B&G Foods Inc (BGS) 2024 Q2 法說會逐字稿

Good day, and welcome to the B&G Foods, Inc. Second Quarter 2024 Financial Results Conference Call. Today's call, which is being recorded is scheduled to last about one hour, including remarks by B&G Foods Management and the question-and-answer session.

美好的一天，歡迎參加 B&G Foods, Inc. 2024 年第二季財務業績電話會議。今天的電話會議正在錄音，預計持續約一小時，包括 B&G 食品管理層的發言和問答環節。

I would now like to turn the call over to AJ Schwab, Senior Associate, Corporate Strategy and Business Development for B&G Foods. AJ?

我現在想將電話轉給 B&G Foods 企業策略和業務開發高級助理 AJ Schwab。阿傑？

Good afternoon and thank you for joining us. With me today are Casey Keller, our Chief Executive Officer, and Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter in the earnings release we issued today, which is available at the Investor Relations section of bgfoods.com.

下午好，感謝您加入我們。今天與我在一起的有我們的執行長凱西凱勒 (Casey Keller) 和我們的財務長布魯斯瓦查 (Bruce Wacha)。您可以在我們今天發布的收益報告中查看該季度的詳細財務信息，該信息可在 bgfoods.com 的投資者關係部分找到。

Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements. These statements are not guarantees of future performance and therefore, undue reliance and should not be placed upon them. We refer you to B&G Foods' most recent Annual Report on Form 10-K and subsequent SEC filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition.

在我們開始正式發言之前，我需要提醒大家，今天討論的一部分包括前瞻性陳述。這些陳述不是對未來績效的保證，因此不應過度依賴它們。我們建議您參閱 B&G Foods 最新的 10-K 表格年度報告以及隨後向 SEC 提交的文件，以更詳細地討論可能影響我們公司未來經營業績和財務狀況的風險。

B&G Foods undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We will also be making references on today's call to the non-GAAP financial measures. Adjusted EBITDA, segment adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted gross profit percentage and base business net sales.

B&G Foods 不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。我們也將在今天的電話會議中提及非公認會計準則財務指標。調整後 EBITDA、部門調整 EBITDA、調整後淨利、調整後稀釋每股盈餘、調整後毛利、調整後毛利率及基本業務淨銷售額。

Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release.

在今天的收益報告中提供了這些財務指標與最直接可比較的公認會計準則財務指標的調整表。

Casey will begin the call with opening remarks and discuss various factors that affected our results, selected business highlights and his thoughts concerning the outlook for the remainder of fiscal 2024. Bruce will then discuss our financial results for the second quarter of 2024 and our guidance for fiscal 2024.

凱西將以開場白開始電話會議，並討論影響我們業績的各種因素、選定的業務亮點以及他對 2024 財年剩餘時間前景的看法。然後 Bruce 將討論我們 2024 年第二季的財務表現以及我們對 2024 財年的指導。

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

我現在想把電話轉給凱西。

Good afternoon. Thank you, AJ, and thank you all for joining us today for our second quarter 2024 earnings call. Q2 results, second quarter net sales of $444.6 million and adjusted EBITDA of $64 million were in line with expectations. Excluding Crisco, whose net sales were impacted by lower net pricing to reflect a decrease in soybean oil costs, base business net sales decreased by approximately 1.5% compared to the year ago period.

午安.謝謝 AJ，也謝謝大家今天參加我們的 2024 年第二季財報電話會議。第二季業績，第二季淨銷售額為 4.446 億美元，調整後 EBITDA 為 6,400 萬美元，符合預期。排除 Crisco 的淨銷售額受到大豆油成本下降導致的淨定價下降的影響，基礎業務淨銷售額較去年同期下降約 1.5%。

Base business trends improved relative to the first quarter, but we continue to experience softer trends in the center of the store, consistent with the rest of the industry. Foodservice sales also declined 3%, but much less than in Q1 and more consistent with overall restaurant traffic patterns.

基礎業務趨勢相對於第一季有所改善，但我們繼續經歷商店中心的疲軟趨勢，這與行業其他地區一致。餐飲服務銷售額也下降了 3%，但遠低於第一季度，並且與整體餐廳客流量模式更加一致。

Net sales for the highest margin Spices & Flavor Solutions business unit increased by 4.9% versus last year. Q2 adjusted EBITDA of $64 million decreased by $4.5 million compared to the second quarter of 2023. The Green Giant US shelf-stable product line represented approximately $2 million of the year-over-year decline with foreign exchange from Mexico operations on the Green Giant frozen business representing another $2 million. Adjusted EBITDA as a percentage of net sales for the second quarter was 14.4%, down slightly from the prior year period.

利潤率最高的香料和風味解決方案業務部門的淨銷售額比去年增長了 4.9%。第二季調整後 EBITDA 為 6,400 萬美元，與 2023 年第二季相比減少了 450 萬美元。Green Giant 美國耐儲存產品線年減約 200 萬美元，而 Green Giant 冷凍業務墨西哥業務的外匯收入又下降了 200 萬美元。第二季調整後 EBITDA 佔淨銷售額的百分比為 14.4%，較去年同期略有下降。

In quarter two, we continued to see moderating inflation and some favorability in transportation and warehousing. Corporate central expenses were also down in quarter two versus last year, reflecting a moderation in insurance and other fixed costs.

第二季度，我們繼續看到通膨放緩以及運輸和倉儲方面的一些利多。第二季企業核心支出也較去年下降，反映出保險和其他固定成本的放緩。

Segment reporting. As in the first quarter, B&G Foods is reporting results by operating segments, providing greater visibility into the underlying performance of the company's four operating business units. Spices & Flavor Solutions. Second quarter net sales increased 4.9%, with segment adjusted EBITDA up 5.9% versus the second quarter of fiscal year '23.

分段報告。與第一季一樣，B&G Foods 按營運部門報告業績，從而更好地了解公司四個營運業務部門的基本業績。香料和風味解決方案。第二季淨銷售額成長 4.9%，部門調整後 EBITDA 較 2023 財年第二季成長 5.9%。

This segment remains B&G Foods highest segment adjusted EBITDA as a percentage of net sales. B&G Foods is a leader in spices and seasonings and we continue to see healthy trends in the overall category.

該部門仍是 B&G Foods 調整後 EBITDA 佔淨銷售額百分比最高的部門。B&G Foods 是香料和調味料的領導者，我們繼續看到整個類別的健康趨勢。

Foodservice sales declines moderated this quarter to reflect overall restaurant trends. We also launched the new line of licensed seasoning and grilling blends under the 46s brand, featured in the Yellowstone TV franchise. Overall, customer service levels have been restored from some isolated issues in fiscal year '23.

本季餐飲服務銷售額下降幅度放緩，反映了餐廳的整體趨勢。我們還以 46s 品牌推出了新的授權調味料和燒烤混合物系列，該系列在 Yellowstone TV 專營權中得到了展示。總體而言，客戶服務水準已從 23 財年的一些孤立問題中恢復。

Meals, the key components of this business unit are Mexican Meals, Ortega, Las Palmas, and Hot Breakfast, Cream of Wheat, McCann's, Maple Grove Farms Syrups. The Meals segment increased quarter two segment adjusted EBITDA by 3.9%, although net sales were down approximately 5.5%.

餐食，該業務部門的主要組成部分是墨西哥餐食、Ortega、Las Palmas 和熱早餐、Cream of Wheat、McCann's、Maple Grove Farms Syrups。餐飲業務第二季調整後 EBITDA 成長 3.9%，但淨銷售額下降約 5.5%。

We have made good progress on controlling costs and driving productivity in this segment. Skinnygirl salad dressings continued high growth behind new items, increased capacity and expanded distribution.

我們在控製成本和提高該領域的生產力方面取得了良好進展。Skinnygirl 沙拉醬在新產品、產能增加和分銷範圍擴大的推動下繼續保持高速成長。

Ortega net sales were impacted by competitive activity from Taco Bell in the taco category, although we have a strong pipeline of channel and product innovation in the back half of this year. Food service sales in syrup were also down behind weak trends in a major syrup customer. Customer service levels have remained strong at over 99%.

儘管今年下半年我們擁有強大的通路和產品創新管道，但 Ortega 的淨銷售額仍受到 Taco Bell 在墨西哥玉米餅類別中的競爭活動的影響。糖漿食品服務銷售也落後於主要糖漿客戶的疲軟趨勢。客戶服務水準維持在 99% 以上。

Specialty. The Specialty segment's key objective is to maintain strong, stable cash flow and profit dollars with a primary focus on baking staples, about 70% of business unit sales with leading number one brands such as Crisco Oil and Shortening, Clabber Girl Baking Powder, Grandma's Molasses, et cetera.

專業。特種產品部門的主要目標是保持強勁、穩定的現金流和利潤，主要專注於烘焙主食，約佔業務部門銷售額的70%，擁有領先的第一品牌，如Crisco 油和起酥油、Clabber Girl 發酵粉、Grandma's Molasses等等。

Based on our Crisco commodity pricing model, quarter two net sales for Specialty were down mostly behind lower soybean oil pricing versus last year, reflected through to customers. We believe that soybean oil prices have largely stabilized in the near term and expect that the level of year-over-year decline will decrease in the back half.

根據我們的 Crisco 商品定價模型，第二季特種產品的淨銷售額下降，主要是由於豆油定價較去年下降，這反映在客戶身上。我們認為近期豆油價格已基本穩定，預計下半年年比跌幅將有所收窄。

Specialty segment adjusted EBITDA was down modestly 3%, reflecting slight delays in getting some customers to reflect lower oil pricing on all Crisco SKUs, which has now been rectified. The Specialty segment continues to deliver strong customer service at 98.5%.

特種業務部門調整後的 EBITDA 小幅下降 3%，反映出在讓一些客戶反映所有 Crisco SKU 的油價較低方面略有延遲，目前已得到糾正。專業部門繼續以 98.5% 的速度提供強大的客戶服務。

Frozen and vegetables. The Frozen and Vegetables business unit includes the US Green Giant frozen business, the Canadian Green Giant frozen and canned businesses, a major portion of our company's consolidated Canada sales and Le Sueur canned vegetable product line. Net sales excluding the impact of the US Green Giant canned divestiture were down 2.3%, an improvement from the first quarter trend, but still sluggish behind negative overall category trends.

冷凍和蔬菜。冷凍和蔬菜業務部門包括美國 Green Giant 冷凍業務、加拿大 Green Giant 冷凍和罐頭業務、我們公司加拿大綜合銷售和 Le Sueur 罐裝蔬菜產品線的主要部分。剔除美國Green Giant罐頭業務剝離的影響，淨銷售額下降2.3%，較第一季的趨勢有所改善，但仍落後於整體品類的負面趨勢。

The premium price Le Sueur Petit Pease canned business is showing strong growth in Q2 and year-to-date versus last year. Frozen & Vegetables segment adjusted EBITDA was down significantly, but reflected the loss of the US Green Giant shelf stable business $2 million and the impact of foreign exchange, another $2 million from the transfer of finished goods to the US and Mexican pesos.

與去年相比，高價 Le Sueur Petit Pease 罐裝業務在第二季和今年迄今表現出強勁成長。冷凍和蔬菜部門調整後的 EBITDA 大幅下降，但反映出美國 Green Giant 貨架穩定業務損失 200 萬美元以及外匯的影響，另外 200 萬美元來自成品轉移至美國和墨西哥比索。

This segment remains our lowest segment adjusted EBITDA margin business. This fall, we plan to launch a strong innovation pipeline of Veggie Ramen and premium sides. Customer service levels have remained strong in this segment.

該部門仍然是我們調整後 EBITDA 利潤率最低的部門。今年秋天，我們計劃推出一系列強大的素食拉麵和優質配菜創新產品。該領域的客戶服務水準仍然強勁。

Portfolio Shaping. B&G Foods is continuing the reshaping and restructuring of our portfolio to sharpen focus, improve margins and cash flow, and maximize future value creation. The divestiture of the Green Giant US Canned Vegetable business was completed last fall, following the sales of the Back to Nature brand in January 2023.

投資組合塑造。B&G Foods 正在繼續重塑和重組我們的投資組合，以提高重點、提高利潤和現金流，並最大限度地創造未來價值。繼 2023 年 1 月出售 Back to Nature 品牌後，Green Giant 美國罐頭蔬菜業務的剝離於去年秋天完成。

As discussed last quarter, we are conducting a strategic review of the frozen and remaining canned vegetables business unit for a possible divestiture in sale of some or all of the assets in the Frozen & Vegetables business unit. Green Giant remains a strong brand with broad awareness and distribution, and the frozen vegetables category is on trend with health and dietary trends.

正如上季所討論的，我們正在對冷凍和剩餘的罐裝蔬菜業務部門進行策略性審查，以便可能剝離冷凍和蔬菜業務部門的部分或全部資產。綠色巨人仍然是一個強大的品牌，擁有廣泛的知名度和分佈，冷凍蔬菜類別隨著健康和飲食趨勢而流行。

It just may not be the right fit with B&G Foods' focus and capabilities, particularly since there are no plans to add more assets in the frozen portfolio given the opportunities in our core shelf stable businesses and overall capital constraints.

它可能不適合 B&G Foods 的重點和能力，特別是考慮到我們的核心貨架穩定業務的機會和整體資本限制，沒有計劃在冷凍投資組合中增加更多資產。

As previously disclosed, we have been evaluating working on other smaller divestitures that represent around 10% of total company net sales. That process with some lesser brands is moving forward.

如同先前所揭露的，我們一直在評估其他規模較小的資產剝離工作，這些資產剝離約占公司總淨銷售額的 10%。一些較小品牌的這一進程正在向前推進。

Thank you. And I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the remainder of the year.

謝謝。我現在將把電話轉給布魯斯，以了解有關季度業績和今年剩餘時間前景的更多詳細資訊。

Thank you, Casey. Good afternoon, everyone. As a reminder and before I get into our results, we sold our Green Giant US shelf stable product line last fall, and so we are lapping second quarter of 2023 results, which included Green Giant US shelf stable net sales of $13.7 million and approximately $2 million of contribution.

謝謝你，凱西。大家下午好。提醒一下，在我進入我們的業績之前，我們去年秋天出售了Green Giant 美國貨架穩定產品線，因此我們正在記錄2023 年第二季度的業績，其中包括Green Giant 美國貨架穩定淨銷售額1370 萬美元和約2 美元萬元貢獻。

In the second quarter of 2024, we generated $444.6 million in net sales, approximately $64 million in adjusted EBITDA. Adjusted EBITDA as a percentage of net sales of 14.4% and $0.08 and adjusted diluted earnings per share. Base business net sales, which excludes the Green Giant US shelf stable product line, decreased by $11.3 million or 2.5% in the second quarter of 2024 compared to the second quarter of 2023.

2024 年第二季度，我們的淨銷售額為 4.446 億美元，調整後 EBITDA 約為 6,400 萬美元。調整後的 EBITDA 佔淨銷售額的百分比為 14.4%，調整後的稀釋每股收益為 0.08 美元。與 2023 年第二季相比，2024 年第二季的基礎業務淨銷售額（不包括 Green Giant 美國貨架穩定產品線）減少了 1,130 萬美元，即 2.5%。

$1.8 million or 0.4 percentage points of the base business net sales decline was driven by lower net pricing. $9.3 or just under 2 percentage points of the decline was driven by decreased volumes and a little bit less than $200,000 of the decline was driven by unfavorable FX.

淨定價下降導致基礎業務淨銷售額下降 180 萬美元，即 0.4 個百分點。 9.3 美元或略低於 2 個百分點的跌幅是由交易量減少造成的，略低於 200,000 美元的跌幅是由不利的外匯造成的。

Net sales of our Crisco brand decreased by $4.6 million for the second quarter of 2024 as compared to the second quarter of 2023, primarily as a result of our commodity pricing model for the brand, which drove a decline in net pricing of approximately $6.5 million to reflect lower soybean oil commodity costs, partially offset by an increase in volume of approximately $2 million.

與 2023 年第二季相比，2024 年第二季 Crisco 品牌的淨銷售額減少了 460 萬美元，這主要是由於我們的品牌商品定價模型導致淨定價下降了約 650 萬美元，反映豆油商品成本下降，但被銷量增加約200 萬美元部分抵銷。

Excluding the Crisco brand, base business net sales decreased by $6.7 million or 1.5% in the second quarter of 2024 compared to the second quarter of 2023. Gross profit was $92 million for the second quarter of 2024 or approximately 20.7% of net sales.

不包括 Crisco 品牌，2024 年第二季基礎業務淨銷售額較 2023 年第二季減少 670 萬美元，即 1.5%。2024 年第二季毛利為 9,200 萬美元，約佔淨銷售額的 20.7%。

Adjusted gross profit, which excludes the negative impact of $1.2 million of acquisition divestiture related expenses and non-recurring expenses included in cost of goods sold during the second quarter of 2024 was $93.2 million or 21% of net sales.

排除 2024 年第二季銷售成本中包含的 120 萬美元收購剝離相關費用和非經常性費用的負面影響，調整後毛利潤為 9,320 萬美元，佔淨銷售額的 21%。

Gross profit was $102.3 million for the second quarter of 2023 or 21.8% of net sales. Adjusted gross profit, which excludes the negative impact of $0.4 million of acquisition divestiture related expenses and non-recurring expenses included in cost of goods sold during the second quarter of 2023 was $102.7 million or 21.9% of net sales. While we are continuing to see input cost inflation with regards to material costs across our basket of inputs and in our factories, the cost increases have mostly been modest thus far this year.

2023 年第二季毛利為 1.023 億美元，佔淨銷售額的 21.8%。排除 2023 年第二季銷售成本中包含的 40 萬美元收購剝離相關費用和非經常性費用的負面影響，調整後毛利潤為 1.027 億美元，佔淨銷售額的 21.9%。雖然我們繼續看到我們的一攬子投入和工廠的材料成本投入成本上漲，但今年到目前為止，成本增長大多不大。

Helping to mitigate those cost increases, our continued favorability in some of the areas that saw the most extreme input cost inflation in 2022 and 2023 such as soybean oil, cans and logistics, as well as through our continuous improvement efforts and cost savings initiatives in our factories.

為了幫助緩解這些成本增加，我們對 2022 年和 2023 年投入成本通膨最嚴重的一些領域（例如豆油、罐頭和物流）的持續青睞，以及透過我們在工廠。

Selling, general and administrative expenses decreased by $4.8 million or 9.9% to $43.1 million for the second quarter of 2024 from $47.9 million for the second quarter of 2023. The decrease was composed of decreases in consumer marketing expense of $3.4 million, selling expenses of $1.9 million and warehousing expenses of $0.1 million partially offset by an increase in general and administrative costs of $0.6 million.

2024 年第二季的銷售、一般和管理費用為 4,310 萬美元，較 2023 年第二季的 4,790 萬美元減少 480 萬美元，即 9.9%。這項減少包括消費者行銷費用 340 萬美元、銷售費用 190 萬美元和倉儲費用 10 萬美元的減少，但部分被一般和管理費用增加 60 萬美元所抵銷。

Expressed as a percentage of net sales, selling, general and administrative expenses improved by 0.5 percentage points to 9.7% for the second quarter of 2024 as compared to 10.2% for the second quarter of 2023. As I mentioned earlier, we generated approximately $64 million in adjusted EBITDA or 14.4% of net sales in the second quarter of 2024 compared to $68.5 million or 14.6% in the second quarter of 2023.

以佔淨銷售額的百分比表示，2024 年第二季的銷售、一般和管理費用提高了 0.5 個百分點，達到 9.7%，而 2023 年第二季為 10.2%。正如我之前提到的，2024 年第二季我們的調整後 EBITDA 約為 6,400 萬美元，佔淨銷售額的 14.4%，而 2023 年第二季為 6,850 萬美元，佔淨銷售額的 14.6%。

Approximately $2 million of the decrease in adjusted EBITDA for the quarter was the result of the divestiture of the Green Giant US shelf-stable product line which we sold last fall.

本季調整後 EBITDA 減少約 200 萬美元，是由於我們去年秋天出售的 Green Giant 美國耐儲存產品線的剝離所致。

An additional $2 million or so of the adjusted EBITDA decline resulted from the negative impact of foreign currency on our cost of goods sold for our Green Giant frozen business that were manufactured in Mexico. The remainder of the decline was largely driven by the decline in our net sales, a modest increase in our raw material costs and some negative mix. Net interest expense was $37.8 million in the second quarter of 2024 compared to $35.8 million in the second quarter of 2023.

調整後 EBITDA 下降約 200 萬美元是由於外幣對我們在墨西哥製造的 Green Giant 冷凍業務銷售的商品成本產生的負面影響。其餘的下降主要是由於我們的淨銷售額下降、原材料成本小幅上升以及一些負面因素造成的。2024 年第二季的淨利息支出為 3,780 萬美元，而 2023 年第二季為 3,580 萬美元。

The increase was primarily due to higher interest rates on our long-term debt during the second quarter of 2024 compared to the second quarter of 2023, partially offset by a reduction in average long-term debt outstanding during the second quarter of 2024 compared to the second quarter of 2023.

這一成長主要是由於與2023 年第二季相比，2024 年第二季我們的長期債務利率較高，但與2024 年第二季相比，2024 年第二季平均未償長期債務減少部分抵銷了這一成長。

The second quarter of 2024 net interest expense also includes $0.5 million of non-cash expense due to the accelerated amortization of financing fees that resulted from the early retirement of approximately $22 million principal amount of long-term debt during the quarter, whereas the year ago period includes an $800,000 gain on extinguishment of debt.

2024 年第二季的淨利息支出還包括 50 萬美元的非現金支出，這是由於本季度約 2,200 萬美元長期債務本金的提前退休導致融資費用加速攤銷，而去年同期期間包括因債務清償而獲得的800,000 美元收益。

Depreciation and amortization was $17.3 million in the second quarter of 2024, which is in line with the $17.3 million in the second quarter of last year. We had net income of $3.9 million or $0.05 per diluted share and adjusted net income of $6.6 million or $0.08 per diluted share in the second quarter of 2024 compared to $10.6 million or $0.15 per diluted share and adjusted net income of $10.7 million or $0.15 per diluted share in the second quarter of last year. Adjustments to our EBITDA and net income are described further in our earnings release.

2024 年第二季的折舊和攤提為 1,730 萬美元，與去年第二季的 1,730 萬美元持平。2024 年第二季度，我們的淨利潤為390 萬美元，即稀釋後每股收益0.05 美元，調整後淨利潤為660 萬美元，即稀釋後每股收益0.08 美元，而調整後淨利潤為1060 萬美元，即稀釋後每股收益0.15 美元，調整後淨利潤為1070 萬美元，即稀釋後每股收益0.15 美元。我們的 EBITDA 和淨利潤的調整將在我們的收益發布中進一步描述。

Now I'd like to touch on the results by business unit. Net sales for Specialty decreased by $7.2 million or 4.7% in the second quarter of 2024 to $146.6 million from $153.8 million in the second quarter of 2023. The decrease was primarily due to lower Crisco pricing driven by decreased commodity costs coupled with modest declines in volumes across the rest of the business unit in the aggregate, which were offset in part by higher Crisco volumes.

現在我想談談按業務部門劃分的結果。2024 年第二季度，Specialty 的淨銷售額從 2023 年第二季的 1.538 億美元下降至 1.466 億美元，下降了 720 萬美元，成長 4.7%。這一下降主要是由於大宗商品成本下降導致 Crisco 定價下降，加上該業務部門其他業務部門的銷售總體略有下降，但 Crisco 銷量增加在一定程度上抵消了下降。

Specialty segment adjusted EBITDA decreased by $1 million or 3.1% in the second quarter of 2024 compared to the second quarter of 2023. Net sales for meals decreased by $6.3 million, a 5.5% in the second quarter of 2024 to $107.9 million from $114.1 million for the second quarter of 2023. The decrease was primarily due to lower volumes across the business unit, partially offset by a modest increase in net pricing.

與 2023 年第二季相比，2024 年第二季特種業務調整後 EBITDA 減少了 100 萬美元，即 3.1%。2024 年第二季度，餐食淨銷售額從 2023 年第二季的 1.141 億美元減少至 1.079 億美元，下降了 630 萬美元，降幅為 5.5%。下降的主要原因是整個業務部門的銷售下降，但部分被淨定價的小幅成長所抵消。

Meal segment adjusted EBITDA increased by $900,000 or 3.9% compared to the second quarter of 2023. Excluding the impact from the divestiture of the Green Giant US Shelf stable product line, which we sold last fall, net sales for Frozen & Vegetables decreased by $2.4 million or 2.6% compared to the second quarter of 2023.

與 2023 年第二季相比，餐飲部門調整後 EBITDA 增加了 90 萬美元，即 3.9%。排除我們去年秋天出售的 Green Giant US Shelf 穩定產品線剝離的影響，冷凍和蔬菜的淨銷售額與 2023 年第二季度相比下降了 240 萬美元，即 2.6%。

Frozen & Vegetables segment adjusted EBITDA decreased by $7 million compared to the second quarter of 2023. Approximately $2 million of the decline was due to the divestiture of the Green Giant US Shelf stable product line, approximately $2 million from the negative impact of foreign currency and the remainder from the decrease in net sales, increases in material costs and some unfavorable product mix.

與 2023 年第二季相比，冷凍和蔬菜部門調整後的 EBITDA 減少了 700 萬美元。其中約200 萬美元的下降是由於Green Giant 美國貨架穩定產品線的剝離，約200 萬美元的下降是由於外匯的負面影響，其餘是由於淨銷售額的下降、材料成本的增加和一些不利的產品組合。

Net sales for Spices & Flavor Solutions increased by $4.6 million or 4.9% in the second quarter of 2024 to $98.5 million from $93.9 million in the second quarter of 2023. The increase was primarily due to higher volumes across the business unit. Spices & Flavor Solutions segment adjusted EBITDA increased by $1.5 million or 5.9% in the second quarter of 2024 compared to the second quarter of 2023.

香料和風味解決方案的淨銷售額從 2023 年第二季的 9,390 萬美元增至 2024 年第二季的 9,850 萬美元，增幅為 460 萬美元，增幅為 4.9%。這一增長主要是由於整個業務部門的銷售增加。與 2023 年第二季相比，2024 年第二季香料和風味解決方案部門調整後 EBITDA 增加了 150 萬美元，成長 5.9%。

Now moving on to our balance sheet. As you likely saw, we were busy in the capital markets this summer. In late June, we launched a three part financing effort, which included a $475 million revolver, a $450 million term loan and a $250 million add on to our existing senior secured notes due 2028.

現在轉向我們的資產負債表。正如您可能看到的，今年夏天我們在資本市場上很忙。6 月下旬，我們啟動了三部分融資工作，其中包括 4.75 億美元的循環貸款、4.5 億美元的定期貸款以及在 2028 年到期的現有高級擔保票據基礎上追加的 2.5 億美元。

The transactions priced in late June, but did not close until early July and thus are not reflected on the face of our second quarter financial statements. Instead, they will be reflected in our third quarter financial statements.

這些交易在 6 月底定價，但直到 7 月初才結束，因此沒有反映在我們第二季財務報表的表面上。相反，它們將反映在我們第三季的財務報表中。

Further details regarding the refinancing transactions have previously been disclosed by press release and 8-K filings and are described in the footnotes to the financial statements that we filed earlier today as part of our 10-Q.

有關再融資交易的更多細節先前已透過新聞稿和 8-K 文件披露，並在我們今天早些時候提交的 10-Q 財務報表的腳註中進行了描述。

After giving effect to the recently completed refinancing and our planned repurchase or redemption by the end of fiscal 2024 of our remaining $265 million of 5.25% notes due 2025, which we expect to fund with cash from operations and revolver draw, we will have successfully pushed into the future the maturity dates for the majority of our long-term debt with our nearest maturity being our 5.25% senior notes due September 2027.

在落實最近完成的再融資以及我們計劃在2024 財年底之前回購或贖回2025 年到期的剩餘2.65 億美元、利率為5.25% 的票據（我們預計將透過營運和循環提取的現金為這些票據提供資金）後，我們將成功推動未來我們大部分長期債務的到期日是我們最近到期的 5.25% 優先票據，將於 2027 年 9 月到期。

And finally, as we noted in our earnings press release, we're revising our fiscal 2024 guidance to $1.945 billion to $1.97 billion for net sales, $300 million to $315 million for adjusted EBITDA and $0.70 to $0.90 for adjusted diluted earnings per share. We believe that the revised guidance better reflects the continued industry-wide challenges in consumer activity, which has dampened volumes in both retail consumption and food service channels.

最後，正如我們在收益新聞稿中指出的那樣，我們正在將2024 財年淨銷售額指引修訂為19.45 億美元至19.7 億美元，調整後EBITDA 調整為3 億至3.15 億美元，調整後稀釋每股收益調整為0.70 至0.90 美元。我們認為，修訂後的指引更能反映了整個產業在消費者活動方面持續面臨的挑戰，這抑制了零售消費和食品服務通路的交易量。

We do expect continued volume improvement throughout the year in our sales to retail customers and less of a drag on net pricing as we lap our increased trade promotional spending in Q3 of this year. Our net sales guidance is based on our first half 2024 net sales of approximately $920 million and projected base business net sales growth for the second half of 2024, which excludes approximately $36 million of 2023 net sales from the Green Giant US Shelf stable business in a range of approximately negative 2% to plus 5% -- plus 0.5% excuse me.

我們確實預計全年對零售客戶的銷售量將持續改善，並且隨著我們在今年第三季增加貿易促銷支出，對淨定價的拖累將減少。我們的淨銷售額指引是基於2024 年上半年約9.2 億美元的淨銷售額以及2024 年下半年預計的基本業務淨銷售額增長，其中不包括Green Giant 美國貨架穩定業務2023 年淨銷售額中的約3600 萬美元。

Additionally, we expect full-year 2024 net interest expense of $150 million to $155 million including cash interest expense of $143 million to $148 million. Depreciation expense of $47.5 million to $52.5 million, amortization expense of $20 million to $22 million, and effective tax rate of 26% to 27% and CapEx of $30 million to $35 million.

此外，我們預計 2024 年全年淨利息支出為 1.5 億至 1.55 億美元，其中現金利息支出為 1.43 億至 1.48 億美元。折舊費用為 4,750 萬美元至 5,250 萬美元，攤銷費用為 2,000 萬美元至 2,200 萬美元，有效稅率為 26% 至 27%，資本支出為 3,000 萬美元至 3,500 萬美元。

Over the long-term, we continue to expect to use approximately 50% of our excess cash to pay dividends and the remaining 50% to pay down debt.

從長遠來看，我們繼續預計將使用約 50% 的過剩現金來支付股息，剩餘的 50% 來償還債務。

Now, I will turn the call back over to Casey for further remarks.

現在，我將把電話轉回給凱西，以徵求進一步的意見。

Thank you, Bruce. In closing, B&G Foods is laser focused on the few critical priorities. One, improving the base business net sales trends of the core business to the long-term objective of plus 1% to 2%, two, reshaping the portfolio for future growth, stability, higher margins and cash flows as well as structuring key platforms for future acquisition growth and three, reducing leverage below 5.5x through divestitures and excess cash flow to facilitate strategic acquisitions.

謝謝你，布魯斯。最後，B&G Foods 專注於少數關鍵優先事項。一、改善核心業務的基礎業務淨銷售額趨勢，以實現成長1% 至2% 的長期目標；二、重塑投資組合，以實現未來的成長、穩定、更高的利潤和現金流，並構建關鍵平台三是透過資產剝離和過剩現金流將槓桿率降低到 5.5 倍以下，以促進策略性收購。

Our second quarter results demonstrated improving trends from the first quarter with base business net sales, excluding Crisco, moderating at minus 1.5% and foodservice sales showing more consistent declines with restaurant industry trends. We expect the gradual improvement to continue in the back half.

我們第二季的業績顯示出較第一季有所改善的趨勢，不包括 Crisco 的基礎業務淨銷售額放緩至負 1.5%，餐飲服務銷售額的下降與餐飲業趨勢更加一致。我們預計下半年將持續逐步改善。

Further, we are prioritizing efforts to reshape and clarify the portfolio and are actively reviewing and working on possible divestitures, including our ongoing strategic review of our Frozen & Vegetables business.

此外，我們正在優先努力重塑和澄清投資組合，並積極審查和研究可能的剝離，包括我們對冷凍和蔬菜業務正在進行的策略審查。

This concludes our remarks. And now we would like to begin the Q&A portion of our call. Operator?

我們的發言到此結束。現在我們要開始電話會議的問答部分。操作員？

(Operator Instructions). Andrew Lazar, Barclays.

（操作員說明）。安德魯·拉扎爾，巴克萊銀行。

Good afternoon, Casey, and Bruce.

下午好，凱西和布魯斯。

Good afternoon, Andrew.

下午好，安德魯。

How you doing? Spices and seasonings have been as a category one of the sort of better highlights, if you will, or better growing categories in the sort of the center of the store. You're seeing some of the benefits of that as well. The theory is as more consumers look to do a little more scratch cooking and purchase items around the perimeter of the store or maybe as they look to sort of stretch the food budget, they need to flavor what they cook.

你好嗎？如果你願意的話，香料和調味品已經成為更好的亮點類別之一，或者是商店中心更好增長的類別之一。您也看到了其中的一些好處。其理論是，隨著越來越多的消費者想要多做一點烹飪並在商店週邊購買物品，或者當他們想要增加食物預算時，他們需要為自己做的菜調味。

And in your results, I guess, you're seeing some of that similar trend, right? Spice and seasonings have been strong. Some of the meals and center store parts of the portfolio for you like others have been a bit weaker. Is that what you're seeing sort of drive that dynamic or are there other things that play there? And then how would you…

我想，在你的結果中，你看到了一些類似的趨勢，對嗎？香料和調味料很重。像其他人一樣，您的投資組合中的一些餐飲和中心商店部分有點弱。這是您所看到的那種動態驅動力還是還有其他因素在起作用？然後你會怎樣…

I mean, we see some of the -- yes, that is what we're seeing in our business right now. I think it's tied to what you mentioned. We see growth in the perimeter store or in the fresh produce or the fresh proteins. And we know that spices and seasonings is one of the ways that people flavor prepare that. And so we've seen that kind of flavor solutions kind of part of the market continue to be strong based on its kind of correlation to the perimeter sales.

我的意思是，我們看到了一些——是的，這就是我們現在在我們的業務中看到的。我認為這與你提到的有關。我們看到週邊商店、新鮮農產品或新鮮蛋白質的成長。我們知道香料和調味料是人們調味的方法之一。因此，我們看到這種風味解決方案作為市場的一部分，基於其與週邊銷售的相關性，繼續保持強勁。

And we've seen more weakness in the center store kind of prepared food market, which you referenced in our meals. So, I think people have, and then in terms of baking, we've seen scratch baking stay relatively stable over time. So people learn to bake in the pandemic and they've kind of continued that habit. It's not growing, but it's kind of staying stable. And so our shortening baking powder business and everything has been pretty consistent.

我們看到中心商店的預製食品市場更加疲軟，您在我們的餐點中提到了這一點。所以，我認為人們已經做到了，然後在烘焙方面，我們看到刮擦烘焙隨著時間的推移保持相對穩定。所以人們在大流行中學會了烘焙，並且他們延續了這種習慣。它沒有增長，但保持穩定。因此，我們的起酥油泡打粉業務和一切都非常一致。

The fluctuations in that business are all around the commodity pricing on Crisco behind soybean oil. So yes, I think that is what we're seeing right now in our business. But from our standpoint, if people begin to make more fresh food at home, we make enough in terms of the things that flavor it or enable people to bake from scratch that will ride just fine in that portfolio.

該業務的波動主要圍繞豆油背後的 Crisco 商品定價。所以，是的，我認為這就是我們現在在我們的業務中看到的情況。但從我們的角度來看，如果人們開始在家製作更多新鮮食品，我們就會在調味品或讓人們從頭開始烘焙的東西方面製造足夠的東西，這些東西在該產品組合中會很好地發揮作用。

And then you're operating a lot of different categories obviously in the store and some are going to be more promotional than others by nature, others less so. I guess could you characterize what you're sort of seeing broadly in the promotional environment? It sounds like you're expecting less of a drag from price primarily due to lapping some of the Crisco pricing actions.

然後，你顯然會在商店中經營許多不同的類別，有些類別本質上會比其他類別更具促銷性，而有些類別則較少。我想您能描述一下您在促銷環境中廣泛看到的情況嗎？聽起來您預期價格的拖累會較小，這主要是由於 Crisco 的一些定價行動受到了影響。

But maybe outside of that, what are you seeing from sort of a promotional perspective that gives you, I guess, some confidence that pricing can be less of a drag as you go into the back half of the year?

但也許除此之外，我想，從促銷角度來看，您看到了什麼，讓您有信心相信，進入下半年時，定價可能不會成為拖累因素？

So, I mean, I think beyond just the Crisco pricing differential year-over-year, which we expect to not be as significant in the back half as it was in the first half. We started to return to sort of not quite, but almost pre-pandemic promotional levels last year at the end of Q3. So we begin to lap that in Q3 -- at the end of Q3 and Q4 of this year.

所以，我的意思是，我認為不僅僅是 Crisco 的同比定價差異，我們預計下半年的定價差異不會像上半年那麼大。去年第三季末，我們開始恢復到雖然不完全但幾乎是疫情大流行前的促銷水平。因此，我們開始在第三季（今年第三季和第四季末）進行測試。

And we don't see the need to increase from where we moved to last year in terms of a rate spend or promotional depth. So what we're saying is we don't expect to have a promotional dip in the third and fourth quarters that would show us spending at a higher promotion rate than we did last year.

我們認為沒有必要在費率支出或促銷深度方面比去年增加。因此，我們的意思是，我們預計第三季和第四季的促銷活動不會下降，這表明我們的促銷費用不會高於去年。

Last thing real quick, and there's probably not much more you can say on it, but in terms of the strategic review around frozen, I guess, how is that progressing? Or have you seen more or less similar amount of interest perhaps than you might have expected? Anything that you can say around it, understanding that there's sensitivity there? Thanks so much.

最後一件事很快，你可能沒什麼好說的了，但就凍結的策略審查而言，我想進展如何？或者您看到了比您預期更多或更少相似的興趣？了解其中的敏感度後，您能對此說些什麼嗎？非常感謝。

Yeah. And Andrew, I think the sensitivity is we try not to comment on M&A. I think as we discussed on our last call, because of the size of Green Giant and the kind of the name recognition that it made sense for us to at least disclose that we're evaluating the process. But our goal is to not get into a quarterly update on where we are in the process. Just too fluid, it's early in the process and there's a lot of things going on in the world.

是的。安德魯，我認為敏感度在於我們盡量不對併購發表評論。我認為正如我們在上次電話會議中討論的那樣，由於綠巨人的規模和知名度，我們至少披露我們正在評估這一流程是有意義的。但我們的目標是不要每季更新我們的進度。太不穩定了，現在還處於這個過程的早期，世界上正在發生很多事情。

Yeah, got it. Thanks.

是的，明白了。謝謝。

Thank you.

謝謝。

William Reuter, Bank of America.

威廉·路透，美國銀行。

Good afternoon. My first question, inventory has continued to decline on a year-over-year basis. Is there opportunity to reduce your inventory levels further over the next handful of quarters or into next year?

午安.我的第一個問題，庫存比去年同期持續下降。在接下來的幾個季度或明年是否有機會進一步降低庫存水準？

So certainly, on a year-over-year basis, you see it in the balance sheet. We significantly reduced our inventory from where it was at the beginning of last year. And so we're going to have favorability for a good portion of this year.

因此，當然，與去年同期相比，您可以在資產負債表中看到它。與去年年初相比，我們大幅減少了庫存。因此，今年的大部分時間我們都會受到青睞。

As we get into the back half of the year, our expectation is to still drive favorability, but a lot of the easy lifting is probably done. But very much we expect to continue to reduce inventory from that kind of post pandemic level.

當我們進入今年下半年時，我們的期望仍然是提高好感度，但許多簡單的提升可能已經完成。但我們非常希望繼續減少疫情後的庫存。

Okay. And then…

好的。然後…

You just seeing continuous improvement in our inventory levels, we'll show that, but more at a continuous improvement level versus the big year-over-year decline driven by exiting the canned vegetable business.

您只會看到我們的庫存水平持續改善，我們將展示這一點，但更多的是持續改善水平，而不是退出罐頭蔬菜業務導致的同比大幅下降。

Got it. And then, similarly, there was destocking by your foodservice customers earlier this year. Has that process now been completed and you feel like your sales trends will align with their kind of sell through and what we're kind of seeing more broadly from food service?

知道了。同樣，今年早些時候，您的餐飲服務客戶也減少了庫存。該過程現在是否已經完成，您是否覺得您的銷售趨勢將與他們的銷售方式以及我們從食品服務中看到的更廣泛的情況保持一致？

We think that's the case.

我們認為情況就是如此。

And that's certainly what our Q2 trend shows.

這當然就是我們第二季趨勢所顯示的。

Okay. Just lastly, in terms of non-tracked channels, a lot of times the trends there, I guess over the last six or nine months have been better I think than tracked channels. What percentage of your sales are through non-tracked channels and how have those done versus tracked channels? And I'm referring more towards kind of Nielsen.

好的。最後，就非追蹤管道而言，很多時候，我認為過去六、九個月的趨勢比追蹤管道好。您的銷售額中有多少是透過非追蹤管道實現的？我更多地指的是尼爾森。

Yes. So Nielsen only is capturing about 70% of our total sales. We have obviously food service and industrial sales, which aren't captured by Nielsen. There's probably about 5% that is untracked retail channels that Nielsen doesn't cover. And then we have a Canadian business, about 10% of our business is not covered by the Nielsen data in the US. So yes, so 70% is kind of correlates to Nielsen, 30% is outside.

是的。因此，尼爾森僅佔了我們總銷售額的 70% 左右。我們顯然有食品服務和工業銷售，尼爾森沒有涵蓋這些。大約有 5% 的零售通路是尼爾森未涵蓋的未追蹤零售通路。然後我們有加拿大的業務，大約10%的業務沒有被美國尼爾森的數據覆蓋。所以是的，70% 與尼爾森相關，30% 與外部相關。

And so we -- Canada had a reasonably strong quarter. Our Food Service Industrial business was slightly down as we've talked about, but not down that much, much more moderate kind of declines consistent with the industry. And we've continued to perform in one or two customers that are tracked by Nielsen reasonably well.

因此，加拿大的季度表現相當強勁。正如我們所討論的，我們的食品服務工業業務略有下降，但下降幅度不大，與行業一致，下降幅度要溫和得多。我們繼續在尼爾森跟踪的一兩個客戶中表現相當好。

Got it. That's all for me. Thank you.

知道了。這就是我的全部。謝謝。

Thank you.

謝謝。

Rob Dickerson, Jefferies.

羅布·迪克森，杰弗里斯。

Great. Thanks so much. I guess couple of questions. Just first question, both kind of related to cadence for rest of the year. As we think through kind of the updated guide, Q3 relative to Q4, should we be thinking these are kind of fairly similar year-over-year or just more of the sequential improvement relative to what we are seeing in Q2?

偉大的。非常感謝。我想有幾個問題。只是第一個問題，這兩個問題都與今年剩餘時間的節奏有關。當我們思考更新後的指南時，第三季度相對於第四季度，我們是否應該認為這些與去年同期相當相似，或者只是相對於我們在第二季度看到的情況有更多的連續改進？

May be a slight bias towards a sequential improvement. We always look that first half of this year and second half of this year as two pieces. First half would be challenged from top line trends. Second half would show improvement. I think we still expect that to be the case.

可能稍微偏向順序改進。我們總是將今年上半年和今年下半年視為兩個部分。上半年將受到營收趨勢的挑戰。下半場將會有所改善。我認為我們仍然希望情況如此。

Our back half guide is to a base business down to the plus 0.5 versus earlier in the year, we were thinking plus 1, minus 1. And then just as a reminder, we did sell Green Giant US Canned business last year. And so there's about a $36 million drag from a non-base business concept.

我們的後半部分指導是將基礎業務降至正 0.5，而今年早些時候，我們考慮的是正 1、負 1。提醒一下，我們去年確實出售了美國綠巨人罐頭業務。因此，非基礎商業概念會造成約 3,600 萬美元的損失。

Yeah. Okay, cool. And then I guess just on the margin piece, gross margin was a little lighter than expected in the quarter. I mean, clearly, you had a great Q2 last year. And then at the same time, right, sales come down a little bit, for the year you lowered the high end of your EBITDA range a little bit, but the low end stays the same.

是的。好吧，酷。然後我想就利潤率而言，本季的毛利率略低於預期。我的意思是，很明顯，去年第二季的表現非常出色。同時，在您稍微降低 EBITDA 範圍高端的那一年，銷售額略有下降，但低端保持不變。

So again, just kind of a cadence level like we saw it come down a little bit in Q1, but it was up a little bit year-over-year in Q1. Should we still be thinking maybe gross margin could be up a little bit in the back half? And then it also sounds like SG&A instead of maybe being up a little bit for the year given wages, it's maybe flat to down a little bit.

再說一遍，就像我們在第一季看到的節奏水平略有下降，但在第一季同比有所上升。我們是否仍應該考慮下半年毛利率可能會略有上升？然後，聽起來也像是SG&A，而不是在給定工資的情況下，今年的SG&A可能會上漲一點點，它可能會持平甚至下降一點點。

And then just one quick add, it does sound like spice and seasonings growing more quickly, right, it's the highest margin business. Like are there other offsets that are just kind of came through Q2 that caused that margin to be down more than you expected? A lot in there.

然後快速補充一下，聽起來香料和調味料確實成長得更快，對吧，這是利潤率最高的業務。就像第二季是否有其他抵銷導致利潤率下降超過您的預期？裡面有很多。

So a couple of things, I'll try to get them all. We give guidance on an EBITDA and implied EBITDA margin basis. Our guidance expects suggests somewhere between flat and somewhere up from last year's EBITDA margins in the back half of the year. Nothing Herculean, just sort of like a little bit of increase. If you think about gross margin and SG&A so far this year and EBITDA margins on a year-to-date, were basically flat through the first six months of the year or the quarter.

所以有幾件事，我會盡力把它們全部搞定。我們就 EBITDA 和隱含 EBITDA 利潤率基礎提供指引。我們的指引預計今年下半年的 EBITDA 利潤率將與去年持平或上升。沒有什麼困難，只是一點點增加。如果你考慮今年迄今為止的毛利率和銷售管理費用以及年初至今的 EBITDA 利潤率，在今年或本季的前六個月基本上持平。

On an EBITDA margin, I think we're within 20 basis points. And we had these flip gross margin SG&A. Gross margin was down a little bit in the Q2, but as you remember, it was up a little bit in the first quarter, and I think it's flat on a year-to-date basis versus the prior year period and SG&A went in the opposite direction. So some of this I think is timing.

就 EBITDA 利潤率而言，我認為我們的差距在 20 個基點以內。我們有這些翻轉毛利率SG&A。第二季的毛利率略有下降，但正如您所記得的，第一季的毛利率略有上升，我認為今年迄今的毛利率與去年同期持平，SG&A 納入了相反的方向。所以我認為其中一些是時機。

The other thing to keep in mind, there is a little bit of noise from the Green Giant business that we sold. And then the other piece of that is we manufacture the majority, not all of, but the majority of our US Frozen business for Green Giant out of our facility in Mexico. And we've got a drag just the way it works out, currency translation. That was about $2 million, $2.5 million of an impact in the second quarter. It's probably something similar in the first quarter. And that obviously impacts the gross margin a little bit.

另一件需要記住的事情是，我們出售的綠巨人業務產生了一些噪音。另一方面，我們在墨西哥的工廠為 Green Giant 生產大部分（不是全部）美國冷凍業務。我們遇到了一個阻礙，就是貨幣換算。這大約是 200 萬美元，也就是第二季影響的 250 萬美元。第一季的情況可能類似。這顯然會對毛利率產生一點影響。

Okay. And so far the pesos kind of come back up. So we think that impact will be less in the back half of the year.

好的。到目前為止，比索有所回升。所以我們認為下半年的影響會較小。

Okay, perfect. All right, great. I'll pass it on. Thank you.

好的，完美。好吧，太好了。我會把它傳遞下去。謝謝。

Thanks, Rob.

謝謝，羅布。

Karru Martinson, Jefferies.

卡魯馬丁森，傑弗里斯。

Good afternoon. I just wanted to get a sense on the competitive environment. Certainly, you have read about the more promotions. It doesn't sound like we're going to be excessively promotional in the second half. But I was also curious on to your comments on the prepared meals saying Ortega was being challenged by Taco Bell and if there are others. What's speeding that?

午安.我只是想了解一下競爭環境。當然，您已經了解了更多促銷活動。聽起來我們下半年不會過度促銷。但我也很好奇你對準備好的餐點的評論，說奧特加受到塔可鐘的挑戰，以及是否還有其他人。是什麼加速了這一切？

I think in the particular case of Ortega, we've seen Taco Bell come in with a lot of new items and drive new distribution. And I feel like we're pretty competitive now. We've got some new kind of sauces and taco items coming in, in the back half of the year. But it's just another competitor or entrant coming back in. They've tried before and kind of retreated, but this time they're pushing again and pushing new items.

我認為在奧爾特加的特殊情況下，我們已經看到塔可鐘推出了許多新產品並推動了新的分銷。我覺得我們現在很有競爭力。今年下半年，我們將推出一些新型醬汁和玉米餅。但這只是另一個競爭對手或進入者的回歸。他們以前曾嘗試過，但後來有所退縮，但這次他們再次推動並推出新產品。

So you've seen both us and Old El Paso get impacted a little bit by the entry of a new competitor in that Taco shell, Taco sauce, Taco kit area, Taco seasonings. But I think we're going to hold up just fine. And I think you're going to see improved trends on the Ortega business in the back half.

所以你已經看到我們和老埃爾帕索都受到了新競爭對手的影響，在塔可殼、塔可醬、塔可套件區域、塔可調味料領域。但我認為我們會堅持得很好。我認為下半年你會看到奧特加業務的改善趨勢。

Okay.

好的。

And then in terms of promotions, what I was trying to say before is that we brought promotion spending and promotional levels up last year at the end back half of '23 at the end of Q3 and Q4 because we have a lot of baking promotional seasonality or baking and fall promotional seasonality.

然後在促銷方面，我之前想說的是，我們去年在第三季末和第四季末的下半年提高了促銷支出和促銷水平，因為我們有很多烘焙促銷季節性或烘焙和秋季促銷季節性。

So, we're going to lap that. So, we're already kind of back to where we were in terms of promotion intensity at pre-pandemic levels and the end of '23 and we'll lap that this year. But I don't see us going beyond where promotion intensity pre-pandemic. I think we'll stay right there and we believe we're competitive with that kind of spend rate.

所以，我們要記錄這一點。因此，就促銷強度而言，我們已經回到了疫情前和 23 年底的水平，今年我們將完成這一目標。但我認為我們的促銷力道不會超越疫情前的水準。我認為我們會留在那裡，我們相信我們在這種支出率方面具有競爭力。

Okay. And then when we look at spices and seasoning, is kind of that licensed line extension the model for growth there or are there products that you're developing on your own?

好的。然後，當我們研究香料和調味料時，許可產品線延伸是那裡的成長模式還是您自己開發的產品？

I think a combination of both. We like the license model where we think we have the right properties like the 4, 6s, I think is a great way for us to get into the seasoning blend business that's designed to kind of enhance proteins and kind of a Western barbecue kind of style. So, we like licensed brands where they bring relevant equities and properties to our portfolio and put us in spaces that we're not really competing in that well.

我認為兩者兼而有之。我們喜歡這種授權模式，我們認為我們擁有像 4、6 這樣的正確特性，我認為這是我們進入調味品混合業務的好方法，該業務旨在增強蛋白質和西式燒烤風格。因此，我們喜歡授權品牌，它們將相關的股票和財產引入我們的投資組合，並將我們置於我們實際上並沒有真正競爭的領域。

So, you'll continue to see some of that, but we will also look at ways to kind of either extend our current brands, drive our current brands, or even maybe launch new items that aren't necessarily licensed properties. So, we like the spice and season category. We think it's good long-term growth. We think it's good margins. We've built up our capabilities there in development in culinary, and it's a place that we want to focus on long-term both organic and possibly inorganic.

因此，您將繼續看到其中的一些內容，但我們也會尋找方法來擴展我們現有的品牌，推動我們現有的品牌，甚至可能推出不一定是授權財產的新產品。所以，我們喜歡香料和季節類別。我們認為這是良好的長期成長。我們認為這是良好的利潤率。我們已經在那裡建立了烹飪開發的能力，我們希望長期關注有機食品和可能的無機食品。

Thank you very much guys. Appreciate it.

非常感謝你們。欣賞它。

Thanks.

謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good afternoon.

謝謝。午安.

Michael, go ahead.

邁克爾，繼續吧。

You're a little bit better aligned with food service traffic now, But can you give us a sense of maybe how you're exposed there and just, if you've got pockets that are particularly better or worse than some of the general trends and just how to think about translating some of the read through from bigger companies into how it affects you guys specifically?

您現在與食品服務流量的關係稍微好一點了，但是您能否讓我們了解一下您在那裡的暴露程度，以及您的收入是否比某些總體趨勢特別好或特別差如何考慮將大公司的一些閱讀內容轉化為它對你們的具體影響？

Yes. I mean, it's obviously, Michael, it's dependent on the portfolio. Our portfolio is about half spices and seasonings, so mostly sold through distributors. So that we've seen track pretty closely in the second quarter to restaurant traffic trends. We have a food service syrup business that with a major customer that's not healthy.

是的。我的意思是，很明顯，邁克爾，這取決於投資組合。我們的產品組合大約有一半是香料和調味料，因此大部分透過分銷商銷售。因此，我們在第二季密切追蹤了餐廳客流量趨勢。我們有一家食品服務糖漿業務，其主要客戶不健康。

So we've seen a little bit of decline there, but not that significant. So, I think overall, our portfolio is kind of tracking with restaurant traffic patterns, call it, we read in Technomic and other places kind of somewhere in the 2% to 4% range depending on the customer profile.

因此，我們看到了一些下降，但不是那麼嚴重。所以，我認為總的來說，我們的投資組合是一種追蹤餐廳客流量模式的方式，我們在 Technomic 和其他地方讀到，根據客戶概況，在 2% 到 4% 的範圍內。

And that's kind of what we think our business will continue to reflect for the remainder of the year until we see a turnaround in kind of restaurant trends, because we're just going to reflect what traffic is doing in those channels. We're just supplying those channels with backend ingredients and components.

這就是我們認為我們的業務將在今年剩餘時間內繼續反映的情況，直到我們看到餐廳趨勢出現轉變，因為我們將反映這些管道中的流量情況。我們只是為這些管道提供後端成分和組件。

That's helpful. And then just on the -- I know that's fairly complicated to give any update at all and Andrew touched on some of the frozen divestiture. But for some of the smaller brands that you touched on as well, would you kind of need to bundle those to avoid some of the dyssynergies?

這很有幫助。然後，我知道提供任何更新都相當複雜，安德魯談到了一些凍結的剝離。但對於您也提到的一些較小品牌，您是否需要將它們捆綁在一起以避免一些協同失調？

Could you sell one-offs here and there? Is that too much complexity or distraction? Just how do you think about how that process is going and does it have to take a certain shape?

你能到處賣一次性的嗎？是不是太複雜或太分散注意力？您如何看待這個過程是如何進行的？

Yes, it's potentially a little bit of all of the above. So far what we sold has been one-offs, but there could be other things and other ways that it could happen and it's very situation dependent.

是的，這可能是上述所有情況的一部分。到目前為止，我們出售的東西都是一次性的，但可能還有其他事情和其他方式發生這種情況，而且這取決於具體情況。

I mean if you look at the business that we've already divested, the Green Giant canned vegetable business kind of had its own supply for that business and then the Back to Nature business was a contract pack business that was kind of isolated itself. So, we will have a combination as Bruce says, but a lot of our products we can carve out pretty easily without having a lot of structural issues or absorption or overhead problems.

我的意思是，如果你看看我們已經剝離的業務，你會發現綠巨人罐頭蔬菜業務有自己的供應，而回歸自然業務是一個合約包裝業務，本身是孤立的。因此，我們將像布魯斯所說的那樣進行組合，但是我們可以輕鬆地開發出許多產品，而不會出現很多結構問題或吸收或開銷問題。

Okay. Thanks so much.

好的。非常感謝。

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

Hi, thank you. On that asset sale of Green Giant Shelf, is there any stranded cost left from that that would work its way out over the next, I guess, year or two? Or is that all behind you?

你好，謝謝。在 Green Giant Shelf 的資產出售中，是否還有任何滯留成本可以在未來（我猜，一兩年）內解決？或者這一切都在你身後了嗎？

Yeah, not really. I mean the business itself from just the business and the product line is pretty straightforward. It was US business, canned vegetables, 100% co-packed, right. So you pretty much airlift that and take it away. Freight is what it is, there's less freight. Maybe there's a little bit structurally around like warehouse costs, but not really. I think that pretty much just gets airlifted out and it's nice and clean.

是的，不是真的。我的意思是業務本身，業務和產品線非常簡單。這是美國生意，罐裝蔬菜，100% 聯合包裝，對吧。所以你幾乎可以空運它並帶走它。運費就是這樣，運費少了。也許有一些結構性的問題，例如倉庫成本，但事實並非如此。我認為幾乎都是空運出來的，而且又漂亮又乾淨。

Okay. And then did you say your pro forma, sorry.

好的。然後你有說你的準備嗎，抱歉。

You're taking out any resources that we're working directly on that business too.

您也將佔用我們直接用於該業務的所有資源。

Okay, great. Do you could pro forma availability on your revolving credit facility post the financing that closed after the quarter end?

好的，太好了。在季度末結束後的融資後，您能否預估循環信貸額度的可用性？

Sorry, in what sense?

抱歉，在什麼意義上？

I guess, so you paid down some of the revolver after quarter end, but you also downsized it. I'm just wondering how much of it is available, today. If it was at the end of the quarter, you announced $600 million, about $605 million available?

我想，所以你在季度末付清了一些左輪手槍的費用，但你也縮小了它的規模。我只是想知道今天有多少可用的。如果是在季度末，您宣布 6 億美元，大約有 6.05 億美元可用？

Yes. So I would suggest just go into the debt offering docs and I think we've footnoted appropriately what was drawn and available based on closing dates.

是的。因此，我建議只查看債務發行文件，我認為我們已經根據截止日期適當地註釋了所提取和可用的內容。

Perfect. Okay. And then on the what I missed the timing you said of that offering, and I'm just wondering if you I mean, what's the shelf kind of placement you've got on it? Any kind of either numbers or percentage gains you can point to?

完美的。好的。然後，關於我錯過了你所說的該產品的時機，我只是想知道你的意思是，你在它上面的貨架類型是什麼？您可以指出任何類型的數字或百分比收益嗎？

It's going in this fall. So we'll start shipping shortly. We've had good acceptance and reception from customers, but I don't think you'll see it on shelf until the fall based on when customers set their frozen cases.

事情發生在今年秋天。所以我們很快就會開始出貨。我們得到了客戶的良好接受和接待，但我認為直到秋天，根據客戶放置冷凍箱的時間，你才會在貨架上看到它。

Okay. Great. That's all I had.

好的。偉大的。這就是我所擁有的一切。

It's a ramen vegetable kind of dish, but it will start shipping within the next couple of months.

這是一種拉麵蔬菜菜餚，但將在未來幾個月內開始發貨。

Okay, great. Look forward to trying it. Thanks a lot.

好的，太好了。期待嘗試。多謝。

Thank you.

謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks. I wanted to talk about what your vision would be for the business long-term in terms of what sorts of businesses fit within B&G? And I know there's going to be some reticence to talk about categories or brands, but I'm really talking about the types of things that would work inside B&G.

謝謝。我想談談您對 B&G 業務的長期願景是什麼？我知道大家會不太願意談論品類或品牌，但我真正談論的是 B&G 內部可行的事物類型。

There was a wave of acquisitions long ago where the company was trying to growth up with snacks and frozen and then now those businesses are gone or soon to be gone, so they were kind of rejected from the shelf that is B&G. So I'm wondering, what do you think does work from what you've seen and where you might want to get bigger?

很久以前，有一波收購浪潮，該公司試圖透過零食和冷凍食品來發​​展壯大，但現在這些業務已經消失或即將消失，所以它們被 B&G 的貨架所拒絕。所以我想知道，你認為從你所看到的情況來看，什麼是有效的？

Yes, I think it's pretty, we've talked about this before, but I think it's relatively clear looking at our business where we've been successful over time and where we have good margin structure and cash flows. And so I like first and foremost the spices and seasonings and business.

是的，我認為這很漂亮，我們之前已經討論過這一點，但我認為看看我們的業務就相對清楚了，我們隨著時間的推移取得了成功，並且我們擁有良好的利潤結構和現金流。所以我首先喜歡的是香料、調味和生意。

If you look at our margin, it's high margin. We actually improved our segment EBITDA margin year-over-year in quarter two, we had good growth on that business. I think that's a business that we want to focus on organically, but more importantly, we would want to look over time to add additional acquisitions.

如果你看看我們的利潤率，你會發現它的利潤率很高。實際上，第二季度我們的部門 EBITDA 利潤率同比有所提高，我們在該業務上取得了良好的成長。我認為這是我們希望有機關注的業務，但更重要的是，我們希望隨著時間的推移增加額外的收購。

We have a great asset in our Iowa facility. We've got good capabilities. We've kind of built up our culinary and R&D capability there. So that's one business that I see as a strong future for B&G. Also the specialty business, which is as I think I said in my comments is 70% baking staples with kind of number one brands that and pretty stable trends in those categories.

我們在愛荷華州的工廠擁有龐大的資產。我們有很好的能力。我們已經在那裡建立了我們的烹飪和研發能力。因此，我認為這是 B&G 前景光明的一項業務。還有專業業務，正如我在評論中所說，烘焙主食佔 70%，屬於第一品牌，並且這些類別的趨勢相當穩定。

We've done a good job of managing Clabber Girl, Crisco, even with some of the kind of volatility in the commodity pricing. We've done a great job of managing the profitability and the cash flow in those businesses.

即使商品定價存在一些波動，我們也很好地管理了 Clabber Girl、Crisco。我們在管理這些業務的獲利能力和現金流方面做得很好。

I think we would be interested in picking up additional baking staples or some shelf stable baking products where we could easily fit into that portfolio, get synergies and maintain good margin, stable cash flow. And then I think lastly, meals, we talked about that. I do think longer term meals is a good place for us to be. We kind of are centered in two places, Mexican meals. I believe Mexican meals will grow in terms of at home consumption. We're seeing those trends going, people making different types of Mexican meals.

我認為我們有興趣購買額外的烘焙主食或一些貨架穩定的烘焙產品，我們可以輕鬆地融入該投資組合，獲得協同效應並保持良好的利潤率和穩定的現金流。我想最後，我們討論了吃飯的問題。我確實認為長期膳食對我們來說是一個好地方。我們主要集中在兩個地方，墨西哥餐。我相信墨西哥餐點的家庭消費將會成長。我們看到了這些趨勢的發展，人們製作了不同類型的墨西哥餐。

I think our portfolio, Las Palmas Ortega, is well founded there, but I think there's lots of opportunities to look at other Mexican at home sauces and other meal preparation items that we would consider buying over time. So I think those three business units remaining after the frozen business, which we said we have a question around or under review, whether that really fits with us long-term. I think those are three places that we should be able to drive organic growth, but more importantly be good platforms for acquisitions.

我認為我們的產品組合 Las Palmas Ortega 在那裡已經很完善，但我認為有很多機會可以看到其他墨西哥家庭醬料和其他膳食準備物品，我們會考慮隨著時間的推移購買這些物品。因此，我認為凍結業務後剩下的三個業務部門，我們說我們有一個問題或正在審查，這是否真的適合我們的長期發展。我認為這三個地方我們應該能夠推動有機成長，但更重要的是成為一個好的收購平台。

If we decided to buy something outside of those three, we have certainly looked at it, but I would want to make sure that it fits our capabilities. It fits our ability to distribute it. Less like and we said frozen is not a place that we want to scale up to drive costs down. Refrigerated would probably a place that would be hard for us get into.

如果我們決定購買這三者以外的東西，我們當然會考慮它，但我想確保它適合我們的能力。它符合我們分發它的能力。不太像，我們說過冷凍不是我們想要擴大規模以降低成本的地方。冷藏可能是我們很難進入的地方。

So I would want to stay in the categories that we know how to manage that may be adjacent to some of the categories where we have selling synergies, distribution synergies, other places. But we might create another business unit to manage that if we acquire things over time. So that's kind of a more longer term view of where we're going. But that's the vision of what I see us shaping up with the divestor activity.

因此，我希望留在我們知道如何管理的類別中，這些類別可能與我們在銷售協同效應、分銷協同效應和其他地方具有的某些類別相鄰。但如果我們隨著時間的推移收購一些東西，我們可能會創建另一個業務部門來管理這一點。所以這是對我們前進方向的更長遠的看法。但這就是我所看到的我們透過剝離活動所形成的願景。

Yes. And would you say those three by the way, that's a very helpful answer. I really appreciate that. Would you -- those three, I know that's probably not an unabridged answer. That's probably not everything that you would think is core. But like just those three mega platforms that you mentioned, how much of your business do you think is encapsulated with those currently over half?

是的。順便說一句，你會說這三個嗎？我真的很感激。我知道這三個人可能不是一個完整的答案。這可能不是您認為核心的一切。但就像您提到的這三個大型平台一樣，您認為您的業務有多少是由目前超過一半的平台封裝的？

75%. From a sales basis higher on an EBITDA basis and higher on a cash flow basis.

75%。從銷售額來看，EBITDA 較高，而現金流則較高。

Thanks. I mean, you said, I think it was in the release that food service was a little bit better than it was in the first quarter. For a lot of companies, food service is actually getting worse. So I'm just wondering maybe what are you seeing with your particular food service accounts and what are you seeing out there from food service looking into the second half?

謝謝。我的意思是，你說，我認為在發布的版本中，餐飲服務比第一季要好一些。對許多公司來說，餐飲服務其實正在變得越來越糟。所以我只是想知道您在特定的食品服務帳戶中看到了什麼，以及您從食品服務中看到了什麼，展望下半年？

I mean, the one thing to remember, which we highlighted last quarter was we had some challenges, but some of that was timing, right, and some of that was unique to one or two customers.

我的意思是，要記住的一件事是我們上季度強調的，我們遇到了一些挑戰，但其中一些挑戰是時機，對的，其中一些是一兩個客戶獨有的。

I think we see that our business, which should largely track what we expect restaurant and food service traffic trends to be overall. And what we see is kind of I've seen different numbers, but call it minus 2% to minus 4% and people are sort of projecting that for the rest of the year. I mean who knows in a recessionary environment if that would get worse, but that's kind of what we expect.

我認為我們看到我們的業務應該在很大程度上追蹤我們預期的餐廳和餐飲服務整體流量趨勢。我們看到的是，我看到了不同的數字，但稱之為負2%到負4%，人們正在預測今年剩餘時間的情況。我的意思是，誰知道在經濟衰退的環境下情況是否會變得更糟，但這正是我們所期望的。

And right now, our trends are kind of mirroring that in terms of restaurant traffic. Our minus 3% -- we call it minus 3% in Q2, that's what I think we're going to see for the near future until something changes. But that's kind of what we stand and what we read in the industry data.

目前，我們的趨勢在某種程度上反映了餐廳客流量的情況。我們的負 3%——我們稱之為第二季的負 3%，我認為這就是我們在不久的將來會看到的情況，直到事情發生變化。但這就是我們的立場以及我們在行業數據中讀到的內容。

Yeah. No, I think a lot of people were thinking that the second half would be better because of comparisons. And I think those expectations might be fading a bit. So I don't think there's many people thinking it will necessarily get worse, but I'll leave it there. Thank you.

是的。不，我認為很多人都認為下半場會因為比較而更好。我認為這些期望可能會減弱。所以我不認為有很多人認為情況一定會變得更糟，但我會把它留在那裡。謝謝。

Yeah.

是的。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, I have a glass half empty and a glass half full question. So I think I'm going to just do the glass half full question.

你好，我有一個半空的杯子和半滿的杯子的問題。所以我想我只做半杯滿的問題。

What's in the glass, Rob?

玻璃杯裡有什麼，羅布？

It's pretty light, so I don't want to and I'm covering stocks, so maybe…

它很輕，所以我不想，而且我正在覆蓋股票，所以也許…

9 o'clock somewhere.

某處九點。

But honestly, like if you look at Nielsen tracking data and just look at overall grocery sales, like forgetting about all the who's selling it, it is starting to show some signs of acceleration. I think it's up about 3% in the last four weeks. And it's a clear sign, I would argue of consumers going back to the grocery store, trying to save money, and you can see food service being down a lot.

但老實說，就像如果你看一下尼爾森追蹤數據並只看整體雜貨銷售一樣，就像忘記所有銷售者一樣，它開始顯示出一些加速的跡象。我認為過去四個星期上漲了約 3%。我認為這是一個明顯的跡象，消費者會回到雜貨店，試圖省錢，而且你可以看到食品服務大幅下降。

So are you, I haven't heard much about that in your outlook for the back half of the year. I know you have easy comps, but do you -- could you be so bold as to say, hey, there could be a better environment, a better backdrop overall in grocery retail in the back half because of that, as well as the easier comparisons?

你也是，我在你對下半年的展望中沒有聽到太多關於這一點的消息。我知道你有簡單的比較，但是你能大膽地說，嘿，後半部分的雜貨零售業可能會有更好的環境、更好的背景，而且更容易比較？

Yeah. So I think our guidance is somewhat based on that, which is more favorable back half of this year than the first half. We obviously took it down a little bit to suggest some caution. We do have at the high end a little bit of growth, right. So don't disagree with what you're saying.

是的。所以我認為我們的指導在某種程度上是基於此的，今年下半年比上半年更有利。顯然，我們將其刪除了一些，以建議謹慎行事。我們在高端市場確實有一點成長，對吧。所以不要不同意你所說的話。

I think if you went back to earlier this year when most of us were talking and giving guidance, I think there was an expectation that that recovery was going to happen sooner. I think we're seeing signs of it, would have just loved it to be a little bit sooner, but that's what we're seeing. That's the glass half full.

我認為，如果你回到今年早些時候，當時我們大多數人都在談論並提供指導，我認為人們期望復甦會更快發生。我認為我們已經看到了它的跡象，如果能早一點就好了，但這就是我們所看到的。那是半滿的玻璃杯。

Okay. All right. You and me both. All right. Thanks a lot.

好的。好的。你和我都是。好的。多謝。

Yeah. Thank you.

是的。謝謝。

And this will conclude the question-and-answer session for today. Ladies and gentlemen, the conference has now ended.

今天的問答環節到此結束。女士們、先生們，會議現已結束。