EVI Industries 2026财年第四季度业绩电话会议：营收创历史新高且利润率增长

要点速览

• 2026财年营收达到约4.47亿美元，毛利润升至约1.41亿美元，两者均创下公司历史新高。
• 毛利率达到创纪录的31.5%，毛利润增速快于营收，表明盈利结构有所改善。
• 在第四财季，仅针对股权激励费用进行调整后，EVI Industries的商用洗涤业务在扣除总部费用前的调整后EBITDA利润率超过10%。
• 经营现金流约为2100万美元。截至6月底，净负债约为4400万美元，尽管进行了两次收购和持续投资，但与上年同期相比基本持平。
• EVI在2026财年期间及财年底后不久完成了三项收购：两项属于商用洗涤领域，另一项则建立了其消费者服装护理服务部门。
• 管理层表示，EVI进入2027财年时在其重点领域拥有丰富的潜在收购项目储备，同时强调严谨的交易选择和稳健的资产负债表。

关键财务数据

业务与运营表现

商用洗涤仍是EVI的核心业务。公司通过设备销售、系统设计、安装、调试、零部件供应、维护、维修、化学品及技术支持，服务于多家庭住宅、自助洗涤、现场洗涤（On-Premise）及工业客户。

管理层将业务质量的提升归因于对人才、技术、流程和运营能力的投资。这些投资旨在提高技术人员生产力、作业成本核算精度、库存决策能力以及EVI分散式业务之间的协同效率。客户关系管理（CRM）平台目前仍处于开发阶段，管理层预计该平台将提升对客户需求和销售机会的可见度。

EVI还通过收购Sudsies建立了第二个部门——消费者服装护理服务部门。管理层将Sudsies描述为一个围绕服装护理工艺、便利性、技术赋能的物流以及与消费者和奢侈品零售合作伙伴的关系所构建的基石。

公司计划将其分散式收购模式应用于新部门，在保留本地品牌和管理团队的同时提供资金、技术和共享资源。管理层认为该部门最终可能产生可观的利润和现金流，但强调EVI目前仍处于早期阶段。

在过去十年中，EVI完成了30多项收购，营收增长了十倍以上。公司超过半数的股权由高管及被收购业务的原所有人共同持有，从而使管理层及运营者的持股与长期业绩保持一致。

风险与关注事项

管理层将关税、供应商成本、施工进度和宏观经济状况列为其积极管理的因素。此外，总部费用还包括对基础设施、人才和技术的投资，这些投资服务于EVI的所有业务，而非直接随营收规模同步变化。

EVI正在评估大量的收购机会，但管理层强调，交易仍须符合其在团队人才、企业文化、财务效益及战略契合度方面的要求。公司还强调了保持资产负债表灵活性（弹性）的重要性，因为收购机会的出现往往不可预测。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Henry Nahmad

Hello, and welcome to EVI Industries Earnings Call for the Fourth Quarter and Fiscal Year Ended June 30, 2026. I'm Henry Nahmad, Chairman and CEO of EVI. Before we begin, I would like to remind you that this presentation contains forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. For additional information, please refer to our earnings release issued today and our filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10-K. This discussion also includes references to Adjusted EBITDA, a non-GAAP financial measure. A full definition and reconciliation to net income can be found in our earnings release.

Fiscal 2026 was the best year in EVI's history. But what excites me most is not the records themselves. It is what this year says about the enterprise we have spent the last decade building and what we believe can come next. We finished the year with record revenue and gross profit, stronger margins, strong cash generation, and a fourth quarter that demonstrated meaningful operating leverage. During the year and shortly after year-end, we also completed 3 acquisitions, 2 in commercial laundry and 1 that established our second division in consumer garment care services. Rather than repeat every figure already available in the release, I want to focus on what the results tell us about the quality of EVI, the culture behind it, and the opportunity ahead.

Revenue reached approximately $447 million and gross profit approximately $141 million, both records, while gross margin reached a record 31.5%. Importantly, gross profit grew faster than revenue. To us, that is evidence that EVI is not simply getting bigger; the quality and earnings potential of the business are improving. The fourth quarter made that especially clear. Our commercial laundry operating businesses produced an Adjusted EBITDA margin, adjusted solely for stock-based compensation expense, above 10% before corporate expense. Corporate expense largely reflects infrastructure that serves the company's businesses collectively rather than costs that scale with revenue.

The investments within corporate expense are deliberate investments in people, technology, processes, and capabilities. Their purpose is not simply cost reduction or margin expansion. We are building EVI to deliver a uniquely better customer experience, 1 that makes our people more effective, makes us easier to do business with, and gives customers more reasons to continue choosing EVI. Commercial laundry remains the foundation of EVI, and we believe it is an exceptional industry in which to compound capital over a long period of time. Laundry is essential. Equipment must operate, be serviced, and eventually replaced, while parts, service, and consumables are required continuously. That creates durable demand through economic cycles.

Just as important, EVI is not a transactional distributor. We serve the full spectrum of commercial laundry: multifamily, vended, on-premise, and industrial, where customer needs range from straightforward to highly complex. Our people plan and design laundry operations, specify systems, provide equipment and related products, install and commission those systems, and support customers with parts, maintenance, repair, chemicals, and technical expertise throughout the life of the facility. Our job is to understand each customer's circumstances and create the right solution around them. The objective of everything we're building, our people, service network, technology, processes, and product capabilities is to deliver a uniquely better customer experience that earns trust, repeat business, and a deeper relationship over time.

Businesses that merely move products can ultimately be disintermediated. Businesses that solve problems, earn trust, and remain important to the customers' operation are much harder to replace. That distinction matters to how we are building EVI. Over the last 10 years, we have invested heavily in the systems, people, and capabilities required to operate a much larger enterprise. We're increasingly putting those investments to work through better information for local managers, improved technician productivity, more accurate job costing, better inventory decisions, and greater coordination across our businesses. One important capability still ahead is a CRM. As we build and deploy it, we believe it can become a tremendous added benefit to our sales organization by giving our people better visibility into customer relationships, needs, and opportunities across EVI.

Technology does not replace our decentralized model. It strengthens it. We want decisions made close to the customer by leaders with the best local information. EVI's role is to give those leaders capital, technology, specialized talent, and the broader resources of the enterprise while preserving the speed, accountability, and market knowledge that made their businesses successful. Entrepreneurship is central to EVI. We have intentionally created an environment where successful entrepreneurs can remain entrepreneurs, retaining meaningful authority, continuing to build the businesses and brands they care about, and gaining resources that allow them to think bigger.

We want ambitious people inside EVI generating ideas, recruiting talent, finding new markets, making investments, and challenging one another to improve. When talented entrepreneurs have resources without losing their initiative, we believe the result can be more innovation, intelligent investment, growth, profit, and, over time, meaningful wealth creation. That culture is also important to our acquisition strategy. We generally preserve local brands, retain people, and empower leaders, then help them expand products, sales, and service, recruit, invest in technology, and pursue opportunities that may have been difficult to capture independently. After a decade of operating this way, we believe our reputation has become a competitive advantage.

Successful owners in our industry increasingly understand what EVI stands for and want to be a part of it. That creates acquisition conversations that are about far more than price. We are evaluating a meaningful number of opportunities today, but opportunity does not change our discipline. We are thoughtful in what we pursue and prepared to act with conviction when the people, culture, economics, and strategic fit are right. The most exciting development since year-end is the creation of our Consumer Garment Care Services division. This is not a pivot away from commercial laundry. It is an expansion within laundry into a different end customer, giving EVI a second division in which to apply many of the principles that have served us well: fragmented markets, recurring customer needs, strong local brands, exceptional entrepreneurs, decentralized leadership, and disciplined investment.

Sudsies, our first business in the division, gives us a differentiated foundation built around craftsmanship, quality, convenience, technology-enabled logistics, and deep relationships with individual consumers and luxury retail partners. Just as importantly, its founders and leadership remain engaged. That is exactly how we want to build. The opportunity is much larger, though, than 1 business. Consumer garment care is a large, highly fragmented industry with many talented independent operators.

We believe EVI can become a compelling home for the best of them, preserving what makes their businesses special while providing capital, technology, shared resources, and the opportunity to participate in something much larger. We are early, and we will remain disciplined. But we see the potential to build a significant second division with meaningful earnings and cash flow, and we enter fiscal 2027 with a substantial pipeline of acquisition conversations across our areas of focus.

All of this is supported by financial discipline. EVI generated approximately $21 million in operating cash flow in fiscal '26 and ended June with approximately $44 million of net debt, essentially unchanged from the prior year despite completing 2 acquisitions and continuing to invest in the enterprise. We view financial strength as strategic. Opportunity rarely arrives on a convenient schedule.

A conservative balance sheet gives us the ability to move when the right opportunity appears without forcing action when it does not. That same principle applies to ownership. More than half of EVI is collectively owned by our executives and the original owners of businesses that joined us. Investors are, therefore, investing alongside many of the people making decisions and operating the businesses.

Our capital, careers, and reputations are tied to the same long-term outcome. We have demonstrated that mindset for more than a decade, investing through cycles, building capabilities before they were fully needed, preserving the entrepreneurial strengths of acquired businesses, maintaining financial flexibility, and repeatedly choosing the long-term value over short-term optics.

We manage tariffs, supplier costs, construction schedules, and economic conditions actively, but we do not build EVI around predicting the next 90 days. As I look at EVI today, I see an enterprise that is stronger, broader, and more capable than at any point since we began this journey in 2015. We have exceptional depth and leadership across the corporate organization, our regions, and our operating businesses.

That leadership includes founders, long-time industry operators, experienced functional executives, and a growing generation of younger leaders who have developed inside EVI or joined because they see the opportunity here. It gives us industry knowledge, local judgment, institutional memory, and the energy to keep building for a long time. We now have 2 divisions through which to compound those strengths. In commercial laundry, we see substantial opportunity to grow organically, acquire excellent businesses, expand recurring service and consumables revenue, and improve profitability. In consumer garment care, we see the opportunity to build a complementary business of meaningful scale around exceptional operators and trusted local brands.

10 years ago, we set out to build a different kind of company in laundry. Since then, revenue has grown more than tenfold. We have completed more than 30 acquisitions. We have built the leading commercial laundry distribution and service organization in North America. Yet I believe we are still early. Fiscal '26 was our best year. More importantly, it strengthened our confidence in what EVI can become: an entrepreneurial, owner-led enterprise with durable businesses, disciplined capital, deep leadership, meaningful acquisition opportunities, and the conviction to pursue large opportunities for the long term. Thank you for your time and continued support of EVI Industries. Until next time, be well.