B&G Foods Inc (BGS) 2025 Q1 法說會逐字稿

Good day and welcome to the B&G Foods first-quarter 2025 earnings 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.

大家好，歡迎參加 B&G Foods 2025 年第一季財報電話會議。今天的電話會議將被錄音，預計將持續約一小時，包括 B&G Foods 管理層的演講和問答環節。

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

現在我想將電話轉給 B&G Foods 公司企業策略和業務發展高級助理 AJ Schwabe。AJ？

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。今天和我一起的還有我們的執行長 Casey Keller；以及我們的財務長 Bruce Wacha。您可以在我們今天發布的收益報告中查看本季度的詳細財務信息，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 undue reliance 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. 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.

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提交給美國證券交易委員會 (SEC) 的文件，以便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 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。

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, base business net sales and segment adjusted expenses. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release.

我們還將在今天的電話會議上參考非公認會計準則財務指標、調整後的 EBITDA、分部調整後的 EBITDA、調整後的淨收入、調整後的每股攤薄收益、調整後的毛利、調整後的毛利百分比、基本業務淨銷售額和分部調整後費用。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。

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 2025. Bruce will then discuss our financial results for the first quarter 2025 and our revised guidance for fiscal 2025.

凱西將首先致開幕詞，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 財年剩餘時間前景的看法。布魯斯隨後將討論我們 2025 年第一季的財務表現以及我們對 2025 財年的修訂指引。

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

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 first quarter 2025 earnings call. Today, I will cover an overview of first quarter results and the key drivers, Bruce will cover more specific financial results, an outlook for the remainder of fiscal year 2025, actions to improve performance and EBITDA delivery, and an update on our portfolio reshaping efforts.

午安.謝謝 AJ，也謝謝大家今天參加我們的 2025 年第一季財報電話會議。今天，我將概述第一季的業績和主要驅動因素，布魯斯將介紹更具體的財務業績、2025 財年剩餘時間的展望、提高業績和 EBITDA 交付的措施，以及我們投資組合重塑工作的最新進展。

Q1 results. The first quarter results reflect the challenging environment in the packaged foods industry at the start of 2025, after relatively solid performance in the fourth quarter of 2024. Net sales in quarter one 2025 were down minus 10.5%, driven by a major decline in January of almost 20% versus last year. Net sales trends improved throughout the quarter and continued to improve in April and early May. Adjusted EBITDA was down $15.9 million to a large extent reflecting the lower net sales in the quarter and increased cost and investment in the Green Giant U.S. business.

第一季業績。第一季的業績反映了 2024 年第四季表現相對穩健後，2025 年初包裝食品產業面臨的挑戰環境。2025 年第一季淨銷售額下降了-10.5%，其中 1 月淨銷售額與去年相比大幅下降了近 20%。整個季度淨銷售額趨勢有所改善，並在 4 月和 5 月初繼續改善。調整後的 EBITDA 下降了 1,590 萬美元，很大程度上反映了本季淨銷售額的下降以及 Green Giant 美國業務的成本和投資的增加。

Some of the key drivers of first quarter performance were consumption trends. Like other packaged food center store peers, B&G Foods consumption trends have not yet stabilized following the high inflation and consumer reaction over the past couple years. Across measured and unmeasured channels, our consumption was approximately minus 6% in the quarter one period. We expect the trends will improve in the back half as we lap negative comps from the middle of last year. The trends are also starting to improve with April consumption minus 2% to 3% across the portfolio.

第一季業績的一些關鍵驅動因素是消費趨勢。與其他包裝食品中心商店同行一樣，在經歷了過去幾年的高通膨和消費者反應之後，B&G Foods 的消費趨勢尚未穩定下來。透過測量和未測量的管道，我們的第一季的消耗量約為負 6%。我們預計，隨著去年年中出現負面業績，下半年趨勢將會改善。趨勢也開始好轉，4 月整個投資組合的消費量下降了 2% 至 3%。

Retailer inventories. During January and February, B&G Foods significantly under shipped consumption across major retailers. Many retailers reduced weeks of supply by almost two weeks and cleared remaining fall merchandising stock more rapidly than in previous years. We estimate the net sales impact was roughly $15 million in quarter one. Easter timing shift. In 2025, Easter fell in late April versus March in 2024. Easter merchandising, principally on the Green Giant and Crisco brands was shipped and executed in April this year against Easter performance in March last year. We estimate the net sales impact to be approximately $8 million in quarter one shifting into Q2.

零售商庫存。1 月和 2 月期間，B&G Foods 的出貨量明顯低於主要零售商的消費量。許多零售商將供應週數減少了近兩週，並且比往年更快清理了剩餘的秋季商品庫存。我們估計第一季的淨銷售額影響約為 1500 萬美元。復活節時間轉變。2025 年的復活節在 4 月下旬，而 2024 年的復活節在 3 月。復活節商品，主要是 Green Giant 和 Crisco 品牌，於今年 4 月出貨並完成，而去年復活節的銷售業績則在 3 月。我們估計第一季的淨銷售額影響將達到約 800 萬美元，並轉移到第二季。

Green Giant, the US frozen Green Giant business drove approximately two thirds of the total B&G adjusted EBITDA decline versus last year.

Green Giant，美國凍結的 Green Giant 業務導致 B&G 調整後 EBITDA 總額較去年同期下降約三分之二。

The Frozen & Vegetables business unit segment EBITDA declined $9.3 million in the first quarter. During Q1 we increased short term promotion investment to support the brand and meet key retailer needs. In addition, seasonal pack costs were high reflecting crop issues on core vegetable lines, predominantly corn and peas.

冷凍和蔬菜業務部門第一季的 EBITDA 下降了 930 萬美元。在第一季度，我們增加了短期促銷投資以支持品牌並滿足主要零售商的需求。此外，季節性包裝成本較高，反映了核心蔬菜品種（主要是玉米和豌豆）的作物問題。

Fiscal year ‘25 outlook, we are seeing improving trends in April and early May net sales and volumes, but because of the slow start in quarter one and a more gradual recovery in consumption trends, we are revising both net sales and adjusted EBITDA guidance down for fiscal year ‘25. The net sales range is now $1.86 billion to $1.91 billion with adjusted EBITDA at $200 million to $290 million – $280 million to $290 million. Our expectation is that underlying net sales and consumption trends improved to minus 2% to flat in the second half with the benefit of a partial 53rd week in the fourth quarter. We continue to see uncertainty in the near-term on center store trends, but fully expect to lap the impact of changing consumer behaviors in food purchases following high inflation.

展望25財年，我們看到4月份和5月初的淨銷售額和銷售量呈現改善趨勢，但由於第一季開局緩慢且消費趨勢復甦較為緩慢，我們下調了25財年的淨銷售額和調整後EBITDA指引。目前淨銷售額範圍為 18.6 億美元至 19.1 億美元，調整後的 EBITDA 範圍為 2 億美元至 2.9 億美元 - 2.8 億美元至 2.9 億美元。我們預計，由於第四季度第 53 週的部分收益，下半年基本淨銷售額和消費趨勢將改善至-2%至持平。我們仍認為中心商店趨勢在短期內存在不確定性，但完全可以預見高通膨後消費者在食品購買方面的行為變化將產生影響。

For adjusted EBITDA, we have lowered the range by $10 million for fiscal year ‘25, based largely upon the decline in the first quarter. However, we have also implemented efforts to reduce operating and overhead costs in the third and fourth quarters, which we expect to deliver $10 million in projected savings for this year with an annual run rate of $15 million to $20 million. These include additional productivity in cost of goods sold, trade and market spending efficiencies, accelerated SG&A savings and discretionary spending cuts. We also forecast some favorability from the Mexican Peso foreign exchange on the portion of the Green Giant business manufactured in Mexico.

對於調整後的 EBITDA，我們將 25 財年的範圍降低了 1,000 萬美元，這主要基於第一季的下滑。然而，我們也在第三季和第四季實施了降低營運和管理成本的措施，預計今年將節省 1,000 萬美元，年運行率為 1,500 萬至 2,000 萬美元。這些措施包括提高銷售成本、貿易和市場支出效率、加速銷售、一般和行政費用的節省以及削減可自由支配的開支。我們也預測墨西哥比索的外匯匯率將對綠巨人在墨西哥生產的部分業務產生一定利好。

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 end game 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 five 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 in our core business lines, principally spices and seasonings, Mexican meal preparation and baking staples.

投資組合塑造 B&G Foods 始終致力於重塑和重組我們的投資組合，以突出重點、簡化我們的投資組合、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。最終目標是創建一個更專注的 B&G Foods，調整後的 EBITDA 佔淨銷售額的百分比接近 20%，增加現金流，降低槓桿率，接近五倍，更高效的成本結構和產品組合內的明顯協同效應，並最終建立一個穩定的平台，為我們未來專注於核心業務線的併購增長奠定基礎，主要是香料和烘焙品。

As previously discussed, we have been evaluating the frozen and remaining canned vegetable businesses for a possible divestiture and 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. 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.

如前所述，我們一直在評估冷凍和剩餘的罐裝蔬菜業務，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，其冷凍和蔬菜類別符合健康和飲食趨勢。它可能與 B&G Foods 的重點和能力不太匹配，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。

We are also evaluating divestitures of other non-core business in the portfolio with any proceeds from divestitures used to pay down debt.

我們也正在評估投資組合中其他非核心業務的剝離，並使用剝離所得來償還債務。

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 fiscal year 2025.

謝謝，現在我將把電話交給布魯斯，以了解有關 2025 財年剩餘時間的季度業績和展望的更多詳細資訊。

Thank you, Casey, Good afternoon everyone. Thank you for joining us today.

謝謝你，凱西，大家下午好。感謝您今天加入我們。

As you can see, despite a reasonably strong finish to 2024, we had a very challenging start to 2025. For the first quarter of 2025 we generated $425.4 million in net sales, $59.1 million in adjusted EBITDA, 13.9% adjusted EBITDA as a percentage of net sales and $0.04 in adjusted diluted earnings per share.

如您所見，儘管 2024 年取得了相當強勁的成績，但 2025 年的開局卻非常具有挑戰性。2025 年第一季，我們的淨銷售額為 4.254 億美元，調整後 EBITDA 為 5,910 萬美元，調整後 EBITDA 佔淨銷售額的百分比為 13.9%，調整後每股攤薄收益為 0.04 美元。

The cadence of our year start deserves more context than usual regarding our monthly net sales performance as compared to the prior year periods. January and February were especially challenging with February showing improvement versus January. We experienced a similar, retailer destocking phenomenon that many in the industry peers have reported at the start of the year. During this period, we undershipped versus our consumption in retail track channels. March demonstrated progress despite the Easter holiday shift to April, with net sales down approximately 5%.

與去年同期相比，我們年初的月度淨銷售額表現比往常更加值得關注。一月和二月尤其具有挑戰性，二月較一月有所改善。我們經歷了類似的零售商去庫存現象，許多業內同業在年初都報告過這種情況。在此期間，我們在零售通路的出貨量與消費量相比不足。儘管復活節假期移至 4 月，但 3 月仍取得了進展，淨銷售額下降了約 5%。

As an encouraging preview of what may lie be ahead, April has begun to show signs of the stabilization we've anticipated with net sales down only 2%. This improvement was driven in part by strong performance from Green Giant in both the frozen and shelf-stable categories. Overall, net sales for the first quarter of 2025 decreased by $49.8 million or 10.5% to $425.4 million from $475.2 million for the first quarter of 2024. Base business net sales, which for this quarter largely match our net sales, decreased by $49.9 million or 10.5% in the first quarter of 2025 compared to the first quarter of 2024.

作為對未來可能出現的情況的一個令人鼓舞的預示，四月已經開始顯示出我們預期的穩定跡象，淨銷售額僅下降了 2%。這一改善部分得益於 Green Giant 在冷凍和貨架穩定類別中的強勁表現。整體而言，2025 年第一季的淨銷售額從 2024 年第一季的 4.752 億美元減少 4,980 萬美元（10.5%）至 4.254 億美元。基礎業務淨銷售額本季與我們的淨銷售額基本持平，與 2024 年第一季相比，2025 年第一季減少了 4,990 萬美元，即 10.5%。

$42.4 million or 8.9 percentage points of the decline in base business net sales was driven by lower volumes. $5.5 million or 1.2 percentage points of the decline was driven by a decrease in net pricing and the impact of product mix, and approximately $2 million, or 0.4 percentage points, was driven by the negative impact of foreign currency.

基礎業務淨銷售額下降 4,240 萬美元，佔其總銷售額的 8.9 個百分點，原因是銷售下降。其中，淨定價下降和產品組合的影響造成 550 萬美元或 1.2 個百分點的下降，而外匯的負面影響則造成約 200 萬美元或 0.4 個百分點的下降。

Net sales for Frozen & Vegetables and Crisco accounted for approximately 44% of the decline in our net sales for the quarter. Net sales of Frozen & Vegetables decreased by $11.8 million, or 11.2%. Reduced volumes, particularly in January and February, drove approximately one half of the decline.

冷凍蔬菜和 Crisco 的淨銷售額約佔本季淨銷售額下降的 44%。冷凍和蔬菜的淨銷售額減少了 1,180 萬美元，即 11.2%。產量減少（尤其是一月和二月）導致了約一半的跌幅。

Additionally, we significantly increased our promotional trade spending to support Green Giant to start the year. Given the soft category trends, we implemented a targeted promotional pricing investment with key retail partners, which we subsequently expanded following the supply chain challenges experienced by a competitor. While this promotional pricing decision temporarily impacted our net sales and P&L in the short-term, it allowed us to strengthen our relationships with valued customers while also delivering meaningful price relief to consumers during the challenging period.

此外，我們也大幅增加了促銷貿易支出，以支持 Green Giant 在新的一年取得成功。鑑於軟類別趨勢，我們與主要零售合作夥伴實施了有針對性的促銷定價投資，隨後，隨著競爭對手遇到供應鏈挑戰，我們擴大了投資範圍。雖然這項促銷定價決策在短期內暫時影響了我們的淨銷售和損益，但它使我們能夠加強與尊貴客戶的關係，同時也在充滿挑戰的時期為消費者帶來有意義的價格優惠。

With similar pacing trends to overall B&G Foods, our Frozen & Vegetables business showed sequential monthly improvement during the quarter. Net sales of Frozen & Vegetables decreased only slightly, or approximately 1%, for the month of March.

與 B&G 食品整體的步伐趨勢相似，我們的冷凍和蔬菜業務在本季度呈現連續月度改善。3 月冷凍食品和蔬菜的淨銷售額僅略有下降，約 1%。

Frozen & Vegetables then had a strong Easter holiday with April net sales up mid single-digits for both our frozen and shelf-stable products and despite the challenging consumer environment in the U.S. our Frozen & Vegetables business has performed exceptionally well in Canada, driving mid single-digit net sales growth for the first quarter, despite a nearly $2 million negative impact from currency translation into our consolidated results. Net sales for our Crisco brand decreased by $10 million or 15.4% for the first quarter of 2025 as compared to the first quarter of 2024 as the category continues to reset prices and input costs stabilize. Approximately half of the decline for Crisco was driven by lower net pricing and product mix and approximately half of the decline was driven by lower volumes.

冷凍蔬菜業務在復活節假期表現強勁，4 月份冷凍和常溫產品的淨銷售額均實現了中等個位數增長，儘管美國消費環境充滿挑戰，但我們的冷凍蔬菜業務在加拿大表現異常出色，推動第一季度淨銷售額實現了中等個位數增長，儘管貨幣換算對我們的合併業績產生了近 200 萬美元的負面影響。由於該類別持續重置價格且投入成本穩定，我們 Crisco 品牌的淨銷售額在 2025 年第一季與 2024 年第一季相比減少了 1,000 萬美元或 15.4%。Crisco 的下滑大約有一半是由於淨價格和產品組合下降造成的，另外大約有一半是由於銷售下降造成的。

Gross profit for our overall business was $90.1 million for the first quarter of 2025 or 21.2% of net sales. Adjusted gross profit, which excludes the negative impact of $0.5 million of acquisition/divestiture-related expenses and non-recurring expenses included in our cost of goods sold for the first quarter was $90.6 million or 21.3% of net sales.

2025 年第一季度，我們整體業務的毛利為 9,010 萬美元，佔淨銷售額的 21.2%。調整後毛利（不包括 50 萬美元的收購/剝離相關費用和第一季銷售成本中包含的非經常性費用的負面影響）為 9,060 萬美元，佔淨銷售額的 21.3%。

Gross profit was $108.9 million in the first quarter of 2024 or 22.9% of net sales. Adjusted gross profit, which excludes the negative impact of $1 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the first quarter of 2024 was $109.9 million or 23.1% of net sales.

2024 年第一季毛利為 1.089 億美元，佔淨銷售額的 22.9%。調整後毛利（不包括 2024 年第一季收購/剝離相關費用 100 萬美元和銷售成本中包含的非經常性費用的負面影響）為 1.099 億美元，佔淨銷售額的 23.1%。

Promotional trade spend which is captured in our net sales line increased by approximately 175 basis points in the first quarter of 2025 as compared to the first quarter of 2024. As we continue to invest in our brands and attempt to reflect lower prices on shelf to consumers. The increased promotional trade spend drove the majority of the decrease in net pricing in our sales line as well as the majority of the decrease in our gross profit and adjusted gross profit as a percentage of net sales.

與 2024 年第一季相比，2025 年第一季計入淨銷售額的促銷貿易支出增加了約 175 個基點。我們將繼續投資我們的品牌並嘗試向消費者反映更低的貨架價格。促銷貿易支出的增加導致我們銷售線淨定價的大部分下降，以及毛利潤和調整後毛利潤佔淨銷售額的百分比的大部分下降。

Our material, labor and overhead costs when measured against gross sales were essentially flat during the first quarter as compared to the first quarter of last year. Input cost inflation as measured by raw material costs across our basket of inputs and in our factories has remained mostly modest thus far in 2025.

與去年第一季相比，我們第一季的材料、人工和管理成本相對於總銷售額基本持平。截至 2025 年，以我們一攬子投入和工廠的原材料成本衡量的投入成本通膨基本保持溫和。

Outside of some categories such as black pepper, garlic, olive oil, tomatoes, core vegetables and cans, which have remained elevated. We are obviously watching closely for any increased signs of inflation throughout the trade and tariff negotiations. While we haven’t yet seen the benefit of more normal or favorable U.S. dollar to Mexican peso exchange rate flows into our P&L this year. We still expect to see some benefit in the back half of the year. However, currency remains a potential wildcard given the wild – excuse me, given the current macroeconomic environment and the political uncertainty regarding tariffs.

除黑胡椒、大蒜、橄欖油、番茄、核心蔬菜和罐頭等一些類別外，價格一直保持高位。在整個貿易和關稅談判過程中，我們顯然在密切關注通膨上升的跡象。雖然我們還沒有看到美元對墨西哥比索匯率更加正常或有利，但這對我們今年的損益表產生了影響。我們仍然預計今年下半年會看到一些收益。然而，考慮到當前的宏觀經濟環境和關稅方面的政治不確定性，貨幣仍然是一個潛在的不確定因素。

Selling general and administrative expenses increased by $0.5 million, or 1.1%, to $49.1 million for the first quarter of 2025 from $48.6 million for the first quarter of 2024. The increase was composed of increases in acquisition, divestiture related and non-recurring expenses of $4.2 million and general and administrative expenses of $0.5 million, partially offset by decreases in consumer marketing expenses of $3.3 million and selling expenses of $0.9 million.

銷售一般及行政費用從 2024 年第一季的 4,860 萬美元增加 50 萬美元（即 1.1%）至 2025 年第一季的 4,910 萬美元。這一增長包括收購、資產剝離相關和非經常性費用增加 420 萬美元以及一般和行政費用增加 50 萬美元，但部分被消費者行銷費用減少 330 萬美元和銷售費用減少 90 萬美元所抵消。

Expressed as a percentage of net sales, selling general and administrative expenses increased by 1.4 percentage points to 11.6% for the first quarter of 2025 as compared to 10.2% for the first quarter of 2024. As I mentioned earlier, we generated $59.1 million in adjusted EBITDA, or 13.9% of net sales in the first quarter of 2025, compared to $75 million, or 15.8% of net sales in the first quarter of 2024.

以淨銷售額的百分比表示，2025 年第一季的銷售一般及行政費用增加 1.4 個百分點至 11.6%，而 2024 年第一季為 10.2%。正如我之前提到的，2025 年第一季我們的調整後 EBITDA 為 5,910 萬美元，佔淨銷售額的 13.9%，而 2024 年第一季我們的調整後 EBITDA 為 7,500 萬美元，佔淨銷售額的 15.8%。

The decrease in adjusted EBITDA as a percentage of net sales was primarily due to our increased investment in promotional trade spend. After removing the impact of trade, adjusted EBITDA margins were more comparable year-over-year.

調整後 EBITDA 佔淨銷售額的百分比下降主要是因為我們增加了對促銷貿易支出的投資。消除貿易影響後，調整後的 EBITDA 利潤率與去年同期相比更具可比性。

Net interest expense remained flat at $37.8 million for the first quarter of 2025 as compared to the first quarter of 2024. Depreciation and amortization was $16.8 million in the first quarter of 2025, which is largely in line with $17.2 million for the first quarter of last year. We had adjusted net income of $3.4 million, or $0.04 per adjusted diluted share in the first quarter of 2025.

2025 年第一季的淨利息支出與 2024 年第一季相比持平，為 3,780 萬美元。2025 年第一季的折舊和攤銷為 1,680 萬美元，與去年第一季的 1,720 萬美元基本持平。2025 年第一季度，我們的調整後淨收入為 340 萬美元，即每股調整後攤薄收益 0.04 美元。

In the first quarter of 2024, we had adjusted net income of $14.4 million, or $0. 18 per adjusted diluted share. Adjustments to our EBITDA net income are described further in our earnings release.

2024 年第一季度，我們的調整後淨收入為 1,440 萬美元，即 0 美元。調整後每股攤薄收益 18 美元。我們的 EBITDA 淨收入的調整在我們的收益報告中有進一步描述。

I would now like to touch on our results by business unit for the first quarter. Net sales for specialty decreased by $20.3 million, or 13.1%, in the first quarter of 2025 to $134.4 million from $154.7 million in the first quarter of 2024. The decrease in Specialty segment sales was primarily driven by a combination of lower net pricing and decreased volumes across the specialty business unit in the aggregate.

現在我想談談第一季各業務部門的業績。2025 年第一季度，特種產品淨銷售額從 2024 年第一季的 1.547 億美元下降至 1.344 億美元，下降 2,030 萬美元，降幅 13.1%。特種化學品部門銷售額的下降主要是由於淨價格下降和特種化學品業務部門整體銷售下降所致。

Specialty segment adjusted EBITDA decreased by $3.7 million were 9.9% in the first quarter of 2025. The decrease was primarily due to decrease in net sales, which was offset in part by an increase in segment adjusted EBITDA as a percentage of net sales.

2025 年第一季度，專業部門調整後 EBITDA 減少 370 萬美元，降幅為 9.9%。下降的主要原因是淨銷售額下降，但部分調整後 EBITDA 佔淨銷售額的百分比增加抵消了這一下降。

Net sales for meals decreased by $13.9 million, or 11.6% in the first quarter of 2025 to $106.1 million from $120 million for the first quarter of 2024. The decrease was primarily due to a decrease in volumes across the meals business unit in the aggregate coupled with a decrease in net pricing and product mix. Meals segment adjusted EBITDA decreased by approximately $0.7 million as lower net sales were largely offset by an increase in segment adjusted EBITDA as a percentage of net sales.

2025 年第一季度，餐飲淨銷售額從 2024 年第一季的 1.2 億美元減少至 1.061 億美元，減少了 1,390 萬美元，降幅為 11.6%。下降的主要原因是餐飲業務部門整體銷售下降，加上淨價格和產品組合下降。餐飲部門調整後的 EBITDA 減少了約 70 萬美元，因為淨銷售額的下降在很大程度上被部門調整後的 EBITDA 佔淨銷售額的百分比的增加所抵消。

Net sales for frozen and vegetables were down by $11.8 million, or 11.2% in the first quarter of 2025 compared to the first quarter of 2024. As I mentioned earlier, a significant portion of the decline was driven by the impact of our investments in pricing, increased promotional trade spend and the timing shift of Easter. Meanwhile, frozen and vegetables in Canada performed quite well with net sales up mid-single digits for the quarter. Frozen and vegetable segment adjusted EBITDA was negative $1.5 million for the first quarter of 2025 compared to $7.8 million for the year ago quarter. Approximately $6 million of the decline was driven by increased trade spend that was targeted and temporary, and nearly $2 million from increased seasonal pack costs on core vegetable products, including corn on the cob and peas. The remainder of the decrease was driven by lower net sales.

2025 年第一季冷凍食品和蔬菜的淨銷售額與 2024 年第一季相比下降了 1,180 萬美元，降幅為 11.2%。正如我之前提到的，下降的很大一部分原因是我們對定價的投資、增加促銷貿易支出以及復活節時間的變化的影響。同時，加拿大的冷凍食品和蔬菜表現相當不錯，本季淨銷售額成長了中等個位數。2025 年第一季冷凍和蔬菜部門調整後的 EBITDA 為負 150 萬美元，而去年同期為 780 萬美元。其中約 600 萬美元的下降是由於有針對性的、暫時性的貿易支出增加所致，近 200 萬美元的下降是由於核心蔬菜產品（包括玉米棒和豌豆）的季節性包裝成本增加所致。其餘的下降是由於淨銷售額下降造成的。

Looking ahead for frozen and vegetables, we anticipate significant cost improvements in the upcoming production cycle compared to the previous pack season. We expect these production costs to benefit positively and impact our financial performance beginning in the fourth quarter of this year.

展望冷凍蔬菜，我們預計與上一個包裝季節相比，即將到來的生產週期的成本將有顯著改善。我們預計這些生產成本將產生正面影響，並從今年第四季開始影響我們的財務表現。

Net sales for spices and flavor Solutions decreased by $3.8 million, or 4% in the first quarter of 2025 to $91.7 million from $95.6 million in the first quarter of 2024. The decrease was primarily due to a decline in volumes across the spices and flavor solutions business unit in the aggregate. Performance was softer than we typically expect for the portfolio, although our foodservice and private label brands performed reasonably well for the quarter. Spices and flavor solutions segment adjusted EBITDA decreased by $2.4 million, or 8.4% in the first quarter of 2025 compared to the first quarter of 2024. The decrease in segment adjusted EBITDA was largely driven by decreases in net sales, increases in raw material costs such as black pepper and garlic, and the negative impact of product mix.

2025 年第一季度，香料和調味品解決方案的淨銷售額從 2024 年第一季的 9,560 萬美元減少 380 萬美元（降幅 4%）至 9,170 萬美元。下降的主要原因是香料和調味品解決方案業務部門的整體銷售下降。儘管我們的餐飲服務和自有品牌在本季度表現相當不錯，但其表現比我們通常預期的要差。香料和調味品解決方案部門調整後的 EBITDA 在 2025 年第一季與 2024 年第一季相比減少了 240 萬美元，即 8.4%。分部調整後 EBITDA 的下降主要是因為淨銷售額下降、黑胡椒和大蒜等原料成本增加以及產品結構的負面影響。

Now moving to our consolidated cash flow and balance sheet. Cash flow was quite strong for the quarter. We generated $52.7 million in net cash from operations during Q1 of 2025 versus $35.1 million in Q1 2024. We reduced our debt to $1.967 billion at the end of the first quarter 2025 compared to $1.994 billion at the fourth quarter 2024 and $2.012 billion at the end of the first quarter 2024.

現在轉到我們的合併現金流量和資產負債表。本季的現金流相當強勁。2025 年第一季度，我們的經營淨現金為 5,270 萬美元，而 2024 年第一季為 3,510 萬美元。截至 2025 年第一季末，我們的債務已減至 19.67 億美元，而 2024 年第四季末的債務為 19.94 億美元，2024 年第一季末的債務為 20.12 億美元。

While we have no updates on the capital markets front, as a reminder, approximately 35% of our long-term debt is tied to floating interest rates or for us SOFR, 100 basis point rate reduction would be expected to reduce our interest expense by approximately $7 million. Given the soft start of the year and the heightened economic uncertainty due to among other things, the ongoing trade and tariff negotiations, we are reducing our fiscal 2025 guidance range.

雖然我們沒有資本市場的最新消息，但需要提醒的是，我們約有 35% 的長期債務與浮動利率掛鉤，或者對我們來說，SOFR，預計 100 個基點的利率降低將使我們的利息支出減少約 700 萬美元。鑑於今年開局疲軟以及正在進行的貿易和關稅談判等因素導致的經濟不確定性加劇，我們正在下調 2025 財年的指導範圍。

We now expect net sales of $1.86 billion to 1.91 billion, adjusted EBITDA of $280 million to $290 million, and adjusted earnings per share of $0.55 to $0.65. Our updated guidance accounts for a modestly softer economic environment that may impact consumer spending patterns. It also reflects our expectation that our top line will continue to stabilize and that our input costs will remain relatively consistent.

我們現在預計淨銷售額為 18.6 億美元至 19.1 億美元，調整後 EBITDA 為 2.8 億美元至 2.9 億美元，調整後每股收益為 0.55 美元至 0.65 美元。我們更新後的指引考慮了略微疲軟的經濟環境，這可能會影響消費者的支出模式。這也反映了我們的預期，我們的營業收入將持續穩定，我們的投入成本將保持相對一致。

In addition, our guidance also assumes a cost reduction plan we have implemented will produce approximately $10 million of cost savings during the remainder of the year. Given the uncertainty in the political economic environment and rapidly evolving negotiations regarding tariffs and retaliatory tariffs, our guidance does not reflect the potential impacts of the recently imposed and threatened tariffs by the U.S. and retaliatory actions taken or threatened by other countries in response or the potential for additional tariffs, trade barriers or retaliatory actions by the U.S. or other countries.

此外，我們的指導還假設我們實施的成本削減計劃將在今年剩餘時間內節省約 1000 萬美元的成本。鑑於政治經濟環境的不確定性以及關稅和報復性關稅談判的快速發展，我們的指導並未反映美國最近實施和威脅實施的關稅以及其他國家採取或威脅採取的報復行動的潛在影響，或美國或其他國家可能採取的額外關稅、貿易壁壘或報復行動。

For perspective, more than 90% of our net sales are to customers in the United States and the remainder are primarily to customers in Canada. Approximately 80% to 85% of our products, ingredients and raw materials are sourced in the United States, Canada and Mexico. The majority of our non-North American source products are sourced from Asian countries, particularly within our spices and flavor solutions business unit such as black pepper, which is primarily sourced in Vietnam, and garlic which is primarily sourced in China. Many of these imported spices are classified as unavailable natural resources, which we believe may ultimately qualify for reduced or zero tariff rates.

從角度來看，我們的淨銷售額有 90% 以上來自美國客戶，其餘則主要來自加拿大客戶。我們約 80% 至 85% 的產品、成分和原料均來自美國、加拿大和墨西哥。我們的非北美產品大多來自亞洲國家，特別是我們的香料和調味品解決方案業務部門，例如黑胡椒主要來自越南，大蒜主要來自中國。許多進口香料被歸類為不可用的自然資源，我們認為它們最終可能有資格享受減關稅或零關稅。

Additionally, we expect for full year 2025 interest expense of $147.5 million to $152.5 million, including cash interest of $142.5 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 $30 million to $35 million.

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、折舊支出 4,750 萬美元至 5,250 萬美元、攤提3500 萬美元。

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，請他進一步發言。

Thank you, Bruce. To close, B&G Foods continues to remain laser focused on the critical priorities. Improving the base business net sales trends of our core business to the long-term objective of plus 1%, reshaping the portfolio for future growth, stability, higher margins and cash flows, as well as structuring key platforms for future acquisition growth and 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 將繼續高度關注關鍵優先事項。將我們核心業務的基礎業務淨銷售額趨勢改善至成長 1% 的長期目標，重塑投資組合以實現未來成長、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，並透過資產剝離和過剩現金流將槓桿率降至 5.5 倍以下，以促進策略收購。

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。現在我們想開始電話會議的問答環節。操作員？

(Operator Instructions) Michael Lavery, Piper Sandler.

（操作員指示）麥可·拉弗里、派珀·桑德勒。

Just back on some of the tariff considerations. Can you give us a sense just for maybe how that impacts your potential sale of frozen? Is it essentially put it on hold till there’s better clarity there? What are some of the maybe ripple effects? And if the reciprocal tariffs kick in that are on pause – if the pause tariffs of any kind could come through is there any concerns with things like what that could mean for debt covenants or – I mean, some of the ways we can do the math, the magnitude can get a little big. Help us just understand maybe how you’re contingency planning and thinking about that.

回顧一下一些關稅的考量。您能否告訴我們這可能會對您冷凍食品的潛在銷售產生什麼影響？是不是基本上要將其擱置，直到情況更加明朗？可能產生哪些連鎖反應？如果暫停的互惠關稅生效——如果任何形式的暫停關稅得以實施，是否會有人擔心這對債務契約意味著什麼——我的意思是，我們可以計算一下，幅度可能會有點大。請幫助我們了解您是如何制定應急計劃並思考這個問題的。

Yes. So part one, we don’t typically comment on any ongoing M&A discussions. Obviously we’ve made it clear the business unit’s under strategic review. From a tariff perspective at least with regards to that business everything Green Giant world is compliant under USMCA from a manufacturing in Mexico and moving to the U.S. our Canadian business for Green Giant at least, is almost entirely made in Canada, and so there's no real impacts there. Obviously, like everybody else, we're watching the news and trying to do as best as we can to understand what the implications are and when these negotiations are finished.

是的。因此，第一部分，我們通常不會對任何正在進行的併購討論發表評論。顯然，我們已經明確表示對該業務部門進行策略審查。從關稅角度來看，至少就該業務而言，Green Giant 的所有業務都符合 USMCA 的規定，從墨西哥製造到轉移到美國，至少 Green Giant 的加拿大業務幾乎完全在加拿大製造，因此沒有真正的影響。顯然，和其他人一樣，我們也在關注新聞，並盡力了解談判的影響以及談判何時結束。

And so just to follow up, if they were reinstated or instated and you end up facing the tariffs that are paused, but that you could identify. Can you give a sense of what magnitude that is? Have you been able to put a number on it? Or help us understand what that could look like?

因此，只是為了跟進，如果這些關稅被恢復或實施，而你最終面臨暫停的關稅，但你可以識別。能說明一下這個量級有多大嗎？你能給出一個數字嗎？或是幫助我們理解那會是什麼樣子？

Yes. I don't think most people could put a number on it because they change every day. We're watching like everybody else. Certainly, we would look at different parts of our business and have an understanding of what the competitive set looks like. But it's hard to predict where tariffs are going to go right now.

是的。我認為大多數人無法給出一個確切的數字，因為它們每天都在變化。我們和其他人一樣都在觀看。當然，我們會審視業務的不同部分，並了解競爭對手的情況。但現在很難預測關稅將會走向何方。

As we talked in the script in our comments that the largest potential risk is in our spices business coming from China, Southeast Asia, Vietnam, et cetera. Those are, that's the biggest risk. Those are, some of those are on pause. China is obviously in negotiation, so those are the ones we just can't predict. What is the final rate in China?

正如我們在評論中提到的那樣，最大的潛在風險在於來自中國、東南亞、越南等地的香料業務。那些是，那是最大的風險。其中一些已經暫停。中國顯然正在談判，所以這些是我們無法預測的。中國的最終利率是多少？

We don't know. It was as high as 150% at one point, now it's come down. So, the risk is significant, but we're confident that negotiations will continue and that the things on pause will be negotiated as well. We know there's a lot of progress with Vietnam, et cetera. So, I mean, honestly, from a Mexico standpoint, we're not that worried because it appears that as long as you're NAFTA or USMCA compliant, that we should be fine going forward.

我們不知道。一度高達 150%，現在已下降。因此，風險很大，但我們相信談判將繼續，暫停的事情也將得到談判。我們知道越南問題等取得了很大進展。所以，我的意思是，老實說，從墨西哥的角度來看，我們並不那麼擔心，因為看起來只要你遵守北美自由貿易協定或美國墨西哥灣協定，我們就可以順利前進。

And so, I don't think that will have any major impact on our Green Giant business.

因此，我認為這不會對我們的綠巨人業務產生任何重大影響。

And the other thing to keep in mind with our spice business is virtually everybody that buys the products that we manufacture in spice, whether it's garlic or black pepper, they're buying from the same regions. And so that would be kind of an industry phenomenon rather than a unique B&G sourcing phenomenon.

對於我們的香料業務，還有一點要記住，那就是幾乎所有購買我們生產的香料產品的人，無論是大蒜還是黑胡椒，都是從同一地區購買的。因此，這是一種行業現象，而不是獨特的 B&G 採購現象。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

So the stock reaction today was more dramatic than I expected. And I'm just wondering if it has led to any kind of discussions internally about accelerating your portfolio changes or accelerating cost reduction programs. I know it's only 12 hours of reaction, but wanted to get your reaction, please.

因此，今天的股票反應比我預期的更劇烈。我只是想知道這是否引發了內部關於加速投資組合變化或加速成本削減計劃的任何討論。我知道這只是 12 小時的反應，但我想得到您的反應。

Honestly, we were already accelerating. I mean, this isn't news to us today. I mean we were already looking at how do we accelerate our portfolio shaping efforts, and we've been working pretty diligently on that. Obviously, I can't comment on it, but that's been a major focus for us to make the changes in the portfolio that we think are necessary for the long term. And when I talk today about the cost reduction efforts, $10 million this year, run rate of $15 million to $20 million, we've been working on that for a few months now to get those implemented this year.

老實說，我們已經在加速了。我的意思是，這對我們今天來說已經不是什麼新聞了。我的意思是，我們已經在研究如何加速我們的投資組合塑造工作，我們一直在為此努力。顯然，我無法對此發表評論，但這是我們對投資組合進行長期必要調整的重點。當我今天談到削減成本的努力時，今年的成本削減為 1000 萬美元，運行率為 1500 萬至 2000 萬美元，我們已經為此努力了幾個月，以便在今年實施這些措施。

And we've got, we were already trying to drive those pretty fast and hard. So today gives me more conviction that we've got to move those things as fast as possible, but we were already doing that. We are already pushing the accelerator on both those efforts pretty hard. I guess the other, the only other thing I would say, Rob, is that the other piece of this is as we reshape the portfolio, we will take some pretty significant actions to rightsize our cost structure as we divest businesses. So that's another effort that's in, that's being planned that's probably part of a larger restructuring.

我們已經在努力讓它們運行得又快又猛。所以今天我更確信我們必須盡快完成這些事情，但我們已經在這樣做了。我們已經在大力推動這兩項努力。羅布，我想說的另一件事是，當我們重塑投資組合時，我們將採取一些相當重要的行動，在剝離業務的同時調整我們的成本結構。這是正在進行的另一項努力，正在計劃中，可能是更大規模重組的一部分。

Got it. And I wanted to try to drill down to the negative 2% you called out in April as a consumption trend. Is that a clean number? Or are there any Easter elements that make it may be stronger because of the later Easter?

知道了。我想嘗試深入研究您所說的四月份消費趨勢為-2%這一問題。這是一個乾淨的數字嗎？或者是否存在復活節的元素，使得復活節來得更晚，從而讓它變得更強大？

Yes. I think there's maybe a little bit of Easter help in that number, but I think even the underlying number before Easter benefits is improving versus what we were seeing in the early part of the first quarter and then towards the end of last year in the fourth quarter. So, we are seeing some improvement in that trend. It's gradual. And I don't, we really didn't expect a significant change because we don't lap the sort of the negative comps until the middle of the year.

是的。我認為這個數字可能有一些復活節的幫助，但我認為，與第一季初和去年第四季末的情況相比，復活節福利之前的基本數字也在改善。因此，我們看到這一趨勢有所改善。這是漸進的。我不認為我們真的會有一個重大的變化，因為我們直到年中才了解到這種負面比較。

We weren't expecting a lot of change, but it's encouraging that we're seeing a little bit of light in the consumption trends, but we need to see more. We need to see it continue.

我們並沒有期待太多的變化，但令人鼓舞的是，我們看到了消費趨勢中的一些曙光，但我們需要看到更多。我們需要看到它繼續下去。

Okay. Can I ask one more? The $50 million of inventory deload, did the vast majority of that happen in January? Or was it kind of spread out?

好的。我可以再問一個嗎？5000 萬美元的庫存減量，其中絕大部分是否發生在一月？或者說它已經擴散開來了？

I think I said $15 million, 15. 15. 1.5 15, yes. That I would say most of that occurred in January at the end of the month and some of it in February. But we saw our volumes kind of our shipments pretty low at the very end of the month in January.

我想我說過 1500 萬美元，15。15. 1.5 15，是的。我想說的是，大部分發生在一月底，有些發生在二月。但我們發現，一月底我們的出貨量相當低。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

First thing I wanted to ask about is this retailer inventory reduction. Is there any expectation of recouping some of that lost volume, whether it's during the Easter period or later in the year?

我首先想問的是零售商庫存減少的情況。是否有希望收回部分損失的銷量，無論是在復活節期間還是在今年晚些時候？

I don't think so. I think this was a permanent reduction. We typically see some of this reduction from the fall period happen more gradually than it did this year. We could see maybe some smoothing out of that effect this year. But I mean, our assumption right now is that they've taken the weeks down and 80% of that will stick as they try and operate more efficiently and operate with lower inventories just like we're doing.

我不這麼認為。我認為這是一個永久性的減少。我們通常會看到秋季的這種減少比今年更加緩慢。今年我們或許可以看到這種影響有所緩解。但我的意思是，我們現在的假設是，他們已經減少了幾週的產量，其中 80% 的產量將保持下去，因為他們會像我們一樣嘗試更有效率地運作並以更低的庫存運作。

So, I mean it was a little bit of a surprise to us in terms of what happened and how much they took out. But I think our operating assumption right now is that they're trying to be more efficient, and we need to kind of plan that those inventory reductions are largely permanent or they will operate with more weeks of supply and maybe some of it will come back, but just a small portion.

所以，我的意思是，就發生的事情以及他們拿走了多少錢而言，我們感到有點驚訝。但我認為，我們目前的營運假設是，他們正在努力提高效率，我們需要製定計劃，確保這些庫存減少基本上是永久性的，或者他們將在供應週數更長的情況下運營，也許其中一些會恢復，但只是一小部分。

Got it. And then I think there was also a comment that you made in the prepared remarks about kind of fully lapping this changing consumer behavior at some point. I think we've kind of heard thoughts from others around the industry that this would have happened a bit sooner after the initial kind of inflationary shock from a couple of years ago. So just curious if you can kind of speak to maybe what kind of gives you that confidence that, that can happen? Because I think more recently, we've heard about some declining consumer sentiment from some of your peers.

知道了。然後我認為您在準備好的評論中也提到了在某種程度上完全適應這種不斷變化的消費者行為。我想，我們從業內其他人那裡聽過這樣的想法：在幾年前最初的通膨衝擊之後，這種情況會更早發生。所以我很好奇，您能否談談是什麼讓您有信心相信這會發生？因為我認為最近我們從一些同行那裡聽說了消費者信心下降的消息。

So just trying to gauge how you're thinking about the consumer right now and when maybe some of those behaviors will shift back.

所以只是試著衡量你現在如何看待消費者，以及什麼時候其中一些行為可能會轉變。

Yes. I don't think there's a point in time where we lap everything, all consumer behavior. I think it's been, it's kind of it will be a gradual process. But what we see in our own brands and categories, and obviously, our categories operate differently, particularly Crisco with prices moving up and down quite a bit. We believe that we're lapping the larger negative comps in our business and categories in the middle of this year.

是的。我認為我們不可能在某個時間點涵蓋所有的一切、所有的消費者行為。我認為這是一個漸進的過程。但我們在自己的品牌和類別中看到的情況是，顯然我們的類別的運作方式有所不同，尤其是 Crisco，價格上下波動很大。我們相信，今年年中我們的業務和類別將遭遇更大的負面損失。

So, call it, the start of the third quarter. and that we're looking at that and saying, is that kind of a demarcation when we begin to see less negative comps because we're already lapping the first round of consumer behavior changes and everything else. So, we're going to watch this pretty closely. It's encouraging to me. We're seeing a little bit of signs in our recent weeks that maybe we've, maybe that some of the declines will begin to lessen.

所以，這就是第三季的開始。我們正在研究這一點，並說，當我​​們開始看到較少的負面比較時，這是分界線嗎？因為我們已經經歷了第一輪消費者行為變化和其他一切的變化。因此，我們將密切關注此事。這對我來說是令人鼓舞的。最近幾週我們看到了一些跡象，顯示一些下降趨勢可能已經開始減弱。

But it's that simple. It's like looking at kind of the year-over-year trends and when do we hit those points where we saw some significant declines. But I don't think it's a point in time. I think it's phased in terms of different categories and when people reacted to different price points and when prices actually changed in different categories.

但就是這麼簡單。這就像觀察同比趨勢，看看我們什麼時候達到那些顯著下降的點。但我不認為這是一個時間點。我認為它是根據不同類別、人們對不同價格點的反應以及不同類別的價格實際變化而分階段進行的。

William Reuter, Bank of America.

威廉·路透，美國銀行。

I've got just a couple of questions. The first on your ABL, are there any constraints on your ability to borrow the full amount based upon the credit agreement covenants? Or do you have access to the entirety of it?

我只有幾個問題。首先，關於您的資產負債表 (ABL)，根據信用協議契約，您借入全部金額的能力是否有任何限制？或者您可以訪問其全部內容嗎？

So, it's actually not an ABL, it's a cash flow revolver.

所以，它實際上不是 ABL，而是現金流循環信貸機。

Sorry. Yes.

對不起。是的。

So if you think about sort of the way those two work, the ABL, we're going to be limited by what's our inventory, et cetera. Here, we've got some covenants, but we also are less reliant on our revolver today than we were in the past around working capital following the sale of the Green Giant can business. So, we'll still have some swings around the holidays, but not nearly as big. And then separately, really, that revolver was sized for acquisition. So, I wouldn't anticipate fully drawing on that revolver unless we were buying something.

因此，如果您考慮這兩者的工作方式，ABL，我們將受到庫存等的限制。在這裡，我們有一些契約，但在出售綠巨人罐頭業務後，我們對營運資金的依賴程度也比過去有所降低。因此，假期期間我們仍會有一些波動，但幅度不會那麼大。然後另外，實際上，這把左輪手槍的尺寸是為收購而定的。因此，除非我們要買東西，否則我不會充分利用那把左輪手槍。

Okay. Can you share what's available today?

好的。能分享一下今天有哪些可用資源嗎？

I mean it's a couple of hundred million dollars drawn at the $475 million revolver.

我的意思是，這是從 4.75 億美元的循環貸款中提取的幾億美元。

Right. Okay. And then with regard to the timing of the late January reductions of inventory, I think a lot of retailers reset their shelves around that period of time. Were there any shelf space losses as part of those resets?

正確的。好的。關於一月下旬減少庫存的時間，我認為許多零售商都會在那個時期重新調整貨架。這些重置是否造成了貨架空間損失？

Actually, retailers reset shelves kind of on a phased approach by category around, across the year. There's not a lot of; we don't really see a specific point in time that they do multiple categories. So no, it was really around how are they managing their weeks of supply. There are some resets, 1 or 2 in our categories in March, but I don't think that was really the impact. It was making some decisions to pull down inventories on categories and run with lower level of supply and maybe even take out seasonal merchandising from the fall seasonal inventory faster than you typically see.

實際上，零售商會在全年內分階段按類別重新設定貨架。沒有很多；我們確實沒有看到他們在特定時間點進行多種類別的推廣。所以，不，這實際上取決於他們如何管理數週的供應。3 月我們的類別中有一些重置，有 1 或 2 個，但我認為這並沒有造成太大影響。它做出了一些決定，減少類別的庫存，降低供應水平，甚至可能以比通常更快的速度從秋季季節性庫存中取出季節性商品。

Yes. And as Casey said, our commentary was more around destocking rather than reset, which impacted us.

是的。正如凱西所說，我們的評論更多是關於去庫存而不是重置，這對我們產生了影響。

Got it. And then just lastly, the decision to promote a little bit more, I mean, was that decision based upon either retailers that were going to reduce your shelf space, or maybe that given these elevated promotions that you've gained more? Can you talk a little bit about the decision to make the promotions that clearly hit EBITDA in the quarter?

知道了。最後，決定加大促銷力度，我的意思是，這個決定是基於零售商會減少你的貨架空間，還是基於這些加大的促銷力度讓你獲得了更多收益？您能否簡單談談做出這一明顯影響本季 EBITDA 的促銷決定的原因？

I mean it's largely in the Green Giant frozen business. And number one, I think we determined that we needed to get sharper price points and promotions to be competitive in the category because we saw other people promoting and being more aggressive. And so, we decided to respond to be able to do that. And we also felt that we needed to make sure that our volumes were moving more quickly and our velocities were increasing, and we saw that happen. So, this was really a decision to make sure that we're competitive, make sure that our business was healthy.

我的意思是它主要涉及綠巨人冷凍業務。首先，我認為我們決定需要製定更優惠的價格和促銷活動才能在該類別中保持競爭力，因為我們看到其他人在促銷，而且促銷力度更大。因此，我們決定採取回應措施。我們也認為，我們需要確保我們的交易量移動得更快，我們的速度也在提高，我們看到了這一點。所以，這其實是為了確保我們的競爭力，確保我們的業務健康。

And as I said, it was a short-term decision in that period of time that now we've kind of pulled back on some of those trade investments. But I'm encouraged that our actual, our business on the U.S. frozen net sales was up positive in April after we pulled back on the trade investment. So, some of that was Easter merchandising, but we've continued to see good trends on that business. But we made a short-term decision to get competitive against some pretty aggressive promotion activity.

正如我所說，這是當時的一個短期決定，現在我們已經撤回了部分貿易投資。但令我感到鼓舞的是，在我們減少貿易投資之後，4 月份我們在美國冷凍淨銷售額上的實際業務實現了正增長。其中一些是復活節商品，但我們繼續看到該業務的良好趨勢。但我們做出了一個短期決定，以應對一些相當激進的促銷活動。

And we suffered a little bit in the fourth quarter, but probably by not responding aggressively enough, and we did that in the first quarter. And as I said, I'm encouraged by the trends as we pulled back that trade investment that our business is healthy.

我們在第四季度遭遇了一些損失，但可能是因為我們沒有採取足夠積極的應對措施，而我們在第一季遇到了同樣的問題。正如我所說，當我們撤回貿易投資時，我們的業務呈現健康的趨勢，這讓我感到鼓舞。

(Operator Instructions) Karru Martinson, Jefferies.

（操作員說明）Karru Martinson，Jefferies。

This is Bastian on for Karru. On the Frozen & Vegetables segment, what will be the run rate for promo moving forward? And with the pressures that you've seen in Green Giant, has that brand's performance influenced how you and your potential suitors are looking at valuation?

巴斯蒂安 (Bastian) 替補卡魯 (Karru) 上場。在冷凍和蔬菜領域，未來促銷的運作率是多少？鑑於您在 Green Giant 所面臨的壓力，該品牌的表現是否影響了您和您的潛在追求者對估值的看法？

So again, from an M&A standpoint, we wouldn't comment on that. As far as promotional run rate, as Casey said, we leaned in a little bit harder in the first quarter, just given the challenging backdrop from a category standpoint. We think that we had really good performance from a top line in response to that, particularly in March and April, but we don't necessarily disclose our promotional rates or cadence on a go-forward basis.

因此，從併購的角度來看，我們不會對此發表評論。就促銷運行率而言，正如凱西所說，考慮到類別角度的挑戰性背景，我們在第一季更加努力了。我們認為，我們的營收表現確實很好，特別是在三月和四月，但我們不一定會在未來披露我們的促銷率或節奏。

I think we will resume more normal kind of trade promotion spending rates for the remainder of the year. This was investment we put in to be competitive, but we're feeling like right now, our plans are competitive.

我認為我們將在今年剩餘時間內恢復更正常的貿易促銷支出率。這是我們為了保持競爭力而進行的投資，但我們現在感覺我們的計劃是有競爭力的。

This concludes our question-and-answer session and our conference. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。