US Foods Holding Corp. (USFD) 2026 Q3 法說會逐字稿

Good morning, and welcome to US Foods' third-quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加 US Foods 2026 年第三季財報電話會議。（接線員指示）

I will now turn the conference over to Michael Neese, Senior Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資人關係資深副總裁 Michael Neese。請開始。

Thank you. Good morning, everyone, and welcome to the US Foods fiscal third-quarter 2026 earnings call.

謝謝。各位早安，歡迎參加 US Foods 2026 會計年度第三季財報電話會議。

Joining us on today's call are Dave Flitman, Chair and CEO; and Dirk Locascio, our Chief Financial Officer. We will take your questions after our prepared remarks conclude. We ask that you please limit yourself to one question and one follow-up. Our earnings release issued this morning and today's presentation are available on the Investor Relations page of our website at ir.usfoods.com.

今天與會的有董事長兼執行長 Dave Flitman，以及財務長 Dirk Locascio。我們將在事先準備的發言結束後回答各位提問。請各位將問題限制為一個問題加一個追問。今天早上發布的財報新聞稿與今天的簡報，皆可於我們網站投資人關係頁面 ir.usfoods.com 取得。

During today's call, and unless otherwise stated, we will compare our fiscal third quarter 2026 results to the same period in 2025. In addition to historical information, certain statements made during today's call are considered forward-looking statements. We ask that you review the risk factors contained 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 these forward-looking statements.

在今天的電話會議中，除非另有說明，我們將把 2026 會計年度第三季的結果與 2025 年同期比較。除歷史資訊外，今天電話會議中的某些陳述屬於前瞻性陳述。我們請各位查閱我們 Form 10-K 中所載的風險因素，以了解可能導致實際結果與這些前瞻性陳述所預期結果出現重大差異的潛在因素之詳細討論。

Lastly, during today's call, we will refer to certain non-GAAP financial measures. All the reconciliations to the most comparable GAAP financial measures are included in the schedules for our earnings release, as well as in the presentation slides posted on our website. We do not provide reconciliations of forward-looking non-GAAP financial measures.

最後，在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。所有與最可比 GAAP 財務衡量指標的調節表，均包含於我們的財報新聞稿附表以及張貼於網站的簡報投影片中。我們不提供前瞻性非 GAAP 財務衡量指標的調節表。

Thank you, and I'll turn the call over to Dave.

謝謝，接下來我把電話交給 Dave。

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

謝謝，Mike。各位早安，感謝各位加入我們。

I want to begin by thanking our 30,000 associates for their relentless focus on helping our customers make it and for their hard work that is making our company stronger, both of which are enabling us to consistently deliver above-market results. The strength of our team is the key reason we were the only foodservice distributor recently named to the Forbes list of most trusted companies in America for the second consecutive year.

我想先感謝我們 30,000 位同仁，始終專注於協助客戶成功，並以辛勤努力讓公司更強大；這兩點使我們能持續交出優於市場的表現。我們團隊的實力，是我們近期連續第二年成為唯一入選《富比士》美國最值得信賴公司名單之餐飲服務通路商的關鍵原因。

Starting on slide 3, our third quarter results reflect continued market share gains and strong earnings growth, supported by focused execution in a more challenging environment. We extended our track record of share gains to 22 consecutive quarters with independent restaurants and 24 consecutive quarters with healthcare.

從第 3 頁投影片開始，我們第三季的結果反映出在更具挑戰的環境中，透過聚焦執行所帶來的持續市占提升與強勁獲利成長。我們在獨立餐廳客群的市占提升紀錄延續至連續 22 個季度，在醫療照護客群則延續至連續 24 個季度。

Adjusted EBITDA increased 10%, and adjusted EBITDA margin expanded by 38 basis points, while adjusted diluted EPS increased 18%, reflecting top-line growth, margin expansion, and the benefit of continued share repurchases. Our differentiated model is a clear competitive advantage. Our focus on the areas we're best positioned to win, independent restaurants, healthcare, and hospitality, resulted in solid growth across each target customer type.

調整後 EBITDA 成長 10%，調整後 EBITDA 利潤率擴張 38 個基點；同時，調整後稀釋每股盈餘（EPS）成長 18%，反映營收成長、利潤率擴張，以及持續庫藏股回購所帶來的效益。我們差異化的營運模式是明確的競爭優勢。我們聚焦於最具勝算的領域——獨立餐廳、醫療照護與飯店餐旅——使各目標客群皆呈現穩健成長。

Independent restaurant case growth remained strong at 5%, with a two-year stack at 9%. Net new account growth improved once again to 5.5%, our strongest performance in more than three years. At the same time, the macroeconomic backdrop deteriorated during the quarter.

獨立餐廳的箱數（case）成長仍維持強勁，達 5%，兩年累計（two-year stack）為 9%。淨新增客戶成長率再度提升至 5.5%，為三年多來最佳表現。與此同時，本季宏觀經濟背景轉弱。

Consumer confidence and labor market conditions weakened, fuel prices moved higher, and consumers became more value conscious. Although these factors pressured overall demand and resulted in total volume growth below our expectations, we remained focused on execution, gained share with our target customer types, and delivered strong earnings growth.

消費者信心與勞動市場狀況走弱，燃料價格上升，消費者也更重視性價比。雖然這些因素壓抑整體需求，導致總量成長低於我們預期，但我們仍專注於執行，在目標客群中提升市占，並交出強勁的獲利成長。

Beyond our share gains, our self-help initiatives drove meaningful operating leverage, with adjusted gross profit once again growing 170 basis points faster than adjusted operating expenses. Our operating leverage, robust cash generation, and strong balance sheet give us the flexibility to invest in the business while returning capital to shareholders.

除了市占提升之外，我們的自助改善（self-help）措施帶來顯著的營運槓桿效益：調整後毛利再次比調整後營業費用快 170 個基點成長。我們的營運槓桿、強勁的現金創造能力與穩健的資產負債表，使我們在回饋股東的同時，仍具備投資業務的彈性。

In October, we acquired Prime Line, a specialty distributor of gourmet Italian products that generates more than $110 million in annual sales and will broaden our specialty and import assortment while adding complementary capabilities to Pronto and our broadline business. Since their start 45 years ago in South Florida, Prime Line has been a pioneer in imported specialty foods.

10 月，我們收購了 Prime Line——一家專營義大利精品美食產品的專業通路商，年營收超過 1.10 億美元。此收購將擴充我們的專業與進口品項組合，並為 Pronto 與我們的綜合型（broadline）業務增添互補能力。Prime Line 自 45 年前於南佛羅里達起家以來，一直是進口特色食品的先驅。

Over the past year, the company has delivered double-digit revenue growth while expanding margins, underscoring its attractive growth profile. We are excited to welcome the Prime Line team to US Foods. Alongside this acquisition, we also repurchased $191 million of shares during the quarter, bringing year-to-date buybacks to $690 million.

過去一年，該公司在擴大利潤率的同時實現兩位數營收成長，凸顯其具吸引力的成長輪廓。我們很高興歡迎 Prime Line 團隊加入 US Foods。除本次收購外，我們本季亦回購 1.91 億美元股份，使年初至今的回購總額達 6.90 億美元。

Taken together, our third quarter performance reinforces my continued confidence in our ongoing ability to translate profitable volume growth and our self-help work into double-digit earnings growth, even in what remains a challenging operating environment.

綜合而言，我們第三季的表現進一步強化我對公司持續能力的信心：即使在仍具挑戰的營運環境下，我們仍能把具獲利性的量成長與自助改善工作，轉化為兩位數的獲利成長。

Next, I'll walk through the progress we are making across our four strategic pillars, beginning with our people and culture on slide 4. Sustainable performance starts with a strong culture, one rooted in safety and supporting our communities. As our injury and accident rates improve, we are evolving our safety program from broad interventions to more targeted prevention.

接下來，我將說明我們在四大策略支柱上的進展，先從第 4 頁投影片的人才與文化開始。永續的績效始於強健的文化——以安全為根基並支持我們的社區。隨著我們的受傷與事故率改善，我們正將安全計畫從廣泛介入，轉向更具針對性的預防。

We are now combining operating data with AI-guided root cause analysis to better identify high-risk locations and behaviors. This allows us to take more targeted corrective action and reinforce accountability at every level. We are 95% complete with our center-ride pallet jack rollout and remain on track for full deployment by year-end. This initiative is helping to reinforce safer operating practices and sustain the progress we have made by significantly reducing one of our most serious injury types.

我們目前正把營運數據與 AI 引導的根因分析結合，以更好地辨識高風險地點與行為。這使我們能採取更精準的矯正措施，並在各層級強化問責。我們的站立式（center-ride）電動棧板車推廣已完成 95%，並仍按計畫於年底前全面部署。此項措施透過大幅降低我們最嚴重的一類傷害之一，有助於強化更安全的作業實務並維持既有進展。

Our work on safety is never complete. We remain committed to our path to zero and ensuring every associate returns home safely each day.

我們在安全方面的工作永無止境。我們仍致力於邁向零事故的道路，確保每位同仁每天都能平安返家。

Building a strong culture also means investing in our communities and in the next generation of talent for our industry. This year, we awarded scholarships to 20 students from 18 schools, with each student receiving $20,000 along with professional development opportunities as they pursue careers in culinary arts, hospitality, and related fields. Since launching the US Foods Scholars Program in 2017, we have awarded nearly $3 million to more than 140 students.

打造強健文化也意味著投資我們的社區，以及投資本產業的下一代人才。今年，我們向來自 18 所學校的 20 位學生頒發獎學金，每位學生可獲得 20,000 美元，並在其投入餐飲藝術、飯店餐旅及相關領域職涯時，獲得專業發展機會。自 2017 年啟動 US Foods Scholars Program 以來，我們已向超過 140 位學生頒發近 300 萬美元。

Turning to slide 5. Reliable service is critical to winning and retaining customers. We continue to improve product availability, order accuracy, and delivery performance across our network. Year-to-date, our Operations Quality Composite improved approximately 10% from the prior year. This progress reflects more consistent execution and a sharper focus on the markets and processes with the greatest opportunity.

接著看第 5 頁投影片。可靠的服務對於贏得並留住客戶至關重要。我們持續在整個網路提升產品可得性、訂單正確率與配送表現。年初至今，我們的營運品質綜合指標（Operations Quality Composite）較去年約改善 10%。這些進展反映更一致的執行力，以及對最具機會的市場與流程更聚焦的投入。

This improvement was broad-based, including meaningful reductions in order markouts, which occur when an item a customer orders is unavailable, and truck shorts, which occur when an item is not delivered as planned. So far this year, order markouts have been reduced by 25%, while truck shorts improved 10%. For our customers, these improvements mean fewer disruptions and a more consistent service experience. For US Foods, they improve customer loyalty and wallet share, drive efficiency, and reduce recovery costs.

這項改善涵蓋面廣，其中包括訂單缺貨（order markouts）的顯著降低——即客戶訂購的品項無法供應——以及車載短缺（truck shorts）的降低——即品項未按計畫送達。截至目前，訂單缺貨已降低 25%，車載短缺改善 10%。對客戶而言，這代表更少的營運中斷與更一致的服務體驗；對 US Foods 而言，則可提升客戶忠誠度與錢包占有率、推動效率，並降低補救成本。

Turning to our growth pillar on slide 6. We're investing in differentiated capabilities that expand our addressable market and strengthen customer relationships. Pronto remains a key driver of our independent restaurant growth and a powerful competitive advantage.

接著看第 6 頁投影片的成長支柱。我們正投資於差異化能力，以擴大可服務市場並強化客戶關係。Pronto 仍是我們獨立餐廳成長的關鍵驅動力，也是強大的競爭優勢。

The platform offers later cutoff times, smaller order sizes, and more frequent deliveries, giving customers greater convenience and flexibility while allowing us to compete more effectively with local and specialty distributors. Pronto has generated more than $1 billion in sales year to date, already surpassing last year's total. We now operate in 52 markets, with Pronto Next Day available in 38.

該平台提供更晚的截單時間、更小的訂單量，以及更頻繁的配送，讓客戶享有更高的便利性與彈性，同時也使我們能更有效地與在地及專業通路商競爭。Pronto 年初至今的銷售額已超過 10 億美元，且已超越去年全年總額。我們目前在 52 個市場營運，其中 38 個市場提供 Pronto Next Day 服務。

We plan to extend Next Day to five additional markets by year-end. Following another quarter of strong double-digit growth, we remain on track for $1.3 billion this year and more than $1.7 billion in 2027. Importantly, we see opportunity to substantially grow Pronto well beyond these milestones.

我們計畫在年底前將 Next Day 延伸至另外 5 個市場。在又一個強勁的兩位數成長季度之後，我們仍按計畫在今年達成 13 億美元，並於 2027 年超過 17 億美元。重要的是，我們看到 Pronto 在這些里程碑之外仍有大幅成長的機會。

Our acquisition of Prime Line adds a broader assortment of specialty and imported Italian products that we can offer through Pronto and our extensive broadline distribution network. We see an opportunity to scale this offering and expand our addressable market.

我們收購 Prime Line，新增更廣泛的義大利專業與進口產品組合，可透過 Pronto 以及我們龐大的綜合型（broadline）配送網路提供給客戶。我們看到將此產品供給規模化並擴大可服務市場的機會。

I'd also like to share a few highlights on the progress we are making with our new local seller compensation plan. The simpler plan gives sellers greater visibility into how their actions translate into their personal earnings while aligning incentives more directly with our strategic priorities.

我也想分享我們在新的在地業務銷售人員薪酬方案上所取得的一些進展亮點。這個更簡化的方案，讓銷售人員更清楚了解其行動如何轉化為個人收入，同時也使獎酬更直接地與我們的策略重點一致。

Approximately 40% of our sellers are now compensated entirely through variable pay, and many of our top-performing sellers have progressed through the program faster than we initially anticipated. As sellers progress through the program at different rates, we continue to provide the training, coaching, and support needed to ensure a seamless transition. Importantly, our seller retention has remained strong throughout the rollout.

目前約有 40% 的我們銷售人員已完全透過變動薪酬獲得報酬，且我們許多表現最佳的銷售人員在該計畫中的進展速度，快於我們最初的預期。由於銷售人員以不同速度推進該計畫，我們持續提供所需的訓練、輔導與支援，以確保順利轉換。重要的是，在推行期間，我們的銷售人員留任率始終維持強勁。

Our sellers are the lifeblood of our company. We are equipping them with AI-enabled tools in MOXē to prioritize the highest value opportunities and respond more effectively to customer needs. Combined with the compensation plan's stronger alignment to our strategy, these tools free up sellers' time to grow existing accounts and win new business. As these tools become increasingly embedded in the selling process, they will drive greater seller productivity and enable our existing team to support more growth.

我們的銷售人員是公司的命脈。我們正在為他們配備 MOXē 中的 AI 賦能工具，以優先聚焦最高價值的機會，並更有效地回應客戶需求。結合薪酬方案與我們策略更強的一致性，這些工具可釋放銷售人員的時間，用於擴大既有客戶並贏得新業務。隨著這些工具日益深度嵌入銷售流程，它們將提升銷售生產力，並使我們現有團隊能支援更多成長。

Beyond independent restaurants, our dedicated healthcare and hospitality teams are creating opportunities in two large, growing, and resilient markets. Our approach is consistent: win new business through differentiated service and tailored offerings, then accelerate penetration through stronger customer relationships. These opportunities are supported by business solutions specific to each customer type.

除了獨立餐廳之外，我們專責的醫療保健與飯店餐旅團隊，正在兩個規模龐大、成長中且具韌性的市場中創造機會。我們的方法一以貫之：透過差異化服務與量身打造的方案贏得新客戶，接著藉由更強的客戶關係加速滲透。這些機會並由針對各客戶類型的商業解決方案所支撐。

Our Vitals program helps healthcare customers improve patient satisfaction, manage labor costs, and strengthen menu and retail performance. Similarly, our Signature program combines technology, operational tools, and industry expertise to help hospitality operators improve labor efficiency and elevate their guest experience. Combined with our reliable service and national scale, these capabilities position us to capture more of the opportunity ahead.

我們的 Vitals 計畫協助醫療保健客戶提升病患滿意度、管理人力成本，並強化菜單與零售表現。同樣地，我們的 Signature 計畫結合科技、營運工具與產業專業，協助飯店餐旅業者提升人力效率並升級賓客體驗。再加上我們可靠的服務與全國規模，這些能力使我們得以掌握更多未來機會。

Turning to our profit pillar on slide 7. Our top-line growth, improved mix, and progress on our self-help initiatives translated into 10% adjusted EBITDA growth, 38 basis points of adjusted EBITDA margin expansion, and 18% adjusted EPS growth.

接著看投影片 7 的獲利支柱。我們的營收成長、組合改善，以及自助改善（self-help）計畫的進展，帶動調整後 EBITDA 成長 10%、調整後 EBITDA 利潤率擴張 38 個基點，以及調整後 EPS 成長 18%。

Adjusted gross profit increased 5.7% to $1.9 billion in the third quarter, driven by increased volume and benefits from strategic vendor management. Importantly, adjusted gross profit grew 170 basis points faster than adjusted operating expenses, demonstrating the consistent operating leverage generated by our self-help initiatives.

第三季調整後毛利增加 5.7% 至 19 億美元，主要受惠於銷量增加以及策略性供應商管理帶來的效益。重要的是，調整後毛利的成長速度比調整後營運費用快 170 個基點，顯示我們自助改善計畫所帶來的一貫營運槓桿。

We continue to make strong progress on strategic vendor management. By expanding the program across more categories and suppliers, and using enhanced data analytics to identify new opportunities, we remain confident we will deliver more than $300 million of cost of goods savings over our three-year long-range plan ending next year. As we realize these benefits, we will continue to reinvest a portion to strengthen our competitive advantage.

我們在策略性供應商管理方面持續取得強勁進展。透過將該計畫擴展至更多品類與供應商，並運用強化的資料分析來辨識新機會，我們仍有信心在明年結束的三年長期計畫期間，實現超過 3 億美元的銷貨成本節省。隨著我們逐步實現這些效益，我們也將持續把其中一部分再投資，以強化競爭優勢。

Beyond strategic vendor management, we remain focused on our goal of delivering 3% to 5% annual operating expense productivity. We are standardizing our warehouse and delivery processes with technology increasingly enabling our teams to work more efficiently and effectively. Together, these efforts are helping us offset a portion of inflationary pressures, improve service levels, and create capacity to support future growth.

除策略性供應商管理之外，我們仍聚焦於達成每年 3% 至 5% 的營運費用生產力目標。我們正以科技標準化倉儲與配送流程，並讓科技日益賦能團隊更有效率、更有效能地工作。綜合而言，這些努力正協助我們抵銷部分通膨壓力、提升服務水準，並創造支援未來成長的產能。

What gives me confidence in the durability of our model is the breadth of our opportunity. We are consistently gaining market share with our target customer types while improving procurement and productivity across our operations. Technology and AI will play an increasingly important role in driving our sustained growth over the next several years.

讓我對我們模式的持久性有信心的是，我們機會的廣度。我們在目標客群中持續提升市占，同時在整體營運中改善採購與生產力。未來幾年，科技與 AI 將在推動我們持續成長方面扮演愈來愈重要的角色。

Slide 8 highlights the measurable value these capabilities are already delivering. We identify high-value opportunities, prove the return, and then scale capabilities across the enterprise. The AI initiatives we have deployed over the past two years are now generating more than $75 million of adjusted EBITDA across sales, supply chain, and enterprise functions.

投影片 8 強調這些能力已在交付可衡量的價值。我們先辨識高價值機會、驗證投資報酬，然後在全企業擴大推行相關能力。過去兩年我們部署的 AI 計畫，現已在銷售、供應鏈與企業職能方面，合計創造超過 7,500 萬美元的調整後 EBITDA。

We are on a clear path to ramp these initiatives to more than $110 million next year. Importantly, we see a significantly larger opportunity in the years ahead as AI adoption further expands and additional capabilities are deployed and become more deeply embedded in our workflows. We recently launched Scout AI, our new AI assistant within MOXē and our CRM platform, embedding AI capabilities directly in the tools our sellers use every day. Scout AI is evolving beyond answering questions to taking action and becoming an active partner for our sales force.

我們正走在明確的路徑上，預計明年將這些計畫提升至超過 1.1 億美元。重要的是，隨著 AI 採用進一步擴大、更多能力被部署並更深度嵌入工作流程，我們在未來幾年看到顯著更大的機會。我們近期推出 Scout AI，這是 MOXē 與我們 CRM 平台內的新 AI 助理，將 AI 能力直接嵌入銷售人員每天使用的工具中。Scout AI 正從回答問題進化到採取行動，並成為我們銷售團隊的主動夥伴。

By combining our proprietary AI models with frontier large language models, Scout will help resolve issues and automate administrative work. This enables sellers to spend more time serving customers and winning new business. Since introducing Visit Assistant Insights last quarter, we have rapidly expanded its use across our sales force.

透過結合我們自有的 AI 模型與前沿大型語言模型，Scout 將協助解決問題並自動化行政作業。這使銷售人員能投入更多時間服務客戶並贏得新業務。自從上季推出 Visit Assistant Insights 以來，我們已迅速將其使用擴展至整個銷售團隊。

The tool helps sellers win back cases customers previously purchased from us and uses customer menus to recommend products they have not yet bought from us. We delivered more than 2.5 million customer-specific insights this quarter, up from 700,000 last quarter.

該工具協助銷售人員贏回客戶先前不再向我們採購的箱數（cases），並利用客戶菜單推薦他們尚未向我們購買的產品。本季我們提供超過 250 萬則客戶專屬洞察，高於上季的 70 萬則。

More importantly, accounts supported by these insights are growing cases nearly 10% faster than accounts without them. Together, Scout AI and Visit Assistant are helping us build a more productive and differentiated selling model. As a result of the AI-driven technology advancements we have deployed across the sales force over the last two years, going forward, we now expect seller headcount to grow at a low single-digit rate versus our prior mid-single-digit target. These capabilities demonstrate how we are leveraging AI across our business to increasingly drive productivity.

更重要的是，獲得這些洞察支援的客戶，其箱數成長速度比未獲支援的客戶快近 10%。Scout AI 與 Visit Assistant 共同協助我們打造更高生產力且更具差異化的銷售模式。由於過去兩年我們在銷售團隊部署的 AI 驅動技術進展，展望未來，我們現在預期銷售人力編制將以低個位數的速度成長，較先前的中個位數目標為低。這些能力展現了我們如何在全公司運用 AI，以日益提升生產力。

Before I pass it to Dirk, in September, the International Foodservice Distributors Association inducted 19 US Foods drivers into its 2026 Truck Driver Hall of Fame. This honor recognizes the foodservice industry's top drivers who have exceptional safety records and length of service, each with more than 25 years at US Foods. It's a highly coveted honor for truck drivers in our industry.

在我把電話交給 Dirk 之前，9 月時，國際餐飲服務經銷商協會（International Foodservice Distributors Association）將 19 位 US Foods 司機納入其 2026 年卡車司機名人堂。此項榮譽表彰餐飲服務產業中最頂尖的司機，他們具備卓越的安全紀錄與服務年資，且每位在 US Foods 的年資皆超過 25 年。這是我們產業中卡車司機極為渴望獲得的殊榮。

With Veterans Day just around the corner, I want to highlight two of our IFDA Hall of Fame drivers, both of whom are veterans. The first is Ronnie Holte from Grand Forks, North Dakota, who has 30 years of service at US Foods. The second is Charles Armitage out of Roanoke, Virginia, who has been a driver with us for 27 years. I thank both of them not only for their decades of service to our company, but especially for their bravery and courage in serving and protecting our great nation.

隨著退伍軍人節即將到來，我想特別表揚兩位同時為退伍軍人的 IFDA 名人堂司機。第一位是來自北達科他州大福克斯（Grand Forks）的 Ronnie Holte，他在 US Foods 服務 30 年。第二位是來自維吉尼亞州羅阿諾克（Roanoke）的 Charles Armitage，他擔任我們的司機已 27 年。我感謝他們兩位不僅數十年來對公司的奉獻，更特別感謝他們在服役期間展現的英勇與勇氣，為守護我們偉大的國家付出。

Finally, I'd like to recognize all veterans within and outside of US Foods who have served in the US Armed Forces. We are deeply grateful for your service, sacrifice, and commitment to our country.

最後，我也要向 US Foods 內外所有曾在美國武裝部隊服役的退伍軍人致敬。我們對各位的服役、犧牲與對國家的承諾深表感激。

Let me now turn the call over to Dirk to discuss our third quarter financial performance and our updated 2026 guidance.

現在我把電話交給 Dirk，請他說明我們第三季的財務表現以及更新後的 2026 年展望指引。

Thank you, Dave. And good morning, everyone.

謝謝你，Dave。各位早安。

Our third quarter results demonstrate the strength of our value creation model. Profitable share gains and progress on our self-help initiatives supported adjusted EBITDA growth and margin expansion, while capital deployment enabled even stronger adjusted diluted EPS growth.

我們第三季的結果展現了我們價值創造模式的強勁。具獲利性的市占提升，以及自助改善計畫的進展，支撐了調整後 EBITDA 成長與利潤率擴張；同時，資本配置使調整後稀釋 EPS 的成長更為強勁。

Starting on slide 11, third quarter net sales increased 2.1% to $10.4 billion, reflecting total case volume growth of 1.3% and food cost inflation and mix of 0.8%. Lower-than-expected inflation, primarily in center-of-the-plate categories, was an approximate 100-basis-point to 150-basis-point headwind to net sales. Independent restaurant case growth remained strong at 5%. Healthcare increased 3.3%, and hospitality grew 3.7%, while chain restaurant volume declined 1.5%, 50 basis points better than industry foot traffic as reported by Black Box.

從投影片 11 開始，第三季淨銷售額增加 2.1% 至 104 億美元，反映總箱數（case）銷量成長 1.3%，以及食品成本通膨與組合影響 0.8%。低於預期的通膨（主要在主菜蛋白等「盤中主體」品類）對淨銷售額造成約 100 至 150 個基點的逆風。獨立餐廳箱數成長仍維持強勁，達 5%。醫療保健成長 3.3%，飯店餐旅成長 3.7%；連鎖餐廳銷量下滑 1.5%，但較 Black Box 所報告的產業人流表現好 50 個基點。

Turning to profitability, third quarter adjusted EBITDA increased 9.9% to $555 million, and adjusted EBITDA margin expanded 38 basis points to 5.3%. The increase was driven by growth with our target customer types, gross profit improvement, and productivity gains from our self-help initiatives.

轉向獲利表現，第三季調整後 EBITDA 增加 9.9% 至 5.55 億美元，調整後 EBITDA 利潤率擴張 38 個基點至 5.3%。成長主要由目標客群的業務成長、毛利改善，以及自助改善計畫帶來的生產力提升所驅動。

Adjusted diluted EPS increased 17.8% to $1.26, outpacing adjusted EBITDA growth. Looking ahead, we expect adjusted diluted EPS to continue growing faster than adjusted EBITDA as we compound earnings, expand margins, and deploy our strong cash flow through disciplined capital allocation.

調整後稀釋 EPS 增加 17.8% 至 1.26 美元，增速超過調整後 EBITDA。展望未來，隨著我們累積獲利、擴大利潤率，並透過嚴謹的資本配置運用強勁現金流，我們預期調整後稀釋 EPS 將持續以快於調整後 EBITDA 的速度成長。

Slide 12 shows the operating leverage we delivered in the quarter. Adjusted gross profit per case grew 170 basis points faster than adjusted operating expenses per case, driving strong growth in adjusted EBITDA per case. Adjusted gross profit per case increased to $0.36, or 4.3%, compared with the prior year. The increase was supported by profitable volume growth, strategic vendor management gains, and the impact of fuel surcharges.

投影片 12 顯示我們本季實現的營運槓桿。每箱調整後毛利的成長速度比每箱調整後營運費用快 170 個基點，帶動每箱調整後 EBITDA 強勁成長。每箱調整後毛利提升至 0.36 美元（或 4.3%），相較去年同期增加。此增幅受惠於具獲利性的銷量成長、策略性供應商管理的收益，以及燃油附加費的影響。

Our established surcharge mechanisms effectively passed through a meaningful portion of the year-over-year increase in fuel costs. We recovered approximately 70% of the increase during the quarter, compared with our typical recovery rate of 30%-40%, reflecting disciplined execution across the organization. Adjusted operating expenses per case increased $0.16, or 2.7%, with higher fuel expense representing nearly one-half of the year-over-year increase. Selling costs were also higher as we carried additional seller headcount and supported sellers through the transition to 100% variable compensation.

我們既有的附加費機制有效地將燃料成本年增的顯著部分轉嫁出去。本季我們回收了約 70% 的增幅，相較於我們典型的 30%–40% 回收率，反映出全組織紀律性的執行。每箱調整後營運費用增加 0.16 美元（或 2.7%），其中較高的燃料費用幾乎占年增幅的一半。由於我們增加了業務人員編制，並在轉換至 100% 變動薪酬期間支援業務人員，銷售成本也有所上升。

Productivity gains across our operations partially offset OpEx inflation. We view the additional selling costs as a prudent temporary investment in executing the transition thoughtfully, retaining our sellers, and positioning them to increase their earnings under the new plan. Retention remained healthy, and we expect the new plan to drive greater seller productivity and profitable growth over time.

我們營運端的生產力提升部分抵銷了營運費用（OpEx）通膨。我們將額外的銷售成本視為一項審慎的短期投資，用以周全地推動轉型、留任業務人員，並讓他們在新方案下提升收入。留任狀況仍然健康，我們預期新方案將隨時間推動更高的業務生產力與獲利性成長。

As a result of these factors, adjusted EBITDA per case increased $0.20, or 8.6%, to $2.53. Turning to slide 13, our consistent cash flow generation and balance sheet strength give us the flexibility to fund organic growth, return capital to shareholders, and pursue disciplined, accretive tuck-in acquisitions. Through the first nine months of the year, we generated nearly $1.2 billion of operating cash flow, fueled by earnings growth and effective working capital management.

受上述因素影響，每箱調整後 EBITDA 增加 0.20 美元（或 8.6%）至 2.53 美元。接著看第 13 頁，我們穩定的現金流創造能力與強健的資產負債表，使我們具備彈性可資助有機成長、回饋股東，並進行紀律性、具增益（accretive）的補強型併購。年初至今前九個月，我們在獲利成長與有效的營運資金管理帶動下，產生了接近 12 億美元的營運現金流。

Investing in the business remains our first capital allocation priority. Year to date, we have invested $266 million in cash capital expenditures to support growth, strengthen our operations, and advance technology and productivity initiatives, while maintaining a focus on returns. Alongside these investments, we repurchased $191 million of shares during the third quarter, bringing year-to-date repurchases to $690 million.

投資本業仍是我們資本配置的首要優先事項。年初至今，我們投入 2.66 億美元的現金資本支出，以支持成長、強化營運，並推進科技與生產力計畫，同時維持對報酬的關注。除上述投資外，我們在第三季回購 1.91 億美元股票，使年初至今的回購總額達 6.90 億美元。

In October, we acquired Prime Line, consistent with our disciplined approach to tuck-in M&A. The acquisition adds specialty capabilities that we can scale throughout our existing distribution network. We closed the quarter with net leverage of 2.4x, well within our target range of 2x to 3x. This leverage position preserves meaningful capacity to invest in growth and respond to attractive capital deployment opportunities.

10 月，我們收購了 Prime Line，符合我們對補強型併購（tuck-in M&A）的紀律性作法。此項收購新增了可在既有配送網路中擴大規模的專業能力。本季末我們的淨槓桿為 2.4 倍，仍明顯落在 2 倍至 3 倍的目標區間內。此槓桿水位保留了可觀的容量，以投資成長並把握具吸引力的資本部署機會。

Subsequent to quarter end, we completed a term loan refinancing that extended our debt maturity profile and increased liquidity. We entered into a new $810 million term loan due in 2033, priced 25 basis points below the term loan due in 2028. We used the proceeds to fully repay the 2028 term loan and reduce borrowings under other facilities.

在季末之後，我們完成了一筆定期貸款再融資，延長了債務到期結構並提升流動性。我們簽訂了一筆新的 8.10 億美元定期貸款，2033 年到期，定價較 2028 年到期的定期貸款低 25 個基點。我們使用所得款項全額償還 2028 年到期的定期貸款，並降低其他融資工具下的借款。

Now, turning to our updated guidance on slide 14. Based on our year-to-date performance and expectations for the balance of the year, we are tightening our fiscal year 2026 guidance ranges. We now expect net sales growth of 4% to 5%, adjusted EBITDA growth of 9% to 11%, and adjusted diluted EPS growth of 18% to 20%, supported by total case volume growth of 2.5% to 3.5%. Our updated outlook incorporates our latest view on the macro environment and our current assumptions for restaurant industry traffic, inflation, and fuel prices through the remainder of the year. Even against a more challenging backdrop, we remain confident in our ability to deliver within our updated guidance range, supported by profitable share gains with our target customer types and the measurable benefits of our self-help initiatives.

接著看第 14 頁我們更新後的財測指引。基於年初至今的表現以及對今年剩餘期間的預期，我們正在收斂 2026 會計年度的指引區間。我們目前預期淨銷售成長 4% 至 5%，調整後 EBITDA 成長 9% 至 11%，以及調整後稀釋 EPS 成長 18% 至 20%，並由總箱量成長 2.5% 至 3.5% 所支撐。我們更新後的展望納入了對總體環境的最新看法，以及對今年剩餘期間餐飲業來客數、通膨與燃料價格的現行假設。即便在更具挑戰的背景下，我們仍有信心在更新後的指引區間內交付成果，這得益於我們在目標客群中取得的獲利性市占提升，以及自助改善（self-help）計畫帶來的可衡量效益。

As a reminder, our full-year guidance includes the impact of a 53rd week, which we expect to add approximately 1% to total case growth and adjusted EBITDA growth. More broadly, we remain confident in our ability to generate double-digit adjusted EPS growth over time as we execute our long-range plan and deploy capital across our strategic priorities.

提醒一下，我們的全年指引包含第 53 週的影響，我們預期其將使總箱量成長與調整後 EBITDA 成長各增加約 1%。更廣泛而言，隨著我們執行長期計畫並在策略優先事項間部署資本，我們仍有信心長期實現雙位數的調整後 EPS 成長。

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

接下來我把時間交回 Dave，請他做結語。

Thanks, Dirk.

謝謝你，Dirk。

Our strategy is working. Our differentiating capabilities and targeted investments are translating into market share gains. Pronto is expanding our addressable market. Across our sales force, stronger alignment around profitable growth and the momentum of our dedicated healthcare and hospitality teams are reinforcing those gains.

我們的策略正在奏效。我們具差異化的能力與聚焦的投資正轉化為市占提升。Pronto 正在擴大我們的可服務市場。在整個銷售團隊中，對獲利性成長更強的一致性，以及我們專注於醫療照護與餐旅（hospitality）團隊的動能，正在鞏固這些成果。

At the same time, our continued technology leadership and AI applications are becoming an increasingly important driver of our performance and a clear competitive advantage. We are scaling AI-powered solutions that grow sales, improve productivity, strengthen seller effectiveness, and enhance how we serve our customers, and there is more to come.

同時，我們持續的科技領先地位與 AI 應用正成為日益重要的績效驅動因素，並形成明確的競爭優勢。我們正在擴大 AI 驅動的解決方案規模，以提升銷售、改善生產力、強化業務人員效能，並提升我們服務客戶的方式，而且後續還會有更多進展。

Our strong cash flow and balance sheet give us the flexibility to invest in the business and pursue accretive tuck-in acquisitions, like Prime Line, while consistently returning capital to shareholders. We are executing against each of these priorities while maintaining a balanced approach to capital allocation.

我們強勁的現金流與資產負債表讓我們具備彈性，可投資本業並進行具增益的補強型併購（如 Prime Line），同時持續回饋股東資本。我們在維持均衡資本配置的同時，正逐項推進這些優先事項。

The operating environment has become more challenging, but my confidence in our ability to deliver results has never wavered. We remain confident in our ability to deliver consistent adjusted EBITDA growth and compound adjusted EPS at a strong double-digit rate over time.

營運環境變得更具挑戰，但我對我們交付成果的信心從未動搖。我們仍有信心能持續交付穩健的調整後 EBITDA 成長，並在長期以強勁的雙位數速度複利成長調整後 EPS。

More importantly, we are gaining profitable share while building a more durable company with meaningful opportunities to create long-term value for our associates, customers, suppliers, and shareholders. Thank you for your continued interest in US Foods.

更重要的是，我們在提升獲利性市占的同時，也在打造一家更具韌性的公司，並擁有為員工、客戶、供應商與股東創造長期價值的重大機會。感謝各位持續關注 US Foods。

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

接下來，接線員，請開放提問。

(Operator Instructions) Jacob Aiken-Phillips, Melius Research.

（接線員指示）Jacob Aiken-Phillips，Melius Research。

You are lowering the ongoing seller headcount growth target from mid to low single digits because of some of the productivity tools that you have deployed. What have you seen in seller capacity or production that gives you confidence you can sustain the same independent growth ambitions with fewer new hires, and why not just continue to grow at mid-single digit and get even faster growth?

你們因為已部署的一些生產力工具，而將持續性的業務人員編制成長目標從中段個位數下調到低段個位數。你們在業務人員產能或產出方面看到了什麼，讓你們有信心在新增人力更少的情況下，仍能維持同樣的獨立成長企圖？以及為什麼不乾脆維持中段個位數成長，來取得更快的成長？

Yeah, appreciate it. Great question, Jacob. Let me just give you a little context on specifically why we made that change and why we feel now is the right time for it. If you think about our digital leadership, that's been 15 years in the making.

是的，謝謝。Jacob，這個問題問得很好。我先提供一些背景，說明我們為何做出這項調整，以及為何我們認為現在是合適的時點。如果你回頭看我們的數位領先地位，那是 15 年累積而成的。

We just lapped our fourth year having MOXē, which is a great tool, and we've embedded a lot of capabilities in that for our sales force. You couple that with the seller compensation plan, and you heard us talk about in our prepared remarks, the way the team is ramping up, we're a little bit higher in terms of people on full commission than we expected to be at this point. We've got line of sight to that continuing, really embracing the journey very well.

我們剛好跨過（lapped）導入 MOXē 的第四年，這是一個很棒的工具，我們也在其中為銷售團隊嵌入了許多功能。再結合業務人員的薪酬方案，以及你們在我們事先準備的發言中聽到的，隨著團隊逐步到位（ramping up），目前全額佣金制的人數比我們在此時點原先預期的略高。我們也清楚看到這種趨勢會持續，大家確實很投入並很好地擁抱這段旅程。

You think about the macro backdrop and the fact that our independent case growth maintained that strong 5%, in a quarter where Circana says independent restaurant foot traffic was down about 40 basis points in Q3. We're seeing all the behavior changes that we like to see. You overlay on top of that, the recent things that we've talked about over the last couple years on AI and the way we've embedded it in the seller tools.

再看總體背景，以及我們的獨立客戶箱量成長在第三季仍維持強勁的 5%；而 Circana 表示第三季獨立餐廳來客數約下降 40 個基點。我們看到所有我們希望看到的行為改變。再把近兩年我們談到的 AI，以及我們將其嵌入業務工具的方式疊加進來。

I'll just take you way back to a couple years ago when we started with the automated order guide, things like AI-powered search that we've enabled our customers to search our tools and understand our inventory, the way we've embedded prospecting, we've talked about that, the effectiveness of that. We just talked about Visit Assistant and Scout AI. These are comprehensive game-changing technology capabilities that are really driving the effectiveness of our sales force, and we believe now is the right time, given the productivity that we're seeing, to drop that target down.

我帶大家回到幾年前我們開始做自動化訂貨指南（automated order guide）的時候，還有像是 AI 驅動搜尋（AI-powered search），讓客戶能在我們的工具中搜尋並了解庫存；以及我們如何把開發潛在客戶（prospecting）嵌入其中，我們也談過其成效。我們剛剛也提到 Visit Assistant 和 Scout AI。這些都是全面且具顛覆性的科技能力，正在真正推動我們銷售團隊的效能；基於我們看到的生產力表現，我們相信現在是把該目標下調的合適時點。

We may change it over time, but we think now is the right time to lean in hard with the maturity of our sales force, the great progress we're seeing as people ramp up in the new commission system, to drop that target down. As I said in the prepared remarks, there's more to come on the AI front. We're leaning into this hard, and we've talked about it here on the call. More to come in a big way. Love the way our team is really embracing the technology and that capability, and we're just seeing a continued ramp-up in the productivity of the sales force.

未來我們可能會再調整，但我們認為就目前而言，隨著銷售團隊的成熟度提升、以及我們看到大家在新佣金制度下加速到位的良好進展，現在正是把目標下調、並更用力投入的時點。正如我在事先準備的發言中提到的，AI 方面還會有更多進展。我們會大力推進，也在這通電話中談到了；後續會有更大規模的更新。我很喜歡看到團隊真正擁抱科技與這項能力，我們也持續看到銷售團隊生產力的提升。

The follow-up is on that AI piece. You quantified the $75 million growing into next year. How should we understand the overlap between your existing procurement and productivity initiatives, and how much of that increase should translate into incremental earnings versus reinvestment?

這是針對那段 AI 內容的追問。你們量化了那 7,500 萬美元會延續成長到明年。我們應該如何理解你們既有的採購與生產力提升計畫之間的重疊程度？而這部分增量中，有多少應該轉化為新增獲利、又有多少會用於再投資？

Morning, Jacob. This is Dirk. We're quite pleased, and I think the amounts that we've talked about hopefully demonstrate all the comments we've made prior about concrete solutions that generate value, and that value comes really across sales, margin, and productivity as we think about that.

早安，Jacob。我是 Dirk。我們相當滿意，我想我們談到的金額也希望能證明我們先前所有評論：我們提出的是能產生價值的具體解決方案，而這些價值會反映在銷售、毛利與生產力等面向。

These would not be overlapping with strategic vendor management, so this is incremental through additional sales and/or productivity. Think of it as enablers of accelerating case growth, of additional productivity to get to that 3%-5% that we target. Really, the key message is the things that we've been doing are generating value, and they will generate value, and this is just the tip of the iceberg for us.

這些不會與策略性供應商管理重疊，因此這是透過額外銷售和／或生產力所帶來的增量。你可以把它視為加速箱數成長的推動因素，以及帶來額外生產力以達到我們目標的 3%–5%。真正的關鍵訊息是：我們一直在做的事情正在創造價值，也將持續創造價值，而這對我們而言只是冰山一角。

We, as I think I commented last quarter, Dave commented, we're really moving from more of the point solutions to looking at end-to-end process rewiring and re-engineering and how AI fits into that. We've got some good things we're starting to work on and expect to see more meaningful value. Our expectation is the value that comes from AI in the future is significantly higher than we've already generated. More to come, but excited about the journey ahead here.

如同我上季提到、Dave 也提過的，我們正從較多的點狀解決方案，轉向端到端流程的重塑與再工程，並思考 AI 如何融入其中。我們已開始推動一些不錯的工作，並預期會看到更具意義的價值。我們的預期是，未來 AI 帶來的價值將顯著高於我們目前已經創造的價值。後續還會有更多分享，但我們對接下來的旅程感到很興奮。

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行。

Dave, I wanted to ask you, and I guess you and Dirk, you guys have been successfully battling some incremental industry pressures all year and delivering strong results, including this quarter, by the way, right? What is different about Q4 with the guide on EBITDA growth a touch lower than what you have been delivering? Could you just maybe sort of parse out some of the incremental headwinds that we are thinking about?

Dave，我想問你——也算是問你和 Dirk——你們今年一直成功應對一些新增的產業壓力，並交出強勁的成果，包括這一季也是，對吧？那麼，為什麼第四季的情況不同，指引中的 EBITDA 成長看起來比你們一直以來的表現略低一些？你們能否拆解一下我們需要考量的新增逆風有哪些？

Then as you look forward into next year, a lot of these headwinds either start to lap or potentially even get better. I am just curious as to how you are feeling about the ability for the business to reaccelerate off of Q4 next year.

另外，展望明年，許多這些逆風要嘛開始進入比較基期、要嘛甚至可能改善。我只是好奇，你們對於明年業務在第四季之後重新加速的能力，現在感受如何？

Morning, Ed. It is Dirk. Good question. So really, it is two primary things that changed from Q3 to Q4. So selling cost, as we have talked about, is a temporary headwind. It is just because it really is the first kind of full quarter and more people moving through it. So the headwind is about another point in the fourth quarter.

早安，Ed。我是 Dirk。好問題。從第三季到第四季，主要有兩件事改變。第一是銷售成本，如同我們談過的，這是一個暫時性的逆風，原因是這基本上是第一個完整季度，且有更多人員在流程中推進。因此第四季的逆風大約再多 1 個百分點。

We expect that to reduce in the first quarter and then really be eliminated by the second quarter. Fuel is about another point, 1.5-point headwind versus where it has been, and it is a combination of higher fuel costs, and we had a little bit less fuel locked at lower prices for the fourth quarter. So it is really primarily those two things.

我們預期第一季會減輕，然後到第二季基本上就會消除。燃料則是另一個約 1 到 1.5 個百分點的逆風，相較於先前水準，主要是燃料成本較高，加上我們在第四季以較低價格鎖定的燃料比例稍微少一些。所以主要就是這兩項。

To your last question, we will obviously give our guidance in February, but we do not think there is anything to read into here. Our expectation is our algo remains well on track, and our execution continues to support what we think is strong EBITDA growth and EPS growth over time.

至於你最後一個問題，我們當然會在二月提供指引，但我們認為這裡沒有什麼需要過度解讀。我們的預期是，我們的演算法（algo）仍然進展順利，而我們的執行也持續支撐我們對於 EBITDA 與 EPS 隨時間強勁成長的看法。

Okay. Then maybe just a follow-up on independent case growth. Can you talk a little bit about the cadence during the quarter, what you have seen so far, Q4 to date, and your confidence in the ability to sustain sort of a mid-single-digit rate? As part of this, just kind of big picture, just curious as to what you are seeing competitively right now, especially as peers sort of contemplate what to do with fuel surcharges with these customers, et cetera.

好的。那再追問一下獨立客戶的箱數成長。你能談談本季內的節奏嗎？到目前為止第四季的表現如何？以及你們對於維持中個位數成長率的信心？同時從更宏觀的角度，也想了解你們目前看到的競爭態勢，特別是同業在面對這些客戶的燃料附加費等議題時，可能會怎麼做。

Yeah. Thanks, Ed. This is Dave. Really pleased with the 5% consistency from Q2 to Q3 in independent case growth, and as I mentioned, it looked like the industry backed up a bit in Q3. Our performance in the third quarter was fairly consistent throughout the quarter.

好的，謝謝你，Ed。我是 Dave。對於獨立客戶箱數成長從第二季到第三季維持 5% 的一致性，我們非常滿意；而且如我提到的，第三季看起來整個產業有些回落。我們第三季的表現，在整個季度中相當一致。

I would say that we saw a slight acceleration in September. That was followed by some softness in the first two, three weeks of October, which has since reaccelerated in the last, I'd say, two to three weeks, and we're at or better than we came out of Q3. So feeling really good about the momentum. Importantly, I talked about it on the call, our two-year stack on independent case growth, over 9% at this point. Really good momentum. Feel great about the future.

我會說九月我們看到些微加速。接著十月前兩到三週有些疲軟，但在最近兩到三週又重新加速，目前的水準與第三季結束時相當或更好。所以我們對動能感覺非常好。更重要的是，我在電話會議上也提到，我們獨立客戶箱數成長的兩年疊加（two-year stack）目前超過 9%。動能非常好，對未來感覺很有信心。

And importantly, as we started to talk about the sales force productivity and the things that we're seeing there, all the behavior changes that we anticipated around the sales comp change are really starting to get great traction, and we've got confidence in Q4 and beyond that we're going to continue to take share.

同樣重要的是，當我們開始談到銷售團隊生產力以及我們在那裡看到的情況時，圍繞銷售獎酬變更所預期的各種行為改變，真的開始取得很好的進展；我們對第四季以及之後持續拿下市占充滿信心。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行。

I wanted to just ask on the total case growth dynamics, and it's been in the very low single digit. A lot of that's a function of the pressure on the all other and national chains. I guess independents, healthcare, hospitality, all quite strong. How important is the all other and national segments to the EBITDA growth algorithm, and to what extent do some of these losses open capacity for some of your key customer segments?

我想問一下總箱數成長的動態，目前一直在非常低的個位數。這很大一部分是因為「其他」與全國連鎖客群承受壓力。我想獨立客戶、醫療保健、餐旅都相當強勁。「其他」與全國連鎖這些區隔，對 EBITDA 成長演算法有多重要？以及在某種程度上，這些流失是否為你們一些關鍵客群釋放了產能？

Yeah. Importantly, just start with our targeted customer types, Lauren, and then I'll get to your question here in a second.

好的。Lauren，先從我們鎖定的客戶類型談起，然後我再回到你這個問題。

As I just talked about independents, really feel great about the momentum in healthcare and hospitality. Importantly, we've got line of sight to great pipelines there in Q4 and the first half of 2027. So feel the consistency is there, the performance is there, 24 quarters in a row of healthcare market share, 22 with independents. Our target customer types and where we're leaning in the hardest are doing extremely well. Feel great about that. I was pleased, relative to Black Box, our chain business performed about 50 basis points better in the quarter.

如我剛才談到獨立客戶，我們對醫療保健與餐旅的動能也非常有信心。重要的是，我們對第四季以及 2027 年上半年在那裡的優質商機管線有清楚能見度。所以我們認為一致性在、表現也在：醫療保健已連續 24 個季度取得市占成長，獨立客戶則是 22 個季度。我們最聚焦、投入最多的目標客群表現非常好，對此感到很振奮。相較於 Black Box 的數據，我們的連鎖業務本季表現大約好 50 個基點，我也很高興。

Importantly, we've got some line of sight to new business there that'll start to onboard, call it late Q1 and into Q2, should provide some nice tailwinds for the back half of 2027. As you dig into the all other category, which is a combination of a lot of things, just remind you of a couple points. We lost in retail a customer that everybody would recognize that shut down their retail operations. We will lap that at the end of Q1. We'll still be a headwind here in Q4. Secondly, just in the government business, and this is a good thing for humanity, we didn't have the wildfires that we had in Q3 of last year in Los Angeles, and that was a headwind relative to that government business.

同樣重要的是，我們對那裡一些新業務有一定能見度，預計會在第一季末、進入第二季開始導入（onboard），應該會為 2027 年下半年帶來不錯的順風。再看「其他」類別，它其實是很多項目的組合，我提醒你幾點。第一，在零售方面，我們失去了一位大家都認得的客戶，因為對方關閉了其零售營運；我們會在第一季末進入比較基期（lap）。第四季仍會是逆風。第二，在政府業務方面——這對人類而言是好事——我們沒有像去年第三季洛杉磯那樣發生野火，因此相較之下對政府業務形成逆風。

In education, honestly, we have lost some business there as we saw some competitors, particularly one large competitor, chasing that business to the bottom, and that is just not something we are going to do because to your point, this is not the most profitable pieces of our business, and we are not going to chase empty cases. Some headwinds there, some of it will persist into the first quarter of next year, but feel like we have got line of sight to continue to drive growth, and we expect to see continued acceleration as we get into the first and second half of next year.

在教育領域，坦白說，我們確實流失了一些業務，因為看到一些競爭對手——尤其是一家大型競爭者——把這塊業務一路殺價到底，而這不是我們會做的事；正如你所說，這並不是我們業務中獲利性最高的部分，我們不會去追逐沒有利潤的箱數。這裡有一些逆風，其中一部分會延續到明年第一季，但我們仍然有能見度可以持續推動成長，並預期在明年上半年與下半年會看到持續加速。

Great. Then to follow up on the competitive point, any more you can share on what you are seeing in the competitive environment across different segments, the pickup in activity, whether it is healthcare, hospitality, it sounds like in the education business, anything in the independent restaurant side, an acceleration up front there, any of that would be helpful.

很好。那再追問競爭這點，你能否多分享一些你們在不同區隔看到的競爭環境？例如活動是否升溫——不論是醫療保健、餐旅；聽起來教育業務那邊有些情況；獨立餐廳端是否也有更前期的加速；任何這類觀察都會很有幫助。

Yeah. Outside of my comments there on education, which I think were quite specific to certain markets, nothing that I would comment on that is inconsistent with anything that we have been saying. This is a very competitive industry all the time. It ebbs and flows usually based on certain markets and activities going on at the time. We have got to be on our game all the time from a service standpoint, from a pricing standpoint. But I would not say anything has dramatically stepped up here in Q3 or even early Q4.

好的。除了我剛才對教育的評論——我認為那是相當針對特定市場的情況——我沒有其他要補充、且不會與我們一直以來所說的內容不一致。這是一個一直都非常競爭的產業，競爭強度通常會隨著特定市場與當下活動而起伏。我們必須在服務與定價上隨時保持最佳狀態。但我不會說在第三季或甚至第四季初，有任何事情出現了明顯升溫。

John Heinbockel, Guggenheim Securities.

John Heinbockel，Guggenheim Securities。

Dave, can you touch on lines per account and how that's performing? I am curious, when you look forward between the Italian acquisition, seller maturation, Pronto Next Day, there are ample tools here to drive that higher.

Dave，你能談談每個帳戶的品項線數（lines per account）以及目前表現如何嗎？我很好奇，往前看，介於義大利收購案、賣方成熟度提升、Pronto 次日達（Next Day）之間，這裡有很多工具可以把這個指標推得更高。

Yeah.

是的。

How do you think that plays out, and how much improvement can you drive?

你認為這會如何發展？你們能推動多少改善？

Yeah. Just first part of your question, John, really pleased with our net new account generation there, 5.5. That's accelerated over the past five or six quarters. Q3 was the strongest that we've had in more than three years. The focus that our sales force has had on minimizing lost business and accelerating opening new business is strong and continues to gain momentum.

是的。先回答你問題的第一部分，John，我們對那邊的淨新增帳戶數生成（net new account generation）非常滿意，達到 5.5。這在過去五到六個季度加速成長。第三季是我們三年多來最強的一季。我們銷售團隊在降低流失業務、加速開拓新業務上的專注度很強，而且持續增強動能。

Lines per customer up a bit. Cases per line flat to slightly down, and I think that's where the foot traffic pressure shows up, as we've talked about before. We're really excited about this Prime Line acquisition. You couple that with Pronto and all the great momentum we've had, that success in Pronto has really led us to think a bit differently about the competitive landscape and what we can do with that. I could talk all day long about Prime Line.

每位客戶的品項線數（lines per customer）小幅上升。每條線的箱數（cases per line）持平到略降，我認為這就是我們之前談過的客流壓力所反映出來的地方。我們對這次 Prime Line 的收購非常興奮。把它和 Pronto 以及我們目前的強勁動能結合起來，Pronto 的成功確實讓我們對競爭格局以及我們能做什麼有了不同的思考。我可以講 Prime Line 講一整天。

Dennis Landi runs a great business there. He inherited that business from his first-generation immigrant parents that came over from Italy, started the business in South Florida in the early 1980s. Dennis has been running it for about 20 years. Really opens the aperture to high-end Italian specialty imports. Think about Parmesan cheese, wheels of it, cured meats, extra virgin olive oils, imported pastas, premium 00 flour, those sorts of things that open the high-end Italian business for us.

Dennis Landi 在那裡經營得非常好。他從第一代義大利移民父母手上接下這門生意；他們在 1980 年代初期來到美國，並在南佛羅里達創業。Dennis 經營這家公司大約 20 年了。這真的讓我們在高端義大利特色進口品類上打開視野。想想帕瑪森起司（整輪的）、風乾熟成肉品、特級初榨橄欖油、進口義大利麵、頂級 00 麵粉等，這些都能為我們打開高端義大利業務。

Just linking it back to Pronto, as we've talked a lot about, the gap Pronto filled for us was the service model that enabled us to compete with the specialty suppliers. What acquisitions like Prime Line do is we thought more about where we can take Pronto, really open our aperture around what that can be in terms of different areas of the specialty business.

再把它連回 Pronto，如同我們談過很多次的，Pronto 為我們補上的缺口，是一種服務模式，讓我們能與特色供應商競爭。像 Prime Line 這樣的收購，讓我們更進一步思考 Pronto 可以走到哪裡，並在特色業務的不同領域上，真正擴大我們的視野。

If you think about for Pronto, what I've always said is, we've got a lot of those great products in our distribution centers. When you think about center of the plate, produce, those sorts of things where you see a lot of specialty suppliers. We hadn't really thought a lot about things like specialty Italian and those imported products until recently.

如果你想 Pronto，我一直說的是，我們在配送中心其實有很多很棒的產品。當你想到主菜核心（center of the plate）、生鮮蔬果（produce）等這些領域，你會看到很多特色供應商。直到最近，我們才開始更認真思考像義大利特色品類與那些進口產品。

I think our success in Pronto is basically what enables it and gives us the right to think differently about that. This is an opening of maybe a $20 billion or $30 billion TAM for us. We're excited about it. We think we bought a great business here, and we're going to scale it both in our broad line business as well as Pronto.

我認為我們在 Pronto 的成功，基本上就是讓這件事成為可能、也讓我們有資格用不同方式來思考。這可能為我們打開約 200 億到 300 億美元的可服務總市場（TAM）。我們很興奮。我們認為這次買到的是一家很棒的企業，而我們會在我們的綜合配送（broadline）業務以及 Pronto 兩邊把它規模化。

Well, let me follow up on that then, because I think, right, Prime Line's in five markets. You can do two things, right? You can take the whole assortment to more markets, and then you can take select items into existing OpCos. How do you think about staging that and doing it sort of at the right pace?

那我就接著追問，因為我想，對吧，Prime Line 在五個市場。你可以做兩件事：你可以把完整的品項組合帶到更多市場，然後也可以把部分精選品項導入既有的 OpCos。你怎麼思考分階段推進，以及用合適的節奏來做？

Yeah. I think we've got opportunities, and that's why I commented in the script there that we've got opportunities within Pronto as well as our broadline business. I think what you'll see us do through time is a little bit of both, John. I don't think there's going to be any limit on that.

是的。我認為我們有機會，這也是我在講稿裡提到的：我們在 Pronto 以及我們的綜合配送（broadline）業務裡都有機會。我想你會看到我們隨著時間推進，兩者都會做一些，John。我不認為會有任何限制。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO Capital Markets。

Wanted to go back to the variable compensation model. You noted the data point that 40% are now on that. I was wondering if you could just share a little bit more, if you would be willing to, how different the local case growth performance is with that cohort of sellers versus the other 60% that have not transitioned yet. You also mentioned that some are really progressing through the transition at a faster pace, and just wondering if you can share how that's working and if there's a more updated and accelerated timeline to get to completion of this transition.

我想回到變動薪酬模式（variable compensation model）。你提到現在有 40% 已經採用。我想請你多分享一點（如果你願意的話）：相較於尚未轉換的另外 60%，這一批採用新模式的銷售人員在當地箱量成長（local case growth）表現上有多大差異？你也提到有些人轉換進度更快，我也想了解這是怎麼運作的，以及完成這項轉換是否有更新、加速的時間表。

Yeah. So very good question, and I would say, Kelly, it's performing exactly like you would expect. Those sellers that are ramping up faster than others tend to be our more tenured and more experienced sellers who are eager to drive growth and make more money. It's not that the 60% aren't, it's just that you think about their tenure is less, they're newer to the sales force.

是的。這是個很好的問題。我會說，Kelly，它的表現完全符合你的預期。那些爬坡（ramping up）速度比其他人更快的銷售，往往是資歷更深、經驗更豐富、也更渴望推動成長並賺更多錢的人。並不是那 60% 不想，只是你想，他們的年資較短、加入銷售團隊的時間較新。

I'm pleased on both ends. I'm really pleased that we've seen a bit faster acceleration than we expected going into the 40%, continue to see good momentum here in Q4. I'm also pleased at the way the other 60% is embracing the new comp model and ramping up just as we would hope. Feeling really good about it and where it's going.

我對兩端都很滿意。我很高興我們在達到 40% 這個比例的過程中，看到比原先預期更快的加速，且在第四季持續看到良好動能。我也很高興另外 60% 接受新的薪酬模式並如我們所希望地逐步爬坡。整體感覺非常好，也對未來走向很有信心。

I know there was a lot of consternation as we've been talking about that over the last 18 months. We watch it closely. We're still supporting them with a lot of training and support. That will continue, but this thing is going really well.

我知道過去 18 個月我們一直在談這件事，外界有很多疑慮與不安。我們密切觀察。我們仍然透過大量訓練與支援來支持他們，這也會持續下去，但這件事進展得非常順利。

Thank you. Just maybe to follow up around the comment about more of a low single-digit kind of sales force headcount going forward. I presume that is maybe a 2027 comment and beyond, but maybe you can clarify that.

謝謝。再追問一下你提到未來銷售團隊人數將以低個位數（low single-digit）的幅度成長。我推測那可能是指 2027 年及之後，但你能否澄清一下？

Yes.

是。

Do you see that even eventually transition to being a steady state sales force, or do you see kind of low single digits for the foreseeable future?

你是否認為最終會轉為穩態（steady state）的銷售團隊規模，還是你認為在可預見的未來都會維持低個位數成長？

Yeah, for the foreseeable future. We'll have more to say about where it might go in the future whenever that gets here. But feel like now is the right moment to take that step down. Look, I said in the script, and I want everyone to understand, the sales force is the lifeblood of this company, and it always will be. So I take nothing away from that.

是的，在可預見的未來會是如此。至於未來可能會走到哪裡，等到那個時點到了我們會再多說一些。但我們覺得現在是把增幅往下調的合適時機。你看，我在講稿裡說過，我也希望大家理解：銷售團隊是這家公司最重要的命脈，而且永遠都會是。所以我完全不是要淡化它的重要性。

This is purely a reflection of the productivity gains that we're making in the sales force, and that switch over to 100% variable compensation, which is enabling our sellers to be much more productive through the course of time. We may come back and increase it again over time, and I'm reserving all rights, but we think now this is the right moment to make the change that we just talked about.

這純粹反映我們在銷售團隊所取得的生產力提升，以及轉向 100% 變動薪酬，這讓我們的銷售人員隨著時間推移能更有效率。我們未來也可能再把增幅拉高，我保留所有選項，但我們認為現在就是做出我們剛談到的這項調整的正確時點。

Alex Slagle, Jefferies.

Alex Slagle，Jefferies。

Just wanted to follow up a little more on the net new account growth, which we talked about was really good, and kind of opportunity to drive further penetration in lines per drop. Is there an element of that where the assortment on the value tier or the value-oriented private brands, is there an opportunity to broaden that assortment? I imagine a lot of customers, and that's still sort of key, finding ways to save. Are there opportunities to broaden what you offer on that front?

我想再追問一下淨新增帳戶成長（net new account growth），我們談到這表現非常好，以及在每次配送的品項線數（lines per drop）上進一步提高滲透率的機會。這裡是否有一個面向是：在價值層級（value tier）或偏價值導向的自有品牌（private brands）品項組合上，有機會擴大？我想很多客戶仍然很關鍵的一點是想辦法省錢。在這方面你們是否有機會擴大提供的內容？

Yeah, absolutely, Alex. We started to lean into that value tier offering with our brands a couple quarters ago and continue to develop the right product portfolio there, given all the pressure. This is a resilient consumer in this industry, and we're really pleased the way things are holding up.

是的，絕對有，Alex。我們在幾個季度前就開始更著力於以我們的品牌來提供價值層級（value tier）的產品，並在各種壓力之下持續打造合適的產品組合。這個產業的消費者很有韌性，我們也很高興看到整體狀況維持得不錯。

The industry's resilient, the consumer's resilient, given all the pressures, but there has been a shift to more value. I think that's well noted across the space, and that's not a new thought. So yeah, to your point, there's opportunity there. We're leaning into that opportunity and feel good about our brand portfolio, and we're expanding it where it makes sense.

在各種壓力之下，產業很有韌性、消費者也很有韌性，但確實出現了往更高性價比（value）移動的趨勢。我想這在整個產業都被充分注意到，而且也不是新觀點。所以是的，正如你所說，這裡有機會。我們正在把握這個機會，對我們的品牌組合感到很有信心，也會在合理之處擴充。

Okay. And a quick follow-up. Are there changes to the service model or investments required in Pronto to support the shift toward the more differentiated specialty areas along the lines of the Prime Line path?

好的。再快速追問：為了支持朝向更具差異化的特色領域轉移、沿著 Prime Line 這條路徑發展，Pronto 的服務模式是否需要調整，或需要投入額外投資？

Yeah, great question. We don't anticipate that to be the case to any meaningful extent, but obviously, we're thinking through that with Dennis and our team and Pronto real time.

是的，這是個好問題。我們不預期在任何有意義的程度上會需要那樣做，但很顯然，我們正與 Dennis、我們的團隊以及 Pronto 即時地一起把這些事情想清楚。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

I wanted to follow up maybe on the inflation outlook. I think you mentioned inflation was a little bit less than expected and maybe a little bit of a headwind in Q3. What is the thought process on what is driving that? How does the fourth quarter look, and any thoughts on the expectations heading into 2027?

我想追問一下通膨展望。我記得你提到通膨比預期稍低，可能在第三季帶來一些逆風。你們認為是什麼因素在驅動？第四季看起來如何？另外，對於邁入 2027 年的預期有什麼想法嗎？

Morning, Peter. It is Dirk. Two thoughts or comments. First of all, on the Q2 to Q3. The deceleration from the 2.3% to the 0.4% Q2 to Q3 was really entirely driven by center of the plate categories for US Foods. Outside of the center of the plate, you had some puts and takes, but they were largely neutral from Q2 to Q3.

早安，Peter。我是 Dirk。有兩點想法或評論。首先，關於第二季到第三季。從第二季的 2.3% 放緩到第三季的 0.4%，其實幾乎完全是由 US Foods 的「盤中主菜」類別所驅動。盤中主菜以外的品類有一些此消彼長，但從第二季到第三季整體大致上是中性的。

The categories of less beef inflation, poultry, pork deflation, those are not different than what others have talked about. I think when we go to the fourth quarter, our expectation is a little bit of acceleration from what we saw in Q3. I think it is early for 2027. You have heard me say plenty of times, I have learned a long time ago that my crystal ball is not all that accurate on this.

像是牛肉通膨較少、家禽，以及豬肉通縮等品類，這些與其他人談到的並沒有不同。我認為到了第四季，我們的預期是會比第三季看到的略有加速。至於 2027 年現在談還太早。你們也聽我說過很多次，我很早就學到我的水晶球並沒有那麼準。

I will just remind you back to when you have smaller changes like this, especially when it is in proteins, it is more of an impact on sales than it is on EBITDA. Our expectation, even if it stays at this lower level, it does not really change the outlook for how we think about earnings growth.

我只想提醒大家，當變動幅度像這樣比較小、尤其發生在蛋白質品類時，對銷售的影響通常大於對 EBITDA 的影響。我們的預期是，即便維持在這個較低水準，也不會真正改變我們對獲利成長的看法。

Got it. Any comments on geographic and/or cuisine strength or weakness in the quarter? Anything that is changed from Q2?

了解。本季在地理區域和／或菜系的強弱方面有什麼評論嗎？相較第二季有任何變化嗎？

Nothing remarkable, Peter. I think we had fairly consistent performance in the third quarter across our four geographic regions. Maybe a slight tick down in the Northeast, but that is our fastest-growing region this year. Maybe a slight tick up in the West, but pretty good strength across the board there.

沒有什麼特別值得一提的，Peter。我認為第三季我們在四個地理區域的表現相當一致。東北部可能略微下滑一點，但那是我們今年成長最快的區域。西部可能略微上升一點，但整體各區表現都相當不錯。

I would say in the cuisine types, bar and grill is our core strength. Italian, the Hispanic segments, those were all areas that grew in the industry, and we gained share in each of those. I would point to those as some of the core strengths for us.

我會說在菜系類型方面，酒吧與燒烤是我們的核心強項。義大利菜、西語裔（Hispanic）族群相關的細分市場，這些都是產業中有成長的領域，而我們在每一個領域都提升了市占。我會把這些視為我們的一些核心強項。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

I had a question about that comment you just made. Where do you think that there's kind of the most compelling share gain opportunities these days? I guess, share gains plus, where do you see it just being a more attractive segment generally that you feel like you haven't appropriately targeted in the past?

我想就你剛才那段評論問個問題。你認為目前最具吸引力的市占提升機會在哪裡？也就是說，除了市占提升之外，你覺得有哪些細分領域整體更具吸引力，而你們過去可能沒有適當地鎖定？

I don't know that it's areas that I'd say, Brian, that we haven't targeted, but I'd point to some of the ethnic areas where we're a bit under-indexed relative to our average independent market share. So areas like I just highlighted in those two, the Hispanic and Italian, are areas that we've focused on and targeted, and really pleased to see that we're gaining share in those from a relatively smaller position than our core business.

Brian，我不確定是否有哪一些領域是我會說我們過去沒有鎖定的，但我會指出一些族裔（ethnic）相關領域：相較於我們在獨立餐飲市場的平均市占，我們在這些領域的滲透率偏低。像我剛才提到的西語裔與義大利菜，就是我們一直在聚焦與鎖定的領域，也很高興看到我們在這些領域從相對較小的基礎、相較於核心業務，正在提升市占。

I think the other thing that we do get excited from a restaurant type is, Dave made the comment earlier, just Prime Line and that opportunity to really unlock more of the higher-end restaurant space, and that addition of all those imported products, specialty products, is part of that strategy to continue to grow our share in that part of the market as well.

我認為另一個讓我們感到興奮的餐廳類型是——Dave 先前提到的——Prime Line，以及藉此真正打開更多高端餐廳市場的機會；而新增的那些進口產品、特色產品，也是該策略的一部分，讓我們能持續在那一塊市場提升市占。

Okay, got it. Dirk, just in thinking about Q4, you commented on inflation. You kind of talked about your trends over the last month. I guess, was your macro assumption from a traffic perspective that it's kind of similar to Q3 or that it's a little bit softer? And with fuel, do you assume that the recovery through surcharges is similar to what you did in Q3? Do you assume it's more similar to your kind of baseline? I guess, how do you frame your assumptions there?

好的，了解。Dirk，談到第四季，你提到通膨，也談到過去一個月的趨勢。我想問，你們在客流（traffic）的宏觀假設上，是認為與第三季差不多，還是會稍微更疲弱？另外在燃油方面，你們是否假設透過附加費（surcharges）的回收率與第三季相近？還是更接近你們的基準水準？你們如何界定這些假設？

Sure. For fuel, we assume it stays in that 70% range that we've been at. To your point, our assumption is the macro broadly, whether it's traffic, fuel, et cetera, stays pretty similar to where it's at right now. We don't assume much better or much worse. And our expectation is overall on case growth specifically that we do strengthen in the fourth quarter from some of our own internal performance. But overall, assume the macro pretty constant through the fourth quarter.

當然。燃油方面，我們假設維持在目前約 70% 的區間。正如你所說，我們的假設是整體宏觀環境——不論是客流、燃油等等——大致維持在目前的水準。我們不假設會明顯更好或更差。而我們對於箱數（case）成長的預期，特別是第四季會因為我們自身內部表現而有所轉強。但整體而言，我們假設第四季宏觀環境相當穩定。

Mark Carden, UBS.

Mark Carden，UBS。

Wanted to start by digging a bit into what you're seeing on the hospitality side. Still strong, pace of growth slowed a little bit relative to last quarter. Are you guys seeing any impacts from cost of living pressures picking up in this space? How did growth compare between your lodging and non-lodging channels, and what's the reception been on Signature to date?

我想先深入了解一下你們在旅宿／餐旅（hospitality）端看到的情況。仍然強勁，但相較上季成長步伐稍微放慢。你們是否看到生活成本壓力升高對這個領域造成任何影響？你們的住宿（lodging）與非住宿通路之間的成長比較如何？另外，Signature 目前為止的市場反應如何？

Morning, Mark. Appreciate the question. First of all, let me just start with the big picture. We've got great technology. Think about Signature as that platform that we launched this spring that's analogous to Vitals in healthcare. We wrap our core technologies with great expertise in the space. We've talked in the past about our over-index in lodging and our shift to areas of more entertainment.

早安，Mark。謝謝你的問題。首先我先從大方向說起。我們有很棒的科技。把 Signature 想成我們今年春季推出的平台，類似於醫療保健領域的 Vitals。我們以深厚的專業把核心技術包裝起來。我們過去也談過，我們在住宿領域的比重偏高，並且正轉向更多娛樂相關的領域。

I would say the strength in momentum is shifting just as our targeted approach is shifting a bit. But feel really good about the pipeline in both healthcare and hospitality, not just in Q4, but as we've got line of sight into the pipeline for the first half of next year. Feel like that momentum will change with strength. And so we've got good momentum, great expertise, feel like we'll continue to take share and lean into it quite aggressively. Feel good about it, not just short term, but also long term.

我會說，動能的強勢正在轉移，正如我們的目標式策略也在做一些調整。但我們對醫療保健與餐旅兩個領域的案源（pipeline）都非常有信心，不只是在第四季；我們也能清楚看到明年上半年的案源。感覺那股動能會以更強的力道展現。因此我們有不錯的動能、很強的專業能力，也覺得我們會持續搶市占並且相當積極地加碼投入。對此我們很有信心，不只是短期，也包括長期。

Great. Then as a follow-up on fuel, you called out the elevated recovery rate again this quarter. Does that continue in 4Q or does that start to normalize?

很好。那再追問燃油，你們本季再次提到回收率偏高。這在第四季會延續，還是會開始正常化？

Our expectation is the recovery rate in 4Q is similar to what it was in Q3, so around that 70% range.

我們預期第四季的回收率與第三季相近，大約在 70% 左右。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Dave, you talked about in the past how the sales force compensation transition would take about two to three years. I am just curious, given the faster than expected start, your comments on the moderate level of hiring and the impact of the AI tool, is that still the right timeline or do you now expect that to go a bit faster?

Dave，你過去談到銷售團隊薪酬制度的轉換大約需要兩到三年。我想請教，考量到起步比預期更快、你提到招募幅度適中，以及 AI 工具帶來的影響，這個時間表仍然合理嗎？還是你們現在預期會更快一些？

Yeah, I appreciate the question, Andrew. It may go a bit faster. Early days still. We are a full quarter and a month into this thing, but feel really good about it. The fact that we have got 40% on full commission now is a bit ahead of the pace that we expected. So it may pull forward a bit. That three years may be a bit long, may be more solidly linked to the two-year range. Time will tell. We will continue to give updates as we progress.

是的，Andrew，謝謝你的問題。可能會快一些。不過現在還算早期。我們推行這件事才完整一季又一個月，但感覺非常好。我們目前已有 40% 轉為全佣金制，這比我們原先預期的進度更快。所以可能會把時程往前拉一點。三年可能偏長，可能更明確地落在兩年的區間。後續還要看時間驗證。我們會隨著進展持續提供更新。

Yes. Then, the AI cost savings, you talked about $75 million that you guys have seen, ramp to $110 million. How does that split just between gross margin benefits, SG&A, versus perhaps distribution productivity?

了解。那 AI 的成本節省方面，你們提到已看到 7,500 萬美元，並將提升到 1.10 億美元。這之中大致如何拆分：毛利率改善、SG&A，或是配送／物流生產力（distribution productivity）？

Andrew, it is Dirk. It goes across those. The biggest portion of it is from incremental sales and margin that it has generated over time, and then the ability to -- productivity is a driver, but the lesser amount.

Andrew，我是 Dirk。這些效益分布在上述各項之中。其中最大的一部分來自它隨時間帶來的增量銷售與毛利；另外，生產力也是驅動因素，但占比相對較小。

I would just come back to what Dave commented on a few things, whether it is suggested sales, whether it is product recommendations, AI search, even forecasting a product. Those all culminate ultimately in some form of increased sales. So when we talk about our digital capabilities, that is how these AI capabilities show up through our digital platform, and then we continue to use it robustly across. I expect that our benefits as we go forward will come in a combination of sales growth and productivity, as we think about next steps in the journey.

我再回到 Dave 提到的幾點：不論是建議式銷售（suggested sales）、產品推薦、AI 搜尋，甚至是產品需求預測，最終都會匯聚成某種形式的銷售提升。因此當我們談到數位能力時，這些 AI 能力就是透過我們的數位平台呈現出來，而我們也持續在各方面強力運用。我預期未來我們的效益將會同時來自銷售成長與生產力提升，作為我們思考下一階段旅程的一部分。

Yeah, we leaned in heavily to the sales force a couple years ago as we started this thing. I think to Dirk's point, as we've had great success there and thinking more about some transformational opportunities that may be more productivity-focused as we gain our confidence and really understand some of these large language models and how to apply them effectively to the business. So we're excited about what we've done, but even more excited about the contributions coming in the future.

是的，幾年前我們開始推動這件事時，就大幅倚重銷售團隊。我想呼應 Dirk 的觀點，隨著我們在那方面取得很大成功，並且在我們建立信心、真正理解這些大型語言模型以及如何有效地將它們應用到業務之後，我們也更進一步思考一些可能更偏向提升生產力的轉型機會。所以我們對目前所做的事情感到振奮，但對未來將帶來的貢獻更感到期待。

Rahul Krotthapalli, JPMorgan.

Rahul Krotthapalli，摩根大通（JPMorgan）。

Dave, I wanted to talk about physical automation, given you guys are already leading on the workflow adoption and automation. Update us on the inventory scanning robot pilot. Are we on track to expand this for the new six locations or so you guys talked about? What other purpose-built opportunities might there be in the near term that you can look at or work with vendors to accelerate and lead adoption in the industry? Specifically for this industry, is the challenge mainly around handling differences in the package versus perishables?

Dave，我想談談實體自動化，因為你們在工作流程採用與自動化方面已經處於領先地位。請更新一下庫存掃描機器人試點的進展。我們是否仍按計畫要把它擴展到你們提到的大約六個新據點？短期內還有哪些專用（purpose-built）的機會，你們可以評估或與供應商合作，以加速並引領產業採用？就這個產業而言，挑戰主要是在於處理包裝差異，還是生鮮易腐品？

Yeah, I think we're excited about automation. I'll break your question up. The second part of it around the inventory robotics that we've talked about previously, we started that in one location. We're expanding that to a few more pilots. As Dirk's commented in the past, it's basically the cost of one human, and it counts the inventory quite accurately and does it within 24 hours. So it's really good. So we expect more contributions to that going forward.

是的，我想我們對自動化感到很興奮。我把你的問題拆開來回答。關於我們先前談過的庫存機器人那一部分，我們先在一個據點啟動，現在正擴展到更多試點。如 Dirk 過去所評論的，它的成本基本上相當於一名人員，但能相當精準地盤點庫存，並在 24 小時內完成。所以效果非常好。因此我們預期未來它會帶來更多貢獻。

Our automation in Aurora is going well and stable. We're learning a lot through that process and how we might apply that technology in other locations. We've got an expansion underway in Texas right now that we'll take those learnings from Aurora and apply it to.

我們在 Aurora 的自動化運作良好且穩定。我們在這個過程中學到很多，也在思考如何把這項技術應用到其他據點。我們目前正在德州進行擴建，會把在 Aurora 的學習成果帶過去並加以應用。

Importantly, to your other question around robotics, I think there's huge opportunities going forward around that we'll likely explore through the course of time as well. We've got our legs under us around automation and how to apply it. As the technology continues to evolve, we'll grasp those opportunities and apply them effectively to the business.

重要的是，針對你關於機器人的另一個問題，我認為未來在這方面有巨大的機會，我們也很可能會隨著時間推進去探索。我們已經在自動化以及如何應用上站穩腳步。隨著技術持續演進，我們會把握這些機會，並有效地應用到業務上。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

I just wanted to ask, with more sellers on full commission in the new plan and private label being one of the things that the new plan rewards, are you seeing private label penetration go up? If you can quantify where it is now with independents versus that 52% that you said last quarter.

我想請問，在新方案下有更多業務改為全佣金制，而自有品牌又是新方案獎勵的項目之一，你們是否看到自有品牌滲透率上升？如果可以的話，能否量化一下目前在獨立客戶（independents）中的占比，相較於你們上季提到的 52%？

Good morning. It is still around that 52%. What is interesting, though, we are seeing some shift within there of people, again, driving private label in some cases, more profitable private label that are better fits for customers. Again, that is one of the things that the plan does recognize and reward. Overall, it is doing the benefit. I think the flat quarter-over-quarter with private label, we have grown that year-over-year.

早安。目前仍大約在 52% 左右。不過有趣的是，我們看到其中出現一些結構性的轉移：有些客戶確實在推動自有品牌，在某些情況下是更有利潤、也更符合客戶需求的自有品牌。再說一次，這正是該方案會認可並獎勵的事情。整體而言，這帶來了正面效益。我認為自有品牌季對季持平，但我們在年對年是有成長的。

It is just -- it is not growing faster than the rest of the business, and some of that is what Dave alluded to earlier with the value is, we continue to look for those opportunities, whether it is through private label or other opportunity buys to offer value to customers. Sometimes that comes in non-private label, and our goal is to continue to help customers feel like they are getting value from US Foods. But we still think private label is a big opportunity for us, and we will continue to grow it over time.

只是——它的成長速度沒有快過整體業務的其他部分，其中一部分原因如 Dave 先前提到的「價值」：我們持續尋找各種機會，不論是透過自有品牌或其他機會性採購（opportunity buys）來為客戶提供價值。有時候那會出現在非自有品牌上；而我們的目標是持續讓客戶感受到他們從 US Foods 得到價值。但我們仍認為自有品牌對我們而言是一個很大的機會，並且會隨時間持續擴大。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

I was hoping you could give a little bit more color on the dynamic of your sales force hiring pace and productivity on your EBITDA. Specifically, if I heard correctly, the selling cost is going to be a temporary headwind of about 1 point in the fourth quarter, a little bit less so in first quarter next year, then eliminated afterwards.

我希望你們能更具體說明一下：你們銷售團隊的招募速度與生產力，對 EBITDA 的影響動態。具體來說，如果我理解正確，銷售成本在第四季會形成約 1 個百分點的短期逆風，明年第一季逆風會小一些，之後就會消除。

But then after that point, will we then see EBITDA benefit, since your hiring levels are a little bit lower, or are you assuming no change? To the extent that you are going to see some tailwind, what is the percentage impact on EBITDA that we should be expecting at that point?

但在那之後，因為你們的招募水準略低，我們是否會看到 EBITDA 受益？還是你們假設不會有變化？如果確實會出現一些順風，我們應該預期對 EBITDA 的百分比影響大約是多少？

Morning, it's Dirk. I'll start with the latter part. As we slow the pace of hiring, those cases, as we still sell, grow cases, we're still paying sellers for those. We're still including the compensation. It will just show up differently. That's another thing that really fortifies the comments we've made all along, our goal is to help sellers be more effective in helping their customers, spend more time with their customers, and maximize earnings on this plan.

早安，我是 Dirk。我先回答後半段。當我們放慢招募速度時，在那些情況下，即使我們仍在銷售、仍在增加箱數（cases），我們仍然會為業務支付報酬，仍然會把薪酬納入其中；只是呈現方式會不同。這也再次強化了我們一直以來的說法：我們的目標是讓業務更有效地協助客戶、花更多時間與客戶互動，並在這個方案下最大化其收入。

That's exactly what it does. I don't know that it shows a decrease as opposed to more of, again, a slowing as we continue to get more productive and help our sellers grow overall their earnings and their effectiveness with our end customers.

這個方案確實就是做到這一點。我不確定它是否會呈現為成本下降；更像是——隨著我們持續提升生產力，並幫助業務整體提高其收入與對終端客戶的有效性，成本成長會放緩。

Thank you. I was wondering if you can comment on the state and maybe the pipeline of your M&A. I mean, if you're observing the food distributor space right now, it seems like the local independents are struggling a bit, with the diesel costs going up, tractor availability not being particularly healthy right now in the US. So do you see a motivated level of pipeline for M&A? If so, would that tweak a little bit temporarily how you're thinking about your capital allocation? Thank you.

謝謝。我想請你們評論一下你們併購（M&A）的現況以及可能的案源（pipeline）。我的意思是，如果你們現在觀察食品配送商的市場，似乎地方型獨立業者有點吃力，柴油成本上升，而在美國卡車牽引車（tractor）的供給狀況也不是特別健康。所以你們是否看到併購案源有較高的「被推動」程度？如果有的話，這是否會在短期內稍微調整你們對資本配置的想法？謝謝。

Sure. I would tell you our M&A pipeline is probably as busy as it's ever been, or at least as I can remember. The team's active, but what that means is, again, we're going to be discerning as we go through there, and many of them in earlier stages as we go through what's the right fit for us, what's the right value, et cetera.

當然。我會說我們的併購案源大概是有史以來最忙的時候之一，至少是我記憶中最忙的。團隊很積極，但這也意味著——我們在推進過程中會保持審慎，而且其中很多仍處於較早期階段，我們會評估什麼才是適合我們的標的、什麼才是合適的價值等等。

I think as you've heard us talk about, Prime Line's a great example of one where we're excited to have completed and welcome them to the US Foods team and what we can use from that business to support our growth. So we'll give an update over time, but very pleased with the robustness of the pipeline our M&A team has right now.

我想你們也聽過我們談到，Prime Line 就是一個很好的例子：我們很高興完成交易並歡迎他們加入 US Foods 團隊，也期待能運用該業務來支持我們的成長。我們會隨時間提供更新，但對目前併購團隊案源的強勁程度感到非常滿意。

There are no further questions at this time. I will now turn the call back over to Mr. Michael Neese for any closing remarks.

目前沒有其他問題。我現在把電話交回給 Michael Neese 先生，請他做結語。

Thank you for your time today and your interest in US Foods. Have a great day. Bye-bye.

感謝各位今天撥冗以及對 US Foods 的關注。祝各位有美好的一天。再見。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。