Bellring Brands Inc (BRBR) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to BellRing Brands Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised today's conference is being recorded. It is now my pleasure to introduce, Jennifer Meyer, of Investor Relations, BellRing.

美好的一天，感謝您的支持。歡迎參加 BellRing Brands 2023 年第三季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我很高興向您介紹 BellRing 投資者關係部的 Jennifer Meyer。

Good morning, and thank you for joining us today for BellRing Brands Third Quarter Fiscal 2023 Earnings Call. With me today are Darcy Davenport, our President and CEO; and Paul Rode, our CFO. Darcy and Paul will begin with prepared remarks. And afterwards, we'll have a brief question-and-answer session. The press release and supplemental slide presentation that support these remarks are posted on our website in both the Investor Relations and the SEC filings sections at bellring.com.

早上好，感謝您今天參加 BellRing Brands 第三季度 2023 財年收益電話會議。今天與我在一起的有我們的總裁兼首席執行官達西·達文波特 (Darcy Davenport)；和我們的首席財務官保羅·羅德 (Paul Rode)。達西和保羅將首先發表準備好的講話。之後，我們將進行簡短的問答環節。支持這些言論的新聞稿和補充幻燈片演示已發佈在我們網站的投資者關係和 SEC 備案部分：bellring.com。

In addition, the release and slides are available on the SEC's website. Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. As a reminder, this call is being recorded, and an audio replay will be available on our website. And finally, this call will discuss our non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website. With that, I will turn the call over to Darcy.

此外，新聞稿和幻燈片可在 SEC 網站上獲取。在我們繼續之前，我想提醒您，本次電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性，投資者應仔細考慮這些風險和不確定性，因為實際結果可能與這些陳述存在重大差異。這些前瞻性陳述截至本次電話會議之日是最新的，管理層不承擔更新這些陳述的義務。謹此提醒，本次通話正在錄音，我們的網站上將提供音頻重播。最後，本次電話會議將討論我們的非公認會計準則措施。有關這些非 GAAP 衡量標準與最接近的 GAAP 衡量標準的協調表，請參閱我們昨天發布並發佈在我們網站上的新聞稿。這樣，我就把電話轉給達西。

Thanks, Jennifer, and thank you all for joining us. Last evening, we reported our third quarter results and posted a supplemental presentation to our website. I'm pleased to share our Q3 results were above our expectations. Net sales grew 20% over prior year, and adjusted EBITDA was up 8%. The momentum in the business is palpable as we restart demand drivers on shake. This quarter, we brought new capacity online, which allowed us to relaunch our temporarily discontinued shake flavors and expand our successful limited time offer program. Consumer and retailer excitement around these new flavors is incredible. Both Premier Protein and Dymatize powder businesses are also proving to be strong growth engines with both brands expanding distribution and responding well to media.

謝謝詹妮弗，也謝謝大家加入我們。昨晚，我們報告了第三季度業績，並在我們的網站上發布了補充演示文稿。我很高興與大家分享我們第三季度的業績超出了我們的預期。淨銷售額比上年增長 20%，調整後 EBITDA 增長 8%。當我們重新啟動需求驅動因素時，該業務的勢頭是顯而易見的。本季度，我們上線了新產能，這使我們能夠重新推出暫時停產的奶昔口味，並擴大我們成功的限時優惠計劃。消費者和零售商對這些新口味的興奮程度令人難以置信。 Premier Protein 和 Dymatize 粉末業務也被證明是強勁的增長引擎，兩個品牌都在擴大分銷並對媒體做出良好反應。

You saw last night, we raised our outlook for the year. We now expect net sales to grow between 19% and 22% over fiscal '22 with adjusted EBITDA to grow between 22% and 25%. Our better-than-expected Q3 performance drove our decision to raise our full year guide. We are proud of the progress that we made this year. While certainly not finished with our planning process, our initial expectations for next year are to deliver at the high side of our long-term algorithm in both net sales growth and adjusted EBITDA margin.

你昨晚看到，我們提高了對今年的展望。我們現在預計 22 財年淨銷售額將增長 19% 至 22%，調整後 EBITDA 將增長 22% 至 25%。我們好於預期的第三季度業績促使我們決定提高全年指南。我們對今年取得的進步感到自豪。雖然我們的規劃過程肯定還沒有完成，但我們對明年的初步期望是在淨銷售額增長和調整後 EBITDA 利潤率方面實現長期算法的高端。

As a reminder, our algorithm and net sales growth of -- is -- net sales growth of between 10% and 12% with EBITDA margins of between 18% to 20%. We will provide more details on our fiscal '24 outlook in November. Turning to Q3. Let's start with shake production. Our production growth over fiscal '22 continues to track in line with our expectations with year-to-date production at low double digits. I'm happy to share that we brought a new co-man SunOpta online during Q3. They represent 1 of our 2 greenfield facilities in our shake capacity expansion plan, and they have a smooth start-up. They continue to scale up and will be a small contributor to our Q4 but a much larger contributor to fiscal '24 and beyond.

提醒一下，我們的算法和淨銷售額增長是——淨銷售額增長在 10% 到 12% 之間，EBITDA 利潤率在 18% 到 20% 之間。我們將在 11 月份提供有關 24 財年展望的更多詳細信息。轉向第三季度。讓我們從奶昔的生產開始。我們 22 財年的產量增長繼續符合我們的預期，今年迄今為止的產量為低兩位數。我很高興與大家分享，我們在第三季度推出了新的合作夥伴 SunOpta。它們是我們奶昔產能擴張計劃中 2 個新建工廠中的 1 個，並且啟動順利。它們繼續擴大規模，對第四季度的貢獻很小，但對 24 財年及以後的貢獻更大。

Our second greenfield facility, Michael Foods is expected to start up in Q1. While a slight delay, we remain on track to add north of 20% incremental capacity next year. This allows us to rebuild our internal safety stock and deliver robust growth in '24 and beyond. Now to the category and brand updates. The convenient nutrition category grew 14% in Q3 as tailwinds around health and wellness and fitness continue to drive growth. Consumer interest in functional beverages and sports nutrition products continues to be high. Ready-to-drink growth led the category at 21% and ready-to-mix grew 16%. Increased supply is lifting ready-to-drink growth while increased promotion, marketing and distribution are boosting both segments.

我們的第二個新建工廠 Michael Foods 預計將於第一季度啟動。雖然略有延遲，但我們仍有望在明年增加 20% 以上的產能。這使我們能夠重建內部安全庫存，並在 24 年及以後實現強勁增長。現在是類別和品牌更新。由於健康和健身的順風繼續推動增長，方便營養品類別在第三季度增長了 14%。消費者對功能性飲料和運動營養產品的興趣持續高漲。即飲類增長 21%，即飲類增長 16%。供應量的增加推動了即飲飲料的增長，而促銷、營銷和分銷的增加則推動了這兩個領域的發展。

Moving forward, we expect to see continued strong volume growth, but pricing to be a smaller contributor. Premier Protein shake consumption accelerated this quarter, up 27%. Growth was terrific across all channels driven by improved supply and flavor expansion.

展望未來，我們預計銷量將繼續強勁增長，但價格的貢獻較小。本季度 Premier 蛋白質奶昔消費量加速增長 27%。在供應改善和口味擴張的推動下，所有渠道都實現了驚人的增長。

The highest growth was in mass and e-commerce as both benefited from our full range of flavors and higher in-stock levels. Our summer limited-time offering, Root beer float was available outside of e-commerce for the first time and demonstrated an impressive 90% incrementality to the brand.

增長最快的是大眾和電子商務，因為兩者都受益於我們全系列的口味和更高的庫存水平。我們的夏季限時產品 Root beer float 首次在電子商務之外提供，並展示了令人印象深刻的 90% 的品牌增量。

In July, shake consumption continued to grow, up 21%, demonstrating continued strength. Our brand metrics this quarter reflect our building momentum. Premier Protein RTD market share reached 20%, our highest ever quarterly share. I'm also happy to report that shake TDPs have returned to growth, surpassing our previous high in late fiscal 2021. Recall last quarter, Premier Protein became the #1 brand in the RTD segment and the #1 brand in the broader convenient nutrition category.

7月份，奶昔消費繼續增長，增長21%，展現出持續的強勢。本季度我們的品牌指標反映了我們的建設勢頭。 Premier Protein RTD 市場份額達到 20%，這是我們有史以來最高的季度份額。我還很高興地報告，奶昔TDP 已恢復增長，超越了2021 財年末的先前高點。回想一下上個季度，Premier Protein 成為RTD 領域的第一品牌，以及更廣泛的方便營養類別的第一品牌。

The brand stayed in the top spot throughout the quarter. All of this is especially encouraging because we still haven't restarted meaningful marketing and promotion. Premier Protein made great progress in household penetration this quarter with the brand adding nearly 1 percentage point versus Q2 reaching 15% of households.

該品牌整個季度都穩居榜首。所有這一切都特別令人鼓舞，因為我們仍然沒有重新開始有意義的營銷和促銷。 Premier Protein 本季度在家庭滲透率方面取得了巨大進步，該品牌的家庭滲透率較第二季度增加了近 1 個百分點，達到 15%。

Our household penetration continues to be the highest in the category, and we expect our Q4 marketing and promotional activities to further grow household penetration. Our repeat and buy rates are holding steady, demonstrating our consumer loyalty. The Premier Protein brand is proving it can travel to other forms in categories. Premier powders consumption was up 85% behind new distribution and strong velocities. In the same way that Premier mainstreamed the RTD category, we believe the brand can do the same within the powder category. In addition, we are seeing early success with our licensing strategy in both cereal and frozen pancakes. Although not a significant revenue driver, we're encouraged that the brand can be successful in other high-traffic aisles.

我們的家庭滲透率仍然是同類產品中最高的，我們預計第四季度的營銷和促銷活動將進一步提高家庭滲透率。我們的重複購買率保持穩定，這證明了我們的消費者忠誠度。 Premier Protein 品牌正在證明它可以擴展到其他類別的形式。由於新的分配和強勁的速度，Premier 粉末消耗量增長了 85%。正如 Premier 將 RTD 品類納入主流一樣，我們相信該品牌也能在粉末品類中做到同樣的事情。此外，我們在穀物和冷凍煎餅方面的許可策略也取得了早期成功。儘管不是一個重要的收入驅動因素，但我們對該品牌能夠在其他高流量渠道取得成功感到鼓舞。

Turning to Dymatize. The brand had another strong quarter with consumption dollars up 39%. We saw double-digit growth in nearly all channels driven by distribution gains, promotion and marketing. The brand's strength continued into July. Dymatize's success with mainstream consumers continues. This fiscal year marks the first time the brand has meaningfully invested in broader media and the strategy is working. Base velocities on our flagship line, ISO100, are up 30% versus the pre-media period. Market share, TDPs and household penetration reached new highs this quarter with a ton of upside still in our future. Encouragingly, as Dymatize adds new households and distribution points, repeat and buy rates are holding steady.

轉向 Dymatize。該品牌又迎來了一個強勁的季度，消費金額增長了 39%。在分銷收益、促銷和營銷的推動下，我們幾乎所有渠道都實現了兩位數的增長。該品牌的強勢持續到七月。 Dymatize 在主流消費者中的成功仍在繼續。本財年標誌著該品牌首次對更廣泛的媒體進行有意義的投資，並且該戰略正在發揮作用。我們的旗艦產品線 ISO100 的基本速度比媒介發布前時期提高了 30%。本季度的市場份額、TDP 和家庭滲透率均達到新高，未來仍有大量上升空間。令人鼓舞的是，隨著 Dymatize 增加新的家庭和分銷點，重複購買率保持穩定。

In closing, I'm delighted with our year-to-date progress. We are on track to deliver results ahead of our guide last November. We are accelerating and gaining momentum in almost every part of our business. Our first shake greenfield facility is now up and running, bringing us closer to realizing a step change in our shake production run rate. Premier Protein maintains the #1 share position in our growing on-trend convenient nutrition category. We have begun to drive demand by relaunching our full assortment of flavors. Both Premier Protein and Dymatize are delighting mainstream consumers and reaching all-time highs in market share. Much of this momentum has come without major marketing and promotion.

最後，我對我們今年迄今取得的進展感到高興。我們有望在去年 11 月的指南之前交付結果。我們業務的幾乎每個部分都在加速發展並獲得動力。我們的第一個奶昔新建工廠現已投入運行，使我們更接近實現奶昔生產運行率的階躍變化。 Premier Protein 在我們日益增長的趨勢方便營養品類中保持第一的市場份額地位。我們已開始通過重新推出全系列口味來推動需求。 Premier Protein 和 Dymatize 都令主流消費者滿意，市場份額達到歷史新高。這種勢頭很大程度上是在沒有大規模營銷和促銷的情況下產生的。

Looking forward, we can't wait to bring the Premier Protein and Dymatize brands to more consumers and help grow the category with our retail partners. We look forward to providing more specifics around fiscal '24 next quarter. Thank you for your continued support. And I'll now turn the call over to Paul.

展望未來，我們迫不及待地將 Premier Protein 和 Dymatize 品牌帶給更多消費者，並與我們的零售合作夥伴一起幫助發展該類別。我們期待在下個季度提供有關 24 財年的更多細節。感謝您一如既往的支持。現在我將把電話轉給保羅。

Thanks, Darcy, and good morning, everyone. As Darcy highlighted, our third quarter performance was modestly above our expectations. Net sales for the quarter were $446 million and adjusted EBITDA was $87 million. Net sales grew 20% over prior year, and adjusted EBITDA increased 8% with adjusted EBITDA margin of 19.5%. Starting with brand performance. Premier Protein net sales grew 20% with growth split evenly across volume and pricing. Volume grew 10%, benefiting from increased shake production compared to a year ago, the relaunch of temporarily discontinued flavors and strong growth from Premier Powders.

謝謝達西，大家早上好。正如達西強調的那樣，我們第三季度的業績略高於我們的預期。該季度淨銷售額為 4.46 億美元，調整後 EBITDA 為 8700 萬美元。淨銷售額比上年增長 20%，調整後 EBITDA 增長 8%，調整後 EBITDA 利潤率為 19.5%。從品牌表現開始。 Premier Protein 淨銷售額增長 20%，銷量和價格均實現增長。銷量增長了 10%，得益於奶昔產量較上年同期增加、暫時停產口味的重新推出以及 Premier Powders 的強勁增長。

As a reminder, we have fully lapped our April 2022 price increase for RTD shakes and will continue to benefit from the October 2022 price increase through the end of fiscal '23. Shake consumption dollars grew 27%, outpacing shipment growth 19% as last year's April price increase was not fully reflected at retail until later in the third quarter. Additionally, shipment growth was modestly impacted by the lapping of a trade inventory build in the prior year. Dymatize net sales were up 32% this quarter, with volumes growing 46%. Strong volume growth was driven by distribution gains, organic growth and promotional activity. Additionally, volumes benefited from the lapping of an easier prior year comparable driven by price elasticities and lower shipments of non-core products resulting from supply constraints. Price/mix was a 14% headwind to Dymatize's growth rate in Q3, driven by higher trade promotional activity and unfavorable product mix. Gross profit of $136 million, grew 13% with a decrease in gross profit margin to 30.5%.

提醒一下，我們已經完全接受了 2022 年 4 月 RTD 奶昔的價格上漲，並將繼續受益於 2022 年 10 月的價格上漲，直至 23 財年結束。奶昔消費額增長了 27%，超過了出貨量增長 19%，因為去年 4 月份的價格上漲直到第三季度末才完全反映在零售上。此外，出貨量增長受到上一年貿易庫存增加的輕微影響。 Dymatize 本季度淨銷售額增長 32%，銷量增長 46%。銷量的強勁增長是由分銷收益、有機增長和促銷活動推動的。此外，由於價格彈性和供應限制導致非核心產品出貨量下降，銷量較去年同期有所改善。由於較高的貿易促銷活動和不利的產品組合，價格/產品組合對 Dymatize 第三季度的增長率構成了 14% 的阻力。毛利潤為 1.36 億美元，增長 13%，但毛利率下降至 30.5%。

The margin decline resulted from higher input cost and trade promotion. This was partially mitigated by pricing actions and favorable freight rates. Gross profit in the quarter also included a $2 million unrealized mark-to-market adjustment on our commodity hedges, which was a 40 basis point headwind to our gross profit margin. Excluding onetime costs in the prior year period, SG&A expenses as a percentage of net sales increased 30 basis points. The increase was driven by a 130 basis point increase in our marketing spend primarily on our powder business, partially offset by leverage on the remainder of our G&A base.

利潤率下降是由於投入成本上升和貿易促銷造成的。定價行動和有利的運費在一定程度上緩解了這一問題。本季度的毛利潤還包括我們對商品對沖的 200 萬美元未實現的按市價調整，這對我們的毛利率造成了 40 個基點的阻力。不包括上一年期間的一次性成本，SG&A 費用占淨銷售額的百分比增加了 30 個基點。這一增長是由於我們主要用於粉末業務的營銷支出增加了 130 個基點，部分被我們其餘 G&A 基礎的槓桿所抵消。

Before reviewing our outlook, I would like to make a few comments on cash flow and liquidity. I'm pleased to share that we generated $110 million in cash flow from operations in the third quarter and $131 million year-to-date. As expected, net working capital decreased significantly from the second quarter, with reductions in both raw material and Dymatize finished goods inventory.

在回顧我們的前景之前，我想對現金流和流動性發表一些評論。我很高興地告訴大家，我們第三季度的運營現金流為 1.1 億美元，年初至今為 1.31 億美元。正如預期，隨著原材料和 Dymatize 成品庫存的減少，淨營運資本較第二季度大幅下降。

During the quarter, we repaid $60 million against our revolving credit facility. As of June 30, net debt was $893 million and net leverage was 2.8x. With our EBITDA growth and continued strong cash generation expected in Q4, we anticipate net leverage to be approximately 2.5x by the end of fiscal '23. With respect to our share repurchases this quarter, we bought 1.3 million shares at an average price of $36.13 per share or $49 million in total. Our remaining share repurchase authorization is $31 million.

本季度，我們償還了 6000 萬美元的循環信貸額度。截至 6 月 30 日，淨債務為 8.93 億美元，淨槓桿率為 2.8 倍。鑑於我們的 EBITDA 增長和第四季度預計持續強勁的現金生成，我們預計到 23 財年末淨槓桿率將達到約 2.5 倍。關於本季度的股票回購，我們以每股 36.13 美元的平均價格購買了 130 萬股股票，總計 4900 萬美元。我們剩餘的股票回購授權為 3100 萬美元。

Turning to our outlook. We raised our fiscal 2023 guidance range for net sales to be $1.63 billion to $1.67 billion and adjusted EBITDA of $330 million to $338 million. The updated guidance reflects our better-than-expected third quarter results, while our outlook for the fourth quarter remains largely unchanged.

轉向我們的展望。我們將 2023 財年淨銷售額指導範圍上調至 16.3 億美元至 16.7 億美元，調整後 EBITDA 至 3.3 億美元至 3.38 億美元。更新後的指引反映了我們好於預期的第三季度業績，而我們對第四季度的展望基本保持不變。

In Q4, we expect Premier Protein net sales to grow double digits with volume a larger contributor to the net sales growth rate than pricing as we restart light promotions and ship fall resets.

在第四季度，我們預計 Premier Protein 的淨銷售額將增長兩位數，隨著我們重新啟動少量促銷活動和發貨量下降重置，銷量對淨銷售額增長率的貢獻大於定價。

Similar to Q3, the reintroduction of our temporary discontinued flavors and higher RTP production will also drive year-over-year volume growth. Dymatize space is a tough comparable in Q4 as we lap the impact of high international, specialty shipments in the prior year. We expect fourth quarter adjusted EBITDA margins to be down slightly compared to prior year as our higher SG&A as a percentage of net sales was partially offset by higher gross margins. Gross margins are expected to benefit from lower protein costs, offset partially by increased promotional spend and other input cost inflation.

與第三季度類似，我們暫時停產的口味的重新推出和 RTP 產量的提高也將推動銷量同比增長。 Dymatize 空間在第四季度很難進行比較，因為我們忽略了上一年國際特種產品出貨量高的影響。我們預計第四季度調整後的 EBITDA 利潤率將比去年同期略有下降，因為我們較高的銷售及管理費用占淨銷售額的百分比被較高的毛利率部分抵消。毛利率預計將受益於較低的蛋白質成本，但部分被促銷支出增加和其他投入成本上漲所抵消。

In closing, we are pleased with our year-to-date performance. Our momentum continues to grow, and we are well positioned to close out the year. I will now turn it over to the operator for questions.

最後，我們對今年迄今的表現感到滿意。我們的勢頭繼續增長，我們已做好充分準備來結束這一年。我現在將其交給接線員詢問。

(Operator Instructions). Our first question comes from the line of Andrew Lazar with Barclays.

（操作員說明）。我們的第一個問題來自安德魯·拉扎爾與巴克萊銀行的對話。

First off, as you've seen, we've all seen some center store food categories, start to slow pretty meaningfully as pricing has lapped and sort of volumes have remained pressured, even private label is showing lower volume at this point. Your categories obviously have remained very resilient in the face of all this. So I was hoping to get a bit of a better sense of sort of what your consumers are telling you and if you've seen any change in behavior? And I guess, why you think the ready-to-drink shake and powder categories thus far at least have held up as well as they have.

首先，正如您所看到的，我們都看到一些中心商店的食品類別開始明顯放緩，因為定價已經下降並且銷量仍然受到壓力，即使是自有品牌此時也顯示出較低的銷量。面對這一切，您的類別顯然仍然非常有彈性。因此，我希望更好地了解消費者告訴您的內容，以及您是否看到了行為上的任何變化？我想，為什麼你認為到目前為止，即飲奶昔和粉末類別至少表現得很好。

Yes. I think it's the macro trends. I mean I think that all of the areas that are boosting. So think of everything coming out of kind of COVID. These macro trends were here before COVID, but they were just accelerated. So think of the obesity epidemic, you think of more people -- more people get after COVID, who gained weight during that period of time and who are now trying to exercise more. Just in general, the health and wellness trend. So all of those things, which were coming in just were accelerated during the COVID period of time, and that's what I think we're seeing. I mean in general, volumes are solid in the category. We're starting to see from an RTD standpoint, the category is being boosted by a better -- the capacity constraints are easing within the RTD and that's partially because of us.

是的。我認為這是宏觀趨勢。我的意思是，我認為所有領域都在蓬勃發展。所以想想新冠病毒帶來的一切。這些宏觀趨勢在新冠疫情之前就已出現，但只是加速了。因此，想想肥胖流行病，你會想到更多的人——更多的人感染了新冠病毒，他們在那段時間體重增加，現在正在嘗試更多地鍛煉。總的來說，健康和保健趨勢。因此，所有這些事情在新冠疫情期間都加速了，我認為這就是我們所看到的。我的意思是，總的來說，該類別的銷量是穩定的。我們開始從 RTD 的角度來看，該類別正在受到更好的推動——RTD 內的容量限制正在放鬆，這部分是因為我們。

Pricing is still up, but moderating. And then from a specifically on powders, Sports nutrition is this idea that many of the sports nutrition brands are successfully transitioning into mainstream channels, that strategy is working, and it's just bringing more households into the category. So I expect this to absolutely continue. These are big macro societal trends. And so we expect the pricing to come down, but volume to continue to be -- to grow steadily.

價格仍在上漲，但有所放緩。然後從具體的粉類來看，運動營養就是這樣的想法，許多運動營養品牌正在成功過渡到主流渠道，該策略正在發揮作用，並且它只是將更多的家庭帶入該類別。所以我預計這種情況絕對會持續下去。這些都是宏觀的社會大趨勢。因此，我們預計價格會下降，但銷量將繼續穩步增長。

Got it. And then given the very strong momentum in the business, I'm curious if you've yet optioned for more lines to be built at your 2 new greenfield facilities beyond the 4 lines, I think that each is starting with such that you're thinking about capacity for '25 and '26, not to get too far ahead of ourselves.

知道了。然後考慮到業務的強勁勢頭，我很好奇您是否還選擇在 4 條線路之外的 2 條新綠地設施中建造更多線路，我認為每條線路的起點都是這樣的：考慮25 年和26年的能力，不要超出自己太多。

Yes. I mean I probably talk a little more in generalities here. But we are absolutely -- we're now planning 3 to 5 years out. So we are actively talking to our partners for '26 and -- '25, '26 and '27. We're talking -- we are building out our long-range plan and absolutely, we're talking about expansion.

是的。我的意思是我可能在這裡多談一些一般性的內容。但我們絕對是——我們現在正在計劃 3 到 5 年後。因此，我們正在積極與我們的合作夥伴討論 '26 以及 '25、'26 和 '27。我們正在談論——我們正在製定我們的長期計劃，而且絕對，我們正在談論擴張。

Our next question comes from the line of Ken Goldman with JPMorgan.

我們的下一個問題來自肯·戈德曼（Ken Goldman）與摩根大通的對話。

Darcy, I was curious with the understanding that you're not ready to go into full details on '24 yet. Just the commentary or the reiteration of sales to be -- growth to be sort of at the higher end of your algo next year. You did talk about rebuilding some safety stock within that and the commentary really is for 20% plus capacity to be added. So I just wanted to get a sense of what that plus really is, how much safety stock is going to be built? And really what your actual production growth will be next year. If there's any way to kind of think about all of those, given that it's a little early maybe.

達西，我很好奇你還沒有準備好詳細介紹 24 日的情況。只是對銷售的評論或重申——明年的增長將達到你的算法的高端。您確實談到了在其中重建一些安全庫存，並且評論實際上是要增加 20% 以上的產能。所以我只是想了解一下這個附加值到底是什麼，將建立多少安全庫存？明年的實際產量增長是多少。如果有什麼辦法可以考慮所有這些，考慮到現在可能還為時過早。

Yes, I think we're giving ourselves some flexibility with the 28% plus and the main reason is because remember, we just started up SunOpta.. And it is going well. But they aren't at their -- it takes somewhere between 2 and 3 quarters to really fully ramp up and to get to the levels that we are expecting. So there's still ways to go. And then we haven't produced a single shake at MFI. So I think that we are giving ourselves some kind of latitude in that 20% plus.

是的，我認為我們在 28% 以上的比例上給了自己一定的靈活性，主要原因是因為記住，我們剛剛啟動了 SunOpta.. 而且進展順利。但他們還沒有達到預期的水平——需要 2 到 3 個季度的時間才能真正全面提升並達到我們預期的水平。所以還有路要走。然後我們在 MFI 就沒有產生過任何震動。所以我認為我們在這 20% 以上的範圍內給了自己一定的自由度。

I feel good about that number but I also don't feel confident enough to give any more above that number. And then just your question about inventory build, yes, I mean, we've talked about the kind of delta between -- call it, 20% production and the high side of our algo and that difference. We have to rebuild -- we only have about 4 weeks of safety stock right now. We are at the bare minimum to operate our business right now. We've -- it's hard on our organization, and we basically have to be really, really good at forecasting specifically at the different sizes and at all the different facilities and it's difficult.

我對這個數字感覺很好，但我也沒有足夠的信心給出任何高於這個數字的數字。然後就是關於庫存建設的問題，是的，我的意思是，我們已經討論了 20% 的產量和我們算法的高端以及這種差異之間的增量。我們必須重建——我們現在只有大約 4 週的安全庫存。我們現在的業務處於最低限度。我們——這對我們的組織來說很困難，我們基本上必須非常非常擅長針對不同規模和所有不同設施進行預測，這很困難。

And so we need to -- our ideal inventory -- our ideal safety stock is at 8 weeks. So we have to build in anywhere between -- anything better than 4 weeks. So 6 to 8 weeks is really the ideal, 8 weeks being perfect. And so we're going to next year plan on building inventory so we can operate effectively.

因此，我們需要——我們的理想庫存——我們理想的安全庫存是 8 週。因此，我們必須在這之間的任何時間進行——任何比 4 週更好的時間。所以 6 到 8 週確實是理想的，8 周是完美的。因此，我們明年將計劃建立庫存，以便我們能夠有效運營。

Got it. And then just quickly, and I'll risk it again by asking about '24. But one of the questions that we've received lately is it reasonable to expect that all in BellRing will have potentially negative pricing next year. Not that it's necessarily a bad thing, right? It's because vegan, non-fat dry milk are down so much. But [last I set the Street] was kind of modeling flattish. You talked about Dymatize pricing being down. Just curious if that's a reasonable assumption. And if there's any early read on how we kind of think about that from a percentage basis.

知道了。然後很快，我會再次冒險詢問“24”。但我們最近收到的問題之一是，是否有理由預期明年 BellRing 的所有產品都可能出現負定價。這並不一定是一件壞事，對吧？這是因為純素、脫脂奶粉的價格下降了很多。但[上次我設置街道]的造型有點扁平化。您談到 Dymatize 定價下降。只是好奇這是否是一個合理的假設。如果有任何關於我們如何從百分比角度思考這一點的早期讀物。

Paul, do you want to answer that?

保羅，你想回答這個問題嗎？

Absolutely. Yes. So from a shake perspective, we are expecting to get to more of a normalized promotional year. So that would obviously drive some unfavorable pricing. So we would expect some pricing headwinds on our shake business. So I think it's a fair assumption that [short of us] taking any further pricing on shakes that promotion would drive that down slightly. Dymatize, I think, it's still TBD. I do think that there could be some incremental promotional activity. And to your point, the magnitude of those -- the protein there -- it is coming down faster. But I think it's a little bit of a TBD of how the market reacts to the Dymatize and the powders.

絕對地。是的。因此，從整體角度來看，我們預計將迎來更多正常化的促銷年。因此，這顯然會導致一些不利的定價。因此，我們預計我們的奶昔業務將面臨一些定價阻力。因此，我認為這是一個合理的假設，[對我們來說]對促銷活動採取任何進一步的定價都會使價格略有下降。我認為 Dymatize 仍待確定。我確實認為可能會有一些增量促銷活動。就你的觀點而言，那些蛋白質的量級下降得更快。但我認為市場對 Dymatize 和粉末的反應還有待確定。

Can I just ask a quick follow-up on that? I know we're limited to 2 questions. But last quarter, I thought Darcy, you were suggesting that Dymatize was more of a pass-through. So I'm just curious why it's more of a TBD now. Maybe I misheard last quarter.

我可以要求快速跟進嗎？我知道我們僅限於 2 個問題。但上個季度，我認為達西，你暗示 Dymatize 更像是一個傳遞者。所以我只是好奇為什麼現在更多的是待定。也許上個季度我聽錯了。

Yes. I don't believe we said it's a pass-through. I think what we've said in the past is that historically was powder -- the powder category is, how it's acted with protein costs going up or down? Is it a just promotion up or down. I think the question in this particular case is the magnitude is just greater. So does that still play when it's -- so I think that's the question, but it's not a pass-through.

是的。我不相信我們說這是一個傳遞。我認為我們過去所說的是，歷史上是粉末——粉末類別是，它如何隨著蛋白質成本的上升或下降而變化？是只是升職還是降職。我認為在這個特殊情況下的問題是規模更大。那麼，當它出現時，它仍然會起作用嗎——所以我認為這就是問題所在，但這不是一個傳遞。

Our next question comes from the line of Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的布萊恩·斯皮蘭 (Bryan Spillane)。

I just -- I have a question about the long-term EBITDA margin algorithm. And I guess thinking a little bit about just how different maybe the business is today versus what it was when you originally set that. Like how should we think about, I guess, whether that's the right range? And I guess what I was thinking is the channel mix is changing, right? Less club, more mass and food. Your supply chain has changed, right? You've got a wider network of co-mans. Dymatize, I guess, a little bit of a bigger part of the mix than it was when you originally set that. So if you could just kind of talk about the puts and takes there. And I guess, as you're looking out over Darcy, as you said you're doing kind of multiyear planning now. Just -- is 18% to 20% still the right algorithm, could it maybe be different than that, again, just relative to EBITDA margins.

我只是 - 我對長期 EBITDA 利潤率算法有疑問。我想稍微思考一下現在的業務與您最初設定的業務相比有多麼不同。我想，我們應該如何考慮這是否是正確的範圍？我想我在想的是渠道組合正在發生變化，對吧？更少的俱樂部，更多的彌撒和食物。你的供應鏈已經改變了，對嗎？您擁有更廣泛的同事網絡。我猜，Dymatize 在混音中所佔的比例比你最初設置時要大一些。因此，您是否可以談談那裡的看漲期權和看跌期權。我想，當你在關注達西時，正如你所說，你現在正在做某種多年計劃。只是——18% 到 20% 仍然是正確的算法，它是否可能與 EBITDA 利潤率有所不同。

Sure. I'll start, and Darcy feel free to jump in. Yes, you are correct that if you look at the last -- if you look kind of our recent history, we have been on the higher side of our algorithm and the midpoint of our guidance this year suggests we're at the top end of our -- of the long-term EBITDA algorithm of 18% to 20%.

當然。我先開始，達西可以隨意插話。是的，你是對的，如果你看一下最後一個——如果你看一下我們最近的歷史，我們一直處於算法的較高端，並且處於算法的中點。我們今年的指導表明，我們處於長期EBITDA 算法的頂端，即18% 至20%。

We still feel like that's the right range. We do believe that over time, we could get some additional scale benefits. You mentioned some of the channel mix shifting. The shift were between powder and RTDs isn't really dramatically different. The margin structure there is relatively similar. So I do -- but you also have to look at this year as an example, we're not spending heavy on promotion rather heavy spending on marketing. And so those things typically will ramp up and will chip away at our margins a bit. But yes, I agree with the long term, we still feel like 18% to 20%. We've said we want to be in the top half of that. And then if we see that we can continue to be at the top end of that and perhaps it should be adjusted upward a bit, but we still feel comfortable with our algorithm today?

我們仍然覺得這是正確的範圍。我們確實相信，隨著時間的推移，我們可以獲得一些額外的規模效益。您提到了一些渠道組合的轉變。粉末和 RTD 之間的轉變並沒有真正顯著的不同。那裡的利潤結構相對相似。我是這麼認為的，但你也必須以今年為例，我們沒有在促銷上投入大量資金，而是在營銷上投入大量資金。因此，這些事情通常會增加，並會稍微削弱我們的利潤。但是，是的，我同意從長期來看，我們仍然感覺是 18% 到 20%。我們說過我們希望成為其中的前半部分。然後，如果我們看到我們可以繼續處於最高水平，也許應該向上調整一點，但我們今天仍然對我們的算法感到滿意？

Yes, I would just add, the channel -- all the things -- I mean you described the changes of the business and they absolutely are true, but just to reiterate what Paul mentioned, from a channel mix standpoint and a product mix standpoint, the margins are not -- are pretty close. So that changed. It's more about just the scale and we absolutely do get some scale benefits, but not as much as some other businesses. With our co-man model. I think where we get scale benefits are things like G&A, et cetera, we do get some from kind of procurement, et cetera. And we'll get some from the network.

是的，我只想補充一下，渠道——所有的事情——我的意思是你描述了業務的變化，它們絕對是真實的，但只是重申保羅提到的，從渠道組合的角度和產品組合的角度，利潤率非常接近。所以情況改變了。這更多地取決於規模，我們絕對確實獲得了一些規模效益，但不如其他一些企業那麼多。與我們的同伴模型。我認為我們獲得規模效益的地方是一般行政費用等，我們確實從採購等中獲得了一些效益。我們將從網絡中獲取一些。

So that will move but also, I think we want to keep our -- I mean this is a branded business. And we're bringing in new households into the category and that takes marketing. And we want to continue to build these brands to keep the loyalty up. And we -- and so that's why I think, again, I think we're being a little conservative by keeping the algorithm where it is, because remember, we haven't really -- we haven't started marketing and promotion again on our biggest business. So we want to get kind of a year under our belt, and then we'll reassess.

因此，這將會發生變化，但我認為我們希望保留我們的——我的意思是這是一項品牌業務。我們正在將新的家庭引入這一類別，這需要營銷。我們希望繼續打造這些品牌以保持忠誠度。我們 - 所以這就是為什麼我認為，我認為我們通過將算法保持在原樣有點保守，因為記住，我們還沒有真正 - 我們還沒有再次開始營銷和促銷我們最大的業務。所以我們希望先有一年的時間，然後我們會重新評估。

Okay. And then just a quick follow-up. Now that the supply chain is, again, is expanding the way it is and more diversified. Darcy, does it give you any more -- how much flexibility does it provide in terms of either product formulation changes and/or packaging to the extent that you might think about different pack types for shakes. Does this really change at all the type of flexibility you have in terms of product formulations innovation and also just more flexibility on, on maybe different types of packaging, if that's kind of what the market is looking for down the road?

好的。然後進行快速跟進。現在，供應鏈再次擴大規模，並且更加多元化。達西，它是否為您提供了更多信息——它在產品配方變化和/或包裝方面提供了多少靈活性，以至於您可能會考慮不同的奶昔包裝類型。這真的會改變您在產品配方創新方面的所有靈活性嗎？如果這正是市場未來所尋求的，那麼可能會改變不同類型包裝的靈活性？

Okay. So the expansion of our network, we have -- we've expanded the lines of 330 ml. So that's the size of our main 30-gram shake but we've also added a bottle come in. So that absolutely does expand our ability and we can go -- we can have different sizes of bottles. There are a ton of different packaging options within Tetras. But -- and now we -- and many of our co-mans do have different capabilities. But our focus has been really around expanding the size. Now from an innovation standpoint, I see us doing more innovation of the liquid inside the same size Tetra, it's a great size of Tetra. If you look across the competitive set, it's kind of the standard. But I see us doing a fair amount of innovation around the liquid. We will be looking at some packaging. But I think it's more likely that we'll be innovating more around the liquid as opposed to the packaging.

好的。因此，為了擴大我們的網絡，我們擴大了 330 毫升的生產線。這就是我們主要的 30 克奶昔的尺寸，但我們還添加了一個瓶子。所以這絕對擴展了我們的能力，我們可以 - 我們可以有不同尺寸的瓶子。 Tetras 中有大量不同的包裝選項。但是——現在我們——以及我們的許多同事確實擁有不同的能力。但我們的重點實際上是擴大規模。現在從創新的角度來看，我看到我們在相同尺寸的 Tetra 內對液體進行了更多的創新，它是一個很大的 Tetra。如果你縱觀整個競爭對手，你會發現這就是標準。但我看到我們圍繞液體做了相當多的創新。我們將查看一些包裝。但我認為我們更有可能圍繞液體而不是包裝進行更多創新。

And our next question comes from the line of Jim Salera with Stephens.

我們的下一個問題來自吉姆·薩萊拉和斯蒂芬斯的對話。

Darcy, I think, first of all, you talked about the powder buyer for Premier and the opportunity to take that brand outside of ready-to-drink shake and kind of expand that. When you see the powder buyer, is that an existing RTD shake buyer and they're just expanding their overall buy with the brand? Or are they largely incremental to the brand?

達西，我想，首先，您談到了 Premier 的粉末買家，以及將該品牌帶入即飲奶昔之外並進行擴展的機會。當您看到粉末買家時，他是否是現有的 RTD 奶昔買家，他們只是在擴大對該品牌的總體購買量？或者它們很大程度上是對品牌的增量？

Mostly incremental. It's a different occasion. So the -- think of the RTD consumer -- the occasion is primarily a breakfast replacement and powder is primarily used as a true protein supplement. So think of it as a lot of times after working out, but also as a supplement to other things, those smoothies or -- putting protein powder and pancakes, et cetera. So it's a pretty different occasion. So there's some overlap with consumers, so it would either be an incremental occasion, but more likely it actually is an incremental consumer.

主要是增量。這是一個不同的場合。因此，想想即飲消費者，這種場合主要是作為早餐替代品，而粉末主要用作真正的蛋白質補充劑。因此，可以將其視為鍛煉後的很多次，但也可作為其他東西的補充，例如冰沙或放入蛋白粉和煎餅等。所以這是一個非常不同的場合。所以與消費者有一些重疊，所以它要么是一個增量場合，但更可能的是它實際上是一個增量消費者。

Okay. Great. And then on the marketing side, as you guys ramp your marketing spend, is the primary message communicating use occasions and really introducing the consumer that isn't aware that this is a breakfast replacement but it's not something you take after working out. Is that the primary messaging? Or is it more premier specific versus other peers that are already in the ready-to-drink shake category?

好的。偉大的。然後在營銷方面，當你們增加營銷支出時，主要信息是傳達使用場合，並真正向消費者介紹，他們不知道這是早餐替代品，但它不是你在鍛煉後服用的東西。這是主要消息嗎？或者說，與其他已經屬於即飲奶昔類別的同行相比，它是否更具有特色？

So our full marketing strategy is around, and we've been using this strategy since the beginning of the brand as it started with word of mouth is using our own loyal consumers to tell other people why they love the product so much. how they use it, why it's different, how it's worked for them, and it has been very successful. It's very authentic.

所以我們完整的營銷策略已經存在，從品牌創立之初我們就一直在使用這種策略，因為它是從口碑開始的，利用我們自己忠實的消費者告訴其他人為什麼他們如此喜歡這個產品。他們如何使用它，為什麼它不同，它如何為他們工作，並且它非常成功。這是非常正宗的。

And so they're talking about the fantastic flavors. They're talking about the incredible case. They're talking about how it changed their lives. And yes, how they use it as well. But it's really -- it is about Premier Protein, and it is not necessarily about just ready-to-drink shakes. This is about how premier protein is different and how it changed their lives.

所以他們正在談論美妙的口味。他們正在談論這個令人難以置信的案件。他們正在談論它如何改變了他們的生活。是的，他們也如何使用它。但它確實是關於 Premier Protein 的，而且不一定只是關於即飲奶昔。這是關於優質蛋白質的不同之處以及它如何改變他們的生活。

Our next question comes from the line of Matt McGinley with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Matt McGinley。

Your updated guidance for the year implies some healthy growth in EBITDA in the fourth quarter. But even at the high and low end, it only points to about 40 basis points of margin compression compared to the 230 basis points that you had this quarter. Is that improvement driven more by favorable input prices? Or was the promo and marketing in the third quarter, just unusually high with the flavors that you launched and some of that doesn't repeat in the fourth quarter.

今年更新的指導意味著第四季度 EBITDA 會出現健康增長。但即使在高端和低端，與本季度的 230 個基點相比，它也僅表明利潤率壓縮了約 40 個基點。這種改善更多地是由有利的投入價格推動的嗎？或者是第三季度的促銷和營銷，您推出的口味異常高，其中一些在第四季度沒有重複。

It's primarily on the protein costs stepping down from the high. So Q3 was really the peak of protein cost, in particular on the milk proteins and then they -- we expect them to step down in the fourth quarter versus the third quarter. And so that is the primary driver. We have a little bit less promotion in the powder business, but we also ramp up promotion a little bit on the shake business. So net-net, it's mostly protein.

這主要是蛋白質成本從高位下降。因此，第三季度確實是蛋白質成本的高峰，特別是牛奶蛋白質，然後我們預計第四季度的成本將比第三季度有所下降。這就是主要驅動力。我們在粉末業務上的促銷活動稍微少了一點，但我們也在奶昔業務上加大了促銷力度。所以淨淨，主要是蛋白質。

Got it. And on the supply chain expansion, probably more of a tactical question. But will you be relaunching or launching additional flavors with that supply chain expansion as it comes online? Or are you good with where you need to be with flavors right now. And this next expansion is really more about having the capacity to grow for the next few years.

知道了。而在供應鏈擴張方面，可能更多的是一個戰術問題。但是，隨著供應鏈的擴張，您會在上線時重新推出或推出更多口味嗎？或者你是否擅長現在需要的口味。下一次擴張實際上更多的是關於未來幾年的增長能力。

Yes and yes. Flavors, favors continue to bring in excitement and new people into the brand. I mean you saw it's really the big thing we added this quarter was that we discontinued, the temporarily discontinued flavors as well as our LTO expansion of Root beer float.

是的，是的。口味、優惠不斷為品牌帶來興奮和新人。我的意思是你看到了，我們本季度添加的一件大事就是我們停產了，暫時停產的口味以及我們的根汁汽水的 LTO 擴張。

But with that, you saw a bump up of almost 1 point of household pen. So they work. They provide excitement. People get really sick of chocolate and vanilla. So we see a long runway for flavors. And then -- but then I'd say and yes, because we're also looking at different formulas, so think of everything from anything to bring in either a new occasion or a new consumer. So think of different levels of protein, different types of protein, different formulation. So all of that, we have a very active R&D team that is thinking of ideas to bring in new -- to introduce Premier Protein to a broader set of consumers.

但隨之而來的是，你看到家用筆幾乎上漲了1點。所以他們工作。他們提供興奮。人們真的厭倦了巧克力和香草。所以我們看到口味還有很長的路要走。然後——但是我會說是的，因為我們也在研究不同的公式，所以要考慮一切，以引入新的場合或新的消費者。因此，考慮不同水平的蛋白質、不同類型的蛋白質、不同的配方。因此，我們擁有一支非常活躍的研發團隊，正在考慮引入新的想法，將 Premier Protein 介紹給更廣泛的消費者。

Our next question comes from the line of Jason English with Goldman Sachs.

我們的下一個問題來自 Jason English 與高盛的對話。

Darcy, it's great to hear the comments about the brand affinity, not just the product affinity earlier. As we look into next year and we look at what I think we all agree is pretty sharp deflation and trend in the input cost. And imagine you'll be throwing off a lot of excess gross profit, what are the plans in terms of marketing? Because you think about building a big beverage plant. And obviously, you think about a lot of marketing spend, which you don't have. And your marketing spend is actually quite low as a percentage of sales or in obsolete dollar terms. Do you see an opportunity to meaningfully ramp that as we go into next year? And if so, how would you look to bring the brand to life and when or if ever, can we expect to see maybe some campaigns coming to life to illustrate how you're evolving a brand story, not just a product story.

達西，很高興聽到關於品牌親和力的評論，而不僅僅是之前的產品親和力。當我們展望明年時，我認為我們都同意相當劇烈的通貨緊縮和投入成本的趨勢。想像一下您將扔掉大量超額毛利潤，營銷方面有什麼計劃？因為您考慮建造一家大型飲料廠。顯然，你會考慮大量的營銷支出，但你並沒有。事實上，你的營銷支出佔銷售額的百分比或以過時的美元計算相當低。當我們進入明年時，您是否看到了有意義地提升這一目標的機會？如果是這樣，您將如何讓品牌煥發活力，何時或如果有的話，我們是否可以期待看到一些活動來展示您如何發展品牌故事，而不僅僅是產品故事。

Yes, for sure. So I'll answer the marketing question. Paul, if you want to add anything else about the margin set. So this brand, you're right. We definitely have a lower percentage of marketing spend than I think other beverage brands. It's unique. It's a brand that because of our loyalty, our consumer loyalty, we are able to spend less, and I'll give you -- and I'll explain why. Once we put -- so in '21, when we actually did TV, we had a campaign, we also had digital, et cetera. We still were -- we were able to put it out on the air.

是肯定的。那麼我來回答一下營銷問題。保羅，如果您想添加有關邊距設置的其他內容。所以這個品牌，你是對的。我們的營銷支出比例肯定比其他飲料品牌要低。它是獨一無二的。這是一個品牌，由於我們的忠誠度，我們的消費者忠誠度，我們能夠花更少的錢，我會給你——我會解釋為什麼。一旦我們投入——所以在21年，當我們實際上做電視時，我們進行了一場活動，我們也進行了數字化等等。我們仍然能夠將其播出。

But then our -- follow our social and influencer following basically take that message and really organically get it out to all of their followers and it just has to do with how passionate our consumers are. So I do not think we will ever need to spend at the levels of some of the big beverage brands now. Having said that, we will increase our marketing.

但是，我們的——關注我們的社交和有影響力的關注者基本上會接受這一信息，並真正有機地將其傳達給他們的所有追隨者，這與我們的消費者的熱情有關。因此，我認為我們現在不需要像一些大型飲料品牌那樣進行支出。話雖如此，我們將加大營銷力度。

We haven't for the last -- we've never really spent for -- we'll never spend really during Q1, but think of 9 months, we've never spent at the level, I think, that we should for 9 months because when we have the increase was too steep and we ran into capacity constraints, that will not happen. I think that we will -- and if it does, I guess, that's a good problem.

我們還沒有最後——我們從來沒有真正花錢——我們永遠不會在第一季度真正花錢，但想想 9 個月，我們從來沒有達到我們應該花 9 個月的水平幾個月，因為當我們的增長幅度太大並且遇到產能限制時，這種情況就不會發生。我認為我們會的——如果確實如此，我想這就是一個好問題。

But I think that as we -- towards the end of '24, we're going to ease in to support in '24, we'll start with promotion in Q2, and then we'll ease in marketing toward the back half of '24 and think of kind of the very back half into '25 is when you're going to start seeing -- Q4 of '24 is when you're going to start seeing some major TV campaigns, digital support, where you're going to see us really bring the brand to life.

但我認為，當我們 - 到 24 年底時，我們將在 24 年放鬆支持，我們將從第二季度的促銷開始，然後我們將在下半年放鬆營銷'24 並想想'25 的後半段，你將開始看到- '24 的第四季度，你將開始看到一些主要的電視廣告、數字支持，你在哪裡將會看到我們真正將品牌帶入生活。

Okay. And I think there was -- you guys are going to weigh in on the margins as well.

好的。我認為你們也會在邊緣發揮作用。

Yes, I can. Sorry, I can jump in Jason. So a couple of things to think about -- you're talking about '24 margins, and there's a couple of things. You're right, protein costs, commodities are coming down. But we also have other things going the other way. So we have some headwinds. We do have inflation on some of our other raw materials and manufacturing costs.

我可以。抱歉，我可以加入傑森。所以有幾件事需要考慮——你談論的是 24 小時的利潤率，還有一些事情。你是對的，蛋白質成本和大宗商品都在下降。但我們也有其他事情在朝著相反的方向發展。所以我們有一些阻力。我們的其他一些原材料和製造成本確實存在通貨膨脹。

That's partially offsetting that protein savings. And also we expect to spend more on promotion in '24. So depending on how we play the marketing versus promotion, that will depend on how gross margins play versus '23, but those are the big drivers. And as Darcy talked about then, obviously, we expect to spend more on marketing. So net-net, we're calling for EBITDA margins to be at the high side of our algorithm for '24, which would suggest a slight decline from regarding '23.

這部分抵消了蛋白質的節省。我們還預計 24 年將在促銷方面投入更多資金。因此，這取決於我們如何進行營銷與促銷，這將取決於毛利率與 23 世紀相比如何，但這些是主要的驅動因素。正如達西當時所說，顯然，我們希望在營銷上投入更多。因此，我們要求 24 年的 EBITDA 利潤率處於我們算法的較高水平，這表明與 23 年相比略有下降。

Our next question comes from the line of David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

I just wanted to get a sense from you. How would you characterize the competitive environment today versus maybe pre-COVID and post some of the changes we've seen in your competitive set recently, even since the spring, seeing some shifts in some of the other player market shares below what you're doing in your leading share, which is not -- you're not giving up share, but we're seeing some share shifts below you -- are any of those challenger brands kind of making it more competitive, more discount-oriented any ways that you see this competitive environment being reshaped?

我只是想從你那裡得到一些感覺。您如何描述今天的競爭環境與新冠疫情之前的競爭環境，並發布我們最近在您的競爭環境中看到的一些變化，即使是自春季以來，看到其他一些玩家市場份額的一些變化低於您的水平在你的領先份額中所做的事情，這不是- 你不會放棄份額，但我們看到一些份額轉移低於你- 這些挑戰者品牌中的任何一個是否會以任何方式使其更具競爭力，更加以折扣為導向您認為這種競爭環境正在重塑嗎？

So I think some of the competitive dynamics are that -- so I talked about, obviously, pricing went up. It's starting to moderate. And I'm assuming you're talking about specifically RTD.

所以我認為一些競爭動態是——所以我談到，顯然，價格上漲了。開始趨於緩和。我假設您正在談論專門的 RTD。

In [red,] yes, exactly.

在[紅色]中，是的，完全正確。

Okay. Yes. So I'll just hit on some of the high-level dynamics. So first pricing -- pricing is still up but moderating down. Capacity constraints are easing. So in that way, there I think that we're starting to see -- so if you look at TDPs, for instance, for the last several quarters, we saw TDPs actually falling because of out of stocks because of capacity constraints, and it wasn't -- it was really across the board. You started to see in this quarter, TDPs up.

好的。是的。因此，我將談談一些高層動態。因此，首先定價——定價仍然上漲，但有所放緩。產能限制正在緩解。因此，我認為我們開始看到，例如，如果你看看過去幾個季度的 TDP，我們會發現 TDP 實際上是由於產能限製而缺貨而下降的。不是——這確實是全面的。您在本季度開始看到 TDP 上升。

So that's a good sign that kind of in-stock levels are coming up -- and what's nice about it, it's not just -- it's not because demand is falling. It's actually because there's more supply, which is nice to see. I think that their sports nutrition that -- what's really growing the category are 2 areas, which is -- so if you think of the kind of 4 need states that we've talked about before, adult nutrition, sports nutrition, weight management and everyday nutrition. Sports Nutrition and everyday nutrition are really boosting the category and it is led by sports nutrition.

因此，這是一個好兆頭，表明庫存水平正在上升——而且它的好處不僅僅是——這並不是因為需求下降。實際上是因為供應量增加了，這是很高興看到的。我認為他們的運動營養品類真正增長的是兩個領域，所以如果你想到我們之前討論過的 4 種需求狀態，成人營養、運動營養、體重管理和日常營養。運動營養和日常營養確實推動了這一類別的發展，其中以運動營養為主導。

That is very different from what we had seen before. During COVID, adult nutrition was really driving. What was interesting about it is -- and that's kind of the Ensures and the boost of the world. What's interesting is they were growing -- they weren't growing households. They were just growing buy rate. But what we're seeing now is that's going back to kind of historical levels, kind of low single-digit growth.

這與我們之前看到的非常不同。在新冠疫情期間，成人營養確實起到了推動作用。有趣的是——這就是“確保”和對世界的推動。有趣的是，他們正在成長——他們並沒有增加家庭。他們只是在增加購買率。但我們現在看到的是，這正在回到歷史水平，即低個位數增長。

But what's really growing and exploding is sports nutrition and everyday nutrition. And I think that goes back to some of the trends we were talking about at the very beginning of the call, which is just around more -- coming out of COVID, more people are trying to be more active, get back to the gym, start their workout regimen, and it's boosting some of the brands within those categories. So -- so I think in general, the -- some of the challenger brands that you referenced are growing, for sure, and we're watching. But I would say that it has more to do with kind of the tailwinds of both the sports nutrition need state and everyday Nutrition need state.

但真正增長和爆炸的是運動營養和日常營養。我認為這可以追溯到我們在電話會議一開始討論的一些趨勢，這些趨勢只是更多——從新冠疫情中走出來，更多的人試圖變得更加活躍，回到健身房，開始他們的鍛煉計劃，這推動了這些類別中的一些品牌的發展。所以——所以我認為總的來說，你提到的一些挑戰者品牌肯定正在增長，我們正在觀察。但我想說，這更多地與運動營養需求狀態和日常營養需求狀態的順風有關。

And our next question comes from the line of Jon Andersen with William Blair.

我們的下一個問題來自喬恩·安德森和威廉·布萊爾的對話。

Two quick ones. I wanted to come back to your comments around innovation. One of the things we've observed is obviously in the powder category, plant-based protein is a significant, I think, portion of that market, not so much in ready-to-drink shakes. And so I'd love to hear your perspective on why is this? Is it an issue achieving kind of the right flavor composition with the protein content. And is this changing when you're referring to kind of innovation of the liquid? Would you kind of consider kind of that area and do some of your co-man relationships perhaps help support this over time?

兩個快的。我想回到您對創新的評論。我們觀察到的一件事顯然是在粉末類別中，我認為植物蛋白是該市場的重要組成部分，而在即飲奶昔中則沒有那麼多。所以我很想听聽您對為什麼會這樣的看法？實現具有蛋白質含量的正確風味成分是一個問題嗎？當您提到液體的創新時，這種情況會發生變化嗎？你會考慮一下這個領域嗎？隨著時間的推移，你的一些同事關係可能會幫助支持這一點嗎？

Yes, you're right. So powder is -- plant base is much bigger in the powder set than in the ready-to-drink. And it's really because of taste. With powders you can cover up the taste. You can put it in a smoothie and you can put a lot of fruit in it, and it will taste like the fruit, so that helps.

你是對的。因此，粉末中的植物基質比即飲中的植物基質要大得多。這確實是因為品味。使用粉末可以掩蓋味道。你可以把它放在冰沙裡，你可以在裡面放很多水果，它的味道就像水果一樣，所以會有幫助。

With ready-to-drink, you can't hide behind anything. And so it's difficult to make pre-protein taste good. And that is absolutely a lot of -- a lot of companies are working on that. And yes, there's expertise all over the place, including co-mans, including protein suppliers and obviously, within the branded sets, we have a kind of experience here. So I think that, that will come, and it's just a matter of time.

有了即飲飲料，您就無法隱藏在任何東西後面。因此，要讓前蛋白味道好是很困難的。這絕對是很多——很多公司正在努力解決這個問題。是的，到處都有專業知識，包括同事，包括蛋白質供應商，顯然，在品牌套裝中，我們在這裡有一種經驗。所以我認為，那將會到來，這只是時間問題。

Okay. And then with respect to your -- your supply network and some of the additions that you mentioned earlier on the call. As you think about your longer-range plans, you referred to kind of '25, '26, '27 particularly around those new greenfield facilities. Are there -- is there capacity within those greenfield facilities for substantial line additions? In other words, as you think about kind of '25 to '27, do you see yourself growing with those providers who have established greenfield facilities? Or will it require new additions to the co-pack network.

好的。然後是關於您的供應網絡以及您之前在電話會議中提到的一些補充內容。當您考慮長期計劃時，您提到了“25”、“26”、“27”，特別是圍繞那些新的綠地設施。這些新建設施內是否有能力大量增加線路？換句話說，當您考慮“25 至 27”時，您是否認為自己會與那些已建立新建設施的提供商一起成長？或者是否需要向 co-pack 網絡添加新內容。

Yes. The partners that we expanded with -- we chose them because of their ability to scale. And so just to give you some numbers, I'll use MFI as an example. They put in 4 lines. They have the ability to scale to 10 and so -- and same -- SunOpta has the ability to scale the many phases that they're able to scale their facilities. So absolutely, we have room to scale within those facilities. And in some of other partners as well, they're putting in new lines. The goal when we chose our partners was we do want kind of fewer, bigger, better partners that are interested in really scaling with us. And so that was one of the requirements.

是的。我們選擇合作夥伴是因為他們具有擴展能力。為了給您提供一些數字，我將使用 MFI 作為示例。他們放了4行。他們有能力擴展到 10 個階段，同樣，SunOpta 有能力擴展他們能夠擴展其設施的許多階段。因此，我們絕對有在這些設施內進行擴展的空間。在其他一些合作夥伴中，他們也正在投入新的生產線。我們選擇合作夥伴的目標是，我們確實想要更少、更大、更好、有興趣與我們真正擴大規模的合作夥伴。這就是要求之一。

Our next question comes from the line of Robert Dickerson with Jefferies.

我們的下一個問題來自羅伯特·迪克森和杰弗里斯的對話。

Darcy, just a quick question on the shelf resets you spoke to. And then also, you said volumes clearly would be growing nicely next year given the incremental capacity and the product reintroduction. I'm just curious, like, are the shelf resets kind of different than the incremental capacity? Is it incremental? And then do you just kind of have line of sight with your customers that as the capacity comes online and you can reintroduce the products that have been offline that those just kind of go in on a rolling basis relative to having to then like wait for another reset -- that's it.

達西，只要一個簡單的問題就可以重置你的談話。此外，您還表示，考慮到產能的增量和產品的重新推出，明年的銷量顯然會大幅增長。我只是很好奇，比如，架子重置與增量容量有什麼不同嗎？是增量的嗎？然後，您是否與客戶保持一致，隨著產能上線，您可以重新引入已經離線的產品，這些產品只是滾動進入，而不是必須等待另一個產品重置——就是這樣。

Yes. As we are temporarily paused flavors, the 3 that we brought back, they will roll in as we have reset. I think what's interesting is there is a major mass customer that will be resetting in this in Q4. They didn't want to wait for the reset. And so they decided to put up a display that had our -- those 3 paused flavors for several -- immediately when they were available until to kind of bridge the gap before the reset. That is pretty unique. Most don't have that flexibility. And so we need to wait for the resets. So far, we have -- those are available in kind of I would say, I don't know, 1/3 of the locations and the rest of the kind of 2/3 will be rolling out in the fall and the spring resets.

是的。由於我們暫時暫停了口味，因此我們帶回來的 3 種口味將在我們重置後重新加入。我認為有趣的是，有一個主要的大眾客戶將在第四季度對此進行重置。他們不想等待重置。因此，他們決定在可用時立即放置一個顯示器，其中包含我們的（這 3 種暫停的口味），直到在重置之前彌補差距。這是非常獨特的。大多數人沒有這種靈活性。所以我們需要等待重置。到目前為止，我們已經有 1/3 的地點可供使用，我想說的是，我不知道，其餘 2/3 的地點將在秋季推出，並在春季重置。 。

Got it. Okay. And then just to kind of -- Okay. I guess combine that with the commentary around kind of the timing of expected marketing spend, right, as you get through '24? I mean it sounds like as the products are reintroduced and they're coming online in the resets that kind of maybe as we get through like the first half of next fiscal year, kind of the primary focus is more on a little bit more kind of normal promotional activity with display. You're trying to drive velocities relative to kind of pushing the consumer with respect to marketing spend.

知道了。好的。然後就有點——好吧。我想將其與關於預期營銷支出時間的評論結合起來，對吧，當你度過 24 年後？我的意思是，聽起來隨著這些產品被重新推出，並且它們在重置中上線，也許當我們度過下一個財年的上半年時，主要關注點更多地集中在更多種類上正常的促銷活動與展示。您正試圖提高速度，以推動消費者的營銷支出。

Yes, our plan. We have -- I think we've talked about this before. In Q4 to next quarter, we have some very late promotions. And then we usually, we don't promote in Q1. But if you think of then Q2 was a big time, we will layer on more normal new year new you promotion, in-store promotion and then layer on marketing in kind of Q3, Q4 of next year. We don't feel like we need to do it all at the same time. We always have kind of a baseline of marketing activity on all of our social channels and some small digital -- some digital spend. But I think what you're talking about is similar to what Jason was asking about is more of like the bigger campaign and that would come later in '24.

是的，我們的計劃。我想我們之前已經討論過這個問題。從第四季度到下季度，我們有一些很晚的促銷活動。然後我們通常不會在第一季度進行促銷。但如果你認為第二季度是一個重要時期，我們將進行更正常的新年促銷、店內促銷，然後在明年第三季度、第四季度進行營銷。我們不覺得我們需要同時做這一切。我們在所有社交渠道和一些小型數字支出上始終有一定的營銷活動基線。但我認為你所說的與 Jason 所問的類似，更像是更大的競選活動，這將在 24 年晚些時候進行。

Our next question comes from the line of John Baumgartner with Mizuho.

我們的下一個問題來自約翰·鮑姆加特納和瑞穗的對話。

Darcy, first off, on the subject of household penetration for Premier, you mentioned it's the highest penetration in the category, but it's still only fraction of the total category. And when you think about where Premier is not present right now, how do you prioritize segmenting that opportunity? Do you have to hit on anything different to ship with the next 5% to 10% of households, anything different for the 5% to 10%, like after that? I mean aside from just more marketing, more flavors, I guess what if anything needs to evolve through the households from here?

達西，首先，關於 Premier 的家庭滲透率，您提到它是該類別中滲透率最高的，但它仍然只佔總類別的一小部分。當您考慮 Premier 目前沒有出現的情況時，您如何優先考慮細分該機會？你是否必須想出一些不同的東西來向接下來的 5% 到 10% 的家庭提供任何不同的東西，或者為 5% 到 10% 的家庭提供任何不同的東西，就像在那之後一樣？我的意思是，除了更多的營銷、更多的口味之外，我想如果有什麼需要通過這裡的家庭發展怎麼辦？

Yes. Great question. So first, just on your first comment, yes, highest in the category at 15%, but still only 15%. So the overall liquid category is 43%, nutrition bars, which are the part of the category that is -- kind of has already mainstreamed that is at 55% and then the overall convenient nutrition category is 73%. So just putting some numbers to your comment at the very beginning. So a lot of upside. We believe that we can double our household penetration, and we'll do it in a few ways.

是的。很好的問題。首先，就你的第一條評論而言，是的，該類別中最高，為 15%，但仍然只有 15%。因此，整體液體類別佔 43%，營養棒是該類別的一部分，已經成為主流，佔 55%，然後總體方便營養類別佔 73%。因此，只需在一開始就在您的評論中添加一些數字即可。所以有很多好處。我們相信我們可以將家庭滲透率提高一倍，我們將通過幾種方式做到這一點。

First of all, yes, were the kind of normal playbook that we really haven't implemented yet. And the normal playbook is flavors. First, it was just making sure that we have supply. So clearing up our out of stocks, making sure we have full shelves. Then it was getting the flavors out there -- it's increasing distribution where we already are distributed.

首先，是的，我們確實還沒有實施那種正常的劇本。正常的劇本是口味。首先，這只是確保我們有供應。所以要清理我們的缺貨，確保我們的貨架滿了。然後是把口味放在那裡——在我們已經分銷的地方增加分銷。

And one of those places, e-commerce, we know that in our category, one of the channels that is really important for discovery meaning that people go and this is kind of obvious, but especially for our category is that people go online and they research this type of product before they buy.

其中一個地方，電子商務，我們知道，在我們的類別中，對於發現非常重要的渠道之一意味著人們會去，這是顯而易見的，但特別是對於我們的類別來說，人們上網並且他們在購買此類產品之前先研究一下。

And oftentimes, they will buy online first. So big discovery channels, so really expanding our e-commerce presence and communication.

通常，他們會先在網上購買。如此大的發現渠道，如此真正地擴大了我們的電子商務存在和溝通。

We have a lot more room, again, where we already are distributed, specifically in food drug mass we vastly under index. We think that we should have doubled the space in FDM, then you start getting to and then getting back to marketing and expand and getting back to a brand campaign, where we really can focus on those new households that are look like the ones that already are in our franchise, but haven't tried.

我們還有更多的空間，在我們已經分佈的地方，特別是在我們大大低於索引的食品藥品質量方面。我們認為，我們應該將 FDM 的空間增加一倍，然後開始進行營銷、擴展，然後再回到品牌活動，我們真正可以專注於那些看起來像已經存在的新家庭。屬於我們的特許經營權，但尚未嘗試過。

So this idea of open to RTDs, but haven't tried. So we think that's a massive opportunity. Then we start getting to the areas that are maybe a little harder but still very much an opportunity. So think of channel expansion. We've talked about convenience food service, those are great for trial, and then you bring them into our franchise. And then innovation is a big part of (inaudible). So we have a -- in our investor deck, we have a household penetration bridge that goes through all of those pieces to get to double the size of our household pen.

所以這個想法對RTDs開放，但還沒有嘗試過。所以我們認為這是一個巨大的機會。然後我們開始進入可能有點困難但仍然充滿機會的領域。所以要考慮渠道擴張。我們已經討論過方便食品服務，這些服務非常適合試用，然後您將它們納入我們的特許經營中。創新是（聽不清）的重要組成部分。因此，在我們的投資者平台上，我們有一個家庭滲透橋，它穿過所有這些部分，使我們的家庭筆的大小增加一倍。

Okay. And then as a follow-up, in terms of promotion, the distribution of this category has changed a lot since the last material wave of input cost deflation. E-commerce is much larger, specialty is much smaller, you've got food and mass with more distribution. Has the shift in retailers, has that impacted at all sort of the net focus from the trade on discounting? And I'd imagine grocers are less in clients, these proteins are traffic driver than the GNC would be. So is it fair to think that on the downside of this commodity cycle, there's going to be less pressure to discount emanating from retailers relative to past cycles?

好的。然後作為後續，在促銷方面，這個品類的分佈自上一波投入成本緊縮以來已經發生了很大的變化。電子商務規模要大得多，專賣店規模要小得多，你可以買到食品和大眾食品，並進行更多的分銷。零售商的轉變是否影響了折扣行業的所有淨焦點？我想雜貨店的顧客較少，這些蛋白質比 GNC 是流量驅動因素。那麼，在本次大宗商品週期的不利方面，與過去的周期相比，零售商發出的折扣壓力會較小，這樣的想法是否公平？

It's an interesting question. We do see the -- I will -- so I guess I would answer it. We -- okay -- so I think that there will be discounting. Based on our experience, you see less depth in kind of more mainstream distribution. So specialty, for instance, seems to go deeper on those promotions. So I think the overall promotional frequency will probably be around the same, but I think the depth will be different, will be [lesser.]

這是一個有趣的問題。我們確實看到了——我會——所以我想我會回答這個問題。我們——好吧——所以我認為會有折扣。根據我們的經驗，您會發現更主流的發行版的深度較少。例如，專業似乎在這些促銷方面更加深入。所以我認為整體促銷頻率可能會大致相同，但我認為深度會有所不同，會[更少。]

And our next question comes from the line of Matt Smith with Stifel.

我們的下一個問題來自馬特·史密斯和斯蒂菲爾的對話。

I wanted to ask about the incrementality of the flavor extensions and your distribution gains. In the past, as you've reintroduced flavors, they've been very incremental, spurring additional consumption. And I was wondering if you're still seeing that level of incrementality. I know it's very high right now, but relative to when the flavors were reintroduced after the last supply shortage. Given the larger size of the FDM channel compared to the prior reintroduction and if there's any difference in consumer behavior there, or perhaps if the competitive set is making a difference today with some stronger competitors accumulating some share below you and getting on their front foot in terms of capacity additions as well.

我想詢問風味擴展的增量和您的分銷收益。過去，當你重新推出口味時，它們的增量非常大，刺激了額外的消費。我想知道您是否仍然看到這種程度的增量。我知道現在的價格非常高，但相對於上次供應短缺後重新推出口味時而言。考慮到與之前重新引入的FDM 渠道相比，FDM 渠道的規模更大，並且那裡的消費者行為是否有任何差異，或者今天的競爭格局是否正在發揮作用，一些更強大的競爭對手積累了一些低於你的份額，並在競爭中佔據了先機。容量增加方面也是如此。

So again, in my prepared remarks, I gave the incrementality of Root beer float, it was 90%. So that just gives you a sense of this -- the -- just excitement of -- the consumer excitement around flavors. I also mentioned the retailer excitement around the one major mass customer that couldn't wait for the reset and they wanted to put it on display for several months.

所以，在我準備好的發言中，我再次給出了根汁汽水的增量，它是 90%。所以這只是讓你感受到消費者對口味的興奮。我還提到了零售商對一位主要大眾客戶的興奮，他們迫不及待地等待重置，他們希望將其展示幾個月。

So there is definitely excitement around these new flavors. It is very difficult to assess true incrementality on the new -- on the kind of paused flavors. And it's just because -- I mean we're getting growth from just filling out the shelves. So it's hard to distinguish what is coming from -- I mean we're putting the new flavors on the shelf and they're selling and we're growing, and it's incremental. But is that -- I think it takes more time. So I would love that question in a few quarters when we have more time under our belt and we have better data that I can really give you a solid incremental -- like incrementality data point.

因此，這些新口味肯定會令人興奮。評估新口味的真正增量是非常困難的，即暫停的口​​味。這只是因為——我的意思是，我們僅僅通過填滿貨架就獲得了增長。所以很難區分什麼是來自——我的意思是我們把新口味放在貨架上，它們正在銷售，我們正在增長，而且是增量的。但我認為這需要更多時間。因此，我希望在幾個季度後回答這個問題，那時我們有更多的時間，並且我們有更好的數據，我可以真正為您提供可靠的增量，例如增量數據點。

Okay. And I think that's fair. If I could ask a follow-up on your comment around innovation within the bottle and the liquid. How do you think about the incrementality hurdle for innovation, given how strong the -- the reintroduction of flavors is performing. And as you mentioned, Root Beer did very well. That would seem like there's a high bar there, even though incremental innovation beyond just flavors may ultimately unlock additional household penetration opportunity?

好的。我認為這是公平的。我可以詢問您對瓶子和液體創新的評論的後續情況嗎？考慮到重新引入口味的效果有多強，您如何看待創新的增量障礙。正如你提到的，根汁汽水錶現非常好。儘管除了口味之外的漸進式創新最終可能會釋放更多的家庭滲透機會，但這似乎存在很高的門檻？

Yes. We have 2 kind of streams of innovation. One is just continue to expand flavors on both brands, continues to be -- and this is more -- this is both kind of LTOs, so limited time offerings on Premier, but also in-line flavor expansion. And Dymatize also has done -- we didn't talk about it as much, but our flavors have done very well on Dymatize as well then. Then -- so that's one kind of line of innovation. The other line is really focusing around incremental consumers and occasions. There are some people that aren't interested in a 30-gram shake. It's too much protein. There are some people that don't -- that are lactose intolerant. There are some people that -- so there are -- there is a kind of spend, it's -- there's much more room to expand with our current lines. But then there are -- then we can go after completely new consumers, and that is kind of another line of innovation. So we're going after both simultaneously. And really, it starts with just consumer insights and focusing on truly incremental to what we currently have.

是的。我們有兩種創新流。一是繼續擴大兩個品牌的口味，繼續——而且更多的是——這都是 LTO，所以在 Premier 上提供限時產品，但也是在線口味擴展。 Dymatize 也做到了——我們沒有談論太多，但我們的口味當時在 Dymatize 上也表現得很好。那麼——這就是一種創新。另一條線真正關注的是增量消費者和場合。有些人對 30 克的奶昔不感興趣。蛋白質太多了。有些人則不然——他們患有乳糖不耐症。有些人——所以有——有一種支出，它是——我們現有的產品線還有更多的擴展空間。但是，我們可以追求全新的消費者，這是另一種創新。所以我們要同時追求兩者。事實上，它只是從消費者洞察開始，並專注於我們目前擁有的真正增量。

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。女士們先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。