藍威斯頓 (LW) 2022 Q4 法說會逐字稿

Good day, and welcome to the Lamb Weston Fourth Quarter and Fiscal 2022 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Dexter Congbalay. Please go ahead, sir.

美好的一天，歡迎參加 Lamb Weston 第四季度和 2022 財年財報電話會議。今天的會議正在錄製中。此時，我想將會議轉交給 Dexter Congbalay 先生。請繼續，先生。

Good morning, and thank you for joining us for Lamb Weston's Fourth Quarter and Fiscal 2022 Earnings Call. This morning, we issued our earnings press release, which is available website lambweston.com. Please note that during our remarks, we'll make some forward-looking statements about the company's expected performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties.

早上好，感謝您參加 Lamb Weston 的第四季度和 2022 財年財報電話會議。今天上午，我們發布了收益新聞稿，可在網站lambweston.com 上獲取。請注意，在我們的講話中，我們將對公司的預期業績做出一些前瞻性陳述。這些陳述是基於我們今天看待事物的方式。由於風險和不確定性，實際結果可能存在重大差異。

Please refer to the cautionary statements and risk factors contained in our SEC filings for more details on our forward-looking statements. Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. You can find the GAAP to non-GAAP reconciliations in our earnings release.

請參閱我們提交給美國證券交易委員會的文件中的警示性聲明和風險因素，了解有關我們前瞻性聲明的更多詳細信息。今天的一些評論包括非公認會計準則財務措施。這些非公認會計原則財務指標不應被視為替代我們的公認會計原則結果，而應與我們的公認會計原則結果一起閱讀。您可以在我們的收益發布中找到 GAAP 與非 GAAP 的對賬。

With me today are Tom Werner, our President and Chief Executive Officer; and Bernadette Madarieta, our Chief Financial Officer. Tom will provide some key highlights for fiscal 2022 as well as an overview of the current operating environment. Bernadette will then provide details on our fourth quarter results and our fiscal 2023 outlook. With that, let me now turn the call over to Tom.

今天和我在一起的是我們的總裁兼首席執行官 Tom Werner；和我們的首席財務官 Bernadette Madarieta。 Tom 將提供 2022 財年的一些關鍵亮點以及當前運營環境的概述。伯納黛特隨後將提供有關我們第四季度業績和 2023 財年展望的詳細信息。有了這個，現在讓我把電話轉給湯姆。

Thank you, Dexter. Good morning, and thank you for joining our call today. We delivered solid results in fiscal 2022, and I want to thank all my Lamb Weston colleagues for navigating through this difficult and volatile environment these past 2 years. We've worked together as a focused team to weather pandemic, supply chain, and macroeconomic headwinds while continuing to support our customers, improve our operations and execute on our long-term strategic objectives.

謝謝你，德克斯特。早上好，感謝您今天加入我們的電話會議。我們在 2022 財年取得了可觀的業績，我要感謝我的所有 Lamb Weston 同事，感謝他們在過去 2 年中度過了這個艱難而多變的環境。我們作為一個專注的團隊一起工作，以應對大流行、供應鍊和宏觀經濟逆風，同時繼續支持我們的客戶、改善我們的運營並執行我們的長期戰略目標。

Specifically, in fiscal 2022, we delivered a record year of $4.1 billion in sales, driven by a combination of favorable price/mix and volume growth as restaurant traffic and demand for fries continued to recover from the depths of the pandemic. We implemented pricing actions across each of our sales channels to mitigate some of the highest input and transportation cost inflation that we've experienced in 40 years.

具體而言，在 2022 財年，我們實現了創紀錄的 41 億美元的銷售額，這得益於有利的價格/組合和銷量增長，因為餐廳客流量和對薯條的需求繼續從大流行的深度中復蘇。我們在每個銷售渠道都實施了定價措施，以減輕我們 40 年來經歷的一些最高投入和運輸成本通脹。

This helped to drive year-over-year gross margin expansion in the second half of the year, and we expect to realize a carryover benefit of these pricing actions in fiscal 2023. We simplified our portfolio by eliminating SKUs, [drove] productivity savings and work with our customers to secure product specification changes to offset much of the cost and operational impact of a historically poor potato crop. We also made tough, but necessary decisions around customers, sales channels, production and service levels and adopted tools and practices to better manage our customer and product portfolio.

這有助於推動下半年毛利率同比增長，我們預計將在 2023 財年實現這些定價行動的結轉收益。我們通過消除 SKU、[推動] 生產力節省和與我們的客戶合作，確保更改產品規格，以抵消歷史上較差的馬鈴薯作物的大部分成本和運營影響。我們還圍繞客戶、銷售渠道、生產和服務水平做出艱難但必要的決定，並採用工具和實踐來更好地管理我們的客戶和產品組合。

In our production facilities, we continue to leverage our Lamb Weston operating culture and changed our ways of working, including how we manage crewing schedules. This helped to better attract and retain employees, and we're making progress in getting our facilities fully staffed.

在我們的生產設施中，我們繼續利用我們的 Lamb Weston 運營文化並改變了我們的工作方式，包括我們如何管理船員計劃。這有助於更好地吸引和留住員工，並且我們正在使我們的設施配備齊全的人員方面取得進展。

We started up a new chopped and formed production line in Idaho and broke ground on our capacity expansion and modernization projects in Idaho and China. While our plant in China remains on track to be operational by mid fiscal 2024, we pushed back the completion of our new fry line in Idaho at least a few months to mid fiscal 2024 as a result of some equipment delays.

我們在愛達荷州啟動了一條新的切碎成型生產線，並在愛達荷州和中國的產能擴張和現代化項目中破土動工。雖然我們在中國的工廠仍有望在 2024 財年中期投入運營，但由於一些設備延誤，我們將愛達荷州新油炸生產線的竣工推遲了至少幾個月至 2024 財年中期。

We completed the design work for the second phase of our new enterprise resource planning system. We'll build and test the new system in fiscal 2023 and implement it in fiscal 2024 in a phased approach. We issued our third environmental, social and governance report, which has been prepared in accordance with leading industry standards such as the global reporting initiative. This report includes our progress towards specific ESG goals for 2030.

我們完成了新企業資源規劃系統第二階段的設計工作。我們將在 2023 財年構建和測試新系統，並在 2024 財年分階段實施。我們發布了第三份環境、社會和治理報告，該報告是根據全球報告倡議等領先行業標準編制的。本報告包括我們在 2030 年具體 ESG 目標方面取得的進展。

We refinanced more than $1.7 billion of senior notes, which extended our debt maturities and reduced our weighted average interest rate. And finally, we increased our dividend for the fifth straight year and stepped up share repurchases to boost capital return to shareholders. In our joint ventures, Lamb-Weston/Meijer announced its intention to withdraw from its joint venture in Russia in response to Russia's invasion of Ukraine and the devastating humanitarian crisis, the war has created.

我們為超過 17 億美元的優先票據再融資，延長了我們的債務期限並降低了我們的加權平均利率。最後，我們連續第五年增加股息，並加大了股票回購力度，以提高股東的資本回報。在我們的合資企業中，Lamb-Weston/Meijer 宣布有意退出其在俄羅斯的合資企業，以應對俄羅斯入侵烏克蘭和戰爭造成的毀滅性人道主義危機。

In July, we increased our interest in our joint venture in Argentina from 50% to 90% and will now consolidate its sales and earnings in our results. In short, we've been managing through a turbulent market to build good operating and financial momentum by controlling what we can control while continuing to best to support long-term growth.

7 月，我們將我們在阿根廷合資企業的權益從 50% 提高到 90%，現在將在我們的業績中合併其銷售額和收益。簡而言之，我們一直在通過一個動蕩的市場進行管理，通過控制我們可以控制的東西，同時繼續最好地支持長期增長，從而建立良好的運營和財務勢頭。

That said, we expect the environment, going forward, will remain very challenging with inflation continuing to pose the biggest threat to our cost structure and fry demand. Although the cost of some inputs, such as edible oils, energy and transportation, have come off their highs in recent weeks, they remain elevated relative to the past few years. Labor availability continues to be an issue while other key inputs, such as ingredients for fry coatings, remain costly and in short supply. As a result, we expect input, transportation and labor costs will be a significant headwind through fiscal 2023.

話雖如此，我們預計未來的環境將仍然非常具有挑戰性，通脹繼續對我們的成本結構和需求構成最大威脅。儘管最近幾週食用油、能源和運輸等一些投入品的成本已從高位回落，但與過去幾年相比仍處於高位。勞動力供應仍然是一個問題，而其他關鍵投入，例如油炸塗料的成分，仍然昂貴且供應短缺。因此，我們預計到 2023 財年，投入、運輸和勞動力成本將成為重大不利因素。

Rising food, energy and housing prices have also affected restaurant traffic and consumer demand in the U.S. in the past few months. While traffic at quick service restaurants, which account for more than 80% of fry servings, has held up fairly well. Traffic at casual dining and other full-service restaurants have softened recently as consumer scale back dining out occasions or shifted to QSRs.

過去幾個月，食品、能源和房價上漲也影響了美國的餐廳客流量和消費者需求。雖然佔油炸食品 80% 以上的快餐店的客流量保持得相當好。隨著消費者減少外出就餐或轉向 QSR，休閒餐廳和其他全方位服務餐廳的客流量最近有所放緩。

Despite pressure on overall restaurant traffic, the demand for fries remain solid as the fry attachment rate in the U.S., which is a rate in which consumers order fries when visiting a restaurant or other food service outlets, remains above pre-pandemic levels.

儘管整體餐廳客流量面臨壓力，但薯條的需求依然強勁，因為美國的薯條附著率（即消費者在訪問餐廳或其他食品服務店時訂購薯條的比率）仍高於大流行前的水平。

Going forward, we expect restaurant traffic and consumer demand in the U.S. will be choppy and less predictable in the near term as consumers face significant cost inflation.

展望未來，由於消費者面臨顯著的成本通脹，我們預計美國的餐廳客流量和消費者需求在短期內將不穩定且難以預測。

Fry demand in retail channels, however, should continue to benefit if demand in out-of-home channels is pressured. Outside the U.S. Consumer demand trends in Europe have been similar to what we have experienced in the U.S. as a result of inflationary pressures, which will also likely lead to a more unpredictable operating environment in fiscal 2023.

然而，如果戶外渠道的需求受到壓力，零售渠道的油炸需求應該會繼續受益。在美國以外，由於通脹壓力，歐洲的消費者需求趨勢與我們在美國的經歷相似，這也可能導致 2023 財年的經營環境更加不可預測。

Outside of China, demand in Asia has been relatively stable. The recovery in demand in China has been uneven as the government there maintains a Zero-COVID policy. In addition, our shipments to Asia continued to be constrained by the limited availability of shipping containers, although that availability did improve somewhat in the fourth quarter.

在中國以外，亞洲的需求相對穩定。由於中國政府維持零疫情政策，中國的需求復蘇並不均衡。此外，我們對亞洲的出貨量繼續受到集裝箱供應有限的限制，儘管該供應量在第四季度確實有所改善。

The bottom line is that we're forecasting cost and demand in this near-term inflationary and volatile macroeconomic environment will be difficult and require us to remain flexible in managing our supply chain and commercial operations. Despite these short-term challenges, we're confident in the long-term resiliency and growth prospects of the category in the U.S. and in our key international markets.

最重要的是，我們預測在這種近期通貨膨脹和動蕩的宏觀經濟環境中的成本和需求將是困難的，並且要求我們在管理我們的供應鍊和商業運營方面保持靈活性。儘管存在這些短期挑戰，但我們對該類別在美國和我們主要國際市場的長期彈性和增長前景充滿信心。

With respect to pricing, our price/mix growth accelerated for the third consecutive quarter as we continue to execute on our product and freight pricing actions. In early July, we began implementing our fourth round of pricing in the past 12 months in our Foodservice and Retail segments. We expect to see the benefit of these pricing actions as well as the one that we took in April to gradually build as we progress through the first half of fiscal 2023.

在定價方面，隨著我們繼續執行我們的產品和運費定價行動，我們的價格/組合增長連續第三個季度加速。 7 月初，我們開始在餐飲服務和零售部門實施過去 12 個月的第四輪定價。我們希望看到這些定價行動的好處，以及我們在 4 月份採取的行動，隨著我們在 2023 財年上半年的進展而逐步建立。

In our Global segment, it's clear that in the back half of fiscal 2022, we benefited from price escalators included in multi-year agreements and had some success in securing price increases outside of these contractual escalators. However, it's equally clear that we have yet to fully offset inflation and other costs given the more rigid structures and terms of customer agreements in this segment, resulting in a 110 basis point decline in product contribution margin percentage in the fourth quarter.

在我們的全球部門，很明顯，在 2022 財年下半年，我們受益於多年協議中包含的價格自動扶梯，並在確保這些合同自動扶梯之外的價格上漲方面取得了一些成功。然而，同樣清楚的是，鑑於該領域客戶協議的結構和條款更加嚴格，我們尚未完全抵消通貨膨脹和其他成本，導致第四季度產品利潤率下降 110 個基點。

As you may recall, most of our chain restaurant contracts in our Global segment are multi-year agreements, and we're in the process of negotiating renewals representing about 1/3 of our global segment volume this year. We're being aggressive in discussions with customers to secure price increases to offset inflationary pressures, so that we can gradually restore profitability towards pre-pandemic levels. We're also seeking to modify other key terms to reduce the chances of, again, facing a significant pricing lag to recover rising costs.

您可能還記得，我們在全球分部的大多數連鎖餐廳合同都是多年期協議，我們正在協商續約，約占我們今年全球分部數量的 1/3。我們正在積極與客戶進行討論，以確保價格上漲以抵消通脹壓力，以便我們能夠逐步將盈利能力恢復到大流行前的水平。我們還在尋求修改其他關鍵條款，以減少再次面臨重大定價滯後以收回不斷上升的成本的機會。

For those agreements up for renewal this year, we'll generally begin to see the results of these new pricing structures during the second half of fiscal 2023. However, it may take up to a couple of years before we can fully recover costs across our global segment customer portfolio. For those multi-year contracts that were renewed over the past couple of years, we'll continue to realize the price escalators embedded in those agreements.

對於今年要續籤的協議，我們通常會在 2023 財年下半年開始看到這些新定價結構的結果。但是，我們可能需要長達幾年的時間才能完全收回我們的成本。全球細分客戶組合。對於過去幾年續籤的多年合同，我們將繼續實現這些協議中嵌入的價格自動扶梯。

With respect to this year's upcoming potato crop, we expect the crops in our primary growing regions in the Columbia Basin, Idaho, Alberta in the Midwest to be largely in line with historical averages. While cooler than average weather in the spring and early summer slowed the crops progression, it is largely caught up to historical average with warmer temperatures and sunny days in recent weeks. We'll provide more detail on the crop when we report our first quarter results in early October, in line with our past practice.

關於今年即將到來的馬鈴薯作物，我們預計中西部的哥倫比亞盆地、愛達荷州和阿爾伯塔省的主要種植區的收成將與歷史平均水平基本持平。雖然春季和初夏低於平均水平的天氣減緩了作物的生長速度，但在最近幾週氣溫升高和陽光充足的情況下，它在很大程度上趕上了歷史平均水平。根據我們過去的做法，我們將在 10 月初報告第一季度業績時提供有關作物的更多詳細信息。

As we've previously discussed, we've agreed to a 20% increase in the contracted price per pound, reflecting our approach for annual price changes that reflect the cost to grow plus an appropriate return for our growers such that they are viable over the long term. We'll begin to see the impact of these higher contracted potato prices during the second quarter of fiscal 2023, as we begin to process the early potato varieties that are harvested in mid-summer.

正如我們之前所討論的，我們已同意將每磅的合同價格提高 20%，這反映了我們對年度價格變化的方法，該方法反映了種植成本以及為我們的種植者提供的適當回報，以使他們在長期。隨著我們開始處理在仲夏收穫的早期馬鈴薯品種，我們將在 2023 財年第二季度開始看到這些較高的合同馬鈴薯價格的影響。

So in summary, we delivered solid results in fiscal 2022, including record-high sales in the fourth quarter and for the year. We continue to successfully execute pricing actions and cost mitigation efforts as we look to offset input cost inflation and the impact of a historically poor crop. We remain confident in the resiliency and the long-term prospects of the category, although near-term demand will likely be choppy and difficult to predict. And at this time, this year's crop is on track to be in line with historical averages.

總而言之，我們在 2022 財年取得了可觀的業績，包括第四季度和全年的創紀錄銷售額。我們繼續成功地執行定價行動和降低成本的努力，因為我們希望抵消投入成本膨脹和歷史上歉收的影響。我們對該類別的彈性和長期前景仍然充滿信心，儘管近期需求可能會波動且難以預測。而此時，今年的收成有望與歷史平均水平保持一致。

Let me now turn the call over to Bernadette to review the details of our fourth quarter results and our fiscal 2023 outlook.

現在讓我把電話轉給伯納黛特，以審查我們第四季度業績的細節和我們的 2023 財年展望。

Thanks, Tom, and good morning, everyone. I want to start by echoing Tom's comments and thanking our employees for their hard work and continued dedication to drive our solid operating and financial performance during these challenging times.

謝謝，湯姆，大家早上好。我想首先回應湯姆的評論，並感謝我們的員工在這些充滿挑戰的時期為推動我們穩健的運營和財務業績所做的辛勤工作和持續奉獻。

We delivered fourth quarter sales growth of 14% or a record $1.15 billion with all of the growth coming from price/mix as we continued to execute our previously announced pricing actions in each of our core business segments to offset cost inflation. Sales volumes declined 1%, primarily reflecting lower export volumes due to limited shipping container availability and disruptions to ocean freight networks.

我們實現了 14% 的第四季度銷售額增長，即創紀錄的 11.5 億美元，所有增長都來自價格/組合，因為我們繼續在每個核心業務部門執行我們先前宣布的定價行動以抵消成本通脹。銷量下降 1%，主要是由於集裝箱供應有限和海運網絡中斷導致出口量下降。

Total North American volume grew this quarter behind strong sales to large chain restaurant customers. While consumer demand in our Foodservice and Retail channels also grew, our sales volumes to those customers fell as we were unable to fully serve this demand as a result of lower production run rates and throughput at our production facilities.

本季度北美總銷量增長得益於對大型連鎖餐廳客戶的強勁銷售。雖然我們餐飲服務和零售渠道的消費者需求也在增長，但我們對這些客戶的銷量下降，因為我們的生產設施的生產運行率和吞吐量較低，我們無法完全滿足這一需求。

For the year, sales increased 12% to nearly $4.1 billion, a record high with price/mix up 9% and volume up 3%. Gross profit in the quarter increased $56 million and gross margin expanded 230 basis points versus the prior year quarter to 22%. Product and freight price increases drove the improvement, more than offsetting the impact of higher costs on a per pound basis and lower sales volumes.

全年銷售額增長 12%，達到近 41 億美元，創下歷史新高，價格/組合增長 9%，銷量增長 3%。該季度的毛利潤增加了 5600 萬美元，毛利率與去年同期相比增加了 230 個基點，達到 22%。產品和運費價格上漲推動了改善，抵消了每磅成本上漲和銷量下降的影響。

Cost per pound increased double digits for the fourth straight quarter with inflation accounting for essentially all of the increase. Higher prices for inputs, such as edible oils, ingredients for batter and other coatings and packaging were the primary drivers. Labor costs were also notably up, reflecting broad competition for production team members.

每磅成本連續第四個季度增長兩位數，通脹基本上佔了所有增長的原因。食用油、麵糊配料和其他塗料和包裝等投入品價格上漲是主要驅動因素。勞動力成本也顯著上升，反映出對生產團隊成員的廣泛競爭。

Transportation rates also rose sharply versus the prior year. Transport costs increased as we continue to rely on an unfavorable mix of higher-cost trucking versus rail to meet service obligations for certain customers. And as Tom mentioned, while the cost of some inputs and transportation have come off their highs in recent weeks, they remain elevated relative to the past few years and will continue to pose a headwind through fiscal 2023.

與去年相比，運輸費率也急劇上升。運輸成本增加，因為我們繼續依賴成本較高的卡車運輸與鐵路運輸的不利組合來滿足某些客戶的服務義務。正如湯姆所說，雖然最近幾週一些投入和運輸的成本已經從高位回落，但相對於過去幾年，它們仍然處於高位，並將在 2023 財年繼續構成阻力。

We also continue to incur higher potato costs as a consequence of the poor crop that was harvested last fall. We will continue to realize the financial impact of this poor potato crop through most of the second quarter of fiscal 2023.

由於去年秋天收成不佳，我們還繼續承擔更高的馬鈴薯成本。在 2023 財年第二季度的大部分時間裡，我們將繼續意識到這種糟糕的馬鈴薯作物對財務的影響。

And finally, we continue to incur higher costs and operational inefficiencies associated with labor, spare parts and ingredient shortages, and other industry-wide supply chain challenges. Increased downtimes associated with scheduled maintenance also reduced production run rates, lowering our fixed cost recovery. Partially offsetting these higher costs per pound were benefits from our portfolio simplification, cost mitigation and other productivity efforts.

最後，我們繼續招致與勞動力、備件和成分短缺以及其他全行業供應鏈挑戰相關的更高成本和運營效率低下。與定期維護相關的停機時間增加也降低了生產運行率，降低了我們的固定成本回收率。我們的投資組合簡化、成本降低和其他生產力努力部分抵消了這些較高的每磅成本。

Moving on from cost of sales. Our SG&A increased $19 million in the quarter, largely due to higher incentive compensation expense and a $3.5 million contribution to our charitable foundation. Equity method earnings from our unconsolidated joint ventures in Europe, the U.S. and Argentina, declined $57 million. This included a $63 million noncash charge associated with the European joint venture's intent to withdraw from its joint venture that operates a production facility in Russia as a result of the war in Ukraine.

從銷售成本開始。我們的 SG&A 在本季度增加了 1900 萬美元，主要是由於更高的激勵補償費用和對我們慈善基金會的 350 萬美元捐款。我們在歐洲、美國和阿根廷的未合併合資企業的權益法收益下降了 5700 萬美元。這包括與歐洲合資企業因烏克蘭戰爭而退出其在俄羅斯經營生產設施的合資企業的意圖相關的 6,300 萬美元的非現金費用。

Excluding the impact of this charge as well as mark-to-market adjustments associated with currency and commodity hedging contracts, equity earnings increased $2 million versus the prior year. So putting it all together, adjusted EBITDA, including unconsolidated joint ventures, increased 21% while adjusted diluted EPS rose 48%. Higher sales and gross margin expansion drove the increases.

不計此項費用的影響以及與貨幣和商品對沖合約相關的按市值計價調整，股本收益較上年增加了 200 萬美元。綜上所述，調整後的 EBITDA（包括未合併的合資企業）增長了 21%，而調整後的攤薄後每股收益增長了 48%。較高的銷售額和毛利率擴張推動了增長。

Moving to our segments. Sales in our Global segment were up 10% in the quarter. Price/mix drove the entire increase, reflecting domestic and international pricing actions associated with customer contract renewals, inflation-driven price escalators and higher prices charged for freight. Overall segment volume was flat. We drove solid growth in shipments to large QSR and casual dining chains in North America.

轉到我們的細分市場。我們全球部門的銷售額在本季度增長了 10%。價格/組合推動了整體增長，反映了與客戶續約、通貨膨脹驅動的價格自動扶梯和更高的運費價格相關的國內和國際定價行為。整體分部成交量持平。我們推動北美大型 QSR 和休閒餐飲連鎖店的出貨量穩健增長。

However, this growth was offset by a more than 10% decline in international shipments, reflecting limited shipping container availability and disruptions to ocean freight networks. While still down versus the prior year, international shipments improved sequentially versus a decline of 20% in the third quarter as more shipping containers were made available.

然而，這一增長被國際貨運量下降超過 10% 所抵消，這反映了集裝箱供應有限和海運網絡中斷。儘管與去年相比仍有所下降，但隨著更多集裝箱的供應，國際貨運量環比有所改善，而第三季度下降了 20%。

Global's product contribution margin, which is gross profit less advertising and promotion expenses, declined 1% to $56 million. Higher manufacturing and distribution cost per pound more than offset the benefit of favorable price/mix. Sales in our Foodservice segment grew 21%. Price/mix increased 24% as we continue to drive product and freight pricing actions that we announced earlier in the year to mitigate cost inflation.

Global 的產品貢獻率（即毛利潤減去廣告和促銷費用）下降 1% 至 5600 萬美元。每磅較高的製造和分銷成本抵消了有利的價格/組合帶來的好處。我們餐飲服務部門的銷售額增長了 21%。由於我們繼續推動今年早些時候宣布的產品和運費定價行動以緩解成本通脹，價格/組合上漲了 24%。

Sales volumes decreased 3% as labor and commodity shortages as well as scheduled maintenance downtimes impacted run rates and throughput at our production facilities, creating the inability to fully serve customer demand. We did see sales volumes slow each successive month during the quarter as restaurant traffic, especially in casual dining, softened as consumers responded to accelerating inflation.

由於勞動力和商品短缺以及計劃的維護停機時間影響了我們生產設施的運行率和吞吐量，導致無法充分滿足客戶需求，銷量下降了 3%。我們確實看到本季度每個月的銷售量都在放緩，因為隨著消費者對通脹加速做出反應，餐廳客流量（尤其是休閒餐飲）走軟。

Foodservices product contribution margin rose 47% to $142 million as favorable price more than offset higher manufacturing and distribution cost per pound. In our Retail segment, sales increased 20%. Price was up 22%, reflecting product and freight pricing actions across our branded and private label portfolios as well as favorable mix.

由於優惠的價格抵消了每磅較高的製造和分銷成本，食品服務產品的利潤率增長了 47% 至 1.42 億美元。在我們的零售部門，銷售額增長了 20%。價格上漲 22%，反映了我們品牌和自有品牌組合的產品和運費定價行為以及有利的組合。

Volume fell 2%, reflecting incremental losses of certain lower margin private label products. This was partially offset by higher shipments of branded products, although this growth was tempered by our inability to fully serve customer demand due to lower production run rate. Retail's product contribution margin nearly doubled to $42 million behind pricing actions, favorable mix with the sales of more branded products and a $3 million decline in A&P expenses. This was partially offset by higher manufacturing and distribution costs per pound.

銷量下降 2%，反映出某些利潤率較低的自有品牌產品的虧損增加。這部分被品牌產品出貨量的增加所抵消，儘管由於生產運行率較低，我們無法充分滿足客戶需求，這削弱了這一增長。零售的產品貢獻利潤率幾乎翻了一番，達到 4200 萬美元，這得益於定價行動、更多品牌產品的銷售以及 A&P 費用下降 300 萬美元的有利組合。這部分被每磅更高的製造和分銷成本所抵消。

Moving to our liquidity position and cash flow. We ended the quarter with $525 million of cash and a $1 billion undrawn revolver. We had net debt of about $2.2 billion, which corresponds to a 3.1x leverage ratio. For the year, we generated about $420 million of cash from operations, which is down about $135 million versus the prior year, largely due to higher working capital.

轉向我們的流動性狀況和現金流。我們以 5.25 億美元的現金和 10 億美元的未動用左輪手槍結束了本季度。我們的淨債務約為 22 億美元，相當於 3.1 倍的槓桿比率。今年，我們從運營中產生了約 4.2 億美元的現金，比上一年減少了約 1.35 億美元，主要是由於營運資金增加。

Capital expenditures for the year were about $305 million. That's up about $145 million as we completed the chopped and formed line in Idaho and began construction of our capacity expansion in China. For the year, we returned nearly $290 million of cash to shareholders in the form of dividends and share repurchases and have just under $275 million of authorization (inaudible) program.

當年的資本支出約為 3.05 億美元。隨著我們在愛達荷州完成切割成型生產線並開始在中國建設產能擴張，這增加了約 1.45 億美元。這一年，我們以股息和股票回購的形式向股東返還了近 2.9 億美元的現金，並且授權（聽不清）計劃不到 2.75 億美元。

Now turning to our updated fiscal 2023 outlook. As Tom noted, we anticipate the overall operating environment to continue to be challenging, with inflation continuing to affect our cost structure as well as consumer demand. Accordingly, we're taking a prudent approach to our fiscal 2023 outlook. We're targeting sales of $4.7 billion to $4.8 billion, which implies a growth rate of 15% to 17%.

現在轉向我們更新的 2023 財年展望。正如湯姆所說，我們預計整體經營環境將繼續充滿挑戰，通脹將繼續影響我們的成本結構以及消費者需求。因此，我們對 2023 財年的展望採取審慎的態度。我們的目標銷售額為 47 億至 48 億美元，這意味著增長率為 15% 至 17%。

We expect that price will be the primary driver of sales growth as we continue to implement our previously announced pricing actions in our Foodservice and Retail segments and secure price increases in contracts up for renewal with customers in our Global segment.

我們預計價格將成為銷售增長的主要驅動力，因為我們將繼續在我們的餐飲服務和零售部門實施我們先前宣布的定價行動，並確保與我們全球部門的客戶續簽合同的價格上漲。

With respect to volume, forecasting demand has become increasingly difficult. Overall, we expect U.S. demand to remain solid, but will also likely be affected by significant inflation that consumers are facing. In the event of an economic recession, we expect demand for french fries will be resilient, although with little to no growth. That's consistent with what we experienced during the great recession from 2008 to 2010.

就數量而言，預測需求變得越來越困難。總體而言，我們預計美國需求將保持穩健，但也可能受到消費者面臨的高通脹的影響。在經濟衰退的情況下，我們預計對炸薯條的需求將具有彈性，儘管幾乎沒有增長。這與我們在 2008 年至 2010 年的大衰退期間所經歷的一致。

Consumer behavior during inflationary or recessionary times may also have an effect on sales channel and product mix. QSRs and retail outlets may benefit, but this may be at the expense of casual dining establishments. We've already seen some indications of this in the past few months. In addition, we expect our volume growth will be limited by near-term production and throughput constraints as we continue to face labor shortages, disruptions in the availability of key product inputs and spare parts and limited access to shipping containers for exports.

通貨膨脹或衰退時期的消費者行為也可能對銷售渠道和產品組合產生影響。 QSR 和零售店可能會受益，但這可能是以休閒餐飲場所為代價的。在過去的幾個月裡，我們已經看到了一些跡象。此外，由於我們繼續面臨勞動力短缺、關鍵產品投入和備件供應中斷以及出口集裝箱運輸受限，我們預計我們的銷量增長將受到近期生產和吞吐量限制的限制。

For earnings, we expect net income of $360 million to $410 million. Diluted EPS of $2.45 to $2.85, and adjusted EBITDA, including unconsolidated joint ventures, of $840 million to $910 million. Using the midpoint of this EBITDA range implies growth of about 20% or about $150 million versus the prior year.

對於收益，我們預計淨收入為 3.6 億美元至 4.1 億美元。稀釋後每股收益為 2.45 美元至 2.85 美元，調整後的 EBITDA（包括未合併的合資企業）為 8.4 億美元至 9.1 億美元。使用這個 EBITDA 範圍的中點意味著與上一年相比增長約 20% 或約 1.5 億美元。

We expect the earnings increase will be driven primarily by sales growth and gross margin expansion. Favorable price/mix and productivity savings should more than offset input, manufacturing and transportation inflation as well as the cost inefficiencies and potato crop challenges that pressured our results last year.

我們預計盈利增長將主要受到銷售增長和毛利率擴張的推動。有利的價格/組合和生產力節省應該足以抵消投入、製造和運輸通脹以及成本低效和馬鈴薯作物挑戰給我們去年的業績帶來壓力。

During the first half of fiscal '23, we expect our gross margin to improve versus the first half of fiscal '22, but will continue to be pressured as compared to our normalized seasonal rates. This reflects the implementation of our pricing actions, lagging inflation as well as the impact of higher raw potato costs on a per pound basis due to the poor crop that we harvested last fall.

在 23 財年上半年，我們預計我們的毛利率將比 22 財年上半年有所改善，但與我們的正常季節性利率相比，將繼續承受壓力。這反映了我們定價行動的實施、滯後的通貨膨脹以及由於我們去年秋天收成不佳而導致每磅生馬鈴薯成本上漲的影響。

We also expect our gross margins will be pressured by ongoing industry-wide labor and logistics challenges. During the second half of fiscal '23, we expect our gross margin will approach our normalized annual rate of 25% to 26%, assuming four key factors.

我們還預計，我們的毛利率將受到全行業持續的勞動力和物流挑戰的壓力。在 23 財年下半年，假設有四個關鍵因素，我們預計我們的毛利率將接近我們 25% 至 26% 的正常化年率。

First, an average fall 2022 potato crop. As Tom noted, at this time, we believe the crop in our primary growing regions in the Columbia Basin and Idaho will be consistent with historical averages. Second, the continued successful implementation of our pricing actions to offset input and transportation cost inflation. As our recent results have shown, we've been able to successfully increase price across our portfolio.

首先，2022 年秋季馬鈴薯平均收成。正如湯姆所指出的，此時，我們相信我們在哥倫比亞盆地和愛達荷州的主要種植區的收成將與歷史平均水平保持一致。其次，我們的定價行動繼續成功實施，以抵消投入和運輸成本的上漲。正如我們最近的結果所顯示的那樣，我們已經能夠成功地提高我們投資組合的價格。

Third, the continued easing of labor pressures that have affected our production run rates and throughput. While factory labor availability remains challenging, we feel good about the actions that we've put in place to attract and retain production workers.

第三，影響我們生產運行率和產量的勞動力壓力持續緩解。雖然工廠勞動力的可用性仍然具有挑戰性，但我們對我們為吸引和留住生產工人而採取的行動感到滿意。

And finally, the continued easing of logistics pressures that have constrained our shipments, especially our exports. The availability of domestic rail and trucking assets has improved in the past few months, along with access to shipping containers. However, we're closely monitoring the recent expiration of the West Coast dock workers union contract and what impact, if any, may have on our exports.

最後，物流壓力的持續緩解限制了我們的發貨，尤其是我們的出口。在過去的幾個月裡，國內鐵路和貨運資產的可用性以及集裝箱的使用情況有所改善。但是，我們正在密切關注最近西海岸碼頭工人工會合同的到期情況，以及可能對我們的出口產生什麼影響（如果有的話）。

We're projecting the strong increase in sales and gross profit will be partially offset by higher SG&A expenses. We're targeting total SG&A expenses of $475 million to $500 million, which is about $100 million higher than fiscal 2022, using the midpoint of that range. The increase largely reflects higher compensation and benefit costs as we adjust our compensation packages to reflect a very competitive environment to attract and retain talent.

我們預計銷售和毛利潤的強勁增長將被更高的 SG&A 費用部分抵消。我們的目標是總 SG&A 費用為 4.75 億美元至 5 億美元，這比 2022 財年高出約 1 億美元，使用該範圍的中點。這一增長主要反映了更高的薪酬和福利成本，因為我們調整了薪酬方案以反映吸引和留住人才的競爭激烈的環境。

Additional headcount, recruiting, training, travel and meeting expenses as we look to fill open positions to support growth over the long term and continue to emerge from pandemic-related restrictions. Higher spending to build and test our new ERP system, in addition to other IT infrastructure upgrades, higher A&P expenses, predominantly in support of our retail segment and finally, overall inflation for third-party services.

額外的員工人數、招聘、培訓、差旅和會議費用，因為我們希望填補空缺職位以支持長期增長並繼續擺脫與大流行相關的限制。構建和測試我們的新 ERP 系統的支出增加，此外還有其他 IT 基礎設施升級、更高的 A&P 費用，主要是為了支持我們的零售部門，最後是第三方服務的整體通脹。

We expect equity earnings to be $25 million to $30 million, which is up from about $16 million in fiscal 2022 after excluding the $27 million of mark-to-market commodity and currency contract gains as well as the impairment charge and about $10 million of earnings from the Russia joint venture.

我們預計股票收益為 2500 萬美元至 3000 萬美元，高於 2022 財年的約 1600 萬美元，其中不包括 2700 萬美元的按市值計價的商品和貨幣合約收益以及減值費用和約 1000 萬美元的收益來自俄羅斯的合資企業。

In addition to our operating targets, we expect total interest expense of around $115 million, an effective tax rate of approximately 24%. Total depreciation and amortization expense of approximately $210 million and capital expenditures of $475 million to $525 million, which includes about $285 million for the construction of our capacity expansions in Idaho and China as well as capital associated with our new ERP system and other IT upgrades.

除了我們的經營目標，我們預計總利息支出約為 1.15 億美元，有效稅率約為 24%。總折舊和攤銷費用約為 2.1 億美元，資本支出為 4.75 億美元至 5.25 億美元，其中包括約 2.85 億美元用於建設我們在愛達荷州和中國的產能擴張，以及與我們的新 ERP 系統和其他 IT 升級相關的資本。

Finally, as Tom noted, we recently acquired a controlling interest in our joint venture in Argentina for $42 million and will now consolidate their results. We do not expect the joint venture to have a material contribution to either sales or earnings growth this year.

最後，正如湯姆所說，我們最近以 4200 萬美元收購了我們在阿根廷的合資企業的控股權，現在將合併他們的業績。我們預計合資企業今年不會對銷售額或盈利增長做出重大貢獻。

So looking at our fiscal 2023 outlook at a high level. We're targeting sales of $4.7 billion to $4.8 billion, largely driven by price/mix, and we're targeting adjusted EBITDA, including unconsolidated joint ventures, of $840 million to $910 million, largely driven by strong sales growth as well as gross margins that approach a normalized annual run rate of 25% to 26% during the second half of the fiscal year. Now, here's Tom for some closing comments.

因此，從高水平看待我們的 2023 財年展望。我們的目標銷售額為 47 億美元至 48 億美元，主要受價格/組合驅動，我們的目標是調整後的 EBITDA（包括未合併的合資企業）為 8.4 億美元至 9.1 億美元，主要受強勁的銷售增長和毛利率的推動在本財年下半年，這接近於 25% 至 26% 的正常化年運行率。現在，湯姆在這裡發表一些結束評論。

Thanks, Bernadette. Let me quickly sum up by saying we delivered solid results in fiscal 2022 by focusing on what we can control and have built good operating momentum as we enter a new year. We've taken a prudent approach to our fiscal 2023 targets as we expect the operating and demand environment to remain highly challenging, and we're confident in the long-term prospects of the category and remain committed to executing on our strategies, and investing in our global network to support growth and create value for our shareholders over the long term.

謝謝，伯納黛特。讓我快速總結一下，我們在 2022 財年取得了可觀的業績，專注於我們可以控制的事情，並在進入新的一年時建立了良好的運營勢頭。我們對 2023 財年的目標採取了審慎的態度，因為我們預計運營和需求環境仍將充滿挑戰，我們對該類別的長期前景充滿信心，並繼續致力於執行我們的戰略和投資在我們的全球網絡中支持增長並為我們的股東創造長期價值。

Thank you for joining us today, and now we're ready to take your questions.

感謝您今天加入我們，現在我們已準備好回答您的問題。

(Operator Instructions) And we'll take our first question from Peter Galbo with Bank of America.

（操作員說明）我們將回答美國銀行的 Peter Galbo 提出的第一個問題。

Tom, I just wanted to maybe unpack your comments around volumes for the year and kind of what you're expecting. I think in the press release, it does talk about positive volume growth, marrying that against your comments about maybe a little bit of slowing demand, just how you're thinking about the ability for volumes to grow throughout the year, maybe that means you have more potatoes, given a better crop or how we should think about that? And then just the cadence of volume growth throughout the year as well would be helpful.

湯姆，我只是想解開你對這一年的數量和你所期望的內容的評論。我認為在新聞稿中，它確實談到了積極的銷量增長，將這一點與你關於可能會出現一點需求放緩的評論結合起來，你如何看待全年銷量增長的能力，也許這意味著你有更多的土豆，如果收成更好，或者我們應該如何考慮？然後，全年銷量增長的節奏也會有所幫助。

Yes. So Peter, the indicator is restaurant traffic, and we keep a close eye on that. It's -- in terms of -- QSR traffic looks relatively healthy. As we've seen in the past few months, the casual dining traffic has slowed down a bit, and we'll keep a close eye on that. Retail volumes continue to be pretty resilient. So it's not a matter of potatoes to support the volume, it really comes down to restaurant traffic. And you guys see the syndicated data just like we do.

是的。所以彼得，指標是餐廳客流量，我們密切關注這一點。就 QSR 流量而言，它看起來相對健康。正如我們在過去幾個月中看到的那樣，休閒餐飲流量有所放緩，我們將密切關注這一點。零售量繼續保持相當的彈性。因此，支持數量不是土豆的問題，它實際上歸結為餐廳的客流量。你們和我們一樣看到聯合數據。

So that's something we keep an eye on really close, but that's going to be a leading indicator of the volume for the year. I'm confident, as I think about the next year, certainly, there's concern about the economy. But the french fry category, even though -- even if we get into a situation where there's some economic slowdown, over time and historically, as we mentioned in our prepared remarks, there may be some switching from casual dining to QSR, but the overall category, I'm confident, we'll continue to grow.

所以這是我們密切關注的事情，但這將成為今年交易量的領先指標。我有信心，當我想到明年時，當然會擔心經濟。但是炸薯條類別，即使我們進入經濟放緩的情況，隨著時間的推移和歷史上，正如我們在準備好的評論中提到的那樣，可能會有一些從休閒餐飲轉向 QSR，但總體而言品類，我有信心，我們會繼續成長。

Okay. Okay. That's helpful. And Bernadette, I just want to ask about the cadence of gross margins for the year. So understanding that the first half, you should still be up year-over-year, maybe down versus your historical levels. But I guess why would the first half gross margins, if at all, kind of step back versus the fourth quarter? I think historically, first quarter and fourth quarter gross margins tend to be relatively similar. 2Q tends to be kind of plus or minus 100 basis points versus the first quarter. So just help us kind of understand the first half as we then think about approaching the second half at a more normalized rate.

好的。好的。這很有幫助。還有伯納黛特，我只想問一下今年毛利率的節奏。因此，了解上半年，你應該仍然同比增長，可能低於你的歷史水平。但我猜為什麼上半年毛利率會比第四季度有所回落？我認為從歷史上看，第一季度和第四季度的毛利率往往相對相似。與第一季度相比，第二季度往往是正負 100 個基點。因此，在我們考慮以更正常化的速度接近下半場時，請幫助我們理解上半場。

Yes. Thanks, Peter. First quarter is typically our lowest margin quarter for the entire year. We saw that last year as well. And we will be processing or recognizing the costs associated with the potatoes that we harvested -- or excuse me, that we processed in the fourth quarter, which are those higher costs, and we'll continue to recognize those higher costs throughout the first half of the year until we work through this old crop. Then as we start harvesting and recognizing some of the cost -- higher costs associated with this year's crop, we're not going to see much of a change there in terms of the cost of our potatoes just given, as Tom previously announced, we did have a 20% increase in the cost of that crop this year.

是的。謝謝，彼得。第一季度通常是我們全年利潤率最低的季度。我們去年也看到了這一點。我們將處理或確認與我們收穫的土豆相關的成本——或者對不起，我們在第四季度處理的那些成本較高，我們將在整個上半年繼續承認這些較高的成本直到我們通過這種舊作物工作為止。然後當我們開始收穫並認識到一些成本——與今年作物相關的更高成本時，我們不會看到剛剛給出的馬鈴薯成本有太大變化，正如湯姆之前宣布的那樣，我們今年這種作物的成本確實增加了 20%。

However, we expect greater yield and other things that's going to lower those -- improve those margins in the back half of the year. Does that make sense?

然而，我們預計更高的收益率和其他會降低這些的因素——在今年下半年提高這些利潤率。那有意義嗎？

Yes. No, it does.

是的。不，確實如此。

We'll now take our next question from Tom Palmer with JPMorgan.

我們現在將回答來自摩根大通的 Tom Palmer 的下一個問題。

Maybe Just to kick off on following up on this cost inflation. I guess, quite simply, you've got a lot of moving parts with especially the crop rolling over into the new one, which has the big step-up in pricing. If we think about that double-digit rate of inflation that you discussed throughout this year, how does that change as we look towards next year? And is there a shift from quarter-to-quarter or maybe one period is more onerous than another?

也許只是為了開始跟進這種成本膨脹。我想，很簡單，你有很多活動部件，特別是作物滾動到新的，這在定價上有很大的提高。如果我們考慮一下您今年全年討論的兩位數通貨膨脹率，那麼在我們展望明年時，這種情況會發生怎樣的變化？是否有一個季度到另一個季度的轉變，或者一個時期比另一個時期更繁重？

Yes. So Tom, this is Tom Werner. Here's the way to think about it. Our guidance takes into account the potato cost inflation, all of our input cost inflation, obviously. And as we've think about our pricing strategy and the timing of pricing that gets to the market, there is a lag. There's been a lag in the global business unit, as I commented on. It's going to be building over the course of this fiscal year in terms of regaining our margin structure to pre-pandemic levels.

是的。所以湯姆，我是湯姆維爾納。這是思考它的方法。我們的指導顯然考慮了馬鈴薯成本通脹，我們所有的投入成本通脹。當我們考慮我們的定價策略和進入市場的定價時機時，存在滯後。正如我所評論的那樣，全球業務部門存在滯後。在將我們的利潤結構恢復到大流行前水平方面，它將在本財年的過程中建立起來。

So there's a lot of noise, and you're absolutely right. We've got the old crop, we're working through, as Bernadette had just said. So we have a higher-cost crop. We're processing right now. We have inflationary in the inputs for this next year. So it's going to be a build, as I've said for the past year. I'm confident where the commercial team has done a tremendous job getting to the market and executing our pricing strategies. So it's going to take until the back half of next year that we're going to get back to our pre-pandemic normalized margin levels, and we're going to build and we will be approaching those levels as we get through the back half of the year.

所以有很多噪音，你是絕對正確的。正如伯納黛特剛才所說，我們已經得到了舊作物，我們正在努力解決。所以我們有更高成本的作物。我們現在正在處理。我們明年的投入存在通貨膨脹。所以這將是一個構建，正如我在過去一年中所說的那樣。我相信商業團隊在進入市場和執行我們的定價策略方面做得非常出色。因此，要到明年下半年，我們才能恢復到大流行前的正常化利潤率水平，我們將建立並在度過下半年時接近這些水平年。

Okay. And I wanted to ask on the SG&A side. pretty big step-up guided this year. I think you've highlighted a few areas, right? Some of it is very ongoing in terms of labor, just getting paid more effectively. But you've also called out investments in IT and in the ERP system. And it sounds like there's kind of two pieces, right? Maybe there's an ongoing piece to that once it's fully rolled out, but there's also implementation costs that are rolling through the P&L. So to what extent is this stepped-up cost space here to stay versus might we actually see a little easing as we look towards future years and those investments aren't needed anymore.

好的。我想問問 SG&A 方面。今年引導了相當大的進步。我想你已經強調了幾個領域，對吧？其中一些在勞動力方面非常持續，只是更有效地獲得報酬。但您也呼籲對 IT 和 ERP 系統進行投資。聽起來好像有兩塊，對吧？一旦完全推出，也許會有一個持續的部分，但也有通過損益表滾動的實施成本。因此，隨著我們展望未來幾年並且不再需要這些投資，這種增加的成本空間在多大程度上可以保留，而我們實際上是否會看到一些緩解。

Yes. No, thanks, Tom. As it relates to SG&A, we have stepped up our guidance there, it approximates about 10% of our sales, including advertising and promotion expenses, as we discussed. We're bringing that back more to levels that we had prior to the pandemic. And then we do have these incremental ERP expenses that we are incurring. The piece that's going to be more here to stay is going to be as it relates to the compensation and benefits, as I referred to in my prepared remarks that have increased as we've looked to grow the team as well as attract the talent that are needed to continue to execute our strategies over the long term.

是的。不，謝謝，湯姆。由於它與 SG&A 相關，我們在那裡加強了指導，正如我們所討論的，它大約占我們銷售額的 10%，包括廣告和促銷費用。我們正在將其恢復到大流行之前的水平。然後我們確實有這些增加的 ERP 費用。正如我在準備好的評論中提到的那樣，隨著我們尋求發展團隊並吸引人才需要繼續長期執行我們的戰略。

Okay. So no quantification on maybe what might roll off in coming years?

好的。所以沒有量化未來幾年可能會發生什麼？

No quantification at this time. But having said that, we're always looking for ways to become more efficient, and we'll continue to do that.

目前沒有量化。但話雖如此，我們一直在尋找提高效率的方法，我們將繼續這樣做。

We'll now take our next question from Adam Samuelson with Goldman Sachs.

我們現在將向高盛的亞當·薩繆爾森提出我們的下一個問題。

So I guess the first question is thinking about the margins, and you talked about getting back to that historical 25% to 26% rate or approaching it in the back half of the fiscal year? And I guess it would seem like, a, the composition of that is going to be different than history when we think about kind of the contribution in Global relative to Foodservice and Retail, the contribution margins just between the different units and the mix looks very different than it would have pre-pandemic based on kind of where you're exiting fiscal '22.

所以我想第一個問題是考慮利潤率，你談到要回到歷史上的 25% 到 26% 的利率還是在本財年的後半段接近這個水平？而且我想看起來，a，當我們考慮全球相對於餐飲服務和零售的貢獻時，它的構成將與歷史不同，不同部門之間的貢獻邊際和組合看起來非常與大流行前的情況不同，具體取決於您退出 22 財年的情況。

So -- and I guess with the amount of inflation that you're pricing for, it would seem like that would imply per pound margins are going to be actually above pre-pandemic levels by the end of the fiscal year, if you hit those rates. And I guess I'd just love to hear you reflect on kind of what would necessitate higher per pound unit margins over time to -- in this space other than just a greater mix of sales going into the broader Foodservice Retail channel versus larger QSR customers?

所以——我猜以你所定價的通脹量來看，這似乎意味著每磅利潤率將在本財政年度結束時實際上高於大流行前的水平，如果你達到那些率。而且我想我很想听聽您思考隨著時間的推移需要更高的每磅單位利潤率的方式——在這個領域，不僅僅是更多的銷售組合進入更廣泛的餐飲服務零售渠道而不是更大的 QSR 客戶?

Yes, Adam, I'll tell you to think about it this way. It's a pretty complex process. So we spend a maniacal amount of time focusing on our mix management right now and have been for the past 12 to 15 months. There's -- obviously, with all the challenges in supply chain and the run rates have changed in terms of our throughput efficiency, so we have to be very selective on our mix management and making sure that we service our strategic customers, but that does give us opportunity to think through the overall customer mix and we've done a terrific job of that, but it is a process. And Adam, there is -- again, when we execute our pricing actions, there is a lag through our P&L. So it does take some time to build that up.

是的，亞當，我會告訴你這樣想。這是一個相當複雜的過程。因此，我們現在花費大量時間專注於我們的混音管理，過去 12 到 15 個月一直如此。顯然，供應鏈中的所有挑戰和運行率在我們的吞吐量效率方面都發生了變化，因此我們必須對我們的混合管理非常有選擇性，並確保我們為我們的戰略客戶提供服務，但這確實給我們有機會思考整個客戶組合，我們在這方面做得非常出色，但這是一個過程。亞當，再次，當我們執行定價行動時，我們的損益表存在滯後。所以建立它確實需要一些時間。

So we've commented that we've taken a number of pricing actions to even try just to catch up in a number of different areas of the company, but we'll start to see that build, but it does take some time. And again, I'm confident with our commercial teams, what they've been executing. The volume trends look solid, but it will be -- there'll be some choppiness in the volume between channels, but it's a process. And I'm -- again, it's going to be a build, but the back half of the year, we'll get there.

所以我們評論說我們已經採取了一些定價行動，甚至試圖在公司的許多不同領域趕上，但我們將開始看到這種構建，但這確實需要一些時間。再說一次，我對我們的商業團隊充滿信心，他們一直在執行。成交量趨勢看起來很穩固，但它會 - 渠道之間的成交量會有一些波動，但這是一個過程。而且我 - 再次，這將是一個構建，但今年下半年，我們會到達那裡。

Yes. And Adam, I think it's just critical to recall that with our global contracts, about 1/3 of those come open each year. And so it's going to take time, to Tom's point, as we continue to negotiate those each year. And that's essentially what's driving some of that difference.

是的。亞當，我認為重要的是要記住，我們的全球合同每年約有 1/3 是開放的。因此，就湯姆而言，這需要時間，因為我們每年都會繼續談判這些問題。這就是造成這種差異的根本原因。

Okay. And maybe if I could ask -- if I look at fiscal '22 and kind of whether it's kind of where you're exiting the year or just the full year kind of where would you frame capacity utilization for your business today? There's a lot of moving pieces in there between labor and potato crop and different parts of the year, but I'm just trying to get a sense of how much latent kind of volume growth exists in the existing footprint versus how much volume can we kind of then layer in over the next couple of years when the China plant and the Idaho plant eventually come on?

好的。也許如果我可以問 - 如果我看一下 22 財年，它是你今年退出的地方，還是全年你今天為你的業務制定產能利用率的框架？在勞動力和馬鈴薯作物以及一年中的不同部分之間有很多移動的部分，但我只是想了解現有足跡中存在多少潛在的體積增長與我們可以創造多少體積那麼在接下來的幾年裡，中國工廠和愛達荷工廠最終會出現嗎？

Yes, Adam, I'm not going to give you a specific number on our current capacity utilization. It's below where we've been historically. I'll say that. But we've got -- the China plant will come on in mid-2024. We definitely have opportunities within our current capacity to improve our throughput, and it is improving, and we're continuing to work on that. We opened our chopped and formed line, so that's given us some capacity on those products. But again, as we continue to staff up our plants, labor's improved, sequentially, over the past 6 months, and that gives me confidence that as the market and the category continues to grow, we get our capacity, our plants running close to historical average, we'll be able to meet demand.

是的，亞當，我不會給你一個關於我們當前產能利用率的具體數字。它低於我們歷史上的水平。我會這麼說。但我們已經知道——中國工廠將於 2024 年年中投產。在我們目前的能力範圍內，我們肯定有機會提高我們的吞吐量，而且它正在改善，我們正在繼續努力。我們打開了切碎和成型的生產線，這樣我們就可以生產這些產品。但同樣，隨著我們繼續為我們的工廠配備人員，勞動力在過去 6 個月中依次得到改善，這讓我相信，隨著市場和類別的持續增長，我們獲得了產能，我們的工廠運行接近歷史平均而言，我們就能滿足需求。

And I'm, again, bullish on the category, always have been, as everybody knows, and I'm investing behind it for what we see this category doing in the next 5 to 7 years with our investments in China, American falls and Europe. So we've got to build and we've got to get more efficient in our current capacity to meet demand, and I'm confident we're going to do that. We have a plan.

而且我再次看好這個類別，眾所周知，我一直都看好這個類別，我正在投資於我們看到這個類別在未來 5 到 7 年所做的事情，我們在中國、美國的跌幅和歐洲。所以我們必須建設，我們必須提高我們目前的能力來滿足需求，我相信我們會做到這一點。我們有一個計劃。

And if I could squeeze one more. In the quarter, 15% price/mix, I know you started invoicing for freight surcharges, how much was freight surcharges of the price/mix?

如果我能再擠一個。在本季度，15% 的價格/組合，我知道您開始開發運費附加費，價格/組合的運費附加費是多少？

Yes. We're not breaking that out from our product price increases.

是的。我們不會從我們的產品價格上漲中打破這一點。

(Operator Instructions) Our next question will come from Chris Growe with Stifel.

（操作員說明）我們的下一個問題將來自 Stifel 的 Chris Growe。

I had a question for you a bit of a follow-on to your commentary there on the global contracts. And just to make sure I'm understanding like your expectation for the rate of pricing in those global contracts. And then is it -- do you see a point in fiscal '23, where the pricing in that division offsets the inflation? Or is it going to take longer to get the pricing through?

關於你對全球合同的評論，我有一個問題要問你。只是為了確保我理解你對這些全球合同定價率的期望。然後是 - 您是否看到 23 財年的某個點，該部門的定價抵消了通貨膨脹？還是需要更長的時間才能通過定價？

Chris, this is Tom. Think of it in terms of this. We're, again, focused on pricing to get to pre-pandemic margin levels, and we're having discussions with customers. It is a layering effect. So all contracts don't go into effect at the same time. So you won't see a full annualized price realization in some of our global contracts because they may start in October or November or December or January. So there's going to be a lag still just like we always have. That's been the case forever in this business. But on the other side, you get the carryover effect.

克里斯，這是湯姆。從這個角度考慮。我們再次專注於定價以達到大流行前的利潤率水平，並且我們正在與客戶進行討論。這是一種分層效果。因此，所有合同不會同時生效。因此，您不會在我們的一些全球合同中看到完整的年化價格實現，因為它們可能在 10 月或 11 月或 12 月或 1 月開始。所以仍然會有一個滯後，就像我們一直有的那樣。在這個行業中，情況一直如此。但另一方面，你會得到結轉效應。

So there is a lag. Again, this is why we've been really consistent to ensure that everybody understands that it's all about getting the discussions, the strategies in place and in the back half of fiscal '23, we'll start seeing the margins approaching pre-pandemic levels.

所以有一個滯後。同樣，這就是為什麼我們一直非常一致地確保每個人都明白這一切都是為了讓討論、戰略到位，在 23 財年的後半段，我們將開始看到利潤率接近大流行前的水平.

Okay. And then in relation to the pricing coming through in the Global division today, is that mostly the escalators kicking in that you've built into some of these contracts?

好的。然後關於今天全球部門的定價，主要是你在其中一些合同中建立的自動扶梯嗎？

Yes, Chris, that's exactly right.

是的，克里斯，完全正確。

Okay. And just one other question, which is in relation to the -- in a situation where, say, the yields from this year's potato crop are greater than average or better, how limited are you in producing that product? So if you have more supply, can you grow volumes more once the crop comes in? Is there any still kind of ongoing limitation of what you can make, be it labor, just general supply constraints today?

好的。還有另外一個問題，例如，在今年馬鈴薯作物的產量高於平均水平或更好的情況下，您生產該產品的限制有多大？所以如果你有更多的供應，一旦作物進來，你能增加產量嗎？你能做的東西是否仍然存在某種持續的限制，無論是勞動力，還是今天的一般供應限制？

Yes, Chris. So think of it in terms of this. We contract the majority of our forecasted volume needs every year. And we do have a percentage of open, what we just call open -- just open potatoes that will go out to the market and buy, depending upon how the category is growing, how the volume, what opportunities that may come our way. So we have flexibility and as the crop as we start understanding how the yields acres, how the crop is progressing through the growing season, and we evaluate our overall forecasted demand and needs, then we'll make decisions in the open market to buy or not buy.

是的，克里斯。所以從這個角度考慮。我們每年收縮大部分預測的數量需求。而且我們確實有一定比例的開放，我們稱之為開放 - 只是開放的土豆將進入市場併購買，具體取決於類別的增長方式，數量如何，以及我們可能遇到的機會。因此，當我們開始了解單產畝數、作物在整個生長季節的進展情況以及我們評估我們的整體預測需求和需求時，我們具有靈活性和作為作物，然後我們將在公開市場上做出購買或購買決定不買。

And so it's -- and it's been a really good balance as long as I've been running this company and been in the business. So -- but it is fluid. But it's not a matter of are you going to have enough potatoes to meet demand? We make those decisions early on in the harvest season if we need to go out in the open market and buy potatoes. Just like we have every year. So I feel really good about how we're balanced, how the crop is doing this year. But we're -- in the next 6 months, we'll make those decisions -- over the next 6 weeks, we'll make those decisions on procuring potentially open potatoes in the market.

所以它是 - 只要我一直在經營這家公司並從事這項業務，這就是一個非常好的平衡。所以——但它是流動的。但這不是你是否有足夠的土豆來滿足需求的問題嗎？如果我們需要在公開市場上購買土豆，我們會在收穫季節的早期做出這些決定。就像我們每年一樣。所以我對我們的平衡方式以及今年的收成情況感覺非常好。但是我們 - 在接下來的 6 個月內，我們將做出這些決定 - 在接下來的 6 週內，我們將就在市場上採購潛在的開放土豆做出這些決定。

And to be clear, if you have more potatoes from this crop and therefore, you just say, you had to buy less in the open market, I guess, I'm really more interested in your capacity. Are you able to make the product and sell the product if you can get more volume in the door -- more supply in the door, sorry?

需要明確的是，如果你有更多的土豆來自這種作物，因此，你只是說，你必須在公開市場上購買更少，我想，我真的對你的產能更感興趣。如果你能在門內獲得更多的銷量——你能在門內獲得更多的供應，你是否能夠製造產品並銷售產品，抱歉？

Yes. I mean -- we'll make our -- so if we have more potatoes because the yields are greater than we'll make our standard Lamb Weston SKUs. But still -- Chris, the other thing to remember is we're still focused on improving our run rate.

是的。我的意思是——我們會製造我們的——所以如果我們有更多的土豆，因為產量高於我們將製造標準的 Lamb Weston SKU。但是——克里斯，要記住的另一件事是我們仍然專注於提高我們的跑步速度。

We'll now take our next question from William Reuter with Bank of America.

我們現在將向美國銀行的 William Reuter 提出我們的下一個問題。

I just have 2. The first is, is there any way to quantify what the impact of the poor potato crop was on your fiscal year '22 EBITDA?

我只有 2 個。第一個是，有什麼方法可以量化馬鈴薯歉收對您 22 財年 EBITDA 的影響？

Yes. We haven't quantified that impact to discuss outside. But it is in excess of what we experienced in 2014. The last time we had a poor crop, which was about $30 million that we disclosed at that time. We're continuing to work through this crop. As we said, we'll continue to recognize the impact of that through the first half of fiscal '23.

是的。我們尚未量化這種影響以在外部討論。但這超過了我們在 2014 年的經歷。上一次我們的收成很差，當時我們披露了大約 3000 萬美元。我們正在繼續努力通過這種作物。正如我們所說，我們將在 23 財年上半年繼續認識到其影響。

Okay. That's helpful. And then in terms of thinking about your capital allocation and share repurchases, within -- I think your leverage target range is 3 to 4x. I guess when you think about next year, how will you think about share repurchases? Should we assume that basically all free cash flow that will be generated will go towards some shareholder activity such as that?

好的。這很有幫助。然後在考慮你的資本分配和股票回購方面，我認為你的槓桿目標範圍是 3 到 4 倍。我想當你考慮明年的時候，你會如何看待股票回購？我們是否應該假設基本上所有將產生的自由現金流都將用於諸如此類的某些股東活動？

Yes. So as it relates to our buyback program, we've disclosed and discussed previously that it's really in place to offset equity dilution. We've demonstrated, though, that we will be more aggressive if it makes sense. But our plan is in place to offset equity dilution.

是的。因此，由於它與我們的回購計劃有關，我們之前已經披露並討論過它確實可以抵消股權稀釋。不過，我們已經證明，如果有意義的話，我們會更具侵略性。但我們的計劃已經到位，以抵消股權稀釋。

Okay. And the target leverage range is 3 to 4x. I do have that correct. Is that right?

好的。目標槓桿範圍為3到4倍。我確實有那個正確的。那正確嗎？

3.5 to 4x.

3.5 到 4 倍。

Okay. And is that net or gross?

好的。那是淨額還是毛額？

That's net.

那是淨。

And it appears there are no telephone questions. I'd like to turn the conference back over to Mr. Congbalay for any additional or closing remarks.

而且似乎沒有電話問題。我想將會議轉回給 Congbalay 先生，以獲取任何補充或閉幕詞。

Thank you for joining us today. Any follow-up questions. Please e-mail maybe we can set up a time. And everybody, have a good day. Thank you.

感謝您今天加入我們。任何後續問題。請發電子郵件也許我們可以安排一個時間。大家，祝你有美好的一天。謝謝你。

And once again, that does conclude today's conference. We thank you all for your participation, and you may now disconnect.

再一次，這確實結束了今天的會議。我們感謝大家的參與，您現在可以斷開連接。