Aramark (ARMK) Q2 2025 Earnings Call May 06, 2025 08:30 AM ET Speaker0 Good morning, and welcome to Aramark's Second Quarter Fiscal twenty twenty five Earnings Results Conference Call. My name is Kevin, and I'll be your operator for today's call. At this time, I'd like to inform you that this conference is being recorded for rebroadcast and that all participants are in a listen only mode. We will open the conference call for questions at the conclusion of the company's remarks. I will now turn the call over ...

财务数据和关键指标变化 - 第一季度调整后收入增长4%，超出预期，经常性收入增长从上个季度的2%显著加速至4% [7] - 第一季度调整后EBITDA处于展望高端，自由现金流转化率超过70% [7] - 调整后每股收益增长11%至1.21美元，处于展望上限 [8] - 第一季度自由现金流为3.68亿美元，去年同期为9500万美元，现金转化率从去年的18%提升至71% [17] - 资本支出为2.33亿美元，占收入的9%，与全年预期一致 [18] - 季度末杠杆率达到目标的2.8倍 [19] - 向股东返还6.7亿美元，包括4.5亿美元的股票回购，有望实现12亿美元的年度股票回购目标 [19] 各条业务线数据和关键指标变化 银行业务 - 本季度增长2%，超出展望高端，经常性收入增长3%，非经常性收入增长3%，专业服务下降5% [20] - EBITDA利润率收缩至40.1% [20] 资本市场业务 - 调整后收入增长9%，超出展望高端，经常性收入增长6%，非经常性收入增长47%，专业服务同比下降5% [21] - 调整后EBITDA利润率扩大90个基点 [21] 各个市场数据和关键指标变化 无 公司战略和发展方向和行业竞争 - 公司专注于推动企业商业卓越，简化和加强投资组合，战略收购全球支付发行商业务和出售少数股权世界支付股份，以增强对客户的价值主张和财务状况 [6] - 在核心解决方案、数字解决方案、CFO办公室能力、商业贷款解决方案和衍生品处理解决方案等领域取得新的重大合作，显示出市场竞争力 [9][10][11][12][13] 管理层对经营环境和未来前景的评论 - 2025年开局强劲，公司业务模式具有韧性，经常性收入水平高，能够在所有经济周期中提供稳定的财务结果 [6] - 对全年展望充满信心，预计银行业务从第二季度开始加速增长，重申全年展望，总股东回报率为11% - 13% [22][26] 其他重要信息 - 4月17日宣布两项交易，出售45%世界支付股份给全球支付，税前价值66亿美元；以12亿美元的净企业价值收购发行商解决方案业务，预计2026年上半年同时完成 [13][14] - 收购发行商解决方案业务具有财务吸引力，在头12个月对调整后每股收益、EBITDA利润率和调整后自由现金流有增值作用，长期协同效应实现后效益更大 [15] 总结问答环节所有的提问和回答 问题1: 客户决策管道重建反馈及收购发行商解决方案业务的客户反馈 - 客户转换按计划进行，进展顺利，甚至略超预期，体现在第二季度和全年的银行收入指引中 [30][31] - 公司业务具有高度经常性和必需性，不受经济周期影响，管道同比显著增加 [31][32] - 从客户角度看，收购发行商解决方案业务反馈积极，该业务品牌好，产品套件和客户服务一流，且专注金融机构解决方案符合客户需求 [33][34] 问题2: 对Capital One Discover交易的最新看法 - 该交易有积极进展，公司与Capital One和Discover有良好合作关系，认为这将是一个很好的组合 [35][36] 问题3: 第二季度资本市场指引减速原因及银行业务中合并借记卡发行和TSYS业务的占比和收费情况 - 第一季度资本市场非经常性收入因续约有较高收益，第二季度续约活动回归正常，经常性收入保持一致 [40][41] - 公司未提供具体数据，但表示借记卡消费持续稳定，交易增长强劲，信用卡业务规模不大且无放缓迹象 [43][44] - 收购将为银行业务增加25亿美元收入，规模增长约35%，整体利润率提高约80个基点，该业务客户平均任期25年，80%为经常性收入，利润率在40% - 45%之间 [45][46] 问题4: 世界支付EMI展望及收入增长情况和EBITDA利润率节奏 - 世界支付EMI展望与往年一致，无疲软迹象，收入增长加速，从低个位数增长回升到中高个位数增长，表现符合市场预期 [51][52][53] - 公司不对外谈论世界支付EBITDA利润率节奏，预计该业务正在进行投资，与历史表述一致 [55] 问题5: 收购发行商解决方案业务的成本协同效应的低垂果实及实现速度 - 最大的成本协同效应来自合理化重复供应商成本，如技术、软件、欺诈供应商等，预计会迅速推进 [58][59] - 还包括后台优化和整合运营能力，利用TSYS在信贷方面的专业知识 [59][60] - 总协同效应1.5亿美元，将在第二年和第三年平均分配，第一年有一些成本协同效应，但也有来自全球的过渡服务协议，长期来看协同效应可能超过1.5亿美元 [62][63] 问题6: 收购发行商解决方案业务的增值水平及交叉销售信贷发行处理的销售模式 - 公司认为收购立即增值，但更重要的是对银行业务的加强和现金流的提升，具体每股收益增值不是交易最有吸引力的部分 [69][70][71] - 公司与发行商解决方案业务有大量共同客户，已有交叉销售模式，增加信贷能力后，能在大型金融机构市场解锁更多增量市场，客户反馈积极 [72][73][74] 问题7: 银行业务第二季度和下半年加速的具体驱动因素及收入可见性 - 利润率方面，主要驱动因素包括收入组合改善、持续执行成本计划和下半年同比基数较低 [78][79][80] - 收入方面，银行业务加速的主要驱动因素是150个基点的商业卓越增长，来自2024年的销售和高留存率，公司对全年指引有高度信心 [87][88][90] 问题8: 净营运资本优化计划进展及与发行商解决方案业务合并后资本支出的灵活性 - 大部分现金流改善来自净营运资本，一半是因为去年第一季度表现不佳，另一半多是因为实施的举措，如采购组织与供应商协商延长付款期限、加强对客户付款期限的管理 [97][98] - 发行商业务资本支出占收入约8%，公司今年为9%，长期展望为8%，合并后有望通过更大规模获得更有吸引力的条款，但由于TSYS正在进行现代化计划，短期内资本支出可能维持在较高水平 [100][101][103] 问题9: 资本市场传统和非传统垂直领域的销售进展 - 非传统领域，如私人信贷和对冲基金，有很多机会，市场正在融合；传统领域，交易和处理方面有很多机会，新产品推动了管道和销售增长 [105] 问题10: 出售世界支付业务的潜在负协同效应及抵消措施 - 公司表示出售世界支付业务没有负协同效应，此前分离55%股份时已处理完毕 [108] 问题11: 本季度ACV增长情况及Capital One Discover交易获批后的额外机会和时间表 - 公司通常按全年提供ACV数据，第一季度是销售淡季，各业务领域如核心和数字业务增长强劲，产品投资和高留存率带来了增量收益，公司对全年活动有信心 [113][114][115] - 公司很高兴与Capital One合作，该交易获批对公司很重要，但预计不会对业务产生重大影响，这是一个积极且重要的合作关系 [117]

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