J&J Snack Foods Corp (JJSF) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the J&J Snack Foods fiscal 2025 third quarter conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加強生零食食品公司2025財年第三季電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would like to now hand the conference over to the first speaker today, Norberto Aja.

現在我謹將會議交給今天的第一位發言人諾貝托·阿賈。

Thank you, operator, and good morning everyone. Thank you for joining the J&J Snack Foods fiscal 2025 third 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.

謝謝接線員，大家早安。感謝您參加強生零食食品公司2025財年第三季電話會議。在開始之前，請容許我花一分鐘時間閱讀《安全港協議》的條款。本次電話會議包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。

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.

本次電話會議中所有與歷史事實無關的陳述均應視為前瞻性陳述，包括有關管理層計劃、戰略、目標、預期和目的以及我們預期財務業績的陳述。

These statements are neither promises or 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.

這些聲明既不承諾也不保證，並且涉及已知和未知的風險、不確定性以及其他重要因素，這些因素可能導致結果、業績或成就與前瞻性聲明中明示或暗示的任何未來結果、業績或成就存在重大差異。

Risk 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. Any such forward-looking statements represent management's estimates as of the date of the call today, August 5, 2025.

截至 2024 年 9 月 28 日止年度的 10-K 表格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風險因素和其他事項，可能會導致實際結果與今天電話會議上作出的前瞻性陳述所指出的結果存在重大差異。任何此類前瞻性陳述均代表管理階層截至今天（2025 年 8 月 5 日）電話會議日期的估計。

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 in the company's earnings press release, which can be found in our Investor Relations section of our website.

雖然我們未來可能會選擇更新前瞻性聲明，但即使後續事件導致預期發生變化，我們也不承擔任何更新義務。此外，我們今天在電話會議上可能還會提及一些非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，所有這些指標都已在公司的盈利新聞稿中與最接近的GAAP指標進行了核對，您可以在我們網站的投資者關係部分找到該新聞稿。

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

今天和我一起參加電話會議的還有我們的執行長丹法赫納，以及我們的財務長肖恩蒙塞爾。在管理階層發表準備好的演講後，我們將開放問答環節。接下來，我將把電話交給法赫納先生。請繼續，丹。

Thank you, Norberto, and good morning, everyone. We delivered record financial results in our fiscal third quarter as we successfully navigated various market challenges during the quarter. Our ability to achieve these results despite a cautious consumer backdrop, unfavorable summer weather, and foreign exchange headwinds reflects the resilience of our diversified portfolio of brands and products as well as the commitment of our team.

謝謝你，諾貝托，大家早安。我們在第三財季取得了創紀錄的財務業績，成功應對了本季各種市場挑戰。儘管消費者情緒謹慎，夏季天氣不利，且面臨外匯逆風，但我們仍能取得這些成果，這體現了我們多元化品牌和產品組合的韌性以及我們團隊的奉獻精神。

Net sales grew 3.3% to a record $454.3 million, while adjusted EBITDA increased 1.6% to a record $72 million, and adjusted EPS was $2 per share as compared to $1.98 last year. We delivered gross margin of 33%, reflecting a seasonal mix shift towards our higher-margin products as well as we progressed on pricing initiatives and a sharpened focus on operating discipline.

淨銷售額成長 3.3%，達到創紀錄的 4.543 億美元；調整後 EBITDA 成長 1.6%，達到創紀錄的 7,200 萬美元；調整後每股收益為 2 美元，而去年為 1.98 美元。我們實現了 33% 的毛利率，這反映了季節性產品組合向高利潤率產品的轉變，以及我們在定價策略和加強營運紀律方面的進展。

I'm proud of our performance in the quarter and commend our team members for their hard work delivering exceptional financial results. Our peak summer season encountered slow traffic at outdoor venues across the country throughout the quarter due to poor weather. However, a meaningful rebound in theater traffic helped to compensate for sluggish performance in other channels.

我為我們本季的業績感到自豪，並讚揚我們團隊成員的辛勤工作，他們取得了卓越的財務成果。由於天氣惡劣，我們夏季旅遊旺季期間全國各地的戶外場所都遭遇了客流量緩慢的情況。然而，影院客流量的顯著回升有助於彌補其他管道表現疲軟的影響。

Box office sales, coinciding with our third quarter are estimated to have increased 37% versus the prior year, driven primarily by the strength of the Minecraft movie in April and May. And although our beverage sales were down modestly for the quarter, beverage sales would have increased compared to the prior year, if not for the impact of foreign exchange related headwinds.

票房銷售額（與我們第三季重合）預計將比去年同期成長 37%，這主要得益於 4 月和 5 月上映的《我的世界》電影的強勁表現。儘管本季我們的飲料銷售額略有下降，但如果不是受到外匯相關不利因素的影響，飲料銷售額本應比去年同期有所增長。

We have been working with our customers this year to implement price increases to help offset persistent input cost inflation, namely related to chocolate, and we've made further progress in the quarter. These conversations are never easy, and we endeavor to minimize the impact to customers wherever we can.

今年，我們一直在與客戶合作，實施價格上漲，以幫助抵消持續的投入成本上漲，特別是與巧克力相關的成本上漲，並且我們在本季度取得了進一步進展。這些對話從來都不容易，我們會盡一切努力將對客戶的影響降到最低。

While tariffs are threatening margins as we look ahead, we feel comfortable that the pricing progress we have made has offset much of the non-tariff-related ingredient cost inflation that we incurred this year. I'll now discuss segment performance in more detail.

展望未來，雖然關稅可能會威脅到利潤率，但我們有信心，我們取得的價格進度已經抵銷了今年大部分與關稅無關的原料成本上漲。接下來我將更詳細地討論細分市場表現。

Beginning with our food service segment. Sales increased 4.8% from a combination of price increases and volume growth in pretzels. Pretzel sales increased an impressive 12.8% with a significant portion of the growth coming from our Bavarian varieties.

首先從我們的餐飲服務部門說起。椒鹽捲餅的銷量成長了 4.8%，這得益於價格上漲和銷量成長的雙重因素。椒鹽脆餅的銷量成長了驚人的 12.8%，其中很大一部分是來自我們的巴伐利亞品種。

Sales of Bavarian pretzels were up 20% in the quarter. Our overall food service pretzel dollar share increased 1.3%, while our Bavarian dollar share increased 2.7%, reflecting J&J's leadership of this popular variety. Churro sales declined approximately 13%, nearly all of which was attributed to the wind down of a limited time offer program. We expect this impact to further taper in the fourth quarter.

本季巴伐利亞椒鹽捲餅的銷量成長了20%。我們的食品服務椒鹽捲餅總銷售額份額增長了 1.3%，而巴伐利亞椒鹽捲餅的銷售額份額增長了 2.7%，這反映了 J&J 在該熱門品種中的領先地位。吉事果的銷售量下降了約 13%，幾乎全部原因都是由於限時優惠活動的結束。我們預計這種影響將在第四季進一步減弱。

Looking ahead, we remain optimistic about churro growth prospects, including the potential for a permanent menu placement with a major QSR customer in early calendar 2026. Dippin' Dots sales continued to grow, mostly attributed to expanded theater penetration. We're completing the rollout of Dippin' Dots at Urban Air, and we are excited to welcome them as a flagship customer, representing the next leg of meaningful growth for this brand.

展望未來，我們對吉事果的成長前景依然樂觀，包括在 2026 年初與一家大型快餐連鎖店客戶達成永久菜單合作的可能性。Dippin' Dots 的銷售持續成長，這主要歸功於其在影院的滲透率提高。我們正在完成 Dippin' Dots 在 Urban Air 的推廣，我們很高興歡迎他們成為我們的旗艦客戶，這代表著品牌下一個意義重大的成長階段。

Turning to our retail segment. Sales decreased by 7.1%, mainly due to the decline in frozen novelty and handheld sales. Frozen novelty sales were impacted by lower promotional activity in the quarter and a tougher comp last year given strong third quarter performance following a slower first half start.

接下來我們來看看零售業務。銷售額下降了 7.1%，主要原因是冷凍新奇產品和手持設備銷售下降。冷凍食品的銷售額受到本季促銷活動減少以及去年同期基數較高（上半年開局緩慢，但第三季表現強勁）的影響。

And although frozen novelty sales were down in total, sales from Dogsters and Dippin' Dots sundaes continue to deliver growth. Year-to-date retail frozen novelties are up 3%. Dippin' Dots retail sales accelerated to approximately $2.5 million in the quarter with distribution expanding.

儘管冷凍新奇食品的總銷售額有所下降，但 Dogsters 和 Dippin' Dots 聖代冰淇淋的銷售額仍在持續成長。今年迄今，零售冷凍新品銷售量成長了 3%。隨著分銷管道的擴大，Dippin' Dots 的零售額在本季加速成長至約 250 萬美元。

This product has exceeded our expectations, and we're adding new flavors to the lineup for 2026. In a moment, I'll share more about the upcoming innovation in frozen novelties. Retail handheld sales declined by 21%, as continued capacity constraints from the fire last year limited sales. We are now implementing a solution to fully restore capacity by the end of the calendar year.

這款產品超出了我們的預期，我們將在 2026 年為產品線增加新的口味。稍後，我將分享更多關於冷凍食品創新的最新進展。受去年火災造成的產能限制影響，零售手持設備銷售量下降了 21%。我們正在實施一項解決方案，以期在年底前全面恢復產能。

Soft pretzel sales increased 3.3% during the quarter, outperforming the overall frozen snack category at retail, which was up about 2% in dollars for the quarter. Overall, we're seeing positive results from the rollout of our updated SUPERPRETZEL recipe and packaging.

本季軟式椒鹽脆餅的銷售額成長了 3.3%，超過了零售業整體冷凍零食類別的銷售額（本季以美元計成長約 2%）。總體而言，我們更新的 SUPERPRETZEL 配方和包裝的推出取得了積極的成效。

In our frozen beverage segment, sales increased by 6.1% as the modest decline in beverage volume was more than offset by higher machine revenue. Beverage sales were modestly lower for the quarter, primarily due to the headwind from unfavorable foreign exchange rates, which negatively impacted beverage sales by approximately 400 basis points, and total frozen beverage segment sales by approximately 270 basis points.

在我們的冷凍飲料業務中，銷售額成長了 6.1%，飲料銷售的輕微下降被更高的機器收入所抵消。本季飲料銷售額略有下降，主要原因是匯率不利，導致飲料銷售額下降約 400 個基點，冷凍飲料總銷售額下降約 270 個基點。

Beverage volumes in theaters rebounded sharply in the quarter due to the success of the Minecraft movie as well as other quality movies during the quarter, which helped to offset softness in other channels. The movie lineup for Q4 is promising, although it's unlikely to match the performance of last year's fourth quarter, given the success of Inside Out 2.

由於《我的世界》電影以及本季其他優質電影的成功，影院飲料銷量在本季大幅反彈，這有助於抵消其他管道的疲軟。第四季的電影陣容令人期待，但考慮到《腦筋急轉彎2》的成功，不太可能達到去年第四季的成績。

The Q4 lineup includes titles like Smurfs, Fantastic 4 and Jurassic World Rebirth. Machine sales increased primarily due to a major convenience customer upgrading its equipment across its store network. We're excited about several initiatives executed in the third quarter and those we are preparing for launch in the future.

第四季的影片陣容包括《藍色小精靈》、《神奇四俠》和《侏羅紀世界：重生》等。機器銷售成長的主要原因是某大型便利商店客戶對其所有門市的設備進行了升級。我們對第三季實施的幾項措施感到興奮，也對未來即將推出的措施感到興奮。

As I mentioned, the rollout of the updated retail SUPERPRETZEL recipe and packaging is underway, and we continue to see promising results to date. The packaging really stands out on the shelves, and we're confident that the formulation updates will prove popular with consumers.

正如我之前提到的，更新後的零售版 SUPERPRETZEL 配方和包裝的推廣工作正在進行中，到目前為止，我們已經看到了令人鼓舞的結果。這款產品的包裝在貨架上非常醒目，我們相信配方升級後的產品會受到消費者的歡迎。

The rollout to food service is also now underway. We have several pretzel innovations around the corner, including extending our lineup of filled pretzels and filled bites for the retail channel. Our Dippin' Dots business continues to grow in both food service and retail with year-to-date revenue growth of 10%, led by our expanded theater presence and sundaes at retail.

目前，向餐飲服務領域的推廣工作也正在進行中。我們即將推出幾款椒鹽脆餅創新產品，包括擴大面向零售通路的夾心椒鹽脆餅和夾心小點心系列。我們的 Dippin' Dots 業務在餐飲服務和零售領域持續成長，今年迄今的收入成長了 10%，這主要得益於我們在影院的擴張以及零售領域的聖代冰淇淋。

Our Dippin' Dots retail sundaes have proven that the brand has strong appeal with consumers at retail. We are rolling out two new flavors this year, and we have other Dippin' Dots innovation for retail planned for 2026 that we will share in the future.

我們的 Dippin' Dots 零售聖代冰淇淋已經證明，該品牌在零售市場對消費者俱有很強的吸引力。今年我們將推出兩種新口味，並且我們計劃在 2026 年推出其他 Dippin' Dots 零售創新產品，未來將與大家分享。

A major QSR customer is actively testing churros for a potential permanent placement on their menu for early 2026. This test is now underway and could represent a meaningful addition to our churros business. We're also launching a retail packaging refresh for the Hola! Churros brand in the fall. On the frozen beverage front, a major QSR customer is testing ICEE products for their locations, and this is going extremely well to date.

一家大型快餐連鎖店客戶正在積極測試吉事果，計劃於 2026 年初將其永久加入菜單。這項測試目前正在進行中，可能會對我們的吉事果業務產生重大影響。我們也將推出 Hola! 的零售包裝更新。Churros品牌在秋季推出。在冷凍飲料方面，一家大型快餐連鎖客戶正在其門市測試 ICEE 產品，到目前為止，測試進展非常順利。

As I mentioned last quarter, we continue to innovate around better-for-you products to appeal to consumers seeking such options for snacking occasions. We're excited about the high protein and whole-grain pretzels that we're developing along with our clean label frozen novelties that will include ingredients that provide hydration, immunity and digestive benefits.

正如我上個季度提到的，我們將繼續圍繞更健康的食品進行創新，以吸引那些在零食場合尋求此類選擇的消費者。我們正在研發高蛋白全麥椒鹽脆餅，同時我們也在研發清潔標籤冷凍新品，這些新品將包含能夠提供保濕、增強免疫力和促進消化的成分，我們對此感到非常興奮。

We're already eliminating red dye from ICEE products and are continuing to eliminate it from other snack products well ahead of the deadline. Additionally, we plan to remove certified food, drug and cosmetic colors from products served in schools by fall of 2026.

我們已開始從 ICEE 產品中去除紅色色素，並且正在提前完成從其他零食產品中去除紅色色素的工作。此外，我們計劃在 2026 年秋季之前，從學校提供的產品中去除經認證的食品、藥品和化妝品色素。

I'd also like to share with you that we are in the process of developing a transformation program through which we will drive enterprise-wide cost savings and efficiencies, while also modernizing our financial systems and analytics capabilities. Some of the more significant initiatives will involve network optimization improvements. We will share more specifics once we finalize the details.

我也想和大家分享，我們正在製定一項轉型計劃，透過該計劃，我們將推動企業範圍內的成本節約和效率提升，同時實現財務系統和分析能力的現代化。其中一些更重要的舉措將涉及網路優化改進。待細節敲定後，我們將分享更多具體資訊。

Looking ahead to the fourth quarter, we remain cautious given the consumer backdrop, tariff-related risks and projections for box office sales to be down in Q4. In summary, we are pleased with our third quarter performance. As we look to close out the fiscal year, we remain focused on execution and maintaining our agility in a dynamic market environment.

展望第四季度，鑑於消費者環境、關稅相關風險以及預期第四季票房收入將下降，我們仍保持謹慎態度。總而言之，我們對第三季的業績感到滿意。展望本財年即將結束之際，我們將繼續專注於執行，並在瞬息萬變的市場環境中保持敏捷性。

We are proactively addressing near-term challenges through targeted pricing actions, cost reduction initiatives and continued consumer-led innovation across our portfolio. With a great collection of fun brands and products and our multichannel diversification, we remain confident in our ability to drive sustainable growth and to deliver long term value for our customers, partners and shareholders.

我們正積極應對近期挑戰，透過有針對性的定價措施、成本削減計劃以及在整個產品組合中持續開展以消費者為導向的創新。憑藉一系列有趣的品牌和產品以及我們的多管道多元化，我們仍然有信心推動永續成長，並為我們的客戶、合作夥伴和股東創造長期價值。

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

接下來，我想把電話交給肖恩，讓他更詳細地回顧財務表現。肖恩？

Thank you, Dan, and good morning, everyone. Third quarter revenue increased 3.3% to $454.3 million. As Dan mentioned, food service sales increased 4.8%, retail sales decreased 7.1% and frozen beverages sales increased 6.1%.

謝謝你，丹，大家早安。第三季營收成長3.3%，達4.543億美元。正如丹所提到的，餐飲服務銷售額成長了 4.8%，零售銷售額下降了 7.1%，冷凍飲料銷售額成長了 6.1%。

Top line improvements largely reflect price increases as well as higher machine revenue in the frozen beverages segment, while a weaker peso had a 60 basis point unfavorable impact on revenue for the quarter.

營收成長主要反映了價格上漲以及冷凍飲料業務機器收入的增加，而比索貶值對該季度營收產生了 60 個基點的不利影響。

The quarter included a nonrecurring gain of $10.6 million from insurance proceeds associated with last year's plant fire as well as a nonrecurring $1.5 million brand impairment charge associated with the write-off of a churro brand that has been replaced by the Hola! Churros brand. These impacts have been excluded from the adjusted results that I will be discussing.

本季度包括一筆來自去年工廠火災保險賠償金的1060萬美元非經常性收益，以及一筆與已由Hola!品牌取代的吉事果品牌註銷相關的150萬美元非經常性品牌減值費用。Churros品牌。這些影響因素已從我將要討論的調整後結果中排除。

Cost of goods sold increased 4.1% to $304.2 million. Ingredient costs increased in the aggregate as compared to the prior year quarter, with the largest increases related to chocolates. The quarter also included tariff charges paid to suppliers that increased total cost of goods sold by about 0.25 percentage point.

銷售成本成長4.1%，達到3.042億美元。與去年同期相比，原料成本整體增加，其中巧克力原料的增幅最大。該季度還包括向供應商支付的關稅費用，這導致銷售商品的總成本增加了約 0.25 個百分點。

Gross profit increased 1.5% to $150 million, equating to a gross margin of 33%, slightly less than 33.6% in the prior year. The slight decline in gross margin is mostly attributed to lower gross margin in the frozen beverage segments due to a higher mix of and lower margins on machine sales and a lower proportion of beverage sales, which includes the impact of unfavorable foreign exchange.

毛利成長1.5%至1.5億美元，毛利率為33%，略低於去年的33.6%。毛利率略有下降，主要歸因於冷凍飲料業務的毛利率較低，這是由於機器銷售利潤率較低、飲料銷售佔比較高所致，其中也包括不利的匯率影響。

We have exposure to certain imported raw materials that are subject to tariffs. Under the 10% tariff environment, our exposure without mitigation could approach $8 million annually and could rise as new higher tariff rates are implemented. We will continue to monitor the situation and to pursue mitigation through pricing alternate sourcing or substitutes.

我們接觸到一些需要繳納關稅的進口原料。在 10% 的關稅環境下，如果不採取緩解措施，我們每年的風險敞口可能接近 800 萬美元，隨著新的更高關稅稅率的實施，風險敞口可能會增加。我們將繼續關注事態發展，並透過調整價格、尋找替代貨源或替代品來尋求緩解措施。

Operating expenses totaled $89.5 million, which includes the gain from the fire related insurance proceeds and the brand impairment charge. Excluding these two items, operating expenses increased by less than 1% against Q4 last year. The modest increase reflects cost discipline across the enterprise and cost savings initiatives within transportation.

營運費用總計 8,950 萬美元，其中包括火災相關保險賠償金和品牌減損費用。剔除這兩項費用後，營運費用較去年同期成長不到 1%。這一小幅成長反映了整個企業的成本控制以及運輸部門的成本節約措施。

Marketing expenses were $33.8 million, increasing 3.8% versus the prior year quarter. The increase primarily is related to various summer promotions in our frozen beverages and Dippin' Dots businesses. Distribution expenses of $44.7 million fell to 9.8% as a percentage of sales from 10.2% last year, with costs declining by about 90 basis points.

行銷費用為 3,380 萬美元，比上年同期成長 3.8%。成長主要與我們的冷凍飲料和 Dippin' Dots 業務的各種夏季促銷活動有關。分銷費用為 4,470 萬美元，佔銷售額的比例從去年的 10.2% 降至 9.8%，成本下降了約 90 個基點。

Distribution cost improvements were driven by our exit from third-party logistics facilities, lower outbound freight costs from freight optimization initiatives and lower fuel expenses. We will continue to drive distribution costs lower over time as we implement cost-saving initiatives.

配送成本的改善得益於我們退出第三方物流設施、貨運優化措施降低了出境貨運成本以及降低了燃料費用。我們將透過實施節約成本的措施，持續降低分銷成本。

Administrative expenses were $20 million, materially flat to the prior year quarter, reflecting expense control discipline. Adjusted operating income increased to $53.4 million from $53.1 million in the prior year. The effective tax rate for the quarter was 27.2% compared to 27.9% in the prior year quarter.

行政費用為 2000 萬美元，與去年同期基本持平，反映了費用控制的嚴格執行。經調整後的營業收入從上年的 5,310 萬美元增至 5,340 萬美元。本季實際稅率為 27.2%，而上年同期為 27.9%。

Adjusted EBITDA for the third quarter was $72 million versus $70.9 million last year. Adjusted earnings per diluted share were $2 versus $1.98 last year. Our balance sheet and liquidity position remains strong, with approximately $77 million in cash and no long-term debt as of quarter end. We had approximately $213 million of borrowing capacity under our revolving credit agreement. Operator?

第三季調整後 EBITDA 為 7,200 萬美元，而去年同期為 7,090 萬美元。調整後的每股攤薄收益為 2 美元，去年同期為 1.98 美元。截至季末，我們的資產負債表和流動性狀況依然強勁，擁有約 7,700 萬美元現金，且無長期債務。根據我們的循環信貸協議，我們大約有 2.13 億美元的借款額度。操作員？

(Operator Instructions) Scott Marks, Jefferies.

（操作說明）斯科特·馬克斯，傑富瑞。

Hey, good morning. Thanks so much for taking the question, guys. First thing I wanted to ask about just in the retail segment, you noted a pullback in some promotional activity across the frozen novelties business. Wondering if you can just speak a little bit to what was informing that decision?

嘿，早安。非常感謝各位回答這個問題。首先我想問的是零售領域的情況，您注意到冷凍新奇食品業務的一些促銷活動有所減少。能否請您簡單談談促成這項決定的原因？

And then secondly, on the handheld side of that business, maybe if you could talk a little bit about some of the plans to kind of outsource some of the capacity later this year. Thanks.

其次，關於手持設備業務方面，您能否談談今年稍後將部分產能外包的計劃？謝謝。

Sure. Good morning, Scott. Good to talk with you. On our retail front, we went into the quarter with a plan around marketing efforts and probably just didn't go deep enough to where we needed to do. We realized that somewhere in the midst of the quarter and have course corrected that for the future, but probably just didn't promote advertising as well as we could have or as deep as we needed to.

當然。早安，史考特。很高興和你聊天。在零售方面，我們本季制定了行銷計劃，但可能沒有深入到我們需要做的領域。我們在本季中期意識到了這一點，並已就此進行了調整，但可能只是沒有像我們應該做的那樣或深入地推廣廣告。

As it relates to the fire in that plant, we have made the decision now to shut that plant down. Kind of the story of necessity is the mother of all invention. As that plant shut down, we were able to lean on another plant of ours to build up the inventory that we needed. And as we've started to do that, have discovered that, that plant now can produce more than what it used to and enough for our needs in the future.

關於該工廠發生的火災，我們決定關閉該工廠。可以說，需求是發明之母。由於那家工廠關閉了，我們可以依靠我們自己的另一家工廠來補充我們需要的庫存。當我們開始這樣做之後，我們發現，該工廠現在可以生產比以前更多的產品，足以滿足我們未來的需求。

Understood. So you're able to shift all of that capacity essentially to an existing facility?

明白了。所以你們能夠將所有這些產能基本上轉移到現有設施？

We really are. Teams have done a tremendous job looking at the line that we have today. In fact, I was even out there about a month ago and seeing what they're able to do and really proud of that operational group and the way that they have picked it up. And by the end of this year, we will be over the capacity that we need for those lines.

我們確實是。各隊都對我們今天的陣容進行了非常深入的研究。事實上，大約一個月前我還去那裡考察過，親眼目睹了他們的工作成果，我為這個營運團隊以及他們接手工作的方式感到非常自豪。到今年年底，我們的產能將超過這些線路所需的產能。

Understood. Thanks for that. Second question I wanted to ask about just in terms of your cost structure, specifically around marketing and distribution. I think marketing obviously stepped up a little bit. You talked about some of the reasons behind that.

明白了。謝謝。第二個問題我想問關於你們的成本結構，特別是關於行銷和分銷方面的問題。我認為行銷方面顯然有所改進。你談到了其中的一些原因。

But I think overall, marketing as a percent of sales remains a little bit elevated relative to some other maybe center store food peers. So maybe wondering if you can speak to that a little bit and maybe any optimization opportunities going forward?

但我認為總體而言，行銷費用佔銷售額的比例仍然比一些其他中心貨架食品同行略高。所以，我想問問您能否就此稍作談談，以及未來有哪些優化機會？

And then on the distribution side, as a percentage of sales, it obviously came down a touch, but the absolute number was pretty much in line with last year. So wondering if you can just kind of speak to the fixed versus variable nature of those distribution expenses. Thanks so much.

而在分銷方面，佔銷售額的百分比顯然略有下降，但絕對數量與去年基本持平。所以我想請您談談這些分銷費用的固定性質和可變性質。非常感謝。

Yeah. I'll start with the summer promotions. I'll start with marketing. And what you're seeing there is really the impact of summer promotions, and that's mostly for the frozen beverages and the Dippin' Dots business. If you look at that marketing spend as a percentage of sales in the first half of the year, it was relatively well contained kind of versus the change in sales.

是的。我先來說說夏季促銷活動。我先從行銷說起。你在這裡看到的，實際上是夏季促銷活動的影響，這主要體現在冷凍飲料和 Dippin' Dots 冰淇淋業務上。如果將上半年的行銷支出佔銷售額的百分比來看，與銷售額的變化相比，行銷支出控制得相對良好。

So I think it's been really well managed. And what you're seeing is really a function of the summer events. As it relates to the distribution costs, what we called out was improvements around freight optimization, and we called out some of the benefits of fuel expenses in the quarter.

所以我認為它管理得非常好。你現在看到的景象，其實是夏季各種事件的結果。關於配送成本，我們重點強調了貨運優化的改進，並強調了本季燃油支出的一些好處。

And so we are seeing the impacts. We are seeing the benefits from the conversion to the RDCs, call it, somewhere in the neighborhood of $1.2 million, $1.3 million alone in savings from the RDCs last year. I will say there were some other, call it, one-time costs that we incurred in Q3 that inflated that number just a little. So I'd say, overall, it's going in the right direction.

因此，我們正在看到這些影響。我們已經看到了改用 RDC 的好處，光是去年，RDC 就為我們節省了大約 120 萬到 130 萬美元。我想說的是，第三季我們也產生了一些其他的、可以說是一次性的成本，這使得這個數字稍微上升了一些。所以總的來說，我認為事情正朝著正確的方向發展。

Understood, thanks so much. I'll pass it on.

明白了，非常感謝。我會傳達的。

Thank you, Scott.

謝謝你，斯科特。

Todd Brooks, The Benchmark Company.

Todd Brooks，基準公司。

Hey, thanks for the question. Good to talk to you guys.

嘿，謝謝你的提問。很高興和你們聊天。

You are welcome.

不客氣。

Two quick questions. One, if we think and we're kind of rolling our minds now to modeling for fiscal '26, one, what's the materiality? Or how do we think about what handhelds can be next year versus what the fire impacted volumes will be in '25?

兩個簡單的問題。第一，如果我們思考，並且現在正在為 2026 財年建模，那麼，實質是什麼？或者，我們應該如何看待明年手持設備的發展趨勢，以及受火災影響的 2025 年的銷售量會是多少？

And two, and probably more importantly, Dan, as you look at these new programs with a Mexican focused QSR chain, potentially on the churros side, and then the frozen beverage rollout that you were talking about, you talked about kind of a list of these opportunities and things that are in test now. How material do you see those being -- stacking up to be if you're able to convert on all those opportunities? Thanks.

其次，丹，可能更重要的是，當你看到這些與一家專注於墨西哥風味的快餐連鎖店合作的新項目時，比如吉事果方面，以及你剛才提到的冷凍飲料的推出，你提到了一系列目前正在測試的機會和項目。你認為如果能夠把握住所有這些機會，這些機會最終會累積成什麼樣子？謝謝。

Yeah, great question, Todd. On the handheld front, probably we're expecting that we might be able to see a 10% lift or so this coming year from what we were able to produce this year. We'll have capacity in this one plant that we will be able to rise at about 37% from what it was producing before which should get us back in exact format for what we need in the future.

是啊，問得好，陶德。在手持設備方面，我們預計明年產量可能會比今年增加 10% 左右。我們將使這家工廠的產能比以前提高約 37%，這將使我們的產能完全滿足未來的需求。

And I would say -- I don't just trying to ballpark that, I would say we're going to be somewhere in that 10% to 20% lift in 2026. As it relates to a couple of the other things that I talked about, I love what the team has in the pipeline, doing a really, really good job, making sure that we're prepared as we get into '26.

而且我認為——我並不是粗略估計——到 2026 年，我們將達到 10% 到 20% 的成長。至於我剛才提到的其他幾件事，我很喜歡團隊正在籌備的項目，他們做得非常出色，確保我們為 2026 年做好準備。

This one test we talked about with churros could be really meaningful. We're not ready to jump out there and say exactly what that is to date. I might be able to give better clarity to that at the end of this next quarter. But it could be a meaningful impact to our sales for '26.

我們之前討論過的用吉事果進行的這項測試可能真的很有意義。我們目前仍不方便透露具體情況。或許在下個季度末，我能對此做出更清晰的解釋。但這可能會對我們 2026 年的銷售額產生重大影響。

They're in the middle of a kind of a secondary test right now, and all indications are that it's doing better than what was anticipated. So we're kind of keeping the fingers crossed that, that will come through and be as strong as what we think it will be.

他們目前正在進行某種形式的二次測試，種種跡象表明，測試結果比預期的要好。所以我們現在只能祈禱，希望它能成功，並且像我們預期的那樣強大。

On the FCB front, a really nice QSR, same thing in the midst of a test right now, just getting word that we're going to be able to expand that test and again, is ahead of what anticipations are. We've talked about this before, ICEE programs take a little while to roll out. And so it could have a meaningful position for us over the next several years.

在 FCB 方面，一家非常不錯的 QSR，目前正在進行測試，剛剛收到消息說我們將能夠擴大測試範圍，而且再次超出了預期。我們之前討論過這個問題，ICEE 計畫需要一段時間才能全面實施。因此，在未來幾年裡，它可能對我們有重要的意義。

But again, if you think about ICEE, once you get the okay, it takes you four or five months to get it all rolled out. So have more of a meaning as we get to the back half of the year, but love what the teams are doing, love the pipeline that we have really in each one of the segments of our business.

但話說回來，想想ICEE，一旦獲得批准，就需要四到五個月的時間才能全部推出。所以，到了下半年，它就更有意義了，但我很喜歡團隊正在做的事情，也很喜歡我們在業務的各個領域所擁有的人才儲備。

Great, thanks for that, Dan.

太好了，謝謝你，丹。

You're welcome.

不客氣。

(Operator Instructions) I'm showing no further questions at this time. I would now like to turn it back to Dan Fachner.

（操作說明）目前我沒有其他問題。現在我想把話題轉回給丹法赫納。

Thank you, operator. In closing, we're executing with focus and discipline in a dynamic environment, and we remain confident in our ability to deliver on our fiscal 2025 goals and longer term priorities. We look forward to updating you on the progress when we report our fourth quarter results.

謝謝您，接線生。最後，我們正以專注和嚴謹的態度在瞬息萬變的環境中執行各項任務，並且我們仍然有信心實現 2025 財年的目標和長期優先事項。我們期待在公佈第四季業績時向您匯報最新進展。

In the meantime, please don't hesitate to reach out to our Investor Relations team at JCIR at 212-835-8500 with any questions. Thank you again for your time and interest. Have a good morning.

同時，如有任何疑問，請隨時致電 JCIR 投資者關係團隊，電話號碼為 212-835-8500。再次感謝您抽出時間並對此感興趣。早安.

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

感謝您參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。