Bellring Brands Inc (BRBR) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BellRing Brands fourth quarter fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that this conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 BellRing Brands 2025 財年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to hand the conference over to the speaker today, Jennifer Meyer. Please go ahead.

現在我謹將會議交給今天的演講嘉賓珍妮佛·邁耶。請繼續。

Good morning, and thank you for joining us today for BellRing Brands fourth 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，感謝各位今天參加 BellRing Brands 2025 財年第四季財報電話會議。今天陪我一起的還有我們的總裁兼執行長達西·達文波特，以及我們的財務長保羅·羅德。Darcy 和 Paul 將首先發表準備好的講話，之後我們將進行一個簡短的問答環節。

The press release and supplemental slide presentation that support these remarks are posted on our website in both the investor relations and the SEC filings section at bellring.com. In addition, the release and slides are available on the SEC's website.

相關新聞稿和補充投影片簡報已發佈在bellring.com網站的投資者關係和美國證券交易委員會（SEC）備案欄位中。此外，新聞稿和投影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.

在繼續之前，我想提醒各位，本次電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性，投資者應仔細考慮，因為實際結果可能與這些陳述有重大差異。

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.

這些前瞻性陳述僅代表截至本次電話會議之日的信息，管理層不承擔更新這些陳述的義務。再次提醒，本次通話將被錄音，錄音回放將在我們的網站上提供。

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.

最後，本次電話會議也將討論一些非GAAP指標。有關這些非GAAP指標與最接近的GAAP指標的調節表，請參閱我們昨天發布的新聞稿，該新聞稿已發佈在我們的網站上。

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

接下來，我將把電話交給達西。

Thanks, Jennifer, and thank you all for joining this morning. Fiscal year '25 was a strong year for BellRing Brands. Net sales grew 16% and adjusted EBITDA margin reached 20.8%.

謝謝珍妮弗，也謝謝各位今天早上的參與。2025財年對BellRing Brands來說是業績強勁的一年。淨銷售額成長16%，調整後EBITDA利潤率達20.8%。

We launched our first media campaign since '21, delivering compelling returns, expanded distribution while elevating retailer partnerships and accelerated our multiyear innovation strategy. We also advanced our savings program, enhancing flexibility to reinvest in future growth.

我們推出了自 2021 年以來的首次媒體宣傳活動，取得了顯著成效，擴大了分銷管道，同時提升了與零售商的合作關係，並加速了我們多年的創新策略。我們也改進了儲蓄計劃，提高了未來再投資成長的靈活性。

Our strong track record of cash generation continued this year, and we meaningfully stepped up our share repurchases, buying approximately 7% of our shares outstanding. We expect another successful year in fiscal '26 with a softer Q1 followed by a stronger balance of the year.

今年，我們強勁的現金流產生記錄得以延續，我們大幅增加了股票回購，回購了約佔流通股 7% 的股票。我們預計 2026 財年將再創佳績，第一季表現較為疲軟，但全年其他季度將表現強勁。

Paul and I will provide additional detail on our guidance and quarterly cadence. Turning to the fourth quarter. The ready-to-drink shake category grew 15%, while Premier shake consumption grew 20%, driven by incremental promotion events.

Paul 和我將提供更多關於我們的指導和季度節奏的細節。進入第四節。即飲奶昔類別成長了 15%，而 Premier 奶昔的消費量增加了 20%，這主要得益於促銷活動的增加。

Premier continues to have category-leading metrics, including the number one household penetration and the category's highest repeat rate. Notably, both household penetration and buy rate increased during the quarter, reinforcing the brand's unmatched strength and consumer loyalty.

Premier 持續保持著業界領先的各項指標，包括第一的家庭滲透率和最高的複購率。值得注意的是，本季家庭滲透率和購買率均有所上升，進一步鞏固了品牌無與倫比的實力和消費者忠誠度。

Now turning to the category. RTD shakes are one of the fastest-growing CPG categories, fueled by consumer health and wellness trends, functional beverage preferences and GLP-1 usage. Household penetration of 54% highlights a long runway for growth as it trails mature CPG categories, which are often at 80% to 90%.

現在來看類別部分。即飲奶昔是成長最快的消費品類別之一，這得益於消費者健康和保健趨勢、功能性飲料偏好以及 GLP-1 的使用。家庭滲透率達到 54%，顯示其成長空間龐大，落後於成熟的消費品類別（通常為 80% 至 90%）。

Retailers are leaning into this opportunity, increasing category space, testing higher traffic aisle locations and expanding display space to capture growing consumer demand. The success of this category, which has doubled in retail sales since 2019 to $8.7 billion has naturally attractive competition.

零售商正積極掌握這項機遇，增加品類空間，測試客流量較大的通道位置，並擴大展示空間，以滿足不斷增長的消費者需求。該品類自 2019 年以來零售額翻了一番，達到 87 億美元，其成功自然帶來了激烈的競爭。

Currently, the two leaders, including Premier Protein, have approximately 50% market share. The other participants include newer insurgent and crossover brands and some declining legacy brands.

目前，包括 Premier Protein 在內的兩大領導企業佔據了約 50% 的市場。其他參與者包括一些新興的顛覆性品牌和跨界品牌，以及一些日漸衰落的傳統品牌。

Of note, legacy brands, which collectively represent approximately 30% of the category, have been meaningful share donors for several years now. Over time, we expect retailers to consolidate the shelf behind a handful of the best-performing brands and move them to more heavily traffic dials.

值得注意的是，傳統品牌（總共約佔該類別 30% 的份額）多年來一直是重要的市場份額貢獻者。隨著時間的推移，我們預計零售商會將貨架集中到少數幾個表現最好的品牌後面，並將它們移到人流量更大的區域。

We believe that mainstream appeal, high repeat rates and execution capabilities will determine long-term winners. Premier Protein is well positioned to benefit from these developments and continue to lead the category.

我們認為，主流吸引力、高復購率和執行能力將決定長期的贏家。Premier Protein 已做好充分準備，將從這些發展中受益，並繼續引領該領域。

Over the next few years, we expect RTD shake category dollar growth to be high single to low double digits with volume the primary driver. In late '25, a major club retailer significantly expanded their RTD assortment.

未來幾年，我們預期即飲奶昔品類的美元成長率將達到較高的個位數到較低的兩位數，銷售量將是主要驅動力。2025 年末，一家大型俱樂部零售商大幅擴展了其即飲飲料種類。

While we do not know for certainty, we assumed the expanded assortment continues through fiscal '26. We expect pricing benefits to subside and promotional spending to slightly increase as new brands work to establish themselves in the market.

雖然我們不能確定，但我們假設擴大的產品系列將持續到 2026 財年。我們預計，隨著新品牌努力在市場上站穩腳跟，價格優勢將會減弱，促銷支出將會略有增加。

These near-term dynamics lead us to expect category growth in the high single digits for '26. In the medium to long term, we expect more marketing spending, expanded shelf space, innovation and the main streaming and affordability of GLP-1s to drive higher household penetration and category growth.

從這些近期動態來看，我們預計 2026 年該類別將實現高個位數成長。從中長期來看，我們預計更多的行銷支出、更大的貨架空間、創新以及 GLP-1 的主流化和可負擔性將推動更高的家庭滲透率和品類成長。

We are confident in our continued strength in the category. Premier's deep category knowledge, strong brand equity, scalable manufacturing network and robust retailer relationships give us confidence that we will continue to be the category leader in capturing meaningful share of long-term growth.

我們對在該領域的持續優勢充滿信心。Premier 擁有深厚的品類知識、強大的品牌資產、可擴展的製造網絡和穩固的零售商關係，這使我們有信心繼續保持品類領先地位，並在長期增長中佔據有意義的份額。

I'll now turn to our long-term targets. BellRing began its journey as a public company six years ago with $850 million in revenue. Our total revenue base is now $2.3 billion, and our Premier Protein shake revenue has tripled.

接下來，我將談談我們的長期目標。BellRing 六年前以 8.5 億美元的收入開始其上市公司的旅程。我們目前的總收入為 23 億美元，而我們的 Premier Protein 蛋白奶昔收入增加了兩倍。

Since IPO, we have delivered a net sales CAGR of 18% and significantly ahead of our long-term revenue growth projection of 10% to 12% share at the time of our listing. There are multiple ways to achieve strong growth in our business.

自上市以來，我們的淨銷售額複合年增長率達到了 18%，遠超上市時我們長期收入成長預期的 10% 至 12%。我們企業實現強勁成長的方式有很多種。

However, it becomes more difficult to grow at double-digit rates of a larger revenue base. And in the near term, we are expecting a more competitive environment.

然而，隨著收入基數的擴大，要達到兩位數的成長就變得更加困難。短期內，我們預期市場競爭將更加激烈。

As a result, we are updating our long-term revenue growth algorithm from low double digits to high single digits, specifically 7% to 9%, with Premier Protein driving our growth.

因此，我們將長期收入成長演算法從兩位數低位調整為個位數高位，具體為 7% 至 9%，其中 Premier Protein 將推動我們的成長。

This assumes that Premier Protein, the number one market share brand will continue to grow relatively in line with the RTD category, while Dymatize slightly weighs down our growth rate.

這假設市佔率排名第一的品牌 Premier Protein 將繼續與即飲飲料類別保持相對一致的成長，而 Dymatize 則略微拖累了我們的成長率。

We are maintaining our adjusted EBITDA margin algorithm of 18% to 20%, which embeds higher levels of brand investment enabled by our cost savings agenda. These investments are designed to reinforce our brand strength and position us for sustained profitable growth over the long term.

我們維持 18% 至 20% 的調整後 EBITDA 利潤率演算法，該演算法體現了我們透過成本節約計畫實現的更高水準的品牌投資。這些投資旨在增強我們的品牌實力，並使我們能夠在長期內實現持續獲利成長。

Our updated revenue growth algorithm is healthy. And together, with attractive margins and our asset-light model, we expect to continue to generate strong cash flow and create significant value for our shareholders.

我們更新後的營收成長演算法運作良好。憑藉著誘人的利潤率和輕資產模式，我們預計將繼續產生強勁的現金流，並為股東創造巨大價值。

Turning to our outlook for '26. Our '26 net sales guidance is a range of 4% to 8% growth with adjusted EBITDA margins of 18%.

展望2026年。我們對 2026 年淨銷售額的預期是成長 4% 至 8%，調整後的 EBITDA 利潤率為 18%。

At the midpoint, sales for the year are expected to be modestly below our long-term algorithm because of the softer first quarter driven by specific items and near-term competitive dynamics. We expect performance to strengthen with the remainder of the year at the top end of our algorithm.

由於特定商品和近期競爭動態導致第一季銷售疲軟，預計全年銷售額將略低於我們的長期演算法預測值。我們預計，在今年剩餘的時間裡，我們演算法的高端表現將會提升。

Adjusted EBITDA margin is expected to be at the lower end of our range, primarily due to significant commodity inflation and tariffs, along with the lagged revenue impact of increased brand investments.

調整後的 EBITDA 利潤率預計將處於我們預期範圍的下限，主要原因是商品價格大幅上漲和關稅增加，以及品牌投資增加帶來的滯後性收入影響。

For Q1, we expect flat consumption for premier RTD shakes with October and November, lapping the toughest club channel comparisons, including a nonrecurring promotions.

對於第一季度，我們預計 10 月和 11 月的優質即飲奶昔消費量將保持平穩，克服俱樂部管道最嚴峻的比較挑戰，包括非週期性促銷活動。

For context, we are lapping 23% consumption growth in the first quarter of '25, which included very strong club consumption with the smallest number of new brand entrants in an incremental promotion.

作為參考，我們回顧 2025 年第一季 23% 的消費成長，其中包括非常強勁的俱樂部消費，以及最少的新品牌進入市場並進行增量促銷。

Q1 net sales largely follows consumption with some additional timing-related headwinds impacting sales, resulting in a roughly 5% decrease in net sales. Paul will provide more detail later.

第一季淨銷售額基本上與消費同步成長，但一些與時間相關的不利因素也影響了銷售，導致淨銷售額下降約 5%。保羅稍後會提供更多細節。

We expect consumption along with net sales to accelerate starting in mid-December. As we move through the year, our FDM merchandising initiatives, advertising and innovation become more meaningful contributors to our growth and club comparisons ease as we lap expanded assortment.

我們預計從 12 月中旬開始，消費量和淨銷售額將加速成長。隨著一年的推進，我們的 FDM 商品推廣、廣告和創新對我們的成長做出了越來越有意義的貢獻，隨著我們擴大產品種類，俱樂部之間的比較也變得更加容易。

Now I'll provide additional details on our operating plans for '26. Our priorities for this year include. One, continuing to grow our distribution, both in and out of aisle; two, increase advertising investment while elevating its impact; and three, launch innovation that provides consumer excitement, advocations and drive's trial.

現在我將提供更多關於我們2026年營運計畫的細節。我們今年的工作重點包括：第一，持續擴大我們的通路，包括貨架內外；第二，增加廣告投入，同時提升廣告影響力；第三，推出能激發消費者興趣、贏得支持並推動試用的創新產品。

Distribution, both in and out of the aisle is a major opportunity. Starting with club, we intend to bolster our position in cloud channel with new products, increased sampling and additional promotional spending. We expect our performance in club to improve as we move through the year.

貨架內外的配送都是一個巨大的機會。首先從俱樂部開始，我們打算透過新產品、增加樣品發放和加大促銷投入來鞏固我們在雲端通路的地位。我們預計隨著賽季的進行，我們在俱樂部的表現會越來越好。

Our Premier shake TDP increases, driven primarily in mass, food, drug and e-commerce channels grew by more than 20% in '25, and we have strong plans to expand at similar rates in '26.

我們的 Premier 奶昔 TDP 成長主要得益於大眾市場、食品、藥品和電子商務管道，2025 年成長超過 20%，我們計劃在 2026 年以類似的速度擴張。

As I mentioned last quarter, we have partnered with a new broker to significantly expand store level coverage and launched an internal retail sales team focused on securing in-store displays, especially singles and entry price point multipack.

正如我在上個季度提到的，我們已經與一家新的經紀公司合作，大幅擴大了門市覆蓋範圍，並成立了一支專注於確保店內展示的內部零售銷售團隊，特別是單件商品和入門級多件裝商品。

In late Q1, we will launch a partnership with a major mass retailer that includes placements across pharmacy and grocery aisles plus extensive displays and end caps. This program will also include the first launch of our new shake innovation targeting incremental occasions, which I'll discuss later in my remarks.

第一季末，我們將與一家大型零售商建立合作關係，合作內容包括在藥局和雜貨店貨架上擺放產品，以及進行大規模展示和端架陳列。該計劃還將包括首次推出我們針對不同場合的新型奶昔創新產品，我將在稍後的演講中詳細介紹。

Our second priority is advertising. We saw a strong return on investment in fiscal '25 and decided to further invest and elevate our creative in '26. Premier has the highest unaided brand awareness in the category, though there it remains a significant opportunity for expansion.

我們的第二要務是廣告宣傳。我們在 2025 財年獲得了強勁的投資回報，並決定在 2026 年進一步投資，提升我們的創意水平。Premier 在該品類中擁有最高的品牌知名度（無需任何宣傳），但該品類仍有很大的擴張空間。

We have strengthened our agency roster, and we'll be launching a new creative campaign designed to drive household penetration, strengthen emotional connections and bring fresh energy and relevance to the brand.

我們加強了代理商陣容，並將推出一項新的創意活動，旨在提高家庭滲透率，加強情感聯繫，並為品牌注入新的活力和相關性。

The campaign kicks off in late December and includes national TV and strong digital components. Turning to innovation. In fiscal '25, we conducted a comprehensive demand study and incorporated the results into our multiyear innovation strategy.

該宣傳活動將於12月下旬啟動，包括全國電視宣傳和強大的數位媒體宣傳。轉向創新。在 2025 財年，我們進行了一項全面的需求研究，並將研究結果納入了我們的多年創新策略。

The study validated our product focus for '26 and identified several white space opportunities, some of which have accelerated that we have accelerated launching in late '26 and early '27. Specifically, in '26, we are intensifying our focus on innovation across flavors, consumer segments and occasions.

該研究證實了我們 2026 年的產品重點，並確定了幾個空白市場機會，其中一些機會已經加速發展，因此我們在 2026 年末和 2027 年初加快了產品發布。具體來說，在 2026 年，我們將更重視在口味、消費族群和場合的創新。

In June of '25, we launched almond milkshakes, our first non-dairy protein offering with the strategy of bringing new consumers into our brand. Although early, it is already the number two turning for count in the non-dairy RTD set.

2025 年 6 月，我們推出了杏仁奶昔，這是我們推出的第一款非乳製品蛋白質產品，旨在為我們的品牌吸引新的消費者。雖然現在還為時過早，但它已經是非乳製品即飲飲料銷售排名第二的產品了。

We are seeing strong incrementality with nearly half of the buyers new to the brand. Almond milkshakes are expanding distribution throughout '26 and supported by advertising. About a year ago, we launched our indulgent line with the goal of driving incremental occasions.

我們看到成長勢頭強勁，近一半的買家是首次購買該品牌的產品。杏仁奶昔在 2026 年擴大了分銷範圍，並得到了廣告的支持。大約一年前，我們推出了高階產品線，目標是增加消費場景。

It worked. In '26, we will build on that success as well as the success of our Cafe Latte core shake flavor with our new coffeehouse or Profi shake line.

成功了。2026 年，我們將以咖啡拿鐵核心奶昔口味的成功為基礎，推出新的咖啡館或專業奶昔系列。

Each shake provides 30 grams of protein and the caffeine equivalent of one cup of coffee, meeting the protein and energy consumer need, which is incremental to our core baseline. It will be offered in Carmel Macchiato and MoCA targeting a sweeter taste pellet.

每份奶昔提供 30 克蛋白質和相當於一杯咖啡的咖啡因，滿足消費者對蛋白質和能量的需求，這在我們核心基線的基礎上有所提升。該產品將推出焦糖瑪奇朵和 MoCA 口味，主打更甜的口感。

Coffeehouse launches in mid-December in both mass and e-commerce channels. The launch will be fully supported with paid media influencer partnerships and in-store signage and sampling.

Coffeehouse將於12月中旬在大眾市場和電商通路同時上線。此次新品上市將透過付費媒體合作、網紅推廣、店內標誌宣傳及產品試用等方式進行全面推廣。

And lastly, Premier is known for its flavor innovation, and we will continue to bring flavor excitement to category throughout the year.

最後，Premier 以其口味創新而聞名，我們將繼續在全年為該品類帶來令人興奮的口味。

In closing, Premier has a history of strong growth and is the number one brand in one of the fastest-growing categories in retail. The power of the brand is evident in our record high household penetration and repeat rates.

總之，Premier 一直保持著強勁的成長勢頭，並且是零售業成長最快的品類之一中的頭號品牌。品牌的強大影響力體現在我們創紀錄的家庭滲透率和復購率。

Our first-mover advantage lies in being a scaled pure-play company with attractive margins and a deep category expertise. Retail see the category's potential, and they are partnering with Premier as they develop their growth plans.

我們的先發優勢在於我們是一家規模龐大、利潤率可觀、擁有深厚行業專業知識的純粹型公司。零售商看到了該品類的潛力，他們正在與 Premier 合作制定成長計畫。

Q1 has some unique dynamics that are causing near-term challenges, but growth in the balance of the year is strong. The brand and business fundamentals are robust, and I have confidence in delivering the year.

第一季存在一些獨特的動態因素，導致短期內面臨挑戰，但今年剩餘時間的成長勢頭強勁。品牌和業務基本面穩健，我有信心今年能取得佳績。

We are investing in our brands, sharpening our execution and innovation plans and driving our sales, our savings agenda to enable our next phase of growth. I remain confident in our future and our ability to create sustained long-term value for shareholders.

我們正在投資我們的品牌，完善我們的執行和創新計劃，並推動我們的銷售和節約計劃，以實現我們下一階段的成長。我對我們的未來以及為股東創造持續長期價值的能力仍然充滿信心。

Thank you for your interest in the company. I will now turn the call over to Paul.

感謝您對本公司的關注。現在我將把通話交給保羅。

Thanks, Darcy, and good morning, everyone. Fiscal '25 was a year of strong performance for BellRing with net sales growth of 16%, adjusted EBITDA of $482 million and an adjusted EBITDA margin of 20.8%.

謝謝你，達西，大家早安。2025 財年 BellRing 業績表現強勁，淨銷售額成長 16%，調整後 EBITDA 為 4.82 億美元，調整後 EBITDA 利潤率為 20.8%。

Our business generated $261 million in cash flow from operations, and we ended the year at net leverage ratio of 2.1 times. Our strong balance sheet enabled us to repurchase 9 million shares or $473 million in total or approximately 7% of shares outstanding.

我們的業務經營活動產生了 2.61 億美元的現金流，年底淨槓桿率為 2.1 倍。我們強勁的資產負債表使我們能夠回購 900 萬股股票，總計 4.73 億美元，約佔已發行股票的 7%。

We've continued to repurchase shares in October with $40 million repurchased to date in the first quarter. In the fourth quarter, net sales were ahead of our expectations at $648 million, up 17% over the prior year.

我們在 10 月繼續回購股票，第一季至今已回購了 4,000 萬美元。第四季淨銷售額超出預期，達到 6.48 億美元，比上年同期成長 17%。

We delivered adjusted EBITDA of $117 million at a margin of 18.1%. Premier Protein net sales grew 15% and were in line with our expectations with strong volume growth for our RTD shakes and putters.

我們實現了調整後 EBITDA 1.17 億美元，利潤率為 18.1%。Premier Protein 淨銷售額成長了 15%，符合我們的預期，其中即飲奶昔和蛋白粉的銷售成長強勁。

RTD shake sales grew 14%, driven by volume growth from incremental promotional events and distribution gains offset partially by unfavorable price mix. As expected, Premier shake dollar consumption was up 20% and outpaced revenue growth.

即飲奶昔銷量成長了 14%，這主要得益於促銷活動增加和分銷通路拓展帶來的銷量成長，但部分被不利的價格組合所抵消。正如預期的那樣，Premier奶昔的消費額成長了20%，超過了收入成長。

This difference was driven by expected changes in trade inventory, primarily the previously noted commerce load as well as the pricing impact from our incremental promotional events, which had an outsized impact to our net sales compared to consumption at retail prices.

這一差異是由貿易庫存的預期變化所驅動的，主要是前面提到的商業負荷以及我們增量促銷活動的價格影響，這些影響對我們的淨銷售額產生了比零售價格消費更大的影響。

Net sales growth of 33% was well ahead of our expectations, driven by growing volumes. International benefited from strong consumption and a volume pull forward ahead of our late Q1 price increase with the latter and expected headwind to Q1 growth.

淨銷售額成長 33%，遠超預期，主要得益於銷售成長。國際市場受益於強勁的消費和銷售提前成長，趕在我們第一季末漲價之前，而漲價和預期的第一季成長將面臨不利因素。

Adjusted gross profit, which excludes mark-to-market adjustments on commodity hedges, was [$190] million and declined 4% from prior year. Adjusted gross profit margin of 29.7% decreased 620 basis points.

調整後的毛利（不包括商品避險調整）為 1.9 億美元，較上年下降 4%。調整後毛利率為 29.7%，下降了 620 個基點。

The decline was driven by mid-single-digit input cost inflation, increased promotional activity and a onetime packaging redesign cost. Protein costs stepped up in the quarter across both powders and shakes, and we expect these headwinds, most notably on powders to continue into fiscal '26.

下降的原因是投入成本通膨率在個位數中段、促銷活動增加以及一次​​性包裝重新設計成本。本季蛋白質粉和蛋白奶昔的成本均上升，我們預期這些不利因素，尤其是蛋白質粉，將持續到 2026 財年。

SG&A expenses were $81 million and delivered significant leverage at 12.5% of sales versus 16% of sales in the prior year quarter. The reduction in expenses were driven by lower marketing and advertising expenses as expected as we lapped a period of heavier media and creative testing.

銷售、一般及行政費用為 8,100 萬美元，佔銷售額的 12.5%，而去年同期為 16%，實現了顯著的槓桿效應。正如預期的那樣，由於我們結束了一段媒體和創意測試力度較大的時期，行銷和廣告支出有所減少，從而推動了支出的降低。

I'd now like to discuss our long-term targets and capital allocation priorities, followed by our 2026 financial guidance. As Darcy discussed in her remarks, we now target long-term annual net sales growth of 7% to 9%.

接下來，我想談談我們的長期目標和資本配置重點，以及我們 2026 年的財務指引。正如達西在她的演講中所討論的那樣，我們現在的目標是長期年度淨銷售額增長 7% 至 9%。

We expect our business to maintain strong profitability and are reiterating our long-term adjusted EBITDA margin algorithm of 18% to 20%. In 2023 through 2025, we exceeded our adjusted EBITDA margin algorithm.

我們預計公司業務將保持強勁的獲利能力，並重申我們長期調整後 EBITDA 利潤率演算法為 18% 至 20%。2023年至2025年，我們超過了調整後的EBITDA利潤率演算法的預測值。

That performance reflected strong sales growth with favorable pricing and a more constructive commodity cost environment prior to the second half of fiscal 2025. Advertising spend as a percentage of net sales was also relatively low at approximately 3% given past supply constraints.

這一業績反映了在 2025 財年下半年之前，在有利的定價和更具建設性的商品成本環境下，銷售額實現了強勁增長。鑑於過去的供應限制，廣告支出佔淨銷售額的比例也相對較低，約 3%。

Looking ahead, our adjusted EBITDA margin algorithm reflects a healthier level of premier brand support with total company advertising investment increasing to 4% to 5% of net sales and promotional spending at competitive levels.

展望未來，我們調整後的 EBITDA 利潤率演算法反映了一流品牌支援水準的顯著提高，公司廣告總投入增加到淨銷售額的 4% 至 5%，促銷支出也處於競爭水平。

Our adjusted EBITDA margin algorithm also now incorporates the impact of tariffs. As previously communicated, tariffs will begin to impact our P&L starting in fiscal '26.

我們調整後的 EBITDA 利潤率演算法現在也考慮了關稅的影響。正如之前所溝通的，關稅將從 2026 財年開始影響我們的損益。

While we have mitigated much of our tariff exposure, we do expect an ongoing annualized impact to our margins of approximately 120 basis points. We continue to evaluate ways to further mitigate these impacts.

雖然我們已經減輕了大部分關稅風險，但我們預計這將對我們的利潤率造成持續的年度影響，約為 120 個基點。我們將繼續評估各種方法來進一步減輕這些影響。

To bolster our margin target, we have accelerated cost savings initiatives across our organization. The primary areas of savings involve more efficiently utilizing our co-manufacturing, warehousing and transportation networks as well as procurement savings from ingredients and packaging.

為了提高利潤率目標，我們加快了全公司範圍內的成本節約計畫。主要的節約領域包括更有效地利用我們的合作生產、倉儲和運輸網絡，以及在原材料和包裝方面的採購節約。

Longer term, our cost savings efforts, normalization of record highway protein costs in 2026 and modest SG&A leverage are expected to be supportive of improvement in our EBITDA margins. Our disciplined capital allocation priorities remain unchanged.

從長遠來看，我們的成本節約措施、2026 年創紀錄的高速公路蛋白質成本的正常化以及適度的銷售、一般及行政費用槓桿化預計將有助於提高我們的 EBITDA 利潤率。我們嚴謹的資本配置原則維持不變。

We will first invest in growth initiatives, including innovation, marketing and systems and process capabilities. Second, we expect to remain asset light with low capital expenditures.

我們將首先投資於成長計劃，包括創新、行銷以及系統和流程能力。其次，我們預期保持輕資產運營，資本支出較低。

After investing in our business, we expect to be aggressive and opportunistically repurchasing our shares with M&A being a longer-term priority. Turning to our fiscal '26 outlook. We expect net sales of $2.41 billion to $2.49 billion. This represents 4% to 8% growth.

在對我們的業務進行投資之後，我們預計將積極主動地抓住機會回購我們的股票，而併購將是我們的長期優先事項。接下來展望我們2026財年的前景。我們預計淨銷售額為 24.1 億美元至 24.9 億美元。這意味著增長4%至8%。

Adjusted EBITDA is expected to be $425 million to $455 million with a margin of 18%. From a brand perspective, we expect high single-digit sales growth from Premier Protein at the midpoint.

調整後 EBITDA 預計為 4.25 億美元至 4.55 億美元，利潤率為 18%。從品牌角度來看，我們預期 Premier Protein 在年中將達到高個位數的銷售成長。

Premier's volume growth is expected to be driven by continued category tailwinds, distribution gains, including innovation and brand investments. Volume performance is expected to be partially offset by low single-digit headwind from promotional investments as Darcy mentioned in her remarks.

Premier的銷售成長預計將受到品類持續利好因素、分銷通路拓展（包括創新和品牌投資）的推動。正如達西在演講中提到的那樣，銷售成長預計將被促銷投入帶來的個位數百分比的負面影響部分抵消。

We expect high single-digit sales declines for the rest of the portfolio. For Dymatize, we're executing a price increase beginning in late Q1 to offset meaningful way protein inflation and have prudently modeled in elasticities.

我們預期其餘產品的銷售額將出現接近兩位數的下滑。對於 Dymatize，我們將從第一季末開始漲價，以抵消蛋白質價格的顯著上漲，並且已經謹慎地對彈性進行了建模。

Additionally, we are reducing brand investment as we navigate high protein costs and the brand has a difficult sales comparison in Q4. Specific to Q1, total net sales are expected to be down approximately 5% of both Premier and Dymatize declining largely in line with our overall decrease.

此外，由於蛋白質成本高企，且該品牌在第四季的銷售額年比較低，我們正在減少品牌投資。具體到第一季度，預計 Premier 和 Dymatize 的總淨銷售額將下降約 5%，與我們整體的下降趨勢基本一致。

Consumption growth for Premier Protein shakes is expected to be flat. In club, Q1 is our toughest comparison of the year where we lap a period with fewer new entrants and chose not to repeat promotions for Premier and Dymatize.

Premier Protein蛋白奶昔的消費成長預計將保持穩定。在俱樂部方面，第一季是我們一年中最艱難的比較，因為在此期間新加入者較少，而且我們選擇不重複 Premier 和 Dymatize 的促銷活動。

Additionally, Dymatize had a strong fourth quarter and benefited from a sales pull forward from Q1 of approximately $8 million, mostly related to shipments ahead of our late Q1 price increase. Together, the non-repeating promotions and sales pull forward are a 4-percentage-point headwind to our first quarter growth.

此外，Dymatize 第四季業績強勁，受益於第一季約 800 萬美元的提前銷售，這主要與我們在第一季末漲價前進行的出貨有關。非重複性促銷和提前銷售加起來，對我們第一季的成長造成了 4 個百分點的不利影響。

As we move in Q2, we expect an acceleration in both consumption and net sales with the balance of the year sales to grow at the high end of the algorithm at the midpoint of our guidance.

隨著第二季的到來，我們預期消費和淨銷售額都將加速成長，而今年剩餘時間的銷售額將達到我們預期中位數的演算法上限。

This is driven by Premier, which we expect to outpace overall company growth for the balance of the year, as a robust merchandising programs in the FDM channel phase-in for Q2 and beyond and club comparable ease. Moving to fiscal 2026 adjusted EBITDA.

這主要得益於 Premier 的業績成長，我們預計今年剩餘時間內將超過公司整體成長速度，因為 FDM 通路強大的商品銷售計畫將在第二季及以後逐步實施，並且與俱樂部相比也更容易實現。調整至 2026 財政年度調整後 EBITDA。

We expect adjusted EBITDA margins to decline 280 basis points at the midpoint with lower adjusted gross margins, the primary driver.

我們預期調整後 EBITDA 利潤率中位數將下降 280 個基點，主要原因是調整後毛利率下降。

Adjusted gross margins are expected to be pressured by significant input cost inflation, particularly whey protein, the primary input costs for powders, the introduction of tariff cost and promotional investment with margin pressure primarily in the first half of the year.

預計調整後的毛利率將受到投入成本大幅上漲的壓力，尤其是乳清蛋白（粉末的主要投入成本）、關稅成本的引入以及促銷投資，利潤率壓力主要集中在上半年。

Tariffs are expected to have an unfavorable impact of 80 basis points on our gross margins, net of mitigation and the impact of timing. The remaining EBITDA margin impact is primarily due to increased advertising, which is partially offset by SG&A leverage.

扣除緩解措施和時間影響後，預計關稅將對我們的毛利率產生 80 個基點的不利影響。剩餘的 EBITDA 利潤率影響主要歸因於廣告支出增加，這部分被銷售、一般及行政費用槓桿作用所抵銷。

Advertising as a percentage of sales is expected to be approximately 4%, with the largest year-over-year dollar increases in Q2 and Q3. We expect Q1 adjusted EBITDA dollars to be below prior year levels with a margin of approximately 16% to midpoint, primarily driven by lower sales and gross margins.

廣告支出佔銷售額的比例預計約為 4%，其中第二季和第三季的年增幅最大。我們預計第一季調整後 EBITDA 美元將低於去年同期水平，利潤率約為 16%（中位數），主要原因是銷售額和毛利率下降。

In Q2, adjusted EBITDA dollars are expected to improve sequentially, with margin rate approximately 100 basis points lower sequentially due to a combination of higher sales, inclusive of Dymatize pricing, continued high commodity inflation and the timing of advertising support.

第二季度，調整後的 EBITDA 美元預計將環比改善，但由於銷售額增加（包括 Dymatize 定價）、大宗商品通膨持續高企以及廣告支持的時機等因素，利潤率預計將環比下降約 100 個基點。

We anticipate adjusted EBITDA growth in the second half due to higher sales growth, easing commodity inflation and higher cost savings. In closing, fiscal '25 was a strong year, highlighted by robust top line growth and strong profitability.

由於銷售成長加快、大宗商品通膨緩解以及成本節約增加，我們預計下半年調整後 EBITDA 將實現成長。綜上所述，2025 財年是業績強勁的一年，其亮點在於營收的強勁成長和獲利能力的顯著提升。

We feel confident in our plans and ability to deliver our 2026 guidance and long-term outlook. Premier is the number one shake brand with durable competitive advantages in an attractive category, and we expect the investments we are making this year to bolster our long-term position.

我們對我們的計劃和能力充滿信心，能夠實現我們 2026 年的業績指引和長期展望。Premier 是排名第一的奶昔品牌，在極具吸引力的品類中擁有持久的競爭優勢，我們預計今年的投資將鞏固我們的長期地位。

Finally, our cash-generative business and strong balance sheet enable us to fund our growth plans while also opportunistically repurchasing shares. I will now turn it over to the operator for questions.

最後，我們現金流充裕的業務和強勁的資產負債表使我們能夠為我們的成長計畫提供資金，同時也能伺機回購股票。現在我將把電話交給接線員，回答問題。

(Operator Instructions) Steve Powers, Deutsche Bank.

（操作員指示）史蒂夫·鮑爾斯，德意志銀行。

Darcy, I think it's fair to say that a lot has changed over the last six months in your categories and around your business. Maybe, could you start off by summarizing what you've observed and how that's influenced your '26 plans as well as your updated long-term views.

達西，我認為可以公平地說，在過去的六個月裡，你的領域和你的業務都發生了很大的變化。或許，您可以先總結一下您的觀察結果，以及這些結果如何影響了您的 2026 年計畫和您更新後的長期觀點。

And why you believe the outlook you've landed on is the right one, both in the year ahead and longer term?

為什麼你認為你所確定的這種展望是正確的，無論從未來一年還是更長遠的角度來看？

Sure. I would actually start with what has not changed. I think what has not changed is the momentum in the category. I mean, the household, it's still a low household penetration category, call it 50% with a ton of upside. I mean, you could actually argue there's more momentum in the category.

當然。我其實會先從沒有改變的事情說起。我認為沒有改變的是這個領域的成長動能。我的意思是，就家庭用戶而言，這仍然是一個滲透率較低的類別，大概只有 50%，但成長空間巨大。我的意思是，你完全可以說這個領域的發展勢頭更強。

And what has also not changed is Premier's position in the category. So we are the number one brand, number one household penetration, number one repeat, strong national supply chain, et cetera. So I think those are kind of the mainstays.

此外，Premier 在該類別中的地位也未改變。所以我們是第一品牌，家庭滲透率第一，復購率第一，擁有強大的全國供應鏈等等。所以我覺得這些算是主要支柱。

I would, so I think what has changed is it's more competitive, which I think is expected. I mean the way I view the category in total is that there are, they're kind of and I walked through some of this in my prepared remarks, but they are the leading brands, which include Premier, which represents about 50% of the category.

我也這麼認為，所以我覺得改變在於競爭更加激烈了，這也在意料之中。我的意思是，我對這個類別的整體看法是，它們算是領先品牌，我在準備好的發言稿中也談到了這一點，其中包括 Premier，它約佔該類別的 50%。

There are these insurgent and crossover brands, which represent about 10% of the category. And then there are declining legacy brands, which represent about 30% of the category, who have been kind of meaningful shared donors through the year.

這些具有顛覆性和跨界特色的品牌約佔該類別的 10%。此外，還有一些日漸式微的傳統品牌，約佔該類別的 30%，它們在過去一年中一直是重要的共同捐助者。

I look forward, what we expect to see is the leading brands keep leading and winning. The insurgent brands are, there's going to be some mix. There's going to be kind of a shape up, where some will make it and some will not.

我期待看到，領先品牌能夠繼續保持領先地位並取得成功。這些新興品牌，將會呈現出一定的混合格局。最終會形成一種格局，有些人會成功，有些人則不會。

And then the declining brands will continue to decline. So as I look at our guidance and our plan for '26, I feel really good. We have a tough Q1. There's some unique dynamics going on with Q1 with, in the club side of the business. We're lapping a period with fewer new entrants and one major club customer.

然後，那些衰退的品牌會繼續衰退下去。所以，當我審視我們的指導方針和 2026 年的計劃時，我感覺非常好。第一季情勢嚴峻。Q1 在俱樂部業務方面出現了一些獨特的動態。我們正處於新進者較少、只有一個主要俱樂部客戶的時期。

And we're lapping some non-repeating promos in the other. So it's a tough quarter, but that does not represent the business. The last three quarters are much like every other quarter that we've had, which has strong, strong growth.

而我們則在其他方面超越了一些不重複的促銷活動。所以這確實是一個艱難的季度，但這並不代表公司的整體狀況。過去三個季度與以往每個季度都非常相似，都實現了強勁成長。

And the reasons to believe there is the category is healthy. We have strong plans. The rest of the business is growing very rapidly.

有理由相信，這一類別是健康的。我們有周詳的計劃。其他業務部門的成長速度非常快。

We've got a couple of really exciting partnerships, like we have a partnership with this mass retailer that I talked about, which really is, I think, a sign of what we're going to see in other grocery accounts and then advertising hitting as well as innovation. So I think there is the reason to believe as well as my view on the category.

我們達成了一些非常令人興奮的合作關係，例如我剛才提到的與這家大型零售商的合作，我認為這確實預示著我們將在其他食品雜貨帳戶、廣告投放以及創新方面看到的發展方向。所以我認為有理由相信這一點，以及我對這類別的看法。

Andrew Lazar, Barclays linked.

Andrew Lazar，與巴克萊銀行有關。

Dorcy, I remember last quarter, you did not yet have as much clarity as you wanted around the repeat rate for some of the new entrants or the in surgeons that have come into the category, particularly your largest customer.

多西，我記得上個季度，你還沒有完全了解一些新進業者或進入該領域的外科醫生的複診率，特別是你最大的客戶。

I'm assuming you at least have some additional clarity now on some of this. And I guess, more importantly, what that means for sort of, your expected shelf set, right, for the year ahead at your largest club customer.

我假設你現在至少對其中一些問題有了更清晰的認識。更重要的是，這對你最大的俱樂部客戶來說，意味著你未來一年的預期貨架陳列情況。

I was hoping you could maybe update us a bit on that dynamic. I think that was one of the main reasons why last quarter, you weren't yet in a position to sort of provide '26 guidance as I think many had kind of hoped at the time.

我希望您能為我們介紹一下這方面的最新進展。我認為這是上個季度你們還無法提供 2026 年業績指引的主要原因之一，而當時很多人可能都希望你們能提供這樣的指引。

Yes, sure. So yes. As I said in my remarks, that one of the changes is that we do expect that our major club customer will keep that expanded set. So that is a change versus what we had assumed before. So we think that the competitive set will be bigger and remain the same.

當然可以。是的。正如我在演講中所說，其中一項變化是，我們希望我們的主要俱樂部客戶能夠保留這套擴充的設備。所以這和我們之前的假設有所不同。因此，我們認為競爭格局將會擴大，但保持不變。

I think that we wanted to watch repeat rates. I would say we're continuing to monitor. I think what is clear is that not all of these kind of insurgent brands are going to make it.

我認為我們當時是想觀察重播率。我想說，我們會繼續密切關注。我認為很明顯的是，並非所有這類新興品牌都能成功。

There is definitely going to be a shakeout. These thresholds that you have to hit at these club customers are high. And so I think that we will continue to see sort of a rotation of different kind of smaller brands, bringing news, but also kind of just coming in and out.

肯定會有一次業界洗牌。你必須達到這些俱樂部客戶的標準很高。所以我認為我們將繼續看到各種小型品牌輪番出現，帶來新聞，但也只是來來去去。

I would say what we have learned, we are our fifth pallet in that customer as we expected, will transition out. The rest of our business is super strong. I think that what I've learned, and what we have learned is that I think that the category is strong, it's expandable.

我想說，根據我們了解到的情況，正如我們預期的那樣，我們是該客戶的第五批貨物，我們將逐步退出。我們其他業務都非常強勁。我認為我所學到的，也是我們所學到的，是這個類別很有潛力，可以不斷擴展。

I think that from a search and brand standpoint, there will be winners kind of in losers, and it's really hard to hit those thresholds. I think that we are really well positioned versus consumption.

我認為從搜尋和品牌角度來看，會有贏家也會有輸家，要達到這些門檻真的很難。我認為我們在消費方面處於非常有利的地位。

When we look at the interaction between us and many of the competitors, we have a clear position and our repeat rates are only getting stronger.

當我們審視我們與眾多競爭對手之間的互動時，我們擁有清晰的定位，而且我們的複購率還在不斷提高。

And we are sourcing some volume from those competitors. So I think I feel really good about our business in the long term despite there kind of a little bit of messiness in this quarter.

我們正在從這些競爭對手那裡採購一部分貨源。所以，儘管本季出現了一些混亂，但我對我們公司的長期發展前景仍然非常樂觀。

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

I just wanted to ask about the club channel, again, maybe following up a bit on Andrew's question. There's been a lot of unique dynamics, not just here in the first quarter, but all year in the club channel. And clearly, it's an important channel for the category a bit more mature for you.

我只是想再問一下關於俱樂部頻道的問題，也許是對 Andrew 的問題稍作補充。俱樂部頻道全年都出現了許多獨特的動態，而不僅僅是第一季。顯然，對你來說，這是一個比較成熟的品類的重要管道。

But when we think about the acceleration that you talked about that you're going to see in mid-December and the kind of down 5% to up 9% or so embedded in the guide. How much is driven by the club channel in particular?

但是，當我們考慮到您提到的 12 月中旬將會出現的成長加速，以及指南中預測的 5% 到 9% 左右的波動幅度時，就會發現情況並非如此。俱樂部通路究竟發揮了多大作用？

And can you just tell us what that means for what you're expecting for growth in the club channel this year? And how the various headwinds and tailwinds kind of shake out in your mind as you think about that channel.

那麼，您能否告訴我們，這對於您今年對俱樂部管道成長的預期意味著什麼？當你思考這個頻道時，各種不利因素和有利因素是如何在你腦海中浮現的。

Yes. So what we expect is that the growth is, the major growth is largely coming from outside of the club channel. I mean we've been seeing stronger growth for many, many quarters from our STM, the food, drug, mass and e-commerce channels.

是的。因此，我們預計成長的主要來源將是俱樂部管道之外的管道。我的意思是，我們的STM（短線、中線、線下、線下和電商通路）已經連續多個季度實現了強勁成長。

So that is where we see, that's where we have kind of the most potential, and where we see kind of the most opportunity for the category as well as us. So what our guidance assumes is that the club comparisons get better throughout the quarters.

所以，我們認為，這方面我們最具潛力，也最能為這個品類和我們自己帶來機會。因此，我們的指導意見假設，隨著比賽的進行，各俱樂部之間的比較會越來越好。

But the growth is largely coming from the rest of the channels. So I think that in my remarks, I talked about kind of kind of the reason to believe just around distribution, merchandising, advertising and innovation.

但成長主要來自其他管道。所以我覺得，在我的發言中，我談到了圍繞分銷、商品銷售、廣告和創新等方面的信念。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks for the commentary on your general areas of investment. A lot of us are going to be looking at the all-channel scanner data, the consumption data. I wonder how you're thinking about what we will see in that consumption trend through the rest of the fourth quarter.

感謝您對您主要投資領域的評論。我們很多人都會關注全頻道掃描資料和消費資料。我想知道您如何看待第四季度剩餘時間的消費趨勢。

And I presume which will be a ramp into 2Q? How you're thinking what we would see based on what your plans are and to the degree that you can, can you tell us how you're factoring in increased competition that you see and perhaps some room for surprises and your innovation contribution to growth.

我猜想這將是第二季業績成長的過渡？您認為根據您的計劃，我們會看到什麼？您能否盡可能地告訴我們，您是如何考慮日益激烈的競爭，以及可能出現的一些意外情況，還有您的創新對成長的貢獻？

From a consumption standpoint, we are expecting, in November, we'll continue to see tough club comps. Remember, we have that non, that club promotion that we are not recurring. So expect kind of slightly negative kind of low single digits, continuing through November.

從消費角度來看，我們預計 11 月俱樂部之間的競爭將持續非常激烈。請記住，我們有一個非俱樂部推廣活動，但我們不會定期舉辦。所以預計11月氣溫將略微偏低，維持在個位數。

What we start seeing when you'll start seeing an acceleration in sort of the back half of December as New Year. So we have the mass partnership, so kind of expect low double digits in all of December, but it will ramp up towards the end.

我們預計，從 12 月下旬到新年期間，成長速度將會加快。所以我們有了大規模的合作夥伴關係，所以預計整個 12 月的銷售額將保持在兩位數的低水平，但到月底會逐漸增加。

And then that momentum will continue through kind of Jan, Feb, March and on. So there really is some unique things going on right now within the club channel, then ease out.

然後這種勢頭將持續到一月、二月、三月及以後。所以，目前俱樂部頻道裡確實發生了一些獨特的事情，然後就慢慢結束了。

Obviously, the nonrecurring club promo is very specific in October and November. But after that, I think that what happens is that it continues to accelerate as we layer on these demand drivers. David, what was the other question?

顯然，非週期性俱樂部促銷活動僅限於十月和十一月。但在此之後，我認為隨著這些需求驅動因素的不斷疊加，這種趨勢會繼續加速發展。大衛，你剛才問的另一個問題是什麼？

Well, then how you're thinking about increased competition being headwind, perhaps including some room for surprises there, but also contribution to growth, and how you're thinking about just the innovation giving you some help on some of the consumption numbers you're thinking about?

那麼，您如何看待日益激烈的競爭帶來的不利影響（其中可能包含一些意想不到的情況），以及它對成長的貢獻？您又如何看待創新對您所關注的一些消費數據所帶來的幫助？

Yeah. I would say that our guidance is very, I would say, it's prudent. It's conservative. It puts in assumptions around continued competition. And so I think it's one of the reasons why I feel really good about, I feel really good about delivering the year quarter by quarter.

是的。我認為我們的指導意見非常……我認為，非常謹慎。它很保守。它對持續競爭做出了假設。所以我覺得，這也是我覺得非常滿意，感覺能夠以季度完成今年業績的原因之一。

Brian Holland, DA Davidson.

Brian Holland，DA Davidson。

I wanted to maybe follow up on the conversation around compares as we go over the balance of the year. I mean if I look at Premier Protein's consumption, a little bit softer in Q2 and Q3 prior year in club.

我想在今年剩下的時間裡，繼續探討比較相關的議題。我的意思是，如果我看一下 Premier Protein 的消費情況，會發現去年第二季和第三季在俱樂部的消費量略有下降。

Overall, consumption pretty strong throughout the year. So I know you did a longer promo event at your largest club customer this past August, September. So just a little more, just a little better understanding about why, or how you view the compare as being easier over the balance of the year?

整體而言，全年消費情況都相當強勁。我知道你們在去年八月、九月期間，在你們最大的俱樂部客戶那裡舉辦了一場時間較長的促銷活動。所以，能否再多了解一點，更好地理解為什麼或為什麼您認為在一年中的剩餘時間裡，比較會更容易？

And what level of visibility do you actually have into competitor shelf placement as we go through the year?

隨著時間的推移，您對競爭對手的貨架擺放情況究竟有多大的了解？

Okay. So I'll start, and then, Paul, if you want to add on anything? Yeah, so our club comparisons do get easier. So if you remember, in our largest club customer, the expanded that started easing in Q3 and then expanded more in Q4.

好的。那我先開始，然後，保羅，你還有什麼要補充的嗎？是的，這樣一來，我們對各個俱樂部的比較就容易多了。所以如果你還記得的話，在我們最大的俱樂部客戶中，擴張在第三季開始放緩，然後在第四季進一步擴大。

So we are lapping, so especially in Q1 and into Q2, we are lapping a period with kind of less competition. So the comps are more difficult in the front end. I think what, as we move forward, I would say we have, the visibility on competitive entrants is, I mean, I would say, pretty good for the first half.

所以我們正在領先，尤其是在第一季和第二季度，我們領先於競爭較小的時期。所以，前期的比賽難度更高。我認為，隨著我們不斷向前發展，就競爭者的可見性而言，上半年的情況相當不錯。

And then we have , we don't even know about our reset for the back half. Here's what I would say is our, as the number one brand within the category, our retail partners are choosing us to figure out what they're going to do in their category.

然後我們還有，我們甚至不知道下半場的重置計畫是什麼。我想說的是，作為該品類中排名第一的品牌，我們的零售合作夥伴選擇我們來幫助他們確定在各自品類中的發展方向。

So there's some exciting things going on. And I'm going to, I referred to this in my remarks, but in several retailers, a club retailer as well as some major food retailers. They're testing higher traffic dials to move the category.

所以現在發生了很多令人興奮的事情。而且，我在演講中也提到了這一點，那就是在幾家零售商、一家會員制零售商以及一些大型食品零售商那裡。他們正在測試更高的流量撥號，以推動該類別的發展。

And they're not just, they're not moving the entire category. What they're deciding to do is they're selecting the best performing brands the ones that have the most mainstream appeal, and they're moving those into these new higher traffic sets. Obviously, that includes premier protein.

而且他們不僅沒有改變，他們並沒有改變整個類別。他們決定選擇表現最好的品牌，也就是那些最受主流消費者歡迎的品牌，並將這些品牌轉移到這些流量較高的新廣告位集中。當然，這其中也包括優質蛋白質。

But some of the legacy brands will stay back in kind of the pharmacy. So that dynamic is not something that are testing it right now. So we're not seeing that necessarily make its way into consumption, but it will in the medium to long term, probably, actually not even long term, medium term.

但一些傳統品牌仍將以某種形式留在藥局。所以，這種動態變化目前並不是我們正在測試的方向。所以我們現在還不一定會看到這種情況進入消費領域，但從中長期來看，可能會，實際上甚至不是長期，而是從中長期來看，這種情況就會發生。

So some of those dynamics are really exciting. And I think show you where the category is going, and where as the number one brand where we will be going.

所以，其中一些動態變化確實令人興奮。我認為這將向你展示這個品類的發展方向，以及作為行業第一品牌我們將走向何方。

And Darcy as a couple of things. So obviously, we had very strong distribution gains in fiscal '25. And so we'll obviously get the full year benefit of that in fiscal '26, including some pretty significant distribution gains in our fourth quarter, in particular at (inaudible) retailer that reset shelf.

還有達西，他有兩點特色。顯然，我們在 2025 財年獲得了非常強勁的分配成長。因此，我們顯然將在 2026 財年獲得全年收益，包括第四季度一些相當顯著的分銷增長，尤其是在（聽不清楚）零售商重新調整貨架的情況下。

And so obviously, we'll get the full year benefit of that reset as well, including, and then in our first quarter, we have some innovation that's also shipping out. So we kind of get into Q2 and beyond.

因此，很顯然，我們也將獲得這項調整帶來的全年好處，包括，而且在第一季度，我們也有一些創新產品即將上市。所以我們就這樣進入了第二季及以後的階段。

Some of that innovation will start shipping. Q2 obviously is a very data pulse period for us of advertising. So we're stopping for advertising, stepping up our merchandising, stepping up our promotional events, especially in FDM.

部分創新成果將開始交付使用。第二季顯然是我們廣告業務數據非常活躍的時期。因此，我們將停止廣告宣傳，並加大商品銷售力度，加大促銷活動力度，尤其是在FDM地區。

And so those are the reasons we think that that sales and consumption will accelerate as we move into Q2 and beyond with additional innovation hitting later in the year. So those are the big pieces for the reasons for why we believe that consumption will accelerate as we move throughout the year.

因此，我們認為隨著第二季及以後的到來，銷售和消費將會加速成長，因為今年稍後會有更多創新產品推出。以上就是我們認為消費將在一年中加速成長的主要原因。

Thomas Palmer, JPMorgan.

Thomas Palmer，摩根大通。

I wanted to maybe bridge a little bit more on your EBITDA margin, down around 280 basis points year-over-year. You noted, I think, around 80 basis points from tariffs and your comments suggest maybe another 80 basis points for stepped-up advertising.

我想再稍微解釋一下你們的 EBITDA 利潤率，年減了約 280 個基點。我認為，您提到關稅方面大約有 80 個基點，而您的評論表明，加大廣告投入可能會帶來另外 80 個基點。

So when we're kind of thinking through the remaining 120 basis points, maybe a little help kind of bridging like SG&A leverage, excluding advertising, inflationary pressure, excluding tariffs? And then maybe thinking through some of the cost savings that you noted.

所以，當我們考慮剩下的 120 個基點時，或許可以藉助一些緩衝措施，例如銷售、一般及行政費用槓桿（不包括廣告費用）、通膨壓力和關稅？然後或許可以仔細考慮你提到的那些節省成本的方法。

So as you've highlighted, we're calling for our EBITDA margins to be down about 280 basis points compared to a year ago. And as you mentioned, about 80 basis points of that is tariff. From a line item perspective, we expect gross margins to be down, that's the lion's share of that decrease.

正如您所強調的，我們預計 EBITDA 利潤率將比一年前下降約 280 個基點。正如您所提到的，其中大約 80 個基點是關稅。從具體項目來看，我們預期毛利率會下降，這將是下降的主要原因。

And then SG&A, we would expect to be modestly down with advertising an 80 basis point headwind, and then there's offset partially by some G&A leverage. When you look at within gross margins, we were calling for inclusive of tariffs, a low to mid-single-digit inflation headwind.

至於銷售、一般及行政費用，我們預期會略有下降，因為廣告業面臨 80 個基點的不利影響，但部分會被一般及行政費用槓桿作用所抵銷。從毛利率的角度來看，我們當時預測的是包含關稅在內的低至中位數個位數通膨阻力。

Much of that is on way proteins, which is the input cost on our powders, which we are taking pricing for late in Q1. So obviously, that will start to get offset as we move into Q2 and beyond.

其中大部分是運輸途中的蛋白質，這是我們粉末的投入成本，我們將在第一季末進行定價。很顯然，隨著我們進入第二季及以後，這種情況將會開始得到緩解。

On our shake business, we do have a little bit of a step up in Q1 and then inflation is pretty flat to slightly up as you kind of go through the year on shakes. And so the puts and takes are, we have some additional inflation, especially on our powder business, which were pricing.

就我們的奶昔業務而言，第一季確實略有成長，然後隨著奶昔業務在一年中的發展，通膨率基本上持平或略有上升。因此，目前的情況是，我們面臨一些額外的通貨膨脹，尤其是在我們的粉末業務定價方面。

On our shake business, we have some modest inflation as we go through the year, but we also have cost savings initiatives that are more impactful in the second half of the year.

就我們的奶昔業務而言，雖然全年都會出現一些輕微的通貨膨脹，但我們也有一些成本節約措施，這些措施在下半年會產生更大的影響。

So one of the things I want to point out here is that if you look at our margins for kind of by quarter, the first half obviously has, we're lapping a very, very strong margin first half last year. We had gross margins nearly 35%.

所以我想指出的一點是，如果你按季度查看我們的利潤率，很明顯，上半年我們的利潤率比去年上半年要高得多。我們的毛利率接近 35%。

And so as you look at kind of the headwinds throughout the year, the first quarter has the biggest headwind on a margin perspective versus a year ago. Q2 also has a sizable headwind but less in Q1. And then as we get to the second half, things are actually fairly similar versus a year ago from a mortgage perspective.

因此，縱觀全年的不利因素，與去年同期相比，第一季在利潤率方面面臨的不利因素最大。第二季也面臨相當大的逆風，但第一季受到的逆風較小。到了下半年，從抵押貸款的角度來看，情況實際上與一年前相當相似。

So it's really the first half where we have the biggest headwind related to margins. And it's, again, largely driven by inflation, but also our stepped up promotions as well.

所以，上半年才是利潤率方面最大的阻力。而且，這主要還是通貨膨脹造成的，但也與我們加強促銷有關。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So I wanted to go back to the market share discussion and a follow-up to Andrew ante's question. And I guess specifically on what you are seeing from the in surgery brands. And I guess, do you think they have the potential to see maybe similar market shares to what the category of leaders are at today?

所以我想回到市場份額的討論，並跟進 Andrew ante 的問題。我想具體來說，就是你從手術品牌中看到的情況。那麼，你認為他們是否有可能獲得與目前行業領導者類似的市場份額呢？

And I ask this more around the debate around what the competitive landscape looks like. I think some point to the potential that because this industry could be similar to what we see in energy drinks, where you have a duopoly versus maybe some others where you have five, six brands or similar shares.

我提出這個問題，更多是想藉此機會探討當前的競爭格局。我認為有人指出，這個行業有潛力，因為它可能類似於能量飲料行業，存在雙寡頭壟斷，而其他一些行業可能存在五到六個品牌或類似的市場份額。

So Darcy, I know you mentioned that you think against some of these brands are going to go away, but maybe you can take the other side of it, I'm curious if you think any of these insurgent brands have potential to become more real competitive threat over time?

達西，我知道你說過你認為其中一些品牌將會消失，但也許你可以換個角度想，我很好奇你是否認為這些新興品牌中有任何品牌有可能隨著時間的推移成為更真正的競爭威脅？

I mean I'll just you guys have been along with our journey, and I think you even see it with our major competitor. It takes a long time to build a national network, national supply chain.

我的意思是，你們一直陪伴著我們走過這段旅程，我想你們甚至也從我們的主要競爭對手身上看到了這一點。建立全國性網路和全國性供應鏈需要很長時間。

And so I think that from a, I mean you can some of these insurgent brands can do well in one retailer. But I think expanding out, and we've done it. This is kind of, in many ways, this is our playbook, right?

所以我覺得，從某種意義上來說，有些新興品牌可以在一家零售商取得成功。但我認為應該向外擴張，而我們也做到了。從很多方面來說，這可以說是我們的行動指南，對吧？

Like we started in club, we expanded outside of it. It is incredibly complicated. So it's a complicated supply chain the expertise that you need to have the sophistication around expanding and being able to service multiple different channels simultaneously as well as the back end on the co-man side.

就像我們最初在俱樂部起步一樣，我們把業務拓展到了俱樂部之外。這非常複雜。因此，這是一個複雜的供應鏈，需要具備相應的專業知識，才能在擴展和同時服務多個不同管道方面擁有足夠的經驗，以及在合作方的後端方面擁有豐富的經驗。

And then even if you're self-manufactured, that's a whole another piece. So I am assuming, we are assuming that, of course, there are going to be a couple of these insurgent brands that probably make it.

即使你是自己生產，那又是另一回事了。所以我假設，我們假設，當然，會有一些這樣的新興品牌最終成功。

But it is going to take a while. And I think that what we're seeing, but I think there will be many more that don't. And I just do not want to underestimate the move from one kind of club customer to go national is very complicated. It takes multiple years, and it's a different skill set.

但這需要一段時間。我認為我們現在看到的只是冰山一角，但我認為未來會有更多人看不到這一點。我絕不能低估從一種類型的俱樂部客戶轉向全國性客戶的複雜性。這需要數年時間，而且需要不同的技能。

So yeah, I think that ultimately, I think this category is going to consolidate around kind of the most successful brands, a handful of them. And I clearly think that's going, that's obviously going to include us as a number one brand.

所以，是的，我認為最終這個品類將會集中在少數幾個最成功的品牌周圍。而且我非常肯定地認為，這將使我們成為排名第一的品牌。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Can I ask about pricing expectations, price versus volumes embedded within your guidance. You're obviously taking a list price increase on Dymatize with the rest of the portfolio, do you expect promotional activity step-up to actually bring pricing downwards? And does that cadence vary through the year?

請問貴公司在定價上有何預期，價格與銷售量之間的關係又將如何反映？顯然，你們將像其他產品一樣提高 Dymatize 的標價，你們是否期望加強促銷能夠真正降低價格？這種節奏會隨時間變化嗎？

Yeah. So I'm not breaking into brand. So for Premier Protein, we would expect a modest kind of a low single-digit headwind related to pricing. So that incorporates our stepped up trade investments, offset by we expect some favorable mix.

是的。所以我不會涉足品牌領域。因此，對於 Premier Protein 而言，我們預計其定價將面臨較溫和的個位數百分比的阻力。因此，這包含了我們增加的貿易投資，但我們預計會有一些有利的組合來抵消這些影響。

So there is a low single-digit headwind we're expecting on our shake business, which obviously is the biggest part of our business. On Dymatize, we're taking a price increase on powders, but we expect mix to play a big part of this because we now have RTD shakes and Dymatize, and those are at a much lower price per pound than powder.

因此，我們預期奶昔業務將面臨個位數百分比的逆風，而奶昔業務顯然是我們業務中最大的部分。Dymatize 的粉末產品價格有所上漲，但我們預計混合飲料的價格上漲將起到重要作用，因為我們現在有即飲奶昔和 Dymatize，它們的每磅價格比粉末產品低得多。

So throw was off a really funky mix. So net overall for total boring would expect a low single-digit headwind overall with Premier similar and then Dymatize, even though we're taking a price increase, it may look like it's negative because of just mix.

所以，這首《Throw》是一首非常時髦的混音。因此，總體而言，預計整體而言，Premier 和 Dymatize 的不利影響將達到個位數百分比，儘管價格上漲，但由於產品組合的變化，看起來可能呈現負面趨勢。

Matt Smith, Stifel.

馬特史密斯，史蒂費爾。

Darcy, following up on the discussion or Paul, around higher promotional activity over the next year. We've seen a step-up in promotional intensity from insurgence in recent weeks. As you look forward, do you expect premier promotional activity to be moving higher more on a frequency or a depth basis?

Darcy接著Paul的討論，談到了明年要加強促銷的問題。近幾週來，我們看到叛亂分子加強了宣傳。展望未來，您認為高端促銷活動的發展趨勢是提高頻率還是增加深度？

And do you expect that to be focused in certain channels? It sounds like maybe club promotion should be similar relative to the prior year once we get past the first quarter?

你認為這會集中在某些管道嗎？聽起來，過了第一季之後，球團晉級狀況或許應該和前一年差不多？

Yeah, I think that's me, right, Paul. Yeah. So you're exactly right. We're expecting to see a little bit of a step-up of promotion in '26. And yes, I think, it's interesting that just October, especially in the club channel is usually not a high promotion time period, and it was a little bit more, and it's coming from the insurgent brands.

是的，我想那就是我，對吧，保羅。是的。你說得完全正確。我們預計 2026 年的晉升速度會更快一些。是的，我認為有趣的是，10 月份，尤其是在俱樂部管道，通常不是促銷高峰期，但這次卻稍微多了一些，而且這主要來自新興品牌。

So from our standpoint, and also, I would just say that just remember that this category is actually fairly low promotion compared to many categories. It's just about 25% to 30% sold on deal. So just keep that in mind as you're thinking about just this category kind of in the macro.

所以從我們的角度來看，另外，我想說的是，請記住，與許多其他類別相比，這個類別的推廣力度實際上相當低。促銷活動中大約只售出了25%到30%。所以，在從宏觀角度思考這一類別時，請記住這一點。

But as far as our business, we are going to see a little bit of uptick in promotion mostly as we talked about, our emphasis, specifically in FDM as we are getting out of the aisle, as I've talked to you guys before, the key is for us is getting out of the aisle to get that trial, to get that and then with our 50% repeat, we get the repeat.

但就我們的業務而言，正如我們之前討論過的，我們將看到促銷活動略有增加，尤其是在FDM領域，因為我們正走出貨架，正如我之前和你們談過的，對我們來說，關鍵是走出貨架，獲得試用機會，然後憑藉我們50%的複購率，我們就能獲得複購。

So that's a big emphasis. That's why we brought on the brokers. Why we have a new internal team focused on this, around singles and entry-priced multipacks.

所以這是重點。這就是我們引入經紀人的原因。這就是為什麼我們成立了一個新的內部團隊，專注於單品和入門級多件裝產品。

So because of that, when you have that merchandising, you usually have to do some sort of TPR. So we are going to see a little bit of a step-up of promotion that comes along with that expanded merchandising.

所以正因如此，當你進行商品銷售時，你通常需要進行某種形式的TPR（第三方購買）。因此，隨著商品銷售範圍的擴大，我們將看到促銷力道增加。

Yasmine Deswandhy, Bank of America.

Yasmine Deswandhy，美國銀行。

So I just had a quick one on longer-term strategy. So you guys walked away from the Power Bar business a couple of years ago. And considering that the convenient nutrition category is expanding outside those traditional products.

我剛才簡單談了一下長期戰略。所以你們幾年前就退出了能量棒事業。而且考慮到方便營養品類別正在向傳統產品之外擴展。

Have you given any thought into, say, going back into bars or expanding into breakfast offerings like waffles, pancakes and cereal. I guess I'm just asking as well because given the recent, the press release of the recently announced [Fortis] appointment, highlighted David's finance M&A background.

您有沒有考慮過，比如說，重返酒吧產業，或是拓展早餐業務，例如提供華夫餅、煎餅和麥片？我之所以這麼問，是因為最近宣布的[Fortis]任命的新聞稿重點介紹了David在金融併購方面的背景。

So I also don't know if there's, has there been any change in your capital allocation priorities, particularly around M&A and your product portfolio as well.

所以我也不知道貴公司的資本配置重點是否有改變，尤其是在併購和產品組合方面。

Why don't I hit the portfolio piece and Paul, you can hit capital allocation. So from a portfolio standpoint, we really, we believe in our category, specifically ready-to-drink shakes and secondarily, powders. We think that there is a ton of opportunity.

不如我來負責投資組合部分，保羅，你來負責資本配置。所以從產品組合的角度來看，我們非常看好我們的產品類別，特別是即飲奶昔，其次是粉狀產品。我們認為這裡有很多機會。

I talked about in my prepared remarks just around this demand landscape study that we did. A key part of that demand landscape study was to evaluate and make sure that there was going to be a ton of room to grow, and there were many years of strong growth kind of a ton of white space that we could capture.

我在事先準備好的演講稿中，主要談到了我們所做的這項需求情勢研究。這項需求格局研究的關鍵部分是評估並確保市場有很大的成長空間，並且未來幾年市場將保持強勁成長，存在大量的空白市場可供我們掌握。

So it confirmed that. So we love this category. We think there's a lot of opportunity. We have a great brand to compete. Now having said that, we also do participate in some of these, we have a great brand that we have we have learned that can travel to heavier traffic aisles.

所以這證實了這一點。我們非常喜歡這個類別。我們認為這裡有很多機會。我們擁有強大的品牌競爭力。話雖如此，我們也參與了其中一些活動，我們擁有一個很棒的品牌，我們已經了解到它可以推廣到人流量較大的通道。

We are competing in some of these other areas, but we're doing it through licensing. So we actually have a frozen pancake, we have a frozen waffle. We have a dry pancake mix.

我們在其他一些領域也存在競爭，但我們是透過授權許可的方式進行的。所以我們實際上有冷凍煎餅，也有冷凍華夫餅。我們有乾煎餅粉。

We have a serial, and we're actually expanding some of those, but we do it through licensing because we want, I want this organization laser-focused in what we believe is the biggest opportunity, which is ready-to-drink shakes and powders. So no, we do not have any plans to go back into bars.

我們有一系列產品，而且我們正在擴展其中一些產品，但我們是透過授權來實現的，因為我們希望，我希望這個組織能夠專注於我們認為最大的機會，那就是即飲奶昔和粉末。所以，我們目前沒有任何重返酒吧的計劃。

It's a highly competitive area, low barriers to entry, et cetera. But we love the area that we in and we think there's a lot of upside, and I'll pass it over to Paul for capital allocation.

這是一個競爭非常激烈的領域，進入門檻低等等。但我們很喜歡我們所在的地區，我們認為這裡有很多發展潛力，我會把資金配置事宜交給保羅。

Yeah, thanks, Darcy. Yes, on capital allocation, I would say that our priorities haven't shifted really that much. Obviously, our first priority is always investing in the business. And as we talked about, we are making investments this year within trade and promotions continue to drive this business.

謝謝你，達西。是的，關於資本配置，我認為我們的優先事項並沒有太大變化。顯然，我們的首要任務始終是投資於業務發展。正如我們之前討論過的，今年我們將加大對貿易和促銷活動的投資，這將繼續推動業務發展。

Outside of that, because we generate really strong cash flow, we're not expecting to change our asset-light model. We have low CapEx. Obviously, that provides us a lot of cash flow that we can obviously allocate from recently, and we still think is the most attractive is share repurchases.

除此之外，由於我們產生了非常強勁的現金流，我們預計不會改變我們的輕資產模式。我們的資本支出很低。顯然，這為我們提供了大量的現金流，我們可以從最近的投資中進行分配，我們仍然認為最具吸引力的是股票回購。

We've obviously lean into share repurchases. And so that's still our near-term priority, but M&A, we're always looking at M&A. We're looking all the time.

我們顯然更傾向於股票回購。所以這仍然是我們近期的優先事項，但對於併購，我們始終都在關注併購。我們一直在尋找。

We get pitch things all the time. And so we'll definitely keep an eye on M&A, and it's something I think that is becoming, I wouldn't call it near term, but it's more kind of in the mid- to longer-term priorities for us.

我們經常收到推銷訊息。因此，我們一定會密切關注併購活動，我認為這正在成為，我不會稱之為近期重點，但它更像是我們中長期優先事項的一部分。

And yes, David, coming to the Board obviously brings a lot of strength in that area. So that's great for us. And so yes, M&A is something we're always looking at. And if we find the right opportunity, we start would go after it.

是的，大衛的加入無疑會為董事會帶來很大的力量。這對我們來說是件好事。所以，是的，併購是我們一直在關注的領域。如果我們找到合適的機會，我們就會全力以赴。

Yeah. And on the Board side, we're really happy to have David on board. I think he brings a great skill set, and we're always looking at expanding and improving the skill set on our board.

是的。董事會方面，我們非常高興大衛加入我們。我認為他具備非常出色的技能，而我們一直在尋求擴展和提高董事會的技能水平。

Our Board has been incredible over the years, and we just want to continue to make it better and increase the skill set. And I think David does that.

多年來，我們的董事會一直非常出色，我們只想繼續讓它變得更好，並提高其技能水平。我認為大衛確實做到了這一點。

John Baumgartner, Mizuho Securities.

John Baumgartner，瑞穗證券。

I'd like to ask about RTD category segmentation. Fairlife Core Power, they've established that Premium segment in ultrafiltered milk. But now we've seen two legacy competitors relaunched with ultrafiltered, some of the newer entrants, the insurgents, private label, they're adopting ultrafiltered.

我想諮詢一下即飲飲料品類細分的問題。Fairlife Core Power，他們已經確立了超濾牛奶的高端市場地位。但現在我們看到兩家老牌競爭對手重新推出了超濾產品，一些新進者、顛覆者、自有品牌也採用了超濾技術。

So I'm curious, Darcy, the category is making the shift with ultrafilter becoming more of a standard recipe? Is it tied to raw materials availability? Is it due to the license to move more premium?

所以我很好奇，達西，隨著超濾法逐漸成為標準配方，這個類別是否也在轉變？這是否與原料供應有關？是因為許可證允許銷售更多高級產品嗎？

Is there a specific consumer you sense they're chasing? Just curious your thoughts there on that recipe shift? And how might this shift position from year differently relative to history?

你覺得他們瞄準的是哪一類特定消費者？我很好奇你對配方調整有什麼看法？那麼，這種位置變化在歷史上會有哪些不同的趨勢呢？

Yes. I think that the category is maturing. I think that it is, we did our demand landscape study, I think that what became very clear and our head of innovation, I will quote her, and she described the landscape is like there's different stokes for different folks.

是的。我認為這個類別正在成熟。我認為確實如此，我們進行了需求環境研究，我認為研究結果非常明確，我們的創新主管（我引用她的話）將這種環境描述為：不同的人有不同的需求。

Meaning, when the category is more nascent, kind of everybody kind of wanted the same thing. But as it expands, there are different preferences.

也就是說，當一個類別還處於萌芽階段時，幾乎每個人都想要一樣的東西。但隨著規模的擴大，人們的偏好也會改變。

And so for instance, some people want fixed shakes. Some people want thinner shakes. Some people want dairy shakes, some people want [plant]. So I think what's the good news for us is that our core 30-gram shake addresses the biggest consumer needs, but it doesn't address every consumer need.

例如，有些人想要固定口味的奶昔。有些人喜歡稀一點的奶昔。有些人想喝奶昔，有些人想[植物]。所以，我認為對我們來說的好消息是，我們核心的 30 克奶昔滿足了消費者最大的需求，但它並不能滿足消費者的所有需求。

And so as we now are kind of growing up, we hit with the 30-gram with our core offering, we hit the biggest one, but now we're launching innovation to go after some of these other needs.

所以，隨著我們逐漸成長，我們憑藉核心產品 30 克裝產品取得了成功，滿足了最大的需求，但現在我們正在推出創新產品來滿足其他一些需求。

And I mean, I think a good example of that is, so when you're talking about ultra-filtered milk, that is an innovation. It's a thinner offering. It's more of a beverage. Ours is more of a thicker shape. Ours is more of a meal replacement.

我的意思是，我認為一個很好的例子就是超濾牛奶，那是一種創新。這是比較薄的版本。它更像是一種飲料。我們的這款形狀更厚實一些。我們的產品更像是代餐。

So I think that starts explaining why there's actually not that much interaction between the two. It's going after kind of a different consumer, different occasion. We launched almond milkshake, that's a non-dairy.

所以我認為這可以解釋為什麼兩者之間實際上並沒有那麼多互動。它瞄準的是不同的消費者群體，不同的消費場合。我們推出了杏仁奶昔，這是一款非乳製品。

We knew that was an opportunity. We think it's a smaller opportunity than the dairy side of things, but it's an incremental opportunity. And I think our numbers that we're getting from almond milkshake, even though it is early, are showing exactly that, 50% incremental, we're getting to new people.

我們知道這是一個機會。我們認為這比乳製品行業的機會要小，但也是一個漸進的機會。我認為，雖然現在還處於早期階段，但我們從杏仁奶昔中獲得的數據恰恰表明了這一點，增長了 50%，我們正在吸引新的顧客。

So that is a key aspect of our innovation strategy is really going after make sure that our 30-gram core business is strong. We always are looking at making it better.

因此，我們創新策略的關鍵方面是確保我們的 30 克核心業務保持強勁。我們一直在努力改進。

We're always looking at bringing in news and flavor innovation, et cetera. But at the same time, we also are going after of these other incremental consumer needs with other innovation.

我們一直在尋求引入新的產品和口味創新等等。但同時，我們也正透過其他創新來滿足消費者的其他增量需求。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

We talked a lot about the insurgent brands this morning. And Darcy, you mentioned you expect over time there to be a bit of a shakeout, which makes sense to me with some winners and some meeting the thresholds.

今天早上我們討論了很多關於新興品牌的話題。達西，你提到你預計隨著時間的推移，會出現一些洗牌，這對我來說很有道理，因為會有一些贏家，也會有一些達到門檻的人。

But in your kind of experience, how long would you expect in a process like that to kind of take or to play out. And the reason I ask is because it seems like the competitive dynamic that is weighing a bit today, it could remain difficult until that kind of shakeout period, shake out of that kind of plays out more broadly in the market.

但以你的經驗來看，你認為這樣的過程需要多長時間才能完成？我之所以這麼問，是因為目前這種競爭態勢似乎有些緊張，在市場經歷更廣泛的洗牌期之前，情況可能會一直很艱難。

Yeah. I mean it's a great question. I think that we're seeing it right now, obviously, we're seeing brands that are not making the thresholds. What I think I would zoom out a little bit.

是的。我的意思是，這是一個很好的問題。我認為我們現在顯然已經看到了這一點，我們看到一些品牌沒有達到門檻。我想我會稍微拉遠鏡頭。

So I think the reason why even in Steve's very first question, just about our view of the category these insurgent and kind of crossover brands, they're getting a lot of attention. They only represent 10% of the category, and there are a lot of them.

所以我認為，即使在史蒂夫的第一個問題中，也就是關於我們對這些新興的、有點跨界的品牌的看法中，這些品牌都受到了很多關注，原因就在於此。它們只佔該類別的 10%，但這類個體數量眾多。

And I think that remembering, and I think that what is important is where the growth is coming from, it's coming from the leading brands, bringing in more households and then also sourcing volume from those decline legacy brands, which are not insignificant.

我認為重要的是要記住，成長來自哪裡，它來自領先品牌，它們吸引了更多家庭，同時也從那些衰落的傳統品牌（它們也不容忽視）那裡採購銷售。

30% of the market share is in these kind of declining legacy brands. So what's happening is that, yes, there's going to be some churn in the surgeon kind of crossover brands. Some are going to make it, some of them are going to not.

這類日漸衰退的傳統品牌佔了30%的市佔率。所以現在的情況是，外科醫生這類跨界品牌將會出現一些更迭。有些人會成功，有些人則不會。

There's always going to be new news. It's an exciting category. I mean you see it in energy. There's always like this group that kind of starts turning.

總是會有新的消息。這是一個令人興奮的類別。我的意思是，你可以從能源看得出來。總會有那麼一群人開始轉變立場。

But like if you zoom out the leading brands, which have established, which they have high, let's just talk about Premier, number one household penetration, number one repeat, national supply chain that we've built over years and years and years.

但是，如果我們把目光從那些已經建立起高知名度的領先品牌上移開，比如我們以 Premier 為例，它擁有第一的家庭滲透率、第一的複購率，以及我們多年來建立的全國供應鏈。

We're now invested, we have capacity. We're now investing in the brand, we're leaning in, we're partnering with retailers to figure out where in the store that this category should be, and how it should be merchandised, and how to maximize it.

我們現在已經投入資金，我們有能力。我們現在正在投資這個品牌，我們正在深入發展，我們正在與零售商合作，以確定這個品類應該放在商店的哪個位置，應該如何陳列，以及如何最大限度地發揮其作用。

They're choosing us to do that. So the leading brands are just going to, they're going to keep on winning. There's going to be churn around the insurgent brands.

他們選擇我們來做這件事。所以領先品牌還會繼續獲勝。這些新興品牌將會經歷一番洗牌。

And then the legacy brands are going to be the ones, I think, that continue to be, they have been shared donors for years, and they're going to, and that is just kind of accelerating. So your question around how long is it going to take?

我認為，那些歷史悠久的品牌將繼續成為共同的捐助者，它們多年來一直是共同的捐助者，而且它們還會繼續這樣做，這種趨勢正在加速發展。所以你的問題是，這需要多長時間？

I mean, I think there's going to always be this kind of churn of insurgent brands. And I think it's an exciting category. We watch it for sure.

我的意思是，我認為這種不斷湧現的新興品牌會一直存在。我認為這是一個令人興奮的類別。我們一定會看的。

But I think that there will, I think the focus in my mind is, and they're actually sourcing some volume from the declining legacy brands. But I think the focus is that we definitely expect there to be a consolidation and the most successful brands are the ones that are going to really propel forward.

但我認為，我認為重點在於，他們實際上正在從衰落的傳統品牌中採購一些產品。但我認為重點在於，我們肯定會看到產業整合，而最成功的品牌將會真正向前發展。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

This is Jacob Henry on for Rob. Just one question for me. I think I heard you guys mention that your fifth pallet at the large club customer is transitioning out. I'm just wondering if you have any insight into when, and why that's happening.

這裡是雅各‧亨利，替羅佈報道。我只有一個問題。我好像聽你們說過，你們在大客戶俱樂部的第五批貨物正在逐步減少。我只是想知道您是否了解這種情況何時發生以及為什麼發生。

Yes, it was always going to be, it was always going to be a temporary skew. So it went in, it's coming out in Q2. So it will phase out.

是的，這注定只是暫時的偏差。所以它已經上線了，將於第二季發布。所以它會逐步被淘汰。

Thank you.

謝謝。

And I'm not showing any further questions at this time. And as such, this does end today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

我目前不會再提出其他問題。至此，今天的報告就結束了。感謝您的參與。現在您可以斷開連接了，祝您度過美好的一天。