Freshpet Inc (FRPT) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Freshpet second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Freshpet 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Rachel Ulsh, Vice President, Investor Relations for Freshpet. Thank you. You may begin.

現在，我想將會議交給主持人、Freshpet 投資者關係副總裁 Rachel Ulsh。謝謝。你可以開始了。

Good morning, and welcome to Freshpet's second quarter 2025 earnings call and webcast. On today's call are Billy Cyr, Chief Executive Officer, and Todd Cunfer, Chief Financial Officer. Nicky Baty, Chief Operating Officer, will also be available for Q&A.

早安，歡迎參加 Freshpet 2025 年第二季財報電話會議和網路廣播。參加今天電話會議的有執行長 Billy Cyr 和財務長 Todd Cunfer。營運長 Nicky Baty 也將參加問答環節。

Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements related to our prospects and plans for growth, efficiencies of Ennis operations, timing and impact of new technology, capital spending, adequacy of capacity, expectations to be free cash flow positive in 2026 and our outlook for 2025 and long term.

在我們開始之前，請記住，在本次電話會議期間，管理層可能會根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述。其中包括與我們的成長前景和計劃、恩尼斯營運的效率、新技術的時機和影響、資本支出、產能充足性、2026 年自由現金流為正的預期以及我們對 2025 年及長期的展望相關的聲明。

They involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made today, including those associated with these statements and those discussed in our earnings press release and in our most recent filings with the SEC, including our 2024 Annual Report on Form 10-K, which are all available on our website.

它們涉及風險和不確定性，可能導致實際結果與今天做出的任何前瞻性陳述存在重大差異，包括與這些陳述相關的陳述以及我們的收益新聞稿和我們最近向美國證券交易委員會提交的文件中討論的陳述，包括我們 2024 年 10-K 表年度報告，這些都可以在我們的網站上找到。

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.

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。雖然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，但這些資訊的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務資訊。

Please refer to today's press release for how management defines such non-GAAP measures, why management believes such non-GAAP measures are useful. A reconciliation of the non-GAAP financial measures to the most comparable measures compared in accordance with GAAP and limitations associated with such non-GAAP measures.

請參閱今天的新聞稿，以了解管理階層如何定義此類非 GAAP 指標，以及管理階層為何認為此類非 GAAP 指標是有用的。將非公認會計準則 (GAAP) 財務指標與依照 GAAP 比較的最具可比性的指標進行調節，並考慮與此類非公認會計準則 (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. 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 as a summary of the results and guidance they will discuss today.

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。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上的演示，而是作為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. The message I would like you to take away from today's call is that against the backdrop of subdued dog food category demand Freshpet's growth continues to significantly outperform the category, and we are driving the operational improvements in capital efficiencies necessary to deliver our long-term margin and free cash flow target even if the current economic constraints persist.

謝謝你，Rachel，大家早安。我希望您從今天的電話會議中得到的信息是，在狗糧類別需求低迷的背景下，Freshpet 的增長繼續顯著超過該類別，並且我們正在推動資本效率的運營改進，即使當前的經濟限制持續存在，這也是實現長期利潤率和自由現金流目標所必需的。

Freshpet is a growth company, and we expect to continually deliver outsized growth. We are also a very nimble company, one that has a long track record of adapting to changing environments. Looking back over the past six-plus months, it is now apparent that the dog food category has faced a sizable headwind for the first time in years.

Freshpet 是一家成長型公司，我們期望持續實現超額成長。我們也是一家非常靈活的公司，長期以來一直致力於適應不斷變化的環境。回顧過去六個多月，現在顯然狗糧類別多年來首次面臨巨大的阻力。

We have seen economic uncertainty, result in consumers hesitating to trade up their dog food, defer well visits to the vet decline medical treatments for their pets and defer getting a new dog or replacing a recently deceased dog, return to office mandates and the high cost of housing has not helped either.

我們已經看到經濟的不確定性，導致消費者不願更換狗糧，推遲去看獸醫，拒絕為寵物進行醫療，推遲飼養新狗或更換最近去世的狗，重返辦公室的規定和高昂的住房成本也沒有起到什麼幫助作用。

This has resulted in declining growth rates for most leading pet food brands, including the leading DTC brands. The effect has been most pronounced amongst dogs as opposed to cats as cancer typically lower maintenance and lower cost, making them a relatively attractive pet to have in times like these.

這導致大多數領先的寵物食品品牌（包括領先的 DTC 品牌）的成長率下降。與貓相比，這種影響在狗身上表現得最為明顯，因為癌症患者通常維護成本較低且費用較低，這使得它們在這種時候成為一種相對有吸引力的寵物。

The current environment has challenged our ability to grow at the same rates as the past several years. To adapt to that, we have modified our plans and put in place what we believe are the necessary drivers to reaccelerate our net sales growth, which I'll review in a few minutes, and we've seen some early encouraging signs.

當前的環境對我們保持過去幾年相同速度的成長能力提出了挑戰。為了適應這種情況，我們修改了計劃，並實施了我們認為重新加速淨銷售額成長所必需的驅動因素，我將在幾分鐘後進行回顧，我們已經看到了一些早期令人鼓舞的跡象。

We're also increasing the intensity of our focus on the things that we can control, so that no matter how long it takes for the economic climate to improve, we can still deliver strong financial results. We've made tremendous progress in our operations and are quite bullish about our long-term prospects for the potential margins, profit, and cash generation of the business.

我們也加大了對我們能夠控制的事情的關注力度，這樣無論經濟環境需要多長時間才能改善，我們仍然可以實現強勁的財務表現。我們的營運取得了巨大進步，並且對業務的潛在利潤率、利潤和現金創造的長期前景非常樂觀。

Our focus on operating improvements has driven the healthy improvement in our adjusted gross margin. But more importantly, those efforts, in combination with new technologies we have developed will enable us to significantly reduce our CapEx and while still expanding our manufacturing capacity to meet our long-term demand. As a result, today, we are lowering our CapEx estimates for 2025 and 2026 by a total of at least $100 million.

我們對營運改善的關注推動了調整後毛利率的健康提升。但更重要的是，這些努力與我們開發的新技術相結合，將使我們能夠大幅降低資本支出，同時仍擴大我們的製造能力以滿足我們的長期需求。因此，今天，我們將 2025 年和 2026 年的資本支出預估總共下調至少 1 億美元。

While the operational progress we've made has touched virtually every aspect of our operations, some of the most significant achievements are - one, Ennis has become our most profitable plan.

雖然我們所取得的營運進展幾乎涉及到我們營運的各個方面，但其中一些最重要的成就是 - 第一，Ennis 已成為我們最賺錢的計劃。

This happened sooner than we had planned and is the result of strong leadership at that site and a testament to the vision and thoughtfulness that went into the design of that kitchen. It is evidence that we've been able to convert our operating experience into continual improvements that will ideally put us well ahead of any potential competitor in our mastery of Freshpet food manufacturing.

這件事比我們計劃的還要早，這是現場強有力領導的結果，也是廚房設計的遠見和周到的證明。這證明我們已經能夠將我們的營運經驗轉化為持續的改進，這將使我們在 Freshpet 食品製造領域遠遠領先於任何潛在競爭對手。

Further, because Ennis is expected to provide more than 50% of our production volume within the next two years, its productivity advantages will have a greater and greater impact on the company's total profits over time.

此外，由於預計未來兩年內 Ennis 將提供我們 50% 以上的產量，因此其生產力優勢將隨著時間的推移對公司的總利潤產生越來越大的影響。

Second, development of new production technologies. We have previously indicated that we have created a new way to make our bag products and expect to start up our first new production scale line with that new technology in Q4 of this year.

二是開發新的生產技術。我們之前曾表示，我們已經創造了一種生產包袋產品的新方法，並預計將在今年第四季度使用該新技術啟動我們的第一條新生產線。

If it works as we expected to, we believe it will deliver a higher quality product at lower cost through increased yields and throughput. It is the potential to significantly narrow the gap between the margins we make on our roles and on our bags and this technology could potentially be the basis for new bag lines going forward.

如果它能像我們預期的那樣發揮作用，我們相信它將透過提高產量和產量以更低的成本提供更高品質的產品。它有可能大幅縮小我們在角色和行李上所賺取的利潤之間的差距，而這項技術有可能成為未來新行李生產線的基礎。

Additionally, we've recently developed a light version of the same technology that can deliver many, but not all of the same benefits and could be retrofitted to our existing lines at relatively low cost with minimal disruption. We plan to test the light version on one of our existing bag lines in the first half of 2026 and it could be reapplied to several of our other bag lines by the end of 2027, if successful.

此外，我們最近開發了相同技術的輕量級版本，它可以提供許多（但不是全部）相同的好處，並且可以以相對較低的成本改裝到我們現有的生產線上，並且幹擾最小。我們計劃在 2026 年上半年在我們現有的一條行李生產線上測試輕量級版，如果成功的話，它可以在 2027 年底之前重新應用於我們的其他幾條行李生產線。

The pilot test runs in this technology indicate that it will work and would enable us to deliver more capacity per line from our already installed production base.

該技術的試點運作表明它將發揮作用，並使我們能夠從已安裝的生產基地為每條生產線提供更多的產能。

And number three, ability to reduce capital spending by a combined total of at least $100 million in 2025, 2026, we've made exceptional progress at improving our throughputs, yields and operating effectiveness and that is enabling us to get more output from the existing lines and staffing, leading to lower quality costs and improving margins.

第三，我們有能力在 2025 年和 2026 年總共減少至少 1 億美元的資本支出，我們在提高產量、產量和營運效率方面取得了顯著進展，這使我們能夠從現有生產線和人員中獲得更多產出，從而降低品質成本並提高利潤率。

In combination with our new technologies, we now believe that we can defer at least $100 million in CapEx from 2025, 2026 and still meet the demand we expect to generate for the foreseeable future. This reduction in CapEx will have a direct impact on our cash flow to make the business much less capital intensive for the next few years.

結合我們的新技術，我們現在相信，我們可以從 2025 年、2026 年推遲至少 1 億美元的資本支出，並且仍然能夠滿足我們預計在可預見的未來產生的需求。資本支出的減少將對我們的現金流量產生直接影響，從而降低未來幾年業務的資本密集度。

To be clear, some of this reduction is the result of slowing demand we've seen so far this year, but the remainder of the reduction is due to the improved operating efficiencies and new technologies we expect to implement over the next two years.

需要明確的是，部分減少是由於今年迄今為止我們看到的需求放緩，但其餘減少是由於營運效率的提高和我們預計在未來兩年內實施的新技術。

We are very proud of our team for its ability to adapt to the current environment and still deliver such exceptionally strong performance, which provides the foundation for even greater financial and strategic advantages. We pioneered this category and fully intend to maintain our advantages as the category grows, matures, and attracts new competition.

我們為我們的團隊能夠適應當前環境並仍然提供如此強勁的業績感到非常自豪，這為更大的財務和策略優勢奠定了基礎。我們是這一類別的先驅，並打算隨著該類別的發展、成熟和吸引新的競爭而保持我們的優勢。

With this strong footing, we are in a very good position to drive the growth of Freshpet. As you know, this has been a particularly challenging year on the top line, something that has typically not been an issue for us. Our media model has driven strong and predictable growth for a very long time and the performance we saw earlier this year caused many to question it or if we had saturated our TAM. Our data suggests that neither is true, i.e., our media model is, in fact, still working, and we still have a large and untapped TAM.

憑藉這一堅實基礎，我們處於非常有利的位置來推動 Freshpet 的發展。如您所知，今年對我們的營收來說是特別具有挑戰性的一年，而這對我們來說通常不是什麼問題。我們的媒體模式長期以來一直推動著強勁且可預測的成長，而我們今年稍早看到的表現讓許多人質疑它，或者我們是否已經飽和了我們的 TAM。我們的數據表明，這兩種說法都不正確，也就是說，我們的媒體模式實際上仍然有效，而且我們仍然擁有龐大且尚未開發的 TAM。

We are growing across all channels, income groups and generations. The sales growth is just not as robust as we would like it to be today. We believe our growth rate versus a year ago has now stabilized, and we are encouraged by some green shoots.

我們在各個管道、各個收入群體和各個世代都實現了成長。目前的銷售成長並不像我們所希望的那樣強勁。我們相信，與去年同期相比，我們的成長率現已穩定下來，一些復甦的跡象令我們感到鼓舞。

However, given that we have not seen a greater increase in our year-over-year net sales growth yet, we believe it's prudent to adjust our net sales guidance for the year. Our updated guidance assumes the macroeconomic environment stays relatively the same and that we execute our plans, focusing on areas that are in our control.

然而，鑑於我們尚未看到同比淨銷售額有更大成長，我們認為調整今年的淨銷售預期是明智之舉。我們更新後的指導假設宏觀經濟環境保持相對不變，並且我們執行計劃，重點關注我們能夠控制的領域。

The three key areas we are most concentrated on are first, marketing. We've updated advertising on air that better explains the difference that fresh food can make and planning to launch another media campaign later this month that we believe will help drive greater household penetration.

我們最關注的三個關鍵領域是：第一，行銷。我們更新了廣播廣告，更好地解釋了新鮮食品所能帶來的不同，並計劃在本月晚些時候推出另一項媒體活動，我們相信這將有助於提高家庭滲透率。

We have also shifted marketing dollars to other channels like digital, social, and connected TV, where we've been underdeveloped previously, and we can be more targeted with MVPs.

我們也將行銷資金轉移到數位、社群和連網電視等其他管道，這些管道我們以前開發不足，因此我們可以更有針對性地推出 MVP。

Second, distribution expansion. We are working on greater visibility in value channels, such as club and mass, expanding our small DTC business called Freshpet Custom Meals as well as several other opportunities.

二是拓展分銷通路。我們正在努力提高俱樂部和大眾等價值管道的知名度，擴大我們名為 Freshpet Custom Meals 的小型 DTC 業務以及其他一些機會。

Digital orders, which we previously referred to as e-commerce, continue to have outsized growth and were up 40% in the second quarter. Digital now accounts for 13% of our sales. Our revised top line guidance also incorporates a much greater level of certainty on our expansion within the club channel specifically.

數位訂單（我們之前稱之為電子商務）繼續保持超額成長，第二季成長了 40%。目前，數位行銷占我們銷售額的 13%。我們修訂後的營收指引也對我們在俱樂部通路內的擴張更加確定。

As of last week, we've expanded our test in a leading club retailer and are now in 125 stores and we are optimistic we will be in more stores later this year. Other customers have also committed to adding second fridges and have expressed interest in testing some of the island fridges we previously shared sometime later this year or early next year.

截至上週，我們已在一家領先的俱樂部零售商中擴大了測試範圍，目前已覆蓋 125 家商店，我們樂觀地認為今年晚些時候我們將在更多商店中進行測試。其他客戶也承諾添加第二台冰箱，並表示有興趣在今年稍後或明年年初測試我們之前分享的一些島式冰箱。

Third, value-focused products. We are launching a new complete nutrition bag product and rolling out new multipacks and bundles of roles in bags, both online and in store later this year. These will be available in select retailers.

第三，注重價值的產品。我們將於今年稍晚在網路和實體店推出一款全新全營養袋產品，並推出新的多包裝和袋裝套裝。這些產品將在指定零售店有售。

Now I'd like to briefly provide some highlights from the second quarter. Second quarter net sales were $264.7 million up 12.5% year-over-year primarily driven by volume growth, consumption growth due to a small shift in orders from the end of June to early July.

現在我想簡要介紹一下第二季的一些亮點。第二季淨銷售額為 2.647 億美元，年增 12.5%，主要原因是 6 月底至 7 月初訂單略有轉變，導致銷售成長和消費成長。

Adjusted gross margin in the second quarter was 46.9% compared to 45.9% in the prior year period. Adjusted EBITDA in the second quarter was $44.4 million, up approximately $9 million or 26% year-over-year.

第二季調整後毛利率為46.9%，去年同期為45.9%。第二季調整後 EBITDA 為 4,440 萬美元，年增約 900 萬美元，增幅為 26%。

From a category perspective, we continue to be the number one dog food brand in US food with a 95% market share within the gently fresh, frozen branded food dog segment in Nielsen Brick and Mortar customers, defined as XAOC plus Pet.

從類別角度來看，我們繼續成為美國食品業第一大狗糧品牌，在尼爾森實體店客戶的輕鮮冷凍品牌狗糧領域（定義為 XAOC plus Pet）佔有 95% 的市場份額。

We compete in the $54 billion US pet food category for Nielsen Omni-Channel data for the 52 weeks ended 6, 28, 25 and we have only a 3.6% market share within the $37 billion US Dog Food and Treats segment.

根據截至 6 月 28 日、25 日的 52 週尼爾森全通路數據，我們在價值 540 億美元的美國寵物食品類別中競爭，而在價值 370 億美元的美國狗糧和零食領域，我們僅佔有 3.6% 的市場份額。

From a retail standpoint, our products are now in 29,141 stores 24% of which have multiple fridges in the US, and we expect that percentage to continue to grow as we focus on adding second and third fridges in the highest velocity stores.

從零售角度來看，我們的產品目前在美國 29,141 家商店銷售，其中 24% 的商店擁有多台冰箱，我們預計，隨著我們專注於在銷售速度最快的商店中增加第二台和第三台冰箱，這一比例將繼續增長。

We ended the second quarter with 37,985 fridges or more than 2 million cubic feet of retail space with an average of 20.8 SKUs in distribution. Our percent ACV in grocery, where we're the dog food market leader was 79% at quarter end and in xAOC, only 68%.

截至第二季末，我們擁有 37,985 台冰箱，零售空間超過 200 萬立方英尺，平均分銷 20.8 個 SKU。在食品雜貨領域，我們是狗糧市場的領導者，本季末我們的 ACV 百分比為 79%，而在 xAOC 領域，僅為 68%。

Discussions with retail customers continue to be very positive as they recognize the growth in the category has been and we believe will continue to be led by Freshpet food.

與零售客戶的討論繼續非常積極，因為他們認識到該類別的成長已經並且我們相信將繼續由 Freshpet 食品引領。

Household penetration as of June 29, was 14.4 million households, up 11% year-over-year and total buy rate was $110, up 6% year-over-year. Our heaviest users, where we refer to as MVPs are growing even faster and totaled 2.2 million of those households, up 18% year-over-year. MVPs represented 70% of our sales in the latest 12 months with an average buy rate of $501.

截至 6 月 29 日，家庭普及率為 1,440 萬戶，年增 11%，總購買率為 110 美元，年增 6%。我們最重度的用戶（我們稱之為 MVP）的成長速度更快，總計有 220 萬戶家庭，比去年同期成長 18%。在過去 12 個月中，MVP 占我們銷售額的 70%，平均購買率為 501 美元。

Turning to capacity. As I mentioned earlier, we are expanding capacity to keep up with demand and are able to push out capital expenditures because of the progress we've made operationally. Our operating efficiencies, particularly in Ennis, are well ahead of our glide path and that frees up significant capacity with no incremental capital.

轉向容量。正如我之前提到的，我們正在擴大產能以滿足需求，由於我們在營運方面取得的進展，我們能夠增加資本支出。我們的營運效率，特別是在恩尼斯的營運效率，遠遠超出了我們的下滑路徑，並且在沒有增加資本的情況下釋放了大量產能。

We currently have 15 lines across our manufacturing footprint with an additional bag line expected to commence production in the fourth quarter this year. As I said earlier, this new bag line will be the first time we are testing our new technology at scale, not just at a pilot plant level, but we are very encouraged by its potential.

目前，我們的製造基地共有 15 條生產線，預計今年第四季還將有一條袋子生產線投入生產。正如我之前所說，這條新的包裝生產線將是我們首次大規模測試新技術，而不僅僅是在中試工廠層面，但我們對它的潛力感到非常鼓舞。

Now turning to our outlook. For fiscal year 2025, we now expect net sales growth of 13% to 16% year-over-year. We are reiterating our adjusted EBITDA guidance of $190 million to $210 million and now expect capital expenditures of approximately $175 million. Todd will walk through more details of our 2025 guidance in a few minutes.

現在轉向我們的展望。對於 2025 財年，我們預計淨銷售額將年增 13% 至 16%。我們重申調整後的 EBITDA 指引為 1.9 億美元至 2.1 億美元，目前預計資本支出約 1.75 億美元。幾分鐘後，托德將詳細介紹我們的 2025 年指導方針。

In regard to our long-term outlook, today, we are removing the $1.8 billion net sales target and the related 20 million household target in fiscal year 2027. The sizable reduction in the category growth rate and new pet additions have made it increasingly difficult to maintain our previously projected rate of growth, so we believe it is prudent to remove those targets.

關於我們的長期展望，今天，我們取消了 2027 財年 18 億美元的淨銷售額目標和相關的 2,000 萬戶家庭目標。類別成長率的大幅下降和新寵物的增加使得我們越來越難以維持先前預測的成長率，因此我們認為取消這些目標是明智之舉。

To be clear, we do expect to grow at a rate well in excess of the category, thus increasing our market share. We have a large and growing TAM and believe it will provide many years of sustained growth.

需要明確的是，我們確實希望以遠超過同類產品的速度成長，從而增加我們的市場份額。我們擁有龐大且不斷成長的 TAM，並相信它將帶來多年的持續成長。

Additionally, our strong operating performance has given us increased confidence in our ability to deliver our 48% adjusted gross margin and 22% adjusted EBITDA margin targets in 2027 and even without the benefits of the added scale as long as our sales volume growth remains at least in the teens. As a reminder, the new production technology was excluded from the long-term margin targets, which allows even more upside to margins if it works.

此外，強勁的營運表現使我們更有信心，即使沒有規模擴大的優勢，只要我們的銷售量成長至少保持在十幾個百分點，我們就有能力在 2027 年實現 48% 的調整後毛利率和 22% 的調整後 EBITDA 利潤率目標。需要提醒的是，新生產技術被排除在長期利潤目標之外，如果技術有效，利潤率將有更大的上升空間。

In summary, we believe we have an incredible opportunity to improve the lives of pets everywhere through the power of fresh, natural food, and we've not lost sight of that mission. We are taking actions to adapt to the current macro environment and our scale advantages make us better positioned now than ever to address those challenges.

總而言之，我們相信，我們擁有絕佳的機會，透過新鮮、天然的食物來改善世界各地寵物的生活，我們也沒有忘記這項使命。我們正在採取行動適應當前的宏觀環境，我們的規模優勢使我們比以往任何時候都更有能力應對這些挑戰。

We have a healthy balance sheet, solid operating performance, ample capacity, and we are a stronger organization than we were a few years ago. We've always been resilient and nimble and our scale today gives us the flexibility to lean into certain areas such as marketing, new technology and innovation to develop solutions to consumer uncertainty today while also expanding our competitive moat.

我們的資產負債表健康，經營績效穩健，產能充足，與幾年前相比，我們的組織更強大。我們始終具有韌性和靈活性，如今的規模使我們能夠靈活地向行銷、新技術和創新等某些領域靠攏，以開發解決當今消費者不確定性的解決方案，同時擴大我們的競爭優勢。

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

現在，讓我將話題交給托德，讓他詳細介紹第二季的業績和我們最新的指導。托德？

Thank you, Billy, and good morning, everyone. The second quarter results demonstrated strong operational effectiveness and profitability improvement but were slightly below our expectations on sales. Now I'll give you some more color on our financials and updated guidance.

謝謝你，比利，大家早安。第二季的業績顯示出強勁的營運效率和獲利能力改善，但銷售額略低於我們的預期。現在我將向您詳細介紹我們的財務狀況和最新指導。

Second quarter net sales were $264.7 million, up 12.5% year-over-year. Volume contributed 10.8% growth, and we had positive price mix of 1.7%, primarily driven by mix. We saw a broad-based consumption growth across channels. For Nielsen-measured dollars, we saw a 13% growth in XAOC, 13% in total US Pet Retail plus, 12% in US Food and 6% growth in Pet Specialty.

第二季淨銷售額為 2.647 億美元，年增 12.5%。銷量貢獻了 10.8% 的成長，價格組合為正 1.7%，這主要受組合推動。我們看到各個通路的消費普遍成長。以尼爾森衡量的美元計算，我們發現 XAOC 增加了 13%，美國寵物零售總額增加了 13%，美國食品成長了 12%，寵物專賣店增加了 6%。

Consumption growth in the quarter was approximately 14% and However, we saw a slight shift in timing of orders from the end of June to early July that impacted net sales growth by about 1 point.

本季消費成長約 14%，然而，我們發現訂單時間從 6 月底到 7 月初略有變化，這對淨銷售額成長產生了約 1 個百分點的影響。

Second quarter adjusted gross margin was 46.9% compared to 45.9% in the prior year period. The 100 basis point increase was driven by lower input costs as a result of higher yields and leverage from our Chicken processing facility and reduced quality costs, partially offset by reduced leverage on plan expenses.

第二季調整後毛利率為 46.9%，去年同期為 45.9%。100 個基點的成長是由於我們的雞肉加工廠的產量和槓桿率提高以及品質成本降低導致的投入成本降低，但計劃費用槓桿率的降低部分抵消了這一增長。

Second quarter adjusted SG&A was 30.1% of net sales compared to 31.0% in the prior year period. This decrease was primarily due to lower variable compensation accrual partially offset by increased media as a percentage of net sales.

第二季調整後的銷售、一般及行政費用佔淨銷售額的 30.1%，去年同期為 31.0%。這一下降主要是由於可變薪酬應計額降低，但被媒體佔淨銷售額的百分比增加部分抵消。

We spent 15% of net sales on media in the quarter, up from 12.2% of net sales in the prior year period. Logistics costs were 5.7% of net sales in the quarter compared to 5.8% in the prior year period.

本季度，我們將 15% 的淨銷售額用於媒體，高於去年同期的 12.2%。本季物流成本佔淨銷售額的 5.7%，去年同期為 5.8%。

Second quarter adjusted EBITDA was $44.4 million compared to $35.1 million in the prior year period. This improvement was primarily driven by higher gross profit partially offset by higher adjusted SG&A expenses.

第二季調整後的 EBITDA 為 4,440 萬美元，而去年同期為 3,510 萬美元。這項改善主要得益於更高的毛利，但調整後的銷售、一般及行政費用 (SG&A) 有所增加，部分抵消了這一增長。

Capital spending for the second quarter was $33.4 million, while operating cash flow was $33.9 million and we had cash on hand of $243.7 million at the end of the quarter. We are confident in our ability to be free cash flow positive in 2026 and intend to utilize our balance sheet to support our growth going forward.

第二季的資本支出為 3,340 萬美元，而經營現金流為 3,390 萬美元，季末我們手頭上有 2.437 億美元。我們有信心在 2026 年實現自由現金流為正，並打算利用我們的資產負債表來支持我們未來的成長。

Now turning to guidance for 2025. As Billy said earlier, we now expect net sales growth of 13% to 16% compared to our previous guidance of 15% to 18% growth year-over-year. We are assuming the macro environment and consumer uncertainty stays relatively the same and have adapted our strategy to reaccelerate growth.

現在轉向 2025 年的指導。正如比利之前所說，我們現在預計淨銷售額將成長 13% 至 16%，而我們先前預測的年成長率為 15% 至 18%。我們假設宏觀環境和消費者不確定性保持相對不變，並調整了我們的策略以重新加速成長。

In terms of cadence, we expect a sequential increase in net sales per quarter. We invested more heavily in media in the second quarter to drive household penetration growth in the second half, we will be launching a new marketing campaign later this month, adding more value-oriented offerings in the fall and expect to increase distribution throughout the remainder of the year, including our expanded test in the club channel.

就節奏而言，我們預計每季淨銷售額將持續成長。我們在第二季度加大了對媒體的投資，以推動下半年家庭滲透率的成長，我們將在本月稍後推出一項新的行銷活動，在秋季增加更多以價值為導向的產品，並預計在今年剩餘時間內增加分銷，包括在俱樂部通路擴大測試。

We continue to expect adjusted EBITDA in the range of $190 million to $210 million. For cadence, we expect adjusted EBITDA to be back half weighted with sequential adjusted EBITDA dollar and margin improvement throughout the rest of the year.

我們繼續預期調整後的 EBITDA 在 1.9 億美元至 2.1 億美元之間。就節奏而言，我們預計調整後的 EBITDA 將回落一半，今年剩餘時間內調整後的 EBITDA 美元數和利潤率將有所改善。

Media as a percent of sales is expected to be greater than 2024, and however, we are monitoring the spend closely and will pull back if we are not seeing the returns. We still anticipate modest adjusted gross margin expansion year-over-year driven by operational improvements and do not anticipate any material inflation or pricing actions. In regard to tariffs, we are currently seeing a small impact on vegetables sourced from Europe and spare parts and mitigating them where we can.

媒體佔銷售額的百分比預計將高於 2024 年，但是，我們正在密切監控支出，如果沒有看到回報，我們就會撤回支出。我們仍然預計，受營運改善的推動，調整後的毛利率將同比小幅擴大，並且不會出現任何實質性的通膨或定價行動。關於關稅，我們目前看到對來自歐洲的蔬菜和零件的影響很小，我們正在盡可能地減輕這些影響。

Capital expenditures are now projected to be approximately $175 million this year compared to our guidance last quarter of approximately $225 million and an original estimate of $250 million. Some impact from tariffs, particularly on the cost of steel for new construction and new equipment is included in the updated CapEx projection.

今年的資本支出預計約為 1.75 億美元，而我們上個季度的指導金額約為 2.25 億美元，最初的估計金額為 2.5 億美元。更新後的資本支出預測中涵蓋了關稅的一些影響，特別是對新建築和新設備的鋼材成本的影響。

The majority of our CapEx spend is focused on the installation of new capacity to support demand in the out years, but we are seeing greater capital efficiencies that are allowing us to reduce our spend both this year and next year. We anticipate 2026 CapEx will be the same or less than what we are spending in fiscal year '25, which gives us even more confidence in our ability to be free cash flow positive in 2026.

我們的大部分資本支出都集中在安裝新產能以滿足未來幾年的需求，但我們看到資本效率的提高，這使我們能夠減少今年和明年的支出。我們預計 2026 年的資本支出將與 25 財年的支出相同或更少，這使我們對 2026 年實現自由現金流為正的能力更有信心。

Based on today's guidance for 2025, it is evident that our ability to hit our 2027 net sales target is unlikely, so we believe it's prudent to formally remove the $1.8 billion target. We believe we will have industry-leading growth, and if we are able to maintain net sales growth in the teens on an annualized basis, we are confident in our ability to manage costs operate effectively and still achieve our long-term margin targets of 48% adjusted gross margin and 22% adjusted EBITDA margin.

根據今天對 2025 年的指導，很明顯我們不太可能實現 2027 年的淨銷售目標，因此我們認為正式取消 18 億美元的目標是明智之舉。我們相信我們將實現行業領先的成長，如果我們能夠保持年化淨銷售額增長十幾個百分點，我們有信心能夠有效管理成本運營，並實現 48% 調整後毛利率和 22% 調整後 EBITDA 利潤率的長期利潤目標。

In summary, while this year is not where we plan from a top line perspective, we are aggressively managing costs and are very pleased with our performance on the bottom line. By focusing on the areas of the business we can control, we are seeing operational efficiencies continuing to drive margin expansion and reduce capital requirements as we further build capacity.

總而言之，雖然從營收角度來看，今年的業績並未達到我們的預期，但我們正在積極管理成本，並且對獲利表現非常滿意。透過專注於我們能夠控制的業務領域，我們看到營運效率隨著我們進一步建立產能而繼續推動利潤率擴張並降低資本需求。

We are also further strengthening our competitive position via new, more efficient production technologies expanded distribution and operating expertise that is delivering greater consumer experiences at lower operating costs. We are building a stronger, more profitable business and believe we have a significant runway for growth.

我們也透過新的、更有效率的生產技術、擴大分銷和營運專業知識來進一步加強我們的競爭地位，以更低的營運成本提供更好的消費者體驗。我們正在打造更強大、更有利可圖的業務，並相信我們擁有巨大的成長空間。

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

我們的概述到此結束。我們現在很樂意回答您的問題。提醒一下，請您將問題集中在季度指引和公司營運上。操作員？

(Operator Instructions)

（操作員指示）

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

So curious on the path to 22% in 2027. It sounds like from a top line perspective, you kind of pre-empted that question, which is I guess, if the 13% to 16% that you're going to do this year in top line growth, if you do that, that's still sufficient to support 22%.

我對 2027 年達到 22% 的路徑非常好奇。從營收角度來看，您似乎已經搶先回答了這個問題，我想，如果您今年的營收成長率達到 13% 到 16%，那麼這仍然足以支持 22% 的成長。

My question is, are there -- can you help us with maybe the SG&A buckets, Todd, like what underlies that 22% within your OpEx? And is there any kind of a timing step up maybe with the new technologies that would make the path there may be heavier in '27 versus '26, just conceptually not looking for specific guidance, but -- that's my question.

我的問題是——托德，你能幫我們了解一下銷售、一般和行政費用 (SG&A) 方面的情況嗎，例如你的營運支出中 22% 的比例是多少？是否存在某種時間上的加快，也許新技術的出現會使 27 年的路徑比 26 年更加艱難，只是從概念上來說，並不尋求具體的指導，但是——這是我的問題。

Sure. As we've talked about, as long as we're in kind of the mid-teen’s growth over the next couple of years, we feel very good about the 48% and the 22%. The 48% -- look, we're going to be close to 47% this year. So we probably have a little -- some of these technologies kick in the way we think they're going to kick in over the next two years. There's likely some upside to that 48%, number 1.

當然。正如我們所討論的，只要我們在未來幾年內保持十幾歲左右的成長速度，我們就對 48% 和 22% 感到非常滿意。48%——你看，今年我們將接近 47%。因此，我們可能會有一點——其中一些技術將以我們認為的方式在未來兩年內發揮作用。第一，48% 可能還有一定的上升空間。

Number 2 is that sales growth in the teens will allow us to get significant G&A leverage. So we feel terrific about that. We probably have a little bit more to go on logistics. And then media will probably kind of stick with sales over the next couple of years. We'll see how it plays out, there could be a little upside in margin on media, but it's probably going to likely grow with sales.

第二點是十幾歲的銷售額成長將使我們獲得顯著的 G&A 槓桿。因此我們對此感到非常高興。我們在物流方面可能還需要做更多工作。未來幾年，媒體可能仍會繼續關注銷售。我們將觀察其如何發展，媒體利潤率可能會略有上升，但可能會隨著銷售額的成長而成長。

But I think the big upside is leverage both up in gross margin and leverage in SG&A is how we feel we can get to 22% with confidence.

但我認為最大的好處是毛利率和銷售、一般及行政費用槓桿率的提高，我們有信心達到 22%。

Peter, I just want to amplify two points in there. One is the operating performance we're having is so strong. It's what is driving that confidence in the 48%. The second piece is, as we said in the prepared remarks, the tech benefits from the new production technology are not factored into that target. And that's the basis for Todd's confidence in our ability to exceed the 48% if those technologies work out.

彼得，我只想強調其中的兩點。一是我們的經營業績非常強勁。這正是 48% 的人充滿信心的動力。第二點是，正如我們在準備好的評論中所說，新生產技術帶來的技術優勢並未計入該目標。這就是托德有信心如果這些技術成功的話我們能夠超越 48% 這一目標的基礎。

Brian Holland, D.A. Davidson.

布萊恩霍蘭德、D.A.戴維森。

So maybe just a clarifying point here, is the expectation that you've removed the net sales target, but you're sticking with the gross margin and EBITDA margin targets, predicated on, it sounds like, I guess, low to mid-teen growth.

因此，這裡可能只需要澄清一點，即預期您已經取消了淨銷售額目標，但您堅持毛利率和 EBITDA 利潤率目標，這聽起來像是基於低至中等的成長率。

So generally, where is your directionally guiding the market towards or how you expect to be judged through this cycle through '27.

那麼總體而言，您將引導市場走向何處，或者您預計在 27 年之前的這個週期中市場將如何被評判。

Yes. I mean, not specifically. What we're saying is to hit the 22% EBITDA margin probably requires us to be in that range that you just described. If we're -- if we would slow down to 10% or lower, getting that 22% would be very challenging just because of the lack of G&A leverage. So look, are we confident that we can be in that kind of range over the next few years?

是的。我的意思不是具體。我們所說的是，要達到 22% 的 EBITDA 利潤率可能需要我們處於您剛才描述的範圍內。如果我們 - 如果我們將其減慢至 10％ 或更低，那麼由於缺乏 G&A 槓桿，實現 22％ 的目標將非常具有挑戰性。那麼，我們是否有信心在未來幾年內達到這樣的範圍？

Look, we think we can be in double-digit growth. The question is just with the uncertainty right now, are we going to be closer to 10? Are we going to be closer to 20. So we're not giving specific guidance over the next few years. We'll probably come back at some point in time and do that.

看，我們認為我們可以實現兩位數的成長。問題是，鑑於目前的不確定性，我們是否會更接近 10？我們是不是要接近 20 了？因此我們不會針對未來幾年給予具體的指導。我們可能會在某個時間點回來做這件事。

But the assumption is if we can hit that low to mid-teens number, the 22% is very achievable.

但假設我們能夠達到這個低到中等的數字，那麼 22% 是非常可以實現的。

Okay. And then maybe just kind of asking about the dynamics between household penetration and buy rate. I think the implied media per household looks not quite as bad as feared, but the buy rate did slow a bit. So it seems like you are acknowledging some pressures with trying to attract new households and that seems to be weighing on the trend in household penetration.

好的。然後也許只是詢問家庭滲透率和購買率之間的動態關係。我認為每戶隱含媒體數量看起來沒有人們擔心的那麼糟糕，但購買率確實有所放緩。因此，看起來您承認在吸引新家庭方面存在一些壓力，而且這似乎對家庭滲透率的趨勢產生了影響。

But on buy rate I guess I would have assumed that the buy rate would do better if the household penetration was slowing at the rate of.

但就購買率而言，我想，如果家庭滲透率以這樣的速度放緩，那麼購買率就會更好。

So maybe just comment on what exactly you're seeing there. Is this -- is this a byproduct of the more vulnerable consumer within your household penetration that may be switching with elevated promotion in the category. What are you seeing that's weighing on the buy rate right now?

因此也許只是評論一下您在那裡到底看到了什麼。這是不是隨著該類別促銷活動的增加，家庭滲透中較脆弱的消費者可能會轉變的副產品？您認為目前哪些因素影響了購買率？

So first of all, the buy rate is right now for the reason you cited is running above -- the growth rate is a little bit above what our long-term sustaining growth rate is on the buy rate in part because of the growth in household penetration is not what it used to be. So mathematically, it works out that way.

首先，由於您提到的原因，目前的購買率高於我們的長期維持成長率，部分原因是家庭滲透率的成長不如以前。從數學上來說，它就是這樣運作的。

Clearly, there is an impact of consumers not being willing to trade up. As much as they have in the past. And that implies not just moving from their dry dog food to a product like Freshpet but also it implies moving within our platform from more of the lower cost items that are lined up to the higher cost items.

顯然，消費者不願意升級消費，這會產生影響。就像他們過去所做的一樣。這不僅意味著從乾狗糧轉向 Freshpet 之類的產品，還意味著在我們的平台內從更多低成本商品轉向更高成本商品。

Now we say that, I just want to be clear, there's a lot of different consumers and a lot of different behavior out there. One of our fastest-growing parts of our lineup right now is our Home Style Creations, which is our most expensive product in our lineup.

現在我們這麼說，我只是想明確一點，有很多不同的消費者和很多不同的行為。目前，我們產品線中成長最快的部分之一是 Home Style Creations，它是我們產品線中最昂貴的產品。

And so there are some really nice green shoots that we're seeing when you find consumers who are looking to make a change or trade up in their products, it's just how many of them are that are out there.

因此，當你發現消費者希望做出改變或升級他們的產品時，我們會看到一些非常好的復甦跡象，而這只是其中有多少人存在而已。

Bill Chappell, Truist Securities.

Truist Securities 的 Bill Chappell。

Just a question or a thought on this household penetration now is 11%. And I don't know if the current environment changes your thought of where that can be in terms of -- I understand you're saying consumers aren't trading up like they used to be, but is there a point of maybe we're starting to tap out the number of consumers that will buy the high end or super high-end super premium dog food.

我有一個問題或想法，現在這個家庭滲透率是 11%。我不知道當前的環境是否會改變您的想法——我明白您說消費者不再像以前那樣消費了，但是我們是否可能開始挖掘出願意購買高端或超高端超優質狗糧的消費者數量。

So I'm just trying to understand, does that change your thought -- do you think there's anything else going on with the slowdown? Household penetration seems to be kind of the key metric and just didn't know if you changed your ceiling outlook for it?

所以我只是想了解，這是否會改變您的想法——您認為經濟放緩還有其他原因嗎？家庭普及率似乎是關鍵指標，只是不知道您是否改變了它的上限前景？

This is Nicky. Our household penetration, we've done a lot of work recently on what we believe our TAM, our total addressable market can be for the future. And within that, we've also looked to where our brand positioning is and how strong we believe our proposition is to grow into that TAM.

這是尼基。我們最近針對家庭滲透率、我們對未來總可尋址市場 (TAM) 的預期做了很多工作。在此基礎上，我們也研究了我們的品牌定位，以及我們認為我們的主張在多大程度上能夠發展成為 TAM。

So when we take a step back and look at it, we've got around 14 million, 14.5 million households at the moment, we still believe we've got tremendous runway to around a mid-30s total addressable market goals, and then within that, we've done a lot of work on these MVPs, these most valuable pet parents that we're really going after.

因此，當我們退後一步來看時，我們目前擁有大約 1400 萬到 1450 萬個家庭，我們仍然相信我們擁有巨大的發展空間，可以實現 35% 左右的總可尋址市場目標，然後在這個範圍內，我們在這些 MVP 上做了很多工作，這些是我們真正追求的最有價值的寵物父母。

And we're still very nascent, I would say, in our journey to grabbing those consumers that are very interested in our brands, so we've got some goals out there, whereby we believe over the time we can go from just over 2 million MVPs to around 7 million MVPs that have a very high level of interest in a fresh, less process healthy, strong premium brand proposition.

我想說，我們在吸引那些對我們的品牌非常感興趣的消費者方面仍處於起步階段，因此我們有一些目標，我們相信隨著時間的推移，我們可以從 200 多萬 MVP 增加到 700 萬左右 MVP，這些 MVP 對新鮮、流程更少、健康、強大的高端品牌主張有著非常高的興趣。

I think the other point maybe to build on is our MVPs are actually already in the category. So the other piece of work we've also looked at is -- within those MVPs, we've actually got 90% already in the category today. So by going after more MVPs, we become a little bit less dependent on that category growth rate for the future.

我認為另一個可能要考慮的點是我們的 MVP 實際上已經屬於該類別了。因此，我們也研究的另一項工作是——在這些 MVP 中，我們今天實際上已經獲得了 90% 的 MVP。因此，透過追求更多的 MVP，我們未來對該類別成長率的依賴就會減少一些。

And then, Todd, one question on the variable commentary. Was it just a lower accrual this quarter, and I assume for the remainder of the year? Or was there a reversal? Just trying to understand, did that have where things get versus kind of your internal expectations?

然後，托德，關於變數評論有一個問題。是本季的應計金額較低，而且我猜今年剩餘時間的應計金額也會較低？或者說出現了逆轉？只是想了解一下，事情的發展是否符合你的內在期望？

Yes. No reversal. We're -- we had a super strong year last year and obviously had a very high incentive comp payout. We are trending lower this year. So it's just a year-over-year delta.

是的。沒有逆轉。去年，我們的業績表現非常強勁，而且顯然我們的激勵薪資支出也非常高。今年我們的趨勢是下降的。所以這只是同比的增幅。

No reversal.

沒有逆轉。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

I was hoping you could just go maybe a little bit deeper on back half plans to drive demand and what will be different from what we've seen year-to-date. I guess within that, maybe drill a little bit into how big a role the push on value will play.

我希望您能更深入地談談下半年推動需求的計劃，以及與今年迄今為止的情況有何不同。我想，在這其中，也許可以深入探討推動價值將發揮多大的作用。

And then also any thoughts around competition, both indirect and direct. I think Blue Buffalos upcoming launch is top of mind for many investors. To the extent that, that's impacted your plans, that would be helpful to understand as well.

然後還有關於競爭的任何想法，包括間接競爭和直接競爭。我認為 Blue Buffalos 即將推出的產品是許多投資者最關心的問題。在某種程度上，這會影響你的計劃，理解這一點也會有所幫助。

Yes. Thanks, Steve. I'll start, and then Nicki will fill in some more thoughts. But First of all, as we think about the back half, the big drivers are going to be the drivers that we've historically leaned on pretty heavily, which is advertising, but with a different message we actually have a different message on air today, and we have a new campaign coming in than can give you a little bit more color on what that's all about.

是的。謝謝，史蒂夫。我先開始，然後 Nicki 會補充一些想法。但首先，當我們考慮後半部分時，主要的驅動力將是我們過去非常依賴的驅動力，即廣告，但透過不同的訊息，我們今天實際上在播出不同的訊息，並且我們即將開展一項新的活動，可以讓您更清楚地了解這一切的意義。

The second is expanded distribution you heard in the prepared remarks, we've expanded significantly the club store test that we've been describing in the past. We're now in 125 of those stores and we feel good about what's coming behind that. So that's factored into our expectations for the balance of the year.

第二個是擴大分銷，正如您在準備好的發言中所聽到的，我們大大擴展了我們過去一直在描述的俱樂部商店測試。目前，我們的業務已涵蓋其中的 125 家商店，我們對未來的發展充滿信心。所以這已經考慮到了我們對今年餘額的預期。

The third part is the product innovation that we described last quarter. The complete nutrition product that is a bag version of the role we launched a year ago. That is not yet in any of our numbers. It's going to show up in roughly September, October.

第三部分是我們上個季度描述的產品創新。我們一年前推出的袋裝版本的完整營養產品。我們的數據中還沒有出現這種情況。它大約會在九月或十月出現。

So it's not going to have a big impact this year. And we don't expect to have a big impact overall. It's really a driver of household penetration. It's an easier way to enter the franchise, and that's scheduled to roll out in September, October, but it's not a big contributor to the actual net sales this year. The bigger pieces will be the advertising and the retail availability expansions.

所以今年不會產生太大影響。我們預計總體上不會產生很大的影響。這確實是家庭普及率的一個推動因素。這是進入特許經營權的一種更簡單的方式，計劃於 9 月或 10 月推出，但對今年的實際淨銷售額貢獻不大。更大的部分將是廣告和零售可用性的擴展。

I don't know, Nicki, do you want to add to that?

我不知道，Nicki，你想補充嗎？

Great. Steve, the bit of color I would bring is that we've just got testing results for the new creative campaign, and we feel really good about where that's coming in at the moment. You will see us start to tell the next layer of the Freshpet story, much more going after our health credentials, and we think we're right on trend at the moment.

偉大的。史蒂夫，我想說的是，我們剛剛獲得了新創意活動的測試結果，我們對目前的進展感到非常滿意。您將看到我們開始講述 Freshpet 故事的下一層，更多地關注我們的健康資質，我們認為我們目前正處於潮流之中。

It's definitely with less processed food being a key focus for humans, and we feel that this is really a rich space for us. especially in kind of more of a clean label environment, too. So I think you'll see that coming through the back end of the year.

毫無疑問，少加工食品是人類關注的重點，我們覺得這對我們來說真的是一個豐富的空間。特別是在更清潔的標籤環境中。所以我認為你會在今年年底看到這一點。

The other part I would say on retail visibility is retail engagement is extremely strong. We're already ahead of our targets in terms of both new store, new fridges and also multiples when we look at this stage in the year with commitments that are strong for the back end of the year.

關於零售可見性，我想說的另一點是零售參與度非常強。從今年的這個階段來看，我們在新店、新冰箱以及多店方面已經提前實現了目標，並且我們對年底做出了強有力的承諾。

And then in terms of that product innovation, Billy obviously mentioned the new value entry-level bag. But we also will push heavier into multipack and also what we call virtual bundles, which will offer that a little bit of a discount and a saving, especially for those heavier consumers.

然後就產品創新而言，比利顯然提到了新的價值入門包。但我們也會加強推出多件裝產品以及所謂的虛擬捆綁產品，這將為消費者帶來一些折扣和節省，特別是對於那些購買量較大的消費者。

Okay. That's very helpful. And then Nicky, just on the second half media efforts, is the focus there on continued MVP expansion? Or is the goal to widen the net go broader and build the funnel for future MVP development? What's the balance there?

好的。這非常有幫助。然後尼基，就下半年的媒體努力而言，重點是否在於繼續擴大 MVP 規模？或者目標是擴大網路範圍並為未來的 MVP 開發建立管道？那裡的餘額是多少？

Yes, that's a great question, Steve. So I think that we will still, from a media standpoint, we will, at a very early stage, still with the brand development and a big headroom for brand awareness. So you will absolutely see us drive that brand awareness to the maximum number of households.

是的，史蒂夫，這是一個很好的問題。因此，我認為，從媒體的角度來看，我們仍將處於非常早期的階段，仍將進行品牌開發，品牌知名度還有很大的提升空間。因此，您絕對會看到我們將品牌知名度推廣到盡可能多的家庭。

So that will be really going after general dog population in the main. But what you will see coming is new from Freshpet is you will see a heavier upweight in areas like social, digital, and other channels that will allow us more of a targeted approach to our story.

因此，這實際上主要針對的是一般的狗群。但您將會看到 Freshpet 的新功能，即在社交、數位和其他管道等領域的更大提升，這將使我們能夠更有針對性地講述我們的故事。

So you're going to see a balance coming through. We've tested all of our new creative, both with MVPs, but also general dog population, and we feel good about where the results are coming out.

所以你會看到平衡的出現。我們已經測試了所有新創意，包括 MVP 和普通狗群，我們對結果感到滿意。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

I was wondering if you could talk a little more about the nature of the new advertising. I thought I saw some things online already from Freshpet that seem to draw a big distinction between fresh dog food and kibble and saying that Kibble is overly processed and fresh is therefore better.

我想知道您是否可以再多談談新廣告的性質。我認為我已經在網上看到 Freshpet 的一些東西，這些東西似乎在新鮮狗糧和粗磨食物之間劃出了很大的區別，並且說粗磨食物經過過度加工，因此新鮮的更好。

To what extent is that part of the messaging and then like do you foresee any confusion with consumers? Because I think your competitor will be actively marketing fresh in conjunction with kibble and I think a lot of your consumers already use it in conjunction with kibble. So maybe I'm in too much in the weeds, but how are you thinking about that balance?

這在多大程度上構成了訊息傳遞的一部分？您是否預見到消費者會對此感到困惑？因為我認為您的競爭對手將積極結合粗磨食物來行銷新鮮產品，而且我認為您的許多消費者已經將其與粗磨食物結合使用。所以也許我陷入了太多麻煩，但您如何看待這種平衡？

Great. I think it's a really fair question as it's stands. So look, I think that we've got a lot of MVPs that will absolutely be looking for mixing as the key behavior. So whether that is a kibble and fresh food, whether that's with wet food, mixing is very much part of the behavior. We want to make sure that there's a strong understanding of the health benefits that really come from feeding fresh whether you choose to feed it as a mixer or whether you choose to feed it as a main mill.

偉大的。我認為就目前情況而言，這是一個非常公平的問題。所以，我認為我們有很多 MVP 絕對會將混合作為關鍵行為。因此，無論是粗磨食物和新鮮食物，還是濕食，混合都是行為的重要組成部分。我們希望確保人們能夠充分理解新鮮飼料對健康的真正益處，無論您選擇將其作為混合器餵養還是作為主磨坊餵養。

And I think for us, we saw big runway and headroom to be able to grow in both mix of behavior and also main mill behavior and really drive also that buy rate and new household penetration. So you'll see -- you've seen a little bit coming through online, but you'll see some different creative and more -- and creative that will appeal to those different MVP subsets as we go through the back half of the year.

我認為，對我們來說，我們看到了巨大的成長空間，能夠在行為組合和主要工廠行為方面實現成長，並真正推動購買率和新家庭滲透率。所以你會看到——你已經在網上看到了一些內容，但你會看到一些不同的創意，以及更多——這些創意將吸引那些不同的 MVP 子集，因為我們會度過今年下半年。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

I just wanted to come back to the competitive dynamics and maybe just understand how you think about the impact of something like Blue Buffalo's push. They've been clear they planned to do a good bit of spending themselves.

我只是想回到競爭動態，也許只是想了解你如何看待 Blue Buffalo 的推動的影響。他們明確表示，他們打算自己花掉一大筆錢。

Is it your expectation that that that can drive faster category growth that it would sort of maybe leave you unchanged? Could it drive even better momentum for you? Do you think more competition splits the same pie or it's more conservative? Just how do you think about what that impact on your outlook is? And how investors should be thinking about it?

您是否期望這可以推動品類更快成長，而可能讓您保持不變？它能帶給你更好的動力嗎？您認為更多的競爭會瓜分同一塊蛋糕還是更保守？您如何看待這會對您的觀點產生什麼影響？投資人又該如何看待這個問題呢？

Yes, Michael. We obviously think that this is the -- first, it's a proof point that this is a very attractive high-growth long-term potential category. We're attracting lots of people, not just the Blue Buffalo entry, but there are others who have decided to enter this space in various ways. And it's just validation that this is the future of pet food.

是的，邁克爾。我們顯然認為這是——首先，這是一個證明點，表明這是一個非常有吸引力的高成長長期潛力類別。我們吸引了很多人，不僅僅是 Blue Buffalo 的進入，還有其他人以各種方式決定進入這個領域。這證明這就是寵物食品的未來。

The second piece is history will show that over time, category creators like us, if you execute well, tend to end up with the lion's share of the category that they've created and -- but what also happens is when well-entrenched competitors in the space, decide that they want to enter this segment and they do so with a lot of investment. It tends to drive the total category size and everybody who's in that space wins.

第二點是歷史會證明，隨著時間的推移，像我們這樣的品類創造者，如果執行得當，往往會在他們所創造的品類中獲得最大份額——但也會發生的事情是，當該領域根深蒂固的競爭對手決定進入這個領域時，他們會投入大量資金。它往往會推動整個類別的規模，並且處於該領域的每個人都會獲勝。

So we frankly think just as we've said previously, related to the Farmers Dog, we think when the Farmers Dog advertises, it helps us it helps create this perception that there's a better way to feature pet than just feeding with kibble and can we think that to the extent that General Mills spends a lot of time and money telling people that there's a better way to feature pet, that's good.

因此，坦白說，正如我們之前就 Farmers Dog 所說的那樣，我們認為，當 Farmers Dog 做廣告時，它可以幫助我們創造這樣一種觀念，即有比僅僅餵食粗磨食物更好的方式來展示寵物，我們是否可以認為，通用磨坊花費大量時間和金錢告訴人們有更好的方式來展示寵物，這是很好的。

If they decide to use it as a topper message, that doesn't hurt. It helps create awareness for the category. It creates validation for the category. In the end though, the category or the segment that we're in, the fresh segment, will get bigger.

如果他們決定將其用作最重要的訊息，那也沒有什麼壞處。它有助於提高人們對該類別的認識。它為類別建立驗證。但最終，我們所處的類別或領域，即新鮮領域，將會變得更大。

And then at the end of the day, we feel very good about the competitive position that we're in. We have significant scale, both at retail as well as in operations. We're able to deliver a broad product lineup. We have a very well entrenched consumer base. So we feel very good about the position we're in. And frankly, we're looking forward to the benefit of the increased awareness in the category.

最終，我們對自己所處的競爭地位感到非常滿意。我們在零售和營運方面都擁有相當大的規模。我們能夠提供廣泛的產品系列。我們擁有非常根深蒂固的消費者群。因此，我們對目前的狀況感到非常滿意。坦白說，我們期待該類別的知名度提高帶來的好處。

That's really helpful. And we've touched on the advertising a decent amount already, but one more follow-up on that is, can you just maybe give a sense of what insight drove the change or what was the starting point of looking for an evolution in the message? Or how did you decide to make a bit of a pivot there?

這真的很有幫助。我們已經相當多地談到了廣告，但還有一個後續問題是，您能否簡單介紹一下推動這一變化的洞察力，或者尋找信息演變的起點是什麼？或者您是如何決定在那裡做出一些轉變的？

Yes, I'll take this one, Billy. So in terms of what we've learned really about the brand is, we've done a terrific job at Freshpet in really establishing in our advertising, and I'm sure many of you have seen it for the last couple of years, that very strong bond you have between yourself and your dog.

是的，我要這個，比利。因此，就我們對品牌的真正了解而言，我們在 Freshpet 的廣告中做得非常出色，我相信你們中的許多人已經在過去幾年中看到了你和你的狗之間非常牢固的聯繫。

And that comes through very powerfully. You were going to make no compromises in your life. You're going to take your dog on holiday with you, you're going to do everything and you don't going to be the primary member of your household.

這一點非常有力。你的一生中不會做出任何妥協。你會帶著你的狗一起去度假，你會做所有的事情，但你不會成為家庭的主要成員。

But when we really take a little bit of a step back, we felt that we're now ready to tell that next stage in our Freshpet story, and there was a big opportunity from certainly a number of our MVPs asking questions around, hey, you are really healthy, the ingredients that you're using are absolutely fresh, they have some really strong health benefits, why you're not talking more really about these areas.

但是，當我們真正退一步思考時，我們覺得現在已經準備好講述 Freshpet 故事的下一個階段了，而且我們的許多 MVP 肯定會提出一些問題，這是一個很大的機會，比如，嘿，你真的很健康，你使用的成分絕對新鮮，它們對健康有一些非常強大的益處，為什麼你不更多地談論這些方面呢？

So -- for us, it's not an either/or. It really is sort of continuing if you prioritize your dog as a favoured memory of your family, it's building out from that message, and it's layering in those new health credentials. And -- this is why we feel good really about that new advertising direction.

所以——對我們來說，這不是非此即彼的問題。如果您將狗視為家庭中最珍貴的記憶，那麼這種延續性就會不斷增強，它會從這項資訊中不斷累積新的健康憑證。這就是我們對新的廣告方向感到滿意的原因。

It will still have that Freshpet tone, that fresh pet humor that many have come to love and expect from us. But it's really going to start to bring in why we think we're special, why we think we're unique and why we think we are the best way to feed your dog.

它仍將保留那種 Freshpet 風格，那種新鮮的寵物幽默，許多人已經喜歡並期待我們做到。但它確實會開始解釋為什麼我們認為自己很特別，為什麼我們認為我們是獨一無二的，以及為什麼我們認為我們是餵養狗的最佳方式。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess a couple of questions on retail. First is last quarter, there was some issues with the distributor getting into pet specialty. Just curious where you are with that process, does it sort of all resolved now?

我想問幾個關於零售的問題。首先是上個季度，經銷商進入寵物專業領域時遇到了一些問題。我只是好奇這個過程進展到了哪一步，現在一切都解決了嗎？

And then on the expansion into Club, I guess you went from test to 125 is incorporated in your guidance to go from 125 to full national? Or is it the sort of thing that it sort of keeps building from here and more of it happens in '26.

然後關於擴展到俱樂部，我猜您從測試到 125 的指導是否納入了從 125 到全國的指導中？或者它是從現在開始不斷發展並在 26 年發生更多的事情。

Kaumil, yes, the pet specialty distributor issue has been worked out. It created a lot of disruption in Q1, but we pretty much got it all cleaned up by the end of Q1. There's still some pockets where they're not as effective as we had been previously, but there's other places where they're very, very strong. So on balance, we feel pretty good about what our situation is in the pet specialty distribution channel and didn't have any material impact on the quarter.

考米爾，是的，寵物專業經銷商的問題已經解決了。它在第一季造成了很大的混亂，但我們在第一季末基本上已經解決了一切。在某些地方，他們的效率仍然不如以前，但在其他地方，他們的效率非常非常高。因此，總的來說，我們對寵物專業分銷管道的現狀感到相當滿意，並且對本季沒有任何重大影響。

In terms of the club piece, obviously, we're very encouraged by the progress there and the expansion to the 125 stores that we're in our guidance for the balance of the year assumes what we believe is the plan. Obviously, we won't communicate what our customer-specific plan is, but what we believe the plan is embedded in what -- in the guidance that we provided.

就俱樂部部分而言，顯然，我們對那裡的進展感到非常鼓舞，並且我們對今年餘額的指導中將門市擴張到 125 家，這假設了我們認為的計劃。顯然，我們不會透露我們的客戶特定計劃是什麼，但我們認為該計劃包含在我們提供的指導中。

But I would say that the results that we've seen so far in the stores that we're in and recognize that we've only been in -- we were in the first store back since April. The remainder of the stores is only in the last two or so weeks. So it's hard to get any long-term data on those stores, but the first store has done so well, it's made us very bullish, and I frankly think our customers pretty bullish as well.

但我想說的是，就我們目前在各家門市看到的結果來看，我們才剛進駐——這是自四月以來我們進駐的第一家門市。其餘商店僅剩最後兩週左右的時間。因此很難獲得這些商店的任何長期數據，但第一家商店表現非常好，這讓我們非常樂觀，坦白說，我認為我們的客戶也非常樂觀。

So that's embedded into our thinking in the guidance we've provided.

因此，這已融入我們提供的指導思想中。

Got it. I guess that's why the guidance also is for sequential improvement. On EBITDA, I guess you've lowered your top line sort of a few times over the course of the year, EBITDA has stayed the same.

知道了。我想這就是為什麼該指導也是為了持續改進。關於 EBITDA，我想你們在一年中已經多次降低了營業收入，但 EBITDA 卻保持不變。

Is it -- was that always sort of going to be the plan that this efficiency was here, and you just weren't sure if it was going to come through or at what rate it would come through that if sales were higher than would be more leverage? Or -- was there an extra push? Did you find something new that helped maintain that EBITDA level even though the sales figure will be a little bit lower?

是不是——這種效率一直是計劃的一部分，而您只是不確定它是否會實現，或者以什麼樣的速度實現，如果銷售額高於槓桿率，那是否會有更大的槓桿率？或者——有額外的推動力嗎？您是否找到了一些新方法來幫助維持 EBITDA 水平，即使銷售額會略低一些？

Look, we are optimistic from a margin perspective this year, but the plants just are just over kind of delivering even our optimistic expectations. As we mentioned in the call and this has now gone from being our least profitable facility to our most profitable facility in the first half.

你看，從今年的利潤率來看，我們是樂觀的，但工廠的表現甚至超出了我們的樂觀預期。正如我們在電話會議中提到的那樣，這已經從我們上半年盈利能力最差的設施變成了盈利能力最強的設施。

We never dreamed that would happen so quickly. So we're thrilled about the progress there. The quality costs 2% in the quarter are much lower than even our most optimistic assumptions.

我們從未想過那會發生得這麼快。因此，我們對那裡的進展感到非常興奮。本季2%的品質成本甚至比我們最樂觀的假設還要低得多。

So the things are just we're operating really, really well. It's a shame actually, we don't have more volume going through the plants right now because we'll be delivering even more superior gross margin and EBITDA dollars. But the operations is a really positive side of the story this year. And once we get the top line, humming a little bit more, you'll see more drop to the bottom line.

所以，我們的運作確實非常非常好。事實上，這很遺憾，我們目前沒有更多的產量通過工廠，因為我們將提供更高的毛利率和 EBITDA 美元。但這些行動確實是今年故事的一個積極的方面。一旦我們獲得了頂線，再多一點嗡嗡聲，你就會看到更多的底線下降。

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

I guess just going back to the consumer. Just curious what you're seeing within different income practice. And then as you look at your portfolio, are you seeing any shifts within your portfolio?

我想還是回到消費者的角度吧。只是好奇您在不同的收入實踐中看到了什麼。然後，當您查看您的投資組合時，您是否看到投資組合內有任何變化？

Rupesh, in terms of what we're seeing really across income groups I think as Billy sort of highlighted first half, we're still growing across all income groups and we're also growing across all demographics as well and all channels within that.

魯佩什，就我們在各個收入群體中看到的情況而言，我認為正如比利在上半年所強調的那樣，我們在所有收入群體中仍在增長，而且我們在所有人口統計數據以及其中的所有渠道中也在增長。

So I think we're feeling good overall that the Freshpet proposition is working for all in terms of where we are seeing higher returns, certainly within MVPs, it's really coming through that higher income bracket. So we are a little bit disproportionate with MVPs into higher income overall, which is, again, probably what you would expect to see in the current consumer environment, too.

因此，我認為我們總體上感覺良好，Freshpet 的提議對所有人都有效，因為我們看到了更高的回報，當然在 MVP 中，它確實來自更高的收入階層。因此，總體而言，MVP 與更高收入之間的比例有點不成比例，這可能也是您在當前消費環境中所期望看到的。

And then when we sort of take a little bit of a step back and we think about where things are going a bit more in the future. I think as we start to increase the growth rate of NBP is coming through, I do think that we will start to see a little bit more of a trend into higher income and I think that we will see an expansion in particular within millennials and Gen X, which is already where we are strong.

然後，當我們稍微退一步思考一下未來事情會如何發展時。我認為，隨著我們開始提高 NBP 的成長率，我確實認為我們將開始看到收入增加的趨勢，我認為我們將看到特別是在千禧世代和 X 世代的擴張，這已經是我們的優勢所在。

And then within the portfolio, as he mentioned Homestyle creations is performing extraordinarily well at the moment. We've also launched new innovation earlier this year in the home stock creation chicken bites, which has far exceeded our expectations. So, we see this part of the portfolio being a big opportunity for future innovation over the coming years as well.

然後，在作品集中，正如他所提到的，Homestyle 創作目前表現得非常出色。今年早些時候，我們還推出了自製雞塊的創新產品，這遠遠超出了我們的預期。因此，我們認為該投資組合的這一部分也將是未來幾年創新的巨大機會。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Todd, maybe just to kind of clean ups. One, I think you said it was about a point of shipments that shifted from Q2 to Q3, so we should see that point obviously come back or outpace scanner, I guess in the upcoming quarter.

托德，也許只是為了清理一下。首先，我認為您說的是出貨量從第二季轉移到第三季的一個點，所以我們應該會看到這個點明顯回升或超過掃描儀，我想是在下個季度。

And then the second one just to clarify. The CapEx, the 100 million that's kind of lower over the next couple of years. I know you said a part of it was lower demand versus the efficiency, but maybe you could just split out kind of how much of it is the demands versus what you've actually done better?

然後第二個只是為了澄清。資本支出為 1 億美元，未來幾年將會降低。我知道您說過部分原因是需求較低而效率較低，但也許您可以分析其中有多少是需求導致的，有多少是您實際上做得更好的？

Yes. So on your first part, Peter, total consumption was actually with measured and unmeasured was about 14% for the quarter and obviously with 12.5% net sales growth. We did shift behind consumption. We saw that shift, that $3 million to $4 million go out of June into July. So we had a very -- we had a nice July performance from net sales growth.

是的。因此，彼得，關於您的第一部分，本季總消費量（包括已測量和未測量的消費量）實際上約為 14%，而淨銷售額顯然增長了 12.5%。我們確實轉向了消費。我們看到了這種轉變，即從 6 月到 7 月有 300 萬到 400 萬美元流出。因此，我們七月份的淨銷售額成長表現非常出色。

So we felt very confident that, that shift did occur. We've seen it come through in the July results. So that's very positive. The quarter probably just the POS tends -- it's stable, which is great, but it's not increasing, and we're a little frustrated, it's not popping up a little bit sooner. So net sales growth is probably going to be similar or slightly above kind of what we just put up for Q2.

因此我們非常有信心，這種轉變確實發生了。我們已經在七月的結果中看到了這一點。這是非常積極的。本季可能只是 POS 趨勢 - 它很穩定，這很好，但它並沒有增加，我們有點沮喪，它並沒有更快地出現。因此，淨銷售額成長可能與我們剛剛預測的第二季成長相似或略高。

Regarding your CapEx question, it's difficult to say exactly, but how much of that $100 million was growth versus the efficiency. The big push out -- the big savings in that $100 million over the next couple of years is the delay in Phase III of Ennis, which is a big-ticket item.

關於您的資本支出問題，很難確切地說，但這 1 億美元中有多少是成長，有多少是效率。最大的推動力——未來幾年內這 1 億美元的巨大節省是推遲 Ennis 第三階段的建設，這是一個大件物品。

So obviously, some of it is the slowdown in growth. But when you look about -- look at the OEE efficiencies that we've made over the last year, they are substantial. When you look at the ability in the new technology, both the new line that we're having in Bethlehem, which we're very confident about, plus the light version that we mentioned that we can put on several lines, and we've run tests on that, we're very confident that, that will add incremental capacity.

顯然，部分原因是成長放緩。但是，如果你看一下——看看我們在過去一年中取得的 OEE 效率，你會發現它們是相當可觀的。當您看到新技術的能力時，無論是我們在伯利恆擁有的新生產線（我們對此非常有信心），還是我們提到的可以在多條生產線上使用的輕型版本，我們都對其進行了測試，我們非常有信心，這將增加增量容量。

And there's other things that we can do within our four walls that will increase capacity. There's different other areas that we're focused on which are going to drive incremental capacity with very little to no capital expenditures.

我們還可以做其他事情來增加我們的產能。我們關注的其他領域也不同，這些領域將以很少甚至不需要資本支出來推動產能增量。

So when we're looking right now with the capacity that we have installed, not staff, but install, we have about $1.5 billion worth of capacity. So that gives us tremendous confidence that we can lower the amount of CapEx over the next couple of years.

因此，當我們現在考慮我們已經安裝的容量時，不是員工，而是安裝，我們擁有價值約 15 億美元的容量。因此，這給了我們極大的信心，我們可以在未來幾年內降低資本支出。

And again, the big push is Phase III Ennis, we can delay. Again, some of that's clearly the slowdown of the business, but we would not be able to delay that capital if we didn't have the efficiency that we are seeing right now. As I mentioned earlier, and it suggest made a huge turnaround. And the improvement in yields the improvement in OEE, that team is just working really well together and that gives us confidence to push capital out. So that's the big driver.

再次強調，重點推進的是第三階段的恩尼斯項目，我們可以延後。再次，其中一些顯然是業務放緩，但如果我們沒有現在看到的效率，我們就無法推遲這筆資金。正如我之前提到的，這表明發生了巨大的轉變。產量的提高和 OEE 的改善都表明團隊合作非常好，這給了我們推出資本的信心。這就是最大的驅動力。

Yes. Peter, I just want to amplify it's a little bit wonky, but we are really fixated on yields and throughput in our manufacturing operations. and both the new technologies that we're working on and the existing OEE efforts, overall equipment effectiveness efforts are focused on driving those.

是的。彼得，我只是想強調一下，這有點奇怪，但我們確實非常關注製造業務中的產量和吞吐量。我們正在研究的新技術和現有的 OEE 工作以及整體設備效率工作都集中在推動這些方面。

And the results that we've seen have been really remarkable. I'd say we're about a year ahead where we thought OEE and the technologies are rising on the cake on top of that. And those things are just, -- it's basically free money for us is you get more production per hour of labor you get more output per dollar of ingredients we put in at the beginning.

我們看到的結果確實非常顯著。我想說，我們領先了大約一年，我們認為 OEE 和技術正在不斷進步。而這些東西只是——對我們來說基本上是免費的錢，因為你每小時的勞動可以獲得更多的產量，你每投入一美元的原料可以獲得更多的產出。

It's pretty darn remarkable return for us. And so we're going to continue to invest in those kinds of programs, and it reduces the CapEx at the end of the day, and that's a really big win for us.

對我們來說，這是相當可觀的回報。因此，我們將繼續投資於此類項目，最終減少資本支出，這對我們來說是一個巨大的勝利。

Jim Salera, Stephens Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司（Stephens Inc.）

I wanted to dig into something that you said at the beginning of your prepared remarks, which is just in addition to kind of the overall economic malaise you're seeing a little bit of a drag on -- from return to office and housing costs increasing.

我想深入探討您在準備好的發言開始時所說的內容，除了您看到的整體經濟低迷有所拖累之外——重返辦公室和住房成本上漲。

And those seem like trends that are probably a little bit more durable than the economic waxing and waning -- so just any comments on -- do we see maybe a peak number of dogs per household post-COVID?

這些趨勢似乎比經濟的興衰更持久一些——所以，請問您有何評論——在新冠疫情過後，我們是否會看到每戶家庭養狗數量達到高峰？

Do you have any sense for kind of where that might progress moving forward and maybe just the overall number of dogs per household is kind of a slower growth trajectory -- just how you think about that presents any kind of persistent challenges.

您是否知道這種情況未來可能會如何發展，也許每戶家庭養狗的總數會呈現較慢的成長軌跡——您認為這會帶來哪些持續的挑戰。

Yes, moving forward -- as you can imagine, Jim, we spent a lot of time looking at this. There's been a theory out there was a huge pull forward on dog adoptions in the pandemic, and we're just eating back into that pull forward. And there's legitimacy to that argument -- but I'd also say that I think we're now five years into that period, and I think we're pretty much at the end of that tail.

是的，繼續前進——正如你所想像的，吉姆，我們花了很多時間研究這個問題。有一種理論認為，疫情期間狗狗的領養量大幅增加，而我們現在正在蠶食這種成長勢頭。這種說法有其合理性——但我還要說，我認為我們現在已經進入這個時期五年了，而且我認為我們基本上已經走到了尾巴的盡頭。

There's another dynamic in your reference to the housing piece and the return to office. It's all -- that has a generational element to it as well.

您提到的住房問題和重返辦公室還有另一種動態。這一切都與世代因素有關。

One of the things that we are seeing in the data is you'd naturally expect that the high-income baby boomers who are now later in life have a dog that might pass away and they're less likely to replace that dog because they want to spend time with the grandkids, they want to go want to cruise whatever, and dogs limit their abilities to do that.

我們從數據中看到的一件事是，你自然會想到，高收入的嬰兒潮一代現在已經步入晚年，他們養的狗可能會去世，而且他們不太可能再養狗，因為他們想花時間陪伴孫輩，他們想去巡遊等等，而狗會限制他們這樣做的能力。

And that's a natural pattern. It's happened forever. But what's often -- what's usually been there to counteract and replace it is the younger generations would be in that household formation stage where they would be getting a pet.

這是一種自然模式。這件事已經發生很久了。但通常情況下，為了抵消和取代這種趨勢，年輕一代會在家庭組成階段養寵物。

And that's the part that's not happening. It's not happening at the rate that it should because people are not worried, I believe the dog at home, my landlord won't let me get a dog, I can't afford a house -- so those pieces are there, and they're present and they're impacting the ability of the younger generations to get the pet that they would get.

而這正是沒有發生的部分。這種現象並沒有按照應有的速度發生，因為人們並不擔心，我相信家裡的狗，我的房東不讓我養狗，我買不起房子——所以這些因素都存在，它們存在，並且影響著年輕一代養寵物的能力。

It's not a huge part of our volume dynamic, but it is a piece of the puzzle. But those markets, as you point out, are very cyclical. And that over time, you'd expect that those things would return to a more normalized growth rate because the reality is the desire to get a dog doesn't change. People still have the desire to get it, and they will get it to get the dog at some point. It just may not be this year or next year.

它不是我們音量動態的重要組成部分，但它是難題的一部分。但正如您所指出的，這些市場具有很強的周期性。隨著時間的推移，你會期望這些事情會恢復到更正常的成長率，因為現實是養狗的願望不會改變。人們仍然有得到它的願望，並且他們會在某個時候得到它來得到狗。只是可能不會是今年或明年。

Our focus is on the things that we can control. And what we can control is we have the most compelling advertising message, which is what Nicki described, getting really focused on the benefits of fresh getting the right availability, the right product assortment, right innovation and delivering the products at the right cost. And as long as we do that, we feel very good that as Todd said, we'll outperform the category.

我們的重點是我們能夠控制的事情。而我們能夠控制的是我們擁有最引人注目的廣告訊息，正如 Nicki 所描述的，真正專注於獲得正確的可用性、正確的產品組合、正確的創新以及以正確的成本交付產品的益處。只要我們這樣做，我們就會感到非常高興，正如托德所說，我們的表現將超越同類產品。

We will outperform the category by quite a bit, and this will become a very big segment of the market. We just can't change the housing market and the return-to-work policies. Those things will take time, and it will naturally occur. But when those things return to a more normalized path, we'll be there, and we'll be winning

我們的表現將遠遠超過同類產品，這將成為市場中非常大的一部分。我們根本無法改變房地產市場和復工政策。這些事情需要時間，但它會自然發生。但當這些事情恢復正常時，我們就會在那裡，我們就會贏

Great. And then maybe point out that little bit more, you also mentioned some of those dynamics maybe favor cat ownership versus dog ownership in some scenarios. Cat food is much smaller piece of your business.

偉大的。然後也許再指出一點，您也提到，在某些情況下，某些動態可能有利於養貓而不是養狗。貓糧只是你業務中很小的一部分。

Is there any potential we could see on the innovation side, maybe some more pivot towards expanding the cat offering, and you can just offer any thoughts. I don't know if that would require any substantial change to equipment or how you run the lines or anything, just some.

我們是否可以看到創新方面的任何潛力，也許可以進一步擴大貓產品供應，您可以提出任何想法。我不知道這是否需要對設備或生產線的運作方式進行任何實質性的改變，只是一些。

We are very interested in the cat food market because as you point out, it is growing. It's right now, while the dog food market is down in the kind of low single dights of the cat food market up in mid-single digits. And it's for the reasons that we cited, and you reiterated in your comment. We do have a small cat food business. It's going to take some time.

我們對貓糧市場非常感興趣，因為正如您所指出的，它正在成長。目前，狗糧市場處於低個位數下滑狀態，而貓糧市場則上漲了中個位數。這是出於我們所列舉的原因，並且您在評論中也重申了這一點。我們確實有一家小型貓糧生意。這需要一些時間。

Cats have a very different way of eating the dogs do. Dogs have big jaws, they like to chew, Cats tend to eat with their tongue, they lack food. And so it has very different requirements. There are very different requirements for the product on a cat food. And you also have to have fridges in the right places, and you have the right messaging, we’re working on it. We have an interest in that area, but it's not something that's going to happen this year.

貓咪的進食方式與狗狗的進食方式截然不同。狗的下巴很大，它們喜歡咀嚼，貓傾向於用舌頭吃東西，它們缺乏食物。因此它的要求非常不同。對於貓糧產品的要求非常不同。你還必須將冰箱放置在正確的位置，並傳達正確的訊息，我們正在努力。我們對這個領域很有興趣，但這不是今年就能實現的事。

Marc Torrente, Wells Fargo.

富國銀行的馬克·托倫特。

I guess just building on the last reply, maybe more philosophically, how are you prioritizing top line growth at this point? Are current trends leading you to accelerate other potential opportunities that have been discussed in the past, such as new channels, international or adjacent categories, or are you comfortable letting the business grow at current rates and continuing to pace or scale up?

我想，只是基於上一個回复，也許從哲學角度來說，您現在如何優先考慮營收成長？當前的趨勢是否會促使您加速過去討論過的其他潛在機會，例如新通路、國際或相鄰類別，或者您是否願意讓業務以當前速度成長並繼續保持步伐或擴大規模？

Yes. I would start with our -- we're clearly focused on the US-based dog food business is our number one priority, first because it's where we have the greatest strength. And secondly because we think the opportunity there is still enormous. We're still a very small share of a very large pie.

是的。首先，我們明確將重點放在美國的狗糧業務上，這是我們的首要任務，因為這是我們最有實力的領域。其次，我們認為那裡的機會仍然龐大。我們在這個巨大的蛋糕中只佔很小的份額。

It doesn't mean that we aren't looking at and continuing to do some development work in cat food, as I just mentioned our business in Canada is one of those that we've been looking at our UK business. We're trying to figure out exactly what the right investment profile is for each of those areas, but we are a US based dog food business, and that's where you're going to see the bulk of our investment going forward.

這並不意味著我們沒有關注並繼續在貓糧方面進行一些開發工作，正如我剛才提到的，我們在加拿大的業務是我們一直在關注的英國業務之一。我們正在試圖弄清楚每個領域的正確投資概況，但我們是一家總部位於美國的狗糧企業，因此您將會看到我們未來的大部分投資都投向了美國。

In terms of managing the top line, we're going to invest when we get good returns and when we don't get great returns, we won't invest. We're in a very good position from a margin’s perspective, from a cash generation perspective from a capacity perspective, organizational capability.

在管理營業收入方面，當我們獲得良好的回報時，我們就會投資，如果我們沒有得到很好的回報，我們就不會投資。從利潤率、現金產生率、產能和組織能力來看，我們都處於非常有利的地位。

So we have lots of choices, frankly alot more choices than we had few years ago. We don't want to chase growth at all costs, but we are a growth company, we need to deliver growth. And so we're going to do that.

所以我們有很多選擇，坦白說，比幾年前的選擇多得多。我們不想不惜一切代價追求成長，但我們是一家成長型公司，我們需要成長。所以我們會這麼做。

I would say the opportunity in the digital world is enormous. We're growing, very nicely around 40%. It's only about 13% of our net sales today for the category. It's probably around the mid-30s. I'll let Nikki talk about some of the things we're doing and the team that she is building, but there's an enormous opportunity on the digital side.

我想說數位世界的機會是巨大的。我們的成長率非常快，大約是 40%。這僅占我們目前該類別淨銷售額的 13% 左右。大概是30多歲左右。我會讓 Nikki 談談我們正在做的一些事情以及她正在組建的團隊，但在數字方面存在著巨大的機會。

Thanks, Todd. I think that that's one of the, if I had to say three focus areas that I would have as I start to look at kind of where our biggest growth opportunities are. E-com in particular and then building out digital from a marketing standpoint is -- I think, very significant overall for us with 35% of the pet category going through online. We have an incredibly low share in this space and it's something that we are looking at where our partnership is.

謝謝，托德。我認為，如果我必須說出三個重點領域，那麼當我開始研究我們最大的成長機會在哪裡時，這就是其中之一。特別是電子商務，然後從行銷的角度建立數位化——我認為，對我們來說總體上非常重要，因為 35% 的寵物類別都是透過線上進行的。我們在這個領域的份額非常低，我們正在關注我們的合作夥伴。

And then also looking at how we can leverage, we've got 28,000 fridge network which are like micro fulfilment centers really across the US, and we're seeing some very good returns with last mile delivery partners like Instacart and others, as well as a very strong growth with our click and collect business. So expect to see more from us in this space as well as we start to go through next year.

然後看看我們如何利用，我們擁有 28,000 個冰箱網絡，它們實際上就像遍布美國的微型配送中心，我們看到與 Instacart 等最後一英里配送合作夥伴的良好回報，我們的點擊和收集業務也實現了非常強勁的增長。因此，我們期待明年能在這個領域看到更多成果。

Ladies and gentlemen, that concludes our time for questions. I'll turn the floor back to Mr. Cyr for any final comments.

女士們、先生們，我們的提問時間到此結束。我將把發言權交還給 Cyr 先生，請他發表最後的評論。

Great. Thank you, everyone, and thank you for your interest. I want to end with a thought for you. This quote is from an unknown source. quote, If your dog is fat, you're not getting enough exercise, to which I would add, a Freshpet meal will get any dog off the couch and give them the energy to help you work off unwanted pounds.

偉大的。謝謝大家，也謝謝大家的關注。最後我想對你們說一句話。這句話的來源不明。引述說，如果你的狗很胖，那表示你沒有得到足夠的鍛煉，我想補充一點，Freshpet 餐可以讓任何狗離開沙發，並為它們提供能量，幫助你減掉多餘的體重。

Thank you very much for your interest.

非常感謝您的關注。

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

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。