J&J Snack Foods Corp (JJSF) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the J&J Snack Foods fourth quarter 2025 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2025年第四季電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Reed Anderson with ICR. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，來自 ICR 的 Reed Anderson。請繼續。

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

謝謝接線員，大家早安。感謝您參加強生零食食品2025財年第四季電話會議。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。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。

including statements regarding management's plans, strategies, goals, expectations and objectives as well as our anticipated financial performance. This includes, without limitation, our expectations with respect to the success of our cost savings initiatives and customer demand improvements in the sales channels in which we operate.

包括有關管理層計劃、策略、目標、期望和目的以及我們預期財務表現的聲明。這包括但不限於我們對成本節約計畫的成功以及在我們營運的銷售管道中客戶需求改善的預期。

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. Risk Factors and other items discussed in our annual report on Form 10-K 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.

這些聲明既不承諾，也不保證，並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。我們在 10-K 表格年度報告和其他提交給美國證券交易委員會的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。

Any such forward-looking statements represent management's estimates as of the date of this call today, November 17, 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.

任何此類前瞻性陳述均代表管理階層截至本次電話會議之日（2025 年 11 月 17 日）的估計。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。

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 on our Investor Relations website.

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，該新聞稿可在我們的投資者關係網站上找到。

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。

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

接下來，我將把電話交給法赫納先生。請繼續，丹。

Good morning. I am pleased with our fourth quarter results. Despite a challenging backdrop during the summer, we delivered adjusted EBITDA of $57.4 million on sales of $410.2 million, down 3.9% on sales versus the prior year. As anticipated, over half of the sales decline was associated with our frozen beverage business as we lap strong volumes from the Inside Out two movie last year. Pretzel sales in both retail and foodservice rose in the quarter, reflecting progress on key initiatives to drive growth through innovation.

早安.我對我們第四季的業績感到滿意。儘管夏季面臨許多挑戰，但我們仍實現了調整後 EBITDA 5,740 萬美元，銷售額為 4.102 億美元，比去年同期下降 3.9%。正如預期的那樣，超過一半的銷售額下降與我們的冷凍飲料業務有關，因為我們去年受益於《腦筋急轉彎2》的強勁銷售。本季椒鹽捲餅在零售和餐飲服務領域的銷量均有所成長，反映出在透過創新推動成長的關鍵舉措方面取得了進展。

Pretzel growth helped to offset some declines in frozen novelties that we are addressing through marketing, trade spend and innovation.

椒鹽捲餅的成長有助於抵消冷凍新奇食品的一些下滑，我們正在透過行銷、貿易支出和創新來解決這些問題。

For the full year, adjusted EBITDA was $180.9 million, while net sales increased 0.5% and to $1.58 billion. Although 2025 was a more challenging year. I'm encouraged by our operational execution in the second half, which puts us in a strong position moving forward. Some bright spots for fiscal 2025 include: we achieved record sales and adjusted EBITDA in fiscal Q3. We modernized our flagship super pretzel product with a recipe enhancement and fresh packaging.

全年調整後 EBITDA 為 1.809 億美元，淨銷售額成長 0.5%，達到 15.8 億美元。儘管 2025 年是更具挑戰性的一年。我對我們下半年的營運執行感到鼓舞，這讓我們在未來的發展中處於有利地位。2025 財年的一些亮點包括：我們在第三財季實現了創紀錄的銷售額和調整後 EBITDA。我們對旗艦超級椒鹽脆餅產品進行了現代化改造，改進了配方，並採用了全新的包裝。

The effort to reinvigorate our pretzel business led to a 2.7% pretzel sales increase in 2025, driven by a strong second half performance with sales up 8% compared to the prior year.

為重振椒鹽脆餅業務，我們努力使椒鹽脆餅的銷售額在 2025 年增長了 2.7%，這主要得益於下半年強勁的業績表現，銷售額比上年同期增長了 8%。

The rollout of Dippin’ Dots to theaters was substantially completed with a presence now in almost 1,600 theaters. Dippin’ Dots Sundaes were launched at retail with great success, adding approximately $5 million to the top line. We optimized our Frozen Beverage distribution and service network, which reduced expenses by 2% in the fourth quarter.

Dippinâ 的推廣活動已基本完成，目前已在近 1600 家影院上映。Dippinâ Dots Sundaes 在零售市場推出後取得了巨大成功，為公司增加了約 500 萬美元的收入。我們優化了冷凍飲料分銷和服務網絡，第四季度支出減少了 2%。

Now I'll talk through some initiatives underpinning our optimism for fiscal 2026. To start, we have initiated a business transformation program, which we are calling Project Apollo that will generate sustainable efficiencies and and cost savings across the enterprise. Some key elements are already underway, and we expect the program to deliver at least $20 million of annualized operating income once all the initiatives are implemented in 2026. The initial focus of Project Apollo is consolidation of our manufacturing network. During the fourth quarter and early in the first quarter of fiscal 2026, we announced the closure of 3 facilities: Holly Ridge, North Carolina, Atlanta, Georgia and Colton, California.

現在我將詳細介紹一些支撐我們對 2026 財年樂觀態度的舉措。首先，我們啟動了一項業務轉型計劃，我們稱之為“阿波羅計劃”，該計劃將在整個企業範圍內實現可持續的效率提升和成本節約。一些關鍵要素已經開始實施，我們預計該計劃一旦在 2026 年所有措施實施完畢，每年將帶來至少 2,000 萬美元的營業收入。阿波羅計畫的初期重點是整合我們的製造網絡。在 2026 財年第四季和第一季初，我們宣布關閉 3 家工廠：北卡羅來納州霍利里奇、喬治亞州亞特蘭大和加州科爾頓。

Production from these facilities will either be consolidated into other facilities or discontinued as part of our ongoing portfolio optimization.

作為我們持續進行的產品組合優化的一部分，這些工廠的生產要么會整合到其他工廠，要么會停止。

The closures reflect the next logical step in the evolution of our manufacturing footprint and are enabled by the investments we have made in our plans to modernize and expand capacity for core products and to build out our regional distribution centers. We expect annualized savings associated with the plant closures of approximately $15 million, which should be materially complete in Q2 of fiscal 2026.

此次關閉反映了我們製造佈局發展的下一個合乎邏輯的步驟，這得益於我們對核心產品現代化和產能擴張計劃以及區域配送中心建設的投資。我們預計工廠關閉每年可節省約 1500 萬美元，這應該會在 2026 財年第二季基本完成。

We are also undertaking various initiatives within our distribution system that will generate approximately $3 million of annualized savings. The remaining net savings from Project Apollo are associated with various administrative initiatives, we expect to realize most of the annualized freight and administrative-related savings. We expect to realize most of the annualized freight and administrative-related savings by the third quarter of fiscal 2026.

我們也在分銷系統中推行各種舉措，預計每年可節省約 300 萬美元。阿波羅計畫剩餘的淨節省與各種行政措施有關，我們預計大部分年度貨運和行政相關節省將得以實現。我們預計到 2026 財年第三季將實現大部分年度貨運和行政相關節省。

The initiatives I have just outlined represent the first phase of Apollo.

我剛才概述的這些舉措代表了阿波羅計畫的第一階段。

We are working on a second phase that is focused on generating further efficiencies within the plants following the completion of the consolidation work. We are also developing a robust road map for modernizing our system and tech infrastructures to streamline additional corporate processes and sharpen the quality of our data analytics. We'll be sharing more as the next phase of the project work is finalized. I am energized that the projects we have identified will generate durable structural savings and will do so relatively quickly in fiscal 2026. I'm encouraged by the impact that these actions are having on our early performance so far in Q1.

在整合工作完成後，我們正在進行第二階段的工作，重點是進一步提高工廠的效率。我們也正在製定一個強有力的路線圖，以實現系統和技術基礎設施的現代化，從而簡化更多公司流程並提高數據分析的品質。在專案下一階段的工作完成後，我們將分享更多資訊。我感到振奮的是，我們確定的專案將產生持久的結構性節約，並且將在 2026 財年相對快速地實現這一目標。我對這些措施在第一季初期的業績所產生的正面影響感到鼓舞。

Our operating teams are focused on the closures and seamless redeployment of production within our network to prevent any disruption to customer orders. I'm also excited about several commercial and innovation initiatives that are being rolled out for our fiscal 2026. Starting with the commercial activities. We will commence shipping churros to a major QSR later in fiscal Q1 as part of a limited time offer program. We expect the program to be successful given it is such a great fit with this customer and believe there is potential to be converted to a permanent volume.

我們的營運團隊正專注於關閉生產線並無縫地重新部署生產線，以防止對客戶訂單造成任何干擾。我也很興奮地宣布，我們將在 2026 財年推出幾項商業和創新措施。首先是商業活動。我們將於第一財季晚些時候開始向一家大型快餐連鎖店供應吉事果，作為限時優惠活動的一部分。鑑於該專案與這位客戶的契合度很高，我們預計該專案將會成功，並相信它有潛力轉化為長期穩定的合作專案。

We are completing the rollout of ICE machines for a large and growing convenience store operator in the Southwest. The frozen beverage test with a major West Coast QSR operator is nearly complete, and we are encouraged by the results. And the handheld capacity outage should be remedied by the start of our second quarter. With respect to innovation, we have several exciting launches around the corner for fiscal 2026, with most of these products available to consumers beginning the fiscal second quarter. These innovation items underscore the quality and breadth of our iconic brands.

我們正在為西南地區一家規模龐大且不斷發展的便利商店營運商完成 ICE 機器的部署。與西海岸一家大型快餐連鎖店合作的冷凍飲料測試已接近完成，我們對測試結果感到鼓舞。手持設備容量不足的問題應該會在第二季初解決。在創新方面，我們將在 2026 財年推出幾款令人興奮的新產品，其中大部分產品將於第二財季開始向消費者發售。這些創新產品凸顯了我們標誌性品牌的品質和廣度。

Our new protein pretzel for retail will be available for consumers as a 4-pack of large pretzels with 10 grams of protein or a smaller mini pretzel with 7 grams of protein per serving. We are rolling out SUPERPREZL pizza sticks and queso sticks, which are smaller pretzel bites with tasty fillings. On the frozen novelty front, we are introducing Luigi's mini pops, which feature exciting flavor profiles and better-for-you attributes such as hydration and immunity support. We are extending our popular pet treat brand, Dogsters to include a new mini ice cream sandwich. Regarding Dippin' Dots innovation, I am pleased to announce that we will be launching Dippin' Dots in its original form for retail.

我們針對零售市場推出的新款蛋白質椒鹽脆餅，將以4個裝的大椒鹽脆餅（每份含10克蛋白質）或較小的迷你椒鹽脆餅（每份含7克蛋白質）的形式提供給消費者。我們正在推出 SUPERPREZL 披薩棒和起司棒，它們是帶有美味餡料的小型椒鹽脆餅。在冷凍新奇產品方面，我們推出了 Luigi 的迷你冰棒，它具有令人興奮的口味和更有益於健康的特性，例如保濕和增強免疫力。我們將擴大旗下廣受歡迎的寵物零食品牌 Dogsters 的產品線，推出全新的迷你冰淇淋三明治。關於 Dippin' Dots 的創新，我很高興地宣布，我們將以原版形式在零售市場推出 Dippin' Dots。

This represents another major growth milestone for the brand.

這標誌著該品牌又迎來了一個重要的發展里程碑。

Additionally, we are introducing two new flavors to the Dippin’ Dots Retail Sundae lineup, taking the flavor total to 4. The outlook for theaters also is encouraging as the industry continues closing the gap to the pre-COVID environment, box office sales for the period that aligns to our fiscal 2025 and were up 10% versus the prior year. Industry sources are projecting North America box office sales that aligns with our fiscal 2026 to increase by 9% and supported by a great lineup of movies that includes Wicked for Good, Zootopia two and Spiderman, a Brand-New Day.

此外，我們還將為 Dippinâ Dots 零售聖代系列推出兩種新口味，使口味總數達到 4 種。隨著電影業持續縮小與新冠疫情前環境的差距，戲院的前景也令人鼓舞。與我們2025財年相符的期間的票房收入比上一年增長了10%。業內人士預測，與我們2026財年相符的北美票房銷售額將成長9%，這得益於一系列優秀影片的支持，其中包括《邪惡之善》、《瘋狂動物城2》和《蜘蛛人：全新的一天》。

The lineup for our fiscal first half looks particularly promising as compared to last year's slate. With $106 million in cash and no debt, our financial position remains strong, and we continue to take a balanced approach to capital allocation across three areas: investing in our business to drive growth and operational efficiency, strategic acquisitions and returning capital to shareholders through dividends and share repurchases.

與去年同期相比，我們上半年的計畫看起來尤其令人期待。我們擁有 1.06 億美元的現金，且無債務，財務狀況依然穩健。我們將繼續採取平衡的資本配置方法，涵蓋三個領域：投資我們的業務以推動成長和營運效率，進行策略性收購，並透過股利和股票回購向股東返還資本。

Given the current trends of our business and outlook for fiscal 2026 including the benefits we expect to realize from Project Apollo. We expect to increase our focus on share repurchase activity as we see compelling value in our shares. Share repurchases totaled $3 million in the quarter, and we intend to accelerate our pace significantly during the current quarter.

鑑於我們目前的業務趨勢和 2026 財年的展望，包括我們預期從阿波羅計畫中獲得的收益。我們預期會增加對股票回購活動的投入，因為我們認為我們的股票具有極高的價值。本季股票回購總額為 300 萬美元，我們計劃在本季大幅加快回購速度。

I'll now turn the call over to Sean to discuss the quarter and full year results in a little more detail. Shawn?

現在我將把電話交給肖恩，讓他更詳細地討論一下季度和全年業績。肖恩？

Thanks, Dan, and good morning, everyone before I discuss our results, I'd like to share a change in our presentation of financial results. Starting with the fourth quarter, we no longer allocate all corporate expenses to segment results, with some expenses now captured as unallocated corporate expenses. This methodology change has been applied to our historical results. As Dan indicated, we are pleased with our Q4 performance and believe we are well positioned early in fiscal 2026. Foodservice segment net sales declined 1.1% to $259.3 million as volume softness more than offset price increases.

謝謝丹，大家早安。在討論我們的業績之前，我想先和大家分享一下我們財務表現展現方式的改變。從第四季開始，我們不再將所有公司費用分配到分部業績中，部分費用現在被計入未分配的公司費用中。我們已將這項方法論變更應用於我們的歷史結果。正如丹所指出的，我們對第四季度的業績感到滿意，並相信我們在 2026 財年初期已經做好了充分的準備。餐飲服務部門淨銷售額下降 1.1% 至 2.593 億美元，銷量疲軟抵消了價格上漲的影響。

Soft pretzel sales increased 3.6%, marking consecutive quarters of year-over-year sales growth. The Varian pretzel sales continue to lead the growth. Pretzel dollar share increased 1% in the quarter. Frozen novelties declined 5.1%, driven primarily by a transition between the LUIGI's and ICEE branded products. We expect volumes to normalize over time.

軟椒鹽捲餅銷量成長 3.6%，連續多個季度實現年增。Varian椒鹽脆餅的銷售額持續引領成長。本季椒鹽捲餅的美元份額增加了1%。冷凍新奇產品銷售量下降 5.1%，主要原因是 LUIGI's 和 ICEE 品牌產品之間的過渡。我們預計交易量會隨著時間推移而恢復正常。

Churro volume declines primarily reflect the wind down of last year's LTO with a major QSR customer. Retail segment net sales declined 8.1%, primarily driven by lower frozen novelty volumes, partly offset by higher pretzel volume. We are taking action to support our frozen novelty business with shopper marketing and trade spend, and we see improving trends in the recent 4-week data.

吉事果銷售下降主要反映了去年與一家大型快餐連鎖店客戶合作的限時特賣活動逐漸結束。零售部門淨銷售額下降 8.1%，主要原因是冷凍新奇食品銷量下降，但椒鹽捲餅銷量上升部分抵消了這一影響。我們正在採取措施，透過消費者行銷和貿易支出來支持我們的冷凍新奇產品業務，並且從最近 4 週的數據中我們看到了改善的趨勢。

Dogsters continues to stand out of the portfolio with sales and units up in the quarter, and we anticipate additional distribution in 2026. Handheld sales declines reflect the temporary capacity constraints from the fire in our North Carolina facility last year. Soft pretzel sales increased 9%, continuing the momentum from the third quarter. Frozen Beverage segment sales declined 8.3%, attributed to lower beverage volume in the quarter. Foreign exchange translation did not have a significant impact on segment results in Q4.

Dogsters 在本季銷售額和銷量均有所增長，並繼續在產品組合中脫穎而出，我們預計 2026 年將進一步擴大分銷。手持設備銷售下滑反映了去年北卡羅來納州工廠發生火災造成的暫時產能限制。軟椒鹽捲餅銷量成長了 9%，延續了第三季的成長動能。冷凍飲料業務銷售額下降 8.3%，主要原因是本季飲料銷量下降。第四季外匯折算對各業務板塊的業績並未產生重大影響。

Beverage volume declined primarily due to lower theater sales as we lapped the success of the Inside Out two movie last year. Box office sales for our fiscal fourth quarter are estimated to have declined approximately 11%. As I mentioned earlier, we expect the theater industry to continue its rebound in 2026, and we're encouraged by the solid lineup of movies that we expect will be popular with our target consumers. Consolidated gross profit was $130.2 million compared to $135.5 million last year, while gross margin was 31.7% compared to 31.8% last year. Gross margin in Frozen Beverage declined given the lower mix of Beverage revenue in the quarter.

飲料銷售下降的主要原因是戲院票房下滑，因為我們去年已經延續了《腦筋急轉彎2》的成功動能。據估計，我們第四財季的票房收入下降了約 11%。正如我之前提到的，我們預計電影院產業將在 2026 年繼續復甦，我們對即將上映的一系列優秀影片感到鼓舞，我們預計這些影片將受到我們目標消費者的歡迎。合併毛利為 1.302 億美元，去年同期為 1.355 億美元；毛利率為 31.7%，去年同期為 31.8%。由於本季飲料收入佔比下降，冷凍飲料的毛利率有所下降。

Tariff costs added approximately 35 basis points to cost of goods. These unfavorable impacts were partly offset by insurance proceeds for business interruption costs related to our handheld capacity constraints and early plant consolidation savings in the quarter.

關稅成本使商品成本增加了約 35 個基點。這些不利影響部分被與手持設備產能限制相關的業務中斷成本的保險賠償金以及本季早期工廠整合節省的成本所抵消。

Operating expenses increased 24% to $118.8 million or 29% of sales, which included $24.8 million of nonrecurring charges, primarily related to Project Apollo plant closures. Plant closure charges predominantly reflect noncash asset write-downs and write-offs totaling approximately $21 million. We expect additional plant closure and other nonrecurring costs associated with our business transformation project of $3 million to $5 million in fiscal 2026.

營運費用成長 24% 至 1.188 億美元，佔銷售額的 29%，其中包括 2,480 萬美元的非經常性費用，主要與阿波羅計畫工廠關閉有關。工廠關閉費用主要反映非現金資產減損和註銷，總計約 2,100 萬美元。我們預計在 2026 財年，與業務轉型專案相關的工廠關閉和其他非經常性成本將達到 300 萬至 500 萬美元。

Marketing expenses were $32.6 million or 4.8% higher than in the prior year, driven by increased spending on new sponsorships and other promotional activities.

行銷費用比前一年增加了 3,260 萬美元，增幅為 4.8%，主要原因是增加了對新贊助和其他促銷活動的支出。

Distribution expenses for the quarter declined 8.3% on lower volume and steady efficiency gains. The efficiency gains were driven by fewer internal transfers and better truck utilization. Distribution as a percentage of sales declined to 10.3% compared to 10.8% in the prior year. Administrative expenses were $19.1 million, an increase of 5.1% from the prior year primarily associated with higher compensation expenses. Adjusted operating income was $37.7 million as compared to $42 million in the prior year.

由於銷量下降和效率穩步提高，本季分銷費用下降了 8.3%。效率的提升主要得益於內部調撥次數的減少和卡車利用率的提升。分銷佔銷售額的比例下降至 10.3%，而前一年為 10.8%。行政費用為 1,910 萬美元，較上年增加 5.1%，主要原因是薪資支出增加。調整後的營業收入為 3,770 萬美元，而上年同期為 4,200 萬美元。

Adjusted EBITDA for the fourth quarter was $57.4 million versus $59.7 million last year. The effective tax rate for the quarter was 4.8% compared to 26.8% in the prior year. adjusted earnings per diluted share were $1.58 versus $1.60 last year.

第四季調整後 EBITDA 為 5,740 萬美元，而去年同期為 5,970 萬美元。本季實際稅率為4.8%，而上年同期為26.8%。調整後每股攤薄收益為1.58美元，去年同期為1.60美元。

The significantly lower effective tax rate in the quarter primarily reflects a change in estimate on our blended state tax rate and the corresponding impact on the valuation of our net deferred tax liabilities. Our balance sheet and liquidity position remains strong with approximately $106 million in cash and no long-term debt as of quarter end. We had approximately $210 million of borrowing capacity under our revolving credit agreement.

本季實際稅率大幅下降，主要反映了我們對州綜合稅率的估計發生變化，以及由此對我們淨遞延所得稅負債估值的相應影響。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 1.06 億美元現金，且無長期債務。根據我們的循環信貸協議，我們擁有約 2.1 億美元的借款額度。

Let me briefly touch on full year results. Sales increased 0.5% to $1.58 billion as price increases helped to offset lower volume. Growth in Foodservice, which was up 1.6%, was partially offset by declines in retail, including from lower handheld sales related to the capacity constraints, while Frozen Beverage was essentially flat. Unfavorable foreign exchange rates for fiscal 2025 reduced the top line by approximately 40 basis points. Adjusted operating income was $108.2 million as compared to $130.4 million in the prior year.

讓我簡要談談全年業績。價格上漲抵銷了銷量下降的影響，銷售額成長0.5%至15.8億美元。餐飲服務業成長 1.6%，但部分被零售業的下滑所抵消，其中包括因產能限制導致的手持飲料銷量下降，而冷凍飲料業基本持平。2025 財年不利的外匯匯率導致營收下降約 40 個基點。調整後的營業收入為 1.082 億美元，而上年同期為 1.304 億美元。

Adjusted EBITDA for the fiscal year was $180.9 million versus $200.1 million last year. Adjusted earnings per diluted share were $4.27 versus $4.93 last year.

本財政年度調整後 EBITDA 為 1.809 億美元，而上年為 2.001 億美元。調整後的每股攤薄收益為 4.27 美元，去年同期為 4.93 美元。

That concludes our prepared remarks, and we are now ready to take your questions. Operator?

我們的發言稿到此結束，現在我們準備回答各位的問題。操作員？

(Operator Instructions)

（操作說明）

Jon Anderson, William Blair.

喬恩·安德森，威廉·布萊爾。

Hey, good morning, Dan and Sean. Thanks for the question.

嘿，丹和肖恩，早安。謝謝你的提問。

Morning, John.

早安，約翰。

Morning, John.

早安，約翰。

Hey, Dan, Shawn, I wanted to start by -- you mentioned some portfolio optimization work that is going on and that's one of the reasons why the closure of the three facilities you were able to do that while kind of moving production -- on production that you're going to keep. Can you talk about the impact of that portfolio optimization on sales, both kind of in the quarter, but then how to think about that perhaps going forward as we look to kind of 2026 and what impact that might have on the top line. Start there.

嘿，丹，肖恩，我想先說一下——你們提到了一些正在進行的投資組合優化工作，這也是你們能夠在關閉三家工廠的同時，將生產轉移到你們將要保留的生產上的原因之一。您能否談談產品組合優化對銷售的影響，包括本季的銷售情況，以及展望2026年時，這種優化可能對營收產生的影響？從那裡開始。

Sure, Jon. Thank you. That's a continuation of the things that we've been talking about for a while, especially as it relates to our bakery group of optimizing that portfolio. And then as you look at our plans and the consolidation that we've been working on with the plants. It just made sense that during this timing that we'd be able to optimize the portfolio that we have and be able to consolidate some of these plants.

當然可以，喬恩。謝謝。這延續了我們一段時間以來一直在討論的事情，尤其是在優化我們烘焙產品組合方面。然後，當你審視我們的計劃以及我們一直在與工廠進行的整合工作時。在這個時機，我們剛好可以優化現有的資產組合，並整合其中一些工廠，這很合理。

The total impact of that, if you think about our business growing in that mid-single-digit rate year-over-year, might be a 1%, 1.5% impact on that overall sales. But we're kind of bullish. It's the play that we called a couple of years ago as we continue to build efficiencies inside our system and put in some new plants or new lines within our plants and then rebuild the distribution system now allows us to be able to go back and optimize, and we're really excited about that work that's being done.

如果考慮到我們業務每年以中等個位數的速度成長，那麼其整體影響可能對整體銷售額產生 1% 到 1.5% 的影響。但我們比較看好。這是我們幾年前製定的策略，我們不斷提高系統內部的效率，並在現有工廠內新建一些工廠或生產線，然後重建分銷系統，現在我們能夠回過頭來優化，我們對正在進行的工作感到非常興奮。

And in terms of timing, Jon, you don't think about that as we kind of near that full run rate sometime in Q2.

至於時間安排方面，喬恩，你不用考慮這一點，因為我們會在第二季度某個時候接近滿載運轉。

Okay. Helpful. And maybe stepping back even a little bit more, but I know you don't -- haven't provided or don't provide specific guidance. But as we exit '25 and think about '26 at this point, there are quite a few moving parts, some of which should be tailwinds and some of which might be a bit of a headwind, but headwinds for the right reason in terms of the portfolio work. Can you talk at all about just kind of the macro environment and kind of try and combine that to the extent you can with some of the internal initiatives to give us some sense of how you're thinking about '26, both from maybe a top line perspective, but also a margin standpoint because with the transformation work that's happening, I think some of the pricing that you've been able to implement and may implement to offset commodity costs, there's a lot of -- there a lot of different ways that we could go with this.

好的。很有幫助。或許還要再退後一步，但我知道你沒有——或者說沒有提供——具體的指導。但當我們告別 2025 年，展望 2026 年時，有很多變數，其中一些應該是順風，一些可能會有點逆風，但就作品集而言，這些逆風都是出於正確的原因。您能否談談宏觀環境，並儘可能將其與一些內部舉措結合起來，讓我們了解您對 2026 年的展望，包括營收和利潤率兩方面。因為隨著轉型工作的進行，我認為您已經實施和可能實施的一些定價策略可以抵消大宗商品成本，我們有很多不同的方法可以嘗試。

So just want to get your any commentary you could provide forward-looking around that thank you.

所以，我想聽聽您對未來發展有何看法，謝謝。

Yeah, the macro environment, if I start there first, we still think that there's a consumer sentiment that is cautious, right? And so we're going to continue to watch that, especially as it relates to our retail side of our business. But we're really feeling some good momentum as we exit '25 and enter into '26 with some of the great things that we have going on, the plant closure benefits that we already talked about, some tremendous innovation. The teams are doing a really, really good job with that. And we feel positive as we move into 2026 and some even early results in Q1.

是的，如果先從宏觀環境說起，我們仍然認為消費者情緒比較謹慎，對吧？因此，我們將繼續關注這一點，特別是它與我們零售業務的關係。但隨著我們告別 2025 年進入 2026 年，我們確實感受到了一些良好的發展勢頭，這得益於我們正在進行的一些很棒的事情，例如我們已經談到的工廠關閉帶來的好處，以及一些巨大的創新。各隊在這方面做得非常出色。我們對2026年充滿信心，甚至在第一季就取得了一些初步成果。

And we think the theater industry is bouncing back some. So we feel good about the overall business as we move into it. We think back at '25 and we think of some of the challenges that we face there, and you can kind of tally it up to just a few primary factors. We had that big Turo LTO that we're not facing anymore. We had some unfavorable foreign exchange impact.

我們認為戲劇產業正在逐步復甦。因此，我們對進入這個行業的整體業務感到樂觀。我們回想 2025 年，想想當時我們面臨的一些挑戰，你會發現這些挑戰可以歸結為幾個主要因素。我們之前面臨著 Turo LTO 的難題，但現在我們已經不再面臨這個問題了。我們受到了一些不利的外匯影響。

We had the chocolate cost inflation. Most of that hit us in the first half of the year. But when you really look at the second half of the year, the second half EBITDA was just shy of what we delivered in the second half of '24. So for all those reasons and the Apollo that we're doing, we're really -- we're a little bullish on 2026 as we turn that page.

我們經歷了巧克力價格上漲。大部分衝擊都發生在今年上半年。但如果你仔細觀察下半年，你會發現下半年的 EBITDA 略低於 2024 年下半年的水準。所以，基於所有這些原因以及我們正在進行的阿波羅計劃，我們真的——我們對2026年翻開新篇章時抱有相當樂觀的態度。

You'll see those closure benefits relatively quickly in the P&L. We just announced the closure of that third facility. So consider by the time you get to the second quarter, we should be at or very near that full run rate.

你會很快地在損益表中看到這些停擺的好處。我們剛剛宣布關閉第三家工廠。所以，到了第二季度，我們應該已經達到或非常接近滿載運轉率了。

And Shanw, on that, you mentioned the full run rate. Do you mean on the plant closures or the kind of the...

尚沃，關於這一點，你提到了全速運轉率。您是指工廠關閉還是指…

Yeah, that's right. So on the plant closure component of $15 million, we should be very near that full annualized run rate come in the second quarter. And then the rest of those savings, think about that sort of layering in, in the third and the fourth quarter for the balance of the year.

是的，沒錯。因此，就工廠關閉部分而言，1500萬美元的金額，我們應該會在第二季度非常接近完全年化運行率。至於剩餘的節省，可以考慮在第三季和第四季分期支付，以應對今年剩餘的時間。

Excellent. Super helpful just one more question. You talked about maybe a little bit of a near-term or short midterm adjustment to your capital allocation approach with a greater focus on share repurchase. Can you talk about -- just kind of ongoing how you kind of evaluate that?

出色的。非常有用，我還有一個問題。您提到可能會在短期或中短期內對您的資本配置方法進行一些調整，更重視股票回購。您能談談—就目前而言，您是如何評估這種情況的嗎？

And what kind of acceleration or step up, we might anticipate there to the extent that you can comment on it thank you.

我們預計會出現什麼樣的加速或提升，您能否就此發表評論，謝謝。

Yeah, o yes, for sure. And we said in the prepared remarks that we intend to accelerate our stock buybacks here in the quarter when the window opens. Just for context, and I'm not implying that this is the amount by which we're going to execute. But we've got about $42 million remaining on the authorization that we implemented earlier this year.

是的，當然。我們在事先準備好的發言稿中表示，我們打算在本季窗口期開啟時加快股票回購步伐。僅供參考，我並不是說這就是我們將要執行的數量。但我們今年稍早實施的授權中還剩下約 4,200 萬美元。

We did buy back about $3 million worth of stock in the quarter. But notably, we pulled back a little bit on that. There was some M&A in the pipeline and we thought that it would be a prudent thing for us to do. But we'll be buying back some stock this quarter.

本季我們回購了價值約300萬美元的股票。但值得注意的是，我們在這方面有所收斂。當時有一些併購項目正在籌備中，我們認為這樣做對我們來說是明智之舉。但本季我們會回購部分股票。

Maybe I have to follow up on that one. You just mentioned M&A in the pipeline. Can you comment at all on that? Should we be thinking about some near-term actions there?

或許我得跟進一下這件事。你剛才提到了正在籌劃中的併購項目。您對此有何評論？我們是否應該考慮採取一些近期行動？

I wouldn't go that far, Jon. We were looking at a couple of different things that just caught our attention. And -- and so at the period of time where we had the window open to be able to buy some stock back, we were just trying to take a conservative approach there. But I would not go as far as to see anything imminent on the M&A front.

我不會那麼做，喬恩。我們當時在看一些不同的東西，它們吸引了我們的注意。所以——因此，在我們有機會回購一些股票的那段時間裡，我們只是試圖採取一種保守的做法。但我認為近期併購方面不會有任何進展。

Okay. And looking forward to a strong '26 behind these initiatives.

好的。期待這些舉措能在 2026 年帶來強勁的成效。

Great, thank you. Yes.

太好了，謝謝。是的。

Thanks.

謝謝。

Scott Marks, Jeffries.

史考特馬克斯，傑弗里斯。

Hey, good morning, guys. Thanks so much for checking your questions. I wanted to ask first about this efficiency initiatives. You mentioned Project Apollo, and then you mentioned kind of a second phase, where you're looking at some more automation and efficiencies within the existing or remaining facilities. Just wondering if you can share some more color on that and how we should be thinking about the time line for that maybe expected benefits?

嘿，各位早安。非常感謝您查看您的問題。我想先問一下這些提高效率的舉措。您提到了阿波羅計劃，然後又提到了第二階段，即在現有或剩餘設施中實現更多自動化和效率提升。想請您詳細介紹一下這方面的情況，以及我們該如何看待預期收益的時間安排？

Thanks. Yeah, sure. So the way I think about that is probably going to be later '26, but more likely 2027. And I'd say that, that's going to be a combination of just automation and process improvement. once we get the consolidation work behind us, you think about it as just making those plants more efficient. You've got some plants that are going to be taking on new production.

謝謝。當然可以。所以我認為，這件事可能會在 2026 年晚些時候發生，但更有可能是在 2027 年。我認為，這需要自動化和流程改進相結合。一旦我們完成整合工作，就可以把重點放在提高這些工廠的效率。你們有一些工廠即將開始新的生產。

So for 2027, it's -- for '26, it's optimize the network and then 2027 kind of optimize further within the four walls of each of those plants.

所以對於 2027 年來說，2026 年的目標是優化網絡，而 2027 年的目標是在每個工廠的四面牆內進一步優化。

That's helpful. Appreciate that. And then next question for me. touched on some challenges in the frozen novelty business within retail. Wondering if you can kind of share any color on what's been happening there and how we should be thinking about the stabilization of some of those?

那很有幫助。謝謝。接下來，我的下一個問題涉及了零售業冷凍新奇產品業務面臨的一些挑戰。想請您介紹一下那裡的情況，以及我們應該如何看待其中一些問題的穩定化？

Yeah, We touched on that at the end of last quarter. That's just a segment where the consumer probably has hit the hardest and really saw those -- most of that impact in July of this quarter. The teams have been working really hard at greater marketing and trade spend within that category. And we're starting to see it come back, and we think that will continue to come back over this next year.

是的，我們在上個季度末討論過這個問題。那隻是消費者可能受到衝擊最大、並且真正感受到這些影響的領域——大部分影響都發生在本季的7月。各團隊一直在努力增加該類別的行銷和貿易支出。我們已經開始看到它復甦，我們認為這種復甦勢頭將在未來一年繼續下去。

We actually feel like we've corrected the things that we needed to correct, and I'm really pleased. I met with that retail team this last week, and they're doing a nice job. And I think we'll see that come back over this next year. But it is an area where I think just as consumer sentiment where you'll see the biggest challenges. So don't forget that it's frozen novelties, it's summertime.

我們感覺已經改正了需要改正的地方，我真的很高興。我上周和那個零售團隊見了面，他們做得很好。我認為明年我們會看到這種情況再次出現。但我認為這和消費者情緒一樣，是會面臨最大挑戰的領域。所以別忘了現在是冰凍新奇的季節，現在是夏天。

So if you this July, it's hard to make those back up in the back half of the quarter. But the teams are working hard at getting the right trade spend as it relates to those.

所以如果你在七月虧損，那麼下半季就很難彌補這些損失。但各隊都在努力爭取在交易支出方面做到盡善盡美。

And again, we -- it was in the prepared remarks, but we've got a great pipeline of frozen novelty innovation planned for 26 that's just around the car. So we're excited about that. And going back to your prior question, Scott, I feel to mention that I didn't want to imply that sort of like all the additional automation is going to be in '27. If you look at closure of the Colton plant and the consolidation into a nearby plant in California, that was taking what was basically production through manual process and converting it to almost fully automated process at the plant that is being shifted to

還有一點，我們——這在準備好的演講稿中提到過——我們為 26 年準備了一系列與汽車相關的冷凍創新產品。我們對此感到很興奮。回到你之前的問題，斯科特，我想說的是，我並不是暗示所有額外的自動化都將在 2027 年實現。如果你看一下科爾頓工廠的關閉以及它與加州附近一家工廠的合併，你會發現，這實際上是將原本基本上依靠人工操作的生產流程，轉變為幾乎完全自動化的生產流程。

Got it. Appreciate the follow-up there. I'll pass it on thank you.

知道了。感謝您的後續跟進。我會轉達的，謝謝。

Yes, thanks.

好的，謝謝。

Thank you, Scott.

謝謝你，斯科特。

(Operator Instructions)

（操作說明）

Todd Brooks, the Benchmark Company.

Todd Brooks，基準公司。

To talk to you about few questions kind of feeding off some of the things that you've heard earlier. Shawn, can we talk about -- I think we were talking about the consolidation or the rationalization of some of the bakery products and dinging a revenue algorithm by maybe 100 to 150 basis points in fiscal '26. So can you walk us through like where does the algorithm stand now for a baseline level? Does it still start in that mid-single-digit place and we back off to.

我想和你談談幾個問題，這些問題都與你之前聽到的一些內容有關。肖恩，我們可以談談——我想我們之前在討論的是一些烘焙產品的整合或合理化，以及在 2026 財年將收入演算法下調 100 到 150 個基點。那麼，您能否為我們介紹一下，目前該演算法的基準水準是多少？它是否仍然從個位數中間的位置開始，然後我們退後一步？

Yeah, that's right, that's exactly right, Todd.

是的，沒錯，完全正確，托德。

Okay. Great. And then the rationalization in bakery, when -- like how does that fall during the year? When should we see kind of the biggest drag from the the 100 to 150 basis points.

好的。偉大的。那麼，烘焙業的合理化何時進行呢？例如，它在一年中的哪個階段會進行？我們應該何時看到100到150個基點的最大阻力？

You'll start seeing it in the second quarter.

第二季你就會開始看到它了。

Okay. All right. Secondly, Dan, you've ripped through a list of exciting commercial opportunities for fiscal '26. Can you maybe drill down a little bit on the two or three that you think are the biggest needle movers and maybe status and timing? .

好的。好的。其次，丹，你已經列舉了 2026 財年一系列令人興奮的商業機會。您能否詳細分析您認為影響最大的兩三個因素，以及它們的地位和時機？。

SP1 Yes. We're really pleased just in total with the pipeline that we

SP1 是的。我們對整個管道系統非常滿意。

Yeah, we're really pleased just in total with the pipeline that we have going through the system and have some really nice opportunities. We have the the LTO with the churros with a big customer that ran an LTO last year, and it's a perfect fit with this customer that we know is going to do well, and we have anticipations that it does so well that maybe it sticks also.

是的，我們對目前整個體系內的專案儲備非常滿意，並且擁有一些非常好的機會。我們與去年也推出過限時特惠活動的大客戶合作，推出了吉事果限時特惠活動。這次的活動與這位客戶非常契合，我們知道他肯定會成功，而且我們預計這次活動會非常成功，甚至可能會持續下去。

So really excited about that particular one. On the frozen beverage side, we're in the midst of rolling out a large C-store in the Southwest that has the potential to continue to grow that they're striving to be the third largest C-store in the country.

我真的對那部作品感到非常興奮。在冷凍飲料方面，我們正在美國西南部推出一家大型便利商店，這家便利商店有潛力繼續發展壯大，他們正努力成為全國第三大便利商店。

Also have talked a few times about a test that we have with the QSR in the frozen beverage in the West Coast. That just continues to do really, really well. We're in the third phase of testing now kind of bringing that to an end and having live conversations about how we might roll that out in this year. So I'm really encouraged by the things that we have going on.

我們也曾多次談到我們在西海岸與 QSR 合作進行的冷凍飲料測試。它一直都表現得非常出色。我們現在正處於測試的第三階段，算是接近尾聲，並且正在就今年如何推出該產品進行實時討論。我對我們正在做的事情感到非常鼓舞。

The last thing I touched on was just that handheld that we were up against with the fire last year in August. And now are just about as we hit the second quarter should have that capacity caught up and see the benefits from that in 2026 as well. teams are doing a great job, a lot of really good opportunities and pipeline is as strong as I've seen in a while.

我最後提到的就是去年八月那場火災中我們遇到的那種手持式設備。現在差不多進入第二季了，產能應該已經趕上來了，而且在2026年也能從中受益。各團隊都做得很好，有很多非常好的機會，人才儲備也是我一段時間以來見過的最強勁的。

Okay. Great. And then a final one for me. Sean, is there a way to kind of frame up and I ask about kind of gross margin potential for the business. But obviously, you've identified savings from Apollo 1, you've identified a framework what would have Apollo two will consist of from maybe a plant efficiency and automation standpoint kind of post Apollo maybe, can you talk to you think the gross margin potential for the businesses? Thanks.

好的。偉大的。最後，我還要再來一個。肖恩，有沒有辦法可以藉此機會問問這家企業的毛利率潛力？但顯然，您已經從阿波羅 1 號專案中節省了成本，並且從工廠效率和自動化角度來看，您已經確定了阿波羅 2 號專案的框架，那麼在阿波羅 1 號專案之後，您能否談談您認為這些業務的毛利率潛力？謝謝。

Yeah, I'd say that we're still committed to improving the gross margin, getting up above 30% on an annualized basis toward the mid-30s, let's call it. And you can do the math and see that just the $15 million of plant consolidation savings, all that's going to roll through your gross margin. Obviously, there's some OpEx savings associated with this leg of Apollo. But that's not going to get you all the way there, obviously, but it's going to help to close the gap.

是的，我認為我們仍然致力於提高毛利率，目標是年化毛利率達到 30% 以上，最好是達到 30% 左右。你可以算算，僅僅是工廠整合節省的 1500 萬美元，全部都會反映在你的毛利中。顯然，阿波羅計畫的這一階段可以節省一些營運成本。但顯然，這樣做並不能讓你完全達到目標，但有助於縮小差距。

And I would think that we're just going to keep kind of chunking away at that over the next few years through Project Apollo and frankly, growing the business. The one thing we didn't talk about is the extent to which we can continue to grow the top line as we have historically and start seeing some leveraging impacts as we -- both at the plant level and with respect to OpEx.

我認為在接下來的幾年裡，我們將透過阿波羅計畫逐步實現這一目標，坦白說，也將發展壯大業務。我們沒有討論的一點是，我們能否像過去那樣繼續提高營收，並開始看到一些槓桿效應——無論是在工廠層級還是在營運支出方面。

Okay. And just a follow-up on that thoughts on CapEx in '26 based on the work that you're doing? .

好的。那麼，根據您目前的工作，您對2026年的資本支出有什麼後續看法嗎？。

SI would say about in line with fiscal '25, but we're working to trim that. .

SI表示與2025財年基本持平，但我們正在努力削減開支。。

Okay, perfect thank you both.

好的，太好了，謝謝你們兩個。

Yeah, thank you, Todd.

是的，謝謝你，托德。

That concludes today's question-and-answer session. I'd like to turn the call back to Dan Fachner for closing remarks.

今天的問答環節到此結束。我想把電話轉回給丹法赫納，請他作總結發言。

Thank you, operator. In closing, I want to emphasize that while fiscal 2025 presented its challenges, we built significant momentum in early fiscal 2026 through our strategic initiatives and operational improvements. Our innovation pipeline is robust and should drive sustainable growth in key categories while Project Apollo enables meaningful efficiency improvements. With a strong balance sheet, including $106 million in cash and no debt, we're well positioned to invest in growth opportunities, while returning capital to shareholders through share repurchases.

謝謝接線生。最後，我想強調，雖然 2025 財年面臨諸多挑戰，但我們透過策略性舉措和營運改進，在 2026 財年初取得了顯著進展。我們的創新產品線強大，可望推動關鍵領域的永續成長，而阿波羅計畫則能帶來顯著的效率提升。我們擁有強勁的資產負債表，包括 1.06 億美元的現金且無債務，這使我們能夠很好地投資於成長機會，同時透過股票回購向股東返還資本。

Thank you for your continued support, and we look forward to updating you on our progress throughout fiscal 2026. Thank you very much.

感謝您一直以來的支持，我們期待在 2026 財年期間向您報告我們的進度。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。