B&G Foods Inc (BGS) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the B&G Foods' second-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. At this time, I'd like to turn the call over to AJ Schwabe, Senior Associate, Corporate Strategy and Business Development for B&G Foods. AJ?

大家好，歡迎參加B&G Foods 2025年第二季財報電話會議。本次電話會議將全程錄音，預計持續約一小時，內容包括B&G Foods管理層致詞及問答環節。現在，我將把電話會議交給B&G Foods企業策略與業務發展高級助理AJ Schwabe先生。 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，感謝各位參加。今天與我一同出席的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財報中查看本季度的詳細財務信息，該財報可在 bgfoods.com 網站的“投資者關係”欄中找到。

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.

在我們正式發言之前，我需要提醒各位，今天的討論中包含一些前瞻性陳述。這些陳述並非對未來績效的保證，因此，請勿過度依賴這些陳述。

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.

有關可能影響公司未來經營業績和財務狀況的風險的更詳細討論，請參閱 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的文件。

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

B&G Foods不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務。在現今的電話會議上，我們也將提及非GAAP財務指標，包括調整後EBITDA、分部調整後EBITDA、調整後淨利、調整後稀釋每股盈餘、調整後毛利潤、調整後毛利率、基礎業務淨銷售額和分部調整後費用。這些財務指標與最直接可比較的GAAP財務指標的調節表已在今天的盈利報告中提供。

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 second quarter of 2025 and our revised guidance for fiscal 2025.

Casey將首先致開幕詞，並討論影響我們業績的各種因素、部分業務亮點以及他對2025財年剩餘時間的展望。隨後，Bruce將討論我們2025年第二季的財務表現以及我們對2025財年的修訂預期。

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

現在我想把電話交給凱西。

Good afternoon. Thank you, AJ, and thank you all for joining us today for our second quarter 2025 earnings call. Today, I will cover an overview of second quarter performance. Bruce will cover more detailed financial results, recent divestitures and portfolio shaping efforts, and the outlook for the remainder of fiscal year 2025.

午安.謝謝AJ，也謝謝各位今天參加我們2025財年第二季財報電話會議。今天，我將概述第二季的業績。 Bruce將詳細介紹財務結果、近期資產剝離和投資組合調整工作，以及2025財年剩餘時間的展望。

Q2 results. The second quarter demonstrated sequential improvement in trend and performance after a challenging quarter 1. Q2 net sales of $424.4 million finished 4.5% down versus last year, with base business down 4.2%. Q2 adjusted EBITDA was $58 million, down $5 million or 9.3% versus last year.

第二季業績。繼充滿挑戰的第一季之後，第二季業績趨勢和表現較上季改善。第二季淨銷售額為4.244億美元，年減4.5%，其中基礎業務下降4.2%。第二季調整後EBITDA為5,800萬美元，年減500萬美元，降幅為9.3%。

Some of the key drivers. Almost all of the adjusted EBITDA decline was driven by the frozen and vegetables business unit with segment adjusted EBITDA down $6.5 million versus last year behind higher true-up costs on last year's weak crop, specifically corn and peas, higher trade spend from Easter April timing, and the end of the Walmart rollback to improve core velocities. These costs will lap and are expected to reverse in the second half.

一些關鍵驅動因素。幾乎所有調整後 EBITDA 的下降都源於冷凍和蔬菜業務部門，該部門調整後 EBITDA 較去年同期下降 650 萬美元，主要原因是去年收成不佳（特別是玉米和豌豆）導致的調整成本增加、復活節期間貿易支出增加，以及沃爾瑪為提升核心業務週轉率而進行的降價促銷活動結束。這些成本將會逐漸抵消，預計下半年將回升。

The specialty business unit experienced significant net sales declines, 8% primarily behind lower Crisco oil pricing year over year, consistent with our pricing model. Segment adjusted EBITDA improved by 3%.

特種油品業務部門淨銷售額大幅下滑，降幅達8%，主要原因是Crisco食用油價格年減，這與我們的定價模式一致。該部門調整後EBITDA成長了3%。

The divestiture of the Don Pepino and Scalpeni brands during the latter part of the quarter removed approximately $1.4 million of net sales and some modest profit. Portfolio divestitures. B&G Foods is making good progress in reshaping and restructuring our portfolio to sharpen focus, simplify the business, improve margins and cash flow, and maximize future value creation.

本季後期剝離Don Pepino和Scalpeni品牌，導致淨銷售額減少約140萬美元，利潤略有下降。投資組合剝離。 B&G Foods在重塑和重組投資組合方面進展順利，旨在聚焦核心業務，簡化流程，提高利潤率和現金流，並最大限度地創造未來價值。

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 5 times, and a more efficient cost structure, and clear synergies within the portfolio.

最終目標是打造一個更專注的 B&G 食品公司，使調整後的 EBITDA 佔淨銷售額的百分比接近 20%，現金流產生能力增強，槓桿率降低至接近 5 倍，成本結構更加高效，並在產品組合中實現明顯的協同效應。

During the second quarter, we completed two key divestitures. First, the Don Pepino and Scalfani divestiture signed and closed in May. This is the tomato processing business with about $14 million in annual net sales with a dedicated factory.

第二季度，我們完成了兩項重要的資產剝離。首先，我們在5月簽署並完成了對Don Pepino和Scalfani的剝離協議。這是一家番茄加工企業，擁有一家專用工廠，年淨銷售額約1400萬美元。

Second, the Le Sueur US [Canned Peas divestor] signed and closed last Friday. Le Sueur has approximately $36 million in annual net sales in the US with a premium position in canned vegetables. Both businesses have relatively high working capital needs, highly seasonal production, and were isolated in terms of the rest of the B&G Foods portfolio, particularly after the divestiture of the Green Giant US canned vegetable business in late 2023.

其次，Le Sueur US（罐裝豌豆業務的剝離方）的交易已於上週五完成。 Le Sueur 在美國的年淨銷售額約為 3,600 萬美元，在罐裝蔬菜領域佔據高端地位。這兩家公司都存在較高的營運資金需求，生產具有很強的季節性，並且在 B&G Foods 的業務組合中相對獨立，尤其是在 2023 年底剝離 Green Giant 美國罐裝蔬菜業務之後。

We expect additional divestitures in the future to further focus the portfolio and reduce leverage. Beyond Le Sueur, we continue to evaluate and pursue the potential defense of the Green Giant branded business in US frozen and Canadian frozen and shelf stable. The remaining businesses in the frozen and vegetables business unit. Fiscal year '25 outlook.

我們預計未來將進行更多資產剝離，以進一步聚焦投資組合併降低槓桿率。除 Le Sueur 外，我們將繼續評估並尋求捍衛 Green Giant 品牌在美國冷凍食品和加拿大冷凍及常溫食品業務的可能性。冷凍和蔬菜業務部門的其他業務。 2025 財年展望。

We expect the back half of fiscal year '25 Q3, Q4 to show solid improvement versus the first half trend, flat to slightly positive in net sales with year-over-year growth in adjusted EBITDA. The key assumptions behind the latest estimate.

我們預計2025財年下半年第三季和第四季將較上半年趨勢顯著改善，淨銷售額將持平或略有成長，調整後EBITDA將年增。以下是最新預測的關鍵假設。

The 53rd week is expected to add plus 2% to 3% net sales growth in Q4, a partial week benefit. Excluding the impact of the 53rd week, base business net sales are projected to be down approximately 1% to 2% in the second half. July and early August net sales are consistent with that expectation improving from the Q2 trend.

預計第53週將為第四季帶來2%至3%的淨銷售額成長，但這僅佔部分週的收益。剔除第53週的影響，預計下半年基礎業務淨銷售額將下降約1%至2%。 7月和8月初的淨銷售額與預期相符，較第二季的趨勢有所改善。

As discussed last quarter, additional savings and productivity efforts are on track to deliver an incremental $10 million in adjusted EBITDA growth in Q3 and Q4 with an annual run rate of approximately $15 million to $20 million. These include additional productivity in COGS, trade and market spending efficiencies, accelerated SG&A savings, and discretionary spending cuts.

如上季所述，各項節約成本和提高生產力的措施正按計畫推進，預計將在第三季和第四季實現調整後 EBITDA 額外成長 1,000 萬美元，年化成長率約為 1,500 萬至 2,000 萬美元。這些措施包括提高銷售成本效率、貿易和市場支出效率、加快銷售、管理及行政費用節約以及削減可自由支配支出。

The US frozen vegetables business is expected to turn profitable, roughly a plus $8 million to $10 million increase in segment adjusted EBITDA versus last year behind more favorable crop costs, foreign exchange benefit on the portion of the Green Giant business manufactured in Mexico, and strong productivity in the Irapuato manufacturing facility.

由於農作物成本更有利、墨西哥生產的 Green Giant 業務部分獲得外匯收益，以及 Irapuato 生產設施的強勁生產力，預計美國冷凍蔬菜業務將實現盈利，與去年相比，該部門調整後的 EBITDA 將增加約 800 萬至 1000 萬美元。

We have assumed tariffs at current levels with some possible mitigation through US trade negotiation deals, alternative sourcing or classification of spices as unavailable natural resources.

我們假設關稅維持在當前水平，但可以透過美國貿易談判協議、替代採購或將香料歸類為不可獲得的自然資源來減輕一些影響。

We are planning to execute targeted pricing to recover incremental tariffs with some lag until fully indicated and implemented. The largest exposure remains China sourcing of garlic and onion. We are also adjusting guidance primarily to reflect the impact of our two recently completed divestitures. Bruce will provide more detail.

我們計劃採取定向定價策略，以彌補新增關稅的影響，但該策略在全面實施前會有一定的滯後性。目前最大的風險敞口仍然是來自中國的大蒜和洋蔥採購。此外，我們正在調整績效指引，主要是為了反映近期完成的兩項資產剝離的影響。布魯斯將提供更多詳情。

Finally, we are committed to reducing leverage and balance sheet risk. We expect to reduce leverage to 6 times within the next 12 months by using divestiture proceeds and excess cash that we generate through improved adjusted EBITDA performance and lower working capital needs to repay or repurchase long-term debt.

最後，我們致力於降低槓桿率和資產負債表風險。我們預計在未來12個月內，透過出售資產所得款項以及因調整後EBITDA業績改善和營運資本需求降低而產生的盈餘現金，將槓桿率降至6倍，用於償還或回購長期債務。

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 2025.

謝謝。現在我將把電話交給布魯斯，讓他詳細介紹季度業績以及2025財年剩餘時間的展望。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. While we are not satisfied with today's results, we are pleased with the continued progress relative to our challenging start to 2025. For the second quarter of 2025, we generated $424.4 million in net sales, $58 million in adjusted EBITDA, 13.7% adjusted EBITDA as a percentage of net sales, and $0.04 in adjusted diluted earnings per share.

謝謝凱西。大家下午好。感謝各位今天蒞臨。雖然我們對今天的業績並不完全滿意，但對於2025年開局充滿挑戰的情況下所取得的持續進展，我們感到欣慰。 2025年第二季度，我們實現淨銷售額4.244億美元，調整後EBITDA為5,800萬美元，調整後EBITDA佔淨銷售額的13.7%，調整後稀釋每股收益為0.04美元。

Overall, net sales for the second quarter of 2025 decreased by $20.2 million or 4.5% to $424.4 million from $444.6 million for the second quarter of 2024. Base business net sales, which exclude the Don Pepino and Sclafani brands that were sold at the end of May decreased by $18.7 million or 4.2% in the second quarter of 2025 compared to the second quarter of 2024.

整體而言，2025 年第二季淨銷售額較 2024 年第二季的 4.446 億美元減少了 2,020 萬美元，降幅為 4.5%，至 4.244 億美元。不包括 5 月底售出的 Don Pepino 和 Sclafani 品牌，2025 年第二季的基本業務淨銷售額較 2024 年第二季減少了 1,870 萬美元，降幅為 4.2%。

$14.3 million or 3.2 percentage points of the decline in base business net sales was driven by lower volumes. $4 million or 0.9 percentage points of the decline was driven by a decrease in net pricing and the impact of product mix and $0.4 million or 0.1 percentage points were driven by the negative impact of foreign currency.

基礎業務淨銷售額下降1430萬美元（佔總銷售額的3.2個百分點），主要受銷售下降的影響；淨價格下降和產品組合變化導致淨銷售額下降400萬美元（佔總銷售額的0.9個百分點）；外匯匯率的負面影響導致淨銷售額下降40萬美元（佔總銷售額的0.1個百分點）。

Approximately $5 million of the decline in net sales in the quarter was driven by Crisco, and nearly half of that was driven by net pricing, which was reduced in large part to reflect lower input costs for soybean oil. As we have highlighted since acquiring this business, our goal for (inaudible) cash flows, regardless of movements in commodity oil prices, and that continues to be what we have done here.

本季淨銷售額下降約500萬美元，其中近一半是由於Crisco業務下滑所致，而淨價下調很大程度上是為了反映大豆油投入成本的降低。正如我們自收購該業務以來一直強調的那樣，無論大宗油價如何波動，我們始終致力於實現（聽不清楚）現金流目標，而我們也一直堅持這一目標。

Outside of Crisco, the sequential improvement in net sales performance was generally broad-based against the portfolio and the business units. Base business net sales for specialty, which does not include net sales for the Don Pepino and Sclafani brands decreased by $10.2 million or 7.1% during the second quarter of 2025.

除Crisco外，淨銷售業績的環比成長整體上遍及整個產品組合和各個業務部門。不包括Don Pepino和Sclafani品牌淨銷售額的特種產品基礎業務淨銷售額在2025年第二季下降了1,020萬美元，降幅為7.1%。

If we remove the impact of Crisco, base business net sales for Specialty decreased by $5.3 million or approximately 6.6%. Despite the lower sales during the second quarter of 2025, specialty segment adjusted EBITDA was up modestly for the quarter at plus nearly $1 million or 3%. And despite a modest inflationary environment, specialty benefited from lower raw material costs for certain brands, including soybean oil for Crisco and phosphates and corn starch for (inaudible).

如果剔除Crisco的影響，特種產品業務的基本淨銷售額下降了530萬美元，下降約6.6%。儘管2025年第二季銷售額有所下降，但特種產品業務的調整後EBITDA在該季度略有增長，接近100萬美元，增幅為3%。此外，儘管通膨環境溫和，特種產品業務受益於某些品牌原料成本的下降，例如Crisco的豆油成本下降，以及（聽不清楚）的磷酸鹽和玉米澱粉成本下降。

Similarly, meals has reasonably solid performance despite soft net sales performance. Net sales of meals declined by $3.8 million or 3.5%, disappointing for this business unit but still an improvement from its first quarter performance. Nonetheless, segment adjusted EBITDA was up by $1.8 million or 7.7% for the second quarter of 2025 compared to the prior year period.

同樣，儘管淨銷售額表現疲軟，但餐飲業務整體表現依然穩健。餐飲業務淨銷售額下降了380萬美元，降幅為3.5%，對該業務部門而言令人失望，但仍較第一季有所改善。儘管如此，與去年同期相比，2025年第二季該業務部門的調整後EBITDA仍成長了180萬美元，增幅為7.7%。

Cream of Wheat returned to growth in the quarter after the supply issues earlier this year and we had strong performance from some of our other unsung heroes in the portfolio, such as Las Palmas enchilada sauce, Skinnygirl dressings, as well as Spring Tree and Vermont (inaudible) syrups.

在今年早些時候的供應問題之後，Cream of Wheat 在本季度恢復了增長，我們產品組合中的其他一些默默無聞的明星產品也表現出色，例如 Las Palmas 辣醬、Skinnygirl 沙拉醬以及 Spring Tree 和 Vermont 糖漿。

Net sales of frozen and vegetables also improved this quarter. After being down double digits in the first quarter, net sales were down just $2.6 million or 2.8% and in the second quarter of 2025 compared to the prior year. Net sales for the Le Sueur brand in the US and our entire portfolio of products in Canada increased for the quarter as compared to the prior year quarter.

本季冷凍食品和蔬菜的淨銷售額也有所改善。繼第一季兩位數下滑之後，本季淨銷售額僅下降260萬美元，降幅為2.8%，與上年同期相比有所改善。與去年同期相比，Le Sueur品牌在美國的淨銷售額以及我們在加拿大的所有產品的淨銷售額均有所增長。

Additionally, the US frozen business continues to stabilize after a tough start to the year. We are proud to highlight that volumes increased for frozen and vegetables in the aggregate during Q2 2025 despite tough but improving category dynamics.

此外，美國冷凍食品市場在經歷了年初的艱難時期後持續穩定。我們欣喜地指出，儘管品類整體情況嚴峻但正在改善，2025年第二季冷凍食品和蔬菜的總銷量仍實現了成長。

After a year of challenge around raw material pack costs and an unfavorable foreign exchange dynamic for frozen vegetable product made in our Mexican manufacturing facility, we are pleased to report that this year's pack appears to be significantly favorable when compared to last year's pack.

經過一年原料包裝成本和墨西哥工廠生產的冷凍蔬菜產品不利的匯率波動帶來的挑戰，我們很高興地報告，今年的包裝與去年的包裝相比，似乎明顯有利。

Negative foreign exchange impacts have moderated, and we are expecting a better cost environment for the business unit and a return to profitability in the back half of the year.

外匯匯率的負面影響已經緩解，我們預計該業務部門的成本環境將有所改善，並在今年下半年恢復獲利。

Spices and Flavor Solutions also had a comparably strong second quarter of 2025. Net sales for the business unit declined by a little bit less than $2 million or 2 percentage points in the second quarter compared to the prior year period.

香料和調味品解決方案業務在 2025 年第二季也表現強勁。該業務部門的淨銷售額在第二季比去年同期下降了不到 200 萬美元，降幅為 2 個百分點。

About half of the decline was driven by timing, net pricing and mix within our Foodservice business and the remainder was driven by modestly softer volumes. Unlike our other center store businesses, spices and Flavor Solutions saw material increases in commodity costs, particularly for Black Pepper and garlic.

約一半的下滑是由餐飲服務業務的銷售時機、淨定價和產品組合變化所致，其餘部分則是由銷量略微下降所致。與其他中心門市業務不同，香料和風味解決方案業務的原材料成本大幅上漲，尤其是黑胡椒和大蒜。

Separately, our spices business also bore the brunt of our exposure to tariffs, about $1 million of the $1.6 million of total tariff exposure for B&G Foods in the quarter. As we prepare for the back half of the year, we expect to manage these cost challenges through continued productivity initiatives in our Spices and Flavor Solutions factory along with targeted pricing where appropriate.

此外，我們的香料業務也承受了關稅帶來的主要衝擊，約佔B&G Foods本季160萬美元關稅總額的100萬美元。展望下半年，我們預計將透過在香料和調味品解決方案工廠持續推進生產力提升計劃，並在適當情況下採取有針對性的定價策略，來應對這些成本挑戰。

Gross profit for our overall B&G Foods business was $87 million for the second quarter of 2025 or 20.5% of net sales. Adjusted gross profit, which excludes the negative impact of $2.1 million of acquisition divestor related expenses and nonrecurring expenses, including cost of goods sold during the second quarter of 2025 was $89.1 million or 21% of net sales.

2025年第二季度，我們B&G食品業務的整體毛利為8,700萬美元，佔淨銷售額的20.5%。經調整後的毛利（不包括210萬美元的收購剝離相關費用和非經常性費用，包括2025年第二季的銷售成本）為8,910萬美元，佔淨銷售額的21%。

Gross profit was $92 million for the second quarter of 2024 or 20.7% of net sales. Adjusted gross profit, which excludes the negative impact of $1.2 million of acquisition, divestiture-related expenses and nonrecurring expenses included in the cost of goods sold during the second quarter of 2024, was $93.2 million or 21% of net sales.

2024年第二季毛利為9,200萬美元，佔淨銷售額的20.7%。經調整後的毛利潤（不包括120萬美元的收購、剝離相關費用以及計入2024年第二季度銷售成本的非經常性費用）為9320萬美元，佔淨銷售額的21%。

Our material labor and overhead costs when measured and gross sales were favorable by approximately 100 basis points during the second quarter of 2025 as compared to the second quarter of last year. Promotional trade spend, which is captured in our net sales line increased by approximately 120 basis points in the second quarter of 2025 as compared to the second quarter of 2024, as we continue to invest in our brands and attempt to reflect lower prices on shelf for consumers.

2025年第二季度，我們的材料、人工和管理費用（以毛銷售額計算）較去年同期下降約100個基點。促銷貿易支出（計入淨銷售額）較2024年第二季成長約120個基點，這得益於我們持續投資於自有品牌，並努力降低貨架上的商品價格，從而惠及消費者。

The increase in promotional trade spend was also driven in part by the timing of Easter which was in April 2025 compared to March 2024. Input cost inflation, as measured by raw material costs across our basket of inputs and in our factories has remained modest -- mostly modest this year thus far in 2025, outside of some categories such as Black Pepper, garlic, olive oil, tomatoes, core vegetables and cans, which have been elevated. We continue to closely monitor inflation throughout the trade and tariff negotiations.

促銷貿易支出增加的部分原因還在於復活節的日期，2025 年復活節在 4 月，而 2024 年復活節在 3 月。以我們各類投入品和工廠的原料成本衡量的投入成本通膨一直保持溫和——2025 年迄今為止大部分地區通膨都較為溫和，只有黑胡椒、大蒜、橄欖油、西紅柿、主要蔬菜和罐頭等部分類別的通膨有所上升。我們將繼續密切關注貿易和關稅談判期間的通膨情況。

And as I mentioned earlier, increased tariffs cost us approximately $1.6 million in adjusted EBITDA during the quarter and a little bit more than $1 million of that in the Spices and Flavor Solutions business unit. While we haven't seen the full benefit of a more normal or favorable US dollar to Mexican peso exchange rate flow into our P&L this year, we still expect to see some benefit in the back half of the year.

正如我之前提到的，關稅上漲導致本季度調整後 EBITDA 減少約 160 萬美元，其中香料和調味品解決方案業務部門的損失略高於 100 萬美元。雖然今年美元兌墨西哥比索匯率恢復正常或有利水準尚未完全惠及我們的損益表，但我們仍預期下半年會有所改善。

However, currency remains a potential wildcard for our Green Giant business given the current macroeconomic environment and the political uncertainty regarding tariffs.

然而，鑑於當前的宏觀經濟環境和關稅方面的政治不確定性，貨幣仍然是我們綠巨人業務的潛在變數。

Selling general and administrative expenses increased by $4.1 million or 9.4% to $47.2 million for the second quarter of 2025 from $43.1 million for the second quarter of 2024. The increase was composed of increases in consumer marketing expenses of $2.2 million and acquisition divestor related and nonrecurring expenses of $2.8 million, partially offset by decreases in warehousing expenses of $800,000 and selling expenses of $100,000.

2025 年第二季銷售一般及行政費用增加 410 萬美元，增幅 9.4%，達到 4,720 萬美元，而 2024 年第二季為 4,310 萬美元。該成長包括消費者行銷費用增加 220 萬美元，以及收購剝離相關和非經常性費用增加 280 萬美元，部分被倉儲費用減少 80 萬美元和銷售費用減少 10 萬美元所抵銷。

Expressed as a percentage of net sales, selling, general and administrative expenses increased by 1.4 percentage points to 11.1% for the second quarter of 2025 as compared to 9.7% for the second quarter of 2024.

以淨銷售額的百分比表示，2025 年第二季的銷售、一般及行政費用比 2024 年第二季的 9.7% 成長了 1.4 個百分點，達到 11.1%。

As I mentioned earlier, we generated $58 million in adjusted EBITDA or 13.7% of net sales in the second quarter of 2025 compared to $63.9 million or 14.4% of net sales in the second quarter of 2024. Net interest expense decreased by $2 million to $35.8 million for the second quarter of 2025 as compared to $37.8 million for the second quarter of 2024.

正如我之前提到的，2025年第二季度，我們調整後的EBITDA為5,800萬美元，佔淨銷售額的13.7%，而2024年第二季為6,390萬美元，佔淨銷售額的14.4%。 2025年第二季的淨利息支出減少了200萬美元，至3,580萬美元，而2024年第二季為3,780萬美元。

The decrease in interest expense was primarily driven by a book gain on the extinguishment of debt during the second quarter of 2025 as a result of our repurchase of $20.7 million aggregate principal amount or 5.25% senior notes due 2027 in open market purchases and an average discount repurchase price of 89.98% of principal amount. Plus accrued and unpaid interest, net of the accelerated amortization of deferred debt financing costs.

利息支出減少的主要原因是2025年第二季因債務清償而產生的帳面收益，該收益源自於我們在公開市場回購了總額為2,070萬美元（即2027年到期的5.25%優先票據），平均回購價格為本金的89.98%。此外，還扣除了應計未付利息，以及遞延債務融資成本的加速攤銷。

Depreciation and amortization was $16.7 million in the second quarter of 2025, which is largely in line with the $17.3 million in the second quarter of last year. We had adjusted net income of $2.9 million or $0.04 per adjusted diluted share in the second quarter of 2025. In the second quarter of 2024, we had adjusted net income of $6.6 million or $0.08 per adjusted diluted share. Adjustments to our EBITDA and net income are described further in our earnings release.

2025年第二季折舊和攤提費用為1,670萬美元，與去年同期的1,730萬美元基本持平。 2025年第二季調整後淨利為290萬美元，即每股調整後稀釋收益0.04美元。 2024年第二季調整後淨利為660萬美元，即每股調整後稀釋收益0.08美元。有關EBITDA和淨利潤的調整詳情，請參閱我們的獲利報告。

Now moving on to our consolidated cash flow and balance sheet. Cash flow continues to be strong this year. We generated $17.8 million in net cash from operations during Q2 2025 versus $11.3 million in Q2 2024. On a year-to-date basis, we generated $70.6 million of net cash from operations during the first half of 2025 versus $46.4 million during the first half of 2024.

接下來我們來看合併現金流量表和資產負債表。今年的現金流依然強勁。 2025年第二季度，我們透過經營活動產生的淨現金流為1,780萬美元，而2024年第二季為1,130萬美元。截至目前，2025年上半年我們透過經營活動產生的淨現金流為7,060萬美元，而2024年上半年為4,640萬美元。

We have also reduced our net debt to $1.957 billion at the end of the second quarter of 2025. Pro forma for the sale of Le Sueur, US net was reduced to a little bit more than $1.9 billion at the end of Q2 2025. And as a reminder, net debt was $1.994 billion at the end of fourth quarter 2024 and $2.022 billion at the end of second quarter 2024.

截至2025年第二季末，我們的淨債務已降至19.57億美元。在計入出售Le Sueur的準備數據後，截至2025年第二季末，美國淨債務略高於19億美元。此外，需要提醒的是，截至2024年第四季末，淨負債為19.94億美元，截至2024年第二季末，淨負債為20.22億美元。

As a reminder, approximately 35% of our long-term debt is tied to floating interest rates or SOFR. A 100 basis point reduction would be expected to reduce our interest expense by nearly $7 million annually. As Casey mentioned earlier, we continue to make progress on our portfolio reshaping efforts.

再次提醒，我們約有35%的長期債務與浮動利率或SOFR掛鉤。利率下調100個基點預計每年可減少近700萬美元的利息支出。正如凱西之前提到的，我們在投資組合重組方面持續取得進展。

Our recent divestitures of the Don Pepino and Sclafani bands in May. And now the Le Sueur brand in the US last week are continued examples of the strategy that we believe will make us a more focused and ultimately a stronger business while also helping us to reduce debt and eliminate heavy seasonal pack businesses from our portfolio.

今年5月，我們剝離了Don Pepino和Sclafani品牌。上週，我們又在美國剝離了Le Sueur品牌。這些舉措都體現了我們持續推進的策略，我們相信該策略將使我們成為一家更專注、最終更強大的企業，同時幫助我們減少債務，並從我們的投資組合中剔除繁重的季節性包裝業務。

We think that the new owners for both of these divested businesses will do well. They are great brands. but they are not in line with the focus that we have laid out for the B&G Foods of the future.

我們認為這兩家剝離業務的新東家都會做得很好。它們都是很棒的品牌，但它們與我們為B&G Foods未來制定的發展方向並不一致。

The Don Pepino and Sclafani brands contributed approximately $14 million in net sales over the trailing 12 months through May 2025 and approximately $9 million in net sales in June through December 2024. Although small, the brand is profitable, particularly in the back half of the year.

截至 2025 年 5 月的過去 12 個月中，Don Pepino 和 Sclafani 品牌貢獻了約 1,400 萬美元的淨銷售額；截至 2024 年 6 月至 12 月，淨銷售額約為 900 萬美元。雖然規模較小，但該品牌獲利能力良好，尤其是在下半年。

The (inaudible) brand in the US contributed approximately $36 million in net sales over the trailing 12 months through June 2025 and approximately $19 million in net sales in August through December 2024. Like the Don Pepino and Sclafani brands, Lacour US is also a profitable little brand that we believe will do well for its new owner.

該（聽不清楚）品牌在美國的淨銷售額在截至 2025 年 6 月的過去 12 個月中約為 3,600 萬美元，在 2024 年 8 月至 12 月期間約為 1,900 萬美元。與 Don Pepino 和 Sclafani 品牌一樣，Lacour US 也是一個盈利的小品牌，我們相信它將在新東家那裡取得不錯的成績。

As a result of these divestitures, we have revised our fiscal year 2025 guidance to remove their previously expected contribution for the remainder of the year. We now expect net sales of $1.83 billion to $1.88 billion, adjusted EBITDA of $273 million to $283 million and adjusted earnings per share of $0.50 to $0.60 for fiscal 2025.

由於這些資產剝離，我們已修訂2025財年業績指引，剔除了先前預期這些資產對該財年剩餘時間的貢獻。我們現在預計2025財年淨銷售額為18.3億美元至18.8億美元，調整後EBITDA為2.73億美元至2.83億美元，調整後每股收益為0.50美元至0.60美元。

Our updated guidance continues to account for a modestly softer economic environment that has impacted 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 outside of any surprises resulting from the ongoing tariff negotiations.

我們更新後的業績指引持續反映了經濟環境略微疲軟對消費者支出模式的影響。同時，我們也預期營收將持續保持穩定，且在不考慮持續進行的關稅談判可能帶來的意外情況的情況下，投入成本將保持相對穩定。

In addition, our guidance incorporates our cost reduction plans, which we expect will produce approximately $10 million of cost savings in the second half of the year. Given the uncertainty in the political environment and the rapidly evolving negotiations regarding tariffs and retaliatory tariffs, our guidance does not reflect all of the potential impacts of the recently imposed and threatened tariffs in the US and retaliatory actions taken or threatened by other countries in response or the potential for additional tariffs, trade barriers or retaliatory actions by the US or other countries.

此外，我們的業績指引已納入成本削減計劃，預計該計劃將在下半年節省約1,000萬美元的成本。鑑於政治環境的不確定性以及關稅和報復性關稅談判的快速進展，我們的業績指引並未反映近期美國已實施和威脅實施的關稅以及其他國家已採取或威脅採取的報復措施的全部潛在影響，也未反映美國或其他國家可能採取的額外關稅、貿易壁壘或報復措施。

As a reminder, more than 90% of our net sales are to customers in the US 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.

再次提醒，我們超過90%的淨銷售額來自美國客戶，其餘部分主要來自加拿大客戶。我們產品成分和原料約80%至85%來自美國、加拿大和墨西哥。

The majority of our non-North American source products, ingredients and raw materials, particularly within our Spices and Flavor Solutions business unit, originate in Asian countries, including Black Pepper, which is primarily sourced in Vietnam and garlic, which is primarily sourced in China.

我們大部分非北美來源的產品、配料和原料，特別是香料和調味品解決方案業務部門的產品，都來自亞洲國家，包括主要產自越南的黑胡椒和主要產自中國的大蒜。

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 $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1.425億美元至1.475億美元的現金利息；折舊支出為4750萬美元至5250萬美元；攤銷支出為2000萬美元至2200萬美元，實際稅率為300萬美元。

We are also committed to reducing our net debt and our net leverage ratio over the next 12 months. We expect to reduce our pro forma net leverage ratio by at least a full turn from just under 7x today to less than 6x by the end -- or by this time next year.

我們也致力於在未來12個月內降低淨債務和淨槓桿。我們預計到年底（或明年此時），我們的備考淨槓桿率將至少降低一整倍，從目前的略低於7倍降至低於6倍。

Through the successful execution of our divestiture strategy, stabilization of our adjusted EBITDA, our excess cash generation, and continued improvements in working capital. Now I will return the call back over to Casey for further remarks.

透過成功執行資產剝離策略、穩定調整後 EBITDA、產生充裕現金流以及持續改善營運資本，我們取得了顯著成效。現在我將把電話轉回給凱西，請他進一步發言。

Thank you, Bruce. In closing, B&G Foods continues to remain laser focused on a few critical priorities. Number one, improving the base business net sales trends of our core business to the long-term objective of plus 1%. Two, reshaping the portfolio for future growth, stability, higher margins and cash flows as well as structuring key platforms for future acquisition growth. And third, reducing leverage closer to 5 times through divestitures and excess cash flow to facilitate strategic acquisitions.

謝謝布魯斯。最後，B&G Foods將繼續專注於幾個關鍵優先事項。第一，提升核心業務的淨銷售額，實現長期目標－成長1%。第二，重塑產品組合，以實現未來的成長、穩定性、更高的利潤率和現金流，並建立關鍵平台，為未來的收購成長做好準備。第三，透過資產剝離和利用盈餘現金流，將槓桿率降低至接近5倍，從而促進策略性收購。

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

我們的演講到此結束，現在我們進入問答環節。接線生？

(Operator Instructions)

（操作說明）

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Bruce, I think you mentioned that the core business was expected to be down 1% to 2%. I think is that your organic sales interpretation of what you put forward is the revenue for the second half so down 1% to 2% versus.

布魯斯，我想你提到過核心業務預計會下降 1% 到 2%。我認為你對有機銷售額的解讀是指下半年的收入，所以下降 1% 到 2% 是相對於上半年而言的。

Yes, base business ex the divestitures, to be kind of midpoint of our guidance is down about 1% after that adding we call it $15 million to $20 million or pick $16 million as the benefit for the 53rd week, which will be in our fourth quarter.

是的，剔除剝離業務後，我們預期中點的業績將下降約 1%，再加上我們稱之為 1500 萬美元至 2000 萬美元或 1600 萬美元的收益，作為第 53 週的收益，這將在我們的第四季度。

What would be -- when we look at current trends, the multiyear versus -- it does look like the comparisons get that much easier versus what we've seen lately. In other words, you were looks like we're down [5-ish] in the MULO data. And I know you have some improvement that you're hoping to get in frozen, maybe spices, I don't know. But help us get comfortable with that sort of guidance versus the type of trend you see now going forward?

當我們觀察目前的趨勢，以及多年來的數據對比時，看起來與最近的情況相比，比較起來容易多了。換句話說，MULO 的數據似乎下降了 5% 左右。我知道你們希望在冷凍食品和香料方面有所改進，我不太清楚。但是，能否幫助我們理解這種預測與您目前看到的趨勢有何不同？

Yes. So the low end of our guidance is like a down 2%, 3% and if you think about where our performance has been this year, we were down 10.5% first quarter, which is terrible. On a base business were down 4.2% in the second quarter. we had pretty good stabilization towards the tail end of the second quarter in July, starting right for the third quarter. So that's about where we expect to come out.

是的。所以我們給的最低預期是下降2%到3%，但如果你看看我們今年的業績，第一季我們下降了10.5%，這非常糟糕。第二季度，我們以基本面為基礎下降了4.2%。在第二季末，也就是7月份，我們的業績出現了相當不錯的穩定，並開始向第三季過渡。所以，這就是我們預期的最終結果。

I mean July and early August are more in the minus 2% range.

我的意思是，7 月和 8 月初的降水量更接近 -2%。

Got it. And just --

明白了。然後就——

So we're seeing the improvement already happening in the early part of the third quarter.

因此，我們在第三季初期就已經看到了改善的跡象。

But Dave, I do agree that generally there is a correlation between the consumption data that we use Nielsen and our shipments, we expect to see that continue to get less unfavorably or better, however you want to view it.

但是戴夫，我確實同意我們使用的尼爾森消費數據與我們的出貨量之間通常存在相關性，我們預計這種相關性會繼續減弱或增強，無論你怎麼看待它。

I mean we believe that at some point, we're going to lap the the negatives and the consumer behavior changes in our business, plus we know we can see on some of our business, we have pretty strong plans. So we've just got to see it stabilize, and we're kind of projecting some improvement in the back half trend.

我的意思是，我們相信，在某個時候，我們會克服業務中的負面影響和消費者行為的變化，而且我們知道，在一些業務方面，我們已經制定了相當強大的計劃。所以我們只需要觀察情況是否穩定下來，我們預計下半年趨勢會有所改善。

Yes. And I mean, just for what it's worth in the IRI, the sircona-MULO+ data showing minus 5% in the last 4 weeks and the last 12 weeks ending that we see, but maybe that you're seeing more up-to-date data than we are.

是的。我的意思是，就IRI而言，sircona-MULO+數據顯示，過去4週和過去12週的降幅為-5%，但也許你們看到的數據比我們更新。

We also have a custom database. We would be a little better than that.

我們還有一個客製化資料庫。我們本來可以做得更好一些。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

First thing I want to ask about, you mentioned some targeted pricing actions and other kind of tariff mitigation efforts. Just wondering if you can kind of give us a sense of how much of those tariff impacts you think you'll be able to mitigate through some of those actions and how retailers have been responding to some of these price increases?

首先我想問的是，您提到了一些有針對性的定價措施和其他關稅緩解措施。我想了解一下，您認為透過這些措施能夠緩解多少關稅影響，以及零售商對這些價格上漲的反應如何？

Yes. So we have not disclosed the dollar amounts. The vast majority of our area of exposure on tariffs is our spices and flavor solutions. So you think particularly garlic and black pepper, anybody who's buying black pepper and garlic in the world are buying them from China and Vietnam.

是的。所以我們沒有披露具體的金額。我們受關稅影響最大的領域是香料和調味品。特別是大蒜和黑胡椒，全世界購買黑胡椒和大蒜的人幾乎都是從中國和越南進口的。

So B&G and all of our competitors and people will take price against those. There may be some risk on an interim, how much tariffs flip through your P&L before you got the benefit of that. But you've also seen other people in the space talk about taking price.

所以，B&G以及我們所有的競爭對手都會根據這些價格來調整策略。短期內可能會有一些風險，例如關稅上漲會如何影響你的損益表，在你真正享受這些優惠之前。但你也看到其他業內人士也在討論價格戰。

The other primary area of concern for us is kind of steel cans. And like everybody else, our expectation is we're going to have to take price.

我們另一個主要關注點是鋼罐。和其他人一樣，我們預計我們最終不得不接受價格因素。

I think in this fiscal year, we are implementing a negotiating pricing actions to recover the tariffs. There will be some lag between when we start paying the tariff costs and our input costs and when the pricing becomes effective just because of retailer lead times on price changes, but we expect to price for most of the tariff impact and in some cases, will offset a little bit with productivity and cost savings efforts.

我認為在本財年，我們將採取價格談判策略來彌補關稅損失。由於零售商需要一定的提前期來調整價格，因此從我們開始支付關稅成本和投入成本到最終價格生效之間會存在一定的滯後，但我們預計能夠將大部分關稅影響納入定價考量，並且在某些情況下，可以通過提高生產效率和節約成本來部分抵消關稅影響。

Okay. Understood. And then maybe, I guess, as we think about I guess, the guide down for the year and then obviously implied H2. Maybe how much of the guide down was driven by some of those divestitures versus --

好的，明白了。然後，我想，當我們思考全年業績指引下調，以及顯然也暗示了下半年業績下滑時，或許可以探討一下，業績指引下調有多少是由於部分資產剝離造成的，又有多少是由於其他因素造成的——

Yes, it's primarily the divestitures.

是的，主要是資產剝離。

Almost all the divestitures.

幾乎所有資產剝離。

Okay. So then the outlook for H2 is still kind of in line with how you were thinking about it, I guess? -- after the Q1 results.

好的。所以，下半年的前景和你之前在第一季業績公佈後的想法基本上一致，是嗎？

Yes.

是的。

(Operator Instructions)

（操作說明）

William Reuter, Bank of America.

威廉‧羅伊特，美國銀行。

I've got a couple -- so the first, I don't think I explicitly heard any EBITDA given I heard the $36 million of sales for Le Sueur. Did you provide an EBITDA number that I didn't hear?

我有兩個問題——首先，我似乎沒聽到關於 EBITDA 的具體數字，因為我只聽到了 Le Sueur 的 3600 萬美元銷售額。您是不是提供了我沒聽到的 EBITDA 資料？

We did not --

我們沒有——

Okay. And is that -- I guess that something you're not going to be providing?

好的。那麼——我猜這是你們不打算提供的服務吧？

No. So sale to a private company. Typically, we don't end up giving that out.

不，是賣給私人公司。通常情況下，我們不會這麼做。

Okay. And did I hear correctly that your net debt went from $1.936 to a little over 1.9%. So I guess the proceeds there are somewhere in the $30-ish or $35 million range. Is that right?

好的。我沒聽錯吧，你們的淨債務從193.6%降到了略高於1.9%。所以我想，這方面的收益大概在3000萬到3500萬美元之間。是這樣嗎？

No. No. I think you maybe misheard that. Actually, if you go into our Q, there's a subsequent event where it walks through the net proceeds, it's about $59 million with the benefit of a small working capital adjustment in our favor.

不，不。我想你可能聽錯了。實際上，如果你查看我們的季度報告，會發現後續事項中詳細列出了淨收益，大約是 5900 萬美元，這其中還包括對我們有利的小幅營運資本調整。

Okay. I guess I hadn't seen the (inaudible) yet. And then Okay. Cool. And then just lastly for me.

好的。我猜我還沒看到（聽不清楚）。然後，好的。酷。最後，對我來說。

In terms of your availability today or at the end of the quarter on your ABL, including any sort of financial covenants that may exist for maintenance -- can you share with us what that number would be?

就您目前或本季末的ABL（資產抵押貸款）可用性而言，包括可能存在的任何類型的維護財務契約—您能否與我們分享一下這個數字是多少？

So we don't have an ABL. We've got a cash flow revolver and the primary covenant on that is a maintenance leverage test, which is now 7.5 times.

所以我們沒有資產抵押貸款（ABL）。我們有現金流循環貸款，該貸款的主要契約是維持槓桿率測試，目前為 7.5 倍。

Yes. Sorry, that's the second quarter and really, I've used the wrong term. But yes, no, I guess I was wondering if you include that interest coverage as well as the leverage covenant the availability would be?

是的。抱歉，那是第二季度，而且我用詞不當。不過，是的，我想問的是，如果把利息保障倍數和槓桿率限制都考慮進去，可用性會是多少？

Yes. It's just math. I don't have it in front of me, but you should just be able to run where we finished the quarter, which is probably just under 7 times, probably equal sort of [6, 8] change pro forma for Le Sueur. So you got basically 0.7 turns of leverage of Cushing.

是的，這只是數學計算。我手頭上沒有具體數據，但你應該能算出我們上一季結束時的數值，大概是不到7倍，可能相當於勒蘇爾（Le Sueur）的[6, 8]次變動。所以你基本上得到了0.7次庫欣槓桿作用。

Robert Moscow, TD Cowen.

Robert Moscow，TD Cowen。

I might have missed it, but could you have any comments about the flavor solutions part of your business, spice and seasonings, I guess is it in line with your expectations or a little light. Like I would have thought that cooking at home would be a real tailwind for these brands. And are you seeing that in the business? Or are you seeing some elasticity there as well?

我可能錯過了相關信息，但您能否談談貴公司在風味解決方案、香料和調味料方面的業務？我想問的是，它是否符合您的預期，還是略顯不足？我原以為居家烹飪的興起會大大促進這些品牌的發展。您在業務上是否也看到了這種趨勢？或者說，這方面也存在一定的彈性？

Our spices & seasonings business, with spices flavor solutions is what we call it. I would say that the results are not quite in line with our expectations. We would expect to be seeing that business stable to up slightly. So we're not quite seeing the the tailwind that we would like to see. There's a lot of pieces to that business.

我們的香料調味品業務，也就是我們所謂的香料風味解決方案業務，業績並沒有完全達到預期。我們原本預期該業務會保持穩定或略有成長。所以，我們並沒有看到預期的成長動能。這項業務涉及很多方面。

There's some private label members mark. There's some food service business. So there's different different performances and then there's the branded retail business. But I think we should be seeing that business slightly positive in the back half and that would be more in line with what we'd expect because we are seeing the category getting some benefit from it's tied to the perimeter and the growth of proteins, fresh proteins in the store.

其中既有自有品牌會員，也有餐飲服務業務，所以業績表現各不相同，此外還有品牌零售業務。但我認為下半年品牌零售業務應該會略有成長，這更符合我們的預期，因為我們看到該品類受益於週邊環境和店內新鮮蛋白質產品的成長。

We do -- that is where we predominantly have tariff impact. So then that's where we'll be doing some pricing kind of targeted pricing to recover. So I would expect to see some pricing benefit as well.

確實如此——關稅的影響主要體現在這裡。因此，我們將採取一些有針對性的定價策略來彌補損失。所以我預計價格方面也會有所改善。

Okay. Are there any changes you can make to your sourcing to try to either find less expensive raw materials to mitigate the spice and seasonings tariffs or different suppliers? Or is that possible?

好的。你們能否在採購上做出一些改變，例如尋找更便宜的原料來降低香料和調味料關稅，或是更換供應商？或者說，這有可能實現嗎？

I mean, yes, we are doing that. So we are looking at alternative sourcing on some of the spaces. But honestly, most of the spices come from countries that have tariffs on them already. It doesn't really matter where you move them. So there is some work that we've done to mitigate that.

是的，我們正在這樣做。所以我們正在考慮在某些領域尋找替代貨源。但說實話，大多數香料都來自已經徵收關稅的國家。把它們運到哪裡其實都無濟於事。因此，我們已經做了一些工作來緩解這個問題。

We've tried to source -- China is probably our most vulnerable position with garlic and onion and China supplies 80% of the world's garlic. There's not a lot of other options. California doesn't even come close to meeting the needs. And there's really no other available sourcing in the United States.

我們嘗試尋找貨源——中國可能是我們在大蒜和洋蔥方面最薄弱的環節，因為中國供應了全球80%的大蒜。其他選擇不多。加州的產量遠無法滿足需求。而且在美國境內也確實沒有其他可行的貨源。

But we have found like some other small sources of onion and garlic that we've been able to move outside of China 30% tariffs, which is kind of our highest right now. But I'm not sure that we can really get out of most of these tariffs. We'll need to price for them.

但我們發現，和其他一些小洋蔥和大蒜供應商一樣，我們已經能夠將產品從中國轉移出去，從而規避30%的關稅，這已經是我們目前面臨的最高關稅了。但我不太確定我們是否真的能夠完全避免這些關稅。我們需要重新定價。

There will be some mitigating actions that we could do, but there will also -- and there will also probably be some offsetting productivity -- but at the end of the day, spices are growing in the climates where they can be grown. They can't be grown in the United States. They're really unavailable natural resources in the United States.

我們可以採取一些緩解措施，但同時也會——而且可能會有一些抵消性的生產力損失——但歸根結底，香料只能在適宜的氣候條件下生長。它們無法在美國種植。在美國，它們是真正無法獲得的自然資源。

And so I'm hoping over time that that realization will help some of the trade negotiations and that just like coffee and cocoa can't be sourced in the United States, spices at the same footprint. So we'll see over time -- but right now, we're just counting on what the prevailing tariffs are and building that into our models.

所以我希望，隨著時間的推移，人們能意識到這一點，這將有助於交易談判。就像咖啡和可可不能在美國本土採購一樣，香料也不能以同樣的規模生產。我們拭目以待——但目前，我們只能根據現行的關稅水平來調整模型。

Hale Holden, Barclays.

Hale Holden，巴克萊銀行。

I got two really quick ones. Can you remind us the Le Sueur Canada brand? Is that smaller or larger than the US brand?

我很快就拿到了兩個。可以提醒我們一下Le Sueur Canada這個牌子嗎？它比美國牌子小還是大？

It's smaller.

它更小。

Smaller. And following on the spices comment. Would the expectation be you can catch up the pricing in the fourth quarter to get back to sort of historical margins? Or do you think it will take you in '26.

規模較小。接著剛才關於香料的評論。您預計能否在第四季調整價格，使利潤率恢復到歷史水準？還是您認為要到2026年才能實現？

I think it will take us in '26 to get back to fully recover the impact of tariffs, but I think we will partially cover them in the Q4 time frame. It's just a lead time of retailer pricing actions. -- that we'll have to manage. And some of our -- and by the way, some of our food service and drive label contracts also have only specific windows where we can price. So we'll have to kind of work through those time lines.

我認為我們需要到2026年才能完全消除關稅的影響，但我認為我們可以在第四季部分彌補這些損失。這只是零售商價格調整的一個提前期——我們需要應對。另外，我們的一些餐飲服務和自提標籤合約也規定了定價的時間窗口。所以我們需要仔細考慮這些時間限制。

And then last question I had was in the disclosure in the Q around Le Sueur and the expectation for a potential write-down in the third quarter seems to imply that we could get more asset sale announcements by the end of the third quarter. Is that the right interpretation?

我最後一個問題是關於季度財報中關於Le Sueur的披露，以及對第三季度可能出現資產減值的預期，這似乎意味著我們可能會在第三季末聽到更多資產出售的消息。我的理解是否正確？

Yes, at some point this year. And look, we made a point of talking to a strategic review last year -- and that, in our mind, was always expectation probably happened in 2025. Le Sueur is the first piece, right? And we're in conversations with some logical strategic buyers for each of the pieces, and we're moving along, but M&A takes time, and it's not always easy to predict the timing, but we're sort of moving forward of these, if that's your question.

是的，今年某個時候。而且，我們去年就特意安排了一次策略評估──在我們看來，這原本預計會在2025年進行。 Le Sueur是第一塊地，對吧？我們正在與各地塊的潛在策略買家洽談，進展順利。但併購需要時間，時機也難以預測，不過，如果你問的是這個，那就是我們正在推動這些收購。

Karru Martinson, Jefferies.

卡魯馬丁森，傑富瑞集團。

Just from a mathematical housekeeping. So if Green Giant was -- or frozen vegetables was $396 million of sales last year. take out the Le Sueur -- is what we're looking at for potential divestitures about $360 million kind of remaining of sales.

僅從數學角度進行一些簡單的計算。假設綠巨人（Green Giant）——或者說冷凍蔬菜——去年的銷售額為3.96億美元，那麼剔除勒蘇爾（Le Sueur）——我們預計潛在的資產剝離將使剩餘銷售額達到約3.6億美元。

Give or take. Give or take.

差不多就是這樣。差不多就是這樣。

And how much of that is just in Canada, you said Le Sueur is smaller. The Green Giant in Canada, I would assume is smaller as well.

那其中有多少只是加拿大的呢？你說過勒蘇爾的規模較小。我猜加拿大的綠巨人也比較小。

No, no. Green Giant, Green Giant is the number one brand in Canada. So it's kind of disproportionately larger than the US business.

不，不。綠巨人，綠巨人是加拿大排名第一的品牌。所以它的規模比美國業務大得多。

On the -- so it's about $100-plus million of sales in Canada.

在加拿大，銷售額超過1億美元。

And in Canada, by the way, includes both frozen and shelf stable. So canned vegetable, cans are still up there as it's frozen the frozen bit. It's the number one brand in both those categories. In the US, we are just US frozen under Green Giant, and we're the number two brand.

順便一提，在加拿大，冷凍食品和常溫保存食品都包含在內。罐裝蔬菜的銷售量依然很高，因為冷凍食品的銷售量也很高。在這兩個類別中，我們都是排名第一的品牌。在美國，我們的冷凍食品品牌是綠巨人（Green Giant），排名第二。

Okay. And then when you're looking at divestitures, you mentioned in conversations. Is the objective to try to do this all at once? Or will it kind of continue to be these smaller sales as we move assets off the balance sheet?

好的。然後，關於資產剝離，您在談話中也提到過。目標是一次全部剝離嗎？還是會繼續採取小規模出售的方式，逐步將資產從資產負債表中移除？

Yes, it's unlikely that it's all going to be at once. The Le Sueur transaction signed and closed, that was done on Friday cash in the bank.

是的，不太可能一次全部到帳。 Le Sueur的交易已經簽署完成，週五就到帳了。

(Operator Instructions)

（操作說明）

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

On -- you mentioned trade spend and timing with Easter. In general, are you seeing a dramatic change in trade spend if you look to planning for a third quarter and back half? And or any categories, particularly either promotional or asking for more trade spend?

關於您剛才提到的復活節期間的貿易支出和時間安排。總的來說，如果您著眼於第三季和下半年的規劃，您是否觀察到貿易支出有顯著變化？或者，您是否觀察到某些類別的貿易支出，特別是促銷支出或增加貿易支出的需求？

I think there's -- we will probably see an increase in trade spend in the back half of the year, but not -- nowhere near the levels of the first half increase. We've seen promotional spend become a little bit more competitive and merchandising become a little bit more competitive out there, and we've done what we need to, to stay competitive.

我認為下半年貿易支出可能會有所增長，但遠不及上半年的增幅。我們看到促銷支出和商品銷售的競爭更加激烈，為了保持競爭力，我們已經採取了必要的措施。

Some of that trade spend is also reflecting lower prices like on Crisco and some other things where we have year-over-year declines in the commodity, and we priced to that, but I would expect that we have a much smaller increase in trade spend year-over-year in the back half because we had started to kind of kick up our promotion efforts back to kind of pre-COVID levels last fall. And so we'll be lapping that this year. So I think you'll see it if we were up, I don't remember, like 130, 140 basis points in the first half, we won't be up anywhere near that level in the second half.

部分貿易支出也反映了價格下跌，例如Crisco等一些商品的價格年減，我們已將此因素納入定價。但我預計下半年貿易支出將年增幅將大幅收窄，因為我們去年秋季已開始逐步恢復到疫情前的促銷水準。因此，今年的增幅將與去年同期持平。所以，我認為，如果上半年我們的增幅達到130或140個基點（我記不清了），那麼下半年的增幅將遠低於此。

Okay. Great. And then the inventory related to Laser that comes out in the third quarter, is that $59 million?

好的，太好了。那麼第三季與雷射相關的庫存，是5900萬美元嗎？

No. So $59 million was effectively the purchase price which included -- we haven't disclosed it, but included a favorable working capital adjustment. So part of -- we've talked about this over time. Like these are two nice little businesses both Bompapino and Le Sueur, they're both profitable. They are both pack plan businesses where you're buying a year's worth of inventory and then you're selling it through.

不。所以5900萬美元實際上是收購價格，其中包含——我們沒有透露具體金額，但包含了一筆有利的營運資本調整。我們之前也討論過這個問題。 Bompapino和Le Sueur都是很棒的小公司，而且都獲利。它們都是預購型企業，也就是一次性購買一年的庫存，然後再進行銷售。

And typically, in an M&A transaction, you're doing things on like an average inventory basis that has movement this year. Dompopina we sold before the pack, so we sold after the pack. And so we got a little bit of a benefit. But we got a real price for both transactions reasonable multiples and they're both delevering on a ratio basis.

通常情況下，併購交易會基於今年的平均庫存變動情況進行評估。 Dompopina 的出售時間早於其他公司，所以我們是在其他公司之後出售的。因此，我們獲得了一些優勢。但兩筆交易我們都獲得了合理的價格和倍數，而且從槓桿率的角度來看，兩筆交易都降低了槓桿率。

Okay. That's great. And then just given the changes in the business and the asset sales, how has your mix of foodservice overall changed dramatically? Food service versus retail?

好的，太好了。那麼，考慮到業務變化和資產出售，你們的餐飲服務整體結構發生了哪些顯著變化？餐飲服務與零售業務的比例發生了什麼樣的變化？

Only in the sense that Lear was all branded retail business.

僅從這個意義上講，李爾公司完全是品牌零售企業。

Relatively small. The portfolio

相對較小。投資組合

And then Don Pepino is probably a split, but it's like $15 million of sales. So it probably doesn't really move the needle. But yes, we'd be lower food service today than slightly lower end, but not -- certainly not anything that might change our competitiveness in that category.

唐佩皮諾的銷售額可能佔了很大一部分，但它也有大約1500萬美元。所以它可能不會對我們整體業績造成太大影響。沒錯，我們今天的餐飲服務水平確實會低於低端水平，但這絕對不會改變我們在該領域的競爭力。

Very little change overall.

整體變化不大。

Okay. And then your commentary about the asset sale when it was announced in the proceeds. Can you just talk about the flexibility you have in terms of reinvesting the proceeds? If it's a working capital adjustment? Is it still considered proceeds under the definition.

好的。接下來是關於資產出售收益部分的評論。您能否談談在收益再投資方面擁有的彈性？如果這筆款項用於營運資本調整，它是否仍屬於收益的範疇？

Yes, it's all going to go to debt reduction.

是的，所有資金都將用於償還債務。

I was just going to say, ladies and gentlemen, that does conclude today's question-and-answer session as well as our conference call. We thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，我正要說，今天的問答環節和電話會議到此結束。感謝各位參加今天的報告。你們現在可以掛斷電話了。