厨师仓库公司 (CHEF) 首席执行官克里斯·帕帕斯 (Chris Pappas) 于 2019年 第三季度业绩-收益电话抄本

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The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2019 Earnings Conference Call October 30, 2019 5:00 PM ET

The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2019 Earnings Conference Call October 30, 2019 5:00 PM ET

公司参与者

Alex Aldous - General Counsel, Corporate Secretary and Chief Government Relations Officer
Chris Pappas - Founder, Chairman and Chief Executive Officer
James Leddy - Chief Financial Officer

  • Alex Aldous - General Counsel, Corporate Secretary and Chief Government Relations Officer
  • Chris Pappas - Founder, Chairman and Chief Executive Officer
  • James Leddy - Chief Financial Officer

电话会议参与者

Andrew Wolf - Loop Capital Markets
Blake Anderson - Jefferies
Steve Caputo - BMO Capital Markets

  • Andrew Wolf - Loop Capital Markets
  • Blake Anderson - Jefferies
  • Steve Caputo - BMO Capital Markets

会议主持员

Greetings, and welcome to The Chefs' Warehouse Third Quarter 2019 Earnings Conference Call. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Alex Aldous, General Counsel, Corporate Secretary and Chief Government Relations Officer. Please go ahead, sir.

Greetings, and welcome to The Chefs' Warehouse Third Quarter 2019 Earnings Conference Call. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Alex Aldous, General Counsel, Corporate Secretary and Chief Government Relations Officer. Please go ahead, sir.

Alex Aldous

Alex Aldous

Thank you, operator. Good afternoon, everyone. With me on today's call are Chris Pappas, Founder, Chairman and CEO; and Jim Leddy, our CFO. By now, you should have access to our third quarter 2019 earnings press release. It can also be found at www.chefswarehouse.com under the Investor Relations section.
Throughout this conference call, we will be presenting non-GAAP financial measures, including, among others, historical and estimated EBITDA and adjusted EBITDA, as well as both historical and estimated adjusted net income and adjusted earnings per share. These measurements are not calculated in accordance with GAAP and may be calculated differently in similarly titled non-GAAP financial measures used by other companies. Quantitative reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's press release.
Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements including statements regarding our estimated financial performance. Such forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's release. Others are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the SEC website.
Today, we are going to provide a business update, go over our third quarter results in detail and review our 2019 full year guidance. Then, we will open up the call for questions.
With that, I will turn the call over to Chris Pappas. Chris?

Thank you, operator. Good afternoon, everyone. With me on today's call are Chris Pappas, Founder, Chairman and CEO; and Jim Leddy, our CFO. By now, you should have access to our third quarter 2019 earnings press release. It can also be found at www.chefswarehouse.com under the Investor Relations section.

Throughout this conference call, we will be presenting non-GAAP financial measures, including, among others, historical and estimated EBITDA and adjusted EBITDA, as well as both historical and estimated adjusted net income and adjusted earnings per share. These measurements are not calculated in accordance with GAAP and may be calculated differently in similarly titled non-GAAP financial measures used by other companies. Quantitative reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's press release.

Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements including statements regarding our estimated financial performance. Such forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's release. Others are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the SEC website.

Today, we are going to provide a business update, go over our third quarter results in detail and review our 2019 full year guidance. Then, we will open up the call for questions.

With that, I will turn the call over to Chris Pappas. Chris?

Chris Pappas

Thank you, Alex, and thank you all for joining our Third Quarter 2019 Earnings Call. Our team delivered solid third quarter revenue and gross profit performance. While year-over-year unit volume growth remained below our typical range due to changes in product mix and continued cycling out of lower-margins, high-volume placements, organic revenue growth continued to meet expectations and our team delivered a positive gross profit to adjusted operating expense spread in the quarter.
During the quarter, we also continued to invest in growth. We added seasoned sales and category specialist talent to both our East Coast and West Coast regions. We also continued to invest in our brands, our customers and supplier partners via targeted marketing events across our expanding geography.
A few highlights from the third quarter include: 4.5% organic growth in net sales, specialty sales were up 5.8% organically over the prior year, which was driven by unique customer growth of approximately 3.9%, placement growth of 3.1% and specialty case growth of 3.2%, organic pounds growth in center-of-the-plate was approximately 0.9%.
While sequentially higher than the second quarter of 2019, product mix changes continue to drive specialty case growth trends in the third quarter. On a year-over-year basis, as compared to the third quarter of 2018, this represents a shift from higher volume dairy category cases to lower volume, higher revenue per case categories, such as specialty oils and vinegars, as well as pastry and bakery products.
Looking on a two year basis, third quarter specialty case growth averaged approximately 4.6% and specialty organic revenue growth averaged 6.8%. Center-of-the-plate pound growth compares to a strong third quarter of 2018 and continues to cycle through attrition of some higher-volume, lower-margin placements.
Gross profit margins increased approximately 25 basis points. Gross margin in the specialty category increased 24 basis points, as compared to the third quarter of 2018, while gross margins in center-of-the-plate category increased 54 basis points year-over-year.
In addition, gross profit dollars grew approximately 10.9% versus the prior year quarter. Jim will provide more detail on margin in a few moments.
During the quarter, we continued to progress on several growth and integration priorities. The conversion of our Texas business onto our ERP platform was completed in August and the team commenced preparations for integrating Southern New Jersey-Philadelphia, which we expect to complete in the first half of 2020.
In addition, our Southern California facility expansion continues to move forward. We've substantially completed the design phase and expect to commence construction in the first quarter of 2020. In terms of e-commerce, our digital and customer experience team continues to leverage customer feedback and input in creating value-add features and processes.
During the third quarter, we implemented improved search functionality within our mobile App, and we expect to introduce enhancements related to product selection and menu designs in the coming months. As of October, we estimate online sales represented approximately 14% of organic revenue. This included website, mobile and electronic order applications linked directly to certain customer order systems.

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谢谢Alex,感谢大家加入我们的2019年第三季度收益电话会议。我们的团队提供了稳定的第三季度收入和毛利表现。由于产品组合的变化以及利润率持续下降,大批量投放而导致单位数量的同比增长仍低于我们的典型范围,但有机收入增长仍达到了预期,我们的团队实现了积极的毛利润。该季度调整后的营业费用差额。

在本季度中,我们还继续投资于增长。我们在东海岸和西海岸地区增加了经验丰富的销售和类别专家人才。我们还通过不断扩展的地域范围内的针对性营销活动,继续投资于品牌,客户和供应商合作伙伴。

第三季度的一些亮点包括:净销售额自然增长4.5%,特殊销售额比上年同期自然增长5.8%,这得益于独特客户增长约3.9%,展示位置增长3.1%和特殊案例增长在3.2%的百分比中,板中心的有机磅增长约为0.9%。

虽然比2019年第二季度有所增长,但产品结构的变化继续推动第三季度特殊案例的增长趋势。与2018年第三季度相比,与去年同期相比,这代表了从较高数量的乳制品类别到较低数量,较高的每案例类别收入的转变,例如特种油和醋以及糕点和烘焙食品。

以两年为基础,第三季度专业案例平均增长约4.6%,专业有机收入平均增长6.8%。相比于2018年第三季度的强劲增长,板式镑的增长是持续的,并且通过减少一些较高数量,较低利润的配售而继续循环。

毛利率提高了约25个基点。与2018年第三季度相比,特种产品类别的毛利率增加了24个基点,而板材中心类别的毛利率同比增长了54个基点。

此外,毛利润比去年同期增长了约10.9%。 Jim将在稍后提供有关保证金的更多详细信息。

在本季度中,我们在若干增长和整合优先事项上继续取得进展。我们的德克萨斯州业务到我们的ERP平台的转换已于8月完成,团队开始为整合新泽西州南部的费城做准备,我们预计将在2020年上半年完成。

此外,我们在南加州的工厂扩建工作继续向前发展。我们已经基本完成了设计阶段,预计将在2020年第一季度开始建设。在电子商务方面,我们的数字和客户体验团队将继续利用客户的反馈和意见来创建增值功能和流程。

在第三季度,我们在移动应用程序中实现了改进的搜索功能,并且我们预计在未来几个月中将引入与产品选择和菜单设计相关的增强功能。截至十月,我们估计在线销售约占自然收入的14%。这包括直接链接到某些客户订单系统的网站,移动和电子订单应用程序。

Approximately 20% of all specialty orders were placed on e-commerce platform. Our off-truck scanning implementation continued to progress with our South Florida operation reaching completion in the third quarter. Portland Seattle operations will adopt this process in early 2020, followed by our West Coast distribution center’s post-ERP conversion later in 2020.
I would like to thank our team members, customers and supplier partners for producing a successful third quarter. During the quarter, as we do every year in our major markets, we brought hundreds of our Chef customers and orders and supplier partners together from around the globe in New York, San Francisco and Texas.
These events showcased innovative new products, ingredients, curate new relationships and strengthening existing bonds, help our customers continue to grow creatively and enhance the culinary experience for their customers.
As we get ready for 2020, our 35th year building The Chefs' Warehouse, our team has never been stronger, more focused or excited about our future as the leading national marketer and distributor to the chef-driven customer base that continues to grow with Chef's Warehouse and its family of companies as its partner.
With that, I'll turn it over to Jim to discuss more detailed financial information. Jim?

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所有专业订单中约有20%放置在电子商务平台上。随着我们在南佛罗里达州的运营在第三季度完成,我们的非卡车扫描实施工作继续取得进展。西雅图波特兰分公司的运营将在2020年初采用此流程,随后我们的西海岸配送中心将在2020年晚些时候进行ERP转换。

我要感谢我们的团队成员,客户和供应商合作伙伴成功完成了第三季度。在本季度中,就像我们每年在主要市场中所做的那样,我们将来自纽约,旧金山和德克萨斯州的全球数百名厨师客户以及订单和供应商合作伙伴聚集在一起。

这些活动展示了创新的新产品,成分,精心设计的新关系并加强了现有的纽带,帮助我们的客户不断创新地发展并为他们的客户增强烹饪体验。

当我们为2020年(即厨师仓库35周年)的建设做好准备时,我们的团队从没有变得更强大,更专注或为我们的未来感到兴奋,因为我们是厨师驱动的客户群的领先全国营销商和分销商,并随着厨师仓库及其家族公司为合作伙伴。

这样,我将把它交给Jim讨论更详细的财务信息。吉姆?

James Leddy

James Leddy

Thank you, Chris, and good afternoon, everyone. Our net sales for the quarter ended September 27, 2019, increased approximately 9.8% to $396.9 million from $361.5 million in the third quarter of 2018. The increase in net sales was the result of organic growth of approximately 4.5%, as well as the contribution of sales from acquisitions, which added approximately 5.3% to sales growth for the quarter.
Net inflation was 2.1% in the third quarter consisting of 2.5% inflation in our specialty category and inflation of 1.5% in our center-of-the-plate category, versus the prior year quarter.
Gross profit increased 10.9% to $102 million for the third quarter of 2019 versus $92 million for the third quarter of 2018. Gross profit margins increased approximately 25 basis points to 25.7%. Specialty inflation was driven by above-average increases in cheese and dairy categories with pastry and bakery products showing a mix of moderate inflation and deflation.
Significant inflation in certain primal center-of-the-plate meats, particularly prime tenderloins was partially offset by deflation in lower and middle meat cuts.
Total operating expense increased approximately 11.8% to $91.3 million for the third quarter of 2019 from $81.7 million for the third quarter of 2018. Excluding the impact of the earn-out adjustment, third quarter total operating expenses increased 11.1% versus the prior year quarter.
On an adjusted basis, and as a percentage of net sales, operating expenses were 20.3% for the third quarter of 2019, relatively unchanged as compared to the prior year quarter as increased operating cost related to our investment in Texas and in additional sales and business development talent were materially offset by lower distribution-related costs as a percentage of revenue.
Third quarter year-over-year gross profit growth to adjusted operating expense growth was a positive spread of approximately 80 basis points.
Operating income for the third quarter of 2019 was $10.6 million, compared to $10.3 million for the third quarter of 2018. The increase in operating income was driven primarily by increased gross profit, offset in part by higher operating expenses.
As a percentage of net sales, operating income was 2.7% in the third quarter of 2019 versus 2.8% in the third quarter of 2018.
Interest expense decreased to $4.5 million for the third quarter of 2019, compared to $4.7 million for the third quarter of 2018, due primarily to lower effective interest rates charged to the company's outstanding debt.
Income tax expense was $1.7 million for the third quarter of 2019, compared to $1.4 million for the third quarter of 2018. The increase in income tax expense is primarily due to higher pretax income versus the prior year third quarter.
Our GAAP net income was $4.4 million or $0.15 per diluted share for the third quarter of 2019, compared to net income of $4.2 million or $0.14 per diluted share for the third quarter of 2018. On a non-GAAP basis, adjusted EBITDA was $21.6 million for the third quarter of 2019, compared to $18.9 million for the third quarter of the prior year.

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谢谢克里斯,大家下午好。截至2019年9月27日的季度,我们的净销售额增长了约9.8%,从2018年第三季度的3.615亿美元增至3.690亿美元。净销售额的增长是有机增长约4.5%的结果。来自并购的销售额,占季度销售额增长约5.3%。

与去年同期相比,第三季度的净通胀率为2.1%,其中我们的特殊类别的通胀率为2.5%,而中心板类的通胀率为1.5%。

2019年第三季度的毛利润增长了10.9%,达到1.02亿美元,而2018年第三季度的毛利润为9200万美元。毛利率增长了约25个基点,达到25.7%。特殊通货膨胀是由奶酪和乳制品类别的增幅高于平均水平驱动的,而糕点和烘焙产品则显示出适度的通货膨胀和通货紧缩。

某些主要的板中中心肉特别是主要里脊肉的显着通货膨胀被中下部肉块的通货紧缩所部分抵消。

总运营费用从2018年第三季度的8,170万美元增长至2019年第三季度的9,130​​万美元,增幅约为11.8%。不计入收益调整的影响,第三季度总运营费用与去年同期相比增长了11.1%。

按调整后的基础以及占净销售额的百分比,2019年第三季度的营业费用为20.3%,与去年同期相比基本没有变化,这是由于与我们在德克萨斯州的投资以及其他销售和业务相关的营业成本增加与开发相关的成本在收入中所占的百分比降低,大大抵消了开发人才的负担。

第三季度与调整后的营业费用增长相比,毛利润增长了约80个基点。

2019年第三季度的营业收入为1,060万美元,而2018年第三季度的营业收入为1,030万美元。营业收入的增长主要由毛利润的增长驱动,但部分被营业费用的增长所抵消。

占净销售额的百分比,2019年第三季度的营业收入为2.7%,而2018年第三季度的营业收入为2.8%。

利息支出从2018年第三季度的470万美元减少至2019年第三季度的450万美元,这主要是由于从该公司未偿债务中扣除的有效利率降低了。

2019年第三季度的所得税费用为170万美元,而2018年第三季度的所得税费用为140万美元。所得税费用的增长主要是由于与去年第三季度相比,税前收入增加。

我们的GAAP净收入在2019年第三季度为440万美元或每股摊薄收益0.15美元,而2018年第三季度的净收入为420万美元或每股摊薄收益0.14美元。按非公认会计准则基础,调整后EBITDA为2160万美元2019年第三季度的营业收入为1,890万美元,而去年同期为1,890万美元。

Adjusted net income was $6.8 million or $0.23 per diluted share for the third quarter of 2019, compared to adjusted net income of $5.5 million or $0.19 per diluted share for the prior year third quarter. We ended the third quarter of 2019 with $21.5 million in cash and at the end of the third quarter, net debt to adjusted EBITDA was 3.1 times.
Turning to our guidance for 2019, based on the current trends in the business, we are updating our financial guidance to be as follows: we estimate net sales for the full year of 2019 will be in the range of $1.58 billion to $1.6 billion; gross profit to be between $402 million and $410 million; net income to be between $23.5 million and $25.7 million; GAAP net income per diluted share to be between $0.79 and $0.86; and adjusted EBITDA to be between $88 million and $91 million; and adjusted net income per diluted share to be between $0.96 and $1.03.
This guidance is based on an effective tax rate of approximately 27.5% for 2019. Our full year estimated diluted share count is approximately 30 million shares.
Thank you. And at this point, we will open it up to questions. Operator?

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2019年第三季度的调整后净收入为680万美元,合稀释后每股0.23美元,而去年第三季度的调整后净收入为550万美元,合稀释后每股0.19美元。我们在2019年第三季度结束时拥有2150万美元现金,在第三季度末,调整后EBITDA的净债务为3.1倍。

关于我们对2019年的指导,根据当前的业务趋势,我们将财务指导更新如下:我们估计2019年全年的净销售额将在15.8亿美元至16亿美元之间;毛利润在4.02亿美元至4.1亿美元之间;净收入在2350万美元至2570万美元之间; GAAP摊薄后每股净收益在0.79美元至0.86美元之间;调整后的EBITDA在8800万美元至9100万美元之间;调整后的稀释后每股净收益在0.96美元至1.03美元之间。

该指南基于2019年约27.5%的有效税率。我们全年估计的稀释股数约为3000万股。

谢谢。至此,我们将向大家提出问题。操作员?

问答环节

[Operator Instructions] The first question comes from Andrew Wolf of Loop Capital Markets. Please go ahead.

[Operator Instructions] The first question comes from Andrew Wolf of Loop Capital Markets. Please go ahead.

Andrew Wolf

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安德鲁·沃尔夫

Thanks. Good afternoon. Hi. So, on the quarter, I just wanted to…

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谢谢。 下午好。 你好 所以,在本季度,我只想...

Chris Pappas

Hey, Drew.

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嘿,德鲁

Andrew Wolf

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安德鲁·沃尔夫

On gross margin and profits, Chris, I think you had commented in September that, prime beef was or parts of it, some of the prime was at record-high prices. It looks like you managed that okay or did that impact the quarter getting – passing that through? And what is the outlook? I know the prime market can kind of vary quarter – pretty quickly.

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关于毛利和利润,克里斯,我想您在9月份曾评论说,优质牛肉是其中的一部分,其中一些是创纪录的高价。 看来您管理得还好,还是对本季度的业绩产生了影响? 前景如何? 我知道主要市场的季度变化可能会很大-很快。

Chris Pappas

Yes. So prime has been a headwind. It's finally more prime. So, I think the availability of total prime was like a 2% and if I am not mistaken, I think it's now more 7%, 8%, 9%. So, availability is starting to increase until we get through probably mid-December. Tenderloins have held pretty high at record prices and I don't think – I mean, they are going to break.
It's a question of when we get back to some normality. But we've been managing through. It's definitely been a headwind and we look forward to more availability and more normality and we have – every time that we see a market like this, Andrew, we look at it as an opportunity to rethink it for the following year and come out with new programs and things that we could offer our customers more solutions to put stake on the menu at more affordable prices.
So we've learned – again, we've learned a lot in this process. And I think it's going to make us better marketers in the future.

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是。 因此盛行一直是不利因素。 终于更好了。 因此,我认为总质数的可用性大约为2%,如果我没有记错的话,我认为现在是7%,8%,9%。 因此,可用性开始增加,直到大概在12月中旬为止。 里脊肉以创纪录的价格高居不下,我不认为–我的意思是,它们将要破产。

这是我们什么时候恢复正常的问题。 但是我们一直在努力。 绝对是不利因素,我们期待更多的可用性和正常性,并且我们拥有–每当我们看到这样的市场时,Andrew就会将其视为重新思考下一年并推出新产品的机会。 我们可以为客户提供更多解决方案的程序和东西,以便以更实惠的价格在菜单上出售股份。

因此,我们学到了-在此过程中,我们学到了很多东西。 而且我认为这将使我们将来成为更好的营销人员。

Andrew Wolf

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安德鲁·沃尔夫

Okay. And just sort of a follow-up, from what I remember, Allen Brothers' catalog business and online business is pretty heavy this quarter. Does that impact the quarter? I mean, or can you raise those prices to the catalog customers, retail customers ahead of...

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好的。 从我记得的情况来看,只是某种后续行动,艾伦兄弟公司的目录业务和在线业务在本季度非常繁重。 这会影响季度吗? 我的意思是,或者您可以提前将价格提高给目录客户,零售客户...

Chris Pappas

Yes, it's a balancing act. We try to get ahead of it, because that product is frozen. So, we try to get ahead of it when we - during the year, as we see markets that we think are very favorable, we are able to make buys. So, you don't have to wait till the last minute to buy that at record prices. So, we do get way ahead of that.

www.

是的,这是一种平衡行为。 我们试图超越它,因为该产品是冷冻的。 因此,当我们-在这一年中,我们看到我们认为非常有利的市场并能够进行购买时,我们将力争领先。 因此,您不必等到最后一分钟即可以创纪录的价格购买该产品。 因此,我们确实取得了领先。

James Leddy

James Leddy

Andy, the retail is not a huge percentage of our overall revenue.

www.

安迪,零售不是我们整体收入的很大比例。

Andrew Wolf

www.

安德鲁·沃尔夫

No, I realize that. On the operating costs, could you just sort of either, if you would, quantify the kind of deleveraging you got out of Texas and L.A.? And when and if you don't want to quantify it, maybe at least answer when and how that turns into leveraging? Is it obviously, it's volume driven, but timing and what kind of events? How would the normal flow go? And how would an event like a tuck-in acquisition impact?

www.

不,我知道。 在运营成本上,您是否可以对是否从德克萨斯州和洛杉矶分出的去杠杆化进行量化? 而何时以及如果您不想量化它,也许至少可以回答何时以及如何将其转化为杠杆? 显然,它是由音量驱动的,但是时间安排和什么样的事件? 正常流量将如何? 像收购这样的事件会如何影响?

James Leddy

James Leddy

Yes. Sure. So, from a leverage perspective, the L.A situation is just a duplicate rent until we move in. So we are adding that back. And from an operating leverage perspective, we did generate operating leverage from a gross profit to adjusted OpEx perspective.
In terms of Texas, really, the costs there are building the team, going through the transition, over the summer of the ERP system, we've built sales and business development talent; we've added to the warehouse; we've added to the distribution platform. So that's basically just ramping up the business really ahead of the revenue growth, which will come over the next couple of years.
We expect Texas to move closer to breakeven next year. Obviously, it won't be breakeven this year, but we didn't expect that. And in terms of L.A., we will definitely have the room for fold-in acquisitions. We expect to move into that facility in the third quarter of 2020.

www.

是。 当然。 因此,从杠杆角度来看,洛杉矶的情况只是重复租金,直到我们搬进去。因此,我们将其增加。 从运营杠杆角度来看,我们确实从毛利润到调整后的运营支出角度都产生了运营杠杆。

就得克萨斯州而言,实际上,在整个团队建设,过渡过程中花费的成本,在整个ERP系统的整个夏天,我们都已经建立了销售和业务开发人才。 我们已经添加到仓库了; 我们已添加到分发平台。 因此,这基本上只是在收入增长之前真正提高业务量,这将在未来几年内实现。

我们预计明年德克萨斯州将接近收支平衡。 显然,今年不会达到收支平衡,但是我们没有想到这一点。 就洛杉矶而言,我们一定会提供并购的空间。 我们预计将在2020年第三季度迁入该设施。

Andrew Wolf

www.

安德鲁·沃尔夫

Okay. Thanks. And if I could just ask about guidance, just in one part in sales, I think it's like a $20 million spread for the fourth quarter. It's like 5% variability. So I am – it seems pretty wide. Is there choppiness in the market? Or are there – are you looking that you might have some attrition? I am just trying to understand…

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好的。 谢谢。 如果我只是问一下指导,只是销售额的一部分,我认为第四季度的价差约为2000万美元。 大约有5%的可变性。 所以我-似乎很宽。 市场上有断断续续吗? 还是在那里–您是否正在寻找自己的减员? 我只是想了解...

Chris Pappas

No. It's consistent, Andy, with the – it s consistent with the way we've guided in the past. We have narrowed it from roughly a $40 million or $50 million spread as we go through the year. We tightened it last quarter and it's consistent with the way we've tightened it in prior years.

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不,这与Andy保持一致-与我们过去的指导方法保持一致。 我们将这一年的差价从大约4,000万美元或5,000万美元缩小了。 我们在上个季度收紧了它,这与我们在前几年收紧它的方式是一致的。

James Leddy

James Leddy

Yes. And always, the fourth quarter, Andy, it's always strong. The question is whether, when – how does Christmas and New Years fall? How does it affect people leaving? We had real surprises this year with the way the 4th of July week went and some of the Jewish holidays and Labor Day, it just seemed the way the holidays fell this year, they really affected our business. We did much less business than a normal week.
So we – when we look at our past quarters, we had – our trends were strong on where our forecasts were and the holiday weeks really were disappointing. It seemed almost the economy is too good and people just take the whole week off. So, looking at the fourth quarter, I think we are optimistic with, our customers look strong. Spending is – spending seems to be well, but you just don't know about the weather and how the holidays affect it.

www.

是。 而且,第四季度,安迪总是很强壮。 问题是,何时–圣诞节和新年如何降临? 它如何影响人们离开? 今年我们对7月4日当周的去世方式以及某些犹太节日和劳动节感到非常惊讶,这似乎是今年假期减少的方式,它们确实影响了我们的业务。 我们的工作比平常少得多。

因此,当我们查看过去的季度时,我们的趋势在预测的位置上很强劲,而假期周确实令人失望。 看来经济形势几乎太好了,人们只休了整整一周的假。 因此,在第四季度,我认为我们很乐观,我们的客户看起来很强大。 支出是–支出似乎不错,但您只是不了解天气以及假期如何影响天气。

Andrew Wolf

www.

安德鲁·沃尔夫

Okay. Great. Thank you.

好的。 大。 谢谢。

James Leddy

James Leddy

Sure. Thanks, Andy.

www.

当然。 谢谢,安迪。

会议主持员

The next question comes from Christopher Mandeville of Jefferies. Please go ahead.

www.

下一个问题来自杰富瑞(Jefferies)的克里斯托弗·曼德维尔(Christopher Mandeville)。 请继续。

Blake Anderson

www.

布莱克·安德森

Hi, this is Blake on for Chris. Just on the guidance again, I know you tightened the EBITDA a little bit. Was that just because we are entering the fourth quarter? Or was there anything to read into versus your expectations? Hello?

www.

嗨,这是布雷克(Chris)的作品。 再次根据指导意见,我知道您稍微提高了EBITDA。 那是因为我们正进入第四季度吗? 还是有什么值得一读的? 你好?

Chris Pappas

We raised the midpoint of our gross profit dollar guidance just to reflect the improvement in gross profit margin and gross profit dollar growth that we've seen throughout the year. And we look for that to continue. And then, we raised adjusted OpEx to reflect the OpEx pressures that I went through earlier. So that's really the guidance changes.

www.

我们提高了毛利润美元指导的中点,只是为了反映我们全年看到的毛利率和毛利润美元增长的改善。 我们希望这种情况继续下去。 然后,我们提出了调整后的运营支出,以反映我之前经历的运营支出压力。 所以这确实是指南的变化。

Blake Anderson

www.

布莱克·安德森

Got it. Can you talk about your exposure to European imports? And any impact you expect from tariffs?

www.

得到它了。 您能谈谈您对欧洲进口产品的敞口吗? 您希望从关税中得到什么影响?

Chris Pappas

We haven't seen really any impact to-date. If you look at the list of items, they are very specific to certain locations and very unique specifications. And given that we have over 50,000 SKUs, we benefit from that diversified portfolio of products.
We also have a significant private-label portfolio that gives us a lot of flexibility in the supply chain. So, we are working with our customers and supplier partners. We are working with all the stakeholders involved to make sure that we can provide our customers with the right value and pricing. And so, right now, we don't estimate anything...

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迄今为止,我们还没有看到任何真正的影响。 如果您查看项目列表,它们是特定于特定位置和非常独特的规格的。 鉴于我们拥有超过50,000个SKU,我们将从多元化的产品组合中受益。

我们还有大量的自有品牌产品组合,为我们在供应链中提供了很大的灵活性。 因此,我们正在与我们的客户和供应商合作伙伴合作。 我们正在与所有利益相关者合作,以确保我们可以为客户提供正确的价值和价格。 所以,现在,我们什么也没估计。

James Leddy

James Leddy

Major.

www.

重大的。

Chris Pappas

Major in 2019.

www.

专业于2019年。

Blake Anderson

www.

布莱克·安德森

Great. That's good to hear. Last one, have you seen any impact from the fires in California on your business?

www.

大。 听起来还不错。 上一个,您是否看到加州大火对您的业务有任何影响?

Chris Pappas

Yes. Well, obviously, it's devastating to watch. We experienced this I think it was, last year and the year before. It seems to be the new norm, unfortunately. We pray for everybody's safety and we get through this, but there is an impact.
At this point, it's hundreds - hundreds of thousands of dollars, I would say, of probably lost sales. So, I think we always kind of put in a piece of our forecast knowing that there is going to be some fires. So we're praying that this thing gets put down to bed pretty soon and everyone is safe. We can get some normality.

www.

是。 好吧,显然,这是毁灭性的。 我认为是去年和前一年的经历。 不幸的是,这似乎是新准则。 我们为每个人的安全祈祷,我们为此度过难关,但有影响。

在这一点上,我可能要说成千上万的销售损失。 因此,我认为我们总是会做出一些预测,因为知道会发生火灾。 因此,我们祈祷这个东西很快就可以放下床了,每个人都很安全。 我们可以得到一些常态。

James Leddy

James Leddy

It's very recent in the quarter. I think we'll know more if this thing extends. But generally, it gets calmed down fairly quickly.

www.

这是本季度的最新情况。 我想如果这件事继续下去,我们会知道的更多。 但通常来说,它很快就会平静下来。

Blake Anderson

www.

布莱克·安德森

Thanks a lot.

非常感谢。

会议主持员

[Operator Instructions] The next question comes from Kelly Bania of BMO Capital Markets. Please go ahead.

[操作员说明]下一个问题来自BMO Capital Markets的Kelly Bania。 请继续。

Steve Caputo

史蒂夫·卡普托

This is Steve Caputo on for Kelly. Just looking at your organic growth trends, if you could highlight anything that was outside of your expectations for the quarter that would be helpful.

这是史蒂夫·卡普托(Steve Caputo)饰演的凯利(Kelly)。 仅查看您的自然增长趋势,如果您能突出显示超出本季度预期的任何有用信息。

Chris Pappas

Within the ranges that we expected, the July 4th shift was a very weak week for us that a lot of people left for the entire week and then the hurricane in Florida. We think those two combined cost us a couple of cents in terms of the top-line. Other than that, the cadence of the quarter was generally as expected and our organic growth is right around mid-single digits kind of in the ranges that we expected.

在我们预期的范围内,7月4日的变化对我们来说是非常疲弱的一周,很多人呆了整整一周,然后离开了佛罗里达州的飓风。 我们认为,这两项的总和使我们损失了几分钱。 除此之外,该季度的节奏总体上与预期一致,我们的有机增长恰好在我们预期范围内的中个数位数左右。

Steve Caputo

史蒂夫·卡普托

Thank you.

谢谢。

会议主持员

This concludes the question-and-answer session. I would now like to turn the conference back over to Mr. Chris Pappas for any closing remarks.

这样就结束了问答环节。 我现在想将会议转交给克里斯·帕帕斯先生作任何闭幕词。

Chris Pappas

Yes. We thank everybody for joining us on our earnings call. Our team did a great job. It was a good quarter. Sales was strong, profitability was strong and we look forward to a strong fourth quarter. And everybody joining us once again, thank you very much, and thank you for joining.

是。 我们感谢大家加入我们的电话会议。 我们的团队做得很好。 这是一个好的季度。 销售强劲,盈利能力强劲,我们期待第四季度业绩强劲。 每个人都再次加入我们,非常感谢,也感谢您的加入。

James Leddy

James Leddy

Thank you.

谢谢。

会议主持员

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的电话会议到此结束。 您可以断开线路。 感谢您的参与,并祝您有愉快的一天。

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