Bellring Brands Inc (BRBR) 2025 Q1 法說會逐字稿

Good day, and welcome to the BellRing Brands first quarter fiscal year 2025 earnings conference call. (Operator Instructions). As a reminder, this call is being recorded. I would now like to turn the call over to Jennifer Meyer, Investor Relations for BellRing Brands. Please go ahead.

大家好，歡迎參加 BellRing Brands 2025 財年第一季財報電話會議。（操作員指令）。提醒一下，本次通話正在錄音。現在，我想將電話轉交給 BellRing Brands 投資者關係部的 Jennifer Meyer。請繼續。

Good morning, and thank you for joining us today for BellRing Brands first quarter fiscal 2025 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 2025 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)；以及我們的財務長 Paul Rode。達西和保羅將首先發表準備好的發言，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 sections at bellring.com. In addition, the release and slides are also available on the SEC's website.

支持這些言論的新聞稿和補充投影片簡報已發佈在我們網站的投資者關係和 SEC 文件部分（網址：bellring.com）。此外，新聞稿和幻燈片也可在美國證券交易委員會的網站上查閱。

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.

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，這些陳述受風險和不確定性的影響，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召開之日均為最新，管理階層不承擔更新這些陳述的義務。

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.

提醒一下，本次通話正在錄音，音訊回放將在我們的網站上提供。最後，本次電話會議將討論某些非 GAAP 指標。有關這些非公認會計準則指標與最接近的公認會計準則指標的對照表，請參閱我們昨天發布並在我們網站上發布的新聞稿。

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

說完這些，我將把電話轉給達西。

Thanks, Jennifer, and thank you all for joining us this morning. Last evening, we reported our first quarter results and posted a supplemental presentation to our website. I'm pleased to share that fiscal '25 is off to a good start. The business accelerated as we layered in demand drivers and kicked off new campaigns on both brands. Our first quarter results were slightly ahead of our expectations on the top line with more favorability on the bottom line.

謝謝詹妮弗，也謝謝大家今天早上加入我們。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報告。我很高興地告訴大家，2025 財年開局良好。隨著我們不斷增加需求驅動因素並針對兩個品牌開展新的活動，業務得到了加速發展。我們第一季的業績在營收上略高於我們的預期，而在獲利上則更為有利。

Both net sales and adjusted EBITDA grew approximately 25%, driven by Premier Protein. Our EBITDA margins benefited from favorable gross margins and the timing of marketing spend. As you saw in yesterday's press release, we raised our outlook for the year. We now expect net sales to grow between 13% and 17% over fiscal '24 and adjusted EBITDA to grow between 7% and 14%. Our strong first quarter performance, along with confidence in demand drove our decision to raise our guidance.

在 Premier Protein 的推動下，淨銷售額和調整後 EBITDA 均成長了約 25%。我們的 EBITDA 利潤率受益於有利的毛利率和行銷支出的時機。正如您在昨天的新聞稿中看到的，我們上調了今年的預期。我們現在預計 24 財年的淨銷售額將成長 13% 至 17%，調整後的 EBITDA 將成長 7% 至 14%。我們第一季的強勁業績以及對需求的信心促使我們決定上調預期。

Before reviewing the category and brand updates, I want to share that our supplemental presentation and corresponding metrics now reflect expanded coverage of the convenient nutrition category as well as our business.

在回顧類別和品牌更新之前，我想分享一下，我們的補充介紹和相應的指標現在反映了方便營養類別和我們業務的擴大覆蓋範圍。

In the new database, the total convenient nutrition category is now reported as $19 billion, up from $13 billion, a sizable increase in tracked coverage. The new database provides a more accurate picture of the category across channels and a better reflection of our strong market position.

在新的資料庫中，方便營養食品的總銷售額從 130 億美元上升至 190 億美元，追蹤覆蓋率大幅提升。新的資料庫提供了跨渠道類別的更準確圖像，更好地反映了我們強大的市場地位。

Now to category and brand updates. The convenient nutrition category grew 12% in Q1. As I mentioned last quarter, it is rapidly transforming into an everyday and sports nutrition category with those segments driving the most of the growth and making up 75% of sales. From a form perspective, ready-to-drink growth accelerated and continued to lead the category, up 18%, driven by strong consumer demand.

現在進行類別和品牌更新。第一季方便營養食品類別成長了 12%。正如我在上個季度提到的，它正在迅速轉變為日常和運動營養類別，這些部分推動了大部分成長並佔銷售額的 75%。從形態來看，在強勁的消費需求推動下，即飲飲料成長加速，持續領跑品類，漲幅達18%。

RTDs were the second fastest growing category in the entire store, only behind eggs, which had unique supply-demand dynamics. Mainstream every day and Sports Nutrition RTD brands continue to bring new consumers into the category and were up 31%, ready-to-mix grew 8%, sustaining Q4's growth rate. Overall, we see the total convenient nutrition category momentum increased in Q1, and I look forward to an even stronger growth during the Q2 new year, new use season.

即飲食品是整個商店中增長速度第二快的類別，僅次於雞蛋，雞蛋具有獨特的供需動態。主流日常和運動營養 RTD 品牌繼續為該類別帶來新的消費者，成長 31%，即飲飲料成長 8%，維持了第四季的成長率。整體而言，我們看到第一季方便營養品類整體成長動能增強，我期待第二季新年新使用季節能實現更強勁的成長。

Turning to our brands. Premier Shake consumption growth accelerated this quarter, up 23%. Growth was strong in all channels driven by distribution expansion, accelerating velocities, and incremental promotional activity. expansion in form, including bottles and pack size, along with improved in-stocks drove the distribution gains. Our seasonal flavor winter mint chocolate has demonstrated high incrementality to the brand and was the number two RTD item at a major mass retailer this season.

談到我們的品牌。本季 Premier Shake 消費量成長加速，上漲了 23%。在分銷擴張、速度加快和促銷活動增加的推動下，所有管道均實現強勁成長。瓶型和包裝尺寸等形式的擴大以及庫存的增加推動了分銷收益。我們的季節性風味冬季薄荷巧克力已為品牌帶來極高的增值效益，並成為本季大型大眾零售商的第二大即飲產品。

Consumption growth continued with January up 17%. Our brand metrics remained strong with Premier Protein reaching all-time highs in TDPs and household penetration. The brand continues to gain new consumers reaching 20% of household this quarter. In calendar year '24 Premier Protein grew household penetration 17%, a significant contributor to the overall RTD category growth. The brand's repeat and buy rate grew for the calendar year, demonstrating our category-leading consumer loyalty.

消費持續成長，1 月成長 17%。我們的品牌指標依然強勁，Premier Protein 的 TDP 和家庭滲透率均創歷史新高。該品牌持續吸引新消費者，本季佔家庭消費總量的 20%。在 24 日曆年，Premier Protein 的家庭滲透率成長了 17%，對整體 RTD 類別的成長做出了重要貢獻。該品牌的重複購買率在一年內有所增長，證明了我們領先的消費者忠誠度。

Premier Protein with RTD market share of 26% and 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. All of this is especially encouraging because in a high-growth category with low household penetration, we see plenty of room to continue to grow our brand and expand the overall category.

Premier Protein 的即飲飲料市佔率為 26%，並持續維持即飲飲料領域第一品牌和更廣泛的方便營養品類別第一品牌的地位。所有這些都特別令人鼓舞，因為在家庭普及率較低的高成長類別中，我們看到了繼續發展我們的品牌和擴大整體類別的充足空間。

Premier Protein Powder continued its strong trajectory with consumption up 24% in Q1, behind strong velocities and distribution gains. We remain encouraged by the growth potential of Premier Protein brand in this format. Its household penetration reached 2% this quarter and during calendar year '24 Premier Powder's household penetration grew 22%, the second highest of any competitor in the powder category.

由於強勁的銷售速度和分銷成長，Premier Protein Powder 繼續保持強勁成長勢頭，第一季消費量成長了 24%。我們仍然對 Premier Protein 品牌在這種模式下的成長潛力感到鼓舞。本季其家庭普及率達到 2%，而在 24 日曆年中，Premier Powder 的家庭普及率成長了 22%，在粉末類別的所有競爭對手中排名第二。

We continue to believe Premier will be a contributor to mainstreaming, the powder category in the same way that Premier did in ready to drink. We're thrilled to share that our Premier Protein national marketing campaign hit screens late in December, just ahead of the new year, new use season.

我們依然相信 Premier 將會為粉末飲料的主流化做出貢獻，就像 Premier 在即飲飲料領域所做的那樣。我們很高興地告訴大家，我們的 Premier Protein 全國行銷活動於 12 月下旬，也就是新年和新使用季節到來之前正式啟動。

It is a high energy spot that captures how Premier Protein brings joy to the health journey. Featuring the tagline Sweeten The Journey, it shows that healthy eating doesn't have to be hard, but can actually be enjoyable and fun. This is our first nationwide campaign since 2021 and will reach TV, streaming, and social media audiences.

這是一個充滿活力的廣告，捕捉了 Premier Protein 如何為健康之旅帶來歡樂。活動的標語為“甜蜜旅程”，表明健康飲食並不難，實際上可以很有趣。這是我們自 2021 年以來首次在全國各地開展的活動，將涵蓋電視、串流媒體和社群媒體觀眾。

Although early, the campaign is generating significant increases in search and traffic to our website is up 80% versus a year ago. From an innovation standpoint, we launched a new line of Premier Protein products, our Indulgent line, which are available in four decadent shake flavors and one powder flavor.

儘管還處於早期階段，但該活動已使搜尋量大幅增加，我們網站的流量與一年前相比增加了 80％。從創新的角度來看，我們推出了新的 Premier Protein 產品系列，即 Indulgent 系列，該系列有四種濃鬱的奶昔口味和一種粉末口味。

These items are richer and premier targeting an incremental consumption occasion, while still delivering on the nutritionals that our consumers expect from the Premier brand. The items are building distribution and although early, are off to a promising start. More innovation is planned throughout fiscal '25.

這些產品更加豐富和優質，針對的是增量消費場合，同時仍提供消費者對 Premier 品牌所期望的營養。這些產品目前正在分銷，儘管還處於早期階段，但開局良好。我們計劃在 25 財年推出更多創新。

In addition to exciting advertising and new products, we are updating our logo and redesigning our packaging for the first time in close to a decade. The refresh design builds on our strong performing current design and brings a modern look that improves discoverability of the shelf. We expect the updated design will start to hit the shelves in the second half.

除了令人興奮的廣告和新產品外，我們還在近十年內首次更新我們的標誌並重新設計我們的包裝。更新後的設計以我們目前性能強勁的設計為基礎，並帶來了現代外觀，提高了貨架的可發現性。我們預計更新後的設計將在下半年開始上市。

Turning to Dymatize. The international business drove the global brand this quarter, more than offsetting domestic headwinds. Despite recent US trends, the brand remains strong, holding the number two share position within sports nutrition powders which represents about half of the overall powder category. While household penetration and overall distribution levels remain stable, we are starting to see some encouraging signs from our marketing campaign as well as our new products.

轉向 Dymatize。本季度，國際業務推動了該品牌的全球發展，足以抵消國內業務的不利影響。儘管最近美國趨勢如此，該品牌依然表現強勁，在運動營養粉領域佔據第二大份額，約佔整個粉類產品的一半。雖然家庭普及率和整體分銷水平保持穩定，但我們開始從行銷活動和新產品中看到一些令人鼓舞的跡象。

Our marketing campaign with San Francisco running back Christian McCaffrey exceeded our benchmarks and drove strong lift to our brand metrics. As a result, we have expanded our core team of Dymatize athletes and influencers by partnering with Tennis Professional and Olympic medalist, Tommy Paul, who is ranked number nine in the world.

我們與舊金山跑衛克里斯蒂安·麥卡弗里 (Christian McCaffrey) 合作的營銷活動超出了我們的基準，並大幅提升了我們的品牌指標。因此，我們透過與世界排名第九的網球專業人士和奧運獎牌得主 Tommy Paul 合作，擴大了我們由 Dymatize 運動員和影響者組成的核心團隊。

On the innovation front, we launched two new platforms this quarter. We know that Dymatize consumers purchase both pre-workouts and RTD products. So in December, we launched RTD shakes with fruity and cocoa pebbles flavors as well as pre-workout powder called Energyze available in three flavors. Early results for both products are positive, and we continue to be bullish on the sports nutrition category opportunity. In closing, our Q1 results position us well for another above algorithm error.

在創新方面，我們本季推出了兩個新平台。我們知道 Dymatize 的消費者既購買運動前補劑，也購買即飲產品。因此在 12 月，我們推出了水果味和可可粒味的即飲奶昔，以及名為 Energyze 的運動前沖劑，有三種口味可供選擇。這兩款產品的早期結果都是正面的，我們繼續看好運動營養類別的機會。最後，我們的 Q1 結果使我們很容易遇到另一個上述演算法錯誤。

Our organization has officially pivoted to demand driving. Strong macro tailwinds around protein are driving robust long-term growth in our category with ready-to-drink and powder segments in the early stages of growth. Premier Protein is already the number one convenient nutrition brand, and we are just starting to drive demand.

我們的組織已正式轉向需求驅動。蛋白質領域強勁的宏觀順風正在推動我們產品類別的長期強勁成長，其中即飲飲料和粉末產品正處於成長的早期階段。Premier Protein 已經是第一大便捷營養品牌，而我們才剛開始推動需求。

Our innovation pipeline on both brands is rich, enabling us to bring excitement to consumers and our retail partners for years to come. Last, we have a scalable, regionally diverse supply chain, able to support our long-term growth projections.

我們兩個品牌的創新管道都非常豐富，這使我們能夠在未來幾年為消費者和零售合作夥伴帶來驚喜。最後，我們擁有可擴展、區域多樣化的供應鏈，能夠支援我們的長期成長預測。

Our confidence in the long-term outlook for BellRing remains high. We look forward to sharing our progress next quarter. I will now turn the call over to Paul.

我們對 BellRing 的長期前景依然充滿信心。我們期待下個季度分享我們的進展。現在我將電話轉給保羅。

Thanks, Darcy, and good morning, everyone. As Darcy highlighted, we had a good start to fiscal 2025. Net sales for the quarter were $533 million, and adjusted EBITDA was $125 million. Net sales grew 24% over prior year, and adjusted EBITDA increased 25%. Adjusted EBITDA margins were 23.5%, meaningfully exceeding our expectations.

謝謝，達西，大家早安。正如達西所強調的，我們 2025 財年有一個好的開始。本季淨銷售額為 5.33 億美元，調整後 EBITDA 為 1.25 億美元。淨銷售額較上年成長 24%，調整後 EBITDA 成長 25%。調整後的 EBITDA 利潤率為 23.5%，大大超出我們的預期。

Starting with brand performance. Premier Protein net sales grew 26% behind strong volume growth for RTD shakes and powders. Distribution gains, incremental promotions, and organic growth drove the sales increase as well as a benefit from our price increase on shakes taken in Q4. Shipment dollar growth slightly outpaced consumption dollar growth. Dymatize net sales increased 13% this quarter on 12% higher volume.

從品牌表現開始。由於即飲奶昔和奶粉銷量強勁成長，Premier Protein 淨銷售額成長了 26%。分銷收益、增量促銷和有機成長推動了銷售額的成長，同時也帶來了第四季奶昔價格上漲的好處。出貨量美元成長略超過消費美元成長。本季 Dymatize 淨銷售額成長 13%，銷售成長 12%。

Similar to recent quarters, strength in the international business continued with double-digit sales growth. This was partly offset by domestic headwinds. Gross profit of $200 million grew 35% with an increase in gross profit margin of 310 basis points to 37.5%. Our pricing actions offset modest input cost inflation in the quarter. We expect the rate of inflation to increase throughout the year.

與最近幾季類似，國際業務持續保持強勁勢頭，銷售額實現兩位數成長。但國內的不利因素在某種程度上抵銷了這一增幅。毛利2億美元，成長35%，毛利率增加310個基點，達37.5%。我們的定價行動抵銷了本季適度的投入成本通膨。我們預計通貨膨脹率全年都會上升。

Compared to our expectations, first quarter gross margins benefited from $5 million of non-recurring cost favorability and $1.5 million of unrealized mark-to-market gains on our commodity hedges, which combined drove margins higher by approximately 120 basis points. SG&A expenses were $80 million, an increase of 270 basis points as a percentage of net sales with higher spend for advertising and promotion and warehousing, the main drivers.

與我們的預期相比，第一季的毛利率受益於 500 萬美元的非經常性成本優惠和 150 萬美元的商品對沖未實現市價收益，這兩項因素共同推動利潤率上漲約 120 個基點。銷售、一般及行政開支為 8,000 萬美元，佔淨銷售額的百分比增加了 270 個基點，主要原因是廣告、促銷和倉儲支出增加。

Advertising promotion spend was 2.8% of net sales, up from 1.4% last year's first quarter as we kicked off new campaigns for both Premier Protein and Dymatize. However, we shipped roughly $4 million of marketing spend from the first quarter to later in the year. This, along with favorable gross margins, contributed to adjusted EBITDA margins coming in above our expectations.

由於我們為 Premier Protein 和 Dymatize 啟動了新的活動，廣告促銷支出佔淨銷售額的 2.8%，高於去年第一季的 1.4%。然而，從今年第一季到下半年，我們的行銷支出約為 400 萬美元。這一因素加上良好的毛利率共同推動調整後的 EBITDA 利潤率超出我們的預期。

Operating profit of $115 million increased $42 million compared to prior year and was positively impacted by lapping $17 million of accelerated amortization last year. Before giving our outlook, I'd like to make a few comments on cash flow and liquidity.

營業利潤為 1.15 億美元，比上年增加 4,200 萬美元，受到去年 1,700 萬美元加速攤銷的正面影響。在給出我們的展望之前，我想對現金流和流動性發表一些評論。

We generated $3 million in cash flow from operations in the first quarter. As anticipated, our working capital increased as we added shake supply to our inventory. Moving forward, we believe our inventory levels are largely normalized, and accordingly, our adjusted EBITDA to cash flow conversion will improve for the remainder of the year.

我們第一季的經營活動產生了 300 萬美元的現金流。正如預期的那樣，隨著我們向庫存中增加了奶昔供應，我們的營運資金增加了。展望未來，我們相信我們的庫存水準已基本正常化，因此，今年剩餘時間內我們的調整後 EBITDA 至現金流轉換率將有所改善。

We continue to expect our capital in fiscal '25 to be in line with fiscal '24 and weighted to the back half of the year. As of December 31, net debt was $790 million and net leverage was 1.7 times. With our EBITDA growth and strong cash flow generation, we anticipate net leverage will remain below 2 times throughout fiscal '25.

我們繼續預期 25 財年的資本將與 24 財年保持一致，並且主要集中在下半年。截至12月31日，淨負債為7.9億美元，淨槓桿比率為1.7倍。隨著我們的 EBITDA 成長和強勁的現金流產生，我們預計整個 25 財年的淨槓桿率將保持在 2 倍以下。

With respect to our share repurchases this quarter, we bought 143,000 shares at an average price of $77.12 per share or $11 million in total. In January, we repurchased about 550,000 shares at an average price of $72.79 per share or $40 million.

就本季的股票回購而言，我們以平均每股 77.12 美元的價格回購了 143,000 股，總計 1,100 萬美元。一月份，我們以平均每股 72.79 美元或 4000 萬美元的價格回購了約 55 萬股。

As of January 31, our remaining share repurchase authorization is $124 million. Turning to our outlook. We raised our fiscal '25 guidance for net sales to be $2.26 billion to $2.34 billion and adjusted EBITDA of $470 million to $500 million.

截至 1 月 31 日，我們剩餘的股票回購授權為 1.24 億美元。轉向我們的展望。我們將 25 財年的淨銷售額預期上調至 22.6 億美元至 23.4 億美元，調整後的 EBITDA 從 4.7 億美元至 5 億美元。

Our guidance implies strong top line growth of 13% to 17% and adjusted EBITDA growth of 7% to 14% with healthy adjusted EBITDA margins of 21.1% at the midpoint. As Darcy mentioned, our better-than-expected first quarter performance drove our decision to raise our outlook.

我們的預期是，營收將強勁成長 13% 至 17%，調整後 EBITDA 成長 7% 至 14%，中間值調整後 EBITDA 利潤率健康達到 21.1%。正如達西所提到的，我們第一季的業績好於預期，這促使我們決定上調預期。

Before reviewing our second quarter outlook, I want to give some perspective on our cadence throughout the year. Overall, our quarterly sales phasing hasn't changed significantly from our November guide. Recall, we expect sales growth to be weighted to the first half of the year as the second half lapsed trade inventory loads in '24, which we estimate to be a mid-single-digit headwind to our second half growth. Regarding adjusted EBITDA, we have made some modest changes to our quarterly phasing. Recall, I mentioned we shifted marketing spend from the first quarter to the second half.

在回顧我們第二季的展望之前，我想先對我們全年的節奏做一些展望。總體而言，我們的季度銷售階段與 11 月指南相比沒有顯著變化。回想一下，我們預期銷售成長將集中在上半年，因為下半年的貿易庫存負荷在24年已經耗盡，我們估計這將對我們下半年的成長產生中等個位數的阻力。關於調整後的 EBITDA，我們對季度分階段做了一些適度的修改。回想一下，我提到我們將行銷支出從第一季轉移到了下半年。

Additionally, protein costs in the first half are trending slightly more favorable than expected and more unfavorable in the second half. The combination of these items in a stronger-than-expected first quarter has shifted EBITDA growth toward the first half.

此外，上半年蛋白質成本趨勢比預期略有利，下半年則更為不利。由於第一季這些項目的強勁表現，EBITDA 成長轉向上半年。

In addition, our guidance continues to include second half costs related to packaging redesign. As a result, we expect second half EBITDA margins to be modestly lower than the first half, with the full year above our long-term algorithm at 21%.

此外，我們的指引繼續包括與包裝重新設計相關的下半年成本。因此，我們預計下半年的 EBITDA 利潤率將略低於上半年，全年利潤率將高於我們的長期演算法 21%。

Moving to our second quarter forecast. We expect mid to high-teens net sales growth with Premier Protein the main driver. Dymatize and all others expected to be flat to down year-over-year. We expect consumption dollar growth to be meaningfully exceed shipment dollar growth for Premier Shakes, which is typical in the second quarter.

轉向我們的第二季預測。我們預期淨銷售額將以中等至高等幅度成長，主要推動力為 Premier Protein。Dymatize 及所有其他公司的業績預計將比去年同期持平或下降。我們預計 Premier Shakes 的消費金額成長將顯著超過出貨金額成長，這在第二季很常見。

We expect second quarter adjusted EBITDA margins to decline modestly compared to a year ago with significantly higher marketing spend more than offsetting higher gross margins. In closing, we are pleased with our strong start to fiscal '25.

我們預計第二季調整後的 EBITDA 利潤率將與去年同期相比略有下降，因為行銷支出的大幅增加超過了毛利率的提高。最後，我們對 25 財年的強勁開局感到非常高興。

Our Q1 results gives us greater confidence in our full year outlook and long-term growth prospects. I will now turn it over to the operator for questions.

我們的第一季業績使我們對全年前景和長期成長前景更有信心。現在我將把問題交給接線員。

(Operator Instructions) David Palmer, Evercore ISI.

（操作員指示）David Palmer，Evercore ISI。

I wanted to ask you about your growth, how you're growing this year, you think, in ways that are different than maybe last year. and maybe the opportunities going forward. If you go through this transcript, you can get a lot of stuff. A lot of things are going on. You mentioned the indulgent types, the new pack types, PET versus the aseptic boxes, we saw some strong growth in e-commerce.

我想問一下你的成長狀況，你認為今年你的成長與去年相比有何不同。以及未來的機會。如果你仔細閱讀這份記錄，你就能獲得很多東西。很多事情正在發生。您提到了放縱類型、新包裝類型、PET 與無菌盒，我們看到電子商務的強勁成長。

So I'm just wondering how your -- how you would characterize the growth levers this year and what's coming in stronger or more importantly, and then maybe how that will play out even beyond '25?

所以我只是想知道您——您如何描述今年的成長槓桿，哪些因素會變得更加強勁或更重要，以及這在 25 年後將如何發揮作用？

It's a great question. So first of all, I mean, this year is fundamentally different from last year. I mean we have ample capacity where we really can drive the business. I mean I mentioned in my prepared remarks that the entire organization is now focused on demand driving. Where you really see that is -- this is the first time that we have started national advertising.

這是一個很好的問題。首先，今年與去年有著根本的不同。我的意思是，我們有足夠的產能來真正推動業務發展。我的意思是，我在準備好的發言中提到，整個組織現在都專注於需求驅動。您真正看到的是——這是我們第一次開始全國性廣告。

We have not had national advertising on our main business, our shake business since 2021. So that's a big difference. And honestly, that is the one driver that can lift all channels, so incredibly important. The second piece is just around distribution.

自 2021 年以來，我們尚未針對主要業務－奶昔業務進行全國性廣告。所以這是一個很大的差別。老實說，這是能夠提升所有管道的唯一驅動力，因此非常重要。第二部分是關於分佈。

We expanded distribution -- like distribution and innovation, I would say. So in past last year versus this year, we're really driving distribution and innovation. Whereas last year, we were still having out of stock on the shelf, especially in the food accounts. And then I would say the third big one is promotion in food. So last year, we did not we kind of eased in promotion last year, and we started in the club channel and then expanded from there.

我們擴大了分銷——我想說的是分銷和創新。因此，與今年相比，去年我們確實在推動分銷和創新。而去年，我們的貨架上仍然缺貨，特別是食品類。然後我想說的第三個重要因素是食品促銷。所以去年，我們沒有放鬆推廣力度，而是從俱樂部管道開始，然後從那裡開始擴展。

We now have promotion across and we started layering in promotion and display in the food channel. And I always like to repeat this because I think our business is different from many other businesses is it is less about the sense-off for promotions. So it's not about deep discounting. All we want we display is what moves our business. And so we kind of do as little as we can from a sense of standpoint to get those displays in aisle.

我們現在已經開始進行全面推廣，並開始在食品通路進行分層推廣和展示。我總是喜歡重複這一點，因為我認為我們的業務與許多其他業務不同，它不太注重促銷的感覺。因此，這與大幅折扣無關。我們想要展示的只是能夠推動我們業務發展的事物。因此，從某個角度來說，我們盡可能少地將這些展示品放在走道上。

And so -- and we're really starting January, January, Feb, March, our big -- is the big season for us where the most new consumers enter into the category. And so it's nice to see our big displays out there like they have been in past years. So those -- I would say those are kind of the three big areas that are different this year than last year. So hopefully, that answers your question.

所以 — — 我們實際上從一月開始，一月、二月、三月，對我們來說，是最重要的季節，最多的新消費者進入這個類別。很高興看到我們的大型展覽像過去幾年一樣舉行。所以，我想說這些是今年與去年不同的三大領域。希望這能回答你的問題。

And if I -- a separate follow-up, on Dymatize, international really was super strong this quarter, we would estimate maybe up 40%. How do you see Dymatize playing out this year as a brand? Was that international strength sort of one-off for this quarter. Any thoughts about Dymatize in '25?

如果我對 Dymatize 進行單獨的後續跟進，本季國際業務確實表現非常強勁，我們估計可能會成長 40%。您如何看待 Dymatize 品牌今年的發展？這種國際實力是本季獨有的嗎？對於 25 年的 Dymatize 有什麼想法嗎？

We expect the Dymatize international business to continue to be strong throughout the year and drive the overall business. In the US -- so remember, our international business for Dymatize is about 40% of the global brand. So -- and the US business is pressured. We have a few years ago, we took a lot of pricing and the category took a lot of pricing because of whey protein prices really accelerating.

我們預計 Dymatize 國際業務將在全年繼續保持強勁並推動整體業務。在美國—請記住，Dymatize 的國際業務約佔該全球品牌的 40%。因此——美國企業面臨壓力。幾年前，我們進行了大量定價，並且由於乳清蛋白價格的真正上漲，該類別也進行了大量定價。

Well, we're seeing those commodity prices continue to accelerate. So the P&L is pressured specific -- I mean, globally, but the consumer in the US is much more pressured. So I think that as we look at the global brand, international will stay strong throughout the year, and we are looking at basically like single-digit growth for the global brand.

嗯，我們看到這些商品的價格持續上漲。因此，損益表面臨著特定的壓力——我的意思是，在全球範圍內，但美國消費者面臨的壓力要大得多。因此，我認為，從全球品牌來看，國際品牌全年都將保持強勁，我們預計全球品牌基本上將呈現個位數成長。

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Darcy, last quarter, you talked about the learnings from several of the tests that you did of your advertising campaign behind Premier, that is now in full swing on a national basis. I know this is the first one in many years. So I'm trying to get a sense of what sort of response knowing it's still early that you're seeing to the campaign based on whatever metrics that you use to sort of assess the lift or the payback.

達西，上個季度，您談到了對 Premier 廣告活動進行的幾項測試的經驗教訓，目前該廣告活動正在全國範圍內全面展開。我知道這是多年來的第一次。因此，我試圖了解，根據您用來評估提升或回報的任何指標，您對此次活動的反應如何，因為現在還為時過早。

So it just launched at the end of December, last week of December. So it's very, very new. But the early -- what we look at right now because it's too soon to really see lifts in market. But we look at website traffic, we look at online search, and those look really strong. So we're getting consumers attention and they're acting and they're actually searching Premier Protein.

所以它是在 12 月底，也就是 12 月的最後一周推出的。所以它非常非常新穎。但我們現在關注的還處於早期階段，因為要真正看到市場復甦還為時過早。但我們查看了網站流量和在線搜索，發現這些看起來確實很強勁。因此，我們吸引了消費者的注意力，他們開始採取行動，並且實際上正在搜尋 Premier Protein。

So that's exactly what we want to see. I think that this was a well-researched campaign. So I think I told you guys last quarter that we did -- we performed three test markets. We also did a fair amount of creative testing. We wanted to make sure we got it right because it was the first time that we have launched National Media in several years. So all the test markets met or exceeded the lift expectations.

這正是我們希望看到的。我認為這是一次經過充分研究的活動。所以我想我上個季度告訴過你們我們做了——我們進行了三個測試市場。我們也進行了大量的創意測試。我們希望確保一切順利，因為這是我們幾年來第一次推出國家媒體。因此，所有測試市場都達到或超越了提升預期。

And we made a few -- we found a few areas from a creative standpoint that we could tweak and improve the spot. So we were able to do that. And we're really pleased with the early performance.

我們從創意的角度找到了一些可以調整和改進的地方。所以我們能夠做到這一點。我們對早期的表現非常滿意。

And then I think last quarter, you mentioned sort of starting to have more top-to-top discussions with key customers. Now that you have sort of ample capacity and some more innovations to talk about that sort of warrant right, talking about more incremental shelf space in the store, would you expect this to lead to sort of material gains along these lines of this fiscal year? Or are those things and those sorts of decisions by retailers really sort of a longer burn sort of process?

然後我想上個季度您提到開始與主要客戶進行更多高層的討論。現在您擁有足夠的產能和更多的創新來談論這種保證，談論商店中更多的增量貨架空間，您是否預計這會在本財年帶來某種實質性的收益？或者這些事情以及零售商做出的這些決定真的是一個較長的耗時過程嗎？

I would say yes and yes. First of all, I think that one of our main growth drivers is just around getting our fair share of the shelf. We're about a 25% market share player, the number one in the category. So we should absolutely have a quarter of the shelf if not more, because we're driving most of the new consumers into the category. So that is happening.

我會說是的，是的。首先，我認為我們的主要成長動力之一就是獲得公平的貨架份額。我們的市佔率約為 25%，是該類別中的第一名。因此，我們絕對應該佔據四分之一甚至更多的貨架空間，因為我們正在吸引大多數新消費者進入這個類別。這就是正在發生的事情。

We have capacity and you're starting to see some really strong increases in TDPs. You can track it in our supplemental presentation. But -- so that is happening but then also these top to tops -- those conversations are more around the future of the convenient nutrition category.

我們有能力，而且您會開始看到 TDP 的強勁成長。您可以在我們的補充介紹中追蹤它。但是 — — 這確實正在發生，但這些從上到下的對話更多是圍繞著方便營養類別的未來。

And how -- I mean, there is -- it's a new category, 30-ish years old, and it's rapidly changing. And so if you go to the shelf set in a food account looks very different from a mass account and looks very different from a club account.

而且 — — 我的意思是 — — 這是一個新的類別，已有 30 年曆史，並且正在迅速變化。因此，如果你去查看貨架，你會發現食品帳戶與大眾帳戶有很大不同，與俱樂部帳戶也有很大不同。

And so there's a lot of opportunity to bring in consumer insights to help consumers around make sense of all the products and how they use the products and who they're for because right now, it's very confusing. So those conversations, not only expanding the convenient nutrition category, expanding sports nutrition and everyday portion of the category, which is now three quarters of it. So those kind of conversation, and those bigger changes take time. But in the meantime, we're also expanding just getting our kind of our fair share of the shelf.

因此，有許多機會引入消費者洞察，以幫助消費者了解所有產品、他們如何使用這些產品以及這些產品適合誰，因為現在，情況非常令人困惑。因此，這些對話不僅擴大了方便營養類別，也擴大了運動營養和日常營養類別的部分，現在佔了其中的四分之三。因此，這些對話和更大的改變需要時間。但同時，我們也在不斷擴大規模，以獲得我們應得的貨架份額。

Great. And just last, what would you put your share of shelf at versus your market share right now?

偉大的。最後，您認為您的貨架份額和目前的市場份額是多少？

It is -- so I don't have the exact number, but it's about half -- half is where it should be.

是的 — — 所以我沒有確切的數字，但大約是一半 — — 一半才是應該的。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Thank you for the help in sort of framing the rest of the year in terms of cadence. I was wondering if I could ask a follow-up to that, which is how would you like us to think about Premier mainly ready-to-drink consumption in tracked channels. Any sort of ups or downs or unusual trends we should think about just as we look ahead at the bi-weekly releases going forward.

謝謝您在節奏方面對我們規劃今年剩餘時間所提供的幫助。我想知道我是否可以問一個後續問題，那就是您希望我們如何看待 Premier 在追蹤管道中主要的即飲消費。當我們展望未來的雙週發佈時，我們應該考慮任何起伏或不尋常的趨勢。

And Ken, you're mostly talking about Q2?

肯，您主要談論的是第二季嗎？

Yes and yes. But I'll say yes and yes, just like you did a little bit of both, whatever you can offer would be great.

是的，是的。但我會說是的，是的，就像你做了一點這兩件事一樣，無論你能提供什麼都會很棒。

Okay. So January, I said it was up 17%. We expect overall Q2 to be in the mid-20s. So we should be seeing an acceleration as we go into Feb and March. And that is really driven. And again, now I'm using MULO+. So we have a broader look at tracked channels. So that includes both Amazon and Costco. But yeah, so we will -- so we should be seeing an acceleration into Q2 and then we should see strong consumption throughout the year.

好的。所以一月我說它漲了 17%。我們預計第二季的整體成長率將在 20% 左右。因此，進入二月和三月時，我們應該會看到加速的趨勢。這確實是一種動力。現在我正在使用 MULO+。因此，我們對追蹤管道有了更廣泛的了解。其中包括亞馬遜和好市多。但是的，我們應該會看到第二季的加速，然後我們應該會看到全年強勁的消費。

Got it. And then as we think about the ready-to-mix category in the US, I think there was some hope that might be -- that there might be a little bit of a rollback situation for lack of a better phrase in January with a large customer. across a number of different manufacturers. I was just curious, A, is that correct that we were expecting that, and B, did that happen as planned?

知道了。然後，當我們考慮美國的即用型混凝土類別時，我認為可能會有一些希望 - 由於在一月份與大客戶打交道時缺乏更好的說法，可能會出現一些回滾的情況。跨越多個不同的製造商。我只是好奇，A，我們預料到這種情況是否正確？

And I guess, C, what are you looking for in terms of overall category pricing there in light of some of the challenges at the higher end of the premium portion of the category as well as higher input costs going forward?

我想，C，考慮到該類別高端產品部分較高端面臨的一些挑戰以及未來更高的投入成本，您對整體類別定價有何期待？

Okay. Ken, can you -- so you said that we were expecting a rollback --

好的。Ken，你能嗎——所以你說我們期待回滾--

I'll simplify that, Darcy. I was of the impression -- no, I'll simplify it. I thought there might be -- and maybe I misheard this last quarter, there might be a hope that there might be a little bit of incremental promotions at a particular customer in January across ready-to-mix. But really broadly, I'm just trying to get a sense of what you're viewing or what you're expecting from pricing in that category, especially for the premium side in light of some of the challenges and in light of, at the same time, some higher weight cost if that makes sense.

我會簡化這一點，達西。我的印像是——不，我會簡化它。我認為可能會有——也許我在上個季度聽錯了，可能希望在 1 月份針對特定客戶進行一些針對即用型產品的增量促銷。但從廣泛意義上講，我只是想了解您在考慮什麼，或者您對該類別定價有什麼期望，尤其是考慮到高端產品面臨的一些挑戰，同時考慮到更高的重量成本（如果合理的話）。

Yeah, it makes perfect sense. We're watching it very closely because, a, yes, like you said, whey pricing is increasing and it's expected to continue to increase. Right now, promotion across the category is pretty stable. So not -- we're not seeing a decrease in promotion to offset the increase in whey protein yet. I think that likely -- we still believe that we're going to see it.

是的，非常有道理。我們正在密切關注，因為，是的，就像你說的，乳清價格正在上漲，而且預計還會繼續上漲。目前，整個類別的促銷活動都相當穩定。因此，我們尚未看到促銷活動的減少來抵消乳清蛋白的增加。我認為這是可能的——我們仍然相信我們會看到它。

We haven't seen any pricing yet. So I think that we believe we just have to see it later in the year because that's where you really start seeing the increases in whey protein. But we haven't seen it yet. We haven't seen a dramatic shift in promotion plus or minus.

我們還沒有看到任何定價。因此我認為我們必須在今年晚些時候看到它，因為那時你才真正開始看到乳清蛋白的增加。但我們還沒有看到它。我們還沒有看到促銷活動有顯著的變化。

Thomas Palmer, Citi.

花旗銀行的托馬斯·帕爾默。

First, I just wanted to make sure I understood the timing of cost inflation and kind of what's driving it. You talked about mid-single digit. Is that still the expectation? And then what's driving that uptick as we move into the back half? Is it really just looking at whey or kind of other items to call out?

首先，我只是想確保我了解成本通膨的時間以及背後的原因。您談到了中等個位數。這仍然是我們的期望嗎？那麼，當我們進入後半段時，是什麼推動了這種上升？真的只是看一下乳清或其他需要注意的物品嗎？

Yeah, overall expectation hasn't changed. It's mid-single digits. And really in my prepared remarks, the shifting -- from the shift of protein is -- for the full year, it's really neutral, but it's just a little bit more favorable first half, a little less favorable second half -- unfavorable in the second half to net. It's not that different. It's -- as far as what's driving, there's a little bit on whey protein, there's a little bit on milk protein.

是的，整體預期沒有改變。它是一個數的中間值。實際上，在我準備好的發言中，從蛋白質的變化來看，就全年而言，它實際上是中性的，但上半年稍微有利一些，下半年不太有利——下半年對淨值不利。沒什麼不同。就其驅動因素而言，有一點乳清蛋白，有一點牛奶蛋白。

So again, we're talking about relatively small amounts, but a little bit of an uptick. And it's just market-driven. Whey protein continues to remain fairly tight supply-demand dynamics. So the cost there remain elevated. And then on milk proteins, which are the primary input for our shakes, it's just been a steady increase.

所以，我們再說一遍，我們談論的是相對較小的金額，但有一點上升。這只是由市場驅動的。乳清蛋白的供需情勢持續保持相當緊張。因此那裡的成本仍然很高。然後，牛奶蛋白（我們奶昔的主要原料）的含量一直在穩定增加。

The market contract, non-fat dry milk has been bouncing up and down a bit. We're still not fully covered in the latter parts of the year. So we're obviously being cautious in watching that market. But again, we're talking about pretty small changes net. It's really no different than our expectation of mid-single digits for the full year.

市場合約，脫脂奶粉一直略有波動。今年下半年我們仍未完全覆蓋。因此我們顯然對觀察該市場持謹慎態度。但再次強調，我們談論的是相當小的變化網。這與我們對全年中等個位數的預期沒有什麼不同。

Great. And then on Dymatize, you noted earlier in the call how pricing had run off quite a bit a couple of years ago. And I think last year was given some cost tailwinds rather promotional for the group as a whole. Maybe an update on the promotional intensity you're seeing now that costs are really starting to escalate. And are you seeing any outright price increases or at least a pullback in that promotional activity by the group?

偉大的。然後關於 Dymatize，您在早些時候的通話中提到，幾年前價格已經大幅上漲。我認為去年對於整個集團來說，成本方面有一些順風，而不是促銷。也許您現在看到的促銷力道有所更新，因為成本確實開始上升。您是否看到該集團有任何價格直接上漲或至少促銷活動減少？

Yeah, we are not. So we haven't seen pricing yet. There are some rumors out there, but nothing -- we haven't seen anything at the shelf from a price increase standpoint. And there hasn't been a dramatic change of promotion. So pretty steady promotional levels.

是的，我們不是。因此我們還沒有看到定價。雖然有一些傳言，但沒有什麼變化——從價格上漲的角度來看，我們還沒有看到貨架上有任何產品上漲。而且促銷方式也沒有太大的變化。因此促銷水平相當穩定。

So we expect that there is going to be a change later in the year as these higher protein costs start flowing through the P&L, but we haven't seen it yet.

因此，我們預計今年稍後將發生變化，因為更高的蛋白質成本開始流入損益表，但我們還沒有看到這一點。

Kaumil Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Congratulations, you're liberated from all the capacity constraints over recent years. There's a lot going on in what you've laid out. I guess the big sort of question is, what's the right pace of doing all these things between the marketing and the repackaging and the innovation? There is sometimes a risk of going too fast, especially because -- this is really our first year of having the ability to be a lot more demand-focused. So how do you know you're sort of going at the right speed and not too fast?

恭喜你，你已經擺脫了近年來所有的容量限制。您所佈置的內容包含很多內容。我想最大的問題是，在行銷、重新包裝和創新之間，做所有這些事情的正確節奏是什麼？有時候，進展太快會有風險，尤其是因為──這其實是我們能夠更加關注需求的第一年。那麼你怎麼知道你的速度是正確的而不是太快呢？

I love that question. So we have been -- if you think about the last year, starting end of '23 into '24 and now '25, I would say we have been pressing the accelerator kind of consistently. So we first layered in promotions in some channels. We did some light kind of light innovation more around flavors just to give consumers and retailers some flavor excitement. Then this year was now we are launching both innovation as well as doing advertising.

我喜歡這個問題。所以，如果您回想去年，從 23 年底到 24 年，再到現在的 25 年，我想說我們一直持續地踩下油門。所以我們先在一些管道分層開展促銷。我們在口味方面做了一些輕鬆的創新，只是為了給消費者和零售商帶來一些口味上的刺激。今年我們既推出了創新，也做了廣告。

But we're still not -- we've talked about wanting to get to 4% to 5% of spend on marketing, we're not there yet. We are slowly accelerating for the exact reason that you are talking about, which is we don't want to get into a supply-constrained situation. And we don't need to. We want to try to figure out the right level of support for our business to consistently drive it year over year.

但我們還沒有——我們曾談論過希望將行銷支出提高到 4% 到 5%，但還沒有實現。我們正在緩慢加速，原因正如您所說，我們不想陷入供應受限的情況。但我們沒必要這麼做。我們希望找到適合我們業務的支援水平，以便逐年持續推動業務發展。

So that is exactly -- it's a fine line. But so far, I think we've been doing it well, and we'll continue to keep that in mind. And just to your question around packaging. We have been working on packaging for a while, and I'm really excited about the new graphics. It's an evolution, not a revolution.

所以，這確實是—一條細線。但到目前為止，我認為我們做得很好，我們會繼續牢記這一點。這只是關於包裝的問題。我們已經在包裝方面工作了一段時間，我對新的圖形感到非常興奮。這是一種進化，而不是革命。

But it is going in the right direction. It will improve all of our testing. It's going to improve discoverability. It's a more modern look. And we really haven't -- we've done small changes to our packaging because it works well. But we haven't done kind of a logo redesign and package redesign in about a decade. So it's pretty exciting. And that should roll in towards the end of the year, basically like the second half.

但它正朝著正確的方向發展。它將改進我們所有的測試。它將提高可發現性。它看起來更加現代。但實際上我們並沒有——我們只是對包裝做了一些小改動，因為效果很好。但我們已經有大約十年沒有進行過標誌和包裝的重新設計了。所以這非常令人興奮。這應該會在年底實現，基本上就像下半年一樣。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Darcy, I wanted to go back to something you mentioned earlier, which is that Premier is really driving most of new entrants into the category. If you look at the scan data, it really seems like Premier and maybe one of the brand are the ones that continue to gain share. Can you just give us some insights into why some of the other legacy brands aren't seeing the same level of engagement from these new consumers, given that the category as a whole has kind of seen a lot of new people engaging with it?

達西，我想回到你之前提到的一點，那就是 Premier 確實推動了大多數新進入者進入該類別。如果你看一下掃描數據，你會發現 Premier 和其中一個品牌的市佔率確實在不斷增加。鑑於整個類別已經吸引了許多新消費者，您能否向我們解釋為什麼其他一些傳統品牌沒有從這些新消費者那裡獲得同等程度的參與？

Yeah. The growth is coming from mainstream. So basically, the Everyday Nutrition and Sports Nutrition segments. And it's really the kind of modern brand. I think if you separate the category into how we look at it, which is adult nutrition, sports nutrition, everyday nutrition, and weight management, you really start seeing a dynamic where it used to be that adult and weight really with most of the category.

是的。成長源自主流。所以基本上，分成日常營養和運動營養兩個部分。這確實是一個現代化的品牌。我認為，如果你按照我們的觀點將類別分開，即成人營養、運動營養、日常營養和體重管理，你會開始看到一種動態，過去大多數類別都是成人和體重。

It's where the category began. And now you see those parts of the business, it's really declining or just stagnant. And you see the sports nutrition and every day, just kind of exponentially growing. I think it is because those part of the categories are more they're more positive. They're more proactive health messages as opposed to the adult and the weight side of things are more about deprivation.

這是該類別的開始。而現在你看到這些部分的業務確實在下滑或停滯不前。你會看到運動營養每天都呈指數級增長。我認為這是因為這些部分類別更為積極。與成年人相比，他們更積極主動地傳達健康訊息，而體重方面的問題更多與剝奪有關。

And so I think that, that is -- I think it's a changing consumer view of the entire category going much more into that positive wellness side as opposed to what you want to change about your body. So I think that is part of it.

所以我認為，這是——我認為這是消費者對整個類別的看法的改變，更多地關注積極的健康方面，而不是你想要改變的身體方面。所以我認為這是其中的一部分。

Great. And then if I think about Premier in particular. Is there a way to split up the volume gains between frequency among existing households, so whether it's -- I used to have it once a week and now I have it 3 times a week versus just new households coming brand that haven't tried the product before.

偉大的。然後如果我特別想到 Premier。有沒有辦法將現有家庭的用量增長按頻率進行分配，例如——我以前每週使用一次，現在每週使用三次，還是只向以前沒有嘗試過該產品的新家庭推廣？

I don't know if I have that. We probably need to follow up with that. I don't have that off. I don't want to give you the wrong number. All I would say is that we're seeing, and it shows in our supplemental presentation, where you see that not only are we increasing households, but we're also increasing buy rate and repeat rates.

我不知道我是否有這個。我們可能需要對此進行跟進。我沒關閉它。我不想給你錯誤的電話號碼。我想說的是，我們看到了，而且這在我們的補充報告中有所顯示，我們不僅在增加家庭數量，而且還在增加購買率和重複率。

So it's rare that you see a business that is growing households as well as growing distribution innovating, et cetera, but at the same time, time increasing buy rate and repeat rate. So it's definitely -- so I don't have the breakdown. I would say they're both contributing to our growth.

因此，很少看到一家企業在擴大家庭數量和分銷創新等方面，同時也提高購買率和重複率。所以這絕對是——所以我沒有細分。我想說他們都為我們的成長做出了貢獻。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰‧鮑姆加特納 (John Baumgartner)。

Darcy, on the shake side, it sounds as though you're gaining confidence that the depth of deal on promo for the consumer doesn't need to be as deep as it's historically been. And I'm curious the extent to which that then enables you to recalibrate your budget and transfer more funding into slotting or other areas that open new opportunities for where in the store you can be displayed or increase the frequency of quality promo. Is there may be a longer-term benefit to be had here?

達西，從奶昔方面來看，聽起來你越來越有信心，針對消費者的促銷活動的深度不需要像過去那麼深。我很好奇，這在多大程度上能夠讓你重新調整預算，並將更多資金轉移到投放管道或其他領域，為你在商店中展示產品的位置或增加優質促銷的頻率開闢新的機會。這裡可能存在長期利益嗎？

Yeah. I think that for us, the goal is display. And so we know -- we do not think that we need to go as deep as perhaps we did a few years ago. However, what I will say is that this doesn't have to do with just what we want. And so it is always a negotiation with our retail partners about what their rules are about the required depth to get display.

是的。我認為對我們來說，目標就是展示。所以我們知道——我們認為我們不需要像幾年前那樣深入。然而我想說的是，這並不僅僅與我們想要的有關。因此，我們總是與零售合作夥伴進行談判，以了解他們關於展示所需深度的規則。

So I -- if it was up to us, we would only do -- we would have very little TPR if any, we would just do display because we know that that's where you get the eyeballs if you get the trial we bring people into the franchise and then our 50% repeat fuels it. But again, there are more stakeholders that we need to work with, and they have different rules.

所以，如果由我們決定的話，我們只會做——如果有的話，我們會做很少的 TPR，我們只會做展示，因為我們知道這就是你獲得眼球的地方，如果你進行試用，我們會將人們帶入特許經營，然後我們的 50% 重複率會推動它。但同樣，我們需要與更多的利害關係人合作，而且他們有不同的規則。

Okay. And then on the ready-to-mix side, coming back to this absence of more prominent price increases thus far, do you get the sense at all that the volume success of shakes is maybe forcing the powder segment to hold prices more so than usual and sort of accept some margin pressure to reinforce relative value there? I mean, I guess I'm curious if maybe there's more of a fundamental change in how powder is pricing, especially if there's some expectation or optimism for lower cost later this year.

好的。然後，在即飲奶昔方面，回到迄今為止沒有更顯著的價格上漲這一問題，您是否感覺到，奶昔的銷量成功可能迫使奶昔粉部分比平時更加​​保持價格穩定，並接受一些利潤壓力以加強相對價值？我的意思是，我很好奇粉末定價是否會發生更根本的變化，特別是如果人們對今年稍後的成本降低有一些預期或樂觀的看法。

Paul, do you want to talk a little bit about where we think pricing is going to go?

保羅，你想談談我們認為價格將會走向何方嗎？

From a protein cost perspective on way, I think what we're seeing is that costs have remained elevated, and we expect those to really go through our fiscal year. So I would not say that we've necessarily seen on whey powders relief yet.

從蛋白質成本的角度來看，我認為我們看到的成本仍然很高，我們預計這些成本將真正影響我們的財政年度。因此，我不會說我們已經一定看到了乳清粉的緩解。

I think it's still a tight supply-demand dynamic on whey powders, and we expect that really to continue through our fiscal year, which I would say is in general, I think our perspective is it's hanging on longer than we expected. So it may go beyond this fiscal year, but obviously, that's still to be determined as we get further along. But yeah, I'd say our view is that it seems to be sticking a little longer than expected.

我認為乳清粉的供需情況仍然緊張，我們預計這種情況將持續整個財年，我想說，總的來說，我認為我們的觀點是這種情況持續的時間比我們預期的要長。因此，它可能會超越本財政年度，但顯然，這仍有待我們進一步研究後再確定。但是是的，我想說我們的觀點是它似乎比預期的持續時間更長。

But there definitely is a different dynamic because milk protein concentrate is what the protein that we use in our shakes and then whey protein is what is in the powder business. And there's definitely a different cost dynamic in both. They're both increasing, but milk protein concentrate is kind of just more steady where you don't have the weight protein is a bit more volatile and has increased dramatically over time. So I think, yes, there's just a different P&L reality in both sides of the business.

但肯定有不同的動態，因為我們在奶昔中使用的蛋白質是牛奶濃縮蛋白，而奶昔使用的蛋白質是乳清蛋白。而兩者的成本動態肯定不同。它們都在增加，但是牛奶蛋白濃縮物更加穩定，而重量蛋白質則更加不穩定，並且隨著時間的推移急劇增加。所以我認為，是的，業務雙方的損益狀況確實不同。

Brian Holland, D.A. Davidson.

布萊恩·霍蘭德（Brian Holland），地方檢察官戴維森。

I was just curious, Darcy if you could sort of discern for us between -- on some of these distribution gains. How much of that is capacity constraints easing versus kind of like new product launches that you've talked about. I guess, it seems like you have a long tail of white space that you've referenced over the past year plus with respect to getting your products new forms, single-serve, other channels, et cetera.

我只是好奇，達西，你是否能為我們辨別一下這些分銷收益。其中有多少是產能限制的緩解，有多少是像您談論的新產品的發布。我想，看起來你們在過去的一年裡一直提到很長的空白，而且還有關於讓你們的產品有新形式、單一服務、其他管道等等。

So I'm just curious, as we think about the long-term opportunity for how big this brand, how big this category can be, how broadly it could be distributed where we are in that and the distribution gains that we're seeing specific to this quarter, how much of that is really just kind of core blocking and tackling as capacity constraints ease versus actually tapping into the long-term white space?

所以我很好奇，當我們思考這個品牌的長期機會、這個類別能有多大、它的分銷範圍能有多廣，以及我們在本季度看到的分銷收益時，其中有多少只是隨著產能限制的緩解而進行的核心阻礙和解決，而不是真正挖掘長期的空白？

Okay. So from an out of stocks -- let's just start with kind of the block and tackling out of stocks that we're lapping. We'll probably -- we'll have lapped most of the out of stocks by -- I think they ended kind of Q2, trailed into Q3.

好的。因此，從缺貨情況來看 — — 讓我們先從阻止庫存開始，然後解決我們正在處理的缺貨問題。我們可能會——我們會解決大部分缺貨問題——我認為它們在第二季結束時結束，然後進入第三季。

By Q4 of last year, we had mostly full shelves. So if you think of that -- so if you think of percentage of our growth, I think we would say kind of single digits part of our growth, maybe a quarter of our growth is coming from that in the first half.

到去年第四季度，我們的貨架基本上都滿了。所以如果你考慮到這一點——如果你考慮到我們成長的百分比，我想我們會說我們成長的個位數部分，也許我們成長的四分之一來自於上半年。

So that's just kind of what -- now when you think about the long-term opportunity of distribution, I would bucket it into two sides. I mentioned to Andrew, that we were -- if you assume that your share of shelf should equal your market share, we basically should double our space. It varies dramatically from account to account. But at a macro level, we should about double our space given where our market share is. That's one piece.

所以這就是——現在當你考慮分銷的長期機會時，我會將其分為兩個方面。我向安德魯提到，如果你假設你的貨架份額應該等於你的市場份額，那麼我們基本上應該將我們的空間增加一倍。不同帳戶之間的差異很大。但從宏觀層面來看，考慮到我們的市場份額，我們應該將空間擴大一倍。那是一件。

That's just share of shelf. But then when you think of when you're in a high-growth category, fastest growing within -- one of the fastest growing within the store, the entire category should increase in space. And so I think that's where it gets really interesting.

這只是貨架份額。但是當你想到當你處於一個高成長類別時，成長最快的類別 - 商店中成長最快的類別之一，整個類別的空間應該會增加。所以我認為這才是真正有趣的地方。

And where the continued -- so once we kind of fix the shelf, meaning that we get our fair share, then we start talking about the overall increase in the category space. And those are those top-to-top discussions and the ones that should win there, obviously, are the ones that are driving the new consumers into the shelf. And there aren't that many of those brands, and we're one of them.

接下來是——一旦我們修好了架子，這意味著我們得到了公平的份額，那麼我們就開始談論類別空間的整體增加​​。這些都是由上而下的討論，顯然，那些應該獲勝的討論將會吸引新的消費者。這類品牌不多，我們就是其中之一。

That's very helpful. And then maybe just on that last point. capacity constraints are easing, presumably not just for you but for the category. We've seen little green shoots, some tinier brands, certain private label SKUs having some nice growth here off of obviously low basis. Just curious how you're seeing the competitive landscape evolve around you as maybe more capacity becomes available.

這非常有幫助。也許我們只談論最後一點。容量限制正在放寬，想必不僅適用於您，也適用於該類別。我們看到了小小的綠芽，一些較小的品牌、某些自有品牌 SKU 在明顯較低的基礎上實現了良好的成長。我只是好奇，隨著可能有更多產能可用，您如何看待周圍的競爭格局演變。

And certainly, to your earlier point about the category being the second strongest behind eggs right now from a growth standpoint, clearly, that brings eyeballs from a competitor standpoint. So just curious what you're hearing and seeing with respect to competitive activity, innovation, et cetera, around the moat that you've built here with Premier Protein and ready-to-drink.

當然，正如您之前所說，從成長角度來看，該類別目前是僅次於雞蛋的第二大類別，這顯然從競爭對手的角度來看吸引了人們的注意。所以我很好奇，關於您透過 Premier Protein 和即飲產品建立的護城河，您在競爭活動、創新等方面聽到和看到了什麼。

Yeah. From a competitive standpoint, I would say there aren't a ton of major changes since the last several quarters. The mainstream and sports nutrition brands are winning, and they're the ones bringing in new consumers into the category, gaining distribution, both in aisle and out of aisle, which has been again, the key because it's a low household penetration category, so people need to see the product.

是的。從競爭的角度來看，我認為自最近幾季以來並沒有發生太多重大變化。主流品牌和運動營養品牌正在獲勝，它們為該類別帶來了新的消費者，獲得了貨架內和貨架外的分銷權，這再次成為關鍵，因為這是一個家庭滲透率較低的類別，所以人們需要看到產品。

And the smaller brands are honestly -- I mean, yes, you always see some new plant products kind of come and go, but really ones that make a difference and are making an impact and gaining a lot of shelf space. There just aren't that many within ready-to-drink, very different within ready-to-mix.

而小品牌則說實話——我的意思是，是的，你總是會看到一些新的植物產品來來去去，但真正有所作為、產生影響並佔據大量貨架空間的品牌。即飲型啤酒種類不多，即調型啤酒種類也有很大差異。

Ready-to-mix, you see upstarts all the time. And I think that's the big difference between ready-to-drink and ready-to-mix in bars. Ready-to-mix in bars are much easier to formulate you can get -- you can basically formulate it in kind of a kitchen, a commercial kitchen, where it's the ready-to-drink category is just highly complex. It's hard to formulate. It takes two-plus years to formulate these products.

隨時可以混合，您隨時都會看到新貴。我認為這就是酒吧中即飲飲料和即調飲料之間的巨大區別。即飲棒中的即飲飲料的配製要容易得多——你基本上可以在廚房、商業廚房中配製它，而即飲飲料的類別則非常複雜。這很難表述。研發這些產品需要兩年以上的時間。

You have to make them in a very -- in a facility that is kind of wall-to-wall stainless steel, aseptic, very expensive. Usually, you have to commit to long-term volumes to get the space. So it's just a much different, yes, competitive moat, I would say, than in the other parts of the category.

你必須在一種全不銹鋼、無菌的設施中生產它們，非常昂貴。通常，您必須承諾長期承包才能獲得空間。因此，我想說，與該類別的其他部分相比，它的競爭護城河有很大不同。

Matt Smith, Stifel.

馬特史密斯（Matt Smith），史蒂費爾（Stifel）。

Darcy and Paul, you called out the shift in marketing spend from 1Q to the second half. Can you talk about what drove that change in timing? I know there's a focus on returning marketing and advertising back towards historical levels, but I'm curious how locked in marketing spend is in the second half?

達西和保羅，你們提到了從第一季到下半年的行銷支出轉變。能談談是什麼導致了時間上的改變嗎？我知道人們的重點是讓行銷和廣告恢復到歷史水平，但我很好奇下半年的行銷支出是如何鎖定的？

I can start, Paul, and then you can add to whatever I miss. So the decision really was around -- we were supposed to start marketing in kind of the middle of December. We pushed it back a few weeks and mainly just we were making some adjustments to the creative, and it took a little longer. So we pushed it until we started on in the kind of last week of December, right before new year, new use. So that is kind of the reason why it pushed.

我可以開始，保羅，然後你可以補充我遺漏的任何內容。所以決定確實已經做出了——我們原本應該在 12 月中旬開始行銷。我們將其推遲了幾週，主要只是對創意進行一些調整，這花了更長的時間。因此，我們將其推遲到 12 月的最後一周，也就是新年之前，進行新的用途研究。這就是為什麼它被推行的原因。

Paul, you want to --

保羅，你想--

Yeah. So obviously, we talked about the shift out of Q1 and really, we shifted some from Q1 to Q2, which then shifted some to the second half. So the net impact is about a $4 million shift in the second half. But the level of spend for us is still the same as it was when we gave guidance last -- in November. So nothing has dramatically changed on our marketing spend. We still feel like we have the right level in our guide and our plan. So no big changes there other than just the timing.

是的。因此顯然，我們談論的是第一季的轉變，實際上，我們將一些內容從第一季轉移到第二季度，然後將一些內容轉移到下半年。因此，淨影響是下半年約有 400 萬美元的轉變。但我們的支出水準仍與去年 11 月給出的指引相同。因此我們的行銷支出沒有太大的變化。我們仍然覺得我們的指南和計劃達到了正確的水平。因此，除了時間之外，沒有什麼重大的變化。

And Darcy as a follow-up, the innovation launch indulgence, how does the expansion play out from here? I think it was launched in some limited customers. Do you expect that to start to expand in this fiscal year? And is that shelf space incremental to Premier's current shelf space where you've already launched it?

作為後續產品，Darcy 的創新發表將如何進行？我認為它是向一些有限的客戶推出的。您預計這個數字會在本財年開始擴大嗎？該貨架空間是否會相對於您已經推出它的 Premier 當前貨架空間有所增加？

Yes and yes. So yes, we started, we launched it in Q1 with one mass customer, and then we started in e-comm and then we are planning to expand from there. So you'll start seeing it pop up in different accounts throughout the year. And yes, it's incremental.

是的，是的。是的，我們在第一季就推出了它，首先只有一個大眾客戶，然後我們開始涉足電子商務，然後我們計劃從那裡開始擴展。因此，您會在全年的不同帳戶中看到它出現。是的，它是漸進的。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Darcy, I was hoping for an update on a couple of things. One is have you given any extra thought to expanding into the convenience store channel, your convenience nutrition drink? I think you should be in the convenience channel. And then secondly, on GLPs, any new data on how the growth of GLPs is helping your business?

達西，我希望能了解一些事情的最新消息。一個是，你們有沒有考慮過拓展便利商店通路，你們的方便營養飲料？我認為你應該在便利頻道。其次，關於 GLP，有任何新數據表明 GLP 的成長如何幫助您的業務嗎？

Convenience channel is still a future opportunity, it represents about 10% of the overall category. So relatively small, I agree. We should be there. We will be there. But right now, there are other opportunities that are bigger One of the -- and we've had a fair amount of conversations in the past about just DSD specifically. And we've been doing some work on our side to evaluate that.

便利通路仍然是未來的機會，它約佔整體類別的10%。所以相對較小，我同意。我們應該去那裡。我們會去的。但現在，還有其他更大的機會，其中之一就是——我們過去已經就 DSD 進行了相當多的討論。我們一直在做一些工作來評估這一點。

For now, I think what we're doing is we're kind of testing a hybrid strategy, which we like to call like ship via warehouse merchandise like a DSD within our channels. And so we're seeing how far that can get us without going all the way to DSD. But convenience, yes, future opportunity, but not immediate.

目前，我認為我們正在做的是測試一種混合策略，我們喜歡稱之為透過倉庫運送商品，就像我們通路內的 DSD 一樣。因此，我們正在觀察在不完全採用 DSD 的情況下我們能走多遠。但是便利，是的，是未來的機會，但不是眼前的。

So that's the first one. Second one is GLP-1. Yeah, so we track it very closely, as you might expect. And I would say the headlines tracking much so the penetration of GLP-1s based on our research is much faster and bigger than what I think the original base case that Morgan Stanley put together.

這是第一個。第二個是GLP-1。是的，正如您所料，我們會非常密切地跟踪它。我想說的是，根據我們的研究，頭條新聞追蹤的 GLP-1 的滲透速度比摩根士丹利最初提出的基本情況要快得多，規模也大得多。

And what -- I would say the one change it benefits -- definitely benefits our products, specifically -- both ready-to-mix and -- ready-to-drink and ready-to-mix, but a little bit more on the ready-to-drink side. We estimated that it represents about a quarter of our growth. That is still the case. The only change that we saw in the past quarter from our research is a few more people lapsing. So in essence, the penetration, the household pen, so to speak, is pretty stable. It's not growing anymore.

我想說的是，這項改變確實有利於我們的產品，具體來說，既有利於即混合產品，也有利於即飲產品和即混合產品，但在即飲方面，這項改變更加有益。我們估計它約占我們成長的四分之一。情況仍然如此。我們從上個季度的研究中看到的唯一變化是有更多的人退出。因此從本質上講，家用筆的滲透率可以說是相當穩定的。它不再生長了。

And what we're seeing is there are kind of as many people entering or starting with GLPs as coming off and what -- and the reason is because they basically hit their target weight. And so they're sort of -- it's plateauing a bit. We'll watch that carefully in the next coming -- the few coming quarters, but we still see a big -- a nice tailwind for the category.

我們看到，開始參加 GLP 計劃或開始實施 GLP 計劃的人與停止 GLP 計劃的人一樣多，原因是他們基本上都達到了目標體重。所以它們有點 — — 有點停滯了。我們將在接下來的幾個季度密切關注這一點，但我們仍然看到該類別的巨大順風。

That's interesting. So when you say that it represents 25% of your growth, if penetration rates do stabilize here, what would happen to that 25% number? Does that mean that it goes to zero? Or how do I connect those two?

那很有意思。所以當你說它代表了 25% 的成長時，如果滲透率在這裡確實穩定下來，那麼 25% 這個數字會發生什麼變化呢？這是否意味著它會變為零？或者我該如何將這兩者連結起來？

No, I think that it continues. So -- because -- of the people that start GLPs, I mean, not everybody is on -- using RTDs. So I think that it will continue to grow. Also, it's one quarter, it's stabilized. I mean, I think this is really it's new.

不，我認為它會繼續下去。所以 — — 因為 — — 我的意思是，對於啟動 GLP 的人來說，並不是每個人都在使用 RTD。所以我認為它會繼續增長。而且，已經一個季度了，已經穩定下來了。我的意思是，我認為這確實是新的。

So we got to keep watching it. But I think what's encouraging is that people use RTDs when they're on the drugs. But then they also use them after, so when they come off of it, and so to keep the benefit. So I just think that it's still ultimately we still have a low household penetration category.

所以我們必須繼續關注。但我認為令人鼓舞的是，人們在服用藥物時會使用 RTD。但是他們之後還會使用它們，所以當他們停止使用時，他們仍然可以保持好處。所以我認為最終我們的家庭普及率仍然較低。

Our product is still 20% household pen. So we have a -- this is just one of many growth drivers that we see on our business as well as the category.

我們的產品20%依然是家用筆。所以，這只是我們在我們的業務和類別中看到的眾多成長動力之一。

This concludes our question-and-answer session. Thank you for your participation. You may now disconnect. Everyone, have a great day.

我們的問答環節到此結束。感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。