Mission Produce Inc (AVO) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Mission Produce Fiscal Second 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 財年第二季電話會議。 （操作員說明）也請注意，今天的活動正在錄製中。

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

現在，我想將電話會議轉給 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. Mike Browne, Chief Operating Officer, is also participating on the call and will be available for Q&A.

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。首席營運長 Mike Browne 也參加了電話會議並接受問答。

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

今天電話會議中的評論和隨附的演示文稿包含 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。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。

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。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。

We'll 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 comparable GAAP measures.

今天我們將參考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，這些表格可以在我們的投資者關係網站 Investors.mission Produce.com 上找到，以了解非 GAAP 財務指標與最具可比性 GAAP 指標的對帳情況。

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

我現在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 second quarter earnings call. We delivered another strong quarter, generating $16.3 million of adjusted EBITDA, which represents growth of 13% compared to the same period last year. Our blue-chip customer base and the flexibility that our network provides allowed us to distribute 22% greater volume than the prior year. With our vertical integration and key intelligence, we are in an excellent position to continue to grow our leadership position.

感謝您參加我們的 2021 財年第二季財報電話會議。我們的季度業績又表現強勁，調整後 EBITDA 達到 1,630 萬美元，與去年同期相比成長 13%。我們的藍籌客戶群和網路提供的靈活性使我們的分銷量比前一年增加了 22%。憑藉我們的垂直整​​合和關鍵情報，我們處於有利地位，可以繼續提升我們的領導地位。

The strength of our infrastructure has provided us with an incredible advantage as we've managed through this pandemic environment. Our operational network and global reach proved to be especially valuable as the industry has met with the demand shocks from the pandemic over the last year as well as managing a large Mexican crop this season. Mission's ability to stay nimble and manage disruptions with minimal effects proved to be highly beneficial and allow us to demonstrate the value we provide to our customers worldwide. The consistency that we bring is critical in fostering customer relationships, creating growth in new and existing business while expanding our business.

我們的基礎設施實力為我們提供了令人難以置信的優勢，幫助我們度過了這場大流行的環境。事實證明，我們的營運網絡和全球影響力尤其有價值，因為該行業去年遭遇了流感大流行帶來的需求衝擊，並且本季墨西哥產量大增。 Mission 保持敏捷性並以最小影響管理中斷的能力被證明是非常有益的，並使我們能夠向全球客戶展示我們提供的價值。我們帶來的一致性對於培養客戶關係、在擴大業務的同時創造新業務和現有業務的成長至關重要。

The hallmark of Mission since we started the company 38 years ago is our long commitments to innovation and investing in infrastructure, and I'm excited to share that our Laredo, Texas forward distribution center is on track to be open and fully operational in September. We completed construction of the 262,000 square foot facility at the end of April, and we've been working through our operational qualification process and finishing up the internal systems that will make this a game changer for our North American customers.

自從38 年前創辦公司以來，使命的標誌是我們對創新和基礎設施投資的長期承諾，我很高興地告訴大家，我們位於德克薩斯州拉雷多的遠期配送中心預計將於9 月開放並全面運作。我們在 4 月底完成了 262,000 平方英尺設施的建設，我們一直在完成我們的營運資格流程並完成內部系統，這將使其成為我們北美客戶的遊戲規則改變者。

Beyond North America, our ambitions are global. We are leveraging our global supply chain and distribution capabilities to continue developing international markets, such as Europe and Asia. Both of these regions represent immense long-term growth opportunities for us with consumption rates that are a fraction of what the U.S. has grown into today. In fact, in the fiscal second quarter, Mission delivered first-ever shipment of California Avocados to China. This is a significant milestone for us and the industry. Our year-round sourcing capabilities are extremely unique and remain a substantial competitive advantage for Mission.

除了北美之外，我們的志向是全球性的。我們正在利用我們的全球供應鏈和分銷能力繼續開發歐洲和亞洲等國際市場。這兩個地區都為我們帶來了巨大的長期成長機會，其消費率只是美國今天的一小部分。事實上，在第二財季，Mission 向中國交付了第一批加州酪梨。這對我們和整個產業來說都是一個重要的里程碑。我們的全年採購能力極為獨特，並且仍然是 Mission 的巨大競爭優勢。

Avocados have become a household staple, and we've commissioned some consumer survey work that demonstrates the power of these trends. Coming out of the pandemic this summer, consumers are seeking normalcy, which included social gatherings and events, which is great for all businesses, including ours. While our foodservice channel was perhaps more resilient than others due to the positioning and quality of our customer base, we are eager to see this channel re-emerge. Based on the consumer research, 81% of respondents report they plan to return to gathering with family and friends, 68% plan to eat out and 56% are even planning to travel again. Consumer activities certainly impact consumption habits, and our intelligence tells us that this summer, 58% of Americans plan to buy and eat more avocados. Avocado consumption generally peaks during the summer with over half the U.S. households purchasing fruit between June and August. Right now, consumers are buying more avocados for the health benefits and for summer dishes. As the global avocado leader, we're here to contribute to all post-pandemic avocado activities.

酪梨已成為家庭主食，我們委託進行了一些消費者調查工作來展示這些趨勢的力量。今年夏天，疫情結束後，消費者正在尋求常態，其中包括社交聚會和活動，這對包括我們在內的所有企業都有好處。雖然由於我們客戶群的定位和質量，我們的餐飲服務管道可能比其他管道更有彈性，但我們渴望看到這個管道重新出現。根據消費者研究，81%的受訪者表示他們計劃重返與家人和朋友的聚會，68%的人計劃外出用餐，56%的人甚至計劃再次旅行。消費者活動肯定會影響消費習慣，我們的情報告訴我們，今年夏天，58% 的美國人計劃購買和食用更多酪梨。酪梨消費通常在夏季達到高峰，超過一半的美國家庭在六月至八月期間購買水果。目前，消費者購買更多的酪梨是為了健康和夏季菜餚。作為全球酪梨領導者，我們致力於為所有大流行後酪梨活動做出貢獻。

Mission has played a critical role in creating greater access to avocados at your neighborhood retailer and favorite restaurant through our consistent, year-round supply and value-added services. This requires foresight and a constant focus on continuously assessing opportunities to optimize our sourcing capabilities with third-party growers as well as investing in our own farms to ensure that we can control the quality and supply that our customers have come to expect.

透過我們一致的全年供應和增值服務，使命在讓您附近的零售商和最喜歡的餐廳更容易獲得酪梨方面發揮了關鍵作用。這需要遠見卓識並持續關注不斷評估機會，以優化我們與第三方種植者的採購能力，並投資我們自己的農場，以確保我們能夠控制客戶期望的品質和供應。

So as we look ahead to our fiscal second half of the year, our industry transitions into the Southern Hemisphere, where our own Peruvian farms become a large component of the volume that is sold. The growing season was very productive, and we're expecting solid yields from our crop. And with prices firming up, we're in a great position to deliver a strong second half operating performance, led by our International Farming segment, which Bryan will speak to in greater detail. With the third quarter-to-date period, retail pricing is steady, along with consumption patterns versus the prior year, which is common going into the summer months.

因此，當我們展望今年下半年的財政時，我們的產業將過渡到南半球，我們自己的秘魯農場成為銷售量的很大一部分。生長季節非常豐產，我們預期作物產量穩定。隨著價格堅挺，我們處於有利地位，可以在我們的國際農業部門的帶領下實現下半年強勁的經營業績，布萊恩將對此進行更詳細的介紹。第三季迄今為止，零售價格以及消費模式與去年同期相比保持穩定，這在夏季是很常見的。

Finally, I wanted to comment on another major corporate milestone, which we are extremely proud of. Our inaugural ESG report titled Finest for the Future that was published in April. Throughout our 38-year history, Mission has remained rooted in honesty, respect and loyalty to its land, resources and people. As the global leader in avocados, we have committed to sustainability initiatives that embody our core values, which I've shared previously, we used the acronym FIRST, F-I-R-S-T, fun, innovative, reliable, successful and trustworthy. The report illustrates our dedication to the finest practices for our people, product and planet. We embody sustainable practices from field to fork, and our advanced farming practices allow us to keep our water usage per avocado well below industry average. Our people are passionate and have an innovative spirit, constantly driving our operations to reduce our environmental footprint and contribute positively to our global community.

最後，我想談談我們感到非常自豪的另一個重要的企業里程碑。我們的首份 ESG 報告名為“Finest for the Future”，於 4 月發布。在我們 38 年的歷史中，使命始終植根於對土地、資源和人民的誠實、尊重和忠誠。作為酪梨的全球領導者，我們致力於體現我們核心價值的可持續發展舉措，我之前曾分享過，我們使用首字母縮略詞 FIRST、F-I-R-S-T，即有趣、創新、可靠、成功和值得信賴。該報告說明了我們致力於為我們的員工、產品和地球提供最佳實踐。我們體現了從田間到餐桌的可持續實踐，先進的農業實踐使我們能夠將每個酪梨的用水量遠低於行業平均水平。我們的員工充滿熱情並具有創新精神，不斷推動我們的運營，減少我們的環境足跡，並為我們的全球社區做出積極貢獻。

With a focus on investing in people, reducing water and waste and minimizing carbon emissions, some selected highlights of the report include the following accomplishments and goals. Mission's global workforce comprises nearly 50% women, almost 20% of whom were promoted in 2020. We announced the implementation of an initiative to utilize a reduced plastic bag in at least 50% of the bags packed and shipped globally by the fiscal year 2025, equating to almost 500,000 half-liter plastic bottles. Our precision and biodiverse farming methods use less irrigation water per avocado compared to the average grower with approximately 40% less water in Peru and California. Solar panels at our Oxnard, California packing facility power almost 3/4 of the facility during peak season with more facilities transitioning to supply renewable energy each year, specifically in Peru and California. And by the end of 2021, Mission aims to apply shelf life extension technology to 22.5 million pounds of avocados to combat food waste and reduce shrink of avocados, the equivalent of powering almost 563 homes according to the U.S. Environmental Protection Agency greenhouse gas calculator.

該報告重點關注對人的投資、減少水和廢物以及最大限度地減少碳排放，其中一些精選的重點包括以下成就和目標。 Mission 的全球員工隊伍中有近50% 為女性，其中近20% 的女性在2020 年獲得晉升。我們宣布實施一項舉措，到2025 財年，全球包裝和運輸的至少50% 的袋子中使用更少的塑膠袋，相當於近 50 萬個半公升塑膠瓶。與秘魯和加州的平均種植者相比，我們的精準和生物多樣性農業方法使用的每個酪梨灌溉用水量減少了約 40%。我們位於加州奧克斯納德的包裝工廠的太陽能電池板在旺季期間為該工廠的近 3/4 供電，每年都有更多的工廠轉變為供應可再生能源，特別是在秘魯和加利福尼亞州。 Mission 的目標是到 2021 年底將保質期延長技術應用於 2,250 萬磅酪梨，以減少食物浪費並減少酪梨的萎縮，根據美國環保署溫室氣體計算器，這相當於為近 563 個家庭提供電力。

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

接下來，我會將電話轉給我們的財務長 Bryan Giles，請他對我們最近的財務表現發表評論。

Thank you, Steve, and good afternoon to everyone on the call. I'll start with a brief review of our fiscal second quarter performance ended April 30, 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.

謝謝你，史蒂夫，祝所有參加電話會議的人下午好。我將首先簡要回顧我們截至 2021 年 4 月 30 日的第二財季業績，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，並以有關我們前景的一些想法作為結束語。

As Steve mentioned, we had a great fiscal second quarter 2021, which met our plan and reflects the strong global infrastructure we have in place to service our blue-chip customer base. Total revenue was $234.7 million compared to $221.6 million for the same period last year, representing a 6% increase. The increase in revenue was driven by a 22% increase in avocado volumes sold, partially offset by a 14% decrease in average per unit sales prices, which reflected a broader trend over the past couple quarters that is being driven by strong industry supply from Mexico. 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. 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.

正如 Steve 所提到的，我們 2021 年第二季的財報非常出色，既滿足了我們的計劃，也體現了我們為服務藍籌客戶群而建立的強大的全球基礎設施。總營收為 2.347 億美元，較去年同期的 2.216 億美元成長 6%。收入的成長是由酪梨銷售成長 22% 推動的，但部分被平均單位銷售價格下降 14% 所抵消，這反映了過去幾個季度由墨西哥強勁的行業供應推動的更廣泛趨勢。我稍後會談到價格與數量的動態，但我想重申，我們的業務已成功實現銷售目標，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。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。

That said, our leadership position as a global, value-added marketer and distributor of fresh avocados tends to insulate our gross profits as these sought-after value-added services, such as ripening, bagging and distribution, are largely unaffected by price changes. As such, our second quarter 2021 gross profit increased 26% compared to the same period last year, driving a gross profit margin improvement of 180 basis points to 11.5% of revenue. The increase in gross profit was closely correlated to increases in avocado volumes sold during the quarter as margins per unit were relatively stable. The improvement in gross profit percentage was driven by lower per unit sales prices during the period. In lower-priced environments such as this, where price is inversely related to higher market volume, we are usually able to expand our gross profit percentage as our margin is being measured against a lower revenue base.

也就是說，我們作為新鮮酪梨的全球增值行銷商和分銷商的領導地位往往會影響我們的毛利，因為這些廣受歡迎的增值服務（例如催熟、裝袋和分銷）基本上不受價格變動的影響。因此，我們 2021 年第二季的毛利較去年同期成長 26%，帶動毛利率提高 180 個基點，佔營收的 11.5%。毛利的成長與本季酪梨銷售的成長密切相關，因為單位利潤率相對穩定。毛利率的改善是由於期內單位銷售價格下降所致。在這樣的低價環境中，價格與較高的市場容量成反比，我們通常能夠擴大毛利率，因為我們的利潤率是根據較低的收入基礎來衡量的。

SG&A for the second quarter increased $5.2 million to $16.3 million due to higher professional fees, higher employee-related costs and higher liability insurance premiums now acquired as a public company. We also experienced an increase in rent expense in conjunction with our move to our new corporate headquarters in February 2021. Further, the year-over-year change was also compounded by the recording of a legal settlement contingency of $0.8 million in this year's second quarter.

由於更高的專業費用、更高的員工相關成本以及現在作為上市公司收購的責任保險費更高，第二季度的SG&A 增加了520 萬美元，達到1630 萬美元。隨著我們於 2021 年 2 月搬遷到新的公司總部，我們的租金費用也有所增加。此外，今年第二季度記錄的 80 萬美元的法律和解意外費用也加劇了同比變化。 。

Net income for the second quarter of 2021 was $7.4 million or $0.10 per diluted share. This compares with a net loss of $14.8 million or $0.23 per diluted share for the same period last year. Notably, we experienced a significant nonoperational variance that affected net income in the second quarter of the prior year, which was associated with the $21.2 million noncash impairment charge on our unconsolidated investment in Moruga, our blueberry farming operation in Peru. Adjusted net income was $8.7 million or $0.12 per diluted share for the second quarter of 2021 compared to adjusted net income of $6.2 million or $0.10 per diluted share for the same period last year. Adjusted EBITDA increased $1.9 million or 13% to $16.3 million for the second quarter of fiscal 2021 compared to $14.4 million for the same period last year.

2021 年第二季淨利為 740 萬美元，即稀釋後每股收益 0.10 美元。相比之下，去年同期的淨虧損為 1,480 萬美元，即稀釋後每股虧損 0.23 美元。值得注意的是，我們經歷了重大的非營運差異，影響了上一年第二季度的淨利潤，這與我們對莫魯加（我們在秘魯的藍莓種植業務）的未合併投資的2,120 萬美元非現金減損費用有關。 2021 年第二季調整後淨利為 870 萬美元，即稀釋後每股收益 0.12 美元，而去年同期調整後淨利為 620 萬美元，即稀釋後每股收益 0.10 美元。 2021 財年第二季調整後 EBITDA 成長 190 萬美元，或 13%，達到 1,630 萬美元，去年同期為 1,440 萬美元。

In terms of our segment drivers, our Marketing and Distribution segment net sales increased 6% to $232.4 million for the quarter. The drivers for the Marketing and Distribution segment are similar to those that I've described for the consolidated results, with volume growth being partially offset by lower-average pricing. This is due to the fact that virtually all of our third-party revenue is generated within this segment. Segment adjusted EBITDA decreased 8% to $16.2 million due to the higher corporate expenses associated with being a public company, which weren't completely offset by the higher volumes and stable per unit gross margins.

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 6%，達到 2.324 億美元。行銷和分銷部門的驅動因素與我在綜合業績中描述的驅動因素類似，銷售成長被較低的平均價格部分抵消。這是因為我們幾乎所有的第三方收入都是在這個細分市場中產生的。部門調整後 EBITDA 下降 8% 至 1,620 萬美元，原因是作為上市公司相關的公司費用較高，但銷量增加和單位毛利率穩定並沒有完全抵消這一費用。

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 our Marketing and Distribution segment, this is a highly strategic initiative for Mission. 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 are able to sell to customers through our Marketing and Distribution segment operations. 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.

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。雖然與我們的行銷和分銷部門相比，我們在這一部門更容易受到價格的影響，但這對 Mission 來說是一項高度策略性的舉措。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。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。

Similar to fiscal first quarter, we realized nominal affiliated sales in the second quarter since the avocado harvest season for Peruvian farms typically runs from April through August of each year. Adjusted EBITDA for International Farming is generally concentrated in the third and fourth quarters of our fiscal year in alignment with the harvest season for avocados in Peru.

與第一財季類似，我們在第二季實現了名義關聯銷售額，因為秘魯農場的酪梨收穫季節通常從每年的四月到八月。國際農業的調整後 EBITDA 通常集中在我們財政年度的第三和第四季度，與秘魯酪梨的收穫季節一致。

For the second quarter, International Farming segment sales increased 79% to $4.3 million, and net sales after intercompany eliminations increased 10% to $2.3 million for the quarter. While nominal in absolute terms, the increase in segment sales was due to earlier timing of the avocado harvest season relative to last year. Net sales increased primarily due to higher packing and cold storage service revenue compared to the same period last year. Segment adjusted EBITDA improved by $3.3 million to $0.1 million primarily due to the revenue drivers noted above, which enables us to better leverage fixed cost overhead in Peru during the avocado harvest off-season.

第二季度，國際農業部門銷售額成長 79%，達到 430 萬美元，公司間抵銷後的淨銷售額成長 10%，達到 230 萬美元。雖然從絕對值來看是名義上的，但該部門銷售額的增長是由於酪梨收穫季節的時間比去年提前。淨銷售額的成長主要是由於包裝和冷藏服務收入與去年同期相比有所增加。部門調整後的 EBITDA 提高了 330 萬美元，達到 10 萬美元，主要是由於上述收入驅動因素，這使我們能夠更好地利用秘魯酪梨收穫淡季期間的固定成本管理費用。

Shifting to our financial position. Cash and cash equivalents were $54.2 million as of April 30, 2021, compared to $124 million as of October 31, 2020. Mission's financial model has historically generated strong operating cash flow, which has provided us great flexibility to support our long-term growth objectives with the required infrastructure and sourcing capabilities. Despite significant investments in the business over the past decade as we've built out our global footprint, our net leverage ratio is very healthy. Our operating cash flows are seasonal in nature and can be temporarily influenced by working capital shifts resulting from payment timing for Mexican-sourced volume, which have shorter terms than other sourced markets.

轉向我們的財務狀況。截至2021 年4 月30 日，現金及現金等價物為5 420 萬美元，而截至2020 年10 月31 日為1.24 億美元。穩定團的財務模式歷來產生強勁的營運現金流，為我們支持長期成長目標提供了極大的靈活性具有所需的基礎設施和採購能力。儘管過去十年我們在全球業務上進行了大量投資，但我們的淨槓桿率仍然非常健康。我們的經營現金流本質上是季節性的，可能會暫時受到墨西哥採購量付款時間造成的營運資金變化的影響，墨西哥採購量的期限比其他採購市場更短。

Additionally, we are building our growing crops inventory in the first half of the fiscal year to be sold in the second half of the year. These variables can cause quarterly shifts in operating cash flows, but it is not indicative of positive operating cash flow performance that we expect to realize for the full year.

此外，我們正在本財年上半年建立種植作物庫存，以便在下半年出售。這些變數可能會導致經營現金流量發生季度變化，但這並不表示我們預計全年將實現積極的經營現金流量表現。

Net cash used in operating activities was $20.2 million for the first half of fiscal 2021 compared to $4.7 million in the same period last year. The $15.5 million increase was primarily driven by an unfavorable change in net working capital, which is not inconsistent with our seasonal expectations. Capital expenditures were $46.8 million for the first half of fiscal 2021 compared to $19.7 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.

2021 財年上半年經營活動使用的現金淨額為 2,020 萬美元，去年同期為 470 萬美元。 1550 萬美元的成長主要是由淨營運資本的不利變化所推動的，這與我們的季節性預期並不矛盾。 2021 財年上半年的資本支出為 4,680 萬美元，而去年同期為 1,970 萬美元。 2021 財政年度的資本支出主要用於土地改良、秘魯和危地馬拉農場的果園開發以及完成德克薩斯州拉雷多新配送設施的建設。

In terms of our outlook, as we transition to our own production in Peru in the fiscal second half of the year, we are providing full fiscal year modeling assumptions for sales, volume and adjusted EBITDA as follows, given our greater visibility to both volume and cost. Full year fiscal 2021 net sales are expected in the range of $900 million to $920 million, which assume total annual volume in the range of 670 million pounds to 680 million pounds, which includes expected avocado production from our owned farms in the range of 95 million pounds to 105 million pounds. Full year fiscal 2021 adjusted EBITDA is expected in the range of $100 million to $105 million but may be influenced by future pricing dynamics, which have a disproportionate impact on our own production.

就我們的前景而言，隨著我們在本財年下半年過渡到在秘魯進行自己的生產，鑑於我們對銷量和調整後EBITDA 的了解程度更高，我們將提供完整財年的銷售額、銷量和調整後EBITDA 的建模假設。成本。 2021 財年全年淨銷售額預計在 9 億至 9.2 億美元之間，假設年總銷量在 6.7 億磅至 6.8 億磅之間，其中我們自有農場的酪梨產量預計在 9500 萬磅左右英鎊增至1.05億英鎊。 2021 財年全年調整後 EBITDA 預計在 1 億至 1.05 億美元之間，但可能會受到未來定價動態的影響，這對我們自己的生產產生不成比例的影響。

On a third quarter-to-date basis through the month of May, we are currently seeing volumes increase approximately 10% versus the same period in the prior year. From a pricing perspective, again, through the month of May, we are realizing average avocado prices that are flat with prior year, whereas measured on a sequential basis are approximately 10% higher than the average we experienced in the second quarter 2021.

截至 5 月為止的第三季至今，我們目前看到銷量比去年同期成長了約 10%。同樣，從定價角度來看，整個 5 月份，我們實現的酪梨平均價格與去年持平，而以環比衡量，則比 2021 年第二季度的平均價格高出約 10%。

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 comes from Bryan Spillane with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

A couple of questions on my end. I guess the first one, just in terms of the outlook on pricing in the back half of the year, I think it's forecasted to be a bit higher in the second half than the first half. Is it -- is the assumption that it kind of reflects where pricing is currently, so you're not expecting pricing to move -- or not assuming that prices move up more from where they are? Or are you expecting kind of relative to the comment you just said kind of where pricing has been in May and June, are you expecting it to move higher from here?

我最後有幾個問題。我猜第一個，就下半年的定價前景而言，我認為預計下半年會比上半年高一點。是假設它反映了當前的定價情況，所以你不期望定價會變化，還是假設價格比現在的價格上漲更多？或者您預計相對於您剛才所說的五月和六月的定價情況，您是否預計價格會從這裡走高？

Bryan, this is Bryan. The assumptions that we made in our model as we look into Q3 and Q4 is that pricing will continue at a similar run rate to what we saw in Q2.

布萊恩，這是布萊恩。在研究第三季和第四季時，我們在模型中做出的假設是定價將繼續以與第二季類似的運行速度進行。

Okay. All right. So there's not an expectation that it would move higher from here, basically?

好的。好的。所以基本上不會期望它會從這裡走高？

Nothing -- we have not built into our models that there will be significant changes in prices from where [we end] during the last quarter.

沒有什麼——我們沒有在我們的模型中考慮到上個季度的價格將發生重大變化。

Okay. Okay. And then second question is just around the margin per box, like just if you could give us some color on how you're thinking about the margin per box outlook and relative to just has anything changed in terms of inflation, right? Whether it's freight or any of the other sort of pieces that have been affecting a lot of other companies. Is there anything we should be thinking about there as we're thinking about margin per box through the back half of the year relative to just how inflation has moved, whether it's labor inflation or freight or other?

好的。好的。然後第二個問題是關於每箱的利潤，就像你能否給我們一些關於你如何看待每箱的利潤前景以及相對於通貨膨脹方面的變化的看法，對吧？無論是貨運或任何其他類型的產品都已經影響了許多其他公司。當我們考慮今年下半年的每箱利潤相對於通貨膨脹的變化（無論是勞動力通膨還是貨運通膨或其他通膨）時，有什麼是我們應該考慮的嗎？

Sure. I'll talk about that a little bit. I mean, certainly, the dynamics of our 2 segments are a little bit different. In Marketing and Distribution, where it's more of a buy/sell on the volume, we're certainly aware of the cost inputs that feed into it. Fruit is obviously the largest part of our cost of goods sold, and there's a lot of factors that influence the pricing of fruit that are independent of inflation per se. But if you look beyond that, we start to get into our transportation, our packaging costs, our labor costs. And yes, we've seen some pressure to the upside on those. I think thus far, we've done a pretty effective job of being able to pass those costs along to our customer base. We're not seeing an erosion of our margin per box at this point, and we're not expecting to see an erosion of that going forward. And Mike may have some additional comments on that as well as he's more on the front line with dealing with some of these things.

當然。我會稍微談談這一點。我的意思是，當然，我們兩個細分市場的動態有些不同。在行銷和分銷領域，更多的是根據數量進行買賣，我們當然知道其中的成本投入。水果顯然是我們銷售商品成本的最大部分，並且有許多因素影響水果的定價，而這些因素與通貨膨脹本身無關。但如果你看得更遠，我們就會開始考慮我們的運輸、包裝成本和勞動成本。是的，我們已經看到了這些方面的一些上行壓力。我認為到目前為止，我們已經做了相當有效的工作，能夠將這些成本轉嫁給我們的客戶群。目前，我們並沒有看到每箱利潤的侵蝕，而且我們預計未來不會出現這種情況的侵蝕。麥克可能對此有一些額外的評論，並且他更多地處於處理其中一些事情的第一線。

I will say on the Farming segment, though, the -- we are projecting significant volume increases from our own production this year. That is having a favorable impact on margins as it becomes a larger part of our overall business and the overall amount of fruit that we market. So I'd say that, that's a positive. I will say that we are seeing some inflationary costs increase, though, down in our farming operations as well. As we look in Peru, we've seen labor cost increases. We've also, though, seen some cost increases associated with farming practices that are helping us to drive these yield improvements.

不過，我要說的是，在農業領域，我們預計今年我們自己的產量將大幅增加。這對利潤率產生了有利的影響，因為它成為我們整體業務和我們銷售的水果總量的重要組成部分。所以我想說，這是正面的。我想說的是，我們看到一些通膨成本增加，但我們的農業經營也有所下降。在秘魯，我們看到勞動成本增加。不過，我們也看到了與農業實踐相關的一些成本增加，這有助於我們推動產量的提高。

So just to add to that a little bit, Bryan, the -- we have very good visibility on our production and what our needs are in terms of packaging materials, and there's all kinds of inflationary things right now. [Pallets], for instance, are becoming more of a challenge out there and boxes. And so we're always looking out 3, 4 months in having our supply set and pricing set. So as Bryan Giles indicates, we're able to pass that on through the selling price, and -- but we are watching it every day. We're watching our freight costs every day. We've locked in some good rates on our ocean carriers to move our crop from Peru up to the United States over to Europe and Asia. So we're feeling very comfortable with where we are on a great part of our transportation set right now.

布萊恩，補充一點，我們對我們的生產以及我們對包裝材料的需求有很好的了解，而且現在有各種各樣的通貨膨脹。例如，[托盤]和盒子正變得越來越具有挑戰性。因此，我們總是花 3、4 個月的時間來確定我們的供應和定價。因此，正如布萊恩·吉爾斯（Bryan Giles）所指出的那樣，我們能夠通過售價來傳遞這一點，而且——但我們每天都在關注它。我們每天都在關注我們的運費。我們已經鎖定了我們的海運承運人的優惠價格，將我們的農作物從秘魯運往美國，再運往歐洲和亞洲。因此，我們對目前在交通設施中的大部分位置感到非常滿意。

And then just last one, maybe for Steve. Just -- we've been watching the headlines in the Peruvian elections and not asking for you to handicap which way it goes. Is there anything that we should be either thinking about or anything that we should be watching for, which -- how it might affect either the harvest this year or your operations in Peru?

然後是最後一個，也許是給史蒂夫的。只是——我們一直在關注秘魯選舉的頭條新聞，而不是要求你阻礙它的發展。有什麼我們應該考慮或應該關注的事情，它可能會如何影響今年的收成或您在秘魯的業務？

Well, we've been pretty prepared for some shutdown, so to speak, but we haven't seen anything yet. We've shipped ahead, at least on the short term, we've got way ahead of it last week just in preparation. But has been very quiet. We're back to work there. We took the weekend off, so to speak, to wait it out. But we've been through this before. They had a President a couple of terms ago that was just as radical, I'll say, on the left. And it takes 2/3 of Congress to get anything done down there. So nothing is really imminent on happening where it's going to turn negative on us. So I think it's just more of the same chaos, and we keep doing our job and keep our head down and stay focused on what we do.

嗯，可以這麼說，我們已經為一些關閉做好了充分的準備，但我們還沒有看到任何東西。我們已經提前發貨了，至少在短期內，我們上週就已經提前做好了準備。但一直很安靜。我們回到那裡工作。可以這麼說，我們週末休假，等待它結束。但我們以前經歷過這種情況。他們幾個任期前有一位總統，我想說，他同樣激進，屬於左派。需要 2/3 的國會議員才能完成那裡的任何事情。因此，不會立即發生任何會對我們產生負面影響的事情。所以我認為這只是更多同樣的混亂，我們繼續做我們的工作，低著頭，專注於我們所做的事情。

(Operator Instructions) Our next question comes from Tom Palmer with JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的湯姆·帕爾默（Tom Palmer）。

Just to kick off, I want to clarify on the pricing outlook. So I think you're assuming pricing runs at a similar run rate for the remainder of the year as we saw in the second quarter. But if I heard you right, May pricing was up 10% relative to the second quarter. So it would seem that pricing embedded in your outlook is that pricing deteriorates from here. So is this just conservatism? Is there some other reason you think May's pricing might not hold? I know it can be difficult to forecast pricing, I just figure you guys have much better visibility than we do.

首先，我想澄清一下定價前景。因此，我認為您假設今年剩餘時間的定價運行速度與我們在第二季度看到的速度類似。但如果我沒聽錯的話，5 月的定價相對於第二季上漲了 10%。因此，您的前景中包含的定價似乎是定價從這裡開始惡化。那麼這只是保守主義嗎？您認為五月的定價可能不成立還有其他原因嗎？我知道預測價格可能很困難，我只是認為你們比我們有更好的可見度。

I mean, I would say, May, it's 1 month out of 6 months that are remaining in our year. You know the volatility that we've seen in pricing in the first quarter of this year. From January, when we were seeing pricing that was around $1 a box, we saw it increase to north of $1.60 -- or not a box, $1 a pound to north of $1.60 a pound in the month of April. So there's certainly movements that take place. I think that overall, we're using our best judgment to estimate where we think the averages are going to pan out, but it's not going to be a steady state through the whole time frame. You're going to have ups and downs within it.

我的意思是，我會說，5 月，我們這一年還剩下 6 個月的 1 個月。您知道我們在今年第一季看到的定價波動。從 1 月開始，當我們看到每盒 1 美元左右的價格時，我們看到它在 4 月上漲到了 1.60 美元以上——或者不是一盒，每磅 1 美元到了 1.60 美元以上。所以肯定會發生一些運動。我認為總的來說，我們正在使用我們的最佳判斷來估計我們認為平均值將達到的水平，但它不會在整個時間範圍內保持穩定狀態。你會在其中經歷起起落落。

I mean we came from a very low point for the first 6 months of this year. So it's a little misleading. Yes, the prices are higher, but they were too low to start with. And keep in mind, a lot of our Peruvian business is contracted. So it's not really affected by it.

我的意思是，今年前 6 個月我們處於一個非常低的時期。所以這有點誤導。是的，價格較高，但一開始就太低了。請記住，我們在秘魯的許多業務都是承包的。所以它並沒有真正受到它的影響。

I think there's another big point to reference is that versus a year ago, Peru is actually a little bit further ahead in terms of the percentage of the crop harvested -- the northern regions harvested quite a bit earlier. As you know, California crop is down. So I think congestion in the market is probably not so likely, but there are indications that we're going to have pretty stable pricing comparable to Q2.

我認為還有一個重要的參考點是，與一年前相比，秘魯在農作物收穫百分比方面實際上領先了一點——北部地區的收穫要早一些。如您所知，加州農作物減產。因此，我認為市場擁堵的可能性不太可能，但有跡象表明，與第二季度相比，我們的定價將相當穩定。

Okay. And then just a modeling question. You gave really helpful detail on the total volume expectation out of Peru. But I guess, just any color on how you look at the volumes shaking out between the third quarter and the fourth quarter because it really can swing EBITDA quite a bit from quarter-to-quarter.

好的。然後只是一個建模問題。您提供了有關秘魯總產量預期的非常有用的詳細資訊。但我想，無論你如何看待第三季和第四季之間的銷售變化，任何顏色都可以，因為它確實可以使 EBITDA 在每季之間產生相當大的波動。

And I think, Tom, part of the reason why we gave full year expectations as opposed to quarter-by-quarter is because it is very difficult to pin down the timing of the harvest. Knowing that the margin that we make on our farmed product, it can have a significant impact based upon the timing of when that comes off. We've seen -- in the past, we've seen the harvest sell-through in the third quarter range anywhere from 40% on the low end to slightly over 50% on the high end. And it's just difficult for us to try to pinpoint where that's going to fall, but those could be the -- those are the types of ranges we've seen historically.

湯姆，我認為，我們給出全年預期而不是逐季度預期的部分原因是很難確定收穫時間。知道我們在養殖產品上獲得的利潤，根據其產生的時間，它可能會產生重大影響。過去，我們看到第三季的收穫銷售率從低端的 40% 到高端略高於 50% 不等。我們很難確定價格將下降到哪裡，但這些可能是我們歷史上見過的範圍類型。

Our next question comes from Gerry Sweeney with ROTH Capital.

我們的下一個問題來自羅斯資本的格里·斯威​​尼。

I hate to ask another question on pricing, but I'm going to do it, and it's not so much where pricing is going. This is more, I guess, partly out of curiosity, but maybe can you describe some of the impacts that could drive pricing in the second half versus the first half? Obviously, you talked about a large Mexican crop. I know through some channel checks, I believe, some of that pricing was influenced by maybe timing of harvest or speeding up of harvest, et cetera. But just curious how certain items could impact the second half and what we should look out for or -- et cetera, if that makes sense there.

我不想再問有關定價的問題，但我還是會問，而且定價的走向並不重要。我想，部分是出於好奇，但也許您能描述一下下半年與上半年相比可能推動定價的一些影響嗎？顯然，你談到了墨西哥的大豐收。我相信，透過一些管道檢查，我知道其中一些定價可能受到收穫時間或收穫速度加快等因素的影響。但只是好奇某些項目會如何影響下半年以及我們應該注意什麼，等等，如果這有意義的話。

I'll start. I think the biggest unknown is what's left in Mexico. They've got a fair amount of what we call the old crop. The question is, how long will it last? And when will the new crop Flor Loca start. It's hard to get good information out of there. But right now, they've got plenty of fruit, but it is very high in oil, and they're running out of time really on getting it harvested. And the question is, is the next version or the next set going to be ready to go in time. So there could be a gap in there for a while.

我開始吧。我認為最大的未知數是墨西哥還剩下什麼。他們有相當數量的我們所說的舊作物。問題是，這種情況會持續多久？新作物 Flor Loca 何時開始種植。很難從那裡獲得好的資訊。但現在，他們有很多水果，但油含量很高，他們收割的時間已經不多了。問題是，下一個版本或下一組是否會及時準備好。所以可能會存在一段時間的空白。

Gerry, the summer crop is -- it's going to be -- at least industry estimates indicate it's going to be a little bit smaller than last year, what they call the Loca crop and the Mendez crop. I think that's going to be influenced a little bit by late rains, and what we're hearing out of the region now is that it's raining quite nicely in the evenings. So who knows, weather can always impact the effect on the fall. But at this point in time, there's nothing indicating that there's extraordinary volume ahead once Mexico finishes their old crop. And on the old crop, believe it or not, the national prices in Mexico is keeping some #1 and a lot of #2 fruit in Mexico right now for processing in the national market. So it's a constant balance that we look at. But usually, it's weather and volume that can affect -- the weekly volumes can affect pricing, and we don't see right now anything extraordinary happening on that front.

格里，夏季作物是——將會是——至少行業估計表明，它會比去年少一點，他們稱之為洛卡作物和門德斯作物。我認為這會受到晚雨的影響，我們現在從該地區聽到的消息是，晚上的雨量很大。所以誰知道呢，天氣總是會影響秋天的效果。但目前來看，沒有任何跡象顯示墨西哥收穫舊作物後產量會非常大。至於舊作物，無論你相信與否，墨西哥的國內價格目前正在將一些排名第一和大量排名第二的水果留在墨西哥，以便在國內市場上進行加工。所以我們關注的是一種持續的平衡。但通常情況下，天氣和交易量會影響價格——每週的交易量會影響定價，而我們現在沒有看到這方面發生任何異常情況。

Got it. Okay. That's super helpful. And then just to switch gears a little bit. A lot of this conversation has been about some of the shorter term. But obviously, Europe, Asia, big opportunities there longer term. What's the -- what could be the timing? Or is there anything that could speed up some growth in those areas? Or is this just more partly a process of expanding production in Peru and, I think, Guatemala and then just shifting some of that into those markets over time?

知道了。好的。這非常有幫助。然後稍微切換一下。這次談話的很多內容都是關於一些短期的。但顯然，從長遠來看，歐洲、亞洲存在巨大機會。什麼是──時間可能是什麼？或者有什麼可以加速這些領域的成長嗎？或者，這在很大程度上只是擴大秘魯和危地馬拉生產的過程，然後隨著時間的推移將其中一些轉移到這些市場？

Well, there's opportunity in both Asia and Europe and it's just making sure the timing is right and the move is right. But when you look at the per capita consumption, there's a long runway in both areas.

嗯，亞洲和歐洲都有機會，只是確保時機正確、行動正確。但如果你看看人均消費，你會發現這兩個領域都有很長的路要走。

Huge, yes, yes. Okay.

巨大，是的，是的。好的。

I think certainly, whether it's through our own investments or through working with third-parties, developing that source globally to supply these markets is an area that we focused a lot of time and attention on, and we continue to do so and it's growing at a comfortable rate each year. And then that's what we use to support our customers as we move into these export markets. So I think definitely, as Steve has said, a lot of consumption rates still much lower in these countries than what we're seeing in the U.S. So we see real opportunity for growth over time, and we see those markets probably growing at a faster rate than the U.S. market in the near term.

我當然認為，無論是透過我們自己的投資還是透過與第三方合作，在全球範圍內開發資源來供應這些市場是我們投入大量時間和注意力的一個領域，我們將繼續這樣做，並且它正在以每年都有舒適的價格。當我們進入這些出口市場時，這就是我們用來支援客戶的方法。因此，我認為，正如史蒂夫所說，這些國家的許多消費率仍然比我們在美國看到的要低得多。因此，隨著時間的推移，我們看到了真正的成長機會，我們看到這些市場可能會以更快的速度成長短期內的利率高於美國市場。

Starting from a lower point though.

不過從較低的點開始。

Yes.

是的。

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 Mr. Barnard for any closing remarks.

女士們先生們，此時我不會再提出任何問題。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 like to thank everyone for your interest in Mission Produce, and we look forward to speaking to -- speaking to you again soon.

好吧，我要感謝大家對 Mission Produce 的興趣，我們期待很快能再次與您交談。

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

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