Freshpet Inc (FRPT) 2024 Q2 法說會逐字稿

Greetings.

問候。

Welcome to Freshpet's second quarter 2024 earnings call.

歡迎參加 Freshpet 2024 年第二季財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to Rachel Ulsh, Vice President and the Investor Relations.

現在，我將會議交給投資者關係副總裁 Rachel Ulsh。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good morning, and welcome to Freshpet second quarter 2024 earnings call and webcast.

早安，歡迎參加 Freshpet 2024 年第二季財報電話會議和網路廣播。

On today's call are Bill Cyr, Chief Executive Officer; and Todd Cunfar, Chief Financial Officer; Scott Morris, President and Chief Operating Officer, will also be available for Q&A.

參加今天電話會議的有執行長比爾‧西爾 (Bill Cyr)；以及財務長 Todd Cunfar；總裁兼營運長 Scott Morris 也將參加問答環節。

Before we begin, please remember that during the course of this call, management will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請記住，在本次電話會議期間，管理層將根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述。

These include statements related to our long-term strategy 2027 goals and pace in achieving these goals, prospects for growth, timing of Freshpet Kitchens expansion and new technology and 2024 guidance.

其中包括與我們的長期策略 2027 年目標和實現這些目標的步伐、成長前景、Freshpet Kitchens 擴張和新技術的時機以及 2024 年指導相關的聲明。

Words such as anticipate, believe, could, estimate, expect, guidance, intend, may, project, will, or similar conditional expressions are intended to identify forward-looking statements.

預期、相信、可以、估計、期望、指引、打算、可能、預期、將或類似條件表達等詞語旨在識別前瞻性陳述。

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 including those associated with such statements.

這些聲明是基於管理層目前的預期和信念，涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明（包括與此類聲明相關的聲明）中描述的結果存在重大差異。

Please refer to the company's Annual Report on Form 10-K with the Securities and Exchange Commission and the company's press release issued today for a detailed discussions of risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱本公司向美國證券交易委員會提交的 10-K 表年度報告以及本公司今天發布的新聞稿，以詳細了解可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果存在重大差異的風險。

Please note that on today's call, management will refer to certain non-GAAP financial measures such as EBITDA and adjusted EBITDA, among others.

請注意，在今天的電話會議上，管理層將參考某些非 GAAP 財務指標，例如 EBITDA 和調整後的 EBITDA 等。

While the company believes these non-GAAP financial measures provide useful information for investors.

同時該公司認為這些非公認會計準則財務指標為投資者提供了有用的信息。

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.

此資訊的呈現並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。

Please refer to today's press release for how management defines such non-GAAP measures, why management believes such non-GAAP financial measures are useful, 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.

請參閱今天的新聞稿，了解管理階層如何定義此類非 GAAP 指標、管理階層為何認為此類非 GAAP 財務指標有用、非 GAAP 財務指標與根據 GAAP 編制的最具可比性的指標的調整以及與此類非 GAAP 指標相關的限制。

Finally, the company has produced a presentation that contains many of the key metrics that will be discussed on this call.

最後，該公司製作了一份演示文稿，其中包含本次電話會議將討論的許多關鍵指標。

That presentation can be found on the company's investor website.

該演示文稿可以在該公司的投資者網站上找到。

Management's commentary will not specifically walk through the presentation on the call, rather it is the summary of the results and guidance they will discuss today.

管理層的評論不會具體介紹電話會議上的演示，而是他們今天將討論的結果和指導的總結。

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

說到這裡，我想把電話轉給執行長 Billy Cyr。

Thank you, Rachel, and good morning, everyone.

謝謝你，Rachel，大家早安。

The message I would like you to take away from today's call is that we are on track to deliver the disciplined growth we committed to achieve this year.

我希望你們從今天的電話會議中了解到，我們正在按計劃實現今年承諾的穩健增長。

As you know, we aspire to deliver category-leading growth with outsized improvement in profitability.

如您所知，我們渴望實現行業領先的成長並大幅提高盈利能力。

But as we've learned over the past few years, carefully managing our growth to about 25% enables us to drive operating improvements and manage cash more effectively, making Freshpet an even more attractive business.

但正如我們在過去幾年中所了解到的，謹慎地將我們的成長控制在 25% 左右使我們能夠推動營運改善並更有效地管理現金，從而使 Freshpet 成為一家更具吸引力的企業。

That is our definition of disciplined growth.

這就是我們對有紀律的成長的定義。

And if we do that well, consumers will win, customers will win, and our shareholders will win.

如果我們做得好，消費者就會受益，客戶就會受益，我們的股東也會受益。

Our second quarter results demonstrate the strong progress we are making towards delivering that disciplined growth.

我們第二季的業績顯示我們在實現有序成長方面取得了長足進步。

We delivered our 24th consecutive quarter of net sales growth over 25% and did it within our existing capacity limits, so we maintained exceptional customer service and strong fill rates that enabled us to operate very efficiently and effectively, so we expanded our adjusted gross margin and adjusted EBITDA margin.

我們連續 24 個季度實現了超過 25% 的淨銷售額增長，並且在現有產能限制內實現了這一目標，因此我們保持了卓越的客戶服務和強大的填充率，這使我們能夠非常高效地運營，因此我們擴大了調整後的毛利率和調整後的 EBITDA 利潤率。

The bulk of the operating improvements came in our key focus areas of input cost quality and logistics totaling 770 basis points of improved operating improvements.

大部分營運改善來自於我們重點關注的投入成本品質和物流領域，總計營運改善提高了 770 個基點。

Those operating results, specifically adjusted gross margin, input quality and logistics costs exceed some of the key elements of our 2027 goals.

這些經營業績，特別是調整後的毛利率、投入品質和物流成本超出了我們 2027 年目標的一些關鍵要素。

As a result, we are in an even stronger position to achieve or exceed our full set of 2027 targets as well as raise our guidance for this year.

因此，我們更有能力實現或超越 2027 年的全部目標，並提高今年的預期。

We still need to prove that we can achieve these results consistently before we adjust our long-term targets.

在調整我們的長期目標之前，我們還需要證明我們能夠持續實現這些成果。

However, another quarter of strong performance has made us even more optimistic.

然而，另一個季度的強勁表現讓我們更加樂觀。

These results were driven by broad-based strength on the key business fundamentals.

這些業績是由關鍵業務基本面的廣泛實力所推動的。

First, our growth in the second quarter, it was entirely driven by volume growth, there was no impact from pricing or mix this quarter.

首先，我們第二季的成長完全是由銷售成長所推動的，本季沒有受到定價或產品組合的影響。

Further, we have been seeing a steady trend towards consumers buying larger pack sizes, which slightly reduces the price per pound, but improves the efficiency of our production lines and our distribution systems.

此外，我們看到消費者購買更大包裝尺寸的趨勢穩定，這略微降低了每磅的價格，但卻提高了我們的生產線和分銷系統的效率。

This consumer behavior is a positive indication that value-seeking consumers move up to larger sizes of Freshpet rather than reducing the size or amount they buy.

這種消費者行為是一個積極的跡象，表明追求價值的消費者會購買更大尺寸的 Freshpet，而不是減少購買尺寸或數量。

Second, from a household penetration perspective, our growth rate is where we need it to be to hit our 2027 target of 20 million households.

其次，從家庭普及率的角度來看，我們的成長率已經達到了實現2027年2000萬戶家庭的目標所需的水準。

We are growing households in the low to mid-20s and increasing the buying rate in the low single digits.

我們的家庭數量正在增長到20多歲，購買率也增加了個位數。

That combination results in mid-20s growth rates, which is our targeted level.

這種結合將帶來 25% 左右的成長率，這也是我們的目標水準。

More encouragingly, our heaviest users are growing even faster than the total user base.

更令人鼓舞的是，我們最重度用戶的成長速度甚至比總用戶群的成長速度還要快。

Third, our media plan is also delivering the way we had hoped.

第三，我們的媒體計畫也正如我們所希望的那樣順利進行。

It is driving strong household penetration gains in line with our long-term model and at a healthy customer acquisition cost that is comparable to the costs we had prior to the price increases we took over the past two years.

它正推動家庭普及率的強勁成長，這與我們的長期模式一致，而且客戶獲取成本也很合理，與過去兩年提價之前的成本相當。

Additionally, by balancing our media investment more evenly across the year, we have been able to deliver strong growth while living within our capacity limits.

此外，透過全年更均衡地平衡媒體投資，我們能夠在容量限制之內實現強勁成長。

Fourth, consumers continue to believe that Freshpet represents a good value.

第四，消費者仍然相信 Freshpet 具有良好的價值。

The desire for value is being expressed as a quality for the price, not just price.

對價值的渴望表現為價格的品質，而不僅僅是價格。

We believe consumers find value in a truly differentiated product that is why it appears that much of the category growth is now coming from the fresh frozen segment where Freshpet is a leader.

我們相信消費者會在真正差異化的產品中找到價值，這就是為什麼現在大部分品類成長都來自於 Freshpet 所領導的新鮮冷凍食品領域。

Further, our growth is fastest among our heaviest users another strong indicator of the differentiated value of Freshpet represents even in an environment where consumers are looking for ways to stretch their dollars.

此外，我們的成長在最重度用戶中是最快的，這是 Freshpet 差異化價值的另一個有力指標，即使在消費者正在尋找節省開支的方法的環境下也是如此。

Finally, taking a step back, our growth continues to be still supported by the long-term trend towards the humanization of pets.

最後，退一步來說，我們的成長仍然受到寵物人性化的長期趨勢的支持。

The pandemic created a pet adoption bubble, but we are now back on the same long-term population growth trends, we have seen for more than a decade.

疫情造成了寵物收養泡沫，但現在我們又回到了十多年來一直存在的長期人口成長趨勢。

And our volume growth comes from expanding household penetration, which is the model that has worked for us since we first launched our Feed The Growth strategy in 2017.

我們的銷售成長來自於不斷擴大的家庭滲透率，自 2017 年我們首次推出「Feed The Growth」策略以來，這種模式一直行之有效。

Now I'd like to provide some highlights of the second quarter.

現在我想介紹一下第二季的一些亮點。

We have strong momentum and made great progress against our long-term plan, and you can see that in our financial results.

我們勢頭強勁，並在長期計劃方面取得了巨大進展，您可以從我們的財務業績中看到這一點。

Second quarter net sales were $235.3 million, up 28% year-over-year, all of it being volume driven as I said earlier.

第二季淨銷售額為 2.353 億美元，比去年同期成長 28%，正如我之前所說，這一切都是由銷量推動的。

Second quarter adjusted gross margin was 45.9% above our long-term target for the second consecutive quarter compared to 39.8% in the prior year period.

第二季調整後毛利率連續第二季高出我們的長期目標 45.9%，去年同期為 39.8%。

Second quarter adjusted EBITDA was $35.1 million, an increase of approximately $26 million year-over-year.

第二季調整後 EBITDA 為 3,510 萬美元，較去年同期增加約 2,600 萬美元。

From a retail perspective, we are having a solid year of retail availability growth.

從零售角度來看，今年我們的零售供應量實現了穩健成長。

Store count growth is in line with our long-term rates.

商店數量的增長與我們的長期速度一致。

More importantly, some of our larger customers are engaging with us on potential plans to add second and third fridges in high-velocity stores.

更重要的是，我們的一些大客戶正在與我們探討在高速商店中增加第二台和第三台冰箱的潛在計劃。

That is where we expect to see the bulk of our growth.

我們預計我們的成長主要集中於此。

You will see that in TDP growth exceeding ACV growth as we go forward.

隨著我們不斷前進，你會看到 TDP 成長將超過 ACV 成長。

Specifically, we placed 790 fridges in the second quarter, including new stores, upgrades and second/third fridges, bringing us to a total of 35,602 fridges at retail or more than 1.8 million cubic feet of retail space.

具體來說，我們在第二季度安裝了 790 台冰箱，包括新店、升級版和第二台/第三台冰箱，使我們在零售店的冰箱總數達到 35,602 台，零售空間超過 180 萬立方英尺。

As of June 30, 2024, Freshpet can be found in 27,497 stores, 22% of which now have multiple fridges in the US.

截至 2024 年 6 月 30 日，Freshpet 可在美國 27,497 家商店中找到，其中 22% 的商店目前在美國擁有多台冰箱。

Fill rates continued to be strong and were in the high 90s throughout the quarter, supporting fridge placement and store growth.

填充率持續保持強勁，整個季度都保持在 90% 的高位，支持了冰箱的擺放和門市的成長。

Now I will provide an update on KPIs we track for our mainstream, main meal, more profitable plans, or what we refer to as our main and more.

現在，我將提供有關我們追蹤的主流、主餐、更有利可圖的計劃或我們所說的主要計劃等的 KPI 的最新情況。

Focusing on the idea of mainstream.

注重主流思想。

Freshpet is becoming increasingly mainstream, but still has a long runway for growth.

Freshpet 正日益成為主流，但仍有很長的成長空間。

According to Nielsen Omnichannel data, which includes e-commerce and direct to consumer as of June 29, 2024, total US pet food is a $53 billion category.

根據尼爾森全通路數據（包括截至 2024 年 6 月 29 日的電子商務和直接面向消費者的數據），美國寵物食品總額達到 530 億美元。

We only have a 3% market share within the $36 billion dog food segment, which is the majority of our business today.

在價值 360 億美元的狗糧市場中，我們僅佔有 3% 的市場份額，而這部分市佔率佔了我們目前業務的大部分。

Within the fresh frozen subcategory in measured channels, Freshpet has a 96% market share.

在所測量管道的新鮮冷凍子類別中，Freshpet 擁有 96% 的市場份額。

Fresh continues to outperform the broader pet food category and many retailers believe it is the future of pet food.

新鮮食品的表現繼續優於更廣泛的寵物食品類別，許多零售商相信它是寵物食品的未來。

As a result, Freshpet is now in 66% ACV in Nielsen XAOC, and we continue to add distribution breadth and depth with second and third fridges.

因此，Freshpet 目前在尼爾森 XAOC 中的 ACV 為 66%，我們將繼續透過第二台和第三台冰箱增加分銷的廣度和深度。

Our household penetration gains also demonstrate that we are well on our way to making Freshpet more mainstream.

我們家庭滲透率的提高也表明我們正在使 Freshpet 變得更加主流。

Household penetration at the end of the second quarter with 12.8 million households, up 25% year-over-year and on track to meet our target of 20 million households by 2027.

截至第二季末，家庭普及率已達 1,280 萬戶，年增 25%，預計 2027 年 2,000 萬戶的目標。

Our high-profit pet owning households or HIPPOH's for short are growing even faster, up 31% versus the prior year period.

我們的高利潤寵物飼養家庭（簡稱 HIPPOH）的成長速度更快，比去年同期成長了 31%。

In short, the humanization of pets is a mainstream idea and now it is our job to make fresh food the standard way to feed your pets.

總之，寵物人性化是一個主流思想，現在我們的工作是讓新鮮食品成為餵養寵物的標準方式。

Turning to the main meal part of the strategy.

轉向該策略的主餐部分。

Freshpet sales are increasingly concentrated in our heaviest users HIPPOHs.

Freshpet 的銷售越來越集中在我們最大的用戶 HIPPOH 中。

Currently 37% of Freshpet users are HIPPOHs, and they represented 89% of our sales in the second quarter, even more encouraging, about 300,000 of our users or less than 3% of our total users by more than $1,000 of Freshpet per year, and this group grew 47% over the past year.

目前 37% 的 Freshpet 用戶是 HIPPOH，他們占我們第二季銷售額的 89%，更令人鼓舞的是，我們的用戶約有 30 萬，佔總用戶的不到 3%，每年為 Freshpet 帶來 1,000 多美元的收入，而這一群體在過去一年中增長了 47%。

They now represent about 27% of our business.

它們現在占我們業務的27%左右。

If there is a significant opportunity to increase this percentage and grow our total business.

如果有顯著的機會提高這一比例並發展我們的整體業務。

The key driver to convert more consumers to use Freshpet as the main part of their pets meal is advertising.

讓更多消費者使用 Freshpet 作為寵物食品主要成分的關鍵驅動因素是廣告。

We need to educate consumers on the benefits of fresh food for their pets.

我們需要教育消費者了解新鮮食物對寵物的好處。

Multi-packs and larger pack sizes can also help reinforce the idea that our product can be your pet's main meal and we'll in turn help increased buy rate, which was approximately $100 at quarter end, up 3.3% versus the prior year period.

多包裝和更大包裝尺寸也可以幫助強化我們的產品可以成為您寵物的主​​餐的想法，並且我們反過來會幫助提高購買率，季度末的購買率約為 100 美元，比去年同期增長 3.3%。

Adding unique value added SKUs helps do that.

添加獨特的增值 SKU 有助於實現這一點。

Based on total US Pet Retail Plus data from Nielsen, we currently have an average of 18.4 SKUs per point of distribution, up from 16.1 SKUs one year ago.

根據尼爾森提供的美國 Pet Retail Plus 整體數據，我們目前每個分銷點平均有 18.4 個 SKU，高於一年前 16.1 個 SKU。

Since we have a finite amount of space in our fridge as we increase the number of second and third fridges, we can increase the number of SKUs amplifying our visibility and marketing impact, widening our product assortment and broadening the appeal of our brands.

由於我們的冰箱空間有限，當我們增加第二台和第三台冰箱的數量時，我們可以增加 SKU 的數量，從而擴大我們的知名度和行銷影響力，擴大我們的產品種類並增強我們品牌的吸引力。

Now to the more part of main and more, more profitable.

現在來談談主要部分以及更多、更有利可圖的部分。

We had another strong quarter of margin improvement.

我們又度過了一個利潤率大幅提升的季度。

Adjusted gross margin improved 60 basis points versus the strong results we posted in Q1 to 45.9%, and we ended the second quarter with an adjusted EBITDA margin of 14.9%.

調整後的毛利率較第一季的強勁業績提高了 60 個基點，達到 45.9%，第二季末的調整後 EBITDA 利潤率為 14.9%。

The key items that drove this improvement were first quality.

推動這項改進的關鍵因素首先是品質。

Our team continues to execute well.

我們的團隊繼續表現出色。

We still have lots of opportunity for further improvement that our team has been able to reduce both the number of issues we have to manage and also the size of any issues.

我們仍有許多進一步改進的機會，我們的團隊已經能夠減少我們必須管理的問題數量以及任何問題的規模。

Second, input cost and yield.

第二，投入成本與效益。

We've returned to our historic level of input costs as a percent of net sales through a combination of price increases, commodity cost management, and meaningful improvements in our production yields.

透過提高價格、管理商品成本以及大幅提高生產收益等措施，我們已將投入成本佔淨銷售額的百分比恢復到歷史水準。

Further, we believe there is an opportunity to continue to improve efficiency in this area through formulation work, supplier diversification, operating improvements and new technologies.

此外，我們相信有機會透過配方工作、供應商多樣化、營運改進和新技術繼續提高該領域的效率。

Third, logistics.

第三，物流。

We are clearly benefiting from some macro factors on freight, including lower lane rates and fuel costs.

我們顯然受益於貨運的一些宏觀因素，包括較低的航線費率和燃料成本。

But our 99% fill rate in the quarter, the expansion of the service area for our Dallas DC behind increased production in Ennis, and new tools we have put in place to more effectively bid our lanes and improve our customer service are the primary drivers of the improved performance.

但本季我們 99% 的填充率、在恩尼斯產量增加之後達拉斯配送中心服務區域的擴大、以及我們為更有效地競標我們的航線和改善客戶服務而採用的新工具，是業績提升的主要驅動力。

Turning to an update on our capacity.

談談我們的能力更新。

We have a disciplined approach to managing capacity and continue to execute on our expansion plans while also improving throughput and yields on existing lines.

我們採取嚴謹的方法來管理產能，並繼續執行我們的擴張計劃，同時提高現有生產線的產量和產量。

In Ennis, the fourth line is still on track to start up by the end of Q3 2024.

在恩尼斯，第四條線路仍按計劃於 2024 年第三季末投產。

We began commissioning the line in July and feel good about the test run so far.

我們從七月開始調試這條生產線，到目前為止，我們對試運行的結果感到滿意。

In Bethlehem, the team is focused on increasing capacity utilization or OEE and our seventh line on that campus will test new technology and its expected startup in the second half of 2025.

在伯利恆，團隊專注於提高產能利用率或 OEE，我們在園區的第七條生產線將測試新技術，預計於 2025 年下半年啟動。

In Kitchens South, we continue to evaluate ways to add more lines and or shifts.

在 Kitchens South，我們繼續評估增加更多生產線和班次的方法。

We continue to evolve our capacity expansion plans to drive greater capital efficiency.

我們不斷發展產能擴張計劃，以提高資本效率。

As we've discussed previously, we are intensely focused on one, maximizing the throughput of our existing lines; two, maximizing the capacity of our three existing sites; and three, developing and implementing new technologies that generate more throughput per line.

正如我們之前討論過的，我們重點關註一件事，最大限度地提高我們現有生產線的產量；二是最大限度地發揮我們現有三個站點的容量；第三，開發和實施新技術，以提高每條生產線的產量。

While we've come a long way since our first facility in Quakertown, PA, the manufacturing systems to make fresh pet food are still not where we'd like them to be.

雖然自從我們在賓州奎克敦的第一家工廠以來我們已經取得了長足的進步，但生產新鮮寵物食品的生產系統仍然沒有達到我們所希望的水平。

We've invested and we'll continue to invest heavily in both technology and talent to make our production more stable, reliable and efficient.

我們已經並將繼續在技術和人才方面投入大量資金，以使我們的生產更加穩定、可靠和高效。

We've made tremendous progress, but still believe the opportunities for improvement are sizable.

我們已經取得了巨大的進步，但仍然相信改進的機會很大。

In summary, I think we are making good progress at delivering the disciplined growth we promised at the beginning of this year.

總而言之，我認為我們在實現今年年初承諾的穩健成長方面取得了良好進展。

We are highly focused on managing the business to live within our capacity and believe this has led to the progress we've made on our profitability.

我們高度專注於管理業務以量力而行，並相信這已推動了我們的盈利能力的進步。

We believe our model works very well at approximately 25% growth, generating the right balance of growth, capital investment, and cash generation.

我們相信，我們的模型在約 25% 的成長率下運作良好，實現了成長、資本投資和現金創造之間的適當平衡。

And we are increasingly confident that we will be free cash flow positive by 2026.

我們越來越有信心到 2026 年我們的自由現金流將為正值。

I'm incredibly proud of the progress we have made and the results we have delivered, especially since Ennis is still sub-scale, and we have some exciting new technologies under development that could meaningfully enhanced the economics of our bags business.

我對我們所取得的進步和所取得的成果感到無比自豪，特別是在埃尼斯仍未達到規模的情況下，我們正在開發一些令人興奮的新技術，這些技術可以顯著提高我們箱包業務的經濟效益。

Now we need to continue to execute at a high level and keep raising the bar.

現在我們需要繼續高水準執行並不斷提高標準。

Before I turn it over to Todd, I want to point out that the press release announcing our earnings today has a dateline of Bedminster, New Jersey instead of our previous home in Secaucus.

在將其交給托德之前，我想指出的是，今天宣布我們收益的新聞稿的日期是新澤西州貝德明斯特，而不是我們之前在西考卡斯的所在地。

We've outgrown our corporate offices in Secaucus and have moved into a temporary office space in Bedminster, New Jersey, while our new purpose built leased corporate office is under construction right down the road in Bedminstern.

我們的公司規模已超出了位於西考卡斯的辦公室的容納能力，因此已搬到位於新澤西州貝德明斯特的一個臨時辦公空間，而我們新的專門租賃的公司辦公室正在貝德明斯特恩的路上建設中。

We expect to move into the new office in the first half of next year.

我們預計明年上半年搬進新辦公室。

Our new location in Bedminster will allow us to attract and retain the top marketing and finance talent we need while making it much easier for our team members to go back and forth to our technical base in Bethlehem, Pennsylvania, enabling much closer collaboration and planning.

我們位於貝德明斯特的新地點將使我們能夠吸引和留住所需的頂尖行銷和財務人才，同時使我們的團隊成員更容易往返於賓州伯利恆的技術基地，從而實現更緊密的合作和規劃。

Our new office will embody our Pets, People, Planet mantra, and we look forward to sharing it with you when it opens next year.

我們的新辦公室將體現我們的「寵物、人類、地球」的座右銘，我們期待明年開業時與您分享這一理念。

Now let me turn it over to Todd to walk through the details of the Q2 results and our updated guidance.

現在，讓我將話題交給托德，讓他介紹一下第二季業績的詳細資訊和我們的最新指引。

Todd?

托德？

Thank you, Billy, and good morning, everyone.

謝謝你，比利，大家早安。

As Billy mentioned, we are very pleased with the second quarter results, particularly our ability to deliver on profit improvement.

正如 Billy 所提到的，我們對第二季的業績非常滿意，尤其是我們實現利潤成長的能力。

Now I'll give you some color on our financials and updated guidance for the year.

現在，我將向您介紹我們今年的財務狀況和最新指引。

Second quarter net sales were $235.3 million or 28% year-over-year.

第二季淨銷售額為 2.353 億美元，年增 28%。

Nielsen measure dollar growth was 24% versus the prior year period with broad-based consumption growth across channels.

尼爾森測量的美元成長比去年同期高出 24%，這是由於各通路的消費普遍成長。

We saw 26% growth in XAOC, 24% in US food, 9% growth in pet specialty and over 100% growth in the unmeasured channels.

我們看到XAOC成長了26%，美國食品成長了24%，寵物專賣成長了9%，未測量通路成長了100%以上。

It is important to note that Nielsen IQ has expanded our coverage beyond what we previously called the Nielsen MegaChannel to a new US pet Retail Plus channel that has online sales via Amazon, Chewy neighborhood pet retailers and farm and feed stores.

值得注意的是，Nielsen IQ 已將我們的覆蓋範圍從先前所稱的 Nielsen MegaChannel 擴展到新的美國寵物零售加管道，該管道透過亞馬遜、Chewy 社區寵物零售商以及農場和飼料商店進行線上銷售。

Wherever possible, we will use the expanded definition to provide the most comprehensive view of our business and the category.

只要有可能，我們將使用擴展的定義來提供對我們的業務和類別的最全面的視圖。

We estimate that this new channel covers more than 85% of our US business today.

我們估計，這個新通路目前涵蓋了我們85%以上的美國業務。

Second quarter adjusted gross margin was 45.9%, up 610 basis points year-over-year.

第二季調整後毛利率為45.9%，較去年成長610個基點。

This was driven by improvement in input cost, yield, throughput and quality costs.

這是由於投入成本、產量、吞吐量和品質成本的改善。

Specifically input costs as a percent of net sales improved 460 basis points with better yields, throughput and lower commodity costs, while quality cost improved by 90 basis points.

具體來說，投入成本佔淨銷售額的百分比提高了 460 個基點，產量和產量提高，商品成本降低，而品質成本提高了 90 個基點。

Second quarter adjusted SG&A was 31% of net sales compared to 34.9% in the prior year period.

第二季調整後的銷售、一般及行政費用佔淨銷售額的 31%，去年同期為 34.9%。

We spent 12.2% of net sales on media in the quarter, down from 14.8% net sales in the prior year period.

本季度，我們將淨銷售額的 12.2% 用於媒體，低於去年同期的 14.8%。

Total media investment was up 6% year-over-year.

總媒體投資年增6%。

Recall our media plan is less front-loaded this year than in years past so that we can manage our growth to live within our capacity limits.

回想一下，今年我們的媒體計劃比過去幾年較少投入，以便我們能夠管理成長以保持在能力範圍之內。

Logistics costs continued to improve and were 5.8% of net sales in the second quarter, a decrease of 220 basis points compared to the prior year period.

物流成本持續改善，第二季佔淨銷售額的 5.8%，較去年同期下降 220 個基點。

Like Billy stated, the majority of the impact of the improvement was due to strategic actions we have taken to increase bill rates, reduce miles, driven by increasing the number of states served by our second distribution center and negotiate with vendors with the remainder being macro driven with more favorable lane rates.

就像 Billy 所說的那樣，改進的大部分影響是由於我們採取的戰略行動，以提高賬單費率、減少里程，通過增加我們的第二個配送中心服務的州數量以及與供應商進行談判來推動，其餘則是宏觀驅動，即更優惠的車道費率。

Other SG&A, which was 13% of net sales, increased 90 basis points driven by higher incentive compensation.

其他銷售、一般及行政費用佔淨銷售額的 13%，由於激勵薪酬增加而增加了 90 個基點。

Please note that our GAAP P&L includes an $11.1 million true-up of noncash share-based compensation based on multi-year share based awards granted in fiscal year 2020.

請注意，我們的 GAAP 損益表包括基於 2020 財年授予的多年期股權獎勵的 1,110 萬美元非現金股權薪酬。

This year's unexpectedly strong profit performance has increased the likelihood of greater vesting on those awards.

今年意外強勁的利潤表現增加了獲得這些獎勵的可能性。

Excluding this charge, we would have generated $9.4 million of net income.

除去這筆費用，我們的淨收入為 940 萬美元。

Second quarter adjusted EBITDA was $35.1 million or 14.9% of net sales compared to $9 million or 4.9% of net sales in the prior year period.

第二季調整後 EBITDA 為 3,510 萬美元，佔淨銷售額的 14.9%，而去年同期為 900 萬美元，佔淨銷售額的 4.9%。

This improvement was primarily driven by higher gross margin as well as improved logistics costs.

這項改善主要得益於毛利率的提高以及物流成本的改善。

Capital spending in the second quarter was $48.3 million.

第二季的資本支出為4830萬美元。

Operating cash flow in the second quarter was $42.4 million, and we had cash on hand of $251.7 million at the end of the quarter.

第二季的經營現金流為 4,240 萬美元，季末我們手上的現金為 2.517 億美元。

We continue to believe that we have adequate cash to fully fund our growth through 2025 and will be free cash flow positive in 2026.

我們仍然相信，我們有足夠的現金來為我們到 2025 年的成長提供充分的資金，並且在 2026 年將實現自由現金流為正。

Our strong improvement in adjusted EBITDA this year also makes it unlikely we will need additional capital.

我們今年調整後的 EBITDA 大幅提升，這也使得我們不太可能需要額外的資本。

Now turning to guidance for 2024.

現在轉向2024年的指導。

We are updating our outlook to reflect our outperformance in the second quarter as well as our conviction in our ability to execute in the second half.

我們正在更新我們的展望，以反映我們第二季度的出色表現以及我們對下半年執行能力的信心。

We are raising our net sales guidance from at least $950 million to at least $965 million or growth of at least 26%.

我們將淨銷售額預期從至少 9.5 億美元上調至至少 9.65 億美元，或成長至少 26%。

We are able to do this because of the strong improvements in our operating efficiency, particularly in Bethlehem and Kitchen South that will allow us to sell a bit more this year and still maintain strong customer service.

我們之所以能夠做到這一點，是因為我們的營運效率有了很大的提高，特別是在伯利恆和基欽南部，這將使我們今年的銷量有所增加，同時仍然保持強大的客戶服務。

However, we still need the new roll line in Ennis to start-up by the end of September and ramp up production in order to have the supply we need to meet demand.

然而，我們仍然需要在九月底之前啟動恩尼斯的新軋鋼機生產線，並提高產量，以滿足需求所需的供應。

We are also keeping in mind the capacity needed to support next year's growth and do not want to get too far ahead of our original plans.

我們也考慮到了支持明年成長所需的產能，並且不想超出原計劃太多。

As far as cadence, we continue to expect net sales to have sequentially lower percentage growth throughout the remainder of the year.

就節奏而言，我們仍預期今年剩餘時間內淨銷售額的百分比增幅將持續下降。

As we intentionally manage our growth rate while expanding capacity.

我們在擴大產能的同時，有意管理我們的成長率。

Our more balanced first half second half media investment this year has been critical to delivering the growth we have experienced while also living within our capacity constraints as the first half media really dictates the demand we have in the second half of this year.

我們今年上半年和下半年的媒體投資更加均衡，這對於我們實現成長同時又遵守產能限制至關重要，因為上半年的媒體確實決定了我們今年下半年的需求。

And the second half media investment will drive the demand we experienced in the first half of next year.

而下半年的媒體投資將推動我們明年上半年的需求。

For this reason, our second half media investment will be significantly larger than the investment we made in the previous year.

因此，我們下半年的媒體投入將明顯大於前一年的投入。

For adjusted EBITDA, we are raising guidance from at least $120 million to at least $140 million to reflect the over-delivery in Q2.

對於調整後的 EBITDA，我們將預期從至少 1.2 億美元上調至至少 1.4 億美元，以反映第二季的超額交付。

We now expect adjusted gross margin to expand by approximately 500 basis points for the full year compared to 300 basis points previously.

我們現在預計全年調整後的毛利率將擴大約 500 個基點，而先前的預期是 300 個基點。

Capital expenditures are now projected to be approximately $200 million compared to approximately $210 million to support the installation of capacity to meet demand in 2025.

目前預計資本支出約為 2 億美元，而用於支援安裝滿足 2025 年需求的產能的資本支出則約為 2.1 億美元。

The modest reduction is due to the timing of certain expansion projects.

少量的減少是由於某些擴建項目的時機所致。

In summary, the second quarter results demonstrated disciplined growth and our ability to execute the strategy we laid out.

總而言之，第二季的業績體現了有序的成長以及我們執行所製定策略的能力。

We are very pleased to see our investments in capacity and organizational capabilities are paying off and we are gaining significant scale advantages.

我們非常高興地看到，我們在產能和組織能力方面的投資正在獲得回報，我們正在獲得顯著的規模優勢。

That concludes our overview.

我們的概述到此結束。

We will now be glad to answer your questions.

我們現在很高興回答您的問題。

As a reminder, we ask that you please focus your questions on the quarter guidance and the company's operations.

提醒一下，請您將問題集中在季度指引和公司營運上。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Good morning.

早安.

Thank you.

謝謝。

When it comes to the outlook for '27, I think you you're skating about as close as possible to raising it without efficiently doing so if that's fair.

當涉及 27 年的前景時，我認為您正在盡可能接近提高它而沒有有效地這樣做，如果這是公平的。

Can you just please remind us on or update us rather on the guideposts you're looking for that will allow you to -- I guess, proverbially pull the trigger.

您能否提醒我們或告訴我們您正在尋找的指導方針，以便您能夠 - 我想，正如諺語所說，扣動扳機。

I'm also asking what gives you pause?

我還想問，是什麼讓您停下來？

Today that makes you maybe think you can't necessarily deliver some of these results consistently.

今天，這也許會讓你覺得自己無法始終如一地實現這些成果。

I think some people are hoping that within the next couple of quarters, you'll raise that outlook is kind of what I'm getting at?

我認為有些人希望在接下來的幾個季度內，你會提高這種前景，這是否是我所要表達的意思？

Yes, Ken, thanks.

是的，肯，謝謝。

The way we're looking at it is we would -- we feel really good about the progress that we've made, particularly on the operations side.

我們的看法是——我們對所取得的進展感到非常高興，特別是在營運方面。

And at the same time, we're very mindful that we operate in a fairly volatile environment.

同時，我們也非常清楚，我們的營運環境相當不穩定。

So we'd like to see is we'd like to see us deliver the full year at the rates that would be embedded in our 2027 targets.

因此，我們希望看到我們能夠以 2027 年目標中規定的速度完成全年目標。

And we get to that point, we'll take a look at it and say what makes sense going forward.

當我們到達那個點時，我們會對其進行審視，並說出接下來該做什麼才是有意義的。

But we'd like to see the see us deliver the full year in a consistent way in ways that could support those 2027 targets, and that particularly on the operations side.

但我們希望看到我們以一致的方式實現全年目標，以支持 2027 年的目標，特別是在營運方面。

On the net sales side, we feel really good about where we are.

在淨銷售方面，我們對目前的狀況感到非常滿意。

As we said in the comments, we're trying to drive our growth to live within the capacity limits and

正如我們在評論中所說，我們正努力推動我們的成長以保持在產能限制之內，並且

[plan capacity].

【計劃容量】

We plan capacity out 18 to 24 months.

我們的產能規劃為18至24個月。

So you should expect us to be very, very close to the guidepost as we go from here through 2027 and expect that on a long-term basis that is going to our growth rate is going to be driven by our ability to add capacity in the rate at which we want to add capacity.

因此，你應該期待，從現在到 2027 年，我們將非常非常接近目標，並期待長期來看，我們的成長率將由我們以想要的速度增加產能的能力所驅動。

Thank you.

謝謝。

And then a follow up.

然後進行跟進。

Billy, you haven't really talked I think, in specifics about where your capacity will be, next year in a little while, I mean where you expect sales to exactly be, although I think people still expect kind of a 25% increase there.

比利，我想你還沒有真正談到你的產能具體是多少，明年過後，我的意思是你預計銷售額到底會達到多少，儘管我認為人們仍然預計銷售額會增長 25%。

Can you just give us a little bit of an update perhaps on path ahead for the next year or two, as you see it in terms of capacity versus sales.

您能否從產能與銷售額的角度，向我們介紹未來一兩年的發展？

What is there a rough utilization rate we should think about?

我們應該考慮的粗略利用率是多少？

I think one thing that kind of confuses investors a little bit and there's not much confusing about the story right now given how well everything's going is just starting to kind of think about those pads ahead in terms of capacity versus expected sales and how they may track each other in general?

我認為有一件事讓投資者有點困惑，但考慮到一切進展順利，目前情況並沒有太多令人困惑的地方，那就是剛開始考慮未來的產能與預期銷售量，以及它們總體上如何相互跟踪？

Yeah.

是的。

Historically, we've talked about it in the context of total capacity but we're at the point now where it really is driven by capacity for bags versus capacity for rolls.

從歷史上看，我們是在總容量的背景下討論這個問題的，但現在我們處於一個關鍵點，即它實際上是由袋子的容量與卷的容量決定的。

So for example, this year, the capacity limitation that we've had to work with has been on our rolls lines and as we're starting up another roll bolt line in Ennis in this quarter, we had to keep our total business or total net sales underneath the limit that rolls capacity imply.

例如，今年我們必須應對的產能限制是在我們的捲材生產線上，由於我們本季在恩尼斯啟動了另一條卷材螺栓生產線，我們必須將我們的總業務或總淨銷售額保持在卷材產能所暗示的限度以下。

As soon as that line is up and running, we flip it over and then the next capacity limit that will run into probably in the first half of next year is bags.

一旦該生產線投入運行，我們就會將其翻轉，然後可能在明年上半年遇到的下一個產能限制是袋子。

And so we have new bank lines coming on in the first quarter of next year.

因此我們將在明年第一季推出新的銀行業務線。

And so I don't think of it in terms of total capacity, I tend to think of it in terms of the limitations that we have on bags or rules, and we kind of flip-flop back and forth between the two.

因此，我不會從總容量的角度來考慮這個問題，我傾向於從我們對行李或規則的限制的角度來考慮這個問題，我們在這兩者之間來回反覆。

But in a very steady cadence and if we keep adding capacity at the steady rate that we plan, we keep improving capacity utilization on the existing line and operate really well.

但是，如果我們以非常穩定的節奏持續按照計劃的穩定速度增加產能，我們就會持續提高現有生產線的產能利用率，並且運作得非常好。

We feel very comfortable about our ability to deliver the net sales growth that's embedded.

我們對實現內在淨銷售額成長的能力感到非常有信心。

And I think people who look for us to go way above that are missing the fact that we're trying to stay very disciplined and very close to the guidepost that our capacity provide.

我認為那些希望我們超越這一目標的人忽略了一個事實，那就是我們正努力保持紀律，並嚴格遵循我們的能力所提供的指導方針。

That's really where we're focused

這才是我們真正關注的重點

And Ken, to be clear, we have next month and the new line coming up in Ennis and we have a line of bag line coming up at our Kitchen South facility in Q1.

肯，需要明確的是，我們下個月將在恩尼斯推出新的生產線，我們將在第一季度在南廚房工廠推出一條袋裝生產線。

We're also going to add some shifts to some existing lines in Kitchen South.

我們也將對廚房南區的一些現有生產線增加班次。

And then we're anticipating better performance and a ramp up in Ennis across the entire facility.

然後我們期待 Ennis 整個工廠的性能會更好並且產量會更高。

So we feel very good about the amount of capacity we will have for next year.

因此，我們對明年的產能感到非常滿意。

But as Billy pointed out, we're not going to get too far ahead of our SKUs and we're trying to manage the cash flow capacity, earnings top line all together, and that's the trick.

但正如比利指出的那樣，我們不會超出我們的 SKU 太多，我們正在嘗試管理現金流能力、盈利頂線，這就是訣竅。

But we literally have review this every month and we have a clear strategy and path to get to our 1.8 billion in 27.

但我們確實每個月都會進行審查，並且我們有一個明確的策略和路徑，以在 27 年內達到 18 億的銷售量。

Thank you very much.

非常感謝。

Bill Chappell, Truist Securities.

Truist Securities 的 Bill Chappell。

Thanks.

謝謝。

Good morning.

早安.

Good morning.

早安.

Just a follow-up on your comment about the consumer buying more for larger sizes and trying to understand we hear so many mixed signals over the past response to what the consumer is doing.

我只是想跟進您關於消費者購買更多大尺寸產品的評論，並試圖理解我們在過去聽到的關於消費者行為的反應中聽到了很多混合信號。

Are you seeing a real change or is that more reflective of just your recent expansion in the club channel with naturally they're buying much bigger bod?

您是否看到了真正的變化，還是僅僅反映了您最近在俱樂部管道的擴張，他們自然而然地購買了更大的身體？

Clearly, there's some piece of that in it, but we do see it across the Board that there is a migration towards --the slight migration towards the larger sizes.

顯然，這其中有一定的原因，但我們確實看到，整體上存在著向更大尺寸的遷移——略微向更大尺寸的遷移。

The way I think about it if you're taking a step back on the macro market, if you have consumers who are value seeking and you are in the staples business, meaning consumers want to buy your product and every day they need to keep it in their pantry or in inventory, you should expect to see them migrate to larger sizes because that's the way they exercise value-seeking behavior.

我認為，如果您退一步看待宏觀市場，如果您的消費者追求價值，而您又從事主食業務，這意味著消費者想要購買您的產品並且每天都需要將其放在食品儲藏室或庫存中，那麼您應該會看到他們轉向更大尺寸的產品，因為這是他們實施價值追求行為的方式。

If on the other hand, during the impulse purchase business, you should expect to see consumers moving to smaller sizes as a driver.

另一方面，如果在衝動購買業務期間，您應該會看到消費者轉向更小尺寸的產品作為驅動力。

But in our business, we view ourselves as a staple or part of the everyday diet of the dog.

但在我們的業務中，我們將自己視為狗的主食或日常飲食的一部分。

And so we see consumers moving up into larger sizes.

因此我們看到消費者開始選擇更大尺寸的商品。

It's not a huge shift, but it is enough of a shift that is noticeable.

這雖然不是一個巨大的轉變，但卻足以引人注目。

Got it.

知道了。

And then just bigger picture, obviously, we hear a lot of noise from the direct-to-consumer new players in the market, mainly it's frozen direct-to-consumer.

然後從更大的角度來看，顯然，我們聽到了很多來自市場上直接面向消費者的新參與者的噪音，主要是冷凍直接面向消費者。

And frozen has been fairly stagnant categories since even before you started to exist.

甚至在你們出現之前，冷凍品的類別就已經相當停滯了。

And so I'm just trying to understand, are you seeing anything new or is it a threat?

所以我只是想了解，您是否看到了什麼新的東西或這是一種威脅？

Is it an opportunity?

這是一個機會嗎？

Just as you look at the other players that are certainly making more noise from the advertising front, I'm not sure from on the sales front, if they're having much impact.

正如你所看到的其他參與者在廣告方面確實引起了更大的轟動，但我不確定從銷售方面來看，他們是否會產生很大的影響。

Hi, Bill.

你好，比爾。

So look, we're always keeping a really close eye on everything that's going on in the market and kind of where the new entrants are coming in.

所以，我們總是密切關注市場上發生的一切以及新進入者的進入。

How it's playing.

播放情況如何。

We're testing basically different types of direct-to-consumer in three and four different ways.

我們基本上用三、四種不同的方式來測試不同類型的直接面向消費者的行銷。

We think it's really interesting.

我們認為這真的很有趣。

We love our model and long term, we really feel positive about the way our model is developing and progressing.

我們熱愛我們的模型，從長遠來看，我們對我們的模型的發展和進步方式感到非常樂觀。

Okay.

好的。

Thanks so much.

非常感謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi, thank you.

你好，謝謝。

Bill, you might have kind of answered this question already, but I wanted to fast forward beyond 2027, I mean, if your growth rates continue at a rapid pace and what's the implication for capital deployment and therefore, cash flow.

比爾，你可能已經回答了這個問題，但我想快轉到 2027 年以後，我的意思是，如果你們的成長率繼續保持快速成長，這對資本部署和現金流會有什麼影響？

Could you foresee like having to take a step backward on your cash flow momentum in order to fund another tranche of significant growth?

您是否可以預見到，為了資助另一個階段的顯著成長，您的現金流動能必須退後一步？

What's the appetite for that?

您對此有何興趣？

And then secondly, I had a question about the buying rate, the numerator data.

其次，我有一個關於購買率、分子數據的問題。

It looks like last year got restated.

看起來去年已經重述了。

It's not by a lot, but compared to first quarter, it's down a little.

雖然不是很多，但與第一季相比，有所下降。

And then your buy rate growth this year is 3%.

那麼今年的購買率成長率是 3%。

I think last quarter it was 5%.

我認為上個季度這個數字是 5%。

So small numbers, but I want to know if you're watching that if you have any reason for those changes?

數字如此之小，但我想知道您是否注意到了這些變化，以及它們背後的原因是什麼？

Yeah, Rob.

是的，羅布。

We do -- on the first question, we do look at the capacity planning out through.

關於第一個問題，我們確實研究了容量規劃。

In fact, we go out to 2030 and beyond and we pay very close attention to it.

事實上，我們著眼於 2030 年及以後，並對此密切關注。

We have construction and line installation projects going on right now on all three of the campuses that we operate.

我們運營的所有三個校區目前都在進行施工和線路安裝項目。

And we're very comfortable that we have adequate capacity to meet the demand that we can reasonably project through 2027 and beyond on those sites.

我們非常放心，我們有足夠的能力滿足這些站點到2027年及以後的合理預測需求。

The thing that we've been spending a lot of time trying to figure out is at what point does our existing footprint require us to go and add a new site which would be a fairly sizable capital expense.

我們花了很多時間試圖弄清楚的問題是，在什麼時候我們現有的足跡需要我們去添加一個新站點，這將是一筆相當大的資本支出。

And at this point, we don't see that happening inside of the 2027 window and probably out of the 2030 window, where we wouldn't we would not require it because we can get enough capacity through technology improvements and adding lines to the existing sites.

而目前，我們認為這種情況不會在 2027 年內發生，也可能不會在 2030 年內發生，屆時我們不需要它，因為我們可以透過技術改進和在現有站點添加線路來獲得足夠的容量。

So we feel very good about it.

因此我們對此感覺非常好。

And as a result, and I can comment on the cash flow that comes from that.

因此，我可以評論由此產生的現金流。

But we feel pretty good about the cash generation capability of the business and it more than able to meet the needs of the capacity planning expansion we have.

但我們對該業務的現金創造能力感到非常滿意，它完全能夠滿足我們產能規劃擴張的需求。

Let me just jump to the numerator piece for a second.

讓我先暫時跳到分子部分。

On the numerator piece, numerator, restates the data literally every month.

在分子部分，分子，每個月都會重新陳述數據。

And so they readjust their panel.

因此他們重新調整了面板。

So you should always expect the numbers to move a little bit.

因此你應該總是期望數字會發生一點變化。

And that's why the previous periods will change.

這就是先前的時期會改變的原因。

What you can also expect is that a year ago we had some pricing that was in the 52-week numbers.

您也可以預料到，一年前我們的一些定價是以 52 週的數字來計算的。

This year, there's no pricing in the 52-week numbers because we've lapped all that pricing.

今年，52 週的數字中沒有定價，因為我們已經將所有定價都涵蓋了。

So you should expect that the buy rate is not benefiting from anything other than consumers migrating to higher value products.

因此，你應該預料到，除了消費者轉向更高價值的產品之外，購買率不會受到任何其他因素的影響。

Your -- or their increased purchases of the product, it is not benefiting from pricing.

您或他們增加了該產品的購買量，但並沒有從定價中獲益。

We feel really good about the combination of household penetration growth in our buy rate and the fact it's running slightly hot right now versus where we would have expected the being feel very, very good about it.

我們對家庭滲透率的提高以及目前的熱度略高於我們的預期感到非常滿意。

You should expect that we will always run in the call it, low-20s on penetration and low single digits on buy rate, and that will get us our total growth rate.

你應該預料到，我們將始終保持這種狀態，滲透率低於 20%，購買率低於個位數，這將為我們帶來總成長率。

I don't know, if Todd to give you any more commentary on the cash flow?

我不知道，托德能否就現金流給您更多評論？

Yes.

是的。

I mean, look, it's a really valid question, Rob.

我的意思是，看，這是一個非常有效的問題，羅布。

Look, we're very bullish on this business growing nicely over the next several years.

你看，我們對未來幾年這項業務的良好發展非常樂觀。

Do I think we're going to grow 25% clip in 2035?

我是否認為到 2035 年我們的成長率將達到 25%？

Probably not, it's possible.

可能不是，但有可能。

But even under that scenario, we will be generating enormous amounts of EBITDA effect that will come into fruition and plenty of operating cash flow to cover what could be a lot of CapEx based on those kind of growth in dollars year over year, which is, I think where we are getting at.

但即使在這種情況下，我們也將產生巨大的 EBITDA 效應，並有足夠的營運現金流來涵蓋基於逐年美元成長而產生的大量資本支出，我想這就是我們正在實現的目標。

But it also goes to we're spending so much time we know we have to get better on operating efficiencies at our plants.

但這也意味著我們花費了大量的時間，我們知道必須提高工廠的運作效率。

That's why we spend so much time looking at new technologies to make the ROIC on new capacity better and better as we go in the future.

這就是為什麼我們花費大量時間研究新技術，以便未來新產能的投資報酬率越來越好。

And look, we will need a new facility at some point in time.

而且，我們在某些​​時候將需要一個新的設施。

We are not averse -- we're looking at every possible scenario, whether it's another greenfield like Ennis.

我們並不反對——我們正在考慮每一種可能的情況，無論它是否是另一個像恩尼斯這樣的綠地。

We're very comfortable with working with partners that can minimize the amount of capital out there.

我們非常樂意與能夠最大限度減少資本消耗的合作夥伴合作。

But we will manage that cash flow impact very, very closely.

但我們將非常嚴格地管理現金流的影響。

Thank you.

謝謝。

Brian Holland, D.A. Davidson.

布萊恩·霍蘭德（Brian Holland），地方檢察官戴維森。

Yeah, thanks.

是的，謝謝。

Good morning.

早安.

I guess just to start with media spend of which looks like still projecting to grow in line with the top line.

我想首先要說的是媒體支出，它看起來仍預計會與營收同步成長。

I know year on year higher in the second half, and it was prior year.

我知道下半年的銷售額年增了，而且比去年同期還高。

Trying to square that with the consumer acquisition costs, which once again down sequentially this quarter, continued progress there back to pre-price increase levels.

試圖將其與消費者採購成本相平衡，本季消費者採購成本再次環比下降，並繼續回到漲價前的水平。

And I guess maybe that was a part of me that was anticipating sort of a lower revision of media that's out there and I had missed it, forgive me.

我想，也許我內心深處期待著媒體的低版修訂，而我卻錯過了，請原諒我。

But just help me think about the cadence for media as we start to think about 2025 and how quickly we can kind of come in line that seems to be the one metric that we're still a bit off from what your 2027 target is?

但是，當我們開始思考 2025 年時，請幫我思考一下媒體的節奏，以及我們能多快達到這一水平，這似乎是一個指標，我們距離您的 2027 年目標還有點差距？

Brian, so the thing that's I think really exciting about this is -- the way we think about it, the growth model is really, really well intact.

布萊恩，我認為真正令人興奮的是 - 我們的想法是，成長模式確實非常完整。

I know you've watched it for many, many years.

我知道你已經觀看它很多年了。

We focus on it sounds like the number of consumers that are coming in, what's costing to get us those consumer.

我們關注的是進來的消費者的數量，以及獲取這些消費者的成本是多少。

It is definitely right within a band of exactly what it was this year a year ago, three years ago, five years ago and even longer than that.

它絕對處於今年、一年前、三年前、五年前甚至更久以前的水平之內。

So I think that one of the things that's really important to communicate it, it demonstrates the potential of this idea.

因此我認為，傳達這一點真正重要的事情之一就是它展示了這個想法的潛力。

It demonstrates the potential of the change that we're making in the category.

它展示了我們在該類別中所進行的變革的潛力。

And the deeper we're getting further and further, we're getting into our TAM, we're not seeing increased cost on our CAC -- that's extraordinary.

而且我們越深入，就越了解我們的 TAM，我們並沒有看到 CAC 成本增加——這是很了不起的。

And I think that's incredibly unique from what else we're hearing from other people trying to come into kind of fresh and frozen.

我認為這與其他試圖進入新鮮冷凍領域的人的說法截然不同。

So I think that we feel really terrific about that.

所以我認為我們對此感到非常高興。

If you look at our media spend this year, it was literally constructed to make sure that we stayed within bounds for the growth that we wanted for the year.

如果你看看我們今年的媒體支出，你會發現它實際上是為了確保我們在全年想要的成長範圍內。

It is lower -- and if you look at the overall year, it will be a fairly significant increase in overall media spend.

這個數字較低——但如果你看全年的情況，你會發現整體媒體支出將會有相當顯著的成長。

But the front half will be a much lower increase versus year ago.

但上半年的增幅與去年同期相比將低得多。

It was about a 16% increase versus year ago.

與去年同期相比，成長了約 16%。

In the back, you're going to see a significant increase.

在後面，你會看到顯著的成長。

But the back half media is all about making sure that we're in a great spot and setting ourselves up for another terrific year in 2025.

但後半部媒體都是為了確保我們處於良好狀態，為 2025 年又一個輝煌的一年做好準備。

And if you ask that, if you think about talk to people in the company and the work that we're doing now, it's all about what do we need to do over the next six months to put ourselves in a terrific position for '25.

如果你問這個問題，如果你想和公司裡的人談談我們現在正在做的工作，那就是我們需要在接下來的六個月裡做些什麼才能讓我們在25年處於一個非常好的位置。

And I think we're incredibly fortunate that we have the ability to plan in that way, think that way and kind of put our resources against that.

我認為我們非常幸運，我們有能力以這種方式進行規劃、思考，並以此方式投入我們的資源。

Appreciate the color, Scott.

欣賞顏色，斯科特。

And then maybe Todd just thinking about what's implied in the guidance over the second half of the year?

然後也許托德只是在思考今年下半年的指引中暗示了什麼？

We set aside the top line, the biggest driver of upside was obviously the gross margin over-delivery in the first half.

我們不考慮營業收入，最大的上漲動力顯然是上半年毛利率的超額交付。

Anything to be mindful of in the second half that would compress the kinds of gross margins we've seen in the first half.

下半年需要注意的任何因素都會壓縮我們在上半年看到的毛利率。

Is there any reason they couldn't be mid-40% or better mindful that we've had six consecutive quarters of sequential gross margin improvement?

考慮到我們已經連續六個季度實現毛利率成長，有什麼理由不能達到 40% 左右甚至更高？

Yeah.

是的。

I mean, look, there's a couple of headwinds.

我的意思是，看，有幾個阻力。

We're feeling great about the start of the year.

我們對新的一年的開始感到十分高興。

Obviously, we'd like to replicate the gross margin we had in the first half in the second half, but we're going to do our best to hit those marks.

顯然，我們希望在下半年複製上半年的毛利率，但我們會盡最大努力達到這些目標。

But there are some a couple of expenses that will hit that are legitimate, here in the second half after the startup of the fourth-line antennas that will add costs and very low volume coming out of that new line.

但在第四線天線啟動後的下半年，有一些合理的費用將會增加，這會增加成本，而且新線路的銷售量會非常低。

We are adding some additional shifts at Kitchen South to prep us up for next year's growth and reliance on bank capacity that will add some costs there as well.

我們正在 Kitchen South 增加一些輪班，為明年的成長和對銀行容量的依賴做好準備，這也會增加一些成本。

We did not the deloading our inventory, obviously, that was a big Q1 benefit of about 100 basis points, no impact in Q2.

我們沒有減少庫存，顯然，這對第一季帶來了約 100 個基點的巨大收益，對第二季沒有影響。

We could see that happens still in the second half of the year, that's still a watch out.

我們可以看到這種情況仍會在下半年發生，這仍然需要注意。

But look, we're going to -- we're obviously feeling great about the start.

但是你看，我們將會——我們顯然對這個開始感覺很好。

We are about 90% covered on commodities.

我們的商品覆蓋率約為 90%。

We don't see much happening there at this point.

目前我們沒看到那裡發生什麼事。

But it is the new capacity coming online in the second half, that will be a slight headwind.

但下半年上線的新產能將帶來輕微的阻力。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Mark Astrachan, Stifel.

馬克‧阿斯特拉坎 (Mark Astrachan)，Stifel。

Yeah, thanks.

是的，謝謝。

And morning, everybody.

大家早安。

I wanted to go back to this larger pack size comment and trying to understand it a little bit better.

我想回到這個更大的包裝尺寸評論並嘗試更好地理解它。

So the price mix was flat, but you're selling larger packs in Costco at a higher price point.

因此，價格組合是平穩的，但你在 Costco 以更高的價格銷售更大包裝的產品。

How does that factor in I guess what you're selling at a lower average price per unit, but excludes what the consumers buying would just be bigger dollar amounts and bigger volumes.

我猜這是如何考慮到你以較低的單位平均價格銷售的，但不包括消費者購買的更大的金額和更大的數量。

And obviously you have more sales cost Costco today than you did 12 months ago.

顯然，目前 Costco 的銷售成本比 12 個月前還要高。

So would that be mix accretive in terms of contribution to the top line?

那麼從對營業收入的貢獻來看，這是否具有組合增值作用？

That's the first question.

這是第一個問題。

Hi, Mark.

你好，馬克。

So I think the way to think about this is if you look across our portfolio, we are definitely developing and pushing larger pack sizes as Freshpet becomes more of a main meal lead.

因此，我認為思考這個問題的方式是，如果你看看我們的產品組合，你會發現，隨著 Freshpet 逐漸成為主要的膳食主導，我們肯定正在開發和推動更大包裝尺寸。

The other thing we did you may remember a year or so ago, we brought a product called Complete Nutrition in a 1.5 pound size.

您可能還記得，大約一年前我們做的另一件事是，我們推出了一款名為「Complete Nutrition」的產品，重量為 1.5 磅。

And we also got really sharp before the value was as much of a discussion, we got really sharp on our one-time pricing, like we actually tightened it up just a little bit.

在對價值進行廣泛討論之前，我們也變得非常敏銳，我們對一次性定價非常敏銳，就像我們實際上將其收緊了一點點一樣。

And we did that intentionally because we started hearing a little bit of the storm cloud where people were concerned about value.

我們這樣做是有意的，因為我們開始聽到一些關於人們關心價值的擔憂。

So you have people coming in on one side and buying some of the smaller size items and the complete nutrition, which is a good opening price point, but very solid margins.

因此，一方面，人們進來購買一些尺寸較小且營養齊全的商品，這是一個很好的開價點，但利潤卻非常可觀。

And you have the other side where we have these larger packs at some of the -- not only in mass, but also in the clubs, et cetera.

另一方面，我們在一些地方有更大的包裝——不僅在大眾場合，而且在俱樂部等等。

The things -- it's interesting that we're seeing the largest growth -- you look at across our developed items, the things that are growing the fastest are large packs, which are the most expensive items we have.

有趣的是，我們看到了最大的成長——看看我們開發的產品，成長最快的是大包裝，這是我們最昂貴的產品。

So there's a lot going on.

因此，有很多事情發生。

There are a lot of pieces to it.

它包含很多部分。

And when we set the strategy forward going into the market.

當我們制定進入市場的策略時。

We intentionally wanted to make sure we cover basically products for as many different people on how they want to use it and how they think about our brands and our products.

我們有意確保我們能為盡可能多的不同人群提供他們想要如何使用的產品以及他們如何看待我們的品牌和產品。

So there are sizes.

所以有尺寸。

There's price points to go from low to high, as you know.

如您所知，價格點從低到高依次排列。

And I think what we've done is we've done a nice job developing a really good portfolio and consumers appreciate it.

我認為我們做得很好，開發了非常好的產品組合，消費者對此表示讚賞。

And there is a lot of action.

並且有很多行動。

There's a lot of movement all through that.

整個過程中都有很多動作。

So some of this on sizes and some of it's on trade up to the larger sizes.

因此，其中一些是關於尺寸的，一些是關於交易到更大的尺寸的。

But some of it's a lot of new people are coming in on this 1, 1.5 pound sizes.

但有些新人都是選擇 1 磅至 1.5 磅的體重。

We see that's the single fastest area where people are coming into the business.

我們發現這是人們進入該行業最快的領域。

Got it.

知道了。

So it's just a lot of moving parts, I guess, beyond kind of what sort of -- sort of related to that because I had another question, but just as a follow-up to that.

所以我想，這只是很多活動部件，超出了某種程度——有點與此相關，因為我還有另一個問題，但只是作為對此的後續。

So is Costco still an incremental consumer?

那麼 Costco 仍是增量消費者嗎？

I mean, is the larger pack size, more people just consuming more of the product?

我的意思是，包裝尺寸越大，是不是代表消費產品的人就越多？

Is that the right way to think about this?

這是正確的思考方式嗎？

Yes.

是的。

So we -- the interesting thing is we are seeing a lot of new consumers come in through not only club, but also even our larger sizes in all retail.

所以，有趣的是，我們看到許多新消費者不僅透過俱樂部消費，而且透過我們所有零售店中較大的門市消費。

I mean, it is interesting.

我的意思是，這很有趣。

We do see some people go for it and actually, you'll start up with a [6 pound] roll.

我們確實看到一些人嘗試這樣做，實際上，你會從一卷 [6 磅] 開始。

So we definitely see that dynamic going on.

因此我們確實看到這種動態正在發生。

And then what we started to put out these multipacks, not only in club, but we're also starting to see these multi packs that are starting to go into regular retail, and they're starting to get a little bit of early traction.

然後，我們開始推出這些多件裝，不僅在俱樂部，而且我們也開始看到這些多件裝開始進入普通零售店，並且它們開始獲得一些早期的關注。

We knew it was going to be slower, but it's part of a long-term plan to make sure people are using us as a main meal product.

我們知道這會比較慢，但這是長期計劃的一部分，以確保人們將我們作為主要餐點產品。

And Mark, one other thing, as we said in the comments that if you think about where our fastest growth has been this month, the HIPPOHs so the heavier users and we also mentioned the ultra-users and people buying over $1,000 a year.

馬克，還有一件事，正如我們在評論中所說的那樣，如果你想想我們本月增長最快的地方，那就是 HIPPOH，也就是重度用戶，我們還提到了超級用戶和每年購買超過 1,000 美元的人。

They're growing at even faster rate.

它們的成長速度甚至更快。

So we are seeing an increasing number of consumers who are moving up into that higher purchase amounts and oftentimes that comes with buying larger pack size.

因此，我們看到越來越多的消費者開始提高購買量，而且往往會購買更大包裝的產品。

Got it.

知道了。

Okay.

好的。

That's super helpful.

這非常有幫助。

I'll leave it there.

我就把它留在那裡。

Thank you.

謝謝。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Good morning, guys.

大家早安。

Thanks for taking the questions.

感謝您回答這些問題。

First one is just around -- I mean a lot of talk about capacity, what might be needed going forward.

第一個是關於——我的意思是談論了很多關於容量以及未來可能需要什麼的問題。

You did mention the new production technologies seem to be proving out here.

您確實提到新的生產技術似乎在這裡得到了證實。

I think you said second half of '25 where you like to have that fully up and running.

我想您說過，在 25 年下半年，您希望它能夠全面啟動並運行。

Can you kind of remind us what's going on there?

你能提醒我們那裡發生了什麼事嗎？

And kind of what the plan would be to, I guess, retrofit your existing lines with those technologies?

我猜你們的計畫是怎麼樣的，用這些技術來改造你們現有的生產線？

Just thinking of ways to improve or continue to improve your output without a new facility, that type of thing.

只是想著在沒有新設施的情況下改善或繼續提高產量的方法，諸如此類的事情。

That's my first question.

這是我的第一個問題。

Hey Peter, I think the way to think about this is there's three major pieces to us improving the capacity on our lines.

嘿，彼得，我認為思考這個問題的方式是，有三個主要部分可以幫助我們提高生產線的容量。

The first one is basically just like OE improvement, and we have a long way to go and a lot of opportunity, and the team is doing an extraordinary job there.

第一個基本上就像 OE 改進一樣，我們還有很長的路要走，也有很多機會，團隊在那裡做得非常出色。

I mean like hats off to the guys and the work that they've done.

我的意思是向這些人和他們所做的工作致敬。

And they're significant that will be significant, and that will change the cadence that we need to open new lines, and it will improve profitability from the existing network, okay?

它們非常重要，將會改變我們開設新線路的節奏，並且會提高現有網路的獲利能力，好嗎？

That's the first one.

這是第一個。

The second one is, I'll call it, kind of updating and like minor modifications to the existing lines with some new technology and new equipment.

第二個，我稱之為，使用一些新技術和新設備對現有生產線進行更新和小幅修改。

We've been able to start proving that out, and we're seeing pretty significant, we're not going to share anything at this point, but we're seeing significant progress in that area.

我們已經能夠開始證明這一點，而且我們看到了相當重要的進展，我們現在還不會分享任何內容，但我們看到了該領域的重大進展。

We're really we're excited and enthusiastic about potential that just by making some small improvements and some investments in the lines that the amount of upside there is.

我們真的對潛力感到非常興奮和熱情，只需在線上進行一些小小的改進和投資，就可以獲得巨大的上升空間。

And the third one is basically I would call it almost it's not evolution.

第三個基本上我稱之為幾乎不是進化。

I would say it's somewhat of a revolution of our back technology and it is a kind of more developed future state of where we believe the bag production will be.

我想說這在某種程度上是我們背部技術的革命，我們相信這代表著未來包款生產的更發達的狀態。

Now we'll start to see that next year, but it will be very small.

明年我們將開始看到這種現象，但規模將非常小。

And the intent is that that will take as we prove that technology out, it will start taking place as we expand our lines in the future.

我們的目的是，當我們證明這項技術可行時，它將隨著我們未來生產線的擴展而開始實現。

But at this point, that's really far out.

但就目前情況來看，這確實還很遙遠。

And that's not something that like we are we can get too far into it just like we can't predict exactly the future.

這不是我們可以深入研究的事情，就像我們無法準確預測未來一樣。

I'll say we are confident that that technology will work.

我想說我們有信心這項技術將會有效。

The question is exactly when and then the exact impact on kind of our expansion and our capacity across our network.

問題在於究竟何時以及對我們的網路擴張和容量會產生何種影響。

Well, fair enough, Scott.

好吧，足夠公平，斯科特。

That's a good perspective.

這是一個很好的觀點。

And then my follow-up question, look, you guys have made enhancements to the management team over the last couple of years.

然後我的後續問題是，你看，過去幾年裡，你們對管理團隊做了改進。

You're obviously executing very well.

顯然你執行得非常好。

Billy, you talked about the new corporate headquarters in Bedminster, New Jersey, I think you mentioned marketing and finance as maybe some areas where you'd be looking to attract additional talent.

比利，您談到了位於新澤西州貝德明斯特的新公司總部，我想您提到了行銷和財務，也許是您希望吸引更多人才的領域。

Just wondering if you could expand on that, your thoughts around the organization, who you might or what areas you would be focused on, maybe continuing to build as you support the growth in the business?

只是想知道您是否可以擴展一下，您對組織的想法，您可能會關注誰或關注哪些領域，也許在您支持業務成長的同時繼續建立？

Thank you.

謝謝。

Yeah, and Peter, as we're growing, obviously, we have growth opportunities and needs in virtually every area in the company.

是的，彼得，隨著我們的成長，顯然公司幾乎每個領域都有成長機會和需求。

That's what happens when you're growing at the rate that we're growing.

當你以我們的速度成長時就會發生這種情況。

And the most important lesson we've learned in the last couple of years is you can't get behind on adding talent.

我們在過去幾年中學到的最重要的一課是，你不能落後於人才的引進。

So you can see us leaning into acquiring the necessary talent in the places that will make the biggest difference.

因此，你可以看到，我們傾向於在能夠發揮最大作用的地方招募必要的人才。

And you'll see it in a wide range of areas.

您會在廣泛的領域中看到它。

And as you've seen in the last 18 months, the amount of talent that we've hired has been fairly significant.

正如您在過去 18 個月中看到的，我們聘用的人才數量相當可觀。

I don't want to get into any specific areas other than to just say that you should think about as we add scale to the company, it gives us opportunities to add capability in areas where we may have been a generalist before, and we can become a specialist, where we can get high level capabilities in an area where we've previously been operating, but probably haven't had the sophistication and capability that's needed for a business that's $1 billion or $2 billion or $3 billion in sales.

我不想談論任何具體領域，只是想說，隨著公司規模的擴大，我們應該考慮在以前可能是通才的領域增加能力，成為專家，在以前運營的領域獲得高水平的能力，但可能還不具備銷售額達 10 億美元、20 億美元或 30 億美元的企業所需的成熟度和能力。

So you're going to see us continue to add people to add bench strength to help us grow the company and it's just going to be an ongoing part of our process.

所以你會看到我們繼續增加人員來增強後備力量來幫助我們發展公司，這只是我們流程的持續部分。

All right.

好的。

Good to hear.

很高興聽到。

Thank you.

謝謝。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning, and thanks for taking my question.

早上好，感謝您回答我的問題。

So let me maybe just start out with the EBITDA cadence.

因此，我首先要介紹一下 EBITDA 節奏。

Just anymore color.

只是顏色而已。

How you guys think about Q3 versus Q4?

你們如何看待第三季和第四季？

And then I have one follow-up.

然後我還有一個後續問題。

Yeah.

是的。

Obviously, don't give specific guidance, but just big picture.

顯然，不要給出具體的指導，而只是給出整體情況。

We'll have more EBITDA in Q4 than Q3 just because of the amount of media spending.

由於媒體支出的數額，我們第四季的 EBITDA 將比第三季更高。

We'll see a similar as we pushed media from the first-half to the second-half this year.

當我們今年將媒體從上半年推向下半年時，我們將看到類似的情況。

You'll see a similar amount of media spend in Q3 as you did in Q2, that's unusual for us.

您會看到第三季的媒體支出與第二季類似，這對我們來說是不尋常的。

But then there will be a drop-off in Q4, still a very sizable increase versus prior year, but there'll be a drop off, and that will allow additional EBITDA in Q4.

但第四季會出現下降，雖然與去年相比仍會有大幅成長，但還是會有所下降，這將使第四季的 EBITDA 有所增加。

Great.

偉大的。

And one follow-up question just on the categories.

還有一個關於類別的後續問題。

So one of your retail customers highlighted, they're seeing green shoots in the pet category on the pet adoption side.

您的一位零售客戶強調，他們在寵物領養方面看到了寵物類別的復甦跡象。

Just curious what you guys are seeing right now from a pet adoption perspective.

只是好奇你們現在從寵物收養的角度來看看到了什麼。

Rupesh, I think the way to think about this is -- I mean, the category always goes through ebbs and flows.

魯佩什，我認為思考這個問題的方式是──我的意思是，這個類別總是會經歷起伏。

And there is definitely a little bit of a post COVID trough.

新冠肺炎疫情過後，一定會出現一點低谷。

We think it's going to come back to much more normalized rate.

我們認為它將恢復到更正常化的水平。

But I think that there's looked at if you look at the category, there are tons of headwinds going on.

但我認為，如果你看一下這個類別，你會發現有大量的阻力。

And I think when you're kind of dealing in a single like late single digits, you're going to kind of really focus on some of those either headwinds or tailwinds.

我認為，當你處理像個位數這樣的問題時，你會真正關注其中的一些逆風或順風。

We've been very fortunate that we haven't had to really focus on those trends and that we're winning within.

我們非常幸運，我們不必真正關注這些趨勢，而且我們已經取得了勝利。

If you're let's say, almost any retailer, you're kind of looking across the category and you're looking across segments.

假設你幾乎是任何一家零售商，你都會審視整個類別和整個細分市場。

And then you're kind of looking across brands.

然後你就可以審視各個品牌了。

And we have really been like the absolute clear winner, and it creates even more opportunity for us into the future to work with them and develop the business.

我們確實是絕對的贏家，這也為我們未來與他們合作、發展業務創造了更多機會。

So I know your question was specific around adoption rates.

所以我知道您的問題具體與採用率有關。

I would say, look, we're looking at this stuff on quarterly and six months' basis and things are ebbing and flowing a yes, it's off a little bit.

我想說，你看，我們正在按季度和按半年來觀察這些事情，事情正在有起有落，是的，確實有點不對勁。

This has been a significant trend of more societal trends where people are treating pets, more like people and people are having less kids and more pets.

這是社會趨勢的重要趨勢，人們越來越像對待人一樣對待寵物，人們養更少的孩子，養更多的寵物。

And they become an important part of our lives.

它們已經成為我們生活中的重要組成部分。

And we think that that's going to continue over the long term.

我們認為這種情況將會長期持續下去。

Great.

偉大的。

Thank you for the color.

謝謝你的顏色。

Bryan Spillane, Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

Thanks, operator.

謝謝，接線生。

Good morning, guys.

大家早安。

Just one question for me.

我只想問一個問題。

I think you started this year or went into this year with a plan to -- be more measured, I guess, right in terms of growth and you're not wanting to overheat on your manufacturing network.

我認為，從今年開始，或者進入今年以來，您就制定了一個計劃，在增長方面更加慎重，並且您不希望您的製造網絡過熱。

And so I guess just curious this year, right, given how good the demand has been if you've had if capacity was not a question, right.

所以我想今年只是很好奇，對吧，考慮到需求一直很好，如果容量不是問題的話，對吧。

If you could make as much as you could -- would your sales have been higher, I guess is there is there more interest in from retailers and consumers than maybe what we're seeing in the results.

如果你能賺盡可能多的錢——你的銷售額是否會更高，我想零售商和消費者對此的興趣可能比我們在結果中看到的要大。

I would say if we would spend at the sort of comparable growth rate on media to what we had last year, in other words, grow media in the first half at the same rate of sales growth, you would have seen more demand, but we knew we couldn't supply that.

我想說，如果我們在媒體上的支出成長率與去年相當，換句話說，如果我們上半年的媒體支出成長率與去年相同，你會看到更多的需求，但我們知道我們無法滿足這一需求。

And for us, it's really really important to keep the growth within the capacity limit and also to execute our capacity expansion plan in a very measured and orderly fashion.

對我們來說，將成長保持在產能限制之內並以非常有節制和有序的方式執行我們的產能擴張計劃確實非常重要。

And we feel good about it.

我們對此感到很高興。

Our team has gotten really good at designing, constructing and starting up a line.

我們的團隊在設計、建造和啟動生產線方面已經非常擅長。

We want to do that reliably.

我們希望可靠地做到這一點。

We want to provide very high level of customer service because we know we provide high level of customer service.

我們希望提供非常高水準的客戶服務，因為我們知道我們提供高水準的客戶服務。

Our costs are lower.

我們的成本較低。

Our fridges are full, the sales are better, customers are happy, consumers are happy.

我們的冰箱裝滿了，銷售量更好了，顧客很高興，消費者也很高興。

So I think for us, it's really important that we measure and manage the growth to live within the capacity.

因此我認為對我們來說，衡量和管理成長以在能力範圍內生存確實非常重要。

We add the capacity at a very disciplined rate.

我們以非常有紀律的速度增加產能。

And if that all works together, we think everybody wins and you should expect to see that from us going forward.

如果一切順利，我們認為每個人都是贏家，您應該期待在未來看到我們的進步。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

thank you, good morning.

謝謝，早安。

You talked about adding shifts at Kitchen South, I guess, maybe two-part question. how is the relationship with the Kitchen South, like if there's better overhead absorption or efficiencies from that or kind of at least in an operating leverage way?

您談到了在南廚房增加輪班，我想，這個問題可能分為兩部分。與 Kitchen South 的關係如何，是否有更好的間接費用吸收或效率，或至少在營運槓桿方面？

Do you benefit from that on the cost?

您在成本方面從中獲益了嗎？

And then I guess the other part of it is, do you have opportunities on any of your own lines to ad shifts as well or at least reduce changeovers and maybe do extended runs.

然後我想另一部分問題是，您是否有機會在自己的任何一條生產線上增加班次，或至少減少轉換，或延長運行時間。

How should we think about that as part of an opportunity for you?

我們應該如何將其視為您的一個機會？

Sure.

當然。

The Kitchen South relationship is terrific.

廚房南關係非常好。

They're performing exceptionally well.

他們的表現異常出色。

We could not be more pleased with the performance coming out of that operation.

我們對這次行動的結果非常滿意。

They've been terrific this year.

他們今年表現棒極了。

There is a little bit of leverage as we add some shifts there.

當我們在那裡增加一些轉變時，就會產生一些槓桿作用。

It's not dramatic.

這並不引人注目。

Just the way the arrangement is set up, we do get a little bit of leverage.

按照這樣的安排，我們確實獲得了一點影響力。

So we'll continue to lean in there just not on shifts.

因此，我們會繼續努力，只是不會輪班。

But as I mentioned earlier, we have another line coming in Q1, and then we have room for a few more lines if both partners choose to go that route in that facility as well.

但正如我之前提到的，我們將在第一季推出另一條生產線，如果雙方合作夥伴也選擇在該工廠採用這條路線，那麼我們將有空間容納更多生產線。

So we look forward to many more years of great performance and additional capacity coming out of that facility.

因此，我們期待該工廠在未來的許多年裡能夠發揮出優異的性能並實現更大的產能。

And is there room to add extent or add shifts on any lines that Ennis or Bethlehem?

是否有空間在 Ennis 或 Bethlehem 的任何線路上增加範圍或增加班次？

Bethlehem is pretty tight at this point and is yes, there is room and we will not -- we'll add more shifts.

伯利恆目前人手相當緊張，是的，還有空間，但我們不會——我們將增加更多的班次。

We'll get the efficiencies in the facility ramped up over the next year or two.

我們將在未來一兩年內提高該設施的效率。

So there is some capacity there.

因此那裡還有一定的容量。

Michael, think about it is our operating model is that when we install a line, we ramp it up by putting on one shift where in essence, you have capacity utilization for a period of time.

邁克爾，想想看，我們的營運模式是，當我們安裝一條生產線時，我們會透過安排一個班次來提高產能，本質上，你會在一段時間內擁有產能利用率。

And then as the demand grows and the production efficiency underlying grows, we ultimately take it to a 24/7 operation.

然後，隨著需求的成長和生產效率的提高，我們最終實現全天候營運。

And that happens typically before you bring on the next one.

這通常在你開始下一個之前就會發生。

So at the same time, we're doing all that.

所以與此同時，我們正在做所有這些事情。

We are working as we increase the number of lines in our system to make some more lines more specific or some specialized, and it reduces the number of changeovers that we have to do and allows us to deliver higher throughput or higher output per hour of operation and also extended some of our runs depending on what some of the products are and where they're being produced.

我們正在努力增加系統中的生產線數量，使一些生產線更加具體或專業化，這減少了我們必須進行的轉換次數，並使我們能夠提供更高的吞吐量或每小時更高的產出，並且還根據某些產品的類型和生產地點延長了部分運行時間。

So there are significant benefits that we gain in each of our operations as we gain scale.

因此，隨著規模的擴大，我們在每項營運中都會獲得顯著的效益。

Okay.

好的。

That's helpful.

這很有幫助。

And just a follow up on.

這只是後續行動。

You mentioned on that in the prepared remarks, the Dallas DC, I think the way you phrased it was it expanded its coverage area.

您在準備好的發言中提到了這一點，達拉斯特區，我認為您表達的方式是擴大了其覆蓋範圍。

I guess I hadn't realized that maybe wasn't it stripping all of what it could or it was meant to is that now optimized or is there room for even more optimal service area?

我想我沒有意識到，也許它不是在剝離所有它可以剝離的東西，或者它本來就是如此，現在是否已經優化，或者是否還有空間容納更優化的服務區域？

Right now, the Dallas DC exists to take the product that's produced in Ennis and ship it to the state that it that it can serve.

目前，達拉斯配送中心的角色是接收恩尼斯生產的產品，並將其運送到其可以服務的州。

So as we add production in Ennis, the Dallas DC is able to supply more states.

因此，隨著我們在恩尼斯增加產量，達拉斯哥倫比亞特區就能夠向更多州供貨。

So for example, we're right now in the process of converting the states like Utah and Colorado over to being shipped out of the Dallas DC.

舉例來說，我們現在正處於將猶他州和科羅拉多州等州的貨物轉出達拉斯華盛頓特區的過程。

Ultimately, when Ennis is up and running to its full 10 lines of production, the Ennis or the Dallas DC should be supplying more than half of the United States.

最終，當 Ennis 的 10 條生產線全部投入運作時，Ennis 或達拉斯 DC 應該能夠為美國一半以上的地區提供產品。

Think of it as everything west of the Mississippi and probably parts of the Southeast.

可以想像為密西西比河以西的所有地區以及東南部的部分地區。

So we will continue to get great efficiencies from the Dallas DC, but they're 100% connected or linked to increasing the amount of output from the Ennis facility.

因此，我們將繼續從達拉斯配送中心獲得極高的效率，但這與增加恩尼斯工廠的產量 100% 相關或相關。

So that's helpful.

這很有幫助。

Thank you.

謝謝。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Good morning, everybody.

大家早安。

Thanks for the question.

謝謝你的提問。

I just have one.

我只有一個。

I wanted to come back to an earlier comment on distribution.

我想回到之前關於分佈的評論。

I think, Bill, you mentioned that we should expect to see TDP growth exceeding ACV growth moving forward?

我認為，比爾，你提到我們應該預期看到未來 TDP 成長將超過 ACV 成長？

I guess my question is, are you now seeing that your brand is represented in the stores that you need to be in from a coverage perspective?

我想我的問題是，從覆蓋範圍的角度來看，您現在是否看到您的品牌在您需要的商店中體現？

And at the same time, are you seeing more of your large accounts, particularly in FBM proactively moving to add second and third fridges.

同時，您是否看到更多的大客戶，特別是 FBM 主動添加第二台和第三台冰箱。

I'm just trying to understand that kind of a little bit more context around that comment.

我只是想更多地了解該評論的背景。

Thank you.

謝謝。

Hey Jon, so I made a brief mention of it before, but I think as retailers are looking and they're starting to think about like their growth in the category, not only this year, but next year, I think they are clearly recognizing that Freshpet is delivering on not only our growth, but now we actually have nice scale behind it.

嘿，喬恩，我之前簡單提過一下，但我認為隨著零售商開始考慮該類別的增長，不僅是今年，而且還有明年，我認為他們清楚地認識到 Freshpet 不僅實現了增長，而且現在我們實際上已經擁有了良好的規模。

I mean if you look at the last 26 weeks and measure it, we've added $100 million in growth to the category, which is by far the leader of any brand by far, which is really exciting.

我的意思是，如果你回顧過去 26 週並進行衡量，我們為該類別增加了 1 億美元的增長，這是迄今為止所有品牌中的領先者，這真的令人興奮。

So now they start looking forward and just going about next year, what do you do?

所以現在他們開始展望並開始考慮明年，您會做什麼？

We know we need to tighten the mix of the products that we have in existing fridges, but we're also having, I would say, really productive conversations about second fridges and expanding distribution only in stores we're not in, but also in second fridges and even some cases where it's third bridges.

我們知道我們需要縮小現有冰箱中的產品組合，但我想說，我們也在進行關於第二台冰箱和擴大分銷的富有成效的對話，不僅在我們沒有進入的商店，而且在第二台冰箱甚至在某些情況下在第三座橋樑。

So I think that's what we'll see going forward.

所以我認為這就是我們未來將會看到的。

There's also a couple -- very few scenarios where there are some retailer or so that has bought some of their own fridges, and we may be going into some of that space over time, too.

還有一些——極少數的情況是一些零售商購買了自己的冰箱，隨著時間的推移，我們可能也會進入這個領域。

Okay.

好的。

If I could squeeze one more on the media front.

如果我可以在媒體方面再擠一點的話。

Can you talk a little bit about how not the level of spend, but maybe how you're changing and that are evolving the type of media that you're aiming using and the messaging?

您能否稍微談談，不是支出水平，而是您如何改變和發展您所打算使用的媒體類型和訊息傳遞方式？

And is it working because I think you've taken some different approaches over the past 12 months or 18 months maybe than you have in the past, but an update on that would be helpful.

它是否有效，因為我認為您在過去的 12 個月或 18 個月中採取了一些與過去不同的方法，但對此進行更新將會有所幫助。

Thank you.

謝謝。

Yes.

是的。

So I think let me start with great work by the marketing team and overall across the entire marketing team.

因此，我想首先要讚揚行銷團隊以及整個行銷團隊的出色工作。

And the work has been done, not only on creative, but also packaging.

這項工作已經完成，不僅在創意上，而且在包裝上。

It's not dog food, it's been a tremendous campaign for us.

這不是狗糧，對我們來說這是一場巨大的活動。

It's producing incredibly well.

它的產量令人難以置信地好。

We're seeing great performance from the creative.

我們看到了創意的出色表現。

We're seeing also a great performance from the buying and how we're planning our media, and we continue to expand opportunities to place it in different spots that are like actually, on the face, more expensive, but the productivity has been so strong.

我們也看到了購買和媒體規劃方面的出色表現，我們繼續擴大將媒體放置在不同位置的機會，實際上，從表面上看，這些位置更昂貴，但生產力卻非常強勁。

That's what we can deliver on that really consistent CAC range that we're talking about earlier.

這就是我們之前談到的真正一致的 CAC 範圍所能實現的。

So we're seeing visits to the site up.

因此我們看到網站的訪問量正在上升。

We're seeing conversions up every metric that we track is performing really, really well.

我們看到，我們追蹤的每個指標的轉換率都表現得非常非常好。

And it really goes back to the work that the things done across both the creative and also the media buying.

這實際上可以追溯到創意和媒體購買方面所做的工作。

So yeah, we continue to kind of expand out different targets.

是的，我們會繼續擴展不同的目標。

We've also recognized that we've pushed into sports.

我們也認識到我們已經進軍體育運動。

You're seeing us kind of pushing the sports a little bit more.

你會看到我們正在進一步推動體育運動。

Every one of those has worked really well.

每一個都運作得很好。

And the way we typically think about it is we want to test now and then we really want to see the productivity of that and then we want to buy that in the future.

我們通常的想法是，我們現在要進行測試，然後我們真正想看看它的生產力，然後我們想在將來購買它。

So the next quarter or next year, it's when we're getting into a bigger pie on that.

因此，下個季度或明年，我們將會獲得更大的利益。

So we're constantly in that mode.

所以我們一直處於這種模式。

Thank you.

謝謝。

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

Good morning and thanks for the question.

早安，感謝您的提問。

I wanted to first just follow up on the fridge count discussion.

首先，我想跟進一下冰箱數量的討論。

As we look at the next couple of years, it sounds like you have kind of some visibility both for maybe new stores and adding the second units, which one becomes the bigger driver here over the next couple of years?

展望未來幾年，聽起來您對開設新店和增加第二家店都有一定的了解，哪一個會成為未來幾年更大的驅動力？

Yeah.

是的。

The clear driver longer term is going to be second fridges.

從長遠來看，明顯的驅動力是第二台冰箱。

It's actually an interesting point.

這其實是一個有趣的觀點。

But if you look at the productivity that we get out of the first four feet now, we are one of the most productive four feet in the pet aisle.

但如果你看看我們現在從前四英尺中獲得的生產力，我們是寵物貨架上生產力最高的四英尺之一。

And when you can demonstrate that and have category leading margins, that's really great cocktail for expansion into a second fridge.

當您可以證明這一點並擁有領先類別的利潤率時，這對於擴展到第二台冰箱來說真的是一個很棒的組合。

And we get in the second fridge, the number we typically quote is within six months.

當我們購買第二台冰箱時，我們通常會報價是六個月內。

It's running about 60% of the first fridge.

它運行了第一台冰箱的約60％。

It's really productive for us.

這對我們來說確實很有成效。

The capital investment is great.

資金投入很大。

The sales is great.

銷量很好。

And then once that levels off, now you have an ongoing annuity that typically will increase on a double-digit sales growth into the next year and years going forward.

一旦達到穩定狀態，您就會擁有一筆持續的年金，這筆年金通常會隨著明年及未來幾年兩位數的銷售成長而增加。

So the retailers that moved with us earlier are seeing a compounding effect on the growth that they're seeing on Freshpet.

因此，早期與我們合作的零售商看到了 Freshpet 成長的複合效應。

Okay.

好的。

Thanks for that.

謝謝。

And then just on this year's sales guidance, you did note a new line in Ennis this quarter, but also we're opening this quarter, but then also the continued ramp of prior lines and the added on shifts, I guess just thinking about this year's growth, how reliant, if at all, is that new Ennis line to hitting your guidance that was just updated today?

然後就今年的銷售指引而言，您確實注意到本季度 Ennis 有一條新生產線，而且我們也將在本季度開業，但同時之前的生產線也在繼續提升，班次也在增加，我想只是想想今年的增長，如果有的話，那條新的 Ennis 生產線對於達到您今天剛剛更新的指引有多大吸引力？

I mean, we've in order to continue to support the growth that we already have, we need that rolls line in Ennis to come online.

我的意思是，為了繼續支持我們已經擁有的成長，我們需要恩尼斯的捲線上線。

We're very confident that it's going to come online.

我們非常有信心它會上線。

The qualification is going very, very well.

資格賽進展非常順利。

But if for some reason that, that didn't happen, we would be very short on rolls for the balance of the year.

但如果因為某些原因，這種情況沒有發生，那麼我們今年的餘額就會嚴重短缺。

We're very comfortable with our bags production capacity right now and our ability to meet the bag demand for the balance of the year.

我們對目前的袋子生產能力以及滿足今年剩餘袋子需求的能力感到非常滿意。

Bags becomes an issue at our current rate of growth as we head into the first quarter next year, which is why we're bringing on new shifts and new lines at Kitchen South later this year and then the new line actually starts up in the first quarter of next year.

當我們進入明年第一季時，按照我們目前的增長速度，袋子將成為問題，這就是為什麼我們將在今年晚些時候在 Kitchen South 引入新的班次和新的生產線，然後新的生產線實際上將在明年第一季啟動。

So we are constantly in a position where we're growing into the existing capacity.

因此，我們始終處於在現有產能範圍內不斷成長的狀態。

We need to bring on the line in a reliable fashion on time.

我們需要按時、可靠地開通這條線路。

When we do that, we can support the high fill rates that we've had with our customers and the business keeps growing very, very nicely.

當我們這樣做時，我們可以支援客戶的高填充率，並且業務會保持非常非常好的成長。

So it's a really nice cadence that we're developing, but we've got to execute well.

所以，我們正在發展一個非常好的節奏，但我們必須執行得很好。

All right.

好的。

Thank you.

謝謝。

Marc Torrente, Wells Fargo.

富國銀行的馬克‧托倫特 (Marc Torrente)。

Good morning, and thank you for the questions.

早安，感謝您的提問。

And just one for me.

對我來說只有一個。

Non-tracked channels continue to grow over 100%.

非追蹤管道持續成長100%以上。

How much of total does this represent now what areas here, most incremental and any other new distribution whitespace as starting to gain traction for you guys?

現在這佔總數的多少，這裡的哪些領域，大多數增量和任何其他新的分佈空白開始對你們產生吸引力？

Thanks.

謝謝。

Hi, good morning, So yeah, we are seeing really nice growth in some of the untracked channels.

大家早安，是的，我們看到一些未追蹤的管道確實出現了良好的成長。

And it's a lot of it is work that's been going on for multiple years that's now coming to fruition.

其中許多工作已經持續多年，現在已經取得成果。

You're going to see longer term continued growth there, and we're hoping to see like really great performance from both Canada and the UK next year, albeit small.

你會看到那裡長期的持續成長，我們希望看到加拿大和英國明年都有非常出色的表現，儘管增幅不大。

We think there are tremendous opportunities to continue to expand there also.

我們認為那裡也有巨大的繼續擴張的機會。

And the other thing that we have a tremendous opportunity in and you may have heard us talk about this in the past.

另一件事是我們擁有巨大的機遇，您可能以前曾聽我們談論過這個問題。

But from a kind of a digital standpoint, where someone could sit down to the computer and buy us, we are very, very underdeveloped.

但從數位化角度來看，人們可以坐在電腦前購買我們，我們還遠遠不夠發達。

Approximately 8%, 9% of our sales are through some type of digital and that includes click and pick, et cetera.

我們的銷售額大約有 8% 到 9% 是透過某種數位方式實現的，其中包括點擊挑選等等。

We think that the opportunity there is tremendous, and we would like to see really leading growth in that area over the next kind of 12 to 18 months.

我們認為那裡的機會巨大，我們希望在未來 12 到 18 個月內看到該領域真正實現領先的成長。

There's a lot of our focus is there.

我們的重點集中在那裡。

We're just not as developed as many brands in digital or in e-commerce in any way.

無論從哪方面來看，我們在數位領域或電子商務領域都不如許多品牌發達。

And Marc, just one call out.

馬克，只需打一通電話。

Obviously, that non-measured growth has been tremendous in the first half of the year at about [5 points] in Q1, [4 points] in Q2.

顯然，今年上半年未測量的成長非常驚人，第一季約為 [5 點]，第二季約為 [4 點]。

As we start to lap some of the store growth that we got last year in the second half, we anticipate that growth will probably only at about 2 points in the second half of the year, still tremendous growth.

隨著我們開始在下半年實現去年下半年的一些門市成長，我們預計下半年的成長可能只會達到 2 個百分點左右，但仍然是巨大的成長。

And as Scott pointed out, we're seeing some really nice gains here in the e-com world, which we think is going to really flow into '25 as well.

正如斯科特指出的那樣，我們看到電子商務領域取得了一些非常好的成長，我們認為這種成長也將真正延續到2025年。

But that growth in the non-measured is still be really, really strong, that will get me wrong, but it will slow in the second-half

但非衡量指標的成長仍然非常非常強勁，這可能讓我誤解，但下半年成長將會放緩

Okay.

好的。

Thanks for the color.

謝謝你的顏色。

We have reached the end of our question and answer session.

我們的問答環節已經結束。

I would like to turn the call back over to management for closing remarks.

我想將電話轉回給管理階層，請他們作最後發言。

Thank you.

謝謝。

Thanks, everyone, for your interest.

謝謝大家的關注。

I leave you with one thought.

我留給你們一個想法。

Dogs teach us a very important lesson in life, the mailman is not to be trusted.

狗教會了我們人生中一個很重要的教訓：郵差是不值得信任的。

That's from Sean Ford to which I would add, but if the mailman carries fresh fat turkey bacon treats, he will be most loved and anticipated visitor you could have.

這是 Sean Ford 的說法，我想補充一下，但如果郵遞員帶著新鮮的肥火雞培根零食，他將是你最喜愛和最期待的訪客。

Thank you very much for your interest.

非常感謝您的關注。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開您的線路，感謝您的參與。