Dole PLC (DOLE) 2023 Q3 法說會逐字稿

Welcome to the Dole plc Third Quarter 2023 Earnings Conference Call and Webcast. Today's conference is being broadcast live over the internet and is also being recorded for playback purposes. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. For opening remarks and introductions, I would like to turn the call over to Head of Investor Relations with Dole plc, James Regan.

歡迎參加都樂公司 2023 年第三季財報電話會議及網路廣播。今天的會議正在透過網路進行現場直播，並進行錄製以供回放。 （操作員說明） 演講者演講結束後，將進行問答環節。對於開場白和介紹，我想將電話轉給都樂公司投資者關係主管 James Regan。

Thank you. Welcome, everybody, and thank you for taking the time to join our Third Quarter 2023 Earnings Conference Call and Webcast. 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 Devine.

謝謝。歡迎大家，感謝您抽出時間參加我們的 2023 年第三季財報電話會議和網路廣播。今天和我一起參加電話會議的是我們的執行長羅裡·伯恩 (Rory Byrne)、我們的營運長約翰·林登 (Johan Linden)；以及我們的財務長 Jacinta Devine。

During this call, we will be referring to presentation slides to supplement the 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 law. These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements.

在本次電話會議中，我們將參考簡報投影片來補充評論，這些投影片以及我們的收益發布和其他相關資料可在都樂公司網站的投資者關係部分中找到。請注意，我們今天的言論將包括聯邦證券安全港法規定範圍內的某些前瞻性聲明。這些反映了做出這些陳述時的情況，公司明確不承擔更新或修改任何前瞻性陳述的義務。

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 the reconciliation to the most comparable GAAP measures. With that, I'm pleased to turn today's call over to Rory.

由於多種因素（包括我們在 SEC 文件和新聞稿中闡述的因素），實際結果或結果可能與明示或暗示的結果有重大差異。有關使用非公認會計原則財務指標的資訊可以在我們的新聞稿中找到，其中還包括與最具可比性的公認會計原則指標的調節。因此，我很高興將今天的電話轉給羅裡。

Thank you, James. Welcome, everybody, and thank you for joining us today as we discuss our results for the Third Quarter.

謝謝你，詹姆斯。歡迎大家，感謝您今天加入我們討論第三季的業績。

So turning to Slide 6 and the financial highlights for the Third Quarter. Well, following on from our good performance for the first half of the year, we are very pleased to report another strong result for the Third Quarter. We delivered revenue and adjusted EBITDA growth, driven mostly by our 2 diversified fresh produce segments.

現在轉向幻燈片 6 和第三季的財務亮點。繼上半年的良好表現之後，我們很高興地報告第三季的另一個強勁業績。我們實現了收入和調整後 EBITDA 的成長，這主要是由我們的 2 個多元化生鮮農產品細分市場推動的。

Group revenue increased by 4.2%, driven largely by higher pricing and adjusted EBITDA increased by 7.6%. Adjusted diluted earnings per share was $0.24 for the quarter compared to $0.28 in the prior year, with the reduction primarily due to higher year-on-year interest expense. We continue to focus on optimizing our balance sheet, and we are pleased to report that in excess of $45 million cash proceeds were realized from the sale of surplus lands in Hawaii and Honduras in the Quarter. Combined with good working capital management across the group, these proceeds contributed to a reduction in our net leverage to 2.4x at the end of September.

集團營收成長 4.2%，主要得益於定價上漲，調整後 EBITDA 成長 7.6%。本季調整後稀釋每股收益為 0.24 美元，去年同期為 0.28 美元，下降主要是由於年比利息支出增加。我們繼續專注於優化我們的資產負債表，我們很高興地報告，本季度出售夏威夷和洪都拉斯的剩餘土地實現了超過 4500 萬美元的現金收益。加上整個集團良好的營運資本管理，這些收益使我們的淨槓桿率在 9 月底下降至 2.4 倍。

So now I'll turn to Slide 8 for our operational highlights. Our Fresh Foods segment delivered another good result in Q3. The result was driven by strong performance from our European operations, which continued to benefit from a better supply-demand balance in '23 compared to 2022. In North America, our operations are continuing to perform well in spite of intense competition in the marketplace, higher sourcing costs on the impact of lower commercial cargo profitability.

現在我將轉向幻燈片 8 了解我們的營運亮點。我們的生鮮食品部門在第三季再創佳績。這一結果是由我們歐洲業務的強勁業績推動的，與 2022 年相比，歐洲業務繼續受益於 23 年更好的供需平衡。在北美，儘管市場競爭激烈，我們的業務仍繼續表現良好，較高的採購成本對商業貨運獲利能力的影響較低。

As always, supply and demand dynamics in the banana market and to a lesser extent, the pineapple market remain important variables as we approach the end of 2023. Weather remains the most important variable we're monitoring and the impact of El Nino in particular, in very high levels of accumulated rainfall in Ecuador in the year-to-date, which have impacted production volumes and spot prices.

像往常一樣，隨著 2023 年底的臨近，香蕉市場以及菠蘿市場的供需動態仍然是重要的變量。天氣仍然是我們正在監測的最重要的變量，特別是厄爾尼諾現象的影響，今年迄今為止，厄瓜多爾的累積降雨量非常高，影響了產量和現貨價格。

The line of supply is currently tight and is forecast to decrease for next year. To date, we've managed the challenges posed by El Nino very well and we remain keenly focused on maintaining good drainage, irrigation and flood protection in our farms and optimizing our diverse sourcing base so that we continue to service our customers well even if supply challenges persist.

目前供應緊張，預計明年減少。到目前為止，我們已經很好地應對了厄爾尼諾現象帶來的挑戰，我們仍然專注於保持農場良好的排水、灌溉和防洪，並優化我們多元化的採購基地，以便即使供應不足，我們也能繼續為客戶提供良好的服務挑戰仍然存在。

Moving on then to our diversified EMEA business. Our diversified EMEA segment has continued its good momentum from the first half of the year, delivering another quarter of strong revenue and adjusted EBITDA growth. Revenue growth continues to be driven by higher pricing as well as the expected benefit from foreign currency translation after we experienced translation headwinds in 2022. And at current exchange rates, we expect to see a further marginal benefit from FX translation in the Fourth Quarter.

接下來是我們多元化的歐洲、中東和非洲業務。我們多元化的歐洲、中東和非洲業務部門延續了上半年的良好勢頭，又一個季度實現了強勁的收入和調整後的 EBITDA 成長。營收成長持續受到定價上漲以及我們在 2022 年經歷換算逆風之後外幣換算的預期收益的推動。按當前匯率計算，我們預計第四季度外匯換算將帶來進一步的邊際收益。

We continue to make good progress by managing our cost base efficiently and delivery of synergies across this segment. We've seen the benefits of our investments in ripening, handling and pre-packing and these are supporting further expansion across the European marketplace. We also continue to identify and execute on small bolt-on acquisition opportunities that are delivering value for the group.

透過有效管理我們的成本基礎並在該領域發揮協同效應，我們繼續取得良好進展。我們已經看到了在催熟、處理和預包裝方面的投資所帶來的好處，這些都支持我們在歐洲市場的進一步擴張。我們也持續尋找並執行小型補強收購機會，為集團創造價值。

Altogether, we're expecting to have a positive end to 2023 in this segment. Our Diversified Americas segment had an improved performance in the Third Quarter, benefiting from a favorable prior year comparators. Improved supply chain conditions in 2023 are allowing for better export conditions, and we anticipate a more stable performance in this regard in the Fourth Quarter also.

總而言之，我們預計 2023 年該領域將取得正面成果。受益於去年有利的比較，我們的多元化美洲業務第三季的業績有所改善。 2023 年供應鏈狀況的改善將帶來更好的出口條件，我們預期第四季在這方面的表現也將更加穩定。

Our performance in the North American market remains robust across most of the commodities in the market, driven by stronger pricing, which is offsetting lower volumes and some ongoing challenges in the berry category. Looking ahead to the remainder of the year, we are keenly focused on the start of the Southern Hemisphere export seasons and some of our important categories such as cherries and grapes and delivering a strong service to our customers.

在定價走強的推動下，我們在北美市場上大多數商品的表現仍然強勁，這抵消了銷售下降和漿果類別中一些持續挑戰的影響。展望今年剩餘時間，我們將重點關注南半球出口季節的開始以及櫻桃和葡萄等一些重要類別，並為我們的客戶提供強大的服務。

Turning to the Fresh Vegetables division's. As you know, earlier this year, we announced our decision to sell our Fresh Vegetables Division to Fresh Express and the regulatory review is still ongoing. We do need to let that review play out, so we cannot provide any substantive updates today. We do, however, have some concern regarding the length of this, the regulatory review.

轉向新鮮蔬菜部門。如您所知，今年早些時候，我們宣布決定將新鮮蔬菜部門出售給 Fresh Express，監管審查仍在進行中。我們確實需要讓審查發揮作用，因此我們今天無法提供任何實質更新。然而，我們確實對監管審查的持續時間感到擔憂。

While the combination with Fresh Express is still, in our view, the best outcome for all stakeholders, if we are not able to close that transaction due to regulatory reasons or otherwise, we remain committed to exiting the business. We continue to believe that doing so will benefit our strategic priority of accelerating growth in our core business areas.

雖然我們認為與 Fresh Express 的合併對於所有利害關係人來說仍然是最好的結果，但如果我們由於監管原因或其他原因無法完成該交易，我們仍然致力於退出該業務。我們仍然相信，這樣做將有利於我們加速核心業務領域成長的策略重點。

So with that, I'll hand you over to Jacinta to give the financial review.

因此，我會將您交給 Jacinta 進行財務審查。

Thank you, Rory, and good day, everyone. Firstly, turning to the group results on Slide 10. From a group perspective, the results for the Third Quarter were very pleasing. Revenue increased $82 million or 4.2%. And on a like-for-like basis, the increase was 1.2%.

謝謝你，羅裡，大家好。首先，轉向幻燈片 10 上的集團業績。從集團角度來看，第三季的業績非常令人滿意。收入增加 8,200 萬美元，即 4.2%。較去年同期成長 1.2%。

Adjusted EBITDA increased $6 million to $85.2 million growth in Diversified Fresh Produce in EMEA and Diversified Fresh Produce Americas and rest of world were the key drivers. And our Fresh Foods segment delivered a strong result against a strong prior year benchmark.

調整後的 EBITDA 成長了 600 萬美元，達到 8,520 萬美元，歐洲、中東和非洲地區的多元化生鮮農產品成長以及美洲和世界其他地區的多元化生鮮農產品成長是主要推動力。與去年的強勁基準相比，我們的新鮮食品部門取得了強勁的業績。

On a like-for-like basis, adjusted EBITDA increased 4.2%. For the first 9 months of the year, we delivered $308 million of adjusted EBITDA, an increase of 25 million compared with the prior year. Net income increased to $54 million from $46.6 million and income from continuing operations was $55.7 million compared to $58.3 million.

以年比計算，調整後 EBITDA 成長 4.2%。今年前 9 個月，我們實現調整後 EBITDA 3.08 億美元，比前一年增加 2,500 萬美元。淨利潤從 4,660 萬美元增至 5,400 萬美元，持續經營收入從 5,830 萬美元增至 5,570 萬美元。

The increase in net income was driven by higher adjusted EBITDA and a gain on sale of assets of 28.8 million. Diluted EPS from continuing operations was $0.50 and diluted EPS was $0.48, a 14% increase from the prior year. Adjusted net income decreased to $22.6 million from $26.2 million and adjusted diluted EPS was $0.24 compared to $0.28 in the Third Quarter of 2022.

淨利潤的成長是由調整後 EBITDA 的提高和資產出售收益 2880 萬美元推動的。持續經營業務攤薄後每股收益為 0.50 美元，攤薄後每股收益為 0.48 美元，較前一年增長 14%。調整後淨利從 2,620 萬美元降至 2,260 萬美元，調整後攤薄每股收益為 0.24 美元，而 2022 年第三季為 0.28 美元。

The decrease was predominantly driven by the increase in interest expense over the last 12 months as well as higher income tax expense, partially offset by the increase in adjusted EBITDA. In the Third Quarter, underlying performance within the fresh vegetables business continues to improve despite an ongoing challenging operating environment. And this can be seen in the decreased loss from discontinued operations for the Third Quarter of 2023 compared to 2022.

下降的主要原因是過去 12 個月利息支出的增加以及所得稅支出的增加，但部分被調整後 EBITDA 的增加所抵消。第三季度，儘管經營環境持續充滿挑戰，但新鮮蔬菜業務的基本業績仍持續改善。與 2022 年相比，2023 年第三季終止經營業務的損失減少就可以看出這一點。

Turning now to the divisional updates for our continuing operations and starting with fresh fruit on Slide 12. The Fresh Fruit division delivered a good result in the Third Quarter. Revenue decreased marginally by 0.3%. The decrease was primarily due to lower banana pricing in North America, which was partially offset by higher worldwide volumes of banana sold, an increase in worldwide pricing of pineapple and stronger banana pricing in Europe.

現在轉向我們持續營運的部門更新，從幻燈片 12 上的新鮮水果開始。新鮮水果部門在第三季度取得了良好的業績。收入小幅下降 0.3%。下降的主要原因是北美香蕉價格下跌，但全球香蕉銷量增加、全球菠蘿價格上漲以及歐洲香蕉價格走強部分抵消了這一影響。

Adjusted EBITDA decreased by $4 million or 8.6% due to a strong comparative Third Quarter in 2022. The decrease was mainly due to lower revenue, higher food sourcing costs and a decrease in commercial cargo activity, partially offset by lower shipping and logistics costs as well as by strong underlying pricing.

由於2022 年第三季的強勁對比，調整後EBITDA 下降了400 萬美元，即8.6%。下降的主要原因是收入下降、食品採購成本上升以及商業貨運活動減少，但部分被運輸和物流成本下降所抵銷例如透過強勁的基礎定價。

Turning to Diversified Fresh Produce EMEA. This division performed very strongly in the quarter with revenue increasing 12.7% and driven by a favorable impact from foreign currency translation and pricing increases across the segment. On a like-for-like basis, revenue increased 4.8%. Adjusted EBITDA increased by $4 million or 13.8%, again positively impacted by foreign currency translation. On a like-for-like basis, the increase was 6.6% and driven by a strong performance in Ireland, the U.K., Spain and the Netherlands.

轉向歐洲、中東和非洲地區的多樣化新鮮農產品。該部門在本季表現非常強勁，營收成長了 12.7%，這得益於整個部門的外幣換算和定價上漲的有利影響。以年比計算，營收成長 4.8%。調整後 EBITDA 增加了 400 萬美元，即 13.8%，再次受到外幣換算的正面影響。在愛爾蘭、英國、西班牙和荷蘭的強勁表現推動下，年增 6.6%。

Finally, Diversified Fresh Produce Americas and Rest of World on Slide 14. As expected, this segment outperformed a comparative period in the Third Quarter. Revenue decreased 2%, primarily driven by lower revenue for berries in North America as well as by lower volumes of most other commodities, partially offset by inflation justified price increases. Adjusted EBITDA was $5.2 million, an increase from a $900,000 loss in the prior year. The prior year loss was due to one-off supply chain disruption, which impacted the Chilean grape business. There was a continued strong performance in those marketed products in North America in the quarter.

最後，幻燈片 14 上的美洲和世界其他地區的多樣化新鮮農產品。正如預期的那樣，該細分市場在第三季度的表現優於同期。收入下降 2%，主要是由於北美漿果收入下降以及大多數其他商品銷量下降，但部分被通膨合理的價格上漲所抵消。調整後 EBITDA 為 520 萬美元，較前一年的 90 萬美元虧損增加。上一年度的虧損是由於一次性供應鏈中斷造成的，這影響了智利的葡萄業務。本季北美上市產品的表現持續強勁。

Now turning to Slide 15 to discuss our cash generation, capital allocation and leverage. Firstly, I draw your attention to our cash flow statement in our GAAP financial statements and highlight that this is now split between continuing operations and discontinued operations. We have set out a definition of free cash flow from continuing operations, a non-GAAP measure in the appendix of our press release and also on this slide of our earnings presentation.

現在轉向投影片 15，討論我們的現金產生、資本配置和槓桿。首先，我提請您注意我們的公認會計原則財務報表中的現金流量表，並強調它現在分為持續經營業務和終止經營業務。我們在新聞稿的附錄以及收益簡報的這張投影片中列出了持續經營自由現金流的定義，這是一項非公認會計準則衡量標準。

For the first 9 months of 2023, free cash flow from continuing operations was $105.8 million, driven by strong adjusted EBITDA performance and good management of working capital across the group. For the full year, our current expectation is that working capital will be neutral and we are targeting free cash flow from continuing operations of at least 110 million.

2023 年前 9 個月，持續營運產生的自由現金流為 1.058 億美元，這得益於強勁的調整後 EBITDA 績效和整個集團良好的營運資本管理。對於全年，我們目前的預期是營運資金將保持中性，我們的目標是來自持續經營業務的自由現金流至少為 1.1 億。

Capital expenditure from continuing operations was $15.7 million in the Third Quarter expenditures included farm renovations in banana's new plantains and ongoing investments in IT, logistics and efficiency projects in our warehouses and processing facilities. For the full year, we now expect CapEx from continuing operations to be $85 million.

第三季持續營運資本支出為 1,570 萬美元，其中包括香蕉新大蕉農場翻修以及倉庫和加工設施 IT、物流和效率項目的持續投資。我們現在預計全年持續營運資本支出為 8500 萬美元。

We continue to dispose of noncore assets within the group. And as Rory mentioned, we received proceeds of $45.5 million in the quarter, primarily from the sale of a large parts of land in Hawaii. At the end of September, the combined value of our assets held for sale and actively marketed property was $24 million, and we remain optimistic that we can deliver further asset sales in the Fourth Quarter.

我們繼續處置集團內的非核心資產。正如 Rory 所提到的，我們在本季收到了 4,550 萬美元的收益，主要來自出售夏威夷的大部分土地。截至 9 月底，我們持有待售資產和積極行銷的房產的總價值為 2,400 萬美元，我們對第四季度進一步實現資產銷售仍持樂觀態度。

Interest expense has increased approximately $5.2 million year-over-year to $20.9 million following the rising rates over the past 12 months. For the full year, we are retaining our forecast of $90 million, which is inclusive of interest expense allocated to discontinued operations.

隨著過去 12 個月利率的上升，利息支出年增約 520 萬美元，達到 2,090 萬美元。對於全年，我們維持 9,000 萬美元的預測，其中包括分配給已終止業務的利息費用。

Continuing our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 for the Third Quarter, which will be paid on January 4, 2024, to shareholders on record on December 14, 2023.

繼續我們向股東返還現金的承諾，我們很高興宣布第三季股息為 0.08 美元，將於 2024 年 1 月 4 日向 2023 年 12 月 14 日登記在冊的股東支付。

Finally, we are pleased that the strong free cash flow generation and asset sales contributed to a reduction in our leverage to 2.4x at the end of the quarter, continuing the downward trend in our leverage over the last 12 months.

最後，我們很高興的是，強勁的自由現金流產生和資產銷售促使我們的槓桿率在本季末降至 2.4 倍，延續了過去 12 個月槓桿率的下降趨勢。

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

現在我將把您交給羅裡（Rory），他將向您介紹我們全年展望和閉幕詞的最新情況。

Thanks, Jacinta. Well, the results of the group over the first 9 months of the year have been very pleasing. Group revenues, $6.2 billion, is 3.2% ahead of $22 million and group adjusted EBITDA of $308 million is 9% ahead. This translates to an adjusted EBITDA margin of 5% compared to with 4.7% for this first 9 months '22.

謝謝，傑辛塔。嗯，今年前 9 個月，該集團的業績非常令人滿意。集團營收為 62 億美元，比 2,200 萬美元成長 3.2%，集團調整後 EBITDA 為 3.08 億美元，比成長 9%。這意味著調整後的 EBITDA 利潤率為 5%，而 2022 年前 9 個月的利潤率為 4.7%。

While the [wider] macro environment continues to remain complex and weather impacts remain unpredictable, we are confident in the strength of our diversified supply base and the experience and quality of our operating teams across the globe to deal with challenges as they arise.

儘管[更廣泛的]宏觀環境仍然複雜，天氣影響仍然不可預測，但我們對我們多元化供應基礎的實力以及我們全球營運團隊的經驗和素質充滿信心，能夠應對出現的挑戰。

Overall, our strong results in the first 9 months position us well to deliver a good result for the full year, and we are now targeting an adjusted EBITDA for 2023 of at least $365 million. Our strategic priorities for the remainder of the year remains the same, and [so cap] these are accelerating growth in our core business areas and categories exiting the Fresh Vegetable business, focusing on cost control and operating efficiencies across our businesses, including the ongoing value creation and collaboration projects and continuing with a disciplined approach to capital.

總體而言，我們前 9 個月的強勁業績使我們能夠在全年取得良好業績，我們現在的目標是 2023 年調整後 EBITDA 至少為 3.65 億美元。我們今年剩餘時間的戰略重點保持不變，並且[因此]這些正在加速我們核心業務領域和退出新鮮蔬菜業務的類別的增長，重點關注整個業務的成本控制和運營效率，包括持續價值創建和合作項目，並繼續採取嚴格的資本方法。

I want to finish by once again thanking all our people across the group for their ongoing commitment and dedication to drive Dole plc forward as well as our suppliers and customers for their ongoing support, which provides us with confidence as we look out towards the remainder of the year.

最後，我想再次感謝整個集團的所有員工為推動都樂公司前進而做出的持續承諾和奉獻精神，以及我們的供應商和客戶的持續支持，這為我們展望餘下的日子提供了信心。那一年。

With that, I'll hand you back to the operator, and we can open the line for questions.

這樣，我會將您交給接線員，然後我們就可以撥打電話詢問問題。

(Operator Instructions) Your first question comes from the line of Chris Barnes of Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Chris Barnes。

I guess, first, Rory, I just wanted to ask about El Nino. I know you called out the Ecuador rains impacting banana supply conditions, but there's also been a fair amount of trade press regarding shipping bottlenecks through the Panama Canal. So amidst the drought there. So it would be great just to hear a status update on what you're seeing on the ground today and how you expect these conditions to evolve over the coming months.

我想，首先，羅裡，我只是想問厄爾尼諾現象。我知道您指出厄瓜多爾的降雨影響了香蕉的供應狀況，但也有相當多的貿易媒體報告了巴拿馬運河的運輸瓶頸。所以那裡正處於乾旱之中。因此，如果您能聽到有關您今天所看到的情況以及您預計這些情況在未來幾個月將如何發展的最新狀態，那就太好了。

Yes. I mean you are seeing and we've highlighted the areas that have impacted us sort of the potential to impact us most in Ecuador, obviously, is huge banana producing country and we've seen unusual rains there. You're right, you have seen droughts in the areas around Panama, and there are restrictions on the use of the Panama Canal.

是的。我的意思是，您看到了，我們已經強調了對我們影響最大的地區，厄瓜多爾顯然是對我們影響最大的地區，顯然，厄瓜多爾是一個巨大的香蕉生產國，我們在那裡看到了不尋常的降雨。你是對的，你已經看到巴拿馬週邊地區出現乾旱，巴拿馬運河的使用也受到限制。

So far, that hasn't had a material impact or hasn't even had material impact on so even for the banana business. We don't tend to cross the Panama Canal. Peru and Chile are having a little bit of volatility and unusual rains as well that can affect either grapes or cherries in particular, over the next couple of months. So we're keeping a close eye on that. So far, so good with our diverse sourcing base across the different countries and the different geographies, we're managing our way through it adequately. But it is something that we will just keep our eyes on as it evolves over the next 6 months.

到目前為止，這還沒有產生實質影響，甚至對香蕉業務也沒有產生實質影響。我們不傾向於穿越巴拿馬運河。秘魯和智利的天氣有些波動，降雨也異常，在接下來的幾個月裡，這可能會特別影響葡萄或櫻桃。所以我們正在密切關注這一點。到目前為止，我們在不同國家和不同地區的多元化採購基礎非常好，我們正在充分管理它。但我們將在未來 6 個月內密切關注它的發展。

Got it. That's helpful. And then I just wanted to follow up on the Fresh Vegetables transaction. I mean I appreciate the updated language in your filing and in your prepared remarks. But maybe could you just offer some perspective around what shaped the alternatives you mentioned might take to the extent that you can't close the transaction with Fresh Express? It looks like the business is still under some pressure based on the step back in revenue this quarter. So maybe could you just talk about what drove that softness and maybe how EBITDA like EBITDA, excluding the cyber incident is trending year-to-date just as we contemplate potential alternatives for that business?

知道了。這很有幫助。然後我只想跟進新鮮蔬菜交易。我的意思是，我很欣賞您提交的文件和準備好的評論中更新的語言。但也許您可以就您提到的替代方案可能會導致您無法與 Fresh Express 完成交易的情況提供一些看法嗎？從本季營收下降來看，該業務似乎仍面臨一些壓力。那麼，也許您可以談談是什麼導致了這種疲軟，以及當我們考慮該業務的潛在替代方案時，排除網路事件後的 EBITDA 與 EBITDA 的趨勢如何？

Johan, maybe you could make some comments on the trading aspects of our business, please?

Johan，也許您可以對我們業務的交易方面發表一些評論，好嗎？

Yes. So when we look at the trading, we have a much better performance this year compared to 2022. It's mainly driven by better performance in the Fresh Pack, our commodity business, whole head. But we're also doing better in our Fresh -- in the packet salads side of the business. So overall, we're doing much better, but we could do even better. So we are not pleased with the performance, but we are moving in the right direction. We feel we are supplying our customers well. So we believe we are in a good position also to recapture some of the market share that we have lost.

是的。因此，當我們看交易時，與 2022 年相比，我們今年的業績要好得多。這主要是由於我們的商品業務 Fresh Pack 的整體表現更好。但我們在新鮮包裝沙拉業務方面也做得更好。總的來說，我們做得更好，但我們可以做得更好。所以我們對錶現並不滿意，但我們正在朝著正確的方向前進。我們認為我們為客戶提供了良好的服務。因此，我們相信我們也處於有利位置，可以重新奪回我們失去的一些市場份額。

Okay. Great. So I guess, Rory, just thinking about the updated guidance, the 365 -- last year, the two diversified segments did about $37 million of adjusted EBITDA in the Fourth Quarter. So just help me think about, how you're thinking about all 3 businesses (inaudible) '23. But how should we think about the implied 4Q -- relative to last year's performance across the 3 businesses?

好的。偉大的。所以我想，羅裡，想想更新後的指導，365——去年，這兩個多元化的細分市場在第四季度的調整後 EBITDA 約為 3700 萬美元。所以請幫我想一想，您如何看待所有 3 個業務（聽不清楚）'23。但我們該如何看待隱含的第四季——相對於去年這三項業務的表現？

Yes. Maybe just me, Adam, but the line is not [perfected] but I think I caught the question, but it was just some clarity around the guidance for the full year and some focus on the Fourth Quarter. So I suppose the question of guidance is not an exact science. It is true to say that we had a very, very strong finish to Quarter 4 last year. And really what we're doing is we're getting a good strong message with the greater than 365 expected for the full year. So trading is fine at the moment. And that really is the summary of our position on guidance.

是的。也許只有我，亞當，但這條線並不[完美]，但我想我抓住了這個問題，但這只是對全年指導的一些清晰說明以及對第四季度的一些關注。所以我認為指導問題並不是一門精確的科學。確實，去年第四季我們取得了非常非常強勁的成績。事實上，我們正​​在做的是，我們收到了一個強烈的訊息，全年的預計數量將超過 365 個。所以目前交易情況良好。這確實是我們對指導立場的總結。

Okay. And then you talked about more competition in fresh foods in North America. How should we think about that kind of marketplace dynamic relative to what seems to be a tightening supply environment on bananas as we move into 2024?

好的。然後您談到北美生鮮食品的競爭更加激烈。進入 2024 年，相對於香蕉供應趨緊的環境，我們該如何看待這種市場動態？

Yes, I think it will be an interesting dynamic. And we operate in a competitive world as ever, I guess, over the last year. So it has seemed and felt a little bit more competitive than usual. And there is the backdrop of those supply dynamics, and we do expect a shorter amount of fruit that normally goes to price. So we'll see. But again, we have an experienced team, we've been dealing with these kind of challenges forever and will continue to do them hopefully in a successful way going forward over the course of '24 and into the future.

是的，我認為這將是一個有趣的動態。我想，去年我們一如既往地在一個充滿競爭的世界中運作。因此，它看起來並感覺比平常更有競爭力。在這些供應動態的背景下，我們確實預期通常價格上漲的水果數量會減少。所以我們拭目以待。但同樣，我們擁有一支經驗豐富的團隊，我們一直在應對此類挑戰，並希望在 24 年和未來繼續以成功的方式完成這些挑戰。

(Operator Instructions) Your next question comes from the line of Gary Martin of Davy.

（操作員說明）您的下一個問題來自戴維的加里·馬丁。

Just congrats on a good set of results, just to start things off. So just 2 questions from my side. Just first, just on the input cost backdrop, I mean I appreciate there's been some softening of key input costs. But I think just general kind of procurement costs have gone up. Is that just the impact of, we'll say, of higher Costa Rican Colón or higher Colombian peso. Is it just currency-based inflation that you're seeing there?

只是祝賀取得了一系列良好的結果，只是為了開始。我這邊只有兩個問題。首先，就投入成本的背景而言，我的意思是，我很欣賞關鍵投入成本的一些軟化。但我認為只是一般採購成本上升了。我們會說，這只是哥斯達黎加科隆或哥倫比亞比索走高的影響嗎？您所看到的僅僅是基於貨幣的通貨膨脹嗎？

And then just secondly, just on the kind of pipeline of asset sales that you have into the Fourth Quarter. I'm going to appreciate you've actually sent -- gave a good color in the prepared remarks. But if you could just give us a bit of an update as to kind of what you're seeing there and what you expect in the Fourth Quarter in terms of asset sales?

其次，就第四季的資產銷售管道而言。我將感謝您在準備好的評論中實際發送的內容。但是，您能否向我們介紹一下您所看到的情況以及您對第四季度資產銷售的預期？

Maybe just, Johan, you take the first of those and Jacinta, you could comment on the second one, perhaps.

也許只是，約翰，你拿第一個，傑辛塔，你也許可以評論第二個。

Okay. So if you look at the cost pressure that we're having, they're coming a little bit from all over the place, but you're right to point out, it's coming from the currencies. The Costa Rican Colón has been very strong. So that is impacting cost. We also see the growers having pressures when it comes to them for the independent growers that we're having. They have pressures when it comes to salary increases on the field. So we see them asking for higher pricing, and you can see that in the official price coming out of Ecuador, that, that is coming up. So we're going to have to pay some more for the fruit.

好的。因此，如果你看看我們面臨的成本壓力，你會發現它們來自各個地方，但你指出的沒錯，它來自貨幣。哥斯達黎加科隆一直非常堅挺。所以這會影響成本。我們也看到，對於我們現有的獨立種植者來說，種植者面臨壓力。他們在場上加薪時面臨壓力。所以我們看到他們要求更高的價格，你可以看到厄瓜多爾的官方價格正在上漲。因此，我們將不得不為水果支付更多費用。

But on the other hand, we see some other input costs moderating. We see paper moderating. We believe there is something to be done in shipping. So we see cost pressure, but we believe that we are in a good pressure -- in a good position to handle them.

但另一方面，我們看到其他一些投入成本正在放緩。我們看到紙本的審核。我們相信在航運方面還有一些事情要做。因此，我們看到了成本壓力，但我們相信我們處於良好的壓力下——有能力應對這些壓力。

Then Jacinta on the surplus aspect.

然後是傑辛塔（Jacinta）關於盈餘方面的問題。

Yes. So just to recap, so in the quarter, we delivered sales of $45 million. And year-to-date, we've achieved $64 million. So we have a pipeline, if you like, of $24 million, which sits on our balance sheet. And we're working through sales for the Fourth Quarter, but it's really very difficult to predict the timing and [ongoing] sales was closed. Obviously, Q3 was very strong, and we wouldn't expect anything at that level going into Q4, but I hope for some small incremental asset sales before the end of the year. But again, timing is difficult to predict.

是的。回顧一下，本季我們的銷售額為 4500 萬美元。今年迄今為止，我們已實現 6,400 萬美元的收入。如果你願意的話，我們的資產負債表上有一個 2,400 萬美元的管道。我們正在處理第四季度的銷售情況，但很難預測時間，並且[正在進行的]銷售已經結束。顯然，第三季非常強勁，我們預計第四季不會有任何這樣的水平，但我希望在年底之前能出現一些小幅增量資產銷售。但同樣，時間很難預測。

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

目前沒有其他問題。現在我將把電話轉給羅裡，讓他發表一些結束語。

Okay. Thank you all for joining us today. And obviously, we're very pleased with our Third Quarter and our year-to-date numbers. The Third Quarter represents another strong quarter in a sequence now of consistent good quarterly performances. However, plenty of challenges out there, plenty of opportunities, but we do look forward to the future at great enthusiasm, confidence and optimism. So thank you all very much for joining us today.

好的。感謝大家今天加入我們。顯然，我們對第三季和年初至今的數字非常滿意。第三季是一系列季度表現持續良好的另一個強勁季度。然而，挑戰很多，機會也很多，但我們仍然以極大的熱情、信心和樂觀展望未來。非常感謝大家今天加入我們。

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

今天的電話會議到此結束。您現在可以斷開連線。