金寶湯 (CPB) 2022 Q2 法說會逐字稿

Good morning. My name is April, and I will be your conference operator today. At this time, I would like to welcome everyone to the Campbell Soup Second Quarter Fiscal 2022 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

早上好。我的名字是四月，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加金寶湯 2022 財年第二季度收益電話會議。今天的電話正在錄音。 （操作員說明）

With that, I would like to hand the conference over to your host, Ms. Rebecca Gardy. Ms. Gardy, you may begin your conference.

有了這個，我想把會議交給你的主持人 Rebecca Gardy 女士。加迪女士，你可以開始你的會議了。

Good morning, and welcome to Campbell's Second Quarter Fiscal 2022 Earnings Conference Call.

早上好，歡迎參加坎貝爾 2022 財年第二季度收益電話會議。

I am Rebecca Gardy, Head of Investor Relations at Campbell Soup Company. Joining me today are Mark Clouse, Campbell's President and Chief Executive Officer; and Mick Beekhuizen, Campbell's Chief Financial Officer.

我是坎貝爾湯公司投資者關係主管麗貝卡·加迪。今天加入我的還有 Campbell 總裁兼首席執行官 Mark Clouse；和坎貝爾首席財務官 Mick Beekhuizen。

Today's remarks have been prerecorded. Once we conclude the 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 on 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 make 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 of our presentation 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。請參閱我們演示文稿的幻燈片 3 或我們向 SEC 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。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 overall thoughts on our second quarter 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 2022.

在幻燈片 4 上，您將看到今天的議程。 Mark 將分享他對我們第二季度業績以及各部門市場表現的總體看法。米克將更詳細地討論本季度的財務業績，然後審查我們對 2022 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 welcome to our second quarter earnings call for fiscal year 2022.

謝謝，麗貝卡。早上好，歡迎參加我們 2022 財年第二季度財報電話會議。

Before I turn to the results of the quarter, I want to take a moment to thank all our teams, especially our frontline colleagues for navigating the impact on our operations during another difficult period of the pandemic. We are now at the 2-year mark of working within this challenging COVID-19 environment, and I'm very proud of their perseverance, continued performance and dedication. I also want to take a moment to express our concern for the people of Ukraine. Our sympathies and support go out to them during this crisis.

在談到本季度的業績之前，我想花一點時間感謝我們所有的團隊，尤其是我們的一線同事，感謝他們在大流行的另一個困難時期應對了對我們運營的影響。我們現在已經在這個充滿挑戰的 COVID-19 環境中工作了 2 年，我為他們的毅力、持續的表現和奉獻精神感到非常自豪。我還想花一點時間表達我們對烏克蘭人民的關切。在這場危機中，我們向他們表示同情和支持。

As we outlined during the Q1 earnings call and as you saw in our press release, Q2 was challenging as we expected, including industry-wide constraints on labor and materials availability made even tougher by the winter Omicron surge, as well as ongoing commodity and logistics inflation. However, more recently, labor and service levels are improving as COVID cases decline, and we see greater impact from our aggressive hiring and training. Since October, our full-time filled headcount increased by 10 points, and we now see absenteeism and vacancy rates trending back to normal levels. This is translating to more production and the beginning of a return to normal distribution and inventory levels. We do continue to expect inflation to remain persistent, especially as it relates to logistics. And although we have no direct exposure to Ukraine and Russia, we are monitoring any broader economic impact from the current crisis, especially on commodities.

正如我們在第一季度財報電話會議中概述的那樣，正如您在我們的新聞稿中所看到的那樣，第二季度正如我們預期的那樣充滿挑戰，包括整個行業對勞動力和材料可用性的限制因冬季 Omicron 激增以及持續的商品和物流而變得更加嚴峻通貨膨脹。然而，最近，隨著 COVID 病例的減少，勞動力和服務水平正在提高，我們看到我們積極的招聘和培訓產生了更大的影響。自 10 月以來，我們的全職員工人數增加了 10 個百分點，我們現在看到缺勤率和空缺率趨向於恢復正常水平。這正在轉化為更多的生產，並開始恢復正常的分銷和庫存水平。我們確實繼續預計通脹將持續存在，尤其是與物流有關的情況。儘管我們沒有直接接觸烏克蘭和俄羅斯，但我們正在監測當前危機對經濟的任何更廣泛的影響，尤其是對大宗商品的影響。

As we look forward, and including the balance of these factors, combined with the greater impact from pricing actions, easing prior year comparisons and continued strong demand across our portfolio, we remain confident in reiterating our previously communicated full year fiscal 2022 guidance. We look forward to returning the business to growth while building momentum in the back half and exiting the year a more capable and stronger business.

展望未來，包括這些因素的平衡，再加上定價行動的更大影響、放寬上一年的比較以及我們投資組合中持續強勁的需求，我們仍然有信心重申我們之前傳達的 2022 財年全年指導。我們期待業務恢復增長，同時在下半年建立動力，並在今年結束時成為更有能力和更強大的業務。

Now let's cover some specifics from Q2. Organic net sales were down 2%, primarily driven by industry-wide labor and supply challenges more than offsetting the favorable impact of net pricing in the quarter. On a 2-year basis, organic net sales remained elevated, growing 3%. In-market performance remained positive, up 1%. This was 3 points ahead of net sales in the quarter, reflecting a lag in inventory replenishment and lower distribution levels due to previously mentioned supply constraints. The in-market demand was balanced across both divisions.

現在讓我們介紹第二季度的一些細節。有機淨銷售額下降 2%，主要受全行業勞動力和供應挑戰的推動，抵消了本季度淨定價的有利影響。在 2 年的基礎上，有機淨銷售額保持高位，增長 3%。市場表現保持積極，增長 1%。這比本季度的淨銷售額高 3 個百分點，反映了由於前面提到的供應限制導致庫存補充滯後和分銷水平下降。兩個部門的市場需求平衡。

On a 2-year basis, consumption grew 9%. And importantly, our brands in 12 of our 13 core categories continued to grow in-market consumption. Despite this growth, as expected, we experienced short-term market pressure on certain brands. These share losses tend to line up very closely with where our distribution levels are down. Supporting supply is the key driver of this pressure. As we recover distribution and can fully support our portfolio, we expect to return to share recovery as we move through the second half of the fiscal year.

在 2 年的基礎上，消費增長了 9%。重要的是，我們在 13 個核心類別中的 12 個品牌的市場消費量持續增長。儘管有這種增長，正如預期的那樣，我們在某些品牌上遇到了短期市場壓力。這些份額損失往往與我們的分配水平下降非常接近。支撐供應是這種壓力的主要驅動力。隨著我們恢復分銷並可以完全支持我們的投資組合，我們預計在本財年下半年將恢復股票復甦。

Turning to profit. Lower volume and accelerating inflation weighed on margins and earnings, resulting in a 17% decline in adjusted EBIT and a 16% decline in adjusted EPS in the quarter, both very much in line with our expectations.

轉向盈利。銷量下降和通脹加速對利潤率和收益造成壓力，導致本季度調整後息稅前利潤下降 17%，調整後每股收益下降 16%，兩者都非常符合我們的預期。

Turning to our Meals & Beverages division. I continue to be pleased by the underlying health and strength of demand for our portfolio. Consumption grew 1% over prior year and was up 11% versus 2 years ago despite our supply challenges. Organic net sales decreased 2% versus prior year, lapping 5% growth in the prior year.

轉向我們的餐飲部門。我繼續對我們投資組合的潛在健康和需求強度感到高興。儘管我們面臨供應挑戰，但消費量比去年增長了 1%，比兩年前增長了 11%。有機淨銷售額較上年下降 2%，較上年增長 5%。

Turning to soup on Slide 9. The next chapter of our Win in Soup strategy continues to deliver growth. In-market soup consumption continued to be ahead of the elevated levels in the prior year, increasing 3% versus prior year and 10% compared to 2 years ago. In the quarter, we continued to see strong share performance on key brands, but as expected, we did see pockets of share declines. In particular, on condensed soup, we continued to remain very confident in our overall competitive position. However, we experienced some share pressure as private label lapped an extended period of supply constraints.

轉向幻燈片 9 上的湯。我們在湯中獲勝戰略的下一章將繼續實現增長。市場上的湯品消費量繼續領先於去年的高水平，比上年增長 3%，比兩年前增長 10%。在本季度，我們繼續看到主要品牌的強勁份額表現，但正如預期的那樣，我們確實看到了一些份額下降。特別是在濃縮湯方面，我們繼續對我們的整體競爭地位充滿信心。然而，由於自有品牌長期受到供應限制，我們經歷了一些份額壓力。

As you see on Slide 10, we had continued success with younger buyers. We performed very well and brought in additional millennial and Gen Z buyers to both our condensed eating and cooking varieties in the second quarter. On total U.S. soup, household penetration in the quarter was up versus both the prior year and 2 years ago. And importantly, we continue to see more consumers participating in the soup category and purchasing our soup brands compared to pre-pandemic levels. While dollars spent per buyer increased due to our pricing actions, volume per buyer remained relatively stable to pre-pandemic levels despite specific supply constraints in the quarter. For the important holiday period, our soup and broth posted its second largest holiday in the last 5 years, only down compared to last year as consumers return to fewer, larger gatherings during this holiday season.

正如您在幻燈片 10 中看到的那樣，我們在年輕買家方面繼續取得成功。我們的表現非常好，並在第二季度為我們的濃縮飲食和烹飪品種帶來了更多的千禧一代和 Z 世代買家。就美國總湯而言，本季度的家庭滲透率與去年和兩年前相比均有所上升。重要的是，與大流行前的水平相比，我們繼續看到更多消費者參與湯品類別併購買我們的湯品品牌。儘管由於我們的定價行動，每位買家花費的美元有所增加，但儘管本季度存在特定的供應限制，但每位買家的交易量仍相對穩定至大流行前的水平。在重要的假期期間，我們的湯和肉湯是過去 5 年來第二大假期，僅與去年相比有所下降，因為消費者在這個假期期間返回了更少、更大的聚會。

In ready-to-serve, Chunky had a very strong quarter, increasing consumption 9% on top of the 13% growth in the prior year quarter, leading to an astounding 25% consumption growth and over 2 points of share growth on a 2-year basis. As we shared at Investor Day, lunch is a key occasion for this brand, and people are now eating even more low-prep lunches compared to prior year. Our focus on the lunch occasion highlighted through a successful advertising campaign, Lunchtime Is Your Halftime, with Super Bowl winning coach from the Rams, Sean McVay, is driving a positive sales lift, including among younger households. Also, our latest innovation, Chunky Spicy, which we are expanding, is adding to the strong results of this important brand. In fact, Chunky Spicy Chicken Noodle launched earlier this year is already in the second quartile of all ready-to-serve items with strong trial and repeat.

在即食食品方面，Chunky 的季度表現非常強勁，在去年同期 13% 的增長基礎上增加了 9%，導致驚人的 25% 的消費增長和超過 2 個百分點的 2-年為基礎。正如我們在投資者日分享的那樣，午餐是這個品牌的重要場合，與去年相比，人們現在吃的低準備午餐更多。我們通過成功的廣告活動強調午餐時間，午餐時間是你的中場休息時間，來自公羊隊的超級碗冠軍教練肖恩麥克維正在推動積極的銷售增長，包括年輕家庭。此外，我們正在擴展的最新創新產品 Chunky Spicy 正在為這一重要品牌的強勁業績增添光彩。事實上，今年早些時候推出的麻辣雞面已經在所有即食食品中的第二四分位，反複試驗。

Turning to Swanson broth and stock. The continued supply recovery led to a fourth consecutive quarter of share growth, up 1.2 points in the quarter, a clear win during the important holiday season and a good example of where supply recovery directly translated to share recovery.

轉向斯旺森肉湯和高湯。持續的供應復甦導致股票連續第四個季度增長，本季度上漲 1.2 個百分點，在重要的假期期間明顯獲勝，並且是供應復甦直接轉化為股票復甦的一個很好的例子。

On sauces, Prego continues to be the #1 share leader. However, some supply challenges on our Prego Alfredo sauce put pressure on share. We expect a steady recovery of supply beginning in the fourth quarter. Pace share continues to improve, while V8 beverage experienced some share loss in the quarter due to high single-digit declines in total points of distribution, or TDPs, compared to prior year driven by material shortages, especially aluminum cans.

在醬汁方面，Prego 繼續成為排名第一的份額領導者。然而，我們 Prego Alfredo 醬的一些供應挑戰給份額帶來了壓力。我們預計從第四季度開始供應將穩步恢復。 Pace 份額繼續提高，而 V8 飲料在本季度經歷了一些份額損失，原因是由於材料短缺，特別是鋁罐，總分銷點或 TDP 與去年相比出現了高個位數的下降。

Turning to our Snacks division on Slide 12. Organic net sales were down 3% versus prior year, but compared to 2 years ago, grew 3%. On Snacks, we expected a significant impact from supply constraints we experienced. Despite these constraints, in-market consumption grew 1% over the prior year quarter and 8% on a 2-year basis, reflecting the underlying strength of our brands, especially our power brands. In fact, our Snacks power brands continue to fuel performance, with in-market consumption growth of 3% versus the prior year and 9% compared to 2 years ago, reflecting our efforts to prioritize power brands and to remain competitive.

在幻燈片 12 上轉到我們的零食部門。有機淨銷售額與去年相比下降了 3%，但與 2 年前相比，增長了 3%。在零食方面，我們預計我們所經歷的供應限制會產生重大影響。儘管存在這些限制，但市場內消費量比去年同期增長 1%，兩年增長 8%，反映了我們品牌的潛在實力，尤其是我們的實力品牌。事實上，我們的零食動力品牌繼續推動業績增長，市場消費量同比增長 3%，與兩年前相比增長 9%，反映出我們努力優先考慮動力品牌並保持競爭力。

We are encouraged to see repeat rates ahead of prior year on 7 of 8 power brands and ahead on a 2-year basis on all power brands. Particular standouts were our Kettle Brand potato chips and Cape Cod potato chips, where we have successfully added capacity. Each had a strong quarter with consumption growth of 26% and 20% compared to 2 years ago, and share growth of almost 2 share points combined.

我們很高興看到 8 個電源品牌中有 7 個的重複率高於上一年，所有電源品牌的重複率都提前 2 年。特別突出的是我們的 Kettle Brand 薯片和 Cape Cod 薯片，我們已經成功地增加了產能。每個季度都表現強勁，與兩年前相比，消費增長分別為 26% 和 20%，份額增長近 2 個百分點。

Turning to Goldfish, also an area of significant capacity expansion and supply recovery. We performed well in the quarter, holding share in a competitive marketplace and growing consumption by 9%. As we outlined at Investor Day, we recently launched our Goldfish Mega Bites, a bigger, bolder, cheesier Goldfish cracker; and our Family Size Goldfish aimed at meeting key consumer trends. Both are off to strong starts. We are executing our plan to elevate innovation based on consumer insights, resulting in bigger, more impactful ideas.

談到金魚，這也是一個顯著產能擴張和供應恢復的領域。我們在本季度表現良好，在競爭激烈的市場中佔有一席之地，消費增長了 9%。正如我們在投資者日上概述的那樣，我們最近推出了我們的 Goldfish Mega Bites，一種更大、更大膽、更俗氣的 Goldfish 餅乾；我們的家庭裝金魚旨在滿足主要的消費趨勢。兩者都有強勁的開端。我們正在執行基於消費者洞察力提升創新的計劃，從而產生更大、更有影響力的想法。

Since the launch in January, Mega Bites achieved the fastest distribution growth in recent history of Goldfish innovation launches. Early consumer repeat rates are promising as consumers who purchased once are already coming back to buy again. We launched in January with a highly impactful PR and social campaign. And within its first week alone, Mega Bites achieved over 1 billion earned media impressions. The full activation will run through the summer, and I have to say it feels good to return to what we do best, building our brands. This is an important proof point as we pivot from supply recovery to now running the business in what we believe will be more predictable conditions as we come through the rest of the fiscal year and into fiscal 2023.

自 1 月推出以來，Mega Bites 實現了 Goldfish 創新推出近期歷史上最快的分銷增長。早期的消費者重複率很有希望，因為曾經購買過一次的消費者已經回來再次購買。我們在一月份發起了一場極具影響力的公關和社交活動。僅在第一周內，Mega Bites 就獲得了超過 10 億的媒體印象。全面激活將貫穿整個夏天，我不得不說回到我們最擅長的領域，建立我們的品牌感覺很好。這是一個重要的證明點，因為我們從供應恢復轉向現在在我們認為隨著我們度過本財年剩餘時間和進入 2023 財年的更可預測的條件下運營業務。

Lastly on Goldfish, continuing our successful limited time offer strategy, we're excited about the launch of the limited edition Star Wars The Mandalorian cheddar crackers. We have another limited time offer Goldfish release planned for the early summer, including another surprising one-of-a-kind flavor collaboration.

最後，在 Goldfish 上，繼續我們成功的限時優惠策略，我們很高興推出限量版星球大戰曼達洛切達干酪餅乾。我們計劃在初夏推出另一項限時優惠金魚，其中包括另一項令人驚訝的獨一無二的風味合作。

As we mentioned last quarter, we expected short-term share headwinds due to supply constraints on certain snack brands, specifically in Late July snacks, Snyder's of Hanover pretzels and Lance sandwich crackers. Similar to supply pressures on Meals & Beverages, share pressure aligned with lower TDPs in the quarter compared to prior year. We have taken actions to improve overall performance, including core SKU prioritization efforts to increase production while reducing complexity, as well as prioritizing plant labor recruiting, training and retention. We feel confident these share headwinds are temporary as we've already seen strong improvement in our labor and production levels. As a result, we will return to our planned levels of investment through the back half of the fiscal year and expect to be fully back on track for what our Snack brands do best, growing consumption and share.

正如我們上個季度提到的，由於某些零食品牌的供應限制，我們預計短期股價逆風，特別是在 7 月下旬的零食、漢諾威椒鹽脆餅和蘭斯三明治餅乾的斯奈德。與膳食和飲料的供應壓力類似，與去年同期相比，本季度 TDP 較低的份額壓力一致。我們已採取措施提高整體績效，包括確定核心 SKU 優先級以提高產量同時降低複雜性，以及優先考慮工廠勞動力的招聘、培訓和保留。我們相信這些股票逆風是暫時的，因為我們已經看到我們的勞動力和生產水平有了很大的改善。因此，我們將在本財年的後半段恢復到我們計劃的投資水平，並期望完全回到我們的零食品牌最擅長的領域，增加消費和份額。

To conclude, we expected Q2 to be tough as we navigated challenges and lapped strong performance from a year ago, and it was. We also expect stronger year-over-year performance in the second half of the fiscal year as we lap easier prior year comparables. In addition, we are in an improving position to meet our strong brand demand throughout the balance of the year as our staffing levels and vacancy rates are improving, with nearly 3,500 new hires in the last 7 months.

總而言之，我們預計第二季度將是艱難的，因為我們克服了挑戰並在一年前取得了強勁的表現，而且確實如此。我們還預計本財年下半年的同比表現會更強勁，因為我們比上年更容易實現可比性。此外，隨著我們的員工水平和空缺率不斷提高，過去 7 個月新增近 3,500 名員工，我們在今年餘下時間的強勁品牌需求方面處於改善狀態。

Also in the second half, through the combination of our most recent pricing actions, our continued supply chain productivity improvements and cost savings initiatives, we will be better positioned to help offset ongoing inflationary pressure. We will remain nimble and use our full range of tools to offset additional inflation as needed, including potential further pricing actions where appropriate. Accordingly, we expect meaningful improvement and recovery in margins, profit and EPS in the balance of the year. And we remain confident in our plans and full year outlook.

同樣在下半年，通過我們最近的定價行動、我們持續的供應鏈生產力提高和成本節約計劃的結合，我們將更好地幫助抵消持續的通脹壓力。我們將保持靈活，並根據需要使用我們的全套工具來抵消額外的通貨膨脹，包括在適當的情況下採取進一步的定價行動。因此，我們預計今年餘下時間的利潤率、利潤和每股收益將顯著改善和恢復。我們對我們的計劃和全年展望充滿信心。

Before I turn it over to Mick, I'd like to share a change to my leadership team. First, I'd like to take a moment to thank Bob Furbee, our Executive Vice President, Global Supply Chain Officer, who will be retiring after nearly 40 years with Campbell. Bob has had a remarkable career at Campbell and has been a key part of our transformation. We are deeply grateful for his contributions and wish him the best in his retirement. As we announced in January, our incoming Executive Vice President, Chief Supply Chain Officer, Dan Poland, is working to drive operational excellence across our network. He brings extensive experience at all levels of the CPG supply chain and has a track record of building high-performing teams, delivering exceptional product quality and driving execution, which will be invaluable as we continue to deliver growth, while also navigating one of the most dynamic and challenging supply chain environments.

在我把它交給 Mick 之前，我想與我的領導團隊分享一個變化。首先，我想花一點時間感謝我們的執行副總裁兼全球供應鏈官 Bob Furbee，他將在 Campbell 工作近 40 年後退休。 Bob 在 Campbell 有著非凡的職業生涯，是我們轉型的關鍵部分。我們對他的貢獻深表感謝，並祝愿他在退休後一切順利。正如我們在一月份宣布的那樣，我們即將上任的執行副總裁兼首席供應鏈官 Dan Poland 正在努力推動我們整個網絡的卓越運營。他在 CPG 供應鏈的各個層面都帶來了豐富的經驗，並且在建立高績效團隊、提供卓越的產品質量和推動執行方面有著良好的記錄，這對於我們繼續實現增長以及駕馭最具價值的公司之一將是非常寶貴的動態和具有挑戰性的供應鏈環境。

With that, I'll turn it over to Mick.

有了這個，我會把它交給米克。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早上好。

Our second quarter fiscal 2022 results are generally consistent with our expectations despite industry-wide inflation and supply constraints. As you heard Mark described earlier, strong demand for our portfolio of brands continued in the second quarter. However, higher-than-expected supply chain volatility resulted in lower service levels. Additionally, as expected, accelerating core inflation in the quarter pressured margins.

儘管整個行業的通貨膨脹和供應受到限制，我們 2022 財年第二季度的業績總體上符合我們的預期。正如您之前聽到的 Mark 所說，第二季度對我們品牌組合的強勁需求仍在繼續。然而，高於預期的供應鏈波動導致服務水平下降。此外，正如預期的那樣，本季度核心通脹加速對利潤率造成壓力。

We continue to feel good about our initiatives to mitigate inflation, which include price increases, trade optimization, supply chain productivity improvements and cost savings initiatives. Our cash generation remained strong, with cash flow from operations of $766 million through the first half. Additionally, in line with our commitment to return value to shareholders, year-to-date, we have returned nearly $300 million to shareholders through dividends and share repurchases. Our first half performance and improving second half outlook, including inflation mitigation actions and continued strong consumer demand despite a tight but improving labor market, give us confidence in reaffirming our full year guidance.

我們繼續對我們減輕通脹的舉措感到滿意，其中包括價格上漲、貿易優化、供應鏈生產力提高和成本節約舉措。我們的現金產生依然強勁，上半年的運營現金流為 7.66 億美元。此外，根據我們向股東回報價值的承諾，年初至今，我們通過股息和股票回購向股東返還了近 3 億美元。我們上半年的表現和改善的下半年前景，包括緩解通脹的行動和儘管勞動力市場緊張但改善的消費者需求持續強勁，使我們有信心重申我們的全年指導。

Turning to Slide 19. Organic net sales declined 2% in the quarter, lapping 5% growth in the prior year. The year-over-year volume decline due to industry-wide labor and supply challenges more than offset the favorable impact of net pricing in the quarter. Consumer demand remained strong with second quarter dollar consumption in measured channels 3 points above our total organic net sales performance. Relative to the second quarter of 2020, organic net sales grew 3%.

轉到幻燈片 19。本季度有機淨銷售額下降 2%，比去年同期增長 5%。由於全行業的勞動力和供應挑戰，銷量同比下降足以抵消本季度淨定價的有利影響。消費者需求保持強勁，第二季度在衡量渠道中的美元消費比我們的總有機淨銷售業績高出 3 個百分點。相對於 2020 年第二季度，有機淨銷售額增長了 3%。

Adjusted EBIT decreased 17% compared to the prior year quarter and was 12% lower on a 2-year basis due to significant levels of inflation on ingredients and packaging, transportation and labor. Remember that our wave 2 pricing will not be fully reflected until the third quarter. Adjusted EBIT margin declined by 240 basis points to 14.4% compared to 16.8% in the prior year. Adjusted EPS from continuing operations decreased $0.13 or 16% versus prior year quarter and was 4% lower on a 2-year basis to $0.69 per share.

調整後的息稅前利潤與去年同期相比下降了 17%，並且由於成分和包裝、運輸和勞動力的通脹水平顯著下降，在兩年的基礎上下降了 12%。請記住，我們的第 2 波定價要到第三季度才能完全反映。調整後息稅前利潤率從去年的 16.8% 下降 240 個基點至 14.4%。來自持續經營的調整後每股收益與去年同期相比下降了 0.13 美元或 16%，並且在 2 年的基礎上下降了 4%，至每股 0.69 美元。

Year-to-date, organic net sales declined 3%, lapping 7% growth in the prior year period, resulting in 4% growth on a 2-year basis. Adjusted EBIT decreased 16% compared to prior year and was down 6% on a 2-year basis given significant inflation. Year-to-date, adjusted EPS decreased 13% but grew 6% on a 2-year basis as a result of deleveraging.

年初至今，有機淨銷售額下降 3%，比去年同期增長 7%，導致兩年增長 4%。調整後的息稅前利潤與上年相比下降了 16%，並且由於通貨膨脹顯著下降了 2 年的 6%。年初至今，由於去槓桿化，調整後每股收益下降了 13%，但在兩年內增長了 6%。

On the next slide, I'll break down our net sales performance for the second quarter. As I mentioned, the industry-wide labor and supply challenges held back our ability to meet the continued strong demand. Organic net sales decreased 2% during the quarter, driven by an 8-point volume and mix headwind, which reflects the supply constraints. Favorable price and sales allowances drove a 5-point gain in the quarter, and lower promotional spending in the quarter drove a 1-point gain. The impact of the sale of Plum subtracted 1 point. All in, our reported net sales declined 3% from the prior year.

在下一張幻燈片中，我將細分我們第二季度的淨銷售業績。正如我所提到的，全行業的勞動力和供應挑戰阻礙了我們滿足持續強勁需求的能力。本季度的有機淨銷售額下降了 2%，這是由於 8 點的銷量和混合逆風，這反映了供應限制。優惠的價格和銷售補貼推動本季度增長 5 個百分點，而本季度較低的促銷支出推動了 1 個百分點的增長。出售 Plum 的影響減去 1 個點。總而言之，我們報告的淨銷售額比去年下降了 3%。

Turning to Slide 22. Our second quarter adjusted gross margin decreased by 340 basis points from 33.8% last year to 30.4% this year. Volume/mix had a negative impact of approximately 170 basis points on gross margin, largely due to reduced operating leverage. Net price realization drove a 480 basis point improvement due to the benefits of our pricing actions as well as lower promotional spending due to supply constraints.

轉到幻燈片 22。我們第二季度調整後的毛利率從去年的 33.8% 下降 340 個基點至今年的 30.4%。數量/組合對毛利率產生了約 170 個基點的負面影響，主要是由於經營槓桿降低。由於我們的定價行動的好處以及由於供應限制導致的促銷支出減少，淨價格實現推動了 480 個基點的改善。

Inflation and other factors had a negative impact of 820 basis points with nearly 3/4 of the decline driven by core inflation, as overall input costs on a rate basis increased by approximately 9%. Along with other industry participants, we experienced significant inflation across all input cost categories, including ingredients and packaging, transportation and labor. The remaining decline was driven by increases in other operational costs due in part to supply chain disruptions. That said, our ongoing supply chain productivity program contributed 140 basis points to gross margin, partially offsetting these inflationary headwinds. Our cost savings program, which is in incremental to our ongoing supply chain productivity program, added 30 basis points to our gross margin.

通貨膨脹和其他因素產生了 820 個基點的負面影響，其中近 3/4 的下降是由核心通貨膨脹推動的，因為按利率計算的總體投入成本增加了約 9%。與其他行業參與者一樣，我們在所有投入成本類別（包括原料和包裝、運輸和勞動力）都經歷了顯著的通貨膨脹。其餘的下降是由其他運營成本的增加推動的，部分原因是供應鏈中斷。也就是說，我們正在進行的供應鏈生產力計劃為毛利率貢獻了 140 個基點，部分抵消了這些通脹阻力。我們的成本節約計劃是對我們正在進行的供應鏈生產力計劃的增量，為我們的毛利率增加了 30 個基點。

The previously described initiatives to mitigate inflation, highlighted on the next page, include price increases and trade optimization, supply chain productivity improvements and cost savings initiatives and a continued focus on discretionary spending across the organization. We remain focused on inflation mitigation as we now expect core inflation for the year to be low double digit, up from previously expected high single digits, with a more pronounced impact in the second half of fiscal 2022. Wave 2 pricing was effective at the end of the second quarter and will be fully reflected in the third quarter. And although for the second half of the fiscal year we have a large proportion of our raw materials covered from a pricing perspective, as Mark previously mentioned, we continue to closely monitor any economic impact from the current crisis in Ukraine.

前面描述的緩解通貨膨脹的舉措（在下一頁突出顯示）包括價格上漲和貿易優化、供應鏈生產力提高和成本節約舉措，以及繼續關注整個組織的可自由支配支出。我們仍然專注於緩解通脹，因為我們現在預計今年的核心通脹將低於兩位數，高於此前預期的高個位數，並在 2022 財年下半年產生更明顯的影響。第二波定價在年底生效第二季度的影響，並將在第三季度得到充分體現。儘管在本財年的下半年，從定價的角度來看，我們的大部分原材料都涵蓋了，正如馬克之前提到的，但我們將繼續密切關注烏克蘭當前危機對經濟的任何影響。

Moving to the next slide. We have continued to successfully deliver against our multiyear enterprise cost savings initiatives. This quarter, we achieved $15 million in incremental year-over-year savings, bringing program-to-date savings to $835 million. And we remain on track to deliver total savings of $1 billion by the end of fiscal 2025, as we shared during our Investor Day.

轉到下一張幻燈片。我們繼續成功實施我們多年的企業成本節約計劃。本季度，我們實現了 1500 萬美元的同比增量節省，使計劃迄今為止的節省達到 8.35 億美元。正如我們在投資者日期間分享的那樣，我們仍有望在 2025 財年年底前實現 10 億美元的總節省。

Moving on to other operating items. Marketing and selling expenses decreased $35 million or 15% in the quarter on a year-over-year basis. This decrease was largely driven by lower advertising and consumer promotion expense or A&C. Although A&C declined 27% as investment was moderated to reflect supply pressure, we expect it to normalize as supply strengthened throughout the year. Overall, our marketing and selling expenses represented 8.9% of net sales during the quarter, a 130 basis point decrease compared to last year.

轉移到其他經營項目。本季度營銷和銷售費用同比減少 3500 萬美元或 15%。這一下降主要是由於較低的廣告和消費者促銷費用或 A&C。儘管由於投資放緩以反映供應壓力，A&C 下降了 27%，但我們預計隨著全年供應的加強，它會正常化。總體而言，我們的營銷和銷售費用佔本季度淨銷售額的 8.9%，比去年下降 130 個基點。

Adjusted administrative expenses decreased $8 million or 5% due to benefits from cost savings initiatives and lower benefits-related costs. Adjusted administrative expenses represented 6.5% of net sales during the quarter, a 20 basis point decrease compared to last year.

調整後的管理費用減少了 800 萬美元或 5%，原因是成本節約舉措帶來的好處以及與福利相關的成本降低。調整後的管理費用佔本季度淨銷售額的 6.5%，比去年下降 20 個基點。

On Slide 26, we are providing a total company adjusted EBIT bridge to summarize the key drivers of performance this quarter. As previously mentioned, adjusted EBIT declined 17% as the sales volume decline and the 340 basis point adjusted gross margin contraction resulted in a $70 million and $29 million EBIT headwind, respectively. Partially offsetting this was lower marketing and selling expenses, contributing 130 basis points to our adjusted EBIT margin. Lower adjusted administrative and higher R&D expenses had a neutral impact, and lower adjusted other income had a 30 basis point negative impact. Overall, our adjusted EBIT margin decreased year-over-year by 240 basis points to 14.4%.

在幻燈片 26 上，我們提供了一個總公司調整後的 EBIT 橋樑，以總結本季度業績的關鍵驅動因素。如前所述，由於銷量下降和 340 個基點的調整後毛利率收縮分別導致 7000 萬美元和 2900 萬美元的息稅前利潤逆風，調整後的息稅前利潤下降了 17%。部分抵消這一點的是較低的營銷和銷售費用，為我們調整後的息稅前利潤率貢獻了 130 個基點。較低的調整後管理和較高的研發費用產生了中性影響，較低的調整後其他收入產生了 30 個基點的負面影響。總體而言，我們調整後的息稅前利潤率同比下降 240 個基點至 14.4%。

The following chart breaks down our adjusted EPS change between our operating performance and below the line items. A $0.16 impact of lower adjusted EBIT was partially offset by a $0.02 favorable impact from lower interest expense, a $0.01 impact of lower adjusted taxes and a $0.01 impact from the benefit of lower weighted average diluted shares outstanding. This resulted in adjusted EPS of $0.69, which was down $0.13 per share or 16% compared to the prior year.

下圖分解了我們的經營業績和項目之下的調整後每股收益變化。較低的調整後息稅前利潤的 0.16 美元影響被較低的利息支出帶來的 0.02 美元的有利影響、較低的調整後稅收帶來的 0.01 美元的影響以及較低的加權平均攤薄流通股帶來的 0.01 美元的影響部分抵消。這導致調整後的每股收益為 0.69 美元，與去年相比，每股下降 0.13 美元或 16%。

Turning to the segments. In Meals & Beverages, organic net sales, which exclude the impact from the sale of the Plum baby food and snacks business, declined 2%, driven by declines in U.S. Retail, including U.S. soup and Campbell's pasta as well as in Canada, partially offset by gains in foodservice. Volume declined due to supply constraints driven by labor and materials availability. Price and sales allowances were favorable in the quarter, partially offset by increased promotional spending relative to moderated levels in the prior year quarter. Sales of U.S. soup decreased 1%, cycling a 10% increase in the prior year quarter due to declines in condensed soup, partially offset by gains in ready-to-serve soups and broth.

轉向細分市場。在膳食和飲料中，有機淨銷售額（不包括出售 Plum 嬰兒食品和零食業務的影響）下降 2%，原因是美國零售（包括美國湯和坎貝爾麵食）以及加拿大的銷售額下降，部分抵消了通過餐飲服務的收益。由於勞動力和材料可用性驅動的供應限制，銷量下降。該季度的價格和銷售補貼有利，但部分被促銷支出的增加所抵消（相對於去年同期的緩和水平）。由於濃縮湯的下降，美國湯的銷售額下降了 1%，環比增長了 10%，部分被即食湯和肉湯的增長所抵消。

Segment operating earnings in the quarter decreased 19%. The decrease was primarily due to sales volume declines and lower gross margin performance, partially offset by lower marketing and selling expenses. Gross margin performance was impacted by higher cost inflation and other supply chain costs, unfavorable volume/mix, which was largely due to reduced operating leverage, as well as higher levels of promotional spending, partially offset by the benefits of pricing actions and supply chain productivity improvement. Overall, within our Meals & Beverages division, the second quarter operating margin decreased year-over-year by 320 basis points to 16.7%.

本季度的分部營業利潤下降了 19%。下降的主要原因是銷量下降和毛利率下降，部分被營銷和銷售費用下降所抵消。毛利率表現受到更高的成本通脹和其他供應鏈成本、不利的數量/組合的影響，這主要是由於經營槓桿的降低以及更高水平的促銷支出，部分被定價行動和供應鏈生產力的好處所抵消改進。總體而言，在我們的餐飲部門，第二季度營業利潤率同比下降 320 個基點至 16.7%。

Within Snacks, organic net sales decreased 3%, while sales of power brands were up 1%. Segment sales decreased due to declines in noncore businesses and in certain salty snacks, primarily Late July snacks, partially offset by gains in Goldfish crackers. Overall, favorable price and sales allowances and lower promotional spending were more than offset by volume declines, driven by significant supply constraints due to labor.

在零食中，有機淨銷售額下降了 3%，而強力品牌的銷售額增長了 1%。由於非核心業務和某些鹹味零食（主要是 7 月下旬零食）的下滑，部分銷售額下降，部分被金魚餅乾的增長所抵消。總體而言，由於勞動力的嚴重供應限制，有利的價格和銷售補貼以及較低的促銷支出被銷量下降所抵消。

Segment operating earnings in the quarter decreased 14% driven by sales volume declines and increased administrative expenses, partially offset by lower marketing and selling expenses. Increased pricing and lower promotional activity, combined with the results of our productivity and cost savings initiatives, largely offset core inflation, higher other supply chain costs and unfavorable volume/mix, which was largely due to reduced operating leverage. Overall, within our Snacks division, second quarter operating margin decreased year-over-year by 160 basis points to 13%.

由於銷量下降和管理費用增加，本季度的分部營業利潤下降了 14%，部分被營銷和銷售費用的下降所抵消。價格上漲和促銷活動減少，再加上我們的生產力和成本節約計劃的結果，在很大程度上抵消了核心通脹、其他供應鏈成本上升和不利的數量/組合，這主要是由於經營槓桿下降。總體而言，在我們的零食部門，第二季度營業利潤率同比下降 160 個基點至 13%。

I'll now turn to our cash flow and liquidity. Fiscal 2022 cash flow from operations increased from $611 million in the prior year to $766 million, primarily due to changes in working capital, partially offset by lower cash earnings. Our year-to-date cash outflows for investing activities were reflective of the cash outlay for capital expenditures of $129 million, which was comparable to prior year. Given the challenging operating environment, we are now forecasting full year capital expenditures of approximately $275 million for fiscal 2022.

我現在將轉向我們的現金流和流動性。 2022 財年的運營現金流從上一年的 6.11 億美元增加到 7.66 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。我們年初至今的投資活動現金流出反映了 1.29 億美元的資本支出現金支出，與上一年相當。鑑於經營環境充滿挑戰，我們現在預測 2022 財年全年資本支出約為 2.75 億美元。

Our year-to-date cash outflows for financing activities were $352 million, the vast majority of which are $293 million represented the return of capital to our shareholders, including $228 million of dividends and $65 million of share repurchases. At the end of the second quarter, we had approximately $475 million remaining under the current $500 million strategic share repurchase program. We also have a $250 million anti-dilutive share repurchase program, of which approximately $174 million was remaining. We ended the second quarter with cash and cash equivalents of $357 million.

我們年初至今的融資活動現金流出為 3.52 億美元，其中絕大多數為 2.93 億美元，代表了對股東的資本回報，包括 2.28 億美元的股息和 6500 萬美元的股票回購。在第二季度末，我們在當前 5 億美元的戰略股票回購計劃下剩餘約 4.75 億美元。我們還有一個 2.5 億美元的反稀釋性股票回購計劃，其中約 1.74 億美元剩餘。我們在第二季度結束時的現金和現金等價物為 3.57 億美元。

Turning to Slide 31. We continue to expect full year fiscal 2022 net sales, adjusted EBIT and adjusted EPS performance to be consistent with the guidance we provided during our first quarter earnings call. Our full year guidance reflects expected continued strong demand for the balance of the year with steady supply recovery and improved service levels, particularly in the fourth quarter as labor recovers. We have seen consistent improvements in labor attraction and retention driven through the recent recruiting actions and wage increases. However, core inflation is now expected to be low double digits for the full year. Wave 2 pricing will be fully reflected in the third quarter, and we expect to continue managing inflationary headwinds through pricing, supply chain productivity improvements and cost savings initiatives. We expect these actions, an improved labor outlook and easier prior year comparisons to result in margin progress and earnings recovery in the second half.

轉到幻燈片 31。我們繼續預計 2022 財年全年淨銷售額、調整後的息稅前利潤和調整後的每股收益表現將與我們在第一季度財報電話會議上提供的指導一致。我們的全年指導反映了對今年剩餘時間的預期持續強勁需求，供應穩定復甦，服務水平提高，尤其是在勞動力復甦的第四季度。通過最近的招聘行動和工資增長，我們看到了勞動力吸引力和保留率的持續改善。然而，現在預計全年核心通脹率將保持在兩位數的低位。 Wave 2 定價將在第三季度充分體現，我們預計將繼續通過定價、供應鏈生產力提高和成本節約舉措來管理通脹逆風。我們預計這些行動、改善的勞動力前景和更容易的上一年比較將導致下半年的利潤率增長和盈利復甦。

For the full year, we expect organic net sales to be minus 1% to plus 1%; adjusted EBIT of minus 4.5% to minus 1.5%; and adjusted EPS of minus 4% to flat versus the adjusted fiscal 2021 results. The sale of Plum is estimated to have an impact of 1 percentage point on fiscal 2022 net sales. This implies for the second half net sales growth of low to mid-single digits and double-digit growth in adjusted EBIT and adjusted EPS.

全年，我們預計有機淨銷售額為負 1% 至正 1%；調整後的息稅前利潤為負4.5%至負1.5%；調整後的每股收益為負4%，與調整後的2021財年業績持平。據估計，Plum 的銷售將對 2022 財年的淨銷售額產生 1 個百分點的影響。這意味著下半年淨銷售額增長為中低個位數，調整後息稅前利潤和調整後每股收益實現兩位數增長。

Overall, our first half was generally aligned with our expectations, thanks to all the hard work by our teams. I'm truly grateful for their continued dedication and commitment.

總體而言，由於我們團隊的辛勤工作，我們的上半年總體上符合我們的預期。我真的很感謝他們持續的奉獻和承諾。

I will now turn it back to Mark for closing comments. Thank you.

我現在將它轉回給 Mark 以結束評論。謝謝你。

Thanks, Mick.

謝謝，米克。

To conclude, although we fully recognize the volatile nature of the environment we remain in, we continue to deploy more of our time and resources to future plans, growth and supporting the full potential of our business. As we outlined at our recent Investor Day, we believe we have an advantaged portfolio and position going forward, and we are excited that in the second half of this fiscal year will begin to transition from defense to offense after this unprecedented period. And I could not be more confident in our team, brands and Campbell's value creation potential.

總而言之，儘管我們充分認識到我們所處環境的多變性，但我們將繼續將更多的時間和資源用於未來的計劃、增長和支持我們業務的全部潛力。正如我們在最近的投資者日上所概述的那樣，我們相信我們在未來擁有優勢的投資組合和地位，我們很高興在這個前所未有的時期之後，本財年下半年將開始從防守轉向進攻。我對我們的團隊、品牌和金寶湯的價值創造潛力充滿信心。

With that, I'll turn it over to the operator to take your questions. Thank you.

有了這個，我會把它交給接線員來回答你的問題。謝謝你。

(Operator Instructions) And your first question is from Andrew Lazar with Barclays.

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

I guess I'd start with Mark, with more gross margin pressure in fiscal 2Q, a now higher forecast for low double-digit inflation for the full year, it would seem that Campbell is leaning on greater SG&A leverage to sort of deliver the year. So would you say this is a fair characterization? And if so, how do you balance lower A&C spend, right, in light of the supply constraints we've talked about to sort of hit guidance with the opportunity maybe to lean in even harder or spend more on consumer outreach to retain as many new households as you can, heading into really it's about fiscal '23 and '24 and, as you said, kind of playing offense, if you will?

我想我會從馬克開始，第二季度的毛利率壓力更大，現在對全年低兩位數通脹的預測更高，坎貝爾似乎依靠更大的 SG&A 槓桿來實現這一年.所以你會說這是一個公平的表徵嗎？如果是這樣，您如何平衡較低的 A&C 支出，對，鑑於我們已經討論過的供應限制，有點命中指導與可能更努力地傾斜或在消費者外展上花費更多以留住盡可能多的新的機會盡可能多的家庭，進入真正的 '23 和 '24 財政年度，正如你所說，如果你願意的話，有點進攻？

Yes. So the short answer is, Andrew, we actually see the back half where the opportunity really resides to be more in the gross margin space. And there's a couple of reasons why. First, I'll just say from a Q2 standpoint, although a little more pressure on the top line as we went through Omicron in January and saw labor even tougher than what we had expected, from a margin standpoint and profitability standpoint, we were generally in line with what our expectation was. And so as we look into the back half of the year, certainly, we're not expecting inflation to subside. But what we do believe is that with the combination of the full impact of the second wave of pricing, along with the fact that we're going to be lapping pretty significant declines from a year ago. In fact, they're in the 300 to 400 basis point range as a comparison.

是的。所以簡短的回答是，安德魯，我們實際上看到了機會真正存在於毛利率空間的後半部分。有幾個原因。首先，我只是從第二季度的角度說，雖然我們在一月份經歷了 Omicron 並且看到勞動力比我們預期的更加艱難，但從利潤率和盈利能力的角度來看，我們總體上是符合我們的預期。因此，當我們展望今年下半年時，當然，我們預計通脹不會消退。但我們確實相信，結合第二波定價的全面影響，以及我們將比一年前大幅下降的事實。事實上，作為比較，它們在 300 到 400 個基點範圍內。

And then the recovery that we expect on the supply side, which drives a host of efficiencies as well as our underlying productivity and cost savings initiatives, we feel like we're in a much better position with many of the variables pointed in the right direction, even though you'll still have inflation as a significant variable. And so underpinning those assumptions is a fairly consistent level of costs as it relates to SG&A in total and our marketing and selling in particular. Where we have been a bit below or under a year ago over these last couple of quarters, we expect it to be more in line and more consistent with where ultimately we would want to get.

然後是我們預期的供應方面的複蘇，這推動了許多效率以及我們潛在的生產力和成本節約計劃，我們覺得我們處於一個更好的位置，許多變量都指向了正確的方向，即使您仍然將通貨膨脹作為一個重要變量。因此，支撐這些假設的是相當一致的成本水平，因為它與 SG&A 總體上，尤其是我們的營銷和銷售有關。在過去的幾個季度中，我們的水平略低於或低於一年前，我們預計它會更符合我們最終想要達到的目標。

I still think probably a bit of management of that through the third quarter and into the balance of the year. But generally, as a good rule of thumb, we want to be around 10% of net sales. We've been hovering around closer to 8% to 9%. I think you'll see us closer to 9% to 10% as we go through the back half of the year. So our ability to invest behind the recovery of supply, given the room that we believe we'll have relative to the pricing as well as the comps, gives us a lot of confidence in the ability to drive a positive back half and stay generally on track with where we expected to be at the turn here and this moment that we expected to be in, where we begin to transition from lapping a lot tougher comparables, a lot higher starting points to a period where we can return to positive momentum, which is really something that we're excited to get to, but also, I think, a good way to kind of build momentum as we exit the year.

我仍然認為可能會在第三季度和今年的餘額中進行一些管理。但一般來說，作為一個好的經驗法則，我們希望達到淨銷售額的 10% 左右。我們一直徘徊在接近 8% 到 9% 的水平。我認為隨著我們度過下半年，你會看到我們接近 9% 到 10%。因此，鑑於我們相信我們將擁有相對於定價和補償的空間，我們在供應恢復後進行投資的能力使我們對推動積極的後半部分並保持總體穩定的能力充滿信心跟踪我們預期在轉彎時所處的位置以及我們預期會處於的這一時刻，我們開始從更艱難的可比項目、更高的起點過渡到我們可以恢復積極勢頭的時期，這這確實是我們很高興能做到的事情，但我認為，在我們退出這一年時，這也是一種建立勢頭的好方法。

Your next question is from Ken Goldman with JPMorgan.

您的下一個問題來自摩根大通的 Ken Goldman。

I'm curious to what degree your guidance factors the recent rise in costs for things like transportation, fuel and energy. Are these the main drivers behind your decision to raise your expectation for core inflation? I guess I'm asking because you said you're still monitoring the situation in Ukraine. I wasn't sure if that indicated you were seeing (inaudible) on these items. Or how do I think about that?

我很好奇你的指導在多大程度上考慮了最近交通、燃料和能源等成本的上漲。這些是你決定提高核心通脹預期的主要驅動因素嗎？我想我問是因為你說你仍在監視烏克蘭的局勢。我不確定這是否表明您在這些項目上看到（聽不清）。或者我是怎麼想的？

Yes. No. So there's a couple of things in there that are probably good to talk about. First, let me start with kind of the pre-Ukraine, Russia challenges. And I think what -- as you know, at this point in the year, we're fairly well covered. So we're -- roughly 95% of our costs, about 90% in particular on commodities, but that still does leave some variability as it relates to logistics and added pressure that we've seen relative to fuel that has been aggravated a bit more as we've gone into this latest conflict and crisis in the Ukraine. So I think that where we see those variables are generally contemplated in our numbers.

是的。不。所以那裡有幾件事可能很好談。首先，讓我從前烏克蘭、俄羅斯的挑戰開始。而且我認為 - 如您所知，在今年的這個時候，我們已經得到了很好的覆蓋。所以我們 - 大約 95% 的成本，尤其是大宗商品的 90%，但這仍然會留下一些可變性，因為它與物流有關，而且我們看到的相對於燃料的壓力已經有所加劇當我們進入烏克蘭最近的衝突和危機時，更多。所以我認為我們看到這些變量的地方通常會在我們的數字中得到考慮。

As it relates particularly to Ukraine and Russia, first is, I'd be remiss not to just say again, our hearts go out to the folks that are dealing with this conflict. It's an unbelievable circumstance to be in. But I think from a business standpoint, what I would just say is that from a direct operation or impact, we have no sales. We have no direct sourcing. We have really no specific business. Of course, the question then becomes the macroeconomic impact of the conflict. And as we look at '22, we've got about 90% of our commodities covered, which leaves us about $150 million in cost that we're still navigating through.

由於它特別與烏克蘭和俄羅斯有關，首先，我不能再說一遍，我們的心與正在處理這場衝突的人們同在。這是一個令人難以置信的情況。但我認為從商業角度來看，我只想說，從直接運營或影響來看，我們沒有銷售。我們沒有直接採購。我們真的沒有具體的業務。當然，問題就變成了衝突對宏觀經濟的影響。當我們回顧 22 年時，我們已經覆蓋了大約 90% 的商品，這使我們仍有大約 1.5 億美元的成本仍在處理中。

And as we look at the variability as it relates to what of that is really residing within things like wheat that could be impacted or certain metals or packaging that could be part of that as you look a little more broadly at costs, and then, of course, on energy and oil, we believe that we've created a space within the plan to contemplate that. And then, of course, as we talk about going forward into '23, there's a lot of variables there that will come into play, and we'll talk more about that in the future.

當我們看到可變性，因為它與真正存在於可能受到影響的小麥或某些金屬或包裝中的東西有關，因為你更廣泛地看待成本，然後，當然，在能源和石油方面，我們相信我們已經在計劃中創造了一個空間來考慮這一點。然後，當然，當我們談論進入 23 年時，會有很多變數會發揮作用，我們將來會更多地討論這個問題。

But I think we have -- again, in the world that we live in today, I would never presume that we can see every variable possible as that certainly prove in the last couple of years to be tough to do. But I think relative to all the inputs we have today, I think we've got a fairly good contemplation of that. And even where we see some potential variability, we've tried to build that into the contingency planning and/or just within the range that we've got relative to the guidance.

但我認為我們有 - 再說一次，在我們今天生活的世界上，我永遠不會認為我們可以看到每一個可能的變量，因為在過去的幾年裡這肯定是很難做到的。但我認為，相對於我們今天的所有投入，我認為我們已經對此進行了很好的考慮。即使我們看到一些潛在的變化，我們也試圖將其納入應急計劃和/或僅在我們相對於指導的範圍內。

Mick, anything to add to that?

米克，有什麼要補充的嗎？

No, I think you got it. I think the -- as we've mentioned in the past, think about kind of ingredients and pack being, give or take, 50% of our overall cost of goods. So then to Mark's earlier point, kind of take the, call it 95% of that is currently covered, and then you get close to that $150 million that Mark mentioned. And then on the logistics, transportation, it's obviously a combination of both: availability, which drives price; as well as the overall fuel market that we're monitoring very closely, and we got some coverage on that as well.

不，我想你明白了。我認為 - 正如我們過去提到的那樣，想想成分和包裝的種類，給予或接受，占我們商品總成本的 50%。那麼對於馬克之前的觀點，可以說是目前覆蓋了 95%，然後你就接近馬克提到的 1.5 億美元。然後在物流、運輸方面，顯然是兩者的結合：可用性驅動價格；以及我們正在密切關注的整個燃料市場，我們也對此進行了一些報導。

So generally, of course, with where we're at, we got still half the year to go but feel relatively comfortable with where we're at. That being said, the piece that's uncovered, we're obviously monitoring very closely and managing.

所以一般來說，當然，就我們所處的位置而言，我們還有半年的時間去，但對我們所處的位置感到相對舒適。話雖這麼說，但我們顯然正在非常密切地監控和管理。

Can I ask you a quick follow-up, Mick? Historically, has Campbell generally bought ahead for the items of can, ingredients and packaging throughout the year, at somewhat consistent levels from quarter-to-quarter? Or historically, has it tended to lock in a significant amount at the end of the fiscal year with less purchasing at other times? And I guess I'm talking everything other than cans, of course, which I think we have a good sense of.

米克，我可以問你一個快速的跟進嗎？從歷史上看，坎貝爾全年是否普遍提前購買罐頭、配料和包裝等物品，季度間水平保持一致？或者從歷史上看，它是否傾向於在財政年度結束時鎖定大量數量而在其他時間減少購買？我想我說的當然不是罐頭，我認為我們對此有很好的認識。

Yes, we tend to have a pretty steady coverage model. So I think our history on this is to try to generate predictability more than it is to necessarily try to win the commodity guessing market. And I think that consistency has been fairly in line as you look at our coverage position. Certainly, there is some variability depending to the exact market we're in. But generally speaking, our quarterly coverage for the year, the rolling forward coverage is pretty consistent.

是的，我們傾向於有一個相當穩定的覆蓋模型。所以我認為我們在這方面的歷史是試圖產生可預測性，而不是試圖贏得商品猜測市場。而且我認為當您查看我們的覆蓋範圍時，一致性已經相當一致了。當然，根據我們所處的確切市場，存在一些可變性。但一般來說，我們今年的季度覆蓋率，滾動覆蓋率是相當一致的。

Your next question is from Chris Growe with Stifel.

您的下一個問題來自 Stifel 的 Chris Growe。

Just a follow-up on the questions around margin. You have obviously accelerating pricing coming through. You have inflation accelerating at the same time. I'm just curious about elasticity, like one other element of that equation, and it's hard to assess it at this point. It seems like it's very low overall for the industry, and it has been for many of your products. Do you view that accelerating through the year as you take more pricing? And I'd just be curious what you're seeing there right now.

只是關於保證金問題的後續行動。您顯然正在加速定價。同時，通貨膨脹也在加速。我只是對彈性很好奇，就像那個等式的另一個元素一樣，現在很難評估它。對於整個行業來說，它似乎非常低，而且對於您的許多產品來說都是如此。您是否認為隨著定價的增加，這一趨勢會在一年中加速？我只是好奇你現在在那裡看到了什麼。

Yes. I mean it's -- so a couple of things that we're watching through, and then I'll tell you what we've kind of planned for the balance of the year. But as you point out, early on and certainly through the first wave of pricing, we've not seen a lot in the way of elasticity, although I will say that as we have navigated some of these supply challenges, it's a little bit harder to gauge as we've been essentially shipping to what we've been making regardless. So I do think we want to continue to watch that very closely.

是的。我的意思是——我們正在觀察一些事情，然後我會告訴你我們對今年剩餘時間的計劃。但是正如您所指出的，在第一波定價的早期，當然，我們還沒有看到很多彈性方式，儘管我會說，當我們克服了其中一些供應挑戰時，這有點困難衡量，因為我們基本上一直在運送到我們一直在做的事情。所以我確實認為我們希望繼續密切關注這一點。

But as we plan the balance of the year, what we've assumed is that elasticities do go up and that there is some incremental impact from what we would have seen in our first wave of pricing in our second wave of pricing, although historical levels, we think we'll still be below given the breadth of inflation that is being experienced across the industry. So we're not taking necessarily the full level of elasticity, but we are assuming a step up from what we've experienced. And I think again, as I've said from the get-go on this, our goal here is obviously to manage appropriately the cost, but also to make sure that we're keeping price gaps and that as we return to full supply and support that we've got the right balancing act as it relates to shares and protecting our equities and our brands as we realize that we've spent a couple of solid years building that. The last thing we want to do is undermine that with unreasonable pricing.

但是當我們計劃今年的餘額時，我們假設彈性確實會上升，並且我們在第二波定價中的第一波定價中會看到一些增量影響，儘管歷史水平，考慮到整個行業正在經歷的通脹幅度，我們認為我們仍將低於這一水平。因此，我們不一定要充分發揮彈性水平，但我們假設比我們所經歷的更進一步。而且我再次認為，正如我從一開始就說過的那樣，我們的目標顯然是適當地管理成本，但也要確保我們保持價格差距，並且在我們恢復全面供應和支持我們在股票和保護我們的股票和品牌方面取得了正確的平衡行為，因為我們意識到我們已經花了幾年的時間來建立它。我們最不想做的就是用不合理的定價來破壞它。

And so I think everything that we're doing up to this point generally is consistent and aligned with the marketplace. And we would expect that to continue, although I do think with a bit more elasticity as the year unfolds. And if we're wrong and it's better than that, then I think that will just create opportunity for us as we go through the balance of the year. But I think a prudent position and one that generally is informed by just kind of, I'd say, at this point, where we are on absolute pricing, which is not insignificant on some of our categories.

所以我認為到目前為止我們所做的一切通常都是一致的，並且與市場保持一致。我們預計這種情況會繼續下去，儘管我確實認為隨著時間的推移會有更多的彈性。如果我們錯了，而且比這更好，那麼我認為這只會為我們創造機會，因為我們度過了今年的剩餘時間。但我認為這是一個謹慎的立場，而且通常只是一種，我想說，在這一點上，我們處於絕對定價的位置，這在我們的某些類別中並不是微不足道的。

Okay. And then just a quick follow-on. You talked about the fourth quarter being a period where you're going to have a better supply situation for the business. Is that the quarter then where you are -- is that a quarter where you likely ship ahead of consumption? And if you -- is there a rough approximation of how much inventory you need to build or like to build into the market to try to have better inventory availability in the store?

好的。然後只是快速跟進。您談到第四季度是您將有更好的業務供應情況的時期。那是你所在的那個季度嗎？那個季度你可能會在消費之前發貨嗎？如果你 - 是否有一個粗略的近似值，你需要建立或想要建立多少庫存以嘗試在商店中獲得更好的庫存可用性？

Yes. Well, I think the good news is I don't think we'll be waiting fully to fourth quarter to see some of that replenishment. As we pointed out, we were a little lighter in Q2 on top line than we expected. I actually think that we'll see some more recovery of that earlier on in the third quarter. And then really, I do think, though, the fourth quarter is a period where we would expect to be more fully back in business, if you will, on the broader range of the full portfolio. I think you'll see TDP levels coming back in the normal ranges. I think you'll see our support both from a marketing and trade standpoint, kind of at a sustainable ongoing level. That's the game plan. And so I think we'll probably be ahead, notwithstanding what exactly demand will look like in Q3. But I think relative to what we expect, probably a bit ahead in Q3 and probably a bit more in Q4.

是的。好吧，我認為好消息是我認為我們不會完全等到第四季度才能看到一些補充。正如我們所指出的，我們在第二季度的收入比我們預期的要輕一些。我實際上認為我們會在第三季度早些時候看到更多的複蘇。然後，實際上，我確實認為，第四季度是我們期望在整個投資組合的更廣泛範圍內更全面地恢復業務的時期。我想你會看到 TDP 水平回到正常範圍。我想你會從營銷和貿易的角度看到我們的支持，有點像可持續的持續水平。這就是遊戲計劃。所以我認為我們可能會領先，儘管第三季度的確切需求會是什麼樣子。但我認為相對於我們的預期，第三季度可能會領先一點，第四季度可能會更多。

Your next question is from Nik Modi with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Nik Modi。

This is [Philippe Lorne] on for Nik. So you mentioned strong underlying trends from a consumption base. I just wanted to check on your assumptions for household penetration trends in the balance of the year as the economy reopens and as we're starting to see restaurant reservation and restaurant trends to improve. I guess, what are you assuming for penetration in the second half of the year?

這是 Nik 的 [Philippe Lorne]。所以你提到了來自消費基礎的強大的潛在趨勢。我只是想檢查一下您對隨著經濟重新開放以及我們開始看到餐廳預訂和餐廳趨勢有所改善而在今年餘下時間中家庭滲透率趨勢的假設。我猜，你對下半年的滲透率有什麼假設？

Yes. I think as we now have kind of navigated this up and down period where, okay, we're kind of into a new normal and then a surge comes back in January and this kind of up and down. As we project out, I think we've got a fairly good base of time now where we can see periods where there were less constraints and what does that mean relative to periods that are more COVID driven or influenced in. So I think our assumptions as we think about the back half of the year, and remember, the added factor of our ability to more fully supply because our issues, if you will, relative to being able to fully meet demand, were present in the back half of last year, especially on certain brands like Late July or a few of the other areas where we've struggled a bit more on labor and had real challenges kind of getting to that full capacity that we need.

是的。我認為，正如我們現在已經度過了這個上下波動的時期，好吧，我們進入了一個新常態，然後在一月份又出現了激增，這種上下波動。隨著我們的計劃，我認為我們現在有一個相當好的時間基礎，我們可以看到限制較少的時期，以及相對於受更多 COVID 驅動或影響的時期而言，這意味著什麼。所以我認為我們的假設當我們考慮今年下半年時，請記住，我們能夠更充分地供應的附加因素，因為我們的問題，如果你願意的話，相對於能夠完全滿足需求，在去年下半年就出現了，尤其是在某些品牌上，例如 7 月下旬或其他一些我們在勞動力方面更加努力的領域，並且在達到我們需要的全部產能方面遇到了真正的挑戰。

So the combination of those elements together, along with returning support level, we think we're going to hold very well on demand. And even if there is kind of a return to kind of this more balance between away from home and in home, we think the combination of what we're doing, as well as what we expect that baseline to remain at, which although may come down a bit from what we would have experienced in January, we think not necessarily inconsistent with what we might have seen in the summer of last year and some other periods that looked a little bit more consistent to what we expect the back half to be. So I think you're going to have a little bit of normalization there, offset by improved supply and support. And that, I think, in general, is what's leading us to see a better overall top line.

因此，將這些元素結合在一起，再加上返回的支持水平，我們認為我們將在需求上保持良好狀態。即使在離家和在家之間有一種更平衡的回歸，我們認為結合我們正在做的事情，以及我們期望保持的基線，儘管可能會出現與我們在一月份所經歷的相比有所下降，我們認為不一定與我們在去年夏天看到的情況以及其他一些看起來與我們預期的後半部分更加一致的時期不一致。所以我認為你會有一點正常化，被改善的供應和支持所抵消。我認為，總的來說，這就是導致我們看到更好的整體收入的原因。

And remember too, not unlike the margin conversation, the first half of this year, we were still lapping significant elevated levels when we get to the -- from COVID, the original kind of COVID period. When you get to the second half of this year, we begin to lap the declines or the -- or kind of the reduction that already occurred in the back half of last year. So your comps on both margin and on top line are much better as we're in the back half of the year.

還要記住，與今年上半年的利潤對話一樣，當我們進入原始的 COVID 時期時，我們仍然處於顯著的較高水平。當你到今年下半年時，我們開始記錄去年下半年已經發生的下降或那種下降。因此，當我們在今年下半年時，您的利潤和頂線收入都要好得多。

Got it. That makes sense. And then on innovation, you mentioned a strong start to Mega Bites in Goldfish. Just if you can expand on like general expectation for innovation this year. And then particularly for Goldfish Mega Bites, are you trying to expand the demographic profile of the brand with innovation? And what are the early trends from a consumer standpoint?

知道了。這就說得通了。然後在創新方面，您提到了 Goldfish 中 Mega Bites 的良好開端。只要你能像今年對創新的一般期望一樣擴展。然後特別是對於 Goldfish Mega Bites，您是否試圖通過創新擴大品牌的人口統計資料？從消費者的角度來看，早期的趨勢是什麼？

Yes. So it's a -- so let me answer the question in a little bit of a different way to start it, and then I'll specifically get into it. I think -- what's really important and what I would imagine that a lot of investors are going to be interested in seeing is what the recovery model looks like as we come back into full supply. And what I like about our Goldfish and our Kettle and Cape Cod on our Snacks business as well as our Chunky business on our Meals & Beverage, those are all great examples of where we have invested in capacity. We're back fully into supply. And with that came the full level of support. We protected marketing on those businesses. We added innovation, whether it was Mega Bites on Goldfish or Family Size on Goldfish, which was some of the new price pack architecture that we were creating, whether it was some of the new pack sizes on Kettle and Cape Cod, or it was flavor innovation on spicy for Chunky with a full very, very robust marketing campaign.

是的。所以這是一個-- 所以讓我以一種不同的方式來回答這個問題，然後我會專門討論這個問題。我認為——真正重要的是，我想很多投資者都會有興趣看到的是，當我們恢復全面供應時，復甦模式會是什麼樣子。我喜歡我們的 Goldfish 以及我們的零食業務中的 Kettle 和 Cape Cod 以及我們的膳食和飲料業務中的 Chunky 業務，這些都是我們在產能方面進行投資的很好的例子。我們已完全恢復供應。隨之而來的是全面的支持。我們保護了這些業務的營銷。我們添加了創新，無論是 Goldfish 上的 Mega Bites 還是 Goldfish 上的 Family Size，這是我們正在創建的一些新的價格包架構，無論是 Kettle 和 Cape Cod 上的一些新包裝尺寸，還是風味通過全面、非常強大的營銷活動為 Chunky 提供辣味創新。

All 3 of those businesses are great examples of what we expect to see as we come back fully on other brands along the way. And I think that with that comes the opportunity to unlock innovation. And so as we think about the balance of the year, our innovation levels on our snacking business are going to be up significantly from a year ago and where it would have been, talk about it in terms of kind of 3-year rolling contribution as a percent of revenue. So last year, we would have been in the 1% to 2% range. This year, we'll add about a full point of contribution from innovation in snacking. Meals & Beverages on a similar level with the combination of what we're doing on our Chunky business, but also some of the innovation that we have on the restage and relaunch of Well Yes!, which is another component of soup that's going very well.

所有這三個業務都是我們期望看到的很好的例子，因為我們在此過程中完全回歸其他品牌。我認為隨之而來的是開啟創新的機會。因此，當我們考慮今年的餘額時，我們在零食業務上的創新水平將比一年前顯著提高，並且會在 3 年滾動貢獻方面進行討論收入的百分之一。所以去年，我們會在 1% 到 2% 的範圍內。今年，我們將增加零食創新的全部貢獻。 Meals & Beverages 與我們在 Chunky 業務上所做的相結合，以及我們在重新製作和重新啟動 Well Yes! 時的一些創新，這是湯的另一個組成部分，進展非常順利.

And I would encourage you to look at -- when you look at shares within soup, look at some of those core brands on how well they're doing because I think it is a little bit of us selecting where we're placing the bets right now as we navigate some of these supply challenges. But at the end of the day, I think the idea is that we should see momentum building on innovation. We've got a great start on the brands that are already back in the profile that we want, and we would expect the others to follow as we go through the balance of this year and then into '23, of course, where we expect to be back kind of fully loaded across the portfolio.

我鼓勵你看看——當你看湯裡的股票時，看看其中一些核心品牌的表現如何，因為我認為這是我們選擇下注的一點點現在，我們正在應對其中的一些供應挑戰。但歸根結底，我認為這個想法是我們應該看到創新的勢頭。我們在已經回到我們想要的形像中的品牌有了一個很好的開端，我們希望其他品牌能夠跟隨我們度過今年的剩餘時間，然後進入 23 年，當然，我們期望的地方在整個投資組合中滿載而歸。

Your next question is from Peter Galbo with Bank of America.

您的下一個問題來自美國銀行的 Peter Galbo。

Mark, I guess I just want to go back to your comments around the puts and takes on some of the ag commodities beyond where you're hedged for this year. And I guess, as I read through kind of what you're saying, it's, hey, we're going to get material improvement or improvement in the gross margin line in the back half of this year, but once some of these ag commodities hedges roll off or coverage rolls off, maybe you could see that step back down in the front half of next year if we -- and some of these other, again, ags kind of stay up here. I wanted to see if I was kind of understanding that comment. And then with that, if that is the case, just your potential to take a third wave of pricing and how you're thinking about that.

馬克，我想我只是想回到你對看跌期權的評論，並承擔一些超出你今年對沖範圍的農業商品。而且我想，正如我讀到你所說的那樣，嘿，我們將在今年下半年獲得實質性改善或毛利率線的改善，但一旦這些農業商品中的一些對沖滾落或覆蓋面滾滾，也許你可以看到明年上半年的退步，如果我們 - 以及其他一些，再次，ags有點呆在這裡。我想看看我是否理解那個評論。然後，如果是這樣的話，只是你有可能進行第三波定價，以及你是如何考慮的。

Yes. No. It's a great question and one that is an area where we're spending a great deal of time right now, which is recognizing kind of covered, uncovered positions as we go into next year. It's a little early to start to talk about '23 as far as how we see inflation and the puts and takes. Remember, you also have full kind of impact of the rollover of the pricing that we're taking now as well as some of the added benefits, I think, of a supply chain that's operating in a far more consistent and kind of fully loaded way, which will be very beneficial to us.

是的。不。這是一個很好的問題，也是我們現在花費大量時間的一個領域，即在我們進入明年時識別出某種被覆蓋的、未被覆蓋的職位。就我們如何看待通貨膨脹和看跌期權而言，現在開始談論 23 年還為時過早。請記住，您還對我們現在正在採取的定價翻轉以及我認為以更加一致和滿載的方式運行的供應鏈的一些額外好處產生了全面影響，這對我們非常有利。

But I think you're right, and I think that indicates also to us that we are absolutely not ruling out any additional pricing that may need to happen. And I think in the spirit of what we've kind of learned to date, we're looking at that right now and understanding where and what and the surgical nature of how to digest a little bit of what we're seeing right now. Again, I would just caution there's a lot of volatility in certain commodities as it relates to Ukraine and Russia. I think we need a little bit more stability of trying to know what the underlying availability investment pricing looks like. But there's no doubt there's going to be pressure that's associated with that. And so I absolutely would not rule that out.

但我認為你是對的，我認為這也向我們表明，我們絕對不排除可能需要發生的任何額外定價。我認為，本著我們迄今為止所學的精神，我們現在正在研究這一點，並了解如何消化我們現在所看到的一點點東西的地點和內容以及外科手術的本質。再一次，我只是警告說，某些大宗商品與烏克蘭和俄羅斯有關，波動很大。我認為我們需要更多的穩定性來嘗試了解潛在的可用性投資定價是什麼樣的。但毫無疑問，將會有與此相關的壓力。所以我絕對不會排除這種可能性。

I think, again, as you make each step in pricing, I think the need to be even more strategic, more surgical in nature, really tying it directly to where commodity pressure could reside, I think is areas we're going to continue to explore. And that may mean that even in this -- or in this fiscal year that we've got to look at more pricing in a way to position kind of the back end of this year as well as into next year.

我再次認為，當您在定價方面邁出每一步時，我認為需要更具戰略性，本質上更具外科手術性，真正將其與商品壓力可能存在的地方直接聯繫起來，我認為這是我們將繼續關注的領域探索。這可能意味著即使在本財年 - 或在本財年，我們也必須考慮更多定價，以便在今年年底和明年定位某種後端。

And your next question is from David Palmer with Evercore.

您的下一個問題來自 Evercore 的 David Palmer。

Thanks for your comments earlier on shipments versus consumption. I wanted to maybe get a sense from you about what's going on behind the scenes there, what's helping going into fiscal 2H. Is it your own staffing levels, it's freight or co-packers? Any detail would be interesting and helpful.

感謝您之前對出貨量與消費量的評論。我想從您那裡了解幕後發生的事情，以及對進入 2H 財年有什麼幫助。是您自己的人員配備水平，是貨運還是聯合包裝商？任何細節都會很有趣且很有幫助。

Yes. So the overwhelming dominant improvement is in labor. If you remember back in the first quarter, we had anticipated a trajectory of recovery that was really through the second quarter into the back half, and what occurred in December and January with Omicron just kind of delayed it. I think what's good news about what we've experienced is that although that kind of came fast and furiously into the quarter, it also subsided a lot faster than we'd seen prior iterations of pressure. And so it allowed us to get back on track. And as I said a couple of times throughout the quarter, the fact that we had hired as many new folks as we had allowed us, I think, to weather the storm a little bit better and get us in a position in the back half.

是的。因此，壓倒性的主要進步是在勞動力方面。如果您還記得第一季度，我們曾預計到第二季度真正進入後半段的複蘇軌跡，而在 12 月和 1 月發生的 Omicron 只是稍微推遲了它。我認為我們所經歷的好消息是，儘管這種情況在本季度快速而激烈地出現，但它也比我們之前看到的壓力迭代更快地消退了。所以它讓我們回到了正軌。正如我在整個季度中多次說過的那樣，事實上，我們已經僱傭了盡可能多的新人，我認為，我們可以更好地度過風暴，讓我們處於後半區的位置。

But just to put it in context, we were running -- if you combine absenteeism and vacancy rates, we were running low double-digit percent of gap relative to that. And if you look at where we are now, historically, we tend to be around 3% to 4%, and we're at about 4% right now. And so that has been the single biggest movement, if you will, in improving our production levels relative to meeting demand and meeting expectations. So that's first and foremost.

但只是為了把它放在上下文中，我們正在運行 - 如果你結合缺勤率和空置率，我們的差距相對較低，只有兩位數。如果你看看我們現在所處的位置，從歷史上看，我們往往在 3% 到 4% 左右，而我們現在在 4% 左右。因此，如果您願意的話，這是在提高我們的生產水平以滿足需求和滿足期望方面最大的單一運動。所以這是首要的。

I think the other thing is that we are really working hard on continuing to add capacity. One of the things that's really interesting is if you look at the last 24 months, and I would say this has been a little slower than I would have liked. But if you look at the last 24 months, we've added almost 8% of capacity to our network. And in particular, you see that manifesting on brands like Goldfish, like our Kettle potato chip business, where you're seeing the benefit of that added capacity. So those 2 areas, right, and we have that coming as it relates to tortilla chips, as it relates to cookies. These are areas that we're also -- sandwich crackers on Lance, which has, another, been a challenging area. So I think the combination of those 2 things together are what's really giving us the better confidence.

我認為另一件事是我們真的在努力繼續增加容量。真正有趣的一件事是，如果您查看過去的 24 個月，我會說這比我希望的要慢一些。但是，如果您查看過去 24 個月，我們已經為我們的網絡增加了近 8% 的容量。特別是，您會在 Goldfish 等品牌上看到這一點，比如我們的 Kettle 薯片業務，您會看到增加產能的好處。所以這兩個領域，對，我們有它與玉米片有關，因為它與餅乾有關。這些也是我們的領域——蘭斯的三明治餅乾，另一個，是一個具有挑戰性的領域。所以我認為這兩件事的結合是真正讓我們更有信心的東西。

And again, throughout this process, our overall execution has actually been very good relative to what we might have experienced a year ago or in prior levels. And I only expect that to get better as we continue to focus on that as a really core capability. We continue to add resources. This is a specific area of expertise for Dan Poland, who I mentioned earlier is joining the company, very, very good at driving standardization and operational excellence across the network, in particular, in our Snyder's-Lance facilities. That is a network that really we see the biggest opportunity in elevating that level of consistency and performance.

同樣，在整個過程中，相對於我們一年前或之前的水平，我們的整體執行實際上非常好。我只希望隨著我們繼續將其作為一項真正的核心能力而變得更好。我們繼續增加資源。這是 Dan Poland 的一個特定專業領域，我之前提到他將加入公司，非常非常擅長推動整個網絡的標準化和卓越運營，特別是在我們的 Snyder's-Lance 設施中。這是一個我們真正看到提升一致性和性能水平的最大機會的網絡。

And so with that set of tools, along with kind of the structural improvement of labor and capacity, it's why we feel as good as we do about that recovery. So hopefully, that helps give you a little bit of color. But it's a great question and one that we think is really paramount to the believability of the second half recovery and why we see it as a more likely outcome than it might look like on paper.

因此，有了這套工具，再加上勞動力和能力的結構性改進，這就是為什麼我們對複甦的感覺和我們一樣好。所以希望，這有助於給你一點色彩。但這是一個很好的問題，我們認為對於下半年復甦的可信度以及為什麼我們認為它比紙面上看起來更有可能的結果至關重要。

That is helpful. And just a small follow-up on that is if you -- retailer inventory, where would you say that is versus history? And I think you were alluding to maybe being -- having shipments above consumption in fiscal 4Q. I don't know if I picked that up correctly.

這很有幫助。如果你是零售商庫存，你會說這與歷史相比在哪裡？而且我認為您在暗示可能是-第四財季的出貨量超過了消費量。我不知道我是否正確地選擇了它。

Yes. No. Yes, we're low is what I would say. I mean, obviously, it depends a little bit on the category that you're speaking to, but I would tell you versus our historical position, in particular, given the pressure that we experienced in January. And again, I will say that we are already seeing some recovery in that as we go forward. But the reality is, I think on many of our businesses -- and you see it again. Like I think a great proxy for people to watch the development of our supply and availabilities through TDPs, which almost to the item, if you will, or to the brand winds up with the share challenges and the percent loss in distribution, and conversely, where you see that beginning to recover is where you see the return to kind of more normal levels of share growth and performance.

是的。不，是的，我想說的是，我們很低。我的意思是，顯然，這在一定程度上取決於您所談論的類別，但我會告訴您與我們的歷史立場相比，特別是考慮到我們在一月份所經歷的壓力。再說一次，我要說的是，隨著我們的前進，我們已經看到了一些復甦。但現實是，我認為我們的許多業務 - 你又看到了。就像我認為人們通過 TDP 觀察我們的供應和可用性發展的一個很好的代理，如果你願意的話，這幾乎與項目或品牌有關，最終面臨份額挑戰和分銷損失百分比，相反，你看到開始復甦的地方就是你看到股票增長和業績恢復到更正常水平的地方。

And so I think as you see that recover, come back into full inventory, the combination of those things together are going to be a nice tailwind for us to give you a little bit greater confidence that we're going to be in that positive territory. And I think, as I said before, I think it will take us slightly through until Q4 until you're kind of more fully loaded, if you will, across the board. But I do think you're going to see recovery in Q3 and likely opportunity to shift perhaps ahead of consumption even as early as parts of Q3.

所以我認為當你看到恢復，回到完整的庫存時，這些東西的結合將對我們來說是一個很好的順風，讓你更有信心，我們將進入那個積極的領域.而且我認為，正如我之前所說，我認為我們會稍微度過第四季度，直到你全面加載，如果你願意的話。但我確實認為您將在第三季度看到復蘇，並且可能早在第三季度的部分時間就可能在消費之前發生轉變。

We have now reached the allotted time for questions today. This will conclude today's conference call. Thank you for participating. You may now disconnect.

我們現在已經到了今天的提問時間。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。