Bellring Brands Inc (BRBR) 2024 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to BellRing Brands' first quarter fiscal year 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 BellRing Brands 2024 財年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jennifer Meyer, Investor Relations for BellRing Brands. Please go ahead.

我現在想把會議交給今天的發言人，BellRing Brands 投資者關係部的 Jennifer Meyer。請繼續。

Good morning. Thank you for joining us today for BellRing Brands first quarter fiscal 2024 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 2024 財年第一季財報電話會議。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演講。之後，我們將進行簡短的問答環節。

The press release and supplemental slide presentation that supports these remarks are posted on our website in both the Investor Relations and the SEC filings sections of 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bellring.com 投資者關係和美國證券交易委員會備案部分。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 statement the current as of the date of this call and management undertakes no obligation to update these statements.

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有重大差異。這些前瞻性聲明截至本次電話會議之日有效，管理階層不承擔更新這些聲明的義務。

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.

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 first quarter results and posted a supplemental presentation to our website. This presentation is designed to provide more insight into our business, consumption, and key metrics, and now includes more information on our powders' business.

謝謝詹妮弗，也謝謝大家加入我們。昨晚，我們報告了第一季的業績，並在我們的網站上發布了補充簡報。本簡報旨在讓您更深入了解我們的業務、消費和關鍵指標，現在包含更多有關我們粉末業務的資訊。

I'm pleased to share the fiscal '24 is off to an excellent start. The business continues to accelerate as we bring on new share capacity and begin to drive demand. Our first-quarter results came in ahead of our expectations. Net sales grew 19% over prior year, and adjusted EBITDA was up 18%. Premier Protein drove the outperformance as some key customers chose to right-size their trade inventory that they were heading into the new year, new you season started in January.

我很高興與大家分享，24 財年有了一個好的開始。隨著我們引入新的共享產能並開始推動需求，業務繼續加速。我們第一季的業績超出了我們的預期。淨銷售額比上年增長 19%，調整後 EBITDA 成長 18%。 Premier Protein 推動了業績的優異表現，因為一些主要客戶選擇調整其貿易庫存規模，以迎接一月份開始的新年、新季節。

As you saw in yesterday's press release, we raised our outlook for the year. We now expect net sales to grow between 12% and 17% over fiscal '23 and adjusted EBITDA to grow between 11% and 18%. Our better-than-expected first-quarter performance, along with strong consumption trends and confidence in our capacity expansion drove our decision to raise the top and bottom line.

正如您在昨天的新聞稿中看到的，我們上調了今年的展望。我們現在預計 23 財年淨銷售額將成長 12% 至 17%，調整後 EBITDA 將成長 11% 至 18%。我們優於預期的第一季業績，加上強勁的消費趨勢和對產能擴張的信心，促使我們決定提高營收和利潤。

Moving to shake production. In fiscal '23, we made notable progress to grow and diversify our shake supply and our efforts continue into '24. I'm happy to share that we brought our second greenfield co-man facility at Michael Foods online during Q1. They will continue to scale up over the next 12 months, producing more shakes every quarter. We remain on track to grow production north of 20% this year, enabling strong net sales growth in '24 and increased weeks of supply.

轉向搖動生產。在 23 財年，我們在奶昔供應成長和多樣化方面取得了顯著進展，我們的努力將持續到 24 財年。我很高興與大家分享，我們在第一季將 Michael Foods 的第二個新建聯合工廠上線。他們將在未來 12 個月內繼續擴大規模，每季生產更多奶昔。今年我們的產量仍有望成長 20% 以上，從而實現 24 年淨銷售額的強勁成長並增加供應週數。

The demand and supply dynamics on shake will remain tight for most of the year, and we'll continue to be nimble so we can navigate effectively.

在今年的大部分時間裡，震動的需求和供應動態將保持緊張，我們將繼續保持靈活性，以便我們能夠有效地應對。

Now to the category and brand updates. The convenient nutrition category grew 10% in Q1 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 led the category up 16% and ready to mix grew 6% (technical difficulty) increase. Supply and distribution gains have been --

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，方便營養品類別在第一季成長了 10%。消費者對功能性飲料和運動營養產品的興趣持續高漲。即飲型成長了 16%，混合型成長了 6%（技術難度）。供應和分銷收益是—

While ready to mix remained healthy despite lapping significant price increases. Premier Protein shake consumption remained strong this quarter, up 29%. Growth was robust across all channels, driven by improved supply, distribution expansion, and continued excitement around our seasonal flavors.

儘管價格大幅上漲，但準備混合仍保持健康。本季 Premier 蛋白質奶昔消費量依然強勁，成長 29%。在供應改善、分銷擴張以及對我們的季節性口味的持續興奮的推動下，所有管道都實現了強勁增長。

The highest growth was in mass and e-commerce. Mass benefited from higher in-stock levels and distribution gains, while e-commerce saw strong growth behind promotional activity. Our latest seasonal flavor, wintermint and chocolate, demonstrated remarkable incrementality to the brand.

成長最快的是大眾和電子商務。大眾市場受益於庫存水準的提高和分銷收益的成長，而電子商務則在促銷活動的推動下實現了強勁成長。我們最新的時令口味——冬薄荷和巧克力，展示了品牌的顯著增量。

January consumption growth continues at 34%, lifted by incremental promotional activity in tracked channels. Our brand metrics reflect our continued momentum as Premier Protein reached all-time highs in TDPs and household penetration. Premier Protein with RTD market share of 21%, maintained its position as the number-one brand in the RTD segment as well as the number-one brand in the broader convenient nutrition category.

受追蹤通路增量促銷活動的推動，1 月消費成長持續維持 34%。隨著 Premier Protein 在 TDP 和家庭滲透率方面達到歷史新高，我們的品牌指標反映了我們持續的發展勢頭。 Premier Protein 的 RTD 市佔率為 21%，維持了 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 continues to gain new users, reaching over 17% of households this quarter, adding nearly 1 percentage point versus Q4. In calendar year '23, the brand grew household penetration 24%, a significant contributor to the overall RTD category growth.

Premier Protein 繼續獲得新用戶，本季覆蓋了超過 17% 的家庭，比第四季增加了近 1 個百分點。 23 年，該品牌的家庭滲透率成長了 24%，為 RTD 類別的整體成長做出了重大貢獻。

Premier Protein's household penetration continues to be the highest in the category, and we expect marketing and promotional activities in the remainder of fiscal '24 to further grow our reach.

Premier Protein 的家庭滲透率仍然是該類別中最高的，我們預計 24 財年剩餘時間的行銷和促銷活動將進一步擴大我們的影響力。

With the RTD segment, household penetration is still below categories such as nutrition bars and energy drinks. We still see tremendous opportunity to grow in our existing channels. Premier Protein powder continued its strong trajectory, growing 66% in Q1 behind distribution gains, strong velocities, and promotional support. The momentum continued in January, up 50% as we begin a powder-focused marketing campaign. We remain encouraged by the growth potential of the Premier Protein brand in this format.

就即飲飲料而言，家庭滲透率仍低於營養棒和能量飲料等類別。我們仍然看到現有管道的巨大發展機會。 Premier 蛋白粉持續保持強勁的發展勢頭，在分銷成長、強勁的速度和促銷支援的推動下，第一季成長了 66%。隨著我們開始以粉末為重點的行銷活動，這一勢頭在 1 月繼續增長，增長了 50%。我們仍然對 Premier Protein 品牌以這種形式的成長潛力感到鼓舞。

In fact, during calendar year '23, Premier powder's household penetration grew 82%, the highest of any key competitor in the powder category. We believe the brand will continue to bring mainstream consumers into the powder category in the same way premier did to the ready-to-drink category.

事實上，在 23 日曆年，Premier 粉末的家庭滲透率增加了 82%，是粉末類別中所有主要競爭對手中最高的。我們相信，該品牌將繼續將主流消費者帶入粉末類別，就像 Premier 進入即飲類別一樣。

Turning to Dymatize, the brand had a solid quarter with household penetration, maintaining record highs and consumption of 16%, significantly outpacing the category. We saw double-digit growth in nearly all channels, driven by distribution gains, promotion, and continued top-tier velocities. Specialty consumption growth was the only exception, it remains challenged as consumers shift purchases to mainstream channels.

至於 Dymatize，品牌季表現強勁，家庭滲透率維持歷史新高，消費量達 16%，顯著超過同類產品。在分銷收益、促銷和持續的頂級速度的推動下，我們幾乎所有管道都實現了兩位數的成長。特色消費成長是唯一的例外，但隨著消費者將購買轉向主流管道，它仍然面臨挑戰。

Looking forward, Dymatize launched a new national marketing campaign in Q2, which focuses on what makes the brand unique. It's superior Premier -- it's super premium ingredients and amazing taste. The formulated for more campaign has three pillars. The first focuses on the brand and superior ingredients and how they support superior results for athletes. The second pillar showcases our amazing tasting flavors like fruity pebbles, to highlight the fun they bring to even the most serious athlete.

展望未來，Dymatize 在第二季推出了一項新的全國行銷活動，重點是品牌的獨特之處。它是高級的——它採用超優質的原料和令人驚嘆的味道。制定的「爭取更多」活動有三大支柱。第一個重點是品牌和優質成分以及它們如何支持運動員取得優異成績。第二支柱展示了我們令人驚嘆的口味，如果味鵝卵石，以突出它們給即使是最認真的運動員帶來的樂趣。

The third is possibly the most exciting if you're a football fan. I'm thrilled to share we have expanded our core team of Dymatize athletes and influencers, and we are partnering with San Francisco All-Pro running back Christian McCaffrey. We are eager to see the impact this type of enhanced digital marketing and top tier influencer will have on our brand awareness and household penetration.

如果你是足球迷，第三個可能是最令人興奮的。我很高興地告訴大家，我們已經擴大了由 Dymatize 運動員和影響者組成的核心團隊，我們正在與舊金山全職業賽跑衛 Christian McCaffrey 合作。我們渴望看到這種增強型數位行銷和頂級影響者將對我們的品牌知名度和家庭滲透率產生影響。

In closing, our Q1 results position us well for an above-algorithm fiscal year. Our confidence in our long-term outlook for BellRing remains strong. Our business is focused on the strongest segments of a growing category with a ton of upside.

最後，我們的第一季業績使我們在高於演算法的財年中處於有利地位。我們對 BellRing 的長期前景仍然充滿信心。我們的業務專注於一個不斷增長的類別中最強大的細分市場，並且具有巨大的上升空間。

Premier Protein and Dymatize are leading mainstream brands with low household penetration and strong loyalty. Our momentum continues to grow as we began to drive shake demand and ramp up our powder marketing efforts. We continue to increase our shake supply and our scalable supply chain will enable many years of robust shake growth. We are bringing flavor excitement to consumers and retail partners and more innovation in our pipeline to fuel future growth.

Premier Protein 和 Dymatize 是領先的主流品牌，家庭普及率較低，但忠誠度很高。隨著我們開始推動奶昔需求並加大粉末行銷力度，我們的勢頭繼續增長。我們將繼續增加奶昔供應，我們的可擴展供應鏈將使奶昔實現多年的強勁成長。我們正在為消費者和零售合作夥伴帶來令人興奮的風味，並在我們的管道中進行更多創新，以推動未來的成長。

Before passing over to Paul, I'm sure that most of you have heard that Rob Vitale, our Executive Chairman, has returned from his medical leave. We are incredibly excited to have him back at full strength.

在轉到保羅之前，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) 已從病假中歸來。我們非常高興他能全力回歸。

We look forward to sharing our progress next quarter. And I will now turn the call over to Paul.

我們期待在下個季度分享我們的進展。我現在將把電話轉給保羅。

Thanks, Darcy, and good morning, everyone. As Darcy highlighted, our first quarter results came in above our expectations. Net sales for the quarter were $430 million and adjusted EBITDA was $101 million. Net sales grew 19% over prior year, and adjusted EBITDA increased 18%, with adjusted EBITDA margin of 23.4%.

謝謝達西，大家早安。正如達西所強調的那樣，我們第一季的業績超出了我們的預期。該季度淨銷售額為 4.3 億美元，調整後 EBITDA 為 1.01 億美元。淨銷售額較上年成長 19%，調整後 EBITDA 成長 18%，調整後 EBITDA 利潤率為 23.4%。

Starting with [rail] performance from (technical difficulty) growth for RTD shakes and powders. Approaching, net sales grew 19% behind strong distributions. Organic growth in white promotional activity drove shake growth. Shake consumption [dollar] grew 25%, outpacing ship a growth of 19%. The former benefited primarily from higher processing as price increases at retail lagged our October 2022 price increase on shakes.

從 RTD 奶昔和粉末（技術難度）增長的 [rail] 性能開始。隨著強勁的分銷，淨銷售額成長 19%。白色促銷活動的有機成長推動了奶昔的成長。奶昔消費量（美元）成長 25%，超過船舶 19% 的成長。前者主要受惠於更高的加工量，因為零售價格上漲落後於我們 2022 年 10 月的震動價格上漲。

Dymatize net sales decreased 21% this quarter as the brand benefited from increased distribution and organic growth of domestic mainstream channels. These gains, combined with lapping last year's Q1 trade inventory [deload] drove volume gains in the quarter. Price mix was a partial offset to this growth driven by incremental promotional activity and unfavorable mix.

Dymatize 本季淨銷售額下降 21%，品牌受益於國內主流通路的分銷增加和有機成長。這些成長，加上去年第一季貿易庫存的減少，推動了本季銷售量的成長。價格組合部分抵銷了增量促銷活動和不利組合所推動的成長。

Gross profit of $148 million grew 22% with an increase of gross profit margin of 80 basis points to 34.4%. [ Margin] increase resulted from the input cost inflation, partially offset by incremental promotional activity and lapping production of [fees] received in the prior year.

毛利達 1.48 億美元，成長 22%，毛利率提高 80 個基點至 34.4%。 [利潤]增加是由於投入成本上漲造成的，部分被增量促銷活動和上一年收到的[費用]研磨生產所抵消。

Excluding one-time costs in the prior year period, SG&A expenses as a percentage of net sales decreased 90 basis points as we lap our lowest SG&A spend quarter in 2023. Operating profit of $73 million decreased $2 million compared to prior year and was negatively impacted by $17 million of accelerated amortization. This was a non-cash expense recorded in connection with our Q4 decision to discontinue the PowerBar North American business and was treated as an adjustment for the non-GAAP measures.

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下降了90 個基點，因為我們在2023 年度過了SG&A 支出最低的季度。營業利潤為7300 萬美元，與上一年相比減少了200 萬美元，並受到負面影響加速攤銷 1700 萬美元。這是與我們第四季度終止 PowerBar 北美業務的決定相關的非現金費用，被視為對非 GAAP 措施的調整。

The intangible assets associated with this business were fully amortized in the first quarter.

與該業務相關的無形資產已於第一季全額攤銷。

Before outlook, I would like to make a few comments on cash flow and liquidity. We generated $74 million in cash flow from operations of the first quarter. While our working capital modestly decreased in the first quarter, we continue to expect net working capital growth in fiscal '24 to exceed our net sales growth rates as we add [weeks] of shake supply. As a result, our cash flow in fiscal '24 will be modestly lower than fiscal '23.

在展望之前，我想就現金流和流動性發表一些評論。我們第一季的營運產生了 7,400 萬美元的現金流。雖然我們的營運資本在第一季略有下降，但隨著我們增加[週]的庫存供應，我們仍然預計 24 財年的淨營運資本成長將超過我們的淨銷售成長率。因此，我們 24 財年的現金流量將略低於 23 財年。

During the quarter, we repaid the remaining $25 million of borrowings under our revolving credit facility. As of December 31, net debt was [$755 million] and net leverage was 2.1 times. With our adjusted EBITDA growth and strong cash flow generation, we anticipate net leverage declined below 2 times in fiscal '24.

本季度，我們償還了循環信貸額度下剩餘的 2,500 萬美元借款。截至 12 月 31 日，淨債務為 [7.55 億美元]，淨槓桿率為 2.1 倍。隨著我們調整後的 EBITDA 成長和強勁的現金流生成，我們預計 24 財年的淨槓桿率將降至 2 倍以下。

With respect to our share repurchases this quarter, we bought 200,000 shares at an average price of $44.27 per share or $9 million in total. Our remaining share repurchase authorization is $14 million.

關於本季的股票回購，我們以每股 44.27 美元的平均價格購買了 20 萬股，總計 900 萬美元。我們剩餘的股票回購授權為 1400 萬美元。

Turning to our outlook, we raised our fiscal '24 guidance for net sales to be $1.87 billion to $1.95 billion, and adjusted EBITDA of $375 million to $400 million. Our [go to] supply of strong top line growth of 12% to 17%, and adjusted EBITDA growth of 11% to 18%, with healthy adjusted EBITDA margins of 20.3% [organic].

談到我們的前景，我們將 24 財年淨銷售額指引上調至 18.7 億美元至 19.5 億美元，調整後的 EBITDA 為 3.75 億美元至 4 億美元。我們的[目標]營收強勁成長 12% 至 17%，調整後 EBITDA 成長 11% 至 18%，調整後 EBITDA 利潤率為 20.3%（有機）。

As already mentioned, our better-than-expected first quarter performance drove our decision to raise our outlook, and we don't expect any major changes to the cadence we communicated last quarter.

正如已經提到的，我們好於預期的第一季業績促使我們決定提高我們的前景，並且我們預計上季度溝通的節奏不會發生任何重大變化。

Moving to our second-quarter forecast, we expect net sales growth to exceed 20% with majority of the growth driven by Premier Protein as we restart meaningful shake promotions. Consequently, we expect pricing to be a significant offset the strong shake volume growth. We expect second quarter adjusted EBITDA margins to improve modestly compared to prior year, as higher gross margins are partially offset by higher SG&A as the percentage of net sales.

轉向我們第二季的預測，隨著我們重新啟動有意義的奶昔促銷活動，我們預計淨銷售額成長將超過 20%，其中大部分成長是由 Premier Protein 推動的。因此，我們預計定價將顯著抵銷奶昔銷售的強勁成長。我們預計第二季調整後的 EBITDA 利潤率將比去年同期略有改善，因為更高的毛利率被更高的 SG&A（銷售及管理費用）佔淨銷售額的百分比所抵消。

Gross margins are expected to benefit from lower protein costs, offset partially by increased promotional spend and other input cost inflation.

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 good start to fiscal '24. Our strong Q1 results give us greater confidence in our full-year outlook and long-term growth prospects. I will now turn it over to the operator for questions.

最後，我們對 24 財年的良好開局感到滿意。我們強勁的第一季業績讓我們對全年展望和長期成長前景更有信心。我現在將其交給接線員詢問。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Maybe to start off. I'm trying to get a better sense of what you think is driving customers to sort of raise their and their trade inventories. It sounds like from that happened at a greater level than maybe you had anticipated heading into the sort of the new year, new you season. Is that normal course of business or indicative of the increased shelf space and distribution? Just trying to get a sense of what drove that if it was sort of beyond your expectations?

也許要開始。我試著更了解您認為是什麼促使客戶增加他們的貿易庫存。聽起來，在進入新的一年、新的季節時，發生的事情比你預期的要高。這是正常的業務流程還是顯示貨架空間和分銷增加了？只是想了解是什麼推動了這一結果，如果它超出了您的預期？

Yeah, it was. It was beyond. And mainly it was due to a few customers carrying low inventory in Q1 during the holidays. And so what happened is they were low. We weren't sure if they are going to right-size their inventory, but they did and we are able to meet the demand. So it was more about right sizing their own inventory because they're low.

是的，確實如此。已經超出了。主要原因是第一季假期期間少數客戶庫存較低。所以發生的事情是它們很低。我們不確定他們是否會調整庫存規模，但他們確實這樣做了，我們也能夠滿足需求。因此，更多的是要正確調整自己的庫存規模，因為庫存很低。

Got it. And then I think when you initially provided your fiscal '24 guidance last quarter, sales growth at the midpoint of about 12.5% was well below of I think around 20%. And much of that, I think, [was at] you expectation that some of the added capacity would be build up your own internal safety stock. If capacity is still expected to grow around 20%, I guess I'm trying to get a sense of I guess why now you're expecting a narrower gap between added capacity and sales growth. Is it simply just the demand is stronger than you thought, and so basically, you don't add as much safety stock as you anticipated? Just trying to get sense of what drives that and what that means for the business. Thanks so much.

知道了。然後我認為，當您最初提供上個季度的 24 財年指引時，銷售成長率中點約為 12.5%，遠低於我認為的 20% 左右。我認為，其中大部分是你期望增加的一些能力能夠建立你自己的內部安全庫存。如果產能仍預期成長 20% 左右，我想我想了解為什麼現在你預期新增產能和銷售成長之間的差距會縮小。難道只是需求比您想像的要強，所以基本上您沒有像您預期的那樣增加安全庫存？只是想了解是什麼推動了這一點以及這對業務意味著什麼。非常感謝。

Yes, that's right. And yeah, simply put, given the current consumption trends, we estimate that we will need to use more of our capacity for sales instead of inventory. As we explained last, we need to build our inventory up to a level. Our target is six to eight weeks. But we do have the flexibility. We can operate around four to five weeks. So if the demand is there, we're going to make a call and we can lean a little bit more into sales.

恩，那就對了。是的，簡單地說，鑑於當前的消費趨勢，我們估計我們將需要使用更多的銷售能力而不是庫存。正如我們最後解釋的那樣，我們需要將庫存提高到一定水平。我們的目標是六到八週。但我們確實有彈性。我們可以運作大約四到五週。因此，如果有需求，我們就會打電話，然後我們可以更專注於銷售。

Pamela Kaufman, Morgan Stanley.

帕梅拉‧考夫曼，摩根士丹利。

Good morning. I have a follow-up to Andrew's second question. Maybe just to ask a slightly differently. I guess just given how strong demand has been in recent months, do you have enough supply to meet the demand if it stays at these levels? And I guess is there any flexibility to add more capacity or to kind of to exceed the current guidance as demand stayed where it is?

早安.我對安德魯的第二個問題有一個後續行動。也許只是想問一個稍微不同的問題。我想考慮到近幾個月的需求有多強勁，如果保持在這些水平，你們是否有足夠的供應來滿足需求？我想，在需求不變的情況下，是否有任何彈性可以增加更多產能或超越目前的指導？

We do have the capacity to meet the current guidance and asked for additional capacity to flex. We are -- it's possible. I mean, I think that we are -- we have a -- we now have a network that is much more robust than we've ever had before. So suffice it to say, we are talking to every single one of our co-man to see if we can get incremental supply.

我們確實有能力滿足當前的指導，並要求額外的彈性能力。我們是——這是可能的。我的意思是，我認為我們——我們擁有——我們現在擁有一個比以往任何時候都更強大的網路。可以這麼說，我們正在與我們的每一位同事交談，看看我們是否可以獲得增量供應。

We have been, for the last 20 -- honestly, as long as I've been here, but specifically really working hard the last 12 to 24 months. What I think is encouraging is we now have our two greenfields. They're scaling. But in addition to those, we have Sycamore Partners that are increasing their production as well. So I think that I don't expect we have -- our current guidance guidance is we have full confidence that we can deliver that.

老實說，自從我來到這裡以來，我們已經在過去 20 個月裡一直在努力工作，特別是在過去 12 到 24 個月裡，我們真的非常努力。我認為令人鼓舞的是我們現在擁有兩塊綠地。他們正在擴大規模。但除此之外，我們還有 Sycamore Partners 也在增加產量。因此，我認為我們目前的指導方針是，我們完全有信心實現這一目標。

And as for on top of that, I would just say that like we're pushing our co-man to get more to supply demand.

除此之外，我只想說，就像我們正在推動我們的同事獲得更多的供應需求。

Thank you. And just my other question is about your plans for promotion. Have you adjusted your plans at all just considering how strong demand has been? Maybe is there a need to promote less just given the demand environment?

謝謝。我的另一個問題是關於你的晉升計劃。考慮到需求的強勁程度，您是否調整過您的計畫？考慮到需求環境，是否有必要減少促銷？

So our plan to promote this year is intact. I mean, you have to really -- we commit to our promotions well ahead of plan, and our retailers depend on it. So our '24 plan has been set for a bit. As you know, what you're seeing in the tracked consumption right now is a result of A, distribution, stronger in-stocks. But also promotion. And specifically in a couple of our major customers that are in-track channels.

所以我們今年的推廣計畫是完整的。我的意思是，你必須真的——我們提前計劃進行促銷活動，我們的零售商依賴於此。我們的 24 年計畫已經確定了。如您所知，您現在在追蹤消費中看到的結果是 A、分銷、庫存強勁的結果。而且還有促銷。特別是在我們的幾個處於軌道渠道的主要客戶中。

So that is one of the -- we believe in promotion in just that. And I think I've talked to you about this before, it's less about the percentage off, but it's more about the display. So we can get the eyeballs on this brand, which is still a low-household-penetration brand. Q2 is our biggest promotional quarter. And after that, it becomes -- we start leaning a little bit more into marketing as opposed to promotions.

這就是我們相信晉升的原因之一。我想我之前已經和你討論過這個問題，它與折扣百分比無關，但更多與顯示有關。所以我們可以吸引眼球，這個品牌仍然是一個低家庭滲透率的品牌。第二季是我們最大的促銷季度。在那之後，我們開始更傾向於行銷而不是促銷。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, thank you. One of the questions I received from investors overnight was whether we should be modeling a reversal of that 1Q inventory load. I assume listening to you today and given that low was really to refill what was low and customer stocks that we shouldn't model necessarily any kind of reversal in terms of [BBU] undershipping in any quarter ahead. Just to make sure that's correct, just so I can start with that.

嗨，謝謝你。我隔夜從投資者那裡收到的問題之一是我們是否應該對第一季庫存負載的逆轉進行建模。我想今天聽聽你們的意見，考慮到低水準實際上是為了補充低水準和客戶庫存，我們不應該在未來任何季度的 [BBU] 出貨不足方面必然出現任何形式的逆轉。只是為了確保這是正確的，這樣我就可以從那裡開始。

Correct.

正確的。

Yeah. Correct, Ken. We do not believe we shipped ahead. There will be a modest deload in Q2 because we did ship some promotional volume in the first quarter, which we expected. But we expect a modest deload, a smaller deload than we saw last year.

是的。正確，肯。我們不相信我們會提前發貨。第二季將會有適度的減載，因為我們確實在第一季出貨了一些促銷量，這符合我們的預期。但我們預期會出現適度的減負，比去年的減負幅度還要小。

Got it. Thank you. And then I'll just stay on the same line of reasoning. What happens if there's a -- you're promoting co-man as hard as you can. I guess my question is if there is a situation again where your customers say look, our stocks are low, can you ship us more, are you less able to do that going forward? This is obviously a great problem to have. If you do have, your record demand is too high. But is it reasonable to think that hey, maybe the level of overshipment we saw in 1Q wouldn't necessarily happen again, just given your ability to produce some after what we saw in 1Q?

知道了。謝謝。然後我會保持同樣的推理思路。如果有一個——你正在盡你所能地提升同事，會發生什麼。我想我的問題是，如果再次出現這樣的情況，您的客戶會說，看，我們的庫存很低，您可以向我們運送更多貨物嗎？您今後是否能做到這一點？這顯然是一個很大的問題。如果你確實有，那麼你的唱片需求就太高了。但是，考慮到你們在第一季看到的情況之後有能力生產一些產品，也許我們在第一季度看到的超額發貨水平不一定會再次發生，這樣的想法是否合理？

I think it's fair to say that yeah, obviously, it reduces our flexibility to some degree because we did not expect that. But we feel very good about our capacity that's coming online and where we are with our guidance. So we feel comfortable, but you're right. I mean, at some point, if demand is so strong, you'll start to stretch your inventory, but we feel good about where we're at right now.

我認為可以公平地說，是的，顯然，它在某種程度上降低了我們的靈活性，因為我們沒有想到這一點。但我們對我們即將上線的能力以及在我們的指導下所處的位置感到非常滿意。所以我們感覺很舒服，但你是對的。我的意思是，在某些時候，如果需求如此強勁，你就會開始增加庫存，但我們對目前的處境感到滿意。

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

Good morning. Thanks for the question. Wanted to come back to -- good morning, Darcy. I wanted to come back to Premier powder and the market share growth you're seeing there.

早安.謝謝你的提問。想回到——早上好，達西。我想回到 Premier 粉末以及您在那裡看到的市場份額成長。

Do you [sense] that to from where that shares being sourced? Are you seeing any sort of shift from consumers having previously bought powders position more towards the weightlifter or body builders segment? Are those folks shifting more towards everyday brands like Premier? Or is this just more of a situation where Premier launches and it's incremental to the overall powder category?

您是否[感覺到]該股票的來源？您是否發現之前購買粉末的消費者有任何轉變，更傾向於舉重運動員或健美運動員細分市場？這些人是否會更多地轉向 Premier 等日常品牌？或者這更多的是Premier推出的情況，並且它是整個粉末類別的增量？

We think it's mostly the latter. So it's really -- I mean, I think this is one of the areas that were just starting to talk about more. And I think internally, we're getting really excited about Premier Protein powder. Just to give you some some numbers, actually, Premier Protein powder is now -- I mean, it's only [1.6 points] of household penetration. So teeny, but it just surpassed Dymatize.

我們認為主要是後者。所以這真的是——我的意思是，我認為這是剛開始討論更多的領域之一。我認為在內部，我們對 Premier 蛋白粉感到非常興奮。只是給你一些數字，實際上，Premier 蛋白粉現在 - 我的意思是，它的家庭滲透率只有 [1.6 個點]。雖然很小，但它只是超越了 Dymatize。

So I mean, Dymatize has always been a really amazing brand, but it's pretty narrow. It's for the best and the most sophisticated athletes. And then you've got Premier that is a mainstream brand now going into powders. And so it's bringing in new consumers. And I mean, I said this in my scripted remarks, but we really think that Premier has the ability to really mainstream the powder segment similar to what it did to the ready-to-drink segment.

所以我的意思是，Dymatize 一直是一個非常令人驚嘆的品牌，但它的範圍相當狹窄。它適合最優秀和最有經驗的運動員。然後是Premier，這是一個現在進入粉末市場的主流品牌。因此它帶來了新的消費者。我的意思是，我在書面發言中說過這一點，但我們確實認為 Premier 有能力真正將粉末細分市場納入主流，就像它對即飲細分市場所做的那樣。

Perfect. Great. And then as a follow-up, going back to the promotional discussion for Premier ready-to-drink. The distribution points there, roughly 40% year on year, but volume velocity is only down slightly. Even absent larger promo and advertising spending. Is there anything notable in terms of where these most recent distribution points have been accumulating or whether it's not a price promotion that's elevating the volume more so than you typically see as you build distribution?

完美的。偉大的。然後作為後續行動，回到 Premier 即飲飲料的促銷討論。那裡的分佈點同比大約增長了 40%，但成交量僅略有下降。即使沒有更大的促銷和廣告支出。就這些最近的分銷點累積的情況而言，有什麼值得注意的地方嗎？或者是否是價格促銷導致銷量比您在建立分銷時通常看到的要高？

At most of the distribution gains on Premier are twofold. So one is the expanded breadth of the flavors. So getting some of the past flavors back on, but just continuing to expand. We have launched -- now we launched chocolate chip cookie dough, and [first mass], our seasonal flavors are really doing just incredibly well, gathering a lot of the consumer excitement.

Premier 的分配收益大部分是兩倍。一是口味範圍的擴大。因此，我們將恢復一些過去的口味，但只是繼續擴展。我們已經推出了——現在我們推出了巧克力曲奇餅麵團，並且[第一批]，我們的季節性口味確實做得非常好，吸引了很多消費者的興奮。

The second piece is the upsizes to 12 count in food and mass, which have seen a lot more incrementality than we would have seen. So those distribution points are working harder because they're bigger packs.

第二部分是將食物和品質增加到 12 個，這比我們看到的增量要多得多。因此，這些分發點的工作更加努力，因為它們的包裝更大。

Matt Smith, Stifel.

馬特史密斯，史蒂菲爾。

Good morning. Darcy and Paul. I wanted to ask you a question about when you look at the sales growth outlook in fiscal '24, how do you balance the rate of household penetration gains against upside to the annual buy rate? When we look at the buy rate, it implies a relatively low frequency of purchasing through the years. Are you looking at your promotional activity to drive frequency with existing users or more to bring new users into the Premier Protein brand?

早安.達西和保羅。我想問你一個問題，當你審視 24 財年的銷售成長前景時，你如何平衡家庭滲透率的成長與年度購買率的上升？當我們查看購買率時，它意味著多年來購買頻率相對較低。您是否正在考慮開展促銷活動以提高現有用戶的使用頻率或更多以吸引新用戶加入 Premier Protein 品牌？

Both actually. I think that what you saw in this last -- if you look at the household penetration that was gained in this last year, call it 25%, that is really a result of both getting back to some light [aesop] household penetration pop in Q4 of last year. And then has continued. And that was a factor of bringing back some light promotions.

實際上兩者都是。我認為你在最後看到的——如果你看看去年獲得的家庭滲透率，稱其為 25%，這實際上是雙方都回到了一些輕微的 [aesop] 家庭滲透率流行的結果去年第四季度。然後就一直持續著。這也是恢復一些輕微促銷活動的因素。

And then -- but it also -- but then you also look at the buy rates in our supplemental, that also increased. For the first time, it's been pretty steady throughout the last several years. But it popped up this last year. And that is a result of that kind of getting back into promotion. And especially, in our club account. So it's really a combination of both.

然後 - 但它也 - 但你也看看我們的補充材料中的購買率，也有所增加。在過去的幾年裡，這是第一次變得相當穩定。但這是去年突然出現的。這就是那種重新晉升的結果。尤其是在我們的俱樂部帳戶中。所以它實際上是兩者的結合。

And that's why we believe we've in promotion, and it's mostly because you get out of the aisle and you'd get new eyeballs, but then also people load up as well. And we know that once this brand is in the household, not only do people consume more but more people in the household consume it. So it really is a combination.

這就是為什麼我們相信我們已經在促銷，這主要是因為你走出過道，你會得到新的眼球，但隨後人們也會增加。我們知道，一旦這個品牌進入家庭，不僅人們的消費量會增加，而且家庭中也會有更多的人消費它。所以這確實是一個組合。

And Paul, just a follow up on the guidance outlook. The midpoint now suggests a slightly higher EBITDA margin. What's supporting the higher margin? Is that additional volume leverage? Or do you have better line of sight into protein costs in the second half? Last quarter, you talked about some supply ingredient tightness. Has that alleviated? Are you better covered now through the end of year?

保羅，只是對指導前景的跟進。現在的中點顯示 EBITDA 利潤率略高。是什麼支撐更高的利潤率？這是額外的成交量槓桿嗎？或者您對下半年的蛋白質成本有更好的了解嗎？上個季度，您談到了一些供應成分緊張的問題。有緩解嗎？從現在到年底，您的保障是否更好？

So we are slightly more covered than we were back in November. So we do have better visibility. We're not fully covered at this point. So fourth quarter still have some open. But yeah, we're a little bit more covered. As far as your question around margin, you're right. The midpoint is about 20 basis points higher. And it's a combination of the two things you mentioned. So total leverage of G&A, sort of the higher sales of being leveraged on the G&A line. And then just a little bit better visibility into the protein for the rest of the year. So those are the two main drivers.

因此，我們的覆蓋範圍比 11 月時稍微多一些。所以我們確實有更好的可見性。目前我們還沒有完全覆蓋。所以第四季仍有一些空缺。但是，是的，我們的覆蓋範圍更廣一些。至於你關於保證金的問題，你是對的。中點高出約20個基點。這是你提到的兩件事的結合。因此，G&A 的總槓桿率，即 G&A 線槓桿化的更高銷售額。然後對今年剩餘時間的蛋白質有更好的了解。這是兩個主要驅動因素。

Nothing really dramatically has changed from our original guidance.

與我們最初的指導方針相比，沒有什麼真正發生重大變化。

Brian Holland, D.A. Davidson.

布萊恩·霍蘭德，D.A.戴維森。

Good morning. Starting to touch on Premier Protein ready-to-drink shake sitting with new two TDPs this quarter. Just curious, any sense whether that incremental shelf space is coming from other competitors within ready-to-drink shakes or an adjacent category?

早安.本季開始接觸 Premier Protein 即飲奶昔以及新的兩款 TDP。只是好奇，是否知道增量的貨架空間是否來自即飲奶昔或其他相鄰類別的競爭對手？

I can't speak to a mass retailer that reset in Q4. And (technical difficulty) we'll call it may be indicative of a not only higher set of convenient nutrition gain space. And but also the ready-to-drink and powdered segments gained space within effect. So bars actually lost space.

我無法與第四季度重置的大型零售商交談。而（技術難度）我們稱之為可能不僅預示著更高的便利營養獲取空間。而且即飲型和粉末型細分市場也獲得了有效空間。所以酒吧實際上失去了空間。

And then within kind of ready-to-drink space, there's always a shuffling around. And we're seeing that performance nutrition and what we call everyday nutrition, those are the parts of the ready-to-drink category that are really -- that are kind of booming, where some of the others adult weight, those are not doing this one.

然後，在即飲空間內，總會有人來來去去。我們看到功能營養品和我們所謂的日常營養品，這些是即飲品類別的一部分，它們確實正在蓬勃發展，而其他一些成人體重的產品卻沒有做到這一點。

Appreciate the color. And then just curious, you gave some data points on January consumption trends for Premier Protein within ready-to-drink shakes. Just curious what you're seeing from a competitive standpoint around resolution season, if there's any change in promotional activity or anything of the sort? Is there anything noticeably different or incremental to this time last year?

欣賞顏色。然後只是出於好奇，您提供了有關即飲奶昔中 Premier Protein 1 月份消費趨勢的一些數據點。只是好奇你從解決季節的競爭角度看到了什麼，促銷活動或類似的事情是否有任何變化？與去年這個時候相比，有什麼明顯的不同或增量嗎？

We are seeing -- I mean, it's only a few weeks in. But I think that our business is moving. We are seeing more promotions, actually, across the whole category. And actually we saw it in Q1 as well, which was not normal to have promotions in that kind of October, November, December timeframe.

我們看到——我的意思是，這才幾週。但我認為我們的業務正在改變。實際上，我們在整個類別中看到了更多的促銷活動。實際上我們在第一季也看到了這一點，在十月、十一月、十二月這樣的時間範圍內進行促銷是不正常的。

So we are seeing some enhanced promotion more so on -- a little bit more so on the powder side of things, but also on the ready-to-drink. Saw a few people taking pricing within ready-to-drink this last quarter and then just consumption is just incredibly strong on ready-to-drink in January.

因此，我們看到了一些加強的促銷活動，尤其是在粉末方面，而且在即飲方面也有更多的促銷活動。上個季度看到一些人對即飲飲料進行了定價，然後一月份的即飲飲料消費異常強勁。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hi, guys. Good morning. Thanks for taking my question . I wanted to ask, I think historically, you've mentioned on the ready-to-drink shakes like around [60%] of the use occasions is breakfast, likie a meal -- like breakfast replacement. As you've increased the number of households, has that use occasion kind of held steady or have we seen a different consumer that is maybe using it as a lunch replacement or as a supplement after workout? Maybe I'll start there.

嗨，大家好。早安.感謝您提出我的問題。我想問，我想從歷史上看，您提到過即飲奶昔，大約[60%]的使用場合是早餐，就像一頓飯——就像早餐替代品。隨著家庭數量的增加，這種使用場合是否保持穩定，或者我們是否看到不同的消費者可能將其用作午餐替代品或運動後的補充品？也許我會從那裡開始。

The bulk of our concession is still breakfast. So that has stayed constant. One area -- this is where innovation can help, and even in flavors. So when we launch café latte, for instance. That has the equivalent amount of caffeine as a cup of coffee. And so people started using that as a replacement for that kind of afternoon latte. So that's an example where we purposefully use innovation to expand the occasion. But at the end of the day, still the bulk of the consumption is a breakfast replacement.

我們的優惠大多仍然是早餐。所以這一直保持不變。其中一個領域是創新可以發揮作用的地方，甚至在口味方面也是如此。例如，當我們推出拿鐵咖啡時。其咖啡因含量與一杯咖啡相當。因此人們開始用它來代替那種下午拿鐵咖啡。這是我們有目的地利用創新來擴大場合的一個例子。但歸根究底，大部分消費仍是早餐的替代品。

Okay. And then if I think about when I go through the store in my area, I've seen a lot of your products placed kind of in the middle of the aisle, as you're walking through some of the main aisles. Obviously highly visible. The product is kind of part of daily consumption you're seeing increase in household uptake. Do we think about that as being part of the display throughout the year and not just around kind of the new year, new you season?

好的。然後，如果我想一下，當我經過我所在地區的商店時，我會看到你們的許多產品都放置在過道中間，就像你們走過一些主要過道一樣。顯然高度可見。該產品是日常消費的一部分，您會發現家庭消費量增加。我們是否認為這是全年展示的一部分，而不僅僅是新年、新季節？

For sure, for sure. I mean, our focus -- and our entire sales team is focused on getting display.Quality merch is the focus. Because, I mean, and I said this earlier, but it's less about [cents off] or TPRs that's going to drive the business. But it's the display because it's a mainstream product that has low household penetration and still fairly low awareness. And just buy, because protein [PAT], it's convenient. And you put it out in front and you kind of put it out in front of people's eyes and all of the sudden, they consider it.

肯定的，肯定的。我的意思是，我們的重點 - 我們整個銷售團隊都專注於展示。品質商品是重點。因為，我的意思是，我之前說過，但推動業務發展的因素並不是 [美分折扣] 或 TPR。但它是顯示器，因為它是主流產品，家庭普及率較低，認知度仍然相當低。就買吧，因為蛋白質[PAT]，很方便。你把它放在前面，你把它放在人們眼前，突然間，他們就會考慮它。

And so I think that absolutely the goal is to get more display. Get our products out where they think about it. At the cash register, in coolers, and aisle. And really increase the awareness of it.

所以我認為絕對的目標是獲得更多展示。將我們的產品帶到他們想到的地方。在收銀台、冷藏櫃和走道裡。並真正提高人們對它的認識。

Thomas Palmer, Citi.

托馬斯·帕爾默，花旗銀行。

Morning attention to the question. Maybe just follow up first on just the cost environment as we think about the balance of this year. I think a quarter ago, you kind of indicated the first half was expected to be more favorable. It sounds like you have visibility at least stretching through 3Q and maybe into 4Q. How does that favorability, I guess progresses when we think about the second half of the year?

早上註意問題。當我們考慮今年的平衡時，也許首先關注成本環境。我認為一個季度前，您曾表示上半年預計會更有利。聽起來你的能見度至少可以延伸到第三季度，甚至可能延伸到第四季。我想，當我們考慮下半年時，這種好感度會如何發展？

Yeah. Again, our thoughts haven't changed too much from the November guidance. So you're correct that we expect more protein favorability in the first half and then that starts to moderate as we go into the second half. What we've seen recently is there's been -- it's slightly favorable from where it was, but we've seen some puts and takes within the protein complex of some were up, some were down. But that, we still expect our favorability to start to moderate as we get into the second half.

是的。同樣，我們的想法與 11 月的指導相比沒有太大變化。所以你是對的，我們預計上半場對蛋白質的青睞度會更高，然後隨著我們進入下半場，這種偏好會開始減弱。我們最近看到的是——與原來相比略有有利，但我們看到蛋白質複合物中的一些放置和取出有些上升，有些下降。但我們仍然預計，隨著進入下半年，我們的好感度將開始減弱。

So cost will go up in the third and fourth quarter sequentially as we go forward.

因此，隨著我們的前進，第三和第四季的成本將依次上升。

Okay. Thanks for that. And then I know you'd (inaudible) you kind of answered on the promo flexibility or the commitment to it. What about marketing dollars? Because that is more back half-weighted. There is probably more of the element of discretionary, I guess. Is there a thought of kind of flexing a bit if demand is so high that you don't really need the incremental demand to build? Or marketing decisions maybe more long-term oriented where that 's not as much of a consideration as you think about this year?

好的。感謝那。然後我知道您（聽不清楚）會回答促銷彈性或對其的承諾。行銷資金呢？因為那是更多的後半加權。我猜可能有更多的自由裁量權因素。如果需求如此之高以至於您實際上並不需要增量需求來構建，是否有一種稍微靈活的想法？或者行銷決策可能更注重長期，而這並不像您今年所考慮的那樣？

We definitely have more flexibility on marketing because, yeah, it's in our control. We are already supporting our powder side of the business as well as we are doing some support around bottle because and we don't have constraints there. But as for kind of the broader equity support around the tetra side of the business, which is the lion's share, we do have our flexibility.

我們在行銷方面肯定有更大的靈活性，因為，是的，它在我們的控制之下。我們已經在支持我們的粉末業務，我們正在圍繞瓶子提供一些支持，因為我們在那裡沒有限制。但至於圍繞業務的四方（佔最大份額）的更廣泛的股權支持，我們確實有靈活性。

We're currently developing our campaign that we plan to launch in Q4. And impact of marketing isn't always immediate. It's more of a long-term play. So we'll make those decisions later, and that we usually -- you usually have to make those decisions within kind of couple of months of launch. So we have a little time to evaluate if we're going to launch as expected, maybe go a little lighter or wait.

我們目前正在開發計劃在第四季度推出的活動。而且行銷的影響力並不總是立竿見影的。這更像是一個長期的遊戲。因此，我們將稍後做出這些決定，而且我們通常 - 您通常必須在發布後的幾個月內做出這些決定。因此，我們有一點時間來評估我們是否會按預期發布，也許會輕一點或等待。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Hey, thanks, operator. Good morning, everyone. I think just a couple of quick ones for me. Really for you, Paul, is one, just I guess as we're thinking about the cadence on pricing. Will it -- like just whether Q2 would be down the most, I guess, of the quarters, for the balance of the year? Just if you can give us some sense. Even just at a total company level, how we're thinking about the cadence on pricing over the balance of the year?

嘿，謝謝，接線生。大家，早安。我想對我來說只有幾個快速的。保羅，對你來說，這就是其中之一，只是我猜，因為我們正在考慮定價的節奏。我猜，今年剩餘時間裡，第二季是否會是本季中跌幅最大的？只要你能給我們一些道理就好了。即使只是在整個公司層面，我們如何考慮今年剩餘時間的定價節奏？

Yeah, absolutely. The second quarter should be the biggest impact for pricing as we have significant promotions going on in most of our channels. So that would certainly be the biggest pricing headwinds from from -- as we go through the quarters. The rest of quarters are fairly balanced. Slight headwinds, but that's really the second quarter where it's the most meaningful.

是的，絕對是。第二季對定價的影響應該是最大的，因為我們的大多數管道都在進行重大促銷活動。因此，當我們經歷這個季度時，這肯定是最大的定價阻力。其餘季度基本持平。略有阻力，但這確實是最有意義的第二季。

Okay. And is this year -- should this be a pretty good year as we're kind of modeling the out years and thinking about the timing of promotions. There is some seasonality. Is this sort of a normal years we're beginning to kind of do the out -- model the out years in terms of just the flow of promotions and the seasonality in the business?

好的。今年——這應該是一個相當好的一年，因為我們正在對過去的幾年進行建模並考慮促銷的時機。有一定的季節性。這是我們開始進行淘汰的正常年份嗎？僅根據促銷流程和業務季節性來對淘汰年份進行建模？

Yes. As we go forward, we'd expect the second quarter will always be kind of the heaviest, the heaviest period as that's just when a lot of consumers come into the category. So yeah, we expect the second quarter is typically the heavier promotional period. The fourth quarter is kind of the next. We don't typically promote much in the first quarter as a seasonally low consumption period. And then the third quarter is kind of somewhere in between. Not usually a lot of promotion in the third quarter.

是的。隨著我們的前進，我們預計第二季將永遠是最繁忙的時期，因為正是許多消費者進入這個類別的時候。所以，是的，我們預期第二季通常是促銷強度較大的時期。第四季是下一個季度。作為季節性低消費期，我們通常不會在第一季進行太多促銷。第三季則介於兩者之間。第三季通常不會有很多促銷活動。

I'd say the only difference from how this year is playing out is we typically also spent heavier marketing behind our shakes. In the second quarter, we are not doing that as we've talked about earlier on this call with just as we're continuing to manage supply and demand. But we do expect it to ramp up in the fourth quarter.

我想說，與今年的情況唯一不同的是，我們通常在震動背後花費了更多的行銷費用。在第二季度，我們不會像我們之前在電話會議中談到的那樣這樣做，同時我們將繼續管理供需。但我們確實預計第四季會有所增加。

So that's the only difference. But from a promotional calendar, yes, it's primarily due to a bit in Q4 than i n Q1, and Q3 are typically fairly light.

這是唯一的區別。但從促銷日曆來看，是的，這主要是由於第四季度比第一季要少一些，而第三季通常相當清淡。

All right. Cool. And then just one last one. Just I think you said earlier that 2Q SG&A as a percentage of sales is going to be higher. I'm just wasn't sure, is it higher than the first quarter, higher versus last year. I just wanted to clarify that.

好的。涼爽的。然後只有最後一張。只是我認為您之前說過第二季銷售管理費用佔銷售額的百分比將會更高。我只是不確定它是否比第一季更高，比去年更高。我只是想澄清這一點。

Yeah, the comment was higher than last year.

是啊，評論比去年還高。

Okay. Year-over-year percentage as a percentage of sales, it will be higher this year than last year.

好的。年比百分比佔銷售額的百分比，今年將高於去年。

Modestly higher, correct.

稍微高一點，正確。

Bill Shapell, Truist Securities. **

Bill Shapell，Truist 證券公司。 **

Thanks. Good morning. Darcy, just cannot get arms around where we go from here and in terms of household penetration. And for ready-to-drink shake, you said Premier's now at 17%, which is almost one in five households. And some would say, not one in five households actually eat breakfast each morning.

謝謝。早安.達西，在家庭滲透率方面，我們無法掌控我們接下來的發展方向。至於即飲奶昔，您說 Premier's 現在為 17%，幾乎是五分之一的家庭。有人會說，沒有五分之一的家庭實際上每天早上都吃早餐。

So if you look at the next kind of [eat] points getting 25%. Does that come from bar users? Do they come from energy drink users? Do they come from lunch or dinner? Or is it kind of backfill of each households who were the 17% are having two shakes a week, need to go to three shakes or four shakes or five shakes. So how do you see that going to play out over the next few years?

所以如果你看看下一種[吃]點得到25%。這是來自酒吧用戶嗎？他們來自能量飲料使用者嗎？它們來自午餐還是晚餐？或者這是每個家庭的一種回填，17% 的家庭每週喝兩次奶昔，需要三杯、四杯或五杯。那麼您如何看待未來幾年的發展呢？

I mean, historically, about 80% of our growth is coming from outside of the category. So I'm not sure I can tell -- when I say outside of the category, I mean outside of the convenient nutrition category. So these are people who are trying to make a better decision and trying to be healthier. And so it acts (technical difficulty) energy drinks are not. It is just outside of the category.

我的意思是，從歷史上看，我們大約 80% 的成長來自該類別之外。所以我不確定我是否能分辨出來——當我說在類別之外時，我的意思是在方便營養類別之外。這些人正在努力做出更好的決定並努力變得更健康。所以它的作用（技術難度）能量飲料則不然。它只是在類別之外。

And then and in that -- I mean, we believe that there is a ton of upside. I mean, you look at the household penetration, just the category, and of liquids are ready to drink, about 45%. Bars is about 54%. Energy drinks is 69%. So I think that -- and most mature CPG companies are up in the 80% to 90%, some even higher.

然後，我的意思是，我們相信有很多好處。我的意思是，你看看家庭滲透率，只了解即飲液體的類別，大約是 45%。酒吧大約是54%。能量飲料佔69%。所以我認為，大多數成熟的 CPG 公司都上漲了 80% 到 90%，有些甚至更高。

So we think that there's a ton of room to grow within just adding people, given all the macro trends that are going on around protein is good for you, healthy eating, convenience. Not even to mention everything going on with GLPs. So we think there's a ton of tailwinds, more people leaning into the category and we're positioned well.

因此，我們認為，考慮到圍繞蛋白質有益、健康飲食、便利的所有宏觀趨勢，僅增加人員就有很大的成長空間。更不用說 GLP 所發生的一切了。因此，我們認為有很多順風車，更多的人傾向於這個類別，我們的定位很好。

Okay. And then just again, I know you explained this before, but the importance of the tetra packaging, because I mean, I think you just said on the last one, obviously, you don't have capacity constraints on the bottles. And so why would not just go all bottles. Help us understand the importance of that on the packaging and into the brand, into the story?

好的。再說一次，我知道您之前解釋過這一點，但是四包裝的重要性，因為我的意思是，我認為您剛剛在最後一個上說過，顯然，您對瓶子沒有容量限制。那為什麼不把所有瓶子都丟掉呢？幫助我們理解這一點對包裝、品牌、故事的重要性？

Well, part of this, just numbers. So if you think of -- and when I say we don't have to have capacity constraints on bottles. The overall network of bottles is constrained. But I mean bottles are 10% of our business. So it's virtually impossible to convert the entire business to bottles. There just isn't enough.

嗯，其中一部分，只是數字。因此，如果您想到 - 當我說我們不必對瓶子進行容量限制時。瓶子的整體網路受到限制。但我的意思是瓶子占我們業務的 10%。因此，將整個業務轉變為瓶子幾乎是不可能的。還不夠。

We find that our consumer really likes the tetra pack. Another also consumers that like bottles. So I think that it's less about what's important is what's inside the bottle -- what's inside the package. And I think that-- so it's less about we will get to -- we have invested in our tetra pack network. And I feel like we are in kind of sitting distance to be unconstrained, which I think we expect that by the time we get into '25, we will be managing to a demand number and not a supply number. So again, I think that they both have their place, but our consumers consistently stated that they do like the tetra.

我們發現我們的消費者非常喜歡利樂裝。另一位也是喜歡瓶子的消費者。所以我認為重要的是瓶子裡面有什麼——包裝裡面有什麼。我認為——所以這與我們將要達到的目標無關——我們已經投資了我們的利樂包裝網絡。我覺得我們處於一種不受約束的坐距，我認為我們預計到 25 年時，我們將管理需求數字而不是供應數字。再說一遍，我認為它們都有自己的位置，但我們的消費者一致表示他們確實喜歡四角形。

Matt McGinley, Needham.

馬特麥金利，李約瑟。

Thank you. With your seasonal flavors in Premier, do you expect to see more seasonal ebbs and flows in TDPs and ACV related to those limited-time flavors? And over time, would you expect the shipments related to seasonal flavors to create a little more seasonality in your volumes? Or do you think your course usually just pick up the slack whenever those seasonal flavors gets depleted at your customers?

謝謝。對於 Premier 中的季節性口味，您是否預計會看到與這些限時口味相關的 TDP 和 ACV 出現更多季節性波動？隨著時間的推移，您是否期望與季節性口味相關的出貨量會增加您的銷售量的季節性？或者您是否認為每當顧客的季節性口味耗盡時，您的課程通常就會填補空缺？

What's great about our seasonal strategy now is we have one for every season. So in essence, it's just a rotating spot and consumers, getting fed. So we basically go from pumpkins, or beginning the wintermint chocolate to a summer seasonal. It was winter float and it's now salted caramel popcorn. It then goes into pumpkin spice and then rotates around again. So the idea is that we, in essence and always have a seasonal flavor out there, although what that labor is may change kind of in last quarter.

我們現在的季節性策略的優點在於我們每個季節都有一個策略。所以本質上，它只是一個輪換的地方，消費者得到滿足。所以我們基本上從南瓜或從冬薄荷巧克力開始到夏季季節。以前是冬天的花車，現在是鹹焦糖爆米花。然後它進入南瓜香料，然後再次旋轉。所以我們的想法是，我們本質上總是有季節性的風味，儘管這種勞動力可能會在上個季度發生變化。

You noted that that the biggest factor for you to hit the high end of your guidance would likely be the timing of production. Is the timing I ran for production capacity. Is that still the critical factor to reach the high end of your new guidance? Or is the the high end of the guidance now more contingent upon the effectiveness of marketing or promotion that you just might have less visibility into at steel production scale-up?

您指出，達到指導上限的最大因素可能是生產時間。是我跑產能的時機。這仍然是達到新指導上限的關鍵因素嗎？或者，指南的高端現在是否更取決於行銷或促銷的有效性，而您在鋼鐵生產規模擴大方面可能不太了解這些？

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Anybody know goes from you should hear here. Okay. Sorry about that. Last one on want to talk with you the maybe not sort of the powders side of it seems like every every time we chat, you're talking about a little bit more. Or can you maybe just talk about the differences in the consumers that you're bringing on powder this, how it interacts with the core product on maybe anything on it mentality anymore color there would be helpful.

任何知道你的消息的人都應該在這裡聽到。好的。對於那個很抱歉。最後一個關於想和你談談的可能不是粉末的一面，似乎每次我們聊天時，你都在談論更多。或者你能不能談談你所帶來的粉末消費者的差異，它如何與核心產品相互作用，也許任何心態上的顏色都會有幫助。

Yes, a ready-to-drink and powdered are very complementary at for the most part. one is a little bit more on the gas being ready-to-drink. The other one powder is used mostly in in the house. And then just from an occasion standpoint, I talked about the occasion for the most part have ready to drink is a breakfast replacement, whereas powders are more used after a workout. And the consumer also and can be, you know, am I right? Most powders are going more toward the athlete, however, that the opportunity for Premier is really bringing those mainstream consumers.

是的，即飲飲料和粉狀飲料在大多數情況下是非常互補的。一個是關於即飲氣體的更多內容。另一種粉末主要用於室內。然後就從場合的角度來看，我談到大多數場合，即飲飲料是早餐的替代品，而粉末則更多是在運動後使用。消費者也可以是，你知道，我說得對嗎？大多數粉都更傾向於運動員，然而，Premier 的機會確實是為那些主流消費者帶來的。

The other piece is powders are more often use and with it with other food, so making smooth fees or throwing it in pancakes to make a high-protein pancake and whereas rated during certain is that where usually just and consume Tina right out of the Tetra at the model.

另一部分是粉末更常與其他食物一起使用，因此可以平滑費用或將其放入煎餅中製成高蛋白煎餅，而在某些情況下評級是通常直接從Tetra中食用蒂娜在模型上。

From then on convenience stores, a small piece of the rollout stores and distribution story on how you thought about are there opportunities to find the TSD partner or some other partner that can really sort of step distribution up enough, much more meaningful way and yes, so convenient, just to put it in perspective and when you look at all of the retail sales of our TDs, the entire category convenience represents about 10%.

從那時起，便利商店、推廣商店和分銷故事的一小部分關於您如何考慮是否有機會找到TSD 合作夥伴或其他一些合作夥伴，這些合作夥伴可以真正以足夠、更有意義的方式加強分銷，是的，這麼方便，客觀地說，當你看一下我們所有 TD 的零售額時，整個品類的便利性大約佔 10%。

And so the channels we compete in are around 90% of the region, our sales, and we still believe that, you know, our especially food, mass, e-com, are very underdeveloped, and it's also where our target consumers shop. So our so as we go through all of that, the opportunities for this brand with that and we rank them convenience is just lower.

所以我們競爭的管道大約佔該地區90%左右，我們的銷售，我們仍然相信，你知道，我們特別是食品、大眾、電子商務，非常不發達，這也是我們目標消費者購物的地方。因此，當我們經歷這一切時，這個品牌的機會以及我們對它們便利性的排名只是較低。

It's still an opportunity. And but it is just lower and it's lower because of a the size of the opportunity and the cost and the complexity of it. You talked about a TSD partner and which we would which we would need. So these are areas where and it is in the long-term plan. But we see a lot of other opportunities that are currently bigger and can accomplish our goals. And like I said, we're already in 90% segment of the category already.

這仍然是一個機會。但它只是更低，而且更低是因為機會的大小、成本和複雜性。您談到了 TSD 合作夥伴以及我們需要的合作夥伴。所以這些都是長期計劃中的領域。但我們看到了許多其他目前更大的機會，可以實現我們的目標。正如我所說，我們已經佔據了該類別 90% 的份額。

At this time, I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

目前，我沒有再提出任何問題。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。