Mission Produce Inc (AVO) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Mission Produce fiscal second-quarter 2026 conference call. (Operator Instructions)

下午好，歡迎參加 Mission Produce 2026 會計年度第二季財報電話會議。(接線員指示)

At this time, I'd like to turn the conference call over to Andrew Pearson, Vice President of Investor Relations and Strategy for Mission Produce. Sir, please go ahead.

此刻，我想將電話會議交給 Mission Produce 投資人關係與策略副總裁 Andrew Pearson。先生，請開始。

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

謝謝，下午好。今天的簡報將由總裁兼執行長 John Pawlowski，以及財務長 Bryan Giles 主持。

The comments during today's call 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包含前瞻性陳述，符合 1995 年《私人證券訴訟改革法》安全港條款之定義。除歷史事實陳述外，所有陳述均被視為前瞻性陳述。這些陳述係基於管理層目前的預期與信念，以及對未來事件的若干假設。

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.

此類前瞻性陳述受到已知與未知的風險與不確定性影響，可能導致實際結果與前瞻性陳述中討論的結果出現重大差異。其中部分風險與不確定性已在公司向美國證券交易委員會（SEC）提交的文件中予以辨識並加以討論。

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

我們也將提及若干非 GAAP 財務衡量指標。請參閱財報新聞稿中所附表格（可於我們的投資人關係網站 investors.missionproduce.com 查閱），以取得非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表。

I would now like to turn the call over to John.

現在我想把電話會議交給 John。

Thank you, Andrew, and good afternoon, everyone. Before I get into the quarter, let me say a brief word about our leadership transition that is now complete. Following our annual meeting in April, I formally stepped into the CEO role, and Steve has moved into the Executive Chairman seat and remains actively engaged with the team and the board.

謝謝你，Andrew，大家下午好。在我進入本季內容之前，我想先簡短談一下我們已完成的領導階層交接。在四月的年度股東會之後，我正式接任執行長職務，而 Steve 已轉任執行董事長，並持續與團隊及董事會保持積極互動。

His perspective continues to be invaluable as we navigate this next chapter. On behalf of the entire Mission Team, I want to say thank you to Steve, again, for the four-plus decades of leadership that have brought us here today, and I am incredibly proud to be carrying that legacy forward. I would also like to welcome Andrew Pearson, who recently joined Mission as our Vice President of Investor Relations and Strategy.

在我們邁向下一個篇章的過程中，他的觀點依然極具價值。我代表整個 Mission 團隊，再次向 Steve 致謝，感謝他四十多年來的領導帶領我們走到今天；我也非常自豪能延續這份傳承。我也要歡迎 Andrew Pearson，他近期加入 Mission，擔任我們的投資人關係與策略副總裁。

On today's call, I'll walk you through our second-quarter results and the operating environment that shaped them, talk about our Calavo acquisition that closed earlier than anticipated on May 28, and share how we're thinking about the path forward. Bryan will then take you through the financial details, and we'll open it up for questions.

在今天的電話會議中，我將帶各位回顧第二季的業績與影響結果的營運環境，談談我們於 5 月 28 日較預期更早完成交割的 Calavo 併購案，並分享我們對未來路徑的思考。接著 Bryan 會說明財務細節，之後我們將開放提問。

Our second quarter was shaped by an unusually high supply avocado environment with the largest Mexican crop in years. Our sales team executed with excellence while also maintaining a manageable margin in the face of multi-year low prices.

我們第二季的表現受到異常高供給的酪梨市場環境所影響，墨西哥迎來多年來最大的一次產量。在多年低價的情況下，我們的銷售團隊仍以卓越的執行力運作，同時維持可控的單位毛利。

In April, we saw an unfavorable step change in our per unit margins driven by a temporary imbalance of supply and demand of core fruit sizes, which pressured margins further as we worked to fill in the shortfalls. Our decision to continue to support our customers in the face of compressing margins was deliberate to help our customers meet heightened demand and facilitate longer-term value creation.

四月，我們的單位毛利出現不利的階梯式變化，主因是核心果徑規格的供需短期失衡；在我們努力補足缺口的過程中，毛利進一步承壓。在毛利被壓縮之際，我們仍決定持續支持客戶，這是有意為之，旨在協助客戶滿足更高的需求，並促進長期價值創造。

Supply continues to transition away from Mexico and toward other growing regions, including California and the start of our Peruvian harvest. That transition is allowing us to lean back into the multi-region sourcing network that has long been one of our most durable competitive advantages.

供給持續從墨西哥轉移至其他產區，包括加州以及我們秘魯採收季的開始。這樣的轉換使我們得以重新倚重多產區採購網絡，而這長期以來一直是我們最持久的競爭優勢之一。

Supply of fruit and the sizing curves are now normalized and per unit margins are recovering. Our relationships with customers are solid, and we expect to deliver strong performance the remainder of the year.

目前果品供給與規格分布曲線已恢復正常，單位毛利正在回升。我們與客戶的關係穩固，並預期在今年剩餘期間交出強勁表現。

Notably, in most avocado pricing environments, high or low, Mission maintains consistent and strong per unit margins. Extreme low prices like we just saw can be an exception. But those environments are rare, and Mission is still able to fare better than peers given our vertical integration and multi-region sourcing network.

值得注意的是，在多數酪梨定價環境中，無論價格高或低，Mission 都能維持一致且強勁的單位毛利。像我們剛剛經歷的極端低價可能是例外。但這類環境相當罕見；而憑藉我們的垂直整合與多產區採購網絡，Mission 仍能比同業表現更佳。

Our model is intentionally designed to perform across most environments and remains a key competitive advantage of ours. Importantly, we're encouraged by what Q2's high-volume dynamics did for the category. US avocado consumption reached new highs during the quarter, increasing strong double-digits versus last year.

我們的商業模式刻意設計為能在多數環境下運作良好，並且仍是我們的一項關鍵競爭優勢。重要的是，我們對第二季高出貨量動態對整體品類帶來的影響感到鼓舞。本季美國酪梨消費量創下新高，較去年同期呈現強勁的雙位數成長。

While penetration continued to expand with more than 1.6 million new households entering the category. As we've seen in the past, when the category expands to new consumers and occasions like in Q2, periods of strong growth often follow. To us, that reinforces that avocados remain a category with substantial runway.

同時，滲透率持續擴大，新增超過 160 萬戶家庭進入該品類。如同我們過去所見，當品類在第二季這樣的情況下擴展到新的消費者與新的食用情境時，往往會帶來後續一段期間的強勁成長。對我們而言，這再次印證酪梨仍是一個具有可觀成長空間的品類。

We believe this is one of the more durable growth categories in the grocery store, benefiting from steady penetration gains, broader everyday consumption and consumer preferences that continue to favor fresh, nutrient-dense foods. There is still meaningful opportunity to grow here in the US as well as markets like Europe and Asia where the category is still in much earlier stages.

我們認為這是雜貨零售中更具韌性的成長品類之一，受惠於穩定的滲透率提升、更廣泛的日常食用，以及消費者偏好持續傾向新鮮且營養密度高的食品。在美國仍有顯著的成長機會；在歐洲與亞洲等市場亦然，因為該品類仍處於更早期的發展階段。

Turning now to our segments. In our Marketing and Distribution segment, we delivered 15% volume year-over-year growth in avocados sold for the quarter. Our commercial and operations teams did outstanding jobs supplying that fruit to our broad customer base and all the new consumers entering the category. And despite the Q2 margin pressure, the Marketing and Distribution segment's gross profit actually increased approximately 5% on a first half basis versus the prior year period.

接下來談我們的各事業部門。在行銷與配送（Marketing and Distribution）部門，本季我們售出的酪梨量年增 15%。我們的商務與營運團隊表現出色，將這些果品供應給廣泛的客戶群，以及所有新進入品類的消費者。儘管第二季毛利承壓，行銷與配送部門的毛利總額在上半年口徑下，較去年同期實際增加約 5%。

Our International Farming results in the first half of the year are not particularly meaningful given the seasonality of this segment, with adjusted EBITDA concentrated in the third and fourth quarters in alignment to our Peruvian avocado harvest.

由於該部門具有季節性，我們國際種植（International Farming）部門上半年的結果並不特別具有代表性；其調整後 EBITDA 主要集中在第三與第四季，與我們秘魯酪梨採收季相一致。

Our segment's performance versus prior year was impacted by lower third-party blueberry packing and storage volume versus the prior year and our strategy to invest behind the growing mango category. Fruit development at our owned avocado production in Peru is progressing nicely and we are expecting a robust crop this season with total exportable production forecasted to be approximately 20% greater than last year.

與去年相比，本部門表現受到第三方藍莓包裝與倉儲量下降的影響，同時也反映我們加大投資於成長中的芒果品類之策略。我們在秘魯自有酪梨產區的果實發育進展良好；我們預期本季將迎來強勁收成，預估可出口產量將較去年增加約 20%。

In the Blueberries segment, the second quarter sits outside the peak Peruvian harvest window, which is concentrated in our fiscal first and fourth quarters. The newer acreage is continuing to mature, and we expect yields and per unit costs to improve as those farms reach full productivity. We continue to like where the segment is headed, both as a standalone category and for what it contributes to our broader platform.

在藍莓（Blueberries）部門，第二季不在秘魯採收高峰期內；高峰主要集中於我們的會計年度第一季與第四季。較新的種植面積持續成熟，我們預期隨著這些農場達到完全生產力，單位產量與單位成本將有所改善。我們仍看好該部門的發展方向，無論作為獨立品類，或是其對我們更大平台所帶來的貢獻。

With that, I now want to turn towards the future, because this is what we are really excited about and where our entire mission team and board of directors are focused. Following our close of the Calavo transaction on May 28, we are now operating as one combined company. Although we are in the early stages, I am energized by what we are building together, both in terms of how it positions us strategically, and in terms of the immediate value we believe this combination unlocks for both our customers and our shareholders.

接下來，我想把焦點轉向未來，因為這正是我們真正感到興奮之處，也是我們整個 Mission 團隊與董事會所專注的方向。在 5 月 28 日完成 Calavo 交易交割後，我們目前已作為一家合併後的公司共同營運。儘管仍處於早期階段，我對我們正在共同打造的成果充滿動能：不僅在策略定位上更具優勢，也在我們相信此一結合能為客戶與股東立即釋放的價值方面。

Our experience this quarter underscored exactly why we believe in this combination. With the market inundated with Mexican supply, our own packing capacity in Mexico was stretched, forcing us to utilize a greater mix of third-party packing services, which impacts profitability.

我們本季的經驗清楚凸顯了我們為何相信這項結合。在市場充斥墨西哥供應的情況下，我們在墨西哥自有的包裝產能被拉到極限，迫使我們更多採用第三方包裝服務的組合，進而影響獲利能力。

Next season, we will be able to manage higher volume environments, leveraging our larger footprint with the addition of Calavo's packhouses. Also relevant to Q2, the combined platform should give us greater flexibility to align supply to demand, not just managing total volume, but matching the right size curves to the right customer programs. And Calavo strengthens our position as the most reliable year-round source of fresh avocados across North America, which is what our largest retail and food service customers truly value most.

到了下一季，隨著新增 Calavo 的包裝廠（packhouses）並擴大我們的營運版圖，我們將能在更高出貨量的環境下進行管理。同樣與第二季相關的是，合併後的平台應能讓我們更有彈性地使供給對齊需求，不僅是管理總量，更能把正確的規格尺寸曲線匹配到正確的客戶方案。此外，Calavo 也強化了我們作為北美最可靠、全年供應新鮮酪梨來源的地位，而這正是我們最大型的零售與餐飲服務客戶最重視的價值。

Beyond the avocado category, the prepared foods opportunity is one that I am particularly excited about. Calavo's guacamole and ready-to-eat product lines sit within a large and growing market, and they're a natural adjacency to our core business.

除了酪梨品類之外，我對即食／調理食品（prepared foods）的機會尤其感到振奮。Calavo 的酪梨醬（guacamole）與即食產品線位於一個龐大且持續成長的市場中，並且與我們的核心業務具有自然的相鄰延伸性。

Having spent two decades in the branded food industry before joining Mission, I have a deep appreciation for what it takes to drive category leadership. We see meaningful runway to build this capability over time, and we believe it genuinely will be additive to what Mission is already doing today.

在加入 Mission 之前，我在品牌食品產業工作了二十年，深刻理解推動品類領導地位所需的要素。我們看到隨時間推進建立這項能力的可觀成長空間，並相信這將真正為 Mission 目前已在做的事情帶來加乘效益。

We continue to see a minimum of $25 million of annualized cost synergies achievable within 18 months of close with meaningful upside potential. On that front, we have a dedicated integration work group made-up of internal experts from each function to bring the industry insights and know-how and external support to bring established and disciplined integration processes.

我們仍然認為，在交割後 18 個月內可實現至少 2,500 萬美元的年化成本協同效益，且仍有顯著上行潛力。在此方面，我們成立了專責的整合工作小組，由各職能的內部專家組成，以帶來產業洞見與專業知識，並搭配外部支援以導入既有且嚴謹的整合流程。

The Team has been in place and planning for day one for months already, so our first day owning Calavo simply allowed us to execute the planning that was already well underway.

該團隊已就位並為第一天（day one）規劃了數月，因此我們在第一天接手 Calavo 時，只是開始執行早已在推進中的規劃。

We expect our synergies to materialize from eliminating the redundant operations and SG&A cost structures that come with combining two organizations of this scale. With Calavo closing earlier than initially planned, it allows us to accelerate integration and synergy realization. We now expect to start seeing benefit in Q4 of this year with savings ramping into 2027.

我們預期協同效益將主要來自於在合併兩個此規模組織後，消除重複的營運與銷售、一般及行政（SG&A）成本結構。由於 Calavo 的交割時間早於原先規劃，這使我們得以加速整合與協同效益的實現。我們目前預期將在今年第四季開始看到效益，並在 2027 年逐步放大節省幅度。

Importantly, the mission board, our management team, our talented and focused integration team, and our new colleagues coming over from Calavo are fully aligned around what this combined platform can become. That alignment is going to be central to how we execute over the next 12 to 18 months.

重要的是，Mission 董事會、管理團隊、我們才華洋溢且專注的整合團隊，以及從 Calavo 加入的新同仁，對於這個合併平台可發展成的樣貌已完全一致。這種一致性將是我們在未來 12 至 18 個月執行工作的核心。

And I want to thank the teams across both organizations for the work that is setting us up for success. I also want to extend a warm welcome to the entire Calavo team. We are happy to have you on board and look forward to more collaboration in the days and weeks ahead.

我也要感謝兩個組織的團隊所付出的努力，這些工作正為我們的成功奠定基礎。同時，我也要向整個 Calavo 團隊致上熱烈歡迎。我們很高興你們加入，並期待在接下來的幾天與幾週中有更多合作。

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

接下來，我把時間交給 Bryan，請他說明財務細節。

Thank you, John, and good afternoon to everyone on the call. Fiscal 2026 second-quarter revenue totaled $290.9 million. This was down 24% from prior year and driven by a 36% decrease in per unit avocado sales prices relative to last year's peak price environment, given the high supply of Mexican fruit in the current quarter. Importantly, we drove 15% avocado volume growth in the quarter, attracting new consumers and occasions, which should support category demand growth in the future.

謝謝你，John，也向電話會議上的各位致意。2026 會計年度第二季營收合計為 2.909 億美元。較去年同期下降 24%，主要原因是在本季墨西哥水果供應量高的情況下，酪梨單位銷售價格相較去年高峰價格環境下降了 36%。重要的是，我們本季酪梨銷量成長 15%，吸引了新的消費者與更多消費情境，這應可在未來支持品類需求成長。

Gross profit was $20.5 million in the second quarter, compared to $28.4 million in the prior year, with gross margin decreasing 50 basis points to 7% of revenue.

第二季毛利為 2,050 萬美元，去年同期為 2,840 萬美元；毛利率下降 50 個基點至營收的 7%。

The year-over-year change in gross profit this quarter was due largely to a mismatch in supply and demand of core fruit sizes within an environment of high overall supply. This mismatch, which peaked in April, caused us to pay higher spot market pricing to fill shortfalls for high demand sizes, while having to reduce prices to move lower demand sizes.

本季毛利的年對年變動，主要是由於在整體供給偏高的環境下，核心果徑尺寸的供給與需求出現不匹配。這種不匹配在 4 月達到高峰，導致我們必須以較高的現貨市場價格補足高需求尺寸的缺口，同時又必須降價以去化低需求尺寸。

The situation compounded a tighter per unit margin environment related to the high supply, lower price avocado market, which in turn led to harvest delays in California and Peru. It was a unique and temporary situation which has improved meaningfully in recent weeks.

在高供給、低價格的酪梨市場中，單位毛利環境本就更為吃緊，而上述情況又進一步加劇，並進而導致加州與秘魯出現採收延遲。這是一個特殊且短暫的情況，近幾週已明顯改善。

Core SG&A expense was flat versus the prior year period and excludes $6.4 million of transaction advisory costs associated with the Calavo acquisition in the current year period that we've broken out as a separate line item for transparency.

核心 SG&A 費用與去年同期持平，且不包含本期與收購 Calavo 相關的 640 萬美元交易顧問費用；為提高透明度，我們已將該費用拆分為單獨的列項。

Adjusted net income for the quarter was $0.8 million or $0.01 per diluted share compared to $8.7 million or $0.12 per diluted share in the prior year period.

本季調整後淨利為 80 萬美元，或稀釋後每股 0.01 美元；去年同期為 870 萬美元，或稀釋後每股 0.12 美元。

Adjusted EBITDA was $7.1 million in the second quarter compared to $19.1 million in the prior-year period. The decline was driven primarily by the same elements impacting gross profit that I mentioned.

第二季調整後 EBITDA 為 710 萬美元，去年同期為 1,910 萬美元。下滑主要由我先前提到、同樣影響毛利的因素所致。

Turning now to the segment financials, marketing and distribution segment sales were $277.2 million compared to $362.5 million in the prior-year period, which reflects lower avocado prices this year, partially offset by higher volume. Segment adjusted EBITDA was $7.2 million compared to $16.8 million, reflecting the lower per unit margin dynamics we described.

接著看分部財務表現，行銷與配送分部（marketing and distribution）銷售額為 2.772 億美元，去年同期為 3.625 億美元，反映今年酪梨價格較低，但部分被較高的銷量所抵銷。分部調整後 EBITDA 為 720 萬美元，去年同期為 1,680 萬美元，反映我們所描述的單位毛利走勢較低。

International Farming segment sales were $7.7 million compared to $8.1 million in the prior-year period. Segment sales are concentrated in the third and fourth quarters alongside our Peruvian avocado harvest, while second quarter sales tend to be concentrated in mango farming sales and the provision of blueberry packing services.

國際農業（International Farming）分部銷售額為 770 萬美元，去年同期為 810 萬美元。該分部銷售主要集中在第三與第四季，與我們在秘魯的酪梨採收期同步；而第二季的銷售通常集中於芒果種植銷售以及提供藍莓包裝服務。

Segment adjusted EBITDA was a loss of $1.3 million compared to income of $1.5 million, driven by investments in mango production that did not drive yield improvements in the current harvest season. And lower blueberry packing volumes resulting from an earlier end to the blueberry harvest season relative to prior year.

分部調整後 EBITDA 為虧損 130 萬美元，去年同期為獲利 150 萬美元，主要因為對芒果生產的投資在本採收季並未帶來產量（yield）改善。以及藍莓採收季較去年提早結束，導致藍莓包裝量下降。

In Blueberries, segment sales were $11 million compared to $15.7 million in the prior year period, primarily on lower volumes sold, partially offset by higher average pre-unit pricing. Segment adjusted EBITDA was $1.2 million compared to $0.8 million last year, with the improved per unit pricing more than offsetting higher per unit production costs from lower yields on newer acreage.

在藍莓業務方面，分部銷售額為 1,100 萬美元，去年同期為 1,570 萬美元，主要因銷售量較低，部分被較高的平均單位價格所抵銷。分部調整後 EBITDA 為 120 萬美元，去年為 80 萬美元；單位價格改善的效益，已超過因新開發種植面積產量較低而造成的單位生產成本上升。

Shifting to our balance sheet and cash flow. Cash and cash equivalents were $33 million as of April 30, 2026. Net cash used in operating activities was $21 million for the first six months of fiscal 2026, approximately $5 million of which related to transaction advisory costs, compared to $13 million in the prior year period, with the increase primarily reflecting lower year-to-date income, partially offset by lower working capital bill versus the prior year.

接著看資產負債表與現金流。截至 2026 年 4 月 30 日，現金及約當現金為 3,300 萬美元。2026 會計年度前六個月，營運活動使用的淨現金為 2,100 萬美元，其中約 500 萬美元與交易顧問費用相關；去年同期為 1,300 萬美元。增加主要反映年初至今獲利較低，部分被相較去年較低的營運資金帳單所抵銷。

As a reminder, our operating cash flows are seasonal in nature given the build of inventory in our international farming segment through the first half of the fiscal year, with that inventory monetized through the back half of the year as the Peruvian avocado crop is harvested and sold.

提醒一下，由於我們國際農業部門在會計年度上半年會進行庫存建立，因此我們的營運現金流具有季節性；隨著秘魯酪梨作物在下半年採收並銷售，該等庫存將於下半年變現。

Capital expenditures were $22.9 million for the six months ended April 30, 2026, compared to $28 million for the same period last year, consistent with the step-down we've communicated previously.

截至2026年4月30日止六個月的資本支出為2,290萬美元，較去年同期的2,800萬美元下降，符合我們先前所溝通的下調幅度。

Moving to our outlook. For the third quarter of fiscal 2026, avocado industry volumes are expected to increase by approximately 5% to 10% versus the prior year period. From our own farms in Peru, we expect exportable avocado production to reach all-time highs ranging between 120 million to 130 million pounds as compared to 105 million pounds in the 2025 harvest season, with sales of our own production weighted to our fiscal fourth quarter.

接著談我們的展望。就2026會計年度第三季而言，預期酪梨產業出貨量將較去年同期增加約5%至10%。就我們在秘魯自有農場而言，我們預期可出口的酪梨產量將創歷史新高，介於1.2億至1.3億磅，相較於2025年採收季的1.05億磅；且我們自有產量的銷售將主要集中在我們的會計年度第四季。

Pricing is expected to be lower on a year-over-year basis by approximately 15% compared to the $1.75 per pound average experienced in the third quarter of fiscal 2025, which is a smaller percentage reduction than that experienced in the first half of our fiscal year. As is typical in our category, that change in pricing is directly correlated with expectations for higher volumes available in US and international markets.

預期價格將較去年同期下降約15%，相較於2025會計年度第三季每磅平均1.75美元；此降幅百分比小於我們會計年度上半年所經歷的降幅。如同本品類的典型情況，該價格變動與美國及國際市場可供應量增加的預期直接相關。

Supply has now begun transitioning from Mexico toward other growing regions, most notably California and Peru, enabling the multi-region sourcing capabilities that are an important driver of our per-unit margin performance to increase in prominence. The margin dynamics from Q2 are now behind us, and we expect per-unit margins to meaningfully improve through the back half of the year.

供應目前已開始從墨西哥轉向其他產區，最顯著的是加州與秘魯，使多產區採購能力（這是推動我們單位毛利表現的重要驅動因素）更加凸顯。第二季的毛利動態已成過去，我們預期單位毛利將在下半年顯著改善。

With our Calavo acquisition closing in the fiscal third quarter, we are providing select additional guidance to assist you in your modeling that includes combined Calavo results.

由於我們對Calavo的收購將於會計年度第三季完成交割，我們提供部分額外指引以協助各位建模，其中包含合併Calavo後的結果。

Consolidated fiscal third quarter adjusted EBITDA is expected in the range of $28 to $32 million, including the partial quarter contribution from the Calavo acquisition. This is driven primarily by a later harvest of our own Peruvian farms pushing more sales into Q4, combined with some carryover impact in early May from the mismatched fruit supply dynamics previously noted.

合併後會計年度第三季調整後EBITDA預期介於2,800萬至3,200萬美元之間，其中包含Calavo收購案在該季的部分季度貢獻。這主要是因為我們秘魯自有農場採收較晚，將更多銷售推遲至第四季，再加上先前提及的果品供應錯配動態在5月初仍有部分延續影響。

Consolidated second-half adjusted EBITDA is expected in the range of $84 million to $88 million, reflecting the drivers I mentioned for Q3 plus Q4 contributions from a full quarter of Calavo results, higher blueberry yields and improving avocado margins.

合併後下半年調整後EBITDA預期介於8,400萬至8,800萬美元之間，反映我在第三季提到的驅動因素，加上第四季將納入Calavo完整一季的貢獻、更高的藍莓產量，以及酪梨毛利改善。

We do not anticipate material synergy realization during the fiscal third quarter with actions becoming more visible in the fiscal fourth quarter and accelerating through fiscal 2027.

我們預期在會計年度第三季不會實現重大協同效益；相關行動將在會計年度第四季更為明顯，並在2027會計年度加速展開。

I'd also note that our intention is to be as clear as possible with respect to ongoing integration-related expenses associated with our $25 million-synergy target and anticipate detailing those as add-backs to our reconciliation of adjusted EBITDA and adjusted net income.

我也要指出，針對與我們2,500萬美元協同效益目標相關的持續整合費用，我們的意圖是盡可能清楚揭露，並預期在調整後EBITDA與調整後淨利的調節表中，將其作為加回項目加以說明。

In terms of CapEx, we expect to invest approximately $45 million in the current fiscal year, which includes modest expenditures related to the Calavo business.

就資本支出而言，我們預期本會計年度投資約4,500萬美元，其中包含與Calavo業務相關的少量支出。

Finally, last week, our Board approved an increase in extension to our share repurchase program. We see it as another reflection of our disciplined approach to capital allocation and our focus on creating long-term shareholder value. It gives us the flexibility to repurchase shares opportunistically when we believe the market price does not reflect the underlying value of the business, and it also underscores our confidence in Mission's long-term growth outlook.

最後，上週我們董事會核准提高並延長我們的庫藏股回購計畫。我們將其視為我們在資本配置上紀律性作法，以及專注於創造長期股東價值的另一項體現。這讓我們在認為市場價格未反映企業內在價值時，能夠彈性地把握時機回購股份；同時也凸顯我們對Mission長期成長展望的信心。

In closing, while the second quarter was shaped by an unusual supply environment, we believe it also highlighted the strength of our commercial execution, the resilience of avocado demand and the value of the customer relationships we continue to build.

總結而言，儘管第二季受到不尋常的供應環境影響，我們認為這也凸顯了我們商業執行力的強勁、酪梨需求的韌性，以及我們持續建立的客戶關係價值。

As supply normalizes and we move through the back half of the year, we expect improving margin performance, stronger contributions from Peru and increasing benefits from our expanded platform following the close of the Calavo transaction.

隨著供應恢復正常並進入下半年，我們預期毛利表現將改善、秘魯業務貢獻將更強，且在Calavo交易完成後，我們擴大平台所帶來的效益將日益增加。

Taken together, we believe that position's mission well to drive profitable growth and create long-term value for shareholders.

綜合來看，我們相信這將使Mission處於有利位置，以推動獲利性成長並為股東創造長期價值。

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

以上為我們的事先準備發言。接下來交給主持人。請開放電話會議進入問答環節。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（主持人指示）

Pooran Sharma, Stephens Inc.

Pooran Sharma，Stephens Inc.。

Just on the first question here, wanted to maybe see if you could help bridge. The 3Q adjusted EBITDA guide of $28 million to $32 million to kind of the second-half guide of $84 million to $88 million. Obviously, you kind of detailed a little bit on the call, big step up for 4Q.

先就第一個問題，想請您協助做個銜接。第三季調整後EBITDA指引為2,800萬至3,200萬美元，對照下半年指引8,400萬至8,800萬美元。您在電話會議中已稍微說明，第四季會有很大的跳升。

Just wondering if you could kind of help me think about how much of that step up is just from. Your own Peru production versus a full quarter of Calavo in there versus just more improved fundamentals for just marketing and distribution?

想請教您，這個跳升大概有多少是來自：你們秘魯自有產量的貢獻、Calavo完整一季的貢獻，或是行銷與配送業務基本面改善所帶來的？

Let me give you a break -- a little bit of a breakdown. We definitely see a more backloaded year this year in our international farming segment than what we saw last year. A lot of it has to do with the timing of harvest. Certainly, last year though, we were also in a much higher priced environment in Q3, and we saw deterioration in pricing as we transition into Q4.

我來給你一個拆解——稍微分解一下。我們確實看到今年國際農業部門的表現比去年更偏向下半年。其中很大一部分與採收時點有關。當然，去年第三季的價格環境也高得多，而當我們轉入第四季時，價格出現走弱。

We're seeing a very different market today where we're actually starting to see prices lift and we expect more stability through the quarter. So it's both a pricing and a volume dynamic that's at play in the Farming segment that's helping to drive, or we anticipate to drive much stronger results in the fourth quarter than in the third quarter.

我們目前看到的是非常不同的市場：價格其實開始回升，我們也預期本季價格會更穩定。因此，在農業部門同時存在價格與出貨量兩個動態，正推動——或我們預期將推動——第四季相較第三季更強勁的結果。

Keep in mind we also see our traditional seasonal ramp of the Blueberries segment in the fourth quarter, where it has very little contribution in Q3.

也請記得，我們在第四季也會看到藍莓部門傳統的季節性爬坡，而第三季該部門貢獻很小。

If we look back at Marketing distribution. I think that, yes, we expect to continue to see strong volume, we expect to start to see prices stabilize as the step down is not nearly as meaningful in Q3 as we've seen in Q1 and Q2. We expect that to continue into Q4 and that should give us room to continue to margins within our historical ranges that we've mentioned.

若回頭看行銷與配送。我認為，是的，我們預期出貨量將持續強勁；我們也預期價格將開始趨於穩定，因為第三季的下調幅度不像第一季與第二季那麼顯著。我們預期這種情況會延續到第四季，這應能讓我們的毛利維持在我們先前提到的歷史區間內。

It's not really a glide path to where we need to experience dramatically higher per unit margins on third-party fruit that's being sold in the marketing distribution segment. I mean, I'd remind, last year, we generated close to $42 million of EBITDA in our fourth quarter. So with the business being more backloaded and bringing the Calavo business in on top of it, I think we feel very comfortable with the glide path to the fourth-quarter results that we're guiding towards.

這並不是一條需要我們在行銷與配送部門所銷售的第三方水果上，去實現單位毛利大幅提高的路徑。我的意思是，我提醒一下，去年我們第四季的EBITDA接近4,200萬美元。因此，在業務更偏向下半年、再加上納入Calavo業務的情況下，我們對於達成我們所指引的第四季結果的路徑感到非常有信心。

I guess on -- just on the follow-up here, we've been hearing conditions of a super El Nino that might impact fruit conditions or just growing conditions in some of the key production areas and was just wondering if you're able to help us think about what that could mean for Mexican production and potentially your own production? And would this be more of a current year impact or would this be more of something to watch out for next crop cycle?

我想就這點再追問一下——我們聽到可能出現超級聖嬰現象，可能會影響水果狀況或一些主要產區的生長條件；想請教您是否能協助我們思考，這對墨西哥的產量以及可能對你們自身的產量意味著什麼？另外，這會比較像是對當年度的影響，還是更像需要留意下一個作物週期的事情？

First, I'll address 2026. We're watching, as you can imagine, we're watching it very closely. We're having conversations weekly with our teams in all regions in regards to what's going on with the El Nino expectations and temperatures and rainfall, et cetera. And I would let you know that to date, we haven't seen any significant impacts. We are anticipating some warmer weather in Peru over the next three, four months.

首先，我先談 2026 年。如你所想，我們正在非常密切地觀察。我們每週都會與各地區團隊就聖嬰預期、氣溫與降雨等情況進行討論。截至目前，我們尚未看到任何重大影響。我們預期未來三到四個月秘魯的天氣會較為炎熱。

As far as 2026 is concerned, we feel like we've done. Really a great job over the last 18 to 24 months. We've on several of these calls we've talked about the investments. We've made in the health of the trees and the nutrition plans that we put in place over the last two years. and we feel good that our trees are in a really healthy spot to be able to handle some instability in regards to weather conditions over the next three to four months.

就 2026 年而言，我們覺得我們已經做到了。過去 18 到 24 個月我們確實做得非常好。在好幾次電話會議中我們談到這些投資。我們在樹木健康以及過去兩年所建立的營養計畫上投入了資源。我們對此感到放心，因為我們的樹目前處於非常健康的狀態，能夠應對未來三到四個月天候條件可能出現的一些不穩定。

So as far as our crop over the 2026 season, we feel confident in the numbers that we're putting out there right now, regardless of some of the weather challenges that could come our way. There are going to be -- we have to watch really closely with when those particular heat spells hit and when those particular rain spells hit, if it has to do with when we're flowering or not, right?

因此，就我們 2026 產季的作物而言，無論可能出現哪些天候挑戰，我們對目前所提出的數字都很有信心。當然，我們必須非常密切地觀察特定熱浪與降雨發生的時間點——是否剛好落在我們開花期，對吧？

So we do think there could be an impact on '27, but we feel like we're in a spot where we can plan for that potential volume change accordingly as we think about next fiscal year. As far as Mexico is concerned, it really comes down to what happens from a rain perspective, and '26 as you know we're in the process of moving from normal crop to local crop in Mexico.

所以我們確實認為 2027 年可能會受到影響，但我們也覺得自己處於一個可以因應規劃的位置，當我們思考下一個會計年度時，可以相應地為潛在的產量變化做規劃。至於墨西哥，關鍵其實在於降雨情況；而 2026 年如你所知，我們正處於墨西哥從一般產季轉換到本地產季的過程中。

We don't see a significant impact of the weather-related issues in 2026 but do see potentially the potential impact of El Nino being slightly lower crops than anticipated in Mexico next year but that is a -- trying to be crystal ball for you there as far as 2027 is concerned. But hopefully, the summary here is we don't see a significant impact on 26 right now based on what we've done from a health perspective of the trees and '27 we're keeping an eye on to make sure we understand those impacts but do see some potential changes in volumes.

我們不認為 2026 年天候相關問題會造成重大影響，但確實可能看到聖嬰在明年對墨西哥造成的影響——產量可能略低於原先預期；不過就 2027 年而言，這有點像是在替你看水晶球。但希望總結是：就 2026 年而言，基於我們在樹木健康方面所做的工作，目前看不到重大影響；至於 2027 年，我們會持續關注以確保理解其影響，但確實可能出現一些產量變動。

Thank you.

謝謝。

Gerry Sweeney, Roth Capital Partners.

Gerry Sweeney，Roth Capital Partners。

First question relates to that, and I know you've given some synergies and opportunities on that front over the next 18 months of $25 million. But now that it's closed, and I don't want to get the carpet for the horse, but I just want to get maybe what are the first steps or the lowest hanging fruit opportunities for growth from the combined entity? Is it an opportunity to get into additional supermarkets or locations? Or how do we look at that? Just if you can give anything on the preliminary front, that would be great.

第一個問題與此相關。我知道你們提到未來 18 個月在協同效益與機會方面大約有 2,500 萬美元。但現在交易已完成，我不想本末倒置，但我想了解一下，合併後實體在成長方面的第一步或最容易摘取的果實會是什麼？這是否是進入更多超市或更多據點的機會？或者我們該如何看待？如果你能先提供一些初步看法就太好了。

Well, we've got about eight days under our belt in regards to being officially closed and we are working through, as I mentioned in my comments, we are working through the integration process and work and teams and people as effectively and efficiently as we can. Our number one focus right now is to make sure that there's minimal or quite frankly, no disruption to the two businesses as they kind of become one over the course of the next couple of months.

嗯，我們正式完成交割大概才八天；正如我在發言中提到的，我們正在推進整合流程，並盡可能有效率、有效能地處理工作、團隊與人員安排。我們目前的首要重點，是確保在未來幾個月兩個業務逐步合而為一的過程中，干擾降到最低，坦白說最好是完全沒有干擾。

As far as low-hanging fruit, it's really in the combined cost structures over the next six to 12 months. It's really about how do we optimize the distribution network over time, how do we look at redundant SG&A spends, redundant infrastructure costs that have been allocated to both P&Ls over the course of the last five to six years, and making sure we scrub those as efficiently and effectively as possible. That is our immediate, immediate focus.

至於最容易摘取的果實，主要在於未來 6 到 12 個月的合併成本結構。重點在於：如何隨時間優化配送網路、如何檢視重複的 SG&A 支出、重複的基礎設施成本——這些在過去五到六年被分攤到兩份損益表上——並確保我們以最高效率與效能把它們徹底梳理。這是我們當下、當下的重點。

When we think about scale, though, and we do think about longer-term growth, there are opportunities for us to share a customer conversation in ways that we haven't been able to do that in the past. To bring, for instance, we're really excited about the guacamole business, the prepared foods business, one in which that we open a lot more doors than the Calavo business did on its own, not just here domestically in the United States.

不過，當我們思考規模效益以及更長期的成長時，確實存在一些機會，讓我們能以過去做不到的方式與客戶進行更整合的對話。例如，我們對酪梨醬（guacamole）業務、即食食品（prepared foods）業務感到非常興奮；這些業務能為我們打開比 Calavo 單獨運作時更多的門，不僅是在美國本土市場。

Although that will be our focus for the first 12 months or so. It starts to up doors internationally as well where the Calavo team hasn't had the opportunity to take a bite at that apple. So that's one where we do see a nice ramp into the future in regards to that type of a growth opportunity.

雖然這會是我們前 12 個月左右的重點。它也開始在國際市場打開大門，而 Calavo 團隊過去沒有機會在那方面一展身手。因此，這是我們認為未來在這類成長機會上可以有不錯加速的一個領域。

The other piece is as we think about leveraging scale between the combined businesses, we really think there's an opportunity as we secure the sources and build the relationships really enhance the existing relationships across the enterprise. We see an opportunity to expand into or leverage that across our existing customer bases to find new customers in places where we traditionally haven't been able to get into in the past.

另一個面向是，當我們思考如何在合併後的業務之間運用規模效益時，我們確實認為在確保供應來源並建立關係的同時，有機會大幅強化整個企業內既有的合作關係。我們看到一個機會：把這些能力擴展到現有客戶基礎上，在過去我們傳統上較難切入的地方，找到新客戶。

So expanding our food service footprint over time in ways that Mission hadn't been able to do and expanding our existing mango footprint in ways Mission hadn't been able to do. So we do think there are new outlets for us and we're going to push those as we move forward.

也就是說，隨時間擴大我們在餐飲服務（food service）的版圖——以 Mission 過去做不到的方式——以及擴大我們既有的芒果業務版圖——同樣以 Mission 過去做不到的方式。所以我們確實認為會有新的通路，我們也會在往前推進時積極推動。

And then a question on the margins is maybe a little bit more for Bryan. But obviously, I mean, you highlighted volumes and pricing, and pricing hitting an extreme low and then just some of the sizing and staying with your clients and supporting your clients. How much of the margin impact was it more of the filling in the gap of that sourcing mismatch versus maybe falling outside of that sweet spot for price and volume?

接著有一個關於毛利率的問題，可能比較適合 Bryan 回答。但很明顯，你提到了銷量與定價、價格觸及極端低點，以及一些規格尺寸（sizing）問題，還有持續與客戶站在一起、支持客戶。毛利率受到影響的部分，有多少是因為採購來源不匹配所造成的缺口需要補上， versus 有多少是因為價格與銷量落在甜蜜點之外？

Jerry, I think it's a little bit of both, it's tough to put my finger on exactly how much I would attribute to each component of that. What I will say is kind of the mismatch and the size curve tended to become more apparent and obvious during the back half of the quarter in April.

Jerry，我認為兩者都有；要精準指出我會把多少歸因於各個因素，其實很難。但我可以說的是，這種不匹配以及尺寸曲線（size curve）問題，在該季度後半段、也就是 4 月時變得更明顯、更突出。

We saw some pricing pressure post-Super Bowl in February and that tightened our margins up a bit. We did see some recovery from that during the March timeframe. Things seemed to be trending in the right direction. I think when we got to April though, we started to see some challenges in aligning the size curve that we were getting out of the field with our customer base.

我們在 2 月超級盃之後看到一些價格壓力，這讓我們的毛利率收斂了一些。在 3 月期間我們確實看到一些回升。整體趨勢看起來朝著正確方向發展。但到了 4 月，我們開始看到一些挑戰：如何讓我們從產地端拿到的尺寸曲線，與我們的客戶基礎需求相匹配。

So I think that while I can't put an exact number on it from a timing standpoint, that aspect had a bigger impact on the back end of the quarter. I think one of the challenges we deal with is the fruit that comes off the tree, it's not a perfect science in terms of what sizes we're going to be able to get when we harvest and certainly as we get toward the back end of the harvest season when we're clearing up the crop.

所以我認為，雖然就時間點而言我無法給出一個精確數字，但那個因素在本季末段的影響更大。我認為我們面臨的其中一個挑戰是，樹上採下來的果實，在採收時能取得哪些規格尺寸並不是一門精確科學；尤其當我們接近採收季末、在清理剩餘作物時更是如此。

So yes, certainly we had to go out and buy fruit on spot market in order to kind of fill those customer commitments. We also had a little bit on some of these shoulder sizes, some excess supply that we had to move through the market at maybe a little bit lower prices than we originally anticipated.

所以是的，為了大致履行那些客戶承諾，我們確實不得不到現貨市場去採購水果。另外，在一些所謂的「肩部尺寸」上，我們也有一點供給過剩，必須透過市場消化，價格可能比我們原先預期的略低。

So I would say that overall, our per box margins were significantly below our target ranges this quarter. I don't think if that hadn't happened at the end of the quarter, I think we would have been better off, but we likely still would have been below our target range for the quarter as a whole, just much closer to it.

因此我會說，整體而言，本季我們每箱毛利顯著低於目標區間。我認為如果季末沒有發生那件事，我們的情況會更好，但就整個季度來看，我們很可能仍會低於目標區間，只是會更接近一些。

I want to add. Thanks, Bryan. I want to add a couple of things. Number one, I think that when you think about the particular situation, we found ourselves in this April, it's one that the new scale in regards to the combined companies moving forward allows us more mitigation skills or more mitigation capabilities because we'll have access to more fruit from a broader perspective and can move fruit around our network in a way that we haven't been able to do in the past.

我想補充一下。謝謝，Bryan。我想再補充幾點。第一，當你想到我們今年四月所處的特定情況時，合併後公司在規模上的提升，讓我們在未來具備更多緩解手段或緩解能力，因為我們能從更廣泛的來源取得更多水果，並且能以過去做不到的方式在我們的網路中調度水果。

And quite frankly, that's not single one of our competitors will be able to do in the future.

坦白說，未來沒有任何一個競爭對手能做到這一點。

Another thing to remember is we try to manage for good of the customer and the good of the consumer on a 12-month basis. We really try to think about seasonality and cycles in a way that is the best for moving fruit through the system to help our customers and our consumers be as successful as possible.

另一點要記住的是，我們嘗試以12個月為週期，去兼顧客戶的利益與消費者的利益來進行管理。我們確實努力以最有利於讓水果在系統中順暢流通的方式來思考季節性與循環，協助我們的客戶與消費者盡可能成功。

And I think that when you look at the past and you look at other times where we've had significant fruit coming in from a single source, particularly Mexico, right, because usually it happens out of Mexico during these kind of late winter, early spring time frames. We see compression in some of the margin profiles of the industry in general, but we see nice acceleration of what happens with the consumer and what happens with the category.

我認為，當你回顧過去、看其他我們曾經從單一來源大量進貨的時期——特別是墨西哥，對，因為通常在這種冬末、春初的時間點會發生在墨西哥——我們會看到整個產業的部分毛利結構受到擠壓，但同時也會看到消費者端與品類端的表現出現良好的加速。

We had high watermarks in regards to household penetration during the quarter. We had per capita consumption go up to nearly 10%, if not breach 10% during the quarter.

本季在家庭滲透率方面我們創下高點。本季人均消費量上升到接近10%，甚至可能突破10%。

All things that bode well for category health and strength in the future. And one thing we don't really talk about here too much, I think we mentioned a little bit in the prepared remarks, is we also started to see both of those measures move nicely in Europe in a way that we haven't seen in the past. We've been preaching it's going to happen and we really believed it was going to happen and now we're seeing it happen.

這些都對未來品類的健康與強勁表現是利多。另外一點我們在這裡不太常談，我想我們在事先準備的發言中稍微提到過，就是我們也開始看到這兩項指標在歐洲以過去未曾見過的方式良好上升。我們一直在宣導這會發生，我們也真的相信會發生，而現在我們正看到它正在發生。

So as we think about the future of the category, these kind of periods happen on occasion, but we really like to manage to the full year. Focus on our customers and think about the health of the category for the long run, and that's exactly what happened here.

因此，當我們思考這個品類的未來時，這類時期偶爾會出現，但我們更希望以全年為管理目標。聚焦於我們的客戶，並從長期角度思考品類的健康狀況，而這正是這次所發生的情況。

Thank you.

謝謝。

Mark Smith, Lake Street Capital.

Mark Smith，Lake Street Capital。

Just to follow-up a little bit on that margin compression question. Just as we think about this issue resolving itself as we move through May and today, can you just give us an update on kind of the mismatch in supply and demand on fruit sizes and where we stand today?

我想就那個毛利擠壓的問題再追問一下。當我們認為這個問題在五月推進以及到今天逐步自行修復時，你們能否更新一下水果尺寸供需不匹配的情況，以及我們目前的狀態？

Yeah. We feel like we're in much better alignment right now. I mean, there's a few things that we saw happen during the month of May and leading into June. We started to see the harvest season in Mexico start to wind down a bit from where we were at. So we started to see some lift in pricing over the course of the quarter. Then also encouraged California growers to begin their harvest cycle for this year.

可以。我們覺得目前的匹配度好很多了。我的意思是，五月以及進入六月前，我們看到幾件事發生。我們開始看到墨西哥的採收季相較之前的水準稍微趨緩、逐步收尾。因此在本季期間，我們開始看到價格有所回升。另外，我們也鼓勵加州種植戶開始今年的採收週期。

They've really been delaying in the price environment that we're in through most of Q2. So that helped kind of lift things up a bit. It's good to get that nice mix in there, the California fruit still early enough in the season where the fruit has a little bit lower dry matter, has a longer shelf life to it to help balance in with the Mexican fruit that's near the end of its seaon.

在我們整個第二季所處的價格環境下，他們其實一直在延後採收。所以這也幫助整體狀況稍微往上拉。能有那樣的良好組合很重要；加州的水果仍在季節初期，乾物質含量稍低、保鮮期更長，有助於與接近季末的墨西哥水果取得平衡。

And then it also affords the opportunity to start bringing some Peruvian fruit in, we've been harvesting from our own farms now for several weeks. We've got, I think, our first arrivals coming in unto the US market very soon, but we've been marketing some third-party fruit already out of Peru.

此外，這也讓我們有機會開始引進一些秘魯水果；我們自有農場已經採收了好幾週。我想我們第一批到達美國市場的貨很快就會進來，但我們已經在銷售一些來自秘魯的第三方水果。

So again, it really, with Mexico slowing down a bit, it's enabling us to lean into some of the other options we have. It's lifting pricing up a bit. And in turn, it's providing a better margin environment for us to operate in. So we've definitely seen improvements after the first couple of weeks from May, definitely trending in the right direction towards the back half of the month and leading into June.

所以再說一次，隨著墨西哥供應稍微放緩，這讓我們能更倚重其他可用選項。這也讓價格略有上升。進而為我們提供更好的毛利環境來營運。因此在五月前幾週之後，我們確實看到改善，並且在五月下半月以及進入六月時，趨勢明顯朝正確方向發展。

Perfect. Then I wanted to look at some of the prepared foods business, obviously a different kind of EBITDA margin profile in this business. I'm curious, two things here, if you can talk to kind of maybe what's built into the second-half guidance around EBITDA, if you can get that.

很好。接著我想看看即食食品（prepared foods）業務，顯然這個業務的EBITDA毛利結構不同。我有兩個問題：第一，能否談談你們在下半年指引中對EBITDA大致納入了哪些假設？如果你能提供的話。

And then also in that, just as we think about kind of pricing on prepared foods, has this moved historically as we've looked at low prices in avocados and maybe how that impacts margin in your prepared foods business?

第二，談到即食食品的定價，從歷史來看，當酪梨價格偏低時，定價是否會有所變動，以及這可能如何影響你們即食食品業務的毛利？

I'll try to address your second question and then let Bryan try to gap you on the EBITDA question there. But the prepared foods segment operates pretty differently than our traditional fresh segment, right? You're talking like it's more of a traditional CPG pricing environment where you're setting up six- to 12-month pricing structures with your customers.

我先嘗試回答你的第二個問題，然後讓Bryan來補充你關於EBITDA的問題。不過，即食食品部門的運作方式與我們傳統的生鮮部門相當不同，對吧？你談的是更傳統的消費性包裝品（CPG）定價環境，也就是你會與客戶建立6到12個月的定價架構。

You're trying to get out ahead of what's happening in regards to the longer-term pricing arrangement. You're holding that product for three, four, five, six months, we freeze some of that product. So some of that product can hold for 12 to 15 months. So the way the way the prepared food segment operates is we will buy when it's advantageous for us, we'll do our best to make sure we're securing fruit at the right times of the year.

你會試著在較長期的定價安排上提前布局。你會把產品持有三、四、五、六個月，我們也會把部分產品冷凍。因此其中一些產品可以保存12到15個月。所以即食食品部門的運作方式是：我們會在對我們有利的時候採購，並盡最大努力確保在一年中合適的時間點鎖定水果供應。

And as I get to know that team a little bit more and I get to know exactly how they've managed that in the past, we'll definitely try to understand the best practices in the industry and make sure we align to those. But we're buying when we can in regards to the fruit we need. And then we're putting it through the ringer in regards to the production side of it. And then we're storing that product and moving it at the best possible time to assign the best possible price to it based on our contracts and our commitments.

隨著我對那個團隊有更多了解，也更清楚他們過去是如何管理這件事的，我們一定會努力理解產業中的最佳實務，並確保我們與之對齊。但就我們所需的水果而言，我們會在能買的時候就買進。接著在生產端把它徹底處理。然後我們會把產品儲存起來，並在最佳時點移動出貨，依據我們的合約與承諾，為其設定盡可能最佳的價格。

So the margin profile is very different from our current margin profile. So we'll share more details as we get into the month of September when we start talking about the detailed segments behind the combined business. But you'll see when we get there that there's a significant step up from the fresh business to the food business in regards to that margin profile, and that's because of, number one, the ability to optimize the source at the right time, but two, it's also the retailer and consumer expectations on pricing.

因此，毛利結構與我們目前的毛利結構非常不同。我們會在九月開始談合併後業務的詳細分部時，分享更多細節。但你到時候會看到，就該毛利結構而言，從生鮮業務到食品業務有顯著的提升；原因第一是能在適當時點最佳化採購來源，第二則是零售商與消費者對定價的期待。

The only thing I would add to that, Mark, getting back to your question around margin, I think it's our intent long-term is to be as transparent as we possibly can around the different components of the business, including Calavo's operations. We're evaluating our segment structure as we speak today, and certainly by the time we get to the end of the third quarter, it'll be clear as to how their business kind of fits into ours, so how we report publicly on it.

Mark，回到你關於毛利的問題，我唯一想補充的是：我們長期的意圖，是盡可能就業務的不同組成部分保持透明，包括 Calavo 的營運。我們目前正在評估分部架構；當我們到第三季末時，將會清楚他們的業務如何融入我們，以及我們將如何對外公開揭露與報告。

And then that will ideally lead into further information that we'll be able to share with the street leading into kind of an investor day that we're anticipating having in late September. But at this point, eight days in, we're very much focused on just getting our arms around the business as a whole, looking at it in combination with the mission operation as we provided that guide for the second half of the year, and we're not really prepared to kind of break that down into any further level of detail quite yet.

接著，理想情況下，這會引導出我們能向市場分享的更多資訊，並為我們預計在九月下旬舉辦的投資人日做準備。但就目前而言，才過了八天，我們仍非常專注於全面掌握整體業務，並結合 Mission 的營運來檢視（如同我們對下半年所提供的指引），目前還沒有準備好把它進一步拆解到更細的層級。

Maybe if I squeeze in one more here, just big picture questions. You guys called out the I think it's $1.6 million in new households entering kind of avocado category during the quarter. Can you just talk long-term kind of what the typical retention rate is like on some of these new customers coming in?

也許我再塞一個問題，屬於更宏觀的問題。你們提到本季大約有 160 萬個新家庭戶進入酪梨品類。你能否談談長期而言，這些新進客戶的典型留存率大概是什麼樣子？

Yeah. It's approximately 50% of those households or greater than 50% of those new households stick into the category longer-term. And I think the younger the generations get, as we move in deeper and deeper, the higher that number gets.

是的。大約有 50% 的家庭戶，或超過 50% 的這些新家庭戶，長期會持續留在這個品類中。而且我認為，世代越年輕，隨著我們更深入推進，這個比例會越高。

We've seen patterns over the last 10 years that would suggest every time you have a situation like this, that bump is pretty sticky. So if you look at household penetration and per capita consumption over the last 10 to 15 years in the United States, you've seen a nice steady glide path from the left side of the graph to the right side of the graph moving upwards at a considerable pace.

我們在過去 10 年看到的模式顯示，每當出現這種情況，那個增量相當具有黏著性。因此，如果你看美國過去 10 到 15 年的家庭滲透率與人均消費量，你會看到圖表從左到右呈現穩定上行的良好軌跡，而且上升速度相當可觀。

Now granted, we're getting into those mid-70s, high-70s numbers where some categories tend to peter out. But I believe confidently that we're in a category that is so health-focused, so consumer forward, and it is so well recognized by those that are involved in that category, particularly our retailers who appreciate the value associated with this category in regards to the pricing and the margins that play out at retail level that we've got significantly more room to grow in the United States alone.

當然，我們現在正進入 70% 中段到 70% 高段的數字區間，有些品類在這個階段往往會開始趨於停滯。但我很有信心，我們所處的品類非常以健康為導向、非常以消費者為核心，而且對參與這個品類的人來說辨識度很高，特別是我們的零售商，他們很重視這個品類在定價與零售端毛利表現所帶來的價值；因此，僅就美國市場而言，我們仍有相當大的成長空間。

And that doesn't even take into account how we think about the international marketplaces and the size of the gap between where avocados are in mature markets versus where they are in places like Europe where there's a lot more room to grow and are starting to see steam get behind that engine into the future.

而這甚至還沒有把我們對國際市場的看法納入考量：成熟市場中的酪梨滲透程度，與像歐洲這類仍有更大成長空間的地區之間存在很大的落差，而且我們也開始看到未來這具引擎正在累積動能。

So we've seen these kind of situations before, Mark. We've seen those families stick in the category, and we've seen those families be more resilient to price modification as supply restricts itself in future months, allowing us the honor and the right to gain a little bit more margin on it and the privilege to serve our customers into the future.

Mark，我們以前也見過這類情況。我們看過那些家庭戶持續留在這個品類中，也看過當未來幾個月供應收縮、價格需要調整時，這些家庭戶對價格變動更具韌性，讓我們有機會、也有正當性在其上取得多一些毛利，並有幸在未來持續服務我們的客戶。

Thank you. And ladies and gentlemen, at this time, I'm showing 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.

謝謝。各位女士、先生，目前我這邊顯示沒有其他問題。我想結束問答環節，並把電話會議交回管理層做結語。

Thank you, operator, and thank you all for joining us today. While the second quarter reflected a unique supply environment that pressured near-term margins, it also reinforced the strength of our commercial execution, our customer relationships, and the underlying demand for the category.

謝謝主持人，也謝謝各位今天加入我們。雖然第二季反映出一個獨特的供應環境，對短期毛利造成壓力，但也再次印證了我們商業執行力的強勁、我們的客戶關係，以及該品類的基本需求。

As we move through the back half of this year, we are already seeing supply dynamics improve, margins recover, and strong contributions ahead from our Peruvian harvest. Combined with the addition of Calavo, we believe we are even better positioned to serve our customers, drive operational efficiency and create long-term value. We truly appreciate your continued interest in Mission, and look forward to updating you next quarter.

隨著我們進入今年下半年，我們已經看到供應動態改善、毛利回升，並預期來自秘魯採收季的強勁貢獻。再加上 Calavo 的加入，我們相信我們將更有利於服務客戶、提升營運效率並創造長期價值。我們由衷感謝各位持續關注 Mission，並期待在下個季度向各位更新。

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

各位女士、先生，今天的電話會議到此結束，感謝各位出席。您現在可以掛線。