Mission Produce Inc (AVO) 2021 Q1 法說會逐字稿

Good morning, and welcome to the Mission Produce Fiscal First Quarter 2021 Conference Call. (Operator Instructions) Today's event is being recorded.

早安，歡迎參加 Mission Produce 2021 財年第一季電話會議。 （操作員指示）今天的事件正在記錄中。

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. Mike Browne, Chief Operating Officer, is also participating on the call today 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。營運長 Mike Browne 也參加了今天的電話會議，並將接受問答。

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 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.

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 '21 first quarter earnings call. We delivered a strong quarter, generating $12.5 million of adjusted EBITDA, which represents a growth of 49% compared to the prior year and met the high end of our expectations. Our solid financial execution comes back to the quality of our operational network.

感謝您參加我們的 21 財年第一季財報電話會議。我們的季度表現強勁，調整後 EBITDA 達到 1,250 萬美元，比上年增長 49%，達到了我們預期的上限。我們穩健的財務執行力取決於我們營運網路的品質。

Despite the pandemic-induced disruptions to the industry that caused shocks to the foodservice and retail channels, Mission was unphased due to our global network and infrastructure. In fact, our ability to stay nimble and manage disruptions with minimal effects prove to be highly beneficial and allow us to demonstrate our value-added services to customers worldwide. The consistency that we bring is critical in fostering customer relationships, creating growth in new and existing business, while increasing our market share during the first quarter. This is all made possible by our long-term commitment to innovation and investing in infrastructure, which has been the hallmark of Mission since we started the company 37 years ago.

儘管疫情對產業造成了乾擾，對餐飲服務和零售通路造成了衝擊，但由於我們的全球網路和基礎設施，使命並未分階段進行。事實上，事實證明，我們保持靈活性和以最小影響管理中斷的能力是非常有益的，並使我們能夠向全球客戶展示我們的增值服務。我們帶來的一致性對於培養客戶關係、創造新業務和現有業務的成長以及增加第一季的市場份額至關重要。這一切都歸功於我們對創新和基礎設施投資的長期承諾，自 37 年前我們創立公司以來，這一直是 Mission 的標誌。

Our latest endeavor is the construction of our Laredo, Texas food distribution center, which is scheduled for completion in the third quarter of fiscal '21. This 262,000 square foot facility is a game-changer for Mission. It will support our distribution of Mexican-sourced food in the North American markets and will include border crossing, cold storage and value-added capabilities such as ripening and custom packaging.

我們最新的努力是建造德州拉雷多食品配送中心，計劃於 21 財年第三季竣工。這座佔地 262,000 平方英尺的設施改變了 Mission 的遊戲規則。它將支援我們在北美市場分銷墨西哥食品，並將包括過境、冷藏和增值功能，例如催熟和客製化包裝。

What makes this so powerful as the enhanced flexibility it provides our entire North American network and take significant pressure off of our other distribution centers during seasonal peaks. We will have the ability to be even more competitive than we are today, provide unmatched service to our customers and meet their precise needs, all while having the flexibility to absorb shocks to the system, whether that be changes in volume, changes in customer needs or other disruptions.

是什麼讓它如此強大，因為它為我們整個北美網路提供了增強的靈活性，並在季節性高峰期間減輕了我們其他配送中心的巨大壓力。我們將有能力比今天更具競爭力，為客戶提供無與倫比的服務並滿足他們的精確需求，同時具有吸收系統衝擊的靈活性，無論是數量的變化還是客戶需求的變化或其他幹擾。

Supporting our global footprint remains critical for our growth strategy. We are leveraging our global supply chain and distribution capabilities to continue developing international markets. We have a network of complementary assets in Mexico, Peru and the Netherlands, providing us access to key growth markets such as Europe, where we've been working with retailers to grow the category through direct access to high-quality ripe product through our source and distribution capabilities.

支持我們的全球足跡對於我們的成長策略仍然至關重要。我們正在利用我們的全球供應鏈和分銷能力繼續開發國際市場。我們在墨西哥、秘魯和荷蘭擁有互補資產網絡，使我們能夠進入歐洲等主要成長市場，我們一直在歐洲與零售商合作，透過我們的來源直接獲得高品質的成熟產品，從而擴大該類別和分銷能力。

And in Asia, we are leveraging more than 35 years' presence in Japan and existing Chinese distribution facilities to service our platform to build our Asian distribution network. Both of these regions present immense long-term growth opportunities for us with consumption rates that are a fraction of what the U.S. has grown into today.

在亞洲，我們利用在日本超過 35 年的經驗以及現有的中國分銷設施為我們的平台提供服務，以建立我們的亞洲分銷網絡。這兩個地區都為我們提供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。

Ultimately, our ability to execute this consistently comes back to our year-round sourcing capabilities, which are extremely unique and a substantial competitive advantage for Mission. Avocados are no longer a seasonal food or a luxury. They are becoming staple in households around the world, and we are bolstering this by providing consistent year-round supply and value-added services to your neighborhood retailer and favorite restaurants.

最終，我們始終如一地執行這項任務的能力取決於我們的全年採購能力，這對 Mission 來說是極其獨特的，也是一個巨大的競爭優勢。酪梨不再是季節性食品或奢侈品。它們正在成為世界各地家庭的主食，我們透過向您附近的零售商和喜愛的餐廳提供全年一致的供應和增值服務來支持這一點。

We aim to replicate this trend globally, but to do so, it requires foresight and 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 control the quality and supply that our customers have come to expect. We welcome the challenge.

我們的目標是在全球複製這一趨勢，但要做到這一點，需要有遠見並持續關注不斷評估機會，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，以確保我們控制品質和供應這是我們的客戶所期望的。我們歡迎挑戰。

A year-round sourcing strategy has expanded to mangoes as well. While our organization is firmly committed to the avocado industry, which will continue to drive our financial results for decades to come, we find ourselves in a unique position with relationships and assets that lend themselves to what we think is a very complementary opportunity to our business and customers.

全年採購策略也擴展到了芒果。雖然我們的組織堅定地致力於酪梨行業，該行業將在未來幾十年繼續推動我們的財務業績，但我們發現自己處於獨特的地位，擁有關係和資產，這些關係和資產為我們認為對我們的業務提供了非常互補的機會和客戶。

For those who know us well, we've been in the mango business since 2015 by owning and operating 300 hectares of mangoes in Peru. The genesis of this was to leverage our labor workforce. The wonderful thing about mangoes is that they have a harvest cycle opposite to that of avocados, so we can employ a workforce year-round, which is a significant operational advantage for us and also for the communities that can thrive and invest behind consistent regional employers, such as Mission.

對於熟悉我們的人來說，我們自 2015 年以來一直從事芒果業務，在秘魯擁有並經營 300 公頃的芒果。其起源是為了利用我們的勞動力。芒果的美妙之處在於，它們的收穫週期與酪梨相反，因此我們可以全年僱用勞動力，這對我們以及能夠在一致的區域雇主支持下蓬勃發展和投資的社區來說都是一個重大的運營優勢，例如使命。

As the trees began to provide higher yields, we saw an opportunity in 2019 to start marketing mangoes under the Mission label in the United States during a small window our farms provided. The demand for our customers -- the demand from our customer base became bigger, requesting a year-round program, so we decided to capitalize and fully expand to the needs.

隨著樹木開始提供更高的產量，我們在 2019 年看到了一個機會，可以利用我們農場提供的一個小窗口，開始在美國以 Mission 標籤行銷芒果。我們客戶的需求—我們的客戶群的需求變得更大，要求全年規劃，所以我們決定充分利用並充分擴展以滿足需求。

Further, we see several similarities in mangoes and avocados, both require ripening technology that we already possess. The buyer customer tends to be the same for both categories and consumption trends are on the rise, particularly in Europe. Our presence in the category will continue to grow at a measured pace based on customer demand and the capacity to support year-round sourcing. While it won't have any immediate impact on our financial profile, it does provide an additional avenue for a long-term profitable growth, where we can leverage our strengths, our existing distribution, ripening and transportation network and our exceptional team. It also strengthens our relationship with retailers as we become a larger percent of their supply base.

此外，我們發現芒果和酪梨有一些相似之處，兩者都需要我們已經擁有的催熟技術。這兩個類別的買家客戶往往相同，而且消費趨勢呈上升趨勢，尤其是在歐洲。我們在該類別中的業務將根據客戶需求和支援全年採購的能力繼續以適度的速度成長。雖然它不會對我們的財務狀況產生任何直接影響，但它確實為長期盈利增長提供了額外的途徑，我們可以利用我們的優勢、現有的分銷、成熟和運輸網絡以及我們出色的團隊。隨著我們在零售商供應基地中所佔的比例越來越大，它也加強了我們與零售商的關係。

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

接下來，我會將電話轉接給我們的財務長 Bryan Giles，請他對我們最近的財務表現發表一些評論。

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

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 1 月 31 日的第一財季業績，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 first 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 $173.2 million compared to $197.5 million for the same period last year, representing a 12% decrease, which was consistent with our expectations. The decrease in revenue was driven by an 18% decrease in average per-unit sales prices, partially offset by a 7% increase in volume, which reflected a broader trend over the past couple of quarters, that is being driven by strong industry supply from Mexico.

正如 Steve 所提到的，我們 2021 年第一季的財務狀況非常出色，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 1.732 億美元，較去年同期的 1.975 億美元下降 12%，與我們的預期一致。收入下降是由於平均每單位銷售價格下降 18%，部分被銷量增長 7% 所抵消，這反映了過去幾個季度的更廣泛趨勢，即強勁的行業供應推動了這一趨勢。墨西哥。

I'll touch on the price/volume dynamics in a moment but would like to reiterate that our business is managed the 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, this is not something Mission can't control or forecast with any degree of certainty.

我稍後會談到價格/銷售動態，但我想重申，我們的業務是按銷售目標管理的，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，但這並不是 Mission 無法控製或準確預測的事情。

That said, our leadership position as a global value-added marketer and distributor of fresh avocados insulates our gross profits as these sought-after value-added services, such as ripening, storage and distribution are largely unaffected by price changes. As such, our first quarter 2021 gross profit increased 17% compared to prior year despite a 12% decrease in total revenue, driving a gross profit margin improvement of 328 basis points to 13% of revenue. In other words, in lower price environments such as this, where price is inversely related to higher market volume, we are able to maintain growth of our gross profit dollars through our higher volume, and when measured as a margin against a lower revenue base, our gross margin percentage expands accordingly.

也就是說，我們作為全球新鮮酪梨增值行銷商和分銷商的領導地位使我們的毛利免受影響，因為這些廣受歡迎的增值服務（例如催熟、儲存和分銷）基本上不受價格變化的影響。因此，儘管總營收下降 12%，我們 2021 年第一季的毛利仍較上年增長 17%，推動毛利率提高 328 個基點，佔營收的 13%。換句話說，在像這樣的較低價格環境中，價格與較高的市場銷售量成反比，我們能夠透過較高的銷售量來維持毛利的成長，並且當以較低收入基礎的利潤來衡量時，我們的毛利率也隨之擴大。

SG&A for the first quarter decreased $0.2 million to $14.6 million due to lower professional fees, largely offset by higher employee-related costs and liability insurance premiums now required as a public company. Net income for the first quarter of 2021 was $2.2 million or $0.03 per diluted share. This compares with net income of $1.4 million or $0.02 per diluted share for the same period last year.

由於專業費用降低，第一季的銷售、行政管理費用減少了 20 萬美元，至 1,460 萬美元，這在很大程度上被上市公司現在所需的員工相關成本和責任保險費的增加所抵消。 2021 年第一季淨利為 220 萬美元，即稀釋後每股收益 0.03 美元。相比之下，去年同期淨利潤為 140 萬美元，即稀釋後每股收益 0.02 美元。

Notably, we experienced 2 nonoperational variances in the first quarter that affected net income. First was the positive impact from equity earnings and unconsolidated subsidiaries of $2.3 million in the current year period, compared to nominal equity earnings in the prior year period. This reflects our proportionate earnings from our investment in Moruga, which experienced strong yields and pricing returns on their blueberry harvest; and Henry Avocado, which experienced higher per-unit margins. Second variable influencing first quarter net income is a $5.1 million noncash charge to deferred tax expense for the revaluation of the company's deferred tax assets and liabilities due to changes in future corporate income tax rates in Peru.

值得注意的是，我們在第一季經歷了兩次影響淨利潤的非營運差異。首先是本年度股本收益和未合併子公司的正面影響為 230 萬美元，而去年同期名目股本收益為 230 萬美元。這反映了我們從莫魯加投資中獲得的相應收益，莫魯加的藍莓收穫帶來了強勁的產量和定價回報；亨利酪梨的單位利潤率更高。影響第一季淨利潤的第二個變數是因秘魯未來企業所得稅稅率變化而導致公司遞延稅資產和負債重估的 510 萬美元非現金費用。

Adjusted net income was $7.9 million or $0.11 per diluted share for the first quarter of 2021 compared to adjusted net income of $2.5 million or $0.04 per diluted share for the same period last year. Note that the equity method income that I just highlighted is included in these adjusted figures, while the deferred tax expense charge is not. Adjusted EBITDA increased $4.1 million or 49% to $12.5 million for the first quarter of fiscal 2021 compared to $8.4 million for the same period last year.

2021 年第一季調整後淨利為 790 萬美元，即稀釋後每股 0.11 美元，去年同期調整後淨利為 250 萬美元，即稀釋後每股 0.04 美元。請注意，我剛才強調的權益法收入包含在這些調整後的數字中，而遞延稅費用則不包含在內。 2021 財年第一季調整後 EBITDA 增加 410 萬美元，或 49%，達到 1,250 萬美元，去年同期為 840 萬美元。

In terms of our segment drivers, our marketing and distribution segment net sales decreased 13% to $169.6 million for the quarter. The drivers for the marketing and distribution segment are similar to those that I described for the consolidated results with lower average pricing being partially offset by volume growth. This is due to the fact that virtually all of our third-party revenue is generated within this segment. Segment adjusted EBITDA increased 34% to $13.7 million due to a combination of higher volumes and higher per-unit gross margins, which correlates with lower per-box packaging costs and favorable leveraging of fixed cost overhead.

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下降 13% 至 1.696 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，較低的平均價格被銷售成長部分抵消。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。由於銷售增加和單位毛利率提高，部門調整後的 EBITDA 成長了 34%，達到 1,370 萬美元，這與每箱包裝成本的降低和固定成本管理費用的有利利用相關。

Our international farming segment primarily represents our own farms that we manage in Peru. Naturally, the dynamics of this business are quite different from those in our marketing and distribution segment. Here, we behave as an operator and our ability to scale our operations in an efficient and profitable manner are central to our current and future success.

我們的國際農業部門主要代表我們在秘魯管理的自己的農場。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。在這裡，我們作為運營商行事，以高效和盈利的方式擴展業務的能力對於我們當前和未來的成功至關重要。

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, while longer-term growth will be supported by additional producing acreage that will come online and subsequently mature.

雖然與我們的行銷和分銷部門相比，我們在這一領域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，要建立一個由我們控制自己的供應的存在，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提高，而長期成長將得到上線並隨後成熟的額外生產面積的支持。

Nominal affiliated sales were realized in the first quarter since the avocado harvest season for our 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.

由於我們秘魯農場的酪梨收穫季節通常為每年四月至八月，因此第一季實現了名義附屬銷售。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 first quarter, International Farming segment sales increased 27% to $3.8 million, and net sales after intercompany eliminations increased 20% to $3.6 million for the quarter. Sales increases were primarily driven by higher blueberry packing and cold-storage service revenues compared to the prior year. Segment adjusted EBITDA improved by $0.6 million to a loss of $1.2 million primarily due to the higher service volumes noted above, which enable us to better leverage fixed cost overhead improved during the avocado harvest soft season.

第一季度，國際農業部門銷售額成長 27%，達到 380 萬美元，公司間抵銷後的淨銷售額成長 20%，達到 360 萬美元。銷售成長主要是因為藍莓包裝和冷藏服務收入較前一年增加。部門調整後的 EBITDA 增加了 60 萬美元，達到虧損 120 萬美元，這主要是由於上述服務量的增加，這使我們能夠更好地利用酪梨收穫淡季期間改善的固定成本管理費用。

Shifting to our financial position. Cash and cash equivalents were $91.1 million as of January 31, 2021, compared to $124 million as of October 31, 2020. Total debt was $172 million. 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.

轉向我們的財務狀況。截至 2021 年 1 月 31 日，現金及現金等價物為 9,110 萬美元，而截至 2020 年 10 月 31 日為 1.24 億美元。債務總額為 1.72 億美元。 Mission 的財務模式歷來產生強勁的營運現金流，這為我們提供了極大的靈活性，可以透過所需的基礎設施和採購能力來支持我們的長期成長目標。

Despite significant investments in the business over the past decade as we 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 source markets. Additionally, we are building our growing crops inventory for sale in the second half of the fiscal year that can influence year-over-year changes. 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.

儘管在過去十年中，隨著我們擴大全球業務，我們對該業務進行了大量投資，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來源市場更短。此外，我們正在建立在本財年下半年出售的種植作物庫存，這可能會影響年比變化。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 $9.7 million for the first quarter of fiscal 2021 compared to $12.5 million for the same period last year. The $2.8 million improvement reflected our higher net income and favorable net changes in working capital.

2021 財年第一季經營活動所使用的現金淨額為 970 萬美元，去年同期為 1,250 萬美元。 280 萬美元的成長反映了我們更高的淨利潤和營運資本的有利淨變化。

Capital expenditures were $22.4 million for the first quarter of fiscal 2021 compared to $8.9 million for the same period last year and were concentrated in the construction of our new distribution center in Laredo, Texas, and for land improvements in orchard development in Peru and Guatemala. Our Laredo facility will expand our distribution capacity in North America, while our farming investments will provide avocado supply in future years.

2021 財年第一季的資本支出為 2,240 萬美元，而去年同期為 890 萬美元，主要用於建造德州拉雷多的新配送中心，以及秘魯和瓜地馬拉果園開發的土地改良。我們的拉雷多工廠將擴大我們在北美的分銷能力，而我們的農業投資將在未來幾年提供酪梨供應。

In terms of our outlook, we are providing an update on some of our second quarter-to-date drivers to inform modeling assumptions but are not providing formal guidance due to the fluidity of the market at this point in the year.

就我們的前景而言，我們正在提供第二季度迄今為止的一些驅動因素的最新信息，以告知建模假設，但由於今年此時市場的流動性，我們沒有提供正式的指導。

Consolidated volume for the second quarter-to-date period through the end of February is trending up approximately 14% versus prior year. Importantly, as we look forward to the balance of the quarter, we have considerable variance in the prior year periods due to the disruption from the pandemic.

截至 2 月底，第二季迄今的綜合銷售量比去年同期成長約 14%。重要的是，當我們展望本季的平衡時，由於疫情的干擾，我們與去年同期存在相當大的差異。

If we assume a normalization of the prior year period volumes, which would exclude those anomalies, we believe a quarterly trend in the positive high single-digit range is prudent. However, given the low prior year actual realized volumes, we may experience actual volume growth for the quarter, approaching 20%.

如果我們假設上年同期交易量正常化，從而排除這些異常情況，我們認為季度趨勢處於正高個位數範圍內是謹慎的。然而，鑑於去年實際實現銷量較低，本季的實際銷量成長可能接近 20%。

Sales prices for the second quarter-to-date period through the end of February is trending down approximately 20% versus prior year. To put this in perspective, I'll share our monthly progression for average pricing during the first quarter, which follows for our marketing and distribution segment of avocado sales. For November, we realized an average sales price of $1.06 per pound; for December, it was $1 per pound; and for January, it was $1.06 per pound. This averaged to $1.04 per pound for the first quarter.

截至 2 月底的第二季迄今的銷售價格與去年同期相比下降了約 20%。為了正確地看待這一點，我將分享第一季平均定價的月度進展，隨後是我們酪梨銷售的營銷和分銷部分。 11 月份，我們實現的平均銷售價格為每磅 1.06 美元； 12 月份，每磅售價 1 美元；一月份的價格為每磅 1.06 美元。第一季平均價格為每磅 1.04 美元。

In the second quarter, February pricing was approximately $1.15 per pound, which is built off of the lows we realized in December. As we look to the balance of the quarter, the bias is for this momentum to continue. But of course, the market will dictate pricing based on available volume at any point in time.

第二季度，2 月的價格約為每磅 1.15 美元，這是我們在 12 月實現的低點基礎上建立的。當我們展望本季的平衡時，我們傾向於這種勢頭繼續下去。但當然，市場將根據任何時間點的可用量來決定定價。

In terms of adjusted EBITDA, we would like to share some insights as to how we are thinking about some of the key variables that will influence our performance for the balance of full year fiscal 2021. Naturally, this starts with the harvest, which dictates volume. We expect total annual volume growth to track in the high single-digit range based upon current assessments of industry crop sizes.

就調整後 EBITDA 而言，我們想分享一些關於我們如何思考將影響我們 2021 財年全年業績的一些關鍵變數的見解。當然，這從收成開始，收成決定了產量。根據目前對工業作物規模的評估，我們預計年總產量成長將維持在高個位數範圍內。

As we shift into the second half of our fiscal year, we start seeing the Peruvian crop come online. The good news is that we are seeing evidence that our Peruvian crop is expected to show strong growth versus prior year, driven by yield improvement in our existing orchards.

當我們進入本財年下半年時，我們開始看到秘魯作物開始上市。好消息是，我們看到有證據表明，在現有果園產量提高的推動下，秘魯作物預計將比去年強勁增長。

As Steve indicated in his remarks, the pricing environment is improving, but still remains well below prior year levels. While we see some signs that indicate a gradual improvement may extend through the second half of our fiscal year due to expectations for a smaller late-season Mexican harvest and a smaller California crop, it is too early to make a call on price, so we will stop short of offering a guess and instead provide you with our view of the market dynamics.

正如史蒂夫在演講中指出的那樣，定價環境正在改善，但仍遠低於去年的水平。雖然我們看到一些跡象表明，由於墨西哥晚季收成減少和加州收成減少，我們的財政年度下半年可能會逐步改善，但現在就價格做出決定還為時過早，因此我們我們不會提供猜測，而是為您提供我們對市場動態的看法。

Regardless of what comes to pass in terms of market pricing, I'd like to reemphasize that we have better control of our margins within the marketing and distribution segment, which we expect to translate to more consistency on the adjusted EBITDA line than what we may experience on the revenue line. Again, due to changes in pricing driven by market forces.

無論市場定價如何，我想再次強調，我們可以更好地控制行銷和分銷領域的利潤，我們預計這將轉化為調整後的 EBITDA 線比我們可能實現的更加一致。收入線上的經驗。再次，由於市場力量驅動的定價變化。

We continue to look at this metric through a broader lens with a long-term goal of maximizing per-box margins. That isn't always possible given the dynamics of the marketplace, but it is what we strive for year in and year out.

我們繼續透過更廣泛的視角來看待這個指標，長期目標是最大化每箱利潤。考慮到市場的動態，這並不總是可能的，但這是我們年復一年努力的目標。

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) Your first question comes from the line of Brian Holland with D.A. Davidson.

（操作員說明）您的第一個問題來自 Brian Holland 與 D.A. 的線路。戴維森。

Yes. Congrats on the strong results. So curious what you are seeing in California at this point to give you confidence? I know that the California Avocado Commission recently reduced forecast for the 2021 crop. I don't -- by 8%, something like that. I don't know if that jives with what you're hearing or seeing. So maybe I'll just stop there and just -- the moving parts here that give you the confidence as we kind of roll forward?

是的。祝賀取得強勁的成果。很好奇現在在加州看到的是什麼給了您信心？我知道加州酪梨委員會最近下調了 2021 年產量預測。我不知道——8%之類的。我不知道這是否與你所聽到或看到的相符。所以也許我就停在這裡，只是——當我們向前推進時，這裡的活動部件給了你信心？

Yes, I'll start and Mike can support this. But yes, the crop is a little bit lower than they originally anticipated due to some heavy -- high winds we had 1 month or 2 ago. But like in Mission's case, we've got backup plans in Peru specifically, that has got a much larger crop. And so we're in a pretty good position we feel going forward as far as supply.

是的，我會開始，麥克可以支持這一點。但是，是的，由於一兩個月前的強風，收成比他們最初預期的要少一些。但就像米申的情況一樣，我們在秘魯有專門的後備計劃，那裡的產量要大得多。因此，我們在供應方面處於一個非常有利的位置。

I concur with Steve, the commission came out with adjusted numbers, and you probably recall, we had kind of forecasted about 300 million pounds for California prior to some of these weather events while they were still at 315 million, I think. So now those numbers are down well under 300 million. We have some nice rains out here right now in California, which will help us with sizing of fruit, but there seems to be a natural window developing for California this year for harvest.

我同意史蒂夫的觀點，委員會公佈了調整後的數字，你可能還記得，在這些天氣事件發生之前，我們曾預測加州的損失約為3 億英鎊，但我認為，當時的損失仍為3.15 億英鎊。現在這些數字已大大減少到不到 3 億。加州現在下了一些好雨，這將有助於我們確定水果的大小，但加州今年的收穫似乎有一個自然的窗口期。

Yes. I appreciate the color. And then one other one for me. I'm reading about in Peru, this agrarian promotion law, which was repealed in December. I've read comments from the Director of the Hass avocado producers there, where this is going to limit investment in new -- excuse me, Hass avocado plantations.

是的。我很欣賞它的顏色。然後再給我一張。我正在讀到秘魯的一項農業促進法，該法於 12 月被廢除。我讀過哈斯酪梨生產商總監的評論，這將限制對新的哈斯酪梨種植園的投資——對不起，哈斯酪梨種植園。

So I'm just curious if you could maybe provide a little bit of context around what's happening there. If it's impacted you? And maybe from a competitive standpoint, if this is a negative or maybe even a positive to the extent investments being limited around you, just the dynamics there?

所以我很好奇你是否可以提供一些有關那裡正在發生的事情的背景資訊。如果對你有影響嗎？也許從競爭的角度來看，如果這在你周圍的投資受到限制的情況下是負面的，甚至可能是正面的，那麼只是那裡的動態？

Yes, I think it's both. I'll let Bryan address the tax side of it, but I think it will slow down future investment from people that aren't there yet. We're in the situation that we're well down the road and invested already and are now starting to harvest that food and big volume.

是的，我認為兩者都是。我會讓布萊恩解決稅收方面的問題，但我認為這會減緩那些尚未到達的人的未來投資。我們目前的情況是，我們已經在路上前進並進行了投資，現在開始收穫大量糧食。

But really, that promotion money or that tax program they had was to create investment, which it did. And I think now they're backing off a little bit, and it's creating some social challenges that they weren't able to keep up with the growth. So I think it's probably a time for them to catch their breath. I think it's good for us because it will limit new investors to the game. And in our case, we'll stick to our plan.

但實際上，他們的促銷資金或稅收計劃是為了創造投資，而且確實做到了。我認為現在他們有所退縮，這帶來了一些他們無法跟上成長的社會挑戰。所以我認為現在可能是他們喘口氣的時候了。我認為這對我們有好處，因為它將限制新投資者參與遊戲。就我們而言，我們將堅持我們的計劃。

Yes. I mean, related to the tax rates themselves, they are graduated and build up over time. The big hit that we took of $5.1 million during the first quarter was related to the revaluation of some very long-term deferred tax liabilities that we have. And these are related to the step acquisition that we did of our Peruvian operation back in 2018. And it really relates to revaluation of land and things of that nature that really will never unwind themselves until -- or unless we actually sold the investment or the property.

是的。我的意思是，與稅率本身有關，它們是隨著時間的推移而逐漸增加和累積的。第一季我們遭受的 510 萬美元的重大打擊與我們擁有的一些非常長期的遞延稅負債的重估有關。這些都與我們在 2018 年對秘魯業務進行的逐步收購有關。這確實與土地和此類性質的事物的重估有關，直到——或者除非我們實際出售投資或財產。

So truly is probably 90% -- $4.5 million of that number is really a book transaction related to liability on that acquisition that we did. The other $0.5 million will unwind over a relatively long period of time. But again, it won't have any immediate impact on our results. But again, those tax rates are going to step up over the longer term.

因此，實際上可能有 90%——其中 450 萬美元實際上是與我們所做的收購的責任相關的帳面交易。另外 50 萬美元將在相對較長的時間內兌現。但同樣，它不會對我們的結果產生任何直接影響。但從長遠來看，這些稅率將會再次上升。

Your next question comes from the line of Tom Palmer with JPMorgan.

您的下一個問題來自摩根大通的湯姆·帕爾默 (Tom Palmer)。

I wanted to ask and it was very helpful to get the volume and pricing disclosures for the second quarter. But wondered if you had detail on how profit per pound in the distribution business. It was trending thus far. In the second quarter, maybe how it either compares to last year or relative to what we saw here in the first quarter?

我想問一下，獲得第二季的銷售和價格披露非常有幫助。但想知道您是否詳細了解分銷業務中每磅的利潤。到目前為止，這是趨勢。在第二季度，也許與去年相比或與我們在第一季看到的情況相比如何？

I think it's very early right now. We have preliminary numbers on our first month. And so we have more than half of the quarter that still lies ahead of us. But I think it's very difficult to say where it's going to be at the end of the line. I will say that we kind of saw a bit of a trend throughout the first quarter where the margins did get a little bit tighter towards the back end of the quarter than they were on the earlier part.

我認為現在還很早。我們有第一個月的初步數據。因此，本季還有一半以上的時間尚未完成。但我認為很難說它最終會在哪裡。我想說的是，我們在整個第一季看到了一種趨勢，即本季末的利潤率確實比之前有所收緊。

And I think with some of the volatility we're seeing in the market in Mexico today in terms of price increases, it's really challenging for us to kind of get our price increases up with our customers at the same rate when it moves this quickly. So there are some challenges that lie ahead of us. I don't think that it's anything that's insurmountable, and we'll manage it.

我認為，鑑於我們今天在墨西哥市場上看到的價格上漲方面的一些波動，當價格變化如此之快時，讓我們的客戶以同樣的速度上漲對我們來說確實是一個挑戰。因此，我們面臨一些挑戰。我不認為這是什麼不可克服的事情，我們會解決的。

But again, as we've mentioned in the past, there are short-term windows where we run into some challenges. With per-box margins, we really focus on the long haul. I think that -- I said, I don't think February was a bad month. It wasn't too far out of line with what we ran in the first quarter. But certainly, with March and April ahead of us, what we'd like to see is the Mexico market stabilize. California growers starting to harvest in heavy volumes. And then how that bridge us to when we can get to our Peru volumes in Q3.

但正如我們過去所提到的，在短期窗口期我們會遇到一些挑戰。考慮到每箱利潤，我們真正關注的是長期利益。我認為──我說過，我不認為二月是個糟糕的月份。這與我們第一季的表現並沒有太大出入。但當然，隨著三月和四月的到來，我們希望看到墨西哥市場穩定下來。加州種植者開始大量收穫。然後，這如何幫助我們在第三季達到秘魯的銷售量。

Okay. And then -- I know we covered this last earnings call, but maybe just get an update on it. In terms of the supply picture and as we look for data points, maybe just an update on the progression of when sourcing begins to switch to other regions or Mexico comes off a little bit. Just how we should be thinking about that supply picture maybe stabilizing and not growing quite as much as it has been?

好的。然後——我知道我們報道了最後一次財報電話會議，但也許只是了解最新情況。就供應情況而言，當我們尋找數據點時，也許只是採購開始轉向其他地區或墨西哥的進展有所更新。我們該如何看待供應狀況可能趨於穩定，而不是像以前那樣成長得那麼快？

So Mexico will continue to harvest, albeit at lesser rates as we get into the spring and early summer. California, I think we'll start to see this window as Mexico comes off, and it's too early for Peru. So California will have a very strong spring-time harvest into early June. And then it's pretty much Peru and a little bit of Mexico loca going through June, July, August, maybe even a little bit of early September. And then beyond that, we get right back into the Mexico new crop cycle.

因此，墨西哥將繼續收割，儘管隨著春季和初夏的到來，收割率會下降。加州，我認為隨著墨西哥的到來，我們將開始看到這個窗口，而對秘魯來說還為時過早。因此，到六月初，加州的春季收成將會非常強勁。六月、七月、八月，甚至九月初，幾乎都是秘魯和一小部分墨西哥地區。除此之外，我們又回到墨西哥新作物週期。

But I think there's going to be fruit. We're just right now battling a little bit of the metrics of size and quality and that kind of thing. And also here out in the west, pricing -- and now the field price is going up a little bit. I think the growers here are getting ready to go.

但我想，一定會結出果實的。我們現在正在與規模和品質等指標進行鬥爭。在西方，定價也同樣如此——現在現場價格正在上漲。我認為這裡的種植者已經做好了出發的準備。

And Peru.

還有秘魯。

Well, of course, Peru is going to be a very nice program. But in terms of filling this current situation we have with Mexico, I think California is going to fill that very nicely.

嗯，當然，秘魯將是一個非常好的項目。但就填補我們與墨西哥目前的情況而言，我認為加州將很好地填補這一空白。

Your next question comes from the line of Ben Bienvenu with Stephens.

你的下一個問題來自 Ben Bienvenu 和 Stephens 的對話。

I want to ask as it relates to Laredo and the recent storms, any impact that's had on the ramping of that facility? Any damages that were meaningful operationally? And that's my first question. And I'll just leave it there for right now.

我想問，因為這與拉雷多和最近的風暴有關，對該設施的擴建有什麼影響嗎？有任何對操作有意義的損害嗎？這是我的第一個問題。我現在就把它留在那裡。

Well, thanks for thinking about that. Texas had a rough time there through the whole state. Fortunately, Laredo got through it without any issues whatsoever. We're still on schedule to have our soft open April 22. We've put in place some management there, and we're going to be ready to go.

嗯，謝謝你考慮這個問題。德克薩斯州整個州都經歷了一段艱難的時期。幸運的是，拉雷多順利度過了難關。我們仍按計劃於 4 月 22 日試營運。我們已經在那裡設立了一些管理人員，我們將做好出發的準備。

We did have some issues up in our Dallas facility. And that is going to take a little bit of time to resolve because of freezing pipes and that kind of thing. But one of the great things about our network is it can feed off of itself, and we can move product around, keep customers satisfied and keep everything moving. But Laredo will be up and going, and it will be the lifeboat to help Dallas out until we get Dallas back up and running.

我們在達拉斯的工廠確實遇到了一些問題。由於管道凍結等問題，這需要一點時間才能解決。但我們網路的一大優點是它可以自我發展，我們可以移動產品，讓客戶滿意並保持一切順利進行。但拉雷多將繼續前進，它將成為幫助達拉斯擺脫困境的救生艇，直到我們讓達拉斯恢復正常運作。

Okay. Great. My second question is, I'd be curious to hear what you're seeing as it relates to foodservice demand. I know we're very early in the recovery. It probably fits and starts and varies by geography. But any color that you could offer us would be helpful. And then also along those lines, what foodservice business means for your mix and margin of your -- within your volume as well? And how you expect to see that develop as we move through the year?

好的。偉大的。我的第二個問題是，我很想聽聽您所看到的與餐飲服務需求相關的情況。我知道我們還處於復甦初期。它可能會適應並開始並因地理位置而異。但您可以提供給我們的任何顏色都會有幫助。然後，沿著這些思路，餐飲服務業務對您的組合和利潤意味著什麼——在您的數量範圍內？隨著這一年的推移，您預計這種情況會如何發展？

Well, our foodservice business is mostly -- I mean, I think Chipotle represents about half of our foodservice business, which actually has gone up in volume and consumption because they had the takeout, all set up, computers...

嗯，我們的餐飲服務業務主要是- 我的意思是，我認為Chipotle 代表了我們餐飲服務業務的一半左右，實際上數量和消費量都增加了，因為他們有外賣，所有設置，電腦... …

And in stores, too.

商店裡也是如此。

You can order on the phone and not even get out of your car to pick it up, and their numbers have gone up as our percentage with Chipotle.

你可以透過電話訂購，甚至不用下車去取貨，而且他們的數量已經隨著我們在 Chipotle 的比例而上升。

So we haven't seeing a big drop in our foodservice category, although some of the customers within that foodservice category, especially the PRO*ACT, which are a wholesale foodservice distributor nationwide network. Their business has taken a big hit because it's more white table cloth. But it's even starting to come back a little bit. Their numbers are up, not where they need to be, but they're starting to move in the right direction.

因此，我們並沒有看到我們的餐飲服務類別大幅下降，儘管該餐飲服務類別中的一些客戶，尤其是 PRO*ACT，這是一個全國性的批發食品服務分銷商網絡。他們的生意受到了很大的打擊，因為桌布更多是白色的。但它甚至開始有所恢復。他們的人數有所增加，但沒有達到他們需要的水平，但他們開始朝著正確的方向前進。

And likely, we were not really that exposed in the foodservice category when this hit. We had a lot of export business has actually picked up where the foodservice has dropped off as has retail.

很可能，當這種情況發生時，我們並沒有真正接觸到餐飲服務類別。我們的許多出口業務實際上在餐飲服務和零售業下降的地方有所回升。

Your next question comes from the line of Peter Galbo with Bank of America.

您的下一個問題來自美國銀行的 Peter Galbo。

Bryan, I just wanted to ask on pricing quarter-to-date, the down 20%, I guess, would have encompassed February some of the public data that we can see, whether it's the data reported out of Mexico or the USDA data was quite a bit worse than that. So I just wanted to understand maybe, even though you guys were down, what was driving kind of you outpacing the decline.

Bryan，我只是想問一下季度至今的定價，我猜下降 20% 應該涵蓋了 2 月份我們可以看到的一些公開數據，無論是墨西哥報告的數據還是美國農業部的數據比這更糟。所以我只是想了解，即使你們的業績下滑，是什麼推動你們超越下滑。

And then also just to make sure I have it right, if we think about that minus 20% is maybe a low watermark, pending recovery in March and April. But for the quarter, it should be something better than that if things do pick up here?

然後，為了確保我的理解是正確的，如果我們考慮到負 20% 可能是一個低水位線，有待 3 月和 4 月的恢復。但對於本季來說，如果情況確實好轉的話，情況應該會更好吧？

Sure thing. Yes. Certainly, we -- when we look back, when we look at our performance during the month of February, we were seeing a nice trend up from what we saw in the first quarter. Ideally, that will continue as we move through March and April. So I mean, I think the feeling here is that December kind of was that low point.

當然可以。是的。當然，當我們回顧二月的表現時，我們看到比第一季看到的良好趨勢。理想情況下，這種情況將在三月和四月繼續下去。所以我的意思是，我認為這裡的感覺是 12 月是一個低點。

When we look at it year-over-year, we were experiencing very relatively high pricing during this time last year, kind of leading right into the pandemic-related shutdowns. And then it was really post -- probably post-April as we started to move into May and through the summer, where we saw a gentle decline in prices throughout the balance of the year. So I think we're seeing our customer base is a little bit different than the industry as a whole. We do tend to be a little more retail-focused. We also have a pretty driving export business, roughly 27% of our revenue during the first quarter came from foreign sales outside the U.S.

當我們逐年審視時，我們在去年這個時候經歷了相對較高的定價，這有點導致了與疫情相關的停工。然後它實際上是在四月之後，當我們開始進入五月和整個夏季時，我們看到全年價格都在溫和下降。所以我認為我們的客戶群與整個行業有點不同。我們確實更傾向於零售業。我們還有相當強勁的出口業務，第一季約 27% 的收入來自美國以外的海外銷售。

So we do have other parts of our business that we can lean on to help kind of soften that blow in terms of the lower price on a year-over-year basis, and those are some of the things we're doing. But I think a lot of what we're experiencing, again, it's the industry as a whole. You're going to see some differences on a company-by-company basis. Based upon their customer mix and where they're selling to, but I think the broad trends are consistent.

因此，我們確實可以依靠業務的其他部分來幫助緩解價格同比下降的影響，這些就是我們正在做的一些事情。但我認為我們正在經歷的很多事情都是整個行業的。您會發現各個公司之間存在一些差異。基於他們的客戶組合和銷售目標，但我認為整體趨勢是一致的。

And just to add -- this is Mike. Just to add one little nugget on the end of that, is that on these exports that Bryan refers to, it's not just California or Mexico or Peru, we're exporting Mission avocados from Israel, from South Africa, from Guatemala. We're globally sourcing, so it's helping to fuel that 27% growth.

補充一下——這是麥克。最後補充一點，布萊恩提到的這些出口，不只是加州、墨西哥或秘魯，我們也從以色列、南非、瓜地馬拉出口宣教酪梨。我們在全球範圍內進行採購，因此這有助於推動 27% 的成長。

Columbia, Chile, yes.

哥倫比亞，智利，是的。

Yes. There was no doubt we couldn't support the markets that we do today without the global supply infrastructure that we've put in place.

是的。毫無疑問，如果沒有我們建立的全球供應基礎設施，我們就無法支持今天的市場。

Got it. Okay. No, that's helpful. Just 2 other quick ones. The first, maybe as a follow-up to Ben's question, just on the weather, good to hear no impact on Laredo. Just was there any impact to harvest in Mexico from it being colder?

知道了。好的。不，這很有幫助。只有另外 2 個快速的。第一個，也許是本問題的後續，只是關於天氣，很高興聽到對拉雷多沒有影響。天氣變冷對墨西哥的收成有影響嗎？

And then the second question is just on the tax adjustment in the quarter, it seemed like something was adjusted out, but also maybe that there's now a step-change as a result of -- in the tax rate as a result of Peru. Just wanted to make sure, should we be incorporating a higher tax rate going forward?

第二個問題是關於本季的稅收調整，似乎有些東西被調整了，但也可能是由於秘魯的稅率現在出現了階躍變化。只是想確定一下，我們未來是否應該採用更高的稅率？

So I'll grab the first piece of that. This is Mike. We didn't have any real interference in the harvest, where we had a little bit of interference was just getting trucks across the border and on into Texas for a couple of days there because of roads, and they don't have a lot of snowplows in Texas or sand. But it worked through nicely. And because we manage a nice inventory, we were able to pull fruit through our system and get through it okay. But to your question on harvest, there wasn't much of an impact.

所以我會抓住第一部分。這是麥克。我們對收穫沒有任何真正的干擾，我們有一點幹擾，只是讓卡車越過邊境，進入德克薩斯州，因為道路原因，他們沒有太多的干擾。德克薩斯州的掃雪機或沙子。但效果很好。因為我們管理著良好的庫存，所以我們能夠透過我們的系統提取水果並順利完成任務。但對於你關於收穫的問題，並沒有太大影響。

It's not Buffalo, Mike, for snowplows.

麥克，布法羅不是掃雪機的地方。

That's right. There's no snow.

這是正確的。沒有雪。

And I'll jump in and talk a little bit about the tax rate. What we saw on crew is the same agrarian tax law that was discussed earlier. Historically, we've had a 15% statutory tax rate on our agribusiness-based earnings in Peru. They've -- the repealment of that law and its replacement leads to a graduated tax rate increases over time. We see that increase from 15% to 20% starting in our calendar year 2023.

我會插話談談稅率。我們在船員身上看到的是與之前討論過的相同的土地稅法。從歷史上看，我們對秘魯農業綜合企業的收入實施 15% 的法定稅率。他們已經廢除了該法律並取而代之，導致累進稅率隨著時間的推移而增加。我們預計從 2023 年開始，這一比例將從 15% 增加到 20%。

So it's still a couple of years out before it's going to impact our current tax expenses. But certainly, the revaluation of the deferred with a good chunk of the revalue, the purchase accounting side of it related to land has driven a deferred tax. But the onetime noncash-related deferred tax entry that we had to book.

因此，它還需要幾年的時間才能影響我們目前的稅收支出。但可以肯定的是，遞延稅的重估佔重估的很大一部分，與土地相關的購買會計方面推動了遞延稅。但我們必須預訂一次性的非現金相關的遞延稅項。

So I think over time, we're going to -- we constantly monitor the tax rates in all the jurisdictions where we do business. Peru, the United States -- Peru, Mexico, the United States are the 2 primary areas. And our tax rate will evolve over time as different proportions of our income come from those different locations. But we're regularly watching the rates, certainly, there's Peru, but we're also keeping a watchful eye on any potential changes in U.S. tax rates going forward as well.

因此，我認為隨著時間的推移，我們將持續監控我們開展業務的所有司法管轄區的稅率。秘魯、美國－秘魯、墨西哥、美國是兩個主要地區。我們的稅率會隨著時間的推移而變化，因為我們收入的不同比例來自不同的地點。但我們會定期關注稅率，當然還有秘魯，但我們也密切關注美國稅率未來的任何潛在變化。

Your next question comes from the line of Gerry Sweeney with ROTH Capital.

您的下一個問題來自 Gerry Sweeney 與 ROTH Capital 的對話。

Just wanted to touch on the mangoes quickly since we think avocados are pretty hard here. But my understanding is it's a little bit more of a competitive market. Pricing is a little different as well. Is this more of a strategic move to leverage your assets? Just how do we look at that? And we're keeping in mind that it's not a huge part of the business, but just interested from how...

只是想快速接觸芒果，因為我們認為酪梨在這裡很難吃。但我的理解是，這是一個更具競爭性的市場。定價也略有不同。這是否更像是一項利用資產的策略性舉措？我們如何看待這一點？我們要記住，這並不是業務的重要組成部分，只是對如何......感興趣。

Yes. That is part of it, Gerry. But keep in mind, mangoes are the largest consumer fruit in the world, just not here in the United States. You look at Asia and parts in Europe, it's much higher. And we planted our first mangoes in Peru to help leverage labor there and that they come off-season from the avocados, so we like to keep the labor force intact. So we'll keep them on the ranch, so we don't have to retrain a whole new group next year. So it's beneficial for us.

是的。這是其中的一部分，格里。但請記住，芒果是世界上消費量最大的水果，但不是在美國。你看看亞洲和歐洲部分地區，它要高得多。我們在秘魯種植了第一批芒果，以幫助利用那裡的勞動力，而且它們來自酪梨的淡季，所以我們希望保持勞動力的完整。所以我們會把他們留在牧場，這樣明年我們就不必重新訓練一個全新的團隊。所以這對我們來說是有好處的。

And as we got into it, we're learning that our customer base, i.e., the retailers, the big retailers, Krogers, Costcos, et cetera, are craving a consistent, high-quality, ripe mango program. So that was really the decision to put us over the top. It's a win-win on both sides of the fence, and we already have the assets in place in most cases for the ripening and distribution model depending on how big this gets we may have to add to it here in spots, but that will be a nice problem.

當我們進入這個領域時，我們了解到我們的客戶群，即零售商、大型零售商、Krogers、Costcos 等，都渴望一致、高品質、成熟的芒果計劃。所以這確實是讓我們脫穎而出的決定。這對雙方來說都是雙贏的，在大多數情況下，我們已經擁有成熟和分配模型的資產，具體取決於它的規模有多大，我們可能需要在此處添加一些資產，但這將是一個很好的問題。

But not only here, but Asia and Europe, I mean, they're big consumption items. And the whole industry and the whole category has been lacking a leader. So we're going to try to step up and be that leader. It's going to take a little while to get there because it's everywhere. And -- but I think we're -- if anyone is up with a challenge, I think it's us.

但不僅在這裡，我的意思是，亞洲和歐洲也是大消費項目。而整個產業、整個品類一直缺乏領導者。因此，我們將努力挺身而出，成為領導者。需要一段時間才能到達那裡，因為它無處不在。而且 - 但我認為我們 - 如果有人面臨挑戰，我認為那就是我們。

Is the mango industry similar to avocado and that it's highly fragmented and the growers, just curious competition at the growing side as well as, I guess, the M&D side as well?

芒果產業是否與酪梨類似，高度分散，種植者只是在種植方面以及我想在研發方面也存在好奇的競爭？

I think probably more so.

我想可能更是如此。

Very much so. It's fragmented. It's really whatever's the oligopoly, really a lot of small players. And actually, a lot of -- regionally, you shift from one region to another within 6- to 10-week harvests, and you go from one growing region to another. And I think that's going to be an advantage for us because in a lot of cases, we're already there. We're not going to have to invent the sourcing side so much. And we're going to have mango experts. We've been doing a lot of work on the ripening as far as downstream handling, but the sourcing side is going to be quite nice for us.

非常如此。它是支離破碎的。這確實是寡占，確實有許多小玩家。事實上，在許多地區，你會在 6 到 10 週的收穫期內從一個地區轉移到另一個地區，然後從一個種植地區轉移到另一個地區。我認為這對我們來說是一個優勢，因為在很多情況下，我們已經做到了。我們不必在採購方面發明太多東西。我們將有芒果專家。就下游處理而言，我們在催熟方面做了很多工作，但採購方面對我們來說非常有利。

And really, it's -- the business has matured a lot with the advent of the Mango Board. There is a Board that's governed by the USDA, and they've been doing some good work trying to get that industry more mature. So I think it's ready for a leader. I think the industry is ready for a leader to come in and really legitimize the category and get value-added out there very much like Mission did in 20, 25 years ago.

事實上，隨著芒果板的出現，這項業務已經成熟了許多。美國農業部有一個委員會，他們一直在做一些很好的工作，試圖讓這個行業更成熟。所以我認為它已經為領導者做好了準備。我認為這個行業已經準備好迎接一位領導者的加入，真正使該類別合法化並獲得增值，就像 Mission 在 20、25 年前所做的那樣。

We looked around the United States to find the best guy we could, and everyone we talked to pointed to the same guy. So we hired him. And the fact that we planted 300 hectares in Peru is just something to keep the crew busy, ends up being the largest mango farm and the world leader. So we didn't know that at the time. But we've gotten everyone's attention, and there's a lot of interest in it.

我們環顧美國，盡可能地尋找最好的人選，我們交談過的每個人都指向同一個人。所以我們僱用了他。事實上，我們在秘魯種植了 300 公頃的芒果，這讓工作人員忙得不可開交，最終成為最大的芒果農場和世界領導者。所以我們當時並不知道這一點。但我們已經引起了所有人的注意，大家對此很感興趣。

Yes, perfect. That was very helpful. I just especially in the details as to why, how big and very -- a lot of similarities to the avocado, especially 25 years ago.

是的，完美。這非常有幫助。我只是特別詳細地解釋了為什麼、有多大以及與酪梨有很多相似之處，尤其是 25 年前。

(inaudible)

（聽不清楚）

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.

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，並將電話會議轉回管理階層進行總結演講。

Well, I'd just like to thank everyone for their interest in Mission Produce. So I think we have an exciting future ahead, and we're looking forward to it. Thank you for your time today.

好吧，我只想感謝大家對 Mission Produce 的興趣。所以我認為我們的未來令人興奮，我們對此充滿期待。感謝您今天抽出時間。

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。