Dole PLC (DOLE) 2024 Q2 法說會逐字稿

Welcome to the Dole plc second quarter 2024 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).

歡迎參加 Dole plc 2024 年第二季度收益電話會議和網路廣播，今天的會議將透過網路進行現場直播，並進行錄製以供回放。

For opening remarks and introductions, I would like to turn the call over to Head of Investor Relations, James O'Regan.

對於開場白和介紹，我想將電話轉給投資者關係主管 James O'Regan。

James, please go ahead.

詹姆斯，請繼續。

Thank you, Krista.

謝謝你，克里斯塔。

Welcome, everybody, and thank you for taking the time to join our Second Quarter 2024 Earnings Conference Call and Webcast.

歡迎大家，感謝您抽出時間參加我們的 2024 年第二季財報電話會議和網路廣播。

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.

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 Johan Linden；以及我們的財務長 Jacinta Devine。

During this call we'll be referring to presentation slides for 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.

在本次電話會議中，我們將參考簡報投影片進行補充說明，這些內容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。

Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Securities Safe Harbor Laws.

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。

These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements.

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.

由於多種因素，包括我們在 SEC 文件和新聞稿中闡述的因素，實際結果或成果可能與明示或暗示的結果有重大差異。

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.

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。

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

因此，我很高興將今天的電話轉給羅裡。

Thank you, James, and welcome everybody.

謝謝你，詹姆斯，歡迎大家。

So thank you all for joining us today as we discuss our results for the second quarter of 2024.

感謝大家今天加入我們，討論 2024 年第二季的業績。

So turning first into slide 4 and the financial highlights for Q2.

首先進入幻燈片 4 和第二季的財務亮點。

While, the second quarter of 2024 was another strong quarter for our business continuing our positive momentum.

同時，2024 年第二季度是我們業務的另一個強勁季度，延續了我們的積極勢頭。

Group reported revenue was in-line with last year and on a like-for-like basis, when the impact of the progressive produce disposal is excluded, revenue increased by 4.3%.

集團公佈的營收與去年持平，在剔除漸進式農產品處置的影響後，營收成長了 4.3%。

Adjusted EBITDA increased by 2.2% to $125.4 million, and on a like-for-like basis, increased by 8.2%.

調整後 EBITDA 成長 2.2%，達到 1.254 億美元，年增 8.2%。

The growth in adjusted EBITDA from continuing operations on a like-for-like basis was driven by strong performances in both our fresh fruit and diversified fresh produce America segments and supported by continued good stable performance in our diversified fresh produce EMEA segment.

持續經營業務帶來的調整後EBITDA 同比增長是由我們的新鮮水果和多元化生鮮農產品美洲業務的強勁表現推動的，並受到我們多元化生鮮農產品歐洲、中東和非洲業務持續良好穩定業績的支持。

Our fresh vegetables business also delivered a strong quarter, contributing the increase in absolute net income to $88.1 million compared to $52.3 million in the prior year.

我們的新鮮蔬菜業務也實現了強勁的季度業績，使絕對淨利潤從上一年的 5,230 萬美元增加到 8,810 萬美元。

On an adjusted basis, net income was $47 million and adjusted diluted EPS was $0.49 per share.

調整後淨利為 4,700 萬美元，調整後攤薄每股收益為 0.49 美元。

As ever, cash management and capital allocation continue to be a strong focus for us.

與以往一樣，現金管理和資本配置仍然是我們的重點。

And with that, we are very pleased to see our leverage continue to reduce and falling to 1.9 times at the end of Q2 and resulting in a lower interest charge in the quarter compared to the prior year.

因此，我們非常高興地看到我們的槓桿率繼續下降，並在第二季末降至 1.9 倍，導致本季的利息費用比去年同期降低。

Turning now to slide 6 for our operational highlights and starting with our Fresh Fruit segment.

現在轉到幻燈片 6，了解我們的營運亮點，從我們的新鮮水果部門開始。

Our larger segment delivered a very strong performance in the second quarter, with adjusted EBITDA of $70.6 million, 7.3% ahead of the prior year.

我們較大的部門在第二季表現非常強勁，調整後 EBITDA 為 7,060 萬美元，比上年成長 7.3%。

Looking at the European market, we continued with our positive momentum through the second quarter of 2024, driven by higher volumes in bananas, as well as by lower sourcing and shipping costs.

看看歐洲市場，在香蕉產量增加以及採購和運輸成本下降的推動下，我們在 2024 年第二季度繼續保持積極勢頭。

In North America we also continued with a solid performance with higher banana volumes and pricing and an increase in overall revenues but offset in part by anticipated higher shipping costs due to the scheduling of dry docking activities for a number of our vessels.

在北美，我們也繼續保持穩健的業績，香蕉產量和定價增加，總體收入增加，但部分抵消了由於我們多艘船舶安排幹塢活動而導致的預期運輸成本上漲。

Most of this additional cost will be seen in the second half of the year.

大部分額外成本將在今年下半年出現。

The lower seasonal sales volumes allowed for a better scheduling opportunity to complete the necessary work.

較低的季節性銷售量為完成必要的工作提供了更好的調度機會。

Looking ahead to the remainder of the year for both the North American and European markets, we believe we are well-placed.

展望今年剩餘時間的北美和歐洲市場，我們相信我們處於有利地位。

The banana supply remains tight on an industry-wide basis.

全行業香蕉供應依然緊張。

While despite a recent depreciation of the dollar against the Costa Rica Cologne in particular, the strength of some key currencies on the sourcing side remains a challenge.

儘管最近美元兌哥斯達黎加科隆貶值，但一些主要貨幣的強勢仍然是採購方面的挑戰。

However, with our diversified supply base and experience team, we have been proactively implementing initiatives to control our cost base, enabling us to continue to service our customers competitively.

然而，憑藉我們多元化的供應基礎和經驗豐富的團隊，我們一直在積極實施控製成本基礎的舉措，使我們能夠繼續以有競爭力的方式為客戶提供服務。

Overall, we continue to anticipate another strong financial performance for the fresh fruit division on a full year basis.

總體而言，我們繼續預期新鮮水果部門全年的財務表現將再次強勁。

Our diversified EMEA segments delivered another good stable performance in Q2, consolidating its strong start to the year after an excellent first quarter.

我們多元化的歐洲、中東和非洲地區業務在第二季度再次表現良好，穩定，在第一季表現出色後，鞏固了今年的強勁開局。

Revenue growth remained positive and continued to be driven by higher pricing, whereas volumes for the quarter were impacted by supply shortages of several products typically sourced out of South America.

營收成長保持正值，並繼續受到定價上漲的推動，而本季的銷售量受到幾種通常來自南美洲的產品供應短缺的影響。

On an adjusted EBITDA level, good contributions continue to come from all regions with a particularly positive performance in the Nordics, Spain and South Africa.

在調整後的 EBITDA 水準上，所有地區都繼續做出了良好的貢獻，其中北歐、西班牙和南非的表現尤其積極。

Looking out to the rest of the year, we remain confident that we'll continue to leverage our strong market positions, operational integration and investment opportunities that we will deliver another satisfactory financial result for the full year.

展望今年剩餘時間，我們仍然有信心，我們將繼續利用我們強大的市場地位、營運整合和投資機會，為全年帶來另一個令人滿意的財務表現。

Our diversified America segment delivered another very strong quarter and on a like-for-like basis taking out the impact of the progressive produce disposal.

我們多元化的美國業務部門在消除了漸進式產品處置的影響的基礎上，又實現了非常強勁的季度業績。

The strong result was driven again by positive underlying performance and the benefit of some seasonal variations, which had had several export seasons extending further into Q2 than in prior years.

強勁的業績再次受到積極的基本業績和一些季節性變化的好處的推動，其中幾個出口季節比往年進一步延長到第二季度。

From a volume standpoint, we had higher grapes volumes, in particular in Q2, but additionally saw a good overall marketplace for several products leading to better margins.

從產量的角度來看，我們的葡萄產量較高，尤其是在第二季度，但同時也看到多種產品的整體市場良好，從而帶來了更高的利潤。

Excluding some of the seasonal timing factors, the quarter was also positive and consistent on an underlying basis with strong pricing and small volume increases across most of our North American business.

排除一些季節性時間因素，本季的基本面也是積極且一致的，我們大部分北美業務的定價強勁，銷量小幅增長。

On the South American export side, the transition to winter season products has started well.

在南美洲出口方面，向冬季產品的過渡已經開始良好。

Looking at the second half of the year, after an excellent first half, we are expecting to consolidate our excellent performance year-to-date and deliver a strong full year results on a like-for-like basis, driving conscious of seasonal timing may again have an important impact in the fourth quarter.

展望今年下半年，在經歷了上半年的出色表現之後，我們預計將鞏固年初至今的出色表現，並在同比基礎上實現強勁的全年業績，考慮到季節性時機可能會有所改善。季度再次產生重要影響。

So turning to the fresh vegetables business, and as noted on our last call and since the termination of the sale agreement with Fresh Express.

因此，我們轉向新鮮蔬菜業務，正如我們上次通話中以及自與 Fresh Express 的銷售協議終止以來所指出的那樣。

We have been actively exploring strategic alternatives to this business.

我們一直在積極探索該業務的策略替代方案。

We continue to seek the best possible outcome in the interest of all stakeholders.

我們將繼續為所有利害關係人的利益尋求最佳結果。

Operationally, we are maintaining a keen focus on the day-to-day running of the business, I've been very pleased to see the hard work of our committed management team paying off so far in 2024.

在營運方面，我們始終高度關注業務的日常運營，我很高興看到我們敬業的管理團隊的辛勤工作在 2024 年迄今為止得到了回報。

While the standout performer in the vegetables segment has been our fresh-packed business, which has benefited from favorable market conditions in 2024, our value-added business has also made important progress on an underlying basis.

雖然蔬菜領域表現突出的是我們的生鮮包裝業務，受益於2024年有利的市場條件，但我們的加值業務也在基礎上取得了重要進展。

The combined businesses have generated operating income in both quarters of 2024 and will also contribute positive cash flow to the group in the first half.

合併後的業務在2024年兩季均產生了營業收入，也將在上半年為集團貢獻正現金流。

And with that, I'll hand you over to Jacinta to give a financial review for the second quarter.

接下來，我會將您交給 Jacinta 進行第二季的財務審查。

Thank you, Rory, and good day, everyone.

謝謝你，羅裡，大家好。

Firstly, turning to the group results on Slide 8.

首先，轉向幻燈片 8 上的小組結果。

We are pleased to have delivered another strong performance in the second quarter of this financial year.

我們很高興在本財年第二季再次取得強勁業績。

Reported revenue was in-line with prior year and on a like-for-like basis excluding the impact of FX and the sale of progressive produce, revenue increased 4.3%.

報告營收與上年持平，排除外匯和漸進產品銷售的影響，年增 4.3%。

Adjusted EBITDA increased 2.2% and 8.2% or $10 million on a like-for-like basis.

調整後 EBITDA 年成長 2.2% 和 8.2%，即 1000 萬美元。

The like-for-like increase was driven by the fresh fruit and diversified fresh produce Americas segments.

同比增長是由新鮮水果和多樣化的新鮮農產品美洲市場推動的。

Interest expense decreased year-on-year due to lower debt levels.

由於債務水準較低，利息支出較去年同期下降。

The increase in income taxes due to changes in our jurisdictional profit mix.

由於我們轄區利潤結構的變化而導致所得稅增加。

Net income was $88.1 million in the second quarter and an increase of $36 million from Q2 2023.

第二季淨利為 8,810 萬美元，較 2023 年第二季增加 3,600 萬美元。

The increase was driven by strong trading performance across the group including the fresh vegetables business which is captured within discontinued operations.

這一成長是由整個集團強勁的交易業績推動的，其中包括已終止業務中的新鮮蔬菜業務。

For the first six months income from discontinued operations increased to $25 million from a loss of $26 million in the first half of 2023.

前六個月，終止經營業務的收入從 2023 年上半年的虧損 2,600 萬美元增至 2,500 萬美元。

This income converted to net cash from discontinued operations of $16.7 million for the first six months compared to an outflow of $8.3 million in the first half of 2023.

前六個月，該收入從已終止經營業務轉換為淨現金 1,670 萬美元，而 2023 年上半年的流出為 830 萬美元。

Diluted EPS was $0.84 compared to $0.44 in the second quarter of 2023.

稀釋後每股收益為 0.84 美元，而 2023 年第二季為 0.44 美元。

On an adjusted basis predominantly excluding discontinued operations, adjusted net income and adjusted diluted EPS decreased 3% to $47 million and $0.49 respectively.

在主要排除終止經營業務的調整後基礎上，調整後淨利和調整後攤薄每股收益分別下降 3%，至 4,700 萬美元和 0.49 美元。

The year-on-year decrease was mainly due to higher income tax expense driven by the jurisdictional earnings mix.

年比下降主要是由於管轄區獲利組合導致所得稅費用增加。

Turning now to the divisional updates for the second quarter for our continuing operation and starting with fresh fruit on slide 10.

現在轉向第二季我們持續營運的部門更新，從幻燈片 10 上的新鮮水果開始。

The fresh fruit division delivered another strong consistent results with revenue increasing 1.5% and adjusted EBITDA up 7.3%.

新鮮水果部門再次取得強勁的一致業績，營收成長 1.5%，調整後 EBITDA 成長 7.3%。

Increase in revenue was primarily due to higher banana volumes in Europe and North America, higher worldwide pricing of bananas and higher volume of plantains sold, partially offset by lower volumes and pricing for pineapples.

收入的成長主要是由於歐洲和北美的香蕉銷售增加、全球香蕉定價上漲以及大蕉銷售增加，但部分被鳳梨銷售和定價下降所抵消。

The $4.8 million increase in adjusted EBITDA was driven by higher revenue and lower fruit sourcing costs, partially offset by higher shipping costs.

調整後 EBITDA 增加了 480 萬美元，原因是收入增加和水果採購成本降低，但部分被運輸成本上升所抵消。

Turning to diversified fresh produce EMEA on slide 11, the second quarter saw another consistent result from this segment continuing its good momentum over the last number of quarters.

轉向幻燈片 11 上的多元化新鮮農產品歐洲、中東和非洲地區，第二季度該細分市場又取得了一致的業績，延續了過去幾個季度的良好勢頭。

Revenue increased 3.2% primarily due to a strong performance in Ireland, the UK and Spain.

營收成長 3.2%，主要得益於愛爾蘭、英國和西班牙的強勁表現。

Adjusted EBITDA was in-line with prior year, driven by strong operating results in Spain and South Africa.

受西班牙和南非強勁營運業績的推動，調整後 EBITDA 與上年持平。

Finally, diversified fresh produce Americas and Rest of World on slide 12.

最後，投影片 12 介紹了美洲和世界其他地區的多樣化新鮮農產品。

This segment was impacted by the sale of progressive produce in March.

該部門受到三月漸進農產品銷售的影響。

On a like-for-like basis, predominantly excluding the impact of this sale, the segment produced a strong result.

在同等基礎上，主要排除此次銷售的影響，該部門產生了強勁的業績。

Revenue increased 11.3% or $47 million on a like-for-like basis, primarily due to seasonal timing benefits, as well as positive underlying revenue growth in most commodities in North America.

營收年增 11.3%，即 4,700 萬美元，這主要是由於季節性優勢以及北美大多數商品的基本收入積極增長。

Adjusted EBITDA increased 36.4% on a like-for-like basis, primarily due to the benefit of continued seasonal timing differences in South America and an improved performance in our North American diversified business.

調整後 EBITDA 年成長 36.4%，主要得益於南美洲持續的季節性時間差異以及北美多元化業務表現的改善。

Now turning to Slide 14 to discuss our capital allocation and leverage.

現在轉向投影片 14 來討論我們的資本配置和槓桿。

We remain very focused on capital allocation and managing our leverage and are pleased that our leverage reduced further in quarter to 1.9 times.

我們仍然非常注重資本配置和槓桿管理，很高興我們的槓桿率在本季進一步降低至 1.9 倍。

The reduction was driven by both our strong EBITDA in the quarter, as well as a small decrease in our net debt.

這一減少是由本季強勁的 EBITDA 以及淨債務小幅下降所推動的。

Net cash provided by operation activities from continuing operations was $40.2 million in the quarter.

本季持續經營業務提供的淨現金為 4,020 萬美元。

As usual, at this time of year, we have a higher investment in working capital due to the typical seasonal peaks for our business.

像往常一樣，每年的這個時候，由於我們業務的典型季節性高峰，我們對營運資本的投資較高。

And we expect that this will reverse over the course of the second half of the year.

我們預計這種情況將在今年下半年扭轉。

Cash capital expenditure from continued operations was $17.5 million in the second quarter and included spend on shipping containers, efficiency projects in our warehouses and ongoing investments in other assets.

第二季持續營運產生的現金資本支出為 1,750 萬美元，包括貨櫃支出、倉庫效率項目以及其他資產的持續投資。

For the full year, we continue to expect total capital expenditure in the range of $110 million to $120 million.

我們預計全年資本支出總額將介於 1.1 億美元至 1.2 億美元之間。

Along with the schedule of dry docking of some of our vessels, our other investments in the second half of the year will include further efficiency projects in our Nordic warehouse assets, vehicle additions and the expansion of processing capacity in some of our Chilean facilities.

除了我們一些船舶的干塢計劃外，我們下半年的其他投資將包括我們北歐倉庫資產的進一步效率項目、增加車輛以及擴大我們一些智利設施的加工能力。

Following the sale of progressive produce in March, we used the proceeds to repay 100 million of our term loans in April.

繼 3 月出售漸進式農產品後，我們在 4 月用所得款項償還了 1 億定期貸款。

This contributed to lower debt levels compared to the prior year, leading to a decrease in interest expense.

與前一年相比，這導致債務水準下降，從而導致利息支出減少。

For the full year, we continue to expect our interest expense, inclusive of discontinued operations, to be in the range of $75 million to $80 million.

我們繼續預計全年的利息支出（包括終止的業務）將在 7,500 萬美元至 8,000 萬美元之間。

Continuing with our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 for the second quarter, which will be paid on October 3rd, 2024, to shareholders on record on September 11, 2024.

繼續履行向股東返還現金的承諾，我們很高興宣布第二季度股息為 0.08 美元，將於 2024 年 10 月 3 日向 2024 年 9 月 11 日登記在冊的股東支付。

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

現在，我將把您交還給羅裡，他將介紹我們全年展望的最新情況。

Thank you, Jacinta.

謝謝你，傑辛塔。

So, we are very pleased to consolidate our strong start to the year with another very good performance in the second quarter which really puts us in an excellent position to deliver a strong result in the full year.

因此，我們很高興能夠在第二季再創佳績，鞏固今年的強勁開局，這確實使我們處於有利位置，可以在全年取得強勁業績。

Our forecasting obviously remains complex.

我們的預測顯然仍然很複雜。

We are raising our full year adjusted EBITDA target to at least $370 million for 2024.

我們將 2024 年全年調整後 EBITDA 目標提高至至少 3.7 億美元。

In conclusion, we are pleased to have added another quarter of stable, strong, and consistent earnings to our track record, and are now keenly focused on delivering on our enhanced full year target while also advancing on our strategic priorities for the remainder of the year.

總而言之，我們很高興在我們的業績記錄中又增加了一個季度穩定、強勁和持續的盈利，現在我們正專注於實現我們增強的全年目標，同時推進我們今年剩餘時間的戰略重點。

I want to finish by once again thanking all our excellent people across the group for their ongoing commitment and dedication to continue to drive Dole plc forward, as well as to our suppliers, our customers for all their on-going support.

最後，我想再次感謝整個集團所有優秀員工為繼續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。

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

這樣，我會將您轉交給接線員，然後我們就可以撥打電話詢問問題。

(Operator Instructions)

（操作員說明）

Adam Samuelson with Goldman Sachs.

亞當·薩繆爾森與高盛。

Hi, thank you.

你好，謝謝。

Good morning, everyone.

大家早安。

Hi.

你好。

So, Rory, since I just maybe the first question, as we think about kind of the outlook over the balance of the year you raised, the full year guidance, you also had a strong first half.

所以，羅裡，因為我可能只是第一個問題，當我們考慮您提出的今年餘額的前景、全年指導時，您的上半年也表現強勁。

Can you just calibrate for us how much of the increase in the full year outlook really reflected second quarter or first half performance and maybe how the second half of your expectations for the second half of the year have changed if at all from where you were three months or six months ago.

您能否為我們校準一下全年前景的增長有多少真正反映了第二季度或上半年的業績，以及您對下半年的預期與您三歲時相比有何變化（如果有的話）幾個月或六個月前。

Thank you.

謝謝。

Yeah, thanks Adam.

是的，謝謝亞當。

So, you know, having forecasting is clearly not an exact science as I said, and I think a diversified range of activities across geographies, across sources, customer basis, customer profiles does give us a good balance to cope with a lot of things which we've done over the last number of years.

所以，你知道，正如我所說，預測顯然不是一門精確的科學，我認為跨地域、跨來源、客戶基礎、客戶檔案的多樣化活動確實使我們能夠保持良好的平衡，以應對許多事情我們在過去幾年裡已經做到了。

And I think the profile of earnings between first half and second half might just vary a little bit this year compared with the last number of years.

我認為今年上半年和下半年的獲利情況與過去幾年相比可能會略有不同。

Certainly on the fresh fruit side of the business is no doubt that we have overperformed in the first half of the year.

當然，在新鮮水果業務方面，我們今年上半年的表現毫無疑問地超出了預期。

And we have anticipated, particularly with the dry docking of the ships and the knock-on cost consequences of that, that the Q3 in particular and the second half of the year will be a little bit below last year's numbers.

我們預計，特別是隨著船舶的乾塢以及由此產生的連鎖成本後果，第三季和今年下半年的數字將略低於去年的數字。

We'll measure the fresh fruit division, like all other divisions, on a full year basis, so we're not unduly worried about switches between one quarter or the other.

與所有其他部門一樣，我們將在全年的基礎上衡量新鮮水果部門，因此我們不會過分擔心一個季度或另一個季度之間的切換。

We looked at some of the other major issues or some of the other contributors EMEA in particular had a really strong finish to the year.

我們研究了其他一些主要問題或歐洲、中東和非洲地區的一些其他貢獻者，特別是在今年取得了非常強勁的成績。

Just a lot of things went right for us, so we don't necessarily budget for that repeating itself this year.

很多事情對我們來說都很順利，所以今年不一定會重複這樣的情況。

But overall, we put everything into the mix.

但總的來說，我們把一切都混合在一起。

And we're comfortable with the target we set ourselves for the remainder of the year.

我們對今年剩餘時間設定的目標感到滿意。

Okay, that's helpful, Rory.

好的，這很有幫助，羅裡。

And I guess just with the leverage where it has gotten to, the fresh vegetable business showing some good earnings in disc. ops and hopefully a divestiture and sale process there kind of progresses, can you help us think about kind of the need to deploy incremental cash and cash proceeds towards further debt reduction from here or how you would evaluate share repurchase versus organic growth prospectively?

我想，憑藉目前的槓桿作用，新鮮蔬菜業務在光碟上顯示出一些不錯的收益。營運並希望剝離和出售過程取得進展，您能否幫助我們考慮是否需要部署增量現金和現金收益以進一步減少債務，或者您將如何評估股票回購與未來的有機成長？

Just what would seem like there doesn't need to be as much of an emphasis on deleveraging incrementally from here and I'd just love to hear how you reassessing that as a.

只是看起來沒有必要從現在開始如此強調逐步去槓桿化，我只是想聽聽您如何重新評估這一點。

Yeah, I mean it's as you know it's a very dynamic process Adam.

是的，我的意思是，正如你所知，這是一個非常動態的過程，亞當。

You know we constantly look at our level of debt, our profitability, we look at the growth opportunities through acquisition that are available to the group.

你知道，我們不斷關注我們的債務水平、我們的獲利能力，我們透過收購為集團提供成長機會。

And I think I have pointed out that some of the private deals have actually been significantly higher valued than the public rating attributable to also that's made it a little bit challenging, but we do keep our eyes on that world, and we hope that that gap narrows at some point in time.

我想我已經指出，一些私人交易的價值實際上明顯高於公開評級，這也使得它有點具有挑戰性，但我們確實關注這個世界，我們希望這種差距能夠縮小在某個時間點縮小。

There are some investment opportunities within our existing business to continue to consolidate and grow our business.

我們現有業務中存在一些投資機會，可以繼續鞏固和發展我們的業務。

And then obviously we're looking at the macroeconomic situation as well and looking at, you know, we've seen a lot of volatility in the stock markets over the last couple of weeks and a lot of speculation as to what might happen with interest rates.

顯然，我們也在關注宏觀經濟形勢，你知道，過去幾週我們看到股市出現了很大的波動，並且對利息可能會發生什麼進行了很多猜測費率。

And then as you say, we've got the veg question is still work in progress in terms of where we end up in that.

然後正如你所說，我們的蔬菜問題仍在進行中，就我們最終的結果而言。

So all of those go into the mix to determining what the final outcome and over the years we've been so we've adapted to utilize pretty much every one of those capital allocation levers in the appropriate circumstances.

因此，所有這些因素都會綜合起來確定最終結果，多年來我們一直在這樣做，因此我們已經適應在適當的情況下利用幾乎每一種資本配置槓桿。

That will be the approach we will continue to take going forward.

這將是我們今後繼續採取的方法。

Okay, and I guess one more quick one.

好吧，我想還有一個快點。

And just by looking at the updated full-year guidance for the $370 million of continuing operations regarding the capex and interests, how do we think about the free cash flow conversion that would net out of that, presumably also subtracting up to 30 odd million of dividends and how controlling that you're likely to have.

只需查看關於資本支出和利息的 3.7 億美元持續運營的最新全年指引，我們如何看待從中扣除的自由現金流轉換，大概還會減去高達 30 多萬美元股息以及您可能擁有的控制權。

Jacinta?

傑辛塔？

Yeah, hi Adam.

是的，嗨亞當。

So I suppose last year we had very strong working capital inflow at the end of the year and while we expect very strong inflow this year, maybe not quite at the same level, you remember I talked about the seasonal impacts of the Chilean business and also the impact of the unwind of the stocks we had built up in 2022.

因此，我想去年我們在年底有非常強勁的營運資本流入，雖然我們預計今年的流入非常強勁，但可能不是完全在同一水平，你記得我談到了智利業務的季節性影響，而且我們在2022 年增持的股票平倉的影響。

So in overall terms, I suppose we consider a free cash flow conversion of 30% to 35% to be a normal type.

因此，總體而言，我認為我們認為 30% 至 35% 的自由現金流轉換是正常類型。

I think that's a reasonable approximation.

我認為這是一個合理的近似值。

Okay, that's very helpful.

好的，這非常有幫助。

I will pass it on, thank you.

我會轉達的，謝謝。

Thank you, Adam.

謝謝你，亞當。

Gary Martin with Davy.

加里馬丁和戴維。

Hi, Rory, Jacinta and Johan.

嗨，羅裡、傑辛塔和約翰。

First of all, just congrats on a strong set of results.

首先，恭喜我們取得了一系列強勁的成績。

So just a couple from me.

我就舉幾個例子。

Just going to jump into the divisionals, just on fresh fruit, just first of all, I mean it's been another strong quarter just in terms of volumes across Europe and North America.

首先，我的意思是，就歐洲和北美的銷售而言，這又是一個強勁的季度。

I mean I'm sure square the circle on this, I mean is this better sourcing from Dole, is this market share growth, is this just a general demand dynamic?

我的意思是，我確信這一點是正確的，我的意思是，這是否是從都樂更好的採購，這是市場份額的增長，這只是一般的需求動態嗎？

What's the best way to think about this?

思考這個問題的最佳方式是什麼？

And is it going to persist, do you think?

您認為這種情況會持續下去嗎？

Johan?

約翰？

We are working on making it persist and first of all, the overall team has done a very good job when it comes to focusing on quality and service, and that's on the back of the very good sourcing network that we have, the good shipping setup that we have.

我們正在努力讓它持續下去，首先，整個團隊在關注品質和服務方面做得非常好，這是我們擁有非常好的採購網絡和良好的運輸設置的支持我們有。

But we also have some very high-quality customers.

但我們也有一些非常優質的客戶。

We can see some of the retails we're having gaining market share.

我們可以看到一些零售業正在獲得市場份額。

So of course we are gaining then some volume on the back of that, but we have also been able to take some new customers.

當然，我們在此基礎上獲得了一些銷量，但我們也能夠吸引一些新客戶。

And yes we are hoping and working on continuing that into the future.

是的，我們希望並努力在未來繼續這樣做。

Excellent.

出色的。

Good color.

顏色好。

And then just maybe secondly, just on I know you'd spoken previously just about the kind of bridge into the second half of the year.

其次，我知道您之前曾談到下半年的過渡。

And I think you'd mainly kind of focus on the negatives.

我認為你主要關注的是負面因素。

But I think in the statement, you kind of gave good momentum into H2.

但我認為在聲明中，你為下半年註入了良好的動力。

I mean, just some of this may be the unwinding of some of the volume shortages that you've noted in diversified EMEA, and maybe just are there is there an expectation for some of the seasonal timing upside that you noted in America's and the rest of the world to potentially persist?

我的意思是，其中一部分可能是您在多元化的歐洲、中東和非洲地區注意到的一些數量短缺的緩解，也許只是您在美國和其他地區注意到的一些季節性時間上行的預期世界有可能持續存在嗎？

Or what's the best way to think about the second half just across being diversified businesses?

或是思考下半年多元化業務的最佳方式是什麼？

Yeah, I think if you look at the diversified EMEA, it's had a strong first half of the year.

是的，我認為如果你看看多元化的歐洲、中東和非洲地區，你會發現今年上半年表現強勁。

But a few ups and downs and some of them are interlinked.

但有一些起伏，其中一些是相互關聯的。

If you look at say America's business where pricing and margins on some of the key products, some of which get exported into Europe have been very, very strong and that gives those markets opportunities to sell to Far East or other locations that are not Europe.

如果你看看美國的業務，其中一些關鍵產品（其中一些出口到歐洲）的定價和利潤非​​常非常強勁，這為這些市場提供了向東或歐洲以外其他地區銷售的機會。

So we can see less food maybe coming into Europe and some of our divisions.

因此，我們可以看到進入歐洲和我們一些部門的食物可能會減少。

I think what we're seeing is over the back half of the year we're expecting the profile to be a little bit different but not dramatically different.

我認為我們預計今年下半年的情況會有所不同，但不會有太大不同。

Obviously, we are very pleased that within the America side of us, taking out despite taking out progressive produce and disposing of progressive produce, we're going to have a very strong year within that division as well on an overall full year basis.

顯然，我們非常高興的是，在美國方面，儘管淘汰了先進產品並處理了先進產品，但我們將在該部門以及整個全年的基礎上度過非常強勁的一年。

Excellent color.

色彩極佳。

I'll pass it on.

我會把它傳遞下去。

Thank you, Gary.

謝謝你，加里。

(Operator Instructions) And that concludes our question-and-answer session.

（操作員說明）我們的問答環節到此結束。

I will now turn the call back over to Rory Byrne for closing comments.

我現在將把電話轉回羅裡·伯恩 (Rory Byrne) 以徵求結束意見。

Thank you.

謝謝。

Well, as I was following on from what we thought was a very good 2023.

好吧，因為我正在繼續我們認為非常美好的 2023 年。

We are really pleased to such a strong start to 2024 and the outcome for the full the first half of 2024.

我們對 2024 年如此強勁的開局以及 2024 年上半年的成果感到非常高興。

That adds to a very strong sequence of good strong quarterly performance going back over quite a number of quarters at this point in time.

這為目前多個季度以來一系列強勁的季度業績增添了堅實的基礎。

Huge amount of dedication, work thoughts going into all aspects of our business, and we believe we are well-positioned for continued growth.

巨大的奉獻精神和工作思想滲透到我們業務的各個方面，我們相信我們已經做好了持續增長的準備。

So thank you once again to all of our hugely committed people and to all of you for joining us today.

因此，再次感謝我們所有高度奉獻的員工以及今天加入我們的所有人。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。