J&J Snack Foods Corp (JJSF) 2025 Q2 法說會逐字稿

Good day, and welcome to the J&J Snack Foods Fiscal 2025 second quarter conference call. As a reminder, this call may be recorded.

大家好，歡迎參加強生零食食品 2025 財年第二季電話會議。提醒一下，本次通話可能會被錄音。

I would now like to turn the call over to Norberto Aja, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係部的 Norberto Aja。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining the J&J Snack Foods Fiscal 2025 second quarter conference call. Before getting started, let me take a minute to read the Safe Harbor language. This call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made on this call that do not relate to matters of historical facts should be considered forward-looking statements, including statements regarding management's plans, strategies, goals, expectations, and objectives, as well as our anticipated financial performance.

謝謝接線員，大家早安。感謝您參加強生零食食品 2025 財年第二季電話會議。在開始之前，請允許我花一點時間閱讀安全港語言。本次電話會議包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。本次電話會議上所做的所有與歷史事實無關的陳述均應被視為前瞻性陳述，包括有關管理層的計劃、戰略、目標、期望和目的以及我們預期的財務業績的陳述。

These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Factors and other items discussed in our annual report on Form 10-K for the year ended September 28, 2024, and our 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 the call today.

這些聲明既不是承諾也不是保證，涉及已知和未知的風險、不確定性和其他重要因素，可能導致結果、業績或成就與前瞻性聲明表達或暗示的任何未來結果、業績或成就有重大差異。我們截至 2024 年 9 月 28 日的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件中討論的因素和其他事項可能會導致實際結果與今天電話會議上做出的前瞻性陳述所示的結果存在重大差異。

Any such forward-looking statements represent management's estimates as of the date of the call today, May 6, 2025. While we may elect to update forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause expectations to change. In addition, we may also reference certain non-GAAP measures on the call today, including adjusted EBITDA, adjusted operating income, or adjusted earnings per share, all of which are reconciled to the nearest GAAP measure on the company's earnings press release, which can be found in our Investor Relations section of our website.

任何此類前瞻性陳述均代表管理階層截至今天（2025 年 5 月 6 日）電話會議日期的估計。雖然我們可能選擇在未來某個時間點更新前瞻性陳述，但我們不承擔這樣做的義務，即使後續事件導致預期發生變化。此外，我們還可能在今天的電話會議上參考某些非 GAAP 指標，包括調整後的 EBITDA、調整後的營業收入或調整後的每股收益，所有這些都與公司收益新聞稿中最接近的 GAAP 指標相協調，您可以在我們網站的投資者關係部分找到這些指標。

Joining me on the call today is Dan Fachner, our Chief Executive Officer, along with Shawn Munsell, our Chief Financial Officer. Following management's prepared remarks, we will open the call for a question-and-answer session.

今天與我一起參加電話會議的還有我們的執行長 Dan Fachner 和財務長 Shawn Munsell。在管理階層準備好發言之後，我們將開始問答環節。

With that, I would now like to turn the call over to Mr. Fachner. Please go ahead, Dan.

現在，我想將電話轉給法赫納先生。請繼續，丹。

Thank you, Norberto. Good morning, everyone, and thank you for joining us today. While the quarter reflected some short-term pressures, our differentiated portfolio and core brands will stand out as we build momentum for the second half of fiscal 2025. We're energized by the opportunities we see ahead from new customer relationships, innovations, and improving operating efficiency. Total net sales for our fiscal second quarter declined 1% to $356.1 million as compared to the prior year quarter, which was primarily attributed to lower sales in our Frozen Beverage and Foodservice segments, partly offset by growth in our retail business.

謝謝你，諾伯托。大家早安，感謝大家今天加入我們。雖然本季反映了一些短期壓力，但隨著我們為 2025 財年下半年累積動力，我們的差異化產品組合和核心品牌將脫穎而出。新客戶關係、創新和提高營運效率帶來的未來機會令我們充滿活力。與去年同期相比，我們第二財季的總淨銷售額下降 1% 至 3.561 億美元，這主要歸因於我們冷凍飲料和食品服務部門的銷售額下降，但零售業務的成長部分抵消了這一影響。

This led to a 320 basis points decline in gross margin to 26.9%. Adjusted EBITDA in the quarter was $26.2 million, and adjusted EPS was $0.35 per share. Our second quarter performance was primarily impacted by three factors: First, theater channel weakness impacted beverage volumes in our Frozen Beverage segment, and to a lesser extent, our Foodservice business. The Frozen Beverage segment was also impacted by foreign exchange headwinds. Second, foodservice sales declined primarily due to the loss of limited-time offer churro volumes from a year ago.

這導致毛利率下降320個基點至26.9%。本季調整後的 EBITDA 為 2,620 萬美元，調整後的 EPS 為每股 0.35 美元。我們第二季的業績主要受到三個因素的影響：首先，戲院通路的疲軟影響了我們冷凍飲料部門的飲料銷量，並且在較小程度上影響了我們的餐飲服務業務。冷凍飲料部門也受到外匯不利因素的影響。其次，餐飲服務銷售額下降主要是因為去年限時供應的油條銷售量減少。

And third, we experienced continued input cost inflation, which was mostly related to chocolate in our bakery business. Despite challenges in the quarter, we're confident that the foundation of our business is strong. We expect earnings to improve in the second half, driven by projected theater industry rebound as well as actions we're taking to capture additional price increases and to grow volume. I'd also like to thank our terrific team members for their effort and dedication to the company and our customers during this challenging quarter. Our teams across the country and globe are leading initiatives that will help drive our long-term success.

第三，我們的投入成本持續上漲，這主要與我們烘焙業務中的巧克力有關。儘管本季度面臨挑戰，但我們有信心我們的業務基礎是牢固的。我們預計下半年獲利將會改善，這得益於預期的影院產業反彈以及我們為抓住進一步的價格上漲和增加銷售而採取的行動。我還要感謝我們出色的團隊成員在這個充滿挑戰的季度為公司和客戶所做的努力和奉獻。我們遍布全國乃至全球的團隊正在引領有助於推動我們長期成功的舉措。

I'm very proud of our teams and their leadership, especially the way that they react to challenges with perseverance and grit. Before I discuss the outlook in more detail, I'll first address the second quarter by walking through our segment performance. Frozen beverage sales declined by less than 1%, with the decline primarily reflecting weakness in the theater channel due to underperforming movie releases as well as unfavorable foreign exchange impacts from a weaker peso. North America box office sales in our fiscal Q2 declined an estimated 10% as compared to the prior year. Beverage sales declined 7.1%, with gallons down by a similar percentage.

我為我們的團隊和他們的領導感到非常自豪，尤其是他們以毅力和勇氣應對挑戰的方式。在我更詳細地討論前景之前，我將首先透過介紹我們的分部表現來談談第二季。冷凍飲料銷售額下降不到 1%，下降主要反映了戲院通路因電影上映表現不佳而導致的疲軟，以及比索貶值帶來的不利外匯影響。我們第二財季的北美票房收入與前一年相比下降了約 10%。飲料銷量下降了 7.1%，加侖數也下降了相同的百分比。

The beverage sales decline was partly offset by higher maintenance and machine revenue, which rose 4.2% and 17%, respectively. The beverage volume loss compressed margins, given the relatively higher margin profile associated with beverage sales. Margins were also impacted by unfavorable foreign exchange effects from a weaker peso. While we were disappointed with the theater traffic in the second quarter, we have been pleased with the success of the Minecraft movie to date, which is evident in sharply improved US beverage volume in early Q3.

飲料銷售額的下降部分被維護和機器收入的增加所抵消，維護和機器收入分別增加了 4.2% 和 17%。由於飲料銷售的利潤率相對較高，但飲料銷售的損失壓縮了利潤率。利潤率也受到比索貶值帶來的不利外匯影響。雖然我們對第二季的戲院票房表現感到失望，但我們對《我的世界》電影迄今為止的成功感到滿意，這從第三季初美國飲料銷量的大幅增長中可見一斑。

We are optimistic that a strong summer lineup that includes movie releases such as How to Train Your Dragon and Lilo & Stitch will provide tailwinds to the Frozen Beverage segment. Industry forecasts suggest that the North American box office sales in our fiscal third quarter could increase by 30% or more as compared to the prior year. Moving on to our Foodservice business. Sales declined 1.7%, with the largest impact coming from the loss of the limited-time offer churro volumes with a major QSR last year, which drove churro sales down by 18.7%. This year, we successfully added new churro volumes.

我們樂觀地認為，包括《馴龍高手》和《星際寶貝》等電影上映在內的強勁夏季陣容將為冰凍飲料市場帶來順風。業界預測，我們第三財季的北美票房收入可能比上年增長 30% 或更多。繼續討論我們的餐飲服務業務。銷售額下降了 1.7%，其中最大的影響是去年大型快餐店取消了限時供應的油條，導致油條銷售額下降了 18.7%。今年，我們成功增加了新的油條捲。

And while these additions have not fully offset the strong performance of last year's LTO, we remain encouraged by the compelling opportunity with churros. I want to reiterate that we view LTOs as a valuable platform to engage our customers and create opportunities for long-term menu items. Pretzel sales declined by 7.9%, with some of the decline driven by the theater channel weakness as well as general market softness in the pretzel category within foodservice. Notably, our market share improved by 1.4 points and by 4.4 points within Bavarian pretzels as demand for that type of pretzel continues to grow. Bavarian pretzels remained a standout performer within the category, making it a key area of focus and a significant opportunity to leverage our leadership position in pretzels.

儘管這些新增功能尚未完全抵消去年 LTO 的強勁表​​現，但我們仍然對油條帶來的巨大機會感到鼓舞。我想重申，我們將 LTO 視為吸引客戶並為長期菜單專案創造機會的寶貴平台。椒鹽捲餅的銷量下降了 7.9%，部分原因是戲院通路疲軟以及餐飲服務領域椒鹽捲餅類別的市場整體疲軟。值得注意的是，隨著對此類椒鹽捲餅的需求持續增長，我們的市場份額提高了 1.4 個百分點，在巴伐利亞椒鹽捲餅市場的份額提高了 4.4 個百分點。巴伐利亞椒鹽捲餅在該類別中仍然表現突出，使其成為關注的重點領域，也是鞏固我們在椒鹽捲餅領域領導地位的重要機會。

I'm excited about the innovation and marketing behind our pretzel business, and we'll share more on that shortly. The segment was also pressured by continued chocolate cost inflation, namely in our bakery business. While we did take incremental pricing in the quarter across our portfolio, it did not fully offset cost inflation. We are continuing to implement price increases across the portfolio selectively during the third quarter. We will continue to be surgical as we implement price increases to protect volume for the long term.

我對我們的椒鹽捲餅業務背後的創新和行銷感到非常興奮，我們很快就會分享更多相關資訊。該部門也受到巧克力成本持續上漲的壓力，特別是我們的烘焙業務。雖然我們在本季確實對整個投資組合採取了增量定價，但並未完全抵銷成本通膨。我們將在第三季繼續有選擇地提高整個產品組合的價格。我們將繼續精準施策地提高價格，以長期保障銷量。

Frozen novelties continue to show strength with sales up 4.1%. The growth mostly reflects the continued success of Dippin' Dots, reflecting the rollout to theaters and further penetration with other customers and channels. We expect to drive improvement across foodservice in the second half of fiscal 2025 as we grow volume, increase pricing selectively, and bring innovation to the market. Retail sales grew 1.8% in the quarter, including a 14.7% growth in frozen novelties, led by the Dogsters brand, which added 2.7 points of share growth in the quarter on continued unit growth. Additionally, the recent launch of Dippin' Dots Sundays reached $1 million in sales during the quarter, while ACV climbed to 15%.

冰雪奇緣新品持續表現強勁，銷售成長 4.1%。這一成長主要反映了 Dippin' Dots 的持續成功，反映了其在影院的推廣以及向其他客戶和管道的進一步滲透。隨著產量的增加、選擇性地提高價格以及為市場帶來創新，我們預計在 2025 財年下半年推動整個餐飲服務的改善。本季零售額成長了 1.8%，其中冷凍新品成長了 14.7%，其中 Dogsters 品牌表現最為出色，憑藉持續的銷量成長，該品牌在本季的市佔率成長了 2.7 個百分點。此外，最近推出的 Dippin' Dots Sundays 在本季的銷售額達到了 100 萬美元，而 ACV 攀升至 15%。

The outstanding off-season performance of this product positions us well for summer as we continue to expand distribution and receive positive feedback from consumers. Regarding handhelds, sales declines reflect temporary capacity constraints caused by a fire-related outage at one of our facilities late last year. We are working to mitigate the constraints with supplemental capacity elsewhere. We expect our business interruption insurance to provide some mitigation to these impacts as we work through the details with our insurer. Overall, we are pleased with our retail business performance and continue to invest behind the brands accordingly.

該產品在淡季的出色表現為我們在夏季的銷售奠定了良好的基礎，我們將繼續擴大分銷範圍並收到消費者的正面回饋。就手持設備而言，銷售額的下降反映了去年年底我們其中一家工廠發生火災導致停電而造成的暫時產能限制。我們正在努力透過其他地方的補充產能來緩解這些限制。我們希望，隨著我們與保險公司商討細節，我們的業務中斷保險能夠在一定程度上減輕這些影響。總體而言，我們對我們的零售業務表現感到滿意，並將繼續對品牌進行相應的投資。

I'd like to share more about the recently announced enhancements to our flagship super pretzel recipe and packaging for retail. In response to consumer feedback, we made small but meaningful recipe updates to give our super pretzel a softer texture and a more robust Bavarian-style flavor. The new recipe positions the product well given that Bavarian-style pretzels are some of the fastest-growing products in the pretzel category. We also refreshed the retail packaging, introduced an omnichannel marketing plan to support the launch, and we will convert some of our top foodservice SKUs to the new recipe this summer, including the pretzels that consumers find at baseball games and amusement parks. We're very excited about this update to the Super Pretzel brand, and we know that consumers will be pleased with the new enhancements as well.

我想分享更多有關我們最近宣布的旗艦超級椒鹽捲餅配方和零售包裝的改進的資訊。為了回應消費者的回饋，我們對配方進行了細微但有意義的更新，使我們的超級椒鹽捲餅具有更柔軟的質地和更濃鬱的巴伐利亞風格風味。鑑於巴伐利亞風味椒鹽脆餅是椒鹽脆餅類別中成長最快的產品之一，新配方使產品定位準確。我們還更新了零售包裝，推出了全通路行銷計劃來支援新產品的發布，我們將在今年夏天將一些頂級餐飲服務 SKU 轉換為新配方，包括消費者在棒球比賽和遊樂園中找到的椒鹽脆餅。我們對 Super Pretzel 品牌的這次更新感到非常興奮，我們知道消費者也會對新的改進感到滿意。

The quarter was challenged in part due to weakness in the theater channel. Additionally, the recent decline in consumer sentiment amidst macro uncertainty may be influencing consumer demand. Although the consumer backdrop presents challenges, we believe our portfolio is relatively insulated during periods of economic uncertainty because our products are relatively affordable and tend to be viewed as treats by consumers. Recent data indicates that consumers rank cost of living and affordability among their top considerations when weighing purchase decisions. We also made progress on several market initiatives during the quarter.

本季面臨挑戰的部分原因是戲院通路的疲軟。此外，宏觀不確定性導致的近期消費者信心下降可能會影響消費者需求。儘管消費背景帶來了挑戰，但我們相信，我們的產品組合在經濟不確定時期相對不受衝擊，因為我們的產品相對便宜，而且往往被消費者視為享受。最近的數據表明，消費者在權衡購買決策時將生活成本和負擔能力列為首要考慮因素。本季我們也在幾項市場措施上取得了進展。

We've increased Dippin' Dots theater presence by over 30% since the end of fiscal '24. We are thrilled to announce that we recently added Urban Air, the ultimate indoor adventure park and family destination, as a new customer for Dippin' Dots. Our first shipments will commence soon, and we expect Urban Air to become the largest single customer for Dippin' Dots. As mentioned, the rollout of Dippin' Dots Sundays has been successful and reached $1 million in sales during the quarter, with more growth coming as our distribution expands and we approach the peak selling season. We are testing a churros innovation with a QSR customer as part of their value menu, which could lead to meaningful volume.

自 2024 財年末以來，我們已將 Dippin' Dots 影院的覆蓋率提高了 30% 以上。我們很高興地宣布，我們最近將終極室內冒險樂園和家庭目的地 Urban Air 納入 Dippin' Dots 的新客戶。我們的第一批貨物即將開始，我們預計 Urban Air 將成為 Dippin' Dots 最大的單一客戶。如上所述，Dippin' Dots Sundays 的推出取得了成功，本季度的銷售額達到了 100 萬美元，隨著我們的分銷範圍擴大和銷售旺季的臨近，銷售額還將進一步增長。我們正在與 QSR 客戶一起測試油條創新，作為其超值菜單的一部分，這可能會帶來可觀的銷售。

In fact, this is a great example of a limited-time offer fostering a potential permanent menu placement. We continue to bring innovation to the market across the portfolio, including whole grain SUPERPRETZEL varieties and other new Dippin' Dots products for retail. As it relates to GLP-1 drugs, penetration appears to remain steady at around 8% to 9%. It's unclear whether demand for our products has been affected by GLP-1-related diet preferences. However, we are actively innovating our portfolio to offer more products that are compatible with GLP-1 diets and, more broadly, better-for-you diet trends.

事實上，這是限時優惠促進潛在永久菜單展示的一個很好的例子。我們繼續為市場帶來產品組合創新，包括全穀物 SUPERPRETZEL 品種和其他新的 Dippin' Dots 零售產品。就 GLP-1 藥物而言，滲透率似乎保持穩定在 8% 至 9% 左右。目前尚不清楚我們產品的需求是否受到 GLP-1 相關飲食偏好的影響。然而，我們正在積極創新我們的產品組合，以提供更多與 GLP-1 飲食相容的產品，更廣泛地說，提供更適合您的飲食趨勢的產品。

For instance, we have been developing a high-protein pretzel with approximately 10 grams of protein to help meet the growing demand for protein-enriched products. We're also innovating some of our frozen novelties to add better-for-you attributes, such as by enhancing them with electrolytes, antioxidants, and probiotics. These are just a few of the innovations that are underway as we adapt our portfolio to meet consumers however and wherever they choose to snack. In summary, while the quarter was more challenging than anticipated, we are optimistic that our results will improve as theater traffic rebounds, price realization improves, our retail brands continue growing in the peak season for frozen novelties, and new business initiatives and innovations take hold and help drive results.

例如，我們一直在開發一種含有約 10 克蛋白質的高蛋白椒鹽脆餅，以幫助滿足對富含蛋白質的產品日益增長的需求。我們也對一些冷凍食品進行了創新，增加了一些對您更有益的屬性，例如添加電解質、抗氧化劑和益生菌。這些只是我們正在進行的創新的一小部分，我們正在調整我們的產品組合以滿足消費者隨時隨地選擇零食的方式。總而言之，雖然本季的挑戰性超出預期，但我們樂觀地認為，隨著影院客流量反彈、價格實現改善、我們的零售品牌在冰雪奇緣新品旺季繼續增長、新業務舉措和創新落地生根並幫助推動業績增長，我們的業績將會改善。

With that, I would now like to turn the call over to Shawn to review the financial results in greater detail.

說到這裡，我現在想把電話轉給肖恩，讓他更詳細地回顧財務結果。

Shawn?

肖恩？

Thank you, Dan, and good morning, everyone. Our second quarter revenue declined 1% to $356.1 million. Frozen beverage sales decreased less than 1%, Foodservice sales decreased 1.7%, and retail sales grew 1.8%. Cost of goods sold increased 3.5% to $260.4 million, which generated gross profit of $95.7 million compared to $108.2 million in the year-ago period, while gross margin declined to 26.9% from 30.1%. The softness in our frozen beverage business, primarily caused by lower beverage volumes and foreign exchange headwinds, contributed to approximately 60 basis points of gross margin compression, while the loss of churro and pretzel volumes in foodservice together contributed to approximately 190 basis points of gross margin compression.

謝謝你，丹，大家早安。我們第二季的營收下降 1% 至 3.561 億美元。冷凍飲料銷售額下降不到 1%，食品服務銷售額下降 1.7%，零售銷售額成長 1.8%。銷售成本成長 3.5% 至 2.604 億美元，毛利為 9,570 萬美元，去年同期為 1.082 億美元，毛利率從 30.1% 下降至 26.9%。我們的冷凍飲料業務疲軟，主要是由於飲料銷量下降和外匯不利因素，導致毛利率壓縮約 60 個基點，而餐飲服務中油條和椒鹽捲餅銷量的損失共同導致毛利率壓縮約 190 個基點。

We continue to monitor the evolution of tariff policy. Changes in tariffs did not directly impact our input costs in the fiscal second quarter, but could impact future quarters. The tariffs currently in place could increase our input costs by $4 million to $6 million on an annualized basis, if not mitigated by pricing, alternate sourcing, or other strategies. We're actively seeking options to mitigate these impacts. Operating expenses totaled $89.7 million or 25.2% of sales as compared to 25.1% last year.

我們將繼續關注關稅政策的演變。關稅的變化不會直接影響我們第二財季的投入成本，但可能會影響未來幾季。如果不透過定價、替代採購或其他策略來緩解，目前實施的關稅可能會導致我們的投入成本每年增加 400 萬至 600 萬美元。我們正在積極尋求減輕這些影響的方法。營業費用總計 8,970 萬美元，佔銷售額的 25.2%，而去年同期為 25.1%。

Operating expenses decreased by less than 1% as compared to the prior year quarter, primarily due to one-time start-up costs at our regional distribution centers last year. Marketing expenses were $28.5 million or 8% of sales, up from 7.7% last year and increased 3.1% versus the prior year quarter. About half of the year-over-year increase was related to higher brand amortization expenses associated with the legacy Churro brand that is being phased out for the Ola Churro brand. Distribution costs were $41.8 million or 11.7% of sales, down from 12.3% in the prior year. Distribution costs overall declined by 5.5%.

與去年同期相比，營運費用下降了不到 1%，這主要是由於去年我們區域配送中心的一次性啟動成本。行銷費用為 2,850 萬美元，佔銷售額的 8%，高於去年的 7.7%，比去年同期成長 3.1%。約有一半的同比增長與傳統 Churro 品牌的品牌攤銷費用增加有關，該品牌正在逐步被 Ola Churro 品牌淘汰。分銷成本為 4,180 萬美元，佔銷售額的 11.7%，低於上年的 12.3%。分銷成本整體下降了5.5%。

The decline primarily reflects the impact of start-up costs at our regional distribution centers last year. Adjusting for those impacts, distribution costs would have been approximately in line with last year as a percentage of sales. Distribution costs rose sequentially from the first quarter as we built inventory in advance of our peak season. Administrative expenses were $19.8 million or 5.5% of sales, up from 5.1% in the prior year, mostly driven by higher compensation costs as well as higher nonrecurring legal expenses. Operating income declined to $6 million from $17.9 million, while adjusted operating income was $8.9 million compared to $21.8 million last year.

這一下降主要反映了我們去年區域配送中心啟動成本的影響。經過這些影響的調整後，分銷成本佔銷售額的百分比將與去年大致持平。由於我們在旺季來臨之前建立了庫存，因此分銷成本從第一季開始連續上升。管理費用為 1,980 萬美元，佔銷售額的 5.5%，高於上年的 5.1%，主要原因是薪酬成本增加以及非經常性法律費用增加。營業收入從 1,790 萬美元下降至 600 萬美元，調整後營業收入為 890 萬美元，去年同期為 2,180 萬美元。

The effective tax rate was 27.2% for the quarter. Net earnings totaled $4.8 million compared to $13.3 million in the prior year quarter, and earnings per diluted share fell to $0.25 versus $0.69. Adjusted earnings per diluted share were $0.35 versus $0.84 in the prior year quarter. Adjusted EBITDA was $26.2 million versus $39.3 million in the prior year. We continue to have a healthy balance sheet and liquidity position with $48.5 million in cash and no long-term debt.

本季有效稅率為27.2%。本季淨利潤總計480萬美元，而去年同期為1,330萬美元；稀釋每股收益降至0.25美元，低於去年同期的0.69美元。調整後稀釋每股收益為0.35美元，低於去年同期的0.84美元。調整後的 EBITDA 為 2,620 萬美元，而去年同期為 3,930 萬美元。我們的資產負債表和流動性狀況依然健康，擁有 4,850 萬美元現金且沒有長期債務。

We had approximately $213 million of borrowing capacity under our revolving credit agreement. We repurchased approximately 39,000 shares for $5 million at an average price of about $128 per share. In closing, we are encouraged that we will deliver a stronger second half, driven by improving theater attendance, the impact of pricing actions, and exciting innovation across our portfolio. With a portfolio of great products and brands, J&J is well-positioned to deliver value to both customers and shareholders in the quarters ahead.

根據循環信貸協議，我們擁有約 2.13 億美元的借貸能力。我們以每股約 128 美元的平均價格回購了約 39,000 股，總價值 500 萬美元。最後，我們很高興看到，在影院上座率提高、定價舉措的影響以及我們整個投資組合中令人興奮的創新的推動下，我們將在下半年取得更強勁的成績。憑藉優質的產品和品牌組合，強生公司有能力在未來幾季為客戶和股東創造價值。

I would now like to turn the call over to the operator for Q&A. Operator?

現在我想將電話轉給接線員進行問答。操作員？

(Operator Instructions)

（操作員指示）

David Shakno, William Blair.

大衛沙克諾、威廉布萊爾。

You provided a helpful gross margin bridge in the press release, but I think there were 70 bps to 80 bps not covered within that. Any color that could help us understand the balance of the decline there?

您在新聞稿中提供了有用的毛利率橋樑，但我認為其中沒有涵蓋 70 個基點到 80 個基點。有什麼顏色可以幫助我們了解那裡衰退的平衡嗎？

Yeah, sure. Most of the remaining balance really just represents that chocolate cost inflation relative to the pricing offset. So that was about 60 basis points, and that covers most of the gap.

是的，當然。剩餘的大部分餘額實際上只是代表了相對於定價抵消的巧克力成本通膨。所以這大約是 60 個基點，並且彌補了大部分差距。

And then just one follow-up here. Forgive me if I missed this in the prepared remarks, but you mentioned last quarter that you didn't expect to get gross margins back to the low 30s until the second half of the year. I wanted to see if that's still the expectation or if you've had to recalibrate that a bit, given the macro environment.

這裡還有一個後續問題。如果我在準備好的發言中遺漏了這一點，請原諒我，但您在上個季度提到，您預計直到今年下半年毛利率才能回到 30% 以下。我想看看這是否仍然是預期，或者考慮到宏觀環境，你是否需要稍微重新調整一下。

No, we still believe that's the expectation for us as we enter into the back half of the year.

不，我們仍然相信這是我們進入下半年時的期望。

Todd Brooks, the Benchmark Company.

基準公司的 Todd Brooks。

Dan, just following up on the expectation to get gross margin back to the low 30s. Does that assume just the pricing that you've been able to capture to date? Or does that assume some success with forward pricing activities?

丹，我們只是想按照預期將毛利率恢復到 30% 出頭。這是否僅假設了您迄今為止能夠獲取的定價？或者這是否假設遠期定價活動會取得一定成功？

Well, it does assume some of the pricing that we have as it continues to build through the remainder of this year. And then also, don't forget, as we get into the back half of the year, you have the influence from our frozen beverage business and our Dippin' Dots business. And even as we said in the remarks, early indications that the theater business comes back, and as we look at early Q3 right now, those two pieces of business really start to drive that margin nicely as we get into the back half.

嗯，它確實假設了我們的一些定價，因為它將在今年剩餘時間內繼續上漲。而且，也不要忘記，當我們進入下半年時，您會受到我們的冷凍飲料業務和 Dippin' Dots 業務的影響。正如我們在評論中所說的那樣，早期跡象表明影院業務正在復蘇，而且當我們回顧現在的第三季度初時，隨著我們進入後半段，這兩項業務確實開始很好地推動利潤率。

And where we're highlighting theater is such a driver, can you update us on I think last we heard it was kind of 25% of frozen beverage and a slightly lower percentage in foodservice. Where are the percentages now as we start to look at the ebb and flows on theater attendance?

我們強調劇院是推動力之一，您能否向我們更新一下情況？我記得我們上次聽說劇院在冷凍飲料中所佔比例約為 25%，而在餐飲服務中所佔比例略低。當我們開始觀察劇場上座率的起伏時，百分比是多少？

Yeah, we're still in that same area, Todd. That hasn't changed a lot. It has a pretty size impact on our frozen beverage business. It will begin to have a larger impact on our Dippin' Dots business as well. And then, of course, as this last quarter unfolded, we saw a dip on the foodservice pretzel side of our business. So, all three of those have a piece of it, but specifically to the ICE side, it's about 25% of their business.

是的，我們仍然在同一個地區，托德。這一點並沒有太大的改變。這對我們的冷凍飲料業務產生了相當大的影響。它也將對我們的 Dippin' Dots 業務產生更大的影響。然後，當然，隨著最後一個季度的展開，我們發現餐飲服務椒鹽捲餅業務出現了下滑。因此，這三家公司都佔有一定份額，但具體到 ICE 方面，這約佔其業務的 25%。

Yeah. I was just going to say as it relates to getting back to 30% in the second half, and Dan touched on it. Remember, as we get into the second half, you get a much higher proportion of our business coming from frozen beverage retail, and retail is mostly frozen novelties as well as the Dippin' Dots business. So, all of those are our higher-margin businesses. And just using '24 as a point of reference, our frozen beverage business grew sequentially from Q2 to Q3 by about 40%. You're up about 30% in retail and a much bigger increase in the Dippin' Dots business.

是的。我只是想說這與下半年恢復到 30% 有關，丹也談到了這一點。請記住，隨著我們進入下半年，我們業務中很大一部分來自冷凍飲料零售，零售主要是冷凍新品以及 Dippin' Dots 業務。所以，所有這些都是我們利潤率較高的業務。僅以 24 年為參考點，我們的冷凍飲料業務從第二季到第三季連續成長了約 40%。你們的零售業務成長了約 30%，而 Dippin' Dots 業務的成長幅度更大。

And then two more quick ones, if I may. Shawn, on the distribution line, with the volume, we should leverage that, I would expect in the second half of the year, but that ability to get down to that 10% or slightly below level, is that tracking based on kind of what you're seeing and how the facilities are operating?

如果可以的話，我再快速問兩個問題。肖恩，在分銷方面，我們應該利用這一數量，我預計在下半年，但能夠降至 10％ 或略低於這一水平，這種跟踪是基於您所看到的情況以及設施的運行情況嗎？

It is. So, I would expect that we'd see something closer to 10% -- near 10% in the third quarter, not terribly different from where we were last year.

這是。因此，我預計第三季的成長率將接近 10%，與去年同期相比沒有太大差異。

And a final one. Just if we're thinking about Q2 versus Q3, how does Easter impact the business? Is there any Easter shift impact with not just the holiday shift, but later spring breaks and things like that, that either you can size from what it cost the March quarter, just talk to as a driver for the upcoming quarter?

最後一個。如果我們考慮第二季和第三季度，復活節對業務有何影響？復活節輪班是否會對假期輪班、春假後期等產生影響？您是否可以根據 3 月份季度的成本來衡量，或者作為下一季的司機進行討論？

Yeah. Todd, probably more impacted by weather during this time of year than we are by Easter break itself. Although there's plenty of vacations that get taken around Easter, and so it starts to kick in for many of our amusement parks, probably as you think about May, but more impacted even by Memorial weekend than it is by Easter. We just get into that time of year now where you really want to cheer on the weather as we get into the more summer months and kids are out of school.

是的。托德，每年這個時候受天氣的影響可能比復活節假期本身的影響還要大。儘管復活節期間有很多假期，我們的許多遊樂園也開始營業，可能就像您想到五月那樣，但陣亡將士紀念日週末對它的影響比復活節更大。我們現在正進入一年中的這個時候，隨著夏季的到來和孩子們假期的到來，你真的想為天氣歡呼。

Andrew Wolf, CL King.

安德魯沃爾夫、CL金。

So I wanted to hear about -- a little more about your kind of top-line views. Clearly, theater business is going to be a nice tailwind, at least in this quarter for foodservice, but -- and frozen beverages, like as Todd got to, that it's a big part of the business, but the majority of the business is rest of foodservice, amusement parks and so on and convenience stores. So are you expecting that to be good enough from that 25% or so of the business, that 30% increase in traffic to theaters to have the top line turn up in those two segments? Or another way of saying it is what's going on with the end customers sort of organically, how do you view the season -- the summer season for your foodservice customers, and I guess, convenience stores, if you have a view on that as well?

所以我想聽聽您關於頂線觀點的更多資訊。顯然，至少在本季度，劇院業務將對餐飲服務業產生良好的推動作用，但是——正如托德所說，冷凍飲料是業務的重要組成部分，但大部分業務來自其他餐飲服務、遊樂園等和便利商店。那麼，您是否預計這 25% 左右的業務和 30% 的影院客流量成長足以使這兩個部分的收入上升？或者換句話說，最終客戶的情況是怎樣的，您如何看待這個季節——對於您的餐飲服務客戶來說，夏季，我想，便利商店，您是否也對此有看法？

Right. Well, as we've talked about, it's a tough quarter for sure. With consumer confidence and sentiment struggling, right? We know there's an impact from that on our business. But what we really tried to highlight is that we view it as three real buckets that were headwinds in the quarter that start to go away as we look into the third and fourth quarter.

正確的。嗯，正如我們所說的，這肯定是一個艱難的季度。消費者信心和情緒正在遭受打擊，對嗎？我們知道這會對我們的業務產生影響。但我們真正想要強調的是，我們認為這是本季的三個真正的阻力，但隨著我們展望第三季和第四季，這些阻力將開始消失。

That theater business, as we've talked about, and there's also conversation about is that the theater industry is dying. But every time we see a good movie like we did with Minecraft, we see that business just jump up and do really, really good things for us. And so if you look at the theater business, as you get into the third quarter, especially the one that we're in right now, it looks to be really, really strong and then levels off a little bit in June and then looks to be a nice fourth quarter for us as well. We don't have that churro piece of business that headwind that we're up against. That was a great LTO, and it spurred some other LTOs and may even spur a permanent menu item on a big QSR chain that we're really excited about that will happen in '26.

正如我們所討論的，也有人討論說，戲劇產業正在走向衰退。但每次我們看到像《我的世界》這樣的好電影時，我們就會看到商業蓬勃發展，為我們帶來非常非常好的事情。所以如果你看一下劇院業務，當你進入第三季度時，特別是我們現在所處的第三季度，它看起來真的非常強勁，然後在六月份趨於平穩，然後對我們來說似乎也是一個不錯的第四季度。我們沒有面臨油條業務這種逆風。這是一次很棒的 LTO，它刺激了一些其他的 LTO，甚至可能刺激大型 QSR 連鎖店的永久菜單項目的出現，我們對此感到非常興奮，這將在 26 年實現。

And as we mitigate the input costs, especially around chocolate as we get into the back half of the year, we think all of those headwinds are kind of behind us. And then you're looking squarely at what does consumer confidence look like. And that's a tough one to try to understand. We believe and we have great confidence in what we're doing and the new pieces of business that we're bringing on and the new innovation, even as we talk about the pretzel innovation with new packaging and a new recipe. We're really encouraged by that.

隨著我們降低投入成本，特別是進入下半年巧克力的投入成本，我們認為所有這些不利因素都已經過去了。然後你就可以直視消費者信心了。這是一個很難理解的問題。我們相信並且對我們正在做的事情、我們正在進行的新業務和新創新充滿信心，即使我們談論的是採用新包裝和新配方的椒鹽捲餅創新。我們對此感到非常鼓舞。

We think -- I guess I would say we're optimistic about the back half of this year, and I think it's going to be really strong. It might end up slightly below last year's sales, but we still are hopeful that back half of the year can do really good things for us.

我們認為——我想說我們對今年下半年持樂觀態度，而且我認為它將會非常強勁。最終的銷售額可能會略低於去年的水平，但我們仍然希望今年下半年的銷售額能真正為我們帶來好的結果。

All right. And I wanted to ask about kind of price realization as part of -- obviously, it's getting better. But I think you did say you want to be selective with price increases, and I can understand this is not the time to be just throwing out unaudited. I'm sure you're going to get audited on a lot of the stuff how you rate your customers. But where do you feel -- I mean, do you feel you're going to get your price realization in the impacted categories of chocolates and eggs and anything else that really has real inflation in it?

好的。我想問一下價格實現的情況——顯然情況正在好轉。但我認為你確實說過你想有選擇地提高價格，而且我可以理解現在不是拋棄未經審計的東西的時候。我確信您將在許多方面接受審計，包括您如何評價您的客戶。但是您覺得——我的意思是，您是否覺得在受影響的巧克力和雞蛋等產品類別中，以及在真正存在通貨膨脹的其他產品中，您的價格會實現增長？

We do. We think we're catching up to that really nicely. The teams have done a nice job getting out there and getting the pricing. It may have come a little slower than we anticipated, but it also came with some directions from me that I don't want to lose volume or customers, well, we're passing this needed price increase along. And that's going to continue to build even as we get into the third quarter. We feel confident that the team has gone out there and got that. We've been careful not to turn the wheel too quickly as to lose some volume along the way. It's a delicate balance, but we're feeling good about where we're going to be there. Shawn, do you want to add a couple of percentage points to that or?

是的。我們認為我們正在順利實現這一目標。這些團隊在製定價格和宣傳方面做得很好。它可能比我們預期的要慢一些，但我也發出了一些指示，我不想失去銷售或客戶，好吧，我們正在將這次必要的價格上漲轉嫁出去。即使進入第三季度，這種勢頭仍將繼續增強。我們相信，球隊已經盡全力並取得了成功。我們一直很小心，不要把輪子轉得太快，以免在過程中損失一些音量。這是一種微妙的平衡，但我們對即將達到的境況感到滿意。肖恩，你想再增加幾個百分點嗎？

Yeah, I'd say that just to help quantify, we expect that we'll pick up, call it, another 80 basis points, maybe a full percentage point here in the third quarter. But like Dan said, we're being surgical about it and ensuring that we're not losing volume. And that's part of what slowed the pace in the first quarter -- I'm sorry, in the second quarter.

是的，我想說，只是為了幫助量化，我們預計在第三季我們會再上升 80 個基點，也許是整整一個百分點。但就像丹所說的那樣，我們正在採取有力措施，確保不會損失銷售。這就是第一季——抱歉，是第二季——成長速度放緩的原因之一。

Yeah. No, that's understandable. I guess my last one is on the Dippin' Dots Sundays. That's the only retail product, if I understand that?

是的。不，這是可以理解的。我想我的最後一個是在 Dippin' Dots Sundays。如果我理解正確的話，那是唯一的零售產品？

It is the only retail product to date. We're working on another one that some of the teams are out there already talking to customers about that we're really excited about. So, as we round out into 2026, we believe we'll have a couple of those Dippin' Dots items out in the field. But we're so happy with the success of the Sunday so far, and it's early, right? Even as we see April, April sales really jumped out at us. So, we're excited about that in over 8,000 locations and consumer sentiment has been really strong about that product. And if we can back it up with this next new innovation that we have, I think we'll continue to see great things from it.

這是迄今為止唯一的零售產品。我們正在開發另一個產品，其中一些團隊已經在與客戶討論這個產品，我們對此感到非常興奮。因此，隨著我們進入 2026 年，我們相信我們將在市場上推出幾款 Dippin' Dots 產品。但到目前為止，我們對週日的成功感到非常高興，而且還很早，對吧？即使我們已經進入四月，四月的銷售額也確實讓我們大吃一驚。因此，我們對此感到非常興奮，超過 8,000 個地點的消費者對該產品的熱情非常高。如果我們能夠利用我們現有的下一個創新來支持它，我認為我們將繼續從中看到偉大的成就。

(Operator Instructions)

（操作員指示）

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

First thing I wanted to ask about just the pretzel category. So, you mentioned pressure on the pretzel category from the theater traffic, but you also mentioned just other general category weakness. So, I was just wondering if you can kind of speak to that and give us some insight into where exactly that's stemming from and what the drivers are?

我首先想問的是有關椒鹽捲餅類別的問題。因此，您提到了戲院客流量對椒鹽捲餅類別帶來的壓力，但您也提到了其他一般類別的弱點。所以，我只是想知道您是否可以談談這個問題，並讓我們了解這個問題的根源和驅動因素是什麼？

Yeah. The category did show some weakness in the quarter, and it's something that we're trying to address even as we talked about some new packaging and formulation of our product that will begin in the retail side to be a little bit more like a Bavarian style pretzel, which we see some real growth in the category. What's interesting is our market share grew, but the category is down. And so, when you look inside the pretzel business, you see that the Bavarian style pretzel growing, and so we're going to attack that really strong. Teams have done a really nice job.

是的。這個類別在本季度確實表現出一些疲軟，我們正在努力解決這個問題，儘管我們談到了我們的產品的一些新包裝和配方，這些新包裝和配方將從零售方面開始變得更像巴伐利亞風格的椒鹽捲餅，我們看到該類別有一些真正的增長。有趣的是，我們的市佔率成長了，但產品類別卻下降了。因此，當您觀察椒鹽捲餅業務時，您會發現巴伐利亞風格的椒鹽捲餅正在不斷增長，因此我們將大力進軍這一領域。團隊做得非常出色。

We did some great market research across the country to ensure that consumers like the new product and like the new packaging. And so, you're seeing that out the stores right now. We feel like that will bring some emphasis back to it. We're still bullish on the pretzel category. But whenever you see a category down, even if you're growing inside, it draws attention.

我們在全國範圍內進行了一些出色的市場調查，以確保消費者喜歡新產品和新包裝。所以，您現在就可以在商店裡看到它。我們覺得這會重新引起人們的重視。我們仍然看好椒鹽捲餅類別。但每當你看到一個類別下降時，即使你在內部成長，它也會引起注意。

And I think there's also a chance that also within that, that's where we're seeing some of that consumer confidence that might be an area that some of the places just aren't as busy, and we're not getting the pull-through on the pretzel category.

我認為也有可能，我們看到一些消費者信心在某些地方可能不那麼繁忙，而我們並沒有在椒鹽捲餅類別上取得突破。

Yeah. And we talked to one of our QSR customers where we did see some year-over-year weakness in 2Q, and it was interesting, they did cite some of the traffic within their stores. But part of that, they did attribute to the weather that we had in the quarter. So certainly not pinning at all on weather, but it seems like at least for some of our customers, that was having an effect.

是的。我們與一位 QSR 客戶進行了交談，他們表示我們確實發現第二季度的同比表現有所疲軟，有趣的是，他們確實提到了他們店內的一些客流量。但他們確實將部分原因歸咎於本季的天氣。所以這當然與天氣無關，但至少對我們的一些客戶來說，這似乎產生了影響。

And then I know there's been a lot of discussion about the theater channel, but I don't think I've heard as much about the convenience channel. So just wondering if you can kind of speak to trends throughout the quarter and maybe what you've seen as we've kind of progressed into April and here into May.

然後我知道關於劇院頻道已經有很多討論，但我認為我聽到的關於便利頻道的討論並不多。所以我只是想問您是否可以談談整個季度的趨勢，以及您在 4 月和 5 月看到的情況。

The convenience channel has been off for about 18 months or so now, maybe even longer than that. And it continues to be down, even as you talk to that industry, it's down. We're doing some good things within the channel. We're continuing to grow some of those equipment sales that you saw out of the frozen beverage side is going into the convenience channel. So, we're still pushing hard at it and seeing some growth, but the total channel has been off for us. I think in the quarter, it was down something like 7%.

便利頻道已經關閉大約 18 個月了，甚至可能更長。而且它還在持續下滑，甚至當你談論這個行業時，它還在下滑。我們正在通路內做一些好事。我們正在繼續增加一些設備的銷售，正如您所看到的，這些設備的銷售來自冷凍飲料方面，並進入了便利管道。因此，我們仍在努力推動並看到了一些成長，但整個管道對我們來說已經關閉了。我認為本季度它下降了 7% 左右。

Yeah. And from a gallon's perspective in the frozen beverage business.

是的。從冷凍飲料業務的加侖角度來看。

And then last one for me. As we think about maybe some of the regulatory changes around artificial ingredients from some of the health departments here in the US. Just wondering if you can kind of help us understand maybe your exposure to that and maybe how you're working on reformulations to try to get around some of those changes.

這是我的最後一個。我們或許正在考慮美國一些衛生部門對人工成分的監管變化。只是想知道您是否可以幫助我們了解您對此的了解，以及您如何進行重新制定以嘗試解決其中的一些變化。

Yeah, really proud of the team. They've been right on top of this and doing a really good job. The first really one that we're focused on is the dye number three, red dye number three, and that is now out of all of our products. And so, we're watching it closely. We're continuing to read up on it. We've got a team focused on what we need to do to make sure we stay within regulation. And we feel like we'll be way ahead of that as laws get passed in different states and things like that.

是的，真的為這個團隊感到驕傲。他們一直致力於此事並做得非常出色。我們真正關注的第一個是染料三號，紅色染料三號，現在我們所有的產品中都不含這種染料。因此，我們正在密切關注。我們正在繼續閱讀。我們有一個團隊專注於我們需要做的事情，以確保我們遵守規定。我們覺得，隨著各州通過法律等，我們將領先這一點。

I am showing no further questions at this time. I would now like to turn it back to Daniel for closing remarks.

我目前沒有其他問題。現在我想請丹尼爾作最後發言。

Thank you very much. In closing, we are encouraged that we deliver a stronger second half, driven by improving theater attendance, the impact of our pricing actions, and exciting innovation across our portfolio. With a portfolio of great products and brands, J&J is well-positioned to deliver value to both customers and shareholders in the quarter, and we feel strong about that. We look forward to sharing our third quarter results. And in the meantime, I invite you to contact our Investor Relations team at JCIR at (212) 835-8500 with any questions. Thank you, and have a great day.

非常感謝。最後，我們很高興看到，在影院上座率提高、定價舉措產生的影響以及整個產品組合令人興奮的創新的推動下，我們將在下半年取得更強勁的成績。憑藉優質的產品和品牌組合，強生公司在本季有能力為客戶和股東創造價值，我們對此充滿信心。我們期待分享第三季的業績。同時，如有任何疑問，歡迎致電 (212) 835-8500 聯繫 JCIR 投資者關係團隊。謝謝您，祝您有愉快的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。