康尼格拉食品 (CAG) 2023 Q1 法說會逐字稿

Good morning and welcome to the Conagra Brands First Quarter Full Year 2023 Earnings Call. (Operator Instructions) Please note that this event is being recorded. I'd now like to turn the conference over to Melissa Napier. Please go ahead.

早上好，歡迎參加 Conagra Brands 2023 年第一季度全年財報電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想把會議交給梅麗莎·納皮爾。請繼續。

Good morning. Thanks for joining us for the Conagra Brands First Quarter Fiscal 2023 Earnings Call. I'm here with Sean Connolly, our CEO; and Dave Marberger, our CFO, who will discuss our business performance. We'll take your questions when our prepared remarks conclude.

早上好。感謝您參加康尼格拉品牌 2023 財年第一季度財報電話會議。我和我們的首席執行官肖恩·康諾利（Sean Connolly）在一起；我們的首席財務官 Dave Marberger 將討論我們的業務績效。當我們準備好的評論結束時，我們會回答你的問題。

On today's call, we will be making some forward-looking statements. And while we are making these statements in good faith, we do not have any guarantee about the results we will achieve. Descriptions of our risk factors are included in the documents we filed with the SEC.

在今天的電話會議上，我們將做出一些前瞻性陳述。雖然我們真誠地做出這些聲明，但我們不能保證我們將取得的結果。我們向美國證券交易委員會提交的文件中包含對我們風險因素的描述。

We'll also be discussing some non-GAAP financial measures. These non-GAAP and adjusted numbers refer to measures that exclude items management believes impact the comparability for the period referenced. Please see the earnings release for additional information on our comparability items. The GAAP to non-GAAP reconciliations can be found in the earnings press release and the slides that we'll be reviewing on today's call, both of which can be found in the Investor Relations section of our website.

我們還將討論一些非公認會計原則的財務措施。這些非公認會計原則和調整後的數字是指不包括管理層認為影響參考期間可比性的項目的措施。有關我們的可比項目的更多信息，請參閱收益發布。可以在收益新聞稿和我們將在今天的電話會議上審查的幻燈片中找到 GAAP 與非 GAAP 對賬，兩者都可以在我們網站的投資者關係部分找到。

I'll now turn the call over to Sean.

我現在把電話轉給肖恩。

Thanks, Melissa. Good morning, everyone, and thank you for joining our first quarter fiscal '23 earnings call. Let's jump right in with what we want you to take away from our presentation shown here on Slide 5.

謝謝，梅麗莎。大家早上好，感謝您參加我們的 23 財年第一季度財報電話會議。讓我們直接進入我們希望您從幻燈片 5 中展示的演示文稿中獲得的內容。

Overall, Conagra delivered strong first quarter results. We had robust net sales growth across our portfolio, mainly due to the impact of our inflation-driven pricing actions, coupled with ongoing limited elasticities.

總體而言，康尼格拉第一季度業績強勁。我們的投資組合實現了強勁的淨銷售額增長，這主要是由於我們受通脹驅動的定價行動的影響，以及持續有限的彈性。

We continued to gain market share at the total portfolio level, particularly within our strategic Frozen & Snacks domains, and drove solid profit improvement during the quarter. We also saw another strong performance from Ardent Mills as effective management enabled the joint venture to continue capitalizing on volatility in the wheat markets.

我們繼續在整個投資組合層面獲得市場份額，特別是在我們的戰略冷凍和零食領域，並在本季度推動了穩健的利潤增長。我們還看到 Ardent Mills 的另一個強勁表現，因為有效的管理使合資企業能夠繼續利用小麥市場的波動。

Our supply chain productivity continued to improve. However, we experienced some internal and external operational challenges during the quarter like many of our peers. These challenges led to both increased costs and inefficiencies, which more than offset the benefits from improved productivity and impacted our business in the quarter. I'll unpack this later in the presentation.

我們的供應鏈生產力持續提升。但是，與許多同行一樣，我們在本季度遇到了一些內部和外部運營挑戰。這些挑戰導致成本增加和效率低下，這不僅抵消了提高生產力帶來的好處，還影響了我們本季度的業務。我將在稍後的演示文稿中解壓縮它。

We also continue to strengthen our balance sheet, improving our leverage ratio during the quarter while investing in our business and returning cash to shareholders.

我們還繼續加強我們的資產負債表，在本季度提高我們的槓桿率，同時投資於我們的業務並向股東返還現金。

Finally, our solid start to the year reaffirms our confidence in the fiscal '23 guidance we announced last quarter.

最後，我們今年的穩健開局重申了我們對上個季度宣布的 23 財年指導方針的信心。

With that backdrop, let's dive into the results shown on Slide 6. As you can see, in the quarter, we delivered organic net sales of just over $2.9 billion, representing a 9.7% increase over the year ago period. Adjusted operating margin of 13.7%, which is down slightly compared to last year as a result of the supply chain inefficiencies, I mentioned a moment ago, and adjusted earnings per share of $0.57, 14% higher than what we generated last year.

在這種背景下，讓我們深入了解幻燈片 6 中顯示的結果。如您所見，在本季度，我們實現了超過 29 億美元的有機淨銷售額，比去年同期增長了 9.7%。調整後的營業利潤率為 13.7%，與去年相比略有下降，原因是我剛才提到的供應鏈效率低下，調整後的每股收益為 0.57 美元，比去年高出 14%。

Slide 7 breaks down our strong sales performance during the quarter. At the total Conagra level, retail sales grew by almost 9% compared to the first quarter of last year and just over 24% compared to 3 years ago. Our momentum continued as we gain share in the marketplace, demonstrating the valuable connection our brands have with consumers. These share gains are most pronounced in our Frozen & Snacks domains, which increased share 0.8 and 1.5 percentage points on a 1- and 3-year basis, respectively.

幻燈片 7 細分了我們本季度強勁的銷售業績。在康尼格拉的整體水平上，零售額與去年第一季度相比增長了近 9%，與 3 年前相比僅增長了 24% 以上。隨著我們在市場上獲得份額，我們的勢頭仍在繼續，展示了我們的品牌與消費者之間的寶貴聯繫。這些份額增長在我們的冷凍和零食領域最為明顯，在 1 年和 3 年的基礎上分別增加了 0.8 和 1.5 個百分點。

Diving further into our top line performance by retail domain, you can see on Slide 8 that Frozen generated a significant acceleration of quarterly sales growth on a 1- and 3-year basis of 8% and 27%, respectively. Clearly, our focus on catering to consumer preferences for convenience, quality and great taste continued to resonate. Similar to prior quarters, this growth was led by key categories such as plant-based protein and single-serve meals, which, along with breakfast sausages, increased sales by double digits compared to the first quarter of fiscal '22 while gaining market share from our competitors.

進一步深入了解我們按零售領域劃分的收入表現，您可以在幻燈片 8 上看到，《冰雪奇緣》在 1 年和 3 年的基礎上分別顯著加速了季度銷售額增長 8% 和 27%。顯然，我們專注於迎合消費者對便利性、質量和品味的偏好繼續引起共鳴。與前幾個季度類似，這種增長是由植物蛋白和單份膳食等關鍵類別引領的，與早餐香腸一起，與 22 財年第一季度相比，銷售額增長了兩位數，同時從我們的競爭對手。

Our Snacks domain also continued to deliver strong sales growth on a 1- and 3-year basis shown here on Slide 9. Compared to the first quarter last year, Snacks retail sales increased 13%. And as you can see, we have delivered sustained growth versus the period 3 years ago, including 36% in the recent quarter. In particular, we saw significant growth in sales of microwave popcorn, which increased more than 20% compared to the prior year.

我們的零食領域也繼續在幻燈片 9 中顯示的 1 年和 3 年的基礎上實現強勁的銷售增長。與去年第一季度相比，零食零售額增長了 13%。如您所見，與 3 年前相比，我們實現了持續增長，包括最近一個季度的 36%。特別是，我們看到微波爆米花的銷售額顯著增長，與去年相比增長了 20% 以上。

Our highly relevant Staples domain also accelerated sales growth, increasing 8% compared to the prior year and 15% versus 3 years ago. This was driven by strong performance in single-serve dinners and entrees with toppings, pickles and canned tomatoes.

我們高度相關的 Staples 領域也加速了銷售增長，與去年相比增長了 8%，與 3 年前相比增長了 15%。這是由單份晚餐和帶有澆頭、泡菜和罐裝西紅柿的主菜的強勁表現推動的。

Slide 11 highlights the relationship between price and volume over time. As I mentioned on last quarter's earnings call, we continue to take strategic pricing actions during the first quarter to help offset ongoing COGS inflation. As you would expect, pricing has driven some volume elasticities both for Conagra and the overall industry. This tends to be most acute in the immediate aftermath of new pricing and wanes over time as consumers adjust. As you can see at the bottom of this slide, our net elasticities have remained nearly flat over the past few quarters. These relatively modest elasticities, both compared to historic norms and our peers, are a testament to the strength of our brands.

幻燈片 11 突出顯示了價格和交易量之間的關係。正如我在上一季度的財報電話會議上提到的，我們在第一季度繼續採取戰略定價行動，以幫助抵消持續的銷貨成本通脹。正如您所料，定價為康尼格拉和整個行業帶來了一些數量彈性。這往往在新定價之後立即最為嚴重，並隨著消費者調整而逐漸減弱。正如您在這張幻燈片底部看到的那樣，我們的淨彈性在過去幾個季度幾乎保持平穩。與歷史標準和我們的同行相比，這些相對適度的彈性證明了我們品牌的實力。

As we monitor the impact of our pricing actions on volume, we also look at the relative impact between branded foods and private label. As you can see on Slide 12, private label has increased its dollar share of certain categories on average since 2019, including a jump in share gains at the beginning of this calendar year. However, it's worth noting that those share gains are much more modest in the categories in which we compete. We're confident that the continued investments in our brands as part of the Conagra Way will ensure they continue to resonate with consumers. These important efforts, combined with our limited exposure to private label, will help us retain the market share we've gained during the pandemic.

當我們監控定價行為對銷量的影響時，我們還會研究品牌食品和自有品牌之間的相對影響。正如您在幻燈片 12 上看到的那樣，自 2019 年以來，自有品牌在某些類別中的平均美元份額有所增加，其中包括本日曆年初的份額增長。然而，值得注意的是，在我們競爭的類別中，這些份額的增長要溫和得多。我們相信，作為 Conagra Way 的一部分，對我們品牌的持續投資將確保它們繼續引起消費者的共鳴。這些重要的努力，加上我們對自有品牌的有限接觸，將幫助我們保持在大流行期間獲得的市場份額。

Before I turn the call over to Dave, I want to talk about Conagra's supply chain and both the improvements and inefficiencies I referenced earlier. As I said, our supply chain continues to make progress. Pricing actions we implemented in the quarter and over the last year were largely able to offset continued inflation, and our service metrics continued to improve in Q1. While we're pleased with what we've accomplished to date, our supply chain is not yet fully normalized. We've continued to see some discrete inefficiencies pop up that resulted in higher costs in Q1.

在我把電話轉給戴夫之前，我想談談康尼格拉的供應鏈以及我之前提到的改進和低效率。正如我所說，我們的供應鏈繼續取得進展。我們在本季度和去年實施的定價措施在很大程度上能夠抵消持續的通貨膨脹，我們的服務指標在第一季度繼續改善。雖然我們對迄今為止所取得的成就感到滿意，但我們的供應鏈尚未完全正常化。我們繼續看到一些離散的低效率突然出現，導致第一季度成本上升。

I'll give you 2 examples to illustrate this. In our Foodservice business, we identified an off-spec finished good issue while producing product for a customer. We disposed of the product and lost manufacturing time during our diagnostic. This pulled sales and gross margin below where they should have been.

我會給你2個例子來說明這一點。在我們的餐飲服務業務中，我們在為客戶生產產品時發現了一個不合格的成品問題。我們在診斷過程中處理了產品並浪費了製造時間。這使銷售額和毛利率低於應有的水平。

My second example is in our canned chili and beans businesses where late, in Q1, we found cans that were off-spec. No product was recalled. And while production is now back up and running properly, the lost inventory effect will linger into Q2, impacting volumes and margins. The point is, these types of challenges can result in downtime needed to determine and solve the root cause of the issue as well as proper testing to ramp production back up. That lost time can result in higher costs and less production.

我的第二個例子是在我們的罐裝辣椒和豆類業務中，在第一季度末，我們發現罐頭不合格。沒有產品被召回。雖然現在生產已恢復並正常運行，但庫存損失的影響將持續到第二季度，影響銷量和利潤率。關鍵是，這些類型的挑戰可能會導致確定和解決問題的根本原因所需的停機時間以及適當的測試以加速生產。浪費的時間會導致更高的成本和更少的產量。

Looking ahead, we're not expecting these discrete supply chain interruptions to disappear overnight as the external environment remains dynamic. But despite these transitory disruptions, we are making good progress in the supply chain, with core productivity continuing to improve. Accordingly, we remain committed to our operating margin target for the year and to the productivity targets we announced at our Investor Day in July.

展望未來，我們預計這些離散的供應鏈中斷不會在一夜之間消失，因為外部環境仍然充滿活力。但儘管存在這些暫時的中斷，我們在供應鏈方面取得了良好進展，核心生產力繼續提高。因此，我們仍然致力於實現本年度的營業利潤率目標以及我們在 7 月投資者日宣布的生產力目標。

In summary, we're off to a strong start in fiscal '23 fueled by robust top line growth as a result of inflation-driven pricing increases and muted elasticities. Operationally, we continue to make progress in our specific areas of focus.

總而言之，由於通脹驅動的價格上漲和彈性減弱，收入強勁增長推動了我們在 23 財年的強勁開局。在運營方面，我們繼續在我們的特定重點領域取得進展。

For the balance of the year, we're planning for the operating environment to remain dynamic. While we expect consumer response to our brands to stay strong, we are planning for this quarter's volumes to be impacted by the supply chain disruptions, I just outlined, and from our most recent wave of inflation-driven pricing introduced to the market in early Q2. However, as I covered earlier, we expect this elasticity to wane over time. And while inflation remains persistent, we are starting to see moderation in certain areas and anticipate relief for commodities as the year unfolds.

在今年餘下的時間裡，我們計劃讓運營環境保持動態。雖然我們預計消費者對我們品牌的反應將保持強勁，但我們計劃本季度的銷量將受到供應鏈中斷的影響，我剛剛概述，以及我們在第二季度初引入市場的最新一波通脹驅動定價.然而，正如我之前提到的，我們預計這種彈性會隨著時間的推移而減弱。雖然通脹仍然持續，但我們開始看到某些領域的放緩，並預計隨著今年的到來，大宗商品會有所緩解。

Overall, we're off to a great start. But 1 quarter doesn't make a year, and we remain focused on delivering for our customers and consumers. We continue to see a clear path to achieving the guidance we issued for fiscal '23 behind the strength of our brands and ongoing productivity initiatives, leading us to reaffirm those targets.

總的來說，我們有了一個良好的開端。但是一個季度還不夠一年，我們仍然專注於為我們的客戶和消費者提供服務。在我們的品牌實力和持續的生產力舉措背後，我們繼續看到實現我們為 '23 財年發布的指導方針的明確途徑，這使我們重申了這些目標。

With that, I'll pass it over to Dave.

有了這個，我會把它交給戴夫。

Thanks, Sean, and good morning, everyone. I'll begin by discussing a few highlights from the quarter, as shown on Slide 16.

謝謝，肖恩，大家早上好。我將首先討論本季度的一些亮點，如幻燈片 16 所示。

Overall, we are pleased with our start to fiscal '23 and remain confident in our ability to achieve our full year guidance targets. We delivered strong organic net sales growth of 9.7% in Q1, reflecting the continued relevancy of our portfolio to consumers. Adjusted gross margin came in at 24.9% in line with expectations. Adjusted gross profit dollar growth was up 7.1%, benefiting from higher organic net sales and continued progress on supply chain productivity initiatives, although supply chain operational challenges did impact our business, as Sean referenced.

總體而言，我們對 23 財年的開始感到滿意，並對我們實現全年指導目標的能力充滿信心。我們在第一季度實現了 9.7% 的強勁有機淨銷售額增長，反映了我們的產品組合與消費者的持續相關性。調整後的毛利率為 24.9%，符合預期。正如肖恩所說，儘管供應鏈運營挑戰確實影響了我們的業務，但調整後的毛利潤美元增長了 7.1%，這得益於更高的有機淨銷售額和供應鏈生產力計劃的持續進展。

The Ardent Mills joint venture continues to operate as an effective inflation hedge as favorable market conditions and effective management drove another strong quarterly performance reflected in the equity earnings line and contributing to adjusted EBITDA growth of 9.1%.

Ardent Mills 合資企業繼續作為有效的通脹對沖工具運營，因為有利的市場條件和有效的管理推動了另一個強勁的季度業績，反映在股票收益線中，並有助於調整後的 EBITDA 增長 9.1%。

Turning to Slide 17. The 9.7% increase in organic net sales was driven by a 14.3% improvement in price/mix, a result of continued inflation-driven pricing actions. This was partially offset by a 4.6% decrease in volume primarily due to the elasticity impact from those increases. The small headwind from the impact of foreign exchange was the final contributor to net sales during the quarter.

轉到幻燈片 17。有機淨銷售額增長 9.7% 是由價格/組合改善 14.3% 推動的，這是持續通脹驅動的定價行動的結果。這部分被銷量下降 4.6% 所抵消，這主要是由於這些增長帶來的彈性影響。外匯影響的小阻力是本季度淨銷售額的最終貢獻者。

Slide 18 shows the top line performance for each segment in Q1. As mentioned, we are pleased with the robust net sales growth and continued share gains across our entire portfolio, particularly within our domestic retail businesses. Our Grocery & Snacks and Refrigerated & Frozen segments achieved net sales growth of 10.5% and 9.6%, respectively. The unfavorable impact of foreign exchange was reflected in the net sales decrease for our International segment.

幻燈片 18 顯示了第一季度每個細分市場的頂線表現。如前所述，我們對整個投資組合的強勁淨銷售額增長和持續的份額增長感到滿意，特別是在我們的國內零售業務中。我們的雜貨零食和冷藏冷凍業務分別實現了 10.5% 和 9.6% 的淨銷售額增長。外彙的不利影響反映在我們國際部門的淨銷售額下降中。

I'd now like to spend some time discussing our Q1 adjusted margin bridge found on Slide 19. We drove a 10.5% benefit from improved price/mix during the quarter, reflecting previously communicated pricing actions. We also realized a 1.2% benefit from continued progress on our supply chain productivity initiatives, which is net of operational inefficiencies Sean discussed. These price and productivity benefits were muted by continued inflationary pressure, with 15% gross market inflation impacting our operating margins by nearly 11%.

我現在想花一些時間討論我們在幻燈片 19 上發現的第一季度調整後的利潤率橋。我們在本季度通過改進的價格/組合推動了 10.5% 的收益，這反映了之前傳達的定價行動。我們還從供應鏈生產力計劃的持續進步中實現了 1.2% 的收益，這不包括 Sean 討論的運營效率低下。這些價格和生產力優勢因持續的通脹壓力而減弱，15% 的總市場通脹影響我們的營業利潤率近 11%。

Market-based sourcing had a negative margin impact of 1.6%. As commodity prices rose quickly last year, we benefited from locking in contracted costs that were lower than the market and have rolled off this quarter. As a reminder, even when commodity inflation eases, we will not immediately realize a benefit as our costs may remain higher than the spot market due to timing of contracts. This is transitory and a product of a dynamic operating environment.

基於市場的採購對利潤率產生了 1.6% 的負面影響。由於去年大宗商品價格快速上漲，我們受益於鎖定低於市場並在本季度下降的合同成本。提醒一下，即使大宗商品通脹緩解，我們也不會立即實現收益，因為由於合同時間的原因，我們的成本可能仍高於現貨市場。這是暫時的，是動態操作環境的產物。

Slide 20 breaks down our adjusted operating profit and margin by segment. We were pleased that higher organic net sales and supply chain productivity drove increased adjusted operating profit growth across 3 of our 4 segments in Q1. The strength of our Grocery & Snacks segment stands out on this slide, with adjusted operating margin in the segment increasing by 90 basis points compared to a year ago. Although Refrigerated & Frozen operating margin was down 21 basis points in Q1, this segment's gross margins were better than Q4 gross margins, demonstrating gross margin inflection that we expect to continue year to go. Inflation, supply chain pressures and elevated operating cost headwinds offset higher sales and realized productivity in our Refrigerated & Frozen, Foodservice and International segments.

幻燈片 20 按細分市場細分了我們調整後的營業利潤和利潤率。我們很高興，較高的有機淨銷售額和供應鏈生產力推動了第一季度我們 4 個部門中的 3 個部門的調整後營業利潤增長。我們的雜貨和零食部門的實力在這張幻燈片中脫穎而出，該部門的調整後營業利潤率與一年前相比增加了 90 個基點。儘管冷藏和冷凍業務的營業利潤率在第一季度下降了 21 個基點，但該部門的毛利率優於第四季度的毛利率，這表明我們預計未來一年將繼續出現毛利率拐點。通貨膨脹、供應鏈壓力和運營成本上升的不利因素抵消了我們冷藏和冷凍、餐飲服務和國際部門更高的銷售額和實現的生產力。

Before unpacking adjusted EPS on Slide 21, I'd like to provide some context on the goodwill and brand impairment charges that impacted our reported numbers. During the quarter, we made the decision to reorganize the reporting structure for certain brands in our Refrigerated & Frozen segment. In connection with these changes and in accordance with GAAP, we conducted an evaluation of goodwill for impairment. Given the increases in the current interest rate environment, which has further increased from the rates we recently used in our standard Q4 impairment testing, a higher discount rate primarily drove the noncash goodwill and brand impairment charges of $386 million for the quarter in reported SG&A expenses. The charges are not shown on the slide because they do not impact our adjusted numbers, but all reconciliations can be found in the tables at the back of this presentation.

在打開幻燈片 21 上調整後的每股收益之前，我想提供一些關於影響我們報告數字的商譽和品牌減值費用的背景信息。在本季度，我們決定重組我們冷藏和冷凍部門中某些品牌的報告結構。結合這些變化並根據公認會計原則，我們對商譽進行了減值評估。鑑於當前利率環境的增加，這比我們最近在我們的標準第四季度減值測試中使用的利率進一步增加，較高的貼現率主要推動了本季度報告的 SG&A 費用中 3.86 億美元的非現金商譽和品牌減值費用.費用沒有顯示在幻燈片上，因為它們不會影響我們調整後的數字，但所有對賬情況都可以在本演示文稿後面的表格中找到。

Our Q1 adjusted EPS increased $0.07 or 14%. Higher sales and gross profit, Ardent Mills' strong performance and a slight benefit from adjusted taxes were the primary positive contributors to our adjusted EPS performance in the quarter. These positives were offset by higher adjusted SG&A from the comparison to lower incentive compensation in the prior year's first quarter as well as lower pension and postretirement income and higher interest expense.

我們第一季度調整後的每股收益增加了 0.07 美元或 14%。更高的銷售額和毛利潤、Ardent Mills 的強勁業績以及調整後的稅收帶來的輕微收益是我們本季度調整後每股收益業績的主要積極因素。這些積極因素被調整後的 SG&A 與去年第一季度較低的激勵薪酬以及較低的養老金和退休後收入以及較高的利息支出相比較所抵消。

You can see how we are continuing to strengthen our balance sheet on Slide 22. At the end of the quarter, our net leverage ratio was 3.9x, down from 4x at the end of fiscal '22. We expect to end fiscal '23 with a net leverage ratio of roughly 3.7x. Keep in mind that historically, Q2 is a heavier use of cash quarter from a working capital perspective. So we expect progress on our net leverage reduction to be greater in the back half of the fiscal year.

您可以在幻燈片 22 上看到我們如何繼續加強我們的資產負債表。在本季度末，我們的淨槓桿率為 3.9 倍，低於 22 財年末的 4 倍。我們預計在 23 財年結束時的淨槓桿率約為 3.7 倍。請記住，從歷史上看，從營運資金的角度來看，第二季度是現金季度的大量使用。因此，我們預計在本財年後半期，我們的淨槓桿降低進展會更大。

CapEx decreased by $30 million year-over-year to $125 million during the quarter, while free cash flow increased $138 million from negative $15 million in Q1 '22, partially due to the accelerated receipt of outstanding receivables as we capitalized on certain customer payment terms. We paid $150 million in dividends in Q1 fiscal '23, an increase of $18 million compared to Q1 a year ago, highlighting our commitment to returning capital to shareholders. And we repurchased $50 million worth of shares in the first quarter in line with our stated objective of offsetting dilution from our share-based incentive compensation plans. We will continue to evaluate the highest and best use of capital to optimize shareholder value as we progress through the fiscal year.

本季度資本支出同比減少 3000 萬美元至 1.25 億美元，而自由現金流從 22 年第一季度的負 1500 萬美元增加了 1.38 億美元，部分原因是我們利用某些客戶付款條款加速了未清應收賬款的接收.我們在 23 財年第一季度支付了 1.5 億美元的股息，與一年前的第一季度相比增加了 1800 萬美元，凸顯了我們向股東返還資本的承諾。我們在第一季度回購了價值 5000 萬美元的股票，以符合我們既定的目標，即抵消基於股票的激勵薪酬計劃的稀釋。隨著財政年度的推進，我們將繼續評估最高和最佳的資本利用方式，以優化股東價值。

Once again, we are reaffirming our fiscal '23 guidance across all metrics given our strong quarter and expectations for solid performance for the balance of the year.

鑑於我們強勁的季度和對今年餘下時間穩健表現的預期，我們再次重申我們在所有指標上的 23 財年指導。

Before opening up the call for questions, I want to walk through the considerations and assumptions behind our guidance. We continue to expect the inflationary environment to persist, but moderate through calendar year '23, which will result in a low teens inflation rate for our fiscal year '23 weighted toward the first half of the fiscal year. We also expect previously communicated pricing actions in light of these costs to become effective early in the second quarter, likely causing volume to decline. We recently communicated some additional pricing that will be effective in Q3. However, the magnitude will be smaller and more targeted than previous pricing actions. As always, we will continue to monitor inflation levels and price as needed to manage future volatility.

在開始提問之前，我想了解一下我們的指導背後的考慮和假設。我們繼續預計通脹環境將持續存在，但在 '23 日曆年會有所緩和，這將導致我們 '23 財年的青少年通脹率偏低，偏向於本財年的上半年。我們還預計，之前根據這些成本傳達的定價行動將在第二季度初生效，這可能會導致銷量下降。我們最近傳達了一些將在第三季度生效的額外定價。但是，與之前的定價行動相比，幅度將更小，更有針對性。與往常一樣，我們將繼續根據需要監控通脹水平和價格，以管理未來的波動。

We expect CapEx spend of approximately $500 million in fiscal '23 as we make investments to support our growth and productivity priorities with a focus on capacity expansion and automation.

我們預計 23 財年的資本支出約為 5 億美元，因為我們進行投資以支持我們的增長和生產力優先事項，重點是產能擴張和自動化。

Finally, we anticipate interest expense to be roughly $410 million, and pension and postretirement income to be approximately $25 million for the year driven by the higher interest rate environment. Our full year tax rate estimate is approximately 24%.

最後，在高利率環境的推動下，我們預計今年的利息支出約為 4.1 億美元，養老金和退休後收入約為 2500 萬美元。我們的全年稅率估計約為 24%。

To reiterate, we are pleased with our strong start to the year and remain confident in our outlook for fiscal '23. Our ability to deliver solid results amidst such a dynamic environment is a testament to the hard work and skills of our team, the strength of our brands and our execution of the Conagra Way playbook.

重申一下，我們對今年的強勁開局感到高興，並對我們對 23 財年的前景充滿信心。我們在這樣一個充滿活力的環境中取得可靠成果的能力證明了我們團隊的辛勤工作和技能、我們品牌的實力以及我們對 Conagra Way 劇本的執行。

Thank you for listening. That concludes our prepared remarks for today's call. I'll now pass it back to the operator to open the line for questions.

謝謝你的聆聽。我們為今天的電話會議準備的發言到此結束。我現在將它傳回給接線員以打開問題線。

(Operator Instructions) Our first question comes from Andrew Lazar from Barclays.

（操作員說明）我們的第一個問題來自 Barclays 的 Andrew Lazar。

I've got 2 questions. I guess, first off, have you seen any change in sort of volume trends, elasticity or retailer reaction since the new pricing has come into play in 2Q or since announcing the more targeted pricing for 3Q? And again -- or are you just sort of being, I guess, more prudent in the way you're forecasting your sort of volume and elasticity going forward? Just trying to get a sense if anything has changed that you see that we don't see, like, let's say, in the data yet.

我有 2 個問題。我想，首先，自從新定價在第二季度開始發揮作用或宣布第三季度更有針對性的定價以來，您是否看到銷量趨勢、彈性或零售商反應有任何變化？再說一次 - 或者我猜你只是在預測你未來的數量和彈性的方式上更加謹慎？只是試圖了解是否有任何變化，你看到我們沒有看到，比如，比如說，在數據中。

Sure. Andrew, here's how I think about elasticities, and we had this in our materials. They are benign, and they are stable. And we kind of shared this concept of stable net elasticities. And the way to think about that is, that is basically the combination of waning earlier pricing elasticities being offset by elasticities associated with more recent pricing, but the net effect is flat and benign elasticities. And this far into an inflation and pricing cycle, I view that as very, very positive news.

當然。安德魯，這就是我對彈性的看法，我們的材料中有這個。它們是良性的，並且是穩定的。我們有點分享穩定淨彈性的概念。考慮這一點的方法是，這基本上是早期定價彈性的減弱被最近定價相關的彈性所抵消，但淨效應是平坦和良性的彈性。在通脹和定價週期中，我認為這是非常非常積極的消息。

And as we mentioned at our Investor Day, our elasticities have consistently been better, and that -- by that, I mean more benign than our peers, and that reflects the strength of our brands and the important work we've done to modernize our portfolio.

正如我們在投資者日提到的那樣，我們的彈性一直更好，而且 - 我的意思是比我們的同行更溫和，這反映了我們品牌的實力以及我們為實現現代化所做的重要工作文件夾。

Now as you look ahead, and this may be nuanced, but it's an important nuance. At this point, given how stable our elasticities have been, I expect continued strong elasticity coefficient, but we are pricing more of the portfolio. So those coefficients apply to a larger volume-based, which is why we've planned for some incremental volume weakness. It's not that the elasticity coefficient has changed. It's that, that benign elasticity is now being applied to a broader piece of the portfolio.

現在，當您展望未來時，這可能是細微差別的，但這是一個重要的細微差別。在這一點上，鑑於我們的彈性一直很穩定，我預計彈性係數將繼續保持強勁，但我們正在為更多的投資組合定價。因此，這些係數適用於更大的交易量，這就是我們計劃一些增量交易量疲軟的原因。並不是彈性係數變了。就是這樣，這種良性彈性現在正被應用於更廣泛的投資組合。

So that's why as you look at in the industry, as you look at competitors that have pricing and dollar sales that go from plus 7 to plus 14 to plus 20, you're going to see volumes move directionally along with that. But what you've seen in our company and more broadly is that the volume effect is quite modest compared to anything we've seen historically. And I think most important, it's been very stable from an elasticity coefficient standpoint.

所以這就是為什麼當你在行業中觀察時，當你觀察定價和美元銷售額從正 7 到正 14 到正 20 的競爭對手時，你會看到銷量隨之發生方向性變化。但你在我們公司看到的更廣泛的情況是，與我們歷史上看到的任何情況相比，體積效應都相當溫和。我認為最重要的是，從彈性係數的角度來看，它非常穩定。

Great. Very helpful color. And then I guess I want to go a little bit deeper on gross margin. It's improved sequentially, I think, for the past sort of 5 quarters. I think you had previously said that fiscal 1Q was really the quarter where Conagra would see the largest sort of mismatch, right, between pricing and cost of the year in '23. So I guess could we see gross margins start to expand year-over-year starting in fiscal 2Q as the Street still has lower gross margins year-over-year? And I guess if not, why would that be? I understand some of the operational issues, but you had some of those in 1Q, but margins still came in better than the Street was looking for.

偉大的。很有幫助的顏色。然後我想我想進一步提高毛利率。我認為，在過去的 5 個季度中，它依次得到了改善。我認為您之前曾說過，第一財季實際上是康尼格拉在 23 年定價和年度成本之間出現最大不匹配的季度。所以我想我們是否可以看到從第二財季開始毛利率開始同比增長，因為華爾街的毛利率仍然同比下降？我想如果不是，為什麼會這樣？我了解一些運營問題，但您在第一季度遇到了一些問題，但利潤率仍然比華爾街預期的要好。

So any color on that, I think, would be helpful because, again, we're trying to get a read on -- for you and the industry sort of the timing around the potential for actual margin recovery as opposed to just covering the sort of the dollar cost, if you will.

因此，我認為，任何顏色都會有所幫助，因為我們再次試圖了解——對於您和行業而言，實際利潤率恢復潛力的時機，而不是僅僅涵蓋那種美元成本，如果你願意的話。

Yes. Let me tell you how I think about kind of margins overall, then Dave get in a little bit more of the detail here. Margins are heading in the right direction, and we expect that to continue. But it's not necessarily a straight line because, obviously, the external environment remains dynamic. If you think about last quarter, we saw year-on-year margin expansion in Grocery & Snacks and Foodservice. This quarter, we gave a little of that back in Foodservice due to the transitory operational issue I discussed a few minutes ago, but we made good progress in Frozen & Refrigerated. And plus, core productivity is in a good place.

是的。讓我告訴你我是如何看待整體利潤率的，然後 Dave 會在這裡詳細介紹一下。利潤率正朝著正確的方向發展，我們預計這種情況會繼續下去。但這不一定是一條直線，因為很明顯，外部環境仍然是動態的。如果您考慮上個季度，我們看到雜貨和零食和餐飲服務的利潤率同比增長。本季度，由於我幾分鐘前討論過的暫時性運營問題，我們在餐飲服務部門給予了一些回報，但我們在冷凍和冷藏方面取得了良好進展。此外，核心生產力處於一個很好的位置。

So you take all of that, couple it with strong brands, broad-based pricing and benign and stable elasticities that I just mentioned, and overall, I'd say it bodes well.

因此，您將所有這些與強大的品牌、基礎廣泛的定價以及我剛才提到的良性和穩定的彈性相結合，總的來說，我認為這是個好兆頭。

Dave, do you want to build on that?

戴夫，你想以此為基礎嗎？

Yes. Sure. So Andrew, we don't give specific quarterly guidance, but we do expect sequential improvement in gross margin and operating margins moving forward based on the assumptions we have now. We expect the highest percentage of inflation for the fiscal year in the Q1 we just delivered. So we expect the percentage will moderate moving forward.

是的。當然。所以安德魯，我們沒有給出具體的季度指導，但我們確實預計根據我們現在的假設，毛利率和營業利潤率將連續改善。我們預計我們剛剛交付的第一季度財政年度的通貨膨脹率最高。因此，我們預計該百分比將在未來放緩。

We're seeing the full magnitude of pricing from fiscal 2022 in the quarter, but we also took pricing during Q1. And we've taken additional pricing at the beginning of Q2. So we will see the full impact of that starting in Q2. And we also expect to see some gradual improvement in our net productivity as the supply chain and service levels continue to normalize. So all those things give us confidence that we'll improve our margin sequentially moving forward.

我們在本季度看到了 2022 財年的全部定價，但我們也在第一季度進行了定價。我們在第二季度開始時採取了額外的定價。因此，我們將從第二季度開始看到它的全部影響。隨著供應鍊和服務水平繼續正常化，我們還希望看到我們的淨生產力逐漸提高。因此，所有這些都讓我們有信心繼續提高利潤率。

The next question comes from Ken Goldman from JPMorgan.

下一個問題來自摩根大通的 Ken Goldman。

You reiterated your outlook for low teens COGS inflation this year. I don't think it was expected that you'd alter this outlook. But Sean, you said you're seeing some maybe initial relief in some areas. And we can surely see that chicken and pork prices have dropped, and those are 2 areas that were maybe troublesome for you in the past. So I guess I'm curious, as we think about some of the COGS tailwinds, are there any other key drivers that have become more difficult, I guess, recently that would offset that? I guess I'm asking in a nutshell, are you more optimistic or pessimistic about cost inflation in general for the year than you were a quarter ago?

您重申了您對今年低青少年銷貨成本通脹的展望。我不認為你會改變這種看法。但是肖恩，你說你在某些領域看到了一些初步的緩解。我們可以肯定地看到雞肉和豬肉的價格已經下降，而這兩個領域過去可能會給您帶來麻煩。所以我想我很好奇，當我們考慮到一些 COGS 順風時，是否還有其他關鍵驅動因素變得更加困難，我想，最近會抵消這一點？我想我是在問一個簡單的問題，你對今年的總體成本通脹比一個季度前更樂觀還是悲觀？

Ken, I'll make a brief comment and turn it over to Dave. We're seeing some green shoots, obviously, in some commodities, and I think that does bode well. We are obviously much longer into an inflation cycle than anybody hoped we would be. This thing has persisted longer than ever. But I do see positive things shaping up. But as you can imagine, when you contract in some of these commodities, those contracts don't necessarily drop off the very minute you start seeing positive news on the forward curve. So that negative sourcing factor is just a reality of being at the end of one of these cycles. And the good news is I feel good about how our purchasing team has managed this because when you're coming to the end of the inflation cycle, you don't want to be overly long, right? And I think the team has done a very good job of that.

肯，我會做一個簡短的評論，然後交給戴夫。顯然，我們在一些商品中看到了一些新芽，我認為這確實是個好兆頭。顯然，我們進入通脹週期的時間比任何人希望的要長得多。這件事持續的時間比以往任何時候都長。但我確實看到積極的事情正在形成。但正如您可以想像的那樣，當您簽訂其中一些商品時，這些合約不一定會在您開始看到遠期曲線上的利好消息的那一刻下降。因此，負面採購因素只是處於這些週期之一結束的現實。好消息是我對我們的採購團隊如何管理這件事感覺很好，因為當你即將結束通脹週期時，你不想過長，對吧？我認為團隊在這方面做得非常好。

Dave, do you want to add any more color?

戴夫，你想再添點顏色嗎？

Yes, for sure. So regarding inflation, Ken, Q1 came in largely in line with the market estimate that we had, which -- that's the first time that's happened in several quarters, right? The market has just continued to be very volatile. So we like to believe that, that's a proxy for a little bit less volatility moving forward.

是肯定的。因此，關於通脹，Ken，第一季度與我們的市場估計基本一致，這是幾個季度以來的第一次，對吧？市場只是繼續非常不穩定。所以我們願意相信，這是未來波動性降低的一個代表。

The inflation estimate for the full year is still low teens. So that's a double-digit number off of 2 years of very high inflation. So it's not like we're in a deflationary environment. But we feel like that we use our market indicators. We feel like that we've adequately estimated and planned and built some conservatism into our forecast for this. So listen, the last 1.5 years has told us that things can change very quickly. But based on Q1 coming in where we thought, based on our forecast, based on procurement that Sean just talked about, we are a very strong team, as we sit here today, we feel good about our estimates and how it will affect each quarter going forward.

全年的通脹估計仍處於低位。因此，這是 2 年非常高的通貨膨脹率的兩位數。所以這並不像我們處於通貨緊縮的環境中。但我們覺得我們使用了我們的市場指標。我們覺得我們已經充分估計和計劃，並在我們的預測中建立了一些保守主義。所以聽著，過去 1.5 年告訴我們，事情可能會很快發生變化。但是基於我們認為的第一季度的到來，基於我們的預測，基於肖恩剛剛談到的採購，我們是一個非常強大的團隊，因為我們今天坐在這裡，我們對我們的估計以及它將如何影響每個季度感到滿意往前走。

And then a quick follow-up. One of the -- I'm sure you hear this all the time -- the more bearish cases on the industry is that your customers as their consumers start weakening and maybe as vendor gross margins start to improve, but some of those retailers will start to demand a bit more from you and your peers, whether in the form of higher promotions or in-store advertising. So we really haven't seen an indication of this taking place, and I think your tone today would suggest you're not either. But I'm just curious if you're seeing or hearing any talk in the industry or any talk in your categories about your competitors getting more aggressive on price and promotion or your customers kind of pushing back a little bit as these list prices continue to rise. It doesn't seem like we're seeing it in the data. But as Andrew said before, sometimes the data don't tell the whole story.

然後快速跟進。其中一個——我相信你一直都在聽到——這個行業更悲觀的案例是，你的客戶作為他們的消費者開始走弱，也許隨著供應商的毛利率開始提高，但其中一些零售商會開始向您和您的同行提出更多要求，無論是以更高的促銷活動還是店內廣告的形式。所以我們真的沒有看到這種情況發生的跡象，我認為你今天的語氣表明你也沒有。但是我很好奇您是否看到或聽到業內任何談話或您所在類別中的任何談話，即您的競爭對手在價格和促銷方面變得更加激進，或者隨著這些標價繼續上漲，您的客戶有點退縮上升。我們似乎沒有在數據中看到它。但正如 Andrew 之前所說，有時數據並不能說明全部情況。

Yes. Ken, I think the 2 most common words I've heard from customers in the last year plus is supply surety. That is the priority, making sure that we can continue to get our service levels moving in the right direction so that they've got the products in stock. They don't want to go through out of stocks. Especially now as we're about to enter the holidays, that's a particularly sensitive period.

是的。肯，我認為去年我從客戶那裡聽到的兩個最常見的詞是供應保證。這是當務之急，確保我們能夠繼續使我們的服務水平朝著正確的方向發展，以便他們有庫存的產品。他們不想經歷缺貨。尤其是現在我們即將進入假期，這是一個特別敏感的時期。

So if you think about it, with the supply chain not yet fully normalized across the industry, I think the last thing anybody wants to do right now is throw drove fuel on the fire and exacerbate inventory issues, out of stock issues, things like that. So I think the environment remains pretty rational right now, and I have no reason to believe that's not going to continue for the foreseeable future.

因此，如果您考慮一下，由於整個行業的供應鏈尚未完全正常化，我認為任何人現在最不想做的事情就是火上澆油，加劇庫存問題，缺貨問題，諸如此類.所以我認為現在的環境仍然相當合理，我沒有理由相信在可預見的未來這種情況不會持續。

The next question comes from Jason English from Goldman Sachs.

下一個問題來自高盛的 Jason English。

You mentioned service levels still subdued. Can you give us an update on where they stand and how that compares to where you were maybe last quarter?

你提到服務水平仍然低迷。您能否向我們介紹他們的最新情況以及與您上個季度的情況相比如何？

Actually, Jason, service levels have improved pretty dramatically. It's quite positive. So moving in the right direction, getting north -- during the peak of COVID, you saw service levels in CPG even broader and food drop into some companies were down in 50s. And recently, you've seen companies back up over 90%. So that's -- it's category specific. So you can't kind of assume that, that's everywhere. We still have certain categories where our demand is just so strong. We'd like to be cranking out more volume and selling more like Slim Jim.

實際上，傑森，服務水平已經大大提高了。這是相當積極的。因此，朝著正確的方向前進，向北前進——在 COVID 的高峰期，您看到 CPG 的服務水平甚至更廣泛，一些公司的食品下降了 50 年代。最近，您已經看到公司支持超過 90%。這就是——它是特定於類別的。所以你不能假設，那無處不在。我們仍然有某些類別的需求非常強勁。我們希望像 Slim Jim 一樣增加銷量並銷售更多產品。

But I'd say here's how to think about supply chain overall. There is clear progress happening in supply chain. It's at Conagra. It's across the industry, and it's improving. Service levels have materially improved, as I just said. Core productivity is tracking well. Clear progress. Is it flawless? No, it's not flawless, as you heard. Some things keep popping up, as we outlined.

但我想說的是如何從整體上考慮供應鏈。供應鏈正在取得明顯進展。它在康尼格拉。它遍布整個行業，並且正在改善。正如我剛才所說，服務水平有了實質性的提高。核心生產力跟踪良好。清晰的進展。它完美無瑕嗎？不，正如你所聽到的，它並非完美無缺。正如我們所概述的，有些事情不斷出現。

So the external environment remains dynamic, and that's why we think it's prudent. And you heard some of our comments on -- commentary on Q2, we just want to take a prudent stance forward looking to say, look, we are going to be taking some more pricing. That's broader on the portfolio. That'll have some even modest impact tied to it. And we've got -- we're going to assume that the supply chain dynamism continues for a bit longer. We just think that's the right way to handle it this close into the year. But overall, service levels, to your point, are making real progress.

所以外部環境仍然是動態的，這就是為什麼我們認為它是謹慎的。你聽到了我們的一些評論——關於第二季度的評論，我們只是想採取謹慎的立場，期待說，看，我們將採取更多定價。這在投資組合上更廣泛。這將產生一些與之相關的甚至適度的影響。而且我們已經 - 我們將假設供應鏈的活力會持續更長的時間。我們只是認為這是在今年接近尾聲時處理它的正確方法。但總體而言，就您而言，服務水平正在取得真正的進步。

And Sean, as you continue to improve, would you expect promotional activity to improve with it?

肖恩，隨著您的不斷進步，您會期望促銷活動隨之改善嗎？

I think we're quite a ways from that. And to the degree it does, Jason, a couple of things to keep in mind about our company. If you look at our volume base, and you say what percentage of the total volume is promoted, it's one of the lowest levels of promotion in the industry. And as you know, that has been a deliberate part of our playbook. But we're not opposed to promotion. We do some promotion, and we do it on certain brands, and we do at certain times of the year because it drives incremental volume. A good example of that is the work we do around holidays and promotion because it's kind of binary. You're not on promotion on holidays, you're going to miss some sales, and we'll take those sales because that's pure ROIC.

我認為我們離那還有很長的路要走。傑森，就我們公司的情況而言，有幾件事要記住。如果您查看我們的銷量基數，並說促銷總量佔總銷量的百分比，這是業內最低的促銷水平之一。如您所知，這一直是我們劇本中經過深思熟慮的一部分。但我們並不反對升職。我們做一些促銷，我們在某些品牌上做，我們在一年中的某些時候做，因為它推動了銷量的增長。一個很好的例子是我們圍繞假期和促銷所做的工作，因為它是一種二進制。你不是在節假日促銷，你會錯過一些銷售，我們會接受這些銷售，因為那是純粹的投資回報率。

So we're very -- we've become very focused on very selective pursuit of promotion and a high ROI focus on promotion. And we're probably at record lows right now. At some point, that'll come up modestly, but I'm not anticipating any kind of material change.

所以我們非常 - 我們已經非常專注於非常有選擇性地追求促銷和高投資回報率。我們現在可能處於創紀錄的低點。在某些時候，這會適度地出現，但我不期待任何形式的實質性變化。

The next question comes from Bryan Spillane from Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

So 2 quick ones for me. The first one is maybe just getting back to the issues that, Sean, you called out with -- in Foodservice and in the canned chili and beans. Just can -- and maybe, David, you can do this, just can you give us some sense of just the magnitude, how much it impacted volume or revenue and the impact on margins? Just trying to tease out how much better things would have been if you didn't have these issues.

所以2個對我來說是快速的。第一個問題可能只是回到肖恩，你提出的問題 - 在餐飲服務和罐裝辣椒和豆類中。只是可以 - 也許，大衛，你可以做到這一點，你能否讓我們了解一下規模，它對銷量或收入的影響以及對利潤率的影響？只是想弄清楚如果你沒有這些問題，事情會有多好。

Yes. Bryan, why don't I take that? So if you see in our margin bridge that we had in the deck that the realized productivity in other COGS was plus 1.2%. So clearly, those 2 issues impacted that. I'm not going to give a specific amount, but our core productivity that's in that number -- as you know, we shoot for about 3% of cost of goods sold, which equates to, when you look at margin, about 2.2%. So 2.2% margin improvement would be what our core productivity is, and we came in at 1.2%. So that's about 1 percentage point of impact.

是的。布萊恩，我為什麼不接受呢？因此，如果您在我們的保證金橋中看到我們在甲板上的其他 COGS 的已實現生產力增加了 1.2%。很明顯，這兩個問題影響了這一點。我不會給出具體金額，但我們的核心生產力就是這個數字——如你所知，我們的目標是銷售商品成本的 3% 左右，當你查看利潤率時，這相當於大約 2.2% .因此，2.2% 的利潤率提高將是我們的核心生產力，而我們的利潤率為 1.2%。所以這大約是 1 個百分點的影響。

Now that wasn't just the things Sean talked about. We also had some other things and absorption and different things that hit. But Sean just gave you a couple of examples that are in all of the things that gave us a headwind against that kind of core productivity number. So we're pleased about core productivity in the plants. We're making great progress. It's just some of these isolated things that we look at as transitory are kind of headwinds to that number.

現在這不僅僅是肖恩談論的事情。我們也有一些其他的事情和注意力，以及不同的事情發生了。但肖恩只是給了你幾個例子，這些例子都讓我們對這種核心生產力數字產生了不利影響。因此，我們對工廠的核心生產力感到滿意。我們正在取得很大進展。我們認為只是暫時的這些孤立事物中的一些是該數字的逆風。

Yes. And Bryan, we know the markers you guys are looking for to say, are we making progress here? And obviously, an important one for all of us is our margins. And last quarter, as I mentioned, we (inaudible) versus a years ago on 2 of the 4 segments. At that time, we said we expect the other 2 segments to inflect positive. As we move through this year, we, of course, still do, but we gave up a little bit of ground in Foodservice in the quarter. And while -- it's one of the reasons we wanted to put a little color on some of these examples is Foodservice is not a big piece of the portfolio, but this issue in Foodservice that popped up impacted Foodservice.

是的。布萊恩，我們知道你們想要說的標記，我們在這方面取得進展了嗎？顯然，對我們所有人來說，一個重要的因素是我們的利潤。正如我所提到的，上個季度，我們（聽不清）與一年前相比，在 4 個細分市場中的 2 個細分市場。當時，我們說我們預計其他兩個細分市場將出現積極影響。隨著我們今年的發展，我們當然仍然會這樣做，但我們在本季度放棄了在餐飲服務方面的一些優勢。雖然 - 這是我們想在其中一些示例上加點顏色的原因之一，食品服務不是投資組合的重要組成部分，但食品服務中突然出現的這個問題影響了食品服務。

So it's why you see some of the directional volatility. There are specific root causes behind it that you don't anticipate in advance that we want to pop up, and we don't want that to be read as there's something more systemic happening in Foodservice, and we gave up ground for some broader reasons. That's not the case. It's tied to the -- in that segment the instance that we described in the prepared remarks.

所以這就是為什麼你會看到一些方向性波動。背後有一些具體的根本原因，你沒有提前預料到我們想要彈出，我們不希望人們看到這一點，因為餐飲服務領域正在發生更系統性的事情，我們出於一些更廣泛的原因放棄了立場.事實並非如此。它與我們在準備好的評論中描述的那個片段中的實例相關聯。

Okay. And then just one other follow-up is just given the recent Hurricane Ian in Florida and the impact there, anything that we should be thinking about with regard to, I guess, this quarter, either pull forward of sales or any impact on operations? Just anything we should be thinking about there?

好的。然後只是另一個後續行動，只是考慮了最近在佛羅里達州發生的伊恩颶風及其影響，我們應該考慮的任何事情，我猜，本季度，要么推動銷售，要么對運營產生任何影響？有什麼我們應該考慮的嗎？

Bryan, I don't think so. That's a really tough one to call because obviously, some people, unfortunately, are not in a position where they can shop right now or their stores might be closed. And so you can argue that there might be miss sales because of that. By the same token, maybe their pantry inventories were obliterated and have to be replenished in the future. So it's just too early to know exactly what that looks like. And in the scheme of the whole national business, I don't anticipate that, that would be a material disruption one way or another.

布萊恩，我不這麼認為。這是一個非常艱難的決定，因為很明顯，不幸的是，有些人現在無法購物，否則他們的商店可能會關閉。因此，您可以爭辯說，因此可能會出現銷售失誤。出於同樣的原因，也許他們的儲藏室庫存已經消失，將來必須補充。所以現在要確切地知道它是什麼樣子還為時過早。在整個國家業務的計劃中，我不認為這會以某種方式造成重大破壞。

Dave, do you want to add?

戴夫，您要添加嗎？

Yes. And just the last part of that, there was no material impact on our operations as a result of the hurricane.

是的。就最後一部分而言，颶風並未對我們的運營產生重大影響。

The next question comes from Robert Moskow from Credit Suisse.

下一個問題來自瑞士信貸的羅伯特莫斯科。

Actually, a few small ones. Was there any benefit from reloading inventory in the quarter? I think you mentioned it as a headwind inventory deloading [in forth]. So I want to know about that.

實際上，一些小的。本季度重新加載庫存有什麼好處嗎？我認為你提到它是一個逆風庫存卸載[第四]。所以我想知道這件事。

Also, I took a peek at 2Q last year. It looks like there was a pretty sizable hedging benefit, maybe 200 basis points in 2Q last year. Do you think that will be a 200 basis point headwind this year as a result of the duration of hedges?

另外，我去年看了第二季度。看起來有相當大的對沖收益，去年第二季度可能有 200 個基點。您認為由於對沖的持續時間，今年這將是 200 個基點的逆風嗎？

Why don't I start? Sean, you can jump in, add any color. On your first question, Rob, we continue to ship in line with consumption. So if you -- look, in Q1, we shipped a bit ahead of consumption, but -- when you look at the percentages, but if you look at Q1 a year ago, we shipped a little bit below. So when we look at our days of supply numbers with retailers and the retailer inventories, we are in line with where we've been in prior year and where we expect to be. So we don't see any significant kind of issue with retailer inventories right now. We're right where we want to be, and we're basically shipping to consumption. So there's no there's no kind of loading or deloading dynamic right there.

我為什麼不開始？肖恩，你可以加入，添加任何顏色。關於你的第一個問題，Rob，我們繼續按照消費量發貨。因此，如果您 - 看，在第一季度，我們的出貨量略高於消費量，但是 - 當您查看百分比時，如果您查看一年前的第一季度，我們的出貨量略低於消費量。因此，當我們查看與零售商的供應天數和零售商庫存時，我們與前一年的情況和預期的情況一致。因此，我們目前沒有看到零售商庫存存在任何重大問題。我們就在我們想去的地方，我們基本上是在運送到消費。所以那裡沒有加載或卸載動態。

In terms of your second question, yes, we -- as you saw in the first quarter results, we did have negative sourcing, right, because we come off favorable contracts. So that will continue to happen. That's all baked in our estimates that we give, right? So we estimate market inflation and kind of where we were locked in, when those contracts or hedges come off. So that's all part of the forecast that we gave. So I'm not going to give a very specific number that you asked. But generally, that's how we forecast and plan it for the full year.

關於你的第二個問題，是的，我們——正如你在第一季度業績中看到的那樣，我們確實有負採購，對，因為我們簽訂了有利的合同。所以這將繼續發生。這一切都在我們給出的估計中，對吧？因此，我們估計市場通脹和我們被鎖定的位置，當這些合約或對沖消失時。這就是我們給出的預測的一部分。所以我不會給出你問的一個非常具體的數字。但總的來說，這就是我們預測和計劃全年的方式。

Okay. Just a quick follow-up maybe for Sean. I think the plan is to increase A&P spending this year, but it was flat in the first quarter. Is anything getting shifted into the next 3 quarters?

好的。可能只是對肖恩的快速跟進。我認為今年的計劃是增加 A&P 支出，但第一季度持平。未來三個季度有什麼變化嗎？

Yes. Let me start that, Rob, and then I'll flip it over to Dave here. I think the intent behind the question is are we -- do we have a good plan in place to support our brand-building activities? And the answer to that question is clearly yes. Just look at our results with dollar sales over the past 52 weeks versus 3 years ago, I think we're up over 19%, while volumes over that same period are roughly flat despite quite a bit of pricing. So the brand support that we've got out there is strong. And for those of you who are listening who did not watch our Investor Day presentation, I would direct you to the presentation from Darren Serrao on how we think about brand building broadly because A&P is a piece of it, but it's only a piece of it. And I think that was very instructive.

是的。讓我開始吧，Rob，然後我會把它交給 Dave。我認為這個問題背後的意圖是我們——我們是否有一個好的計劃來支持我們的品牌建設活動？這個問題的答案顯然是肯定的。看看我們過去 52 週的銷售額與 3 年前相比的結果，我認為我們增長了 19% 以上，而同期的銷量大致持平，儘管定價相當高。因此，我們在那裡獲得的品牌支持非常強大。對於那些沒有觀看我們投資者日演講的聽眾，我會引導你們觀看 Darren Serrao 關於我們如何廣泛地看待品牌建設的演講，因為 A&P 是其中的一部分，但它只是其中的一部分.我認為這很有啟發性。

With respect to where we sit on the year on A&P, Dave, you want to kind of describe how it's unfolded in Q1 and how it unfold from here?

關於我們在 A&P 的年度位置，Dave，你想描述一下它在第一季度是如何展開的，以及它是如何從這裡展開的？

Yes. Sure. So we had given guidance that we expect A&P will grow above our organic net sales for the full year. So this is a timing thing. We expect A&P will ramp up year to go. If you just look at where we came in at Q4, if you look at A&P in Q1 versus Q4, we're up $16 million or over 30% just on a kind of sequential basis. So we expect A&P to ramp up year to go.

是的。當然。因此，我們給出的指導是，我們預計 A&P 全年的增長將超過我們的有機淨銷售額。所以這是一個時間問題。我們預計 A&P 將在未來一年內增長。如果您只看一下我們在第四季度的收入，如果您看看第一季度與第四季度的 A&P，我們僅按順序增長 1600 萬美元或超過 30%。因此，我們預計 A&P 將在未來一年增長。

The next question comes from Cody Ross from UBS.

下一個問題來自瑞銀的 Cody Ross。

I just want to go back to your pricing actions that you noted to be effective in 3Q. Can you just describe how much is it, what parts of your portfolio it is in and then how much is locked in at this point?

我只想回到您指出在第三季度有效的定價行動。你能描述一下它有多少，它在你的投資組合中的哪些部分，以及此時鎖定了多少？

Cody, it's Sean. We're not going to get into details on the specific ZIP codes of the pricing for, obviously, for competitive reasons, but these are very surgical pricing actions on parts of the portfolio. It's not a broad-based action across the whole portfolio. And so again, we've got meaningful pricing happening now in Q2 and then more surgical actions later. And we don't know what's going to unfold after that. If we need to, we'll take additional action, but that is the plan right now.

科迪，是肖恩。顯然，出於競爭原因，我們不會詳細介紹定價的具體郵政編碼，但這些是對部分投資組合的非常外科手術的定價行動。這不是整個投資組合的基礎廣泛的行動。再說一次，我們現在在第二季度進行了有意義的定價，然後再採取更多的手術措施。我們不知道在那之後會發生什麼。如果需要，我們將採取額外的行動，但這是目前的計劃。

The good news, as I pointed out earlier, is that the elasticity coefficients just haven't budged. I mean they are flat as a pancake, as I showed you in the presentation. And they're low overall. And that's encouraging given how many waves of pricing have already been experienced in the marketplace. That is -- those coefficients are a reflection of the consumer response to our brands. And the pricing -- and we're not seeing a move in sentiment.

正如我之前指出的，好消息是彈性係數沒有變化。我的意思是它們像煎餅一樣扁平，正如我在演示中向您展示的那樣。而且它們總體上很低。鑑於市場上已經經歷了多少次定價浪潮，這令人鼓舞。也就是說——這些係數反映了消費者對我們品牌的反應。還有定價——我們沒有看到情緒的變化。

What you're seeing in the volume delta, again, as I mentioned a few minutes ago, is that the pricing is hitting more of the portfolio. And therefore, it will have some benign impact associated with it. But until the previous pricing elasticity wanes, it'll build. That's how this whole pricing and elasticity dynamic goes. It'll ebb and then it'll flow. And the fact that they're stable -- net elasticity coefficients are stable overall and benign, I think, is a very positive sign.

正如我在幾分鐘前提到的那樣，您再次在數量增量中看到的是定價正在打擊更多的投資組合。因此，它會產生一些與之相關的良性影響。但在之前的定價彈性減弱之前，它會建立起來。這就是整個定價和彈性動態的方式。它會退潮，然後它會流動。事實上，它們是穩定的——淨彈性係數總體上是穩定的並且是良性的，我認為，這是一個非常積極的信號。

And then just one quick question on SG&A. SG&A ex A&P was up 10% or so. It looks like incentive comp drove about 8% of that. Is that correct? I mean how should we think about SG&A and incentive comp for the remainder of the year?

然後只是一個關於 SG&A 的快速問題。 SG&A ex A&P 上漲了 10% 左右。看起來激勵補償推動了其中的 8% 左右。那是對的嗎？我的意思是我們應該如何看待今年剩餘時間的 SG&A 和激勵補償？

Yes. Good. Let me take that. So yes, as we said at the beginning of the year with our guidance, we expect our SG&A to increase at a greater rate than our sales. So we were very clear on that. So yes, incentive compensation for fiscal '23 will be up versus fiscal '22.

是的。好的。讓我接受。所以，是的，正如我們在年初的指導下所說的那樣，我們預計我們的 SG&A 的增長速度將高於我們的銷售額。所以我們對此非常清楚。所以是的，23 財年的激勵薪酬將高於 22 財年。

Now there was a component of timing for incentive comp that was in Q1. So that's part -- we were up 10.5% of just pure adjusted SG&A in Q1. Some of that is timing of incentive comp, and some of that is just absolute increase. But we were very clear that we expect SG&A to be up greater than our sales growth for the full fiscal year '23.

現在，在第一季度有一個激勵補償的時間組成部分。所以這就是一部分——我們在第一季度僅增長了 10.5% 的純調整後的 SG&A。其中一些是激勵補償的時機，其中一些只是絕對增加。但我們非常清楚，我們預計 SG&A 的增長將超過我們 23 財年全年的銷售增長。

The next question comes from Chris Growe from Stifel.

下一個問題來自 Stifel 的 Chris Growe。

A set of question for you, if I could, first on the pricing. You have some more price increases in 2Q and something like some smaller targeted increases in 3Q. Will it be at that point in time that your pricing will fully offset your inflation? Could that happen sooner based on, like, the wraparound effect of pricing? I just want to get a sense of how your -- how that's going to happen sequentially through the year.

如果可以的話，請先問您一組關於定價的問題。第二季度的價格上漲幅度更大，第三季度的目標價格上漲幅度較小。你的定價會在那個時間點完全抵消你的通貨膨脹嗎？基於定價的環繞效應，這種情況會更早發生嗎？我只是想了解你的 - 這將如何在一年中依次發生。

Yes. Let me take that. So our -- we've been very clear that our principle around pricing is -- it's inflation justified. So when we go and we put a price increase on the table, it's all grounded in the inflation that we're realizing. And we've been very clear there's been a lag. So all these price increases, what we took in Q1, what we've taken at the beginning of Q2 and then the smaller more tactical increases that we've communicated for Q3 are all tied to that inflation.

是的。讓我接受。所以我們——我們已經非常清楚，我們的定價原則是——通貨膨脹是合理的。因此，當我們提出提價時，這一切都是基於我們正在意識到的通貨膨脹。我們已經很清楚有一個滯後。因此，所有這些價格上漲，我們在第一季度採取的措施，我們在第二季度開始時採取的措施，然後是我們為第三季度傳達的較小的戰術性上漲，都與通貨膨脹有關。

So yes, once -- at this point in time, given the inflation that we've recognized and estimate, we have offset that cumulatively. And the consumption numbers that I find really support that is if you go back and look at volume and total dollar consumption for 52 weeks now versus 3 years ago, our dollar consumption is close to plus 20%, and our volumes are pretty much flat. So that shows you that, that's the kind of pricing that we're seeing in market and that ties to the cost inflation that we're seeing. So the consumption data supports that overall catch-up.

所以是的，有一次——在這個時間點，考慮到我們已經認識到和估計的通貨膨脹，我們已經累計抵消了它。我發現真正支持的消費數字是，如果你回頭看看現在 52 週的交易量和美元總消費量與 3 年前相比，我們的美元消費量接近 20%，而且我們的交易量幾乎持平。因此，這向您表明，這就是我們在市場上看到的定價，並且與我們看到的成本膨脹有關。因此，消費數據支持整體追趕。

Okay. I had one other question on some of those supply chain challenges -- operational challenges. It's happening, obviously, across the industry. I think what most companies have seen, though, is -- and again, this could be different for you, but less of those this year than last year. Certainly, there's unique factors that can happen. I just want to get a sense of is the -- like the challenges you called out this year, are those more than they were last year?

好的。我對其中一些供應鏈挑戰還有另一個問題——運營挑戰。顯然，整個行業都在發生這種情況。不過，我認為大多數公司所看到的是——再說一次，這對你來說可能會有所不同，但今年的情況比去年少。當然，可能會發生一些獨特的因素。我只是想了解一下——就像你今年提出的挑戰一樣，是不是比去年更多？

And then, I guess, to get a sense of if you look at your gross margin today, like what are those operational challenges still? How much of those are really weighing on the gross margin today? Like what could you get out over time as supply chain operations normalize?

然後，我想，如果你看看你今天的毛利率，那麼這些運營挑戰還有哪些？其中有多少真正影響了今天的毛利率？比如隨著時間的推移，隨著供應鏈運營的正常化，你能得到什麼？

Chris, it's Sean. I'll comment on the first piece, and I'll let Dave comment on kind of the impact of it. But this is one of these things where I think people in my seat are really -- they want to be careful not to jinx themselves because the thing about some of these whack-a-mole disruptions is that they're not foreseen in many cases. They pop up. So you go through these periods where the frequency appears to diminish, and it feels like, hey, this could be good, but then you'll have something pop up again. That's the nature of kind of this kind of friction that we've see.

克里斯，我是肖恩。我將評論第一部分，我會讓戴夫評論它的影響。但這是我認為坐在我座位上的人真正要做的事情之一——他們要小心不要讓自己陷入困境，因為其中一些打地鼠的破壞是在很多情況下都沒有預見到.他們彈出。所以你經歷了頻率似乎減少的這些時期，感覺就像，嘿，這可能很好，但是你會再次彈出一些東西。這就是我們所看到的這種摩擦的本質。

So I -- being very deliberate in saying, I don't think these things are going to go away overnight. I -- from a planning posture standpoint, our view is let's just assume that they'll continue to pop up. But yes, you're absolutely correct. We watch very carefully to say, do we see these things kind of diminishing in frequency? And we don't want to jinx ourselves there and get out of our skis, but that's obviously what we're hoping for.

所以我非常慎重地說，我不認為這些事情會在一夜之間消失。我——從計劃姿態的角度來看，我們的觀點是假設它們會繼續出現。但是，是的，你是絕對正確的。我們非常仔細地觀察說，我們是否看到這些事情的頻率有所減少？而且我們不想讓自己陷入困境並離開滑雪板，但這顯然是我們所希望的。

Dave, do you want to add to that?

戴夫，你想補充一下嗎？

Yes, Sean. So Chris, let me -- again, it's sort of a little bit what I said to Bryan's question. But if you look at our margin bridge, I think that's a good place to kind of start. So if you look, our realized productivity and other COGS for Q1 was plus 1.2%. If you just go back and say, okay, our target for realized productivity is 3% of cost of goods sold, right, that basically equates to 2.2% margin improvement, right? We -- because our targets are a percentage of COGS, which, when converted to margin, is 2.2%. We delivered 1.2%. So we are 100 basis points off of all of that realized productivity dropping to the bottom line.

是的，肖恩。所以克里斯，讓我——再一次，這有點像我對布萊恩的問題所說的話。但如果你看看我們的保證金橋，我認為這是一個很好的起點。因此，如果您看一下，我們第一季度的已實現生產力和其他 COGS 增加了 1.2%。如果你回過頭來說，好吧，我們實現生產力的目標是銷售成本的 3%，對，這基本上相當於提高了 2.2% 的利潤率，對吧？我們 - 因為我們的目標是 COGS 的百分比，當轉換為保證金時，它是 2.2%。我們交付了 1.2%。因此，我們距離所有實現的生產力下降了 100 個基點。

Now there are other investments in things that we make in a normal kind of course, but the examples of the things that Sean talked about are in that 100 basis points of headwind. So as we move forward, we do expect that, that will improve as we move forward and get more normalized. So that's how to think about it.

現在，我們當然會在正常情況下進行其他投資，但肖恩談到的事情的例子是在 100 個基點的逆風中。因此，隨著我們前進，我們確實希望隨著我們前進並變得更加正常化，這種情況會有所改善。所以就是這麼想的。

The next question comes from Nik Modi from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Nik Modi。

Sean, I was hoping you can -- I mean I appreciate the fact that you guys have been able to get the pricing through. But when I look at some of the household penetration metrics, even going back to pre-COVID, it looked like some of your bigger brands are actually below those levels. So I was hoping you could just give us some context on how you're thinking about that in terms of rebuilding house of penetration, especially in this inflationary environment. And then do you worry that the price gaps have narrowed between, let's call it, some of the frozen prepared meals and QSR? Because we've seen inflation obviously go higher in the off-premise and on-premise.

肖恩，我希望你能——我的意思是我很欣賞你們能夠通過定價的事實。但是，當我查看一些家庭滲透率指標時，甚至可以追溯到 COVID 之前，看起來您的一些大品牌實際上低於這些水平。所以我希望你能給我們一些背景信息，說明你在重建滲透屋方面是如何考慮的，尤其是在這種通貨膨脹的環境中。然後你是否擔心價格差距縮小，我們稱之為一些冷凍預製餐和 QSR？因為我們已經看到通脹在場外和場內明顯走高。

Yes. Nik, first of all, on the second one, absolutely not. I don't worry about that. The relative pricing between away-from-home eating options and at-home eating options remain strongly in favor of at-home eating options. And we haven't even declared we're in a recession yet. So that's one of the reasons you clearly are seeing benign elasticities and stable elasticities, quite frankly. Multiple waves of pricing into this cycle is that the calculus of the consumer is such that they're saying, hey, it's a far better value proposition to eat at home than it is to eat out of home.

是的。 Nik，首先，關於第二個，絕對不是。我不擔心那個。外出就餐選擇和在家就餐選擇之間的相對定價仍然強烈支持在家就餐選擇。我們甚至還沒有宣布我們正處於衰退之中。坦率地說，這就是您清楚地看到良性彈性和穩定彈性的原因之一。進入這個週期的多次定價浪潮是，消費者的計算是這樣的，他們說，嘿，在家吃飯比在外面吃飯更有價值。

And then within some of our categories, there's just -- there is really no trade-down option as you look about frozen single-serve meals as an example. We span the good, better, best continuum there with the value options, the mainstream options and the premium options. So the business remains very strong.

然後在我們的一些類別中，只有 - 當您以冷凍單份餐食為例時，實際上沒有折衷選擇。我們通過價值期權、主流期權和高級期權跨越了良好、更好、最佳的連續體。因此，業務仍然非常強勁。

With respect to household penetration, I did see your research the other day, Nik, on household penetration. And what I would say to you is you've got to be very careful when you look at household penetration not to lose the impact of seasonality. Household penetration varies pretty materially by company, by category, by seasonality. So you have to make sure you're looking at apples-to-apples.

關於家庭滲透率，我前幾天確實看到了你的研究，尼克，關於家庭滲透率。我要對你說的是，當你查看家庭滲透率時，你必須非常小心，以免失去季節性的影響。家庭滲透率因公司、類別和季節性而異。所以你必須確保你看到的是蘋果對蘋果。

Overall, what you should expect in a super cycle of pricing like we've seen right now is that there will be modest short-term impacts on household penetration as consumers defer purchases. And that's kind of -- you see it really show up in the shopping data when people -- their big trips become smaller trips, and they postpone purchases, and their buying rate will drop a bit.

總體而言，在我們現在看到的超級定價週期中，您應該期待的是，隨著消費者推遲購買，家庭滲透率將受到適度的短期影響。這就是——你會看到它真的出現在購物數據中，當人們——他們的大旅行變成小旅行，他們推遲購買，他們的購買率會下降一點。

So nothing really, I would say, noteworthy about household penetration, certainly nothing concerning at all that we're seeing at this point.

所以，我想說，關於家庭滲透，沒有什麼值得注意的，當然，我們現在看到的也沒有什麼值得關注的。

The next question comes from Pamela Kaufman from Morgan Stanley.

下一個問題來自摩根士丹利的帕梅拉考夫曼。

I just wanted to follow up on your pricing -- the additional pricing that you're taking in the coming quarters. Just to clarify if that was embedded in your initial guidance at the beginning of the year. And how has the composition of your outlook for org sales changed for this year relative to last quarter? So do you still expect low teens price/mix? Or will it be higher now? And are you expecting softer volumes relative to your initial expectations?

我只是想跟進你的定價——你在未來幾個季度採取的額外定價。只是為了澄清這是否包含在您年初的初始指導中。與上一季度相比，今年組織銷售前景的構成有何變化？所以你仍然期待青少年價格/組合低嗎？還是現在會更高？相對於您最初的預期，您是否預計銷量會下降？

Yes. Pam, just with respect to the pricing we're taking, you don't price until you clearly see the inflation wave materialize. It's got to be inflation-justified pricing with customers. So what we're doing in the back half of the year was not locked and loaded in -- at the beginning of the year when we gave guidance, right? But there are also positive things that have broken our way in the first quarter as well. So these -- and that'll, by the way -- that'll continue.

是的。帕姆，就我們所採取的定價而言，在您清楚地看到通貨膨脹浪潮成為現實之前，您不會定價。它必須是與客戶進行通脹合理的定價。所以我們在下半年做的事情並沒有被鎖定和加載——在年初我們給出指導的時候，對吧？但也有一些積極的事情在第一季度打破了我們的道路。所以這些 - 順便說一句 - 這將繼續下去。

If we continue to see new waves of inflation come in, we'll take additional pricing, and then we'll give you guys the dates, and you have to bake in the lag, et cetera, et cetera. So that dynamic would continue.

如果我們繼續看到新的通脹浪潮出現，我們將採取額外的定價，然後我們會給你們日期，你們必須在滯後中烘烤，等等等等。因此，這種動態將繼續下去。

Dave, do you want to...

戴夫，你想...

Yes. Just to build on that. So the Q1 and Q2 was in our guidance and in our forecast Q3 now.

是的。只是以此為基礎。所以第一季度和第二季度在我們的指導和我們現在的第三季度預測中。

Got it. Okay. And then just in terms of your guidance, Q1 results were ahead of consensus expectations, but curious if they were in line with your forecast. And wondering why you maintained your full year guidance despite the upside in the quarter.

知道了。好的。然後就您的指導而言，第一季度的結果超出了普遍預期，但很好奇它們是否符合您的預測。並且想知道為什麼儘管本季度有所上漲，但您仍保持全年指導。

Yes. Pam, clearly, Q1 was a strong quarter, and that's good news. But it's still early. The environment remains dynamic. And we just prefer to get a bit further into the year before we make any new declarations about how we expect to finish the year.

是的。帕姆，很明顯，第一季度是一個強勁的季度，這是個好消息。但現在還早。環境保持動態。而且我們只是希望在我們對如何完成這一年做出任何新的聲明之前更深入地了解這一年。

Next question comes from Carla Casella from JPMorgan.

下一個問題來自摩根大通的 Carla Casella。

It looks like your leverage will still be kind of in the 3 -- high 3s range at year-end. I'm wondering if, on the M&A front, if you would look to wait until you get your leverage down to your target range or if the right acquisition comes up, if you would temporarily take your leverage higher and kind of how your thoughts are around M&A or if you have asset sales to offset something if you do find something that's appropriate.

看起來你的槓桿率在年底仍然會在 3-3s 範圍內。我想知道，在併購方面，您是否希望等到您將槓桿率降至目標範圍，或者如果出現正確的收購，您是否會暫時提高槓桿率以及您的想法如何圍繞併購進行，或者如果您確實找到合適的東西，則可以出售資產來抵消某些東西。

Sure. This is Sean. I'll take the question. We've been, as everybody knows, very intensely focused on reducing our debt, deleveraging on schedule. And we will continue to be focused on that, and I'm very confident in the commitments we've made.

當然。這是肖恩。我會回答這個問題。眾所周知，我們一直非常專注於減少債務，按時去槓桿。我們將繼續專注於此，我對我們做出的承諾非常有信心。

With respect to M&A, we don't have anything in our sights to give you right now, but -- and certainly, we're not in the [mode rep] right now where we're looking at anything bigger. We're focused on deleveraging, as I mentioned. But we always keep our eye on smaller bolt-on things because they could be beneficial to our business going forward. And there's also a defensive aspect to why we do that. We want to make sure that interesting assets out there that are always -- that could be helpful to our business don't end up in somebody else's hands.

關於併購，我們現在沒有什麼可以給你的，但是——當然，我們現在不在[模式代表]中，我們正在尋找更大的東西。正如我所提到的，我們專注於去槓桿化。但我們始終關注較小的附加功能，因為它們可能對我們未來的業務有益。我們這樣做的原因還有一個防禦方面。我們希望確保那些可能對我們的業務有所幫助的有趣資產不會最終落入他人手中。

So we're always looking and -- but we're -- at the same time, we're intensely focused on deleveraging. That's how I would describe it.

所以我們一直在尋找——但我們——同時，我們非常關注去槓桿化。這就是我要描述的方式。

Okay. Great. And have you said the time frame in terms of getting to your 3x your target -- do you have a target time frame for that?

好的。偉大的。你有沒有說過達到目標 3 倍的時間框架——你有目標時間框架嗎？

No, we didn't give a specific -- it's a long-term target. We did say in the prepared remarks that we estimate leverage will be at approximately 3.7x by the end of the fiscal year.

不，我們沒有給出具體的 - 這是一個長期目標。我們在準備好的評論中確實說過，我們估計到本財年末槓桿率將約為 3.7 倍。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Melissa Napier for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想把會議轉回給梅麗莎·納皮爾（Melissa Napier）做任何閉幕詞。

Thank you very much to everyone for joining us this morning. Investor Relations is around if you have any follow-up questions.

非常感謝大家今天早上加入我們。如果您有任何後續問題，投資者關係就在身邊。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。