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.

早安，歡迎參加康尼格拉品牌 2025 財年第二季及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，考慮到一些消費者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.

但如果這些好處（例如便利性）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

能否擴大全年的槓桿目標

inching up a bit?

一點點上升？

Pre-capsule conversion looks like it's coming in better.

預膠囊轉換看起來效果更好。

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

我想，您能否向我們介紹一下自由現金流的可見度以及您認為可以多快完成的最新情況？

get to your leverage targets, and in general, how you're thinking about cash deployment maybe over

達到你的槓桿目標，總的來說，你對現金部署的看法可能已經結束

the next year and perhaps over the next several years between the dividend and share repurchases

明年，或許在接下來的幾年裡，股利與股票回購之間

and, of course, M&I?

當然還有 M&I？

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,

所以，是的，

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

我們預測今年的槓桿率目前為 3.4 倍，而非 3.2 倍。

As I said in my

正如我在我的

prepared remarks, that's entirely due to the takedown in our profit.

準備好的評論，這完全是由於我們利潤的下降。

So, in terms of our

所以，就我們而言

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

預測的自由現金流，就我們預期支付的債務而言，我們的計劃正在按計劃進行

down.

向下。

The free cash flow conversion is now above 100% because that's a metric of free cash flow

自由現金流轉換現在高於 100%，因為這是自由現金流的衡量標準

is related to net income.

與淨利有關。

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.

作為一個組織，公司非常注重這一點。

And now that we've come out of

現在我們已經出來了

COVID, we're really making great progress in working capital, particularly with inventory.

新冠疫情期間，我們在營運資金方面確實取得了巨大進步，尤其是在庫存方面。

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，以及現金的其他領域，我們只是真正關注它。

So,

所以，

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

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,

所以，

as I also said in my prepared remarks, we still expect it to hit our long-term

正如我在準備好的演講中所說，我們仍然預期它會影響我們的長期發展

leverage target of three times by the end of fiscal 26.

到26財政年度結束槓桿目標達到三倍。

And so, that's where we are.

所以，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,

曆年，

you've seen us do a lot of things in terms of M&A, both acquisitions, divestiture, share repurchase,

你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，

levering up and then paying down our debt.

提高槓桿率，然後償還債務。

We're open to everything, and we like the flexibility,

我們對一切都持開放態度，我們喜歡靈活性，

candidly, that we would have.

坦白說，我們會的。

But we are super focused on getting to that three times target

但我們非常專注於實現三倍的目標

for leverage by the end of fiscal 26.

到26財年末槓桿率。

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

我想問一下，簡報表明

the third quarter operating margin is expected to be the lowest of the year.

第三季營業利潤率預計將是年內最低。

I think this would

我認為這會

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

那麼意味著第四季將是一年中最高的。

So, I just want to make sure I kind of

所以，我只是想確保我

understand the key drivers of this expected inflection come 4Q.

了解第四季出現這一預期拐點的關鍵驅動因素。

I know there is some

我知道有一些

incremental pricing.

增量定價。

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

您提到的第三季的投資預計會在

fourth quarter?

第四季？

Just any help on that inflection?

對這種變化有什麼幫助嗎？

Thanks.

謝謝。

Yes.

是的。

Let me try to give you some

讓我試著給你一些

perspective on that.

對此的看法。

So, kind of take it from the top.

所以，從頂部開始吧。

Let me give you a little bit more color

讓我給你多一點色彩

on Q3.

在第三季。

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。

We did talk about, and Sean did a nice job of summarizing sort of the dynamic with trade

我們確實討論過，肖恩很好地總結了貿易動態

and the shift from Q2 to Q3.

以及從 Q2 到 Q3 的轉變。

So, that's in there.

所以，那就在那裡。

We also have a little bit more

我們還有一點點

kind of innovation investment, if you will, in slotting that's going to come in for Q3.

如果你願意的話，這是一種創新投資，將在第三季進行。

That's impacting us there.

這正在影響我們那裡。

You know, we did comment that we do believe operating margin

你知道，我們確實評論說我們確實相信營業利潤率

will be the lowest of all the quarters for the year.

將是全年所有季度中最低的。

Our ANP and SG&A are going to be in line

我們的 ANP 和 SG&A 將保持一致

with a year ago.

與一年前。

So, you know, it's basically that.

所以，你知道，基本上就是這樣。

And then from an inflation perspective,

然後從通貨膨脹的角度來看，

obviously, we've taken up our forecast to close to 4% for the full year, and it will be higher in

顯然，我們已經將全年的預測提高到接近 4%，並且 2020 年會更高。

Q3 than Q4.

Q3 優於 Q4。

So, that's another kind of dynamic there.

所以，這是另一種動態。

So, you know, that's just the flow of

所以，你知道，這只是流程

how Q3 will go.

第三季將如何發展。

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

肖恩，我只是想問，我知道你說沒有感恩節

kind of timing benefit to the quarter, but slide 15, you know, you have the Staples portfolio,

這種時機對本季有利，但投影片 15，你知道，你有史泰博的投資組合，

you know, with several of the brands that were kind of growing double digits.

你知道，有幾個品牌的銷售額成長了兩位數。

So,

所以，

just wondering if there was any hurricane impact in the quarter maybe that helped benefit some

只是想知道本季是否有任何颶風影響，也許這有助於使一些人受益

of the shipments that might not repeat?

哪些貨物可能不會重複？

And if so, if you could just quantify that for us.

如果是這樣，您能否為我們量化一下。

Thanks very much.

非常感謝。

Pete, there was a, I would say, characterize it as a very small benefit

皮特，我想說，將其描述為一個非常小的好處

from the hurricane in the GNS segment, but not material to our overall results for the quarter.

GNS 部門的颶風造成了影響，但對我們本季的整體業績影響不大。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

I think the Lamb-Wescon call took all the energy out of the sell side.

我認為 Lamb-Wescon 電話會議耗盡了賣方的所有精力。

So, I'm going to try to

所以，我要嘗試

kind of try to inject a little more into this one.

試著在這個中註入更多一點。

So, Sean, you know, you've raised your inflation

所以，肖恩，你知道，你提高了通貨膨脹率

guidance just a little bit, and it's had a pretty substantial impact to your earnings outlook.

指導只是一點點，它對你的獲利前景產生了相當大的影響。

You know, is it more difficult than normal to put through pricing to offset higher costs because of

您知道，透過定價來抵消更高的成本是否比平常更困難，因為

where the consumer is right now?

消費者現在在哪裡？

And I know you, I know the guidance assumes that these costs come

我了解你，我知道指南假設這些成本來自

right back down again, but some of them look a little sticky, particularly COCO.

又往下掉了，但有些看起來有點粘，尤其是COCO。

So, what happens

那麼，會發生什麼

if those costs stay high into fiscal 26?

如果這些成本在 26 財年仍然居高不下？

Yeah, let me unpack that for you, Rob.

是的，讓我為你打開它，羅布。

First,

第一的，

taking it from the top, the EPS call down today equates basically identically to the inflation

從頂部看，今天每股收益的下調與通膨基本相同

in the back half versus what we had previously expected, that's the majority of it, plus FX.

後半部分與我們之前的預期相比，這就是大部分，加上外匯。

So, it's just, that queues up, and that is the reason, back to the earlier question around the

所以，這只是排隊，這就是原因，回到之前的問題

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

槓桿從3.2升至3.4。這不是需要更多的投資或任何投資，我想要

sure we don't get caught up in that.

當然我們不會陷入其中。

So, on a percentage basis, while it looks, hey, 3% to 4%

所以，以百分比計算，雖然看起來是 3% 到 4%

on a dollar basis in terms of inflation and the impact on EPS, it just, it ticks and ties.

以美元為基礎的通貨膨脹和對每股收益的影響，它只是，它的滴答作響和聯繫。

As to what's driving that, it's really, yes, there's inflation in COCO and sweeteners,

至於推動這一趨勢的因素，確實是，可可和甜味劑的通貨膨脹，

and that's very narrow in our portfolio, and we will be pricing to offset that,

這在我們的投資組合中非常狹窄，我們將透過定價來抵消這一點，

but the bigger driver for us has been protein.

但對我們來說更大的動力是蛋白質。

It's meats, eggs, things like that.

就是肉、蛋之類的東西。

And we did

我們做到了

anticipate that there would be inflation in the second half, but we anticipated that level of

預計下半年會出現通膨，但我們預期通膨水平

inflation will be lower.

通貨膨脹將會更低。

And we still anticipate that those peak protein costs are going to come

我們仍然預計蛋白質成本高峰將會到來

down pretty much across the board, but there's a bit of a deferral for that.

幾乎全面下降，但有一點延遲。

So, then it kind

那麼，那就好啦

of leaves it as a judgment call for companies like ours, which is, if you believe that the

的將其作為對像我們這樣的公司的判斷要求，也就是說，如果您認為

forward curves are going to be coming down, do you want to price, start the whole cycle all over

遠期曲線將會下降，你想定價嗎？

again of the lag, the elasticity effect?

再次的滯後，彈性效應？

And right now, we think what's in the best interest of the

現在，我們認為什麼最符合

consumer and in the best interest of our shareholder with respect to kind of long-term cash

消費者以及股東在長期現金方面的最佳利益

flows and value creation is to keep the top-line momentum.

流量和價值創造是維持營收動力的關鍵。

And that's what we're doing.

這就是我們正在做的事情。

It's been

它已經

working very well for us.

對我們來說工作得很好。

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

所以，顯然，有

a margin implication near-term, but we do see that changing.

短期內會對利潤產生影響，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。

Like, we thought the

就像，我們認為

back half was going to be less inflationary.

後半段的通貨膨脹將會減少。

If we find ourselves in next fiscal and there's more

如果我們發現自己在下一財年還有更多

inflation, we'll deal with that then, but that's just a little color on kind of how we're looking

通貨膨脹，我們會處理這個問題，但這只是我們的看法的一點色彩

at things now.

現在的事情。

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

我們有

industry-leading share performance.

股價表現為業界領先。

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。

Morning.

早晨。

Hi, Alexia.

嗨，亞歷克西婭。

Just taking a little bit of a different tack, you announced your Healthy Choice

只是採取了一點不同的策略，您宣布了您的健康選擇

GLP-1 on-track messaging recently.

GLP-1 近期已步入正軌。

Can you talk about, you know, what insights you've

你能談談你有什麼見解嗎

gathered from that segment and plans for maybe expanding that program over time?

從該部分收集併計劃隨著時間的推移擴展該計劃？

Sure.

當然。

Well, you know, this is an opportunity for me, Alexia, to kind of give a little promotional

嗯，你知道，這對我來說是一個機會，Alexia，可以做一些宣傳

shout-out to our forthcoming Cagney presentation this year.

為我們今年即將舉行的卡格尼演講歡呼。

The centerpiece of our presentation

我們演講的核心內容

at Cagney is going to be titled, The Future of Frozen and the Future of Snacking.

卡格尼的主題是「冷凍食品的未來和零食的未來」。

And really,

真的，

the point there is we think our categories are extremely well-positioned in a dynamic

關鍵是我們認為我們的類別在動態中處於非常有利的位置

macro environment, including a macro environment that has speculation around GLP-1s and regulatory

宏觀環境，包括圍繞GLP-1進行猜測和監管的宏觀環境

and things like that.

諸如此類的事情。

And we think, you know, brands like Healthy Choice could really benefit

我們認為，你知道，像 Healthy Choice 這樣的品牌確實可以受益

in that kind of environment.

在那樣的環境下。

And we think snacks that are protein-centric and fiber-centric as well.

我們認為零食也以蛋白質和纖維為中心。

With respect to Healthy Choice, we did add what you might think of as a wayfinder

關於健康選擇，我們確實添加了您可能認為是尋路工具的內容

on the front of the package for people that are, you know, managing their diet proactively,

在包裝的正面，適合那些主動管理飲食的人，

including using GLP-1s.

包括使用 GLP-1。

So, the title of the wayfinder is called on-track, and we use the

所以，尋路器的標題就叫on-track，我們用

language GLP-1 friendly on there.

語言 GLP-1 友善。

And there was an article in the paper last week that kind of

上週報紙上有一篇文章是這樣的

talked about that if anybody wants to dig into it more.

如果有人想進一步深入研究的話，我們可以討論一下。

But obviously, it's small right now in

但顯然，現在它還很小

terms of the number of people on it.

就其上的人數而言。

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

有趣的是像 Healthy Choice 這樣的品牌我們認為可以同時解決這兩個問題

somebody who is actively taking a GLP-1 drug, but also somebody who gives it up, but then is seeking

有人正在積極服用 GLP-1 藥物，也有人放棄服用，但隨後正在尋求治療

to maintain the progress that they've made while on GLP-1s.

保持他們在 GLP-1 上取得的進展。

Those consumers need a bit of an off-ramp

這些消費者需要一點出口匝道

and Healthy Choice provides an excellent off-ramp for them as well.

Healthy Choice 也為他們提供了一個極好的出口匝道。

So, we're on trend,

所以，我們緊跟潮流，

and we will focus our marketing and our packaging to make sure people know that.

我們將重點關注我們的行銷和包裝，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, thanks for the question.

嘿，謝謝你的提問。

And this might be stealing the thunder from your

這可能會搶走你的風頭

upcoming Cagney presentation, it sounds like.

聽起來像是即將到來的卡格尼演講。

But Sean, you touched on the move within snacking

但是肖恩，你談到了零食中的舉動

to protein and healthy snacks.

蛋白質和健康零食。

And really, that's a microcosm for what we're seeing in the broader

事實上，這是我們在更廣泛的領域所看到的縮影

packaged food industry this year.

今年包裝食品業。

You've got higher protein categories like nutrition shakes,

你有更高的蛋白質類別，例如營養奶昔，

cottage cheese, Greek yogurt, all leading on the growth side.

白軟乾酪、希臘優格均在成長方面處於領先地位。

And then you've got unhealthy

然後你就變得不健康了

snacking categories that are showing larger declines.

零食類別的跌幅較大。

In your view, what's driving this

在您看來，是什麼推動了這一趨勢

trend, and how long do you think it can persist?

趨勢，您認為它能持續多久？

Thanks.

謝謝。

Well, snacking is, you know, how big

好吧，你知道，零食有多大

snacking is, you know, it's 80 billion.

你知道，零食是 800 億美元。

It's a huge space, and it's a space that has always had a

這是一個巨大的空間，也是一個一直有

tremendous amount of variety.

種類繁多。

And depending upon what the hot macro trends are, you'll see some

根據熱門的宏觀趨勢，您會看到一些

shifting within that space from variety to variety.

在這個空間內從一個品種到另一個品種的轉變。

It just so happens that for a whole host of

碰巧的是，對於一大堆

reasons, things like protein and fiber are super on trend right now.

原因是，蛋白質和纖維等物質現在非常流行。

And, you know, who knows how

而且，你知道，誰知道如何

that'll change.

那會改變的。

I don't see any change on the horizon in terms of protein and fiber and low

我認為蛋白質和纖維以及低攝取量方面不會有任何變化

carb really being on trend.

碳水化合物確實很流行。

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

因此，我們高度專注於我們的零食業務，因為這些好處

areas.

地區。

And what happens when you get on trend like that is the categories grow, and retailers

當你追隨這樣的趨勢時，會發生什麼事：品類不斷成長，零售商也隨之成長

add new brands just to satisfy the demand.

增加新品牌只是為了滿足需求。

So when you think about big categories, you know, in the

因此，當您考慮大類別時，您知道，在

food industry, you see cookies as an example.

食品業，以餅乾為例。

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

你會看到各種各樣的東西，這需要滿足

demand.

要求。

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

這就是為什麼你會在肉棒等領域看到新品牌的出現，因為那是

textbook.

教科書。

And that's why we acquired the fatty smoked meats business, because it's a new brand,

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，

it's playing that role, and it's growing at a super fast rate.

它正在扮演這個角色，並且正在以超快的速度成長。

So we now have in meat sticks what we

所以我們現在的肉棒裡有我們

call the trifecta smokehouse between Slim Jim, Dukes, and Fatty, and we think having a suite of

稱之為「苗條吉姆」、「杜克斯」和「胖子」之間的三連勝熏制室，我們認為擁有一套

brands there, just like we do in popcorn and seeds, is the best way to continue capitalizing on that

那裡的品牌，就像我們在爆米花和種子領域所做的那樣，是繼續利用這一點的最佳方式

growth.

生長。

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

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，而且我

like not being DSD.

就像不成為 DSD 一樣。

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, thanks very much.

太好了，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

我可能錯了，但我認為 Q2 應該是

the highest spend for the year, just in terms of advertising and promotion.

僅在廣告和促銷方面，就達到了今年最高的支出。

But then I also hear

但後來我也聽到

maybe there's a little bit more trade going into Q3, and I heard a little time shift.

也許進入第三季會有更多的交易，我聽說有一些時間變化。

And then also,

然後還有，

I think you said total SG&A and ad and promo would be the same in Q3 relative to last year's Q3,

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與去年第三季相同，

right, which implies Q3 is higher.

正確，這意味著第三季更高。

So was there anything that just occurred in the quarter where

那麼本季剛發生的事情有沒有發生？

you say, okay, hey, we might have a few new innovations that might have slipped into Q3,

你說，好吧，嘿，我們可能會在第三季推出一些新的創新，

so maybe we'll also shift some of that ad and promo, or maybe we want to promote a little bit

所以也許我們也會改變一些廣告和促銷，或者我們想促銷一點

more in December into the holidays, just trying to gauge kind of the, I guess it's seasonality

12 月的假期更多，只是想衡量一下，我想這是季節性的

to a certain extent on ad and promo, but just kind of how you're thinking about that as we

在某種程度上是關於廣告和促銷，但這只是你如何看待我們

move through Q3.

進入第三季。

Let me take that, Rob.

讓我接受，羅布。

So just kind of take it from the top.

所以只是從頂部開始。

From a dollar

從一美元起

perspective, we spend the most in Q2 in terms of trade merchandising, just in terms of absolute

從絕對角度來看，我們第二季在貿易商品上的支出最多

dollars.

美元。

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

儘管肖恩談到了這一點，但我們對我們的預測有點有利，這轉變為

Q3.

Q3。

From an A&P perspective, we are ramping up A&P, so that will continue to ramp up so that

從 A&P 的角度來看，我們正在增加 A&P，因此將繼續增加，以便

by the end of the year, I think our A&P percentage is pretty much in line with the prior year is what

到今年年底，我認為我們的 A&P 百分比與去年基本一致

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

我們說過，所以這將會增加，這顯然將從第三季開始。

I mentioned, too,

我也提到過，

that we did have a little bit of innovation investment that was higher, that we expect to

我們確實有一點更高的創新投資，我們希望

be higher in Q3 versus what we had forecasted before.

第三季的成長率高於我們先前的預測。

Again, not really material, but it is an

再說一遍，這並不是真正的物質，但它是一個

increase versus what we had forecasted before.

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,

然後，SG&A，正如您所說，我們仍然，

kind of our commentary is the same in terms of where we expect SG&A to be.

我們對 SG&A 預期的評論是相同的。

So they're really

所以他們真的是

the dynamics, I would say, that hopefully answered your question.

我想說的是，這種動態有望回答你的問題。

Yeah, and Rob, most of those events

是的，還有羅布，大部分事件

are easy to plan, you know, Thanksgiving and Christmas and Lent, you know where they fall

很容易計劃，你知道，感恩節、聖誕節和四旬齋，你知道它們落在哪裡

on the calendar, you can plan around.

在日曆上，您可以計劃周圍。

The ones where you have to stay more agile is support for

您必須保持更加敏捷的是支持

business like Swiss Miss, where the weather moves around, and you want to try to have your investment

像瑞士小姐這樣的產業，天氣變化莫測，你想嘗試你的投資

tracked with when the weather hits, but I wouldn't say that, you know, that type of variability is

當天氣來襲時進行跟踪，但我不會說，你知道，這種類型的變化是

material at all in the scheme of our spending.

我們的支出計劃中根本沒有物質。

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

看看你是否可以評論一下競爭

environment in Frozen, a large peer has talked about adding capacity in the category and stepping

在《冰雪奇緣》的環境中，一位大型同行談到了在類別中增加容量並逐步進行

up some investments to support its growth.

增加一些投資以支持其成長。

So just seeing if you have seen any shift in behavior yet

所以只是看看你是否已經看到了行為上的任何轉變

and how you think these changes could impact your ability to continue to drive volume improvement

以及您認為這些變化會如何影響您繼續推動產量提高的能力

going forward.

繼續前進。

Well, Frozen is an absolutely awesome space.

嗯，《冰雪奇緣》絕對是一個很棒的空間。

We've been saying that pretty

我們一直說漂亮

much exclusively for about 10 years, so I'm glad people are starting to recognize the opportunity

大約十年來都是獨家的，所以我很高興人們開始認識到這個機會

in the space because it's a vast domain within the retailer store, and we've been really the

因為這是零售店內的一個廣闊領域，而我們確實是

only ones that have been active in driving that, and as a result, our products and our

只有那些積極推動這一目標的人，因此，我們的產品和我們的

innovation machine is well out ahead of our competition.

創新機器遠遠領先我們的競爭對手。

You can see that in extremely

你可以看到，在極其

strong market share.

強大的市場佔有率。

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, and

我們將繼續推動並領導它，並且

to the degree the retailers continue to appreciate how much upside and innovation space remains in

零售商繼續認識到仍有多少上升空間和創新空間

Frozen, the faster the overall category is going to grow, and we're the leaders globally in Frozen,

《冰雪奇緣》，整個類別成長得越快，我們是《冰雪奇緣》的全球領導者，

and certainly clearly in the U.S. as you can see by the share numbers, and we intend to stay that way.

在美國當然很明顯，正如您從股票數字中看到的那樣，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 call

目前沒有其他問題，我想致電

turn the call over to Matthew Nissos for closing remarks.

將電話轉給馬修‧尼索斯 (Matthew Nissos) 發表結束語。

Thank you, Wyatt, and thank you all for

謝謝你，懷亞特，也謝謝大家

joining us today.

今天就加入我們。

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。

The conference is now concluded.

會議現已結束。

Happy holidays, indeed.

確實，節日快樂。

The conference is now concluded.

會議現已結束。

Thank you

謝謝

for attending today's presentation.

參加今天的演講。

You may now disconnect.

您現在可以斷開連線。