B&G Foods Inc (BGS) 2024 Q4 法說會逐字稿

Good day and welcome to B&G Food fourth quarter and fiscal year 2024 earnings call.

大家好，歡迎參加 B&G Food 2024 財年第四季和財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to A.J. Schwabe, senior Associates Corporate strategy and Business Development for B&G Foods. Please go ahead.

現在我想把電話轉給 A.J. Schwabe，B&G Foods 公司策略和業務發展高級助理。請繼續。

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 and full year in the earnings release we issue today, which is available at the investor relations section of bgfoods.com.

下午好，感謝您加入我們。今天和我一起的還有我們的執行長凱西凱勒 (Casey Keller) 和財務長布魯斯瓦查 (Bruce Wacha)。您可以在我們今天發布的收益報告中查看本季度和全年的詳細財務信息，該報告可在 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 under reliance should not be placed upon them. We refer you to B&G Foods most recent annual report on Form 10k 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，今天的討論部分包括前瞻性陳述。這些聲明並非對未來業績的保證，因此不應依賴它們。我們請您參閱 B&G Foods 最新的 10k 表格年度報告以及隨後的 SEC 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 percentage, and base business net sales.

B&G Foods 不承擔公開更新或修改任何前瞻性聲明的義務，無論其是否出現新資訊、未來事件或其他原因。我們也將在今天的電話會議上參考非公認會計準則財務指標調整後 EBITDA、分部調整後 EBITDA、調整後淨收入、調整後稀釋每股盈餘、調整後毛利率和基本業務淨銷售額。

Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release. 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 fiscal 2025 and beyond. Bruce will then discuss our financial results for the fourth quarter and fiscal 2024 and our guidance for fiscal 2025. I would now like to turn the call over to Casey.

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 GAAP 財務指標的對帳表。凱西將以開場白開始會議，並討論影響我們業績的各種因素、精選的業務亮點以及他對 2025 財年及以後前景的看法。布魯斯隨後將討論我們 2024 財年第四季的財務表現以及 2025 財年的指引。現在我想把電話轉給凱西。

Good afternoon. Thank you, AJ, and thank you all for joining us today for our fourth quarter and fiscal year 2024 earnings call. Today, I will cover an overview of fourth quarter results. Bruce will cover more specific financial results. Perspective on full year 2024 performance. Guidance moving into fiscal year 2025 and an update on our portfolio shaping efforts.

午安.謝謝你，AJ，也謝謝大家今天參加我們的 2024 財年第四季和財報電話會議。今天，我將概述第四季的業績。布魯斯將介紹更具體的財務成果。對 2024 年全年業績的展望。2025 財年的指導以及我們投資組合塑造工作的最新進展。

Quarter four results. The fourth quarter results showed sequential improvement versus prior quarters in fiscal year 2024. Fourth quarter net sales of $551.6 million and Adjusted EBITDA of $86.1 million were in line or slightly above 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 only 0.4% compared to the year ago period, an improvement from prior quarters.

第四季結果。2024 財年第四季業績與前幾季相比有所改善。第四季淨銷售額為 5.516 億美元，調整後 EBITDA 為 8,610 萬美元，符合或略高於預期。不包括 Crisco（其淨銷售額受到較低淨定價的影響，反映了大豆油成本的下降），基礎業務淨銷售額與去年同期相比僅下降了 0.4%，比前幾個季度有所改善。

The strongest sales performance was in our spices and flavor solutions business unit with fourth quarter net sales up 5% versus the fourth quarter of last year. Margins were also relatively improved in quarter four. Adjusted growth profit percentage for the fourth quarter was 22.2% compared to 21.9% in the fourth quarter of 2023. Adjusted EBITDA as a percentage of net sales improved to 15.6% from 15% in the fourth quarter of 2023. This reflects modest or no inflation on most input costs, with a few exceptions in black pepper, olive oil, etc. Margins are also benefiting from increased efforts on productivity and cost savings across our business teams.

我們的香料和調味品解決方案業務部門的銷售業績最為強勁，第四季淨銷售額較去年同期成長 5%。第四季的利潤率也相對提高。第四季調整後成長利潤百分比為 22.2%，而 2023 年第四季為 21.9%。調整後 EBITDA 佔淨銷售額的百分比從 2023 年第四季的 15% 提高至 15.6%。這反映出大多數投入成本的通膨率不高或沒有通膨，只有黑胡椒、橄欖油等少數例外。利潤率也受益於我們業務團隊在生產力和成本節約方面的努力。

Fiscal year 2024 performance. This clear 2024 was a more difficult year for both B&G Foods and the packaged food industry, with consumers continuing to adjust purchase patterns in the wake of higher inflation in recent years and prices for food and other consumer goods that remain elevated. The exception has been our spices and seasoning business, which has shown positive trends in the last several quarters, influenced by the growth of fresh produce and proteins in the perimeter of the grocery store.

2024 財年業績。2024 年對 B&G 食品和包裝食品產業來說顯然是更加艱難的一年，由於近年來通貨膨脹率上升以及食品和其他消費品價格持續高企，消費者不斷調整購買模式。我們的香料和調味品業務是個例外，受雜貨店週邊新鮮農產品和蛋白質成長的影響，該業務在過去幾個季度呈現出正面趨勢。

In fiscal year 2024, based business net sales declined 3.3% versus fiscal year 2023, or approximately 2.5%, excluding the net effect of approximately $15 million of lower Crisco oil pricing to reflect lower soybean oil costs with no gross profit impact attributable to the Crisco commodity pricing model.

2024 財年，基礎業務淨銷售額較 2023 財年下降 3.3%，降幅約 2.5%，不包括 Crisco 油價下降約 1500 萬美元的淨效應，以反映大豆油成本下降，且 Crisco 商品定價模型對毛利潤沒有影響。

Adjusted EBITDA was down minus 7.1% versus fiscal year 2023, but down only 2%, excluding the approximately $8 million impact of the green giant US shelf stable divestiture and fiscal year '23, and the approximately $8.5 million foreign currency impacts related to the Mexican peso in fiscal year '24 relative to fiscal year '23 on the green giant frozen vegetables produced and packed in Mexico and shipped into the US.

調整後的 EBITDA 與 2023 財年相比下降了 7.1%，但僅下降了 2%，不包括綠巨人美國貨架穩定資產剝離和 23 財年約 800 萬美元的影響，以及 24 財年相對於 23 財年與墨西哥比索相關的約 850 萬美元的外部生產和冷凍

This year '25 guidance. We continue to see uncertainty in the near term on center store trends, with sales and consumption declines in January and February 2025 relative to last year, but we fully expect to eventually lap the impact of changing consumer behaviors in food purchases. For fiscal year 25, we are projecting a net sales range of $1.89 billion to $1.95 billion. This assumes some improvement in our base business net sales trend with the bottom of the range consistent with the base business trend in fiscal year '24.

今年‘25指導。我們仍然認為中心商店趨勢在短期內存在不確定性，2025 年 1 月和 2 月的銷售額和消費量與去年相比有所下降，但我們完全預期最終會抵消消費者在食品購買方面的行為變化的影響。對於 25 財年，我們預計淨銷售額將在 18.9 億美元至 19.5 億美元之間。這假設我們的基礎業務淨銷售額趨勢有所改善，且範圍底部與 24 財年的基礎業務趨勢一致。

We expect that trend to be lower in the first half and improve in the second half as we begin to lap the consumer reactions to the inflationary food environment. Net sales will also benefit from the partial impact of a 53rd week in fiscal year '25. This '25 Adjusted EBITDA is expected to be in the range of $290 million to $300 million reflecting flat to slightly down that sales, the partial impact of a 53rd week, and the possible recovery of foreign exchange from the Mexican peso.

隨著我們開始了解消費者對通膨食品環境的反應，我們預計這一趨勢在上半年會下降，而在下半年會有所改善。淨銷售額也將受益於 25 財年第 53 週的部分影響。預計 25 年調整後 EBITDA 將在 2.9 億美元至 3 億美元之間，反映出銷售額持平或略有下降、第 53 週的部分影響以及墨西哥比索可能出現的外匯復甦。

Portfolio shaping. B&G Foods remains committed to reshaping and restructuring our portfolio to sharpen focus, simplify our portfolio, improve margins and cash flow, and maximize future value creation. This is a very high priority for the company and critical to our future strategic direction and risk profile. The endgame is to create a more highly focused B&G foods with adjusted EBITDA as a percentage of net sales approaching 20%, increased cash flow generation, lower leverage closer to 5 times, a more efficient cost structure, and clear synergies within the portfolio, and ultimately to build a stable platform that can be the foundation for future focused M&A growth.

投資組合塑造。B&G Foods 始終致力於重塑和重組我們的產品組合，以增強重點、簡化產品組合、提高利潤率和現金流，並最大限度地創造未來價值。這對公司來說是非常重要的事項，對我們未來的策略方向和風險狀況至關重要。最終目標是創造一個更專注的 B&G 食品，調整後的 EBITDA 佔淨銷售額的百分比接近 20%，現金流產生增加，槓桿率降低至接近 5 倍，成本結構更高效，產品組合內協同效應明顯，並最終構建一個穩定的平台，為未來專注的併購增長奠定基礎。

As previously discussed, we are finalizing the strategic review of the frozen and remaining canned vegetable businesses for a possible divesture and sale of some or all of the assets in the frozen and 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.

如前所述，我們正在對冷凍和剩餘罐裝蔬菜業務進行最終策略審查，以便可能剝離和出售冷凍和蔬菜業務部門的部分或全部資產。Green Giant 仍然是一個擁有廣泛知名度和分銷管道的強大品牌，其冷凍蔬菜類別符合健康和飲食趨勢。

It may not be the right fit with B&G Food's 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. Thank you, and I will now turn the call over to Bruce for more detail on the quarterly and full year performance and the outlook for fiscal 2025.

它可能與 B&G Food 的重點和能力不太相符，特別是考慮到我們核心貨架穩定業務中的機會和整體資本限制，沒有計劃在冷凍產品組合中增加更多資產。謝謝，現在我將把電話交給布魯斯，以了解有關季度和全年業績以及 2025 財年展望的更多詳細資訊。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. As you can see, we had a reasonably strong finish to a challenging fiscal year 2024. For the fourth quarter of 2024, we generated $551.6 million in net sales, a net loss of $222.4 million or $2.81 per diluted share, adjusted net income of $24.6 million or $0.31 per adjusted diluted share. $86.1 million in Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales of 15.6%.

謝謝你，凱西。大家下午好。感謝您今天加入我們。如您所見，我們在充滿挑戰的 2024 財年取得了相當不錯的成績。2024 年第四季，我們的淨銷售額為 5.516 億美元，淨虧損為 2.224 億美元或每股攤薄虧損 2.81 美元，調整後淨收入為 2,460 萬美元或每股調整後攤薄虧損 0.31 美元。調整後 EBITDA 為 8,610 萬美元，調整後 EBITDA 佔淨銷售額的百分比為 15.6%。

For fiscal 2024 we generated $1.932 billion in net sales, a net loss of $251.3 million or $3.18 per diluted share. Adjusted net income of $55.7 million or $0.70 for adjusted diluted share $295.4 million in Adjusted EBITDA and 15.3% of Adjusted EBITDA as a percentage of net sales. The company's net loss for the fourth quarter and fiscal 2024 were primarily attributable to pre-tax, non-cash impairment charges to intangible assets.

2024 財年，我們的淨銷售額為 19.32 億美元，淨虧損為 2.513 億美元，即每股攤薄虧損 3.18 美元。調整後淨收入為 5,570 萬美元，或調整後稀釋後每股收益 0.70 美元，調整後 EBITDA 為 2.954 億美元，調整後 EBITDA 佔淨銷售額的 15.3%。該公司第四季和2024財年的淨虧損主要歸因於稅前非現金無形資產減損費用。

During fiscal 2024, the company recorded pre-tax, non-cash impairment charges of $320 million related to intangible trademark assets for Green Giant, Victoria, Static Guard, and McCann's brands in the fourth quarter, and $70.6 million related to Goodwill for the company's frozen vegetables reporting unit in the first quarter. More details regarding the impairments are included in our earnings release and [100].

2024 財年第四季度，該公司記錄了與 Green Giant、Victoria、Static Guard 和 McCann 品牌的無形商標資產相關的 3.2 億美元稅前非現金減損費用，第一季度記錄了與公司冷凍蔬菜報告部門的商譽相關的 7,060 萬美元稅前非現金減損費用。有關減值的更多詳細資訊包含在我們的收益報告中，[100]。

As a reminder, we divested the Green Giant U.S. shelf-stable product line in November 2023, and we are thus lapping a partial quarter of results for that product line in the fourth quarter of 2024. The Green Giant U.S. shelf-stable product line generated $15.9 million in net sales during the period of time that we owned it in the fourth quarter of 2023. It generated Net sales of $64.4 million and approximately $8 million or so in contribution for us in fiscal 2023.

提醒一下，我們在 2023 年 11 月剝離了 Green Giant 美國貨架穩定產品線，因此我們將在 2024 年第四季度實現該產品線部分季度的業績。在我們擁有 Green Giant 美國貨架穩定產品線的 2023 年第四季期間，該產品線的淨銷售額為 1,590 萬美元。它在 2023 財年創造了 6,440 萬美元的淨銷售額，為我們貢獻了約 800 萬美元。

Net sales for the fourth quarter of 2024 decreased by $26.5 million or 4.6% to $551.6 million from $578.1 million for the fourth quarter of 2023. The decrease was primarily attributable to the Green Giant U.S. shelf-stable divestiture, a decrease in unit volume and the negative impact of foreign currency, partially offset by an increase in net pricing and the impact of product mix.

2024 年第四季淨銷售額從 2023 年第四季的 5.781 億美元減少 2,650 萬美元至 5.516 億美元，降幅為 4.6%。下降主要歸因於 Green Giant 美國貨架穩定產品的剝離、單位銷售下降以及外匯的負面影響，但淨定價增加和產品組合的影響部分抵消了這一影響。

Our base business net sales, which excludes the Green Giant U.S. shelf-stable product line, decreased by $10.7 million or 1.9% in the fourth quarter of 2024 compared to the fourth quarter of 2023. The percentage decline in base business net sales is an improvement from the trends that we had seen during the first three quarters of the year. $12.4 million of the decline in base business net sales, or 2.2% points of the decline was driven by lower volumes, and $0.4 million or 0.1% points were driven by the negative impact of foreign currency.

2024 年第四季度，我們的基礎業務淨銷售額（不包括 Green Giant 美國貨架穩定產品線）與 2023 年第四季相比減少了 1,070 萬美元，即 1.9%。基礎業務淨銷售額的百分比下降與我們今年前三個季度看到的趨勢相比有所改善。基礎業務淨銷售額下降 1,240 萬美元，下降 2.2%，是由於銷量下降所致，而 40 萬美元或下降 0.1% 是由於外匯的負面影響所致。

These impacts were offset in part by the benefit of $2.1 million or 0.4% points of positive net pricing and product mix. Net sales for our Crisco brand decreased $9 million for the fourth quarter of 2024 as compared to the fourth quarter of 2023. As a result of our commodity pricing model for the brand, which resulted in net pricing decline of approximately $5 million largely to reflect lower Soybean oil and Canola oil commodity costs, as well as a decrease in volume of approximately $4 million.

這些影響被 210 萬美元或 0.4% 的正淨定價和產品組合收益部分抵消。與 2023 年第四季相比，2024 年第四季我們 Crisco 品牌的淨銷售額減少了 900 萬美元。由於我們針對該品牌的商品定價模型，導致淨價格下降約 500 萬美元，主要反映了大豆油和菜籽油商品成本的下降，以及銷售量減少約 400 萬美元。

Excluding the Crisco brand, our base business net sales decreased by $1.7 million or 0.4% in the fourth quarter of 2024 compared to the fourth quarter of 2023. Gross profit was $118.7 million for the fourth quarter of 2024, or 21.5% of net sales. Adjusted gross profit, which excludes the negative impact of $3.7 million of acquisition, divestiture-related expenses, and non-recurring expenses included in our cost of goods sold during the quarter of 2024 was $122.3 million or 22.2% of net sales.

不包括 Crisco 品牌，我們 2024 年第四季的基礎業務淨銷售額與 2023 年第四季相比減少了 170 萬美元，即 0.4%。2024 年第四季毛利為 1.187 億美元，佔淨銷售額的 21.5%。調整後的毛利（不包括 2024 年季度收購、資產剝離相關費用以及銷售成本中包含的非經常性費用的 370 萬美元的負面影響）為 1.223 億美元，佔淨銷售額的 22.2%。

Gross profit was $125.2 million for the fourth quarter of 2023, or 21.7% of net sales. Adjusted gross profit, which excludes the negative impact of $1.6 million of acquisition, divestiture related expenses and non-recurring expenses included in the cost of goods sold during the fourth quarter of 2023 was $126.7 million or 21.9% of net sales. While we have continued to see input cost inflation with regards to raw material costs across our basket of inputs and in our factories, the cost increases remain mostly modest in 2024.

2023 年第四季毛利為 1.252 億美元，佔淨銷售額的 21.7%。調整後毛利（不包括 2023 年第四季收購、資產剝離相關費用和包含在銷售成本中的非經常性費用的 160 萬美元的負面影響）為 1.267 億美元，佔淨銷售額的 21.9%。儘管我們持續看到與原物料成本相關的投入成本通膨出現在我們的投入籃子和工廠中，但到 2024 年，成本增幅基本上保持溫和。

However, we are still seeing elevated costs and even inflationary pressures in some categories, such as black pepper, garlic, olive oil, tomatoes, and core vegetables, all of which are expected to remain elevated throughout 2025. Meanwhile, foreign currency, which negatively impacted costs at our Green Giant manufacturing facility in Mexico during the fourth quarter and throughout fiscal 2024, has begun to ease as the unfavorable US dollar Mexican peso exchange rate moderated during the course of 2024 and is now in line with its long-term historical averages.

然而，我們仍然看到一些類別的成本上升，甚至通膨壓力，例如黑胡椒、大蒜、橄欖油、番茄和核心蔬菜，預計到 2025 年這些類別的成本仍將保持高位。同時，外幣問題在第四季度和整個 2024 財年對我們位於墨西哥的 Green Giant 製造工廠的成本產生了負面影響，但隨著 2024 年不利的美元兌墨西哥比索匯率有所緩和，目前已與長期歷史平均水平一致，外幣問題已開始緩解。

Helping to mitigate these cost increases are continued favorability in some areas that saw the most extreme input cost inflation in 2022 and 2023, such as soybean oil and cans, or normalized rates for logistics, as well as our continuous improvement productivity efforts and cost savings initiatives at our factories. Selling general and administrative expenses decreased by $2.9 million or 5.5% to $50.3 million for the fourth quarter of 2024 from $53.2 million for the fourth quarter of 2023.

有助於緩解這些成本增加的因素包括：2022 年和 2023 年投入成本通膨最為嚴重的一些領域（例如大豆油和罐頭）的持續優惠，或物流費率的正常化，以及我們工廠持續改進生產力的努力和成本節約舉措。2024 年第四季銷售一般及行政費用為 5,030 萬美元，較 2023 年第四季的 5,320 萬美元減少 290 萬美元（降幅 5.5%）。

The decrease was composed of decreases in consumer marketing expenses of $1.7 million general and administrative expenses of $1.1 million warehousing expenses of $0.7 million and selling expenses of $0.2 million partially offset by an increase in acquisition, divestiture related and non-recurring expenses of $0.8 million. Expressed as a percentage of net sales, selling general and administrative expenses improved by 10 basis points to 9.1% for the fourth quarter of 2024, as compared to 9.2% for the fourth quarter of 2023. As I mentioned earlier, we generated $86.1 million in Adjusted EBITDA, or 15.6% of net sales in the fourth quarter of 2024, compared to $86.8 million or 15% in the fourth quarter of 2023.

減少的部分原因是消費者行銷費用減少 170 萬美元，一般及行政費用減少 110 萬美元，倉儲費用減少 70 萬美元，銷售費用減少 20 萬美元，但收購、資產剝離相關和非經常性費用增加 80 萬美元，部分抵銷了這一減少。以淨銷售額的百分比表示，2024 年第四季的銷售一般及行政費用改善了 10 個基點，達到 9.1%，而 2023 年第四季為 9.2%。正如我之前提到的，2024 年第四季我們的調整後 EBITDA 為 8,610 萬美元，佔淨銷售額的 15.6%，而 2023 年第四季為 8,680 萬美元，佔 15%。

In the 4th quarter, our ability to deliver improved margins despite modest inflation and the negative impact of foreign currency relative to the impact in the year ago period on our cost of goods sold for the portion of our Green Giant frozen vegetables that are produced in our manufacturing facility in Mexico allowed us to generate similar Adjusted EBITDA despite the divestiture of the Green Giant U.S. shelf-stable product line and lower net sales. Net interest expense decreased by $0.6 million or 1.4% to $39.6 million in the fourth quarter of 2024 compared to $40.2 million in the fourth quarter of 2023.

在第四季度，儘管通貨膨脹溫和且外匯對我們在墨西哥製造工廠生產的 Green Giant 冷凍蔬菜部分的銷售成本產生了負面影響，但我們仍能夠提高利潤率，儘管剝離了 Green Giant 美國貨架穩定產品線且淨銷售額下降，我們仍能夠產生類似的調整後 EBITDA。2024 年第四季淨利息支出為 3,960 萬美元，較 2023 年第四季的 4,020 萬美元減少 60 萬美元，降幅為 1.4%。

The decrease was primarily attributable to a reduction in average long-term debt outstanding during the fourth quarter of 2024, as compared to the fourth quarter of 2023. This was partially offset by higher blended interest rates on our long-term debt during the fourth quarter of 2024 compared to the fourth quarter of 2023, as well as non-cash lost on extinguishment of debt during the fourth quarter of 2024 of $0.2 million net of accelerated amortization of deferred debt financing fees related to the redemption in full of our then remaining outstanding 5.25% notes to 2025. Depreciation and amortization was $16.9 million in the fourth quarter of 2024, which is in line with $17 million in the fourth quarter of last year.

下降的主要原因是 2024 年第四季與 2023 年第四季相比，平均未償還長期債務減少。這被 2024 年第四季與 2023 年第四季相比我們的長期債務的混合利率上升，以及 2024 年第四季因債務清償而產生的非現金損失 20 萬美元（扣除與 2025 年全額贖回當時剩餘的未償還 5.25% 票據有關的遞延債務融資費用的部分抵銷。2024 年第四季的折舊和攤提為 1,690 萬美元，與去年第四季的 1,700 萬美元持平。

We had adjusted net income of $24.6 million or $0.31 for adjusted diluted share in the fourth quarter of 2024. In the fourth quarter of 2023, we had adjusted net income of $23.5 million or $0.30 for adjusted diluted share. Adjustments to our EBITDA net income are described further in our earnings release. I would now like to touch on the results by business unit for the fourth quarter. Net sales for specialty decreased by $10.5 million or 4.6% in the fourth quarter of 2024 to $216.7 million from $227.3 million in the fourth quarter of 2023.

2024 年第四季度，我們的調整後淨收入為 2,460 萬美元，調整後稀釋後每股收益為 0.31 美元。2023 年第四季度，我們的調整後淨收入為 2,350 萬美元，調整後稀釋每股收益為 0.30 美元。我們的 EBITDA 淨收入調整在我們的收益報告中有進一步描述。現在我想談談第四季各業務部門的業績。2024 年第四季特種產品淨銷售額從 2023 年第四季的 2.273 億美元減少 1,050 萬美元（4.6%）至 2.167 億美元。

The decrease was primarily due to lower Crisco pricing driven by decreased commodity costs, coupled with modest declines in volumes across the specialty business unit in the aggregate. Specialty segment Adjusted EBITDA increased by $2.7 million or 4.8% in the fourth quarter of 2024, compared to the fourth quarter of 2023. The increase was primarily due to favorable costs in certain raw materials, partially offset by a decrease in Net sales. Net sales for meals decreased by $2.4 million or 1.9% in the fourth quarter of 2024 to $122.9 million from $125.3 million for the fourth quarter of 2023.

下降的主要原因是商品成本下降導致 Crisco 價格下降，再加上整個專業業務部門的整體銷售量略有下降。2024 年第四季度，專業部門調整後 EBITDA 與 2023 年第四季相比增加了 270 萬美元，即 4.8%。成長主要歸因於某些原材料的成本優惠，但被淨銷售額的下降部分抵消。2024 年第四季，餐飲淨銷售額從 2023 年第四季的 1.253 億美元減少 240 萬美元（1.9%）至 1.229 億美元。

The decrease was primarily due to lower volumes across the meals business unit, partially offset by a modest increase in net pricing and improved product mix meal segment Adjusted EBITDA dot increased by approximately $0.2 million as improved margins offset lower net sales. Net sales for frozen in vegetables, excluding the impact of the Green Giant U.S. shelf-stable product line dive investor, were down by $2.5 million or 2.2% in the fourth quarter of 2024 compared to the fourth quarter of 2023. Frozen and vegetables segment adjusted even decreased by $4.7 million in the fourth quarter of 2024 compared to the fourth quarter of 2023.

下降的主要原因是餐飲業務部門銷售下降，但淨價格的小幅上漲和餐飲部門產品組合的改善部分抵消了這一影響。利潤率的提高抵消了淨銷售額的下降，調整後的 EBITDA 點數增加了約 20 萬美元。不包括 Green Giant 美國貨架穩定產品線投資者跳水的影響，2024 年第四季冷凍蔬菜淨銷售額與 2023 年第四季相比下降了 250 萬美元，降幅為 2.2%。2024 年第四季度，冷凍和蔬菜部門調整後的銷售額與 2023 年第四季相比甚至減少了 470 萬美元。

Approximately $3.5 million of the decline was due to the negative impact of foreign currency relative to the prior year period on our cost of goods sold for the portion of our green giant frozen vegetable products that are produced at our manufacturing facility in Mexico. Increased pack costs on core vegetable products, including corn on the cob and peas, contributed approximately $1.5 million to the decline. Investments in trade reduced segment Adjusted EBITDA by another $625,000. These declines were all set in part by improved performance in our Canadian operations of approximately $1 million compared to the fourth quarter of 2023.

其中約 350 萬美元的下降是由於與去年同期相比外匯對我們在墨西哥製造工廠生產的綠色巨型冷凍蔬菜產品部分銷售成本的負面影響。玉米棒和豌豆等核心蔬菜產品的包裝成本增加，導致銷售額下降約 150 萬美元。貿易投資導致該部門調整後 EBITDA 再減少 62.5 萬美元。這些下降的部分原因是，與 2023 年第四季相比，我們的加拿大業務業績提高了約 100 萬美元。

Net sales for spices and flavor solutions increased by $4.8 million or 5% in the fourth quarter of 2024 to $101.8 million from $97 million in the fourth quarter of 2023. The increase was primarily due to higher volumes across the spices and flavor solutions business unit, coupled with higher net pricing and product mix. Spices and flavor solutions segment Adjusted EBITDA increased by $0.6 million or 2.5% in the fourth quarter of 2024 compared to the fourth quarter of 2023. The increase in segment Adjusted EBITDA was largely driven by a combination of increased volumes and improved net pricing and product mix, which were offset in part by increases in raw material costs such as black pepper and garlic.

2024 年第四季度，香料和調味解決方案的淨銷售額從 2023 年第四季的 9,700 萬美元增加 480 萬美元（增幅 5%）至 1.018 億美元。成長主要歸因於香料和調味品解決方案業務部門的銷售增加，加上淨價格和產品組合增加。2024 年第四季度，香料和調味品解決方案部門調整後 EBITDA 與 2023 年第四季相比增加了 60 萬美元，即 2.5%。該部門調整後 EBITDA 的成長主要得益於銷售增加、淨定價和產品組合改善，但黑胡椒和大蒜等原材料成本的增加部分抵消了這些影響。

Now moving on to our balance sheet. We reduced our net debt to $1.994 billion at the end of the fourth quarter of 2024 compared to $2.05 billion at the end of the third quarter of 2024. And as we highlighted on our last earnings call, we also redeemed in full the remaining $265 million of senior notes due April 2025 back in October of 2024. As a result, we no longer have any near-term maturities, with our closest maturity now being our senior notes due September 2027. Approximately 35% of our long-term debt is tied to floating interest rates or so a 50 basis points decrease in rates would reduce our interest expense by approximately $3.5 million on an annualized rate 100 basis points.

現在來看我們的資產負債表。截至 2024 年第四季末，我們的淨債務已減至 19.94 億美元，而截至 2024 年第三季末，我們的淨債務為 20.5 億美元。正如我們在上次收益電話會議上所強調的那樣，我們還在 2024 年 10 月全額贖回了 2025 年 4 月到期的剩餘 2.65 億美元優先票據。因此，我們不再有任何近期到期債券，目前最接近到期​​日的債券是 2027 年 9 月到期的優先債券。我們的長期債務中約有 35% 與浮動利率掛鉤，因此，利率下降 50 個基點將使我們的利息支出按年率 100 個基點計算減少約 350 萬美元。

In rate reduction would be expected to reduce our interest expense by approximately $7 million. We also continue to reduce our inventory. Our inventory was $511.2 million at the end of the fourth quarter of 2024 compared to $618.1 million at the end of the third quarter of 2024 and $569 million at the end of the fourth quarter of 2023 and as a reminder, before we get into our fiscal 2025 guidance, we are still living in unpredictable times. Based on current information, we expect continued volume challenges for the industry and for us in the first half of 2025 and slow improvement with flat to modest increases in our volume during the second half of the year. We also expect a net sales benefit of approximately $10 million to $15 million in the second half of the year from a 53rd week in fiscal 2025, which will occur in the fourth quarter.

預計降低利率將使我們的利息支出減少約 700 萬美元。我們還在繼續減少庫存。截至 2024 年第四季末，我們的庫存為 5.112 億美元，而 2024 年第三季末為 6.181 億美元，2023 年第四季末為 5.69 億美元，提醒一下，在我們進入 2025 財年指引之前，我們仍然生活在不可預測的時代。根據目前的訊息，我們預計 2025 年上半年產業和我們自身的銷售將繼續面臨挑戰，而下半年我們的銷售量將緩慢改善，持平或小幅成長。我們也預計，從 2025 財年第 53 週開始，下半年（即第四季）的淨銷售額收益約為 1,000 萬至 1,500 萬美元。

As Casey and I mentioned earlier, we had a tough 2024 with regards to foreign currency, primarily driven by movements in the US dollar to Mexico Mexican peso exchange rate. This is largely reversed, but because we carry most of these costs in our inventory, we won't begin to see benefit until we begin to hit the second half of the year. Our model assumes that there are no major upticks in inflation. As a result, and as noted in our earnings release, we expect 2025 net sales of $1.89 billion to $1.95 billion Adjusted EBITDA of $290 million to $300 million and adjusted EBITDA as a percentage of net sales to remain approximately 15% to 15.5%. And based on this guidance, we expect adjusted diluted earnings per share to be in a range of $0.65 to $0.75.

正如凱西和我之前提到的，我們在 2024 年的外匯方面經歷了艱難的時期，主要是受美元兌墨西哥比索匯率變動的影響。這在很大程度上是相反的，但由於我們的大部分成本都包含在庫存中，因此直到進入下半年我們才會開始看到收益。我們的模型假設通貨膨脹不會大幅上升。因此，如我們的收益報告中所述，我們預計 2025 年淨銷售額為 18.9 億美元至 19.5 億美元，調整後 EBITDA 為 2.9 億美元至 3 億美元，調整後 EBITDA 佔淨銷售額的百分比將維持在 15% 至 15.5% 左右。根據該指引，我們預計調整後每股攤薄收益將在 0.65 美元至 0.75 美元之間。

Additionally, we expect for full year 2025, interest expense of $147.5 million to $152.5 million including cash interest of $142.5 million to $147.5 million. Depreciation expense of $47.5 million to $52.5 million. Amortization expense of $20 million to $22 million. An effective tax rate of 26% to 27% and CapEx of $35 million to $40 million and now I will turn the call back over to Casey for further remarks.

此外，我們預計 2025 年全年利息支出為 1.475 億美元至 1.525 億美元，其中包括現金利息 1.425 億美元至 1.475 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 3500 萬至 4000 萬美元，現在我將把電話轉回給 Casey 以徵詢進一步意見。

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 1%. Reshaping the portfolio for future growth, stability, higher margins and cash flows, as well as structuring key platforms for future acquisition growth and finally reducing leverage below 5.5 times through divestitures and excess cash flow to facilitate strategic acquisitions. This concludes our remarks, and now we would like to begin the Q&A portion of our call, operator.

謝謝你，布魯斯。最後，B&G Foods 高度重視幾個關鍵優先事項。一、將核心業務的基礎業務淨銷售額趨勢改善至1%的長期目標。重塑投資組合以實現未來的成長、穩定、更高的利潤率和現金流，以及建立未來收購成長的關鍵平台，並最終透過資產剝離和過剩現金流將槓桿率降低至 5.5 倍以下，以促進策略性收購。我們的發言到此結束，接線員，現在我們想開始通話的問答部分。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

The first question comes from the line of Andrew Lazar, Barclays. Please go ahead.

第一個問題來自巴克萊銀行的安德魯‧拉札爾 (Andrew Lazar)。請繼續。

Great thanks so much good afternoon everybody. Hey Andrew. I guess first off, I'm curious what the impairment charge on Green Giant frozen either implies or doesn't imply about sort of the value I guess potential suitors may ascribe to the business, now that you've been kind of put it under strategic review.

非常感謝，大家下午好。嘿，安德魯。首先，我很好奇 Green Giant 凍結的減損費用是否意味著或不意味著潛在的追求者可能賦予該業務的價值，因為現在你已經對其進行了策略審查。

Yeah, it's really driven by accounting, Andrew, and business performance as opposed to us highlighting what we think the expected value in a potential sale would be. We were carrying the value of this at something north of $600 million at some point, which, obviously we're probably not going to achieve that in the sale.

是的，這確實是由會計、安德魯和業務績效驅動的，而不是我們強調我們認為潛在銷售的預期價值。我們曾經將其估價為 6 億美元以上，但顯然，我們可能無法在出售時實現這一目標。

Yeah, got it. And then, I think you said $10 million to $15 million dollar benefit full year from a 53rd week typically just like by calendar math it's usually closer to like a 2% benefit on the top line, but I think the $10 million to $15 million is only like 0.6% or so.

是的，明白了。然後，我想您說的是，從第 53 週開始，全年的收益通常為 1000 萬到 1500 萬美元，就像按照日曆數學計算一樣，通常接近頂線的 2% 收益，但我認為 1000 萬到 1500 萬美元只有 0.6% 左右。

I'm just curious. Yeah, I think for us it's about three days.

我只是好奇。是的，我認為對我們來說大約需要三天。

Okay, got it. And then based on.

好的，明白了。然後依據。

The calendar, based on the actual calendar, yeah.

日曆，根據實際日曆，是的。

Yes, got it, and in case just stepping back for a minute like from an industry perspective. I guess, the packaged food industry over time has gone through, plenty of cycles where there have been, challenging headwinds, and, the group has always sort of found its way back to, a better place, and it takes some time and there's always sort of winners and losers in all of it, but generally speaking, the group's been able to sort of pivot.

是的，明白了，從產業角度來看，我們暫時退一步來看。我想，包裝食品行業隨著時間的推移已經經歷了許多周期，其中存在著挑戰性的逆風，而該集團總能找到回到更好狀態的方法，這需要一些時間，並且其中總會有贏家和輸家，但總的來說，該集團已經能夠進行轉型。

The way I think a lot of these food stocks are trading today, it sort of feels like investors are thinking that like this time is somehow different and that like the headwinds that the group's facing today are like more structural or enduring and I guess, I know no one's being dismissive of the current headwinds, but I'm curious your take on that. Like, do you think the headwinds this time around are different and somehow more enduring, or that it may just take More time for the group to sort of figure out the way forward if you sort of get my thinking.

我認為，今天許多食品類股票的交易方式，有點像投資者在想，這次的情況有所不同，而且該集團今天面臨的逆風更具結構性或持久性，我想，我知道沒有人對當前的逆風不屑一顧，但我很好奇你對此的看法。例如，您是否認為這次的逆風有所不同並且更加持久，或者如果您明白我的想法，該集團可能只是需要更多的時間來找出前進的道路。

Yeah, I mean this is my personal opinion, looking at a lot of data that I think we're dealing with a temporary reaction by consumers to higher prices that have remained elevated and people reacting in their budgets and making decisions about, food purchases and sizes and trading down, and I think we're going to lap that eventually, if I look at kind of the trends and the categories in our business. I think we should la that in the next several months, the reaction of that, because I don't think, I think people will react one time to these higher prices and make adjustments in their purchase patterns, but I think once they've done that, they've done it, and I think we'll eventually lap it and so then we'll go back into a more stable pattern year every year.

是的，我的意思是這是我的個人觀點，透過查看大量數據，我認為我們正在處理的是消費者對持續高價的暫時反應，人們在預算方面做出反應，並做出有關食品購買、尺寸和消費下降的決定，如果我看一下我們業務中的趨勢和類別，我認為我們最終會解決這個問題。我認為我們應該在接下來的幾個月裡對此做出反應，因為我不認為人們會對這些更高的價格做出一次性反應並調整他們的購買模式，但我認為一旦他們這樣做了，他們就做到了，我認為我們最終會克服它，然後我們每年都會回到更穩定的模式。

I'm not saying we're going to go back to where we were before, the adjustments, but I think we'll go back to more stable pattern. I don't necessarily see. Prices, coming down a lot without, some significant reductions in inputs, we'll do it on Crisco. We won't, we haven't really seen in a lot of other products, soybean oils come down, so we've dropped price on Crisco, but I think once consumers make these adjustments, they stick with them and they go back to normal patterns, so that's what I think.

我並不是說我們會回到以前的調整狀態，但我認為我們會回到更穩定的模式。我不一定看得到。價格大幅下降，無需大幅減少投入，我們將在 Crisco 上做到這一點。我們不會，我們還沒有真正看到很多其他產品，大豆油的價格下降，所以我們降低了 Crisco 的價格，但我認為一旦消費者做出這些調整，他們就會堅持下去並恢復正常模式，所以這就是我的想法。

Our portfolio I think is more meals based. It doesn't have a lot of the, I don't think it has a lot of the risk around excess snacking or anything else. I think we're really about meals and so I don't see anything from the GLP1 phenomenon that necessarily is a big watch out unless people really, dramatically reduce the consumption of calories and meals, which we haven't necessarily seen so far. So, I think these are more. Temporary headwinds that we just need to get through lapping them, and that's what I see in our portfolio and that's what I see in the and if I look at the year over year consumption data across the industry.

我認為我們的產品組合更以餐飲為主。它沒有太多，我不認為它有太多關於過量吃零食或其他東西的風險。我認為我們真正關心的是飲食，因此我認為 GLP1 現象並不值得特別注意，除非人們真正大幅減少卡路里和飲食的攝入，但目前我們還沒有看到這種情況。所以，我認為這些還比較多。我們需要克服的是暫時的逆風，這就是我在我們的投資組合中看到的情況，也是我在整個產業逐年消費數據中看到的情況。

Thanks for your thoughts.

謝謝你的想法。

Yeah.

是的。

Thank you.

謝謝。

Next question comes on the line of Michael Lavery with Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 的 Michael Lavery。請繼續。

Thank you. Good afternoon.

謝謝。午安.

Hey Michael, just wanted to follow up on some of the top line momentum you said a couple times, even in the response to Andrew's question, how it's probably mostly just a question of consumers adjusting, but it's a lot of the elevated prices have been in the market for a while.

嘿，邁克爾，我只是想跟進一下你幾次提到的一些營收成長勢頭，甚至在回答安德魯的問題時，你可能主要只是消費者調整的問題，但很多高價已經在市場上存在了一段時間。

There's been at the grocery level and across all food, something close to, modest volume declines for over two years now. What drives that? Is there, how sure of an inflection point can you be? I mean, I, a little bit of just how you kind of mapped out the year from the consumer standpoint.

兩年多來，食品雜貨和所有食品的銷售量都出現了接近適度的下降。是什麼推動了這現象？拐點是否存在，你能確定嗎？我的意思是，我稍微了解一下您是如何從消費者的角度規劃這一年的。

I mean, I think what we're looking at is what are we laughing? Like when do we see the consumption trends, when do we start lapping the negative consumption trends last year, because we really saw it more pronounced, and I'm talking about, dollars. I'm not actually looking at unit volume because, obviously unit volumes when the prices first went up, we had a little bit of decline in unit volumes, but I think then there was a delayed reaction from the consumer about how they continue to react to those. So I'm looking at when do we have consumption trends begin to go negative and we lap those a year ago period. We didn't actually have that in January and in January and December our consumption trends a year ago were relatively stable. So we're just looking at that pattern and seeing when do we hit it to determine when we think we might have, more stabilization on the top line.

我的意思是，我認為我們正在看的是什麼讓我們笑？例如我們什麼時候能看到消費趨勢，什麼時候開始重疊去年的負面消費趨勢，因為我們確實看到它更加明顯，我說的是美元。我實際上並沒有關注單位數量，因為顯然當價格首次上漲時，單位數量有所下降，但我認為消費者對他們如何繼續應對這些變化的反應有所延遲。因此，我正在觀察我們的消費趨勢何時開始出現負面變化，並且與一年前同期相比有所回落。我們實際上在一月份並沒有出現這種情況，而且與去年同期相比，一月份和十二月的消費趨勢相對穩定。因此，我們只是觀察這種模式，看看何時達到該模式，以確定何時我們認為我們可能在頂線上實現更多穩定。

Okay, that's helpful and it's hard to know, just in the political regulatory world, there, there's not that much certainty these days, but it seems like just today or yesterday, Trump reiterated that the Mexican tariffs set to go and who knows if that happens or not, but can you just touch on what if any contingency planning you can do how impactful that might be if you've run those numbers and just how to think about, what some of that might mean.

好的，這很有幫助，而且很難知道，只是在政治監管領域，現在沒有那麼多的確定性，但似乎就在今天或昨天，川普重申墨西哥關稅即將取消，誰知道這是否會發生，但你能否談談你可以做哪些應急計劃，如果你計算過這些數字，這可能會產生多大的影響，以及如何思考其中的一些可能意味著什麼。

Yeah, so tough for us to predict what's going to happen in politics, especially on that topic. I think the big thing where we would look and have looked is in certain categories are we different from the competition. So for example, if we're importing something from Asia and everybody's importing something from Asia, that's probably more of a macro than a B&G specific. When we think about.

是的，我們很難預測政治上會發生什麼，尤其是在這個話題上。我認為我們要關注的和已經關注的最重要的事情是在某些類別中我們是否與競爭對手有所不同。舉例來說，如果我們從亞洲進口某種東西，而且每個人都從亞洲進口某種東西，那麼這可能更多的是宏觀問題，而不是 B&G 特有的問題。當我們思考的時候。

Something like Mexico and our manufacturing facility there are probably offsets. It's hard for me to say with certainty that they're linear, but if there were a tariff, and I think you started to see this the day that we thought tariffs were going to go into effect you start to see a pretty significant weakening in the currency. And so we might end up having tariff impact bad currency impact better and I think that's not getting too far into the politics, that's probably where the US has some leverage. But I think it's a case by case, are we impacted from an industry perspective and all of our peers or something unique to us, hard to predict.

墨西哥和我們在那裡的製造工廠可能存在抵消關係。我很難肯定地說它們是線性的，但如果有關稅，我想你就會開始看到這種情況，在我們認為關稅即將生效的那一天，你就會開始看到貨幣大幅貶值。因此，我們最終可能會受到關稅影響，對貨幣產生不利影響，我認為這不會對政治產生太大影響，這可能是美國具有一定影響力的地方。但我認為這是個案，我們是否會受到產業角度和所有同業的影響，還是會受到我們獨特的影響，這很難預測。

I mean, our impact would really just we our impact would really just be Mexico because you know what we source and we source and sell in Canadian products right now. So I mean, so we source our vegetables in Canada and sell them in Canada. It would be the vegetables that we grow and produce in Mexico and then send it to the United States and I think it's less, we obviously are doing some modeling around what that could look like.

我的意思是，我們的影響實際上只是我們的影響實際上只是墨西哥，因為你知道我們現在採購什麼，我們採購和銷售的是加拿大產品。所以我的意思是，我們從加拿大採購蔬菜並在加拿大銷售。這將是我們在墨西哥種植和生產的蔬菜，然後將其運往美國，我認為數量較少，我們顯然正在對其可能的外觀進行一些建模。

Bruce has talked a little bit about what the offset and currency could be. Some other things, so we have modeling on this, but I think it's really early to speculate on what's going to happen because, last time it kind of pulled back and it I'm not sure that agricultural products will be in the tariff, so we don't know anything yet. We need to kind of watch it to see what the impact could be or what the resolution could be of this, but you know we are doing some modeling to make sure that we're prepared.

布魯斯稍微談論了抵消額和貨幣的含義。還有一些其他的事情，所以我們對此進行了建模，但我認為現在推測會發生什麼還為時過早，因為上次它有點回落，而且我不確定農產品是否會被徵收關稅，所以我們還不知道任何事情。我們需要觀察它，看看它會產生什麼影響或能得到什麼解決方案，但你知道我們正在做一些建模，以確保我們已經做好了準備。

And as far as it ties to guidance, would there be any of these scenarios, or is guidance does that reflect just status quo as it.

就其與指導的關係而言，是否存在這些情況，或者指導是否僅反映現狀。

Is our guidance largely reflects status quo.

我們的指導是否在很大程度上反映了現狀。

Okay, thanks so much.

好的，非常感謝。

Yeah. Thank you.

是的。謝謝。

Next question comes from the line of Rob Dickerson with Jefferies. Please go ahead.

下一個問題來自 Jefferies 的 Rob Dickerson。請繼續。

Great, thanks so much.

太好了，非常感謝。

I guess you know just kind of, first question is around trade spend, clearly, volume of impression in the industry now for a couple of years, feels like so you're saying your expectation would be, still maybe a little soft in the next quarters or two, just in terms of the relationship with the retailer because I thought you had a comment in the in the prepared remarks around trade fair and I kind of half missed it.

我想你知道，第一個問題是關於貿易支出，顯然，現在這個行業幾年來的印象量，感覺就像你說的你的預期是，在接下來的一個或兩個季度裡可能仍然有點疲軟，只是就與零售商的關係而言，因為我以為你在準備好的關於貿易展覽會的評論中有一個評論，但我有點錯過了。

I'm just curious like as we think about '25, are there any other, or let's say, any other cost, that you're, kind of absorbing or you need to deploy right to try to kind of keep velocities going and I'm speaking not just to marking dollars or innovation or what have you but just to anything that's kind of broadly happening kind of with your overall retail customers, that you're trying to support.

我只是很好奇，當我們考慮 25 時，是否還有其他成本，或者說任何其他成本，您需要吸收或部署以嘗試保持速度，我說的不僅僅是標記美元或創新或您擁有的東西，而是您正在嘗試支持的、與您的整體零售客戶廣泛發生的任何事情。

So I think our lever for the most part is trade to move volumes, right? It's all part of pricing Crisco as we've talked about is one of the few areas where we actually lowered the list price per se, but it's really this combination of trade and list gets you your net pricing. Some of the trade looks wonky as we've moved around some of the list pricing for Crisco and then for us if you think about the cadence and we talked about this. During the course of most of the quarters last year, we took price down through trade be beginning really like in the fourth quarter of 2023 and so as we were lapping.

所以我認為我們的主要槓桿是交易來推動交易量，對嗎？正如我們所討論的，這都是 Crisco 定價的一部分，也是我們實際上降低標價的少數領域之一，但實際上，這種貿易和標價的結合為您帶來了淨價。由於我們調整了 Crisco 的部分定價，因此部分交易看起來不太正常，如果您考慮節奏，那麼對於我們自己來說也是如此，我們已經討論過這個問題。在去年的大部分季度中，我們從 2023 年第四季開始透過貿易降低價格，因此我們正在進行套圈。

The first three quarters of '24 against '23 was higher trade and then fourth quarter was kind of like for like because we had already moved. It's very different on a brand for brand basis, but there's some give and take there and then obviously in some of our other areas historically when we've seen price increases on black pepper or garlic, we've moved price and when we've seen price decreases, we've moved price. But generally speaking, it's trade that we're moving price around with not necessarily list.

24 年前三個季度與 23 年相比，貿易額有所增加，而第四季度的貿易額也基本持平，因為我們已經採取行動了。就品牌而言，情況有很大不同，但也存在一些妥協，顯然，在我們的其他一些地區，從歷史上看，當黑胡椒或大蒜的價格上漲時，我們就會調整價格，而當價格下降時，我們也會調整價格。但一般來說，我們調整價格是透過交易，不一定是透過清單。

Right, okay, perfect, that's helpful. And then I guess just in terms of price, and maybe I just have two kind of qualifying questions. The first one is, for the year in terms of organic sales growth, when you're speaking to the improvement and, back half maybe a little bit better than first half, should we be kind of assuming like flattish pricing, right? I mean, it's kind of more of a common the these are more comments clearly around volumes.

好的，好的，非常好，這很有幫助。然後我想就價格而言，也許我只有兩個資格問題。第一個問題是，就今年的自然銷售成長而言，當您談到改善時，下半年可能比上半年好一點，我們是否應該假設價格持平，對嗎？我的意思是，這更是一種常見的情況，這些評論顯然與數量有關。

I mean I think it's flat to just slightly up. We do have a couple of areas where we've got some input cost increases but I think for the most part we expect to use productivity and cost savings to offset any, modest inflation of kind of maybe 1%.

我的意思是，我認為它是持平或略微上漲。我們確實有幾個領域的投入成本有所增加，但我認為在大多數情況下，我們希望利用生產力和成本節約來抵消可能為 1% 的溫和通貨膨脹。

And that 1% would be skewed towards a couple categories where we've seen increases like black pepper, garlic, olive oil, and we may or may not use pricing there, but we'll also use productivity and cost savings to help offset. So I think we're back to kind of a low inflation environment where, you try and cover a good deal of inflation with productivity.

這 1% 將偏向我們看到價格上漲的幾個類別，例如黑胡椒、大蒜、橄欖油，我們可能會或可能不會在這些類別上使用定價，但我們也會使用生產力和成本節約來幫助抵消。所以我認為我們又回到了低通膨環境，你試圖用生產力來掩蓋大量通膨。

And the other call out when we're when we're talking about price and trade and. Inflation, we've seen with Crisco now in the four years going on five years since we've owned it we have managed that business for margin, and so when costs skyrocketed, we were able to take pretty astronomical price increases. It wasn't perfect on a monthly basis, but on an annual basis it worked, and as price came down, we took. Input costs came down. We took price down over the course of '24, it was relatively stable compared to the moves that we had in '23 and then like I said, we would manage that business for margin like we have and actually.

當我們談論價格和貿易時，另一個人會大聲喊出。我們已經看到了通貨膨脹，自從我們擁有 Crisco 以來的四年到五年裡，我們一直以利潤率管理該業務，因此當成本飆升時，我們能夠承受相當大的價格上漲。從月度角度來看，它並不完美，但從年度角度來看，它是有效的，而且隨著價格下降，我們也接受了。投入成本下降了。我們在 24 年期間降低了價格，與 23 年的舉措相比，價格相對穩定，然後就像我說的，我們會像現在這樣管理該業務以獲取利潤。

Actually for gross profit dollars, margins would move up and down, but we would manage to maintain gross profit dollars from the.

實際上，就毛利而言，利潤率會上下波動，但我們會設法維持毛利。

Yeah, and that's how we would do that again if price moved up or down, it'd be great if we get continued relief there and consumers would love it.

是的，如果價格上漲或下跌，我們也會再次這樣做，如果我們能繼續緩解這種情況，那就太好了，消費者也會喜歡它。

Yeah, okay, all makes sense and then just quickly look sales, I think kind of came through maybe a little bit better in Q4, maybe, some had thought, it kind of feels like kind of what's implied in the guide and the commentary that maybe Q1, could be like a little bit down versus Q4 before it gets better. So I'm just curious kind of what you've seen so far in Q1, given your March quarter end, I mean also kind of given we heard, a number of companies speak last week we kind of felt like maybe, January and kind of the kick off of the year was just a little bit maybe softer coming out of the holidays and that's all thanks so much.

是的，好的，一切都說得通，然後快速看一下銷售情況，我認為第四季度的銷售情況可能會好一點，也許，有些人認為，這有點像指南和評論中暗示的那樣，也許第一季可能會比第四季略有下降，然後才會好轉。所以我只是好奇你在第一季到目前為止看到了什麼，考慮到你的三月季度末，我的意思是，考慮到我們聽到的一些公司上週的言論，我們覺得也許一月份和今年年初可能會因為假期而變得疲軟一些，非常感謝。

I think that's how we see it too. We're not obviously through the Q1 period, but we know that January was a little bit softer than we anticipated just like the rest of the industry saw. I mean, I think we know some retailers took down kind of holiday and seasonal merchandizing faster. So, we think January, was a tougher month but January was a tougher month and so that's kind of how we see Q1 shaping up, although we expect to see some improvement as we get out of there. But just like the rest of industry January, we saw some, we saw lower shipments than we expected in January. Yeah.

我想我們也是這樣認為的。我們顯然還沒有度過第一季度，但我們知道，就像其他行業一樣，一月份的表現比我們預期的要弱一些。我的意思是，我認為我們知道一些零售商更快地取消了假期和季節性商品促銷。因此，我們認為 1 月是一個比較艱難的月份，但 1 月確實是一個比較艱難的月份，所以這就是我們對第一季情況的看法，儘管我們預計在走出困境時會看到一些改善。但就像一月其他行業一樣，我們看到一月份的出貨量低於預期。是的。

And I would continue to remind folks to look at the consumption data as it comes in, we're generally pretty close to where consumption comes out. Absent something that happens either in Canada, food service, or we do have a partner brand, with a leading club store and so we think about last year we probably underperformed in food service in that first quarter.

我會繼續提醒大家專注於消費數據，我們通常非常接近消費數據。由於加拿大、食品服務領域沒有任何進展，或者我們確實有一個合作品牌和一家領先的俱樂部商店，所以我們認為去年第一季我們在食品服務領域的表現可能不佳。

We probably had pretty good performance in the fourth quarter for food service for Canada and for some of our partner brands, but by and large, if it's a tough consumption. Environment, and you see that in the track channels, that's going to dictate reality. We're optimistic that that turns, but I was wrong every quarter last year.

我們在第四季為加拿大和一些合作品牌提供的食品服務可能表現得相當不錯，但總的來說，消費還是比較困難的。環境，你可以在軌道通道中看到，這將決定現實。我們對這種轉變持樂觀態度，但去年我每季的預測都錯了。

It's okay Bruce, thanks so much guys, really appreciate it.

沒關係，布魯斯，非常感謝大家，真的很感激。

Thank you.

謝謝。

Thank you.

謝謝。

Next question comes on the line of William Reuter with Bank of America. Please go ahead.

下一個問題來自美國銀行的威廉‧路透 (William Reuter)。請繼續。

Hi, good afternoon. Not asking you to predict what's going to happen with tariffs, but what is the dollar amount of vegetables and other products that currently are, shipped from Mexico to the US?

嗨，下午好。我不是叫你預測關稅會發生什麼，而是目前從墨西哥運往美國的蔬菜和其他產品的金額是多少？

We haven't disclosed, but generally speaking, the products that are manufactured or produced and packed in Mexico, is, it's Green giant frozen. It is largely our core frozen vegetable offering you should think about like bag in a box and bag, and some frozen IQF that's used in other in other parts.

我們沒有透露，但一般來說，在墨西哥製造或生產和包裝的產品是綠巨人冷凍。您主要應該考慮我們提供的核心冷凍蔬菜，例如盒中袋和袋裝蔬菜，以及一些在其他地區使用的冷凍 IQF。

Got it that's helpful and then in terms of your conversations with your retail partners, were there any changes in shelf space recently or have there been any changes in their interest in in private label? I know you compete a lot with private label, but you're seeing any changes there.

明白了，這很有幫助，那麼就您與零售合作夥伴的對話而言，最近貨架空間有什麼變化嗎？或者他們對自有品牌的興趣有變化嗎？我知道你們與自有品牌存在著許多競爭，但你們看到了那裡的改變。

I mean from a B&G overall standpoint, the answer is probably not really if you went across 50 brands I'm sure we could think of some positive examples and some negatives.

我的意思是，從 B&G 的整體角度來看，答案可能不是，如果你檢視 50 個品牌，我相信我們可以想到一些正面的例子和一些負面的例子。

But nothing, no macro trend that we've seen necessarily.

但我們並沒有看到任何必然的宏觀趨勢。

Got it right.

理解正確。

In our major categories.

在我們的主要類別中。

Great, that's all I had. I'll pass to others.

太好了，這就是我所擁有的一切。我會傳給其他人。

Thank you.

謝謝。

Thank you.

謝謝。

Next question comes from the line of Robert Moscow with TD Cowen. Please go ahead.

下一個問題來自 TD Cowen 的羅伯特莫斯科 (Robert Moscow)。請繼續。

Hi, thanks. Good evening.

你好，謝謝。晚安.

I was wondering if you could comment on free cash flow in 2024, like I didn't hear it and I don't think the cash flow statements out yet. So how did you end up for the year and how should we think about 2025? Like is it working capital, a use of cash again in 2025 or not?

我想知道您是否可以評論一下 2024 年的自由現金流，因為我沒有聽到，而且我認為現金流量表還沒有出來。那麼，您今年的計畫是怎麼樣的呢？我們又該如何展望 2025 年？例如，它是否是營運資金，2025 年是否再次使用現金？

So you actually can find the cash from operations on page 13 of our press release. We don't have the full statement, but we do have the line item and we had yeah, we probably had a, if you look just in the 4th quarter pretty comparable to what we did in last year's fourth quarter 2023, our cash from operations were turbocharged because we brought inventory down so much '24 wasn't going to replicate that 2025 isn't going to replicate that I'd like to think 2025 could be comparable to '24, maybe a little bit better.

因此，您實際上可以在我們的新聞稿第 13 頁找到營運現金。我們沒有完整的報表，但我們有明細項目，是的，如果你只看第四季度，我們可能有一個與去年第四季度相當的業績。 2023 年，我們的營運現金流大幅增加，因為我們將庫存降低了很多，2024 年不會再出現這種情況，2025 年也不會再出現這種情況，我想 2025 年可以與 2024 年相媲美，甚至可能更好一些。

Part of the '23 was the [sevester] of the canned vegetable business, yeah.

是的，23 年是蔬菜罐頭產業的艱難時期。

Okay, and so just think about like big inventory moves are going to boost us in the cash from operations. We right now without the can business, we're not as extreme from an inventory build in the third quarter or that quarter being not a great cash from operations quarter, but there still is a fair amount of seasonality just with some of the other pieces of the business. Whether it's the frozen green giant or whether it's things like Crisco and Clabber that, participate in a big season or Bear Creek in a super season. So, we generally generate a fair amount of cash in the fourth quarter.

好的，那麼想想看，大規模的庫存變動將會增加我們的營運現金流。我們目前沒有罐頭業務，因此第三季的庫存增加並不那麼極端，或者說該季度的經營活動現金流並不充裕，但其他一些業務仍然受到相當大的季節性影響。無論是冰凍綠巨人，還是像 Crisco 和 Clabber 這樣的東西，都可以參加大型賽季或參加超級賽季的 Bear Creek。因此，我們通常會在第四季度產生相當數量的現金。

Okay. And, but at the end of the year, Bruce, like debt was kind of the same as it was at the end of 2023. So was that, like I thought there'd be a little more left over after the dividend to pay it down, or am I doing the math wrong? Is that pretty much where you expected to be at the end of the year?

好的。但到今年年底，布魯斯的債務水準與 2023 年底的水準差不多。那麼，是不是就像我認為股息之後還會剩下一點錢來償還一樣，還是我的計算錯了？這和您預期的年底情況差不多嗎？

From a leverage standpoint, we are not as low as we expected to be when we began 2024 because we expected much higher, EBITDA from a Net debt standpoint, we are probably down $30 million during the course of 2024 from where we started the year. Would have liked that number to be, $50 million, 60 million, so, down not flat but probably not as down as much as we'd like.

從槓桿率的角度來看，我們在 2024 年初的預期並不低，因為我們預期的 EBITDA 要高得多，從淨債務的角度來看，2024 年期間我們的 EBITDA 可能比年初下降了 3000 萬美元。我希望這個數字是 5000 萬美元、6000 萬美元，所以，下降幅度不是持平，但可能不會像我們希望的那麼大。

Got it. Okay, thank you.

知道了。好的，謝謝。

Yes.

是的。

Thank you.

謝謝。

Next question comes from the line of David Palmer with Evercore ISI. Please go ahead.

下一個問題來自 Evercore ISI 的 David Palmer。請繼續。

Thanks, just have a question about your segments, your three focus segments going forward, spices and specialty and meals. I'm wondering how they're all fairly healthy but margin businesses all in the 20s, a little higher for spices, for example, but how are you going to manage these businesses differently? How do you think of them in terms of a focus on your growth spending or the potential to respond to growth spending, ones that you might not even really manage to the top line very much, I would imagine the specialty segment that has Crisco, you might be thinking about. Managing to EBITDA on that segment but maybe not so much managing to EBITDA on the others, so any color about how you're thinking about that.

謝謝，我只是想問一下你們的細分市場，你們未來的三個重點細分市場，香料、特色菜和餐點。我想知道為什麼它們都相當健康，但利潤率都在 20% 左右，例如香料業務的利潤率會更高一些，但您將如何以不同的方式管理這些業務？您如何看待它們，專注於您的成長支出或應對成長支出的潛力，您甚至可能無法真正將這些支出帶入頂線，我可以想像您可能會考慮擁有 Crisco 的專業領域。在該部分上實現了 EBITDA，但在其他部分上可能實現不了那麼多，所以您對此有何看法？

Yeah, I think we talked about this before, but I think the spices and seasoning or spice and flavor solutions business unit, we see good trends there. We see some tailwinds with the growth of the perimeter of the store, where, the seasonings and flavorings are actually enhancing, the fresh proteins and vegetables that people are buying and the growth of the perimeter store. So that's a business with, strong margins. A good market position and you know we would look at that as a business we would expect to grow, a couple percent in line with the category 2% to 3%.

是的，我想我們之前談過這個問題，但我認為在香料和調味料或香料和風味解決方案業務部門，我們看到了良好的趨勢。隨著商店週邊的增長，我們看到了一些順風，調味料和調味料實際上正在增​​強，人們購買的新鮮蛋白質和蔬菜以及週邊商店的增長。所以這是一項利潤豐厚的業務。良好的市場地位，你知道我們會將其視為一項我們期望成長的業務，成長率將達到 2% 到 3% 左右。

So you know we would do some investment there to grow we want to make sure we have the right capital structure, the right assets, the right capacity we're doing some things with our brands we've launched some licensing brands to get into, different segments so that's a business that we expect growth from, longer term, and we are getting it in 2024, the fourth quarter we're up 5% in that business unit, so I feel like, that that that one's where it needs to be. I would also expect some growth in our meals business unit, which is essentially two things.

因此，您知道我們會在那裡進行一些投資以實現增長，我們希望確保我們擁有正確的資本結構，正確的資產，正確的產能，我們正在對我們的品牌做一些事情，我們已經推出了一些授權品牌來進入不同的領域，因此，這是我們預計長期增長的業務，我們將在 2024 年實現增長，第四季度增長我還預計我們的餐飲業務部門會有一些成長，這主要體現在兩個方面。

One is Mexican, taco categories, so Ortega brand, Las Palmas, enchilada sauces, we think those categories continue to grow behind Hispanic meal trends. We would expect to grow there. We've invested in excess capacity in our taco sauce, production, we're starting to do a little bit more, with the consumer on that, on those businesses. There's also hot breakfast, which, for a while really kind of took off after COVID. But probably it settled down a little bit.

一個是墨西哥菜、玉米捲類別，所以奧特加品牌、拉斯帕爾馬斯、辣醬玉米餅餡醬，我們認為這些類別將繼續落後於西班牙裔餐飲趨勢的成長。我們希望在那裡發展。我們已經在玉米餅醬的生產上投入了過多的產能，我們開始在這些業務上為消費者做更多的事情。還有熱早餐，在疫情過後，這種早餐一度非常流行。但可能它已經稍微平靜下來了。

We also, we still see that business as a good business, with our, McCann's oatmeal, cream of wheat business, those businesses then perform pretty well. So I would expect to get, like at least 1% growth longer term from that business unit given the categories that it's competing in the specialty business which is largely baking staples you correctly identified, we kind of see that as flat over time. And we would want to manage that business for margins and cash flow and EBITDA. And so, we do look at those businesses, they're not categories that we expect to grow, shortening oil, baking powder, molasses.

我們仍然認為這項業務是一項好業務，我們的麥肯燕麥片、小麥精業務表現相當不錯。因此，我預計該業務部門的長期成長率至少為 1%，考慮到它在專業業務中的競爭類別（主要是烘焙主食，您正確指出），我們認為這一增長率會隨著時間的推移而持平。我們希望管理該業務以實現利潤、現金流和 EBITDA。因此，我們確實專注於這些業務，它們不是我們預期會成長的類別，例如起酥油、發酵粉、糖蜜。

I mean, these are businesses that we want to maintain, good strong financial performance on, but not necessarily top line growth, and they also have very strong margins. So just maintaining those margins, maintaining those, maintaining that even that cash flow is important Green Giant is a little bit more of a of a struggle it's not we struggle with high costs in that business because we don't have a lot of infrastructure in frozen and we're not planning to add any more frozen assets.

我的意思是，這些是我們希望維持的業務，財務表現良好，但不一定是營收成長，而且它們也有很高的利潤率。因此，僅僅維持這些利潤率，維持這些，維持甚至現金流都很重要，對於 Green Giant 來說，這是一個更大的挑戰，我們在該業務中掙扎於高成本，因為我們沒有凍結很多基礎設施，我們也不打算增加任何凍結資產。

So that has been a business that, we do invest behind innovation on things because you need to do that in the frozen business, but it's our lowest margin business in the portfolio as you can see, and it hasn't been the place that we would want to put. The most investment in and it's probably not, and we, it's under strategic review, so we're looking at whether or not that's really part of our future portfolio.

因此，我們確實對這項業務進行了投資，用於創新，因為冷凍業務需要這樣做，但正如您所見，這是我們投資組合中利潤率最低的業務，我們不想把它放在那裡。投資最多的可能不是，我們正在對其進行策略審查，所以我們正在研究這是否真的是我們未來投資組合的一部分。

Is there of the three that you that you folk you're not under review, is there one that you think it's going to get the most improved award in '25 that you think is that you look back at '24 and you left something on the table or there's trends that are or innovation that you think is going to get that segment going more than the others.

在這三個您尚未審查的領域中，您是否認為其中一個會在 25 年獲得最大進步獎，您認為這是因為您回顧 24 年時遺漏了一些東西，或者存在一些趨勢或創新，您認為這些趨勢或創新將使該領域比其他領域更有發展。

I think, our spices business has been performing, so I think it's where it needs to be from a top line performance standpoint. I think our meals business unit is probably the one where I see good innovation coming in our Mexican platform, and I think we're poised to get back into growth on that one by the end of the year. So that one is the one I'm, encouraged by, the plans we put some additional stuff in place. We've got innovation, we've got additional marketing. I think that's a place that we would expect to see a little bit of growth instead of a decline like we saw in '24.

我認為，我們的香料業務一直表現良好，所以我認為從頂線業績的角度來看，它已經達到了應有的水平。我認為我們的餐飲業務部門可能是我們在墨西哥平台上看到良好​​創新的部門，我認為我們將在今年年底前恢復成長。所以，這是我所鼓舞的計劃，我們實施了一些額外的內容。我們有創新，我們有額外的行銷。我認為我們預計那裡會出現一些增長，而不是像 24 年那樣出現衰退。

I think that especially the special area, we just want to get that more flat. I mean, as Bruce said, a lot of the impact was from the pricing that, from Crisco because we had lower oil costs and we reflected that through, we're happy with the performance of that business in '24, but most of the decline in the sales was due to the pricing impact.

我認為，特別是特殊區域，我們只是希望它變得更加平坦。我的意思是，正如布魯斯所說，很大一部分影響來自於定價，由於我們的石油成本較低，我們也反映了這一點，我們對 24 年業務的表現感到滿意，但銷售額的下降主要是由於定價的影響。

In the Crisco pricing model. I mean we've been pretty clear that our long term algorithm for, particularly the three businesses that are under strategic review is that we want at least 1% growth, we said 1 to 2% but 1% growth on that group of assets, and we think we can get there, once we get through kind of the consumer reaction to all the inflationary environment, consumer purchasing behavior changes. We think we've got a portfolio that should be able to drive that kind of low growth. It's not huge expectations but at least grows on a stable platform that we can build on.

在 Crisco 定價模式中。我的意思是，我們已經非常清楚，我們的長期演算法，特別是針對正在接受策略審查的三項業務，我們希望至少實現 1% 的增長，我們說的是 1% 到 2%，但該資產組的增長是 1%，我們認為，一旦我們克服了消費者對所有通膨環境的反應，消費者的購買行為就會發生變化，我們就可以實現這一目標。我們認為我們的投資組合應該能夠推動這種低成長。雖然期望不大，但至少我們可以在一個穩定的平台上發展。

Thank you.

謝謝。

Thank you.

謝謝。

Next question comes from the line of Karru Martinson with Jefferies company. Please go ahead.

下一個問題來自 Jefferies 公司的 Karru Martinson。請繼續。

Good afternoon. Oh, when you guys talked about consumer spending shifts and sizing and so forth, is there any thought or changes when we look at the guidance here of package size shifts for you all?

午安.哦，當你們談論消費者支出變化和規模等等時，當我們查看這裡的包裝規模變化指南時，有什麼想法或變化嗎？

I don't think there'll be packages side shifts. We may emphasize different sizes in the portfolio in terms of what we're, different sizes, containers that just, where we promote, what we promote, but we don't have any specific plans now to downsize. We did a downsizing on our Crisco business about a year and a half ago, I guess, where we moved from 48 ounces to 40 ounces when the price of soybean oil skyrocketed. That was one we deli made a deliberate move, and I think, some of our competitions followed that, but we don't have plans to do that necessarily on other businesses right now.

我認為不會有包裹側移。我們可能會在產品組合中強調不同規模，包括我們推廣的不同容器、我們推廣的產品、我們推廣的產品，但我們現在還沒有任何具體的縮小規模的計畫。大約一年半前，由於大豆油價格飆升，我們縮減了 Crisco 業務規模，從 48 盎司減少到了 40 盎司。這是我們熟食店採取的慎重舉措，我認為我們的一些競爭對手也採取了同樣的舉措，但目前我們還沒有計劃在其他企業也採取同樣的舉措。

See seems like a lot of that was in that 2022, 2023 time period, but as Casey said no major plans across the portfolio.

看起來其中很多都是在 2022 年、2023 年期間，但正如 Casey 所說，整個投資組合中沒有重大計劃。

But we will look at, like the smaller size in our portfolio, how do we emphasize those for consumers that might be looking to trade down?

但我們會考慮，例如我們投資組合中規模較小的產品，我們如何向那些可能希望降低消費的消費者強調這些產品？

And then when you look at the cost and productivity saves, is this more of just kind of the continuous improvement or is there a target of what you want to achieve, in 2025?

然後，當您考慮成本和生產力節省時，這是否只是持續的改進，還是您希望在 2025 年實現的目標？

Yeah, we set, targets for each of our businesses to get between 2% to 3% productivity or savings in on a cost basis, so they're actively working on a kind of a 3% target. Alright, thank you very much on our COGS, yeah.

是的，我們為每個業務設定了目標，即在成本基礎上實現 2% 到 3% 的生產力或節約，因此他們正在積極努力實現 3% 的目標。好的，非常感謝您對我們的 COGS 的支持。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Next question comes on the line of Hale Holden Barclays. Please go ahead.

下一個問題來自 Hale Holden Barclays。請繼續。

Thank you. The first one I have is just to circle back on tariffs. It the exposure to maple syrup or servers in Canada is that something we should think about is just not material enough to be a driver if that comes into play.

謝謝。我首先要談的是關稅問題。我們應該考慮的是，加拿大楓糖漿或服務器的曝光度如果發揮作用的話，還不足以成為驅動因素。

I think sales on that business overall are probably something around $70 million so could there be an impact? Yeah, do we want there to be an impact? No.

我認為該業務的整體銷售額大概在 7,000 萬美元左右，那麼會產生影響嗎？是的，我們希望產生影響力嗎？不。

But think about it in that context. And then as Casey mentioned earlier, we think about our green giant Canadian business that is a largely sourced in Canada and sold in Canada business. And so there really wouldn't be any tariff on that on that business that could be material in any way. That business we've got like currency risk at translation, but not really transaction. It's kind of a margin neutral from those things.

但請從這個角度來思考一下。正如凱西之前提到的，我們考慮的是我們的綠巨人加拿大業務，其主要採購自加拿大並在加拿大銷售。因此，對於該業務實際上不會徵收任何可能產生重大影響的關稅。我們在業務中面臨翻譯方面的貨幣風險，但實際上並不是交易風險。這與這些東西的利潤率有點中性。

Great thank you Bruce and then the second question I had was not to ask another political one, but, do you have any examples of how the portfolio does if there's material reductions to snap, or any thoughts at a very high level if that materializes how much risk that could cost for you?

非常感謝布魯斯，我的第二個問題不是問另一個政治問題，但是，您是否能舉出一些例子來說明，如果出現實質性的減持，投資組合會如何表現，或者，如果這種情況成為現實，您從高層次上有何想法，會給您帶來多大的風險？

So we probably don't have as good Snap data as some of the retailers have it because they get it direct. We believe, and I've seen it in some of the public research out there that we've got less exposure to Snap than some other businesses. I mean, at the end of the day, if it's a low-end consumer and you're reducing their cash to spend on things, they've got less money.

因此，我們可能沒有像一些零售商那樣好的 Snap 數據，因為他們是直接取得數據的。我們相信，而且我在一些公開研究中也看到，我們對 Snap 的關注度比其他一些企業要低。我的意思是，歸根結底，如果消費者是低端消費者，而你減少他們用於購買物品的現金，那麼他們的錢就會減少。

So, wouldn't be naive and say no impact. I still have this am of this belief that in a challenging environment. Center store package food companies do well, will eventually do well. As I said earlier on the call, I was wrong for like four straight quarters on when we were to see an inflection point, but typically, our industry does well and, modest inflation, soft economies, we are a mass-oriented buyer or seller of products, and so.

所以，不要天真地說沒有影響。我仍然堅信，在充滿挑戰的環境中。中心店包裝食品公司做得好，最後也會做得好。正如我之前在電話會議上所說的那樣，我連續四個季度都預測到了拐點，但通常情況下，我們的行業表現良好，通貨膨脹適中，經濟疲軟，我們是面向大眾的產品買家或賣家，等等。

I mean, the other thing I'd say about Snap is, I don't think we have a lot of risk around that we would be targeted in terms of being excluded from Snap because our portfolio is really about traditional meal, preparation. I don't think that we would be viewed as excess calories or quote unquote junk food under the Maha movement, so we're probably not, we don't have a risk from that from Snap benefits being kind of more directed towards certain categories we'd probably be fine.

我的意思是，關於 Snap 我想說的另一件事是，我認為我們不會面臨被排除在 Snap 之外的太大風險，因為我們的投資組合實際上是關於傳統餐飲的準備。我不認為在 Maha 運動下我們會被視為過剩卡路里或垃圾食品，所以我們可能不會，我們不會因為 Snap 福利更針對某些類別而面臨風險，我們可能會沒事。

Yeah, if the overall level of Snap comes down, yeah, probably.

是的，如果 Snap 的整體水準下降，那麼很可能。

There's some impact, but you know the. If it becomes targeted against certain categories, then I don't think we'd be in there.

有一些影響，但是你知道的。如果它針對的是某些類別，那麼我認為我們不會進入其中。

I was trying to spin maha in my head to make B&G great again, but I cross my fingers for you guys for this year but thank you.

我一直在心裡祈禱著讓 B&G 再次偉大起來，但我還是為你們祈禱今年一切順利，謝謝你們。

I've been I've been reading too many newspapers.

我一直讀了太多的報紙。

Fair enough, thank you.

夠公平，謝謝。

Yeah, Thank you. This concludes our today's teleconference. You may disconnect your lines at this time.

是的，謝謝。我們今天的電話會議到此結束。現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。

Thank you.

謝謝。

Thank you everyone.

謝謝大家。