西斯柯 (SYY) 2025 Q4 法說會逐字稿

Welcome to Sysco's fourth 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 財年第四季電話會議。提醒一下，今天的通話正在錄音。我們將以開幕詞和介紹開始。

I would now like to turn the call over to Kevin Kim, Vice President of Investor Relations. Sir, you may begin.

現在我想將電話轉給投資者關係副總裁 Kevin Kim。先生，您可以開始了。

Good morning, everyone, and welcome to Sysco's fourth quarter fiscal year 2025 earnings call. On today's call, we have Kevin Hourican, our Chair of the Board and CEO; and Kenny Cheung, our CFO.

大家早安，歡迎參加 Sysco 2025 財年第四季財報電話會議。參加今天電話會議的還有我們的董事會主席兼執行長 Kevin Hourican 和財務長 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，本次演示中所作的陳述，即公司或管理層的意圖、信念、期望或對未來的預測，均屬於《私人證券訴訟改革法案》所定義的前瞻性陳述，實際結果可能存在重大差異。

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不同的因素的更多資訊包含在該公司提交給美國證券交易委員會的文件中。這包括但不限於我們截至 2024 年 6 月 29 日的 10-K 表年度報告、隨後提交給美國證券交易委員會的文件以及今天早上發布的新聞稿中包含的風險因素。這些資料的副本可在 sysco.com 的投資者部分找到。

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

我們今天的評論和簡報幻燈片都包含了非公認會計準則財務指標。這些非 GAAP 指標與相應 GAAP 指標的對帳包含在簡報幻燈片的末尾，可在我們網站的「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 reenter the queue.

在今天的討論中，除非另有說明，所有結果都與去年同期進行比較。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，請您重新進入佇列。

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

現在，我想將電話轉給 Kevin Hourican。

Good morning, everyone. We appreciate you joining our call this morning. Today, we will recap our fourth quarter performance, highlight our full year 2025 outcomes, provide an update on key initiatives that will drive our momentum in the new fiscal year. And finally, Kenny will share our view on our guidance for fiscal year 2026.

大家早安。感謝您今天上午參加我們的電話會議。今天，我們將回顧第四季度的業績，重點介紹 2025 年全年的成果，並提供推動我們新財年發展勢頭的關鍵舉措的最新資訊。最後，肯尼將分享我們對 2026 財政年度指導的看法。

Let's get started with the highlight of our fourth quarter financial outcomes. We are pleased to report that our fourth quarter adjusted results exceeded our expectations. Traffic to restaurants improved throughout the quarter and Sysco specific initiatives delivered improved financial outcomes, top to bottom. The progress accelerated throughout the quarter and has continued into July for Sysco.

讓我們先來回顧一下第四季的財務表現。我們很高興地報告，我們第四季度的調整後業績超出了我們的預期。整個季度餐廳客流量都有所改善，Sysco 的具體舉措從上到下都帶來了財務業績的改善。整個季度，Sysco 的進展都在加快，並且持續到 7 月。

All considered, Q4 was a relatively steady quarter from the perspective of restaurant foot traffic. On a monthly basis, April traffic trends for the industry were down 1.5%, May was down 1%, and June was down approximately 0.9%. The quarter overall was down 1.1%, which represented approximately 190 basis points of improvement versus Q3's traffic level of down 3%. It is good to see the industry stabilizing after a rocky start to the calendar year.

整體而言，從餐廳客流量的角度來看，第四季是一個相對穩定的季度。月度來看，4月產業客運量趨勢下降1.5%，5月下降1%，6月下降約0.9%。本季整體下降了 1.1%，與第三季 3% 的客流量水準相比，提高了約 190 個基點。很高興看到該行業在經歷了年初的艱難時期後逐漸穩定下來。

I'll now pivot to Sysco's results for the quarter. As you can see on slide 4, we delivered sales results of $21.1 billion, up 2.8% on a reported basis and up 3.7% to last year when excluding the divestiture of our Mexican business. We delivered adjusted operating income of $1.1 billion, up 1.1% to last year, adjusted EPS growth of $1.48, up 6.5% relative to last year. Importantly, we made solid progress on our $100 million profit improvement target with a strong contribution in Q4 from our strategic sourcing efforts.

現在我將轉向 Sysco 本季的業績。正如您在幻燈片 4 中看到的，我們的銷售額達到 211 億美元，按報告基礎計算增長了 2.8%，如果不包括剝離墨西哥業務，則比去年增長了 3.7%。我們實現調整後營業收入 11 億美元，較去年增長 1.1%，調整後每股收益增長 1.48 美元，較去年增長 6.5%。重要的是，我們在實現 1 億美元利潤成長目標方面取得了堅實進展，這得益於我們第四季度策略採購工作的大力貢獻。

Our International segment posted another compelling quarter with 3.6% top line growth on a reported basis and up 8.3% for last year when excluding the divestiture of Mexico. International posted strong local case growth of plus 4% in the quarter.

我們的國際部門又取得了令人矚目的成績，報告顯示其營業收入成長了 3.6%，如果不包括墨西哥業務的剝離，則比去年同期成長了 8.3%。本季度，國際本地病例成長強勁，達 4%。

Adjusted operating income increased 20.1%, representing the seventh consecutive quarter of double-digit profit growth. Strength was delivered from across all international geographies with notable strong performances from Canada, Great Britain, Ireland and Latin America. We expect a continuation of strong international financial performance in fiscal 2026.

調整後營業收入成長20.1%，連續第七個季度實現兩位數利潤成長。所有國際地區都表現出色，其中加拿大、英國、愛爾蘭和拉丁美洲的表現特別出色。我們預計 2026 財年國際財務表現將持續強勁。

Within USFS, our national sales business delivered 1.3% volume growth for the quarter. Unpacking those results further, our noncommercial national business continues to perform at a very high level with strengthened food service management, education and travel nature.

在美國林務局內部，我們的全國銷售業務本季實現了 1.3% 的銷售成長。進一步分析這些結果，我們的非商業全國業務繼續保持非常高的水平，並加強了食品服務管理、教育和旅遊性質。

Most importantly, gross profit within national sales grew almost three times faster than volume due to the excellent efforts by the team to improve profitability of the national business. The strong profit improvement was delivered through customer optimization and the creation of win-win provisions in our contracts that motivate customers to partner with Sysco to optimize efficiency.

最重要的是，由於團隊為提高全國業務獲利能力所做的出色努力，全國銷售的毛利成長速度幾乎是銷量成長速度的三倍。強勁的利潤成長是透過客戶優化和在合約中創建雙贏條款來實現的，這些條款激勵客戶與 Sysco 合作以優化效率。

Our SYGMA segment delivered sales growth of 5.9% for the quarter, driven by strong customer wins versus prior year. For the year, SYGMA grew top line 8.3% and bottom line, 12.5%. It was a record year for our SYGMA business from a top and a bottom line perspective. It is important to note that the SYGMA top line growth rates will begin to moderate in the coming year as we begin to lap large customer wins earned in 2025.

我們的 SYGMA 部門本季銷售額成長了 5.9%，這得益於與去年同期相比強勁的客戶成長。今年，SYGMA 的營收成長了 8.3%，淨利潤成長了 12.5%。從營收和利潤角度來看，這是我們 SYGMA 業務創紀錄的一年。值得注意的是，隨著我們在 2025 年開始贏得大量客戶，SYGMA 的營收成長率將在未來一年開始放緩。

On the local side of our business, we delivered negative 1.5% case volume within our US Foodservice segment during the quarter. As shown on slide 8, this was a meaningful 200 basis point step-up versus our Q3 outcomes. US Foodservice volume reporting included impact from exiting a business within FreshPoint that did not meet our profit thresholds, which negatively impacted our total local performance by over 50 basis points.

在我們業務的本地方面，本季我們美國食品服務部門的箱量下降了 1.5%。如幻燈片 8 所示，與我們的第三季業績相比，這是一個有意義的 200 個基點的成長。美國食品服務量報告包括退出 FreshPoint 內部未達到我們利潤門檻的業務的影響，這對我們當地的整體業績產生了超過 50 個基點的負面影響。

When excluding this intentional business exit, our USFS local business performed at a negative 1% rate, again, a meaningful step-up versus Q3 and a strong improvement relative to our full year results.

如果排除此次有意退出的業務，我們的 USFS 本地業務表現為負 1%，但與第三季度相比，這一數字仍有顯著提升，並且與我們的全年業績相比，這一數字也有了顯著改善。

More importantly, as I mentioned, we had a strong exit velocity in the quarter, with June performance being the highlight of the quarter. It is important to call out that the positive momentum has carried into July as Sysco's specific initiatives to improve our local performance or taking root. I'll discuss these efforts in more detail in a moment.

更重要的是，正如我所提到的，我們在本季的退出速度非常快，其中 6 月的表現是本季的亮點。值得一提的是，隨著 Sysco 改善本地業績的具體舉措的落地生根，這種積極勢頭已延續至 7 月。我稍後將更詳細地討論這些努力。

Now that we have reviewed our business results for the quarter, I'd like to discuss the key initiatives that are going to drive our performance and local case volume growth for fiscal 2026. Let's start with our International segment. We are very pleased with our international business and have strong confidence that the compelling top and bottom line results will continue into fiscal 2026.

現在我們已經回顧了本季度的業務業績，我想討論一下推動我們 2026 財年業績和本地案件數量增長的關鍵舉措。讓我們從國際部分開始。我們對我們的國際業務非常滿意，並堅信令人矚目的營收和利潤業績將持續到 2026 財年。

We are advancing selling initiatives like Sysco Your Way across the globe. Additionally, we have improved our customer and colleague-facing technology in the international segment, making it easier to do business with Sysco.

我們正在全球推進類似 Sysco Your Way 的銷售計劃。此外，我們還改進了國際領域面向客戶和同事的技術，使與 Sysco 開展業務變得更加容易。

We are adding incremental local sales resources in key international geographies primarily metro areas like Toronto, Dublin and London, to drive new customer wins and improve customer engagement. Lastly, our international supply chain capacity expansion efforts continue with our newest facility outside of London on track to open later this calendar year.

我們正在主要國際地區（主要是多倫多、都柏林和倫敦等大都市）增加本地銷售資源，以贏得新客戶並提高客戶參與度。最後，我們將繼續努力擴大國際供應鏈產能，而我們位於倫敦以外的最新工廠預計將於今年稍後開幕。

National. Our national sales business continues to perform well with exceptionally high customer retention rates and continued new wins on the selling circuit. We expect Sysco's national sales growth in 2026 will be driven by our food service management sector, travel and leisure, and increases in our healthcare business.

國家的。我們的全國銷售業務持續表現良好，客戶保留率極高，並在銷售領域不斷取得新的勝利。我們預計，2026 年 Sysco 的全國銷售成長將受到食品服務管理部門、旅遊和休閒以及醫療保健業務成長的推動。

To further unlock growth, we are allocating our national sales resources to the highest potential segments of the business and are making technology investments to deepen our connectivity with our largest customers. Lastly, total team selling is beginning to gain traction amongst our largest customers with an increasing percentage of national customers purchasing from at least one of our specialty platforms.

為了進一步釋放成長潛力，我們將全國銷售資源分配給業務潛力最大的部分，並進行技術投資以加深與最大客戶的聯繫。最後，全團隊銷售開始在我們的最大客戶中獲得關注，越來越多的全國客戶從我們的至少一個專業平台購買產品。

Lastly, I'd like to discuss our improvement efforts and strategic growth drivers for our local business. Let me start by saying that we are very confident that we will deliver profitable local volume growth in 2026 within every country we operate, especially in the United States. We have addressed the key challenge of 2025 head on, and we have growth activation initiatives launching this summer.

最後，我想討論一下我們本地業務的改進努力和策略成長動力。首先我要說的是，我們非常有信心，到 2026 年，我們將在我們經營的每個國家，尤其是美國，實現盈利性的本地銷售增長。我們已經著手應對2025年的關鍵挑戰，並於今年夏天啟動了成長活化計畫。

First off, I want to start by discussing our sales calling population. We have fully stabilized our sales colleague retention and are now fully focused on improving sales calling training, productivity and effectiveness. The stabilized colleague retention is important because it will drive significantly improved customer retention in 2026.

首先，我想先討論一下我們的銷售呼叫人口。我們已經完全穩定了銷售同事的留任率，現在全力專注於提高銷售呼叫培訓、生產力和效率。穩定的同事保留率非常重要，因為它將在 2026 年顯著提高客戶保留率。

As we enter 2026, we will be lapping last year's excessive colleague turnover and will replace that condition with strong in-year retention. A headwind in 2025 will be converted into a tailwind in 2026. We are seeing the beginning positive impact of this equation in our July results.

當我們進入 2026 年時，我們將克服去年員工流動率過高的問題，並以強勁的年內留任率取而代之。2025 年的逆風將在 2026 年轉變為順風。我們在七月的業績中看到了這一等式開始產生的正面影響。

That positive impact will grow throughout 2026. As I mentioned a moment ago, now that we have stabilized retention, our leadership focus turns to driving improved productivity of the sales force, through training and upscaling of our sales colleagues.

這種正面影響將在 2026 年持續增強。正如我剛才提到的，既然我們已經穩定了保留率，我們的領導重點就轉向透過培訓和提升我們的銷售同事來提高銷售團隊的生產力。

Additionally, our initial cohorts of sales consultant hires from calendar 2024 and are beginning to eclipse their 12- to 18-month anniversary with Sysco. As Kenny has said many times, this time horizon is important as it is when the productivity of a sales consultant significantly improves as each quarter progresses, an increased number of our sales consultants will eclipse their 12- to 18-month mark, increasing their positive impact on Sysco's results.

此外，我們首批銷售顧問將於 2024 年入職，並且即將超過他們在 Sysco 工作 12 至 18 個月的紀念日。正如肯尼 (Kenny) 多次說過的那樣，這個時間範圍很重要，因為隨著每個季度的進展，銷售顧問的生產力會顯著提高，我們的銷售顧問數量將超過他們 12 到 18 個月的標準，從而增加他們對 Sysco 業績的積極影響。

As sales colleague tenure improves, our results improve. Lower turnover in 2026 means higher customer retention and higher retention means more productive colleagues. These two factors will be powerful drivers of improved outcomes for Sysco in 2026.

隨著銷售同事任期的延長，我們的業績也隨之提升。2026 年員工流動率降低意味著客戶留任率提高，留任率提高意味著同事工作效率提高。這兩個因素將成為 Sysco 在 2026 年業績改善的強大驅動力。

To complement the strength and productivity of our sales professionals and further improve our business results, we are launching select growth initiatives this summer and fall. First up is a rewiring of our Perks customer loyalty program.

為了增強我們銷售專業人員的實力和生產力並進一步改善我們的業務業績，我們將在今年夏季和秋季推出精選成長計畫。首先是重新調整我們的 Perks 客戶忠誠度計畫。

Perks will evolve from a marketing and rewards platform into a hard-hitting exceptional customer service program targeting our most important customers. So why is clear. These customers buy the most by the most often, and they deserve the absolute best from Sysco.

Perks 將從一個行銷和獎勵平台演變為針對我們最重要客戶的強有力的卓越客戶服務計劃。那麼原因就很清楚了。這些客戶購買量最大、購買頻率最高，他們值得從 Sysco 獲得最好的產品。

We have trained our operations, inventory, merchandising and sales teams on the key tenets of Perks 2.0, and we are ready to launch this summer. The program will improve customer retention and will improve penetration of business with existing customers.

我們已經對我們的營運、庫存、商品銷售和銷售團隊進行了 Perks 2.0 關鍵原則的培訓，並準備在今年夏天推出。該計劃將提高客戶保留率並提高現有客戶的業務滲透率。

Next up is an AI-empowered sales tool to help improve the productivity of our sales colleagues. As you know, we leverage a CRM platform to guide the work of our sales teams. Our technology teams have been hard at work to supercharge our CRM capabilities by leveraging AI to help our sales consultants succeed.

接下來是一個人工智慧銷售工具，可以幫助提高我們銷售同事的工作效率。如您所知，我們利用 CRM 平台來指導銷售團隊的工作。我們的技術團隊一直在努力利用人工智慧來增強我們的 CRM 功能，以幫助我們的銷售顧問取得成功。

The enhanced capabilities will reside in the palm of the colleagues hand on their smartphone. The features of the tool will help our team to drive increased levels of selling effectiveness, increased close rates on sales suggestions and deliver higher rates of customer satisfaction.

增強的功能將存在於同事的智慧型手機上。該工具的功能將幫助我們的團隊提高銷售效率、提高銷售建議的成交率並提高客戶滿意度。

To say that we are excited about this capability would be an understatement. Our newer sales colleagues will benefit the most from the powerful capabilities of our AI-powered CRM.

說我們對這種能力感到興奮是毫不誇張的。我們新的銷售同事將從我們基於人工智慧的 CRM 的強大功能中受益最多。

Last up is price agility. As we have previously communicated, we are piloting improvements to our pricing architecture that improves sales colleague engagement with customers by providing the sales force the ability to be more agile in responding to pricing requests.

最後是價格彈性。正如我們先前所傳達的，我們正在試行改進我們的定價架構，透過讓銷售人員更靈活地回應定價請求，提高銷售同事與客戶的互動。

Our sales reps will be enabled to make decisions in a moment, leveraging the science of our pricing software. In July, we are expanding our pilot to additional geographies and to learn more about the change management process required for a national rollout.

利用我們的定價軟體的科學性，我們的銷售代表將能夠立即做出決策。7 月份，我們將把試點範圍擴大到更多地區，並進一步了解全國推廣所需的變更管理流程。

As I wrap up my prepared remarks, we are pleased with our strong performance in Q4 and the progress that we are making in local volume. Most importantly, we are excited about the exit velocity of the quarter and that the momentum has carried into July.

當我結束準備好的演講時，我們對第四季度的強勁表現以及在本地銷售方面取得的進展感到非常高興。最重要的是，我們對本季的退出速度感到興奮，而這種勢頭一直延續到 7 月。

We are confident that improved sales consultant retention, increased sales consultant tenure and the three growth programs I just covered will drive profitable and positive case growth for Sysco in fiscal 2026. We expect that positive of case growth will, in turn, support our financial targets.

我們相信，提高銷售顧問的保留率、延長銷售顧問的任期以及我剛才介紹的三個增長計劃將推動 Sysco 在 2026 財年實現盈利和積極的案例增長。我們預計，病例的正面成長將反過來支持我們的財務目標。

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

說完這些，我現在想把電話轉給肯尼。肯尼，交給你了。

Thank you, Kevin, and good morning, everyone. I plan to start with high-level thoughts on our performance, detail our financials and then introduce our full year 2026 guidance.

謝謝你，凱文，大家早安。我計劃首先從高層的業績思考開始，詳細介紹我們的財務狀況，然後介紹我們 2026 年全年的指導。

As we outlined before, business plans don't always materialize the exact way you draw them up on paper. This year was no different. However, our teams remain both nimble and focused as we leverage our leadership position within the industry to successfully apply the Sysco playbook. The operational rigor of our organization provides us a high degree of confidence for delivering our 2026 guidance across the P&L and our capital allocation commitments.

正如我們之前所概述的，商業計劃並不總是按照您在紙上所畫的方式實現。今年也不例外。然而，我們的團隊仍然保持靈活和專注，因為我們利用我們在行業內的領導地位來成功應用 Sysco 劇本。我們組織的營運嚴謹性為我們提供了高度的信心，可以實現 2026 年的損益表指導和資本配置承諾。

To start, financial results this quarter included sales growth of 2.8% and adjusted EPS growth of 6.5% and representing strong year-over-year performance and noteworthy sequential improvements compared to the prior quarter. This sequential acceleration is visible across sales, including both national and local volume performance, but also across gross margins, adjusted operating income and adjusted EPS. This is an important proof point as we enter FY26.

首先，本季的財務業績包括銷售額成長 2.8% 和調整後每股收益成長 6.5%，與上一季相比，業績年增 2.8% 和調整後每股收益成長 6.5%，與上一季相比，業績年增且有顯著的環比改善。這種連續加速不僅體現在銷售方面，包括全國和地方的銷售表現，也體現在毛利率、調整後營業收入和調整後每股盈餘方面。這是我們進入 26 財年的一個重要證明點。

Q4 adjusted EPS growth included benefits from our disciplined strategic sourcing efforts, aiding in the delivery of 3.9% growth in gross profit translating to 19 basis points of gross margin expansion. These results include an increase in both dollars and rate of performance and reflect structural improvements that we expect to carry into the next fiscal year.

第四季調整後的每股盈餘成長包括我們嚴謹的策略採購努力帶來的好處，有助於實現 3.9% 的毛利成長，相當於 19 個基點的毛利率擴大。這些結果包括資金和績效率的增加，並反映了我們預計將延續到下一個財政年度的結構性改進。

Our investments in sales headcount and capacity expansion continued this quarter alongside benefits from ongoing efforts to optimize cost and prudent tax planning. This ultimately rendered outsized profit growth with adjusted EPS growth of 6.5%, accounting for the strongest rate of growth for the year. During fiscal 2025, we remain committed to rewarding our shareholders by repurchasing $1.3 billion in shares and paying out $1 billion in dividends.

本季度，我們繼續對銷售人員數量和產能擴張進行投資，同時也受益於持續優化成本和審慎稅務規劃的努力。這最終實現了超額利潤成長，調整後每股盈餘成長 6.5%，創下今年最強勁的成長率。在 2025 財年，我們將繼續致力於透過回購 13 億美元的股票和派發 10 億美元的股息來回報我們的股東。

Now let's discuss our performance and financial drivers for the quarter, starting on slide 12. For the fourth quarter, our enterprise sales grew 2.8% on an as-reported basis, driven by US Foodservice, International and SYGMA. Excluding the impact of our divested Mexico business, sales grew 3.7%.

現在讓我們從第 12 張投影片開始討論本季的業績和財務驅動力。第四季度，受 US Foodservice、International 和 SYGMA 的推動，我們的企業銷售額按報告基礎增長了 2.8%。不計剝離墨西哥業務的影響，銷售額成長了 3.7%。

Volumes across the enterprise sequentially improve with total US Foodservice volumes decreasing 0.3% and local volume decreasing 1.5% in the quarter. This represents a 200 basis points improvement and local case performance and 170 basis points improvement in total Foodservice on a sequential basis quarter over quarter.

本季度，整個企業的銷量連續改善，美國食品服務總銷量下降 0.3%，本地銷量下降 1.5%。這意味著本地案例表現比上一季提高了 200 個基點，整體餐飲服務比上一季提高了 170 個基點。

The sequential improvement was consistent with the industry traffic for the quarter but importantly, our performance accelerated in the quarter with a strong June exit rate. We're seeing stronger contribution from newer sales professionals as they worked up the productivity curve and the benefits of the stabilization of retention -- to an acceleration in new account growth for the quarter.

這項連續改善與本季的產業流量一致，但重要的是，我們的業績在本季加速，6 月的退出率很高。我們看到，隨著新銷售專業人員生產力曲線的提高和保留率穩定的好處的增加，他們的貢獻越來越大，加速了本季新帳戶的成長。

We expect an acceleration in sales productivity to continue in FY26. These sequential volume improvements also benefited our USFS segment results. Top and bottom line results for the quarter represents a sequential improvement, and we expect our investment actions in 2025 to deliver financial tailwinds for 2026 and beyond.

我們預計 2026 財年銷售效率將持續加速提升。這些連續的銷售成長也有利於我們的 USFS 部門業績。本季度的營收和利潤業績均實現了環比改善，我們預計 2025 年的投資行動將為 2026 年及以後帶來財務上的順風。

International segment results included continued top line momentum and double-digit operating income growth. This was across all markets and marked our seventh consecutive quarter of double-digit operating income growth, adding to our impressive multiyear track record. These results reflect ongoing success as we apply the Sysco playbooks to generate local volume growth of 4% and broad-based operating income growth across our international portfolio.

國際部門業績包括持續的營收成長和兩位數的營業收入成長。這涉及所有市場，標誌著我們連續第七個季度實現兩位數的營業收入成長，為我們多年來令人印象深刻的業績記錄增添了新的色彩。這些結果反映了我們應用 Sysco 策略實現 4% 的本地銷售成長和整個國際投資組合的廣泛營業收入成長所取得的持續成功。

Sysco produced $4 billion in gross profit, up 3.9% and gross margins of 18.9% with improved gross profit per case performance, this notable margin improvement includes a mentality of continued improvement with cost savings driven by our strategic sourcing initiatives. Inflation rates in USPL were approximately 2.4%. International inflation was slightly higher for the quarter at 3.4%.

Sysco 的毛利為 40 億美元，成長 3.9%，毛利率為 18.9%，每箱毛利有所提高，這一顯著的利潤率提高體現了我們持續改進的心態以及由策略採購計劃推動的成本節約。USPL 的通貨膨脹率約為 2.4%。本季國際通膨率略高，為 3.4%。

Overall, adjusted operating expenses were $2.9 billion for the quarter or 13.7% of sales, a 28 basis points increase from the prior year. The increase was driven by planned investments in higher growth areas of the business with fleet, building expansion and sell headcount.

整體而言，本季調整後的營運費用為 29 億美元，佔銷售額的 13.7%，比上年增加 28 個基點。成長的動力來自於對業務高成長領域的計畫投資，包括船隊、建築擴張和銷售人員增加。

Corporate adjusted expenses were up 9.8% from the prior year, driven by insurance, investments and other costs, partially offset by accretive productivity cost out. For the full year, corporate adjusted expense were down 6%, reflecting solid progress on our existing cost savings program. Overall, adjusted operating income grew to $1.1 billion for the quarter, reflecting continued strong growth in our International segment, SYGMA and more stable results in our USFS segment.

企業調整後支出較前一年成長 9.8%，主要受保險、投資和其他成本推動，但被生產力成本的增加部分抵銷。全年而言，公司調整後支出下降了 6%，反映出我們現有的成本節約計畫取得了堅實進展。總體而言，本季調整後的營業收入成長至 11 億美元，反映了我們的國際部門 SYGMA 持續強勁成長以及我們的 USFS 部門的更穩定業績。

For the quarter, adjusted EBITDA of $1.3 billion was up 1.8% versus the prior year. Fourth quarter results also include a noncash goodwill impairment charge of $92 million related to our guests worldwide business as reflected in our other segments.

本季調整後的 EBITDA 為 13 億美元，較上年成長 1.8%。第四季業績還包括與我們全球客戶業務相關的 9,200 萬美元的非現金商譽減損費用，這反映在我們的其他部門中。

Let's now turn to balance sheet and cash flow. Our balance sheet remains robust and reflects a healthy financial profile. This includes flexibility and optionality from approximately $3.8 billion in total liquidity, well above our minimum threshold. We ended the year at a 2.85 times net debt leverage ratio with plans to return to our target ratio in FY26.

現在讓我們來看看資產負債表和現金流。我們的資產負債表依然強勁，反映出健康的財務狀況。這包括約 38 億美元總流動性的靈活性和可選性，遠高於我們的最低門檻。我們今年的淨負債槓桿率為 2.85 倍，計劃在 26 財年恢復到目標比率。

Turning to our cash flow. We generated approximately $2.5 billion in operating cash flow and $1.8 billion in free cash flow. Free cash flow compared to the prior year was impacted by higher cash taxes, interest and working capital timing.

轉向我們的現金流。我們產生了約 25 億美元的營運現金流和 18 億美元的自由現金流。與前一年相比，自由現金流受到更高現金稅、利息和營運資本時間的影響。

Now I would like to share with you our expectations for FY26 as seen on slide 22. During FY26, we expect reported net sales growth of approximately 3% to 5% to approximately $84 billion to $85 billion. These assumptions include inflation of approximately 2%, which we are seeing now, volume growth and contributions from M&A.

現在我想與大家分享我們對 26 財年的期望，如第 22 張投影片所示。在26財年，我們預計報告的淨銷售額將成長約3%至5%，達到約840億至850億美元。這些假設包括我們現在看到的約 2% 的通貨膨脹率、銷售成長以及併購的貢獻。

We expect full year 2026 adjusted EPS of $4.50 to $4.60 representing growth of 1% to 3%, which includes an approximate $100 million of headwind from lapping lower incentive compensation in FY25, an impact of roughly $0.16 per share.

我們預計 2026 年全年調整後每股收益為 4.50 美元至 4.60 美元，成長 1% 至 3%，其中包括 2025 財年激勵薪酬降低帶來的約 1 億美元阻力，影響約為每股 0.16 美元。

With FY25 behind us, we wanted to provide full visibility to the carryover impact from incentive comp for the year and by quarter as outlined on slide 23. This impacts year-over-year comparability for expenses. Our compensation structure rewards for business performance. As such, this carryover impact reflects challenges this past year in 2025.

隨著 25 財年的結束，我們希望全面展示本年度和每季激勵補償的結轉影響，如第 23 頁幻燈片中概述的那樣。這會影響費用的同比可比性。我們的薪酬結構根據業務績效進行獎勵。因此，這種結轉影響反映了2025年過去一年面臨的挑戰。

Importantly, our incentive comp structure is focused on core business drivers and aligned with the long-term interest of our shareholders. Excluding this impact, our outlook reflects adjusted EPS growth of approximately 5% to 7% with the midpoint in line with our long-term growth algorithm.

重要的是，我們的激勵補償結構專注於核心業務驅動力，並與股東的長期利益保持一致。排除此影響，我們的預期反映調整後的每股盈餘成長約為 5% 至 7%，中點與我們的長期成長演算法一致。

To help with phasing for Q1, we expect to grow our adjusted EPS consistent with the annual growth rate of 1% to 3%, driven by part of carryover benefit from strategic sourcing to gross margins and the impact from lapping incentive compensation. Q1 and Q2 sales growth rates will be impacted by the divestiture of our Mexico JV in December 2024. We plan to provide additional modeling updates as the year progresses.

為了幫助分階段實施第一季度，我們預計調整後的每股盈餘將與年增長率 1% 至 3% 保持一致，這主要得益於策略採購對毛利率的部分結轉收益以及重疊激勵薪酬的影響。2024 年 12 月墨西哥合資企業的剝離將影響第一季和第二季的銷售成長率。我們計劃隨著時間的推移提供更多的建模更新。

This financial guidance assumes improvements to be driven by our Sysco specific initiatives with industry foot traffic and macro environment similar to current conditions. It also includes care over impact related to sourcing benefits from our $100 million of cost savings program. As mentioned on prior calls, this muscle memory is built across the organization, leveraging a stronger operating model that positions us to grow share profitably.

本財務指引假設改進將由我們的 Sysco 特定舉措推動，行業客流量和宏觀環境與當前條件類似。它還包括關注從我們的 1 億美元成本節約計劃中獲取收益所產生的影響。正如先前的電話會議中所提到的，這種肌肉記憶是在整個組織內建立的，利用更強大的營運模式，使我們能夠獲利地增加市場份額。

We remain on target for shareholder returns through approximately $1 billion in dividends and approximately $1 billion in share repurchases planned for FY26. This is all based on our current expectation and economic conditions and could flex based on M&A activity for the year.

我們仍將透過計劃於 26 財年派發約 10 億美元的股利和約 10 億美元的股票回購來實現股東回報的目標。這一切都基於我們當前的預期和經濟狀況，並且可能會根據今年的併購活動而有所調整。

Specific to our dividend, our expected payout for FY26 equates to a 6% year-over-year increase on a per share basis, highlighting our commitment to our standing as a dividend aristocrat. In terms of leverage, we expect to end the year within our stated target of 2.5 times to 2.75 times net leverage ratio and maintain our investment-grade balance sheet.

具體到我們的股息，我們預計 26 財年的股息將比去年每股增加 6%，這凸顯了我們致力於成為股息貴族的承諾。在槓桿率方面，我們預計今年年底淨槓桿率將達到我們既定的 2.5 倍至 2.75 倍的目標，並保持投資等級資產負債表。

Now turning to a few other modeling items. For FY26, we expect a tax rate of approximately 23.5% to 24%, and adjusted depreciation and amortization of approximately $870 million. Interest expense is now expected to be approximately $700 million, while other expense is expected to be approximately $45 million.

現在轉向其他一些建模專案。對於 26 財年，我們預計稅率約為 23.5% 至 24%，調整後的折舊和攤提約為 8.7 億美元。目前預計利息支出約為 7 億美元，而其他支出預計約為 4,500 萬美元。

The elevated DNA levels will be driven by continued capacity expansion such as the expansion outside of London this coming year, as Kevin highlighted. CapEx is expected to be approximately $700 million representing less than 1% of sales.

正如 Kevin 所強調的，DNA 水準的提升將受到持續產能擴張的推動，例如今年在倫敦以外的擴張。預計資本支出約為 7 億美元，佔銷售額的不到 1%。

This includes growth and maintenance CapEx and an eye towards optimizing spend levels across the enterprise as the organization further sharpens our collective efforts around driving ROIC. Looking ahead, we like our position, and we remain focused on leveraging our position as the industry leader to support the growth of our customer while also continuing to unlock value for our shareholders.

這包括成長和維護資本支出，並著眼於優化整個企業的支出水平，因為組織進一步加強了我們在推動 ROIC 方面的集體努力。展望未來，我們喜歡我們的地位，我們將繼續專注於利用我們作為行業領導者的地位來支持客戶的成長，同時繼續為我們的股東釋放價值。

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

說完這些，我會把電話轉回給凱文，請他作最後發言。

Thank you, Kenny. We are pleased with the strong performance in Q4 and more importantly, the strong exit velocity of the quarter.

謝謝你，肯尼。我們對第四季的強勁表現感到滿意，更重要的是，本季強勁的退出速度。

Our leadership team played tremendous focus on improving our local business, strengthening our gross profit through strategic sourcing and tightly managing our expenses through productivity improvement. The team stepped up and delivered a beat performance versus what we expected 90 days ago, and I'm proud of their efforts.

我們的領導團隊非常注重改善本地業務，透過策略採購提高毛利，並透過提高生產力嚴格管理費用。團隊奮力拼搏，取得了超越我們 90 天前預期的出色表現，我為他們的努力感到自豪。

As we look toward 2026, we expect to build upon the Q4 momentum and deliver improved financial results for Sysco and our investors. Our top line results will strengthen based on the sequential improvement of our local business throughout 2026. The improvement starts and ends with our colleague population. We have stabilized colleague retention. As a result, our customer loss rate will improve greatly in '26 versus '25.

展望 2026 年，我們期望在第四季度的基礎上再接再厲，為 Sysco 和我們的投資者帶來更好的財務表現。隨著我們本地業務在 2026 年的持續改善，我們的營收業績將會增強。改進始於並終於我們的同事群。我們已經穩定了同事的保留率。因此，與 2025 年相比，2026 年我們的客戶流失率將大幅改善。

Stabilizing colleague retention will also will enable us to improve colleague productivity in 2026. We will measure our improvement through the continued expansion of our gap between new customer wins and reducing customer losses.

穩定同事留任率也將使我們能夠在 2026 年提高同事的生產力。我們將透過不斷擴大新客戶贏得量和減少客戶損失量之間的差距來衡量我們的進步。

The spread between new customer wins and customer losses improved directly in our Q4. In fact, the gap between new and losses doubled in Q4 versus the year-to-date results in Q1 through Q3. We see the positive spread between new and loss expanding further in 2026 through the growth initiatives that I covered on today's call.

我們第四季新客戶贏得量和客戶流失量之間的差距直接縮小。事實上，第四季新增和虧損之間的差距與第一季至第三季年初至今的業績相比翻了一番。透過我在今天的電話會議上提到的成長舉措，我們預計 2026 年新增和虧損之間的正差將進一步擴大。

Our future is bright at Sysco, and we are excited for the year ahead. We head into this next fiscal year with positive momentum, and we are well positioned for continued improvements. We plan to leverage our competitive advantages as the industry leader. This includes strong diversification across our diverse customer types, our wide product assortment and our geographic diversity as the only global player in the food away-from-home landscape.

Sysco 的未來一片光明，我們對未來的一年充滿期待。我們以積極的勢頭進入下一個財政年度，我們已準備好繼續取得進步。我們計劃利用我們作為行業領導者的競爭優勢。這包括我們多樣化的客戶類型、廣泛的產品種類以及作為外賣領域唯一全球參與者的地理多樣性。

Food away from home is a good business. It takes share from the grocery channel every year. As I've said before, the pie is getting bigger and Sysco intends to take a bigger slice of that expanding pie.

在外用餐是一門好生意。它每年都會從食品雜貨通路中分得一杯羹。正如我之前所說，蛋糕越來越大，而 Sysco 打算從這個不斷擴大的蛋糕中分得更大的一杯羹。

We are confident shareholders are positioned to benefit from our industry-leading dividend, compelling ROIC, intentional share buybacks and improving financial results. Q4 displays the beginning of improving our local business and the momentum will accelerate throughout 2026.

我們相信，股東將從我們行業領先的股息、引人注目的投入資本回報率、有意的股票回購和不斷改善的財務表現中受益。第四季顯示我們的本地業務開始改善，並且這一勢頭將在 2026 年加速。

I am thankful for our leadership team and our entire 75,000 colleague population for the strong efforts in 2025. The team leaned into some stiff challenges in the macro and at Sysco specifically. The hard work of the past year is poised to have a positive impact in 2026.

我感謝我們的領導團隊和全體 75,000 名同事在 2025 年的不懈努力。團隊面臨宏觀層面，尤其是 Sysco 方面的一些嚴峻挑戰。過去一年的辛勤工作將在2026年產生積極的影響。

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

接線員，現在我們可以回答問題了。

(Operator Instructions) Jake Bartlett, Truist Securities.

（操作員指示）Jake Bartlett，Truist Securities。

Mine was on the momentum in the local case growth, and you saw it in the fourth quarter, an improvement from the third. That was roughly in line with what industry traffic trends were? You mentioned an improvement in June and July.

我關注的是當地病例成長的勢頭，你可以在第四季度看到，與第三季度相比有所改善。這大致與產業流量趨勢一致嗎？您提到六月和七月有所改善。

The question is whether you're gaining share within June and July. Are you seeing that acceleration that should -- that you expect to come with the better -- with the sales force getting more productive? Just trying to gauge the inflection that you're seeing there, the impact that that's having on your market share gains.

問題在於您是否會在六月和七月內獲得市場份額。您是否看到了應該出現的加速——您預計這種加速將隨著銷售人員的生產力提高而出現？只是想衡量你所看到的拐點，以及這對你的市佔率成長的影響。

Jake, it's Kevin. Thanks for the question. Yes, we're really pleased with Q4's progress versus Q3, but more importantly, that exit velocity. So -- it's in the data that we shared. June versus May was flat from an industry traffic perspective.

傑克，我是凱文。謝謝你的提問。是的，我們對第四季相對於第三季的進展感到非常滿意，但更重要的是，退出速度。所以——它就在我們共享的數據中。從產業流量角度來看，六月與五月相比持平。

Our performance in June was considerably better than May, which obviously conveys progress that we're making, and that progress has continued into July. It's important to note the drivers, yes, traffic improvement helped, and we're pleased that the industry overall is seeing some strength relative to the tough start to the year. It's a colleague retention piece that is the most notable.

我們六月的表現比五月好得多，這顯然表明我們正在取得進步，而且這種進步一直持續到七月。值得注意的是，交通改善確實對司機有所幫助，我們很高興看到，相對於今年艱難的開局，整個產業正在展現出一些實力。最引人注目的是同事保留部分。

We stabilized our colleague retention in Q4 and that will have meaningful positive impact as we enter 2026 because the 2025 story is about customer loss that occurred tied to colleagues separation or colleague departure. And we're not going to be lapping those losses until we're in Q1.

我們在第四季度穩定了同事的保留率，這將對我們進入 2026 年產生有意義的積極影響，因為 2025 年的故事是關於與同事分離或同事離職相關的客戶流失。直到進入第一季度，我們才會彌補這些損失。

That's the point. So the strength of that the headwind of '25 being replaced by a tailwind in '26 will be evident as we enter our Q1. So we wouldn't have expected that positive impact to be in Q4 because these are losses that have already occurred, and you carry that loss into year at month 13. So we've stabilized retention. That is an important key point.

這就是重點。因此，當我們進入第一季時，25 年的逆風被 26 年的順風所取代的強度將顯而易見。因此，我們不會預期第四季會出現正面影響，因為這些損失已經發生，並且會在第 13 個月將該損失結轉到年內。因此，我們已經穩定了保留率。這是一個重要的關鍵點。

As Kenny said many times, the new hires from the past year to 1.5 years are hitting their month 12, month 13, month 14, where they're contribution positive significantly increases. An important data point I put in my prepared remarks, I just want to make sure it came through clearly.

正如肯尼多次說過的，過去一年到一年半的新員工在進入第 12 個月、第 13 個月、第 14 個月時，他們的貢獻就會顯著增加。我在準備好的發言中提出了一個重要的數據點，我只是想確保它能夠清楚地表達出來。

The gap between new and lost in Q4 was double the gap that we experienced in Q1 through Q3. And again, that strength will be visible and evident in fiscal 2026 as that loss rate comes down significantly.

第四季新增客戶與流失客戶之間的差距是第一季至第三季差距的兩倍。而且，隨著損失率大幅下降，這種優勢將在 2026 財年顯現出來。

And when I add on top of that, the three growth initiatives that I referenced on today's call that launched this summer and into early fall, we have significant confidence in our ability to deliver positive and profitable local case growth to take share, and that gives us the confidence in the guide that we put out there.

除此之外，我今天在電話會議上提到的三項增長計劃於今年夏天和初秋啟動，我們對實現積極和有利可圖的本地案例增長以佔據市場份額的能力充滿信心，這也讓我們對我們發布的指南充滿信心。

It starts and ends with the colleague population stability, which we have achieved in the tools that we are providing to our colleagues that help them increase their productivity. I'll talk to Kenny, if you want to add anything?

它始於並終於同事群體的穩定性，我們透過向同事提供的工具實現了這一目標，幫助他們提高工作效率。我會和肯尼談談，如果你想補充什麼嗎？

Sure. I agree with Kevin. three things for me. The first is we are encouraged by the fact that we continue to see select geographies already hitting our growth expectations, driven by SC additions and improved retention, as Kevin just mentioned, and that's carrying over into Q1 2026. That's point number one.

當然。我同意凱文的觀點。對我來說有三件事。首先，令我們感到鼓舞的是，我們繼續看到部分地區已經達到了我們的成長預期，這得益於 SC 的增加和保留率的提高，正如 Kevin 剛才提到的，而且這種趨勢將延續到 2026 年第一季。這是第一點。

Point number two is Kevin talked about this. The 12 to 18 months is really important for us as the jump on our productivity curve. And we're also seeing our retention playbook work across experience SSDs as well, right?

第二點是凱文談到了這一點。這 12 到 18 個月對我們來說非常重要，因為它可以提高我們的生產力曲線。而且我們也看到我們的保留劇本在體驗 SSD 中也能發揮作用，對嗎？

So you have a year or two, it goes your three, three to four, four to five years as well, and that helps on the overall sales pool, which actually drives our new customer count. This past quarter, we opened more new accounts in any other period this year. And Jake, as you know, new accounts are tomorrow's penetration opportunities.

因此，你有一年或兩年的時間，這也會持續三年、三到四年、四到五年，這有助於整體銷售池的成長，實際上會推動我們的新客戶數量。上個季度，我們開設的新帳戶比今年任何其他時期都多。傑克，如你所知，新帳戶是明天的滲透機會。

And then last but not least, we're seeing our service levels go up as well. Fill rates are up, on-time delivery is up as well, and this is the leading indicator to our future business generation.

最後但同樣重要的一點是，我們的服務水準也在提高。填充率上升，準時交貨率也上升，這是我們未來業務發展的領先指標。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Just following on the top line trends. I'm encouraged to see the improvement in recent months. I'm just wondering what do you attribute in terms of the broader industry that gives you confidence in sustaining the momentum over the next 12 months?

只是關注頂級趨勢。我很高興看到近幾個月來的進步。我只是想知道，從更廣泛的行業角度來看，是什麼讓您有信心在未來 12 個月內保持這種勢頭？

And then just to clarify, within Sysco's expectations, again, not looking at the industry, but specific to your momentum. Just wondering if you could share any color in terms of local case volume growth within the 3% to 5% sales.

然後需要澄清的是，在 Sysco 的預期範圍內，再次強調，不是看行業，而是具體看你的動力。只是想知道您是否可以分享一下 3% 至 5% 銷售額範圍內當地箱量增長的情況。

I think you mentioned positive and maybe thoughts on M&A, whether for yourself or perhaps related to headlines that we've seen recently about consolidation among some of your larger peers. Just hoping to get a little bit more perspective on that.

我認為您提到了積極的以及關於併購的想法，無論是對您自己而言，還是可能與我們最近看到的有關一些較大同行之間的整合的頭條新聞有關。只是希望能夠對此有更多的了解。

Okay. Jeff, I'll start with broad industries. Foot traffic to restaurants down approximately 1% in the in the quarter, certainly better than Q3. We believe Q3 was a bit of an anomaly. That's when the external news was quite negative. Consumer confidence dropped conversations about tariffs and the impact on consumer confidence that was happening.

好的。傑夫，我將從廣泛的行業開始。本季餐廳客流量下降約 1%，但肯定比第三季好。我們認為第三季有些異常。當時外界的消息相當負面。消費者信心下降了有關關稅及其對消費者信心的影響的討論。

In our Q3 calendar Q1, the industry took a pretty significant step back. It's good to see in the most recent quarter, an improvement against that. We think the anomaly was actually the start to the year and what we just saw as an industry in our Q4 is more reflective of the operating environment.

在我們的第三季日曆第一季中，該行業出現了相當明顯的倒退。很高興看到最近一個季度的情況有所改善。我們認為這種異常現像其實是年初出現的，而我們剛剛在第四季看到的產業情況更能反映經營環境。

And Kenny said it in his prepared remarks, we're expecting the current conditions to continue for 2026, read down slight traffic to the industry overall for this next fiscal year. And the growth that we will deliver will come from taking share.

肯尼在他的準備好的發言中表示，我們預計目前的情況將持續到 2026 年，下一財年整個行業的客流量將略有下降。我們實現的成長將來自於市場佔有率的擴大。

We're confident in our ability to do that as I mentioned a few moments ago, we're not going to repeat the customer loss rate that we experienced in 2025. We will be lapping those customer losses. We've been doing great with new customer wins over the past three quarters. I've shared that pretty openly our earnings call.

正如我剛才提到的，我們對自己的能力充滿信心，我們不會重複 2025 年所經歷的客戶流失率。我們將彌補這些客戶的損失。過去三個季度，我們在贏得新客戶方面取得了巨大成功。我已經非常公開地分享了我們的收益電話會議。

So we will sustain our new customer win rate, we will significantly improve our customer loss rate -- and when we layer on top of that, the Perks 2.0 program I mentioned, which is going to significantly improve the service experience that our top customers we'll benefit from. That's going to drive penetration improvement that will drive improved customer retention as well.

因此，我們將保持新客戶贏得率，大幅改善客戶流失率——在此基礎上，我們實施我提到的 Perks 2.0 計劃，這將大幅改善我們頂級客戶的服務體驗，讓我們受益匪淺。這將推動滲透率的提高，從而也提高客戶保留率。

The AI 360 capability, which is our name internally for the AI-empowered CRM is going to be meaningfully helpful. I'll talk more about that, I'm sure, as a part of this call. And we put all those things together, we are confident even in a flat to down overall macro that we can grow local that we will grow it profitably, and that will occur in fiscal 2026. So Kenny, I tossed to you for additional comments about the guide. Over to you.

AI 360 功能是我們內部對支援 AI 的 CRM 的稱呼，它將非常有幫助。我確信，作為本次電話會議的一部分，我將進一步討論這個問題。綜合考慮所有這些因素，我們有信心，即使在整體宏觀經濟平穩甚至下降的情況下，我們也能夠在本地實現增長，實現盈利增長，而這將在 2026 財年實現。所以 Kenny，我向你徵求有關該指南的更多評論。交給你了。

Sure. Absolutely. So in terms of foot traffic, Kevin is right. One thing to put things in perspective, though, what traffic well, it's a good proxy as a whole for Sysco.

當然。絕對地。因此，就人流而言，凱文是對的。不過，從正確的角度來看，流量很好，對於 Sysco 來說，它總體上是一個很好的代理。

If you think about our business, right, we have two-thirds of our business restaurant and a third of our business is recession replay in categories such as education, health care, travel and the like. And even within restaurants, our customer ranges from QSRs to casual dining to fine dining.

如果你考慮我們的業務，對的，我們的三分之二的業務是餐廳，三分之一的業務是教育、醫療保健、旅遊等類別的經濟衰退重演。即使在餐廳內，我們的客戶範圍也從快餐店到休閒餐廳到高級餐廳。

So -- and let's not forget that 20% of our business is international segment, which serves as a -- in our view, a strategic counterbalance, right? It enhances the resiliency and stability of our overall business.

所以——我們不要忘記，我們的業務有 20% 是國際業務，在我們看來，這是一種策略平衡，對嗎？它增強了我們整體業務的彈性和穩定性。

In terms of the guidance on the 3% to 5%, let me unpack that a little bit for you. So top line, 3% to 5%, which is $84 billion to $85 billion. Remember, on a year-on-year standpoint, there is a lapping impact here from the divestiture of Mexico that is roughly 50 basis points on a year-on-year standpoint, right? So -- and then if you decouple between volume and inflation, inflation is roughly assumed at 2% inflation.

關於 3% 到 5% 的指導，讓我為您稍微解釋一下。因此最高值為 3% 至 5%，即 840 億美元至 850 億美元。請記住，從同比角度來看，墨西哥資產剝離的重疊效應約為同比 50 個基點，對嗎？所以——如果你將交易量和通貨膨脹分開，通貨膨脹率大致假設為 2%。

And right now, Jeff, we are operating right around that ballpark right now. USPL this quarter was 2.4%, and international was roughly 3.4%. The majority of the spread between US and international was FX driven.

而現在，傑夫，我們正在那個球場附近活動。本季 USPL 為 2.4%，國際約為 3.4%。美國和國際之間的價差大部分是由外匯驅動的。

So again, long story short, 2%, it's where we're upping right now, and it bodes well for the industry. On volume and M&A contributions, those two combined, you can probably model in 2% to 3% growth and that you tie back to the 3% to 5%.

長話短說，2% 是我們目前的上升幅度，這對產業來說是個好兆頭。就交易量和併購貢獻而言，將這兩者結合起來，你大概可以模擬出 2% 到 3% 的成長，並將其與 3% 到 5% 掛鉤。

Okay. And then the third part of your question, which was the speculation on industry news. We're not going to speculate on M&A rumors in the industry for Sysco We're focused on driving profitable growth within our strategic capabilities. What we are very pleased with is that Q4 was better than the entire year June was better than Q4. July that momentum has continued.

好的。然後是你問題的第三部分，即對產業新聞的猜測。我們不會對 Sysco 的行業併購傳聞進行猜測，我們專注於在我們的策略能力範圍內推動獲利成長。我們非常高興的是，第四季的表現比全年更好，6 月的表現比第四季更好。7月這股勢頭仍在持續。

As we progress into 2026, we'll be lapping an accelerated or elevated loss rate last year that will not be repeated when we layer on top of that condition, the growth initiatives that I just referenced, we have strong confidence in our ability to take share, profitably grow the business and deliver upon the guidance that was just communicated by Kenny and we're positioned, therefore, to have compounding improvement to the overall financial health of the company. So we have confidence in our ability to succeed in the marketplace.

隨著我們進入 2026 年，我們將重複去年加速或上升的損失率，當我們在此基礎上進行分層時，這種情況將不會再發生，我剛才提到的增長計劃，我們對我們的能力充滿信心，能夠佔領市場份額，實現業務盈利增長，並實現肯尼剛剛傳達的指導，因此，我們有能力全面改善公司的整體財務狀況。因此，我們對自己在市場上取得成功的能力充滿信心。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

All right. A question on international. Just given the recent strength in this business, do you expect the year-over-year growth momentum we've seen to moderate a bit as you lap this growth. Maybe you can just call out some of the specific drivers that give you the visibility for that growth to continue as we roll through the year?

好的。關於國際的一個問題。鑑於該業務近期的強勁表現，您是否預計我們看到的同比增長勢頭會隨著這一增長而放緩？也許您可以列舉一些具體的驅動因素，讓您能夠預見這種成長將在今年持續下去？

Alex, this is Kevin. We expect the success in our International segment to continue in 2026, not to moderate or slow down. The is the health is coming from all geographies coming in the top, the middle and on the bottom of the P&L, and I'll just highlight a few of the examples.

亞歷克斯，這是凱文。我們預計，2026 年國際業務將繼續取得成功，不會放緩或放緩。健康狀況來自所有地區的損益表頂部、中間和底部，我只強調其中的幾個例子。

The success we're having on the top line, which is volume strength, especially in local, we're driving a 4%-plus case growth in local. We expect for that level of performance to continue into 2026 for the following reasons. We're adding sales resource head count into the street sales side of the business, the local side of the business in major metros.

我們在營收方面取得的成功，即銷售優勢，尤其是在本地，我們推動了本地病例成長 4% 以上。我們預計這種表現水準將持續到 2026 年，原因如下。我們正在為街頭銷售業務和主要大都市的本地業務增加銷售資源。

So Toronto has an opportunity to see increased head count, boots on the ground boots on the street, increasing our ability to serve local restaurant customers. We're doing that play and debt them, we're doing that play in London. We are doing that play in Stockholm. When we do that in international, we're increasing our physical presence on the ground, and we are seeing market share capture coming from that.

因此，多倫多有機會增加員工數量，增加街頭服務人員，提高我們為當地餐廳顧客提供服務的能力。我們正在演那齣戲並欠他們債，我們在倫敦演那齣戲。我們正在斯德哥爾摩演出那齣戲。當我們在國際上這樣做時，我們正在增加我們在當地的實體存在，並且我們看到了由此帶來的市場份額的提升。

We've improved our website in each of those countries. We've improved our ability to have relevant pricing in each of those countries. And each of those three vectors is driving volume capture. Examples like Sysco Your Way are enabling that success.

我們已經改進了我們在每個國家的網站。我們已經提高了在每個國家製定相關定價的能力。這三個向量中的每一個都在推動體積捕獲。Sysco Your Way 等例子就促成了這一成功。

In the middle of the P&L, we've launched strategic sourcing in every country. And we did that first in the United States. We've carried that playbook to each international geography.

在損益表中期，我們在每個國家都啟動了策略採購。我們首先在美國做到了這一點。我們把這個劇本帶到了每個國際地區。

Food is inherently purchased local but that capability of strategic sourcing exists and that opportunity exists in every country and we're expanding our profit margins because of that excellent work done by our merchandising and buying teams. And on the bottom line, deploying enterprise technology, improved warehouse technology, improved routing technology, improved back-end software to increase efficiency in businesses that were more manual than Sysco is used to and accustomed to has driven significant bottom line growth, seventh consecutive quarter of double-digit profit growth.

食品本質上是在當地購買的，但戰略採購的能力是存在的，而且每個國家都存在這樣的機會，而且由於我們的銷售和採購團隊的出色工作，我們的利潤率正在擴大。從底線來看，部署企業技術、改進的倉庫技術、改進的路由技術、改進的後端軟體，以提高 Sysco 所習慣的手動程度更高的業務的效率，推動了顯著的底線增長，連續第七個季度實現兩位數的利潤增長。

So we're really bullish on international, and this is just within the countries that we compete with in today. Our opportunities are bright in international, and we are very bullish on our long-term future internationally. Kenny, anything to add?

因此，我們非常看好國際市場，而這只是在我們今天競爭的國家內。我們在國際上的機會是光明的，我們對我們在國際上的長期未來非常樂觀。肯尼，還有什麼要補充的嗎？

Yes. So Alex, as we think about the margin profile of this business, there's nothing structural that impedes our ability to achieve the same profit levels in the US. There's a lot of upside here. Just think back a few years ago, the margin of the business is roughly 2%. Since then, we've doubled the margins to 4% now. So that trend will continue.

是的。因此，亞歷克斯，當我們考慮這項業務的利潤狀況時，沒有任何結構性因素阻礙我們在美國實現相同的利潤水平。這裡有很多好處。回想幾年前，該業務的利潤率大約是 2%。自那時起，我們的利潤率已翻倍，達到 4%。所以這種趨勢將會持續下去。

And the last thing I would say is that it's a place that we will continue to invest for growth as part of our working capital strategy. and the capital application strategy, the two recent acquisitions, ReadyTest and Campbell sitting in Ireland and GB, they're doing really well off their great start and ahead of our own deal model from both a commercial go-to-market standpoint as well as a cost synergy standpoint.

最後我想說的是，作為我們營運資本策略的一部分，我們將繼續投資於成長領域。資本應用策略，最近收購的兩家公司，ReadyTest 和 Campbell 分別位於愛爾蘭和英國，它們的開局非常好，並且從商業上市角度和成本協同效應角度都領先於我們自己的交易模式。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

So Kevin, I wanted to drill down right on the the sales force local case growth relationship. So I assume with your commentary that local case growth is -- maybe this is a wrong assumption, and it's positive today or it's crossed in deposit territory.

所以凱文，我想深入了解銷售隊伍本地案例成長關係。因此，根據您的評論，我認為當地病例的增長是——也許這是一個錯誤的假設，今天它是積極的，或者它已經跨越了存款領域。

What's your current thinking on how you want to grow the sales force right, versus that seven goal that you had originally. And what do you think -- what's the right number if the effort is working. What's the right number that local case growth should grow at in your mind?

與您最初設定的七個目標相比，您目前對於如何正確擴大銷售團隊有何想法？您認為－如果努力有效，正確的數字是多少？您認為當地病例成長的正確數字應該是多少？

John, thanks for the question. I'll start with our expectations of college growth for fiscal 2026. We anticipate adding approximately 4% incremental sales professional head count in fiscal 2026.

約翰，謝謝你的提問。我首先要談談我們對 2026 財年大學成長的預期。我們預計 2026 財年銷售專業人員數量將增加約 4%。

As we look back on fiscal 2025, one of the reasons the headcount investments that we have already made are not showing up in the outcomes of the year just completed, is the excess or excessive colleague turnover that we had, which resulted in an increased customer loss ratio, which was masking the incremental benefit that was coming from the new hires.

回顧 2025 財年，我們發現，我們已經進行的員工投資沒有體現在剛過去的年度業績中，原因之一是員工流動率過高，導致客戶流失率上升，掩蓋了新員工帶來的增量收益。

It's incredibly important to note that we track every single new hire in a cohort or a class that they join with. We're able to model where should they be from a productivity perspective in month 3, on 6, month 9, month 12 every one of the hiring classes that we have done, those colleagues are hitting those productivity targets.

值得注意的是，我們會追蹤每位新員工所在的群組或班級。我們能夠從生產力的角度模擬他們在第 3 個月、第 6 個月、第 9 個月、第 12 個月應該處於什麼位置，我們所招募的每一個班級的同事都達到了這些生產力目標。

Kenny has said many times, month 13 matters. It's when they break through to begin to be productive and eclipsing month 18 matters even more because there's a turbocharge of their productivity between month 12 and month 18. For fiscal '26 it's very important to do the understanding of the math of increased head count each and every quarter is hitting that incredibly pivotal 12- to 18-month period, and we're not going to be repeating the customer loss rate.

肯尼 (Kenny) 曾多次表示，第 13 個月很重要。當他們取得突破並開始富有成效並且超過第 18 個月時，這一點就變得更加重要，因為在第 12 個月和第 18 個月之間，他們的生產力會得到極大的提升。對於 26 財年來說，了解每個季度員工人數增加的數學計算非常重要，因為每個季度都處於極其關鍵的 12 到 18 個月的時期，我們不會重複客戶流失率。

Therefore, we will inflect to positive case growth in fiscal 2026 from local and profitable case growth to boot. So Kenny, any additional comments you'd like to make about guidance for '26?

因此，我們將從本地和獲利案例成長轉向 2026 財年的正案例成長。那麼 Kenny，您還有什麼關於 26 年指導的補充評論嗎？

Yes. So if you think about the head count, just put things in numbers context. So in 2024, we hired 450 and 2025, we hired 300. And then Kevin said, 4% increase in 2026. If you add that all together, the CAGR of the growth rate of sales headcount is roughly mid-single digits. On the forward, we do believe we will render a return from this investment. That's point number one.

是的。因此，如果您考慮人數，只需將事情放在數位背景下即可。因此，到 2024 年，我們僱用了 450 名員工，到 2025 年，我們僱用了 300 名員工。然後凱文說，2026 年將增加 4%。如果將所有這些加在一起，銷售人員數量成長率的複合年增長率約為中等個位數。展望未來，我們堅信這項投資將帶來回報。這是第一點。

Number two, I think we talked about an analogy before, the faucet is turning on right now. On the floor from a longer stability standpoint, we do expect headcount growth to be in line with volume growth, therefore, driving positive leverage in our P&L.

第二，我想我們之前談過一個比喻，水龍頭現在正在打開。從長期穩定性的角度來看，我們確實預期員工人數的成長將與交易量的成長保持一致，從而推動我們的損益表中出現正面的槓桿作用。

Kelly Bania, BMO Capital.

凱利·巴尼亞（Kelly Bania），BMO Capital。

I was wondering if we could go back to the price agility initiative and what are the financial implications of that initiative? I believe it's intended to drive growth, but is there any trade-off between margin and case growth? And -- you mentioned maybe the desire to learn more about the change management required to support a broader rollout. Wondering if you can elaborate on that.

我想知道我們是否可以回到價格敏捷計劃以及該計劃的財務影響是什麼？我相信它的目的是推動成長，但利潤和案例成長之間是否存在權衡？而且—您提到也許希望了解更多有關支持更廣泛推廣所需的變更管理的資訊。想知道您是否可以詳細說明這一點。

And is it in your plan for this fiscal year that that does broadly roll out to more regions? Or does this remain a pilot and regional test?

您本財政年度的計劃中是否有將此推廣至更多地區？或者這仍是一個試點和區域測試？

Yes, Kelly, good question. Thank you. It's Kevin. I'll start. So the stated financial objectives would be to improve volume, but to do so profitably.

是的，凱利，這個問題問得好。謝謝。我是凱文。我先開始。因此，既定的財務目標是提高銷量，但要實現獲利。

So maintaining margin percentage but driving increased volume through the pipe. That's the stated objective. The objective is not so lower margin rate to drive volume. We could do that centrally, if that was something that we wanted to do.

因此，在保持利潤率的同時，也能增加管道銷售。這就是既定目標。目標並不是透過降低保證金率來推動交易量。如果我們願意的話，我們可以集中進行。

It's to give that sales colleagues the opportunity to be responsive in the spot moment to the needs of the customer. That sales colleague understands even better than a computer does the emotional items that a customer has within their menu within their book of business.

這是為了讓銷售同事有機會立即回應客戶的需求。銷售同事比電腦更了解客戶在業務簿選單中所包含的情感因素。

And if that customer presents themselves with, hey, I think I can do $2 better elsewhere, we need to give that colleague the opportunity to respond in the moment. The change management I'm referring to is the need for that colleague to then be able to do something we call sell around the room, which is I'm going to give you that price that you just asked for, but I know you're buying produce from someone else. I have the best produce program in town.

如果客戶說，嘿，我覺得在其他地方可以多賺 2 美元，我們就需要給同事立即回應的機會。我所指的變革管理是需要同事能夠做一些我們稱之為「在房間裡銷售」的事情，也就是說我會給你你剛剛要求的價格，但我知道你是從別人那裡購買農產品。我擁有鎮上最好的生產計劃。

And can we talk about having my FreshPoint colleague join me next week when I visit you to get that product put on to the Sysco truck. That's the change management. That's the selling skills development that is necessary as a part of giving more decision-making authority into the hands of that sales colleague.

我們可以談談讓我的 FreshPoint 同事下週和我一起去拜訪您，把產品放到 Sysco 卡車上嗎？這就是變革管理。這是銷售技能的開發，它是將更多的決策權交給銷售同事所必需的。

Kenny always makes the point. The compensation for that colleague will reward them if they do the right things, which is if I'm going to make an investment in price, I offset it elsewhere. It will punish them if they make an investment in price, and they don't succeed in offsetting that elsewhere. So again, responsibly rolling this out. We don't want to roll it out into the colleagues are prepared to be successful in that environment.

肯尼總是強調這一點。如果該同事做了正確的事情，他們就會獲得報酬，也就是說，如果我要在價格上進行投資，我會在其他地方抵消它。如果他們在價格上進行投資，卻無法在其他地方抵消這項投資，他們就會受到懲罰。因此，再次強調，負責任地推出這項措施。我們不想將其推廣到準備在那種環境中取得成功的同事中。

We do not, to answer your question, have meaningful growth tied to this program in fiscal 2026 if we didn't move it nationwide, we don't have risk on delivering our numbers. This is a program we intend to roll out, but we're going to roll it out at the pace of the skills development of the organization.

回答你的問題，如果我們沒有在全國範圍內推廣該計劃，那麼在 2026 財年，我們不會與該計劃相關的有意義的增長，我們在實現我們的數字方面沒有風險。這是我們打算推出的計劃，但我們將按照組織技能發展的步伐推出該計劃。

In contrast, the other two programs that I talked about on today's program are full speed ahead. Perks 2.0, as I mentioned on my prepared remarks, up until now, Perks has been a very successful program for us, but it's been -- think about it as a marketing points loyalty rewards type program, and it is converting to the customers that are eligible to be in perks, which are our best customers receiving a step change differentiated, better level of service than the average customer.

相比之下，我在今天的節目中談到的另外兩個項目正在全速推進。Perks 2.0，正如我在準備好的演講中提到的那樣，到目前為止，Perks 對我們來說是一個非常成功的計劃，但它已經 - 將其視為營銷積分忠誠度獎勵類型的計劃，並且它正在轉化為有資格享受福利的客戶，這些客戶是我們最好的客戶，他們比普通客戶獲得了階躍式差異化、更好的服務水平。

So think about the hotel that you prefer, think about the airline that you prefer, yes, you get points from those entities. But if you're in their top tier, what you're really getting is a substantially better service experience. Whatever that thing is it's important to you, you get the board first, you got to put your bag in the overhead. If there's a cancellation, they're taking care of you first. That's example only from a different industry.

所以想想您喜歡的酒店，想想您喜歡的航空公司，是的，您可以從這些實體獲得積分。但如果你處於他們的頂級水平，你真正得到的是更好的服務體驗。無論那東西是什麼，它對你來說都很重要，你得先拿到滑板，然後把你的包包放在頭頂上。如果有取消，他們會先處理您的事宜。這只是來自不同行業的例子。

In our industry, we know exactly what these key tenants are that matter to our customers. And these Perks customers are going to get a substantially elevated service program. And we don't need to test that. We're rolling that out nationwide and we're rolling it out this summer. And it's going to make a difference.

在我們的行業中，我們清楚地知道對我們的客戶來說重要的關鍵租戶是什麼。這些 Perks 客戶將獲得大幅提升的服務計畫。我們不需要測試這個。我們正在全國推廣這項計劃，並將於今年夏天推出。這將會起到作用。

It's going to make a difference in our customer retention. It will make a difference on our penetration. And we are confident because we have been testing this in a spot market that it will have an impact.

這將對我們的客戶保留產生影響。這將對我們的滲透產生影響。我們有信心，因為我們已經透過現貨市場進行了測試，相信它會產生影響。

And we have accounted for that in our guidance, and we are confident in its ability to move the needle. And the other program I launched today -- excuse me, announced today, this AI CRM is a really big deal. As I said in my prepared remarks, to say we're excited about this would be an understatement.

我們已經在指導中考慮到了這一點，並且我們對其推動作用的能力充滿信心。我今天啟動的另一個專案——不好意思，今天宣布的這個 AI CRM 真的是一件大事。正如我在準備好的演講中所說的那樣，說我們對此感到興奮是毫不誇張的。

In the palm of the hand of our colleague on their smartphone, they have all the tools that they need to better understand that customer to know what things could be offered to that customer, preapproved from a pricing perspective.

我們同事的智慧型手機上掌握著所有需要的工具，可以更好地了解客戶，知道可以向客戶提供什麼東西，並從定價的角度預先批准。

If they want to learn more about that product because they're not comfortable selling the item, they can quickly ask for input on how to sell that product in a free form, AI-based language model that gives them really good suggestions on how to sell that product. So we will be rolling out AI 360 coast to coast in the places that we are piloting that tool, the response rate from our colleagues, both tenured and new has been remarkable.

如果他們因為不放心銷售該產品而想了解更多有關該產品的信息，他們可以快速以自由形式的基於人工智能的語言模型詢問如何銷售該產品的意見，該模型可以為他們提供如何銷售該產品的非常好的建議。因此，我們將在試行工具的地區從東岸到西岸推廣 AI 360，我們的同事（包括新舊同事）的回應率都非常高。

And as I said in my prepared remarks, where we are incredibly bullish is that newer lower tenured colleague who has a lot to learn about the product range we have about the selling process that we have -- this tool helps accelerate their skills development and makes them a more effective sales rep which will increase overall productivity.

正如我在準備好的演講中所說的那樣，我們非常看好那些較新的、任期較短的同事，他們對我們的產品範圍、我們的銷售流程還有很多需要學習——這個工具有助於加速他們的技能發展，使他們成為更有效的銷售代表，從而提高整體生產力。

That's very helpful. Kevin, just to follow up with the Perks 2.0, can you size up what that looks like it's as successful as you hope in fiscal 2026 and maybe in the years to come, what is the potential there as you focus on that penetration?

這非常有幫助。凱文，只是為了跟進 Perks 2.0，您能否評估一下它在 2026 財年以及未來幾年是否會像您希望的那樣成功，當您專注於這一滲透時，它的潛力是什麼？

Yes. So for us, it's an enabler of delivering the guidance that we just provided. So on today's call, I'm not going to parse out its contribution, but it's meaningful. It is absolutely meaningful. Think about Pareto, a percentage of your customer is driving a disproportionate percentage of your sales and profit, that's exactly who these customers are and the customer doesn't get to opt in.

是的。因此對我們來說，它是提供我們剛剛提供的指導的推動因素。因此，在今天的電話會議上，我不會分析它的貢獻，但它是有意義的。這絕對是有意義的。想想帕累托，一部分客戶推動了不成比例的銷售和利潤，這些客戶正是這樣的客戶，而他們卻無法選擇加入。

We get to choose. We are specifically choosing. It's an invite-only into the program club and our sales colleagues have the opportunity to actually motivate customers who are right on the cusp, hey, with exta $1,000 a week, I can get you into this program. So -- we are bullish about this, Kelly. We will share more, let's say it this way, at upcoming investor events about this program and the expected impact we intend for it to have.

我們可以做出選擇。我們正在專門挑選。這是一個僅限受邀者加入的計劃俱樂部，我們的銷售同事有機會真正激勵那些處於風口浪尖的客戶，嘿，每週額外支付 1,000 美元，我就可以讓你加入這個計劃。所以——我們對此很樂觀，凱利。可以這麼說，我們將在即將舉行的投資者活動中分享更多有關該計劃以及我們預期它產生的影響的資訊。

Kelly, I mean, this is Kenny us put a blower on this one. The major driver of our growth year on year in local case growth in 2026 will be the stability, the retention around our sales colleagues.

凱利，我的意思是，這是肯尼，我們給這個放了一個鼓風機。2026 年我們本地案例年成長的主要驅動力將是銷售同事的穩定性和保留率。

And that's the reason why Kevin and I are so confident with the growth number because we're seeing that right now spot on, right? These three things that Kevin talked about, these are added neighbors that will help us as well to be -- to help this year, but more importantly for periods after to come.

這就是為什麼凱文和我對成長數字如此有信心的原因，因為我們現在看到的正是如此，對吧？凱文談到的這三件事，都是新增的鄰居，他們不僅會在今年幫助我們，更重要的是，在未來的一段時間也會幫助我們。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Kevin, I wanted to ask you just a brief follow-up on all this local stuff. So customer losses are improving. Is there any concern about like the sales force turnover that you've seen over the last year, those noncompetes rolling off and potentially impacting the momentum that's coming back into the business?

凱文，我只是想簡單地問你一下有關這些當地的事情。因此客戶流失正在改善。您是否擔心像去年看到的銷售人員流動率那樣，那些非競爭性人員的流失可能會影響業務恢復的勢頭？

And then, Kenny, just one for you. I'm curious as to how you're thinking about cost per case growth in the US. If you look at this past quarter, it looks like dollars are up about 5% on flat cases, right? So call it 5% cost per case growth.

然後，肯尼，只給你一個。我很好奇您如何看待美國每例病例成本的成長。如果你看一下上個季度，你會發現美元在持平的情況下上漲了約 5%，對嗎？所以稱其為每例成本成長 5%。

What's the driver of that? And then how does that look in 2016? Is there an opportunity to bring that lower next year?

造成這種情況的原因是什麼？那麼 2016 年的情況如何？明年是否有機會降低這個數字？

Thank you for the question. I understood completely your question about the sales rep who departed 12 months ago when they hit on 13 and your noncompete agreement expires, is there an echo or a ripple effect from prior year?

謝謝你的提問。我完全理解您的問題，關於 12 個月前離職的銷售代表，當他們達到 13 歲並且您的競業禁止協議到期時，是否會對前一年產生影響或連鎖反應？

The facts are the vast majority of the customer lost customer departure occurs almost immediately. And the way is the following, let's say, Kenny has been calling on an account for 10 years. Kenny departs while he Kenny is not able to call upon that customer, what happens is that we, Sysco, assign a new sales rep to that account. And then right then in there, that immediate moment is where the disruption occurs that customer then has to make a choice.

事實是，絕大多數顧客的流失幾乎是立即發生的。方式如下，假設 Kenny 已經呼叫某個帳號 10 年了。當 Kenny 離開而無法拜訪該客戶時，我們 Sysco 會為該帳戶指派新的銷售代表。然後就在那時，中斷發生的那一刻，客戶必須做出選擇。

Do I want to work with the new colleague, hey, maybe I should look around and the looking around is what causes an alternative distributor to tend to get into the account. So the vast majority of the loss happens immediately. There's the possible impact of the ripple 13 months later. What we can see in our data, though, is that not repeating the initial loss is a far greater positive impact on the avoidance of that negative than the ripple.

我想和新同事一起工作嗎？嘿，也許我應該四處看看，而四處看看正是導致替代分銷商傾向於進入該帳戶的原因。因此，絕大多數損失都是立即發生的。13 個月後，可能會產生連鎖影響。然而，我們從數據中可以看出，不再重複最初的損失對於避免負面影響的正面影響遠大於漣漪效應。

And obviously, through the service improvement that we're making, Kenny mentioned this, our fill rates are improving. Our on-time delivery is improving our sales colleagues capabilities are improving through training, skill development and the tools that I just mentioned.

顯然，透過我們正在進行的服務改進，肯尼提到了這一點，我們的填充率正在提高。我們的準時交貨正在提高，我們的銷售同事的能力正在透過培訓、技能開發和我剛才提到的工具而提高。

We're confident that the ripple effect, the echo is more than offset by the goodness of the programs that I just referenced and the stability of the sales force at Sysco and therefore, the confidence in the guide in the year ahead.

我們相信，漣漪效應和迴響將被我剛才提到的計劃的優點和 Sysco 銷售團隊的穩定性所抵消，因此，對來年的指南充滿信心。

And I'll toss to Kenny for the comments that he'd like to make about the cost question that you asked. Kenny, over to you?

我將向肯尼徵求他對您提出的成本問題的意見。肯尼，交給你了嗎？

Yes, Ken. On the cost per case, I would like to bifurcate and talk about it from a COGS standpoint and also a base cost standpoint because they're a bit different here at Dynamics. So you're right. volume was flattish around USFS. But with that, our GP grew 4%.

是的，肯。關於每個案例的成本，我想從 COGS 的角度和基本成本的角度來討論，因為 Dynamics 這裡有些不同。所以你是對的。美國林務局周圍的交易量持平。但同時，我們的 GP 成長了 4%。

So the good work that we've been doing around strategic sourcing, that's flown through the P&L, and that's the reason why you're seeing nice leverage between sale -- volume to sales, sales to GP.

因此，我們在策略採購方面所做的出色工作已體現在損益表中，這也是為什麼您會看到銷售量與銷售額、銷售額與毛利之間存在良好槓桿作用的原因。

Where the increased cost that you called out earlier, usually driven by two main things, mostly on the base cost side of the house SG&A. Number one is our investment in SPs. These are, what I would call, deliberate planned investments, got our ROIC positive, and the return will be rendered, call it, all to 18 months on the road from day one. So that's point number one.

您之前提到的成本增加通常由兩個主要因素造成，其中大部分是銷售、一般和行政費用 (SG&A) 的基本成本。第一是我們對 SP 的投資。這些就是我所說的經過深思熟慮的計劃投資，使我們的 ROIC 獲得正值，並且從第一天起，所有回報將在 18 個月內實現。這是第一點。

As the local case grows within our business, that cost per piece will have a corresponding revenue tied to it. Therefore, you'll see leverage in the P&L. The second biggest piece of the cost increase is the plan and deliberate investment around capacity.

隨著我們業務中本地案例的成長，每件產品的成本將產生相應的收入。因此，您會在損益表中看到槓桿。成本增加的第二大部分是圍繞產能的規劃和刻意投資。

You may remember, we have 10 buildings going live right now around the world, seven of them are sitting in the US. Think about Allen Town, think about Tampa, East Wisconsin, LA, Las Vegas, right? I can go on and on and same dynamic.

您可能還記得，我們目前在世界各地有 10 棟建築投入使用，其中 7 棟位於美國。想想艾倫鎮、坦帕、威斯康辛州東部、洛杉磯、拉斯維加斯，對吧？我可以繼續進行同樣的動態。

You have the cost of those buildings, mainly depreciation hitting the P&L. And that as time progresses with the initiatives kicking in, the compass that Kevin and I have local case growth, in particular, you will see that scale down to the P&L because that cost will be welcomed by volume. So overall, we do expect a stronger leverage in the P&L on the forward.

您有這些建築物的成本，主要是折舊影響了損益表。隨著時間的推移，隨著計劃的實施，特別是 Kevin 和我所掌握的本地案例增長指南針，您將看到該指南針縮小到損益表，因為該成本將受到數量的歡迎。因此整體而言，我們確實預期未來損益表的槓桿率會更高。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Not just in foodservice distribution, but at least what I hear many industries broadly are considering consolidation at this point, whether it's AI investments through automation investments or maybe some concern or uncertainty related to tariffs, I mean, it does, again, seem that we're more prime for consolidation and deconsolidation across a lot of industries.

不僅是在食品服務分銷領域，至少我聽說許多行業目前都在考慮整合，無論是透過自動化投資進行人工智慧投資，還是與關稅相關的一些擔憂或不確定性，我的意思是，看起來我們在許多行業中更適合進行整合和拆分。

So the question that I would ask you is how does Sysco you view that within food service distribution. Obviously, not making a specific comment, but just generally in terms of the opportunity to consolidate and how might the company and where might the company be able to take advantage of some opportunities to further drive efficiency and consolidation both globally, but more specifically and importantly, at least for me, within the US.

所以我想問您的問題是，Sysco 您如何看待食品服務分銷領域中這一點。顯然，我沒有做出具體的評論，而只是總體上談論整合的機會，以及公司如何以及在何處可以利用一些機會進一步推動全球範圍內的效率和整合，但更具體地說和重要的是，至少對我來說，在美國境內。

John, it's Kevin. Thank you for the question. Let me start with the AI impact on our business and the part of your question that's tied to that. And then secondarily, I'll talk about just more macro, bigger chessboard strategy.

約翰，我是凱文。謝謝你的提問。讓我先從人工智慧對我們業務的影響以及與此相關的問題部分開始。其次，我將談論更宏觀、更大的棋盤策略。

On the AI side, we got to bifurcate it in the front of house, back of house or front-end selling back office management. AI absolutely is and will increasing our efficiency in the back office side of the business. Kenny manages that for the company. We've centralized that activity. We offshored that activity. Now we're automating that activity and AI can help turbocharge those efforts.

在人工智慧方面，我們必須將其分為前台、後台或前端銷售後台管理。人工智慧絕對正在並將繼續提高我們後台業務的效率。肯尼 (Kenny) 負責管理公司此事。我們已經集中了該活動。我們將該活動外包出去。現在我們正在使該活動自動化，並且人工智慧可以幫助增強這些努力。

Our merchandising division answers a tremendous number of questions from both customers and from our own sales colleagues, like the amount of volume that flows through that pipe would stagger you. We can use AI to answer intelligently accurately, many, many, many of those questions, which can make us more efficient. So we think about the back end, attack the cost, attack the cost.

我們的商品銷售部門解答了來自客戶和我們自己的銷售同事的大量問題，例如流經該管道的流量會讓您大吃一驚。我們可以使用人工智慧來智慧準確地回答很多很多這樣的問題，這可以提高我們的效率。所以我們考慮後端，攻擊成本，攻擊成本。

And we've done a good job of taking out structural costs at our company over the past years. Simultaneously, taking that cost out to invest for growth, see Tampa that we just grand opened last week and the other examples that Kenny gave around the world. So to be relentlessly like focused on taking structural cost out to invest in growth is the more macro strategy.

過去幾年來，我們在消除公司結構性成本方面做得很好。同時，將這些成本拿出來用於投資成長，看看我們上週剛盛大開幕的坦帕，以及肯尼在世界各地給出的其他例子。因此，堅持不懈地專注於消除結構性成本以投資成長是更宏觀的策略。

On the sales force side, this is where I will delineate. We don't view it as a reduction in the future selling occupation in any way, shape or form. This is a relationship-based business. And John, I know you know that.

在銷售隊伍方面，我將對此進行描述。我們並不認為這會以任何方式減少未來的銷售職業。這是一項基於關係的業務。約翰，我知道你知道這一點。

This is a relationship business. We want the technology to increase even further that sales colleagues relationship with that customer help do the administrative stuff.

這是一項關係業務。我們希望科技能進一步增強銷售同事與客戶的關係，並協助處理行政事務。

Again, the number of questions that our colleagues answer about -- does this product have gluten, is this allergen free? What's the country of origin, will not be able to substitute this for something else? If we're out of stock. What substitutions would you recommend if this is out of stock. These are questions that are happening all throughout the day, every day, hundreds of questions they're facing every day.

再次，我們的同事回答了許多問題——該產品是否含有麩質，是否不含過敏原？原產國是哪裡，不能用別的東西代替嗎？如果我們缺貨。如果缺貨，您會推薦什麼替代品？這些問題每天都在發生，他們每天都會面臨數百個問題。

To enable that sales colleague to answer those types of questions proactively, more efficiently reduces substantially their administrative burden and then guess what they get to do at that time. They get to sell.

為了讓銷售同事能夠主動回答這些類型的問題，更有效地大大減輕他們的管理負擔，然後猜猜他們當時要做什麼。他們開始銷售。

They get to look around the kitchen and see product that's not on the Sysco truck to talk about introducing our capabilities, introducing our specialty capabilities, go prospect net new customers because you have more time on your hand.

他們可以參觀廚房，查看 Sysco 卡車上沒有的產品，介紹我們的能力，介紹我們的專業能力，尋找新客戶，因為你有更多的時間。

So we will grow our sales force, as we mentioned on this call, 4% approximately this coming year. And we believe AI is going to turbocharge that effectiveness. As it relates to your question about consolidation in the industry, here's what we would say.

因此，正如我們在這次電話會議上提到的那樣，我們的銷售團隊將在來年增長約 4%。我們相信人工智慧將會大大增強這種效率。關於您提出的產業整合問題，我們的回答如下。

We know that size and scale matter in this industry, purchasing scale, supply chain scale, the trucking last mile delivery, as you've heard me say before, is the most expensive part of what we do. So therefore, being efficient in that manner is important.

我們知道，在這個行業中，規模和範圍很重要，採購規模、供應鏈規模、卡車運輸的最後一英里交付，正如你之前聽我說過的那樣，是我們工作中最昂貴的部分。因此，以這種方式提高效率非常重要。

And we will continue to survey our landscape for M&A opportunities, tuck-ins, specialty purchases because we have tremendous white space existing still in specialty. I know you didn't ask about international, but we have compelling opportunities international.

我們將繼續審視我們的領域，尋找併購機會、收購和專業購買，因為我們在專業領域仍然存在巨大的空白。我知道您沒有問到國際問題，但我們在國際上擁有引人注目的機會。

And we will be very strategic and thoughtful about our approach in the US. And obviously, we can't comment, as I said earlier, about any other company's strategies and actions.

我們將非常有策略性、深思熟慮地考慮我們在美國採取的策略。顯然，正如我之前所說，我們無法評論任何其他公司的策略和行動。

Mark Carden, UBS.

瑞銀的馬克卡登。

You guys called out improving industry traffic throughout the period, still not all the way back I'm curious, are you seeing any uptick in promotional activity or upfront to the distributor level?

你們一直呼籲改善行業流量，但還沒有完全恢復。我很好奇，你是否看到促銷活動或經銷商層面的預付款增加？

And then related, are independent restaurants showing much in the way of incremental stress. Do you see any risk of closure ticking up there, the weathering it quite well.

與此相關的是，獨立餐廳在增量壓力方面表現出很大的變化。您是否認為那裡存在關閉的風險，而且這種風險已經得到很好的控制。

Mark, thank you for the question. I'll start, toss to Kenny for any additional comments. Let me start with the restaurant operator first. We are seeing restaurants that have a strong value prop for their end customers succeeding. And that's across the board from fine dining the casual -- fast casual to QSR, those concepts that are providing a good value to their customer are succeeding.

馬克，謝謝你的提問。我先開始了，如有其他評論，請告知 Kenny。我先從餐廳經營者說起。我們看到那些為最終客戶提供強大價值主張的餐廳獲得了成功。從高級餐廳、休閒快餐到 QSR 餐廳，那些能為顧客提供良好價值的餐廳都獲得了成功。

And value could be quantity of food for price value could be a promotional program that they are doing value could be within their tier. They're perceived by the customer as providing more for the dollar than who they compete against. And those names that are having some struggles, and you know who they are, are out of tilt with their end consumer on that equation.

價值可能是相對於價格的食物數量，價值可能是他們正在進行的促銷計劃，價值可能是在他們的層級之內。在顧客看來，他們提供的服務比競爭對手更物有所值。而那些陷入困境的公司，你知道他們是誰，在這個問題上他們與最終消費者意見不合。

Our job in that equation is the following: we need to provide value to the restaurant operators across from fine dining to QSR, and that's our relentless focus on improving strategic sourcing to bring our cost down so we can share in that value creation with the end consumer so that they can be successful and profitable. And we're doing a good job on that.

我們在這個等式中的工作如下：我們需要為從高級餐廳到 QSR 的餐廳經營者提供價值，並且我們堅持不懈地專注於改善戰略採購以降低成本，以便我們能夠與最終消費者分享價值創造，從而使他們能夠成功並盈利。我們在這方面做得很好。

In the quarter that we just ended, we had a very strong performance from a gross profit perspective, and we are able to invest in our customers from a price perspective when we have that equation. And as Kenny said, the goodness of what we delivered in Q4 is going to have rapid value positive into fiscal 2026. So those are our perspectives on the end restaurant consumer on what we -- Sysco are doing about it.

在我們剛結束的這個季度，從毛利的角度來看，我們的表現非常強勁，當我們有了這個等式，我們就能夠從價格的角度投資我們的客戶。正如肯尼所說，我們在第四季取得的良好業績將在 2026 財年迅速產生正面價值。這些就是我們對最終餐廳消費者的看法以及 Sysco 對此採取的措施。

And Kenny, I'll talk to you if there's any additional comment that you'd like to make on Mark's question.

肯尼，如果您想對馬克的問題發表任何其他評論，我會與您討論。

Yes. In terms of restaurant closures, from our standpoint, there's always churn in the marketplace. But one thing from our side is bad debt, right? When you think about bots, you think about bad debt. The majority of our bad debt is current bad debt as a percent of sales is less than 0.1%.

是的。就餐廳關閉而言，從我們的角度來看，市場總是存在著客戶流失。但從我們這邊來看，有一件事是壞賬，對嗎？當你想到機器人時，你會想到壞帳。我們的壞帳大多是當前壞賬，佔銷售額的百分比不到 0.1%。

We have automation tools in place and to manage that one. And no risk, no service to our company in terms of restaurant groups.

我們擁有自動化工具來管理它。就餐飲集團而言，沒有風險，我們公司就無法獲得服務。

And we are not seeing specific to your question, pain in the local mom-and-pop restaurant sector to be higher than large customers. We're not seeing that.

針對您的問題，我們並沒有發現當地夫妻店餐飲業的痛苦程度高於大客戶。我們沒有看到這一點。

And that does end the Q&A portion of today's call. I'll hand the program back to Kevin and Kenny for any additional or closing remarks.

今天電話會議的問答部分到此結束。我將把節目單交還給 Kevin 和 Kenny，以便他們做任何補充或結束語。

Great. Thank you, everybody, for joining us. If you have any follow-up calls or questions, please feel free to reach out to the Investor Relations team here at Sysco. Have a great day. Thank you.

偉大的。謝謝大家加入我們。如果您有任何後續電話或疑問，請隨時聯絡 Sysco 的投資者關係團隊。祝你有美好的一天。謝謝。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。