US Foods Holding Corp (USFD) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the US Food Holding Corp.'s second quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫喬丹，今天我將擔任你們的會議主持人。現在，我歡迎大家參加美國食品控股公司 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Mike Neese, Senior Vice President of Investor Relations. You may begin.

現在我想將電話轉給投資者關係高級副總裁 Mike Neese。你可以開始了。

Thank you, Jordan. Good morning, everyone and welcome to the US Foods second-quarter fiscal 2025 earnings call. On today's call, we have Dave Flitman, our CEO; and Dirk Locascio, our CFO. (Event Instructions) 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.

謝謝你，喬丹。大家早安，歡迎參加美國食品 2025 財年第二季財報電話會議。參加今天電話會議的有我們的執行長 Dave Flitman 和我們的財務長 Dirk Locascio。（活動說明）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 second quarter fiscal year 2025 to 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 crores on 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 財年第二季與 2024 財年同期進行比較。除了歷史資訊外，今天電話會議中所做的某些陳述也被視為前瞻性陳述。請查看我們的 10-K 表格中的數千萬盧比，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。

With that, I'll turn the call over to Dave.

說完這些，我會把電話轉給戴夫。

Thanks, Mike. Good morning, everyone, and thank you for joining us. Let's turn to today's agenda. I'll start with our key results for the second quarter and first six months of the year, which are underpinned by significant achievements across our strategic pillars as our team continues to execute very well. I will then hand it over to Dirk to review our second quarter financial results and our updated 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。我首先要介紹我們今年第二季和上半年的主要業績，這些業績得益於我們各策略支柱所取得的重大成就，以及我們團隊持續出色的表現。然後，我將把它交給德克來審查我們的第二季財務業績和更新後的 2025 財年指引。

Turning to slide 3. We delivered strong second quarter and year-to-date financial results as we continue to demonstrate consistent progress against the long-range plan we presented at our Investor Day last year. Importantly, our year-to-date earnings and EPS are in line with our long-range plan algorithm.

翻到幻燈片 3。我們取得了強勁的第二季度和年初至今的財務業績，因為我們繼續展示我們在去年投資者日提出的長期計劃的持續進展。重要的是，我們今年迄今的收益和每股收益與我們的長期計劃演算法一致。

Year-to-date, we grew adjusted EBITDA 11%, expanded adjusted EBITDA margin by nearly 30 basis points and grew adjusted EPS 27%, which highlights our team's consistent execution and the strength of our differentiated business model. This momentum has fueled further market share gains with our independent restaurants, health care and hospitality customers.

年初至今，我們的調整後 EBITDA 成長了 11%，調整後 EBITDA 利潤率擴大了近 30 個基點，調整後 EPS 成長了 27%，這凸顯了我們團隊的一貫執行力和差異化商業模式的優勢。這一勢頭推動了我們在獨立餐廳、醫療保健和酒店客戶中的市場份額進一步增長。

I'm incredibly proud and appreciative of our talented team of 30,000 associates whose dedication and hard work are delivering our promise to help our customers make it. Moving to slide 4. We delivered record second quarter adjusted EBITDA of $548 million and a record adjusted EBITDA margin of 5.4%, a 40 basis point increase through a combination of top line growth, strong gross profit gains and disciplined cost management.

我對我們由 30,000 名員工組成的優秀團隊感到無比自豪和感激，他們的奉獻和辛勤工作兌現了我們幫助客戶實現的承諾。移至幻燈片 4。我們第二季的調整後 EBITDA 達到創紀錄的 5.48 億美元，調整後 EBITDA 利潤率達到創紀錄的 5.4%，透過營業收入成長、強勁的毛利成長和嚴格的成本管理，成長了 40 個基點。

Our record adjusted EBITDA margin is not a ceiling, and we have significant margin expansion opportunity for years to come. largely through continued improvement in the execution of our core business processes and benefits from improved customer mix.

我們創紀錄的調整後 EBITDA 利潤率並不是上限，未來幾年我們還有大幅的利潤率擴張機會。這主要透過持續改善我們的核心業務流程的執行以及從改善的客戶組合中獲益。

And again, this quarter, we gained market share with our target customer types of independent restaurants health care and hospitality. This is the 17th consecutive quarter of market share gains with independent restaurants and the 19th consecutive quarter of market share gains with health care.

本季度，我們在獨立餐廳、醫療保健和酒店等目標客戶類型的市場份額再次獲得成長。這是獨立餐廳市佔率連續第 17 季成長，也是醫療保健市場佔有率連續第 19 季成長。

In addition to our strong financial performance, we remain committed to delivering shareholder value through our capital return strategy. On our last earnings call, we stated we would accelerate share repurchases in the second quarter and balance of the year given our strong cash flow. We did just that and repurchased $250 million of shares in the second quarter. We will remain prudent as we allocate capital, first, by investing in the business to drive growth, and then balancing share repurchases with tuck-in M&A opportunities.

除了強勁的財務表現外，我們還致力於透過資本回報策略為股東創造價值。在我們上次的財報電話會議上，我們表示，鑑於我們強勁的現金流，我們將在第二季和今年餘下時間加快股票回購。我們確實這麼做了，並在第二季回購了價值 2.5 億美元的股票。我們將保持謹慎的資本配置，首先，透過投資業務來推動成長，然後平衡股票回購和補充併購機會。

Let's turn to our case growth and our perspective on the industry. We continue to outperform the market and take share as our independent volume growth was 2.7%, in line with our 2% to 5% guidance for the year. Our organic independent case growth accelerated 100 basis points from Q1 to Q2, and we gained share in every month of the second quarter. Total independent restaurant volumes per Circana increased from the first quarter to the second quarter similar to our improvement in case growth.

讓我們來談談我們的案例發展和我們對這個行業的看法。我們的獨立銷售成長了 2.7%，符合我們今年 2% 至 5% 的預期，因此我們繼續跑贏市場並佔據市場份額。我們的有機獨立個案成長率從第一季到第二季加速了 100 個基點，並且我們在第二季的每個月都獲得了份額。Circana 的獨立餐廳總量從第一季到第二季有所增加，與我們案例成長的改善類似。

Our organic independent case volume also accelerated throughout the second quarter with June growing at approximately 3% and July continued the approximately 3% growth rate. During the second quarter, we grew net accounts approximately 4% over the prior year, which was our strongest growth rate since the fourth quarter of 2023. As a result of continued acceleration in our net accounts, we expect to build further momentum in our independent growth rate through the back half of the year.

我們的有機獨立案件數量也在整個第二季度加速成長，其中 6 月成長約 3%，7 月持續維持約 3% 的成長率。第二季度，我們的淨帳戶比上年增長了約 4%，這是自 2023 年第四季以來的最強增長率。由於我們的淨帳戶持續加速成長，我們預計今年下半年我們的獨立成長率將進一步增強。

Additionally, Health care and hospitality continue to help drive our overall volume growth with approximately 5% and 2.4% case growth, respectively.

此外，醫療保健和酒店業繼續推動我們的整體銷售成長，分別成長約 5% 和 2.4%。

Turning to our chain business. Restaurant foot traffic as reported by Black Box, improved sequentially throughout the second quarter versus the first quarter, but remained down 1.1% from the prior year. We continue to be disciplined in optimizing our chain portfolio to improve profitability. In the second quarter, our chain restaurant volume declined 4% and primarily driven by a strategic exit, which negatively impacted our total chain volume growth by approximately 300 basis points. We've recently onboarded several new business wins and expect our chain volume performance will improve in the back half of the year.

談到我們的連鎖業務。Black Box 報告稱，第二季度餐廳客流量較第一季有所改善，但仍比上年下降 1.1%。我們將繼續嚴格優化我們的連鎖組合，以提高獲利能力。第二季度，我們的連鎖餐廳銷量下降了 4%，主要原因是策略退出，這對我們的連鎖餐廳總銷量成長產生了約 300 個基點的負面影響。我們最近獲得了幾項新的業務，預計今年下半年我們的連鎖銷售表現將會有所改善。

Additionally, in the first quarter, we divested Freshway, a small produce processing business that provided us with higher volume, but with lower margins. The divestiture resulted in nearly a 50 basis point impact to our total case growth in the second quarter.

此外，在第一季度，我們剝離了 Freshway，這是一家小型農產品加工企業，雖然其產量較高，但利潤率較低。此次剝離對我們第二季的總案例成長產生了近 50 個基點的影響。

Regardless of the operating environment, we remain guided by four strategic pillars and I will highlight key elements of our progress over the next several slides.

無論經營環境如何，我們始終遵循四大策略支柱，我將在接下來的幾張投影片中重點介紹我們取得進展的關鍵要素。

Moving to slide 5. Our first pillar is culture. We remain committed to our goal of zero injuries and accidents for our associates. In the second quarter, our injury and accident rates were 21% better than the prior year. And over the past two years, we've improved our safety performance by 35%.

移至投影片 5。我們的第一個支柱是文化。我們始終致力於實現員工零傷害和零事故的目標。第二季度，我們的受傷和事故率比去年同期降低了 21%。在過去兩年裡，我們的安全效能提高了 35%。

Our team has made great progress in creating a strong safety culture, but we have more work to do.

我們的團隊在創造強大的安全文化方面取得了巨大進展，但我們還有很多工作要做。

This past May, we published our 2024 sustainability report highlighting our progress in the three focus areas of products, people and planet. I am proud of the work we accomplished in 2024 to further align our approach to sustainability with our strategy and our operating model. We have reduced our Scope 1 and 2 greenhouse gas emissions by 16% since 2019 and are nearly halfway to our goal of reducing these emissions by 32.5% by 2032.

今年五月，我們發布了 2024 年永續發展報告，重點介紹了我們在產品、人類和地球三個重點領域的進展。我為我們在 2024 年完成的工作感到自豪，這將進一步使我們的永續發展方法與我們的策略和營運模式保持一致。自 2019 年以來，我們已將範圍 1 和範圍 2 的溫室氣體排放量減少了 16%，距離到 2032 年將這些排放量減少 32.5% 的目標已接近一半。

Turning to slide 6, Our second pillar, service. Our focus on service is one of the many reasons that our customers choose US Foods. Our ability to deliver service excellence is driven by our initiatives to improve reliability, enhance operational efficiency and provide a best-in-class customer experience through our MOXe digital platform. We improved routing productivity again this quarter as we continued the Descartes rollout across our distribution network.

翻到幻燈片 6，我們的第二支柱，服務。我們注重服務，這是我們客戶選擇 US Foods 的眾多原因之一。我們提供卓越服務的能力源自於我們透過 MOXe 數位平台提高可靠性、增強營運效率和提供一流客戶體驗的措施。本季度，我們繼續在分銷網路中推廣笛卡爾方案，再次提高了路由效率。

We are now live or in active deployment in 65 markets representing approximately 90% of routed miles and remain on track to be fully deployed by year-end. We delivered more than a 2% improvement in cases per mile over the prior year and nearly 6% over two years via our routing initiatives.

我們目前已在 65 個市場開展業務或積極部署，約佔路線里程的 90%，並預計在年底前全面部署。透過我們的路線規劃，我們使每英里的案件數量比上一年提高了 2% 以上，兩年內提高了近 6%。

And in the second quarter, we achieved our best cases per mile performance in our company's history. Our routing initiatives helped to drive greater delivery efficiency while enabling a better customer experience. As we discussed last quarter, An important element of our service is our operations quality Composite or Ops QC, which measures our ability to deliver products to our customers without errors. During the second quarter, we made steady progress on Ops QC and resulting in nearly 28% improvement from the prior year.

在第二季度，我們實現了公司歷史上最好的每英里業績。我們的路線規劃有助於提高交付效率，同時提供更好的客戶體驗。正如我們上個季度所討論的，我們服務的一個重要元素是我們的營運品質綜合或 Ops QC，它衡量我們向客戶無錯誤交付產品的能力。第二季度，我們在 Ops QC 方面取得了穩步進展，比前一年提高了近 28%。

Over the past few quarters, we have also implemented new inventory control processes, including scanning technology which reduces manual inputs and results in fewer errors. We continue to sequence new opportunities to improve our service and reduce costs for our customers.

在過去的幾個季度中，我們還實施了新的庫存控制流程，包括減少手動輸入並減少錯誤的掃描技術。我們將繼續尋找新的機會來改善我們的服務並降低客戶的成本。

We also recently completed an independent Net Promoter Score study where customers provided their feedback and views regarding digital technology leadership in our industry. The results show that US Foods MOXe platform has a distinct advantage over the competition.

我們最近也完成了一項獨立的淨推薦值研究，其中客戶就我們行業的數位技術領導力提供了反饋和看法。結果表明，US Foods MOXe平台在競爭中具有明顯的優勢。

We also have the highest customer digital adoption in the industry. Significantly, more US Foods customers use MOXe for all of their self-help needs, including purchasing, delivery tracking and bill payments, which is a testament to our online leadership versus our competition.

我們還擁有業界最高的客戶數位化採用率。值得注意的是，越來越多的美國食品客戶使用 MOXe 來滿足他們的所有自助需求，包括購買、送貨追蹤和帳單支付，這證明了我們相對於競爭對手的線上領導地位。

As we remain focused on enhancing our technology leadership, we drove record independent restaurant e-commerce penetration of 78% and total company of 89%. We are on track to hit our goal of 95% penetration by 2027.

由於我們始終專注於提升我們的技術領先地位，我們推動獨立餐廳電子商務滲透率達到創紀錄的 78%，整個公司的電子商務滲透率達到創紀錄的 89%。我們預計在 2027 年實現 95% 滲透率的目標。

Turning to our growth pillar on slide 7. We remain focused on accelerating profitable growth and gaining market share with our three target customer types. We have continued investing in our Pronto small truck delivery service and are now live in 44 markets with plans to add a few more this year. We are nearly complete in launching Pronto legacy across the company, but still have plenty of growth opportunity ahead by adding more trucks within our existing markets.

轉向幻燈片 7 上的成長支柱。我們將繼續專注於加速獲利成長並擴大三類目標客戶的市場佔有率。我們持續投資於我們的 Pronto 小型卡車送貨服務，目前已覆蓋 44 個市場，並計劃今年再增加幾個市場。我們幾乎已經完成了在全公司範圍內推出 Pronto 遺留系統的工作，但透過在現有市場中增加更多卡車，我們仍然擁有大量成長機會。

In addition to Pronto Legacy, we have expanded Pronto penetration to 15 markets to further grow our share of wallet with our existing customer base. We continue to see a double-digit percent uplift in overall case growth with customers in the program, and we will be in a total of 20 markets by the end of 2025.

除了 Pronto Legacy 之外，我們還將 Pronto 的滲透率擴展到 15 個市場，以進一步擴大我們在現有客戶群中的份額。我們繼續看到參與該計劃的客戶的整體案例增長率達到兩位數，到 2025 年底，我們的業務將覆蓋總共 20 個市場。

Given the success of both Pronto legacy and penetration, the overall program is on track to deliver over $900 million in sales this year and we now believe it will reach $1.5 billion in sales by 2027, up from the $1 billion that we've previously discussed.

鑑於 Pronto 的傳承和滲透方面的成功，整個計劃預計將在今年實現超過 9 億美元的銷售額，我們現在相信到 2027 年銷售額將達到 15 億美元，高於我們之前討論的 10 億美元。

Beyond Pronto, we remain committed to investing in the business to fuel growth and enhance operational efficiencies. I'm excited to announce that we began limited shipping from our first new semi-automated facility in Aurora, Illinois last month.

除了 Pronto 之外，我們仍致力於投資業務以推動成長並提高營運效率。我很高興地宣布，我們上個月開始從位於伊利諾伊州奧羅拉的第一個新的半自動化工廠進行有限的運輸。

This 310,000 square foot distribution center is a state-of-the-art facility that will enable us to be more efficient, accelerate productivity, improve our Ops QC metric and inventory accuracy and further reduce accidents and injuries.

這個佔地 310,000 平方英尺的配送中心是一座最先進的設施，它將使我們更有效率、加快生產力、改善我們的營運品質控制指標和庫存準確性，並進一步減少事故和傷害。

Finally, we broke ground on a semi-automated expansion in our distribution center in Austin, Texas, which will effectively expand our capacity in another high-growth market. Targeted investments in semi automation will support our growth initiatives and help us accelerate our supply chain excellence work while delivering strong capital returns for the business.

最後，我們在德州奧斯汀的配送中心破土動工，進行半自動化擴建，這將有效擴大我們在另一個高成長市場的產能。對半自動化的定向投資將支持我們的成長計劃，並幫助我們加速供應鏈卓越工作，同時為企業帶來強勁的資本回報。

Moving to slide 8, our profit pillar. Our consistently strong execution drove adjusted gross profit growth during the second quarter and the first six months of the year. Second quarter adjusted gross profit was $1.8 billion, up 5% from the prior year, driven by volume growth, improved cost of goods more disciplined inventory management and increased private label penetration.

轉到投影片 8，我們的利潤支柱。我們持續強勁的執行力推動了今年第二季和上半年調整後的毛利成長。第二季調整後的毛利為 18 億美元，比上年增長 5%，這得益於銷售成長、商品成本改善、更嚴格的庫存管理以及自有品牌滲透率提高。

Our strategic vendor management initiative has delivered more than $50 million in year-to-date cost of goods savings. And for the full year, we expect to drive more than $110 million. As we realize these benefits, we are reinvesting a portion of those savings to help accelerate growth. And we now have line of sight to exceed our 2027 long-range plan commitment of $260 million.

我們的策略供應商管理計畫已幫助我們節省了今年迄今超過 5,000 萬美元的商品成本。我們預計全年收入將超過 1.1 億美元。當我們意識到這些好處時，我們會將部分儲蓄重新投資以幫助加速成長。現在，我們預計將超越 2027 年 2.6 億美元的長期計畫承諾。

Private label penetration with our core independent restaurants grew by more than 80 basis points to over 53%. These margin driving high-quality innovative products enable us to deliver significant value as we help customers offset inflationary pressures with lower costs.

我們核心獨立餐廳的自有品牌滲透率成長了 80 多個基點，達到 53% 以上。這些利潤驅動的高品質創新產品使我們能夠提供巨大的價值，幫助客戶以較低的成本抵消通膨壓力。

Before passing it to Dirk, I'd like to highlight one of our distribution centers and associates. Last month, several US Foods military veteran associates from our Manassas, Virginia distribution center and I took part in a replaying ceremony at the Arlington National Cemetery tube of the unknown soldier to honor the sacrifices of our nation service members.

在將其傳遞給德克之前，我想重點介紹我們的一個配送中心和同事。上個月，我和來自維吉尼亞州馬納薩斯配送中心的幾位美國食品退伍軍人同事參加了在阿靈頓國家公墓舉行的無名戰士紀念碑重播儀式，以紀念我們國家服役人員的犧牲。

We are proud of our veteran workforce and remain committed to recognizing the leadership integrity and service that our military community brings to US Foods. And we are committed to increasing veteran new hires through our Mission 2030 recruitment initiative in which we intend to hire an additional 3,000 military veterans by 2030. I thank our Manassas team, our veteran associates across the company and all veterans for their service.

我們為我們的退伍軍人隊伍感到自豪，並將繼續致力於表彰我們的軍事社區為美國食品公司帶來的領導誠信和服務。我們致力於透過「2030 年使命」招募計畫增加退伍軍人新員工的數量，我們計劃在 2030 年後再僱用 3,000 名退伍軍人。我感謝我們的馬納薩斯團隊、公司各處的資深同事以及所有退伍軍人的服務。

Let me now turn the call over to Dirk to discuss our second quarter results and our updated 2025 guidance. Thank you,

現在，我將電話轉給德克，討論我們的第二季業績和更新後的 2025 年指引。謝謝你，

Thank you, Dave, and good morning, everyone. Our second quarter results demonstrate the consistent execution of our strategy and continued progress on our self-help initiatives. We delivered top line growth and margin expansion, combined with accretive share buybacks and which resulted in strong double-digit adjusted EBITDA and adjusted EPS growth.

謝謝你，戴夫，大家早安。我們第二季的業績證明了我們策略的持續執行和自助計劃的持續進展。我們實現了營業收入成長和利潤率擴大，加上增值股票回購，從而實現了強勁的兩位數調整後 EBITDA 和調整後 EPS 成長。

Starting on slide 10. Second quarter net sales increased 3.8% to $10.1 billion driven by case volume growth of 0.9% and food cost inflation and mix impact of 2.9%. We increased volumes with our target customer types of independent restaurants, health care and hospitality. Despite a dynamic macro, we grew independent restaurant organic volume, 2.3%. Health care continues to perform well and grew 4.9% and while hospitality grew 2.4%.

從投影片 10 開始。第二季淨銷售額成長 3.8%，達到 101 億美元，這得益於箱量成長 0.9% 以及食品成本通膨和混合影響成長 2.9%。我們增加了獨立餐廳、醫療保健和飯店等目標客戶的銷售量。儘管宏觀環境動態變化，我們獨立餐廳的有機銷售量仍成長了 2.3%。醫療保健產業持續表現良好，成長 4.9%，而旅館業則成長 2.4%。

Shifting to our financial performance. We delivered strong earnings growth and margin expansion. I'm pleased to report that adjusted EBITDA increased 12% from the prior year achieving a quarterly record of $548 million.

轉向我們的財務表現。我們實現了強勁的獲利成長和利潤率擴張。我很高興地報告，調整後的 EBITDA 較上年增長了 12%，達到了季度記錄的 5.48 億美元。

This growth was fueled by consistent progress of our initiatives aimed at driving profitable volume growth and sustainable gross profit gains coupled with disciplined operating expense management. As a result, adjusted EBITDA margin expanded by 40 basis points, achieving an all-time high of 5.4%.

這一增長得益於我們旨在推動盈利量增長和可持續毛利增長以及嚴格的運營費用管理的舉措的持續進展。因此，調整後的 EBITDA 利潤率擴大了 40 個基點，達到 5.4% 的歷史新高。

Finally, adjusted diluted EPS increased 28% to $1.19 per share. Our strong adjusted EPS growth is powered by our earnings growth, combined with accretive share repurchases and continues to significantly outpace adjusted EBITDA growth.

最後，調整後的稀釋每股盈餘成長 28% 至每股 1.19 美元。我們強勁的調整後每股盈餘成長得益於我們的獲利成長，加上增值股票回購，並持續大幅超過調整後的 EBITDA 成長。

We expect to maintain this trend as we deploy our robust and growing cash flow to invest in the business to drive profitable growth and execute additional buybacks.

我們預計將保持這一趨勢，因為我們將部署強勁且不斷增長的現金流來投資業務，以推動獲利成長並執行額外的回購。

Turning to slide 11. We again drove operating leverage gains through the execution of our initiatives, including strategic vendor management, private label penetration and a new initiative targeted to reduce inventory losses. Adjusted gross profit per case improved $0.32 or 4% compared to the prior year. A large part of the performance is driven by the success of our in-place strategic vendor management initiative to improve cost of goods sold.

翻到第 11 張投影片。我們再次透過實施措施來推動經營槓桿收益，包括策略性供應商管理、自有品牌滲透以及旨在減少庫存損失的新措施。與前一年相比，每箱調整後的毛利提高了 0.32 美元，即 4%。業績的大幅成長很大程度上得益於我們現有的策略供應商管理計畫的成功實施，該計畫旨在降低銷售成本。

As Dave highlighted earlier, we now have line of sight to exceed our 2027 long-range plan commitment of $260 million. We have made significant improvements in more effectively managing inventory on hand in recent years, while at the same time, improving customer service levels. To that end, we've made great strides on a new initiative to eliminate waste and reduce write-offs. The focus here is on reducing losses from products that can't be sold due to damage or spoilage for improvements in process and insights.

正如戴夫之前所強調的那樣，我們現在有望超越 2027 年 2.6 億美元的長期計劃承諾。近年來，我們在更有效地管理庫存方面取得了顯著進步，同時提高了客戶服務水準。為此，我們在消除浪費和減少註銷的新措施上取得了巨大進展。這裡的重點是減少因損壞或變質而無法出售的產品的損失，以改善流程和見解。

As a result of our actions, we expect to reduce inventory losses by over $30 million in 2025 and believe there is further savings opportunity in 2026.

透過採取這些措施，我們預計到 2025 年庫存損失將減少 3,000 多萬美元，並且相信 2026 年還有進一步節省的機會。

Adjusted operating expense per case increased $0.09 or 1.6%. We continue to offset a considerable portion of operating cost inflation by driving productivity improvement in both operations and administration through eliminating waste in our supply chain and instituting greater process discipline across the business.

調整後每案營運費用增加 0.09 美元，即 1.6%。我們透過消除供應鏈中的浪費並在整個企業範圍內建立更嚴格的流程紀律來提高營運和管理方面的生產力，從而繼續抵消相當一部分營運成本的膨脹。

As previously communicated, a key element of our expense management where we are driving results is our indirect spend management initiative. As a reminder, indirect spend is a $1 billion-plus bucket of addressable spend. We are on track to generate $45 million in total savings this year, which is about $15 million above last year.

如同先前所傳達的，我們費用管理中推動成果的關鍵要素是我們的間接支出管理計畫。提醒一下，間接支出是一筆超過 10 億美元的可尋址支出。我們今年預計將實現 4500 萬美元的總節省，比去年高出約 1500 萬美元。

As a result of the strong execution of our strategy, adjusted EBITDA per case increased $0.25 or 11% to a record high of $2.52.

由於我們策略的有力執行，每案調整後的 EBITDA 增加了 0.25 美元或 11%，達到創紀錄的 2.52 美元。

Moving to slide 12. US Foods continues to generate strong cash flow funding record capital investment to maintain our business, support growth and drive attractive returns while also delivering on our commitment to return capital to shareholders through share repurchases.

移至投影片 12。US Foods 繼續產生強勁的現金流，為創紀錄的資本投資提供資金，以維持我們的業務、支持成長並推動可觀的回報，同時履行我們透過股票回購向股東返還資本的承諾。

Year-to-date, our operating cash flow increased by $104 million to $725 million, driven by earnings growth.

年初至今，受獲利成長的推動，我們的營運現金流增加了 1.04 億美元，達到 7.25 億美元。

During the second quarter, we significantly accelerated the pace of share buybacks and as we repurchased $250 million of shares. Overall, we bought a total of 3.6 million shares for $273 million so far in 2025 and have $800 million remaining on our $1 billion program authorized in May of this year.

第二季度，我們大幅加快了股票回購的步伐，回購了價值 2.5 億美元的股票。總體而言，到 2025 年為止，我們總共以 2.73 億美元購買了 360 萬股股票，今年 5 月批准的 10 億美元計劃還剩餘 8 億美元。

Finally, we ended the quarter at 2.6 times net leverage, down from 2.8 times at the end of last year. and well within our stated 2 to 3 times target range. Our debt structure is strong, and we have no long-term debt maturities until 2028.

最後，本季末我們的淨槓桿率為 2.6 倍，低於去年年底的 2.8 倍，並且遠低於我們設定的 2 至 3 倍的目標範圍。我們的債務結構穩健，2028 年之前沒有長期債務到期。

Now turning to our guidance and modeling assumptions on slide 13. Given our year-to-date performance and outlook for the remainder of the year, we are updating our fiscal year 2025 guidance. We continue to expect net sales growth to be in the range of 4% to 6%.

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以及對今年剩餘時間的展望，我們正在更新 2025 財年的指引。我們繼續預期淨銷售額成長率將在 4% 至 6% 之間。

Due to our solid progress this year and our ability to deliver balanced profitable growth and enhanced margins, we are raising the low end of our guidance for adjusted EBITDA and adjusted diluted EPS. We now expect adjusted EBITDA growth of 9.5% to 12% and adjusted diluted EPS growth of 19.5% to 23%.

由於我們今年取得了穩步進展，並且能夠實現均衡的獲利成長和提高的利潤率，我們提高了調整後 EBITDA 和調整後稀釋每股盈餘的預期下限。我們現在預計調整後的 EBITDA 成長率為 9.5% 至 12%，調整後的稀釋每股盈餘成長率為 19.5% 至 23%。

We also now expect interest expense to come in slightly lower at $300 million to $315 million. I'm pleased with the progress we have made this year on execution within our business. As we navigate the dynamic macro, we continue to grow our top line, gain share expand our margins and deploy our strong cash flow toward our capital priorities, and we remain committed to achieving the financial targets in our long-range plan.

我們現在預計利息支出將略有下降，為3億至3.15億美元。我對我們今年在業務執行方面取得的進展感到滿意。在我們駕馭動態宏觀的過程中，我們繼續增加我們的收入，獲得份額，擴大我們的利潤率，並將我們強勁的現金流用於我們的資本優先事項，我們仍然致力於實現我們長期計劃中的財務目標。

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

現在，我將把發言權交給戴夫，請他作最後發言。

Thanks, Dirk. As we close this quarter, I am encouraged by the progress that we've made in driving strong profit growth, executing our self-help initiatives and the ongoing opportunity we have ahead to drive significant value for our stakeholders.

謝謝，德克。在本季結束之際，我們在推動強勁利潤成長、實施自助計劃以及為利害關係人創造重大價值方面所取得的進展令我感到鼓舞。

We operate in a large, fragmented, resilient and growing industry with our focus on independent restaurants, health care and hospitality, which are the fastest-growing and most profitable customer types. And food away from home continues to steadily increase a multi-decade trend that we believe will continue.

我們經營的行業規模龐大、分散且富有彈性，並且不斷增長，我們專注於獨立餐廳、醫療保健和酒店業，這些是增長最快、利潤最高的客戶類型。外出用餐的數量持續穩定成長，我們相信這種數十年的趨勢將會持續下去。

US Foods is a national leader with significant sustainable advantages and the only pure-play US focused broadline food service distributor with national scale. We will remain disciplined with our capital allocation strategy, which will enable us to be a consistent double-digit earnings compounder for many years to come.

US Foods 是一家具有顯著永續優勢的全國領導企業，也是唯一專注於美國市場的全國性綜合食品服務經銷商。我們將繼續嚴格執行資本配置策略，這將使我們在未來許多年內保持穩定的兩位數獲利複合成長。

Before we move to Q&A, I want to address the recent speculation about a potential transaction with Performance Food Group. Many of you know that as part of our commitment to generating long-term profitable growth and creating shareholder value, US Foods regularly considers accretive tuck-in M&A and evaluates potential strategic opportunities. We believe that a combination with PFG has the potential to create significant value for both companies and our collective stakeholders while enhancing competition in the foodservice industry.

在我們進入問答環節之前，我想先談談最近與 Performance Food Group 進行潛在交易的猜測。你們中的許多人都知道，作為我們致力於實現長期獲利成長和創造股東價值的一部分，美國食品公司定期考慮增值性併購並評估潛在的策略機會。我們相信，與 PFG 的合併有可能為兩家公司和我們的共同利益相關者創造巨大的價值，同時增強餐飲業的競爭。

We approached PFG to work with us to explore the merits and opportunities of a combination. To date, PFG has declined our invitation to do so.

我們與 PFG 接洽，共同探討合併的優點和機會。到目前為止，PFG 拒絕了我們的邀請。

Let me provide some thoughts about the strategic rationale of a potential transaction based on our knowledge of food service, both companies and where the industry is going. We believe a combination would bring together the best of both companies, resulting in meaningful economies of scale, expanded growth opportunities, complementary geographic reach, operational efficiencies and a differentiated go-to-market offering based on service excellence, industry-leading digital capabilities and a strong customer-centric sales force.

根據我們對食品服務、兩家公司以及產業發展方向的了解，我將對潛在交易的策略原則提出一些想法。我們相信，合併將匯集兩家公司的優勢，帶來有意義的規模經濟、擴大的成長機會、互補的地理覆蓋範圍、營運效率以及基於卓越服務、行業領先的數位能力和強大的以客戶為中心的銷售隊伍的差異化市場產品。

We believe customers would further benefit from the broader product offering, our strengthened ability to compete in the marketplace and increased efficiencies. We believe the combination will result in a thriving inspired culture supported by investment in the development of associates.

我們相信，更廣泛的產品供應、更強的市場競爭力和更高的效率將使客戶進一步受益。我們相信，透過對員工發展的投資，此次合併將形成一種蓬勃發展的鼓舞人心的文化。

Finally, we estimate a combination would generate meaningful multiyear synergies and significant opportunities for profitable growth and shareholder returns. Our ask of PFG is simply to work together to further understand the merits and opportunities of a potential combination.

最後，我們估計合併將產生有意義的多年協同效應以及實現獲利成長和股東回報的重大機會。我們對 PFG 的要求只是共同努力，進一步了解潛在組合的優點和機會。

At this time, we have no further information to disclose on this topic and will not be taking any questions regarding our outreach to PFG.

目前，我們沒有關於此主題的更多資訊可以披露，也不會回答有關我們與 PFG 聯繫的任何問題。

Regardless of the outcome, and I want to be crystal clear about this. I remain highly confident in US Foods future and our ability to deliver our long-range plan and financial algorithm. As a reminder, we expect to deliver a 5% sales CAGR, 10% adjusted EBITDA CAGR, at least 20 basis points of annual adjusted EBITDA margin expansion and a 20% adjusted EPS CAGR through 2027.

無論結果如何，我都想清楚地說明這一點。我對美國食品的未來以及我們實現長期計劃和財務演算法的能力仍然充滿信心。提醒一下，我們預計到 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 利潤率擴張至少 20 個基點，調整後 EPS 複合年增長率為 20%。

With that, Jordan, please open up the line for questions about our results.

喬丹，請打開熱線來回答有關我們結果的問題。

(Operator Instructions)

（操作員指示）

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thanks so much. I wanted to try to follow up a bit on your last comments, Dave. You talked about -- you've talked about a preference for more tuck-in acquisitions rather than anything transformative. Obviously, PFGC would be pretty transformative. But can you just talk about any changes to your philosophy on M&A given the openness to engage with performance?

非常感謝。戴夫，我想嘗試跟進你上次的評論。您談到了——您談到了更傾向於進行小型收購而不是任何變革。顯然，PFGC 將帶來巨大的改變。但是，考慮到對績效的開放態度，您能否談談您對併購的理念有何變化？

Yeah. Really, no change to our philosophy, and I would probably, Lauren, just leave it with my prepared remarks. And in that, I stated that the company, from time to time, explores strategic opportunities. to create value for all of our stakeholders. And I would just point you to that comment.

是的。確實，我們的理念沒有改變，勞倫，我可能只會發表我準備好的演講。我曾表示，公司會不時探索策略機遇，為所有利害關係人創造價值。我只是想讓你看看那則評論。

Okay. Fair. On the traffic -- chain restaurant traffic across the industry improved nearly 200 basis points quarter-over-quarter. What are you seeing from the independent side at an industry level? Did it accelerate at the same pace? Are you seeing it less than that? Any color in terms of the dynamics would be helpful.

好的。公平的。就客流量而言－整個產業的連鎖餐廳客流量比上一季提高了近 200 個基點。您從產業層面的獨立角度看到了什麼？它是否以相同的速度加速？您認為它比這更少嗎？就動態而言，任何顏色都會有幫助。

Yeah, I think let me start with the chain piece because you asked about that first, the 200 basis points improvement and that accelerated throughout the quarter versus Q1, but it was still down over 10 basis points in the quarter, but we're encouraged by that improving momentum.

是的，我想讓我從連鎖部分開始，因為您首先問到這一點，200 個基點的改善，並且與第一季度相比整個季度都在加速，但本季度仍然下降了 10 個基點以上，但我們對這種改善勢頭感到鼓舞。

Independents, according to Circana, accelerated, as I mentioned in my prepared remarks, about 100 basis points, slightly less than that. And so it's improving, but not to the extent we'd like to see it. But I'm hopeful that, that will continue to improve, and we've kind of seen the turn in the bottom here. For our results, we accelerated our case growth with independents throughout the second quarter. as I mentioned in my prepared remarks, ended up in June about three that carried over to July, and we're encouraged by what we see in the early days of August so far.

正如我在準備好的演講中提到的那樣，根據 Circana 的數據，獨立公司的成長速度約為 100 個基點，略低於這個數字。所以情況正在改善，但還沒有達到我們希望看到的程度。但我希望情況會繼續改善，我們已經看到了底部的轉變。就我們的結果而言，我們在整個第二季度加速了獨立案例的成長。正如我在準備好的發言中提到的那樣，6 月份的案例數量約為 3 起，一直延續到 7 月份，我們對 8 月初迄今為止看到的情況感到鼓舞。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

This is Hilary Lee on for Brian Harbor. I just want to talk about the sales guide and the sales dynamics for -- so you're tracking around 4% year-to-date at the low end of guidance. So what kind of gives you guys the confidence to maybe reach the midpoint or even higher for the rest of the year? .

我是 Brian Harbor 的 Hilary Lee。我只想談談銷售指南和銷售動態——因此，今年迄今為止，你們的銷售額處於指導值的低端，約為 4%。那麼，是什麼讓你們有信心在今年剩餘時間內達到中點甚至更高的目標呢？。

I'd point to two things. And as we commented, we did have a strategic exit in the chain business early in the second quarter. We have since are in the process of onboarding a few new concepts, and we're encouraged to and believe that, that will accelerate in the back half of the year.

我想指出兩件事。正如我們所評論的，我們確實在第二季度初戰略性地退出了連鎖業務。從那時起，我們就著手引入一些新概念，我們對此感到鼓舞，並且相信，這一進程將在今年下半年加速。

And in my comments just to the last question on the independent side, we've seen acceleration as we finished the second quarter, we're encouraged by what we see in July and August, and we would expect those volumes to accelerate in the back half of the year as well.

就獨立方面的最後一個問題而言，我們在第二季結束時看到了加速，我們對 7 月和 8 月看到的情況感到鼓舞，我們預計這些交易量也會在今年下半年加速。

Got it. And just to follow up. inflation seems pretty tempered this quarter compared to prior quarters and from what we've been compared to what we've been hearing across the restaurant industry. So could you talk about what you're seeing, particularly kind of interested in beefing as we've kind of seen the inflation in those categories go up the past couple of months?

知道了。進一步說，與前幾季相比，以及與我們在整個餐飲業聽到的情況相比，本季的通貨膨脹似乎相當緩和。那麼，您能否談談您所看到的情況，特別是對加強方面的興趣，因為我們看到過去幾個月這些類別的通貨膨脹率有所上升？

This is Dirk. You're right. It has tempered to the quarter was less than it was last quarter. You've seen several center-of-play categories to your point, either moderate or see some sequential deflation, both egg and beef squarely fit within there. I'd say we see, broadly speaking, grocery continues to see very modest inflation in center of the plate overall, as a basket is still seeing a little higher inflation.

這是德克。你說得對。本季的業績低於上一季。你已經看到了幾個中心類別，要么是適度通貨緊縮，要么是出現一些連續的通貨緊縮，雞蛋和牛肉都恰好屬於其中。我想說，從廣義上講，我們看到食品雜貨在整體上繼續經歷非常溫和的通膨，因為籃子中的商品仍然經歷著略高的通膨。

But as you pointed out, definitely seeing some moderation from where it had been. So well within the range of the 2% to 3% that we all talk about, that we like as an industry and we see through the first half of the year, we're basically right on between that mix with our 3% that's embedded in our modeling assumption.

但正如您所指出的，與之前相比，情況確實有所緩和。因此，我們完全處於我們所談論的 2% 到 3% 的範圍內，我們看好這個行業，我們看到今年上半年，我們基本上處於該組合與我們模型假設中嵌入的 3% 之間。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Dave, I wanted to start with your thoughts on expanding the sales force, right? I think you've always said, I guess, mid-single digit to thoughts on that today, sort of the quality of people you're onboarding. And then I know it's been a bit of a struggle, right, for all of you guys to improve wallet penetration. Is there something that can sort of jump start that going forward? Or that's just going to be a challenge for all of you.

戴夫，我想先了解你對擴大銷售團隊的想法，對嗎？我想您總是說，我想，今天對此的想法是中等個位數，有點像您所招募的人員的素質。然後我知道對你們所有人來說，提高錢包滲透率都是一個有點困難的事情。有什麼可以推動這項進程的嗎？或者這對你們所有人來說都只是一個挑戰。

Yeah, no, good morning,John. Appreciate the questions. Yes, we will stay in that mid-single digit. I think I've bracketed around the 4% to 6% sales force growth. And I've been trying to be clear about regardless of what's going on with the macro, we think that is the right number for us in order to be able to support the development and onboarding of those sales reps and feather them into our organization.

是的，不，早安，約翰。感謝您的提問。是的，我們將保持在中等個位數。我認為銷售團隊的成長幅度在 4% 到 6% 左右。我一直試圖明確，無論宏觀情況如何，我們都認為這對我們來說是正確的數字，以便能夠支持這些銷售代表的發展和入職，並將他們融入我們的組織。

So we don't anticipate anything changing that. Second question you had there was around the quality of the sellers. I continue to be very excited about the quality of the incoming hires that we've had. We've seen no change or degradation in that. We are able to attract high-quality sales talent into the organization.

所以我們預計不會有任何改變。您的第二個問題是關於賣家的品質。我對我們新聘用員工的素質感到非常興奮。我們沒有看到這方面有任何變化或惡化。我們能夠吸引高素質的銷售人才加入組織。

And I think to your point around penetration, the industry has been challenged for a couple of years. We're just coming off of 8 consecutive quarters of black box data being down quarter-over-quarter. And so penetration has been a challenge. Independents have not been immune to that. I will tell you that I was encouraged to see our penetration, albeit still pressured, improve from Q1 to Q2 slightly on the independent side.

我認為，正如您所說，該行業幾年來一直面臨挑戰。我們剛剛經歷了連續 8 個季度的黑箱數據環比下降。因此滲透一直是個挑戰。獨立人士也未能倖免。我會告訴你，我很高興看到我們的滲透率雖然仍然面臨壓力，但從獨立方面來看，從第一季到第二季略有提高。

So we think that is of product that our customers are going to get in the long term. So we're moving it all ahead.

因此我們認為這是我們客戶長期會得到的產品。因此，我們正在推動這一切。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Good morning. Thanks for taking our questions. Dave, the quarter and the year and the last few quarters continue to be strong on a bottom line perspective. I guess there's a little bit of investor questions just about the top line and the case growth.

早安.感謝您回答我們的問題。戴夫，從底線角度來看，本季、今年以及最近幾季的業績持續保持強勁。我想投資者可能會對營業收入和個案成長有一些疑問。

And if there is starting to get any risk of maybe cutting expenses too aggressively. Maybe can you just talk to that and why that's maybe not a concern or something that investors should worry about? And maybe just any sort of time line on when we should expect that case growth and EBITDA growth to get a little bit more in balance with your longer-term plan?

如果開始出現任何可能過於激進地削減開支的風險。也許您能談談這個問題，以及為什麼這不是投資人應該擔心的問題或事情？也許我們應該設定一個時間表，看看什麼時候案例成長和 EBITDA 成長會與您的長期計畫更加平衡？

Yeah, I'd point you to my earlier comments around the expectation that, that case growth would continue to accelerate in the back half of the year. We've got line of sight to that happening. I feel really good about it.

是的，我想指出我之前的評論，預計今年下半年病例成長將繼續加速。我們已經預見了這一情況的發生。我對此感覺非常好。

And I think, Kelly, for the past 18 months or so, given the industry pressure, our ability to drive the double-digit EBITDA growth and hit our algorithm in the new long-range plan should give investors confidence that as the volumes come back in the industry and we continue to accelerate our growth on the top line, it's really going to mean very, very good things across the P&L. I'm not concerned personally. Obviously, I'd like to see the top line be stronger. We're working on that aggressively, and I have an expectation that we will do just that.

凱利，我認為，在過去 18 個月左右的時間裡，考慮到行業壓力，我們推動兩位數 EBITDA 增長並在新的長期計劃中實現算法的能力應該會讓投資者有信心，隨著行業銷量的回升和我們繼續加速營收增長，這實際上將意味著整個損益表中都會出現非常非常好的情況。我個人並不擔心。顯然，我希望看到營收表現更加強勁。我們正在積極努力，我期望我們能夠做到這一點。

And Kelly, the other thing that I would add is if you look at what's driving a lot of our margin expansion, it really isn't just an OpEx reduction. It's -- we are seeing good productivity offsetting a portion of cost inflation. However, we've got a number of the initiatives across gross profits, whether it be the cost of goods, the customer mix, private label, the inventory management that we talked about, that are all contributing.

凱利，我想補充的另一件事是，如果你看看是什麼推動了我們的利潤率大幅擴張，你會發現這實際上不僅僅是營運支出的減少。我們看到良好的生產力抵消了部分成本通膨。然而，我們在毛利方面採取了許多舉措，無論是商品成本、客戶組合、自有品牌或我們談到的庫存管理，這些都做出了貢獻。

So there's not a single thing. And I think it really demonstrates that portfolio of initiatives that we have faced throughout our long-range plan, and that's why we have such confidence in our ability to continue to deliver on this outcome.

所以什麼事也沒有。我認為這確實證明了我們在整個長期計劃中面臨的一系列舉措，這就是為什麼我們對自己繼續實現這一成果的能力如此有信心。

And the last thing I would say there is I came in day 1, 2.5 years ago talking about the importance of 3% to 5% productivity. You see us delivering that. And as Dirk says all the time, we are doing this in a very healthy and sustainable way for the business.

最後我想說的是，兩年半前我剛上任第一天就談到了 3% 到 5% 生產力的重要性。您會看到我們實現了這一點。正如德克一直說的那樣，我們正在以一種非常健康和可持續的方式開展業務。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯·斯拉格爾。

Congrats on the momentum here. I wanted to ask on the net new independent account growth, how that's been accelerating. I know that's a key driver and sorts of visibility and confidence for you just hitting the independent case growth targets. And you had talked about the new Gen AI automatic order guide, and I know that was rolled out a couple of quarters ago and was driving some of the acceleration in the March and April, and I imagine that's continued.

祝賀這裡的發展勢頭。我想問一下，網路上新獨立帳戶的成長速度是如何加快的。我知道，這對於您實現獨立案例成長目標來說是一個關鍵的驅動力、可見性和信心。您曾談到新的 Gen AI 自動訂單指南，我知道它是在幾個季度前推出的，並在 3 月和 4 月推動了一些加速，我想這種情況還會持續下去。

But I wanted to get a sense for just how fully your sales team is already learning how to fully harness some of this and the learning curve there, it sometimes takes a little bit, but -- just wanted to kind of understand what that learning curve looks like and the potential benefits ahead as they start to figure that out and get the muscle memory and use these tools better and really set in. Maybe just a little bit more color there, what gives you confidence?

但我想了解您的銷售團隊已經學會瞭如何充分利用其中的一些內容和學習曲線，有時需要一點時間，但是 - 只是想了解學習曲線是什麼樣的，以及當他們開始弄清楚並獲得肌肉記憶並更好地使用這些工具並真正適應時未來的潛在好處。也許只是顏色多一點，是什麼給了你信心？

Yes, Sure. Alex, and thanks for the questions. On the net new generation, we're excited that we had the highest level since the fourth quarter of 2023 and as you hear us say all the time, the lifeblood of our growth is that net new account generation. So it's clear our teams are very focused on that.

是的，當然。亞歷克斯，謝謝你的提問。在淨新生代方面，我們很高興達到了自 2023 年第四季度以來的最高水平，正如您經常聽到我們說的那樣，我們增長的命脈就是淨新生帳戶的產生。很明顯我們的團隊非常關注這一點。

And as we continue to take market share and onboard new -- net new customers that also informs my confidence in the future of us continuing to ramp up that growth. So I feel very, very good about that. Our sales team is intensely focused on that, and we'll remain focused on that well into the future.

隨著我們繼續佔領市場份額並吸引新客戶，這也讓我對我們未來繼續加速成長充滿信心。所以我對此感覺非常非常好。我們的銷售團隊非常關注這一點，我們在未來仍將繼續關注這一點。

And to your point on the generative AI stuff, we continue to deploy that across the company. The automated order guide we spoke about continues to get very good traction, and we're making that very easy for our sellers to adopt and just help make it easier to create the right recipes for our customers to drive that growth around their proposals, and it's being well adopted and well accepted by our sales force. So we continue to expect good things there.

關於您提到的生成式人工智慧，我們將繼續在整個公司範圍內部署該技術。我們談到的自動訂單指南繼續獲得很好的關注，我們正在使賣家能夠輕鬆採用它，並幫助我們更輕鬆地為客戶創建正確的配方，以推動圍繞他們的提案的增長，並且它已被我們的銷售人員很好地採用和接受。因此我們繼續期待那裡有好事發生。

We continue to deploy AI across not only the sales part of the business but also internally around our replenishment organization, the way we do labor planning, AI is here to stay, and we are embracing it fully to drive profitability, growth, productivity and efficiency for our teams.

我們將繼續部署人工智慧，不僅在業務的銷售部分，而且在我們的補貨組織內部，在我們進行勞動力規劃的方式中，人工智慧將繼續存在，我們正在全面擁抱它，以推動我們團隊的盈利能力、成長、生產力和效率。

Got it. And I had a follow-up on the cost of goods vendor management initiative. And you talked about reinvesting a portion of the savings this year to further accelerate the growth. Is there an example of what that means and how we should think about that?

知道了。我跟進了商品供應商管理計劃的成本。您談到今年將把部分儲蓄再投資以進一步加速成長。有沒有一個例子可以說明這是什麼意思以及我們應該如何思考這個問題？

Overall, Alex, that would be -- and this is not new. We do this regularly. I'm going to start driving these savings, the portion of giving a portion of a back typically it comes in the form of whether it's customer promotions, customer incentives in order to, again, pass some of that savings back on to customers. That's the primary way you see it show up. But again, it's not new.

總的來說，亞歷克斯，那將是——這並不是什麼新鮮事。我們經常這樣做。我將開始推動這些節省，將一部分回饋給客戶，通常是以客戶促銷、客戶激勵的形式，以便將部分節省再次回饋給客戶。這是您看到它出現的主要方式。但這並不是什麼新鮮事。

It's -- as we drive these savings and have driven them, that's what we do.

這就是——當我們推動這些節約並已經推動這些節約時，這就是我們所做的。

Ed Kelly, Wells Fargo.

富國銀行的艾德凱利。

Hi, good morning, everyone. Dave, I wanted to ask you just maybe stepping back for a moment, given we've learned a lot on this call. If you could just maybe assess the industry for us at the moment. You think about -- you're driving a lot of self-help.

大家好，早安。戴夫，我想請你稍微退一步問一下，因為我們在這通電話中了解到了很多資訊。您能否為我們評估一下目前的產業狀況？你想想——你正在推動很多自助活動。

So it's not surprising to me that you're very confident in your three-year outlook, but the industry has been softer. And I'm curious, like taking a step back, has your view on the industry started to change at all related to that?

因此，你對未來三年的前景非常有信心，但業界卻一直比較疲軟，這對我來說並不奇怪。我很好奇，退一步來說，您對這個行業的看法是否開始發生與此相關的變化？

Or do you just simply attribute it to the macro? . Is that a catalyst at all for thinking about things like whether it's more transformational M&A or maybe even like leaning in on tuck-ins. I'm just kind of curious because ultimately, I think what we're all sort of wondering is like the case volume targets that you laid out over the 3 years, whether you can get back to those numbers?

或者您只是簡單地將其歸因於巨集？。這是否會成為思考諸如是否進行更具變革性的併購，或者甚至傾向於收購之類的事情的催化劑？我只是有點好奇，因為最終，我認為我們都想知道的是，就像您在三年內制定的案件數量目標一樣，您是否可以回到那些數字？

Yeah, I believe we can with 1 caveat Ed and we were clear at Investor Day, that 5% to 8% independent case growth, if that's what you're referencing, was predicated on 2%. And traffic growth, which was historical in the industry.

是的，我相信我們可以，但有一個警告，埃德，我們在投資者日明確表示，5% 到 8% 的獨立案例增長（如果這是您所指的）是基於 2% 的。流量成長是業界歷史性的。

And as excited as we are about what seems to be a stabilization in the industry and Black Box improving and all that. The industry was still challenged and pressured and I feel that it's -- I would describe it as soft but stable at this point, softer than we'd like to see, but stable. It's certainly not getting worse.

我們對產業趨於穩定、Black Box 不斷改進等情況感到非常興奮。這個行業仍然面臨挑戰和壓力，我感覺——我會將其描述為目前疲軟但穩定，比我們希望看到的要疲軟，但穩定。情況肯定不會變得更糟。

And look, I do attribute it to the macro, as we've been talking about for a long time, which has seen a lot of pressure. More recently, you've got tariff impacts. And while that is a very minor impact to our company and to our customers, it's a big impact to the consumer, right? And I think that uncertainty has kind of kept a little bit of the pressure in the lid on the industry for a while.

而且，我確實將其歸因於宏觀因素，正如我們長期以來所討論的那樣，宏觀因素承受著很大的壓力。最近，關稅的影響已經顯現。雖然這對我們公司和客戶的影響很小，但對消費者的影響卻很大，對嗎？我認為這種不確定性在一段時間內給這個行業帶來了一些壓力。

Now I fully expect this industry is extremely resilient, as I said in my prepared remarks and continue to say I believe there's a day coming hopefully sooner than later, when we get back to that standard growth piece of it. But in the meantime, we continue to take market share, support our customers drive cost and productivity and make sure we're delivering as efficiently and cost effectively as we can for our customers and importantly, position ourselves with our share gains to drive that top line growth into the future

現在我完全相信這個行業具有極強的彈性，正如我在準備好的發言中所說的那樣，並且繼續說，我相信有一天我們能盡快回到標準的成長階段。但同時，我們將繼續擴大市場份額，支持客戶降低成本和提高生產力，確保我們盡可能高效、經濟地為客戶提供服務，更重要的是，透過提高市場份額來推動未來的營收成長。

All right. And then just one quick follow-up. Healthcare hospitality. Sequentially, a touch slower, not a big deal. But just kind of curious as to what the underlying momentum of demand looks like there, what the pipeline looks like on the new business side and how you're thinking about the back half?

好的。然後只需快速跟進一下。醫療保健接待。順序上，速度稍微慢一點，沒什麼大不了的。但我只是有點好奇那裡的需求潛在勢頭是什麼樣的，新業務方面的管道是什麼樣的，以及您對後半部分有何看法？

Yeah, pipeline remains strong in both of those. Health care, we continue to take share, very solid numbers. Hospitality has followed a little bit more like the local customer piece of it. And recall that historically, we've been over-indexed a bit to lodging.

是的，這兩個方面的管道仍然很強勁。醫療保健，我們繼續佔據份額，數字非常穩定。酒店業已經越來越像本地顧客了。回想一下，從歷史上看，我們對住宿的重視程度有點過高。

And so as you see some of those consumer pressures less travel, those sorts of things. We've had a little bit of impact there. But the pipeline remains strong, and we've shifted our focus, as we've talked about before, a bit away from lodging to drive growth in other segments that are growing inside of hospitality. So we've got a solid pipeline, and we expect growth and share gains to continue in both of those.

所以正如你所看到的，消費者面臨出行壓力，諸如此類的事情。我們在那裡產生了一些影響。但通路仍然強勁，而且正如我們之前談到的，我們已經將重點從住宿轉移到推動酒店業內部其他領域的成長。因此，我們擁有堅實的管道，我們預計這兩個管道都將繼續成長並佔據份額。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. My first question is just on the independent case growth. I think you mentioned you're up now 3% or so in June and July. And I think you mentioned even early thought on August. Just wondering whether you're seeing -- I think you just said stable, would seem like it's been somewhat volatile.

偉大的。我的第一個問題是關於獨立案例的成長。我想您提到過，6 月和 7 月的漲幅約為 3%。我認為您甚至提到了 8 月初的想法。只是想知道您是否看到——我認為您剛才說穩定，但似乎有些不穩定。

I'm just wondering your level of confidence in that further acceleration in the second half. Unlike chain onboarding, it would seem harder to have independent visibility as they're all such small players. So just your level of confidence that you can get that independent to accelerate further from here? And then I had one follow-up.

我只是想知道您對下半年進一步加速的信心程度。與連鎖店入職不同，由於它們都是小公司，因此似乎更難擁有獨立的可見性。那麼，您對於自己能否從現在起獲得獨立並進一步加速發展有信心嗎？然後我進行了一次後續行動。

Yeah, we do have confidence, Jeff, and believe line of sight to new customer onboardings and all that. While they're not as large in any one area as a potential chain onboarding by region and by market, we do understand what our pipeline looks like. That's informing the confidence as well as what I previously mentioned around our share gains and our continued focus on net account generation. So feeling good about my commentary there.

是的，傑夫，我們確實有信心，並且相信新客戶入職和所有這些。雖然按地區和市場劃分，它們在任何一個領域的規模都不如潛在的連鎖店那麼大，但我們確實了解我們的通路是什麼樣的。這增強了信心，也證明了我之前提到的我們的份額成長和我們對淨帳戶產生的持續關注。我對我在那裡的評論感覺很好。

Got it. And the follow-up is just on the chain business. I think you said down 4% for the past quarter, but you have some unique drivers there. I'm just wondering, with the new accounts you're adding, like how do you think about the right balance of chain versus kind of total restaurants and how you think about the margin of those chains? Because it does seem like from an independent side, you're hiring at a mid-single-digit clip, but maybe growing a little bit below that.

知道了。而後續的行動只是在連鎖業務上。我認為您說過上個季度下降了 4%，但其中有一些獨特的驅動因素。我只是想知道，對於您添加的新帳戶，您如何看待連鎖店與餐廳總數之間的正確平衡，以及您如何看待這些連鎖店的利潤？因為從獨立的角度來看，你的招募速度似乎處於中等個位數，但成長率可能略低於這個數字。

So just trying to figure out how you think holistically about balancing kind of more of the uncertainty around a dependence versus perhaps the consistency of chains, but yet the different profitability profile of the 2? Any thoughts would be great.

所以只是想弄清楚你如何從整體上考慮平衡依賴性的不確定性與鏈的一致性，但兩者的盈利狀況卻不同？任何想法都很好。

Yeah, we've got a good question. We've got a large portfolio of chain business, we will always have a large portfolio chain business. I don't think the recent pressures on the industry or anything has shifted our strategy at all. which we've always said is an optimization play with the chain portfolio.

是的，我們有一個好問題。我們擁有大量的連鎖業務，我們將永遠擁有大量的連鎖業務。我認為最近行業面臨的壓力或其他任何事情都沒有改變我們的策略。我們一直說，這是一種對連鎖投資組合的最佳化。

It's not an area you will see us invest capital in to drive growth to support, but it's very, very important baseload for our operations. . And when I say optimize, it's exactly what you see playing out in the second quarter. We'll continue to look to optimize the margin profile and find the right change that support where we have capacity across our network to baseload those operations and drive a consistent volume approach to that. So nothing's really changed in our strategy, and I don't expect it to.

我們不會在這個領域投入資金來推動成長，但它對我們的營運來說是非常非常重要的基礎負荷。。當我說優化時，它正是您在第二季度看到的情況。我們將繼續尋求優化利潤率狀況，並找到正確的變化，以支援我們在整個網路中擁有的容量來為這些操作提供基礎負載，並推動一致的數量方法。所以我們的策略其實沒有任何改變，我也不指望它會改變。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Hi, good morning. So first, I wanted to ask if you could give a bit more color on Pronto raising the target seems good. But I know initially, there was some concern about I guess, I don't want to call it cannibalization, but you had to like make it clear that the premium service. So any update on that? And then any update on like frequency of use and how it affects like on our customer level?

嗨，早安。所以首先，我想問您是否可以更詳細地介紹一下 Pronto 提高目標似乎不錯。但我知道最初有人擔心，我不想稱之為蠶食，但你必須明確表示這是一項優質服務。有最新消息嗎？那麼，關於使用頻率有什麼更新嗎？以及它對我們的客戶層面有何影響？

Say the last part of your question again, Jacob, how it affects what?

雅各布，再說一次你問題的最後一部分，它如何影響什麼？

Like from a customer perspective, is it incremental? Or are they replacing some of their current jobs with Pronto?

從客戶的角度來看，它是漸進式的嗎？或者他們正在用 Pronto 取代一些現有的工作？

Yeah, so just high level, again, we started Pronto several years ago. What we call Pronto legacy was aimed at new customers, bringing those on board and it was just a little over a year ago where we started to drive what we call Pronto penetration. And to your point, our cautious approach to that out of the gate was aimed at two things. and you said them both.

是的，所以只是高層次，我們幾年前就開始了 Pronto。我們所謂的 Pronto 遺產是針對新客戶的，吸引他們加入，就在一年多前，我們開始推動所謂的 Pronto 滲透。正如您所說，我們一開始就採取謹慎態度是為了兩件事，而您也提到了這兩件事。

One is making sure that we had the right margin profile because as I said, we're competing largely against specialty suppliers, which command a premium for the service and secondly, making sure we weren't cannibalizing our broadline business and we've convinced ourselves of both. That's why we've had a thoughtful ramp-up in Pronto penetration.

一是確保我們擁有正確的利潤率，因為正如我所說，我們主要與專業供應商競爭，他們對服務收取溢價；其次，確保我們不會蠶食我們的綜合業務，我們已經確信這兩點。這就是我們深思熟慮地提高 Pronto 滲透率的原因。

We're in 15 markets now. I said earlier, we'll be in a few more the time goes on, Encouraged, very encouraged by the uplift we've seen in case growth there. And importantly, again, that's opening up a part of the market that we didn't have a service offering for previously with Pronto penetration.

我們目前已進入 15 個市場。我之前說過，隨著時間的推移，我們還會繼續努力，看到那裡的案例成長，我們感到非常鼓舞。更重要的是，這將打開我們之前透過 Pronto 滲透而沒有提供服務的部分市場。

So I talk about Pronto all the time. I'd love to talk about it as long as you want to get. I couldn't be more excited about the Pronto platform that the team has built here and what it means for the future. And all that informed our confidence to take our target up from $1 billion to $1.5 billion by 2027. Good things happening in Pronto and more to come.

所以我一直在談論 Pronto。只要你願意，我很樂意談論它。我對團隊在這裡建立的 Pronto 平台以及它對未來的意義感到無比興奮。所有這些都讓我們有信心在 2027 年將目標從 10 億美元提高到 15 億美元。Pronto 正在發生好事，未來還會有更多好事發生。

Jacob, when we talk about the double-digit increase in those customers are in the program, that's on a net basis. So we still do watch for cannibalization across -- in penetration for those customers using both.

雅各布，當我們談到參與該計劃的客戶數量實現兩位數增長時，這是淨增長。因此，我們仍然會關注那些同時使用這兩種產品的客戶的滲透情況。

Great. And then so a lot of focus is on total case growth, but you've done very well on gaining market share even in a down environment. And when that flips is up for debate. But can you just update us on my progress towards your market share goals and where you think goes to go maybe by customer type and geography potentially?

偉大的。因此，許多焦點都集中在整體案例成長上，但即使在低迷的環境下，你們在獲得市場份額方面也做得很好。而何時發生轉變還有待商榷。但是，您能否向我們介紹一下您在實現市場份額目標方面取得的進展，以及您認為可能按客戶類型和地理位置實現的目標？

In terms of market share targets, we want to gain as much market share with our 3 targeted customer types as what we possibly can. I'm encouraged by our consistency in our market share gains, particularly with independents and health care.

就市場佔有率目標而言，我們希望盡可能從 3 種目標客戶類型中獲得盡可能多的市場份額。我們的市佔率持續成長，尤其是在獨立公司和醫療保健領域，這讓我感到鼓舞。

I expect that will continue for a long time to come. And then as I said earlier, as that macro drop back backdrop strengthens through the course of time, given the market share that we've consistently gained, that's going to mean very, very good things for us as we get a macro tailwind, which will happen.

我預計這種情況將持續很長一段時間。然後，正如我之前所說的，隨著宏觀回落背景的逐漸增強，考慮到我們持續獲得的市場份額，這對我們來說意味著非常非常好的事情，因為我們會得到宏觀順風，而這將會發生。

Market share, it's really a steady march. And as Dave, as we talked about with the 17 and 19 quarters in a row on independents and health care, it's every quarter it's not a big pop. You continue to gain and continue to build upon, and that's why that focus on the customer and the differentiation becomes important as we continue to gain market share quarter after quarter.

市場佔有率確實在穩步前進。正如戴夫所說，我們連續 17 個季度和 19 個季度討論獨立公司和醫療保健時，每個季度都不會大幅成長。您將不斷獲得並不斷進步，這就是為什麼隨著我們第一季又一季地繼續獲得市場份額，關注客戶和差異化變得非常重要。

Mark Carden, UBS.

瑞銀的馬克卡登。

Good morning. Thanks so much for taking the questions, guys. To start, I wanted to dig in a bit on the consumer. You mentioned broader tariff pressures continue to build more outside your industry than within it. But as this continues and we see CPI begin to outpace wage growth, how impactful has that historically been for demand growth? Would you expect to see much trade between channels, trade out to food at home? Just your thoughts there.

早安.非常感謝大家回答這些問題。首先，我想深入了解消費者。您提到，更廣泛的關稅壓力在您所在產業之外持續增大，而不是在產業內部。但隨著這種情況持續下去，我們看到消費者物價指數開始超過薪資成長，從歷史上看，這對需求成長有多大影響？您是否希望看到通路之間、從外銷到國內食品的大量貿易？這只是你的想法。

Well, overall, we've seen the consumer and the demand be again, relatively stable as Dave talked about. So still not at the level of growth historically. But the fact that people still like to go out to eat is a positive and has been for multiple decades. . You do see operators -- it's a Brazilian group, and they continue to find ways to drive value and get customers in the door.

嗯，總的來說，正如戴夫所說的，我們看到消費者和需求再次變得相對穩定。因此從歷史上看，仍未達到成長水準。但事實上，人們仍然喜歡外出用餐，這是一個正面的現象，而且這種現像已經持續了幾十年。。你確實看到了運營商——這是一個巴西集團，他們不斷尋找方法來推動價值並吸引客戶。

And so from that, I don't have a whole lot to add. I think that we do find -- you may remember, I talked about this a few times in the past is there's a study or two that's been done by third parties that showed through multiple economic cycles up and down. people consistently spend a portion of their -- the same 4% or 5% of their pay on dining out. Now they may, to your point, may shift a little how they spend it. But overall, it is something people continue to do.

因此，從那以後，我沒有什麼可補充的。我認為我們確實發現——你可能還記得，我過去談過幾次這個問題，第三方做過一兩項研究表明，在多個經濟週期的起伏中，人們始終將他們收入的 4% 或 5% 用於外出就餐。現在，正如你所說，他們可能會稍微改變一下花錢的方式。但總的來說，這是人們會繼續做的事情。

And I think that's encouraging. And our expectation is that independents do continue to be a bigger, better factor of that over the long term

我覺得這令人鼓舞。我們的預期是，從長遠來看，獨立人士將繼續成為更大、更好的因素

That's great. And then on your independent case growth, are you seeing any pockets of particular geographic strength or weakness, any impacts on border regions? And then just as a clarification, did Freshway have any impact on your independent case growth?

那太棒了。那麼，就您的獨立案例成長而言，您是否看到任何特定地理優勢或劣勢，對邊境地區有任何影響？然後需要澄清的是，Freshway 對您的獨立案例成長有影響嗎？

The second one, no, immaterial, some light impact. On the other one, I would just point to the strength that we have in the Southeast and the South in particular, And to your point, I mean, we have seen some softness, particularly in the Pacific Northwest, Upper New England, where we see less folks coming across the border this summer than maybe in normal times and just a little general softness in the West relative to other regions, nothing that's hugely material, but it does vary a bit.

第二個，沒有，無關緊要，有一些輕微的影響。另一方面，我只想指出我們在東南部和南部的實力，對於你的觀點，我的意思是，我們看到了一些疲軟，特別是在太平洋西北部和新英格蘭北部，今年夏天跨越邊境的人數可能比正常時期要少，西部相對於其他地區也總體上略有疲軟，沒有什麼特別重大的，但確實略有不同。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. I guess A couple of questions. First, on capital allocation, which share repo, given the potential conversations with PFG, just curious how you're thinking about capital allocation? Are you going to continue to be aggressive with share repo? Or will you retain some dry powder?

偉大的。我想有幾個問題。首先，關於資本配置，考慮到與 PFG 的潛在對話，哪種股票回購，只是好奇您如何考慮資本配置？您會繼續積極進行股票回購嗎？或者你會保留一些乾粉嗎？

I guess that's my first question.

我想這是我的第一個問題。

I'm not going to go into the second part. So again, Dave sort of made our comment on that. But ultimately, we think Q2 is a good proxy of our ongoing cash flow and how we think about share repurchases. And we always balance sort of what we spend on that versus our other capital priorities. But pleased that we're able to continue to invest strongly in the business and yet at the same time, deploy capital to share repurchases while lowering our leverage and continuing to be sort of the strongest out there.

我不打算討論第二部分。所以，戴夫再次對此發表了評論。但最終，我們認為第二季是我們持續現金流和我們對股票回購的看法的良好代表。我們總是會平衡這方面的支出和其他資本優先事項的支出。但我們很高興能夠繼續大力投資該業務，同時部署資本回購股票，降低槓桿率，並繼續保持最強的實力。

Got it. And then just, I guess, my second question on the cost savings. I think you mentioned $110 million of cost of goods savings in 2025. And I think you mentioned a portion of that would be reinvested. If you guys could comment on how much of that will flow through, how much of that will be reinvested.

知道了。那麼，我想我的第二個問題是關於成本節約的。我想您提到了 2025 年節省 1.1 億美元的商品成本。我認為您提到其中一部分將被重新投資。如果你們能評論一下其中有多少資金將會流入，有多少資金將會被重新投資。

And then how much above target do you expect to be in 2027 on that $260 million?

那麼，您預計 2027 年這 2.6 億美元的營收將超出目標多少？

Well, we're not going to specifically call out the variance versus the $260 million, again, it's still relatively early. But I think the thing to take away is the confidence that we have from the work that that team has done in order to be able to give us not only good progress to date, but good line of sight as to the benefits we can get over time. So quite excited about that. I think the other piece is kind of not specific on what we're reinvesting.

好吧，我們不會具體指出與 2.6 億美元的差異，再說一次，現在還為時過早。但我認為，我們應該對團隊所做的工作充滿信心，他們不僅能讓我們迄今為止取得良好進展，還能讓我們對未來可能獲得的利益有清晰的認識。我對此感到非常興奮。我認為另一部分並沒有具體說明我們要再投資什麼。

But again, that's always part of as we drive benefits from whether it's gross profit initiatives, OpEx initiatives, and we consider where is the place that we can reinvest and again continue to show value for the customers. So not a new concept but something that think again, when you come back to that portfolio approach we take to how we drive value, it's just -- it's another piece of it.

但同樣，這始終是我們從中獲得利益的一部分，無論是毛利計劃還是營運支出計劃，我們都考慮在哪裡可以進行再投資並繼續為客戶展示價值。因此，這並不是一個新概念，而是一個需要重新思考的東西，當你回到我們如何推動價值的投資組合方法時，它只是其中的一部分。

Jake Bartlett, Truist Securities.

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

Great, thanks for taking the question. My first is on turnover and productivity. In the last call, you gave us some updates and some quantification of how much turnover has improved. If you could just build on that, just see if there's any more progress. I think you were back to pre-COVID levels. Just wondering whether you've built upon that or whether you've kind of reached a steady state with turnover?

太好了，謝謝你回答這個問題。我首先要討論的是營業額和生產力。在上次通話中，您向我們提供了一些最新情況以及營業額改善程度的量化數據。如果您能在此基礎上繼續努力，看看是否還有進一步的進展。我認為你已經恢復到疫情之前的水平。只是想知道您是否已經在此基礎上取得了進展，或者您的營業額是否已經達到穩定狀態？

Yes, I would just say, Jake, we've got a very good level of turnover in both drivers and selectors. And as I said last quarter, we were back to pre-COVID levels or within line of sight to that in both. I would say we've had consistent performance since then, not something that's a concern for the business at all. and we'll continue to look for ways to drive that turnover down even further. But we feel good about where we are. Staff is not an issue for us. It hasn't been for a long time. We feel good about our employee turnover.

是的，我只想說，傑克，我們的車手和選拔員的流動率都很高。正如我上個季度所說，我們已經恢復到疫情之前的水平，或者在可預見的範圍內。我想說，從那時起我們的業績一直很穩定，這根本不是業務上的問題。我們將繼續尋找方法進一步降低營業額。但我們對自己的現狀感到滿意。員工對我們來說不是問題。已經很久沒有了。我們對員工流動率感到滿意。

Great. And then the next is really a follow-up on the comments on independent case growth, I guess, for the industry versus your performance you improved by about 100 basis points yourself. And I think the industry improved 100 basis points.

偉大的。接下來實際上是對獨立案例增長的評論的後續，我猜，對於整個行業而言，相對於您的表現，您自己提高了大約 100 個基點。我認為該行業提高了 100 個基點。

I just want to kind of make sure the debt's the case that basically kind of holding share or maybe building, if you can just clarify that? As well as the comments on June and July and the 3%, whether that reflects continued improvement for the industry or whether maybe your market share gains are accelerating?

我只是想確保債務基本上是持有股份或建設的情況，您能澄清一下嗎？以及對 6 月和 7 月以及 3% 的評論，這是否反映了行業的持續改善，或者您的市場份額增長是否正在加速？

Yeah, I'll take the second first, my comments were specific to us in terms of our June and July performance at 3% and encouraged by what we see in the early days of August. And I would say per Circana data, we grew faster than the market rebounded with independents. And hence, my comments in the script that we took share in every month of the second quarter.

是的，我首先選擇第二個，我的評論是針對我們 6 月和 7 月 3% 的業績，並受到 8 月初所見業績的鼓舞。我想說，根據 Circana 的數據，我們的成長速度比獨立公司的市場反彈速度更快。因此，我在第二季的每個月的腳本中都發表了評論。

Karen Holthouse, Citi.

花旗銀行的凱倫‧霍特豪斯 (Karen Holthouse)。

Hi, thanks for taking the question. It's great to hear that there is a little bit, I think, more strength in private label penetration year-over-year than we've seen, growing 80 basis points, still kind of a 53% mark. Do you think we're getting maybe past that kind of COVID snapback era where it was a little bit harder to kind of build on strength and maybe how you're thinking about that from here?

你好，謝謝你回答這個問題。我很高興聽到自有品牌滲透率年增了 80 個基點，仍然達到 53% 左右。您是否認為我們可能已經度過了 COVID 反彈時期，在那個時期，增強實力會有些困難，您現在對此有何看法？

Yeah, good morning, Karen, thanks for the question. We're excited about our private label penetration, which has been ramping up consistently for the past 12 to 18 months. And to your point, there was a real wall coming out of COVID. Supply was challenged for everything.

是的，早安，凱倫，謝謝你的提問。我們對我們的自有品牌滲透率感到非常興奮，在過去的 12 到 18 個月裡，自有品牌滲透率一直在穩步上升。正如您所說，新冠疫情確實造成了一面牆。所有事物的供應都面臨挑戰。

And when manufacturers came out of COVID, they weren't as interested in producing our brands as they were their own. And during that period of time, obviously, our sales force lost confidence in selling our private label products just because we couldn't get them. That's been behind us for quite some time now.

當製造商擺脫新冠疫情後，他們對生產我們的品牌並不像生產自己的品牌那麼感興趣。在那段時間裡，顯然我們的銷售人員對銷售自有品牌產品失去了信心，因為我們無法獲得這些產品。這件事已經過去很長一段時間了。

I'm really pleased with the ramp that we've seen in private label business, both with independents and in the rest of our business. And importantly, I see no near-term ceiling to what that can be. We've got really good momentum. Our sales force is excited about our products. And I give our innovation team a lot of credit.

我對自有品牌業務（包括獨立品牌和我們其他業務）的成長感到非常高興。重要的是，我認為短期內不會出現這個上限。我們的勢頭非常好。我們的銷售人員對我們的產品感到非常興奮。我對我們的創新團隊給予高度評價。

We've got an exciting Scoop launch planned for this fall. Our products in the spring are getting really good traction. We'll continue to innovate those products and bring great new private label brands to market.

我們計劃於今年秋季推出令人興奮的 Scoop。我們的春季產品獲得了非常好的關注。我們將持續創新這些產品，並將優秀的新自有品牌推向市場。

Rahul Krotthapalli, JP Morgan.

拉胡爾·克羅塔帕利，摩根大通。

Good morning guys. My question is on the decade. Like how iterate can the productivity gains get once this is deployed across the remaining markets and especially as you continue to add new accounts, is and ongoing productivity gain estimate we can think about? And I have a follow-up.

大家早安。我的問題是關於十年的。例如，一旦這項技術部署到剩餘市場，生產力效益將如何迭代，特別是當您繼續新增帳戶時，我們可以考慮持續的生產力效益估算嗎？我還有一個後續問題。

Good morning. Thanks for the question. So we think the 2% that we've talked about is the start -- you may remember, I've talked about this before, that we're pretty thoughtful when we're putting it in that we do think there's more productivity that will continue to come over the next few years as we get it in place. But when you put something new like this in place, you don't want to turn the dials too hard because you don't want the whether it's the customer experience or the social experience to be too different.

早安.謝謝你的提問。因此，我們認為我們討論的 2% 是一個開始——您可能還記得，我之前討論過這個問題，我們在提出這個目標時非常深思熟慮，我們確實認為，隨著這個目標的實施，未來幾年生產力將會繼續提高。但是，當你實施這樣的新事物時，你不想把旋鈕調得太緊，因為你不希望客戶體驗或社交體驗有太大差異。

So we're very pleased. As we talked about, Dave mentioned record cases per mile for the quarter. We are seeing that continued productivity. But just as much to come in the future years versus what we've already achieved.

所以我們非常高興。正如我們所討論的，戴夫提到了本季每英里的記錄案例。我們看到了持續的生產力。但與我們已經取得的成就相比，未來幾年我們將取得同樣多的成就。

Thank you. And the other one is on the Aurora warehouse facility. Can you discuss some preliminary economics for this facility? I understand it's early but anything you can share on relative productivity compared to traditional warehouses and any initial learnings that you can be maybe applied to Austin?

謝謝。另一個位於 Aurora 倉庫設施。您能討論一下該設施的一些初步經濟狀況嗎？我知道現在還為時過早，但您能否分享與傳統倉庫相比的相對生產力，以及您能否將哪些初步經驗應用於奧斯汀？

Well, it's very early. So we're not going to get into specific economics at this point. But as we've talked a lot about, we're excited about having this live and ramping it up over the coming months. And there will be learnings that come out of this that will apply from Austin. But hopefully, as you can appreciate when you're multiple weeks in here, you're still in the early ramp-up phase. But this is something that we do expect to improve both the quality experience for the customer, for our associates as well as the productivity. So more to come as this gets in place for longer.

嗯，還很早。因此我們現在不打算討論具體的經濟學。但正如我們多次討論的那樣，我們很高興能夠在未來幾個月內實現這一目標並不斷推進。我們從中得到的經驗教訓可以應用在奧斯汀。但希望您能意識到，當您在這裡待了幾個星期後，您仍然處於早期的提升階段。但我們確實希望這能改善客戶和員工的品質體驗以及生產力。隨著這項政策的實施，將會有更多內容推出。

There are no further questions. I will now turn the call back over to David Flitman for closing remarks.

沒有其他問題了。現在我將把電話轉回給戴維·弗利特曼，請他作結束語。

Thanks, everyone, for joining us today. We're excited about our continued consistent execution in the business. and the momentum that we have. We will be an earnings compounder for a long time to come. Thanks for joining us today. Have a great week.

感謝大家今天加入我們。我們對我們持續一致的業務執行以及我們所擁有的發展勢頭感到非常興奮。我們將在很長一段時間內成為獲利複合型企業。感謝您今天加入我們。祝您有個愉快的一周。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。