好時 (HSY) 2025 Q1 法說會逐字稿

Greetings and welcome to The Hershey Company first quarter 2025 Question & Answer Session. (Operator Instructions) At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded.

大家好，歡迎參加好時公司 2025 年第一季問答會。（操作員指示）此時，所有參與者都處於只聽模式。提醒一下，本次會議正在錄製中。

I'd now like to turn the call over to your host, Anoori Naughton, Senior Director of Investor Relations for The Hershey Company. Thank you. You may begin.

現在我想將電話轉給主持人、好時公司投資人關係資深總監 Anoori Naughton。謝謝。你可以開始了。

Thank you, and good morning, everyone. Thank you for joining us today for The Hershey Company's first quarter 2025 earnings Q&A session. I hope everyone has had the chance to read our press release and listen to our pre-recorded management remarks, both of which are available on our website. In addition, we have posted a transcript of the pre-recorded remark.

謝謝大家，早安。感謝您今天參加好時公司 2025 年第一季財報問答環節。我希望每個人都有機會閱讀我們的新聞稿並聆聽我們預先錄製的管理層講話，這兩者都可以在我們的網站上找到。此外，我們也發布了預先錄製的評論的記錄稿。

At the conclusion of today's live Q&A session, we will also post a transcript and audio replay of this call. Please note that during today's Q&A session, we may make forward-looking statements that are subject to various risks and uncertainties. These statements, including expectations and assumptions regarding the company's future operations and financial performance, actual results could differ materially from those projected.

在今天的現場問答環節結束時，我們也將發布本次通話的記錄和音訊回放。請注意，在今天的問答環節中，我們可能會做出前瞻性的陳述，這些陳述受各種風險和不確定性的影響。這些聲明包括對公司未來營運和財務表現的預期和假設，實際結果可能與預測有重大差異。

The company undertakes no obligation to update these statements based on subsequent events. A detailed listing of such risks and uncertainties can be found in today's press release and the company's SEC filings. Finally, please note that we may refer to certain non-GAAP financial measures that we believe provide useful information for investors.

本公司不承擔根據後續事件更新這些聲明的義務。此類風險和不確定性的詳細清單可在今天的新聞稿和該公司提交給美國證券交易委員會的文件中找到。最後，請注意，我們可能會參考某些非公認會計準則財務指標，我們認為這些指標可以為投資者提供有用的信息。

The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations for the GAAP results are included in this morning's press release.

這些資訊的呈現並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。今天早上的新聞稿中包含了 GAAP 結果的對帳資訊。

Joining me today are Hershey's Chairman and CEO, Michele Buck; and Hershey's Senior Vice President and CFO, Steve Voskuil.

今天與我一起出席的還有好時公司董事長兼首席執行官米歇爾·巴克 (Michele Buck) 和好時公司高級副總裁兼首席財務官史蒂夫·沃斯奎爾 (Steve Voskuil)。

With that, I will turn it over to the operator for the first question

接下來，我會把第一個問題交給接線員

(Operator Instructions).

（操作員指令）。

Kenneth Goldman from JPMorgan Chase & Co.

摩根大通公司的肯尼斯‧戈德曼

Hi. Thank you. And I appreciate the help on your 2Q tariff expense. Just appreciating the fluidity of the situation and that you're taking some mitigating actions including trying to get an exemption. Is there a rough way for investors to think about the risk ahead if an exemption doesn't immediately come through?

你好。謝謝。我非常感謝您在第二季關稅費用方面提供的幫助。只要意識到情況的流動性，並且您正在採取一些緩解措施，包括試圖獲得豁免。如果豁免沒有立即實現，投資者是否有一個大致的方法來考慮未來的風險？

And I guess I'm trying to quantify what might not be currently quantifiable, but I guess any help in thinking about the level of risk in 3Q and 4Q might help to diminish some of the uncertainty on the stock?

我想我正在嘗試量化目前可能無法量化的東西，但我想，思考第三季和第四季的風險程度是否有助於減少股票的一些不確定性？

Steve, do you want to take that one?

史蒂夫，你想拿那個嗎？

Yes. You bet. Thanks for the question, Ken. Yes. So for Q2, I'd say we have enough clarity this year that 15 to 20, as you'd expect, we've got a lot of inventories. So that mitigates some of the impact for Q2. As we look to the back half, as you said, I'll start by saying it changes constantly and that's part of the reason for not sharing it in the release.

是的。當然。謝謝你的提問，肯。是的。因此對於第二季度，我想說我們今年已經足夠清楚了，正如您所期望的，我們有大量庫存，數量為 15 到 20。因此這減輕了第二季度的一些影響。正如你所說，當我們展望後半部分時，我首先要說的是它會不斷變化，這也是在發佈時沒有分享它的部分原因。

But if we look at the unmitigated impact for Q3 and Q4, and of course, we are going to mitigate, we'll talk more about that in a minute. But the unmitigated impact could be up to $100 million per quarter for quarter three and quarter four.

但如果我們看一下第三季和第四季的未緩解影響，當然，我們會減輕影響，我們稍後會詳細討論這一點。但第三季和第四季的未緩解影響可能每季高達 1 億美元。

If you break that down, two-thirds of it are either Cocoa or the Canadian retaliatory tariffs. And those are the two areas where, as you can imagine, we've got the most effort focused on influencing government action, using every lever at our disposal to get those tariffs changed, particularly with respect to Cocoa.

如果你把它細分一下，其中三分之二要不是可可，就是加拿大的報復性關稅。你可以想像，在這兩個領域，我們投入了最多的精力來影響政府行動，利用我們掌握的一切手段來改變關稅，特別是關於可可的關稅。

But that's the impact of unmitigated. And as we've talked about in the past that we're going to use aside from the lobbying and the influencing and so forth, we're going to use every lever in the toolbox for whatever amount of tariffs remain as we go forward in the back half of the year. And we'll be in a position to share more specifics about those actions and kind of get to the mid-year mark.

但這就是未減輕的影響。正如我們過去談到的那樣，除了遊說和影響等手段之外，我們還將在下半年使用一切手段來應對剩餘的關稅。我們將能夠分享有關這些行動的更多細節，並達到年中目標。

But as we've said before like all of the levers are on the table as we look at mitigating both Cocoa and that incremental tariff component.

但正如我們之前所說的那樣，當我們考慮減輕可可和增量關稅成分的影響時，所有的手段都在考慮之中。

Yes. And Ken I just add in all that work is well underway, exploring every lever productivity, pricing, sourcing, manufacturing changes, all of that?

是的。肯，我只是想補充一點，所有的工作都在順利進行中，探索生產力、定價、採購、製造變化等各個面向？

Got it. Okay. That's very clear. Thank you. And then a quick follow-up. You said to expect 2Q EPS to decline by less than 1Q, just on the Easter season timing and some ERP reversals. 1Q was down obviously pretty heavily over 30%, but the Streets modeling 2Q down less than 2%.

知道了。好的。這非常清楚。謝謝。然後進行快速跟進。您說預計第二季度每股收益下降幅度將小於第一季度，只是因為復活節季節時間和一些 ERP 逆轉。第一季的降幅顯然相當大，超過 30%，但 Streets 預測第二季的降幅不到 2%。

Again, I know there's some uncertainty here, but how would you like us to think about the magnitude of that decline just in light of some of the tailwinds and headwinds you mentioned?

再說一次，我知道這裡存在一些不確定性，但您希望我們如何根據您提到的一些順風和逆風來考慮這種下降的幅度？

Yes. So I'll give you a couple of things. In total for the first half, we expect EPS to be down about 30%. So if you kind of take the full year guide at mid-30s, also implies the back half probably down about 40%. If we go a little bit deeper on the second quarter, as you mentioned, the net sales side will be very strong with the long Easter and the lap of the deload last year with the ERP change.

是的。所以我會給你一些東西。總體而言，我們預計上半年每股收益將下降約 30%。因此，如果您將全年指引定為 35% 左右，那麼下半年可能也會下降約 40%。如果我們更深入了解第二季的情況，正如您所提到的，由於復活節較長，加上去年 ERP 變革帶來的減負效應，淨銷售額將會非常強勁。

For the second quarter, we expect gross margin to be down about 700 basis points and that includes that small tariff component that I mentioned earlier. And we also expect SG&A dollars will be up meaningfully. And part of that is last year, we didn't spend much on marketing and so on as we came out of the ERP transformation. So you can expect that this year, we'll have high teens year-over-year SG&A growth in the second quarter, just reflecting that bigger lap.

對於第二季度，我們預計毛利率將下降約 700 個基點，其中包括我之前提到的小額關稅部分。我們也預期銷售、一般及行政費用將大幅上漲。部分原因是去年，由於我們剛完成 ERP 轉型，因此在行銷等方面沒有投入太多資金。因此，你可以預期，今年第二季我們的銷售、一般及行政費用將比去年同期成長高出十幾個百分點，這正好反映了這一更大的成長。

So gross margin was probably the biggest change relative to the Q2 outlook. And as you mentioned, there's some noise there with the new ERP system and basically how we manage commodity cost to the P&L across the quarters. But on a full year basis, it has no impact.

因此，毛利率可能是相對於第二季前景而言最大的變化。正如您所提到的，新的 ERP 系統存在一些問題，基本上我們如何管理各季度的損益表中的商品成本。但從全年來看，沒有影響。

Thanks so much. I appreciate it.

非常感謝。我很感激。

Andrew Lazar from Barclays Bank.

巴克萊銀行的安德魯·拉扎爾。

Great. Thanks so much. Last quarter in the prepared remarks, you mentioned an outlook for balanced top and bottom line growth in '26. And on the call last quarter, I think you mentioned an expectation for earnings growth next year even at current Cocoa levels. In today's prepared remarks, you mentioned some actions that you'll take next year, but don't go as far as to discuss earnings next year. And I'm just curious if you're thinking on that front has changed.

偉大的。非常感謝。上個季度在準備好的評論中，您提到了 26 年平衡頂線和底線成長的前景。在上個季度的電話會議上，我想您提到了即使在目前的可可水平下，明年的盈利預期也會增長。在今天的準備好的發言中，您提到了明年將採取的一些行動，但沒有討論明年的收益。我只是好奇你對此的想法是否改變了。

Yes. I would say our thinking hasn't changed. We still see a path to earnings growth next year even with tariffs as we currently understand. And now I will say, the next breath that path is narrower. It's more challenging and it's going to point to the importance of the mitigation of the actions that we're going to take as we get further into this year, but we still see a path to earnings growth next year and that balanced growth formula for '26.

是的。我想說我們的想法沒有改變。即使按照我們目前的理解，存在關稅，我們仍然認為明年盈利仍將增長。現在我要說的是，下一口氣那條路會更窄。這更具挑戰性，隨著今年的進一步推進，我們將採取緩解行動的重要性也將凸顯出來，但我們仍然看到明年獲利成長的道路以及 2026 年的平衡成長公式。

Got it. Okay. Thank you for that. And then I know your pricing actions this year have been a bit more nuanced, right, in an effort to sort of gain some incremental shelf placements, maybe especially in the instant consumable space. And I'm curious if you're seeing any benefits there as of yet? And if so, how do you I guess, or how should we think about the progress you expect on market share as a result of that specifically in CMG in the coming quarters? Thank you.

知道了。好的。謝謝你。然後我知道你們今年的定價行動更加微妙，為了獲得一些增量的貨架位置，特別是在即時消費品領域。我很好奇，到目前為止您是否看到了任何好處？如果是這樣，我猜您如何看待，或者我們應該如何看待您預期的市場份額在未來幾個季度特別是 CMG 方面的成長？謝謝。

Sure. So Andrew, thanks for the question. I guess a couple of components of that. First of all, if we think about instant consumable. We have seen already some improvements in trips in C-Stores. So January and February were the worst months. Then we started to see a little bit of moderation. In April, we started to see some green shoots on our instant consumable business as we've started to see some signs of incremental merch placement that are having an impact and as we've said more of that to come as we approach the back half of the year.

當然。安德魯，謝謝你的提問。我想這其中有幾個組成部分。首先，如果我們考慮即時消費品。我們已經看到 C-Stores 的購物體驗有所改善。因此，一月和二月是最糟糕的月份。然後我們開始看到一點點緩和。今年 4 月，我們的即食消費品業務開始出現一些復甦跡象，我們開始看到商品投放增量的跡象，這些跡象正在產生影響，而且正如我們之前所說，隨著下半年的臨近，還會有更多這樣的情況發生。

We have visibility to some incremental programming as we look forward into the summer and fall. And we also, of course, know that we have very strong robust innovation that will really help to drive the business. So while we haven't built into our numbers any other further potential upside.

展望夏季和秋季，我們可以看到一些增量編程。當然，我們也知道，我們擁有非常強大的創新能力，這將真正有助於推動業務發展。因此，雖然我們的數字中沒有考慮到任何其他潛在的上升空間。

We do think as the consumer continues to be more pressured and air travel pulls back, we will likely see some increase in car travel, which could benefit C-Store, though we haven't built that in.

我們確實認為，隨著消費者繼續承受越來越大的壓力以及航空旅行的減少，我們可能會看到汽車旅行增加，這可能會使 C-Store 受益，儘管我們還沒有將其納入其中。

As we look at market share, yes, we're very pleased with where we are on a year-to-date basis. We had anticipated all along that Q1 would be a little bit softer, Q2 stronger given the shift of Easter. We're really pleased that our year-to-date share is now positive as we've captured that positivity of the later Easter.

從市場份額來看，是的，我們對今年迄今為止的市場份額感到非常滿意。我們一直預計，由於復活節的影響，第一季的經濟表現會稍微疲軟一些，而第二季的經濟表現會更加強勁。我們非常高興，今年迄今為止我們的份額是積極的，因為我們捕捉到了復活節後期的積極性。

And we continue to expect share to be neutral to up in the second half, driven by our continued outperformance in sweets where we're really pleased with the momentum we've got there. Our business was up 10%, up 100 basis points in share. And then we've seen continued strength in seasons and we anticipate continued improvement in the trends in chocolate and refreshment given the programming to come.

我們繼續預期下半年市佔率將保持中性或上升，這得益於我們在糖果領域的持續優異表現，我們對該領域取得的發展勢頭感到非常滿意。我們的業務成長了 10%，市佔率成長了 100 個基點。然後，我們看到季節的持續強勁，我們預計，根據即將到來的計劃，巧克力和茶點的趨勢將繼續改善。

Thanks so much.

非常感謝。

Max Gumport with BNP Paribas.

法國巴黎銀行的 Max Gumport。

Thanks for the question. There might be some rounding involved with this question. But at the midpoint, your guidance seems to apply that pre-considering tariffs. Your expectation for EBITDA has gone up modestly. So if that's correct, just any factors you're seeing that have made you a bit more optimistic on the base business or really is there just some rounding going on in terms of the what we might be seeing in the guidance? Thanks very much.

謝謝你的提問。這個問題可能涉及一些四捨五入。但在中間點，您的指導似乎適用於預先考慮關稅。您對 EBITDA 的預期略有上升。因此，如果這是正確的，那麼您看到的任何因素是否讓您對基礎業務更加樂觀，或者就我們在指導中可能看到的情況而言，是否真的存在一些四捨五入的情況？非常感謝。

Yes. Thanks for the question, Max. It is really rounding. Fundamentally, we're still aligned with the outlook for the significant change.

是的。謝謝你的提問，馬克斯。真是四捨五入啊。從根本上來說，我們仍然對這一重大變化的前景持一致看法。

Great. And then on the US consumer and snacking pressure in particular. So the prepared remarks had comments about the softening consumer sentiment and value seeking behaviors you're seeing. And it sounds like that's really what you would attribute the weakness in snacking that we're currently seeing.

偉大的。然後特別關注美國消費者和零食的壓力。因此，準備好的評論對您所看到的消費者情緒低落和價值追求行為進行了評論。聽起來這確實是我們目前看到的零食消費疲軟的原因。

But I'm wondering if you're also seeing any impact from changing consumer preferences and healthier eating. I think those are the types of dynamics that have helped inform some of your recent M&A actions. I'd be curious to get more color on what you're seeing on that front. Thanks very much.

但我想知道您是否也看到了消費者偏好改變和健康飲食的影響。我認為這些類型的動態有助於指導你們最近的一些併購行動。我很想知道您在這方面看到了什麼。非常感謝。

Yes. So let me start by saying, yes, overall, certainly, we're seeing, a weak consumer, consumer confidence down. Fortunately, we aren't really seeing that impact show up in our categories. CMG has held up incredibly well. Part of that is, of course, chocolate in particular plays a very important emotional role in people's lives.

是的。所以首先我要說的是，是的，總體而言，我們確實看到消費者疲軟，消費者信心下降。幸運的是，我們並沒有真正看到這種影響出現在我們的類別中。CMG 表現非常出色。當然，部分原因是巧克力在人們的生活中扮演著非常重要的情感角色。

The connectivity they have to the brands, especially in troubled times and especially in our seasons business. As we look at Salty, certainly the business has held up really well relative to it being premium and permissible. And we've also been really very pleased to see that elasticities have held up really well in the category. On a year-to-date basis, everyday chocolate pricing is up 8%, volume is down 4.5%. So we think that's really another good indicator of the category holding up incredibly well.

他們與品牌之間的聯繫，尤其是在困難時期，尤其是在我們的季節性業務中。當我們看 Salty 時，可以肯定的是，相對於其優質性和可允許性而言，該業務表現確實很好。我們也非常高興地看到，該類別的彈性保持得非常好。今年迄今為止，日常巧克力價格上漲了 8%，但銷量下降了 4.5%。因此，我們認為這確實是該類別保持良好狀態的另一個良好指標。

Great. Thanks very much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

David Palmer with Evercore ISI.

Evercore ISI 的 David Palmer。

Thanks. Good morning. It looks like seasonal chocolates going to be strong in the first half as you had expected. I wonder, it looks like you have bigger plans for everyday chocolate heading into the second half. I think you mentioned that you expect improvement there. Do you think you can get to growth in your nonseasonal chocolate business in the second half?

謝謝。早安.正如您所預期的，季節性巧克力在上半年似乎會表現強勁。我想知道，看起來您對下半年的日常巧克力有更大的計劃。我想您提到過您希望那裡有所改善。您認為下半年您的非季節性巧克力業務能夠成長嗎？

Yes. We are feeling good based on the plans that we have that, that is going to come through. We've mentioned before, very strong innovation that we haven't yet announced in the back half of the year that we think is going to be certainly a key driver. We have and are expecting low-single-digit growth in everyday CMG.

是的。根據我們制定的計劃，我們感覺很好，這些計劃將會實現。我們之前提到過，我們還沒有在今年下半年宣布非常強大的創新，我們認為這肯定會成為一個關鍵驅動力。我們已經並預計日常 CMG 將實現低個位數成長。

That's great. And then on non-chocolate or sweets, you're doing really well there. I'm sure maybe now you wish you were bigger in that category at this very moment, but I wonder how you're thinking about that strategically. Is that category having a moment with perhaps some new forms out there really driving growth for you and you're gaining a lot of share or maybe do you think this is a platform that has legs like long-term? This isn't just a moment where you're getting some hits with forms, but rather this is a category that should outperform chocolate over the long-term? And I'll pass it on.

那太棒了。而在非巧克力或甜食方面，你做得很好。我確信現在你也許希望自己在這一類別中佔有更大的份額，但我想知道你是如何從戰略上考慮這一點的。這個類別是否正處於一個新階段，也許一些新形式的出現真的會推動你們的成長，並且你們正在獲得大量的市場份額，或者你是否認為這是一個有長期發展潛力的平台？這不僅僅是您在形式上獲得一些成功的時刻，而是一個應該在長期內勝過巧克力的類別？我會把它傳遞下去。

Yes. Yes. So I absolutely believe that this is not just a moment in time on sweets. It has long-term growth potential. Some of what we're seeing is a strong interest in consumers and in their palettes for these types of products. Some components of that are generational and demographic as we see younger consumers and also young diverse families being big consumers of this segment.

是的。是的。所以我絕對相信這不僅僅是甜食的一個時刻。它具有長期成長潛力。我們看到的是消費者對這類產品及其口味的濃厚興趣。其中一些因素與世代和人口統計有關，因為我們看到年輕消費者以及年輕多元化家庭是這一細分市場的主要消費者。

And I think we've also seen in this segment the power of great innovation and really creating growth, whether it's the new brands that we've put in the marketplace like Shaq, new forms like J.R. Ropes or Freeze Dried and we have further plans to continue to grow and innovate there.

我認為，我們也在這個領域看到了偉大創新的力量和真正創造成長的力量，無論是我們投放到市場上的新品牌（如 Shaq），還是新形式（如 JR Ropes 或 Freeze Dried），我們都有進一步的計劃繼續在該領域發展和創新。

Thank you.

謝謝。

Robert Moskow with TD Cowen.

TD Cowen 的 Robert Moskow。

Hi. Thanks. I saw the news about the ribbon cutting at the Reese's chocolate processing facility and I know that you're now at the tail end of your billion dollar expansion plan for chocolate expanding capacity. But Michele with Cocoa futures really stubbornly high and a weaker consumer environment, I would imagine the volume outlook for chocolate must be lower than what was originally expected a few years ago when the capacity expansion started.

你好。謝謝。我看到了有關 Reese 巧克力加工廠剪綵的新聞，我知道你們耗資數十億美元的巧克力產能擴張計畫現在正處於尾聲。但是，Michele，由於可可期貨價格持續高企，且消費環境較弱，我認為巧克力的銷售前景必定會低於幾年前產能擴張開始時的預期。

So forgive me if you've talked about this before, but if you and Steve could help square those two things, like if the plan was, say, to expand capacity on chocolate by 10%, but volume has got to be lower than what you thought. How do you still make that capacity expansion work for you financially?

所以，如果您之前談過這個問題，請原諒我，但如果您和史蒂夫能幫助解決這兩個問題，例如，如果計劃是將巧克力產能擴大 10%，但產量必須低於您的想像。您如何讓產能擴張在財務上為您帶來效益？

Yes. Yes. So this new plant really allows us to be much more agile and gives us flexibility across the network. And, what we are producing at this plant is chocolate paste, which gives us stronger control over our supply chain and more vertical integration. So we came into COVID capacity constrained.

是的。是的。因此，這個新工廠確實讓我們變得更加敏捷，並為我們提供了整個網路的靈活性。而且，我們在這個工廠生產的是巧克力醬，這讓我們對供應鏈有了更強的控制力，並且實現了更好的垂直整合。因此，我們的應對 COVID 的能力受到了限制。

And, as you know, we had several periods of time where we weren't able to meet demand, especially in seasons. And the billion dollar investment really helped to get us caught up, and we're already seeing that benefit show up in seasons where our growth has been significantly higher because we've really been able to capture some of that, and that's what's been able to gain share every season for the last eight. And also on Reese, that's where we're most underdeveloped or under leveraged on capacity. We're now able to invest for even bigger innovation.

而且，如您所知，我們曾有好幾個時期無法滿足需求，尤其是在季節性時期。十億美元的投資確實幫助我們趕上了進度，我們已經看到這種好處在各個季度中顯現出來，我們的成長速度明顯加快，因為我​​們確實能夠抓住其中的一些機會，這也是我們在過去八個季度中每個季度都能獲得市場份額的原因。對 Reese 來說，這也是我們開發程度最低或產能利用率最低的地方。我們現在能夠投資更大的創新。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Jim Salera with Stephens Inc.

Stephens Inc. 的 Jim Salera

Hi, Michele. Hi, Steve. Thanks for taking our question. I wanted to maybe drill down on something that we've been hearing recently from HHS in talking about potentially putting some restrictions on what people can buy with SNAP dollars.

你好，米歇爾。你好，史蒂夫。感謝您回答我們的問題。我想深入探討一下我們最近從衛生與公眾服務部聽到的關於可能對人們使用 SNAP 美元購買的物品施加一些限制的消息。

Two part question. One, are you able to quantify what percentage of your sales are purchased with SNAP dollars? And then do you have a sense for how wide ranging some of those restrictions might be? Because it seems like the administration's focus is really around artificial ingredients or highly processed food.

問題分為兩部分。首先，您能否量化您的銷售額中有多少百分比是用 SNAP 美元購買的？那麼您是否知道這些限制的範圍有多廣？因為看起來政府的重點其實是人工成分或高度加工的食品。

And if I just think about the ingredients in a Hershey's Kiss or a milk chocolate bar, there really aren't that many. And so while it might fall under candy, it might still be included given that it's basically natural. Just any thoughts on that and if you could quantify what the potential impact that might be? Thank you.

如果我只是想一下好時之吻或牛奶巧克力棒中的成分，其實並沒有那麼多。因此，雖然它可能屬於糖果，但考慮到它基本上是天然的，它仍然可能被包括在內。您對此有何看法？能否量化一下其可能產生的潛在影響？謝謝。

Yes, absolutely. So first of all, we're watching how the implementation plays out to get full clarity on exactly how it will work. But based on our current understanding, we don't anticipate a material impact to our business.

是的，絕對是。因此，首先，我們正在觀察實施情況，以全面了解其具體運作方式。但根據我們目前的了解，我們預計不會對我們的業務產生重大影響。

First of all, we don't over index to SNAP relative to the category of food in general. In fact, only about 2% of SNAP purchases are candy, which is well below many other categories like Soda, Salty Snacks, Desserts. And so we see pretty similar buying matters between SNAP and non-SNAP households and certainly in Salty our portfolio is premium and permissible.

首先，相對於一般食品類別，我們不會過度關注 SNAP。事實上，SNAP 購買中只有約 2% 是糖果，遠低於蘇打水、鹹味小吃、甜點等許多其他類別。因此，我們發現 SNAP 家庭和非 SNAP 家庭的購買情況非常相似，而且在 Salty 中，我們的投資組合是優質且允許的。

So we don't anticipate that, well, the overall category may have an impact. We don't think that, that will impact us. And as it relates to kind of the broader -- your question around natural ingredients at kind of the Maha components of all of this. Our highest priority is always around safety and quality of our products.

因此，我們預期整體類別不會產生影響。我們認為這不會對我們造成影響。因為它與更廣泛的概念相關——您的問題涉及所有這些的 Maha 成分的天然成分。我們的首要任務始終是產品的安全性和品質。

And we proactively try to stay ahead of where regulation might be headed and we've been ahead of some of the changes that have been needed like propylparaben banned in California. We were ahead of Red Dye No. 3.

我們積極主動地嘗試走在法規走向的前面，並且我們已經領先於一些必要的變革，例如加州禁止使用對羥基苯甲酸丙酯。我們領先紅色染料 3 號。

So we've had work underway on natural coloring for quite some time. Chocolate should be less impacted, you're correct, if you look at the ingredient labels, a lot of our products really are pretty simple natural ingredients. Some of the areas that might be impacted by this are mostly in the sweets portfolio.

因此，我們在天然色素方面的研究已經進行了相當長一段時間了。巧克力受到的影響應該較小，你說得對，如果你看一下成分標籤，你會發現我們的許多產品確實都是相當簡單的天然成分。受此影響的領域主要集中在糖果產品組合。

Okay. Great. And then maybe just as a follow-up to that. In your conversations with your retail partners, do you get a sense that when they're putting together the planograms that they kind of have an eye towards maybe favoring products that would broadly fall under kind of snack food but have less exposure to artificial ingredients or things like that and could that potentially be a benefit as we think about shelf resets as we move into the back half of the year?

好的。偉大的。然後也許只是作為後續行動。在與零售合作夥伴的交談中，您是否感覺到，當他們整理商品規劃圖時，他們可能會偏愛那些大致屬於零食類但較少接觸人工成分或類似物質的產品，這在我們考慮下半年重新設置貨架時是否有潛在的好處？

I mean, I think it could be. I think they're always going to look at what is going to have the highest velocity and make their shelves as productive as possible. Perhaps some of it could be can every manufacturer move as quickly as needed to be on top of the changes but they will always focus on what consumers want and we know that the importance of focusing on health and wellness and functionality as well as the value of indulgence will continue.

我的意思是，我認為有可能。我認為他們總是會考慮什麼能擁有最高的速度並使他們的貨架盡可能高效。也許其中的一些可能是每個製造商能否根據需要迅速採取行動以掌握變化，但他們將始終關註消費者的需求，我們知道關注健康、保健和功能以及放縱的價值的重要性將持續存在。

Great. I'll hop back in queue. Thank you.

偉大的。我會重新回到隊列中。謝謝。

Peter Galbo with Bank of America.

美國銀行的 Peter Galbo。

Hey, good morning, Michele and Steve. Thanks for the questions. I just wanted to circle back actually on Ken Goldman's initial question around kind of the tariff thinking. And Michele, maybe just even from reading in the prepared remarks it reads to me like maybe there was a big internal debate as to whether to include the impact of tariff for full year in the guidance versus just for 2Q.

嘿，早上好，米歇爾和史蒂夫。感謝您的提問。我只是想回到肯·戈德曼最初提出的有關關稅想法的問題。米歇爾，也許只是從準備好的發言稿中我就能感覺到，公司內部可能存在一場激烈的爭論，即是否將關稅對全年的影響納入指引中，而不是只考慮第二季度的影響。

So just maybe help us understand the thinking a bit more around what the internal discussion was on just 2Q versus the full year and kind of how you came to this conclusion relative maybe to some of your peers who have put it in for the full year.

因此，也許可以幫助我們更多地了解內部討論的第二季度與全年的對比情況，以及您是如何得出這個結論的，相對於一些同行對全年的預測。

I wouldn't say that we had -- we certainly had discussion, but I wouldn't say we had massive internal debate. Steve, maybe you want to talk about a little bit more.

我不會說我們——我們當然進行了討論，但我不會說我們進行了大規模的內部辯論。史蒂夫，也許你想再多談一點。

Yes. No big debate. And peers have done a lot of different things, so there isn't one formula for how this has been handled. I think the challenge is in discussing A. we always want to be transparent and so that goes to the answer to Ken's question around visibility to everything we know at the moment knowing that it's subject to still a lot of change, particularly on this front.

是的。沒什麼大爭論。同行們做了很多不同的事情，因此沒有一個公式可以解決這個問題。我認為挑戰在於討論 A. 我們始終希望保持透明，因此這可以回答 Ken 的問題，即關於我們目前所知道的一切的可見性，知道它仍會發生很多變化，特別是在這個方面。

And the second piece was the mitigation activity. It's one thing to talk about an unmitigated tariff impact, it's another talk about fully mitigate work with our mitigation actions in-year and contributing. And so without those two pieces matched up, it's sort part of the story.

第二部分是緩解活動。談論未緩解的關稅影響是一回事，談論透過年度緩解行動和貢獻來全面緩解影響則是另一回事。因此，如果這兩個部分不匹配，那麼它就只是故事的一部分。

And so we want to give you the pieces as best as we know them. And as we get to the mid-year mark, we'll talk more about that mitigation and probably have a better view of the net impact as we go forward. And then in the meantime, hopefully, some legislative action will make that unmitigated impact fall lower anyway.

因此，我們希望向您提供我們所知的最佳作品。當我們進入年中時，我們將更多地討論緩解措施，並可能對未來的淨影響有更好的了解。同時，希望一些立法行動能降低這種未緩解的影響。

Got it. Okay. No, thanks for that. That's helpful. And Steve, I think in your prepared remarks there's are some moving pieces just as we try and think about revenue phasing maybe more so in the back half of the year. But I think if I read it correctly, snacks kind of on an impacted basis exited at a pretty healthy rate. I know there's some wonkiness in the comps on confectionery in 2Q, but maybe you can just help us on the revenue phasing in the back half of the year? Thanks very much.

知道了。好的。不，謝謝你。這很有幫助。史蒂夫，我認為在你準備好的發言中，有一些變動，就像我們試圖思考收入分階段可能更多地發生在下半年一樣。但我認為，如果我理解正確的話，零食的出口量在某種程度上受到了影響，並且出口速度相當健康。我知道第二季糖果業的表現有些不正常，但您能否幫助我們確定下半年的營收階段？非常感謝。

I don't think there's anything surprising in the back half of the year relative to the profile on the top line.

我認為，相對於營收而言，下半年不會有任何令人驚訝的情況。

Yes. Should be in line with the long-term of 2% to 4% across the quarters in the third and fourth quarter and in line relatively across the segment as well.

是的。應該與第三季和第四季 2% 至 4% 的長期成長率一致，也與整個細分市場相對一致。

Okay. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Alexia Howard with Bernstein.

亞歷克西亞‧霍華德 (Alexia Howard) 與伯恩斯坦 (Bernstein)。

Good morning, everyone.

大家早安。

Good morning.

早安.

Good morning.

早安.

Hi. So can I ask, first of all, about the more precise timing of this big innovation in Reese's in the fall? When is that due to happen? And you mentioned that you expect it to be the biggest innovation ever on the brand. I mean, that's a pretty big statement. You probably can't tell us what the innovation is, but what is it that gives you confidence that it might be the biggest innovation ever for that brand?

你好。那麼，首先，我可以問一下 Reese's 的這項重大創新將在秋季推出的更具體時間嗎？那什麼時候會發生？您提到，您預計這將是該品牌有史以來最大的創新。我的意思是，這是一個非常重要的聲明。您可能無法告訴我們這項創新是什麼，但是什麼讓您有信心這可能是該品牌有史以來最大的創新？

Well, we are consistently innovating and investing in our iconic brands, specifically to give consumers what they're asking for. And sometimes they know what they want. Other times, we're trying to provide some things that we think they will want. But this innovation is something that they've been asking more for quite a long time. So and based on all of our early planning around that, all of the research that we've done, that gives us a pretty good feel for size of innovation. That's what gives us the confidence relative to the size. Relative to timing stay tuned. It will be hitting in the fall and we're really anxious for all about it and try it.

我們一直在不斷創新和投資我們的標誌性品牌，特別是為了滿足消費者的需求。有時他們知道自己想要什麼。其他時候，我們會嘗試提供一些我們認為他們會想要的東西。但這種創新是他們長期以來一直要求的。因此，基於我們之前的所有規劃以及我們所做的所有研究，我們對創新的規模有了相當好的了解。這給了我們相對於規模的信心。關於時間，請繼續關注。它將在秋季上市，我們對此非常期待並嘗試。

Great. And then just a follow-up on the additives question. I know, for example, you have Red 40 in Twizzlers still. Can you quantify what proportion of your overall sales still have additives in them that would be on the list that's going to be, I guess, banned in 2027?

偉大的。然後只是關於添加劑問題的後續問題。例如，我知道你的 Twizzlers 中仍然有 Red 40。您能否量化一下，在你們的總銷售額中，有多少比例的產品中仍含有將在 2027 年被禁用的添加劑？

Yes. It's largely going to be our sweets portfolio. some refreshments. And then anything else that's coded chocolate. So if you think about for example, falls into that bucket. So that should give you a feel for the size. And then relative to the ingredients, obviously, it's a relatively small total percent of our ingredient costs. But we feel good about our ability to be compliant based on all of the work that we have already.

是的。這主要是我們的糖果產品組合和一些茶點。然後還有任何其他被編碼為巧克力的東西。因此，如果你想想，例​​如，落入那個桶子裡。這樣你就應該可以感覺到它的尺寸了。然後相對於原料而言，顯然它只占我們原料成本的一小部分。但根據我們已完成的所有工作，我們對自己遵守規定的能力感到滿意。

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

偉大的。非常感謝。我會傳達的。

Michael Lavery with Piper Sandler.

麥可·拉弗里和派珀·桑德勒。

Good morning.

早安.

As you talk about readying some of the options, just you know, at least contingency or hypothetical planning for 2026. You called out pricing, price pack architecture, demand shaping and sourcing strategies. The price pack architecture and pricing are fairly straightforward. Can you just maybe give a sense of what some of the demand shaping and sourcing strategy changes might look like?

正如您所說，準備一些選項，至少是針對 2026 年的應急或假設計劃。您提到了定價、價格包架構、需求塑造和採購策略。價格包架構和定價相當簡單。您能否簡單介紹一下需求塑造和採購策略變化可能會是什麼樣子？

Yes, certainly. So as we really think about some of the mix opportunities. So as we're looking at demand shaping off, the inflation of Cocoa, certainly, we have options across our portfolio in sweets, in salty, in parts of the portfolio that are less Cocoa intensive.

是的，當然。因此，我們認真考慮一些混合機會。因此，當我們考慮需求形成、可可通膨時，當然，我們的投資組合中可以選擇甜食、鹹味食品以及可可含量較低的部分。

And so those are some places that we focus. From a sourcing perspective, we are already doing work in that area for competitive reasons. We don't want to get into much detail in that area but we have options in terms of how we -- how we source that also help us to take advantage in price, basically generate sales.

這些就是我們關注的一些地方。從採購角度來看，出於競爭原因，我們已經在該領域開展工作。我們不想在這個領域討論太多細節，但我們在如何採購方面有選擇，這也有助於我們利用價格優勢，從根本上創造銷售。

Yes. Okay, that's helpful. And just on Salty Snacks, you've announced the LesserEvil deal that would add a little bit to your scale. In the commentary after the Mars Kellanova deal was announced, the Mars CEO pointed to one of the benefits being diluting their exposure to Cocoa by adding a large Salty Snacks portfolio. That's from a company that also already has a pet food business.

是的。好的，這很有幫助。就在 Salty Snacks 上，您宣布了 LesserEvil 交易，這將稍微增加您的規模。在宣布收購 Mars Kellanova 交易後的評論中，瑪氏執行長指出，透過增加大量鹹味零食產品組合，其好處之一是稀釋了對可可的曝險。這家公司也已經涉足寵物食品業務。

It would seem like some of that logic could apply to your case as well. Do you have sort of any scale ambitions, maybe almost for their own stake in salty or I know you laid out some of your M&A criteria at CAGNY that touched at least a little bit on that, but how do you think about just how that business might evolve?

看起來其中一些邏輯也適用於您的案例。您是否有任何規模野心，也許幾乎是為了自己在 Salty 的股份，或者我知道您在 CAGNY 上列出的一些併購標準至少涉及到這一點，但您如何看待這項業務將如何發展？

Sure. So this really goes back-to-back in 2017 when we laid out our vision to be a snacking powerhouse. And really what that was all about is how do we really leverage our core capabilities to maximize incremental -- get to incremental consumers and incremental snacking occasions. And we do that really by leveraging white spaces that we think are on trend with consumers.

當然。所以，這與我們在 2017 年提出的成為零食強國的願景相吻合。而這實際上就是我們如何真正利用我們的核心能力來最大限度地增加增量——獲得增量消費者和增量零食場合。我們確實透過利用我們認為符合消費者趨勢的空白來做到這一點。

So we have a large chocolate business. We love our chocolate business and we want to continue to grow that. But we also know that if we get into white spaces like sweets, better-for-you and salty, it adds incremental consumers and occasions. So that's really the role and what it plays. Certainly, within that, as we've said, we're always looking for really great brands that we think can be sustainable and grow over time that are high margin and high growth.

所以我們的巧克力生意很大。我們熱愛我們的巧克力事業並且希望繼續發展它。但我們也知道，如果我們進入甜食、健康食品和鹹味食品等空白領域，就會增加消費者和消費場合。這就是它真正的作用和所起的作用。當然，正如我們所說，我們一直在尋找真正優秀的品牌，我們認為這些品牌可以可持續發展，並隨著時間的推移而成長，具有高利潤和高成長率。

We feel really good that we have a good track record of finding those given the scale that we've achieved with SkinnyPop with Dot's. And we like that LesserEvil specifically is very focused on new benefits, ingredient focused snackers and it extends our reach with younger, more diverse demographics, especially young families, which opens up a whole new range of opportunity for us. So we see it being a better-for-you platform that can really be extended and scaled across categories and forms.

鑑於 SkinnyPop 和 Dot's 所取得的規模，我們對於能夠找到這些客戶有著良好的記錄，我們感到非常高興。我們喜歡 LesserEvil 特別注重新的好處、以成分為中心的零食，它擴大了我們面向更年輕、更多樣化的人群，特別是年輕家庭的覆蓋範圍，這為我們開闢了全新的機會。因此，我們認為它是一個對您更有利的平台，可以真正跨類別和形式進行擴展和衡量。

Megan Clapp with Morgan Stanley.

摩根士丹利的梅根·克拉普 (Megan Clapp)。

Hey, good morning. Thanks for squeezing me in. I guess I wanted -- if we were to put tariffs aside, maybe a follow-up to Andrew's question earlier in 2026. I just maybe wanted to take your pulse on whether or not if we put tariffs aside, you would feel -- you would have felt better about the ability to grow EPS next year. And I guess I ask because in the prepared remarks, Cocoa is still high, but it has retreated and it doesn't seem like your stance on the outlook for Cocoa prices has changed at all.

嘿，早安。謝謝你把我擠進來。我想，如果我們把關稅放在一邊，也許可以在 2026 年初對安德魯的問題進行跟進。我只是想問您，如果我們把關稅放在一邊，您是否會對明年每股收益的成長能力更有信心。我之所以問這個問題，是因為在準備好的評論中，可可價格仍然很高，但已經回落，而且看起來您對可可價格前景的立場根本沒有改變。

And then, Michelle, I think you did mention elasticities have been a lot better than the minus one you were assuming in the guide. So if we were to put tariffs aside, again, I know it's challenging and who knows what will happen, but I guess in the base business, do you feel better about the ability to grow earnings in the base business absent tariffs?

然後，米歇爾，我認為你確實提到彈性比你在指南中假設的負彈性要好得多。因此，如果我們再次將關稅放在一邊，我知道這很有挑戰性，誰知道會發生什麼，但我想在基礎業務中，您是否對在沒有關稅的情況下基礎業務盈利增長的能力感到更好？

It definitely feels better without tariffs. So I say that unequivocally. Do we still see a path though and feel a level of confidence about a path to earnings growth. If you take tariffs to the side with the base business, I think, yes, based on where Cocoa prices are today.

沒有關稅肯定會感覺更好。所以我明確地這麼說。我們是否仍然看到了一條道路，並且對獲利成長的道路有一定程度的信心。如果將關稅與基礎業務放在一起，我認為是的，基於當今可可價格的情況。

And again, that's going to require some aggressive action that as Michelle said earlier, those actions are teed up. We'll talk more about that as we get further into the year. But from a base business standpoint, our view hasn't changed for '26 headwind.

再說一次，這將需要採取一些積極的行動，正如米歇爾之前所說，這些行動已經準備好了。隨著今年的進一步推進，我們將更多地談論這個問題。但從基本的商業角度來看，我們對 26 年逆風的看法並沒有改變。

Okay. That's helpful. Thanks. And then maybe just a quick follow-up, the -- as it relates to tariffs, the $100 million that you cited unmitigated, does that assume that we -- for Cocoa in particular, does that assume we stay at that 10% paused tariff rate for -- some of the countries were a bit higher initially. So does it -- can you just clarify whether that would assume we stay at the 10% rate?

好的。這很有幫助。謝謝。然後也許只是一個快速的跟進，至於關稅，您提到的 1 億美元沒有減免，這是否假設我們 - 特別是對於可可，這是否假設我們保持 10％ 的暫停關稅稅率 - 一些國家的稅率最初略高。那麼——您能否澄清一下這是否假設我們維持 10% 的利率？

Yes, it does.

是的。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Tom Palmer with Citi.

花旗銀行的湯姆·帕爾默。

Good morning, and thanks for the question. Steve, if I heard right, I think when you're answering Ken's question about tariffs, you noted that two-thirds of the exposure is Cocoa in Canada. And maybe just some color on the other areas where you would see impact and to what extent you think there could be, I guess, exemptions or whatnot for those types of items, because it sounded like the exemption discussion was more around Cocoa and perhaps Canada. Thanks.

早安，感謝您的提問。史蒂夫，如果我沒聽錯的話，我想當你回答肯關於關稅的問題時，你指出三分之二的暴露是加拿大的可可。也許只是對您會看到影響的其他領域進行一些說明，以及您認為在多大程度上可以對這些類型的項目進行豁免或諸如此類的豁免，因為聽起來豁免討論更多地圍繞可可和加拿大。謝謝。

Yes, you bet. So we have other raw material import inputs that are imported aside from Cocoa. China for us is not huge, but China is still in that calculation as well. And so those are -- those by comparison to Cocoa in Canada are meaningful, but so much smaller.

是的，沒錯。因此，除了可可之外，我們也進口其他原料。對我們來說，中國並不大，但中國仍然在我們的計算之中。因此，與加拿大的可可相比，這些雖然有意義，但規模卻小得多。

So I said, we're looking at exemptions everywhere we can, but focusing on the most impactful pieces first. But we do have raw materials that come from other countries as well that also still have some tariff impact. And they're not off the table from mitigation. It's just we're looking first for the biggest impacts.

所以我說，我們正在盡可能地尋求豁免，但首先專注於影響最大的部分。但我們的原料也來自其他國家，因此也受到一些關稅的影響。但這些措施仍未脫離緩解的範疇。我們只是先尋找最大的影響。

Great. Thanks for that. In Salty Snacks, there was a, in the prepared remarks, a note about a 5% to 6% volume headwind from fewer shipper days, excuse me, fewer shipping days and also a planned reduction in private label. I don't think that private label commentary had been in previous. So is this a new headwind to think about in 2025? And just any framing of the impact, just given the shipping date timing, it seems like this could be maybe approaching a mid-single-digit headwind at least in 1Q. Thanks.

偉大的。謝謝。在 Salty Snacks 的準備好的評論中，有一條說明稱，由於托運人天數減少（對不起，是運輸天數減少）以及計劃減少自有品牌，導致銷量下降 5% 至 6%。我認為以前沒有出現過私人品牌評論。那麼，這是 2025 年需要考慮的新阻力嗎？僅從影響的任何角度來看，僅考慮發貨日期的時間，似乎至少在第一季這可能會接近中等個位數的逆風。謝謝。

We do some private label manufacturing in the popcorn space, but it's sort of subject to what we're doing in SkinnyPop and the brand business. And so to the extent that business and it did for the first quarter, it continues to grow strongly. Then by design, we do less private label and redirect that manufacturing towards our branded products. So salty is part of the longer-term strategy as that business grows. So it's a headwind of a sort, but it's also a reflection of the core salty business growing.

我們在爆米花領域進行一些自有品牌生產，但這在某種程度上取決於我們在 SkinnyPop 和品牌業務中所做的事情。因此，就第一季的業務表現而言，它繼續強勁成長。然後，按照設計，我們減少自有品牌的生產，並將生產轉向我們的品牌產品。因此，隨著業務的成長，鹹味是長期策略的一部分。所以這是一種逆風，但也反映了核心鹹味業務的成長。

Okay. Thank you.

好的。謝謝。

Leah Jordan with Goldman Sachs.

高盛的 Leah Jordan。

Good morning. Thank you for fitting me in. I just wanted to ask about international as it came in ahead of your expectations. When we talked last quarter, it seemed like that competition was increasing in several regions and we had heard recently that not all players were passing along costs. So just seeing if you could provide an update on the competitive environment there and has anything notably changed?

早安.謝謝你幫我安排。我只是想詢問有關國際的情況，因為它超出了你的預期。當我們上個季度談論時，似乎幾個地區的競爭都在加劇，我們最近聽說並非所有參與者都在轉嫁成本。那麼，您是否可以提供那裡競爭環境的最新情況，看看是否有明顯的變化？

Yes, as we look at our business, certainly, we've seen strong growth on Reese's, which has been a key investment for us in those international markets. So we're seeing strength behind media activation and distribution wins in particular.

是的，當我們審視我們的業務時，我們確實看到了 Reese's 的強勁成長，這是我們在國際市場上的重要投資。因此，我們看到了媒體激活和分銷勝利背後的力量。

And we also saw strong organic sales growth in Brazil where we were up double-digits behind a strong Easter and innovation. And the competitive environment there really did tend to normalize. So that was -- it's certainly still very competitive, but it normalized, it didn't get worse. And so I think that helped some of the strength that we've seen in some of the markets. And we also -- we also just performed really well. We had share gains in India, in Brazil and our Mexico spicy business.

我們在巴西的有機銷售額也實現了強勁成長，得益於復活節和創新的強勁成長，銷售額實現了兩位數的成長。那裡的競爭環境確實趨於正常化。所以那是——它當然仍然非常具有競爭力，但它已經正常化，而且並沒有變得更糟。因此我認為這有助於我們在某些​​市場看到的一些強勁表現。而且我們也——我們的表現也非常好。我們在印度、巴西和墨西哥的辣味業務中均取得了份額成長。

Great. Thank you. And just one follow-up. In the prepared remarks, you also noted that you're not planning any buybacks for this year. I know it's very dynamic. We've talked about a number of things around tariffs and your mitigation efforts.

偉大的。謝謝。僅剩一個後續行動。在準備好的發言中，您也指出今年不打算進行任何回購。我知道它非常有活力。我們已經討論了有關關稅和緩解措施的一系列問題。

But should the year play out better-than-expected and the tariff headwind goes away, what's your appetite for reengaging on buybacks versus other investments in the business as you think about capital allocation this year?

但是，如果今年的業績好於預期，而且關稅逆風消失，當您考慮今年的資本配置時，您對重新進行回購或其他業務投資的興趣如何？

Sure. I mean buybacks remains in our capital allocation philosophy. I'd say it's good because it puts tension on all of the other choices. So from a long-term capital allocation strategy, no change in terms of the role it plays. In the near-term, M&A is episodic. We have opportunities when they come up. It's not always that frequent.

當然。我的意思是回購仍然是我們的資本配置理念。我認為這很好，因為它給所有其他選擇帶來了壓力。因此，從長期資本配置策略來看，它所扮演的角色並沒有改變。短期內，併購是偶發性的。當機會出現時，我們就有機會。但這種情況並不總是那麼頻繁。

And so this year, we've put the focus on that. But going forward, as we look more broadly, long-term share repurchase will continue to play a role. And if I can go back just to mention Tom's question on private label, I said SkinnyPop capacity, but it's actually Dot's capacity in pretzels that we were talking about there. So my apologies.

因此，今年我們將重點放在了這一點上。但展望未來，從更廣泛的角度來看，長期股票回購將繼續發揮作用。如果我可以回過頭來提一下湯姆關於自有品牌的問題，我說的是 SkinnyPop 的產能，但實際上我們討論的是 Dot 的椒鹽脆餅產能。所以我表示抱歉。

Yes, that's enabling a private label of deprioritization.

是的，這可以實現降級的私人標籤。

That's right.

這是正確的。

Chris Carey with Wells Fargo Securities.

富國證券公司的克里斯凱裡 (Chris Carey)。

Hi. Good morning, everyone. I wanted to ask about the efforts that you're making on reformulation and price pack architecture, which certainly seem interesting. Can you expand a bit, maybe give us an early -- some early insights on the evolution of your thinking over the past few months, what's worked, what hasn't? And perhaps maybe give some insight on where you think you can perhaps gain some advantages out of this maybe price pack architecture allows you to offer more value and drive some more consumption, maybe there's ingredient changes you can make to capitalize on new trends.

你好。大家早安。我想問一下您在配方和價格包架構方面所做的努力，這看起來確實很有趣。您能否稍微擴展一下，讓我們提前了解您過去幾個月思維方式的演變，哪些方法有效，哪些方法無效？或許您可以給出一些見解，說明您認為可以從中獲得哪些優勢，也許價格包架構可以讓您提供更多價值並推動更多消費，也許您可以進行成分改變以利用新趨勢。

And so really just looking for a bit more insight on successes you've seen and where you expect to press on reformulation and also just again from a more proactive perspective, how can this turn into a bit of an advantage for you potentially?

因此，您實際上只是想對所看到的成功案例和您希望在哪些方面推動重新配方有更多的了解，並且再次從更積極主動的角度來看，這對您來說可能是一種什麼優勢？

Yes. So we have price pack architecture actually going into the market now. So we're continuing to work on more, but I don't want to give the impression that that hasn't been a lever that we've already pulled. I think one of the benefits of price pack architecture, as you mentioned is, it's not a direct price point increase, but rather, it's kind of a combination of sizing and price, which can tend to offer perhaps a better value perception for consumers.

是的。因此，我們現在實際上已經將價格包架構推向了市場。因此，我們將繼續努力，但我不想給人留下這樣的印象：我們已經採取了行動。我認為價格包架構的好處之一，正如您所說，它不是直接提高價格點，而是尺寸和價格的結合，這往往可以為消費者提供更好的價值感知。

And so I think that's always an opportunity if done well and we always try and balance how much of our price realization should come from that lever versus a strike -- strike price increase. So that was really as part of our earlier August '24 pricing announcement that we did some PPA. We'll share more about our future plans on our full plans going forward.

因此，我認為，如果做得好，這始終是一個機會，而且我們總是試圖平衡我們的價格實現有多少應該來自這個槓桿，而不是執行價格的上漲。所以這實際上是我們 24 年 8 月初發布的價格公告的一部分，我們做了一些 PPA。我們將在未來的完整計劃中分享更多有關我們未來計劃的資訊。

And as we think about, I guess, the competitive advantage component, the investments we've made in our supply chain really do enable us to have a lot of agility and flexibility, both in terms of being able to execute PPA, which involves sometimes the changes in packaging and being able to efficiently do that. And also lets us really look at the formulations to make sure that we're providing the highest quality products at the best cost possible.

當我們思考競爭優勢因素時，我想，我們在供應鏈上所做的投資確實使我們能夠擁有很大的敏捷性和靈活性，無論是在執行 PPA 方面（有時涉及包裝的變化）還是在能夠有效地做到這一點方面。並且讓我們真正了解配方，以確保我們以盡可能低的成本提供最高品質的產品。

And so that would be a competitive advantage is using our R&D folks, our supply chain to make sure that we can really deliver those reformulations, get them in the market as quickly as possible and do them incredibly well to continue to satisfy consumer demand.

因此，這將是一個競爭優勢，利用我們的研發人員和供應鏈來確保我們能夠真正實現這些配方，盡快將它們推向市場，並做得非常好，以繼續滿足消費者的需求。

One quick follow-up would be just around the evolution of your thought process on mitigation tools. As you noted, there was probably a bit more of a focus on our RGM and other revenue growth management and other mitigating factors.

一個快速的後續問題就是圍繞著您對緩解工具的思考過程的演變。正如您所說，我們可能會更加關注 RGM 和其他收入成長管理以及其他緩解因素。

But as Cocoa has lingered, how does -- how does pricing come into the equation? Has there been any evolution in your thinking of how large the sorts of tools that you'll need to kind of mitigate this over the next 18 months have become. So just any evolution of thought process there over the past few months would also be helpful. Thank you.

但隨著可可的持續存在，定價又如何影響價格呢？您對於未來 18 個月內需要多大程度的工具來緩解這一問題的想法有什麼變化嗎？因此，過去幾個月裡思考過程的任何演進也將是有幫助的。謝謝。

So I guess I'd start by saying, from the very beginning, we have taken a holistic approach as evidenced by the transformation program that we put in place, which was really about attacking costs. So we did some of that already over these past couple of years. We did take pricing, but we also did take a measured approach to balance the short and the long-term.

所以我想首先要說的是，從一開始，我們就採取了一種整體方法，正如我們實施的轉型計劃所證明的那樣，這實際上是為了解決成本問題。過去幾年我們已經做了一些這樣的事。我們確實採取了定價措施，但我們也採取了一種衡量的方法來平衡短期和長期。

We didn't want to overprice if Cocoa were to take a massive retreat. But for us, it's never been a concern about an ability to price. So we've always had confidence in that. It's just kind of wanting to balance that short and long-term component at the top and bottom line across the P&L.

如果 Cocoa 大規模撤退，我們不想定價過高。但對我們來說，我們從來不擔心定價能力。所以我們一直對此充滿信心。這只是想在損益表的頂部和底部平衡短期和長期部分。

And so we're encouraged that we've seen some retreat of Cocoa, but clearly, Cocoa hasn't retreated as much as we would all like. And so at this point, we're ready to activate even more of the levers that we've been doing work against and have had underway and we look forward to sharing more about that over the summer.

因此，我們很高興看到 Cocoa 有所回落，但顯然，Cocoa 的回落幅度並沒有達到我們所希望的程度。因此，此時此刻，我們已準備好啟動更多我們一直在努力並已在進行的槓桿，我們期待在夏天分享更多相關資訊。

Okay. Thank you.

好的。謝謝。

Scott Marks with Jefferies.

傑富瑞 (Jefferies) 的斯科特馬克斯 (Scott Marks)。

Hey, good morning. Thanks so much for fitting me in. The first question would be based on commentary, it obviously sounds like you're expecting Cocoa and prices to either remain status quo remain elevated. Let's say, for instance, Cocoa prices in the market do come down, whether it be next year or the year after, how would you think about reinvesting in the business to ensure a long-term health of the chocolate category?

嘿，早安。非常感謝您給我安排。第一個問題是基於評論的，這聽起來顯然是你預期可可和價格要么保持現狀，要么保持高位。舉例來說，假設市場上的可可價格確實下降了，無論是明年還是後年，您會如何考慮對該業務進行再投資以確保巧克力類別的長期健康發展？

Yes. And so we will -- again, that's my dream come true, right, Cocoa prices come down sharply and that's the choices that we have. And so we always invest behind our brands and want to make sure that we're investing in capabilities, technology, the brands, relevant marketing and innovation. So that hasn't been curtailed in this environment.

是的。所以我們會——再說一次，我的夢想成真了，對，可可價格大幅下降，這就是我們所擁有的選擇。因此，我們始終投資於我們的品牌，並希望確保我們投資於能力、技術、品牌、相關行銷和創新。因此，在這種環境下，這一趨勢並未受到限制。

And certainly, if we came out and when Cocoa falls, we'll revisit that to make sure we're doing our best to invest in those areas, but they haven't been short changed here and then we'll have the opportunity to deploy cash back to shareholders we talked about earlier, have more opportunities for capital allocation. So that's how we're thinking about it. We look forward to having that opportunity.

當然，如果我們出來時可可價格下跌，我們會重新審視這一點，以確保我們盡最大努力投資這些領域，但它們並沒有在這裡受到損失，然後我們將有機會將現金返還給我們之前談到的股東，有更多的資本配置機會。這就是我們的想法。我們期待有這樣的機會。

And even with the cost cutting we've done to date, we've done some of that with a lens of where can we get net savings, but at the same time be investing in technology and capability that let us emerge even stronger. So tools that let us be even more efficient in terms of how we're spending our investments in the business, in marketing and in trade, those types of things that both save money, but also give us kind of a longer-term benefit. So we look forward to those as well.

即使我們迄今為止已經削減了成本，我們也是從哪裡可以獲得淨節約的角度來做的，但同時，我們也在投資技術和能力，讓我們變得更加強大。因此，這些工具讓我們在業務、行銷和貿易方面的投資更加高效，這些事情既可以節省資金，也能為我們帶來長期利益。因此我們也對此充滿期待。

All of that will allow us to emerge even stronger than we were when we came into the commodity pressures.

所有這些都將使我們比面臨大宗商品壓力時更強大。

Understood. And then second question for me. You've spoken a bit about some of the C-Store trends. Wondering if you can just share anything on maybe performance or trends you're seeing across other channels as it relates to your categories? Thanks so much.

明白了。這是我的第二個問題。您談到了一些 C-Store 趨勢。想知道您是否可以分享一些與您的類別相關的您在其他管道上看到的表現或趨勢？非常感謝。

Yes, I would say we're continuing to see a consumer focus on value that's showing up in areas like migration to club, certainly dollar continues to be really strong online because of the value that it offers. So depending on who the consumer is, all consumers looking for value, each of them in different ways that best suit their specific needs. But we haven't really seen a significant change in some of those channel trends aside from the ups and downs that we see in C-Store. I think take home overall as a segment has across the board been quite strong with mid-single-digit growth there.

是的，我想說，我們繼續看到消費者關注價值，這種關注體現在向俱樂部遷移等領域，當然，由於其提供的價值，美元在網上繼續保持強勁。因此，根據消費者的身份，所有消費者都在尋求價值，每個人都以不同的方式尋找最適合其特定需求的價值。但除了 C-Store 的起伏之外，我們並沒有真正看到其他一些通路趨勢發生重大變化。我認為，作為一個細分市場，整體收入表現相當強勁，實現了中等個位數的成長。

Got it. We'll pass it on. Thanks so much.

知道了。我們會傳達它。非常感謝。

Bingqing Zhu with Redburn Atlantic.

Redburn Atlantic 公司的朱冰清 (Bingqing Zhu) 說。

Hi. Thanks for taking my question. I have a question about the competitive landscape in the US chocolate. I think in the previous order of the quarter before, you mentioned the intensified competition from smaller player. Can you comment and provide more color on what you're seeing in terms of the competitive situation in the US chocolate, both from a smaller player, private label and maybe even some premium player there, please? Then I'll have a follow-up. Thank you.

你好。感謝您回答我的問題。我有一個關於美國巧克力競爭格局的問題。我認為在上一季的訂單中，您提到了來自小型企業的競爭加劇。您能否評論並提供更多細節，說明您所看到的美國巧克力的競爭形勢，包括來自小型企業、自有品牌甚至一些高端企業的競爭情況？然後我會跟進。謝謝。

Yes, I would say we haven't seen significant change in the competitive landscape versus what we have been tracking throughout the year. We had expected some increased competition, certainly from the largest players in terms of innovation, we knew that there will be some of that coming, smaller players in private label have been softening a little bit in terms of the momentum in the marketplace.

是的，我想說，與我們全年追蹤的情況相比，我們並沒有看到競爭格局發生重大變化。我們曾預期競爭會加劇，尤其是來自創新方面最大的參與者的競爭，我們知道會出現一些這樣的競爭，而自有品牌領域的小參與者在市場發展勢頭方面已經有所減弱。

They're certainly still out there but in aggregate, there's been a little bit more internal sourcing across them. And then certain brands like Feastables and Tony's have been a bit more stable. But then again they're sourcing more amongst that set of smaller brands. So we continue to attract that over time. But overall no significant changes that I would really highlight.

他們當然還在那裡，但總體而言，他們的內部採購有所增加。而某些品牌，如 Feastables 和 Tony's，則更加穩定一些。但另一方面，他們又從那些較小的品牌中採購更多產品。因此，隨著時間的推移，我們會繼續吸引這種吸引力。但總體而言，沒有什麼值得我特別強調的重大變化。

Okay. Thank you. And then a follow-up, if I can come back to a pricing point please because your pricing in Q1, North America concession is 3%. That's lower than the market pricing. I think you called 8%. Obviously, you have the price pack architecture, but with the cocoa price pretty much blocked in 2025 and from what you said, elasticity is a bit better or in line with your expectation, do you see the possibility of having further pricing increase in the rest of the year to not only mitigate Cocoa inflation, but potentially some tariff impact? Thank you.

好的。謝謝。然後是後續問題，如果我可以回到定價點，因為您在第一季的定價中，北美的優惠率為 3%。這低於市場定價。我認為你所說的是 8%。顯然，您有價格包架構，但由於可可價格在 2025 年基本受阻，而且從您所說的情況來看，彈性會更好一些或符合您的預期，您是否認為今年剩餘時間價格有可能進一步上漲，不僅可以緩解可可通脹，還可能對關稅產生一些影響？謝謝。

So you will see pricing go up in Q2 and Q3 as more of our seasonal pricing and price pack architecture kicks in from announced pricing actions that we've already taken. Obviously, we can't talk about any future pricing intentions in advance. But I think we'll give you more color on both Cocoa and tariffs and our holistic plans as we get into the summer.

因此，隨著我們宣布的定價行動開始實施，您會看到第二季和第三季的價格上漲。顯然，我們不能提前談論任何未來的定價意圖。但我認為，隨著夏季的到來，我們將為您提供更多有關可可和關稅以及我們的整體計劃的資訊。

Yes, thank you. Very helpful.

是的，謝謝。非常有幫助。

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

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給管理階層，以徵求他們的最終意見。

Thank you, everyone, for joining us this morning, and we look forward to catching up with many of you throughout the day. Thank you.

感謝大家今天早上加入我們，我們期待在今天與你們中的許多人交流。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。