UniFirst Corp (UNF) 2024 Q2 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

Welcome to UniFirst Second Quarter 2024 earnings conference call.

歡迎參加 UniFirst 2024 年第二季財報電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question and answer session to ask a question.

演講者演講結束後，將進行問答環節。

During this session you will need to press star one one on your telephone.

在此會話期間，您需要在電話上按星號鍵。

You would then your automated message advising your hand is raised.

然後，您會收到自動訊息，建議您舉手。

To withdraw your question, please press star one one.

若要撤回您的問題，請按星號一一。

Again.

再次。

I would now like to hand the conference over to Steven Sintros, UniFirst's President and CEO.

現在我想將會議交給 UniFirst 總裁兼執行長 Steven Sintros。

Sir, you may begin.

先生，您可以開始了。

Thank you and good morning.

謝謝你，早安。

I'm Steven Sintros, UniFirst's President and Chief Executive Officer.

我是史蒂文‧辛特羅斯 (Steven Sintros)，UniFirst 總裁兼執行長。

Joining me is Shane O'Connor, Executive Vice President and Chief Financial Officer.

與我一起出席的是執行副總裁兼財務長 Shane O'Connor。

We would like to welcome you to UniFirst Corporation's conference call to review our second quarter results for fiscal year 2024 this call will be on a listen-only mode until we complete our prepared remarks, but first, a brief disclaimer.

我們歡迎您參加UniFirst Corporation 的電話會議，以回顧我們2024 財年第二季度的業績。在我們完成準備好的發言之前，本次電話會議將以收聽模式進行，但首先，我們有一個簡短的免責聲明。

This conference call may contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance.

本次電話會議可能包含反映本公司目前對未來事件和財務表現的看法的前瞻性陳述。

These forward-looking statements are subject to certain risks and uncertainties.

這些前瞻性陳述存在一定的風險和不確定性。

The words anticipate, optimistic, believe, estimate, expect, intend and similar expressions that indicate future events and trends identify forward-looking statements.

預期、樂觀、相信、估計、預期、打算等詞語以及表明未來事件和趨勢的類似表達方式均屬於前瞻性陳述。

Actual future results may differ materially from those anticipated depending on a variety of risk factors.

根據各種風險因素，未來的實際結果可能與預期結果有重大差異。

For more information, please refer to our discussion of these risk factors in our most recent Form 10-K and 10-Q filings with the Securities and Exchange Commission.

如需了解更多信息，請參閱我們在最近向美國證券交易委員會提交的 10-K 表格和 10-Q 表格中對這些風險因素的討論。

We are pleased with the results from our second quarter with Met, which met our internal expectations.

我們對 Met 第二季的業績感到滿意，它滿足了我們的內部預期。

I want to sincerely thank our team partners who continue to always deliver for each other and our customers as we strive toward our vision of being universally recognized as the best service provider in the industry.

我要衷心感謝我們的團隊合作夥伴，他們始終為彼此和我們的客戶提供服務，努力實現我們被公認為業內最佳服務提供者的願景。

All while living our mission of serving the people who do the hard work, people who do the hard work of the workforce that keeps our communities up and running.

我們始終實踐我們的使命，為辛勤工作的人們服務，為維持我們社區正常運作的勞動力辛勤工作的人們服務。

So many of them are our existing and prospective customers as well as our own UniFirst team partners.

他們中的許多人是我們的現有和潛在客戶以及我們自己的 UniFirst 團隊合作夥伴。

Our mission is to support those employees by providing the right products and services, enabling them to do their job successfully and safely safely, whether that means providing uniforms, workwear, facility services, First Aid and Safety, clean room or other products and services.

我們的使命是透過提供合適的產品和服務來支持這些員工，使他們能夠成功、安全地完成工作，無論這意味著提供製服、工作服、設施服務、急救和安全、無塵室或其他產品和服務。

Our goal is to partner with our customers to ensure that we structure the right program products and services for their business and their team, all while providing an enhanced customer service experience.

我們的目標是與客戶合作，確保我們為他們的業務和團隊建立正確的規劃產品和服務，同時提供增強的客戶服務體驗。

Overall revenues in our second quarter were up 8.8% compared to the second quarter of fiscal 2023.

與 2023 財年第二季相比，我們第二季的整體營收成長了 8.8%。

Current quarter benefited from the acquisition of clean uniform, which just passed its one-year anniversary anniversary of becoming part of UniFirst this month.

本季度受益於 Clean Uniform 的收購，該公司本月剛剛度過了成為 UniFirst 一部分的一周年紀念日。

We continue to be pleased with the overall performance of clean as we have been able to retain its customers and continue to move its top line positively over the last year.

我們仍然對 clean 的整體表現感到滿意，因為我們能夠留住其客戶，並在去年繼續積極地提高其營收。

Core Laundry Operations organic growth totaled 4.8% in the quarter.

本季核心洗衣業務有機成長總計 4.8%。

Net income and EBITDA increased 14.9% and 23.8%, respectively in the quarter compared to a year ago, benefiting from growth in our top line and lower cost expended during the quarter related to key initiatives.

本季淨利和 EBITDA 與去年同期相比分別成長 14.9% 和 23.8%，受益於我們營收的成長以及本季與關鍵措施相關的成本支出降低。

Excluding the impact of the key initiatives.

排除關鍵舉措的影響。

We still experienced solid EBITDA growth in the first six months of the year.

今年前六個月，我們的 EBITDA 仍然保持強勁成長。

We are also pleased with the significant improvement in cash flows from our operating activities compared to 2023, as well as some positive trends in certain key areas such as merchandise costs.

與 2023 年相比，我們的經營活動現金流量顯著改善，以及商品成本等某些關鍵領域的一些正面趨勢，我們對此感到高興。

As a reminder, we have been expending costs over the last couple of years related to our technology transformation.

提醒一下，過去幾年我們一直在花費與技術轉型相關的成本。

As expected, these costs are declining due to activity surrounding the deployment of our CRM largely winding down.

正如預期的那樣，由於圍繞 CRM 部署的活動基本上已經結束，這些成本正在下降。

We continue to expend dollars related to our ERP project.

我們繼續花費與 ERP 項目相關的資金。

However, as we enter implementation phases of the project, more costs are being capitalized.

然而，隨著我們進入專案的實施階段，更多的成本被資本化。

During the quarter, we saw continued strong performance from our sales organization, delivering a 10% increase in new account installations compared to the prior year.

在本季度，我們的銷售組織持續表現強勁，新帳戶安裝量比前一年增加了 10%。

We continue to sell from prospects and the value that UniFirst can bring to their businesses.

我們繼續向潛在客戶以及 UniFirst 可以為其業務帶來的價值進行銷售。

Our approach is a constant state of one where, as I mentioned, we focused on creating the right programs with the right garments and products for our customers.

正如我所提到的，我們的方法是一種持續的狀態，我們專注於為客戶創建正確的計劃，使用正確的服裝和產品。

Overall, we are pleased with solid organic growth for the quarter despite a somewhat more challenging pricing environment.

總體而言，儘管定價環境更具挑戰性，但我們對本季的穩健有機成長感到滿意。

In addition, wearers versus reductions were flat in the quarter compared to a positive impact in wearer levels that we had a year ago.

此外，與一年前配戴者水準的正面影響相比，本季配戴者數量與減少量持平。

As we look forward to the rest of 2024 and beyond, we will continue to focus on delivering profitable growth, fueled by strong execution from our sales organization.

展望 2024 年剩餘時間及以後，我們將在銷售組織強有力的執行力的推動下，繼續專注於實現盈利增長。

And our continuing efforts to drive superior service execution and customer satisfaction.

我們不斷努力推動卓越的服務執行和客戶滿意度。

In addition to executing our growth model, we continue to focus on opportunities to improve our efficiency and profitability.

除了執行我們的成長模式外，我們還繼續專注於提高效率和獲利能力的機會。

Our team continues to become more proficient, utilizing and optimizing the capabilities of our new CRM, including leveraging some of clean's proprietary technology across universe with all efforts focused on deploying standard processes and driving productivity in additional areas such as strategic pricing and account profitability as well as strategic manufacturing and sourcing represents significant margin enhancement opportunities.

我們的團隊繼續變得更加熟練，利用和優化新 CRM 的功能，包括利用 clean 的一些跨領域專有技術，並全力專注於部署標準流程並提高戰略定價和客戶盈利能力等其他領域的生產力因為戰略製造和採購代表著顯著的利潤提升機會。

Although some of these benefits going forward will be more significantly enabled through the implementation of our ERP.

儘管透過實施我們的 ERP，其中一些好處將得到更顯著的實現。

We continue to continue to focus on these areas and others that we feel can move the needle in the near to midterm, we continue to believe strongly in the bright future of our first aid and safety division.

我們將繼續關注這些領域以及我們認為可以在近期到中期取得進展的其他領域，我們仍然堅信我們的急救和安全部門的光明未來。

During the quarter, we continued to deliver strong growth in our van operations, which was partially offset by a decline in our wholesale operations.

本季度，我們的貨車業務繼續實現強勁增長，但批發業務的下降部分抵消了這一增長。

We continue to make investments in the sales and service infrastructure of the van business to expand our footprint and ensure we can reach existing UniFirst customers as well as new prospects in the market that have a strong need for these products and services as we progress increasing route density.

我們繼續對貨車業務的銷售和服務基礎設施進行投資，以擴大我們的足跡，並確保我們能夠接觸現有的UniFirst 客戶，以及隨著我們不斷增加的路線，我們能夠接觸到對這些產品和服務有強烈需求的市場新潛在客戶。密度。

In addition to penetrating customers with the full breadth of services that we provide will be critical steps and build that building the profitability of this segment.

除了透過我們提供的全方位服務滲透客戶之外，這將是關鍵步驟，並建立該細分市場的盈利能力。

With that, I'll turn the call over to Shane, who will provide more details on our second quarter as well as the outlook for the remainder of fiscal '24.

接下來，我會將電話轉給 Shane，他將提供有關我們第二季度的更多詳細資訊以及 24 財年剩餘時間的前景。

Thanks, Steve.

謝謝，史蒂夫。

In our second quarter of 2024 consolidated revenues were $590.7 million, up 8.8% from $542.7 million a year ago.

2024 年第二季度，我們的合併收入為 5.907 億美元，比一年前的 5.427 億美元成長 8.8%。

And consolidated operating income increased to $27.9 million from $20.7 million or 34.9%.

綜合營業收入從 2,070 萬美元增至 2,790 萬美元，增幅為 34.9%。

Net income for the quarter increased to $20.5 million or [$1.9] per diluted share from $17.8 million or $0.95 per diluted share.

本季淨利潤從 1,780 萬美元或稀釋每股 0.95 美元增至 2,050 萬美元或稀釋每股 [1.9 美元]。

Consolidated EBITDA increased to $62.5 million compared to $50.5 million in the prior year or 23.8%.

綜合 EBITDA 增至 6,250 萬美元，而前一年為 5,050 萬美元，增幅為 23.8%。

Our financial results in the second quarter of fiscal 2024 and 2023 included approximately $3.2 million and $9.1 million, respectively, of costs directly attributable to our key initiatives.

我們 2024 財年和 2023 財年第二季的財務表現分別包括約 320 萬美元和 910 萬美元的直接歸因於我們關鍵措施的成本。

In addition, we incurred costs of approximately $2 million in our second quarter of fiscal 2023 related to the acquisition of clean uniform.

此外，我們在 2023 財年第二季因購買乾淨制服而產生了約 200 萬美元的成本。

The effect of these items on the second quarter of fiscal 2024 and 2023, combined to decrease both operating income and EBITDA by $3.2 million and $11.1 million, respectively, net income by $2.5 million and $8.3 million respectively, and EPS by $0.13 and $0.44, respectively, year over year.

這些項目對2024 財年第二季和2023 財年第二季的影響合計導致營業收入和EBITDA 分別減少320 萬美元和1,110 萬美元，淨利潤分別減少250 萬美元和830 萬美元，每股收益分別減少0.13 美元和0.44 美元， 一年又一年。

Net income and EPS comparisons were also unfavorably impacted by lower interest income in our second quarter of 2024 due to lower cash reserves subsequent to the acquisition of clean in our third quarter of fiscal 2023.

由於我們在 2023 財年第三季收購 clean 後現金儲備減少，因此 2024 年第二季利息收入下降也對淨利和每股盈餘比較產生了不利影響。

Our Core Laundry Operations revenues for the quarter were $522.4 million, up 9.5% from the second quarter of 2023.

我們本季的核心洗衣業務收入為 5.224 億美元，比 2023 年第二季成長 9.5%。

Core Laundry organic growth, which adjusts for the estimated effect of acquisitions as well as fluctuations in the Canadian dollar was 4.8%.

根據收購的估計影響以及加幣波動進行調整後，Core Laundry 的有機成長率為 4.8%。

The solid organic growth rate was primarily the result of solid new account sales and improved pricing with our customers for laundry operating margin increased to 3.6% for the quarter were $19 million from 2.9% in prior year fourth quarter, $13.6 million, and the segment's EBITDA margin increased to 9.9% from 8.7% costs we incurred related to our key initiatives were recorded to the Core Laundry Operations segment and combined to decrease both the core laundry operating and EBITDA margins for the second quarter of fiscal 2024 and 2023 by 0.6% and 2.3%, respectively.

穩健的有機成長率主要歸功於新客戶銷售的穩健以及與客戶的定價改善，洗衣店營運利潤率從去年第四季的2.9% 增至1,900 萬美元，從去年第四季的1,360 萬美元增至3.6%，該部門的EBITDA利潤率從8.7% 增至9.9%，與關鍵舉措相關的成本記錄到核心洗衣業務部門，合併後，2024 財年第二季度和2023 財年第二季度的核心洗衣業務利潤率和 EpITDA 利潤率分別下降了0.6% 和2.3% ％， 分別。

Excluding these items the segment's operating and EBITDA margins were also impacted by additional reserves we recorded related to our legacy environmental sites and higher costs we incurred related to investments we have made in building our corporate capabilities over the last year.

排除這些項目，該部門的營運利潤率和 EBITDA 利潤率也受到我們記錄的與遺留環境場地相關的額外準備金以及我們去年為建設公司能力而進行的投資所產生的更高成本的影響。

These items were partially offset by lower energy costs during the quarter, which decreased to 4.4% of revenues, down from 4.8% in 2023.

這些項目被本季能源成本下降部分抵消，能源成本佔收入的比例從 2023 年的 4.8% 下降至 4.4%。

Revenues from our Specialty Garments segment, which delivers specialized nuclear decontamination and cleanroom products and services increased slightly to $43.5 million from $42.1 million in prior year or 3.2%.

我們的特種服裝部門提供專門的核淨化和無塵室產品和服務，其收入從上一年的 4,210 萬美元小幅增長至 4,350 萬美元，增幅為 3.2%。

This increase was primarily due to growth in our clean-room operations.

這一成長主要是由於我們潔淨室業務的成長。

Segment's operating margin increased to 22.8% from 19.1%, primarily the result of lower merchandise expenses in our clean room operations.

該部門的營業利潤率從 19.1% 增加到 22.8%，這主要是由於我們無塵室業務的商品費用降低。

As we've mentioned in the past that the segment's results can vary significantly from period to period due to seasonality as well as the timing and profitability of nuclear reactor outages and projects.

正如我們過去所提到的，由於季節性以及核反應器停駛和項目的時間和盈利能力，該部門的表現在不同時期可能會有很大差異。

Our First Aid segment's revenues increased to $24.8 million from $23.5 million in prior year or 5.6%.

我們的急救部門的收入從前一年的 2,350 萬美元增至 2,480 萬美元，增幅為 5.6%。

As Steve discussed, this increase was fueled by strong growth in our van operations, partially offset by a decline in our wholesale operations segment had an operating loss of $1 million during the quarter as the segment's results continue to reflect the investments we are making in our First Aid van business at the end of our second fiscal quarter, we continued to reflect a solid balance sheet and financial position with no long-term debt and cash, cash equivalents and short-term investments totaling $101.9 million.

正如史蒂夫所討論的，這一增長是由我們貨車業務的強勁增長推動的，部分被我們批發業務部門的下降所抵消，該部門在本季度運營虧損100 萬美元，因為該部門的業績繼續反映了我們在急救車業務 在第二財季末，我們繼續保持穩健的資產負債表和財務狀況，沒有長期債務，現金、現金等價物和短期投資總計 1.019 億美元。

Cash flows from operating activities in fiscal 2024 have increased to $106.7 million compared to $64.2 million in prior year or 66.3%, primarily due to improved profitability and lower working capital needs of the business during the first half of the year.

2024 財年經營活動產生的現金流量從上一年的 6,420 萬美元增至 1.067 億美元，增幅為 66.3%，這主要是由於上半年業務盈利能力提高和營運資金需求降低。

We continue to invest in our future with capital expenditures of $72.9 million, and we repurchased 46,750 shares of common stock for $8.1 million.

我們繼續以 7,290 萬美元的資本支出投資於我們的未來，並以 810 萬美元回購了 46,750 股普通股。

I'd like to take this opportunity to provide an update on our outlook.

我想藉此機會更新我們的前景。

We now expect our revenues for fiscal 2024 to be between $2.415 billion and $2.425 billion.

我們現在預計 2024 財年的營收將在 24.15 億美元至 24.25 億美元之間。

In line with the message at the end of our last fiscal quarter, we further expect that our diluted earnings per share will be between $6.80 and $7.16. Our guidance for fiscal 2024 continues to include one extra week of operations compared to fiscal 2023 due to the timing of our fiscal quarter and assumes core laundry operations, operating and EBITDA margin at the midpoint of the range of 6.5% and 12.6%, respectively.

根據我們上一財季末的信息，我們進一步預計稀釋後每股收益將在 6.80 美元至 7.16 美元之間。由於我們財政季度的時間安排，我們對 2024 財年的指導繼續包括比 2023 財年多運營一周，並假設核心洗衣業務、運營利潤率和 EBITDA 利潤率分別為 6.5% 和 12.6% 的中點。

We now estimate that the cost directly attributable to our key initiatives that will be expensed in fiscal 2024 will be $12 million and will reduce both core laundry operations, operating and EBITDA margins by 0.6%.

我們現在估計，2024 財年主要措施的直接成本將為 1,200 萬美元，核心洗衣業務、營運利潤率和 EBITDA 利潤率將減少 0.6%。

We fully expect the full year effective tax rate will be 25% and our guidance assumes no future share buybacks or unexpected significantly adverse economic developments.

我們完全預計全年有效稅率將為 25%，並且我們的指導假設未來不會進行股票回購或出現意外的重大不利經濟發展。

This concludes our prepared remarks, and we would now be happy to answer any questions that you may have.

我們準備好的演講到此結束，我們現在很樂意回答您可能提出的任何問題。

Thank you.

謝謝。

Ladies and gentlemen, as a reminder to ask a question, please press star one one on your telephone and wait to hear your name announced To withdraw your question.

女士們、先生們，作為提問提醒，請在電話上按星號一一，等待聽到您的名字後撤回您的問題。

Please press star one one.

請一一按星號。

Again, please stand by while we compile the Q&A roster.

再次，請大家耐心等待，我們正在整理問答名單。

Yes.

是的。

Our first question comes from the line of Manav Patnaik with Barclays.

我們的第一個問題來自巴克萊銀行的馬納夫·帕特奈克 (Manav Patnaik)。

Your line is open.

您的線路已開通。

Hi, good morning.

早安.

This is Ronan Kennedy on from Manav, and I'll thank you for taking my questions.

我是馬納夫的羅南肯尼迪，感謝您回答我的問題。

The first one, if I may.

如果可以的話，第一個。

Just to look to unpack, I know you historically don't disaggregate or break out the organic growth algo, but you did comment on our strong performance with a 10% increase in new account installations.

只是為了了解一下，我知道您歷來不會分解或打破有機成長演算法，但您確實對我們的強勁表現發表了評論，新帳戶安裝量增加了 10%。

Just wondering if you could unpack that a bit further with some further detail as to the drivers there, who you're winning from some some further detail, please?

只是想知道您是否可以進一步解開這個問題，並提供有關那裡的驅動程序的更多詳細信息，請從一些進一步的細節中您將贏得誰？

Sure.

當然。

From a sales perspective, I think if you look at it as we've talked about in the past, about 60% of our new account sales come from competition, and that's sort of a wide range of competition.

從銷售的角度來看，我認為如果你像我們過去討論的那樣看待它，我們大約 60% 的新帳戶銷售來自競爭，這是一種廣泛的競爭。

And the other 40% are no programmers.

另外 40% 不是程式設計師。

So those are either people that had a different type of program, maybe a direct purchase program or no program at all or opening a new business.

因此，這些人要么有不同類型的計劃，可能有直接購買計劃，要么根本沒有計劃，要么開設新業務。

And so on from an industry perspective, I think it's pretty pretty widespread.

從行業角度來看，我認為這是相當普遍的。

We haven't seen any significant shift in the type of business that we're winning.

我們尚未看到我們所贏得的業務類型發生任何重大轉變。

We're still winning a healthy amount of uniform business, which did run a little bit higher this year at least year to date compared to a year ago.

我們仍然贏得了大量的製服業務，至少今年迄今為止，與一年前相比，這項業務確實有所成長。

And so I would say the wins are pretty broad-based.

所以我想說，勝利的基礎相當廣泛。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then as a follow-up, also on the organic growth, I think you had referenced a somewhat more challenging pricing environment, which you had also previously spoken of seeing price sensitivity, I think it was relative to initial expectations and also a function of moderating costs.

然後，作為後續行動，也是關於有機增長，我認為您提到了一個更具挑戰性的定價環境，您之前也提到看到價格敏感性，我認為它與最初的預期相關，也是調節成本。

But can you just talk about how pricing is trending and whether you're seeing some continuing to see what was previously some strategic losses?

但您能否談談定價趨勢如何，以及您是否看到一些人繼續看到以前的一些策略損失？

And then also just any comments on attrition and how that is trending, please?

然後還有關於員工流動的評論以及趨勢如何？

Sure.

當然。

With respect to pricing, I think, Mike, my comments probably held from last quarter as well.

關於定價，麥克，我認為我的評論可能也來自上個季度。

It is a little bit more sensitive out there from I think you just look at the cycle that we've gone through from an inflationary perspective.

我認為，從通貨膨脹的角度來看我們所經歷的週期，這有點敏感。

And although costs are not going backwards, some of the cost trends just out in the marketplace have moderated.

儘管成本並沒有下降，但市場上的一些成本趨勢已經放緩。

And I think a lot of companies are starting to look at their cost and maybe putting programs out to bid a little bit more than they did certainly during the pandemic.

我認為很多公司都開始考慮自己的成本，並且可能會推出比疫情期間更高一點的競標價格。

I think this is a lot of this is in the context of comparing to the pandemic where retention for a lot of service companies was better.

我認為這很大程度上是在與大流行相比的情況下進行的，在大流行中，許多服務公司的保留率更好。

Price sensitivity wasn't as strong, especially with the inflation that was being experienced across the market.

價格敏感性不那麼強，尤其是在整個市場經歷通貨膨脹的情況下。

So I wouldn't say during the quarter we had any further change in that environment.

因此，我不會說本季我們的環境發生了任何進一步的變化。

It continues to be on balance a little more challenging in that area compared to say a year ago from an attrition perspective, I know we had talked about it ticking up a bit over the last couple of quarters.

從人員流失的角度來看，與一年前相比，該領域總體上仍然更具挑戰性，我知道我們已經討論過它在過去幾個季度有所上升。

I would say no real change there, although compared to maybe the second half of last year, maybe some recent recent improvement in a little bit.

我想說，那裡沒有真正的變化，儘管與去年下半年相比，也許最近有一些進步。

So and nothing really significantly different in the environment.

因此，環境中沒有什麼真正顯著的差異。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Please standby for our next question.

請等待我們的下一個問題。

Our next question comes from the line of Kartik Mehta with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Your line is open.

您的線路已開通。

Steve, just to understand pricing a little bit more from a sensitivity standpoint, are you at a point where you're year-over-year starting to have to go negative pricing or decreased pricing, or are you still able to get a little bit of a price increase, but maybe just not as much as you were getting during the pandemic time?

史蒂夫，只是為了從敏感性的角度更多地了解定價，你是否已經到了逐年開始不得不採用負定價或降低定價的地步，或者你仍然能夠得到一點價格上漲，但也許只是沒有大流行期間的漲幅那麼多？

Yes, I think I think it's the latter.

是的，我想我認為是後者。

I think we still feel like we're securing some price.

我認為我們仍然覺得我們正在確保一些價格。

But as we as we all have talked about over the last couple of years on balance, there was more impact as we work through what had been sort of rapidly rising fuel prices and other inflationary areas.

但正如我們在過去幾年中所討論的那樣，當我們解決燃料價格快速上漲和其他通貨膨脹領域的問題時，會產生更大的影響。

I think that that the ability to share in price was was on balance easier.

我認為總的來說，分享價格的能力更容易。

But no, I would say we're still getting some benefit from pricing for sure in the current quarter and in the current environment.

但不，我想說，在當前季度和當前環境下，我們肯定仍然從定價中獲得一些好處。

And then I know you talked a little bit about attrition, but as you look at your add-stops metric, how is that trending?

然後我知道您談到了一些關於流失的問題，但是當您查看添加停止指標時，趨勢如何？

Yes, add-stops is it is very stable right now.

是的，加站現在非常穩定。

I think I made the comment that a year ago, we were seeing a little bit more of a pull from positive adds and you just don't need to look much further than sort of the job numbers kind of month to month over the last couple of years to see that you can kind of make the connection that we were getting more pull over that period of time and less pull Now right now, I'd say it's stable we obviously look closely to see if there's any signals of industry sort of pulling back.

我想我一年前就說過，我們看到了更多來自積極增加的拉動，你不需要比過去幾年逐月的就業數字看得更遠。幾年後你才能看到你可以建立這樣的連結：在那段時間我們的拉力越來越大，現在的拉力越來越小，我想說它是穩定的，我們顯然會仔細觀察是否有任何產業訊號拉回來。

And although we've seen select layoffs here and there broadly, it's been very stable overall.

儘管我們到處都看到了選擇性裁員，但總體來說還是非常穩定的。

And Shane, just one last question.

謝恩，還有最後一個問題。

You know, for the year, what would you and just trying to understand adjusted EPS?

你知道，對於這一年，你會想了解調整後的每股盈餘嗎？

I know you gave an EPS number.

我知道你給了 EPS 號碼。

What kind of impact would you anticipate from your key initiatives?

您預計您的關鍵舉措會產生什麼樣的影響？

And I know the acquisition now know you're lapping it, but just for the year?

我知道這次收購現在知道你正在努力，但只是為了這一年？

Yes, I think the estimate for my key initiatives, it is $12 million for the year.

是的，我認為我的主要舉措今年的預算為 1200 萬美元。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Please standby for our next question.

請等待我們的下一個問題。

Our next question comes from the line of Tim Mulrooney with William Blair.

我們的下一個問題來自蒂姆·馬爾魯尼和威廉·布萊爾的對話。

Your line is open.

您的線路已開通。

Hi, good morning.

早安.

This is Luke McFadden on for Tim.

我是蒂姆的盧克·麥克法登。

Thanks for taking our questions today.

感謝您今天回答我們的問題。

So the last quarter, you had mentioned detecting more cautious posture from some clients as it pertains to business outlook, at least on the margin.

因此，上個季度，您提到發現一些客戶對業務前景採取了更加謹慎的態度，至少在邊際上是如此。

But given that many of your clients have now likely gone through their own annual budgeting process, just curious to hear if you've noticed any shift in sentiment one way or another as it relates to the outlook for the balance of 2024?

但鑑於您的許多客戶現在可能已經完成了自己的年度預算流程，我只是想知道您是否注意到與 2024 年餘下的前景相關的情緒發生了某種變化？

Yes.

是的。

So I wouldn't say there's really been any shift.

所以我不會說真的有任何轉變。

And I think you sort of seeing that in the in the adds reductions, right.

我認為你在增加減少中看到了這一點，對吧。

I think we're probably seeing people a little bit more cautious about growth outlook overall, which is causing maybe some some pullback in hiring.

我認為我們可能會看到人們對整體成長前景更加謹慎，這可能導致招聘有所回落。

But again, I think it's sort of incrementally cautious, but I wouldn't say compared to a quarter ago that that's really changed a heck of a lot.

但同樣，我認為這是一種逐漸謹慎的態度，但我不會說與一個季度前相比，這真的發生了很大的變化。

Understood.

明白了。

And then if I can pivoting to your ERP implementation, could you just provide any update on progress as it relates to that initiative to date?

然後，如果我可以轉向你們的 ERP 實施，你們能否提供與該計劃相關的最新進展？

Just in terms of kind of where that's trended internally in terms of your internal expectations?

就您的內部期望而言，內部趨勢是什麼？

And in light of that progress, is the $150 million number that you gave given in the past for CapEx for full year 2024, still the right way be thinking about that?

鑑於這一進展，您過去給出的 2024 年全年資本支出 1.5 億美元的數字是否仍然是正確的思考方式？

Yes, our ERP project continues to progress on sort of in line with our expectations.

是的，我們的 ERP 專案持續進展，有點符合我們的預期。

Again, we're in the earlier implementation phases where we're focusing on maybe some more of the foundational items as we implement that system at this point in time.

同樣，我們正處於早期的實施階段，在我們此時實施該系統時，我們可能會關注更多的基礎項目。

I would say largely it's progressing as expected on when you take a look or as it relates to your question around the CapEx for the year, the $150 million.

我想說的是，當你看一下或與你關於今年資本支出（1.5 億美元）的問題相關時，它基本上正在按預期進展。

I think through two quarters we spent, you know, a little over $72 million in CapEx, I think is the way things are trending that $150 million number still is a good number.

我認為，在過去的兩個季度中，我們的資本支出略高於 7,200 萬美元，我認為按照目前的趨勢，1.5 億美元的數字仍然是一個不錯的數字。

Great.

偉大的。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Please standby for our next question.

請等待我們的下一個問題。

Our next question comes from the line of Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通的安德魯斯坦納曼。

Your line is open.

您的線路已開通。

And could you talk a little bit about universe success in cross-selling like right now?

您能談談像現在這樣在交叉銷售領域的巨大成功嗎？

How much is cross-selling existing accounts helping the organic revenue growth now overall I know you talk about building out your Vans business and first first day, this is really kind of in, I would say, core laundry question, but are you getting more cross-sell of core of Core Laundry from your van customers and First Aid?

交叉銷售現有帳戶對整體有機收入成長有多大幫助？我知道你在談論建立你的 Vans 業務，第一天，我想說，這確實是核心洗衣問題，但你是否得到了更多向您的貨車客戶和急救中心交叉銷售Core Laundry 的核心產品？

Yes, I'll take the second part of the question first.

是的，我先回答問題的第二部分。

And certainly we are getting a lot of energy and cross-sell with our with our first state expansion.

當然，我們在第一次州擴張中獲得了大量的精力和交叉銷售。

And that was sort of the the purpose of expanding that infrastructure to really take advantage of our UniFirst customer base.

這就是擴展基礎設施以真正利用我們 UniFirst 客戶群的目的。

And I think that's that's being successful as far as from a core laundry perspective.

我認為，從核心洗衣的角度來看，這就是成功。

And again, I know we don't always break down the components of that growth, but we're probably seeing a consistent amount of cross-sell going on right now in the in the in the core?

再說一遍，我知道我們並不總是分解這種增長的組成部分，但我們現在可能會看到核心區域正在進行大量的交叉銷售？

Yes, I hate to say I really don't want to break down the components of the 4.8, it gets a little messy with adds reductions and cross-sell and so on.

是的，我不想說我真的不想分解 4.8 的組件，它會因為增加、減少和交叉銷售等而變得有點混亂。

But I think it's pretty consistent.

但我認為這是相當一致的。

I think there's more we can do there and some of our strategy over the next couple of years is to increase some investments in that area.

我認為我們可以在這方面做更多的事情，我們未來幾年的一些策略是增加在該領域的投資。

I think without getting into some of the details about some of the products and other things that we're looking at, we think there's incremental opportunity there.

我認為，在不深入了解某些產品和我們正在研究的其他事物的一些細節的情況下，我們認為那裡存在增量機會。

So right now, it's probably been pretty steady based on what we've been doing, but we think there's opportunity to improve that area.

所以現在，根據我們一直在做的事情，它可能相當穩定，但我們認為有機會改進該領域。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Please standby for our next question.

請等待我們的下一個問題。

Our next question comes from the line of Justin Hott with Bear.

我們的下一個問題來自賈斯汀·霍特和貝爾的台詞。

Your line is open for.

您的線路已開通。

Good morning.

早安.

Hey, it's Andy Wittmann, Whitman.

嘿，我是安迪‧惠特曼，惠特曼。

Sorry for the confusion there.

很抱歉造成混亂。

Morning.

早晨。

I just wanted to I wanted to ask Shane on the you talked about the environmental liability on some of your sites increased and impacted your margins.

我只是想問謝恩，您談到您的一些網站的環境責任增加並影響了您的利潤。

This question really two parts to this one.

這個問題其實分為兩個部分。

Like how much was the reserve this quarter and do you see that reserve being kind of an adjustment that is one-time, but do you think this is an ongoing ongoing level of greater cost that you'll be having it take in your P&L on a go-forward basis?

例如本季的準備金是多少，您是否認為該準備金是一種一次性調整，但您是否認為這是一種持續不斷的更高成本水平，您將把它計入您的損益表中？前進的基礎？

Yes, yes.

是的是的。

So the first thing I'll say about those reserve adjustments is those relate to legacy sites and those environmental issues were probably from three or four decades ago.

因此，關於這些儲備調整，我首先要說的是那些與遺產地相關的調整，而這些環境問題可能來自三、四十年前。

So those are reserves that we've carried on for a significant amount of time.

所以這些是我們已經保留了很長時間的儲備。

The headwind that we saw during the quarter, our legal expenses were actually 50 basis points of headwind.

我們在本季看到的逆風，我們的法律費用實際上是逆風 50 個基點。

The vast majority of that was related to the environmental reserves that we recorded.

其中絕大多數與我們記錄的環境儲備有關。

Some that isn't in ongoing arm.

有些不在正在進行的手臂中。

You shouldn't expect that there's going to be ongoing reserve adjustments on a quarterly basis from time to time, we do have to adjust those one of the adjustments that we make to those reserves, our change in discount rates, and we've talked about that from time to time so on, we've had some variability go through our operating margins as a result of those types of changes.

你不應該期望每季度都會不時地進行準備金調整，我們確實必須調整我們對這些準備金所做的調整之一，即我們對貼現率的更改，我們已經討論過有時，由於這些類型的變化，我們的營業利潤率會出現一些變動。

But they aren't normal operating expenses that are that are retained and consistent.

但它們並不是保留且一致的正常營運費用。

So from every now and then we'll have to make some adjustments to those reserves come, but it's sporadic.

因此，我們時不時地必須對這些儲備金進行一些調整，但這是零星的。

The only other thing I would add, Andy, is that some of these some of the progress related to these sites transpires over years.

安迪，我要補充的唯一另一件事是，與這些網站相關的一些進展是多年來取得的。

And so we'll be asked to do a little bit more work on assigning.

因此，我們將被要求在分配方面做更多的工作。

We'll tried to estimate the impact of that.

我們將嘗試估計其影響。

And then two years later, we'll have some more feedback about something.

兩年後，我們會收到更多關於某些事情的回饋。

So as Shane mentioned, it was both that this quarter as well as somewhat of the interest rate adjustments that we made to those reserves as well.

正如謝恩所提到的，我們對這些準備金進行了一些利率調整，也是本季的調整。

Yes.

是的。

Okay.

好的。

That all makes perfect sense.

這一切都很有道理。

And then I guess the other key thing that you mentioned here on your margins was related to merchandise costs.

然後我想您在利潤方面提到的另一個關鍵問題與商品成本有關。

This has been a lingering headwind, but it sounds like this quarter where you saw a little positive benefit from there.

這是一個揮之不去的逆風，但聽起來這個季度你從中看到了一些積極的好處。

Do you feel like that bottom is in place on the merchandise costs I thought was particularly interesting, given that new account installs were sounded like they're pretty good.

您是否覺得商品成本已觸底？我認為這特別有趣，因為新帳戶安裝聽起來相當不錯。

You guys said positive things about that.

你們對此說了正面的話。

So does that give a firmer base, do you think, Steve, on merchandise costs?

那麼，史蒂夫，您認為這是否為商品成本提供了更堅實的基礎？

And can you give us the quantum of the benefit you saw in the quarter on that one as well?

您能否告訴我們您在本季看到的該方面收益的金額？

Yes, I think in the quarter compared to year over year, we're still sort of flat or maybe even up a 10th or something in merchandise.

是的，我認為在本季度，與去年同期相比，我們的商品數量仍然持平，甚至可能上升了十分之一左右。

But compared to our expectations, we saw some some some benefits there and had to to answer your question, I think clearly now we feel like we are seeing that flattening, right?

但與我們的預期相比，我們看到了一些好處，必須回答你的問題，我認為現在很明顯，我們感覺我們正在看到這種扁平化，對嗎？

We've been we've been growing growing.

我們一直在成長。

We start to see some early signs of flattening, and we really are seeing that now.

我們開始看到一些扁平化的早期跡象，而且我們現在確實看到了這一點。

And just as a reminder, generally, and more than two thirds of the merchandise is just regular replacement merchandise for existing accounts and about a third is related new accounts.

提醒一下，一般來說，超過三分之二的商品只是現有帳戶的常規替換商品，大約三分之一是相關的新帳戶。

So even with new accounts higher, yes, we're seeing we're seeing some benefits in that area, which are great to great to see.

因此，即使新帳戶數量更高，是的，我們看到我們在該領域看到了一些好處，這是很高興看到的。

Yes.

是的。

The only thing I'll add to that is as we came into the year, we had sort of message that merchandise was starting to flatten on and we had indicated that maybe we were four or we were looking at a 10 basis point headwind during the year.

我唯一要補充的是，當我們進入這一年時，我們收到了這樣的消息，即商品開始趨於平淡，我們已經表示，也許我們是四個人，或者我們在今年期間面臨10 個基點的逆風。年。

And based on what we've seen through six, six months on We've obviously seen us some flattening in the additional adds to our merchandise and service.

根據我們過去六、六個月的觀察，我們顯然看到我們的商品和服務的附加功能有所下降。

Again, the way that we account for our merchandise won't have as much of a meaningful impact on the current year because we amortize that over an extended life at this point in time.

同樣，我們對商品的核算方式不會對當年產生太大的有意義的影響，因為我們此時會在較長的使用壽命內攤銷。

When I take a look at the year, I'm looking at merchandise being relatively flat or maybe a slight benefit of around 10 basis points.

當我回顧這一年時，我發現商品相對持平，或者可能略有上漲約 10 個基點。

But again, because of the way that we account for that, that trend will aggregate over time.

但同樣，由於我們的解釋方式，這種趨勢將隨著時間的推移而聚合。

Okay.

好的。

That's that's helpful.

這就是有幫助的。

And I guess I'm just going to ask one question maybe on on the top line here because I'm hearing some puts and takes.

我想我只是想問一個可能在第一行的問題，因為我聽到了一些看法。

I'm hearing 10% increase in new account installs which sounds like a really good performance year over year and would otherwise suggest that maybe potentially, I guess the question is, do you think can that lead to an inflection in your growth rate from here, just given that you installed a lot of new business in the quarter, and I guess previously you kind of sheet you were talking about the revenue being maybe on the lower end of guidance.

我聽說新帳戶安裝量增加了 10%，這聽起來確實是逐年良好的表現，否則可能表明，我想問題是，您認為這會導致您的成長率發生變化嗎？考慮到您在本季度安裝了很多新業務，我想您之前在表格中談論的收入可能處於指導值的下限。

And so does the sales performance change that commentary or does the ad stoppages are now more flat and sort of positive like you were getting a year ago.

銷售業績是否會發生變化，評論或廣告停止現在是否變得更加平穩，並且像一年前一樣積極。

Does that evidence of affecting us ultimately just still like the low end of the revenue guidance?

最終影響我們的證據是否仍然像收入指引的低端一樣？

Or are you more positive this quarter given the factors that you saw play out?

或者考慮到您看到的因素，您本季是否更加樂觀？

Yes, we're probably right down the middle there, Andy.

是的，我們可能就在中間，安迪。

And I think that the guidance reflects that, Ryan.

我認為該指南反映了這一點，瑞安。

I think all we did on the top line guidance was sort of a narrow, narrow the range and shifted a bit to reflect the commentary we made last quarter.

我認為我們在頂線指引上所做的一切都是縮小範圍，並進行了一些調整，以反映我們上季度所做的評論。

And I do think the impact of some of those things you're mentioning, whether it be the impact of solid new account sales, price adds reductions, all of those things kind of have us looking.

我確實認為你提到的一些事情的影響，無論是穩定的新客戶銷售的影響，價格上漲的減少，所有這些事情都讓我們專注。

I'm very much in the same place that we were a few months ago, I guess.

我想我現在的處境和幾個月前沒什麼兩樣。

Yes, I'll leave it there, guys.

是的，我會把它留在那裡，夥計們。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

As a reminder, ladies and gentlemen, that's star one to ask a question, please standby for our next question.

提醒一下，女士們先生們，這是提問的第一個問題，請等待我們的下一個問題。

Our next question comes from the line of Josh Chan with UBS.

我們的下一個問題來自瑞銀集團的 Josh Chan。

Your line is open for.

您的線路已開通。

Good morning, Stephen and Shane.

早上好，史蒂芬和肖恩。

Good morning.

早安.

Good morning. on your core laundry margin.

早安.在您的核心洗衣利潤上。

I guess even if you add back the 50 basis points of legal, it still seems that it's down versus last year.

我想即使你加回合法的 50 個基點，看起來仍然比去年有所下降。

And kind of could you help us understand then what drives margin expansion in the second half?

您能否幫助我們了解下半年推動利潤率擴張的因素是什麼？

Because I think that's what you need to get to your year points?

因為我認為這就是你獲得學分所需要的？

Yes, I can I can add some additional light there, but I'll start with saying that our second quarter from a profitability perspective is seasonally our lowest quarter because of certain items that annually land in that quarter.

是的，我可以在那裡補充一些額外的信息，但我首先要說的是，從盈利角度來看，我們的第二季度是季節性最低的季度，因為某些項目每年都會在該季度上市。

So if you take a look at our history, it usually is our lowest quarter.

因此，如果你看一下我們的歷史，它通常是我們最低的季度。

When you take a look at the year-over-year trend, some of the other things that are contributing to the that margin headwind would be the acquisition of clean, which accounts for about 20 basis points on.

當你觀察同比趨勢時，會發現導致利潤率逆風的其他一些因素是清潔能源的收購，這佔了大約 20 個基點。

And we've made investments that we've talked about over the last year, primarily in the second half of 2023 in our corporate capabilities, which have contributed 20 to 30 basis points to that margin headwind.

我們在去年，主要是在 2023 年下半年，對我們的企業能力進行了投資，這為利潤率帶來了 20 到 30 個基點的不利影響。

Energy was a benefit of 40 basis points.

能源效益提高了 40 個基點。

And then there were a number of other items on that.

然後還有許多其他項目。

It happened within the second quarter, which contributed to some additional expenses, a lot of which were anticipated and originally provided for in our guidance.

它發生在第二季度，這導致了一些額外費用，其中許多費用是預期的，並且最初是在我們的指導中規定的。

As an example, during this second quarter, we had two new facility openings and usually there's incremental expenses that we incur as we get those facilities up and running and stabilize.

舉個例子，在第二季度，我們開設了兩個新設施，當我們讓這些設施啟動、運作和穩定時，通常會產生增量費用。

There were certain selling incentives that landed during the quarter.

本季出現了某些銷售激勵措施。

Nam that were previously or in past years were timed in different quarters.

以前或過去幾年的 Nam 是在不同的季度進行的。

And then there were a number of other items and timing items that happened in our second quarter that contributed to that delta of 30 basis points to 40 basis points.

第二季度發生的許多其他項目和時間項目導致了 30 個基點到 40 個基點的增量。

Again, the seasonality as well as some of these items were largely provided for in our original guidance.

同樣，季節性以及其中一些項目在我們最初的指南中得到了很大程度的規定。

And as we look throughout the remainder of the year, we are expecting that that margin will trend northward of maybe our star 2Q on experience.

當我們展望今年剩餘時間時，我們預計這一利潤率將在我們的明星第二季度的經驗基礎上向北移動。

That's really helpful color.

這真是有用的顏色。

Yes.

是的。

Thank you for breaking that down.

謝謝你打破了這一點。

And as my follow up, could you talk about your CRM now that you've had that for a while is in the in the US.

作為我的後續行動，您能否談談您的 CRM，因為您已經在美國使用了一段時間。

Could you talk about the progress towards capturing any savings and what how you expect those to trend over the coming years?

您能否談談在節省成本方面取得的進展以及您對未來幾年的趨勢有何期望？

Thank you.

謝謝。

Yes, I think certainly, I made the comments in my prepared remarks that when you change the system like we had, there's a lot of learning.

是的，我想當然，我在準備好的發言中說過，當你像我們一樣改變系統時，會有很多學習的東西。

There's a lot of change management.

有很多變更管理。

I think the the teams are becoming much more comfortable kind of optimizing the use of the new system.

我認為團隊在優化新系統的使用上變得更加自如。

And we've always talked about that one of the areas and that we expect to benefit from with the CRM and sort of increased merchandise management with kind of a a more sophisticated barcode technology and some other controls.

我們一直在談論這一領域，我們希望從 CRM 中受益，並透過更複雜的條碼技術和其他一些控制來增強商品管理。

And and I think that's partially maybe what we're starting to see with the improvements in merchandise.

我認為這可能是我們開始看到的商品改進的部分原因。

I think over the last couple of years, as we were deploying the new system, there was probably incrementally some additional costs as we transitioned in rebar coated a lot of our garments, but we're through most of that now.

我認為在過去的幾年裡，當我們部署新系統時，隨著我們在許多服裝上採用鋼筋塗層，可能會逐漸增加一些額外成本，但我們現在已經完成了大部分成本。

And I think we expect that to start to smooth out.

我認為我們預計這種情況會開始變得順利。

So I think that's one of the biggest areas.

所以我認為這是最大的領域之一。

And I just think the efficiency in kind of the day-to-day plant operations, I mean, when you think about our cost structure merchandise is such a big part of it and then efficiency in the plants as well.

我只是認為日常工廠運作的效率，我的意思是，當你考慮我們的成本結構時，商品是其中的重要組成部分，然後是工廠的效率。

And then we've always said kind of the service execution side of it with the automation we're giving our route drivers is a big part.

然後我們總是說，我們為路線司機提供的自動化服務執行方面是一個重要組成部分。

And although there was change management, we have been happy with the adoption of the new technology by our frontline service workers and I think the more they continue to get comfortable with that.

儘管有變更管理，但我們對第一線服務人員採用新技術感到高興，我認為他們對此越來越滿意。

It's just going to provide for that enhanced customer experience, which will help our overall growth over time.

它只會提供增強的客戶體驗，隨著時間的推移，這將有助於我們的整體成長。

Great, and thank you for the color and thank you both for your time.

太棒了，感謝您提供的顏色，也感謝您抽出寶貴的時間。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions in the queue.

我在隊列中沒有顯示任何其他問題。

I would now like to turn the call back over to Steven for closing remarks, but thank you.

我現在想將電話轉回給史蒂文進行結束語，但謝謝你。

I'd like to thank everyone for joining us today to review our second quarter results.

我要感謝大家今天加入我們回顧我們第二季的業績。

And we look forward to speaking with you again in June when we expect to be reporting our third quarter performance.

我們期待在六月再次與您交談，屆時我們預計將報告我們的第三季業績。

Thank you and have a great day.

謝謝您，祝您有美好的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。