西斯柯 (SYY) 2026 Q3 法說會逐字稿

Welcome to Sysco's third quarter fiscal year 2026 conference call. As a reminder, today's call is being recorded. We will begin with opening remarks and introductions. I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

歡迎參加 Sysco 2026 會計年度第三季財報電話會議。提醒各位，今天的電話會議將被錄音。我們將以開場致詞與介紹開始。我想把電話會議交給投資人關係副總裁 Kevin Kim。請開始。

Good morning, everyone, and welcome to Sysco's third quarter fiscal year 2026 earnings call. On today's call, we have Kevin Hourican, our Chair and CEO; and Brandon Sewell, our Interim CFO. 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.

各位早安，歡迎參加 Sysco 2026 會計年度第三季財報電話會議。今天的電話會議由我們的董事長兼執行長 Kevin Hourican，以及代理財務長 Brandon Sewell 出席。在開始之前，請注意，本簡報中所提及、關於公司或管理階層之意圖、信念、預期或對未來之預測的陳述，均屬《私人證券訴訟改革法》所定義的前瞻性陳述，實際結果可能會有重大差異。

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 28, 2025, subsequent SEC filings and in the news release issued earlier this morning.

有關可能導致實際結果與前瞻性陳述不同之因素的更多資訊，載於公司向 SEC 提交的文件中。其中包括但不限於：截至 2025 年 6 月 28 日止年度之 Form 10-K 年報所載風險因素、其後的 SEC 申報文件，以及今天稍早發布的新聞稿。

A copy of these materials can be found in the Investors section at sysco.com. Non-GAAP financial measures are included in our comments today 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.

上述資料可於 sysco.com 的「投資人」專區取得。我們今天的發言與簡報投影片中包含非 GAAP 財務衡量指標。

During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year. (Event Instructions) At this time, I'd like to turn the call over to Kevin Hourican.

在今天的討論中，除非另有說明，所有結果皆與去年同期相比。(活動說明) 現在我想把電話會議交給 Kevin Hourican。

Good morning, everyone, and thank you for joining us today. I'm pleased to report that Sysco delivered strong results in the third quarter of fiscal 2026. Our results were enabled by improving case volume trends, strengthening gross margin performance and disciplined operational execution.

各位早安，感謝今天加入我們。我很高興報告，Sysco 在 2026 會計年度第三季交出強勁的成績。我們的成果得益於箱量（case volume）趨勢改善、毛利率表現增強，以及嚴謹的營運執行。

We delivered our progress improvement in a continued choppy macro environment. Given our positive momentum, we remain confident in our expectations for full year adjusted EPS to be at the high end of our annual guidance range of $4.50 to $4.60. Most notably, we delivered 3.3% local volume growth in our US business, a 210 basis point improvement versus the prior quarter and our strongest quarter local volume growth in three years.

在宏觀環境持續顛簸的情況下，我們仍交出持續改善的進展。鑑於我們的正向動能，我們仍有信心，全年調整後 EPS 將落在年度指引區間 4.50 至 4.60 美元的高端。最值得注意的是，我們美國業務的本地（local）銷量成長 3.3%，較上一季提升 210 個基點，並創下三年來最強的單季本地銷量成長。

We have clear momentum in our local business, and we have confidence that we will continue to post strong local results in Q4 and into fiscal 2027. While our primary focus for today's call will be the underlying strength of our core business, we will also discuss the strategic rationale surrounding our entry into the cash-and-carry space with our recently announced planned acquisition of Jetro Restaurant Depot. After my remarks, Brandon will highlight our financial outcomes and share his thoughts on the financial merits of the Jetro Restaurant Depot transaction.

我們的本地業務動能明確，並有信心在第四季以及進入 2027 會計年度後，將持續繳出強勁的本地業績。雖然今天電話會議的主要重點將放在核心業務的內在強勁表現，我們也會討論近期宣布、計畫收購 Jetro Restaurant Depot 以進入現金自提（cash-and-carry）領域的策略理由。在我致詞後，Brandon 將重點說明我們的財務成果，並分享他對 Jetro Restaurant Depot 交易之財務效益的看法。

Before I begin, I would like to formally introduce our Interim Chief Financial Officer, Brandon Sewell. Although Brandon may be a new name to many listening to the call today, he has been an important senior leader within Sysco for the past 12 years. Most recently, Brandon served as CFO of Sysco's largest segment, our US Foodservice business. Prior to the US CFO role, Brandon held several senior leadership roles across the organization spanning global financial planning and analysis, merchandising and supply chain.

在我開始之前，我想正式介紹我們的代理財務長 Brandon Sewell。雖然對今天收聽電話會議的許多人而言，Brandon 可能是個新名字，但他在過去 12 年一直是 Sysco 重要的資深領導者。最近，Brandon 擔任 Sysco 最大事業部——美國餐飲服務（US Foodservice）業務——的財務長。在擔任美國區財務長之前，Brandon 曾在組織內擔任多項資深領導職務，涵蓋全球財務規劃與分析、商品採購（merchandising）以及供應鏈。

He will work closely with our executive leadership team to ensure continuity and disciplined execution of Sysco's financial strategy as we conduct a full search for a permanent CFO across internal and external channels. As I've shared with many of you over the recent weeks, Brandon is a very strong candidate for the permanent role. In the meantime, we are thankful and appreciative to have his expertise and leadership as a steadying hand and expert in our business. Brandon, thank you for your leadership.

在我們透過內部與外部管道全面尋找正式財務長期間，他將與我們的高階管理團隊密切合作，確保 Sysco 財務策略的延續性與嚴謹執行。如同我在近幾週與許多各位分享的，Brandon 是正式職位的非常強勁候選人。同時，我們也非常感謝並珍惜他以專業與領導力，作為穩定力量與業務專家加入我們。Brandon，感謝你的領導。

Let's jump into our business results, starting on slide number 4. From a top line perspective, Sysco delivered nearly $21 billion of total revenue, a growth rate of 4.7% versus the prior year. These revenue results reflect positive and accelerating case growth across our local, specialty, national and international business units.

我們直接進入業務成果，從第 4 張投影片開始。就營收（top line）而言，Sysco 總營收接近 210 億美元，較去年成長 4.7%。這些營收結果反映出我們本地、專業（specialty）、全國（national）與國際事業單位的箱量成長皆為正向且加速。

From a bottom line perspective, we delivered adjusted earnings per share of $0.94, which was in line with our expectations and inclusive of the previously discussed $63 million headwind related to lapping lower incentive compensation in the prior year, reflecting an approximate impact of $0.10 per share.

就獲利（bottom line）而言，我們的調整後每股盈餘為 0.94 美元，符合我們的預期，且已包含先前討論過的 6,300 萬美元不利因素，該因素與去年較低的獎勵性薪酬基期比較（lapping）有關，約相當於每股 0.10 美元的影響。

Our revenue growth was fueled by improving volume trends across our business, but most notably by our USFS local case volume. Overall foot traffic to restaurants remains challenged, and Sysco is improving our performance due to selling initiatives within our direct control. Gross profit was up 6.5% year-over-year, and when excluding the $63 million in incentive compensation headwind, our operating income and operating income margin would have expanded on a year-over-year basis, while our adjusted EPS would have expanded to be in line with or slightly better than our long-term earnings growth algorithm.

我們的營收成長來自全公司銷量趨勢改善，尤其是我們 USFS 本地箱量。整體而言，餐廳來客數仍具挑戰，而 Sysco 透過我們可直接掌控的銷售措施改善表現。毛利較去年同期成長 6.5%；若排除 6,300 萬美元的獎勵性薪酬不利因素，我們的營業利益與營業利益率將可在年對年基礎上擴張，而調整後 EPS 也將擴張至符合或略優於我們長期獲利成長演算法（algorithm）的水準。

Looking at our underlying momentum in this way gives Brandon, our leadership team and me the confidence in the trajectory of our core business. We are encouraged by our results overall as our teams delivered strong volume growth in a soft restaurant traffic environment. Per Black Box, traffic to restaurants was down approximately 1.9% in the quarter.

以這種方式檢視我們的內在動能，使 Brandon、我們的領導團隊與我對核心業務的發展軌跡更具信心。在餐廳來客數疲弱的環境下，我們的團隊仍交出強勁的銷量成長，整體結果令人鼓舞。根據 Black Box，本季餐廳來客數約下滑 1.9%。

Sysco's improved performance is being generated by increased sales colleague retention and increased colleague productivity. Our sales colleagues delivered our fourth consecutive quarter of improvement in new customer win rates. We are able to take share and grow profitably even in a market with soft overall conditions due to our sales colleague training initiatives and sales enablement tools that are increasing colleague productivity.

Sysco 的表現改善，來自銷售同仁留任率提升，以及同仁生產力提升。我們的銷售同仁在新客戶贏單率方面，已連續第四季改善。即使在整體市場條件偏弱的情況下，我們仍能搶占市占並實現獲利性成長，原因在於我們的銷售同仁訓練計畫與銷售賦能工具正在提升同仁生產力。

Specifically, AI360 is improving new colleague onboarding, and it is helping colleagues of all tenures increase their selling effectiveness. When coupled with our customer growth programs like Sysco Your Way and Perks 2.0, Sysco was improving how we serve our customers.

具體而言，AI360 正在改善新進同仁的到職訓練（onboarding），並協助各年資同仁提升銷售成效。再結合我們的客戶成長方案（如 Sysco Your Way 與 Perks 2.0），Sysco 正在改善我們服務客戶的方式。

Our progress in local volume can be clearly seen on slide 8 in our presentation. Looking ahead in our fourth quarter, we expect to deliver at least 2.5% of local volume growth. To be clear, posting a volume growth of 2.5% in our fourth quarter would equate to a 120 basis point improvement versus Q3 on a two-year stack basis, a clear continued acceleration in overall business outcomes.

我們在本地銷量的進展，可在簡報第 8 張投影片清楚看到。展望第四季，我們預期本地銷量成長至少 2.5%。說清楚一點，若第四季銷量成長達 2.5%，以兩年疊加（two-year stack）基礎計算，將相當於較第三季提升 120 個基點，顯示整體業務成果持續明顯加速。

Importantly, we are now growing our local business faster than our overall business, which is very helpful to the overall operating margins of the company. Turning the page to our national contract business. During our third quarter, our national business generated case volume growth of 1.4%. We delivered strong growth in our health care, travel and hospitality, and foodservice management businesses.

重要的是，我們目前本地業務的成長速度已快於整體業務，這對公司整體營業利益率非常有利。接著談我們的全國合約（national contract）業務。在第三季，我們的全國業務箱量成長 1.4%。我們在醫療保健、旅遊與飯店（hospitality），以及餐飲管理（foodservice management）業務方面，皆實現強勁成長。

The positive growth from these businesses was partially offset by softness in our national restaurant segment. The declining foot traffic to restaurants per Black Box has disproportionately affected our national chain restaurant customers and can be seen in our results as volume with these customers was down year-over-year.

上述業務的正向成長，部分被我們全國餐廳（national restaurant）客群的疲弱所抵銷。根據 Black Box，餐廳來客數下滑對我們的全國連鎖餐廳客戶造成不成比例的影響，並反映在我們的結果中：與這些客戶的銷量年對年下降。

For the fourth quarter, we expect case volume growth for national contract customers to improve versus Q3, driven by continued strength in our nonrestaurant business and onboarding of net new customer wins in the national restaurant customer business.

就第四季而言，我們預期全國合約客戶的箱量成長將較第三季改善，動能來自我們非餐飲業務的持續強勁表現，以及全國餐飲客戶業務中新贏得客戶的導入。

Turning to our International segment. We are very pleased with the performance being delivered by our International team. The momentum in our International business was fueled by every International geography. To that end, local case growth in our International segment was up 3.8% in the quarter.

接著談我們的國際事業部。我們對國際團隊所交出的表現感到非常滿意。我們國際業務的動能來自所有國際地區的帶動。因此，本季我們國際事業部的當地箱量成長達3.8%。

This growth is being generated by expanded supply chain capacity, increased availability of Sysco Brand and merchandise, increased sales headcount and easier-to-use technology. This strong demand, coupled with disciplined expense management, delivered adjusted operating income growth of nearly 13%. Impressively, this represents the tenth consecutive quarter of double-digit operating income growth and highlights the continued strength of Sysco International as a growth engine within the company.

這項成長來自供應鏈產能擴充、Sysco自有品牌與商品供應更充足、銷售人力增加，以及更易用的科技。在強勁需求與嚴謹費用管理的共同作用下，調整後營業利益成長近13%。令人印象深刻的是，這已是連續第十個季度營業利益達到雙位數成長，凸顯Sysco International作為公司內部成長引擎的持續強勁動能。

Before turning the call over to Brandon, I want to highlight some of the key points tied to our previously announced agreement to acquire Jetro Restaurant Depot, the leading cash-and-carry foodservice supplier in the United States, as well as provide a brief update on the recent performance of that business.

在把電話會議交給Brandon之前，我想強調幾個與我們先前宣布的收購Jetro Restaurant Depot協議相關的重點；該公司是美國領先的現金自提（cash-and-carry）餐飲供應商，同時也簡要更新該業務近期的表現。

The acquisition of Restaurant Depot is a bold new chapter of profitable growth for Sysco, one that creates a combined company that is expected to grow faster, be more profitable and return more value to shareholders than a stand-alone Sysco.

收購Restaurant Depot將為Sysco開啟獲利成長的大膽新篇章，打造一家合併後的公司；預期其成長速度更快、獲利能力更強，並且相較於獨立運作的Sysco，能為股東帶來更多價值回饋。

Most importantly, we will increase our ability to help save restaurants money with a more efficient buying program and by expanding Restaurant Depot's low-cost leader format to 125-plus net new geographies over time. Our two companies are better together, and our end customers will benefit.

最重要的是，我們將透過更有效率的採購計畫，以及隨時間推進把Restaurant Depot的低成本領導者門市模式擴展到125個以上的新增地理市場，提升我們協助餐廳節省成本的能力。兩家公司結合將更勝一籌，而我們的終端客戶也將受益。

The cash-and-carry channel is large, growing and resilient, with an approximately $60 billion to $70 billion total addressable market. Restaurant Depot is the leader in the channel with a best-in-class format that serves smaller customers that are seeking value, freshness and convenience. Restaurants tend to choose which channel they prefer first, and they select a business partner within their channel.

現金自提通路規模龐大、持續成長且具韌性，整體可服務市場（TAM）約為600億至700億美元。Restaurant Depot是該通路的領導者，擁有同級最佳的營運模式，服務追求價值、新鮮與便利的小型客戶。餐廳通常會先選擇偏好的通路，接著在該通路內挑選合作夥伴。

Customers seeking savings and the ability to pay with cash or a credit card find the Restaurant Depot one-stop shopping environment very compelling. Sysco serves a larger customer that is seeking delivery and the support of an in-person sales colleague. These customers desire the convenience of delivery and the high-trust service that comes with our dedicated and well-trained sales force.

尋求節省成本並希望以現金或信用卡付款的客戶，會覺得Restaurant Depot的一站式採購環境極具吸引力。Sysco服務的則是規模較大的客戶，他們需要配送服務以及面對面銷售同仁的支援。這些客戶重視配送的便利性，以及我們專屬且訓練有素的銷售團隊所帶來的高度信任服務。

Our sales consultants provide restaurant advice, culinary suggestions and even menu price optimization suggestions. The minimal overlap between these two customer types creates clear separation between the two channels. With that said, our new company will be able to serve more restaurant operators, reach more purchasing occasions, and provide savings to more customers when we are a combined entity.

我們的銷售顧問會提供餐廳經營建議、廚務建議，甚至菜單定價最佳化建議。這兩類客戶之間的重疊程度極低，使兩種通路之間形成清楚的區隔。即便如此，當我們成為合併後的實體，新公司將能服務更多餐廳經營者、觸及更多採購情境，並為更多客戶帶來節省。

From a financial perspective, Sysco will gain access to a large, resilient and growing new channel customers that is entirely local. I'd like to spend some time sharing initial examples of our two companies will be better together: increasing enterprise profitability and improving how we serve local customers. The first benefit is in purchasing efficiency. We will deliver $250 million of net cost synergies through the transaction.

從財務角度來看，Sysco將取得一個規模龐大、具韌性且成長中的新通路客群，而且完全以在地市場為主。我想花些時間分享兩家公司結合後更勝一籌的初步例子：提升企業整體獲利能力，以及改善我們服務在地客戶的方式。第一項效益在於採購效率。我們將透過本交易實現2.5億美元的淨成本綜效。

I want to be very clear that we do not intend to reduce headcount at either company as a result of the transaction. The cost synergies will come from buying products and services more cost effectively than we do today. By combining our volumes, we can be more efficient for Sysco and for our supplier community. As a result, we will buy better. We are extremely confident in our ability to deliver against this cost reduction target.

我想非常清楚地說明，我們無意因本交易而在任一公司裁減人力。成本綜效將來自於以比目前更具成本效益的方式採購產品與服務。透過合併採購量，我們能讓Sysco以及供應商夥伴更有效率。因此，我們將能以更好的條件採購。我們對達成這項成本降低目標的能力極具信心。

The second benefit will be generated through revenue synergies across two companies. As I said in the deal announcement, revenue synergies beyond opening new stores are not included in the accretion targets of the deal model. But first, let me address the new store opening opportunity.

第二項效益將來自兩家公司之間的營收綜效。如同我在交易宣布時所說，除開新店開設之外的營收綜效，並未納入交易模型的增益（accretion）目標。不過首先，讓我先談新店開設的機會。

We have completed a thorough analysis of the geographic white space opportunity for new Restaurant Depot locations, and we are very confident in our ability to open five to six net new stores per year for the next 25 years. Or stated differently, we are extremely confident that the core US market can easily accommodate 125 net new Restaurant Depot locations over time.

我們已完成對Restaurant Depot新據點之地理白地機會的全面分析，並且非常有信心在未來25年每年開出5到6家淨新增門市。換句話說，我們極度有信心美國核心市場隨時間推進可輕鬆容納125家淨新增Restaurant Depot門市。

Many of these locations can be served directly by Restaurant Depot's effective and efficient supply chain, and select new store locations will be enabled by leveraging Sysco's vast inbound supply chain capabilities. By opening 125 net new Restaurant Depot locations, we will bring the low-cost leader format of restaurant supplies to more customers, saving tens of thousands of restaurants money, and we will create thousands of new jobs in the process.

其中許多據點可由Restaurant Depot既有效又高效率的供應鏈直接供應，而部分新店據點則可透過運用Sysco龐大的上游供應鏈能力來支援。透過開設125家淨新增Restaurant Depot門市，我們將把餐廳用品的低成本領導者模式帶給更多客戶，為數以萬計的餐廳節省成本，並在此過程中創造數千個新工作機會。

The opening of these five to six new stores per year is included in our modeled assumptions to support Restaurant Depot's core revenue growth. Beyond opening new stores, I would like to highlight additional vectors of growth enabled by our combination. The upside from these concepts is not included in the accretion figures that we have shared with you.

每年開設5到6家新店已納入我們的模型假設，用以支持Restaurant Depot核心營收成長。除了開新店之外，我也想強調因我們結合而得以啟動的其他成長向量。這些構想所帶來的上行空間，並未納入我們先前與各位分享的增益數字之中。

The first example is cross-selling each other's expansive product assortments. Restaurant Depot has a compelling opening price point product line that has been developed across decades. There are many Sysco delivery customers that would like to buy these products, and they would like to have them delivered on their existing Sysco order.

第一個例子是交叉銷售彼此廣泛的產品組合。Restaurant Depot擁有具吸引力的入門價位產品線，且已歷經數十年打造。有許多Sysco配送客戶希望購買這些產品，並希望能隨其既有的Sysco訂單一併配送。

For instance, a customer could be buying premium protein and premium produce, but they are less particular on select frozen products. Offering these delivery customers a lower price tier of merchandise would equate to incremental cases on existing deliveries.

例如，某位客戶可能會購買高端蛋白與高端蔬果，但對某些冷凍品項則沒那麼講究。為這些配送客戶提供較低價位層級的商品，等同於在既有配送上增加額外箱數。

Those that know this industry well understand that the most profitable case is the incremental case added to an existing delivery. To avoid trade-down cannibalization, we can target customers with personalized offers and provide those offers to customers who are not buying from within a given product category.

熟悉本產業的人都明白，最有利潤的箱數，就是加在既有配送上的增量箱數。為避免向下替代造成的自我侵蝕（trade-down cannibalization），我們可以以個人化優惠鎖定客戶，並將優惠提供給在特定產品類別中尚未向我們採購的客戶。

Next up is an even bigger idea. Sysco's primary delivery customer receives approximately two deliveries per week. Running a restaurant is a dynamic business, and our customers often run out of products between their Sysco deliveries. Sysco today does not have a cost-effective solution to meet those spur-of-the-moment needs.

接下來是一個更大的構想。Sysco的主要配送客戶平均每週約收到兩次配送。餐廳經營是動態的生意，我們的客戶經常在兩次Sysco配送之間用完某些產品。目前Sysco尚未有具成本效益的解決方案來滿足這些臨時需求。

And as a result, our customers are forced to take action on their own and oftentimes are buying items across a wide array of retail options. By partnering with Restaurant Depot, Sysco's sales colleagues will be better able to solve the needed now customer scenario. Concepts like click-and-collect or same-day delivery from Restaurant Depot locations will be a tool in our sales teams arsenal to meet these customers' needs.

因此，我們的客戶被迫自行採取行動，且往往會在各式各樣的零售通路購買商品。透過與Restaurant Depot合作，Sysco的銷售同仁將能更有效解決「立即需要」的客戶情境。例如到店取貨（click-and-collect）或由Restaurant Depot門市提供當日配送等概念，將成為我們銷售團隊武器庫中的工具，以滿足客戶需求。

As we continue to open new stores, the Restaurant Depot store location will become an increasingly convenient asset to be leveraged. One more example is how Sysco can help Restaurant Depot customers. As small customers find success in their business, they oftentimes open a second or a third location. By partnering with Sysco, Restaurant Depot can provide these growing customers seamless engagement across the two purchasing channels, delivery from Sysco when they want it and cost savings at the store when they have time to shop for themselves.

隨著我們持續開設新店，Restaurant Depot的門市據點將成為愈來愈便利、可被運用的資產。再舉一個Sysco如何協助Restaurant Depot客戶的例子。當小型客戶在其業務上取得成功時，往往會開設第二或第三個據點。透過與Sysco合作，Restaurant Depot可讓這些成長中的客戶在兩種採購通路之間無縫互動：需要時由Sysco配送；有時間自行採買時，則在門市享有成本節省。

We will develop a loyalty program that rewards our customers, big and small, for the incremental purchases that they make across our multichannel format. Buy more, save more. It will be simple to understand and we will reward customers for purchasing growth regardless of channel. By combining Sysco and Restaurant Depot, our business will be able to provide the type of service a customer is looking for when they need it, at a price point they desire to pay.

我們將建立一個忠誠度計畫，獎勵大小客戶在我們多通路模式中所進行的增量採購。買越多，省越多。它將簡單易懂，我們也會不分通路地獎勵客戶的採購成長。透過結合Sysco與Restaurant Depot，我們的業務將能在客戶需要時，以他們期望支付的價格帶，提供客戶所尋求的服務類型。

Together, we will become a nationwide omnichannel food service provider that grows our business profitably. This transaction meaningfully expands our penetration of the local customer segment, the most profitable segment in Foodservice. Restaurant Depot's business is 100% local. The acquisition is expected to increase Sysco's local revenue by 1.5 times, increasing our enterprise margins.

我們將共同成為全國性的全通路餐飲服務供應商，以獲利方式成長我們的業務。此交易將顯著提升我們在本地客戶細分市場的滲透率，而該細分市場是餐飲服務中獲利能力最高的部分。Restaurant Depot 的業務 100% 來自本地。預期此收購將使 Sysco 的本地營收增加至 1.5 倍，並提升我們的企業利潤率。

Lastly, as I mentioned on the announcement call, cash-and-carry is a very resilient channel. During every economic downturn, cash-and-carry has taken share from the overall market. Why? Because restaurant operators seek to save money in those times, and Restaurant Depot is their 100% best way to save money while getting everything they need in a one-stop shopping environment.

最後，如我在公告電話會議中提到的，現金自提（cash-and-carry）是一個非常具韌性的通路。在每一次經濟衰退期間，現金自提都從整體市場中取得市占。為什麼？因為餐廳經營者在那段期間會尋求節省成本，而 Restaurant Depot 是他們在一站式採購環境中，以 100% 最佳方式省錢並取得所需一切的選擇。

Gaining access to cash-and-carry increases Sysco's profitability and resilience. Any transaction of this size does come with integration risks, risks that we will carefully manage through a talented Integration Management Office. Most importantly, Restaurant Depot will be run as a stand-alone segment within broader Sysco. It will continue to be run by Richard Kirschner, its longtime CEO, and Richard's existing and talented leadership team.

取得現金自提通路的接觸將提升 Sysco 的獲利能力與韌性。如此規模的交易確實伴隨整合風險，我們將透過一個具才幹的整合管理辦公室（Integration Management Office）謹慎管理這些風險。最重要的是，Restaurant Depot 將在更廣泛的 Sysco 架構下，以獨立事業部的方式營運。它將繼續由其長期執行長 Richard Kirschner 領導，並由 Richard 現有且優秀的領導團隊持續管理。

They will make all key decisions on how the cash-and-carry business will be run. There will be limited technology integration as Restaurant Depot was a retail storage business. There's no need for us to rip and replace key enterprise software that successfully runs Restaurant Depot today.

他們將就現金自提業務如何營運做出所有關鍵決策。由於 Restaurant Depot 原本是一家零售倉儲型業務，科技整合將相對有限。我們沒有必要去大幅汰換並更換（rip and replace）目前成功支撐 Restaurant Depot 營運的關鍵企業軟體。

From a culture perspective, our two companies are excited for how we can work together and engage on what I call pull, not push, growth opportunities. Sysco will help Restaurant Depot on topics where we can help, like opening new store locations, and Restaurant Depot will most certainly be able to help Sysco better serve that needed-now customer purchasing occasion.

從企業文化角度來看，我們兩家公司都對如何共同合作感到興奮，並在我所稱的「拉動（pull）」而非「推動（push）」的成長機會上互動。Sysco 將在我們能提供協助的議題上支持 Restaurant Depot，例如開設新的門市據點；而 Restaurant Depot 也必然能協助 Sysco 更好地服務那些「即時需要」的客戶採購情境。

As I said in my introduction, the new company will grow sales faster, be more profitable and will return more value to our shareholders than a standalone Sysco. As Brandon will explain in a few moments, the deal is immediately accretive and is in the top quartile of deals from a year one and year two earnings accretion perspective. In a moment, Brandon will explain our commitment to quickly reduce our debt level.

如我在開場時所說，新公司將以更快速度成長營收、更具獲利能力，並為股東帶來比單獨的 Sysco 更高的價值回饋。正如 Brandon 稍後將說明的，這筆交易將立即增厚（accretive）獲利，且從第一年與第二年的盈餘增厚角度來看，位居交易表現的前四分位。稍後 Brandon 也將說明我們快速降低負債水準的承諾。

In summary, this transaction is good for our shareholders in the short, medium and longer-term time horizons. Looking ahead, we understand that investors want to learn about Restaurant Depot, including how Restaurant Depot is performing. We expect the deal to close by approximately Q3 of fiscal 2027.

總結而言，這項交易在短期、中期與長期的時間跨度上，對股東都有利。展望未來，我們理解投資人希望進一步了解 Restaurant Depot，包括其營運表現。我們預期此交易將於 2027 會計年度第 3 季左右完成交割。

Between now and then, we will provide periodic updates on the performance of Restaurant Depot. To that end, we have been advised by Restaurant Depot that in their most recently completed calendar quarter, their volume growth was approximately 4% and their operating margins were in line with expectations.

在此之前，我們將定期提供 Restaurant Depot 營運表現的更新資訊。為此，Restaurant Depot 告知我們，在其最近一個已完成的曆季中，銷量成長約為 4%，營業利潤率符合預期。

In closing, I want to reiterate that we are encouraged by the strong results of our core business. Our leadership team is committed to delivering at least 2.5% local case growth in the fourth quarter and adjusted EPS results at the high end of our annual guidance range.

最後，我想再次強調，我們對核心業務的強勁成果感到鼓舞。我們的領導團隊承諾在第四季達成至少 2.5% 的本地箱數（case）成長，並使調整後 EPS 結果落在全年指引區間的高端。

We will continue to deliver strong results as we prepare to create a bold new chapter of growth with Restaurant Depot as a part of the broader Sysco family. With that, I'd now like to turn the call over to Brandon. Brandon, over to you.

在我們準備開啟一個大膽的新成長篇章、並讓 Restaurant Depot 成為更廣泛 Sysco 大家庭的一部分之際，我們將持續交出強勁成果。接下來，我想把電話會議交給 Brandon。Brandon，交給你。

Thank you, Kevin. I'm honored to be in this role and genuinely excited to get to work. Many of you know that I worked closely with Kevin and the IR team here for many years, and look forward to connecting with our analysts and shareholders going forward. Importantly, our priorities have not changed. We are focused on executing our strategy, maintaining the financial discipline that has defined Sysco for years and continuing to deliver value for our shareholders.

謝謝你，Kevin。我很榮幸擔任這個職務，也真心期待投入工作。許多人知道，我多年來與 Kevin 以及這裡的投資人關係（IR）團隊密切合作，未來也期待與我們的分析師與股東保持聯繫。重要的是，我們的優先事項沒有改變。我們專注於執行策略、維持多年來定義 Sysco 的財務紀律，並持續為股東創造價值。

I'm proud of the operational momentum in our USFS segment where I was most recently CFO. I understand the importance of strong, consistent delivery of financial results, and going forward, I'm excited to add value to Sysco through the lead finance role. We have substantially improved our local case performance over the past year and know how important this KPI is to our shareholders.

我為我們在 USFS 事業部的營運動能感到自豪，我最近的職務正是該事業部的財務長（CFO）。我理解穩健且一致地交付財務成果的重要性，展望未來，我也很期待在財務主管角色上為 Sysco 增加價值。過去一年我們大幅改善本地箱數表現，也知道這項 KPI 對股東有多重要。

We plan to maintain the positive momentum in our underlying business at Sysco. In addition, we expect to successfully execute the Restaurant Depot transaction, maintain a laser-like focus on cash optimization ahead of the anticipated closing date, and then rapidly and deliberately delever our balance sheet by at least one turn over the first two years post acquisition, as seen on slide 19.

我們計畫維持 Sysco 基礎業務的正向動能。此外，我們預期將成功執行 Restaurant Depot 交易，在預計交割日前保持對現金最佳化的高度聚焦，並在收購後前兩年內迅速且有計畫地將資產負債表去槓桿至少一個倍數（one turn），如第 19 頁投影片所示。

As part of our acquisition debt structure, we have built in $3 billion of term loans and $1 billion of upcoming debt maturities to ensure ample prepayable debt that will facilitate this deleveraging. This is our commitment, and we are confident in our ability to achieve it.

作為我們收購的債務結構之一部分，我們納入了 30 億美元的定期貸款（term loans）以及 10 億美元即將到期的債務，以確保有充足可提前償還的債務，從而促進去槓桿。這是我們的承諾，我們也對達成此目標的能力充滿信心。

With that, let me turn to the quarter. Our Q3 results included sales growth of 4.7%, an accelerated rate of volume improvement, continued margin management and adjusted EPS that was in line with previously communicated expectations of $0.94. Importantly, our largest and most profitable USFS segment delivered a step-up in top line growth and, as previously communicated, grew adjusted operating income by 5.1%.

接下來，讓我談談本季表現。我們第 3 季的結果包括：銷售成長 4.7%、銷量改善速度加快、持續的利潤率管理，以及調整後 EPS 符合先前溝通的 0.94 美元預期。重要的是，我們最大且最具獲利能力的 USFS 事業部實現營收成長加速，並如先前所溝通，調整後營業利益成長 5.1%。

Additionally, free cash flow grew 19% year-to-date. We expect strong year-over-year growth for the full year, positioning us well in our cash optimization efforts. As Kevin highlighted, we're experiencing the benefits from structural improvements, especially as retention and productivity of our sales force continues to improve.

此外，年初至今自由現金流成長 19%。我們預期全年將有強勁的年增成長，使我們在現金最佳化工作上具備良好條件。如 Kevin 所強調，我們正享受到結構性改善帶來的效益，特別是隨著我們銷售團隊的留任率與生產力持續提升。

With one quarter left to go, we plan to finish strong, and we remain confident in delivering our FY26 guidance. Q3 benefited from continued tailwinds from our strategic sourcing initiatives, contributing to 6.5% gross profit growth and 31 basis points of gross margin expansion year-over-year. This performance also reflects favorable mix benefits, with stronger volume from local customers and sequentially improved mix from Sysco Brand penetration rates.

在僅剩一季的情況下，我們計畫強勢收官，並仍有信心達成 FY26 指引。第 3 季受惠於我們策略性採購計畫帶來的持續順風，推動毛利成長 6.5%，毛利率年增擴張 31 個基點。此表現亦反映有利的組合效益：本地客戶帶來更強的銷量，以及 Sysco 自有品牌滲透率提升所帶來的組合按季改善。

Specific to local volumes, our stabilized sales colleague retention and incremental productivity improvements helped drive sequential volume growth across local and national customers. Importantly, our supply chain continued to deliver productivity improvements and performed at an exceptional level, anchored by improved fill rates and order accuracy and improved safety performance.

就本地銷量而言，我們已趨於穩定的銷售同仁留任，以及額外的生產力改善，協助推動本地與全國客戶的銷量按季成長。重要的是，我們的供應鏈持續交付生產力改善，並在改善的補貨率（fill rates）與訂單準確度，以及更佳的安全表現支撐下，展現卓越的營運水準。

Additionally, warehouse productivity across our supply chain is nearing 2019 levels, and we expect further positive momentum going forward. Turning to International. This segment remains a great example of the power of the Sysco playbook. The positive momentum over the past few years continued in Q3, with sales growth of 12.4%, including local case growth of 3.8%, gross profit growth of 14.6% and adjusted operating income growth of 12.5%. Our strategy is driving results with this quarter marking our tenth consecutive quarter of delivering double-digit improvements in adjusted operating income.

此外，我們供應鏈各倉庫的生產力已接近 2019 年水準，且我們預期未來將持續呈現正向動能。接著談國際業務。此事業部仍是 Sysco 作戰手冊（playbook）威力的絕佳例證。過去幾年的正向動能在第 3 季延續，銷售成長 12.4%，其中包括本地箱數成長 3.8%、毛利成長 14.6%，以及調整後營業利益成長 12.5%。我們的策略正在帶動成果，本季也標誌著我們連續第十季交出調整後營業利益的雙位數改善。

Now let's discuss our performance and the financial drivers for the quarter. Starting on slide 13, for the third quarter, our enterprise sales grew 4.7%, driven by growth across all segments. Total US Foodservice volumes increased 2.3%, while local volume increased 3.3% in the quarter. This marked our strongest rate of local case performance since Q1 of 2023. Additionally, SYGMA results this quarter were solid, reflecting 2.5% sales growth and 5.9% operating income growth, reflecting increased strength in our supply chain operations.

現在讓我們討論本季表現與財務驅動因素。從第 13 頁投影片開始，第 3 季我們的企業整體銷售成長 4.7%，成長動能來自所有事業部。美國餐飲服務（US Foodservice）總銷量成長 2.3%，而本地銷量在本季成長 3.3%。這是自 2023 年第 1 季以來，我們本地箱數表現最強勁的成長速度。此外，SYGMA 本季結果穩健，反映銷售成長 2.5% 與營業利益成長 5.9%，顯示我們供應鏈營運的實力提升。

Sysco produced $3.8 billion in gross profit, up 6.5%, gross margin expansion of 31 basis points to 18.6%, and improved gross profit per case performance. This notable margin expansion reflects the impact of our strategic sourcing efforts, sequential improvement in Sysco Brand, driven by customer mix, incremental progress in our value tier offerings and effective management of product cost inflation across our category baskets.

Sysco 產生 38 億美元的毛利，年增 6.5%，毛利率擴張 31 個基點至 18.6%，且每箱毛利表現改善。這項顯著的毛利率擴張反映了我們策略性採購努力的影響、在客戶組合帶動下 Sysco Brand 的連續改善、我們價值級距產品供給的逐步進展，以及在各品類組合中對產品成本通膨的有效管理。

During the quarter, inflation rates for the enterprise were approximately 2.8%, and in USPL were approximately 0.5%. These rates moderated slightly on a sequential basis, which we believe will help with product affordability across the industry.

本季期間，企業整體的通膨率約為 2.8%，而 USPL 約為 0.5%。這些比率相較前一季略為趨緩，我們認為這將有助於提升全產業的產品可負擔性。

Overall, adjusted operating expenses were $3 billion for the quarter or 14.8% of sales, a 51 basis points increase from the prior year, reflecting the lapping of $63 million in incentive compensation from the third quarter of the prior year and planned investments in sales headcount in higher growth areas of the business with fleet and building expansions.

整體而言，本季調整後營業費用為 30 億美元，約占銷售額的 14.8%，較去年增加 51 個基點，反映去年第三季 6,300 萬美元獎勵性薪酬的基期因素，以及在業務高成長領域對銷售人力的計畫性投資，並伴隨車隊與建物擴張。

This is an important point. The incentive compensation lap negatively impacted adjusted operating expense growth by approximately 240 basis points, and adjusted EPS growth by approximately 1,100 basis points on a year-over-year basis. Corporate adjusted expenses were up 31.1% from the prior year, primarily driven by the previously disclosed incentive compensation from last year. Overall, adjusted operating income was $768 million for the quarter. For the quarter, adjusted EBITDA of $970 million was up 0.1% versus the prior year.

這是一個重要重點。獎勵性薪酬的基期因素使調整後營業費用成長年對年約負面影響 240 個基點，並使調整後 EPS 成長年對年約負面影響 1,100 個基點。公司層級調整後費用較去年增加 31.1%，主要由先前揭露的去年獎勵性薪酬所驅動。整體而言，本季調整後營業利益為 7.68 億美元。本季調整後 EBITDA 為 9.70 億美元，較去年增加 0.1%。

Let's now turn to our balance sheet and cash flow. Our investment-grade balance sheet remains robust and reflects a healthy financial profile. We ended the quarter at 2.80 times net debt leverage ratio. Turning to our cash flow year-to-date, our free cash flow was $1.1 billion, up 19%, highlighting strong quality of earnings and reflecting both typical seasonality and timing of CapEx. Before we turn to guidance, I would like to briefly recap the financial details of the planned Restaurant Depot acquisition.

接下來談談資產負債表與現金流。我們的投資級資產負債表仍然穩健，反映健康的財務體質。本季末我們的淨負債槓桿比為 2.80 倍。就年初至今的現金流而言，我們的自由現金流為 11 億美元，年增 19%，凸顯獲利品質強勁，並反映典型季節性與資本支出時點。在我們轉向財測之前，我想先簡要回顧規劃中的 Restaurant Depot 收購案之財務細節。

As Kevin highlighted, we recognize Restaurant Depot as a best-in-class financial asset and are very excited about the transaction. In calendar year 2025, the business generated approximately $16 billion in revenue and $2 billion in EBITDA at a 13% margin, significantly above foodservice industry averages. This strong margin profile reflects the compelling concentration around Restaurant Depot's local customers, which show very little overlap with existing Sysco customers.

如 Kevin 所強調，我們認為 Restaurant Depot 是同級最佳的財務資產，並對此交易感到非常振奮。在 2025 曆年，該業務創造約 160 億美元營收與 20 億美元 EBITDA，EBITDA 利潤率為 13%，顯著高於餐飲服務產業平均。這樣強勁的利潤率結構反映 Restaurant Depot 對其在地客戶的高度集中，而這些客戶與 Sysco 既有客戶的重疊度非常低。

The company's CapEx is less than 1% of sales. which includes both maintenance and growth CapEx. As seen on slide 10, unlevered free cash flow is approximately $1.9 billion, with high conversion due to its profile of having negative net working capital and limited CapEx. To put that in perspective, this is a business that generates substantial cash with very little reinvestment required to sustain it. That profile is rare, and it is exactly the kind of asset that strengthens the balance sheet over time.

該公司的資本支出低於銷售額的 1%，包含維護性與成長性資本支出。如投影片 10 所示，未槓桿自由現金流約為 19 億美元，因其淨營運資金為負且資本支出有限，故轉換率很高。換言之，這是一項在維持營運所需再投資極少的情況下，仍能產生大量現金的業務。這樣的特性相當罕見，也正是能隨時間強化資產負債表的資產類型。

On a pro forma basis, the combination increases Sysco's revenue by approximately 20%, adjusted EBITDA by approximately 45% and free cash flow by approximately 55%. The EBITDA margin of the combined company would expand by approximately 150 basis points, to 6.7%, inclusive of annualized net cost synergies, and meaningfully widen our gap versus our peers. From an accretion standpoint, we expect mid to high single-digit EPS accretion in year one and low to mid-teens in year two.

以備考（pro forma）基礎計算，合併後將使 Sysco 的營收增加約 20%、調整後 EBITDA 增加約 45%，自由現金流增加約 55%。合併公司 EBITDA 利潤率將擴張約 150 個基點至 6.7%，其中包含年化淨成本綜效，並將顯著拉大我們相較同業的差距。就增益（accretion）而言，我們預期第一年 EPS 將有中至高個位數增益，第二年則為低至中十位數增益。

We have confidence in line of sight into the $250 million in annualized net cost synergies, which achieved full ramp by year three. Additionally, the only revenue synergies modeled are from the expected annual store opening plan of five to six net new stores per year, which is in line with the company's historical growth.

我們對年化 2.5 億美元淨成本綜效具備清晰可見度，並將於第三年全面到位。此外，模型中納入的營收綜效僅來自預期每年新開 5 至 6 家淨新增門市的計畫，與公司歷史成長一致。

By year four, the combined business is expected to generate more than $2 billion in incremental annual free cash flow. This level of cash generation would fundamentally expand our future capital allocation flexibility, accelerate our balance sheet deleveraging, support dividend growth, enable share repurchases and create capacity for future M&A without requiring new debt.

到第四年，合併後業務預期每年可額外產生超過 20 億美元的自由現金流。此等現金創造能力將從根本上提升我們未來資本配置的彈性，加速資產負債表去槓桿，支持股利成長，推動庫藏股回購，並在不需要新增負債的情況下，創造未來併購的能力。

The transaction is valued at $29.1 billion and will be funded through a combination of cash and approximately 91.5 million shares of Sysco stock. In preparation for this transaction, we are preserving cash levels by suspending share repurchase and remaining disciplined with capital expenditures.

本交易估值為 291 億美元，將以現金與約 9,150 萬股 Sysco 股票的組合方式籌資。為準備此交易，我們將透過暫停股票回購並在資本支出上維持紀律，以保留現金水位。

We will be prepared for the post-close period where we expect net leverage to be approximately 4.5 turns. We're committed to rapid deleveraging, reducing net leverage to approximately 3.5 turns within the first 24 months. After that, we see a glide path over time to return to 2.75 turns net leverage.

我們將為交割後期間做好準備，屆時我們預期淨槓桿約為 4.5 倍。我們承諾快速去槓桿，在前 24 個月內將淨槓桿降至約 3.5 倍。其後，我們預期將隨時間逐步回到 2.75 倍淨槓桿。

Now let's turn back to expectations for the remainder of the year. We are pleased to reiterate our expectations for FY26 adjusted EPS guidance. We continue to expect full year 2026 EPS to be at the high end of our prior range of $4.50 to $4.60.

現在讓我們回到對今年剩餘期間的展望。我們很高興重申 FY26 調整後 EPS 財測。我們仍預期 2026 全年 EPS 將落在先前區間 4.50 至 4.60 美元的高端。

Keep in mind that this continues to include an approximate $100 million headwind from lapping lower incentive compensation in fiscal 2025, an impact of roughly $0.16 per share. Excluding the negative impact of the incentive compensation on 2026, our outlook for adjusted EPS growth in FY26 will deliver at the high end of approximately 5% to 7%, which is in line with our long-term growth algorithm.

請記住，這仍包含因 2025 會計年度較低獎勵性薪酬的基期因素所帶來約 1 億美元的不利影響，約合每股 0.16 美元。若排除獎勵性薪酬對 2026 年的負面影響，我們對 FY26 調整後 EPS 成長的展望將落在約 5% 至 7% 的高端，與我們長期成長演算法一致。

Notably, we are reiterating our guidance for adjusted EPS even after suspending our anticipated share repurchase plans of approximately $800 million for the remainder of the year. For added context, our approximate $800 million of share repurchase would be worth approximately $0.10 to adjusted EPS on an annualized basis.

值得注意的是，即使我們已暫停原先預期在今年剩餘期間約 8 億美元的股票回購計畫，我們仍重申調整後 EPS 財測。補充說明，我們約 8 億美元的股票回購，按年化計算約可為調整後 EPS 貢獻 0.10 美元。

Our guidance also includes continued expectations for net sales growth of approximately 3% to 5%, to approximately $84 billion to $85 billion, driven by inflation of approximately 2%, volume growth and contributions from M&A from earlier in the year.

我們的財測亦包含淨銷售額持續成長約 3% 至 5% 的預期，達約 840 億至 850 億美元，主要由約 2% 的通膨、銷量成長，以及年初併購帶來的貢獻所驅動。

Specific to volumes, we expect to deliver year-over-year local case growth of at least 2.5% in Q4. We have visibility to the financial contribution from Sysco-specific initiatives, and this positive momentum in local represents a step-up on a two-year stacked basis compared to Q3 of approximately 120 basis points.

就銷量而言，我們預期在第四季實現至少 2.5% 的在地箱數年對年成長。我們對 Sysco 特定計畫帶來的財務貢獻具備可見度，而在地業務的這股正向動能，與第三季相比在兩年疊加基礎上約提升 120 個基點。

As it relates to corporate expenses, we've identified an action against $60 million of run rate cost savings through organization-wide spending optimization and efficiency activities. This is an incremental update. The savings will begin in Q4, with carryover benefits across three quarters of FY27. This benefit to Q4 is already included in our guidance range and helps offset the impact of our previously disclosed lower share repurchase plans for the year.

就公司費用而言，我們已透過全組織的支出最佳化與效率提升活動，鎖定可對應 6,000 萬美元年化（run rate）成本節省的行動方案。這是一項新增更新。節省將自第四季開始，並在 FY27 的三個季度持續帶來遞延效益。第四季的此項效益已納入我們的財測區間，並有助於抵銷我們先前揭露今年較低股票回購計畫的影響。

We remain comfortable delivering adjusted EPS at the high end of our range. For Q4, our current view is for adjusted EPS to be approximately $1.51. This includes the carryover impact from the incentive compensation specific to Q4 of $11 million, as outlined on slide 20.

我們仍有信心將調整後 EPS 交付在區間高端。就第四季而言，我們目前的看法是調整後 EPS 約為 1.51 美元。其中包含第四季特定的獎勵性薪酬遞延影響 1,100 萬美元，如投影片 20 所示。

We are proud of our strong track record of dividend growth and value our dividend aristocrat status. For FY26, we remain on target for shareholder returns of approximately $1 billion in dividends planned for the year. On a per share basis, our payout in FY26 equate to an approximate 6% increase year-over-year.

我們為股利成長的強勁歷史紀錄感到自豪，並珍視我們「股利貴族」的地位。針對FY26，我們仍按計畫達成股東回饋目標，預計全年股利發放約10億美元。以每股計算，我們在FY26的配息相當於年增約6%。

Looking ahead to FY27, our Board of Directors recently approved a $0.01 increase to our dividend, bringing our quarterly dividend on a go-forward basis to $0.55 per share. Now turning to a few other modeling items.

展望FY27，我們董事會近期核准將股利提高0.01美元，使我們未來每季股利提高至每股0.55美元。接下來談幾個其他的模型假設項目。

For Q4, we expect adjusted interest expense of approximately $175 million to $180 million, which ties to $690 million for the year, adjusted other expense of approximately $10 million, which ties to $55 million for the year; a tax rate of approximately 24%, which ties to 23% to 23.5% for the year, and adjusted depreciation and amortization of approximately $210 million, which ties to approximately $820 million for the year.

就Q4而言，我們預期調整後利息費用約為1.75億至1.80億美元，對應全年6.90億美元；調整後其他費用約1,000萬美元，對應全年5,500萬美元；稅率約24%，對應全年23%至23.5%；以及調整後折舊與攤銷約2.10億美元，對應全年約8.20億美元。

Looking ahead, we are confident in our position and remain focused on leveraging our strength as the industry leader to drive customer growth while continuing to create value for our shareholders. With that, I will turn the call back to Kevin for closing remarks.

展望未來，我們對自身的定位充滿信心，並將持續聚焦運用我們作為產業領導者的優勢來推動客戶成長，同時持續為股東創造價值。接下來我把電話交回Kevin做結語。

Thank you, Brandon. Q3 was a quarter displaying momentum and progress at Sysco. We are confident that our progress will continue, and we plan to deliver local case growth of at least 2.5% in Q4, which reflects continued sequential momentum on a two-year stack basis relative to Q3. We are excited for the progress that we are making and we are committed to strong execution in Q4 as we deliver on our outlook.

謝謝你，Brandon。Q3是Sysco展現動能與進展的一季。我們有信心這些進展將持續，並計畫在Q4達成至少2.5%的本地箱量（local case）成長；相較Q3，在兩年疊加（two-year stack）基礎上反映出持續的逐季動能。我們對目前取得的進展感到振奮，並承諾在Q4強力執行，以落實我們的展望。

We're incredibly excited about the planned addition of Restaurant Depot to the Sysco family and look forward to sharing additional information over the course of the year. I would like to thank all Sysco colleagues for their dedication to our customers and for the strong progress that we are making as a team. I appreciate you all very much. With that, operator, we're now ready for questions.

我們對於計畫將Restaurant Depot納入Sysco大家庭感到非常興奮，並期待在今年內陸續分享更多資訊。我要感謝所有Sysco同仁對客戶的投入，以及我們作為團隊所取得的強勁進展。我非常感謝各位。那麼，接線員，我們現在準備開始問答。

(Operator Instructions)

（接線員指示）

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Great. Kevin, the first question is just on the Restaurant Depot acquisition. It seems like investors appear cautious, contrary to your enthusiasm. It looks like maybe it's creating a near-term stock price overhang. So I'm wondering if you can just share what investor feedback you've gotten in terms of the primary drivers of that concern. I think you noted integration risk, but just wondering what else you've heard and whether you believe any of such is justified.

很好。Kevin，第一個問題是關於收購Restaurant Depot。看起來投資人似乎相對保守，與你們的熱情相反。看起來可能對短期股價造成壓力（overhang）。因此我想請你分享一下，你們從投資人那邊收到的回饋：他們主要擔憂的驅動因素是什麼？我想你提到整合風險，但也想了解你們還聽到哪些其他疑慮，以及你是否認為其中任何一項是合理的。

I'd hate for a deal that doesn't close for 12 months to remain an overhang when it does seem like the underlying fundamentals appear to have actually reached a positive inflection. So any color you could share on that would be great, and then I had one follow-up.

我不希望一筆要12個月後才會完成的交易，在基本面似乎已經出現正向拐點之際，仍然成為股價的壓力來源。所以如果你能就此提供一些補充說明會很有幫助，然後我還有一個追問。

Okay. Jeff, first, let me just say, congratulations to you on your retirement, 25 years of coverage in restaurant distribution is a long time, and we appreciate your diligence and your good questions. Let me start with your first question and then we'll come back to you for your follow-up. What we've heard from investors are two things.

好的。Jeff，首先，恭喜你即將退休；你在餐飲配送領域追蹤25年是很長的一段時間，我們感謝你的勤勉以及你提出的好問題。我先回答你的第一個問題，然後再回到你的追問。我們從投資人那裡聽到兩點。

Thing one, Restaurant Depot was an unknown entity being the fact that it was a privately held company. Its size, its profitability, its makeup, its durability of success is not something that investors have had visibility to. And then thing two, purchase price of $29.1 billion tied to an unknown entity surprised some folks.

第一點，Restaurant Depot因為是私人持有公司，對外界而言是未知的實體。其規模、獲利能力、組成結構、成功的持久性，都是投資人過去缺乏能見度的部分。第二點，與未知實體相連結的291億美元收購價格，讓一些人感到意外。

What we've heard from investors over the past three weeks, as Brandon and I, and Kevin Kim, have done a roadshow, is the more they get to know the asset of Restaurant Depot, the more excited they are about the acquisition. In fact, our plan in the month of May, Kevin Kim will provide color and feedback to investors about this, is to invite investors to tour with us, including a management presentation, introducing some of the key leaders from Restaurant Depot.

過去三週我們從投資人那裡聽到的是：隨著Brandon、我以及Kevin Kim進行路演，他們越了解Restaurant Depot這項資產，就越對這筆收購感到興奮。事實上，我們在5月的計畫是邀請投資人與我們一同參訪；Kevin Kim也會就此向投資人提供更多說明與回饋，包括管理層簡報，並介紹Restaurant Depot的一些關鍵領導團隊成員。

What we are confident is that more investors learn about Restaurant Depot, the more they're going to like it. As I mentioned on our call, it is a very large total addressable market, cash-and-carry, a profitable market, one that is resilient during all economic conditions.

我們有信心，投資人越了解Restaurant Depot，就會越喜歡它。如我在電話會議中提到的，這是一個非常大的整體可服務市場（TAM）；現金自提（cash-and-carry）是一個具獲利性的市場，且在各種經濟環境下都具韌性。

And it gains Sysco access to that channel through the industry leader in that space. They've grown their profits, Restaurant Depot, with 30 consecutive years. They've grown their revenue in 28 out of 30 years, and their business is 100% local. Increases Sysco's profit. It increases our rate of growth. It will increase our overall profitability.

而且透過該領域的產業領導者，這筆交易讓Sysco得以進入該通路。Restaurant Depot已連續30年提升其獲利。在30年中有28年營收成長，而且其業務100%為本地（local）。這將提升Sysco的獲利。也會提高我們的成長率。並將提升我們整體的獲利能力。

And the deal's day one accretive, year one accretive, year two accretive, and we believe strongly that it will increase our total shareholder return. Today on the call, I provided some incremental color, and that is Restaurant Depot is off to a good start. And they're on a calendar year basis, so their Q1 calendar was a good quarter, 4% volume growth with profit in line with expectations.

此外，這筆交易在第一天即具增益（accretive），第一年具增益，第二年也具增益；我們堅信它將提升我們的股東總報酬。我今天在電話會議上補充了一些資訊，也就是Restaurant Depot開局良好。他們以曆年為基礎，因此其曆年第一季表現不錯，量（volume）成長4%，獲利符合預期。

So we understand the concerns that have been raised relative to the debt. Brandon, maybe I'll toss to you to talk about our confidence in our ability to delever quickly.

因此，我們理解外界對負債所提出的疑慮。Brandon，也許我把問題交給你，談談我們對快速去槓桿能力的信心。

Yes, absolutely. Thanks for the question, Jeff. So we have suspended our share repurchases in preparation for the acquisition. On day one of NewCo, we'll be at about 4.5 turns debt to EBITDA. And we have detailed plans to reduce that down to 3.5 turns in 24 months.

好的，當然。謝謝你的問題，Jeff。因此，我們已為了這項收購而暫停庫藏股回購。在NewCo成立的第一天，我們的負債對EBITDA約為4.5倍。我們有明確計畫在24個月內將其降至3.5倍。

I will add too that we have cushion built in for a rainy day. That also means that when we execute our plan and don't need that cushion, there is opportunity to accelerate. We're fully confident, we have the commitment from the Board and the entire leadership team, to do so.

我也要補充，我們已預留因應不利情境的緩衝空間。這也意味著，當我們執行計畫且不需要那個緩衝時，就有機會加速去槓桿。我們完全有信心，且已獲得董事會與整個領導團隊的承諾來達成。

Jeff, back to you for your follow-up.

Jeff，回到你這邊做追問。

Great. The follow-up is just on the restaurant trends. The US local garnering all the attention, 3.3%, a very nice acceleration on a one-year basis. It seems like that's continuing the trend in recent quarters.

很好。追問是關於餐飲趨勢。美國本地業務受到所有關注，成長3.3%，以一年基礎來看是非常不錯的加速。看起來這也延續了近幾季的趨勢。

On a two-year basis, it was a modest deceleration. Wondering how you think about the underlying fundamental momentum, whether you place greater credibility on the one or two-year? I know you mentioned the two-year acceleration for the upcoming fiscal fourth quarter.

但以兩年基礎來看，則是小幅放緩。想請教你如何看待基本面動能：你會更重視一年還是兩年的指標？我知道你提到即將到來的財政第四季在兩年基礎上會加速。

I only ask that because it does seem like, most recently, we've had some more cautious commentary from restaurants, the largest pizza player yesterday talked about consumer confidence at lows and inflation pressure in consumer spending and competition on the rise. It seems like more headwinds for the industry.

我之所以這樣問，是因為最近餐廳端有一些較為保守的評論；例如昨天最大的披薩業者談到消費者信心處於低點、通膨對消費支出造成壓力，以及競爭加劇。看起來對產業而言是更多逆風。

So I'm wondering kind of your assessment of how you assess your underlying two-year or one-year trend, and whether you feel good about the outlook considering the more cautious industry perspective? And by the way, thank you very much for your congratulatory comments. Very much appreciate it.

因此我想請教你對於如何評估兩年或一年趨勢的看法，以及在產業觀點較為保守的情況下，你是否仍對展望感到樂觀？另外，也非常感謝你剛才的祝賀。我非常感激。

Jeff, good questions. They both matter. One year, two year both matter. Let me just quickly reiterate some of the stats. From a traffic perspective, Q2 into Q3 improved by 90 basis points. Sysco's performance in that exact same quarter improved by 210 basis points. And those are both on a one-year basis quarter-over-quarter. So our rate of improvement relative to the overall market was 120 basis points better than the overall market, which is confidence and proof that the progress that we're making is from actions within our control.

Jeff，問得很好。兩者都重要。一年、兩年都重要。我先快速重申一些統計數據。從客流的角度來看，Q2 到 Q3 改善了 90 個基點。Sysco 在同一季度的表現改善了 210 個基點。而且這兩者都是以一年期、逐季（quarter-over-quarter）的基礎來衡量。因此，相較於整體市場，我們的改善幅度高出 120 個基點，這讓我們有信心，也證明我們正在取得的進展來自於我們可控範圍內的行動。

We are confident that we can deliver increased performance and improvement in Q4, which is why today we reiterated 2.5% volume growth for our Q4, which, as was called out, is an acceleration on a two-year stack basis of 120 basis points. We don't need the macro to improve for Sysco to be able to deliver that outcome. And the reason is becoming from our sales colleague retention improvement, sales colleague productivity improvements.

我們有信心在 Q4 交出更高的表現與改善，這也是為什麼我們今天重申 Q4 銷量成長 2.5%；如先前所指出，若以兩年堆疊（two-year stack）基礎來看，這相當於加速 120 個基點。Sysco 不需要總體環境改善，也能達成這個結果。原因在於我們的銷售同仁留任率提升、以及銷售同仁生產力提升。

We've launched new selling tools, which are increasing our colleagues selling effectiveness, AI360 as an example. And our customer-facing programs like Sysco Your Way and Perks are continuing to resonate with our customers and perform. The overall macro $4 gas, Jeff, where we're seeing that in our business the most is national chain restaurants.

我們已推出新的銷售工具，正在提升同仁的銷售效能，例如 AI360。而我們面向客戶的方案，如 Sysco Your Way 和 Perks，也持續獲得客戶共鳴並維持良好表現。至於整體宏觀面每加侖 4 美元的油價，Jeff，我們在業務中感受最明顯的是全國連鎖餐廳。

And as I said in my prepared remarks, we're seeing declines year-over-year in national chain restaurants. And those are some of the prints that you're hearing about in public quarterly earnings. We're pleased with the performance in the local sector, specifically those mom-and-pop restaurants. There are a large number of customers not served by Sysco.

正如我在事先準備的發言中所說，我們看到全國連鎖餐廳的表現年對年下滑。而這些也是你在公開的季度財報中聽到的一些數據表現。我們對本地市場的表現感到滿意，特別是那些夫妻店（mom-and-pop）餐廳。市場上仍有大量客戶尚未由 Sysco 服務。

And we can grow our business and grow our business profitably even in a macro that is choppy. My last comment is our non-commercial business, within our contract sales, continues to perform at a high level. The foodservice management, health care, travel and hospitality and education specifically.

即使在波動的宏觀環境下，我們仍能擴大業務規模，並且以獲利的方式成長。最後補充一點：在合約銷售（contract sales）中，我們的非商業（non-commercial）業務仍維持高水準表現。特別是餐飲管理（foodservice management）、醫療保健、旅遊與飯店，以及教育等領域。

We're seeing volume growth in those sectors and we expect for an increase in our national volumes in Q4, mostly driven from those sectors. We do not anticipate same-store sales improvement from our national chain restaurants, and we have some new customer wins are onboarding in Q4 that will provide a bit of a tailwind to our CMU or corporate contract volume. Brandon, is there anything you'd want to add?

我們在這些領域看到銷量成長，並預期 Q4 全國（national）銷量將增加，主要由這些領域帶動。我們不預期全國連鎖餐廳的同店銷售會改善；同時，我們在 Q4 也有一些新客戶得標正在導入，將為我們的 CMU 或企業合約（corporate contract）銷量帶來些許順風。Brandon，你有什麼想補充的嗎？

Yes. Just on a two-year stack from Q2 to Q3, Sysco would have improved by about 60 basis points. And then Q3 into Q4, as we called out in the prepared remarks, it's about 120 basis points. So we see sequential improvement both on a one-year and a two-year stack.

有。就兩年堆疊來看，從 Q2 到 Q3，Sysco 大約改善了 60 個基點。而從 Q3 到 Q4，如我們在事先準備的發言中所指出，大約是 120 個基點。因此，無論以一年期或兩年堆疊來看，我們都看到逐季的改善。

John Heinbockel, Guggenheim.

John Heinbockel，Guggenheim。

Kevin, two quick things. One, can you touch on the composition of net new account wins, right? Because that's probably growing a little faster -- local, growing a little faster than the 3.3%. And I'm curious, have the losses, the account losses, have they now completely normalized to where they were a couple of years ago?

Kevin，兩個簡短問題。第一，你能談談淨新增客戶得標（net new account wins）的組成嗎？因為那部分可能成長得比 3.3% 還快——本地（local）成長可能更快。我想了解的是，流失（account losses）現在是否已完全回到幾年前的正常水準？

Or is that still an opportunity? And then lastly, you touched on the new business in national. How aggressive are you attacking that given the strength now in local? And how choosy are you being when you think about the profitability of those accounts?

還是那仍是一個改善機會？最後，你提到全國（national）的新業務。在本地市場目前很強的情況下，你們對全國市場的攻勢有多積極？以及在考量這些客戶的獲利性時，你們會有多挑剔？

John, very good questions. As you know, we track new loss and penetration across all customer types. Those are the three metrics that matter. In the most recent quarter, we saw a continued acceleration in our new, that is multiples of multiples of consecutive quarters of acceleration of new.

John，問題很好。如你所知，我們會在所有客戶類型中追蹤新增（new）、流失（loss）與滲透率（penetration）。這三個指標最重要。在最近一季，我們看到新增持續加速——這是連續多季、而且是倍數再倍數的加速。

So we're continuing to see progress in new, mostly fueled and driven by increased sales consultant headcount or boots on the ground within sales. We are seeing improvement in loss, consistent, steady improvement in loss. There's still room for improvement there. We have an internal goal of of a loss target that we are marching towards with continued improvement.

因此，我們在新增方面持續看到進展，主要由銷售顧問人數增加、也就是銷售端「走到第一線」（boots on the ground）的擴編所帶動。我們也看到流失改善，且是持續、穩定的改善。那部分仍有進一步改善空間。我們內部有一個流失目標，正透過持續改善一步步朝該目標邁進。

We want to maintain our success in new and we want to continue to attack customer loss. And as our sales colleague retention improves, as our productivity of colleagues improves, as we're in front of our customers more frequently and more often in using tools like AI360 to sell better and serve better, we are confident that we can improve still the loss rate.

我們希望維持新增的成功，同時也要持續降低客戶流失。隨著銷售同仁留任率提升、同仁生產力提升、我們更頻繁地與客戶接觸，並運用像 AI360 這樣的工具來更好地銷售與服務，我們有信心能進一步改善流失率。

What we're really pleased about is penetration. We had our strongest penetration performance in Q3 in a long time, and that too is a direct factor of selling effectiveness. What AI360 does for our sales colleagues more than anything is the power of data and intelligence to know what we can be selling, what we should be selling and what should be on Sysco's truck.

我們真正感到滿意的是滲透率。我們在 Q3 的滲透率表現是很長一段時間以來最強的，而這同樣直接反映了銷售效能。AI360 對我們銷售同仁最大的幫助，是透過數據與洞察的力量，讓我們知道可以賣什麼、應該賣什麼，以及哪些商品應該出現在 Sysco 的配送車上。

And it preauthorizes deals for that sales colleague to be able to offer to that customer to get cases that should be on our truck, on our truck. And as you well know, that is the most profitable case, is that incremental truck case to an existing stop being made to a customer. So we're seeing really solid performance in pen, and obviously, it's the aggregate of new loss in pen that equals the 3.3% volume growth that we just delivered, and we're confident in our ability to continue to make progress as we head into 2027.

它也會預先授權（preauthorizes）交易，讓銷售同仁能向客戶提出方案，把原本就應該在我們車上的箱數（cases）真正放到我們的車上。而你也很清楚，最有利潤的箱數，就是在既有客戶、既有配送停靠點（existing stop）上增加的那一箱增量配送（incremental truck case）。因此，我們看到滲透率（pen）表現非常扎實；而且很明顯地，新增、流失與滲透率三者加總起來，就等於我們剛交出的 3.3% 銷量成長。我們也有信心在邁向 2027 年的過程中持續取得進展。

On the national side of the ledger, as you know, we're very disciplined in our pricing approach. We have a Pricing Council that Brandon I and our Head of National Sales, Greg Keller, lead together where we make very disciplined intentional choices.

在全國（national）業務這一端，如你所知，我們在定價策略上非常自律。我們有一個定價委員會（Pricing Council），由我、Brandon 以及我們的全國銷售主管 Greg Keller 共同領導，在其中做出非常自律且有意識的決策。

We do not relax our guardrails for profitability when we're targeting net new business. The wins that we are making are happening because of our nationwide scale, in many times, our international scale, our ability to help those concepts grow outside of the United States, and the technology that we have deployed to national customers to make it easier for them to do business. So the wins that we have posted are because of our capabilities, not because of lowering margin profile.

當我們鎖定淨新增業務時，我們不會放鬆獲利性的護欄（guardrails）。我們取得的得標，來自於我們的全國規模，很多時候也來自我們的國際規模；我們能協助這些餐飲概念走出美國、在海外成長；以及我們已部署給全國客戶的技術，讓他們更容易與我們做生意。因此，我們公布的得標是因為我們的能力，而不是因為降低毛利結構（margin profile）。

Alex Slagle, Jefferies.

Alex Slagle，Jefferies。

I just wanted to ask for a little more color on the local volumes. Any updates on the cadence. I know last year, there was a big acceleration in March and April, and sort of a lot of noise just with external dynamics. Just maybe if we could get a sense for the trend into fiscal 4Q that kind of leads to that 2.5% local case outlook and your confidence there?

我想再多問一些關於本地（local）銷量的細節。在節奏（cadence）方面有沒有更新？我知道去年 3 月和 4 月有一波明顯加速，而且外部動態帶來不少雜訊。如果可以的話，能否讓我們了解一下進入會計年度第 4 季（fiscal 4Q）的趨勢，這如何支撐你們對本地箱數（local case）2.5% 的展望以及你們的信心來源？

Okay. Alex, I'll start this question and then toss to Brandon for additional color that he would have. I think I've been pretty clear on Q3, so I don't think I'm going to belabor that point. Your incremental part of your question was on how's April and how are we starting out in Q4. So if I could, I'll address that.

好的。Alex，我先回答這個問題，然後再交給 Brandon 補充他能提供的更多細節。我認為我對 Q3 已經講得很清楚了，所以我不打算在那點上多做贅述。你問題中新增的部分是：4 月表現如何，以及我們在 Q4 的開局如何。所以如果可以的話，我來回應這一點。

April is an interesting month always because of the movement of Easter and it has an impact on the month on a week-over-week basis. With that said, April's performance was in line with our expectations. And therefore, we are on track to deliver against our at least 2.5% local volume growth in Q4, which as we've said a couple of times on this morning's call is an acceleration of 120 basis points on a two-year stack basis. Brandon, what else would you like to say about Q4?

4月一直是個很有意思的月份，因為復活節的移動會影響到該月份的表現，並在逐週比較的基礎上造成影響。話雖如此，4月的表現符合我們的預期。因此，我們正按計畫在第四季達成至少2.5%的本地銷量成長；正如我們今天早上的電話會議中已提到幾次，這在兩年疊加基礎上相當於加速120個基點。Brandon，關於第四季你還想補充什麼？

Yes. And the only thing I would say is, in Q3, two other things to call out is I always look at our geographies and we had consistent results across all of our geographies on AI360 as to what gives us confidence for that volume growth and the penetration to continue.

是的。我唯一想補充的是，在第三季，還有兩點值得指出：我總是會看我們各個地理區域的表現，而我們在AI360上於所有地理區域都呈現一致的結果，這也是讓我們對銷量成長以及滲透率能持續提升更有信心的原因。

I was on a recent ride-along with an SC and said, why do you use it? And he said, It saves me time, makes me more money and identify products my customers are looking for. We see the usage of AI360 increasing, both in amounts of times per day and number of SC. So the tool is working and it gives us confidence. And we saw that, to Kevin's point, in April.

我最近跟著一位SC一起外出拜訪，問他為什麼使用它？他說：它幫我省時間、讓我賺更多錢，並能辨識出我的客戶正在找的產品。我們看到AI360的使用量正在增加，不論是每天使用的次數，或是使用的SC人數。所以這個工具確實有效，也讓我們更有信心。而且如Kevin所說，我們在4月也看到了這一點。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

A question about Restaurant Depot and then a quick clarification on the mix shift from local and national. So you mentioned $250 million in net cost synergies. I just wanted to make sure I understand what that net means. Is the goal to reinvest some of the costs into lower prices for customers?

我有一個關於Restaurant Depot的問題，然後再快速釐清一下本地與全國客戶組合轉移的部分。你提到2.5億美元的淨成本協同效益。我只是想確認我理解「淨」的意思。目標是否是把部分成本再投資，用於為客戶提供更低的價格？

Presumably, maybe there's -- that's where some of the synergies come in on the revenue side. And then the $250 million is what you'll let flow through the bottom line? Or just trying to understand what sort of that net means and how it will be split between investors and customers.

我猜想，或許那也是部分協同效益在收入端的來源。然後這2.5億美元是你們會讓它流入最終損益（bottom line）的部分？我只是想了解這個「淨」到底代表什麼，以及它會如何在投資人與客戶之間分配。

Yes, I'll take this one, Sara. The $250 million net, but what we mean by net is we do have to invest in Restaurant Depot to make it a public company, things like SOX compliance, cybersecurity, et cetera. And that's really the net portion. The other component -- the other components of $250 million of cost synergies are really mostly merchandising synergies.

好的，Sara，這題我來回答。所謂2.5億美元「淨」，我們的意思是：我們確實需要投資Restaurant Depot，讓它成為一家上市公司，例如SOX合規、資安等。那部分就是「淨」的扣除項。至於2.5億美元成本協同效益的其他部分，主要是商品採購/商品化（merchandising）協同效益。

So it is taking the products that we buy today, comparing them across Restaurant Depot and across Sysco, and working with our suppliers to get increased merchandising benefits. So we've done that process through a clean room environment and a third party.

也就是把我們今天採購的產品，在Restaurant Depot與Sysco之間做比較，並與供應商合作，以取得更高的商品化效益。我們已透過「clean room」環境以及第三方完成了這個流程。

We're highly confident in the number. The -- if you look in the deal model, it only ramps up to a full $250 million in year three. So we're confident really on two fronts. One is the timing of it. We could execute it earlier in the process. And two, we have a significant cushion on the cost synergies. We significantly haircut it, and we're confident in that $250 million number.

我們對這個數字非常有信心。如果你看交易模型，2.5億美元要到第三年才會完全爬坡到位。所以我們的信心主要來自兩個面向。第一是時程。我們可能可以在整合過程中更早執行到位。第二是我們在成本協同效益上有相當大的緩衝。我們已大幅保守調整（haircut），但仍對2.5億美元這個數字有信心。

And just to hit the nail on the head, the $250 million is what would drop to the bottom line. To the point that Brandon just made, when we over deliver against that purchasing target, we have an opportunity to share in that benefit with customers. We will share in that benefit with the customers in a very responsible, prudent way.

而且直截了當地說，這2.5億美元就是會落到最終損益（bottom line）的部分。如Brandon剛才提到的，當我們在採購目標上超額達成時，我們也有機會把部分效益與客戶分享。我們會以非常負責、審慎的方式與客戶分享這些效益。

But the $250 million can be put into the models as it relates to improved profitability of the combined NewCo. And just how we bring value to customers is the following. We're going to open net new Restaurant Depot doors, I said net 125 new doors.

但就模型而言，2.5億美元可視為提升合併後NewCo獲利能力的因素。至於我們如何為客戶帶來價值，如下：我們將新增開設Restaurant Depot門市，我說的是淨新增125家門市。

As we do that as a combined entity, we're bringing the low-cost leader, the one-stop shop way in place that restaurants can save money to more communities. That will save tens of thousands of restaurants more money. The other way we're going to save customers' money is by bringing Restaurant Depot's industry-leading value tier assortment into the Sysco assortment on Sysco's delivery trucks, which can enable a customer to be able to buy those products on their existing Sysco delivery.

當我們以合併後的實體來做這件事時，我們會把低成本領導者、一次購足（one-stop shop）的模式帶到更多社區，讓餐廳能省更多錢。這將讓數以萬計的餐廳省下更多成本。另一個幫客戶省錢的方法，是把Restaurant Depot業界領先的價值級（value tier）品項組合導入Sysco的產品組合，並透過Sysco的配送卡車供應，讓客戶能用既有的Sysco配送就買到這些產品。

We've received a lot of questions about, well, isn't that cannibalization? I want to be really clear about this point. We have a very sophisticated personalization tool on our website and in AI360, and we will target those value tier products to those customers who are not buying that given category at all. So example, they're not buying frozen shrimp.

我們收到很多問題：這不就是自我侵蝕（cannibalization）嗎？我想把這點講得非常清楚。我們在網站以及AI360上有非常成熟的個人化工具，我們會把這些價值級產品鎖定投放給那些在該品類根本沒有購買的客戶。例如，他們沒有買冷凍蝦。

We know the reason why is because our price point is too high with our Sysco Classic product, as an example only. And Restaurant Depot has a really terrific opening price point in frozen shrimp that we can gain access to in a cost-effective way. So that would be incremental business. But the $250 million would drop to the bottom line. And Sara, you had a second question. So back to you for your follow-up.

我們知道原因是：以Sysco Classic產品為例（僅為舉例），我們的價格帶太高。而Restaurant Depot在冷凍蝦上有非常好的入門價位（opening price point），我們可以用具成本效益的方式取得。因此那會是增量業務。但這2.5億美元會落到最終損益（bottom line）。Sara，你還有第二個問題。所以把時間交還給你，請你追問。

Yes, and that's very helpful. I appreciate it. So to the extent there's upside to some of these savings, like you said, you could share them with customers, perhaps sharper on prices. And then the follow-up was just on the national restaurants. I just want to clarify, so you said funds were down. Is that sort of in line with the industry? Or was there any kind of market share or gain -- share loss or gain that was going on there?

是的，這非常有幫助。謝謝。所以如果這些節省有上行空間，如你所說，你們可以與客戶分享，可能在價格上更有競爭力。接著追問是關於全國連鎖餐廳（national restaurants）。我想釐清一下：你說funds下降。這是否與產業趨勢一致？還是那裡有任何市占變化——市占流失或市占提升？

I know you're looking to bring in new customers. But just trying to understand, as I think through improvement in local, to what extent has that been offset on perhaps -- on perhaps share loss in national?

我知道你們正尋求導入新客戶。但我想理解的是：當我思考本地業務改善時，在多大程度上被全國業務可能的——可能的市占流失所抵銷？

Yes. It's not from share loss in national. It's comp store sales to existing national customers, consistent with traffic declines that are being experienced in the industry. Our improvement in Q4 is the retention of the customers we currently have, plus we will have onboarding of net new wins that were signed -- these are contracts that were signed previously.

是的。這不是因為全國業務的市占流失。而是既有全國客戶的同店銷售（comp store sales）表現，與產業正在經歷的來客數下滑一致。我們第四季的改善來自於留住目前既有的客戶，另外也會有淨新增得標客戶的導入——這些是先前已簽署的合約。

National is a long lead sales cycle, these contracts take a long time to negotiate. So we know the start ship dates or ship dates happening in April and May and in June, and that is all obviously included in our forecast, included in our guidance for Q4.

全國業務的銷售週期很長，這些合約需要很長時間談判。因此我們知道4月、5月與6月的開始出貨日期或出貨日期，而這些當然都已納入我們的預測，也納入我們對第四季的展望指引（guidance）。

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行。

I wanted to just follow up on Restaurant Depot. Kevin, you talked about volumes up 4%. You get 1%, 1.5%, I guess, or so in new stores and some inflation. So I'm just curious, comps seem like they're probably up mid-3s. I want to confirm that. And then there's been a negative building narrative out there around underinvestment in the business, capital and labor and then around sustainability of margins.

我想再追問一下Restaurant Depot。Kevin，你提到銷量成長4%。其中有1%到1.5%（我猜大概是這個區間）來自新店，還有一些通膨因素。所以我很好奇，同店（comps）看起來可能是成長約3%中段。我想確認一下是否如此。另外，市場上有一個逐漸升溫的負面論述，認為該業務投資不足，包括資本與人力，以及對於毛利率可持續性的疑慮。

Can you just speak to these concerns and how you got comfort around the overall sustainability of the margin of this business?

你能否談談這些疑慮，以及你們如何對這項業務整體毛利率的可持續性取得信心？

Two great questions. Just as it relates to R&D in this period between sign and close, there's limited disclosure of reporting that were enabled at this time to be able to communicate. What we have is direct advisement from RD, and this is the color that I can share, is volume and overall profitability. So volume up 4% and profitability on track for the quarter.

兩個很好的問題。就簽約到交割之間這段期間的研發（R&D）而言，當時可用來對外溝通的披露與報告相當有限。我們掌握的是來自 RD 的直接建議；我能分享的重點在於銷量與整體獲利能力。因此，銷量成長 4%，而獲利能力也符合本季進度。

And those are two solid prints. 4% volume growth is a solid print, and it's coming with expected rates of profitability. So off to a good start in their Q1 and it's the type of color that we will provide throughout the rest of the year. And as the deal closes, obviously, we can get into much more metrics and in much more details on the composition of the P&L.

而這兩項數據都很扎實。4% 的銷量成長是很不錯的表現，且伴隨著符合預期的獲利率。因此他們第一季開局良好，這也是我們在今年其餘時間會持續提供的資訊類型。而在交易完成交割後，顯然我們就能提供更多指標，並更深入說明損益表（P&L）的構成。

To the second part of your question, Ed, as it relates to some of the statements that have made or comments that are made about RD, I'd like to give investors the confidence that we have on the sustainability of the profitability of RD.

至於你問題的第二部分，Ed，針對外界對 RD 的一些說法或評論，我想讓投資人對我們對 RD 獲利可持續性的信心更有把握。

Let's first start with CapEx. There's perhaps a perception that underinvestment has occurred. We have detailed studied that particular topic. And as Brandon has called out, we have capital that is deployed at Sysco that isn't necessary in the RD model. Trucks, trailers, one of our largest capital investments is in our fleet. Restaurant Depot does not have a fleet. So that type of investment that Sysco has is not relevant for them.

我們先從資本支出（CapEx）談起。外界可能有一種印象，認為他們存在投資不足。我們已就這個議題做了深入研究。正如 Brandon 提到的，Sysco 有一些資本投入在 RD 的模式中並不需要。例如卡車、拖車；我們最大的資本投資之一是在車隊上。Restaurant Depot 並沒有車隊。因此，Sysco 的那類投資對他們並不適用。

Specific to the stores themselves, we hired a third-party firm to do detailed assessments of literally every single location. Think about when you're selling your house and you get an inspection report. We have one of those reports for every single store. So we know exactly the conditions of the roofs, the parking lots. The most expensive part of the store is actually the chilling equipment for the freezers and the coolers.

就門店本身而言，我們聘請了第三方公司，對幾乎每一個據點進行了詳細評估。想像你在賣房子時會拿到一份驗屋報告。我們每一家店都有一份那樣的報告。因此我們非常清楚屋頂、停車場等各項狀況。門店中最昂貴的部分其實是冷凍庫與冷藏庫的制冷設備。

And the stores are in good shape. Restaurant Depot is a frugal, disciplined company who invests appropriately for what purpose of their store is. And I want to be clear, their stores are no-frills shopping environments. And this is on purpose. Think about like when you walk into a Home Depot and what that store looks like.

而這些門店狀況良好。Restaurant Depot 是一家節儉且自律的公司，會依其門店用途做出適當投資。我想說清楚，他們的門店是「不講究裝潢」的購物環境。而這是刻意為之。就像你走進 Home Depot 時看到的那種店面樣貌。

It's not a fancy store. It's a fit-for-purpose store. So they don't invest in cosmetic things. They invest in price, they invest in the customer to have value be the lead story. And there is sufficient capital in the business to support the going-forward concern of the stores, and there's sufficient capital in the business, Brandon, as you called out, to open the five to six stores per year.

那不是一家華麗的店。它是符合用途（fit-for-purpose）的店。因此他們不投資在外觀裝飾性的項目上。他們投資在價格上，投資在讓客戶感受到價值，並把「價值」作為核心訴求。而且業務中有足夠的資本來支持門店未來持續經營的需求；同時也有足夠的資本，如你所提到的 Brandon，每年開出五到六家新店。

There is more than ample capital being deployed. I've been asked a bunch of questions, well, would you do optimization? Could you do tests? Could you look at more investments in stores to see the return? Of course, we can do those things, and we will. But those would only be upside to the forecast.

目前投入的資本綽綽有餘。我被問過很多問題，例如：你們會不會做最佳化？會不會做測試？會不會考慮在門店投入更多資本以觀察回報？當然，我們可以做，而且也會做。但那些都只會是對預測的上行空間。

We would only invest if it had a strong return. And what we know for factual statements and representations, 30 years of profit growth, that Restaurant Depot is the tale of the tape. It's the proof that's in the pudding. And they've grown their revenue 28 out of 30 years. And their durability and consistency of their performance is significant and very impressive. So we are confident in the CapEx as a percent of sales being appropriate.

我們只會在回報很強的情況下才投資。而我們能基於事實陳述與既有揭露所確認的是：30 年的獲利成長，Restaurant Depot 的成績單就是最好的證明。這就是「成果最能說明一切」。他們在 30 年中有 28 年營收成長。其表現的耐久性與一致性非常顯著，也令人印象深刻。因此，我們有信心其資本支出占銷售額的比例是適當的。

The second question we've gotten a lot is the operating margins themselves, the 13%. I'll start and then, Brandon, I'm going to ask you to add your color on compare-and-contrast to our local business. It is durable. It has been produced and delivered year after year that 13% range.

我們收到的第二個常見問題是營業利益率本身，也就是 13%。我先說，接著 Brandon 我會請你補充，並與我們的本地業務做對照。這個水準是具韌性的。多年來年復一年都能交出約 13% 的區間。

And the why is the tremendous efficiency of their box. They're full truckload from suppliers straight to their store that is a warehouse. The product gets unloaded, put away in reserve rack, brought down to a customer pick location. And they have obviously colleagues at the register to help with checkout. The customer does the rest of the work.

原因在於他們「盒子」（門店/倉儲據點）的效率極高。他們從供應商以整車（full truckload）直接送到門店，而門店本身就是倉庫。商品卸貨後，先放到後備貨架，再補到客戶自取的揀貨位置。而他們當然也有同事在收銀台協助結帳。其餘的工作由客戶完成。

The restaurant or owner does the rest of the work. They're doing the pick to pack the ship, the delivery to the restaurant, the unload. And because they are able to take all of that cost out of their system, they're able to hit price points that are 15% to 20% cheaper than delivery and able to do so at that rate of profitability.

餐廳或店主完成其餘工作。他們自行揀貨、打包、運送到餐廳並卸貨。由於他們能把這些成本從自身系統中移除，因此能做到比配送模式便宜 15% 到 20% 的價格點，同時仍維持那樣的獲利率。

And they've been doing it consistently for years. They're very good at procurement. They have an excellent buying program led by a very tenured and experienced team that will be joining Sysco as part of our going-forward team. And we're confident in the ability to contain and sustain that profit rate. Brandon, what would you say about the 13%?

而且他們多年來一直穩定做到這一點。他們在採購方面非常強。他們有一套優秀的採購計畫，由一支資歷深、經驗豐富的團隊領導；該團隊將在未來加入 Sysco，成為我們團隊的一部分。我們對於維持並延續該獲利率的能力很有信心。Brandon，你怎麼看這個 13%？

Yes. These customers who are going to Restaurant Depot are value-seeking customers. There are no salespeople and there are no trucks, as Kevin called out. The other piece of this is, in the Sysco view, our EBITDA is in the mid-single-digit range, but that includes large, medium and small customers. So if you look at Restaurant Depot, it is all small customers.

是的。會去 Restaurant Depot 的客戶是追求價值的客戶。如 Kevin 所說，沒有業務人員，也沒有卡車。另外一點是，從 Sysco 的角度看，我們的 EBITDA 大約在中個位數區間，但那包含大型、中型與小型客戶。如果看 Restaurant Depot，那全部都是小型客戶。

And that small customer profile is in line with what we see within Sysco and our small customers. So it is in line with what our expectations would be. And we see that consistently as we look back to Kevin's earlier point in the Restaurant Depot profile.

而這種小型客戶的輪廓，與我們在 Sysco 內部所看到的小型客戶情況一致。因此，這與我們的預期相符。而且當我們回看 Restaurant Depot 的客戶輪廓時，也一貫地看到這一點，呼應 Kevin 先前的觀點。

So the third -- so we covered CapEx, we covered operating profit. The third, Ed, I think you may have mentioned, is staffing, labor and those orders, are they under-investing in the stores. We believe an appropriate level of payroll is being deployed in the stores.

第三點——我們談了資本支出（CapEx），也談了營業利益。第三個問題，Ed，我想你也提到過，是人員配置、勞動力以及相關作業：他們是否在門店投入不足？我們認為門店目前投入的薪資水準是適當的。

And that's also easily testable. If we just adding increased labor in select stores and there's an increase in the revenue flow-through, and that's a profitable investment, of course, those are the types of things that we would do. What we know is Richard and his team run a great business. They run a terrific P&L. And they're very disciplined operators and they've been doing it for decades.

而這也很容易驗證。如果我們在部分門店增加人力，並帶來營收的增量貢獻（flow-through），且這是一項有利可圖的投資，當然，這就是我們會做的事情。我們知道 Richard 和他的團隊經營得非常好。他們把損益表（P&L）管理得很出色。他們是非常自律的經營者，而且數十年來一直如此。

John Ivankoe, JPMorgan.

摩根大通（JPMorgan）的 John Ivankoe。

So the question is on declining private label sales as a percentage of broadline in US Foods year-over-year, if we can kind of isolate the cause of that. And I did want to kind of look at the bigger picture in terms of how you plan on looking at private label between Sysco, Restaurant Depot, Jetro, between the two of you, I count at least five different private label efforts or kind of brands -- web brands that kind of represent sub-brands, if you will, between the two.

我的問題是：US Foods 的自有品牌銷售占美國綜合配送（broadline）業務的比例年對年下降，能否幫我們釐清其原因。另外我也想從更宏觀的角度看，你們打算如何在 Sysco、Restaurant Depot、Jetro 之間看待自有品牌；在你們兩方之間，我至少數到五個不同的自有品牌計畫或品牌——也就是一些可視為子品牌的網路品牌（web brands），分布在兩邊。

So can we come to market maybe as Costco was done or a Walmart has done, some other types of food retailers and really kind of consolidate or professionalize or even be known for your sub-brands specifically and do a lot of cross-marketing between the Restaurant Depot and Sysco businesses?

那麼我們是否可以像 Costco 或 Walmart 那樣進入市場，或像其他類型的食品零售商一樣，真正去整合、專業化，甚至以你們的子品牌聞名，並在 Restaurant Depot 與 Sysco 業務之間做大量的交叉行銷？

John, these are good questions. I'll start with the first and acknowledge the point that Sysco Brand cases down year-over-year. We have begun to see progress with Sysco Brand. The decline in mix to last year did improve from Q2 into Q3. The progress was most strong in the smallest of customers, the one to two-door operators. And why I call that out is that's the customer type where our SC, sales consultant, has the most impact, that SC who's there every week talking about our product, talking about Sysco Brand.

John，這些問題問得很好。我先從第一個開始，並承認 Sysco Brand 的箱數（cases）年對年是下滑的。我們已經開始看到 Sysco Brand 的進展。相較去年，產品組合（mix）的下滑幅度從第二季到第三季有所改善。進展最明顯的是在最小型的客戶，也就是一到兩家店的經營者。我特別點出這一點，是因為這類客戶是我們的 SC（銷售顧問）影響力最大的客群；SC 每週都在那裡，談我們的產品、談 Sysco Brand。

During Q3 specifically, we launched Swap & Save a part of AI360. So now our SCs are equipped in the palm of their hand as they walk into that restaurant with suggestions to convert to Sysco Brand that do three things. it has to do three things for it to be prompted. It has to save big customer money. It has to help make the SCs more money.

在第三季，我們特別推出了 Swap & Save，作為 AI360 的一部分。因此，現在我們的 SC 走進那家餐廳時，手掌中的工具就能提供建議，協助轉換到 Sysco Brand；而要被系統提示，必須同時符合三件事。第一，必須為客戶省下可觀的費用。第二，必須幫助 SC 賺到更多錢。

And also, of course, it makes Sysco more money. It has to hit all three. And when it hits all three, our SCs are excited about it because they make more money and they know they're saving the customer money as well. So we just launched this capability. We call it Swap & Save. It is in our tool, AI360, that Brandon said, is getting increased usage and utilization week-over-week, month-over-month.

當然，同時也要讓 Sysco 賺到更多錢。必須三項都達成。當三項都達成時，我們的 SC 會很有動力，因為他們能賺更多，也知道同時在幫客戶省錢。所以我們剛推出這項能力。我們稱之為 Swap & Save。它在我們的工具 AI360 裡；正如 Brandon 所說，其使用率與使用程度正以週對週、月對月的速度提升。

And we're seeing it show up in progress improvement, and we expect in our Q4 to see an acceleration in our performance, especially in local with Sysco Brand. So more to come, John, on that progress. It's steady as she goes. And as you know because I've talked about in prior calls, we have work to do on our assortment within Sysco Brand to improve our opening price point tier, and that's something that we will accelerate with Restaurant Depot.

我們也看到它反映在進展改善上，並且預期在第四季會看到績效加速，特別是在本地（local）業務的 Sysco Brand 上。所以，John，關於這項進展後續還會有更多分享。目前就是穩紮穩打地往前走。而且你也知道，因為我在先前的電話會議中提過，我們在 Sysco Brand 的品項組合上還有工作要做，以改善入門價位帶（opening price point tier），而這件事我們會藉由 Restaurant Depot 來加速。

So which is a good segue to your question about brand rationalization and what the future looks like. I do want to be clear, we have 4 billion-dollar private label brands. So these are not small businesses. Actually, there's 5 billion-dollar-plus brands that we have within Sysco assortment. We have Sysco Reliance, which is our opening price point.

這也正好銜接到你關於品牌精簡（brand rationalization）以及未來樣貌的問題。我想先說清楚，我們有 4 個年銷售額達 10 億美元的自有品牌（private label brands）。所以這些不是小規模的業務。事實上，在 Sysco 的品項組合中，我們有 5 個年銷售額超過 10 億美元的品牌。我們有 Sysco Reliance，這是我們的入門價位帶。

We have Sysco Classic, which is the middle tier. And Sysco Premium, which is, as it sounds, the higher-tier product. So good, better, best. We have those three. We have Select Others for things like produce and protein, but we don't need to cover that at this point. Your main question is like the core workhorse of the business. We have those three brands.

我們有 Sysco Classic，屬於中階。以及 Sysco Premium，顧名思義，是更高階的產品。也就是好、更好、最好。我們有這三個。另外還有像 Select Others，用於蔬果與蛋白質等品類，但此刻不需要談到那部分。你的主要問題是關於業務的核心主力。我們就是有這三個品牌。

Restaurant Depot has their own private label program. We'll talk to our customers first, like what do they need, what are they seeking, the type of label. We're not going to be in any hurry to add the Sysco name inside the Restaurant Depot box. We don't want to convey any message in that regard, other than the store is about saving the customer money.

Restaurant Depot 也有他們自己的自有品牌計畫。我們會先和客戶溝通：他們需要什麼、在尋求什麼、想要什麼類型的標籤（label）。我們不會急著把 Sysco 的名字放進 Restaurant Depot 的箱子裡。我們不希望在這方面傳遞任何訊息；除了這家店的核心就是幫客戶省錢。

We will not be raising prices at Restaurant Depot's locations. I just want to be clear about that. But John, where we know we will have benefit is many of our same manufacturers are producing these products. And as Brandon talked about, he worked in this industry at a supplier, we can give that supplier a longer production run of the same product.

我們不會在 Restaurant Depot 的據點調漲價格。我想把這點說清楚。但是 John，我們確信能帶來效益的地方在於：我們許多相同的製造商都在生產這些產品。而如 Brandon 所說，他曾在供應商端做過這個產業，我們可以讓供應商針對同一產品進行更長的生產批次（production run）。

Even if the box switches out to a different label 70% through the run, that is an easy switch for that producer that manufacturer on our behalf to do because they don't have to clean the production line in between producing for A and B. So we'll let the customer give us feedback on the actual labels on the box. What we know is that our private label teams can work collaboratively, we can fill assortment gaps on the opening price point side, specifically at Sysco.

即使在生產批次進行到 70% 時把外箱換成不同的標籤，對那家生產者／製造商而言也是很容易的切換，因為他們不需要在為 A 與 B 生產之間清洗產線。因此，我們會讓客戶就箱子上的實際標籤提供回饋。我們知道的是，我們的自有品牌團隊可以協同合作，補足品項缺口，特別是在 Sysco 的入門價位帶這一端。

And there are some places in the Restaurant Depot store where they don't have private label at all today that we know Sysco can help them in that regard over time. Produce would be an example of that. So John, thank you for your question.

而在 Restaurant Depot 的門市裡，有些區域目前完全沒有自有品牌；我們知道隨著時間推進，Sysco 可以在這方面協助他們。蔬果就是一個例子。所以 John，謝謝你的提問。

That concludes our question-and-answer session. I will now turn the call back over to Kevin Kim, Vice President of Investor Relations, for closing remarks.

以上是我們的問答環節。接下來我將把電話交回給投資人關係副總裁 Kevin Kim，請他做結語。

Great. Thank you, everybody, for joining us today and your continued interest in Sysco. If you have any follow-up questions, please do not hesitate to reach out to the Investor Relations team here in Houston. Thank you very much. Bye.

好的。謝謝各位今天加入我們，也謝謝大家持續關注 Sysco。如果你有任何後續問題，請隨時與我們在休士頓的投資人關係團隊聯繫。非常感謝。再見。

This concludes today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝各位的參與，您可於任何時間斷線。