the October month-to-date industry traffic we're seeing is similar compared to September, and we're seeing the same here at Sysco as well.

凱利，早上好，我是肯尼。讓我先談談第二季度，然後我將在 9 月和 10 月左右回答您的問題。因此，對於第二季度，我們預計每股收益成長將略高於第一季度，並且下半年增速將加快。再次，我們對全年指導充滿信心。就 10 月而言，我們看到的 10 月至今的行業流量與 9 月相似，我們在 Sysco 也看到了同樣的情況。

But we're encouraged by the following. First is the last 2 weeks of October is stronger than the first 2 weeks, given weather-related events. The second thing we're encouraged by is select geographies are already hitting our local growth expectations driven by the SC additions as well as the new compensation model.

但我們對以下內容感到鼓舞。首先，考慮到與天氣相關的事件，10 月的最後兩週強於前兩週。讓我們感到鼓舞的第二件事是，在 SC 增加以及新的薪酬模式的推動下，某些地區已經達到了我們的當地成長預期。

As it relates to Q2, keep in mind, in Q2, we do have a tougher comp year-on-year. We are lapping the highest local case built in 2024 and an EPS growth of last year this time of 11%. All in for the quarter, we currently expect a slight uptick on EPS growth rate for Q2 with the growth rate turning more positive in the second half of the fiscal year.

由於它與第二季度有關，請記住，在第二季度，我們確實有一個比去年同期更嚴格的競爭。我們正在創造 2024 年當地最高的案例，這次每股收益較去年增長 11%。總而言之，我們目前預計第二季每股收益成長率將小幅上升，本財年下半年成長率將變得更加積極。

Kevin?

凱文？

Kelly, it's Kevin. I'll take the second half of the question tied to the SC comp. For those on the call, we announced in June and the comp change went live July 1. As I mentioned in my prepared remarks, there was a transitory impact of that new comp model in our Q1 as it relates to select people leaving the organization with that change. That's now behind us. We have fully stabilized the retention of our sales colleagues.

凱利，是凱文。我將回答與 SC 相關的問題的後半部分。對於那些參加電話會議的人，我們在 6 月宣布了這一消息，並於 7 月 1 日開始實施薪資調整。正如我在準備好的發言中提到的，新的薪酬模型在第一季產生了暫時的影響，因為它涉及因這項變更而離開組織的特定人員。現在已經在我們身後了。我們已經完全穩定了銷售同事的保留率。

Specifically to your question about what gives us the confidence. We've remixed base to bonus, putting more emphasis on pay-for-performance and we can see the elements of the comp program that we're focusing our colleagues on beginning to bear fruit. So what are those things? Increasing new customer count. That is a very important component of the comp model. We are increasing our customer count and the progress that we made throughout Q1 is stepping up each month of that quarter, and we expect for that to continue. So that's proof point number one. We've increased our customer count and we expect that to continue and to be a tailwind into the second half.

特別是關於你的問題是什麼給了我們信心。我們重新調整了獎金基礎，更加重視績效薪酬，我們可以看到我們讓同事們重點關注的薪酬計畫的要素開始取得成果。那麼那些東西是什麼呢？增加新客戶數量。這是補償模型的一個非常重要的組成部分。我們正在增加我們的客戶數量，我們在第一季取得的進展在該季度的每個月都在加快，我們預計這種情況將持續下去。這是第一個證據。我們已經增加了客戶數量，我們預計這種情況將持續下去，並成為下半年的推動力。

Second is total team selling, which is the bringing of our specialty businesses into a current Broadline account. We have made that a comp element for our Broadline sales colleagues. They are rewarded for that activity. So therefore, we are now seeing more of that team selling taking place.

其次是整體團隊銷售，即將我們的專業業務納入目前的 Broadline 帳戶。我們已將其作為 Broadline 銷售同事的補償要素。他們因這項活動而獲得獎勵。因此，我們現在看到更多的團隊銷售正在發生。

And the third is just overall performance of our colleagues. We call it grow on the grid. As they grow their business profitably, they earn more and Sysco benefits and improves. And as we're now 90 days plus into the new comp model, our leaders are helping our sales colleagues with moving up that growth on the grid. Their success equals our success, and we're making progress month-over-month, and that's what gives us confidence for the full year.

第三是我們同事的整體表現。我們稱之為在網格上生長。隨著他們的業務獲利成長，他們的收入會增加，Sysco 也會受益並不斷進步。現在我們採用新的薪酬模式已經 90 天多了，我們的領導者正在幫助我們的銷售同事推動網格的成長。他們的成功等於我們的成功，我們每個月都在取得進步，這給了我們全年的信心。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

I just wanted to dig into the US gross margin, I guess, which has faced some headwinds related to the product, customer mix dynamics. And I know you have several initiatives in place to redirect the momentum here, but a lot of it seemingly being self-help opportunity and the pieces kind of coming together in the back half. But are there external dynamics that have gotten any tougher, whether it's the competitive dynamics in the industry or if there's any evidence of product trade down within customers toward alternative proteins or elsewhere? Just anything here to the degree that impacts your gross margins and the outlook?

我想我只是想深入了解美國的毛利率，它面臨一些與產品、客戶組合動態相關的阻力。我知道你們已經採取了幾項舉措來重新引導這裡的勢頭，但其中許多似乎是自助機會，並且各個部分在後半段聚集在一起。但是，是否存在變得更加嚴峻的外部動態，無論是行業內的競爭動態，還是有任何證據表明客戶內部的產品貿易轉向替代蛋白質或其他地方？這裡有什麼會影響您的毛利率和前景嗎？

Alex, it's Kevin. I appreciate the question. I'll start and then Kenny can add anything he would like to add. I'll just go back to some of my prepared remarks. There are 3 drivers of the gross margin nominal decline from a percent basis year-over-year. The first is customer mix. We're growing our national business faster than our local business at present time. We expect that to decline as an impact over the year as we improve our local case performance. So that particular headwind compresses or decreases as the year goes on.

亞歷克斯，這是凱文。我很欣賞這個問題。我先開始，然後肯尼可以添加他想添加的任何內容。我將回到我準備好的一些發言。名目毛利率年減有 3 個驅動因素。首先是客戶組合。目前，我們的全國業務成長速度快於本地業務。我們預計，隨著我們改善本地案例績效，這項影響將在年內下降。因此，隨著時間的推移，這種特定的逆風會壓縮或減少。

Second point, and it's the biggest of the points, is our strategic sourcing efforts. As I said in my prepared remarks, this is a timing-only issue. We are fully confident that the full year value that will come from our strategic sourcing will enable us to deliver our gross margin rates for the full year. It's just on a year-over-year basis, Q1 this year versus Q1 last year, the contribution from that program was lower. And it's a timing issue relative to the work we do in that program, and we have full confidence in the GP value creation that will come from strategic sourcing as the year goes on and we deliver the full year requirements.

第二點，也是最重要的一點，是我們的策略採購工作。正如我在準備好的演講中所說，這只是一個時間問題。我們完全有信心，我們的策略採購所帶來的全年價值將使我們能夠實現全年的毛利率。只是與去年同期相比，今年第一季與去年第一季相比，該計劃的貢獻較低。這是一個與我們在該計劃中所做的工作相關的時間問題，隨著時間的推移，我們對策略採購所創造的 GP 價值充滿信心，並且我們滿足了全年的要求。

The last but not least of the 3 is Sysco brand penetration percent. It's down slightly year-over-year. It's interesting to unpack that one. For local mom-and-pop street customers, our penetration is actually up year-over-year. It's our, what we call, LCC, which is the small chains, 10 to 100 doors in that range, that size customer, we're seeing a decrease in Sysco brand purchases year-over-year.

這三個因素中的最後一個但並非最不重要的是 Sysco 品牌滲透率。年比略有下降。拆開那個包裝很有趣。對於當地夫妻店顧客來說，我們的滲透率其實逐年上升。這是我們所說的 LCC，即小型連鎖店，該範圍內有 10 到 100 扇門，該規模的客戶，我們看到 Sysco 品牌的購買量逐年減少。

To your question on macro, that's mostly tied to our national brand suppliers improving fill rate with net-net is a good thing for the industry. Our customers don't like substitutions for those types of products. But Sysco brand fill rate tends to be better than national brand fill rate. And while national brand suppliers were having some challenges over the past couple of years that resulted in higher Sysco brand penetration.

對於你關於宏觀的問題，這主要與我們的國內品牌供應商透過淨網提高填充率有關，這對產業來說是一件好事。我們的客戶不喜歡這些類型產品的替代品。但 Sysco 品牌的填充率往往優於國內品牌的填充率。儘管國內品牌供應商在過去幾年中遇到了一些挑戰，但導致了 Sysco 品牌滲透率的提高。

With that said, what can we do about that? We're putting what we call trade management deals in front of those customers, putting value in front of them specific to Sysco brand and we are confident that we can improve the penetration of Sysco brand within that small chain concept division.

話雖如此，我們能做些什麼？我們將所謂的貿易管理交易放在這些客戶面前，將 Sysco 品牌特有的價值放在他們面前，我們有信心能夠提高 Sysco 品牌在小型連鎖概念部門中的滲透率。

Kenny, anything to add on margin?

肯尼，保證金上還有什麼要補充的嗎？

Sure. Alex, if we take a step back for the quarter, overall GP grew 3% and GP dollars per case expanded by 1%. I agree with Kevin's points around the drivers that put pressure on GP in Q1. And we have actions in place, as you heard from Kevin. A couple of other things I would say is that we also have other actions to drive GP. It's not just those 3 things in our company. We have other levers in our company that can drive GP as well.

當然。Alex，如果我們退後一步，本季的 GP 整體成長了 3%，每個案例的 GP 美元增加了 1%。我同意凱文關於第一季度給大獎賽帶來壓力的車手的觀點。正如您從凱文那裡聽到的，我們已經採取了行動。我想說的其他幾件事是，我們還有其他行動來推動 GP。我們公司不僅僅是這三件事。我們公司還有其他槓桿可以推動 GP。

Let me give you a couple of examples. Specialty, growing specialty, right, that has a higher margin attachment rate, total team selling, which gives us both top line and margin calories, continue to go international, in particular local customers, inbound logistics optimization, where we minimize touch points and supply chain and on and on. So there are other things that our company is working on as well that would drive accretion to our P&L.

讓我舉幾個例子。專業，不斷增長的專業，對，具有更高的利潤附著率，整體團隊銷售，這為我們提供了收入和利潤熱量，繼續走向國際，特別是本地客戶，入境物流優化，我們最大限度地減少接觸點和供應鏈條等等。因此，我們公司也正在致力於其他一些事情，這將推動我們的損益增加。

And the majority of the benefits, as Kevin said, will be in the back half of the year. So in the back half, just to summarize your question around phasing, we expect total GP, GP dollars per case and margins to grow in the second half of the fiscal year. And that's the big reason why you see the elevated run rate on EPS growth in the back half as well, coupled with local case growth.

正如凱文所說，大部分好處將在今年下半年實現。因此，在下半年，為了總結您關於分階段的問題，我們預計本財年下半年的總普通合夥人、每例普通合夥人美元以及利潤率將增長。這就是為什麼你會看到後半段每股收益成長的運行率升高，再加上當地案例的成長。

So to your question about controllable or the market itself, I would say this way, most of the lift on margins and growth in the back half is from our own actions versus market lift. So definitely, it's more controllable, and that's the reason why we are confident in the full year.

因此，對於你關於可控或市場本身的問題，我會這樣說，下半年利潤和成長的大部分提升來自我們自己的行動與市場提升。所以毫無疑問，它更加可控，這就是我們對全年充滿信心的原因。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

Thanks, Alex.

謝謝，亞歷克斯。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you.

你好，謝謝。

The question is on the sales force compensation change. You mentioned the word transition or transitory in relation to the first quarter. And it does sound like at least some of that may have been unexpected or unanticipated, at least to a minor degree. So can we kind of drill a little bit more in terms of what type of transitory impact did we see? Did we see more kind of underperformers or performers in line leave? Did we keep all the kind of the best people that you really want to keep? Or was there any unanticipated type of turnover?

問題在於銷售人員薪酬的變化。您提到了與第一季相關的過渡或暫時性一詞。聽起來確實至少有些是出乎意料或意料之外的，至少在較小程度上是如此。那麼，我們能否進一步鑽研一下我們所看到的短暫影響類型呢？我們是否看到更多表現不佳的人或表現不佳的人排隊離開？我們是否保留了您真正想保留的所有最優秀的人才？或有任何意料之外的人員流動？

And as we think about growing the sales force 20% over the next couple of years, as you've kind of seen some behavioral changes based on this new comp model, do we still think that 20% number is still the right target from here? Or can we get basically more out of existing people as they're compensated to do so? Thank you.

當我們考慮在未來幾年將銷售隊伍成長 20% 時，您已經看到了基於這種新補償模型的一些行為變化，我們是否仍然認為 20% 的數字仍然是正確的目標？或者我們能否從現有人員身上獲得更多利益，因為他們會因此獲得報酬？謝謝。

John, it's Kevin. I'll start. Kenny can comment on the tail end of the question about the economics of the new SC hires, but let me address the first part of your question, which is the why we made this change, the impact that we've had, and again, the overall thought process behind it.

約翰，是凱文。我開始吧。肯尼可以評論關於新 SC 員工的經濟效益的問題的尾部，但讓我解決你問題的第一部分，這就是我們做出這一改變的原因，我們所產生的影響，再說一次，其背後的整體思維過程。

This is a change we wanted to do. Our base pays were too high as a percentage of the total earnings potential for our colleagues. Reminder, pre-COVID, this was a job population that was 100% commission. So we implemented a base plus bonus program during the COVID years, and it's time to unwind some of that, putting more of their pay at risk so that we have a pay-for-performance culture. Their outcomes and their output will determine their earnings and their success equals Sysco's success.

這是我們想做的改變。我們的基本薪資佔同事總收入潛力的百分比太高了。提醒一下，在新冠疫情之前，這是一個 100% 佣金的工作人群。因此，我們在新冠疫情期間實施了基本加獎金計劃，現在是時候放鬆其中一些計劃，將更多的工資置於風險之中，以便我們擁有按績效付薪的文化。他們的成果和產出將決定他們的收入，他們的成功等於西斯科的成功。

To answer your question on top performers versus underperformers or people performing below average. Our top performers, John, they love this program. They want more earnings potential and every Sysco sales colleague has the opportunity to earn more money in this program than in the old program. So our top performers are very pleased with this program. They're earning more money this year versus last year in our Q1.

回答您關於表現最佳者與表現不佳者或表現低於平均水平的人的問題。我們的頂尖表演者約翰，他們喜歡這個節目。他們希望獲得更多的收入潛力，並且每位 Sysco 銷售同事都有機會在此計劃中比舊計劃賺取更多的錢。所以我們的頂尖員工對這個計畫非常滿意。他們今年第一季的收入比去年更多。

We did see an increase in colleague turnover in July. We did actually anticipate that. What we've said to our own internal leadership is 1 of 2 things has to change with this program. Behavior and outcomes need to change and therefore, they earn more money or some of the individuals themselves will most likely rotate out. We did see that activity in July, an increase in our turnover. That has stabilized. We have returned to our normal rates of SC retention.

我們確實看到 7 月份同事流動率增加。我們確實預料到了這一點。我們對我們自己的內部領導層說的是，這個計劃必須改變兩件事之一。行為和結果需要改變，因此，他們賺更多的錢，否則有些人自己很可能會輪流離開。我們確實在 7 月看到了這項活動，我們的營業額有所增加。這已經穩定下來了。我們已恢復正常的 SC 保留率。

Our top colleagues are with us. Our top colleagues are earning more money, and we're having no challenges with hiring new colleagues from competitors and from the industry to fill our inbound SC hiring needs. So we've made this change because we wanted to. We made this change for the long-term benefit of Sysco. We are confident that for the year to go, this SC comp change will be a tailwind to our performance, not a headwind, and the change curve, if you will, is behind us vis-a-vis Q1.

我們的頂尖同事與我們同在。我們的頂級同事賺了更多的錢，而且我們在從競爭對手和行業中招募新同事來滿足我們的入境 SC 招聘需求方面沒有任何挑戰。所以我們做出了這個改變是因為我們想要這樣做。我們做出這項改變是為了 Sysco 的長期利益。我們相信，在未來的一年裡，SC 的薪資變化將成為我們業績的順風車，而不是逆風，而且如果你願意的話，變化曲線比第一季落後於我們。

Kenny, anything to add on the P&L impact on the year-to-go hiring?

肯尼，關於損益表對下一年招募的影響還有什麼補充嗎？

Sure. John, three things I'll say. First is most of the year-over-year incremental sales professionals on our books today were hired in the back half of '24. And the new compensation program will roll out in early July. So the benefits we expect to see will mostly happen in the second half of the year.

當然。約翰，我要說三件事。首先，我們今天登記的大多數同比增量銷售專業人員都是在 2024 年下半年聘用的。新的補償計劃將於七月初推出。因此，我們預期看到的好處大多會在下半年出現。

From an ROI standpoint, to your question around adding headcount, we are committed to growing our local sales professional headcount, and we will be disciplined on pacing of volume expectations and market conditions. As Kevin said in his prepared remarks, we will not go too fast, and we will not go too slow. We'll be deliberate on when and where we add, meaning investing in high-growth markets to ensure an optimal return on investments. And by the way, we are seeing a high correlation between head count adds and volume growth by market.

從投資回報率的角度來看，對於您關於增加員工數量的問題，我們致力於增加本地銷售專業人員的數量，並且我們將嚴格遵守數量預期和市場條件的節奏。正如凱文在準備好的發言中所說，我們不會走得太快，也不會太慢。我們將仔細考慮添加的時間和地點，這意味著投資於高成長市場，以確保最佳的投資回報。順便說一句，我們發現員工數量增加與市場銷售成長之間有高度相關性。

The last thing I would say is that international had a great quarter for us. The local growth was 3%, which was contributing to their 12% OI increase. And the good news is it's not just one market. Every region within our international portfolio grew local sales.

我要說的最後一件事是，國際航空為我們帶來了一個美好的季度。當地成長率為 3%，這導致 OI 成長 12%。好消息是這不僅僅是一個市場。我們國際產品組合中的每個地區的本地銷售都有所成長。

Thank you very much.

非常感謝。

Thanks, John.

謝謝，約翰。

Mark Carden, UBS.

馬克卡登，瑞銀集團。

Great. Good morning and thanks for taking the question.

偉大的。早上好，感謝您提出問題。

So another one on some of the salesperson compensation shifts. With the adjustments to the new model, you guys have done some territory reductions and rebaselining. How is the sales force adapting to some of these changes so far? And are you seeing the kinds of team-based selling lifts you were anticipating?

因此，另一項關於銷售人員薪酬變化的問題。隨著新模型的調整，你們做了一些領土縮減和基線調整。到目前為止，銷售人員如何適應其中一些變化？您是否看到了您所期待的基於團隊的銷售提升？

Yeah, great. Thank you for the question. To be clear on where the headcount adds are occurring, it's not a shotgun approach of spreading them evenly across the United States. We're adding the headcount to high-growth opportunity markets for Sysco. We won't specifically, on this call, tell everyone where those activities are happening. But the incremental headcount is going to places where our business is robust, strong, growing, and we're going to make that fast force run even faster by fueling those geographies with incremental headcount.

是的，太棒了。謝謝你的提問。需要明確的是，員工數量的增加發生在哪些地方，這並不是將員工均勻分佈在美國各地的霰彈槍方法。我們正在為 Sysco 的高成長機會市場增加人員。在這次電話會議上，我們不會特別告訴大家這些活動發生在哪裡。但增量員工將流向我們業務穩健、強大、不斷成長的地方，我們將透過為這些地區提供增量員工，使這支快速部隊運作得更快。

So these are population growth corridors of the United States and other areas where we just see tremendous potential for Sysco to win market share and to win market share profitably. So it's not every colleague that is impacted by this. In fact, it's a reasonably small percentage of our current colleagues are impacted by a new person coming in.

因此，這些是美國和其他地區的人口成長走廊，我們在這些地區看到 Sysco 贏得市場份額並以獲利方式贏得市場份額的巨大潛力。因此，並不是每個同事都會受到此影響。事實上，我們現有的同事中只有一小部分受到新員工的影響。

And as Kenny has said many times, when a new person joins, we give them a small starter book of business of roughly five accounts. So that means five other SCs have donated one customer account. So the impact is reasonably negligible to current colleagues. Why we're doing this is we want to grow our customer count. We want to grow our book of business and by adding the SC headcount, it allows us to make that growth occur without increasing our territory size beyond the red zone for existing colleagues.

正如肯尼多次說過的那樣，當新人加入時，我們會給他們一本包含大約五個帳戶的小型入門手冊。這意味著另外五個 SC 捐贈了一個客戶帳戶。因此，對於現任同事來說，影響可以忽略不計。我們這樣做的原因是我們希望增加客戶數量。我們希望擴大我們的業務範圍，透過增加 SC 員工人數，我們可以實現業務成長，而無需將我們的領土規模擴大到現有同事的紅色區域之外。

So we're really pleased with the work that's happened with the placement of those colleagues. And the Total Team Selling component of your question, we're on track with Total Team Selling. What it starts with first is who are the customer prospects. So who is the customer that's buying from currently Sysco Broadline, and we know through our data, they're buying produce or protein from a specialty entity.

因此，我們對這些同事的安置工作感到非常滿意。至於你問題中的團隊整體銷售部分，我們正在團隊整體銷售上走上正軌。首先是誰是潛在客戶。目前從 Sysco Broadline 購買產品的客戶是誰，我們透過數據得知，他們是從專業實體購買農產品或蛋白質。

I want to be clear, this is not trying to take business from a Broadline competitor. They're buying produce from a local specialty produce entity or they're buying their specialty cut meat from a specialty meat shop. That's the good news for Sysco. We identified that customer who's already buying from us and they're not buying specialty.

我想澄清的是，這並不是試圖從 Broadline 競爭對手那裡奪取業務。他們從當地的特色農產品實體購買農產品，或從特色肉店購買特色切肉。這對 Sysco 來說是個好消息。我們確定了已經從我們這裡購買產品的客戶，但他們沒有購買特產。

We are seeing the behavior that we need to see with our colleagues collaborating, going to that account together and introducing Sysco's specialty capability. And just bring you back to the May Investor Day, when just one of those specialty businesses is put into that account, our business goes up 3x with that given customer. And the why is, as Kenny talked about, we're adding that higher calories margin specialty business, but we're also kicking out a competitor that is selling some Broadline products.

我們正在看到我們需要與同事合作看到的行為，一起訪問該帳戶並介紹 Sysco 的專業功能。讓你回到五月投資者日，當只要將其中一項專業業務存入該帳戶時，我們的業務就會隨著該特定客戶而增長 3 倍。原因是，正如肯尼所說，我們正在增加熱量利潤更高的特色業務，但我們也踢出了銷售一些 Broadline 產品的競爭對手。

And let me be clear about that. Those specialty entities can't make enough money on selling just produce. So then they start selling things like chemicals and disposables and dairy. And when you get that specialty produce entity out of the account, those other things they were buying from them, they buy from Sysco.

讓我澄清這一點。這些專業實體僅靠銷售產品無法賺到足夠的錢。然後他們開始銷售化學品、一次性用品和乳製品等產品。當你從帳戶中取出該特種產品實體時，他們從他們那裡購買的其他東西，他們是從西斯科購買的。

So our Broadline business improves as well, and that's been one of the unlocks for our sales organization when we proved that map to them and see my comments earlier about the new sales consultant comp model, they benefit as a broadline sales colleague when they bring one of their specialty friends into their account.

因此，我們的Broadline 業務也得到了改善，這是我們銷售組織的解鎖之一，當我們向他們證明這一點並看到我之前關於新銷售顧問薪酬模型的評論時，當他們帶來一個時，他們作為Broadline 銷售同事受益他們的專業朋友進入他們的帳戶。

John Heinbockel, Guggenheim.

約翰·海因博克爾，古根漢。

Kevin, can you talk to -- if you think about the maturation, right, of the new sales cohorts, start with five accounts, where are they in 6 months or a year? What's the path, right, to get to sort of full book of business, number one. And then when you think about the proof points that you're seeing, right, in the geographies, what are the corollaries? Why are those geographies succeeding particularly? And then just quick last one is just -- I know you talked about specialty. Is it possible that 20% of your accounts are not buying specialty from you? Could it be that high or higher or no?

凱文，你能談談——如果你考慮一下新銷售隊伍的成熟度，對吧，從五個客戶開始，他們在 6 個月或一年後在哪裡？獲得一本完整的商業書籍的途徑是什麼？然後當你思考你在地理上看到的證據時，推論是什麼？為什麼這些地區特別成功？最後一個就是——我知道你談到了專業。有沒有可能您的帳戶中有 20% 不向您購買特產？可能有那麼高或更高或沒有嗎？

Thank you. Okay. Just on the first part. John, on the first part of your question, which is how are they performing? As Kenny said, we hired colleagues as cohorts throughout the year classes, if you will. The majority of that hiring did take place in the second half of the year. We are tracking each of those cohorts versus what week are they in. So 12 weeks and less, they should be at a certain level, 12 to 24, they should be at a certain level.

謝謝。好的。就在第一部分。約翰，關於你問題的第一部分，他們的表現如何？正如肯尼所說，如果你願意的話，我們在全年課程中都聘請了同事作為隊列。大部分招募確實發生在今年下半年。我們正在追蹤每個群組以及他們所處的周數。所以12週及以下，他們應該處於某個水平，12到24週，他們應該處於某個水平。

The news to report on today's call is each of the cohorts is moving up their productivity curve at the rate that we expect. We actually added sales trainers as a part of these efforts to ensure that they're being provided. It's mostly product knowledge skills training so that they can, in fact, sell Sysco brand as an example.

今天的電話會議要報導的消息是，每個群體都在以我們預期的速度提高生產力曲線。實際上，我們增加了銷售培訓師作為這些努力的一部分，以確保他們得到提供。主要是產品知識技能培訓，以便他們實際上能夠以 Sysco 品牌為例進行銷售。

So what I can share on today's call is, we're pleased with the performance of the 2024 hiring cohorts. They're maturing up their productivity curve at the rate that we expect. Their growth comes from winning net new business. We are increasing our customer count, as Sysco, month-over-month in our Q1, and we expect for that to continue, in fact, pick up pace as the year progresses along.

因此，我在今天的電話會議上可以分享的是，我們對 2024 年招募團隊的表現感到滿意。他們的生產力曲線正以我們預期的速度趨於成熟。他們的成長來自贏得淨新業務。我們正在第一季逐月增加我們的客戶數量，就像 Sysco 一樣，我們預計這種情況會繼續下去，事實上，隨著這一年的進展，我們的步伐會加快。

Kenny, anything you want to add to that?

肯尼，你還有什麼要補充的嗎？

John, the second part of your question?

約翰，你問題的第二部分？

What was the second part?

第二部分是什麼？

Yes, please.

是的，請。

No. Well, the second part was the proof points, right? They're succeeding. I'm just curious, is there any commonality to that in terms of size of the cohort geography growth, how you're attacking that? And then the last piece was just your specialty opportunity.

不。嗯，第二部分是證明點，對吧？他們正在成功。我只是很好奇，就隊列地理成長的規模而言，有什麼共同點嗎？最後一塊就是你的專業機會。

Yes, very good. On the proof points, we can very clearly see in the geographies where we're adding headcount that we're performing better in those geographies from a market share growth perspective than in the geographies where we have not. And that reinforces even more the point and the importance of where and why and how we need to be deploying the headcount talent and it gives us that strong confidence that we keep forward with the hiring pace and hiring plan.

是的，非常好。在證據方面，我們可以非常清楚地看到，在我們增加員工數量的地區，從市場份額成長的角度來看，我們在這些地區的表現比我們沒有增加員工人數的地區要好。這更強調了我們需要在哪裡、為什麼以及如何部署員工人才的觀點和重要性，這讓我們對繼續推進招募節奏和招募計畫充滿信心。

Think about metros. I won't name a metro market, but where you know from our history, we've under-indexed from a market share perspective in those metro markets. Headcount growth is happening in those metro markets, and we're seeing our market share growth capture. As it relates to the percentage of our customers that have the opportunity for total team selling, it's high. We're not going to quote the exact percentage, but it will be north of the number you quoted. It's a substantial number of customers who are currently buying from broadline only.

想想地鐵。我不會說出哪個地鐵市場的名稱，但從我們的歷史中你知道，從這些地鐵市場的市佔率角度來看，我們的指數較低。這些都市市場的員工人數正在成長，我們看到我們的市場份額不斷增長。由於它與我們有機會進行整體團隊銷售的客戶的百分比有關，因此它很高。我們不會引用確切的百分比，但它會超出您引用的數字。目前有大量客戶僅透過 Broadline 進行購買。

Thank you.

謝謝。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi, good morning, guys. Kevin, you talked about -- it sounded like this is about the sales force hires, but about an emphasis on a balanced, maybe measured sort of pace of sales hires in '25. Can you maybe elaborate on that? And then you've had some initial turnover issues, which you're over now, but does that impact your ability to grow the sales force by the 450 hires this year? So I'm curious, is that a target that still applies? Does that impact '26? So I'm just kind of curious, like, are you re-thinking like the pace of the sales hires, the magnitude of the sales hires? Any color around all of that, that you can provide?

嗨，早上好，夥計們。凱文，你談到——這聽起來像是關於銷售人員招聘的問題，但是關於 25 年銷售招聘的平衡性、也許是衡量的節奏的強調。能詳細說明一下嗎？然後，您最初遇到了一些人員流動問題，現在已經解決了，但這是否會影響您今年將銷售團隊擴大到 450 名員工的能力？所以我很好奇，這個目標還是適用嗎？這會影響'26嗎？所以我只是有點好奇，例如，你是否正在重新思考銷售人員招募的速度、銷售人員招募的規模？您可以提供所有這些顏色嗎？

Yes,it's Kenny. So I can start off. So we are committed on growing our local sales professional headcount for this year and many periods to go. But we'll be disciplined on the pacing tied to volume expectations, the market, essentially ensuring that we still have leverage in the P&L and to ensure we still have margin expansion as well. As Kevin said, we'll pace it appropriately by market, not one (inaudible) all. It's ensuring that we are smart and disciplined on where we add. As Kevin said, there's a strong correlation right now between adds and market growth rates. Kevin?

是的，這是肯尼。這樣我就可以開始了。因此，我們致力於在今年和未來的許多時期增加本地銷售專業人員的數量。但我們將嚴格控制與銷售預期、市場相關的節奏，從根本上確保我們在損益表中仍然擁有槓桿作用，並確保我們仍然有利潤率擴張。正如凱文所說，我們將根據市場而不是全部（聽不清楚）來適當調整節奏。它確保我們在添加內容時聰明且遵守紀律。正如凱文所說，目前添加量和市場成長率之間存在著強烈的相關性。凱文？

Yes, I think that's it. We're committed to hitting the hiring target, but we'll be very responsible at the pace so that we have the net leverage flow-through throughout the year that we're looking for. Just one additional comment. We're having no difficulty at all hiring people. When we put out our job recs, we call them cohorts, we're getting attractive candidates from competition, and we're getting attractive candidates from the industry -- from restaurants and from existing customers.

是的，我想就是這樣。我們致力於實現招募目標，但我們將對步伐非常負責，以便我們在全年中擁有我們所尋求的淨槓桿流動。僅補充一則評論。我們在招募人員方面沒有任何困難。當我們推出工作推薦時，我們稱之為群組，我們從競爭中獲得有吸引力的候選人，並且從行業中（從餐廳和現有客戶中）獲得有吸引力的候選人。

Thanks, guys.

謝謝，夥計們。

Thanks, Ed.

謝謝，艾德。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thanks. Morning, guys.

謝謝。早安，夥計們。

Can you maybe just talk about your confidence in sort of private label penetration, right? Based on your comments, it sounded like maybe it had been running higher just due to the environment. So what specific actions and what kind of time do you think it will take to continue to push that higher?

您能否談談您對自有品牌滲透率的信心，對吧？根據您的評論，聽起來可能只是因為環境而運行得更高。那麼您認為繼續推高還需要哪些具體行動和時間呢？

Great, Brian. Thank you for the question. To answer this one with sincerity and earnestness, break it down into the three different customer types we have. So we have the mom-and-pop local customers, street customers. We have the small chains that I mentioned earlier and then big chains. Our penetration percent is very different with those three customer types. For local mom-and-pop customers, the street customers, our penetration actually increased year-over-year in the first quarter and it's continued to run the play. We're doing extremely well there.

太棒了，布萊恩。謝謝你的提問。要真誠地回答這個問題，請將其分為三種不同的客戶類型。所以我們有當地的夫妻店顧客、街頭顧客。我們有我之前提到的小型連鎖店，然後是大型連鎖店。我們對這三種客戶類型的滲透率有很大不同。對於當地的夫妻店顧客、街頭顧客來說，我們的滲透率實際上在第一季同比有所增加，並且繼續發揮作用。我們在那裡做得非常好。

Within the small chains, the growing concepts, slight dilution year-over-year, mostly driven by national brand suppliers increasing their fill rates, which net-net for the overall industry is a positive. What we need to do to make progress with that customer type is put what we call trade management deals in front of them, product cuttings, let them taste our brand product, share some of the value creation to Sysco, when we win that case, with the customer. That's what a trade management deal is.

在小型連鎖店中，不斷增長的概念同比略有稀釋，主要是由國內品牌供應商提高填充率推動的，這對整個行業來說是積極的。為了在這種客戶類型上取得進展，我們需要做的就是把我們所說的貿易管理交易放在他們面前，產品切割，讓他們品嚐我們的品牌產品，向Sysco 分享一些價值創造，當我們贏得這個案子時，與客戶。這就是貿易管理協定。

The Sysco brand case is substantially more profitable than a national brand case, and we can invest some of that favorability with that customer in order to be able to have them be able to make a shift with Sysco, and that's what we're working on. There are multiples of examples of new product introductions year to go that give us the progress, confidence that we will be able to make there.

Sysco 品牌案例比全國品牌案例利潤更高，我們可以向該客戶投入一些好感度，以便能夠讓他們能夠向 Sysco 做出轉變，這就是我們正在努力的方向。未來一年將有許多新產品推出的例子，這些例子讓我們取得了進步，也讓我們對我們能夠實現這一目標充滿信心。

And then the third is with the largest national chain customers, it's a similar concept. Mostly, this is not restaurants. This would be healthcare entities. This would be education entities. Think about those as behind the counter, back kitchen conversions. We have an opportunity to put more trade management deals in front of those non-commercial customer types to show them the value of Sysco brand, invest in some of our favorability with those customers to encourage them to make a shift.

第三個是最大的全國連鎖客戶，這是一個類似的概念。大多數情況下，這不是餐廳。這將是醫療保健實體。這將是教育實體。將其視為櫃檯後面、後廚房的轉換。我們有機會向這些非商業客戶類型提供更多貿易管理交易，向他們展示 Sysco 品牌的價值，並投資於我們對這些客戶的一些好感度，以鼓勵他們做出轉變。

So Sysco brand penetration, we have confidence over the long term, this will continue to be a growth story for Sysco and the margin tailwind. The bigger story for margin, though, for the year to go, if you look at Q1 versus prior year, it's the strategic sourcing component that I talked about during my prepared remarks. It's a timing-only issue. Kenny and I are fully confident that the full year, we will deliver our margin profile, margin target. The value creation will just be more second half. These are strategic sourcing, competitive bids. They are RFPs, they just take time, and we're fully confident in the full year value creation.

因此，從長遠來看，我們對西斯科品牌滲透率充滿信心，這將繼續成為西斯科的成長故事和利潤順風車。不過，對於未來一年的利潤率來說，如果你看看第一季與去年的情況，你會發現這是我在準備好的演講中談到的策略採購部分。這只是一個時間問題。肯尼和我完全有信心，我們將在全年實現我們的利潤概況和利潤目標。下半年的價值創造將會更多。這些是策略採購、競爭性投標。它們是 RFP，只是需要時間，我們對全年價值創造充滿信心。

Kenny, anything to add?

肯尼，有什麼要補充的嗎？

Yes. Brian. So keep in mind, the Sysco brand portfolio is (inaudible) portfolio, and it's still growing quarter after quarter. And we have strong existing penetration, i.e., think about local customers, about 50% penetration of local customers. As Kevin said, we're excited about the (inaudible) promotions as well as product innovation. I also think it's important to call out, as Kevin talked about, strategic sourcing. Strategic sourcing, the benefit we'll get is not only Sysco brand, but also non-Sysco brand as well. And that's the reason why we're confident that we will expect positive leverage in the P&L in the back half.

是的。布萊恩.因此請記住，Sysco 品牌組合只是（聽不清楚）組合，而且仍在逐季成長。我們現有的滲透率很高，即考慮本地客戶，本地客戶的滲透率約為 50%。正如凱文所說，我們對（聽不清楚）促銷以及產品創新感到興奮。我還認為，正如凱文所說，戰略採購很重要。策略採購，我們得到的好處不僅是Sysco品牌，還有非Sysco品牌。這就是為什麼我們有信心預計下半年損益表將出現正面的槓桿作用。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Thank you very much.

非常感謝。

Two related questions just on sales growth as we think about the rest of this year. The first one, I guess, local case growth was 20 basis points in this quarter. I think you said Edward Don added 160 basis points. So I guess without that, it was maybe down 140 basis points, but you guys seem very confident in the acceleration. I get the feeling most of it is about the ramp in hiring and the compensation changes. So I'm just curious, what's the greatest risk to this assumed acceleration, if in a quarter two, for some reason, it doesn't play out as expected?

當我們思考今年剩餘時間時，有兩個與銷售成長相關的問題。第一個，我猜，本季本地病例增加了 20 個基點。我想你說過愛德華唐 (Edward Don) 加息了 160 個基點。所以我想如果沒有這個，可能會下降 140 個基點，但你們似乎對加速非常有信心。我的感覺大部分是關於招聘的增加和薪酬的變化。所以我很好奇，如果在第二季度，由於某種原因，這種假設的加速沒有如預期發揮作用，那麼最大的風險是什麼？

And my follow-up is just more broadly, I guess, just on fiscal '25. Your slide deck shows 4% to 5% sales, I think you said a couple of points of inflation. So we're talking about maybe 2% to 3% case growth. Just wondering how you think about the case growth between the chains and the independents, whether presumably that gap meaningfully narrows. I guess more broadly, just asking your confidence in the fiscal '25 guidance, both the top and the bottom line?

我想，我的後續行動只是更廣泛地關注 25 財年。你的幻燈片顯示了 4% 到 5% 的銷售額，我想你說了幾個通貨膨脹點。所以我們談論的病例成長可能是 2% 到 3%。只是想知道您如何看待連鎖店和獨立商店之間的案件增長，這種差距是否會有意義地縮小。我想更廣泛地說，只是問您對 25 財年指導（包括頂線和底線）的信心嗎？

Hey, Jeff, it's Kevin. I think it's a great question. And we're approaching the top of the hour and this is a good capstone question. So I'm actually going to start with the second part of your question, which is overall confidence. In the process of answering that question, I will directly address your volume growth question, and then toss to Kenny for final words.

嘿，傑夫，我是凱文。我認為這是一個很好的問題。我們已經接近尾聲，這是一個很好的終極問題。所以我其實要從你問題的第二部分開始，也就是整體信心。在回答這個問題的過程中，我會直接回答你的銷售成長問題，然後交給肯尼最後說。

So what gives Kenny and I the confidence in the full year is the following, three main levers in the P&L. Volume growth, gross margin, expense management, and we have direct line of sight for each of the three of the progress that we're making and then therefore, the impact of that progress on our full year.

因此，讓肯尼和我對全年充滿信心的是損益表中的以下三個主要槓桿。銷售成長、毛利率、費用管理，我們可以直接看到我們正在取得的三項進展，以及這些進展對我們全年的影響。

So let's start with volume. As mentioned earlier, key regions are already hitting our volume growth targets. Those regions are ahead of the change curve. They give full confidence that as we get the rest of our country performing at that level, that success is highly realizable. We're making month-over-month progress in our Q1, which we will carry into the remainder of the year. The comp change was actually more of a headwind in Q1 than a tailwind, and that completely flipped year to go as it becomes a tailwind.

那麼就讓我們從音量開始吧。如前所述，關鍵地區已經達到了我們的銷售成長目標。這些地區走在了變化曲線的前面。他們充滿信心，當我們讓我們國家的其他地區也達到這一水平時，成功是完全可以實現的。我們在第一季取得了逐月的進展，我們將在今年剩餘時間內繼續取得進展。實際上，第一季的薪資變化更多的是逆風而不是順風，而隨著它成為順風，這一年完全翻轉了。

The headcount adds, Kenny said, they happened mostly in the second half of fiscal 2024. These folks are still coming out of training classes. They're still coming out of their product knowledge training class. They're now hitting the street. We're growing our customer count. That customer count growth will continue as the year goes on.

肯尼表示，根據人員統計，這些情況大部分發生在 2024 財年下半年。這些人仍然剛從培訓班出來。他們剛結束產品知識培訓班。他們現在正走上街頭。我們正在增加客戶數量。隨著時間的推移，客戶數量將繼續增長。

Total Team Selling, this is new muscle for Sysco. We are getting better at the team-based selling. We have crystal clarity on who the customer targets are. We're doing a better job of getting the specialists into the account. Our close rate when we do that is exceptional and continues to hit our targets. We just need to continue to increase the number of what we call [at-bats] per period.

全面團隊銷售，這是 Sysco 的新力量。我們在基於團隊的銷售方面做得越來越好。我們非常清楚客戶目標是誰。我們在讓專家加入該帳戶方面做得更好。當我們這樣做時，我們的成交率非常高，並且繼續達到我們的目標。我們只需要繼續增加每個週期的[擊球數]。

When you put all that together, it's not a light switch from off to on. It's a sequential steady progress throughout the year. We have line of sight for where and how that progress will come from, and we have confidence that we can deliver our volume expectations. The process of doing that will tighten that gap that currently exists between local and national that you were just asking about. That's Topic 1, volume.

當你把所有這些放在一起時，這並不是一個從關到開的電燈開關。這是全年持續穩定的進展。我們對進展從何而來以及如何實現有清晰的認識，並且我們有信心能夠實現我們的銷售預期。這樣做的過程將縮小您剛才提到的地方和國家之間目前存在的差距。這是主題 1，音量。

Topic 2, which is gross margin. As I said, the slight dilution year-over-year in Q1 is a timing issue. We have full confidence in our ability to deliver our gross margin expectations for the year. It is a strength point of Sysco, and we will deliver our gross margin expectations.

主題2，毛利率。正如我所說，第一季同比略有稀釋是一個時機問題。我們對實現今年毛利率預期的能力充滿信心。這是西斯科的強項，我們將實現毛利率預期。

Last but not least, in the expense area, our supply chain continues to strengthen and improve. Retention up substantially year-over-year. Productivity improving year-over-year. Kenny talked about the opportunity to improve our inbound transportation modeling and economics. We have the opportunity to update routing outbound to customers to reduce miles on the road, and we're working on all of these things. So our expense improvement will continue through the year.

最後但並非最不重要的一點是，在費用領域，我們的供應鏈不斷加強和改善。留存率較去年同期大幅上升。生產力逐年提高。肯尼談到了改善我們入境運輸模型和經濟效益的機會。我們有機會更新客戶的出站路線，以減少道路里程，我們正在努力解決所有這些問題。因此，我們的費用改善將持續一整年。

And when you put all those things together, that's what gives us the confidence. Most importantly, though, we're also playing the long game. We continue to invest for the success of Sysco for the long term. We opened a brand-new facility in [Allentown] within the last quarter. We opened a brand-new facility for Greco, our Italian business out in LA. in the last quarter. We will continue to make investments that enable Sysco to be a leader in this industry for the long term, and that's the strength of our balance sheet in action. We can deliver the current year profit expectations while continuing to invest in a competitive moat that's defensible for decades to come.

當你把所有這些事情放在一起時，那就給了我們信心。但最重要的是，我們也在打持久戰。我們將繼續為 Sysco 的長期成功進行投資。上個季度我們在[阿倫敦]開設了一家全新工廠。我們在洛杉磯為我們的義大利業務 Greco 開設了一家全新工廠。在最後一個季度。我們將繼續進行投資，使 Sysco 能夠長期成為該行業的領導者，這就是我們資產負債表的優勢所在。我們可以實現今年的利潤預期，同時繼續投資未來幾十年具有競爭力的護城河。

Kenny, over to you, for anything you'd like to add.

肯尼，交給你了，有什麼想補充的嗎？

Yes. Jeff, a couple of things to add. So the headline news is, we are very confident in our financial guidance for the year. Three things to what Kevin said, exit rates, point number one, right? September was our strongest month of the quarter, both top and bottom line, and that's kind of continuing into this quarter. Number two is the levers we have in our P&L. So think about what Kevin talked about between GP, supply chain and also corporate expenses. I won't repeat the first 2, but corporate expenses, we were down 50% year-on-year, and we still have a robust pipeline for year to go as well.

是的。傑夫，有幾件事需要補充。因此，頭條新聞是，我們對今年的財務指引非常有信心。凱文所說的三件事，退出率，第一點，對吧？九月是我們本季表現最強勁的月份，無論是營收還是利潤，這種情況都會持續到本季。第二是我們損益表中的槓桿。因此，想想凱文在全科醫生、供應鏈和公司費用之間談到的內容。我不會重複前兩項，但公司開支年減了 50%，而且今年我們仍然有強勁的通路。

So to your question around if things were different, what can we do? We can flex our expenses. It is a muscle we flexed before, and we know how to flex on the forward. And the last but not least, our confidence also guided by the fact how we managed last year, right? Think about last year. It was dynamic. We had this inflation, deflation.

那麼，對於您提出的問題，如果情況有所不同，我們能做什麼？我們可以彈性調整開支。這是我們以前彎曲過的肌肉，我們知道如何向前彎曲。最後但並非最不重要的一點是，我們的信心也源自於我們去年的管理情況，對嗎？想想去年。它是動態的。我們經歷了通貨膨脹、通貨緊縮。

We had a softer macro backdrop and we were able to overcome that and come in higher than the midpoint of our guide. So as Kevin said, fantastically, we are managing the company, and we are playing the long game. Yes, we have some purposeful decisions such as compensation model and new facilities roll out in the quarter. But it's the right thing to do for our company. Overall, we are confident we can achieve our full year guide of both top line and bottom line.

我們的宏觀背景較為疲軟，但我們能夠克服這一點，並達到高於指南中點的水平。正如凱文所說，令人驚訝的是，我們正在管理這家公司，而我們正在打持久戰。是的，我們有一些有目的的決定，例如補償模式和本季推出的新設施。但這對我們公司來說是正確的事。整體而言，我們有信心實現全年的營收和淨利目標。

Ladies and gentlemen, this does conclude today's program. Thank you for your participation. You may disconnect at anytime.

女士們先生們，今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。