BRC Inc (BRCC) 2026 Q1 法說會逐字稿

Greetings and welcome to the Black Rifle Coffee Company first quarter 2026 earnings call.

各位好，歡迎參加 Black Rifle Coffee Company 2026 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to your host, Matthew McGinley, Vice President of Investor Relations. Thank you. You may begin.

（接線員指示）現在我想把會議交給本次會議主持人、投資人關係副總裁 Matthew McGinley。謝謝。您可以開始了。

Good morning, everyone, and thank you for joining Black Rifle Coffee Company's first quarter 2026 financial results conference call. We released our results yesterday, and the press release and related materials are available on our investor relations website at ir.blackriflecoffee.com.

各位早安，感謝各位參加 Black Rifle Coffee Company 2026 年第一季財務結果電話會議。我們已於昨日公布結果，新聞稿及相關資料可於我們的投資人關係網站 ir.blackriflecoffee.com 取得。

(Event Instructions)

（活動指示）

Now please refer to the presentation on our Investor Relations website and turn to slide 4. I would now like to turn the call over to Chris Mondzelewski, CEO of Black Rifle Coffee Company.

現在請參考我們投資人關係網站上的簡報並翻到第 4 頁。接下來我想把電話會議交給 Black Rifle Coffee Company 執行長 Chris Mondzelewski。

Mondz?

Mondz？

Thanks, Matt. Good morning, everyone. Joining me today are Evan Hafer, our Executive Chairman, Matthew Amigh, our Chief Financial Officer, and Matt McGinley, our Head of Investor Relations. 2026 is off to a strong start, with first quarter performance reflecting meaningful progress against our core growth priorities. In Coffee, we are seeing the benefits of disciplined execution come through clearly in our results. Distribution gains across key retail partners are translating into higher volume, better shelf productivity, and improved SKU-level performance. Importantly, this is not just about expanding doors. It is about expanding our shelf presence and making the space we earn more productive, which improves retailer velocity and supports stronger growth and profitability for both our partners and Black Rifle.

謝謝，Matt。各位早安。今天與我一同出席的有我們的執行董事長 Evan Hafer、財務長 Matthew Amigh，以及投資人關係主管 Matt McGinley。2026 年開局強勁，第一季表現反映我們在核心成長優先事項上取得實質進展。在咖啡業務方面，我們看到嚴謹執行的效益清楚反映在結果中。與主要零售合作夥伴的通路分銷擴張正轉化為更高的銷量、更佳的貨架生產力，以及 SKU 層級表現的改善。重要的是，這不僅是擴增門店數量，而是擴大我們在貨架上的陳列面與提升我們所爭取到的空間效率，進而提高零售商的銷售周轉速度（velocity），並支持我們的合作夥伴與 Black Rifle 取得更強勁的成長與獲利能力。

We remain focused on disciplined resource allocation, prioritizing the channels, customers, and products where we see the highest return. Operationally, the business is becoming more efficient. Productivity initiatives and process discipline are contributing to improved margins and more effective conversion of revenue into earnings. While the external environment remains dynamic, we are operating with greater control and visibility, maintaining a clear focus on translating commercial progress into improved business results.

我們仍專注於嚴謹的資源配置，優先投入在我們看到最高回報的通路、客戶與產品。營運面上，業務正變得更有效率。生產力提升計畫與流程紀律正在推動毛利改善，並更有效地將營收轉化為獲利。儘管外部環境仍具動態變化，我們在營運上具備更高的掌控度與能見度，並持續清楚聚焦於把商業進展轉化為更佳的經營成果。

Overall, first-quarter performance reinforces our confidence in the business and our ability to deliver profitable growth through 2026. Moving to Slide 6. In packaged coffee, first-quarter growth reflected broad-based strength across customers and formats, including strong dollar and unit performance at mass merchants, sales that nearly doubled in grocery, and pack size innovation that supported new bagged coffee distribution in the dollar channel.

整體而言，第一季表現強化了我們對業務的信心，以及我們在 2026 年實現獲利性成長的能力。接著看第 6 頁。在包裝咖啡方面，第一季成長反映出客戶與產品形式的全面性強勁表現，包括在大型量販通路（mass merchants）強勁的金額與件數表現、在雜貨通路（grocery）銷售幾乎翻倍，以及包裝規格創新支持我們在美元商店通路（dollar channel）新增袋裝咖啡的分銷。

According to Nielsen, Black Rifle Coffee grew 34.6% in the quarter, or more than 2.5 times the category growth rate, driving meaningful share gains. Bagged coffee dollar share increased 55 basis points to 3.3%, and pods increased 45 basis points to 2.2% at the end of the quarter. Importantly, these gains were supported by continued improvements in shelf productivity.

根據 Nielsen 資料，Black Rifle Coffee 本季成長 34.6%，約為品類成長率的 2.5 倍以上，帶動顯著的市占提升。至本季末，袋裝咖啡的金額市占提升 55 個基點至 3.3%，膠囊（pods）提升 45 個基點至 2.2%。重要的是，這些成長是由貨架生產力持續改善所支撐。

In grocery, bagged coffee unit velocity increased despite higher pricing and expanded shelf presence, underscoring strong consumer demand and our competitive position at retail. Turn to slide 7, please. Execution against our land and expand strategy continues to translate into gains in retail breadth and shelf presence. In the first quarter, we expanded distribution by approximately seven points of ACV year-over-year. Reflecting continued success in adding new retail doors and broadening our in-store visibility. At the same time, we are increasing our presence within these doors. The average grocer is now carrying nearly two more Black Rifle items than a year ago. As we continue to build on initial placements and expand shelf sets, taken together, these results demonstrate that both elements of the strategy are working.

在雜貨通路中，儘管價格提高且貨架陳列面擴大，袋裝咖啡的單位銷售速度（unit velocity）仍然上升，凸顯消費者需求強勁以及我們在零售端的競爭地位。請翻到第 7 頁。我們對「先落地、再擴張」（land and expand）策略的執行，持續轉化為零售覆蓋面與貨架陳列面的提升。第一季我們的 ACV（全品項加權分銷率）年增約 7 個百分點，反映我們持續成功新增零售門店並提升店內能見度。同時，我們也在這些門店內提高陳列深度。平均而言，雜貨零售商目前比一年前多上架近 2 個 Black Rifle 品項。隨著我們持續在初始上架基礎上擴大貨架配置（shelf sets），綜合來看，這些結果顯示策略的兩個要素都在發揮作用。

We are adding new points of distribution while also deepening our assortment across existing accounts. These gains are strengthening relationships with new and existing retailers while reinforcing our ability to earn additional shelf space over time.

我們一方面新增分銷據點，同時也在既有客戶中加深產品組合（assortment）。這些成果正在強化我們與新舊零售商的合作關係，並進一步鞏固我們隨時間爭取更多貨架空間的能力。

Slide 8. Across the broader category, much of the dollar growth remains price-driven, particularly among legacy brands. Our performance continues to be driven by both unit gains and pricing. We remain among the strongest performers in unit growth. Reflecting continued consumer demand at the shelf. In a category where much of the reported growth is price-led, that performance is translating into share gains and stronger shelf productivity. That matters to retailers because they understand that healthy category growth comes from increasing consumer demand on a unit basis, not from pricing alone. Packaged coffee remains a core driver of the business, and these trends reinforce the quality and sustainability of our growth in the category.

第 8 頁。在更廣泛的品類中，金額成長多半仍由價格推動，尤其是在傳統品牌之間。我們的表現仍同時由件數成長與定價所驅動。我們依然是件數成長最強勁的品牌之一，反映貨架端持續的消費者需求。在一個多數報告成長由價格帶動的品類中，這樣的表現正轉化為市占提升與更高的貨架生產力。這對零售商很重要，因為他們理解健康的品類成長來自於以件數為基礎的消費需求提升，而不僅僅是漲價。包裝咖啡仍是公司業務的核心驅動力，而這些趨勢也強化了我們在該品類成長的品質與可持續性。

Turning to slide 9. Our direct-to-consumer business continues to show improvement, delivering its second consecutive quarter of year-over-year growth as our channel strategy evolves. Marketplaces are playing a larger role in scaling the model. These platforms expand our reach by meeting customers where they already shop and provide a low-friction entry point for customer acquisition.

接著看第 9 頁。隨著我們的通路策略演進，直面消費者（DTC）業務持續改善，連續第二季實現年對年成長。電商平台（marketplaces）在擴大此模式規模方面扮演更重要的角色。這些平台透過在消費者既有的購物場景中觸達他們來擴大我們的覆蓋，並提供低摩擦的客戶獲取入口。

Importantly, they add incremental consumer reach and demand while complementing rather than replacing our retail presence and owned channels. At the same time, BlackRifleCoffee.com serves a distinct strategic role. It remains the core platform for subscriptions and our most loyal customers, supporting deeper engagements, exclusive offerings, and stronger pricing discipline.

重要的是，這些平台帶來增量的消費者觸達與需求，並且是對我們零售據點與自有通路的補充，而非取代。同時，BlackRifleCoffee.com 扮演明確的策略角色：它仍是訂閱服務與我們最忠誠客群的核心平台，支持更深度的互動、獨家產品供應，以及更強的定價紀律。

We are seeing early traction from this refined approach. Marketplaces are driving customer acquisition and top-of-funnel growth, while our owned channel is focused on retention, repeat purchases, and long-term customer value. As a result, direct-to-consumer is contributing more consistently, reflecting clearer roles for the marketplaces and blackriflecoffee.com within the broader business.

我們已從這個更精準的做法中看到初步成效。電商平台正在推動客戶獲取與漏斗頂端（top-of-funnel）成長，而我們的自有通路則聚焦於留存、回購與長期客戶價值。因此，DTC 的貢獻更趨穩定，反映電商平台與 blackriflecoffee.com 在整體業務中的角色更為清晰。

Slide 10. In ready-to-drink coffee, category trends remain challenging in the first quarter, with convenience channel softness weighing in on both our performance and the broader category. Despite that, we expanded distribution, with ACV up nearly eight points year-over-year, reflecting continued success in adding new doors and broadening our presence across retail. We are concentrating on the areas we can control. We are prioritizing channels and partners where we are seeing stronger demand, while continuing to deepen our presence in grocery, mass merchants, and other retail environments that support more consistent takeaway. At the same time, we are using product and innovation as a disciplined growth lever, ensuring new items and platforms are aligned with the channels and occasions where they can perform most effectively. This approach supports a more focused RTD strategy, prioritizing retail environments where takeaway is most consistent. And the economics are most compelling.

第 10 頁。在即飲咖啡（RTD）方面，第一季品類趨勢仍具挑戰性，便利通路走弱對我們的表現及整體品類皆造成壓力。儘管如此，我們仍擴大分銷，ACV 年增近 8 個百分點，反映我們持續成功新增門店並擴大在零售端的覆蓋。我們正聚焦於可控的領域：優先投入我們看到需求更強的通路與合作夥伴，同時持續加深在雜貨、量販及其他能帶來更穩定帶走型消費（takeaway）的零售環境中的布局。與此同時，我們以產品與創新作為有紀律的成長槓桿，確保新品與平台與其最能有效表現的通路與消費情境相匹配。此作法支持更聚焦的 RTD 策略，優先布局帶走型消費最穩定、且經濟效益最具吸引力的零售環境。

Slide 11. In Energy, we continue to move from our initial launch to a more deliberate phase of expansion, reaching 21% ACV across more than 22,000 doors in the first quarter. Our focus this year in Energy remains on selectively expanding in markets and channels where we are seeing early traction. This approach allows us to concentrate investment behind the strongest opportunities while scaling energy at a measured pace.

第 11 頁。在能量飲料（Energy）方面，我們正從初期上市階段邁向更審慎的擴張階段，第一季在超過 22,000 家門店達到 21% 的 ACV。今年我們在 Energy 的重點仍是選擇性地在已看到初步動能的市場與通路擴張。此策略讓我們能將投資集中在最強的機會上，同時以可控的節奏擴大能量飲料業務規模。

Before I turn it over to Matt, I want to briefly highlight how we're continuing to support the communities at the core of our mission. During the first quarter, we remained active across a range of initiatives that brought together partners, veterans, military families, and local communities through events, direct support, and collaborations. We partnered with Operation Homefront and the Dallas Cowboys to host a baby shower for new and expecting military families. We also partnered with Team Red, White, and Blue, in support of a nationwide effort to honor those who served in the global war on terror, while raising funds to support veteran health and wellness. We work with Beyond the Call to launch a limited time roast honoring the legacy of World War II veterans and helping fund efforts to preserve their stories. Across these efforts, we continue to support members of our community serving in the Middle East and around the world, helping ensure they and their families have the resources, connection, and recognition they deserve. That same commitment will carry forward as we move through the year, including through initiatives tied to America's 250th anniversary that celebrate service and expand our support for veterans and their families. Supporting this community is not a stand-alone initiative for us, it is core to who we are and how we operate.

在我把電話交給 Matt 之前，我想簡要說明我們如何持續支持作為我們使命核心的社群。第一季期間，我們持續推動多項計畫，透過活動、直接支持與合作，凝聚合作夥伴、退伍軍人、軍人家庭與在地社區。我們與 Operation Homefront 及達拉斯牛仔隊合作，為新生兒家庭與準父母的軍人家庭舉辦迎嬰派對。我們也與 Team Red, White, and Blue 合作，支持一項全國性行動，向在全球反恐戰爭中服役的人致敬，同時募款以支持退伍軍人的健康與福祉。我們與 Beyond the Call 合作推出限時烘焙款，致敬二戰退伍軍人的傳承，並協助資助保存其故事的相關工作。透過這些努力，我們持續支持在中東及世界各地服役的社群成員，協助確保他們與家人獲得應有的資源、連結與肯定。這份承諾也將在今年持續推進，包括與美國建國 250 週年相關的倡議，藉此讚揚服役精神並擴大我們對退伍軍人及其家庭的支持。對我們而言，支持這個社群不是一項獨立的計畫，而是我們的核心本質與營運方式。

Thank you, Mondz. I'll begin my remarks on Slide 13. In the first quarter, net revenue increased 21% year-over-year, driven primarily by both wholesale and direct-to-consumer. Wholesale revenue increased 31.5% year-over-year, reflecting distribution gains, pricing, and continued contribution from Black Rifle Energy. Performance was broad-based across key customers, with sales to mass merchants increasing more than 20% and grocery sales more than doubling.

謝謝你，Mondz。我將從第 13 頁開始我的說明。第一季淨營收年增 21%，主要由批發與直面消費者（DTC）共同帶動。批發營收年增 31.5%，反映分銷擴張、定價，以及 Black Rifle Energy 的持續貢獻。主要客戶表現全面向上，對量販通路的銷售成長超過 20%，雜貨通路銷售更是翻倍以上。

We also benefited from pack size innovation, which supported new placements in the dollar channel. Direct-to-consumer revenue increased 7% in the first quarter, driven primarily by increased sales through third-party marketplaces. Actions taken over the past year to stabilize the business are now translating into more consistent performance and a return to growth. As a result, direct-to-consumer is contributing more consistently to consolidated growth and is positioned to support sustained growth.

我們也受惠於包裝規格創新，這支持了在美元通路的新上架。第一季直面消費者（DTC）營收成長 7%，主要由第三方電商平台銷售增加所帶動。過去一年為穩定業務所採取的行動，如今正轉化為更一致的表現並重回成長。因此，直面消費者業務正更穩定地貢獻合併成長，並已具備支撐持續成長的定位。

Turning to Slide 14. First quarter gross margin was 33%, down 305 basis points year-over-year, reflecting the impact of non-recurring items and elevated coffee costs. Importantly, we continue to make progress on controllable levers, including improvements in trade efficiency and supply chain, which help mitigate these pressures. Elevated green coffee costs and carryover impact of 2025 tariffs embedded in inventory continue to weigh on gross margin. However, pricing actions implemented in 2025 largely offset these impacts, with the net effect of inflation and tariffs limited to approximately 20 basis points in the quarter. Gross margin was also impacted by non-recurring items, including roughly 100 basis points of costs associated with onboarding a new direct-to-consumer fulfillment provider and approximately 210 basis points from a one-time non-cash write-down tied to coffee extract resulting from a formulation change. This extract impact was not added back to adjusted EBITDA. These items were mitigated in part by underlying operational improvements, including approximately 50 basis points of benefit from supply chain initiatives and mix. Looking ahead, we have substantially locked our green coffee requirements for 2026, providing improved cost visibility. While commodity costs remain elevated in the near-term, we expect gross margins to stabilize relative to 2025 levels, supported by pricing, productivity initiatives, and favorable mix. This stabilization sets the stage for margin recovery over time. We remain confident in our ability to achieve our long-term gross margin target of 40%, driven primarily by structural improvements within our control, including mix and efficiency in both trade, spend, and supply chain.

接著看第 14 頁投影片。第一季毛利率為 33%，年減 305 個基點，反映一次性項目與咖啡成本偏高的影響。重要的是，我們在可控槓桿上持續取得進展，包括提升通路（trade）效率與供應鏈改善，有助於緩解這些壓力。偏高的生豆成本，以及已嵌入庫存中的 2025 年關稅之遞延影響，仍持續壓抑毛利率。然而，2025 年已實施的定價措施大致抵銷了這些影響，使得本季通膨與關稅的淨影響僅約 20 個基點。毛利率亦受到一次性項目影響，包括：導入新的直面消費者履約（fulfillment）供應商所產生約 100 個基點的成本，以及因配方變更導致咖啡萃取物相關的一次性非現金減損約 210 個基點。該萃取物影響未加回至調整後 EBITDA。上述項目部分被基礎營運改善所抵銷，包括供應鏈計畫與產品組合帶來約 50 個基點的效益。展望未來，我們已大幅鎖定 2026 年的生豆需求，提升成本可視性。雖然短期內大宗商品成本仍偏高，我們預期毛利率將相對 2025 年水準趨於穩定，並受定價、生產力提升計畫與有利的產品/通路組合所支撐。此一穩定為毛利率隨時間回升奠定基礎。我們仍有信心達成長期 40% 的毛利率目標，主要由我們可控的結構性改善所驅動，包括產品組合，以及在通路投入（trade spend）與供應鏈兩方面的效率提升。

While recent movement in the coffee forward curve is constructive, our path to the target does not rely on incremental pricing actions.

儘管近期咖啡遠期曲線的走勢具建設性，我們達成目標的路徑並不依賴額外的定價行動。

Moving down the P&L to slide 15. Operating expense improvements were driven by efficiency gains from last year's operational improvement plan, improved marketing efficiency, and lower spend across consulting, software, and legal. These actions reflect a more targeted allocation of resources toward key growth drivers, enabling greater operating leverage while supporting the business as it scales. Total operating expenses declined over 8% year-over-year, driven by a 10% reduction in marketing expense and a 14% decline in general and administrative expense. Despite the year-over-year decline in gross margin rate, revenue growth drove higher gross profit dollars. Combined with operating expense reductions, this resulted in more than an eight-fold increase in adjusted EBITDA and a 570 basis point expansion in adjusted EBITDA margin, with adjusted EBITDA increasing from under $1 million to over $7 million year-over-year. This performance highlights the operating leverage embedded in the model, as revenue growth translates more efficiently into earnings against a more disciplined and structurally improved cost base.

沿著損益表往下看第 15 頁投影片。營業費用的改善主要來自去年營運改善計畫帶來的效率提升、行銷效率改善，以及在顧問、軟體與法律等項目的支出下降。這些行動反映我們更聚焦地將資源配置於關鍵成長驅動因素，在支持業務擴張的同時，提升營運槓桿。總營業費用年減超過 8%，其中行銷費用下降 10%，一般及行政費用下降 14%。儘管毛利率較去年下滑，營收成長帶動毛利金額增加。再加上營業費用下降，使調整後 EBITDA 較去年同期增加逾 8 倍，調整後 EBITDA 利潤率擴張 570 個基點；調整後 EBITDA 由不到 100 萬美元提升至超過 700 萬美元（年增）。此一表現凸顯模型中內含的營運槓桿：在更自律且結構性改善的成本基礎下，營收成長能更有效率地轉化為獲利。

Turning to the balance sheet. We ended the quarter in a strong financial position with $39 million of debt outstanding or approximately one-time net debt to trailing 12-month adjusted EBITDA and about one-time based on our 2026 guidance. At quarter end, we had more than $52 million of total liquidity, including cash on hand and available capacity under our credit facility, providing ample flexibility to support the business.

接著看資產負債表。本季末我們的財務狀況強勁，未償債務為 3,900 萬美元，約相當於過去 12 個月調整後 EBITDA 的 1 倍淨負債，並且依據我們 2026 年指引亦約為 1 倍。季末我們的總流動性超過 5,200 萬美元，包括手上現金與循環信貸額度下的可用額度，為支持業務提供充足的彈性。

Free cash flow improved by approximately $11 million year-over-year, with $6 million generated in the first quarter of 2026 compared to a use of over $5 million in the prior year period, driven by improved operating profitability and more efficient working capital management. As previously disclosed, we received notice from the New York Stock Exchange in February regarding the minimum price requirement. Our shares are currently trading above a dollar, and we would regain compliance if, at the end of the applicable measurement period, both our closing share price and the average closing share price over the prior 30 trading days are at least a dollar. As we work through the standard cure period, we remain focused on executing our 2026 plan, improving the fundamentals of the business and driving long-term shareholder value. Moving to the outlook on slide 17.

自由現金流年增約 1,100 萬美元；2026 年第一季產生 600 萬美元自由現金流，而去年同期為使用超過 500 萬美元，主要受惠於營運獲利改善與更有效率的營運資金管理。如先前揭露，我們於 2 月收到紐約證券交易所關於最低股價要求的通知。我們的股價目前交易在 1 美元以上；若在適用的衡量期結束時，我們的收盤價以及前 30 個交易日的平均收盤價皆至少為 1 美元，即可恢復合規。在標準補救期內，我們仍專注於執行 2026 年計畫、改善業務基本面並推動長期股東價值。接著看第 17 頁投影片的展望。

For 2026, we are increasing our revenue outlook to at least 8% growth, or approximately $430 million. We're also increasing our adjusted EBITDA guidance to at least 35% growth, or approximately $29 million, up from our prior outlook of at least 30% growth. This updated outlook is supported by current visibility into demand, pricing actions already in market, and secure distribution gains.

針對 2026 年，我們將營收展望上調至至少成長 8%，約為 4.30 億美元。我們也將調整後 EBITDA 指引上調至至少成長 35%，約為 2,900 萬美元，高於先前至少成長 30% 的展望。此更新後的展望，係基於目前對需求的可視性、已在市場上落地的定價措施，以及已確保的通路/配銷增量。

Consistent with our approach from last quarter, our guidance reflects a level of performance we believe is supported by visibility we have today. We have strong momentum in the business and no reason, based on current trends, to believe that changes in the second half. At the same time, we're taking a disciplined approach and not assuming incremental distribution wins, pricing actions, or other benefits that have not yet been realized.

延續上季的做法，我們的指引反映的是我們認為在當前可視性支持下可達成的表現水準。業務動能強勁，依據目前趨勢，我們沒有理由認為下半年會出現變化。同時，我們採取審慎自律的方式，不預設尚未實現的額外配銷勝出、定價行動或其他尚未落地的效益。

As we gain additional visibility through the year, we will update the outlook as appropriate. From a cadence standpoint, revenue is expected to build over the course of the year, broadly consistent with the progression we saw in 2025. First quarter performance exceeded our internal expectations, supported in part by normal shipment timing that likely benefited Q1 revenue by a few million dollars. We expect that timing benefit to normalize in the second quarter. As a result, second-quarter revenue is expected to be at least 10% year-over-year compared to 21% in the first quarter, reflecting both underlying business momentum and this timing impact. We continue to expect gross margins in the range of 34% to 36% in 2026 compared to 34.6% in 2025. The outlook reflects pricing actions taken in 2025, supply chain productivity, and favorable channel and product mix, alongside external factors that remain dynamic. Second quarter gross margin is expected to be consistent with the first quarter, reflecting continued pressure from coffee inflation and the more recent impact of higher fuel costs. Gross margins should improve in the back half of the year as higher cost inventory is worked through and productivity and mix benefits continue to build.

隨著年度進行、可視性進一步提升，我們將在適當時點更新展望。就節奏而言，預期營收將在全年逐步走高，整體上與我們在 2025 年看到的進程大致一致。第一季表現超出我們內部預期，部分受正常出貨時點影響，可能使 Q1 營收受益數百萬美元。我們預期該時點效益將在第二季回歸正常。因此，第二季營收預期至少年增 10%，相較第一季的 21%，反映基礎業務動能以及此一時點影響。我們仍預期 2026 年毛利率落在 34% 至 36% 區間，相較 2025 年的 34.6%。此展望反映 2025 年採取的定價措施、供應鏈生產力提升，以及有利的通路與產品組合，同時也納入仍具動態變化的外部因素。第二季毛利率預期與第一季一致，反映咖啡通膨持續帶來的壓力，以及近期燃料成本上升的影響。隨著較高成本庫存逐步消化，且生產力與組合效益持續累積，毛利率應在下半年改善。

For the second quarter, we expect adjusted EBITDA of at least $5 million, more than double the prior year period, while absorbing the impact of the first quarter shipment timing benefit and the timing of certain expenses.

針對第二季，我們預期調整後 EBITDA 至少 500 萬美元，較去年同期增加一倍以上，同時吸收第一季出貨時點效益的反轉影響，以及部分費用認列時點的影響。

Adjusted EBITDA is expected to step up further in the second half of the year as revenue builds, gross margin improves and operating leverage increases. While we're not providing formal cash flow guidance, we remain focused on margin expansion and improved working capital efficiency to enhance cash generation. With capital expenditures expected to remain in line with prior year levels, we expect to generate positive cash flow.

隨著營收逐步走高、毛利率改善且營運槓桿提升，調整後 EBITDA 預期在下半年將進一步上升。雖然我們未提供正式的現金流指引，但我們仍專注於擴大利潤率與提升營運資金效率，以強化現金創造能力。在資本支出預期與去年水準大致一致的情況下，我們預期將產生正向現金流。

Looking ahead, the business is benefiting from a more streamlined operating structure, stronger cost discipline, and improved earnings conversion. The actions taken in 2025 are flowing through the P&L, supporting more consistent profitability and greater financial flexibility in 2026. We see this most clearly in Coffee, where pricing, distribution gains, and productivity initiatives are expanding gross profit and improving returns.

展望未來，業務正受惠於更精簡的營運架構、更強的成本紀律，以及更佳的獲利轉換率。2025 年採取的行動正逐步反映在損益表上，支撐 2026 年更一致的獲利能力與更大的財務彈性。我們在咖啡業務上看得最為明顯：定價、配銷增量與生產力提升計畫正在擴大毛利並改善報酬。

Our priorities remain focused on operating discipline, cash generation, and thoughtful capital allocation. With visibility into demand pricing and distribution, we are well positioned to improve earnings quality and sustain profitable growth in 2026 and beyond.

我們的優先事項仍聚焦於營運紀律、現金創造，以及審慎的資本配置。憑藉對需求、定價與配銷的可視性，我們已具備良好條件在 2026 年及之後提升獲利品質並維持獲利性成長。

Operator, we are now ready for the Q&A session.

接線員，我們現在準備進入問答環節。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Our first question comes from the line of Mike Baker with D.A. Davidson. Please proceed with your question.

我們的第一個問題來自 D.A. Davidson 的 Mike Baker。請提出您的問題。

Hey, thanks. Congratulations on a good quarter. Beating and raising is nice.

嗨，謝謝。恭喜這一季表現不錯。超預期並上調指引很棒。

I did want to ask, you gave a little bit of color on the second quarter guide, but I guess I'm trying to square the at least 8% with what you talked about as the progression through the year similar to last year. Last year, the year progressed, I think the second quarter was $5 million above the first quarter, then $5 million more in the third quarter, then $10 million in the fourth quarter. If you do that, you get something like 18% growth, which is way above 8%. Now, I guess you just told us that the second quarter will be, I think if I do the math, down about $5 million. But then does the third quarter and fourth quarter progress from there and that $5 million to $10 million growth rate per quarter? Just some more color on how it just squaring all those different factors that how do we sort of reconcile all those?

我確實想問一下，你們對第二季指引提供了一些補充說明，但我想把「至少 8%」與你們提到的、全年進程與去年類似這兩點對起來。去年隨著年度推進，我記得第二季比第一季高了 500 萬美元，第三季又多 500 萬美元，第四季再多 1,000 萬美元。如果照那樣推算，成長大概會到 18% 左右，遠高於 8%。現在，我想你們剛剛也告訴我們第二季會——如果我算得沒錯——大約少 500 萬美元。但那麼第三季和第四季是否會從那裡開始，再回到每季增加 500 萬到 1,000 萬美元的成長節奏？想請你們再多給一些顏色，說明如何把這些不同因素對起來、我們該如何調和這些差異？

Yes, Mike, that's a great question. Let me hit that one straight on. So, as I mentioned in prepared remarks and also in the last quarter call, we're taking a disciplined approach to guidance. Now our outlook reflects only what we have confirmed at this point. So that's in-market pricing and also distribution gains that have been secured. We're not making anything else in that has not yet been realized. Now we do have real momentum in the business, and we don't want to get too exuberant with that. And based on what we see today, we do expect some of that to carry on through the second half. However, we're one quarter in, and we'll update the outlook as things materialize throughout the year. Now, here's a couple of dynamics worth flagging for the shape of the year. On topline, our comps are going to get progressively tougher as we enter the back part of the year, we have four significant tailwinds that all kicked off around mid-2025. Now, the first one being pricing. Now, remember, we took two pricing actions in 2025, one mid-year and one came in in early Q4.

是的，Mike，這是個很好的問題。我直接回答。正如我在事先準備的發言以及上一季電話會議中提到的，我們對財測採取審慎且有紀律的方法。目前我們的展望只反映截至目前已確認的事項，也就是已在市場上落地的定價，以及已確定取得的通路/配銷增量。我們不會把任何尚未實現的因素納入。現在，我們的業務確實有實質動能，但我們不希望因此過度樂觀。依據我們今天所看到的情況，我們確實預期其中一部分動能會延續到下半年。不過，我們才走過第一季，接下來會隨著全年各項因素逐步落地而更新展望。以下有幾個值得提醒、會影響全年走勢形狀的動態。就營收端而言，隨著進入今年後段，我們的同店比較（comps）會逐步變得更具挑戰，因為有四個顯著的順風因素都在 2025 年年中左右開始發酵。第一個是定價。請記得，我們在 2025 年做了兩次調價，一次在年中，另一次在第四季初期生效。

The second one would be the 7-point-plus ACB gains. Now, most of the customer resets are in that mid-year timing. So that's going to be a -- that's a headwind that's going to cause a tougher comp when we get into the back half. And then finally, our third-party marketplace acceleration initiative kicked in mid-last year, so this comp will be tough as well. And then there is one more. Now, remember, we did about $5 million in liquidation in the back half of last year, which we do not plan to replicate in 2026.

第二個是超過 7 個百分點的 ACB 增量。大多數客戶的貨架重置（reset）都集中在年中時點，因此當我們進入下半年時，這會成為一個——會讓比較基期更具挑戰的逆風。最後，第三方市集加速計畫在去年年中啟動，因此這一項的比較也會偏硬。還有一個因素。請記得，我們在去年下半年約有 500 萬美元的清算（liquidation）收入/出貨，而我們不打算在 2026 年複製這件事。

But when you flip to adjusted EBITDA, the Q1 beta $5 million does flow through to guidance. Now, we took adjusted EBITDA from, as you know, at least 30% growth to at least 35% growth, but that was partially offset by a couple of things. Number one, we have about a $1.4 million fuel risk related to the fuel surcharge we see coming through parcels as well as line haul rates. And also the $2.3 million one-time breakdown of the final installment of extract that hit in Q1. Now, if you net all that together, that goes to the roughly $1 million increase in EBITDA that we're raising guidance by. Now, hopefully, that clarifies the bridge somewhat. I'm happy to elaborate.

但如果轉到調整後 EBITDA，第一季的超預期（beat）500 萬美元確實會反映在財測中。我們把調整後 EBITDA 的成長指引從「至少 30%」上調到「至少 35%」，但其中部分被幾個因素抵銷。第一，我們有約 140 萬美元的燃油風險，與我們看到包裹運輸（parcels）以及幹線運輸（line haul）費率中的燃油附加費相關。第二，是在第一季認列的 230 萬美元一次性項目，來自 extract 最後一筆分期款的拆分/分解。把這些加總抵銷後，約等於我們把 EBITDA 指引上調約 100 萬美元。希望這能在某種程度上釐清這個橋接（bridge）。我也很樂意再進一步說明。

Yeah, okay. Thanks. No, I appreciate that. If I could ask one more question, unrelated. The SKU count, I think the slide shows about average five SKUs per door, if I'm understanding that slide right. But can you tell us about the spread, like what's the high, what's the low, what's the art of the possible as you continue to add SKUs per door?

好的，謝謝。不，我很感謝這些說明。如果我可以再問一個不相關的問題：SKU 數量。我想投影片顯示每個門店平均大約 5 個 SKU，如果我對那張投影片的理解沒錯。但你們能談談分布嗎？例如最高是多少、最低是多少？以及在你們持續增加每店 SKU 的過程中，「可能達到的上限」大概是什麼？

Hey, Mike, this is Chris. Yeah, thanks for that question. So yeah, just to reiterate, we've been talking about this pretty consistently. Our land and expanse strategy, which we've really been pushing here in the last couple of years as we've been driving this grocery expansion, is really playing out well for us, right? And the first aspect of that, of course, is the ACV gains, which we've talked quite a bit about. You see that we continue to tick up on that. We expect to be able to continue to add to our ACV or our overall breadth of reach throughout the country.

嗨，Mike，我是 Chris。謝謝你的問題。是的，再重申一次，我們一直相當一致地在談這件事。我們的「先落地再擴張（land and expanse）」策略——在過去幾年推動雜貨通路擴張的過程中我們一直大力推進——對我們來說確實發揮得很好，對吧？其中第一個面向當然是 ACV 的增量，我們已經談了很多。你也看到我們在這方面持續上升。我們預期能持續增加我們的 ACV，也就是在全國範圍內的整體觸達廣度。

The third item, I'll come back to what you said here last, the third item is velocity. We feel very good about the fact that our velocity has actually increased as we've been doing this. We don't expect that to happen long-term, by the way. We think that velocity will start to level out. As you put more and more items on shelf, your per-unit velocities will start to level out. But as a premium brand, having our velocity right at the index of the category is a fantastic place to be. And then what you asked about the average items is actually the most important part. So as you saw in the numbers that we shared, we were sitting at only a couple of items on shelf a couple of years ago. And in the last year, we've added two additional items on average across all retailers.

第三個項目——我等一下會回到你最後提到的那點——第三個項目是動銷（velocity）。我們對於在推進這些事情的同時，動銷實際上有所提升這件事感到非常有信心。順帶一提，我們不預期這會長期持續；我們認為動銷會開始趨於持平。當你把越來越多品項放上貨架時，每個單品的動銷會開始走平。但作為一個高端品牌，我們的動銷能夠正好落在品類指數（index）的位置，是非常理想的狀態。接著你問到的平均品項數，其實是最重要的部分。正如你在我們分享的數據中看到的，幾年前我們在貨架上只有少數幾個品項。而在過去一年，我們在所有零售商的平均水準上又新增了 2 個品項。

You're right, the number that we show as our average is just that. There are obviously some retailers that sit right at that 5.5 mark, but most of them are either under or above that. New retailers, when they come on.

你說得對，我們展示的數字只是平均值而已。顯然有些零售商正好落在 5.5 這個水準，但大多數要嘛低於、要嘛高於。新的零售商在導入時，

Will tend to come on with two to four SKUs, depending on what their shelf set looks like and what channel they compete in. And from there, we often see an expansion up to six to eight. And then to directly answer your question, we have grocery customers who are as high as 13 or 14. I'd like to believe that that is. What ultimately a healthy shelf set for us looks like right now, although as we continue to innovate over time, that number will continue to grow. So as we think about a growth profile and how our model will continue to work, it's going to be off of the back of that ACV increase. We still have plenty of room to push that north. And then most importantly, on those average items, while we sit at 5.5 now, there's no reason that we can't be at 12, 13, 14 items on a grocery shelf.

通常會先以 2 到 4 個 SKU 上架，取決於他們的貨架配置（shelf set）以及所競爭的通路型態。從那裡開始，我們常常會看到擴張到 6 到 8 個。直接回答你的問題：我們有雜貨客戶最高可以到 13 或 14 個。我希望相信，那大概就是目前對我們而言健康的貨架配置應該長什麼樣子；當然，隨著我們持續創新，這個數字也會隨時間繼續成長。因此，當我們思考成長輪廓以及我們的商業模式將如何持續運作時，將會建立在 ACV 提升的基礎之上。我們仍然有很大的空間把它往上推。最重要的是，在平均品項數方面，雖然我們現在是 5.5，但沒有理由我們不能在雜貨貨架上做到 12、13、14 個品項。

Great. Appreciate the call. Thank you.

很好。感謝這通電話。謝謝。

Thanks, Mike.

謝謝你，Mike。

Thank you. Our next question comes from the line of Sarang Vora with Telsey Advisory Group. Please proceed with your question.

謝謝。下一個問題來自 Telsey Advisory Group 的 Sarang Vora。請提出你的問題。

Great. Congratulations on the quarter as well and positive momentum in second.

很好。也恭喜本季表現，以及第二季的正向動能。

My question is more on a product level. I know in the prepared remarks, you talked about expansion of a new pack size across dollar stores. It seems like your Walmart business or the mass business is up running double-digits. Can you talk from a product standpoint what's driving this trend? Is it the packed coffee or like some of the newer ones that cold brew or just from a product level standpoint, can you help us unpack the strong results, what's helping the trend?

我的問題比較偏產品層面。我知道在事先準備的發言中，你們提到在美元店（dollar stores）通路擴大一個新的包裝規格。看起來你們在 Walmart 的業務或大眾量販（mass）業務呈現兩位數成長。你們能從產品角度談談是什麼在驅動這個趨勢嗎？是袋裝咖啡，還是一些較新的品項，例如冷萃（cold brew）？也就是從產品層面來看，你們能幫我們拆解一下這些強勁成果、以及推動趨勢的因素嗎？

Yes, Sarang, it's Chris. Thanks for the question. From an overall standpoint, very much in coffee, right? So bagged and pod coffee continue to have incredible momentum. In fact, if we go to what is still the core of our business, our No. 1 customer, Walmart, we are looking at share growth in both segments, despite having a well-established brand at Walmart. We have 9.4% share now in the bag category, and we are up 30 basis points to a 5.3% share in the pods category. So that illustrates that even with our most established pieces of business, we continue to drive very strong share gains in. You know, what is the core of our business, which is the pods and the bags. RTD Coffee continues to be a very important part of our business. We have not had as strong a growth. We've been right with the category, where the category has been down low single-digits. We expect that to recover. We're playing a very important role. We see ourselves as the number three player in RTD coffee. We see ourselves as playing a key role in turning that category. We had a couple of innovation items this year, our cold brew. We have a few more innovation items that we're working on in the background. You asked about cold brew. Is that playing a key role? Not yet, very very early. We're just in the initial shipments of that item as we go into the summer season for cold consumption overall in the category. So we're excited about it. We're excited about the potential.

是的，Sarang，我是 Chris。謝謝你的問題。整體來看，主要還是在咖啡品類，對吧？袋裝咖啡與膠囊咖啡（pod coffee）持續展現驚人的動能。事實上，如果回到仍然是我們業務核心的部分——我們的第一大客戶 Walmart——即使我們在 Walmart 已是相當成熟的品牌，我們在這兩個區隔的市占仍在成長。我們目前在袋裝品類的市占是 9.4%，而在膠囊品類的市占則提升了 30 個基點至 5.3%。這說明即便在我們最成熟的業務板塊，我們仍持續在核心業務（膠囊與袋裝）中推動非常強勁的市占增長。即飲咖啡（RTD Coffee）仍然是我們業務非常重要的一部分。我們的成長沒有那麼強，基本上與品類同步，而該品類目前是低個位數下滑。我們預期它會復甦。我們在其中扮演非常重要的角色；我們認為自己是即飲咖啡的第三大玩家，也認為自己在帶動該品類回升方面扮演關鍵角色。今年我們有幾個創新品項，包括冷萃；我們也在幕後推進更多創新品項。你問冷萃是否已扮演關鍵角色？目前還沒有，還非常非常早期。我們正隨著夏季、以及整體品類冷飲消費季節的到來，才剛開始進行該品項的初期出貨。所以我們很興奮，也對其潛力感到期待。

And we continue to feel great about the fact that we have the number three cold coffee business in America. But again, the pods and the bags, based off of the model that I just talked about in Mike's question, the land and expand strategy, driving ACV, driving average items, we believe there's just continued great potential to run that model and generate growth over the next two to three years.

而且我們仍然對我們在美國冷萃咖啡業務排名第三這一點感到非常振奮。不過再說一次，膠囊與袋裝產品，基於我剛才在回答 Mike 問題時談到的模式——「先進入再擴張」策略，推動 ACV、推動平均品項數——我們相信，持續運行這個模式在未來兩到三年仍有很大的潛力，並能帶來成長。

That's great. And I had a follow-up on marketing spend. I mean the dollar, marketing spend dollar continues to be down year over year past few quarters. Can you help us understand how we should think about marketing going forward?

很好。我還想追問一下行銷支出。我的意思是，過去幾個季度行銷支出金額持續年對年下降。你能幫我們理解一下，未來應該如何看待行銷投入嗎？

Yes, Sarang, that's a great question. Yes, so the marketing spend has been down over the last couple of quarters, and it's primarily due to us reallocating more spending upper funnel and taking away some of the lower ROAS bottom funnel activity. Now, you're going to see that ramp up considerably as we go into late Q2 and into Q3 and Q4 as we hit America's 250th and a lot of our promotional windows that happened through the summer. So you will see an uptick. And again, year-over-year, we're looking at relatively the same level of spending when it comes to a percentage of sales basis. So, we will spend more year-over-year on marketing in total.

是的，Sarang，這是個很好的問題。是的，所以過去幾個季度行銷支出確實下降，主要是因為我們把更多預算重新配置到上層漏斗，並減少了一些 ROAS 較低的下層漏斗活動。接下來當我們進入第二季末，以及第三季、第四季，隨著美國 250 週年以及夏季期間的多個促銷檔期到來，你會看到支出明顯拉升。因此你會看到回升。另外，從年對年來看，以銷售額百分比衡量，我們的投入大致維持在相對相同的水準。所以，總額而言，我們的行銷支出會比去年更多。

And I think it's important to reinforce, Sarang, which we've talked about before, that our marketing is, we believe, a substantial competitive advantage for us as a business. And. The reality is it's a very efficient model for us. So, we don't have to spend the same kind of percentages as some of our competitors in order to be able to get equal or even better results. Behind the scenes, we obviously track our brand awareness, attributes of our brand, and we feel great about how all of those things are progressing. And the result of that, of course, is ultimately what we see as far as takeaway on the shelf. So, dollars only tell a piece of the story for us. It's really impressions and quality impressions.

我也認為很重要的是再次強調，Sarang，我們之前談過：我們相信行銷對我們這門生意而言是一項重大的競爭優勢。實際上，這對我們來說是一個非常高效率的模式。因此，我們不需要像某些競爭對手那樣投入同等比例的支出，也能取得相同甚至更好的成果。在幕後，我們當然會追蹤品牌知名度、品牌屬性等指標，我們對這些進展都感到非常滿意。而這些成果最終會反映在貨架上的「拿取率／帶走量」上。所以，對我們而言，金額只能說明故事的一部分；更重要的是曝光（impressions）以及高品質曝光。

That become most important to us being able to build a brand over the long-term.

這才是我們能夠長期打造品牌最重要的因素。

That's great. Good luck. Thank you.

很好。祝你們順利。謝謝。

Thank you. Our next question comes from the line of Daniel Biolsi with Hedgeye. Please proceed with your question.

謝謝。下一個問題來自 Hedgeye 的 Daniel Biolsi。請提出你的問題。

I didn't hear a wholesale growth breakdown between price and volume in the quarter. Is it similar to with the 22% units and exent price for the year?

我沒有聽到本季批發成長在價格與銷量之間的拆分。是否與全年「單位數 22%」以及（扣除）價格的情況類似？

Yeah, so Daniel, overall, we had 21% growth in the quarter, we had about 6% of that came from pricing. The vast majority of that growth that we had was unit growth for the quarter and for the year, the pricing will begin to fade a little bit as we get into the back half, but overall, the unit growth is going to be the dominant driver of our overall topline.

是的，Daniel，整體來看，我們本季成長 21%，其中大約 6% 來自定價。這次成長的絕大部分來自本季的單位數成長。就全年而言，隨著進入下半年，定價帶來的貢獻會開始稍微淡化，但整體來說，單位數成長將會是我們整體營收（topline）的主要驅動因素。

This year, and that's driven by the things that Monz was talking about. One is the velocity increase we've seen year-over-year, second is the more doors that we're in, and the third thing is the increase in average agents carried. So it's really a volume-driven gain year. It's one where pricing is held, but it's not the primary driver of our upside.

今年也是如此，而這是由 Monz 剛才提到的幾件事所驅動：第一是我們年對年看到的動銷速度（velocity）提升；第二是我們進入了更多門店（doors）；第三是平均鋪貨品項數的提升。所以這確實是一個以量帶動成長的一年。定價是有維持，但不是我們上行的主要驅動因素。

And then have you seen any change in the consumer behavior from higher fuel costs and could you note any difference between like the C-stores or RTDs compared to your packaged coffee sales?

另外，你們是否看到因燃油成本上升而導致消費者行為有任何變化？以及在像便利商店（C-stores）或即飲（RTD）相較於你們包裝咖啡銷售方面，有沒有觀察到任何差異？

It's obviously something we're going to be watching. We don't specifically track that traffic. I think we can expect that when fuel costs go up, there always is less store traffic. It's not just C-store, it's also grocery and mass. I think those are potential category dynamics to watch out for. But as of right now, no, we're not seeing that. We're seeing actually pretty consistent unit and price growth across the grocery categories. Units as a category have been declining due to the higher pricing, but just to reinforce, our unit growth has been exceptionally strong despite that. And in the case of C-store categories that have been growing, such as energy, continue to grow. The declines in RTD coffee actually are starting to stabilize. They were a bit higher a year ago. We're now seeing them come down into the low single-digits. So, while that's a watch out there, we're not really seeing anything that would tell us that it's an issue.

這顯然是我們會持續關注的事情。我們並沒有特別追蹤那樣的來客流量。我認為可以預期的是，當燃油成本上升時，門店來客通常會下降；不只是便利商店，也包括雜貨與量販。我認為這些都是值得留意的品類動態。但就目前而言，沒有，我們還沒有看到那種情況。實際上，我們在雜貨通路各品類中看到的單位數與價格成長都相當一致。由於價格較高，整體品類的單位數一直在下滑，但再強調一次，即便如此，我們的單位數成長仍然非常強勁。至於便利商店中仍在成長的品類，例如能量飲，仍持續成長。即飲咖啡（RTD coffee）的下滑其實開始趨於穩定；一年前下滑幅度更大，現在我們看到下滑收斂到低個位數。因此，雖然這是需要留意的點，但我們目前沒有看到任何跡象顯示這會成為問題。

Yeah, we specifically looked at that quite a bit with regard to the convenience channel really beginning in March and through April, and we looked at it extensively, and we just couldn't see any impact yet with the higher fuel cost impacting the category or the channel at all. So, not that that couldn't happen, but we just haven't seen those impacts yet.

是的，針對便利通路，我們從三月開始到四月做了相當多的檢視，也做了非常深入的分析，但我們仍看不出燃油成本上升對品類或通路造成任何影響。當然，不代表未來不可能發生，但目前我們還沒有看到那些影響。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to management for any final comments.

各位女士、先生，問答環節到此結束。我將把時間交還給管理層做最後的補充。

Yes. So thank you. As we close, I want to highlight a couple of key points for us.

好的，謝謝。在結束之前，我想強調幾個對我們而言的重點。

First, fundamentals of our business continue to strengthen. We're delivering growth that is increasingly driven by distribution gains, improved shelf productivity. As I talked about earlier, and then unit velocity, it's not just the pricing, it is a gains that we believe are healthy, they're more durable, that are going to carry us over the next two to three years. That is driven by our operating model then, those actions that we've been taking over the last couple of years to simplify the business, improve cost discipline, focus our resources are now really starting to translate into results. We are converting revenue into earnings more effectively than we have before, and we are generating positive cash flow. And with all of that, we're maintaining flexibility on the balance sheet, and we're going to continue to do that strategically in the business.

第一，我們業務的基本面持續強化。我們交出的成長愈來愈多是由通路鋪貨增長、貨架生產力提升（如我先前提到的），以及單位動銷速度所驅動；不只是定價。我們認為這些增長是健康的、更具持久性，能支撐我們未來兩到三年。這也來自我們的營運模式，以及過去幾年我們為簡化業務、強化成本紀律、聚焦資源所採取的行動，現在正真正開始轉化為成果。我們把營收轉化為獲利的效率比以往更好，並且正在產生正向現金流。在此同時，我們也維持資產負債表的彈性，並將持續以策略性的方式在業務中維持這點。

Third, we're operating with greater control and visibility.

第三，我們的營運具備更高的掌控度與能見度。

Our 2026 outlook is grounded in confirmed drivers, as Matt talked about. These are not things we're still working against. We actually have built them. We've secured them distribution-wise, pricing-wise, productivity initiatives that we know are within our control. And as we execute, we expect to build on the foundation throughout the year, and we'll continue to obviously update as that happens. So overall, we remain focused on disciplined execution, improving our earnings quality, driving long-term shareholder value. Appreciate everybody's continued support. Look forward to updating you next quarter.

我們對 2026 年的展望是建立在已確認的驅動因素之上，如 Matt 所說。這些不是我們仍在努力爭取的事項；我們其實已經把它們建立起來了。我們已在通路鋪貨、定價，以及我們可控的生產力提升計畫等方面完成布局並加以鎖定。隨著我們執行推進，我們預期會在全年持續鞏固這個基礎，並且當進展發生時，我們也會持續更新。整體而言，我們仍專注於有紀律的執行、提升獲利品質、推動長期股東價值。感謝大家持續的支持，期待在下個季度向各位更新。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。