Mission Produce Inc (AVO) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the Mission Produce Fiscal Fourth Quarter 2021 Conference Call. (Operator Instructions). Please also note, today's event is being recorded.

下午好，歡迎參加 Mission Produce 2021 年第四季財年電話會議。 （操作員說明）。另請注意，今天的活動正在錄製中。

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

這次，我想將會議轉交給 ICR 投資者關係部門的 Jeff Sonnek。先生，請繼續。

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

謝謝你，下午好。今天的演講將由首席執行官 Steve Barnard 主持；和財務長 Bryan Giles。

The comments during today's call and the accompanying presentation contain forward-looking statements in 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. 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.

今天電話會議中的評論和隨附的演示文稿包含 1995 年《私人證券訴訟改革法案》安全港條款含義中的前瞻性陳述。除歷史事實陳述外的所有陳述均被視為前瞻性陳述。這些陳述是基於管理層目前的預期和信念以及有關未來事件的一些假設。此類前瞻性陳述受到已知和未知的風險和不確定性的影響，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。

Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC. 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 our Investor Relations website investors.missionproduce.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.

其中一些風險和不確定性在該公司向美國證券交易委員會提交的文件中進行了識別和討論。今天我們也將提及某些非公認會計準則財務指標。請參閱收益報告中包含的表格（可在我們的投資者關係網站 Investors.mission Produce.com 上找到），以了解非 GAAP 財務指標與其最直接可比較的 GAAP 指標的對帳情況。

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

現在，我想將電話轉給執行長史蒂夫·巴納德 (Steve Barnard)。

Thank you for joining us for our fiscal 2021 fourth quarter earnings call. Our business remains in a position despite some obstacles in the fiscal fourth quarter, and our global presence continues to expand. In the fiscal fourth quarter, the industry faced supply challenges brought about by the delayed start of the new Mexican harvest, combined with the trailing effects of a smaller California crop, which was only partially offset by the increased supply from Peru. This combination resulted in lower-than-expected market volumes, which put temporary pressure on our per-box margins and then turn our adjusted EBITDA results.

感謝您參加我們的 2021 財年第四季財報電話會議。儘管第四財季遇到一些障礙，我們的業務仍然保持穩定，並且我們的全球業務繼續擴大。在第四財季，該行業面臨墨西哥新收穫延遲開始帶來的供應挑戰，再加上加州產量減少的拖累影響，而秘魯供應增加僅部分抵消了這一影響。這種組合導致市場銷售低於預期，這給我們的每箱利潤帶來了暫時的壓力，然後改變了我們調整後的 EBITDA 結果。

The widespread port delays and the congestion has been a global challenge, permission at nearly doubled some of our normal shipping times, especially those from our own farms. The long delays with late season fruit stretched the age of inventories adversely, pressing on our anticipated earnings for the Peruvian season. However, despite these headwinds, I'm pleased with our ability to drive fruit volume amid a set of complex market variables.

廣泛的港口延誤和擁堵一直是一個全球性的挑戰，我們的一些正常運輸時間，特別是來自我們自己農場的運輸時間幾乎增加了一倍。晚季水果的長期延誤延長了庫存期限，對我們秘魯產季的預期收益造成壓力。然而，儘管存在這些不利因素，我對我們在一系列複雜的市場變數中推動水果銷售的能力感到滿意。

Our model is focused squarely around generating source volume and marketing and distributing that volume to retail and food service customers globally. Our unique combination of utilizing third-party growers and leveraging our own farms in Peru for diversified source volume is particularly valuable in environments such as this.

我們的模式專注於產生源量和行銷，並將該量分配給全球零售和食品服務客戶。我們利用第三方種植者和我們在秘魯的自有農場來實現多樣化來源量的獨特組合在這樣的環境中尤其有價值。

Our owned production in Peru performed in line with our expectations and produced record volumes in fiscal 2021 of GBP 101 million pounds, representing a 38% increase to service our global customer base. We think that this really demonstrates the quality of our farming operations and the focus that our team has on executing such a large-scale international ratio. This also continues to be a highly valued benefit to our customer base. From their perspective, buying directly from the source, guarantees supply creates more efficiencies and provides higher quality.

我們在秘魯的自有生產部門的表現符合我們的預期，2021 財年的產量達到創紀錄的 1.01 億英鎊，成長了 38%，為我們的全球客戶群提供服務。我們認為，這確實體現了我們農業經營的品質以及我們團隊對執行如此大規模的國際比例的關注。這對我們的客戶群來說仍然是一個非常有價值的好處。從他們的角度來看，直接從源頭購買可以確保供應，從而提高效率並提供更高的品質。

In my view, this is an exceptional long-term competitive advantage that is not easily replicated, particularly when paired with our global network of brightening and distribution assets. Expanding on our network is a key element in our design to expand our industry leadership position and our new Laredo, Texas mega facility is a key piece of our strategy.

在我看來，這是一種難以複製的特殊長期競爭優勢，特別是與我們的全球增白和分銷資產網絡相結合時。擴大我們的網絡是我們擴大行業領導地位的設計的關鍵要素，而我們位於德克薩斯州拉雷多的新大型設施是我們策略的關鍵部分。

During the fiscal fourth quarter, we are already seeing the benefits of our strategy as the Mexican production season starts to take hold. As I've said before, the Laredo facility is a game changer for us. It provides us 16% more [widening] capacity and 14% increase full storage capacity.

在第四財季，隨著墨西哥生產季節的開始，我們已經看到了我們策略的好處。正如我之前所說，拉雷多工廠對我們來說是一個改變遊戲規則的因素。它為我們提供了 16% 的[擴展]容量和 14% 的全部儲存容量。

We are especially excited about the upcoming seasonal ramp-up around the Super Bowl, where our distribution network has historically been stressed. The facility will allow us to alleviate seasonal pressure on our other North American facilities, effectively rebalancing our network while adding new capabilities and capacity. To put this in perspective, in the 2 weeks leading up to the event, we anticipate that the volume moving through our North American network will increase by 50% as compared to pre-Super Bowl period. This increase leads the industry and only Mission Produce as the capability to handle such a load.

我們對超級盃即將到來的季節性成長感到特別興奮，我們的分銷網絡歷來都受到壓力。該設施將使我們能夠減輕其他北美設施的季節性壓力，有效地重新平衡我們的網絡，同時增加新的能力和容量。從這個角度來看，在活動開始前的兩週內，我們預計通過我們的北美網路的流量將比超級盃之前時期增加 50%。這一成長在業界處於領先地位，並且只有 Mission Produce 有能力處理這樣的負載。

During fiscal fourth quarter, we also solidified our European operations with the opening of an additional office which builds upon our existing distribution and whitening facility in the Netherlands. We brought on a team of seasoned professionals with a high Avocado IQ that will help us drive improved service to the region and expands our capabilities to create a direct link back to our source markets, which will bring (inaudible) of the category, improve quality for customers, consumers and help drive consumption rates in this exciting growth market.

在第四財季，我們還透過在荷蘭現有的分銷和美白設施的基礎上開設了一個額外的辦事處，鞏固了我們的歐洲業務。我們引進了一支經驗豐富、酪梨智商高的專業團隊，這將幫助我們改善該地區的服務，並擴大我們的能力，建立與我們的源市場的直接聯繫，這將帶來（聽不清）該類別的產品，提高品質為客戶、消費者提供服務，並幫助提高這個令人興奮的成長市場的消費率。

Through our continued focus on long term and reinvesting in our business, we are ensuring that our customers have the product they need, which is paramount for us to continue dominating as the industry leader.

透過我們對長期業務的持續關注和對業務的再投資，我們確保我們的客戶擁有他們需要的產品，這對於我們繼續佔據行業領導者的地位至關重要。

While our long-term strategy to support growing global per capita consumption trend is intact, the recent environment has been rather fluid given pandemic-related variables that have shifted consumer shopping patterns. In fact, some of the retail metrics that we track demonstrate that the environment that we faced in this year's fiscal fourth quarter looks very similar to 2 years ago in the fourth quarter of fiscal 2019. We are seeing this household penetration, purchase frequency, units purchased per trip and so on, all mirror the pre-COVID environment of 2019.

儘管我們支持不斷增長的全球人均消費趨勢的長期策略完好無損，但鑑於與大流行相關的變數改變了消費者的購物模式，最近的環境相當不穩定。事實上，我們追蹤的一些零售指標表明，我們在今年第四財季面臨的環境看起來與兩年前的 2019 財年第四季非常相似。我們看到家庭滲透率、購買頻率、單位數量每次旅行購買的商品等等，都反映了2019 年新冠疫情之前的環境。

Nonetheless, the secular trend supporting industry and our business continue to be decidedly favorable. The demographics are advantageous and our ability to help retailers and foodservice customers capture demand for avocados will be a key element of driving consumption trends in growth markets such as Europe and Asia that are fractions of what we experienced here in North America today. Investing in our own production to ensure year-round global sourcing is the key to maintaining long-term organic growth, and we aim to expand upon our lead by building upon our strategy.

儘管如此，支持產業和我們業務的長期趨勢仍然明顯有利。人口結構具有優勢，我們幫助零售商和餐飲服務客戶抓住酪梨需求的能力將成為推動歐洲和亞洲等成長市場消費趨勢的關鍵因素，而這些趨勢只是我們今天在北美經歷的一小部分。投資我們自己的生產以確保全年全球採購是保持長期有機成長的關鍵，我們的目標是透過我們的策略來擴大我們的領先地位。

In summary, our business remains resilient despite Mexico's challenging supply dynamic and the variability in consumer shopping patterns due to the ever-changing COVID conditions. Our owned production in Peru continues to perform in line with our expectations and produced record volumes in fiscal 2021 to service our global customer base. We continue to stay focused on our long-term strategy of generating consistent growth and enhancing market share by increasing capabilities and capacities while continuing to mitigate and adapt to industry forces. We're excited about what's ahead, and we believe we have an undisputed advantage with our global network of value-added assets that will drive sustainable long-term shareholder value.

總而言之，儘管墨西哥的供應動態充滿挑戰，而且由於不斷變化的新冠疫情，消費者購物模式也發生了變化，但我們的業務仍然保持彈性。我們在秘魯的自有生產繼續符合我們的預期，並在 2021 財年創造了創紀錄的產量，為我們的全球客戶群提供服務。我們繼續專注於我們的長期策略，即透過提高能力和能力來實現持續成長並提高市場份額，同時繼續減輕和適應行業力量。我們對未來感到興奮，我們相信我們的全球增值資產網絡擁有無可爭議的優勢，將推動可持續的長期股東價值。

With that, I'll pass the call over to our CFO, Bryan Giles, for his financial commentary.

接下來，我會將電話轉給我們的財務長 Bryan Giles，聽取他的財務評論。

Thank you, Steve, and good afternoon to everyone on the call. I'll start with a brief review of our fiscal fourth quarter 2021 performance ended October 31, 2021, and touch on some of the drivers within our 2 operating segments. Then I'll provide a snapshot of our strong financial position and conclude with some thoughts around our outlook for the quarter.

謝謝你，史蒂夫，祝所有參加電話會議的人下午好。我將首先簡要回顧截至 2021 年 10 月 31 日的 2021 年第四財季業績，並談談我們兩個營運部門的一些驅動因素。然後，我將簡要介紹我們強勁的財務狀況，並最後對我們對本季前景的一些想法進行總結。

Total fourth quarter revenue increased 15% to $237 million from $206.8 million in the prior year period. The increase in revenue was driven primarily by a 21% increase in average per unit Avocado sales price partially offset by a 5% decrease in volume. I'll touch on the price volume dynamics in a moment but would like to reiterate that our business is managed to volume targets as we leverage our global presence to drive share of fresh avocados to our retail and foodservice customers.

第四季總營收從去年同期的 2.068 億美元成長 15% 至 2.37 億美元。收入成長主要是由於每單位酪梨平均銷售價格上漲 21%，但銷量下降 5% 部分抵消了這一增長。我稍後會談到價格數量動態，但我想重申，我們的業務已成功實現數量目標，因為我們利用我們的全球業務來提高零售和餐飲服務客戶的新鮮酪梨份額。

While prices fluctuate given the influences of global supply and demand, pricing is not something Mission can control or forecast with any degree of certainty. In the fourth quarter, industry supply was negatively impacted by the delayed start of the new Mexican harvest combined with the trailing effects from the smaller California crop, partially offset by increased supply from Peru. The industry continued to experience volatility due to timing and size curves of harvested fruit, which was abnormal and influenced pricing.

雖然價格會因全球供需的影響而波動，但 Mission 無法控製或預測定價。第四季度，墨西哥新收穫季延遲開始以及加州產量減少的拖累效應對產業供應造成負面影響，但秘魯供應增加部分抵消了這一影響。由於採摘水果的時間和尺寸曲線異常，該行業繼續經歷波動，影響了定價。

As we've noted previously, our leadership position as a global value-added marketer and distributor of fresh avocados helps insulate our gross profit as these sought-after value-added services such as ripening, bagging and distribution are largely unaffected by price changes. However, supply volatility can be problematic as we balance the inventory we are buying in the spot market against global customer commitments. As a result, we realized some compression in our per unit margins, recognizing that we were up against a difficult comparison in the prior year period.

正如我們之前指出的，我們作為新鮮牛油果的全球增值營銷商和分銷商的領導地位有助於隔離我們的毛利，因為這些廣受歡迎的增值服務（如催熟、裝袋和分銷）基本上不受價格變動的影響。然而，當我們平衡現貨市場購買的庫存與全球客戶的承諾時，供應波動可能會產生問題。結果，我們意識到單位利潤率有所壓縮，並認識到我們在去年期間面臨困難的比較。

Fourth quarter gross profit decreased 14% compared to the same period last year. Beyond the impact of lower per box margins, gross profit was also pressured by the lower Mexican volumes, which affected utilization rates and was further impacted by incremental infrastructure costs within our Marketing and Distribution segment related to our new Laredo facility.

第四季毛利較去年同期下降14%。除了每箱利潤下降的影響外，毛利還受到墨西哥銷售下降的壓力，這影響了利用率，並進一步受到與我們新拉雷多設施相關的營銷和分銷部門內基礎設施成本增量的影響。

While we estimate this impact was approximately 50 basis points for the fiscal fourth quarter, we do expect this impact to decrease as volumes and utilization rates increased during seasonal peaks, such as our first quarter. The negative impacts were partially offset by higher volume of avocados sold from our company-owned farms within our International Farming segment compared to prior year. These sales generate higher gross margin than the sales from third-party growers due to our lower per unit cost basis.

雖然我們估計第四財季的這種影響約為 50 個基點，但我們確實預計，隨著季節性高峰期間（例如第一季）銷量和利用率的增加，這種影響將會減少。與去年相比，我們國際農業部門自有農場的酪梨銷售增加，部分抵消了負面影響。由於我們的單位成本基礎較低，這些銷售產生的毛利率高於第三方種植者的銷售。

SG&A for the fourth quarter decreased $1.3 million to $15.5 million due primarily to noncomparable share-based compensation associated with the company's IPO that was recognized in the prior year period. Excluding this anomaly, the company continues to realize higher professional fees, labor costs and liability insurance premiums associated with being a public company.

第四季的SG&A 減少130 萬美元至1550 萬美元，主要是由於上一年期間確認的與公司首次公開募股相關的非可比股份薪酬。排除這種異常情況，該公司繼續實現與上市公司相關的更高的專業費用、勞動成本和責任保險費。

Cost growth was further impacted by the change in our SEC filer status from an emerging growth company to a large accelerated filer as of October 31, 2021.

截至 2021 年 10 月 31 日，我們的 SEC 申報人狀態從新興成長型公司變更為大型加速申報人，進一步影響了成本成長。

Net income for the fourth quarter of 2021 was $16.9 million or $0.24 per diluted share compared to $18.8 million or $0.29 per diluted share for the same period last year. The impact of lower gross margin was partially offset by higher equity method income from our Blueberry investment in Peru and higher other income related to favorable foreign currency movement in the current year period.

2021 年第四季淨利為 1,690 萬美元，即稀釋後每股 0.24 美元，去年同期為 1,880 萬美元，即稀釋後每股 0.29 美元。毛利率下降的影響被我們在秘魯藍莓投資的權益法收入增加以及與本年度有利的外匯變動相關的其他收入增加所部分抵消。

Adjusted net income was $17 million or $0.24 per diluted share for the fourth quarter of 2021 compared to $21.9 million or $0.34 per diluted share for the same period last year. Adjusted EBITDA was $26.4 million for the fourth quarter of fiscal 2021 compared to $32.1 million for the same period last year, driven primarily by the lower volumes and per unit margins within our Marketing & Distribution segment and higher SG&A costs, exclusive of share-based compensation, partially offset by strong growth of owned production volume as compared to the prior year period.

2021 年第四季調整後淨利為 1,700 萬美元，即稀釋後每股收益 0.24 美元，去年同期為 2,190 萬美元，即稀釋後每股收益 0.34 美元。 2021 財年第四季調整後EBITDA 為2,640 萬美元，而去年同期為3,210 萬美元，這主要是由於我們的行銷和分銷部門的銷售和單位利潤率較低以及SG&A 成本較高（不包括基於股票的薪酬）與去年同期相比，部分被自有產量的強勁成長所抵銷。

In terms of our segment drivers, our Marketing and Distribution segment net sales increased 14% to $230.4 million for the quarter. The drivers for the Marketing and Distribution segment are similar to those that I described for the consolidated results.

就我們的部門驅動因素而言，我們的行銷和分銷部門本季淨銷售額成長了 14%，達到 2.304 億美元。行銷和分銷部門的驅動因素與我為綜合結果所描述的驅動因素類似。

Segment adjusted EBITDA decreased 57% to $8.4 million, driven primarily by the lower volume and per unit margins and higher SG&A costs net of the noncomparable share-based compensation associated with the company's IPO compared to the prior year period.

與上年同期相比，部門調整後EBITDA 下降57% 至840 萬美元，主要是由於銷售和單位利潤率下降以及SG&A 成本（扣除與公司IPO 相關的不可比較的基於股票的薪酬）的增加所致。

Our International Farming segment primarily represents our owned farms that we manage in Peru. Naturally, the dynamics of this business are quite different from those in our Marketing and Distribution segment. While we are more exposed to price in this segment compared to marketing and distribution, this is a highly strategic initiative for mission and its value to our enterprise, we're very apparent in the fourth quarter as we work to mitigate the impacts of the Mexican volatility and a smaller California crop.

我們的國際農業部門主要代表我們在秘魯管理的自有農場。當然，該業務的動態與我們的行銷和分銷部門的動態有很大不同。雖然與行銷和分銷相比，我們在這一領域更容易受到價格的影響，但這是一項高度策略性的舉措，對我們的企業及其價值而言，我們在第四季度表現得非常明顯，因為我們正在努力減輕墨西哥的影響波動性和加州產量減少。

Our growing base of global customers requires year-round supply and today's key growing regions can't keep up with international demand. As a result, we made a commitment close to a decade ago to establish a presence where we control our own supply that we're able to sell to customers through our Marketing and Distribution segment operations.

我們不斷成長的全球客戶群需要全年供應，而當今主要的種植地區無法滿足國際需求。因此，我們在大約十年前做出了承諾，要建立一個我們控制自己供應的存在，我們能夠透過我們的行銷和分銷部門營運向客戶銷售這些供應。

As we look forward, in the short run, growth within our International Farming segment will be dictated by yield improvement within our maturing orchards. We expect longer-term growth to be supported by additional producing acreage that will come online and subsequently mature.

展望未來，短期內，我們國際農業部門的成長將取決於成熟果園產量的增加。我們預計長期成長將得到更多生產面積的支持，這些面積將上線並隨後成熟。

As a reminder, the Avocado harvest season for our Peruvian farms typically runs from April through August of each year. And as a result, you see the International Farming segment emerge in the third and fourth quarters and contribute adjusted EBITDA in a significant fashion.

請注意，我們秘魯農場的酪梨收穫季節通常是每年四月至八月。因此，您會看到國際農業部門在第三和第四季度出現，並以顯著的方式貢獻調整後的 EBITDA。

For the fourth quarter, International Farming segment sales increased 38% to $30.4 million. Segment sales growth was driven by higher fruit volumes resulting from improved harvest yields at our maturing orchards. And I'll reiterate a point Steve shared in his remarks. Despite all the industry volatility this quarter, we managed our own production extremely well and produced the forecasted volumes, which were a record GBP 101 million. This is a great accomplishment by our team and clearly demonstrates the strategic advantage of our unique platform.

第四季度，國際農業部門銷售額成長 38%，達到 3,040 萬美元。我們成熟果園的收成產量提高，導致水果產量增加，推動了該部門的銷售成長。我將重申史蒂夫在演講中分享的一點。儘管本季產業出現波動，但我們的生產管理非常出色，並達到了預期產量，達到創紀錄的 1.01 億英鎊。這是我們團隊的一項偉大成就，清楚地展示了我們獨特平台的策略優勢。

Segment adjusted EBITDA improved by $5.3 million to $18 million primarily due to the revenue drivers noted above, partially offset by higher costs associated with strategic initiatives in farming maintenance and operations that were intended to drive yield enhancements. Additionally, due to widespread port delays, which in some cases, nearly doubled the normal shipping time, we experienced some quality issues related to the extended age of inventory on late season fruit, which negatively impacted our sales returns. This was a significant factor in our performance relative to the guidance we provided for the fiscal fourth quarter.

部門調整後的 EBITDA 提高了 530 萬美元，達到 1800 萬美元，主要是由於上述收入驅動因素，但部分被旨在提高產量的農業維護和運營戰略舉措相關的成本上升所抵消。此外，由於普遍的港口延誤，在某些情況下，幾乎是正常運輸時間的兩倍，我們遇到了一些與晚季水果庫存期限延長相關的品質問題，這對我們的銷售退貨產生了負面影響。相對於我們為第四財季提供的指導，這是我們業績的重要因素。

Shifting to our financial position. Cash and cash equivalents were $84.5 million as of October 31, 2021 compared to $124 million as of October 31, 2020. Net cash provided by operating activities was $47 million for fiscal year 2021 compared to $78.9 million in fiscal year 2020. The $31.9 million change was primarily driven by unfavorable net change in working capital. Within working capital, the unfavorable changes in accounts receivable and inventory were partially offset by favorable changes in grower payables. Accounts receivable increases were due to rising pre unit sales prices experienced during the year.

轉向我們的財務狀況。截至2021 年10 月31 日，現金及現金等價物為8,450 萬美元，而截至2020 年10 月31 日為1.24 億美元。2021 財年經營活動提供的淨現金為4,700 萬美元，而2020 財年為7,890萬美元。變動3,190 萬美元主要是由營運資本的不利淨變化所驅動的。在營運資金內，應收帳款和庫存的不利變化被種植者應付帳款的有利變化部分抵消。應收帳款增加是由於年內單位銷售價格上漲。

Changes in inventory were driven by a combination of higher farm-related inventory in Peru as well as higher per unit cost of Mexican food on hand compared to prior year. The increases in farm-related inventory were due primarily to growth in productive acreage and higher on-hand quantities of fruit at the end of the year due to the extension of the harvest season, combined with port delays. Favorable changes in grower payables were correlated with the pricing increases experienced with Mexican inventory.

庫存變動是由於秘魯農場相關庫存增加以及墨西哥現有食品單位成本較上年增加所致。與農場相關的庫存增加主要是由於生產面積的增長以及由於收穫季節延長而導致年底水果庫存量增加以及港口延誤。種植者應付帳款的有利變化與墨西哥庫存的價格上漲有關。

Capital expenditures were $73.4 million for the 12 months ended October 31, 2021, compared to $67.3 million for the same period last year. Capital expenditures for fiscal 2021 have been concentrated in land improvements in Orchard Development in our Peru and Guatemala farming operations and on completing construction of our new distribution facility in Laredo, Texas.

截至 2021 年 10 月 31 日的 12 個月，資本支出為 7,340 萬美元，而去年同期為 6,730 萬美元。 2021 財年的資本支出主要用於秘魯和瓜地馬拉農場果園開發的土地改良，以及完成德州拉雷多新配送設施的建設。

In terms of our near-term outlook, similar to our prior practice, we are providing some context on our expectations for industry conditions to help inform your modeling assumptions, but are not providing formal guidance due to the fluidity of the market at this point in the year as we shift back towards our Marketing and Distribution segment.

就我們的近期前景而言，與我們之前的做法類似，我們正在提供一些有關我們對行業狀況的預期的背景信息，以幫助您為建模假設提供信息，但由於目前市場的流動性，我們不會提供正式的指導今年我們將重新轉向行銷和分銷部門。

The industry is expecting volumes to be flat to slightly down in the first quarter versus the prior year period, primarily due to supply constraints associated with the Mexican harvest. This challenging supply situation further reinforces the investments that we're making to diversify our sourcing base on a year-round basis. At this point, expectations are for pricing to be relatively steady on a sequential basis, which would imply a year-over-year increase of approximately 40% compared to the $1.04 per pound average we experienced in the first quarter of the prior year.

該行業預計第一季產量將與去年同期持平或略有下降，這主要是由於墨西哥收成帶來的供應限制。這種充滿挑戰的供應情況進一步加強了我們為實現全年採購基礎多元化而進行的投資。目前，預計價格將環比相對穩定，這意味著與去年第一季每磅 1.04 美元的平均價格相比，年增約 40%。

As we look at our business and the environment we are operating within, clearly, inflation is an issue. And while our model is less exposed than others, we are nonetheless facing challenges and driving mitigating actions.

當我們審視我們的業務和營運環境時，很明顯，通貨膨脹是一個問題。儘管我們的模型比其他模型暴露得更少，但我們仍然面臨挑戰並推動緩解行動。

In regards to the near-term environment, we are working to maintain per box margins at a similar rate to the prior year period but volume pressure, coupled with higher structural public company costs, creates a headwind to adjusted EBITDA in the fiscal first quarter.

就近期環境而言，我們正在努力將每箱利潤率維持在與去年同期相似的水平，但銷售壓力，加上上市公司結構性成本上升，給第一財季調整後的 EBITDA 帶來了阻力。

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

我們準備好的演講到此結束。接線員，現在交給你了。請打開問答電話。

(Operator Instructions) Our first question is from Bienvenu of Stephens.

（操作員說明）我們的第一個問題來自 Stephens 的 Bienvenu。

Yes. Bryan, I may just pick up where you left off there. On the -- you're seeking to maintain margins in the first quarter on a per box basis or per pound basis, consistent with last year, but experiencing some headwinds associated with inflation and higher costs, you did around $0.14 a pound last year. Should we interpret what you say to mean that you might strive to sustain that profit per pound but there might be incremental cost pressure on the SG&A line? Or should we see that manifest in the per pound gross profit as well?

是的。布萊恩，我可以從你上次停下的地方繼續。 - 您希望在第一季保持每箱或每磅的利潤率，與去年一致，但遇到了與通貨膨脹和成本上升相關的一些阻力，去年您的利潤約為每磅 0.14 美元。我們是否應該將您所說的解釋為您可能會努力維持每磅利潤，但 SG&A 線可能會增加成本壓力？或者我們應該在每磅毛利潤中看到這一點？

Sure, Ben. I think that we're still relatively -- we're at the midpoint of our quarter at this point but a significant amount of our volume does come through during the month of January as we lead up to the Super Bowl. So we can see the conditions that exist today, but it could certainly move significantly between now and January 31. I think we've kind of mentioned in the past that we do have target ranges for margin on our marketing and distribution segment, and that $0.14 a pound range is certainly kind of in that number.

當然，本。我認為我們仍然相對 - 目前我們正處於本季度的中點，但我們的大量銷量確實是在一月份超級碗比賽之前完成的。因此，我們可以看到今天存在的情況，但從現在到 1 月 31 日，它肯定會發生重大變化。我想我們過去曾提到過，我們的行銷和分銷部門確實有利潤目標範圍，而且每磅0.14 美元的範圍肯定屬於這個數字。

We performed below that during our fourth quarter, but we did see improvement as we move to the back end of the quarter from what we saw in the early part of Q4. So our hope at this point is that we can maintain per unit or per pound margins that are consistent or comparable with those figures that we saw in Q1 last year. But again, there's still a good part of the quarter left, so I think we're hesitant to give any firm guidance on where we think that it will end out.

我們在第四季度的表現低於該水平，但隨著我們從第四季度初期看到的情況進入本季末，我們確實看到了改善。因此，我們目前的希望是，我們能夠保持每單位或每磅的利潤與去年第一季的數據一致或相當。但同樣，本季度還剩下很大一部分時間，因此我認為我們對於就我們認為的結局給出任何堅定的指導猶豫不決。

Yes. Okay. That's understandable and fair enough. If we shift gears to Laredo, I think I heard you say in your prepared remarks that it represented about a 50 basis point headwind to margins in the quarter, correct me if I'm wrong. As you think about the cadence of improvement there as we move through the next several quarters, it sounds like it will be particularly beneficial as you get into the peak season period. Can you talk about how on the whole for the year you expect it to be either net positive, neutral or negative? And then as we move further beyond that, what your expectations are for contribution to margin improvement?

是的。好的。這是可以理解的，也很公平。如果我們轉向拉雷多，我想我聽到你在準備好的發言中說過，這代表著本季利潤率的逆風約 50 個基點，如果我錯了，請糾正我。當您考慮接下來幾季的改進節奏時，聽起來當您進入旺季期間時，這將特別有利。您能否談談您對今年整體的預期是淨正值、中性還是負值？然後，當我們進一步超越這個目標時，您對利潤率改善的貢獻有何期望？

Sure. Certainly, Q1 and Q2 tend to be our peak times of the year for Mexican volume coming through the system. And that is really what Laredo facility is designed to support. So we do expect improvement as that volume increases during the first 2 quarters of the year. As we move during to the back half of the year and the sourcing of fruit tends to be concentrated in Peru or from Peru in California, the volumes that run through that facility do decline. I think really, the performance of that facility and the absorption of cost is heavily dependent on the amount of volume that we're moving through that facility.

當然。當然，第一季和第二季往往是我們一年中通過該系統的墨西哥交易量的高峰期。這正是拉雷多設施的設計目的。因此，隨著今年前兩個季度銷量的增加，我們確實預計會有所改善。隨著下半年的到來，水果的採購往往集中在秘魯或秘魯的加州，通過該設施的數量確實有所下降。我認為實際上，該設施的性能和成本的吸收在很大程度上取決於我們通過該設施移動的數量。

We introduced a significant amount of capacity on day 1 when that facility opened. But volume doesn't necessarily grow in that same type of step function. I think we've made an investment that for the long term, is really going to benefit us, and I think puts us in a prime position in our industry. But in the near term, it's just the growing pains of driving that volume to fill up that facility. I do believe will look during the off times of the year for -- to do some other third-party logistical work through that facility to absorb overhead costs. I think we'll gain traction on that as we move through this fiscal year as opposed to kind of when we were in the start-up time frame in Q3 and Q4 of fiscal '21.

我們在該設施開業的第一天就引入了大量的容量。但成交量不一定會以相同類型的階躍函數成長。我認為我們所做的投資從長遠來看確實會讓我們受益，而且我認為這將使我們在行業中處於領先地位。但在短期內，推動這一數量來填滿該設施只是不斷增長的痛苦。我確實相信，我們會在一年中的休息時間，透過該設施進行一些其他第三方後勤工作，以吸收管理費用。我認為，當我們進入本財年時，我們將在這方面獲得牽引力，而不是在我們處於 21 財年第三季和第四季的啟動時間範圍內。

So I do think things will be better as we move through Q1 and Q2. And I think Q3 and Q4 of next year will look better than Q3 and Q4 of 2021 from the perspective of how Laredo's infrastructure costs impact our financial results.

因此，我確實認為隨著第一季和第二季的進展，情況會更好。我認為，從拉雷多的基礎設施成本如何影響我們的財務表現的角度來看，明年的第三季和第四季將比 2021 年的第三季和第四季更好。

Okay. And 1 more quick 1 for me, if I could. We heard the announcement a couple of weeks ago around the opening of trade between Jalisco in the U.S. for bringing avocados into the U.S. What do you think that means for the industry in terms of incremental volumes with any coming to the U.S.? Or would that be something that's more specifically beneficial to those that have operations in the lease co versus the industry broadly having meaningful implications for the industry?

好的。如果可以的話，對我來說再快一點1。幾週前，我們聽到了關於美國哈利斯科州之間開放酪梨貿易以將酪梨引入美國的公告。您認為，就酪梨進入美國的增量而言，這對該行業意味著什麼？或者，這對那些在租賃公司開展業務的人更有利，而不是對該行業產生廣泛的有意義的影響？

Well, we've been -- this is Steve. We've been operating in Jalisco for several couple of decades now. Most of that product has been going to Europe or Asia or Canada and that is not allowed in here until probably next April. I think what it will really mean it'll probably lower the variability of Mexican supply. I think it'll leaving it out a little bit in that (inaudible) and Jalisco are a little bit -- they're not -- the seasons don't mirror each other. They peak at different times, which will be a good thing. And I think it'll probably stabilize the pricing down there, I would think, rather than these big spikes and shutdowns and overloads and everything else we experienced. So I think overall, it will be good for the industry. It will bring some stability to the table.

好吧，我們一直——這是史蒂夫。我們在哈利斯科州經營已經有幾十年了。大部分產品已銷往歐洲、亞洲或加拿大，可能要到明年四月才允許進入這裡。我認為這真正意味著它可能會降低墨西哥供應的波動性。我認為它會略去這一點，因為（聽不清楚）和哈利斯科州有一點 - 他們不是 - 季節並不相互反映。他們在不同的時間達到頂峰，這將是一件好事。我認為這可能會穩定價格，而不是這些大幅上漲、停工、超載以及我們經歷的其他一切。所以我認為總體而言，這對行業來說是有利的。這將為桌面帶來一些穩定性。

Our next question is from Tom Palmer of JPMorgan.

我們的下一個問題來自摩根大通的湯姆·帕爾默。

I wanted to maybe first just focus on the port issues. So first off, I just want to make sure I understand how they're affecting your business. Is this really higher shrink and you have spoiled product? Or the delays are causing you to discount products so we can find a home faster? And to what extent, as we think about the first quarter, does the shift towards Mexico sourcing, reduce your exposure and shifting more to trucking?

我想也許首先只關注連接埠問題。首先，我只想確保我了解它們如何影響您的業務。這真的是更高的收縮率並且您已經損壞了產品嗎？或者延誤導致您對產品打折，以便我們可以更快找到家？當我們考慮第一季時，向墨西哥採購的轉變會在多大程度上減少您的風險並更多地轉向卡車運輸？

Well, 2 things happened during the quarter. Mexico's crop was late. The new crop was late compared to history. And then the port delays, we have most of our volume coming out of Peru during that period of time. And in many cases, this product was delayed 2 and 3 weeks. That's a perishable product late in the season. A lot of it didn't make it. And on top of that, we were shorting customers and having to buy product elsewhere to fill those needs and a lot of that stuff is on fixed contracts, too, for the season.

嗯，本季發生了兩件事。墨西哥的作物收成晚了。與歷史相比，新作物的上市晚了。然後是港口延誤，在那段時間我們的大部分貨物都從秘魯運出。而且在很多情況下，這款產品會延遲2週、3週。這是一種在季節末期容易腐爛的產品。很多都沒有成功。最重要的是，我們做空了客戶，不得不在其他地方購買產品來滿足這些需求，而且很多東西也是本季的固定合約。

And if you have to go out and buy product to fill those contracts, they're generally at a loss. So it was kind of a double whammy. We had to throw a product away and then we had to supply outside product, in some cases to fill the need for the product that was sitting out there trying to get unloaded. So it was kind of a...

如果你必須出去購買產品來履行這些合同，他們通常會虧損。所以這有點雙重打擊。我們不得不扔掉產品，然後我們必須提供外部產品，在某些情況下是為了滿足對試圖卸載的產品的需求。所以這有點...

Yes, Tom, I kind of can elaborate on that. But certainly, I think it was probably a little bit of both of what you said. I mean we had some fruit that from a quality perspective, because of the delays we weren't able to market. I mean, it was literally dumped fruit. We had other fruit that we were able to get into markets, but it wasn't the ideal market. I think the concern is as fruit matures and it's later in the harvest season. There's less margin for error in terms of managing that supply chain. So that extra 3 weeks makes a much bigger difference late in the season that it would have made an earlier season fruit that's less mature.

是的，湯姆，我可以詳細說明這一點。但當然，我認為這可能是你所說的兩種情況的一部分。我的意思是，從品質角度來看，我們有一些水果，因為延誤，我們無法上市。我的意思是，它實際上是傾倒的水果。我們還有其他水果可以進入市場，但那不是理想的市場。我認為令人擔憂的是水果的成熟和收穫季節的後期。在管理供應鏈方面犯錯的餘地較小。因此，額外的 3 週時間在季節後期會產生更大的影響，而早期季節的水果則較不成熟。

So as Steve pointed out, we had programs for this fruit to go into, and we weren't able to get it into those programs partially because it was late and partially because we didn't want to take the risk of putting fruit into 1 of our retail customers that could potentially go bad. So on top of that, we did have some fruit that was good that literally just stretched out of Q4 and got sold through in Q1 of this year. Again, not at the ideal pricing, but there was some profit impact of just slippage of that fruit sale out of the fourth quarter.

因此，正如史蒂夫指出的那樣，我們有針對這種水果的計劃，但我們無法將其納入這些計劃，部分原因是已經太晚了，部分原因是我們不想冒將水果放入 1 的風險。我們的零售客戶可能會變壞。因此，最重要的是，我們確實有一些很好的水果，實際上剛剛從第四季度延伸出來，並在今年第一季銷售完畢。同樣，價格並非理想，但第四季水果銷售下滑對利潤產生了一些影響。

Great. And just on kind of how that sets up for the first quarter then in terms of sourcing more of the same or reduced exposure just given that Mexico?

偉大的。考慮到墨西哥，在採購更多相同或減少的風險方面，第一季的情況如何？

It's much reduced exposure from an ocean perspective, the vast majority of the fruit that we market from Mexico is marketed in North America, and it's brought across the border via truck through our facility down in Laredo or through the Texas border for the industry as a whole. So much less reliance on ocean cargo during this time of the year.

從海洋角度來看，這大大減少了暴露，我們從墨西哥銷售的絕大多數水果都在北美銷售，並且通過卡車通過我們位於拉雷多的工廠或通過德克薩斯州邊境運送到該行業，作為該行業的一部分。所有的。一年中的這個時候對海運的依賴要少得多。

Okay. And then if I could just ask 1 more, sorry to keep going on this topic, but I didn't hear much on the cost of shipping. Is this part that is easier for you to pass through to customers, and therefore, it just isn't as much of a factor in the margin? Or is there something to note maybe in the coming year around that side of it?

好的。如果我能再問一個問題，很抱歉繼續討論這個主題，但我沒有聽到太多關於運費的消息。這部分對你來說是否更容易傳遞給客戶，因此，它在利潤中並不是一個重要的因素？或者明年在這方面有什麼值得注意的事情嗎？

Well, all of that freight -- I'm not sure where the cutoff is, is by the season, and that was all precontracted on an annualized basis for several different carriers and several different destinations. So that didn't affect us too much on the ocean freight. Truck freights did once they got here, of course. And then going forward, obviously, with these fuel bills and whatnot we expect some higher rate bills for this coming season, for sure.

好吧，所有這些貨運——我不確定截止時間在哪裡，是按季節計算的，而且都是按年計算為幾家不同的承運商和幾個不同的目的地預先簽訂的合約。所以這並沒有對我們的海運產生太大影響。當然，卡車貨運一到這裡就開始了。然後，顯然，隨著這些燃油費用以及其他費用的增加，我們預計下個季節的費率費用肯定會更高。

Yes, I would agree with Steve on that. We didn't really see the impact in our ocean cargo rates this year because we negotiated most of them before we started to see the price escalations. We're starting to do some preliminary negotiations, maybe not so much with Peru yet, but with some of our other countries of origin on ocean freight for the 2022 year. And we are seeing increases there.

是的，我同意史蒂夫的觀點。今年我們並沒有真正看到海運運費受到的影響，因為我們在開始看到價格上漲之前就已經對其中大部分運費進行了談判。我們正在開始進行一些初步談判，可能還沒有與秘魯進行太多談判，但與我們的一些其他原產國就 2022 年的海運事宜進行了初步談判。我們看到那裡的成長。

I think as we move forward, we sell a product where our customers used to some volatility in the pricing just because of the supply and demand dynamic. Because of that, it has made it a little bit easier for us to move pricing through when we've seen changes in some of the other ancillary support costs. But there's no doubt that as we move into 2022, there will be higher ocean freight costs that we're going to need to manage.

我認為，隨著我們的前進，我們銷售的產品的客戶已經習慣了由於供需動態而導致的定價波動。正因為如此，當我們看到其他一些輔助支援成本發生變化時，它使我們更容易調整定價。但毫無疑問，隨著 2022 年的到來，我們需要管理的海運成本將會更高。

To Steve's point, the trucking rates, we've already been feeling that this year. I think in many cases, rates are 25% to 30% higher than what we saw a year prior. But for the most part, we've been able to do a pretty effective job of pushing that through. But I think it would probably be naive to think that it didn't have some impact on our margin erosion.

對於史蒂夫來說，卡車運輸費率，我們今年已經感受到了。我認為在很多情況下，比率比一年前高出 25% 到 30%。但在大多數情況下，我們已經能夠非常有效地推動這一目標的實現。但我認為，如果認為這對我們的利潤率侵蝕沒有任何影響，那就太天真了。

(Operator Instructions) Our next question is from Gerry Sweeney of ROTH Capital.

（操作員指令）我們的下一個問題來自羅斯資本的 Gerry Sweeney。

I wanted to ask a question about the variability in Mexico. And I was just curious, is that more a function of harvest and size and quality? Or is that more a function of maybe some picking patterns of fruit and keeping some fruits on the trees longer and managing price? And the second part of that will -- does Jalisco add a little bit of improve that situation a little bit, if you will?

我想問一個關於墨西哥變化的問題。我只是很好奇，這更多的是收穫、大小和品質的函數嗎？或者這更多是某種水果採摘模式、使一些水果在樹上保留更長時間以及管理價格的功能？第二部分是——如果你願意的話，哈利斯科州是否會增加一點點來改善這種情況？

Let me just answer that last part. The answer is yes. That's -- I think it'll help stabilize going forward on volatility. The new crop was delayed a little bit. They had a drought down there for months that they normally get a lot of rain. So the size of the fruit was smaller. Prices were good, but with small fruit, they don't get the production, so they tend to wait as any grower would. And it was just delayed and the price was good because the crop was short. And keep in mind, demand continues to grow between 9% and 11% here in the U.S. and Europe.

讓我回答最後一部分。答案是肯定的。我認為這將有助於穩定未來的波動性。新作物的上市時間略有延遲。他們那裡已經乾旱了好幾個月，而通常會下很多雨。因此，果實的尺寸較小。價格不錯，但由於水果較小，他們無法生產，因此他們傾向於像任何種植者一樣等待。只是延遲了，而且由於作物歉收，價格也不錯。請記住，美國和歐洲的需求持續成長 9% 至 11%。

And so you've got a bigger demand and now a somewhat shorter crop, and you have that human nature that -- well, if it's $1 today, it might $1.10 tomorrow, so they kind of dragged their feet and it created a gap. We end up paying more for the product and in some cases, we're selling it for because we've got agreements with retail and it's usually temporary, but it hurts what's happening.

所以你有更大的需求，但現在產量有所減少，而且你有這樣的人性——好吧，如果今天是1 美元，明天可能是1.10 美元，所以他們有點拖拖拉拉，這就造成了差距。我們最終會為產品支付更多費用，在某些情況下，我們會出售它，因為我們與零售業簽訂了協議，這通常是暫時的，但這會損害正在發生的事情。

Yes, Gerry, I think the general sense of what we're hearing from our boots on the ground in Mexico is that there's probably more fruit on the trees this year than there was last year. It's just not sizing up the way it did last year. So it is smaller fruit that's coming off. So that impacts the overall amount of pounds that we're going to be harvesting. I think it's still -- we're still early enough in the season where -- and with the fragmented grower base we have in Mexico, it's difficult to pinpoint exactly what the crop size is going to look like. But I think in general, we're not looking at a year where because of these drought conditions that existed during the production period, we're looking at a year where maybe it's flat on overall volume flat to slightly down. I think that we'll have a better feel as we move forward, particularly as we move up to the Super Bowl to see how heavy that harvest remains kind of through these next 6- to 8-week time frame.

是的，格里，我認為我們從墨西哥地面上聽到的普遍感覺是，今年樹上的水果可能比去年更多。它只是沒有像去年那樣進行評估。所以脫落的是較小的水果。因此，這會影響我們將收穫的總磅數。我認為，我們仍然處於這個季節的早期階段，而且由於墨西哥的種植者基礎分散，很難準確地確定作物的大小。但我認為總的來說，我們關注的不是由於生產期間存在的乾旱條件而導致總產量持平或略有下降的一年。我認為，當我們繼續前進時，特別是當我們進入超級碗比賽，看看在接下來的 6 到 8 週的時間範圍內，收穫仍然有多沉重時，我們會有更好的感覺。

And it will change because they have 3 to 4 different flowers depending on the location and elevation, but we'll outgrow this probably mid-summer mid- to late summer and probably have more fruit, but we tend to be the opposite of what it was the year before as far as timing because if you have an early heavy crop, like we did last year, you have a tendency the year after to have a late early crop or a smaller early crop, and they just kind of -- they're alternate bearing and even it flowers on the same tree, they still be pay the same.

它會改變，因為根據位置和海拔，它們有 3 到 4 種不同的花，但我們可能會在仲夏到夏末生長，並且可能會結出更多的果實，但我們往往與它相反就時間而言，是前年，因為如果你有一個早期的豐收，就像我們去年所做的那樣，那麼你在後年就會有一個晚早作物或較小的早作物的趨勢，他們只是——他們是互生的，即使在同一棵樹上開花，它們的報酬仍然相同。

And again, Gerry, I'd just like to use this opportunity to kind of drive home that. I mean this is part of the reason why we've invested in other countries of origins to have multiple sources to have be vertically integrated. Certainly, countries like Guatemala and Colombia have a harvest season that aligns very closely to Mexico. So beyond just Jalisco opening up, which maybe provide -- alleviates volatility in the near term. I think the longer-term solution is going to be sourcing fruit from these other markets where we're making investments in today and others are as well.

格里，我想再次強調這一點。我的意思是，這就是我們在其他原產國進行投資以擁有多個來源進行垂直整合的部分原因。當然，危地馬拉和哥倫比亞等國家的收穫季節與墨西哥非常接近。因此，除了哈利斯科州的開放之外，這可能會緩解短期內的波動。我認為長期的解決方案是從我們今天投資的其他市場採購水果，其他市場也是如此。

And we're trying to extend our Peruvian season, which would cover the early part of Mexico. California, they're getting rain finally, but that's pretty limited on their production here even with the rain. So as Bryan said, we want at least 2 sources of supply, and we're shooting for 3 in some cases at the same time.

我們正在努力延長秘魯的產季，這將涵蓋墨西哥的早期地區。加州終於下雨了，但即使下雨，這裡的產量也相當有限。正如 Bryan 所說，我們至少需要 2 個供應源，並且在某些情況下我們會同時爭取 3 個供應源。

Got it. And speaking about supply, can you maybe give us a quick update on acreage under production in Peru, maybe from a year ago to this year into next year? And obviously, we had that alternate bearing food side, and we also have mother nature doing our best to make things a little bit challenging in all comparison takes. But just in terms of acreage and how that's developing?

知道了。談到供應，您能否給我們快速介紹一下秘魯生產面積的最新情況，也許是從一年前到今年到明年？顯然，我們有替代的軸承食物方面，而且我們也有大自然盡最大努力使所有比較中的事情變得有點挑戰性。但僅就面積而言以及其發展如何？

Yes. I don't know the industry per se what the exact growth numbers are. I think it has slowed down. We continue to plant just improve a loan between 200 and 250 hectares a year, but not in the same elevations or latitudes and we're trying to spread out the season because we've got the assets there, we've got the team there. And we just bought a piece of property that's higher in elevation and we anticipate that will be later in harvest later than the entire country because of the -- its cooler up there.

是的。我不知道該行業本身的確切成長數字是多少。我認為它已經放緩了。我們繼續種植每年 200 至 250 公頃的貸款，但不是在相同的海拔或緯度，我們正在努力延長種植季節，因為我們在那裡有資產，我們在那裡有團隊。我們剛剛購買了一塊海拔較高的土地，我們預計該土地的收穫時間將晚於整個國家，因為那裡比較涼爽。

So we're trying to spread that out and not hit the peak where everyone else gets it. We want to be on the edges, hit the peak 2 but not with our whole load, so to speak, we want to spread it out. So we're -- it's limited. We can't do it very long, but we're going to add maybe 6 weeks to it to help this particular time of the year, which is the end of the Peruvian season.

因此，我們正在努力將其分散開來，而不是達到其他人都達到的峰值。我們想要處於邊緣，達到峰值 2，但不是用我們的全部負載，可以這麼說，我們想要分散它。所以我們——這是有限的。我們不能做太久，但我們會增加大約 6 週的時間，以幫助一年中的這個特定時間，即秘魯產季的結束。

And I've got some of the data at hand, Gerry. I mean we -- for 2021, the amount of acreage that moved into production from an accounting perspective, increased by about 150 hectares. So about a 5% or 6% increase of our total acreage in Peru. Again, that new fruit that moves in production is still at very low yields relative to a mature arm. I think from what we saw year-over-year in terms of yields per hectare, we were running somewhere in the neighborhood of 13,000 kilos per hectare, in 2020. That number came in at about 16,000 kilos per in 2021 as a blended average across all of our farms.

我手頭上有一些數據，格里。我的意思是，從會計角度來看，2021 年投入生產的面積增加了約 150 公頃。我們在秘魯的總種植面積增加了約 5% 或 6%。同樣，與成熟品種相比，投入生產的新水果的產量仍然非常低。我認為，從我們逐年觀察的每公頃產量來看，2020 年我們的產量約為每公頃 13,000 公斤。2021 年，這一數字約為每公頃 16,000 公斤。我們所有的農場。

I think we still don't think we've reached peak production on our farms yet. We still have new farms that are coming online as well. So I think we anticipate that production not only -- from our own farms will continue to grow. Albeit, I don't know if it will necessarily be at a 38% growth rate again next year. But I don't think we believe that these farms are at full production yet.

我認為我們的農場仍然沒有達到高峰產量。我們還有新的農場正在上線。因此，我認為我們預計，我們自己農場的產量將繼續增長。不過，我不知道明年是否一定會再次維持38%的成長率。但我認為我們認為這些農場尚未達到滿載生產。

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 Mr. Barnard for any closing remarks.

女士們先生們，此時此刻，我不再提出任何問題。我想結束問答環節，並將電話會議轉回給巴納德先生做總結演講。

Well, I'd just like to thank everybody for their interest in Mission Produce and we'll continue to move forward and improve our position. Thank you for your time.

好吧，我只想感謝大家對 Mission Produce 的興趣，我們將繼續前進並提高我們的地位。感謝您的時間。

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

女士們先生們，今天的電話會議到此結束。我們非常感謝您的出席。現在您可以斷開線路，祝您有美好的一天。