金寶湯 (CPB) 2022 Q4 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company Fourth Quarter and Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer. You may begin.

問候，女士們，先生們，歡迎來到坎貝爾湯公司第四季度和 2022 財年收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。現在很高興向您介紹您的主持人，首席投資者關係官麗貝卡·加迪（Rebecca Gardy）。你可以開始了。

Good morning, and welcome to Campbell's Fourth Quarter and Full Fiscal Year 2022 Earnings Conference Call. I am Rebecca Gardy, Chief Investor Relations Officer at Campbell Soup Company. I am joined today by Mark Clouse, Campbell's President and Chief Executive Officer; and Mick Beekhuizen, Campbell's Chief Financial Officer.

早上好，歡迎參加坎貝爾 2022 財年第四季度和全年收益電話會議。我是坎貝爾湯公司首席投資者關係官 Rebecca Gardy。今天，坎貝爾的總裁兼首席執行官 Mark Clouse 也加入了我的行列；和坎貝爾首席財務官 Mick Beekhuizen。

Today's remarks have been prerecorded. Once we conclude our prepared remarks, we will transition to a live webcast Q&A session. The slide deck and today's earnings press release have been posted to the Investor Relations section of our website, campbellsoupcompany.com. Following the conclusion of the Q&A session, a replay of the webcast will be available at the same location, followed by a transcript of the call within 24 hours.

今天的發言已經預先錄製好了。一旦我們結束準備好的評論，我們將過渡到現場網絡直播問答環節。幻燈片和今天的收益新聞稿已發佈到我們網站 campbellsoupcompany.com 的投資者關係部分。問答環節結束後，將在同一地點重播網絡廣播，隨後將在 24 小時內提供通話記錄。

On our call today, we will be making forward-looking statements which reflect our current expectations. These statements rely on assumptions and estimates which could be inaccurate and are subject to risk. Please refer to Slide 3 or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in forward-looking statements.

在我們今天的電話會議上，我們將做出反映我們當前預期的前瞻性陳述。這些陳述依賴於可能不准確且存在風險的假設和估計。請參閱幻燈片 3 或我們向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與前瞻性陳述中預期的結果大不相同的因素列表。

Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of this presentation.

由於我們使用非公認會計原則措施，我們在本演示文稿的附錄中提供了這些措施與最直接可比的公認會計原則措施的對賬。

On Slide 4, you will see today's agenda. Mark will share his perspective on our fourth quarter and full year performance as well as in-market performance by division. Mick will discuss the financial results of the quarter in more detail and then review our guidance for the full year fiscal 2023.

在幻燈片 4 上，您將看到今天的議程。 Mark 將分享他對我們第四季度和全年業績以及各部門市場表現的看法。米克將更詳細地討論本季度的財務業績，然後審查我們對 2023 財年全年的指導。

And with that, I'm pleased to turn the call over to Mark.

有了這個，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, and thank you for joining us today.

謝謝，麗貝卡。早上好，感謝您今天加入我們。

On behalf of Campbell's leadership, I want to begin by thanking the teams for all their hard work this year. By maintaining focus on the factors we can control, we delivered solid fourth quarter and full year results while advancing our strategic plan to deliver sustainable profitable growth. The teams executed with excellence across the company. We improved supply chain performance and implemented effective revenue management to counter inflation, all while demand for our portfolio of brands remained elevated. Importantly, we did what we said we were going to do. We delivered on the high end of our original full year fiscal 2022 adjusted EPS guidance. We accomplished this despite the volatile environment we're in. And with the momentum we built throughout the year, we're confident in our ability to continue to deliver in fiscal 2023.

首先，我代表坎貝爾的領導層感謝團隊今年的辛勤工作。通過繼續關注我們可以控制的因素，我們在推進我們的戰略計劃以實現可持續的盈利增長的同時，實現了穩健的第四季度和全年業績。團隊在整個公司內表現出色。我們改善了供應鏈績效並實施了有效的收入管理來應對通貨膨脹，同時對我們品牌組合的需求仍然很高。重要的是，我們做了我們說過要做的事情。我們交付了我們最初的 2022 財年全年調整後每股收益指引的高端。儘管我們所處的環境動盪，但我們還是實現了這一目標。憑藉我們全年建立的勢頭，我們對在 2023 財年繼續交付的能力充滿信心。

Let me start with the fourth quarter. We delivered strong growth across all 3 key metrics, net sales, adjusted EBIT and adjusted EPS, driven by continued improvement in our supply chain execution, sustained consumer demand and our successful efforts to mitigate inflation. Organic net sales increased 6% versus the prior year due to net price realization, continued elevated consumer demand and significantly improved supply. Adjusted EBIT and adjusted EPS both returned to growth due to successful inflation mitigation and cost management.

讓我從第四節開始。在我們供應鏈執行的持續改善、持續的消費者需求和我們成功緩解通脹的努力的推動下，我們在淨銷售額、調整後息稅前利潤和調整後每股收益這三個關鍵指標上實現了強勁增長。由於淨價格的實現、消費者需求的持續上升和供應的顯著改善，有機淨銷售額與上年相比增長了 6%。由於成功的通脹緩解和成本管理，調整後的息稅前利潤和調整後的每股收益均恢復增長。

For the full year, organic net sales grew 2% and we delivered adjusted EPS of $2.85. As expected, adjusted EBIT decreased due to challenging inflationary pressures and our commitment to protect critical brand investments.

全年，有機淨銷售額增長 2%，調整後每股收益為 2.85 美元。正如預期的那樣，由於具有挑戰性的通脹壓力和我們保護關鍵品牌投資的承諾，調整後的息稅前利潤有所下降。

Our financial results reflect the strong end market performance of our brands. Fourth quarter consumption was up 8% versus the prior year and up 21% compared to 3 years ago. For the full year, consumption was up 4% versus the prior year and up 14% versus 3 years ago. The sustained strength of our portfolio continues to signal great growth potential for the future.

我們的財務業績反映了我們品牌強勁的終端市場表現。第四季度消費量較上年同期增長 8%，較 3 年前增長 21%。全年消費量較上年增長 4%，較 3 年前增長 14%。我們產品組合的持續實力繼續預示著未來的巨大增長潛力。

On Slide 8, I'd like to talk about a few of the reasons why Campbell is well positioned for the consumer and economic environment as we head into fiscal 2023.

在幻燈片 8 上，我想談談坎貝爾在進入 2023 財年之際為消費者和經濟環境做好準備的幾個原因。

First, our brands are in categories that excel during challenging economic times. Consumers tend to seek out the better value our meals and beverages portfolio delivers, while the resiliency of snacking has been consistent in prior economic downturns. Also, we're not solely dependent on pricing to manage inflation. We've already delivered $850 million of multiyear cost savings, and we're tracking to $1 billion by fiscal 2025.

首先，我們的品牌屬於在充滿挑戰的經濟時期表現出色的類別。消費者傾向於尋找我們的膳食和飲料組合提供的更高價值，而零食的彈性在之前的經濟衰退中一直保持一致。此外，我們不僅僅依靠定價來管理通貨膨脹。我們已經實現了 8.5 億美元的多年成本節約，到 2025 財年我們將達到 10 億美元。

Our supply chain transformation continues as well as we address both short-term and longer-term challenges and are performing substantially better than even earlier in the year. In fact, service levels in the fourth quarter improved by approximately 15 points compared to the first half of fiscal 2022.

我們的供應鏈轉型仍在繼續，我們同時應對短期和長期挑戰，並且表現比今年早些時候要好得多。事實上，與 2022 財年上半年相比，第四季度的服務水平提高了約 15 個百分點。

We've delivered strong innovation, with a focus on relevant, differentiated and value-driven platforms. We saw a 2% contribution from innovation in fiscal 2022 and have our most robust pipeline yet for fiscal 2023. For our U.S. soup business, innovation contributed 3% of net sales in fiscal 2022, demonstrating the opportunity for innovation in this strengthening category.

我們提供了強大的創新，專注於相關、差異化和價值驅動的平台。我們在 2022 財年看到了 2% 的創新貢獻，並且在 2023 財年擁有我們迄今為止最強大的管道。對於我們的美國湯業務，創新貢獻了 2022 財年淨銷售額的 3%，這表明了在這一強化類別中的創新機會。

Let me now turn to another strong proof point of our progress, which are the share results for our brands as we emerge from the last 3 years of the pandemic influence. We are pleased with the fact that share for most of our key brands across our portfolio continue to remain at or above fiscal 2019 levels. While as we expected in the fourth quarter, we have experienced some select share pressure, this sustained share growth versus pre-pandemic levels is a positive sign that we're emerging with a stronger portfolio of brands as we head into 2023.

現在讓我談談我們進步的另一個有力證明點，這是我們品牌在過去 3 年的大流行影響中出現的分享結果。我們對我們投資組合中大多數主要品牌的份額繼續保持在或高於 2019 財年水平感到高興。雖然正如我們在第四季度所預期的那樣，我們經歷了一些特定的份額壓力，但與大流行前水平相比，這種持續的份額增長是一個積極的跡象，表明隨著我們進入 2023 年，我們將擁有更強大的品牌組合。

Turning to our Meals & Beverage division on Slide 10. I continue to be pleased by the performance of our brands. Organic net sales in the division increased 7% versus the prior year, with growth coming across all major meal segments. Consumption grew 8% over the prior year and 22% compared to 3 years ago, reflecting the underlying health of our portfolio and the strengthening position we've built with new consumers through the pandemic, especially with new millennial consumers.

在幻燈片 10 上談到我們的餐飲部門。我繼續對我們品牌的表現感到高興。該部門的有機淨銷售額與去年相比增長了 7%，所有主要膳食部門均實現了增長。消費量比上年增長 8%，與 3 年前相比增長 22%，這反映了我們投資組合的基本健康狀況以及我們在大流行期間與新消費者建立的穩固地位，尤其是與新的千禧一代消費者。

Turning to Slide 11. As expected, during tougher economic times, shelf-stable simple meals grew an importance, evidenced by the growth of volume share of total food. The strong value and convenience of categories like pasta sauce and ready-to-serve soup, have driven the segment's outperformance versus both refrigerated and frozen simple meals. This consumer behavior, importantly, among younger households, gives us confidence in the continued relevance of our categories heading into fiscal 2023.

轉到幻燈片 11。正如預期的那樣，在經濟困難時期，耐貯藏的簡單膳食變得越來越重要，這從總食物的體積份額的增長中得到了證明。意大利麵醬和即食湯等類別的強大價值和便利性推動了該細分市場的表現優於冷藏和冷凍簡單餐點。這種消費者行為，重要的是，在年輕家庭中，讓我們對進入 2023 財年的類別的持續相關性充滿信心。

Throughout the thoughtful planning and execution of pricing actions in fiscal 2022, we anticipated and appropriately plan for the share pressure we are experiencing from private label, particularly in parts of the portfolio like condensed soup and broth. What is important to remember is the context of the strength of our share positions. Although never happy with share loss in a category where we have a significant share leadership position, the strength of the category translates to compelling growth on a very important part of our portfolio. Further, we've been very focused on which consumers are trading down within soup. And they tend to be our baby boomer consumers, who historically are a bit more sensitive to price gaps and also very likely to trade back over time. The good news is most of our new millennial consumers in soup have been highly brand loyal.

在對 2022 財年定價行動進行深思熟慮的規劃和執行過程中，我們預期並適當地規劃了自有品牌帶來的份額壓力，特別是在濃縮湯和肉湯等部分投資組合中。重要的是要記住我們股票頭寸實力的背景。儘管在我們擁有重要份額領導地位的類別中份額損失從不滿意，但該類別的實力轉化為我們投資組合中非常重要的部分的引人注目的增長。此外，我們一直非常關注哪些消費者在湯中進行交易。他們往往是我們的嬰兒潮一代消費者，從歷史上看，他們對價格差距更敏感，而且很可能隨著時間的推移進行交易。好消息是，我們的湯品中的大多數新千禧一代消費者都對品牌忠誠度很高。

Turning to Slide 13. We also are encouraged by our performance on select brands within our soup category that we see as the most imperative to defend our share. Our condensed icons continued to perform well this quarter, with share up 4.1 points and consumption up 29.6% versus the prior year. On a 3-year basis, our condensed icons are up nearly 6 points in dollar share, while also growing units approximately 9%, reflecting our focus on ensuring we are winning on the most strategic parts of our condensed portfolio.

轉到幻燈片 13。我們在湯品類別中的精選品牌上的表現也讓我們感到鼓舞，我們認為這是捍衛我們份額的最重要因素。本季度我們的濃縮圖標繼續表現良好，與去年同期相比，份額增長了 4.1 個百分點，消費增長了 29.6%。在 3 年的基礎上，我們的精簡圖標的美元份額增長了近 6 個百分點，同時單位數量也增長了約 9%，這反映了我們專注於確保我們在精簡產品組合中最具戰略意義的部分上獲勝。

In the ready-to-serve business, Chunky continues to be a star, with dollar share up 1.3 points and consumption up 20.3% versus the prior year. Compared to 3 years ago, Chunky gained over 2 points of dollar share, increased units nearly 27%, and we've added over 1 million new buyers into the brand. We are revitalizing the Chunky brand for new generations of consumers, leveraging our 25th season as an NFL sponsor and broadening our relationship with gaming icon, EA Madden, featuring the Campbell's Chunky Stadium.

在即食業務中，Chunky 繼續是明星，與去年相比，美元份額增長 1.3 個百分點，消費增長 20.3%。與 3 年前相比，Chunky 獲得了超過 2 個百分點的美元份額，增加了近 27% 的單位，我們為該品牌增加了超過 100 萬的新買家。我們正在為新一代消費者振興 Chunky 品牌，利用我們作為 NFL 贊助商的第 25 個賽季，並擴大我們與遊戲偶像 EA Madden 的關係，其中包括坎貝爾的 Chunky 體育場。

Innovation will also continue to help fuel our Win in Soup strategy in fiscal 2023. As consumers trade into shelf-stable meals, like ready-to-serve soup, we're bringing new relevant innovation, targeting better-for-you and flavor profiles that will add variety as frequency in these categories go up. Building off of the success of our Creamy Pacific Food soups, we're adding to our portfolio of organic ready-to-serve soups and plant-based chilis, which launched in the fourth quarter of fiscal 2022. We're also expanding our new Chunky spicy lineup following the insight that nearly 2/3 of consumers agree that savory foods taste better with spice. Finally, we are providing a full restage of packaging and graphics to continue to fuel the relaunch of our, Well Yes! better-for-you soup line.

創新也將繼續幫助推動我們在 2023 財年贏得湯品戰略。隨著消費者對即食湯等貨架穩定的食品進行交易，我們正在帶來新的相關創新，以更適合您的口味和風味特徵為目標隨著這些類別的頻率上升，這將增加多樣性。在我們奶油太平洋食品湯的成功基礎上，我們正在增加我們於 2022 財年第四季度推出的有機即食湯和植物性辣椒產品組合。我們還在擴展我們的新產品近 2/3 的消費者認為鹹味食品加香料味道更好，因此推出了厚重的辣味產品系列。最後，我們將提供完整的包裝和圖形，以繼續推動我們的重新啟動，嗯，是的！更適合你的湯線。

Broth is a category where, as expected, private label pressure has been greater. As a result, we continue to further differentiate our Swanson brand. In fiscal 2023, we will be modernizing our packaging and improving our ingredients to drive the taste superiority, quality and value of our Swanson brand. We will also be launching Swanson Quick Cups, which is a convenient 1-cup serving a broth, which fits the majority of broth recipe usage occasions. This smaller size offering delivers convenience for smaller households and further delivers value by reducing waste. Through improved quality and a robust lineup of offerings for our consumers, our focus will be on winning this holiday season.

正如預期的那樣，肉湯是一個自有品牌壓力更大的類別。因此，我們繼續進一步區分我們的 Swanson 品牌。在 2023 財年，我們將對包裝進行現代化改造並改進我們的成分，以提升我們 Swanson 品牌的口味優勢、質量和價值。我們還將推出 Swanson Quick Cups，這是一種方便的 1 杯裝肉湯，適合大多數肉湯配方使用場合。這種較小尺寸的產品為較小的家庭提供便利，並通過減少浪費進一步創造價值。通過提高質量和為我們的消費者提供強大的產品陣容，我們的重點將是贏得這個假期。

Turning to sauces. We continue to make progress against our goal of building a $1 billion sauces business. With quick scratch cooking increasing in relevance as consumers continue to eat more at home to save money, we are well positioned to capture market share and growth. In fact, our Prego brand remained the #1 share leader in the Italian category for the 39th consecutive month and delivered consumption growth of 12.4% compared to the prior year. In addition, repeat rates were up 4 points in the quarter compared to 3 years ago. We are also building on this success by expanding Prego's lineup as consumers are seeking new elevated flavors and ways to enhance their meals as they cook more at home.

轉向醬汁。我們繼續朝著建立 10 億美元醬料業務的目標取得進展。隨著消費者繼續在家吃更多東西以省錢，快速烹飪的相關性越來越高，我們已經做好了搶占市場份額和增長的準備。事實上，我們的 Prego 品牌連續第 39 個月在意大利類別中保持第一的份額領先地位，與去年相比，消費增長了 12.4%。此外，與 3 年前相比，本季度的重複率上升了 4 個百分點。我們還通過擴大 Prego 的產品陣容來鞏固這一成功，因為消費者正在尋求新的升級口味和方法來增強他們的膳食，因為他們更多地在家做飯。

Prego's new varieties offer bold and vibrant ingredients to meet the growing need to bring more choices to the in-home Italian sauce experience. Pace continued to build momentum in the fourth quarter as we recovered from material shortages that pressured supply earlier in the year, leading directly to share gains in the category. Compared to the prior year quarter, Pace gained 0.4 points of dollar share and grew consumption 14.5%, while repeat rates increased 5.9 points versus 3 years ago. Turning to Slide 17. As I mentioned earlier, convenience and value are key drivers, especially when paired with the continued strength of quick scratch cooking. In support of these key consumer dynamics, we're fueling that behavior through innovation, with the launch of Campbell's Flavor Up concentrated sauces and with the relaunch of Campbell's cooking sauces. Both will expand options and flexibility for dinner variety, especially as consumers look to find ways to incorporate more interesting flavors at home.

Prego 的新品種提供大膽而充滿活力的成分，以滿足日益增長的需求，為家庭意大利醬汁體驗帶來更多選擇。隨著我們從今年早些時候給供應帶來壓力的材料短缺中恢復過來，Pace 在第四季度繼續建立勢頭，直接導致該類別的份額增長。與去年同期相比，佩斯的美元份額增加了 0.4 個百分點，消費增長了 14.5%，而重複率比 3 年前增加了 5.9 個百分點。轉到幻燈片 17。正如我之前提到的，便利性和價值是關鍵驅動因素，尤其是與快速刮煮的持續優勢相結合時。為了支持這些關鍵的消費者動態，我們正在通過創新推動這種行為，推出 Campbell's Flavor Up 濃縮醬汁，並重新推出 Campbell's 烹飪醬汁。兩者都將擴大晚餐種類的選擇和靈活性，特別是當消費者希望找到在家中融入更多有趣風味的方法時。

For example, with Campbell's Flavor Up, cooks can control flavor and portions. Plus, given its concentrated form, a home cook can flavor 15 meals in every $5 package, making it an excellent value that helps stretch consumers' grocery dollars. We will launch this through focused retailer partnerships to methodically build momentum as we create this new exciting way to cook. We are pleased with our results and our innovation. And we remain poised to deliver our goals of achieving $1 billion sauce portfolio.

例如，使用 Campbell's Flavor Up，廚師可以控制風味和份量。此外，鑑於其濃縮形式，家庭廚師可以在每 5 美元的包裝中為 15 道菜調味，使其成為有助於增加消費者購買雜貨成本的絕佳價值。我們將通過專注於零售商的合作夥伴關係來推出這項服務，以便在我們創造這種令人興奮的新烹飪方式時有條不紊地建立勢頭。我們對我們的成果和創新感到滿意。我們仍然準備好實現我們實現 10 億美元醬料組合的目標。

Turning to our Snacks division on Slide 18. The division also had a strong quarter, with organic net sales up 6% over the prior year quarter, driven by our power brands. End market performance was strong, growing consumption 8% versus prior year and 20% compared to 3 years ago, fueled also by the performance of our power brands. We have also now successfully delivered our value capture from the integration. And although we recognize that margins do reflect some of the short-term pressure from inflation and COVID-19, we remain very confident in our plans for further margin expansion in the future.

在幻燈片 18 上轉向我們的零食部門。該部門也有一個強勁的季度，在我們的強力品牌的推動下，有機淨銷售額比去年同期增長了 6%。終端市場表現強勁，消費量較上年增長 8%，較 3 年前增長 20%，這也得益於我們電力品牌的表現。我們現在還成功地從集成中獲得了價值。儘管我們認識到利潤率確實反映了通脹和 COVID-19 帶來的一些短期壓力，但我們仍然對未來進一步擴大利潤率的計劃充滿信心。

Perhaps even more encouraging is the continued strength of our growing, highly relevant and unique portfolio of power brands. Taking a closer look at these brands, end market consumption grew 11% versus the prior year. And on a 3-year basis, consumption grew 26%, with double-digit growth across all our power brands versus 3 years ago. With respect to share, our power brands held dollar share in the quarter versus the prior year, with share gains on Kettle Brand, Cape Cod, Snack Factory Pretzel Crisps and Pepperidge Farm cookies.

也許更令人鼓舞的是我們不斷增長的、高度相關和獨特的權力品牌組合的持續實力。仔細觀察這些品牌，終端市場的消費量與去年相比增長了 11%。在 3 年的基礎上，消費增長了 26%，與 3 年前相比，我們所有的電力品牌都實現了兩位數的增長。在份額方面，與去年同期相比，我們的強力品牌在本季度佔據了美元份額，其中 Kettle Brand、Cape Cod、Snack Factory Pretzel Crisps 和 Pepperidge Farm 餅乾的份額有所增加。

On Slide 20, as we indicated last quarter, our improvement in supply chain execution would enable us to invest in our brands through promotional activity in the fourth quarter. We were encouraged to see that our increased support helped drive positive results. We also are continuing to watch unit share very closely on snacking as we know share of stomach in these categories are very important and provide insight into longer-term growth potential. The great news is we saw unit share improvement across all our power brands in the fourth quarter versus the third quarter.

正如我們在上個季度所指出的，在幻燈片 20 上，我們在供應鏈執行方面的改進將使我們能夠通過第四季度的促銷活動來投資我們的品牌。我們很高興看到我們增加的支持有助於推動積極的結果。我們還將繼續密切關注零食的單位份額，因為我們知道這些類別中的胃份額非常重要，並提供了對長期增長潛力的洞察。好消息是我們看到第四季度與第三季度相比，我們所有電力品牌的單位份額都有所提高。

A particularly competitive segment is Total Salty Snacks, where we were the only major player who grew unit share in the fourth quarter as we've worked hard to keep price and promotion balanced as supply recovered. Gold Fish continues to deliver exceptional results also, driven by relevant innovation and award-winning marketing. We continue to shake things up with our limited time-only strategy. Building on successful collaborations and flavors with Frank's RedHot and Jalapeño Popper as well as with bold and suite partnerships with Old Bay and our recently announced Goldfish Dunkin' Pumpkin Spice Grahams. Since their launch, Frank's RedHot and Jalapeño Popper Goldfish have driven incremental sales of 60% for the Goldfish brand. These 2 innovations along with old Bay Seasoned Goldfish were ranked #1 in velocity for the cracker category innovations during the launch.

一個特別有競爭力的部分是 Total Salty Snacks，我們是第四季度唯一增長單位份額的主要參與者，因為隨著供應恢復，我們努力保持價格和促銷平衡。在相關創新和屢獲殊榮的營銷的推動下，Gold Fish 也繼續提供卓越的成果。我們繼續用我們有限的時間策略來改變現狀。建立在與 Frank's RedHot 和 Jalapeño Popper 的成功合作和口味以及與 Old Bay 和我們最近宣布的 Goldfish Dunkin' Pumpkin Spice Grahams 的大膽合作夥伴關係的基礎上。自推出以來，Frank 的 RedHot 和 Jalapeño Popper Goldfish 為 Goldfish 品牌帶來了 60% 的增量銷售額。這 2 項創新以及老灣調味金魚在發布期間的餅乾類別創新中排名第一。

We're engaging consumers in a unique way, coupling our ability to create delicious flavor-driven snacks with strong partnerships and world-class marketing. This is expanding our consumer reach and usage. The latest accolade is that Goldfish was named one of America's hottest brands of 2022 by Ad Age.

我們以獨特的方式吸引消費者，將我們創造美味風味小吃的能力與強大的合作夥伴關係和世界一流的營銷相結合。這正在擴大我們的消費者範圍和使用範圍。最新的榮譽是，Goldfish 被 Ad Age 評為 2022 年美國最熱門品牌之一。

So in closing, Campbell enters fiscal year 2023 and with strength in fundamentals, a powerful brand portfolio in advantaged categories and the proven track record of navigating the continued volatile environment. We remain focused on what we can control, and most importantly, continue to deliver our commitments.

因此，在結束時，坎貝爾進入 2023 財年，並憑藉基本面實力、優勢類別的強大品牌組合以及在持續動蕩的環境中航行的良好記錄。我們仍然專注於我們可以控制的事情，最重要的是，繼續履行我們的承諾。

With that, let me turn it over to Mick to discuss our fourth quarter and full year results and present more details on the fiscal 2023 outlook we provided in our press release this morning.

有了這個，讓我把它交給米克討論我們的第四季度和全年業績，並提供我們今天上午在新聞稿中提供的 2023 財年展望的更多細節。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早上好。

We are pleased by the strong results we delivered in the fourth quarter in a challenging operating environment. As Mark said earlier, we are proud to have delivered strong full year results, with adjusted EPS at the high end of our original fiscal 2022 guidance range. This is a testament to the progress our team has made throughout the year in areas such as our supply chain, allowing us to support continued elevated demand levels. Additionally, we have made significant progress regarding inflation mitigation via effective revenue management, continued productivity improvements and cost savings initiatives.

我們對第四季度在充滿挑戰的經營環境中取得的強勁業績感到高興。正如馬克早些時候所說，我們為實現強勁的全年業績而感到自豪，調整後的每股收益處於我們最初的 2022 財年指導範圍的高端。這證明了我們的團隊全年在供應鍊等領域取得的進展，使我們能夠支持持續上升的需求水平。此外，我們通過有效的收入管理、持續的生產力提高和成本節約舉措，在緩解通脹方面取得了重大進展。

Our cash generation during fiscal 2022 remains strong as well, with cash flow from operations of $1.2 billion, a 14% increase over prior year. Of which, we returned over $600 million in fiscal 2022 to our shareholders through dividends and share repurchases. At the end of my remarks, I'll review our fiscal 2023 guidance. But now let's first discuss our fourth quarter results in more detail.

我們在 2022 財年的現金生成也依然強勁，運營現金流為 12 億美元，比上年增長 14%。其中，我們在 2022 財年通過股息和股票回購向股東返還了超過 6 億美元。在我的發言結束時，我將回顧我們的 2023 財年指南。但現在讓我們首先更詳細地討論我們的第四季度業績。

Turning to Slide 25. For the fourth quarter, organic net sales increased 6% as our inflation-driven pricing actions continued to gain traction. Fourth quarter consumption was slightly ahead of our organic net sales performance, driven in part by year-over-year net sales declines in our non-measured channels and due to shipment timing following our July pricing. We now expect inventory replenishment to extend more into Q1.

轉到幻燈片 25。第四季度，由於我們的通脹驅動定價行動繼續獲得牽引力，有機淨銷售額增長了 6%。第四季度的消費量略高於我們的有機淨銷售業績，部分原因是我們的非衡量渠道淨銷售額同比下降，以及我們 7 月定價後的發貨時間。我們現在預計庫存補充將更多地延續到第一季度。

Adjusted EBIT increased 5% compared to the prior year to $269 million, primarily due to higher adjusted gross margin, partially offset by higher adjusted administrative expenses and lower adjusted other income. Our adjusted EBIT margin decreased 20 basis points to 13.5% compared to 13.7% in the prior year. Adjusted EPS from continuing operations increased 8% to $0.56 per share, driven primarily by the increase in adjusted EBIT and lower net interest expense. For the full year, organic net sales increased 2% and adjusted EBIT decreased 4% compared to the prior year, resulting in an adjusted EBIT margin decrease of 90 basis points to 15.1%. Our fiscal 2022 adjusted EPS was $2.85 per share compared to $2.86 per share in the prior year.

調整後的息稅前利潤較上年增長 5% 至 2.69 億美元，主要是由於調整後的毛利率較高，但部分被調整後的管理費用增加和調整後的其他收入減少所抵消。我們調整後的息稅前利潤率從去年的 13.7% 下降 20 個基點至 13.5%。持續經營業務的調整後每股收益增長 8% 至每股 0.56 美元，主要受調整後息稅前利潤增加和淨利息支出減少的推動。與上年相比，全年有機淨銷售額增長 2%，調整後息稅前利潤下降 4%，調整後息稅前利潤率下降 90 個基點至 15.1%。我們 2022 財年調整後的每股收益為 2.85 美元，而上一年為每股 2.86 美元。

On the next slide, I will break down our net sales performance for the fourth quarter. Net sales in the quarter, both reported and organic, increased 6%, driven by 14 points of inflation-driven pricing. This was partially offset by a 4 point volume and mix headwind and 3 points of increased promotional spending in the quarter, primarily within Snacks.

在下一張幻燈片中，我將細分我們第四季度的淨銷售業績。本季度報告的和有機的淨銷售額增長了 6%，這得益於 14 個點的通脹驅動定價。這部分被本季度 4 個點的銷量和混合逆風以及 3 個點的促銷支出增加所抵消，主要是在零食方面。

Turning to Slide 27. Our fourth quarter adjusted gross margin percentage increased 40 basis points from 30.9% to 31.3%. Net price realization drove an 840 basis point improvement, reflecting the impact of our inflation-driven pricing actions, net of increased promotional spending in the quarter. In addition, our ongoing supply chain productivity program and our cost savings initiatives contributed 150 basis points and 30 basis points to the adjusted gross margin percentage, respectively.

轉到幻燈片 27。我們第四季度調整後的毛利率百分比從 30.9% 提高了 40 個基點至 31.3%。淨價格實現推動了 840 個基點的改善，反映了我們通脹驅動的定價行動的影響，扣除了本季度增加的促銷支出。此外，我們正在進行的供應鏈生產力計劃和我們的成本節約計劃分別為調整後的毛利率百分比貢獻了 150 個基點和 30 個基點。

Inflation and other factors had a negative impact of 810 basis points, with the majority of the impact driven by cost inflation as overall input prices on a rate basis increased by approximately 15%, which was relatively consistent with the prior quarter. Lastly, unfavorable volume and mix had a negative impact of 170 basis points in the quarter. In the fourth quarter, we continued our efforts to mitigate inflation, highlighted on the next page, through a combination of targeted price increases and trade optimization, as well as productivity improvements, primarily in our supply chain, cost-saving initiatives and a continued focus on discretionary spending across the organization.

通貨膨脹和其他因素產生了 810 個基點的負面影響，其中大部分影響是由成本上漲驅動的，因為按費率計算的整體投入價格上漲了約 15%，與上一季度相對一致。最後，不利的數量和組合在本季度產生了 170 個基點的負面影響。在第四季度，我們繼續努力通過目標價格上漲和貿易優化以及生產力提高（主要是在我們的供應鏈中）、成本節約舉措和持續關注來緩解通脹，如下頁所強調的關於整個組織的可自由支配支出。

Moving on to other operating items. Adjusted marketing and selling expenses increased $4 million or 2% and represented approximately 9% of net sales as planned or a 30 basis point decrease compared to last year. The increase in the quarter was driven by higher selling expenses, which were partially offset by lower advertising and consumer promotion expense or A&C. A&C declined by 3% in the quarter, driven by reductions in our V8 beverage business, where investments were moderated to reflect material availability constraints, offsetting increases in snacks, primarily on Goldfish.

轉移到其他經營項目。調整後的營銷和銷售費用增加了 400 萬美元或 2%，佔計劃淨銷售額的約 9%，或與去年相比減少 30 個基點。本季度的增長是由較高的銷售費用推動的，這部分被較低的廣告和消費者促銷費用或 A&C 所抵消。由於我們的 V8 飲料業務減少，該季度 A&C 下降了 3%，該業務的投資有所放緩，以反映材料可用性的限制，抵消了零食的增長，主要是在金魚上。

Adjusted administrative expenses increased $14 million or 10% to $153 million. The increase in adjusted administrative expenses was driven by higher incentive compensation costs, higher benefit-related costs and inflation. As a percentage of fourth quarter net sales, adjusted administrative expenses were 7.7%, a 30 basis point increase compared to last year.

調整後的管理費用增加了 1400 萬美元或 10%，達到 1.53 億美元。調整後的行政費用增加是由較高的激勵補償成本、較高的福利相關成本和通貨膨脹推動的。作為第四季度淨銷售額的百分比，調整後的管理費用為 7.7%，與去年相比增加了 30 個基點。

On Slide 30, we are providing an adjusted EBIT bridge to summarize the key drivers of performance this quarter. As previously mentioned, adjusted EBIT increased 5% in the quarter, primarily due to an 8% or $44 million improvement in adjusted gross margin, as volume declines were more than offset by the net rate improvement, resulting in a 40 basis point adjusted EBIT margin contribution. In addition, higher adjusted administrative and R&D expenses of $14 million and lower adjusted other income of $13 million had a negative adjusted EBIT margin impact of 30 basis points and 60 basis points, respectively. Despite adjusted marketing and selling expenses increasing $4 million versus the prior year, they were lower as a percentage of net sales, and therefore, had a positive impact on our adjusted EBIT margin of 30 basis points. Overall, our adjusted EBIT margin decreased year-over-year by 20 basis points to 13.5%.

在幻燈片 30 上，我們提供了一個調整後的 EBIT 橋樑，以總結本季度業績的主要驅動因素。如前所述，本季度調整後息稅前利潤增長 5%，主要是由於調整後毛利率提高 8% 或 4400 萬美元，因為銷量下降被淨利率提高所抵消，調整後息稅前利潤率提高了 40 個基點貢獻。此外，調整後的行政和研發費用增加 1400 萬美元，調整後的其他收入減少 1300 萬美元，調整後的 EBIT 利潤率分別為 30 個基點和 60 個基點。儘管調整後的營銷和銷售費用比上一年增加了 400 萬美元，但它們占淨銷售額的百分比較低，因此對我們調整後的息稅前利潤率 30 個基點產生了積極影響。總體而言，我們調整後的息稅前利潤率同比下降 20 個基點至 13.5%。

The following chart breaks down our adjusted EPS growth between operating performance and below the line items. A $0.03 impact of higher adjusted EBIT was further benefited by a $0.01 favorable impact from lower net interest expense. This resulted in adjusted EPS of $0.56, which was up $0.04 per share or 8% compared to the prior year.

下圖分解了我們調整後的每股收益在經營業績和項目之下的增長。調整後息稅前利潤增加帶來的 0.03 美元影響進一步受益於淨利息支出減少帶來的 0.01 美元的有利影響。這導致調整後的每股收益為 0.56 美元，與去年相比，每股增加 0.04 美元或 8%。

Turning to Slide 32. Our Meals & Beverages division had a strong quarter, with organic net sales increasing 7% versus prior year, driven by increases in U.S. soup and gains in foodservice and Prego pasta sauces. Inflation-driven pricing and sales allowances were partially offset by volume declines and increased promotional spending. Sales of U.S. soup increased 6% due to gains in ready-to-serve soups and condensed soups, partially offset by declines in broth.

轉到幻燈片 32。我們的膳食和飲料部門的季度表現強勁，有機淨銷售額與去年相比增長了 7%，這得益於美國湯的增長以及餐飲服務和 Prego 意大利麵醬的增長。通貨膨脹驅動的定價和銷售補貼被銷量下降和促銷支出增加部分抵消。由於即食湯和濃縮湯的增長，美國湯的銷售額增長了 6%，部分被肉湯的下降所抵消。

Segment operating earnings in the quarter increased 18%. The increase was primarily due to a higher gross margin and lower marketing and selling expenses, partially offset by higher administrative expenses. Gross margin percentage improved, reflecting the mitigation of ongoing inflation with pricing actions and supply chain productivity improvements. Lower volume and unfavorable mix as well as higher level of promotional spending pressured gross margin percentage. Overall, within our Meals & Beverages division, the fourth quarter operating margin increased year-over-year by 160 basis points to 17.2%.

本季度的分部營業收入增長了 18%。增長主要是由於較高的毛利率和較低的營銷和銷售費用，部分被較高的管理費用所抵消。毛利率百分比有所提高，反映了通過定價行動和供應鏈生產力提高緩解了持續的通貨膨脹。較低的銷量和不利的組合以及較高的促銷支出水平給毛利率帶來了壓力。總體而言，在我們的餐飲部門，第四季度營業利潤率同比增長 160 個基點至 17.2%。

On Slide 33, organic net sales in our Snacks division increased 6%, driven by sales of our power brands, which were up 9%. Snacks sales increased due to gains in salty snacks, primarily Kettle brand, and Cape Cod potato chips, as well as in cookies and crackers, primarily Goldfish crackers. Inflation-driven pricing and sales allowances were partially offset by increased promotional spending and volume declines.

在幻燈片 33 上，我們零食部門的有機淨銷售額增長了 6%，這得益於我們的強力品牌銷售額增長了 9%。由於鹹味零食（主要是 Kettle 品牌）和 Cape Cod 薯片以及餅乾和薄脆餅乾（主要是金魚薄脆餅乾）的增長，零食銷售額增加。通貨膨脹驅動的定價和銷售補貼被促銷支出增加和銷量下降部分抵消。

Segment operating earnings in the quarter increased 3%, primarily due to higher gross margin, partially offset by higher marketing and selling expenses and higher administrative expenses. Gross margin percentage was relatively flat, reflecting the mitigation of ongoing inflation with pricing actions, supply chain productivity improvements and cost savings initiatives, partially offset by higher levels of promotional spending, lower volume and unfavorable mix. Overall, the fourth quarter operating margin decreased year-over-year by 40 basis points to 13.4%.

本季度的分部營業利潤增長了 3%，主要是由於較高的毛利率，部分被較高的營銷和銷售費用以及較高的管理費用所抵消。毛利率相對持平，反映了通過定價行動、供應鏈生產力提高和成本節約舉措緩解了持續的通脹，部分被促銷支出水平增加、銷量減少和不利組合所抵消。總體而言，第四季度營業利潤率同比下降 40 個基點至 13.4%。

I'll now turn to our cash flow and liquidity. Fiscal 2022 cash flow from operations increased 14% year-over-year to $1.2 billion, primarily due to changes in working capital, partially offset by lower cash earnings. Cash outflows from investing activities were reflective of the cash outlay for capital expenditures of $242 million, which was down from $275 million in the previous year. Cash outflows from financing activities were $910 million. The majority of which, or $618 million, represented the return of capital to our shareholders, including $451 million of dividends paid and $167 million of share repurchases. At the end of the fourth quarter, we had approximately $375 million remaining under the current $500 million strategic share repurchase program and approximately $172 million under our $250 million anti-dilutive share repurchase program. We ended the year with cash and cash equivalents of $109 million.

我現在將轉向我們的現金流和流動性。 2022 財年的運營現金流同比增長 14% 至 12 億美元，這主要是由於營運資本的變化，部分被較低的現金收益所抵消。投資活動的現金流出反映了資本支出的現金支出為 2.42 億美元，低於上一年的 2.75 億美元。融資活動產生的現金流出為 9.1 億美元。其中大部分，即 6.18 億美元，代表了對我們股東的資本回報，包括 4.51 億美元的股息支付和 1.67 億美元的股票回購。截至第四季度末，我們在當前 5 億美元的戰略性股票回購計劃下剩餘約 3.75 億美元，在我們 2.5 億美元的反稀釋性股票回購計劃下剩餘約 1.72 億美元。我們在年底的現金和現金等價物為 1.09 億美元。

Turning to Slide 35. As covered in our press release, we are providing financial guidance for the full year fiscal 2023. While we expect the current macro challenges to continue, our portfolio of brands is well positioned to meet consumer demand. Our previous pricing actions are now fully in place, with expected price elasticities in fiscal 2023 to be slightly above fiscal 2022 levels. We expect positive top line growth for the year in both divisions, partly driven by an increase in our brand investments, supported by an improved supply chain. Our productivity improvements of approximately 3% and cost savings of approximately $60 million in fiscal 2023 will continue to play an important role in mitigating inflation, which is expected to be in the low teens range for the year.

轉到幻燈片 35。如我們的新聞稿中所述，我們正在為 2023 財年全年提供財務指導。雖然我們預計當前的宏觀挑戰將繼續存在，但我們的品牌組合能夠很好地滿足消費者的需求。我們之前的定價行動現已完全到位，預計 2023 財年的價格彈性將略高於 2022 財年的水平。我們預計這兩個部門今年的收入將實現正增長，部分原因是我們品牌投資的增加，以及供應鏈的改善。我們在 2023 財年提高了約 3% 的生產力並節省了約 6,000 萬美元的成本，這將繼續在緩解通貨膨脹方面發揮重要作用，預計今年的通貨膨脹將處於低位。

Other assumptions incorporated in our full year guidance includes interest expense of approximately $190 million and an adjusted effective tax rate of approximately 24%. We expect pension income to decline year-over-year by approximately $35 million, representing a headwind of approximately 3% to adjusted EBIT and adjusted EPS growth in fiscal 2023. All in, we expect net sales, both organic and reported, to be plus 4% to plus 6%, adjusted EBIT of plus 1% to plus 5% and adjusted EPS of flat to plus 4% versus the fiscal 2022 results. We plan to invest in the business, with capital expenditures targeted at approximately $325 million for the year. Although the midpoint of our guidance reflects modest growth in adjusted EPS, it's important to highlight that without this headwind from pension income, we expect a significant step-up in growth across all key metrics while still accelerating investments to continue to unlock our full potential. This significant step-up in growth is more indicative of the progress of the business.

我們全年指導中納入的其他假設包括約 1.9 億美元的利息支出和約 24% 的調整後有效稅率。我們預計養老金收入將同比下降約 3500 萬美元，對 2023 財年調整後息稅前利潤和調整後每股收益增長造成約 3% 的逆風。總而言之，我們預計有機和報告的淨銷售額將增加與 2022 財年的結果相比，調整後的息稅前利潤為 4% 至 6%，調整後的息稅前利潤為 1% 至 5%，調整後的每股收益持平至 4%。我們計劃對該業務進行投資，今年的資本支出目標約為 3.25 億美元。儘管我們指引的中點反映了調整後每股收益的適度增長，但重要的是要強調，如果沒有養老金收入的這種逆風，我們預計所有關鍵指標的增長都會顯著加快，同時仍會加速投資以繼續釋放我們的全部潛力。這種顯著的增長步伐更能表明業務的進展。

Overall, we had a strong finish to the year. And we are truly grateful for the continued dedication and commitment by our teams. And with that, let me turn it over to the operator to begin the Q&A portion of today's earnings call.

總體而言，我們在這一年取得了強勁的成績。我們非常感謝我們團隊的持續奉獻和承諾。有了這個，讓我把它交給運營商，開始今天財報電話會議的問答部分。

(Operator Instructions) Your first question comes from the line of Andy Lazar from Barclays Capital.

（操作員說明）您的第一個問題來自 Barclays Capital 的 Andy Lazar。

I guess first off, Mark, you're guiding to a 4% to 6% organic top line gain in fiscal '23. Maybe you can talk a bit about the key drivers to this in terms of expectations around pricing and promotional spend versus volume expectations. And then I've just got a follow-up.

我想首先，馬克，你正在指導 23 財年 4% 到 6% 的有機收入增長。也許你可以談談價格和促銷支出的預期與數量預期的關鍵驅動因素。然後我剛剛得到了跟進。

Sure. Yes. So 4% to 6%, to kind of build it up, anticipates what I would describe on the pricing side as kind of low teens pricing and then likely a couple hundred or so basis points of promotional spend back. So think of it as kind of double-digit net pricing impact. So there's no outsized promotional spend, but there is some reinvestment, as we had anticipated. Elasticities have continued to be very positive versus historical levels. But as we land fully Wave 3 pricing that rolled out in P12 of '22, we've been seeing elasticities in about the 50% range, better on snacking, a little bit of a step-up as anticipated for next year, probably more like 60% of historical elasticities. And then you've got some tailwinds as we have kind of pushed some of the inventory recovery forward from '22 to '23. I'll explain that, I'm sure, in a bit. But -- and the step-up in investment that we have. And so collectively, you put those pieces together, you get to the 4% to 6%.

當然。是的。所以 4% 到 6%，為了建立起來，預計我會在定價方面描述為一種低青少年定價，然後可能會收回幾百個左右的促銷支出基點。因此，可以將其視為一種兩位數的淨定價影響。因此，沒有過多的促銷支出，但正如我們預期的那樣，有一些再投資。與歷史水平相比，彈性繼續非常積極。但是，隨著我們完全實現在 22 年 P12 推出的第 3 波定價，我們已經看到彈性在大約 50% 的範圍內，在零食方面更好，像明年預期的那樣略有提升，可能更多像 60% 的歷史彈性。然後你有一些順風，因為我們已經將一些庫存恢復從 22 年推進到 23 年。我會解釋一下，我敢肯定，稍後。但是 - 以及我們擁有的投資增加。所以總的來說，你把這些部分放在一起，你就達到了 4% 到 6%。

I think as you think about the year and where the incrementality of pricing sits as well as where the supply recovery will probably be most prevalent, we're anticipating a stronger first half growth. In particular, Q1, I think we'll have a positive relationship to consumption, a little bit of a flip of Q4 as we saw a little bit of timing of shipments move into Q1.

我認為，當您考慮這一年以及定價增量的位置以及供應恢復可能最普遍的位置時，我們預計上半年增長將更加強勁。特別是第一季度，我認為我們將與消費產生積極的關係，第四季度的一點點翻轉，因為我們看到出貨時間進入第一季度。

Got it. Got it. That's helpful. Yes. And it's a good segue into the second question, which is really just -- I realize there are plenty of moving pieces here to guidance. And maybe a bit more color on expected phasing for the year and any discrete items that we need to keep in mind along these lines. You obviously mentioned the flip in shipments versus consumption expected as you go into Q1. But any other things around phasing that we should be aware of more, for modeling purposes and such?

知道了。知道了。這很有幫助。是的。這是對第二個問題的一個很好的繼續，這實際上只是--我意識到這裡有很多可動的部分來指導。對於今年的預期階段以及我們需要記住的任何離散項目，也許會有更多的色彩。您顯然提到了進入第一季度時的出貨量與預期消費量的反轉。但是，出於建模目的等，我們應該更多地了解有關分階段的任何其他事情？

Yes. Sure. So maybe let me give a little bit more color. And Mick, feel free to jump in if I miss something. But on the EBIT side, to kind of give you a little bit of the building blocks there, as Mick said, we continue to expect inflation next year in the low teens, is what we've positioned it as, with pricing and some of our productivity covering that. And then the balance of productivity and cost savings are really more than enough to offset the step-up in investment in marketing and selling as well as covering the pension that Mick laid out. So I think the net of that is modest overall EBIT growth, probably a relatively flat gross margin as you think about the -- where the building blocks come from. I generally don't like to guide the gross margin, but I think stable is the way I would describe it.

是的。當然。所以也許讓我多一點顏色。還有米克，如果我錯過了什麼，請隨時加入。但在息稅前利潤方面，正如米克所說，為了給你一些基礎，我們繼續預計明年通脹將處於低位，這就是我們的定位，包括定價和一些我們的生產力涵蓋了這一點。然後，生產力和成本節約的平衡實際上足以抵消營銷和銷售投資的增加以及米克制定的養老金。因此，我認為其中的淨值是適度的整體 EBIT 增長，可能是相對平穩的毛利率，因為您考慮到構建模塊的來源。我一般不喜歡指導毛利率，但我認為穩定是我描述它的方式。

I also think, as you're thinking about our investment and how much and where are we, we've talked a lot about the goal of getting into that 9% to 10% range for marketing and selling. I think you should anticipate for '23, we'll be on the low end of that range, but a step up from where we were in '22 as we build that back.

我還認為，當您考慮我們的投資以及我們的投資數量和位置時，我們已經討論了很多關於進入 9% 到 10% 的營銷和銷售範圍的目標。我認為你應該預計到 23 年，我們將處於該範圍的低端，但隨著我們的重建，我們將比 22 年的情況有所提高。

When you think about phasing for the year, I do think it's a little bit of a reverse story from the top line. I think you'll see probably our toughest quarter on inflation in the first quarter as well as a place where I would expect to see investment returning. As you might remember, a year ago, we were in a little bit of a supply-constrained world, and thus then adjusting some of the investments that we had. We'll see that come back. And then I think the other thing that's important to note is the pension that Mick talked about. 2/3 of that will be in the first half of the year.

當您考慮今年的分階段時，我確實認為這與頂線有點相反。我認為您可能會在第一季度看到我們最艱難的通脹季度，以及我預計投資回報的地方。您可能還記得，一年前，我們處於供應受限的世界中，因此調整了我們擁有的一些投資。我們會看到它回來。然後我認為另一件需要注意的重要事情是米克談到的養老金。其中 2/3 將在今年上半年。

And so as you put those things together, the way I would expect as a Q1 where margins will be a little challenged and then kind of stabilizing, normalizing as we go through the year to deliver that relatively overall stable gross margin and modest improvement in EBIT.

所以當你把這些東西放在一起時，我預計第一季度的利潤率會受到一點挑戰，然後隨著我們全年實現相對整體穩定的毛利率和 EBIT 的適度改善而趨於穩定和正常化.

I think what's important, just to point this out, but I'm sure it's kind of self-explanatory in the numbers. But the EBIT without the pension in it -- we're 1% to 5% growth on the base, but without the without the pension in there, we're 4% to 8%, which would put us very much in line with our long-term guidance. And EPS kind of rolls through to the same kind of dynamic. So at the end of the day, I think when you look a little bit past the accounting on the pension, the underlying guide, I think, continues to support the momentum and progress that we've been talking about and describing.

我認為重要的是要指出這一點，但我相信這在數字上是不言自明的。但是沒有養老金的息稅前利潤——我們在基礎上增長了 1% 到 5%，但是如果沒有養老金，我們是 4% 到 8%，這將使我們非常符合我們的長期指導。和 EPS 一樣滾動到同樣的動態。因此，歸根結底，我認為當您稍微超越養老金會計時，我認為基本指南將繼續支持我們一直在談論和描述的勢頭和進步。

Your next question comes from the line of Ken Goldman from JPMorgan.

您的下一個問題來自摩根大通的 Ken Goldman。

Just to tie a bow, I guess, on the conversation about the onetime puts and takes in 1Q. Is there any way for us to sort of estimate or quantify the degree to which shipments are expected to exceed consumption? I understand these dynamics are hard to forecast, but I just kind of want to minimize surprises if we can.

我想，只是為了打一個蝴蝶結，關於一次性放入和放入 1Q 的對話。我們有什麼方法可以估計或量化預計出貨量超過消費量的程度？我知道這些動態很難預測，但如果可以的話，我只是想盡量減少意外。

Yes. Maybe a way to do that, Ken, is to give you a little bit of color on Q4. Because I do think, to some degree, an expectation that net sales would have been perhaps at or favorable to consumption might have been an expectation out there. And I will say that relative to our own modeling, we saw a little bit more of the shipment timing move into Q1. But maybe it will be helpful to bridge Q4 and then I'll tell you kind of what to think about as you get into Q1.

是的。肯，也許一種方法是在第四季度給你一點色彩。因為我確實認為，在某種程度上，淨銷售額可能會達到或有利於消費的預期可能是一種預期。我會說，相對於我們自己的模型，我們看到更多的出貨時間進入了第一季度。但也許它會幫助連接 Q4，然後我會告訴你在進入 Q1 時要考慮什麼。

So I think probably the biggest shift, if you will, in the difference between the 2, and this was a little bit of a unique dynamic, but I think the right call, which was to roll out our Wave 3 pricing in the last month of '22. And that was really designed to ensure that we had the pricing fully reflected and in place as we stepped off in fiscal '23.

所以我認為可能是最大的轉變，如果你願意的話，在 2 之間的差異，這有點獨特的動態，但我認為正確的電話是在上個月推出我們的 Wave 3 定價'22.這真的是為了確保我們在 23 財年開始時充分反映並落實定價。

However, in a month where you're executing pricing, I do think we saw a little bit slower, especially as it relates to inventory recovery as we executed that. The good news is, as we project in the Q1, that's probably a couple of hundred basis points of difference that I think will move into the Q1 timing. And as we start the year, we see momentum as -- in support of that. So I think that's the first piece.

但是，在您執行定價的一個月中，我確實認為我們看到的速度有點慢，特別是因為它與我們執行定價時的庫存恢復有關。好消息是，正如我們在第一季度預測的那樣，我認為這可能是幾百個基點的差異，我認為這將進入第一季度的時間。當我們開始新的一年時，我們看到了支持這一點的勢頭。所以我認為這是第一部分。

The other 2, as we have continued to prioritize the retail environment, some of the non-measured channels, especially on snacking, it was about 200 basis points of headwind for our snacks business, about 100 basis points overall for the company of decline in unmeasured channels, which is part of that bridge as well.

其他2，由於我們繼續優先考慮零售環境，一些非衡量渠道，尤其是零食，對我們的零食業務來說是大約200個基點的逆風，對於下降的公司來說是大約100個基點。未測量的通道，這也是該橋的一部分。

And then perhaps the final piece, but on a smaller level of contribution, although I feel tremendous about the progress we're making on supply chain, we still have a few businesses where material availability has slowed full supply recovery. That's primarily Lance late July in V8, where each of them have their own kind of material availability challenge that will take us some time into '23 to fully recover. So you put that into the mix as well.

然後也許是最後一部分，但在較小的貢獻水平上，雖然我對我們在供應鏈方面取得的進展感到非常滿意，但我們仍然有一些企業的材料可用性減緩了全面供應恢復。這主要是 7 月下旬在 V8 中的 Lance，他們每個人都有自己的材料可用性挑戰，這將需要我們一段時間才能完全恢復到 23 年。所以你也把它放進去。

So as you think about Q1, imagining that we're a couple of hundred basis points ahead of kind of in-market consumption, I do think the unmeasured channels will stabilize and be more in line as supply fully comes back in line, especially in our snacking businesses. And so I think that's probably a good way to kind of think about the dynamics of the movement from Q4 to Q1 and maybe a little bit of explanation on why you might not have seen a little bit more top line, in particular, on the snack business in Q4.

因此，當您考慮第一季度時，假設我們比市場內消費領先幾百個基點，我確實認為隨著供應完全恢復正常，未衡量的渠道將會穩定並更加一致，尤其是在我們的零食業務。所以我認為這可能是一種很好的方式來思考從第四季度到第一季度的動態變化，也許可以解釋一下為什麼你可能沒有看到更多的頂線，特別是在零食上第四季度的業務。

Great. And then a quick follow-up on promotional spending. Can you maybe elaborate a bit on what drove that sort of sudden increase, I'd say, in the fourth quarter in promo spending and snacking? I guess, how that trend would be? And kind of how you think about -- I know you talked about a couple of hundred basis points in '23. But is there a breakdown by segment? Just very roughly, Mark, that we can kind of model in.

偉大的。然後快速跟進促銷支出。您能否詳細說明一下是什麼推動了這種突然增長，我想說的是，在第四季度的促銷支出和零食方面？我想，這種趨勢會如何？以及你的想法——我知道你在 23 年談到了幾百個基點。但是否有細分市場？非常粗略，馬克，我們可以模擬一下。

Yes, yes. No. And I think we tried to kind of allude to that is -- as we were moving from Q3 into Q4, that as supply came back in line -- and given the nature of snacking, it is probably more important to get that balance of promotion right. And it's interesting when you look at snacks in the fourth quarter, although you did see about 400 basis points of step-up in promotional spend, you also saw volume/mix that was down only about 3 points, which relative to the total net pricing we took would imply a very low elasticity. And part of that is the nature of snacking. And so what we want to make sure we're doing perhaps more so in snacking than other categories is really ensuring that we stay competitive as it relates to units, because in the end, that's really what's indicative of the future health of the business. And so I think that balance is what we're striking. I do not think you'll see 400 basis points as ongoing runway. I do think we -- the summer does tend to be a little bit more historically promoted period. And so you saw that. And given what we were lapping, which was very light on promotion, I think it's a more normalized view of promotion than it might have looked at first glance with 400 basis points. But as I think you get into '23, I think it will. As I said, 200 basis points, probably a little more distortion to snacking, but generally in that ballpark for the year is a good assumption.

是的是的。不。而且我認為我們試圖暗示的是——當我們從第三季度進入第四季度時，隨著供應恢復正常——鑑於零食的性質，獲得這種平衡可能更重要的晉升權。有趣的是，當您查看第四季度的零食時，儘管您確實看到促銷支出增加了約 400 個基點，但您也看到數量/組合僅下降了約 3 個基點，相對於總淨定價我們採取將意味著非常低的彈性。其中一部分是零食的性質。因此，我們希望確保我們在零食方面做得比其他類別更多的是真正確保我們在與單位相關的方面保持競爭力，因為最終，這確實表明了企業未來的健康狀況。所以我認為這種平衡是我們所追求的。我認為您不會將 400 個基點視為持續的跑道。我確實認為我們 - 夏季確實往往是一個更具歷史意義的時期。所以你看到了。考慮到我們正在研究的內容，這對促銷非常輕，我認為這是一種更規範的促銷觀點，而不是乍一看可能有 400 個基點。但我認為你會進入 23 年，我認為它會的。正如我所說，200 個基點，可能對吃零食有更多的扭曲，但總的來說，在這個範圍內，今年是一個很好的假設。

Yes. And by the way, just as closing that out, I mean, that is why you saw, I think, in Q4 the unit share performance that I talked about in the remarks. And the fact that we were growing units in salty snacks, which is perhaps the most fiercely competitive segment of snacking was -- in my mind, as I thought about what we were trying to accomplish in the quarter, was a very positive outcome.

是的。順便說一句，正如我的意思是，這就是為什麼你在第四季度看到我在評論中談到的單位股票表現的原因。事實上，我們正在增加鹹味零食的單位，這可能是零食中競爭最激烈的部分——在我看來，當我想到我們在本季度試圖實現的目標時，這是一個非常積極的結果。

Your next question comes from the line of Peter Galbo from Bank of America.

您的下一個問題來自美國銀行的 Peter Galbo。

Mark, I guess, just the first question, going back -- to circle back on Andrew's question around gross margin and realizing that you've given a little bit of color there. I just -- in the context of some of the guidance elements that Mick has given, it would kind of seem that gross margins would actually have to be up to make the EBIT math and the EPS math work versus kind of the flattish. And just wanted to make sure that your comment wasn't that they would be flat but could potentially be up on the year.

馬克，我想，只是第一個問題，回到過去——回到安德魯關於毛利率的問題，並意識到你已經在那裡給出了一點顏色。我只是 - 在 Mick 給出的一些指導元素的背景下，看起來毛利率實際上必須提高才能使 EBIT 數學和 EPS 數學工作而不是平淡無奇。只是想確保您的評論不是說它們會持平，但可能會在今年上升。

I think they're going to be relatively stable is what I would say. So I always hate to give precise numbers on gross margin. But I do think what I would expect to see -- and remember this too, like when we talk about cost savings and even some of our productivity, that's not all in gross margin. Part of that is below the line. And that contribution, as Mick laid out the cost savings goal for the year, does give us some counter to the increase in marketing and selling spend that we have below. So I think when you put those together, it's helpful. Mick?

我認為他們會相對穩定，這就是我要說的。所以我總是討厭給出準確的毛利率數字。但我確實認為我期望看到的 - 並且也記住這一點，比如當我們談論成本節約甚至我們的一些生產力時，這並不全是毛利率。其中一部分位於該線下方。正如米克制定的年度成本節約目標一樣，這一貢獻確實讓我們對我們下面的營銷和銷售支出的增加產生了一些反作用。所以我認為當你把它們放在一起時，它會很有幫助。米克？

Yes. Maybe kind of to be a little bit more precise around the cost savings. Think about it as about 1/3 is going to get cost of goods. The remainder is below the gross margin line.

是的。也許在節省成本方面更精確一點。想想看，大約 1/3 將獲得商品成本。其餘部分低於毛利率線。

So I think if you did that math, if you rolled that math together, I think it will allow for you to have a little bit of kind of offset to where you would see marketing and selling up and the pension recovery with cost savings relative to then a gross margin that I think will be healthy, but generally, probably pretty stable.

所以我認為，如果你做了那個數學運算，如果你把這個數學運算結合起來，我認為它會讓你對你看到的營銷和銷售以及退休金回收與相對於成本節約的地方有一點抵消那麼我認為毛利率將是健康的，但總的來說，可能相當穩定。

Got it. Okay. And then, Mark, just going back to some of your comments from prior calls around soup. I think it's played out kind of as you expected or as you've communicated, maybe more so in broth, that private label has taken more of the share. I guess what we've seen in the Nielsen data is, on the condensed side, realizing that broth is maybe a part of that, private label has taken more share in condensed relative to ready-to-serve. But maybe that's not what you're seeing in your business. So I just wanted to understand if there was a difference between the data that we're seeing and what you're seeing internally.

知道了。好的。然後，馬克，回到你之前關於湯的電話中的一些評論。我認為它的表現和你預期的一樣，或者正如你所傳達的那樣，也許在肉湯中更是如此，自有品牌佔據了更多的份額。我想我們在尼爾森數據中看到的是，在濃縮方面，意識到肉湯可能是其中的一部分，相對於即食食品，自有品牌在濃縮食品中佔有更多份額。但也許這不是您在業務中看到的。所以我只是想了解我們看到的數據與您在內部看到的數據之間是否存在差異。

No, no. And that's what we would have expected, right? So private label in our soup business really is prevalent in 2 places. It's the condensed business and it's the broth business. And those are the 2 places where we recognize we're -- we've got to be very, very on top of price gaps and the overall value proposition.

不，不。這就是我們所期望的，對吧？因此，我們湯業務中的自有品牌在兩個地方確實很普遍。這是濃縮業務，也是肉湯業務。這些是我們認識到我們的兩個地方 - 我們必須非常非常了解價格差距和整體價值主張。

I think the one piece of context that I'll just give to you that I do think is important, and I mentioned it in my comments, in a condensed world where we're 80% of the category, and the category is up double digits, that is a good thing for us overall. Although, again, I'm never happy nor satisfied with any share loss at all, I do think the overall strength of the segment has been very positive.

我認為我要給你的一個背景是我認為很重要的，我在評論中提到了它，在一個濃縮的世界裡，我們佔該類別的 80%，該類別翻了一番數字，這對我們整體來說是件好事。雖然，再一次，我對任何份額損失都不滿意或不滿意，但我確實認為該部門的整體實力非常積極。

I think further to that, we've tried to really carve out the parts of the condensed business that we want to make sure that we're defending in a more perhaps vigorous way. And that's -- we describe it as our icons, but that's essentially chicken noodle, tomato, cream of mushroom, cream of chicken. These are the kind of juggernauts of condensed. And when we look at those head-to-head versus private label, we're actually winning on share expansion and growth.

我認為更進一步，我們已經嘗試真正切出我們想要確保我們以更有力的方式捍衛的濃縮業務的部分。那就是——我們將其描述為我們的偶像，但本質上是雞肉麵條、番茄、蘑菇奶油、雞肉奶油。這些都是濃縮的那種劍聖。當我們審視那些正面交鋒與自有品牌的競爭時，我們實際上是在份額擴張和增長上獲勝。

What is -- where the decline is coming from is on a lot of the flankers, which tend to be a little bit higher priced. There are things like healthy requests and some of the longer tail on flavors. And so as we go into '23, what we're really going to be trying to do is maintain that focus on icons, but also providing a little bit more support behind the broader portfolio to try to continue to bring kind of a full solution to bear, if you will, for condensed.

什麼是 - 下降的來源是很多側翼，它們的價格往往更高一些。有一些東西，比如健康的要求和一些口味上的長尾。因此，當我們進入 23 世紀時，我們真正要做的是保持對圖標的關注，同時在更廣泛的產品組合背後提供更多支持，以嘗試繼續帶來一種完整的解決方案忍，如果你願意，為濃縮。

And so although I expect that pressure to be there, especially in the first half until we kind of cycle where we were when pricing really kind of took hold in the back half, I do feel very good about where we are. And it's very consistent to where we expected to be. And again, if the category can continue to maintain the momentum, I think it bodes well for us longer term as well.

因此，儘管我預計壓力會存在，尤其是在上半場，直到我們進入一個週期，那時定價真的在後半段站穩了腳跟，但我確實對我們所處的位置感到非常滿意。它與我們預期的位置非常一致。再說一次，如果該類別能夠繼續保持勢頭，我認為這對我們來說也是一個長期的好兆頭。

I think broth, as I've always said, it's kind of the toughest because arguably, it is the most commoditized segment of the soup business. But I will say, I feel the best about our offerings that we've ever had as we roll into '23. We've got a quality improvement that now tests superior to private label. We've also got packaging constructs that are unique to us that will bring value and convenience.

我認為肉湯，正如我一直說的那樣，它是最艱難的，因為可以說，它是湯業務中最商品化的部分。但我會說，當我們進入 23 世紀時，我對我們所提供的產品感覺最好。我們進行了質量改進，現在測試結果優於自有品牌。我們還擁有獨特的包裝結構，將帶來價值和便利。

And so I think we put our best foot forward. And I think this holiday season will be a good initial test of that. And so we're geared up and ready to go there. But I think that category or segment continues perhaps to be one of our most challenging longer term, but I feel very confident that the condensed business, we're very well positioned on.

所以我認為我們會盡力而為。我認為這個假期將是一個很好的初步測試。所以我們準備好了，準備去那裡。但我認為，從長遠來看，該類別或細分市場可能仍然是我們最具挑戰性的領域之一，但我對濃縮業務非常有信心，我們處於非常有利的位置。

And then just to round it out, I mean, on ready-to-serve, I feel terrific about where we are there. Shares have been improving. our chunky business is really just doing fantastic. Well, yes, continues to plot its course of recovery. I mean Chunky's growing top line, share and units. So we've got everything going in the right direction. We've got a terrific pipeline of innovation. We've added Pacific in a material way to ready-to-serve now. And we've got a whole another new lineup of ready-to-serve organic soups and chilis with Pacific. So I feel really good about that, and I think that's evident in our results.

然後只是為了完善它，我的意思是，在準備服務時，我對我們在那裡的位置感到非常棒。股價一直在好轉。我們龐大的業務真的做得很棒。嗯，是的，繼續策劃其複蘇過程。我的意思是 Chunky 不斷增長的收入、份額和單位。所以我們讓一切都朝著正確的方向發展。我們有一個了不起的創新渠道。我們以物質方式添加了太平洋，現在可以即食。我們還推出了全新的即食有機湯和太平洋辣椒系列。所以我對此感覺非常好，我認為這在我們的結果中很明顯。

So when I take a step back on soup, I would just say, again, I'm never going to be okay with share loss. But I don't think it's inconsistent with what we expected. I think we've got good action plans against the different pieces. And I do expect us to continue to show progress. And if at the end, the underlying dynamic is continued strong growth in the category, ultimately, that will be a very good thing for us.

因此，當我退後一步時，我只想再說一遍，我永遠不會接受份額損失。但我不認為這與我們的預期不一致。我認為我們已經針對不同的部分制定了良好的行動計劃。我確實希望我們繼續取得進展。如果最終，潛在的動力是該類別的持續強勁增長，最終，這對我們來說將是一件非常好的事情。

Your next question comes from the line of Jason English from Goldman Sachs.

您的下一個問題來自高盛的 Jason English。

2 questions. I'm surprised to hear you measure measured channels as a headwind in snacks. It's been growth accretive for most companies. Can you shed some light on what's going on there? Where are you seeing the weakness? And what's driving it?

2個問題。我很驚訝聽到你測量測量通道作為零食的逆風。對於大多數公司來說，它一直在增長。你能解釋一下那裡發生了什麼嗎？你在哪裡看到弱點？是什麼驅動它？

Yes, yes. What it is, Jason, is a little bit of decision-making between where we steer supply in the short term. So I don't feel at all like it will be a problem in the future at all. But I do think in the fourth quarter, we made some decisions to strengthen our presence in some of the retail channels where we had been weaker on supply and kind of prioritized recovery there. I think you'll see strong recovery as we go into the -- into fiscal '23. And I don't think you'll see that as a drag on the business at all as we go forward. And yes, it's a very healthy channel and one we want to be present in going forward or healthy channels that we want to be present in going forward. But in the fourth quarter, it was a little bit of pick your spot. And we decided that we prioritize the retail first.

是的是的。傑森，它是我們在短期內引導供應的地方之間的一點決策。所以我完全不覺得這會成為未來的問題。但我確實認為，在第四季度，我們做出了一些決定，以加強我們在一些供應較弱的零售渠道中的影響力，並在那裡優先考慮復甦。我認為隨著我們進入 23 財年，您會看到強勁的複蘇。而且我認為在我們前進的過程中，您根本不會認為這會拖累業務。是的，這是一個非常健康的渠道，我們希望在未來或健康的渠道中出現，我們希望在未來出現。但在第四節，有點挑你的位置。我們決定首先優先考慮零售。

Understood. And I'm a little surprised by some of your comments on snacking, the characterization, salty snacks is exceptionally promotional or something to that effect, and your highlight on units over value. It very much sounds like you're pivoting to a volume over value strategy, which we as analysts here have been conditioned over the years to get very nervous about because it's often led to a path to like value destruction, margin compression, race to the bottom. Maybe you can give us some context, like why we shouldn't be concerned around some of the language you're using and where -- what you're choosing to highlight as areas that we should focus on.

明白了。我對你對零食的一些評論感到有點驚訝，表徵，鹹味零食是特別促銷或類似的東西，以及你對單位價值的強調。聽起來你正在轉向數量超過價值的策略，我們作為分析師多年來一直對此感到非常緊張，因為它通常會導致價值破壞、利潤壓縮、競爭底部。也許你可以給我們一些背景信息，比如為什麼我們不應該關注你正在使用的一些語言以及在哪裡——你選擇強調哪些是我們應該關注的領域。

Yes. I think the biggest indicator I can give you, Jason, is that we're not talking about anything even remotely broader or deeper than historical levels. And honestly, even with the Q4 example that I gave, we're still not back. And nor do I think we need to go all the way back to historical levels. At the same time, I do think that snacking in general, because of so much of the impulse decision-making that's there, the balancing act between the 2 is perhaps a little bit more important. So there's no shift in strategy. And again, I continue to be very confident in our ability to drive the margin goals that I know you and I have talked a lot about over the years and continue to see a runway. And even in the quarter, right, where we delivered that kind of investment, although our margins were off of, I think, 30 basis points, it's a really stable margin on the business that I expect to continue to accelerate as we get into '23.

是的。傑森，我認為我能給你的最大指標是，我們沒有談論任何比歷史水平更廣泛或更深的東西。老實說，即使我給出了第四季度的例子，我們仍然沒有回來。我也不認為我們需要一路回到歷史水平。同時，我確實認為一般來說吃零食，因為那裡有太多的衝動決策，兩者之間的平衡可能更重要一點。所以戰略沒有變化。再說一次，我仍然對我們推動利潤率目標的能力充滿信心，我認識你，我多年來一直在談論，並繼續看到跑道。甚至在我們進行這種投資的那個季度，雖然我們的利潤率下降了 30 個基點，但我預計隨著我們進入 ' 23.

So I don't think you should have any concern at all about some shift in strategy that's going to result and margin erosion. I do think what you should expect is some recovery of the promotion that has left the segment as we continue to kind of be in a position where we want to stay as competitive as possible. So I think where you'll land at the end is less probably promotion than we had historically, but certainly more than what we had last year, because it just was -- it was too much. And again, it was because we didn't have supply, and so I do expect that recovery to come. So yes, please don't read too much into this. It's really about the recovery. But I do think in a world where inflation is so dramatic, continuing to calibrate volume and making sure you know where your volumes and your units are is a very important aspect of recognizing are we pricing in the right balance. So I would tell you that it's probably more about the overarching sustainability of the broader strategy and making sure that we've got that balance right.

所以我認為你根本不應該擔心會導致的戰略轉變和利潤率下降。我確實認為你應該期待的是已經離開該細分市場的促銷活動的一些恢復，因為我們繼續處於我們希望盡可能保持競爭力的位置。因此，我認為您最終將獲得的晉昇機會比我們歷史上的要少，但肯定比我們去年的要多，因為它只是-太多了。再說一次，這是因為我們沒有供應，所以我確實預計復甦會到來。所以，是的，請不要讀太多。這真的是關於恢復。但我確實認為，在一個通貨膨脹如此劇烈的世界裡，繼續校準數量並確保你知道你的數量和單位在哪裡是認識到我們定價是否平衡的一個非常重要的方面。所以我會告訴你，這可能更多的是關於更廣泛戰略的總體可持續性，並確保我們取得了正確的平衡。

Your next question comes from the line of Robert Moskow from Credit Suisse.

您的下一個問題來自瑞士信貸的 Robert Moskow。

I noticed in your CapEx guidance, I think it's $325 million, it's well below the 4% to 5% of sales that you talked about at your Investor Day. And I want to know, are there any projects that are getting delayed? And is it correlated to your innovation plans? Because 2% of sales this year contribution from innovation, it just sounds low in historical context. And I know at Investor Day, you talked about increase that over time. So can you talk about that?

我注意到在你的資本支出指導中，我認為它是 3.25 億美元，遠低於你在投資者日談到的銷售額的 4% 到 5%。我想知道，是否有任何項目被推遲？它是否與您的創新計劃相關？因為今年 2% 的銷售額來自創新，這在歷史背景下聽起來很低。我知道在投資者日，你談到了隨著時間的推移而增加。那你能談談嗎？

Maybe I'll do innovation first and then we'll back into the capital. But -- so if you remember on Investor Day, we showed a slide that had essentially kind of a historical runway rate of about 1.5%. And then for '22, we had 2% innovation for -- as our target, which we delivered, and saw momentum even on that as we were kind of exiting the year. As we move forward, we expect that to get back up into the 2% to 3% to 3% to 4% over time. And that is, in our mind, really kind of best in class. And again, you expect there to be a bit more innovation flowing through your snacks business just because of the nature of that category.

也許我會先做創新，然後我們會回到首都。但是 - 所以如果你記得在投資者日，我們展示了一張幻燈片，其歷史跑道率基本上約為 1.5%。然後在 22 年，我們有 2% 的創新——作為我們的目標，我們實現了這一目標，並且在我們即將退出這一年時看到了動力。隨著我們的前進，我們預計隨著時間的推移會恢復到 2% 到 3% 到 3% 到 4%。也就是說，在我們看來，這確實是同類中最好的。再一次，您希望您的零食業務會有更多的創新，只是因為該類別的性質。

But what I felt this year was important in a world where we were wrestling with a lot of external variables was to stay on track to deliver the goal that we laid out in Investor Day was a good step up. And then now with an even bigger pipeline in the future, we feel great about where we're going and where we're headed in the future. And I think our capital is really built to support that, but also with a good amount of it that's related to continued cost savings and productivity. But Mick, I'll let you...

但我覺得今年很重要，因為我們正與許多外部變量作鬥爭，要保持正軌以實現我們在投資者日制定的目標，這是一個很好的進步。然後現在有了更大的管道，我們對未來的發展方向和未來的發展方向感到非常滿意。而且我認為我們的資本確實是為了支持這一點而建立的，而且還有大量與持續成本節約和生產力相關的資本。但是米克，我會讓你...

No, I agree, Mark. And basically, the way that I would think about, Rob, is that we had -- we obviously spent this past year $242 million. This year, we're targeting $325 million. Obviously, quite a bit of an increase. But really to your earlier point, to make sure that we support the overall growth of our business while we obviously maintain our assets as well and we support all the innovations. So we're not stepping back. If anything, I actually feel like we're doing step forward here, and we continue to make sure that we support the growth. And if you look at it from kind of as a percentage of revenues, of course, there's a little more kind of overall top line pricing reflected and all that. So net-net, with 3.5% is -- if you look at the mid-range of our net sales guidance and you take -- put that $325 million in perspective, I actually feel pretty good where we are from an overall capital investment perspective.

不，我同意，馬克。基本上，我會想到的方式，Rob，我們有 - 我們顯然在過去一年花費了 2.42 億美元。今年，我們的目標是 3.25 億美元。顯然，增加了不少。但實際上對於您之前的觀點，以確保我們支持業務的整體增長，同時我們顯然也維護我們的資產並支持所有創新。所以我們不會後退。如果有的話，我真的覺得我們在這裡向前邁進了一步，我們繼續確保我們支持增長。如果你從收入的百分比來看它，當然，還有更多的整體頂線定價反映等等。所以淨淨值，3.5% 是——如果你看看我們的淨銷售額指導的中檔，你把這 3.25 億美元放在一個角度來看，從整體資本投資的角度來看，我實際上感覺很好.

Okay. So if I could ask a follow-up. Mark, I think you said that one of the reasons for the inventory reload spilling into 1Q had to do with pricing actions that you took during fourth quarter. And I would have thought that customers would actually buy more inventory after you announced a price increase before the pricing goes through. Why doesn't that dynamic play out?

好的。所以如果我可以問一個後續。馬克，我認為你說庫存重新加載溢出到第一季度的原因之一與你在第四季度採取的定價行動有關。而且我原以為，在您在定價通過之前宣布提價後，客戶實際上會購買更多庫存。為什麼這種動態沒有發揮出來？

Yes. It actually did. It just happened much earlier in the quarter. And then in the -- normally, what we do on pricing, right, just the way that the nature of executing these, it tends to be at the turn of quarters. And you end up getting a little bit of an inventory build as you kind of roll out of the quarter and then a little bit slower start as people work through their lower-priced inventory before they replenish.

是的。它確實做到了。它只是在本季度早些時候發生。然後在 - 通常情況下，我們在定價方面所做的事情，對，就像執行這些的方式一樣，它往往是在季度之交。當你在本季度推出時，你最終會獲得一點庫存，然後隨著人們在補充之前通過低價庫存工作而開始慢一點。

I think the desire to get pricing in place for '23 led us to push that a little bit more forward. And I am really glad we did, because in the end, we're in a great position headed into the year. We're at a much stronger and kind of Wave 3 pricing fully behind us is what we wanted. But I will say that where you would normally have perhaps a little more of incentive to build in the final month, you just didn't see that quite as much. And anyhow, at the end of the day, I think the good news is, as I said, very consistent with prior circumstances, in this month, we're seeing that bounce back as you would expect. And so I think the good news is that it kind of carries that opportunity a little bit into Q1, and I think that in many aspects will be beneficial.

我認為為 23 年制定定價的願望促使我們進一步推動了這一點。我真的很高興我們做到了，因為最終，我們在進入這一年時處於有利位置。我們正處於更強大的第 3 波定價中，完全落後於我們，這正是我們想要的。但我要說的是，在最後一個月你通常會有更多的動力去建造，你只是沒有看到那麼多。無論如何，在一天結束的時候，我認為好消息是，正如我所說，與之前的情況非常一致，在本月，我們看到了你所期望的反彈。所以我認為好消息是它把這個機會帶入了第一季度，我認為這在很多方面都是有益的。

And ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。