US Foods Holding Corp (USFD) 2024 Q3 法說會逐字稿

Thank you for standing by.

感謝您的支持。

Thank you for standing by.

感謝您的支持。

My name is Rochelle, and I will be your conference operator today.

我叫羅謝爾，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the US Foods Holding Corp. third quarter 2024 earnings call.

現在，我歡迎大家參加美國食品控股公司 2024 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Mike Neese, Senior Vice President of Investor Relations.

（操作員指示）現在，我想將電話轉給投資者關係高級副總裁 Mike Neese。

Please go ahead.

請繼續。

Thank you, Rochelle.

謝謝你，羅謝爾。

Good morning, and welcome to the US Foods third quarter fiscal year 2024 earnings call.

早安，歡迎參加美國食品 2024 財年第三季財報電話會議。

On today's call, we have Dave Flitman, CEO; and Dirk Locascio, our CFO.

今天的電話會議由執行長戴夫·弗利特曼 (Dave Flitman) 主持；以及我們的財務長 Dirk Locascio。

We will take your questions after our prepared remarks conclude.

我們將在準備好的發言結束後回答大家的問題。

(Operator Instructions).

（操作員指令）。

Our earnings release issued earlier this morning and today's presentation can be found on the Investor Relations page of our website at ir.usfoods.com.

我們的收益報告和今天的簡報可以在我們網站 ir.usfoods.com 的投資者關係頁面上找到。

During today's call, unless otherwise stated, we are comparing our third quarter fiscal year 2024 to the same period in our third quarter of fiscal year 2023.

在今天的電話會議中，除非另有說明，我們正在將 2024 財年第三季與 2023 財年第三季的同期進行比較。

In addition to historical information, certain statements made during today's call are considered forward-looking statements.

除了歷史資訊外，今天電話會議中的某些陳述被視為前瞻性陳述。

Please review the risk factors in our Form 10-K for a detailed discussion of the potential factors that could cause our actual results to differ materially from those statements.

請查看我們的 10-K 表中的風險因素，詳細討論可能導致我們的實際結果與這些陳述有重大差異的潛在因素。

During today's call, we will refer to certain non-GAAP financial measures.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。

All reconciliations to the most comparable GAAP financial measures are included in the schedules on our earnings press release as well as in the presentation slides posted on our website.

所有與最具可比性的 GAAP 財務指標的對帳均包含在我們的收益新聞稿中的附表中以及我們網站上發布的簡報幻燈片中。

We are not providing reconciliations to forward-looking non-GAAP financial measures.

我們不提供前瞻性非公認會計準則財務指標的對帳表。

Now I'd like to turn the call over to Dave.

現在我想把電話轉給戴夫。

Thanks, Mike.

謝謝，麥克。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

Before we begin, our thoughts are with all of our associates, customers and communities impacted by Hurricane Helene and Milton, which have each caused catastrophic devastation across parts of the Southeast.

在我們開始之前，我們的心與所有受到颶風海倫和米爾頓影響的同事、客戶和社區同在，這兩場颶風都對東南部部分地區造成了災難性的破壞。

We are grateful to our local teams for their unwavering commitment to aiding recovery efforts and continuing to serve the community through countless hours of volunteering and donations during this difficult time.

我們感謝當地團隊在這段困難時期堅定不移地致力於協助恢復工作並透過無數小時的志願服務和捐贈繼續為社區服務。

Thankfully, all of our associates are safe, but many suffered damage to their homes and property.

值得慶幸的是，我們所有同事都很安全，但許多人的房屋和財產都遭受了損失。

I'll briefly highlight one of our associates who have gone above and beyond to make a difference in North Carolina during these trying times.

我將簡要介紹我們的一位同事，他在這個艱難時期竭盡全力為北卡羅來納州做出貢獻。

Josh Hope is a salesman for US Foods and local to Boon County.

Josh Hope 是美國食品公司的銷售員，居住在布恩縣。

He gathered volunteers to provide a wide variety of grassroots relief support.

他召集志工提供各種形式的基層救援支援。

He and others coordinated to Go Funding page that raised more than $400,000 of donations for those impacted, deployed 11 truckloads of food donations gathered with the support of local organizations and businesses, including US Foods, organized the purchase and delivery of 40 generators impacted areas.

他和其他人協調透過 Go Funding 頁面為受災群眾籌集了超過 40 萬美元的捐款，並在 US Foods 等當地組織和企業的支持下調運了 11 卡車的捐贈食品，組織購買了 40 台發電機並送達受災地區。

Thank you, Josh, for your incredible efforts and to all our associates who have helped and continue to help our customers and communities during this challenging time.

謝謝喬希 (Josh) 的出色努力，也感謝我們所有同事在這段充滿挑戰的時期為我們的客戶和社區提供並將繼續提供幫助。

Now let's turn to our results from the third quarter.

現在讓我們來看看第三季的業績。

I will then update you on core initiatives across each of our four strategic pillars before passing it to Dirk to review our financial results and provide an update to our fiscal year 2024 guidance.

然後，我將向您介紹我們四大策略支柱中的各個核心舉措，然後將其交給 Dirk 審查我們的財務結果並更新我們的 2024 財年指引。

Turning to Slide 4.

轉到投影片 4。

We delivered 13% adjusted EBITDA growth, solid adjusted EBITDA margin expansion and 21% adjusted EPS growth as we continue to deploy our proven operational playbook and execute our strategic initiatives.

隨著我們繼續部署行之有效的營運方案並執行策略計劃，我們實現了 13% 的調整後 EBITDA 成長、穩健的調整後 EBITDA 利潤率擴張和 21% 的調整後 EPS 成長。

We delivered another quarter of strong results despite a challenging macro environment and unforeseen weather-related impacts, which pressured industry case volumes.

儘管宏觀環境充滿挑戰且天氣影響不可預見，給行業案例數量帶來壓力，但我們仍取得了另一個季度的強勁業績。

This is a real testament to our team's focus, our execution and our ability to control the controllables.

這真正證明了我們團隊的專注力、執行力以及控制可控因素的能力。

We drove volume growth and captured market share in our target customer types of independent restaurants, health care and hospitality.

我們推動了銷售成長，並在獨立餐廳、醫療保健和酒店等目標客戶類型中佔領了市場份額。

Total volume grew 3.8%, while our independent restaurant cases grew 4.1%, which resulted in our 14th consecutive quarter of market share gains.

總銷量成長 3.8%，而我們的獨立餐廳營業額成長 4.1%，這使我們的市佔率連續 14 個季度成長。

Moving to capital deployment.

轉向資本部署。

We were prudently aggressive with share repurchases this quarter, totaling $580 million.

本季我們審慎積極地進行股票回購，總額達 5.8 億美元。

We will continue to execute buybacks as we believe our shares remain undervalued.

由於我們認為我們的股票仍然被低估，我們將繼續回購。

Since initiating our buyback program in late 2022, we have repurchased over $1.1 billion of our shares at an average price of $50.68 and will continue to be good stewards of capital deployment.

自 2022 年底啟動回購計畫以來，我們已以平均 50.68 美元的價格回購了超過 11 億美元的股票，並將繼續做好資本配置。

Let's turn to the broader macro and our focus on our target customer types.

讓我們轉向更廣泛的宏觀層面並專注於我們的目標客戶類型。

In addition to the softer macro environment, there were several large storms in the third quarter that adversely impacted our Southeast business where we over-index on independent restaurant market share.

除了宏觀環境疲軟之外，第三季還發生了幾場大風暴，對我們的東南部業務產生了不利影響，我們在該地區的獨立餐廳市場份額過高。

The impact from the slower southeast growth was nearly a 100 basis point headwind to independent volume growth.

東南部地區成長放緩對獨立銷售量成長造成了近 100 個基點的阻力。

And excluding the Southeast, our organic independent volume growth was modestly higher than our second quarter growth rate.

除東南部地區外，我們的有機獨立銷售成長略高於第二季的成長率。

Monthly foot traffic was down approximately 3.5% for the third quarter, but sequentially improved throughout the quarter.

第三季每月客流量下降約 3.5%，但整個季度均有所改善。

And once we got past the storm impacts in the early part of the fourth quarter, we have seen further improvement, which has translated to an approximately 100 basis point acceleration in our organic independent case growth.

一旦我們擺脫了第四季度初的風暴影響，我們就會看到進一步的改善，這意味著我們的有機獨立案例增長加速了大約 100 個基點。

We are also seeing a similar improvement in our chain same-store volume.

我們也看到連鎖店同店銷售也有類似的成長。

Our go-to-market strategy, including team-based selling, innovation and digital combined with our operational playbook enable us to capture profitable market share no matter what external factors come our way.

我們的行銷策略，包括基於團隊的銷售、創新和數位化，結合我們的營運手冊，使我們能夠無論遇到什麼外部因素都獲得有利可圖的市場份額。

And despite the challenges I've just outlined, we were quite pleased to grow independent market share in the third quarter, both sequentially and year-over-year at a faster rate than we did in the second quarter.

儘管面臨我剛才概述的挑戰，但我們仍然很高興看到第三季獨立市場份額的成長，無論是環比成長還是同比增長，速度都比第二季更快。

Let's move now to our four strategic pillars.

現在讓我們來討論四大戰略支柱。

I'll discuss our progress on each, starting with Slide 5.

我將從幻燈片 5 開始討論每個方面的進展。

Our first pillar is culture.

我們的第一個支柱是文化。

Our focus and top priority are always the safety of our associates.

我們的重點和首要任務始終是員工的安全。

During the quarter, our injury and accident rates were 21% better than the prior year.

本季度，我們的傷害和事故率比去年同期降低了 21%。

While we continue to make incremental progress each quarter, we will not rest until we have zero injuries for our associates.

雖然我們每季都會持續進步，但我們絕對不會休息，直到我們的員工零受傷。

This year, we supported the American Red Cross with a donation of $300,000 to support disaster relief efforts including Hurricanes Helene and Milton.

今年，我們向美國紅十字會捐款 30 萬美元，支持包括颶風海倫和米爾頓在內的救災工作。

Our US Foods teams also sent thousands of cases of product to disaster relief organizations across the impacted footprint.

我們的美國食品團隊也向受災地區的救災組織發送了數千箱產品。

Additionally, we announced a national partnership with the Military Family Advisory Network, or MFAN, this July and made a $250,000 contribution.

此外，今年 7 月，我們宣布與軍人家庭諮詢網絡（MFAN）建立全國合作夥伴關係，並捐贈了 25 萬美元。

This organization's mission is to understand and amplify the needs of military connected families who face food insecurity.

該組織的使命是了解和擴大面臨糧食不安全的軍人家庭的需求。

Our contribution will help MFAN distribute 500 pantry restock boxes per month, designed to get transferred military families start in their new homes with essential items typically discarded during the move.

我們的捐款將幫助 MFAN 每月分發 500 個食品補給箱，旨在讓調任的軍人家庭能夠在新家使用搬遷期間通常會丟棄的必需品。

The MFAN collaboration is our first National Hunger Relief partnership supporting military families, a group disproportionately impacted by food insecurity.

MFAN 合作是我們的第一個國家飢餓救濟夥伴關係，旨在支持軍人家庭，這個群體受到糧食不安全的影響尤為嚴重。

Turning to slide 6, our second pillar, service.

翻到第 6 張幻燈片，我們的第二支柱，服務。

Again, this quarter, we delivered year-over-year improvement with on time and in full-service levels.

本季度，我們再次按時、全方位地實現了同比增長。

We also remain focused on delivering improved distribution productivity through our Descartes routing technology, which is now live in 15 markets.

我們也將繼續致力於透過笛卡爾路由技術來提高分銷效率，該技術目前已在 15 個市場上線。

By year-end, we expect to launch an additional 11 markets and remain on track of approximately 50% of our routed miles on Descartes.

到年底，我們預計將開闢另外 11 個市場，並繼續保持笛卡爾航線約 50% 的里程數。

We continue to see this technology produce incremental improvement in cases per mile.

我們不斷看到這項技術在每英里案件數量上取得逐步改善。

And we continue to enhance the user experience of our proprietary leading digital platform, MOXe, which enables our customers to place orders, track deliveries, pay bills and seamlessly manage inventory.

我們不斷提升專有領先數位平台 MOXe 的用戶體驗，使我們的客戶能夠下訂單、追蹤交貨、支付帳單並無縫管理庫存。

Given the significant portion of total cost that food represents for our customers, we introduced a new food cost calculator feature embedded in the MOXe.

考慮到食品占我們顧客總成本的很大一部分，我們在 MOXe 中嵌入了新的食品成本計算器功能。

This tool tracks and manages food costs over time, providing customers with valuable insights to help them with their menu prices, inventory and product selection.

該工具可以長期追蹤和管理食品成本，為客戶提供有價值的見解，幫助他們確定菜單價格、庫存和產品選擇。

This innovative solution is available to all US Foods customers and further enhances our digital leadership position.

此創新解決方案可供所有 US Foods 客戶使用，並進一步增強了我們的數位領導地位。

Now let's turn to growth, our growth pillar on slide 7.

現在讓我們來談談成長，即第 7 張投影片上的成長支柱。

Pronto, our small truck delivery service continues to gain steam and is now live in 40 markets.

Pronto，我們的小型卡車送貨服務持續蓬勃發展，目前已涵蓋 40 個市場。

We're excited about this rapidly growing opportunity and its ability to reach hard-to-service customers in dense geographies.

我們對這一快速增長的機會及其在人口密集地區接觸難以服務的客戶的能力感到非常興奮。

Pronto provides these previously untapped customers for US Foods with smaller more frequent deliveries and later

Pronto 為 US Foods 提供這些先前未開發的客戶，透過小規模、更頻繁的配送以及後期

[cutoff].

[隔間]。

Earlier this year, we launched Pronto penetration in two pilot markets.

今年早些時候，我們在兩個試點市場啟動了 Pronto 滲透。

This service builds a nonroutine delivery date for our existing independent restaurant customers, leading to further wallet share for US Foods.

這項服務為我們現有的獨立餐廳客戶建立了非常規送貨日期，進一步增加 US Foods 的錢包份額。

In these pilot markets, we are seeing an approximate 20% uplift in case volumes while showing no cannibalization in broadline delivery size or frequency.

在這些試點市場中，我們看到病例數量增加了約 20%，同時廣泛交付的規模或頻率沒有受到蠶食。

The successful launch and early learnings gave us confidence to expand Pronto penetration from two pilot markets to six.

成功的發布和早期的經驗讓我們有信心將 Pronto 的滲透率從兩個試點市場擴大到六個。

We remain on track for Pronto to deliver nearly $700 million of annualized sales this year.

我們仍有望實現 Pronto 今年近 7 億美元的年銷售額。

Moving to national sales.

轉向全國銷售。

Our targeted business development activity drove new wins during the quarter, and we onboarded more than $100 million in annualized sales in health care and hospitality.

我們有針對性的業務發展活動在本季度取得了新的勝利，我們在醫療保健和酒店業的年銷售額超過了 1 億美元。

Finally, in September, we launched our Scoop themed Bar and Grill and Beyond.

最後，在九月，我們推出了以 Scoop 為主題的 Bar and Grill and Beyond。

Our fall Scoop highlights 24 new on-trend products designed by US Foods product development experts, who leverage a wealth of culinary expertise, industry experience and data-driven insights to bring new product innovation to our private label brands.

我們的秋季 Scoop 重點介紹了由 US Foods 產品開發專家設計的 24 款新潮流產品，他們利用豐富的烹飪專業知識、行業經驗和數據驅動的洞察力，為我們的自有品牌帶來新的產品創新。

Many of you saw this in action at our Investor Day last June.

許多人在去年六月的投資者日上見證了這一點。

My favorite from the fall lineup is the Chef's Line natural smoke port, which tastes amazing and is prepackaged in a boiling bag and saves customers approximately 40 minutes of labor per case.

秋季系列中我最喜歡的是 Chef's Line 天然煙熏波特酒，它味道極佳，預先包裝在煮沸袋中，每箱可為顧客節省大約 40 分鐘的勞動時間。

Turning to slide 8, our profit pillar.

轉到第 8 張投影片，我們的利潤支柱。

Our go-to-market strategy and strong execution drove a 7% increase in adjusted gross profit to $1.7 billion.

我們的行銷策略和強有力的執行推動調整後毛利成長 7%，達到 17 億美元。

This was primarily driven by total case volume growth and improved cost of goods sold.

這主要得益於總箱量成長和銷售成本改善。

We grew adjusted gross profit 240 basis points faster than adjusted operating expense driving a 27 basis point of adjusted EBITDA margin expansion.

調整後的毛利成長比調整後的營業費用成長快 240 個基點，推動調整後的 EBITDA 利潤率擴大 27 個基點。

We also made additional progress on cost of goods through our strategic vendor management efforts, realizing more than $70 million year-to-date.

我們也透過策略供應商管理工作在商品成本方面取得了進一步進展，今年迄今已實現超過 7,000 萬美元的成本節約。

We now expect to deliver more than $230 million in cost of goods savings in our current 2022 to 2024 long-range plan, which is nearly complete.

我們目前預計在已接近完成的 2022 年至 2024 年長期計畫中節省超過 2.3 億美元的商品成本。

On the productivity front, we delivered 3.5% improvement in warehouse productivity in line with our goal of 3% to 5% annual productivity gains to offset wage inflation.

在生產力方面，我們實現了倉庫生產力提高 3.5% 的願望，符合每年生產力提高 3% 至 5% 以抵消工資通膨的目標。

Regarding CHEF'STORE, a quick update.

關於 CHEF'STORE，快速更新一下。

As a reminder, we are actively exploring strategic alternatives for this business and have recently begun discussions with several potential buyers.

提醒一下，我們正在積極探索該業務的策略替代方案，並最近開始與幾位潛在買家進行討論。

We remain fully committed to supporting the business, our associates and our customers through this process.

在此過程中，我們將繼續全力致力於支持企業、我們的員工和我們的客戶。

And we will continue to keep you informed as we make further progress.

一旦有進一步進展，我們將繼續向大家通報。

As we have previously said, in the event of a sale, we would expect to deploy the majority of the proceeds to repurchasing shares.

正如我們之前所說，如果發生出售，我們預計將大部分收益用於回購股票。

Before I hand it over to Dirk, in September, the International Foodservice Distributors Association inducted 20 US Foods drivers into its Truck Driver Hall of Fame.

在我將其交給德克之前，9 月份，國際食品服務經銷商協會將 20 名美國食品司機納入其卡車司機名人堂。

This honor recognizes the foodservice industry's top drivers that have exceptional safety record and length of service, each with more than 25 years of service at US Foods.

這項榮譽旨在表彰食品服務行業的頂尖司機，他們擁有出色的安全記錄和服務年限，每位司機都在 US Foods 服務超過 25 年。

It's a highly coveted honor for truck drivers in our industry.

對於我們行業的卡車司機來說，這是一項令人垂涎的榮譽。

With Veterans Day just around the corner, I want to highlight two of the Hall of Fame drivers, both of whom are veterans that serve in the US.

退伍軍人節即將來臨，我想重點介紹兩位名人堂車手，他們都是在美國服役的退伍軍人。

Armed Forces and hail from our Fort Mill, South Carolina facility.

武裝部隊，來自我們位於南卡羅來納州的 Fort Mill 工廠。

The first is Orlando Smith, who has 30 years of service at US Foods.

第一位是奧蘭多史密斯 (Orlando Smith)，他在美國食品公司工作了 30 年。

The second is Larry Boyer, who has been a driver for us for 34 years.

第二位是拉里·博耶，他已經為我們當了34年的車手了。

I thank them both not only for their decades of service to our company, but especially for the bravery and courage in serving and protecting our great nation.

我感謝他們，不僅因為他們幾十年來為我們公司所做的服務，更因為他們為服務和保護我們偉大的國家所展現的勇敢和勇氣。

Finally, I also thank all veterans within and outside of US Foods, who have served our country and protected our freedom.

最後，我還要感謝美國食品公司內外的所有退伍軍人，他們為我們的國家服務，保護了我們的自由。

We owe you all a huge debt of gratitude that can never be repaid.

我們欠你們所有人一份永遠無法償還的深切感激。

Let me now turn the call over to Dirk to discuss our third quarter results in more detail and our updated 2024 guidance.

現在，我將電話轉給德克，更詳細地討論我們的第三季業績和我們更新的 2024 年指引。

Thank you, Dave, and good morning, everyone.

謝謝你，戴夫，大家早安。

Our double-digit adjusted EBITDA growth is the result of consistent execution of our strategy to capture market share and expand margins.

我們的調整後 EBITDA 達到兩位數成長，是我們持續執行搶佔市場份額和擴大利潤率策略的結果。

Starting on Slide 11.

從投影片 11 開始。

Third quarter net sales increased 6.8% to $9.7 billion, driven by total case volume growth of 3.8% and food cost inflation and mix impact of 3%.

第三季淨銷售額成長 6.8% 至 97 億美元，主要得益於總箱量成長 3.8% 以及食品成本通膨及組合影響成長 3%。

We drove solid case growth and captured share gains in each of our target customer types.

我們推動了案例的穩定成長，並在每種目標客戶類型中獲得了份額成長。

Our independent restaurant volume grew 4.1%, including 170 basis points from acquisitions.

我們的獨立餐廳數量增加了 4.1%，其中 170 個基點來自收購。

Health care growth remained strong at 5.7%, and hospitality growth accelerated further to 3% as we onboarded new business.

醫療保健業成長依然強勁，達到 5.7%，隨著新業務的開展，旅館業成長進一步加速至 3%。

Adjusted EBITDA grew 13.2% from the prior year to $455 million, and we expanded adjusted EBITDA margin by 27 basis points to 4.7%.

調整後的 EBITDA 較上年增長 13.2% 至 4.55 億美元，調整後的 EBITDA 利潤率提高 27 個基點至 4.7%。

As we continue to execute our profitable growth strategy and proactively manage gross margin and operating expenses, we see these actions drive margin expansion.

隨著我們繼續執行獲利成長策略並積極管理毛利率和營運費用，我們看到這些措施推動了利潤率的擴大。

During the third quarter, as Dave mentioned, we made further progress on our strategic vendor management work and now expect to achieve more than $230 million in cost of goods savings from 2022 through the end of this year.

正如戴夫所提到的，在第三季度，我們在策略供應商管理工作方面取得了進一步的進展，現在預計從 2022 年到今年年底將實現超過 2.3 億美元的商品成本節省。

We also remain on track to realize the $120 million of annualized operating expense savings that we highlighted last quarter.

我們還有望實現上個季度強調的 1.2 億美元年度營運費用節約目標。

And we are on track to deliver more than $20 million in savings this year from the indirect spend work that we previously discussed.

而且，我們有望透過之前討論過的間接支出工作，在今年節省 2,000 多萬美元。

This highlights our team's strong ability to execute initiatives regardless of the macro environment.

這凸顯了我們的團隊無論宏觀環境如何都有強大的執行計劃的能力。

We are pulling the appropriate levers to sustainably grow gross profit rate and drive operating expense productivity.

我們正在採取適當的措施來持續提高毛利率並提高營運費用生產力。

As a reminder, a significant portion of our operating costs are structured as variable to provide us flexibility to match expense to volume in different market scenarios.

提醒一下，我們的大部分營運成本都是可變的，以便我們能夠靈活地在不同的市場情況下將費用與產量相匹配。

Finally, adjusted diluted EPS increased 21.4% to $0.85, demonstrating our ability to grow adjusted diluted EPS meaningfully faster than adjusted EBITDA.

最後，調整後稀釋每股盈餘成長 21.4% 至 0.85 美元，顯示我們能夠使調整後稀釋每股盈餘的成長速度顯著快於調整後 EBITDA 的成長速度。

We expect this to continue as we deploy our strong free cash flow towards share repurchases, which I'll talk more about shortly.

我們預計這種情況將持續下去，因為我們將強勁的自由現金流用於股票回購，我稍後將對此進行詳細介紹。

Moving to Slide 12.

移至投影片 12。

We made significant progress in growing adjusted gross profit per case faster than adjusted operating expense per case again this quarter.

本季度，我們在調整後每案毛利成長速度再次快於調整後每案營業費用成長速度方面取得了重大進展。

Adjusted gross profit per case grew by $0.24 or more than 3% versus prior year.

調整後每箱毛利較前一年增加 0.24 美元，即 3% 以上。

This growth was primarily driven by executing initiatives within our control, including our strategic vendor management work and continued focus on private label penetration.

這一成長主要得益於我們執行可控舉措，包括我們的策略供應商管理工作和對自有品牌滲透的持續關注。

Adjusted operating expense per case increased $0.04 or less than 1%.

調整後每案營業費用增加 0.04 美元，即不到 1%。

We're offsetting a significant portion of operating cost inflation with productivity, including improving supply chain productivity, streamlining administrative processes and costs and realizing indirect spend procurement savings.

我們正在透過提高生產力來抵銷很大一部分營運成本通膨，包括提高供應鏈生產力、簡化管理流程和成本以及實現間接支出採購節省。

This all led to adjusted EBITDA per case of $2.12, up $0.17 or 8.7% from the prior year.

這一切導致調整後的每股 EBITDA 為 2.12 美元，比前一年增加 0.17 美元或 8.7%。

We expect continued adjusted EBITDA per case growth as we execute our initiatives.

我們預計，隨著我們實施計劃，每個案例的調整後 EBITDA 將繼續成長。

Moving on to Slide 13.

轉到投影片 13。

Our strong cash flow generation was evident again this quarter.

本季我們強勁的現金流創造能力再次體現。

Year-to-date, we've generated $891 million of operating cash flow and $658 million of free cash flow, driven by increased profitability and disciplined working capital management.

年初至今，在獲利能力提高和嚴格的營運資本管理的推動下，我們已產生 8.91 億美元的營運現金流和 6.58 億美元的自由現金流。

Our robust cash flow creates financial flexibility to deploy capital strategically, enabling us to invest in the business for growth and return capital to shareholders via share repurchases.

我們強勁的現金流創造了財務靈活性，可以策略性地部署資本，使我們能夠投資於業務成長並透過股票回購向股東返還資本。

We invested $236 million in cash CapEx for the first nine months, mainly focused on projects to support growth, including information technology, property and equipment as well as maintenance of our distribution facilities.

前九個月，我們投資了 2.36 億美元的現金資本支出，主要集中在支援成長的項目上，包括資訊科技、財產和設備以及配送設施的維護。

During the quarter, we significantly accelerated the pace of share repurchases in line with our commentary last quarter and repurchased 10.4 million shares for a total of $580 million.

本季度，我們根據上個季度的評論，大幅加快了股票回購步伐，共回購了 1,040 萬股，總額為 5.8 億美元。

In the fourth quarter to date, through November 4, we purchased an additional $160 million of shares.

截至 11 月 4 日的第四季度，我們又買了價值 1.6 億美元的股票。

We have $238 million of remaining funds authorized under our $1 billion share repurchase program.

我們的 10 億美元股票回購計畫下還剩餘 2.38 億美元授權資金。

We will remain disciplined in continuing to execute our share repurchase program in addition to continued investment in the business for organic growth and opportunistic tuck-in M&A.

我們將繼續嚴格執行股票回購計劃，並繼續投資於業務以實現有機成長和機會性併購。

Turning to net leverage on Slide 14.

轉向投影片 14 上的淨槓桿。

We ended the quarter at 2.8x net leverage, within our 2x to 3x target range.

本季結束時，我們的淨槓桿率為 2.8 倍，處於我們的 2 倍至 3 倍的目標範圍內。

Net leverage is unchanged from year-end, even with the significant share repurchases this quarter.

即使本季進行了大量的股票回購，但淨槓桿率與年底相比沒有變化。

Subsequent to quarter end, we addressed the next maturity in our debt structure.

季度末之後，我們解決了債務結構中的下一個到期問題。

We issued $500 million in senior notes due 2033 at 5.75% and used the proceeds to repay a portion of our term loan facilities.

我們發行了 2033 年到期的 5 億美元優先票據，利率為 5.75%，並使用所得款項償還部分定期貸款。

We also extended the maturity of the remaining balance of our term loan due 2026 to 2031, lowered the interest rate margin on both of our term loan facilities by 25 basis points and eliminated the credit spread adjustment of 11 basis points on the facility due 2031.

我們還將 2026 年到期的定期貸款剩餘期限延長至 2031 年，將兩項定期貸款的利率差額降低 25 個基點，並取消了 2031 年到期貸款的 11 個基點的信用利差調整。

As a result of this, we capture approximately $9 million in annualized interest savings.

結果，我們每年節省的利息約為 900 萬美元。

Our debt structure is strong, and we have no long-term debt maturities until 2028.

我們的債務結構穩健，2028 年之前沒有長期債務到期。

With that, let me now turn to our updated outlook for 2024 on Slide 15.

現在，讓我轉到第 15 張投影片上的 2024 年最新展望。

Given our year-to-date performance and outlook for the remainder of the year, we're updating our fiscal year 2024 guidance.

鑑於我們今年迄今的表現和對今年剩餘時間的展望，我們正在更新 2024 財年的指引。

We now expect net sales to be in the range of $37.7 billion to $38 billion.

我們現在預計淨銷售額將在 377 億美元至 380 億美元之間。

We're increasing the bottom end of our adjusted EBITDA range to $1.72 billion to $1.74 billion.

我們將調整後 EBITDA 範圍的底線提高至 17.2 億美元至 17.4 億美元。

Finally, we're tightening our adjusted diluted EPS range to $3.05 to $3.15.

最後，我們將調整後的稀釋每股盈餘範圍收窄至 3.05 美元至 3.15 美元。

Moving to modeling assumptions.

轉向建模假設。

For 2024, given the continued soft macro environment and the unanticipated hurricane impacts, we now expect total case growth of 4% to 4.5%.

對於 2024 年，鑑於持續的疲軟宏觀環境和意外的颶風影響，我們目前預計總病例成長率將達到 4% 至 4.5%。

We're also updating our sales inflation assumption, which includes mix to a range of 2% to 2.5%.

我們也更新了銷售通膨假設，其中包括 2% 至 2.5% 之間的混合範圍。

Interest expense is projected to be lower than our previous forecast and is now expected to be in the range of $310 million to $320 million.

利息支出預計將低於我們先前的預測，目前預計在 3.1 億美元至 3.2 億美元之間。

Finally, depreciation and amortization is at the higher end of our range, partially due to M&A and is now projected to be in the range of $435 million to $445 million.

最後，折舊和攤銷處於我們範圍的較高端，部分原因是併購，目前預計在 4.35 億美元至 4.45 億美元之間。

Despite the softer macro backdrop, we continue to strengthen our execution and remain confident in our ability to grow volume, gain share with target customer types, increase profitability and return capital to shareholders.

儘管宏觀背景較弱，我們仍持續加強執行力，並對我們增加銷售量、贏得目標客戶群份額、提高獲利能力和向股東返還資本的能力充滿信心。

I'm pleased with our strong progress this year as we've driven balanced profitable growth.

我對我們今年取得的強勁進展感到非常高興，因為我們實現了均衡的獲利成長。

We remain well positioned to achieve our current long-range plan and 2024 financial targets.

我們仍然有能力實現目前的長期計劃和 2024 年財務目標。

And I look forward to getting off to a strong start for our next long-range plan beginning in 2025.

我期待著我們在 2025 年開始的下一個長期計劃能夠有一個好的開始。

With that, I'll now pass it back to Dave for his closing remarks.

說完這些，我現在將發言權交還給戴夫，請他作最後發言。

Thanks, Dirk.

謝謝，德克。

Not only are we a market leader but we have significant sustainable competitive advantages that position us well to win in any environment, as we are demonstrating.

我們不僅是市場領導者，而且我們擁有顯著的可持續競爭優勢，正如我們所展示的，這讓我們在任何環境中都能夠獲勝。

We are the only pure-play, US-only food service distributor with national scale.

我們是唯一一家具有全國規模的純粹美國食品服務分銷商。

Our focus is to grow volume and gain share with the highest value customer types in the industry, independent restaurants, health care and hospitality.

我們的重點是增加銷量，並獲得業內最高價值客戶類型的份額，包括獨立餐廳、醫療保健和酒店業。

We

我們

are focused on executing and delivering the outcomes of our new long-range plan, which comprehends significant upside from our self-help initiatives.

專注於執行和實現我們新的長期計劃的成果，該計劃包含了我們自助舉措的巨大優勢。

Many of these are in the early innings of deployment and have a long runway of profitable growth.

其中許多都處於部署的早期階段，並且擁有長期的獲利成長空間。

We are the industry leader in digital innovation and have built a strong competitive advantage that we will maintain.

我們是數位創新領域的產業領導者，並已建立起強大的競爭優勢，我們將保持這一優勢。

And we are confident in achieving our 2025 to 2027 long-range plan.

我們有信心實現2025年至2027年的長期計畫。

As a reminder, our growth algorithm introduced at our June Investor Day includes a 5% sales growth CAGR, 10% adjusted EBITDA growth CAGR, at least 20 basis points of annual adjusted EBITDA margin expansion and a 20% adjusted diluted EPS growth CAGR.

提醒一下，我們在 6 月投資者日推出的成長演算法包括 5% 的銷售額複合年增長率、10% 的調整後 EBITDA 複合年增長率、至少 20 個基點的年度調整後 EBITDA 利潤率擴大以及 20% 的調整後稀釋每股收益複合年增長率。

This will generate at least $4 billion of capital to deploy against our capital allocation priorities over the three-year period, including approximately half towards buying back stock.

這將產生至少 40 億美元的資本，用於我們在三年內的資本配置重點，其中約一半用於回購股票。

Our third quarter results of net sales growth of 6.8%, 13% adjusted EBITDA growth, a 27 basis point increase in adjusted EBITDA margin and a 21% adjusted EPS growth affirmed my strong conviction that we have the right strategies in place to deliver our next long-range plan.

我們第三季的淨銷售額成長 6.8%、調整後 EBITDA 成長 13%、調整後 EBITDA 利潤率增加 27 個基點、調整後每股盈餘成長 21%，這堅定了我的信念：我們已製定正確的策略來實現我們的下一個長期計畫。

And our team is 100% aligned and excited about our future and ability to achieve exactly what we say we're going to do over the next three years.

我們的團隊百分之百地一致，並對我們的未來以及在未來三年內實現我們所說的目標的能力感到興奮。

Finally, I sincerely thank each of our 30,000 associates for their dedication to executing and to serving our customers well as we continue to pursue our ambition to become the undisputed best in the industry.

最後，我衷心感謝我們 30,000 名員工的每一位，感謝他們為執行任務和為客戶提供優質服務所做出的貢獻，我們將繼續追求成為業內無可爭議的最佳企業的雄心。

And with that, Rochelle, please open up the line for questions.

羅謝爾，請打開熱線來回答問題。

(Operator Instructions)

（操作員指令）

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Can you talk a little bit more about sort of private label penetration, where that's tracking and just what you continue to see there as well on the independent side?

您能否再多談一下自有品牌的滲透情況、它的追蹤情況以及您在獨立方面繼續看到的情況？

Yes.

是的。

We're excited about our private label brands, Brian. we've had continued increase in penetration there, particularly with our independent restaurants.

布萊恩，我們對我們的自有品牌感到非常興奮。我們的滲透率不斷提高，特別是我們的獨立餐廳。

We're running roughly 52%.

我們的運行率大概是 52%。

And as I say all the time to our team and externally to you guys, there's no barrier to increasing that.

正如我經常對我們的團隊以及外部的你們所說的那樣，提高這一水平沒有任何障礙。

I see no near-term ceiling.

我認為短期內不存在上限。

I talked a little bit here this morning about our new Scoop launch.

今天早上我在這裡談了一下我們新推出的 Scoop 的情況。

We're leading in innovation, very strong adoption in all those products.

我們在創新方面處於領先地位，所有這些產品的採用率都非常高。

We continue to take those products really across the portfolio in all of our customer types, and we've got great momentum.

我們將繼續將這些產品真正地推廣到所有類型的客戶，並且我們取得了巨大的發展勢頭。

Okay.

好的。

Great.

偉大的。

Maybe talk about just independent health as well, right?

也許也只談獨立健康，對嗎？

It sounded like sort of some of the uplift you've seen recently after the weather impact was similar for independents and chains, if I understood that correctly, but could you talk about that customer?

如果我理解正確的話，這聽起來就像您最近在天氣影響之後看到的一些提升，對於獨立商店和連鎖店來說都是類似的，但是您可以談談那位客戶嗎？

And how do you sort of expect the trend through this quarter and into early next year?

您預計本季以及明年初的趨勢會如何？

Yes, we're encouraged by what we've seen.

是的，我們所看到的景象令我們深受鼓舞。

And just a little context, the foot traffic challenges are well documented really beginning in the second quarter of this year.

簡單介紹一下背景狀況，從今年第二季開始，人流量問題就已經得到充分證實。

Importantly, foot traffic decelerated in the third quarter.

重要的是，第三季客流量有所減少。

You heard me say this morning that our market share gains actually accelerated.

你們今天早上聽我說過，我們的市佔率成長其實加快了。

We had a hurricane last week in September.

九月的最後一週我們遭遇了一場颶風。

We had another one in early October.

十月初我們又舉辦了一次。

And once we cleared all of that, I'm very encouraged by the momentum that we've seen, more than 100 basis point acceleration in case growth, both, as you mentioned, with our independent restaurants and also chains.

一旦我們解決了所有這些問題，我就會對所看到的勢頭感到非常鼓舞，正如您所提到的，無論是我們的獨立餐廳還是連鎖店，案例增長都加速了 100 個基點以上。

And importantly, in our health care and hospitality, where we took share again this quarter and our differentiated portfolio remain very strong.

重要的是，在我們的醫療保健和酒店領域，我們本季再次佔據了市場份額，並且我們的差異化投資組合仍然非常強勁。

Both of those have very strong pipelines.

這兩家公司都擁有非常強大的管道。

And I couldn't be more excited about the way we're going to finish the year and what that means for 2025.

我對我們將如何結束這一年以及這對 2025 年意味著什麼感到無比興奮。

Thank you.

謝謝。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

First on the guidance, you're guiding to the high end of the full year EBITDA guide, lower end of the case growth guide.

首先，關於指引，您指引的是全年 EBITDA 指引的高端，以及個案成長指引的低端。

So it seems like you're outperforming within the P&L relative to your initial expectations.

因此，看起來您的損益表現超出了您最初的預期。

So can you just talk about where that's coming from?

那你能談談這是從何而來的嗎？

Have you pulled forward any initiatives?

您是否已提出任何措施？

No, we really haven't pulled anything forward, Lauren.

不，我們確實沒有取得任何進展，勞倫。

As we've been doing for a long time now, we're just continuing to execute that portfolio initiative -- of initiatives that we have, which really span the entire spectrum of the P&L, from top line to gross profit expansion.

正如我們長期以來一直在做的那樣，我們只是繼續執行該投資組合計劃——我們所擁有的計劃實際上涵蓋了損益表的整個範圍，從營業收入到毛利擴張。

You heard Dirk comment this morning on our continued momentum that we're gaining on operating expense and productivity.

今天上午，大家聽到了德克對我們持續成長的營運費用和生產力勢頭的評論。

All of that will continue.

這一切還會繼續。

I feel like we're in the very early innings of a lot of that work, and that's what gives me great confidence and excitement for the new long-range plan.

我覺得我們很多工作才剛開始，這讓我對新的長期計畫充滿信心和興奮。

I think, Lauren, what you continue to see is come to fruition this balance of the control the controllable focus that we've had.

勞倫，我認為，你所看到的是我們一直以來的控制和可控焦點之間的平衡逐漸實現。

So solid top line growth, not only in independents, but health care and hospitality and overall growth.

因此，營收成長穩健，不僅在獨立產業，而且在醫療保健、旅館業和整體成長方面。

And then our margin expansion has been very strong, and you see us -- EBITDA growth is one thing, and we're very pleased with 13%.

然後我們的利潤率擴張非常強勁，你看我們——EBITDA 成長是一回事，我們對 13% 的成長率感到非常滿意。

But being able to get that down to EPS is important, and we've leveraged that now for multiple quarters.

但能夠將其降低至每股收益非常重要，而且我們已經在多個季度中運用了這一點。

In this quarter, you saw from 13% EBITDA growth to 21% EPS growth.

本季度，EBITDA 成長從 13% 上升至 EPS 成長 21%。

So pleased with that.

我對此非常滿意。

Great.

偉大的。

And just a follow-up on the independent case growth trend.

這只是對獨立案例成長趨勢的追蹤。

Outside of the Southeast, are you also seeing improvements in underlying traffic trends?

在東南地區以外，您是否也看到潛在的交通趨勢有所改善？

Just trying to understand, are you communicating that you're currently running close to that 2% organic?

只是想了解一下，您是否表示您目前的有機率接近 2%？

No, I'd say we're running higher than that, Lauren.

不，我想說我們的速度比這還要快，勞倫。

And yes, I think we've seen some acceleration really across the country in independent case growth, and I'm actually very encouraged.

是的，我認為我們確實看到全國範圍內獨立病例的增長有所加速，我實際上感到非常鼓舞。

We talked last quarter about a little bit of the pucker factor, if you will, given the presidential election.

如果你願意的話，我們在上個季度談論了總統大選帶來的一些緊張因素。

We've got that behind us now.

現在我們已經解決了這個問題。

I see the consumer gaining confidence a bit, and I think that means good things for 2025.

我看到消費者信心有所增強，我認為這對 2025 年來說意味著好事。

John Heinbockel, Guggenheim Securities.

古根漢證券的約翰‧海因博克爾 (John Heinbockel)。

Dave, can you talk to sales force growth or expansion is running what about now, 5% or so?

戴夫，你能談談銷售隊伍的成長或擴張嗎，現在大約是 5％ 左右？

And maybe talking about productivity of recent cohorts and then I think you're still, right, all of your -- all of the case growth coming from new accounts?

也許談論最近一批客戶的生產力，然後我想你仍然，對吧，所有的案例增長都來自新帳戶？

Do you -- are there any green shoots with regard to drop size?

您——在液滴大小方面有任何改善的跡象嗎？

Yes, John, and we're running in that mid-single-digit as we expected to for the year.

是的，約翰，正如我們預期的那樣，我們今年的業績將達到個位數的中等水平。

We'll see how that finishes for the year.

我們將拭目以待今年的結果如何。

But I will tell you, I talked to all of our new incoming sales training classes.

但我會告訴你，我和所有新入學的銷售培訓班的學生都進行了交談。

We just had another one here, Tuesday, we were bringing in very strong sales talent.

星期二我們剛剛又舉辦了一次活動，我們引進了非常強大的銷售人才。

I'm actually as excited as I've been since I've been here about our ability to bring in high-quality new sellers, along with an increase in competitive sales talent here over the past several months.

事實上，自從我來到這裡以來，我一直對我們引進高品質新賣家的能力感到興奮，而且過去幾個月來這裡也有競爭力的銷售人才的增加。

So really excited about that.

我對此真的很興奮。

And yes, the lifeblood of our growth has been, and I think will continue to be, new account generation.

是的，我們成長的命脈一直是、我認為將來仍將是新帳戶的開發。

We're excited about that, but we're also managing loss.

我們對此感到興奮，但我們也在控制損失。

Well, penetration has been a challenge with the foot traffic.

嗯，對於客流量來說，滲透一直是個挑戰。

I wouldn't say we've seen any great acceleration in the penetration yet.

我不會說我們已經看到滲透率有任何很大的加速。

Although we have seen some green shoots here over the last three weeks, I mentioned that the overall case growth has begun to accelerate.

儘管我們在過去三週看到了一些復甦跡象，但我還是提到，整體病例成長已開始加速。

So I think the consumer is going to gain more confidence.

因此我認為消費者將會更有信心。

I think we'll get past those foot traffic challenges here soon and just continue to strengthen that momentum.

我認為我們很快就會克服這些人流挑戰，並繼續加強這種勢頭。

And then where are we on the rollout right?

那麼，我們目前進展到哪一步了呢？

And I know you said warehouse productivity is up 3.5%.

我知道您說過倉庫生產力提高了 3.5%。

I don't know what you're seeing with regard to miles driven productivity.

我不知道您對里程驅動生產力有何看法。

Is that sort of in the same range?

這是否屬於同一範圍？

Yes, that's a big enabler in the delivery productivity.

是的，這對提高交付效率有很大幫助。

And I mentioned last quarter that we're basically back to pre-COVID levels with that.

我在上個季度提到過，我們基本上已經恢復到疫情之前的水平。

We're not quite back there yet in the warehouse, but we did see an acceleration in warehouse productivity from the second quarter to the third quarter.

我們還沒有完全回到倉庫，但我們確實看到從第二季到第三季倉庫生產力加速。

That's why I called that one out this morning in my prepared remarks.

這就是我今天早上在準備好的發言中提到這一點的原因。

Very, very encouraged with what we're seeing both in terms of reduction in stabilization and turnover and how that's translating to improved productivity.

我們看到穩定性和營業額的減少以及這如何轉化為生產力的提高，這讓我們感到非常鼓舞。

Specific, John, to your question.

約翰，針對你的問題，具體來說。

So we're in 18 markets, so we've got 6 more.

我們目前涵蓋 18 個市場，另外還有 6 個。

So that continues to roll out and will continue through 2025.

該計劃將持續實施到 2025 年。

Continue to be pretty pleased with the results that we're seeing in that.

對我們所看到的結果繼續感到非常滿意。

It really is the foundation for a lot of the other things that we're driving in supply chain.

它確實是我們在供應鏈中推動的許多其他事情的基礎。

And having exactly the desired effect in terms of standardizing those operating practices and driving a consistent uplift in productivity across the company.

在標準化這些操作實踐和推動整個公司生產力持續提升方面，取得了預期的效果。

Kelly Bania, BMO.

凱利·巴尼亞（Kelly Bania），BMO。

I wanted to just ask a little bit about the COGS initiatives.

我想問一下有關 COGS 計劃的問題。

It sounds like that initiative continues to go quite well.

聽起來這項措施進展相當順利。

I think you maybe slightly exceeded your goals for this last 3-year plan.

我認為你可能略微超出了過去三年計畫的目標。

But can you just talk about the confidence in the plan there over the next three years, how vendors are reacting to your strategy there and working with you and just how volume-dependent the savings could be there in the coming years?

但是，您能否談談對未來三年計劃的信心，供應商對您的策略有何反應以及如何與您的合作，以及未來幾年那裡的節省量將如何？

And just a little bit more detail on that as you look to 2025.

展望 2025 年，我們將對此進行更詳細的介紹。

Yes.

是的。

So thanks for the question.

感謝您的提問。

Very confident in what we said we would deliver the new long-range plan, which was $260 million over the three years.

我們對自己所說的實現新的長期計劃非常有信心，該計劃三年內將投入 2.6 億美元。

We just heard us wrapping up the year saying we're going to deliver $230 million.

我們剛剛聽說我們在年底時說我們將交付 2.3 億美元。

And importantly, Kelly, this is a piece of work that we've been at for a very long time inside the company.

重要的是，凱利，這是我們公司內部已經做了很長時間的工作。

And as I've commented previously, we do this in a highly collaborative manner with our vendors.

正如我之前所說，我們與供應商高度合作地做到這一點。

We've been doing it for a long time.

我們已經這麼做很久了。

It's really a win-win approach in terms of our ability to outpace the market with market share gains and not just with independent restaurants, which is the most important piece, but also health care and hospitality.

這確實是一種雙贏的做法，因為我們有能力透過增加市場份額來超越市場，而且不僅僅是在獨立餐廳（這是最重要的部分），還包括醫療保健和酒店業。

They want that volume growth.

他們希望實現銷量的成長。

Everybody is looking for that growth, and they're more than willing to engage with us and do this in a way that makes sense for both organizations.

每個人都在尋求這種成長，他們非常願意與我們合作，並以對兩個組織都合理的方式來實現這一目標。

In fact, we just had our annual vendor forum in the last couple of weeks, probably the best ever attended and a lot of excitement coming out of our vendor community about our future.

事實上，我們在過去幾週剛剛舉行了年度供應商論壇，這可能是有史以來參與人數最多的一次，我們的供應商社群對我們的未來充滿了興奮。

So we feel great about it.

因此我們對此感到非常高興。

Great.

偉大的。

That is helpful.

這很有幫助。

And then just on the health care business, you mentioned the new $100 million, I guess, that came on during the quarter.

然後就醫療保健業務而言，我想您提到了本季新增的 1 億美元。

Just can you elaborate on that?

能詳細解釋一下嗎？

And the pipeline that you have over the next couple of years in health care, in particular, and the capacity to take on those kinds of accounts.

以及未來幾年您在醫療保健領域的管道，特別是承擔此類帳戶的能力。

Sure, Kelly, it's Dirk.

當然，凱利，我是德克。

So we're pleased with that.

我們對此感到很高興。

So we have always have a strong pipeline across both health care and hospitality.

因此，我們在醫療保健和酒店業領域始終擁有強大的管道。

Health care, I think you're pretty familiar, as we've talked about, our leadership position there and also largely because of the value that we can bring customers from both the partnership, the service model as well as the economic value.

正如我們所討論的，我想你對醫療保健非常熟悉，我們在醫療保健領域的領導地位，很大程度上也因為我們可以從合作夥伴關係、服務模式以及經濟價值中為客戶帶來價值。

So I'm confident that we can continue to grow at a rate that's very healthy and above market and gain share in each of those customer types.

因此，我相信我們能夠繼續以非常健康、高於市場的速度成長，並在每種類型的客戶中贏得份額。

I think with health care, you see is at the almost 6% that we continue to grow.

我認為醫療保健領域的成長率接近 6%。

The thing that is good about growing with health care and hospitality is the same versus, say, over-indexing on change is typically, when you're bringing those customers on, they are buying the same products you already have in your distribution facilities.

醫療保健和旅館業共同發展的好處是，與過度關注變化相比，當你帶來這些客戶時，他們購買的是你配送中心中已有的相同產品。

So they're far more capital effective than bringing on a lot of chain business.

因此，與開展大量連鎖業務相比，它們的資本效率更高。

And that's why you see us continue to focus on over-indexing with independent health care and hospitality and being thoughtful and optimizing around.

這就是為什麼你會看到我們繼續專注於獨立醫療保健和酒店業的過度索引，並進行深思熟慮和優化。

Mark Carden, UBS.

瑞銀的馬克卡登（Mark Carden）。

So I want to start off with Descartes.

因此我想從笛卡兒開始。

You're rolling that out now to some of your more impactful markets.

您現在正在將其推廣到一些更有影響力的市場。

How has that rollout gone relative to your expectations?

相對於您的預期，此次推出的進展如何？

And any incremental learnings from your latest batch markets?

您從最近的批量市場中獲得了什麼增量經驗嗎？

Yes, Mark.

是的，馬克。

It's going extremely well, and we were very thoughtful about how we roll this out across the company.

一切進展順利，我們非常認真地考慮如何在整個公司推行這項計劃。

And that's why we spent a lot of time early on in those pilot markets, and there are a tremendous amount of learnings around that.

這就是為什麼我們早期在這些試點市場投入了大量時間，並且在這方面獲得了大量的經驗。

And just as a recall there, you can't do this work without engaging your customers, right, around delivery windows and all that.

需要提醒的是，如果不讓客戶參與進來，例如送貨時間等等，你就無法完成這項工作。

And we've done a great job of getting ahead of that now as we've rolled Descartes out to new markets and actually doing that work before we bring the technology into the space.

現在，我們已經取得了很大的進展，我們已經將 Descartes 推廣到新的市場，並且在將這項技術引入該領域之前就已經做好了這項工作。

And it's really enabled a great dialogue with our customers, actually gotten them a lot more confident that we're going to deliver exactly in the window that they need and when we say we're going to deliver.

它確實使我們能夠與客戶進行良好的對話，實際上使他們更有信心，我們會在他們需要的時間內按時交付產品。

And so that's why we're confident about rolling this thing out now as aggressively as we are and we'll have half our miles on the card by the end of the year here and finish it up next year.

這就是為什麼我們有信心現在積極推出這項計劃，到今年年底，我們的卡上將有一半的里程，明年將完成。

So we're excited about it.

所以我們對此感到很興奮。

Great.

偉大的。

And then on hospitality, you've been benefiting from some nice new business wins.

在酒店業方面，您已經從一些不錯的新業務中受益。

You guys are seeing market share.

你們正在看到市場佔有率。

How did overall hospitality industry demand shake out for 3Q relative to your expectations?

相對於您的預期，第三季整體飯店業需求如何？

Did you guys see much hurricane impact there?

你們在那裡看到颶風的影響了嗎？

And how is your business with your existing customer base?

您與現有客戶群的業務往來如何？

Mark, it's Dirk.

馬克，我是德克。

So I'd say, for the third quarter, outside of sort of the underlying demand and the weather, it shook out largely as we expected.

因此我想說，第三季度，除了潛在需求和天氣因素之外，其表現基本上符合我們的預期。

It had very similar impacts from the storms from the overall underlying foot traffic.

它對整體人流量的影響與風暴的影響非常相似。

Foot traffic impacts in hospitality often is pretty similar to what you see in the restaurant space.

酒店業的人流量影響通常與您在餐廳中看到的非常相似。

So we saw the same pressures and then similar start to the quarter and have seen the improvement that Dave talked about, and independence and chain is show up in hospitality as well.

因此，我們看到了同樣的壓力，本季的開局也類似，也看到了戴夫所說的改善，獨立性和連鎖性也在酒店業中得到體現。

So we're encouraged.

因此我們感到鼓舞。

I think at the same time, our team continues to be very active working the pipeline for net new business and again, feel good just as I answered the previous question on our ability to grow and take share there as well as in health care.

我認為與此同時，我們的團隊繼續非常積極地致力於淨新業務的管道，並且再次感到很高興，就像我回答前面關於我們在醫療保健領域增長和占據份額的能力的問題一樣。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great.

偉大的。

Two questions.

兩個問題。

The first one, just trying to clarify the total case growth for the full year is now 4% to 4.5% tempered from the 4% to 6%.

第一個問題，我只是想澄清一下，全年總病例成長率現在為 4% 至 4.5%，低於 4% 至 6% 的水平。

I was hoping you could maybe prioritize what drove the reduction.

我希望您能優先考慮導致減少的原因。

I know weather was clearly a component.

我知道天氣顯然是其中一個因素。

But in clarifying an earlier question, I think you said something was running currently greater than 2% case growth.

但在澄清先前的問題時，我認為您說過目前的病例成長率超過了 2%。

So just trying to get at least directionally, sounds like 3Q was better than 2Q, further improvement in 4Q, all x the weather.

因此，只是嘗試至少從方向來看，聽起來第三季比第二季更好，第四季將進一步改善，所有這些都與天氣有關。

Just wondering if you could provide any specifics in terms of numbers to support kind of that reacceleration you've seen through the third quarter into the fourth quarter.

只是想知道您是否可以提供任何具體的數字來支持您在第三季到第四季看到的那種重新加速。

Jeff, it's Dirk.

傑夫，我是德克。

Really, the adjustment was a combination of the weather, as you pointed out, which toward the end of the third quarter and then to start the fourth quarter.

實際上，正如您所指出的，調整是天氣因素的綜合作用，發生在第三季末和第四季初。

And given our size in the Southeast, it had a an impact on us.

考慮到我們在東南部的規模，這對我們產生了影響。

The second piece is the overall traffic environment in the third quarter stayed softer for longer, although we did see as we were coming out of the quarter before the storm said, we saw some positive signs.

第二點是第三季的整體交通環境在較長時間內保持較弱，儘管我們確實看到，在風暴來臨之前的那個季度，我們看到了一些積極的跡象。

And as Dave mentioned, we've seen that -- those signs show up again in more recent weeks.

正如戴夫所提到的，我們已經看到——這些跡像在最近幾週再次出現。

So it's a combination of those things.

所以它是這些事物的結合。

But I think the important part is even during that period, we gained share in the quarter again in each independent health care and hospitality, which is our sort of guidepost that it is sort of the macro environment and the storms versus us losing share.

但我認為重要的是，即使在那段時期內，我們在每個獨立醫療保健和酒店業中的份額在本季度再次增長，這是我們的指導方針，即宏觀環境和風暴與我們的份額損失有關。

I think the other thing it does is it sets us up to be confident in our ability to deliver what we committed for 2025.

我認為它做的另一個事情是讓我們對實現 2025 年承諾的能力充滿信心。

Great.

偉大的。

And then in terms of the new wins, I know you highlighted health care and hospitality, very encouraging.

就新的勝利而言，我知道您強調了醫療保健和酒店業，這非常令人鼓舞。

I'm wondering whether there's any big gains or changes maybe accounts that you've given up with on restaurants or maybe how the pipeline is looking going into next year in terms of new business.

我想知道是否有任何重大的收益或變化，也許是您放棄了餐廳的帳戶，或者明年新業務的管道情況如何。

Well, I mean, independents being small, that's always a constant pipeline.

嗯，我的意思是，獨立公司規模較小，因此其管道始終是穩定的。

And so that when Dave talks about net new accounts, we're constantly winning and you're seeking to win a lot more than you lose and that.

因此，當戴夫談到淨新帳戶時，我們一直在獲勝，而您希望贏得比輸掉的多得多。

And so our teams are doing that well, given that we continue to grow and take share in an environment that the industry tells us is now from a traffic perspective.

因此，我們的團隊做得很好，因為我們在行業告訴我們的當前環境中繼續發展並佔據份額，從流量角度來看。

I think from a chain perspective, we've onboarded and our expectation is to continue to onboard some new business as we head into 2025.

我認為從連鎖的角度來看，我們已經加入了進來，我們的期望是在邁入 2025 年時繼續加入一些新業務。

Pipeline remains very robust.

管道依然非常強勁。

We are thoughtful in what we're focus on for chain business, but I feel good about the pipeline there as we head into next year.

我們非常認真地考慮連鎖業務的重點，但我對明年的前景充滿信心。

And the health care hospitality pipelines remain very, very strong.

醫療保健酒店業的管道仍然非常強勁。

Edward Kelly, Wells Fargo.

富國銀行的愛德華‧凱利。

Nice quarter.

不錯的季度。

I wanted to ask you, if you look at this quarter, right, like volume growth was a little soft because of like, obviously, like weather, macro-related stuff, but you still delivered EBIT growth that's above the algo.

我想問您，如果您看一下這個季度，您會發現銷售成長有點疲軟，顯然是因為天氣、宏觀相關因素，但您的息稅前利潤成長仍然高於演算法。

As we think about like the go forward in the 25, and I'm not looking for guidance on 25, but what does the gross profit per case and the OpEx per case opportunity look like in '25 versus what you saw in '24.

當我們考慮 25 年的發展時，我並不是在尋求 25 年的指導，而是 25 年每個案例的毛利和每個案例的營運成本機會與 24 年相比是什麼樣的。

I want to ask that question because it certainly seems like industry volumes have the potential to get better.

我想問這個問題，因為看起來產業規模確實有變得更好的潛力。

And you have clearly the potential to deliver better volume numbers next year.

而且你們顯然有潛力在明年實現更好的銷售。

I'm just kind of curious the composition of the P&L in this quarter, what it says about like the outlook.

我只是有點好奇本季的損益表構成，以及它對前景有何看法。

Yes.

是的。

Great point.

很好的觀點。

And that's what gives me excitement about entering 2025.

這就是讓我對進入 2025 年感到興奮的原因。

The fact that the well-documented industry challenges devastating weather that impacted so many people in the third and early part of the fourth quarter, and we still delivered our new algorithm.

事實是，有據可查的行業面臨著在第三季和第四季初影響如此多的人的災難性天氣的挑戰，但我們仍然推出了新的演算法。

Just gives me great encouragement and confidence importantly that our team is ramping up the right activities.

這給了我極大的鼓勵和信心，重要的是我們的團隊正在加強正確的活動。

To your point on the GP per case and OpEx per case, as I said, we're in the early innings of this work.

關於您提到的每個案件的 GP 和每個案件的 OpEx，正如我所說，我們正處於這項工作的早期階段。

I think you can expect that work to continue roughly the way it did this year because our team is focused on it.

我想你可以預期這項工作將大致像今年一樣繼續進行，因為我們的團隊正專注於此。

And each quarter that goes by and as we're ramping up these initiatives and we continue to deliver, just the momentum continues to build.

隨著每季的過去，我們不斷加強這些措施並持續交付成果，勢頭也不斷增強。

Our team gets more confidence in these pieces of work and the way we're executing them.

我們的團隊對這些工作以及執行它們的方式更有信心。

And I'm very encouraged going into 2025 in all parts of the P&L, including the topline.

我對 2025 年損益表的所有部分（包括營業收入）都感到非常鼓舞。

Great.

偉大的。

And just a quick follow-up on the share repo.

並快速跟進股票回購事宜。

You've talked about half of the $4 billion going the repo, but I mean, you did 20% of that this quarter, and then you're buying back more stock in Q4.

您談到了 40 億美元中的一半用於回購，但我的意思是，您本季度已經回購了其中的 20%，然後您將在第四季度回購更多股票。

How do we think about like the cadence of that repo?

我們如何看待該回購的節奏？

I mean it certainly seems like it may be -- end up being much more front-end loaded.

我的意思是，它確實看起來有可能——最終會變得更加前端化。

And are you still targeting to take the leverage ratio down to the level that you talked about at the Investor Day?

您是否仍將槓桿率降至投資人日談到的水平？

Yes.

是的。

Well, thanks for the question.

嗯，謝謝你的提問。

First of all, we did -- we're doing in the back half of the year exactly what we told you we would do, which is lean into share repurchases, given what we believe is significant undervaluation in our shares.

首先，我們確實——我們在今年下半年做的事情正是我們告訴你們的——那就是進行股票回購，因為我們認為我們的股票被嚴重低估了。

But importantly, what we delivered and bought back during the quarter doesn't impact the next algorithm.

但重要的是，我們在本季交付和回購的產品不會影響下一個演算法。

That $4 billion is between '25 million and '27, okay?

那 40 億美元是在 2,500 萬美元到 2,700 萬美元之間，好嗎？

And if we generate above what we said there in terms of capital cash flow, just expect us to go roughly with half of what we generate deploy to share repurchases.

如果我們產生的資本現金流高於我們所說的水平，那麼預計我們將把其中大約一半用於股票回購。

If you think about where the stock ought to be as we deliver that algo in 2027, we're still undervalued, significantly undervalued.

如果你思考一下當我們在 2027 年實現該演算法時股票應該處於什麼位置，你會發現我們仍然被低估了，而且是被嚴重低估了。

And you heard me talk about all the confidence and the momentum that we have in the business, we'll lean in.

你們聽到我談到了我們對業務的所有信心和動力，我們將會全力以赴。

And as we've also said, we'll toggle between M&A and share repurchases, dependent upon the M&A opportunity, and that pipeline remains strong.

正如我們所說的，我們將根據併購機會在併購和股票回購之間切換，該管道仍然強勁。

But as we said, we really can't dictate the time line of when those things are going to pop out of the pipeline.

但正如我們所說的，我們確實無法決定這些事情何時會從管道中出來。

So what we're doing what we said we're going to do.

所以我們正在做我們說過要做的事。

We're confident in the algorithm we put forward, and we're going to drive that outcome.

我們對我們提出的演算法充滿信心，我們將推動這項成果。

Dirk, anything to add there?

德克，還有什麼要補充的嗎？

No.

不。

Just to reiterate what you said on the -- again, that's one of the things we like so much about the share repurchase is that ability to toggle as M&A comes up in a particular quarter where you may repurchase more or less depending on that.

只是想重申一下你剛才說的話——再說一次，這是我們非常喜歡股票回購的原因之一，因為它能夠隨著某個特定季度的併購而切換，你可以根據這一情況進行更多或更少的回購。

And -- but -- we're pleased to have made a significant portion of repurchases, given that they've said the share value relative to what we expect it to be in the future.

但是，我們很高興進行了很大一部分回購，因為他們表示股票價值相對於我們預期的未來水準。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

My first was just a clarification.

我首先只是想澄清一下。

I just want to make sure I have the trend right in terms of the near term and the cadence.

我只是想確保我掌握了近期和節奏的正確趨勢。

So in the third quarter, organic independent case books was 2.4%.

因此在第三季度，有機獨立案例書佔比為 2.4%。

You're saying that, that would have been roughly 3.4% without the impact of the hurricanes.

您是說，如果沒有颶風的影響，這個數字大約是 3.4%。

Has the trend improved 100 basis points since that, so basically you're running 4.4% in October.

自此之後趨勢是否改善了 100 個基點，所以 10 月的成長率基本上是 4.4%。

Is that the right way to think about?

這是正確的思考方式嗎？

Jake, it's Dirk.

傑克，我是德克。

Now what it means is instead of the 2.4% after we got past the first couple of weeks of October with the storm impacts, it's been 100 basis points higher than what we had in Q2.

現在的意思是，在經歷了 10 月頭幾週的風暴影響之後，該成長率不再是 2.4%，而是比第二季度高出了 100 個基點。

So back to that mid-threes range.

所以回到三中間範圍。

Sorry.

對不起。

So October is 100 basis points stronger than 2Q?

那麼 10 月比第二季強 100 個基點嗎？

The last -- yes, last three weeks or so.

最後——是的，大約過去三週。

Once we lap the storms.

一旦我們克服了風暴。

And we're expecting that to continue to improve.

我們期待情況繼續改善。

Okay.

好的。

Got it.

知道了。

Just want to make sure I understood the trajectory because it looked like you were just kind of benefiting from lapping the storms in the third quarter.

只是想確保我理解了軌跡，因為看起來你只是從第三季的風暴中受益。

That's helpful.

這很有幫助。

My other question is about just your operating cost efficiencies and your productivity improved by 3.5%, which is great.

我的另一個問題是關於你們的營運成本效率，生產力提高了 3.5%，這很好。

Your long-term guidance is 3% to 5%.

您的長期指導價格是 3% 到 5%。

So my question is the path -- your visibility on the path towards more in middle or even the higher end of that 3% to 5% range.

所以我的問題是路徑——您對朝著 3% 到 5% 範圍的中間值甚至高端發展的路徑的預見性。

Is that something you're working towards?

這是你正在努力實現的目標嗎？

And might we expect to see in 25, maybe some increased productivity gains, increased momentum on that side?

我們是否可以預期在 25 年內看到生產力提高，發展動能增強？

What's the trajectory of the productivity gains?

生產率成長的軌跡是怎樣的？

Jake, it's Dirk.

傑克，我是德克。

So we -- I'm not going to give specifics on 2025, but within that three to 5 is what our goal is.

因此，我不會透露 2025 年的具體數字，但我們的目標是 3 到 5 年。

And the visibility, we have good visibility on what's driving it, and it's really all the things that we talked about at our June Investor Day.

我們對推動這一進程的因素有很好的了解，這實際上是我們在六月投資者日討論的所有事情。

And it spans across supply chain, people and nonpeople.

它涵蓋供應鏈、人和非人。

It's across admin, across indirect spend savings.

它涉及管理、間接支出節省。

So each of those things we will expect to drive the initiatives that will drive productivity.

因此，我們希望上述每一件事都能推動提高生產力的措施。

Our goal is to offset or largely offset the inflation that we faced so that the strong gross profit gains that we generate flow through in the form of the 20-plus basis points of market expansion that we've talked a lot about.

我們的目標是抵消或很大程度上抵消我們所面臨的通貨膨脹，以便我們產生的強勁毛利成長能夠以我們經常談論的 20 多個基點的市場擴張的形式體現出來。

And again, it comes back to the concrete things that we are doing is why we believe it is so sustainable to continue to grow at a very healthy rate that we have and that we've talked about for the next three years.

再次，這又回到了我們正在做的具體事情上，這就是為什麼我們相信繼續以我們現在和未來三年討論過的非常健康的速度增長是可持續的。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great.

偉大的。

Congrats on a strong quarter.

恭喜您本季業績強勁。

I wanted to ask about the sales force compensation.

我想詢問有關銷售人員薪酬的問題。

I think you guys made some changes earlier this year, it's been, let's call it, three quarters or so since that change.

我認為你們今年早些時候做出了一些改變，自那次改變以來，已經過去了四分之三左右的時間。

Can you just talk about how that's been received so far?

能談談目前的反應如何嗎？

And if you're contemplating any other changes to the compensation structure in 2025.

如果您正在考慮在 2025 年對薪酬結構進行任何其他更改。

Yes.

是的。

Great question.

好問題。

It's been received very well.

它受到了熱烈歡迎。

I think our sales force is excited.

我認為我們的銷售人員很興奮。

They understand the linkage between what we've modified there.

他們了解我們在那裡所修改的內容之間的關聯。

And again, the key pieces of those changes were relatively minor.

再次強調，這些變化的關鍵部分相對較小。

But I think directionally exactly in line with what we expect to happen in terms of performance, that was to variabilize more of their pay to increase them being very, very hungry.

但我認為，從方向上看，這與我們對績效的預期完全一致，那就是增加他們的薪資以增加他們非常非常飢餓的程度。

And secondly, to lean in more aggressively on our exclusive brands.

其次，更積極地依靠我們的獨家品牌。

So I always cash these as tweaks, and we didn't fundamentally change the structure.

因此我總是將這些作為調整來兌現，而我們並沒有從根本上改變結構。

We just made some tweaks here to align with what we expect to have happen in our growth algorithm going forward.

我們只是在這裡做了一些調整，以符合我們預期的未來成長演算法。

It's having the right outcome.

它有一個正確的結果。

The expected behavior changes are there.

預期的行為改變已經存在。

Our sales force is excited and we're growing it.

我們的銷售團隊非常興奮，我們正在不斷壯大它。

And good things are going to happen here on the top line going forward.

未來，我們的營收將會出現許多好事情。

Understood.

明白了。

And then just, Dirk, real quick on the indirect costs.

然後，德克，我們來快速談談間接成本。

I think you mentioned $20 million of savings or at least maybe the run rate.

我覺得您提到了 2000 萬美元的節省，或者至少可能是運行率。

Are you still on track to achieve the, I think, $60 million of run rate savings by 2027 that you guys highlighted at the Investor Day?

我認為，你們是否仍有望實現你們在投資者日強調的到 2027 年實現 6,000 萬美元的運行率節約目標？

Peter, yes, we are.

彼得，是的，我們是。

We are on track for that.

我們正朝著這個目標前進。

And this work to achieve the $20 million this year has been underway.

今年實現2000萬美元的目標工作已經在進行中。

We've talked about it for -- I talked about it for a number of quarters.

我們已經討論過這個問題——我已經討論過這個問題好幾個季度了。

And as the sort of the actual projects have come to fruition and the savings have come in, pleased with the early start we have in 2024.

隨著實際專案的陸續完成以及成本的節省，我們對 2024 年的提前啟動感到高興。

And yes, well on our way to that $60 million plus.

是的，我們很快就會實現超過 6,000 萬美元的目標。

(Operator Instructions)

（操作員指令）

Andrew Wolf, CL King.

安德魯沃爾夫、CL金。

I just wanted to ask you to drill into the Pronto business a little.

我只是想請你稍微深入了解一下 Pronto 業務。

So it's a $700 million annualized run rate budget for this year.

因此，今年的年度營運預算為 7 億美元。

Obviously, it's still growing and maturing.

顯然，它仍在成長和成熟。

Could you give us a sense of how much of that is incremental, given it was in existence last year, but I'm sure less mature and so on, so we could maybe figure out the growth rate.

您能否告訴我們其中有多少是增量，考慮到它去年就已經存在，但我確信還不太成熟等等，這樣我們或許可以算出增長率。

Also if you want to speak to your expectations going forward?

另外您想談談您對未來的期望嗎？

It's Dirk.

是德克。

I'll start on that.

我先從那件事開始。

So it's -- I'd say 20% or so of it is incremental.

所以 — — 我認為其中 20% 左右是增量。

It is a complement to our existing.

它是對我們現有的產品的補充。

And as we've talked about that being sort of an opportunity for up to $1 billion or around $1 billion.

正如我們所說，這是一個價值高達 10 億美元或約 10 億美元的機會。

But I'll tell you, that is really the penetration piece that we've talked about, that Dave mentioned, that has moved, just moved from two markets to six markets. is contemplated pretty conservatively in there.

但我要告訴你，這確實是我們談到的滲透部分，戴夫提到的，已經從兩個市場轉移到了六個市場。在那裡是相當保守地考慮的。

So with the early positive results we're seeing there, I think there's a lot of runway, probably potentially north of $1 billion there.

因此，根據我們看到的早期積極成果，我認為該領域還有很大的發展空間，潛在價值可能超過 10 億美元。

So that business and that opportunity to continue to access more of the new customers plus our existing customers, we think, has a lot of opportunity for growth for a number of years to come.

因此，我們認為，這項業務以及繼續吸引更多新客戶和現有客戶的機會在未來幾年內具有巨大的成長機會。

And Andy, as we said before, the way we cash that is the Pronto penetration, it really opens up a part of the market that we're not able to compete against in our broadline business today, that being the smaller delivery, more specialty suppliers.

安迪，正如我們之前所說，我們兌現這一目標的方式就是 Pronto 的滲透，它確實打開了我們今天在綜合業務中無法競爭的部分市場，即規模較小的配送中心、更多的專業供應商。

And again, we've got all those great products inside our distribution centers today.

今天，我們的配送中心已經收到了所有這些優質產品。

But before Pronto really didn't have the service model with those more frequent deliveries in those urban areas.

但之前 Pronto 確實沒有在這些城市地區提供更頻繁送貨的服務模式。

And so now we've got that and we were thoughtful about the piloting work that we did on because we want to be sure, and that's why I commented at this point that we weren't cannibalizing our core broadline business in any way.

所以現在我們已經得到了這個，並且我們對所做的試點工作進行了深思熟慮，因為我們想要確保萬無一失，這就是為什麼我在這一點上評論說我們不會以任何方式蠶食我們的核心綜合業務。

And we've proven that we're not now and that's why we're excited and ramping up from two to six pilots there.

而我們已經證明現在情況並非如此，這就是為什麼我們很高興並將那裡的試點從 2 個增加到 6 個。

So I couldn't be more excited we're pleased with the progress we're making with the pronto.

所以我非常興奮，我們對 Pronto 所取得的進展感到非常滿意。

Great.

偉大的。

And I just want to clarify on penetration.

我只是想澄清一下滲透問題。

So it's your existing broadline customer.

所以它是您現有的廣泛客戶。

It's not really a Pronto customer.

它實際上並不是 Pronto 的客戶。

And secondly, it's a different kind of product, like a specialty product, not like a fill-in like we need more catch-up or something.

其次，它是一種不同的產品，就像一種特色產品，而不是像我們需要更多補充或類似的東西那樣的填充物。

Well, first of all, it's -- we had this model for a few years now.

嗯，首先，我們已經有這個模型好幾年了。

And until this year, it was exclusively to go after new customers.

直到今年，它還專門負責吸引新客戶。

We did not allow our existing broadline customers to lean in on Pronto.

我們不允許現有的綜合線客戶依賴 Pronto。

Now we are.

現在我們可以了。

And yes, we're competing against -- when you think about specialty suppliers, think about produce, think about seafood, think about pure meat, specialty suppliers.

是的，我們正在與專業供應商、農產品、海鮮、純肉、專業供應商競爭。

And again, we've got all those products.

再次重申，我們有所有這些產品。

But if we've got that truck going to the customer and they run out of a core item, that's not a specialty product, we're happy to throw it on the Pronto truck, we're going to be there.

但是如果我們用那輛卡車去見客戶，而他們用完了某種核心產品（這不是一種特殊產品），我們很樂意把它扔到 Pronto 卡車上，我們會在那裡。

So it's really going to open up some additional volume growth that incrementally we weren't able to gain with our existing customers.

因此，它實際上將帶來一些額外的銷售成長，而這些成長是我們無法從現有客戶那裡獲得的。

Okay.

好的。

So the real governors have to be within the route more or less to make it economically viable?

那麼，真正的州長必須或多或少遵守這條路線，才能使其在經濟上可行嗎？

It's 100% economically viable.

這在經濟上是 100% 可行的。

And again, the customers who bought from specialty suppliers, they're used to paying a premium for that service.

而且，從專業供應商購買產品的客戶習慣於為該服務支付額外費用。

And as we've said before, Andy, Pronto was at or above the margin profile that we've got in our broadline business.

正如我們之前所說的，安迪，Pronto 的利潤率達到或超過了我們綜合業務的利潤率。

So I'm not concerned about profitability at all there.

所以我根本不擔心獲利能力。

John Ivankoe, JPMorgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

I wanted to revisit the underlying assumption of local case volumes, which I think was 2% on a market level, and you guys thought that you would do 5% to 8%, in other words, outperforming kind of the base.

我想重新審視當地病例數的基本假設，我認為在市場層面上這是 2%，而你們認為你們會做到 5% 到 8%，換句話說，表現優於基礎。

So I wanted to ask a couple of questions.

所以我想問幾個問題。

One, do you still feel good about that 2%, especially for what we've learned this week, what are the really important macro factors that we should look at that could potentially drive a return to 2% local growth?

第一，您是否仍對 2% 感到滿意，尤其是根據我們本週了解到的情況，我們應該關注哪些真正重要的宏觀因素，才有可能推動當地經濟成長重回 2%？

And as we think about your outperformance is getting back to 5% to 8% type of growth, does that happen regardless of the baseline assumption?

當我們想到您的優異表現將回到 5% 到 8% 的成長水平時，無論基線假設如何，這都會發生嗎？

Or should we just focus on the 2.5 to 4x the market as we think about our own assumptions over the next couple of years?

或者，當我們思考未來幾年自己的假設時，我們應該只關注 2.5 到 4 倍的市場？

Yes, John, thanks for the question.

是的，約翰，謝謝你的提問。

There's a lot to unpack it.

有很多東西要解開。

Let me try to do my best.

讓我盡力一下。

So yes, back in June, we had a core base assumption of about 2% market growth over time.

是的，早在六月，我們就有一個核心基本假設，即市場將隨著時間的推移增長約 2%。

And again, that wasn't any in any quarter or any particular year, but we thought over the three-year period of time, that was a reasonable assumption because, historically, that's about what the market growth has been.

再次強調，這並不是某個季度或某一年的情況，但我們認為，在三年的時間裡，這是一個合理的假設，因為從歷史上看，這就是市場的成長。

And so yes, I'm confident in the 5% to 8% range.

所以是的，我對 5% 到 8% 的範圍很有信心。

I'm confident in our ability to do that even if the market is a little bit soft.

即使市場有點疲軟，我也對我們有能力做到這一點充滿信心。

If we're in that 1% to 2% range and market growth, I'm confident of that.

如果我們的市場成長率處於 1% 到 2% 之間，我對此很有信心。

And I'd point to a couple of things as we've talked about all year.

我想指出我們全年都在談論的幾件事。

First of all, the election is behind us.

首先，選舉已經結束。

The consumers had a lot of inflation over the past several years.

過去幾年，消費者遭受了嚴重的通貨膨脹。

Interest rates are starting to come down.

利率開始下降。

I think we're going to see continued return to normal kind of consumer activity as we go into the future.

我認為，未來我們將看到消費活動持續恢復正常。

And the other thing I'd just wrap that with that underscores my confidence.

我想說的另一件事是，這強調了我的信心。

If you look in 2023, in all 4 quarters of 2023, we were at or above the targeted range, okay?

如果您看一下 2023 年，在 2023 年的所有 4 個季度中，我們都達到或超過了目標範圍，好嗎？

We hit first quarter of this year.

我們已進入今年第一季。

Don't forget, we had a strike that impacted more than 20 of our DCs in the first quarter on top of a pretty significant weather impact in January.

別忘了，第一季度，我們遭遇了罷工，影響了超過 20 個配送中心，此外，1 月還遭遇了相當嚴重的天氣影響。

By the way, we still gained share in the first quarter.

順便說一句，我們在第一季的份額仍然有所增長。

We entered the second quarter with foot traffic challenges.

我們進入第二季時面臨人潮挑戰。

The foot traffic got worse.

人流變得更糟。

We had storms in the third quarter, been a lot of noise over the last couple of quarters.

我們在第三季經歷了風暴，過去幾季也出現了很多混亂。

I'm encouraged by what we're working on.

我對我們正在進行的工作感到鼓舞。

I'm encouraged by the enthusiasm and our additions to the sales force.

我對銷售團隊的熱情和壯大感到鼓舞。

I am 100% confident in our 5% to 8% range in 2025 to 2027.

我對我們的 2025 年至 2027 年 5% 至 8% 範圍內的成長範圍有 100% 的信心。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Dave Flitman for the closing remarks.

現在，我將會議交還給戴夫·弗利特曼，請他作結束語。

Thanks, Rochelle.

謝謝，羅謝爾。

Thank you all for joining us today.

感謝大家今天的參與。

Look, this was another quarter that underscores the momentum that our team is delivering regardless of the macro, regardless of what the weather impacts are, I couldn't be more excited about the momentum we have in the company and our ability to deliver what we say we're going to do over the next three years.

看，這是另一個季度，強調了我們團隊正在提供的動力，無論宏觀環境如何，無論天氣影響如何，我對我們公司的發展勢頭以及我們在未來三年內實現目標的能力感到無比興奮。

Thanks for joining us.

感謝您的加入。

Have a great week.

祝你有個愉快的一周。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。