Flowers Foods Inc (FLO) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Flowers Foods fourth-quarter and full year 2025 results conference call. Please be advised that today's event is being recorded.

早上好，感謝您的耐心等待。歡迎參加 Flowers Foods 2025 年第四季及全年業績電話會議。請注意，今天的活動將被錄影。

I would now like to hand the conference over to your opening speaker today, JT Rieck, Executive Vice President of Finance and Investor Relations. Please go ahead.

現在，我謹將會議交給今天的開幕演講嘉賓，財務和投資者關係執行副總裁 JT Rieck。請繼續。

Thank you, Tonya, and good morning, everyone. I hope everyone had the opportunity to review our earnings release, listen to our prepared remarks and view the slide presentation that were all posted earlier on our Investor Relations website. After today's Q&A session, we will also post an audio replay of this call.

謝謝你，托妮亞，大家早安。我希望大家都有機會查看我們之前發佈在投資者關係網站上的收益報告、聆聽我們準備好的發言稿並觀看幻燈片演示。今天的問答環節結束後，我們也會發布本次通話的錄音回放。

Please note that in this Q&A session, we may make forward-looking statements about the company's performance. Although we believe these statements to be reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially. In addition to what you hear in these remarks, important factors relating to Flowers Foods business are fully detailed in our SEC filings. We also provide non-GAAP financial measures for which disclosure and reconciliations are provided in the earnings release and at the end of the slide presentation on our website.

請注意，在本次問答環節中，我們可能會對公司業績做出前瞻性陳述。儘管我們認為這些說法是合理的，但它們存在風險和不確定性，可能導致實際結果與預期有重大差異。除了您從這些演講中聽到的內容之外，與 Flowers Foods 業務相關的其他重要因素已在我們的美國證券交易委員會文件中進行了詳細說明。我們也提供非GAAP財務指標，相關揭露和調節表將在獲利報告和我們網站上的幻燈片簡報末尾提供。

Joining me today are Ryals McMullian, Chairman and CEO; and Anthony Scaglione, our CFO. Ryals, I'll turn it over to you.

今天與我一同出席的有董事長兼執行長 Ryals McMullian 和財務長 Anthony Scaglione。萊爾斯，我把它交給你了。

Okay. Thanks, JT. Good morning, everybody. Welcome to the fourth quarter call.

好的。謝謝，JT。大家早安。歡迎參加第四季財報電話會議。

I'm pleased with the progress that we're making to transform our business. Led by the strong performance of our leading brands and disciplined execution of efficiency initiatives, we produced results at the high end of our 2025 guidance range. Now as we look to 2026, our guidance does reflect ongoing category challenges, one fewer week, inflationary pressures, but also additional investments in our leading brands.

我對我們在業務轉型方面取得的進展感到滿意。在旗下領先品牌的強勁表現和效率提升措施的嚴格執行下，我們取得了 2025 年預期目標範圍的高端業績。展望 2026 年，我們的預測確實反映了持續的品類挑戰、減少一週營業時間、通膨壓力，但也反映了我們對領先品牌的額外投資。

In response to the headwinds that we are facing, we're conducting a comprehensive review of our operations. including our brand portfolio, supply chain and financial strategy, to strengthen execution and position our business to reignite top line growth and expand margins over time.

為了應對我們目前面臨的不利因素，我們正在對營運進行全面審查，包括品牌組合、供應鏈和財務策略，以加強執行力，並使我們的業務能夠重振營收成長，並隨著時間的推移擴大利潤率。

I want to thank our dedicated Flowers team for their hard work and resilience during this period of change and our shareholders for their ongoing support. We remain focused on navigating near-term challenges while also laying the foundation for sustainable long-term growth.

我要感謝我們敬業的鮮花團隊在這段變革時期所付出的辛勤努力和展現出的韌性，也要感謝我們的股東們一直以來的支持。我們將繼續專注於應對近期挑戰，同時為可持續的長期成長奠定基礎。

And with that, Tonya, we are ready for questions.

好了，托妮亞，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great. Good morning, everybody. Thanks for taking my questions. So Ryals and Anthony, you both spoke to the comprehensive review that you've begun on brands and operations, et cetera. I guess maybe just if you could, I know, Anthony, you talked about it being the first inning of that process, but maybe talk a little bit more about how you've scoped that exercise, what the project plan is, kind of what things are in or out of consideration? Just any more meat on those bones would be happy -- would be helpful. And Anthony, if you -- any estimate of how long the game lasts, that also would be helpful.

偉大的。大家早安。謝謝您回答我的問題。Ryals 和 Anthony，你們都談到了你們已經開始的關於品牌和營運等方面的全面審查。我想，如果你可以的話，我知道，安東尼，你說過這只是這個過程的第一局，但能不能再多談談你是如何界定這項工作的範圍的，項目計劃是什麼，哪些事情在考慮範圍內，哪些事情不在考慮範圍內？再多長點肉就更好了——會有幫助的。安東尼，如果你能估計一下比賽會持續多久，那也很有幫助。

Sure, Steve. I'll start and let Anthony fill in. I certainly appreciate the thirst for more details on this. We are in the early innings of the review. But at a high level, we're conducting a complete review of our brand portfolio, the manner and magnitude with which we're supporting that brand portfolio.

當然可以，史蒂夫。我先開始，安東尼接著說。我非常理解大家渴望了解更多細節的心情。我們目前還處於審查的初期階段。但從宏觀層面來看，我們正在對我們的品牌組合、我們支持該品牌組合的方式和力度進行全面審查。

We're evaluating other areas that are in additional need of investment. I think we're all aware that, by and large, the portfolio is performing very well across cake and our innovation platform and premium. The real issue for us is traditional loaf where we under-index, and that has been underperforming the category. And that has downstream effects in terms of operating deleverage, et cetera. So one of the key focus areas, Steve, is how do we reinvigorate Nature's Own? Reigniting growth on that brand, generating demand for that brand is going to be a key focus area for us.

我們正在評估其他需要額外投資的領域。我認為我們都意識到，總體而言，我們的產品組合在蛋糕、創新平台和高端產品方面都表現得非常好。對我們來說，真正的問題是傳統麵包，我們在這方面投入不足，而且該品類的表現也低於平均水平。而這會對經營槓桿率降低等產生下游影響。所以，史蒂夫，其中一個重點領域是我們如何重振 Nature's Own？重振品牌的成長，創造對該品牌的需求，將是我們工作的重點領域。

In addition, taking a look at supply chain, inclusive of the distribution network, to ensure that we are squeezing as much efficiency out of our operations as possible, is another key area of focus. So as we move through the year, obviously, we will continue to provide you all more and more detail as we go through the year. We're just in the early stretches right now.

此外，審視供應鏈（包括分銷網絡），以確保我們盡可能提高營運效率，是另一個重點領域。因此，隨著時間的推移，我們很可能會繼續為大家提供更多詳細資訊。我們現在還處於初期階段。

Yeah. And I would just add, I would characterize the review as a measured approach, working with Ryals and the rest of the management team on the evaluation around the portfolio, where it makes sense to invest. And this really leads to the CapEx conversation as well, where we're going to make those investments. It's a thoughtful and broad review. It's really not intended to be just for this year, but it's a multiyear process.

是的。我還要補充一點，我會將這次評估描述為一種審慎的方法，與 Ryals 和其他管理團隊一起評估投資組合，以確定哪些地方值得投資。這也引出了資本支出方面的討論，我們將要進行這些投資。這是一篇深思熟慮且內容全面的評論。這並非僅限於今年，而是多年過程。

I don't know when we're going to get to the top of the seventh, but we'll -- to Ryals' point, we'll continue to make progress and provide that updates along the way.

我不知道我們什麼時候才能到達第七個階段的頂峰，但——正如 Ryals 所說——我們將繼續取得進展，並在此過程中提供最新資訊。

Okay. Great. And I guess, as part of that, Anthony, you spoke in the prepared remarks about a review of capital allocation. And some of that will be a review of the capital expenditures that you just spoke to. But maybe if you could speak a little bit more broadly to capital allocation.

好的。偉大的。我想，安東尼，作為其中的一部分，你在準備好的演講稿中談到了對資本配置的審查。其中一部分將是對剛才您提到的資本支出進行審查。但或許您可以更廣泛地談談資本配置問題。

We've spoken on this call, and in general, about the dividend run rate of Flowers. And obviously, cash flow has exceeded GAAP income, but at the same time, the call for the '26 EPS is obviously below the dividend commitment. So just how you're thinking about capital allocation more broadly inclusive of that dividend? Thank you.

我們在這次電話會議中，以及總體上，都談到了 Flowers 的股息支付率。顯然，現金流已經超過了 GAAP 收入，但同時，2026 年的每股盈餘預期顯然低於股利承諾。那麼，您是如何更廣泛地考慮資本配置，包括股息在內的呢？謝謝。

I appreciate the question. It's a great question. And we understand that the dividend is top of mind for investors, and our focus has always been driving shareholder value. And we want to convey the importance that we place on the evaluation of our capital structure and our capital allocation. And that's obviously a conversation we have with our Board.

感謝您的提問。這是一個很好的問題。我們明白，股利是投資人最關心的問題，而我們一直以來的重點都是提升股東價值。我們希望傳達我們對評估資本結構和資本配置的重視程度。這顯然是我們與董事會需要討論的問題。

I think we need to make progress on the overall strategic evaluation to determine if, what and how much we alter that capital allocation and direction. But I'd also like to say we remain committed, and I think we mentioned this in the prepared remarks as well, to our strong balance sheet, and we recognize the benefit of the investment-grade rating.

我認為我們需要在整體策略評估方面取得進展，以確定是否、如何以及在多大程度上改變資本配置和方向。但我還想說，我們仍然致力於保持強勁的資產負債表，而且我認為我們在準備好的發言稿中也提到了這一點，我們也認識到投資級評級帶來的好處。

Very good. Thanks. I'll pass it on.

非常好。謝謝。我會轉達的。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hey, Ryals, hey, Anothony. Good morning. Thanks for taking our questions. I was hoping you could offer us just kind of a high-level thought given your experience in the industry. What do you think the industry, both yourselves and other prominent players, can do to really stabilize this kind of traditional low piece of the category? Often in your remarks, you call out the pockets of growth for DKB and a lot of the specialized offerings that you have, but it seems like the traditional loaf is kind of the thorn in the side and it's been that way for quarter-after-quarter.

嘿，Ryals，嘿，Anothony。早安.謝謝您回答我們的問題。我希望您能根據您在業界的經驗，給我們一些高屋建瓴的看法。您認為包括您自己和其他主要參與者在內的整個產業可以採取哪些措施來真正穩定這個傳統低價位類別？在您的演講中，您經常提到 DKB 的成長點以及您提供的許多特色產品，但傳統麵包似乎成了眼中釘，這種情況已經持續了好幾個季度。

Is there a point where the marginal household is just finally washed out of the category and we can get to a stabilization point? Or do you see the frequency of consumption even for households that stay in the category continue to decline? Just trying to size up what we should be looking for to kind of get a glide path back to some semblance of kind of flat to then hopefully positive in the future.

是否存在這樣一個臨界點，當邊緣家庭最終被完全排除在外，我們就能達到一個穩定點？或者，您是否觀察到，即使是那些仍然屬於該類別的家庭，其消費頻率也在持續下降？我們只是想評估一下應該關注哪些方面，才能讓經濟恢復到某種程度的平穩狀態，並希望未來能達到正成長。

Yeah. Great question, Jim. And as I said, that's the key to everything for us really. Because we do have so much strength in the other parts of the portfolio where we've heavily invested. We've been extremely innovative in those other parts of the portfolio.

是的。吉姆，問得好。正如我所說，這對我們來說才是關鍵。因為我們在其他投資較多的投資組合領域實力雄厚。我們在投資組合的其他部分也進行了極具創新性的嘗試。

We've talked a lot about not only the shift to value in this most recent conversation about affordability, but also the shift to premium differentiated. And we've been a key player there. And our efforts have certainly paid off. You can see that in the numbers and in the share data. You're absolutely right.

在最近關於可負擔性的討論中，我們不僅談到了向價值的轉變，還談到了向高端差異化的轉變。我們一直是其中的關鍵參與者。我們的努力確實得到了回報。從數據和份額數據中可以看出這一點。你說得完全正確。

Traditional loaf is the key for us. It's our largest brand in Nature's Own. It's also the number one brand. I think the soft variety will continue -- or traditional loaf, rather, will continue to be an important part of the category. But it's the trends that we see continue, whether that's a shift to premium, whether it's a shift to value, inclusive of small loaves, because I do think a portion of the current value play, if you will, is driven by macroeconomic factors that we see all the time in the bread category.

傳統麵包對我們來說至關重要。它是Nature's Own旗下最大的品牌。它也是排名第一的品牌。我認為軟麵包（或更確切地說是傳統麵包）將繼續成為該品類的重要組成部分。但我們看到的趨勢仍在繼續，無論是轉向高端市場，還是轉向性價比市場（包括小麵包），因為我認為，目前這種性價比的趨勢，一部分是由我們在麵包領域經常看到的宏觀經濟因素所驅動的。

I think the difference now, whereas traditionally you would have seen a shift to private label, you're seeing a shift to lower-priced branded offerings that are pricing at parity or slightly above private label. And in the same environment, private label is down. So it's different this time around, but I think that the pure value play is cyclical. I think small loaves, however, offer something different. Not only is it value -- it certainly addresses that area of the market. But it's also demographic shifts, Jim. Smaller households, people getting married later, a desire not to waste product, in addition to, in the current environment, being more of a value offering.

我認為現在的不同之處在於，過去你會看到消費者轉向自有品牌，而現在你會看到消費者轉向價格較低的品牌產品，這些產品的價格與自有品牌持平或略高。在同樣的環境下，自有品牌業務卻出現了下滑。所以這次的情況有所不同，但我認為純粹的價值投資是週期性的。但我認為小麵包則有所不同。它不僅物有所值——而且確實滿足了該市場領域的需求。但吉姆，這也與人口結構變化有關。家庭規模縮小、人們結婚年齡延遲、不願浪費產品，以及在當前環境下提供更有價值的產品，這些都是消費者的需求。

So my point in saying all this is over time, I do think you're going to see the shelf evolve and change overall. And so it's very important for us to be prepared to shift with that. And we believe there are things that we can do with Nature's Own given its high loyalty rate, given its awareness, given that it’s the number one brand, to bring additional attributes to consumers that they will value. So I do think that there is a path there. And we're excited about the changes that we have upcoming for that segment of the portfolio.

所以我說這些的重點是，隨著時間的推移，我認為你會看到貨架整體上不斷發展和變化。因此，做好應對這種變化的準備對我們來說非常重要。我們相信，鑑於 Nature's Own 的高忠誠度、知名度以及其作為第一品牌的地位，我們可以為消費者帶來更多他們會重視的附加屬性。所以我認為這條路是通的。我們對即將對該投資組合部分的變化感到興奮。

If we're successful in doing that, Jim, that goes a long way to getting us back at least to a stable state in traditional loaf, which will be very meaningful for the business, if not slight growth and recapture some of that operating deleverage. It's also important though to say, at the same time, as Anthony both noted, our supply chain review is involved in this too. So it's important to do both, to both address the demand for traditional loaf primarily, but also address our fixed cost base and ensure that we are operating as efficiently as possible.

吉姆，如果我們能成功做到這一點，那將大大有助於我們至少恢復到傳統麵包生產的穩定狀態，這對企業來說意義重大，即使不能實現小幅增長，也能重新獲得一些營運槓桿優勢。但同樣重要的是，正如安東尼所指出的，我們的供應鏈審查也與此有關。因此，兩方面都很重要，既要滿足傳統麵包的需求，也要控制固定成本，確保我們盡可能有效率地運作。

Got it. I appreciate all the detail on that. Maybe tying that to 2026, when you just think about the kind of interplay between the ramp in Simple Mills and then the legacy portfolio, can you just give us a sense on the cadence on the top line? I mean, obviously, 4Q has the 53rd week lap. But just should we expect a lot of the Simple Mills to kind of hit at the beginning of the year, is it more of a gradual rollout, just kind of the cadence of the top line growth as we roll through the year?

知道了。非常感謝您提供的所有細節。或許可以把這一點與 2026 年聯繫起來，當你思考 Simple Mills 的成長勢頭與傳統產品組合之間的相互作用時，你能否給我們介紹一下營收成長的節奏？我的意思是，很明顯，4Q 是第 53 週的比賽圈。但是，我們是否應該期待 Simple Mills 的許多產品在年初就大獲成功，還是說這是一個漸進式的推廣過程，只是隨著我們全年收入的增長而逐步推出？

Yeah. So if you think about the guide, the range is down roughly about 180 basis points to slightly up, effectively flat. And from that, we said the category, we expect the category to be down 4% from a headwind, which is anyone's guess at this point. But we felt taking a rational approach and conservative approach looking at that from that lens. The extra week adds about 150 basis points of pressure. And then the rest is going to be a combination of the Simple Mills [wrap] and the growth being from share in rate as we plan out the year.

是的。所以，如果你看看指導價，你會發現波動範圍大致下降了 180 個基點，略微上升，實際上持平。因此，我們預期該類別將受到不利因素的影響而下降 4%，但目前誰也無法預料具體情況。但從這個角度來看，我們認為採取理性、保守的態度是適當的。多出的一週時間會增加約150個基點的壓力。其餘部分將結合 Simple Mills [包裝] 和市場份額增長，正如我們今年的計劃那樣。

Okay, great. Thank you. I'll hop back in the queue.

好的，太好了。謝謝。我重新排隊。

Max Gumport, BNP Paribas.

馬克斯·古姆波特，法國巴黎銀行。

Hey. Thanks for the question. I wanted to come back to the dividend conversation and just get more clarity on why not cut the dividend today. With your payout ratio going to well above 100% of your guidance for EPS, your leverage being in a difficult place, it looks like your current net debt represents anywhere from 3.5 to 3.75 times your outlook for adjusted EBITDA this year, which puts you at risk of tripping your 3.75 times covenant.

嘿。謝謝你的提問。我想回到分紅的話題，進一步弄清楚為什麼今天不削減分紅。由於您的派息率遠高於每股收益預期的 100%，槓桿率處於不利地位，目前看來，您的淨債務相當於今年調整後 EBITDA 預期值的 3.5 至 3.75 倍，這使您面臨觸及 3.75 倍債務契約的風險。

And then clearly, you're in a difficult place right now in determining how to finance the business going forward as you've come to the market with your outlook for '26, but with no CapEx plan for the year. So wouldn't it have been simpler just to cut the dividend now and get back to focusing on operations? Just looking for more clarity there. Thanks very much.

顯然，你現在處境艱難，因為你帶著對 2026 年的展望進入市場，但卻沒有當年的資本支出計劃，所以你很難決定如何為企業未來的發展籌集資金。那麼，現在直接削減股息，重新專注於營運豈不是更簡單嗎？我只是想更清楚地了解一下。非常感謝。

Thank you. I'll take it and then pass it to Ryals. I think the team has stated this before, dividend is a function of our discussion clearly with our Board, our capital structure, overall allocations. And we recognize the need to address that holistically in light of both our strategy and overall capital structure. And our intent is to plan to provide that detail in the upcoming quarters. But I want to reiterate what Ryals just said.

謝謝。我接過它，然後把它交給賴爾斯。我認為團隊之前已經說過，股利取決於我們與董事會的明確討論、我們的資本結構和整體配置。我們認識到，需要從整體上，結合我們的策略和整體資本結構來解決這個問題。我們計劃在接下來的幾個季度中提供這些細節。但我想要重申一下Ryals剛才說的話。

We're in the early days of this comprehensive review. I can't necessarily discuss the dividend in detail at this point, but it is something that we are reviewing in light of our capital structure, in light of the bank covenant. What I would say, we're in compliance with all the covenants, and we have a strong relationship with our syndicates and we expect to refinance the upcoming maturity and also make some progress on debt paydown. So it is part of our overall review. And hopefully, that's helpful.

這項全面審查尚處於初期階段。目前我還不便詳細討論股利問題，但我們正在根據我們的資本結構和銀行契約對此進行審查。我想說的是，我們遵守所有契約條款，與銀團保持良好的關係，我們預計能夠對即將到期的債務進行再融資，並在償還債務方面取得一些進展。所以這是我們整體評估的一部分。希望這能有所幫助。

Great. And then as a follow-up, I'm just looking for a bit more clarity on a few factors with regard to what's embedded in your outlook for 2026. Really, it's on four factors, so I apologize for the long question. But the first is, what are you factoring in with regards to the reduced SNAP budget this year? The second is, what potential impacts are you assuming from the Supreme Court case we have in March?

偉大的。然後，作為後續問題，我只是想更清楚地了解您對 2026 年的展望中包含的一些因素。實際上，這個問題取決於四個因素，所以很抱歉問了這麼長的問題。但首先，考慮到今年 SNAP 預算減少，你們是如何考慮的？第二個問題是，您認為三月最高法院的案件可能會產生哪些潛在影響？

The third would be on that debt refinancing, the $400 million in October that's coming due, are you assuming a refinancing at higher rates occurs in your outlook for '26? And then the fourth would just be, it seems like your guidance is embedding very large market share gains, so you're saying the category is down 4%, but it sounds like organic is closer to just below flat. So just what's behind that large market share gain assumption? Thanks very much.

第三個問題是關於債務再融資，10 月到期的 4 億美元債務，您是否認為在 2026 年的展望中會出現利率更高的再融資？第四點是，你的預測似乎包含了非常大的市佔率成長，所以你說該類別下降了 4%，但聽起來有機產品的成長接近持平。那麼，大幅提升市佔率的假設背後究竟是什麼呢？非常感謝。

So I'll start with the SNAP, and we recognized reduction in EBT purchases and the pressure on the lower-income households, which is why I think our diverse portfolio of brands and products are structured to appeal at all household demographics. We don't break that out specifically, but we are monitoring that channel, ensuring that we are providing value at those price points as well.

所以我先從 SNAP 開始說起，我們意識到 EBT 購買量有所減少，低收入家庭面臨壓力，因此我認為我們多元化的品牌和產品組合旨在吸引所有家庭群體。我們沒有特別列出這一點，但我們正在監控該管道，確保我們也在這些價格點上提供價值。

And our next question will be coming from the line of --

下一個問題將來自…--

I wanted to talk about the other question. So the debt refi, as I mentioned, we're working with our syndicates as well as looking at the most efficient way to refinance. We're highly confident that that refinancing work would occur. Obviously, rates are going to be slightly higher than the rate of the bond that we're taking out, but we feel confident that's going to be part of our process as we look at the overall capital structure going forward.

我想談談另一個問題。所以，正如我所提到的，關於債務再融資，我們正在與我們的銀團合作，並尋找最有效的再融資方式。我們非常有信心這項再融資工作將會進行。顯然，利率會比我們發行的債券利率略高，但我們相信，在我們展望未來整體資本結構時，這將是我們流程的一部分。

And then the last two questions were the market share gain. Could you repeat that question?

最後兩個問題是關於市場佔有率成長的。您能再說一次這個問題嗎？

Sure. I'll open the line back up. One moment.

當然。我會重新開通線路。稍等片刻。

Yeah, I'll take that one on the market share gains, Max, if you're still listening. As we've talked about, we anticipate making incremental investments in our brands, also the innovation that we have coming forth across the portfolio, inclusive of Simple Mills having a record year for innovation, introducing 13 new items; the DKB snack brands coming forth with new items and, obviously, further innovation in the core. We also have our increased marketing investment that we're making this year. So all of those would give us confidence that we can continue to gain share in the marketplace.

是的，Max，如果你還在聽的話，我同意你關於市場佔有率成長的觀點。正如我們之前討論過的，我們預計將對我們的品牌進行逐步投資，同時我們整個產品組合也將推出創新產品，包括 Simple Mills 在創新方面創下紀錄，推出了 13 款新產品；DKB 零食品牌也將推出新產品，當然，核心業務也將進一步創新。今年我們也增加了行銷方面的投入。因此，所有這些都讓我們有信心繼續擴大市場份額。

As for the Supreme Court ruling, there's nothing embedded in guidance. So I don't think we would -- that's more of an operating issue. We wouldn't expect any material financial impact from the decision one way or the other.

至於最高法院的裁決，並沒有將其納入指導原則。所以我覺得我們不會——這更多的是營運問題。我們預計無論該決定為何，都不會對財務產生任何實質影響。

Mitchell Pinheiro, Sturdivant & Company.

米切爾·皮涅羅，斯特迪文特公司。

Hey, good morning. So as it relates to the supply chain review, is -- I mean, as you look at the traditional loaf market, and obviously, that's getting a little smaller, are we -- should we anticipate perhaps some either bakery consolidation? Or is that part of the review?

嘿，早安。所以，就供應鏈審查而言，我的意思是，當你觀察傳統的麵包市場時，很明顯，這個市場正在逐漸縮小，我們是否應該預料到可能會出現一些麵包店的合併？或者，這本身也是評論的一部分？

Yeah, Mitch, that's part of the review, but I would say, yes, that's an ongoing process. I mean you're aware we've closed several bakeries over the last few years, most recently, a bakery in Atlanta, one in Louisiana, one out in Arizona. So this has been sort of normal course for us as we continually review operations.

是的，米奇，那是審查的一部分，但我想說，是的，那是一個持續的過程。我的意思是，您也知道，在過去的幾年裡，我們關閉了好幾家麵包店，最近一家在亞特蘭大，一家在路易斯安那州，一家在亞利桑那州。因此，在我們不斷審查營運情況的過程中，這已經成為一種正常的做法。

I think when we talk about supply chain reinvention in terms of this review, it's a bit more global in terms of how can we better leverage digital, AI, automation, in addition to network optimization. So it's more fully encompassing and looking at the whole picture and inclusive of the distribution network as well, how we get to market, where we place our DCs, et cetera.

我認為，就本次審查而言，當我們談論供應鏈重塑時，它更俱全球性，即我們如何更好地利用數位化、人工智慧、自動化以及網路優化。因此，它更加全面地涵蓋了整個情況，也包括分銷網絡、我們如何進入市場、我們在哪裡設立配送中心等等。

Okay. And I saw that you're moving your DSD, the P&L responsibility, to a regional -- back to the regional level. And this obviously is a return, I guess, to the past a little bit. Is that -- where do you see and how do you see that benefiting Flowers going forward?

好的。我看到你正在將你的DSD（損益責任）轉移到區域層級——回到區域層級。這顯然是一種回歸過去的方式。也就是說——您認為這對Flowers未來的發展有何益處？

Yeah. So it's not really a return to the past. I mean, maybe, as you said, a little bit. But as we took a look at our operations and how we're operating in our business, I mean, there are regional differences in terms of consumer preferences, things like that. We also felt that there was a need for greater accountability closer to the individual markets. And by moving -- and this is for DSD, which is 85% of the business, doesn't really apply to the balance of the business.

是的。所以這並非真正意義上的回歸過去。我的意思是，也許，就像你說的，有一點點。但當我們審視我們的營運方式以及我們在業務中的運作方式時，我的意思是，在消費者偏好等方面存在地域差異。我們也認為，需要在更貼近各個市場的地方加強問責制。而且，這種轉移——這是針對 DSD 而言的，DSD 佔業務的 85%，但並不適用於業務的其餘部分。

But for DSD, having that higher degree of P&L accountability a bit closer to the market, and in some cases, having more local decisions, we thought was a prudent move to make in the current environment we're operating. I mean, obviously, this is a very challenging time for the company and for the industry. And so making sure we have accountability in the right place, the right people in the right places is of paramount importance.

但對於 DSD 而言，在當前營運環境下，擁有更高程度的損益責任，更貼近市場，並在某些情況下做出更多在地化決策，我們認為這是一個謹慎的舉措。我的意思是，很顯然，這對公司和整個行業來說都是一個充滿挑戰的時期。因此，確保在適當的地方設立問責機制，讓適當的人在適當的地方承擔責任，至關重要。

Okay. And then I guess just last question, is -- and there's also this optimizing your brand portfolio. Does that mean potentially selling brands?

好的。最後一個問題是－還有如何優化你的品牌組合。這是否意味著有可能出售品牌？

I mean we're looking at everything. I mean I certainly can't comment specifically on any contemplated divestitures, but it really is focused on optimizing the portfolio in a way that sets us up best for success. So that can mean anything from additional investment in brands, to SKU rat, to, yes, potential divestitures. But there's nothing concrete on the table at the moment.

我的意思是，我們正在考慮所有方面。我的意思是，我當然不能對任何正在考慮的資產剝離發表具體評論，但其重點確實是優化投資組合，以使我們最有可能取得成功。所以這可能意味著從對品牌的額外投資，到 SKU 調整，再到潛在的資產剝離。但目前還沒有任何具體方案擺在桌面上。

Okay. All right, thank you.

好的。好的，謝謝。

(Operator Instructions)

（操作說明）

Max Gumport, BNP Paribas.

馬克斯·古姆波特，法國巴黎銀行。

Hey. Thanks. Just a couple of housekeeping ones. So first would be, is there a level of maintenance CapEx you could speak to just as we're thinking through our models and the lowest level of CapEx we could potentially be putting in the model for '26?

嘿。謝謝。就幾件家務事。首先，您能否談談維護資本支出水平，因為我們正在考慮我們的模型，以及我們可能在 2026 年模型中投入的最低資本支出水平？

Yeah, let me qualify that. So maintenance CapEx for us is just, as you can imagine, the normalized CapEx that we look at across our bakery and real estate network. And that usually runs around $2 million, plus or minus, per bakery per year. And looking at that from a historical, there's always going to be a special project or an initiative that's going to require CapEx, and clearly, we have the rest of the ERP project that we need to complete in 2026 and early part of 2027.

是的，讓我補充一下。因此，對我們來說，維護性資本支出正如您所想，就是我們在整個烘焙和房地產網絡中看到的標準化資本支出。通常情況下，每家麵包店每年的花費約為 200 萬美元，上下浮動。從歷史的角度來看，總是會有一些特殊項目或計劃需要資本支出，顯然，我們還有 ERP 項目的剩餘部分需要在 2026 年和 2027 年初完成。

So that hopefully gives you a little bit of a range of, looking at it from the overall picture, there's an amount that we intend to deploy as part of that maintenance. It's really looking at that growth CapEx and really focusing our efforts and being laser-focused on that. And that's what's inhibiting us, at this point, from providing that range. But as I mentioned in my prepared remarks, most likely that outcome is going to be the continued prudent approach that we've had in the past.

所以，希望這能讓你對整體情況有所了解，我們打算在維護過程中部署一定數量的資源。我們真正關注的是成長型資本支出，並將精力集中在這方面，全神貫注於此。而這正是目前阻礙我們提供這種範圍的原因。但正如我在準備好的發言稿中提到的，最有可能的結果是，我們將繼續採取過去一直奉行的謹慎做法。

Great. And then on the $0.08 impact to EPS from incentive compensation, any color on the cadence in which that line down occurred in '25? I imagine that a large chunk came in 4Q, but partly came in 2Q and 3Q as well. So I mean, more explicit help on cadence you could give us in regard to the $0.08.

偉大的。那麼，關於激勵性薪酬對每股盈餘 0.08 美元的影響，能否說明一下 2025 年該指標下降的節奏？我估計很大一部分是在第四季實現的，但也有一部分是在第二季和第三季實現的。所以我的意思是，關於 0.08 美元，您能否給我們更明確的節奏方面的幫助？

Yeah. We actually adjust our accrual quarterly, and most of that adjustment occurred in the first three quarters of last year, just given the revised estimate. So when you look at the cadence, it's more for three quarters versus Q4.

是的。實際上，我們按季度調整應計項目，而大部分調整發生在去年的前三個季度，這主要是由於修訂後的估計值所致。所以從節奏來看，前三個季度比第四季更常見。

Okay. And then on Simple Mills' sales, it looks like in 4Q, I mean, you ended the year a bit below the full year guidance, which I believe was $221 million to $223 million. You reported closer to $214 million. So it seems like 4Q came in a bit light of expectations, but at the same time, your commentary still sounds pretty good on Simple Mills. So anything one-off that held back Simple Mills' sales in 4Q '25?

好的。至於 Simple Mills 的銷售額，看起來在第四季度，我的意思是，你們最終的業績略低於全年預期，我記得全年預期是 2.21 億美元到 2.23 億美元。你報告的數字接近 2.14 億美元。所以看來第四季業績略低於預期，但同時，你對 Simple Mills 的評論聽起來仍然相當不錯。那麼，2025年第四季Simple Mills的銷售額受到哪些一次性因素的影響呢？

Yeah, Max, it's Ryals. A couple of things. One, there were some inventory de-loading related to one distributor that kind of disrupted the timing of sales during that period. And they -- Simple Mills also had an issue with some coconut sugar that came in. All the affected inventory was in our control, so there was no recall or anything like that.

是的，Max，是Ryals。有幾件事。第一，由於某家經銷商的庫存卸載，導致該期間的銷售時間受到一定程度的干擾。他們——Simple Mills公司也遇到了一些椰子糖的問題。所有受影響的庫存都在我們的控制之下，所以沒有召回或類似的事情發生。

But that contributed to a little bit of a disruption in terms of sales timing in the fourth quarter. But to your point, we still feel great about Simple Mills. We expect them to be top line up double digits next year. Lots of innovation coming. So we're still quite bullish on the business. They're doing fine.

但這導致第四季的銷售時間出現了一些混亂。但正如你所說，我們仍然對 Simple Mills 充滿信心。我們預計他們明年將躋身前十名。未來將湧現大量創新。所以我們仍然非常看好這項業務。他們一切都好。

Great. And last one from me and I'll leave it there. It's just on margins for Simple Mills. It looks like it dipped to 11% EBITDA margin in 4Q versus 16% in the first three quarters. I think also that was roughly in line with your plans.

偉大的。這是我最後一個問題，我就說到這裡吧。這只是 Simple Mills 的利潤而已。第四季 EBITDA 利潤率似乎下降至 11%，而前三個季度為 16%。我認為這大致上也符合你的計劃。

So I guess, one, is it really just all about tariffs coming on and then maybe some input costs running a bit higher too? And then could you give us a bit more color on how we should think about cost for '26, particularly given what we're seeing with almonds and inflation there? Thanks very much.

所以我想，第一，是不是真的只是因為關稅上漲，然後一些投入成本也稍微增加？那麼，您能否再詳細談談我們應該如何看待 2026 年的成本問題，特別是考慮到杏仁價格和通貨膨脹的情況？非常感謝。

Yeah. Max, you're spot on. It's almond flower and tariffs. And in addition to additional brand investments in the brand, I think you should expect that to continue into '26. But yeah, it's primarily the almond flower and tariff impact for Simple Mills.

是的。馬克斯，你說得完全正確。是杏花和關稅。除了對該品牌進行額外的品牌投資外，我認為你應該預期這種情況會持續到 2026 年。是的，對 Simple Mills 來說，主要影響因素是杏花和關稅。

Okay. Thanks very much. I appreciate all the questions.

好的。非常感謝。感謝大家提出的所有問題。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

Hey, good morning, all. Thanks for taking our questions. First one for me. You're talking about kind of heightened reinvestment in the business and some brands for 2026. But it seems like you've also already been on this journey since the summer in terms of small loaves and some protein offerings and Better For You. So just wondering if you can help us understand maybe what's changing and what's going to be different from what you've already been enacting in the portfolio?

嘿，大家早安。謝謝您回答我們的問題。這是我的第一個。你指的是 2026 年加大對企業和某些品牌的再投資。但從夏天開始，你們似乎也已經在小麵包、一些蛋白質產品和「更健康」產品方面開始了這段旅程。所以，我想請您幫我們了解一下，與您已經在投資組合中實施的措施相比，有哪些變化和不同之處？

Right. Yeah, exactly, Scott. Good question. So as I was alluding to earlier, over the last several years, we have ramped up our brand investment, not just in marketing, but also in our innovation efforts around DKB, DKB snacks, obviously, the addition of Simple Mills, but also keto and protein loaves and Perfectly Crafted, just kind of -- I'll go on and list them all. But we believe that we're one of the most innovative producers in the category.

正確的。對，沒錯，史考特。問得好。正如我之前提到的，在過去的幾年裡，我們加大了對品牌的投資，不僅在市場營銷方面，而且在圍繞 DKB、DKB 零食的創新工作方面，顯然還有 Simple Mills 的加入，以及生酮麵包、蛋白麵包和 Perfectly Crafted 等等——我會繼續列舉它們。但我們相信，我們是該領域最具創新精神的生產商之一。

What's different this time, as I said earlier, is when you look at our portfolio, when you look at our market share performance, the clear issue is in traditional loaf, and that primarily means Nature's Own. And so a lot of the additional investment and innovation that we're speaking to today is around reigniting demand for traditional loaf and for Nature's Own.

正如我之前所說，這次不同的是，當你審視我們的產品組合，審視我們的市佔率表現時，很明顯的問題出在傳統麵包上，這主要指的是 Nature's Own 品牌。因此，我們今天所談論的許多額外投資和創新都是為了重新激發人們對傳統麵包和 Nature's Own 的需求。

Understood. Thanks for the clarity on that. And then second one for me is you're talking obviously about some of the category pressures. You also spoke a bit about some heightened competition within the category. So wondering if you can just kind of share maybe how you're thinking about the competition? Have you seen competitors do anything like rationalized some of their own production capabilities? Just wondering how competitors are kind of handling the current environment.

明白了。謝謝您對此的解釋。其次，你顯然是在談論一些類別壓力。您也談到了該領域內日益激烈的競爭。所以，我想問您能否分享一下您對這場競爭的看法？你有看過競爭對手採取過類似精簡自身生產能力的做法嗎？想知道競爭對手們是如何應對當前局勢的。

Yeah. Nothing major that I will report in terms of bakery consolidation or anything like that. I think the competitive environment in the fourth quarter was pretty normal. No major uptick. In fact, for the category, price per unit was actually up a bit in the quarter. And that -- a lot of that is likely a mix shift to premium products.

是的。沒有什麼重大消息要報告，像是烘焙業整合之類的。我認為第四季的競爭環境相當正常。沒有明顯好轉。事實上，就該類別而言，本季單價實際上略有上漲。而這——很可能是產品組合轉變為高端產品的結果。

Obviously, like the rest of the food industry, everybody is trying to figure this out, the rise of GLP-1s, the fact that it's coming out in a pill, the overall macroeconomic environment, while inflation has certainly come down, prices remain elevated and some consumers are struggling with that. So you see a lot of move to value, not just in terms of product but also in terms of channel, moving more to club stores and mass, et cetera.

顯然，和食品業的其他從業者一樣，大家都在努力弄清楚 GLP-1 的興起，以及它以藥丸形式上市的事實，還有整體宏觀經濟環境，雖然通貨膨脹肯定已經下降，但價格仍然居高不下，一些消費者對此感到困擾。因此，你會看到很多企業都在向價值導向轉型，不僅體現在產品方面，也體現在通路方面，例如更多地轉向會員製商店和大眾市場等等。

So I think we're going to continue to see a consumer -- continue to see a pressured consumer for a bit longer, and we'll see how all that shakes out. In the meantime, what's important to us is that we're delivering products to consumers that have attributes that they want, definitely with a better-for-you bet, but also across the price spectrum. That's how we're looking at it.

所以我認為，消費者——消費者——還會繼續面臨一段時間的壓力，我們拭目以待，看看最終結果如何。同時，對我們來說重要的是，我們要為消費者提供他們想要的產品特性，當然要選擇更健康的產品，而且要涵蓋各種價格範圍。我們就是這麼看的。

In terms of promotional levers, obviously, we have that at our disposal. We tend to use that prudently and use it more for driving trial and repurchase rather than driving volume gains. You have to remember that this is a category with limited expandable consumption. And so we are very disciplined in our use of promotional activity. But where we need to do so, to protect share, we will. But we will use our enhanced TPM capabilities to guide us in that process and make sure that we are achieving the desired return on investment.

就促銷手段而言，我們顯然擁有這些手段。我們傾向於謹慎地使用它，更多地將其用於推動試用和復購，而不是推動銷量成長。你要記住，這是一個消費可擴展性有限的類別。因此，我們在促銷活動的進行上非常注重紀律。但凡有必要保護股份的地方，我們都會這樣做。但我們將利用我們增強的TPM能力來指導這個過程，並確保我們實現預期的投資回報。

Scott, as an example of that, in the fourth quarter, we pulled back strategically on promotions. As I said, there's limited expandable consumption in this category. And typically, when we get aggressive with promotions in the fourth quarter, we don't get a good return on that investment. And so if you look at the share data, you will see that we pulled back pretty substantial in the fourth quarter, and as we move into the new year, get back to a more normalized cadence.

以斯科特為例，在第四季度，我們策略性地減少了促銷活動。正如我所說，這一類別的可擴展消費是有限的。通常情況下，如果我們在第四季大力推行促銷活動，就無法獲得良好的投資回報。因此，如果你查看市場份額數據，你會發現我們在第四季度大幅回落，隨著我們進入新的一年，我們將恢復到更正常的節奏。

Appreciate the color. I'll leave it there.

欣賞這種顏色。我就說到這兒吧。

I'm showing no further questions. I would now like to turn the conference back to Ryals McMullian, Chairman and CEO, for closing remarks.

我不再提問。現在我謹將會議交還給董事長兼執行長賴爾斯·麥克穆利安，請他作閉幕致詞。

Okay, Tonya, thank you. I just want to thank everybody for taking time today and joining us for questions. We very much appreciate your interest in our company. And as always, we'll look forward to speaking to you again next quarter. Take care.

好的，托尼亞，謝謝你。我只想感謝大家今天抽出時間來參加我們的提問環節。我們非常感謝您對我們公司的關注。和往常一樣，我們期待下個季度再次與您交流。小心。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。