Bellring Brands Inc (BRBR) 2023 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the BellRing Brands Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jennifer Meyer, Investor Relations for BellRing.

美好的一天，感謝您的支持。歡迎參加 BellRing Brands 2023 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，BellRing 投資者關係部的 Jennifer Meyer。

Good morning and thank you for joining us today for BellRing Brands' Fourth 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.

早安，感謝您今天參加 BellRing Brands 的 2023 財年第四季財報電話會議。今天與我在一起的有我們的總裁兼執行長達西·達文波特 (Darcy Davenport)；和我們的財務長保羅‧羅德 (Paul Rode)。達西和保羅將首先發表準備好的講話，然後我們將進行簡短的問答環節。

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 section at bellring.com. In addition, the release and slides are available on the SEC's website.

支持這些言論的新聞稿和補充幻燈片簡報已發佈在我們網站的投資者關係和 SEC 備案部分（bellring.com）。此外，新聞稿和幻燈片可在 SEC 網站上取得。

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 certain 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.

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，因為實際結果可能與這些陳述有重大差異。這些前瞻性陳述截至本次電話會議之日是最新的，管理階層不承擔更新這些陳述的義務。謹此提醒，我們正在對此通話進行錄音，並將在我們的網站上提供音訊重播。最後，本次電話會議將討論某些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。

With that, I will turn the call over to Darcy.

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 fourth quarter and fiscal '23 results and posted a supplemental presentation to our website. Fiscal '23 was a fantastic year for BellRing Brands. Our net sales grew 22%, with adjusted EBITDA up 25%.

謝謝詹妮弗，也謝謝大家加入我們。昨晚，我們報告了第四季度和 23 財年的業績，並在我們的網站上發布了補充簡報。對 BellRing Brands 來說，23 財年是輝煌的一年。我們的淨銷售額成長 22%，調整後 EBITDA 成長 25%。

As I reflect on the year, there are 3 things that stood out to me. The first is the expanding growth opportunity of this category, specifically the segments that we compete in, ready-to-drink shakes and ready-to-mix powders. Both segments have experienced double-digit growth in each of the last 3 years. Low household penetration, combined with strong macro trends, highlights a long path of growth.

回顧這一年，有三件事讓我印象深刻。首先是該類別不斷擴大的成長機會，特別是我們競爭的細分市場，即飲奶昔和即混粉。這兩個細分市場在過去三年中每年都經歷了兩位數的成長。低家庭滲透率加上強勁的宏觀趨勢，凸顯了漫長的成長道路。

Second, the power and the future potential of our brands. This year, we saw tremendous growth on Premier Protein and Dymatize, both reaching new highs across many key metrics. Premier Protein demonstrated strong resilience, as it quickly regained the TDPs and households lost in prior years during our capacity constraints. This shows the unbelievable consumer and retailer excitement around this brand, which will help fuel future growth.

第二，我們品牌的力量和未來的潛力。今年，我們看到了 Premier Protein 和 Dymatize 的巨大成長，在許多關鍵指標上都達到了新高。 Premier Protein 表現出了強大的韌性，它很快就恢復了前幾年在產能限制期間損失的 TDP 和家庭數量。這顯示了消費者和零售商對該品牌令人難以置信的興奮，這將有助於推動未來的成長。

Third, I've been blown away by our organization. It is hard to manage a high-growth business with limited supply. It is a heavy load on all functions to optimize supply and demand, especially operations and sales. Despite this added pressure, our organization is stronger than ever, a reflection of the amazing people and our unique culture. We still have work to do but are well positioned for a strong '24 and beyond.

第三，我們的組織讓我震驚。在供應有限的情況下管理高成長的業務是很困難的。優化供給和需求，尤其是營運和銷售，對所有職能來說都是沉重的負擔。儘管面臨額外的壓力，我們的組織比以往任何時候都更加強大，這反映了我們優秀的員工和我們獨特的文化。我們仍有工作要做，但已做好充分準備，迎接 24 年及以後的強勁發展。

Now to Q4. I'm pleased to share our results came in at the high end of our expectations. Net sales grew 25% over prior year and adjusted EBITDA was up 23%. Significant production growth allowed us to restart light shake promotions this quarter. We gained meaningful new shelf space on both Premier Protein and Dymatize and our relaunched shake flavors and seasonal offerings continue to drive incremental sales.

現在到第四季。我很高興與大家分享我們的結果超出了我們的預期。淨銷售額比上年增長 25%，調整後 EBITDA 成長 23%。產量的顯著成長使我們能夠在本季度重新啟動輕搖促銷活動。我們在 Premier Protein 和 Dymatize 上獲得了有意義的新貨架空間，並且我們重新推出的奶昔口味和季節性產品繼續推動銷售增量。

Moving to shake production. In fiscal '23, we made notable progress to grow and diversify our shake supply. Our production grew 17% over fiscal '22, modestly above our expectations. We added 2 co-mans this year, which continue to scale up. And our second greenfield facility, Michael Foods, will start up in December. They will be a much larger contributor to our second half of fiscal '24 and beyond.

轉向搖動生產。在 23 財年，我們在奶昔供應成長和多元化方面取得了顯著進展。我們的產量比 22 財年增加了 17%，略高於我們的預期。今年我們增加了 2 位合夥人，規模還在擴大中。我們的第二個新建工廠 Michael Foods 將於 12 月啟動。他們將為我們 24 財年下半年及以後的發展做出更大的貢獻。

Over the past 2 years, we have transformed our shake co-man network. We have partnered with the biggest and most reputable players in the aseptic, low-acid industry. We now have a scalable, regionally diverse supply chain, which will enable many years of robust growth.

在過去的兩年裡，我們改變了我們的搖搖合作人網絡。我們與無菌、低酸產業中最大、最有信譽的參與者合作。我們現在擁有可擴展的、區域多元化的供應鏈，這將實現多年的強勁成長。

Now to the category and brand updates. The convenient nutrition category grew 9% in Q4 as tailwinds around health and wellness and fitness continued to drive growth. Consumer interest in functional beverages and sports nutrition products continues to be high. Ready-to-drink led the category, up 21% and ready-to-mix grew 11%. Increased supply and distribution gains are lifting ready-to-drink growth, while increased marketing is boosting both segments.

現在是類別和品牌更新。由於健康和健身的順風持續推動成長，方便營養品類在第四季度增長了 9%。消費者對功能性飲料和運動營養產品的興趣持續高漲。即飲類成長了 21%，即飲類成長了 11%。供應和分銷收益的增加正在推動即飲飲料的成長，而行銷的增加則推動了這兩個領域的發展。

Premier Protein shake consumption accelerated this quarter, up 36%. Growth was tremendous across all channels, driven by improved supply, which allowed us to restart light promotion and expand distribution. The highest growth was in mass and e-commerce, benefiting from our expanded range of flavors and higher in-stock levels. Additionally, e-commerce and club, both saw strong growth behind promotional activity. Our fall seasonal flavor, Pumpkin Spice, demonstrated an impressive 90% incrementality to the brand.

本季 Premier 蛋白質奶昔消費量加速成長 36%。在供應改善的推動下，所有管道都出現了巨大的成長，這使我們能夠重新開始輕度促銷並擴大分銷。成長最快的是大眾和電子商務，受益於我們擴大的口味範圍和更高的庫存水準。此外，電子商務和俱樂部在促銷活動的推動下都出現了強勁增長。我們的秋季時令風味南瓜香料展示了令人印象深刻的品牌增量 90%。

Q4 trends continued into October, with shakes consumption up 27%, with volume driving 2/3 of this growth. Our brand metrics reflect our building momentum as Premier Protein reached all-time highs in TDPs and market share. Shake TDPs grew 11% versus Q3 behind distribution gains and relaunched shake flavors. Premier Protein RTD market share reached 21%, maintaining its position as the #1 brand in the RTD segment as well as the #1 brand in the broader convenient nutrition category. Premier Protein household penetration added 1 percentage point versus Q3, reaching over 16% of households. Our household penetration continues to be the highest in the category, with this quarter's growth driven by promotions and distribution gains.

第四季的趨勢持續到 10 月份，奶昔消費量成長 27%，其中銷售成長佔 2/3。隨著 Premier Protein 的 TDP 和市佔率達到歷史新高，我們的品牌指標反映了我們的發展動能。奶昔 TDP 較第三季成長 11%，這得益於分銷收益和重新推出奶昔口味。 Premier Protein RTD 市場佔有率達到 21%，保持其作為 RTD 領域第一品牌以及更廣泛的方便營養類別第一品牌的地位。 Premier Protein 家庭滲透率較第三季增加 1 個百分點，覆蓋超過 16% 的家庭。我們的家庭滲透率仍然是同類產品中最高的，本季的成長是由促銷和分銷收益推動的。

Our repeat and buy rates are holding steady, demonstrating our consumer loyalty. According to our most recent brand equity study, Premier Protein remains the #1 brand I love and Net Promoter Score in the RTD category. We are very encouraged by all of these achievements, even though we still haven't restarted meaningful marketing and promotion.

我們的重複購買率保持穩定，證明了我們的消費者忠誠度。根據我們最新的品牌資產研究，Premier Protein 仍然是 RTD 類別中我喜愛的第一品牌和淨推薦值第一。儘管我們還沒有重新開始有意義的行銷和促銷活動，但所有這些成就都讓我們深受鼓舞。

Premier Protein saw great success this year in other forms, showing the power of the brand. In Q4, Premier Protein powders remained strong, growing over 50% behind new distribution and strong velocities. It reached over $50 million in net sales this year and we expect robust growth in '24 as we invest behind marketing programs to drive awareness. In addition to powder, our licensing strategy continues to perform well. Although not a significant revenue driver, we are encouraged that the brand has seen success in other high-traffic aisles.

Premier Protein今年在其他形式上取得了巨大成功，展現了品牌的力量。第四季度，Premier 蛋白粉依然強勁，在新的分銷和強勁的發展速度的推動下增長了 50% 以上。今年它的淨銷售額超過 5,000 萬美元，我們預計 24 年將出現強勁增長，因為我們將投資行銷計劃來提高知名度。除了粉末之外，我們的授權策略也持續表現良好。儘管不是一個重要的收入驅動因素，但我們對該品牌在其他高流量管道的成功感到鼓舞。

Turning to Dymatize. The brand had a great quarter, with consumption up 38%. We saw double-digit growth in nearly all channels, driven by distribution gains and incremental promotions. Consumption growth continued into October, with the brand up 23%. Dymatize continues to have success in mainstream channels with both TDPs and household penetration reaching new highs this quarter. Encouragingly, as Dymatize adds new households and distribution points, repeat and buy rates are holding steady. In fiscal '24, we are launching a new marketing campaign to continue the momentum and drive awareness and new users to Dymatize.

轉向 Dymatize。該品牌季度表現出色，消費量成長 38%。在分銷收益和增量促銷的推動下，我們幾乎所有管道都實現了兩位數的成長。 10月消費持續成長，品牌成長23%。 Dymatize 繼續在主流管道取得成功，本季 TDP 和家庭滲透率均創下新高。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。在 24 財年，我們將啟動一項新的行銷活動，以延續這一勢頭並提高 Dymatize 的知名度和新用戶。

Before reviewing our outlook, I want to give our point of view on GLP-1 weight loss medication. Our proprietary research indicates consumers most likely to adopt GLP-1 are currently light users of protein shakes but will become heavy users once on the medication. These individuals have reduced total caloric intake but actually need more protein to mitigate muscle loss and certain other side effects.

在回顧我們的前景之前，我想先談談我們對 GLP-1 減肥藥物的看法。我們的專有研究表明，最有可能採用 GLP-1 的消費者目前是蛋白質奶昔的輕度使用者，但一旦服用藥物就會成為重度使用者。這些人減少了總熱量攝入，但實際上需要更多的蛋白質來減輕肌肉損失和某些其他副作用。

Products like Premier Protein are perfect because they are delicious, compact-size, high-protein nutrition, giving these individuals what they need without making them feel overly full. Research also indicates that once on the medication, consumers start exercising more and choosing healthier food and beverage options, ultimately increasing the demand for convenient and sports nutrition products.

像 Premier Protein 這樣的產品是完美的，因為它們美味、緊湊、高蛋白營養，可以滿足這些人的需要，而又不會讓他們感到過飽。研究還表明，一旦服用藥物，消費者就會開始更多地運動並選擇更健康的食品和飲料，最終增加對方便和運動營養產品的需求。

After our initial phase of research, we believe our current products and growth strategies are already well aligned with this opportunity. They are great complements to GLPs while consumers are on the medication and a perfect nutrition solution when people decide to stop taking the drugs to maintain the weight loss benefit. We have begun our next phase of research to better understand this consumer and how we can serve them on this important health journey.

經過最初階段的研究，我們相信我們目前的產品和成長策略已經與這個機會很好地契合。當消費者正在服用藥物時，它們是 GLP 的絕佳補充；當人們決定停止服用藥物以維持減肥效果時，它們是完美的營養解決方案。我們已經開始下一階段的研究，以便更好地了解該消費者以及我們如何在這一重要的健康之旅中為他們提供服務。

In '24, we plan to test media platforms and create to determine the strongest, most effective strategies and tactics to reach these consumers. We're encouraged by the early results of these medications and feel that they strengthen the already strong macro trends behind our category and specifically, our business.

24 年，我們計劃測試媒體平台並確定最強大、最有效的策略和策略來接觸這些消費者。我們對這些藥物的早期結果感到鼓舞，並認為它們加強了我們的類別（特別是我們的業務）背後本已強勁的宏觀趨勢。

Now to our outlook. As you saw in yesterday's press release, we expect fiscal '24 net sales to grow between 10% and 15% and adjusted EBITDA to grow between 6% and 15%. At the midpoint, this guidance is on the high side of our long-term algorithm in both net sales growth and adjusted EBITDA margin. As a reminder, our algorithm in net sales growth is between 10% to 12% with EBITDA margins of between 18% and 20%. Our plan reflects strong volume growth for both Premier Protein and Dymatize and the restart of shake promotions in the second quarter. We plan to step up marketing on shakes in Q4, which is when we expect to hit our target weeks of supply. The demand and supply dynamics remain tight for most of the year and we will continue to be nimble, so we can navigate effectively.

現在談談我們的展望。正如您在昨天的新聞稿中看到的那樣，我們預計 24 財年淨銷售額將成長 10% 至 15%，調整後 EBITDA 將成長 6% 至 15%。從中間值來看，該指引在淨銷售額成長和調整後 EBITDA 利潤率方面均處於我們長期演算法的較高水準。提醒一下，我們的淨銷售額成長演算法在 10% 到 12% 之間，EBITDA 利潤率在 18% 到 20% 之間。我們的計劃反映了 Premier Protein 和 Dymatize 銷量的強勁增長以及第二季度重新啟動的奶昔促銷活動。我們計劃在第四季度加強行銷，並預計屆時將達到我們的目標供應週數。今年大部分時間供需動態仍然緊張，我們將繼續保持靈活性，以便有效應對。

In closing, I'm thrilled with our performance this year. We continue to gain momentum in every part of our business. Strong macro trends are driving sustained long-term growth in our categories. Premier Protein and Dymatize continue to reach new consumers and maintain all-time high market share positions. Our flavor strategy is working and our innovation pipeline is rich, enabling us to bring excitement to consumers and retail partners. Last, we are moving forward on our shakes capacity plan to support our future growth.

最後，我對我們今年的表現感到非常興奮。我們在業務的各個方面繼續獲得動力。強勁的宏觀趨勢正在推動我們類別的持續長期成長。 Premier Protein 和 Dymatize 繼續吸引新消費者並保持歷史最高的市場份額地位。我們的風味策略正在發揮作用，我們的創新管道也很豐富，使我們能夠為消費者和零售合作夥伴帶來興奮。最後，我們正在推進奶昔產能計劃，以支持我們未來的成長。

Before passing over to Paul, I'm sure most of you have heard that Rob Vitale, our Executive Chairman, is currently on medical leave. We have been in close contact with him over the last several weeks. We wish him and his family the best throughout his recovery and we'll be excited to have him back at full strength soon. I will now turn the call over to Paul.

在談到保羅之前，我相信你們大多數人都聽說過我們的執行主席羅布·維塔萊 (Rob Vitale) 目前正在休病假。過去幾週我們一直與他保持密切聯繫。我們祝福他和他的家人在康復過程中一切順利，我們很高興他很快就能完全恢復體力。我現在將把電話轉給保羅。

Thanks, Darcy and good morning, everyone. As Darcy highlighted, our fourth quarter results came in at the high end of our expectations. Net sales for the quarter were $473 million and adjusted EBITDA was $99 million. Net sales grew 25% over prior year and adjusted EBITDA increased 23%, with adjusted EBITDA margin up 20.8%.

謝謝達西，大家早安。正如達西所強調的那樣，我們第四季的業績超出了我們的預期。該季度淨銷售額為 4.73 億美元，調整後 EBITDA 為 9,900 萬美元。淨銷售額較上年成長 25%，調整後 EBITDA 成長 23%，調整後 EBITDA 利潤率成長 20.8%。

Starting with brand performance. Premier Protein net sales grew 30%, with volume growing 21%. In Q4, our shake production increased meaningfully over prior year, which allowed us to restart modest shake promotions driving growth. Volumes also benefited from the relaunch of temporarily discontinued flavors, performance of our seasonal offerings and strong growth from Premier powders. Net pricing for Premier Protein grew 9%, reflecting the October 2022 price increase. Shake consumption dollars grew 36%, outpacing shipment growth of 29%. The latter was modestly impacted by the lapping of a trade inventory build in the prior year.

從品牌表現開始。 Premier Protein 淨銷售額成長 30%，銷量成長 21%。第四季度，我們的奶昔產量比去年大幅增加，這使我們能夠重新啟動適度的奶昔促銷活動，推動成長。銷售還得益於暫時停產口味的重新推出、季節性產品的表現以及 Premier 粉末的強勁增長。 Premier Protein 的淨定價成長了 9%，反映了 2022 年 10 月的價格上漲。 Shake 消費金額成長 36%，超過出貨量成長 29%。後者受到前一年貿易庫存增加的輕微影響。

Dymatize net sales were relatively flat this quarter as the brand faced a tough prior year comparable. Recall last year's Q4 had heavy trade inventory build in the international and domestic specialty channels. This headwind, combined with continued weakness in the specialty channel, was offset by strong growth in domestic mainstream channels, driven by distribution gains and organic growth. Gross profit of $155 million grew 27%, with an increase in gross profit margin of 60 basis points to 32.9%. The margin increase resulted from improved pricing that mitigated input cost inflation. This was partially offset by incremental promotional activity. Excluding onetime costs in the prior year period, SG&A expenses as a percentage of net sales increased 40 basis points, half of which was driven by higher marketing spend.

Dymatize 本季淨銷售額相對持平，因為該品牌面臨嚴峻的去年可比情況。回想一下，去年第四季度，國際和國內專業通路的貿易庫存累積較多。這種逆風加上專業通路的持續疲軟，被國內主流通路在分銷收益和有機成長的推動下的強勁成長所抵消。毛利為 1.55 億美元，成長 27%，毛利率提高 60 個基點至 32.9%。利潤率的增加是由於定價的改善緩解了投入成本的上漲。這被增量促銷活動部分抵銷。不包括上一年期間的一次性成本，SG&A 費用佔淨銷售額的百分比增加了 40 個基點，其中一半是由於行銷支出增加所致。

Operating profit of $78 million increased $17 million compared to prior year and was negatively impacted by $7 million of accelerated amortization. This was a noncash expense recorded in connection with our decision to discontinue PowerBar in our North American business and was treated as an adjustment for non-GAAP measures. We expect the remaining $17 million of noncash accelerated amortization to be recorded in the first quarter. Our international PowerBar business is unaffected by this decision and continues to grow.

營業利潤為 7,800 萬美元，較上年增加 1,700 萬美元，並受到 700 萬美元加速攤銷的負面影響。這是與我們決定終止北美業務 PowerBar 相關的非現金費用，並被視為非 GAAP 措施的調整。我們預計剩餘的 1700 萬美元非現金加速攤銷將在第一季記錄。我們的國際 PowerBar 業務並未受到這項決定的影響，並且仍在持續成長。

Turning to full year 2023 results. Net sales were approximately $1.7 billion, up 22% over the prior year, with gross profit of $530 million growing 26%. Gross profit margin increased 100 basis points over 2022, driven by pricing actions that mitigated input cost inflation, along with favorable freight rates. SG&A expenses were $216 million and excluding onetime items, increased 60 basis points as a percentage of net sales. Higher marketing spend drove the increase as our marketing spend in fiscal '22 was exceptionally low. We saw modest leverage on our remaining G&A base. Adjusted EBITDA increased 25% to $338 million, with a margin of 20.3%, an increase of 50 basis points.

轉向 2023 年全年業績。淨銷售額約 17 億美元，較上年成長 22%，毛利為 5.3 億美元，成長 26%。在緩解投入成本通膨的定價行動以及有利的運費的推動下，毛利率比 2022 年增加了 100 個基點。 SG&A 費用為 2.16 億美元，不包括一次性項目，佔淨銷售額的百分比增加了 60 個基點。由於我們 22 財年的行銷支出異常低，行銷支出的增加推動了這一成長。我們看到我們剩餘的一般管理費用基礎的槓桿作用不大。調整後 EBITDA 成長 25%，達到 3.38 億美元，利潤率為 20.3%，成長 50 個基點。

Before reviewing our outlook, I would like to make a few comments on cash flow and liquidity. We generated $85 million in cash flow from operations in the fourth quarter and $216 million for the year. In fiscal '23, net working capital declined slightly despite our strong top line growth. In fiscal '24, our net working capital growth will moderately exceed our net sales growth rate as we add weeks of shake supply. As a result, our cash flow in fiscal '24 will be modestly lower than fiscal '23.

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。我們第四季的營運現金流為 8,500 萬美元，全年營運現金流為 2.16 億美元。在 23 財年，儘管我們的營收成長強勁，但淨營運資本略有下降。在 24 財年，隨著我們增加幾週的供應量，我們的淨營運資本成長率將適度超過我們的淨銷售額成長率。因此，我們 24 財年的現金流量將略低於 23 財年。

During the quarter, we repaid $54 million against our revolving credit facility. As of September 30, net debt was $817 million and net leverage was 2.4x. With our EBITDA growth and strong cash flow generation, we anticipate net leverage to fall under 2x by the end of fiscal '24. With respect to our share repurchases this quarter, we bought 200,000 shares at an average price of $39.20 per share or $8 million in total. For the fiscal year, we repurchased 4.2 million shares at an average price of $29.56 per share or $125 million in total. Our remaining share repurchase authorization is $23 million.

本季度，我們償還了 5,400 萬美元的循環信貸額度。截至 9 月 30 日，淨債務為 8.17 億美元，淨槓桿率為 2.4 倍。隨著我們的 EBITDA 成長和強勁的現金流生成，我們預計到 24 財年末淨槓桿率將降至 2 倍以下。關於本季的股票回購，我們以每股 39.20 美元的平均價格購買了 20 萬股，總計 800 萬美元。本財年，我們回購了 420 萬股股票，平均價格為每股 29.56 美元，回購總額為 1.25 億美元。我們剩餘的股票回購授權為 2,300 萬美元。

Turning to our outlook. We expect fiscal '24 net sales of $1.83 billion to $1.91 billion and adjusted EBITDA of $360 million to $390 million. Our guidance implies strong top line growth of 10% to 15% and adjusted EBITDA growth of 6% to 15%, with healthy adjusted EBITDA margins of 20% at the midpoint. We expect dollar and percentage growth for both measures to be weighted to the first half of the year.

轉向我們的展望。我們預計 24 財年淨銷售額為 18.3 億美元至 19.1 億美元，調整後 EBITDA 為 3.6 億美元至 3.9 億美元。我們的指導意味著營收將強勁成長 10% 至 15%，調整後 EBITDA 成長 6% 至 15%，調整後 EBITDA 利潤率處於健康的中點 20%。我們預計這兩個指標的美元成長和百分比成長將加權到今年上半年。

From a brand perspective, we expect double-digit sales growth for both Premier Protein and Dymatize, driven primarily by volume gains and continued category tailwinds. Key drivers of Premier Protein's volume growth include increased promotional activity, distribution gains and the first half benefit of our relaunched flavors. Organic growth and distribution gains are the primary volume drivers for Dymatize.

從品牌角度來看，我們預期 Premier Protein 和 Dymatize 的銷售額將達到兩位數成長，這主要是由銷售成長和持續的品類所推動的。 Premier Protein 銷售成長的主要驅動因素包括促銷活動的增加、分銷收益以及我們重新推出的口味帶來的上半年效益。有機成長和分銷收益是 Dymatize 銷售的主要動力。

We expect fiscal '24 adjusted EBITDA margins to be largely in line with fiscal '23, with increased gross margins offset by higher SG&A. Gross margins are expected to benefit from favorable input costs, notably in the first half of the year, offset partially by higher promotional activity. Investments behind our brands, including promotional marketing spend, are expected to skew higher in both the second and fourth quarters.

我們預計 24 財年調整後的 EBITDA 利潤率將與 23 財年基本一致，毛利率的增加被 SG&A 的增加所抵銷。毛利率預計將受益於有利的投入成本，特別是在今年上半年，但部分被促銷活動增加所抵銷。我們品牌背後的投資，包括促銷行銷支出，預計第二季和第四季將有所上升。

Turning to our first quarter forecast, we expect low double-digit net sales growth compared to a year ago. We expect strong growth from Dymatize, as it has an easier prior year comparable, lapping a trade inventory deload in the international and domestic specialty channels. Premier Protein sales growth is expected to be in the high single digits as we lap a prior year trade inventory build, which we estimate to be a low double-digit headwind to Premier's growth rate. As a result, we expect consumption growth to outpace net sales growth as we lap this headwind. Consumption growth will also benefit from higher net pricing, as price increases at retail lagged our October '22 price increase on shakes.

談到我們第一季的預測，我們預期與去年同期相比，淨銷售額成長將呈現較低的兩位數。我們預計 Dymatize 將會出現強勁成長，因為它的去年比較容易比較，克服了國際和國內專業通路的貿易庫存負擔。隨著我們完成上一年的貿易庫存建設，預計 Premier 蛋白質的銷售成長將達到較高的個位數，我們估計這對 Premier 的成長率來說是一個較低的兩位數阻力。因此，我們預計，當我們克服這一逆風時，消費成長將超過淨銷售成長。消費成長也將受益於更高的淨定價，因為零售價格上漲落後於我們 10 月 22 日的震動價格上漲。

We expect first quarter adjusted EBITDA margins to be similar to prior year as higher SG&A as a percentage of net sales was 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.

我們預計第一季調整後的 EBITDA 利潤率將與去年相似，因為較高的銷售及管理費用（SG&A）佔淨銷售額的百分比被較高的毛利率所抵銷。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 encouraged with our strong performance in fiscal '23. Our momentum continues to grow and we are excited about our prospects in fiscal '24. I will now turn it over to the operator for questions.

最後，我們對 23 財年的強勁表現感到鼓舞。我們的勢頭持續成長，我們對 24 財年的前景感到興奮。我現在將其交給接線員詢問。

Thank you. (Operator Instructions) Our first question comes from Andrew Lazar with Barclays. You may proceed.

謝謝。 （操作員說明）我們的第一個問題來自巴克萊銀行的安德魯·拉扎爾。您可以繼續。

Darcy, on your third quarter earnings call, you provided initial '24 guidance to be at the high end of your long-term algorithm on sales and EBITDA margins. And today, you provided a range for guidance, which, as you said, at the midpoint, correlates to that. There is a wider range, particularly on EBITDA, that you provided. And I guess my question is just -- does that indicate something has maybe changed in your confidence in the outlook? It doesn't seem that way from all the metrics you provided. But if so, maybe you could get into some of the key factors? Or maybe I'm just reading too much into the range that you provided.

達西，在第三季財報電話會議上，您提供了 24 年的初步指導，以達到銷售和 EBITDA 利潤率長期演算法的高端。今天，您提供了一個指導範圍，正如您所說，在中點，與此相關。您提供的範圍更廣，尤其是 EBITDA。我想我的問題只是——這是否表明您對前景的信心可能發生了變化？從您提供的所有指標來看，情況似乎並非如此。但如果是這樣，也許您可以了解一些關鍵因素？或者也許我只是對您提供的範圍讀得太多了。

Yes. There's been no change in our confidence. I think that -- yes, I wouldn't read too much into the slightly expanded range in EBITDA.

是的。我們的信心沒有改變。我認為——是的，我不會過度解讀 EBITDA 略有擴大的範圍。

Okay. And then Paul, I think pricing, I think, was expected to be somewhat lower year-over-year in shakes in '24, just in light of the move in dairy protein costs. I guess what sort of magnitude should we expect around pricing in Premier Protein? And have you seen any shifts in sort of competitive behavior along these lines that may have impacted your initial thinking on the shape pricing will likely take in '24?

好的。然後保羅，我認為，考慮到乳製品蛋白質成本的變化，我認為 24 年的價格預計會比去年同期有所下降。我想我們應該對 Premier Protein 的定價有什麼樣的預期？您是否看到了這些方面的競爭行為發生了任何變化，這些變化可能會影響您對 24 年定價可能採取的形狀的初步想法？

Yes. We planned in '24 to get back to a more normal cadence of promotion. And so that would obviously drive a pricing headwind for the year. So we're calling for a low- to mid-single-digit headwind on pricing to net sales growth. As far as competitive dynamic, I wouldn't say anything has dramatically changed. We've actually seen some competitors take pricing higher recently. Because keep in mind, it's not just protein costs. We have -- we're seeing those. Obviously, we're expecting those to come down in fiscal '24 but we're also seeing inflation across a lot of the other input cost, including packaging and manufacturing costs, along net, we expect to be somewhat favorable from a overall cost perspective. There are other things going the other direction.

是的。我們計劃在 24 年恢復更正常的晉升節奏。因此，這顯然會推動今年的定價逆風。因此，我們認為定價對淨銷售成長的影響將出現低至中個位數的阻力。就競爭動態而言，我不會說任何事情都發生了巨大變化。事實上，我們最近看到一些競爭對手提高了定價。因為請記住，這不僅僅是蛋白質成本。我們已經看到了這些。顯然，我們預計這些成本將在 24 財年下降，但我們也看到許多其他投入成本（包括包裝和製造成本）的通貨膨脹，從整體成本角度來看，我們預計會有所有利。還有其他事情正在朝另一個方向發展。

Our next question comes from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Just a question on some of the data that you're showing us here on Premier Protein ready -- ready-to-drink shakes. On Slide 9, you talk about the shipments being in line with consumption or roughly in line with consumption in the last couple of quarters but the all channel consumption outpaced your shipped dollars by 8 points and 6 points, respectively, the last 2 quarters. I'm wondering, maybe give us a sense of what's going on there? And do you expect that negative price/mix gap to all channel consumption to continue in the next couple of quarters?

只是關於您在這裡向我們展示的有關 Premier Protein Ready 即飲奶昔的一些數據的問題。在投影片9 上，您談到過去幾季的出貨量與消費量一致或大致與消費量一致，但過去兩個季度的全通路消費量分別超過了您的出貨量8 個點和6 個點。我想知道，也許能讓我們了解那裡發生了什麼事？您預計所有通路消費的負價格/組合差距是否會在接下來的幾季繼續存在？

Yes, there's a couple of things going on there. So for one, as you go into fiscal '24, particularly in Q1 and even into Q2, we did see -- and I mentioned this in my prepared remarks, that we're seeing a lag in retailers taking price on shelf. So we took a price increase on our shakes in October of '22. So as we get to Q1, we've now fully lapped pricing from a shipments perspective but for the -- for the consumption growth, that's still benefiting from a high-single-digit growth in kind of into the first quarter and we expect that to continue a bit into the second quarter as some retailers just didn't fully reflect price until later.

是的，那裡發生了一些事情。因此，當你進入 24 財年，特別是第一季甚至第二季時，我們確實看到——我在準備好的演講中提到了這一點，我們看到零售商在貨架上定價存在滯後。因此，我們在 22 年 10 月提高了奶昔價格。因此，當我們進入第一季時，我們現在已經從出貨量角度完全確定了定價，但對於消費成長而言，這仍然受益於第一季的高個位數成長，我們預計由於一些零售商直到晚些時候才完全反映價格，因此這種情況會持續到第二季​​。

In the fourth quarter in particular, we are lapping our trade inventory builds in the Q4 last year. So that is part of the -- that is really the main reason between the difference between consumption outpacing shipment growth in Q4. But as we go into Q1 and Q2, it's more about the pricing element there.

特別是在第四季度，我們正在結束去年第四季的貿易庫存建設。這就是第四季消費成長超過出貨成長之間差異的主要原因。但當我們進入第一季和第二季時，更多的是關於定價因素。

And then just on the capacity increase that Michael's is bringing on in December, heading into calendar '24. Is that about 10%? And do -- is all signs there that consumption should go up with that capacity that basically the retailers are buying everything they can get from you guys?

接下來是 Michael's 在 12 月進行的容量增加，即將進入日曆「24」。大約是10%嗎？是否有所有跡象表明消費應該隨著零售商從你們那裡購買一切東西的能力而增長？

Yes. Ultimately, from Michael, yes, I mean, it will be about 10% but that's going to take some time to scale up. So I mentioned that December, we should start up but it won't be until the back half that really, it will be more of a contributor to our sales. But you're absolutely right, yes. We need that volume to be able to feel comfortable to build our inventory and start marketing. We should be good, as I mentioned. We'll be starting promotion in Q2. And then looking at -- from a Premier tetra standpoint, looking at starting marketing tour in Q4.

是的。最後，麥可說，是的，我的意思是，大約是 10%，但這需要一些時間來擴大規模。所以我提到，12 月，我們應該啟動，但要到下半年，它才會真正為我們的銷售做出更大的貢獻。但你是絕對正確的，是的。我們需要這個數量才能放心地建立我們的庫存並開始行銷。正如我所提到的，我們應該表現得很好。我們將於第二季開始促銷。然後從 Premier tetra 的角度來看，考慮在第四季度開始行銷之旅。

Our next question comes from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的肯‧戈德曼。

I just wanted to build on Andrew's question, if I could. And Darcy, you were quite clear that nothing has changed in your outlook or your confidence in the business. But the EBITDA dollar spread, sort of from high to low in guidance is higher than what you've typically done in the past. And I didn't know if there was a specific reason for that. And I guess, kind of more importantly, maybe we could get a little bit of sense from you about what the key drivers would be that would lead that number to come in toward the upside or toward the downside? I mean, obviously, no one has a crystal ball. But just as you kind of think of what you're most excited about and what you're most concerned about or what some of the risks might be that you think are more important to call out? I'm just curious what those might be for this year.

如果可以的話，我只是想以安德魯的問題為基礎。達西，你很清楚，你的觀點或對企業的信心沒有任何改變。但 EBITDA 美元利差，從高到低的指引，比你過去通常所做的要高。我不知道這是否有什麼具體原因。我想，更重要的是，也許我們可以從您那裡得到一些關於導致該數字上升或下降的關鍵驅動因素是什麼？我的意思是，顯然沒有人擁有水晶球。但是，正如您想一下您最興奮的事情和您最擔心的事情，或者您認為更重要的一些風險可能是什麼？我只是好奇今年可能會發生什麼事。

Sure. Yes. So why don't we start just with net sales. So the biggest factor that would force us to go to the high or the low side is really production. So it's the timing of our production scale up, as you might expect. Other factors are response to promotion, competition, also the overall economy but the biggest one from a net sales perspective is the timing of the production scale up.

當然。是的。那我們為什麼不從淨銷售額開始呢？因此，迫使我們走向高端或低端的最大因素實際上是產量。因此，正如您所期望的那樣，現在是我們擴大生產規模的時機。其他因素包括對促銷、競爭以及整體經濟的反應，但從淨銷售額的角度來看，最大的因素是擴大生產規模的時機。

When you think of EBITDA, obviously, net sales is a fact -- is a major factor and that would just flow through. And then protein mix and freight rates could also push us up or down. Paul, I don't know if you want to talk a little bit about some of the fluctuations within protein. But again, I wouldn't -- I really wouldn't read too much into the slightly expanded EBITDA range.

當你想到 EBITDA 時，顯然，淨銷售額是一個事實——是一個主要因素，而且會自然流過。然後蛋白質組合和運費也可能推動我們的上漲或下跌。保羅，我不知道你是否想談談蛋白質內的一些波動。但同樣，我不會——我真的不會對稍微擴大的 EBITDA 範圍進行太多解讀。

Yes. From a protein perspective, we have good line of sight really through the first half of the year, into the third quarter. So I think it's still kind of wait and see how the protein costs. There's been some fluctuations on the milk protein side. And then on whey protein, which is our primary input for our powder business, we have seen some tightness in that market recently, which likely will start to affect our second half. The question there is that that's a temporary blip or if it stays at an elevated rate but we have seen some fluctuations there. But to Darcy's point, the wider range is just more of a reflection we believe our growth versus really anything fundamentally changing from how we're thinking about fiscal '24.

是的。從蛋白質的角度來看，我們從今年上半年到第三季都有良好的前景。所以我認為仍然需要等待，看看蛋白質的成本如何。牛奶蛋白方面出現了一些波動。然後，在乳清蛋白方面，這是我們粉末業務的主要投入，我們最近看到該市場出現一些緊張，這可能會開始影響我們的下半年。問題是，這只是暫時現象，或者是否會保持較高的速度，但我們已經看到了一些波動。但就達西的觀點而言，更廣泛的範圍更反映了我們相信我們的成長，而不是我們對 24 財年的看法發生根本性變化。

Our next question comes from Pamela Kaufman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕梅拉·考夫曼。

I have a follow-up question on your production capacity. I think you previously indicated that it would be up around 20% year-on-year in fiscal '24. Is that still fair? And then in addition to Michael's capacity, is there additional production that you're bringing online? And then what is the visibility into production expansion beyond this year?

我有一個關於你們生產能力的後續問題。我想您之前曾表示 24 財年將年增 20% 左右。這樣還公平嗎？那麼，除了麥可的能力之外，你們還有其他的作品上線嗎？那麼今年以後的生產擴張前景如何？

Yes. We feel good about the 20% plus. And it -- the growth slightly skewed to the second half and that's just a factor of the start-up from Michael Foods. If you break down the production growth for '24, about 40% of it is coming from new co-mans in '24. So new adds that we're adding in '24. About 40% of the growth is coming from lapping the '23 adds and then about 20% is coming from just additional volume from our existing. So that gives you kind of a flavor for the growth that we're bringing on this year.

是的。我們對 20% 以上感到滿意。下半年的成長略有傾斜，這只是邁克爾食品公司啟動的一個因素。如果你細分 24 年的產量成長，大約 40% 來自 24 年的新合作者。我們將在 24 年添加新內容。大約 40% 的成長來自於 23 年新增的銷量，然後大約 20% 來自我們現有的額外銷量。因此，這讓您對我們今年帶來的成長有所了解。

I think you asked, Pam, what other facilities or partners are coming on this year. So in addition to Michael Foods, we have 2 existing partners that are adding capacity. So some of our existing partners adding a line, basically.

我想你問過，帕姆，今年還有哪些設施或合作夥伴即將推出。因此，除了 Michael Foods 之外，我們還有 2 個現有合作夥伴正在增加產能。所以我們現有的一些合作夥伴基本上增加了一條生產線。

And then your last question about looking forward on adding capacity we have in our visibility. So currently, because of how much capacity we added this year -- last year and this year, we will get the benefit of kind of a full year and as they get up to kind of their run rate, the expected run rate. So we actually -- we do long-range planning every -- twice a year or if anything fundamentally changes. So our long-range planning are 5 years out now. And currently, we're looking at -- we think that we will need additional capacity in 20 -- bringing on late '25-'26 and into '27. So that's our current. And so we are already talking to all of our partners and figuring out who we're going to partner with to expand the capacity.

然後你的最後一個問題是關於期待增加我們的可見性容量。因此，目前，由於我們今年（去年和今年）增加了多少產能，我們將獲得一整年的好處，並且當他們達到某種運行率時，即預期的運行率。因此，我們實際上 - 我們每年兩次進行長期規劃，或者如果有任何根本性的變化。所以我們的長期規劃是五年後的。目前，我們正在考慮——我們認為我們將需要在 20 年增加產能——在 25 年末至 26 年末以及 27 年期間投入使用。這就是我們現在的情況。因此，我們已經在與所有合作夥伴進行交談，並確定我們將與誰合作擴大產能。

Great. And then also, thanks for sharing your thoughts on how you're thinking about the impact from GLP-1 drugs on the business. And it's consistent with our research on the benefits to higher protein and weight management foods. But can you elaborate on your initiative to target these consumers? And how do you plan to identify them?

偉大的。另外，感謝您分享您對 GLP-1 藥物對業務影響的看法。這與我們關於高蛋白質和體重管理食物的益處的研究是一致的。但您能詳細說明一下針對這些消費者的舉措嗎？您打算如何識別它們？

I mean, as you know, Pam, it's still early. So I think in general, we're very encouraged by the results of the drugs just for society but also for our category and our business. But we are in learning mode. So we did kind of our initial research, mining the data, we're now adding some additional research. We had already started -- we did a pretty thorough study around consumers and how they approach kind of weight wellness. And now we're adding to that. So we're going to -- we need to better understand what these consumers' needs and their journey, how they get information. And then we're going to test media to determine the best way to reach these consumers. So whether it's outreach to support communities, to partner with, et cetera. So I don't want to go into too much detail. But suffice to say, we are definitely digging in and better understanding and it will be this year, doing a lot of testing and learning and further understanding kind of their health journey.

我的意思是，正如你所知，帕姆，現在還早。所以我認為總的來說，我們對這些藥物的結果感到非常鼓舞，不僅對社會，而且對我們的類別和我們的業務也是如此。但我們正處於學習模式。所以我們做了一些初步研究，挖掘數據，現在我們正在添加一些額外的研究。我們已經開始了——我們對消費者以及他們如何實現體重健康進行了相當徹底的研究。現在我們要對此進行補充。因此，我們需要更了解這些消費者的需求和他們的旅程，以及他們如何獲得資訊。然後我們將測試媒體以確定接觸這些消費者的最佳方式。無論是支持社區、合作等等。所以我不想討論太多細節。但可以說，我們肯定會深入研究並更好地了解，今年將進行大量測試和學習，並進一步了解他們的健康之旅。

Our next question comes from Matt Smith with Stifel.

我們的下一個問題來自 Stifel 的 Matt Smith。

I wanted to ask about promotional events timing through the year. Can you talk about the timing of your planned activity? You called out investments in 2Q and 4Q. And I guess when we think about the large promotional events to the extent that there will be timing differences between consumption and shipments beyond 1Q, that would be helpful.

我想詢問全年促銷活動的時間安排。您能談談您所規劃的活動時間嗎？您提到了第二季和第四季的投資。我想，當我們考慮大型促銷活動時，第一季之後的消費和發貨之間會存在時間差異，這會有所幫助。

Sure, Matt. Yes. So Q2 will be -- so remember, Q1 is kind of a seasonally low period. So no promotions or very few promotions and marketing. Q2 is where, in the category, most new users are entering into the category. So that's when we will have promotions on both Premier and Dymatize.

當然，馬特。是的。因此，第二季度將是——所以請記住，第一季是季節性低谷時期。所以沒有促銷或很少有促銷和行銷。第二季度是該類別中大多數新用戶進入該類別的地方。因此，屆時我們將對 Premier 和 Dymatize 進行促銷。

We will also be launching for Dymatize a new media campaign in Q2, along with some media on Premier powder. When you go to Q3, extension of the media campaign on Dymatize. And then in Q4, we will have promotions on the Premier Protein full brand. And our plan right now is to launch a national marketing campaign in Q4, again, barring capacity. So that is kind of when you look at the marketing and promotional calendar for '24 as it sits today.

我們還將在第二季為 Dymatize 發起一項新媒體活動，以及一些有關 Premier Powder 的媒體活動。當你進入第三季時，Dymatize 上的媒體宣傳活動將會延長。然後在第四季度，我們將對 Premier Protein 全品牌進行促銷。我們現在的計劃是在第四季度再次啟動全國行銷活動，但不限制產能。因此，當您查看今天的 '24 行銷和促銷日曆時，情況就是如此。

In regards to where there will be kind of promotional loads, I think 1 encouraging piece is that we will -- I think in Q2, our major -- one of our major club promotions is a little bit later in the quarter in Q2. So there won't -- there shouldn't be a massive difference between where you have a load-in in 1 quarter and consumption in the next. It will mostly be in the same quarter versus, when back in kind of '21 when we were doing big promotions.

關於哪裡會有促銷活動，我認為一個令人鼓舞的事情是，我們將——我認為在第二季度，我們的主要——我們的主要俱樂部促銷活動之一是在第二季度稍晚一些的時候。因此，第一季的載量和下一季的消耗量之間不應該存在巨大差異。大部分會發生在同一季度，而早在 21 年我們正在進行大型促銷活動時。

I don't know, Paul, is there anything else that we're -- we're going to see a big change between shipments and consumption?

保羅，我不知道我們還會看到出貨量和消費量之間有重大變化嗎？

No. If you look at consumption and shipment volumes, we're expecting those to be -- largely tracked throughout the year. We're not at -- to Darcy's point, we're not expecting any major loads, deloads. We are lapping, in our first quarter a trade inventory deload, which is -- or actually a load, I should say. So it's actually a headwind in the first quarter. So that's -- some want to point that out. But that also -- we also had a deload in the second quarter last year, which also benefits our -- which should be a tailwind to our second quarter. So those are the only 2 pieces apart from a true consumption volume versus shipment volume, we expect them to largely track in fiscal '24 by quarter.

不會。如果你看一下消費量和發貨量，我們預計這些量將在全年中得到很大程度上跟踪。我們並沒有達到達西的觀點，我們預期不會有任何重大的負載、減載。在第一季度，我們正在減少貿易庫存，我應該說，這實際上是一種負擔。所以這其實是第一季的逆風。所以，有些人想指出這一點。但這也 - 我們去年第二季也有減載，這也有利於我們 - 這應該是我們第二季的順風車。因此，除了真實的消費量與發貨量之外，這些是唯一的兩部分，我們預計它們將在 24 財年按季度基本追蹤。

And as a follow-up, if we take a step back and we think about the level of promotional activity behind Premier Protein shakes and the rest of the business in fiscal '24, is this still just a step towards getting back to a full investment level? Or would you consider this year once you get through the first quarter kind of representative of the level of promotional activity that you think you need behind the 2 brands?

作為後續行動，如果我們退後一步，考慮一下 Premier Protein 奶昔和 24 財年其他業務背後的促銷活動水平，這是否仍然只是恢復全額投資的一步等級？或者，一旦您度過了第一季度，您是否會考慮今年代表您認為這兩個品牌背後需要的促銷活動水平？

It will largely be on track, I would say. We have -- there isn't -- I think we've communicated this before. But back in '21, I think we were a bit heavy on promotion. And so I mean, I think we were doing up to kind of 3 major promotions a year. I think what we've learned over the last couple years is that we are probably subsidizing a fair amount of volume. So as we move forward in '24 and beyond, I think we are getting back to the level that we think is appropriate for our business, without, yes, subsidizing a lot of volume. So I would say '24 is representative.

我想說，它基本上會走上正軌。我們有——沒有——我想我們之前已經溝通過這一點。但早在 21 年，我認為我們對晉升有點重視。所以我的意思是，我認為我們每年最多進行 3 次主要促銷活動。我認為我們在過去幾年中學到的是，我們可能正在補貼相當數量的數量。因此，隨著我們在 24 年及以後向前邁進，我認為我們正在回到我們認為適合我們業務的水平，而無需補貼大量數量。所以我想說『24』是有代表性的。

Our next question comes from Jim Salera with Stephens.

我們的下一個問題來自吉姆·薩萊拉和史蒂芬斯。

Darcy, I wanted to ask, you had touched on the benefit from having some temporarily discontinued flavors come back online. Could you just offer some color around -- does that represent an opportunity to bring incremental households back to the brand that maybe are more focused on a specific flavor? And so if their flavor is not available, they don't shop Premier? Or is it more represent just increased buy rate, where a consumer is likely to buy both kind of the plain vanilla flavor and then their preferred flavor?

達西，我想問一下，您談到了一些暫時停產的口味重新上線的好處。你能否提供一些顏色——這是否代表著一個機會，可以讓更多的家庭回歸到這個品牌，而這些家庭可能更專注於某種特定的口味？因此，如果他們的口味不可用，他們就不會購買 Premier 嗎？或者它更代表的是購買率的增加，消費者可能會同時購買普通香草口味和他們喜歡的口味？

Yes. Jim, it's really both. So you saw a bump up in household penetration in the supplemental presentation that we have on our website. You saw a bump up, about 1 point in household penetration. It's a combination of -- we did start light promotion in the quarter and so that was part of it. But it's also partially bringing back those paused flavors. So -- and those are people that they really like, cinnamon roll, for instance. And so they were waiting for it. So absolutely, it's a combination and in addition -- so both buy rate as well as household pen.

是的。吉姆，確實兩者都是。因此，您在我們網站上的補充演示中看到了家庭滲透率的上升。您看到了家庭滲透率的上升，大約是 1 個百分點。這是一個組合——我們確實在本季度開始了輕度促銷，所以這是其中的一部分。但它也部分恢復了那些暫停的口味。所以——這些是他們真正喜歡的人，例如肉桂捲。所以他們在等待。所以絕對，它是一個組合和附加 - 所以既購買率又是家用鋼筆。

And this might be too early for you guys to have an answer on this yet, given that the national marketing campaign is towards the end of the year but do you have a sense of kind of what the messaging is going to be there? Is it really to kind of communicate use occasions to consumers so it's more like to grow the category? Or is it something specific for Premier?

考慮到全國行銷活動即將在年底進行，現在對你們來說回答這個問題可能還為時過早，但你們知道那裡會傳達什麼訊息嗎？真的是為了向消費者傳達使用場合，更像是發展這個類別嗎？還是 Premier 特有的東西？

And so I'll talk about -- so both. So we plan to have a new campaign on both of our brands. Since Dymatize starts in Q2, I have a -- I have more information on that than I do on the Premier side of things. We're still working on -- obviously, we have our strategy. So first on Dymatize. Very excited about the campaign. It's a stronger creative that really is going to differentiate Dymatize versus the rest of the competitive set around its premium positioning and science-backed aspect, which is really why consumers pick Dymatize. It's because it's a super premium, high quality, kind of the highest quality science-backed brand. And so we're really hitting on that in our new campaign.

所以我要談談——所以兩者都是。因此，我們計劃針對我們的兩個品牌進行新的活動。由於 Dymatize 在第二季開始，我擁有的資訊比 Premier 方面的資訊還要多。我們仍在努力——顯然，我們有我們的策略。首先是 Dymatize。對這次活動非常興奮。這是一個更強大的創意，真正將使 Dymatize 憑藉其高端定位和科學支援方面與其他競爭產品區分開來，這也是消費者選擇 Dymatize 的真正原因。這是因為它是一個超優質、高品質、最高品質、有科學根據的品牌。因此，我們在新的活動中確實抓住了這一點。

On Premier, our strategy from a marketing standpoint has always been to use our consumers to communicate why they love the brand so much. So it's super authentic. It's been very effective for the brand. So it's a combination of that as well as communicating the amazing taste. So I don't expect us to change from that overall strategy but the teams are working hard to figure out what the right angle is to -- for the Q4 campaign.

在 Premier 上，從行銷角度來看，我們的策略始終是利用消費者來傳達他們為何如此喜愛品牌。所以說是超級正宗的。這對品牌來說非常有效。所以它是兩者的結合，同時也傳達了令人驚嘆的味道。因此，我不認為我們會改變整體策略，但團隊正在努力找出第四季度活動的正確角度。

Our next question comes from Matt McGinley with Needham.

我們的下一個問題來自馬特·麥金利和尼達姆。

So for the higher marketing spend this year, I think you were targeting something like 3% or 4% this year versus the 2.5% of sales you spent last year. Is that 3% to 4% in marketing still the right range? Or do you have that tighter than that now? And is the critical decision point, you made a couple of comments around how you would spend it. Is the critical decision point more around the production? Or is it more around the effectiveness of the 2Q advertising campaign that you would then kind of ramp the spend into the fourth quarter if you really got good results from what happens earlier in the year?

因此，對於今年更高的行銷支出，我認為今年您的目標是 3% 或 4%，而去年的銷售額為 2.5%。行銷的 3% 到 4% 仍然是合適的範圍嗎？或者你現在有比現在更緊的嗎？這是關鍵的決策點，您就如何使用它發表了一些評論。關鍵決策點是否更多地圍繞生產？還是更多地圍繞第二季度廣告活動的有效性，如果您確實從今年早些時候發生的事情中獲得了良好的結果，那麼您會在第四季度增加支出？

Yes. Darcy, I'll take the first question. You can take the second part of the question. Yes, we are modeling our marketing spend to be in kind of the 3% to 3.5% range. We don't think we'll get to 4%, that is more likely as we go forward with our full production capacity going but we'll be in that 3%, 3.5% range is our expectation for '24.

是的。達西，我來回答第一個問題。你可以回答問題的第二部分。是的，我們將行銷支出建模為 3% 至 3.5% 範圍內。我們認為我們不會達到 4%，隨著我們滿載運轉，這種可能性更大，但我們對 24 年的預期是在 3%、3.5% 範圍內。

Yes. Your second part of the question, I just want to be clear. So we are supporting -- fully supporting in marketing the parts of the business where we have capacity. So think of, we are fully supporting Dymatize, Premier Protein powder, our Premier bottles. What we are waiting on until from a marketing perspective until Q4 is really the tetra side of the business on Premier Protein. And that is purely a reflection of capacity. We just need to make sure that we have the capacity and we have the right level of inventory that we can -- that we can support it from a marketing perspective and see the lift.

是的。關於你問題的第二部分，我只是想澄清一下。因此，我們正在支持——全力支持我們有能力的業務部分的行銷。所以想一想，我們完全支持 Dymatize、Premier 蛋白粉和我們的 Premier 瓶子。從行銷角度來看，我們等待的第四季實際上是 Premier Protein 業務的四面體。這純粹是能力的反映。我們只需要確保我們有足夠的能力和適當的庫存水平——我們可以從行銷的角度支持它並看到提升。

Got it. That makes sense. And with the debt repayments that you made on your revolver last year and into this one, you have a 0 balance. And I don't believe you can call your senior notes until a couple of years out. I think in the prepared remarks, it sounds like working capital would be more of an investment this year but you'd still probably be building cash over the course of this year. Do you expect share repurchase to become more of a priority this year? Or does it make sense to sit on larger cash balances this year to, I guess, to have some dry powder if you see opportunities that present themselves?

知道了。這就說得通了。加上您去年用左輪手槍償還的債務和今年的債務，您的餘額為 0。我不相信你要在幾年後才能完成你的高級筆記。我認為在準備好的發言中，聽起來今年的營運資金更像是一項投資，但你仍然可能在今年累積現金。您預計股票回購會成為今年的優先事項嗎？或者，我想，如果你看到出現的機會，今年持有更多現金餘額是否有意義，以便有一些乾粉？

Yes. In '24, we expect to continue to look at share repurchases as the primary use of our capital. I would say that in '23, we actually -- we bought back [105 million] of shares. So I wouldn't say it was light in '23 as well. But as we go into '24, to your point, the -- we could build cash but share repurchases and being opportunistic there is the more likely use of our capital.

是的。 24 年，我們預計將繼續將股票回購視為我們資本的主要用途。我想說的是，在 23 年，我們實際上回購了 [1.05 億] 股股票。所以我不會說 23 年也很光明。但當我們進入 24 世紀時，就你的觀點而言，我們可以累積現金，但可以進行股票回購，並且投機取巧，我們的資本更有可能被使用。

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

我們的下一個問題來自美國銀行的 Bryan Spillane。

So I guess 2 kind of follow-ups. One, I think, Matt, he asked earlier about, are promotion levels this year kind of normalized. What about -- can you comment also on just marketing spend, Darcy? I guess I was thinking back, you've had capacity spend on limitation for a while, on and off. And so you -- I think my impression has -- maybe restrained marketing spend a bit. So now that you have more capacity and we're looking at this year, is this a normal year? Or would you expect that you have more capacity, again, assuming demand continues to increase that marketing, whether it's in absolute dollars or percentage of sales, how would that evolve with having more production?

所以我想有兩種後續行動。馬特早些時候問過，我認為今年的晉升水平是否已經正常化。達西，你能評論一下行銷支出嗎？我想我在回想，你已經斷斷續續地在限制上花費了一段時間的容量。所以你——我想我的印像是——可能會限制行銷支出。那麼現在你有了更多的產能，我們正在考慮今年，這是正常的一年嗎？或者，您會期望擁有更多的產能，假設需求繼續增加行銷，無論是絕對美元還是銷售額的百分比，隨著產量的增加，情況會如何演變？

Yes. From a marketing perspective, it is not a normal year. So we would -- because we're really starting -- like I said, we are supporting the size of the business that we have capacity. So normal year for Dymatize, Premier Protein powder, bottles but on the tetra side of the business, which is really the bulk of the Premier Protein business. We are only marketing -- we are planning to only market in Q4. So getting into '25, we would absolutely be spending -- and probably our biggest spend would be Q2. The reason why we're not doing Q2 this year is capacity and we don't -- and the last thing we want to do and we're pushing promotion first and then marketing in the back half. So I think '25 will be more of a normal marketing year for the entire business because we'll have all of our greenfields up to -- fully scaled up and we'll be able to really drive the business.

是的。從行銷角度來看，今年不是正常的一年。因此，我們會——因為我們真正開始——就像我說的那樣，我們正在支持我們擁有能力的業務規模。對於 Dymatize、Premier 蛋白粉、瓶子來說，這是正常的一年，但在四方面業務，這實際上是 Premier 蛋白業務的大部分。我們只是進行行銷——我們計劃僅在第四季度進行行銷。因此，進入 25 年，我們絕對會支出——而且可能我們最大的支出將是第二季。我們今年不做第二季的原因是產能，而我們沒有——我們最不想做的事情是，我們首先推動促銷，然後在後半段進行行銷。因此，我認為 25 年對於整個業務來說將是一個正常的營銷年，因為我們將所有的綠地都完全擴大規模，我們將能夠真正推動業務發展。

Okay. And then my second -- my follow -- other follow-up is just to Pam's question around GLP-1s. And I guess I was hearing it and listening to the prepared remarks. One question is just in terms of research, it sounds like what you're doing with a lot of consumer research but will you do any like product formulation research or anything that might be able to connect the efficacy of Premier to patients on GLP-1s and tied to that, kind of like what we see in infant formula? Is there the potential to market to doctors and nutritionists, right, to sort of promote the efficacy of the product and helping people on that weight loss journey?

好的。然後我的第二個——我的後續——其他後續行動只是針對 Pam 關於 GLP-1 的問題。我想我正在聽到它並正在聽準備好的演講。一個問題只是在研究方面，這聽起來像是您正在做的大量消費者研究，但您會做任何類似產品配方研究或任何可能能夠將 Premier 的功效與 GLP-1 患者聯繫起來的事情嗎？與此相關，有點像我們在嬰兒配方奶粉中看到的？是否有潛力向醫生和營養師推銷產品，以提高產品的功效並幫助人們進行減肥之旅？

Yes. So first, the exciting news is that we don't have to do much. I mean, our products are very well formulated, positioned and already resonating with GLP users. I mean, you can go on social media and you see our brand pop-up kind of on Reddit and Facebook feeds, et cetera.

是的。首先，令人興奮的消息是我們不需要做太多事情。我的意思是，我們的產品配方、定位非常好，並且已經引起了 GLP 用戶的共鳴。我的意思是，你可以在社群媒體上看到我們的品牌在 Reddit 和 Facebook 動態等上彈出。

However, I think that -- and I would also say that we have experience marketing to certain groups where certain specific kind of medical needs. And we do it in a way that doesn't change our brand overall brand positioning but we do it in a very kind of specific surgical way, which I think is how we would do this. And so we have some experience there. We just want to figure out the right place to communicate.

然而，我認為——而且我還要說，我們有向某些有特定醫療需求的群體進行行銷的經驗。我們這樣做的方式不會改變我們品牌的整體品牌定位，但我們以一種非常具體的外科手術方式做到這一點，我認為這就是我們這樣做的方式。所以我們在這方面有一些經驗。我們只是想找到合適的溝通地點。

Your last question around -- would we go after doctors, et cetera. We have some experience there. And the answer is possibly. I think our experience would say that doctors really have no interest in communicating what products people use but some of the support groups or nurses or dieticians do. And so we'll see, again, this is a different, it's a different product. It's a different kind of health journey. So we want to really understand it so we can do it the right way.

你的最後一個問題是──我們會去找醫生等等嗎？我們在那裡有一些經驗。答案是可能的。我認為我們的經驗表明，醫生確實沒有興趣交流人們使用什麼產品，但一些支持小組、護士或營養師卻有興趣。所以我們會再次看到，這是一個不同的產品，這是一個不同的產品。這是一趟不一樣的健康之旅。所以我們想要真正理解它，這樣我們才能以正確的方式去做。

And then from a -- the last question around product formulation, absolutely. It's part of what we're evaluating. Remember, this is early. So we want to better understand the nutrition that they're missing. We know that, that, when you are on these drugs that you do lose more muscle mass, so we know protein is important. So kind of checked that box. There are other areas if there's some micronutrients that are potentially lost. Those are things that we need to learn and we plan to.

然後是關於產品配方的最後一個問題，絕對是。這是我們正在評估的一部分。請記住，現在還早。所以我們想更了解它們所缺乏的營養。我們知道，當您服用這些藥物時，您確實會失去更多的肌肉質量，因此我們知道蛋白質很重要。所以有點勾選了那個框框。如果有一些微量營養素可能會流失，還有其他領域。這些是我們需要學習並且我們計劃學習的東西。

Our next question comes from John Baumgartner with Mizuho Securities.

我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。

Darcy, first off, I wanted to ask about innovation. As the supply chain issues are being solved and advertising and promos being turned back on, at what point do you think the model is ready and sort of capable of supporting innovation that's larger and more platform-based in nature? You mentioned your long-range planning. So how do we think about portfolio development from here, whether it's flavors, formats, differentiated products that we may even see in fiscal '24?

達西，首先，我想問創新的問題。隨著供應鏈問題的解決以及廣告和促銷活動的重新啟動，您認為該模式何時已經準備好並且能夠支援更大、更基於平台的創新？您提到了您的長期規劃。那麼，我們如何從這裡考慮產品組合的開發，無論是口味、格式還是我們可能在 24 財年看到的差異化產品？

We dug into -- I think that we have some new learnings in this area, John. So we dug into our data over the last several months with an outside partner. And I think that we have, yes, some exciting new learnings. I think the biggest piece is, we have found we have much more upside with our existing products and what -- I'll just call close-in innovation. So think flavors, pack sizes, formats and so sort of closer in innovation as well as just more distribution of our existing products.

我們深入研究——我認為我們在這個領域有了一些新的認識，約翰。因此，我們與外部合作夥伴一起深入研究了過去幾個月的數據。是的，我認為我們有一些令人興奮的新知識。我認為最重要的是，我們發現我們現有的產品有更多的優勢，我稱之為近距離創新。因此，請考慮口味、包裝尺寸、格式等方面的創新以及我們現有產品的更多分銷。

What I like about that is, it is less risky, it's more efficient. However, we also have been spending the last 2 years -- our R&I team have been working on new lines of products, especially on our Premier Protein business. So we have a very full pipeline of new products. But my expectation is that we're going to focus on -- in '24 more on the closer-in innovation and then '25 and beyond will be -- will be launching some of those lines that we have developed. And our goal is to launch a new line every 12 to 18 months on both Premier and Dymatize and focus on '25 and beyond.

我喜歡的一點是，它風險更小，效率更高。然而，過去兩年我們也一直在努力開發新產品線，特別是我們的優質蛋白質業務。所以我們有非常完整的新產品管線。但我的期望是，我們將在 24 年更專注於更緊密的創新，然後在 25 年及以後將推出我們開發的一些產品線。我們的目標是每 12 至 18 個月在 Premier 和 Dymatize 上推出一條新產品線，並專注於 25 年及以後的產品。

Okay. And then as a follow-up on marketing. You've also mentioned TV campaigns, obviously and the high ROI you're seeing from influencers and social media. But I'm curious, do other opportunities exist, whether it's partnerships or brand sponsorships, that can maybe amplify and complement that influence your breadth and accelerate brand awareness? What levers are still out there, maybe that could be high impact but haven't been pulled yet, given where the supply chain has been.

好的。然後作為行銷的後續行動。顯然，您也提到了電視活動以及您從影響者和社群媒體上看到的高投資報酬率。但我很好奇，是否存在其他機會，無論是合作夥伴關係還是品牌贊助，都可以擴大和補充影響您的廣度並提高品牌知名度？仍然存在哪些槓桿，也許這可能會產生很大的影響，但考慮到供應鏈的狀況，尚未被拉動。

I mean, honestly, a lot of levers because we just haven't -- I mean -- so again, I want to separate Dymatize and Premier. On Premier, we've been holding back. We have not had any significant marketing for 2 years. So other than kind of the basic social media that what we call kind of every day, keep the lights on marketing but we haven't had a big campaign since '21. So absolutely a big opportunity.

老實說，我的意思是，有很多槓桿，因為我們還沒有——我的意思是——所以我想再次將 Dymatize 和 Premier 分開。在 Premier 上，我們一直在猶豫。我們已經兩年沒有進行任何重大行銷活動了。因此，除了我們所說的每天的基本社交媒體之外，還要繼續關注行銷，但自 21 年來我們就沒有開展過大型活動。所以絕對是一個很大的機會。

On Dymatize -- and we use -- we have influencers. We call them our Shaker Program. And they're basically -- every day that -- we have a bunch of criteria. They're still -- they're everyday influencers but they actually have a lot of reach. So we have had a lot of success with the Shaker Program within Premier. Now is there an opportunity to have a more high-profile influencer? Possibly. On Dymatize, we actually have done that. So we've brought in a combination of -- of just regular influencers, which have pretty high reach but then we've also every year, brought on some kind of higher profile influencers and we'll continue to do that within the Dymatize business, even starting in '24. I'm not ready to tell you who the high-profile influencers are but we're absolutely using that lever.

在 Dymatize 上——我們使用——我們有影響者。我們稱之為我們的 Shaker 計劃。基本上，我們每天都有一堆標準。他們仍然是日常影響者，但實際上他們的影響力很大。因此，我們在 Premier 中的 Shaker 計劃取得了巨大的成功。現在是否有機會擁有更知名的影響者？可能吧。在 Dymatize 上，我們實際上已經做到了這一點。因此，我們引入了一些具有相當高影響力的常規影響者的組合，但我們每年也會引入一些知名度更高的影響者，我們將繼續在 Dymatize 業務中這樣做，甚至從 24 年開始。我還沒準備好告訴你誰是備受矚目的影​​響者，但我們絕對會使用這個槓桿。

(Operator Instructions) Our next question comes from Bill Chappell with Truist Securities.

（操作員指令）我們的下一個問題來自 Truist Securities 的 Bill Chappell。

Yes. Thanks for squeezing me in. I guess, first, maybe just a little bit -- with some of the additional capacity, talk about kind of different distribution, both international opportunities but also kind of single serve at C-stores or stuff like that and kind of how that's progressing or if that will progress as we look at the next -- end of the year?

是的。謝謝你讓我參與其中。我想，首先，也許只是一點點——透過一些額外的能力，談論不同的分銷，既包括國際機會，也包括便利商店的單一服務或類似的東西，進展如何，或者在我們明年年底時是否會取得進展？

Yes. So first of all, international, actually, I think both of those opportunities as more longer range. We have so much -- I mean, I just said when I was talking to John, is that from an innovation standpoint, this new learning around -- we have so much opportunity in the U.S. with our existing products with kind of close-in innovation. International is absolutely an opportunity but it is -- it takes a little longer to build and it is kind of -- it's -- yes, it's a slower build. Right now, international is about low teens, about 10% to 12% of our business. And it's growing very -- it's growing strongly about the same rate as we're seeing in the U.S. But it's on a lower base.

是的。首先，實際上，在國際上，我認為這兩個機會的範圍都更大。我們有很多——我的意思是，我剛剛在與約翰交談時說過，從創新的角度來看，這種新的學習——我們在美國有很多機會，我們現有的產品具有一定的接近性。創新。國際化絕對是一個機會，但它的建設需要更長的時間，而且是的，是的，建設速度較慢。目前，國際業務大約占我們業務的 10% 到 12%。它的成長速度非常強勁，與我們在美國看到的速度大致相同，但基礎較低。

So we're going to continue. We have a dedicated team that's focused. We have a nice-sized business in Canada. We're growing in Mexico. We are growing through our global customers across the globe. We have a business in the EU and an office there. So I would say we are definitely investing and we see it as a future opportunity. It's just a slower build, especially when we have so much opportunity within the U.S.

所以我們要繼續。我們有一支專注的敬業團隊。我們在加拿大有一家規模很大的企業。我們在墨西哥發展。我們透過全球客戶不斷成長。我們在歐盟設有業務並設有辦事處。所以我想說，我們肯定在投資，並將其視為未來的機會。只是建設速度較慢，尤其是當我們在美國有如此多的機會時

On the single-serve question, the same thing. Again, we see that as an opportunity. It's a little more complicated because it requires a different route to market. So once again, we have this capacity. We are actually expanding our bottle co-man, which is exciting, which is also the format that we sell within e-commerce. And we think that there's future opportunity with kind of bottles across channels.

關於單份服務的問題，同樣的事情。我們再次認為這是一個機會。這有點複雜，因為它需要不同的市場途徑。因此，我們再次擁有這種能力。我們實際上正在擴大我們的瓶子合作，這是令人興奮的，這也是我們在電子商務中銷售的格式。我們認為跨通路的瓶子未來有機會。

Got it. And then just housekeeping. Can you give us an idea of interest expense and tax rate for fiscal '24?

知道了。然後只是做家事。您能為我們介紹一下 24 財年的利息支出和稅率嗎？

Yes, our tax rate will be around 25% to 26%, a little higher this year because of the accelerated amortization on PowerBar. What was your second question? It was cash interest?

是的，我們的稅率將在 25% 至 26% 左右，由於 PowerBar 的加速攤銷，今年的稅率會更高一些。你的第二個問題是什麼？是現金利息嗎？

Yes, interest expense, cash interest expense.

是的，利息支出，現金利息支出。

Cash interest ought to be around $60 million.

現金利息應該在6000萬美元左右。

Our next question comes from 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。

Just 1 quick question on Premier Protein. From the slides, it looks like consumption growth for the brand has been running stronger in tracked channels relative to untracked channels, both on a 52-week and 13-week basis. I'm assuming that's a function of where the new distribution or TPs or the restoration of TPs is hitting the market. But could you remind us of kind of for Premier Protein, how much of the consumption for that brand is tracked versus untracked? And as you look to 2024 and restarting promotions, et cetera, how do you expect that channel mix may evolve in 2024 from here?

只是 1 個關於 Premier Protein 的快速問題。從幻燈片來看，無論是在 52 週還是在 13 週的基礎上，該品牌在追蹤管道中的消費成長似乎都比非追蹤管道更為強勁。我假設這是新發行版或 TP 或 TP 恢復進入市場的函數。但您能否提醒我們，對於 Premier Protein，該品牌的消費有多少是被追蹤的，哪些是未追蹤的？當您展望 2024 年並重新啟動促銷活動等時，您預計 2024 年通路組合將如何發展？

So Jennifer might have to help me. I think it's about 60% of our business on Premier is in tracked. Jennifer, is that about right?

所以珍妮佛可能需要幫助我。我認為 Premier 上大約 60% 的業務都在追蹤中。詹妮弗，是這樣嗎？

I believe so.

我相信是這樣。

Okay. So about 60% of the Premier business is tracked. You're absolutely right, Jon, that the reason why it's outpacing on tracked is, mainly that's where we're gaining a lot of distribution. It's a lot of food accounts, mass accounts where we're increasing distribution quite a lot. And then -- sorry, your second question around -- was it just your...

好的。因此大約 60% 的 Premier 業務都會被追蹤。喬恩，你說得完全正確，它在跟踪方面超過的原因主要是我們獲得了大量分發的地方。有許多食品帳戶、大眾帳戶，我們正在大量增加分配。然後 - 抱歉，你的第二個問題 - 這只是你的...

More around the focus of marketing in 2024. And will it have a kind of a channel orientation to it that might affect that mix in '24?

更多圍繞 2024 年行銷的重點。它是否會有某種管道導向，可能會影響 24 年的組合？

Yes. No. So all of our marketing is really supporting the overall brand, which should raise all channels kind of equally. We do some channel-specific marketing but the bulk of it will be overall. I think the biggest -- I do expect that -- I mean it depends -- it will be -- I would say the difference between tracked and untracked moving forward will -- we expect to continue to see increases in distribution more in tracked. But also on untracked, we'll see -- promotion can really push untracked quite high when we have these big promotions within the quarter. So that's something that we will see kind of like in Q2 and Q4.

是的。不。所以我們所有的行銷實際上都是為了支持整體品牌，這應該可以平等地提升所有管道的水平。我們會進行一些針對特定管道的行銷，但大部分都是整體行銷。我認為最大的——我確實期望——我的意思是這取決於——這將是——我想說跟踪和非跟踪之間的區別將是——我們預計將繼續看到跟踪的分配增加。但在 untracked 上，我們會看到，當我們在本季度進行這些大型促銷活動時，促銷確實可以將 untracked 推得相當高。所以我們會在第二季和第四季看到類似的情況。

Thank you. We reached the end of our Q&A session. This concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。我們的問答環節結束了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。