J&J Snack Foods Corp (JJSF) 2026 Q2 法說會逐字稿

Good morning and welcome to the J&J Snack Foods second quarter 2026 conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 J&J Snack Foods 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Reed Anderson with ICR. Please go ahead.

現在我想把會議交給 ICR 的 Reed Anderson。請開始。

Thank you, operator, and good morning, everyone. Thank you for joining the J&J Snack Foods fiscal 2026 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.

謝謝，接線員，各位早安。感謝各位參加 J&J Snack Foods 2026 會計年度第二季電話會議。在開始之前，讓我花一點時間宣讀安全港聲明。本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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不涉及歷史事實事項的陳述，均應被視為前瞻性陳述，包括關於管理層的計畫、策略、目標、預期與目的，以及我們預期的財務表現等陳述。

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. 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.

其中包括但不限於：我們對成本節省措施成功與我們所營運銷售通路中客戶需求改善的預期。這些陳述既非承諾亦非保證，且涉及已知與未知的風險、不確定性及其他重要因素，可能導致結果、表現或成就與前瞻性陳述所明示或暗示的任何未來結果、表現或成就存在重大差異。

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. Any such forward-looking statements represent management's estimates as of the date of this call today, May 6, 2026.

我們在 Form 10-K 年報及向美國證券交易委員會提交的其他文件中所討論的風險因素與其他事項，可能導致實際結果與今日電話會議所作前瞻性陳述所示內容存在重大差異。任何此類前瞻性陳述均代表管理層截至今日（2026 年 5 月 6 日）電話會議當日的估計。

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

雖然我們未來可能選擇在某個時間點更新前瞻性陳述，但即使後續事件導致預期改變，我們亦不承擔任何更新義務。此外，我們今日電話會議也可能提及若干非 GAAP 指標，包括調整後 EBITDA、調整後營業利益或調整後每股盈餘；上述指標均已在公司盈餘新聞稿中與最接近的 GAAP 指標進行調節，該新聞稿可於我們網站的投資人關係專區查閱。

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 up the call for a question-and-answer session.

今日與我一同參與電話會議的有：我們的執行長 Dan Fachner，以及財務長 Shawn Munsell。在管理層預先準備的發言結束後，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，我想把電話會議交給 Fachner 先生。Dan，請開始。

Good morning, everyone, and thank you for joining us today. We're excited to discuss our second quarter fiscal 2026 results. I'm pleased to share continued progress this quarter against our strategic priorities. We delivered positive earnings and margin expansion despite a quarter that was impacted by demand softness amid rising fuel costs. Adjusted EBITDA increased 9.5% year-over-year to $28.7 million, and adjusted EPS increased 14.3% to $0.40, while sales declined 3.2% to $344.8 million.

各位早安，感謝今天加入我們。我們很高興與各位討論 2026 會計年度第二季的業績。我很高興分享本季在我們策略優先事項上持續取得進展。儘管本季在燃料成本上升之際受到需求疲軟影響，我們仍實現正向獲利並擴大利潤率。調整後 EBITDA 年增 9.5% 至 2,870 萬美元，調整後 EPS 年增 14.3% 至 0.40 美元，而銷售額下滑 3.2% 至 3.448 億美元。

Foodservice sales declined 5%, with most of the decline attributed to the anticipated sales reductions in our bakery business, consistent with Q1. And while retail sales declined 4.1%, the decline was due to higher slotting fees and trade investments to support our innovation pipeline and brand share growth objectives.

餐飲服務（Foodservice）銷售下滑 5%，其中大部分降幅歸因於我們烘焙業務如預期的銷售縮減，與第一季一致。而零售銷售下滑 4.1%，主要是因為為支持我們的創新產品管線與品牌市占成長目標而增加的上架費（slotting fees）與通路促銷投資（trade investments）。

Frozen beverage results improved due to an increase in beverage volume and cost control. Apollo initiatives and mix improvements helped to drive gross margin expansion in the quarter. Our ability to improve earnings and margins as we reshape the portfolio demonstrates that our transformation initiatives are working.

冷凍飲品業績因飲品銷量增加與成本控管而改善。Apollo 計畫與產品組合改善有助於推動本季毛利率擴張。在我們重塑產品組合的同時仍能提升獲利與利潤率，顯示我們的轉型措施正在發揮成效。

Our plant consolidations have created significant plant efficiencies, and we're on track to deliver at least $20 million of annualized Apollo savings once all initiatives are implemented. We are now focused on driving administrative and distribution cost reductions.

我們的工廠整併帶來顯著的產能效率提升；待所有措施落地後，我們有望達成 Apollo 年化節省至少 2,000 萬美元的目標。我們目前將重點放在推動行政與配送成本的降低。

To that end, we executed several of the administrative initiatives later in the second quarter as we reduced corporate expenses, and we expect to achieve the remaining initiatives in the third quarter. Overall, given the implementation later in the quarter, we realized just a modest level of administrative savings in the second quarter, and our distribution efficiencies initiatives will ramp up in Q3.

為此，我們在第二季後段執行了數項行政措施以降低公司費用，並預期在第三季完成其餘措施。整體而言，由於在本季較晚才導入，我們在第二季僅實現小幅的行政節省，而我們的配送效率措施將在第三季加速推進。

I want to share a few other highlights from the quarter. First, an update on our innovation pipeline. It's important to note that we are still early in the process as several products begin shipping later in the quarter. However, the sell-in process has been progressing very well, and we're securing distribution across multiple retail and foodservice channels. In the quarter, we shipped over $2 million in new products, including about $900,000 of Dippin' Dots for retail, $900,000 of new Dogsters ice cream products and $200,000 of Luigi's mini pops.

我想再分享本季的幾項其他重點。首先，更新我們的創新產品管線。需要強調的是，由於多項產品在本季後段才開始出貨，我們仍處於流程的早期階段。不過，鋪貨（sell-in）進展非常順利，我們正於多個零售與餐飲服務通路取得上架與配銷。本季我們出貨超過 200 萬美元的新產品，其中包括約 90 萬美元的 Dippin' Dots 零售產品、90 萬美元的新 Dogsters 冰淇淋產品，以及 20 萬美元的 Luigi's 迷你冰棒。

Our pretzel innovation shipments are ramping up now, and we expect that these new products will deliver exceptional consumer experiences and sales growth.

我們的椒鹽脆餅創新產品出貨目前正在加速，我們預期這些新產品將帶來卓越的消費者體驗與銷售成長。

We had another quarter of standout performance in foodservice pretzels. Sales were up $6.7 million and dollar share increased 4.3%. As in prior quarters, the primary growth driver was Bavarian style pretzels. In retail, our Dogsters products continue to perform well. We shipped volumes up over 20% versus the prior year.

我們在餐飲服務椒鹽脆餅業務再度交出亮眼表現的一季。銷售增加 670 萬美元，金額市占提升 4.3%。與前幾季相同，主要成長動能來自巴伐利亞風味椒鹽脆餅。在零售方面，我們的 Dogsters 產品持續表現良好。出貨量較去年同期成長超過 20%。

Again, we're encouraged that the new Dogsters sandwich will be well received by our four-legged consumers. We have entered into a new licensing partnership with the Peanuts character Snoopy to be used in conjunction with our Dogsters brand. We're now also introducing the Dogsters product lineup to pet stores. In frozen beverage, our themed brand activation around some solid movie releases supported segment performance.

同樣地，我們也很受鼓舞，新的 Dogsters 三明治將會受到我們四腳消費者的喜愛。我們已與《花生漫畫》（Peanuts）角色史努比（Snoopy）達成新的授權合作夥伴關係，將與 Dogsters 品牌搭配使用。我們也正將 Dogsters 產品線導入寵物用品店通路。在冷凍飲品方面，配合幾部強檔電影上映所進行的主題式品牌行銷活動，支撐了該事業部門的表現。

Looking ahead, we're encouraged by the slate of releases for our fiscal second half. We are optimistic that movies like Super Mario Galaxy, Star Wars: Mandalorian and Toy Story 5 will support theater performance in the second half of '26. Additionally, the ongoing ICEE test with a West Coast QSR has expanded to additional markets. We are encouraged by the progress and believe that we're nearing completion of the test phase.

展望未來，我們對 2026 會計年度下半年的上映片單感到振奮。我們樂觀認為《超級瑪利歐銀河》、《星際大戰：曼達洛人》以及《玩具總動員 5》等電影，將在 2026 年下半年支撐戲院通路表現。此外，與美國西岸某家 QSR（快速服務餐廳）合作進行的 ICEE 測試已擴展至更多市場。我們對進展感到鼓舞，並相信測試階段已接近完成。

I'm also proud to share that in honor of our nation's 250th anniversary, we are rolling out several themed products, including a Star-shaped SUPERPRETZEL, red and blue ICEE squeeze tubes and red, white and blue cups for our Luigi's Real Italian Ice.

我也很自豪地分享，為紀念我國 250 週年，我們將推出多款主題產品，包括星形 SUPERPRETZEL、紅藍配色的 ICEE 擠壓管，以及 Luigi's Real Italian Ice 的紅白藍配色杯。

Our financial position remains strong with a clean balance sheet. During the quarter, we repurchased $22 million of shares at an average price of $84.56. Along with the dividends of $15.2 million, we returned over $37 million to shareholders in the quarter.

我們的財務狀況依然穩健，資產負債表乾淨。本季我們以平均價格 84.56 美元回購 2,200 萬美元的股票。加上 1,520 萬美元的股利，我們本季合計向股東返還超過 3,700 萬美元。

With that, I'll now turn the call over to Sean to walk through the financial details. Sean?

接下來，我把電話會議交給 Sean，請他說明財務細節。Sean？

Thanks, Dan, and good morning, everyone. As Dan mentioned, we're pleased with the profitability improvements we delivered in the second quarter, reflecting continued progress on our transformation initiatives. Foodservice segment net sales declined $11.4 million or 5% to $214.7 million. The largest driver of the decline was the anticipated reductions in our lower-margin bakery business of about $8 million.

謝謝你，Dan，各位早安。如 Dan 所提，我們對第二季所實現的獲利能力改善感到滿意，這反映出我們轉型措施持續取得進展。餐飲服務事業部門淨銷售下滑 1,140 萬美元（或 5%）至 2.147 億美元。降幅最大的原因是我們如預期將低毛利的烘焙業務縮減約 800 萬美元。

Additionally, cookie sales to a large customer declined about $4 million in the quarter due to the customer working through elevated inventory levels. We expect their orders to rebound in the third quarter. Churro sales declined about $3 million, while handheld sales declined $3.4 million. Partially offsetting these headwinds was continued strength in pretzels, which increased $6.7 million.

此外，由於該客戶正在消化偏高的庫存水位，本季對單一大型客戶的餅乾銷售下滑約400萬美元。我們預期其訂單將於第三季回升。吉拿棒（Churro）銷售下滑約300萬美元，而手持式產品銷售下滑340萬美元。部分抵銷上述逆風的是椒鹽脆餅（pretzels）持續強勁，增加了670萬美元。

Overall, our foodservice segment demonstrated resilience with notable bright spots and a significant improvement in profitability. Foodservice operating income increased $3.4 million to $10.9 million, largely reflecting gross margin improvements from plant consolidation and mix improvements.

整體而言，我們的餐飲服務（foodservice）事業部展現韌性，亮點明顯，且獲利能力大幅改善。餐飲服務營業利益增加340萬美元至1,090萬美元，主要反映工廠整併帶來的毛利率改善以及產品組合改善。

Retail segment net sales decreased $2.2 million or 4.1% to $51.6 million. Frozen novelty sales declined about $3.9 million during the quarter, which was partly offset by an increase in handheld sales. Retail sales were impacted by an increase in slotting fees of approximately $2 million to support new product innovation, along with increased trade investment, primarily in frozen novelties.

零售事業部淨銷售額減少220萬美元（或4.1%）至5,160萬美元。本季冷凍新奇品（frozen novelty）銷售下滑約390萬美元，部分被手持式產品銷售增加所抵銷。零售銷售受到約200萬美元上架費（slotting fees）增加的影響，以支持新產品創新，同時貿易投資增加，主要集中在冷凍新奇品。

Retail segment operating income declined $3.9 million due to slotting fees, trade and mix shift. Looking ahead, we intend to continue investing in trade and promotion to support our retail business in the second half.

零售事業部營業利益因上架費、貿易投入及產品組合轉移而下滑390萬美元。展望未來，我們打算在下半年持續加大貿易與促銷投資，以支持零售業務。

Frozen Beverage segment net sales increased $2.3 million or 3.1%. Beverage sales grew 13%, driven by an increase in theater sales and favorable foreign exchange. A decline in service sales of $3.2 million is expected to persist due to a customer decision to in-source maintenance. Despite this decision, we don't expect a meaningful margin impact as we temporarily downsize our tech network until we onboard prospective replacement business. Frozen beverage operating income increased $2.1 million to $4.6 million.

冷凍飲品（Frozen Beverage）事業部淨銷售額增加230萬美元（或3.1%）。飲品銷售成長13%，主要受惠於戲院通路銷售增加及有利的匯率因素。由於某客戶決定將維護作業內製（in-source），服務銷售下滑320萬美元，預期將持續。儘管有此決定，我們不預期毛利率會受到顯著影響，因為在我們導入潛在替代業務之前，將暫時縮減技術服務網路規模。冷凍飲品營業利益增加210萬美元至460萬美元。

Consolidated gross margin improved 190 basis points to 28.8%, primarily reflecting Apollo initiatives and favorable mix in foodservice and frozen beverage. Operating expenses increased $7.8 million to $97.5 million, which included $6.5 million in nonrecurring items related to plant closures and other restructuring costs, of which $4.1 million was noncash.

合併毛利率提升190個基點至28.8%，主要反映Apollo計畫的成效，以及餐飲服務與冷凍飲品的有利產品組合。營業費用增加780萬美元至9,750萬美元，其中包含650萬美元與工廠關閉及其他重整成本相關的一次性項目，且其中410萬美元為非現金項目。

Selling and marketing expenses increased 5.5% or $1.6 million compared to the prior year, representing 8.7% of sales as compared to 8% last year. The increase includes investments in marketing equipment and brand support. Distribution expenses declined and represented 12.1% of sales compared to 11.7% in the prior year period. Distribution costs included a $400,000 headwind from higher fuel costs. If fuel remains at current rates, fuel costs would be expected to increase approximately $3.5 million in the second half versus the prior year, if not mitigated.

銷售與行銷費用較去年增加5.5%（或160萬美元），占銷售額8.7%，去年為8%。增加主要包含行銷設備投資與品牌支持。配送費用下降，占銷售額12.1%，去年同期為11.7%。配送成本包含因燃料成本上升帶來的40萬美元不利影響。若燃料維持目前水準，且未採取緩解措施，則下半年燃料成本相較去年預期將增加約350萬美元。

Administrative expenses were $21.2 million, an increase of $1.4 million or 7.2% from the prior year, primarily due to an increase in nonrecurring charges in the quarter. The charges, which totaled $1.7 million are primarily associated with nonrecurring legal expenses and other restructuring charges, including severance.

管理費用為2,120萬美元，較去年增加140萬美元（或7.2%），主要因本季一次性費用增加。該等費用合計170萬美元，主要與一次性法律費用及其他重整費用（含資遣費）相關。

Adjusted operating income was $9.6 million compared to $8.9 million in the prior year. Adjusted EBITDA increased 9.5% to $28.7 million versus $26.2 million last year. The effective tax rate was 28.1%. On a reported basis, earnings per diluted share was $0.09 compared to $0.25 last year, primarily reflecting the impact of onetime charges. On an adjusted basis, earnings per share was $0.40, a 14.3% increase from last year.

調整後營業利益為960萬美元，去年為890萬美元。調整後EBITDA增加9.5%至2,870萬美元，去年為2,620萬美元。有效稅率為28.1%。按報表口徑，稀釋後每股盈餘為0.09美元，去年為0.25美元，主要反映一次性費用的影響。按調整後口徑，每股盈餘為0.40美元，較去年增加14.3%。

Our balance sheet remains strong with approximately $31 million of cash net of debt. We had approximately $181 million of borrowing capacity under our revolving credit agreement. During the second quarter, we generated approximately $16 million in operating cash flow and invested $16 million in capital expenditures. Over the past 12 months, we have repurchased approximately 785,000 shares for an aggregate of $72 million. In the first half of '26, we have returned $95 million in cash to shareholders through share buybacks and dividends.

我們的資產負債表仍然穩健，扣除負債後約有3,100萬美元現金。在循環信用協議下，我們約有1.81億美元的可動用借款額度。第二季我們產生約1,600萬美元的營運現金流，並投入1,600萬美元資本支出。過去12個月，我們已回購約785,000股，合計金額7,200萬美元。在26會計年度上半年，我們透過庫藏股回購與股利向股東返還9,500萬美元現金。

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

以上為我們的準備發言，接下來我們準備回答各位的提問。接線員？

(Operator Instructions)

（接線員指示）

Jon Andersen, William Blair.

Jon Andersen，William Blair。

Dan, you mentioned at the, I think, the top of your prepared comments that in the quarter, you experienced some demand softness on rising fuel costs. I'm wondering if you could talk a little bit more about maybe where you experienced that the most.

Dan，你在我想是準備發言一開始提到，本季在燃料成本上升的情況下，你們感受到一些需求轉弱。我想請你再多談一點，主要是在哪些地方感受最明顯。

And when I say where, maybe if you could discuss it in the context of categories and maybe channels and then how you kind of expect that to kind of play out in the back half of the year based on what you know right now?

我說的「哪些地方」，是指能否從品類以及通路的角度來說明，並談談基於你目前所掌握的資訊，你預期這在今年下半年會如何發展？

Right. Yes. Thanks, Jon. Thanks for the question. Where you get hit the most right off the bat with fuel costs rising is in your convenience store business.

好的。是的。謝謝，Jon。謝謝你的問題。燃料成本上升時，最先、最直接受到衝擊的是便利商店業務。

That's where people feel it the most or at the gas pump, the price is high on their filling up the tank and they decide not to go in and purchase something more. We also see that in our foodservice side of our business, too. That's an area that gets hit quicker than some of the other spots. We're seeing really a consumer that is -- just has a sentiment already about worries about costs rising. And then the fuel uncertainty makes that makes it much more live to them.

那是人們感受最明顯的地方；在加油站油價偏高、加滿油箱的成本上升時，他們就會決定不進店再多買其他東西。我們在餐飲服務端的業務也看得到這種情況。那也是比其他一些領域更快受到衝擊的區塊。我們看到消費者其實已經對成本上升有所擔憂。而燃料的不確定性讓這種感受變得更即時、更強烈。

Okay. Fair enough. Do you think as we -- I know you don't offer guidance per se, but if we look to the back half of the fiscal, given that -- you also have quite a bit of, I think, good innovation coming or in the works or in flight right now. And it sounds like some tests may be coming to some kind of resolution, hopefully favorable resolution. How are you thinking about kind of growth in the back half of the year?

了解。合理。你認為當我們——我知道你們不會提供明確指引——但如果看今年下半年，考量到——你們也有不少我想是很好的創新正在推出、在規劃中或正在進行中。而且聽起來一些測試可能即將有結果，希望是正面的結果。你們如何看待下半年的成長？

And then I guess part of that question is also we need to consider the ongoing impact of SKU rat in bakery or just account some of the business rationalization you're doing in the low-margin part of bakery. Does that continue with the kind of levels you've experienced in the first half? Any kind of thinking around that would be helpful from a modeling perspective.

另外我想這個問題的一部分也需要考量烘焙品類中SKU精簡（SKU rationalization），或你們在烘焙低毛利部分所做的一些業務調整。這是否會以你們上半年所經歷的那種幅度持續？從建模角度來看，任何相關想法都會很有幫助。

Sure. Yes. Good question, Jon. And you're right, we don't really give specific guidance in that space. What we do know is we have some planned volume reductions like what we've talked about in both Q3 and Q4.

當然。是的。好問題，Jon。你說得對，我們在這方面確實不太提供具體指引。我們確定的是，我們在第三季與第四季都有一些已規劃的出貨量（volume）下調，就像我們先前談到的那樣。

In Q3, I think that's about a 3.5% in Q4, about a 2.5%, consistent with the 3% that we've talked about for the year. We also know -- like I just talked about with you, we have that wavering consumer sentiment with the higher oil prices, and that's bouncing around even as we speak this morning, that's bouncing around some.

在第三季，我認為大約是 3.5%；在第四季大約是 2.5%，與我們先前談到的全年 3% 一致。我們也知道——就像我剛才跟你提到的，隨著油價走高，消費者信心出現波動；而且即使就在今天早上我們在通話的此刻，這種波動也仍在持續、上下起伏。

And we also know we have some really strong benefits coming from Apollo in the second half. We saw that in the first half of the year. We saw that this quarter.

我們也知道，下半年將會有一些非常強勁的效益來自 Apollo。我們在上半年就看到了。我們在本季也看到了。

Proud of the way the teams are working towards that. And so we see that benefit as I sit today, I would see the environment in Q3 being pretty much the same as the environment we saw in Q2.

我為團隊朝這個方向努力的方式感到自豪。因此，以我目前所見，我會認為第三季的環境大致會與我們在第二季看到的環境相同。

Makes sense. Maybe pivoting to the Apollo and the benefits from that. Could you just bring us up to speed on how much -- what the run rate benefits are as we kind of exited the first half run rate annualized benefits from Apollo? And then it sounds like you're making good progress on the next kind of phase of benefits, administration and distribution. What that might mean for run rate annualized savings exiting fiscal '26?

了解。也許轉到 Apollo 以及由此帶來的效益。你能否幫我們更新一下：當我們走出上半年時，Apollo 的效益「跑速」（run rate）大概是多少——也就是上半年結束時年化的跑速效益？另外聽起來你們在下一階段的效益（行政與配送）也有不錯進展。這對於在 2026 財年結束時的年化跑速節省，可能意味著什麼？

Yes, sure. I'll take that. So the plant savings or the plant consolidation work is materially complete. And if you recall, that was about $15 million worth of annualized benefits. That's our estimate.

好的，當然。我來回答。所以工廠節省或工廠整併的工作已在實質上完成。如果你還記得，那大約是 1,500 萬美元的年化效益。那是我們的估計。

In the quarter, we were actually above $4 million in plant savings, so a bit above that run rate. The balance of that $5 million is coming from a combination of G&A administrative savings as well as the distribution savings. On the administrative savings front, we implemented a number of initiatives later in the second quarter. So you didn't really see a lot of the benefits show up in the second quarter. The remaining initiatives will be -- were actually completed there in April.

在本季，我們實際上工廠節省超過 400 萬美元，因此略高於該跑速。那 500 萬美元的其餘部分，來自於一般及行政（G&A）管理節省與配送節省的組合。在管理節省方面，我們在第二季後段實施了多項措施。因此你在第二季其實沒有看到太多效益反映出來。其餘措施——實際上已在 4 月完成。

So we'll be at the full run rate on the G&A savings, which is at least $2 million annualized. And on the $3 million of distribution cost savings, we'll be ramping that up in Q3 and Q4. So by the time we get to Q4, the end of Q4, we should be on the full run rate for all the initiatives. So we feel good about where we are.

因此我們將達到 G&A 節省的完整跑速，至少是年化 200 萬美元。至於 300 萬美元的配送成本節省，我們會在第三季與第四季逐步拉升。所以到第四季、也就是第四季末時，我們應該會在所有措施上都達到完整跑速。因此我們對目前進度感到樂觀。

Great. Great. Maybe I'll -- if I can get one more in. It seems like you've been buying back stock a little bit more regularly. And I'm just kind of wondering, as you look ahead and obviously supporting the dividend, do you think about returning cash to shareholders going forward?

很好。很好。也許我——如果可以的話再問一個。看起來你們回購股票的頻率更規律了一些。我想了解的是，展望未來，除了支持股利之外，你們如何看待持續把現金回饋給股東？

Could you talk a little bit about the priorities there? And would you kind of continue the approach you've taken kind of over the last 12 months?

你能談談那方面的優先順序嗎？以及你們是否會大致延續過去 12 個月採取的做法？

Yes, sure. We saw -- continue to see compelling value in the shares. We bought back $22 million in the quarter. And I can tell you that we'll continue to buy back stock. We have seen an increase, I'd say, in potential M&A activity.

好的，當然。我們過去看到、也持續看到公司股票具有相當吸引力的價值。我們在本季回購了 2,200 萬美元。我也可以告訴你，我們會持續回購股票。我們也看到潛在的併購（M&A）活動有所增加。

And so that's probably going to factor into the calculus here in the back half. But yes, we're -- our stock buyback, it does reflect our conviction.

因此這可能會在下半年納入我們的考量。但沒錯，我們——我們的股票回購確實反映了我們的信心。

Todd Brooks, The Benchmark Company.

Todd Brooks，Benchmark Company。

Shawn, can we lead off on oil because I think it touches you in multiple places, right? It's at the consumer level, it's at the raw distribution level. It's also in the packaging level. So I think you gave some color on what the incremental pressure from fuel would be the $3.5 million in the second half if we stay at current levels. But is that just on the distribution side?

Shawn，我們能先從油價談起嗎？因為我認為它在多個面向都會影響你們，對吧？它影響消費者端，也影響原物料配送端。它也影響包材端。所以我想你剛才提到，如果維持在目前水準，下半年燃料帶來的額外壓力會是 350 萬美元。但那只是配送端嗎？

And then I know there's no way to really gauge the consumer demand, but how about on the packaging side?

另外我知道消費者需求很難真正衡量，但包材端呢？

Yes. Yes, it's a great question. So that is just the direct fuel piece. There is some potential risk around packaging as we get later into Q3 and Q4. But the lion's share of the impact is going to be in those direct fuel costs.

是的。是的，這是個很好的問題。所以那只是直接的燃料部分。隨著進入第三季後段與第四季，包材方面確實存在一些潛在風險。但影響的最大部分將會是在那些直接燃料成本上。

We haven't attempted to quantify what it means from the consumer outside of the comments that Dan made earlier. But yes, that $3.5 million is representative of the second half within distribution. Now I will say that we are taking steps to try to mitigate some of that exposure. And so hopefully, we see -- hopefully, we get a little bit more relief than what's modeled there.

至於消費者端的意涵，我們尚未嘗試量化，除了 Dan 先前的評論之外。但沒錯，那 350 萬美元代表的是下半年在配送端的影響。我也要說，我們正在採取一些措施，試圖降低部分曝險。因此希望我們看到——希望我們能獲得比模型所假設的更多一些緩解。

Yes. That's where I wanted to go next. Is this something that you can fuel surcharge immediately to customers? Is it something that has to be negotiated price increases, at least in retail? And given the volatile nature of what we're living through now and how the markets are spiking up and down, do you want to try to price to offset this pressure yet or do we need to have kind of more of a permanent resolution before you try to take those actions?

是的。這正是我接下來想問的。這種情況你們能否立刻對客戶加收燃油附加費（fuel surcharge）？還是說至少在零售端，必須透過協商調價來處理？而且考量到我們現在所處環境的波動性、以及市場價格上下劇烈震盪，你們會想現在就透過定價來抵消這個壓力，還是需要先有較為長期、較為永久的解決方案後才採取行動？

Well, I'm going to take that, Todd. It's one of the things you have to watch really closely. We have some disciplines in the business on both the ICEE and Dippin' Dots side that allows us to be able to almost take those immediately. On the food service side of the business and the retail, it's a little bit more difficult than that. But we are meeting and talking about it, and we'll take price kind of action if need be.

Todd，我來回答。這是你必須非常密切關注的事情之一。在 ICEE 與 Dippin' Dots 這兩個業務端，我們有一些營運紀律，使我們幾乎可以立即採取這些措施。但在餐飲服務（food service）與零售端，難度會高一些。不過我們正在開會討論，也會在必要時採取調價等行動。

Okay. Perfect. If I can pivot and you're one of the few calls I've been on the cycle that didn't call out the impact from the winter weather reality that we lived with in kind of January, February and a good size footprint of the country.

好的。完美。如果我可以轉個話題：在這一輪財報電話會中，你們是我少數幾家沒有提到我們在 1 月、2 月以及全國相當大範圍所經歷的冬季天候影響的公司。

Have you sized either lost revenue from weather disruption or margin pressure or anything that you want to share with us as we're evaluating the results?

你們是否估算過因天候干擾造成的營收損失或毛利壓力，或任何你們願意分享、以便我們評估本次結果的資訊？

Yes. There's no way in our business that weather doesn't impact you. So we don't have a number that we've been able to put to that, Todd, but it certainly has an impact on our business and especially in some of our products that are in locations that are outside in foodservice and areas that people just can't get to. But it certainly has an impact. We have not put a number to that, though.

是的。在我們的業務中，天氣不可能不影響你。所以我們沒有一個能夠量化的數字，Todd，但它確實會影響我們的業務，尤其是一些位於戶外地點的餐飲服務產品，以及人們根本無法到達的區域。但它確實有影響。只是我們尚未對此做出量化。

Okay. Great. And then if I could squeeze one more in. You talked about the West Coast ICEE test progressing, which is great to hear. Can you update us on how the Taco Bell limited time offer performed?

好的。很好。最後如果我再擠一個問題。你提到西岸 ICEE 的測試正在推進，這很高興聽到。你能更新一下 Taco Bell 限時優惠（limited time offer）的表現如何嗎？

And their thoughts on the performance and maybe where that relationship could go from here?

以及他們對於表現的看法，或許也包括這段合作關係接下來可能會如何發展？

Yes. Two questions there, I think. Let me talk about the West Coast QSR test with ICEE. Excited about that one, continuing to expand. We're actually rolling out into another market right now, which is claimed to be the last test phase of this with a potential decision to be made before we even exit summer.

是的。我想這裡有兩個問題。我先談談與 ICEE 在西岸 QSR 的測試。我們對此很興奮，並持續擴大。我們其實正在拓展到另一個市場，據稱這會是此項測試的最後階段，甚至在夏季結束前就可能做出決策。

So really excited about where that one is going. The Taco Bell volume in the quarter wasn't as great as we originally had anticipated. There's some volume from it that will still come through in this next quarter. The relationship is strong, and we think there's an opportunity to be able to come back and do some more with that customer.

所以我們對它的進展非常期待。本季 Taco Bell 的量並沒有如我們原先預期那麼好。不過其中仍有一些量會在下一季反映出來。雙方關係依然穩固，我們認為仍有機會回頭與該客戶再做更多合作。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

I wanted to just ask a little bit about the retail business, if I could. I know you called out some of the innovation initiatives, some of the higher trade and slotting fees associated with getting those in store. Wondering if you can just help us understand maybe demand for some of those products where they are in market just in terms of volumes and consumer response, even beyond just the trade and slotting fees that you called out.

我想稍微問一下零售業務，如果可以的話。我知道你提到一些創新計畫，以及為了讓產品上架而需要支付較高的通路促銷費與上架費。想請你協助我們理解，這些產品在市場上的需求狀況如何——就出貨量與消費者反應而言——不僅僅是你提到的通路促銷費與上架費。

Yes. It's early still. They just started to kind of roll out in the back half of the quarter, but really excited about the opportunities that we have in retail. One of the things we learned last year as you get into the second quarter is you do need to up your trade spend to have your frozen novelties in place as you get into the third and fourth quarter. That was a mistake we called out last year.

是的。目前仍算早期。它們是在本季後半段才開始逐步鋪貨，但我們對零售端的機會非常興奮。我們去年學到的一點是，進入第二季時，為了在第三、第四季把冷凍新品鋪到位，確實需要提高通路促銷投入。那是我們去年點出的失誤。

And so some of that trade spend that's happening in Q2 will benefit us now in Q3 and Q4. The slotting fees associated with some of our new products, those new products appear to be kicking off really well. We have the Dogsters brand that's doing really good. Our Luigi's is rolling out mini pops really nicely. The soft sticks are doing pretty good.

因此，第二季發生的部分通路促銷投入，會在第三季與第四季讓我們受益。至於部分新產品的上架費，這些新產品看起來開局表現相當不錯。我們的 Dogsters 品牌表現很好。Luigi's 的迷你冰棒鋪貨進展也很順利。soft sticks 的表現也不錯。

And then the one that we keep counting more than anything is the high-temp Dippin' Dots, and we expect that to do really, really well for us as we get into the back half of the year.

另外，我們最看重的一項是耐高溫的 Dippin' Dots，我們預期在下半年會為我們帶來非常、非常好的表現。

Okay. Understood on that. I appreciate the thoughts there. If I could just shift over to the foodservice side of things. I know Shawn called out.

好的。了解。感謝你的分享。如果可以的話，我想把話題轉到餐飲服務（foodservice）端。我知道 Shawn 提到。

If we put aside the bakery SKU rationalization, Shawn called out a few moving pieces in the quarter with, I think it was a cookie inventory reduction at a certain retailer and also some weaker volumes from the Taco Bell program that has been running. Just wondering if you can help us understand maybe how we should be thinking about cadence or trajectory for that foodservice business moving ahead, just given some of these moving parts that we saw in the quarter.

如果先不談烘焙 SKU 精簡，Shawn 提到本季有幾個變動因素：我想其中包括某個零售商的餅乾庫存去化，以及正在進行的 Taco Bell 專案帶來較弱的量。想請你協助我們理解，考量到本季看到的這些變動因素，未來餐飲服務業務的節奏或走勢應該如何看待？

Yes. Good question, Scott. Yes, you identified those moving pieces there. Look, I mean, as it relates to the cookies with a customer that was -- that had reduced its volumes because of inventory level, we're already seeing those volumes pick up. So don't expect that to be a headwind in upcoming quarters as it was in Q2.

是的。好問題，Scott。是的，你點出了那些變動因素。就餅乾而言，那位客戶因庫存水位而降低了出貨量，我們已經看到出貨量回升。因此，不預期它會像第二季那樣在接下來幾季形成逆風。

Pretzels continue to be strong. We did $6.7 million in pretzel sales in foodservice in the quarter. I think that in the prior quarter, we were up around $4 million in foodservice pretzels. So it continues to perform well, and we're confident that we're going to continue growing that business.

椒鹽脆餅（pretzels）持續強勁。本季我們在餐飲服務端的椒鹽脆餅銷售額為 670 萬美元。我記得上一季餐飲服務端的椒鹽脆餅大約是 400 萬美元。所以表現持續良好，我們也有信心會持續成長這項業務。

And I can tell you, too, that even though we had -- unfortunately, some didn't quite realize the benefits from that LTO that we were hoping. We do expect -- we do have a couple of initiatives in the pipeline around churros for the back half of the year that could have some promise. I won't get into any more detail on it now, but hoping that maybe with the next call, we'll be able to post you.

另外我也可以說，儘管我們——很可惜——沒有完全實現我們原本希望從那個限時供應（LTO）中獲得的效益，但我們確實在下半年有幾項與吉拿棒（churros）相關的計畫正在推進，可能會有一些潛力。我現在先不多談細節，但希望在下一次電話會議時能向各位更新。

Okay. I appreciate the thoughts there. And maybe if I turn over to the OpEx side, you made some comments about the distribution costs and not having realized the efficiencies from Apollo in that yet. Can you help us understand, is that the main driver of distribution as a percent of sales being up on a year-over-year basis? Or was there some other dynamic in the quarter that had an impact on that part of the P&L?

好的。感謝你的看法。另外如果我轉到營運費用（OpEx）方面，你提到配送成本，以及目前尚未在其中實現 Apollo 的效率提升。能否協助我們理解：配送成本占銷售比率年增的主要驅動因素就是這個嗎？還是本季還有其他動態也影響了損益表的這一部分？

Yes, great question. So you've got about $400,000 in fuel that we flagged in our fuel costs. And of course, that was really all coming from the exposure in March when diesel prices started to rise. The other piece of that is we had about $200,000 worth of higher dry ice costs, and that was weather related, so we don't expect that to be recurring.

是的，很好的問題。我們在燃料成本中標示了大約 40 萬美元的燃料費用。當然，這主要來自 3 月柴油價格開始上漲時的曝險。另一部分是我們約有 20 萬美元較高的乾冰成本，這與天氣有關，因此我們不預期會重複發生。

The other piece is we did have some cost shift around between distribution and cost of sales and so that led to about $500,000 increase in cost of sales -- I'm sorry, in distribution relative to cost of sales.

另外，我們確實在配送成本與銷貨成本之間做了一些成本重分類（shift），因此相較於銷貨成本，配送成本增加了約 50 萬美元——抱歉，是配送成本相對於銷貨成本增加。

This concludes our question-and-answer session. I would like to turn the conference back over to Dan Fachner for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Dan Fachner，請他做結語。

Thank you, operator. In closing, I want to emphasize that our Q2 results demonstrate that our transformation project is taking hold, and we can drive earnings growth despite some top line softness. We're building momentum for sustainable growth.

謝謝，接線員。最後我想強調，我們第二季的結果顯示轉型專案正在發揮效果，即使營收端略有疲軟，我們仍能推動獲利成長。我們正在為可持續的成長建立動能。

Our strong balance sheet provides flexibility to invest growth opportunities while returning capital to shareholders. We remain confident in our ability to deliver the full benefits of Project Apollo and drive long-term value creation.

我們強健的資產負債表提供了彈性，使我們能在回饋股東資本的同時，投資成長機會。我們仍對自己有能力充分實現 Apollo 專案的全部效益並推動長期價值創造充滿信心。

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

再次感謝各位持續的支持，我們期待在 2026 會計年度期間持續向各位更新我們的進展。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。