United Natural Foods Inc (UNFI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the UNFI third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 UNFI 2025 年第三季財報電話會議。（操作員指示）

And I would now like to turn the conference over to Steve Bloomquist, Vice President of Investor Relations. Steve, you may begin.

現在我想將會議交給投資者關係副總裁史蒂夫布魯姆奎斯特 (Steve Bloomquist)。史蒂夫，你可以開始了。

Good morning, everyone, and thank you for joining us on UNFI's third-quarter fiscal 2025 earnings conference call. By now, you should have received a copy of the earnings release issued this morning. The press release and earnings presentation, which management will speak to, are available under the Investors section of the company's website at www.unfi.com. We've also included a supplemental disclosure file in Microsoft Excel with key financial information.

大家早安，感謝您參加 UNFI 2025 財年第三季財報電話會議。現在，您應該已經收到了今天早上發布的收益報告副本。新聞稿和收益報告（管理層將進行發言）可在公司網站 www.unfi.com 的「投資者」板塊查閱。我們還附上了一份包含關鍵財務資訊的 Microsoft Excel 補充揭露文件。

Joining me for today's call are Sandy Douglas, our Chief Executive Officer; and Matteo Tarditi, our President and Chief Financial Officer. Sandy and Matteo will provide a business update, after which we'll take your questions.

參加今天電話會議的有我們的執行長桑迪·道格拉斯 (Sandy Douglas) 和我們的總裁兼財務長馬泰奧·塔爾迪蒂 (Matteo Tarditi)。Sandy 和 Matteo 將提供業務更新，之後我們將回答您的問題。

Before we begin, I'd like to remind everyone that comments made by management during today's call may contain forward-looking statements. These forward-looking statements include plans, expectations, estimates, and projections that might involve significant risks and uncertainties. These risks are discussed in the company's earnings release and SEC filings. Actual results may differ materially from the results discussed in these forward-looking statements.

在我們開始之前，我想提醒大家，管理階層在今天的電話會議上發表的評論可能包含前瞻性陳述。這些前瞻性陳述包括可能涉及重大風險和不確定性的計劃、預期、估計和預測。這些風險在公司的收益報告和美國證券交易委員會的文件中進行了討論。實際結果可能與這些前瞻性陳述中討論的結果有重大差異。

I'd like to point out that during today's call, management will refer to certain non-GAAP financial measures. Definitions and reconciliations to the most comparable GAAP financial measures are included in our press release and the end of our earnings presentation.

我想指出的是，在今天的電話會議上，管理階層將參考某些非公認會計準則財務指標。我們的新聞稿和收益報告結尾處包含最可比較的 GAAP 財務指標的定義和對帳。

I now ask you to turn to slide 6 of our presentation as I turn the call over to Sandy.

現在我請大家翻到簡報的第 6 張投影片，我將把發言權交給桑迪。

Thanks, Steve, and thank you, everyone, for joining us this morning.

謝謝史蒂夫，也謝謝大家今天早上加入我們。

Before discussing our Q3 performance, I'd like to comment on the IT systems security update we provided yesterday morning. As we disclosed yesterday, the company became aware of unauthorized activity on certain of our IT systems on June 5. We promptly activated our incident response plan, implemented containment measures, and are working to assess, mitigate, and remediate the incident with the assistance of third-party cybersecurity professionals.

在討論我們第三季的業績之前，我想先評論一下我們昨天早上提供的 IT 系統安全更新。正如我們昨天所披露的那樣，該公司於 6 月 5 日發現我們的某些 IT 系統存在未經授權的活動。我們迅速啟動了事件回應計劃，實施了遏制措施，並在第三方網路安全專業人員的協助下努力評估、緩解和補救事件。

Pursuant to our business continuity plans, we have implemented workarounds for certain operations in order to continue servicing our customers where possible, and we're continuing to safely bring our systems back online and restore broad-based customer service as soon as possible. Our entire company is focused on serving our customers. Our core values of transparency and doing the right thing serve us well as we manage through this incident and our core principles of our daily operations.

根據我們的業務連續性計劃，我們針對某些操作實施了變通方法，以便盡可能繼續為我們的客戶提供服務，並且我們將繼續安全地使我們的系統恢復在線並儘快恢復廣泛的客戶服務。我們整個公司都致力於為客戶服務。我們的核心價值是透明度和做正確的事，這對我們處理這件事以及我們日常營運的核心原則很有幫助。

We believe we are managing the incident capably with a very strong team of inside and outside professionals, including specialized experts. We will continue to keep our customers, suppliers, and associates regularly updated on our progress and next steps.

我們相信，憑藉一支由內部和外部專業人員（包括專業專家）組成的強大團隊，我們能夠出色地處理這一事件。我們將繼續定期向我們的客戶、供應商和同事通報我們的進展和後續行動。

Now, let me turn to Q3's results. As you saw in this morning's earnings release, we achieved another solid quarter driven by the strength of our customer base and disciplined execution of our multi-year strategic plan. Our results reflect sales growth above the industry benchmark and adjusted EBITDA growth that was meaningfully higher than our sales growth, leading to our highest adjusted EBITDA margin rate in two years.

現在，讓我來談談第三季的結果。正如您在今天早上的收益報告中看到的，在強大的客戶群和嚴格執行多年戰略計劃的推動下，我們又取得了一個穩健的季度。我們的業績反映出銷售額成長高於行業基準，調整後的 EBITDA 成長明顯高於銷售額成長，從而實現了兩年來最高的調整後 EBITDA 利潤率。

As part of our strategic plan, we expect to continue driving consistent annual margin expansion. This trajectory reflects our continued focus on creating value for customers and suppliers while also systematically improving processes, implementing technology to enhance customer service, and strengthening operational efficiency.

作為我們策略計劃的一部分，我們預計將繼續推動年度利潤率的持續成長。這一軌跡反映了我們持續專注於為客戶和供應商創造價值，同時系統地改進流程、實施技術以增強客戶服務並提高營運效率。

The third quarter was another quarter of year-over-year improvement in free cash flow, which is now well ahead of our original expectations year to date. This has enabled us to reduce net leverage by 1.3 turns compared to last year's third quarter. Based on our third-quarter and year-to-date outperformance, we are tracking ahead of the three-year fiscal 2027 financial objectives that we set last year. This gives us even more confidence that we will create long-term sustainable value for our customers, suppliers, associates, and shareholders.

第三季度，自由現金流再次年增，今年迄今已遠遠超出我們最初的預期。這使得我們的淨槓桿率與去年第三季相比降低了1.3倍。根據我們第三季和年初至今的優異表現，我們正在提前實現去年設定的 2027 財年三年財務目標。這讓我們更有信心為我們的客戶、供應商、合作夥伴和股東創造長期可持續的價值。

This performance demonstrates that our new, more focused, and efficient product-centered wholesale structure is helping us better understand and meet both our customers' and suppliers' unique needs in a highly dynamic market. In some cases, we've supported customers with existing and new market expansions through our well-scaled distribution capabilities. In other instances, we are serving new business in incremental categories for a period as retailers reconfigure their supply network. Our strong top-line performance this quarter reflects the continued success of our winning customers and UNFI's ability to support their strategies across a variety of unique circumstances.

這項業績表明，我們新的、更專注、更有效率的以產品為中心的批發結構正在幫助我們更好地理解和滿足客戶和供應商在高度動態的市場中的獨特需求。在某些情況下，我們透過規模龐大的分銷能力支持客戶拓展現有市場和新市場。在其他情況下，當零售商重新配置其供應網路時，我們會在一段時間內為增量類別的新業務提供服務。本季我們強勁的營收表現反映了我們獲勝客戶的持續成功以及 UNFI 在各種獨特情況下支持其策略的能力。

We also recognize that both our customers and suppliers are navigating a dynamic macroeconomic environment, and we're focused on helping them plan for different scenarios, find product alternatives where needed, and remain as competitive as possible. At the start of fiscal year 2025, I also shared that we would sharpen our focus on building win-win relationships with suppliers and customers, which has largely driven profitable growth. Importantly, this process includes taking the right steps to adjust or exit relationships that are not mutually beneficial.

我們也意識到，我們的客戶和供應商都在動態的宏觀經濟環境中前行，我們專注於幫助他們規劃不同的場景，在需要時找到產品替代品，並儘可能保持競爭力。在2025財年開始時，我還表示，我們將更加重視與供應商和客戶建立雙贏的關係，這在很大程度上推動了獲利成長。重要的是，這個過程包括採取正確的步驟來調整或退出互惠互利的關係。

Recently, we came to a mutual agreement with Key Food to end our Northeastern distribution agreement and help them transition to another wholesaler that we believe will better fit their needs. This enables UNFI to exit an unprofitable relationship and further optimize our Northeast DC network by ceasing operations at our Allentown facility. Importantly, this will allow us to continue to more efficiently and effectively service our customers and accelerate progress towards achieving our three-year financial objectives.

最近，我們與 Key Food 達成協議，終止我們在東北地區的分銷協議，並幫助他們過渡到我們認為更適合他們需求的另一家批發商。這使得 UNFI 能夠退出無利可圖的關係，並透過停止我們在阿倫敦工廠的運作來進一步優化我們的東北 DC 網路。重要的是，這將使我們能夠繼續更有效率、更有效地為客戶服務，並加快實現三年財務目標的進程。

Next, I want to focus on our second strategic objective, which is to become a more efficient and effective company for our customers and suppliers, which, in turn, is helping us accelerate free cash flow and strengthen our balance sheet. One year ago, during our Q3 fiscal 2024 call, I outlined four foundational initiatives under this objective: one, intensify our network optimization; second, to focus and reduce annual capital spending; third, to optimize our cost structure; and fourth, to increase working capital efficiency. We've made significant progress on all four initiatives, and we see continuing opportunity to enhance our performance going forward.

接下來，我想重點談談我們的第二個策略目標，即成為一家為我們的客戶和供應商提供更有效率、更有效的公司，這反過來又幫助我們加快自由現金流並加強我們的資產負債表。一年前，在我們2024財年第三季的電話會議上，我概述了這一目標下的四項基礎舉措：第一，加強網路優化；第二，集中並減少年度資本支出；第三，優化成本結構；第四，提高營運資本效率。我們在所有四項舉措上都取得了重大進展，並且我們看到了未來繼續提升業績的機會。

A good example of the progress we're making in improving execution and reducing waste is through the further implementation of lean daily management. With lean processes now being used in 20 of our 52 distribution centers, we are steadily improving safety, quality, delivering, and cost, and we continue to see significant opportunity for further improvement.

我們在提高執行力和減少浪費方面取得進展的一個很好的例子就是進一步實施精實日常管理。目前，我們的 52 個配送中心中有 20 個已採用精益流程，我們正在穩步提高安全性、品質、交付和成本，並且我們繼續看到進一步改進的巨大機會。

Additionally, we've made progress to increase working capital efficiency by reducing our inventory days on hand back to pre-COVID levels while also continuing to improve controllable fill rates. Fiscal year to date, we've reduced days on hand by over three days compared to the prior year, and we've steadily improved fill rates over the last few quarters. While we're making real progress, we remain focused on continuing to drive fill rate improvements across our network.

此外，我們在提高營運資金效率方面取得了進展，將庫存天數減少到新冠疫情之前的水平，同時繼續提高可控填充率。本財年迄今為止，與前一年相比，我們的庫存天數減少了三天多，並且在過去幾個季度中，我們的庫存填補率穩步提高。在我們取得真正進展的同時，我們仍然致力於繼續提高整個網路的填充率。

We said a year ago that we expected to generate up to $100 million in free cash flow during fiscal 2025, and that we would use these funds to reduce debt. One year later, we've surpassed our original target and further improved our balance sheet. And as reflected in our guidance, we expect to generate free cash flow over 50% higher than our initial outlook for the full year.

我們一年前曾表示，預計2025財年將產生高達1億美元的自由現金流，我們將利用這些資金來減少債務。一年後，我們超越了最初的目標，並進一步改善了資產負債表。正如我們的指引所反映的那樣，我們預計全年自由現金流將比我們最初的預期高出 50% 以上。

By consistently executing these elements of our multi-year strategic plan and continuing to identify more areas for improvement, we see significant opportunity to accelerate achievement of the three-year fiscal 2025 to fiscal 2027 financial objectives that we set at the end of last year. We believe that our improving execution, adjusted EBITDA, and free cash flow outperformance to date, along with our network optimization proceeds, will lower net leverage to nearly 2.5 turns by the end of fiscal 2026, which would be about a year earlier than our previous expectations. After we finalize our fiscal 2026 budgeting process this summer, we plan to update our long-term financial objectives and provide a more in-depth review this fall.

透過持續執行我們多年期策略計畫的這些要素並繼續發現更多需要改進的領域，我們看到了加速實現我們在去年年底設定的 2025 財年至 2027 財年三年財務目標的重大機會。我們相信，我們不斷改善的執行力、調整後的 EBITDA 和迄今為止的自由現金流優異表現，加上我們的網絡優化收益，將在 2026 財年末將淨槓桿率降低至近 2.5 倍，這比我們之前的預期提前了大約一年。今年夏天我們完成 2026 財年預算流程後，計劃在今年秋天更新我們的長期財務目標並進行更深入的審查。

In summary, we have work to do to manage the current disruption in our environment, and we are very focused on doing so in a transparent, principled, and customer-focused manner. Above all else, we remain committed to becoming the most efficient, effective, and value-creating partner for our stakeholders, which we expect will help to create sustainable long-term shareholder value.

總而言之，我們需要做一些工作來管理我們環境中的當前混亂，我們非常注重以透明、原則和以客戶為中心的方式來做這件事。最重要的是，我們仍然致力於成為利害關係人最高效、最有效、最能創造價值的合作夥伴，我們期望這將有助於創造可持續的長期股東價值。

With that, let me turn over the call to Matteo to discuss our Q3 results and our revised outlook. Matteo?

說完這些，讓我把電話轉給 Matteo，討論一下我們的第三季業績和修訂後的展望。馬特奧？

Thank you, Sandy, and good morning, everyone, and thanks again for joining our third-quarter earnings call.

謝謝你，桑迪，大家早安，再次感謝你們參加我們的第三季財報電話會議。

As Sandy stated, our operating momentum, execution, and performance have continued to accelerate as we completed the third quarter of fiscal 2025. Our confidence has grown with each passing quarter in executing our multi-year strategy and achieving our longer-term financial objectives. Today, I will provide additional insight into our third-quarter results, including our sales and adjusted EBITDA growth, free cash flow generation, capital structure, and outlook for this fiscal year.

正如桑迪所說，隨著 2025 財年第三季的結束，我們的營運動能、執行力和業績持續加速。隨著每個季度的過去，我們對執行多年期策略和實現長期財務目標的信心與日俱增。今天，我將進一步介紹我們第三季的業績，包括我們的銷售額和調整後的 EBITDA 成長、自由現金流產生、資本結構以及本財年的展望。

With that, let's review our Q3 results. Turning to slide 8, our third-quarter sales grew by 7.5% or about $506 million to nearly $8.1 billion. Our gains in the quarter were led by our Wholesale Natural Products business, where sales increased by 12% compared to last year's third quarter, primarily reflecting higher sales and category penetration with existing customers. Our Wholesale Conventional Products business was up close to 3%, reflecting new business wins in new categories over the past four quarters.

讓我們回顧一下第三季的業績。翻到第 8 張投影片，我們的第三季銷售額成長了 7.5% 或約 5.06 億美元，達到近 81 億美元。本季我們的成長主要得益於批發天然產品業務，該業務的銷售額與去年第三季度相比增長了 12%，這主要反映了銷售額的提高以及現有客戶的品類滲透率的提高。我們的批發常規產品業務成長了近 3%，反映了過去四個季度在新類別中取得的新業務勝利。

Across our Wholesale business, unit volumes were up about 4% compared to last year, which represented another quarter of sequential acceleration and a continuation of the favorable trends we have seen since the end of fiscal 2024. UNFI's volume again outperformed the key Nielsen industry benchmarks and reflects solid execution by our broad customer base. This outperformance also reflects our consistent new business wins as retailers continue to recognize the value of working with a well-scaled Wholesale partner able to provide the differentiated products and services to help them compete in a highly dynamic marketplace.

在我們的批發業務中，單位銷售與去年相比增長了約 4%，這代表著另一個季度的連續加速，也延續了我們自 2024 財年末以來看到的有利趨勢。UNFI 的銷售再次超越了尼爾森的主要行業基準，反映了我們廣大客戶群的穩健執行。這一優異表現也反映了我們持續不斷的新業務勝利，因為零售商繼續認識到與規模龐大的批發合作夥伴合作的價值，該合作夥伴能夠提供差異化的產品和服務，以幫助他們在高度動態的市場中競爭。

During the quarter, new business additions of this nature accounted for about half of our volume growth. Inflation was about 1.5%, largely unchanged sequentially, and about 0.5% lower than last year's third quarter. The remainder of our sales increase came from product mix, which added an additional 200 basis points.

本季度，此類新業務的增加約占我們業務量成長的一半。通貨膨脹率約 1.5%，與上一季基本持平，比去年第三季低約 0.5%。我們銷售成長的其餘部分來自產品組合，這又增加了 200 個基點。

Total sales in our Retail business were up slightly compared to last year. On an ID basis, or same-store sales basis, sales were up 1.5%, reflecting sequential improvement across our store base.

我們的零售業務總銷售額與去年相比略有成長。以 ID 或同店銷售額為基礎，銷售額成長了 1.5%，反映出我們整個門市基礎的連續改善。

Moving to slide 9, let's review profitability drivers in the quarter. Overall, our Wholesale business continues to be the main source of growth. Wholesale gross profit dollars, net of modestly higher operating costs, were up a combined $33 million, partially the result of higher volumes.

轉到投影片 9，讓我們回顧一下本季的獲利驅動因素。總體而言，我們的批發業務仍然是主要的成長來源。在扣除略高的營運成本後，批發毛利潤共上漲 3,300 萬美元，部分原因是銷量增加。

However, our consolidated gross margin rate, excluding LIFO, declined 30 basis points compared to the prior year period to 13.4% of net sales. This was driven by a lower Wholesale margin rate, as well as a continued mix shift toward Wholesale. Retail gross margin rate was flat to last year.

然而，不包括後進先出法，我們的綜合毛利率與去年同期相比下降了 30 個基點，至淨銷售額的 13.4%。這是由於批發利潤率較低以及業務結構持續向批發轉移所致。零售毛利率與去年持平。

In Wholesale, our gross margin rate declined about 20 basis points versus last year's third quarter, largely due to a continuing shift in customer and product mix. These impacts were partially offset by innovation and efficiency initiatives, including the value-adding supplier go-to-market programs that we have spoken about in the past and lower shrink expense.

在批發業務方面，我們的毛利率與去年第三季相比下降了約 20 個基點，這主要是由於客戶和產品組合的持續變化。這些影響被創新和效率舉措部分抵消，包括我們過去談到的增值供應商進入市場計劃和降低收縮費用。

More than offsetting this decline in gross margin rate was continued solid operating expense management which, compared to last year, declined by approximately 50 basis points as a percentage of net sales. This improvement reflects the leveraging impact from higher sales, our focused efforts on improving processes and removing waste, as well as the operational benefits from the customer and business mix shift affecting our gross margin rate.

持續穩健的營運費用管理不僅抵消了毛利率的下降，還使其佔淨銷售額的百分比與去年相比下降了約 50 個基點。這項改善反映了銷售成長帶來的槓桿效應、我們專注於改善流程和消除浪費的努力，以及客戶和業務組合轉變對我們的毛利率產生的影響所帶來的營運效益。

As Sandy mentioned, we're now executing lean daily management in 20 of our distribution centers, and we're happy with the progress we're seeing. Across the DCs where lean is beyond the ramp-up stage, we have seen injury rates decline significantly, out-of-stocks improve by about 75%, shrink decrease, and throughput improve, and we're really just getting started.

正如桑迪所提到的，我們目前正在 20 個配送中心實施精益日常管理，我們對所看到的進展感到滿意。在精實生產已超越提升階段的配送中心，我們已經看到受傷率大幅下降，缺貨情況改善了約 75%，損耗減少，吞吐量提高，而我們實際上才剛剛起步。

In fiscal 2026, we will be focused on value stream mapping to accelerate the systematic identification of waste, improvement opportunities, and additional areas where we can bring value to our customers and suppliers. These actions, along with other strategic initiatives undertaken over the past several quarters, drove adjusted EBITDA growth of 21% compared to the prior year quarter to $157 million.

在 2026 財年，我們將專注於價值流圖，以加速系統地識別浪費、改進機會以及其他我們可以為客戶和供應商帶來價值的領域。這些舉措以及過去幾季採取的其他策略措施推動調整後的 EBITDA 與去年同期相比成長 21%，達到 1.57 億美元。

Importantly, our adjusted EBITDA rate increased to 2%, the highest in two years, and 25 basis points higher than last year third quarter. Our adjusted EBITDA, combined with some benefits on below-the-line items, led to strong adjusted EBITDA growth, with adjusted EPS in the quarter of $0.44, compared to $0.10 in last year's third quarter.

重要的是，我們的調整後 EBITDA 率上升至 2%，為兩年來的最高水平，比去年第三季高出 25 個基點。我們的調整後 EBITDA 加上線下專案的一些收益，導致調整後 EBITDA 強勁成長，本季調整後每股收益為 0.44 美元，而去年第三季為 0.10 美元。

Turning to slide 10, our improved profitability and continued focus on deploying lean principles helped drive $119 million in free cash flow in the quarter, which was approximately $70 million more than last year's third quarter. Year to date, we have generated approximately $150 million of free cash flow, bringing our trailing 12-month free cash flow to about $224 million.

轉到第 10 張投影片，我們提高的獲利能力和對部署精實原則的持續關注幫助推動了本季度 1.19 億美元的自由現金流，比去年第三季增加了約 7,000 萬美元。今年迄今為止，我們已產生約 1.5 億美元的自由現金流，使我們過去 12 個月的自由現金流達到約 2.24 億美元。

We've used this free cash flow to reduce our net debt to under $1.93 billion and lower our net leverage to 3.3 turns, which is about 0.4 turns less than last quarter and 1.3 turns below a year ago. As Sandy stated, we now expect it to be close to our original three-year leverage target of 2.5 turns or less, about a year earlier than previously planned.

我們利用這筆自由現金流將淨債務減少到 19.3 億美元以下，並將淨槓桿率降低到 3.3 倍，比上一季低約 0.4 倍，比去年同期低 1.3 倍。正如桑迪所說，我們現在預計它將接近我們最初的三年槓桿率目標，即 2.5 倍或更低，比之前計劃的提前了大約一年。

Based on our continued confidence in our free cash flow generation and robust liquidity position of nearly $1.5 billion, early in our fiscal fourth quarter, we made a voluntary $100 million prepayment on our term loan that will save us approximately $1 million in interest expense each quarter going forward. Also, subsequent to quarter-end, in late May, we closed on the sale of our Billings distribution center and used net proceeds of approximately $13 million after customary fees and expenses to reduce debt. We're continuing to market facilities in Bismarck and Fort Wayne and have a letter of understanding from a potential buyer for the largest building at the Fort Wayne complex.

基於我們對自由現金流產生和近 15 億美元強勁流動性狀況的持續信心，在第四財季初，我們自願預付了 1 億美元的定期貸款，這將使我們在未來每個季度節省約 100 萬美元的利息支出。此外，在季度末之後，即 5 月底，我們完成了比林斯配送中心的出售，並在扣除常規費用和開支後使用約 1300 萬美元的淨收益來減少債務。我們正在繼續推銷俾斯麥和韋恩堡的設施，並且已經收到韋恩堡綜合大樓最大建築的潛在買家的諒解書。

Looking at slide 11, we are reiterating most of our outlook metrics, with the exception of GAAP net income and GAAP EPS, which have been updated to reflect the costs and charges of our Key Food agreement. We are otherwise maintaining our outlook for net sales, adjusted EBITDA, free cash flow, and capital investments. With one quarter remaining and strong performance to date in fiscal 2025, we would have raised our key non-GAAP financial outlook metrics, if not for the unauthorized activity on certain of our IT systems. As we detailed in our disclosure on this event, we're still working to assess impact.

請看第 11 張投影片，我們重申了大部分展望指標，但 GAAP 淨收入和 GAAP EPS 除外，這些指標已更新以反映我們主要食品協議的成本和費用。除此之外，我們維持對淨銷售額、調整後 EBITDA、自由現金流和資本投資的展望。由於 2025 財年僅剩一個季度，且迄今為止業績表現強勁，如果不是因為我們某些 IT 系統存在未經授權的活動，我們本應提高關鍵的非 GAAP 財務前景指標。正如我們在有關此事件的披露中詳細說明的那樣，我們仍在努力評估影響。

Otherwise, our underlying business momentum has been accelerating as we have been executing our strategic plan and focus on driving increasing value for our customers and suppliers. And as a reminder, fiscal 2024 was a 53-week year, with the extra week falling in last year's fourth quarter. For the balance of the year, which includes only seven more weeks, we expect moderate impacts from tariffs. This is informed by our cross-functional tariff task force, which monitors for potential impacts, works to identify product alternatives, pressure test scenarios, and puts processes in place to maintain connectivity with suppliers and minimize disruptions to our customers. We continue to manage the situation closely.

另外，隨著我們執行策略計劃並專注於為客戶和供應商創造更高的價值，我們的潛在業務勢頭也在加速。需要提醒的是，2024 財年共有 53 週，其中額外的一週屬於去年第四季。對於今年剩餘的時間（僅剩七週），我們預計關稅的影響將處於中等水平。這是由我們的跨職能關稅工作組提供的，該工作組負責監控潛在影響、確定產品替代品、壓力測試場景，並製定流程以保持與供應商的聯繫並最大限度地減少對客戶的干擾。我們將繼續密切關注事態發展。

Flipping to slide 12, we had another solid quarter and remain confident in the future trajectory for UNFI. We believe we have the right work streams in place to add value for our customers and suppliers while making UNFI a more efficient and effective partner to their businesses. Our efficiency initiatives and lean management programs are generating improvements to our business, while our volume trends reflect successful execution by our customers and the differentiated value that UNFI brings to our industry.

翻到第 12 張投影片，我們又度過了一個穩健的季度，並對 UNFI 的未來發展方向充滿信心。我們相信，我們擁有正確的工作流程，可以為我們的客戶和供應商增加價值，同時使 UNFI 成為他們業務更有效率、更有效的合作夥伴。我們的效率措施和精益管理計劃正在改善我們的業務，而我們的銷售趨勢反映了客戶的成功執行以及 UNFI 為我們的行業帶來的差異化價值。

We seek to earn the trust that our partners place in us every day. We believe that our operational rigor and customer and supplier value creation focus will serve us well as we finish fiscal 2025 and beyond.

我們力求贏得合作夥伴每天給予我們的信任。我們相信，我們嚴謹的營運以及對客戶和供應商價值創造的關注將在 2025 財年及以後為我們提供良好的服務。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Bill Kirk, Roth Capital.

（操作員指示）比爾·柯克（Bill Kirk），羅斯資本。

Hey. Good morning. Just a clarification real quick. Are you reiterating the guidance on the non-GAAP elements or simply not updating them? I guess there could be a distinction between the two, given the beat and given the comment that you would have raised otherwise. So is it not update the non-GAAP or reiterate the non-GAAP?

嘿。早安.只是快速澄清一下。您是否重申了有關非 GAAP 要素的指導，還是只是沒有更新它們？我想，考慮到節拍和您提出的評論，兩者之間可能會有區別。那麼它不是更新非公認會計準則或重申非公認會計準則嗎？

Yeah. Hi, Bill. It's Sandy Douglas. Before Matteo answers your question, which he's going to do in a second, I want to just reiterate for everybody a little bit of the details on our incident management protocol.

是的。你好，比爾。我是桑迪道格拉斯。在 Matteo 回答您的問題之前（他馬上就會回答），我想向大家重申我們的事件管理協議的一些細節。

Last Thursday, we noticed some unauthorized participants in our network. And pursuant to our incident management protocol, we went into hyper-analysis and awareness mode. By late afternoon on Friday, early evening, late afternoon, we saw enough data to suggest that we needed to shut our network completely down and go into hyper-analysis mode, which we did, bringing in outside experts and, again, pursuant to our protocols.

上週四，我們注意到我們的網路中有一些未經授權的參與者。根據我們的事件管理協議，我們進入了超級分析和意識模式。到週五傍晚、傍晚、下午晚些時候，我們看到了足夠的數據，表明我們需要完全關閉網路並進入超級分析模式，我們這樣做了，引入了外部專家，並再次遵守我們的協議。

Once we got to Monday morning, we let the markets know through filing an 801 to make sure that we were being fully transparent about what was going on. And as we sit here today, we're 100 hours into the management of the situation, and we have two focus points. And this is really the whole of company focus here. And that is to understand the situation and then to safely bring back our network when it's appropriate to do so. And then separately work with our customers and suppliers transparently to do everything that we can possibly do to help them manage through the short-term difficulty that the situation creates.

到了周一早上，我們透過提交 801 表格讓市場知道情況，以確保我們對正在發生的事情完全透明。今天我們坐在這裡，已經花了 100 個小時來處理這一情況，我們有兩個重點。這確實是整個公司關注的重點。那就是了解情況，然後在適當的時候安全地恢復我們的網路。然後分別與我們的客戶和供應商進行透明的合作，盡我們所能幫助他們解決這種情況造成的短期困難。

I would further say that, to us, the most important enduring matter here is how we take care of our customers and how we show up for them. And our focus has been on that for the last 100 hours, and that continues to be what we're working on with some progress.

我還要說的是，對我們來說，這裡最重要的持久問題是我們如何照顧我們的客戶以及我們如何為他們提供服務。在過去的 100 個小時裡，我們一直專注於此，我們正在繼續努力並取得了一些進展。

But Matteo, go ahead. Why don't you answer his question? But I just wanted to create that context because that sort of sets the backdrop for how we looked at guidance coming into the call.

但馬特奧，請繼續。為什麼不回答他的問題？但我只是想創造這樣的背景，因為這為我們如何看待電話會議中的指導奠定了背景。

Thank you, Sandy. Good morning, Bill.

謝謝你，桑迪。早安，比爾。

So we had a strong third quarter, and we had a strong performance year to date. We're up 5.5% in sales year to date. We're up 16.3% in EBITDA and generated more than $150 million of free cash flow. And our plan was to increase the guidance, as we mentioned in the remarks. However, as you heard from Sandy, we are very focused on the restore of the systems and then the focus on the customers. And with that in mind, we left the guidance alone for now.

因此，我們的第三季表現強勁，今年迄今的表現也十分出色。今年迄今為止我們的銷售額成長了 5.5%。我們的 EBITDA 成長了 16.3%，並產生了超過 1.5 億美元的自由現金流。正如我們在評論中提到的那樣，我們的計劃是增加指導。然而，正如桑迪所說，我們非常注重系統的恢復，然後才是客戶。考慮到這一點，我們暫時不提供指導。

Okay. Thank you. And as a follow-up, on Key Foods in the Northeast, the initial thesis was with them as an anchor customer, you could build a large facility with some extra capacity to add additional customers around it. So I guess what kind of diverged from that plan? Was it Key Foods' anchor was different than you thought it would be? Or the ability to add scale around Key Foods was maybe different than you thought it would be? What kind of happened there that kind of went against or away from your initial plan?

好的。謝謝。作為後續行動，對於東北地區的 Key Foods，最初的論點是，他們作為主要客戶，你可以建造一個具有額外產能的大型設施，以吸引周圍的其他客戶。那我猜想這跟計劃有什麼不同？Key Foods 的主播是否與您想像的不同？或者 Key Foods 周圍擴大規模的能力可能與您想像的不同？那裡發生了什麼事情，導致違背或偏離了你最初的計劃？

Sure, Bill. This is Sandy again.

當然，比爾。我又是桑迪。

I think the broader strategic question, which we've been looking at as a part of our three-year plan, is around the country, where are there opportunities to optimize our network based on either market or customer profitability? And then we've taken actions, as you know, to make adjustments to our DC footprint around the country. And that doesn't just involve closing DCs. But recently, as you know, we moved from York to Manchester and increased our square footage and automation in the new Manchester distribution facility.

我認為，我們作為三年計劃的一部分一直在研究的更廣泛的戰略問題是，在全國範圍內，有哪些機會可以根據市場或客戶盈利能力來優化我們的網絡？然後，如您所知，我們已經採取行動，對我們在全國範圍內的 DC 佈局進行調整。而這不僅涉及關閉 DC。但最近，如您所知，我們從約克搬到了曼徹斯特，並增加了新曼徹斯特配送設施的面積和自動化程度。

Specifically to Key Food and to the Allentown market, we simply found that the combination of operational factors, post-COVID impacts, and the details of that agreement were very difficult. And in collaboration with Key Food, we determined with them that the best possible scenario for everyone, given the facts at hand and the likely scenarios that emerged, was to exit the relationship in the market. And so we did so in an effort to optimize the results for them and for us. And it was a clear choice that emerged after careful consideration of all the options. Obviously, we had associates in that market, so we make those decisions very carefully.

具體來說，對於 Key Food 和阿倫敦市場，我們發現營運因素、後疫情時代的影響以及該協議的細節等因素的結合非常困難。我們與 Key Food 合作，根據現有事實和可能出現的情況，共同確定對各方而言最好的方案是退出市場合作關係。因此，我們這樣做是為了努力為他們和我們優化結果。這是在仔細考慮了所有選項之後才做出的明確選擇。顯然，我們在該市場有合作夥伴，因此我們會非常謹慎地做出這些決定。

Maybe to complement your answer, Sandy, so we recorded in the third quarter a $24 million asset impairment charge and about $4 million in severance expense that have impacted our GAAP results. In the fourth quarter, we expect to record a $53 million country termination fee that will be paid to Key Food over several months and over achievement of milestones. And that will be recorded in the restructuring cost and will impact free cash flow.

桑迪，也許可以補充一下你的答案，我們在第三季度記錄了 2400 萬美元的資產減值費用和約 400 萬美元的遣散費，這些都影響了我們的 GAAP 結果。在第四季度，我們預計將記錄一筆 5,300 萬美元的國家終止費，該費用將在幾個月內以及在實現里程碑後支付給 Key Food。這將記錄在重組成本中，並影響自由現金流。

However, the net cash impact of the payment is materially lower because, as we discontinue our operations at Allentown, we're going to get some upside from the working capital release, as well as the benefits of the expense reduction. So we project a payback period of a year or less.

然而，這筆付款的淨現金影響實際上較低，因為隨著我們停止在阿倫敦的業務，我們將從營運資金釋放中獲得一些好處，以及減少費用的好處。因此我們預期回報期為一年或更短。

Scott Mushkin, R5 Capital.

斯科特·穆甚金（R5 Capital）

Hey, guys. Thanks for taking my questions. I'm sorry to hear what you're going through. So I guess first off, I want to make sure I understand getting your network back online. Are you actually currently shipping to customers or no?

嘿，大家好。感謝您回答我的問題。我很遺憾聽到你正在經歷的事情。所以我想首先，我想確保我了解如何讓您的網路恢復在線。您目前實際上是否正在向客戶發貨？

Yes, we are, on a limited basis. And it depends on the technology platform; some are further along on the recovery than others. But we are partnering with customers across the country and across our formats in various short-term modes to serve their needs as best as we possibly can. And it's getting increasingly positive each day, but still a work in progress.

是的，我們是有限的。這取決於技術平台；有些平台的復甦比其他平台更進一步。但我們正在以各種短期模式與全國各地的客戶合作，盡可能滿足他們的需求。而且它每天都變得越來越積極，但仍是一項正在進行的工作。

Sandy, what do you think the percentage you normally ship? Is it like at 30% or is it over 50%? What's your problem model for these customers? Are they going to start running there? Or where is everything?

桑迪，您認為您通常發貨的比例是多少？是 30% 左右還是 50% 以上？您針對這些客戶的問題模型是什麼？他們要開始在那裡跑步嗎？或者一切都在哪裡？

Scott, the entire process is very fluid and ongoing. The way I would describe it is each day is better. And we're working in a very customized way by market and by customer to serve the capability that exists. And it's, at this stage, a highly partnering activity. But I wouldn't want to give percentages at this time because it's changing every day. But it's obviously the top priority of the company to serve our customers as best as we possibly can while we're working to, as rapidly and safely as possible, bring our systems back online.

斯科特，整個過程非常流暢且持續。我想說的是，每一天都變得更好。我們根據市場和客戶採取高度客製化的方式，以滿足現有的需求。在現階段，這是一項高度合作的活動。但我現在不想給出百分比，因為它每天都在變化。但顯然，公司的首要任務是盡可能為客戶提供最好的服務，同時我們正在努力盡快、盡可能安全地恢復系統上線。

Are you actively facilitating those customers working with other distributors so their sales are there? And also, what's your fiscal -- and what's your monetary responsibility to those customers? And is there contractual issues where they could actually break contracts?

您是否積極幫助那些客戶與其他經銷商合作以實現銷售？此外，您對這些客戶的財務和財務責任是什麼？是否存在合約問題，他們實際上可能會違反合約？

Yeah. I think the focus right now, and I think the through line across the network, is to help customers meet their needs in whatever way it can be done. And that, in some cases, involves help from other wholesalers. In other cases, it's a lot of very innovative work that our teams have done to help respond as best as our capabilities will allow.

是的。我認為現在的重點以及整個網路的主線是盡一切可能幫助客戶滿足他們的需求。在某些情況下，這還需要其他批發商的協助。在其他情況下，我們的團隊做了大量非常創新的工作，以盡我們的能力做出最好的回應。

But I think the strategic point in the middle of it is how we work together with customers in a crisis, in some ways, is a defining opportunity for us. And any way that we can help them meet their needs, we're doing. And nothing would be off --

但我認為其中的策略要點是我們如何在危機中與客戶合作，從某種程度上來說，對我們來說是一個決定性的機會。我們正在盡一切努力幫助他們滿足需求。一切都不會停止--

And how about their ability to break contracts? Is this a breach?

那麼他們解除合約的能力又如何呢？這是否構成違規？

From my perspective, first of all, our contracts with our customers are highly varied. And as you know, they're confidential and specific. But our focus right now is less about that and more about meeting their needs today. And I wouldn't be able to factually answer that question, even if I was inclined to disclose it. The focus is making sure we serve the customers and have them be able to do whatever they need to do the best they can in this environment.

從我的角度來看，首先，我們與客戶簽訂的合約非常多樣化。如您所知，它們是保密的並且具體。但我們現在的重點不是這個，而是如何滿足他們今天的需求。即使我願意透露，我也無法事實上回答這個問題。重點是確保我們為客戶提供服務，並讓他們能夠在這種環境下盡其所能做到最好。

And then, in parallel, our focus is, as quickly as possible, to address the issues, ensure the systems are safe, and bring them back up online. As you know, how companies manage situations like this are defining in terms of their relationships, and we view it as that kind of moment. And we have been completely transparent and completely focused on our customers' outcomes from the start.

同時，我們的重點是盡快解決問題，確保系統安全，並使其恢復上線。如您所知，公司如何處理此類情況取決於它們之間的關係，我們將其視為這樣的時刻。從一開始，我們就完全透明，並且完全專注於客戶的成果。

And then my final one is, I know Marks and Spencer's over in the UK has still got issues. So I mean, this could be a multi-month process. Is that how we should look at it? And then a follow-up to my follow-ups is that, if you look at the equity trading, it very much appears either someone knew this was going to happen, and is the SEC involved in that? And then, I guess, also, why did it take you guys so long to report it to the market?

最後我想說的是，我知道英國的瑪莎百貨仍然存在一些問題。所以我的意思是，這可能是一個持續數月的過程。我們應該這樣看待它嗎？然後我要繼續問的是，如果你看一下股票交易，你會發現很可能有人知道會發生這種事，而且美國證券交易委員會是否參與其中？然後，我想，為什麼你們花了這麼長時間才向市場報告？

Scott, let me, first of all, decline to speculate at all regarding regulatory authorities and the first part of your question. But let me remind you the timeline. The company became aware of an unauthorized entrant in our technology on Thursday. Pursuant to our incident management routine, we began hyper-analysis and awareness of diagnosing just how broad that situation was. Because, of course, in many cases, when you initially see it, you may be inclined to think it's isolated.

斯科特，首先，我不想對監管機構和你問題的第一部分做出任何猜測。但請讓我提醒你一下時間表。該公司於週四發現有人未經授權侵入我們的技術。根據我們的事件管理慣例，我們開始進行深度分析並診斷情況的廣泛性。因為，當然，在很多情況下，當你最初看到它時，你可能會傾向於認為它是孤立的。

By late Friday afternoon, we made the decision to lock our systems down. And we filed a 8-K on Monday morning before the market opened. So there is no way that we could have communicated any faster. And there was no trading that I -- well, I don't know. There was no open markets between the time we locked our systems down and the time we --

到週五下午晚些時候，我們決定鎖定我們的系統。我們在周一早上市場開盤前提交了 8-K 報表。所以我們不可能以更快的速度溝通。而且我也沒有進行任何交易——嗯，我不知道。在我們鎖定係統和我們--

I'm actually talking about before the attack. I mean, if you look at the equity, it was dropping.

我實際上談論的是襲擊之前的情況。我的意思是，如果你看一下股權，它正在下降。

Yeah. I'm confident that we are engaged with all the authorities, including relative to the cyber event, reporting all that we know to the FBI. Those are all part of our protocols that we follow strictly.

是的。我相信，我們正在與所有當局接觸，包括與網路事件相關的當局，並向聯邦調查局報告我們所知道的一切。這些都是我們嚴格遵守的協議的一部分。

Okay. Thank you, both.

好的。謝謝你們兩位。

Mark Carden, UBS.

瑞銀的馬克卡登。

Thanks so much for taking the questions, guys. To start, I'm going to go with a little bit of a follow-up on Bill's question. For Key Food, it was originally expected to be a $1 billion annualized business. Is this essentially where it landed? And then I know you guys were pretty excited about landing the contract originally. Was this situation unique to Key Food, or does it make you rethink at all how you approach larger contracts?

非常感謝大家回答這些問題。首先，我想對比爾的問題做一些後續的解答。對於 Key Food 來說，最初預計這是一項年收入 10 億美元的業務。這基本上就是它降落的地方嗎？我知道你們最初對獲得這份合約感到非常興奮。這種情況是 Key Food 獨有的嗎？還是它讓您重新思考如何處理更大的合約？

Thanks. Mark, what I would say relative to the individual customer is that we don't really comment specifically. Obviously, we did today because of the size and scope and the history of the announcement and the connection to Allentown.

謝謝。馬克，我想說的是，對於個人客戶，我們實際上不會發表具體的評論。顯然，我們今天這樣做是因為該聲明的規模、範圍和歷史，以及與阿倫敦的聯繫。

But the broader question about our approach to overall contract underwriting and analysis, I would say that today, we have a very rigorous process that looks at all the factors that go into it because we pursue win-win agreements. And our customers deserve that, and all our customers deserve that we don't have agreements where we're losing money because that hurts everybody. So the rigor that Matteo and his team working with our commercial leaders have put into that process is significant, and I've got a lot of confidence in it.

但關於我們對整體合約承保和分析方法的更廣泛的問題，我想說，今天，我們有一個非常嚴格的流程，會考慮其中涉及的所有因素，因為我們追求雙贏的協議。我們的客戶應該得到這樣的待遇，我們所有的客戶都應該得到這樣的待遇，我們不應該簽訂讓我們虧錢的協議，因為這會傷害到每個人。因此，Matteo 和他的團隊與我們的商業領袖合作在這過程中所採取的嚴謹態度非常重要，我對此充滿信心。

I would also say that a whole lot, particularly in the transportation side of the New York area, changed in the COVID period. And so we make the decisions we made based on a very factual analysis of the current situation and at the end of the exploration of all options that we might have been able to pursue to turn that agreement into a positive one. And following all that, we chose to exit because it was the best decision for our shareholders. And I believe that Key Food made the same decision for the same reason for theirs.

我還要說的是，在新冠疫情期間，很多事情都發生了變化，尤其是紐約地區的交通方面。因此，我們根據對當前情況的事實分析，並在探索了所有可能採取的選項之後，做出了這些決定，以使該協議成為積極的協議。經過這一切，我們選擇退出，因為這對我們的股東來說是最好的決定。我相信 Key Food 也出於同樣的原因做出了同樣的決定。

Got it. That makes sense. And then as my follow-up, just on the cyber attack, how has the customer response been so far? And does it impact how you approach resources devoted to both customer retention and new business acquisition in the near to intermediate term? And essentially, does new business go more to the back burner temporarily, or is it still going to be pretty balanced?

知道了。這很有道理。然後作為我的後續問題，關於網路攻擊，到目前為止客戶的反應如何？這是否會影響您在短期和中期內如何處理用於保留客戶和獲取新業務的資源？那麼本質上，新業務是否會暫時被擱置，還是仍保持相當平衡？

Yeah, that's a great question. What I would say is, and again, this is anecdotal in the midst of a crisis response with 30,000 customer rooftops. But I have daily personal conversations with about 15 to 20 CEOs of our customers. And the conversations have been extremely constructive and collaborative. Our teams are working very hard for them to make sure that we help them get everything that we can to manage through.

是的，這是一個很好的問題。我想說的是，這只是在涉及 30,000 個客戶屋頂的危機應對過程中發生的軼事。但我每天都會與大約 15 到 20 位客戶的 CEO 進行私人交談。對話非常具有建設性和協作性。我們的團隊正在努力為他們工作，以確保我們能盡一切努力幫助他們度過難關。

My own view is that until we reach a point of functional equilibrium and when our systems are safe and operating as they should, we have to focus on existing customers and meeting their needs with every ounce of our energy. And that's what we're doing.

我個人的觀點是，在我們達到功能平衡點並且我們的系統安全且正常運作之前，我們必須專注於現有客戶並竭盡全力滿足他們的需求。這正是我們正在做的事情。

I would also caution everyone not to make assumptions about the length of the issue. And I mean that on both sides. One of the things that I have learned is to focus on the facts in front of you and generally not to speculate. To serve the needs of the process and making sure that we are safe, we're diligent, we're thorough, and at the same time, in parallel, work very hard to solve the operational opportunities in a given DC with given customers in the coming day. We're doing the same on the back end with our suppliers. And I believe over time how companies and their customers work together in crises have the opportunity at least to strengthen relationships. But we'll be talking about that after it's over.

我還要提醒大家不要對問題的長度做假設。我的意思是雙方都是如此。我學到的一件事就是專注於眼前的事實，通常不要進行猜測。為了滿足流程的需要並確保我們的安全，我們勤奮、徹底，同時，我們同時努力解決未來幾天在特定 DC 與特定客戶遇到的營運機會。我們在後端與供應商做同樣的事情。我相信，隨著時間的推移，公司和客戶在危機中如何合作至少有機會加強關係。但我們會在事情結束後再討論這個問題。

Got it. Thanks so much. Good luck, guys.

知道了。非常感謝。祝大家好運。

(Operator Instructions) John Heinbockel, Guggenheim.

（操作員指示）約翰·海因博克爾，古根漢。

So for both of you guys, I know you've been speeding up the rollout of Lean Six Sigma. You did 11 this quarter. How does the breach impact that? Do you basically -- whatever you've done in the fourth quarter, that's it, and it slows down temporarily? And then also, if you think about shrink, does shrink potentially go up in the short term because volume is down, product is going bad, or too early to tell if that happens?

所以對你們兩個來說，我知道你們一直在加快推行精實六西格瑪。本季你完成了 11 項。此次違規行為有何影響？基本上——無論你在第四季做了什麼，都是這樣，而且會暫時放緩嗎？而且，如果您考慮收縮，收縮是否會在短期內上升，因為數量下降，產品變質，或者判斷是否發生這種情況為時過早？

Hey, John. Good morning. Thanks for the question.

嘿，約翰。早安.謝謝你的提問。

Let me give a quick recap of where we are in the early lean journey. So we're focusing on three areas. First one is decentralization for higher accountability, and these are some of the comments and references that Sandy made on how the new Wholesale product-oriented organization is performing or, for instance, how the decentralized procurement organization is performing on reducing this on hand while supporting a 7.5% growth rate.

讓我快速回顧一下我們在早期精實旅程中所處的位置。因此，我們將重點放在三個領域。第一個是權力下放，以提高問責制，這些是桑迪對新的批發產品導向型組織的運作方式或例如分散採購組織在支持 7.5% 的增長率的同時減少庫存方面所做的一些評論和參考。

The second area is on lean daily management. I'll get there in a second on your question on the breach, and that's where we now have 20 distribution centers out of roughly 50 applying daily management, and we see benefits across the safety quality delivery cost sequence. And then the last piece is waste management, which is where we have been able, through a set of actions, to take another 50 basis points of operating expenses out of sales.

第二個領域是精實日常管理。我馬上就會回答你關於違規行為的問題，我們現在有大約 50 個配送中心中的 20 個應用日常管理，我們看到了安全品質交付成本序列的好處。最後一部分是廢棄物管理，透過一系列行動，我們能夠從銷售額中再減少 50 個基點的營運費用。

Specifically on your question, so throughput has been improving over the last several quarters. It's up 5% in the third quarter. There could be a few days of disruptions, as Sandy said, focusing on restoring our systems and meeting our customers' needs as much and in more creative ways as we can, but the underlying momentum is strong.

具體來說，關於您的問題，過去幾個季度的吞吐量一直在提高。第三季上漲了5%。正如桑迪所說，可能會有幾天的中斷，我們將專注於恢復系統，並盡可能以更具創造性的方式滿足客戶的需求，但潛在的勢頭是強勁的。

We are getting a lot of engagement from the DCs on applying lean daily management. Sandy and I and the leadership team were visiting Manchester last week, and we saw real-time examples of how these things are working. So we're encouraged by the progress, speed bump related to this cyber incident, but the underlying momentum is strong and will continue.

我們得到了很多 DC 的參與，以應用精益日常管理。桑迪和我以及領導團隊上週訪問了曼徹斯特，我們親眼目睹了這些事情如何運作的即時案例。因此，我們對這起網路事件的進展和進展感到鼓舞，但潛在的勢頭強勁並將繼續下去。

And then relative to shrink, obviously, as part of the 100 hours reaction plan and process, we've been using wisely every single one of these 100 hours. We look at the prioritization of receipts and procurements and inventory and fresh because the shrink dynamic was very high up on the list. So we're responding as quickly as we can in the more creative ways that we can. Again, without speculating, we're not putting days of recovery to our statements, but we're moving methodically and quickly.

然後相對於收縮，顯然，作為 100 小時反應計劃和流程的一部分，我們一直在明智地利用這 100 個小時中的每一個。我們專注於收據、採購、庫存和新鮮度的優先順序，因為收縮動態在清單中排名很高。因此，我們正在以更具創造性的方式盡快做出反應。再次強調，我們不會進行任何推測，也不會在聲明中提及復甦的日期，但我們正在有條不紊地快速行動。

Let me follow up on that. When you look longer term and the recurring benefit of Lean Six Sigma, so how does that sort of play out? Do you think you get it in every DC in year one, you refine it? What do you think is the most important longer-term contributor there? You think about labor productivity, and I may have asked this to you before. Do you think you can sustain, say, 3% to 5% labor productivity gains over many, many years as this gets refined, or is that optimistic?

讓我繼續跟進。當您從長遠角度看待精益六西格瑪並看到其持續效益時，它會產生怎樣的效果？您認為您在第一年就在每個 DC 中都得到了它，並且對其進行了改進嗎？您認為那裡最重要的長期貢獻者是什麼？您考慮一下勞動生產力，我以前可能問過您這個問題。您認為，隨著這項技術不斷完善，勞動生產力的提高能否在很多年內持續保持 3% 至 5% 的水平，還是說，這種看法過於樂觀了？

I think we can sustain it. Where we see the benefit is clearly in continuing to improve the throughput as part of the lean daily management, continuing to expand the reach into our distribution centers with a sequence of SQDC. And then we're excited about the fourth leg that we're going to add to our lean journey, which is value stream mapping. And value stream mapping, as a way to complement our CapEx investment, is a way to complement the problem solving and making solutions more sustainable. So we expect to, again, methodically deploy VSM and start seeing sustainable benefits there.

我認為我們可以維持下去。我們看到的好處顯然在於，作為精益日常管理的一部分，我們能夠繼續提高吞吐量，並透過一系列 SQDC 繼續擴大配送中心的覆蓋範圍。我們對即將添加到精益旅程中的第四個階段感到興奮，即價值流圖。價值流圖作為補充我們的資本支出投資的一種方式，是一種補充解決問題並使解決方案更具永續性的方式。因此，我們希望再次有條不紊地部署 VSM，並開始看到可持續的效益。

Thank you.

謝謝。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Thank you. Good morning. Just given the determination of your relationship with Key Foods, I wanted to see if you could just comment on how you're thinking about the conventional segment longer term. I understand you've been focused on streamlining your contract to drive profitable growth. But as I see it, driving more volume through your network should create some leverage benefits over the long term. So how do you balance this kind of streamlining to drive near-term profitable improvement versus making sure you don't cut too much to sustain growth longer term?

謝謝。早安.鑑於您與 Key Foods 關係的確定，我想看看您是否可以評論一下您對長期傳統市場的看法。我知道您一直致力於簡化合約以推動獲利成長。但在我看來，透過網路增加交易量應該會在長期內帶來一些槓桿效益。那麼，如何在這種精簡措施以推動短期獲利成長與確保不會削減太多以維持長期成長之間取得平衡呢？

Leah, this is Sandy. That's an excellent question.

利亞，這是桑迪。這是一個很好的問題。

Let me start at the sort of strategic segmentation that we did a year ago because I think sometimes labels constrain your thinking. We've identified a $90 billion addressable market that includes natural, organic, specialty, ethnic, really all retailers that are predominantly focused on a differentiation strategy. And we're designing UNFI's product services and programs for that customer base.

讓我從我們一年前做的策略性細分開始，因為我認為有時標籤會限制你的思維。我們已經確定了一個價值 900 億美元的潛在市場，其中包括天然、有機、特色、民族等所有主要注重差異化策略的零售商。我們正在為該客戶群設計 UNFI 的產品服務和計劃。

We view that customer base, having done a lot of very disciplined and deep analysis, to be a growth segment of the food industry going forward. And so with that design and that sort of target, we've assessed our business on a DC-by-DC basis to evaluate where we are going to see growth, where the profit opportunities exist from a service and program perspective. And ultimately, as that then goes down and works with individual customers, we look for ways to create win-wins.

經過大量嚴謹而深入的分析，我們認為客戶群將成為未來食品產業成長的一部分。因此，透過這種設計和目標，我們逐一 DC 地評估了我們的業務，以評估我們將在哪裡看到成長，從服務和計劃的角度看哪裡存在盈利機會。最終，隨著業務的發展和與個人客戶的合作，我們會尋找實現雙贏的方法。

And we've had a lot of success on that. As you know, we had provided a year ago a three-year sales guide of flat. And this year, year to date, we're way ahead of that because of the success of the segmentation thinking and the work we've done with customers.

我們在這方面取得了很大成功。大家知道，我們一年前就提供過三年的公寓銷售指南。今年到目前為止，由於細分思維的成功以及我們與客戶合作所做的工作，我們已經遠遠領先於此。

In the case of Key Food in Allentown, it's a unique situation, or largely unique situation, where a customer and a DC are inextricably linked. And in that case, there was no way that we could see, based on all the work we've done, that we could turn that situation into a profitable growth opportunity. And so we made the hard decision to close the DC, and we and Key Food mutually decided to end the relationship.

對於位於阿倫敦的 Key Food 來說，這是一個獨特的情況，或者說很大程度上是獨特的情況，其中客戶和 DC 密不可分。在這種情況下，根據我們所做的所有工作，我們看不到有任何方法可以將這種情況轉變為有利可圖的成長機會。因此，我們做出了關閉 DC 的艱難決定，並且我們和 Key Food 共同決定終止合作關係。

Ultimately, the value gets driven by driving throughput and creating excellent returns against our capital, which tend to be DC-driven. And we see opportunities to grow profitably against the $90 billion addressable segment. But we're in the process of making sure that we align and shape the customer efforts that we're putting into that target market into the ability to drive profitable growth and significant amounts of free cash flow to deleverage our debt and drive economics for our shareholders.

最終，價值由提高吞吐量和創造出色的資本回報來驅動，而這往往是由 DC 驅動的。我們看到了在 900 億美元潛在市場中實現獲利成長的機會。但我們正在確保將我們在目標市場中投入的客戶努力調整和塑造成推動獲利成長和大量自由現金流的能力，以降低我們的債務槓桿並為我們的股東帶來經濟效益。

That makes a lot of sense. Thank you. And just for my follow-up, I wanted to dig into some of the drivers in the quarter a little bit. Putting the recent cyber incident aside, I mean, you still had a nice acceleration in your overall business with volume growth. I mean, and this is within a backdrop of macro uncertainty, low consumer sentiment.

這很有道理。謝謝。為了後續行動，我想稍微深入探討本季的一些驅動因素。撇開最近的網路事件不談，我的意思是，你們的整體業務仍然取得了良好的加速發展，業務量也實現了成長。我的意思是，這是在宏觀不確定性、消費者信心低迷的背景下。

So I guess, what are you seeing on consumer behavior? Have there been any big shifts in which categories they're shopping and channels? And how much do you think just a shift toward more food at home has been a benefit for you this last quarter?

那我猜，您對消費者行為有何看法？他們購買的類別和管道是否發生了重大變化？您認為上個季度在家多吃食物為您帶來了多大好處？

Sure. And I'll take a shot at this and invite Matteo to comment as well.

當然。我會嘗試一下，並邀請 Matteo 也發表評論。

I think the first distinction I draw is that the wholesale market is not exactly a mirror image of the retail market. We're in the B2B products and services business. And our growth is driven by the fact that retailers view us as being helpful to them in a various range of circumstances. And we work hard to be the provider that they look to, to help them grow their business, help them shift their strategy, help them move into new markets, a range of different situations. And our growth reflects that. Some of it's short term. Some of it's long term. But our sales and merchants are busy helping customers regardless of the situation. And we've seen really strong sales results as a part of that.

我認為我做出的第一個區分是批發市場並不完全是零售市場的鏡像。我們從事 B2B 產品和服務業務。我們之所以能實現成長，是因為零售商認為我們在各種情況下都能為他們提供幫助。我們努力成為他們所期望的供應商，幫助他們發展業務，幫助他們轉變策略，幫助他們進入新市場以及各種不同的情況。我們的成長也反映了這一點。其中一些是短期的。其中一些是長期的。但無論情況如何，我們的銷售和商家都在忙著幫助客戶。其中，我們已經看到了非常強勁的銷售業績。

Within the consumer, clearly what you hear from retailers across the market is there's certainly stress at the bottom end and increasing sort of weariness across the customer base. We're seeing really strong performance in the natural, organic, and specialty area. But we're also seeing good performance in differentiated ethnic and some other really powerful and good retailers who are doing an excellent job.

在消費者方面，你從市場各處的零售商那裡聽到的明顯訊息是，底端肯定存在壓力，而且整個客戶群的疲倦感正在增加。我們看到天然、有機和特色領域的表現非常強勁。但我們也看到差異化民族品牌和其他一些真正有實力、優秀的零售商表現出色，他們做得非常出色。

So it's going to continue to be -- we use the term dynamic in the script. We think it is. We're seeing lots of innovation. And finally, I'd remind you that we credited most of our growth to the quality of our customer base, which is really the truth. It is the biggest driver. We have great customers who are doing incredible things in the market.

所以它將繼續進行——我們在腳本中使用動態這個術語。我們認為是的。我們看到了很多創新。最後，我想提醒大家，我們將大部分成長歸功於客戶群的質量，這是事實。這是最大的驅動力。我們擁有優秀的客戶，他們在市場上做出了令人難以置信的成就。

Matteo, any additions, subtractions there relative to the market?

Matteo，相對於市場來說，有什麼增加或減少嗎？

Thanks, Sandy. And again, I would add a couple of insights on the business trends.

謝謝，桑迪。再次，我想補充一些關於商業趨勢的見解。

So as you unpack the 7.5% growth, 400 basis points came from volume, which is the highest growth that we have seen since the volumes turned positive at the end of 2024. Inflation is stable at 1.5%. And then, we picked up about 200 basis points from positive category mix with higher dollars per case. When you think about natural and conventional dynamics, obviously natural is growing at a faster pace at 12%. Conventional was at 3% and had slightly positive volumes.

因此，當您解讀 7.5% 的成長時，其中 400 個基點來自交易量，這是自 2024 年底交易量轉為正值以來我們看到的最高成長。通貨膨脹率穩定在1.5%。然後，我們從積極的類別組合中獲得了大約 200 個基點，每個案例的金額更高。當你考慮自然和傳統動力時，顯然自然的成長速度更快，為 12%。常規產量為 3%，且產量略有增加。

And then the last comment is building on some of the iterations that we had in the last call. Even within natural, when you exclude the new business and the largest customer, the underlying performance has grown from 2% in 1Q, 3% in 2Q, 4% in the third quarter. So we see momentum in the natural business at large.

最後一條評論是基於我們上次通話中的一些迭代。即使在自然情況下，當你排除新業務和最大客戶時，基本業績也從第一季的 2%、第二季的 3% 和第三季的 4% 成長。因此，我們看到自然業務整體呈現成長動能。

Very helpful. Thank you.

非常有幫助。謝謝。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi. Good morning, guys. So just to follow up on the IT issue, just curious, do you think there's anything about UNFI that made it more susceptible to this problem? And bigger picture, sort of taking a step back, do you think it impacts at all how you're thinking about spending, CapEx, technology, that type of stuff moving forward?

你好。大家早安。因此，只是為了跟進 IT 問題，只是好奇，您是否認為 UNFI 有什麼問題使其更容易受到此問題的影響？從更大的角度來看，退一步來看，您認為這會影響您對未來支出、資本支出、技術等的看法嗎？

Hi, Ed. The instinctive answer is no, dot, dot, dot, dot, dot. But let me answer the question more thoughtfully than that. We have, like a lot of companies, a significant investment in process around the cyber area. It's highly dynamic and rapidly growing. And the threat actors out there are always looking for ways to innovate and find new ways to penetrate systems.

嗨，艾德。本能的答案是“不”，點，點，點，點，點。但請讓我更深入地回答這個問題。與許多公司一樣，我們在網路領域流程方面投入了大量資金。它非常活躍並且發展迅速。威脅行為者總是在尋找創新方法並尋找新的方法來滲透系統。

And so whether it's our management routines, our Board oversight, risk management that tracks all the way up into our governance structure, we rigorously review and invest in the cyber infrastructure and capability in the company. We use multiple different external benchmarks to assess ourselves and really hold nothing back in this area.

因此，無論是我們的管理實務、董事會監督或貫穿治理結構的風險管理，我們都會嚴格審查並投資公司的網路基礎設施和能力。我們使用多種不同的外部基準來評估自己，並且在這方面確實毫不保留。

Having said that, we just got penetrated. So we will be continuing to look at every aspect of our defense, every aspect of how our tools are working and what may be necessary to bolster it going forward, because it's clearly an area that requires a tremendous amount of focus from companies today and will continue.

話雖如此，我們剛剛被滲透了。因此，我們將繼續審視防禦的各個方面、我們的工具如何運作的各個方面以及未來可能需要採取哪些措施來加強防禦，因為這顯然是當今公司需要高度關注的一個領域，而這種關注將持續下去。

How that affects CapEx going forward, ultimately, CapEx is a choice. And we have and will continue to prioritize cyber investment. But I don't think it changes the ultimate big picture for UNFI on capital. But I think a company needs to be both high capability and humble when it relates to cyber security. And this event is just a demonstrated example of why.

這會對未來的資本支出產生什麼影響？歸根結底，資本支出是一種選擇。我們已經並將繼續優先考慮網路投資。但我不認為這能改變 UNFI 在資本方面的最終大局。但我認為，在網路安全方面，公司既需要具備強大的能力，又需要保持謙遜的態度。而這次事件只是證明了這一點。

Okay. And just a follow-up. As we think about the mitigation efforts that you are taking at the moment, obviously, there's a case volume impact associated with that. But what about from a cost perspective in terms of trying to run the business with some capacity at this point? Is there an added cost associated with doing that? Just curious, I mean, I know you don't have great visibility, but we're all thinking about how we should at least be modeling what's happened so far. I'm curious as to any impact it might be having on the cost side.

好的。這只是後續行動。當我們考慮您目前正在採取的緩解措施時，顯然這會對案件數量產生影響。但從成本角度來看，如果此時嘗試以一定的產能來經營業務，那又如何呢？這樣做會產生額外的費用嗎？只是好奇，我的意思是，我知道你的能見度不太高，但我們都在思考至少應該如何模擬迄今為止發生的事情。我很好奇它會對成本方面產生什麼影響。

Sure. And again, what I would say on this one is we're 100 hours in. At this stage, we are taking action with one -- well, really two tracks of focus. The first is to address the cyber incident to make sure we understand it, that we've taken actions to repair, improve, and then get our system safely online as fast as possible.

當然。再說一次，我想說的是，我們已經投入了 100 個小時。在現階段，我們採取行動時專注於一個面向──實際上是兩個面向。首先是解決網路事件，確保我們了解它，並採取措施修復、改進，然後儘快讓我們的系統安全上線。

And that's one track of work. Again, we're putting the resources that are necessary, all of them, to bring that to effect as soon and safely as possible. And then on the other side, we're using our resources and our tremendous team of sales and supply chain and procurement to work with suppliers and customers to make their situation as good as we possibly can.

這就是工作的一個面向。再次強調，我們正在投入所有必要的資源，以盡快、安全地實現這一目標。另一方面，我們正在利用我們的資源和龐大的銷售、供應鏈和採購團隊與供應商和客戶合作，盡可能改善他們的狀況。

Will there be elevated costs as a result of both of those tracks? Yes. Of course, there will be. How much that will be, we don't know at this stage, but we believe we'll be able to manage it. But at this point, we're focused on those two tracks, and it's too early to try to quantify that.

這兩種方式都會導致成本增加嗎？是的。當然會有。目前我們還不知道這個數字會是多少，但我們相信我們能夠做到。但目前，我們專注於這兩條軌道，現在嘗試量化還為時過早。

Okay. Thanks, guys.

好的。謝謝大家。

Ben Wood, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Ben Wood。

Hi. This is Ben on behalf of Kelly Bania. Thanks for taking our questions. Not to belabor the breach anymore, but just a question going into it, where were you guys on the consolidation and updating of your IT systems? I know out of the last cycle of inflation, you commented that you had a lot of systems that impacted your visibility into the business. So where were you in that process?

你好。我是凱利‧巴尼亞 (Kelly Bania) 的本 (Ben)。感謝您回答我們的問題。我們不再詳細討論違規行為，只想問一個問題，你們在 IT 系統整合和更新方面進展如何？我知道，在上一輪通貨膨脹中，您曾表示，有許多系統影響了您對業務的可見度。那麼你在這個過程中處於什麼位置？

Hey, Ben. Good morning. It's Matteo.

嘿，本。早安.我是馬特奧。

So over the past couple of years, we have been focused on improving our systems and processes. And as you think about our $300 million CapEx guidance, we always allocate about a third to safety and overall DC modernization, about a third to technology improvement, and then about a third to automation. So within that envelope, we have invested in updating our systems and processes, and with that, increasing capabilities.

因此，在過去的幾年裡，我們一直致力於改善我們的系統和流程。當您考慮我們的 3 億美元資本支出指引時，我們總是將大約三分之一分配給安全性和整體 DC 現代化，大約三分之一分配給技術改進，然後大約三分之一分配給自動化。因此，在這樣的框架內，我們投資更新我們的系統和流程，從而提高能力。

We continue to modernize our networks. Think about the recent release of the warehouse management systems, think about some of the inventory management applications that we released. And we continue to look at opportunities to methodically and with discipline, consider an ERP. But we want to make sure that it's clear that the fact that we have closed some kind of technology deficit in the last couple of years with a lot of system and process improvement is separate from what happened in the cyber attack.

我們將繼續推進網路現代化。想想最近發布的倉庫管理系統，想想我們發布的一些庫存管理應用程式。我們將繼續尋找機會，有條不紊地考慮 ERP。但我們要確保的是，過去幾年我們透過大量的系統和流程改進彌補了某種技術缺陷，這一事實與網路攻擊中發生的事情是分開的。

Right. Understood. No, that's helpful. And then I just want to transition to talking a little bit about service levels. You guys have provided some good updates, but I'm curious, for the DCs that are on your lean daily management compared to the DCs that are not, how are service levels, customer retention, new business wins tracking? And then on a related note to that, what about the DCs in the surrounding areas of some of the DCs that you've closed? How is customer retention and service levels there going?

正確的。明白了。不，這很有幫助。然後我想轉而談談服務水準。你們提供了一些很好的更新，但我很好奇，對於你們精益日常管理的 DC 和非精益日常管理的 DC 相比，它們的服務水平、客戶保留率和新業務成功情況如何？然後與此相關的是，您關閉的一些 DC 週邊地區的 DC 怎麼樣了？那裡的客戶保留和服務水準如何？

Ben, great question. Thank you.

本，好問題。謝謝。

We see service levels improving and being able to benefit from immediate problem solving at the 20 DCs where we have deployed lean daily management. With that said, it doesn't mean that the other 30 or so don't focus on fee rates and service levels and delivery qualities. But the methodology of having teams huddling every morning around the safety quality delivery cost dashboard, seeing the green or the red and being able to jump straight away to the red and acting problem solving is very, very powerful.

我們看到，在部署了精益日常管理的 20 個配送中心，服務水準正在提高，並且能夠從即時問題解決中受益。話雖如此，但這並不意味著其他 30 家左右的銀行不關注費率、服務水準和交付品質。但是，每天早上讓團隊圍坐在安全品質交付成本儀表板周圍，看到綠色或紅色並能夠直接跳到紅色並採取行動解決問題的方法非常非常有效。

So with that in mind, we've seen shrink benefits, service level benefits, delivery quality benefits. That's why I would encourage about expanding the program to more and more distribution centers. And to your point, the adjacent DCs that don't have lean daily management in place can also learn from the best practices of the others. So there is a formal method of rolling out the LDM, but there are also daily interactions and practice sharing that helps the overall network.

因此考慮到這一點，我們看到了縮減效益、服務水準效益、交付品質效益。這就是為什麼我鼓勵將該計劃擴展到越來越多的配送中心。正如您所說，沒有實施精益日常管理的鄰近資料中心也可以學習其他資料中心的最佳實踐。因此，有一種推出 LDM 的正式方法，但也有日常互動和實踐分享來幫助整個網路。

Relative to the customer retention, when we issued a guidance about a year ago, the output, the three-year guidance about a year ago, and talk about flat revenues, we had just started the network optimization plans. And today, we have closed four distribution centers, if you include the move of York into Manchester. And obviously, we are now selling town this morning. And we could say that our ability to work with customer and find win-win path forward has been stronger than we were expecting at the inception of this program.

相對於客戶保留，當我們大約在一年前發布指導意見、產出、大約在一年前的三年指導意見並談到持平的收入時，我們才剛開始網絡優化計劃。今天，如果算上從約克遷至曼徹斯特的配送中心，我們已經關閉了四個配送中心。顯然，我們今天早上正在出售城鎮。我們可以說，我們與客戶合作並找到雙贏之路的能力比我們在該計劃開始時預期的要強。

And we are happy with that because, as Sandy mentioned, our first goal when we see low performing distribution centers is to be able to find win-win solutions with our customers. And then if not, we need to take different actions.

我們對此感到高興，因為正如桑迪所提到的，當我們看到績效不佳的配送中心時，我們的首要目標就是能夠與客戶找到雙贏的解決方案。如果沒有，我們就需要採取不同的行動。

William Reuter, Bank of America.

威廉·路透，美國銀行。

Hi. I just -- I have two quick ones. So the first, in terms of the termination fee with Key Foods, did I hear correctly that that was $53 million?

你好。我只是——我有兩個簡短的問題。那麼首先，關於與 Key Foods 的終止費，我沒聽錯吧，是 5300 萬美元嗎？

That is correct.

沒錯。

Okay. And then in terms of capital allocation, you've now sped up your expectation of when you're going to get to 2.5 times leverage now by the end of fiscal year '26. How are you thinking about capital allocation when you get to that target? Do you think that you'll change towards more shareholder friendly, either share repurchases, larger dividend, or alternatively, do you think you might kind of reduce your leverage target going forward from that point?

好的。然後，在資本配置方面，您現在已經加快了對何時能在 26 財年末達到 2.5 倍槓桿率的預期。當達到該目標時，您如何考慮資本配置？您是否認為您會採取更有利於股東的舉措，無論是股票回購、增加股息，還是從那時起您可能會降低槓桿目標？

It's a great question. So our focus is 100% on converting free cash flow into debt reduction for now. Within that framework, we talked about investing $300 million in CapEx every year, but 1% of our top line. And again, the envelope is split third into safety and DC maintenance, third into technology, and a third into automation. And then every dollar goes to a debt reduction. That is the focus and the mantra to the point of achieving 2.5 turns or less.

這是一個很好的問題。因此，我們目前的重點是將自由現金流 100% 轉化為債務減免。在這個框架內，我們談到了每年投資 3 億美元的資本支出，但只占我們營業額的 1%。再次，該信封被分為三個部分：安全和直流維護，第三部分為技術，第三部分為自動化。然後每一美元都用於減少債務。這就是實現 2.5 轉或更少轉的重點和咒語。

I think at that point, we'll have a different conversation of where do we see the best shareholder returns. And to your point, the full portfolio of more targeted investments, organically in certain areas, thinking about a different buyback policy is all going to be on the table. But for now, the one and only focus is to deleverage and there is no mistake within the company.

我認為到那時，我們會就哪裡能獲得最佳股東回報進行不同的討論。正如您所說，更有針對性的投資組合、在某些領域的有機投資以及考慮不同的回購政策都是值得考慮的。但目前唯一的重點是去槓桿，公司內部沒有錯誤。

Got it. All right, helpful commentary. All right. Thanks a lot.

知道了。好的，很有幫助的評論。好的。多謝。

And that concludes our question-and-answer session. And I will now turn the conference back over to Sandy Douglas for closing comments.

我們的問答環節到此結束。現在我將會議交還給桑迪·道格拉斯，請他發表最後評論。

Thank you, operator.

謝謝您，接線生。

As you heard on today's call, we are focused on diligently managing through the cyber incident we announced yesterday morning to rapidly and safely restore our capabilities while helping our customers with short-term solutions wherever possible. While this may be a short-term incident in the longer picture of our business, we see a defining character moment to show up for our customers in a way that reflects the challenges of the time and the character of the company that we want to be.

正如您在今天的電話會議上聽到的那樣，我們正致力於認真處理昨天上午宣布的網路事件，以快速安全地恢復我們的能力，同時盡可能地幫助我們的客戶提供短期解決方案。雖然從我們業務的長遠發展來看，這可能只是一個短期事件，但我們認為這是一個決定性的時刻，我們要以一種能夠反映時代挑戰和我們想要成為的公司特徵的方式向客戶展示自己。

Bigger picture, we continue to make solid progress towards implementing our multi-year strategy and delivering on our financial commitments, both in fiscal '25 and beyond. We again delivered strong sales, adjusted EBITDA, and free cash flow growth compared to last year's third quarter.

從更大角度來看，我們將繼續在實施多年期策略和履行財務承諾方面取得堅實進展，無論是在 25 財年還是以後。與去年第三季相比，我們再次實現了強勁的銷售額、調整後的 EBITDA 和自由現金流成長。

We continue to gather insights and develop plans for how we can deliver even more value for our customers and suppliers, knowing that the learnings from our past will be the drivers of success in our future. We're committed to getting better every day and have embraced lean management as a disciplined approach to becoming more efficient and effective.

我們不斷收集見解並制定計劃，以便為我們的客戶和供應商提供更多價值，我們知道過去的經驗將成為我們未來成功的驅動力。我們致力於每天都取得進步，並採用精益管理作為提高效率和效力的規範方法。

For our customers and suppliers, especially now, we thank you for your continued partnership and the business we do together. For the UNFI associates listening today, our thanks to each of you for everything that you do for our business, our customers, our communities, and each other. And for our shareholders, we thank you for the trust you continue to place in us.

對於我們的客戶和供應商，特別是現在，我們感謝你們一直以來的合作和我們共同開展的業務。對於今天聆聽的 UNFI 同事，我們感謝你們每個人為我們的業務、我們的客戶、我們的社區以及彼此所做的一切。對於我們的股東，我們感謝你們對我們的持續信任。

Thanks again for joining us this morning. I look forward to updating you this fall on our year-end call.

再次感謝您今天早上加入我們。我期待在今年秋天的年終電話會議上向大家通報最新情況。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。