US Foods Holding Corp (USFD) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Lacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the US Foods Holding Corp first-quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫 Lacy，今天我將擔任您的會議接線生。現在，我歡迎大家參加美國食品控股公司 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Mike Neese, SVP of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係高級副總裁 Mike Neese。請繼續。

Thank you, Lacy. Good morning, everyone and welcome to the US Foods first-quarter fiscal 2025 earnings call. On today's call, we have Dave Flitman, our CEO; and Dirk Locascio, CFO. We will take your questions after our prepared remarks conclude. (Event Instructions)

謝謝你，萊西。大家早安，歡迎參加美國食品 2025 財年第一季財報電話會議。今天的電話會議由我們的執行長戴夫·弗利特曼主持；以及財務長 Dirk Locascio。我們將在準備好的發言結束後回答您的問題。（活動須知）

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

我們今天早上發布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're comparing our first quarter of fiscal year 2025 for the same period in fiscal year 2024. In addition to historical information, certain statements made during today's call are considered forward-looking statements. 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 anticipated in forward-looking statements.

在今天的電話會議中，除非另有說明，我們將 2025 財年第一季與 2024 財年同期進行比較。除了歷史資訊外，今天電話會議上的某些陳述被視為前瞻性陳述。請查看我們的 10-K 表中的風險因素，以詳細了解可能導致我們的實際結果與前瞻性陳述中預期的結果有重大差異的潛在因素。

Lastly, during today's call, we will refer to certain non-GAAP financial measures. 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. We are not providing reconciliations to forward-looking non-GAAP financial measures.

最後，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。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的附表中，以及我們網站上發布的簡報幻燈片中。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'll turn the call over to Dave.

現在我將把電話轉給戴夫。

Thanks, Mike. Good morning, everyone, and thank you for joining us. Let's turn to today's agenda. I'll start by sharing our key results in the quarter, and then we'll provide an update on CHEF'STORE. Next, I'll highlight several key achievements under our strategic pillars, and hand it over to Dirk to review our first quarter financial results and our fiscal 2025 guidance.

謝謝，麥克。大家早安，感謝大家的收看。讓我們來看看今天的議程。我將首先分享我們本季度的主要業績，然後我們將提供有關 CHEF'STORE 的最新消息。接下來，我將重點介紹我們策略支柱下的幾項關鍵成就，並交給德克來審查我們的第一季財務業績和 2025 財年指引。

In the first quarter, we outperformed the industry and again delivered strong profitability with adjusted EBITDA growing more than 9% and adjusted diluted EPS increasing 26% despite the challenging operating environment and severe weather-related headwinds. Our results underscore the strength of our customer value proposition and our team's relentless execution of our strategy.

第一季度，儘管面臨嚴峻的經營環境和惡劣的天氣因素，我們的業績仍優於行業，再次實現了強勁的盈利能力，調整後的 EBITDA 增長超過 9%，調整後的稀釋每股收益增長 26%。我們的業績凸顯了我們的客戶價值主張的力量以及我們團隊對策略的不懈執行。

We are delivering consistent share gains with our target customer types, including our 16th consecutive quarter of gains with independent restaurants and 18th consecutive quarter with Healthcare.

我們在目標客戶類型的市佔率持續成長，包括獨立餐廳連續 16 個季度的成長和醫療保健連續 18 個季度的成長。

I'm also pleased to announce that our Board recently authorized a new $1 billion share repurchase program, which builds upon our cumulative buyback of more than 24 million shares, totaling $1.3 billion since late 2022.

我還很高興地宣布，我們的董事會最近批准了一項新的 10 億美元股票回購計劃，該計劃建立在我們自 2022 年底以來累計回購超過 2,400 萬股、總額達 13 億美元的基礎上。

I'll now take a minute to briefly discuss CHEF'STORE. At our Investor Day last June, I announced our intent to explore strategic alternatives for our CHEF'STORE business. After multiple conversations with potential buyers and engaging in active negotiations over the past several months, it became apparent that the current macro environment was not conducive to completing a transaction at an appropriate valuation. For the foreseeable future, we plan to retain and further improve the business.

現在我想花一點時間簡要討論一下CHEF'STORE。在去年六月的投資者日上，我宣布了我們探索 CHEF'STORE 業務策略替代方案的意圖。經過過去幾個月與潛在買家的多次交談和積極談判，很明顯當前的宏觀環境不利於以適當的估值完成交易。在可預見的未來，我們計劃保留並進一步改善業務。

While I still believe the CHEF'STORE business is not the right long-term strategic fit for our company, our team has worked very hard over the last year to improve the operations and profitability. More specifically, first quarter EBITDA growth was in line with the overall company. And as a reminder, CHEF'STORE represents less than 5% of our total EBITDA.

雖然我仍然認為 CHEF'STORE 業務並不適合我們公司的長期策略，但我們的團隊在過去一年中一直非常努力地改善營運和獲利能力。更具體地說，第一季的 EBITDA 成長與公司整體成長一致。需要提醒的是，CHEF'STORE 占我們總 EBITDA 的不到 5%。

Earlier, I discussed our strong profitability gains in the first quarter, and now I'll dive a little deeper into our case growth. Total volume increased 1.1% with independent restaurant case growth of 2.5% while health care and hospitality grew 6.1% and 3.6%, respectively. Our health care business continues to perform very well. We are the industry leader in health care and remain confident in our ability to drive strong growth and continued market share gains this year and beyond.

之前，我討論了我們第一季強勁的獲利成長，現在我將更深入地探討我們的案例成長。總銷售量成長 1.1%，其中獨立餐廳成長 2.5%，而醫療保健和旅館業分別成長 6.1% 和 3.6%。我們的醫療保健業務持續表現良好。我們是醫療保健行業的領導者，並對我們今年及以後推動強勁成長和持續擴大市場份額的能力充滿信心。

Our independent case growth was impacted by severe weather and multiple storms across the US, including the wildfires in LA. This impact was partially offset as we lapped last year's labor disruptions translating to a net headwind of approximately 160 basis points to independent restaurant case growth.

我們的獨立案例成長受到美國各地惡劣天氣和多場風暴的影響，包括洛杉磯的野火。由於我們克服了去年的勞工中斷影響，導致獨立餐廳案例增長淨逆風約 160 個基點，因此這一影響被部分抵消。

The broader industry faced similar headwinds with foot traffic as published by Black Box, down 3% for the first quarter. It hit a low in February, down approximately 6%, but improved in March by nearly 350 basis points. However, we successfully gained share each month in independent restaurants and outperformed the industry. Our organic independent case growth accelerated 450 basis points from February to March, and that momentum carried into April. In fact, over the last three weeks, we delivered our highest cumulative independent case volumes of the year and our net new independent account generation was the highest of the year in April.

根據 Black Box 報導，整個產業都面臨類似的逆風，第一季客流量下降了 3%。2 月觸及低點，下跌約 6%，但 3 月回升近 350 個基點。然而，我們每個月都成功地增加了獨立餐廳的份額，並且表現優於行業。從 2 月到 3 月，我們的有機獨立案例成長率加速了 450 個基點，而這一勢頭一直延續到 4 月。事實上，在過去三週內，我們完成了今年最高的累積獨立案件量，四月份我們的淨新增獨立帳戶數量也是今年最高的。

We now expect our growth rate to accelerate for the remainder of the quarter and be in line with our updated modeling assumption of 2% to 5% independent case growth for the full year, which Dirk will discuss shortly.

我們現在預計，在本季度剩餘時間內，我們的成長率將會加速，並符合我們最新的模型假設，即全年獨立案例成長率為 2% 至 5%，Dirk 將很快對此進行討論。

As we look ahead, another topic that's on everyone's mind is a tariff environment and the impact on our industry and the economy. We are monitoring the evolving situation and staying closely connected with our suppliers to source alternative products where appropriate. Imported products account for a small portion of our business with mid- to high single-digit percentage of our purchases likely subject to some level of tariffs. Our customer value proposition remains our focus as we continue to help our customers in their efforts to be more efficient, run more profitably and optimize their menu offerings most notably with our private label brands.

展望未來，大家關注的另一個議題是關稅環境及其對我們的產業和經濟的影響。我們正在監測情勢的發展，並與供應商保持密切聯繫，以便在適當的情況下尋找替代產品。進口產品只占我們業務的一小部分，我們採購的中高個位數百分比的產品可能會受到一定程度的關稅。我們的客戶價值主張仍然是我們的重點，因為我們將繼續幫助客戶提高效率、提高獲利能力並優化他們的菜單產品，尤其是透過我們的自有品牌。

Turning to slide 4. We operate in a large, resilient and growing industry for restaurants, health care and hospitality the fastest-growing and most profitable customer types represent a $270 billion addressable market. And food away from home continues to steadily increase a multi-decade trend that we believe will continue.

翻到幻燈片 4。我們經營的餐飲、醫療保健和酒店業規模龐大、富有彈性且不斷成長，其中成長最快、利潤最高的客戶類型代表著 2,700 億美元的潛在市場。外出用餐持續穩定成長，我們相信這種數十年的趨勢將會持續下去。

Our business and industry have proven to be quite stable across macro cycles. As I've mentioned before, our self-help initiatives are in the early to mid-innings of implementation and thus, US Foods is well positioned despite the slower macro backdrop. If demand softens further, we have various levers that we can pull, in addition to those we already have in place. These include reducing discretionary spend, further accelerating productivity and moderating capital expenditures.

事實證明，我們的業務和產業在整個宏觀週期中都相當穩定。正如我之前提到的，我們的自助計劃正處於實施的早期到中期，因此，儘管宏觀背景較慢，但美國食品仍處於有利地位。如果需求進一步疲軟，除了現有的措施外，我們還可以採取各種措施。這些措施包括減少可自由支配的開支、進一步提高生產力和減少資本支出。

Importantly, 80% of our distribution operating expense is variable and flexes during sustained periods of softer demand. As a reminder, during the great financial crisis, our volume was down just mid-single digits, while adjusted EBITDA was essentially flat. We will continue to adjust to the macro environment as appropriate while staying focused on executing our proven playbook.

重要的是，我們的分銷營運費用的 80% 是可變的，並且在需求持續疲軟期間會有所調整。提醒一下，在金融危機期間，我們的銷售量僅下降了中等個位數，而調整後的 EBITDA 基本上持平。我們將繼續根據宏觀環境進行適當調整，同時專注於執行我們行之有效的策略。

Turning to our focused plan to profitably grow US Foods. We are guided by four strategic pillars, and I'll discuss our progress on each over the next several slides. Moving to slide 5. Our first pillar is culture, Keeping our associates safe as our top priority and during the first quarter, our injury and accident rates were 12% better than the prior year. We've made strong progress and over the past two years, our rates have improved by 38%.

轉向我們實現美國食品獲利性成長的重點計劃。我們受到四大策略支柱的指導，我將在接下來的幾張投影片中討論我們在每個支柱上取得的進展。移至投影片 5。我們的第一支柱是文化，保障員工安全是我們的首要任務，在第一季度，我們的受傷和事故率比前一年降低了 12%。我們取得了長足的進步，在過去兩年裡，我們的費率提高了 38%。

I'm proud of our team's success, but we will not waiver until we reach our goal of 0 injuries and accidents.

我為我們團隊的成功感到自豪，但我們不會動搖，直到我們達到零傷害和零事故的目標。

In March, I held my second annual CEO award ceremony to celebrate associates to ignited excellence across US Foods. Shortly, I'll highlight two winners in particular, to exemplify our cultural beliefs and drive our results. Not only are we supporting our associates, we are helping our communities.

三月份，我舉辦了第二屆年度執行長頒獎典禮，以慶祝員工在美國食品公司激發出卓越成就。很快，我將特別介紹兩位獲獎者，以體現我們的文化信念並推動我們的成果。我們不僅支持我們的同事，我們也幫助我們的社區。

Last week, we announced an increased strategic investment in support of our helping communities Make It program, which represents more than a fivefold increase over the last two years. As part of this commitment, we donated $250,000 to giving kitchen to provide emergency assistance to foodservice workers. We're also proud to have renewed our American Red Cross partnership as an annual disaster giving partner.

上週，我們宣布增加策略性投資，以支持我們的「幫助社區實現夢想」計劃，這筆投資額在過去兩年中增加了五倍多。作為這項承諾的一部分，我們向廚房捐贈了 25 萬美元，為餐飲服務人員提供緊急援助。我們也非常榮幸能夠與美國紅十字會續簽合作關係，成為其年度救災捐款夥伴。

Turning to slide 6, our second pillar, service. We continue to make excellent progress in improving our on-time delivery and service levels to our customers, and we are currently at our best service levels since 2019. An important element of our service is operations quality composites or Ops QC, which measures our ability to deliver products to our customers without errors. During the first quarter, our Ops QC metric improved approximately 20% from the prior year and was our best performance since the first quarter of 2021.

翻到幻燈片 6，我們的第二支柱，服務。我們在提高對客戶的準時交付和服務水準方面繼續取得了卓越的進展，目前我們的服務水準達到了 2019 年以來的最佳水準。我們服務的一個重要元素是營運品質複合材料或Ops QC，它衡量我們向客戶無錯誤交付產品的能力。第一季度，我們的營運品質控制指標較上年同期提高了約 20%，是自 2021 年第一季以來的最佳表現。

We continue to roll out our cart routing platform, which is driving delivery efficiency gains and providing better customer service. 50 markets are live or in active deployment which represent nearly 70% of our routed miles. And we remain on track to be fully deployed by year-end.

我們將繼續推出購物車路由平台，以提高配送效率並提供更好的客戶服務。 50 個市場已投入營運或積極部署，占我們航線里程的近 70%。我們仍有望在年底前全面部署。

In the fourth quarter of 2024, we launched a new generative AI automatic order guide for our sellers to make it more efficient for them to create customer proposals and onboard new business. This more efficient process along with other activities, we've taken off our sellers' plates resulted in an acceleration in net new independent accounts during March and further acceleration in April. We are in the early stages of leveraging proprietary AI tools, and we're excited about the momentum we're building.

2024 年第四季度，我們為賣家推出了全新的生成式 AI 自動訂單指南，使他們能夠更有效率地建立客戶提案並開展新業務。這個更有效率的流程以及其他活動，我們已經取消了賣家的牌照，導致 3 月淨新增獨立帳戶數量加速，4 月進一步加速。我們正處於利用專有 AI 工具的早期階段，我們對正在建立的勢頭感到非常興奮。

Let's now turn to our growth pillar on slide 7. We remain focused on accelerating profitable growth and gaining market share with our target customer types. We continue to invest in our Pronto small truck delivery service. Last year, we launched Pronto penetration in six markets to further increase our share of wallet with our existing customer base. As a reminder, Pronto penetration extends our Pronto service to existing independent customers who will be able to order on nonroutine delivery days with later cutoff times.

現在讓我們轉到投影片 7 上的成長支柱。我們將繼續專注於加速獲利成長和擴大目標客戶類型的市場份額。我們繼續投資我們的 Pronto 小型卡車運輸服務。去年，我們在六個市場推出了 Pronto，以進一步增加我們在現有客戶群中的份額。提醒一下，Pronto 滲透將我們的 Pronto 服務擴展到現有的獨立客戶，他們將能夠在非例行交貨日以較晚的截止時間下訂單。

In our pilot markets, we saw a sustained 10% to 15% uplift in overall case growth from customers in the program. As a result, we now have Pronto penetration in 10 markets and plan to be in a total of 20 markets by the end of 2025. We are also continuing to gain new business in health care and hospitality.

在我們的試點市場中，我們看到該計劃客戶的整體案例成長率持續上升了 10% 至 15%。因此，我們目前已將 Pronto 滲透至 10 個市場，並計劃在 2025 年底滲透至總共 20 個市場。我們也持續拓展醫療保健和酒店業的新業務。

During the quarter, we began onboarding more than $100 million in annualized new business wins across hospitals, senior living, lodging and recreation facilities. We captured additional share gains during the first quarter in both health care and hospitality by leveraging our expertise, our differentiated selling model and our long-term relationships. And we are thrilled to announce that our Scoop products surpassed $1 billion in annual sales for the first time in 2024. We just launched our new Spring Scoop which features 18 high-quality, innovative and labor-saving products designed to attract and retain diners and address back-of-house pain points.

本季度，我們開始在醫院、老年生活、住宿和娛樂設施領域獲得超過 1 億美元的年度新業務。我們利用專業知識、差異化銷售模式和長期合作關係，在第一季在醫療保健和酒店領域獲得了額外的市場份額。我們很高興地宣布，我們的 Scoop 產品年銷售額在 2024 年首次突破 10 億美元。我們剛剛推出了新的 Spring Scoop，其中包含 18 種高品質、創新且省力的產品，旨在吸引和留住食客並解決後台痛點。

A great example is our chefs line on natural beef Birria, a trending Mexican deep dish that is projected to grow by more than 100% over the next four years.

一個很好的例子就是我們的廚師推出的天然牛肉 Birria，這是一道流行的墨西哥深盤菜，預計未來四年將增長 100% 以上。

Turning to slide 8, our profit pillar. Adjusted gross profit grew 5% in the first quarter to $1.6 billion, driven by volume growth, improved cost of goods savings and increased private label penetration. We made further progress on cost of goods by collaborating with additional vendors, and we remain confident in achieving $260 million of COGS savings under our new long-range plan.

翻到幻燈片 8，我們的利潤支柱。第一季調整後毛利成長 5%，達到 16 億美元，這得益於銷售成長、商品成本節約改善以及自有品牌滲透率提高。透過與其他供應商合作，我們在商品成本方面取得了進一步的進展，並且我們仍然有信心在新的長期計劃下實現 2.6 億美元的 COGS 節省。

Total company private label penetration increased 90 basis points to 34% and core independent restaurant penetration grew by nearly 50 basis points to a quarterly record of more than 53%. Private label growth remains a significant opportunity for Foods and helps our customers offset inflationary pressure. Our products offer are competitively priced high-quality value proposition that our customers are looking for while improving our margins. As a reminder, we do not see a near-term ceiling to our private label growth.

公司自有品牌滲透率整體成長 90 個基點，達到 34%，核心獨立餐廳滲透率成長近 50 個基點，達到季度最高記錄的 53% 以上。自有品牌的成長對於食品來說仍然是一個重要的機會，並有助於我們的客戶抵消通膨壓力。我們的產品具有價格競爭力，提供高品質的價值主張，這也是我們的客戶所尋求的，同時也提高了我們的利潤率。提醒一下，我們認為近期自有品牌的成長不會遇到上限。

We also continue to drive significant improvement in associate retention across our supply chain network. Our annualized selector turnover improved by approximately 20 percentage points and driver turnover improved by low single digits over the prior year, both driven by our initiatives, including flexible scheduling. While there's more to do in this area, this is our best turnover rate for both selectors and drivers in the last five years. We're also seeking ways to identify cost savings and further streamline administrative processes. We removed spans and layers in 2024.

我們也將繼續推動整個供應鏈網路的員工留任率的顯著提高。與前一年相比，我們的年度選車員流動率提高了約 20 個百分點，司機流動率提高了個位數，這兩項指標均得益於我們的靈活排班等舉措。雖然在這方面還有很多工作要做，但這是我們過去五年來選拔員和司機的最佳流動率。我們也正在尋找節省成本和進一步簡化行政流程的方法。我們在 2024 年移除了跨度和層。

And earlier this year, we took steps to reduce complexity, waste and non-value-added work across the organization and focus resources closer to the customer. More specifically, additional administrative cost actions we have taken (technical difficulty) today being in 2025.

今年早些時候，我們採取措施減少整個組織的複雜性、浪費和非增值工作，並將資源集中到更貼近客戶的位置。更具體地說，我們今天採取的額外行政成本行動（技術難度）是在 2025 年。

This is in addition to the $120 million in annualized operating expense savings actions we took last year. Our focused strategy and our ability to drive improved profitability through controlling what we can control, highlight the resilience of our business model and our ability to adjust to any macro environment. I very much appreciate each of our associates for their hard work and dedication supporting our customers and executing our strategy. Before passing it to Dirk, I'll highlight two CEO award-winning associates, both of whom are veterans.

這是我們去年採取的 1.2 億美元年度營運費用節約措施的補充。我們的重點策略以及透過控制我們能夠控制的領域來提高獲利能力的能力，凸顯了我們商業模式的彈性以及我們適應任何宏觀環境的能力。我非常感謝我們的每一位同事為支持我們的客戶和執行我們的策略所付出的辛勤工作和奉獻精神。在交給德克之前，我想先介紹兩位獲得 CEO 獎的同事，他們都是資深人士。

Brian Butts, who served in the Army National Guard for eight years is a market field trainer and was part of a team that led the replacement of our [Nrider] forklifts with safer center ride models. His contribution made a positive impact on our safety results. And to date, there has not been a single recorded injury with a new center ride powered industrial equipment. Thank you, Brian, for not only keeping our associates safe, but keeping our country safe through your military service.

布萊恩·巴茨 (Brian Butts) 曾在陸軍國民警衛隊服役八年，是一名市場現場培訓師，也是領導用更安全的中心乘坐型號更換我們的 [Nrider] 叉車的團隊的一員。他的貢獻對我們的安全結果產生了正面的影響。到目前為止，還沒有發生過一起因新型中心驅動工業設備而導致人員受傷的記錄。謝謝你，布萊恩，你不僅保護了我們同事的安全，還透過你的軍事服務保護了我們國家的安全。

I'd also like to acknowledge [Philip Sagardoy], Region Margin Manager who served in the Marines for four years for his contributions as part of our next-generation pricing team. This initiative provides an integrated and agile platform that serves as a single source for local pricing execution and analysis. Thank you, Philip, for your work on this important initiative and for serving our country so greatly.

我還要感謝曾在海軍陸戰隊服役四年的區域利潤經理 [Philip Sagardoy]，感謝他作為我們下一代定價團隊的一員所做出的貢獻。該計劃提供了一個整合且靈活的平台，可作為本地定價執行和分析的單一來源。菲利普，謝謝你為這項重要舉措所做的努力，以及為我們的國家做出的巨大貢獻。

As we approach Memorial Day, I express my deepest gratitude to Brian, Philip and all of our veterans, including our associates who have served our great nation. US Foods proudly supports those who have sacrificed for our country, from are those who serve employee business resource group to our new partnership with Skill Bridge, which connects transitioning service members with hands-on civilian, career experience through innovative internship partnerships.

在陣亡將士紀念日即將到來之際，我向布萊恩、菲利普和我們所有的退伍軍人，包括為我們偉大的國家服務的同事，表示最深切的感謝。US Foods 自豪地支持那些為國家做出犧牲的人們，從服務於員工業務資源組的人到我們與 Skill Bridge 的新合作夥伴，該合作夥伴關係透過創新的實習夥伴關係將過渡服務成員與實際的平民職業經驗聯繫起來。

This holiday is a time for reflection, appreciation and remembrance. As you spend time with family and friends, -- please join me in honouring the heroes who made the ultimate sacrifice for our country and for our freedom.

這個節日是反思、感恩和回憶的時刻。當您與家人和朋友共度時光時，請和我一起向為我們的國家和自由做出最大犧牲的英雄致敬。

Let me now turn the call over to Dirk to discuss our first quarter results and our 2025 guidance.

現在，我將電話轉給德克，討論我們的第一季業績和 2025 年指引。

Thank you, Dave, and good morning, everyone. We again delivered solid top line and strong bottom line growth as we gain share in each of our target customer types and grew our business profitably. This growth is despite softer restaurant traffic driven by widespread extreme weather and weaker consumer sentiment.

謝謝你，戴夫，大家早安。隨著我們在各個目標客戶類型中的份額不斷增加並且業務盈利不斷增長，我們再次實現了穩健的營收和強勁的利潤增長。儘管極端天氣普遍存在且消費者信心減弱，導致餐廳客流量減少，但仍實現了成長。

Starting on slide 10. First quarter net sales increased 4.5% and to $9.4 billion, driven by case volume growth of 1.1% and food cost inflation and mix impact of 3.4%. Our independent restaurant volume grew 2.5%, including 120 basis points from acquisitions. Healthcare growth remained strong at 6.1% and hospitality accelerated to 3.6% as we continued to successfully onboard new business. We expect health care and hospitality to show continued growth over the coming quarters based on our differentiated strategy.

從投影片 10 開始。第一季淨銷售額成長 4.5%，達到 94 億美元，主要受箱量成長 1.1% 以及食品成本通膨和混合影響 3.4% 的推動。我們的獨立餐廳數量增加了 2.5%，其中收購帶來的成長為 120 個基點。隨著我們繼續成功開展新業務，醫療保健業成長依然強勁，達到 6.1%，酒店業成長加速至 3.6%。基於我們的差異化策略，我們預計醫療保健和酒店業將在未來幾季繼續成長。

Our chain restaurant volume declined 4.3% and was broadly in line with industry foot traffic reported by Black Box. First quarter adjusted EBITDA grew 9.3% from the prior year to $389 million from a combination of volume growth, gross profit gains and operating expense productivity. We again delivered meaningful operating leverage improvement as adjusted gross profit dollars grew 120 basis points faster than adjusted operating expenses, driven by the strong execution of our self-help initiatives. As a result, adjusted EBITDA margin increased by 18 basis points to 4.2%.

我們的連鎖餐廳客流量下降了 4.3%，與 Black Box 報告的行業客流量大致相符。第一季調整後的 EBITDA 較上年同期成長 9.3%，達到 3.89 億美元，這得益於銷售成長、毛利成長和營運費用效率的提高。由於我們自助計畫的強大執行，調整後的毛利成長比調整後的營運費用成長快 120 個基點，我們再次實現了有意義的營運槓桿改善。因此，調整後的 EBITDA 利潤率增加了 18 個基點，達到 4.2%。

Finally, adjusted diluted EPS increased 26% to $0.68. We continue to grow adjusted EPS significantly faster than adjusted EBITDA due to the combination of earnings growth and accretive share repurchases.

最後，調整後的稀釋每股收益成長 26% 至 0.68 美元。由於獲利成長和增值股票回購的共同作用，我們調整後的每股盈餘成長速度持續顯著快於調整後的息稅折舊攤銷前利潤。

Turning to slide 11. We increased adjusted EBITDA per case again this quarter as we drove further operating leverage improvement. Adjusted gross profit per case continued its strong growth trajectory, improving $0.30 or 4% compared to the prior year, driven in large part by our initiatives to accelerate cost of goods savings and increased private label penetration.

翻到第 11 張投影片。由於我們進一步提高了經營槓桿，本季我們再次提高了每箱調整後的 EBITDA。調整後的每箱毛利繼續保持強勁成長軌跡，與上年相比提高了 0.30 美元或 4%，這在很大程度上得益於我們加速節省商品成本和提高自有品牌滲透率的舉措。

Adjusted operating expense per case increased $0.16 or 2.7%. We continue to offset a portion of operating expense inflation by improving supply chain productivity, streamlining administrative processes, and capturing savings on indirect procurement spend.

調整後每案營運費用增加 0.16 美元，即 2.7%。我們持續透過提高供應鏈生產力、簡化管理流程和節省間接採購支出來抵銷部分營運費用通膨。

First quarter adjusted EBITDA per case was $1.90, up $0.15 from the prior year as our increase in adjusted gross profit per case was nearly twice as large as the increase in adjusted operating expense per case. We have consistently grown adjusted gross profit per case faster than adjusted operating expense per case with our first quarter results, building on consistent operating leverage gains every quarter of the last three years.

第一季調整後每案 EBITDA 為 1.90 美元，比前一年增加 0.15 美元，因為我們調整後的每案毛利增幅幾乎是調整後的每案營運費用增幅的兩倍。從第一季的業績來看，我們每案調整後毛利的成長速度一直快於每案調整後營業費用的成長速度，這得益於過去三年來每季持續的營業槓桿成長。

This consistency and execution and balance of volume growth and operating leverage gains positions us well even in a slower macro backdrop. Our results demonstrate our sharp focus and effective execution of our strategy. As we've commenced our 2025 to 2027 long-range plan, we are confident in our ability to deliver on the financial commitments we outlined at our Investor Day last June.

這種一致性、執行力以及銷售成長和經營槓桿的平衡使我們即使在宏觀經濟放緩的背景下也處於有利地位。我們的成果證明了我們對策略的敏銳關注和有效執行。隨著我們開始製定 2025 年至 2027 年的長期計劃，我們有信心兌現去年 6 月在投資者日上概述的財務承諾。

Moving to slide 12. We continue to increase our cash flow and deploy capital in a manner that's consistent with our capital allocation priorities, investing in the business to support growth, returning capital to shareholders via share repurchases maintaining net leverage within our target range and executing accretive tuck-in M&A.

移至投影片 12。我們將繼續增加現金流，並以符合資本配置重點的方式部署資本，投資於業務以支持成長，透過股票回購向股東返還資本，將淨槓桿率維持在目標範圍內，並執行增值性併購。

Operating cash flow increased $252 million to $391 million, driven by earnings growth and working capital management as well as a shift in the year-over-year timing of holiday related inventory build. In the second quarter, we expect inventory levels to normalize compared to the prior year.

營運現金流增加 2.52 億美元，達到 3.91 億美元，這得益於獲利成長、營運資本管理以及假日相關庫存增加時間的同比變化。我們預計第二季庫存水準將與去年同期相比恢復正常。

We repurchased $23 million of shares during the first quarter and closed on the acquisition of Jake Finer Foods for $92 million. As we stated last quarter, we remain committed to returning capital to shareholders and will return to more meaningful share repurchases over the balance of this quarter and the remainder of 2025.

我們在第一季回購了價值 2,300 萬美元的股票，並以 9,200 萬美元的價格完成了對 Jake Finer Foods 的收購案。正如我們上個季度所說，我們仍然致力於向股東返還資本，並將在本季剩餘時間和 2025 年剩餘時間內恢復更有意義的股票回購。

As Dave noted earlier, our Board recently authorized a new $1 billion share repurchase program. Finally, we ended the quarter at 2.7 times net leverage well within our 2 times to 3 times target range. This is a slight reduction compared to year-end and the same period last year. Our debt structure is strong, and we have no long-term debt maturities until 2028. I'm also pleased to report another positive development related to our credit rating.

正如戴夫之前提到的，我們的董事會最近批准了一項新的 10 億美元股票回購計畫。最後，本季結束時我們的淨槓桿率為 2.7 倍，遠低於我們 2 倍至 3 倍的目標範圍。與年底和去年同期相比略有減少。我們的債務結構穩健，2028 年之前沒有長期債務到期。我也很高興地報告與我們的信用評級相關的另一個積極進展。

Our corporate credit rating was recently upgraded 1'' notch by S&P to BB+ based on continued improvements in our financial performance and ability to sustain lower leverage.

由於我們財務表現的持續改善和維持較低槓桿率的能力，標準普爾最近將我們的企業信用評級上調了 1 級，達到 BB+。

Now turning to our guidance and modeling assumptions on slide 13. Given our year-to-date performance and outlook for the balance of the year, we are reaffirming our fiscal year 2025 guidance and updating several modeling assumptions. Despite the softer backdrop, we continue to execute our self-help initiatives to drive profitable volume growth, enhance gross profit, streamline operating expenses and deliver strong earnings growth. As a result, we continue to expect adjusted EBITDA growth of 8% to 12% and adjusted diluted EPS growth of 17% to 23%. We also still expect 4% to 6% sales growth within the sales growth, however, we expect higher sales inflation and mix of approximately 3% and lower case growth.

現在轉到投影片 13 上的指導和建模假設。鑑於我們今年迄今的業績和對今年剩餘時間的展望，我們重申 2025 財年的指導並更新幾個模型假設。儘管市場環境較為疲軟，我們仍持續執行自助計劃，以推動獲利量成長、提高毛利、精簡營運費用並實現強勁獲利成長。因此，我們繼續預期調整後的 EBITDA 成長率為 8% 至 12%，調整後的稀釋每股盈餘成長率為 17% 至 23%。我們仍預期銷售額成長率將達到 4% 至 6%，但是，我們預期銷售額通膨率將更高，且混合成長率約為 3% 和較低水準。

Given the slower foot traffic and the soft macro environment, we now expect total case growth of 1% to 3%, which includes independent restaurant case growth of 2% to 5%, as Dave mentioned. All other modeling assumptions remain unchanged. We have a long runway of growth ahead of us with distinct competitive advantages, scale, a diverse customer base and brand awareness that sets us apart. We remain focused on executing our margin expansion initiatives, delivering strong earnings growth and generating substantial cash flow, which drives our confidence in achieving our long-range plan.

鑑於客流量放緩和宏觀環境疲軟，我們現在預計總案例增長率為 1% 至 3%，其中包括獨立餐廳案例增長率為 2% 至 5%，正如戴夫提到的那樣。所有其他建模假設保持不變。我們擁有長期的成長空間，擁有獨特的競爭優勢、規模、多樣化的客戶群和品牌知名度，這些都使我們脫穎而出。我們將繼續專注於執行利潤率擴張計劃，實現強勁的獲利成長並產生大量現金流，這增強了我們實現長期計劃的信心。

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

說完這些，我將把它交還給戴夫，請他作最後發言。

Thanks, Dirk. Looking ahead, we remain intensely focused on executing our strategy amid this challenging environment. Despite the noisy quarter, we drove solid adjusted EBITDA growth, increased our margins and delivered industry-leading 26% adjusted EPS growth. We operate in a highly resilient industry. Ours is a self-help and execution story and we have multiple gross profit and operating expense levers to pull to deliver results within our guidance range.

謝謝，德克。展望未來，在充滿挑戰的環境中，我們仍將高度專注於執行我們的策略。儘管本季業績不穩定，我們仍實現了穩健的調整後 EBITDA 成長、提高了利潤率，並實現了業界領先的 26% 調整後 EPS 成長。我們處於一個高度彈性的行業。我們的故事是自助和執行的故事，我們有多個毛利和營運費用槓桿來拉動，以實現指導範圍內的結果。

We have the fastest growth algorithm among our large competitors. We remain confident to deliver our new long-range algorithm of a 5% sales CAGR, 10% adjusted EBITDA CAGR, 20-plus basis points of annual adjusted EBITDA margin expansion and a 20% adjusted EPS CAGR through 2027. I am convinced that US Foods will continue to gain share and deliver value for our customers and our shareholders in any environment.

在眾多競爭對手中，我們擁有最快的成長演算法。我們仍有信心實現新的長期演算法，即到 2027 年銷售額複合年增長率為 5%，調整後 EBITDA 複合年增長率為 10%，年度調整後 EBITDA 利潤率擴張超過 20 個基點，調整後 EPS 複合年增長率為 20%。我堅信，無論在任何環境下，美國食品都將繼續獲得市場份額並為我們的客戶和股東創造價值。

With that, Lacy, please open up the line for questions.

好了，Lacy，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Yeah, hi, good morning, guys, and Nice quarter and a tough backdrop. Dave, I wanted to ask you, you delivered EBITDA growth within your edits in Q1 despite what we saw this quarter. I guess, first, like what does that say about your ability to flex the self-help momentum of the business? And then you maintained the full year guidance despite added uncertainty.

是的，大家早安，這是一個美好的季度，但背景卻很艱難。戴夫，我想問你，儘管本季度我們看到了這種情況，但你在第一季度的編輯中實現了 EBITDA 增長。我想，首先，這說明您有能力發揮企業自助動能嗎？儘管不確定性增加，但您仍維持了全年指引。

So I just want to be clear about what you're saying there. Does that mean that the added choppiness maybe just sort of chipped away at maybe some of the upside that you might have expected if conditions stay where they are, you can hit that range. Maybe just update us on what sort of defines the top end and the bottom end for the year at this point?

所以我只是想清楚地了解你在說什麼。這是否意味著，如果條件保持不變，增加的波動性可能只是削弱了您可能預期的一些上行空間，您就可以達到該範圍。也許只是告訴我們此時此刻如何定義今年的最高端和最低端？

Yeah. I think I'll take the second part of your question there first. absolutely, we're confident in hitting that range. And underlying that assumption is that the macro stays where the macro is and that leads me into the first part of your question, which is exactly the self-help story that we have. I think this better than any quarter since I've been with the company, demonstrates, one, the strength of our strategy and our ramped-up execution, which we've been working hard on over the last 2.5 years.

是的。我想我會先回答你問題的第二部分。當然，我們有信心達到這個範圍。這個假設的基礎是宏觀經濟會停留在它原來的水平，這就引出了我的問題的第一部分，這正是我們所擁有的自助故事。我認為這比我加入公司以來的任何一個季度都要好，證明了我們的戰略實力和我們加強的執行力，這是我們在過去兩年半裡一直努力的方向。

as you know. We have so much self-help at the operating expense and gross margin level. You've seen us execute that.

如你所知。我們在營業費用和毛利率水準上有很大的自助空間。您已經看到我們執行了這項操作。

And then I think it also underscores the differentiation of our business model. The way we go to market the fact that we're focused on three of the fastest growing and most profitable segments of the customer base in food service distribution, health care, we talk a lot about. We continue to gain share despite our strength in that industry. And it's agnostic to what's going on with the macro. So I just really love our model.

我認為這也凸顯了我們商業模式的差異化。我們進入市場的方式是，我們專注於食品服務分銷、醫療保健這三個成長最快、利潤最高的客戶群，我們對此進行了大量討論。儘管我們在該行業實力雄厚，但我們的市場份額仍在不斷增長。並且它與巨集的運行情況無關。所以我真的很喜歡我們的模型。

I love our execution, and we've got a lot of self-help ahead of us, and I feel really good about our momentum.

我喜歡我們的執行力，我們面前還有很多自助工作要做，我對我們的勢頭感到非常滿意。

I wanted to just follow up on independent cases. I think sequentially, your gap versus your biggest peers probably improved a little bit. this quarter. Can you maybe just talk about the underlying momentum there? You mentioned some things like Toronto and degenerative AI stuff.

我只是想跟進獨立案件。我認為，從連續性來看，你與最大同行之間的差距可能會縮小。本季。您能否談談那裡的潛在動力？您提到了一些事情，例如多倫多和退化人工智慧。

And then I'm curious as to how April and May are running versus that 2% to 5% full year goal.

然後我很好奇四月和五月的運行情況與全年 2% 到 5% 的目標相比如何。

Well, I'll take the second part of that. We saw good strength in the back half of March that carried into the first several weeks of April, then we had Easter, which was strong, and then the week after Easter is always fairly weak as it is every year. but we're squarely within that range of the new guide that Dirk outlined in April, and we had increased strength as we started the month of May here.

好吧，我將討論第二部分。我們看到 3 月下半月的強勁勢頭一直延續到 4 月的頭幾週，然後是復活節，表現強勁，而復活節後的一周則相當疲軟，就像每年一樣。但我們完全處於德克 4 月概述的新指南範圍內，並且從 5 月開始我們的實力有所增強。

So I feel really good about our momentum with independent case growth. And as I said in my prepared remarks, we expect that to continue to strengthen throughout this quarter. Net new account generation in April was the strongest of the year. We're squarely focused on taking market share where we need to in the right way that's highly profitable.

因此，我對我們的獨立案例成長勢頭感到非常滿意。正如我在準備好的發言中所說，我們預計這一勢頭將在本季繼續加強。四月份淨新增帳戶數量是今年以來最強勁的。我們專注於以正確的方式佔領我們需要的高利潤市場份額。

So our team is focused. We continue to add to our sales head count in the mid-single-digit range. That's playing out this year just in similar fashion than what it has for the last two years. So I like our model. we're executing consistently, and I think it's going to mean good things for the future.

所以我們的團隊非常專注。我們繼續以中等個位數的幅度增加銷售人員數量。今年的情況與過去兩年的情況類似。所以我喜歡我們的模型。我們始終如一地執行，我認為這對未來來說意味著好事。

Great thank you.

非常感謝。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Good morning. Thanks for taking our questions. One to ask, Dave, and Dirk, you noted some of the additional levers on the expense side that you could pull, I guess, if the demand backdrop does weaken here -- have you already initiated any of those? And I think you called out $30 million in expense savings this year. I just want to confirm that was above and beyond what you had already planned for. And just where the -- what buckets those are in and the timing of how that will impact this year?

早安.感謝您回答我們的問題。我想問一下，戴夫和德克，你們注意到了費用方面的一些額外槓桿，我想，如果需求背景確實減弱的話，你們可以採取這些槓桿——你們已經啟動其中任何一個了嗎？我認為您今年要節省 3000 萬美元的開支。我只是想確認這超出了你之前的計劃。那麼這些都屬於哪些類別，以及它們將如何影響今年？

Yeah. I'll take the second part of your question there and then flip it over to Dirk to add some color and give you a little more detail. So the $30 million, yes, is incremental to any actions that we took last year. As you've heard me talk for the past year and a half or so. We're taking some of the cost burden out of the center and pushing the right resources back into the field to get the organization increasingly focused on the customer, but importantly, giving them the resources that they need to execute and with that shift to the field, we're taking some cost out.

是的。我將回答您問題的第二部分，然後將其交給 Dirk 以添加一些顏色並為您提供更多細節。是的，這 3000 萬美元是我們去年採取的任何行動的增量。正如你們在過去一年半左右的時間裡聽到我所說的。我們正在將部分成本負擔從中心轉移出去，並將適當的資源重新投入到現場，以使組織更加關注客戶，但重要的是，為他們提供執行所需的資源，隨著向現場的轉移，我們正在降低一些成本。

So that $30 million is incremental to the $120 million that we did last year. Dirk?

因此，這 3000 萬美元是我們去年 1.2 億美元基礎上的增量。短劍？

And the other thing I'll add, Kelly, is you're right, it was executed, and it's beginning to show savings toward the end of the first quarter and through the year. And it's really as we saw this softer market, it was being proactive and working against it. But they're all still good, healthy things that we'll continue to make the business stronger as we move ahead. But I think the bigger picture on gross profit and OpEx is what Dave said earlier in his other comments, is with our self-help and the things we have in play, both on gross profit and OpEx, we're not starting from a standstill position.

凱利，我要補充的另一件事是，你是對的，它已經執行了，並且在第一季末和全年開始顯示出節省的效果。正如我們所見，市場確實較為疲軟，因此我們採取了積極主動的應對措施。但它們仍然是好的、健康的事物，隨著我們前進，我們將繼續使業務更加強大。但我認為，關於毛利和營運支出的更大前景正如戴夫早些時候在其他評論中所說的那樣，透過我們的自助和我們正在做的事情，無論是在毛利還是營運支出方面，我們都不是從停滯狀態開始的。

We really have a lot of this in play, and that's how you really see that excellent balance of top line growth, margin expansion and resulting in that industry-leading EPS that Dave talked about.

我們確實在發揮很多作用，這就是為什麼你真正看到營收成長、利潤率擴大和導致戴夫談到的行業領先每股收益的完美平衡的原因。

And just to give our team all the credit that they deserve. I've never worked with a team as strong as this leadership team in my 40 years of working. Our team is very aligned on what we have to do to execute. And you see all parts of the organization, all functions aligned on our customer and executing to deliver our results, and that's really what informed our confidence in maintaining our guide for the year. If we can execute like we did in the first quarter with all the challenges that we had, there's no reason that we can't continue that execution and hit that guide. We're highly confident.

並給予我們的團隊應得的所有榮譽。在我40年的工作生涯中，我從未與如此強大的領導團隊合作過。我們的團隊對於要執行的任務非常一致。您可以看到組織的所有部分、所有職能都以我們的客戶為中心並努力實現我們的成果，而這正是我們對維持年度指南的信心所在。如果我們能夠像第一季那樣克服所有挑戰，那麼我們沒有理由不能繼續執行並達到這一目標。我們非常有信心。

Thank you, That's helpful. Just following up on the turnover points, the turnover rates you mentioned with selectors and drivers, that sounds like quite substantial improvement there. I was just curious if you can give some more historical perspective how that would compare, I guess, beyond the last five years, which maybe are not quite normal. And then also, if you can give an update on sales force turnover and where that is typically and where that is today, if anything to note there?

謝謝，這很有幫助。只需跟進營業額點，您提到的選擇器和驅動程式的營業額率，聽起來就有相當大的改善。我只是好奇，您是否可以提供一些更具歷史意義的視角，與過去五年相比，這可能不太正常。另外，您能否提供一下銷售人員流動率的最新情況，以及通常的流動率和目前的流動率，有什麼需要注意的嗎？

Yeah. I'll take the last question on the sales force. Our sales force turnover is consistent and in line with historical levels. We've had no increase in turnover. In fact, we're adding to our head count quite nicely.

是的。我將回答有關銷售人員的最後一個問題。我們的銷售人員流動率保持一致，與歷史水準一致。我們的營業額並沒有增加。事實上，我們正​​在相當順利地增加員工數量。

And to pre-empt any further questions in this area, we are not having any issues attracting strong sales talent to the company. people want to join this team because we're winning and consistently taking share.

為了避免在這個領域出現任何進一步的問題，我們在吸引優秀銷售人才加入公司方面沒有任何問題。人們想加入這個團隊，因為我們不斷獲勝並且不斷獲得份額。

Back to the supply chain side of it, I pointed out it was the strongest performance in five years because if you go back to the pandemic, we had our challenges for the first couple of years coming out of the pandemic for a lot of reasons. The whole industry had those sort of challenges. And we've been systemically and consistently digging out of that over the past five years.

回到供應鏈方面，我指出這是五年來最強勁的表現，因為如果回顧疫情，我們會發現，由於很多原因，我們在疫情結束後的頭幾年面臨著挑戰​​。整個產業都面臨這樣的挑戰。過去五年來，我們一直在有系統地、持續地挖掘這個問題。

And my point in tying a bow around the strength of the last five years, we don't need to talk about turnover anymore in supply chain. It's that consistent. It's at that lower level. We're back to historical turnover, we've not had any issues staffing in any of our operations for a long time now. And so you probably won't hear me say a lot more in the future about turnover. Because it's no longer an issue.

我的觀點是，回顧過去五年的實力，我們不再需要談論供應鏈的營業額。就是這麼一致。它處於較低的水平。我們的營業額已恢復到歷史水平，很長時間以來，我們在任何營運中都沒有遇到過人員配備問題。因此，以後你可能不會再聽到我談論太多有關營業額的事情了。因為這不再是一個問題。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. I wanted to follow up on the independent case growth. Can you just level set expectations for where you're running in April. So we in the low end as a 2% to 5% guide. And you expect acceleration as you move through the quarter, what's driving that assumption? Do you compare it ease?

非常感謝。我想跟進獨立案件的進展。您能否針對四月的跑步狀況設定一個預期目標？因此，我們的低端指導價為 2% 至 5%。您預計本季會出現加速，是什麼推動了這個假設？你覺得它容易嗎？

Do you expect to gain incrementally more market share as you move through the quarter? Any color on that would be helpful?

您是否預計本季的市佔率會逐漸增加？任何顏色都有幫助嗎？

Yeah, great question. Yes, we're at the lower end of that range now, but I expect us to move closer to the mid and perhaps the highest. And what gives me confidence in that. And that's why I made the point earlier that our net new account generation has been ramping up, and it was the strongest of the year in April.

是的，很好的問題。是的，我們現在處於該範圍的低端，但我預計我們會更接近中間甚至最高水平。是什麼讓我對此充滿信心呢？這就是為什麼我之前指出我們的淨新增帳戶數量一直在增加，並且四月份的新增帳戶數量是今年以來最強勁的。

And just as a reminder, our growth in independent restaurants is predicated on our ability to generate new customers. And it always has been and it always will be the lifeblood of our growth. And so I'm very encouraged by the momentum. It was hard with all the storms in January and February. -- places weren't open.

需要提醒的是，我們獨立餐廳的成長取決於我們吸引新客戶的能力。它一直是、也永遠是我們成長的命脈。因此我對這一勢頭感到非常鼓舞。一月和二月的暴風雨讓情況變得很艱難。 ——有些地方尚未開放。

It's hard to generate new business if they're not serving existing customers. but that started to ramp back up again in March and accelerated in April, and I expect good things in May and June as well. So we feel good about the underlying momentum and how we started the quarter versus Q1.

如果他們不服務現有客戶，就很難開展新業務。但 3 月這一數字又開始回升，4 月又加速成長，我預計 5 月和 6 月也會有好轉。因此，我們對潛在的發展勢頭以及本季度與第一季相比的開局感到滿意。

Great. And then if I could just ask about the competitive environment. Are you seeing any increase in the competition promotional intensity? And just historically, do you tend to see that fueled more by the smaller local competitors or the large national players? Thank you.

偉大的。然後可以問一下競爭環境嗎？您是否看到競爭促銷強度增加？從歷史上看，您是否傾向於認為這種增長更多是受到小型本地競爭對手還是大型全國性競爭對手的推動？謝謝。

Sure. I really am not seeing a significant change, and I'll predicate that with the foundation of what I always say in this question is it's a very competitive industry, with the fragmented nature that we have, it's roughly 35%, 38% of the share in the big three, it's still a highly fragmented industry. And so to your point, a lot of those smaller regional and even local competitors drive a lot of that competitive intensity. But what you've seen over the last decade in this industry is the big three have been and continue to take share and I expect that will continue. Certainly, we're going to do our part.

當然。我確實沒有看到顯著的變化，我預測，基於我在這個問題上一直說的基礎，這是一個競爭非常激烈的行業，由於我們的分散性，三大巨頭的份額大約為 35% 到 38%，這仍然是一個高度分散的行業。正如您所說，許多較小的區域性甚至本地性的競爭對手在很大程度上推動了競爭的激烈程度。但過去十年來，我們看到這個行業的三大巨頭一直佔據並將繼續佔據市場份額，我預計這種情況還會繼續下去。當然，我們會盡自己的一份心力。

Thank you very much.

非常感謝。

Thank you.

謝謝。

John Heinbockel, Guggenheim Securities.

古根漢證券公司的約翰‧海因博克爾 (John Heinbockel)。

Hey Dave, what are you seeing with lines per account and penetration generally, right? And I would assume drop size is still declining low single digit. Is that fair?

嘿，戴夫，你對每個帳戶的線路數和滲透率總體上有什麼看法，對嗎？我認為下降幅度仍將以個位數低點下降。這樣公平嗎？

No. I think our lifeblood is the new account generation there. our ability to generate new business and penetration. The foot traffic challenges has shown up in penetration, which means less cases per line. our lines per account are fairly stable.

不。我認為我們的生命線是那裡的新帳戶生成。我們創造新業務和滲透的能力。客流量的挑戰已經體現在滲透率上，這意味著每條線路的病例減少。我們每個帳戶的線路都相當穩定。

Our drop size is, obviously, in the first quarter were down just because the volume was down overall. But I really haven't seen any significant shift in how that's playing out. And we just got the black box data for April. It was still down, but it accelerated from March, it was down about 1.5%.

顯然，第一季我們的下降幅度是下降的，因為整體銷售下降了。但我確實沒有看到事情發生任何重大轉變。我們剛剛獲得了四月的黑盒子數據。雖然仍在下降，但從3月開始加速下降，下降了約1.5%。

I think we're kind of seeing that play out. But again, what I focus on, John, is our ability to generate new accounts. That's what's driving it. Obviously, the penetration now for 18 months has been a challenge with the foot traffic. It's getting better, but it's still negative.

我想我們已經看到這一幕了。但是，約翰，我再次強調，我關注的是我們創造新帳戶的能力。這就是推動它的原因。顯然，18 個月以來的滲透對於客流量來說一直是個挑戰。情況正在好轉，但仍然是負面的。

And I expect that will continue to be a challenge with us, hopefully, less of a challenge going forward as our team works hard to penetrate that existing customer base.

我預計這將繼續成為我們的挑戰，但隨著我們的團隊努力滲透現有客戶群，未來的挑戰有望逐漸減少。

And do you still think, right, the historical relationship, right, of sales force expansion sort of equating to right to case growth, right? So if you're going to grow mid-single digit, should you still -- and I know it's your 5% to 8% the long-term target, but when do we get to that -- back to that one-to-one relationship? And what's holding it back other than macro?

您是否仍認為，銷售團隊擴張與銷售案例成長之間存在著歷史關係，對嗎？因此，如果您要實現中等個位數的成長，您是否還應該——我知道您的長期目標是 5% 到 8%，但我們什麼時候才能實現這個目標——回到一對一的關係？除了宏觀之外，還有什麼阻礙它？

I think it really is macro, John. And just again, that 5% to 8% that we outlined last June, I've got a lot of confidence in a more normalized foot traffic environment, which is around 2% growth. We haven't seen that since I've been with the company here in 2.5 years, and it's been even more pressured in the last 15 or 18 months.

我認為這確實是宏觀的，約翰。再次強調，我們去年 6 月提出的 5% 到 8% 的成長目標，在更正常化的人流環境下，我非常有信心，成長率約為 2%。自從我加入公司 2.5 年以來，我們還沒有看到過這種情況，而且在過去 15 或 18 個月裡，公司面臨的壓力甚至更大。

So to answer your question, I think we need to get back to that more normalized state to get back into that range. if you just think about what we did organically there in the first quarter, foot traffic down 3%, we needed to be up 2%. We're well in the middle of that range in a more normalized environment. So we're executing well. we're taking what the macro throws at us.

因此，要回答你的問題，我認為我們需要回到更正常的狀態才能回到這個範圍。如果你只考慮我們在第一季的自然成長情況，客流量下降了 3%，而我們需要增加 2%。在更正常的環境中，我們正處於該範圍的中間。所以我們執行得很好。我們正在承受宏觀帶給我們的一切。

But importantly, we just delivered industry-leading organic EBITDA growth and EPS growth in the weakest macro we've had since I've been here. That's why we've got so much confidence in this team and our ability to execute going forward.

但重要的是，我們剛剛在自我上任以來最疲軟的宏觀經濟環境下實現了業界領先的有機 EBITDA 成長和 EPS 成長。這就是為什麼我們對這支球隊以及我們未來的執行能力如此有信心。

Thank you.

謝謝。

Mark Carden, UBS.

瑞銀的馬克卡登。

Hi, this is Matthew Rothway on for Mark Carden. I was hoping you could dig into the trends in chain and health care chains were quite a bit weaker compared to last year's growth. Health care appears to accelerate even further. How do you see those unfolding over the year? And then maybe any color as far as penetration or new accounts that you can share?

大家好，我是 Matthew Rothway，為 Mark Carden 播報。我希望您能夠深入了解連鎖店的趨勢，與去年的成長相比，醫療保健連鎖店的勢頭要弱得多。醫療保健似乎進一步加速發展。您如何看待這些事情在今年的進展？那麼，就滲透率或新帳戶而言，您是否可以分享任何顏色？

Good morning. This is Dirk. I'll take that. Just on the chain, so our decline, not all that different than the broader black box traffic for the first quarter. So you can just -- we saw the broader softness. I think in that case, our message is really no different.

早安.這是德克。我會接受的。僅從環比來看，我們的下降與第一季更廣泛的黑盒子流量並沒有什麼不同。所以你可以——我們看到了更廣泛的柔軟度。我認為在這種情況下，我們傳達的訊息其實沒有什麼不同。

It continues to be about optimizing chain business. That's not where you're going to hear us talking about the focus -- as Dave mentioned earlier, we continue to be focused on gaining share and driving growth from independent health care and hospitality, both from big pool, differentiated strategy shows up the most and they're also more profitable.

它繼續致力於優化連鎖業務。這不是你會聽到我們談論重點的地方——正如戴夫之前提到的，我們繼續專注於從獨立醫療保健和酒店業中獲得份額並推動增長，從大池子來看，差異化戰略最為突出，而且利潤也更高。

So that's going to be our continued focus. We are gaining share in all three of those, and we're very pleased with that. You highlighted health care. Health care, we're extremely pleased with. That continues just very strong growth.

所以這將是我們持續關注的重點。我們在這三個領域的份額都在增加，我們對此感到非常高興。您強調了醫療保健。我們對醫療保健感到非常滿意。這將繼續保持強勁增長。

And then on top of that, health care hospitality even accelerated again in the quarter.

除此之外，醫療保健酒店業在本季甚至再次加速發展。

But health care is we -- in addition to being the industry leader, we have a meaningful differentiation there from our service model to customers, to the technology we offer to make it easier for them to some of the third-party partnerships that we have. So our expectation is that health care continues to grow at a very healthy rate. And we are quite confident that we can continue to gain share in all three of those customer types.

但是，醫療保健是我們——除了作為行業領導者之外，我們在為客戶提供的服務模式、提供的技術方面也具有顯著的差異化，使他們能夠更輕鬆地與我們的一些第三方合作夥伴關係。因此，我們預期醫療保健將繼續以非常健康的速度成長。我們非常有信心能夠繼續在這三種客戶類型中獲得份額。

And then as my follow-up, curious about your sales force hiring plans for the year. I think you guys did 5% last year. Do you see doing a similar amount or more or less? Thanks.

然後作為我的後續問題，我很好奇您今年的銷售人員招募計畫。我認為你們去年的成長率為 5%。您認為這樣做的量是相似、更多還是更少？謝謝。

No, we do. Our long-term strategy, we had 6% two years ago, 5% last year. Our target is mid-single digits. I think that's the right number for our company. It fits well in terms of leveraging that growth momentum, being able to absorb those new sellers, teaching them our US Foods way to sell, teaching them our brands all that, that mid-single digit is the right number for us, and you'll see us deliver it again this year.

不，我們有。我們的長期策略是，兩年前是6%，去年是5%。我們的目標是中等個位數。我認為這對我們公司來說是正確的數字。它非常適合利用這種成長勢頭，能夠吸收那些新的賣家，教他們我們的美國食品銷售方式，教他們我們的品牌，所有這些，中等個位數對我們來說是正確的數字，你會看到我們今年再次實現這一目標。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

Thanks, good morning and congrats. Your gross profit per case momentum continues to be really impressive. So I just wanted to ask on the cost of goods vendor management initiative and the progress on these negotiations. And I guess, any thoughts on how tariffs might change things at all for better or worse? I would imagine suppliers still have the desire to drive growth and that's probably even more acute.

謝謝，早安，恭喜。您的每箱毛利成長勢頭持續令人印象深刻。所以我只是想詢問有關商品供應商管理計劃的成本以及這些談判的進展。我想問一下，您認為關稅會對現狀產生怎樣的影響，是變好還是變壞？我可以想像供應商仍然有推動成長的願望，而且這種願望可能更加強烈。

But maybe all the noise and uncertainty also slows down or complicates the process, if there's any color on how that's progressing?

但如果有任何跡象顯示這一進程如何發展，那麼所有的噪音和不確定性是否也會減慢或使這一進程複雜化？

Yeah. I think the first part of your comment there is probably what's going to carry the day -- to the extent there are growth challenges that ramp up given the tariff situation, they're even more willing to hitch their wagon to people who are delivering outsized growth, particularly in our industry. We have not seen any slowdown in those discussions, negotiations. We reiterated our confidence there this morning in that $260 million over the next three years. We're out of the gate strong this year.

是的。我認為您評論的第一部分可能是最重要的——在關稅情況下，隨著增長挑戰的加劇，他們更願意將自己的命運寄託在那些能夠帶來超額增長的人身上，尤其是在我們這個行業。我們沒有看到這些討論和談判有任何放緩。今天上午，我們重申了對未來三年內獲得 2.6 億美元資金的信心。今年我們表現強勁。

You've commented on the GP per case growth. It's been a consistent theme for us for a long time. Dave [Po] and our procurement team did a very nice job in making those discussions win-win with our suppliers, And we'll continue to drive that and I think benefit from the outcome.

您對每例 GP 的成長發表了評論。這一直是我們長期以來堅持的主題。Dave [Po] 和我們的採購團隊在與供應商進行雙贏的討論方面做得非常出色，我們將繼續推動這一點，我認為我們將從結果中受益。

Got it. And then following up on the OpEx per case increasing a little bit. I guess that's sort of the inefficiencies, the weather, all that happened in February. Maybe just some on your confidence of how that will revert back to the previous trend, more modest growth?

知道了。然後跟進每個案例的營運成本略有增加。我猜這是由於效率低下、天氣等二月發生的一切造成的。也許只是您對如何恢復到以前的趨勢、更溫和的成長有信心？

Yeah. I think you pointed to the challenge that all of us experienced in the first quarter. We lost 18 shipping days in 13 markets just due to shutdowns. You can't deliver if schools or close restaurants don't open, all that sort of stuff. You're round-tripping product.

是的。我認為您指出了我們所有人在第一季所面臨的挑戰。光是停工，我們在 13 個市場就損失了 18 天的運輸時間。如果學校或附近的餐廳不開門，你就無法送貨，諸如此類。您是往返產品。

You've got to increase spoilage when some of that happens, just drives a lot of inefficiencies in the supply chain. That was clearly not a normal environment.

當發生這種情況時，你必須增加損耗，這會導致供應鏈效率低。這顯然不是一個正常的環境。

But even having said that, look at the rate of GP per case growth versus the OpEx per case growth. it continues to fit into the range that we've told you we will deliver historically despite those macro challenges, and we're confident that will continue.

但即便如此，我們還是要看一下每例 GP 成長率與每例 OpEx 成長率。儘管面臨這些宏觀挑戰，它仍然符合我們曾經告訴過你們的我們將在歷史上實現的範圍，而且我們有信心這種情況將會持續下去。

Sure does. Thanks.

當然可以。謝謝。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Hi, Good morning, everyone. So I wanted to ask about -- you mentioned about how you have the ability to moderate CapEx in the event of like a downturn. I'm just curious about what you think about your current capacity and runway for growth of that capacity as well as how like you're investing in automation of some facilities and how that make your ability to reach your longer-term targets?

大家好，早安。所以我想問一下——您提到了在經濟低迷時期您如何有能力調節資本支出。我只是好奇您對當前產能和產能成長空間的看法，以及您對某些設施自動化的投資如何以及這如何使您能夠實現長期目標？

Yeah. So first of all, we're investing in advance in several expansions right now across the company. To your point, we are starting up a semi-automated facility here outside of Chicago and Aurora in a few months. So we're excited about that. We've learned a lot about the automation capability and the efficiencies that will provide to our operations.

是的。首先，我們目前正在對整個公司的幾項擴張計劃進行提前投資。正如您所說，幾個月後我們將在芝加哥和奧羅拉郊區啟動一個半自動化設施。所以我們對此感到很興奮。我們已經學到了很多有關自動化能力以及將為我們的營運帶來的效率的知識。

But just clearly, capacity is not -- we are not capacity constrained. We can support all the growth that our sales teams can deliver and we will continue to stay ahead of that well into the future.

但顯然，產能並沒有受到限制。我們可以支持我們的銷售團隊所能實現的所有成長，並且我們將在未來繼續保持領先地位。

Sorry. And then just on M&A, I mean, you said for CHEF'STORE, it's not the best environment to do a sale. What about from the other side, is there anything you can tell about current like acquisition environment?

對不起。然後就併購而言，我的意思是，您說對於 CHEF'STORE 來說，現在不是進行銷售的最佳環境。那麼從另一方面來說，您能談談目前的收購環境嗎？

Good morning. This is Dirk. So really, the environment hasn't changed. I'd say that the backdrop doesn't change a whole lot. Our ability to an engagement and continue to look for opportunities. Our team continues to work their pipeline and engagement with others out there. So really no change overall.

早安.這是德克。所以實際上，環境並沒有改變。我想說背景並沒有太大的變化。我們有能力參與並繼續尋找機會。我們的團隊將繼續與其他團隊合作並進行溝通。所以整體來說確實沒有改變。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Dave, I'm just curious on the recent trends you talked about improving consistently since February. I think most people thought February challenges were a combination of weather and the slow in macro the weather headwinds have subsided. But similarly, the macro is not getting better. I'm just wondering whether you're surprised at all to see the bounce back to within your new target range despite the macro, whether maybe there's any changes you can call out in terms of consumer or restaurant behavior.

偉大的。戴夫，我只是對你所說的自二月以來持續改善的近期趨勢感到好奇。我認為大多數人認為二月的挑戰是天氣和宏觀氣候逆風減緩的綜合作用。但同樣，宏觀經濟也並沒有好轉。我只是想知道，儘管宏觀因素存在，但看到經濟反彈至新的目標範圍內，您是否感到驚訝，您是否可以指出消費者或餐廳行為方面有什麼變化。

Obviously, you said the chains were a little bit slower. But again, considering the macro challenges, I am surprised to see such a consistent recovery going into the most recent couple of weeks. And then I had one follow-up.

顯然，您說鏈條有點慢。但再次考慮到宏觀挑戰，我很驚訝地看到最近幾週出現如此持續的復甦。然後我進行了一次後續行動。

Yeah, Jeff, I think the macro has been a challenge for a while. The foot traffic challenges over the past three, four quarters have been there. I think the severe weather overlay just drove it in the tank, for four or five weeks there in the middle of the second quarter -- or first quarter.

是的，傑夫，我認為宏觀一直是個挑戰。過去三、四個季度以來，客流量一直存在挑戰。我認為惡劣的天氣疊加導致其在第二季中期（或第一季）持續了四到五週的時間處於低迷狀態。

But importantly, I think people love to eat out, and I continue to say this, if you're going to pull back in a tough macro environment, you may not buy a new car, remodel your kitchen or go on a big vacation, but you're going to go enjoy a mill out with your family and friends once or twice a week. So I think that's inherent in what we've seen over a 50-year trend of food away from home growing faster than food from home.

但重要的是，我認為人們喜歡外出用餐，我繼續說，如果你要在艱難的宏觀環境中退縮，你可能不會買一輛新車，改造你的廚房或去一個大假期，但你會每週一兩次和你的家人和朋友一起出去享受。所以我認為這是我們所看到的 50 多年來外出就餐比在家就餐增長更快的趨勢所固有的。

So that's the underlying piece of what I'd point to that's driving it. And again, we just got the Black Box data. So we saw -- while still negative, we saw a rebound from the first quarter and even March in foot traffic in April. So I think that's behind part of it. And more importantly, though, our ability to continue to stay focused on generating new business and new accounts in our ramp-up that we've seen here over the past couple of months, And that is really what gives me the confidence in what we've talked about here for the increased strength in the second quarter.

這就是我要指出的推動這項進程的根本原因。再次強調，我們剛剛獲得了黑盒子數據。因此，我們看到——儘管仍然是負面數據，但我們看到 4 月份客流量較第一季甚至 3 月有所反彈。所以我認為這就是部分原因。但更重要的是，我們有能力繼續專注於在過去幾個月的成長過程中創造新業務和新帳戶，這確實讓我對我們在這裡談論的第二季度成長實力充滿信心。

Our focus internally just continues to be on what we can control the share gains. And you talked about it in independence. We also have the benefit of just the strong momentum in health care, hospitality on top of it. and you put those three together and just gives us a lot of confidence in, as Dave said, just achieving our outcome for the year and continuing to improve our results.

我們的內部重點仍然放在我們能夠控制的份額成長上。您在獨立時也談論過這個問題。除此之外，我們也受惠於醫療保健、旅館業的強勁發展動能。把這三者結合起來，就像戴夫所說的那樣，給了我們很大的信心，讓我們能夠實現今年的成果，並繼續改善我們的業績。

Got it. And my follow-up Derek, just on the top two cash flow priorities that you regularly highlight balancing between investing in the business first and then share repo. Just wondering, what are the greatest investments you see for '25. I just want to make sure you're not potentially short-changing those investments. I know you're obviously excited about the new $1 billion share repurchase authorization.

知道了。我的後續問題是，德里克，關於現金流的兩個最重要的優先事項，您經常強調在先投資企業和再投資股票回購之間取得平衡。只是想知道，您認為 25 年最棒的投資是什麼。我只是想確保你不會虧空這些投資。我知道您顯然對新的 10 億美元股票回購授權感到興奮。

Just wondering how you think about balancing those two in an environment like this? Thank you.

只是想知道您如何考慮在這樣的環境中平衡這兩者？謝謝。

Well, the lens we always apply is if we have the right return type of projects, we're going to invest in those for the business. And so you've seen us step up CapEx, in fact, the last few years in '25 is that you're going to step up from. So we're definitely not short-changing the business. We're continuing to invest in capacity for growth, Semi automation, as Dave just mentioned, fleet for growth, technology.

嗯，我們始終採用的觀點是，如果我們有正確的回報類型的項目，我們就會為業務投資這些項目。因此，您已經看到我們加大了資本支出，事實上，25 年的最後幾年，我們將增加資本支出。所以我們絕對不會虧待企業。正如戴夫剛才提到的，我們將繼續投資於成長能力、半自動化、成長車隊和技術。

So I'm highly confident that where we're investing in CapEx -- it is for the right things to grow the business. But because our business is generating such strong cash flow and growing, we are deploying that in a responsible way for accretive share repurchases. And that's really what I think is the thing we continue to highlight is not only do we have such strong organic EBITDA growth to the earnings power of the business, but on top of that, we're leveraging that to, I mean, 26% EPS growth compared to others. I mean that's quite strong. We're pleased with it.

因此，我非常有信心，我們在資本支出方面的投資是為了業務成長的正確方向。但由於我們的業務正在產生如此強勁的現金流並且不斷成長，我們正在以負責任的方式部署這些現金流，以進行增值股票回購。我認為我們真正要強調的是，我們不僅擁有如此強勁的有機 EBITDA 成長，從而提升了業務盈利能力，而且最重要的是，我們還利用了這一點，與其他公司相比，每股收益增長了 26%。我的意思是這非常強大。我們對此很滿意。

And as you heard us talk about our three-year outcome and algorithm, we believe that we can continue to grow and expect to continue to grow at a very healthy rate.

正如您聽到我們談論我們的三年成果和演算法一樣，我們相信我們可以繼續成長，並有望繼續以非常健康的速度成長。

So excited that we can invest in both and deploy such strong cash flow against both.

我們非常高興能夠對兩者進行投資，並為其部署如此強勁的現金流。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Yeah. Just a couple of questions on my end. With respect to independent restaurant formation, are you seeing any changes in that segment? Are you seeing more closures or restaurants reluctant to open given the tariff situation and the potential for a higher, I guess, construction costs going forward?

是的。我只想問幾個問題。關於獨立餐廳的組建，您是否看到該領域有任何變化？考慮到關稅情況以及未來建築成本可能上升的可能性，您是否會看到更多餐廳關門或不願開業？

That's an interesting one, Peter, because restaurant formations has been declining a bit actually for the last 15 or 18 months. But interestingly enough, independent restaurant closures have also declined. So it's an odd way to get to kind of a steady state, but I think that's about where it is, given it's close to a push in terms of formations versus closures. But we have seen a decline in formations over the last year or so.

彼得，這是一個有趣的問題，因為在過去的 15 到 18 個月裡，餐廳的數量實際上一直在下降。但有趣的是，獨立餐廳的關閉數量也有所下降。因此，這是一種達到穩定狀態的奇怪方法，但我認為這就是它的狀態，因為就形成與關閉而言，它接近於推動。但在過去一年左右的時間裡，我們看到編隊數量下降。

Thank you for that. And then just on the inflation outlook, it looks like it's a little bit more elevated than at least we had initially anticipated. I would have thought on a softer macro environment, you would have seen less inflation, but it seems like we're seeing the opposite. Any thoughts on what's driving that inflation modestly higher?

謝謝你。就通膨前景而言，它看起來至少比我們最初預期的要高一些。我原本以為在較溫和的宏觀環境下，通膨會降低，但看起來我們看到的卻恰恰相反。您認為是什麼原因導致通貨膨脹率小幅上升？

Sure. Good morning, Peter, it's Dirk. It is really coming from protein and eggs. Those are the 2 biggest pieces that drive it. Grocery and the rest continues to be very modestly inflationary. So there's really not a change in the trend.

當然。早安，彼得，我是德克。它確實來自蛋白質和雞蛋。這是推動其發展的兩大因素。食品雜貨和其他商品的通貨膨脹率仍然非常溫和。所以趨勢其實沒有改變。

I would say as we went through Q1, we saw a little higher inflation earlier in the quarter, a little lower inflation later in the quarter. but it's a very similar trend. And I think it's important that you look at just that core grocery category, et cetera, and that it's very stable.

我想說，當我們經歷第一季時，我們在本季初看到通貨膨脹率略高，在本季末看到通貨膨脹率略低。但這是一個非常相似的趨勢。我認為重要的是你只專注於核心雜貨類別等等，而且它非常穩定。

So I think in that -- we're still sort of at the higher end, but in that 2% to 3% range that we all talk about and therefore, a manageable range. Thank you very much.

所以我認為，我們仍然處於較高端，但在我們都談論的 2% 到 3% 的範圍內，因此是一個可控的範圍。非常感謝。

Rahul Kro, JP Morgan.

摩根大通的拉胡爾·克羅 (Rahul Kro)。

Hi, good morning. I want to pick up on the Gene tools you mentioned, Dave, that your sales force now has access to -- can you please elaborate on how critical this tool was in accelerating the generation of new businesses or accounts into April? And how this is improving the performance and productivity of your employees? And the follow-up is -- have you developed this one internally or work with third parties? And where are the next areas in the business that you can improve performance or execution with technology updates like this?

嗨，早安。戴夫，我想談談您提到的 Gene 工具，您的銷售人員現在可以使用這些工具了——您能否詳細說明一下這個工具對於加速 4 月份新業務或新帳戶的產生有多麼重要？這如何提高員工的績效和生產力？後續問題是－您是內部開發這個產品還是與第三方合作？那麼，透過這樣的技術更新，您可以在哪些業務領域提高績效或執行力呢？

Yeah, I'll start and then I'll turn it over to Dirk because that group reports through Dirk, and he's very close to the work. But I'm very excited about it. We've talked about how we've applied GenAI to support the business in terms of things like labor planning, things like how we're driving productivity for our sales force, How we're generating the menus.

是的，我先開始，然後我會把它交給德克，因為那個小組透過德克匯報，而且他非常了解這項工作。但我對此感到非常興奮。我們討論如何應用 GenAI 來支援業務，例如勞動力規劃、如何提高銷售人員的生產力、如何產生菜單。

Now we just launched this one late last year. So I wouldn't point to anything substantial yet in terms of what that's delivering, but we are starting to see that productivity of the sales force ramp up, as you would expect, but the whole goal of this is to increase the productivity of our sales force, helping to do what was historically manual work more automatically and giving them the right answer before they even get into the account and knock on the door. That's what gets me excited, and there's a bunch more that we can do in that area, and our sales team is excited about it.

我們去年年底剛推出了這個產品。因此，就其帶來的成果而言，我目前還不能指出任何實質性的東西，但正如您所期望的那樣，我們開始看到銷售人員的生產力在提高，但其整體目標是提高銷售人員的生產力，幫助更自動化地完成歷史上手動的工作，並在他們進入帳戶並敲門之前就給他們正確的答案。這讓我很興奮，我們在這個領域還可以做很多事情，我們的銷售團隊對此感到很興奮。

Yeah and really, I'll just add that this is a great example. We combined looking and using external AI capabilities where it exists in certain platforms and/or tools and then others are internally developed. As you pointed out, in this case, this was developed by our team is pushing ourselves and pushing hard, working extremely closely with our -- within the business and the operators -- so that whatever we're developing in this space is helping deliver value in the business as opposed to just a tool that exists out there.

是的，實際上，我只想補充一點，這是一個很好的例子。我們結合尋找和使用存在於某些平台和/或工具中的外部人工智慧功能，然後其他功能則在內部開發。正如您所指出的，在這種情況下，這是由我們的團隊開發的，我們正在努力推動自己，與我們的企業和運營商密切合作，以便我們在這個領域開發的任何東西都有助於在業務中實現價值，而不僅僅是現有的工具。

So as I think Dave said in his prepared comments, we're just getting started and excited about the work that's been done and quite proud of the work that the team is doing to really push us to the forefront here.

因此，我認為戴夫在他的準備好的評論中說過，我們才剛剛開始，對已經完成的工作感到興奮，並對團隊正在做的工作感到非常自豪，這些工作真正推動我們走到了前列。

Andrew Wolf, CL King.

安德魯沃爾夫、CL金。

Thank you. Good morning. With the announced acquisition of Jake finer Foods, I think acquisitions helped case growth by about 1% for the total and for the independents is that sort of the -- with what you've announced so far? Is that the right assumption to use for the year, about 1% from acquisition?

謝謝。早安.隨著宣布收購 Jake Finer Foods，我認為收購有助於整體成長約 1%，對於獨立公司而言，這是否與您迄今為止宣布的內容一致？對今年來說，大約 1% 來自收購，這是正確的假設嗎？

Good morning, Andy, this is Dirk. It's going to be much less than that going forward because the first quarter still had the lapping of IWC that we bought outside of Nashville plus Jakes. -- lapsed moved into organic after the first quarter. So the balance of the year from Jakes will be pretty negligible as you look at the ad from there.

早安，安迪，我是德克。未來的數字將會遠低於這個數字，因為第一季仍然有我們在納許維爾以外購買的 IWC 和 Jakes 的研磨。 ——第一季後失效並轉為有機成長。因此，從那裡看廣告可以看出，Jakes 全年的餘額將非常少。

Got you. The other question I have is on -- could you just remind us how much of the sales mix is health care and hospitality? And as -- I wanted to ask about the hospitality side. That's where I was kind of surprised to see the strength there given what's going on in the environment. Is there any special program going on?

明白了。我的另一個問題是——您能否提醒我們醫療保健和酒店業在銷售組合中所佔比例是多少？我想問一下有關接待方面的問題。考慮到當時的環境狀況，我對那裡的實力感到有些驚訝。有沒有什麼特別的項目正在進行？

I mean, are you -- obviously, health care, you have a lot of differentiation as well as scale, Could you sort of give us a little sense of -- I mean that was in a sense more surprising than the other part of it and health care doing so well.

我的意思是，您——顯然，醫療保健，您在規模和差異化方面都有很多，您能否給我們一點了解——我的意思是，從某種意義上說，這比其他部分更令人驚訝，醫療保健做得如此好。

Health care and hospitality. And are over 25% of the business at this point and continuing to grow. That's why we're excited about it. And actually, hospitality, we've been gaining share for the past several quarters, and it's been growing nicely. And as we've talked about previously, we were over-indexed to lodging and hospitality, and we've systemically and consciously tried to branch out.

醫療保健和酒店業。目前，我們的業務量已超過 25%，並且持續成長。這就是我們對此感到興奮的原因。實際上，就酒店業而言，我們在過去幾個季度的市場份額一直在增長，而且增長勢頭良好。正如我們之前所討論的，我們過度依賴住宿和酒店業，並且我們有系統地、有意識地嘗試拓展業務。

That's why you've heard me comment earlier about the recreation growth that we've had we've got some targeted segments in there that we haven't historically been strong on. And really, the team is focused on driving growth there and it's working out quite well. I would expect those share gains to continue into the future.

這就是為什麼您之前聽到我評論我們的娛樂業務成長，我們在其中找到了一些我們過去並不擅長的目標領域。事實上，該團隊專注於推動那裡的成長，而且效果很好。我預計未來股價將持續上漲。

Our team has really had some good success in also winning a number of new accounts, and that's -- just like it is for independence, it's a key contributor to growth in health care and hospitality. And team has done a very nice job there and a lot of work still to come and continuing to grow those.

我們的團隊確實取得了一些成功，贏得了一些新客戶，就像獨立一樣，這也是醫療保健和酒店業成長的關鍵因素。團隊在那裡做得非常出色，還有很多工作要做，並且繼續發展。

Okay, that's it for me. Thank you.

好的，對我來說就這樣了。謝謝。

Jake Bartlett, Truist Securities.

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

Great, thanks for taking the question. Mine was on your performance during the -- great recession. If you could just elaborate as to market share shifts at that time I imagine US Foods and some of the others -- other larger players would have gained share.

太好了，謝謝你回答這個問題。我關注的是你在經濟大衰退期間的表現。如果您可以詳細說明當時的市場份額變化，我想美國食品公司和其他一些較大的公司將會增加市場份額。

But I just wanted to maybe confirm the dynamics that happened then on market share, on gross profits per case and just some of the dynamics around maybe pricing and efficiencies that you got. Just a picture of what that looked like and maybe can you give us comfort about what it could look like ahead if there is a downturn.

但我只是想確認一下當時的市場份額、每箱毛利潤以及定價和效率方面的一些動態。這只是一張看起來像的圖片，也許您能讓我們安心一些，看看如果出現經濟衰退，未來會是什麼樣子。

Sure, good morning, Jake, this is Dirk. I would say -- so from a share perspective, none of us had that data back then. So thankfully, we have it available over the last four or five years but didn't back then. So I can't comment as much on that. I think what really the important part to take away from there is unlike a lot of industries, When we talk about a slot, we were talking about down mid-single digits.

當然，早上好，傑克，我是德克。我想說——從共享的角度來看，當時我們都沒有這些數據。值得慶幸的是，在過去的四、五年我們已經有了它，但當時卻沒有。所以我無法對此發表太多評論。我認為，真正需要從中學到的重要教訓是，與許多行業不同，當我們談論一個時段時，我們談論的是中等個位數。

It just really shows the resiliency of the business. and shows even as Dave talked about the last 3 or 4 decades, I mean, NPD, the work that they did that showed that people spend a pretty steady percentage of their income no matter the macro-economic cycles that we're through.

這確實顯示了業務的彈性。正如戴夫談到的過去三、四十年，我的意思是，NPD 所做的工作表明，無論我們經歷什麼樣的宏觀經濟週期，人們都會花費相當穩定比例的收入。

So those all contribute to it. So in those cases, you really -- that case is down mid-single digits. You see, in those cases, maybe a little more competitive, but based on very similar to what Dave said and we've talked about before, it's such a competitive industry to start with, you still see a pretty rational environment and competitive factors and even in that scenario.

所以這些都對此有所貢獻。因此，在這些情況下，你確實 - 這些案件的數量下降了中等個位數。你看，在那些情況下，競爭可能會更激烈一些，但基於與戴夫所說的以及我們之前討論過的非常相似的情況，這是一個競爭如此激烈的行業，你仍然會看到一個相當理性的環境和競爭因素，即使在那種情況下。

So I think that the thing that is different since then is even in specific in our case, the differentiation, differentiated go-to-market we have with customers that wasn't in place back then and also just our self-help portfolio and story that we have going on. Thos are things that no matter what the backdrop is we're going to continue to execute on, and that's why we have such high confidence in not only the earnings growth, but also the margin expansion piece that drives a lot of that.

所以我認為，從那時起，具體到我們的情況，就有所不同了，我們針對客戶採取了差異化、差異化的行銷策略，而這些在當時是不存在的，而且還有我們正在進行的自助產品組合和故事。無論背景如何，我們都會繼續執行這些目標，這就是為什麼我們不僅對獲利成長充滿信心，而且對推動獲利成長的利潤率擴張也充滿信心。

Great. I appreciate it. That's it.

偉大的。我很感激。就是這樣。

That will conclude our question-and-answer session. And I will now turn the call over to Dave Flitman, the CEO, for closing remarks.

我們的問答環節到此結束。現在我將把電話交給執行長 Dave Flitman 來做結束語。

You may go ahead, Dave.

你可以繼續了，戴夫。

Thanks, Lacy, and thanks, everyone, for joining us today. Our team is executing well. We're excited about our future and will deliver our outcomes in any macro. Have a great week.

謝謝 Lacy，也謝謝大家今天加入我們。我們的團隊表現良好。我們對我們的未來充滿期待，並將在任何宏觀層面上取得成果。祝您有個愉快的一周。

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。