Hain Celestial Group Inc (HAIN) 2024 Q2 法說會逐字稿

Greetings, welcome to The Hain Celestial second-quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 The Hain Celestial 2024 年第二季財報電話會議。（操作員說明）

I will now turn the conference over to your host, Alexis Tessier, Vice President of Investor Relations. You may begin.

現在我將會議交給東道主投資者關係副總裁 Alexis Tessier。你可以開始了。

Good morning, and thank you for joining us on Hain Celestial's second-quarter fiscal year 2024 earnings conference call on the call today are Wendy Davidson, President and Chief Executive Officer, and Lee Boyce, Executive Vice President and Chief Financial Officer.

早安，感謝您參加Hain Celestial 的2024 財年第二季度收益電話會議，今天參加電話會議的有總裁兼首席執行官溫迪·戴維森(Wendy Davidson) 和執行副總裁兼首席財務官李·博伊斯(Lee Boyce)。

During the course of this call, we may make forward-looking statements within the meaning of federal securities laws. These include expectations and assumptions regarding the company's future operations and financial performance. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

在本次電話會議期間，我們可能會做出聯邦證券法意義內的前瞻性陳述。其中包括有關公司未來營運和財務表現的預期和假設。這些陳述是基於我們目前的預期，涉及可能導致實際結果與我們的預期有重大差異的風險和不確定性。

Please refer to our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed from time to time with the SEC as well as the press release issued this morning for a detailed discussion of the risks that could cause our results to differ from those expressed or implied in any forward-looking statements made today. We have also prepared a presentation inclusive of additional supplemental financial information, which is posted on our website at hain.com under the Investors heading.

請參閱我們的 10-K 表格年度報告、10-Q 表格季度報告以及不時向 SEC 提交的其他報告以及今天上午發布的新聞稿，詳細討論可能導致我們的風險結果與今天發表的任何前瞻性聲明中明示或暗示的結果不同。我們還準備了一份包含額外補充財務資訊的簡報，該簡報發佈在我們網站 hain.com 的「投資者」標題下。

Please note that remarks made today will focus on non-GAAP or adjusted financial measures. Reconciliations of non-GAAP financial measures to GAAP results are available in the earnings release and the slide presentation accompanying this call. This call is being webcast and an archive will be made available on the website.

請注意，今天的評論將重點放在非公認會計準則或調整後的財務指標。非公認會計準則財務指標與公認會計準則結果的對帳可在本次電話會議隨附的收益發布和幻燈片簡報中找到。該電話會議正在網路直播，並將在網站上提供檔案。

And now, I'd like to turn the call over to Wendy.

現在，我想把電話轉給溫迪。

Thank you, Alexis, and good morning and thank you all for joining us today. I will begin today's call by first reviewing our second-quarter results and then provide an update on the progress with our Hain Reimagined strategy to return the business to profitable growth. Lee will then review our financial results in more detail, along with our outlook for the year.

謝謝你，亞歷克西斯，早安，謝謝大家今天加入我們。在今天的電話會議中，我將首先回顧我們第二季度的業績，然後介紹我們的 Hain Reimagined 策略的最新進展，以使業務恢復盈利增長。然後，李將更詳細地回顧我們的財務表現以及我們對今年的展望。

We are pleased that our second quarter delivered sequential improvement from our first quarter as anticipated in revenue, gross margin and adjusted EBITDA. Our international business segment continued its strong growth led by pricing, distribution and currency benefits and our North America business segment improved revenue trends compared to our first quarter.

我們很高興第二季的營收、毛利率和調整後 EBITDA 較第一季實現連續改善，符合預期。在定價、分銷和貨幣優勢的推動下，我們的國際業務部門持續保持強勁成長，與第一季相比，我們的北美業務部門的收入趨勢有所改善。

Adjusted EBITDA for the first half came in ahead of our plan, but was down versus prior year due to lower volume and increased investments in marketing and SG&A, offset by both pricing and productivity. Lee will provide greater detail in his remarks.

上半年調整後的 EBITDA 超出了我們的計劃，但由於產量減少以及行銷和銷售、一般行政管理 (SG&A) 投資增加（被定價和生產力抵消），與去年相比有所下降。李將在演講中提供更多細節。

We are making continued progress on the four pillars of our Hein Reimagined strategy, focusing our business in our five core categories and our five core geographies, progress and building our organizational capabilities to scale our brands and gain share, driving growth through innovation; and channel expansion and progress in generating fuel through working capital management and productivity savings to expand our margins and transform our business for sustained performance.

我們正在Hein Reimagined 策略的四大支柱上不斷取得進展，將業務重點放在五個核心類別和五個核心地區，不斷進步和建立我們的組織能力，以擴大我們的品牌並贏得份額，透過創新推動增長；透過營運資本管理和生產力節約來擴大燃料生產並取得進展，以擴大我們的利潤並轉變我們的業務以實現持續的績效。

This momentum contributed to the sequential improvement in both our top- and bottom-line trends and is expected to drive growth in our second half.

這一勢頭促進了我們的營收和利潤趨勢的連續改善，預計將推動我們下半年的成長。

As we outlined on Investor Day, fiscal '24 is the foundational year of our multiyear transformation strategy. In the first half of the year, we prioritized execution against the focus and fuel pillars of our strategy, which will enable us to fund incremental investments in capabilities for the build pillar in the back half of the year to support accelerated growth.

正如我們在投資者日所概述的，24 財年是我們多年轉型策略的基礎年。上半年，我們優先執行策略的重點和燃料支柱，這將使我們能夠在下半年為建立支柱的能力增量投資提供資金，以支持加速成長。

Let's look now at some highlights across the business for the second quarter. Our snack category dollar growth trends have improved since the start of the fiscal year, and I'm pleased with the momentum we are building. This improvement in trend occurred despite the first half strategic changes we made in our promotional strategy and channel mix, which resulted in short-term impacts on our overall snacks category. trends.

現在讓我們來看看第二季整個業務的一些亮點。自本財年開始以來，我們的零食類別美元成長趨勢有所改善，我對我們正在建立的勢頭感到滿意。儘管我們在上半年對促銷策略和通路組合進行了策略調整，但趨勢仍出現了改善，這對我們的整體零食類別產生了短期影響。趨勢。

Our largest snack brand, Garden Veggie snacks grew dollar sales more than 3% in the second quarter across all customers measured and non-measured and Terra chips grew dollar sales, 8% in the quarter and grew unit, 5% and gained share.

我們最大的零食品牌Garden Veggie 零食第二季度在所有衡量和非衡量客戶中的美元銷售額增長了3% 以上，而Terra 晶片在本季度的美元銷售額增長了8%，單位銷售額增長了5 %，份額也有所增加。

With channel expansion, a key growth lever for our snacks brands, we are pleased to see our non-measured trends outpacing measured channels and both non-measured and C-store sales continuing to grow double digits. We are excited for our Flavor Burst innovation launch in the Garden Veggie brand that should further drive our revenue growth in the second half, which I'll elaborate on more shortly.

通路擴張是我們零食品牌的關鍵成長槓桿，我們很高興看到我們的非衡量趨勢超過了衡量管道，並且非衡量和便利商店銷售額繼續以兩位數增長。我們對 Garden Veggie 品牌推出的 Flavor Burst 創新感到興奮，這將進一步推動我們下半年的營收成長，我很快就會對此進行詳細闡述。

In the baby and kids category, industry-wide organic formula supply shortages persisted from quarter one into quarter two. We continue to work with industry supplier partners, and I'm happy to report we have secured supply commitments that we expect to support double digits year-over-year growth during the second half and improved end market consumption by the fourth quarter.

在嬰兒和兒童類別中，全行業有機配方奶粉供應短缺從第一季持續到第二季​​。我們繼續與行業供應商合作夥伴合作，我很高興地報告，我們已經獲得了供應承諾，預計將在下半年支持兩位數的同比增長，並在第四季度改善終端市場消費。

Excluding formula, our overall global baby and kids category continues to perform well. Earth's Best snacks and baby food are outperforming the total category, driven by pricing and distribution gains with expansion into Canada this year. And our UK-based Ella's Kitchen brand grew net sales year on year, gaining share in e-commerce by optimizing online visibility and enhancing customer planning.

不包括配方奶粉，我們的整體全球嬰兒和兒童類別繼續表現良好。Earth's Best 零食和嬰兒食品的表現優於整個類別，這得益於今年擴展到加拿大的定價和分銷收益。我們總部位於英國的 Ella's Kitchen 品牌淨銷售額逐年成長，透過優化線上可見度和增強客戶規劃來獲得電子商務份額。

In our beverage category, we grew net sales year over year. Celestial Seasonings, the number one bagged herbal tea brand in North America grew dollar sales in the most recent quarter and gained share, driven by success in both brand building with our Magic in your Mug campaign and with innovation with the continued performance of both Sleepytime melatonin and throat cooler. In the international segment, we grew non-dairy beverage net sales for the second consecutive quarter, driven by both private label and brand growth across our Lima and Natumi brand.

在我們的飲料類別中，我們的淨銷售額逐年成長。Celestial Seasonings 是北美排名第一的袋裝花草茶品牌，最近一個季度的銷售額實現了增長，市場份額也有所增長，這得益於我們的Magic in your Mug 活動在品牌建設方面取得的成功，以及Sleepytime 褪黑素的持續表現所帶來的創新和喉嚨涼爽。在國際領域，受 Lima 和 Natumi 品牌自有品牌和品牌成長的推動，我們的非乳製品飲料淨銷售額連續第二季成長。

Our meal prep category grew net sales year over year led by Spectrum Oils, MaraNatha nut butters and Imagine soup in North America and branded soup, Hartley's jams and jellies, as well as our private label grocery business in international. Spectrum Oils grew dollar sales by mid-single digits, driven by strong velocity. And our branded soup portfolio continued its strong momentum with mid-single digit year-over-year growth, ahead of the category and gaining share.

我們的膳食準備類別的淨銷售額逐年增長，其中北美的 Spectrum Oils、MaraNatha 堅果醬和 Imagine soup 以及國際品牌湯、Hartley's 果醬和果凍以及我們的自有品牌雜貨業務帶動了增長。在強勁的速度推動下，Spectrum Oils 的美元銷售額成長了中個位數。我們的品牌湯品組合持續保持強勁勢頭，實現中個位數同比增長，領先於該類別並擴大市場份額。

Our three international brands: New Covent Garden, Yorkshire Provender and Cully & Sully are the number one, two and three leading fresh soup brands in the UK. Private label spread showed continued strength, growing dollars by double digits and gaining share.

我們的三個國際品牌：New Covent Garden、Yorkshire Provender 和 Cully & Sully 分別是英國第一、第二和第三領先的鮮湯品牌。自有品牌的傳播表現出持續的強勁勢頭，美元增長了兩位數，份額也不斷增加。

In the plant-based category, the overall category continues to be challenged. However, it returned to growth in the UK in the latest quarter in frozen, with the majority of our plant-based, meat-free sales come from. We have two leading meat-free brands: Yves, the number one brand in Canada and Linda McCartney Foods, the number two brand in the UK. Yves is performing better than category resulting in both distribution and share gains. And we are seeing recovery in both branded and private label in the UK.

在植物基品類中，整體品類持續受到挑戰。然而，英國的冷凍食品在最近一個季度恢復了成長，我們的大部分植物性、無肉銷售來自冷凍食品。我們有兩個領先的無肉品牌：加拿大第一品牌 Yves 和英國第二品牌 Linda McCartney Foods。伊夫的表現優於同類產品，從而帶來了分配和份額的成長。我們看到英國的品牌和自有品牌都在復甦。

Lastly, we continue to concentrate on stabilizing our personal care business. While we acknowledge we still have progress needed, we delivered year-over-year net sales growth overall led by Alba Sun Care, Avalon Organics and in Live Clean, a leading personal care brand in Canada.

最後，我們繼續專注於穩定我們的個人護理業務。雖然我們承認我們仍然需要取得進展，但我們在 Alba Sun Care、Avalon Organics 和加拿大領先個人護理品牌 Live Clean 的帶動下總體實現了同比淨銷售額增長。

We're seeing growth in e-commerce and other non-measured channels leading to non-measured growth for our overall portfolio, and we've made progress optimizing our manufacturing capacity utilization for improved efficiency.

我們看到電子商務和其他不可衡量管道的成長導致我們整體產品組合的不可衡量成長，並且我們在優化製造產能利用率以提高效率方面取得了進展。

As Lee will outline, we will be pulling forward some of the Hain Reimagined initiatives originally planned in fiscal year '25 that will result in a top-line drag to the personal care portfolio in the back half of this fiscal year, but enable us to accelerate key business mix improvements. Overall, we continue to be encouraged by the bright spots we're seeing across our five categories and our five geographies.

正如 Lee 所概述的那樣，我們將推進最初計劃在 25 財年實施的一些 Hain Reimagined 舉措，這將導致本財年下半年個人護理產品組合的營收受到拖累，但使我們能夠加快關鍵業務結構的改善。總體而言，我們繼續對五個類別和五個地區的亮點感到鼓舞。

Turning to our Hain Reimagined progress, as we said, fiscal '24 is a foundational year of our strategy. We're making great strides towards focusing our business, resetting our global operating model, enhancing critical capabilities across brand building, channel expansion and innovation and in implementing our fuel program.

談到我們的 Hain Reimagined 進展，正如我們所說，24 財年是我們策略的基礎年。我們在專注業務、重置全球營運模式、增強品牌建立、通路擴張和創新以及實施燃料計劃方面的關鍵能力方面取得了長足進步。

Our second-quarter results demonstrate a marked improvement sequentially in year-over-year trends. This improvement is even more pronounced if you exclude the short-term impact of baby formula. This reinforces confidence that our Hain Reimagined strategy is on track as we begin to deliver on our promise of returning our company to profitable growth. As a reminder, Hain Reimagined is built upon four strategic pillars: focus, grow, build and fuel.

我們的第二季業績顯示年比趨勢顯著改善。如果排除嬰兒配方奶粉的短期影響，這種改善會更加明顯。這增強了我們的信心，即我們的 Hain Reimagined 策略正在步入正軌，因為我們開始兌現讓公司恢復獲利成長的承諾。提醒一下，Hain Reimagined 建立在四個策略支柱之上：聚焦、成長、建構和推動。

Starting with the focus pillar, we made great progress in simplifying our business and aligning our global teams and functions to support a high-performance culture. We recently welcomed a new Chief People Officer, Amber Jefferson, to our global executive leadership team. Amber will be instrumental in building out our people strategy to enable our high-performance culture and a strong pipeline of talent to help us deliver on our full potential.

從重點支柱開始，我們在簡化業務、調整全球團隊和職能以支持高績效文化方面取得了巨大進展。最近，我們迎來了新任首席人力長 Amber Jefferson 加入我們的全球執行領導團隊。Amber 將在製定我們的人才策略方面發揮重要作用，以實現我們的高績效文化和強大的人才管道，幫助我們充分發揮潛力。

During the quarter, we also made strong progress on streamlining our footprint as well, opening our right-size headquarter in Hoboken, New Jersey, consolidating our sales offices in Europe and continuing to optimize capacity utilization in our manufacturing facilities across both meat-free and personal care.

本季度，我們在精簡業務佈局方面也取得了重大進展，在新澤西州霍博肯開設了規模合適的總部，整合了我們在歐洲的銷售辦事處，並繼續優化我們的無肉和人造肉生產設施的產能利用率。個人護理。

The rollout of our agile working model to leverage our hub-and-spoke footprint is delivering on our high-performance culture objective. In the past 12 months, our applications are up 300% on fewer job openings and applications are up 500% with women. Our turnover remains below industry average and our engagement scores improved by 8%.

我們推出敏捷工作模式以利用我們的中心輻射足跡，正在實現我們的高績效文化目標。在過去 12 個月中，我們的職缺申請數量增加了 300%，而女性申請數量增加了 500%。我們的營業額仍然低於行業平均水平，我們的敬業度得分提高了 8%。

Looking ahead to the balance of the year, we will be pulling forward several focused pillar initiatives designed to establish a winning portfolio of SKUs, streamline our operations and simplify our geographic footprint. These initiatives are an important step towards eliminating complexity in our business, allowing us to concentrate our resources more effectively on the areas where we have the greatest right to win.

展望今年剩下的時間，我們將推進幾項重點突出的支柱計劃，旨在建立成功的 SKU 組合、簡化我們的營運並簡化我們的地理足跡。這些舉措是消除業務複雜性的重要一步，使我們能夠更有效地將資源集中在我們最有機會獲勝的領域。

Under our growth pillar, our goal is to drive share gains across our core snack, baby and kids and beverage platforms. These platforms have gained incremental distribution across mass and grocery channels, reinforcing our confidence that this momentum will continue to build throughout the year and support our pivot to growth in the back half.

在我們的成長支柱下，我們的目標是推動我們的核心零食、嬰兒和兒童以及飲料平台的份額成長。這些平台已在大眾和雜貨通路中獲得了增量分銷，這增強了我們的信心，即這一勢頭將在全年繼續增強，並支持我們在下半年實現成長。

Our build pillar is centered on brand building, channel expansion and innovation. As we mentioned previously, we're driving improved marketing efficiency through a reshaping of working and non-working media and leveraging both paid and earned media to drive brand awareness and reach. We launched our Hain agile and amped brand-building model globally and began to ramp up brand campaigns in the first half of the year for Celestial Seasonings, with Magic in your Mug and the beloved Sleepytime bear and targeted marketing on Greek Gods yogurt.

我們的建設支柱以品牌建立、通路擴張和創新為中心。正如我們之前提到的，我們正在透過重塑工作和非工作媒體來提高行銷效率，並利用付費和免費媒體來提高品牌知名度和影響力。我們在全球推出了Hain 敏捷而有力的品牌建立模式，並在上半年開始加大Celestial Seasonings 的品牌宣傳力度，包括「Magic in your Mug」和深受喜愛的Sleepytime 小熊，以及針對Greek Gods 酸奶的定向行銷。

We began to leverage global platform insights and campaigns for our leading baby and kids brands. Earth's Best with Goodfood made fun in North America and Eat Play Fund for Ella's Kitchen in the UK. Our improved effectiveness and our brand-building spend will drive more from our core products and brands and also support new innovation launch success. For innovation, we continue to enhance our capabilities and pipeline, working to leverage key insights to develop breakthrough, scalable innovation.

我們開始利用全球平台的洞察力和活動來支持我們領先的嬰兒和兒童品牌。Earth's Best 與 Goodfood 一起在北美取笑，並為英國的 Ella's Kitchen 提供 Eat Play 基金。我們提高的效率和品牌建立支出將為我們的核心產品和品牌帶來更多動力，並支持新創新的成功推出。在創新方面，我們不斷增強我們的能力和管道，並努力利用關鍵見解來開發突破性的、可擴展的創新。

Our recent launch of Garden Veggies Flavor Burst tortilla chips is a prime example, created from consumer research, highlighting a gap in the better-for-you snacking segments. Flavor Burst fills a better-for-you tortilla chip void by combining the craveable flavors of nacho cheese and zesty ranch with wholesome ingredients, including non-GMO corn and colorable veggies with no artificial flavors and no artificial preservatives.

我們最近推出的 Garden Veggies Flavor Burst 玉米片就是一個典型的例子，它是根據消費者研究得出的，凸顯了健康零食領域的差距。Flavor Burst 將烤乾酪辣味玉米片起司和美味牧場的美味風味與健康成分（包括非基因玉米和彩色蔬菜，不含人工香料和人工防腐劑）相結合，填補了「更適合您」的玉米片的空白。

Consumer testing results have been outstanding and we received nearly 100% retailer acceptance in both the US and Canada. Flavor Burst will hit the market with strong initial ACV, and we expect distribution to build based upon retailer commitments, setting Flavor Burrst up to be the strongest innovation launch in recent company history.

消費者測試結果非常出色，我們在美國和加拿大獲得了近 100% 的零售商認可。Flavor Burst 將以強勁的初始 ACV 推出市場，我們預計分銷將基於零售商的承諾，使 Flavor Burrst 成為該公司近期歷史上最強勁的創新產品。

We are supporting the launch through a robust omnichannel activation, leveraging our agile and amped brand-building model to drive awareness trial and repeat purchase both on shelf and online. Flavor Burst tortilla will be a strong driver of our year-on-year second half growth in the snack category. To support the strong launch, you will see a sequential increase in marketing investment in quarter three. In addition to innovation, we are strengthening our channel expansion capabilities in both away-from-home and e-commerce.

我們透過強大的全通路活化來支援該產品的發布，利用我們敏捷且強大的品牌建立模型來推動認知試驗和貨架上和網路上的重複購買。Flavor Burst 玉米餅將成為我們下半年零食類別年成長的強勁推動力。為了支持強勁的發布，您將看到第三季的行銷投資連續增加。除了創新之外，我們也正在加強外出和電子商務的通路拓展能力。

As our new teams scale up, we are pleased to see our C-store sales up 15% in the quarter, driven by our snacks business, which was up 18%. Further in January, we expanded snacks distribution to more than 10,000 C-stores, increasing our store count in this margin-accretive channel by double digits. And Garden of Eatin has had several significant wins in commercial restaurants, helping drive both revenue and reach.

隨著我們新團隊的規模擴大，我們很高興看到本季我們的便利商店銷售額在零食業務成長 18% 的推動下成長了 15%。此外，一月份，我們將零食分銷範圍擴大到超過 10,000 家便利商店，使這一利潤增長管道的門市數量增加了兩位數。Garden of Eatin 在商業餐廳中取得了幾項重大勝利，幫助提高了收入和覆蓋範圍。

On the e-commerce side, we are pleased to see digital sales penetration at our unified commerce retailers growing and outpacing grocery category averages. Brand building, innovation and channel expansion are key drivers of our pivot to growth in the back half of the year.

在電子商務方面，我們很高興看到我們的統一商業零售商的數位銷售滲透率不斷增長並超過雜貨類別的平均水平。品牌建立、創新和通路拓展是我們下半年成長的關鍵驅動力。

Our last pillar is fuel, which is designed to unlock efficiencies across our business to fund our growth and drive margin expansion. Our productivity pipeline, as measured by cost savings initiatives in our manufacturing operations, is robust and on track to deliver our targeted savings to offset inflation within the year.

我們的最後一個支柱是燃料，旨在提高我們整個業務的效率，為我們的成長提供資金並推動利潤率擴張。根據我們製造業務中的成本節約舉措來衡量，我們的生產力管道非常強勁，並且有望實現我們的目標節約，以抵消年內的通貨膨脹。

Our revenue growth management initiatives are on track for fiscal '24 expected savings, largely in trade and non-trade efficiencies, net price realization and price pack architecture. Our working capital initiatives are also on plan to reach fiscal '24 target. We have approximately 80% of our payables target committed to date. And our [Ron PEC] inventory is over 20% lower than a year ago, and our finished goods remain below the expected seasonal build for the first half, better than we projected on the last earnings call.

我們的營收成長管理計畫正在實現 24 財年的預期節省，主要體現在貿易和非貿易效率、淨價實現和價格包架構方面。我們的營運資本計畫也按計畫實現 24 財年目標。到目前為止，我們已承諾約 80% 的應付帳款目標。我們的 [Ron PEC] 庫存比一年前減少了 20% 以上，我們的成品仍低於上半年的預期季節性產量，好於我們在上次財報電話會議上的預測。

We are continuing to unlock value through our fuel program, which will facilitate reinvestment in the business and the return to growth in the back half of the fiscal year. I'm excited that we've made strong progress in our fuel initiatives and for our plan to deliver continued sequential improvement in our business and year-on-year growth in quarter three and quarter four. With formula supply recovery, distribution gains and innovation and channel expansion and continued momentum in our international region, we have many reasons to believe in our outlook for a pivot to growth in the back half in spite of the challenging macroeconomic environment.

我們將繼續透過燃料計劃釋放價值，這將促進業務再投資和本財年後半段恢復成長。我很高興我們在燃料計劃方面取得了巨大進展，並計劃在第三季和第四季實現業務的持續改善和同比增長。隨著配方奶粉供應的恢復、分銷收益、創新和通路擴張以及我們國際地區的持續成長勢頭，儘管宏觀經濟環境充滿挑戰，但我們有充分理由相信下半年成長的前景。

Before I hand the call over to Lee, I want to thank the entire Hain team for their dedication, their passion and their hard work. As we reimagine Hain Celestial and redefine the future of better-for-you, purpose-driven brands, our global team has played a pivotal role in putting new plans into action, coming together to grow our brands, our business, our impact and our people. I want to thank them for their continued commitment to lead with purpose, deliver Hain values and to demonstrate possibility thinking.

在將電話轉交給 Lee 之前，我要感謝整個 Hain 團隊的奉獻、熱情和辛勤工作。當我們重新構想Hain Celestial 並重新定義「為您提供更好、以目標為導向」的品牌的未來時，我們的全球團隊在將新計劃付諸行動、齊心協力發展我們的品牌、我們的業務、我們的影響力和我們的品牌方面發揮了關鍵作用。人們。我要感謝他們持續致力於有目標地領導、傳遞海恩價值觀並展示可能性思維。

With that, I'll turn the call over to Lee.

說完，我就把電話轉給李。

Thank you, Wendy, and good morning. everyone. Q2 delivered a sequential improvement in both top-line and bottom-line performance versus Q1. This was driven by the focus and fuel pillars of Hain Reimagined and establishes the pathway to continue to deliver sequentially improving growth rates as we move through the balance of the year.

謝謝你，溫迪，早安。每個人。與第一季相比，第二季的營收和利潤表現均取得連續改善。這是由 Hain Reimagined 的重點和燃料支柱推動的，並建立了在我們度過今年餘下時間的過程中繼續實現連續提高的增長率的途徑。

Consolidated net sales for the second quarter were flat versus the prior year period at $454 million, an improvement sequentially from the first quarter decrease of 3.3% year over year. Organic net sales for the second quarter, adjusted to exclude the effects of divestitures and discontinued brands, increased 0.2% versus the prior year period, an improvement sequentially from the 2.9% year-over-year decrease in the first fiscal quarter.

第二季綜合淨銷售額與去年同期持平，為 4.54 億美元，較第一季年減 3.3% 有所改善。在排除資產剝離和停產品牌影響後，第二季有機淨銷售額較上年同期成長 0.2%，較第一財季年減 2.9% 有所改善。

Organic net sales growth in the second quarter reflects an approximately two percentage point benefit from foreign exchange. The increase in organic net sales was driven by sales growth in the international segment, offset by lower sales in the North America segment. As expected, formula was a 2% drag on organic net sales growth in the quarter, we delivered second quarter adjusted EBITDA of $47 million versus $50 million in the prior year period.

第二季的有機淨銷售額成長反映了外匯帶來的約兩個百分點的收益。有機淨銷售額的成長是由國際部門的銷售成長所推動的，但被北美部門的銷售額下降所抵銷。正如預期的那樣，配方奶粉對該季度的有機淨銷售額增長造成了 2% 的拖累，我們第二季度調整後的 EBITDA 為 4700 萬美元，而去年同期為 5000 萬美元。

Adjusted EBITDA margin was 10.4% as compared to 11% in the prior year period. Adjusted gross margin was 23.5% in the second quarter, an increase of approximately 60 basis points versus the prior year period. The increase was driven by pricing and productivity savings, partially offset by deleverage on lower sales volume and by cost inflation. For full fiscal year '24, we anticipate gross margin to show an improvement of 50 to 100 basis points versus the prior year.

調整後 EBITDA 利潤率為 10.4%，去年同期為 11%。第二季調整後毛利率為23.5%，較去年同期成長約60個基點。這一增長是由定價和生產力節省推動的，但部分被銷售下降和成本通膨所抵消。對於 24 年整個財年，我們預計毛利率將比上一年提高 50 至 100 個基點。

SG&A increased 2.2% year over year to $74 million, representing 16.3% of net sales for the quarter. The increase was driven primarily by higher marketing expense and people-related expenses on the reinstatement of bonus accrual as expected. Looking ahead, we expect to ramp up marketing spend in the third quarter in support of our Flavor Burst launch and additional programming in the back half of the fiscal year on our priority brands.

SG&A 年成長 2.2%，達到 7,400 萬美元，佔本季淨銷售額的 16.3%。這一增長主要是由於按預期恢復獎金應計而導致行銷費用和人員相關費用增加。展望未來，我們預計將在第三季增加行銷支出，以支持我們的 Flavor Burst 發布以及本財年下半年針對我們優先品牌的其他計劃。

During the second quarter, we took charges totaling $31 million associated with actions under the restructuring program, including contract termination costs, asset write-downs, employee related costs and other transformation related expenses. Of these charges, $21 million were non-cash. Interest cost for the second quarter rose 49% to $16 million due to the higher variable interest on the unhedged portion of our debt, partially offset by lower outstanding borrowings.

第二季度，我們收取了與重組計畫相關的費用總計 3,100 萬美元，包括合約終止成本、資產減記、員工相關成本和其他轉型相關費用。其中 2,100 萬美元為非現金費用。由於未對沖債務部分的可變利息較高，第二季的利息成本上升了 49%，達到 1,600 萬美元，但未償還借款的減少部分抵消了這一影響。

As a reminder, we have hedged our rate exposure on approximately 50% of our loan facility with fixed rates at 5.6% and remain keenly focused on driving down net debt over time. All of these factors combined to reduce net loss for the quarter of $14 million or $0.15 per diluted share compared to net income of $11 million, or $0.12 per share per diluted share in the prior year period. Adjusted net income, which excludes the effect of restructuring charges amongst other items was $11 million, or $0.12 per diluted share versus $18 million or $0.20 in the prior year period.

提醒一下，我們已經對大約 50% 的貸款融資的利率風險進行了對沖，固定利率為 5.6%，並繼續專注於隨著時間的推移降低淨債務。所有這些因素結合在一起，使本季的淨虧損減少了 1,400 萬美元，即稀釋後每股 0.15 美元，而去年同期淨利潤為 1,100 萬美元，即每股稀釋後每股 0.12 美元。調整後淨利潤（不包括重組費用及其他項目的影響）為 1,100 萬美元，即稀釋後每股收益 0.12 美元，而去年同期為 1,800 萬美元，即每股稀釋收益 0.20 美元。

Now turning to our individual reporting segments. In North America, reported net sales decreased 5.2% year over year to $268 million in the second quarter. Organic net sales decreased by 4.8% versus the prior year period due to a sales volume decline in baby and kids, which is a function of continued industry-wide challenges in organic baby formula supply as previously discussed, and lower sales in snacks as we shifted our promotional strategy and optimized our channel mix for improved trade efficiency and profitability.

現在轉向我們的個人報告部分。在北美，第二季淨銷售額年減 5.2% 至 2.68 億美元。有機淨銷售額較上年同期下降 4.8%，原因是嬰兒和兒童銷量下降，這是由於有機嬰兒配方奶粉供應方面持續面臨全行業挑戰，以及我們轉型過程中零食銷量下降的結果。我們的促銷策略並優化了通路組合，以提高貿易效率和獲利能力。

This was partially offset by growth in beverages. Formula was a 3% drag on organic net sales in the quarter. Second-quarter adjusted gross margin in North America was 24.8%, a 40 basis point decrease versus the prior year period, driven by deleverage on lower sales volume and cost inflation, partially offset by pricing and productivity savings.

這被飲料的成長部分抵消。配方奶粉對該季度的有機淨銷售額造成了 3% 的拖累。北美第二季調整後毛利率為 24.8%，較上年同期下降 40 個基點，這是由於銷售下降和成本通膨導致的去槓桿化推動的，但部分被定價和生產力節省所抵消。

Adjusted EBITDA in North America was $31 million, an 18.9% decrease versus the prior year period. And adjusted EBITDA margin was 11.7%, a 190 basis point decrease from the prior year period. These year-over-year declines resulted from lower volume inflation and marketing investments, partially offset by productivity.

北美地區調整後 EBITDA 為 3,100 萬美元，較上年同期下降 18.9%。調整後 EBITDA 利潤率為 11.7%，較上年同期下降 190 個基點。這些同比下降是由於通貨膨脹率下降和行銷投資下降造成的，但部分被生產力所抵消。

In our international business, reported net sales demonstrated continued strength, increasing 8.5% to $186 million in the second quarter. Organic net sales growth was also 8.5%. This reflects 5.8 percentage points of growth from FX. As Wendy mentioned earlier, our growth was primarily driven by meal prep, including private label and branded jams and jellies, private label meat-free and our branded soups brands and non-dairy beverage growth.

在我們的國際業務中，報告的淨銷售額表現出持續強勁的勢頭，第二季度增長了 8.5%，達到 1.86 億美元。有機淨銷售額成長也為 8.5%。這反映了外匯成長 5.8 個百分點。正如溫蒂之前提到的，我們的成長主要是由餐點準備推動的，包括自有品牌和品牌果醬和果凍、自有品牌無肉和我們的品牌湯品牌以及非乳製品飲料的成長。

International adjusted gross margin was 21.6%, up approximately 260 basis points year over year, driven by pricing, partially offset by inflation. International adjusted EBITDA was $26 million, a 35% increase from the prior year period, driven primarily by pricing, partially offset by lower volumes and inflation. Adjusted EBITDA margin was 13.9%, up approximately 270 basis points versus the prior year period.

國際調整後毛利率為 21.6%，年成長約 260 個基點，主要受到定價的推動，但部分被通膨所抵銷。國際調整後 EBITDA 為 2,600 萬美元，比上年同期增長 35%，這主要是由定價推動的，但部分被銷售下降和通貨膨脹所抵消。調整後 EBITDA 利潤率為 13.9%，比上年同期成長約 270 個基點。

Now shifting to cash flow in the balance sheet, we generated second-quarter cash from operating activities of $21 million versus $3 million a year ago. The higher operating cash resulted from continued working capital management, including our accounts payable optimization and inventory management initiatives tied to the fuel pillar of Hain Reimagined.

現在轉向資產負債表中的現金流，我們第二季從營運活動產生的現金為 2,100 萬美元，而一年前為 300 萬美元。營運現金增加源自於持續的營運資本管理，包括與 Hain Reimagined 燃料支柱相關的應付帳款優化和庫存管理措施。

CapEx was $6 million in the quarter, and we now expect expenditures to be in the mid 40s for fiscal 2024 Finally, we closed the quarter with cash on hand of $54 million and net debt of $756 million, translating into a net leverage ratio of 4.2 times, as calculated under our amended credit agreement.

該季度的資本支出為600 萬美元，我們現在預計2024 財年的支出將在40 多歲左右。最後，本季結束時，我們手頭現金為5,400 萬美元，淨債務為7.56 億美元，淨槓桿率為4.2次，根據我們修訂後的信貸協議計算。

We drove leverage lower than we had previously projected due to better cash flow momentum from our fuel initiative. Paying down debt and strategically investing in the business continued to be our priorities for cash utilization. Consistent with our stated priorities for cash, we have reduced net debt by $91 million since the end of Q1 2023. And as we have previously indicated, our long-term goal is to reduce balance sheet leverage to three times adjusted EBITDA or less.

由於我們的燃料計劃帶來了更好的現金流動力，我們將槓桿率降低到了低於先前的預期。償還債務和策略性投資業務仍然是我們現金利用的首要任務。根據我們既定的現金優先事項，自 2023 年第一季末以來，我們已將淨債務減少了 9,100 萬美元。正如我們先前指出的，我們的長期目標是將資產負債表槓桿降低至調整後 EBITDA 的三倍或更低。

Turning to our outlook. We are making early progress against Hain Reimagined, especially in the delivery of fuel as planned in this foundational year of the restructuring program, We have accelerated some of the initiatives outlined in the focus pillar, primarily, portfolio and channel mix improvements. This is expected to create a near-term revenue headwind as we rationalize lower margin SKUs in sales. As a result, we believe it is prudent to take a more conservative view of the balance of fiscal 2024.

轉向我們的展望。我們正在針對 Hain Reimagined 取得早期進展，特別是在重組計劃基礎年計劃的燃料交付方面，我們加快了重點支柱中概述的一些舉措，主要是產品組合和渠道組合的改進。隨著我們對銷售中利潤率較低的 SKU 進行合理化調整，預計這將在短期內造成收入逆風。因此，我們認為對 2024 財年的餘額採取更保守的看法是謹慎的做法。

In addition, we expect less of a tailwind from foreign exchange than when we initially provided guidance in August. Considering these factors as well as performance year to date, we are adjusting our guidance for the full year.

此外，我們預計外匯帶來的推動力將比我們最初在 8 月提供指導時少。考慮到這些因素以及今年迄今為止的表現，我們正在調整全年的指導。

On the bottom line, we delivered better results versus expectations through Q2 year to date. However, as previously stated, a tenet of Hain Reimagined is to link our brand-building innovation and channel expansion investments to the supporting generation of investment fuel. Consequently, the over-delivery in the first half of fiscal year 2024 will be utilized in the second half to step up investments to drive longer-term volume growth and margin expansion.

總而言之，我們在今年第二季迄今取得了好於預期的業績。然而，如前所述，Hain Reimagined 的宗旨是將我們的品牌建立創新和通路擴張投資與支持性投資燃料的產生聯繫起來。因此，2024財年上半年的超額交付將在下半年用於加強投資力度，以推動長期銷售成長和利潤率擴張。

Our revised fiscal 2024 guidance is as follows. We expect organic net sales growth of approximately 1% or more year over year. Adjusted EBITDA to be between $155 million and $160 million and free cash flow of $40 million to $45 million, which now reflects 2020 forecasts associated with Hain Reimagined.

我們修訂後的 2024 財年指引如下。我們預計有機淨銷售額將年增約 1% 或更多。調整後的 EBITDA 為 1.55 億至 1.6 億美元，自由現金流為 4,000 萬至 4,500 萬美元，目前反映了 Hain Reimagined 的 2020 年預測。

Our 2024 guidance assumes that first, currency exchange rates will not materially change from today's rates, resulting in an approximately one-point net sales benefit from foreign exchange. This compares to an approximately two-point net sales benefit when we gave guidance in August. Second, net pricing will recover most of the expected cost inflation as we continue to make progress on revenue growth management initiatives. And finally, the productivity will drive gross margin expansion and fuel investments.

我們的 2024 年指導假設首先，貨幣匯率相對於當前匯率不會發生重大變化，從而導致外匯帶來約 1 個百分點的淨銷售收益。相比之下，我們在 8 月給出指導時，淨銷售額收益大約提高了兩個點。其次，隨著我們在營收成長管理措施上持續取得進展，淨定價將恢復大部分預期成本通膨。最後，生產力將推動毛利率擴張並推動投資。

Lastly, we're now projecting the annual effective income tax rate to be 32% to 33%. This is primarily as a result of a shift in the geographical mix of earnings, the associated impact related to global intangible low-taxed income and limitations on certain deductions.

最後，我們現在預計年度有效所得稅率為 32% 至 33%。這主要是由於收入地理結構的變化、與全球無形低稅收入相關的相關影響以及某些扣除額的限制所致。

While we are not providing specific guidance for the fiscal third quarter, we do want to provide some color on the shape of the balance of the year. In keeping with our expectation of momentum, building throughout the year, we anticipate organic net sales growth in the third fiscal quarter to be greater than that in the fiscal second quarter. And organic net sales growth in the fiscal fourth quarter to be greater than that in the fiscal third quarter. Similarly, we expect continued sequential improvement in adjusted EBITDA growth rates.

雖然我們沒有為第三財季提供具體的指導，但我們確實希望為今年的結餘狀況提供一些資訊。為了符合我們對全年成長動能的預期，我們預計第三財季的有機淨銷售額成長將高於第二財季。第四財季的有機淨銷售額成長將大於第三財季。同樣，我們預計調整後的 EBITDA 成長率將持續改善。

Now I turn back to Wendy for closing remarks.

現在我請溫迪做結束語。

Thank you, Lee. Amid our company's transformation, we remain committed to driving positive change for people, communities and the planet through better-for-you brands, making a positive impact on the world around is core to our Hain company purpose. To that end, we're proud to share that we will soon be publishing our annual global impact report, which outlines the progress we are making towards our goals for healthier people, healthier products and a healthier planet.

謝謝你，李。在公司轉型的過程中，我們仍然致力於透過「更適合您」的品牌，為人們、社區和地球帶來積極的變化，為周圍的世界帶來積極的影響是我們 Hain 公司宗旨的核心。為此，我們很自豪地宣布，我們很快就會發布年度全球影響報告，其中概述了我們在實現人類更健康、產品更健康和地球更健康的目標方面所取得的進展。

You will be able to access the report and learn more on our company website. I am encouraged that we are continuing to report sequential improvements and fuel generation through our Hain Reimagined strategy. As we outlined on Investor Day, our approach will be to pay as we go to generate fuel and reinvest in the business to deliver profitable growth and margin expansion. This is a multi-year strategy to transform the business, and we'll continue to balance the pacing and prioritization to deliver steady progress to our goals.

您將能夠在我們公司的網站上存取該報告並了解更多資訊。我感到鼓舞的是，我們透過我們的 Hain Reimagined 策略繼續報告連續改進和燃料生成。正如我們在投資者日所概述的那樣，我們的方法將是在生產燃料時付費，並對業務進行再投資，以實現盈利增長和利潤率擴張。這是一項業務轉型的多年策略，我們將繼續平衡節奏和優先順序，以穩步推進我們的目標。

We are pleased to see the second quarter demonstrate our progress made and the momentum in our business. The accelerating trends, coupled with recent innovation and distribution gains across growth categories give us confidence that we will pivot to growth in the back half of the year.

我們很高興看到第二季度展示了我們取得的進展和業務勢頭。加速的趨勢，加上最近各成長類別的創新和分銷收益，讓我們有信心在今年下半年轉向成長。

And the progress we're making in our fuel program will enable us to reinvest in the business to get the flywheel spinning and to realize our potential as a growth leader in better-for-you brands, We firmly believe the best is yet to come and appreciate you joining the call today. Thank you for your interest and for your continued support. With that, operator, please open the line for questions.

我們在燃料計劃方面取得的進展將使我們能夠對業務進行再投資，讓飛輪旋轉起來，並實現我們作為“更適合您”品牌的增長領導者的潛力，我們堅信最好的尚未到來感謝您今天加入通話。感謝您的關注和持續的支持。那麼，接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Jim Salera, Stephens, Inc.

吉姆·薩萊拉，史蒂芬斯公司

Hi, guys. Good morning. Thanks for taking our question. I wanted to double-click a little bit on the snacking growth. It seems like this data that we have visibility in with the tracked channels don't really capture the full picture. And so if we think about the back half of the year, can you just maybe break out how much of the growth you expect to come from recovery in tracked channels from what we can see verse distribution gains, flat, this organic sales growth in untracked channels?

嗨，大家好。早安.感謝您提出我們的問題。我想雙擊一下零食的成長。看來我們透過追蹤管道看到的數據並沒有真正捕捉到全貌。因此，如果我們考慮今年下半年，您能否從我們可以看到的分銷收益（持平）和未跟踪渠道的有機銷售增長中看出，您預計有多少增長來自跟踪渠道的複蘇？渠道？

Yes, appreciate the question. And as we said, when we leaned into Hain Reimagined on Investor Day, we were going to be driving disproportionate growth in channel expansion, especially in our snacks category. It's important to remind there were two big drivers in the snack category in the front half of the year.

是的，感謝這個問題。正如我們所說，當我們在投資者日傾向於 Hain Reimagined 時，我們將推動通路擴張的不成比例的成長，特別是在我們的零食類別中。需要提醒的是，今年上半年零食類別有兩大推動因素。

In quarter one, we had an impact in Terra because we made some decisions in optimizing promotion spend and in channel mix. And so that was a quarter one impact. Pleased to say that we actually saw Terra in growth in quarter two in both dollar sales as well as unit growth. In Garden Veggie, it was the opposite. We had good growth in quarter one. We made some choices in promotional shift and again, some optimization around promotional spend in our RGM initiatives that impacted Garden Veggie straws or the Garden Veggie brand in quarter two.

在第一季度，我們對 Terra 產生了影響，因為我們在優化促銷支出和通路組合方面做出了一些決定。這就是四分之一的影響。很高興地說，我們實際上看到 Terra 在第二季的美元銷售額和銷售成長方面都實現了成長。在《蔬菜花園》中，情況則恰恰相反。我們第一季取得了良好的成長。我們在促銷轉變方面做出了一些選擇，並在第二季度影響了 Garden Veggie 吸管或 Garden Veggie 品牌的 RGM 計劃中，圍繞促銷支出進行了一些優化。

Really pleased that the distribution gains we've had in non-measured. So we mentioned in the earlier remarks that we now have our snacks brands in 10,000 C-stores starting in January. We obviously have the Garden Veggie Flavor Burst launch that takes place right now, and we're beginning to see some momentum even in our measured channels in the latest four weeks.

非常高興我們獲得了不可衡量的分配收益。所以我們在前面的發言中提到，我們現在從一月開始在 10,000 家便利商店中擁有我們的零食品牌。顯然，我們現在正在推出 Garden Veggie Flavor Burst，而且我們在最近四週的測量管道中也開始看到一些勢頭。

So I think the combination of cleaning up our promotional activity, leaning on our channel mix and the work that we're seeing on TDPs as well as velocity combined with innovation and channel expansion in the back half, give us confidence in the snack portfolio.

因此，我認為，清理我們的促銷活動、依靠我們的渠道組合和我們在 TDP 方面所做的工作以及後半段的創新和渠道擴張相結合的速度，讓我們對零食產品組合充滿信心。

Great. And maybe a follow-up on the channel expansion. As you guys enter a channel where you've been underpenetrated in the past, is it kind of you have to prove that the products can work and so you come in with one or two SKUs and then give the retailer a trial period to see if they want to add more or should we think of there's already kind of a plan in place that we should see distribution ramp in untracked channels as you guys introduce new products and get the promotional thing right-sized?

偉大的。也許是通路擴張的後續行動。當你們進入一個過去滲透率不足的管道時，是否必須證明產品可以工作，因此您帶著一兩個 SKU 進來，然後給零售商一個試用期，看看是否可以。他們想要添加更多產品，還是我們應該考慮已經制定了一項計劃，當你們推出新產品並調整促銷活動的規模時，我們應該看到未追蹤管道的分銷量增加？

It's a great question. And the thing that I think we have felt all along, we know that we have beloved consumer brands, they're just not able to find them everywhere. So the opportunity for us is improving the viability of the products or the viability of the brand is making them more available to the consumer where they're shopping.

這是一個很好的問題。我想我們一直以來都有這樣的感受，我們知道我們擁有深受喜愛的消費品牌，但他們只是無法在任何地方找到它們。因此，我們的機會是提高產品的生存能力，或是品牌的生存能力使消費者在購物時更容易獲得這些產品。

We've had great retailer take rate in all retail in food service and in C-store. We're up double digits, in high double digits in all three of those away-from-home non-measured channels. That gives us a lot of confidence as we go forward. But I don't think that this is a need to prove it. It's a need to make it accessible and available to the consumer.

我們在食品服務和便利商店的所有零售中都有很高的零售商佔有率。我們的成長達到了兩位數，在所有三個客場非測量管道中都達到了高兩位數。這給了我們前進的信心。但我認為這沒有必要證明。需要使其可供消費者存取和使用。

Okay, great. Thanks, guys. I'll hop back in the queue.

好的，太好了。多謝你們。我會跳回到隊列中。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great. Good morning, everybody.

偉大的。大家早安。

Good morning.

早安.

So Wendy, I guess I'd love to get a better sense or maybe I'm just not clear yet on sort of what changed or what you're seeing in the market that's leaning you to want to accelerate some of these focus pillar actions. And sort of what specific actions are really being accelerated. Are there certain parts of the business brands or categories where you're accelerating the sort of SKU rationalization?

所以溫迪，我想我很想獲得更好的認識，或者也許我只是還不清楚發生了什麼變化，或者你在市場上看到的是什麼讓你想要加速其中一些重點支柱行動。以及哪些具體行動確實正在加速。您是否正在加速業務品牌或類別的某些部分的 SKU 合理化？

Well, remember -- well, good morning, Andrew. But remember what we said on Investor Day that we would need to pay as we go. So as we unlock fuel, we would be able to lean into investments, but also some of the simplification work that we knew would be needed. Things like the work that was done with Joya last year and international, we eliminated 50% of the SKUs in the Joya portfolio and the brand grew double digits.

好吧，記住——好吧，早上好，安德魯。但請記住我們在投資者日說過的話，我們需要邊走邊付。因此，當我們釋放燃料時，我們將能夠進行投資，但也可以進行一些我們知道需要的簡化工作。就像去年在 Joya 和國際上所做的工作一樣，我們消除了 Joya 產品組合中 50% 的 SKU，該品牌實現了兩位數的成長。

So a harder working core assortment in the Joya brand, we're taking a similar approach across the entire portfolio where we have a tail of SKUs that are both adding complexity into our Indian supply chain. It added inventory both in raw unpacked and in finished, but it also adds maybe unproductive SKUs in the assortment for our retail partners.

因此，Joya 品牌的核心品種更加努力，我們在整個產品組合中採取了類似的方法，其中我們有一系列 SKU，它們都增加了我們印度供應鏈的複雜性。它增加了未包裝的原始庫存和成品庫存，但也為我們的零售合作夥伴增加了可能非生產性的 SKU。

So -- but that -- obviously, when you do that, that kind of SKU red, it's a top-line drag and it can also be a bottom line drag. So we knew we were going to need to pace that a bit. Because we overdelivered EBITDA in quarter one and quarter two, it puts us in a position to both invest behind some of the brand building that we wanted to do. It allows us to accelerate the adding of some of the organizational capabilities that we want, think headcount and revenue growth management and in away-from-home on the commercial sales side of our business.

所以——但是——顯然，當你這樣做時，一种红色的SKU，它是一個頂線拖累，也可能是一個底線拖累。所以我們知道我們需要稍微調整一下節奏。因為我們在第一季和第二季超額交付了 EBITDA，這使我們能夠投資於我們想做的一些品牌建設。它使我們能夠加速增加一些我們想要的組織能力，包括員工數量和收入成長管理以及我​​們業務的商業銷售方面的外出活動。

But it also allows us to accelerate some of those simplification things in SKU and footprint that we may have planned in fiscal '25 because we didn't think we'd be in a position to be able to do it. We're in a financial position to be able to do it in fiscal '24. So we're going to pull those forward into quarter four.

但這也使我們能夠加快 SKU 和足跡方面的一些簡化工作，這些工作可能是我們在 25 財年計劃的，因為我們認為我們無法做到這一點。我們的財務狀況足以在 24 財年實現這一目標。因此，我們將把這些時間提前到第四季。

And so maybe I can just build upon that a little bit. I mean, the other thing is we do distribute products into 75 markets. As we simplify our focus, it is on five key markets. So it is an opportunity for us as well, just to simplify where we've got physical assets. So that's come into account as well. Again, we will continue to distribute into kind of broader markets, but really focused on five key markets.

所以也許我可以在此基礎上再進一步。我的意思是，另一件事是我們確實將產品分銷到 75 個市場。當我們簡化我們的重點時，它集中在五個關鍵市場。因此，這對我們來說也是一個機會，只是為了簡化我們擁有的實體資產。所以這也被考慮在內。同樣，我們將繼續分銷到更廣泛的市場，但真正專注於五個關鍵市場。

Got it. That's helpful. And then, Lee, just a follow-up for you. I think you said them in your prepared remarks that 4Q organic sales growth would be greater than what we see in 3Q. And I'm just looking at it and just last year, right, the comparison in 3Q in terms of organic growth is far easier than in 4Q. So I'm just curious what are some of the things maybe you can remind us that are still expected to dampen organic sales growth in the third quarter that would make the fourth quarter organic sales growth better? Thank you.

知道了。這很有幫助。然後，Lee，我想對您進行後續跟進。我認為您在準備好的發言中說過，第四季度的有機銷售成長將大於我們在第三季度看到的成長。我只是在看它，就在去年，對吧，第三季度有機成長的比較比第四季容易得多。所以我只是好奇您可以提醒我們哪些事情仍然預計會抑制第三季的有機銷售成長，從而使第四季度的有機銷售成長更好？謝謝。

Yes, I mean, so a couple of things. I mean, we obviously got the ramp-up of our new product initiative that part of it is also just the pacing of our investments. So we're investing. We're stepping up investment in Q3 and then that will kind of drive and the focus is driving that sequential improvement in volume. So part of it is tied into kind of the pacing of our investments in just those kind of as a reminder, overall. We said we'd have a pay as you go model.

是的，我的意思是，有幾件事。我的意思是，我們顯然已經加快了新產品計畫的步伐，其中一部分也只是我們投資的節奏。所以我們正在投資。我們正在增加第三季的投資，這將起到推動作用，重點是推動銷量的連續改善。因此，整體而言，其中一部分與我們的投資節奏有關，只是作為提醒。我們說過我們會採用現收現付模式。

So with what we've delivered from an EBITDA perspective through the first half, that's given us the ability to then invest -- increased our investment in Q3, and then we'll see that starting really coming through into the fourth quarter.

因此，從我們上半年的 EBITDA 角度來看，這使我們有能力進行投資——增加第三季的投資，然後我們將看到這種投資真正開始到第四季。

And let me add to that. Some of those distribution gains that we said that are coming certainly in this month, think C-store and some of the away from home, it takes time and even Flavor Burst launch, it takes time for that to ramp up. So we've assumed that we would fully realize some of that velocity in quarter four, but it takes some build time in quarter three. So you see some of that around the timing of those as well.

讓我補充一下。我們所說的一些分銷收益肯定會在本月實現，想想便利商店和一些外地商店，這需要時間，甚至 Flavor Burst 的推出，也需要時間來提升。因此，我們假設我們將在第四季度完全實現部分速度，但在第三季需要一些建置時間。因此，您也會在這些時間安排上看到一些內容。

Great. Thanks so much.

偉大的。非常感謝。

You bet.

你打賭。

Andrew Wolf, CL King.

安德魯沃爾夫，CL金。

Thank you. Good morning. On the North American snacks business, could you unpack for me the changes in the velocity or just the total sales for Garden Veggie and Terr? It seemed to go in the opposite direction sequentially between distribution changes and promotional cadence. So I'm trying to -- like Terra, you know, like just observational aside being promoted pretty heavily at least at Whole Foods.

謝謝。早安.關於北美零食業務，您能為我解釋一下 Garden Veggie 和 Terr 的速度變化或總銷售額嗎？分銷變化和促銷節奏似乎依次朝著相反的方向發展。所以我正在努力——就像泰拉一樣，你知道，除了觀察之外，至少在全食超市大力推廣。

So I'm trying to get a sense of, you know, is there an on promotion aspect to this versus off promotion previously? And also, you know, with Terra, I mean with Garden Veggie, there's so much of sold through or little appreciable amount sold through the club. Was there a change in -- any big change in the club distribution?

所以我想了解一下，你知道，這次促銷與之前的促銷相比是否有促銷方面？而且，你知道，對於 Terra，我的意思是對於 Garden Veggie，透過俱樂部出售的商品非常多，或者透過俱樂部出售的數量很少。俱樂部的分佈有什麼大的變化嗎？

Yes. Well, as we mentioned in, actually in some of the guidance that we gave going into the fiscal year, quarter one would have some very specific drags, one of which would be Terra. Because we were making a decision to reduce the depth and frequency of large promotions, particularly in the club channel on Terra. And that was going to have a quarter one impact. That allows us to have a much more stable distribution but also promotional activity.

是的。嗯，正如我們在中提到的，實際上在我們進入本財年的一些指導中，第一季會有一些非常具體的阻力，其中之一就是 Terra。因為我們決定減少大型促銷活動的深度和頻率，特別是在 Terra 的俱樂部頻道中。這將產生四分之一的影響。這使我們能夠擁有更穩定的分銷以及促銷活動。

And I would say that, you know, and I mentioned earlier, we've seen unit volume growth as well as dollar growth in Terra in quarter two. And in the latest four weeks, we've seen double-digit dollar growth as well as our sales on promotion are about flat to where they've been. So we've stabilized the promotion frequency and depth to be right sized, I would say for Terra and we can build from there.

我想說的是，你知道，我之前提到過，我們在第二季看到了 Terra 的單位銷售成長以及美元成長。在最近的四個星期裡，我們看到了兩位數的美元成長，而且我們的促銷銷售額與之前的水平基本持平。因此，我們已經將促銷頻率和深度穩定在適當的規模，我想說的是，對於 Terra，我們可以從那裡開始建立。

Garden Veggie is a bit different, less so in channel mix, but much more around the promotional depth in quarter two. We didn't pace the same promotions that timing that we did a year ago. So some of that you see as a year-on-year drag. Going into quarter three, strong distribution gains on Garden Veggie, both in measured and non-measured.

Garden Veggie 有點不同，在通路組合方面有所不同，但在第二季的促銷深度方面則有更多的不同。我們沒有像一年前那樣安排同樣的促銷活動。因此，您認為其中一些是同比拖累。進入第三季度，Garden Veggie 的分銷增長強勁，無論是可衡量的還是不可衡量的。

But what we're most excited about, obviously, is innovation news coming in Garden Veggie that actually creates overall brand news for the entire franchise of Garden Veggie. So gives us confidence as we go into the back half. But what you saw in the front half is a little bit of some of the cleanup in our revenue growth management initiatives impacting both timing and depth of volume. That's just a timing issue year on year.

但顯然，我們最興奮的是 Garden Veggie 的創新消息，它實際上為 Garden Veggie 的整個特許經營創造了整體品牌新聞。當我們進入後半場時，這給了我們信心。但您在前半部分看到的是我們的收入成長管理計劃中的一些清理，影響了數量的時間和深度。這只是年復一年的時間問題。

Okay, Wendy, thank you. That's very clarifying. And just the follow-up is also actually with the Veggie Burst launch, it sounds like the acceptance was strong. Was the acceptance what you expected or was it actually a little better? And if it was better, did that affect your marketing plan or was it pretty much spot on in your marketing plans the same, with respect to the launch?

好的，溫迪，謝謝你。這非常清楚。後續行動其實也是 Veggie Burst 的推出，聽起來接受度很高。接受度是你所期望的還是實際上更好？如果它更好，這是否會影響您的行銷計劃，或者在您的行銷計劃中與發布相關的內容是否幾乎相同？

Well, I would say, and I encourage you to order the product, you're going to love it. So once we tasted the product and we saw the consumer research, we were very excited about it. To be honest, we expected to have large retailer acceptance. But I would say we are -- we have almost 100% retailer acceptance across both Canada and the US. That gives us a lot of confidence as we go in.

好吧，我想說，我鼓勵您訂購該產品，您會喜歡它的。因此，一旦我們品嚐了該產品並看到了消費者研究，我們就感到非常興奮。老實說，我們希望得到大型零售商的認可。但我想說的是，加拿大和美國的零售商幾乎 100% 接受我們。這給了我們很大的信心。

We've got a little bit more feature activity because of the strength of the launch, that's probably a bit more than we planned. So what we did was, as Lee said, we're leaning into the omnichannel marketing activity and that actually has us ramping up our investment in brand building in quarter three, which will be reflected as sort of the outlook that we have in the balance of the year because we want to make sure that we're appropriately supporting the innovation for a successful launch, both for our retail partners and for us.

由於發布的強度，我們有更多的功能活動，這可能比我們計劃的要多一些。因此，正如李所說，我們所做的是，我們正在傾向於全通路行銷活動，這實際上使我們在第三季度加大了對品牌建設的投資，這將反映在我們的平衡前景中年度最佳產品，因為我們希望確保為我們的零售合作夥伴和我們自己的成功發布提供適當的支援。

Okay. Thank you.

好的。謝謝。

You bet.

你打賭。

Ken Goldman, JPMorgan and Chase.

肯‧戈德曼、摩根大通和大通。

Hi. Thank you. With the understanding that the data that we get from, especially from some syndicated providers, does not really tell the whole story on Hain. Some of the the numbers we're looking at would suggest perhaps that the lifts that Hain is getting on some of its promotions may not be quite as strong as the company had hoped. I was just curious if you could comment on that a, is that valid? And if not, I'd love to hear it. And b, if it is valid, can you talk a little bit more about the decision to kind of invest more in the business, understanding also that not all those investments are of the promotion type, of course?

你好。謝謝。我們知道，我們從（尤其是一些聯合提供者）獲得的數據並不能真正講述 Hain 的全部情況。我們正在研究的一些數字可能表明，Hain 在某些促銷活動中獲得的提升可能並不像公司希望的那麼強大。我只是好奇你能否對此發表評論，這有效嗎？如果沒有，我很想聽聽。b，如果它是有效的，您能否多談談對業務進行更多投資的決定，當然，也了解並非所有這些投資都是促銷類型？

Yes. Good morning, Ken. And that's a great question. And we're seeing the same data that you're seeing in measured channels. And I would say it depends on the brands. So Terra has a very effective response to promotional activity, and that is allowing us to more effectively invest our trade behind Terra, both on feature and merchandising as well as discounting of promotions that actually gets lift. So feel very good about the plans that the team have on Terra and the response to that.

是的。早安，肯。這是一個很好的問題。我們看到的數據與您在測量通道中看到的數據相同。我想說這取決於品牌。因此，Terra 對促銷活動有非常有效的反應，這使我們能夠更有效地投資 Terra 背後的貿易，無論是在功能和銷售方面，還是在實際促銷活動的折扣方面。因此，我們對團隊在 Terra 上製定的計劃以及對此的反應感到非常滿意。

Garden Veggie is a bit different. And what we're finding is that the frequency of our promotions is more important than the depth of those promotions and having feature activity, both in our snack portfolio in the UK and feature activity in the US are really important in the snack category.

花園蔬菜有點不同。我們發現，促銷的頻率比促銷的深度和特色活動更重要，無論是在我們在英國的零食產品組合中還是在美國的特色活動在零食類別中都非常重要。

So as a part of our revenue growth management initiatives, the team is now using some really good data analytics to evaluate trade effectiveness to make those adjustments and then move forward. I feel better now because of those analytics that will allow us to increase the spend in the right way to move in the direction we need to rather than a peanut butter approach across the trade. And that's what you'll see us reflecting as we go into the back half is leaning into some of those ROI effectiveness decisions rather than just leaning more dollars.

因此，作為我們收入成長管理計劃的一部分，該團隊現在正在使用一些非常好的數據分析來評估貿易有效性，以做出這些調整，然後繼續前進。我現在感覺好多了，因為這些分析將使我們能夠以正確的方式增加支出，朝著我們需要的方向發展，而不是整個行業的花生醬方法。這就是我們在進入後半部分時所反映的，我們會傾向於一些投資回報率有效性決策，而不僅僅是投入更多資金。

Great. Thank you. I'll pass it on.

偉大的。謝謝。我會把它傳遞下去。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you and good morning.

謝謝你，早安。

Good morning.

早安.

Just wanted to come back to some of the channel expansion and could you put the 10,000 new C-stores in context? I guess that just the low hanging fruit and you feel like there's some more wood to chop, if you kind of made the rounds and that's likely kind of the extent of the upside, how do you think about what the runway looks like there? And then you've touched on food service opportunities in the past. Maybe can you give an update of how that might be progressing as well?

只是想回到一些通路擴張的話題，您能否介紹一下 10,000 家新便利商店的情況？我想這只是唾手可得的成果，你覺得還有更多的木材需要砍伐，如果你進行了一輪巡演，這可能就是上行空間的程度，你如何看待那裡的跑道是什麼樣的？然後您過去也談到過餐飲服務機會。或許您也可以介紹一下進展嗎？

Yes, absolutely. Well, as we said on Investor Day and before, one of the reasons why we are very bullish on away-from-home and non-measured channels, especially for brands like ours, is we know that their beloved by the consumer, but they're not available on the consumer sort of everyday shopping journey. It's making them more available and accessible. So putting them in within arm's reach of the consumer.

是的，一點沒錯。好吧，正如我們在投資者日及之前所說，我們非常看好外出和非衡量管道的原因之一，特別是對於像我們這樣的品牌，是我們知道它們深受消費者喜愛，但它們在消費者的日常購物過程中不可用。它使它們更容易使用和訪問。因此，將它們放在消費者觸手可及的地方。

To put it in numbers, there's about 160,000 C-stores. So putting it into 10,000 C-stores is a good move for us, but it's a starting move for u. In a retail environment, there's about 28,000 points of distribution for retail. For food service, there's about 2 million points of distribution. The dollars per point of distribution might be smaller, but they are then mentally available to the consumer there. They're building the brand because you see them everywhere you're going.

從數字上看，便利商店約有16萬家。因此，將其投入 10,000 家便利商店對我們來說是一個很好的舉措，但對你來說這只是一個開始。在零售環境中，約有 28,000 個零售分銷點。對於食品服務，大約有 200 萬個配送點。每個分銷點的美元可能較少，但那裡的消費者可以在心理上使用它們。他們正在打造品牌，因為無論你走到哪裡都可以看到他們。

That's our goal, is both to have it available when the consumer is in a big retail environment, but also to have it more aware as they're moving throughout their day, throughout their week. So C-stores is a growth vehicle. We're seeing great growth, double-digit growth in the UK as well as double digit growth in the US, up 18% in snacks in the US alone in quarter two.

這就是我們的目標，不僅要讓消費者在大型零售環境中使用它，又要讓他們在一天、一周內移動時更加了解它。因此，便利商店是一種成長工具。我們看到了巨大的成長，英國的兩位數成長，美國的兩位數成長，光是美國的零食第二季就成長了 18%。

In food service, we're up high double digits as we're getting some placements of brands like Garden of Eatin with commercial restaurant chains. We're getting some of our yogurt products and some of our Celestial Seasonings tea place where they're on the consumer's sort of moving throughout their day journey. So we feel really, really good that we're getting early momentum in our away-from-home efforts.

在食品服務方面，我們的業績成長了兩位數，因為我們在商業連鎖餐廳中獲得了一些品牌（例如 Garden of Eatin）的展示位置。我們正在購買一些優格產品和一些 Celestial Seasonings 茶館，它們在消費者的一天旅程中隨處可見。因此，我們感覺非常非常好，因為我們在遠離家鄉的努力中獲得了早期動力。

No, that's helpful. And just to follow up on some of the second half moving parts on the top line. Can you give a sense for the SKU cuts or some of the geographic rationalization, just what either the timing or magnitude of that might look like? And similar for the Flavor Burst launch, just when we think about modeling in some of the pipeline fill and just to help us capture those pieces?

不，這很有幫助。只是為了跟進下半場頂線上的一些活動部分。您能否對 SKU 削減或某些地理合理化給出一些說明，具體時間或幅度可能會是什麼樣子？與 Flavor Burst 的推出類似，當我們考慮在一些管道填充中進行建模並只是為了幫助我們捕捉這些片段時？

Yes, I -- probably we're not breaking out all those pieces specifically, but if you just think about kind of the adjustments that we made. We said, for example, off of the original guidance we gave, there was a percentage point pull down due to FX. So that's one piece.

是的，我 - 也許我們不會具體分解所有這些部分，但如果你只考慮我們所做的調整。例如，我們說過，由於外匯因素，我們給出的最初指導意見出現了一個百分點的下降。所以這是一件。

Then the other pieces in there. Obviously, the kind of the focus initiatives, those have broken out. And I would say there is a kind of a bit of a third element in there, is we did see some kind of a year-to-date performance deleveraging a little bit on some of the volumes.

然後還有其他的部分在裡面。顯然，那種焦點舉措，已經爆發了。我想說的是，其中還有第三個因素，我們確實看到今年迄今為止的表現在某些交易量上有所去槓桿化。

So I don't think we're going to break out those pieces specifically, but you've got a percentage point. And then you can see that the focus initiatives and the pull forward is the other kind of the key element there.

所以我認為我們不會具體分解這些部分，但你已經得到了一個百分點。然後你可以看到，重點措施和推動是另一個關鍵要素。

If you thought in terms of timing, I think it was your question, we will see a ramp up in Flavor Burst in quarter three and really hit stride as we get into quarter four. On the simplification initiatives, I think you will see the majority of that hitting in quarter four. And as Lee said, if you looked at our original guidance of two to four, you figure out a point of that that we pulled back is from FX. That's different than what we originally planned. And I'd call it a point or two around the simplification is about how you'd look at that. I hope that helps.

如果你從時間角度考慮，我認為這是你的問題，我們將在第三季度看到風味爆裂的提升，並在進入第四季度時真正取得進展。關於簡化舉措，我認為您將在第四季度看到其中的大部分內容。正如 Lee 所說，如果您查看了我們最初的 2 到 4 個指導，您會發現我們撤回的一點是來自 FX。這與我們最初的計劃不同。我認為圍繞簡化的一兩點是關於你如何看待它。我希望這有幫助。

That's really helpful. Yes. Thank you.

這真的很有幫助。是的。謝謝。

Matt Smith, Stifel.

馬特史密斯，史蒂菲爾。

Good morning. Wendy, I wanted to ask a follow-up to your previous response about the impact from the focus pillar actions, the rationalization of SKUs and channels, you're talking about the predominance of the one point in reduction of top-line guidance beyond the FX adjustments as being tied to those focus initiatives and those being concentrated fourth quarter.

早安.溫迪，我想問一下您之前關於重點支柱行動、SKU 和渠道合理化的影響的回應，您所說的是在減少頂線指導方面的優勢外匯調整與這些重點舉措以及第四季度集中實施的舉措相關。

So should we think of that as it as a mid single-digit headwind to revenue growth as we look out into fiscal '25, as you annualize the fourth quarter impact into next year? And should we think about SKU rationalization then hitting a normal cadence? Or should that be incremental focus pillar actions in fiscal '25 as well?

那麼，當我們展望 25 財年時，當您將第四季度的影響年化到明年時，我們是否應該將其視為收入成長的中等個位數阻力？我們是否應該考慮 SKU 合理化，然後恢復正常節奏？或者這也應該成為 25 財年的漸進重點支柱行動？

Yes, I wouldn't look at it that way. We will feel it more discreetly in quarter four, but it won't continue to carry out into fiscal '25. These are things that we had actually built in and layered into Hain Reimagined. And if you recall on Investor Day, we said that as we generated fuel, we would throttle forward and back because we'd be in a position to be able to do so. As we saw the effectiveness of brand building, we would also throttle forward and back.

是的，我不會那樣看。我們將在第四季度更謹慎地感受到這一點，但它不會繼續延續到 25 財年。這些是我們實際建造並分層到 Hain Reimagined 中的東西。如果你還記得在投資者日，我們說過，當我們產生燃料時，我們會向前和向後節流，因為我們有能力這樣做。當我們看到品牌建立的有效性時，我們也會節流前進和後退。

This is allowing us to just pull forward some of the things around -- think of cleaning up inventory, stranded inventory, of raw unpacked of skews that no longer need to exist in the portfolio, getting rid of some inventory finished goods in some of the SKU rat, it's working it through the trade. At the same time, we would expect similar to what we saw in Joya, that harder working core to grow better. So it shouldn't be a straight one for one that carries on into the next year, it's something you'll feel discreetly in the quarter and then you've got a better working core as we go into fiscal '25.

這使我們能夠推進一些事情——考慮清理庫存、滯留庫存、產品組合中不再需要存在的未包裝的偏差、擺脫某些產品中的一些庫存成品。SKU老鼠，它正在通過貿易來運作。同時，我們期望與我們在 Joya 看到的類似，更努力工作的核心能夠更好地成長。因此，它不應該是一個直接持續到明年的事情，而是你會在本季度謹慎感受到的事情，然後當我們進入 25 財年時，你就會有一個更好的工作核心。

Sorry, just to build on that. I mean, I think that is a key point. Just as a reminder, on the algorithm overall, that was presenting Hain reimagined, it was 3% plus. But to Wendy's point, part of that is some streamlining with this winning portfolio. So as you make some of these SKU rationalizations, there will be flow back to some of our existing products.

抱歉，只是以此為基礎。我的意思是，我認為這是一個關鍵點。提醒一下，就整體演算法而言，Hain 重新構想的演算法是 3% 以上。但在溫蒂看來，其中一部分是對這個成功的投資組合做了一些精簡。因此，當您對這些 SKU 進行一些合理化時，就會回流到我們的一些現有產品。

Great. Thank you very much. I appreciate the detail, and I'll pass it on.

偉大的。非常感謝。我很欣賞這個細節，我會把它轉達給你。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

Good morning. Thanks for the questions. Wendy, I wanted to come back to your comments in the prepared remarks about headwinds in the macro environment. And I think historically, Hain typically leaned on a notion that the portfolio skews to higher-income households. So it's more insulated from the macro. Is something changing in the environment, either with more discretion among higher income households? Or are you seeing maybe less trade-up from mainstream consumers even? Just trying to better understand the context and the impact of the macro headwinds for you.

早安.感謝您的提問。溫迪，我想回到您在準備好的有關宏觀環境不利因素的評論中的評論。我認為從歷史上看，海恩通常傾向於投資組合偏向高收入家庭的觀念。所以它與宏觀更加隔離。環境是否發生了變化，或者高收入家庭有更多的自由裁量權？還是你發現主流消費者的換購行為甚至減少了？只是想更了解宏觀逆風對您的影響。

Yes, that's a great question. If you would have recalled maybe a year ago, when I first joined, we were talking about the -- historically, you would have expected that natural and organic as a category tended to outpace conventional. All of that flipped upside down during COVID when people gravitated back to conventional products. And in some cases, supply chains made conventional more readily accessible.

是的，這是一個很好的問題。如果你還記得大約一年前，當我第一次加入時，我們正在談論——從歷史上看，你會期望天然和有機作為一個類別往往會超過傳統。在新冠疫情期間，當人們重新轉向傳統產品時，這一切都發生了逆轉。在某些情況下，供應鏈使傳統產品更容易獲得。

We were waiting to see that consumer behavior really revert back to expectations. Really pleasing to see this in this kind of data that we're beginning to see, I think in the middle of last year, calendar year, we started to see the consumer revert back to historical behaviors. But what changed was they still wanted natural organic products, but they want them available in more places. So they're not just going to specialty retail anymore. They're going to food and mass and away from home. That's a great opportunity for Hain.

我們正在等待消費者行為真正恢復到預期。真的很高興在我們開始看到的此類數據中看到這一點，我認為在去年年中，我們開始看到消費者恢復到歷史行為。但改變的是他們仍然想要天然有機產品，但他們希望更多地方可以買到它們。因此，他們不再只從事專業零售。他們要離開家去參加食物和彌撒。這對海因來說是一個很好的機會。

But we also have been evaluating the move from brand to private label. Happy to say in the US market, we don't see that. Europe is a different story. We've seen the consumer much more impacted economically in Europe, and that's affected consumer behavior, both in number of shopping trips, but also the size of the basket.

但我們也一直在評估從品牌到自有品牌的轉變。很高興地說，在美國市場，我們沒有看到這種情況。歐洲則是另一回事。我們看到歐洲消費者在經濟上受到的影響更大，這影響了消費者的行為，包括購物次數和購物籃的大小。

We've also seen private label recover faster in our international business in the industry than the brand. That benefit Hain because we actually are both private label and brand and we're seeing a recovery in our private-label business faster than our branded business, but still outpacing category. That's why you see such strength in the international business, while North America is beginning to recover.

我們也看到，自有品牌在產業國際業務的復甦速度比品牌更快。這對 Hain 有利，因為我們實際上既是自有品牌又是品牌，而且我們看到自有品牌業務的復甦速度快於品牌業務，但仍然超過了類別業務。這就是為什麼你會看到國際業務如此強勁，而北美正在開始復甦。

And it actually, I think is a great example of the value of our geographic diversification in our business because it gives us a geographic hedge as the consumer behavior start to normalize.

事實上，我認為這是我們業務中地理多元化價值的一個很好的例子，因為隨著消費者行為開始正常化，它為我們提供了地理對沖。

So I mean, if I build on that and look at your salty snacks business in the US, I can appreciate the shift from promotional timing and the innovation you're ramping up. I mean, baseline volumes have been down for the portfolio since like mid 2022.

所以我的意思是，如果我在此基礎上看看你們在美國的鹹味零食業務，我可以欣賞你們在促銷時機和創新上的轉變。我的意思是，自 2022 年中期以來，該投資組合的基準交易量一直在下降。

Is this, building on those comments, is this a situation where some of them baseline volume and consumption has gone from Nielsen channels into non-measured and that sort of explains, I guess, the absence of more prominent velocity growth and baseline volumes in the portfolio or is there something else in salty snacks in addition to innovation and promo that needs to be tweaked to get better same-store sales in the Nielsen data?

在這些評論的基礎上，是否存在這樣一種情況，其中一些基準量和消耗量已從尼爾森渠道轉變為不可測量的，我想這可以解釋為什麼在或者除了創新和促銷之外，鹹味零食是否還需要進行調整，以在尼爾森數據中獲得更好的同店銷售？

Yes, I would tell you that if I look back at the early observations when I joined the company and what really led to some of our focus around Hain Reimagined, one is that you actually, we need to have a harder working core. We need to have and always on support around our brands. We need to make sure that we've got the right products on shelf and available where the consumer is shopping. And when you have really meaningful innovation that we support both at launch, but we continuously support.

是的，我想告訴你，如果我回顧一下我加入公司時的早期​​觀察，以及真正導致我們對Hain Reimagined 的一些關注的真正原因，其中之一是，我們實際上需要有一個更加努力工作的核心。我們需要始終為我們的品牌提供支援。我們需要確保貨架上有正確的產品，並且可以在消費者購物的地方買到。當你有真正有意義的創新時，我們在發佈時都會支持，但我們會持續支持。

What's different now than I think what you would have seen in 2022, some of the challenges were financially, the company wasn't in a position to continuously support with marketing and trade. We also had some significant supply chain disruption during that year, which pulled back a lot of promotional activity. And it also had our fill rates to the trade really below average.

現在與我認為您在 2022 年會看到的情況有所不同，一些挑戰來自財務方面，公司無法持續提供行銷和貿易支援。那一年我們也發生了一些嚴重的供應鏈中斷，導致大量促銷活動取消。而且我們的交易填充率也確實低於平均值。

I'm really pleased to say that our fill rates and on-shelf availability in snacks is in top tier and has been for the last 12 months. We are in an always-on promotional support and marketing support behind the brands. But we've invested in really good consumer and category insights to make sure that our campaigns are meaningful, our price pack architecture is accurate and that our innovation is meaningful to take to the marketplace.

我真的很高興地說，我們的零食供應率和貨架供應量在過去 12 個月中一直處於頂級水平。我們為品牌提供一致的促銷支援和行銷支援。但我們已經投資於真正良好的消費者和品類洞察，以確保我們的活動有意義、我們的價格包架構準確、我們的創新對推向市場有意義。

So I think what you're -- what you should see from us is, I think, natural organic products, the consumers wants those products and they love our brands. We are putting ourselves in position to be better able to run the portfolio and to drive the right kind of growth, not just episodic growth quarter on quarter, but to have some good momentum.

所以我認為你應該從我們身上看到的是天然有機產品，消費者想要這些產品並且他們喜歡我們的品牌。我們正在使自己能夠更好地管理投資組合併推動正確的成長，而不僅僅是逐季度的間歇性成長，而是擁有一些良好的勢頭。

And as I mentioned earlier, we're seeing actually really good dollar growth in Garden Veggie in the latest four weeks in measured channels. If you add in nonmeasured, it's even better. Terra chips has actually really improved, especially in the latest four weeks, but we had unit movement in quarter two. So I feel good about the snacks recovery and pivot to growth, but you would have seen a lot of historical noise in that.

正如我之前提到的，我們在最近四週的測量管道中看到 Garden Veggie 的美元成長實際上非常好。如果再加上未測量的，那就更好了。Terra 晶片實際上確實有所改善，尤其是在最近四個星期內，但我們在第二季度出現了單位變動。因此，我對零食的復甦和轉向增長感到滿意，但你會在其中看到很多歷史噪音。

Thank you, Wendy.

謝謝你，溫迪。

You bet.

你打賭。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Thank you. Good morning, everybody. Two quick ones. There's been a ton of discussion rightly so about the snacks business. I'm wondering if you could talk a little bit about a couple of the other focus areas of baby and kids and beverages, whether that be a second half recovery behind the maybe remedy of the formula shortage, which you referred to in the prepared comments, but more broadly around perhaps innovation and channel expansion, some of the demand driving initiatives that are part of Hain Reimagined?

謝謝。大家早安。兩個快的。關於零食業務已經有很多討論了。我想知道您是否可以談談嬰兒和兒童以及飲料的其他幾個重點領域，這是否是您在準備好的評論中提到的配方奶粉短缺的可能補救措施背後的下半年復甦，但更廣泛地說，也許是創新和通路擴張，一些需求驅動舉措是Hain Reimagined 的一部分？

And then second, on gross margin for the year, I think you provided an updated outlook for 50 to 100 basis points of improvement. Could you remind us is that a little, I think, a little less than what you previously anticipated and what some of that puts and takes around that change are? Thank you.

其次，關於今年的毛利率，我認為您提供了 50 到 100 個基點改進的最新前景。您能否提醒我們，我認為，這比您之前的預期要少一點，以及圍繞這一變化的一些措施和措施是什麼？謝謝。

Yes, I'll cover the categories and then flip it over to Lee. From a category standpoint, as you mentioned, so our snacks category was off, call it mid-single digits in quarter two, total company, and that was really tracing to some of this move and promotional activity, feel very confident as we go into the back half of the year because of what we're seeing in the latest four weeks.

是的，我會介紹一下類別，然後交給 Lee。從類別的角度來看，正如您所提到的，我們的零食類別關閉了，稱其為第二季度的中個位數，整個公司，這實際上是追溯到一些這一舉措和促銷活動，當我們進入時感到非常有信心由於我們最近四個星期所看到的情況，今年下半年。

The baby category was off double digits, in total for the organization. If you take out formula, the baby kids category was actually in growth, but formula was a significant drag. We have secured supply as well as incremental supply partners to ensure our availability to have that product in the back half.

組織的嬰兒類別總數下降了兩位數。如果你除去配方奶粉，嬰兒兒童類別實際上正在成長，但配方奶粉是一個重大拖累。我們已經確保了供應以及增量供應合作夥伴，以確保我們可以在後半部分獲得該產品。

It will result in double digit growth year on year in the back half of the year in the formula part of baby kids and get that entire category back to growth. The beverage category was up high single digits between both North America and international. International was led by nondairy beverage. That's actually a great category for us to be. And we're a leader in both private label and brand with a really powerful portfolio there that continues to perform.

這將導致嬰兒配方奶粉部分在今年下半年實現兩位數的同比增長，並使整個類別恢復增長。北美和國際飲料類別均實現了高個位數成長。國際市場以非乳製品飲料為主導。這對我們來說實際上是一個很棒的類別。我們是自有品牌和品牌領域的領導者，擁有真正強大的產品組合，並且持續表現出色。

You would have heard us talk a year ago about some of the capacity utilization in our plants. All of that has been addressed and we're running a solid operations five days a week, really good capacity utilization with the ability to support our customers and a much more diversified customer contract base. Meal prep was up high single digits across both markets, in North America led by spectrum and our nut butters and our soups and in international by soups as well as jams and jellies.

您可能一年前就聽過我們談論我們工廠的一些產能利用率。所有這些問題都已解決，我們每週五天都在穩定運營，產能利用率非常高，能夠支持我們的客戶，並且客戶合約基礎更加多元化。膳食準備在兩個市場上都出現了高個位數增長，在北美以頻譜和我們的堅果黃油和湯為主導，在國際市場上以湯以及果醬和果凍為主導。

So that's a portfolio that continues to deliver and in personal care was actually up almost 2% year on year as a total category. And that was led by both of us by Alba, Avalon Organics and then Live Clean, which is a leading brand in Canada. So we're seeing really good bright spots at a category level. I feel good that we know what's driving both snacks and baby kids. And those are short-term acute that we see improving trends as we've started quarter three that give us confidence in the back half. Lee?

因此，這是一個持續交付的產品組合，個人護理類別的總銷售額實際上比去年同期成長了近 2%。這是由我們兩人共同領導的，包括 Alba、Avalon Organics 以及加拿大的領先品牌 Live Clean。所以我們在品類層面看到了非常好的亮點。我很高興我們知道是什麼在推動零食和嬰兒的發展。從第三季開始，我們看到趨勢有所改善，這讓我們對後半段充滿信心，這是短期的尖銳問題。李？

Yes. So just answering your question on margin, we are seeing good margin improvement. But as you point out, we had previously indicated 100 to 200 basis points. We've now refined that to 50 to 100. So a couple of elements there. We are seeing some unplanned cost deleveraging on the lower volumes versus our initial expectations. I'd say on the flip side, again, we are, and we've talked about this a number of times, we are seeing sequential improvements driven by our Hain Reimagined initiatives, but again, a bit lower than our initial expectations.

是的。因此，只要回答您關於利潤率的問題，我們就看到利潤率有了良好的改善。但正如您所指出的，我們之前曾表示 100 到 200 個基點。我們現在已將其細化為 50 到 100。這裡有幾個要素。與我們最初的預期相比，我們看到銷售量較低，出現了一些計劃外的成本去槓桿化。我想說，另一方面，我們確實是這樣，我們已經多次討論過這一點，我們看到我們的 Hain Reimagined 計劃推動了連續改進，但同樣比我們最初的預期要低一些。

I'd say the second element is really some of the mix impact that we've seen. And a prime example of that is formula. We originally thought formula would only impact Q1, but it did also bleed into Q2. We have secured supply in the second half, but again, the full year is not in line with our initial expectations. I think more kind of on the positive side, we are seeing the benefits of pricing come through and the focused RGM initiatives when you talked to a number of those.

我想說第二個元素確實是我們所看到的一些混合影響。一個典型的例子就是公式。我們最初認為公式只會影響第一季度，但它確實也滲透到第二季度。我們已經確保了下半年的供應，但全年的供應仍不符合我們最初的預期。我認為更積極的一面是，當您與其中一些人交談時，我們看到了定價的好處以及重點的 RGM 計劃。

So those are driving strategic pricing opportunities. Overall, so our productivity pipeline is delivering. And then I'd just say the third thing, and it does tie in a bit with our RGM as well as. we continue to evolve our trade strategy. So we are seeing a step-up in ROIs versus history. But again, the kind of what has changed is as we've looked. And within this current year, as you know, is kind of just expectations on the volume and then some of the mix. We will see that improve as we move forward. And again, as we make these investments and we get that sequential improvement in the top-line.

因此，這些正在推動策略定價機會。總的來說，我們的生產力管道正在交付。然後我只想說第三件事，它確實與我們的 RGM 也有一些聯繫。我們繼續發展我們的貿易策略。因此，我們看到投資回報率與歷史相比有所提高。但同樣，發生的變化正如我們所看到的。正如您所知，今年的情況只是對數量的預期，然後是一些組合。隨著我們的前進，我們會看到這種情況有所改善。再說一次，當我們進行這些投資時，我們的收入得到了連續的改善。

Thanks so much.

非常感謝。

You bet.

你打賭。

Anthony Vendetti, Maxim Group.

安東尼文代蒂，馬克西姆集團。

Thank you. Yes, most of the questions have been answered, but I guess other than supply chain concerns or issues with baby formula, are there any other brands or skews that are dragging down just overall organic growth? And if so, are any of those brands or skews being considered -- are you considering jettison them or shutting those down or selling those at this point where there -- or are you still in the evaluation stage for some of those other brands that are maybe dragging down growth?

謝謝。是的，大多數問題已經得到解答，但我想除了供應鏈問題或嬰兒配方奶粉問題之外，是否還有其他品牌或偏差正在拖累整體有機增長？如果是這樣，是否正在考慮這些品牌或偏差中的任何一個 - 您是否正在考慮拋棄它們或關閉它們或在此時出售它們 - 或者您是否仍處於對其他一些品牌的評估階段也許會拖累增長？

Yes. Thank you. I appreciate the question. Yes, we feel very good about the five categories of focus and the five geographies. What I would say is, as Lee mentioned earlier, in the five geographies, we want to make sure that that's where we are focusing our most efficient assets and footprint. We'll still distribute beyond those five, but we really want to streamline where we've got a physical footprint.

是的。謝謝。我很欣賞這個問題。是的，我們對五個重點類別和五個地區感覺非常好。我想說的是，正如李之前提到的，在這五個地區，我們希望確保我們將最有效率的資產和足跡集中在這些地區。我們仍然會在這五個之外進行分發，但我們確實希望簡化我們的物理足跡。

In the five categories, we feel very good about the categories we're in, that they are repertoire categories for the consumer, where they're looking for better-for-you brands and products to support healthier living. But it does mean that there's opportunities for us to ensure that we've got the hardest working portfolio in those five categories.

在這五個類別中，我們對自己所處的類別感覺非常好，它們是消費者的整個類別，他們正在尋找更適合您的品牌和產品來支持更健康的生活。但這確實意味著我們有機會確保我們在這五個類別中擁有最努力的投資組合。

So we will continuously be looking at the right SKUs, right assortment, right brand support that's going to deliver on that company promise. And it should be a regular part of portfolio hygiene in our business, and then we should be running and driving growth across the portfolio.

因此，我們將不斷尋找合適的 SKU、合適的產品組合和合適的品牌支持，以兌現公司的承諾。它應該成為我們業務中投資組合衛生的常規組成部分，然後我們應該運作並推動整個投資組合的成長。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

You bet.

你打賭。

Thank you. We have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Wendy Davidson, for closing remarks.

謝謝。我們的問答環節已經結束。現在，我將把電話轉回給執行長溫蒂戴維森 (Wendy Davidson)，讓其致閉幕詞。

Yes, I really appreciate everybody joining us today as a foundational year of our strategy and the sequential improvement, we feel really good about the momentum that we have going into the back half and the fuel that we've generated in the front half to enable us to be able to pull forward some of our initiatives as we go into the back half of the year.

是的，我真的很感謝大家今天加入我們，作為我們戰略和連續改進的基礎年，我們對進入後半段的勢頭以及我們在前半段產生的燃料感到非常滿意當我們進入下半年時，我們能夠推進我們的一些措施。

Quarter two demonstrated sequential improvement, and that's what we were looking for. We're excited to pivot to growth in the back half. And again, I want to thank everybody for joining us, but also thank our Hain team for their passion and commitment.

第二季度展示了連續的改進，這正是我們所尋求的。我們很高興能夠在下半年實現成長。我要再次感謝大家加入我們，同時也感謝我們的 Hain 團隊的熱情與承諾。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。