J & J Snack Foods Corp (JJSF) 2022 Q3 法說會逐字稿

Welcome to the J&J Snack Foods Fiscal Third Quarter 2022 Earnings Conference Call. My name is Cheryl, and I will be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the call over to Norberto Aja, Investor Relations for J&J Snack Foods. Sir, you may begin.

歡迎參加強生零食 2022 財年第三季度收益電話會議。我的名字是 Cheryl，今天我將擔任您的接線員。 （操作員說明）作為提醒，本次會議正在錄製中。我現在將把電話轉給 J&J Snack Foods 的投資者關係部的 Norberto Aja。先生，您可以開始了。

Thank you, operator, and good morning, everyone. Thank you for joining the J&J Snack Foods Fiscal 2022 Third Quarter Conference Call. We'll be starting in just a minute with management's comments and your questions. But before doing so, let me take a minute to read the safe harbor language.

謝謝接線員，大家早上好。感謝您參加強生零食 2022 財年第三季度電話會議。我們將在一分鐘後開始討論管理層的評論和您的問題。但在此之前，讓我花一點時間閱讀安全港語言。

This call will contain forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. All statements made on this call that do not relate to matters such as historical fact should be considered forward-looking statements, including statements regarding management's plans, strategies, goals and objectives and anticipated financial performance, industry-wide supply constraints and the expected impact of COVID-19 on our business. These statements are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

本次電話會議將包含 1995 年《私人證券訴訟法》含義內的前瞻性陳述。在本次電話會議上作出的與歷史事實等事項無關的所有陳述均應視為前瞻性陳述，包括有關管理層計劃的陳述，戰略、目標和目的以及預期的財務業績、全行業的供應限制以及 COVID-19 對我們業務的預期影響。這些陳述既不是承諾也不是保證，並且涉及已知和未知的風險、不確定性和其他可能導致我們的實際結果、業績或成就與前瞻性陳述或暗示的任何未來結果、業績或成就存在重大差異的重要因素。陳述。

Factors discussed in our annual report on Form 10-K for the year ended September 25, 2021 and other filings with the Securities and Exchange Commission, could cause actual results to differ materially from those indicated by the forward-looking statements made on this call. Any such forward-looking statements represent management's estimates as of the date of this call, August 3, 2022. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so even if subsequent events cause our views to change.

我們在截至 2021 年 9 月 25 日止年度的 10-K 表格年度報告和提交給美國證券交易委員會的其他文件中討論的因素可能導致實際結果與本次電話會議上作出的前瞻性陳述所表明的結果存在重大差異。任何此類前瞻性陳述均代表管理層截至 2022 年 8 月 3 日本次電話會議之日的估計。雖然我們可能會選擇在未來某個時候更新此類前瞻性陳述，但我們不承擔任何這樣做的義務，即使隨後事件導致我們的觀點發生變化。

In addition, we may also reference certain non-GAAP metrics, including adjusted EBITDA, operating income and earnings per share, which is reconciled to the nearest GAAP metric in the company's earnings release, which can be found in the Investor Relations section of our website at jjsnack com.

此外，我們還可能參考某些非 GAAP 指標，包括調整後的 EBITDA、營業收入和每股收益，這些指標與公司收益報告中最接近的 GAAP 指標一致，可在我們網站的投資者關係部分找到在 jjsnack com。

With us on the call today are Dan Fachner, our Chief Executive Officer; Ken Plunk, our Chief Financial Officer; and joining us remotely, we have Lynwood Mallard, our Chief Marketing Officer; Bob Cranmer, our Senior Vice President of Operations; Steve Every, our Senior Vice President and Chief Operating Officer of ICEE; Bjoern Leyser, Senior Vice President of Sales; James Hamill, VP and Corporate Controller; and Michael Palmer, our SVP and General Counsel. Following management's prepared remarks, we will open the call for a question-and-answer session.

今天與我們通話的是我們的首席執行官 Dan Fachner；我們的首席財務官 Ken Plunk；遠程加入我們，我們有首席營銷官 Lynwood Mallard； Bob Cranmer，我們的運營高級副總裁；我們的高級副總裁兼 ICEE 首席運營官 Steve Every； Bjoern Leyser，銷售高級副總裁； James Hamill，副總裁兼公司財務總監；以及我們的高級副總裁兼總法律顧問 Michael Palmer。在管理層準備好的評論之後，我們將開啟問答環節。

With that, I would now like to turn our call over to Dan Fachner, J&J Snack Foods Chief Executive Officer. Please go ahead, Dan.

有了這個，我現在想把我們的電話轉給強生小吃食品首席執行官丹·法赫納。請繼續，丹。

Thank you, Norberto, and good morning, everyone. We appreciate you joining us this morning to discuss our third quarter results.

謝謝你，Norberto，大家早上好。感謝您今天早上加入我們討論我們的第三季度業績。

We are pleased with our overall performance, which extends the top line growth we have seen across our business this fiscal year and further reflects the ongoing recovery of our customers. It is evident from our results that we have addressed the headwinds we encountered during our new ERP system launch in February, which temporarily impacted the fiscal Q2 performance of our Food Service and Retail segments. I want to give special thanks and recognition to the enormous effort of our team members who worked tirelessly to quickly resolve this issue. Thank you for that.

我們對我們的整體業績感到滿意，這擴大了我們本財年在整個業務中看到的收入增長，並進一步反映了我們客戶的持續復甦。從我們的結果可以明顯看出，我們已經解決了我們在 2 月份推出新的 ERP 系統時遇到的不利因素，這些不利因素暫時影響了我們食品服務和零售部門的第二財季業績。我要特別感謝和認可我們的團隊成員為迅速解決這個問題而付出的巨大努力。謝謝你。

Taking a look at the third quarter, revenue of $380.2 million was an all-time quarterly record, representing a 17.2% growth versus the prior year period and an over 35% increase versus our second quarter revenue. When compared to third quarter of 2019, revenue was up over 16%.

縱觀第三季度，收入 3.802 億美元創下季度歷史新高，與去年同期相比增長 17.2%，與第二季度收入相比增長超過 35%。與 2019 年第三季度相比，收入增長了 16% 以上。

On a year-to-date basis, revenue for the first 9 months of fiscal 2022 totaled $980.2 million or 19.3% increase versus the first 9 months of fiscal 2021. The top line results were led by market growth across all 3 business segments and across just about every product line. Sales were consistently strong across each month of the quarter.

從年初至今，2022 財年前 9 個月的收入總額為 9.802 億美元，比 2021 財年前 9 個月增長 19.3%。營收業績由所有 3 個業務部門和跨部門的市場增長引領幾乎每個產品線。本季度每個月的銷售額一直保持強勁。

Starting with Food Service, we saw continued growth in this segment across the board, including soft pretzels, frozen novelties, churros, handhelds and bakery. Our business continues to leverage strong core products and innovation to capture new customer opportunities in channels like convenience, QSR and amusement.

從食品服務開始，我們看到這一領域的全面增長，包括軟椒鹽脆餅、冷凍新奇食品、油條、手持設備和麵包店。我們的業務繼續利用強大的核心產品和創新，在便利、QSR 和娛樂等渠道抓住新的客戶機會。

Our Retail segment also enjoyed strong growth, posting $61 million in sales and growing 13% compared to the same quarter last year and over 46% compared to the same period in fiscal 2019. As was the case with Food Service, sales were strong across all categories, including handhelds, frozen novelties, biscuits and soft pretzels. Frozen novelties is a great story this year as we add SKUs and gain additional placement in leading retailers led by Luigi's, Dogsters and ICEE.

我們的零售部門也實現了強勁增長，銷售額為 6100 萬美元，與去年同期相比增長 13%，與 2019 財年同期相比增長超過 46%。與餐飲服務一樣，所有領域的銷售都強勁類別，包括手持設備、冷凍新奇食品、餅乾和軟椒鹽脆餅。今年，隨著我們添加 SKU 並在由 Luigi's、Dogsters 和 ICEE 領導的領先零售商中獲得更多位置，冷凍新奇產品是一個很棒的故事。

Our Frozen Beverages segment also saw strong growth with sales increasing 23.5% versus Q3 2021, led by beverages growing 37% and equipment up 17%. Volume in restaurants and amusements were up double digits versus the prior year, and theaters, while still down compared to pre-COVID performance, is improving as consumers go back to the movies to see top box office releases such as Top Gun, Minions and Jurassic World.

我們的冷凍飲料部門也實現了強勁增長，銷售額與 2021 年第三季度相比增長了 23.5%，其中飲料增長了 37%，設備增長了 17%。餐廳和娛樂場所的銷量與去年相比增長了兩位數，儘管與 COVID 之前的表現相比仍有所下降，但隨著消費者回到電影中觀看《壯志凌雲》、《小黃人》和《侏羅紀》等頂級票房影片，影院的銷量正在改善世界。

We continue to see strong growth opportunities in QSR, fast casual and convenience for both beverages and service. We are winning new customers, bringing new products to market, continuing to find ways to leverage our brands, refining our go-to-market strategy and working to satisfy our customers each and every day.

我們繼續看到 QSR、快速休閒和飲料和服務便利的強勁增長機會。我們正在贏得新客戶，將新產品推向市場，繼續尋找利用我們品牌的方法，完善我們的市場營銷戰略，並每天努力滿足我們的客戶。

Our Q3 top line results only reinforce our confidence in our strategies and the potential we see for added growth. Our business is strong. We have made significant progress improving gross margins to 28.7% this quarter, but we continue to experience inflationary pressures across many areas of our business from sourcing key ingredients such as flour, eggs, dairy, oils, chocolates and meats to packaging and distribution costs. Cost of these key raw ingredients increased almost 10% versus the prior quarter, continuing to put pressure on our manufacturing.

我們第三季度的營收結果只會增強我們對戰略的信心以及我們看到的增加增長的潛力。我們的業務很強大。我們在本季度將毛利率提高到 28.7% 取得了重大進展，但我們在許多業務領域繼續面臨通脹壓力，從採購麵粉、雞蛋、奶製品、油、巧克力和肉類等關鍵原料到包裝和分銷成本。這些關鍵原材料的成本與上一季度相比增加了近 10%，繼續給我們的製造帶來壓力。

We've responded by implementing our second price increase early in the quarter and have already communicated a third, high single-digit increase that will take effect late in the fourth quarter. These actions, combined with our focus on improved margin mix and cost initiatives, led to higher gross margins this quarter and are expected to drive further margin improvements as we closed the year.

作為回應，我們在本季度初實施了第二次提價，並且已經傳達了第三次高個位數增長，該增長將在第四季度末生效。這些行動，再加上我們對改善利潤率組合和成本計劃的關注，導致本季度毛利率上升，預計在我們結束這一年時將進一步提高利潤率。

We also continue to face historic cost pressures in our supply chain where we saw both sequential and year-over-year increases driven by higher truck driver wages and rising carriers, storage and fuel costs. In order to offset these pressures, we have a number of cost reduction initiatives underway in R&D, procurement, plant operations and distribution that we expect to offset some of these cost pressures over the next few months and into the next year. Our team is focused on reducing costs across the business as we transform how we operate and improve efficiencies across the business.

我們還在供應鏈中繼續面臨歷史性的成本壓力，我們看到卡車司機工資上漲以及運輸、存儲和燃料成本上漲推動了連續和同比增長。為了抵消這些壓力，我們在研發、採購、工廠運營和分銷方面採取了多項降低成本的舉措，我們預計這些舉措將在未來幾個月和明年抵消部分成本壓力。我們的團隊專注於降低整個業務的成本，因為我們改變了我們的運營方式並提高了整個業務的效率。

As it relates to customer wins, we continue to cultivate a healthy pipeline of new business, including a new recently launched churros LTO at Sonic, ICEE expansion with new customers such as Moe's and Peter Piper Pizza, a new Pretzel Stick with QuikTrip in the convenience channel and an introduction of a fantastic new Pretzels Dog at McAlister's Deli. Additionally, as we move to the back-to-school time of year, we're optimistic about recapturing business in the K-12 Channel in core snack categories that softened a bit during COVID.

因為它與贏得客戶有關，我們繼續培養健康的新業務管道，包括最近在 Sonic 推出的新 churros LTO、ICEE 與 Moe's 和 Peter Piper Pizza 等新客戶的擴張、新的 Pretzel Stick 與 QuikTrip 的便利頻道並在 McAlister's Deli 推出了一款很棒的新椒鹽脆餅狗。此外，隨著我們進入一年中的返校時間，我們對重新奪回 K-12 頻道核心零食類別的業務持樂觀態度，這些類別在 COVID 期間略有軟化。

On our service side of our business, we are targeting new opportunities, leveraging our ICEE service network and continuing to see strong demand and growth opportunities with existing customers, including America's leading coffee retailers, convenience stores and movie theaters.

在我們業務的服務方面，我們正在尋找新的機會，利用我們的 ICEE 服務網絡，並繼續看到現有客戶的強勁需求和增長機會，包括美國領先的咖啡零售商、便利店和電影院。

Regarding product launches and innovation, we are leveraging the IT brand in sugar cookies in both in-store bakery and in individually wrapped single-serve packaging. And we remain highly focused on our Super Pretzel brand as we expand winning products at retail while introducing new filled pretzels bites and filled pretzel nuts in fiscal Q1 of 2023.

在產品發布和創新方面，我們在店內麵包店和獨立包裝的單份包裝中利用糖餅乾的 IT 品牌。我們仍然高度關注我們的 Super Pretzel 品牌，因為我們在零售領域擴大了獲獎產品，同時在 2023 財年第一季度推出了新的夾心椒鹽脆餅和夾心椒鹽脆餅堅果。

Our Dogsters brand continues to see strong profitable growth as we expand the brand of key retailers. Our marketing team is focused on strengthening the brand's positioning and will launch an entirely new campaign in 2023, celebrating the special relationship that dog lovers have with their dogs, and reminding them not to forget their best friend when shopping the novelty aisle. We're anticipating continued strong growth driven by further expansion at retail and with fully integrated marketing campaign.

隨著我們擴大主要零售商的品牌，我們的 Dogsters 品牌繼續實現強勁的盈利增長。我們的營銷團隊專注於加強品牌定位，並將在 2023 年推出全新的活動，慶祝愛狗人士與愛犬之間的特殊關係，並提醒他們在逛新店時不要忘記最好的朋友。我們預計零售業務的進一步擴張和完全整合的營銷活動將推動持續強勁的增長。

We will also launch our new brand, Hola! Churros starting in fiscal Q4 after debuting the new brand at the National Restaurant Association in May. We're excited to roll out the new brand with a full suite of marketing and sales tools.

我們還將推出我們的新品牌Hola！ Churros 在 5 月在全國飯店協會推出新品牌後，於第四財季開始。我們很高興通過一整套營銷和銷售工具推出新品牌。

Churros is a significant opportunity for us, having grown 38% in just the past 4 years across American menus. And according to Data Essentials, growth will continue in every segment within Food Service, including a projected 8.5% growth in casual dining restaurants, 4.5% in fast casual and nearly 4% in QSR. J&J is already the largest domestic producer of churros, and creating a new branded product provides us with a unique and valuable opportunity to grow share, strengthening at 78% awareness in the U.S., we offer strong margins, are easy to prepare for operators such as quick-serve restaurants, movie theaters and adventure parks.

Churros 對我們來說是一個重要的機會，在過去的 4 年裡，美國菜單的銷售額增長了 38%。根據 Data Essentials 的數據，餐飲服務的各個領域都將繼續增長，其中休閒餐廳預計將增長 8.5%，快餐店將增長 4.5%，QSR 將增長近 4%。強生已經是國內最大的油條生產商，創造新的品牌產品為我們提供了一個獨特而寶貴的機會來增加份額，在美國的知名度提高到 78%，我們提供強大的利潤，易於為運營商做準備，例如快餐店、電影院和冒險樂園。

Regarding the operating and consumer backdrop, from our vantage point, all indications point to consumers seeing value in our products, while spending more time outdoors including at leisure and entertainment venues as our results indicate, consumers are visiting restaurants, amusement parks, live venues, theaters and convenience stores, travel venues and public spaces in great numbers. For example, theme park attendance remains resilient despite recent macro volatility as domestic and international consumers are vacationing more with their families.

關於運營和消費者背景，從我們的角度來看，所有跡像都表明消費者看到了我們產品的價值，同時我們的結果表明，消費者在戶外包括休閒和娛樂場所花費更多時間，消費者正在訪問餐廳、遊樂園、現場場所、劇院和便利店、旅遊場所和公共場所數量眾多。例如，儘管近期宏觀波動，但隨著國內外消費者更多與家人一起度假，主題公園的遊客人數仍然保持彈性。

Major live event organizers are reporting attendance above pre-pandemic levels, as well as higher spending on cool beverage. And in theaters, a significant revenue segment for us, we are seeing levels approaching 75% of pre-pandemic attendance level, while seeing marked upticks and new cap for spending and moviegoers indulge in their favorite snacks.

主要的現場活動組織者報告的出席人數高於大流行前的水平，並且在冷飲上的支出增加。在影院，對我們來說是一個重要的收入部分，我們看到水平接近大流行前水平的 75%，同時看到顯著的上升和新的支出上限，電影觀眾沉迷於他們最喜歡的零食。

As it relates to M&A, we could not be more excited to have completed the $223 million acquisition of Dippin' Dots. We believe the combination of the 2 companies will be a game changer given the almost seamless alignment of Dippin' Dots with our frozen novelty and our frozen beverages businesses. We have already begun to leverage our relationships in key Food Service and Entertainment channel, identifying opportunities to expand distribution of the Dippin' Dots brand.

由於涉及併購，我們非常高興能夠完成以 2.23 億美元收購 Dippin' Dots。我們相信，鑑於 Dippin' Dots 與我們的冷凍新奇產品和冷凍飲料業務幾乎無縫結合，這兩家公司的合併將改變遊戲規則。我們已經開始利用我們在主要餐飲服務和娛樂渠道的關係，尋找擴大 Dippin' Dots 品牌分銷的機會。

Operationally, we've already started working with Dippin' Dots team on integrating the 2 companies, and I'm pleased to report that everything is working just as planned. As we move further along the integration process, we are confident in our ability to gain meaningful revenue and cost synergies and create value for our shareholders.

在運營方面，我們已經開始與 Dippin' Dots 團隊合作整合這兩家公司，我很高興地報告一切都按計劃進行。隨著我們在整合過程中進一步推進，我們對獲得有意義的收入和成本協同效應並為股東創造價值的能力充滿信心。

In closing, we remain extremely optimistic about our future, given the resilience of our products and brands, the strength across our core products, the success of our new product offerings, our ability to expand our customer footprint and a terrific addition to the J&J family with the acquisition of Dippin' Dots.

最後，鑑於我們的產品和品牌的彈性、我們核心產品的實力、我們新產品的成功、我們擴大客戶足蹟的能力以及強生家族的出色補充，我們對未來仍然非常樂觀收購 Dippin' Dots。

I would now like to turn the call over to Ken Plunk, CFO, to review our financial performance. Ken?

我現在想將電話轉給首席財務官 Ken Plunk，以審查我們的財務業績。肯?

Thank you, Dan, and good morning, everyone. Taking a look at the results for the third quarter of fiscal 2022, we are pleased with the continued strength and resiliency of the business surpassing pre-COVID levels for the fourth consecutive quarter. Net sales of $380.2 million grew by 17.2% versus the prior year, and by 75% sequentially. When compared to the third quarter 2019, revenue was up 16%. Our growth trend is further reflected on our year-to-date performance with revenue for the first 9 months of fiscal 2022 totaling $980.2 million or 19.3% increase versus the first 9 months of fiscal 2021.

謝謝你，丹，大家早上好。看看 2022 財年第三季度的業績，我們對業務的持續實力和彈性連續第四個季度超過 COVID 之前的水平感到高興。淨銷售額為 3.802 億美元，同比增長 17.2%，環比增長 75%。與 2019 年第三季度相比，收入增長了 16%。我們的增長趨勢進一步反映在我們年初至今的業績上，2022 財年前 9 個月的收入總額為 9.802 億美元，比 2021 財年前 9 個月增長 19.3%。

Starting with Food Service, which continues to be our largest segment representing 60% of total sales, revenue of $227.8 million grew by 16% versus Q3 2021 and by almost 18% compared to Q3 of fiscal 2019. The strong performance in Food Service were driven by a 35.7% increase in handheld sales, a 27.5% increase in churros sales and a 23.2% increase in frozen novelty sales. We also saw great momentum in our bakery and soft pretzels, with year-over-year growth of 11.4% and 9.9%, respectively.

從餐飲服務開始，這仍然是我們最大的部門，佔總銷售額的 60%，收入為 2.278 億美元，與 2021 年第三季度相比增長了 16%，與 2019 財年第三季度相比增長了近 18%。餐飲服務的強勁表現受到推動手持設備銷量增長 35.7%，油條銷量增長 27.5%，冷凍新奇產品銷量增長 23.2%。我們的麵包店和軟椒鹽脆餅也發展勢頭強勁，同比分別增長 11.4% 和 9.9%。

The Retail segment also posted a strong quarter with $61 million in sales compared to $53.9 million in the prior year period and growing by over 46% compared with the same period in fiscal 2019. Handheld sales increased with a 33.4% growth compared to Q3 of 2021, followed by biscuits and soft pretzels with sales growth of 33% and 4.5%, respectively.

零售部門也公佈了強勁的季度銷售額，銷售額為 6100 萬美元，而去年同期為 5390 萬美元，與 2019 財年同期相比增長超過 46%。與 2021 年第三季度相比，手持設備銷售額增長 33.4% ，其次是餅乾和軟椒鹽脆餅，銷售額分別增長 33% 和 4.5%。

Frozen Beverages, sales were $91.4 million and grew 23.5% versus Q3 2021, led by beverage sales growth of 36.7% and machine sales growth of 17.4%. Machine service revenues were flat versus Q3 2021.

冷凍飲料的銷售額為 9140 萬美元，與 2021 年第三季度相比增長 23.5%，其中飲料銷售額增長 36.7%，機器銷售額增長 17.4%。機器服務收入與 2021 年第三季度持平。

Gross profit for the quarter was $109.1 million, an increase of over 13.4% compared to the previous year period and a gross margin of 28.7%. A slight drop compared to 29.7% in Q3 of fiscal 2021, however a marked improvement on a sequential basis. Despite the ongoing inflationary challenges, we are confident in our plans to resolve and manage the headwind as we move forward and expect gross margins to continue to improve.

本季度毛利潤為 1.091 億美元，同比增長 13.4% 以上，毛利率為 28.7%。與 2021 財年第三季度的 29.7% 相比略有下降，但環比有所改善。儘管通脹挑戰持續存在，但我們對解決和管理逆風的計劃充滿信心，並預計毛利率將繼續提高。

Moving down the income statement. Total operating expenses increased from $58 million to $87.8 million, representing 23.1% of sales for the quarter compared to 17.9% in Q2 of 2021. These results largely reflect the inflationary pressures across all of our expense line items, in particular, in distribution expenses which was 12.7% of sales compared to 8.4% of sales in fiscal 2021. Distribution expenses were driven by rise in carrier, driver wage, storage and fuel costs as supply chains remain constrained.

向下移動損益表。總運營費用從 5800 萬美元增加到 8780 萬美元，佔本季度銷售額的 23.1%，而 2021 年第二季度為 17.9%。這些結果在很大程度上反映了我們所有費用項目的通脹壓力，特別是分銷費用佔銷售額的 12.7%，而 2021 財年佔銷售額的 8.4%。由於供應鏈仍然受到限制，運輸費用、司機工資、存儲和燃料成本的上漲推動了分銷費用。

Also impacting operating expenses was approximately $3.1 million in onetime transaction and closing fees related to the Dippin' Dots acquisition, which were captured in administrative expenses. This led to an operating income decline of 44.3% to $21.3 million for the quarter compared to prior year. Excluding the onetime charges, adjusted operating income was $24.3 million, adjusted earnings per diluted share was $0.93 per share, and adjusted EBITDA was $38.4 million after considering income taxes of $5.6 million compared to $9.7 million in Q3 of fiscal 2021. Our net earnings decreased $215.6 million for the quarter, resulting in reported diluted earnings per share of $0.81 compared to $1.51 in the prior year period.

與收購 Dippin'Dots 相關的一次性交易和結算費用也對運營費用產生影響，這些費用計入管理費用。這導致本季度的營業收入與去年同期相比下降了 44.3% 至 2130 萬美元。不計一次性費用，調整後的營業收入為 2430 萬美元，調整後的每股攤薄收益為 0.93 美元，調整後的 EBITDA 為 3840 萬美元，考慮到所得稅為 560 萬美元，而 2021 財年第三季度為 970 萬美元。我們的淨利潤減少了 215.6 美元百萬美元，導致報告的每股攤薄收益為 0.81 美元，而去年同期為 1.51 美元。

Our effective tax rate was 26.6% for the third quarter. And on an adjusted EBITDA basis, we saw a decline to $38.4 million from $52.2 million in the prior year period on the back of the decrease in earnings. Year-to-date adjusted EBITDA totaled $84 million compared to $89.5 million for the first 9 months of fiscal 2021.

我們第三季度的有效稅率為 26.6%。在調整後的 EBITDA 基礎上，由於收益下降，我們看到從去年同期的 5220 萬美元下降至 3840 萬美元。年初至今調整後的 EBITDA 總額為 8400 萬美元，而 2021 財年前 9 個月為 8950 萬美元。

Taking a look at our liquidity position. Even with the recent Dippin' Dots acquisition, we continue to have a healthy balance sheet, an overall strong liquidity position with $91.4 million in cash and marketable securities and approximately $125 million in debt. In addition, we have ample availability under our revolver. We have $91.2 million of additional borrowing capacity. So very confident in our financial position and our ability to adequately invest and support our business, while continuing to return value to our shareholders via quarterly dividends.

看看我們的流動性狀況。即使最近收購了 Dippin' Dots，我們仍然擁有健康的資產負債表、整體強勁的流動性頭寸，擁有 9140 萬美元的現金和有價證券以及約 1.25 億美元的債務。此外，我們的左輪手槍下有充足的可用性。我們有 9120 萬美元的額外借貸能力。因此，我們對我們的財務狀況以及我們充分投資和支持我們的業務的能力非常有信心，同時繼續通過季度股息為我們的股東回報價值。

In closing, our third quarter results reflect the ongoing resiliency and health of our business as sales continue to grow and gross margins continue to improve. We have a disciplined focus on executing our strategic initiatives to reduce costs, improve margins and continue to build on our sales momentum.

最後，我們的第三季度業績反映了我們業務的持續彈性和健康狀況，因為銷售額繼續增長，毛利率繼續提高。我們有紀律地專注於執行我們的戰略舉措，以降低成本、提高利潤率並繼續鞏固我們的銷售勢頭。

I would now like to open the call to questions. Operator?

我現在想打開提問電話。操作員？

(Operator Instructions) Our first question comes from Andrew Wolf.

（操作員說明）我們的第一個問題來自 Andrew Wolf。

Could you tell us how much of your sales was volume versus price?

你能告訴我們你的銷售額中有多少是數量與價格的關係嗎？

Yes. We increased both volume and pricing during the quarter. As far as percentages, a little over 50%, somewhere in that 60% to 70% probably range is pricing, the rest is volume.

是的。我們在本季度增加了數量和定價。至於百分比，略高於 50%，可能在 60% 到 70% 的範圍內是定價，其餘的是數量。

Yes. But Andrew, I will just add to that. Every segment, sales were up in both volume, as well as price obviously as we see price increases.

是的。但是安德魯，我會補充一點。每個細分市場的銷售量和價格都明顯上升，因為我們看到價格上漲。

Okay. Great. And could you give us a flavor for how July is trending, given what's going on with the economy and some parts of Food Service at least softening?

好的。偉大的。考慮到經濟狀況和食品服務的某些部分至少疲軟，您能否給我們介紹一下 7 月份的趨勢？

We continue to see strong sales as we did for the third quarter as we enter into the fourth quarter. So we're encouraged by what we're seeing so far.

隨著我們進入第四季度，我們繼續看到強勁的銷售，就像我們在第三季度所做的那樣。因此，我們對迄今為止所看到的感到鼓舞。

Great to hear. And just the last follow-up kind of related to pricing, kind of two-part. The second price increase, I think you said was during the quarter. So is there -- as we look at modeling the fourth quarter, is there a little more pricing from the pricing action you instituted in the fiscal third quarter to come into the fourth quarter? That's part 1. And part 2 is the high single-digit pricing, you're going to institute late in the fourth quarter, which I assume mainly fiscal 2023 event for modeling purposes.

很高興聽到。只是最後一個與定價相關的後續跟進，分為兩部分。第二次漲價，我想你說的是在這個季度。那麼有沒有——當我們看第四季度的建模時，你在第三財季制定的定價行動是否有更多的定價進入第四季度？這是第 1 部分。第 2 部分是高個位數定價，您將在第四季度末開始實施，我假設這主要是 2023 財年的事件，用於建模目的。

Given a little deflation anticipated in some of the ingredients costs and so on, how do you think about recovery and price realization and your gross margin as we look into 2023, obviously I'm not asking you to guide us specifically, but just do you think there's a normalization coming there if the ingredient cost side of things cooperates?

鑑於某些成分成本等預計會出現一點通縮，在我們展望 2023 年時，您如何看待復甦和價格實現以及您的毛利率，顯然我並不是要求您具體指導我們，而是您如果事情的成分成本方面合作，認為那裡會出現正常化嗎？

All great questions, Andrew, I'm going to let Ken address some of those first.

所有好問題，安德魯，我會讓肯先解決其中的一些問題。

Yes, Andrew, I would answer it this way. Again, remember, with the price increases, like most everyone else out there, we're playing catch up. So even from Q2 to Q3, cost of our key raw materials went up another $10 million. So that price increase that we took in April certainly helped that cost continue to go up in the quarter even as you mentioned, certain commodities -- projections of certain commodities are starting to come down a little bit, being one of those fuel a little bit -- I mean, our experts still kind of call out as to wait and see, but realized some of that is stabilized and some come down, again it takes a bit of time for that to also grow.

是的，安德魯，我會這樣回答。再次記住，隨著價格上漲，就像大多數其他人一樣，我們正在追趕。因此，即使從第二季度到第三季度，我們的關鍵原材料成本又增加了 1000 萬美元。因此，我們在 4 月份採取的價格上漲無疑有助於該季度的成本繼續上漲，即使正如您所提到的，某些商品——某些商品的預測開始有所下降，成為其中一種燃料——我的意思是，我們的專家仍然呼籲觀望，但意識到其中一些已經穩定，一些下降，同樣需要一些時間才能增長。

So the prices they took in April is helping us try to catch up, but we need to take the other one. We've already had communications with the customers, and we feel like we're completely ready to start executing that over the next few weeks. That will probably take effect kind of late August and into September and then into fiscal 2023.

所以他們在 4 月份採取的價格正在幫助我們趕上，但我們需要採取另一個。我們已經與客戶進行了溝通，我們覺得我們已經完全準備好在接下來的幾週內開始執行。這可能會在 8 月下旬、9 月和 2023 財年生效。

Okay. So it sounds like -- are you cautiously optimistic on gross margins? Or is it more of a too soon to call kind of view as you start to -- as you look at your budgeting process and so on?

好的。所以聽起來 - 你對毛利率持謹慎樂觀態度嗎？或者，當你開始時——當你查看你的預算過程等等時，調用這種觀點是否為時過早？

Yes. No, Andrew, I think we're absolutely cautiously optimistic. We like the position that we're in. We like where we landed even ending the third quarter. And as you put it, we're very cautiously optimistic as we move into the next quarter and beyond.

是的。不，安德魯，我認為我們絕對是謹慎樂觀的。我們喜歡我們所處的位置。我們喜歡我們在第三季度結束時的位置。正如你所說，隨著我們進入下一季度及以後，我們非常謹慎樂觀。

And I think the other thing that makes us optimistic is we're doing a better job, Andrew, as we drop sales, driving it in higher-margin areas. So our mix is getting better. And then we've got a number of cost of goods initiatives, reducing waste in plants, and we're starting to see the benefits of some of that. So all of that, combined with inflation that things that are slowing down and they even dipping a little bit, with the price increase we've taken, I think we're cautiously optimistic as we look forward.

我認為讓我們感到樂觀的另一件事是我們做得更好，安德魯，因為我們降低了銷售額，將其推向利潤率更高的領域。所以我們的組合越來越好。然後我們有一些商品成本計劃，減少工廠的浪費，我們開始看到其中的一些好處。因此，所有這一切，再加上正在放緩甚至略有下降的通脹，以及我們所採取的價格上漲，我認為我們對未來持謹慎樂觀的態度。

Just one follow-up on your last comment, Dan, is on the positive mix shift, is that just what sort of related to Food Service recovery and those margins being higher overall? Or are you doing some kind of SKU rationalization of lower margin SKUs as well that will last beyond recovery in Food Service?

丹，你上一條評論的後續行動是積極的混合轉變，這與食品服務的複蘇和整體利潤率更高有關嗎？或者您是否也在對利潤率較低的 SKU 進行某種 SKU 合理化，這將持續到食品服務行業的複甦之後？

Yes. Andrew, great question. And we've done a little bit of both of that. We've done some rationalization. We have our focus on our core products, which we're being able to drive growth in that are higher margins. And so we feel good about the direction that our company is heading and the great work that our sales team is doing out there addressing those kinds of issues and feel like that will pay benefits as we move into 2023.

是的。安德魯，好問題。我們在這兩方面都做了一點。我們做了一些合理化。我們專注於我們的核心產品，我們能夠以更高的利潤率推動增長。因此，我們對公司前進的方向以及我們的銷售團隊在解決此類問題方面所做的出色工作感到滿意，並認為隨著我們進入 2023 年，這將帶來好處。

Our next question comes from Rob Dickerson.

我們的下一個問題來自 Rob Dickerson。

Quick question, I guess, to ask you for a way little bit more simply. It's just, I think, Ken, you had said previously that given the pricing that was coming through and where the costs were coming out of Q2 that you are hopeful at that point that maybe you could get back to that pre-COVID margin by Q2 of '23. It doesn't seem like that's necessarily off the table given the flow-through of the third round of pricing. Just want to kind of make sure that's still the case. And if not, it just sounds like maybe that gets pushed forward a little bit. So any color on that would be helpful. That's the first question.

我想，快速的問題是問你一個更簡單的方式。只是，我認為，Ken，您之前曾說過，鑑於正在通過的定價以及第二季度的成本，您希望屆時您可以在第二季度恢復到 COVID 之前的利潤率'23.鑑於第三輪定價的流通，這似乎並不一定是不可能的。只是想確保情況仍然如此。如果沒有，聽起來可能會向前推進一點。所以上面的任何顏色都會有幫助。這是第一個問題。

Yes. I feel better sitting here today than I did come out of Q2, that's for sure. But the market we're in, and hence, still (inaudible) essentially not. I'm still kind of probably saying Q2, but I thought I was going to answer it this way, Rob. So we're a bit more optimistic about getting there and being there a little earlier than I did 2 months ago.

是的。我今天坐在這裡感覺比從第二季度出來時感覺好多了，這是肯定的。但是我們所處的市場，因此，基本上仍然（聽不清）。我仍然可能會說 Q2，但我想我會這樣回答，Rob。因此，我們對到達那裡並比我 2 個月前更早到達那裡更加樂觀。

Okay. Okay, super. And then just on the distribution side. I mean, obviously, it's a material step up in the quarter for all the obvious reasons. If you even think through into Q4 and then '23, what's hopeful to on that line item? Maybe that peak, at least as a percent of revenue, and hopefully, that starts to kind of trail off through Q4? Or there's just some stickiness in the cost on the supply side just outside of a standard issue fuel cost?

好的。好，超級。然後只是在分銷方面。我的意思是，顯然，出於所有顯而易見的原因，這是本季度的實質性進步。如果您甚至考慮到第四季度和 23 年，那麼對該行項目有什麼希望？也許那個高峰，至少佔收入的百分比，並且希望它開始在第四季度開始放緩？還是在標準問題燃料成本之外，供應方的成本存在一些粘性？

Well, we're certainly hoping that it's peaked at this point, Rob, we have a lot of initiatives. We have extra eyes on it. We're looking at it really, really closely. It's affected by fuel storage and outbound carriers, but we're watching it really closely. We hope that it's peaked and it is down as it relates to percent of sales.

好吧，我們當然希望它在這一點上達到頂峰，Rob，我們有很多舉措。我們對它有額外的關注。我們正在非常非常仔細地研究它。它受到燃料儲存和出境運輸船的影響，但我們正在密切關注它。我們希望它達到頂峰並下降，因為它與銷售額的百分比有關。

Okay. Okay, super. And then just last question from me. On the segment operating margin delta, right, between, let's say, Food Service and Retail, I guess, relative to Frozen Beverages. Frozen beverages came in, I think, may be the highest we've seen historically, so very strong, right? So demand is coming back, you're back in line with pre-pandemic revenues while at the same time you're getting pricing and the margin is doing very well. While at the same time, Food Service is still struggling a little bit as is retail. So I'm just curious, is there like a -- was there some lag effect on the pricing side or relative to Frozen Beverages? Or is it maybe not as much operating leverage in that part of the business? I'm just trying to get some better understanding as to why those segments seem to be kind of dragging a little bit relative to where you are in Frozen? That's it.

好的。好，超級。然後是我的最後一個問題。我猜想，相對於冷凍飲料，在部門營業利潤率三角洲之間，假設是食品服務和零售。冷凍飲料進來了，我想，可能是我們歷史上見過的最高的，非常強，對吧？因此，需求正在回升，您的收入與大流行前的收入保持一致，同時您獲得了定價並且利潤率表現非常好。與此同時，餐飲服務業和零售業一樣仍在苦苦掙扎。所以我只是好奇，有沒有像 - 在定價方面或相對於冷凍飲料有一些滯後效應？或者在這部分業務中可能沒有那麼多的經營槓桿？我只是想更好地理解為什麼這些部分相對於你在《冰雪奇緣》中的位置似乎有點拖累？而已。

Yes. Well, again, on Frozen, the price increases are taken annually every January. So we had the benefit of that pricing add in January ahead of kind of what we're doing on the Food Service and Retail side, where we took a small one late last year and then the other didn't go into effect most of it until April. So you have a little bit of that going on. Well, you also have the cost of the acquisition, the 3.1 is shared between the Retail and Food Service numbers.

是的。好吧，再一次，在《冰雪奇緣》中，每年一月都會漲價。因此，我們在 1 月份獲得了該定價的好處，領先於我們在食品服務和零售方面所做的事情，去年年底我們採取了一個小的定價，然後另一個大部分沒有生效直到四月。所以你有一點這樣的事情發生。好吧，您還有收購成本，3.1 在零售和食品服務號碼之間共享。

And in the (inaudible) distribution expenses and challenges there are in our Retail and Food Service business. It's a good business model. We have 16 plants, 7-something pickup locations. So managing that from a distribution standpoint is much different than on the Frozen Beverages side. So those are some stick differences between the properties we in Frozen and what you're seeing still down at the bottom line of Food Service and Retail.

在我們的零售和食品服務業務中存在（聽不清）分銷費用和挑戰。這是一個很好的商業模式。我們有 16 個工廠，7 個取貨地點。因此，從分銷的角度管理這一點與冷凍飲料方面有很大不同。因此，這些是我們在《冰雪奇緣》中的屬性與您在食品服務和零售底線中看到的仍然存在一些差異的地方。

Our next question comes from Connor Rattigan.

我們的下一個問題來自 Connor Rattigan。

So just to start, I was just wondering if you could comment on your thoughts on just the health of the consumer going forward? It sounds like your business isn't really seeing much of an impact. But we're hearing a lot of pressure on lower-income consumers specifically. And with a large portion of the business revolving around experiences like theme parks and stadiums and such, do you expect any real volume elasticity or maybe consider seeing price out of those experiences going forward?

所以剛開始，我只是想知道你是否可以評論你對未來消費者健康的看法？聽起來您的業務並沒有真正看到太大的影響。但我們聽到了特別是低收入消費者的巨大壓力。由於大部分業務都圍繞主題公園和體育場等體驗展開，您是否期望任何真正的容量彈性，或者考慮從這些體驗中看到價格？

We're going to have the discipline to watch it really closely. At this point, we have not seen that happen. We've done -- historically as a company, we've done pretty well during times like these in the past. We have great products that are kind of a snack and a treat and a reward that people will still buy during recessionary periods. Again, to date, we're not seeing that drop in sales, but we're going to watch it really closely and react if we see something like that.

我們將有紀律密切關注它。在這一點上，我們還沒有看到這種情況發生。我們已經做到了——從歷史上看，作為一家公司，我們在過去這樣的時期做得很好。我們有很棒的產品，它們是一種零食、一種款待和一種獎勵，人們在經濟衰退時期仍然會購買。同樣，迄今為止，我們沒有看到銷售額下降，但我們將密切關注它，如果我們看到類似的情況會做出反應。

Okay. Great. That was helpful. And also just as far as the top line growth, could you just sort of maybe just like share some color on sort of how that trended over the quarter? Was there maybe still somewhat of a hangover early in the quarter from that ERP system implementation?

好的。偉大的。那很有幫助。而且就收入增長而言，您能否就本季度的趨勢分享一些顏色？本季度初的 ERP 系統實施是否仍然存在一些後遺症？

There has to be a little bit of that. It's hard to identify it, but there has to be a little bit early in the quarter that we were able to benefit from what we did not get into the system in the second quarter. But really, we saw strong sales in each month of the quarter. So we feel like it's a great demand. We like some of the new products that we've released. I like the action that our sales team has taken out there in getting our core products to the customers and feel really strong about our sales going into the future.

必須有一點。很難確定它，但必須在本季度早些時候，我們才能從第二季度沒有進入系統的東西中受益。但實際上，我們在本季度的每個月都看到了強勁的銷售。所以我們覺得這是一個很大的需求。我們喜歡我們發布的一些新產品。我喜歡我們的銷售團隊在將我們的核心產品提供給客戶方面所採取的行動，並對我們未來的銷售感到非常強烈。

Okay. Great. Great. And then also just a little bit on the pricing side, too. So I know you guys quantified that 60% to 70% of growth in pricing. I know you typically don't really quantify mix, but any chance you can sort of guide us as to maybe how substantial of an impact that mix shift was?

好的。偉大的。偉大的。然後在定價方面也有一點點。所以我知道你們量化了定價增長的 60% 到 70%。我知道您通常不會真正量化混音，但您是否有機會指導我們了解混音轉變的影響有多大？

Can you say it one more time, Connor?

你能再說一遍嗎，康納？

Yes, sure thing. So I know you guys quantified about 60% to 70% of growth in pricing. Any chance you can sort of guide us to about sort of how substantial the mix shift impact was just on the overall top line growth?

是的，肯定的。所以我知道你們量化了定價增長的 60% 到 70%。您是否有機會指導我們了解混合轉變對整體收入增長的影響有多大？

You say in between price and volume, is that what you mean?

你說在價格和數量之間，是你的意思嗎？

Yes, that's correct.

對，那是正確的。

Yes. Well, it varies by segment. I think the way I would answer that, we're not going to get into specific details on it, is for every segment of our business, whether be it Frozen, Food Service, Retail, all of them grew volume and also grew in price, obviously. So we, as Dan just pointed out, we studied the elasticity very closely. As us and other competitors have raised prices and you start to see the pressure on consumers, you've got to watch kind of our decisions very closely that we'll have to do volumes. And we balance that very well and continue to see us growing both on the volume side, as well as the price side.

是的。嗯，它因細分市場而異。我想我會回答這個問題的方式，我們不打算詳細介紹它，適用於我們業務的每個部分，無論是冷凍、食品服務、零售，所有這些都增加了數量，也增加了價格， 明顯地。因此，正如丹剛剛指出的那樣，我們非常仔細地研究了彈性。隨著我們和其他競爭對手提高價格，你開始看到消費者面臨的壓力，你必須密切關注我們的決定，我們必須做大量的事情。我們很好地平衡了這一點，並繼續看到我們在數量方面和價格方面都在增長。

Our next question comes from Trevor Sahr.

我們的下一個問題來自 Trevor Sahr。

This is Trevor on for Jon Andersen here. Just one from me today. I wanted to ask just on kind of fill rate and ability to meet demand in the quarter, kind of where you guys were from that front, maybe running through any challenges, specific channels or segments or if you lost anything on the table for the quarter?

這是喬恩·安徒生（Jon Andersen）的特雷弗（Trevor）。今天只有我一個。我想問一下本季度的填充率和滿足需求的能力，你們在這方面的情況，可能會遇到任何挑戰，特定的渠道或細分市場，或者你是否在本季度失去了任何東西?

Well, our operational team did a fantastic job throwing as much capacity through the plant as we possibly can. You know this because we've said it before and we have 7 new lines underway that will come into effect. A couple of them came to effect this year in the frozen novelty group. We have some coming into effect with both the pretzel and the churros at the end of this year and into next year, that will give us greater capacity. But certainly, with sales like this, that $380.2 million being a record quarter of all time, it certainly stretched our abilities, but our teams did a great job in getting the products to the customer.

好吧，我們的運營團隊做得非常出色，我們盡可能多地通過工廠投入產能。你知道這一點，因為我們之前已經說過，我們有 7 條新線路正在進行中，它們將生效。其中一些今年在冷凍新奇組中生效。我們將在今年年底和明年對椒鹽捲餅和油條生效，這將給我們更大的容量。但可以肯定的是，像這樣的銷售額，3.802 億美元是有史以來創紀錄的一個季度，這無疑擴展了我們的能力，但我們的團隊在將產品交付給客戶方面做得很好。

Our next question comes from Todd Brooks.

我們的下一個問題來自 Todd Brooks。

A few questions for you, if I may. One, you're starting to get a little bit of the way into kind of getting into the Dippin' Dots opportunity here. I think, at the time of closure, you talked about it looking to be $0.30 to $0.40 accretive pre-synergies. But Dan, you kind of hinted at strong interest from the existing J&J customers to expand Dippin' Dots distribution there. I guess, what are the early reads about the synergy opportunity with the Dippin' Dots brand now under the J&J umbrella?

如果可以的話，請教你幾個問題。一，你開始有點辦法進入 Dippin' Dots 的機會。我認為，在關閉時，你談到它看起來是 0.30 到 0.40 美元的增值預協同效應。但丹，你暗示了現有強生客戶對擴大 Dippin'Dots 在那裡的分銷的強烈興趣。我想，關於現在 J&J 旗下的 Dippin' Dots 品牌的協同機會的早期閱讀是什麼？

We think there's some significant synergies to be had. But I think, I've said this to you, Todd, and I'll just repeat it again. We bought this right in the middle of what I'll call harvest season. And so we really haven't wanted to disrupt what Dippin' Dots does today and has done so well and to make sure that we get the product to the customers in the appropriate fashion.

我們認為有一些重要的協同作用。但我想，我已經對你說過了，托德，我會再重複一遍。我們在我稱之為收穫季節的中間買了這個。所以我們真的不想破壞 Dippin' Dots 今天所做的事情，並且做得很好，並確保我們以適當的方式將產品提供給客戶。

Our people are working hand-in-hand with the groups there today at kind of identifying those synergies, and we'll start to see those probably late in the year, early 2023, late 2022. As you talked about with the expansion, we're having a lot of really good conversations with our customers out there.

今天，我們的員工正在與那裡的團隊攜手合作，確定這些協同效應，我們可能會在今年年底、2023 年初、2022 年底開始看到這些協同效應。正如你所說的擴張，我們'與我們的客戶進行了很多非常好的對話。

This is one of the things that we saw such a big opportunity with Dippin' Dots. They do business in many of the same places we do or at least in many of the same channels. And this allows us to have a pretty open conversations with our customers right away. And we have some great relationships out there. We're getting a lot of really good feedback and think that we are going to be able to grow those sales pretty rapidly in the next few years.

這是我們在 Dippin' Dots 中看到如此巨大機會的事情之一。他們在許多與我們相同的地方開展業務，或者至少在許多相同的渠道中開展業務。這使我們能夠立即與客戶進行非常開放的對話。我們有一些很好的關係。我們收到了很多非常好的反饋，並認為我們將能夠在未來幾年內快速增長這些銷售額。

That's great to hear. And following up on another opportunity that seems to be growing pretty rapidly. Can you talk through how big the Dogsters business has gotten to be for you? Talk to maybe what would distribution doors look like this year versus last year? Future wins that could be there and then any plans in conjunction with the new marketing campaign next year to maybe broaden out the product line as well?

聽到這個消息我很高興。並跟進另一個似乎正在迅速增長的機會。你能談談 Dogsters 的業務對你來說有多大嗎？談談今年與去年相比，分銷門會是什麼樣子？未來的勝利可能在那裡，然後有任何計劃與明年的新營銷活動相結合，以擴大產品線？

That brand, as you know, the pet industry has grown tremendously too during COVID. A lot of people bought pets. And so we feel like we're in the right place, at the right time, with the right brand. We just did some brand understanding around that with a group who got together to really identify what the brand means and how to go to market with it. And so putting together some terrific plans for 2023 have got kind of a chance to the hood. Lynwood Mallard and his team are doing great with it.

如您所知，該品牌在 COVID 期間寵物行業也取得了巨大的發展。很多人買了寵物。所以我們覺得我們在正確的地方，在正確的時間，擁有正確的品牌。我們只是與一群人一起對品牌進行了一些了解，他們聚在一起真正確定品牌的含義以及如何將其推向市場。因此，為 2023 年制定一些了不起的計劃已經有了機會。 Lynwood Mallard 和他的團隊在這方面做得很好。

As far as sales in period 12, I think it was, we did around $5 million, something like that, somewhere in that range, and see just a wide-open space for us. We're continuing to gain opportunities with retailers, and we feel, as we're starting to look at packaging, starting to look at the brand, understand it better, that there's just a lot of room for growth there. I love that brand. I love what we're doing. The sales team likes it. It just feels like we have a lot of room for growth.

至於第 12 期的銷售額，我認為是，我們做了大約 500 萬美元，類似的，在那個範圍內的某個地方，對我們來說只是一個廣闊的空間。我們繼續從零售商那裡獲得機會，我們覺得，隨著我們開始關注包裝，開始關注品牌，更好地理解它，那裡有很大的增長空間。我喜歡那個品牌。我喜歡我們正在做的事情。銷售團隊喜歡它。只是感覺我們有很大的成長空間。

How substantial is doors growth on the distribution side currently versus a year ago? Have you opened up some of the bigger maybe pet concepts or more mass concepts and you're adding meaningful doors for Dogsters?

與一年前相比，目前分銷方面的門增長有多大？您是否打開了一些更大的可能是寵物概念或更大眾化的概念，並且您正在為 Dogsters 添加有意義的門？

Well, I think if you're asking how many more SKUs, I think there's retail outlets where we've added 2 to 3 SKUs on the retail, Todd.

好吧，我想如果你要問還有多少 SKU，我想有些零售店我們已經在零售店中添加了 2 到 3 個 SKU，Todd。

Yes, Ken, I was more asking the number of doors you're distributed in versus last year. How much has that expanded?

是的，肯，我更多的是詢問與去年相比，你分佈在的門的數量。擴大了多少？

I don't know if we have that handy, Todd. I'm not sure I can give you that to you today.

我不知道我們有沒有那個方便，托德。我不確定我今天能不能把那個給你。

Okay. Fair enough. And then back on Frozen Beverages, obviously, a very strong quarter. Last call, Dan, you talked about some interest coming out of the NRA show. Anything you can share about restaurant concepts that have come into the testing pipeline during the quarter or maybe the magnitude of those opportunities if they come into fruition?

好的。很公平。然後回到冷凍飲料，顯然，這是一個非常強勁的季度。最後一個電話，丹，你談到了 NRA 節目帶來的一些興趣。您可以分享有關本季度已進入測試渠道的餐廳概念的任何信息，或者如果它們實現，這些機會的重要性？

Yes. I think I've said this before. I really like the pipeline that we have going on with ICEE right now. We have -- I mentioned by name, we have Moe's starting to roll out. That was one in test. And I've said this to you before, with the ICEE product, it's a long test period, there's a long incubation period because it's a big commitment with a big machine to people. But we have Moe's now starting to roll out. We have Peter Piper Pizza rolling out, and 2 or 3 other QSR-type opportunities that are in test that I can't mention yet, but I like the momentum that we have in them, and see some really good growth for ICEE as we move into 2023.

是的。我想我之前已經說過了。我真的很喜歡我們現在與 ICEE 進行的管道。我們已經 - 我提到了名字，我們已經開始推出 Moe。那是一個正在測試的。我之前對你說過，對於 ICEE 產品，這是一個很長的測試期，一個很長的潛伏期，因為它是對人的大承諾。但是我們現在開始推出 Moe。我們有 Peter Piper Pizza 推出，還有 2 或 3 個其他 QSR 類型的機會正在測試中，我還不能提及，但我喜歡我們在其中的勢頭，並且看到 ICEE 的一些非常好的增長，因為我們進入2023年。

I'll also say that not just in the beverage side of it, but also have some really good momentum going on, on the service side as well.

我還要說，不僅在飲料方面，而且在服務方面也有一些非常好的勢頭。

Our next question comes from Jonathan McGraw Bentley.

我們的下一個問題來自 Jonathan McGraw Bentley。

On the Dippin' Dots acquisition, did you guys also acquire the cryogenics business -- the cryogenics licensing business?

在收購 Dippin' Dots 時，你們是否還收購了低溫業務——低溫許可業務？

We did not acquire that portion of it. When I looked at it first, I think I've talked about having an opportunity to meet with the owners and sit down and get a firsthand view of this purchase. That was one of the areas that I just didn't think fits within our kind of wheelhouse, I guess, is what I would say. They had also had a couple of issues with that side of the business, and it just didn't feel like it was the right thing for us and that we can take it and grow it and mature in the way that we can on the Dippin' Dots side.

我們沒有獲得其中的那部分。當我第一次看到它時，我想我已經談到了有機會與業主會面並坐下來了解這次購買的第一手資料。這是我認為不適合我們這種駕駛室的領域之一，我想，這就是我要說的。他們在業務的那一邊也遇到了一些問題，只是覺得這對我們來說不是正確的事情，我們可以接受它並以我們在 Dippin 上的方式發展和成熟' 點邊。

We have a follow-up question from Andrew Wolf.

我們有一個來自 Andrew Wolf 的後續問題。

So given the magnitude of the inflation and the distribution costs, could you just unpack a little bit which were the biggest drivers? You mentioned a number of items. How much of that is -- I wouldn't say controllable, how much is third party where, let's say, ship -- trucking business is tight, they're just raising pricing because the supply is tight versus where you have some control at your drivers, fuel coming down could help you and so on? And then I have a follow-up to that in regards to some of the initiatives you mentioned in your release.

所以考慮到通貨膨脹的幅度和分銷成本，你能不能簡單地解釋一下哪些是最大的驅動因素？你提到了一些項目。其中有多少——我不會說是可控的，第三方有多少，比如說，運輸——貨運業務緊張，他們只是提高價格，因為供應緊張，而你可以控制的地方你的司機，燃料下降可以幫助你等等？然後我對你在新聞稿中提到的一些舉措進行了跟進。

Yes. Andrew, it kind of breaks out this way. Probably, I'd say, 75% was from cost that we pay outbound carriers. So to move the product, obviously, we depend on third parties for that. So that is 75% of the cost increase. Storage went up more than 100% year-over-year. So we got a number of situations where (inaudible) churros product, they have price increases. That was probably another 15% to 20%. And then fuel costs, just turn on direct fuel costs went up over 100%. Obviously, as you know, fuel cost has gone up 100% every year. So those are the 3 biggest buckets driving the increase year-over-year.

是的。安德魯，它是這樣爆發的。我想說，75% 可能來自我們支付給出境承運人的成本。因此，顯然，要移動產品，我們依賴第三方。所以這是成本增加的 75%。存儲量同比增長超過 100%。因此，我們遇到了一些情況，其中（聽不清）油條產品價格上漲。這可能是另外 15% 到 20%。再就是燃料成本，只要打開直接燃料成本就漲了100%以上。顯然，如您所知，燃料成本每年上漲 100%。因此，這些是推動同比增長的 3 個最大因素。

Okay. And do you have an outlook on the outbound for your rates? Do you think they're going to come down with the economy coming down? Are you getting -- are the rates coming down at all yet? What's going on?

好的。您對您的出境費率有展望嗎？你認為他們會隨著經濟下滑而下滑嗎？你得到 - 利率下降了嗎？這是怎麼回事？

I can tell you, we're seeing -- use the word stabilization. We're hearing some experts talk about certain rates coming down, there is kind of some more demand of carriers and has gotten equal now a little bit from what it was a few months ago. So it seems to be more promising. But gosh, given everything was done during the last year on cost, I believe I want to see it. That, I think it's promising. I think we're hearing things moving in a better direction, but we need to see that realized (inaudible).

我可以告訴你，我們看到了——使用穩定這個詞。我們聽到一些專家談論某些費率正在下降，對運營商的需求有所增加，現在與幾個月前的水平略有不同。因此，它似乎更有希望。但是天哪，考慮到去年一切都是按成本完成的，我相信我想看看。那，我認為這是有希望的。我認為我們正在聽到事情朝著更好的方向發展，但我們需要看到實現（聽不清）。

And we have no further questions in queue. At this time, I'll turn the call back to Dan Fachner for closing comments.

我們在隊列中沒有其他問題。此時，我會將電話轉回給 Dan Fachner 以結束評論。

Thank you, operator. We have the right people focus on business strategies to continue building on our fifth year legacy, and I'm confident that our best days are still ahead of us. We will continue to make the necessary investments to accelerate profitable growth.

謝謝你，接線員。我們有合適的人員專注於業務戰略，以繼續鞏固我們第五年的遺產，我相信我們最好的日子還在前面。我們將繼續進行必要的投資以加速盈利增長。

I want to take this opportunity to thank all of our employees. Our accomplishments are due to their extraordinary dedication and efforts. Thank you, everyone, for joining us on the call today. We appreciate your interest and continued support. Should you have any questions or wish to speak with us, please contact our Investor Relations firm at JCIR at (212) 835-8500. Thank you very much.

我想藉此機會感謝我們所有的員工。我們的成就歸功於他們非凡的奉獻精神和努力。謝謝大家今天加入我們的電話會議。我們感謝您的關注和持續的支持。如果您有任何問題或希望與我們交談，請致電 (212) 835-8500 聯繫我們在 JCIR 的投資者關係公司。非常感謝。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。