西斯柯 (SYY) 2025 Q2 法說會逐字稿

Welcome to Sysco's second-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 財年第二季電話會議。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 second-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 財年第二季財報電話會議。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 meanings of the Private Securities Litigation Reform Act, and actual results could differ in a material manner.

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《私人證券訴訟改革法案》含義內的前瞻性陳述，實際結果可能有所不同以物質的方式。

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes but is not limited to risk factors contained in our annual report on Form 10-K for the year ended June 29, 2024, subsequent SEC filings in the news release issued earlier this morning. A copy of these materials can be found in the investor section at sysco.com.

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。這包括但不限於我們截至 2024 年 6 月 29 日的 10-K 表格年度報告以及今天早上發布的新聞稿中隨後向 SEC 提交的文件中包含的風險因素。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 also be found in the Investor section of our website. During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year.

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，也可以在我們網站的投資者部分找到。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。

To ensure we have sufficient time to answer all questions, we'd like to ask each participant to limit their time to one question. If you have a follow-up question, we ask that you re-enter the queue.

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

此時，我想將電話轉給 Kevin Hourican。

Good morning, everyone, and thank you for joining us today. Our financial results this quarter delivered improved performance and positive momentum with stronger top- and bottom-line year-over-year growth rates as it compared to our first quarter. Sysco is delivering value over the short term with disciplined P&L management and remains well positioned to advance our business strategy while delivering upon our financial commitments presented at our recent Investor Day.

大家早安，感謝您今天加入我們。與第一季相比，我們本季的財務表現實現了更好的業績和積極的勢頭，營收和利潤的同比增長率更高。Sysco 透過嚴格的損益管理在短期內創造價值，並保持良好的地位來推進我們的業務策略，同時兌現我們在最近的投資者日上提出的財務承諾。

Importantly, we expect the positive momentum from our Q1 into Q2 to accelerate in the second half of the year as we benefit from sales and operations improvement initiatives, investments in our business, and the potential for stronger foot traffic to restaurants as we begin to lap last year's negative 4% in late spring. Our leadership team is 100% focused upon executing with excellence with a strong plan in place to deliver our full-year 2025 guidance.

重要的是，我們預計從第一季到第二季的積極勢頭將在今年下半年加速，因為我們受益於銷售和營運改善舉措、對我們業務的投資，以及隨著我們開始走上正軌，餐廳客流量增加的潛力去年春末負4%。我們的領導團隊 100% 專注於卓越執行，並制定了強有力的計劃來交付我們的 2025 年全年指導。

Turning to Sysco's performance during the quarter on slide number 5, I'm pleased to report that Sysco delivered over $20 billion of total revenue, a growth of 4.5% versus fiscal 2024, and a sequential improvement from Q1 growth rates. The revenue growth was driven by US Food Service volume growth of 1.4% and moderate inflation of 2.1%. From a volume perspective, we generated 4.3% National volume growth, 3% volume growth in our International segment, and a decline of 0.9% in our USFS local case business.

轉向第5 張幻燈片中Sysco 在本季度的業績，我很高興地報告說，Sysco 實現了超過200 億美元的總收入，與2024 財年相比增長了4.5%，並且比第一季的增長率有所改善。收入成長是由美國食品服務量成長 1.4% 和溫和通膨 2.1% 推動的。從銷售角度來看，我們的全國銷售量成長了 4.3%，國際業務銷售成長了 3%，USFS 本地案例業務下降了 0.9%。

Our National sales business continues to perform at an exceptionally high level with strong customer retention, and we continue to onboard high-quality, net new National business. Our International segment posted very compelling results with adjusted operating income of 26.5%. The strong profit growth was generated in part by local case growth of plus 4.7% year over year.

我們的全國銷售業務繼續保持極高水平，客戶保留率很高，並且我們繼續開展高品質的淨新全國業務。我們的國際部門公佈了非常引人注目的業績，調整後營業收入為 26.5%。利潤的強勁成長部分歸功於本地案例年增 4.7%。

We continue to advance the Sysco playbook in our international geographies, expanding our assortment, introducing Sysco branded products, and increasing boots on the street sales headcount to win new local business. I will discuss our international business and more detail in a few moments.

我們繼續在國際地區推進 Sysco 策略，擴大產品種類，推出 Sysco 品牌產品，並增加街頭銷售人員數量，以贏得新的本地業務。稍後我將討論我們的國際業務和更多細節。

In the USFS business, we are making solid progress on our top priorities across our multiple business units. Local case performance this quarter, excluding the impact of our DON business, was down 1.9%. It was a choppy quarter with hurricane impacts at the beginning of the quarter and holiday shifts that negatively impacted the end of the quarter.

在 USFS 業務中，我們在多個業務部門的首要任務上取得了紮實的進展。排除 DON 業務的影響，本季本地病例表現下降 1.9%。這是一個動盪的季度，季度初受到颶風影響，假期變化對季度末產生了負面影響。

The year-over-year comparison was also impacted by strong growth rates from the prior year. Specific to our local business, we are seeing progress in our internal measures of success, and we remain confident that our efforts will help deliver improvements in the second half of fiscal 2025. More on this in a few moments. Lastly, our top-line growth included strong contributions from SYGMA, where sales were up 10.6%.

年比比較也受到上一年強勁成長率的影響。具體到我們的本地業務，我們看到內部成功衡量標準取得了進展，我們仍然相信我們的努力將有助於在 2025 財年下半年實現改進。稍後會詳細介紹這一點。最後，我們的營收成長得益於 SYGMA 的強勁貢獻，銷售額成長了 10.6%。

Now that we have summarized Sysco's top-line performance, let's briefly discuss the external market. Foot traffic to restaurants in the US was down approximately 2% for the second quarter, which represents a moderate improvement from Q1. We expect to see continued improvement in traffic trends as we head into the second half of the year.

現在我們已經總結了 Sysco 的營收表現，讓我們簡單討論一下外部市場。第二季美國餐廳的客流量下降了約 2%，較第一季略有改善。進入今年下半年，我們預期流量趨勢將持續改善。

Inflation for the industry has maintained at approximately 2%, which is within the normal range when we look at cost of goods sold inflation over the course of decades. From a bottom-line perspective, Sysco delivered adjusted EPS of $0.93, a growth rate of 4.5% versus prior year, consistent with our expectations. The EPS growth was driven in part by the aforementioned volume growth, disciplined margin management, and an organization-wide focus around efficiency improvement.

該行業的通膨率一直維持在2%左右，從過去幾十年的銷售成本通膨來看，這屬於正常範圍。從獲利角度來看，Sysco 調整後每股收益為 0.93 美元，較上年增長 4.5%，符合我們的預期。每股收益的成長部分是由上述銷售成長、嚴格的利潤管理以及整個組織對效率提高的關注所推動的。

Margin management will remain a point of strength for the full year. As we stated on our Q1 call, we anticipate that our strategic sourcing efforts will pick up momentum as the year progresses. As a result, we expect a positive momentum in gross profit from Q1 to Q2 to step up in the second half of the year, as we have a direct line of sight to the actions that will deliver our full-year margin performance.

利潤管理仍將是全年的亮點。正如我們在第一季電話會議中所說，我們預計隨著時間的推移，我們的策略採購工作將加快勢頭。因此，我們預計今年下半年第一季到第二季的毛利將呈現正面勢頭，因為我們直接關注將實現全年利潤率表現的行動。

On the expense side of the ledger, we anticipate continued improvements in our supply chain efficiency, driven by improving colleague retention statistics and improved transportation route optimization. These routing efforts will reduce miles driven, lowering our costs, while simultaneously improving our ability to deliver on time and in full to our customers, a win-win.

在帳本的費用方面，我們預計，在改善同事保留率​​統計數據和改善運輸路線優化的推動下，我們的供應鏈效率將持續提高。這些路線安排工作將減少行駛里程，降低我們的成本，同時提高我們按時全額交付給客戶的能力，實現雙贏。

Now I'd like to provide a brief update on our main business units, starting with International, where we grew our top line 3.6% for the quarter, and we grew adjusted operating income by an impressive 26.5%. Our strong profit growth is being driven by continued operational improvements, increased procurement synergies, and a strong customer mix. Local case growth in our International segment is up 4.7% year over year.

現在我想簡單介紹一下我們主要業務部門的最新情況，首先是國際業務，本季度我們的收入增長了 3.6%，調整後營業收入增長了 26.5%，令人印象深刻。我們強勁的利潤成長得益於持續的營運改善、採購綜效的增強以及強大的客戶組合。我們國際部門的本地病例成長年增 4.7%。

Adding to our international success is a strong strategic sourcing program that is expanding globally and the successful growth of our Sysco Uruguay local sales program. Lastly, we are deploying enterprise technology that is improving efficiency. In short, our International segment is running in the Sysco playbook. It's working, and we expect the positive momentum with International to continue into the second half of the year.

正在全球擴張的強大策略採購計劃以及 Sysco 烏拉圭本地銷售計劃的成功發展為我們的國際成功增添了色彩。最後，我們正在部署提高效率的企業技術。簡而言之，我們的國際部分正在 Sysco 劇本中運行。它正在發揮作用，我們預計國際業務的積極勢頭將持續到今年下半年。

Our National sales business continues to deliver compelling top- and bottom-line results. For the quarter, National volume was up 4.3% as our supply chain solutions domestically and internationally resonate with our largest customers. Sysco has the assortment breadth, supply chain footprint, and technology solutions to be a one-stop shop for large customers.

我們的全國銷售業務繼續提供引人注目的營收和利潤結果。由於我們在國內和國際上的供應鏈解決方案與我們最大的客戶產生了共鳴，本季全國銷量成長了 4.3%。Sysco 擁有豐富的品類、供應鏈覆蓋範圍和技術解決方案，可為大客戶提供一站式服務。

We make it easy to do business with Sysco with dedicated account teams that help enable customer growth, support their business expansion, and oftentimes support the customer's international expansion. The success we are having in National sales is flowing through from top to the bottom line as these customers help improve our route density, cover our fixed costs, increase our procurement synergies with key suppliers. We expect our National sales business to continue to deliver strong results due to high customer retention and continued new customer wins.

我們擁有專門的客戶團隊，幫助客戶成長、支援他們的業務擴展，並且經常支援客戶的國際擴張，讓與 Sysco 開展業務變得輕鬆。我們在全國銷售中取得的成功是從上到下的，因為這些客戶幫助我們提高了路線密度，並涵蓋了我們的固定成本，增加了我們與主要供應商的採購協同效應。由於高客戶保留率和持續贏得新客戶，我們預計我們的全國銷售業務將繼續取得強勁業績。

Lastly, I'd like to provide an update on our local business. As I mentioned a few moments ago, we expect an improvement in our local performance in the second half of the year. We are making progress with our sales team hiring and training, and our sales compensation program is motivating the right behaviors. We see clear signs of progress on important drivers of the business.

最後，我想介紹一下我們當地業務的最新情況。正如我剛才提到的，我們預計下半年我們的本地業績將會有所改善。我們在銷售團隊的招募和培訓方面正在取得進展，我們的銷售薪酬計畫正在激勵正確的行為。我們看到業務重要驅動力取得明顯進展的跡象。

As an example, our new customer win rate has ramped up significantly over the last quarter. The increased new customer win rate is attributed to our new compensation program and the increased sales professional headcount we are onboarding. New customers typically start by providing a portion of their business to Sysco.

例如，我們的新客戶贏得率在上個季度顯著上升。新客戶贏得率的提高歸功於我們的新薪酬計劃以及我們正在招聘的銷售專業人員人數的增加。新客戶通常會先向 Sysco 提供部分業務。

And as we work to what we call sell around the room and penetrate additional product categories with these newer customers, the positive contribution from them will grow over time. The new customers we're winning today are going to be the strong, mature penetration customers of tomorrow. We expect our customer win rate progress to carry into our second half and into fiscal 2026.

當我們致力於所謂的全場銷售並與這些新客戶滲透更多產品類別時，他們的積極貢獻將隨著時間的推移而增長。我們今天贏得的新客戶將成為明天強大、成熟的滲透客戶。我們預計我們的客戶贏得率進步將延續到下半年和 2026 財年。

A second proof point is the progress that we were making with sales colleague headcount. Our sales consultant retention has substantially improved from Q1 to Q2 as the change management associated with our new compensation model has taken root and colleagues are experiencing the benefits of the new program. Additionally, we are making solid progress against our 2025 hiring goals with quality hires from the industry.

第二個證據是我們在銷售同事人數方面取得的進展。隨著與我們的新薪酬模式相關的變革管理已經紮根，同事們正在體驗新計劃的好處，我們的銷售顧問保留率從第一季到第二季度有了顯著提高。此外，我們正在透過業界的優質招聘，在實現 2025 年招聘目標方面取得紮實進展。

Another proof point within our local segment is the improvement that we are making with our service proposition. Over the past quarter, we improved our service offering to our customers with increased customer-facing fill rates and improved on-time delivery performance. Our supply chain continues to make strong progress month over month, and that is evidenced by our net promoter score, which improved solidly on a quarter-over-quarter and year-over-year basis. We expect continued improvement in service levels in our second half of fiscal 2025.

我們本地細分市場的另一個證據是我們的服務主張正在不斷改進。在過去的季度中，我們改善了為客戶提供的服務，提高了面向客戶的填充率並提高了按時交付效能。我們的供應鏈繼續逐月取得強勁進展，我們的淨推薦分數證明了這一點，該分數環比和同比均穩步提高。我們預計 2025 財年下半年服務水準將持續提高。

Historically, NPS improvement has a strong correlation to business growth in future quarters. The sales and volume growth comes from increased customer retention and by winning new lines from existing customers. Lastly, we increased our distribution capacity over the past quarter with new and expanded facilities to support our business. I am most bullish on our Italian platform expansion. Over the past six months, we have entered new geographies with our Greco-Italian platform, and we will continue to expand to new geographies in the coming calendar year.

從歷史上看，淨推薦值的改善與未來幾季的業務成長有很強的相關性。銷售額和銷售的成長來自客戶保留率的提高以及從現有客戶那裡贏得新產品線。最後，我們在過去的季度透過新的和擴建的設施來支持我們的業務，從而提高了我們的分銷能力。我最看好我們的義大利平台擴張。在過去的六個月中，我們透過希臘-義大利平台進入了新的地區，並且我們將在來年繼續擴展到新的地區。

The winning formula is clear: have the right Italian products at the right price, sold by colleagues that are full-time Italian cuisine experts. Our success has been replicated in each new Greco market we have entered. I expect compelling results from the Italian platform in the second half of fiscal 2025 and for years to come as we advance our Greco expansion efforts. We have substantial white space to be filled in the coming years.

獲勝的秘訣很明顯：以合適的價格提供合適的義大利產品，並由全職義大利美食專家同事銷售。我們的成功已在我們進入的每個新的 Greco 市場中複製。我預計，隨著我們推動 Greco 擴張工作，義大利平台將在 2025 財年下半年和未來幾年取得引人注目的成果。未來幾年我們還有大量的空白需要填補。

As I wrap up my comments this morning, I will summarize with the following. We made progress from Q1 to Q2 in top- and bottom-line results. We delivered upon our financial expectations for the quarter, and we have posted progress on important strategic initiatives. The progress on key initiatives like sales professional hiring and increasing our new customer win rate will fuel our improvement in the second half of fiscal 2025.

當我今天早上結束我的評論時，我將總結如下。從第一季到第二季度，我們在頂線和底線業績方面取得了進展。我們實現了本季的財務預期，並公佈了重要策略舉措的進展。銷售專業人員招募和提高新客戶贏得率等關鍵措施的進展將推動我們在 2025 財年下半年取得進步。

When combined with the very compelling business performance we are already delivering from National sales business, our International segment, and our SYGMA segment, we have the confidence to reiterate our four-year financial guidance. I am pleased with the progress that we are making in our supply chain from a service and cost perspective, in our merchandising ranks from a gross margin management perspective, and with our sales team from a skills development perspective. The combination of the progress across these three vectors will build over time.

結合我們在全國銷售業務、國際部門和 SYGMA 部門已經取得的非常引人注目的業務業績，我們有信心重申我們的四年財務指導。我對我們的供應鏈（從服務和成本角度來看）、我們的銷售團隊（從毛利率管理角度來看）以及我們的銷售團隊（從技能開發角度來看）的進展感到高興。這三個方面的進展將隨著時間的推移而不斷累積。

I want to personally thank Sysco's 76,000-plus colleagues and our entire leadership team for their continued focus in energy. We have the best team in the industry, and I'm proud to work with them every day, serving Sysco's global customers. I also want to thank our supplier partners, who have helped Sysco improve service levels to our customers over the past quarter.

我個人要感謝 Sysco 的 76,000 多名同事以及我們整個領導團隊對能源的持續關注。我們擁有業內最優秀的團隊，我很自豪每天與他們合作，為 Sysco 的全球客戶提供服務。我還要感謝我們的供應商合作夥伴，他們在過去一個季度幫助 Sysco 提高了對客戶的服務水準。

I'll now turn it over to Kenny, who will provide a detailed review of Q2 performance and select fiscal year 2025 guidance commentary. Kenny, over to you.

我現在將其交給 Kenny，他將提供對第二季度業績的詳細審查並選擇 2025 財年指導評論。肯尼，交給你了。

Thank you, Kevin. And good morning, everyone. As Kevin highlighted, our results for the quarter were driven by improvements across the core financial drivers: sales, gross profit, and operating expense. Our success in Q2 was broad based across business segments and our product portfolio. We generated positive operating leverage and sequential improvements to gross profits while continued operating expense management rendered adjusted operating margin expansion.

謝謝你，凱文。大家早安。正如凱文所強調的那樣，我們本季的業績是由核心財務驅動因素的改善所推動的：銷售額、毛利和營運費用。我們第二季的成功廣泛應用於各個業務部門和產品組合。我們產生了積極的營運槓桿並連續改善了毛利，同時持續的營運費用管理實現了調整後的營運利潤率擴張。

Here at Sysco, we have levers across our P&L, and our actions are driving structural improvements to the business. We believe the table is set for continued improvement in the second half of our fiscal year. For example, this was on full display in our International segment this quarter. The positive momentum over the past few years continued into Q2, with sales growth of 4%, gross profit growth of 7%, and adjusted operating income growth of 26.5%.

在 Sysco，我們在損益表上擁有槓桿，我們的行動正在推動業務的結構性改進。我們相信，我們財年下半年的持續改善已經做好了準備。例如，這一點在本季度我們的國際部門中得到了充分展示。過去幾年的正面動能延續到第二季​​度，銷售額成長4%，毛利成長7%，調整後營業收入成長26.5%。

The Sysco playbook is delivering across all geographies, driven primarily by our size and skill advantages in these markets along with M&A contributions from the recent specialty additions to the portfolio, which are performing well. We expect our positive momentum in International to step up further in the second half of the year.

Sysco 的策略正在所有地區實現，這主要是由於我們在這些市場的規模和技能優勢，以及最近在投資組合中新增的專業產品的併購貢獻，這些產品表現良好。我們預計下半年國際業務的積極動能將進一步加強。

In addition to improved P&R results this quarter, I would be remiss if I did not highlight the compelling competitive advantage that our strong balance sheet and robust cash flow generation provides. On that note, I am pleased to announce the upsizing of our share repurchase plan. For this fiscal year, we now expect to buy back $1.25 billion of shares, up from our prior plan of $1 billion.

除了本季 P&R 業績有所改善之外，如果我沒有強調我們強大的資產負債表和強勁的現金流產生所提供的令人信服的競爭優勢，那就是我的失職。在這一點上，我很高興地宣布擴大我們的股票回購計劃。在本財年，我們現在預計回購 12.5 億美元的股票，高於先前計劃的 10 億美元。

The full-year amount has the potential to flex up further depending on M&A activity for the remainder of the year. Further, we take both our role as a dividend aristocrat and our track record of dividend growth seriously as we are one of only four consumer staples companies that have grown dividends for the past 25-plus years. This year, we expect to distribute to shareholders $1 billion in dividend payments.

全年金額有可能進一步增加，具體取決於今年剩餘時間的併購活動。此外，我們認真對待股息貴族的角色和股息成長的記錄，因為我們是過去 25 年多來股息成長的僅有的四家消費必需品公司之一。今年，我們預計將向股東發放 10 億美元的股息。

In total, we are now on target to return over $2.25 billion to shareholders through share repurchase and dividends in FY25. Our balance sheet affords us the financial tools and flexibility to make the right decisions, both for the short term and long term, as we seek to grow our business while driving industry-leading returns on invested capital and generating a double-digit TSR for our investors.

總的來說，我們現在的目標是在 2025 財年透過股票回購和股利向股東回報超過 22.5 億美元。我們的資產負債表為我們提供了做出正確決策的金融工具和靈活性，無論是短期還是長期，因為我們尋求發展我們的業務，同時推動行業領先的投資資本回報率並為我們的股東創造兩位數的總回報率。

Now turning to a summary of our reported results for the quarter, starting on slide 14. For the second quarter, our enterprise sales grew 4.5% in line with our guidance in the financial algorithm we shared during Investor Day. Our sales results were driven by US Food Service growing 4.1%, International growing 3.6%, and SYGMA growing 10.6%.

現在轉向我們報告的本季業績摘要，從投影片 14 開始。第二季度，我們的企業銷售額成長了 4.5%，符合我們在投資者日分享的財務演算法指引。我們的銷售業績受到美國食品服務成長 4.1%、國際成長 3.6% 和 SYGMA 成長 10.6% 的推動。

With respect to volume, total US Food Service volume increased 1.4% and local volume decreased 0.9%. DON positively impacted US Food Service volumes by 1.6% and local volumes by 1%. National volume growth in the quarter also included margin expansion. Local results were lapping the highest rates of growth in the prior year, as well as headwinds from weather disruptions and unfavorable holiday timing impacts on a year-over-year basis this year.

就數量而言，美國食品服務總量增加 1.4%，本地總量下降 0.9%。DON 對美國食品服務量和本地量產生了 1.6% 和 1% 的正面影響。本季全國銷售的成長還包括利潤率的擴張。當地的業績創下了去年的最高成長率，今年與去年同期相比，也受到了天氣幹擾和不利假期時間影響的不利影響。

We produced $3.7 billion in gross profit of 3.9% and gross margin of 18.1%. On a dollar basis, we are encouraged by the expanding gross profit dollar-per-case trend and continued opportunities around our strategic sourcing efforts. Looking to the second half, we expect to execute on secured actions to expand the depth and breadth of our strategic sourcing to buy better to sell better. This includes working with existing suppliers; looking for incremental win-win opportunities, often adding items to existing contracts; and scoping out work with new suppliers.

我們生產了 37 億美元，毛利為 3.9%，毛利率為 18.1%。以美元計算，我們對每箱毛利不斷擴大的趨勢以及圍繞我們的策略採購工作的持續機會感到鼓舞。展望下半年，我們預計將採取安全行動，擴大我們策略採購的深度和廣度，以更好地買得更好、賣得更好。這包括與現有供應商合作；尋找增量雙贏機會，並經常在現有合約中添加項目；並確定與新供應商的合作範圍。

Additionally, continual improvements in sourcing will come, allowing us to leverage the scale of our North America presence, which includes our $6 billion Canadian business. As I mentioned earlier, strategic sourcing is one example of structural improvements we expect to enhance gross profit in the second half of our fiscal year. A gross profit dollar growth reflected our ability to continue to effectively manage product inflation, which came in at 2.1% for the total enterprise, consistent with our expectations.

此外，採購方面的持續改進將使我們能夠充分利用我們在北美的業務規模，其中包括我們價值 60 億美元的加拿大業務。正如我之前提到的，策略採購是結構性改善的一個例子，我們預計將在本財年下半年提高毛利。毛利成長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 2.1%，與我們的預期一致。

This is the average across all of our major product categories with our teams regularly managing through pockets of fluctuations. We are doing an excellent job managing our corporate expenses with continued progress year over year. We have been extremely disciplined and reduced corporate expenses by 1.3% from the prior year on an adjusted basis driven by efficiency work that we deployed in FY24 and incremental actions during the quarter. We are making continued progress with our financial algorithm and target of lowering corporate expenses to 1% of sales.

這是我們所有主要產品類別的平均值，我們的團隊定期應對波動。我們在管理公司開支方面做得非常出色，並且逐年持續進步。我們非常自律，在 2024 財年部署的效率工作和本季增量行動的推動下，調整後的公司開支比上一年減少了 1.3%。我們的財務演算法和將公司費用降低至銷售額的 1% 的目標不斷取得進展。

Overall, adjusted operating expenses were $2.9 billion for the quarter, or 14.2% of sales, a 13-basis-point improvement from the prior year, reflecting supply chain and corporate expense efficiencies. Our supply chain operations remain fully staffed. We continue to improve colleague retention year over year, and we are building on productivity gains with piece-per-labor hour improvements compared to the prior year. Our out-balance bill rates to our customers also improved during the quarter, which will help drive increased MPS and sales in the coming quarters.

總體而言，本季調整後營運費用為 29 億美元，佔銷售額的 14.2%，比上年提高 13 個基點，反映了供應鏈和企業費用效率。我們的供應鏈業務人員仍然充足。我們繼續逐年提高員工留任率，並且與前一年相比，我們透過提高每工時件數來提高生產力。本季我們向客戶提供的超額帳單費率也有所改善，這將有助於推動未來幾季 MPS 和銷售額的成長。

Turning to field expenses, we remain disciplined around the pacing of our sales professional hires and will continue to focus on the quality and return on investments of our new hires as they continue to climb up the productivity curve. These deliberate investments are well laddered with this year's hires expected to start driving financial contributions next year and thereafter.

談到現場費用，我們仍然嚴格控制銷售專業人員的招募節奏，並將繼續專注於新員工的品質和投資回報，因為他們將繼續攀登生產力曲線。這些經過深思熟慮的投資與今年的聘用人員預計將在明年及此後開始推動財務貢獻。

Overall adjusted operating income was $783 million for the quarter. Positive momentum continued in our International segment with adjusted operating income growing 26.5% during the quarter. Our teams are successfully applying the Sysco playbook to drive continued growth and margin expansion.

該季度調整後的整體營業收入為 7.83 億美元。我們的國際業務持續保持積極勢頭，本季調整後營業收入成長 26.5%。我們的團隊正在成功應用 Sysco 手冊來推動持續成長和利潤擴張。

Adjusted operating income growth also benefited from SYGMA contributing 11.8% profit growth as our focus on operational excellence resulted in improved profits from higher productivity alongside growth of new customers. For the quarter, adjusted EBITDA increased to $969 million or up 4.4%. Our balance sheet remains robust and reflects the organization's healthy financial profile.

調整後的營業收入成長也受益於 SYGMA 貢獻的 11.8% 的利潤成長，因為我們對卓越營運的關注導致生產力的提高和新客戶的成長帶來了利潤的提高。本季調整後 EBITDA 增至 9.69 億美元，增幅 4.4%。我們的資產負債表依然穩健，反映了組織健康的財務狀況。

We ended the quarter at a 2.76 times net debt leverage ratio. We ended the quarter with $11.8 billion in net debt and approximately $3.1 billion in total liquidity, which is substantially above our minimum threshold. Turning to our cash flow, we generated approximately $498 million in operating cash flow and $331 million in free cash flow for the first half, with the year-over-year variance driven by timing related to working capital, which also includes the opportunistic purchase of inventory with solid economics.

本季末，我們的淨負債槓桿率為 2.76 倍。本季結束時，我們的淨債務為 118 億美元，流動性總額約為 31 億美元，遠高於我們的最低門檻。談到我們的現金流，我們上半年產生了約 4.98 億美元的營運現金流和 3.31 億美元的自由現金流，同比差異是由與營運資本相關的時間驅動的，其中還包括機會性購買具有紮實經濟性的庫存。

For the full year, we continue to expect strong conversion rates from adjusted EBITDA to operating cash flow at approximately 70% and free cash flow at approximately 50%. Our strong financial position enables us to return approximately $444 million to shareholders this quarter.

就全年而言，我們繼續預期調整後 EBITDA 到營運現金流的轉換率約為 70%，自由現金流約為 50%。我們強大的財務狀況使我們能夠在本季度向股東返還約 4.44 億美元。

We remain confident in growing both top-line and bottom-line results in FY25 in line with our financial algorithm. 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 continued inflation of approximately 2%, positive volume growth of low single digits, and contributions 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.

我們仍然有信心根據我們的財務演算法在 2025 財年實現頂線和底線業績的成長。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%。淨銷售額成長包括約 2% 的持續通膨、低個位數的銷售量正成長以及年內併購的貢獻。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。

We continue to believe the second half will improve from our investments in the sales professionals and other growth initiatives. Additionally, we expect margin benefits as we leverage our unique scale advantages to expand strategic sourcing efforts to include a wider basket of categories, more efficiently harness our global buying power, and improve inbound freight logistics to minimize touchpoints across our networks.

我們仍然相信，下半年的業績將因我們對銷售專業人員的投資和其他成長措施而有所改善。此外，我們預計將獲得利潤率效益，因為我們利用我們獨特的規模優勢擴大策略採購工作，包括更廣泛的品類，更有效地利用我們的全球購買力，並改善入境貨運物流以盡量減少我們網絡中的接觸點。

Combined with recent actions around our organizational optimization at our GSC, we expect over $100 million of annualized savings to benefit gross profit dollars and operating expenses starting in the second half. This figure highlights our ability to be disciplined with expenses and offset macro industry environment headwinds in the first half and fund business investments this year. This is consistent with our focus on driving continual business improvement, and we plan to explore additional actions going forward.

結合 GSC 最近圍繞組織優化採取的行動，我們預計從下半年開始，年化節省將超過 1 億美元，將有利於毛利和營運費用。這一數字突顯了我們在上半年控制開支、抵消宏觀產業環境不利因素以及為今年的業務投資提供資金的能力。這與我們致力於推動持續業務改進的重點是一致的，我們計劃探索未來的其他行動。

In addition to these self-help initiatives, which we expect to drive the majority of our second-half lift, we continue to expect a stronger macro and modest industry traffic improvements. All in, we expect a stronger rate of adjusted EPS growth in the second half of the year, growing at a positive high single-digit growth rate with similar rates of growth across Q3 and Q4.

除了這些自助措施（我們預計將推動下半年的大部分成長）之外，我們仍然預期宏觀經濟將更加強勁，產業流量將適度改善。總而言之，我們預計下半年調整後每股盈餘成長率將更高，以高單位數正成長率成長，第三季和第四季的成長率相似。

Consistent with our ROIC focus, we divested our joint venture in Mexico in mid-December. This is expected to impact international sales by approximately $500 million on an annualized basis and be immaterial from a profit standpoint. From a modeling perspective, international top-line results will be negatively impacted from an as-reported perspective for the next year as Mexico will be out of the number starting next quarter but accretive to international margins. We do not plan to recast prior year numbers. However, we do plan to provide additional context to aid in modeling this segment until we lap itself at the end of this calendar year.

與我們的投資報酬率重點一致，我們在 12 月中旬剝離了在墨西哥的合資企業。預計這將每年影響國際銷售額約 5 億美元，但從利潤角度來看並不重要。從建模的角度來看，從報告的角度來看，明年的國際營收結果將受到負面影響，因為墨西哥將從下個季度開始超出這個數字，但會增加國際利潤率。我們不打算重新計算往年的數字。然而，我們確實計劃提供額外的背景資訊來幫助對這一細分市場進行建模，直到我們在今年年底完成這項任務。

In the upcoming quarters, we will provide growth comparisons with and without Mexico in an effort to add clarity around operating trends and enhance year-over-year comparability. Further, we plan to continue our practice rewarding our shareholders through the distribution of essentially all of our annual free cash flow with over $1 billion in dividends, and as outlined earlier, $1.25 billion and share repurchases. This is another signal of continued confidence in our business.

在接下來的幾個季度中，我們將提供墨西哥與墨西哥以外地區的成長比較，以明確營運趨勢並增強同比可比性。此外，我們計劃繼續透過分配幾乎所有年度自由現金流來回報股東，其中包括超過 10 億美元的股息，以及如前所述的 12.5 億美元和股票回購。這是對我們業務持續充滿信心的另一個訊號。

Specific to share repurchase, we know that this figure can flex up depending on M&A activity. For the year, we expect to operate within our stated target of 2.5 to 2.75 times net leverage and maintain our investment-grade balance sheet. The adjusted tax rate for FY25 is now expected to range from 24.5% to 25%, slightly lower than our initial view. Adjusted depreciation and amortization remains unchanged at approximately $800 million for the year.

具體到股票回購，我們知道這個數字可能會根據併購活動而改變。今年，我們預計淨槓桿率將達到 2.5 至 2.75 倍的既定目標，並維持投資等級資產負債表。目前預計 25 財年調整後稅率為 24.5% 至 25%，略低於我們最初的預期。本年度調整後的折舊和攤提維持不變，約 8 億美元。

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

最後，我對我們的 2025 財年指引以及我們透過整個業務槓桿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，並釋放回報股東的價值。我期待著我們未來的進步，因為 Sysco 已做好了獲勝的準備。

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

接下來，我將把電話轉回給凱文，讓他發表結束語。

Thank you, Kenny. I appreciate all you are doing for Sysco. The discipline and leadership that you and your team display are a real strength for our company. Before we turn it over to questions, I want to reiterate the following key points. We are extremely pleased with our National sales, International, and SYGMA business Results. We believe these businesses are positioned to continue delivering compelling performance in the quarters and years to come.

謝謝你，肯尼。我感謝您為 Sysco 所做的一切。您和您的團隊所展現的紀律和領導是我們公司的真正優勢。在提問之前，我想重申以下要點。我們對我們的國內銷售、國際銷售和 SYGMA 業務成果感到非常滿意。我們相信這些企業將在未來幾季和幾年內繼續提供引人注目的業績。

Our local business is in the midst of a business improvement phase. We have the right actions in place, and we are showing clear signs of progress by increasing our new customer win rate and improving net promoter scores. That improvement trend has given us the confidence to reiterate our four-year guidance and to equally iterate are overarching financial algorithm.

我們當地的業務正處於業務改進階段。我們採取了正確的行動，並且透過提高新客戶贏得率和提高淨推薦值，我們顯示出明顯的進展跡象。這種改善趨勢使我們有信心重申我們的四年指導方針，並同樣迭代整體財務演算法。

Our solid balance sheet affords us the opportunity to return value to our shareholders while we are profitably growing our business. The announcement today of raising our share repurchase target for the year is just one example of the discipline we will deploy to ensure that our shareholders benefit along our journey. More to come as we have additional announcements in the future. Our future is bright as we expand our competitive moats, leveraging our size, our scale, and our talented people.

我們穩健的資產負債表使我們有機會在業務獲利成長的同時為股東回報價值。今天宣布提高今年的股票回購目標只是我們將採取紀律的一個例子，以確保我們的股東在我們的旅程中受益。我們將來還會發布更多公告，還會有更多內容。當我們利用我們的規模、規模和人才來擴大我們的競爭護城河時，我們的未來是光明的。

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) Mark Carden, UBS.

（操作員說明）Mark Carden，UBS。

Good morning and thanks so much for taking the question. So you talked about some expected tailwinds in the second half of the fiscal year. How have January sales trended to date, just especially when considering some of the headwinds related to the southern winter storms and the Los Angeles area wildfires? And then would you expect this to have an outsized impact on either your local or National businesses in 3Q?

早上好，非常感謝您提出問題。您談到了本財年下半年的一些預期有利因素。迄今為止，一月份的銷售趨勢如何，特別是考慮到與南部冬季風暴和洛杉磯地區野火相關的一些不利因素？那麼您是否預計這會對第三季的本地或全國業務產生巨大影響？

Good morning, Mark. It's good to hear from you. Kevin, just let me start with tailwinds and reasons for confidence in the second half. I'll briefly talk about January for additional thoughts. Why we have confidence in our second half is the following. As I said in our prepared remarks, the businesses that are doing extremely well, International, National, and SYGMA, have clear momentum, building momentum we expect for continued extremely strong performance from each of those three business segments.

早上好，馬克。很高興收到你的來信。凱文，讓我從下半場的順風和信心的原因開始。我將簡要談談一月份的情況，以獲取更多想法。為什麼我們對下半年充滿信心，原因如下。正如我在準備好的發言中所說，國際業務、國內業務和 SYGMA 等業務表現非常出色，勢頭強勁，我們預計這三個業務部門將繼續保持強勁的業績。

Within our local business, as I talked about on the call, we have internal lines of measurement that are clearly showing progress, new customer win rate, MPS improvement, the colleague hiring and training that we're doing, which will result in forward-facing increased momentum, again, on that new customer win rate, and then DC capacity expansions that occurred over the last six months that those buildings enabled increased throughput, increased customer ability to serve, et cetera, et cetera.

在我們的本地業務中，正如我在電話中談到的那樣，我們有內部衡量標準，可以清楚地顯示進度、新客戶贏得率、MPS 改進、我們正在進行的同事招聘和培訓，這將導致未來-再次面臨新客戶贏得率增加的勢頭，以及過去六個月中發生的數據中心容量擴張，這些建築物提高了吞吐量，提高了客戶服務能力，等等​​。

So when we put all that together, we have a clear path towards delivering the outcomes that we expect to deliver, which will then allow us to deliver the financial guidance that we have put forward. Specific to January, just one reminder, January is the lowest volume month of the year, and that's the case for the entire industry every year.

因此，當我們將所有這些放在一起時，我們就有了實現預期成果的明確路徑，這將使我們能夠提供我們提出的財務指導。具體到一月份，提醒一下，一月份是一年中成交量最低的月份，每年整個行業都是如此。

You're absolutely right that the California wildfires had an impact on Southern California. The even bigger topic is the Southern storm that impacted a large portion of the United States. We live and work in Houston, and it was quite the event in Houston this last week. We're working through it. Our goal is to serve our customers during those periods of time.

加州野火對南加州產生了影響，你說得對。更大的話題是影響美國大部分地區的南方風暴。我們在休士頓生活和工作，上週休士頓發生了一件相當大的事。我們正在解決這個問題。我們的目標是在這段時間內為我們的客戶提供服務。

What we're proud of is we're the first distributor to be out on the road delivering to customers, getting them back on their feet, working through that progress with our customers as they reopen and grow their business. As it relates to, does it impact National or local more? It impacts them equally, so we're not concerned about that. Kenny, any additional comments on January?

我們感到自豪的是，我們是第一家為客戶提供服務、讓他們重新站起來、在客戶重新開業和發展業務時與他們一起取得進展的經銷商。就其而言，它對國家或地方的影響更大嗎？它對他們的影響是平等的，所以我們並不擔心這一點。肯尼，一月份還有什麼評論嗎？

Sure. Hey, Mark, good morning. Taking a step back, overall, in terms of industry foot traffic, in terms of what we're seeing, Q2 improved from Q1. Q1 was down 4%, and Q2 was down 2%. But that said, as Kevin mentioned, January was a bit choppy with weather and other disruptions. And one thing to note, if we had to choose a month to have uncontrollable disruptions, it would be January, given the majority of our Q3 OI and EPS lands in February and March.

當然。嘿，馬克，早安。總體而言，就行業客流量而言，就我們所看到的而言，第二季度比第一季有所改善。第一季下降 4%，第二季下降 2%。但正如凱文所提到的，一月份由於天氣和其他幹擾因素有點不穩定。需要注意的一點是，如果我們必須選擇一個月份來應對無法控制的干擾，那麼那會是 1 月，因為我們第三季的 OI 和 EPS 大部分發生在 2 月和 3 月。

Now we are encouraged by the fact that in select geographies, we are already seeing nice progress made based on our investments in SC editions as well as our new comp model. And then one thing to kind of call out, most of our comments are usually US-based, but for international, strong momentum there. We saw a strong push on Christmas, holiday year end on both local and National volume, and that momentum is curing into January. So the bottom line is we are confident we can operate in any environment as proven in prior periods, which supports our confidence in our FY25 guide.

現在，令我們感到鼓舞的是，在某些地區，我們已經看到基於我們對 SC 版本的投資以及新的補償模型取得的良好進展。需要指出的一件事是，我們的大多數評論通常都是針對美國的，但對於國際而言，那裡的勢頭強勁。我們看到聖誕節、假日年末本地和全國銷售都有強勁成長，這種勢頭正在固化到一月份。因此，最重要的是，我們有信心能夠在任何環境下運營，正如之前所證明的那樣，這支持了我們對 25 財年指南的信心。

Great. Thanks so much, guys, and good luck.

偉大的。非常感謝，夥計們，祝你好運。

Thanks, Mark.

謝謝，馬克。

Thanks, Mark.

謝謝，馬克。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. So I wanted to follow up on the prior one related to the US Food Service case growth. Organic volumes, fairly flat quarter over quarter. Industry traffic, I think, improved almost 200 basis points quarter over quarter. So can you help us understand what you're seeing in terms of underlying dynamics and any market share dynamics during the quarter? And then, Kenny, I think you mentioned $100 million in annualized savings to help GP dollars in the back half. Can you expand a bit on some of the drivers of that? Thank you.

非常感謝。因此，我想跟進上一篇與美國食品服務案件增長相關的情況。有機銷量較上月持平。我認為，產業流量較上月提高了近 200 個基點。那麼，您能否幫助我們了解您在本季的基本動態和市場份額動態方面所看到的情況？然後，肯尼，我想你提到了 1 億美元的年化儲蓄，以幫助後半部分的 GP 資金。能否詳細介紹其中的一些驅動因素？謝謝。

Hey, good morning, Lauren. It's Kevin. I'll start. I'll talk about Q2 versus Q1, and Kenny will add on to that, and then he'll directly address your $100 million question. It's an important and good one for us to be very clear on the drivers there. Q2 performed as we expected. That's the punchline, and that's the headline. It was a choppy quarter. That's the word I used in my prepared remarks.

嘿，早上好，勞倫。是凱文。我開始吧。我將討論 Q2 與 Q1 的比較，Kenny 將對此進行補充，然後他將直接解決您的 1 億美元問題。對我們來說，非常清楚地了解那裡的驅動因素是一件重要且有益的事情。第二季的表現符合我們的預期。這就是笑點，這就是標題。這是一個動盪的季度。這是我在準備好的發言中使用的字。

The beginning of the quarter had a substantial hurricane impacting our Florida market and up into the Carolinas, which you know all about. And then the exit of that quarter was significantly impacted by holiday shift, which impacted the entire industry. So you've read about that through all of the retail names that are out there. But one last week between Thanksgiving and Christmas, that does have an impact to the restaurant industry and an unfavorable calendar shift as it relates to that.

本季初，一場嚴重的颶風影響了我們佛羅裡達州的市場，並影響了卡羅萊納州，這一點你們都知道。然後該季度的退出受到假期轉移的顯著影響，從而影響了整個行業。因此，您已經透過所有零售名稱了解了這一點。但感恩節和聖誕節之間的最後一周，這確實對餐飲業以及與之相關的不利的日曆變化產生了影響。

And then the bow around that is we had a very strong volume growth in Q2 last year, so we're lapping strong numbers from a year ago, but that's because of that calendar component that I just talked about. The prior year was very favorable from a calendar perspective. So when we put all that together -- and I know it's choppy and there's a lot to be normalized there. When you normalize for those things, Q2 was solid versus Q1 from an underlying performance perspective.

然後，我們去年第二季的銷售成長非常強勁，所以我們的數據比一年前強勁，但這是因為我剛才談到的日曆組件。從日曆的角度來看，前一年非常有利。因此，當我們將所有這些放在一起時，我知道這很不穩定，而且還有很多需要標準化的地方。當你對這些事情進行標準化時，從基本性能的角度來看，第二季與第一季相比是穩定的。

And the more important point is we have the direct line of sight towards why it will be even stronger in the year to go. The direct line of sight towards the hiring we're doing, the new customer win rate, which is building momentum, the net promoter score momentum that we're driving, which will, forward view, add to customer retention and increase penetration. So we put all that together. We do have confidence in our ability to improve local, and the success that we're driving in the other three segments is notable and repeatable.

更重要的一點是，我們可以直接了解為什麼它在未來一年會變得更強勁。我們正在招募的直接視線、正在形成勢頭的新客戶贏得率、我們正在推動的淨推薦值動力，從長遠來看，這將增加客戶保留率並提高滲透率。所以我們把所有這些放在一起。我們確實對自己改善本地業務的能力充滿信心，而且我們在其他三個細分市場取得的成功是顯著且可重複的。

Kenny, your comments to that, and then I'll turn it over to you.

肯尼，你對此有何評論，然後我會將其轉交給你。

Yes, so let me add on to Kevin's comments on the confidence in local. We do expect to see improved sequential performance of local case growth in the second half of the fiscal year, so let's be clear about that. And why is that? If you look at the underlying themes of our business, most of our incremental sales professionals were hired at the end of FY24 and beginning of this year. So with each month, these sales professionals are more productive, therefore, contributing more on the sales side.

是的，所以讓我補充一下凱文對當地信心的評論。我們確實預計本財年下半年本地病例成長的環比業績將有所改善，所以讓我們明確這一點。這是為什麼呢？如果你看看我們業務的基本主題，你會發現我們的大多數增量銷售專業人員都是在 2024 財年末和今年年初聘用的。因此，每個月，這些銷售專業人員的工作效率都會更高，因此在銷售方面的貢獻也更大。

The comp model is working very well. We're tracking it very closely, and it does two things, just to remind everybody. It incentivizes for growth and to grow profitably, and we're seeing both right now through our new customer acquisition account that Kevin referenced in his prepared remarks.

補償模型運作良好。我們正在非常密切地跟踪它，它做了兩件事，只是為了提醒大家。它激勵增長和盈利增長，我們現在通過凱文在他準備好的講話中提到的新客戶獲取帳戶看到了這兩點。

And the last but not least, as we approach the second half of the year, Kevin talked about this for the Q2, most of our list is driven by self-help, and we will be lapping a more favorable comp in the second half of the year, which yields our confidence that we talked about in the prepared remarks.

最後但並非最不重要的一點是，當我們接近下半年時，凱文談到了第二季度的這一點，我們的大部分清單都是由自助驅動的，我們將在下半年獲得更有利的補償今年，這讓我們產生了我們在準備好的發言中所談到的信心。

And Lauren, in terms of the $100 million annualized savings, as you heard, as part of our guide, we are expecting a second half of a year step up on EPS growth. So to put it to some real numbers, the first half is roughly, call it, 3.5% EPS growth, and the back half will be a high single-digit growth rate. And I'll go slow on this part. One of the key drivers is that we have line of sight to $100 million of annualized savings to benefit both the gross profit line and the operating expense line.

勞倫，就 1 億美元的年化節省而言，正如您所聽到的，作為我們指南的一部分，我們預計下半年每股收益將進一步增長。因此，以一些實際數字來表示，上半年每股盈餘成長大致為 3.5%，下半年將是較高的個位數成長率。我會慢慢講這部分。關鍵驅動因素之一是我們預計每年可節省 1 億美元，從而使毛利線和營運費用線受益。

So to your second part of the question, what are some of the details and examples that we can talk about? So there's a few buckets. The first bucket is strategic sourcing; the second bucket is supply chain efficiencies, i.e., inbound logistics that we spoke about prior; and last but not least, organizational optimization, which has been implemented recently already. So that's been done for the quarter.

那麼對於問題的第二部分，我們可以討論哪些細節和範例？所以有幾個桶子。第一個桶子是策略採購；第二個面向是供應鏈效率，也就是我們之前談到的入站物流；最後但並非最不重要的一點是最近已經實施的組織優化。本季的工作已經完成。

So the good news is we are starting to see savings from this month, meaning January, and we will continue to execute on the other actions, which we have a strong line of sight to by the end of this quarter. We expect these savings to obviously materialize this year, but because they're structural, they will also continue into the first half of 2026 as well.

因此，好消息是我們從本月（即一月）開始看到節省，我們將繼續執行其他行動，我們對本季末有強烈的預期。我們預計這些節省將在今年明顯實現，但由於它們是結構性的，因此也將持續到 2026 年上半年。

These savings highlight our ability to be disciplined with expenses and offset any macro or industry environment headwinds from the first half and allows us to reinvest in the business as well. Now we're not stopping here. We plan to explore additional actions going forward. These benefits are already in the current guide. And it's another proof point of our ability to grow EPS by high single digits in the second half of the year. Again, the indexing of the benefit would gear towards [GP]. Hope that's helpful.

這些節省凸顯了我們控制開支、抵銷上半年宏觀或產業環境不利因素的能力，並使我們能夠對業務進行再投資。現在我們不會停在這裡。我們計劃探索未來的其他行動。這些好處已包含在當前指南中。這是我們有能力在下半年實現每股收益高個位數成長的另一個證據。同樣，效益的索引將面向[全科醫生]。希望有幫助。

Very helpful. Thank you, guys.

非常有幫助。謝謝你們，夥計們。

John Heinbockel, Guggenheim Securities.

約翰·海因博克爾，古根漢證券公司。

Hey, Kevin, I have a sort of multi-part on the sales force. So just remind us, I think you've got cohorts coming out of training every six to eight weeks or something like that. When I think about the number of people that are going to come off in non-compete -- so how do you think about that? And then I think you guys seated these salespeople with five accounts, and they have to double that over six months.

嘿，凱文，我的銷售隊伍有多種角色。所以請提醒我們，我認為每六到八週或類似的時間就會有一批人完成訓練。當我想到將有多少人因競業禁止而退出時——那麼您如何看待這個問題？然後我想你們為這些銷售人員安排了五個客戶，他們必須在六個月內將這個數字增加一倍。

So when I try to think about all of this cadence wise, right, and when you return to positive territory on local case growth, and I recognize you're down, whatever, 1% to 2% today, is that possible toward the end of this fiscal year or is that really a fiscal '26 dynamic?

因此，當我嘗試明智地思考所有這些節奏時，當你在當地病例增長上回到正值時，我認識到你正在下降，無論如何，今天 1% 到 2%，到最後有可能嗎？ 本財年的情況還是這確實是26 財年的動態？

Hi. Good morning, John. Thank you for the question. I'll start with your cohorts and the cadence. We track it in exactly the way that you're describing. So we hire in waves. We train in waves. We deploy them out to geographies, as Kenny has said many times, targeted geographies. There are growth geographies. There are market share capture opportunities. We have Italian platform expansion opportunities and the likes. We're being very surgical about where we deploy.

你好。早安，約翰。謝謝你的提問。我將從你們的隊列和節奏開始。我們完全按照您描述的方式追蹤它。所以我們一波又一波地招募。我們一波又一波地訓練。正如肯尼多次說過的那樣，我們將它們部署到目標地區。存在成長地理。有佔領市場份額的機會。我們有義大利平台擴張機會等。我們對部署地點非常謹慎。

Each cohort is tracked longitudinally over time to how they're performing and where they need to be performing. The headline without disclosing confidential internal information is each of the cohorts is where we need them to be on their maturity curve. We're pleased with the performance from the 2024 hiring, as Kenny said, which was mostly Q4. And we're pleased with the initial performance of the hires that we have done this fiscal year.

隨著時間的推移，對每個群組進行縱向跟踪，了解他們的表現以及他們需要表現的地方。在不透露機密內部資訊的情況下，標題是每個群組都處於我們需要的成熟度曲線上。正如肯尼所說，我們對 2024 年招募的表現感到滿意，這主要是在第四季。我們對本財年招募的初步表現感到滿意。

They are onboarding new customers. That's the primary go-get for the new hires. We give them a small little territory, as you quoted, and now they've got to be out on the street knocking on doors, and we're pleased with their performance. You're right, for competitive hires, there's a non-solicit window, and we honor that. We're extremely respectful of that.

他們正在吸引新客戶。這是新進員工的主要目標。正如您所引用的，我們給了他們一小塊領土，現在他們必須到街上敲門，我們對他們的表現感到滿意。你是對的，對於有競爭力的招聘，有一個非招攬窗口，我們尊重這一點。我們對此非常尊重。

So to the point you're making, roughly, on average, 12 months after they onboard, there's a second wave of growth that can come from those new hires as those restrictive agreements expire, and we anticipate benefit in 2026 for that behalf. The headline is, we're pleased with the hiring, we're pleased with the quality of the staff we've onboarded, and we're pleased with the trajectory of their new customer performance. See my prepared remarks, notable increase in our new customer performance in Q2.

因此，就您所言，大約平均來說，在他們入職後 12 個月，隨著這些限制性協議到期，這些新員工可能會出現第二波增長，我們預計 2026 年會因此受益。標題是，我們對招募感到滿意，我們對入職員工的品質感到滿意，我們對他們的新客戶績效軌跡感到滿意。請參閱我準備好的評論，第二季我們的新客戶業績顯著增加。

As it relates to when to return to positive growth, here's what I can say today. We are confident in our ability to show and display progress quarter over quarter, and we anticipate that we will show you numerically that progress on a quarter-over-quarter basis due to the reasons that we said in answering Lauren and Mark's question that I prefer not to repeat because of the length of the call and the number of questions that we anticipate.

因為這關係到何時恢復正成長，所以我今天可以說的是。我們對展示季度環比進展的能力充滿信心，並且我們預計我們將以數字方式向您展示環比季度的進展，因為我們在回答勞倫和馬克的問題時所說的我更喜歡的原因由於通話時間較長且我們預期問題數量較多，因此不再重複。

But it's a combination of the colleague hiring, the improvement in service we're delivering, the progress we're making on the new customer win rate, and the expansion of our [D2C] capacity. You put all that together, we're confident in displaying numerical progress as this year progresses on a quarter-over-quarter basis.

但這是同事招募、我們提供的服務改進、我們在新客戶贏得率方面取得的進展以及我們 [D2C] 能力擴展的結合。將所有這些放在一起，我們有信心在今年季度環比的基礎上顯示數字進展。

Thank you.

謝謝。

Thank you, John.

謝謝你，約翰。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Just one clarification on your last comment and then a question. Just the assumed continued improvement that you're talking about, can you share any color in terms of the case growth that you're assuming for the back half of the year relative to, I guess, I think you said the industry was most recently down 2%? I'm just wondering what your assumption is for your business versus perhaps the industry in the back half of the year.

偉大的。非常感謝。只需對您最後的評論進行一次澄清，然後提出一個問題。只是您所談論的假設持續改善，您能否分享一下您所假設的下半年病例增長情況，相對於我想，我認為您說該行業最近下降2%？我只是想知道您對今年下半年的業務與行業的假設是什麼。

And then separately, just wondering if you can comment on the Sysco Brand sales. I know as a percentage of total sales, it seems like the US broad line and the local both have been easing. Just wondering your confidence in your ability to accelerate that mix. It would seem a compelling offering in a challenged macro where the consumers are looking to, or the restaurant customers are looking to save. So just wondering your thoughts on those Sysco branded sales. Thank you.

然後分別，只是想知道您是否可以對 Sysco 品牌的銷售發表評論。我知道，從佔總銷售額的百分比來看，美國的寬線和本地銷售似乎都在放鬆。只是想知道您對加速這種混合的能力有信心嗎？在消費者或餐廳顧客希望節省的充滿挑戰的宏觀環境中，這似乎是一項引人注目的產品。所以只是想知道您對 Sysco 品牌銷售的看法。謝謝。

Yes, certainly, Jeff. Good morning. Let me just clarify the minus 2% that you mentioned there. That was foot traffic to restaurants in Q2. That wasn't Sysco's performance number. So the minus 2% is foot traffic. We're expecting moderate, aka slight, improvement in that as we enter our second half, mostly in that spring, late spring timeframe, as I mentioned in my prepared remarks, where we're going to be lapping it down [4%] in foot traffic.

是的，當然，傑夫。早安.讓我澄清一下你提到的負2%。這是第二季餐廳的人流。這不是 Sysco 的性能數據。所以負 2% 是人流。我們預計，當我們進入下半年時，主要是在春季、春末的時間範圍內，這方面會有適度的、也就是輕微的改善，正如我在準備好的發言中提到的那樣，我們將在其中降低[4%]在人流中。

We don't anticipate that the industry will experience a minus 3% or a minus 4% on top of what last year's minus 3%, minus 4% from a traffic perspective. So there will be some natural gravity-based improvement tied to foot traffic. With that said, Kenny says this all the time. We don't need for that to occur in order to deliver our numbers. We are prepared to have the ability to deliver our financial algorithm despite economic external conditions. We have plenty of self-help activities in place that can move the needle for Sysco.

從流量角度來看，我們預期該產業不會在去年的負3%、負4%的基礎上出現負3%或負4%的情況。因此，將會有一些與人流相關的基於重力的自然改善。話雖如此，肯尼一直這麼說。我們不需要為了交付我們的數字而發生這種情況。無論外部經濟條件如何，我們都準備好提供我們的財務演算法。我們開展了大量自助活動，可以為 Sysco 帶來推動。

So the traffic improvement in the macro is reasonably immaterial to the overall year-ago performance. It's the $100 million of economic improvement that Kenny talked about. That's actually the primary driver of first-half EPS growth versus second half EPS growth. That's a meaningful and big deal. And as he said, direct line of sight with most of those actions or many of those actions are already completed. And that will have wrap value into next year.

因此，宏觀的流量改善對於去年同期的整體表現來說並不重要。肯尼談到的就是1億美元的經濟改善。這實際上是上半年每股盈餘成長與下半年每股盈餘成長的主要驅動力。這是一件有意義且大事。正如他所說，大部分行動的直接視線或許多行動已經完成。這將為明年帶來價值。

So again, it's progress in local, over time, and I emphasize this word, profitably. We could easily move the needle from a volume perspective if we wanted to by being rational in price, and we're simply not going to do that. We are going to be disciplined. We are going to be consistent. We're going to run the Sysco play on the street. And the primary way we need to show the progress is by incremental sales headcount, which we've talked a lot about, and we are where we need to be in that forward-facing progress. We need to show it to you in the outcomes, and we're going to do that as this year progresses.

再說一次，隨著時間的推移，這是本地的進步，我強調這個詞，有利可圖。如果我們願意，透過理性定價，我們可以輕鬆地從數量角度改變局面，但我們根本不會這樣做。我們將遵守紀律。我們將保持一致。我們要在街上表演 Sysco 戲劇。我們需要展示進展的主要方式是增加銷售人員數量，我們已經對此進行了很多討論，並且我們正處於這一前瞻性進展中需要達到的位置。我們需要在結果中向你們展示這一點，隨著今年的進展，我們將這樣做。

To the second part of your question, which was Sysco Brand, Sysco Brand is performing as we expected it would for the quarter. And we do not have concerns with Sysco Brand. It's a fortress for us. It is an incredible program. You know the stats. 46% of our cases in the local sector have Sysco Brand on the truck, and we're pleased with our performance.

對於您問題的第二部分，即 Sysco 品牌，Sysco 品牌本季的表現符合我們的預期。我們對 Sysco 品牌沒有任何顧慮。這對我們來說是一座堡壘。這是一個令人難以置信的計劃。你知道統計數據。我們在本地部門的 46% 的案例的卡車上都有 Sysco 品牌，我們對我們的表現感到滿意。

The primary causal is National suppliers really struggled during the past couple of years. And during that period of time when supplier inbound fill rate to us was declining, Sysco Brand, we were doing a really good job of being in stock on the Sysco branded product. And there was some shift toward Sysco Brand, and there's a little bit of a return to the mean in that regard.

主要原因是國內供應商在過去幾年處境艱困。在那段時間，當我們的供應商入庫填充率下降時，Sysco 品牌，我們在 Sysco 品牌產品的庫存方面做得非常好。並且出現了一些向 Sysco 品牌的轉變，並且在這方面有一點回歸平均值。

With that said, we are confident over the longer time horizon that we can and will grow Sysco Brand. We're constantly introducing new items. We are constantly partnering with the supplier community to bring innovation forward through Sysco Brand. And as you said, when consumers are looking for value and customers are looking for value, Sysco Brand is a great alternative.

話雖如此，從長遠來看，我們有信心能夠並且將會發展 Sysco 品牌。我們不斷推出新產品。我們不斷與供應商社群合作，透過 Sysco 品牌推動創新。正如您所說，當消費者尋找價值並且客戶尋找價值時，Sysco 品牌是一個很好的選擇。

So again, the main causal for the year-over-year decline is the natural impact of suppliers of National branded products improving their fill rate, which net-net for the industry is a good thing. We know select customers really want National brand, and we're in stock on those products. We obviously give that customer choice. So Jeff, that's the answer to the second part of your question.

因此，同比下降的主要原因是國家品牌產品供應商提高填充率的自然影響，這對行業來說是一件好事。我們知道某些客戶確實想要 National 品牌，而且我們有這些產品的庫存。顯然我們給了客戶選擇。傑夫，這就是你問題第二部分的答案。

Hey, Jeff, good morning. It's Kenny. Just one thing to add on the local piece of it. Kevin and I speak a lot about US, but International is doing really well on local case growth. For the quarter, local case growth for International grew 5%. And every market in our International business grew for local case growth. It wasn't just one region, one area.

嘿，傑夫，早安。是肯尼。只需在本地部分添加一件事即可。凱文和我經常談論美國，但國際在當地病例增長方面做得非常好。本季度，國際機場的本地病例增加了 5%。我們國際業務的每個市場都隨著本地案例的成長而成長。這不僅僅是一個地區、一個地區。

So to give you an example, Canada, our biggest market, grew 5%. GB, second biggest market in International, grew 8%. And on Sysco Brand, Kevin's right. But one thing to put things in perspective, it is still an over $22 billion business, and it's still growing profitably as well with strong penetrations across our business. And we do expect penetration rates to start to stabilize as we improve our local performance on the forward.

舉個例子，我們最大的市場加拿大成長了 5%。英國是國際第二大市場，成長了 8%。在 Sysco 品牌上，凱文是對的。但從長遠來看，它仍然是一項價值超過 220 億美元的業務，並且盈利能力仍在增長，並且對我們的業務具有強大的滲透力​​。我們確實預計，隨著我們未來本地業績的改善，滲透率將開始穩定。

And I think one thing to note as well is it's important to call that as we talk about the $100 million, especially around strategic sourcing. That impacts Sysco Brand and also non-Sysco Brand as well, which is one of the reasons why we're expecting leverage in the second half of the year.

我認為還需要注意的一件事是，當我們談論 1 億美元時，特別是在策略採購方面，這一點很重要。這會影響 Sysco 品牌以及非 Sysco 品牌，這也是我們預計下半年槓桿率的原因之一。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. I hope these numbers are more or less apples to apples, but certainly, correct me if I'm wrong. Earlier in the call, you talked about Sysco local case volumes that were down 1.9%, excluding DON, and in your presentation that the overall restaurant industry was down 1.6%.

你好，謝謝。我希望這些數字或多或少是同類的，但當然，如果我錯了，請糾正我。在電話會議的早些時候，您談到了 Sysco 本地病例量下降了 1.9%（不包括 DON），並且在您的演講中提到整個餐飲業下降了 1.6%。

So I just did want to get kind of a sense of that underperformance, maybe real pockets of opportunity that you may see that might be based on customer type. Maybe there's a specific geography that's really been lagging for you that we're not aware of if it's a share-per-account issue or if new customers have been entering the industry that perhaps you just have been haven't been tracking.

所以我只是想了解一下表現不佳的情況，也許你可能會看到基於客戶類型的真正機會。也許有一個特定的地理位置確實對您來說是滯後的，但我們不知道這是否是每個帳戶份額的問題，或者是否有新客戶已經進入您可能一直沒有跟踪的行業。

So are there really any major pockets of underperformance that you see Nationally or even locally that you can kind of come and say, hey, we fixed these couple of things, and then we go from underperformance to outperformance? Thank you.

那麼，在全國範圍內，甚至在本地範圍內，是否真的有一些表現不佳的地方，你可以說，嘿，我們解決了這兩個問題，然後我們從表現不佳變成了表現出色？謝謝。

Good morning, John. Appreciate the question. Yes, the traffic to restaurants down. 2% is what we quoted in our prepared remarks for the quarter. And again, there's three months in the quarter. But for the three months in its entirety, traffic down to -- you're right on the local number, saying it's gone down 1.9%.

早安，約翰。感謝這個問題。是的，餐廳的客流量下降了。 2% 是我們在本季準備的評論中引用的數字。再說一次，這個季度有三個月。但在整個三個月裡，流量下降到——你說的當地數字是對的，下降了 1.9%。

Again, when you strip out all the noise, and I don't like talking about the noise, but I'm going to because you asked the question, it's a choppy quarter. A major hurricane that impacts the beginning end of the quarter, a huge calendar shift that occurs at the end of the quarter vis-a-vis the holidays, net-net, you put that all together. We can do that math and strip out those variables and say our Q2 is actually strong versus Q1.

再說一遍，當你剔除所有噪音時，我不喜歡談論噪音，但我會因為你問了這個問題而談論，這是一個動蕩的季度。影響季度初的重大颶風，季度末相對於假期發生的巨大日曆變化，淨淨，你把所有這些放在一起。我們可以進行數學計算並剔除這些變量，然後說我們的 Q2 實際上比 Q1 強。

I know, externally, when you look at the numbers and you don't have all the internal details, it looks like a deceleration, and it was not a deceleration in local Q2 to Q1. It's a solid performance. It performed in line with what we expected. The more important is we are confident we will step up that local performance as we head into Q3 and as we head into Q4.

我知道，從外部來看，當你看數字並且沒有所有內部細節時，它看起來像是減速，而且不是本地第二季到第一季的減速。這是一個可靠的表現。它的表現符合我們的預期。更重要的是，我們有信心在進入第三季和第四季時提高本地業績。

Now to the second part of your question, specific regions, that's actually what gives us the confidence. Where we are not seeing meaningful year-over-year weather, Kenny talked about this vis-a-vis January, we're doing well in January. We're stepping up in January versus Q2 in those geographies that haven't been impacted by the wildfires or the weather.

現在到你問題的第二部分，具體地區，這實際上給了我們信心。肯尼談到，相對於一月份，我們沒有看到有意義的逐年天氣，我們一月份的表現很好。在那些未受野火或天氣影響的地區，我們將在一月與第二季相比加大力度。

Where we have deployed the incremental headcount surgically, we are seeing those regions be very successful from a performance perspective. And we're a large company, John, as you know, and of course we have select regions that are underperforming versus our company average. And we're very clear on what is happening in those geographies and what we need to do to improve.

在我們透過外科手術部署增量人員的地方，我們看到這些地區從績效角度來看非常成功。約翰，如您所知，我們是一家大公司，當然我們也有一些特定區域的表現低於我們公司的平均水平。我們非常清楚這些地區正在發生的事情以及我們需要採取哪些措施來改進。

But there's no common theme with those geographies. There's no unique thing happening from a competitive dynamic perspective or an industry perspective. A large company with lots of regions, you always have a bottom X percent that you're working to improve, and we're deeply committed to doing that.

但這些地區沒有共同的主題。從競爭動態角度或產業角度來看，沒有什麼獨特的事情發生。一家擁有許多地區的大公司，您總是有一個需要改進的底部 X%，我們堅定地致力於做到這一點。

So net-net, in aggregate, we are confident in our year to go. I haven't talked a lot about the comp program today, but the compensation program change, that caused a lot of disruption at Sysco in Q1. That change disruption is now behind us.

因此，總的來說，我們對未來的一年充滿信心。我今天沒有過多談論薪酬計劃，但薪酬計劃的變化在第一季給 Sysco 造成了很大的干擾。改變帶來的破壞現在已經成為過去。

Our sales reps are benefiting from the new comp program. They are making more than they were making previously because they are changing their behaviors and doing the things we want them to be doing out on the sales cycle, which will benefit Sysco and clearly will benefit our colleagues as well. So we anticipate that will gain momentum as the year progresses along with the incremental hiring that we've been doing along the way. Kenny, anything to add to that?

我們的銷售代表正在從新的補償計劃中受益。他們的收入比以前多，因為他們正在改變自己的行為，做我們希望他們在銷售週期中做的事情，這將使 Sysco 受益，顯然也將使我們的同事受益。因此，我們預計隨著今年的進展以及我們一直在進行的增量招聘，這種勢頭將會增強。肯尼，還有什麼要補充的嗎？

Yes, so just a couple things to add, we are seeing a strong correlation between headcount adds and also volume growth at the market, so it is working. And this is to provide some color on Kevin's last comment around the comp model. We're seeing total new customer acquisition count go up. Again, I think Kevin said it. Today's new customers are tomorrow's penetration opportunities for us. That's great.

是的，所以只需補充幾件事，我們發現員工數量增加與市場銷售成長之間存在很強的相關性，因此它正在發揮作用。這是為了給凱文關於補償模型的最後評論提供一些色彩。我們看到新客戶獲取總數增加。我想凱文又說過了。今天的新客戶就是我們明天的滲透機會。那太棒了。

And remember, the comp model also rewards for margin-accretive activities. So total team selling, a great one for us. It's really leveraging our broad-line scale and specialty assortment. We're seeing that continue to increase as well for this quarter. So overall, the comp model is working for us. It's a win-win for our colleagues as well as for our company.

請記住，補償模型還會獎勵利潤增值活動。如此全面的團隊銷售，對我們來說是一件好事。它真正利用了我們廣泛的規模和專業品種。我們看到本季這一數字還在繼續增加。總的來說，補償模型對我們來說是有效的。這對我們的同事和我們的公司來說都是雙贏的。

Okay. Thank you.

好的。謝謝。

Thanks, John.

謝謝，約翰。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

[Thanks for] taking the question. Mine was on the product cost inflation, the reiteration of the 2%. I want to dig in and just see how maybe conservative that might be. We're seeing food PPI inflation really spike in the last couple months. It seems to have a pretty good correlation with US product cost inflation. So I think I'd expect maybe a little bit of an increase there.

[感謝]提出問題。我的觀點是關於產品成本通膨，重申 2%。我想深入研究一下，看看這可能是多麼保守。我們看到食品 PPI 通膨在過去幾個月確實飆升。它似乎與美國產品成本通膨有很好的相關性。所以我想我預計那裡可能會有一點增長。

So the question is, do you expect that and maybe there's some offsets in international or maybe SYGMA? That's the kind of forward question. Also, in the quarter itself, if you could just help us with what the inflation was by segment for the product costs, that would be helpful.

所以問題是，您是否預計會出現這種情況？這就是那種前瞻性的問題。此外，在本季本身，如果您能幫助我們了解按部門劃分的產品成本通膨情況，那將會很有幫助。

Hey, Jake, good morning. It's Kevin. I'll start with comments about how we're viewing inflation. We have a lot of data. As a global company, we have 13 attribute groups or 13 categories that we closely monitor, and we blend them together to come forward with our inflation forecast. It's usually more accurate in the next 90 days than it is when you're looking further out than that because dynamic conditions can change variables.

嘿，傑克，早安。是凱文。我將首先評論我們如何看待通貨膨脹。我們有很多數據。作為一家全球性公司，我們密切監控 13 個屬性組或 13 個類別，並將它們混合在一起以提出我們的通膨預測。在接下來的 90 天內，它通常比您進一步觀察時更準確，因為動態條件可能會改變變數。

But where we're seeing increased inflation from a COGS perspective is mostly in the dairy and protein categories. Avian flu, influenza for birds, is having a negative impact on supply, which is therefore increasing costs, specifically eggs, which has been very much in the media as of late. And we don't anticipate that pressure easing in the near term. We expect for that to continue. We expect for dairy and then specifically eggs to be inflationary because of avian influenza.

但從銷貨成本的角度來看，我們看到通貨膨脹加劇主要是在乳製品和蛋白質類別。禽流感，即鳥類流感，對供應產生負面影響，因此增加了成本，特別是雞蛋，最近媒體對此進行了廣泛報道。我們預計這種壓力短期內不會緩解。我們預計這種情況會持續下去。我們預期乳製品，特別是雞蛋將因禽流感而出現通貨膨脹。

When we look at the protein categories, again, it's the same root cause. It's about a shortfall of product availability versus true demand, which tends to drive up price, as we all know, supply and demand equation. And we don't anticipate in the main protein categories that changing either. So we would anticipate center plate of inflation to be higher than normal over the next 90 days to six months.

當我們再次審視蛋白質類別時，其根本原因是相同的。這是關於產品可用性與真實需求之間的短缺，這往往會推高價格，眾所周知，供需方程式。我們預計主要蛋白質類別也不會改變。因此，我們預計未來 90 天到 6 個月內通膨的中心板塊將高於正常水平。

Where we're seeing offsets, which is what brings the total book down, is in the commodities space, and that's increased product availability. That's things we do to lower price through competitive sourcing. And when we can lower price inbound to Sysco, we can pass on and share that value with our end consumers.

我們看到商品領域出現了抵消，這導致了總帳簿的減少，這增加了產品的可用性。這就是我們透過競爭性採購來降低價格的做法。當我們能夠降低 Sysco 的入站價格時，我們就可以向最終消費者傳遞並分享這一價值。

So mostly in commodities, we're actually seeing in some of them deflation on a year-over-year basis, and it's the entire book of business that foots to that forecast to two. I'd say, if it's going to miss versus our forecast, it probably misses on the higher end. But that's not something that we're forecasting as of today. Kenny, anything to add to the inflation question?

因此，主要是在大宗商品中，我們實際上看到其中一些商品同比出現通貨緊縮，而整個業務都符合這一預測。我想說，如果它會低於我們的預測，那麼它可能會低於我們的預測。但截至目前為止我們還沒有預測到這一點。肯尼，通貨膨脹問題還有什麼要補充的嗎？

Yes, so I would just say right now we're operating in a normalized inflationary environment. So Mark -- to your question, Jake, in terms of what we're seeing by segment, for the total company, it's roughly 2.1%. For US business, it's pretty consistent, right? US business, US operations, 2.7%; and then our European business, roughly 2.9%.

是的，所以我只想說，現在我們正處於正常化的通膨環境。馬克，對於你的問題，傑克，就我們按細分市場看到的情況而言，對於整個公司來說，大約是 2.1%。對於美國企業來說，這是非常一致的，對吧？美國業務，美國業務，2.7%；然後是我們的歐洲業務，大約是 2.9%。

So to Kevin's point, if we were to miss, there will be some upside given the fact that we are currently trending slightly higher driven by the center-of-plate dynamics that Kevin talked about. I think the other point that's important to note for Sysco is we have a diverse set of product categories, and the good news is we don't over index or expose to any single category from a basket standpoint. So long story short, we are operating in a normalized inflation environment, which bodes well for the industry.

因此，就凱文的觀點而言，如果我們錯過了，那麼考慮到我們目前在凱文談到的板塊中心動態的推動下呈小幅走高的趨勢，將會有一些上行空間。我認為 Sysco 需要注意的另一點是我們擁有多樣化的產品類別，好消息是我們不會從籃子的角度過度索引或暴露任何單一類別。長話短說，我們正在正常化的通膨環境中運營，這對該行業來說是個好兆頭。

And it's one plus -- I'm sorry for the three-part answer. Everything we're talking about is excluding the potential impact of tariffs. We can't anticipate exactly what will occur. Nobody knows exactly what will occur. The quote that we put out for the 2% excludes any impact of tariffs.

這是一個優點——我對這個由三個部分組成的答案感到抱歉。我們談論的一切都排除了關稅的潛在影響。我們無法準確預測將會發生什麼。沒有人確切知道會發生什麼。我們給出的 2% 報價不包括關稅的任何影響。

Thank you.

謝謝。

Thank you, Jake.

謝謝你，傑克。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi. Good morning, everyone. Kevin, I wanted to ask you about sales force and local case performance. You mentioned from a sales force perspective -- could you just maybe take a step back and talk a little bit about where things stand today? I think you said that the sales comp issue is behind you. What does that mean? And then stepping back, big picture, the growth of your -- the gap between local case growth and National case growth is pretty large right now. Is that okay longer term for you to achieve the multi-year goals that you want to achieve?

你好。大家早安。凱文，我想問你有關銷售人員和本地案例績效的問題。您從銷售人員的角度提到—您能否退後一步，談談目前的情況？我想你說過銷售補償問題已經過去了。這意味著什麼？然後退一步，從大局來看，你的成長——目前本地病例成長和全國病例成長之間的差距相當大。從長遠來看，這對您來說可以實現您想要實現的多年目標嗎？

Good morning, Ed. I'll start with your question about sales force and the comp and the changes that has occurred there. And then, Kenny, I'll ask you to answer the question on the algorithm that we put out back at our Investor Day and how local and National contribute to network.

早上好，艾德。我將從你關於銷售人員和薪酬以及那裡發生的變化的問題開始。然後，肯尼，我將請您回答有關我們在投資者日推出的演算法以及本地和國家如何為網路做出貢獻的問題。

So what I meant by the comment of the impact of the comp changes behind us, let me just take a giant step back and say the comp change we made was a change we made because we wanted to. Listening to our sales colleagues, listening to our customers, looking at our P&L, putting all that together, our best sales colleagues wanted a commission structure or a comp structure that provided them more upside to their outcomes. That's what our best people want.

因此，我所說的關於我們身後的薪酬變化影響的評論的意思是，讓我退一步說，我們所做的薪酬變化是我們因為我們想要而做出的改變。傾聽我們的銷售同事的意見，傾聽我們的客戶的意見，查看我們的損益表，將所有這些放在一起，我們最好的銷售同事想要一個佣金結構或薪酬結構，為他們的成果提供更多的優勢。這就是我們最優秀的人才想要的。

And then on the lower performer side, we had too many people that were living off their base pay and not doing the behaviors that we needed and, frankly, not growing their book of business. And so, therefore, the change we put forward on July 1 rewarded the top performers at a higher rate and it held accountable the folks that weren't performing to change their behaviors, step up their performance, be out on the street opening new business, penetrating further categories, as Kenny said, selling more margin-rich products because they get rewarded for that in the comp model.

然後，在績效較低的方面，我們有太多的人靠基本工資生活，沒有做我們需要的行為，坦白說，沒有增加他們的業務。因此，我們在 7 月 1 日提出的變革以更高的比例獎勵表現最好的員工，並讓那些表現不佳的員工承擔責任，改變他們的行為，提高他們的績效，走上街頭開辦新業務正如肯尼所說，滲透到更多類別，銷售更多利潤豐厚的產品，因為他們在競爭模型中獲得了回報。

So what happened in July is there was a subgroup of our population that didn't like the change. Those people were almost exclusively our underperformers. We had some exits from the company back in Q1 that created a bit of a disruption during that period of time. How do I measure that, Ed? I think that's your question. Colleague retention, that's how we measure it.

所以七月發生的事情是我們人口中的一小部分人不喜歡這種變化。這些人幾乎都是我們表現不佳的人。我們在第一季從公司退出了一些，在那段時間造成了一些幹擾。艾德，我該如何衡量？我想這就是你的問題。同事保留率​​，這就是我們衡量的方式。

So we saw an increase in our turnover in Q1. In Q2, here's the headline, our retention has completely stabilized. We are back to healthy levels and run rate levels of retention. And our colleagues are making more money in the new comp program than they were making previously, which is exactly what we want. We want for them to be driving the behaviors that are good for the Sysco P&L. It's an uncapped earnings potential program where the more they sell, the more they earn. And that's exactly, again, what our best performers wanted.

因此，我們看到第一季的營業額增加。在第二季度，這是標題，我們的保留率已經完全穩定。我們回到了健康的水平和留存率水平。我們的同事在新的補償計畫中賺的錢比以前多，這正是我們想要的。我們希望他們能夠推動有利於 Sysco 損益的行為。這是一個無上限的收入潛力計劃，他們賣得越多，賺的錢就越多。這也正是我們表現得最好的員工所想要的。

And that is a topic that will have legs. It will have momentum that builds over time. See the second point, which is we're onboarding a healthy number of new colleagues who will be able to win new business and grow our business and succeed from themselves from a comp program tied to how we reward them for opening new business. The Q2 headline retention was solid in our colleague population, and we expect for that to continue in the go forward. Kenny, toss to you for the second part of Ed's question.

這是一個有影響力的話題。隨著時間的推移，它將產生不斷增強的動力。請參閱第二點，即我們正在招募大量新同事，他們將能夠贏得新業務並發展我們的業務，並透過與我們如何獎勵他們開拓新業務相關的薪酬計劃獲得成功。第二季度的頭條新聞在我們的同事群體中保持穩固，我們預計這種情況將在未來繼續下去。肯尼，把艾德問題的第二部分拋給你。

Yes, the answer for us is quite simple. We have to grow both, right? But the answer is to grow both. And just -- I don't want to dismiss the success of CMU. CMU, our National customers business, is doing really well. We are winning in the space, and we're winning profitably as well. That's really important. And I do understand with CMU and National customers going faster at this dilute margin rate, I understand that.

是的，我們的答案很簡單。我們必須兩者都發展，對嗎？但答案是兩者都發展。只是——我不想否認卡內基美隆大學的成功。CMU，我們的全國客戶業務，做得非常好。我們在這個領域取得了勝利，而且我們也在盈利方面取得了勝利。這真的很重要。我確實理解卡內基美隆大學和國家客戶在這種稀釋的利潤率下走得更快，我理解這一點。

And with that said, the reason why you need both is because of the fact that our National business provides route density for us, right? Really, skills [cover our] fixed costs. And the local business, since the truck is going there anyway, is taxed on, but there's still a case on the route itself. And also it's a higher margin business. So when Kevin and I work with our management teams day in and day out, it's not just simply let's grow local. It's how can we grow the entire portfolio and elevate it up to drive margin expansion and top-line growth from both sides of the house for us.

話雖如此，您之所以需要兩者，是因為我們的全國業務為我們提供了路線密度，對吧？確實，技能[涵蓋了我們的]固定成本。當地的企業，因為卡車無論如何都會去那裡，要被徵稅，但路線本身仍然有一個案例。而且這是一項利潤率較高的業務。因此，當凱文和我日復一日地與我們的管理團隊合作時，我們不僅僅是在當地發展。這就是我們如何發展整個投資組合併提升其水平，以推動我們雙方的利潤率擴張和營收成長。

Let's pause at the end of Kenny's point there. We're extremely pleased with our National business and our International business and our SYGMA business. Extremely pleased. We expect for and desire for those businesses to continue to perform at that level. And I want to eliminate what may be a concern, and there are no supply chain constraints that are impacting negatively local because of the success we're having with National.

讓我們在肯尼的觀點結束時暫停一下。我們對我們的國內業務、國際業務以及 SYGMA 業務感到非常滿意。非常高興。我們期望並希望這些企業能夠繼續保持這一水平。我想消除可能的擔憂，而且由於我們與國家黨取得的成功，供應鏈限制不會對當地產生負面影響。

We're not running out of slots in the warehouse. We don't have issues with hiring colleagues in the supply chain. Our trucks have capacity to support growth. What we need to see and what we're going to see is improvement in local. So we need to continue to drive the significant and visible success in the three business segments that are killing it, and we'll continue to do so. And we expect and we will show progress in local in the go forward.

我們倉庫裡的空位還沒用完。我們在招募供應鏈同事方面沒有任何問題。我們的卡車有能力支持成長。我們需要看到並且將會看到的是本地的改進。因此，我們需要繼續推動正在扼殺牠的三個業務領域取得重大和明顯的成功，我們將繼續這樣做。我們期望並且我們將在未來展示本地方面的進展。

Thank you.

謝謝。

Thank you, Ed.

謝謝你，艾德。

Thanks, Ed.

謝謝，艾德。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Hey, thanks for the question. I wanted to ask more about the International margin opportunity. You finished up '24 well above where you were in the years leading up to the pandemic, and then a really good start here in the first half of '25. So just trying to think about what we should look for, for the margin. Is it a gradual grind higher here, or do you think there's some point where you see a flattening out or maybe more of an inflection?

嘿，謝謝你的提問。我想詢問更多有關國際保證金機會的資訊。你們在 24 年的表現遠高於大流行前幾年的水平，然後在 25 年上半年有了一個非常好的開始。所以只是想想想我們應該尋找什麼，就是利潤。這裡是逐漸走高，還是您認為在某個點上您會看到趨於平緩或更多的拐點？

Just kind of thinking about the cadence of initiatives rolling out and the degree that there are OpEx investments near term or anything else to think about on that. And I did have one follow up on the adjusted earnings, whether there's that sale leaseback gain in there and if you have any comment on the magnitude.

只需考慮一下推出計劃的節奏以及近期營運支出投資的程度或其他需要考慮的事情。我確實對調整後的收益進行了跟踪，以了解其中是否有售後回租收益，以及您是否對其規模有任何評論。

Okay, Alex, good morning. Thank you for the question. It's Kevin. I'll start with International. Again, I'll add the headline. We are extremely pleased with our International business, the leadership team, the business progress that's being made, the initiatives that we are driving, that is helping deliver that business progress. It's certainly not coming from the macro economy in these countries. We are winning because we're taking share, we're taking share profitably, and we're growing our business. So just shout out to our international leadership team for the great job that they are doing.

好的，亞歷克斯，早安。謝謝你的提問。是凱文。我將從國際開始。再次，我將添加標題。我們對我們的國際業務、領導團隊、正在取得的業務進展以及我們正在推動的有助於實現業務進展的舉措感到非常滿意。它當然不是來自這些國家的宏觀經濟。我們之所以獲勝，是因為我們正在獲取份額，我們正在盈利地獲取份額，並且我們正在發展我們的業務。因此，只需向我們的國際領導團隊大聲喊叫，感謝他們所做的出色工作。

And you're right that the EBIT as a percent of sales today within our International segment is lower than the total company book of business, which therefore is what gives us the direct confidence that we're not slowing down in International anytime soon. International will be the growth engine within the company for years to come, tied to our ability to grow the top line and, as importantly or even more importantly, improve the EBIT as a percent of sales.

你說得對，我們國際部門目前的息稅前利潤佔銷售額的百分比低於公司總業務，因此這讓我們有直接的信心，我們不會很快放慢國際業務的發展速度。國際業務將成為公司未來幾年的成長引擎，這與我們增加營收的能力以及同樣重要甚至更重要的是提高息稅前利潤佔銷售額的百分比的能力息息相關。

There are no structural barriers in any of the international countries that we compete in that puts a false ceiling on our profit rate. So I'm not going to quote a percentage of EBIT to sales by a certain timeframe. That's more fodder for an Investor Day type conversation, but there's no wall coming anytime soon. We expect outsized top- and bottom-line growth from International -- the programs.

在我們參與競爭的任何國際國家中，都不存在對我們的利潤率設置虛假上限的結構性障礙。因此，我不會引用特定時間範圍內的息稅前利潤佔銷售額的百分比。這對於投資者日類型的對話來說是更多的素材，但短期內不會出現隔離牆。我們預計國際項目的營收和利潤將大幅成長。

Sysco Your Way expansion, we're expanding our category assortment. We're introducing Sysco Brand. We're putting more sales boots on the ground, headcount. We are putting in technology to make the business more efficient. We're expanding our supply chain in most of, if not all, of our international countries from a new buildings perspective.

Sysco Your Way 擴張，我們正在擴大我們的品類分類。我們正在推出 Sysco 品牌。我們正在投入更多的銷售人員和人員。我們正在投入技術來提高業務效率。我們正在從新建築的角度擴展我們在大多數（如果不是全部）國際國家的供應鏈。

And there's the opportunity for M&A activity. In both Ireland and GB within the past calendar year, we've bolted on specialty capabilities, one in produce, one in protein. Guess what? That's exactly what we've done in the United States, and we have tremendous white space within those bolt-on specialty businesses in the countries that we currently operate within, and just really proud of our International business and the great work that they're doing.

還有併購活動的機會。去年，在愛爾蘭和英國，我們都加強了專業能力，一項是農產品，另一項是蛋白質。你猜怎麼著？這正是我們在美國所做的，我們在目前開展業務的國家/地區的那些補充專業業務中擁有巨大的空白空間，我們對我們的國際業務及其所做的出色工作感到非常自豪正在做。

Kenny, I'll toss to you for any additional comments, and then Alex's second question.

肯尼，我會向您提出任何其他意見，然後是亞歷克斯的第二個問題。

Yes, sure. The only comment I would add on International is we've been able to replicate our size -- scale from US to international. And the good news is one market -- every market sitting in Europe, for example, in all International segment was up double digit in OI. Three numbers. Top line, 4%; GP, 7%; and then lastly, OI, up [27%]. So it is working for basically across all markets, not just one market.

是的，當然。我對國際化的唯一評論是我們已經能夠複製我們的規模——從美國到國際的規模。好消息是一個市場——例如，歐洲的每個市場，所有國際市場的 OI 都成長了兩位數。三個數字。頂線，4%；全科醫生，7%；最後，OI，起來[27%]。因此，它基本上適用於所有市場，而不僅僅是一個市場。

Alex, to your question about sell-leaseback, let me walk through how Kevin and I and the team think through this one, right? What's our viewpoint? Consistent with our ROIC focus, we continue to look for opportunities to redeploy capital through buying and selling, both on the business side and the asset side.

亞歷克斯，對於你關於售後回租的問題，讓我介紹一下凱文和我以及團隊如何思考這個問題，對嗎？我們的觀點是什麼？與我們的投資報酬率重點一致，我們繼續在業務方面和資產方面尋找透過買賣重新部署資本的機會。

So as an example, on the business side, we divested our JV in Mexico, and we were able to redeploy that capital to fuel international growth, and we're seeing it. So it's working. ROIC, accretive, check. This same concept applies to assets, i.e., for example, facilities that we own. These actions help provide capital to fund new facility projects in higher, more ROIC-inclusive areas.

舉個例子，在業務方面，我們剝離了在墨西哥的合資企業，我們能夠重新部署這些資本來推動國際成長，我們正在看到這一點。所以它正在發揮作用。ROIC，加值，檢查。同樣的概念也適用於資產，也就是我們擁有的設施。這些行動有助於為投資回報率更高、投資回報率更高的地區的新設施項目提供資金。

So I'll give you a good example. The more recent transactions that we've done, we were able to reallocate capital to a high-growth market, a market that has rising, for example, rents for us, like Hawaii, for example. And we were able to take that and buy that asset down and redeploy the capital from a less accretive asset. Again, that's all part of asset management and trying to drive growth from an ROA standpoint.

所以我會給你一個很好的例子。在我們最近進行的交易中，我們能夠將資本重新分配到高成長市場，例如我們租金上漲的市場，例如夏威夷。我們能夠利用這一點，購買該資產，並從增值性較低的資產中重新部署資本。同樣，這都是資產管理的一部分，並試圖從 ROA 的角度推動成長。

The other thing I would say is that the proceeds from the sell-leaseback also enables us to expand as well as to add more locations supporting our front-line business our Greco-Italian platform that Kevin talked about, as well as our new facility in the US and international as well.

我要說的另一件事是，售後回租的收益也使我們能夠擴大並增加更多地點，以支持我們的一線業務，凱文談到的希臘-義大利平台，以及我們在美國和國際也是如此。

So the way I want to blend this one up is, overall, Sysco is a growth company sitting in a growth vector. We want to continuously and proactively to look at our portfolio. And we do this, great companies do this, by the way, every single day, to our portfolio, and to ensure that we are positioned ourselves from a footprint standpoint for a profitable growth and maximize our return on assets.

因此，我想將這一點融合起來的方式是，總的來說，Sysco 是一家處於成長向量中的成長型公司。我們希望持續、主動地審視我們的投資組合。順便說一下，我們每天都會這樣做，偉大的公司每天都會對我們的投資組合這樣做，並確保我們從足蹟的角度定位自己，以實現盈利增長並最大化我們的資產回報率。

Thanks very much.

非常感謝。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you. At this time, I would like to turn the call back over to Kevin Hourican for any additional or closing remarks.

謝謝。此時，我想將電話轉回給 Kevin Hourican，以徵求任何補充或結束語。

Right. Thank you all. This is Kevin Kim. If you have any questions for the Investor Relations team, please feel free to reach out to myself as well as any members of the Sysco Investor Relations team. Thank you for the time.

正確的。謝謝大家。這是凱文金。如果您對投資者關係團隊有任何疑問，請隨時聯繫我本人以及 Sysco 投資者關係團隊的任何成員。謝謝你的時間。

This does conclude Sysco's second-quarter fiscal year 2025 conference call. Thank you for your participation. Please disconnect your line at this time, and have a wonderful day.

Sysco 2025 財年第二季電話會議到此結束。感謝您的參與。此時請斷開您的線路，祝您有美好的一天。