Vestis Corporation (VSTS) 2026 Q2 法說會逐字稿

Welcome to the Vestis Corporation fiscal second-quarter 2026 earnings conference call. I would now like to turn the call over to Stefan Neely with Investor Relations.

歡迎參加 Vestis Corporation 2026 會計年度第二季財報電話會議。現在我將把電話交給投資人關係部的 Stefan Neely。

Thank you, operator, and thank you all for joining us on the call this morning. Leading the call with me today is Jim Barber, President and Chief Executive Officer; and Adam Bowen, Interim Chief Financial Officer. Also with us on the call today is Bill Seward, Chief Operating Officer. Jim and Adam will provide prepared remarks, and then we will open the line to questions.

謝謝接線員，也謝謝各位今天早上加入我們的電話會議。今天與我一同主持電話會議的是總裁兼執行長 Jim Barber，以及代理財務長 Adam Bowen。今天也與會的是營運長 Bill Seward。Jim 和 Adam 將先發表準備好的談話，之後我們將開放提問。

Before I turn the call over to Jim, I want to remind everyone that today's discussion contains forward-looking statements about future business and financial expectations. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for such forward-looking statements. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities Exchange Commission.

在我把電話交給 Jim 之前，我想提醒各位，今天的討論包含關於未來業務與財務預期的前瞻性陳述。1995 年《私人證券訴訟改革法》為此類前瞻性陳述提供民事訴訟的安全港條款。由於各種風險與不確定性（包括我們向美國證券交易委員會提交的定期報告中所述風險），實際結果可能與今日前瞻性陳述所預測者有重大差異。

Except as required by law, we undertake no obligation to update our forward-looking statements. Further, this call will include the discussion of certain non-GAAP financial measures. Reconciliation of these measures to the closest GAAP financial measure is included in our quarterly earnings press release and corresponding supplemental materials, which are available at ir.vestis.com.

除法律要求外，我們不承擔更新前瞻性陳述的任何義務。此外，本次電話會議將討論若干非 GAAP 財務衡量指標。這些指標與最接近的 GAAP 財務指標之調節表，已包含於我們的季度財報新聞稿及相應補充資料中，可於 ir.vestis.com 取得。

With that, I would like to turn the call over to Jim.

接下來，我想把電話交給 Jim。

Thank you, Stefan. Good morning, everyone. Thanks for joining us. I am very proud of the progress our team delivered in the second quarter. Our results reflect continued momentum and disciplined execution against our business transformation plan. Importantly, the quarter marked a meaningful inflection point for Vestis, delivering our first year-over-year adjusted EBITDA growth in more than two years and our first improvement in operating leverage since becoming a public company.

謝謝你，Stefan。各位早安。感謝大家加入我們。我對我們團隊在第二季所交出的進展感到非常自豪。我們的成果反映出持續的動能，以及針對業務轉型計畫的嚴謹執行。重要的是，本季對 Vestis 而言是一個具意義的轉折點：我們在兩年多來首次實現調整後 EBITDA 的年對年成長，並且自成為上市公司以來首次改善營運槓桿。

This performance demonstrates the impact of an enterprise-wide focus on execution and on managing every dollar of the business down to the penny as we work to compound value over time. Second quarter adjusted EBITDA was approximately $75 million, an increase of nearly $12 million or 19% year over year on a covenant-adjusted basis. That improvement was driven by a $0.02 improvement in operating leverage, comprised of a $0.02 reduction in cost per pound.

這項表現展現了我們在全企業範圍內聚焦執行、並在經營上精打細算到每一分錢的成效，藉此隨時間累積價值。第二季調整後 EBITDA 約為 7,500 萬美元；以契約調整（covenant-adjusted）基礎計算，年對年增加近 1,200 萬美元，增幅 19%。該改善主要來自營運槓桿提升 0.02 美元，其中包含每磅成本降低 0.02 美元。

Guided by the initiatives laid out in our business transformation plan, we are continuing to strengthen the foundation for sustained profitability and value creation. Our progress this quarter reflects the power of a more unified, performance-driven culture, a culture we are evolving upon a shared vision and values which promote long-term value creation upon a bedrock of customer service. Our teams across the organization are aligned around promoting disciplined operating practices and making daily decisions that improve operating leverage while enhancing the customer experience.

在我們業務轉型計畫所列舉的各項倡議引導下，我們持續強化可持續獲利與價值創造的基礎。本季的進展反映出更一致、以績效為導向的企業文化之力量；我們正以共同願景與價值觀推動文化演進，並以客戶服務為基石，促進長期價值創造。全組織各團隊已對齊目標：推動嚴謹的營運作法，並在每日決策中同時提升營運槓桿與客戶體驗。

During the quarter, we made measurable progress across all three pillars of our transformation framework. Starting with the operational excellence, we built on the progress achieved in the first quarter, delivering tangible improvements across the metrics that matter most. When compared to the fiscal second quarter of 2025, on-time delivery improved by 270 basis points.

本季，我們在轉型架構的三大支柱上皆取得可衡量的進展。首先在營運卓越方面，我們延續第一季的成果，在最關鍵的指標上交出具體改善。與 2025 會計年度第二季相比，準時交付率提升了 270 個基點。

Plant productivity increased by 11%, and customer complaints have declined by 4%. This continued momentum reflects our commitment to customer service and our intense focus on consistent, disciplined operating practices. When we execute well operationally, the customer experience improves, and our costs come down. These are the leading indicators that drive durable improvement in financial performance, but we have more work to do to improve our service as we are just getting started.

工廠生產力提升 11%，客戶抱怨下降 4%。這股持續動能反映出我們對客戶服務的承諾，以及對一致且嚴謹營運作法的高度專注。當我們在營運上執行到位，客戶體驗就會改善，而成本也會下降。這些是推動財務表現持久改善的領先指標，但我們仍有更多工作要做來提升服務，因為我們才剛剛開始。

We also sharpened our enterprise-wide focus on cost per pound with clear accountability across the organization. By measuring success consistently on a per-pound basis and reinforcing ownership and accountability through Vestis, we delivered a $0.02 year-over-year reduction in cost per pound. Combined with our progress in commercial execution, this was a key contributor to the operating leverage improvement and adjusted EBITDA growth we achieved in the quarter.

我們也在全企業範圍內，透過明確的組織責任歸屬，進一步聚焦每磅成本。藉由以每磅為基礎一致衡量成功，並在 Vestis 內部強化主人翁精神與責任承擔，我們實現每磅成本年對年降低 0.02 美元。結合我們在商業執行上的進展，這是本季營運槓桿改善與調整後 EBITDA 成長的重要貢獻因素。

Looking ahead, we expect to carry this momentum through the second half of the year. In addition to plant and network execution, we're expanding our focus to include delivery costs and additional SG&A reduction opportunities. We are actively streamlining processes and organizational workflows to unlock further efficiency, driving continued improvement in cost per pound and adjusted EBITDA as the year progresses.

展望未來，我們預期將把這股動能延續到下半年。除了工廠與網路的執行之外，我們也將擴大聚焦範圍，納入配送成本以及更多 SG&A（銷售、一般及行政費用）削減機會。我們正積極精簡流程與組織工作流，以釋放更多效率，並隨著年度推進持續改善每磅成本與調整後 EBITDA。

Turning to commercial excellence. We continue to advance several key initiatives to strengthen decision support and improve revenue quality. During the quarter, we made progress deploying data-driven decision tools that enable improved profitability-focused decision-making at the customer level, particularly in strategic pricing and product mix. We also continue to strengthen customer segmentation, pricing frameworks, and approval process across national accounts, newfield sales, and direct sales.

接著談商業卓越。我們持續推進多項關鍵倡議，以強化決策支援並提升營收品質。本季，我們在部署數據驅動的決策工具方面取得進展，使我們能在客戶層級做出更以獲利為導向的決策，特別是在策略性定價與產品組合方面。我們也持續強化客戶分群、定價架構，以及在全國性客戶（national accounts）、新場域銷售（newfield sales）與直銷（direct sales）上的核准流程。

These actions are designed to ensure that the revenue we bring into the business supports operating leverage and adjusted EBITDA expansion. We are beginning to see the impact of this work. The year-over-year decline in revenue per pound has narrowed over the past several quarters, reaching flat in the second quarter, a first time since Vestis became a public company. This progress reinforces our confidence that the commercial initiatives underway are gaining traction.

這些行動旨在確保我們帶入業務的營收能支撐營運槓桿與調整後 EBITDA 的擴張。我們已開始看到這些工作的影響。每磅營收的年對年下滑在過去幾季逐步收斂，並在第二季達到持平，這是 Vestis 成為上市公司以來的首次。這項進展強化了我們的信心，顯示正在推動的商業倡議正逐步奏效。

At the same time, we are reestablishing commercial rigor and discipline that had eroded following the spin. That includes enforcing pricing floors, setting product mix targets for new sales, onboarding volume that are accretive to our network, and exiting business that does not meet our return thresholds. The goal is straightforward: create durable value by being more disciplined about what we sell, how we price, and how we serve our customers.

同時，我們也正在重建在分拆（spin）後曾經弱化的商業嚴謹度與紀律。這包括落實價格底線、為新銷售設定產品組合目標、導入能為我們網路帶來增益（accretive）的量，以及退出未達我們報酬門檻的業務。目標很明確：在我們銷售什麼、如何定價、以及如何服務客戶方面更具紀律，從而創造可持續的價值。

As we scale these practices, we expect continued improvements in operating leverage through higher value mix, more consistent pricing execution, and deeper penetration within our existing customer base, including through the continued expansion of our market development representative program. While we continue to prioritize value over volume, the early progress in improving revenue quality delivered a half percent improvement year over year in growth during the month of March.

隨著我們擴大這些作法的規模，我們預期將透過更高價值的組合、更一致的定價執行，以及在既有客戶基礎中更深的滲透（包括持續擴展我們的市場開發代表計畫），持續改善營運槓桿。在我們仍以價值優先於量的同時，提升營收品質的初步進展，使 3 月份的年對年成長率改善了 0.5 個百分點。

Looking ahead, we expect this momentum to continue, driving future improvements in revenue per pound and supporting a return to top-line growth as we approach the end of fiscal 2026. Turning to network and asset optimization. During the quarter, we sold two inactive non-operating facilities, generating $6.5 million net proceeds that we used to repay debt. We continue to actively market several additional non-operational properties that Adam will discuss in more detail.

展望未來，我們預期這股動能將持續，推動每磅營收的進一步改善，並在接近 2026 會計年度末時，支持營收重回成長。接著談網路與資產最佳化。本季，我們出售兩處閒置且未營運的設施，產生 650 萬美元的淨收益，並用於償還債務。我們也持續積極推售數處額外的非營運不動產，Adam 將在稍後更詳細說明。

As we further optimize our network and position Vestis for future growth, we will continue to evaluate asset sales where market values present an attractive opportunity to unlock value, strengthen the balance sheet, and better align our footprint with high-growth markets. In parallel, we are evaluating our market positioning and network configuration to ensure we are well-positioned to capitalize on shifts in competitive dynamics.

隨著我們進一步優化我們的網路並為 Vestis 的未來成長做好布局，我們將持續評估資產出售，在市場估值提供具吸引力的機會時，以釋放價值、強化資產負債表，並使我們的據點布局更貼近高成長市場。同時，我們也在評估我們的市場定位與網路配置，以確保我們能妥善把握競爭態勢變化所帶來的機會。

We are particularly focused on identifying opportunities created by market consolidation and ensuring Vestis remains a reliable, high-quality service partner of choice for both new and existing customers. As we move through the remainder of the year, I am pleased with the progress we've made in executing our business transformation. While there is still work ahead, our performance to date gives us confidence in both the plan and our ability to deliver.

我們特別著重於辨識市場整併所創造的機會，並確保 Vestis 對新舊客戶而言，始終是值得信賴、具高品質的首選服務夥伴。隨著我們邁入今年剩餘的時間，我對我們在推動業務轉型方面所取得的進展感到欣慰。儘管前方仍有工作要做，但迄今為止的表現讓我們對計畫本身以及我們的交付能力都更具信心。

Reflecting the execution achieved in the first half of the year, we are increasing our outlook for both adjusted EBITDA and free cash flow, which Adam will discuss. In closing, I am very, very proud of the progress our team made in the second quarter, and I remain encouraged by the momentum building across the business.

反映上半年所達成的執行成果，我們上調了調整後 EBITDA 與自由現金流的展望，Adam 將進一步說明。最後，我對我們團隊在第二季取得的進展感到非常、非常自豪，也持續受到全公司動能逐步建立的鼓舞。

A key part of our transformation is the work we're doing to strengthen our culture, surveying our teams, investing in their development, and building our Vestis together. We're building a Vestis where every teammate is proud to work and empowered to perform with a culture grounded in alignment, accountability, and strategic execution.

我們轉型的一個關鍵部分，是我們正在進行的文化強化工作：對團隊進行調查、投資其發展，並共同打造我們的 Vestis。我們正在打造一個讓每位同仁都以在 Vestis 工作為榮、並被賦能以發揮表現的 Vestis，其文化根基在於一致性、當責，以及策略執行。

With a stronger culture as our foundation, we are managing Vestis as a penny-driven business, one where the compounding of small intentional improvements across mix, pricing, operations, and cost structure will grow into sustainable operating leverage and long-term shareholder value $0.01 at a time. With that, I'll turn it over to Adam to walk through the financials.

以更強健的文化作為基礎，我們正以「分錢必爭」的方式經營 Vestis——透過在組合、定價、營運與成本結構上持續累積小而有意識的改善，逐步形成可持續的營運槓桿與長期股東價值，一次 $0.01。接下來我把時間交給 Adam，請他帶大家看財務表現。

Thank you, Jim, and good morning, everyone. Revenue for the second quarter was approximately $659 million, down about $6 million or 0.9% year over year. This includes a $2.7 million favorable foreign currency impact from our Canadian business. The decline was primarily driven by a 1.2% reduction in volume, measured as pounds processed, partially offset by improvements in strategic pricing and product mix.

謝謝你，Jim，各位早安。第二季營收約為 6.59 億美元，年減約 600 萬美元或 0.9%。其中包含來自我們加拿大業務 270 萬美元的有利外匯影響。下滑主要由於量（以處理磅數衡量）減少 1.2%，部分被策略性定價與產品組合改善所抵銷。

Revenue per pound in the second quarter was $1.37 per pound, flat both year over year and sequentially. Volume declined by approximately 6 million pounds year over year, but the volume we lost was lower quality, carrying an average revenue per pound of approximately $1 per pound.

第二季每磅營收為每磅 1.37 美元，無論年比或季比皆持平。處理量年減約 600 萬磅，但流失的量屬於較低品質，其平均每磅營收約為每磅 1 美元。

As a result, the decrease in volumes was accretive to our overall revenue quality and reflects continued progress in strategic pricing, product mix, and the intentional exit of the lower margin volume. As we discussed on our first quarter call, prior to launching our transformation, our product mix shifted towards lower margin workplace supplies, particularly linen.

因此，處理量下降反而提升了我們整體營收品質，並反映我們在策略性定價、產品組合，以及有意退出較低毛利量方面的持續進展。如同我們在第一季電話會議中所提到，在啟動轉型之前，我們的產品組合曾轉向較低毛利的工作場所用品，特別是亞麻布品（linen）。

In the second quarter, measured on a pounds processed basis, linen concentration increased by 4% year over year, improving from a 7% increase in the first quarter and down 2% sequentially, reflecting the early impact of our initiatives to drive a higher value product mix. Cost of service decreased by approximately $4 million on a year-over-year basis, driven by lower merchandise and delivery costs in combination with improvements in plant productivity that Jim mentioned earlier, reflecting continued progress and execution of our Operational Excellence Initiatives.

第二季以處理磅數衡量，亞麻布品（linen）占比年增 4%，較第一季年增 7%有所改善，且季減 2%，反映我們推動更高價值產品組合之措施的初步成效。服務成本年減約 400 萬美元，主要由於商品與配送成本下降，並結合 Jim 先前提到的工廠生產力提升，反映我們在營運卓越計畫上的持續進展與執行。

SG&A declined approximately $36 million year over year on a reported basis. However, the prior year included a $15 million bad debt expense adjustment and $8 million of non-recurring severance related to executive transition costs. Adjusting for these items, SG&A declined approximately $13.5 million or 12% year over year, reflecting our continued progress on streamlining the organization and managing our operating expenses.

以報表口徑計，SG&A 年減約 3,600 萬美元。然而，去年包含 1,500 萬美元的壞帳費用調整，以及 800 萬美元與高階主管交接成本相關的一次性資遣費。剔除上述項目後，SG&A 年減約 1,350 萬美元或 12%，反映我們在精簡組織與管理營運費用方面的持續進展。

Taken together, the reduction in operating costs drove a $0.02 year-over-year improvement in cost per pound. With revenue per pound flat, operating leverage per pound also improved by $0.02. Notably, this marks the first year-over-year increase of operating leverage since the spin, directly contributing to growth in net income and adjusted EBITDA. Net income increased by $30.4 million to $2.6 million compared to a net loss of $27.8 million in the prior year.

綜合而言，營運成本下降帶動每磅成本年比改善 0.02 美元。在每磅營收持平的情況下，每磅營運槓桿也改善 0.02 美元。值得注意的是，這是自分拆以來營運槓桿首次出現年比提升，直接推動淨利與調整後 EBITDA 成長。淨利增加 3,040 萬美元至 260 萬美元，相較去年同期淨損 2,780 萬美元。

Adjusted EBITDA for the quarter was $74.5 million, with an adjusted EBITDA margin of 11.3% versus $47.6 million or 7.2% in the prior year. Excluding the $15 million bad debt adjustment last year, adjusted EBITDA was $62.6 million in the prior year with an adjusted EBITDA margin of 9.4% on a comparable or covenant-adjusted basis, reflecting an increase of approximately $12 million or 19% year over year, driven by our improvements in operating leverage.

本季調整後 EBITDA 為 7,450 萬美元，調整後 EBITDA 利潤率為 11.3%，相較去年同期 4,760 萬美元或 7.2%。若排除去年 1,500 萬美元的壞帳調整，去年同期在可比或契約調整（covenant-adjusted）口徑下的調整後 EBITDA 為 6,260 萬美元、利潤率為 9.4%，年增約 1,200 萬美元或 19%，主要由營運槓桿改善所帶動。

On a year-to-date basis, our transformation initiatives are contributing approximately $15 million of in-year cost reduction benefits towards our initial estimate of $40 million, as expected. Turning to cash flow and the balance sheet. We generated $58.3 million in operating cash flow and $45.6 million of free cash flow in the quarter.

以年初至今來看，我們的轉型措施如預期已貢獻約 1,500 萬美元的當年度成本降低效益，朝我們最初估計的 4,000 萬美元目標邁進。接著談現金流與資產負債表。本季我們創造 5,830 萬美元的營運現金流，以及 4,560 萬美元的自由現金流。

This was driven by approximately $12 million of improvement in operating working capital, including accounts receivable, inventory, and accounts payable, along with roughly $11 million of improvement in rental merchandise and service year over year. Our strong cash flow results reflect our disciplined progress in working capital and balance sheet management, including several operational excellence initiatives focused on stronger collections, centralized purchasing, and tighter inventory control.

這主要來自營運周轉資金改善約 1,200 萬美元（包括應收帳款、存貨與應付帳款），以及租賃商品與服務方面年比改善約 1,100 萬美元。我們強勁的現金流成果反映我們在周轉資金與資產負債表管理上的紀律性進展，包括多項聚焦於更強催收、集中採購與更嚴格存貨控管的營運卓越措施。

Second quarter adjusted free cash flow was $57 million. As a reminder, adjusted free cash flow excludes transformation-related cash expenditures such as third-party costs and severance payments made during the transformation period. During the quarter, those expenditures totaled approximately $11 million, consisting of $7.2 million of third-party costs and $3.9 million of severance.

第二季調整後自由現金流為 5,700 萬美元。提醒一下，調整後自由現金流不包含轉型相關的現金支出，例如轉型期間支付的第三方成本與資遣費。本季上述支出合計約 1,100 萬美元，其中第三方成本 720 萬美元、資遣費 390 萬美元。

On the balance sheet, at the end of the second quarter, net debt was $1.25 billion, and our principal bank debt outstanding was $1.13 billion. During the second quarter of fiscal 2026, we used cash generated from operations and proceeds from non-operating asset sales to repay $34 million of debt, including $19 million of borrowings on our revolver and $15 million of term loan debt.

在資產負債表方面，截至第二季末，淨負債為 12.5 億美元，主要銀行借款餘額為 11.3 億美元。在 2026 會計年度第二季期間，我們使用營運所產生的現金以及非營運資產出售所得償還 3,400 萬美元債務，其中包括循環信貸（revolver）借款 1,900 萬美元與定期貸款（term loan）債務 1,500 萬美元。

During the quarter, we invested $24.7 million in new capital assets, which included $12.7 million in cash investments and $12 million in new finance leases for our delivery fleet. Year to date, we've invested thirty-nine and a half million in new capital assets, including $22.1 million in cash investments and $17.4 million in new finance leases for our delivery fleet.

本季我們投資 2,470 萬美元於新資本資產，其中包括 1,270 萬美元的現金投資，以及為配送車隊新增 1,200 萬美元的融資租賃。年初至今，我們已投資 3,950 萬美元於新資本資產，其中包括 2,210 萬美元的現金投資，以及為配送車隊新增 1,740 萬美元的融資租賃。

We ended the quarter with a strong liquidity position with no debt maturities until 2028 and approximately $344 million of available liquidity. This includes $294 million of undrawn revolver capacity and approximately $50 million of cash on hand. Our capital allocation strategy continues to prioritize maintaining a strong balance sheet while allocating capital toward high return opportunities with a clear focus on delevering.

我們在本季末維持強勁的流動性部位，直到 2028 年之前均無到期債務，且可用流動性約為 3.44 億美元。其中包括 2.94 億美元的未動用循環信貸額度，以及約 5,000 萬美元的手頭現金。我們的資本配置策略仍以維持強健的資產負債表為優先，同時將資本配置於高報酬機會，並明確聚焦於去槓桿。

Through disciplined balance sheet management and improved working capital execution, we are creating greater financial flexibility and strengthening the foundation to support the business over the long term. As discussed last quarter, we remain active in monetizing non-operating assets while evaluating our network for further optimization. During the second quarter, we completed the sale of two inactive properties for approximately six and a half million in proceeds, which were used to repay debt.

透過嚴謹的資產負債表管理與營運資金執行的改善，我們正在創造更大的財務彈性，並強化支撐業務長期發展的基礎。如同上季所討論，我們仍積極將非營運資產變現，同時評估我們的網路以進一步最佳化。在第二季期間，我們完成出售兩處閒置資產，取得約 650 萬美元的處分收入，並用於償還債務。

We are actively marketing an additional 11 properties with an estimated value of approximately $15 million, all in various stages of the disposition process, and more are under evaluation. As with prior dispositions, proceeds will be used to reduce debt.

我們正積極推銷另外 11 處資產，估計價值約 1,500 萬美元，皆處於處分流程的不同階段，且仍有更多資產正在評估中。與先前的處分類似，處分所得將用於降低債務。

Turning to our outlook. Today, we are raising our full year fiscal 2026 guidance for adjusted EBITDA and free cash flow. Reflecting the strong execution against our transformation plan, we now expect adjusted EBITDA in the range of $295 million to $325 million, with sequential growth of about 5% in the third quarter and 5% to 10% in the fourth quarter toward an increased midpoint of $310 million.

接著談我們的展望。今天，我們上調 2026 財政年度全年調整後 EBITDA 與自由現金流指引。反映我們對轉型計畫的強勁執行力，我們目前預期調整後 EBITDA 將落在 2.95 億至 3.25 億美元區間，第三季約有 5% 的季增，第四季約有 5% 至 10% 的季增，全年中位數上調至 3.10 億美元。

Our updated adjusted EBITDA outlook for the full year is compared to our previous range of $285 million to $315 million with a prior midpoint of $300 million. We now expect in-year benefits from our transformation to be approximately $50 million.

我們更新後的全年調整後 EBITDA 展望，相較於先前 2.85 億至 3.15 億美元的區間、先前中位數為 3.00 億美元。我們現在預期轉型在本年度內帶來的效益約為 5,000 萬美元。

A $10 million dollar increase over our prior estimate of $40 million in year, which translates to at least $75 million on a full year basis as we enter into fiscal 2027. Moving to our updated guidance for free cash flow. Through the first six months of fiscal 2026, we generated approximately $74 million of free cash flow, an improvement of $92 million compared to the first half of fiscal 2025.

較我們先前估計的本年度 4,000 萬美元增加 1,000 萬美元；換算而言，當我們進入 2027 財政年度時，按全年基礎至少相當於 7,500 萬美元。接著看我們更新後的自由現金流指引。在 2026 財政年度前六個月，我們產生約 7,400 萬美元的自由現金流，較 2025 財政年度上半年改善 9,200 萬美元。

This improvement was driven by the hard work of our teams executing against our transformation priorities, contributing roughly $50 million from stronger working capital and balance sheet management, along with approximately $14 million from improved management of rental merchandise and service, both on a comparable year-to-date basis. The remainder of our improvements are resulting from stronger collections practices. Overall, our free cash flow performance exceeds our initial expectations for fiscal 2026.

這項改善來自我們團隊針對轉型優先事項的努力執行：在可比的年初至今基礎上，較強的營運資金與資產負債表管理貢獻約 5,000 萬美元，另有約 1,400 萬美元來自租賃商品與服務管理的改善。其餘改善則源自更強的收款作業。整體而言，我們的自由現金流表現優於 2026 財政年度的初始預期。

Given our first half performance and continued momentum, we now expect free cash flow in the range of $120 million to $150 million, compared to a range of $50 million to $60 million previously. This assumes $60 million to $70 million of cash capital expenditures and $30 million to $35 million in cash paid for transformation-related expenses.

基於上半年表現與持續動能，我們目前預期自由現金流將落在 1.20 億至 1.50 億美元區間，先前則為 5,000 萬至 6,000 萬美元。此假設包含 6,000 萬至 7,000 萬美元的現金資本支出，以及 3,000 萬至 3,500 萬美元的轉型相關費用現金支出。

As with our prior guidance, we continue to expect fiscal 2026 revenue to be flat to down 2% compared to our normalized fiscal 2025 revenue, excluding the impact of our 53rd week last year. We also expect our full year effective tax rate to be between 35% and 40% on a full year basis, with our Q3 standalone rate in the low to mid 40% range.

與先前指引一致，我們仍預期 2026 財政年度營收相較於常態化的 2025 財政年度營收（排除去年第 53 週的影響）將持平至下滑 2%。我們也預期全年有效稅率按全年基礎將介於 35% 至 40%，其中第三季單季稅率預計落在 40% 初至中段。

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

接下來，接線員，請開放提問。

(Operator Instructions) Stephanie Moore, Jefferies.

(接線員指示) Stephanie Moore，Jefferies。

Great. Good morning. Hi, Jim. Hi, everybody. Thank you. I think a two-part question for me. Jim, how are you thinking about the business now versus when you started about 10 months ago? Second, building on this given the progress you've made thus far and the implied 4Q EBITDA outlook of about $90 million, should we be run rating 4Q as indicative of total 2027 EBITDA? Any view there would be helpful. Thanks.

很好。早安。嗨，Jim。大家早。謝謝。我這邊有兩個問題。Jim，你現在對這項業務的看法，與你大約 10 個月前剛開始時相比，有哪些不同？第二，延續這點，考量你們目前為止的進展，以及隱含第四季 EBITDA 展望約 9,000 萬美元，我們是否應該把第四季的 run rate 視為 2027 年全年 EBITDA 的指標？若能提供任何看法都會很有幫助。謝謝。

Okay. I'm going to do, I guess, thanks for the question, Violet. In the end, I'm going to let Adam take the kind of forward looking on the EBITDA. I think the first two I'd like to say a couple of things about. First of all, you're right, I joined Vestis about a year ago. I would say at that time I was excited to come on board, and I can tell you I'm more excited now to be 10 months into this job.

好的。我想，謝謝你的問題，Violet。最後，關於 EBITDA 的前瞻部分，我會讓 Adam 來回答。至於前面兩個問題，我想先說幾點。首先，你說得對，我大約一年前加入 Vestis。我會說，當時我很期待加入，而我可以告訴你，現在在這份工作做了 10 個月後，我更感到興奮。

Really it comes down to a couple of things I'd like to just chat about for a second. That is first is this is a very good business fundamentally. It's a route-based business that customers want us to serve them. It's scalable.

主要原因我想花點時間聊兩點。第一，從基本面來看，這是一門非常好的生意。這是一個以路線為基礎的業務，客戶希望我們為他們提供服務。而且具備可擴展性。

It is something that this business will perform, and it's managed and led well. I think to where we see this now, and I look back over the last year or so and all the way to the spins, largely the transformation benefits we're making so far, are really getting back to the really good inputs to the business that were there in the past, and they just kind of lost their way a bit from my perspective.

這項業務是能夠表現的，而且管理與領導得當。就我們現在看到的情況而言，我回顧過去一年左右、一直到分拆（spin）之後，我們目前所取得的轉型效益，很大程度上是在把業務帶回過去原本就具備的、非常好的投入要素；只是從我的角度看，它們一度有點偏離了方向。

In fact if I think about that in a couple of pieces, first and foremost, I think that in these businesses you have to lead with this being an operator-led business. If your decisions aren't really processed through the lens of how it affects the operator and the customer, you can get off track.

事實上，如果我把這拆成幾個部分來看，首先也是最重要的，我認為在這類業務中，你必須以「由營運端主導」來帶領。如果你的決策沒有真正從其對營運人員與客戶的影響來加以審視，就可能會偏離正軌。

Some of that happened. I think there was a zeal for all revenue can be good revenue, and that does not work in these businesses. It has to be the right revenue in the place you want to win. We're moving back to that. I really believe that you have to understand your cost to serve in this business because at that point it becomes much easier to make accretive decisions.

其中有些情況確實發生了。我認為曾經有一種熱忱，覺得所有營收都可以是好營收，但這在這類業務中行不通。必須是在你想要取勝的領域、以正確方式取得的營收。我們正在回到這個方向。我也非常相信，你必須了解在這門生意中的服務成本（cost to serve），因為一旦掌握這點，就更容易做出具增值性的決策。

We've got brand-new decision support tools that have been made over the last 10 months in this business. The finance function with some outside support has really done well there. That's going to help frame where we move in the second half of this year. Really, as we move forward, it's about having the right people in this business. Vestis has the right people.

在過去 10 個月裡，我們在這項業務中建立了全新的決策支援工具。財務職能在一些外部支援下，確實做得很好。這將有助於界定我們在今年下半年要如何推進。真正地，當我們往前走時，關鍵在於要有合適的人才。Vestis 擁有合適的人。

The issue just for us is to keep investing in them, investing in the network, taking care of customers, making sure they have what they need to be successful in driving this business forward. In the last 10 months, 11 months, that's clearly what I see so far with a whole lot of upside potential, because we're just kind of getting started.

對我們而言，問題就在於要持續投資他們、投資於網路，照顧客戶，確保他們擁有推動這項業務向前發展並取得成功所需的一切。在過去10個月、11個月裡，這顯然是我目前所看到的情況，而且上行潛力非常大，因為我們才剛剛起步。

I'll talk for a second about the merger because I think I get that question about three times a day. First I want to say I'm not going to get near the regulatory process with respect to the FTC. We'll let that go. Secondly, I have been involved in these in my 40-year career, so I'm pretty doggone familiar with them.

我稍微談一下這宗合併，因為我覺得我一天大概會被問到三次。首先我要說的是，關於FTC的監管程序，我不會去碰。我們就讓它按程序走。其次，我在40年的職涯中參與過這類案件，所以我對它們非常熟悉。

I won't recite them chapter and verse, but I'm pretty comfortable with the options that might avail themselves to us in this pretty concentrated market. I think about those in both in short and kinda medium-term dimensions. In the short term, I think we're a viable competitor here and a scale competitor to Synthes and UniFirst.

我不會逐章逐節背誦，但在這個相當集中的市場裡，對於我們可能可用的選項，我相當有把握。我會從短期以及偏中期的角度來思考這些。短期來看，我認為我們在這裡是一個可行的競爭者，也是能以規模競爭的對手，足以對上Synthes和UniFirst。

What that really means to me is that there'll be a certain set of customers and even employees who really think Vestis might be a better home for them as this merger goes down the path. That just naturally happens. I'm not trying to throw gasoline on anything here. That just happens in these processes, and largely that has to do with culture from my perspective.

對我而言，這真正意味著：當這宗合併沿著既定路徑推進時，會有一部分客戶，甚至員工，會真心覺得Vestis可能更適合成為他們的歸屬。這是很自然會發生的事。我不是想在任何事情上火上加油。在這些流程中這就是會發生，而從我的角度看，主要與企業文化有關。

I can already tell you that we're getting inbound calls on both already, and that's something we'll manage. Our job is to be ready when the calls come the right way. Secondly if it does have an extended regulatory process, going forward and it might have some remedies involved to get this deal across the line,

我現在就可以告訴你，我們在客戶端和員工端都已經收到主動來電，這是我們會去管理的事情。我們的工作是，在這些來電以正確的方式出現時做好準備。其次，如果監管程序拉長，往前走可能需要一些補救措施才能讓這筆交易順利過關，

I think we are a great place, to be a credible participant to keep the competitive nature of this industry there. That's a second point for us near term. If it does close, having done this a couple of times, look, I see why people want to merge because it is natural and there's value to be unlocked. There's no question about that.

我認為我們是一個很好的位置，能成為可信的參與者，讓這個產業仍保有競爭性。這是我們短期的第二點。如果交易真的完成，做過幾次之後，坦白說，我理解為什麼人們想合併，因為這很自然，而且確實有價值可以被釋放。這點毫無疑問。

These are really, really tough jobs to do, and they take more time than you think, and there will be disruption. We will be ready to manage that long term or kind of longer term as that goes forward. I think I also get the question, can we compete if this merger goes down? The answer is yes.

但這些整合工作真的、真的很難做，而且所花的時間會比你想像的更久，也一定會有干擾。隨著事情往前推進，我們會準備好在長期或偏長期去管理這些影響。我也常被問到：如果這宗合併真的發生，我們還能競爭嗎？答案是可以。

We are in the early days and weeks of looking through this lens with different optionality of what might happen in this consolidation as to what our strategy should look like. We owe that to the board. That hasn't been put forth yet, not since I've come for sure, and we are just in the early days.

我們才剛開始、在最初的幾天與幾週，用這個視角去看這次整併可能出現的不同選項，以及我們的策略應該長什麼樣子。我們有責任向董事會交代這些。這些內容目前還沒有提出來，至少自從我來之後確實還沒有，我們還在非常早期的階段。

As I said, our job is to figure out how and where we're going to play and when, and that doesn't mean necessarily do it the same old way. Our job is to innovate. Our job is to take cost curves to different places and give customers a different choice that they haven't had in the past, and we will do that. We'll work with the board to get that across the line, and as we move into 2027, we'll avail that to everyone around the industry who has knowledge of that.

如我所說，我們的工作是弄清楚我們要在哪裡、如何、以及何時參與競爭，而這不一定代表要照舊用老方法做。我們的工作是創新。我們的工作是把成本曲線帶到不同的位置，給客戶一個他們過去沒有的不同選擇，而我們會做到。我們會與董事會合作把這件事推進到位；當我們邁入2027年時，我們會把相關內容提供給產業內所有了解這件事的人。

I'll let Adam take the kinda third piece, Stephanie, on how we look at kinda going forward if we exit out the nineties and Q4 and so on and so forth.

Stephanie，第三部分我先交給Adam，談談我們如何看待往後的走勢，包括我們在九〇年代區間與第四季的退出狀況等等。

Hey, Stephanie. It's Adam. Good morning. Thanks for the question on adjusted EBITDA. The way to think about the revised guidance is we're coming out of Q2 at 74.5. 5% step-up in Q3, and then we've got an approximately 5% to 10% step-up in Q4.

嗨，Stephanie。我是Adam。早安。謝謝你關於調整後EBITDA的問題。理解修正後指引的方式是：我們在第二季結束時是74.5；第三季提升5%；第四季大約再提升5%到10%。

In terms of how we exit the year, that'll really be determined over the next couple of quarters, but the way that you can think about how we would start FY 2027 is where we're going to be exiting FY 2026 out of Q4. We'll have more firm guidance for you on 2027 as we get closer to the beginning of that fiscal year later this year.

至於我們年底的退出水準，將主要取決於接下來幾個季度的表現；但你可以這樣理解我們在2027財年會如何起步：就是看我們在2026財年第四季退出時的位置。隨著我們在今年稍晚更接近該財年開始，我們會提供你們更明確的2027年指引。

I would add, I'd add a point because we're not ready, Stephanie, to put numbers to it yet, but clearly what happens in these processes, as you scale them up and you continue sequentially forward, there will be a natural wrap in 2027 because it's scaling the way that you're seeing it scale. There will be, as I say, a wind at our back as we enter 2027. We've just got to finalize some work here to see how high that might be able to go and make sure that we deliver that for the shareholders and everyone, the stakeholder.

我補充一點：Stephanie，我們現在還沒準備好把它量化成具體數字，但很明顯，在這些流程中，當你把規模做大並且按序推進時，2027年會出現自然的承接效應，因為它正以你所看到的方式在擴張。如我所說，當我們進入2027年時，會有順風助力。我們只是還需要把一些工作定案，看看那個高度可能能到哪裡，並確保我們能為股東以及所有利害關係人交付成果。

Got it. No, I really appreciate it. If you don't mind, if I could squeeze one more in here. It's a very strong free cash flow performance for the quarter and outlook for the year. If you could talk about of that free cash flow, what's driving the strength? How much of that is recurring? I will say a question that we get quite often is when to expect a return to top-line growth. Any color there would also be helpful, and I'll pass it on. Thank you, guys.

了解。不，我真的很感謝。如果你不介意，我想再塞一個問題。本季自由現金流表現非常強勁，對全年展望也是。你能談談自由現金流的強勁是由什麼驅動的嗎？其中有多少是可持續、可重複的？我也想補充一個我們常被問到的問題：何時可以期待營收（top-line）恢復成長？如果能提供一些看法也會很有幫助，我就把問題交給你們。謝謝，各位。

Yep. Hey, Stephanie. It's Adam again. Let me take your free cash flow question, and then I'm going to pass to Jim on your question for top-line growth. Let me just go back to last year, FY 2025 a bit, and talk about where we were year to date in the same time period we are this year. Year to date last year through second fiscal quarter 2025, we had a negative free cash flow of about $18 million.

好的。嗨，Stephanie。我又是Adam。我先回答你關於自由現金流的問題，然後我會把營收成長的問題交給Jim。我先回到去年，也就是2025財年，談談在與今年相同期間，我們年初至今的狀況。去年截至2025財年第二季為止，我們年初至今的自由現金流約為負1,800萬美元。

This year we have free cash flow of $74 million year to date. That's on a fiscal year to date basis. That's a $92 million swing, so what's happening there? There's a lot of transformation initiatives focused on operational excellence that are driving stronger working capital management, and you're seeing it particularly in our inventory.

今年我們年初至今的自由現金流是7,400萬美元。這是以財年年初至今為基礎。這等於改善了9,200萬美元，所以背後發生了什麼？有許多聚焦於營運卓越的轉型計畫，正在推動更強的營運資金管理，而你特別可以在我們的庫存上看到這點。

That credit goes to our teams under Jim and Bill's leadership, tightening procurement strategies, more centralized purchasing, and ensuring we only have inventory on hand for, to meet our immediate needs. That's about $40 million of the year-over-year improvement. You get down into merchandise rental merchandise and service.

這項功勞要歸於在 Jim 與 Bill 領導下的團隊：收緊採購策略、更集中化的採購，並確保我們手上僅保有足以滿足即時需求的庫存。這約占年對年改善的 4,000 萬美元。接著再往下看，還包括商品租賃（rental merchandise）與服務。

That's tighter management on injections into our rental merchandise pool that's serving our recurring customers, and great work by the team there on managing to use existing inventory to serve customers instead of bringing new inventory onto the balance sheet in service. That saves on the cash flow side. It also saves us on the merchandise amortization side on the income statement. The third piece of that is tighter management on the balance sheet. That's giving us about $12 million in the non-operating working capital and the non-rental merchandising service.

這是對我們租賃商品池（rental merchandise pool）的投入進行更嚴格的管理，該商品池用於服務我們的經常性客戶；同時團隊也做得很出色，透過運用既有庫存來服務客戶，而不是在服務端將新庫存納入資產負債表。這在現金流方面帶來節省。同時也在損益表的商品攤銷（merchandise amortization）方面為我們節省成本。第三個部分是對資產負債表更嚴格的管理。這在非營運營運資金（non-operating working capital）以及非租賃的商品與服務（non-rental merchandising service）方面，為我們帶來約 1,200 萬美元。

That's the bulk of what's driving it and all of that coming from operational excellence initiatives. The last pillar that I'll mention to you is really good management on collections. It's strong DSO and good management of income statement conversion to free cash flow. Those are really hard-fought initiatives by our team.

這些是主要驅動因素，而全部都來自營運卓越（operational excellence）計畫。我最後要提到的一個支柱，是在催收（collections）方面非常好的管理。這體現在強勁的 DSO（應收帳款週轉天數）以及對損益表轉換為自由現金流的良好管理。這些都是我們團隊辛苦打下來的成果。

We did not have visibility to full execution of that at the beginning of the year, so we came out of FY 2025 when on a full year basis we had $6 million in free cash flow and our initial guidance was $50 million to $60 million, which was a 10 times multiple off where we were for the whole year in FY 2025. How we've gotten from there to here in the first six months is a lot of hard work by our teams.

年初我們並未能看見這些措施能否完全落地執行，因此在 FY 2025 結束時，以全年計算我們的自由現金流為 600 萬美元，而我們最初的指引是 5,000 萬至 6,000 萬美元，這相當於相較 FY 2025 全年水準的 10 倍。我們在前六個月能從那裡走到現在，靠的是團隊大量的努力。

Now I don't expect operating working capital benefits to continue to manifest to this degree as we move throughout the year. The way to think about modeling to our updated midpoint of $135 million, which is between the 120 and the 150 we had bid you on this morning, is to look at our FY 2026 Q2 that we just finished. We exited with 45.6 in free cash flow.

不過，隨著今年進行下去，我不預期營運營運資金（operating working capital）的效益會以目前這種程度持續顯現。要如何建模到我們更新後的中位數 1.35 億美元（介於今天早上提供的 1.2 億到 1.5 億之間），可以參考我們剛結束的 FY 2026 Q2。我們在該季結束時的自由現金流為 4,560 萬美元。

There's a couple of one-time things in there that you should peel out. About $12 million in benefit from merchandise and service inventory. That's a large one-time benefit from those management initiatives that I mentioned a moment ago. There's about $7 million in benefit from the balance sheet. That's coming from lower commissions paid to our sales team. It's coming from pre-base being paid to us.

其中有幾項一次性因素，你們應該把它們剔除。約有 1,200 萬美元的效益來自商品與服務庫存。這是我剛才提到的那些管理措施帶來的一次性較大效益。另外約有 700 萬美元的效益來自資產負債表。這來自我們支付給銷售團隊的佣金較低。也來自 pre-base 對我們的付款。

Those are one-time items that are not going to repeat. To also think about stepping up EBITDA sequentially into Q3 and then into Q4 on those increments we gave you on the EBITDA guidance, and adjust for higher CapEx. Beause year to date, we're only about $22 million in cash for CapEx, and we're going to step that up to our range to meet our range of between $60 million and $70 million on the full year.

這些都是不會重複的一次性項目。同時也要考量 EBITDA 在 Q3、再到 Q4 的逐季提升（依我們在 EBITDA 指引中提供的增量），並針對較高的資本支出（CapEx）進行調整。因為截至目前，我們的 CapEx 現金支出約只有 2,200 萬美元，而我們將把它提高到全年 6,000 萬至 7,000 萬美元的區間。

Also think about stepping down the cash paid for transformation, because we paid $11 million in Q2, and we're going to step that down to about $5 million each quarter in Q3 and Q4. If you take those views throughout the rest of the year, that'll help you get to the midpoint of 135.

也請考量轉型（transformation）相關的現金支出會下降，因為我們在 Q2 支付了 1,100 萬美元，而在 Q3 與 Q4 我們將把它降到每季約 500 萬美元。如果你把這些觀點套用到今年剩餘期間，就能幫助你推導到 1.35 億美元的中位數。

I'll give it to Jim now for your question on the sequential revenue.

接下來我把問題交給 Jim，回答你關於營收逐季變化（sequential revenue）的提問。

I do get this question a lot as well. Before I just tell you what I really think about it, I would say that there's a lot going on beneath the surface on the revenue line in this business, and a lot of that has to do with us getting right some of the revenues in the business at the wrong place, dealing with what I call non-regrettable churn or customers leaving the business because the direct margins are that bad out of whack.

我也常被問到這個問題。在我直接告訴你我真正的看法之前，我想說的是：在這門業務的營收線（revenue line）之下其實有很多事情正在發生，其中很大一部分與我們把一些原本放錯位置的營收調整回正確位置有關；同時也在處理我所稱的「不令人遺憾的流失」（non-regrettable churn），也就是客戶離開，因為直接毛利（direct margins）失衡得太嚴重。

There's some of that that's continuing through the business, but that is fine for us to manage. We can do that and create value on the bottom line. As you say, and everybody said, is that's not the long-term strategy.

這類情況仍在業務中持續發生，但我們可以接受，並且也能妥善管理。我們可以這麼做，並在損益底線創造價值。如你所說、也如大家所說，這並不是長期策略。

With all that said, I believe based on everything I can see right now, we're going to return to growth in the fourth quarter of this year. That's what I believe. I'd rather not put a number on it at this point, but I do believe that all the actions that we've taken to date as they run through and move forward, and all the other growth pieces of it, from new field sales to national account sales to direct sales to all of those channels which are being optimized, I believe we're going to grow in Q4.

綜合以上，我根據目前所能看到的一切，認為我們會在今年第四季恢復成長。這就是我的判斷。我現在寧可不給出具體數字，但我確實相信：我們迄今採取的所有行動在持續推進並發揮效果後，加上其他成長動能——從新的外勤銷售（field sales）、全國性客戶（national account）銷售、直銷（direct sales）到所有正在被最佳化的通路——我相信我們會在 Q4 成長。

I'll leave it at that for this call, and we can update that following the next call.

這通電話我就先說到這裡；我們可以在下一次電話會議後再更新。

Thank you. Adam, sorry, did you say what free cash flow conversion would be going forward? You gave a lot of really helpful numbers there, but I may have missed that one.

謝謝。Adam，不好意思，你有提到未來的自由現金流轉換率（free cash flow conversion）會是多少嗎？你剛剛提供了很多很有幫助的數字，但我可能漏聽了那一項。

Yeah, no problem. I don't think I shared that. Year to date, we're at about 51% on free cash flow. That's a historical aligns with the historical number that the company has shared previously. As we go throughout the remainder of the year, I would really think about it, Stephanie, in terms of those midpoints. 135 in free cash flow conversion on $310 million in adjusted EBITDA. That's 44% thereabout for the remainder of the year.

有的，沒問題。我想我剛才沒有分享那個。截至目前，我們的自由現金流轉換率約為 51%。這與公司過去對外分享的歷史水準一致。至於今年剩餘期間，Stephanie，我會建議用這些中位數來思考：自由現金流 1.35 億美元、調整後 EBITDA 3.10 億美元。這代表今年剩餘期間大約是 44% 左右。

Let us get through the balance of the year when I've got a little bit more CapEx. I want to swing in the back half. I've got some EBITDA increases coming, and we'll give you an update when we give you fiscal 2027 guidance at the end of the year.

讓我們先走完今年剩下的時間，因為我接下來會有更多 CapEx。我希望在下半年拉升；我也有一些 EBITDA 的增長即將到來。我們會在年底提供 FY 2027 指引時再向你更新。

Thanks, everyone. Really appreciate the time.

謝謝各位。非常感謝大家撥冗。

Thanks.

謝謝。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Good morning. This is Ronan Kennedy on for Manav. Thank you for taking our questions. I was taking a look at the 10-Q, and I think the $5.8 million revenue decline was $10.5 million decline in uniforms offset by a $4.7 million increase in workplace supplies. If I'm not mistaken, it said this is resulting from sales product mix shift prior to commencement of the plan.

早安。我是 Ronan Kennedy，代 Manav 發言。謝謝你們回答我們的問題。我看了一下 10-Q，我認為 580 萬美元的營收下滑，是制服（uniforms）下滑 1,050 萬美元、被職場用品（workplace supplies）增加 470 萬美元所抵銷。如果我沒看錯，文件中提到這是由於在計畫開始前的銷售產品組合轉移（sales product mix shift）所致。

Is there an element of this being driven by underlying demand pressure? Do you expect uniforms to re-accelerate as execution improves? How should we think broadly about revenue mix if there would be a deliberate shift as a result of these strategic initiatives around commercial discipline, exiting low return uniform accounts, et cetera? If you could just provide some color on that, please.

這當中是否有一部分是由潛在需求壓力所驅動的？隨著執行改善，您是否預期制服業務會重新加速？若因這些圍繞商業紀律、退出低回報制服客戶等策略性舉措而刻意調整，整體而言我們應如何看待營收組合？若您能就此提供一些說明，將不勝感激。

Yeah. Hey, Manav. It's Adam Alfstorff, and then I'll give it over to Jim for more of the strategic forward-looking things. You're absolutely correct on your assessment of the sales product mix shift that's happened prior to the commencement of our transformation. It was really a shift into more workplace supply, the lower profitable products there. It's particularly in linen concentration, which has a food and beverage focus to it.

是的。嗨，Manav。我是 Adam Alfstorff，接著我會把更偏策略、前瞻性的部分交給 Jim。你對於在我們轉型開始之前已發生的銷售產品組合轉移的判斷完全正確。那確實是轉向更多的工作場所用品，也就是較低獲利的產品。這特別體現在亞麻布品（linen）占比提高，而其重點在餐飲領域。

As you heard in our prepared remarks, we exited about 6 million pounds year over year at about $1 of revenue per pound compared to our consolidated reported revenue per pound of $1.37. That gives you an idea of kind of the low-calorie nature of that particular volume, and that's in a heavy linen concentration.

如同你在我們事先準備的發言中所聽到的，我們年對年退出了約 600 萬磅的量，其每磅營收約為 1 美元，相較之下我們合併報表揭露的每磅營收為 1.37 美元。

As we said in Q1, year over year, our linen volume had increased 7%. When we look at our fiscal second quarter, the one we just concluded, linen concentration is up on a per pound basis only 4%. That's a nice improvement. We're lapping some installations that happened in Q1 of fiscal 2025 that was focused more on that food and beverage segment and that restaurant linen space.

如我們在第一季所說，年對年我們的亞麻布品量增加了 7%。當我們看剛結束的會計年度第二季，亞麻布品占比以每磅為基礎僅上升 4%。這是很好的改善。我們正在消化（比較基期）2025 會計年度第一季的一些裝機/導入案，當時更聚焦於餐飲客群與餐廳亞麻布品市場。

Sequentially, from Q1 '2026 into Q2 '2026, we're down about 2% as we exit that lower profitable volume out of the business. Your assessment of that is correct. Our focus inside of this business now is to shift back more towards uniforms and higher profitable mix. That's through our strategic pricing and our commercial excellence initiative. I'm going to shift that over to Jim now and let him chat with you a bit about the strategy.

就序列而言，從 2026 年第一季到 2026 年第二季，隨著我們將較低獲利的量退出業務，我們約下降了 2%。你對此的判斷是正確的。我們目前在這項業務內的重點，是把組合拉回到更多制服與更高獲利的組合。這將透過我們的策略性定價與商業卓越（commercial excellence）計畫來達成。我現在把問題交給 Jim，讓他跟你談談策略。

Yeah. I would just say, look, most recently, since the data I looked at as of yesterday shows that our focus on returning to garment growth and swapping it out looks exactly like what we want to do, which is reducing our growth in linen by 7% year over year, and we're increasing 5% year over year in garments. We're swapping one for the other, and that's, we're going to continue that.

是的。我只想說，最近我看到的數據（截至昨天）顯示，我們聚焦回到成衣（garment）成長並進行替換，完全符合我們想做的事：亞麻布品的年對年成長降低 7%，而成衣年對年成長提高 5%。我們是在用一個替換另一個，而我們會持續這麼做。

Workplace supplies offsets and everything in the middle. That's a piece of what you're seeing happening now that will also impact revenue per pound going forward and then the other downstream effects of that. That does not mean we're getting out of the linen business.

工作場所用品在其中起到抵銷作用，以及介於兩者之間的所有項目。這是你現在看到正在發生的一部分，也會在未來影響每磅營收，以及其後續的其他連鎖效應。但這不代表我們要退出亞麻布品業務。

It means where you can process it properly with the right investment in the right strategic areas, we're going to process linen in a competitive way, and our shareholders should be happy. There was just too much linen in the wrong places for us that we needed to clean up, and we're doing that as we speak.

這代表在能以適當方式處理、並在正確的策略領域投入適當資本的地方，我們會以具競爭力的方式處理亞麻布品，而我們的股東應該會感到滿意。只是對我們而言，在不對的地方放了太多亞麻布品業務，需要清理，而我們正在進行中。

That's very helpful. Thank you. If I may, follow up on all of that. I think you spoke about reestablishing the commercial rigor through pricing floors, the mix targets, which we've touched on, and then exiting that lower return business. How much of this is already implemented versus still ahead? How should we think about when that fully flows through to revenue quality?

這非常有幫助。謝謝。如果可以的話，我想就上述再追問。我想你提到透過定價底線、組合目標（我們也談到過），以及退出低回報業務，來重新建立商業紀律。其中有多少已經落地實施、又有多少仍在前方？我們應如何看待這些措施何時會完全反映到營收品質上？

Then also, is there a way to think about the near-term trade-off between protecting revenue versus improving profitability and any potential impacts on volumes there?

另外，是否有方法來思考短期內在「保住營收」與「提升獲利能力」之間的取捨，以及對量（volume）可能造成的影響？

Well, I'll start with the second answer. As I said, that's why we're not through that yet. Which is why I deferred to growth in the fourth quarter. We're moving through it because we started two quarters ago to move down this path.

我先回答第二個問題。如我所說，這也是為什麼我們還沒走完這段路。也因此我把成長的期待延後到第四季。我們正在推進，因為我們在兩個季度前就開始走這條路。

We are our churn, if you look at it in the way we're looking at it right now, customers leaving the business, regrettable and non-regrettable, our churn that we regret to have is better than last year, we're also swallowing some of the other stuff leaving. As Adam said in his script, if you look at the revenue per pound on what's leaving, it is that very low-calorie revenue that we can't really make economic profit on. That's going on.

以我們目前的觀察方式來看，我們的流失（churn）——客戶離開業務，包含可惜的與不可惜的——我們覺得可惜的那部分流失比去年更好；同時我們也在承受一些其他客戶/業務的離開。如 Adam 在講稿中所說，如果看離開部分的每磅營收，那就是我們幾乎無法賺到經濟利潤的「低熱量」營收。這正在發生。

When you keep moving forward and you look at this thing the, the growth side of this, we are, I would say, if I had to put it in a, in a baseball game, we're probably in the third or fourth inning of how it's benefiting the business today versus what it will look like tomorrow. We just rolled out our first view of product profitability that's never been here before, and it is very insightful for us.

當你繼續往前看、從成長面來看這件事，我會說，如果要用棒球比喻，我們大概在第三或第四局：也就是它對今天業務的助益相較於明天會呈現的樣貌。我們剛推出第一版、過去從未有過的產品獲利能力視圖，而這對我們非常有洞見。

It takes us into different places and processes and floors and pricing that is moving into the second half, that will bear fruit in the second half, and it'll keep going as we move forward. That's kind of where I think we are in the whole process and excited to go forward the right way.

它把我們帶到不同的領域，並推動流程、底線與定價等作法進入下半年；這些會在下半年開花結果，並且會隨著我們持續推進而延續。這大致就是我認為我們在整體流程中的位置，我也很期待以正確方式往前走。

Always keeping in mind this, is that in the unique place we are, in my opinion, inside of Vestis, our real job at the same time to grow the business is understand where the cost per pound is going to go, not where it is today. At that point, you open up the market to bring in different business that's more accretive than just pricing in a historic way.

同時要一直記住的是：在我看來，以我們在 Vestis 的獨特處境，我們真正的工作是在成長業務的同時，理解每磅成本將走向哪裡，而不是只看它今天在哪裡。到了那個時點，你就能打開市場，引入更具增益（accretive）的業務，而不只是用歷史方式去定價。

Those are the tools. We're almost there with them. You'll start to feel that more going forward, and we'll know that growth top and bottom line will come together at that point. Thanks.

這些就是工具。我們幾乎已經到位。你會在未來更明顯感受到這些影響，而我們也會知道屆時營收與獲利（上、下線）成長將會匯合。謝謝。

Thank you both for all that. Greatly appreciate it.

謝謝你們兩位的詳細說明。非常感謝。

Yeah.

是的。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Jim, Adam, good morning. Spent a lot of time here talking about revenue. Let's switch to the cost side for a moment, if you don't mind. Your cost per pound improved $0.02 in the quarter. How much of that was from improvements in production versus delivery? It sounds like you're making progress in both areas, but not sure which one drove the improvement in the quarter.

Jim、Adam，早安。我們在這裡花了很多時間談營收。如果你們不介意，我們先切換到成本端談一下。你們本季每磅成本改善了 0.02 美元。其中有多少來自生產端的改善、又有多少來自配送端？聽起來兩個領域都有進展，但我不確定本季的改善主要是由哪一項帶動。

Hey, Tim, it's Adam. Thanks for the question. If you look at our adjusted operating expenses year over year, and we've got that broken out throughout our materials. In our supplementary materials, you'll find that on page seven. 6.2, these are the costs that directly impact adjusted EBITDA. $6.3 million in fiscal second quarter 2025 and $585 million this last quarter, fiscal second quarter 2026.

嗨，Tim，我是 Adam。謝謝你的問題。如果你看我們調整後營運費用的年對年變化，我們在資料中已經把它拆開說明。在我們的補充資料裡，你會在第七頁看到。6.2，這些是直接影響調整後 EBITDA 的成本。2025 會計年度第二季為 6,030 萬美元，而上一季、也就是 2026 會計年度第二季為 5,850 萬美元。

That's about an $18 million delta year over year. There's a lot of puts and takes happening in that, but let me give you some of the big drivers. We have that plant productivity improvement that Jim mentioned in his script. That's driving about $9 million of improvement inside of our plant costs, inside of cost of service.

年對年大約差了 1,800 萬美元。其中有很多此消彼長的因素，但我先給你幾個主要驅動。我們有 Jim 在講稿中提到的工廠生產力提升。這在我們的工廠成本、也就是服務成本（cost of service）裡，帶來大約 900 萬美元的改善。

There's some other costs that are offsetting that, you're looking externally at the income statement. You're seeing about a $4 million year-over-year improvement in cost of service. That includes that $9 million that I mentioned for plant offset with some increases for things like energy that are happening in the market and labor costs that are happening for higher merits that we have to pay folks year over year.

還有一些其他成本在抵銷這個改善，你從損益表外部來看，你會看到服務成本年對年大約改善 400 萬美元。其中包含我剛提到的 900 萬美元工廠端改善，但也被市場上的能源等項目上升，以及我們必須逐年支付更高績效調薪所帶來的人力成本增加所部分抵銷。

The bulk of what's driving that improvement in adjusted operating expenses is really SG&A improvement. It's a $13.5 million improvement year over year. That's from reduced headcount and optimization throughout our operating structure. That's about 12% on just at net SG&A year over year. We are seeing really great improvements inside of our cost of service and plant facilities for some initiatives on the operational excellence side.

推動調整後營運費用改善的主要因素，其實是 SG&A 的改善。年對年改善 1,350 萬美元。這來自於人力精簡以及整體營運架構的最佳化。以淨 SG&A 來看，年對年大約是 12% 的改善。我們也在服務成本與廠房設施方面，透過營運卓越（operational excellence）相關的措施看到非常好的改善。

I would add, and Bill won't say anything, I would say that we are not avoiding the driver side of this. It's just secondarily to come. We will speed that up in the second half. Then we are kind of purposely looking at this market consolidation to think about what happens and how we might react to situations that avail themselves to us because ultimately, your long-term network, including the dispatch of that, is going to be set by the growth model.

我再補充一點，Bill 不會自己說，但我會說我們並沒有迴避「司機端」這一塊的驅動因素。只是它會在後面才更明顯。我們會在下半年加快推進。同時，我們也有意地觀察這個市場整併，思考接下來會發生什麼，以及當有機會出現時我們可能如何因應；因為最終你的長期網路（包含其調度）將由成長模型所決定。

So we're chipping away at it, taking some of the low-hanging fruit. We'll continue to do that. Long term, though, with the nodes, we're going to blend that into our 2027 strategy, and we'll talk to you about that when that's kind of finalized, okay?

所以我們正逐步推進，先拿一些比較容易摘取的果實。我們會持續這麼做。但長期來看，關於節點（nodes），我們會把它納入 2027 年策略中，等那邊大致定案後再跟你們說，好嗎？

Yeah. Hey, Bill, I just want to add one thing there is we're making some big moves in the bigger ticket areas like labor and those expenses. There's a lot of smaller moves, attention to detail kind of things, whether it be truck idling or hangar reclamation and all these other places that are also adding up to meaningful savings. Most importantly, and the comment I want to make is that none of that is being done without a focus on improved service levels.

對。嗨，Bill，我想再補充一點：我們在一些金額較大的領域，例如人力及相關費用，正在做一些重大調整。同時也有很多較小的動作、偏重細節管理的事情，不管是卡車怠速（truck idling）或機棚回收（hangar reclamation）以及其他各種地方，累積起來也能帶來可觀的節省。最重要的是，我想強調，這些都不是在不重視提升服務水準的前提下進行的。

We may talk about those later. We talked a little bit in the script about some of the improving service metrics. We are going to get cost and service at the same time.

我們之後可能會再談到這些。我們在講稿裡也稍微提到一些正在改善的服務指標。我們會同時把成本和服務一起做好。

Okay. Yeah, no, that's all really helpful. If I'm hearing you correctly, it sounds like maybe you're purposefully being careful about not going too fast on that side to see what happens in the marketplace over the next 6 to 12 months. fully understood, and makes sense. Thank you, guys. On the macro, I I saw that pounds processed they were down 1% in the quarter. I think it was flat last quarter.

好的。是的，這些都非常有幫助。如果我理解正確，聽起來你們可能是刻意在那一端不要推得太快，先看看未來 6 到 12 個月市場會怎麼發展；完全理解，也合理。謝謝各位。回到總體面，我看到本季處理磅數（pounds processed）下降 1%。我記得上一季是持平。

You're de-emphasizing linen, so I don't really know how to read the volume down 1%. Am I concerned about the macro here? Is this more just the transformation story, the de-emphasizing some of these things?

你們正在降低對亞麻布品（linen）的比重，所以我不太知道該怎麼解讀這個量下滑 1%。我需要擔心這裡的總體環境嗎？還是這比較像是轉型故事的一部分，也就是降低對某些項目的比重？

Can you talk a little bit about what you're seeing on that side of things? Maybe the net wear metrics, any change in customer behavior and spending patterns and categories that you'd consider to be more discretionary? Any color there. Thank you.

你們能不能談一下你們在這一端看到的情況？例如淨穿著（net wear）指標、客戶行為與支出模式是否有任何變化，以及你們認為較偏可選性（discretionary）的品類是否有變化？有任何補充說明都可以。謝謝。

Yeah. Hey, Tim. I'll start. It's Adam, and then I'll pass on to Jim and Bill to add some additional color. The volume decline is a result of intentional actions being taken by the team to exit that lower profitable volume, particularly around linen-concentrated customers and customers where we're just not meeting certain profitability targets.

好的。嗨，Tim。我先開始。我是 Adam，然後我會請 Jim 和 Bill 再補充一些說明。量的下滑是團隊刻意採取行動、退出較低獲利量所致，特別是以亞麻布品為主的客戶，以及我們無法達到特定獲利目標的客戶。

We've included some detail inside of our earnings deck this time that gives you the history of pounds going all the way back to when we spun out from Aramark. Our volume in fiscal second quarter 2026 is not too different from where it was in the first quarter of 2024. It's about 2 million pounds different on a quarter-versus-quarter basis.

這次我們在法說簡報裡加入了一些細節，提供自從我們從 Aramark 分拆以來、一路回溯的處理磅數歷史。我們 2026 會計年度第二季的量，和 2024 年第一季其實差異不大。以季對季來看，大約差 200 萬磅。

our revenue is so drastically different, and that's because we've, over this time, drawn down that lower profitable volume. It's smart for the team to target it, and they're doing a great job just getting started on that, on the commercial excellence side of things.

但我們的營收卻差異非常大，原因是這段期間我們逐步降低了那些較低獲利的量。團隊把它列為目標是很明智的，而且他們在商業卓越（commercial excellence）這一端才剛起步就做得很出色。

I would just add one point, is that, definitely the majority, the number's moving, so I don't want to quote a number right now. The majority of the customers, when we go to them and have discussion about previous price positioning, accept the rate increase. They accept it. There's lots of reasons that could happen. Obviously, our job is not to run them out. It's to get them to a place where we're both satisfied with the service we're providing, and the majority of them are staying. The drop in the pounds exposure-wise was much bigger than that.

我再補充一點：確實，大多數——數字還在變動，所以我現在不想報一個確切數字——大多數客戶在我們與他們討論過去的定價定位後，都接受了調價。他們接受漲價。這可能有很多原因。當然，我們的工作不是把他們趕走。而是把他們帶到一個雙方都對我們提供的服務感到滿意的位置，而大多數客戶都留下來了。就磅數曝險（exposure）而言，磅數下滑的幅度其實比那個還要大很多。

the way that the team did it with the customers was it was done the right way, explained all we went through everything with the whole team to understand, look, we just can't. There's certain things that you can't do economically based upon some things that might have been put in the market in the past. To that end, we're very comfortable with the customers that are staying with us. The ones that are leaving, we take the cost out with it, but our job is to see if we can't keep them at the right rate. I would add that to Adam's comments.

團隊與客戶溝通的方式是正確的做法：把我們經歷過的事情都解釋清楚，並與整個團隊逐一檢視，讓大家理解——你看，有些事情在經濟上就是做不到，因為過去市場上可能曾出現某些條件。基於此，我們對於仍與我們合作的客戶感到非常放心。至於離開的客戶，我們也會同步把相應成本移除；但我們的工作仍是看看能不能在合理的費率下把他們留下來。我想把這點補充到 Adam 的評論之上。

Okay. Great. Thank you.

好的。很好。謝謝。

Yeah.

是的。

George Tong, Goldman Sachs.

George Tong，高盛。

Good morning. You've emphasized a more data-driven approach to pricing and improving revenue quality, which is helping us stabilize revenue per pound even as volumes decline. How are you thinking about the trade-off between pricing and retaining volumes, and what level of volume pressure are you willing to accept to achieve your pricing targets?

早安。你們強調以更多數據驅動的方式來制定價格並提升營收品質，這有助於在出貨量下滑的同時，穩定每磅營收。你們如何看待定價與維持出貨量之間的取捨？為了達成定價目標，你們願意承受多大程度的出貨量壓力？

I think I just walked through that a second ago. I would say in addition to that, I'd add a couple of points. Number one, our floor rates in our systems based upon our new tools had told us they weren't quite where they needed to be. We're adjusting those. In any situation where you're applying price, George, you have to keep your eye on the win rates. Very clearly, what we've seen since I've been here involved in the process with Bill and the other sales leaders and Pete and the rest of the team and Aaron, is that our win rates are not dropping.

我想我剛剛已經講過了。此外我再補充幾點。第一，我們系統中的底價（floor rates）根據新工具的結果顯示，還沒有達到應有的水準。我們正在調整。George，在任何採取提價的情況下，你都必須盯緊贏單率（win rates）。很清楚地，自從我加入並與Bill、其他銷售主管、Pete、團隊其他成員以及Aaron一起參與流程以來，我們看到贏單率並沒有下滑。

This is about growing a smart way and going forward, and that's what I believe will show in the fourth quarter of this business, is that as we move through this, there's some unregrettable work we had to get done, and we're moving through that as gracefully as we can. Some of the adjustments in pounds are coming, but the net net of all the activities should be the revenue growth in this business.

這關乎以更聰明的方式成長並向前推進；我相信在本業務的第四季你會看到這一點：在我們推進的過程中，有一些必須完成、且不會後悔的工作需要做，我們正盡可能平順地把它做完。磅數方面會有一些調整，但所有活動加總起來，最終應該會帶來這項業務的營收成長。

There's a big piece of that. I mentioned on the call the rollout of MDRs in this business. One of the largest areas of growth opportunity is quite frankly a reasonable rate increase from the $2.6 billion of revenue I already have in this business.

其中有很大一部分。我在電話會議中提到在這項業務推行MDRs。坦白說，最大的成長機會之一，是在我目前這項業務既有的26億美元營收基礎上，進行合理的費率提升。

This business had not looked at it through that lens, and the MDRs are positioned exactly to help us get that as is defined in some of our most targeted segments. It's not all the same. It's a collage of growth efforts. It's not one single thing. You have to bring them all together and know that some of the parts is going to grow at acceptable rate, both top and bottom line. I think you're going to see that very clearly as we move into Q4.

過去這項業務並未用這樣的角度來看，而MDRs的定位正是要幫助我們在一些最聚焦的細分市場中，取得這樣的成果。並非全部都一樣。這是一個由多項成長努力拼接而成的組合。不是單一措施。你必須把它們全部整合起來，並且知道其中某些部分將以可接受的速度成長，無論是營收端還是獲利端。我認為當我們進入第四季時，你會非常清楚地看到這一點。

I would add, I think we got started in some places a little earlier than others, and in those places we're seeing some pretty favorable results. We've got signs of growth in national accounts, and that's coming from disciplined approach to grow in new business and considerably better outcomes on all of our renewals. There's really good momentum in a couple of places, and I think we'll have the whole company here on track, as Jim said, coming to Q4.

我再補充一下，我認為我們在某些地方啟動得比其他地方更早，而在那些地方我們看到相當有利的結果。我們在全國性客戶（national accounts）看到成長跡象，這來自於以紀律性的方式拓展新業務，以及在所有續約上取得顯著更好的成果。有幾個地方的動能非常好，我想如Jim所說，到了第四季我們會讓整家公司都回到正軌。

Got it. That's helpful. Can you quantify how sales productivity is trending exiting the quarter, and what level of improvement is required to return the business to positive organic growth?

了解。這很有幫助。你能量化一下本季結束時銷售生產力的趨勢嗎？以及要讓業務回到正的有機成長，需要達到多大幅度的改善？

Again, I'm going to go right back to what I said a minute ago. It's not just new sales growth. In fact, that's the smallest part of it, if you want to know that, quite frankly. We purposely took a look at that the third day I got here and assessed the economic value of what we were doing. It took us to we were over-indexed on that vertical, so we've made some adjustments with that. We still believe in new sales.

同樣地，我要回到我剛才說的。不只是新銷售成長。事實上，如果你想知道，坦白說那是其中最小的一部分。我到任的第三天，我們就刻意檢視了這件事並評估我們所做事情的經濟價值。結果顯示我們在那個垂直領域的投入比重過高，所以我們做了一些調整。我們仍然相信新銷售。

The answer to your second part of the question is their productivity is up 50% in year over year in the quarter. They were selling too small. It is up 50%, and it's about 85% of what we agreed we would get done this year, and we moved to that in the second half of the year.

你問題第二部分的答案是：本季他們的生產力年對年提升了50%。他們過去賣得太小。現在提升了50%，約達到我們同意今年要完成目標的85%，而我們是在下半年推動到這個水準的。

That is working, and the job is to really blend new sales from the outside, of which still about 40% is non-programmed for us. You're going to get that swim lane going. You're going to get the national accounts going, as Bill talked about. You're going to get the field sales going with the MDRs, and all of those will come together to grow the business.

這正在奏效，而工作重點是把外部帶進來的新銷售（其中約40%對我們而言仍屬非方案化／非既定計畫的）真正融合起來。你會把那條泳道跑起來。你會如Bill所談的，把全國性客戶帶動起來。你會透過MDRs把外勤銷售帶動起來，而這些都會匯聚在一起，推動業務成長。

I would say to you that I believe that the largest of that may come from the MDRs when we're done. That's new to the business, and all of that's growth. It's just a different way to look at growth, largely through a lens of penetration from my background. You'll see that, and we'll call that out as we continue to grow and move into the fourth quarter for you. All right?

我想跟你說的是，我相信其中最大的一塊，等我們做完後，可能會來自MDRs。這對這項業務而言是新的，而那全部都是成長。這只是看待成長的不同方式，很大程度上是從我過去背景所熟悉的「滲透率」角度來看。你會看到的；隨著我們持續成長並進入第四季，我們也會為你把這部分清楚點出來。好嗎？

Got it. Thanks very much.

了解。非常感謝。

Yep.

好的。

Thank you. This does conclude the Q&A portion of today's call. I would now like to turn the floor back to Stephen Nee for closing remarks.

謝謝。今天電話會議的問答環節到此結束。接下來我想把時間交回給Stephen Nee作結語。

Thank you, operator, and thank you everyone for joining us today. We appreciate your time and your interest in Vestis. If you have any questions, please don't hesitate to contact us at ir@vestis.com. We look forward to speaking with you again next quarter. Have a great day.

謝謝接線員，也謝謝各位今天加入我們。我們感謝各位撥冗以及對Vestis的關注。如有任何問題，歡迎隨時透過ir@vestis.com與我們聯繫。我們期待在下個季度再次與各位交流。祝各位有美好的一天。

Thank you. This concludes today's Vestis Corporation Fiscal Second Quarter 2026 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天Vestis Corporation 2026會計年度第二季財報電話會議到此結束。請於此時掛線，祝各位有美好的一天。