康尼格拉食品 (CAG) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Conagra Brands second-quarter and first half fiscal 2025 earnings conference call.

早上好，歡迎參加康尼格拉品牌 2025 財年第二季和上半年財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Melissa Napier, Head of Investor Relations for Conagra Brands.

現在我想將會議交給康尼格拉品牌投資者關係主管梅麗莎·納皮爾 (Melissa Napier)。

Please go ahead.

請繼續。

Thanks, Wyatt.

謝謝，懷亞特。

Good morning, everyone.

大家早安。

Thanks for joining us today for our live question-and-answer session on today's results.

感謝您今天加入我們關於今天結果的現場問答環節。

Once again, I'm joined this morning by Sean Connolly, our CEO; Dave Marberger, our CFO; and Matthew Neisius, Senior Director, Investor Relations.

今天早上，我們的執行長 Sean Connolly 再次與我會面。戴夫‧馬伯格，我們的財務長； Matthew Neisius，投資者關係資深總監。

We may be making some forward-looking statements and discussing non-GAAP financial measures during this session.

我們可能會在本屆會議期間做出一些前瞻性陳述並討論非公認會計準則財務措施。

Please see our earnings release, prepared remarks, presentation materials, and filings with the SEC, which can be found in the Investor Relations section of our website, for more information, including descriptions of our risk factors, GAAP to non-GAAP reconciliations, and information on our comparability items.

請參閱我們的收益發布、準備好的評論、演示材料以及向SEC 提交的文件（可在我們網站的投資者關係部分找到），了解更多信息，包括我們的風險因素的描述、GAAP 與非GAAP調節表以及有關我們的可比較項目的資訊。

Wyatt, please introduce our first question.

懷亞特，請介紹我們的第一個問題。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Good morning, everyone.

大家早安。

Happy holidays.

節日快樂。

Sean, we saw, I guess, during the course of the quarter sort of a little bit of a gap open up between sort of scanner and sort of Conagra shipments.

肖恩，我想，在本季中，我們看到掃描器和康尼格拉出貨量之間出現了一些差距。

I'm just curious if you saw any benefit from the Thanksgiving timing change on volume in the quarter that you would expect to reverse in the third quarter, just given others with sort of similar fiscal years have kind of discussed this dynamic.

我只是很好奇，您是否看到本季度感恩節時間變化帶來的任何好處，您預計在第三季度會逆轉，因為其他類似財政年度的人已經討論過這種動態。

Yeah.

是的。

Good idea, Andrew.

好主意，安德魯。

Let's get grounded in some of the detailed facts around Thanksgiving because I suspect that this dynamic differs by company.

讓我們以感恩節前後的一些詳細事實為基礎，因為我懷疑這種動態因公司而異。

For us, in our Q2, shipments were plus 1% and consumption was plus 0.6%.

對我們來說，第二季的出貨量增加了 1%，消費量增加了 0.6%。

So they tracked very, very closely.

所以他們跟蹤得非常非常密切。

And after the first half, our shipments and our consumption are actually equal.

而且上半年之後，我們的出貨量和我們的消費量其實是持平的。

And this is an important fact.

這是一個重要的事實。

As we exited Q2, our inventory levels with customers were essentially even with a year ago.

當我們退出第二季度時，我們與客戶的庫存水準基本上與一年前持平。

So there really was not a Thanksgiving timing effect for our company.

所以我們公司確實沒有感恩節時間效應。

Now, I can't speak to other companies' shipping patterns and inventories entering our Q3, but I can tell you that's our situation.

現在，我無法談論其他公司進入第三季的運輸模式和庫存，但我可以告訴你這就是我們的情況。

Thanks for that clarity.

感謝您的清晰說明。

And then, you talk about incremental inflation and FX as the key reasons for some of the back half EPS pressure versus previous expectations.

然後，您談到增量通膨和外匯是下半年每股盈餘相對於先前預期面臨壓力的關鍵原因。

Is incremental investment, whether consumer or trade, part of this as well?

增量投資，無論是消費還是貿易，也是其中的一部分嗎？

And I ask because it would seem you are seeing a return on some of the spending with the volume and share trends that you spoke of in the prepared remarks.

我之所以這麼問，是因為您似乎看到了一些支出的回報，以及您在準備好的發言中提到的數量和份額趨勢。

And we continue to hear about the consumer being more value-seeking for longer than mainly expected.

我們不斷聽到消費者在比主要預期更長的時間內更追求價值。

So I'm just trying to get a sense if that is sort of part of the dynamic around estimate changes for the back half of the year or not.

所以我只是想了解這是否是今年下半年估計變化動態的一部分。

Thanks so much.

非常感謝。

Good question.

好問題。

And I think it's very important we clarify this.

我認為我們澄清這一點非常重要。

As I mentioned in my prepared remarks, the decision to invest to drive the top line back to growth is not a new concept for us.

正如我在準備好的演講中所提到的，投資以推動收入恢復成長的決定對我們來說並不是一個新概念。

We implemented that strategy in Q2 last year, and those investments have always been built into our plan for this fiscal year.

我們在去年第二季實施了這項策略，這些投資始終納入我們本財年的計畫中。

And as I said earlier, those investments are obviously working.

正如我之前所說，這些投資顯然正在發揮作用。

If you look at our trend lines going back five quarters, it's been consistently going north.

如果你看五個季度前的趨勢線，你會發現它一直向北。

So we weren't surprised at all to see it break into positive territory this quarter, nor am I the slightest bit surprised to see real strength in our frozen and snack business.

因此，看到本季突破到正值，我們一點也不感到驚訝，看到我們的冷凍和零食業務的真正實力，我也一點也不感到驚訝。

So that's satisfying, but it's good to be back north.

所以這很令人滿意，但回到北方也很好。

As for the trade component of our investments, mechanically, we plan quarterly and then we true up actual spend at the end of each quarter.

至於我們投資的貿易部分，我們按季度計劃，然後在每個季度末調整實際支出。

In Q2, our actual spend came in a bit lower than planned, and we've redeployed those funds to Q3 versus cutting them.

在第二季度，我們的實際支出略低於計劃，我們已將這些資金重新部署到第三季度，而不是削減資金。

So I guess you'd characterize that as a small shift.

所以我猜你會把這描述為一個小轉變。

But I think it's important not to confuse that with us being dissatisfied with top line momentum and scrambling to add adequate support.

但我認為重要的是不要將其與我們對營收勢頭的不滿和爭先恐後地增加足夠的支持相混淆。

We've had our support in place for five quarters.

我們已經提供了五個季度的支援。

It's working, and we're going to continue to see it work going forward.

它正在發揮作用，我們將繼續看到它繼續發揮作用。

Thanks for the clarity.

感謝您的澄清。

And our next question will come from Ken Goldman.

我們的下一個問題將來自肯·戈德曼。

(Operator Instructions)

（操作員說明）

Hi.

你好。

In discussing the industry's higher investments in advertising, promo trading, and innovation, Sean, you said the consumer response has varied significantly by category and company.

肖恩，在討論該行業在廣告、促銷交易和創新方面的更高投資時，您說消費者的反應因類別和公司而異。

I'm hoping to kind of unpack this a bit.

我希望能稍微解開這個問題。

From your vantage point, are there any best practices, perhaps, that can maybe thoughtfully be applied to the industry as a whole, just given some of those consumer challenges or those value-seeking behaviors?

從您的角度來看，考慮到消費者的一些挑戰或價值追求行為，是否有任何最佳實踐可以深思熟慮地應用於整個行業？

Sure, Ken.

當然，肯。

Here's how I think about it.

我是這樣想的。

Somewhere in maybe Q2 of last fiscal that I first called out a series of behavior shifts that we saw from cutting discretionary spending to more cooking from scratch to more cooking for many instead of meals for one, preserving leftovers as opposed to throwing them in the garbage.

大概是在上一財年第二季度的某個時候，我第一次提出了一系列行為轉變，我們看到從削減可自由支配支出到從頭開始更多做飯，到更多地為多人做飯而不是一個人吃飯，保存剩菜而不是把它們扔進垃圾桶。

We saw all those things emerge last year, and what I've said all along is that the benefit of convenience is the one trend that has been most unshakable over the last 50 years.

去年我們看到了所有這些事情的出現，我一直在說的是，便利的好處是過去 50 年來最不可動搖的一個趨勢。

So we saw some impact early on on frozen single-serve meals.

因此，我們很早就看到了冷凍單份餐點的一些影響。

I told you that that was not going to last.

我告訴過你這不會持續下去。

Consumers don't like to meal plan.

消費者不喜歡膳食計劃。

They don't like to prep.

他們不喜歡做準備。

They don't like to cook, and they don't like to clean up, and that's exactly how it's unfolded.

他們不喜歡做飯，也不喜歡打掃衛生，事情就是這樣的。

So my comment before is that really it's category-specific.

所以我之前的評論是，它確實是特定於類別的。

If a category has the benefits that consumers really long for, they can make a behavioral shift for a little while to make their household balance sheet work.

如果某個類別具有消費者真正渴望的好處，他們可以暫時改變行為，以使家庭資產負債表發揮作用。

But if those benefits, like convenience, are really important, that shift isn't going to last forever.

但如果便利性等這些好處確實很重要，那麼這種轉變就不會永遠持續下去。

The other area that I'd say is kind of a signal of what's on trend is within snacking.

我想說的另一個領域是零食中的趨勢訊號。

There's obviously been a movement toward protein snacks and healthy snacks, and our categories are squarely within that.

顯然，現在有一股向蛋白質零食和健康零食發展的趨勢，我們的品類正好屬於其中。

So a year ago, we saw people were kind of trading out, maybe cutting their buying rate a little bit, but the magnetic pull of convenience and healthfulness and healthy snacking is pretty strong.

因此，一年前，我們看到人們在進行交易，可能會稍微降低購買率，但便利性、健康性和健康零食的吸引力相當強大。

So what we've done all along, as we've said many times, is we've nudged the consumer back to those behaviors that we know they're longing for using a whole battery of investments from innovation to advertising to high-quality trade like end caps and sampling in certain channels of trade, things like that, and it's been effective.

因此，正如我們多次說過的那樣，我們一直以來所做的就是利用從創新到廣告再到高品質的一整套投資，推動消費者回歸我們知道他們渴望的行為。在管道中進行封頂和抽樣等，而且它是有效的。

We don't have a lot of categories where it hasn't been effective, but we've -- keep in mind we've focused a lot of our investments in frozen and snacks, and we just happen to have brands that are resonating well with consumers in those spaces.

我們沒有很多類別的產品沒有效果，但請記住，我們將大量投資集中在冷凍食品和零食上，而我們恰好擁有引起共鳴的品牌與這些領域的消費者相處得很好。

Thanks.

謝謝。

Happy holidays.

節日快樂。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Hi.

你好。

Good morning, everyone.

大家早安。

Can you just perhaps expand on your leverage targets for the full year inching up a bit?

您是否可以將全年的槓桿目標稍微提高一點？

Free cash flow conversion looks like it's coming in better.

自由現金流轉換看起來似乎有所改善。

What's driving that?

是什麼推動了這一點？

The leverage kicking up a bit, I assume, is more about profit as opposed to debt paydown.

我認為，槓桿率的上升更多是為了利潤，而不是償還債務。

Can you just update us on, I guess, visibility on free cash flow, how quickly you think you can get to your leverage targets, and in general, how you're thinking about cash deployment maybe over the next year and perhaps over the next several years between the dividend and share repurchases and, of course, M&A?

我想，您能否向我們介紹一下自由現金流的可見性，您認為您能多快達到槓桿目標，以及總體而言，您如何考慮未來一年甚至未來的現金部署股息和股票回購以及併購之間需要幾年的時間？

Thanks.

謝謝。

Hey, Chris.

嘿，克里斯。

It's Dave.

是戴夫。

Let me take that from the top.

讓我從上面講一下。

So yes, our forecasted leverage ratio for this year is now 3.4 times versus 3.2 times.

所以，是的，我們今年預測的槓桿率現在是 3.4 倍，而不是 3.2 倍。

As I said in my prepared remarks, that's entirely due to the takedown in our profit.

正如我在準備好的發言中所說，這完全是由於我們利潤的下降。

So in terms of our forecasted free cash flow, we're on track with our plan in terms of how much debt we expect to pay down.

因此，就我們預測的自由現金流而言，我們在預計償還多少債務方面正按計劃進行。

The free cash flow conversion is now above 100% because that's a metric of free cash flow as related to net income.

自由現金流轉換現在超過 100%，因為這是與淨利潤相關的自由現金流指標。

So with net income coming down, obviously, that's going to go up.

因此，隨著淨利潤下降，顯然，淨利潤將會上升。

But the broader point there is we're really pleased with our performance in free cash flow.

但更廣泛的一點是，我們對自由現金流的表現非常滿意。

The company's very focused on it as an organization.

該公司作為一個組織非常注重這一點。

And now that we've come out of COVID, we're really making great progress in working capital, particularly with inventory.

現在我們已經擺脫了新冠疫情的影響，我們在營運資本方面確實取得了巨大進步，特別是在庫存方面。

Our supply chain organization is doing a fantastic job setting goals to take days of inventory out.

我們的供應鏈組織在設定目標以消除庫存方面做得非常好。

Things like tax, just other areas of cash, we're just really focused on it.

像稅收這樣的事情，還有現金的其他領域，我們只是真正關注它。

So we're really pleased with the progress, and it's going to continue to be a priority for us.

因此，我們對所取得的進展感到非常滿意，這將繼續成為我們的優先事項。

So as I also said in my prepared remarks, we still expect it to hit our long-term leverage target of 3 times by the end of fiscal '26.

因此，正如我在準備好的演講中所說，我們仍然預計到 26 財年末將達到 3 倍的長期槓桿目標。

And so that's where we are.

這就是我們現在的處境。

And then we've always talked about a balanced approach to capital allocation.

然後我們一直在談論平衡的資本配置方法。

Over the years, you've seen us do a lot of things in terms of M&A, both acquisitions, divestiture, share repurchase, levering up and then paying down our debt.

多年來，您已經看到我們在併購方面做了很多事情，包括收購、資產剝離、股票回購、槓桿化和償還債務。

We're open to everything, and we like the flexibility, candidly, that we would have.

我們對一切都持開放態度，坦白說，我們喜歡我們所擁有的靈活性。

But we are super focused on getting to that 3 times target for leverage by the end of fiscal '26.

但我們非常專注於在 26 財年末實現槓桿率 3 倍的目標。

Okay.

好的。

Thanks so much.

非常感謝。

Thomas Palmer, Citi.

托馬斯·帕爾默，花旗銀行。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

I wanted to ask -- the presentation indicates that the third-quarter operating margin is expected to be the lowest of the year.

我想問的是，簡報顯示第三季的營業利潤率預計將是今年最低的。

I think this would then imply that 4Q would be the highest of the year.

我認為這意味著第四季將是今年最高的。

So I just want to make sure I kind of understand the key drivers of this expected inflection come 4Q.

因此，我只是想確保我了解第四季度出現這一預期拐點的關鍵驅動因素。

I know there is some incremental pricing.

我知道有一些增量定價。

Are the investments you noted for the third quarter expected to taper off in the fourth quarter?

您在第三季注意到的投資預計會在第四季逐漸減少嗎？

Just any help on that inflection.

只是對這種變化有任何幫助。

Thanks.

謝謝。

Yes.

是的。

Let me try to give you some perspective on that.

讓我嘗試向您提供一些對此的看法。

So kind of take it from the top, let me give you a little bit more color on Q3.

因此，從頂部開始，讓我為您提供有關第三季度的更多資訊。

So we do expect volumes to sequentially improve, as we talked about in the third quarter.

因此，正如我們在第三季度談到的那樣，我們確實預計銷量將連續改善。

And we did talk about, and Sean did a nice job of summarizing sort of the dynamic with trade and the shift from Q2 to Q3.

我們確實討論過，肖恩（Sean）很好地總結了貿易動態以及從第二季度到第三季度的轉變。

So that's in there.

所以就在那裡。

We also have a little bit more kind of innovation investment, if you will, in slotting that's going to come in for Q3 that's impacting us there.

如果你願意的話，我們還有更多類型的創新投資，這將在第三季進行，這會對我們產生影響。

We did comment that we do believe operating margin will be the lowest of all the quarters for the year.

我們確實評論說，我們確實相信營業利潤率將是今年所有季度中最低的。

Our A&P and SG&A are going to be in line with a year ago.

我們的 A&P 和 SG&A 將與一年前保持一致。

So it's basically that.

所以基本上就是這樣。

And then from an inflation perspective, obviously, we've taken up our forecast to close to 4% for the full year, and it will be higher in Q3 than Q4.

然後從通膨的角度來看，顯然我們已經將全年的預測提高到接近 4%，並且第三季的通膨率將高於第四季。

So that's another kind of dynamic there.

這是另一種動態。

So that's just the flow of how Q3 will go.

這就是第三季的流程。

Thank you.

謝謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Sean, I just wanted to ask -- I know you said there was no Thanksgiving kind of timing benefit to the quarter, but slide 15, you have the Staples portfolio, with several of the brands that were kind of growing double digits.

肖恩，我只是想問——我知道你說過本季度沒有感恩節的時機優勢，但幻燈片 15 上有史泰博的產品組合，其中幾個品牌的增長速度達到了兩位數。

So just wondering if there was any hurricane impact in the quarter maybe that helped benefit some of the shipments that might not repeat and, if so, if you could just quantify that for us.

因此，我想知道本季是否有任何颶風影響，這可能有助於一些可能不會重複的發貨，如果是這樣，您是否可以為我們量化一下。

Thanks very much.

非常感謝。

Pete, there was a, I would say, characterize it as a very small benefit from the hurricane in the G&S segment, but not material to our overall results for the quarter.

皮特，我想說，將其描述為颶風對 G&S 部門帶來的很小的好處，但對我們本季的整體業績來說並不重要。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

I think the Lamb Weston call took all the energy out of the sell side, so I'm going to try to inject a little more into this one.

我認為 Lamb Weston 的看漲期權耗盡了賣方的所有精力，因此我將嘗試向這一看漲期權注入更多精力。

So Sean, you've raised your inflation guidance just a little bit, and it's had a pretty substantial impact to your earnings outlook.

肖恩，您稍微提高了通膨指導，這對您的獲利前景產生了相當大的影響。

Is it more difficult than normal to put through pricing to offset higher costs because of where the consumer is right now?

由於消費者現在所處的位置，透過定價來抵銷更高的成本是否比平常更困難？

And I know you -- I know the guidance assumes that these costs come right back down again, but some of them look a little sticky, particularly cocoa.

我知道你——我知道指導意見假設這些成本會再次下降，但其中一些成本看起來有點粘，特別是可可。

So what happens if those costs stay high into fiscal '26?

那麼，如果這些成本在 26 財年仍然居高不下，會發生什麼事呢？

Yeah, let me unpack that for you, Rob.

是的，讓我為你打開它，羅布。

First, taking it from the top, the EPS call down today equates basically identically to the inflation in the back half versus what we had previously expected, that's the majority of it, plus FX.

首先，從頂部看，今天的每股盈餘下調與後半段的通膨基本相同，而我們先前的預期是，其中大部分，加上外匯。

So it's just -- that queues up, and that is the reason, back to the earlier question around the leverage going from 3.2 to 3.4. It's not the need to invest more or any of that, and I want to make sure we don't get caught up in that.

所以這只是——排隊，這就是原因，回到之前關於槓桿從 3.2 到 3.4 的問題。這並不是需要進行更多投資或任何投資，我想確保我們不會陷入其中。

So on a percentage basis, while it looks, hey, 3% to 4% on a dollar basis in terms of inflation and the impact on EPS, it just -- it ticks and ties.

因此，按百分比計算，雖然就通貨膨脹和對每股收益的影響而言，以美元計算，嘿，3% 到 4%，但它只是——它滴答作響並保持聯繫。

As to what's driving that, it's really -- yes, there's inflation in cocoa and sweeteners, and that's very narrow in our portfolio and we will be pricing to offset that, but the bigger driver for us has been protein.

至於推動這一趨勢的因素，確實是——是的，可可和甜味劑的價格上漲，而我們的投資組合中的通膨非常有限，我們將透過定價來抵消這一點，但對我們來說，更大的推動因素是蛋白質。

It's meats, eggs, things like that.

就是肉、蛋之類的東西。

And we did anticipate that there would be inflation in the second half, but we anticipated that level of inflation will be lower.

我們確實預計下半年會出現通膨，但我們預期通膨水準會較低。

And we still anticipate that those peak protein costs are going to come down pretty much across the board, but there's a bit of a deferral for that.

我們仍然預計蛋白質峰值成本將全面下降，但會有所延遲。

So then it kind of leaves it as a judgment call for companies like ours, which is, if you believe that the forward curves are going to be coming down, do you want to price, start the whole cycle all over again of the lag, the elasticity effect?

因此，對於像我們這樣的公司來說，這有點像是一個判斷要求，也就是說，如果你相信遠期曲線將會下降，你是否想要定價，重新開始整個週期的滯後，彈性效應？

And right now, we think what's in the best interest of the consumer and in the best interest of our shareholder with respect to kind of long-term cash flows and value creation is to keep the top line momentum.

目前，我們認為，就長期現金流和價值創造而言，最符合消費者和股東最佳利益的是保持營收動能。

And that's what we're doing.

這就是我們正在做的事情。

It's been working very well for us.

它對我們來說效果很好。

It was great to get back to positive territory.

回到正面的領域真是太好了。

And so obviously, there's a margin implication near term, but we do see that changing.

顯然，短期內會產生利潤率影響，但我們確實看到這種情況正在改變。

Now, you never know.

現在，你永遠不知道。

We thought the back half was going to be less inflationary.

我們認為下半年通膨將會減少。

If we find ourselves in next fiscal and there's more inflation, we'll deal with that then.

如果我們發現下一財年通貨膨脹加劇，我們就會處理這個問題。

But that's just a little color on kind of how we're looking at things now.

但這只是我們現在看待事物的方式的一點色彩。

And I think the headline is we've got really strong brand performance.

我認為標題是我們擁有非常強大的品牌表現。

We've got industry-leading share performance.

我們擁有業界領先的股票表現。

We think the right thing to do is to keep that momentum.

我們認為正確的做法是保持這種勢頭。

Thank you.

謝謝。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good morning, everyone.

大家早安。

Just taking a little bit of a different tack, you announced your Healthy Choice GLP-1 on track messaging recently.

只是採取了一點不同的策略，您最近宣布了 Healthy Choice GLP-1 on track 訊息。

Can you talk about what insights you've gathered from that segment and plans for maybe expanding that program over time?

您能否談談您從該細分市場中收集到的見解以及隨著時間的推移可能擴展該計劃的計劃？

Sure.

當然。

Well, this is an opportunity for me, Alexia, to kind of give a little promotional shout-out to our forthcoming CAGNY presentation this year.

好吧，這是我 Alexia 為今年即將舉行的 CAGNY 演講進行一點宣傳的機會。

The centerpiece of our presentation at CAGNY is going to be titled The Future of Frozen and the Future of Snacking.

我們在 CAGNY 演講的核心主題是「冷凍食品的未來和零食的未來」。

And really, the point there is we think our categories are extremely well positioned in a dynamic macro environment, including a macro environment that has speculation around GLP-1s and regulatory and things like that.

事實上，我們認為我們的類別在動態的宏觀環境中處於非常有利的位置，包括圍繞 GLP-1 和監管等進行猜測的宏觀環境。

And we think brands like Healthy Choice could really benefit in that kind of environment and we think snacks that are protein-centric and fiber-centric as well.

我們認為像 Healthy Choice 這樣的品牌可以在這種環境中真正受益，而且我們認為以蛋白質和纖維為中心的零食也是如此。

With respect to Healthy Choice, we did add what you might think of as a wayfinder on the front of the package for people that are managing their diet proactively, including using GLP-1s.

關於“健康選擇”，我們確實在包裝正面添加了您可能認為是指路器的內容，供那些主動管理飲食（包括使用 GLP-1）的人使用。

So the title of the wayfinder is called On Track, and we use the language GLP-1 friendly on there.

所以尋路器的標題叫做 On Track，我們在那裡使用 GLP-1 友善的語言。

And there was an article in the paper last week that kind of talked about that if anybody wants to dig into it more.

上週報紙上有一篇文章談到了這一點，如果有人想進一步深入研究的話。

But obviously, it's small right now in terms of the number of people on it.

但顯然，就目前的人數而言，它還很小。

People who do go on it are still dropping off of it.

那些堅持下去的人仍然會放棄它。

And what's interesting about that is a brand like Healthy Choice we think can be a solution for both somebody who is actively taking a GLP-1 drug, but also somebody who gives it up but then is seeking to maintain the progress that they've made while on GLP-1s.

有趣的是，像 Healthy Choice 這樣的品牌，我們認為既可以為正在積極服用 GLP-1 藥物的人提供解決方案，也可以為放棄藥物但隨後尋求保持已取得進展的人提供解決方案服用GLP-1時。

Those consumers need a bit of an off-ramp and Healthy Choice provides an excellent off-ramp for them as well.

這些消費者需要一些出口匝道，而 Healthy Choice 也為他們提供了一個極好的出口匝道。

So we're on trend, and we will focus our marketing and our packaging to make sure people know that.

因此，我們緊跟著潮流，我們將重點放在我們的行銷和包裝，以確保人們知道這一點。

Great.

偉大的。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Max Gumport, BNP.

馬克斯·甘波特，法國巴黎銀行。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

And this might be stealing the thunder from your upcoming CAGNY presentation, it sounds like.

聽起來，這可能會搶走你即將舉行的 CAGNY 演講的風頭。

But Sean, you touched on the move within snacking to protein and healthy snacks.

但是肖恩，您談到了零食向蛋白質和健康零食的轉變。

And really, that's a microcosm for what we're seeing in the broader packaged food industry this year.

事實上，這是我們今年在更廣泛的包裝食品行業中看到的縮影。

You've got higher protein categories like nutrition shakes, cottage cheese, Greek yogurt, all leading on the growth side, and then you've got unhealthy snacking categories that are showing larger declines.

蛋白質含量較高的品類，如營養奶昔、乾酪、希臘酸奶，都在增長方面處於領先地位，而不健康的零食品類則出現了較大的下降。

In your view, what's driving this trend, and how long do you think it can persist?

在您看來，是什麼推動了這個趨勢？

Thanks.

謝謝。

Well, snacking is -- how big snacking is it's $80 billion.

嗯，零食有多大——800 億美元。

It's a huge space and it's a space that has always had a tremendous amount of variety.

這是一個巨大的空間，也是一個一直具有巨大多樣性的空間。

And depending upon what the hot macro trends are, you'll see some shifting within that space from variety to variety.

根據熱門宏觀趨勢的不同，您會看到該領域內的一些變化。

It just so happens that for a whole host of reasons, things like protein and fiber are super on trend right now.

碰巧的是，由於多種原因，蛋白質和纖維等物質現在非常流行。

And who knows how that'll change.

誰知道這會發生什麼變化。

I don't see any change on the horizon in terms of protein and fiber and low carb really being on trend.

我認為蛋白質、纖維和低碳水化合物的趨勢不會有任何變化。

And so we are highly concentrated in our snack business in those benefit areas.

因此，我們高度專注於這些受益領域的零食業務。

And what happens when you get on trend like that is the categories grow and retailers add new brands just to satisfy the demand.

當你追隨這樣的趨勢時，會發生什麼事：品類不斷成長，零售商增加新品牌只是為了滿足需求。

So when you think about big categories, in the food industry, you see cookies as an example.

因此，當您考慮食品業的大類別時，您會以餅乾為例。

You see a lot of variety, and that's needed to satisfy demand.

你會看到各種各樣的東西，這是滿足需求所必需的。

So that's why you see in areas like meat sticks, new brands showing up, because that's textbook.

這就是為什麼你會在肉棒等領域看到新品牌的出現，因為這是教科書。

And that's why we acquired the Fatty smoked meats business because it's a new brand, it's playing that role, and it's growing at a super-fast rate.

這就是我們收購脂肪熏肉業務的原因，因為它是一個新品牌，它正在扮演這個角色，而且它正在以超快的速度成長。

So we now have in meat sticks what we call the trifecta smokehouse between Slim Jim, Duke's, and Fatty.

現在我們在肉棒中加入了 Slim Jim、Duke's 和 Fatty 之間的三重熏制室。

And we think having a suite of brands there, just like we do in popcorn and seeds, is the best way to continue capitalizing on that growth.

我們認為，在那裡擁有一套品牌，就像我們在爆米花和種子領域所做的那樣，是繼續利用這種成長的最佳方式。

But I don't see those trends changing, and I like being protein-centric, fiber-centric, and I like not being DSD.

但我不認為這些趨勢會改變，我喜歡以蛋白質為中心、以纖維為中心，但我不喜歡成為 DSD。

That's a good combination for snack business.

這對零食生意來說是一個很好的組合。

Great.

偉大的。

Thanks very much.

非常感謝。

Rob Dickerson, Jefferies.

羅布·迪克森，杰弗里斯。

Great, thanks.

太好了，謝謝。

Just a quick easy question.

只是一個簡單的問題。

I might be wrong, but I thought Q2 was supposed to be the highest spend for the year, just in terms of advertising and promotion.

我可能是錯的，但我認為第二季應該是今年支出最高的，僅就廣告和促銷而言。

But then I also hear maybe there's a little bit more trade going into Q3 and I heard a little time shift.

但後來我也聽說第三季可能會有更多的交易，而且我聽說有一點時間上的變化。

And then also, I think you said total SG&A and ad and promo would be the same in Q3 relative to last year's Q3, right, which implies Q3 is higher.

另外，我認為您說過第三季的銷售、行政管理費用總額以及廣告和促銷將與去年第三季相同，對吧，這意味著第三季更高。

So was there anything that just occurred in the quarter where you say, okay, hey, we might have a few new innovations that might have slipped into Q3, so maybe we'll also shift some of that ad and promo, or maybe we want to promote a little bit more in December into the holidays.

那麼，在這個季度中是否發生過任何事情，你會說，好吧，嘿，我們可能會有一些新的創新，這些創新可能會進入第三季度，所以也許我們也會改變一些廣告和促銷，或者也許我們想要12月的假期多促銷一點。

Just trying to gauge kind of the, I guess it's seasonality to a certain extent on ad and promo, but just kind of how you're thinking about that as we move through Q3.

只是想衡量一下，我想這在某種程度上是廣告和促銷的季節性，但只是當我們進入第三季時你是如何看待這一點的。

Let me take that, Rob.

讓我接受，羅布。

So just kind of take it from the top, from a dollar perspective, we spend the most in Q2 in terms of trade merchandising, just in terms of absolute dollars.

因此，從頂部來看，從美元的角度來看，我們第二季在貿易商品方面的支出最多，僅就絕對美元而言。

Although Sean talked about it, we were a bit favorable to our forecast, and that shifted to Q3.

儘管 Sean 談到了這一點，但我們對我們的預測有點滿意，而這種情況轉移到了第三季。

From an A&P perspective, we are ramping up A&P, so that will continue to ramp up so that by the end of the year, I think our A&P percentage is pretty much in line with the prior year is what we said.

從A＆P的角度來看，我們正在增加A＆P，因此它將繼續增加，到今年年底，我認為我們的A＆P百分比與我們所說的上一年基本一致。

And so that would ramp up, and that obviously will start in Q3.

因此，這將會增加，這顯然將從第三季開始。

I mentioned, too, that we did have a little bit of innovation investment that was higher -- that we expect to be higher in Q3 versus what we had forecasted before.

我還提到，我們確實有一些更高的創新投資——我們預計第三季的投資將高於我們先前的預測。

Again, not really material, but it is an increase versus what we had forecasted before.

同樣，這並不是真正重要的，但與我們先前的預測相比有所增加。

And then SG&A, as you had commented, we're still -- kind of our commentary is the same in terms of where we expect SG&A to be.

然後，SG&A，正如您所評論的那樣，我們的評論在我們預期 SG&A 方面仍然是相同的。

So they're really the dynamics, I would say, that hopefully answered your question.

所以我想說，它們確實是動力，希望能回答你的問題。

Yeah.

是的。

And Rob, most of those events are easy to plan.

羅布，大多數活動都很容易規劃。

Thanksgiving and Christmas and Lent, you know where they fall on the calendar, you can plan around.

感恩節、聖誕節和四旬齋，你知道它們在日曆上的位置，你可以計劃一下。

The ones where you have to stay more agile is support for business like Swiss Miss, where the weather moves around and you want to try to have your investment tracked with when the weather hits.

您必須保持更加敏捷的是對像瑞士小姐這樣的企業的支持，天氣變化無常，您希望嘗試在天氣來襲時跟踪您的投資。

But I wouldn't say that that type of variability is material at all in the scheme of our spending.

但我不會說這種類型的可變性在我們的支出計劃中根本不重要。

Okay, perfect.

好的，完美。

No, that was great.

不，那太好了。

Thank you.

謝謝。

Leah Jordan, Goldman Sachs.

利亞·喬丹，高盛。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

Seeing if you could comment on the competitive environment in frozen.

看看能否評論《冰雪奇緣》的競爭環境。

A large peer has talked about adding capacity in the category and stepping up some investments to support its growth.

一家大型同行已經談到增加該類別的產能並加大一些投資以支持其成長。

So just seeing if you have seen any shift in behavior yet and how you think these changes could impact your ability to continue to drive volume improvement going forward.

因此，只需看看您是否已經看到了任何行為轉變，以及您認為這些變化會如何影響您繼續推動銷售改進的能力。

Well, frozen is an absolutely awesome space.

嗯，《冰凍》絕對是一個很棒的空間。

We've been saying that pretty much exclusively for about 10 years, so I'm glad people are starting to recognize the opportunity in the space because it's a vast domain within the retailer store, and we've been really the only ones that have been active in driving that.

大約 10 年來，我們一直在說這一點，所以我很高興人們開始認識到這個領域的機會，因為它是零售店內的一個廣闊領域，而我們確實是唯一擁有這個機會的人。一點。

And as a result, our products and our innovation machine is well out ahead of our competition.

因此，我們的產品和創新機器遠遠領先於我們的競爭對手。

You can see that in extremely strong market share.

您可以從極其強大的市場份額中看到這一點。

So we love our model.

所以我們喜歡我們的模型。

We're just going to continue to drive it and lead it.

我們將繼續推動並引領它。

And to the degree the retailers continue to appreciate how much upside and innovation space remains in frozen, the faster the overall category is going to grow, and we're the leaders globally in frozen, and certainly clearly in the US as you can see by the share numbers, and we intend to stay that way.

零售商繼續認識到冷凍食品還有多大的上升空間和創新空間，整個品類的增長速度就會越快，我們是全球冷凍食品領域的領導者，當然在美國也是如此，正如你所看到的股票數量，我們打算保持這種狀態。

Thank you.

謝謝。

There are no further questions at this time, and I would like to turn the call over to Matthew Neisius for closing remarks.

目前沒有其他問題，我想將電話轉給 Matthew Neisius 進行結束演講。

Thank you, Wyatt, and thank you all for joining us today.

謝謝懷亞特，也謝謝大家今天加入我們。

Please reach out to investor relations with any additional questions.

如有任何其他問題，請聯絡投資者關係部。

Have a happy holidays, everyone.

祝大家節日快樂。

Happy holidays, indeed.

確實，節日快樂。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。