Freshpet Inc (FRPT) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Freshpet, Inc. Second Quarter 2023 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 Freshpet, Inc. 2023 年第二季度收益電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

I would now like to turn the call over to your host, Mr. Jeff Sonnek. Investor Relations at ICR. Thank you. You may begin.

現在我想將電話轉給主持人 Jeff Sonnek 先生。 ICR 的投資者關係。謝謝。你可以開始了。

Thank you. Good morning, and welcome to Freshpet's Second Quarter 2023 Earnings Call and Webcast. On today's call are Billy Cyr, Chief Executive Officer and Todd Cunfer, Chief Financial Officer. Scott Morris, Chief Operating Officer, will also be available with us for Q&A.

謝謝。早上好，歡迎來到 Freshpet 2023 年第二季度收益電話會議和網絡廣播。首席執行官 Billy Cyr 和首席財務官 Todd Cunfer 出席了今天的電話會議。首席運營官 Scott Morris 也將與我們一起接受問答。

Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to the company's annual report on Form 10-K filed with the SEC and the company's press release issued today, for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在我們開始之前，請記住，在本次電話會議期間，管理層可能會做出聯邦證券法含義內的前瞻性聲明。這些陳述基於管理層當前的預期和信念，涉及可能導致實際結果與這些前瞻性陳述中描述的結果存在重大差異的風險和不確定性。請參閱公司向 SEC 提交的 10-K 表格年度報告以及公司今天發布的新聞稿，詳細討論可能導致實際結果與任何前瞻性陳述中明示或暗示的結果存在重大差異的風險今天做的。

Please note that on today's call, management will refer to certain non-GAAP financial measures, such as EBITDA and adjusted EBITDA, among others. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release on how management defines such non-GAAP measures, a reconciliation of the non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP and limitations associated with such non-GAAP measures.

請注意，在今天的電話會議上，管理層將提及某些非公認會計準則財務指標，例如 EBITDA 和調整後 EBITDA 等。雖然公司認為這些非公認會計原則財務指標為投資者提供了有用的信息，但這些信息的呈現並不旨在被孤立地考慮或作為根據公認會計原則呈現的財務信息的替代品。請參閱今天的新聞稿，了解管理層如何定義此類非 GAAP 指標、非 GAAP 財務指標與根據 GAAP 編制的最具可比指標的調節表以及與此類非 GAAP 指標相關的限制。

Finally, the company has produced the presentation that contains many of the key metrics that will be discussed on this call. That presentation can be found on the company's investor website. Management's commentary will not specifically walk through the presentation on the call, rather is a summary of the results and guidance they will discuss today. Additionally, we'd ask that your questions remain focused on the performance of the business and the results in the quarter. Management will not discuss the upcoming Annual Stockholders' Meeting or other topics beyond what is being reported here today.

最後，該公司製作了演示文稿，其中包含本次電話會議將討論的許多關鍵指標。該演示文稿可以在該公司的投資者網站上找到。管理層的評論不會具體介紹電話會議的演示，而是對他們今天將討論的結果和指導進行總結。此外，我們要求您的問題仍然集中在本季度的業務表現和業績上。管理層不會討論即將舉行的年度股東大會或今天報導之外的其他主題。

With that, I'd now like to turn the call over to Billy Cyr, Chief Executive Officer. Billy?

現在，我想將電話轉給首席執行官比利·西爾 (Billy Cyr)。比利？

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早上好。

The message I would like you to take away from today's call is that the Freshpet business has real momentum on both the top line and the bottom line. In both areas, growth and operating efficiency, we believe that we are still just scratching the surface of the enormous opportunity ahead of us and remain convinced that Freshpet food is the future of pet food. And we believe that Freshpet is very well positioned to lead the transition to fresh for many years to come.

我希望您從今天的電話會議中得到的信息是，Freshpet 業務在營收和利潤方面都具有真正的動力。在增長和運營效率這兩個領域，我們相信我們還只是觸及了擺在我們面前的巨大機遇的表面，並仍然堅信 Freshpet 食品是寵物食品的未來。我們相信，Freshpet 處於非常有利的地位，能夠在未來許多年引領向生鮮的轉變。

In Q2, we made significant progress on the adjusted EBITDA improvement that we committed to delivering this year while simultaneously reaccelerating the Household penetration volume growth that supports both our near-term and long-term growth targets. The operational improvements are the result of the intense focus and organizational capability we have built in the areas of quality, logistics and input costs and in an improving operating environment. The reacceleration of Household penetration volume growth are the result of our unwavering focus on 3 foundational pillars that underpin our strategy; the strength of Freshpet proposition, the exceptional support of our customers and our long-standing demonstrated marketing and innovation mastery.

第二季度，我們在今年承諾的調整後 EBITDA 改善方面取得了重大進展，同時重新加速了家庭普及率的增長，以支持我們的近期和長期增長目標。運營改進是我們在質量、物流和投入成本領域以及不斷改善的運營環境中建立的高度關注和組織能力的結果。家庭滲透率增長的重新加速是我們堅定不移地關注支撐我們戰略的三個基本支柱的結果； Freshpet 主張的優勢、客戶的卓越支持以及我們長期展示的營銷和創新能力。

I will share a few highlights of our performance and a few thoughts on the outlook for the balance of the year and then Todd will provide more detail on the quarter and an update on our guidance for the year.

我將分享我們業績的一些亮點以及對今年剩餘前景的一些想法，然後托德將提供有關本季度的更多詳細信息以及我們今年指導的最新信息。

The highlights are: first, strong net sales growth. We delivered 26% net sales growth in the second quarter and our 20 consecutive quarter with greater than 25% growth. This quarter's growth was in line with the guidance we shared for the quarter that called for mid-20s growth and puts us on track to deliver our 2023 plan and our 2027 goal of $1.8 billion in net sales. What is most encouraging is that unlike many other CPG companies, our volume consumption was strong and the growth is accelerating as the year-on-year benefits of higher pricing received. Consumption volume growth in the quarter accelerated to 18%, up from 14% in Q1 and 12% in Q4 of 2022. Pricing and mix contributed a little more than 7% to our growth in the quarter.

亮點是：一是淨銷售額增長強勁。我們第二季度的淨銷售額增長了 26%，並且連續 20 個季度增長超過 25%。本季度的增長符合我們分享的季度指導，即 20 世紀中期的增長，並使我們有望實現 2023 年計劃和 2027 年淨銷售額 18 億美元的目標。最令人鼓舞的是，與許多其他消費品公司不同，我們的消費量強勁，並且隨著定價上漲帶來的同比收益而加速增長。本季度的消費量增長加速至 18%，高於 2022 年第一季度的 14% 和第四季度的 12%。定價和產品組合對本季度增長的貢獻略高於 7%。

Second, Household penetration growth. As we had anticipated, Household penetration growth reaccelerated in the quarter, once consumers digested the higher pricing that we have implemented over the past 18 months. The 52-week Household penetration was up 10% versus a year ago and the more near-term meetings, such as the 13-week and 4-week measures are up even higher which foreshadows positive momentum for the annual growth rate. Encouragingly, the rate of growth amongst our heaviest users, HIPPOs, was higher yet, up 17% versus a year ago in the quarter on a trailing 52-week basis. Additionally, the buying rate for our franchise remains well ahead of our expectations and was up 19% versus a year ago.

其次，家庭滲透率增長。正如我們預期的那樣，一旦消費者消化了我們過去 18 個月實施的更高定價，家庭滲透率增長將在本季度重新加速。 52 周家庭滲透率比一年前增長了 10%，而 13 周和 4 周等近期指標的滲透率甚至更高，這預示著年度增長率的積極勢頭。令人鼓舞的是，我們最大的用戶 HIPPO 的增長率更高，在過去 52 週的基礎上，本季度較去年同期增長了 17%。此外，我們特許經營權的購買率仍然遠遠超出我們的預期，比一年前增長了 19%。

Third, adjusted EBITDA well ahead of guidance. This was a breakout quarter for our operations team. As we discussed on our last call, second quarter adjusted EBITDA was expected to be in line with Q1 and weighed down by the heavy start-up costs in NS as the start-up of our Dallas DC. We greatly exceeded those expectations due to strong performance across every part of the P&L with the biggest improvement coming in logistics. Our logistics costs improved by 350 basis points versus the year ago and 130 basis points versus Q1, primarily due to strong fill rates and the successful utilization of our second DC, but we also had strong performance on input costs, quality costs and SG&A.

第三，調整後的 EBITDA 遠遠領先於指引。對於我們的運營團隊來說，這是一個突破性的季度。正如我們在上次電話會議中討論的那樣，第二季度調整後的 EBITDA 預計將與第一季度持平，但由於達拉斯 DC 的啟動，NS 的啟動成本高昂，因此受到拖累。由於損益表各個部分的強勁表現，其中最大的改善來自於物流，我們大大超出了這些預期。我們的物流成本比去年同期下降了350 個基點，比第一季度下降了130 個基點，這主要是由於強勁的填充率和我們第二個配送中心的成功利用，但我們在投入成本、質量成本和銷售管理費用方面也表現強勁。

As a result of this strong performance and the continued improvement we are seeing, we are raising our adjusted EBITDA guidance for the year. Todd will provide more detail and the rationale for that but you should take away that we are very encouraged by the improvements we have made and the efficiency of our operations and confident in our ability to drive further improvements. You should also take away that we are well on track to deliver the cost improvements embedded in our 2027 goals.

由於我們看到的強勁業績和持續改善，我們提高了今年調整後的 EBITDA 指導。托德將提供更多細節和理由，但您應該明白，我們對我們所做的改進和運營效率感到非常鼓舞，並對我們推動進一步改進的能力充滿信心。您還應該了解到，我們正在順利實現 2027 年目標中包含的成本改進。

Fourth, we proved that Freshpet could grow strongly even when price at levels that reflect higher commodity costs. We have now taken price increases totaling a cumulative impact of approximately 27% over the past 18 months to reflect the higher input costs we have absorbed. Despite this higher pricing, volume growth continues to be strong and is accelerating. This demonstrates the strength of our brand and the Freshpet consumer proposition. Input costs as a percent of net sales came in at 34.4%, a 240 basis point improvement versus the year ago. This reflects the full impact of our February price increase and a more stable input cost environment.

第四，我們證明，即使價格水平反映了商品成本上升，Freshpet 也能強勁增長。現在，我們已將過去 18 個月內累計影響約 27% 的價格上漲反映在我們吸收的較高投入成本上。儘管定價較高，但銷量增長仍然強勁並且正在加速。這證明了我們品牌的實力和 Freshpet 的消費者主張。投入成本占淨銷售額的百分比為 34.4%，比去年同期提高了 240 個基點。這反映了我們二月份提價和更加穩定的投入成本環境的全面影響。

With these gains in hand, we are well on our way to achieving the necessary savings that underpin our 2027 goal, and we believe we have an opportunity to drive further operating improvements in areas such as production yield, cost savings initiatives and some increasing scale benefits in purchasing. However, our goal is to make Freshpet accessible to the broadest range of consumers that we can and improving cost environment will help us to avoid further price increases while efficiency improvements will generally be used to restore our margins and generate higher returns on our invested capital.

有了這些成果，我們正在順利實現必要的節約，以支撐我們的 2027 年目標，我們相信我們有機會推動產量、成本節約計劃和一些不斷擴大的規模效益等領域的進一步運營改進在採購中。然而，我們的目標是讓最廣泛的消費者能夠接觸到Freshpet，改善成本環境將幫助我們避免進一步的價格上漲，而效率的提高通常將用於恢復我們的利潤並為我們的投資資本帶來更高的回報。

Fifth, the Ennis Kitchen start-up continues to deliver. The Ennis Kitchen is now operating 1 bag line and 1 roll line on the 24/7 schedule, and the chicken processing operation is up and running, providing large quantities of chicken to our operations as planned. We are also producing the full range of SKUs that were planned for the Ennis facility. These demonstrate the thoughtful execution of our operating team, and we remain very optimistic about future gains we can realize as we ramp up to full efficiency to support our long-term growth. We are in the early stages of planning to start up the second bag line in Ennis and expect to be producing on that line in Q1 of next year, which means that we will begin hiring a staff and then commissioning that line in the second half of this year.

第五，Ennis Kitchen 初創公司繼續交付。 Ennis Kitchen 目前正在按 24/7 計劃運行 1 條袋裝生產線和 1 條卷裝生產線，雞肉加工業務已啟動並運行，按計劃為我們的運營提供大量雞肉。我們還生產計劃用於恩尼斯工廠的全系列 SKU。這些證明了我們運營團隊的深思熟慮的執行力，我們對隨著我們全面提高效率以支持我們的長期增長而實現的未來收益仍然非常樂觀。我們正處於計劃在恩尼斯啟動第二條袋子生產線的早期階段，預計明年第一季度在該生產線上生產，這意味著我們將開始僱用員工，然後在下半年調試該生產線今年。

Finally, construction on Phase 2 is well underway, and the steel frame of the building has gone up. The first line in Phase 2 is expected to begin production late in Q3 of next year which is when we anticipate that we will need that capacity to support our growth.

終於，二期工程正在順利進行，大樓的鋼架已經架起來。第二階段的第一條生產線預計將於明年第三季度末開始生產，屆時我們預計將需要該產能來支持我們的增長。

Sixth, record levels of customer support. During Q2, we saw several major customers begin the implementation of very large-scale fridge placement efforts, including the largest single project in our history, where we began a 2-month effort to place more than 2,300 fridges at a single customer in late June. Many of those fridges were upgrades, second or third fridges, but that program demonstrates their interest and commitment in capturing very large shares of the Freshpet growing Freshpet food category. In the quarter, we placed a total of 1,385 new fridges with 313 of them being net new stores and the balance were upgrades second and third fridges in existing outlets. For the year, we continue to expect to install more than 5,000 new fridges, which will similarly be heavily skewed to stores where we are placing second and third fridges. By the end of the year, we expect to have more than 1.7 million cubic feet of refrigerated space at retail.

第六，創紀錄的客戶支持水平。在第二季度，我們看到幾家主要客戶開始實施超大規模的冰箱放置工作，其中包括我們歷史上最大的單一項目，我們於6 月底開始了為期2 個月的工作，為單個客戶放置了2,300多台冰箱。其中許多冰箱都是升級版，是第二台或第三台冰箱，但該計劃表明了他們對在 Freshpet 種植的 Freshpet 食品類別中佔據很大份額的興趣和承諾。本季度，我們總共投放了 1,385 台新冰箱，其中 313 台是淨新門店，其餘是升級現有門店的第二台和第三台冰箱。今年，我們繼續預計安裝 5,000 多台新冰箱，同樣會嚴重偏向於我們放置第二台和第三台冰箱的商店。到今年年底，我們預計零售冷藏空間將超過 170 萬立方英尺。

Seventh, continue to strengthen our Board. In the past 3 months, we've made some excellent additions to our Board. In May, we announced the appointment of Dave Biegger, the former Chief Supply Chain Officer for Conagra and Campbell Soup to our Board. Dave brings highly relevant perishable food operations expertise to our business. Two weeks ago, we announced that Dave West has joined our Board. Dave is the former CEO of Big Heart Pet which is now part of J.M. Smucker. And prior to that, he was the CEO and CFO of Hershey. And most recently, he was the Vice Chairman of Simply Good Foods. Dave brings deep pet industry expertise, strong financial acumen and an appreciation for the unique challenges of high-growth businesses. Dave will join our Audit Committee. Finally, we announced that Walt George was selected as our new Board Chair.

第七，繼續加強董事會建設。在過去 3 個月中，我們對董事會進行了一些出色的補充。 5 月，我們宣布任命 Conagra 和 Campbell Soup 前首席供應鏈官 Dave Biegger 為董事會成員。戴夫為我們的業務帶來了高度相關的易腐食品運營專業知識。兩週前，我們宣布戴夫·韋斯特 (Dave West) 加入我們的董事會。 Dave 是 Big Heart Pet 的前首席執行官，該公司現隸屬於 J.M. Smucker。在此之前，他曾擔任好時公司的首席執行官兼首席財務官。最近，他擔任 Simply Good Foods 的副主席。戴夫帶來了深厚的寵物行業專業知識、強大的財務頭腦以及對高增長企業獨特挑戰的認識。戴夫將加入我們的審計委員會。最後，我們宣布沃爾特·喬治被選為我們的新董事會主席。

Walt is replacing Charlie Norris, who just retired in accordance with the mandatory retirement policy we put in place as part of our 5-year governance transformation plan that we announced in 2020. Charlie champions that plan despite the knowledge that we compelled him to hire this year. We are incredibly grateful to Charlie for his vision and support over so many years. He shepherded Freshpet from a company with $5 million in sales to one with a projected $750 million in sales this year and even personally guaranteed the debt of the company at a perilous moment early in his life. Walt will step into the Chairman seat seamlessly. He's been on the board since the company went public in 2014 and has deep knowledge of both the company and the pet industry. Walt began his career in operations at Frito-Lay, but more importantly, he was a key executive at Hill's Science Diet during its rapid growth from $185 million in net sales to $1.5 billion. That gives him unique insight into the challenges of building a large pet food brand and creating a supply network capable of supporting that growth. Walt is also deeply committed to advancing the health of companion animals as he serves as an officer on the Board of the Morris Animal Foundation, which is one of the largest nonprofit organizations worldwide funding scientific studies to advance the health and well-being of companion animals.

沃爾特(Walt) 將接替查理·諾里斯(Charlie Norris)，後者剛剛根據我們在2020 年宣布的5 年治理轉型計劃中製定的強制退休政策退休。查理擁護該計劃，儘管他知道我們強迫他僱用了這個人年。我們非常感謝查理多年來的遠見和支持。他帶領 Freshpet 從一家銷售額為 500 萬美元的公司發展到今年預計銷售額為 7.5 億美元的公司，甚至在他早年的危險時刻親自為該公司的債務提供了擔保。沃爾特將無縫地登上主席席位。自公司 2014 年上市以來，他一直是董事會成員，對公司和寵物行業都有深入的了解。 Walt 的職業生涯始於 Frito-Lay 的運營部門，但更重要的是，在 Hill's Science Diet 的淨銷售額從 1.85 億美元快速增長至 15 億美元期間，他是該公司的關鍵高管。這使他對建立大型寵物食品品牌和創建能夠支持這種增長的供應網絡的挑戰具有獨特的見解。沃爾特還堅定地致力於促進伴侶動物的健康，他擔任莫里斯動物基金會董事會的官員，該基金會是全球最大的非營利組織之一，資助科學研究以促進伴侶動物的健康和福祉。

These Board changes punctuate a multiyear effort to strengthen our company and better prepare us to pursue our mission to change the way people feed their pets forever. These changes also demonstrate our commitment to evolving our Board to meet our changing needs in parallel with a 5-year governance transformation plan that we initiated in 2020. That plan and the Board evolution are built on a philosophy that our Board's governance practices and counsel they provide to our leadership team should match the increasing scale and complexity of our business and be capable of addressing the emerging challenges we will encounter in the years ahead.

這些董事會變動標誌著我們多年來為加強公司實力而做出的努力，並為我們更好地完成我們的使命而做好準備，以永遠改變人們餵養寵物的方式。這些變化還表明，我們致力於發展董事會，以滿足不斷變化的需求，同時我們還啟動了2020 年啟動的5 年治理轉型計劃。該計劃和董事會的演變建立在這樣的理念之上：董事會的治理實踐和建議為我們的領導團隊提供的服務應與我們不斷增長的業務規模和復雜性相匹配，並能夠應對我們在未來幾年將遇到的新挑戰。

Our efforts to strengthen our human capital have touched every part of our organization. 2 years ago, we announced our investment in the Freshpet Academy, which has stabilized and strengthened our production workforce, dramatically reducing turnover and building critical skills that have delivered the results we are sharing today. Last September, we announced several impactful changes to our management team and a filled numerous roles since then, including a new CFO, a new EVP of Manufacturing and Supply Chain, a new Head of Logistics, a new CIO, a new VP of Manufacturing and numerous other important roles. Each of these was needed to both strengthen our team and support our rapid growth.

我們加強人力資本的努力已觸及我們組織的各個部分。兩年前，我們宣布投資 Freshpet Academy，該學院穩定並加強了我們的生產人員隊伍，大幅減少了人員流動並培養了關鍵技能，從而實現了我們今天分享的成果。去年9 月，我們宣布了對管理團隊的幾項重大變動，並自此填補了多個職位，包括新任首席財務官、新任製造和供應鏈執行副總裁、新任物流主管、新任首席信息官、新任製造和供應鏈副總裁。許多其他重要角色。這些都是加強我們團隊和支持我們快速發展所必需的。

Looking forward, I expect that our efforts will deliver continued improvement in our operations and increasingly strong volume and household penetration based growth. Our team is very focused on the goals we set for this year and is delivering the kind of performance you should expect from us. We believe that the strength and team we have built everywhere from our production floor to our finance team, to our logistics team, to our marketing and sales team and more is only scratching the surface of what is possible. We are very focused on delivering the 2027 goals we laid out earlier this year in our Fresh future plan and doing it as quickly as we can. We are building momentum, and our results to date show that we are on track to deliver those goals.

展望未來，我預計我們的努力將持續改善我們的運營以及日益強勁的銷量和家庭滲透率增長。我們的團隊非常專注於今年設定的目標，並正在提供您所期望的績效。我們相信，從生產車間到財務團隊、物流團隊、營銷和銷售團隊等，我們在各處建立的實力和團隊只是觸及了可能的表面。我們非常專注於實現今年早些時候在“新鮮未來”計劃中製定的 2027 年目標，並儘快實現。我們正在積蓄動力，迄今為止的結果表明我們正在實現這些目標。

Now let me turn it over to Todd for the details on the Q2 results. Todd?

現在讓我將其轉交給托德，了解第二季度結果的詳細信息。托德？

Thank you, Billy, and good morning, everyone.

謝謝你，比利，大家早上好。

As Billy said, in Q2, we continued the strong performance we saw earlier this year and have raised our adjusted EBITDA guidance to reflect that strength. Let me break it down a bit further.

正如比利所說，在第二季度，我們延續了今年早些時候的強勁表現，並提高了調整後的 EBITDA 指導以反映這一優勢。讓我進一步分解一下。

Net sales came in at $183.3 million, up 26% versus a year ago. Our net price mix was up slightly more than 7% versus a year ago in the quarter and volume grew around 18%. Total Nielsen measured dollar growth was up 23% versus a year ago in the quarter but our growth in non-measured channels was much stronger and added about 2.5 points to our measured channels growth. The growth was broad-based across channels, ranging from a low of 15% in the pet specialty channel to 25% in xAOC and greater than 50% in the unmeasured channels.

淨銷售額為 1.833 億美元，比去年同期增長 26%。本季度我們的淨價格組合比去年同期上漲了 7% 以上，銷量增長了 18% 左右。尼爾森衡量的本季度總美元增長率與去年同期相比增長了 23%，但我們非衡量渠道的增長要強勁得多，為我們衡量的渠道增長增加了約 2.5 個百分點。各個渠道的增長都很廣泛，從寵物專業渠道的 15% 的低增長到 xAOC 的 25%，以及未測量渠道的超過 50%。

Adjusted gross margin was 39.8% in Q2, 110 basis points better than a year ago and above our base expectations. This improved performance was due to a variety of factors, including improvements in the cost of inputs, quality, better pricing and a solid start-up in Ennis. All aspects of our operational improvement plan that our team is focused on. We expect these elements will continue to improve as we move forward and drive continued margin enhancement. As we ramp up production in Ennis in both our operations and in chicken processing, we will have some margin dilution due to the less than full utilization of our capacity and the cost of incremental staffing as we prepare to start up our next line, but we will grow into that over time.

第二季度調整後毛利率為 39.8%，比去年同期高 110 個基點，高於我們的基本預期。業績的提高得益於多種因素，包括投入成本的改善、質量、更好的定價以及恩尼斯的穩健啟動。我們團隊關注的運營改進計劃的各個方面。我們預計，隨著我們前進並推動利潤率持續提高，這些因素將繼續改善。隨著我們在恩尼斯的運營和雞肉加工方面提高產量，由於我們的產能未得到充分利用以及我們準備啟動下一條生產線時增加人員配備的成本，我們將出現一些利潤稀釋，但我們隨著時間的推移會發展成這樣。

The increasing production in Ennis will also make us a much more resilient company able to absorb the kinds of incidental supply issues that we struggled with in previous years and also lower our total logistics costs.

恩尼斯產量的增加也將使我們成為一家更具彈性的公司，能夠解決我們前幾年遇到的各種附帶供應問題，並降低我們的總物流成本。

Total adjusted SG&A was 34.9% of net sales down from 40% in the year ago quarter. The biggest improvement was in logistics, where we gained 350 basis points due to strong fill rates, the increased utilization of our second DC, favorable lane rates and lower diesel costs. We spent a healthy 14.8% of net sales in media in the quarter, but this was below the 16.4% we spent in the year ago quarter when we leaned into first half media to offset the impact of the February 2022, 12% price increase. Year-on-year, however, media spending was up $3.5 million. The balance of our SG&A costs were flat as a percentage of sales versus the year ago.

調整後的 SG&A 總額占淨銷售額的 34.9%，低於去年同期的 40%。最大的改進是在物流方面，由於強勁的填充率、第二個配送中心利用率的提高、有利的車道利用率和較低的柴油成本，我們在物流方面獲得了 350 個基點。本季度我們在媒體上花費了淨銷售額的 14.8%，但這低於去年同期的 16.4%，當時我們傾向於使用媒體來抵消 2022 年 2 月 12% 價格上漲的影響。然而，媒體支出同比增加了 350 萬美元。我們的 SG&A 成本餘額佔銷售額的百分比與去年同期持平。

Adjusted EBITDA was $9 million in Q2, that is considerably better than the expectation we had initially provided and was primarily due to the strong operating performance in COGS and logistics in addition to a modest shift in SG&A spending from Q2 to Q3. For the year, we have delivered $12 million in adjusted EBITDA to date, well ahead of the initial expectations we set at the outset of the year.

第二季度調整後的 EBITDA 為 900 萬美元，這比我們最初提供的預期要好得多，這主要是由於 COGS 和物流的強勁運營業績，以及 SG&A 支出從第二季度到第三季度的適度轉變。今年迄今為止，我們已實現 1200 萬美元的調整後 EBITDA，遠高於我們年初設定的初步預期。

Capital spending in the quarter came in slightly below the most recent expectation at $45 million, largely due to sequencing of some sizable expenses in Ennis related to completion of the first production building, the chicken processing facility and the early stages of construction of Phase 2. There is no change in our outlook for capital spending this year, which remains at $240 million.

本季度的資本支出略低於最新預期的4500 萬美元，這主要是由於恩尼斯與第一座生產大樓、雞肉加工廠的竣工以及第二階段建設的早期階段相關的一些相當大的支出的排序。我們對今年資本支出的展望沒有變化，仍為 2.4 億美元。

Our cash position is very strong. For the remainder of the year, we expect interest income and interest expense to largely offset each other. We believe that we have adequate cash to fully fund our growth through 2024, and we will be free cash flow positive in 2026. We also believe that we will have access to traditional non-dilutive forms of capital to bridge a gap in 2025, if it occurs.

我們的現金狀況非常強勁。在今年剩餘時間內，我們預計利息收入和利息支出將在很大程度上相互抵消。我們相信，我們有足夠的現金來為我們的增長提供充足的資金，直到 2024 年，並且我們將在 2026 年實現正自由現金流。我們還相信，如果它發生了。

In terms of the cadence of our business for the balance of 2023, we expect to continue the strong growth we demonstrated in the first half but the net sales growth will increasingly be driven by volume growth versus pricing growth. In Q1, we had a 14% benefit from pricing. In Q2, that dropped to 8%. And by Q4, it will be less than 5%. We expect the volume growth rate to continue to increase from the 18% we experienced in Q2 and be in the mid-20s by year-end.

就 2023 年剩餘時間的業務節奏而言，我們預計將繼續上半年表現出的強勁增長，但淨銷售額增長將越來越多地由銷量增長而非價格增長推動。第一季度，我們從定價中獲得了 14% 的收益。第二季度，這一比例下降至 8%。到第四季度，這一比例將低於 5%。我們預計銷量增長率將從第二季度的 18% 繼續上升，到年底將達到 20 多歲。

We expect that Nielsen measured consumption growth, which is measured in dollars, will continue to grow from the mid-20s where it was in Q2 and from the upper 20s where it is now to around 30% by the end of the year. Our non-measured channel growth rate will be even stronger as the business is growing quickly and accelerating.

我們預計，尼爾森測算的消費增長（以美元計算）將繼續從第二季度的 20 多歲左右增長，並從現在的 20 多歲左右增長到今年年底的 30% 左右。隨著業務的快速增長和加速，我們的非測渠道增長率將會更加強勁。

The net sales growth rate versus a year ago will be stronger in Q3 than Q4 as we had a very large trade inventory refill in the year ago during Q4. While it's very difficult to determine the amount of that trade inventory refill, we did have a gap of 10 points between the net sales growth rate and the Nielsen measured growth rate in Q4 of 2022. So we estimate that the trade inventory refill that occurred last year was in the $10 million to $15 million range. Separately, last year's Q3 had some supply interruptions due to the recall we had and now will also make this year's year-on-year comparison a bit more favorable in Q3 than in Q4.

與去年同期相比，第三季度的淨銷售額增長率將強於第四季度，因為我們在去年第四季度有非常大的貿易庫存補充。雖然很難確定貿易庫存補充的數量，但我們在 2022 年第四季度的淨銷售額增長率與尼爾森測量的增長率之間確實存在 10 個百分點的差距。因此，我們估計最後發生的貿易庫存補充年的費用在1000 萬至1500 萬美元之間。另外，去年第三季度由於我們的召回而出現了一些供應中斷，現在也將使今年第三季度的同比比較比第四季度更有利。

We continue to see continuing improvement in our operating costs in Q3 as we build scale in Ennis and continue the strong delivery we have already seen in logistics and quality. However, we will be adding staffing in the back half of the year in anticipation of meeting the demand we will experience in Q1 of 2024, and that will impact the adjusted gross margin. Despite the additional staffing, we expect the second half will generate significant improvement in adjusted gross margin versus prior year, with adjusted gross margin in the 38% to 39% range.

隨著我們在恩尼斯建立規模並繼續我們在物流和質量方面已經看到的強勁交付，我們在第三季度繼續看到運營成本持續改善。然而，我們將在今年下半年增加人員配置，以滿足 2024 年第一季度的需求，這將影響調整後的毛利率。儘管增加了人員配置，但我們預計下半年調整後毛利率將比去年顯著改善，調整後毛利率將在 38% 至 39% 範圍內。

In terms of inflation, we continue to see modest inflation in some portions of our cost structure, typically those costs with a heavy labor component, but we are also seeing relief on some other commodities that were fairly constrained over the past year or 2. At this point, over 90% of our costs are locked in for the year. So there is little upside opportunity or downside risk on input costs this year. And it is too early to tell what next year's total cost basket will look like.

就通貨膨脹而言，我們繼續看到成本結構的某些部分出現溫和的通貨膨脹，通常是那些勞動力成分較多的成本，但我們也看到過去一兩年受到相當限制的其他一些商品的緩解。至此，我們90%以上的成本已鎖定在今年。因此，今年投入成本幾乎沒有上行機會或下行風險。現在判斷明年的總成本籃子是什麼樣子還為時過早。

In the back half of the year, we will also benefit from lower media spending as a percent of net sales than we had in the first half. Recall, our plan for this year includes a first half, second half split on media investment of 2/3 versus 1/3. Unlike last year, though, we will have a meaningful media presence in Q4. This translates to media spending in the back half of the year that we expect to be up around $15 million versus the second half of 2022.

今年下半年，我們還將受益於媒體支出占淨銷售額的百分比低於上半年的情況。回想一下，我們今年的計劃包括上半年和下半年媒體投資各佔 2/3 對 1/3。不過，與去年不同的是，我們將在第四季度進行有意義的媒體報導。這意味著今年下半年的媒體支出預計將比 2022 年下半年增加 1500 萬美元左右。

Now let me turn to our guidance for the balance of the year. Given outperformance for the first half, we are raising our adjusted EBITDA guidance for the year to reflect some of that performance, but we will also leave us some room to absorb unexpected issues. Thus, we are raising our adjusted EBITDA guidance to at least $55 million from at least $50 million, with net sales continuing to build each quarter and Q4 historically being our lightest media investment period, we expect approximately half of our full year adjusted EBITDA to occur in the fourth quarter.

現在讓我談談我們對今年剩餘時間的指導。鑑於上半年表現出色，我們將提高今年調整後的 EBITDA 指引，以反映部分業績，但我們也會留出一些空間來吸收意外問題。因此，我們將調整後的EBITDA 指引從至少5000 萬美元提高到至少5500 萬美元，隨著每個季度的淨銷售額繼續增長，並且第四季度是我們歷史上媒體投資最少的時期，我們預計全年調整後EBITDA 的大約一半將發生在第四季度。

We are reaffirming our net sales guidance of around $750 million for the year at this time. The recent trends in volume and Household penetration growth continue to support this plan, and we remain confident in our ability to drive the acceleration in growth that our full year target implies.

我們目前重申今年約 7.5 億美元的淨銷售額指導。最近的銷量和家庭滲透率增長趨勢繼續支持這一計劃，我們仍然對我們推動全年目標所暗示的加速增長的能力充滿信心。

Finally, I want to provide some perspective on how we are managing our capital spending and capacity expansion projects. Our goal is to support our long-term growth plan without any need for further dilution. We believe our plan and the principles I will outline will achieve that goal. There are 2 key principles that are guiding our work.

最後，我想就我們如何管理資本支出和產能擴張項目提供一些觀點。我們的目標是支持我們的長期增長計劃，而不需要進一步稀釋。我們相信我們的計劃和我將概述的原則將實現這一目標。有兩個關鍵原則指導我們的工作。

Number one, we want to always have adequate capacity to meet consumer demand, short shipping our customers over the past few years, frustrated customers and consumers. Further, we endured unacceptable cost increases in freight and quality when we struggle to keep up with demand. So we always want to have enough capacity to meet demand that will require us to both plan ahead and also leave ourselves some capacity cushion so that we can absorb unanticipated issues or more rapid growth. Fortunately, Freshpet demand growth is generally very reliable and predictable. So as we return to more normal timetables for construction and equipment lead times, we should be able to match supply and demand better than we have for the past few years.

第一，我們希望始終有足夠的產能來滿足消費者的需求，過去幾年我們的客戶出貨量短，令客戶和消費者感到沮喪。此外，當我們努力滿足需求時，我們還忍受了運費和質量成本的不可接受的增加。因此，我們總是希望有足夠的產能來滿足需求，這要求我們既要提前計劃，又要為自己留出一些產能緩衝，以便我們能夠應對意外問題或更快速的增長。幸運的是，Freshpet 的需求增長通常非常可靠且可預測。因此，當我們恢復到更正常的施工時間表和設備交貨時間時，我們應該能夠比過去幾年更好地匹配供需。

Number two, conversely, we do not want to commit to more capacity than we will need or sooner than we need. Ideally, at any given point in time, we do not want to have more capacity than we might need and have large, stranded cost consumer cash prematurely. Our current plan which has us committing to new lines about 18 months before we need them is consistent with this principle. At this point, we are only committed to part of Ennis Phase 2 and that takes our total capacity to almost $1.5 billion. We can comfortably pay for that cash with the cash we already have. We have not made any commitments for the second part of Ennis Phase 2, Ennis Phase III or additional lines at Kitchens South. We will only make those commitments when demand justifies it. Further, we do not want to get too far ahead of ourselves on any manufacturing technology so that we will have the ability to implement more efficient technologies as soon as they are ready to commercialize.

第二，相反，我們不想承諾比我們需要的更多的容量或比我們需要的更早的容量。理想情況下，在任何給定時間點，我們都不希望擁有超出我們可能需要的容量，並且過早地擁有大量滯留的成本消費者現金。我們目前的計劃是在我們需要新線路之前約 18 個月承諾新線路的建設，這符合這一原則。目前，我們僅致力於 Ennis 二期工程的一部分，這將使我們的總產能達到近 15 億美元。我們可以用我們已有的現金輕鬆支付這筆現金。我們尚未對 Ennis 二期第二部分、Ennis 三期或 Kitchens South 的額外線路做出任何承諾。只有當需求證明合理時，我們才會做出這些承諾。此外，我們不想在任何製造技術上走得太遠，這樣我們就有能力在更高效的技術準備好商業化後立即實施它們。

As you know, we have a team of engineers and meat scientists who have been working for several years on ways to produce Freshpet more efficiently and have some exciting opportunities under development.

如您所知，我們擁有一支由工程師和肉類科學家組成的團隊，他們多年來一直致力於更有效地生產 Freshpet 的方法，並正在開發一些令人興奮的機會。

These principles make me very confident that we will be able to fulfill our long-term growth expectations with the financial resources that we have and that the business will produce. It also provides some advantageous optionality under lower growth scenarios where we can accelerate free cash flow generation should the conditions present themselves. That is certainly not our expectation, but it should give you some comfort about the downside risk of our plan.

這些原則使我非常有信心，我們將能夠利用我們擁有的財務資源和業務將產生的成果來實現我們的長期增長預期。它還在較低增長的情況下提供了一些有利的選擇，如果條件成熟，我們可以加速自由現金流的產生。這當然不是我們的期望，但它應該讓您對我們計劃的下行風險感到一些安慰。

I also want to be clear that each capital investment we make is with an expectation that we will deliver an after-tax ROIC in the mid-teens. The financial projections we laid out at CAGNY allow us to achieve these ROIC targets.

我還想明確的是，我們進行的每項資本投資都期望我們能夠實現十幾歲左右的稅後投資回報率。我們在 CAGNY 制定的財務預測使我們能夠實現這些投資回報率目標。

In closing, we are very happy with where we are at the midpoint of the year. We continue to see strong revenue growth and are seeing the rebound in volume growth in Household penetration that will enable us to deliver on our long-term mission to change the way people nurse their pets. The operations improvement plan we put in place last September has now produced strong and consistent improvements that put us on track or ahead of the glide path needed to achieve our long-term margin targets.

最後，我們對今年中期的情況感到非常滿意。我們繼續看到強勁的收入增長，並看到家庭滲透率的數量增長反彈，這將使我們能夠實現改變人們護理寵物方式的長期使命。我們去年 9 月實施的運營改進計劃現已產生強有力且持續的改進，使我們走上正軌或領先於實現長期利潤目標所需的下滑路徑。

We have successfully started up our most significant capacity expansion effort, Ennis and expanded our capability to include on-site chicken processing successfully. And our customers are leaning into the fresh category by adding second and third fridges at a rapid rate. In total, that leaves us feeling very bullish about our future and our ability to deliver our long-term goals.

我們已經成功啟動了最重要的產能擴張工作，Ennis，並成功擴大了我們的能力，包括現場雞肉加工。我們的客戶正在通過快速添加第二台和第三台冰箱來轉向生鮮類別。總的來說，這讓我們對我們的未來和實現長期目標的能力感到非常樂觀。

That concludes our review. We will now be glad to answer your questions. And as a reminder, please focus your questions on the quarter and the company's operations. Operator?

我們的評論到此結束。我們現在很高興回答您的問題。提醒一下，請將您的問題集中在該季度和公司的運營上。操作員？

(Operator Instructions) Our first question comes from the line of Mark Astrachan with Stifel.

（操作員說明）我們的第一個問題來自 Mark Astrachan 和 Stifel 的線路。

I guess -- I ask about media spend and sort of how you're thinking about that. In terms of the timing through the year, I get that. But in terms of what it's bringing in, how you're spending it relative to a few years ago, it's still as efficient as it was in terms of the historic correlation. How are you spending it versus social media, other sort of new age media purchases versus more traditional? Are you aiming it at new consumers? Is it aimed at existing users? How do you think about who you're bringing in? How you think about the returns on the different cohorts of folks? And maybe if you could give an update on how you're thinking about the cohorts in terms of repurchases as it relates to the media spend that would be helpful.

我想——我會詢問媒體支出以及您對此的看法。就全年的時間安排而言，我明白了。但就其帶來的收入以及相對於幾年前的支出方式而言，它仍然與歷史相關性一樣有效。與社交媒體、其他新時代媒體購買與更傳統的媒體購買相比，您如何消費？您的目標是新消費者嗎？是針對現有用戶嗎？你如何看待你要引進的人？您如何看待不同人群的回報？如果您能提供有關重新購買方面的最新想法，因為它與媒體支出相關，那可能會有所幫助。

Mark, so I think like historically, we've always been heavily weighted towards the front half of the year from our total media spend. And this year, we have actually more money budgeted towards a little bit more budgeted in total dollars towards the back half this year. So for kind of where we are year-to-date, if you look at our overall media plan and the timing and correlation around Household penetration, we were waiting for an inflection point, and we're hoping to see it in February, and it really started happening in late February, early March. So it was kind of time similarly to what we have seen in the past. If you look at the overall year, we're slightly above our historical on kind of dollars per consumer. So it cost us a little bit more to get consumers year-to-date. But if you look at the period since that inflection point, it's actually starting to perform right back in the norm.

馬克，所以我認為就像歷史上一樣，我們的媒體總支出一直在今年上半年佔據很大比重。今年，我們實際上有更多的預算資金，今年下半年的預算總額會增加一點。因此，就我們今年迄今為止的情況而言，如果你看看我們的整體媒體計劃以及家庭滲透率的時間安排和相關性，我們正在等待一個拐點，我們希望在二月份看到它，並且它真正開始發生在二月底、三月初。所以那段時間與我們過去所看到的類似。如果你看一下全年情況，我們的每位消費者花費的金額略高於歷史水平。因此，今年迄今為止，我們花費了更多的成本來吸引消費者。但如果你看看自拐點以來的時期，它實際上開始恢復正常。

And I think this goes back to a much broader piece that we're seeing on the business to be back in stock consistently with full fridges plus the media plus the innovation and all of those things working together is what's driving those efficiencies. And I think we were still between pricing and not being consistently back in stock and really smooth the supply chain until kind of over the course of Q1, I think that was holding us back. So we're really excited to see the media respond to really kind of drive the Household penetration. And the thing I think we're most excited about is to be able to see that it's not just driving dollars that we're seeing really, really great progress on a pounds and units front, which I think is pretty unique based on the category and also across CPG.

我認為這可以追溯到更廣泛的方面，我們在業務上看到的庫存持續恢復，冰箱加滿，媒體加創新，所有這些因素共同作用才是推動效率的因素。我認為我們仍然在定價和不持續補充庫存之間猶豫不決，直到第一季度才真正平滑供應鏈，我認為這阻礙了我們。因此，我們非常高興看到媒體的反應真正推動了家庭滲透率。我認為我們最興奮的是能夠看到這不僅僅是推動美元增長，我們在英鎊和單位方面看到了真正非常巨大的進步，我認為根據類別，這是非常獨特的以及整個 CPG 領域。

And you asked a little bit about cohorts, you asked about media mix. So the thing that I would probably celebrate is both our marketing team and our partners have done year after year after year, done an amazing job continuing to evolve our mix of media to make sure that its productive as we spend more and as we get deeper into our total addressable market. They've been able to do that consistently. And I think it gives us incredible confidence in what we -- what the potential of the business is over time.

你問了一些關於群組的問題，你問了一些關於媒體組合的問題。因此，我可能會慶祝的事情是我們的營銷團隊和我們的合作夥伴年復一年地做了出色的工作，繼續發展我們的媒體組合，以確保隨著我們花費更多和深入，它會變得富有成效進入我們的總體目標市場。他們一直能夠做到這一點。我認為這讓我們對隨著時間的推移業務的潛力充滿信心。

You'll see us more and more -- even before the writer strike, you'll see us more and more around sports. We've been testing sports over the past year. They've been incredibly productive for us. We're pressing into some new channels from a digital and even kind of e-commerce standpoint, that's been helpful to us. And we are very, very committed to be being -- I always refer to it as media agnostic, meaning we want to do a lot of testing. We want to figure out what's productive and that's where we're going to spend our dollars. There's no dollars that we're spending that are for glory and fame. It's literally comes down to the strict payout. And I think that our analytics around that are best in class and best in the industry.

你會越來越多地看到我們——甚至在作家罷工之前，你會越來越多地看到我們與體育有關。去年我們一直在測試運動。他們為我們帶來了令人難以置信的生產力。我們正在從數字甚至電子商務的角度進軍一些新渠道，這對我們很有幫助。我們非常非常致力於成為——我總是將其稱為媒體不可知論，這意味著我們想要進行大量測試。我們想弄清楚什麼是有生產力的，這就是我們要花錢的地方。我們沒有花任何錢來追求榮耀和名譽。這實際上歸結為嚴格的支付。我認為我們對此的分析是同類中最好的，也是業內最好的。

From a cohort repeat basis, one of the things that's mentioned in -- I think in the script and also in the presentation, is not only are we seeing overall penetration growth, but we're seeing really strong growth from the HIPPOs. And those are the high-profit pet owning households. Those are the people that tend to have either multiple dogs, bigger dogs, and they spend more with us. We're seeing really strong performance from that group, really nice, consistent repeat purchases over time. And we -- the way we always think about it is -- and we do a lot of work around LTVs, like what's the long-term value of these consumers. And we are seeing that the long-term value of the consumer groups continue to perform and continue to grow year in and year out. I think it's another kind of sign of a really kind of healthy fundamental business.

從隊列重複的角度來看，我認為在腳本和演示中提到的一件事是，我們不僅看到了整體滲透率的增長，而且我們看到了 HIPPO 的真正強勁增長。這些都是高利潤的養寵物家庭。這些人往往養多隻狗，或者養更大的狗，而且他們和我們一起花更多的錢。我們看到該群體的表現非常強勁，非常好，隨著時間的推移，持續的重複購買。我們——我們一直思考的方式是——我們圍繞生命週期價值做了很多工作，比如這些消費者的長期價值是什麼。我們看到，消費者群體的長期價值持續表現，並逐年持續增長。我認為這是基本業務真正健康的另一種標誌。

So I know that you -- there were a lot of questions in there. So hopefully, I hit on the majority of them.

所以我知道你那裡有很多問題。所以希望我能抓住其中的大多數。

Our next question comes from the line of Peter Benedict with Baird.

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德的對話。

I was hoping maybe you can expand a little bit more on the unmeasured channel growth, how strong that's been. Just some more color on what's driving that and how you see kind of the durability of that average growth?

我希望你們可以進一步擴展無法衡量的渠道增長，看看它有多強勁。請進一步說明推動這一增長的因素以及您如何看待平均增長的持久性？

Peter, so we have continued to see a really, really nice expansion. I want to say expansion, just continued strong and leading growth in the non-measured channels. And those that's centered around both club and e-commerce. The e-commerce is still on the smaller side of our business, but we are recognized and I was just mentioning a lot about the marketing performance that we've seen. We've been able to see incredible returns when we're very, very careful and selective around some of the marketing that we've done around e-commerce. So we're really proud of that. The team has done a terrific job, and we just love -- we love the progress there, and we also see the opportunity in that area.

彼得，所以我們繼續看到一個非常非常好的擴展。我想說的是擴張，只是在非衡量渠道中持續強勁和領先的增長。以及那些以俱樂部和電子商務為中心的。電子商務仍然是我們業務中較小的一部分，但我們得到了認可，我只是提到了很多我們所看到的營銷績效。當我們非常非常仔細和有選擇性地圍繞電子商務進行的一些營銷時，我們已經能夠看到令人難以置信的回報。所以我們對此感到非常自豪。該團隊做得非常出色，我們非常喜歡那裡的進步，我們也看到了該領域的機會。

We've been a little bit of a laggard in pressing into that area, partially because we just haven't had the inventory for a few years. So we really don't want to kind of press into a new channel as much. So there's a lot of opportunity there.

我們在進軍該領域方面有點落後，部分原因是我們已經好幾年沒有庫存了。所以我們真的不想過多地進入新渠道。所以那裡有很多機會。

And on the club front, we've been able to get distribution and we've come with a proposition that works for all the different partners. We think it works well for the consumer, works well for the retailer and then works really well for us. And we've continued to see really, really nice expansion there.

在俱樂部方面，我們已經能夠獲得分銷，並且提出了適用於所有不同合作夥伴的提議。我們認為它對消費者、零售商以及我們來說都非常有效。我們繼續看到那裡非常非常好的擴張。

The other thing that's, I think, important to note in those unmeasured channels is we've done a pretty significant amount of work and been able to identify that the consumers coming in on those non-measured channels seem to be incremental to the kind of the overall business. So we really, really like that aspect of it.

我認為，在那些未經衡量的渠道中值得注意的另一件事是，我們已經做了相當大量的工作，並且能夠識別出進入這些未經衡量的渠道的消費者似乎是增量的整體業務。所以我們真的非常喜歡它的這一方面。

And then just my follow-up would just be around pricing, Billy, I think you mentioned a desire to avoid more price increases. Just curious if you could comment on behaviors you're seeing across your price points across your assortment? And how you -- maybe how you feel about how that's set right now? Are there any adjustments that you think you might want to make, given demand elasticities across your portfolio?

然後我的後續行動只是圍繞定價，比利，我想你提到了避免更多價格上漲的願望。只是好奇您是否可以對您在各個價格點上看到的行為發表評論？你對現在的情況有何感想？鑑於您的投資組合的需求彈性，您認為您可能需要做出任何調整嗎？

Yes. We feel very good about where we're sitting right now. Obviously, the consumer had to digest 27% pricing in 18 months, and there are some bumps along the way but we've come out the other side, and we feel like we're in a really good place today. The value relationship looks pretty good. The only piece of shift that we've seen is we've seen a little bit more of rolls consumption than bags, but it's very small in the grand scheme of things. For the most part, the consumers digest they're pricing quite well.

是的。我們對現在所處的位置感覺非常好。顯然，消費者必須在 18 個月內消化 27% 的定價，一路上有一些坎坷，但我們已經走出了另一邊，我們感覺今天的處境非常好。價值關係看起來相當不錯。我們看到的唯一變化是，捲筒紙的消費量比袋裝紙的消費量多一點，但從總體來看，這一比例很小。在大多數情況下，消費者認為他們的定價相當不錯。

It's a little bit hard to see some of the -- all the details because our in-stocks have been improving quite a bit since where we were a year ago, and that masks some of the price sensitivity might see. But overall, we feel like we're in a pretty good spot and frankly, we like where we sit because the commodities seem to be somewhat stable. Consumers have adopted our pricing. So we feel like we've got a fairly clear smooth sailing for at least the foreseeable future at this point.

看到所有細節有點困難，因為自一年前以來，我們的庫存已經有了很大的改善，這掩蓋了可能會看到的一些價格敏感性。但總的來說，我們覺得我們處於一個非常好的位置，坦率地說，我們喜歡我們所處的位置，因為大宗商品似乎有些穩定。消費者已經採用了我們的定價。因此，我們覺得至少在可預見的未來，我們的航行相當順利。

Our next question comes from the line of Michael Lavery with Piper Sandler.

我們的下一個問題來自邁克爾·拉弗里 (Michael Lavery) 和派珀·桑德勒 (Piper Sandler) 的對話。

Can you just unpack a little bit and help us make sure we understand what drives the volume acceleration in the second half? And -- just how much of the EBITDA guide is tied to that pickup as well?

您能否簡單介紹一下，幫助我們確保了解下半年成交量加速增長的原因是什麼？還有—— EBITDA 指南中有多少與皮卡相關？

I'll talk about the acceleration and let Todd talk about the EBITDA pickup.

我將談論加速，讓托德談論 EBITDA 提升。

But what's driving it is the consumer that we digested the pricing and the in-stock conditions look good. We're getting lots of second fridge placements and the media is on air and working the way, it's worked historically as Scott outlined in the earlier question. So it's basically the return to the business model getting to work without all the bumps in out of stocks and media not necessarily being on air. So it's really back to business as usual.

但推動這一趨勢的是消費者，我們消化了定價，而且庫存狀況看起來不錯。我們得到了很多第二台冰箱的位置，媒體正在播出並以這種方式運作，正如斯科特在前面的問題中概述的那樣，它在歷史上一直有效。因此，這基本上是商業模式的回歸，在沒有庫存短缺和媒體不一定播出的情況下開始運作。所以一切真的恢復如常了。

I don't know, you want to talk about the back half.

我不知道，你想談談後半部分。

Yes, back half, it's pretty simple. It's really 2 aspects. One is, as you know, we spend more heavily in media in the first half, almost 2/3 of our spend happened in the first half versus the second half. So that delta between first half and second half in absolute dollars is almost $25 million. That's a huge chunk of EBITDA second half weighting there. And then just sequentially, every quarter, we're anticipating revenue will be larger, and we'll obviously get the variable margin off of that. So those are really the 2 big pieces, and we'll continue to see very favorable logistics cost, I think we'll even do a little bit better in the second half than we did in the first half. But those are the big buckets.

是的，後半部分，很簡單。這確實是兩個方面。一是，如您所知，我們上半年在媒體方面的支出更多，與下半年相比，我們的支出幾乎有 2/3 發生在上半年。因此，上半年和下半年之間的增量（按絕對美元計算）幾乎為 2500 萬美元。這是下半年 EBITDA 的很大一部分。然後，每個季度，我們預計收入都會增加，而且我們顯然會從中獲得可變利潤。所以這些確實是兩大塊，我們將繼續看到非常有利的物流成本，我認為我們下半年甚至會比上半年做得更好一點。但這些都是大桶。

Okay. That's helpful. And just -- I know you said it's early for next year, and that makes perfect sense as far as some of the input cost visibility. But can you give us a sense of timing of when you have your discussions to lock in chicken -- I think you contract that annually. Obviously, those prices have come off. And just curious kind of when the sweet spot is for figuring out when you would be locking in for next year and how far away that is?

好的。這很有幫助。只是 - 我知道你說現在是明年年初，就某些投入成本可見性而言，這是完全有道理的。但是，您能否告訴我們您何時進行討論以鎖定雞肉的時間安排——我認為您每年都會這樣做。顯然，這些價格已經下降。只是好奇什麼時候才是最佳時機，以便弄清楚你何時鎖定明年以及距離有多遠？

Yes. I mean we officially lock in December, but the discussion started as early as September and there's sort of a dance that goes on between us and the chicken suppliers over that time period and it's always hard to say because as you think you know, the chicken market can move fairly quickly. The growing cycles on chickens is very short. And so supply and demand can expand and contract fairly quickly. So we're optimistic. We're encouraged.

是的。我的意思是，我們正式鎖定在12 月，但討論早在9 月就開始了，在那段時間裡，我們和雞肉供應商之間有一種舞蹈，這總是很難說，因為正如你認為你知道的那樣，雞肉市場可以相當快地變化。雞的生長周期很短。因此，供給和需求可以相當快地擴張和收縮。所以我們很樂觀。我們深受鼓舞。

I do think you have to remember that our price on chicken didn't go up as much as what you see in the publicly reported information for chicken for the human market, but -- so it doesn't have as much room to go back down but there is still a little bit of room there. We don't know what we'll see when the time we get to the end of the year, though.

我確實認為你必須記住，我們的雞肉價格上漲幅度沒有你在公開報導的人類市場雞肉信息中看到的那麼高，但是——所以它沒有那麼多的回落空間向下，但那裡仍然有一點空間。不過，我們不知道到年底時會看到什麼。

Our next question comes from the line of Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的布萊恩·斯皮蘭 (Bryan Spillane)。

Billy, if I could -- we got a couple of questions on this today. And so maybe if you could talk a little bit about, I think, it's Slide 30 on the -- in the presentation where you lay out the volume growth or the volume chart. And can you talk a little bit about how that looks like on a multiyear stack basis, I think the question that a lot of people have kind of has come into my inbox this morning is just how much of the volume acceleration is basically just the comparisons and maybe some distribution fill and just how you gain comfort with that and trying to look at it on some sort of stack basis? So I guess net of it is, how much of it is easy comps versus Household penetration and growing again?

比利，如果可以的話——今天我們對此有幾個問題。因此，也許您可​​以談談演示文稿中的幻燈片 30，您在其中列出了銷量增長或銷量圖表。你能談談多年堆棧的情況嗎？我認為今天早上很多人都在我的收件箱中提出了這樣的問題：成交量加速有多少基本上只是比較也許有些分佈填充以及您如何對此感到滿意並嘗試在某種堆棧基礎上查看它？所以我想淨值是，與家庭滲透率和再次增長相比，有多少是簡單的比較？

Yes. I think the way you think about it is it's -- what you're getting to is in the year ago period in the early part of the year, you had a continually elevating price, which is driving a little bit on the price side, not necessarily on the pounds side, -- on the pounds -- well, once the price has stabilized both this year and then a year ago, the pound growth starts accelerating growth, and we're seeing on a week-to-week basis, we're seeing the pounds go up very consistently, which is a little bit unusual for this time of the year. For us to be in the summer and see pound consumption increasing week-to-week. Obviously, there's a little bit of shift as you go through the weeks of the month. But for the most part, we've been seeing consistent growth on a sequential basis throughout the summer. And that's very, very encouraging to us.

是的。我認為你的思考方式是——你所看到的是，在今年年初，你的價格不斷上漲，這在價格方面推動了一點，不一定是英鎊方面，就英鎊而言，一旦價格今年和一年前都穩定下來，英鎊的增長就開始加速增長，我們每週都會看到，我們看到英鎊持續上漲，這對於每年的這個時候來說有點不尋常。對於我們來說，在夏季，英鎊消費量每週都會增加。顯然，當你度過這個月的幾週時，會有一些變化。但在大多數情況下，整個夏季我們都看到了連續的持續增長。這對我們來說非常非常鼓舞。

So we're very bullish on the volume growth side of the story. And we've obviously seen even more data than is there. But what we can tell you is the volume growth continues to accelerate quite a bit.

因此，我們非常看好銷量增長。顯然我們看到的數據比現有的還要多。但我們可以告訴您的是，銷量增長繼續加速。

Let me -- I'll just expand on that a tiny bit. So if you take an average of Q4, this is Nielsen Mega and you basically take that average and you look at where we are to date, we're up about 12% versus kind of that Q4 average in pounds. So it's been -- and it's been like Billy said, it literally from February forward, every couple of weeks has been consistently up. So to compare -- I think you can look at comparables, but I think you look at where you were at the end of the year and you look at it versus the prior period, and it's been consistently up since February. And I mean -- every couple of weeks, we're setting new records in volume.

讓我——我稍微擴展一下這一點。因此，如果你取第四季度的平均值，這就是尼爾森巨型公司，你基本上取該平均值，看看我們迄今為止的情況，我們比第四季度的英鎊平均值上漲了約 12%。所以，就像比利說的那樣，從二月份開始，每隔幾週就會持續上升。因此，為了進行比較，我認為你可以查看可比數據，但我認為你可以看看年底的情況，以及與上一時期相比的情況，自二月份以來一直在上升。我的意思是——每隔幾週，我們就會在數量上創造新的記錄。

And then just as a quick follow-up to that. I don't -- maybe I missed this, but I know you've got the mega channel in the slide deck, but you talked about non-measured and some of the other channels. So do you have a composite of all channels, kind of what consumption was in the quarter and kind of where it's running now? So if we were -- we can't see all of those the other 2. So just trying to get a sense of what the composite of all channels looks like consumption wide.

然後作為快速跟進。我不知道——也許我錯過了這一點，但我知道幻燈片中有大型頻道，但您談到了非測量頻道和其他一些頻道。那麼，您是否有所有渠道的綜合數據，該季度的消費情況以及現在的運行情況？因此，如果我們 - 我們無法看到其他 2 個渠道的所有內容。因此，我們只是想了解所有渠道的組合在消費範圍內的情況。

Yes. So the unmeasured is still a relatively small part of our business. We quoted that volume was up 18% in the quarter, and that is the composite that includes the measured and the unmeasured. It's based on our shipment data so we can use that to project it. And that's the acceleration we've seen quarter-to-quarter, 12% to 14% to 18% in this quarter. And we're still seeing that continue to accelerate.

是的。因此，無法衡量的業務仍然只占我們業務的一小部分。我們引用該季度的交易量增長了 18%，這是包括已測量和未測量的綜合數據。它基於我們的發貨數據，因此我們可以使用它來預測。這就是我們看到的逐季度加速增長，本季度為 12% 至 14% 至 18%。我們仍然看到這種情況繼續加速。

The big driver of that is the part that's in the unmeasured as we said in the call, is growing at a rate that's in excess of 50%. And so while it's relatively small, it is an expanding portion of the growth.

正如我們在電話中所說，其最大的推動因素是未衡量的部分，其增長率超過 50%。因此，雖然它相對較小，但它是增長中不斷擴大的部分。

Okay. So we should look at the 18% volume as a decent proxy for consumption. There's not like a lot of inventory or any kind of pipe like new distribution or anything like that?

好的。因此，我們應該將 18% 的成交量視為消費的一個不錯的指標。沒有大量的庫存或任何類型的管道，例如新的分銷或類似的東西？

No, that is based on looking at what we shipped and it's also looking at the Nielsen measured numbers as well as what we can track for the customers who are not included in the measured part, and that's how you arrive at the 18%.

不，這是基於查看我們發貨的內容，還查看尼爾森測量的數字以及我們可以跟踪未包含在測量部分中的客戶的內容，這就是您得出 18% 的方法。

Our next question comes from the line of Bill Chappell with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Bill Chappell。

Can you hear me?

你能聽到我嗎？

Now we can.

現在我們可以了。

Just a follow-up on the pricing issue. I understand you're comfortable with the pricing and consumers are increasing coming forward the pricing. But what happens if you see more of the dry premium competitors roll back on price where the price gaps get bigger because that seems to -- I know it's a different market and different product, but that seems to be, I guess, a risk throughout the packaged food in general that we start to see as costs come back, there's more promotions in the marketplace. So any thoughts there?

只是定價問題的後續行動。據我了解，您對定價感到滿意，並且消費者越來越多地提出定價。但是，如果你看到更多的干溢價競爭對手降低價格，價格差距變得更大，會發生什麼，因為這似乎- 我知道這是一個不同的市場和不同的產品，但我想這似乎是一個風險一般來說，隨著成本的回升，我們開始看到包裝食品市場上有更多的促銷活動。那麼有什麼想法嗎？

Yes. So Bill, I think you're right. I think that the reality is fresh food, fresh pet is kind of its own specialized universe. But at the end of the day, there's still -- like it's still a food marketplace. And there are certain -- I think people have to get -- consumers have to get comfortable with basically what the value proposition is of what we're offering versus what they can get and dry. And -- but I do think that one of the things that we've seen, which has been really amazing is we went up a very significant amount, like Billy quoted in the script, almost 27% price increase. And to see the expansion that we're seeing in penetration and buying rate, it's extraordinary. And I really think it demonstrates the specialness of what we brought to consumers. I know I do think that if people start doing a significant amount of promotion, I mean it could have like a short-term disruption, but I think that we've been able to work through this really well in the past, bringing what we brought to market.

是的。所以比爾，我認為你是對的。我認為現實是新鮮的食物，新鮮的寵物有其自己的專門宇宙。但歸根結底，仍然——就像它仍然是一個食品市場一樣。而且有一些——我認為人們必須得到——消費者必須對我們提供的產品的價值主張與他們可以獲得的產品的基本價值主張感到滿意。而且——但我確實認為，我們所看到的一件非常令人驚奇的事情是，我們的價格上漲了非常大的幅度，就像比利在劇本中引用的那樣，價格上漲了近27% 。看到滲透率和購買率的擴張，這是非同尋常的。我真的認為這證明了我們為消費者帶來的東西的特殊性。我知道，我確實認為，如果人們開始進行大量的促銷活動，我的意思是，這可能會造成短期的干擾，但我認為我們過去已經能夠很好地解決這個問題，帶來我們想要的東西。推向市場。

Now secondarily, we actually made a handful of decisions over the past literally 6 months to make sure that we're continuing to offer the best value proposition we possibly can. And there's going to be some additional innovation that we're launching in the back of this year that will kind of address that and offer even better value to some consumers at parity type margins for us. And then we'll also offer some new innovation in the beginning of next year.

其次，我們實際上在過去 6 個月裡做出了一些決定，以確保我們繼續提供盡可能最佳的價值主張。我們將在今年下半年推出一些額外的創新，這些創新將解決這個問題，並以平價的利潤為一些消費者提供更好的價值。然後我們還將在明年初提供一些新的創新。

So I think to your point is we're cognizant of that. We think we're in a really good place. We do know that there could be significant promotion going on in the category. And we've tried to kind of forward think what we could do in order to kind of offset some of that. But overall, it has not -- we've seen a ton of activity in the past. It has not slowed our progress.

所以我認為你的觀點是我們認識到這一點。我們認為我們處於一個非常好的位置。我們確實知道該類別可能會發生重大促銷活動。我們試圖前瞻性地思考我們可以做些什麼來抵消其中的一些影響。但總體而言，情況並非如此——我們過去已經看到了大量的活動。它並沒有減緩我們的進步。

Got it. And I guess on the same vein, for the follow-up. I know in the past, you've done some -- certain customers, do you feel the need to expand that even further if customers are price sensitive or are you very comfortable where you stand?

知道了。我想對於後續行動也是如此。我知道過去，你已經做了一些——某些客戶，如果客戶對價格敏感或者你對自己的立場感到非常滿意，你是否覺得有必要進一步擴展？

So Bill, you cut out just a tiny bit. You said something certain customers, and I missed that. I think that was an important...

所以比爾，你刪掉了一點點。你對某些客戶說了些什麼，但我錯過了。我認為這是一個重要的...

Sorry, you're doing private label already for certain customers?

抱歉，您已經在為某些客戶提供自有品牌了嗎？

So yes.

所以是的。

Was a need to expand that? Yes.

是否需要擴展它？是的。

Got it. Okay. So actually, I'm glad you brought that up. We have actually -- yes, we have actually based on what we're seeing in the market and where we are and the progress that -- or the lack of progress we've made with some of that private label, we're going to start like basically winding the majority of those offerings down, we've shared that with most of our customers. And there will always be some discussion. But we're -- if you think about the program where it is today, it's going to have -- it's going to be significantly less over the course of next year. So we'll tighten that up.

知道了。好的。事實上，我很高興你提出這個問題。我們實際上——是的，我們實際上根據我們在市場上看到的情況、我們所處的位置以及我們在某些自有品牌方面取得的進展缺乏進展，我們正在首先，我們已經與大多數客戶分享了這一點，從根本上減少了大部分產品。並且總會有一些討論。但如果你考慮一下今天的計劃，明年的計劃將會大大減少。所以我們會加強這一點。

And when we have done the private label items, we've been able to actually for the most part, have margins that are, I'd say, acceptable. They're not -- they're definitely not leading by any means, but they've been acceptable to us. So -- but overall, we think we can we better utilize that capacity towards some innovation and different things that we'd like to bring to market.

當我們完成自有品牌產品時，我們實際上在很大程度上能夠獲得可以接受的利潤。他們不是——他們絕對沒有以任何方式領先，但他們已經被我們接受了。所以，但總的來說，我們認為我們可以更好地利用這種能力來進行一些創新和我們希望推向市場的不同產品。

Our next question comes from the line of Cody Ross with UBS.

我們的下一個問題來自瑞銀集團的科迪·羅斯 (Cody Ross)。

You guys have been able to reaccelerate volume growth in Household penetration. But I just wanted to dig into the metrics you provided on Slide 25. Your Household penetration is up 10% on a 52-week basis. How did that compare to your plans coming into the year? And can you just describe in detail for us more your volume growth plans in the back half, what you're looking for from Household penetration from here?

你們已經能夠重新加速家庭滲透率的增長。但我只是想深入研究您在幻燈片 25 上提供的指標。您的家庭滲透率在 52 週的基礎上增長了 10%。與您今年的計劃相比如何？您能否為我們詳細描述一下您下半年的銷量增長計劃，您希望從這裡的家庭滲透率中獲得什麼？

So it's a really good question. I think I had mentioned it in the very beginning when Mark was asking about the advertising. We actually got off to a slow start. January and February were a little bit slower than we would have liked to see from a Household penetration standpoint. But actually, since March, we've seen that re-acceleration and it's actually -- we're basically back on track to what type of level of performance we'd like to see and the cost to acquire a consumer. So if you'd ask me that in March, we thought it was starting to turn, but it's now really turned and it's really clear which way the line is going, which is up into the right, which is terrific.

所以這是一個非常好的問題。我想我一開始在馬克詢問廣告時就提到過這一點。我們實際上起步很慢。從家庭滲透率的角度來看，一月和二月的增長速度比我們希望看到的要慢一些。但實際上，自三月份以來，我們已經看到了這種重新加速，而且實際上，我們基本上回到了我們希望看到的性能水平和獲取消費者的成本的正軌。所以，如果你在三月份問我，我們以為它開始轉向，但現在它真的轉向了，而且很清楚線路的走向，即向右上方，這太棒了。

And we've actually posted some more recently, a couple of really, really good weeks, and that's on a rolling kind of 52. So pretty big improvements -- and I think it's a lot of it's behind again, going -- we're back in stock. We're back in stock consistently. We've got really good innovation. We've got a great media plan, and I think we have epic creative right now. The creative and the advertising that we put in place seems to literally have top value and really be kind of well adopted and absorbed by consumers in the marketplace.

事實上，我們最近發布了一些，幾周非常非常好的幾週，滾動的 52 週。所以相當大的改進 - 我認為其中很多又落後了 - 我們'重新有貨了。我們持續補充庫存。我們有非常好的創新。我們有一個很棒的媒體計劃，我認為我們現在有史詩般的創意。我們實施的創意和廣告似乎確實具有最高價值，並且確實被市場上的消費者很好地採用和吸收。

So we feel like we're returning -- I think Billy used the term earlier, we're returning to the historical growth algorithm.

所以我們感覺我們正在回歸——我認為比利早些時候使用過這個術語，我們正在回歸歷史增長算法。

Got you. That's super helpful. And then, I guess, Todd, just to put a finer point on a question that was earlier. Do you think you can hit your revised EBITDA guidance that's higher now if you did not accelerate volume as you guys plan?

明白你了。這非常有幫助。然後，我想，托德，只是為了對之前的問題提出更好的觀點。如果你們沒有按照你們的計劃加速產量，你們認為你們能達到現在更高的修訂後的 EBITDA 指導嗎？

Yes. Look, I mean, so obviously, no change in our full year outlook. So we're still holding to the $750 million level. So really no change in what we think the volumes are going to be for the full year. I would say that the re-acceleration happened a little bit later than we thought. Q2 got off to -- it was perfectly fine but wasn't as strong as we were hoping. But now that re-acceleration is a bit steeper than we originally thought. So where we are as we enter Q3, we feel terrific about. So again, no change to the full year guidance. We thought we could hit that. Just the curve is a little bit different than we originally anticipated.

是的。我的意思是，很明顯，我們的全年前景沒有變化。所以我們仍然維持 7.5 億美元的水平。因此，我們認為全年的銷量實際上沒有變化。我想說的是，重新加速發生的時間比我們想像的要晚一些。第二季度的表現非常好，但沒有我們希望的那麼強勁。但現在重新加速比我們最初想像的要陡一些。因此，當我們進入第三季度時，我們感覺非常棒。同樣，全年指引沒有變化。我們認為我們可以做到這一點。只是曲線與我們最初預期的有點不同。

Our next question comes from the line of Rupesh Parikh with Oppenheimer.

我們的下一個問題來自魯佩什·帕里克（Rupesh Parikh）和奧本海默（Oppenheimer）的對話。

So just going back to Ennis' facility and the ramp so far. Just curious, any positive or negative surprises as you continue to ramp the facility?

到目前為止，我們只是回到恩尼斯的設施和坡道。只是好奇，當你繼續擴大設施時，有什麼積極或消極的驚喜嗎？

I guess I would say that, as you can imagine, starting up a greenfield facility has always got ups and downs in it, and we've had our fair share of ups and downs has gone along. What I'll tell you is where we are today is we feel very good about the progress we made on the roll side of the business, and it's going very, very well. And the chicken processing is doing very well. The bag side of the business took a little bit longer and steeper to ramp up than what we would have hoped. We're now producing all the items in the lineup. We feel very good about that. But it took a little bit longer to get to the production levels that we wanted in qualifying all the items. And in part, that's why we've begun to do the staffing for the line -- the next bag line. So we give ourselves a little bit more time to start that up. We need that to keep producing in Q1 of next year. So we've started adding some staffing now, so we can give ourselves a little bit more lead time on the ramp-up of the bag line.

我想我會說，正如你可以想像的那樣，啟動一個新建工廠總是會經歷起起落落，而我們也經歷過起起落落。我要告訴你的是，我們今天的處境是，我們對業務滾動方面取得的進展感到非常滿意，而且進展得非常非常好。雞肉加工做得很好。包袋業務的發展速度比我們預期的要長一些，幅度也更大一些。我們現在正在生產該系列中的所有產品。我們對此感覺非常好。但我們花了一點時間才達到我們想要的所有產品合格的生產水平。在某種程度上，這就是我們開始為這條生產線（下一條袋子生產線）配備人員的原因。所以我們給自己多一點時間來啟動它。我們需要它才能在明年第一季度繼續生產。因此，我們現在開始增加一些人員，這樣我們就可以在袋子生產線的啟動上給自己多一點的準備時間。

But other than that, it's going well. We feel good about it. As we said, it's over 20% of our production at this point. And for 2 lines, that's pretty doing good.

但除此之外，一切進展順利。我們對此感覺很好。正如我們所說，目前它占我們產量的 20% 以上。對於 2 條線來說，這已經相當不錯了。

Great. And then maybe just 1 follow-up question for Todd. So you've beaten our EBITDA 2 quarters by a significant margin. Just curious if we see more upside in the back half of the year, would you consider reinvesting in the business? Or is there more bias to let it flow through to the bottom line?

偉大的。然後也許只是托德的 1 個後續問題。因此，您已經大幅超過了我們兩個季度的 EBITDA。只是好奇，如果我們在下半年看到更多的上漲空間，您會考慮對這項業務進行再投資嗎？還是有更多的偏見讓它流向底線？

Yes. Look, we have -- it's a very good question, and we will continue to evaluate the returns on additional media if we choose to go do that. But I just want to point out, even though almost 2/3 of the spending is first half weighted, we have significantly more media in the second half this year than we do next year. I mean, we're going to be up about 40% year-over-year in Q3. And then as you know, we spend very, very little in Q4, and we'll spend probably over $10 million in Q4 this year. So we have versus prior year and even previous years, we have a solid amount of media in the second half.

是的。看，我們有——這是一個非常好的問題，如果我們選擇這樣做，我們將繼續評估其他媒體的回報。但我只想指出，儘管近 2/3 的支出是上半年加權的，但今年下半年我們的媒體數量明顯多於明年。我的意思是，第三季度我們的業績將同比增長約 40%。如您所知，我們在第四季度的支出非常非常少，今年第四季度我們的支出可能會超過 1000 萬美元。因此，與去年甚至前幾年相比，我們在下半年擁有大量媒體。

But look, if we see an opportunity to invest more, we'll definitely take a look at it. But as you know, over time, we like that media as a percent of net sales to come down a bit to allow us to get to our 18% EBITDA margin target in 2027. But we'll be smart if we see a great opportunity, we'll take advantage of it.

但是，如果我們看到有更多投資的機會，我們肯定會考慮的。但如您所知，隨著時間的推移，我們希望媒體占淨銷售額的百分比稍微下降，以便我們能夠在2027 年實現18% 的EBITDA 利潤率目標。但如果我們看到一個很好的機會，我們就會很聰明，我們將利用它。

Our next question comes from the line of Jim Salera with Stephens Inc.

我們的下一個問題來自 Jim Salera 和 Stephens Inc. 的電話。

Billy, I think in your opening remarks, you had mentioned that there was a 2,300 fridge commitment from a single customer. If you can just give us some idea around what was the catalyst for them to make an order of that size? Is it something that they've been looking at and now is the right time for them? Or just give us some insight into why that decision now?

比利，我想您在開場白中提到過一位客戶承諾購買 2,300 台冰箱。您能否給我們一些關於他們下達如此規模訂單的催化劑是什麼？這是他們一直在關注的事情，而且現在對他們來說是合適的時機嗎？或者只是讓我們了解一下為什麼現在做出這個決定？

Yes. So I'll expand on that a bit. It's -- I think this is something that's been coming for several years. We actually put a strategy in place probably about 3 or 4 years ago that we call fresh first. And the idea was how do we get consumers to think about filling their pet foods bolt with fresh first and how do retailers start off the aisle with fresh first because of the inherent benefits in our business model. And I think what's happened is us talking about that and the progress that we've made on the consumer front, and then finally, being able to build an Ennis, have that customer come and visit there and see that we were going to have plenty of capacity, they got really comfortable going ahead and expanding. And it was an existing customer, a very large customer, one of our top kind of 5 customers and wanted to expand and double down and really put in seconds and third fridges.

是的。所以我會對此進行一些擴展。我認為這是幾年來一直在發生的事情。實際上，我們大約在三四年前就制定了一項戰略，我們稱之為“新鮮第一”。我們的想法是，我們如何讓消費者考慮先用新鮮的食品填充他們的寵物食品，以及零售商如何從先用新鮮的食品開始銷售，因為我們的商業模式具有固有的優勢。我認為所發生的事情是我們正在談論這一點以及我們在消費者方面取得的進展，最後，能夠建造一個恩尼斯，讓客戶來參觀那裡，看到我們將有很多產能方面，他們非常樂意繼續前進和擴張。這是一個現有客戶，一個非常大的客戶，我們的 5 個頂級客戶之一，並且想要擴大規模並加倍努力，真正投入第二個和第三個冰箱。

And I think the core of it, and I've heard this repeated time and time again over the past maybe 2 years, as retailers are looking around going the benefits that Freshpet food brings to their store and their aisle are the same benefits they see on the human side where they see increased traffic, new consumers, strong margins, a lot of dollars per consumer and really an overall quality halo impact for their entire aisle. And I think they realized that and they realize that it's a really advantageous for both their business and then the overall pet food aisle. And they've made that decision along with lots of others. And I think we're going to continue to see many retailers kind of follow in behind them and add more and more fridges.

我認為其核心是，在過去的兩年裡，我一次又一次地聽到這種說法，因為零售商正在四處尋找Freshpet 食品給他們的商店和過道帶來的好處，這與他們看到的好處是一樣的在人性方面，他們看到流量的增加、新的消費者、強勁的利潤、每位消費者的大量美元以及對整個渠道的整體質量光環影響。我認為他們意識到了這一點，並且意識到這對他們的業務以及整個寵物食品通道來說都是非常有利的。他們和許多其他人一起做出了這個決定。我認為我們將繼續看到許多零售商緊隨其後，增加越來越多的冰箱。

I mean we have -- we're going to have more -- we'll have more fridges owns year-to-date that we've had in some years. So I think we're excited about the change. And I guess it goes back to Todd's comment earlier. We've got to make sure that retailers are confident we can fill those fridges. And if they -- if we can, and we have been able to, then they're willing to put in more.

我的意思是，我們已經——我們將會擁有更多——我們今年迄今為止將擁有比幾年前更多的冰箱。所以我認為我們對這一變化感到興奮。我想這可以追溯到托德之前的評論。我們必須確保零售商有信心我們可以裝滿這些冰箱。如果他們——如果我們可以，而且我們已經能夠做到，那麼他們願意投入更多。

Yes. And let me just amplify that point, at this particular customer, last July, Sante Group, starting at the buyer and the planner for the pet category all the way up to the CEO to Ennis to walk it and get convinced that we could supply them and they spent a better part of almost the full day with us. And at the end, they came away convinced that we'll be able to supply them. We're willing to make that kind of commitment. So now that we've got good fill rates, they can see the (inaudible) there and it has the capacity, I would expect other customers to have the confidence to lean in and put more fridges in.

是的。讓我放大這一點，去年 7 月，在 Sante Group 這個特定的客戶中，從買家和寵物類別的規劃師開始，一直到首席執行官到 Ennis，一直到我們確信我們可以為他們提供產品他們幾乎一整天的大部分時間都和我們在一起。最後，他們離開時確信我們能夠為他們提供服務。我們願意做出這樣的承諾。因此，現在我們已經獲得了良好的填充率，他們可以看到（聽不清）那裡並且它有容量，我希望其他客戶有信心投入並放入更多冰箱。

Okay. Great. And then maybe as a follow-on to that. If we think about the pet aisle in retailers, and obviously it varies a little bit from store to store. But given that the majority of your new fridges are second and third fridges, how much actual space is there in a lot of these? I mean, do they have to expand the pet aisles? Or is there enough in most retailers to accommodate a second and third fridge or the larger fridges?

好的。偉大的。然後也許作為後續。如果我們考慮一下零售商的寵物過道，顯然每個商店的情況都略有不同。但考慮到您的大多數新冰箱都是第二台和第三台冰箱，那麼這些冰箱中的實際空間有多少呢？我的意思是，他們必須擴大寵物通道嗎？或者大多數零售商是否有足夠的空間容納第二個和第三個冰箱或更大的冰箱？

Yes. So the -- even in a grocery store, you'll see -- just in dog food, you'll see typically at least 40 to 48 feet. So there's -- that's just in the dog food section. So that -- there's plenty of room. And I think over time, that we're going to continue to take more and more of the calories in the category and deliver kind of really strong metrics to the retailer. I think that there's plenty of opportunity and plenty of room for us to continue to expand for many years to come.

是的。因此，即使在雜貨店，您也會看到，僅在狗糧中，您通常會看到至少 40 到 48 英尺。就在狗糧部分。所以——有足夠的空間。我認為隨著時間的推移，我們將繼續在該類別中獲取越來越多的卡路里，並向零售商提供真正強大的指標。我認為我們有很多機會和空間可以在未來很多年繼續擴張。

Our next question comes from the line of Jon Andersen with William Blair.

我們的下一個問題來自喬恩·安徒生和威廉·布萊爾的對話。

The past 18 months or so, perhaps even longer have been more oriented around building the capacity, enhancing fill rates and getting in-stock levels back and I'm wondering to what extent you're now looking at it as innovation as a key driver, maybe both in terms of kind of filling out the kind of value equation for consumers also targeting maybe some specific segments that you feel you've been underrepresented in? So the bigger question is, I guess, what should we expect from an innovation perspective over the next 12 to 24 months? And how does that kind of compare to what perhaps we've seen over the past 12 to 24 months? And then can you just provide a comment on your packaging restage. I think you've talked about packaging rework that's coming and some of the consumer test results around that.

在過去 18 個月左右，甚至更長的時間裡，我們更多地關注於建設產能、提高填充率和恢復庫存水平，我想知道您現在在多大程度上將創新視為關鍵驅動力，也許既是為了為消費者填寫價值方程式，又是針對一些您認為自己在其中代表性不足的特定細分市場？因此，我想，更大的問題是，從創新的角度來看，未來 12 到 24 個月我們應該期待什麼？這與我們過去 12 到 24 個月所看到的情況相比如何？然後您可以對您的包裝重新進行評論嗎？我想你已經談到了即將到來的包裝返工以及與之相關的一些消費者測試結果。

Yes, I'm going to give you just a top line comment, and Scott can tell you about the innovation and the packaging.

是的，我只想給你一個最重要的評論，斯科特可以告訴你有關創新和包裝的信息。

But the top line comment is that all the capacity that we have built out has largely been focused on the existing bags and rolls line because we think the opportunity there is enormous. And our projections are built upon on that. Having said that, we have built flexibility into our system to be able to accommodate a little bit more innovation. And if we get that, that's gravy to us. But we think the opportunity on the bags and rolls is absolutely enormous. And so we're going to put the bulk of our attention and focus on continuing to maximize that opportunity. Having said that, there's a lot of innovation opportunities. We've got a very innovative team.

但最重要的評論是，我們建立的所有產能主要集中在現有的袋裝和卷裝生產線上，因為我們認為那裡的機會是巨大的。我們的預測是建立在這一基礎上的。話雖如此，我們已經在我們的系統中建立了靈活性，以便能夠容納更多的創新。如果我們得到了這個，那對我們來說就是肉汁。但我們認為袋裝和卷裝的機會絕對是巨大的。因此，我們將把大部分注意力集中在繼續最大限度地利用這一機會上。話雖如此，還有很多創新機會。我們有一支非常創新的團隊。

So Scott, can you just give you a little bit of color on that?

斯科特，你能給你一點意見嗎？

Yes. Actually, so I'll start with the term that we use internally, which is there's innovation, then there's renovation, renovating some existing products and making simple improvements and then there's retirement. And we want to make sure that we're retiring things that aren't productive, and productivity is on a pounds but it's also some things around margin, too.

是的。實際上，所以我將從我們內部使用的術語開始，即有創新，然後有翻新，翻新一些現有產品並進行簡單的改進，然後是退役。我們希望確保淘汰那些沒有生產力的東西，生產力是重要的，但也有一些與利潤有關的東西。

So we do think about it that way. We want to make sure that the innovation that we're coming with, we're making sure that we're making progress on margin over time. But the biggest single place that were, I would say, the impact of what I would call innovation, which is a very, very big area is we're literally looking at innovation and also renovation on our existing lines and making sure that they're more productive. And that will give us the giant win in the future.

所以我們確實是這樣考慮的。我們希望確保我們所帶來的創新，我們確保隨著時間的推移，我們在利潤方面取得進展。但我想說，最大的一個地方是我所說的創新的影響，這是一個非常非常大的領域，我們實際上正在考慮對現有生產線進行創新和改造，並確保它們”重新提高生產力。這將為我們帶來未來的巨大勝利。

So there's a -- both teams are oriented -- constant stream of very smart innovation, but tight but also making sure that we're retiring some things that aren't productive and innovating and using that word on our overall production processes to make grow margins, increase throughput and really get to an overall better and better process for the company, which will expand margins over time.

因此，兩個團隊都以持續不斷的非常聰明的創新為導向，但同時也確保我們淘汰一些不高效和創新的東西，並在我們的整體生產流程中使用這個詞來實現增長。利潤，提高吞吐量，並真正為公司帶來越來越好的整體流程，這將隨著時間的推移而擴大利潤。

In the packaging restage?

在包裝重演？

Thank you. Sorry. On the packaging restage, I believe it's going to launch in the beginning of end of Q3, beginning of Q4, you'll start to see it kind of gently flow out. It seems to be -- we don't do this -- we try and be very kind of thoughtful about these things every time -- I mean, some companies every time there's a new brand manager, there's a new package. And we try and do it every 3 to 5 years. We think what we're coming with is pretty significant step change. We test everything very, very thoroughly quantitatively. The quantitative test results that we've done over time tend to be incredibly predictive. So we think that it will be something that will be a support and help for us next year.

謝謝。對不起。在包裝上，我相信它將在第三季度末、第四季度初推出，你會開始看到它慢慢流出。似乎——我們不這樣做——我們每次都會嘗試對這些事情深思熟慮——我的意思是，有些公司每次有新的品牌經理時，都會有一個新的包裝。我們嘗試每 3 到 5 年進行一次。我們認為我們將帶來相當重大的一步改變。我們對一切進行非常非常徹底的定量測試。隨著時間的推移，我們所做的定量測試結果往往具有令人難以置信的預測性。所以我們認為這將是對我們明年的支持和幫助。

And congratulations again to the sales team for their work and the expanded distribution, the innovation team, and that's broad, that's very broad here on the work that they've done and then also the marketing team and now the packaging, I mentioned the advertising earlier.

再次祝賀銷售團隊的工作和擴大的分銷、創新團隊，這是非常廣泛的，他們所做的工作非常廣泛，然後還有營銷團隊和現在的包裝，我提到了廣告早些時候。

Our next question comes from the line of Connor Rattigan with Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Connor Rattigan。

So just wondering, have you observed any noticeable pack mix shift across your portfolio to larger sizes? I mean, I know last year was a bit of an anomaly given the gas price issue. But what I recall in the summer months, typically, consumers tend to shift to larger pack as a traveling such? And if so, how should we sort of think about that in the context of the top line and gross margin?

所以我想知道，您是否觀察到您的產品組合中有任何明顯的包裝組合轉變為更大的尺寸？我的意思是，考慮到汽油價格問題，我知道去年有點反常。但據我所知，在夏季，消費者通常傾向於攜帶更大的背包作為旅行之類的？如果是這樣，我們應該如何在營收和毛利率的背景下思考這一點？

Yes. I don't think we've seen a whole lot of mix shift inside a slight shift towards those larger sizes in the most recent periods, but it's not -- nothing that big. The biggest difference is the comment I made earlier, which is a little bit more roles development this year than what we would have historically had, which is it's obviously the more economical way to feed your dog. But it's even that's not very significant.

是的。我認為我們在最近一段時間裡並沒有看到大量的混合變化，只是稍微轉向更大的尺寸，但事實並非如此——沒有那麼大。最大的區別是我之前發表的評論，今年的角色發展比我們歷史上的要多一些，這顯然是餵養狗的更經濟的方式。但即使這樣也不是很重要。

So in terms of the margin impact, we don't have a huge difference between sizes. We do have a difference in margins between rolls and bags and rolls tend to have higher margins than the bags do.

因此，就利潤影響而言，不同規模之間的差異並不大。卷裝和袋裝之間的利潤確實存在差異，卷裝的利潤往往比袋裝的更高。

Okay. Great. And then also just -- Scott, I just wanted to follow up on the comment you made earlier that consumers in non-measured channels are highly incremental. I mean I guess, is this kind of a result of your current media spend? I mean, maybe is this just targeting those specific consumers? Or is this just a function of just a distribution rollout? And maybe if you have any data on you can share on sort of I guess, what these consumers look like, maybe in terms of income and whatnot? Or if there are any different than your other consumers, that would be great.

好的。偉大的。然後，斯科特，我只是想跟進您之前的評論，即非衡量渠道中的消費者是高度增量的。我的意思是，我猜，這是您當前媒體支出的結果嗎？我的意思是，也許這只是針對那些特定的消費者？或者這只是發行版推出的一個功能？如果你有任何數據，我想你可以分享一下這些消費者的樣子，也許是在收入等方面？或者如果有任何與其他消費者不同的地方，那就太好了。

Yes. Well, I'll answer the back of the question first. So there really hasn't been much of a change in the type of consumer. So they're similar household income, $80,000 is kind of the average income I mean, it's amazingly -- like a lot of times people go, "Oh, this must be for like very high income households". What it comes down to is relationship with pet and the importance that people put on nutrition, and that's for themselves and their family. So we're seeing similar group of consumers that were -- we kind of historically have seen across the business.

是的。好吧，我先回答後面的問題。因此，消費者類型實際上並沒有太大變化。所以他們的家庭收入相似，80,000 美元是平均收入，我的意思是，這令人驚訝 - 就像很多時候人們會說，“哦，這一定是針對非常高收入的家庭”。歸根結底是與寵物的關係以及人們對營養的重視，這對他們自己和家人來說都是如此。因此，我們看到了類似的消費者群體，我們在歷史上曾在整個行業中看到過。

Our belief is that there are certain consumers that tend to primarily shop for pet food in a specific store or channel. And as we've added some of that distribution, whether it's through e-commerce or in some of the clubs, those consumers that are primarily shopping in that channel for pet food are now going, "Oh, wow, there is a new product here. I've heard of it." So I think the media has been encouraging them, but they haven't been making that trip in a more traditional grocery channel, which we have much broader distribution in. So that's what we believe, and that's what we're -- from everything we've been able to see that their primary shopping trip is in that channel, and now we're able to have them become part of the Freshpet family.

我們相信，某些消費者傾向於主要在特定商店或渠道購買寵物食品。隨著我們增加了一些分銷渠道，無論是通過電子商務還是在一些俱樂部，那些主要在該渠道購買寵物食品的消費者現在會說，“哦，哇，有一種新產品在這裡。我聽說過。”所以我認為媒體一直在鼓勵他們，但他們並沒有在更傳統的雜貨渠道中進行這次旅行，我們在這個渠道中有更廣泛的分銷。所以這就是我們所相信的，這就是我們所做的——從一切方面來說我們已經能夠看到他們的主要購物行程是在該頻道中，現在我們能夠讓他們成為 Freshpet 家族的一員。

Our final question this morning comes from the line of Robert Moskow with TD Cowen.

今天早上我們的最後一個問題來自 Robert Moskow 和 TD Cowen 的對話。

Todd, how are you doing?

托德，你好嗎？

Welcome to your new home.

歡迎來到你的新家。

Yes, it's pretty great. I guess one last question. Todd, I think you mentioned that you won't be committing capital to volume until you know for sure that the volume is there. Is there any way to quantify what kind of volume growth you'll need in 2024 to hit that threshold? It sounds like the next phase of Ennis is pretty much -- you're going to do it. But is it 5%? Is it 10%? 15%? Is there any way to put a number around it?

是的，非常棒。我想還有最後一個問題。托德，我想你提到過，在你確定銷量存在之前，你不會將資金投入到銷量上。有沒有辦法量化 2024 年需要什麼樣的銷量增長才能達到這一閾值？聽起來恩尼斯的下一階段幾乎是——你會這麼做的。但這是5%嗎？是10%嗎？ 15%？有什麼辦法可以在它周圍加上數字嗎？

Around volume, Rob?

關於音量，羅布？

Yes. How much volume growth in 2024 would be the threshold to justify the next round of capital outlays?

是的。 2024 年銷量增長多少將成為證明下一輪資本支出合理性的門檻？

Yes. So as you know, the algorithm for us for over the next 5 years is to grow the top line on average 25%. And for '24, I mean, we don't anticipate any additional pricing. So we'll have a little bit of a wraparound on that last price increase that we took in February. But for '24, it's going to be almost all volume. So close to 25%. The way we're seeing it right now will be volume growth for '24. So that's why Billy made earlier comments, we're starting to get that second bag line in Ennis staff sooner rather than later because we're seeing acceleration right now. And again, we're anticipating a lot of volume growth over the next couple of years.

是的。如您所知，我們未來 5 年的算法是使收入平均增長 25%。我的意思是，對於 24 年，我們預計不會有任何額外的定價。因此，我們將對二月份最後一次提價進行一些總結。但到了 24 年，幾乎所有的銷量都會增加。如此接近25%。我們現在看到的方式將是 24 年的銷量增長。所以這就是為什麼比利早些時候發表評論的原因，我們開始在恩尼斯員工中得到第二條包線，宜早不宜遲，因為我們現在看到了加速。我們再次預計未來幾年銷量將大幅增長。

If I could add to it is we already have, as we said in the comments, Phase 2 is under construction. We split Phase 2 into 2 pieces. So there are 2 lines in the first part of Phase 2. Recall though, we also have some other lines in the system that are not fully utilized right now. So the reality is, what we said is when the projects that are already committed, we have up to almost $1.5 billion in capacity. So all you have to do is look at that and say that's what's committed and how long it will take us to grow into that and then recognize that when you need anything beyond that, you need an 18-month lead time to do it at a minimum, it depends whether it's a building or a line, but you need about 18 months.

如果我可以補充一點，正如我們在評論中所說，我們已經有了，第二階段正在建設中。我們將第 2 階段分成兩部分。因此，第二階段的第一部分有 2 條生產線。但回想一下，系統中還有一些其他生產線目前尚未充分利用。所以現實是，我們所說的是，當項目已經承諾時，我們的產能高達近 15 億美元。因此，您所要做的就是看看這一點，並說這就是我們所承諾的，以及我們需要多長時間才能實現這一目標，然後認識到，當您需要除此之外的任何東西時，您需要18 個月的準備時間來以最快的速度完成它。最低限度，取決於是建築物還是線路，但大約需要18個月。

Okay. I guess that's kind of the nature of the question, like if volume is only, say, 15% in 2024, what does that mean for the capital allocations that you've put out there? Is there enough flex in the system to tamp it down in an event like that?

好的。我想這就是問題的本質，比如如果 2024 年交易量僅為 15%，這對您在那裡進行的資本配置意味著什麼？系統中是否有足夠的靈活性來在類似的事件中抑制它？

Yes. And there's 2 ways to tamp it down. One is we will slow CapEx spending. We're obviously -- we're not anticipating that we're going to slow to that degree. But for some reason, we did, we would absolutely slow down our CapEx spending for the next year. The second one is we have flexibility on how many of these lines that we would staff. So if we're not seeing the growth that we're anticipating, we will not staff all those lines. But again, from what we're seeing right now, we anticipate very, very strong growth.

是的。有兩種方法可以抑制它。一是我們將減緩資本支出。顯然，我們預計不會放緩到這種程度。但出於某種原因，我們確實會減緩明年的資本支出。第二個是我們可以靈活地決定配備多少條線路。因此，如果我們沒有看到預期的增長，我們就不會為所有這些生產線配備人員。但同樣，從我們現在所看到的情況來看，我們預計增長將非常非常強勁。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Cyr for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把發言權交還給西爾先生，徵求最後的意見。

Great. Thanks, everyone, for your interest and your time. I'll end with a thought for you from the author Karen Davison. She said, "A dog can express more with his tail in minutes that an owner can express with his tongue in hours." To which I would respond, feed them Freshpet and their tail won't stop talking until this time for the next meal.

偉大的。謝謝大家的興趣和時間。最後，我將以作家凱倫·戴維森（Karen Davison）的想法來結束我的演講。她說：“狗在幾分鐘內用尾巴表達的意思比主人在幾個小時內用舌頭表達的意思還要多。”對此我會回應，給它們餵新鮮寵物，它們的尾巴不會停止說話，直到下一頓飯的時候。

Thanks, everyone. Thanks for your interest.

感謝大家。感謝您的關注。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。