Mission Produce Inc (AVO) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Mission Produce fiscal fourth-quarter 2025 conference call. (Operator Instructions) Please also note, today's event is being recorded.

下午好，歡迎參加 Mission Produce 2025 財年第四季電話會議。（操作說明）也請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. Sir, please go ahead.

此時，我想把電話會議交給 ICR 的投資人關係負責人 Jeff Sonnek。先生，請繼續。

Thank you. Today's presentation will be hosted by Steve Barnard, Chief Executive Officer; John Pawlowski, President and Chief Operating Officer; and Bryan Giles, Chief Financial Officer.

謝謝。今天的演講將由執行長史蒂夫·巴納德、總裁兼營運長約翰·帕夫洛夫斯基和財務長布萊恩·吉爾斯主持。

The comments during today's call and the accompanying presentation contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events.

今天電話會議中的評論和隨附的簡報包含 1995 年《私人證券訴訟改革法案》安全港條款意義上的前瞻性陳述。除歷史事實陳述外，所有其他陳述均視為前瞻性陳述。這些聲明是基於管理階層目前的預期和信念，以及對未來事件的一些假設。

Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC.

此類前瞻性陳述受已知和未知風險及不確定性的影響，可能導致實際結果與前瞻性陳述中討論的結果有重大差異。其中一些風險和不確定性已在公司向美國證券交易委員會提交的文件中識別和討論。

We'll also refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release, which can be found on the Investor Relations website investors.missionproduce.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.

今天我們也會提到一些非GAAP財務指標。請參閱收益報告中的表格，這些表格可在投資者關係網站 investors.missionproduce.com 上找到，以了解非 GAAP 財務指標與其最直接可比較的 GAAP 指標的調節情況。

And with that, I'd now like to turn the call over to Steve Barnard, CEO. Steve?

接下來，我想把電話交給執行長史蒂夫·巴納德。史蒂夫？

Thank you, Jeff. I'd like to start the call by addressing the leadership transition news that we announced concurrent with today's earnings results. We've been focused on succession planning for several years now, and the time is right to implement that plan. Effective at our annual meeting in April, our President and Chief Operating Officer, John Pawlowski, will assume the role of Chief Executive Officer, and I will transition to Executive Chairman of the Board.

謝謝你，傑夫。我想先談談我們今天與財報同時宣布的領導層更迭消息。我們多年來一直專注於繼任計劃，現在是時候實施該計劃了。自四月份的年度股東大會起，我們的總裁兼營運長約翰·帕夫洛夫斯基將擔任執行長一職，而我將轉任董事會執行主席。

Let me be clear, though, this company is the culmination of my life's work, and I am very excited about this next chapter of Mission story. In my new role, I'll continue to support John and the leadership team while working closely with our Board to drive the business forward.

不過，我要先明確一點，這家公司是我畢生心血的結晶，我對 Mission 故事的下一個篇章感到非常興奮。在新職位上，我將繼續支持約翰和領導團隊，同時與董事會緊密合作，推動業務向前發展。

Over the past four decades, we've built Mission into the global leader in avocados and John's immediate impact on harnessing our potential is being felt across our entire organization. His decades of experience in the global food industry make him the ideal leader to guide mission through its next phase of growth.

在過去的四十年裡，我們把 Mission 打造成了全球酪梨行業的領導者，而 John 對發揮我們潛力的直接影響正在我們整個組織中感受到。他在全球食品行業數十年的經驗使他成為帶領公司進入下一個發展階段的理想領導者。

With two consecutive years of exceptional financial performance, the successful completion of our major capital investment cycle and a balance sheet that positions us to capitalize on future opportunities, there's no better time for this succession. I'd like to thank our entire organization for their support and focus over the years as we've reshaped industry and raise the bar on customer service.

憑藉連續兩年卓越的財務表現、成功完成的重大資本投資週期以及能夠把握未來機會的資產負債表，現在是進行此繼任的最佳時機。我要感謝我們整個組織多年來的支持與關注，正是大家的共同努力，我們得以重塑產業格局，並持續提升客戶服務標準。

With that, I'll turn it over to John to discuss the results.

接下來，我將把發言權交給約翰，讓他來討論結果。

Thanks, Steve, for your confidence and partnership. I want to start by saying how honored I am to have the opportunity to lead this organization. When I stepped into this role, I had high expectations. But what I've experienced over the past 20 months has surpassed them in every way. The depth of operational capability, the strength of our global relationships and the caliber of our team are truly remarkable; and this quarter, this year showcased exactly why that matters.

感謝史蒂夫的信任與合作。首先，我想表達我非常榮幸有機會領導這個組織。當我擔任這個職位時，我抱持著很高的期望。但我過去 20 個月的經歷在各方面都超越了他們。我們的營運能力深度、全球關係實力和團隊素質都非常出色；而本季度，今年，也充分展現了這一點的重要性。

Steve and the team built something special over the past 40 years, and I don't take lightly the responsibility of carrying that forward, but I also couldn't be more excited about where we are headed. The foundation is strong, the team is executing at a high level and the opportunities in front of us are significant. Now let me turn to our results because fiscal 2025 was a defining year for Mission Produce.

在過去的 40 年裡，史蒂夫和他的團隊創造了一些特別的東西，我深知肩負著傳承這份事業的重任，但我同時也對我們未來的發展方向感到無比興奮。基礎穩固，團隊執行力強，擺在我們面前的機會很多。現在讓我來談談我們的業績，因為 2025 財年是 Mission Produce 的一個決定性年份。

We delivered record revenue of $1.39 billion, growing 13% on top of a strong 2024. Driving that was a 7% volume growth to achieve a record 691 million pounds of avocados sold through our marketing and distribution business. We also delivered record adjusted EBITDA in the fourth quarter. Capping off a two-year period in which we generated more than $180 million of operating cash flow.

我們實現了創紀錄的 13.9 億美元收入，在 2024 年強勁成長的基礎上，實現了 13% 的成長。推動這一成長的是銷量成長 7%，透過我們的行銷和分銷業務，酪梨銷量創下 6.91 億磅的紀錄。我們在第四季也實現了創紀錄的調整後 EBITDA。在過去兩年裡，我們創造了超過 1.8 億美元的營運現金流。

These results didn't happen by accident. They reflect the power of our integrated global platform and most importantly, the exceptional execution of our team.

這些結果並非偶然。它們體現了我們一體化全球平台的強大實力，更重要的是，體現了我們團隊卓越的執行力。

What truly sets Mission apart is our ability to execute on a truly global stage. We are a connected global team that can adjust and pivot in real time to seize opportunities, creating a genuine differentiator for our company. Throughout the year, our commercial organization demonstrated remarkable agility. We manage demand and supply shifts throughout the Peruvian season seamlessly across our US and European operations. This coordination allowed our team in the United Kingdom to grow revenue by over 60% in 2025 while also enhancing our sales efforts in Southern Europe.

Mission真正與眾不同之處在於我們有能力在全球範圍內執行任務。我們是一個緊密聯繫的全球團隊，能夠即時調整和轉變策略以抓住機遇，從而為公司創造真正的差異化優勢。在過去的一年中，我們的商業團隊展現了卓越的靈活性。我們能夠無縫管理秘魯旅遊旺季期間美國和歐洲業務的需求和供應變化。這種協調使我們在英國的團隊在 2025 年實現了 60% 以上的收入成長，同時也加強了我們在南歐的銷售工作。

These efforts combined to drive a 40% increase in European volumes sold, creating a foothold that enables us to cultivate deeper relationships and positions us for long-term growth in that region. We leveraged our entire platform. Our global sourcing network, our distribution infrastructure, our forward positioning and our category management tools to drive the best possible outcomes for our customers, maximize value fruit across all channels, and deliver quality products to global consumers.

這些努力共同推動歐洲銷量成長了 40%，為我們在該地區建立更深的關係奠定了基礎，並為我們在該地區的長期成長奠定了基礎。我們充分利用了我們的平台。我們擁有全球採購網絡、分銷基礎設施、前瞻性定位和品類管理工具，旨在為客戶創造最佳成果，最大限度地提高所有通路的水果價值，並為全球消費者提供優質產品。

We are a volume-centric business. Volume and per unit margins are the metrics we manage to. They represent areas that we can exert control and are what we underpin our ability to drive strong financial performance. While we can't control the fluidity of industry pricing, our commercial and sales teams are continuously harnessing our data to provide our customers with value-added insights to drive category growth in support of our broader efforts to drive per capita consumption globally.

我們是一家以銷售量為中心的企業。銷售量和單位利潤率是我們衡量的指標。這些領域是我們能夠掌控的，也是我們實現強勁財務表現的基礎。雖然我們無法控制行業價格的波動，但我們的商業和銷售團隊不斷利用我們的數據，為客戶提供增值見解，以推動品類增長，從而支持我們在全球範圍內推動人均消費的更廣泛努力。

No matter the noise in the market, whether it's tariff uncertainty, pricing, volatility or supply disruptions, this team has repeatedly demonstrated the ability to execute for our customers. That's what I'm most proud of this year. Let me walk through how this played out across our segments.

無論市場風雲如何變幻，無論是關稅的不確定性、價格的波動或供應中斷，這支團隊都一再證明他們有能力為我們的客戶執行任務。這是我今年最引以為傲的事。讓我來詳細介紹一下這在我們各個環節是如何發生的。

First, our Marketing & Distribution segment delivered strong results. We achieved 7% avocado volume growth for the full year and 13% in the fourth quarter alone. The North American market was stable with modest growth, but where we really saw momentum was with greater international penetration. Europe and Asia both delivered strong volume growth in the quarter and for the full year.

首先，我們的行銷和分銷部門取得了強勁的業績。我們全年酪梨銷量成長了 7%，光是第四季就成長了 13%。北美市場保持穩定，成長幅度不大，但我們真正看到成長動能的是國際市場滲透率提高。歐洲和亞洲在本季和全年都實現了強勁的銷售成長。

Importantly, we wouldn't have been able to capture that growth without our Peruvian product leverage. Having that supply consistently gave us the ability to build programs with large retailers and reinforces put holds and growth markets that will serve as a foundation to drive greater household penetration for years to come.

重要的是，如果沒有我們在秘魯的產品優勢，我們不可能實現這種成長。穩定的供應使我們能夠與大型零售商合作開展項目，並鞏固現有市場和成長市場，這將為未來幾年推動家庭滲透率的提高奠定基礎。

Our International Farming segment had an outstanding year as well. With our Peruvian orchards returning to normal growing conditions after last year's weather challenges, we more than doubled our exportable avocado production for the season. Selling approximately 105 million pounds compared to 43 million in the previous harvest season. The team's ability to program our own fruit across multiple global regions balancing customer commitments, market dynamics and value optimization in real time is a core differentiator. Our Peruvian production provides consistency of supply, quality control and the flexibility to direct food where it creates the most value, that's vertical integration at work.

我們的國際農業業務板塊也取得了非常出色的成績。經歷了去年的惡劣天氣後，秘魯果園的生長條件已恢復正常，本季我們的出口酪梨產量翻了一番還多。銷量約為 1.05 億磅，而上一收穫季的銷量為 4,300 萬磅。團隊能夠即時平衡客戶承諾、市場動態和價值優化，在全球多個地區自主規劃水果供應，這是我們的核心優勢。我們在秘魯的生產確保了供應的穩定性、品質控制，並能靈活地將食品投放到最能創造價值的地方，這就是垂直整合的運作方式。

In Blueberries, we saw higher volumes as new plantings came into production across our expanded acreage in Peru. We continue to see tremendous long-term potential in this category as consumer preferences shift towards healthy convenient snacking options. Our Blueberry strategy is focused on filling in the seasonal calendar and maximizing the productivity of our Peruvian assets.

在藍莓方面，隨著我們在秘魯擴大種植面積後新種植的藍莓投入生產，我們看到了更高的產量。隨著消費者偏好轉向健康便捷的零食選擇，我們持續看到該品類具有巨大的長期潛力。我們的藍莓策略重點是填滿季節性種植日曆，並最大限度地提高我們在秘魯的資產生產力。

We are approaching the completion of our multiyear expansion efforts and now have approximately 700 hectares in production, focused on premium varietals that deliver superior flavor profiles and extended shelf life. Yields on newer acreage will take time to mature, but the volumes are building and position us well for growth in the years ahead.

我們多年的擴張計畫即將完成，目前已有約 700 公頃土地投入生產，專注於優質品種，這些品種具有卓越的風味和更長的保質期。新開墾土地的產量需要時間才能成熟，但產量正在不斷增長，這為我們未來幾年的成長奠定了良好的基礎。

I also want to touch briefly on our Mango business, where we continue to make meaningful progress. We managed supply and demand dynamics well this year and grew our market share to 5.2%, up approximately 150 basis points for the full year. That's real traction in a category where we see significant long-term potential.

我還想簡單談談我們的芒果業務，我們在該業務領域持續取得顯著進展。今年我們對供需動態進行了有效管理，市佔率成長至 5.2%，全年成長約 150 個基點。這在該領域取得了真正的進展，我們看到了巨大的長期潛力。

Our goals for mangoes are centered on building the domestic market. We seek to grow consumer awareness and drive household penetration. In fact, household penetration is approaching 40%, up from just 35%, three years ago. We are confident that our innovation, consumer engagement and customer programming is driving these results. This is the same playbook we employed with avocados and is the reasons we are building out our sourcing capabilities in mangos.

我們芒果種植的目標主要集中在開拓國內市場。我們致力於提高消費者意識並提升家庭普及率。事實上，家庭普及率已接近 40%，高於三年前的 35%。我們相信，我們的創新、消費者互動和客戶計畫是這些成果的關鍵。這與我們之前在酪梨方面採用的策略相同，也是我們正在擴大芒果採購能力的原因。

Consumer engagement and supply consistency go hand-in-hand. It's the dual focus that's setting the stage for stronger growth as we look out towards the horizon.

消費者參與度和供應穩定性是相輔相成的。正是這種雙重關注，為我們展望未來更強勁的成長奠定了基礎。

Beyond the commercial execution, I want to highlight the foundational work we've done over the past 20 months to strengthen our organization. We focus specifically on three areas.

除了商業執行方面，我還想重點介紹我們在過去 20 個月中為加強組織建設所做的基礎性工作。我們主要關註三個領域。

First, we've deepened our focus on culture and collaboration. This starts with fostering a more connected global team, sharing ideas, aligning our priorities, working together to solve problems; that connectivity has shown up in our results day in and day out.

首先，我們更重視文化和協作。首先要培養一個聯繫更緊密的全球團隊，分享想法，統一優先事項，共同解決問題；這種聯繫已經日復一日地體現在我們的成果中。

Second, we've invested in data and tools. We're building systems that give our commercial teams better access to information in the US and abroad to inform faster, smarter decision-making alongside our customers.

其次，我們對數據和工具進行了投資。我們正在建立系統，使我們的銷售團隊能夠更好地獲取美國和海外的信息，從而與我們的客戶一起做出更快、更明智的決策。

And finally, we've built a more disciplined process around our cadence of decision-making. We're being more proactive and more structured in how we drive the business forward. These are not flashy initiatives but that they compound over time and are vitally important to achieving the results that we know our shareholders expect.

最後，我們圍繞著決策節奏建立了一套更規範的流程。我們在推動業務發展方面更加積極主動、更有條理。這些舉措雖然不是什麼引人注目的舉措，但它們會隨著時間的推移而產生累積效應，對於實現股東期望的業績至關重要。

Looking ahead, we see significant runway for growth. In North America, there's meaningful opportunity both in growing overall avocado consumption and in taking share from competitors. Per capita consumption continues to climb, and we're well positioned to lead category growth with our customers.

展望未來，我們看到了龐大的成長空間。在北美，無論是提高酪梨的整體消費量，或是從競爭對手手中奪取市場份額，都蘊藏著巨大的機會。人均消費持續攀升，我們已做好充分準備，與顧客一起引領品類成長。

Internationally, we're building real penetration. The growth we achieved in Europe and Asia this year wasn't a onetime event. It was the result of deliberate investment and execution that we will build upon in future years.

在國際市場上，我們正​​在建立真正的市場滲透率。今年我們在歐洲和亞洲的成長並非偶然事件。這是經過深思熟慮的投資和執行的結果，我們將在未來幾年以此為基礎繼續發展。

Complementing this growth is an internal focus on driving enhanced free cash flow in the years ahead. We enter fiscal 2026 having largely completed our heavy capital investment cycle. With investments and growth infrastructure in place, CapEx is expected to step down and marked the beginning of a more modest cycle of spend. Combined with a healthy balance sheet and a team that knows how to execute, we have real flexibility to create value for shareholders in the years ahead.

與此成長相輔相成的是，公司內部將重點放在未來幾年提高自由現金流。進入 2026 財年，我們的大規模資本投資週期已基本完成。隨著投資和成長基礎設施的到位，資本支出預計將會減少，這標誌著支出進入一個更溫和的周期。憑藉著健康的資產負債表和一支懂得如何執行的團隊，我們在未來幾年擁有真正的靈活性，可以為股東創造價值。

With that, I'll turn it over to Bryan for the financial details.

接下來，我將把財務細節交給布萊恩處理。

Thank you, John, and good afternoon to everyone on the call. Fiscal 2025 fourth-quarter revenue totaled $319 million, which was down 10% from prior year figures that were elevated by a high sales pricing environment for avocados. We experienced a 27% decrease in average per unit avocado sales prices during the period, which masked the 13% volume growth that was achieved. The volume and price dynamics resulted from higher industry supply both from greater availability of Mexican fruit driven by a larger crop in the current harvest season and from higher Peruvian avocado production driven by more favorable weather conditions in the current year.

謝謝你，約翰，也祝所有參加電話會議的朋友們下午好。2025 財年第四季營收總計 3.19 億美元，較上年同期下降 10%，去年同期營收成長是由於酪梨銷售價格高企所致。在此期間，酪梨的平均單價下降了 27%，掩蓋了銷量成長 13% 的事實。銷售和價格的動態變化是由於行業供應增加所致，一方面是由於本收穫季墨西哥水果產量增加，導致墨西哥水果供應量增加；另一方面是由於今年氣候條件更加有利，導致秘魯鱷梨產量增加。

Gross profit was $55.7 million in the fourth quarter of fiscal 2025, essentially flat with the prior year, while our gross margin increased 180 basis points to 17.5% compared to the same period last year. While I will address gross profit movement in our segment discussion, the increase in margin percentage was primarily driven by lower avocado per unit pricing compared to last year, as a reminder, profitability in our marketing and distribution segment is managed on a per unit basis, which can lead to volatility and margin percentage when sales prices fluctuate.

2025 財年第四季毛利為 5,570 萬美元，與上年基本持平，而毛利率較上年同期成長 180 個基點至 17.5%。雖然我會在分部討論中談到毛利變動，但毛利率的成長主要是由於酪梨的單價較去年有所下降。需要提醒的是，我們行銷和分銷部門的獲利能力是按單位計算的，因此當銷售價格波動時，可能會導致毛利率的波動。

SG&A expense increased by $0.5 million or 2% compared to the same period last year. The increase was primarily due to higher general operating costs, including performance-based stock compensation expense. SG&A growth was tempered by lower statutory profit sharing expense within our Peru and Mexico operations.

與去年同期相比，銷售、一般及行政費用增加了 50 萬美元，增幅為 2%。成長的主要原因是營運成本上升，包括績效相關的股票薪酬支出。由於秘魯和墨西哥業務的法定利潤分成支出較低，銷售、一般及行政費用成長受到抑制。

Adjusted net income for the quarter was $22.2 million or $0.31 per diluted share compared to $19.6 million or $0.28 per diluted share last year. Beyond the operating performance, we benefited from a reduction in interest expense down $0.4 million or 15% in the quarter, reflecting our continued focus on maintaining our healthy balance sheet through debt reduction and the resultant lower rates we incur on outstanding borrowings. We also realized a 55% increase in equity method income to $1.7 million, driven by strong performance from our joint venture investment in Henry Avocado Corporation, which experienced robust results this period. Adjusted EBITDA increased 12% to a record $41.4 million compared to $36.9 million last year driven by increased avocado production in our International Farming segment and higher overall volumes sold in our Marketing & Distribution segment.

本季調整後淨收入為 2,220 萬美元，即每股攤薄收益 0.31 美元，去年同期為 1,960 萬美元，即每股攤薄收益 0.28 美元。除了經營業績外，本季利息支出減少了 40 萬美元，降幅達 15%，這反映了我們持續專注於透過減少債務來維持健康的資產負債表，從而降低了未償借款的利率。我們也實現了權益法收入成長 55%，達到 170 萬美元，這主要得益於我們對 Henry Avocado Corporation 的合資投資表現強勁，該公司在本期取得了穩健的業績。經調整的 EBITDA 成長 12%，達到創紀錄的 4,140 萬美元，而去年同期為 3,690 萬美元，這主要得益於國際農業部門酪梨產量的增加以及行銷和分銷部門整體銷量的提高。

Turning now to the segments. Our Marketing & Distribution segment net sales decreased 15% to $271.9 million, driven by the pricing dynamics I described, as mentioned, we manage this business primarily to volume and per unit margins, leveraging our global platform and sourcing network to optimize per unit margin performance regardless of the pricing environment. On that basis, the segment performed very well. Segment adjusted EBITDA increased 11% to $28.3 million, reflecting the impact of higher avocado and mango volumes sold supported by solid management of per unit margins. We are proud to achieve solid EBITDA growth despite comping against the prior year period, where per unit margins significantly exceeded our historical averages.

現在來看各個部分。由於我之前提到的價格動態，我們的行銷和分銷部門淨銷售額下降了 15%，至 2.719 億美元。我們主要透過銷售和單位利潤率來管理這項業務，利用我們的全球平台和採購網絡來優化單位利潤率，無論價格環境如何。基於此，該細分市場表現非常出色。分部調整後 EBITDA 成長 11% 至 2,830 萬美元，這反映了酪梨和芒果銷量增加的影響，而單位利潤率的穩健管理也為此提供了支持。儘管與上年同期相比，我們仍實現了穩健的 EBITDA 成長，且單位利潤率顯著高於歷史平均水平，我們為此感到自豪。

Our International Farming segment delivered another quarter of strong results. Total segment sales increased 97% to $59.7 million, and segment adjusted EBITDA more than tripled to $8.4 million. This was driven by a recovery in yields at our owned avocado orchards in Peru, leading to sales of owned production during the quarter that were greater than 3 times prior year figures. While average per unit sales prices were lower compared to prior year, the effect of the higher yields on per unit production costs far outweighed the impact on our financial results.

我們的國際農業業務部門又一個季度取得了強勁的業績。該部門總銷售額成長 97% 至 5,970 萬美元，部門調整後 EBITDA 成長超過三倍，達到 840 萬美元。這主要得益於我們在秘魯的自有酪梨園產量的恢復，使得本季自有產品的銷售額比去年同期成長了 3 倍以上。雖然平均單位銷售價格比前一年有所下降，但較高的收益率對單位生產成本的影響遠遠超過了對我們財務表現的影響。

Separate from farming production, we also continue to benefit from improved utilization of our facility infrastructure through providing higher volume of avocado packing and cooling services to third parties. In Blueberries, net sales increased 16% to $36.5 million, primarily due to higher volume produced on our farms as a result of our expanded total acreage. Segment adjusted EBITDA decreased to $4.7 million compared to $8.6 million last year as a result of lower per unit margin.

除了農業生產之外，我們還透過向第三方提供更大批量的酪梨包裝和冷藏服務，繼續受益於設施基礎設施的更高效利用。藍莓淨銷售額成長 16% 至 3,650 萬美元，主要原因是由於我們農場總種植面積擴大，產量增加。由於單位利潤率下降，分部調整後 EBITDA 從去年的 860 萬美元降至 470 萬美元。

While our volumes were higher due to new acreage coming into production, overall yield per hectare for the 2025, '26 harvest season is anticipated to be lower than prior year, which drove up our per unit cost. This is part of the natural maturation process for newer acreage, and we expect yields and per unit cost to improve over time as these farms mature.

雖然由於新種植面積投入生產，我們的產量有所增加，但預計 2025 年和 2026 年收穫季的每公頃總產量將低於上一年，這推高了我們的單位成本。這是新開墾土地自然成熟過程的一部分，我們預計隨著這些農場的成熟，產量和單位成本會隨著時間的推移而增加。

Shifting to our balance sheet and cash flow. Cash and cash equivalents were $64.8 million as of October 31, 2025. For the full year, we generated $88.6 million in operating cash flow, bringing our two-year cumulative total to more than $180 million. This strong cash generation, combined with our disciplined focus on debt reduction, has strengthened our balance sheet considerably. We reduced long-term debt by approximately $18 million during fiscal 2025, and our interest expense for the full year declined by $3.2 million or 25% compared to the prior year, a direct benefit of that debt reduction and the lower rates I mentioned previously.

接下來，我們來看看資產負債表和現金流量表。截至 2025 年 10 月 31 日，現金及現金等價物為 6,480 萬美元。全年來看，我們產生了 8,860 萬美元的營運現金流，使我們兩年的累計總額超過 1.8 億美元。強勁的現金流，加上我們嚴格控制債務，大大增強了我們的資產負債表。我們在 2025 財年減少了約 1,800 萬美元的長期債務，全年利息支出比前一年減少了 320 萬美元，降幅達 25%，這直接得益於債務減少和我之前提到的較低利率。

Our net leverage as of fiscal year-end is very healthy at well below 1 times EBITDA. Capital expenditures were $51.4 million for the year, in line with our expectations. As we've discussed, we are now exiting our heavy capital investment cycle. And for fiscal 2026, we expect capital expenditures to step down to approximately $40 million. This setup positions us for accelerated free cash flow generation going forward.

截至財政年度末，我們的淨槓桿率非常健康，遠低於 EBITDA 的 1 倍。本年度資本支出為 5,140 萬美元，符合我們的預期。正如我們之前討論過的，我們現在正退出大規模資本投資週期。預計到 2026 財年，資本支出將減少至約 4,000 萬美元。這種佈局將使我們能夠更快地產生自由現金流。

Now let me provide some context on our near-term outlook. For the first quarter of fiscal 2026, avocado industry volumes are expected to increase by approximately 10% versus the prior year period, driven by a larger Mexican crop in the current harvest season. Pricing is expected to be lower year-over-year by approximately 25% compared to the $1.75 per pound average experienced in the first quarter of fiscal 2025, driven by higher supply conditions from the larger Mexican crop. Further, while we expect some sequential margin compression in the first quarter due to the current sourcing environment, this is consistent with typical seasonality patterns.

現在讓我來介紹一下我們近期的前景。預計 2026 財年第一季，酪梨產業產量將比上年同期成長約 10%，這主要得益於本收穫季墨西哥酪梨產量的增加。受墨西哥作物增產帶來的供應增加的影響，預計價格將比 2025 財年第一季每磅 1.75 美元的平均價格下降約 25%。此外，雖然我們預計由於目前的採購環境，第一季利潤率將出現一些環比下降，但這符合典型的季節性規律。

For Blueberries, the harvest season in Peru will peak during the first quarter. We expect volume increases from our own farms as new acreage comes into production, which should translate to higher revenue as average sales prices are expected to be flat to slightly higher. Profitability will continue to be weighed on by higher unit costs resulting from lower projected yields per hectare in the current harvest season.

秘魯藍莓的收穫季節將在第一季達到高峰。我們預計隨著新耕地投入生產，我們自有農場的產量將會增加，由於平均銷售價格預計持平或略有上漲，這將轉化為更高的收入。由於本收穫季預計每公頃產量較低，導致單位成本上升，獲利能力將持續受到壓力。

That concludes our prepared remarks. Operator, now over to you. Please open the call to Q&A.

我們的發言稿到此結束。操作員，現在輪到你了。請開啟問答環節。

(Operator Instructions) Mark Smith, Lake Street Capital.

（操作說明）馬克史密斯，湖街資本。

First question for me. I just was curious about your outlook for mangos. You've had fantastic growth here the last several years. Kind of curious where we are in that cycle? And any insights you can give us into potential growth here this next fiscal year?

我的第一個問題是：我只是好奇你對芒果市場的看法。過去幾年，你們這裡取得了令人矚目的發展。有點好奇我們現在處於這個週期的哪個階段？您能否就下一財年的潛在成長提供一些見解？

How are you? Really, the glide path on the mango side is going to be similar to last year's glide path, right? We're continuing to pursue market share penetration. We're continuing to try and push our global sourcing initiatives in regards to access to the right fruit at the right time.

你好嗎？芒果那邊的滑翔路徑應該要跟去年的滑翔路徑差不多吧？我們將繼續努力擴大市場佔有率。我們將繼續努力推動全球採購計劃，以便在合適的時間獲得合適的水果。

We feel like we've not only gained nice penetration with new customer base last year, but the opportunities continue to be in front of us in cross-selling where we're already doing our avocados and providing programs to some of those players out there that either aren't happy with or are open to new players in that space, helping them program things out and provide category insights. So the glide path you saw in '24 and '25, I would say, is consistent with the glide path that we're pushing and pursuing in '26.

我們感覺去年不僅在新客戶群方面取得了不錯的滲透率，而且在交叉銷售方面也存在著很多機會，我們已經在做牛油果銷售，並為一些對該領域不滿意或願意接受新玩家的參與者提供方案，幫助他們制定計劃並提供品類見解。所以，我認為，你在 2024 年和 2025 年看到的下滑路徑，與我們在 2026 年正在推進和追求的下滑路徑是一致的。

Excellent. And then I wanted to ask about the cash flow story. Obviously, really attractive here, especially as you guys reach the end of kind of an investment cycle. I'm curious to the biggest risks in kind of accomplishing this free cash flow growth.

出色的。然後我想問現金流方面的狀況。顯然，這裡真的很有吸引力，尤其是在你們即將結束某種投資週期的時候。我很好奇，實現這種自由現金流成長的最大風險是什麼。

Hi, Mark, this is Bryan. When we look -- we've delivered two consecutive years of very strong operating cash performance, and that's driven off the operating results of the business. I do think we benefited some this year by the lower pricing environment we saw at the end of the year, and that did help to boost operating cash a bit. But I think in general, it's the strong operating performance of the business that's driving that.

你好，馬克，我是布萊恩。讓我們回顧一下——我們已經連續兩年實現了非常強勁的經營現金流表現，而這主要得益於業務的經營業績。我認為，今年年底較低的價格環境確實讓我們受益匪淺，也確實有助於提升營運現金流。但我認為，整體而言，是公司強勁的經營業績推動了這一趨勢。

On the CapEx side, as we look at free cash flow, we've been communicating for a number of years now that we were going through a cycle and we expected meaningful step downs. We've set kind of a target for $40 million of capital spend for the upcoming year. We believe that, that is still leaving us ample room to make growth CapEx investments at those levels. So I think that there is still flexibility in that number, and you will see future year periods where the spend will be lower than that still.

在資本支出方面，當我們審視自由現金流時，我們已經溝通了好幾年，表示我們正在經歷一個週期，我們預計會出現大幅度的下滑。我們為來年設定了 4000 萬美元的資本支出目標。我們認為，這仍然給我們留下了充足的空間，可以在這些水平上進行增長性資本支出投資。所以我認為這個數字還有調整的空間，未來幾年支出還會低於這個數字。

So I mean, I think we feel comfortable that we've got the business set up to a point where we can generate meaningful cash flow, and we can do it potentially at lower levels than where we're at today if by chance there was a year where there were weather or crop conditions that had a negative impact on the business.

所以我的意思是，我認為我們感覺我們已經把業務發展到了可以產生可觀現金流的地步，而且如果某一年天氣或作物狀況對業務產生了負面影響，我們有可能以比現在更低的水平來實現這一點。

Okay. And as we think about capital allocation with lower CapEx may be invested this year, leverage now under 1 times. How should we think about use of cash kind of going forward? And are there other places from buybacks or anything else where you guys may put cash to work?

好的。考慮到今年資本支出可能較低，我們將進行資本配置，目前槓桿率低於 1 倍。我們該如何看待未來現金的使用方式？除了回購資金之外，你們還有其他投資管道嗎？

I mean I think that when we look at the business today, our priority is growth. And I think that with the strong performance we've had the last few years, it's provided us with a tremendous amount of flexibility as we look forward. I think that there -- we're always looking for potential opportunities, whether it comes from growth in our existing categories or expanding geographic reach or potentially even bolting on adjacent ones.

我的意思是，我認為當我們審視當今的業務時，我們的首要任務是成長。我認為，憑藉過去幾年取得的強勁表現，這為我們展望未來提供了極大的靈活性。我認為，我們一直在尋找潛在的機會，無論是來自現有類別的成長，還是來自地域範圍的擴大，甚至是來自相鄰類別的併入。

But our primary focus is doing things that are going to create the most shareholder value. So at this point, I think we feel very comfortable with where our leverage ratio is. We've done a really good job over the last couple of years paying down debt. I think certainly, that affords us now the opportunity to kind of look at a number of different options as we go forward.

但我們的首要目標是做那些能創造最大股東價值的事情。所以目前，我認為我們對目前的槓桿率非常滿意。過去幾年，我們在償還債務方面做得非常好。我認為，這無疑給了我們一個機會，讓我們在未來的發展中考慮多種不同的選擇。

As you saw this year, we did share buyback. So history will tell you that we're comfortable doing that. And yeah, we will continue to look for other ways to, again, maximize that value to shareholders as we go forward in a strong cash -- with a strong cash position.

正如您今年所看到的，我們進行了股票回購。歷史會告訴你，我們很樂意這麼做。是的，我們將繼續尋找其他方法，以最大限度地提高股東價值，同時保持強勁的現金流。

Okay. And the last one for me, if I can squeeze one more in here. It's just with the changes in management coming up and congratulations, John, by the way, on the move here. Should we look for any changes in strategy? Because it sounds like it's really just kind of steady as she goes.

好的。最後，如果可以的話，我想再補充一個。只是因為管理階層即將變動，順便祝賀約翰，恭喜你調任到這裡。我們是否應該考慮調整策略？因為聽起來她好像一直都很穩定。

Thanks, Mark. I would offer that me and Steve have been working really closely together over the last -- my entire time here, specifically over the last year on understanding where this boat is and what's the right direction for this boat and how comfortable do we feel with the team steering that boat. And we're collectively very excited about the organization's direction right now and the team that's helping steer it, super proud of the results that we've been able to generate and do it consistently for in a year like '25, where things kind of worked out the way that we had planned, even though there's a lot of work that goes in and making a plan actually work.

謝謝你，馬克。我想說的是，我和史蒂夫在過去——我在這裡的整個時期——一直密切合作，尤其是在過去一年裡，我們一直在了解這艘船的現狀，以及這艘船的正確方向是什麼，以及我們對掌舵這艘船的團隊有多放心。我們現在對組織的發展方向和幫助其前進的團隊感到非常興奮，也為我們所取得的成果感到無比自豪，尤其是在像 2025 年這樣的一年裡，事情基本上按照我們計劃的方向發展，儘管這需要付出很多努力才能使計劃真正奏效。

And then in '24, where things weren't exactly to plan, but the team was able to deliver consistently. That being said, to Bryan's point, we're really in an interesting reflection point based on the CapEx that's been spent over the last 10 years to generate the infrastructure that's supporting the model that we're so proud of. And I would offer that the commercial outlook from a growth perspective over the next 5 to 10 years, is one that we are keenly focused on right now and trying to understand exactly how to deploy that capital appropriately and to line up the right investments to look at organically growing over the next 5 to 10 years and also considering inorganic opportunities as they present themselves.

然後在 2024 年，雖然事情並沒有完全按照計劃進行，但團隊仍然能夠持續取得好成績。也就是說，正如布萊恩所說，我們現在確實處於一個有趣的思考點，因為過去 10 年我們投入了大量資本支出，用於建立支撐我們引以為傲的商業模式的基礎設施。我認為，從成長的角度來看，未來 5 到 10 年的商業前景是我們目前重點關注的，我們正在努力了解如何適當地部署資本，並安排合適的投資，以期在未來 5 到 10 年實現有機成長，同時也會考慮出現的非有機成長機會。

So I think you'll hear more from me on that over the coming months. But the idea is we're really excited with where we are but really want to accelerate how we grow and how we attack some of the global challenges we see ahead of us, and are prepared to do that from a cash position standpoint and are working on how to do that together.

所以我想在接下來的幾個月裡，你們會聽到我更多關於這方面的消息。但我們的想法是，我們對目前的成就感到非常興奮，但我們真的希望加快發展速度，並應對我們未來面臨的一些全球性挑戰，我們已經做好了從現金狀況角度出發的準備，並且正在共同努力實現這一目標。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Thanks for the question and congrats on the strong quarter and then also congrats on the leadership transition here. Maybe just wanted to start off with CapEx. You kind of just talked about it. You mentioned we can still make growth CapEx in that $40 million for next year. Are you able to give us a sense as to how much of that $40 million could potentially be growth CapEx?

感謝您的提問，祝賀公司本季業績強勁，也祝賀公司順利完成領導層交接。或許只是想先從資本支出說起。你剛才只是簡單聊了一下。您提到我們明年仍然可以利用這 4000 萬美元進行增長性資本支出。您能否大致說明一下，這 4000 萬美元中有多少可能是用於成長的資本支出？

Yeah, Pooran. I mean we don't -- I mean there's a lot of things that we do that it's kind of a gray line between whether it's growth or maintenance. I think we've invested significantly in farming operations that are still fairly young at this point. There's maintenance associated with keeping them up and running, but there's also still new acreage that's being put in the ground. And acreage, it's being maintained that isn't yet in production that I think we'd consider to be growth oriented.

是的，普蘭。我的意思是，我們做的很多事情，發展和維持之間的界線其實很模糊。我認為我們已經對一些目前還比較新的農業企業進行了大量投資。維持這些設施正常運作需要維護，但同時也有新的土地被開墾出來。而那些尚未投入生產的土地，我認為我們將其視為具有成長潛力的土地，目前仍在維護中。

I think on the commercial side of our business, when we look at it, I think the last few years, there's been investments associated with certainly, investments that we've made associated with growing the business in the UK. I think as we look at Europe going forward, there could be certainly be opportunities there as well. And certainly, though, I think we're happy with the footprint that we have in North America today maybe needs to add some additional capacity as volume continues to grow over time.

我認為從我們業務的商業方面來看，在過去幾年裡，我們確實進行了一些投資，這些投資與在英國發展業務有關。我認為展望歐洲的未來，那裡肯定也蘊藏著機會。當然，我認為我們對目前在北美的業務規模感到滿意，隨著業務量的持續成長，或許需要增加一些額外的產能。

But if I had to ballpark it, Pooran, I'd say roughly $20 million of the spend that we have in the coming year is for maintenance and roughly $20 million of it is geared towards growth. And I don't think that, that's kind of an unreasonable mix as we look at years going forward in terms of what the maintenance CapEx requirements are.

但如果讓我粗略估計一下，普蘭，我會說我們明年大約有 2000 萬美元的支出用於維護，大約有 2000 萬美元用於發展。我認為，從未來幾年的維護資本支出需求來看，這不算是不合理的組合。

Okay. Thank you. I appreciate that color there. And maybe just wanted to ask about -- I mean, you mentioned key areas of growth. It looks like you were able to reach Europe and Asia this quarter. I did want to ask you now that your core infrastructure is built out, including the UK packing house, Laredo, and some other investments that you have, including Guatemala, where do you see the most upside from growing into your footprint?

好的。謝謝。我喜歡那裡的顏色。或許我只是想問一下——我的意思是，您提到了關鍵的成長領域。看來你本季已經成功拓展到歐洲和亞洲市場。我想問您，既然您的核心基礎設施已經建成，包括英國的包裝廠、拉雷多以及您在危地馬拉的其他一些投資，您認為在哪些方面擴大業務版圖最有發展潛力？

Are there specific regions or facilities that you'd like to call out? I know you did mention Europe and Asia, but was just seeing if we could get a little bit more granularity here.

您想特別指出哪些地區或設施？我知道您提到了歐洲和亞洲，但我只是想看看我們是否能在這裡進行更細緻的討論。

Yeah. Hi, Pooram, this is John. Good to hear your voice. I would offer two kind of highlights there. Number one, we did call out. I think I made it in my comments that there's white space when we think about the opportunity to grow into the existing market share franchise here in the United States.

是的。你好，Pooram，我是John。很高興聽到你的聲音。我想重點介紹兩點。第一，我們確實發出了呼喊聲。我認為我在評論中已經表達過，當我們考慮如何在美國現有市場份額特許經營領域發展壯大時，仍然存在空白空間。

We feel that this particular market is one where we have a right to play in a deeper level than we're playing today and feel that the infrastructure that we've built can both support that in meaningful ways with minimal CapEx required to support that type of a move and offering leverage on those assets.

我們認為，在這個特定的市場中，我們有權比現在更深入地參與其中，並且我們認為，我們已經建立的基礎設施既可以以有意義的方式支持這種舉措，又只需極少的資本支出即可支持此類舉措，並能利用這些資產的槓桿作用。

The second piece is when you think about our Peruvian production and the Peruvian fruit, there's an opportunity to explore and dive deeper into the European marketplace and that is high in our list of thinking about how to penetrate and understanding exactly how we want those investments to flow that support both of those things coming together. On top of that, as the Guatemalan fruit comes online over the next two to three years. Both of those locations play into operational efficiencies and overhead absorption as we draw into the business.

第二點是，當我們考慮我們在秘魯的生產和秘魯的水果時，就會發現有機會探索並深入開拓歐洲市場，這是我們重點考慮如何打入歐洲市場以及我們希望如何進行投資以支持這兩件事結合起來的重要事項。此外，危地馬拉水果將在未來兩到三年內陸續上市。這兩個地點都有助於提高營運效率和降低營運成本，從而更好地開展業務。

Great. I appreciate that color, John. And maybe if I could just ask about the -- just the household penetration goals. I think in the past, you've mentioned that avocados are maybe closer to 70% and that you wanted to target penetration of maybe other mature fruits that approach about 80% to 90%.

偉大的。約翰，我喜歡這個顏色。也許我可以問一下關於——關於家庭滲透率目標的問題嗎？我認為你過去曾提到過，酪梨的滲透率可能接近 70%，而你想瞄準其他成熟水果的滲透率，這些水果的滲透率可能接近 80% 到 90%。

Given we're kind of entering a lower pricing environment, how long do you think it takes to get to that level of the other more mature fruits? And then how are those being in a lower pricing environment help accelerate that process?

鑑於我們正進入一個價格較低的環境，你認為需要多長時間才能達到其他更成熟水果的價格水平？那麼，在較低的價格環境下，這些企業該如何加速這項進程呢？

That's a good question, and you're pulling back on some of the conversations we've had in the past, which thanks. I mean, I wish I had a crystal ball and can tell you exactly how long it's going to take, right? But these things go in cycles, right, where you have markets that create opportunities with an abundance of fruit or more fruit than is typical or you have markets where fruit is a little bit tighter.

這是一個很好的問題，你回顧了我們過去的一些對話，謝謝。我的意思是，我真希望我有一個水晶球，可以準確地告訴你需要多長時間，對吧？但這些事情都是週期性的，對吧？有時市場水果供應充足，創造機會；有時市場水果供應緊張。

And we're in the cycle here in the next -- at least the way we're thinking about 2026, where you're going to have more fruit than is traditionally available during the course of the year. And so these times provide some of the headwind that Bryan mentioned in regards to pricing being a little bit compressed during that time. But the tailwind there becomes an opportunity to move a lot of fruit and to run promotions and be strategic with retailers on how to think about household penetration and consumer engagement.

而我們正處於下一個週期——至少就我們目前對 2026 年的設想而言——屆時水果產量將比一年中通常的產量更高。因此，正如布萊恩所提到的，這段時間的價格受到一定程度的壓縮，這給市場帶來了一些不利因素。但順風帶來了銷售大量水果、進行促銷活動以及與零售商制定策略、思考如何提高家庭滲透率和消費者參與度的機會。

If you go back the last 15 years, you'll see it play out where you have lower price environments. Where you had jumps in household penetration, and then the years after that where you had higher price environments, lower fruit maintained a lot of that household penetration and you kept those consumers engaged with that fruit even at slightly elevated prices.

回顧過去15年，你會發現這種情況在價格較低的環境下會逐漸顯現。在家庭滲透率大幅提升的時期，以及隨後幾年價格環境上漲的時期，低價水果維持了較高的家庭滲透率，即使價格略有上漲，也讓消費者繼續購買這些水果。

So we're moving into that cycle where we're going to have -- at least we believe we're going to have. There's no perfection here. higher availability of fruit going to be running a lot more promotions over the next 12 months. And yes, you're right. We're in that 70% range on household penetration.

所以我們正在進入一個週期，在這個週期中我們將——至少我們相信我們將——會。這裡沒有完美無缺的東西。由於水果供應量增加，未來12個月我們將進行更多促銷活動。是的，你說得對。我們目前的家庭普及率約為70%。

I would love to see that 73%, 75% achieved over the next couple of years. And if we stay in a consistent place with availability of fruit, and that, to me, becomes a two- to three-year goal to get to that point. But which even gives us more tailwinds in the future in regards to thinking about the years after that to think about getting to those 80 numbers, which some of the other categories hold. Hopefully, that helps.

我希望在未來幾年內能夠實現 73% 或 75% 的目標。如果我們能保持水果供應的穩定，對我來說，要達到這個目標需要兩到三年的時間。但這甚至為我們未來思考未來幾年達到 80 個數字（其他一些類別達到的數字）提供了更多有利因素。希望這能有所幫助。

No, that's very helpful. I appreciate the color there. Congrats on the quarter. Again, Steve, congrats on moving to Chairman of the Board and John, congrats on the move as well, looking forward to working with you.

不，這很有幫助。我喜歡那裡的顏色。恭喜你本季取得佳績。再次恭喜史蒂夫榮升董事會主席，也恭喜約翰升任董事會主席，期待與你們共事。

Thanks. We're looking forward to it.

謝謝。我們很期待。

Thanks, Pooran.

謝謝你，普蘭。

At this time, there are no further questions. I'd like to end the question-and-answer session and turn the conference call back over to management for any closing remarks.

目前沒有其他問題了。我想結束問答環節，將電話會議交還給管理階層，請他們作總結發言。

Ladies and gentlemen, that concludes our conference call today, and thank you for attending. We may now disconnect your lines. (inaudible)

女士們、先生們，今天的電話會議到此結束，感謝各位的參加。我們現在可以斷開您的線路了。（聽不清楚）

Ladies and gentlemen, that concludes today's conference call. We do thank you for attending. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。