金寶湯 (CPB) 2023 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Campbell Soup Company First Quarter Fiscal 2023 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 your conference.

女士們先生們，大家好，歡迎來到金寶湯公司 2023 財年第一季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。現在我很高興向您介紹主持人，首席投資者關係官麗貝卡·加迪 (Rebecca Gardy)。你可以開始你的會議。

Good morning, and welcome to Campbell's First Quarter Fiscal Year 2023 Earnings Conference Call. I'm 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 and President of Meals & Beverages.

早上好，歡迎來到金寶湯 2023 財年第一季度收益電話會議。我是金寶湯公司首席投資者關係官 Rebecca Gardy。今天，金寶湯總裁兼首席執行官 Mark Clouse 也加入了我的行列；金寶湯首席財務官兼餐飲總裁 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.

今天的發言是預先錄製好的。準備好的發言結束後，我們將轉為網絡直播問答環節。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. 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.

在我們今天的電話會議上，我們將做出前瞻性陳述，以反映我們當前的預期。這些陳述依賴於假設和估計，這些假設和估計可能不准確並且存在風險。請參閱幻燈片 3 或我們提交給美國證券交易委員會的文件，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存在重大差異的因素列表。因為我們使用非 GAAP 措施，所以我們在本演示文稿的附錄中提供了這些措施中的每一項與最直接可比的 GAAP 措施的調節。

On Slide 4, you will see today's agenda. Mark will share his perspective on our first quarter results 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。馬克將分享他對我們第一季度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，然後回顧我們對 2023 財年全年的指引。

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

因此，我很高興將電話轉給馬克。

Thanks, Rebecca. Good morning, everyone, and thank you for joining our first quarter fiscal 2023 conference call. I hope you had a happy Thanksgiving and filled up on Green Bean casserole, Pepperidge Farm stuffing, and plenty of our delicious snacks and cookies.

謝謝，麗貝卡。大家早上好，感謝您參加我們的 2023 財年第一季度電話會議。我希望你感恩節過得愉快，吃了綠豆砂鍋菜、胡椒農場餡料以及我們提供的大量美味小吃和餅乾。

As you read in our press release this morning, our fiscal year is off to a fast start. Our strong year-over-year performance across all 3 key [metrics] reflects the continued strength of our portfolio, and our successful efforts to substantially mitigate significant inflation through a combination of pricing and productivity improvements. I am also encouraged that we delivered those results while increasing investments in our brands and ensuring we remain a good value to consumers in this difficult economic time.

正如您今天早上在我們的新聞稿中讀到的那樣，我們的財政年度開局很快。我們在所有 3 個關鍵 [指標] 上的強勁同比表現反映了我們的投資組合的持續實力，以及我們通過定價和生產力改進相結合來大幅緩解顯著通脹的成功努力。我也感到鼓舞的是，我們取得了這些成果，同時增加了對我們品牌的投資，並確保我們在這個困難的經濟時期仍然為消費者提供良好的價值。

We also made significant progress on market share versus the fourth quarter, growing or holding share in most of our categories year-over-year. We are very pleased that the combination of stronger supply, accelerating innovation and appropriate investment is translating into strong profitable share growth as we had planned. Overall, Campbell's portfolio continues to demonstrate compelling consumer relevance and is well positioned for the current economic environment.

與第四季度相比，我們在市場份額方面也取得了重大進展，在我們的大多數類別中同比增長或保持份額。我們很高興看到，更強勁的供應、加速的創新和適當的投資相結合，正按照我們的計劃轉化為強勁的盈利份額增長。總的來說，金寶湯的產品組合繼續展示出引人注目的消費者相關性，並且在當前的經濟環境中處於有利地位。

We recognize it's still early in our fiscal year, and the environment does remain challenging. But given the strength of the first quarter performance, the health of our brands and our consistent execution, we've increased our guidance to reflect our current outlook. Mick will provide more details on the drivers shortly. But this quarter's results and the full year outlook demonstrate the significant progress we've made across our brands, supply chain, culture and capabilities. Although there remains more to do on the business as we continue unlocking our full growth potential, this quarter's results represent a positive milestone in our journey.

我們認識到我們的財政年度仍處於早期階段，環境確實仍然充滿挑戰。但鑑於第一季度的強勁表現、我們品牌的健康狀況以及我們一貫的執行力，我們已經提高了我們的指導以反映我們當前的前景。 Mick 將很快提供有關驅動程序的更多詳細信息。但本季度的業績和全年展望表明，我們在品牌、供應鏈、文化和能力方面取得了重大進展。儘管隨著我們繼續釋放我們的全部增長潛力，業務上還有更多工作要做，但本季度的業績代表了我們旅程中的一個積極里程碑。

Organic net sales increased 15% to $2.6 billion due to both inflation-driven pricing and strong consumer demand. While we did see some volume declines, it was partially mitigated by expected retail inventory recovery and a strong rebound in unmeasured channels, especially food service. Dollar consumption was up 10% in the quarter versus the prior year and 21% versus 3 years ago. As expected, we shipped ahead of consumption in the quarter as our supply chain execution and service levels continue to improve and retailers rebuild inventory levels. The improved supply also allowed us to significantly increase our marketing investment in both divisions as planned.

由於通脹驅動的定價和強勁的消費者需求，有機淨銷售額增長 15% 至 26 億美元。雖然我們確實看到了一些銷量下降，但由於預期的零售庫存恢復和未衡量渠道（尤其是食品服務）的強勁反彈，部分緩解了這種情況。本季度的美元消費與去年同期相比增長了 10%，與 3 年前相比增長了 21%。正如預期的那樣，隨著我們的供應鏈執行和服務水平不斷提高以及零售商重建庫存水平，我們在本季度的發貨量超過了消費量。供應的改善還使我們能夠按計劃顯著增加對兩個部門的營銷投資。

Turning to adjusted EBIT. Higher adjusted gross profit, partially offset by higher marketing and selling expenses and higher adjusted other expenses, resulted in a 15% increase in adjusted EBIT. The team has done an excellent job navigating inflation, leveraging a good balance of different tools. I also can see that our agility has improved in reacting to the volatile environment. As an example, we recently announced a very targeted Wave 4 pricing action on products where our input costs have gone up further.

轉向調整後的息稅前利潤。更高的調整後毛利，部分被更高的營銷和銷售費用以及更高的調整後其他費用所抵消，導致調整後息稅前利潤增加 15%。該團隊利用不同工具的良好平衡，在應對通貨膨脹方面做得非常出色。我還可以看到，我們在應對多變環境方面的敏捷性有所提高。例如，我們最近宣布了針對投入成本進一步上升的產品的非常有針對性的 Wave 4 定價行動。

Adjusted earnings per share were $1.02, also up 15%, as the flow-through of adjusted EBIT and lower weighted average diluted shares were partially offset by higher adjusted taxes. I'm thrilled with our progress on dollar share. We grew our held share in most categories year-over-year and also grew share versus the prior quarter. In fact, 10 out of 15 of our key brands grew share in the quarter, some of which responded faster and more significantly than expected as inventory and support were added.

調整後的每股收益為 1.02 美元，也增長了 15%，因為調整後的息稅前收益和較低的加權平均攤薄股數被較高的調整後稅收部分抵消。我對我們在美元份額方面取得的進展感到興奮。我們在大多數類別中的持有份額同比增長，並且與上一季度相比也有所增長。事實上，我們 15 個主要品牌中有 10 個在本季度實現了份額增長，其中一些品牌的響應速度和顯著程度超過了預期，因為增加了庫存和支持。

Even in categories where we experienced modest share declines, such as soup and pretzels, our share performance improved sequentially as planned. There is no question that the focus of our portfolio from a category and geographic perspective is a distinct advantage right now and is enabling us to effectively deploy investment and drive consistently strong execution.

即使在我們的份額略有下降的類別中，例如湯和椒鹽捲餅，我們的份額表現也按計劃連續改善。毫無疑問，從類別和地理角度來看，我們投資組合的重點目前是一個明顯的優勢，使我們能夠有效地部署投資並推動持續強勁的執行。

Let's look at our divisions. Starting with Meals & Beverages, which delivered a strong first quarter, with reported and organic net sales growth of 15%. In-market performance continues to show the underlying health of our portfolio with dollar consumption growing 8% over the prior year and up 17% versus 3 years ago. The recovery in our supply chain resulted in materially improved service levels, up over 18 points versus the prior year, enabling retailers to replenish inventory in the quarter and be well positioned on supply heading into the critical holiday season. We also saw a marked recovery in our foodservice business as supply has also improved in this important channel.

讓我們看看我們的部門。首先是餐飲，第一季度表現強勁，報告的有機淨銷售額增長了 15%。市場表現繼續顯示我們投資組合的基本健康狀況，美元消費比上一年增長 8%，比 3 年前增長 17%。我們供應鏈的複蘇導致服務水平顯著提高，比上一年提高了 18 個百分點，使零售商能夠在本季度補充庫存，並在進入關鍵假期季節時做好供應準備。我們的餐飲服務業務也出現明顯復甦，因為這一重要渠道的供應也有所改善。

Turning to Slide 10. Our strong dollar consumption growth was across most of our Meals & Beverages portfolio as we are well positioned within growing categories. The growth of our brands in key segments, namely ready-to-serve or RTS soups, Italian sauces, Mexican sauces and select segments in our condensed soup well outpaced the growth of their respective categories.

轉到幻燈片 10。由於我們在不斷增長的類別中處於有利地位，因此我們的大部分餐飲產品組合都實現了強勁的美元消費增長。我們品牌在關鍵領域的增長，即即食或 RTS 湯、意大利醬汁、墨西哥醬汁和我們濃縮湯中的精選細分市場，其增長速度遠遠超過其各自類別的增長。

Turning to Slide 11. Our consumer insights show that consumers continue to cut back on out-of-home eating and are migrating from more expensive grocery categories as they seek ways to ease the impact of inflation. Consumers are making changes to stretch their budget and following several years of becoming more confident and comfortable with cooking, they continue to turn to our categories and importantly, our brands as evidenced by the continued growth of our Meals & Beverages business.

轉到幻燈片 11。我們的消費者洞察表明，隨著消費者尋求緩解通貨膨脹影響的方法，他們繼續減少外出就餐，並從更昂貴的雜貨類別遷移。消費者正在做出改變以擴大他們的預算，並且經過幾年對烹飪變得更加自信和舒適之後，他們繼續轉向我們的類別，重要的是，我們的餐飲業務的持續增長證明了我們的品牌。

With consumers preparing about 80% of meals from home, our brands are well positioned for sustained growth, delivering consumers the quality, value and convenience they seek for simple at-home meals and quick-scratch cooking. For example, our spaghetti carbonara recipe is a top performer year-over-year as it easily and economically feeds a family for about $1.53 a serving.

消費者約有 80% 的飯菜是在家裡準備的，我們的品牌在持續增長方面處於有利地位，為消費者提供他們尋求簡單的在家用餐和快速烹飪的質量、價值和便利。例如，我們的 spaghetti carbonara 食譜年復一年表現最佳，因為它以每份約 1.53 美元的價格輕鬆經濟地養活一個家庭。

Turning to Slide 12. U.S. soup net sales grew 11% over the prior year, with gains in ready-to-serve, condensed and broth. We continue to see a favorable net pricing benefit with dollar consumption up 5%, partially offset by pricing-related volume declines. Elasticities remain below historical levels. And while our total dollar share of U.S. soup declined, it was by less than 1 point. We had positive dollar share growth in the quarter in key strategic segments, partially offset by competitive share losses to private label in total condensed and broth as expected. We continue to focus on price gaps and are adding equity support with meaningful innovation to maintain the strength of the category and our brands over the long run.

轉到幻燈片 12。美國湯的淨銷售額比上一年增長了 11%，即食、濃縮和肉湯的增長。我們繼續看到有利的淨定價優勢，美元消費增長 5%，部分被與定價相關的銷量下降所抵消。彈性仍低於歷史水平。雖然我們在美國湯中的總美元份額有所下降，但降幅不到 1 個百分點。本季度我們在關鍵戰略領域的美元份額正增長，部分抵消了自有品牌在總濃縮和肉湯中的競爭性份額損失，正如預期的那樣。我們繼續關注價格差距，並通過有意義的創新增加股權支持，以長期保持該類別和我們品牌的實力。

Chunky continued its positive momentum with dollar share up 1.6 points in the quarter coming from strong base velocities as we further recovered on shelf and 13% dollar consumption growth versus the prior year. This was the fifth consecutive quarter Chunky held or gained volume share, reflecting the powerful combination of a strong base business, highly relevant innovation and increased investment in compelling advertising. Versus 3 years ago, Chunky grew dollar consumption by 26%. Our chunky digital and social activations are seeing notable year-over-year increases in engagement and our Lunchtime is Your Halftime campaign is resonating, particularly with younger consumers as we expand our reach through our NFL partnership and gaming via EA Madden.

Chunky 繼續保持積極勢頭，美元份額在本季度上漲 1.6 個百分點，這得益於強勁的基本速度，因為我們進一步恢復了貨架和 13% 的美元消費增長與去年同期相比。這是 Chunky 連續第五個季度持有或獲得銷量份額，反映出強大的基礎業務、高度相關的創新和增加對引人注目的廣告的投資的強大組合。與 3 年前相比，Chunky 的美元消費增長了 26%。隨著我們通過 NFL 合作夥伴關係和 EA Madden 遊戲擴大我們的影響力，我們豐富的數字和社交活動的參與度逐年顯著增加，我們的午餐時間是你的中場休息活動引起了共鳴，尤其是在年輕消費者中。

Closing out the slide, Pacific has returned to growth as a result of restored supply and innovation, with dollar consumption of Pacific RTS soup up 21% versus prior year and share grew by 0.4 points in the quarter. Pacific's growth is outpacing organic subsegments in the quarter, and the launch of RTS cans is the leading contributor to the growth with millennial buyers up 16% versus prior year.

由於供應和創新的恢復，太平洋結束了下滑，恢復了增長，太平洋 RTS 湯的美元消費量比去年同期增長了 21%，本季度份額增長了 0.4 個百分點。 Pacific 的增長在本季度超過了有機細分市場，RTS 罐的推出是增長的主要貢獻者，千禧一代的買家比去年同期增長了 16%。

Turning to the next slide and our progress on building a $1 billion sauce business, Prego continues to solidify our position as the branded dollar share leader in the Italian sauce category. Growth in the quarter was driven by both pricing and higher volume, reflecting improved service versus a year ago. The brand had strong in-market dollar consumption of plus 21% and share growth of 1.1 points versus prior year. Pace also performed well, with dollar share gains of 0.4 points, marking the third consecutive quarter of dollar share growth and increased dollar consumption of 16%.

轉到下一張幻燈片以及我們在建立價值 10 億美元的醬汁業務方面取得的進展，Prego 繼續鞏固我們作為意大利醬汁類別中品牌美元份額領導者的地位。本季度的增長受到定價和銷量增加的推動，反映出與一年前相比服務有所改善。與去年相比，該品牌的市場美元消費強勁增長 21%，份額增長 1.1 個百分點。 Pace 也表現出色，美元份額增長 0.4 個百分點，標誌著美元份額連續第三個季度增長，美元消費增長 16%。

Turning to Snacks. We had an impressive quarter as our brands rapidly responded to the recovery of supply and increased investment with accelerated top line growth and share improvement. The strong 15% top line growth, which was fueled by our power brands, reflected pricing actions offset by slight pricing-related volume declines. Sales growth exceeded dollar consumption of 13% versus prior year due to the replenishment of retailer inventory, which have been depleted in the prior year due to supply challenges.

轉向零食。我們有一個令人印象深刻的季度，因為我們的品牌迅速響應供應的恢復和增加的投資，加速了收入增長和份額改善。在我們的強大品牌的推動下，15% 的強勁收入增長反映出定價行為被與定價相關的銷量略有下降所抵消。由於零售商庫存的補充，銷售增長超過了與上一年相比的 13% 的美元消費，這些庫存在上一年因供應挑戰而被耗盡。

As you'll see on the next slide, in-market dollar consumption in our power brands was up 15%, with 6 of 8 brands growing double digits. On a 3-year basis, dollar consumption was up 28%, with all 8 power brands growing double digits and 4 of our 5 salty power brands growing over 30%. This also supports the historical learning that consumer snacking behavior is very resilient and relevant in tough economic environments. Overall, 6 of our 8 power brands grew dollar share in the first quarter, including Cape Cod, Snack Factory and Lance, each of which grew share by over 1 point.

正如您將在下一張幻燈片中看到的那樣，我們強大品牌的市場美元消費增長了 15%，8 個品牌中有 6 個增長了兩位數。在 3 年的基礎上，美元消費增長了 28%，所有 8 個電力品牌都增長了兩位數，我們 5 個咸電力品牌中有 4 個增長超過 30%。這也支持了歷史經驗，即消費者吃零食的行為在艱難的經濟環境中具有很強的彈性和相關性。總體而言，我們的 8 個強大品牌中有 6 個在第一季度實現了美元份額增長，包括 Cape Cod、Snack Factory 和 Lance，每個品牌的份額增長超過 1 個百分點。

As we have recovered from significant supply constraints that began in the second quarter of fiscal 2022, we began to see sequential dollar share improvement quarter-to-quarter. Specifically, over the last 4 quarters, Goldfish gained 0.6 points, Snyder's of Hanover gained 3.5 points, Lance is up 4.8 points, and Pepperidge Farm cookies were up 0.4 points.

隨著我們從 2022 財年第二季度開始的嚴重供應限制中恢復過來，我們開始看到美元份額環比有所改善。具體來說，在過去 4 個季度中，Goldfish 上升了 0.6 分，Snyder's of Hanover 上升了 3.5 分，Lance 上升了 4.8 分，Pepperidge Farm cookies 上升了 0.4 分。

Our snack brands are also highly differentiated against competition with positive velocity trends. In fact, on Slide 16, you'll see that our brands are growing faster than their respective categories. And 5 out of 7 power brand categories, including crackers, Kettle chips, deli snacks, organic tortilla chips and sandwich crackers.

我們的零食品牌也以積極的速度趨勢在競爭中脫穎而出。事實上，在幻燈片 16 上，您會看到我們品牌的增長速度快於其各自類別。以及 7 個強大品牌類別中的 5 個，包括餅乾、Kettle 薯片、熟食小吃、有機玉米餅薯片和三明治餅乾。

Consumers continue to show their love for Goldfish and respond to the steps we've taken to broaden the appeal of this iconic brand. This is a remarkable growth story for one of our most important brands. We continue to deliver against our strategy to expand our consumer base with robust and relevant innovation and effective marketing that engages the entire family, not just younger kids.

消費者繼續表現出他們對 Goldfish 的熱愛，並對我們為擴大這個標誌性品牌的吸引力而採取的措施做出回應。對於我們最重要的品牌之一來說，這是一個非凡的成長故事。我們繼續實施我們的戰略，通過強大和相關的創新和有效的營銷來擴大我們的消費者基礎，讓整個家庭參與進來，而不僅僅是年幼的孩子。

In fact, for the third time in a row, Goldfish crackers were teens most preferred snack brand according to Piper Sandler's Fall 2022, Taking Stock With Teens survey. Our Goldfish Dunkin' Pumpkin Spice crackers were the top turning new cracker item and leading pumpkin spice stacking item during the quarter. We've continued this momentum with a new partnership with Disney Marvel and our limited-edition Black Panther: Wakanda Forever Goldfish, which hit the store shelves last month. And keep an eye out for the limited return of Goldfish Frank's RedHot Crackers in the coming months.

事實上，根據 Piper Sandler 的 2022 年秋季青少年盤點調查，Goldfish 餅乾連續第三次成為青少年最喜歡的零食品牌。我們的 Goldfish Dunkin' Pumpkin Spice 餅乾是本季度最暢銷的新餅乾產品和領先的南瓜香料堆疊產品。我們通過與 Disney Marvel 和我們的限量版黑豹：Wakanda Forever Goldfish 建立新的合作夥伴關係來延續這一勢頭，該版本於上個月上架。並留意未來幾個月 Goldfish Frank 的 RedHot 餅乾的限量回歸。

We also continued to win in salty snacks, with dollar consumption and dollar share gains in Kettle Chips, Cape Cod, Snack Factory and Late July. Our Snack Factory pretzel crisp and Snyder's of Hanover will have new holiday activations inspiring new occasions and elevating every holiday snack trade.

我們還繼續在鹹味零食中獲勝，Kettle Chips、Cape Cod、Snack Factory 和 Late July 的美元消費量和美元份額均有所增長。我們的 Snack Factory 椒鹽脆餅和 Snyder's of Hanover 將推出新的節日活動，激發新的場合併提升每一次節日小吃貿易。

And finally, I want to highlight Pepperidge Farm cookies. The holidays are their Super Bowl and with supply back, we're able to return to full speed through the holidays. We've introduced new packaging designs across the portfolio from Milano to Chessman and brought back holiday favorites, like Linzer cookies. We also have new limited-edition Milano Hazelnut Hot Cocoa, and with the return of the Milano Fancy Santa activation, we hope to do our share in making the holidays a little more special.

最後，我想重點介紹 Pepperidge Farm 餅乾。假期是他們的超級碗，隨著供應的恢復，我們能夠在假期中恢復全速。我們在從 Milano 到 Chessman 的整個產品組合中引入了新的包裝設計，並帶回了假日最愛，如 Linzer 餅乾。我們還有新的限量版米蘭榛子熱可可，隨著米蘭花式聖誕老人活動的回歸，我們希望儘自己的一份力量讓假期變得更加特別。

In closing, I'm really pleased with our strong year-over-year performance and the fast start to the year. This is perhaps one of the most complete quarters we've delivered. We continue to build momentum and confidence with a powerful portfolio of brands in both divisions and the continued strength of our supply chain execution. We're recovering on share and driving growth in key categories. And with our portfolio focus, we are well positioned for the current consumer and economic environment.

最後，我對我們強勁的同比表現和今年的快速開局感到非常滿意。這可能是我們交付的最完整的季度之一。我們繼續通過兩個部門強大的品牌組合和我們供應鏈執行的持續實力來建立勢頭和信心。我們正在恢復份額並推動關鍵類別的增長。憑藉我們的投資組合重點，我們在當前的消費者和經濟環境中處於有利地位。

Our innovation is resonating with consumers, driving more engagement, especially among younger households and there's more to come. It's important to remember that there's still much to do on our business, and the environment does remain challenging. But being able to face those challenges off a stronger and more stable foundation is very encouraging and bodes well for the future.

我們的創新正在引起消費者的共鳴，推動更多的參與，尤其是在年輕家庭中，而且未來還會有更多。重要的是要記住，我們的業務還有很多工作要做，而且環境仍然充滿挑戰。但能夠在更強大、更穩定的基礎上應對這些挑戰是非常令人鼓舞的，也是未來的好兆頭。

Before turning it over to Mick, I wanted to comment on our recent management changes. As we announced in November, Mick has been appointed President, Meals & Beverages; and Chris Foley is now President of Snacks. Mick will continue to serve as Chief Financial Officer until a successor to this role is in place. The search is going very well, and I look forward to updating you in the future.

在交給 Mick 之前，我想談談我們最近的管理變動。正如我們在 11 月宣布的那樣，米克已被任命為餐飲部總裁； Chris Foley 現在是 Snacks 的總裁。米克將繼續擔任首席財務官一職，直至該職位的繼任者就位。搜索進展順利，期待後續更新。

Both Mick and Chris have played a significant role in Campbell's transformation over the last several years by enhancing our culture and improving our business performance. I'm confident that they are the right leaders to continue to build our momentum and unlock our full growth potential.

Mick 和 Chris 在過去幾年中通過增強我們的文化和提高我們的業務績效在 Campbell 的轉型中發揮了重要作用。我相信他們是正確的領導者，可以繼續增強我們的勢頭並釋放我們的全部增長潛力。

In closing, I'd like to thank all of the Campbell's team for their hard work and wish all of them and you happy holidays.

最後，我要感謝所有 Campbell 團隊的辛勤工作，並祝大家和您節日快樂。

With that, over to Mick.

有了這個，交給米克。

Thanks, Mark, and good morning, everyone. We are pleased by the strong results we delivered in the first quarter with 15% growth across all 3 key metrics: net sales, adjusted EBIT and adjusted EPS. Top line growth was due to inflation-driven pricing, sustained brand health and improved supply chain execution, partially offset by modest volume declines.

謝謝，馬克，大家早上好。我們對第一季度取得的強勁業績感到高興，所有 3 個關鍵指標均增長了 15%：淨銷售額、調整後的息稅前利潤和調整後的每股收益。收入增長歸因於通脹驅動的定價、持續的品牌健康和改善的供應鏈執行，部分被適度的銷量下降所抵消。

First quarter net sales growth of 15% outpaced consumption growth due in part to retailer inventory rebuild as well as the strong recovery in our foodservice business. Strong sales growth, a relatively flat gross profit margin as cost inflation and unfavorable volume and mix were mostly mitigated by pricing and productivity improvements, combined with continued support of our brands and expected lower pension income resulted in a 15% increase in adjusted EBIT.

第一季度 15% 的淨銷售額增長超過了消費增長，部分原因是零售商庫存重建以及我們餐飲服務業務的強勁復甦。強勁的銷售增長、相對平穩的毛利率（因為成本上漲）以及不利的銷量和組合在很大程度上被定價和生產力的改善所緩解，再加上我們品牌的持續支持和預期較低的養老金收入導致調整後息稅前利潤增長 15%。

On a margin basis, adjusted EBIT was comparable to the prior year at 17.4%. Adjusted EPS increased 15% to $1.02 per share, driven primarily by the increase in adjusted EBIT, partially offset by a higher adjusted effective tax rate. Our cash flow from operations in the first quarter was $227 million, which allowed us to continue to invest in the business, while we returned over $150 million to our shareholders through dividends and share repurchases.

按利潤率計算，調整後的息稅前利潤為 17.4%，與上年持平。調整後每股收益增長 15% 至每股 1.02 美元，這主要是由於調整後息稅前利潤的增長，部分被更高的調整後有效稅率所抵消。我們第一季度的運營現金流為 2.27 億美元，這使我們能夠繼續投資於該業務，同時我們通過股息和股票回購向股東返還了超過 1.5 億美元。

With Q1 results ahead of expectations and our strong confidence in the health and momentum of our brands and improved supply chain, we feel it's appropriate to raise our guidance.

由於第一季度的業績超出預期，而且我們對品牌的健康和發展勢頭以及供應鏈的改善充滿信心，我們認為提高我們的指引是合適的。

That said, let's first discuss our first quarter results versus prior year in more detail. Net sales in the quarter, both reported and organic, increased 15%, driven by 16 points of inflation-driven pricing. This was partially offset by a 1 point volume and mix headwind. Promotional spending in the quarter was down 1% in Meals & Beverages and up 1% in Snacks and thus, overall comparable to the prior year. As an aside, going forward, we will combine the impact of promotional spending with the impact of pricing in our quarterly earnings materials.

也就是說，讓我們首先更詳細地討論我們第一季度的業績與去年同期相比。本季度的淨銷售額，無論是報告的還是有機的，都增長了 15%，這得益於 16 個通脹驅動的定價點。這部分被 1 點的交易量和混合逆風所抵消。本季度的促銷支出在餐飲方面下降了 1%，在零食方面增長了 1%，因此總體上與去年持平。順便說一句，展望未來，我們將在季度收益材料中結合促銷支出的影響和定價的影響。

Turning to Slide 22. Our first quarter adjusted gross profit margin decreased 30 basis points from 32.5% to 32.2%. Inflation and higher other supply chain costs had a negative impact of 1,260 basis points, with the majority of the impact driven by continued cost inflation as overall input prices on a rate basis increased by approximately 18%, which were slightly higher than the fourth quarter of fiscal '22.

轉到幻燈片 22。我們第一季度調整後的毛利率從 32.5% 下降 30 個基點至 32.2%。通貨膨脹和更高的其他供應鏈成本產生了 1,260 個基點的負面影響，其中大部分影響是由持續的成本通脹推動的，因為整體投入價格按利率計算上漲了約 18%，略高於去年第四季度財政'22。

Additionally, unfavorable volume and mix had a negative impact of 150 basis points in the quarter. These factors were mostly mitigated by a higher net realized price, which drove an 1,140 basis point improvement, reflecting the impact of our inflation-driven pricing actions. In addition, our ongoing supply chain productivity and cost savings programs contributed 240 basis points to the adjusted gross profit margin.

此外，不利的銷量和組合在本季度產生了 150 個基點的負面影響。這些因素在很大程度上被更高的淨實現價格所緩解，這推動了 1,140 個基點的改善，反映了我們受通脹驅動的定價行動的影響。此外，我們正在進行的供應鏈生產力和成本節約計劃為調整後的毛利率貢獻了 240 個基點。

In the first 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 supply chain productivity improvements, cost savings initiatives and a continued focus on discretionary spending across the organization.

在第一季度，我們繼續努力緩解下一頁強調的通貨膨脹。通過結合有針對性的價格上漲和貿易優化以及供應鏈生產力提高、成本節約計劃和持續關注整個組織的可自由支配支出。

As discussed during our previous earnings call, we expect cost inflation to continue throughout fiscal 2023. To mitigate the expected inflation, we are currently implementing selective additional pricing in both divisions, which should become effective in the second half of our fiscal year. We continue to focus on all other areas of inflation mitigation, while we diligently protect the important value proposition for consumers.

正如我們在上一次財報電話會議上所討論的那樣，我們預計成本通脹將在整個 2023 財年持續。為了減輕預期的通脹，我們目前正在兩個部門實施選擇性附加定價，這應該會在我們財政年度的下半年生效。我們繼續專注於緩解通脹的所有其他領域，同時努力保護消費者的重要價值主張。

Moving on to other operating items. Marketing and selling expenses increased 18% or $31 million and represented approximately 7.8% of net sales versus 7.6% in the prior year. The primary drivers of higher marketing and selling expenses were higher advertising and consumer promotion expense, or A&C, which increased by 31% versus the moderated levels in the prior year and higher selling expenses, partially offset by increased benefits from cost savings initiatives.

繼續其他經營項目。營銷和銷售費用增加了 18% 或 3100 萬美元，占淨銷售額的約 7.8%，而上一年為 7.6%。營銷和銷售費用增加的主要驅動因素是廣告和消費者促銷費用 (A&C) 增加，與上一年的適度水平相比增加了 31%，銷售費用增加，部分被成本節約舉措帶來的收益增加所抵消。

Administrative expenses on an adjusted basis increased 1% to $155 million due to higher general administrative costs and inflation, partially offset by lower expenses related to the settlement of certain legal claims. As a percentage of net sales, adjusted administrative expenses were 6%, a 90 basis point decrease compared to last year.

調整後的行政費用增加 1% 至 1.55 億美元，原因是一般行政費用和通貨膨脹增加，部分被與解決某些法律索賠相關的費用減少所抵消。調整後的管理費用占淨銷售額的百分比為 6%，與去年相比下降了 90 個基點。

On Slide 25, we are providing an adjusted EBIT bridge to summarize the key drivers of performance this quarter. As previously mentioned, adjusted EBIT increased 15% in the quarter, primarily due to a 14% or $102 million improvement in adjusted gross profit. While the increase in adjusted gross profit benefited adjusted EBIT, it was lower as a percentage of net sales, resulting in a 30 basis point decrease of our adjusted gross profit margin and a corresponding decrease of our adjusted EBIT margin.

在幻燈片 25 上，我們提供了一個調整後的息稅前利潤橋來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 15%，這主要是由於調整後毛利增長 14% 或 1.02 億美元。雖然調整後毛利的增加有利於調整後的息稅前利潤，但占淨銷售額的百分比較低，導致我們調整後的毛利率下降 30 個基點，調整後的息稅前利潤率也相應下降。

Marketing and selling expenses increased $31 million versus the prior year and had a negative impact on our adjusted EBIT margin of 20 basis points. Adjusted administrative and R&D expenses were $176 million, a 1% increase over prior year. This increase resulted in a 100 basis point contribution to the adjusted EBIT margin as these expenses were lower as a percentage of net sales versus prior year.

營銷和銷售費用比上一年增加了 3100 萬美元，對我們調整後的 20 個基點的息稅前利潤率產生了負面影響。調整後的行政和研發費用為 1.76 億美元，比上年增長 1%。這一增長為調整後的息稅前利潤率貢獻了 100 個基點，因為這些費用占淨銷售額的百分比低於上一年。

Adjusted other expenses of $3 million compared to adjusted other income of $7 million in the prior year had a negative adjusted EBIT margin impact of 40 basis points. This headwind is largely due to a reduction in pension and postretirement benefit income compared to prior year. Our adjusted EBIT margin was in line with prior year at 17.4%.

調整後的其他費用為 300 萬美元，而上一年調整後的其他收入為 700 萬美元，對調整後的息稅前利潤率產生了 40 個基點的負面影響。這種逆風主要是由於與上一年相比養老金和退休後福利收入減少。我們調整後的息稅前利潤率為 17.4%，與上年持平。

The following chart breaks down our adjusted EPS growth between operating performance and below the line items. Higher adjusted EBIT impact of $0.16 was partially offset by a $0.04 headwind of higher adjusted taxes. Earnings per share also benefited from a reduction of the weighted average diluted shares outstanding. All in, adjusted EPS increased year-over-year by 15% to $1.02.

下圖細分了我們調整後的每股收益在經營業績和細目項目之間的增長。調整後息稅前利潤增加 0.16 美元，部分被調整後稅收增加 0.04 美元的逆風所抵消。每股收益也受益於加權平均攤薄流通股的減少。總而言之，調整後的每股收益同比增長 15% 至 1.02 美元。

Turning to Slide 27. Our Meals & Beverages division delivered a strong quarter with both reported and organic net sales increasing 15% versus prior year primarily due to increases in U.S. retail products, including soup and Prego pasta sauces as well as gains in our foodservice business. Inflation-driven pricing and sales allowances and lower levels of promotional spending were partially offset by volume declines. Sales of U.S. soup increased 11% due to sales increases in ready-to-serve soups, condensed soups and broth.

轉到幻燈片 27。我們的餐飲部門在本季度表現強勁，報告淨銷售額和有機淨銷售額均比上年增長 15%，這主要是由於美國零售產品（包括湯和 Prego 意大利麵醬）的增長以及我們餐飲服務業務的增長.通貨膨脹驅動的定價和銷售津貼以及較低水平的促銷支出被銷量下降部分抵消。由於即食湯、濃縮湯和肉湯的銷量增加，美國湯的銷量增長了 11%。

Segment operating earnings in the quarter increased 18%. The increase was primarily driven by higher gross profit, partially offset by higher marketing and selling expenses. Overall, within our Meals & Beverages division, first quarter operating margin increased year-over-year by 60 basis points to 22.7%.

本季度的部門營業收入增長了 18%。增長的主要原因是較高的毛利，部分被較高的營銷和銷售費用所抵消。總體而言，在我們的餐飲部門，第一季度營業利潤率同比增長 60 個基點至 22.7%。

On Slide 28, reported and organic net sales in our Snacks division increased 15%, driven by sales of Power Brands, which were up 21%. Sales growth was driven by increases in cookies and crackers, primarily Goldfish crackers and in salty snacks, primarily in Snyder's of Hanover pretzels and both Kettle brand and Cape Cod potato chips. Inflation-driven pricing and sales allowances were partially offset by volume declines and increased promotional spending relative to moderated levels in the prior year quarter.

在幻燈片 28 上，我們零食部門的報告和有機淨銷售額增長了 15%，這主要受 Power Brands 銷售額增長 21% 的推動。銷售額增長的推動因素是餅乾和薄脆餅乾（主要是 Goldfish 餅乾）和鹹味零食（主要是 Snyder's of Hanover 椒鹽捲餅）以及 Kettle 品牌和 Cape Cod 薯片的增長。通貨膨脹驅動的定價和銷售津貼部分被銷量下降和相對於去年同期的適度水平增加的促銷支出所抵消。

Segment operating earnings in the quarter increased 20%, primarily due to higher gross profit and lower administrative expenses, partially offset by higher marketing and selling expenses. Overall, within our Snacks division, first quarter operating margin increased year-over-year by 50 basis points to 13.7%.

本季度分部營業收入增長 20%，這主要是由於毛利增加和管理費用減少，部分被營銷和銷售費用增加所抵消。總體而言，在我們的零食部門，第一季度營業利潤率同比增長 50 個基點至 13.7%。

I'll now turn to our cash flow and liquidity. Fiscal 2023 cash flow from operations decreased 21% year-over-year to $227 million, primarily due to changes in working capital, partially offset by higher cash earnings. Cash outflows from investing activities were reflective of the cash outlay for capital expenditures of $77 million, which was an increase from $69 million in the previous year. Cash outflows from financing activities were $127 million, including $115 million of dividends paid and $41 million of share repurchases. At the end of the first quarter, we had approximately $375 million remaining under the current $500 million strategic share repurchase program and approximately $131 million remaining on our $250 million anti-dilutive share repurchase program. We ended the quarter with cash and cash equivalents of $130 million.

我現在將轉向我們的現金流和流動性。 2023 財年運營現金流同比下降 21% 至 2.27 億美元，這主要是由於營運資金的變化，部分被較高的現金收益所抵消。投資活動的現金流出反映了 7700 萬美元的資本支出現金支出，高於上一年的 6900 萬美元。融資活動產生的現金流出為 1.27 億美元，其中包括 1.15 億美元的已付股息和 4100 萬美元的股票回購。在第一季度末，我們在當前的 5 億美元戰略股票回購計劃中剩餘約 3.75 億美元，在我們的 2.5 億美元反稀釋股票回購計劃中剩餘約 1.31 億美元。本季度末，我們的現金和現金等價物為 1.3 億美元。

Before I turn to guidance, I wanted to touch on a few additional items. First, at the end of September, S&P Global upgraded our credit rating to BBB with a stable outlook. Secondly, on November 15, we raised a delayed draw term loan totaling up to $500 million. We plan to use the proceeds of the loan to refinance our existing $566 million notes, maturing in March 2023. And lastly, on November 21, we entered into a 12-year renewable power purchase agreement with Enel North America to support our goal to reduce greenhouse gas emissions. Improving the sustainability of the agriculture and food value chain is important to Campbell, and this agreement is a substantial step forward in meeting our science-based emissions reduction target.

在我轉向指導之前，我想談談一些額外的項目。首先，9月底，標普全球將我們的信用評級上調至BBB，展望穩定。其次，在 11 月 15 日，我們籌集了總額高達 5 億美元的延遲提款期限貸款。我們計劃使用貸款收益為我們現有的 5.66 億美元票據再融資，這些票據將於 2023 年 3 月到期。最後，在 11 月 21 日，我們與 Enel North America 簽訂了為期 12 年的可再生能源購買協議，以支持我們實現減排目標溫室氣體排放。提高農業和食品價值鏈的可持續性對金寶湯來說很重要，該協議是朝著實現我們基於科學的減排目標邁出的實質性一步。

With that, let's turn to Slide 30. As previously mentioned, we are raising our financial guidance for the year given the strength of our first quarter performance, the health of our brands and our consistent execution. For the full year, we now expect net sales, both organic and reported, to be plus 7% to plus 9%, adjusted EBIT of plus 2.5% to plus 6.5% and adjusted EPS of plus 2% to plus 5% versus the fiscal 2022 results, resulting in fiscal 2023 adjusted EPS of $2.90 to $3.

說到這裡，讓我們轉到幻燈片 30。如前所述，鑑於我們第一季度的強勁業績、我們品牌的健康狀況以及我們一貫的執行力，我們正在提高今年的財務指導。對於全年，我們現在預計有機和報告的淨銷售額將增長 7% 至 9%，調整後的息稅前利潤增長 2.5% 至增長 6.5%，調整後的每股收益增長 2% 至增長 5%。 2022 年的結果，導致 2023 財年調整後的每股收益為 2.90 美元至 3 美元。

Lastly, as we mentioned on our fourth quarter call, our guidance reflects an approximate 3% headwind to adjusted EBIT and adjusted EPS from lower pension and post retirement income. All in, we're off to a great start to fiscal 2023 and are confident in our strategy and execution. As Mark mentioned, while we expect the environment to remain dynamic, our brand momentum remains strong as both supply and investment returned to pre-pandemic levels.

最後，正如我們在第四季度電話會議上提到的那樣，我們的指引反映出調整後息稅前利潤和調整後每股收益因較低的養老金和退休後收入而受到約 3% 的阻力。總而言之，我們在 2023 財年有了一個良好的開端，並對我們的戰略和執行充滿信心。正如馬克所提到的，雖然我們預計環境將保持動態，但隨著供應和投資都恢復到大流行前的水平，我們的品牌勢頭依然強勁。

I'd like to close by thanking all our teams for their commitment and wishing everyone a wonderful holiday season. And with that, let me turn it over to the operator to begin Q&A.

最後，我要感謝我們所有團隊的承諾，並祝大家度過一個美好的假期。有了這個，讓我把它交給接線員開始問答。

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

（操作員說明）您的第一個問題來自巴克萊銀行的 Andrew Lazar。

To start off, I guess, last quarter, I think, Mark, you mentioned that you expected sequential improvement in gross margins as the year progressed. Given how much better gross margins came in, in 1Q, I'm trying to get a sense of if that's still the case? And if so, if that would mean your full year gross margins could be better than the flattish outlook that you gave last quarter? So I'm basically trying to get a sense of just sort of the cadence over the next couple of quarters in terms of the margin profile? And then I've got a quick follow-up.

首先，我想，上個季度，我想，馬克，你提到你預計毛利率會隨著時間的推移而連續改善。考慮到第一季度的毛利率提高了多少，我想知道情況是否仍然如此？如果是這樣，這是否意味著您的全年毛利率可能會好於您上個季度給出的持平前景？所以我基本上是想了解未來幾個季度在利潤率方面的節奏？然後我有一個快速的跟進。

Yes, that's -- yes. No, I got -- great question, Andrew. I guess maybe let me start with a little bit of what was better in Q1 than perhaps we had expected. I think it really does begin with top line. We were stronger performance on the top line, really driven by 2 things. I think the first was better in market, lower elasticity than we had expected paired with the marketing effectiveness, always a little bit tough to tease those 2 things out. But at the end of the day, that in-market performance share recovery was stronger and faster than we had expected.

是的，那是——是的。不，我有——很好的問題，安德魯。我想也許讓我從第一季度比我們預期的更好的地方開始。我認為它確實從頂線開始。我們在頂線的表現更強勁，真正受到兩件事的推動。我認為第一個在市場上更好，彈性比我們預期的要低，加上營銷效果，總是有點難以梳理這兩件事。但最終，市場業績份額的複蘇比我們預期的更強勁、更快。

I think the second area is we continue to execute really well on the supply chain. And the recovery in supply was fast enough that it allowed us to accelerate availability both for that inventory that we had planned, but also you saw places like unmeasured channels growing even faster than we had anticipated. In particular, foodservice was very, very strong.

我認為第二個方面是我們繼續在供應鏈上執行得非常好。供應的恢復速度足夠快，它使我們能夠加快我們計劃的庫存的可用性，而且你還看到像不可衡量的渠道這樣的地方增長速度比我們預期的還要快。特別是，餐飲服務非常非常強大。

And as you drop that down into margin and you say, okay, top line better, how to -- what was different in the margin. As you know, when you get that top line going, there's a lot of positive effects throughout the P&L. And I do think, consistent with that, we saw greater efficiency. And again, I do think the execution across the company has been very strong as well, whether it was the execution of pricing or Wave 3, whether it was our supply chain. I think the combination of those elements were all very positive, and it did result in a better top line and a better margin than we had initially expected.

當你把它放到保證金中時，你會說，好吧，頂線更好，如何 - 保證金有什麼不同。如您所知，當您獲得最高收益時，整個損益表都會產生很多積極影響。我確實認為，與此一致，我們看到了更高的效率。再一次，我確實認為整個公司的執行力也非常強，無論是定價執行還是 Wave 3，無論是我們的供應鏈。我認為這些因素的結合都是非常積極的，它確實帶來了比我們最初預期更好的收入和利潤率。

I do think as you look out then across the balance of the year, what we would continue to expect, I'm not making a broad balance of the year move in our elasticity assumptions. In fact, you would have heard Mick talk a little bit in his comments about some pockets of increases in inflation that are resulting in a Wave 4, although very targeted, still a bit more pricing that we're in the midst of executing right now.

我確實認為，當你展望今年餘下的時間時，我們會繼續預期，我並沒有在我們的彈性假設中做出今年的廣泛平衡。事實上，你會聽到米克在他的評論中談到了導致第四波浪潮的一些通脹上升，雖然非常有針對性，但我們現在正在執行的定價仍然有點高.

And so balancing that ongoing view of consumer resilience, I think we're being pragmatic and not necessarily carrying that elasticity favorability through the year. I think then if you start to say, okay, well, how does that kind of play out across the year. As you think about the next quarter, I think the 2 things you'll see that are going to be a little different than Q1, is you won't have the inventory recovery opportunity, and you probably will see a little bit of modest increase in promotional spend and the continued kind of investment in the year, and that might be a little different than what you saw in Q1.

因此，平衡消費者彈性的持續觀點，我認為我們是務實的，並不一定要在一年中保持這種彈性偏好。我想如果你開始說，好吧，好吧，這種情況在一年中是如何發揮作用的。當你考慮下個季度時，我認為你會看到與第一季度略有不同的兩件事，你不會有庫存恢復的機會，你可能會看到一點點溫和的增長在促銷支出和當年的持續投資方面，這可能與您在第一季度看到的有所不同。

And then, of course, as you get to the back half of the year, you're beginning to lap the significant pricing from a year ago as well as some tougher comps to get through. I think the net of this, I just would say is that we are in Q1. This does remain a pretty volatile environment. I think we've tried to be appropriately pragmatic and looking at the balance of the year. But if you take our guidance versus where we were, it does imply, and I think a little bit of this is the way for pricing and inflation dynamic.

然後，當然，當你進入今年下半年時，你開始超越一年前的重要定價以及一些更艱難的競爭。我認為，我只想說我們處於第一季度。這確實仍然是一個相當不穩定的環境。我認為我們已嘗試適當務實並審視今年的餘額。但是，如果您將我們的指導與我們的指導相比較，這確實意味著，我認為這在一定程度上是定價和通貨膨脹動態的方式。

If you take the midpoint of the 2 guidance ranges, we're about 20 bps actually lower in margin assumption for the year. And that is a little bit of reflective of the dynamics that I just explained. But like I said, it's very early in the year. And I think we -- the good news is we feel great about starting really on our front foot and the things that we can control, we really saw positive performance across those variables in the Q1. And that certainly does give us greater confidence heading into the balance of the year based on where we are today.

如果您採用 2 個指導範圍的中點，我們今年的利潤率假設實際上降低了約 20 個基點。這有點反映了我剛才解釋的動態。但就像我說的，今年還很早。我認為我們 - 好消息是我們對真正從前腳和我們可以控制的事情開始感覺很好，我們確實在第一季度看到了這些變量的積極表現。根據我們今天的情況，這確實讓我們更有信心進入今年的餘額。

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

你的下一個問題來自摩根大通的 Ken Goldman。

We've seen some of your competitors in soup and broth be maybe a bit more aggressive with pricing on shelf lately. I'm just curious, is there anything you're seeing that's surprising in terms of competitive levels in these categories? And as we head into 2Q, are you hearing anything or seeing anything that would suggest that as you get more promotional as well, which you mentioned, that maybe your competitors will do the same or step it up even more.

我們已經看到您在湯和肉湯方面的一些競爭對手最近在貨架上的定價可能更加激進。我很好奇，在這些類別的競爭水平方面，您是否看到任何令人驚訝的事情？當我們進入第二季度時，您是否聽到或看到任何跡象表明，隨著您也獲得更多促銷活動（您提到過），您的競爭對手可能會做同樣的事情或進一步加強促銷活動。

Yes. I would say, first off, just to kind of make sure I appropriately caveat this. Everything that we're doing as it relates to an investment side, especially on the promotional side, would be very responsive to the marketplace, very modest in the sense of it being quite normal and just kind of how supply has recovered. This is not an overly aggressive stance or one that we're trying necessarily to distort a position as it relates to share or market because we don't really need it.

是的。我會說，首先，只是為了確保我適當地警告了這一點。我們正在做的一切與投資方面相關的事情，尤其是在促銷方面，都會對市場做出非常敏感的反應，從非常正常的意義上來說非常適度，而且供應已經恢復。這不是一種過於激進的立場，也不是我們試圖扭曲與份額或市場相關的立場，因為我們真的不需要它。

I think the -- the reality is that the combination of the marketing, innovation and what we're doing on the brands have been very effective. And again, with my with my druthers, I'd rather be supporting the equity side. But at the end of the day, it's important that we stay very vigilant on the price gaps. And so everything that we're doing is really about watching where those price gaps are and how we feel about the value proposition.

我認為——現實是營銷、創新和我們在品牌上所做的工作的結合非常有效。再說一次，在我看來，我寧願支持股票方面。但歸根結底，重要的是我們要對價格差距保持高度警惕。因此，我們所做的一切實際上都是為了觀察這些價格差距在哪里以及我們對價值主張的看法。

I think what's been really impressive across our portfolio is that although we're watching and seeing consumers change behavior in how they're purchasing and which categories they're migrating into this has been very, very helpful in the sense of getting the relevancy of our brands continuing to remain quite high. And so I think as we look forward, I'm not seeing anything that would suggest that our pricing would be overly aggressive or necessarily conservative. And I think that's the way we want to be, and that's where we want to be balanced.

我認為在我們的產品組合中真正令人印象深刻的是，儘管我們正在觀察並看到消費者在購買方式以及他們正在遷移到哪些類別方面改變行為，但在獲得相關性方面非常非常有幫助我們的品牌繼續保持相當高的水平。因此，我認為在我們展望未來時，我沒有看到任何表明我們的定價過於激進或必然保守的跡象。我認為這就是我們想要的方式，這就是我們想要平衡的地方。

I think you mentioned soup, obviously, in places where we're seeing more private label pressure. We want to make sure that we're especially vigilant there in keeping those price gaps reasonable. And I think we're -- right now, we're exactly where we expected to be on the soup business, actually a little bit better as we continue to see just tremendous momentum on our ready-to-serve side with both Chunky and the introduction of Pacific Can ready-to-serve soup has done very, very well. So probably a little bit ahead there, but on the condensed and broth side, very much in line with our expectations.

我想你顯然在我們看到更多自有品牌壓力的地方提到了湯。我們要確保我們在保持這些價格差距合理方面特別警惕。而且我認為我們 - 現在，我們正是我們預期在湯業務上的位置，實際上更好一點，因為我們繼續看到我們的準備服務方面的巨大勢頭，包括 Chunky 和Pacific Can 即食湯的推出做得非常非常好。所以可能有點領先，但在濃縮和肉湯方面，非常符合我們的預期。

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

你的下一個問題來自美國銀行的 Peter Galbo。

Mark, I was actually kind of hoping to circle back on the guidance a little bit. Are you largely caught up now on the shipment inventory replenishment? Should we kind of expect a shipment relative to consumption to be a lot closer, obviously, versus, I think, the 700 basis point spread that you saw in Meals in the first quarter? And then I just have a quick follow-up.

馬克，我實際上有點希望能稍微回顧一下指導。您現在是否主要忙於補充裝運庫存？我們是否應該期望與消費相關的出貨量更接近，顯然，與我認為第一季度您在膳食中看到的 700 個基點價差相比？然後我只是快速跟進。

Yes. I think we're pretty caught up. If we think about what we expected, as I said, I think if you remember, we talked a little bit about the unmeasured channels and a little bit of lagging there. I do feel really good. And again, you see that in the 500 basis point delta between our net sales and our consumption that really does reflect some of the -- both the inventory recovery in retail, but also those unmeasured channels recovering. And I think as I look forward, I would expect us to be closer and much more in line between consumption and sales as we go forward.

是的。我想我們已經趕上了。如果我們考慮我們的預期，就像我說的，我想如果你還記得的話，我們談到了一些未測量的渠道和那裡的一些滯後。我確實感覺很好。再一次，你看到在我們的淨銷售額和我們的消費之間的 500 個基點增量中確實反映了一些 - 零售庫存恢復，還有那些無法衡量的渠道恢復。而且我認為，在我展望未來時，我希望我們在前進的過程中在消費和銷售之間更加接近和更加一致。

Got it. That's helpful. And then just back on Andrew's question around the gross margin. I think you said the implied math is that your margins are 20 basis points lower maybe than the flattish from before. A, I just want to make sure that, that was what you said, and B, that was a gross margin comment, not an operating margin comment.

知道了。這很有幫助。然後回到安德魯關於毛利率的問題。我想你說過隱含的數學是你的利潤率可能比之前的持平低 20 個基點。 A，我只是想確保那是你所說的，B，那是毛利率評論，而不是營業利潤率評論。

Yes. It's more an operating margin discussion, right? If you take the implied math of our EBIT and our top line evolution in the guidance, it nets to about a 20 bp EBIT difference. And again, I would say that as we look at the year, I would suspect that what I would be thinking about for margin is some of the drivers that I discussed probably putting a little bit of pressure on that through the year.

是的。這更像是一個營業利潤率的討論，對吧？如果您採用我們的 EBIT 的隱含數學和我們在指南中的頂線演變，它會產生大約 20 個基點的 EBIT 差異。再一次，我想說的是，當我們回顧這一年時，我懷疑我所考慮的保證金是我討論過的一些驅動因素，可能會在這一年給它帶來一點壓力。

Mick, do you want to add...

米克，你想添加...

To your question, when you look at the 20 basis points of reference, that's really the change versus the previous guidance...

對於你的問題，當你查看 20 個參考基點時，這確實是與之前指南相比的變化......

Yes, not versus a year ago.

是的，與一年前不同。

Yes, not versus a year ago. So you do see -- I mean, as we already described last time around, there was a little bit of that margin pressure year-over-year in the mid-level of our guidance range, and you basically have a little bit more of that reflected in the updated guidance. Thank you very much.

是的，與一年前不同。所以你確實看到了——我的意思是，正如我們上次已經描述的那樣，在我們的指導範圍的中間水平，同比有一點利潤率壓力，而且你基本上有一點點這反映在更新的指南中。非常感謝。

These are significant numbers, but yes, some pressure.

這些數字很大，但是，是的，有些壓力。

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

你的下一個問題來自高盛的 Jason English。

A couple of quick questions. First, can you remind us how big foodservice is as a percentage of sales in your Meals & Beverages division and give us a little more color on how robust the growth was this quarter?

幾個簡單的問題。首先，您能否提醒我們餐飲服務在您的餐飲部門銷售額中所佔的百分比有多大，並給我們更多關於本季度增長有多強勁的顏色？

Yes, mid -- Jason, I'd say mid-single digits as a percentage of overall net sales for the enterprise.

是的，中 - 傑森，我會說中個位數佔企業總淨銷售額的百分比。

And it was up about 40?

它上漲了大約 40？

45% or so.

45%左右。

Yes, 45%...

是的，45%...

Significant. And I think if you kind of -- right now, in Q1, it was in and around 6% of the overall enterprise.

重要的。我想如果你有點——現在，在第一季度，它佔整個企業的 6% 左右。

Yes. I think one of the things to keep in mind on that number, Jason, is it was one of the harder hit when we were rationalizing supply a year ago. It was perhaps one of the places that felt that the most significantly. So although I would say we are seeing increase in demand, the biggest driver of that recovery is really the recovery of supply.

是的。傑森，我認為在這個數字上要記住的一件事是，當我們一年前對供應進行合理化時，它是受打擊最嚴重的一個。這也許是感覺最重要的地方之一。因此，儘管我會說我們看到需求增加，但復甦的最大推動力實際上是供應的複蘇。

Got it. That's helpful. In context of that, you said we should expect consumption sales to be tracking reasonably close. With that type of robust growth, shouldn't we actually expect your reported results to be outstripping what we see in measured retail sales data going forward?

知道了。這很有幫助。在此背景下，您說我們應該預期消費銷售將合理接近。有了這種強勁的增長，我們真的不應該期望您報告的結果會超過我們在未來衡量的零售銷售數據中看到的結果嗎？

Yes, I do think there'll be some delta there. But as it relates to retail, in particular, I think those 2 things will be close. I do think your overall net sales will get a little bit of bump as foodservice and some of the other unmeasured channels recover. However, I don't think you'll see this kind of difference because we -- as we did start to stabilize supply you see kind of a steady recovery. So although I agree with you, some delta, not as significant as this quarter.

是的，我確實認為那裡會有一些三角洲。但特別是涉及零售時，我認為這兩件事會很接近。我確實認為隨著餐飲服務和其他一些無法衡量的渠道的恢復，你的整體淨銷售額會有所增長。但是，我不認為你會看到這種差異，因為我們——當我們開始穩定供應時，你會看到一種穩定的複蘇。因此，儘管我同意你的看法，但一些增量並不像本季度那麼重要。

Got it. Make sense. And one more, if I can, on inflation. Most companies are seeing the level of year-on-year inflation. If not stabilized, generally begin to moderate, you're going the other way with the acceleration here quarter-on-quarter. What is driving that?

知道了。說得通。如果可以的話，還有一個關於通貨膨脹的問題。大多數公司都看到了同比通脹水平。如果不穩定，通常會開始緩和，你會在季度環比加速的情況下走另一條路。是什麼推動了它？

Yes. Mick, why don't you cover that? Yes, 3 areas really.

是的。米克，你為什麼不掩蓋它？是的，確實有 3 個區域。

So Jason, when you think about our overall inflation for the year, we're seeing a very similar dynamic what you're describing, right? Just it is low teens inflation year-over-year for the full year. However, I mean, basically, that Q1 number was as expected, the 18%. Because as you might recall, when we spoke about kind of our outlook for the full year, we're expecting double-digit inflation in the first half, but then we cut over into the new calendar year and certain contracts reset. And of course, then you start to comp also higher inflation levels from this past year. And then in the second half of the year as a result we expect more in the, call it, high single-digit type of inflation.

所以傑森，當你考慮我們今年的整體通貨膨脹時，我們看到的動態與你所描述的非常相似，對吧？只是全年通貨膨脹率低於去年同期。然而，我的意思是，基本上，第一季度的數字符合預期，即 18%。因為你可能還記得，當我們談到我們對全年的展望時，我們預計上半年會出現兩位數的通貨膨脹，但隨後我們進入新的日曆年並重置某些合同。當然，你也開始計算過去一年更高的通脹水平。然後在今年下半年，我們預計會有更多的高個位數通貨膨脹。

So it's really, call it, a little bit of first half versus second half story. First half still continued double-digit inflation you saw in Q1. However, then in the second half, you start to see that installation is starting to moderate. However, still inflationary.

所以這真的是，稱之為，上半場與下半場的故事。上半年仍繼續保持您在第一季度看到的兩位數通貨膨脹。然而，在下半年，您開始看到安裝開始放緩。但是，仍然通貨膨脹。

Yes. And I think the places where we saw deltas are really in the protein, resin areas and a little bit of this at times like, for example, in steel, we might have expected a little bit faster walked out in prices that may not have materialized at the same level. And so part of what we're reacting to is a little bit of the change in outlook for the cost relative to what we talked about for Wave 4 pricing. And again, it's a very targeted pricing action in particular to certain areas where you may have experienced some of that pressure.

是的。而且我認為我們看到三角洲的地方確實是在蛋白質、樹脂領域，有時會有一點這樣，例如在鋼鐵領域，我們可能期望價格會更快走出去，而這可能沒有實現在同一水平。因此，我們正在做出反應的部分原因是成本前景相對於我們談到的第 4 波定價有所變化。再一次，這是一個非常有針對性的定價行動，特別是針對您可能經歷過一些壓力的某些領域。

Yes. And the dynamic that Mark is describing between on the one enterprising, but also a little bit additional pressure on that inflation around whether it's steel and protein that's really a second half dynamic.

是的。馬克所描述的動力既有進取心，也有一點額外的壓力，圍繞著鋼鐵和蛋白質是否真的是下半年的動力。

All really helpful. Congrats on the good start to the year. I'll pass it on.

一切都非常有幫助。祝賀今年開局良好。我會傳下去的。

Thanks.

謝謝。

Your next question comes from the line of Chris Growe from Stifel.

您的下一個問題來自 Stifel 的 Chris Growe。

My first question was just in relation to the wave of pricing you've taken. Have you said how much that is? And I thought it I'd be just good to hear how those conversations are going with retailers? As we near the end of this incremental inflation? Is there any change in the tenor, if you will, in those discussions with retailers?

我的第一個問題只是關於你所採取的定價浪潮。你說那是多少？而且我認為我很高興聽到這些對話與零售商的進展情況？當我們接近這種增量通貨膨脹的尾聲時？如果您願意，在與零售商的討論中是否有任何變化？

Yes. So it is a much more targeted action, probably low single digits overall. I would say that as we've navigated through this last couple of years of elevated inflation, the level of transparency and almost the mechanical nature of understanding the validity of pricing actions has become a muscle that has really been built well, I think, on both sides of the table. So it's really much more about the dialogue of where our costs, what -- how do those reflect what we're suggesting on price.

是的。因此，這是一個更有針對性的行動，總體上可能只有低個位數。我想說的是，在過去幾年通貨膨脹率上升的情況下，透明度水平和理解定價行為有效性的幾乎機械性質已經成為一種真正建立良好的力量，我認為，桌子的兩邊。因此，這實際上更多地是關於我們的成本在哪裡，什麼——這些如何反映我們在價格上的建議的對話。

So I do think we are in a moment now where this is more the tail end and thus then ensuring that everything that we're doing is really clear and transparent, rationalized by the costs that we're dealing with. But I think when that happens, it's relatively constructive and the conversations kind of move forward, I would say, in a very almost mechanical way.

所以我確實認為我們現在正處在一個更接近尾端的時刻，從而確保我們所做的一切都是真正清晰和透明的，並根據我們正在處理的成本進行合理化。但我認為，當這種情況發生時，它是相對有建設性的，而且我會說，談話會以一種幾乎是機械的方式向前推進。

I do think that the sensitivity around ensuring that we're doing everything possible to support the brands and the categories we're in, maintaining affordability for consumers in this tough environment. It's certainly top of mind for both us and the retailer as we work together. And so we're quite conscious of those dynamics and ensuring that we're making the right strategic choices for the business for the long term.

我確實認為，圍繞確保我們盡一切可能支持我們所處的品牌和類別，在這種艱難的環境中保持消費者的負擔能力的敏感性。當我們一起工作時，這無疑是我們和零售商的首要考慮因素。因此，我們非常清楚這些動態，並確保我們為企業的長期發展做出正確的戰略選擇。

That's great. I'm sure the increase in marketing helps a lot in communicating that to the retailer. So that's great. Just one follow-up with -- one follow-up, which is in -- you're starting to lap some pricing from the prior year. So you have a little bit more pricing coming through sequentially as well. So I just want to get a sense from like the pricing contribution in that pricing versus cost inflation. Is that a similar dynamic in 2Q as it was in 1Q in rough terms?

那太棒了。我敢肯定，營銷活動的增加有助於將這一點傳達給零售商。那太好了。只是一個跟進 - 一個跟進，這是 - 你開始從前一年開始定價。因此，您也會按順序獲得更多定價。所以我只想從定價與成本通脹中的定價貢獻來了解一下。粗略地說，第二季度的情況是否與第一季度類似？

Yes. So I think it will be closer in Q2. I do think you might see a little bit more promotional spend in Q2 than Q1, again, all within a very reasonable range. It's really then the back half where you start to see the significant impact of a year ago pricing. And incremental contribution from pricing would be significantly lower as we get into Q3 and Q4.

是的。所以我認為它會在第二季度更接近。我確實認為你可能會在第二季度看到比第一季度多一點的促銷支出，同樣，都在一個非常合理的範圍內。真的是後半部分，你開始看到一年前定價的重大影響。隨著我們進入第三季度和第四季度，定價的增量貢獻將大大降低。

Your next question comes from the line of Michael Lavery from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Michael Lavery。

It was -- just about a year ago, you set your 17% margin target for Snacks by 2025. But obviously, with just the environment being a little bit more difficult than we might have imagined then and just the margin outlook for this year and what last year looked like. Can you just give us an update of how much that might be on track or what might be needed to get there?

就在大約一年前，您設定了到 2025 年 Snacks 17% 的利潤率目標。但顯然，環境比我們當時想像的要困難一些，今年的利潤率前景和去年的樣子。你能不能告訴我們有多少進展順利或需要什麼？

Yes, that's good question. I think that -- let me start with the elements of the strategy of our margin road map on Snacks are very much intact. And so the ability for us to see the progress on the initiatives that we had as part of that, whether it was the original -- completion of the original value capture or the next wave of opportunity that we've seen relative to network route to market are all very much on track and in line.

是的，這是個好問題。我認為 - 讓我從我們的零食保證金路線圖的戰略要素開始，它非常完好。因此，我們能夠看到我們作為其中一部分的舉措取得的進展，無論是最初的——完成原始價值捕獲，還是我們看到的與網絡路由相關的下一波機會市場都非常步入正軌。

I will also say further to that, that the top line performance continues to be very, very strong. And as we all know, at the end of the day, on Snacks, growth is really and has been the top priority for that division from the beginning. But I think the good news is all the things that we expected to be delivering, we're delivering. I think what we can't predict exactly right now is how the environment will evolve over time. There's no question that the combination of both inflation and some of the costs associated in the supply chain relative to COVID and all of the things that we've been navigating over these last couple of years, how that comes off as we go forward and the environment begins to normalize.

我還要進一步說，頂線表現仍然非常非常強勁。眾所周知，歸根結底，在 Snacks，增長確實是而且從一開始就一直是該部門的首要任務。但我認為好消息是我們期望交付的所有東西，我們正在交付。我認為我們現在無法準確預測的是環境將如何隨時間演變。毫無疑問，通貨膨脹和供應鏈中與 COVID 相關的一些成本以及我們在過去幾年中一直在探索的所有事情的結合，隨著我們的前進以及環境開始正常化。

We talked in the past, if I were to kind of put a, let's call it, a rough framework around it, I think there's probably a couple of hundred basis points of just what I would call environmental overhang that I do expect us to be able to improve by. So when I think about longer term on the business, I still remain very confident that, that margin objective and goal is in place. I think we just need to see how the environment unfolds to put a better qualification on timing. But I think the good news is the elements that we need to see progressing, we are seeing progress.

我們過去談過，如果我要圍繞它建立一個粗略的框架，我認為可能有幾百個基點，我稱之為環境懸置，我確實希望我們成為能夠改進。因此，當我考慮業務的長期發展時，我仍然非常有信心，利潤目標和目標已經到位。我認為我們只需要看看環境如何展開，以便更好地確定時間。但我認為好消息是我們需要看到進步的要素，我們正在看到進步。

Okay. That's helpful. And maybe just on sauces, you also touched at the Investor Day on a potential new sauce brand either organically or M&A as part of the path to $1 billion. Is that still part of your thinking? And what -- can you give any latest on how that might unfold?

好的。這很有幫助。也許只是在醬汁上，你還在投資者日談到了一個潛在的新醬汁品牌，無論是有機的還是併購的，作為通往 10 億美元之路的一部分。這仍然是你想法的一部分嗎？什麼——你能提供任何關於這可能如何展開的最新信息嗎？

Yes. I mean we continue to be very bullish on the sauces area. This is a place that, quite frankly, before COVID was growing very well and certainly has continued through the pandemic and even in this moment of economic pressure, we continue to see a very high degree of relevance in that space. And when you look at our portfolio and sauces and you say, okay, where are the opportunity areas or the white spaces? I do continue to believe that there is opportunity at different price points.

是的。我的意思是我們繼續非常看好醬料領域。坦率地說，這是一個地方，在 COVID 增長非常好之前，並且肯定在大流行期間一直持續，甚至在這個經濟壓力的時刻，我們繼續看到該領域的高度相關性。當您查看我們的產品組合和醬汁時，您會說，好吧，機會區域或空白區域在哪裡？我確實繼續相信在不同的價位上都有機會。

And I also think that in adjacent segments, there's opportunity as well. And I do think as you see our strategy kind of unfold over time, you'll continue to see us both driving that base business aggressively while adding strategically kind of either small tuck-in acquisitions or some perhaps organic developed new items to complement, not unlike what we're doing with flavor up and the relaunch of sauces, which again, very early in a different model of launching. But at the end of the day, continuing to build out.

而且我還認為在相鄰的細分市場中也有機會。而且我確實認為，當你看到我們的戰略隨著時間的推移而逐漸展開時，你會繼續看到我們都在積極推動基礎業務，同時戰略性地增加小型收購或一些可能有機開發的新項目來補充，而不是與我們在口味升級和醬料重新推出方面所做的不同，這又是在不同的推出模式的早期。但歸根結底，還是要繼續擴建。

One thing I'll just mention that's quite interesting in this moment where economic pressure is putting barriers to -- away from home eating a little bit more. What's been very interesting is younger consumers have been one of the bigger sources of migration back into in-home cooking as their confidence and capability through COVID was established or built. You see them returning to that area. And so our opportunity of continuing to kind of arm them with new products or also innovation as it relates to recipe or usage is very much a focus of our strategy, one that's working very well at this moment and one we would expect to continue to do both through innovation as well as the marketing side.

我要提到的一件事非常有趣，在這個經濟壓力設置障礙的時刻——出門在外多吃一點。非常有趣的是，隨著 COVID 建立或建立了年輕消費者的信心和能力，他們已經成為遷移回家庭烹飪的更大來源之一。你看到他們回到那個區域。因此，我們有機會繼續為他們提供與配方或使用相關的新產品或創新，這是我們戰略的一個重點，目前效果很好，我們希望繼續這樣做通過創新和營銷方面。

And your final question comes from the line of Robert Moskow from Credit Suisse.

最後一個問題來自瑞士信貸的 Robert Moskow。

I thought I remember 3 months ago, Mark, you've given guidance for a 2% headwind from promotional spending for the full year. And this quarter is 0. Are you pushing out some of the spending into the future quarters? Or do you think the promo headwind will be less than you originally expected?

我想我記得 3 個月前，馬克，你已經給出了全年促銷支出 2% 逆風的指導。而這個季度是 0。你是否將一些支出推到未來的季度？還是您認為促銷逆風會比您最初預期的要小？

I think, Rob, certainly, in Q1, I think the -- as I said, I think the execution and the growth certainly supported a lower rate than that. And I think as you look forward, I've not made a big adjustment to any out-quarter outlook. I think, again, as we navigate through this environment, we're trying to make sure we stay as pragmatic as we can. And as I think about it, what are the things that we're watching very closely, it does revolve around that consumer resilience and the continued overall value proposition. And so I haven't changed much of the outlook for the balance of the year, but I would acknowledge Q1 certainly was better than I might have originally expected.

我認為，Rob，當然，在第一季度，我認為 - 正如我所說，我認為執行和增長肯定支持比這更低的利率。而且我認為，正如您所期待的那樣，我沒有對任何季度展望做出重大調整。我再次認為，當我們在這種環境中航行時，我們正在努力確保我們盡可能務實。正如我所想，我們正在密切關注的事情是什麼，它確實圍繞著消費者的彈性和持續的整體價值主張。因此，我對今年餘下時間的展望沒有太大改變，但我承認第一季度肯定比我原先預期的要好。

Okay. Can you help me understand -- like what made it better, do you think? Was it that...

好的。你能幫我理解——比如是什麼讓它變得更好，你覺得呢？難道是……

Well, I mean one, the top line was better and that helps. I think there also as we -- as you go through, as you might remember, we were in the midst of executing a fairly significant Wave 3 pricing. And I think as you kind of go through that process, you've always got assumptions that as you execute, you may need a little less promotion in 1 area, maybe a little bit more effective in another area. Competition or price gaps may be a little different than what you anticipated. And so there's always a bit of agility that goes into this.

好吧，我的意思是，頂線更好，這有幫助。我認為我們也在那裡 - 正如您所經歷的那樣，您可能還記得，我們正在執行相當重要的第 3 波定價。而且我認為當你經歷這個過程時，你總是有這樣的假設，即當你執行時，你可能需要在一個領域少一點晉升，也許在另一個領域更有效一點。競爭或價格差距可能與您的預期略有不同。因此，在這方面總是有一點敏捷性。

And actually, this is a muscle that I would say historically may not have been as strong as it is today. And so kind of making some of those decisions in real time is very much an important part of the tool bag right now. And so I think that combination of elements really kind of led to what I would say is a better kind of on paper, if you will, lower bps of spending than what we might have anticipated.

實際上，我認為這塊肌肉在歷史上可能沒有今天那麼強壯。因此，實時做出其中一些決定是目前工具包中非常重要的一部分。因此，我認為這些元素的組合確實導致了我所說的一種更好的紙面支出，如果你願意的話，支出基點比我們預期的要低。

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。