Mission Produce Inc (AVO) 2020 Q4 法說會逐字稿

Good morning, and welcome to the Mission Produce Fiscal Fourth Quarter 2020 Conference Call. (Operator Instructions) Please also note, today's event is being recorded.

早安，歡迎參加 Mission Produce 2020 年第四季財年電話會議。（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, the floor is yours.

現在，我想將電話會議轉給 ICR 投資者關係部門的 Jeff Sonnek。先生，地板是你的了。

Thank you, and good afternoon. Today's presentation will be hosted by Steve Barnard, Chief Executive Officer; and Bryan Giles, Chief Financial Officer. Chief Operating Officer Mike Browne 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簡報包含 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，該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, Jeff. Thank you for joining us on our first conference call as a public company. We're very happy to be here today to share some insights into Mission Produce's wonderful business that we will continue to nourish and grow for many years ahead.

謝謝你，傑夫。感謝您參加我們作為上市公司的第一次電話會議。我們很高興今天能在這裡分享一些對 Mission Produce 出色業務的見解，我們將在未來的許多年裡繼續培育和發展這項業務。

We enjoyed speaking with many of you while out on the virtual roadshow during our IPO in October, and we look forward to meeting more of you during our participation at investor conferences in the future.

在 10 月 IPO 期間的虛擬路演中，我們很高興與你們中的許多人進行了交談，我們期待在未來參加投資者會議時見到更多的你們。

As the original founder of this business 37 years ago, I'm extremely proud of the Mission Produce organization that we built today and the leading global leadership position that we hold today. The avocado industry is tremendous with its large $14 billion global addressable market and the secular consumption trends that underpin the consistent growth that we've enjoyed for decades.

作為 37 年前這家企業的創始人，我對我們今天建立的 Mission Produce 組織以及我們今天所佔據的全球領先地位感到非常自豪。酪梨產業規模龐大，擁有價值 140 億美元的全球潛在市場，以及支撐我們數十年來持續成長的長期消費趨勢。

However, I believe we are just getting started. Despite all the growth that the category has enjoyed over the past decade here in the U.S., which represents just over 40% of the global market, per capita consumption is still only about half of what Mexico consumes. Demographic trends are in our favor with millennials and the growing Hispanic population here in North America, both of which have an incredible impact on our industry.

然而，我相信我們才剛開始。儘管該類別在過去十年中在美國取得了巨大的成長（佔全球市場的 40% 以上），但人均消費量仍僅為墨西哥消費量的一半左右。人口趨勢對我們有利的是千禧世代和北美不斷增長的西班牙裔人口，這兩者都對我們的產業產生了難以置信的影響。

Moreover, trends toward health and wellness, clean foods, nutrient-dense superfoods are perfectly aligned with our business. We are the only global pure-play provider of avocados in the world, and we didn't become the industry leader by accident. Mission is a story of true innovation. We have been first every step of the way, blazing the trail with innovations that the entire industry enjoys today.

此外，健康和保健、清潔食品、營養豐富的超級食物的趨勢與我們的業務完全一致。我們是世界上唯一的全球酪梨純供應商，我們成為產業領導者並非偶然。使命是一個真正創新的故事。我們在每一步都走在了前面，以當今整個行業都享有盛譽的創新開闢了道路。

We were the first to use avocado ripening centers. We were the first to import avocados from Mexico, Chile and Peru. We were the first to utilize state-of-the-art post-harvest techniques in hydrocooling and shelf life extension. And we were the first to build a category management program to generate intel and opportunities for category growth.

我們是第一個使用酪梨催熟中心的人。我們是第一家從墨西哥、智利和秘魯進口酪梨的公司。我們是第一個利用最先進的收穫後技術進行水冷卻和延長保質期的公司。我們是第一個建立品類管理計畫的公司，旨在為品類成長提供情報和機會。

Mission is an organization that considers first to be cultural foundation. It stands for fun, innovative, reliable, successful and trustworthy. This is what has allowed us to stay ahead of our competition and grow into the global organization we are today. We have been building relationships, investing in infrastructure and establishing our dominant market position for 37 years.

使命是一個首先考慮文化基礎的組織。它代表著樂趣、創新、可靠、成功和值得信賴。這使我們能夠在競爭中保持領先地位並成長為今天的全球組織。37 年來，我們一直在建立關係、投資基礎設施並確立我們的市場主導地位。

Fragmented players make up most of the industry, but our customers are demanding consistency and efficiency. There is no other company that can supply large volumes consistently year-round to the scale that Mission can. This takes infrastructure that's not easily replicated. Our global network of grower relationships, packing houses, forward distribution centers and ripening centers. In fact, Mission has been so successful in building a presence in new markets that we were forced to identify new sources of supply. And today, we find ourselves as a vertically integrated grower and distributor of Hass avocados with our own operations in Peru, which is ideally suited to meet year-round demand during Mexico's off-season.

該行業的大部分參與者都是分散的，但我們的客戶要求一致性和效率。沒有其他公司能夠像 Mission 一樣全年持續大量供應。這需要不容易複製的基礎設施。我們的全球種植者關係網絡、包裝廠、遠期配送中心和催熟中心。事實上，Mission 在新市場中取得瞭如此成功的影響力，以至於我們被迫尋找新的供應來源。如今，我們發現自己是一家垂直整合的哈斯酪梨種植商和經銷商，在秘魯擁有自己的業務，非常適合滿足墨西哥淡季期間的全年需求。

For all we've accomplished to date, we have significant opportunity for growth ahead. We are poised to capitalize on the strong trends in our core U.S. market by expanding our nationwide distribution network. We are continuously looking at optimizing our infrastructure, opening new facilities and forward distribution centers to improve throughput, better service our customers and drive sales.

就我們迄今為止所取得的成就而言，我們未來還有巨大的成長機會。我們準備透過擴大我們的全國分銷網絡來利用美國核心市場的強勁趨勢。我們不斷尋求優化我們的基礎設施、開設新設施和遠期配送中心，以提高吞吐量、更好地服務客戶並推動銷售。

We are leveraging our global supply chain and distribution capabilities to continue developing international markets. In Europe, we've been empowering retailers to grow the category through direct access to high-quality ripe product by the way of our export capabilities in Peru, Guatemala and Colombia. And in Asia, we are leveraging our more than 35-year presence in Japan and existing Chinese distribution facilities to service as a 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.

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。在歐洲，我們一直透過我們在秘魯、瓜地馬拉和哥倫比亞的出口能力，幫助零售商直接獲得高品質的成熟產品，從而擴大該類別。在亞洲，我們正在利用我們在日本超過 35 年的業務以及現有的中國分銷設施作為平台來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。

And finally, we will continue to invest in our diversified sourcing capabilities to enhance our global leading market position and year-round supply position. Avocados are no longer a seasonal fruit, and we are continually evaluating 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 that our customers have become to expect.

最後，我們將繼續投資於我們的多元化採購能力，以增強我們的全球領先市場地位和全年供應地位。酪梨不再是季節性水果，我們不斷評估機會，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，以確保我們能夠控制客戶期望的品質。

We've invested more than $350 million in our business over the past 10 years to build the infrastructure that shareholders are able to enjoy today. This infrastructure enables our financial model, which we expect to generate compounded adjusted EBITDA growth in the low double digits over the long term. As a result, we're able to maintain an extremely healthy capital structure with nearly no debt and continue to fund our capital priorities that will fuel our growth for many years to come.

過去 10 年來，我們在業務上投資了超過 3.5 億美元，以建立股東今天能夠享受的基礎設施。這項基礎設施使我們的財務模型成為可能，我們預計從長遠來看，該模型將產生低兩位數的複合調整後 EBITDA 成長。因此，我們能夠保持極其健康的資本結構，幾乎沒有債務，並繼續為我們的資本優先事項提供資金，這將推動我們未來多年的成長。

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 fourth quarter 2020 performance ended October 31, 2020, 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 2020 年 10 月 31 日的 2020 年第四財季業績，並討論我們兩個營運部門的一些驅動因素，然後我將概述我們強勁的財務狀況，並以一些圍繞我們的前景的想法。

As Steve mentioned, we had a great fiscal fourth quarter 2020, which met our plan and reflects the strong global infrastructure we have in place to service our blue-chip customer base. Total revenue was $206.8 million compared to $231.7 million for the fourth quarter of 2019, representing an 11% decrease. The decrease in revenue was driven by lower average selling prices, which declined 24%, partially offset by volume growth of 16%. I'll touch on the price volume dynamics in a moment, but would like to reiterate that our business has managed the volume targets as we leverage our global presence to drive share of fresh avocados to our retail and foodservice customers.

正如史蒂夫所提到的，我們在 2020 年第四季的財務表現非常出色，它滿足了我們的計劃，並反映出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 2.068 億美元，較 2019 年第四季的 2.317 億美元下降 11%。收入下降是由於平均銷售價格下降 24%，但部分被銷量成長 16% 所抵銷。我稍後會談到價格數量動態，但我想重申，我們的業務已經實現了數量目標，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, this is not something Mission can control or forecast with any degree of certainty. 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. Our fourth quarter gross profit decreased 7% compared to prior year despite an 11% decrease in total revenue, driving a gross profit margin improvement of 70 basis points to 19% of revenue.

儘管價格會波動，但考慮到全球供需的影響，Mission 無法以任何確定性來控製或預測。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。儘管總收入下降了 11%，我們第四季的毛利仍比去年同期下降了 7%，導致毛利率提高了 70 個基點，達到營收的 19%。

SG&A for the fourth quarter increased $6.1 million to $16.8 million, reflecting higher stock-based compensation expense due to awards that vested upon successful completion of our IPO and higher professional fees. For comparative purposes, stock-based compensation was $3.9 million in the fourth quarter 2020 versus no expense in the prior year period as we were a private company.

第四季的SG&A 增加了 610 萬美元，達到 1,680 萬美元，反映出由於成功完成 IPO 後授予的獎勵以及更高的專業費用而導致的股票薪酬費用增加。出於比較目的，2020 年第四季的股票薪酬為 390 萬美元，而去年同期沒有任何費用，因為我們是一家私人公司。

Net income for the fourth quarter of 2020 was $18.8 million, $0.29 per diluted share. This compares with net income of $23.9 million or $0.38 per diluted share for the same period last year. Adjusted net income was $21.9 million or $0.34 per diluted share for the fourth quarter of 2020 compared to adjusted net income of $24.7 million or $0.39 per diluted share for the same period last year. Adjusted EBITDA was $32.1 million for the fourth quarter of 2020 compared to $36.8 million for the same period last year.

2020 年第四季淨利為 1,880 萬美元，攤薄後每股收益 0.29 美元。相比之下，去年同期淨利潤為 2,390 萬美元，即稀釋後每股收益 0.38 美元。2020 年第四季調整後淨利為 2,190 萬美元，即稀釋後每股收益 0.34 美元，而去年同期調整後淨利為 2,470 萬美元，即稀釋後每股收益 0.39 美元。2020 年第四季調整後 EBITDA 為 3,210 萬美元，去年同期為 3,680 萬美元。

In terms of our segment drivers, our Marketing & Distribution segment net sales decreased 12% to $202 million for the quarter. As I mentioned, the lower revenue was driven by lower average selling prices, which declined 24% and were partially offset by volume growth of 16%. As we look back across the fiscal year, strong industry supply in California and Peru had an inverse effect on average price. These decreases were concentrated in the second half of fiscal year 2020, which impacted the fourth quarter and drove the year-over-year revenue decline despite meeting our volume goals for the quarter and year.

就我們的細分市場驅動因素而言，我們的行銷和分銷細分市場本季淨銷售額下降 12%，至 2.02 億美元。正如我所提到的，收入下降是由於平均售價下降 24%，但銷量成長 16% 部分抵消了這一影響。當我們回顧整個財年時，加州和秘魯強勁的工業供應對平均價格產生了反向影響。這些下降集中在 2020 財年下半年，這影響了第四季度並導致收入同比下降，儘管我們實現了本季和年度的銷售目標。

Compared to the 12% sales decline, our segment adjusted EBITDA decreased a more modest 4% to $19.4 million. This is due to the insulating effect of our per-box margins in our Marketing & Distribution segment, where we can drive down fruit costs in correlation with lower market prices. This ability, combined with our scale, diversity of source and value-added differentiation, provides a structural advantage to our model that we expect to remain in force over the long term.

與 12% 的銷售額下降相比，我們部門調整後的 EBITDA 下降了 4%，至 1,940 萬美元。這是由於我們的行銷和分銷部門的每箱利潤的絕緣效應，我們可以降低與較低的市場價格相關的水果成本。這種能力，加上我們的規模、來源多樣性和增值差異化，為我們的模式提供了結構性優勢，我們預計這種優勢將長期保持有效。

Our other operating segment is called International Farming and represents our own farms that we manage in Peru. Actually, the dynamics of this business are quite different from those in the Marketing & 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. While we are more exposed to price in this segment compared to our Marketing & Distribution segment, as Steve mentioned, this is a highly strategic initiative for Mission.

我們的另一個營運部門稱為國際農業，代表我們在秘魯管理的自己的農場。實際上，該業務的動態與行銷和分銷領域的動態有很大不同。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。正如史蒂夫所提到的，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。

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 & 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.

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。

For the fourth quarter, International Farming segment sales increased 24% to $22 million due to volume growth of 46%, driven by higher yields on existing orchards versus prior year, which is a driver that we expect to remain in force for several years as the orchards approach targeted production at full maturity. Harvest timing also came into play on volume when we looked at the business from a quarterly perspective. This year, we experienced a delayed harvest due to the timing of fruit maturity, which led to a larger percentage of food harvested in the fourth quarter versus the third quarter.

第四季度，國際農業部門的銷售額成長了24%，達到2,200 萬美元，原因是現有果園的單產較上年有所提高，銷量成長了46%，我們預計這一推動因素將在未來幾年內持續有效。果園在完全成熟時實現目標生產。當我們從季度角度審視業務時，收穫時機也對數量產生了影響。今年，由於水果成熟時間的原因，我們經歷了收穫延遲，導致第四季度收穫的糧食比例高於第三季。

Net sales increased 85% to $4.8 million due to higher packing service revenues provided to third-party growers, driven by their higher volumes. Segment adjusted EBITDA decreased 23% to $12.7 million due to lower sales pricing during the quarter, which was impacted by higher overall supply conditions resulting from large industry volumes from California and Peru relative to prior year and harvest timing in Mexico.

淨銷售額成長 85%，達到 480 萬美元，原因是第三方種植者產量增加，提供的包裝服務收入增加。部門調整後的 EBITDA 下降 23% 至 1,270 萬美元，原因是本季銷售價格較低，這是由於加州和秘魯的工業產量較上年增加以及墨西哥的收穫時間導致整體供應狀況較高的影響。

Shifting to our financial position. In October 2020, we completed our IPO of common stock, in which we sold 7.5 million shares at $12 per share, generating total net proceeds of $78.1 million after deducting issuance costs. Including the IPO proceeds, cash and cash equivalents were $124 million at October 31, 2020, compared to $64 million last year. Total debt was $174.1 million.

轉向我們的財務狀況。2020 年 10 月，我們完成了普通股 IPO，以每股 12 美元的價格出售了 750 萬股，扣除發行成本後淨收益總額為 7,810 萬美元。截至 2020 年 10 月 31 日，包括 IPO 收益在內，現金和現金等價物為 1.24 億美元，而去年為 6,400 萬美元。債務總額為 1.741 億美元。

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 built out our global footprint, our net leverage ratio is very healthy at 0.5x our full year 2020 adjusted EBITDA.

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。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，但我們的淨槓桿率非常健康，為 2020 年全年調整後 EBITDA 的 0.5 倍。

Net cash provided by operating activities was $78.9 million for fiscal 2020, which is a decrease of $13.7 million compared to prior year. This decrease is primarily attributed to our lower adjusted net income but was partially offset by lower working capital requirements, which were driven by an overall decrease in market pricing conditions.

2020 財年經營活動提供的淨現金為 7,890 萬美元，較前一年減少 1,370 萬美元。這一下降主要歸因於我們調整後淨利潤的下降，但部分被營運資本要求的下降所抵消，而營運資本要求的下降是由市場定價條件整體下降所致。

Capital expenditures were $67.3 million for the fiscal year 2020 compared to $29.7 million for the same period last year as we invested in the construction of our new Texas distribution center, farm development and packing house expansion in Peru and land improvements on new land leased in Guatemala. Our Texas distribution center is on track to be completed in the third quarter of fiscal 2021.

2020 財年的資本支出為 6,730 萬美元，而去年同期為 2,970 萬美元，因為我們投資建設了新的德克薩斯州配送中心、秘魯的農場開發和包裝廠擴建以及危地馬拉新租用土地的土地改良。我們的德州配送中心預計將於 2021 財年第三季完工。

In terms of our outlook, we are providing our expectations for fiscal first quarter 2021, which calls for consolidated volume in the range of 155 million to 165 million pounds, translating to revenue in the range of $165 million to $175 million and consolidated adjusted EBITDA in the range of $11 million to $12.5 million.

就我們的前景而言，我們提供了對2021 財年第一季的預期，預計合併銷量在1.55 億至1.65 億英鎊之間，相當於收入在1.65 億至1.75 億美元之間，合併調整後EBITDA為範圍為 1100 萬至 1250 萬美元。

I'd also share a couple of considerations as you think about the sequencing of our business from the standpoint of our fiscal year, which ends in October. November and December tend to look similar from a volume standpoint. However, we have a significant lift in the business associated with the Super Bowl in January. So speaking with you today in mid-January, we are still extremely active before we close the quarter, which is why we are providing a wider range of expectations for volume, revenue and adjusted EBITDA.

當您從 10 月結束的財政年度的角度考慮我們的業務排序時，我還想分享一些注意事項。從成交量的角度來看，11 月和 12 月往往看起來相似。然而，我們在一月份與超級盃相關的業務有了顯著的提升。因此，今天在一月中旬與您交談時，我們在本季結束之前仍然非常活躍，這就是為什麼我們對銷售、收入和調整後 EBITDA 提供更廣泛的預期。

As we've discussed here today, pricing is not something we can control so we think that providing you with a volume-based metric is a better representation of our ability to meet our growth objectives than revenue. Further, I'd like to reemphasize that we have better control of our margins within the Marketing & 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.

正如我們今天在這裡討論的，定價不是我們可以控制的，因此我們認為，為您提供基於數量的指標比收入更能代表我們實現成長目標的能力。此外，我想再次強調，我們可以更好地控制行銷和分銷部門的利潤，我們預計這將轉化為調整後的 EBITDA 線比我們在收入線上可能經歷的更加一致，這也是由於變化定價由市場力量驅動。

That said, we are providing long-term financial targets today that we believe outline our goals and underpin the management of our business. We believe that over the long term, we can achieve: compound volume growth in the high single-digit range, in line with our expectations for industry growth rates; adjusted EBITDA margins in the low double-digit range, excluding any material nonrecurring events or extreme market conditions; compound adjusted EBITDA growth in the low double-digit range.

也就是說，我們今天提供長期財務目標，我們相信這些目標概述了我們的目標並支持我們的業務管理。我們相信，從長遠來看，我們能夠實現： 銷量複合成長處於高個位數範圍，符合我們對產業成長率的預期；調整後的 EBITDA 利潤率處於低兩位數範圍內，不包括任何重大非經常性事件或極端市場條件；複合調整後的 EBITDA 成長在較低的兩位數範圍內。

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) And 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。

So a couple of questions for me. Maybe the first one is just as we're thinking about this year, the -- 2021 relative to the long-term EBITDA growth expectation, I guess, would we -- would it be fair to assume, just knowing where pricing is now, that this '21 would potentially be a year or maybe would be more difficult to achieve that EBITDA growth expectation that you have longer term?

問我幾個問題。也許第一個就像我們今年所考慮的那樣，2021 年相對於長期 EBITDA 成長預期，我想，我們可以公平地假設，只要知道現在的定價在哪裡，今年21 可能是一年，或者可能更難實現您長期的EBITDA 成長預期？

Well, I think one of our obstacles right now is the volume coming into the marketplace. Prices are pretty cheap by comparison to what we've been used to for most of the time over the last 5 years. But hopefully, we can make it up with volume, which has absorbed a lot of the overhead. I think you'll probably see a reduced margin per box, but we're going to have more boxes. So I think we'll end up being pretty close.

嗯，我認為我們現在的障礙之一是進入市場的數量。與我們過去 5 年大部分時間所習慣的價格相比，價格相當便宜。但希望我們可以用數量來彌補，這已經吸收了許多開銷。我想你可能會看到每個盒子的利潤減少，但我們將會有更多的盒子。所以我認為我們最終會非常接近。

And I'll add on to that. I think that certainly, lower pricing creates some different challenges for our International Farming segment than it does for our Marketing & Distribution business. Again, as we sit here today, our farming operations really don't pick up significantly until we get into our Q3. And it's tough for us to anticipate where pricing is going to be at that point in time.

我會補充這一點。我認為，當然，較低的價格為我們的國際農業部門帶來了一些與我們的行銷和分銷業務不同的挑戰。同樣，當我們今天坐在這裡時，我們的農業經營在進入第三季度之前確實沒有顯著回升。我們很難預測當時的定價水準。

But if pricing stayed at levels where it's at today, it would put pressure and create challenges. But that being said, we've seen large movements in pricing over fairly short periods of time. So we're hesitant to really make any projections at this point of where we think pricing may be as we move through the summer months.

但如果定價維持在目前的水平，就會帶來壓力並帶來挑戰。但話雖這麼說，我們已經看到定價在相當短的時間內發生了大幅波動。因此，我們對於在夏季到來時的定價可能會達到的水平猶豫是否真正做出任何預測。

Okay. And then just 2 on cost. I think you called out lower field cost in Mexico in the quarter. And then I know we've seen freight costs in the U.S. kind of moving up just more broadly. So maybe could you just touch on those 2 topics and how we should be thinking about those as we're modeling out '21?

好的。然後成本就只有 2。我認為您指出本季墨西哥的現場成本較低。然後我知道我們已經看到美國的貨運成本在更廣泛的範圍內上漲。那麼，也許您可以談談這兩個主題，以及我們在建模 21 世紀時應該如何考慮這些主題？

Well, I think there's 2 areas that are pretty common in the avocado world. Super Bowl has an effect on prices going up right now because the demand is record-setting on volume. It's going up in the field also. And then the other time it will go up in Mexico is right after Easter in that they generally take most of that week off and don't harvest, and it creates a gap in the U.S. inventory. And it historically has not caught up and the prices generally go up after that period of time on the calendar.

嗯，我認為酪梨世界中有兩個非常常見的領域。超級盃對目前的價格上漲有影響，因為需求量創紀錄。在該領域也正在上漲。墨西哥的另一次價格上漲是在復活節之後，因為他們通常在這一周的大部分時間都休息並且不收割，這會造成美國庫存的缺口。從歷史上看，它並沒有趕上，價格通常會在日曆上的那段時間之後上漲。

Yes. I would kind of reiterate or kind of add on to that, that we -- in terms of field pricing, it adjusts pretty much in sync with what market pricing or retail price -- maybe not so much retail but market pricing of fruit to our customers. So we're, on a daily basis, evaluating prices we can afford to pay in the field to hit our margin targets. There's points in time where that gets squeezed a little bit, and there's points in times where we're able to expand it a bit.

是的。我想重申或補充一點，我們——就現場​​定價而言，它的調整與市場定價或零售價格幾乎同步——也許不是零售，而是水果的市場定價。顧客。因此，我們每天都會評估我們可以在現場支付的價格，以達到我們的利潤目標。在某些時候，它會被壓縮一點，而在某些時候，我們能夠稍微擴展它。

But I think that generally, when we're buying third-party fruit, those costs are pretty variable, and they can move in line with where market pricing is at. I think to some of the other input costs, I think Steve mentioned price, transportation is one of the larger ones. I think we have seen some increases recently. Nothing that's created significant challenges for us in achieving our margin goals, but it is something that we continually keep an eye on as we're looking at what we can afford to pay for fruit in the field and as we determine pricing for our customers.

但我認為，一般來說，當我們購買第三方水果時，這些成本變化很大，並且可以根據市場定價而變化。我認為對於其他一些投入成本，我認為史蒂夫提到的價格、運輸是較大的成本之一。我認為我們最近看到了一些增長。在實現我們的利潤目標方面，沒有什麼給我們帶來重大挑戰，但當我們考慮我們有能力支付田間水果的費用以及為客戶確定定價時，我們會不斷關注這一點。

Okay. And then last one for me just relative to the Super Bowl. If the Buffalo Bills win, does Mike Browne get the week off?

好的。最後一個對我來說只是與超級盃有關。如果布法羅比爾隊獲勝，麥克布朗會休息一周嗎？

You'll have to ask him. He's on the line.

你得問他。他正在通話中。

I'm going to need the week off.

我需要休息一周。

And our next question is from Tom Palmer with JPMorgan.

我們的下一個問題來自摩根大通的湯姆·帕爾默。

I just wanted to follow up on the supply picture in Mexico. What is really driving the high supply into the U.S.? Is it that the harvest was abnormally strong? Has demand from other parts of the world in some way been impaired and therefore, more -- a higher percentage of Mexico's harvest is coming into the U.S.? And then as we think about kind of the timing of that flow-through, when does Mexico become less important relative to seeing like California and Peru ramp up? And do you have any early read on yields in those regions?

我只是想跟進墨西哥的供應情況。到底是什麼推動了美國的高供應？是不是收穫異常的旺盛？世界其他地區的需求是否在某種程度上受到了損害，因此，更多、更高比例的墨西哥收成進入了美國？然後，當我們考慮這種流動的時間時，相對於加州和秘魯的崛起，墨西哥什麼時候會變得不那麼重要？您對這些地區的收益率有什麼早期了解嗎？

Well, historically, what will happen, Mexico will generally -- has a peak and then they taper off. Last year, they peaked late in the season. That's why you saw the fourth quarter drop in price levels, and that has continued. So we don't think that they can maintain this sort of volume 12 months. They never have historically.

好吧，從歷史上看，墨西哥通常會發生什麼——有一個高峰，然後逐漸減少。去年，他們在賽季末達到頂峰。這就是為什麼第四季度價格水準下降，而且這種情況仍在持續。因此我們認為他們無法將這種交易量維持 12 個月。他們在歷史上從未有過。

So we -- as I mentioned a minute ago, my guess is somewhere around Easter or right after, the thing will start creeping up legitimately, rather -- I'm not talking about the Super Bowl, which is sometimes temporary but on a longer-term basis. And that -- those changed from small growers up in the mountains that maybe not -- don't have the infrastructure or the irrigation practices so they have to harvest this time of year into a larger grower that has irrigation and can play the game a little bit stronger, which generally drives prices up.

所以我們——正如我一分鐘前提到的，我的猜測是在復活節前後或之後，事情會開始合法地蔓延——我不是在談論超級碗，它有時是暫時的，但會更長的時間-期限基礎。那些從山上的小種植者轉變而來的人可能沒有基礎設施或灌溉設施，所以他們必須在每年的這個時候收割，變成一個更大的種植者，有灌溉並且可以玩遊戲稍強一點，通常會推高價格。

So we look for the thing to change here in a couple of months. And I don't think it's going to go crazy. California doesn't have that big a crop but Peru has a bigger crop. So they all take their turn in the pot, so to speak, and we just work with all sides of it and try to get ahead of it and stay ahead of it.

因此，我們希望在幾個月內能有所改變。我不認為它會變得瘋狂。加州的收成沒有那麼大，但秘魯的收成更大。所以可以這麼說，他們都輪流參與，我們只是與各方合作，努力領先並保持領先。

I can just add a little bit to that. The summer crop for Mexico is really dependent on the bloom they call loca, and that's undetermined at this point. But as Steve mentioned, the second half of the year, a lot of things happen with the Mexican crop in terms of quality and availability. This has been an on-crop season for Mexico, so their crop is larger this year. It isn't that other markets aren't taking the fruit. It's just a larger crop and lot of hectares harvesting.

我可以補充一點。墨西哥的夏季作物實際上取決於他們稱為 loca 的花朵，但目前尚未確定。但正如史蒂夫所提到的，今年下半年，墨西哥作物的品質和可用性發生了許多變化。這是墨西哥的農作物季節，因此今年的產量更高。這並不是說其他市場沒有取得成果。這只是更大的作物和更多公頃的收穫。

But the other thing that Steve mentioned is as we look to the summer, California is down in terms of industry estimates, probably 85 million pounds, about 20%, 22% versus last year. And Peru is -- preliminary estimates for Peru, it's only up, for the U.S. market, about 20% or 36 million pounds. So there's possible daylight out there for this static pulse of heavy volume coming at us.

但史蒂夫提到的另一件事是，當我們展望夏季時，加州的產業預測有所下降，可能為 8,500 萬英鎊，比去年下降約 20%、22%。秘魯 - 初步估計，對於美國市場來說，秘魯的產量只上漲了約 20%，即 3,600 萬英鎊。因此，外面可能存在日光，導致這種大量靜態脈衝向我們襲來。

Great. That's really helpful. And given how low prices are today, I realize you're dealing with a perishable product but you also have facilities that can lengthen the shelf life. To what extent are you building more inventory than maybe you typically would to take advantage of low prices to distribute maybe a quarter down the road?

偉大的。這真的很有幫助。考慮到今天的價格有多低，我意識到您正在處理易腐爛的產品，但您也擁有可以延長保質期的設施。您建立的庫存在多大程度上比通常情況下要利用低價來分銷可能四分之一的庫存？

Well, not too much. One of the things that's happened right now, the market in Europe's a lot better than it is here, and we're sending a fair amount over there on a weekly basis as we are into Asia. We're spreading it out but trying to play the market at this time of the year, we try to avoid that. Late in the season when we see a definite end of the crop, we will try it. But there's just plenty of fruit out there playing games on [AG] at this time. It's kind of risky.

嗯，不過分。現在發生的事情之一是，歐洲市場比這裡好得多，而且我們每週都會向那裡發送相當數量的貨物，就像我們進入亞洲一樣。我們正在分散它，但試圖在每年的這個時候參與市場，我們試圖避免這種情況。在季節後期，當我們看到作物明顯結束時，我們會嘗試一下。但目前 [AG] 上有很多水果在玩遊戲。這有點冒險。

And our next question is 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。

Just wanted to dig in a little bit more into timing and volumes, et cetera. From what I can see here or from what I have heard, it sounds like Mexico had an on-crop with -- on the alternating year side and the crop came in later in the season so we had a lot of volume coming in. But then we also had year volumes up partly due to timing, but I was also curious as to how much you benefited from maturing fields versus maybe good weather, et cetera, because if some of this pricing edges out or -- and your volumes stay up, there's -- there could be a pretty strong delta in there on profitability at some point as well.

只是想更深入地了解時間和數量等。從我在這裡看到的或從我聽到的情況來看，聽起來墨西哥的作物是在交替年份一側，並且作物在本季晚些時候進入，因此我們有大量的產量。但後來我們的年產量也有所增加，部分原因是時間安排，但我也很好奇，你從成熟的油田與可能的好天氣等中受益有多少，因為如果其中一些定價超出了或者——而你的產量保持不變在某些時候，獲利能力也可能會出現相當大的增量。

Well, I think the reason our numbers in Mexico are up because we're pulling it through the system. They've got a larger customer base than we had a year ago. Our export business is substantially bigger, like I said, mentioned going to Asia. We're going to Europe and we're going to South America. It's a substantial amount of product. So I think we're in a position where we can spread it out, providing enough good product to make the ride.

嗯，我認為我們在墨西哥的人數增加的原因是我們正在透過系統拉動它。他們的客戶群比一年前更大。正如我所說，我們的出口業務要大得多，提到去亞洲。我們要去歐洲，我們要去南美洲。這是一個大量的產品。因此，我認為我們可以將其分散開來，提供足夠的優質產品來實現這一目標。

And I mean, like I said, I think our export numbers are probably close to double what they were a year ago on loads per week. So there's more fruit out there to pack and distribute it if you have a place to go with it. The problem with a lot of the Mexican shippers, not necessarily the U.S. shippers that are in Mexico but the Mexican shippers, they really don't have a year-long plan. So rather than pull it through the system with a program and value-added services, transportation, rights, bags, et cetera, they'll send it to the border, and their only variable is price and they usually get slaughtered when the markets glut. They can do okay if there's a shortage. But it's just a different model. It's a different game. It takes a long time to get to the position Mission and some others are in, big investments, a lot of time and effort to get the customer base where you could pull it. There's really a twofold market with the Mexican product.

我的意思是，就像我說的，我認為我們的每週出口量可能接近一年前的兩倍。因此，如果您有地方可以存放，那麼還有更多的水果可以包裝和分發。許多墨西哥托運人的問題，不一定是在墨西哥的美國托運人，而是墨西哥托運人，他們確實沒有為期一年的計劃。因此，他們不會透過計劃和增值服務、運輸、權利、行李等將其通過系統拉動，而是將其發送到邊境，他們唯一的變數是價格，當市場供過於求時，他們通常會被屠殺。如果短缺的話他們也可以做。但這只是一個不同的模型。這是一個不同的遊戲。要達到 Mission 和其他一些公司所處的位置需要很長時間，需要大量投資、大量時間和精力才能獲得可以拉動的客戶群。墨西哥產品確實有雙重市場。

And Gerry, I guess I'd add a little more on our Peru crop, in particular, as we look at our Farming segment. I think we're looking at -- certainly, we're anticipating growth in our volume from our own farms in 2021 relative to 2020. We think we'll have better information as we move forward in the next couple of months, and the bloom is set but we continue to watch how the fruit develops on the tree. So we'll have better estimates as we move closer to the summer. But we do anticipate higher volumes from our own farms this year than we had last year.

格里，我想我會更多地介紹我們的秘魯作物，特別是當我們審視我們的農業部門時。我認為我們正在考慮——當然，我們預計 2021 年我們自己農場的產量相對於 2020 年會有所增長。我們認為，隨著我們在接下來的幾個月中前進，我們將獲得更好的信息，並且開花已經定型，但我們將繼續觀察果實在樹上的發育情況。因此，隨著夏季的臨近，我們會有更好的估計。但我們確實預期今年我們自己農場的產量將高於去年。

I think when it comes to pricing, that is probably the bigger variable that we're looking at. We touched on it a little earlier in the call is that certainly, if -- we've seen a broad range of pricing over the last 4 or 5 years. So when we're doing our modeling, we're kind of trying to take into account where we think pricing will settle in based on all the factors that come into play. Certainly, we would hope. I think we're -- we hope as we move towards the summer months, that pricing does pick up from the levels that it's at right now. But we don't know with certainty that it will. But certainly, if it does, that is going to certainly have an impact on what the profitability of that segment looks like as we move towards the end of the year.

我認為在定價方面，這可能是我們正在考慮的更大變數。我們在電話會議的早些時候就談到了這一點，當然，如果我們在過去四到五年中看到了廣泛的定價範圍。因此，當我們進行建模時，我們會嘗試根據所有發揮作用的因素來考慮我們認為定價會穩定下來的情況。當然，我們希望如此。我認為，我們希望隨著夏季的到來，價格確實會從現在的水平回升。但我們並不能確定它會發生。但可以肯定的是，如果確實如此，那麼當我們接近年底時，這肯定會對該細分市場的獲利能力產生影響。

Got you. So at the end of the day -- I'll follow up with that in a little bit with you off-line. But at the end of the day, you're expecting a higher yield or higher production out of your International Farming in this year coming up than this -- I guess it was fiscal 2020.

明白你了。所以在一天結束時——我會在離線狀態下跟你們跟進。但歸根結底，您預計今年國際農業的產量或產量會比今年更高——我猜那是 2020 財年。

Yes. And that's -- I mean, as the trees mature, that's kind of in line with our expectations is that we still have room to grow before the trees reach full production levels.

是的。我的意思是，隨著樹木的成熟，這符合我們的預期，在樹木達到全面生產水平之前，我們仍然有生長的空間。

We have thousands of hectares planted and paid for that aren't producing yet.

我們已經種植了數千公頃土地並支付了費用，但尚未生產。

Yes. No, and I get that. They're maturing but I was also just curious if production was -- that 46% was, I think you mentioned, was higher than you had anticipated. That's all.

是的。不，我明白了。他們正在成熟，但我也很好奇產量是否——我想你提到過，46% 高於你的預期。就這樣。

And last year, it was pretty -- 2020, it was pretty much in line with what we expected. And I think that we mentioned that 46% was not the increase for the entire year. That was really just for Q4. Q3 was relatively flat year-over-year and it was impacted by timing of harvest. Overall, I think our growth last year was probably about 20% in production from our own farms.

去年，情況非常好——2020 年，這與我們的預期非常一致。我想我們提到的46%並不是全年的成長。這實際上只是針對第四季的。第三季較去年同期相對平穩，並受到收穫時間的影響。總體而言，我認為去年我們自有農場的產量成長可能約為 20%。

And our next question is from Ben Bienvenu with Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Ben Bienvenu。

Congrats. I wanted to ask as it relates to your long-term guidance. So you guided for high single-digit volume growth and low double-digit EBITDA growth, so presumably, margin expansion there. I'm curious, when you think about disaggregating the margin expansion, how much of it comes from continued margin per pound unlocked in your Marketing & Distribution business versus, I would assume, yield per hectare improvement and just fixed cost absorption improvement in your Peru International Farming segment? To the extent you can add color there, that would be helpful.

恭喜。我想問一下，因為這關係到您的長期指導。因此，您指導了高個位數的銷售成長和低兩位數的 EBITDA 成長，因此推測利潤率會擴大。我很好奇，當您考慮分解利潤擴張時，其中有多少來自您的營銷和分銷業務中釋放的每磅持續利潤，與我假設的每公頃產量的提高以及秘魯固定成本吸收的提高國際農業部門？如果您可以在那裡添加顏色，那將會很有幫助。

Sure. I think that we're -- certainly, as we generate better margins on the sale of our own fruit as opposed to buying and selling third-party fruit, as the production from our own farms increases and it becomes a larger percentage of the overall fruit that we sell, that is absolutely going to have a favorable impact on our margin profile. And we believe that, that's probably the larger portion of the margin improvement that we'd expect to see in the near term.

當然。我認為我們——當然，因為與購買和銷售第三方水果相比，我們在銷售自己的水果時獲得了更好的利潤，因為我們自己的農場的產量增加了，並且在總體中所佔的比例越來越大我們銷售的水果，這絕對會對我們的利潤狀況產生有利的影響。我們相信，這可能是我們預計在短期內看到的利潤率改善的較大部分。

I think in our Marketing & Distribution segment, we tend to operate or target a range of per-box margins that we shoot for. Sometimes, we operate a little bit above that. And then we saw that during the latter half of fiscal '20. There are times we operate a little bit below. But I think there's a per-box margin that we generally target. I think there are things from an operational perspective that we're looking at, that we've been looking at in terms of material cost and transportation cost reductions that could add pennies here and there to that number.

我認為在我們的行銷和分銷部門，我們傾向於經營或瞄準我們所追求的一系列每箱利潤。有時，我們的操作會比這個稍高一點。然後我們在 20 財年後半段看到了這一點。有的時候我們會稍微操作一下。但我認為我們通常會設定一個每箱利潤的目標。我認為，從營運角度來看，我們正在考慮一些事情，我們一直在考慮材料成本和運輸成本降低的問題，這些事情可能會在這個數字上增加一些。

But I think that in order to achieve our overall top line growth, and that's really where the EBITDA growth of the Marketing & Distribution segment is going to come from. It's going to come from driving volume as opposed to necessarily squeezing significant margin growth out of that side of the business.

但我認為，為了實現我們的整體營收成長，這才是行銷和分銷部門 EBITDA 成長的真正來源。它將來自於推動銷量，而不是必然擠壓該業務方面的顯著利潤成長。

Okay. And thinking about Peru, and I don't want to belabor this point, but if we think about the supply-demand setup for this year as we transition out of Mexico and into California, presumably supply will get tighter this summer. I would also assume we'll get some demand recovery as we move through this year, although I know retail demand has been very strong, foodservice could come back. I would think that would support pricing to the comments that you made across the broader market.

好的。考慮到秘魯，我不想詳細說明這一點，但如果我們考慮今年從墨西哥過渡到加州的供需結構，今年夏天的供應可能會變得更加緊張。我還認為，隨著今年的到來，我們的需求將會恢復，儘管我知道零售需求非常強勁，但餐飲服務可能會回來。我認為這將支持您在更廣泛的市場上發表的評論的定價。

At what point do you have to start making commitments around your fixed price contracting on the Peru crop for the back half of the year? Does it happen and start in the spring and stagger through the summer? What is that lead time like?

您什麼時候必須開始就今年下半年秘魯作物的固定價格合約做出承諾？它會在春季發生並在夏季錯開嗎？交貨時間是怎麼樣的？

Well, we'll usually do it about a month out of the beginning of the harvest. I mean we'll have a better idea. I'd say, 2 to 4 weeks out before we start harvesting. And keep in mind, it will take 2 to 3 weeks to get here. So we're probably looking at early April on pricing.

嗯，我們通常會在收成開始後一個月左右進行。我的意思是我們會有更好的主意。我想說，在我們開始收穫之前 2 到 4 週。請記住，到達這裡需要 2 到 3 週的時間。所以我們可能會在四月初考慮定價。

Okay. So you got the time.

好的。所以你有時間。

Yes, the other thing we'd do with that, we'll work together with the retail, and we'll, say, put a fixed price of X on it with a limit up or down of, say, $5, where it can -- it doesn't wipe the other side out.

是的，我們要做的另一件事是，我們將與零售店合作，我們會設定 X 的固定價格，上限或下限為 5 美元，其中可以——它不會抹去另一面。

I see. Okay. So think of it more like a band of pricing versus just a flat price with no variability up or down. Is that right?

我懂了。好的。因此，可以將其視為一個定價區間，而不是沒有上下波動的固定價格。是對的嗎？

Yes, it's like a moving band, so to speak. And say, if you pick $30, if it goes to $35-plus, the price will now be $31. And then if it goes the other way, it'd be $29 as an example.

是的，可以這麼說，它就像一支移動樂團。比如說，如果你選擇 30 美元，如果價格上漲到 35 美元以上，那麼現在的價格將是 31 美元。如果反之，則為 29 美元。

Our next question is from Brian Holland with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Brian Holland。戴維森。

So I just wanted -- most of my questions have been answered. Just a couple of quick ones here. I presume not a big deal or else we would have heard more about this, but just thinking about ahead of the Super Bowl and the seasonal demand here. Given gatherings will look certainly different than they did -- than they have in years past, do you see no impact just confirming on demand into quarter end ahead of the Super Bowl, just given the different dynamics we have this year?

所以我只是想——我的大部分問題都得到了解答。這裡只是一些快速的。我認為這沒什麼大不了的，否則我們會聽到更多關於此事的信息，但只是考慮一下超級碗之前和這裡的季節性需求。鑑於聚會看起來肯定會與過去幾年有所不同，考慮到今年我們的動態不同，您認為在超級盃之前確認季度末的需求不會產生任何影響嗎？

I don't know what our record volume per week was over the last years of Super Bowl, but the numbers are pretty substantial this year on volume. Now the prices are lower, but we're pretty happy with the volume.

我不知道超級盃過去幾年我們每週的記錄數量是多少，但今年的數量相當可觀。現在價格較低，但我們對銷售非常滿意。

Yes, understood. Yes, I understood on the pricing side, so volume remains strong. And then just kind of on the foodservice side, any change there? I know as we look into the first half of 2021, we're lapping some mix impact, the more bias towards kind of the retail channels and foodservice. Any updated thoughts? Any changes there?

是的，明白了。是的，我了解定價方面的情況，因此成交量仍然強勁。那麼在餐飲服務方面，有什麼改變嗎？我知道，當我們展望 2021 年上半年時，我們會受到一些混合影響，即更加偏向零售通路和餐飲服務。有更新的想法嗎？那裡有什麼變化嗎？

The fast casual continues to grow, actually. The other white table cost side of it goes up and then they shut it down and it goes back down. But the fast casual has been pretty impressive on their growth. I mean they're much higher than they were a year ago.

事實上，快速休閒運動仍在持續成長。另一個白桌成本上升，然後他們將其關閉，然後又下降。但快速休閒對他們的成長卻相當令人印象深刻。我的意思是它們比一年前高得多。

Yes, sure. Easy enough. Last one for me. Just kind of curious, any impact from some of the broader -- some of the instability that we're seeing in the Peru market? I'm talking more at a governmental level. Any impact at all to your business?

是的，當然。很容易。最後一張給我。只是有點好奇，我們在秘魯市場看到的一些更廣泛的不穩定因素有什麼影響嗎？我更多是在政府層面上談論。對您的業務有什麼影響嗎？

A little bit. This is our slowest time of year down there so we're really not affected. We're done with the blueberries and really haven't started the avocados yet. But yes, we've been quite familiar with it because we've been in the middle of trying to help negotiate. What that main issue is, is some labor issues with some labor contractors, not necessarily big companies like us or Camposol or some of the others. It's the little guys that are hiring outside labor services that aren't doing what they're supposed to be doing.

一點點。這是我們一年中最慢的時間，所以我們真的沒有受到影響。我們已經吃完了藍莓，還沒開始吃酪梨。但是，是的，我們對此非常熟悉，因為我們一直在努力幫助談判。主要問題是一些勞工承包商的勞工問題，不一定是像我們或 Camposol 或其他一些大公司。是那些僱用外部勞務的小傢伙沒有做他們應該做的事情。

But it's -- there's some reform going on. There's some new tax rules coming out. But I think that will all be remedied here very quickly because everyone agrees that it's isolated and we know what the problem is and we know what the solution is.

但確實正在進行一些改革。一些新的稅收規則即將出台。但我認為這一切都會很快得到解決，因為每個人都同意它是孤立的，我們知道問題是什麼，我們知道解決方案是什麼。

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。

Okay. Well, again, this is our first quarter and our first conference call. And I'd just like to thank -- I want to say thank you and appreciate everybody's interest in Mission, and we look forward to a long and profitable partnership. And thank you for your time.

好的。好吧，這又是我們的第一季度，也是我們的第一次電話會議。我只想感謝——我想說謝謝並感謝每個人對 Mission 的興趣，我們期待建立長期且有利可圖的合作夥伴關係。感謝您抽出時間。

Thank you. This concludes today's conference. We appreciate everyone for their participation, and have a great evening. Thank you.

謝謝。今天的會議到此結束。我們感謝大家的參與，祝福大家有個愉快的夜晚。謝謝。

Thank you.

謝謝。