B&G Foods Inc (BGS) 2026 Q1 法說會逐字稿

Good day, and welcome to the B&G Foods Inc. first quarter 2026 financial results conference call. Today's call, which is being recorded, is scheduled to last about one hour, including remarks by B&G Foods management and the question-and-answer session.

各位好，歡迎參加 B&G Foods Inc. 2026 會計年度第一季財務業績電話會議。今天的電話會議將被錄音，預計約一小時，包括 B&G Foods 管理層的發言以及問答環節。

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

現在我想把電話交給 B&G Foods 企業策略與業務發展資深副理 AJ Schwabe。AJ，請開始。

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.

各位下午好，感謝各位加入。我今天與會的有我們的執行長 Casey Keller，以及我們的財務長 Bruce Wacha。各位可在我們今天發布的財報新聞稿中取得本季的詳細財務資訊，該新聞稿可於 bgfoods.com 的投資人關係專區查閱。

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.

在我們開始正式發言之前，我需要提醒各位，今天的部分討論包含前瞻性陳述。這些陳述不保證未來績效，因此不應過度依賴。我們請各位參閱 B&G Foods 最近一期的 Form 10-K 年報及其後續向 SEC 提交的文件，以取得更詳細的風險討論；這些風險可能影響本公司未來的營運成果與財務狀況。

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 不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。今天的電話會議中，我們也將提及非 GAAP 財務衡量指標，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、調整後毛利率、基礎業務淨銷售額，以及分部調整後費用。上述財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表，已載於今天的財報新聞稿中。

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 2026 and beyond. Bruce will then discuss our financial results for the first quarter of 2026 and our revised guidance for fiscal 2026.

Casey 將以開場致詞開始本次電話會議，並說明影響我們業績的各項因素、部分業務亮點，以及他對 2026 會計年度剩餘期間及其後展望的看法。接著 Bruce 將說明我們 2026 年第一季的財務結果，以及我們修訂後的 2026 會計年度財測指引。

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

現在我想把電話交給 Casey。

Good afternoon. Thank you, AJ, and thank you for joining us today for our first-quarter 2026 earnings call. Today, I will cover an update on our portfolio reshaping, including the recent divestiture and acquisition, an overview of first quarter performance, Bruce will cover more detailed financial results, and finally, the outlook for fiscal year 2026.

各位下午好。謝謝你，AJ，也感謝各位今天參加我們 2026 年第一季法說電話會議。今天我將說明我們投資組合重塑的最新進展，包括近期的資產出售與收購、第一季表現概覽；Bruce 會補充更詳細的財務結果；最後，我們將談到 2026 會計年度的展望。

Portfolio divestitures. The first quarter witnessed major progress in our efforts to reshape the B&G Foods portfolio. We completed the divestiture of the Green Giant US Frozen business to Seneca Foods Corporation on March 2. This is the largest piece in our portfolio transformation that is resulting in stronger focus, simplification, greater synergies and higher margins across the B&G Foods portfolio. The first quarter includes the final two months of the Green Giant US Frozen business within B&G.

投資組合資產出售。第一季我們在重塑 B&G Foods 投資組合的努力上取得重大進展。我們已於 3 月 2 日完成將 Green Giant 美國冷凍業務出售給 Seneca Foods Corporation。這是我們投資組合轉型中最大的一塊，將使 B&G Foods 的投資組合更聚焦、更簡化、協同效益更高，並在整體上帶來更高的利潤率。第一季包含 Green Giant 美國冷凍業務在 B&G 內的最後兩個月。

In addition, we completed the acquisition of the College Inn and Kitchen Basics broth and stock businesses from Del Monte Foods on March 19. These key brands are a much stronger fit with our current shelf-stable portfolio and play in a growing category that is driven by the expansion of the fresh store perimeter.

此外，我們於 3 月 19 日完成自 Del Monte Foods 收購 College Inn 與 Kitchen Basics 的高湯與湯底（broth and stock）業務。這些關鍵品牌與我們目前的常溫（shelf-stable）投資組合更為契合，且所處品類正受惠於生鮮賣場外圍（fresh store perimeter）擴張所帶動的成長。

The impact of these two transactions will create positive EBITDA and higher margins on our portfolio, replacing the low-margin Green Giant US Frozen business with a more profitable and stable broth and stock business. These transactions were also critical in reducing our pro forma net leverage ratio in Q1 to almost 6 times.

這兩筆交易對我們投資組合的影響，將帶來正向 EBITDA 與更高的利潤率，以更具獲利性且更穩定的高湯與湯底業務，取代低利潤率的 Green Giant 美國冷凍業務。這些交易亦對降低我們第一季的備考（pro forma）淨槓桿比率至接近 6 倍至關重要。

Further, we previously announced the divestiture of Green Giant Canada, the final component of the Green Giant divestitures. That transaction requires Canadian regulatory approval and remains under review. Subject to regulatory approval and other customary closing conditions, we expect to close during Q2 of fiscal year '26.

另外，我們先前已宣布出售 Green Giant 加拿大業務，這是 Green Giant 資產出售的最後一個組成部分。該交易需要加拿大監管機關核准，目前仍在審查中。在取得監管核准及其他慣常交割條件滿足的前提下，我們預期將於 2026 會計年度第二季完成交割。

Q1 results. The first quarter demonstrated significant improvement in base business net sales trends relative to a lower Q1 in fiscal year '25, impacted by some trade inventory reductions. Quarter one base business net sales grew plus 2.8% versus last year.

第一季業績。相較於 2025 會計年度第一季（受部分通路庫存去化影響而較低的基期），第一季基礎業務淨銷售趨勢顯著改善。第一季基礎業務淨銷售額較去年成長 2.8%。

Some of the key drivers. The Spices & Flavor Solutions business unit grew Q1 net sales plus 9.1% versus last year, benefiting from the growth in Fresh Food and Proteins as well as strength in the Club and Foodservice channels. Segment adjusted EBITDA was up plus 13.1% versus quarter one fiscal year '25 behind strong volume and pricing growth.

部分關鍵驅動因素。香料與風味解決方案（Spices & Flavor Solutions）事業單位第一季淨銷售額較去年成長 9.1%，受惠於生鮮食品與蛋白質品類的成長，以及會員制量販（Club）與餐飲服務（Foodservice）通路的強勁表現。由於銷量與定價成長強勁，分部調整後 EBITDA 較 2025 會計年度第一季成長 13.1%。

The Frozen & Vegetables business unit in the first two months of Q1 delivered a recovery in segment adjusted EBITDA from a net loss in segment adjusted EBITDA in Q1 last year behind higher volumes, lower trade spend, and lower manufacturing costs. Quarter one continued to benefit from the implementation of our cost savings and restructuring initiatives. Unallocated central overheads were down almost $2 million from last year. We will continue to remove direct costs associated with the Green Giant business and restructure central costs to reflect divestitures.

冷凍與蔬菜（Frozen & Vegetables）事業單位在第一季的前兩個月，分部調整後 EBITDA 自去年第一季的分部調整後 EBITDA 淨虧損回升，主要受較高銷量、較低促銷/通路費用（trade spend）以及較低製造成本帶動。第一季亦持續受惠於我們成本節省與重整計畫的推行。未分攤的中央管理費用較去年下降近 200 萬美元。我們將持續移除與 Green Giant 業務相關的直接成本，並重整中央成本結構以反映資產出售。

Fiscal year '26 outlook. The updated guidance range for fiscal year '26 is increased to $1.735 billion to $1.775 billion in net sales and $275 million to $290 million in adjusted EBITDA.

2026 會計年度展望。更新後的 2026 會計年度財測區間上調至：淨銷售額 17.35 億至 17.75 億美元，調整後 EBITDA 2.75 億至 2.90 億美元。

The key assumptions. The current outlook for fiscal year '26 reflects the addition of the College Inn and Kitchen Basics brands. The impact of the Green Giant US Frozen divesture was built into our previous guidance as well as the year over year impact of the Don Pepino and Le Sueur US divestitures in fiscal year '25.

關鍵假設。目前對 2026 會計年度的展望已反映納入 College Inn 與 Kitchen Basics 品牌。Green Giant 美國冷凍業務出售的影響已納入我們先前的財測指引，同時也反映 2025 會計年度 Don Pepino 與 Le Sueur 美國業務出售所帶來的年對年影響。

We expect fiscal year '26 base business and net sales trends on the remaining core meals, Spices & Flavor Solutions and Specialty businesses to modestly improve versus last year. Quarter one trends were a strong start for the year against a lower base in quarter one fiscal year '25, but are expected to be flat to slightly down for the remainder of fiscal year '26, recognizing the impact of the 53rd week in quarter four of fiscal year '25.

我們預期 2026 會計年度，在剩餘核心餐食（core meals）、香料與風味解決方案，以及特種（Specialty）業務上的基礎業務與淨銷售趨勢，將較去年小幅改善。第一季在 2025 會計年度第一季較低基期下有強勁開局，但預期 2026 會計年度其餘期間將持平至小幅下滑，並考量 2025 會計年度第四季的第 53 週所造成的影響。

A key financial risk we are watching closely is the price of oil, which impacts both transportation costs and the price of soybean oil given its market relationship to biofuels. We expect these costs to come down from current highs but remain elevated year over year. If oil and fuel costs continue at high levels, we will evaluate pricing actions to cover significantly higher input costs.

我們密切關注的一項主要財務風險是油價，因其同時影響運輸成本，以及因與生質燃料的市場關聯而影響大豆油價格。我們預期這些成本將自目前高點回落，但年對年仍將維持在較高水準。若油價與燃料成本持續處於高檔，我們將評估採取定價措施，以因應顯著上升的投入成本。

Finally, the pending divestiture of Green Giant Canada has not been reflected in our guidance. We will update fiscal year '26 guidance when that transaction closes, but expect the divestiture of Green Giant Canada to be relatively neutral from an adjusted EBITDA impact.

最後，尚待完成的 Green Giant 加拿大業務出售尚未反映於我們的財測指引中。待該交易完成交割時，我們將更新 2026 會計年度指引；但我們預期出售 Green Giant 加拿大對調整後 EBITDA 的影響大致為中性。

Looking forward, fiscal year '26 is poised to be a transformational year with a more focused, higher-margin, and stable portfolio once divestitures and closing transition services have been completed. We expect continued improvement in base business net sales trends towards the long-term algorithm of 1%. Further, we will also become a less complex, more efficient, and leaner company behind a simplified portfolio, restructuring operations to rightsize overheads and focus resources and investment behind the core categories and brands in spices and seasonings, meals, and baking staples.

展望未來，2026 會計年度有望成為轉型之年；在完成資產出售及結束過渡服務後，我們的投資組合將更聚焦、利潤率更高且更穩定。我們預期基礎業務淨銷售趨勢將持續改善，朝向長期 1% 的成長模型（algorithm）。此外，透過簡化投資組合、重整營運以使管理費用規模適當化（rightsize），並將資源與投資聚焦於香料與調味、餐食與烘焙基本品等核心品類與品牌，我們也將成為一家更不複雜、更有效率且更精實的公司。

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 2026.

謝謝各位。接下來我將把電話交給 Bruce，請他更詳細說明本季表現以及 2026 會計年度剩餘期間的展望。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. As we highlighted on our last call, we had a fast start to the year. Our financial performance was very strong in January as we lap prior year inventory destockings, and we then demonstrated continued momentum in the business throughout the remainder of the quarter, particularly within our Spices & Flavor Solutions business unit.

謝謝你，Casey。各位下午好。感謝各位今天加入。如同我們在上次電話會議中強調的，我們今年開局迅速。由於去年同期通路去庫存的比較基期因素，我們 1 月的財務表現非常強勁；而在本季其餘期間，我們也展現了業務動能的延續，尤其是在香料與風味解決方案事業單位。

Meanwhile, we remained active on the M&A front with the divestiture of our Green Giant US Frozen business and the establishment of our Green Giant US Frozen contract manufacturing business at our frozen vegetable manufacturing facility in Mexico with about a month to go in the quarter. And then the closing of our acquisition of the College Inn and Kitchen Basics broth and stocks business with about two weeks to go in the quarter.

同時，我們在併購（M&A）方面也持續積極作為：在本季剩約一個月時完成出售 Green Giant 美國冷凍業務，並在我們位於墨西哥的冷凍蔬菜製造工廠建立 Green Giant 美國冷凍的委外代工（contract manufacturing）業務。接著在本季剩約兩週時，完成收購 College Inn 與 Kitchen Basics 的高湯與湯底業務。

I will provide more details on the transactions later in the call, but in effect, we used the net proceeds from the divestiture of the marginally profitable Green Giant US Frozen business to partially fund the acquisition of the more profitable College Inn and Kitchen Basics business. And we are very pleased with our divestiture and acquisition counterparts on both of these transactions. I'm happy to report that both transitions are proceeding relatively smoothly.

我稍後會在電話會議中提供更多交易細節；但概括而言，我們運用出售獲利能力僅屬邊際的 Green Giant 美國冷凍業務所取得的淨收益，部分資助收購獲利能力更高的 College Inn 與 Kitchen Basics 業務。我們對這兩筆交易的交易對手方都非常滿意。我也很高興向各位報告，兩項交接目前進行得相對順利。

As we review our first-quarter 2026 results, we will highlight the comparative differences that result from this 2026 activity as well as from the divestitures of the Don Pepino and Le Sueur brands, which we own for only parts of fiscal 2025. Because the divestiture of Green Giant Canada has not yet closed, there was no impact to our net sales or adjusted EBITDA. However, because Green Giant Canada is classified as an asset held for sale for accounting purposes, the pending divestiture does impact how the Green Giant Canada assets are carried on our balance sheet and within certain line items of our P&L.

在回顧我們 2026 會計年度第一季的業績時，我們將重點說明因 2026 年相關活動，以及因我們僅於 2025 會計年度部分期間持有 Don Pepino 與 Le Sueur 品牌而進行之剝離所造成的比較差異。由於 Green Giant Canada 的剝離尚未完成交割，因此對我們的淨銷售額或調整後 EBITDA 並無影響。然而，因 Green Giant Canada 於會計上被分類為待售資產，該待完成的剝離會影響 Green Giant Canada 資產在我們資產負債表上的列示方式，以及損益表中若干科目的呈列。

For the first quarter of 2026, we generated $408.9 million in net sales, a net loss of $32.5 million or $0.41 per diluted share, adjusted net income of $6.8 million or $0.08 per adjusted diluted share, adjusted EBITDA of $57.6 million and adjusted EBITDA as a percentage of net sales of 14.1%. The company's net loss for the first quarter was primarily attributable to a $36.3 million noncash loss on sale of assets, a $5.8 million noncash loss on disposals and impairment of PP&E as well as certain acquisition divestiture-related and nonrecurring expenses. Details regarding the impairments and other adjustments are included in our earnings release issued today and our 10-Q that will be filed later this week.

2026 年第一季，我們創造淨銷售額 4.089 億美元，淨損 3,250 萬美元（每股稀釋虧損 0.41 美元），調整後淨利 680 萬美元（每股調整後稀釋盈餘 0.08 美元），調整後 EBITDA 為 5,760 萬美元，調整後 EBITDA 佔淨銷售額比率為 14.1%。公司第一季的淨損主要歸因於 3,630 萬美元的非現金資產出售損失、580 萬美元的非現金處分及不動產、廠房及設備（PP&E）減損損失，以及若干與併購、剝離相關及非經常性費用。有關減損及其他調整的細節，已載於我們今日發布的財報新聞稿，以及將於本週稍晚提交的 10-Q。

Net sales for the first quarter of 2026 decreased by $16.5 million or 3.9% to $408.9 million from $425.4 million for the first quarter of 2025. The decrease was primarily attributable to the Green Giant US Frozen, Le Sueur US, and Don Pepino divestitures, partially offset by an increase in base business net sales, one month of net sales from the contract manufacturing agreement the company entered into on March 2, 2026, with the acquirer of the Green Giant US Frozen business and a partial month of net sales for the College Inn and Kitchen Basics brands.

2026 年第一季淨銷售額較 2025 年第一季的 4.254 億美元減少 1,650 萬美元（減幅 3.9%）至 4.089 億美元。該減少主要歸因於 Green Giant 美國冷凍（US Frozen）、Le Sueur 美國（US）以及 Don Pepino 的剝離；部分被基礎業務淨銷售額增加、公司於 2026 年 3 月 2 日與 Green Giant 美國冷凍業務之收購方簽訂的委託代工協議所帶來的一個月淨銷售額，以及 College Inn 與 Kitchen Basics 品牌的部分月份淨銷售額所抵銷。

Net sales of our Green Giant US Frozen business, which we owned for only two months during the first quarter of 2026, contributed $27.2 million less net sales during the first quarter of 2026 compared to the first quarter of 2025. Net sales of the Don Pepino and Le Sueur businesses, which we divested in 2025 and are therefore not part of our first quarter 2026 results were $10.6 million during the first quarter of 2025.

我們的 Green Giant 美國冷凍業務在 2026 年第一季僅持有兩個月，與 2025 年第一季相比，於 2026 年第一季貢獻的淨銷售額少了 2,720 萬美元。Don Pepino 與 Le Sueur 業務已於 2025 年完成剝離，因此不納入 2026 年第一季業績；其於 2025 年第一季的淨銷售額為 1,060 萬美元。

Partially offsetting the impact of these divestitures were one month of sales for the new Green Giant US Frozen contract manufacturing agreement, which contributed $8.5 million of net sales in the first quarter of 2026 and a partial month of net sales for the College Inn and Kitchen Basic brands acquired on March 19, 2026, which contributed $2.9 million to the company's net sales for the first quarter of 2026.

部分抵銷上述剝離影響的是：新的 Green Giant 美國冷凍委託代工協議帶來的一個月銷售，於 2026 年第一季貢獻淨銷售額 850 萬美元；以及於 2026 年 3 月 19 日收購的 College Inn 與 Kitchen Basic 品牌之部分月份淨銷售額，於 2026 年第一季為公司淨銷售額貢獻 290 萬美元。

Base business net sales for the first quarter of 2026 increased by $9.9 million or 2.8% to $365.1 million as compared to $355.2 million for the first quarter of 2025. The increase in base business net sales was driven by increases in volume that contributed $6.6 million or 1.9%, an increase in net pricing and the impact of product mix of $1.6 million or 0.5% and the impact of foreign currency of $1.7 million or 0.5 percentage points.

2026 年第一季基礎業務淨銷售額較 2025 年第一季的 3.552 億美元增加 990 萬美元（增幅 2.8%）至 3.651 億美元。基礎業務淨銷售額的增加主要由銷量提升所帶動，貢獻 660 萬美元（1.9%）；淨定價上升及產品組合影響貢獻 160 萬美元（0.5%）；以及外幣影響貢獻 170 萬美元（0.5 個百分點）。

Gross profit was $79.9 million for the first quarter of 2026 or 19.5% of net sales and adjusted gross profit was $84.6 million or 20.7% of net sales. Gross profit was $90.1 million for the first quarter of 2025 or 21.2% of net sales, and adjusted gross profit was $90.6 million or 21.3% of net sales.

2026 年第一季毛利為 7,990 萬美元，佔淨銷售額 19.5%；調整後毛利為 8,460 萬美元，佔淨銷售額 20.7%。2025 年第一季毛利為 9,010 萬美元，佔淨銷售額 21.2%；調整後毛利為 9,060 萬美元，佔淨銷售額 21.3%。

The first quarter of 2026 marked a somewhat different story than our experiences in 2025. Today, we are seeing resiliency in our volumes with modest recovery in many of our brands as compared to the more negative sales trends that we experienced in 2025. Across our internal manufacturing network, our factory employees are working hard with 7 of our 10 internal manufacturing facilities increasing output during the first quarter of 2026 when compared to 2025 volumes.

2026 年第一季的情況與我們在 2025 年的經驗有所不同。相較於 2025 年我們所經歷較為負面的銷售趨勢，現階段我們看到銷量展現韌性，且多個品牌出現溫和復甦。在我們的內部製造網絡中，工廠員工努力投入；與 2025 年的銷量相比，2026 年第一季我們 10 座內部製造設施中有 7 座提高了產出。

Additionally, two of the three facilities that did not increase year over year volumes during the first quarter are currently ahead of our budget volumes for those factories for the year-to-date period. However, input costs, which excluding the impact of tariffs were largely benign in 2025, are beginning to show some signs of inflationary pressure in recent months. We will be watching these trends for any signs of sustained inflationary pressures, and when appropriate, we will consider implementing pricing actions to protect our profitability.

此外，第一季中未能年增銷量的 3 座工廠中，有 2 座目前在年初至今期間的產量已高於我們對該等工廠的預算量。然而，投入成本在 2025 年（不含關稅影響）大致溫和，近幾個月開始出現一些通膨壓力跡象。我們將持續觀察這些趨勢是否顯示通膨壓力具有持續性，並在適當時機考慮採取調價措施，以維護我們的獲利能力。

Selling, general and administrative expenses increased by $1.1 million or 2.2% to $50.2 million for the first quarter of 2026 from $49.1 million for the first quarter of 2025. The increase was comprised of an increase in acquisition, divestiture-related and nonrecurring expenses of $6.4 million, inclusive of an increase of $1.9 million for disposals and impairments of PP&E, partially offset by decreases in general and administrative expenses of $3.9 million and warehousing expenses of $1.4 million.

2026 年第一季銷售、一般及行政費用（SG&A）較 2025 年第一季的 4,910 萬美元增加 110 萬美元（增幅 2.2%）至 5,020 萬美元。該增加由併購、剝離相關及非經常性費用增加 640 萬美元所構成，其中包含不動產、廠房及設備（PP&E）處分與減損增加 190 萬美元；部分被一般及行政費用減少 390 萬美元及倉儲費用減少 140 萬美元所抵銷。

Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.7 percentage points to 12.3% for the first quarter of 2026 as compared to 11.6% for the first quarter of 2025. We are following these costs closely, and we are proactively taking steps to reduce our ongoing SG&A commitments to better reflect the size of our business going forward as we work to minimize the impact of any stranded costs on our ongoing overhead structure due to the impact of the recent divestitures.

以淨銷售額百分比表示，2026 年第一季銷售、一般及行政費用增加 0.7 個百分點至 12.3%，相較 2025 年第一季為 11.6%。我們正密切追蹤這些成本，並主動採取措施降低持續性的 SG&A 承諾，使其更能反映未來業務規模；同時在近期剝離所造成的持續性間接費用結構中，努力將任何滯留成本（stranded costs）的影響降至最低。

We generated $57.6 million in adjusted EBITDA or 14.1% of net sales in the first quarter of 2026 compared to $59.1 million or 13.9% in the first quarter of 2025. The Le Sueur, US, and Don Pepino businesses contributed nearly $1 million to segment adjusted EBITDA during the first quarter of 2025.

2026 年第一季我們創造調整後 EBITDA 5,760 萬美元，佔淨銷售額 14.1%；相較之下，2025 年第一季為 5,910 萬美元，佔比 13.9%。Le Sueur（美國）與 Don Pepino 業務於 2025 年第一季對分部調整後 EBITDA 的貢獻接近 100 萬美元。

Net interest expense decreased by $2 million or 5.1% to $35.8 million for the first quarter of 2026 from $37.8 million for the first quarter of 2025. The reduction of net interest expense was primarily attributable to a reduction in average long-term debt outstanding during the first quarter of 2026 relative to average long-term debt outstanding during the first quarter of 2025.

2026 年第一季淨利息費用較 2025 年第一季的 3,780 萬美元減少 200 萬美元（減幅 5.1%）至 3,580 萬美元。淨利息費用下降主要歸因於 2026 年第一季平均未償長期債務餘額相較 2025 年第一季平均未償長期債務餘額有所降低。

Depreciation and amortization was $15 million in the first quarter of 2026 compared to $16.8 million in the first quarter of 2025. We had a net loss of $32.5 million or $0.41 per diluted share for the first quarter of 2026 compared to net income of $0.8 million or $0.01 per diluted share for the first quarter of 2025. The net loss for the quarter of 2026 was primarily driven by a loss on sale of assets of $36.3 million in connection with the divestiture of the Green Giant US Frozen business, $5.8 million for noncash disposals and impairments of PP&E as well as an increase in acquisition, divestiture-related and other nonrecurring costs.

2026 年第一季折舊與攤銷為 1,500 萬美元，較 2025 年第一季的 1,680 萬美元下降。2026 年第一季我們淨損 3,250 萬美元（每股稀釋虧損 0.41 美元），相較 2025 年第一季淨利 80 萬美元（每股稀釋盈餘 0.01 美元）。2026 年該季淨損主要由與剝離 Green Giant 美國冷凍業務相關的 3,630 萬美元資產出售損失、580 萬美元的非現金 PP&E 處分與減損，以及併購、剝離相關與其他非經常性成本增加所致。

We had adjusted net income of $6.8 million or $0.08 per adjusted diluted share in the first quarter of 2026. In the first quarter of 2025, we had adjusted net income of $3.4 million or $0.04 per adjusted diluted share. Adjustments to our EBITDA and net income are described further in our earnings release. I would now like to touch on results by business unit for the first quarter.

2026 年第一季我們的調整後淨利為 680 萬美元（每股調整後稀釋盈餘 0.08 美元）。2025 年第一季，我們的調整後淨利為 340 萬美元（每股調整後稀釋盈餘 0.04 美元）。我們對 EBITDA 與淨利的調整項目在財報新聞稿中有進一步說明。接下來我想簡要談談第一季按事業單位劃分的業績。

Net sales for Spices & Flavor Solutions increased by $8.3 million or 9.1% in the first quarter of 2026 to $100.1 million from $91.7 million in the first quarter of 2025. The increase was primarily due to higher volumes across Spices & Flavor Solutions business unit, coupled with higher net pricing and product mix.

2026 年第一季，香料與風味解決方案（Spices & Flavor Solutions）的淨銷售額較 2025 年第一季由 9,170 萬美元增至 1 億 10 萬美元，增加 830 萬美元或 9.1%。此增長主要來自香料與風味解決方案事業單位整體銷量提升，並伴隨較高的淨定價與產品組合改善。

Spices & Flavor Solutions segment EBITDA increased by $3.4 million or 13.1% in the first quarter of 2026 compared to the first quarter of 2025. The increase in segment adjusted EBITDA was largely driven by increased volumes and to a lesser extent, by increased pricing that largely offset the impact of increased tariff costs and other input costs as well as increased allocations to spices cost of goods that were driven in part by the divestiture of the Green Giant US Frozen business.

2026 年第一季，香料與風味解決方案（Spices & Flavor Solutions）部門 EBITDA 較 2025 年第一季增加 340 萬美元或 13.1%。部門調整後 EBITDA 的增加主要由銷量提升所帶動，並在較小程度上受益於定價上調；該等定價上調大致抵銷了關稅成本與其他投入成本上升的影響，以及部分因出售 Green Giant 美國冷凍業務而導致分攤至香料銷貨成本的增加。

Net sales for Meals increased by $0.9 million or 0.9% in the first quarter of 2026 to $107.1 million from $106.1 million for the first quarter of 2025. The acquisition of the College Inn and Kitchen Basics brands added approximately $2.9 million of net sales during our first two weeks of ownership in the business. Meals net sales also benefited from the higher net pricing and improved product mix, which were offset in part by modestly lower volumes across the business units.

2026 年第一季，餐食（Meals）淨銷售額較 2025 年第一季由 1 億 610 萬美元增至 1 億 710 萬美元，增加 90 萬美元或 0.9%。我們在取得 College Inn 與 Kitchen Basics 品牌後的前兩週，該收購為淨銷售額貢獻約 290 萬美元。餐食淨銷售額亦受益於較高的淨定價與更佳的產品組合，但部分被各事業單位整體銷量小幅下滑所抵銷。

Meals segment adjusted EBITDA decreased by approximately $5 million, primarily driven by the impact of unfavorable cost comparisons in certain raw materials and manufacturing expenses as well as increased allocations to Meals cost of goods that were driven in part by the divestiture of the Green Giant US Frozen business. These incremental costs were offset in part by increased net pricing and the impact of product mix. We also made investments in certain brands in the Meals portfolio, such as Ortega, where we increased trade spending and marketing expenses during the first quarter of 2026 to help drive improved sales performance throughout the remainder of the year.

餐食（Meals）部門調整後 EBITDA 約減少 500 萬美元，主要受某些原物料與製造費用不利成本比較的影響，以及部分因出售 Green Giant 美國冷凍業務而導致分攤至餐食銷貨成本的增加。上述增量成本部分被淨定價上升與產品組合影響所抵銷。我們亦對餐食產品組合中的部分品牌進行投資，例如 Ortega；在 2026 年第一季我們提高通路促銷支出與行銷費用，以協助推動今年剩餘期間的銷售表現改善。

Net sales for Specialty decreased by $3.6 million or 2.7% in the first quarter of 2026 to $130.8 million from $134.4 million in the first quarter of 2025. The decrease was primarily due to the divestiture of the Don Pepino business, which generated $3.5 million of net sales in the first quarter of 2025. Base business net sales for Specialty were essentially flat for the quarter.

2026 年第一季，特殊品類（Specialty）淨銷售額較 2025 年第一季由 1 億 3,440 萬美元降至 1 億 3,080 萬美元，減少 360 萬美元或 2.7%。下降主要由於出售 Don Pepino 業務；該業務在 2025 年第一季貢獻 350 萬美元淨銷售額。就基礎業務而言，特殊品類本季淨銷售額基本持平。

Specialty segment EBITDA decreased by $7.4 million in the first quarter of 2026 compared to the first quarter of 2025. The decrease was primarily due to the Don Pepino divestiture, unfavorable cost comparisons in certain raw materials, manufacturing expenses, the impact of tariffs, and increased allocations to specialty cost of goods that were driven in part by the divestiture of the Green Giant US Frozen business. Financial performance for the Frozen & Vegetable unit during the first quarter of 2026 and the first quarter of 2025 are not comparable due to the impact of the Le Sueur US and Green Giant US Frozen divestitures and the impact of our new contract manufacturing agreements for the Green Giant US Frozen business.

2026 年第一季，特殊品類（Specialty）部門 EBITDA 較 2025 年第一季減少 740 萬美元。下降主要由於出售 Don Pepino、不利的某些原物料成本比較、製造費用、關稅影響，以及部分因出售 Green Giant 美國冷凍業務而導致分攤至特殊品類銷貨成本的增加。由於出售 Le Sueur 美國與 Green Giant 美國冷凍業務的影響，以及我們針對 Green Giant 美國冷凍業務簽訂的新委外代工協議之影響，2026 年第一季與 2025 年第一季冷凍與蔬菜（Frozen & Vegetable）單位的財務表現不具可比性。

We are pleased to report that net sales of Green Giant Canada remained strong and increased by $4.2 million or 16.4% to $30.1 million for the first quarter of 2026 compared to $25.9 million for the first quarter of 2025. Separately, the new contract manufacturing agreements for Green Giant US Frozen generated $8.5 million in net sales for the quarter during its first month of operation following our sale of the Green Giant US Frozen business. This contract manufacturing arrangement has a cost-plus structure and is expected to provide a modest but stable profit stream going forward.

我們很高興報告 Green Giant 加拿大的淨銷售額維持強勁，2026 年第一季較 2025 年第一季由 2,590 萬美元增至 3,010 萬美元，增加 420 萬美元或 16.4%。另外，在我們出售 Green Giant 美國冷凍業務後，Green Giant 美國冷凍的新委外代工協議於營運首月即在本季帶來 850 萬美元淨銷售額。此代工安排採成本加成（cost-plus）結構，預期未來可提供溫和但穩定的獲利來源。

Now I will spend a little time on our balance sheet, which has also improved in the first quarter of 2026. Net debt to pro forma adjusted EBITDA before share-based compensation and extraordinary tariffs was 6.07 times at the end of the first quarter of 2026 compared to 6.57 times at the end of the fourth quarter of 2025. As discussed on previous earnings calls, we are continuing to reduce leverage. We expect to remain on track to reduce net debt to pro forma adjusted EBITDA before share-based compensation and extraordinary tariffs to approximately 6 times or less by the midpoint of this year, supported in part by the divestiture of the Green Giant Canada business, which subject to regulatory approval in Canada, we expect to be completed during the second quarter and which we expect will reduce net leverage by another 0.25 of a turn or so once it closes.

接下來我將花一些時間說明我們的資產負債表；其在 2026 年第一季亦有所改善。於 2026 年第一季末，淨負債對備考調整後 EBITDA（不含股份基礎薪酬與非常規關稅）倍數為 6.07 倍，較 2025 年第四季末的 6.57 倍下降。如同先前法說會所述，我們持續降低槓桿。我們預期在今年年中前，將淨負債對備考調整後 EBITDA（不含股份基礎薪酬與非常規關稅）降至約 6 倍或以下，部分將受益於 Green Giant 加拿大業務的出售；該交易仍需取得加拿大監管核准，預期於第二季完成，且一旦交割，預期可再將淨槓桿降低約 0.25 倍左右。

Additionally, as announced by press release today, beginning with the dividend declared today and payable on July 30, 2026, to record holders as of June 30, 2026, our Board of Directors has reduced our dividend by 50% to $0.095 per quarter or $0.38 per share per annum. In our 21 years as a publicly held company, we have proven our commitment to creating stockholder value by consistently returning a meaningful portion of our excess cash to stockholders in the form of a cash dividend. Following the completion of the Don Pepino, Le Sueur US and Green Giant US divestitures and the College Inn and Kitchen Basics acquisition, our Board has concluded that an adjustment to our intended dividend rate was appropriate.

此外，如今日新聞稿所宣布，自今日宣告之股利起（將於 2026 年 7 月 30 日支付予 2026 年 6 月 30 日之登記股東），董事會已將股利調降 50% 至每季 0.095 美元，或每股每年 0.38 美元。作為一家上市公司 21 年來，我們透過以現金股利形式持續將相當比例的超額現金回饋股東，證明我們致力於創造股東價值。在完成 Don Pepino、Le Sueur 美國與 Green Giant 美國之出售，以及完成 College Inn 與 Kitchen Basics 的收購後，董事會認為調整我們原先預期的股利水準是適當的。

On an annualized basis, the reduction in dividend is expected to provide an additional $30 million or so, which we intend to use to repay long-term debt and for other business purposes, which we expect will further accelerate the reduction in our leverage ratio.

以年化基礎計算，股利調降預期可額外釋出約 3,000 萬美元，我們擬用於償還長期債務及其他營運用途，並預期將進一步加速降低槓桿比率。

Before I get to our updated 2026 guidance, I would like to remind the audience that we continue to live in unpredictable times. Our 2026 guidance reflects what we know today and for example, does not factor in significant changes in inflation, tariff policies, or the potential impact of escalation in the conflicts in Eastern Europe, the Middle East, or Latin America could have on our results.

在我說明更新後的 2026 年展望之前，我想提醒各位，我們仍處於難以預測的時期。我們的 2026 年展望反映的是我們目前所知的情況；例如，未納入通膨、關稅政策的重大變化，亦未納入東歐、中東或拉丁美洲衝突升級可能對我們業績造成的潛在影響。

Please note that our guidance reflects the expected impacts only of acquisitions and divestitures that have already closed. In other words, our guidance reflects the expected impacts of the Don Pepino, Le Sueur US, and Green Giant US Frozen divestitures, the commencement of the Green Giant US Frozen contract manufacturing agreement and the College Inn and Kitchen Basics acquisition. But our guidance does not reflect the expected impact from the pending Green Giant Canada divestiture because that divestiture has not yet closed.

請注意，我們的展望僅反映已完成交割之收購與出售的預期影響。換言之，我們的展望包含 Don Pepino、Le Sueur 美國與 Green Giant 美國冷凍業務的出售、Green Giant 美國冷凍委外代工協議的開始執行，以及 College Inn 與 Kitchen Basics 的收購之預期影響。但由於 Green Giant 加拿大出售案尚未完成交割，我們的展望不包含該待完成出售案的預期影響。

Our guidance also does not take into account any upcoming potential refinancing or other capital markets transactions. Also, as a reminder, our guidance reflects that fiscal 2026 has one fewer week than fiscal 2025, which had a 53rd week. While we love the benefit of the 53rd week in our fiscal 2025 results, we will lap that benefit or approximately $18 million of net sales during fiscal 2026.

我們的展望亦未考量任何即將進行的潛在再融資或其他資本市場交易。此外，提醒各位，我們的展望反映 2026 會計年度較 2025 會計年度少一週；2025 會計年度包含第 53 週。雖然我們很享受第 53 週對 2025 會計年度業績的助益，但在 2026 會計年度我們將面臨該基期效益的消失，約相當於 1,800 萬美元的淨銷售額。

As a result and as noted in our earnings release, we expect fiscal 2026 net sales in the range of $1.735 billion to $1.775 billion, adjusted EBITDA in the range of $275 million to $290 million, and adjusted EBITDA as a percentage of net sales in the range of approximately 15.8% to 16.3%. And based on this guidance, we expect adjusted diluted earnings per share to be in a range of $0.575 to $0.675 per share.

因此，且如同我們的財報新聞稿所述，我們預期 2026 會計年度淨銷售額介於 17.35 億美元至 17.75 億美元，調整後 EBITDA 介於 2.75 億美元至 2.90 億美元，且調整後 EBITDA 佔淨銷售額比率約介於 15.8% 至 16.3%。並基於此展望，我們預期調整後稀釋每股盈餘介於每股 0.575 美元至 0.675 美元。

Additionally, we expect for full year 2026, interest expense of $152.5 million to $157.5 million, including cash interest of $145 million to $150 million, depreciation expense of $40 million to $45 million, amortization expense to $17 million to $19 million, cash taxes of approximately $5 million or less, an effective tax rate of 26% to 27%, and CapEx will likely be at the lower end of our $30 million to $35 million target.

此外，我們預期 2026 全年利息費用為 1.525 億美元至 1.575 億美元（其中現金利息為 1.45 億美元至 1.50 億美元）、折舊費用為 4,000 萬美元至 4,500 萬美元、攤銷費用為 1,700 萬美元至 1,900 萬美元、現金稅約 500 萬美元或以下、有效稅率為 26% 至 27%，且資本支出（CapEx）可能落在我們 3,000 萬美元至 3,500 萬美元目標區間的較低端。

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

現在我將把電話交回給 Casey，請他做進一步說明。

Thank you, Bruce. In closing, B&G Foods is making real progress against our long-term goals, improving the base business net sales trends of the core business to the long-term range of flat to plus 1%, reshaping the portfolio through divestitures and acquisitions for future growth, stability, higher margins, and cash flows and reducing our net leverage ratio below 5.5 times through divestitures and excess cash flow to facilitate strategic acquisitions.

謝謝你，Bruce。最後，B&G Foods 正在朝我們的長期目標取得實質進展：將核心業務的基礎業務淨銷售趨勢改善至長期區間（持平至成長 1%）、透過出售與收購重塑產品組合以促進未來成長、穩定性、更高毛利與現金流，並透過出售與超額現金流將淨槓桿比率降至 5.5 倍以下，以利推動策略性收購。

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

以上為我們的發言，接下來我們想開始本次電話會議的問答環節。接線員？

(Operator Instructions) Andrew Lazar, Barclays.

（接線員指示）Andrew Lazar，巴克萊。

First thing, excluding the portfolio changes since the last time you provided guidance, curious how the outlook changes for the year, if at all, because it's harder to track that. And then it still seems like underlying consumption for the tracked channel data was down close to maybe mid-single-digit in the quarter. And I think you mentioned you're expecting it to be flat to slightly down for the rest of the year. So just trying to get a sense for those things first off.

首先，先不考慮自你們上次提供指引以來的投資組合變動，我想了解一下今年的展望是否、以及在多大程度上有所改變，因為這部分比較難追蹤。另外，看起來以可追蹤通路的消費數據來看，本季基礎消費仍下降了接近中個位數百分比。我記得你們提到，預期今年剩餘時間會持平到小幅下滑。所以想先請你們幫我們釐清這幾點。

Yeah. So basically, our guidance is updated just to reflect the College Inn and Kitchen Basics acquisition. Our prior guidance included the other divestitures around Green Giant US Frozen, Don Pepino, Sclafani and the Le Sueur brand. So really, the only change is the result of adding in the College Inn and Kitchen Basics acquisition.

是的。我們的指引更新基本上只是為了反映收購 College Inn 和 Kitchen Basics。我們先前的指引已包含其他處分項目，包括 Green Giant 美國冷凍業務、Don Pepino、Sclafani 以及 Le Sueur 品牌。所以真正唯一的變動，就是把 College Inn 與 Kitchen Basics 的收購納入後的影響。

What -- when we talk about base business net sales or organic net sales, it's not just the tracked consumption data, it's our total portfolio, which would include our business in foodservice and private label brand business, in Canada, our Canada business untracked. And that's probably our tracked channels now represent less than 60% of our portfolio. And we've seen pretty strong growth in our spices private label business, our spices, foodservice business, our other foodservice businesses, Canada is growing.

當我們談到基礎業務淨銷售額或有機淨銷售額時，不只是可追蹤的消費數據，而是我們整體投資組合，其中也包含餐飲服務（foodservice）與自有品牌（private label）業務、加拿大業務（我們在加拿大的業務不在追蹤範圍內）。而目前可追蹤通路大概只占我們投資組合的不到 60%。我們看到香料自有品牌業務成長相當強勁、香料餐飲服務業務也表現不錯，其他餐飲服務業務亦然，加拿大也在成長。

Our industrial business has performed well. We also have private label business in baking powder and other things. So when we say our organic business is going to be roughly flat, we mean the composite of both our measured channels and our tracked channels -- our tracked channels and our unmeasured channels.

我們的工業業務表現良好。我們在泡打粉等品類也有自有品牌業務。所以當我們說有機業務大致持平時，我們指的是可衡量通路與不可衡量通路的綜合表現——也就是可追蹤通路與未衡量通路的合計。

And then do the portfolio changes you've made in the past few quarters, do you think make it harder or easier or neither to sort of execute pricing if and when needed, should the industry have to deal with another round of inflation going forward? And maybe you can get into a little bit where you're sort of covered and for how long on some of your key inputs?

另外，你們在過去幾季所做的投資組合調整，你們認為這會讓未來在需要時執行漲價變得更難、更容易，或是沒有影響？假設產業未來還要面對另一波通膨。以及你們在一些關鍵原物料上大概鎖定到什麼程度、能覆蓋多久？

Yeah. So we don't break out all of that publicly. I mean we're covered for a decent portion of this year on input costs just through our normal forward purchases. From an ability to take price, the divestitures, we've eliminated the Green Giant US Frozen business, which we think is a great business, just not the right one for us.

是的。我們不會把所有細節都對外拆分揭露。就原物料成本而言，透過我們正常的遠期採購，今年有相當一部分是有覆蓋的。至於漲價能力，透過處分，我們已剝離 Green Giant 美國冷凍業務；我們認為那是一個很好的業務，只是不適合我們。

Doesn't really impact one way or the other, the rest of the business. It was a different business for us. We still have about 50 brands. We're still very relevant. We think our brands are relevant, and we'll continue to take action as needed.

這對其餘業務並不會造成正面或負面的影響；對我們而言那是不同型態的業務。我們仍然有大約 50 個品牌，仍具高度相關性。我們認為我們的品牌具備市場相關性，並會在需要時持續採取行動。

I think, Andrew, the key input we're watching is oil and soybean oil because there is a real relationship between soybean oil and crude oil because of its use as a biofuel. So that's the one we're watching pretty closely. It's up north of $0.70 a pound. So very high.

Andrew，我想我們正在密切關注的關鍵投入成本是油脂，特別是大豆油，因為大豆油作為生質燃料使用，使其與原油之間存在明顯關聯。這是我們特別密切觀察的一項。目前價格已高於每磅 0.70 美元，非常高。

And we are covered reasonably long. But obviously, if oil prices stay where they are, we're going to need to take some action as I expect the industry will just because of the rising input costs.

而我們的覆蓋期也算相對長。但顯然，如果油價維持在目前水準，我們將需要採取一些行動；我也預期整個產業都會如此，因為投入成本正在上升。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

I wanted to just follow up quickly on something that Andrew asked just in terms of the kind of flattish outlook for the rest of the year. Can you just help us understand a little bit how you're thinking about that in terms of price versus volume versus mix and across the different segments, just what we should be thinking about?

我想快速追問一下 Andrew 剛才問到的部分，也就是今年剩餘時間大致持平的展望。能否請你們協助我們理解，你們是如何從價格、銷量與組合（mix）的角度來思考？以及在不同事業部之間，我們應該如何看待？

Yeah. We haven't really broken out price mix on a forward basis before. We're encouraged with the progress that we made in the first quarter in terms of stabilizing volumes, whether you see that in our net sales with a little bit of net sales growth driven by volumes or even in our consumption data where the -- for the portion that does track those channels where it's improved. We think this year is going to be a little bit less forgiving from a top line standpoint than the prior year.

是的。我們過去其實沒有在前瞻基礎上拆分價格/組合。我們對第一季在穩定銷量方面的進展感到鼓舞：你可以從我們的淨銷售額看到一些由銷量帶動的淨銷售成長；甚至在消費數據上——就可追蹤通路的那一部分——也有所改善。我們認為今年在營收端（top line）會比去年更不寬容一些。

Okay. Understood.

好的，了解。

When you look at the base business organic net sales, you also have to take into account that we did have a 53rd week in the fourth quarter last year. So we'll obviously have one less week in this year's fourth quarter than last year.

當你看基礎業務的有機淨銷售額時，也必須考量去年第四季有第 53 週。因此，今年第四季會比去年少一週。

Okay. Understood. And then just in terms of the decision around the dividend, just wondering if you can help us understand why was the 50% reduction the right number? And how do you feel just in terms of the flexibility it gives you to do what you need to do with some of that increased cash?

好的，了解。那關於股利決策，想請你們協助我們理解，為什麼減少 50% 是合適的幅度？以及就彈性而言，這能讓你們如何運用增加的現金來做需要做的事？

Sure. It certainly generates another $30 million on an annualized basis in cash -- excess cash relative to where we were before. As we've said all along, as we went down the journey through evaluating the Green Giant business and the disposal of it, we would continue to reevaluate the dividend on a go-forward basis. It's very important to the company.

當然。按年化計算，這確實能額外帶來約 3,000 萬美元的現金——相較於之前的水準，屬於額外的自由現金。正如我們一路以來所說，在評估 Green Giant 業務並處分的過程中，我們會持續以前瞻方式重新評估股利。股利對公司非常重要。

It's something that we've been doing for a long period of time, and we think it is the right thing for shareholders. It just has to be at the right level, reflecting where we are from a cash generation standpoint.

這是我們長期以來一直在做的事，我們也認為這對股東是正確的；只是必須在合適的水準上，反映我們在現金創造能力上的現況。

I think the important principle for us is in today's interest rate environment, we would like to have excess cash, 50% of -- at least 50% of that going towards debt reduction and the other 50% dividend. So this is trying to get that in balance because we believe that the interest rate environment that we're in now, we need to be continuing to pay down debt. That's the right thing for us, and that's the right thing for shareholders.

我認為對我們而言的重要原則是：在當前利率環境下，我們希望有多餘現金，其中至少 50% 用於減債，另外 50% 用於股利。因此這次調整是為了取得平衡，因為我們相信在目前的利率環境中，我們需要持續償還債務。這對我們是正確的，對股東也是正確的。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I just wanted to make sure I understood the comments on cost. It sounds like soybean oil is really the only thing that's really jumping on you. But are there other elements?

我想確認我是否理解你們對成本的評論。聽起來大豆油是唯一對你們造成明顯壓力的項目。但還有其他因素嗎？

You mentioned oil costs. Does that flow through your logistics, your packaging? And is your pricing power on those elements of your structure less clear?

你們提到油價成本。這是否也會反映在你們的物流、包材上？而你們在這些成本結構要素上的定價能力是否比較不明確？

Yeah, it does flow through both on logistics and on some packaging. And just like everybody else in the industry, we're waiting and watching to see these higher, more elevated costs for energy stick, right? And probably just like everybody else in the industry, we're evaluating and determining whether or not it makes sense to protect margins with pricing initiatives to offset that.

是的，確實會反映在物流以及部分包材上。就像產業內其他公司一樣，我們也在觀察並等待，看看這些更高、較為高檔的能源成本是否會持續存在。也同樣地，我們正在評估並判斷是否有必要透過定價措施來保護毛利，以抵消這些成本。

I think our biggest concern right now is the price of soybean oil. It's quite elevated on a historical level. So that's the one we're watching closely because it is largely -- and from a Crisco oil standpoint, it is the majority of the cost.

我認為我們目前最大的擔憂是大豆油價格。從歷史水準來看，它處於相當高的位置。所以這是我們密切關注的一項，因為它在很大程度上——就 Crisco 油品而言——占成本的大部分。

Yeah. I think you've changed the business effectively to be able to price up and down for that. But the other elements, I think, are a little trickier because passing through logistics cost is sometimes tougher, I think, with retailers historically, maybe that's changing. But is there any way to put some numbers to this, Bruce, where like if you have $100 per barrel oil, like how much inflation would you expect to be incremental to your business? And if you can tell to me without soybean oil, maybe that's even simpler?

是的。我認為你們已有效地調整業務，使其能夠因應這部分進行上調或下調定價。但其他要素我覺得更棘手，因為歷史上把物流成本轉嫁給零售商有時更困難，雖然也許正在改變。Bruce，有沒有辦法用一些數字來量化？例如若原油每桶 100 美元，你們預期對業務會額外帶來多少通膨？如果能先不含大豆油來說，或許更簡單？

Yeah. We don't, but I would point out, despite some skepticism, I think in 2017 or 2018, when transportation costs went haywire, we took price based on fuel cost and transportation and logistics and then again, in 2022, 2023. And so yeah, it won't be perfect. We're also looking deep into productivity initiatives and continuous improvement to help cover costs. But yes, our expectation would be if these costs stay elevated permanently or relatively permanently, we would expect to take price to cover a significant portion of that.

是的，我們沒有這樣的量化數字。不過我想指出，儘管有人質疑，但在 2017 或 2018 年運輸成本失控時，我們就曾基於燃料、運輸與物流成本而調整價格；在 2022、2023 年也同樣如此。所以是的，這不會是完美的。我們也在深入推動生產力提升與持續改善計畫，以協助吸收成本。但我們的預期是：如果這些成本永久或相對永久地維持在高檔，我們會預期透過漲價來覆蓋其中相當大的一部分。

Okay. Thanks. Last question. You have the College Inn business now and Kitchen Basics. Any surprises in your first couple of weeks of owning it, positive or negative?

好的，謝謝。最後一個問題。你們現在擁有 College Inn 和 Kitchen Basics 了。在持有的前幾週，有沒有任何正面或負面的意外？

Yeah. I think right now, we've been very focused on ensuring that the plans in the business are solid. We had some visibility of that before, but we've kind of taken over most of the selling of that as quickly as possible, even within the first month now. So it's key that we have the right plans for promotion, customer support in the fall, and that's what we've been really focused on. You can imagine that the Del Monte bankruptcy and transition, obviously, probably didn't get the highest attention from the business.

是的。我想目前我們非常專注在確保該業務的計畫是扎實的。我們之前就有一定能見度，但我們已盡可能快速地接手大部分銷售工作，甚至在第一個月內就完成了。因此，確保秋季的促銷計畫與客戶支援到位是關鍵，而這也是我們目前真正聚焦的重點。你可以想像，Del Monte 的破產與交接過程，顯然可能沒有讓該業務獲得最高程度的關注。

So we're just trying to shore that up. So I don't think there's any big surprises. We're also launching a couple of SKUs that were sort of holds in the portfolio and trying to accelerate that process as well. But so far, so good. But as you can imagine, getting our hands around it quickly is really our goal.

所以我們只是想把那部分補強起來。所以我不認為會有什麼重大意外。我們也正在推出幾個原本在產品組合裡算是暫緩的 SKU，並且也想加速那個流程。不過到目前為止，一切都還不錯。但如你所想，盡快把它掌握清楚才是我們的目標。

And Rob, the other thing just to keep in mind, I don't know if we talked about this after our last call, when we first looked at this business, it's like College Inn, number two Northeast regional brand, generates cash, stable. We were -- that's what first intrigued us.

Rob，另外還有一點要記得，我不確定我們在上次電話會議後有沒有談到：當我們一開始看這個業務時，它就像 College Inn，一個東北地區排名第二的區域品牌，能產生現金流、很穩定。這也是一開始吸引我們的地方。

And as we spent time on the acquisition, we learned a little bit more about the category and the category dynamics. Casey talked about this on our last call. This is actually a category that's been doing pretty well despite some of the other center store trends. And some of the appeal of what's going on in the perimeter is helping driving sales here.

而在我們花時間進行這項收購的過程中，我們對這個品類以及品類動態又多了解了一些。Casey 在上次電話會議也提到過。其實這個品類表現相當不錯，儘管雜貨店中間貨架（center store）的一些其他趨勢不佳。而且賣場周邊區域（perimeter）正在發生的一些變化所帶來的吸引力，也在幫助推動這裡的銷售。

And then also with this Kitchen Basics business, it's a grower, right? This was the innovator brand of 10 years, 20 years ago, but it's continuing to travel down on that path and grow. And we're really excited to get both of these businesses into the portfolio.

另外，這個 Kitchen Basics 業務是成長型的，對吧？這在 10 年、20 年前是創新者品牌，但它仍持續沿著那條路徑前進並成長。我們非常興奮能把這兩個業務都納入產品組合。

William Reuter, Bank of America.

William Reuter，美國銀行。

So on the price increases that you potentially would take, I'm wondering if you've kind of alerted some customers that this may have to take place. And I guess I feel like when we are in a situation like this where -- well, the war is unlikely or the conflict is unlikely to go on in perpetuity. When a price rises for a short period of time, I think those discussions maybe are a little more challenging. So I guess, have you started to alert them? And what has the feedback been?

關於你們可能會採取的漲價，我想知道你們是否已經先提醒部分客戶這件事可能必須發生。我的感覺是，當我們處在這種情況下——嗯，戰爭或衝突不太可能永遠持續——如果價格只是短期上升，我覺得這類討論可能會更具挑戰。所以我想問的是：你們是否已經開始提醒他們？回饋如何？

We certainly have discussed soybean oil. So I mean, I think that's -- and we've had those discussions with the volatility in that commodity over the last five years. So that's not something that's new to us, looking at how do we move the cost of soybean oil and vegetable oil up and down with the price.

我們確實有討論過大豆油。我的意思是，我想這就是——而且在過去五年該商品波動的情況下，我們也一直有進行這些討論。所以這對我們並不新鮮：我們會去看如何隨著價格上上下下，去調整大豆油與植物油的成本。

So we have that kind of agreement with the marketplace and how we move. And that's been the pattern, too, in that market. So yes, those discussions have taken place.

所以我們與市場在如何調整方面有某種共識，而那個市場的模式也一直如此。所以是的，這些討論已經發生過。

In terms of fuel and transportation logistics, we're not really having those conversations yet. I think they're feeling it themselves, our customers. So I think we will start having those conversations, but we wanted to see where this played out before we would have any further conversations because this isn't something that we would -- these fuel costs move so much on a spot basis that we want to make sure that we've got a longer-term trend before we do anything.

至於燃料與運輸物流，我們其實還沒有真正開始那些對話。我認為客戶自己也正在感受到。所以我想我們會開始進行那些對話，但在進一步談之前，我們想先看看事情會如何發展，因為這不是我們會——燃料成本在現貨基礎上波動很大，我們希望在採取任何行動前，先確認有較長期的趨勢。

But again, we have covered some of that increase in our forecast, in our outlook. So we've already expected that fuel is going to be higher. It's just a question of how high it stays, to be honest. So -- and that's what we're watching pretty closely.

但再說一次，我們在預測、在展望中已經涵蓋了部分上升。我們已經預期燃料會更高。老實說，問題只是它會維持多高。所以——這也是我們正在非常密切觀察的。

Packaging, honestly, longer-term packaging resin contracts that frank -- we really haven't seen increases hit us yet because those are sort of 6-month, 12-month contracts. So we'll need to see where oil shakes out longer term as an input cost in our packaging.

包材方面，老實說，較長期的包裝樹脂合約——Frank——我們其實還沒有看到漲價真正打到我們，因為那類合約通常是 6 個月、12 個月的。所以我們需要再看看，長期而言油價作為包材投入成本會如何變化。

Got it. Yeah. I guess does your guidance imply that raw materials kind of remain where they are? Or does it imply that they come down to more reasonable or rational levels over a longer period of time?

了解。是的。我想問的是，你們的指引是否意味著原物料大致維持在目前水準？還是意味著在較長一段時間後會回落到更合理、更理性的水準？

I guess what we've done is we've -- let's take fuel. We've assumed that it comes down a little bit from where it is today, but certainly higher than what we initially entered our year with our assumptions entering the year.

我想我們的做法是——以燃料為例——我們假設它會從今天的水準稍微回落一些，但仍然會高於我們在年初做假設、進入本年度時的原先水準。

Got it. Okay. I guess just one last one for me. Your organic sales growth, which has been solid. I guess how much of this is driven by new product innovations versus just underlying growth of some of the products or the categories that you're participating in there?

了解。好。那我最後一個問題：你們的有機銷售成長一直很穩健。我想問其中有多少是由新品創新帶動的，還是主要來自你們所參與的一些產品或品類的基本面成長？

We don't -- I don't really have a split on that. There is some element of innovation that is driving that, some new items that have gone in. So for instance, on Cream of Wheat, we've launched protein varieties. So there is some growth coming from that. There's also growth coming just from volume increases or category growth.

我們——我手上沒有把它拆分的數據。確實有一部分是由創新帶動的，有一些新品已經上架。比如說，在 Cream of Wheat 上，我們推出了蛋白質系列。所以有一些成長是來自那裡。也有一些成長只是來自銷量增加或品類成長。

We've got some businesses that are performing very nicely. There's also -- as I said before, our foodservice business has been growing. Our channel -- our customer channel mix in foodservice has been positive. We do have some private label business predominantly in spices and in baking powder, and those have been performing very well. So yeah, I think it's a combination of things that's driving our growth.

我們有一些業務表現非常好。另外——如我之前所說，我們的餐飲服務（foodservice）業務一直在成長。我們在餐飲服務的通路——客戶通路組合是正向的。我們也有一些自有品牌（private label）業務，主要在香料與泡打粉，這些表現也非常好。所以，是的，我認為推動我們成長的是多種因素的組合。

Yeah. And the other thing to throw in there, so as Casey is saying spices, we're seeing some nice category growth. We're seeing some nice channel growth. We also have, we think, one of the best spice manufacturing facilities in North America, and we've been investing in that and building out our capabilities.

是的。再補充一點，正如 Casey 提到香料，我們看到不錯的品類成長，也看到不錯的通路成長。我們也擁有我們認為北美最好的香料製造工廠之一，而且我們一直在投資並擴建我們的能力。

So we've got incremental capacity that we didn't have a couple of years ago that's helping to support some of this growth as well. So not necessarily product innovation, but the ability to manufacture and produce product and sell it.

所以我們有一些增量產能，是幾年前沒有的，也在幫助支撐部分成長。因此不一定是產品創新，而是製造、生產產品並把它賣出去的能力。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I just wanted to ask you a follow-up question on consumption data versus what you are seeing in your all channel consumption and maybe what we should be assuming to see in the -- what we use in terms of if we use Circana includes supposedly Costco and Amazon, pretty broad set. Right now, I see down 4% for the quarter, down 7.5% for April for B&G Foods.

我想就消費數據相對於你們在全通路看到的消費情況追問一下，並且想了解我們在——如果我們使用 Circana（據說包含 Costco 和 Amazon，涵蓋面很廣）——在使用上應該如何假設。我現在看到 B&G Foods 本季下降 4%，4 月下降 7.5%。

And I'm just wondering like when we're looking forward and trying to match up this consumption, what would equate to your flat consumption assumption, what sort of gap should we be thinking about there? And do you need this consumption that we're tracking to get better to get to that? How should we think about that?

我想知道，當我們往前看並試圖把這些消費數據對齊時，什麼樣的情況才相當於你們「消費持平」的假設？我們應該把這之間的落差想成多大？而且你們是否需要我們追蹤的這些消費數據變好，才能達到那個目標？我們應該怎麼看？

I think, look, the -- and I know this is hard for you guys to see and track, but post Green Giant, US Frozen Green Giant, we're even less measured than we were before. So if you think about our business, you look at the tracked measured data, if you're using Circana or you're using Nielsen or whatever, IRI, that's probably covering less than 60% of our universe right now.

我想，重點是——我知道你們很難看到並追蹤——在 Green Giant 之後，美國冷凍 Green Giant，我們被衡量（measured）的程度比以前更低了。所以如果你想我們的業務，你看那些被追蹤的衡量數據，不管你用 Circana、Nielsen 或 IRI 之類的，那大概只涵蓋我們目前宇宙的不到 60%。

There are big swaths that are not just untracked channels, but they are different channels. So our Foodservice business has been positive. And that's probably in the neighborhood of 13% to 15% of our portfolio right now, total sales.

有很大一部分不只是未被追蹤的通路，而且是不同的通路。所以我們的餐飲服務業務是正向的，而那大概占我們目前整體產品組合總銷售的 13% 到 15% 左右。

Our private label businesses are probably over -- well over 10%, approaching, I don't know, 12%, 13% of our portfolio, and those have been growing nicely. Our Canadian business, which isn't in obviously, most of the US databases is also growing in the first quarter.

我們的自有品牌業務大概超過——遠超過 10%，接近，我不知道，12%、13% 的產品組合，而且它們一直成長得不錯。我們的加拿大業務也不在大多數美國資料庫裡，但第一季也在成長。

So what -- when you try and project it out, we need our measured channels to get better by some amount, but we don't need them to flip totally to positive that we expect them to gradually improve over time. So we don't need -- I mean, we continue to see strong growth in those other unmeasured channels that should continue, foodservice, our private label businesses, et cetera. But we do want to see some improvement in our measured channel data, and that's what we're working against.

所以當你試著往外推估時，我們確實需要被衡量的通路改善一些幅度，但不需要它們完全轉為正成長；我們預期它們會隨時間逐步改善。所以我們不需要——我的意思是，我們在其他那些未被衡量的通路仍持續看到強勁成長，應該會延續下去，像餐飲服務、自有品牌業務等等。但我們也確實希望看到被衡量通路的數據有所改善，而這就是我們正在努力的方向。

Just roughly speaking, maybe the decline rate in the consumption that we see would be down low-single-digits and you can get a few points from nonmeasured? Or do you think the gap --

大致來說，也許我們看到的消費下滑幅度會是低個位數下滑，而你們可以從未衡量的部分拿到幾個百分點？還是你覺得這個落差——

We're probably getting mid-single-digit growth from the -- some of those nonmeasured channels. Yeah. And the other thing that's really messy in the most recent consumption data is the shift in Easter timing year over year.

我們大概從——一些未衡量通路那邊拿到中個位數成長。是的。另外，最近的消費數據還有一個很混亂的因素，就是復活節時點在年對年之間的移動。

Yeah. No doubt.

是的。毫無疑問。

That's also a complexity, I think you have to factor in because the most recent data would be comparing against the Easter period last year.

我認為那也是一個你必須納入考量的複雜因素，因為最新數據是在拿去跟去年復活節期間做比較。

And by the way, when you're saying mid-single-digit from the non-measured, are you talking about mid-single-digit contribution to growth from the 40%? Or are you talking about that non-measured to 40% growing at mid-single-digit rate?

另外，當你說未衡量的部分是中個位數時，你是指那 40% 的未衡量部分對整體成長的貢獻是中個位數？還是指那未衡量的 40% 本身以中個位數的成長率在成長？

I'm talking the non-measured 40% growing at mid-single-digit rate.

我指的是那未被衡量的40%，以中個位數的成長率在成長。

Yeah. That's pretty good. And then I guess one of the -- like just philosophical things that you've seen multiple cycles before, very experienced executive in dealing with energy-related inflation. I wonder -- I remember these periods of energy-related inflation in its many forms in packaging, distribution and what have you that it just -- it was particularly tough when it came to pricing power and those discussions with retailers.

是的。那相當不錯。然後我想其中一個——算是你以前看過多個景氣循環、在應對能源相關通膨方面非常有經驗的高階主管所看到的、比較偏理念層面的事情。我想——我記得這些能源相關通膨的時期，以各種形式出現在包材、配送等等，它就是——在定價能力以及與零售商的那些討論上，特別艱難。

It felt different weird that they were dealing with the same type of pressures in those -- do you think that's the case? Do you feel like that, that is that something we should brace for? It's just a much different type of pricing discussion with that type of inflation?

感覺有點不一樣、很奇怪，因為他們在那些情況下也在承受同樣類型的壓力——你覺得是這樣嗎？你有這種感覺嗎？這是我們應該要為之做準備的嗎？在那種通膨下，定價討論就是一種截然不同的類型？

Never easy. Yeah. I mean -- and it is a hard discussion. It is a hard discussion with retailers, but that's why I think what we are hearing from us is that we've covered a fair amount of increase in energy inputs. We've been able to cover that through productivity, cost savings, other efforts.

從來都不容易。是的。我的意思是——而且這確實是一場艱難的討論。和零售商的討論很難，但這也是為什麼我認為你們從我們這裡聽到的是：我們已經涵蓋了相當一部分能源投入成本的上升。我們能透過生產力提升、成本節省以及其他努力來吸收。

If it stays -- let's -- if oil stays north of $100 a barrel or whatever, I mean, we're going to have to think about it. I think that's going to be an impact for our customers. It's going to be an impact for us, the industry. So we're expecting it to stay higher. It's a question of how high it stays before it becomes a really, really serious issue in terms of cost.

如果它維持——我們假設——如果油價維持在每桶100美元以上或不管怎樣，我的意思是，我們就必須思考這件事。我認為那會對我們的客戶造成影響，也會對我們、對整個產業造成影響。所以我們預期它會維持在較高水準。問題在於它會維持多高，才會在成本面成為一個非常、非常嚴重的議題。

But so far, we've been able to kind of manage it and manage an increase. But I think we would expect it to come down below $100 over time, assuming that Iran and Strait of Hormuz and are open and oil flows again and the market ease. I mean I think there was a lag effect on all those things happening, but we just need to keep watching it because if it stays at well over $100 a barrel, I think everybody has a problem, everybody.

但到目前為止，我們大致上能夠管理它、也能管理這樣的上升。不過我想，隨著時間推移，我們會預期它會降到100美元以下，前提是伊朗與荷姆茲海峽保持開放、原油再次流通、而市場趨於緩和。我的意思是，我認為所有這些事情發生會有滯後效應，但我們必須持續觀察，因為如果它長期維持在遠高於每桶100美元，我認為每個人都會有問題，每個人。

Karru Martinson, Jefferies Company.

Karru Martinson，Jefferies 公司。

One of your competitors talked about the consumer, especially on the low end, running out of money by the end of the month. I'm suddenly kind of wondering how do we square that with the ability to take price in this environment?

你們的一位競爭對手談到消費者，尤其是低端消費者，到月底就會沒錢。我突然在想，我們要如何把這點和在這種環境下仍能漲價的能力對起來？

I don't know about all consumers running out of money. I guess you're just talking about pressure on them. But look, there's a balancing act. I mean, we think with our portfolio, we are mass mainstream regular way grocery for a good portion of our business, and we may see some trade down there. But we also expect to see some trade down benefit of people going out to eat as well, which pushes them into the categories that we're selling.

我不確定是不是所有消費者都會沒錢。我想你是在說他們承受壓力。但你看，這是一種平衡。我們認為以我們的產品組合來看，我們相當一部分業務是面向大眾主流、一般通路的雜貨，因此那裡可能會看到一些消費降級。但我們也預期會看到一些「外食轉內食」帶來的降級效益，因為人們不出去吃飯了，反而會推動他們進入我們所銷售的品類。

We're meals, we're affordable. We think this plays to our strength, but it doesn't mean that it's easy. It's a tough world. I think we're not really talking about -- pricing, we would only look at pricing related to any oil cost, take soybean oil aside, if we believe that it was going to stay this elevated for an extended period of time. So I mean my hope is that we can cover the increase we got that we have planned, we can cover that with our own internal cost savings, productivity, and other efforts.

我們提供的是餐食、是可負擔的。我們認為這對我們是優勢，但不代表事情很容易。這是個艱難的世界。我想我們其實不是在談——定價方面，我們只會在相信任何油價成本會在較長一段時間內維持在如此高檔時，才會考慮與油價成本相關的定價（先把大豆油另當別論）。所以我的希望是，我們能用自身內部的成本節省、生產力提升與其他努力，來吸收我們已經規劃的那部分成本上升。

Soybean oil is a different conversation that we need -- the commodity is up dramatically from a year ago. We as an industry, we will just have to take price. And I'm expecting that the industry will see that. But beyond that -- beyond those two things, I mean, we're not really -- we don't really see the need to take pricing on our portfolio. So it's really those two components, what -- how high does energy stay, which would not be a significant increase in price or on the soybean oil, if it stays where it is in the $0.75 a pound range, that's dramatically higher than where we were buying it last year at $0.50 a pound.

大豆油是另一個我們需要——的議題；這項大宗商品相較一年前大幅上漲。我們作為一個產業，將不得不調漲價格。我也預期產業會看到這點。但除此之外——除了這兩件事之外，我的意思是，我們其實——我們並不真的看到有必要對我們的產品組合進行定價調整。所以主要就是這兩個構成：能源會維持多高（那不會導致顯著的漲價），以及大豆油——如果它維持在每磅0.75美元左右，那就比我們去年以每磅0.50美元採購時高出很多。

So that one -- but we already have that kind of pegged as a commodity that has to go up and down. So I don't really think you should think about broad actions on our portfolio right now unless we see energy costs staying elevated for a really extended period of time.

所以那一項——但我們本來就把它視為一種必然會上上下下的商品。因此，除非我們看到能源成本在非常長的一段時間內維持高檔，否則我不認為你現在應該把它想成我們會對整體產品組合採取廣泛行動。

Okay. And just lastly, in terms of the portfolio, certainly pruning some here, adding some stronger performers. Do you feel like that we're where we want to be with the portfolio? Are there still opportunities to take some brands out or to add others?

好的。最後一個問題，就產品組合而言，你們確實在這裡修剪一些、加入一些表現更強的。你覺得我們的產品組合已經到達我們想要的位置了嗎？是否仍有機會把一些品牌移出，或加入其他品牌？

Yeah. I think we don't normally comment on M&A activity, but I think the concept of what you're talking about, we will continue to evaluate. As we reshape our portfolio, we want to have strong businesses that generate higher margins, stronger cash flow. So we'll always look at opportunities in our portfolio to make shifts like we just did to take Green Giant, divest it to a buyer that is a better fit with their capabilities and everything and then buy businesses with those proceeds that generate higher cash flow, higher margins and frankly, just fit better within our capabilities. So yeah, we will continue to look at those opportunities.

是的。我想我們通常不評論併購活動，但就你所談的概念而言，我們會持續評估。當我們重塑產品組合時，我們希望擁有能帶來更高毛利、更強現金流的強勢業務。因此，我們會一直在產品組合中尋找機會做出像我們剛做過的那種調整：把 Green Giant 出售（divest）給在能力與各方面更適配的買家，然後用所得去收購能產生更高現金流、更高毛利、坦白說也更符合我們能力範圍的業務。所以，是的，我們會持續尋找那些機會。

Carla Casella, JP Morgan.

Carla Casella，JP Morgan。

I know you've got a lot of questions on soybean costs. But I'm just trying to dial back to like 2022, '23 when we saw the spikes, you talked about a resistance level where consumers really change their buying behaviors. Are we -- I think it was like a $5 level that you gave at retail.

我知道你們被問了很多關於大豆成本的問題。但我想把時間拉回到2022、2023年我們看到價格飆升的時候，你們提到一個「阻力位」，也就是消費者會真正改變購買行為的水準。我們——我記得你當時在零售端給的是大約5美元的水準。

And I'm just wondering kind of how close we are to that now? And if you're seeing any resistance already? Or is this more just a fear as we go into the back half?

我只是想知道我們現在離那個水準有多近？你們是否已經看到任何阻力？還是這更多只是我們進入下半年時的一種擔憂？

Well, we haven't taken any pricing moves yet. But you're right, we would try and stay below key price thresholds if we took pricing action. We'd work towards that on how we could price and effectively manage the key thresholds because we know consumers have a response. Like on the core size, $5 threshold is something we try and manage to.

嗯，我們還沒有採取任何定價動作。但你說得對，如果我們採取定價行動，我們會盡量維持在關鍵價格門檻以下。我們會朝那個方向努力，思考如何定價並有效管理這些關鍵門檻，因為我們知道消費者會有反應。以核心規格來說，5美元門檻是我們會努力管理的。

So we will look at that consideration and try and manage the price elements and work with our customers to try and keep the prices at the right threshold so that we don't get a high elasticity effect if we cross those. But we haven't taken pricing yet. So we're looking at where soybean oil stays. And right now, it's at -- it's close to the levels that it reached in '22.

所以我們會把這個因素納入考量，並嘗試管理價格要素，與我們的客戶合作，盡量把價格維持在合適的門檻上，避免一旦跨過門檻就出現高彈性效應。但我們還沒有漲價。所以我們在觀察大豆油會維持在什麼水準。而目前，它——已經接近它在2022年達到的水準。

Okay. Great. And then on the 2027 bond maturity, how far ahead of maturity do you typically like to be in terms of refinancing? Are you okay going current? Do you think that could hurt your ratings? Any thoughts there.

好的。很好。然後關於2027年到期的債券，你們通常會在到期前多久進行再融資？你們可以接受讓它進入「當期到期」（current）嗎？你覺得那會傷害你們的評級嗎？有什麼想法嗎？

I think as we typically have, we generally expect to refinance our debt before it goes current. I don't think where we are today in this cycle is vastly different from probably four or five other maturities that we've refinanced since I've been here.

我想就像我們一貫的做法，我們通常預期會在債務變成當期到期之前就完成再融資。我不認為我們今天在這個循環中的位置，和我在這裡以來我們再融資過的大概四、五個其他到期項目有很大的不同。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。