Dole PLC (DOLE) 2022 Q4 法說會逐字稿

Welcome to the Dole plc Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded for playback purposes. At this time, all participants are on listen-only mode. After the speakers' presentation, there will be a question-and-answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole plc, James O'Regan.

歡迎來到 Dole plc 第四季度和 2022 年全年收益電話會議和網絡直播。今天的會議正在通過互聯網進行現場直播，同時也正在錄製以供回放。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。關於開場白和介紹，我想把電話轉給 Dole plc 的投資者關係主管 James O'Regan。

Thank you. Welcome, everybody, and thank you for taking the time to join our fourth quarter and full year 2022 Earnings Conference Call. Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Divine.

謝謝。歡迎大家，並感謝您抽出寶貴時間參加我們的第四季度和 2022 年全年收益電話會議。今天和我一起參加電話會議的是我們的首席執行官 Rory Byrne；我們的首席運營官 Johan Linden；以及我們的首席財務官 Jacinta Divine。

During this call, we will be referring to presentation slides and supplemental remarks and these, along with our earnings release and other related materials are available on the Investor Relations section of the Dole plc website. Please note our remarks today will include certain forward-looking statements within the provisions of the federal securities safe harbor laws. These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors including those set forth in our SEC filings and press releases. Information regarding the use of non-GAAP financial measures may be found in our press release, which also includes a reconciliation to the most comparable GAAP measures.

在本次電話會議中，我們將參考演示幻燈片和補充說明，這些連同我們的收益發布和其他相關材料可在 Dole plc 網站的投資者關係部分獲得。請注意，我們今天的評論將包括聯邦證券安全港法規定內的某些前瞻性陳述。這些反映了當時的情況，公司明確表示不承擔任何更新或修改任何前瞻性陳述的義務。由於多種因素，包括我們向美國證券交易委員會提交的文件和新聞稿中規定的因素，實際結果或成果可能與明示或暗示的結果大不相同。有關使用非 GAAP 財務措施的信息可以在我們的新聞稿中找到，其中還包括與最具可比性的 GAAP 措施的調節。

With that, I am pleased to turn today's call over to Rory.

有了這個，我很高興將今天的電話轉給羅里。

Thank you, James, and welcome, everybody, and thank you for joining us today. Well, 2022 was the first full financial year for the group from the completion of the merger of total produce of Dole Food Company on the subsequent IPO of Dole plc in July 2021. The continued integration of the two-legacy business was a key operational focus for us during 2022, and we're very pleased with the progress made. Starting out with the rebranding of our operations, we created the backdrop but on new combined entity under the iconic Dole brand.

謝謝你，詹姆斯，歡迎大家，感謝你今天加入我們。那麼，2022 年是該集團自 2021 年 7 月 Dole plc 首次公開募股後完成對 Dole Food Company 總產品的合併後的第一個完整財政年度。繼續整合兩個傳統業務是一個關鍵的運營重點對我們來說，在 2022 年期間，我們對取得的進展感到非常滿意。從我們業務的品牌重塑開始，我們在標誌性的 Dole 品牌下創建了新的合併實體背景。

We launched Dole Exotics and the BE! Exotic brand in Europe. The specialist division is dedicated to the growing procurement, ripening, and marketing of exotic branches such as avocados and mangoes, aligning with our strategy to focus our efforts in categories with strong growth potential. We released our first sustainability report as Dole plc and set ambitious goals for the near, medium and long term. These sustainability efforts were recognized by a number of industry bodies during 2022.

我們推出了 Dole Exotics 和 BE!歐洲的異域品牌。專業部門致力於鱷梨和芒果等異國情調分支的種植、成熟和營銷，這與我們將精力集中在具有強勁增長潛力的類別上的戰略保持一致。我們作為 Dole plc 發布了我們的第一份可持續發展報告，並為近期、中期和長期制定了雄心勃勃的目標。這些可持續發展努力在 2022 年得到了許多行業機構的認可。

The American-Costa Rican Chamber of Commerce recognized us with the Social Responsibility and Action Award. Dole Ireland was awarded the Origin Green "gold" accolade, which is awarded the companies with exceptional annual performance on the sustainability targets.

美國-哥斯達黎加商會授予我們社會責任和行動獎。 Dole Ireland 獲得了 Origin Green“金獎”，該獎項授予在可持續發展目標方面年度表現出色的公司。

Post year-end, we announced reaching agreement to sell our Fresh Vegetables division to Fresh Express for a gross consideration of approximately $293 million, concluding the strategic review versus for this division, which we only took during 2022. We believe the combination with Fresh Express will improve the offering and serve customers and consumers through increased investments in innovation efficiencies and food safety.

年底後，我們宣布達成協議，將我們的新鮮蔬菜部門出售給 Fresh Express，總對價約為 2.93 億美元，完成了對該部門的戰略審查，我們僅在 2022 年進行了審查。我們相信與 Fresh Express 的合併將通過增加對創新效率和食品安全的投資來改善產品並為客戶和消費者提供服務。

I want to express my graduate again to the dedicated employees and partners of the Dole Fresh Vegetables business for their valuable contributions over the years and the support in particular, the management team as we work our way to reaching this agreement. Returning this division to profitability was a key focus for management last year, and the sale will allow us to focus on our core activities. We expect to use the net proceeds to reduce our debt, to strengthen the financial position of the group, and providing more flexibility to finance our future growth.

我想再次向 Dole Fresh Vegetables 業務的敬業員工和合作夥伴表示感謝，感謝他們多年來做出的寶貴貢獻，尤其是在我們努力達成這項協議的過程中對管理團隊的支持。使該部門恢復盈利是去年管理層的重點，出售將使我們能夠專注於我們的核心活動。我們希望使用所得款項淨額來減少我們的債務，加強集團的財務狀況，並為我們未來的增長提供更大的靈活性。

So turning to Slide 7 and the fourth quarter financial highlights. We've delivered a very strong result for the fourth quarter, driven by a particularly good performance in our Fresh Fruit segment. Group revenue increased by 4.7% on a like-for-like basis, excluding the impact of foreign currency translation movements and M&A, it increased by 10.2%. Adjusted EBITDA increased by 21.7% to $74.4 million, driven by the strong performance in our Fresh Fruit segment. This increase in adjusted EBITDA drove the increase in adjusted net income and adjusted diluted earnings per share.

所以轉向幻燈片 7 和第四季度的財務亮點。在我們的新鮮水果部門表現特別出色的推動下，我們第四季度取得了非常強勁的業績。集團收入同比增長 4.7%，剔除外幣換算變動和併購的影響，增長 10.2%。調整後的 EBITDA 增長 21.7% 至 7,440 萬美元，這得益於我們新鮮水果部門的強勁表現。調整後 EBITDA 的增加推動了調整後淨收入和調整後攤薄每股收益的增加。

On Slide 8 then, we recount the overall full year performance. Against the backdrop of an unprecedented economic and operating environment, we are pleased to implement the results for the year. Group revenue came in at $9.2 billion, in line with the prior year on a pro-forma basis and also in line with our guidance to the market. On a like-for-like basis, revenue increased by 5%. Price increases in response to inflation were the primary reason for this group. Adjusted EBITDA of $338 million was in line with our guidance. The decrease year-on-year was primarily due to the loss incurred by Fresh Vegetables following the challenging year, along with the impact of negative foreign currency movements.

然後在幻燈片 8 上，我們回顧了全年的整體表現。在前所未有的經濟和經營環境的背景下，我們很高興落實今年的業績。集團收入為 92 億美元，與上一年的預估收入一致，也符合我們對市場的指導。在同比基礎上，收入增長了 5%。價格因通貨膨脹而上漲是這一群體的主要原因。調整後的 EBITDA 為 3.38 億美元，符合我們的指引。同比下降主要是由於 Fresh Vegetables 在充滿挑戰的一年後出現虧損，以及外匯負變動的影響。

Our Fresh Fruit segment performed very strongly, taking advantage of its strong strategic asset base. Our diversified risk project segments also performed grow in '22, remain agile in the base of challenges from supply chain disruptions, inflationary pressures and on economic uncertainty.

我們的新鮮水果部門利用其強大的戰略資產基礎表現非常強勁。我們多元化的風險項目部門在 22 年也取得了增長，在供應鏈中斷、通脹壓力和經濟不確定性帶來的挑戰基礎上保持敏捷。

So moving on to Slide 10 for our operational highlights. Our Fresh Fruit division had a very positive end to the year and an excellent overall performance in 2022. North America and Commercial Cargo operations continued to perform very well with a healthy supply and demand balance and good shipping rates driving our performance. In Europe, high shipping rates and adverse currency movements continue to impact their profitability or partially offset by an improved supply and demand balancing, which allowed for better market pricing in Q4.

因此，請轉到幻燈片 10 了解我們的運營亮點。我們的新鮮水果部門在年底取得了非常積極的成績，並在 2022 年取得了出色的整體業績。北美和商業貨運業務繼續表現良好，供需平衡健康，運費良好，推動了我們的業績。在歐洲，高運費和不利的貨幣走勢繼續影響他們的盈利能力，或者被供需平衡的改善部分抵消，這使得第四季度的市場定價更好。

Importantly, this dynamic has also extended to better contract pricing in Europe for 2023. The recent customer renewals have allowed for important cost variables to be reset to more sustainable levels for the industry. Overall, while supply and demand dynamics in the many markets we mean an important variable for 2023. With our diverse sourcing base and leading customer portfolio, we believe we're well placed to have a strong year.

重要的是，這種動態還擴展到 2023 年歐洲更好的合同定價。最近的客戶續約使得重要的成本變量被重置為行業更可持續的水平。總體而言，雖然我們認為許多市場的供需動態是 2023 年的一個重要變量。憑藉我們多元化的採購基礎和領先的客戶組合，我們相信我們有能力迎來強勁的一年。

Our diversified EMEA segment continued to trade well on a like-for-like basis in Q4 while also benefiting from its extensive product and geographic diversity. Inflationary pressures and supply chain challenges continue to be apparent in certain markets. But overall, our businesses continue to demonstrate the ability to price dynamically and provide consistent and high-quality service to our customers. Looking now to 2023. We continue to be encouraged by our success in managing supply chain complexity and with our dynamic plan pricing model, we expect to have a consistent year.

我們多元化的 EMEA 分部在第四季度繼續在同類基礎上交易良好，同時也受益於其廣泛的產品和地域多樣性。通脹壓力和供應鏈挑戰在某些市場繼續顯現。但總的來說，我們的業務繼續展示動態定價和為客戶提供一致和高質量服務的能力。現在展望 2023 年。我們繼續為我們在管理供應鏈複雜性方面的成功和我們的動態計劃定價模型感到鼓舞，我們希望這一年保持一致。

Our Diversified Americas segment continued to be impacted by specific supply chain challenges in Q4 with disruptions impacting a number of products, particularly on apples and kiwis. More positively, our important Chilean cherry business had a strong start to its season and our U.S. operations continue to perform well, particularly in products such as potatoes and onions. Overall, in 2022, the negative impact of supply chain disruptions on the export side of the business offset positive environment in the rest of this division. However, the scale and range of activities in our Diversified Americas segment still allowed us to maintain a solid level of performance overall.

我們的多元化美洲業務在第四季度繼續受到特定供應鏈挑戰的影響，中斷影響了許多產品，尤其是蘋果和奇異果。更積極的是，我們重要的智利櫻桃業務在本季開局良好，我們的美國業務繼續表現良好，特別是在土豆和洋蔥等產品方面。總體而言，到 2022 年，供應鏈中斷對業務出口方面的負面影響抵消了該部門其他部門的積極環境。然而，我們多元化美洲部門的活動規模和範圍仍然使我們能夠保持穩定的整體績效水平。

Our fourth quarter performance of Fresh Vegetables remained somewhat disappointing as the industry went through an exceptional period of supply short just dated significant increases in sourcing costs in Q4. Performance improved at the end of the quarter as supply began to improve and also as our turnaround plan began to deliver benefits. We remain focused on driving continued improvement in this business whether it remains a part of the group.

我們的新鮮蔬菜第四季度的表現仍然有些令人失望，因為該行業經歷了一段特殊的供應期，而第四季度的採購成本剛剛顯著增加。隨著供應開始改善以及我們的周轉計劃開始產生效益，本季度末的業績有所改善。我們仍然專注於推動這項業務的持續改進，無論它是否仍然是集團的一部分。

Turning to Slide 12, to our sustainability highlights in 2022. We published our first sustainability report to Dole plc, which save our ambitious goals for the coming years. Summary of these goals are set out on Page 13 of our presentation.

轉到幻燈片 12，了解我們在 2022 年的可持續發展亮點。我們向 Dole plc 發布了我們的第一份可持續發展報告，其中保存了我們未來幾年的雄心勃勃的目標。這些目標的摘要載於我們演示文稿的第 13 頁。

We achieved a 4% reduction in our Scope 1 and 2 emissions, a valuation for CDP time disclosures and committed to the science-based target initiative. We continue to make investments in new and renewable energy sources as we treat transition from fossil fuels. Examples of this include the further solar panel facilities in Ireland, the addition of two wind turbines and manufacturing facilities in Salinas, and the addition of five new electric tractor rigs at the San Diego port terminal.

我們的範圍 1 和範圍 2 排放量減少了 4%，這是對 CDP 時間披露的估值，並致力於基於科學的目標倡議。在處理從化石燃料過渡的過程中，我們繼續對新能源和可再生能源進行投資。這方面的例子包括在愛爾蘭的更多太陽能電池板設施，在薩利納斯增加兩個風力渦輪機和製造設施，以及在聖地亞哥港口碼頭增加五個新的電動拖拉機鑽井平台。

Our business model remains driven by adding value to society by delivering on social investment evidenced by our long track record in Latin America through the Dole Foundation, promoting healthy nutrition consumers and finally, being a good steward of our natural resources like water, biodiversity, and so on.

我們的商業模式仍然是通過提供社會投資為社會增加價值來驅動的，我們通過都樂基金會在拉丁美洲的長期業績證明了這一點，促進健康營養消費者，最後成為我們自然資源的好管家，如水、生物多樣性和很快。

Detailed goals for emissions for the itemized during 2023 and submitted to SBTI, and we will continue to focus on climate risk management. Our second annual sustainability report was found in the fourth quarter of '23. So with that, I'll hand you over to Jacinta to give the financial review.

詳細列出2023年的排放目標並提交給SBTI，我們將繼續關注氣候風險管理。我們的第二份年度可持續發展報告發佈於 2023 年第四季度。因此，我將把你交給 Jacinta 進行財務審查。

Thank you, Rory. Good morning and good afternoon. Turning to the group results on Slide 15. Firstly, it is worth noting that the results for the fourth quarter are the first set of quarterly results where we compare to reported rather than pro-forma financials. As Rory mentioned, we delivered a strong performance in the fourth quarter and to recap on the key numbers.

謝謝你，羅里。早上好，下午好。轉到幻燈片 15 上的集團業績。首先，值得注意的是，第四季度的業績是我們與報告而非備考財務數據進行比較的第一組季度業績。正如 Rory 所提到的，我們在第四季度表現強勁，並回顧了關鍵數據。

Revenues for the fourth quarter increased over EUR 100 million compared to the prior year, driven by higher pricing across all segments. On a like-for-like basis, revenue increased over 10%. Adjusted EBITDA for the fourth quarter increased 21.7% or $13 million to $74 million, with the increase driven by a strong performance in fresh fruit. On a like-for-like basis, adjusted EBITDA increased 29%. Adjusted net income was $8.9 million, and adjusted diluted EPS was $0.09 in the quarter versus breakeven in Q4 2021, with the increase driven by higher adjusted EBITDA, offsetting higher interest expense versus the prior year.

第四季度的收入比上年增長超過 1 億歐元，這主要得益於所有部門定價的提高。在同類基礎上，收入增長超過 10%。第四季度調整後的 EBITDA 增長 21.7% 或 1300 萬美元至 7400 萬美元，增長得益於新鮮水果的強勁表現。在同比基礎上，調整後的 EBITDA 增長了 29%。調整後淨收入為 890 萬美元，本季度調整後攤薄每股收益為 0.09 美元，而 2021 年第四季度為盈虧平衡，增長的原因是調整後 EBITDA 較高，抵消了較上一年較高的利息支出。

On a full year basis, revenue remained in line with prior year, whereas adjusted EBITDA decreased 14%. The decrease was predominantly due to the significant challenges in our fresh vegetables segment, which resulted in a $33 million adjusted EBITDA value. Foreign exchange translation also had a negative impact of $15 million. These impacts were partially offset by a strong year in price freeze. Adjusted net income and adjusted diluted EPS, both decreased versus the pro-forma comparators for 2021, driven by the decrease in adjusted EBITDA and higher interest expense. I will now provide some more detail on the fourth quarter performance for each of the operating segments.

從全年來看，收入與上年持平，而調整後的 EBITDA 下降了 14%。減少的主要原因是我們的新鮮蔬菜部門面臨重大挑戰，這導致調整後的 EBITDA 價值為 3300 萬美元。外匯換算也產生了 1500 萬美元的負面影響。這些影響被強勁的一年價格凍結所部分抵消。由於調整後的 EBITDA 減少和利息支出增加，調整後的淨收入和調整後的攤薄每股收益均低於 2021 年的備考比較對象。我現在將提供每個運營部門第四季度業績的更多細節。

Turning to Slide 17 for Fresh Fruit. Fresh Fruit had a strong fourth quarter and end the year with revenue increasing 8.7% and adjusted EBITDA increasing 163%. Similar to the third quarter, the increases were driven by higher pricing for bananas worldwide, continued strong performance from commercial cargo, and higher pineapple volumes. Operating costs remained elevated, particularly shipping and packaging costs and costs of sourced fruit. However, higher prices have offset these cost increases.

轉到幻燈片 17 的新鮮水果。 Fresh Fruit 第四季度和年底表現強勁，收入增長 8.7%，調整後 EBITDA 增長 163%。與第三季度類似，這一增長是由全球香蕉價格上漲、商業貨運持續強勁表現以及菠蘿銷量增加推動的。運營成本仍然居高不下，尤其是運輸和包裝成本以及採購水果的成本。然而，更高的價格抵消了這些成本增加。

Moving on to Slide 18 for Diversified Fresh Produce - EMEA. The good underlying performance in this segment was demonstrated by the 6.9% increase in revenue on a like-for-like basis, driven by higher pricing. Adjusted EBITDA decreased 19.5%. However, adjusting for FX and M&A, this decrease reduces to 4.8% on a like-for-like basis. This decrease was mainly due to higher logistics and sourcing costs based by our Scandinavian businesses had an unfavorable great deal in South Africa, offset by strong performance in our Spanish, Dutch, and Czech businesses.

轉到幻燈片 18，了解多樣化的新鮮農產品 - 歐洲、中東和非洲。在價格上漲的推動下，收入同比增長 6.9%，證明了該細分市場良好的基本業績。調整後的 EBITDA 下降了 19.5%。然而，調整外彙和併購後，這一降幅在同比基礎上降至 4.8%。這一下降主要是由於我們的斯堪的納維亞業務在南非的大量不利交易導致更高的物流和採購成本，但被我們西班牙、荷蘭和捷克業務的強勁表現所抵消。

Turning to Diversified Fresh Produce - Americas and Rest of World on Slide 19. Revenues for the fourth quarter increased 19.6%, driven by higher pricing and volume of cherries in Chile and continued strong sales of potatoes and onions in North America. Disappointingly, adjusted EBITDA decreased 24% during the quarter following a weak season for Chilean apples and kiwis and lower pricing of raspberries in North America, partially offset by a strong start to the Chilean cherry season and higher pricing of potatoes and onions.

轉向多樣化的新鮮農產品——幻燈片 19 上的美洲和世界其他地區。第四季度的收入增長了 19.6%，這得益於智利櫻桃價格和銷量的上漲以及北美土豆和洋蔥的持續強勁銷售。令人失望的是，由於智利蘋果和獼猴桃產季疲軟以及北美覆盆子價格較低，調整後的 EBITDA 在本季度下降了 24%，部分被智利櫻桃產季開局強勁以及土豆和洋蔥價格上漲所抵消。

Finally, turning to Fresh Vegetables on Slide 20. Revenue increased 6.1% as we saw the benefit of higher pricing for value-added products and continued strong pricing for the fresh-packed range. We continue to incur losses in the fourth quarter in Fresh Vegetables, particularly due to sourcing challenges and increased costs for vegetables and continued inflationary impact on other input and manufacturing costs.

最後，轉向幻燈片 20 上的新鮮蔬菜。收入增長了 6.1%，因為我們看到了增值產品定價較高的好處以及新鮮包裝系列的持續強勁定價。我們在第四季度繼續在新鮮蔬菜方面出現虧損，特別是由於採購挑戰和蔬菜成本增加以及通貨膨脹對其他投入和製造成本的持續影響。

Turning to Slide 21. Capital expenditure for the fourth quarter was $31 million, and for the full year, we invested $98 million. For 2023, we expect CapEx to be circa $120 million, which is in line with appreciation for 2022. We are pleased that our net leverage at the end of the year was 3x in line with our target. As expected, we saw the unwind of seasonal working capital in the fourth quarter, and this contributed to the reduction in leverage from the third quarter.

轉到幻燈片 21。第四季度的資本支出為 3100 萬美元，全年我們投資了 9800 萬美元。到 2023 年，我們預計資本支出約為 1.2 億美元，這與 2022 年的升值一致。我們很高興我們年底的淨槓桿率達到 3 倍，符合我們的目標。正如預期的那樣，我們在第四季度看到了季節性營運資金的減少，這導致了第三季度槓桿率的下降。

For 2023, we expect the pattern of seasonal working capital movements to be similar to 2022. Our full year interest expense was $61 million in 2022 with the continued rise in market interest rates. We currently expect our full year interest expense for 2023 to be circa $90 million before any benefit from the sale of such regrowth. Finally, we have declared a dividend of $0.08 for the fourth quarter, in line with previous quarters this year and continuing our commitment to return cash to shareholders.

對於 2023 年，我們預計季節性營運資金流動模式將與 2022 年類似。隨著市場利率的持續上升，我們在 2022 年的全年利息支出為 6100 萬美元。目前，我們預計 2023 年的全年利息支出約為 9000 萬美元，再從出售此類再生長物中獲得任何收益。最後，我們宣布第四季度的股息為 0.08 美元，與今年前幾個季度一致，並繼續承諾向股東返還現金。

Now I will hand you back to Rory, who will give an update on our full year outlook and closing remarks.

現在我將把你交還給 Rory，他將介紹我們的全年展望和結束語的最新情況。

Thank you, Jacinta. The operating environment so far in 2023 continues to bring both new opportunities and new challenges. As we noted in a recent update, we experienced a cyber in cybersecurity in since in February identified as ransom ware, which although had a limited impact on our overall operations was disruptive to Fresh Fruit and Vegetables division and our Chilean businesses in particular. More positively, we moved quickly to contain the threat and engaged with leading third-party cybersecurity experts or be working in partnership with their internal teams to remediate the issue and secure systems.

謝謝你，雅辛塔。 2023年迄今的經營環境繼續帶來新機遇和新挑戰。正如我們在最近的更新中指出的那樣，自 2 月以來，我們經歷了一次網絡安全網絡攻擊，該攻擊被確定為勒索軟件，雖然對我們的整體運營影響有限，但對新鮮水果和蔬菜部門，尤其是我們的智利業務造成了破壞。更積極的是，我們迅速採取行動遏制威脅，並與領先的第三方網絡安全專家合作，或與他們的內部團隊合作解決問題並保護系統。

Switching to looking at the supply chains. So far in 2023, we are seeing signs of improved logistical efficiencies in several areas. Wherever we've also seen further weather events, just colder weather, particularly in solar in Spain, which has created challenges for importers in Northern Europe at the start of the year. And lastly, when looking at the macroeconomic environment, we've seen positives for our business with the strength in Europe, lower and more stable fuel prices, as well as some signs of inflation moderation in certain areas. However, as the environment remains uncertain, we need to remain fully and highly focused on management costs and delivering operating efficiencies.

轉而關注供應鏈。到 2023 年為止，我們在多個領域看到了物流效率提高的跡象。在我們還看到更多天氣事件的地方，只有更冷的天氣，尤其是西班牙的太陽能，這在年初給北歐的進口商帶來了挑戰。最後，在審視宏觀經濟環境時，我們看到了對我們業務的積極影響，包括歐洲的實力、更低且更穩定的燃料價格，以及某些地區通脹放緩的跡象。然而，由於環境仍然不確定，我們需要繼續充分和高度關注管理成本和提供運營效率。

Overall, for 2023, we believe our business is well positioned for growth. And while forecasting in the current environment is complex, we are targeting full year adjusted EBITDA of $350 million. Our forecast assumes no contribution from the Fresh Vegetables division. In conclusion, we're very pleased to finish '22 with a strong fourth quarter and have agreed to dig some of our Fresh Fruit division. Our principal priorities looking into '23 are obviously completing the sale in the Fresh Vegetables business, continuing to focus on cost control and operating efficiencies across our businesses, including the ongoing synergy projects, continuing with a disciplined approach to capital, and accelerating growth in our core business areas post completion of the Fresh Vegetables transaction.

總體而言，我們認為我們的業務在 2023 年處於增長的有利位置。雖然在當前環境下進行預測很複雜，但我們的目標是全年調整後的 EBITDA 達到 3.5 億美元。我們的預測假設新鮮蔬菜部門沒有貢獻。總之，我們很高興以強勁的第四季度結束 22 年，並同意挖掘我們的一些新鮮水果部門。我們展望 23 年的主要優先事項顯然是完成新鮮蔬菜業務的銷售，繼續專注於我們業務的成本控制和運營效率，包括正在進行的協同項目，繼續採用嚴格的資本方法，並加速我們業務的增長新鮮蔬菜交易完成後的核心業務領域。

I want to finish by thanking again our committed team for their ongoing efforts to drive our business forward and also by thanking our critical partners and customers for their ongoing support, which allows us to look to the future with great confidence. With that, I'll hand you back to the operator, and we can open the line for questions.

最後，我想再次感謝我們敬業的團隊為推動我們的業務向前發展所做的不懈努力，並感謝我們的重要合作夥伴和客戶一直以來的支持，這使我們能夠滿懷信心地展望未來。有了這個，我會把你交還給接線員，我們可以打開問題熱線。

(Operator Instructions) I'll pause for just a moment to compile the Q&A roster. Our first question comes from Ben Bienvenu with Stephens.

（操作員說明）我將暫停片刻來整理問答名單。我們的第一個問題來自 Ben Bienvenu 和 Stephens。

I want to ask when we look at your $350 million of EBITDA guidance that you provided, some of the core assumptions that go into that, and I recognize that you noted you expect no contribution from Fresh Vegetables. But if I take this year's results and I back out Fresh Vegetables, it looks to be above that $350 million level. So maybe talk to us about what the push and pulls are in that $350 million guidance commentary.

我想問一下，當我們查看您提供的 3.5 億美元 EBITDA 指導時，其中的一些核心假設，我知道您指出您不希望新鮮蔬菜做出任何貢獻。但如果我拿今年的結果並退出 Fresh Vegetables，它看起來會超過 3.5 億美元的水平。因此，也許可以和我們談談 3.5 億美元的指導評論中的推力和拉力。

Sure. Thanks for the question, Ben. Yes, I think the overall question is that the site that the environment is still quite volatile out there and forecasting continues to be very complex and difficult science without a doubt. There is ongoing supply chain disruption who knows where foreign exchange is going to end up. It has been quite volatile over the last couple of years. Unfortunately, we've got the war still going on in Europe, in Ukraine. Energy costs quite volatile, fuel are quite volatile, inflation although we've seen some indication that it might be moderating and then on the last day or two, maybe some European markets looks like it's increasing still.

當然。謝謝你的問題，本。是的，我認為總體問題是該站點的環境仍然非常不穩定，毫無疑問，預測仍然是非常複雜和困難的科學。供應鏈持續中斷，誰知道外匯將流向何方。在過去的幾年裡，它一直非常不穩定。不幸的是，在歐洲，在烏克蘭，戰爭仍在繼續。能源成本波動很大，燃料波動很大，通貨膨脹雖然我們已經看到一些跡象表明它可能正在緩和，但在最後一兩天，也許一些歐洲市場看起來仍在上漲。

So well, we're doing very well to manage all of those variables and then we look at what something just unexpectedly getting something like the cyber-attack, which whiles the overall scheme of things, is not a material effect. There's a lot of work to try and reestablish the systems and continue to operate as we could do. And on the other hand, FX may well be favorable. Other ups and downs across the business and nothing major. Overall, we've had a solid start to the year. So I think putting all of that into the mix, I think we're not too far of the expectation of the combined group of analysts that covers it.

好吧，我們在管理所有這些變量方面做得很好，然後我們看看是什麼東西出乎意料地得到了網絡攻擊之類的東西，雖然總體方案是這樣，但並不是實質性的影響。要嘗試重建系統並繼續盡我們所能繼續運作，還有很多工作要做。另一方面，外匯可能很有利。整個業務的其他起起落落並沒有什麼大不了的。總體而言，我們今年開局良好。因此，我認為將所有這些因素結合起來，我認為我們對涵蓋它的分析師組合的期望並不算太遠。

So if we take the average across all the analysts, it's somewhere around $370 million. We take all that the analyst stages you back to about $363 million and then what we've done for the purposes of looking at the forecast for 2023, we reallocated the head office costs that was previously absorbed by the Fresh Vegetables division, and you take that off and that gets you back to somewhere around the $350 million. So obviously, the head office cost, we've got a separate project underway. But once we finally divest of the Fresh Vegetable division, we will realign our cost base to reflect the new business, and that should be a benefit that will come through in 2024.

因此，如果我們取所有分析師的平均值，則約為 3.7 億美元。我們將所有分析師階段的數據重新計算到大約 3.63 億美元，然後我們為查看 2023 年的預測所做的工作，我們重新分配了之前由新鮮蔬菜部門吸收的總部成本，然後你拿關閉，這會讓你回到大約 3.5 億美元的地方。很明顯，總部成本，我們正在進行一個單獨的項目。但一旦我們最終剝離新鮮蔬菜部門，我們將重新調整成本基礎以反映新業務，這應該是 2024 年將實現的收益。

So, I mean, you can stand back from this. It's just forecasting is difficult, really. The target we've assessed -- I think you do stand back for the sale with an increase in EBITDA, plus somewhere north of $250 million cash. I think our enterprise value all goes up by $350 million to $400 million, but just doing those two things. So that's really the summary of what you we're asking...

所以，我的意思是，你可以退後一步。只是預測很難，真的。我們評估的目標——我認為你確實會因為 EBITDA 的增加而退縮，加上大約 2.5 億美元的現金。我認為我們的企業價值都增加了 3.5 億美元到 4 億美元，但只是做了這兩件事。所以這真的是我們要問的內容的摘要...

Okay. Very good. And you noted the cash coming in the door from the sale of Fresh Vegetables. I think the primary objective is to pay down debt. Can you talk about your appetite as you pay down debt and you start to see some of the other business lines improved perhaps some of the headwinds that you identified ease? What is your appetite to accelerate growth investments and/or pursue M&A?

好的。非常好。你注意到出售新鮮蔬菜帶來的現金收入。我認為主要目標是償還債務。你能談談你在償還債務時的胃口嗎？你開始看到其他一些業務線有所改善，也許你發現的一些不利因素有所緩解？您對加速增長投資和/或進行併購有何興趣？

Yes, we obviously are focused on DAS. Really sort of buying and continues to increase a little bit. So that probably drives a little bit of caution in terms of investment or M&A. We are still seeing something of a disconnect between the public and private markets that good private companies in our sector has still been valued considerably have put the largest player in the sector is being valued by the stock market, so that's a little disappointing and it discourages on making serious M&A activity. So, we keep it under review. We keep our balance sheet under view when we push where coming to the equation, and we'll manage this as the company evolves over the next year or so.

是的，我們顯然專注於 DAS。真正的購買並繼續增加一點點。因此，這可能會促使人們在投資或併購方面保持謹慎。我們仍然看到公共市場和私人市場之間存在某種脫節，即我們行業中優秀的私營公司仍然受到相當大的重視，使該行業最大的參與者受到股票市場的重視，所以這有點令人失望，令人沮喪進行認真的併購活動。因此，我們會對其進行審查。當我們推動方程式的發展時，我們會密切關注我們的資產負債表，並且隨著公司在未來一年左右的發展，我們將對其進行管理。

Okay. Thank you so much.

好的。太感謝了。

Our next question comes from Adam Samuelson with Goldman Sachs.

我們的下一個問題來自高盛的亞當薩繆爾森。

So I guess, first question, maybe kind of continuing on the kind of some of the puts and takes around 2023. Can you talk about where the supply-demand balance in bananas and pineapples as it sits today? How, where you see kind of the most kind of improvement on demand or focus on supply productivity? And then kind of a related question on the guidance. Is there any kind of thoughts on phasing first half, second half seasonality that we should be particularly conscious of?

所以我想，第一個問題，可能會在 2023 年左右繼續進行一些看跌期權和看跌期權。你能談談今天香蕉和菠蘿的供需平衡嗎？如何，您在哪裡看到需求的最大改善或對供應生產力的關注？然後是關於指南的相關問題。關於分階段調整上半年、下半年的季節性，我們有什麼需要特別注意的想法嗎？

Yes. I think in relation to seasonality, we're expecting a broadly similar profile by quarter. There may be some variations in some switches, but not -- we don't think it's going to be a materially different as '22 was versus '21. So it's some ups and downs. But as you know, Adam, we look at this business on a full year basis rather than quarter-on-quarter, but we don't expect such a radical moods. As for example, we have between Q1 '22 and Q1 '21. So we're a little bit a little bit more aligned to the 22%. And then perhaps, Johan, do you want to make some comments on the overall supply-demand balance on the banana, which was Adam's first question?

是的。我認為關於季節性，我們預計每個季度的情況大致相似。某些開關可能會有一些變化，但不會——我們認為它不會像 22 年與 21 年那樣有實質性的不同。所以這是一些起伏。但正如你所知，亞當，我們以全年而不是季度為基礎來看待這項業務，但我們預計不會出現如此激進的情緒。例如，我們在 Q1 '22 和 Q1 '21 之間。所以我們更接近 22%。然後，約翰，你想對亞當的第一個問題——香蕉的整體供需平衡發表一些評論嗎？

Sure. So, we feel that we are in a good place right now. We started the year good. The market has been tight. So, the supply has been tight when it comes to bananas, but we have had supply. So, we have been able to perform well. The supply position will ease a little bit to the overall market, but we still feel that we are in a good position when we look out for the full year. We feel that we have a good and well balanced year when it comes to supply and demand.

當然。所以，我們覺得我們現在處在一個好地方。我們今年開局不錯。市場一直吃緊。因此，香蕉供應緊張，但我們有供應。因此，我們能夠表現出色。供應狀況將對整體市場有所緩解，但我們仍然認為我們在展望全年時處於有利地位。我們認為，在供需方面，我們度過了一個良好且平衡的一年。

Maybe to put a little bit color on also one piece of our Fresh Fruit business is that we had, of course, an exceptional year also last year when it comes to commercial cargo. We believe we're going to have a good year in commercial cargo, but it's not going to be as exceptional that we had during 2021 and especially during 2022.

也許我們的新鮮水果業務也有一點點色彩，當然，去年我們在商業貨運方面也有一個特殊的一年。我們相信我們將在商業貨運方面度過美好的一年，但不會像 2021 年，尤其是 2022 年那樣出色。

All right. That's all very helpful. And just a quick follow-up. What's the expectations for interest expense and CapEx for the year?

好的。這一切都非常有幫助。并快速跟進。對今年的利息支出和資本支出有何預期？

Do you want to take that, Jacinta?

你想接受嗎，Jacinta？

Sure, yes. So, we're expecting interest expense of approximately $90 million, which is a reflection of the increase in interest rates. And then for CapEx, we're expecting about $120 million, which is pretty much aligned with our depreciation number for 2022.

當然，是的。因此，我們預計利息支出約為 9000 萬美元，這反映了利率的上升。然後對於資本支出，我們預計約為 1.2 億美元，這與我們 2022 年的折舊數字幾乎一致。

All right. That's super helpful. Thank you.

好的。這非常有幫助。謝謝。

Obviously, Adam, that excludes any benefit that we might get depending on the Vegetables to completes.

顯然，亞當，這不包括我們可能因完成蔬菜而獲得的任何好處。

Got it. Thank you.

知道了。謝謝。

Our next question comes from Chris Barnes with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Chris Barnes。

I just wanted to follow up on the Fresh Vegetables sale. Are you able to share any expectations on just the timing of when you expect this transaction to close? And then just also around your confidence in completing the transaction, just given potential antitrust concern on the sale of business.

我只是想跟進新鮮蔬菜的銷售情況。您能否分享您對此次交易結束時間的預期？然後還圍繞您對完成交易的信心，考慮到對業務出售的潛在反壟斷擔憂。

Yes. Thanks, Chris. I suppose there's a couple of things to point out on the bench deal. First of all, we believe that this is a very good outcome for all the stakeholders involved in this transaction. We think it's a good deal for the buyer. We think it's a good deal for us, considering our financial dynamics. We think it's a good deal for the people involved in the business as well. We think this secures the future in a very good way. And most importantly, we also think that this is a good deal on the right move from a customer and consumer perspective. We think the combination will be good to create the ability of a great investment in innovation and efficiencies and particularly around food safety.

是的。謝謝，克里斯。我想在板凳交易中有幾點需要指出。首先，我們認為，對於參與此次交易的所有利益相關者來說，這是一個非常好的結果。我們認為這對買家來說是一筆划算的交易。考慮到我們的財務動態，我們認為這對我們來說是一筆好交易。我們認為這對參與業務的人來說也是一筆好交易。我們認為這可以很好地確保未來。最重要的是，我們還認為，從客戶和消費者的角度來看，這是一項正確的交易。我們認為這種結合將有利於創造在創新和效率方面進行大量投資的能力，尤其是在食品安全方面。

So as you know, the competition process is underway. We have been advised not to make too much public comment on it or we don't want to risk any interference in that process. It's a process that's driven by the buyer with the appropriate input from ourselves on the program that we set out within the SBA in terms of how it would be approach and how the application process for competition terms with the understatement has been followed rigidly. So we'll work our way through it. And at this point in time, we're not in a position to give any further updates on as the process evolves, we'll give an appropriate update.

如您所知，競爭過程正在進行中。我們被建議不要對此發表過多的公眾評論，或者我們不想冒對該過程進行任何干預的風險。這是一個由買方推動的過程，我們自己對我們在 SBA 中製定的計劃的適當投入，包括如何處理以及如何嚴格遵循競爭條款的申請流程。所以我們會努力解決它。目前，隨著流程的發展，我們無法提供任何進一步的更新，我們將提供適當的更新。

Got it. Understood. I guess just in the meantime, while you do own the business, can you just provide any sort of like status update on returning the business to profitability. Like obviously, you had the cybersecurity incident earlier this quarter. But like have you seen any impact from like the extreme weather we've seen in California, like in January, creating new disruption? Just any sort of just update on how that business is performing? And what you expect while you still do own it?

知道了。明白了。我想與此同時，當您擁有企業時，您能否提供任何類似的狀態更新，讓企業恢復盈利。顯然，您在本季度早些時候發生了網絡安全事件。但是你有沒有看到像我們在加利福尼亞看到的極端天氣造成的任何影響，比如 1 月份，造成新的破壞？只是關於該業務表現的任何更新？當您仍然擁有它時，您期望什麼？

Do you want to take that, Johan?

你要拿那個嗎，約翰？

Yes. So we are happy with the work that the division is doing. The focus has been on, as we have mentioned on the earlier calls that we had, is to service the customers. If you service the customers, you normally get the volume and you can get the price, and we are doing that well right now. Very strong operational cost focus to get costs down, and we have also seen good progress on that. We have negotiated some new contracts, and there we've been able to push some price through. We have formulated some SKUs. So we believe that we are making good headwinds with the division. We had a good finish of the year. We had a relatively strong finish going into and also a good start of the year.

是的。因此，我們對該部門所做的工作感到滿意。正如我們在之前的電話中提到的那樣，重點一直是為客戶提供服務。如果你為客戶服務，你通常會得到數量和價格，我們現在做得很好。非常重視運營成本以降低成本，我們也看到了這方面的良好進展。我們已經談判了一些新合同，並且我們已經能夠通過一些價格。我們制定了一些SKU。因此，我們相信我們正在與該部門取得良好的逆風。我們有一個很好的結束這一年。我們有一個相對強勁的結束，也是今年的一個良好開端。

Unfortunately, we had the cyber attack that had an impact when it comes to serving our customers for a while, but we are back in servicing them fully now. So that's fine. The weather has had an impact. All the rain that we got in California, in January especially, although we don't have production there, we don't supply in January out of California, we do that in Arizona, but we had already started to plant. So we will see some higher vegetable costs when we now do the transition here come in a couple of weeks. So the yields will be a little bit worse. But overall, we feel that we are moving in the right direction.

不幸的是，我們的網絡攻擊在一段時間內對我們的客戶服務產生了影響，但我們現在已經恢復為他們提供全面的服務。所以沒關係。天氣產生了影響。我們在加利福尼亞州下的所有雨，尤其是在 1 月份，雖然我們在那裡沒有生產，但我們在 1 月份不從加利福尼亞州供應，我們在亞利桑那州供應，但我們已經開始種植了。因此，當我們現在在這裡進行過渡時，我們將在幾週內看到一些更高的蔬菜成本。所以收益率會差一點。但總的來說，我們覺得我們正朝著正確的方向前進。

Got it. That's helpful. And then just a final question for me. Just around the cyber incident. Do you expect to recover any of like the disruption amount like either later in the year just through like supply recovery or also like insurance proceeds? And I'll pass it on at that. Thanks.

知道了。這很有幫助。然後是我的最後一個問題。就在網絡事件周圍。您是否希望在今年晚些時候通過供應恢復或保險收益來收回任何中斷金額？我會把它傳遞下去。謝謝。

I suppose the simple answer on that is no, we don't expect to recover in either of those categories. Insurance is prohibitively context to insurance in North America for cybersecurity at the moment. And no, we don't expect to recover in any other particular way.

我想對此的簡單回答是否定的，我們不希望在這兩個類別中恢復。目前，保險在北美的網絡安全保險中是令人望而卻步的。不，我們不希望以任何其他特定方式恢復。

Got it. Thanks so much.

知道了。非常感謝。

Our next question comes from Gary Martin with Davy.

我們的下一個問題來自 Gary Martin 和 Davy。

Just a quick question for me, just on the recent update just on the poor weather in Southern Europe and Northern Africa. Is this expected to be a Q1 only issue? Or is there going to be an impact just throughout the first half of the year? And just similarly, just in terms of the low yield in Chile, is that expected to just be a Q4 issue? Or will it transition into Q1, Q2 of FY '23? That's just my first question.

對我來說只是一個簡短的問題，只是關於最近更新的關於南歐和北非惡劣天氣的問題。預計這只是 Q1 的問題嗎？還是整個上半年都會有影響？同樣，就智利的低收益率而言，這是否只是第四季度的問題？還是會過渡到 23 財年的第一季度、第二季度？這只是我的第一個問題。

And then just a second one just on inflation-adjusted prices, just on some of the higher value of fruit and vegetable products. Have you seen any just demand attrition so far with the higher prices? Thanks.

然後是第二個關於通貨膨脹調整後的價格，關於一些較高價值的水果和蔬菜產品。到目前為止，您是否看到價格上漲導致需求減少？謝謝。

Yes. I did in press the current sources in Northern Europe, but haven't had a material impact on our business, some impact on our businesses in the U.K. and some impact on our Irish business, and we do expect that to normalize over the coming weeks, in fact. So I think there's just been something of a perfect storm year between supply chain issues, weather issues, Brexit issues, and perhaps even diversification issues around Brexit from U.K. supermarkets, and we reckon some of the price increases may have caused some of the Spanish producers on shared cycle quite crops to plant a little bit less. So we think that, that will -- the market will adjust that over time and we're seeing signs that improving at the moment but not a material impact from our perspective.

是的。我確實在新聞中提到了北歐的當前消息來源，但沒有對我們的業務產生實質性影響，對我們在英國的業務有一些影響，對我們的愛爾蘭業務也有一些影響，我們確實希望在未來幾週內恢復正常， 實際上。因此，我認為在供應鏈問題、天氣問題、英國退歐問題，甚至英國超市圍繞英國退歐的多元化問題之間，剛剛經歷了一個完美的風暴年，我們認為一些價格上漲可能導致一些西班牙生產商在共享週期相當作物種植少一點。所以我們認為，這將 - 市場將隨著時間的推移進行調整，我們看到目前正在改善的跡象，但從我們的角度來看不會產生實質性影響。

And Chile, in terms of the apple business or the kiwi business, we're obviously hoping for improvements going it would be a late this year issue, and the grape season has been better than last year, but still not profit. But again, overall, we've taken that into our guidance for the year. And in terms of inflation, obviously, I suppose our biggest single product line still offers huge and great value for customers in terms of banana pricing. The product still is a really good valuation and we haven't seen any elasticity to pricing on bananas.

而智利，就蘋果業務或奇異果業務而言，我們顯然希望有所改善，這將是今年晚些時候的問題，葡萄季節比去年好，但仍未盈利。但同樣，總體而言，我們已將其納入我們今年的指導方針。就通貨膨脹而言，顯然，我認為我們最大的單一產品線在香蕉定價方面仍然為客戶提供巨大而巨大的價值。該產品仍然是一個非常好的估值，我們還沒有看到香蕉定價的任何彈性。

I mean, it's some of the other products, we are seeing marginal resistance on the very high price per kilo or price per pound products, but hasn't been material. I think what's happening is you're seeing consumer spending where becomes discretionary how the issue is last on the list to be cut. So far, it hasn't been a material factor is.

我的意思是，這是其他一些產品，我們看到每公斤或每磅產品價格非常高的邊際阻力，但並不重要。我認為正在發生的事情是你看到消費者支出變得可自由支配，這個問題是最後一個要削減的問題。到目前為止，這還不是一個物質因素。

Thanks so much. Good color.

非常感謝。好顏色。

There are no further questions at this time. I'll now turn the call back over to Rory for closing remarks.

目前沒有其他問題。我現在將電話轉回給 Rory 以作結束語。

Okay. Thank you very much. So thank you all for joining us today. So obviously, we're very pleased to follow a very strong Q3 with a very strong Q4. Overall, despite some significant challenges in '22, we're pretty pleased with the full year performance. We think it's a very good income on the business, and we need to make sure that we complete that over the course of 2023. I think that will leave us very well positioned for the future years. So thank you all for joining us today. Thank you very much.

好的。非常感謝。感謝大家今天加入我們。很明顯，我們很高興看到非常強勁的 Q3 和非常強勁的 Q4。總的來說，儘管 22 年遇到了一些重大挑戰，但我們對全年的表現非常滿意。我們認為這是一項非常好的業務收入，我們需要確保在 2023 年完成這項工作。我認為這將使我們在未來幾年處於有利地位。感謝大家今天加入我們。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。