西斯柯 (SYY) 2026 Q4 法說會逐字稿

Welcome to Sysco's fourth quarter Fiscal Year 2026 conference call. We will begin today's presentation with opening remarks and introductions.

歡迎參加 Sysco 2026 會計年度第四季財報電話會議。我們將以開場致詞與介紹開始今天的簡報。

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

我想把電話交給投資人關係副總裁 Kevin Kim。請開始。

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

各位早安，歡迎參加 Sysco 2026 會計年度第四季財報電話會議。今天的電話會議由董事會主席兼執行長 Kevin Hourican，以及代理財務長 Brandon Sewell 與會。

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.

在開始之前，請注意，本簡報中所提及關於公司或管理層對未來之意圖、信念、預期或預測的陳述，均屬《私人證券訴訟改革法》所定義的前瞻性陳述，實際結果可能出現重大差異。

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. A copy of these materials can be found in the Investors section at sysco.com.

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 日止年度的 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。上述資料可於 sysco.com 的「投資人」專區取得。

Non-GAAP financial measures are included in our company's in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can also be found in the Investors section of our website. During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year. To ensure we have sufficient time to answer all questions, we'd like to ask each participant to limit their time today to one question. If you have a follow-up question, we ask that you re-enter the queue.

我們今天的評論與簡報投影片中包含非 GAAP 財務衡量指標。這些非 GAAP 指標與相對應 GAAP 指標之調節表載於簡報投影片末尾，亦可於本公司網站的「投資人」專區取得。除非另有說明，今天討論的所有結果皆與去年同期比較。為確保有足夠時間回答所有問題，我們請每位與會者今天將提問限制為一個問題。如有追問，請重新排入提問隊列。

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

現在，我想把電話交給 Kevin Hourican。

Good morning, everyone, and thank you for joining us today. I am pleased to report that Sysco delivered strong results in the fourth quarter of fiscal 2026, exceeding our expectations on the top and bottom line. Our results for the quarter beat our prior guidance for adjusted EPS and USFS volumes. The outperformance included healthy case volume growth from both local and national customers in our USFS segment and continued strong volume growth in our International segment.

各位早安，感謝今天加入我們。我很高興報告，Sysco 在 2026 會計年度第四季交出強勁成績，營收與獲利均超出我們的預期。本季表現超越我們先前對調整後 EPS 與 USFS 銷量（volumes）的指引。優於預期的表現包括：USFS 事業部來自在地與全國客戶的箱數（case）銷量皆有健康成長，以及國際事業部持續強勁的銷量成長。

Our strengthening top line trends, combined with solid supply chain productivity gains helped drive year-over-year profit growth across each of our four business segments. Additionally, as we mentioned last quarter, we have launched meaningful efficiency improvement efforts powered by AI technology modernization that helps enable solid growth across operating income, EPS and EBITDA.

我們持續改善的營收趨勢，加上穩健的供應鏈生產力提升，帶動四大業務部門皆實現年對年獲利成長。此外，如同我們在上季提到的，我們已啟動由 AI 技術現代化所驅動、具實質意義的效率改善計畫，進而支撐營業利益、EPS 與 EBITDA 的穩健成長。

We will speak more about these efficiency improvement efforts as we provide visibility today into our 2027 fiscal guidance. Most notable in our Q4 performance is that our business momentum accelerated on a two-year stack basis. And as a result, we are confident to guide fiscal 2027 to 9% to 11% adjusted EPS growth.

在今天提供 2027 會計年度指引能見度時，我們將進一步說明這些效率改善工作。第四季表現最值得注意的是，以兩年疊加（two-year stack）基礎衡量，我們的業務動能加速。因此，我們有信心給出 2027 會計年度調整後 EPS 成長 9% 至 11% 的指引。

Let's jump into our business results, starting on slide 4. From a top line perspective, Sysco delivered over $22 billion of total revenue, a growth rate of 4.7%. These revenue results reflect positive case growth across our local, national and international business units. From a bottom line perspective, we delivered adjusted earnings per share of $1.53, which was ahead of our previously communicated expectations. The quarter enabled Sysco to deliver $4.61 for the full year, above our full year guidance range.

讓我們從第 4 頁投影片開始，進入業務成果。就營收面而言，Sysco 總營收超過 220 億美元，成長率為 4.7%。這些營收結果反映我們在地、全國與國際業務單位的箱數皆呈正成長。就獲利面而言，我們的調整後每股盈餘為 1.53 美元，高於先前對外溝通的預期。本季表現使 Sysco 全年達到 4.61 美元，高於我們全年指引區間。

The beef performance for the year is a sign of the momentum in the business that we expect will carry into 2027.

本年度牛肉（beef）業務的表現，顯示出我們預期將延續至 2027 年的業務動能。

As seen on slides 7 and 8, we have clear positive momentum in our local business, where USFS local volumes for the quarter grew 2.6%, improving 130 basis points sequentially on a two-year stacked basis. Each month of the quarter was stronger than the prior with June being the strongest month of the period on a 1- and 2-year basis. In our USFS segment, we grew local cases 0.5% in the first half of the year and we grew local cases 2.9% in the second half of the year. The meaningful performance step-up was driven by improved colleague retention, improved colleague productivity and target growth initiatives. Sysco Your Way and Perks 2.0, for example, delivered solid revenue growth.

如第 7 與第 8 頁投影片所示，我們在在地業務展現明確的正向動能；本季 USFS 在地銷量成長 2.6%，以兩年疊加基礎計算，較前一季改善 130 個基點。本季每個月都比前一個月更強，其中 6 月在 1 年與 2 年基礎上皆為期間內最強月份。在 USFS 事業部，上半年在地箱數成長 0.5%，下半年在地箱數成長 2.9%。這項顯著的表現躍升，來自同仁留任改善、同仁生產力提升，以及目標式成長計畫。例如，Sysco Your Way 與 Perks 2.0 帶來穩健的營收成長。

Most notably, our AI360 selling tool increases sales colleague confidence, productivity and job satisfaction. The result is that we continue to post compelling new customer win rates, along with improved customer loss rates in the quarter while posting solid improvement in penetration with existing customers. In fact, our penetration performance in the quarter was stronger than the overall industry, proving that the AI selling tools are positively impacting glad productivity and selling effectiveness.

最值得一提的是，我們的 AI360 銷售工具提升了銷售同仁的信心、生產力與工作滿意度。其結果是，我們持續取得具吸引力的新客戶贏單率，同時在本季改善客戶流失率，並在既有客戶的滲透率方面取得穩健提升。事實上，本季我們的滲透率表現優於整體產業，證明 AI 銷售工具正面影響同仁生產力與銷售成效。

All told, Sysco grew our independent customer business faster than the overall industry as we exited the fiscal year. The sequential improvement we delivered in fiscal 2026 gives us strong confidence in our local business growth targets for fiscal 2027. Another proof point of our progress is evident in our Sysco brand performance. In Q4, we delivered positive Sysco brand mix in our local business with an increase of 30 basis points versus last year to 46.4%, driven by a focused plan of action. We are strengthening our Sysco Brand value tier assortment.

總體而言，在會計年度結束時，Sysco 的獨立客戶業務成長速度快於整體產業。我們在 2026 會計年度所展現的逐季改善，使我們對 2027 會計年度在地業務成長目標充滿信心。另一項進展佐證，體現在 Sysco 品牌的表現上。第四季，我們在在地業務的 Sysco 品牌組合占比（mix）呈正向提升，較去年增加 30 個基點至 46.4%，這是由聚焦的行動計畫所帶動。我們正在強化 Sysco 品牌的超值（value tier）品項組合。

During Q4, our value tier item sales growth was 4 times faster than our overall book of business, and this is not cannibalizing our existing business. These are net new cases being sold to existing Sysco customers. These customers were previously buying these value to our products from other competing distributors and not from Sysco. Getting those cases on to a Sysco truck increases our profitability. In addition to the assortment work, we are working to optimize Sysco Brand strategic pricing architecture, linking Sysco brand pricing strategies with the ebbs and flows of natural brand prices, similar to what you would experience at a retail store.

第四季期間，我們的超值層級品項銷售成長速度為整體業務組合的 4 倍，且並未侵蝕我們既有業務。這些是賣給既有 Sysco 客戶的淨新增箱數。這些客戶先前是向其他競爭型經銷商購買這些超值產品，而非向 Sysco 購買。將這些箱數裝上 Sysco 的配送車可提升我們的獲利能力。除品項組合工作外，我們也在優化 Sysco 品牌的策略性定價架構，將 Sysco 品牌定價策略與自然品牌價格的漲跌循環連結，類似您在零售商店會看到的情況。

While this was always our strategic intent, AI tools are helping us execute this strategy more consistently.

雖然這一直是我們的策略意圖，但 AI 工具正協助我們更一致地執行這項策略。

Lastly, AI360, as I mentioned earlier, is serving up Sysco brand conversion opportunities to our sales colleagues. Our system prompts our sales colleague to engage their customer if an opportunity exists to save a customer money through a brand conversion. Overall, we made significant progress in the Sysco Brand, and we expect mix penetration to be positive in fiscal 2027. Sysco brand will contribute positively to our overall profitability in 2027.

最後，如我先前提到的，AI360 正在向我們的銷售同仁提供 Sysco 品牌轉換機會。若存在透過品牌轉換為客戶省錢的機會，我們的系統會提示銷售同仁與客戶互動。整體而言，我們在 Sysco 品牌方面取得顯著進展，並預期 2027 會計年度的組合滲透率將為正成長。Sysco 品牌將在 2027 年對我們整體獲利能力做出正向貢獻。

Turning the page to our national contract business. During our fourth quarter, our national business delivered a step-up in performance and generated case volume growth of 2.6%. The positive result was driven by growth in our health care, travel and hospitality and food service management businesses, partially offset by industry-wide softness in national restaurants.

接著談我們的全國合約業務。在第四季，我們的全國業務表現躍升，箱數銷量成長 2.6%。這項正向結果由醫療保健、旅遊與飯店餐旅，以及餐飲服務管理業務的成長所帶動，但部分被全國連鎖餐廳在全產業範圍內的疲弱所抵銷。

For fiscal 2027, we expect to deliver positive case volume growth for national contract customers despite the macro foot traffic environment that remains challenged. Food traffic to restaurants remains down year-over-year and Sysco is growing our business, taking share and delivering profitable growth year-over-year.

針對2027會計年度，儘管宏觀層面的客流量環境仍具挑戰，我們預期仍能為全國合約客戶帶來正向的箱量（case volume）成長。餐廳的用餐人流量仍較去年同期下滑，而Sysco仍在擴大業務、提升市占，並持續實現年對年獲利性成長。

We will remain focused throughout 2027 on growing our contract business in health care, travel and hospitality and food service management while optimizing our performance with large national chain restaurants.

在2027年，我們將持續聚焦於擴大醫療保健、旅遊與款待（travel and hospitality）以及餐飲服務管理（food service management）等領域的合約業務，同時在大型全國連鎖餐廳客戶上優化我們的表現。

Moving to the middle of the P&L. Gross profit was up 3.7%, reflecting our organization-wide focus on strategic sourcing and momentum with Sysco Brand penetration rates Sysco's adjusted operating profit improved 4.1%, outpacing gross profit and reflecting contributions from continued productivity gains within our supply chain.

接著看損益表（P&L）的中段。毛利成長3.7%，反映我們全公司對策略性採購的聚焦，以及Sysco自有品牌（Sysco Brand）滲透率提升所帶來的動能。Sysco的調整後營業利益成長4.1%，增速超越毛利，並反映供應鏈持續生產力提升所帶來的貢獻。

Supply chain expenses grew at a slower rate than revenue and gross products. Our warehouse and delivery operations achieved our productivity targets for the year, and we increased on-time delivery performance versus customer promise windows by 10 full points in the quarter. Routing efficiency improvements have lowered our cost to serve and increase the service levels that we provide to our customers.

供應鏈費用的成長率低於營收與毛利。我們的倉儲與配送營運達成年度生產力目標，且本季相較於客戶承諾時窗（promise windows）的準時交付表現提升了整整10個百分點。路線規劃效率的改善降低了我們的服務成本（cost to serve），並提升我們提供給客戶的服務水準。

I am thankful for the strong performance from our operations team. These hard-working colleagues and leaders are often in the face of Sysco to many of our customers. This year marked our third consecutive year of delivering meaningful reduction in miles driven and improved pieces per mile.

我感謝營運團隊的強勁表現。這些辛勤工作的同仁與領導者，對許多客戶而言往往就是他們所看到的Sysco門面。今年是我們連續第三年在行駛里程上實現顯著下降，並提升每英里配送件數（pieces per mile）。

As we upgrade our routing software in fiscal 2027, we anticipate continued positive contributions to our P&L from routing efficiency while simultaneously improving the customer experience, especially for Perks customers. As we mentioned during our Q3 earnings call, we kicked off efficiency improvement efforts that benefited the fourth quarter and will carry into fiscal 2027.

隨著我們在2027會計年度升級路線規劃軟體，我們預期路線效率將持續對損益表（P&L）帶來正向貢獻，同時改善客戶體驗，尤其是Perks客戶。如同我們在第三季財報電話會議中提到的，我們已啟動效率改善工作，該工作在第四季帶來效益，並將延續至2027會計年度。

The efficiency projects help Sysco exceed our adjusted earnings per share guidance for the quarter and the year despite pausing our share repurchase program. During our guidance section today, we will talk to additional efficiency improvement activities that we are pursuing and how they will contribute to the fiscal 2027 profitability. These efforts include AI-driven business transformation.

這些效率專案協助Sysco在本季與全年，即使暫停股票回購計畫，仍能超越我們的調整後每股盈餘（EPS）指引。在今天的指引段落中，我們將進一步說明我們正在推動的其他效率改善活動，以及它們將如何貢獻2027會計年度的獲利能力。這些努力包括以AI驅動的業務轉型。

Turning to our International segment. This quarter represents the 11th consecutive quarter of double-digit adjusted operating income growth and highlights the continued strength of Sysco's global footprint, a unique competitive advantage. Our international business delivered adjusted operating income growth of 15.7%, fueled by volume growth in every international geography with local cases growing 4.5%.

接著看我們的國際事業部門。本季是調整後營業利益連續第11季達成雙位數成長，凸顯Sysco全球版圖的持續強勁，而這是我們獨特的競爭優勢。我們的國際業務調整後營業利益成長15.7%，動能來自各個國際地區的量增，其中在地箱量（local cases）成長4.5%。

The continued local outperformance is being generated by expanded supply chain capacity, increased availability of Sysco Brand and merchandise, increased sales head count and easier-to-use technology. Since 2022, our international team has delivered meaningful progress, and we have more than doubled adjusted operating income margins from approximately 2% in 2022 to over 4% in fiscal year 2026.

在地市場持續優於整體的表現，來自供應鏈產能擴充、Sysco自有品牌與商品供應可得性提升、銷售人力增加，以及更易用的科技工具。自2022年以來，我們的國際團隊取得顯著進展，調整後營業利益率已由2022年約2%提升至2026會計年度超過4%，幾乎翻倍。

There are no structural barriers that will prevent our international division from achieving the profitability profile of our US business over time. Our international leadership team is performing for today while transforming the business for a stronger future. I am thankful for the leadership and performance being delivered by our international team.

從結構面來看，並不存在會阻礙我們國際事業部門隨時間達到美國業務獲利輪廓的障礙。我們的國際領導團隊一方面為當下交出成果，同時也在推動轉型，打造更強健的未來。我感謝國際團隊所展現的領導力與績效。

Now that I have provided a high-level summary of the quarter, I would like to share an update on the status of the Restaurant Depot acquisition. We are excited about the acquisition of Restaurant Depot and the bold new chapter of profitable growth, it helps to unlock the future that creates a combined company positioned to step up sales growth be more profitable and return more value to shareholders than a stand-alone Sysco.

在我提供本季的高層次摘要後，我想分享關於Restaurant Depot收購案進度的最新情況。我們對收購Restaurant Depot感到振奮，這將開啟獲利性成長的嶄新篇章；它有助於解鎖未來，打造一家合併後的公司，相較於單獨的Sysco，能夠提升銷售成長、提高獲利能力，並為股東帶來更多價值。

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 formats to 125-plus net new geographies over time. We will expand affordable options for restaurants by bringing the low-cost Restaurant Depot model to hundreds of additional communities, and we are committed to not raising prices in Restaurant Depot stores. What makes Restaurant Depot great is their compelling value offering.

最重要的是，我們將提升協助餐廳節省成本的能力，透過更有效率的採購計畫，並隨時間推進將Restaurant Depot的低成本業態擴展至125個以上的新增地理市場。我們將把低成本的Restaurant Depot模式帶到數百個更多社區，為餐廳提供更平價的選擇，且我們承諾不會在Restaurant Depot門市調漲價格。Restaurant Depot之所以出色，在於其極具吸引力的價值主張。

We would do nothing to compromise that under Sysco's ownership. In fact, we think we can strengthen it by buying together and leveraging our combined supply chain to keep costs low.

在Sysco持有之下，我們不會做任何會削弱該價值主張的事。事實上，我們認為可以透過共同採購，並運用合併後的供應鏈來維持低成本，進一步強化它。

Since our planned acquisition was announced on March 30, we have worked hard to communicate the strategic merits of the deal. I will not completely repeat those points today, but I would like to highlight the key themes on slide 10. Our combined company will grow faster, and we'll have more exposure to the most profitable segment of business, local. Local restaurants are performing better than national teams for a host of reasons, in increasing our work focus on local customers is a net-net positive for the long term. EBITDA margins of the company are expected to expand by more than 140 basis points.

自我們於3月30日宣布擬議收購以來，我們一直努力溝通此交易的策略價值。我今天不會完全重複那些重點，但我想強調投影片第10頁的關鍵主題。合併後的公司將成長更快，且我們在最具獲利性的業務區隔——在地（local）——的曝險將更高。由於多項原因，在地餐廳的表現優於全國性連鎖；因此，將工作重心更多放在在地客戶，長期而言是雙贏的正向效益。公司EBITDA利潤率預期將擴張超過140個基點。

We plan to deliver $250 million of cost synergies through strategic procurement efforts. We will develop and launch revenue growth initiatives that are not included in the deal model. These efforts have the opportunity to exceed the value of the procurement efforts just mentioned. An example of these opportunities is leveraging Restaurant Depot stores to fulfill orders for Sysco delivery customers when the customer needs product immediately.

我們計畫透過策略性採購努力實現2.5億美元的成本綜效。我們也將開發並推出未納入交易模型的營收成長計畫。這些計畫的價值有機會超越剛才提到的採購綜效。其中一個例子是：當Sysco配送客戶需要立即取得產品時，運用Restaurant Depot門市來履行訂單。

In many instances, the restaurant people store is closer to our end customer. This multichannel concept would grow our collective sales in a cost-efficient manner. We also have an opportunity to leverage the strong assortments from the two businesses, bidirectionally to expand our offerings to the customers.

在許多情況下，Restaurant Depot門市距離我們的終端客戶更近。這種多通路（multichannel）概念將以具成本效率的方式提升我們整體銷售。我們也有機會雙向運用兩項業務的強大商品組合（assortments），以擴大對客戶的供應選擇。

Lastly, we will expand the Restaurant Depot format to harder to reach communities and eventually to Canada by leveraging Sysco's inbound supply chain capability. All told, these efforts enable day 1 EPS accretion, year 1 EPS accretion in the top quartile of M&A transactions and accelerating EPS accretion as our debt level is reduced and our excess free cash flow is utilized to reduce our share count and increase our dividend.

最後，我們將運用Sysco的進貨端供應鏈能力，把Restaurant Depot業態擴展到較難觸及的社區，並最終拓展至加拿大。總體而言，這些努力可帶來第1天即具增益的每股盈餘（EPS）貢獻、在併購交易中位居前四分位的第1年EPS增益，並隨著我們降低負債水準、運用超額自由現金流減少流通股數並提高股利，而加速EPS增益。

We understand that reducing our debt level is a priority for investors. It is a high priority for Sysco management as well. We are 100% confident in our ability to delever quickly by utilizing the compelling cash flow generation of Core Sysco. We will improve Sysco's cash flow through the AI transformation efforts I mentioned previously. And when combined with Restaurant Depot's cash flow, we can reduce the debt level quickly.

我們理解降低負債水準是投資人的優先事項。這同樣也是Sysco管理團隊的高度優先事項。我們對於運用Core Sysco強勁的現金流創造能力來快速去槓桿（delever）有百分之百的信心。我們將透過先前提到的AI轉型努力改善Sysco的現金流。再加上Restaurant Depot的現金流，我們就能快速降低負債水準。

Most importantly, the combined company will grow faster, be more profitable and return more value to shareholders than a stand-alone Sysco. These efforts are expected to accelerate Sysco's TSR into the mid-teens. In regards to deal approval, as expected, we received a second request from the FCC during the quarter. Our initial expectations for the deal to close by the third quarter of fiscal 2027 remain unchanged. This deal expands affordable food options, creates jobs and is good for restaurant operators.

最重要的是，合併後的公司將比單獨的Sysco成長更快、獲利更高，並為股東帶來更多價值。這些努力預期將推動Sysco的股東總報酬（TSR）加速至十幾%的中段水準。關於交易核准，如同預期，我們在本季收到FCC的第二次補件要求（second request）。我們對於交易在2027會計年度第三季完成交割的初始預期維持不變。此交易將擴大平價食品選擇、創造就業，並有利於餐廳經營者。

We are confident that the government review will conclude that the deal is positive for restaurants and for competition.

我們有信心政府審查將會得出結論，認為這筆交易對餐飲業者以及市場競爭皆具正面效益。

Lastly, I would like to provide an update on the performance results from Restaurant Depot. We have been advised by restaurant people leadership that in their most recently completed calendar quarter, their sales growth was approximately 4%, and their operating margins were in line with expectations. Through half of their calendar year, Restaurant Depot is delivering strong profit growth versus prior year in compelling overall financial performance. The restaurant people business will substantially increase Sysco's profitability. It will also provide a natural hedge to a softer economy as the business benefits during economic downturns.

最後，我想就 Restaurant Depot 的營運表現提供最新進展。我們已由餐飲事業人力資源領導團隊告知，在其最近完成的曆季中，銷售成長約為 4%，營業利潤率符合預期。在其曆年上半年，Restaurant Depot 相較去年同期實現強勁的獲利成長，整體財務表現亮眼。餐飲事業將大幅提升 Sysco 的獲利能力。此外，該業務在經濟下行期間往往受益，也將為較疲弱的經濟環境提供天然避險。

More importantly, our combined company can create customer engagement opportunities that will be unmatched in the industry, enabling us to grow our business profitably in the important local customer segment. We believe Sysco's strong finish to the year the guidance for fiscal 2027 demonstrate a firm foundation from which Sysco will build our future together with Restaurant Depot.

更重要的是，我們的合併公司能創造業界無可匹敵的客戶互動機會，使我們得以在關鍵的在地客戶區隔中，以具獲利性的方式擴大業務。我們相信，Sysco 在年度末的強勁收官以及對 2027 會計年度的指引，展現了穩固的基礎，Sysco 將在此基礎上與 Restaurant Depot 共同打造未來。

In my closing section today, I want to summarize the highlights of our fiscal 2027 guidance. We expect the strong exit velocity of our business in Q4 of fiscal 2026 to carry into the coming fiscal year. Our positive momentum will continue in local case growth and Sysco brand mix. Our international division will continue to post double-digit profit growth in 2027. We expect to deliver revenue growth of 6% to 7% for the year.

在我今天的結語部分，我想總結我們 2027 會計年度指引的重點。我們預期 2026 會計年度第四季的強勁出場速度將延續到下一個會計年度。我們在在地箱量成長與 Sysco 自有品牌組合方面的正向動能將持續。我們的國際事業部在 2027 年將持續繳出雙位數的獲利成長。我們預期全年營收成長 6% 至 7%。

The revenue growth will be enabled by approximately 2.5% local case growth in our US FS segment. Through disciplined margin and expense management, we expect to deliver adjusted EPS growth of 9% to 11% in 2027. To be very clear, the revenue and EPS figures just mentioned include the benefits of the third week. Excluding the 53rd week, we expect Sysco's earnings growth to be at the top end of our long-term growth algorithm, even with the suspension of share repurchases and the softer macro drop.

營收成長將由我們美國 FS 事業部約 2.5% 的在地箱量成長所帶動。透過嚴謹的毛利與費用管理，我們預期 2027 年調整後 EPS 成長 9% 至 11%。為了非常清楚地說明，剛才提到的營收與 EPS 數字已包含第 3 週的效益。若排除第 53 週，我們預期即使在暫停庫藏股回購以及宏觀環境轉弱的情況下，Sysco 的獲利成長仍可達到我們長期成長演算法的高端。

When coupled with our industry-leading dividend, we anticipate a year of double-digit TSR in fiscal 2027.

再加上我們業界領先的股利，我們預期 2027 會計年度將實現雙位數的 TSR（總股東報酬）。

To enable the earnings guidance just referenced, our team introduced an organization-wide efficiency improvement program driven by AI transformation. A summary of these efforts can be seen on slide number 11. We have identified AI growth and business efficiency improvement projects across sales, merchandising, supply chain and back office. We expect the combined benefit of these efforts to deliver approximately $100 million of in-year savings in fiscal 2027, inclusive of the cost out savings we shared on our Q3 earnings call. Brandon, our technology leadership team and I are leading this work across the company.

為了支撐前述獲利指引，我們團隊推出一項由 AI 轉型驅動的全組織效率提升計畫。這些工作的摘要可見於第 11 張投影片。我們已在銷售、商品管理、供應鏈與後勤部門辨識出 AI 成長與營運效率提升專案。我們預期這些措施合計可在 2027 會計年度帶來約 1 億美元的當年度節省，並包含我們在第三季財報電話會議中分享的成本削減節省。Brandon、我們的科技領導團隊與我正共同在全公司推動這項工作。

The $100 million we have identified is just the start of the effort. We expect to announce our multiyear operating margin expansion commitment from these efforts later this year. The opportunities are significant and exciting.

我們所辨識的 1 億美元只是這項工作的起點。我們預期將於今年稍晚公布由這些措施所帶來的多年期營業利潤率擴張承諾。相關機會相當可觀且令人振奮。

We believe we can improve service to our customers do our work more efficiently and reduce our structural operating expenses by leveraging best-in-class technology. Sysco is leading our industry in these efforts and this work will enable us to sustain and expand our industry-leading profitability. The combined impact of our core business momentum in the AI business transformation, we expect will deliver adjusted earnings per share growth of approximately 9% to 11%, while improving service to our customers.

我們相信，透過運用同級最佳的科技，我們可以提升對客戶的服務、更有效率地完成工作，並降低結構性營運費用。Sysco 在這些努力上正引領產業，而這些工作將使我們得以維持並擴大我們業界領先的獲利能力。結合核心業務動能與 AI 業務轉型的綜合影響，我們預期可帶來約 9% 至 11% 的調整後每股盈餘成長，同時提升對客戶的服務。

With that, I would now like to turn the call over to Brandon to provide additional insights into our Q4 performance and guidance for fiscal 2027. Brandon, over to you.

接下來，我想把電話會議交給 Brandon，請他就我們第四季表現與 2027 會計年度指引提供更多洞見。Brandon，交給你。

Thank you, Kevin, and good morning, everyone. At the highest level, I am encouraged that we were able to over deliver on our previously communicated guidance for the quarter and the year. As Kevin outlined, our company-specific initiatives drove tangible results across our business. We expect this positive momentum to continue in FY27 anchored on operational rigor inclusive of our cost savings program. We have a high degree of confidence for delivering our FY27 guidance across the P&L, cash flow and rewarding our shareholders with another year of dividend growth.

謝謝你，Kevin，各位早安。從最高層面來看，我很振奮我們能在本季與全年表現上超越先前對外溝通的指引。如 Kevin 所述，我們公司特定的各項倡議在整體業務上帶來了具體成果。我們預期這股正向動能將延續至 27 會計年度，並以營運紀律為核心，其中也包含我們的成本節省計畫。我們對於在損益表、現金流以及以另一年股利成長回饋股東等面向達成 27 會計年度指引，具有高度信心。

As shown on slide13, our Q4 results included sales growth of 4.7%, continued volume growth in the USFS and international segments strong margin management and adjusted EPS of $1.53. As Kevin stated, this allowed us to exceed our annual EPS guidance delivering $4.61 of adjusted EPS, even after pausing share repurchase for the year. Importantly, our largest and most profitable USFS segment continued to deliver balanced top line growth during the quarter, while also growing adjusted operating income. Our financial results also included free cash flow growth of 16.3% for the year.

如第 13 張投影片所示，我們第四季結果包括銷售成長 4.7%、美國 USFS 與國際事業部持續的量增、強勁的毛利管理，以及調整後 EPS 為 1.53 美元。如 Kevin 所述，這使我們得以超越全年 EPS 指引，繳出 4.61 美元的調整後 EPS，即使全年暫停股票回購亦然。重要的是，我們最大且最具獲利性的 USFS 事業部在本季持續實現均衡的營收成長，同時也提升了調整後營業利益。我們的財務結果亦包括全年自由現金流成長 16.3%。

Q4 benefited from positive operating leverage for the enterprise with a 3.7% rate of growth in gross profit, outpacing a 3.6% rate of growth in adjusted operating expense, which included global pressure from the higher fuel prices. This performance also reflects continued positive volume growth across our important local customers and positive mix shifts from our Sysco Brand penetration rate. Performance in local continued to be driven by sales colleague retention, particularly among our newer and mid-tier associates, which helped to drive incremental improvements in productivity rates. Additionally, volume trends included a step-up in growth from our national customers in the US and continued volume growth in our International segment.

第四季受惠於全企業的正向營運槓桿：毛利成長率為 3.7%，高於調整後營運費用 3.6% 的成長率；後者包含燃油價格上升所帶來的全球性壓力。此表現亦反映我們重要的在地客戶持續的正向量增，以及 Sysco 自有品牌滲透率帶來的正向組合轉變。在地業務表現持續由銷售同仁留任所帶動，特別是在較新與中階員工之間，進而推動生產力指標的增量改善。此外，量的趨勢亦包括美國全國型客戶的成長加速，以及國際事業部持續的量增。

Our supply chain continued to deliver productivity improvements, and performed at an exceptional level, as Kevin highlighted. We expect further positive momentum in growth across local, national and international volumes. In addition to progress and supply to driving compounding productivity gains in FY27 and beyond.

我們的供應鏈持續帶來生產力提升，並如 Kevin 所強調，以卓越水準運作。我們預期在地、全國與國際的量增將進一步延續正向動能。此外，亦將在 27 會計年度及其後持續推進進展與供應，以帶動複利式的生產力增益。

Turning to international. As shown on slide15, the positive momentum over the past few years continued in Q4. We with sales growth of 6.7%, including local case growth of 4.5%, gross profit growth of 7.3% and adjusted operating income growth of 15.7%. Our strategy drove results with this quarter marking our 11th consecutive quarter of delivering double-digit improvements in adjusted operating income. During fiscal 2026, we rewarded our shareholders by paying out $1 billion in dividends and repurchasing $200 million in shares.

接著談國際業務。如第 15 張投影片所示，過去幾年的正向動能在第四季持續延伸。我們實現銷售成長 6.7%，其中在地箱量成長 4.5%，毛利成長 7.3%，調整後營業利益成長 15.7%。我們的策略帶動成果，本季為我們連續第 11 個季度繳出調整後營業利益的雙位數改善。在 2026 會計年度，我們以發放 10 億美元股利並回購 2 億美元股票回饋股東。

Now let's discuss our performance and the financial drivers for the quarter. Starting on slide13. Our enterprise sales grew 4.7%, driven by growth across all segments. Total U.S. food service volume increased 2.5%, reflecting both local and national volume increases of 2.6%.

現在讓我們討論本季表現與財務驅動因素。從第 13 張投影片開始。我們全企業銷售成長 4.7%，由各事業部全面成長所帶動。美國餐飲服務總量成長 2.5%，反映在地與全國量皆增加 2.6%。

Sysco produced $4.1 billion in gross profit, up 3.7%, partially offset by a 17 basis point decline in gross margin to 18.7%. Our teams continue to effectively manage product cost inflation across our category basket, delivering improved gross profit per case performance.

Sysco 創造 41 億美元毛利，成長 3.7%；部分被毛利率下滑 17 個基點至 18.7% 所抵銷。我們的團隊持續有效管理各品類組合中的產品成本通膨，帶動每箱毛利表現改善。

Gross margin performance was in line with our expectations for the quarter. However, there were 2 factors that affected year-over-year comparability. First is to call out that in our prior year 2025, we realized outsized single quarter benefits from our strategic sourcing initiatives. The timing of those benefits was unique to that period and created a challenging comparison. The second factor was in Q4 of this year related to the increased cost of fuel across the business.

本季毛利率表現符合我們的預期。然而，有兩項因素影響了與去年同期的可比性。首先要指出的是，在上一財年2025年，我們因策略性採購計畫而在單一季度實現了超常的效益。這些效益的發生時點僅屬於當時期間，因而造成了較具挑戰性的比較基期。第二項因素則出現在本年度第四季，與全公司燃料成本上升有關。

Approximately 80% of our bulk fuel purchases are hedged over the next fiscal year. During the quarter, elevated fuel costs impacted both food input costs and inbound transportation expenses. We've been very thoughtful about what portion of that increase we absorbed in our business to keep our food affordable for customers.

我們約80%的散裝燃料採購已對下一財年進行避險。本季燃料成本居高不下，影響了食品投入成本以及進貨運輸費用。我們審慎評估並決定由公司吸收其中一部分漲幅，以維持客戶可負擔的食品價格。

Our 2027 plan takes this backdrop into account, and importantly, we are confident we can expand our gross profit margins in the coming year. During the quarter, inflation rates for the enterprise were approximately 2.8%, while inflation in our USBL business was approximately 1.3%. Overall, adjusted operating expenses were $3 billion for the quarter or 13.5% of sales, a 20 basis point decrease from the prior year, reflecting strong operating leverage within our business. Results included cost-out efficiencies, partially offset by planned investments in the business across sales headcount, fleet and building expansions. This also included lapping of $11 million in incentive compensation from the prior year.

我們的2027年計畫已將此背景納入考量；更重要的是，我們有信心在來年擴大毛利率。本季公司整體通膨率約為2.8%，而我們USBL業務的通膨率約為1.3%。整體而言，本季調整後營業費用為30億美元，約占銷售額的13.5%，較去年下降20個基點，反映出我們業務強勁的營運槓桿。結果包含降本增效的效率提升，但部分被在銷售人力、車隊及建物擴張等方面的計畫性投資所抵銷。其中亦包含去年1,100萬美元激勵薪酬的比較基期影響。

Additionally, SYGMA results this quarter were solid, reflecting 3.1% sales growth and 11.1% operating income growth, driven by continued improvements in our supply chain operations. Corporate adjusted expenses were down 9.8%, which included benefits from the previously discussed cost out efforts implemented earlier in the year as well as lower insurance and other costs. Overall, adjusted operating income grew 4.1% to $1.1 billion, and adjusted EBITDA grew 4.7% to $1.3 billion.

此外，SYGMA本季表現穩健，銷售成長3.1%、營業利益成長11.1%，主要受惠於供應鏈營運持續改善。公司層級調整後費用下降9.8%，其中包含先前提及、於年初實施的降本措施效益，以及較低的保險與其他成本。整體而言，調整後營業利益成長4.1%至11億美元，調整後EBITDA成長4.7%至13億美元。

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 a 2.7 times net debt leverage ratio. Turning to our cash flow. Our free cash flow for the year was $2.1 billion, up 16% and highlighting strong quality of earnings and a disciplined CapEx strategy.

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依然穩健，反映出健康的財務體質。本季末淨負債槓桿比率為2.7倍。再看現金流。本年度自由現金流為21億美元，成長16%，凸顯獲利品質強勁以及嚴謹的資本支出（CapEx）策略。

Building on Kevin's commentary related to the merits of the Restaurant Depot transaction, I would like to provide an update on the deal financing strategy. In June, our finance team executed an additional $2 billion of interest rate hedges, further stepping up our cumulative hedge position related to debt financing. Then in July, we filed a registration statement on Form S-4, which was subsequently declared effective by the SEC.

延續Kevin就Restaurant Depot交易優點的評論，我想就交易融資策略提供最新進展。6月，我們財務團隊額外執行了20億美元的利率避險，進一步提高與債務融資相關的累計避險部位。接著在7月，我們提交了S-4表格的註冊聲明，之後已獲美國證券交易委員會（SEC）宣布生效。

In preparation for this transaction, we remain focused on preserving cash levels, improving our core Sysco working capital and remain committed to quickly delevering the balance sheet as illustrated on slide23, consistent with prior communications. We know how important debt reduction is to our investors, and it is important to our leadership team as well. To that end, our team has already voted to add structural cost out to our long-term equity performance program. That structural cost improvement will be leveraged to accelerate our debt reduction efforts and increase Sysco's overall profit margins. Kevin and I are excited about that work, and we are partnering with our technology leadership team to improve the efficiency of how we work.

為了準備此交易，我們仍專注於維持現金水位、改善Sysco核心營運資金，並致力於如第23頁投影片所示、在短期內加速降低資產負債表槓桿，與先前溝通一致。我們了解降債對投資人非常重要，對我們的領導團隊同樣重要。為此，我們團隊已投票決議，將結構性降本納入我們的長期股權績效計畫。這項結構性成本改善將用於加速降債並提升Sysco整體利潤率。Kevin和我對這項工作感到振奮，並正與技術領導團隊合作，提升我們工作方式的效率。

These projects are tangible, real and meaningful contributors to our future growth and performance. Kevin and I consistently emphasize that these efforts not only reduce administrative costs and complexity, but also improve the customer experience by enabling our teams to spend more time driving growth and engaging directly with customers.

這些專案具體、真實，並將對我們未來的成長與表現作出重要貢獻。Kevin和我一再強調，這些努力不僅能降低行政成本與複雜度，也能讓團隊有更多時間推動成長並直接與客戶互動，從而改善客戶體驗。

Now I'd like to share with you our expectations for FY27 as seen on slide24. To be clear, all elements of our fiscal '27 guidance reflects the core Sysco business on a stand-alone basis and are inclusive of the 53rd week. During FY27, we expect reported net sales growth of approximately 6% to 7% to approximately $90 billion. These assumptions include volume growth, inflation of approximately 1.5% to 2% and approximately 2% related to an extra week. Specific to volumes, we expect to deliver year-over-year local case growth of approximately 2.5% in USFS, driven by continued productivity gains with sales professionals based on improving tenure.

接下來我想分享我們對FY27的預期，如第24頁投影片所示。需要明確的是，我們所有2027財年的指引皆反映核心Sysco業務在獨立基礎上的表現，並已包含第53週。在FY27期間，我們預期申報淨銷售額成長約6%至7%，達到約900億美元。這些假設包含銷量成長、約1.5%至2%的通膨，以及約2%來自額外一週的影響。就銷量而言，我們預期USFS在地箱數（local case）年增約2.5%，主要由銷售專業人員任職年資提升所帶來的持續生產力增益所驅動。

As Kevin mentioned, we are also announcing $100 million of in-year cost out, inclusive of the cost-out announced in Q3 as detailed on slide11. On a run rate basis, this represents cost out of approximately $160 million. This financial guidance assumes a macro and industry foot traffic environment similar to conditions of this past year. If conditions improve or should our cost-out savings efforts over deliver, this would represent potential upside to our plan. All in, we currently expect full year 2027 adjusted EPS in the range of 9% to 11%, equating to adjusted EPS of approximately $5.02 to $5.12.

如Kevin所提及，我們也宣布本年度新增1億美元的降本，包含第三季已宣布、並於第11頁投影片詳述的降本項目。以年化運行率（run rate）計算，約相當於1.6億美元的降本。本財務指引假設總體環境與產業客流量情況與過去一年相近。若情況改善，或我們的降本節省成果超出預期，將可能為計畫帶來上行空間。綜合而言，我們目前預期2027全年調整後EPS成長率為9%至11%，相當於調整後EPS約5.02至5.12美元。

Within the context of the current environment, our outlook reflects the midpoint of the guidance range at approximately 10% growth, which is a significant step-up relative to each of the prior 2 years. To help phasing for the year, we expect our cost out benefits to build with the most significant impact occurring in the second half.

在目前環境下，我們的展望以指引區間中點、約10%的成長為基準，較前兩年各自的表現有顯著提升。為協助全年節奏安排，我們預期降本效益將逐步累積，且最顯著的影響將出現在下半年。

From a year-over-year comparability perspective, Q1 of FY27 is lapping an approximately 4% benefit from a favorable effective tax rate in the prior year. All in, we are comfortable with an adjusted EPS range of $1.18 to $1.20 for Q1. For the year, we expect our USFS segment to deliver profit growth. We also expect our International segment to continue delivering double-digit profit growth for the year. We remain on target for shareholder returns to approximately $1 billion in dividends.

從與去年同期的可比性角度來看，FY27第一季將面臨去年因有效稅率有利而帶來約4%效益的比較基期。整體而言，我們對第一季調整後EPS落在1.18至1.20美元的區間感到有把握。就全年而言，我們預期USFS部門將實現利潤成長。我們也預期國際部門全年將持續交出兩位數的利潤成長。我們仍按計畫以股利形式回饋股東約10億美元。

Specific to our dividend, our Board of Directors previously approved a $0.01 increase to our April dividend, which represents approximately 2% growth in our quarterly dividend on a go-forward basis to $0.55 per share. Recall that we previously suspended our annual share repurchase efforts as part of the announced JRD transaction. We look forward to resuming share repurchase after successfully reaching our previously shared deleverage targets.

就股利而言，我們董事會先前已核准將4月股利上調0.01美元，代表未來季度股利在延續基礎上約成長2%，至每股0.55美元。請記得，作為已宣布JRD交易的一部分，我們先前已暫停年度庫藏股回購。在成功達成先前分享的去槓桿目標後，我們期待恢復股票回購。

Now turning to a few other modeling items. For the full fiscal '27 year, we expect adjusted corporate expenses of approximately $900 million, adjusted interest expense of approximately $675 million, adjusted other expense of approximately $50 million, a tax rate of approximately 23.7% to 24.2% and adjusted depreciation and amortization of approximately $850 million. CapEx to remain at approximately 0.8% of sales or $720 million. Looking ahead, we are confident that our company-specific initiatives will continue to drive positive momentum into fiscal 2027. Combined with the advantages of our industry-leading scale and capabilities, we are well positioned to accelerate customer growth while delivering long-term value for our shareholders.

接著談幾項其他建模假設。就2027整個財年而言，我們預期調整後公司費用約9億美元、調整後利息費用約6.75億美元、調整後其他費用約5,000萬美元、稅率約23.7%至24.2%，以及調整後折舊與攤銷約8.5億美元。資本支出（CapEx）預計維持在約占銷售額0.8%或7.2億美元。展望未來，我們有信心公司特定的各項計畫將持續推動正向動能延伸至2027財年。結合我們在產業領先的規模與能力優勢，我們已具備良好定位，可加速客戶成長，同時為股東創造長期價值。

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

接下來，我將把電話交回給 Kevin 作結語。

Thank you, Brandon. I appreciate all that you were doing for Sysco, our shareholders and our customers. Q4 was a quarter displaying momentum and progress at Sysco. We are confident in our continued progress in fiscal 2027 as we plan to deliver solid revenue growth and adjusted earnings per share growth at the high end of our long-term growth algorithm. We are proud of our dividend aristocrat status and 57-year track record of dividend increases.

謝謝你，Brandon。我很感謝你為 Sysco、我們的股東以及我們的客戶所做的一切。第四季展現了 Sysco 的動能與進展。我們對於在 2027 財政年度持續推進充滿信心，並計畫在我們長期成長演算法的高端，實現穩健的營收成長與調整後每股盈餘成長。我們以「股利貴族」身分以及連續 57 年提高股利的紀錄為榮。

For fiscal year '27, we expect to deliver a double-digit TSR.

就 2027 財政年度而言，我們預期可帶來兩位數的 TSR（股東總報酬）。

Our U.S. business is performing, our International segment continues to exceed expectations, and we are working diligently on the Restaurant Depot acquisition. I would like to thank all Sysco colleagues for their dedication to our customers, a strong finish to our fiscal year and the compelling engagement that they are bringing to our customers. Confidence and momentum are building across the company, and I've never been more excited about the opportunities ahead for Sysco.

我們的美國業務表現良好，國際事業部持續超越預期，我們也正積極推進 Restaurant Depot 的收購案。我要感謝所有 Sysco 同仁對客戶的投入，讓我們在本財政年度有強勁的收官表現，也感謝大家為客戶帶來的高度參與與令人信服的互動。全公司正建立起信心與動能，我從未像現在這樣對 Sysco 未來的機會感到興奮。

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

那麼，接線員，我們現在準備開始問答。

(Operator Instructions)

(接線員指示)

Kelly Bania, BMO Capital Markets.

BMO Capital Markets 的 Kelly Bania。

Kevin, I wanted to ask about the incremental cost savings related to the tech and AI initiatives. slide11 was helpful as you called out. just as you look at those 6 areas of focus there, are all of these kind of equal contributors? Does one area stand out as the largest contributor to that outlook? And I think there was a comment that this is really just the start of this initiative.

Kevin，我想請教與科技與 AI 計畫相關的增量成本節省。你提到的 slide11 很有幫助。就你所列出的 6 個重點領域來看，這些是否都是差不多的貢獻來源？是否有某一個領域是對該展望貢獻最大的？而且我記得你有提到，這其實只是這項計畫的開始。

So just curious, it sounds like it's early, but just what does the runway look like in future years because the message that I'm hearing is that it can essentially replace the EPS impact of kind of losing the buyback impact of this year. So just curious as what kind of that algorithm might look like in future years as you kind of incorporate these savings into the next couple of years?

所以我也好奇，聽起來目前還在早期階段，但未來幾年的跑道會是什麼樣子？因為我聽到的訊息是，它基本上可以取代今年因為少了庫藏股回購效應而對 EPS 造成的影響。因此想請教，當你把這些節省納入未來一兩年的規劃時，未來幾年的那套演算法大概會長什麼樣子？

Kelly, thanks for the question. Why don't I toss to Brandon to get started to set the context of the financial elements of what you just asked, what flows through to '27, our thoughts for the future. You asked about is it evenly distributed or some bigger hit topics. And so he'll cover a couple and then he'll toss to me, and I'll do wrap up. So Brandon, over to you, please.

Kelly，謝謝你的問題。我先把問題交給 Brandon，請他先從你剛才提到的財務面切入，說明哪些會反映到 2027 年，以及我們對未來的想法。你也問到這些是否平均分布，或是有些主題影響更大。他會先談幾點，之後再交回給我，我再做總結。Brandon，請。

Yes. Perfect. Yes. Thanks, Kelly, for the question. I think for '27, and I'll address first, and maybe I'll give a couple of examples.

好的。非常好。是的。Kelly，謝謝你的問題。我先就 2027 年來回答，並且可能舉幾個例子。

From a timing perspective, that $100 million in the tax savings, it is net of investment. It will start towards the end of Q1 and it will be back half weighted as we implement the technology across those work streams that you see on that slide. I should also say it will be weighted towards U.S. stocks. Maybe I'll share a couple of examples from my shop and then Kevin, you can add anything you'd like that would contribute towards that $100 million.

從時點來看，那 1 億美元的稅務節省是扣除投資後的淨額。它會在第一季末開始顯現，並且會偏向下半年較多，因為我們會在你在那張投影片看到的各個工作流程中逐步導入技術。我也要補充，這會較偏向美國的營運據點。我先分享幾個我這邊的例子，之後 Kevin 也可以補充任何他認為會貢獻到這 1 億美元的項目。

The first one I would share is tact to improved fill rates and inventory forecasting accuracy. It will benefit our working capital. As a reminder to the team here a day of working capital is worth a couple of hundred million. So we'll use those improvements to deleverage faster than we previously shared. And that's a body of work we're really excited about.

第一個例子是，透過改善補貨率（fill rates）與庫存預測準確度。這將有利於我們的營運資金。提醒在座各位，營運資金每縮短一天就相當於數億美元的價值。因此，我們會運用這些改善，使去槓桿速度比我們先前分享的更快。這是一項我們非常期待的工作。

The second example I would share is related to our indirect space, not a space that generally gets a lot of attention but we will use reverse auction tools to tackle that indirect expense, and it's significant. We buy a lot of interaction supplies and parts with our fleet and our warehouses and that tech will allow us to work faster and really address more than we've been able to address historically. So those new capabilities are worth tens of millions and will ramp throughout FY27. Kevin, any projects you want to add?

第二個例子與我們的間接採購領域有關。這通常不是一個受到很多關注的領域，但我們將使用反向拍賣工具來處理這些間接費用，而且規模相當可觀。我們在車隊與倉庫方面會採購大量的維修用品與零件，而這項技術能讓我們更快推進，並真正處理到比過去歷史上更多的項目。因此，這些新能力的價值可達數千萬美元，並會在 2027 財年逐步爬坡。Kevin，你還想補充哪些專案嗎？

Yes, I will. Just before I go into projects, let me just take a giant step back. We've been hard at work with this subject for the past, let's call it, 100-plus days evaluating every part of our business. And the mantra that I'm using as the leader of the company is better, faster, cheaper, where can we improve the customer experience through improved technology, where can we do the work we do faster and more agile solve problems more quickly. And the last is do it more efficiently.

是的，我會。在我談專案之前，先退一步從更高層次說明。過去大約 100 多天，我們一直在這個主題上投入大量工作，評估我們業務的每一個環節。而我作為公司領導者所採用的口訣是：更好、更快、更便宜——我們能在哪些地方透過更好的技術提升客戶體驗？我們能在哪些地方把工作做得更快、更敏捷、更迅速地解決問題？最後是把事情做得更有效率。

We can eliminate administrative tasks, allow our teams to spend more time on sales activities, allow our team to spend more time with customers to grow the business. So better, faster, more efficient. Brandon gave some good examples on back office. I'll give a couple of other examples.

我們可以消除行政性工作，讓團隊把更多時間投入銷售活動，讓團隊有更多時間與客戶互動以推動業務成長。所以是更好、更快、更有效率。Brandon 已經舉了一些後台的好例子。我再補充幾個其他例子。

Routing. We're doing a massive effort on upgrading our routing software. To be very clear, it's our existing routing software provider upgrading to their latest version of their software. It has capabilities in its current version we have does not have. We will be deploying that to all of our U.S.

路線規劃（Routing）。我們正在大幅升級我們的路線規劃軟體。說清楚一點，是由我們現有的路線規劃軟體供應商，將其軟體升級到最新版本。最新版本具備我們目前使用的版本所沒有的能力。我們將把它部署到我們所有的美國

locations eventually internationally, but it's more than the software. It's about changing how we do that work. It's about customer-centric routing capabilities, doing that work in a more agile manner decreasing miles driven, while simultaneously increasing our on time to the delivery promise to the customer. That's a perfect example of better and more efficient. The routing opportunity is significant.

據點，之後也會推向國際，但這不只是軟體而已。重點在於改變我們執行這項工作的方式。這關乎以客戶為中心的路線規劃能力，以更敏捷的方式完成工作、降低行駛里程，同時提升我們對客戶交付承諾的準時率。這就是「更好」與「更有效率」的完美例子。路線規劃的機會相當可觀。

Another one is tech for tech, leveraging coding improvement technologies, I won't say the name of vendor providers to do the technology work that we do better and more efficiently. We can either do more for the same or we can do the same amount of work we currently are doing for less spend. Last example for me is in our contract bid business. We have many, many thousands of contracts. We can leverage AI technology to write better contracts, contracts that have a better profitability profile.

另一個是「用科技做科技」（tech for tech），運用程式碼改進技術來讓我們所做的技術工作做得更好、更有效率；我就不點名供應商了。我們可以在相同成本下做更多，或是用更低的支出完成目前同等的工作量。我最後一個例子是在我們的合約投標業務。我們有成千上萬份合約。我們可以運用 AI 技術撰寫更好的合約，也就是具備更佳獲利結構的合約。

And then we can more importantly, leverage technology to match the transactional actual performance of that customer against the contract to make sure that we're paying appropriately for the work that we're doing are getting paid appropriately for the work that we're doing. There can be some leakage in that sector over time if those contracts aren't being managed appropriately. So these are just examples. I think we've given you enough color to say there's tangibleness there's clarity and to answer the first part of your question, this will build over time. So the $100 million is net of investment as it will flow directly to the bottom line in 2027.

更重要的是，我們可以運用技術，把該客戶的實際交易表現與合約條款進行比對，以確保我們對所做的工作獲得適當報酬，也確保我們為所做的工作支付得當。如果這些合約沒有被妥善管理，隨著時間推移，該領域可能會出現一些「漏損」（leakage）。以上都只是例子。我想我們已提供足夠的細節，讓你看到其具體性與清晰度；也回到你問題的第一部分，這些效益會隨時間累積。因此，這 1 億美元是扣除投資後的淨額，並將在 2027 年直接反映到淨利（bottom line）。

Brandon quoted the run rate value is $160 million of the work we have already identified. We continue to find new sources of value. We will continue to revise and update the savings opportunities. That number will go up over time, and that's something we can talk more about that upcoming investor opportunities. And yes, it more than covers the pausing of the share buyback.

Brandon 引用的執行率（run rate）價值為 1.6 億美元，來自我們已經辨識出的工作成果。我們持續發掘新的價值來源。我們也會持續修訂並更新節省成本的機會。這個數字會隨時間上升，這也是我們在即將到來的投資人相關場合可以進一步多談的內容。而且是的，它不僅足以涵蓋暫停股票回購的影響。

Thank you for the question, Kelly.

謝謝你的提問，Kelly。

Edward Kelly with Wells Fargo.

Wells Fargo 的 Edward Kelly。

I have a follow-up and then another separate question. But just a follow-up on Kelly's question. I think your supply chain costs alone are probably 60% or so of your OpEx, I mean, that's like $7 billion. So the $100 million seems like it's kind of scratching the surface. Kevin, my question for you is, do you think that longer term, the opportunity here could be a catalyst to accelerate the algo?

我有一個追問，然後還有另一個獨立的問題。先針對 Kelly 的問題做個追問。我認為你們光是供應鏈成本大概就占營業費用（OpEx）的 60% 左右，也就是大約 70 億美元。所以 1 億美元看起來像是只是觸及表面。Kevin，我想問你的是，從更長期來看，你是否認為這裡的機會可能會成為加速你們演算法（algo）的催化劑？

Or is it more or less -- this is one of the levers that we continue to have to drive confidence in ago. And then my real question is around the U.S. Broadline's EBIT growth for '27, obviously coming off a little bit softer Q4. Could you just maybe give us a little bit more color on the building blocks the growth in '27 and the key drivers? And how you think about the level of that growth?

還是說或多或少——這只是我們持續用來提升對該演算法信心的其中一個槓桿？然後我真正的問題是關於美國 Broadline 在 27 年的 EBIT 成長，顯然是從稍微疲弱一些的第四季基期出發。你們能否就 27 年成長的組成要素與關鍵驅動因素提供更多說明？以及你們如何看待該成長幅度的水準？

Thanks for the questions, it's Kevin. I'll start on the supply chain and what we see as the opportunity for the AI work to impact our algorithm, Brandon will cover the USFS question. You can explain also in Q1 some of the why within his prepared remarks, but he can reinforce 2 things that were unique about Q4 and then more importantly, talk about why we're very confident USFS will grow profit year-over-year throughout 2027. But back to your first question and point, we have tangible specific concrete work we're going to do with AI to be better and more efficient in how we do the work. Routing is significant is a huge opportunity for continued improvement.

謝謝你的問題，我是 Kevin。我先談供應鏈，以及我們認為 AI 相關工作影響我們演算法的機會；Brandon 會回答 USFS 的問題。他也可以在第一季說明一些原因（在他準備好的講稿裡），並再強調第四季有兩個獨特之處；更重要的是，談談為什麼我們非常有信心 USFS 在 2027 年全年都會逐年成長獲利。回到你的第一個問題與觀點，我們有具體、明確、可落地的 AI 工作要做，以便在執行工作時更好、更有效率。路線規劃（routing）非常重要，是持續改善的一個巨大機會。

We just had a really good year in supply chain.

我們供應鏈今年表現非常好。

Back to the year we just wrapped up was our strongest supply chain performance in a very long time. it positively contributed to our P&L. At large, we grew our supply chain expenses lower than we grew our revenue and our volume in cases. Therefore, it had a positive impact, and we believe that will accelerate in the coming quarters and years with the good work that we are doing. And on this morning's call, we're not going to change our long-term algorithm, what the year ahead shows is that net of the 53rd week.

回顧剛結束的年度，這是我們很長一段時間以來最強的供應鏈表現，並對我們的損益表（P&L）帶來正面貢獻。整體而言，我們供應鏈費用的成長幅度低於營收與箱數（cases）量的成長。因此帶來正面影響，而我們相信，隨著我們正在進行的良好工作，這種趨勢在未來幾季與幾年會加速。而在今天早上的電話會議上，我們不會改變長期演算法；前瞻一年所呈現的是，扣除第 53 週的影響。

So take that out, the guidance that we provided today at the midpoint is at the very high end of our long-term algorithm. How I would say it is the work we're going to do with AI, a compounding nature of the efficiency improvement will allow us to be at that high end of the algorithm that we've put out on an ongoing basis. And if there's an opportunity to beat it, as Brandon said, by doing even more work than we have got line of sight to today, we can talk about longer-term revisions to the algorithm over time, in the future. So let's come back to your question on USFS and profitability. Brandon, over to you.

所以把那個因素拿掉後，我們今天提供的指引在中位數（midpoint）上，位於我們長期演算法的非常高端。我的說法是：我們將用 AI 進行的工作，其效率改善具有複利式（compounding）的特性，將使我們能夠持續維持在我們所提出演算法的高端區間。如果如 Brandon 所說，透過做更多目前尚未完全掌握視線（line of sight）的工作而有機會超越，我們未來也可以隨時間討論對演算法做更長期的修訂。那我們回到你關於 USFS 與獲利能力的問題。Brandon，交給你。

Yes. Maybe I'll address first Q4, Ed, your question related to the margins. And then let me give some commentary on FY27 and how we're feeling specifically about USFS. There were a couple of items in Q4 on a year-over-year perspective that affected our margins. The first was going back to FY25.

好的。Ed，我先回應你關於第四季與毛利率的問題。接著我再針對 FY27，特別是我們對 USFS 的感受，提供一些評論。從年對年角度來看，第四季有幾個項目影響了我們的利潤率。第一個是回到 FY25。

If we go to Q3, strategic sourcing was low and that value was pushed into FY25 Q4. So the year-over-year lap for '26 Q4 was challenging because of that huge strategic sourcing number in FY26 -- or FY25 Q4.

如果回到第三季，策略性採購（strategic sourcing）偏低，而那部分價值被推遲到 FY25 第四季。因此，26 年第四季的年對年比較會比較具挑戰性，因為 FY26——或 FY25 第四季有一個很大的策略性採購數字。

The second item is fuel. Remember, 80% of the fuel we purchase is hedged. With that, inbound freight costs due to fuel were elevated, and we don't hedge that inbound fuel. With the inbound, we monitored it during the quarter and we made purposeful choices to absorb some of that cost. So we'll continue to go discipline there and manage our cost and our profitability.

第二個項目是燃料。請記得，我們購買的燃料有 80% 是做避險（hedged）的。在此情況下，因燃料導致的入境運費成本上升，而我們並未對入境燃料做避險。對於入境部分，我們在季度期間持續監控，並有意識地選擇吸收其中一部分成本。因此我們會持續保持紀律，管理成本與獲利能力。

I'd say the second point on fuel is on outbound. We've mentioned this before that we have fuel surcharges in place and there is always a lag of 90 days with our contract customers. That FY26 Q4 costs then gets paid for in FY27 Q1. So that pressure would ease a bit as we head into FY27.

我想燃料的第二點是在出境端（outbound）。我們之前提過，我們有燃料附加費（fuel surcharges）機制，而對於合約客戶，通常會有 90 天的落後期（lag）。因此 FY26 第四季的成本會在 FY27 第一季才收回。所以隨著我們進入 FY27，這方面的壓力會稍微緩解。

And then the second part of your question, how does all of that kind of lead into FY27 USFS profitability? Well, I mentioned it will ease up a bit as we go into '27. A couple of other things that will take place in '27. The $100 million in cost savings that I just talked about and Kevin talked about will lean USFS. So that will help as we ramp those tech projects throughout the year.

接著是你問題的第二部分：這些因素如何導向 FY27 的 USFS 獲利能力？如我所提，進入 27 年後壓力會稍微緩解。另外在 27 年還會發生幾件事。我剛提到、Kevin 也談到的 1 億美元成本節省，將使 USFS 更精實。因此，當我們在全年推進這些科技專案時，將會帶來幫助。

The other component that we were really satisfied with in Q4 was our Sysco brand. It was 30 basis points positive. That continues to grow and accelerate. So that will be a bigger contributor now that it has turned positive. Obviously, we'll have a full year of local sales growth in FY27.

我們在第四季另一個非常滿意的部分是 Sysco 自有品牌（Sysco brand）。它帶來正向 30 個基點。這項表現持續成長並加速。因此，既然已轉為正向，它將成為更大的貢獻來源。顯然，在 FY27 我們也將擁有一整年的在地銷售成長。

And then you talked about supply chain a little bit. That's our core operations, and it performed really well in Q4. We've doubled our retention rates with our drivers and selectors since FY24, but we feel that we have further opportunity to continue those OpEx improvements in FY27. So overall, for USFS, we expect to deliver strong profit growth, and we're optimistic about the year.

你也稍微提到供應鏈。那是我們的核心營運，而它在第四季表現非常好。自 FY24 以來，我們的司機與揀貨員（selectors）留任率已翻倍，但我們認為在 FY27 仍有進一步改善營業費用（OpEx）的空間。因此整體而言，對於 USFS，我們預期能交出強勁的獲利成長，我們對這一年感到樂觀。

Just to put a bow around what Brandon discovered, it's the aggregate of those components that gives us the confidence to deliver profit growth in USFS and the exit velocity of June and the exit velocity of Q4 is where we need to be. There's no big step-up with the exception of the $100 million cost out, which totals throughout the year because these are projects that launch, the core business is performing.

為 Brandon 的說明做個總結：正是這些要素的合計，讓我們有信心在 USFS 交出獲利成長；而 6 月的退出速度（exit velocity）以及第四季的退出速度，就是我們需要達到的水準。除了 1 億美元的成本削減之外，沒有什麼需要大幅跳升的項目；該成本削減會在全年逐步累積，因為這些是陸續上線的專案，而核心業務本身表現良好。

And last but not least, tied to that one of the projects that Brandon covered is improving our forecast accuracy in the inventory space. We have a dual mandate there of improving fill rate outbound to customers he quoted it's $250 million of cash that we can improve by taking a day of inventory or working capital day of inventory improvement to the degree that we succeed on that project or exceed expectations, we will take all of that cash to plow towards delevering faster. That is our commitment. The incremental cash flow that we generate will be targeted towards delevering faster ahead of schedule versus what we communicated on March 30 for the deal model. We understand how important delevering is for our investors.

最後但同樣重要的是，與此相關、Brandon 提到的其中一個專案，是在庫存領域提升我們的預測準確度。我們在那裡有雙重任務：提升對客戶的出貨滿足率（fill rate）；他提到，若我們能把庫存天數降低一天、或改善營運資金的庫存天數，就能改善 2.5 億美元的現金。在我們於該專案上達成或超越預期的程度內，我們會把所有這些現金用來更快去槓桿（delever）以降低負債。這是我們的承諾。我們所產生的增量現金流將用於比我們在 3 月 30 日就交易模型所溝通的時程更快地去槓桿、提前達成目標。

It's very important to Sysco.

這對 Sysco 非常重要。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行。

I have a follow-up to Ed and then a real question. The follow-up is just on the USFS gross margins, the comments on inbound fuel. Is the right read that you're not passing it fully through pricing lower, potentially to gain new customers? Or is this more of a timing dynamic? And my real question is on case growth.

我先針對 Ed 的內容追問一下，然後再問一個真正的問題。追問是關於 USFS 的毛利率，以及你們對進場燃料（inbound fuel）的評論。正確的解讀是否是：你們沒有透過降價把它完全轉嫁出去，可能是為了爭取新客戶？還是這比較像是時點上的動態？而我真正的問題是關於箱數成長（case growth）。

So U.S. local case growth, you're getting to 2.5% for the year. Any color on like what you're seeing quarter-to-date and how you're thinking about the cadence of growth? And then any more color on expectations on the national side.

所以，美國本地（U.S. local）的箱數成長，你們全年目標是達到 2.5%。能否分享一下截至目前本季（quarter-to-date）的觀察，以及你們如何看待成長的節奏？另外，也請再多談一些對全國（national）端的預期。

Thank you for the question, it's Kevin. Let me just it can be confusing if you'll what's hedged, what's not hedged. Brandon covered some key points, so I may repeat some of the key points that he made. Outbound to customers, we are substantially hedged for more than a year. We have a good program we have with key customers, fuel surcharges that are in place that flex up and flex down based on of the economics.

謝謝你的問題，我是 Kevin。我先說一下，哪些有避險、哪些沒有避險，確實可能會讓人混淆。Brandon 已經涵蓋了一些重點，所以我可能會重複他提到的幾個關鍵點。對客戶的出貨端（outbound），我們在一年以上的期間內大幅度做了避險。我們與重要客戶有一套很好的機制：燃料附加費（fuel surcharges）會依經濟條件上調或下調。

What he highlighted is one of the reasons for gross margin pressure in Q4 was inbound. For some of our suppliers, they end into transportation, Lauren. So it's built into the cost to us on the products which shows up on our margin rate. And we did see increased costs on inbound fuel for the fourth quarter.

他強調的是，第四季毛利率承壓的原因之一是進場端（inbound）。對我們的一些供應商而言，Lauren，運輸成本是內含在其中的。因此它會被包含在我們的進貨成本裡，反映在產品成本上，並呈現在我們的毛利率上。而我們確實在第四季看到進場燃料成本上升。

To be clear, we have modeled that for all of 2027. So the guidance that we have put forward for '27 includes the environmental conditions of Q4. So this is not something that should be a pressure point. It's built into our guidance for '27. Brandon's words where we make purposeful choices on the cost of our product to be priced competitively in the market.

講清楚一點，我們已經把這點納入 2027 全年的模型。因此，我們對 2027 年提出的指引已包含第四季的環境條件。所以這不會是需要特別擔心的壓力點。它已經反映在我們對 2027 年的指引之中。用 Brandon 的話說，我們會在產品成本上做出有目的的選擇，以在市場上維持具競爭力的定價。

But we did make an intentional decision to lower price to take share. It's we need to be competitive in the market on the price of our product to our outbound customers and fuel increases that can apply some short-term pressure on the margin rate, something that we are confident we have a plan to address for 2027, as I said. So that's the answer on the inbound fuel. We make purposeful choices on what we absorbed in what our market competitive pricing outbound to customers needs to be.

但我們確實做了有意識的決策：降價以取得市占。我們必須在市場上，對外部客戶的產品價格保持競爭力；而燃料上漲可能會在短期內對毛利率造成一些壓力，但如我所說，我們有信心也有計畫在 2027 年加以因應。以上就是對進場燃料的回答。我們會有目的地決定哪些成本由我們吸收，以及對客戶端（outbound）需要維持何種具市場競爭力的定價。

For local, we said approximately 2.5% growth through the year. That should be reasonably consistent throughout the year. There's no quarter that has a big step-up requirements. Exit velocity of Q4 was strong. We're off to a good start in July.

至於本地（local），我們說全年大約 2.5% 的成長。這應該會在全年相當一致。沒有任何一季需要出現大幅跳升。第四季的期末動能（exit velocity）很強。我們在 7 月開局也很不錯。

So quarter one period one, off to a good start and pretty consistent steady growth throughout all of fiscal 2027. For National, we didn't quote a specific number. Here's what I would say for National. We'll continue to see strong growth in the national segment in health care, education, food service management, we expect to see continued pressure with national restaurants given traffic declines to that segment and the overall pressure that National customers, restaurant customers specifically are experiencing. Net-net, when you put that all together, we will deliver volume growth in National throughout 2027.

所以第一季第一期（quarter one period one）開局良好，整個 2027 財年都會是相當一致、穩健的成長。至於全國（National），我們沒有給出具體數字。我對 National 想說的是：我們會持續看到全國業務在醫療、教育、餐飲服務管理等領域的強勁成長；同時，鑑於該細分市場的來客數下滑，以及 National 客戶、特別是餐廳客戶所承受的整體壓力，我們預期全國餐廳端仍會持續承壓。總結來說，把這些因素合在一起，我們在 2027 年的 National 仍將實現量的成長（volume growth）。

John Heinbockel, Guggenheim.

John Heinbockel，Guggenheim。

Kevin, can you talk about the two biggest opportunities it looks like in local case growth, right or the loss rate that you referenced, which still, I think, is above some of your peers. So the opportunity to bring that down and how fast you can do that? And then secondly, lines per account, right? I think you're referring penetration's picked up a little bit. Is that just sort of green shoots here and what you think the opportunity is and how fast that can develop those two areas?

Kevin，你能談談本地箱數成長看起來最大的兩個機會嗎？第一個是你提到的流失率（loss rate），我認為它仍高於你們的一些同業。所以，把它降下來的機會有多大，以及你們能多快做到？第二個是每戶品項數（lines per account）。我想你提到滲透率（penetration）有小幅提升。這只是一些初步的好轉跡象（green shoots）嗎？你認為這兩個領域的機會有多大、以及能多快發展？

John, thank you for the question. New loss pen. So we're very pleased with our new customer win rate. We'd like to sustain that performance. We don't need to see improvement there.

John，謝謝你的問題。先談新客戶與流失（new loss pen）。我們對新客戶的贏單率（win rate）非常滿意。我們希望維持這樣的表現。這部分不需要再看到改善。

We want to sustain new. It's performing at an exceptionally high level. We want to keep that action in place.

我們希望維持新客戶的表現。它目前的表現水準非常高。我們希望把這套作法持續下去。

Loss rate, you're right. We've made meaningful improvement in loss over the past 12 months and there is additional progress that can be made Brandon talks a lot about this. Our colleague retention improvement and the increased tenure of our existing colleagues is showing up with improved customer retention. So our loss rate improved year-over-year, and there's additional opportunity for that loss rate to continue to improve and the widening spread between new and loss will contribute to case growth.

至於流失率，你說得對。過去 12 個月我們在流失方面已有顯著改善，而且還有進一步進步的空間，Brandon 也常談到這點。我們同仁留任率的提升，以及現有同仁任期（tenure）的增加，正反映在客戶留存率的改善上。因此，我們的流失率年對年改善，且仍有機會持續改善；而新客戶與流失之間差距的擴大，將有助於箱數成長。

Penetration, if I look back to Q4, it's actually where I was most pleased we made substantial progress on penetration with existing customers. AI360, people ask me all the time, Kevin, how are you measuring it? Is it real? Is it showing up in your P&L, the improvement that we are driving in penetration is obviously tied to our colleague success in productivity, improved retention, improved productivity. But what AI360 is doing for that sales colleague, whether or not they're one year in job or 20 years in the job, is teeing up opportunities for existing customers to sell more product to that customer.

滲透率方面，如果回頭看第四季，其實這是我最滿意的一點：我們在既有客戶的滲透上取得了實質進展。AI360，大家常問我：Kevin，你們怎麼衡量？這是真的嗎？它有反映在損益表（P&L）上嗎？我們推動的滲透提升，顯然與同仁在生產力上的成功、留任改善、生產力提升有關。但 AI360 對銷售同仁的作用是：不論他在這份工作做了一年或二十年，都能把「對既有客戶多賣一些產品」的機會整理出來。

It's identifying things that should be on the order that are not. It's preapproving pricing for that incremental line, incremental case. It's identifying through data, what should be able to be sold and it's prioritizing into no more than three things to be done that day.

它會找出訂單上應該出現但沒有出現的品項。它會為新增的品項、新增的箱數預先核准定價。它透過數據辨識哪些商品應該有機會賣得出去，並把優先事項收斂成每天不超過三件要做的事。

We can track who of our colleagues are actioning against these opportunities. We can track close rate by colleague, our sales leadership team is doing a phenomenally good job of coaching our colleagues based on this powerful information and data on knowing pulse rate person A versus B.

我們可以追蹤哪些同仁正在針對這些機會採取行動。我們也能按同仁追蹤成交率（close rate）；我們的銷售領導團隊正運用這些強大的資訊與數據，依據脈動指標（pulse rate）了解 A 與 B 的差異，並對同仁進行非常到位的教練式指導。

And John, that's showing up on solid improvement in penetration. The exit velocity of our Q4 for taking share versus the industry, and our penetration performance in Q4 was stronger than the overall industry. And these are trends we expect to continue into 2027, which is why Brandon and I have confidence to guide at the high end of our long-term algorithm. Brandon, anything to add?

而 John，這些正反映在滲透率的穩健改善上。第四季我們相對於產業的搶市占期末動能（exit velocity），以及第四季的滲透表現，都比整體產業更強。我們預期這些趨勢會延續到 2027 年，這也是為什麼 Brandon 和我有信心把指引給到我們長期演算法（long-term algorithm）的高端。Brandon，你要補充嗎？

Yeah. Just maybe just one thing, just to nail down those themes across the tenure of the colleagues, the penetration improvement and then. Just, John, seeing similar results across our geographies, the one word I think of is consistency. We've had to use that one word of Q4 local volume in terms of the month-to-month pattern that we're seeing even into one we're trending using that specifically in FY27, which is really encouraging to us.

是的。我可能只補充一點，將這些主題更明確地串起來：同仁任期（tenure）的提升、滲透率的改善，然後……另外，John，我們在各個地區看到相似的結果；我想到的一個詞是「一致性」。我們在談第四季本地量（local volume）時就用過這個詞，指的是我們看到的逐月走勢；甚至到第一季，我們也看到相同的趨勢，並會把這點具體延伸到 2027 財年，這讓我們非常振奮。

John Ivankoe with JPMorgan.

摩根大通的 John Ivankoe。

I know there's been attention in private label, and we're seeing that in results now at Sysco. I wanted to just get, I guess, a little bit more color in terms of where you're seeing success and where you're seeing opportunity, whether on the highest end in premium, I guess, the kind of core and classic core reliance, which I think is kind of in terms of Packer brands maybe a newer initiative for you.

我知道大家一直關注自有品牌，我們現在也在 Sysco 的業績結果中看到了這一點。我想再多了解一些細節：你們在哪些方面看到成功、又在哪些方面看到機會？例如在最高端的高端/精品（premium）領域，或是偏核心與經典核心的依賴度；我想就 Packer 品牌而言，這可能對你們來說算是一個較新的倡議。

And the opposite of private label purchased maybe in a maybe related but in a different way. Is how your salespeople are selling some of Sysco specialty businesses, particularly on the meat side, on the product side, on donned cleaning supplies, what have you, different types of agent products, this access that your broadline salespeople have had of integrating specialty into their Broadline type accounts?

另外，與自有品牌採購相對的那一端，可能相關但角度不同。你們的業務人員是如何銷售 Sysco 的一些專業（specialty）業務的，特別是在肉類端、產品端、一次性清潔用品等方面，各類不同的代理產品；你們的綜合配送（Broadline）業務人員如何把專業品類整合進他們的綜合配送型客戶帳戶中，並利用這種觸達能力？

Thank you for the question. We're pleased with the progress that we've made in Sysco Brand, the positive 30 basis points on a year-over-year quarter-to-quarter perspective is a strong statement of the initiatives that we have deployed in Sysco brand that will carry into 2027, which to repeat our guidance for '27, we expect for Sysco Brand to be positive throughout 2027. It started first with product. As I've mentioned previously, we had void in the reliance, to answer your question, product offering, which for others is the opening. We have good, better, best.

謝謝你的提問。我們對 Sysco Brand 的進展感到滿意；從年對年、季對季的角度來看，提升了 30 個基點，這有力地證明了我們在 Sysco Brand 上所推動的各項舉措，並將延續到 2027 年。重申我們對 2027 年的指引：我們預期 Sysco Brand 在整個 2027 年都將維持正成長。首先是從產品開始。如我先前提到的，為了回答你的問題，我們在「核心依賴」的產品供給上曾有缺口；對其他人而言，那就是切入點。我們有 good、better、best 三個層級。

It's the good product offering that we have.

我們目前著手的是 good 這個產品供給層級。

We've started at the item level, what where do we not have matches to Packer label or to National brand, where we could introduce those opening price point products or good products to our customers. That is detailed work. It takes time to get the supplier relationships to audit their factories to ensure that the product is meeting our quality specifications. And that work has been underway now for over the past year, and we saw solid improvement in our value tier revenue growth. In fact, I said on the earnings call, 4x growth of the overall book of business, and it is not cannibalizing better, best products.

我們從單品層級開始：哪些品項我們沒有對標 Packer 自有品牌或全國性品牌（National brand）的對應品，哪些地方可以為客戶導入入門價位（opening price point）的產品或 good 產品。這是非常細緻的工作。需要時間去建立供應商關係、稽核其工廠，以確保產品符合我們的品質規格。這項工作已經持續進行超過一年，我們也看到價值層級（value tier）營收成長有明顯改善。事實上，我在財報電話會議上提到，成長速度是整體業務盤（book of business）的 4 倍，而且並沒有侵蝕 better、best 產品。

These are items that simply were not being bought. We can targets specifically which customers are being propagated to for these offers, both through AI360 for the sales colleague and also on our website. So it started with product.

這些其實是原本就沒有被購買的品項。我們可以精準鎖定哪些客戶要推送這些方案：一方面透過 AI360 提供給業務同仁，另一方面也在我們的網站上呈現。所以一開始是從產品著手。

Topic 2 is pricing architecture. As I said on the call, we always have the intent for Sysco Brand to be a value for the customer a.k.a. save them money. We have lots of items they ebb and flow with the cost of product going up and down over time. And leveraging AI technology, we're doing a better job of ensuring that the price architecture to the customer shows consistent value to our customers over time.

第二個主題是定價架構。如我在電話會議上所說，我們一直希望 Sysco Brand 對客戶而言是「有價值」的，也就是幫他們省錢。我們有許多品項會隨著產品成本隨時間上上下下而波動。透過 AI 技術，我們更能確保對客戶呈現的定價架構，能在時間推移中持續展現一致的價值。

That helps. That improves our sell-through performance.

這會有幫助。也會提升我們的銷售轉化（sell-through）表現。

Last but not least, one of my favorite app capabilities within AI360 is something we call swap and safe, which is if a customer from a sales rep has the opportunity to save the customer money. It prompts them in row 1 of AI360, introduce the savings opportunity or customer today. And this is new. It was launched within the past few months. It is having a tremendously positive impact in reaction from our sales colleagues.

最後但同樣重要的是，在 AI360 裡我最喜歡的一項應用能力之一，我們稱之為「swap and save」（替換省錢）：也就是當業務代表有機會幫客戶省錢時，系統會在 AI360 的第 1 列提示他們，今天就向客戶介紹這個省錢機會。它會在 AI360 的第 1 列提示他們，今天就向客戶介紹這個省錢機會。這是新的功能。它是在過去幾個月內上線的。它對我們業務同仁的反饋帶來了極為正面的影響。

Our colleagues make more money when they sell those cases. putting it right in front of them, giving them confidence that it is a legitimate sub to that national brand product. If they want to learn more about it, they can click a video and learn about the product and learned about the item, et cetera. progress, and we expect for that progress to continue.

同仁在賣出那些箱（cases）時也能賺更多；把它直接放在他們面前，並讓他們有信心：這確實是可以替代那個全國性品牌產品的合理替代品。如果他們想了解更多，可以點開影片，進一步了解產品、了解該品項等等。我們看到進展，並預期這些進展會持續。

Your question about our specialty business is a great one. We call that total team selling. Well, I didn't have it in my prepared remarks. Total team selling continues to make progress at Sysco, and it's across our produce business, our protein business. And as you indicated, our Equipment and Supplies business, Asian Foods businesses as well.

你關於我們專業業務的問題問得很好。我們稱之為「全團隊銷售」（total team selling）。雖然我在事先準備的講稿裡沒有提到，但全團隊銷售在 Sysco 持續取得進展，涵蓋我們的蔬果業務、蛋白質（肉類）業務。也如你所指出的，還包括我們的設備與用品（Equipment and Supplies）業務、亞洲食品（Asian Foods）業務等。

We will expand our Asian food business to more geographies in 2027, giving us more of an opportunity for that cross-sell capability. Total team selling continues to perform. There continues to be a meaningful opportunity for us. We still have many, many thousands of customers who are buying just Broadline. And as we've shared before, as we add a specialty category to that account, that customer buys more, they have a much higher retention rate and a higher overall profitability.

我們將在 2027 年把亞洲食品業務擴展到更多地區，讓我們有更多交叉銷售能力的機會。全團隊銷售持續表現良好。我們仍然有相當可觀的機會。我們仍有非常非常多、成千上萬的客戶只購買綜合配送（Broadline）。如我們先前分享過的，當我們在該帳戶中新增一個專業品類時，客戶會買得更多、留存率更高，整體獲利能力也更高。

So total team selling continues to perform the company -- for the company and will be a growth vector for 2027.

因此，全團隊銷售將持續為公司帶來成效，並會成為 2027 年的成長動能之一。

Mark Carden, UBS.

UBS 的 Mark Carden。

It sounds like some good progress on local case volumes. How are you thinking about local salesperson head count growth in fiscal '27. Any acceleration or deceleration relative to fiscal '26? And then when you do see macro pressures like the ones that we're seeing persist do you see much of a benefit from having a more balanced base bone structure relative to your peers?

聽起來本地箱量（local case volumes）有不錯的進展。你們如何看待 2027 財年本地業務人員（salesperson）人數的成長？相較於 2026 財年會加速還是放緩？另外，當你們看到像我們目前所見、持續存在的總體壓力時，相較同業，擁有更均衡的基礎「骨架」結構，是否會帶來較多的好處？

Brandon, do you want to start this question?

Brandon，你要先回答這題嗎？

Yeah. So from a hiring perspective, we had 450 in '24, we talked about 325. And in '26, we did have growth across both of our main U.S. businesses. Those we've hired over the last two years have moved up the productivity curve.

好。就招募而言，2024 年我們招了 450 人，我們也談到 325 人。而在 2026 年，我們在美國兩大主要業務上都有人員成長。過去兩年招募進來的人，生產力已經沿著曲線提升。

And retention remains high across all of those 10 years. Mark, we'll continue to hire salespeople for sure. We're at a point where we're balancing that with productivity. We're seeing significant productivity improvement. So we want to strike the balance between those two, but we will absolutely have better -- or more growth in '27 as well.

而且留任率在這些人員中仍維持在高水準。Mark，我們當然會持續招募業務人員。我們目前處在需要在招募與生產力之間取得平衡的階段。我們看到顯著的生產力改善。因此我們希望在兩者之間取得平衡，但 2027 年我們也絕對會有更好的——或更多的成長。

And then from a macro perspective okay, from a macro perspective, we have -- we've included all of those pressures in our FY27 guide. As an example, going back to fuel expenses. We modeled fuel expenses to be similar to what we saw in on-highway diesel prices from Q4. When we look at the international space, they're under pressure as well due to the geographical nature of it, but we're moving forward. We just had our 11th quarter of consecutive double-digit OI growth, and we expect that to continue throughout FY27.

再從總體面來看——好的，從總體面來看，我們已把所有這些壓力納入 2027 財年的指引。以燃料費用為例。我們對燃料費用的模型假設，與第 4 季所見的公路柴油（on-highway diesel）價格水準相近。當我們看國際業務時，由於其地理特性也同樣承壓，但我們仍持續推進。我們剛達成連續第 11 個季度營業利益（OI）雙位數成長，並預期這種表現將在 2027 財年持續。

So we work all of those components into our guide, and we feel like we'll have a robust year despite the macroeconomic pressures.

因此，我們把所有這些因素都納入指引之中，並且我們認為即使面臨總體經濟壓力，2027 財年仍會是穩健的一年。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

I don't know if you're going to answer this, but just the questions that have come up as part of the FTC review process for Restaurant Depot, is that what's the nature of those, I guess, have those been largely as you expected at the outset here?

我不確定你是否會回答這個問題，但就 FTC 對 Restaurant Depot 的審查流程中提出的問題而言，這些問題的性質是什麼？我想問的是，這些問題在很大程度上是否如你們一開始所預期？

The questions are as we expected. And if I could just step back to the bigger picture. We are confident that the deal will get approved we've said on today's prepared remarks by our Q3, the facts as the government will see when they review the case file is that these are independent customer channels. that a customer is a cash-and-carry customer. They choose that channel, that is where they shop.

這些問題如我們所預期。如果我可以先退一步，從更大的角度來看。我們有信心這筆交易會獲得批准；我們在今天的事先準備發言中也提到，預計在第三季。就政府在審閱案件資料時所看到的事實而言，這些是彼此獨立的客戶通路。某位客戶若是現金自提（cash-and-carry）客戶，他們會選擇那個通路，那就是他們購物的地方。

And there is meaningfully ample competition within Cash & Carry. You've got Costco, you got Sam's Club, you have thousands of independent cash and carry operators. Two of our competitors operate cash & carry channels as well. So there's meaningfully ample competition in Cash & Carry.

而且在現金自提（Cash & Carry）領域內有相當充足的競爭。你有 Costco、你有 Sam's Club，還有數以千計的獨立現金自提業者。我們的兩家競爭對手也經營現金自提通路。所以在現金自提（Cash & Carry）方面確實有相當充足的競爭。

The other customer is a customer who prefers delivery. They want, they want a delivery to their restaurant. They don't want to own their own band and have to take time out of their day to have to go over to a store to get their product. And obviously, there is ample competition in the delivery. There's very little overlap between the 2 customer channels today at this time, and that can be back-tested looking at when Restaurant Depot opens a store, what happens.

另一類客戶是偏好配送的客戶。他們希望把貨送到他們的餐廳。他們不想自己擁有車隊，還得在一天當中抽時間跑去店裡取貨。而且很明顯地，配送市場也有充足的競爭。目前這兩種客戶通路之間的重疊非常少，這點可以回溯驗證：當 Restaurant Depot 開一家新店時，會發生什麼情況。

So that's point one.

所以這是第一點。

Point two is pricing. They're going to look at will this deal negatively impact the end restaurant customer. And I cannot be more clear on this topic. We, Sysco, have no intentions to raise prices at Restaurant Depot stores. As I said in my prepared remarks, we actually think we can improve affordability.

第二點是定價。他們會看這筆交易是否會對終端餐廳客戶造成負面影響。在這個議題上，我再清楚不過。我們 Sysco 無意在 Restaurant Depot 門市調漲價格。正如我在事先準備發言中所說，我們其實認為我們可以提升可負擔性。

How we will do that is by bringing their model to 125 net new geographies that creates many thousands of jobs. It brings the affordable low-cost leader to net new communities, and that's a positive restaurants. And it stores that are operating today, we have no intentions of raising prices at their stores. It would hurt to stores. It would decrease their competitiveness and the value that they're providing to their end customers, who would have no economic incentive to do that.

我們做到這點的方式，是把他們的模式帶到 125 個淨新增的地理市場，創造數以千計的工作機會。這會把平價的低成本領導者帶進淨新增的社區，這對餐廳是正面的。而對於目前正在營運的門市，我們無意在他們的門市調漲價格。那會傷害門市。那會降低他們的競爭力，以及他們提供給終端客戶的價值；我們沒有任何經濟誘因去那麼做。

So we are answering all the government's questions. It's a big deal, meaning the deal is a large transaction. They have go through their data discovery, and we have confidence that the facts will result in the deal getting approved, as we said, by Q3. What we're most excited about is being able to buy product together sharing in that procurement efficiency to produce value for our end customers, bring their model to net new geographies and eventually up to Canada. There isn't a strong top-performing cash and carry operator up north, and we really believe that going to Canada is a compelling opportunity for the long term.

因此，我們正在回覆政府的所有問題。這是一筆大交易，也就是說，這筆交易金額很大。他們必須進行資料蒐集與調查（data discovery），而我們有信心，事實將使這筆交易如我們所說在第三季獲得批准。我們最興奮的是能夠一起採購產品、共享採購效率，為終端客戶創造價值，把他們的模式帶到淨新增的地理市場，並最終拓展到加拿大。在北方（加拿大）沒有一家強勢、表現頂尖的現金自提業者，而我們確實相信進軍加拿大是具吸引力的長期機會。

And last but not least, eventually, at the appropriate time, while today, they're separate channels, we have an opportunity to serve customers more effectively. And my favorite example is a delivery primary customer who runs out of something between deliveries and needs urgently, we Sysco today have limited options to be able to support that customer's needs. Oftentimes, the Restaurant Depot store is going to be closer to that customer and our ability to leverage that store for a rapid same-day delivery is something we're very excited about, and we know customers will benefit from. So thank you for the question.

最後但同樣重要的是，最終在適當的時機，雖然今天它們是分開的通路，但我們有機會更有效地服務客戶。我最喜歡的例子是一位以配送為主的客戶，在兩次配送之間某樣東西用完了而急需補貨；我們 Sysco 目前能支援該客戶需求的選項有限。很多時候，Restaurant Depot 的門市會離該客戶更近，而我們能夠運用該門市提供快速的當日配送，這是我們非常期待的，我們也知道客戶將因此受益。所以謝謝你的提問。

Kevin Kim, over to you.

Kevin Kim，交給你。

All right. Great. Thank you, everybody. Thank you for joining our call today. Please reach out to the Investor Relations team if you have any follow-up questions. Thank you for your time.

好的。很好。謝謝各位。感謝大家今天參加我們的電話會議。如果你們有任何後續問題，請聯繫投資人關係團隊。謝謝各位撥冗。

Thank you, ladies and gentlemen. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝各位女士、先生。今天的會議到此結束。感謝各位的時間與參與。您現在可以掛線。