Bellring Brands Inc (BRBR) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the BellRing Brands Second Quarter Fiscal Year 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call over to Jennifer Meyer with Investor Relations for BellRing Brands. The floor is yours.

大家好，歡迎參加 BellRing Brands 2025 財年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我很高興將電話轉交給 BellRing Brands 投資者關係部門的 Jennifer Meyer。現在輪到你了。

Good morning and thank you for joining us today for BellRing Brands Second 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. 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 available on the SEC's website.

早安，感謝您今天參加 BellRing Brands 2025 財年第二季財報電話會議。今天和我一起的還有我們的總裁兼執行長 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講話，然後我們將進行簡短的問答環節。支持這些言論的新聞稿和補充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，新聞稿和幻燈片可在美國證券交易委員會 (SEC) 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. As a reminder, this call is being recorded, and an audio replay will be available on our website. And finally, this call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website.

在我們繼續之前，我想提醒您，本次電話會議將包含前瞻性陳述，這些陳述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。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公認會計準則指標。有關這些非 GAAP 指標與最接近的 GAAP 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 second quarter results and posted a supplemental presentation to our website. I'm happy to share that we had a good first half, delivering a second quarter largely in line with our expectations. For the first time since 2021, we had a full quarter with Premier Protein demand drivers. This drove net sales of 19% with strong EBITDA margins of over 20%.

謝謝，詹妮弗，也謝謝大家今天早上加入我們。昨晚，我們報告了第二季的業績，並在我們的網站上發布了補充報告。我很高興地告訴大家，我們上半年表現良好，第二季的業績基本上符合我們的預期。自 2021 年以來，我們首次在整個季度都受到 Premier Protein 需求所驅動。這推動淨銷售額成長 19%，EBITDA 利潤率超過 20%。

Premier shake consumption accelerated up 25%, and we reached new highs in household penetration, market share and shake TDPs. As you saw in yesterday's press release, we affirmed our fiscal '25 outlook for net sales growth at 13% to 17% over fiscal '24 and EBITDA growth of 7% to 14%. While we have some puts and takes in the second half that Paul will review, I am pleased that our outlook and consumption remain resilient and strong. Now to our Q2 category and brand highlights. Even though broad consumer sentiment is weakening, protein and specifically our category remain incredibly healthy.

Premier 奶昔消費量加速成長 25%，家庭普及率、市佔率和奶昔 TDP 均創下新高。正如您在昨天的新聞稿中看到的那樣，我們確認了 25 財年的預期：淨銷售額將比 24 財年增長 13% 至 17%，EBITDA 增長 7% 至 14%。雖然保羅將在下半年回顧我們面臨的一些問題，但我很高興我們的前景和消費仍然保持強勁和韌性。現在來看看我們第二季的類別和品牌亮點。儘管整體消費者情緒正在減弱，但蛋白質，特別是我們的產品類別仍然保持著令人難以置信的健康。

The convenient nutrition category grew 12% in Q2 with every day and sports nutrition driving most of this growth. From a form perspective, ready-to-drink growth was strong and continued to lead the category up 19%, driven by robust consumer demand and increased promotions. RTDs remain the second fastest-growing category in the entire store, only behind eggs. Mainstream everyday and sports nutrition RTD brands continue to bring new consumers into the category and are up over 30%. Ready-to-mix grew 10%, a slight acceleration from the last two quarters behind distribution gains and increased consumer demand.

便利營養品類別在第二季度增加了 12%，其中日常營養品和運動營養品推動了大部分成長。從形式來看，即飲飲料成長強勁，在強勁的消費者需求和促銷活動增加的推動下，繼續引領該類別成長 19%。即飲食品仍然是整個商店中增長速度第二快的類別，僅次於雞蛋。主流日常和運動營養 RTD 品牌繼續吸引新消費者，增幅超過 30%。預拌混凝土成長了 10%，由於分銷成長和消費者需求增加，較前兩季略有加速。

Turning to our brands. As I mentioned earlier, Premier shake consumption was up 25% this quarter. Growth was robust in all channels driven by increased promotions, distribution expansion and strong velocities. Expansion in pack size and form, including bottles, drove the distribution gains along with space gained for our new indulgence line. Improved retailer in-stocks also contributed to our year-over-year growth.

轉向我們的品牌。正如我之前提到的，本季 Premier 奶昔消費量成長了 25%。受促銷活動增加、分銷擴張和強勁速度的推動，所有管道均實現了強勁增長。包裝尺寸和形式（包括瓶裝）的擴大推動了分銷的成長，也為我們的新產品線贏得了空間。零售商庫存的增加也促進了我們的年成長。

Our newest seasonal flavor, lemon bar drove high consumer interest with sell-through outpacing expectations. As we come off a heavy promotional quarter, consumption remains healthy with April up 16%. We expect distribution gains, improved in-stocks and display activity to continue to drive consumption, resulting in Q3 growth in line with -- Q3 growth in the mid- to high teens.

我們最新的季節性口味檸檬條引起了消費者的濃厚興趣，銷量超出了預期。由於我們剛結束了一個大力促銷的季度，消費依然保持健康，4 月份消費成長了 16%。我們預計分銷收益、庫存改善和展示活動將繼續推動消費，從而使第三季的成長與第三季的成長持平，達到中高水準。

Moving to our brand metrics. Premier Protein reached all-time highs in household penetration and market share. Household penetration gained 1 percentage point, nearly reaching 21%. Promotional activity, our media campaign and new products contributed to this result. We saw growth in buy rate and with repeat rate remaining steady demonstrating our category-leading consumer loyalty. Premier Protein with RTD market share of 27% 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 grow -- to continue to grow our brand and expand the overall category.

轉向我們的品牌指標。Premier Protein 的家庭普及率和市佔率均創歷史新高。家庭普及率提高了1個百分點，接近達到21%。促銷活動、我們的媒體宣傳和新產品促成了這一結果。我們看到購買率有所增長，重複率保持穩定，證明了我們領先的消費者忠誠度。Premier Protein 的即飲 (RTD) 市佔率為 27%，持續維持其在即飲 (RTD) 領域和更廣泛的方便營養品類別中第一品牌的地位。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，我們看到了很大的成長空間——繼續發展我們的品牌並擴大整體類別。

Given our brand metric gains this quarter, driven by promotions and the new media campaign, we decided to expand our Q4 promotions. We know from experience, promotions and more importantly, the displays that come with them are key to reaching new households and growing our business. With our capacity position better than ever, it allows us to lean into effective tactics to drive demand and grow the overall category. Premier Protein powder continued its growth with consumption up 22% in Q2 behind strong velocities and distribution gains. I'm delighted to share that the product recently gained full distribution at club retailer and currently has the highest velocity across all whey protein powders in this key customer.

鑑於本季我們的品牌指標在促銷和新媒體活動的推動下有所成長，我們決定擴大第四季的促銷活動。我們從經驗中知道，促銷以及更重要的是隨之而來的展示是接觸新家庭和發展業務的關鍵。由於我們的產能狀況比以往更好，我們能夠採取有效的策略來推動需求並擴大整體類別。由於強勁的銷售速度和分銷成長，Premier Protein 粉紅繼續保持成長勢頭，第二季消費量成長了 22%。我很高興地告訴大家，該產品最近在俱樂部零售商處全面分銷，目前在該主要客戶的所有乳清蛋白粉中銷售速度最高。

We remain encouraged by the growth potential of Premier Protein brand in this format. With household penetration of only 2%, we continue to believe Premier powder has a long runway for future growth. Our new Premier Protein marketing campaign ran nationally during the second quarter, reaching TV, streaming and social media audiences. We are pleased with the first wave's results with all key measures exceeding benchmarks. We expect the second wave, which starts later in Q3 to feature a new logo and package design.

我們仍然對 Premier Protein 品牌在這種形式下的成長潛力感到鼓舞。由於家庭普及率僅為 2%，我們仍然相信 Premier 粉末在未來擁有很長的成長空間。我們新的 Premier Protein 行銷活動於第二季度在全國範圍內開展，覆蓋了電視、串流媒體和社交媒體受眾。我們對第一波的結果感到滿意，所有關鍵指標都超過了基準。我們預計第二波將於第三季稍後開始，並採用新的標誌和包裝設計。

As a reminder, the new package builds on our strong performing current design and brings a modern luck that improved discoverability at shelf. Our media and interim is focused on our new indulgent line. Recall, we launched this new line late in Q1 with four decadent shake flavors and one powder flavor. These items are richer and creamier targeting an incremental consumption occasion while still delivering on the nutritional that our consumers expect for the Premier brand. The items continue to build distribution and are off to a promising start. Indulgence has demonstrated impressive incrementality, bringing in a considerable number of consumers new to the brand and category. More innovation is planned later this year.

提醒一下，新包裝以我們當前性能強勁的設計為基礎，並帶來了現代化的運氣，提高了貨架上的可發現性。我們的媒體和臨時工作重點是我們的全新奢華系列。回想一下，我們在第一季末推出了這條新產品線，其中有四種濃鬱的奶昔口味和一種粉末口味。這些產品更豐富、更奶油化，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。這些產品繼續擴大分銷，並取得了良好的開端。Indulgence 展現了令人印象深刻的增量，吸引了大量新品牌和新類別的消費者。今年稍後計劃推出更多創新。

Turning to Dymatize, the brand posted positive domestic consumption growth this quarter, up 3%, lifted by brand investments and new products. Dymatize improved its market share in the powders category to the number four position and continues to hold the number two share position within sports nutrition powders.

談到 Dymatize，該品牌本季國內消費量成長 3%，受品牌投資和新產品的推動。Dymatize 在粉末產品中的市佔率提升至第四位，並繼續在運動營養粉末領域保持第二的位置。

While the domestic business made progress this quarter, the global brand continues to be driven by momentum outside the U.S. with Dymatize international business up double digits. Our Dymatize athlete-focused marketing campaign is generating high consumer engagement. The campaign has improved our brand metrics and showed great success in bringing in consumers new to the brand. We will continue to add top-tier athletes to our Dymatize roster in the coming years.

雖然本季國內業務取得了進展，但全球品牌繼續受到美國以外地區發展勢頭的推動，Dymatize 國際業務實現了兩位數的成長。我們以 Dymatize 運動員為中心的行銷活動正在吸引大量消費者的參與。這項活動提高了我們的品牌指標，並在吸引新消費者方面取得了巨大成功。未來幾年，我們將繼續將頂級運動員加入我們的 Dymatize 名冊。

Recall, we launched two new Dymatize products this quarter. RTD shakes as well as a pre-workout called Energize. We are encouraged by the positive signs we are seeing in the Dymatize business as we expand our portfolio, and we remain bullish on the sports nutrition category opportunity. In closing, our Q2 results position us well for another above-algorithm year. 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.

回想一下，我們本季推出了兩款新的 Dymatize 產品。RTD 奶昔以及名為 Energize 的運動前飲品。隨著我們擴大產品組合，我們看到 Dymatize 業務中出現的積極跡象，這令我們感到鼓舞，我們仍然看好運動營養類別的機會。最後，我們的第二季業績為我們又一個超越演算法的一年奠定了基礎。圍繞蛋白質的強勁宏觀順風正在推動我們產品類別的長期強勁增長，其中即飲飲料和粉末部分正處於增長的早期階段。

Premier Protein is already the number one convenient nutrition brand, and we are just starting to drive demand. Our innovation pipeline for both brands is rich, enabling us to bring excitement to consumers and our retailer partners for years to come. Our confidence in the long-term outlook for BellRing remains high. Thank you for your interest in our company. We look forward to sharing our progress next quarter.

Premier Protein 已經是排名第一的便利營養品牌，而我們才剛開始推動需求。我們這兩個品牌的創新管道非常豐富，使我們能夠在未來幾年為消費者和零售合作夥伴帶來令人興奮的體驗。我們對 BellRing 的長期前景依然充滿信心。感謝您對我們公司的關注。我們期待下個季度分享我們的進展。

I will now turn the call over to Paul.

現在我將把電話轉給保羅。

Thanks Darcy, and good morning everyone. As Darcy highlighted, we had another good quarter. Net sales were $588 million, and adjusted EBITDA was $119 million. Net sales grew 19% over prior year and adjusted EBITDA increased 14%. Adjusted EBITDA margins were in line with our expectations at 20.2%. Starting with brand performance. Premier Protein net sales grew 22% behind strong volume growth for RTD shakes and powders. Distribution gains and promotions drove the sales growth along with a positive benefit from higher net pricing. Dymatize net sales increased 3% this quarter on 20% higher volume. Double-digit sales growth for international was partly offset by domestic headwinds.

謝謝達西，大家早安。正如達西所強調的，我們又度過了一個好的季度。淨銷售額為 5.88 億美元，調整後 EBITDA 為 1.19 億美元。淨銷售額較上年成長 19%，調整後 EBITDA 成長 14%。調整後的 EBITDA 利潤率符合我們的預期，為 20.2%。從品牌表現開始。由於 RTD 奶昔和奶粉銷量強勁增長，Premier Protein 淨銷售額增長了 22%。分銷收益和促銷推動了銷售成長，同時更高的淨定價也帶來了積極效益。本季 Dymatize 淨銷售額成長 3%，銷量成長 20%。國際市場的兩位數銷售額成長被國內市場的不利因素部分抵銷。

Adjusted gross profit, which excludes mark-to-market adjustments on commodity hedges, was $203 million and grew 22% from prior year. Adjusted gross profit margin of 34.5% increased 80 basis points. Our pricing actions have offset input cost inflation to date. However, the rate of inflation will increase in the second half of '25, pressuring margins when compared to prior year. SG&A expenses were $91 million, an increase of 140 basis points as a percentage of net sales.

調整後的毛利（不包括商品對沖的按市價調整）為 2.03 億美元，較上年增長 22%。調整後毛利率為34.5%，增加了80個基點。到目前為止，我們的定價行動已經抵銷了投入成本的上漲。然而，25 年下半年通膨率將會上升，與前一年相比，利潤率將會面臨壓力。銷售、一般及行政費用為 9,100 萬美元，佔淨銷售額的百分比增加了 140 個基點。

Higher advertising and promotion spend and warehousing costs largely drove the increase. Advertising and promotion was 4.7% of net sales, up meaningfully from 3.1% last year's second quarter. The A&P step-up was driven by the new Premier Protein national advertising campaign that ran throughout the entire second quarter and support for the indulgence RTD shakes launch. Before reviewing our outlook, I would like to make a few comments on cash flow and liquidity. We generated $48 million in cash flow from operations in the second quarter and $51 million in the first half.

廣告和促銷支出以及倉儲成本的增加在很大程度上推動了這一成長。廣告和促銷佔淨銷售額的 4.7%，較去年第二季的 3.1% 大幅成長。廣告與宣傳的提升得益於 Premier Protein 在整個第二季度開展的全國性廣告活動以及對 RTD 奶昔上市的支持。在回顧我們的前景之前，我想對現金流和流動性發表一些評論。我們第二季的營運現金流為 4,800 萬美元，上半年為 5,100 萬美元。

We continue to expect our cash flow in fiscal '25 to be in line with fiscal '24. As of March 31, net debt was $932 million, and net leverage was 1.9 times. With our strong cash flow generation and EBITDA growth, we anticipate net leverage will remain below 2 times throughout fiscal '25. With respect to our share repurchases this quarter, we bought 2.4 million shares at an average price of $71.68 per share or $172 million in total. As of March 31, our remaining share repurchase authorization was $280 million.

我們繼續預期 25 財年的現金流量將與 24 財年保持一致。截至3月31日，淨負債為9.32億美元，淨槓桿比率為1.9倍。憑藉強勁的現金流產生和 EBITDA 成長，我們預計整個 25 財年的淨槓桿率將保持在 2 倍以下。就本季的股票回購而言，我們以平均每股 71.68 美元的價格回購了 240 萬股，總計 1.72 億美元。截至 3 月 31 日，我們剩餘的股票回購授權為 2.8 億美元。

Turning to our outlook. We affirmed 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. 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. Overall, our second half outlook for net sales is unchanged, but now reflects increased sales from our expanded fourth quarter promotions, offset by third quarter reductions in retailer trade inventory levels. Starting late in Q2 and continuing into the third quarter, several key retailers lowered their weeks of supply on hand, which is expected to be a mid-single-digit headwind to our third quarter growth.

轉向我們的展望。我們確認 25 財年的淨銷售額預期為 22.6 億美元至 23.4 億美元，調整後的 EBITDA 為 4.7 億美元至 5 億美元。我們的預期意味著營業收入將強勁成長 13% 至 17%，調整後 EBITDA 將成長 7% 至 14%，調整後 EBITDA 利潤率中位數為 21.1%。總體而言，我們對下半年淨銷售額的預期保持不變，但現在反映了我們第四季度擴大促銷活動帶來的銷售額成長，但被第三季零售商貿易庫存水準的下降所抵消。從第二季末開始一直到第三季度，幾家主要零售商減少了庫存週數，預計這將對我們第三季度的成長造成中等個位數的阻力。

This change is in addition to the previously anticipated mid-single-digit impact to the third quarter from lapping last year's trade inventory replenishments. We now expect Q3 net sales growth of low single digits with Premier Protein the main driver and all other flat to down. Without the impact of these trade inventory changes, our underlying third quarter growth for Premier Protein RTD shakes would be more in line with our expected consumption growth of mid- to high teens. Regarding adjusted EBITDA, we expect second half margins of just over 20% at the midpoint with our EBITDA dollar growth occurring in the fourth quarter. As anticipated, third quarter margins faced moderate year-over-year pressure from input cost inflation, packaging redesign costs and lapping some nonrecurring product cost favorability.

這一變化是先前預計的因去年貿易庫存補充而對第三季度產生中等個位數影響的補充。我們現在預計第三季淨銷售額將以低個位數成長，其中 Premier Protein 是主要推動力，其他所有業務持平或下降。如果沒有這些貿易庫存變化的影響，我們第三季 Premier Protein RTD 奶昔的潛在成長將更符合我們預期的中高水準消費成長。關於調整後的 EBITDA，我們預計下半年利潤率中位數將略高於 20%，EBITDA 美元成長將出現在第四季度。正如預期的那樣，由於投入成本上漲、包裝重新設計成本以及一些非經常性產品成本優惠，第三季的利潤率較去年同期面臨適度壓力。

Margins in the fourth quarter will be sequentially lower as higher input cost and promotional spend weigh on margins. Wrapping up, we are closely monitoring developments as it relates to tariffs. Based on current policy, a portion of our input costs could be subject to future tariffs with the majority of this potential impact from dairy protein sourced from New Zealand and the EU. For fiscal '25, there is no expected impact. Regarding fiscal '26, given our normal lag time from sourcing the P&L flow, we'd only expect a partial year impact from tariffs.

由於投入成本和促銷支出增加對利潤率造成壓力，第四季度的利潤率將連續下降。總而言之，我們正在密切關注與關稅相關的發展。根據現行政策，我們的部分投入成本可能會受到未來關稅的影響，其中大部分潛在影響來自紐西蘭和歐盟的乳蛋白。對於 25 財年而言，預計不會產生影響。對於 26 財年，考慮到我們從取得損益表流量的正常延遲時間，我們預期關稅只會對部分年份產生影響。

However, we are actively evaluating ways to mitigate tariff impacts. We will continue to monitor and provide updates later this year. In closing, we are pleased with our first half performance. Our Q2 results were strong with our products continuing to resonate with consumers. Our long-term prospects remain bright with a long runway of growth ahead.

然而，我們正在積極評估減輕關稅影響的方法。我們將在今年稍後繼續監測並提供更新資訊。最後，我們對上半年的表現感到滿意。我們第二季的業績表現強勁，我們的產品持續受到消費者的共鳴。我們的長期前景依然光明，未來還有很長的成長空間。

I will now turn it over to the operator for questions.

現在我將把時間交給接線員來回答問題。

(Operator Instructions) It comes from the line of Andrew Lazar with Barclays. Please proceed.

（操作員指示）它來自巴克萊銀行的 Andrew Lazar 的線路。請繼續。

Great, thanks so much. Good morning everybody. Firstly, the convenient nutrition category, as you said, has grown 12% in each of the first two fiscal quarters. I'm curious what expectations are built into your back half guidance when it comes to sort of category growth just in light of the broader weakening consumer environment.

太好了，非常感謝。大家早安。首先，如您所說，方便營養品類在前兩個財季均成長了 12%。我很好奇，在更廣泛的消費環境疲軟的情況下，您對類別成長的後半部分指導有何預期。

Yes. The category fundamentals haven't changed. I mean we are -- they are continuing to be incredibly strong, macro tailwinds, also just the low -- the fact that the RTD category only has 50% household pen. So long runway. Obviously, the RTD category, you referenced the 12% of the convenient nutrition category, but the RTD category was up 19% and has been consistently driving the overall category and we expect that to continue.

是的。類別基本面沒有改變。我的意思是 - 它們繼續保持令人難以置信的強勁勢頭，宏觀順風，而且只是低點 - 事實上 RTD 類別只有 50％ 的家用筆。跑道好長。顯然，您提到了 RTD 類別中方便營養類別的 12%，但 RTD 類別增加了 19%，並且一直在推動整體類別的發展，我們預計這種情況將持續下去。

Now having -- we are modeling some different scenarios. I think that we aren't seeing the kind of impact of kind of the weakening consumer on our category as much as other people are seeing it in their categories. And I think that just goes to kind of the fundamentals, the macro trends that are just boosting convenient nutrition. Having said that, I think we're modeling out a few different scenarios, one that it will continue at the rate and then also a couple that it will be slightly impacted, but nothing dramatic.

現在——我們正在模擬一些不同的場景。我認為，我們並沒有像其他人一樣，看到消費者疲軟對我們產品類別造成的影響。我認為這涉及一些基本面，即促進便捷營養的宏觀趨勢。話雖如此，我認為我們正在模擬幾種不同的情景，一種是它將以這種速度繼續下去，另一種是它會受到輕微影響，但不會產生太大的影響。

Thank you so much.

太感謝了。

Thank you. One moment for our next question. It comes from Thomas Palmer with Citi. Please proceed.

謝謝。請稍等片刻，回答我們的下一個問題。它來自花旗銀行的托馬斯·帕爾默 (Thomas Palmer)。請繼續。

Good morning and thanks for the question. I wanted to ask on what you were seeing with the retailer inventories. Look, you're not obviously the only company to highlight this, but your takeaway trends have most been a lot better than many of these others. What do you think is driving that change from your perspective? Does it seem like it will be kind of more of a onetime reset? And is -- are there any on-shelf changes or product mix changes that are accompanying those? Thank you.

早安，感謝您的提問。我想問一下您對零售商庫存的情況有何看法。瞧，你們顯然不是唯一一家強調這一點的公司，但你們的外送趨勢比其他許多公司都要好得多。從您的角度來看，您認為是什麼推動了這種變化？這看起來是不是比較像是一次性重置？並且－伴隨這些變化的還有貨架上的變化或產品組合的變化嗎？謝謝。

Yes, there are no changes in the inventory set. So what we've seen is back when -- in last summer, last kind of the second half of last year, some of our retailers leaned into inventory weeks of supply as we were exiting our supply constraints. And in particular, one of our club customers really carried a fairly healthy weeks of supply starting last second half and really carried that through the second quarter. We believe that's likely a response of just protecting themselves, especially as they got to the first -- the second quarter promotions. So we believe it's onetime and it's somewhat unique to us.

是的，庫存設定沒有變化。因此，我們看到的情況是，在去年夏天，也就是去年下半年，當我們擺脫供應限制時，我們的一些零售商傾向於庫存週供應。特別是，我們的一個俱樂部客戶從去年下半年開始確實保持了相當健康的供應量，並且一直持續到第二季​​。我們認為這很可能只是一種自我保護的反應，特別是當他們進行第一季和第二季的促銷活動時。因此我們相信這是一次性的，對我們來說是獨一無二的。

You're right. We've seen -- I think there's some broader macro impacts on why some of our -- some of the other retailers are taking their inventories and optimizing them. But for us, we believe it's primarily our club customers that we're protecting themselves after coming out of supply constraints last year. And after we've done a really great job of supplying them over the last several months that they have chosen now to optimize. And so we're seeing that in our orders in particular in April.

你說得對。我們已經看到——我認為我們的一些——其他一些零售商正在對庫存進行優化，這其中存在一些更廣泛的宏觀影響。但對我們來說，我們認為，在去年擺脫供應限制之後，我們主要是為了保護我們的俱樂部客戶。在過去的幾個月裡，我們為他們提供了非常出色的服務，現在他們選擇進行最佳化。我們在四月份的訂單中看到了這一點。

And that's obviously -- with strong consumption growth that we saw in the second quarter and the consumption growth that continues into the third quarter. So we do think it's just a timing dynamic.

顯然，我們看到第二季消費成長強勁，並且這種消費成長將持續到第三季。所以我們確實認為這只是一個時間動態。

Alright, thank you.

好的，謝謝。

Thank you. Our next question comes from Ken Goldman with JPMorgan. Please proceed.

謝謝。我們的下一個問題來自摩根大通的肯‧戈德曼。請繼續。

Hi, just to stay on the topic of the trade deload. It's fairly substantial in size, obviously. And I hear your comment on how it's onetime and it's one -- it's primarily one customer who carried a lot of supply last year. But when it's that substantial, typically, it doesn't happen unless there is a little bit of a, either deceleration in consumption or disappointment in consumption from that retailer side. Are you hearing anything along those lines from your retailers about why they're really pulling back on this other than that they over ordered because it just -- typically, we really don't see deloads happen unless it's on the consumption side as well.

嗨，我們繼續討論貿易減負這個話題。顯然，它的規模相當大。我聽到了您的評論，說它是一次性的，而且它主要是去年運送大量供應的一個客戶。但當它達到如此大的規模時，通常不會發生這種情況，除非出現一點消費減速或零售商方面的消費失望。您是否從零售商那裡聽到過類似的消息，關於他們為什麼真的要減少這方面的訂單，除了他們訂購過多之外，因為——通常情況下，除非消費方面也出現減載，否則我們真的不會看到這種情況發生。

Darcy, do you want to take that?

達西，你想拿走那個嗎？

Yes, for sure. So I really think that this dynamic is unique and related to coming out of capacity constraints. And so there's really no change in consumption. I mean we continue to see strong consumption. Q2 was up 25%, boosted by the New Year, New You, promotions and advertising.

是的，當然。所以我真的認為這種動態是獨特的並且與擺脫產能限制有關。因此消費其實沒有改變。我的意思是我們繼續看到強勁的消費。受新年、新氣象、促銷和廣告的推動，第二季成長了 25%。

As we go into Q3, we're expecting to continue to see strong consumption, saw 16% in April. We expect to Q3 to land kind of mid- to high teens, so incredibly strong. So this is really tied to retail -- so specifically one, but a couple of retailers holding on kind of protecting themselves coming out of capacity constraints. They were a little bit hoarding inventory to make sure that they didn't run out of stock on shelf. And then we've now showed over several quarters of high in-stock rates and so they felt comfortable about bringing them down.

進入第三季度，我們預計消費將持續強勁成長，4 月份消費成長 16%。我們預計第三季的銷售額將達到十幾歲到十幾歲的水平，非常強勁。所以這確實與零售業息息相關——具體來說，有幾家零售商堅持保護自己，擺脫產能限制。他們囤積了一些庫存，以確保貨架上不會缺貨。現在我們已經連續幾個季度顯示出較高的庫存率，因此他們對於降低庫存率感到放心。

We thought this could happen. We just had no idea when it would happen. And so -- and we're seeing it. But absolutely, no softness, no concern around consumption.

我們認為這可能會發生。我們只是不知道它什麼時候會發生。所以——我們看到了這一點。但絕對沒有軟弱，沒有對消費的擔憂。

Can that answer your question? One moment for our next question please. It comes from the line of Megan Clapp with Morgan Stanley, please proceed.

這能回答你的問題嗎？請稍等片刻，回答我們的下一個問題。這是摩根士丹利的梅根克拉普 (Megan Clapp) 發來的消息，請繼續。

Hi, good morning. I wanted to shift to ask about tariffs, if I could. Paul, I appreciate the commentary and clearly, the operating environment is fluid and a lot can change. I think you said a portion of the input costs could be subject to tariffs. I wondered if you could just expand a bit, maybe remind us what percentage of input costs are raw materials related to dairy protein? And how should we think about potential mitigating actions? Are there opportunities to source some of that -- those input costs in the U.S.? Or would you look to things like pricing? Thank you.

嗨，早安。如果可以的話，我想轉而詢問關稅問題。保羅，我很欣賞你的評論，顯然，經營環境是不斷變化的，很多事情都可能改變。我想您說過部分投入成本可能會受到關稅影響。我想知道您是否可以稍微擴展一下，也許提醒我們投入成本中有多少百分比是與乳蛋白相關的原料？我們應該如何考慮潛在的緩解措施？是否有機會在美國取得部分投入成本？或是你會考慮價格之類的因素嗎？謝謝。

Yes. So overall, the dairy inputs for our business are, call it, one-third to 40% of our total cost of goods sold, but only a portion of those are subject to tariffs. Our powder business is pretty much insulated on shakes. There is -- some of our dairy proteins do come from New Zealand and the EU, which currently are contemplated at a 10% tariff. So it's the portion there that could be impacted.

是的。整體而言，我們業務的乳製品投資占我們總銷售成本的三分之一到 40%，但其中只有一部分需要繳納關稅。我們的粉末業務幾乎完全依賴奶昔。我們的乳蛋白部分確實來自紐西蘭和歐盟，目前這些國家的關稅為 10%。因此那裡的部分可能會受到影響。

As we look at the total potential impact, we would -- our estimation if unmitigated and if the rates do not change from where they are now, it would be a low single-digit impact to our total cost of goods sold. So relatively minor can certainly be addressed. But as far as what can we mitigate? How can we mitigate it?

當我們考慮整體潛在影響時，我們估計，如果不加以緩解，並且利率沒有從現在的水平變化，那麼對我們的總銷售成本將產生較低的個位數影響。因此相對較小的難題肯定是可以解決的。但是我們能緩解什麼呢？我們怎樣才能緩解這種情況？

That's what we're exploring. It can be anything from looking at different suppliers. So yes, I think these are all things that we're assessing still obviously too early to tell. And just to highlight, again, we do not expect any fiscal '25 impact. Any impacts from tariffs would start sometime after the beginning of fiscal '26 because of just the lag time from when it goes from sourcing the protein to when it flows through our P&L as well as just some of the things we have with our suppliers that would push some of that into later in the year anyway. So again, we think it's an overall minor impact, but something we're continuing to keep an eye on, and we'll keep you all updated as we move forward.

這就是我們正在探索的。從觀察不同的供應商來看，這可能是任何事情。所以是的，我認為這些都是我們正在評估的事情，現在下結論顯然還為時過早。再次強調，我們預計這不會對 25 財年造成任何影響。關稅的任何影響都將在 26 財年開始後的某個時候開始顯現，因為從採購蛋白質到流入我們的損益表之間存在滯後時間，而且我們與供應商之間的一些關係也會將其中的一部分影響推遲到今年晚些時候。因此，我們再次認為這整體的影響很小，但我們會繼續關注，並隨時向大家通報最新進展。

Okay great thank you.

好的，非常感謝。

Thank you. Our next question comes from Matt Smith with Stifel. Please proceed.

謝謝。我們的下一個問題來自 Stifel 的 Matt Smith。請繼續。

Hi, good morning, Paul. I wanted to ask about the increase in marketing and advertising. It was a little higher than I had anticipated in the quarter, reaching 4.7% of sales. Should we think of the second quarter as peak levels in terms of percent of sales? And how should we think about the level of spending for the year now. You talked about the path of returning to 4% to 5% of sales on an annual basis.

嗨，早上好，保羅。我想詢問有關行銷和廣告費用增加的情況。這比我本季的預期要高一點，達到了銷售額的 4.7%。我們是否應該認為第二季的銷售額百分比已達到高峰？我們現在應該如何考慮今年的支出水準。您談到了每年恢復 4% 至 5% 銷售額的途徑。

Have you increased the level of spending in marketing and advertising relative to your previous expectations? Or is the higher investment really more focused on incremental promotional activity in the fourth quarter? Thank you.

相對於您先前的預期，您是否增加了行銷和廣告方面的支出？或者更高的投資實際上是否更集中在第四季度的增量促銷活動上？謝謝。

Yes, overall, our second quarter spend was right in line with what we expected. So again, with the national advertising campaign behind Premier and just our focus on marketing during kind of that peak New Year, new season, the marketing was right in line from what we expected. As far as overall for the full year, we had previously called for kind of mid-3s to low-4s. We have reallocated a little bit of marketing spend in the second half from marketing to promotion, not a big change, but that would change our full year thinking down a little bit to more mid-3s to high-3s range. And so that's what we expect for our marketing spend in the full year.

是的，總體而言，我們第二季的支出與我們的預期一致。因此，再次強調，在 Premier 進行全國性廣告宣傳活動以及我們在新年和新季節高峰期專注於行銷的情況下，行銷效果與我們的預期完全一致。就全年總體而言，我們之前曾預測其成績將達到 3 中到 4 出頭。我們在下半年將一些行銷支出從行銷轉移到了促銷上，這不是一個很大的變化，但這會使我們的全年目標略微下降，降至 3% 左右到 3% 左右的區間。這就是我們對全年行銷支出的預期。

Thank you.

謝謝。

Our next question comes from the line of Peter Grom with UBS. Please proceed.

我們的下一個問題來自瑞銀的 Peter Grom。請繼續。

Thanks operator. So I wanted to ask a question around how you think about or how you're approaching guidance and what remains a really dynamic backdrop. And Darcy, in some ways, this is a follow-up to your response to Andrew's question, where you talked about category growth and kind of scenario planning. But I'd just be curious, given the many moving pieces and uncertainty, are you approaching guidance differently or kind of giving yourself more cushion just given the backdrop? Thanks.

謝謝接線生。所以我想問一個問題，關於您如何看待或如何處理指導，以及什麼仍然是一個真正動態的背景。達西，從某種程度上來說，這是對安德魯問題的回答的後續，您在回答中談到了類別成長和情境規劃。但我只是好奇，考慮到許多變動因素和不確定性，您是否會以不同的方式進行指導，或者在特定背景下給自己更多的緩衝？謝謝。

Yes, sure. So I would just, again, adding on to what we said, what I -- how I commented to Andrew's question, just we feel great about the opportunity. We continue to feel that there is a ton of growth potential, a lot of tailwinds, the category, our brands, just the overall opportunity we feel great about. But yes, the kind of consumer uncertainty is there. And so yes, we are being a little more cautious.

是的，當然。因此，我只是想再次補充我們所說的內容，我對安德魯的問題的評論是，我們對這個機會感到非常高興。我們仍然認為，該領域存在著巨大的成長潛力、許多有利因素，無論是產品類別、品牌，或是整體機遇，都讓我們感到非常樂觀。但確實，消費者的不確定性確實存在。是的，我們會更加謹慎。

I think historically, in this quarter, we would have tightened our guidance range. We chose not to, and the reason is because we -- there -- we want -- we know a lot, we have visibility to -- we have five months left of the year. We have visibility into promotional plans. We have visibility into marketing plans.

我認為從歷史上看，在本季度，我們會收緊我們的指導範圍。我們選擇不這樣做，原因是我們——在那裡——我們想要——我們知道很多，我們可以看到——今年還剩下五個月。我們了解促銷計劃。我們了解行銷計劃。

We have visibility to our distribution gains. But there are still some unknowns, and part of that is kind of the consumer backdrop and what's going on there. So I think that our approach has been cautious, and we will continue to be that way as that kind of -- the consumer is a bit more unstable than we've seen in the past.

我們對我們的分銷收益有清晰的認識。但仍然存在一些未知數，其中一部分是消費者背景以及那裡發生的事情。所以我認為我們的做法是謹慎的，而且我們將繼續這樣做，因為消費者比過去更加不穩定。

Great thanks so much. I'll pass it on.

非常好，非常感謝。我會傳達的。

Thank you. Our next question is from Jim Salera with Stephens. Please proceed.

謝謝。下一個問題來自史蒂芬斯的吉姆·薩萊拉 (Jim Salera)。請繼續。

Thanks for taking our question. I wanted to maybe ask about some of the changes in the competitive landscape. If we go back a couple of years, Premier was really kind of at the vanguard of having that 30-gram RTD shake offering. And I think really deserves credit for kind of standardizing that for the industry. We've seen a lot of competitors kind of make up their standard offering as well. Recently, we've seen some launches that are kind of over 40 grams, but still have limited pour count over 200, but not by much and in that RTD format.

感謝您回答我們的問題。我想詢問一下競爭格局的一些變化。如果我們回顧幾年前，Premier 確實是推出 30 克 RTD 奶昔的先鋒企業。我認為，這確實值得稱讚，因為它為整個行業實現了標準化。我們看到很多競爭對手也都推出了自己的標準產品。最近，我們看到一些新推出的產品，重量超過 40 克，但倒出量仍然有限，超過 200 杯，但差異不大，而且是 RTD 格式。

Just any thoughts on, do you think that you're going to need to continue to raise the protein content? Is that kind of the most important characteristic that consumers look for? Or is there a balance between the protein content and the taste and the calorie count? Just any color there would be helpful on how you guys think about how that affects your competitive positioning?

只是有什麼想法，您認為您需要繼續提高蛋白質含量嗎？這是消費者最重視的特徵嗎？或者蛋白質含量和口味以及卡路里數之間是否存在平衡？任何顏色都會對你們如何看待這會如何影響你們的競爭定位有所幫助？

Yes. Sure, Jim. So we have seen some entrants that have upped the protein level. I do not think that will be the standard. Ultimately, what drives -- what has driven our business is this combination of an approachable brand, really good nutritional, so high protein, kind of low sugar, fat and calories, and unbelievable uncompromising taste.

是的。當然，吉姆。我們看到一些參賽者提高了蛋白質含量。我不認為那會是標準。最終，推動我們業務發展的是平易近人的品牌、真正好的營養成分、高蛋白、低糖、低脂肪、低熱量，以及令人難以置信的完美口味。

So that is what has driven our business. I think as we see this idea, there was a time when 30 grams was thought of as a fair amount of protein in a shake. Now we're starting to see kind of push the upper limits, but we're also seeing lower limits. So like I think what you're seeing is that consumers continue to want more protein, but they want more protein for -- some consumers want more protein because they're trying to boost their protein after a workout. Some consumers want less protein because they're looking at wanting an incremental snack.

這就是推動我們業務發展的動力。我認為，正如我們所見，曾經有一段時間，人們認為 30 克奶昔中的蛋白質含​​量相當可觀。現在我們開始看到突破上限的情況，但我們也看到了下限。所以我認為你看到的是消費者繼續想要更多的蛋白質，但他們想要更多的蛋白質——一些消費者想要更多的蛋白質，因為他們想在運動後增加蛋白質攝取。一些消費者希望減少蛋白質攝入，因為他們想要增加零食攝取。

So I think we should just look at -- this is -- this category is very young. And in a category that has only 50% household penetration, it's starting to expand and mature and deliver on different occasions and different consumers. And I think it's actually super exciting. I think that we would never have thought that 40 grams of protein or more would be appropriate for the mainstream. I still think it's somewhat limited, but there's definitely -- but it's expanding.

所以我認為我們應該看看——這是——這個類別非常年輕。在這個家庭普及率僅有 50% 的類別中，它開始擴張和成熟，並在不同的場合和不同的消費者中發揮作用。我認為這確實非常令人興奮。我認為我們從來沒有想過 40 克或更多的蛋白質對於主流來說是合適的。我仍然認為它有一定的局限性，但肯定——但它正在擴大。

So to answer your question, I do not think it will be the norm, but I think we'll continue to see innovation in both levels of protein. I think we'll see innovation in what else goes with protein. I think you'll see innovation to be more appropriate for certain types of people for different occasions, et cetera.

所以回答你的問題，我不認為這會成為常態，但我認為我們將繼續看到蛋白質的兩個層面的創新。我認為我們將會看到蛋白質方面的創新。我認為你會發現創新更適合特定類型的人、不同的場合等等。

Okay, great. Thank.

好的，太好了。感謝。

Thank you. Our next question is from Kaumil Gajrawala with Jefferies. Please proceed.

謝謝。我們的下一個問題來自 Jefferies 的 Kaumil Gajrawala。請繼續。

Thank you, everybody. Good morning. I guess two things. One, just to really make sure for absolute certainty on this destocking thing. It's a one and done? Or is it a sort of one and maybe reverses back? And then sort of my main question is on marketing spend or this is the first time that you've really kicked up advertising and marketing in earnest. Maybe just some initial thoughts on how it's been received and what your -- maybe what the returns are or what your sort of -- any metrics you can share on how it's going would be useful.

謝謝大家。早安.我猜有兩件事。第一，只是為了確保去庫存這件事絕對可靠。一次就搞定？或者它是其中之一，但也許會逆轉？然後我的主要問題是關於行銷支出，或者這是您第一次真正認真地開展廣告和行銷。也許只是一些關於它是如何被接受的以及你的——也許是回報是什麼或你的——任何你可以分享的關於它進展情況的指標都是有用的。

I can take the first one, Darcy. We do -- we are not modeling or our guidance does not contemplate that, the trade inventory levels rebound and go back up. So we would consider it a one and done.

我可以拿第一個，達西。我們確實——我們沒有建模或我們的指導沒有考慮到貿易庫存水準反彈並回升。所以我們認為這是一次性的事情。

And then from a marketing perspective, we are still -- so as you know, for the New Year, New You, we had a bunch of different demand driving levers. So it is hard to isolate what is causing the up 25% consumption. That will come later this quarter when we do kind of a full analysis where you can really isolate the variables. But what we do know is we have certain KPIs that we follow. And it's going well.

然後從行銷角度來看，我們仍然——所以如你所知，對於新的一年，新的你，我們有許多不同的需求驅動槓桿。因此很難找出導致消費量上漲 25% 的原因。這將在本季度晚些時候進行，屆時我們將進行全面分析，以便真正隔離變數。但我們確實知道，我們有遵循某些 KPI。一切進展順利。

I mean, we've hit all of our benchmarks that we set out to hit. Total impressions up 30%, above expectations, web traffic up over 25%, organic search really healthy. So we are getting our consumers' attention. And I think that -- and we're seeing some nice momentum within the business. But specific ROI by tactic, that will come later in the quarter.

我的意思是，我們已經達到了我們設定的所有基準。總印象數增加 30%，超出預期，網路流量增加 25% 以上，自然搜尋非常健康。因此我們正在吸引消費者的注意。我認為——我們看到了業務內部的一些良好勢頭。但具體的投資報酬率將在本季稍後公佈。

Got it. Thank you. Thanks.

知道了。謝謝。謝謝。

Thanks. Our next question comes from John Baumgartner with Mizuho Securities. Please proceed.

謝謝。我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。請繼續。

Good morning, thanks for the question. Maybe first off, Darcy, for ready-to-mix, category level pricing is still soft on the 13 weeks relative to the 52 despite the upstream cost inflation. And I'm curious, is there a sense that with new capacity coming on stream later this year that competitors are just sort of waiting it out and absorbing some of the temporary margin pain? Or are there any indications that given the higher base for retail prices now that maybe elasticities hit more of a tipping point with more pricing?

早安，感謝您的提問。首先，達西，對於即用型混凝土而言，儘管上游成本上漲，但第 13 週的類別級定價相對於第 52 週仍然疲軟。我很好奇，是否有人認為，隨著今年稍後新產能的投入，競爭對手只是在等待並吸收一些暫時的利潤損失？或者是否有跡象表明，鑑於現在零售價格基數較高，彈性可能會達到臨界點並導致定價更高？

Yes. We are seeing -- we did see some net pricing come down in ready-to-mix. And specifically on promotion, no changes of -- we haven't seen any changes in list price, but what we've seen is actually, yes, some increase -- some slight increases in frequency and depth from a promotional standpoint. And yes, I think that we still expect some tightening. The only thing I can say is that within ready-to-mix, there are a lot of kind of upstarts, pretty low barriers to entry.

是的。我們看到—我們確實看到一些即用型產品的淨價格下降了。具體來說，在促銷方面，沒有變化——我們沒有看到標價有任何變化，但我們實際上看到的是，從促銷的角度來看，頻率和深度確實有所增加。是的，我認為我們仍然預計會出現一些緊縮政策。我唯一能說的是，在即用型塗料領域，有許多新興企業，進入門檻相當低。

So I think that what those -- I think those types of companies are really focused on top line and not as concerned about profitability. And so -- and mainly they're looking to sell. So I think that is one piece that is kind of unique to, I think, ready-to-mix. We have heard kind of rumors that -- or actually, I think it's public that there are some big players that will be taking price. I think it's later this year.

所以我認為那些——我認為那些類型的公司真正關注的是收入，而不是獲利能力。所以 — — 他們主要想賣。所以我認為這是一件非常獨特的作品，可以隨時混合。我們聽過一些傳言——或者實際上，我認為已經公開傳言，有些大公司會接受報價。我認為是今年晚些時候。

So I do think that it's going to happen. As far as our pricing, we did announce a price increase on Premier Protein powders as well as a small line within Dymatize to take price as of the beginning of this month. It's small. It doesn't really affect like the overall -- our overall business because it's a small part of our business. But we are starting -- we'll see that reflected soon. So I think it's a little bit of a mixed bag and a little bit of a wait and see.

所以我確實認為這會發生。就我們的定價而言，我們確實宣布從本月初開始對 Premier Protein 粉和 Dymatize 內部的一個小系列產品進行提價。它很小。它實際上不會影響我們的整體業務，因為它只是我們業務的一小部分。但我們已經開始——我們很快就會看到這一點。所以我認為這有點混亂，還需要等待觀望。

Okay. And then on Dymatize in the U.S., sales are growing in e-comm, but they're down in every other channel. I'm curious the extent to which that's more structural where you're seeing performance-oriented consumers migrating more broadly into e-comm. And if that's the case, where sort of bricks and mortars is now becoming more structurally inhabited by the everyday consumer. I guess how do you see retailers responding to that?

好的。而在美國，Dymatize 在電子商務領域的銷售額正在成長，但在其他所有管道的銷售額都在下降。我很好奇，這種現像在多大程度上更具結構性，您是否看到注重績效的消費者更廣泛地轉向電子商務。如果事實確實如此，那麼從結構上來說，實體建築現在越來越受到日常消費者的青睞。我猜您認為零售商會對此作何反應？

I mean could we see linear space being reduced for the category in total? Does the category maintain space, but it's easier to shop for new consumers? Is it a benefit for every brand like Premier? Like how do you see the shelf set sort of changing going forward given all the dynamics here?

我的意思是我們是否可以看到該類別的線性空間總體上減少？該類別是否保持了空間，但新消費者更容易購物？這對於 Premier 等每個品牌來說都是有益的嗎？考慮到這裡的所有動態，您認為貨架設定未來將如何變化？

So e-comm has been a major driver of this category for a long time. And as you know, you know the category well. And that's really if you back up. Really, this specialty -- it was predominantly a specialty category. So the -- but -- and that as kind of the specialty channel had a ton of headwinds that it shifted to e-comm.

因此，電子商務長期以來一直是這一類別的主要推動力。如您所知，您非常了解該類別。如果你備份的話，情況確實如此。確實，這個專業——它主要是一個專業類別。所以 — — 但是 — — 作為一種專業管道，它面臨著巨大的阻力，因此轉向了電子商務。

So e-comm has been -- it's the number one channel for Dymatize and it's the number one channel for many ready-to-mix brands. However, we still see promise for the kind of mainstream retail channels, and we see it for mainstream brands. I think it will always -- I think that e-commerce is a discover. It's where consumers discover brands, especially in ready-to-mix. So that will continue and a lot of the upstarts can make their way first, you'll see them first on e-comm.

因此，電子商務一直是 Dymatize 的首要管道，也是許多即用型品牌的首要管道。然而，我們仍然看到主流零售通路的前景，我們也看到主流品牌的前景。我認為它將永遠——我認為電子商務是一個發現。消費者在這裡發現品牌，尤其是即用型品牌。因此這種情況將會持續下去，許多新貴可以率先取得成功，你會在電子商務上先看到他們。

But then once they hit a certain level and they're going after kind of the mainstream audience, I think we should expect to continue to see those move from e-comm into mainstream channels. And I think for Premier Protein, huge opportunity. Again, 2% household penetration, lots of room and even opportunity for Dymatize. So within mainstream channels.

但一旦他們達到一定水平並開始吸引主流觀眾，我認為我們應該會看到他們繼續從電子商務轉向主流管道。我認為對於 Premier Protein 來說，這是一個巨大的機會。再一次，2% 的家庭普及率對於 Dymatize 來說，有很大的發展空間甚至機會。因此在主流通路內。

Thanks Darcy.

謝謝達西。

Thank you. Our next question comes from Robert Moskow with TD Cowen. Please proceed.

謝謝。我們的下一個問題來自 TD Cowen 的 Robert Moskow。請繼續。

I just wanted to clarify something regarding the guidance. Darcy, I think you said that given the strong retail performance, you typically would have narrowed the guidance, I suppose, at the higher end of the range. But because of the uncertainties about the consumer, you're not. But then you also said that the destocking by this major customer was a bit of a surprise. So can you confirm that, yes, that even with that destocking, you still could have narrowed the guidance. Can I separate those two things?

我只是想澄清一些有關指導的事情。達西，我想您說過，鑑於強勁的零售業績，您通常會將指導範圍縮小到範圍的高端。但由於消費者的不確定性，你無法做到這一點。但您也說了，這個大客戶的去庫存有點令人意外。那麼您能否確認，是的，即使進行了去庫存，您仍然可以縮小指導範圍。我可以把這兩件事分開嗎？

Yes, we absolutely could have. And again, with -- just with the kind of consumer uncertainty, I think that we are just being more cautious about guidance.

是的，我們絕對可以。再說一次，考慮到消費者的不確定性，我認為我們對指導會更加謹慎。

Okay, I'll pass it on. Thanks.

好的，我會傳達的。謝謝。

Thank you. Our next question comes from the line of Bryan Spillane with Bank of America. Please proceed.

謝謝。我們的下一個問題來自美國銀行的 Bryan Spillane。請繼續。

Thanks, operator. Good morning, everyone. Darcy, can you talk a little bit about the -- now the interplay between channels. I think if we look at the sequential growth from the previous quarter, looks like e-commerce slows a little bit and maybe mass club flows a little bit, and we're growing in, for instance, grocery a lot faster. So just trying to get an understanding like how much -- is there any cannibalization we should be thinking about as you expand, especially into the more traffic parts of large food retailers? And then if you could also just give us some thoughts on how you're thinking about pricing across channels, right? So just that there's no conflict or eliminating -- reducing channel conflict from a price basis?Thanks.

謝謝，接線生。大家早安。達西，您能否談談現在頻道之間的互動。我認為，如果我們看一下上一季的連續成長情況，就會發現電子商務的成長速度略有放緩，而大眾俱樂部的流量可能略有下降，而我們在食品雜貨等方面的成長速度則要快得多。所以只是想了解一下——隨著你們的擴張，特別是進入大型食品零售商的交通更多的部分，我們是否應該考慮任何蠶食？然後，您可以告訴我們一些關於跨通路定價的想法，對嗎？那麼從價格角度來說，就沒有衝突或消除──減少通路衝突？謝謝。

So from a channel perspective, we are not seeing necessarily any cannibalization across channels or a lot of shifting. I think that what you're seeing, I think we continue -- if you look at kind of market share, we see the most opportunity for kind of our share of shelf and the opportunity is around food like FDM, food drug mass. On specifically food. Remember, those were -- that was also the channel that last year and the year before that had the most out of stocks. So if you're looking at kind of, we're still experiencing some tailwinds from kind of a lower comp, especially in those channels where the in-stocks were a little better in some of the other channels.

因此，從渠道角度來看，我們不一定會看到跨渠道的蠶食或大量轉移。我認為，您所看到的，我認為我們會繼續——如果您看一下市場份額，我們會看到我們在貨架份額方面的最大機會，而機會就在食品方面，例如 FDM、食品藥品品質方面。具體來說，是食物。請記住，這也是去年和前年缺貨最多的管道。因此，如果你看一下，你會發現我們仍然會遇到一些來自較低同店銷售額的順風，特別是在一些其他通路庫存情況較好的管道。

So really, it has to do with kind of a year ago. But kind of I would just say macro is we continue to see a ton of room and opportunity really in every single channel, but the biggest opportunity really is FDM, so -- and specifically food. So that's one piece. And maybe I would just emphasize this even more is every channel has opportunity around household pen. So even some of our kind of more mature channels, the channels that we started in like club, they have a ton of opportunity with our brand as well as the overall category because it is only a 50% household penetration category.

所以實際上，這與一年前的事情有關。但我只想說，宏觀我們繼續看到每個管道都存在大量的空間和機會，但最大的機會實際上是 FDM，特別是食品。這就是其中一件事。也許我想進一步強調的是，每個管道都有機會圍繞著家用筆。因此，即使是我們一些更成熟的管道，例如我們開始的俱樂部管道，它們在我們的品牌以及整個類別中也擁有大量的機會，因為它只是一個 50% 的家庭滲透率類別。

So a lot, lot, lot of opportunity. And what was the second question? It was around pricing?

所以有很多很多的機會。第二個問題是什麼？和定價有關嗎？

Yeah, between channels.

是的，在通路之間。

Right. Just to the extent that you're watching for channel conflict, right, that the price between channels doesn't encourage cannibalization.

正確的。只要您專注於通路衝突，通路之間的價格就不會鼓勵相互蠶食。

No. I mean we have kind of rules around the big -- the pack sizes and channels. And so yes, no, I think the only thing that we see is kind of in an environment where consumers are maybe value shopping a little bit more. I would say the only thing that we see is -- we have seen -- and I've talked about it in past calls, I think that we've seen kind of moving up from kind of 4 counts to 12 counts. We've seen some movement even to the bigger packs like the club packs.

不。我的意思是我們對包裝尺寸和管道有一些規定。所以是的，不，我認為我們看到的唯一情況是，在這種環境下，消費者可能會更重視購物。我想說的是，我們看到的唯一情況是——我們已經看到——而且我在過去的電話會議中談到了這一點，我認為我們已經看到了從 4 個計數上升到 12 個計數。我們甚至看到了俱樂部包等更大包的動向。

So that is one thing that we've seen because they're looking for kind of a slightly better value per shake. But other than that, I think that it's very rational.

所以這是我們看到的一件事，因為他們正在尋找每杯奶昔稍微好一點的價值。但除此之外，我認為這是非常合理的。

One moment for our next question. It comes from the line of Bill Chappell with Truist Securities. Please proceed.

請稍等片刻，回答我們的下一個問題。它來自 Truist Securities 的 Bill Chappell 的線路。請繼續。

Thanks. Good morning. Thanks for taking my question.

謝謝。早安.感謝您回答我的問題。

Darcy, just kind of go back to what you had said about new entrants into the category going for more, I guess, lower protein instead of the 40-gram high protein. I mean, historically, Premier has kind of been positioned well for those who wanted that 30-gram protein shake. You had more with a great taste. Is there a thought that you need to be more aggressive or to kind of get those new users with some lower protein shakes go the other way? Or is there so much opportunity right at the kind of that core 30-gram and consumers moving up from end to 20-gram to 30-gram that you're in a good spot.

達西，回到你剛才所說的，新進入這一類別的產品應該追求更低的蛋白質含​​量，而不是 40 克的高蛋白質含量。我的意思是，從歷史上看，Premier 的定位很適合那些想要 30 克蛋白質奶昔的人。您吃得更多，味道​​更好。您是否想過需要採取更積極的措施，或讓那些蛋白質含量較低的新用戶轉向其他方式？或者說，在核心的 30 克和從末端到 20 克、再到 30 克的消費者群體中是否存在如此多的機會，以至於您處於有利地位。

So kind of any thoughts, not necessarily the next couple of quarters, but longer term, you need to get to go to those opening price point, but opening protein point shakes.

所以，有什麼想法嗎？不一定是接下來的幾個季度，而是更長遠來看，你需要達到那些開盤價點，但開盤蛋白質點奶昔。

I think I would answer that with kind of yes. There is a lot more opportunity with our core 30-gram shake and whenever we do testing, that is by far the most kind of mainstream offering and the one that resonates with the most consumers. So we still see a ton of opportunity in household penetration and in distribution for our 30-gram shake just to continue to proliferate across pack sizes across flavors, et cetera. And I think there's also a lot of opportunity to innovate. And I've in the past, watched you guys through kind of our approach to innovation, which is really around capturing either a new consumer incremental to the 30-gram or a new occasion.

我想我會回答「是」。我們的核心 30 克奶昔擁有更多機會，無論何時我們進行測試，這都是迄今為止最主流的產品，也是最能引起消費者共鳴的產品。因此，我們仍然看到，我們的 30 克奶昔在家庭滲透和分銷方面擁有大量機會，可以繼續在包裝尺寸、口味等方面不斷擴展。我認為還有很多創新的機會。過去，我曾觀察過你們對創新方法的看法，這種方法實際上是為了吸引 30 克以下的新消費者或新場合。

And that's where kind of innovation can play. So part of that can be macro, so up or down in protein levels. It can also be like our indulgence line, which clearly goes after a new occasion. However, what's, I think, nice to see is we actually are getting new consumers also with indulgence line. So I think I'd just go back to the fundamentals of this category, when you're dealing with a category that only has 50% household penetration, there is just a lot of opportunity usually within the base as well as with innovation.

這就是創新可以發揮作用的地方。因此，其中一部分可能是宏觀的，即蛋白質水平的上升或下降。它也可以像我們的放縱線一樣，明確地追求新的場合。然而，我認為，令人高興的是，我們實際上也透過放縱系列獲得了新的消費者。所以我想我只需要回到這個類別的基本面，當你處理一個家庭普及率只有 50% 的類別時，通常在基礎和創新中就會有很多機會。

One moment for our next question. It comes from Jon Andersen with William Blair.

請稍等片刻，回答我們的下一個問題。它由喬恩·安德森 (Jon Andersen) 和威廉·布萊爾 (William Blair) 共同創作

Hey, good morning, everybody, thanks. Darcy, I kind of want to follow up on that last point around innovation. My question was could you share maybe a little bit more insight around what you're seeing for -- initially for the indulgence line? As you mentioned, it seems like that's an opportunity to go after a new occasion. Is that primarily what you're seeing existing users using it for snacking or a different day part? And then I think you have another innovation, which might be a big eye, not a little eye planned for the latter part of the fiscal year. How should we think about that innovation? Is there more you can say about it? Is that more about expanding the range from a consumer perspective or more occasion-based as well? Thank you.

嘿，大家早上好，謝謝。達西，我想繼續討論關於創新的最後一點。我的問題是，您能否分享一些關於您所看到的東西——最初是放縱線的更多見解？正如您所說，這似乎是一個追求新機會的機會。您主要看到現有用戶用它來吃零食或在一天中的不同時間使用它嗎？然後我認為你還有另一項創新，這可能是一個大眼睛，而不是計劃在財政年度後期推出的小眼睛。我們該如何看待這項創新？您還有什麼可以說的嗎？這是否更多是從消費者的角度來擴大範圍，還是更多地基於場合？謝謝。

Yes. So the early -- for indulgence, I'll start there. We have seen some early success. And I think what we're seeing is we launched it first in mass and the success there has led to acceptances in other retailers. So do you now expect to start seeing that roll out across kind of food, drug, mass as well as club.

是的。因此，為了方便起見，我將從這裡開始。我們已經看到了一些早期的成功。我認為我們看到的是，我們首先大規模地推出了它，並且在那裡的成功已經得到了其他零售商的認可。那麼，您現在是否希望看到這種技術在食品、藥品、大眾消費品以及俱樂部領域中推廣？

So I think that, that is great. It is doing what we wanted it to do, which is it's highly incremental to the category and from an occasion standpoint. But I think the sort of a little bit of the surprise is also it's getting at new occasions. So it's about -- at one of our mass retailers, we're seeing about 35%. The buyers are about 35% new to the category.

所以我認為這很棒。它正在做我們想要它做的事情，即從類別和場合的角度來看它具有高度的增量性。但我認為有點令人驚訝的是它也出現在新的場合。在我們的一家大眾零售店，這一比例約為 35%。約有 35% 的買家是該類別的新買家。

So again, in a low household penetration category, we want to bring in new people, and it is doing that, which is really exciting. Also, when you go on to reviews online, you also see a lot of mentions about treat, dessert, et cetera. You think of our baseline, really, you see many more around breakfast replacement. And so the fact that we're getting nods to treat and dessert, it's confirming our strategy, which feels very good.

因此，在家庭普及率較低的類別中，我們希望引入新人，而且我們確實這樣做了，這真的令人興奮。此外，當您在線查看評論時，您還會看到很多關於零食、甜點等的評論。你想想我們的基線，實際上，你會看到更多關於早餐替代品的信息。因此，我們獲得款待和甜點的認可，這證實了我們的策略，這感覺非常好。

The second question just about upcoming innovation. Yes, we have another innovation coming in the latter or in Q4. And I'll just say that, yes, the strategy is around new consumers. So if you step back, we had 2 innovations. The first one is really designed to go after new occasions. The second one is going after new consumers.

第二個問題是關於即將到來的創新。是的，我們將在後者或第四季推出另一項創新。我只想說，是的，我們的策略是圍繞著新消費者的。所以如果你回顧一下，我們有兩項創新。第一個確實是為了追求新的場合而設計的。第二個是尋找新消費者。

Thanks so much.

非常感謝。

Thank you. And our last question, one moment, comes from Steve Powers with Deutsche Bank

謝謝。我們的最後一個問題來自德意志銀行的史蒂夫鮑爾斯

Thanks a lot, appreciate it. And this may tie together a number of threads you've already spoken about. But I just -- Darcy maybe a little bit more color and detail into your thinking as to specifically why you're leaning into the fourth quarter promotions that you called out? Because I guess kind of why is the basic question. And is it opportunistic given the current environment, just given the state of the consumer, given the innovation plans you just spoke to? Or should we think about this as now more of a fixed part of the calendar that's likely to repeat?

非常感謝，感激不盡。這可能會將您已經談到的許多線索聯繫在一起。但我只是——達西，也許我可以更詳細地解釋一下你的想法，為什麼你傾向於你所說的第四季促銷活動？因為我想「為什麼」是一個基本問題。考慮到當前的環境、考慮到消費者的狀況以及您剛才談到的創新計劃，這是否是一個機會主義的做法？或者我們現在應該把它看作是日曆中可能重複的固定部分？

Yes. I think I'd view it as a fixed part of the calendar. So again, if you go back, we have always -- pre-COVID, pre-supply constraints, we historically had 2 large club promotions annually for probably close to a decade. And that was kind of the -- it was consistent. And I think that when we looked at the improvement in brand metrics, in Q2 last quarter, we measure -- our focus is on household penetration.

是的。我想我會把它看作日曆的固定部分。所以，再說一次，如果你回顧一下，我們一直以來——在新冠疫情之前，在供應受限之前，我們歷史上每年都會舉辦兩次大型俱樂部促銷活動，大概持續了近十年。這是一種－－它是一致的。我認為，當我們觀察上個季度第二季品牌指標的改善時，我們衡量的重點是家庭滲透率。

We saw a really nice bump in household penetration. We know that when we do these type of club promotions, we get really, really nice displays, eyeballs and that leads to increased household penetration. When we saw that work so well in Q2, and we have the inventory supported, we were able to kind of expand the Q4 promotion. So really, it was a strategic move that was enabled because we have the inventory to support and it's nice to be able to partner with our retailers to bring value to consumers, given the backdrop.

我們看到家庭普及率有了很大的提高。我們知道，當我們進行此類俱樂部促銷時，我們會獲得非常非常好的展示和吸引眼球的效果，從而提高家庭滲透率。當我們看到第二季的促銷活動如此順利，並且我們有庫存支援時，我們能夠擴大第四季度的促銷活動。所以實際上，這是一個策略性舉措，因為我們有庫存支持，而且考慮到背景，能夠與我們的零售商合作為消費者帶來價值是件好事。

Okay, thank you very much.

好的，非常感謝。

Thank you. And ladies and gentlemen, this concludes our Q&A session and program for today. Thank you all for participating, and you may now disconnect. Good day.

謝謝。女士們、先生們，我們今天的問答環節和節目到此結束。感謝大家的參與，現在您可以斷開連線了。再會。