WK Kellogg Co (KLG) 2025 Q1 法說會逐字稿

Hello, and welcome to WK Kellogg Co to report firs-quarter results May 6. My name is Harry, and I will be your operator today. (Operator Instructions.)

您好，歡迎來到 WK Kellogg Co，我們將於 5 月 6 日公佈第一季業績。我叫哈利，今天我將擔任您的接線生。（操作員指令。）

I would now like to hand the conference over to Karen Duke, Vice President of Investor Relations. Thank you. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Karen Duke。謝謝。請繼續。

Thank you, Harry, and good morning, everyone. Thank you for joining us today for WK Kellogg Co's first- quarter 2025 earnings Q&A session. I hope everyone has had the chance to read our press release and listen to our prerecorded management remarks, both of which are available on our website. In addition, we have posted a transcript of our prerecorded remarks. Please note that during today's Q&A session, we may make forward-looking statements that are subject to various risks and uncertainties.

謝謝你，哈利，大家早安。感謝您今天參加 WK Kellogg Co 2025 年第一季財報問答環節。我希望每個人都有機會閱讀我們的新聞稿並聆聽我們預先錄製的管理層講話，這兩者都可以在我們的網站上找到。此外，我們也發布了我們預先錄製的發言的記錄稿。請注意，在今天的問答環節中，我們可能會做出前瞻性的陳述，這些陳述受各種風險和不確定性的影響。

Our actual results could differ materially from those projected or implied by these forward-looking statements. For further information concerning factors that could cause our results to differ, please refer to the disclaimer slide in our earnings presentation as well as the risk factors disclosed in our most recent Form 10-K filed with the SEC.

我們的實際結果可能與這些前瞻性陳述預測或暗示的結果有重大差異。有關可能導致我們的結果不同的因素的更多信息，請參閱我們的收益報告中的免責聲明幻燈片以及我們向美國證券交易委員會提交的最新 10-K 表中披露的風險因素。

Finally, please note that we may refer to certain non-GAAP measures that we believe provide useful information for investors. Definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure are included in this morning's press release and in the appendix to the slide presentation.

最後，請注意，我們可能會參考某些我們認為可以為投資者提供有用資訊的非公認會計準則指標。這些非公認會計準則 (non-GAAP) 指標的定義以及與最直接可比較的公認會計準則 (GAAP) 指標的對帳已包含在今天上午的新聞稿和幻燈片簡報的附錄中。

I'm joined this morning by Gary Pilnick, our Chairman and Chief Executive Officer; and Dave McKinstray, our Chief Financial Officer.

今天上午，與我一起出席的還有我們的董事長兼執行長 Gary Pilnick 和財務長 Dave McKinstray。

With that, I will turn the call over to the operator for our first question.

說完這些，我將把電話轉給接線生來回答我們的第一個問題。

Andrew Lazare, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Gary, how are you? So, maybe to start off, you mentioned in the prepared remarks several times the sort of rapid acceleration in consumer interest in health and wellness brands within the ready-to- cereal category in the quarter. I know this has been a longer sort of burning trend over time, but it does seem like something flipped or switched, sort of flipped, if you will, on this in the quarter itself. And I'm trying to get a sense of what you think drove that sort of recent rapid acceleration.

太好了，非常感謝。加里，你好嗎？因此，首先，您在準備好的發言中多次提到，本季消費者對即食穀物類健康和保健品牌的興趣迅速增長。我知道這是一種長期持續的趨勢，但似乎有些東西在本季度發生了轉變或轉變，如果你願意的話，可以說是發生了轉變。我想了解一下您認為是什麼導致了最近這種快速加速。

It's a great question. We've been talking about that internally. If you don't mind, I'm going to tease the words a little bit, Andrew. We do think it's been accelerating. We've been watching this for a while. It's the reason why we're able to pivot so quickly and you heard what we're doing and what our plans are in the back half of the year.

這是一個很好的問題。我們內部一直在討論這個問題。如果你不介意的話，我想稍微調侃一下，安德魯。我們確實認為它正在加速。我們已經觀察這個有一段時間了。這就是我們能夠如此迅速地轉變的原因，您已經聽到了我們正在做的事情以及下半年的計劃。

The reason for that is because we saw this coming, we actually think it's quite a good thing for the category, a good thing for us. And that's why we're prepared with not just new foods like the Kashi relaunch, but campaigns across many of our mainstream brands regarding fiber. So, we were prepared for this. If we step back and say, why do we think this might be happening?

原因在於我們預見了這一點，我們實際上認為這對該類別來說是一件好事，對我們來說也是一件好事。這就是為什麼我們不僅在準備重新推出像 Kashi 這樣的新食品，而且還在許多主流品牌中開展有關纖維的活動。所以，我們已經做好準備了。如果我們退一步思考，為什麼我們認為這種情況可能會發生？

Well, as we're looking at what's happening within the consumer, the sentiment is obviously down. We are all seeing the same information. So, there is continuing interest and focus on value. We understand that. At the same time, in our category, what we're also seeing is some of our consumers are also willing to pay more.

嗯，當我們觀察消費者內部發生的情況時，情緒顯然很低落。我們都看到了相同的訊息。因此，人們持續關注並關注價值。我們明白這一點。同時，在我們的類別中，我們也看到一些消費者也願意支付更多費用。

It's an interest in health and nutrition. I think that's going to continue. I think this is simply the continuation of a trend that we saw coming that at some point, started to accelerate, and quite honestly, maybe this was just how it would naturally happen, but we don't expect it to slow. We think this is something that is more than a fad, it's a trend going forward. That's why we're already prepared and we're doing things with our food and our promotion.

這是對健康和營養的興趣。我認為這種情況將會持續下去。我認為這只是我們所看到的趨勢的延續，這種趨勢在某個時刻開始加速，而且說實話，也許這只是它自然發生的方式，但我們預計它不會放緩。我們認為這不僅僅是一種時尚，而是一種未來的趨勢。這就是為什麼我們已經做好準備並且正在透過食品和促銷採取行動。

And again, we think this is quite a good thing for our category and for us because as folks are focusing on a combination of value on health, those two things, we're a terrific destination for that because we know we could provide that in the category.

而且，我們認為這對我們的產品類別和我們自己來說都是一件好事，因為人們現在都專注於健康價值的結合，這兩件事，我們是實現這一目標的絕佳目的地，因為我們知道我們可以在這一類別中提供這一點。

Thanks for that. And then just one for Dave. Just trying to get a better sense of the magnitude of sort of gross margin contraction expected in the second quarter. And I guess, do you think one quarter is enough to sort of right size, finished goods inventory with sort of the revised demand forecast? Thank you.

謝謝。然後只給戴夫一個。只是想更了解預計第二季毛利率收縮的幅度。我想，您是否認為一個季度就足以根據修訂後的需求預測來確定合適的成品庫存規模？謝謝。

Yeah, Andrew, good question. I mean you can see we've adjusted our top line estimate for the year. So, our demand outlook, we think is commensurate with what we're seeing in the category, the dynamics we're seeing in the consumer, some of which Gary just alluded to, as well as then the actions and activity that we're enhancing in the back half of the year. I'm sure you listened to the prepared remarks that went through all of that, and we can go through that in more detail as well. But our demand forecast and what we have now guided to considers all that.

是的，安德魯，這個問題問得好。我的意思是，您可以看到我們已經調整了今年的營收預期。因此，我們認為，我們的需求前景與我們在該類別中看到的情況、我們在消費者中看到的動態相稱，其中一些是加里剛才提到的，以及我們在下半年加強的行動和活動。我相信您已經聽完了涉及所有這些內容的準備好的發言，我們也可以更詳細地討論這些內容。但我們的需求預測和我們現在的指導都考慮到了這些。

And now what we've done is we've adjusted our manufacturing plan that's commensurate with that. We feel good about that. We feel good about where that's tracking. Like you said, that will mean that we have the largest impact to Q2 as we make those adjustments to our manufacturing plan. But as we move to the back half of the year, we should come out of Q2 rightsized on the right levels of inventory we need to operate our business, and that will set us up then for a more stabilized gross margin performance in the back half.

現在我們所做的就是調整我們的生產計劃以適應這種情況。我們對此感到很高興。我們對於追蹤的情況感到滿意。正如您所說，這意味著我們對製造計劃進行調整將對第二季產生最大的影響。但隨著我們進入下半年，我們應該在第二季度調整庫存規模，以達到經營業務所需的適當水平，這將為我們在下半年實現更穩定的毛利率表現奠定基礎。

Kenneth Goldman, JP Morgan.

肯尼斯‧戈德曼，摩根大通。

Hi, thank you. Hi guys, thanks so much. I wanted to ask a little bit. One of the comments in the prepared remarks was that the category in the US and Canada continues to provide the stable backdrop you need to execute your strategy. I know that you did support the 500 basis points of growth by the end of '26 today. But I was just curious to circle back a little bit toward the part of the strategy that talks about flattish sales growth, right?

你好，謝謝。大家好，非常感謝。我想問一下。準備好的評論中的一條評論是，美國和加拿大的類別繼續為您執行策略提供穩定的背景。我知道您今天確實支援到 26 年底實現 500 個基點的成長。但我只是好奇地稍微回顧一下策略中有關銷售成長穩定的部分，對嗎？

And then maybe positive sales growth after '26. I think that's sort of what the initial outlook was anyway. So, just trying to get a sense in light of kind of some of the challenges you're facing today, how you think about or how you define stable backdrop, just so we kind of understand that phrase a little bit.

26 年後銷售額可能會出現正成長。我認為這基本上就是最初的觀點。因此，只是想根據您今天面臨的一些挑戰來了解您如何看待或如何定義穩定的背景，這樣我們就能稍微理解這句話了。

No, I think that's very fair, Ken. I appreciate the question. And when we think about what's happening in the category, the reason we said in the prepared remarks is providing that backdrop because the way it's performing right now is consistent with our planning assumptions and what we need to deliver our model. If you take a look in the US, down about 80 basis points, sequential improvement on both sales as well as volume. And TDPs, displays, the fundamentals of the category are solid right now.

不，我認為這非常公平，肯。我很感謝你提出這個問題。當我們思考該類別中發生的事情時，我們在準備好的評論中所說的原因是提供這種背景，因為它現在的表現方式與我們的規劃假設以及我們實現模型所需的一致。如果你看美國，你會發現下降了約 80 個基點，銷售額和銷量都出現了連續改善。而且 TDP、顯示器、該類別的基礎目前都很穩固。

The key for us is as we're seeing a shift in the category, we need to shift with it. And we believe we could do that. We're confident we could do that. So, if you take a look at what's happening, we know that there's continued interest in value and continued interest and growing interest in health and wellness. That's the place that we're going to go.

對我們來說，關鍵在於當我們看到類別的轉變時，我們需要隨之轉變。我們相信我們能夠做到這一點。我們有信心能夠做到這一點。因此，如果你看看正在發生的事情，我們就會知道人們對價值的興趣持續存在，對健康和保健的興趣持續且日益增長。那就是我們要去的地方。

I talked about that a moment ago during Andrew's discussion. So, we do -- we still continue to drive a business that focuses on a stable top line, minus one, plus one, in that range. We've talked about that. And then that allows us to then deliver the outsized margin growth over the long term. And I appreciate you mentioning the supply chain program, that's the restructuring we're doing.

我剛才在與安德魯的討論中談到了這一點。所以，我們仍然會繼續推動專注於穩定收入的業務，在這個範圍內減一，加一。我們已經討論過這個了。這樣，我們就能在長期內實現超額的利潤成長。感謝您提到供應鏈計劃，這就是我們正在進行的重組。

You reach all the way out. That's what delivers a significant amount of margin for us, and most of that is mechanical, as you know. As you get closer in, we're also always looking for ways to drive our profitability, and we have a variety of things that are in sight right now.

你盡全力伸出手去。這為我們帶來了大量利潤，其中大部分是機械的，正如你所知。隨著時間的流逝，我們也一直在尋找提高獲利能力的方法，目前我們已經看到了各種各樣的方法。

And then if you go to the top line where you were describing, in our prepared remarks, we did talk about the trajectory changing in the back half. And you heard us talk about very tangible things that we've already done, for example, distribution gains in channels that are winning right now.

然後，如果你回到你所描述的第一行，在我們準備好的評論中，我們確實談到了後半部分的軌跡變化。您聽到我們談論我們已經做過的非常切實的事情，例如，目前成功的管道中的分銷收益。

They're coming online now, they're going to come online in the back half of the year. We talked about incremental investment in our brands. We know that when we do that properly, the top line responds to it. Dave talks a lot about return on that investment. The good news is that has been improving.

他們現在上線了，他們將於今年下半年上線。我們討論了對我們品牌的增量投資。我們知道，當我們正確地做到這一點時，頂線就會做出回應。戴夫談了很多有關該投資的回報。好消息是情況正在改善。

And then you also heard what we're doing with respect to the launches associated with different health and nutrition brands. But don't misunderstand, our mainstream brands also are getting a lot of attention. We simply -- we just finished up filming. I'll give you a secret, Ken. We just finished filming a spot with Tony Hawk, the skateboarder.

然後您也聽到了我們在與不同健康和營養品牌相關的發布方面所做的工作。但請不要誤會，我們的主流品牌也受到了許多關注。我們只是——我們剛剛結束了拍攝。我告訴你一個秘密，肯。我們剛拍完滑板選手托尼霍克的廣告。

We associate Tony with Frosted Flakes, that happened a while back. We're bringing him back into the franchise, and we're excited about that. So, those are the reasons why, the tangible reasons why, we do think our trajectory will change in a positive way. And we do need a stable top line to deliver that model, and we feel good that we can deliver on that.

我們將 Tony 與 Frosted Flakes 聯繫起來，那是不久前發生的事情。我們將讓他重返球隊，我們對此感到非常興奮。所以，這些就是我們認為我們的軌跡將發生積極變化的具體原因。我們確實需要穩定的營收來實現這一模式，我們很高興能夠實現這一目標。

All right, thanks for that. And then a quick follow-up. It was mentioned that the higher promotions reflects a strategic reallocation of the 53rd week profit. I think it was mentioned that you're redirecting from some other brand investments. Is it as simple as you're maybe not going to be spending on air as much? Just wanted to kind of get a better sense of which brand investments are not being deemphasized, but are sort of feeling a little bit of that reallocation?

好的，謝謝。然後進行快速跟進。有人提到，更高的促銷活動反映了第 53 週利潤的策略性重新分配。我認為有人提到您正在轉移一些其他品牌的投資。是不是很簡單，因為你可能不會在航空上花太多的錢？只是想更了解哪些品牌投資沒有被淡化，但卻有一點重新分配的感覺？

Yeah, Ken, good question. So, I'd start with saying it's not that we're deemphasizing brand investment. We're more strategically shifting that investment, and we're trying to get closer to where the consumer is. So, as we think about that, we've talked a lot about ROIs over the last 18 months. One of the things that we focused on specifically in our consumer-facing investments was our return on those investments over the last 18 months.

是的，肯，這個問題問得好。因此，我首先要說的是，我們並不是不再重視品牌投資。我們正在更有策略地轉移投資，並試圖更貼近消費者。因此，當我們考慮到這一點時，我們在過去 18 個月中討論了許多有關投資報酬率 (ROI) 的問題。在面向消費者的投資中，我們特別關注的事情之一是過去 18 個月的投資回報。

We've done a really nice job of enhancing the returns on those investments over the last 18 months, and that gives us confidence that, that's going to provide better returns for us, both in the short term, but also in the long term as consumers continue to interact with our brands, pick it up off the shelf, or in their online retailers. So, that's how we're thinking about it, Ken, is more just a shift of activity. It's not less brand interaction, but really just how the consumer is interacting with it a little bit differently.

在過去的 18 個月中，我們在提高這些投資回報方面做得非常出色，這讓我們有信心，這將為我們帶來更好的回報，不僅在短期內，而且在長期內，隨著消費者繼續與我們的品牌互動，從貨架上或在線零售商處購買我們的產品。所以，肯，這就是我們對此的看法，這更多只是活動的轉變。這並不是說品牌互動減少了，而是消費者與品牌互動的方式略有不同。

(Operator Instructions)

（操作員指示）

Megan Clap, Morgan Stanley.

摩根士丹利的梅根·克拉普 (Megan Clap)。

Hi, good morning. Thanks so much. Maybe I could just follow up on Ken's first question there. The category continues, as you mentioned, to perform in line with your expectation and more about your market share performance. And it's nice to hear you've identified some fixes. But I guess if we look at the balance of the year, it does seem to imply you're expecting to get back in line with what the -- how the category is performing. So, how confident are you in that in terms of the fixes that you've identified that you can get back to performing in line with the category this year?

嗨，早安。非常感謝。也許我可以跟進肯的第一個問題。正如您所提到的，該類別的表現繼續符合您的預期，並且與您的市佔率表現相符。很高興聽到您已經找到了一些解決方案。但我想，如果我們看今年的餘額，它似乎確實意味著你期望回到與該類別表現一致的水平。那麼，就您所確定的修復措施而言，您對今年能夠恢復到與類別相符的表現有多大信心？

Yeah, Megan, thanks for the question. I'd start with saying, it's not going to happen overnight. We've said that we'll sequentially improve kind of each quarter into the back half. So, as we think about that and you think about the, call it, the building blocks that we have in the year to go, some of those things are happening now. Gary just mentioned that we're picking up distribution gains in a key channel as we speak.

是的，梅根，謝謝你的提問。我首先要說的是，這不會在一夜之間發生。我們說過，我們將在下半年逐步改善每季的情況。因此，當我們思考這個問題，思考我們在未來一年要奠定的基礎時，其中一些事情正在發生。加里剛才提到，我們正在一個關鍵管道獲得分銷收益。

That just happened starting really kind of the middle of P4. So, that is just getting into market. We have more of that coming as we move into Q3, more coming in Q4. So, it is kind of sequenced out that first piece of distribution gains. We talked about the strategic investment allocation.

這件事實際上發生在 P4 中期。所以，這只是進入市場而已。隨著我們進入第三季度，我們將會有更多這樣的產品推出，第四季也會有更多這樣的產品推出。因此，第一部分分配收益是按一定順序排列的。我們討論了戰略投資配置。

We'll have dollars working harder in the marketplace both in Q3 and then in compared to a year ago in Q4 as well. So, think about it like that is we'll have a little bit of sequential improvement throughout the quarters as the year goes on. The Kashi relaunch, we're excited about that. We think that, that food is going right where the consumer is. So, that will be happening, call it, right around the end of Q2.

與去年同期相比，我們在第三季和第四季的市場上的資金投入都會更加積極。所以，想想看，隨著時間的推移，我們各個季度都會有一點連續的改善。喀什的重新啟動，我們對此感到非常興奮。我們認為，食品會直接流向消費者所在的地方。所以，這將會發生，就在第二季末左右。

So again, these things aren't just a big bang here immediately. They're going to be kind of staged in as the year goes in. And then as we think about 2026, all those distribution gains will wrap into next year. Obviously, the Kashi relaunch will wrap into next year, and we're continuing, as we talked about at CAGNY, and the Spoons framework, we're continuing that activity and enhancing our health propositions, both from a health and wellness and emphasizing the health benefits of our mainstream brands into 2026.

所以，這些事情不會立即發生。隨著時間的流逝，這些活動將會分階段進行。然後，當我們想到 2026 年時，所有這些分銷收益都將延續到明年。顯然，Kashi 的重新推出將在明年結束，我們將繼續，正如我們在 CAGNY 和 Spoons 框架中討論的那樣，我們將繼續這項活動並增強我們的健康主張，從健康和保健兩個方面，並強調我們的主流品牌在 2026 年對健康的益處。

Okay great thanks. That's helpful. And then maybe just as a follow-up, can you help us understand between in the balance of the year, how the top line guide is changing as it relates to volume and price? I think previously, you talked about kind of low single-digit pricing realization in '25. Is that still how you're thinking about it? Was the change more on the volume? Or was it kind of equal between price and volume? Thank you.

好的，非常感謝。這很有幫助。然後也許只是作為後續問題，您能否幫助我們了解在全年平衡中，收入指南在數量和價格方面是如何變化的？我認為之前您談到 25 年低個位數的定價實現情況。您現在還是這麼想的嗎？變化更多的是音量嗎？或價格和數量是否相等？謝謝。

Yeah, Megan. So just as a reminder, we executed our second wave of PPA around the middle of last year. So, as we finish out Q2, we will have fully lapped that second wave of PPA in the marketplace. So, we would expect to realize price in the low single digits here in Q2, call it, about the same rate, maybe a little bit less than we did in Q1. And then as we move in the back half, we would expect that price realization to flatten out. So, we would expect our pounds and dollars to move relatively in line in comparison to a year ago, both in Q3 and Q4. And then as we move into '26, we'd expect similar movement.

是的，梅根。提醒一下，我們在去年年中執行了第二波 PPA。因此，當我們結束第二季時，我們將完全趕上市場上第二波 PPA 浪潮。因此，我們預計第二季的價格將實現低個位數成長，或者說，大致相同，可能比第一季略低。然後，隨著我們進入後半段，我們預計價格實現將趨於平穩。因此，我們預期英鎊和美元的走勢與去年同期相比在第三季和第四季將保持相對一致。然後，當我們進入 26 年時，我們預計會出現類似的變化。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey guys, good morning. Thanks for taking the question, Gary, I want to step back a little bit on the commentary you gave, reiterating the 500 basis points of EBITDA margin expansion still exiting '26. And just based on the commentary both for the quarter today and what we're probably going to see through the rest of the year with gross margins being flattish. I'm just curious if the complexion of how you're still planning to get to that 500 basis points has changed.

大家好，早安。感謝您提出這個問題，加里，我想稍微回顧一下您給出的評論，重申 26 年 EBITDA 利潤率仍將擴大 500 個基點。僅根據今天對本季的評論以及我們可能在今年剩餘時間內看到的情況來看，毛利率將持平。我只是好奇，您計劃如何達到 500 個基點的目標是否發生了變化。

And what I mean by that is, I think previously, we had kind of all expected that it would be a 500 basis points or close to 500 basis points of gross margin expansion. And based on just some of the commentary both for the quarter and for year to go today, I'm just wondering if that -- again, if that complexion from the gross to EBITDA margin line has kind of changed in your thinking?

我的意思是，我認為之前我們都預計毛利率將成長 500 個基點或接近 500 個基點。根據今天對本季和全年的一些評論，我只是想知道，從毛利到 EBITDA 利潤率的情況在您看來是否發生了變化？

No, it's a fair push. So, let me start with (inaudible), and then I'll back it up. We're not changing our view on that. So, the view is the 500 basis points would be coming through gross margin. Let me explain. I'm going to back up a little bit. At CAGNY, Sherry talked about the program being on schedule and our budget. She mentioned how we're doing it, the way we're executing it. We have eight separate initiatives. By the way, two of the eight work streams are now completed.

不，這是公平的推動。那麼，讓我先從（聽不清楚）開始，然後我會支持它。我們不會改變對此的看法。因此，觀點是 500 個基點將透過毛利率實現。讓我解釋一下。我要稍微回顧一下。在 CAGNY，Sherry 談到了該計劃的進度和我們的預算。她提到了我們如何做這件事，以及我們執行這件事的方式。我們有八項獨立的舉措。順便說一下，八個工作流程中的兩個現已完成。

So, the focus continues. And you heard today, we reiterated again that the program is on schedule and on budget. And for us, our ability to talk about the same economics today that we did almost two years ago tells us we're on the right path. Now when we talked about it, we did talk about it being primarily a mechanical impact to our P&L because of what's happening within the consolidation of our supply chain network. That continues.

因此，焦點仍在繼續。今天你們聽到了，我們再次重申，該計劃正在按計劃進行，並且符合預算。對我們來說，今天我們能夠談論與近兩年前相同的經濟問題，這說明我們走在正確的道路上。現在，當我們談論它時，我們確實談到它主要是對我們的損益表的機械影響，因為我們的供應鏈網路整合中正在發生的事情。這種情況還在繼續。

You already -- about talk 300 basis points or so, give or take. We already delivered about 100 basis points and then the other 100 basis points comes as well, and we believe primarily through gross margin. So, none of that has changed. The only thing for us is, as time moves on, as we continue to execute, as we continue to make commitments to lock in capital expenditures and the investment we're making, our confidence in the overall program grows.

您已經——談論了大約 300 個基點左右，或多或少。我們已經實現了約 100 個基點，另外 100 個基點也將實現，我們相信這主要透過毛利率實現。所以，這一切都沒有改變。對我們來說唯一的事情是，隨著時間的推移，隨著我們繼續執行，隨著我們繼續承諾鎖定資本支出和正在進行的投資，我們對整個計劃的信心就會增強。

And Dave, I'm going to turn it over to you.

戴夫，我要把這個任務交給你了。

Yeah, Peter, I think just to elaborate a little bit more, as Gary said in the upfront, 500 basis points mostly through gross margin. Everything we said remains intact. Now, as we think about this year's profit delivery, obviously, we just took down our outlook for 2025. But as we think about 2026, we're actively working on how we continue to think about that profit as being delayed into 2026. And so, just kind of start of how you can think about that.

是的，彼得，我想再詳細闡述一下，正如加里在前面所說的那樣，500 個基點主要透過毛利率來實現。我們所說的一切都保持不變。現在，當我們考慮今年的利潤交付時，顯然我們剛剛下調了對 2025 年的展望。但當我們考慮 2026 年時，我們正在積極研究如何繼續將利潤推遲到 2026 年。那麼，這只是您如何思考這個問題的開始。

I kind of overviewed the top line and some of that wrapping benefit into 2026. Well, that's going to be a benefit into next year. But beyond that, our cost structure, we're currently identifying ways to further enhance our margin, and that's both in gross margin and EBITDA margin. We talked about the fact that we are largely now unplugged from Kellanova. So, we have all of our own now SG&A that we are looking to optimize as we move forward.

我大致概述了營業額以及 2026 年的一些福利。嗯，這對明年來說是一個好處。但除此之外，我們的成本結構，我們目前正在尋找進一步提高利潤率的方法，包括毛利率和 EBITDA 利潤率。我們談到了我們現在基本上已經不再與凱拉諾瓦聯繫的事實。因此，我們現在擁有自己的銷售、一般及行政費用 (SG&A)，我們希望在前進的過程中對其進行最佳化。

Think about over the last 18 months, we've been standing up all of our own distribution centers. Those have been staggered over 18 months. Again, now we're fully separated, we're going to look to optimize that. Similar in manufacturing, we're always looking at ways to further enhance our efficiencies. So, these are all opportunities, and I'll give you a proof point in the past, we came into last year, and we talked a lot about waste reduction. That was an area we identified and we're able to go after and get good wins. So, we're continuing to identify areas like that, that will further bolster our 2026 delivery and into 2027.

想想過去 18 個月裡，我們一直在建立自己的所有配送中心。這些已經分18個月錯開進行。再次，現在我們已經完全分離，我們將尋求優化這一點。與製造業類似，我們一直在尋找進一步提高效率的方法。所以，這些都是機會，我會給你一個過去的證據點，我們進入去年，我們談了很多關於減少浪費的問題。這是我們確定的一個領域，我們能夠繼續努力並取得良好的勝利。因此，我們將繼續確定類似的領域，以進一步加強我們 2026 年和 2027 年的交付。

Okay, thanks for that, guys. That's helpful context. And Gary, maybe just a second, there's obviously been a lot of reporting on the competitive dynamic on cereal. You have a large competitor who's reducing capacity as well. And I guess I'm just I'm trying to understand kind of the perspectives on, again, the longer-term prospects for the category in light of some of the actions that are being taken relative to your long-term guidance and what that could mean top line, vis-a-vis, what profitability could look like going forward, again, if we are going to be in a scenario where the industry is reducing capacity. Thanks very much.

好的，謝謝大家。這是很有幫助的背景資訊。蓋瑞，請稍等一下，顯然已經有很多關於穀物競爭動態的報導。您的大型競爭對手也正在減少產能。我想我只是試著了解一下，鑑於你們針對長期指導所採取的一些行動，對該類別的長期前景的看法，以及如果我們處於行業減少產能的情景中，這可能對營收、盈利能力以及未來的前景意味著什麼。非常感謝。

No, very fair. And I think you heard from Dave just a moment ago about our confidence in terms of our profitability. We talked -- we already have a massive restructuring going on right now, and that supply chain modernization, again, on budget, on schedule. So, we feel very good about our ability to drive that going forward. And also the line of sight that I think you just heard from Dave about additional areas we can go now that we're stood up, now that we're 18 months in, we're past the TSA.

不，非常公平。我想您剛才從戴夫那裡聽說了我們對獲利能力的信心。我們討論過——我們目前正在進行大規模重組，而且供應鏈現代化也在預算和計劃之內。因此，我們對自己推動這項進程的能力感到非常滿意。而且我認為您剛才從戴夫那裡聽到了關於我們現在可以去的更多地區的視線，現在我們已經站起來了，18 個月了，我們已經通過了 TSA 的審查。

We got our distribution set up. Our ERP system has been cut over. So, we have even more opportunity to optimize the organization and our company going forward. In terms of the top line, I'll go back to what we said earlier about what's happening within the category. The category is holding in and it's shifting.

我們已經建立了分銷體系。我們的 ERP 系統已經切換。因此，我們有更多的機會來優化組織和公司的發展。就頂線而言，我將回顧我們之前所說的有關該類別內發生的事情。該類別正在保持並發生變化。

And again, we will shift with it. We believe that this shift as it continues. And if it -- as consumers are looking for value, they're looking for health and wellness, they're looking for joy and taste and the consumer is not a monolith. It's a combination of those things and some want more value than they want more -- and some want more nutrition. No matter what the combination is, the cereal category is a tremendous destination for those consumers.

再次，我們將隨之轉變。我們相信這種轉變將會持續下去。如果消費者追求的是價值，追求的是健康與保健，追求的是快樂和品味，那麼消費者就不再是鐵板一塊了。這是多種因素的結合，有些人想要更多的價值，有些人想要更多的營養。無論組合如何，穀物食品對於這些消費者來說都是一個巨大的選擇。

If we had to write out what we would want the consumer sentiment to be to actually to improve our category, to drive our category, this would be it because we know price per pound, we show up very nicely and compare favorably. In terms of nutrition, we talked about our spoons concept. Those are the health credentials relating to our category that largely go ignored or unrecognized or misunderstood.

如果我們必須寫出我們希望消費者情緒如何真正改善我們的類別，推動我們的類別，那就是這樣，因為我們知道每磅的價格，我們表現得非常好並且具有競爭力。在營養方面，我們討論了湯匙的概念。這些是與我們的類別相關的健康憑證，但在很大程度上被忽視、未被承認或被誤解。

Those are things that we can get after. And that's why what's happening right now with the consumer, and we're always following the consumer, -- we think while it's some pressure in the first quarter, undoubtedly, it is a long-term tailwind for this business, for the category, for this business and for WK.

這些都是我們可以追求的。這就是為什麼現在消費者的情況如此，我們一直在關註消費者——我們認為，雖然第一季面臨一些壓力，但毫無疑問，這對該業務、該類別、該業務和 WK 來說是一個長期的順風。

(Operator instructions)

（操作員指示）

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hey, Gary, I didn't see anything in here about the plan for Special K to try to stabilize it. And given that this was a brand that really did have strong health and wellness credentials for a long time, it would seem that there's some kind of pent-up equity there. You didn't mention it in the front-of-pack labeling that you plan to do for those -- for the other brands. Can you give an update on that?

嘿，加里，我沒有看到任何有關 Special K 試圖穩定它的計劃。鑑於這個品牌長期以來確實擁有強大的健康和保健資質，它似乎擁有某種被壓抑的資產。您沒有在包裝正面的標籤中提到您計劃為其他品牌做的這些事情。能介紹一下最新情況嗎？

I'm glad you mentioned it. And you're right, this has significant health credentials. You also saw in the public data that we did not have a good quarter. We lost 40 basis points. And at the same time, we are optimistic about this brand.

我很高興你提到了這一點。你說得對，這對健康有重要意義。大家在公開數據中也看到，我們這個季度的表現並不好。我們損失了40個基點。同時我們也看好這個品牌。

I go back to what's happening with the consumer. This brand is at the intersection of taste and health and likely hasn't been as hard hitting on health as we should have been. Now, this trend is now here, and what we're starting to do now is stronger focus on the food, stronger focus on, let's say, nutrient density, but also the upcoming comms that you're going to see, more food focused, stronger claims on pack. What you're going to see is with respect to this trend in health, we have a multi-brand fiber campaign that's coming. We're also launching a Special K protein granola.

我回顧一下消費者的情況。這個品牌處於口味和健康的交叉點，但可能並沒有像我們預期的那樣大力推動健康。現在，這種趨勢已經出現，我們現在開始做的是更加關注食品，更加關注營養密度，而且您將會看到，即將到來的通信將更加關注食品，包裝上將有更強的宣傳。您將會看到，針對這一健康趨勢，我們即將推出多品牌纖維活動。我們還將推出一款 Special K 蛋白質格蘭諾拉麥片。

You know we have in the marketplace right now, Special K Zero. Now that food is getting restaged, relaunched. It has zero added sugar and 18 grams of protein. So, I think you have it exactly right, that this should be a tailwind for us and for the brand. We need to now start shifting this more into the health orientation of what the brand stands for, and that's up to us. But I appreciate the way you asked the question. We do think there's real tailwinds here, and this equity should stand up well and respond well to where consumers are going.

您知道我們現在在市場上有 Special K Zero。現在，這些食物正在重新上演，重新推出。它不含添加糖，含有 18 克蛋白質。所以，我認為你說得完全正確，這對我們和品牌來說應該是一個順風。我們現在需要開始將其更多地轉向品牌所代表的健康導向，這取決於我們。但我很欣賞你提問的方式。我們確實認為這裡存在著真正的順風，並且這種股權應該能夠很好地站穩腳跟並對消費者的去向做出良好的反應。

Okay. And then a follow-up. The category where there is growth, it's in a lot of small emerging brands. I think a lot of them are very protein forward. Do you have any ability to acquire brands like that? Or is your response to those brands just improve the marketing on your existing portfolio to defend?

好的。然後進行後續行動。成長的類別是許多小型新興品牌。我認為它們中的許多都是蛋白質含量較高的。您有能力收購這樣的品牌嗎？或者您對這些品牌的回應只是改進現有產品組合上的行銷來防禦？

My answer to that is an and. So, we like the portfolio that we have. We do believe the entire cereal category should be perceived better from a health perspective. And if you go to our health and wellness brands, we talk about Kashi restaging it, Bear Naked. You just made the point about Special K.

我的答案是「並且」。所以，我們喜歡我們現有的投資組合。我們確實相信，從健康角度來看，整個穀物類別都應該得到更好的認識。如果你有在關注我們的健康和保健品牌，我們會談論 Kashi 重新演繹的 Bear Naked。您剛才提到了有關 Special K 的問題。

So, we believe we have the arsenal here. We need to go focus more on that. It's up to us. Now at the same time, while there are smaller brands in the market that are winning, we could do that, too. And you're going to start seeing that in the marketplace as well.

所以，我們相信我們這裡有武器庫。我們需要更加關注這一點。這取決於我們。現在，雖然市場上有一些小品牌正在取得成功，但我們也可以這樣做。你也會開始在市場上看到這一點。

But we have -- if you remember what happened with the spin, we have access to every piece of intellectual property that existed prior to the spin, and that's any of it from around the globe. That's what we get to use exclusively, perpetually, non-royalty. It's royalty free. We get to use it at our discretion. So, we're able to then go fight that fight the way -- exactly what you just said.

但是，如果你還記得旋轉時發生的事情，我們就可以存取旋轉之前存在的每項智慧財產權，而且這些智慧財產權來自世界各地。這就是我們可以獨家、永久、非專利地使用的東西。它是免版稅的。我們可以自行決定使用它。因此，我們能夠按照您剛才所說的方式去戰鬥。

And I have great confidence in the team that we have that we can go do this and do this well. And then you add it to the current portfolio about how we push Kashi forward by restaging that, the Special K point that you made as well as our mainstream brands. But we could do it, too. And we're excited about that.

我對我們的團隊非常有信心，我們能夠做到這一點，並且做得很好。然後，您將其添加到當前的產品組合中，透過重申您提出的特別 K 點以及我們的主流品牌，說明我們如何推動 Kashi 向前發展。但我們也可以做到。我們對此感到非常興奮。

Thank you, (Operator instructions)

謝謝你，（操作員指示）

With no further questions on the line, I would now like to hand the call back to Gary Pilnick for some closing remarks.

由於沒有其他問題，現在我想將電話交還給加里·皮爾尼克 (Gary Pilnick) 來做一些結束語。

We appreciate you joining our call today. You could see how we are moving quickly to improve our 2025 plan, executing what was already in the plan and reinforcing things that will resonate with our consumer, a very challenging and dynamic environment, but you can hear the confidence we have with the plan as we go forward. Importantly, our strategic priorities remain on track, and we're confident in the actions that we're taking to drive the business and create value over the long term. Very much appreciate your time.

感謝您今天參加我們的電話會議。您可以看到我們如何快速改進我們的 2025 年計劃，執行計劃中已有的內容並強化與消費者產生共鳴的內容，這是一個非常具有挑戰性和活力的環境，但您可以聽到我們對未來計劃的信心。重要的是，我們的策略重點仍在正軌上，我們對推動業務發展和創造長期價值的行動充滿信心。非常感謝您抽出時間。

With that, we will conclude today's conference call. Thank you to everyone who joined us today. You may now disconnect your lines.

今天的電話會議就此結束。感謝今天與我們一起的所有人。現在您可以斷開線路了。