藍威斯頓 (LW) 2025 Q3 法說會逐字稿

Good day and welcome to the Lamb Weston third quarter FY 2025 earnings call. Today's conference is being recorded. At this time I'd like to turn the conference over to Ms. Debbie Hancock, Vice President of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加 Lamb Weston 2025 財年第三季財報電話會議。今天的會議正在錄製。現在，我想將會議交給投資者關係副總裁黛比漢考克女士。請繼續，女士。

Thank you, Anna. Good morning and thank you for joining us for Lamb Weston's third quarter 2025 earnings call. I am Debbie Hancock, Lamb Weston's Vice President of Investor Relations. Earlier today we issued our press release and posted slides that we will use for our discussion today. You can find both on our website, lambweston.com.

謝謝你，安娜。早安，感謝您參加 Lamb Weston 2025 年第三季財報電話會議。我是 Lamb Weston 投資者關係副總裁黛比漢考克 (Debbie Hancock)。今天早些時候，我們發布了新聞稿並張貼了今天討論將使用的幻燈片。您可以在我們的網站 lambweston.com 上找到這兩者。

Please note that during our remarks we will make forward-looking statements about the company's expected performance that are based on our current expectations. Actual results may differ materially due to the risks and uncertainties.

請注意，在我們的評論中，我們將根據我們目前的預期對公司預期業績做出前瞻性的陳述。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 and the appendix to our presentation.

有關我們的前瞻性聲明的更多詳細信息，請參閱我們提交給美國證券交易委員會 (SEC) 的文件中包含的警告聲明和風險因素。今天的一些評論包括非公認會計準則財務指標。這些非 GAAP 財務指標不應被視為替代，而應與我們的 GAAP 結果一起閱讀。您可以在我們的收益報告和簡報附錄中找到 GAAP 與非 GAAP 的對帳表。

Joining me today are Mike Smith, our President and CEO, and Bernadette Madarieta, our Chief Financial Officer. Let me now turn the call over to Mike.

今天與我一起出席的還有我們的總裁兼執行長 Mike Smith 和我們的財務長伯納黛特馬達里塔 (Bernadette Madarieta)。現在讓我把電話轉給麥克。

Thank you, Debbie, and congratulations on your new role. Good morning, everyone. Thank you for joining us today. I am honored to be the CEO of Lamb Weston, a company with a long and proud track record of excellence in our industry.

謝謝你，黛比，恭喜你擔任新的職位。大家早安。感謝您今天加入我們。我很榮幸能夠擔任 Lamb Weston 的首席執行官，這家公司在我們行業中擁有悠久而自豪的卓越業績。

Throughout our history, Lamb Weston has been a leader in innovation, product quality, customer relationships, and operations. These are long term strengths we will build upon to drive growth and shareholder value.

在我們的歷史上，Lamb Weston 一直在創新、產品品質、客戶關係和營運方面處於領先地位。這些都是我們將要利用的長期優勢，以推動成長和股東價值。

I know this industry and this business. I recognize our recent challenges and understand our future risks and opportunities. To meet evolving industry dynamics, Lamb Weston needs to change. This is where my focus has been since I took over as CEO three months ago and where it remains. Everything is on the table and we are moving with urgency.

我了解這個行業和這個業務。我體認到我們最近面臨的挑戰，也了解我們未來的風險和機會。為了滿足不斷發展的產業動態，Lamb Weston 需要做出改變。這是我自三個月前接任執行長以來一直關注的重點，並將繼續如此。所有事宜都已擺在桌面上，我們正​​在緊急行動。

We are amplifying our efforts with customers, and I have been personally meeting and hearing directly from them. We have engaged AlixPartners, a global advisory firm specializing in business optimization to accelerate an end-end value creation plan.

我們正在加強與客戶的溝通力度，我也一直親自會見他們並直接聽取他們的意見。我們聘請了專門從事業務優化的全球顧問公司 AlixPartners 來加速端到端價值創造計畫。

Not only are we focused on unlocking value both in the near term and long term, but also on defining the right go forward strategy, and the Lamb Weston team is talented and experienced, they are engaged and ready to embrace change.

我們不僅注重釋放短期和長期價值，也專注於制定正確的前進策略，Lamb Weston 團隊才華橫溢、經驗豐富，他們積極參與並準備好迎接變革。

This notably includes our new Head of the Global Supply Chain, who has already identified significant opportunities to win with our customers, reduce complexity and cost, as well as improve performance. We have over 30 projects underway this fiscal year and we will deliver quick wins as part of a savings pipeline across multiple years.

其中特別包括我們新任全球供應鏈主管，他已經發現了與客戶合作、降低複雜性和成本以及提高績效的重大機會。本財政年度我們有 30 多個專案正在進行中，作為多年節約計畫的一部分，我們將快速取得成果。

For example, in the logistics space we are right sizing the use of different transportation modes and optimizing rail car loading. We also see the need for better balancing of our finished goods cold storage capacity and are executing a plan to exit surplus warehouse space. We are combining these projects with the value creation work as part of our enterprise-wide value creation program. These efforts will be on top of our previously announced restructuring plan where we remain on track to deliver at least $55 million of pre-tax savings in fiscal 2025 and $85 million of pre-tax savings in fiscal 2026.

例如，在物流領域，我們正在合理地安排不同運輸方式的使用，並優化鐵路車輛的裝載。我們也認為需要更好地平衡我們的成品冷藏能力，並正在實施退出過剩倉庫空間的計畫。我們將這些項目與價值創造工作結合，作為我們全企業價值創造計畫的一部分。這些努力將在我們先前宣布的重組計劃的基礎上繼續推進，我們預計將在 2025 財年實現至少 5,500 萬美元的稅前節省，並在 2026 財年實現 8,500 萬美元的稅前節省。

Today, I'll update you on our progress to date, how we are controlling what we can control in a challenging market, and what's ahead.

今天，我將向大家通報我們迄今為止的進展、我們如何在充滿挑戰的市場中控制我們能夠控制的事情以及未來的發展方向。

On slide 6, you'll see our third quarter performance reflects the hard work of the Lamb Weston team to regain business, grow volume, and lower expenses while operating in a challenging macroeconomic environment. Specifically in the third quarter, we grew volume 9%, rebuilding after the transition to a new ERP in the prior year, increased net sales 4% and grew adjusted EBITDA 6%.

在第 6 張投影片上，您會看到我們的第三季業績反映了 Lamb Weston 團隊在充滿挑戰的宏觀經濟環境中為恢復業務、增加銷售和降低費用而做出的辛勤工作。具體來說，在第三季度，我們的銷售量成長了 9%，在上一年過渡到新的 ERP 後進行了重建，淨銷售額成長了 4%，調整後的 EBITDA 成長了 6%。

Despite this, all indications are that the consumer remains stretched, concerned about the economy, and looking for value. We saw this in the second quarter, and the consumer uncertainty has only increased since then.

儘管如此，所有跡像都表明，消費者仍然捉襟見肘，擔心經濟，尋求價值。我們在第二季度看到了這種情況，從那時起消費者的不確定性就一直在增加。

Turning to slide 7, as we finished our contracting late last year, visibility into our sales improved. We continue to reshape contracts, balancing when they come due, improving our ability to price with changes in the market, and providing customers continuity with Lamb Weston.

轉到幻燈片 7，由於我們去年年底完成了合同，因此我們的銷售透明度得到了提高。我們將繼續重塑合同，平衡合約到期時間，提高我們根據市場變化進行定價的能力，並為客戶提供與 Lamb Weston 的連續性。

Our improved engagement is also enabling us to expand and retain our existing customers while also pursuing and winning new business. We are seeing success across channels. In Away from Home, we recently partnered with a large growing QSR that had previously been cutting their own fries, converting them to a frozen product. They'll be completing a national rollout of our product during the remainder of calendar 2025 and into early calendar 2026.

我們不斷提升的參與度也使我們能夠擴大和留住現有客戶，同時尋求和贏得新業務。我們在各個管道都取得了成功。在 Away from Home 中，我們最近與一家大型成長型快餐店合作，該快餐店之前一直自己切薯條，然後將其轉化為冷凍產品。他們將在 2025 年剩餘時間和 2026 年初完成我們產品的全國推廣。

In the in-home consumption space, we recently launched new private label products across the grocery and club channels that are off to a great start. We are working to build upon wins like these as we continue to identify new and growing customers to drive long-term sustainable growth in our business.

在家庭消費領域，我們最近在雜貨店和俱樂部通路推出了新的自有品牌產品，並且取得了良好的開端。我們正在努力在這些勝利的基礎上再接再厲，繼續尋找新的和不斷增長的客戶，以推動我們業務的長期可持續增長。

Now turning to slide 8, along with improved customer relations, we are winning business because of our ability to innovate and meet our customers' evolving needs. In North America, we launched new battered and seasoned products as well as fridge-friendly fries and tots that can be held refrigerated up to seven days, expanding our addressable market by allowing us to sell to customers that may not have freezers.

現在轉到投影片 8，隨著客戶關係的改善，我們也憑藉著創新能力和滿足客戶不斷變化的需求的能力贏得了業務。在北美，我們推出了新的麵糊和調味產品以及可冷藏長達七天的冰箱炸薯條和小土豆，讓我們能夠向可能沒有冰箱的客戶銷售產品，從而擴大了我們的潛在市場。

In our North America retail channel, we've expanded our licensed brand portfolio to include onion rings and cheesy potato bites, and internationally, we launched a reimagined classic fry, the three-sided Frenzy Fries, and are receiving very positive feedback and demand signals.

在我們的北美零售通路，我們擴大了授權品牌組合，包括洋蔥圈和起司馬鈴薯塊，而在國際上，我們推出了重新設計的經典炸薯條——三面瘋狂炸薯條，並收到了非常積極的反饋和需求信號。

While we do not anticipate a near term improvement in demand environment, we are controlling what we can control. We are focusing on gaining share, driving growth with existing customers, winning new customers, and operating with excellence.

雖然我們預期需求環境短期內不會改善，但我們正在控制我們能夠控制的事情。我們專注於擴大市場份額、推動現有客戶成長、贏得新客戶並實現卓越營運。

Now shifting to slide 9 into the upcoming potato crop. In North America, contract negotiations for the 2025 crop are nearly complete. Overall, we expect a mid single digit percent decline in price in the aggregate and have largely secured the targeted number of acres across our primary growing regions. We contracted fewer acres given softer demand and higher inventory on hand. Planting is on schedule for the early potato varieties, and we expect planning for the main harvest to be completed by the end of April.

現在轉到第 9 個滑道，開始種植即將到來的馬鈴薯作物。在北美，2025 年作物的合約談判已接近完成。總體而言，我們預計整體價格將出現中等個位數的百分比下降，並且已基本確保了主要種植區的目標種植面積。由於需求疲軟和庫存增加，我們簽訂的種植面積減少了。早熟馬鈴薯品種的種植正在按計劃進行，我們預計主要收穫計畫將於 4 月底完成。

In Europe, prices governed under fixed price contracts are currently in negotiations and expected to be flat on average for the 2025 potato crop. Contract planning across the European growing regions will continue through the end of April, and we'll provide our typical update on the outlook for potato crops in North America and Europe when we issue our fourth quarter earnings in July.

在歐洲，固定價格合約下的價格目前正在談判中，預計2025年馬鈴薯作物的價格平均將保持穩定。歐洲種植區的合約規劃將持續到四月底，我們將在七月發布第四季度收益時對北美和歐洲馬鈴薯作物的前景進行典型的更新。

Finally, an update on capacity. As we discussed previously, we took steps to rationalize capacity earlier this fiscal year, closing our Connell, Washington plant and curtailing additional lines across our network. These actions improved our capacity utilization. We are prepared to address changes in demand that require reducing or increasing production through line curtailments and restarts. But in the near term, we expect the demand patterns will impact factory absorption.

最後，關於容量的更新。正如我們之前所討論的，我們在本財年早些時候採取了措施合理化產能，關閉了位於華盛頓州康奈爾的工廠，並減少了整個網路中的其他生產線。這些措施提高了我們的產能利用率。我們準備透過削減或重啟生產線來應對需要減少或增加產量的需求變化。但在短期內，我們預期需求模式將影響工廠的吸收。

Since last quarter, we have seen additional capacity announcements primarily outside the US. The industry has historically been rational in respect to supply and demand and has made the necessary adjustments over the long term to stay in balance.

自上個季度以來，我們看到了主要在美國以外增加產能的公告。從歷史上看，該行業的供需一直比較理性，並已做出必要的長期調整以保持平衡。

And while we cannot know if or when these plants will come online and we believe some have been delayed, we will continue to focus on driving productivity while working to exceed our customers' expectations.

雖然我們無法知道這些工廠是否或何時會投產，我們認為有些工廠已經被推遲，但我們將繼續專注於提高生產力，同時努力超越客戶的期望。

We are committed to ensuring we have the right capacity in the right geographies to meet our customers' needs while optimizing flexibility in our manufacturing footprint. As we execute our strategy, our Board and management team continue to regularly engage with shareholders, and we appreciate constructive input that furthers our goal of creating sustainable long-term value and attractive returns for our investors. This includes several discussions among members of our Board, JANA and Continental Grain.

我們致力於確保在合適的地區擁有合適的產能以滿足客戶的需求，同時優化我們製造基地的靈活性。在執行策略的過程中，我們的董事會和管理團隊繼續定期與股東進行接觸，我們感謝建設性的意見，這進一步推動了我們為投資者創造可持續的長期價值和可觀回報的目標。這包括我們董事會成員、JANA 和 Continental Grain 之間的幾次討論。

I'll now turn the call over to Bernadette.

現在我將電話轉給伯納黛特。

Thank you, Mike, and good morning, everyone. As a result of the actions we took in early fiscal 2025 to drive operational and cost efficiencies, we closed the quarter with sequentially improved volume trends and profitability in line with our expectations. We were able to accomplish this even while the consumer remained pressured, which is reflected in the restaurant traffic data that I'll speak to in a moment.

謝謝你，麥克，大家早安。由於我們在 2025 財年初期採取了一系列行動來提高營運和成本效率，我們在本季度結束時的銷售趨勢和盈利能力均實現了連續改善，符合我們的預期。即使在消費者仍然面臨壓力的情況下，我們仍然能夠實現這一目標，這反映在稍後我將談到的餐廳客流量數據中。

Despite uncertainty in the consumer and macro environment, as well as softer restaurant traffic, we remain on track to meet our full year fiscal 2025 outlook.

儘管消費和宏觀環境存在不確定性，且餐廳客流量減少，但我們仍有望實現 2025 財年全年目標。

Starting on slide 10. Net sales increased 4% compared with the prior year period. Volume increased 9%, primarily driven by fully replacing the combined regional, small, and retail customer volume lost in the prior year as we transition to a new ERP system, as well as incremental volume from recent customer contract wins across each of our channels and geographic regions net of volume losses.

從投影片 10 開始。淨銷售額較去年同期成長了4%。銷售量成長了 9%，主要原因是我們過渡到新的 ERP 系統後完全彌補了上一年損失的區域、小型和零售客戶總量，以及我們近期在各個通路和地理區域贏得的客戶合約帶來的增量（扣除銷售損失）。

These benefits were partially offset by soft global restaurant traffic trends. While French fry attachment rates remain high at almost 2 points higher than pre-pandemic levels, the net volume increase in the quarter did slightly lag our expectations given soft restaurant traffic in both North America and international markets.

但全球餐廳客流量疲軟的趨勢部分抵銷了這些好處。儘管炸薯條的附著率仍然很高，比大流行前的水平高出近 2 個百分點，但鑑於北美和國際市場的餐廳客流量疲軟，本季度的淨銷量增長確實略微落後於我們的預期。

Price/mix declined 5% compared to the prior year quarter due to planned investments in price to compete in the increasingly competitive environment in both the North America and international segments.

由於計劃在價格方面進行投資，以便在北美和國際市場日益激烈的競爭環境中競爭，價格/產品組合與去年同期相比下降了 5%。

Looking at our segments. North America net sales grew 4% compared with the prior year. Volume improved 8% and included fully replacing volume lost in the prior year as we transition to a new ERP system as well as recent customer contract wins across each of our channels, net of other volume losses, primarily in quick service restaurants. These volume gains were partially offset by soft restaurant traffic trends. In the US, according to industry experts, QSR traffic worsened during our fiscal third quarter, declining 2% compared with the prior year quarter.

看看我們的細分市場。北美淨銷售額較上年成長4%。銷量提高了 8%，包括由於我們過渡到新的 ERP 系統而完全彌補了上一年的銷量損失，以及最近我們在各個渠道贏得的客戶合同，扣除其他銷量損失（主要是快餐店）。但餐廳客流量疲軟的趨勢部分抵消了銷售量的成長。在美國，據行業專家稱，我們第三財季的 QSR 客流量惡化，與去年同期相比下降了 2%。

Traffic at QSR chains, specializing in hamburgers were down about twice as much in the quarter with February traffic down 6%. As a reminder, about 85% of our North American sales are from Food Away from Home channel and the majority of that volume is sold through QSRs.

本季度，主營漢堡包的 QSR 連鎖店的客流量下降了約兩倍，2 月的客流量下降了 6%。提醒一下，我們在北美約 85% 的銷售額來自 Food Away from Home 管道，其中大部分是透過 QSR 銷售的。

Price/mix in our North America segment declined 4% due to planned investments in price and trade, which was only partially offset by favorable channel and product mix. The favorable mix was attributable to fully replacing the combined volume of higher margin regional small and retail customers.

由於計劃在價格和貿易方面進行投資，北美分部的價格/產品組合下降了 4%，但有利的通路和產品組合僅部分抵消了這一影響。這種有利的組合歸因於完全取代了利潤率較高的區域小型和零售客戶的總量。

For our International segment, sales grew 5% versus the prior year quarter. Despite soft restaurant traffic in many of our key international markets, volume increased 12% driven primarily by recent customer contract wins and to a lesser extent, lapping unfilled orders in the prior year.

就我們的國際部門而言，銷售額比去年同期成長了 5%。儘管我們許多主要國際市場的餐廳客流量疲軟，但銷量仍增長了 12%，這主要得益於近期贏得的客戶合同，以及在較小程度上彌補了上一年未完成的訂單。

Outside the US, according to industry experts, third quarter QSR restaurant traffic declined in most tracked markets, including the UK, our largest market in Europe as well as France, Germany and Italy. Price/mix was down 7%, reflecting pricing actions in key international markets in response to ongoing competitive environment, along with unfavorable changes in foreign currency rates. On a constant currency basis, price/mix decreased about 4%.

除美國以外，據行業專家稱，第三季度大多數追蹤市場的 QSR 餐廳客流量均出現下降，其中包括英國（我們在歐洲最大的市場）以及法國、德國和義大利。價格/組合下降了 7%，反映了主要國際市場為應對持續的競爭環境以及外匯匯率的不利變化而採取的定價行動。以固定匯率計算，價格/組合下降了約 4%。

Moving on from sales. On slide 11, you can see that adjusted EBITDA increased $20 million versus the prior year quarter, to $364 million. The increase was primarily attributable to: first, higher sales volumes and lower manufacturing cost per pound, which included lapping the impact of the ERP transition and a $25 million pretax charge for the write-off of excess raw potatoes in the prior year. Second, recent customer and contract wins, net of other volume losses.

從銷售繼續說。在投影片 11 上，您可以看到調整後的 EBITDA 較去年同期增加了 2,000 萬美元，達到 3.64 億美元。成長主要歸因於：首先，銷售量增加，每磅製造成本降低，其中包括 ERP 轉換的影響和上一年註銷多餘生馬鈴薯的 2500 萬美元稅前費用。第二，近期贏得的客戶和合同，扣除其他數量損失。

And third, lower adjusted SG&A, which decreased $7 million, primarily related to lapping higher expenses associated with the ERP transition in the prior year quarter, and the continued execution of our expense reduction initiatives, including those associated with the restructuring plan announced this past October.

第三，調整後的銷售、一般及行政開支減少 700 萬美元，這主要與彌補去年同期 ERP 轉換相關的較高費用以及繼續執行費用削減計劃有關，包括與去年 10 月宣布的重組計劃相關的計劃。

These were partially offset by the timing of compensation and benefit accruals. These adjusted EBITDA improvements were partially offset by lower adjusted gross profit, which declined $7 million due to unfavorable price/mix in response to a more competitive environment, higher overall transportation and warehousing costs resulting from higher inventory levels.

這些被薪酬和福利累積的時間部分抵銷。這些調整後的 EBITDA 改善部分被調整後毛利的下降所抵消，調整後毛利下降 700 萬美元，原因是競爭環境加劇導致價格/產品組合不利，庫存水準提高導致整體運輸和倉儲成本上升。

And finally, while not impacting EBITDA, $16 million of incremental depreciation expense that's largely related to our capacity expansion in Idaho that was completed last fiscal year, and our Netherlands expansion that was completed late in the second quarter of this fiscal year.

最後，雖然不影響 EBITDA，但 1,600 萬美元的增量折舊費用主要與我們上個財年完成的愛達荷州產能擴張以及本財年第二季末完成的荷蘭擴張有關。

As expected, adjusted gross profit increased sequentially from the second to the third quarter which reflected the seasonal cost benefit of transporting and processing potatoes direct from the field as well as the benefit from the lower raw potato prices negotiated in North America versus the prior year.

如預期，調整後的毛利從第二季到第三季環比增加，這反映了從田間直接運輸和加工馬鈴薯的季節性成本效益，以及與上年相比北美談判的生馬鈴薯價格較低的效益。

For our North America segment specifically, adjusted EBITDA increased $15 million versus the prior year quarter to $301 million. The increase was driven by a combination of higher sales and lower manufacturing costs attributable to lapping the effects of last year's ERP transition, new customer contract wins and lower raw potato prices. These increases were partially offset by softer restaurant traffic and price investments made in a competitive environment.

具體來說，就我們北美分部而言，調整後的 EBITDA 較去年同期增加了 1,500 萬美元，達到 3.01 億美元。成長的主要原因是銷售額上升和製造成本下降，這得益於去年 ERP 轉型、新客戶合約的簽訂以及生馬鈴薯價格的下降等影響。這些成長被餐廳客流量下滑和競爭環境下的價格投資部分抵消。

For our International segment, adjusted EBITDA declined $8.5 million to $93 million. Unfavorable price/mix in an increasingly competitive environment in each region was only partially offset by increased sales volume and lower manufacturing cost per pound.

就我們的國際部門而言，調整後的 EBITDA 下降 850 萬美元至 9,300 萬美元。在每個地區日益激烈的競爭環境中，不利的價格/產品組合只能透過增加銷售量和降低每磅製造成本來部分抵銷。

Moving to our liquidity position and cash flows on slide 12. We ended the third quarter with approximately $1.1 billion of liquidity comprised of approximately $1.05 billion available under our revolving credit facility and $68 million of cash and cash equivalents.

轉到第 12 張投影片上的流動性狀況和現金流。截至第三季度，我們的流動資金約為 11 億美元，其中包括循環信貸額度下的約 10.5 億美元以及 6,800 萬美元的現金和現金等價物。

Our net debt was $4.2 billion, which keeps our leverage ratio at 3.4 times on a trailing 12-month basis. In the first three quarters of the year, we generated $485 million of cash from operations, which is up about $4 million versus the prior year due to favorable changes in working capital.

我們的淨債務為 42 億美元，這使得我們的槓桿率在過去 12 個月內保持在 3.4 倍。今年前三個季度，我們經營活動產生的現金流量為 4.85 億美元，由於營運資本的有利變化，比上年增加約 400 萬美元。

These changes were mostly attributable to a greater build of inventory in the third quarter of the prior year related to the ERP transition. For the remainder of the year, we plan to continue reducing working capital primarily through continued line curtailments and operational downtimes. The cash provided by favorable working capital trends was mostly offset by lower income after adjustments for noncash operating activities.

這些變化主要歸因於去年第三季與 ERP 轉型相關的庫存增加。在今年剩餘時間裡，我們計劃繼續減少營運資本，主要透過持續削減生產線和停產來減少營運資本。有利的營運資本趨勢所提供的現金大部分被非現金經營活動調整後的收入降低所抵銷。

Turning to slide 13. Capital expenditures through the end of the third quarter, net of proceeds from blue chip swap transactions in Argentina were $563 million, down $251 million as we get closer to completing our expansion projects.

翻到第 13 張投影片。截至第三季末的資本支出，扣除阿根廷藍籌股掉期交易的收益後為 5.63 億美元，下降了 2.51 億美元，因為我們越來越接近完成擴建項目。

Our full year fiscal 2025 target remains at $750 million, a decrease of $250 million from last year. Depending on the timing of invoicing, our cash investments for the Argentina expansion may result in 2025 spending below $750 million and push into fiscal 2026.

我們的 2025 財年全年目標仍為 7.5 億美元，比去年減少 2.5 億美元。根據開票時間，我們對阿根廷擴張的現金投資可能會導致 2025 年的支出低於 7.5 億美元，並推遲到 2026 財年。

Aside from the timing related to cash paid for Argentina expansion-related expenditures, we estimate a $200 million reduction in fiscal 2026 capital expenditures or $550 million in total, of which $400 million will be used for modernization and maintenance and $150 million for environmental investments, primarily for wastewater treatment.

除了與阿根廷擴張相關支出的現金支付時間有關之外，我們估計 2026 財年的資本支出將減少 2 億美元，即總計 5.5 億美元，其中 4 億美元將用於現代化和維護，1.5 億美元用於環境投資，主要用於廢水處理。

Next, capital returned to shareholders on slide 14. We remain committed to returning cash to shareholders. We returned $151 million to shareholders in the quarter. After expanding our share repurchase authorization last quarter, we repurchased $100 million of shares, leaving us with $458 million available under the plan. We will continue to repurchase shares opportunistically. And given the current share price, we may temporarily move slightly above 3.5 times net debt to adjusted EBITDA. We also returned approximately $51 million in cash dividends.

接下來，第 14 頁顯示資本回饋給股東。我們仍然致力於向股東返還現金。本季我們向股東返還了 1.51 億美元。在上個季度擴大我們的股票回購授權後，我們回購了價值 1 億美元的股票，根據該計劃我們還有 4.58 億美元可用。我們將繼續適時回購股票。考慮到目前的股價，我們可能會暫時將淨債務與調整後 EBITDA 比率略微提高 3.5 倍。我們也返還了約5,100萬美元的現金股利。

Before turning to our outlook, I want to address tariffs. Given the timing of yesterday's announcement and the uncertainty, we have not included any impact from tariffs in our financial outlook. As it relates to our business, we are a global business, which allows us to supply most of our customers with local regional supply. As it relates to US imports of frozen french fries, a new universal baseline tariff of 10% plus an additional country-specific tariffs for select trading partners will be assessed.

在談到我們的展望之前，我想先談談關稅問題。鑑於昨天宣布的時間和不確定性，我們沒有將關稅的任何影響納入我們的財務展望中。就我們的業務而言，我們是一家全球性企業，這使我們能夠為大多數客戶提供本地區域供應。對於美國進口的冷凍薯條，將徵收 10% 的新通用基準關稅，並針對特定貿易夥伴徵收額外的國家特定關稅。

This tariff relates to all US imports except USMCA compliant imports, which includes french fries imported from Canada. As such, the products we manufacture at our one plant in Canada and import to the US are exempt from the new tariff. We source approximately 5% of our inputs from Canada, primarily edible oils and natural gas, which are also USMCA compliant and therefore, exempt from the tariffs.

該關稅適用於除符合 USMCA 規定的進口產品（包括從加拿大進口的炸薯條）之外的所有美國進口產品。因此，我們在加拿大一家工廠生產並進口到美國的產品不受新關稅影響。我們從加拿大採購約 5% 的投入品，主要是食用油和天然氣，這些產品也符合 USMCA 規定，因此免關稅。

We're evaluating other expenditures to assess the impact of yesterday's announcements but do not currently expect them to have a significant impact on our fiscal 2025 financial results. And finally, as it relates to US exports, our manufacturing operations export in the mid to high teens as a percent of total volume and net sales, which could be subject to future retaliatory tariffs if imposed.

我們正在評估其他支出，以評估昨天公告的影響，但目前預計它們不會對我們的 2025 財年財務表現產生重大影響。最後，就美國出口而言，我們的製造業務出口占總銷量和淨銷售額的 15% 到 20% 左右，如果徵收報復性關稅，未來可能會受到報復性關稅的影響。

As you can see on slide 15, we continue to expect revenue in the range of $6.35 billion to $6.45 billion, which at the midpoint implies growth of about 1% in the fourth quarter compared with the prior year period. We expect a mid to high single-digit increase in volume in our International segment, primarily reflecting the benefit of incremental volume from recent customer contract wins across each of our geographic regions net of recent volume losses.

正如您在第 15 頁上看到的，我們繼續預期營收在 63.5 億美元至 64.5 億美元之間，中間值意味著第四季與去年同期相比成長約 1%。我們預期國際部門的銷售量將出現中高個位數成長，這主要反映了我們近期在各個地理區域贏得客戶合約所帶來的增量收益減去近期的銷售損失。

We expect North America volume to slightly decline. While regional small and retail volume is expected to increase compared with the prior year fourth quarter, lost QSR customer volume and softer restaurant traffic is expected to offset these volume increases. We expect overall price/mix will be down low to mid-single digits.

我們預計北美的銷量將略有下降。雖然區域小型零售店的銷售量預計與去年同期相比有所增加，但 QSR 客流量的減少和餐廳客流量的減少預計將抵消這些銷售量的成長。我們預計整體價格/組合將下降至中等個位數。

In North America, we're forecasting price/mix will decline low to mid-single digits as pricing actions and softening restaurant traffic negatively impact product and channel mix. In International, we're forecasting price/mix to be approximately flat on a constant currency basis as it continues being impacted by pricing actions in response to competitive dynamics in our key international markets. Our price investments in both segments are consistent with our prior expectations and will carry over into the next fiscal year.

在北美，我們預測價格/組合將下降低至中等個位數，因為定價行為和餐廳客流量下降對產品和通路組合產生負面影響。在國際方面，我們預測價格/產品組合在固定匯率基礎上將大致持平，因為它繼續受到為響應我們主要國際市場的競爭動態而採取的定價行動的影響。我們對兩個部門的價格投資與我們先前的預期一致，並將延續到下一個財年。

Moving to earnings. Despite continued softening restaurant traffic trends, the work we're doing across the organization to meaningfully reduce costs and improve efficiencies, keeps us on track to achieving our full year guidance.

轉向收益。儘管餐廳客流量趨勢持續疲軟，但我們在整個組織內為有效降低成本和提高效率所做的努力，使我們有望實現全年目標。

For fiscal 2025, we continue to expect adjusted EBITDA in the range of $1.17 billion to $1.21 billion. Overall, we expect the benefit from incremental volume in our International segment will be largely offset by planned investments in price and higher cost per pound.

對於 2025 財年，我們繼續預期調整後的 EBITDA 在 11.7 億美元至 12.1 億美元之間。總體而言，我們預期國際部門銷售增量帶來的好處將在很大程度上被價格計畫投資和每磅成本上漲所抵銷。

Similar to the prior year, we expect a sequential decrease in adjusted gross margin. Using the midpoint of the guidance range, adjusted gross margins are expected to decline about 700 basis points, which is consistent with the decline between the third and fourth quarters in the prior year.

與前一年類似，我們預計調整後的毛利率將持續下降。使用指導範圍的中點，調整後的毛利率預計將下降約 700 個基點，與去年同期第三季和第四季之間的降幅一致。

The expected decline reflects an approximate 260 basis point decrease related to seasonal trends in our business, particularly the third quarter benefit from seasonally lower costs as we transport and process direct from the field and about a 330 basis point decrease related to higher factory burden absorption.

預期下降反映了與我們業務的季節性趨勢相關的約 260 個基點的下降，特別是第三季度由於我們從田間直接運輸和加工而受益於季節性降低的成本，以及與工廠負擔吸收增加相關的約 330 個基點的下降。

Specifically, fixed costs assigned to our curtailed lines are temporarily being absorbed by lower production levels, which is leading to higher cost per pound. As we've previously discussed in response to softer restaurant traffic and to reduce our inventory levels, we've temporarily curtailed production. We expect these costs will more than offset the manufacturing efficiencies we expect to realize from the restructuring actions we've taken.

具體來說，我們縮減生產線的固定成本暫時被較低的生產水準所吸收，導致每磅成本上升。正如我們之前討論過的，為了應對餐廳客流量減少並降低庫存水平，我們暫時減少了產量。我們預計這些成本將超過我們採取重組措施所期望實現的製造效率。

Moving to SG&A. We now expect adjusted SG&A in the range of $665 million to $675 million, down from the previous range of $680 million to $690 million. This implies a $20 million to $30 million sequential increase in adjusted SG&A from the third to the fourth quarter which is expected to be primarily due to the timing of compensation and benefit expenses, expenses for outside adviser services for business optimization and higher royalty expenses.

轉向銷售、一般及行政開支。我們現在預計調整後的銷售、一般及行政開支在 6.65 億美元至 6.75 億美元之間，低於先前的 6.8 億美元至 6.9 億美元。這意味著第四季度調整後的銷售、一般及行政開支將比第三季度環比增加 2,000 萬至 3,000 萬美元，預計主要由於薪酬和福利費用的時間安排、業務優化的外部顧問服務費用以及更高的特許權使用費支出。

Finally, we are targeting a full year effective tax rate of approximately 28%, excluding the impact of comparability items, which translates to a mid to high-teen fourth quarter tax rate. As Mike noted, our previously announced restructuring plan is well underway, and we remain on track to deliver at least $55 million of pretax savings in fiscal 2025 with two thirds of that from reduced selling, general and administrative expenses and one thirds from cost of goods sold.

最後，我們的目標是全年有效稅率約為 28%，不包括可比較項目的影響，這意味著第四季度的稅率將達到中高水準。正如麥克所說，我們先前宣布的重整計畫正在順利進行中，我們仍有望在 2025 財年實現至少 5,500 萬美元的稅前節約，其中三分之二來自減少銷售、一般和行政費用，三分之一來自銷售成本。

Let me now turn the call over to Mike for some closing comments.

現在，讓我將電話轉給麥克，請他發表一些結束語。

Thank you, Bernadette. In closing, we are laser focused on our customers, delivering quality products and optimizing our cost structure and operations to improve profitability. We are working with speed to complete the work we've begun on our value creation plan, and we are committed to providing more details as well as long-term financial targets once this work is further along.

謝謝你，伯納黛特。最後，我們高度關注客戶，提供優質的產品，並優化成本結構和運營，以提高獲利能力。我們正在快速完成已開始的價值創造計劃的工作，並承諾在這項工作取得進一步進展後提供更多細節以及長期財務目標。

Lastly, I want to thank the global Lamb Weston team. I have pushed them hard in a short period of time and found them ready to tackle our mission with urgency. I'm confident that we have the right team to guide the company through this period of change and deliver enhanced shareholder value.

最後，我要感謝 Lamb Weston 全球團隊。我在短時間內對他們進行了大力推動，發現他們已準備好緊急完成我們的任務。我相信我們擁有合適的團隊來帶領公司度過這段變革時期並為股東創造更高的價值。

I'll now turn the time over for questions.

現在我將開始提問時間。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

I guess, Mike, in thinking about some of your comments and the outlook around crop prices in North America expected to be sort of down mid-single digit or so. Thinking about the sort of the ongoing weak restaurant traffic trends and some of the additional industry capacity that's coming on stream, I guess as you roll that all up, how do you think this sort of impacts key sort of QSR contract negotiations as you approach it sort of this summer? I'm just trying to get a sense of how you approach that given all these dynamics.

麥克，我想，在考慮你的一些評論和北美農作物價格前景時，預計價格將下降中等個位數左右。考慮到餐廳客流量持續疲軟的趨勢和即將投入使用的一些額外行業產能，我想當您將所有這些考慮在內時，您認為這會對今年夏天即將進行的 QSR 合約談判產生什麼影響？我只是想了解一下，考慮到所有這些動態，您如何處理這個問題。

Yeah. Appreciate the question, Andrew. I think it's important to remember, we haven't really started those customer contract negotiations yet. Those will start in the summer and move through the fall. And while potatoes are expected to be down, it's also just a portion of our cost of goods. There's other inflationary impacts that are hitting the business and are offsetting some of that favorability. So we'll have to see how those effects transpire.

是的。非常感謝您的提問，安德魯。我認為需要記住的是，我們還沒有真正開始那些客戶合約談判。這些活動將於夏季開始並持續至秋季。雖然預計馬鈴薯價格會下降，但它也只是我們商品成本的一部分。其他通膨影響正在衝擊企業並抵消部分有利因素。所以我們必須觀察這些影響是如何發生的。

The other thing that's unknown right now is any sort of effects from tariffs or reciprocal tariffs -- retaliatory tariffs around the globe, and we'll have to take that into consideration as we're having those discussions and those contract negotiations with customers throughout this next customer contracting cycle.

目前尚不清楚的另一件事是關稅或互惠關稅——全球報復性關稅的任何影響，我們必須在下一個客戶簽約週期與客戶進行討論和合約談判時考慮到這一點。

Yeah, that's right, Mike. And if I could just add, Andrew, I think it's important to think through to about a third of our cost of goods sold is raw potatoes then there's another 20% to 25% that's a combination of edible oils packaging and miscellaneous ingredients where we're seeing some inflation, and then another 40% to 45% of our cost of goods sold, fixed overhead conversion, fuel, power, water, also where we're seeing some increases.

是的，沒錯，麥克。安德魯，如果我可以補充一點，我認為重要的是要考慮一下我們的銷售成本中大約三分之一是生土豆，另外還有 20% 到 25% 是食用油包裝和雜項成分的組合，我們看到這些成本出現了一些通貨膨脹，然後還有 40% 到 45% 的銷售成本、固定間接費用、燃料、電力、水，我們也看到了一些增長。

And then just a quick one on the AlixPartners agreement. I'm just curious on -- obviously, you're just starting -- getting going with that. But where would -- how would you put in context sort of where the bigger buckets of potential opportunities are? Is it mostly really on the cost side and in productivity? Is it more on sort of let's call it, utilization, capital sort of your capital allocation sort of approach? Just trying to guess where you see, potentially, the bigger buckets versus maybe those that are not as compelling?

然後簡單談談 AlixPartners 協定。我只是很好奇 — — 顯然，你才剛開始 — — 做這件事。但是，您如何看待更大範圍的潛在機會？這主要真的發生在成本方面和生產力方面嗎？它是否更多是我們所說的利用率、資本類型的資本配置方法？只是想猜一下，您在哪裡可以看到潛在的更大桶以及那些可能不那麼引人注目的桶？

Yeah. No, I appreciate that. It's really all of the above. Just a reminder, this is -- the process we're taking is really two complementary work streams. The first is a value creation plan. And when you think about value creation plan, that's not only costs, which is a large focus of where we're spending our time but it is value across the entire P&L. It's top line and ensuring how we drive more growth from a net sales standpoint. It's obviously the middle of the P&L with the costs and focusing on the things that you talked about, primarily around manufacturing, our throughput as well as our transportation logistics, procurement and down to SG&A.

是的。不，我很感激。確實，以上皆是。需要提醒的是，我們採取的流程其實是兩個互補的工作流程。第一是價值創造計劃。當你考慮價值創造計劃時，這不僅僅是成本，這是我們花費時間的重點，而且它還涉及整個損益表的價值。這是營收來源，並確保我們如何從淨銷售額的角度推動更多成長。它顯然是損益表的中間部分，涉及成本，並重點關注您所談論的內容，主要是圍繞製造、我們的產量以及我們的運輸物流、採購以及銷售、一般和行政費用。

The other area that is focused on is around working capital, and we're spending a lot of time in that area. And now that's the one side of it, Andrew, with the value creation. The other side is the long-term growth strategy. And we're really taking a data-driven approach and focusing on where to play and how we're going to win for the future. And we'll bring that all together in a full plan that we'll share once we've gone through the process.

我們關注的另一個領域是營運資金，我們在這個領域投入了大量時間。安德魯，這就是它的一個方面，即價值創造。另一面是長期成長策略。我們確實採取了數據驅動的方法，並專注於在哪裡開展活動以及如何在未來取勝。我們將把所有這些整合成一個完整的計劃，並在完成整個流程後與大家分享。

Thomas Palmer, Citi.

花旗銀行的托馬斯·帕爾默。

I wanted to maybe, first, just ask on the 4Q gross margin. I think you called out 330 basis points from higher fixed cost absorption. Why is that more of a headwind, I guess, when we think about 4Q versus last quarter? And then I think you also said gross margin down around 700 basis points in 4Q, but unless I missed something, the two items you called out added up to roughly 600 basis points. So just kind of what else the incremental is there.

首先，我想問一下第四季的毛利率。我認為您指出了更高的固定成本吸收量所帶來的 330 個基點。為什麼當我們思考第四季與上一季相比時，這更像是一種阻力？然後我想您還說過第四季度毛利率下降了約 700 個基點，但除非我遺漏了什麼，否則您提到的兩個項目加起來大約是 600 個基點。那麼還有什麼其他的增量呢？

Sure. No, thanks for the question, Tom. I think it's important to remember how our inventory turns and that the cost of the inventory that sold in the third quarter was mostly produced in the second quarter, which only had two months of our curtailed production lines. We were also running through the remainder of our crop that we've negotiated in the prior year. So we were running harder during that time period.

當然。不，謝謝你的提問，湯姆。我認為重要的是要記住我們的庫存週轉情況，第三季銷售的庫存成本大部分是在第二季生產的，而第二季我們的生產線僅有兩個月的縮減。我們也正在處理去年談判的剩餘農作物。所以我們那段時間跑得更有賣力。

And then now as we move forward to the fourth quarter, those are going to be the costs that relate to the three months where we've had some curtailed production lines. We've got lower production and therefore, we're going to have more cost per pound as a result of that fixed factory burden.

現在，隨著我們進入第四季度，這些將是與我們部分生產線縮減的三個月相關的成本。我們的產量較低，因此，由於固定的工廠負擔，每磅的成本將會更高。

So that's really what is driving in terms of the seasonality of those trends. And then, yeah, I did point to the 330 basis points and the 260, that's the majority of it. Certainly, there's another 100 basis points where you're going to see increases in other input costs and other things, but those were a number of miscellaneous things, nothing of material importance that we felt like we needed to call out at this time.

所以這才是這些趨勢季節性的真正驅動因素。然後，是的，我確實指出了 330 個基點和 260 個基點，這是其中的大部分。當然，還有另外 100 個基點，你會看到其他投入成本和其他東西的增加，但這些都是一些雜亂的事情，並不是什麼重要的事情，我們覺得現在不需要強調。

But certainly, as we work through our inventories and we're able to restart as necessary, that then is going to help us with the absorption of fix factory burden. But right now, we're balancing our overall footprint, and we needed to do that as we were pulling the crop out of harvest and finishing off last year's raw potatoes. That's why you're seeing that trend.

但可以肯定的是，當我們處理完庫存並能夠在必要時重新啟動時，這將有助於我們吸收修復工廠的負擔。但是現在，我們正在平衡我們的整體足跡，我們需要這樣做，因為我們正在收穫農作物並完成去年的生馬鈴薯。這就是你看到這種趨勢的原因。

And maybe I'll just follow up with kind of on that inventory piece. I think when you initially kind of introduced it a couple of quarters ago, it sounded like it was more isolated to fiscal '25. I guess, just any update on kind of working through the excess inventory and when we might start to see more of a positive inflection from that side?

或許我會跟進一下庫存部分的狀況。我認為，當您在幾個季度前首次推出它時，它聽起來更像是與 25 財年無關。我想，有沒有關於解決過剩庫存的最新消息，什麼時候我們才能開始看到這方面的更多積極變化？

Yeah. The teams are really focused on it right now, Tom. As part of the value creation work that we're doing, we're putting extra emphasis around it, but it is top priority and there's some products and SKUs that were long on inventory and our selling organization is working on burning those down the right way. And our supply and planning team are also ensuring that we're not making products that we don't need to make.

是的。湯姆，團隊現在非常專注於此。作為我們正在進行的價值創造工作的一部分，我們對此給予了額外的重視，但這是首要任務，並且有些產品和 SKU 的庫存量很大，我們的銷售組織正在努力以正確的方式消耗它們。我們的供應和計劃團隊也確保我們不會生產不需要的產品。

And that goes back to what Bernadette was talking about. We're taking some downtime in the plants, and we've curtailed some of those lines so that we can work down that inventory as quickly as possible. But we are taking a very data-driven approach to it. And with the work in our value creation plan, we want to push that even further.

這又回到了伯納黛特所談論的話題。我們正在對工廠進行停工，並減少了部分生產線，以便盡快減少庫存。但我們採取的是數據驅動的方法。透過我們的價值創造計劃的工作，我們希望進一步推動這一目標的實現。

Yeah. And the only other thing I'd add, Mike, is that we are on track in terms of the stated targets that we spoke about previously to getting our inventory down to about 65 days at year-end, still not where we want to be. We need to continue to work that down, and we have plans to continue to do that, which is only being emphasized with the work that we are -- have underway in our end-to-end value creation plan that Mike spoke about.

是的。麥克，我唯一想補充的是，我們正在實現之前談到的既定目標，即到年底將庫存減少到 65 天左右，但這還不是我們想要達到的目標。我們需要繼續努力，並且我們計劃繼續這樣做，而我們正在進行的工作恰恰強調了這一點 — — 我們已經在進行邁克提到的端到端價值創造計劃。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

You gave some helpful reasons why the bottom line might be in a little bit more pressure ahead. Just -- I won't regurgitate them here. But if you look at the bottom end of your EPS guidance or implied guidance for 4Q, it does imply little bit of a steep deceleration really a drop-off in that two-year rate, right? So just kind of normalizing for last year. And I'm just wondering, is there any conservatism built into your implied 4Q number on the bottom line that we should be aware of, any more than usual, I guess, is the way to ask it.

您給了一些很有幫助的理由來說明為什麼未來底線可能會面臨更大的壓力。只是——我不會在這裡重複它們。但是，如果您看一下 EPS 指引的底端或第四季的隱含指引，它確實意味著兩年內成長率確實會急劇下降，對嗎？所以與去年相比，情況有點正常化。我只是想知道，您在第四季度的隱含數字中是否存在我們應該注意的保守主義，我想，問這個問題的方式應該是比平常更保守。

Yeah. No, I would say, Ken, that there isn't any more conservatism that has been built in. We've seen soft restaurant traffic. As I mentioned, the last month of the quarter, QSR hamburgers were down 6%. As it relates to our cost of goods sold, we are going to be seeing an increase there, particularly related to those curtailed lines that I spoke about. So I would say this is a fair representation of the range that we expect to be in.

是的。不，肯，我想說，已經不再存在保守主義了。我們發現餐廳客流量有所下降。正如我所提到的，本季的最後一個月，QSR 漢堡銷量下降了 6%。因為它與我們的銷售成本有關，所以我們將會看到它的成本增加，特別是與我剛才提到的那些縮減的生產線相關的成本。所以我想說，這公平地代表了我們預期的範圍。

And then just as we think about AlixPartners, you did talk about the value creation plan and how it's a little broader than maybe it might appear at first glance. I guess my question is this, AlixPartners, they're known not only for helping and identifying with top line and cost saves but also with really kind of broader strategic activities.

然後，當我們思考 AlixPartners 時，您確實談到了價值創造計劃，以及它如何比乍一看的要廣泛一些。我的問題是這樣的，AlixPartners，他們不僅以幫助和識別營收和成本節約而聞名，而且還以幫助和識別更廣泛的策略活動而聞名。

And I guess my question is, as you think about your work with them, are really kind of all options for value creation on the table? Or should we really think of this more as focused on fundamental top and bottom line efficiency, if that makes sense?

我的問題是，當您考慮與他們的合作時，是否真的存在可以創造價值的所有選擇？或者我們應該更多地考慮基本頂線和底線效率，如果這說得通的話？

Yeah. The way to answer that, Ken, is everything is on the table. We're definitely evaluating everything in terms of the markets we play in and how we're going to win and where we're going to win in the future. But the primary focus of the group is to really focus on that value creation piece.

是的。肯，回答這個問題的方式是，一切都擺在桌面上。我們肯定會根據我們所處的市場、我們將如何取勝以及我們將在何處取勝來評估一切。但該集團的主要關注點是真正關注價值創造部分。

All levers of the P&L like I talked about before, not only the top line growth, but also in the middle of the P&L and all the way through it in terms of finding the value and pushing us as an organization, using data a little bit harder, taking that unbiased approach. And that's where the time and focus is.

就像我之前談到的，損益表的所有槓桿，不僅是營業額的成長，還包括損益表的中間部分，以及貫穿整個損益表的過程，以尋找價值並推動我們作為一個組織，更加努力地使用數據，採取公正的方法。這就是時間和焦點所在。

And it's really about improving the fundamentals of our business and getting the business back on track to execute with excellence and make sure we're delivering for our customers and also our shareholders.

這實際上是為了改善我們業務的基礎，使業務重回正軌，以卓越的表現執行，並確保我們為客戶和股東提供服務。

Next question, Ana.

下一個問題，安娜。

[Yasmin Daswani], Bank of America.

[Yasmin Daswani]，美國銀行。

I just wanted to dig a little bit on slide 9 in your slides on just the crop. There was news out a few weeks ago on acreage reductions in the Columbia Basin, I believe, down mid-teens or so. How much of that do you attribute to the Connell closure versus how you see the market shaping up in the next 12 to 18 months in terms of demand?

我只是想對你幻燈片第 9 頁上的裁剪部分進行一點深入的了解。幾週前有消息指出哥倫比亞盆地的種植面積將減少，我相信減少了百分之十左右。與您預測未來 12 到 18 個月的市場需求相比，您認為這在多大程度上歸因於 Connell 的關閉？

Yeah. So for us, we did lower the amount of acres that we had going into this contracting season. Part of it is the softness of demand that we're seeing in the marketplace, the things that Bernadette talked about in terms of QSR traffic. But the other area is that we have a lot of high finished goods inventories. And so we want to make sure that we're working those down the right way. And over the last couple of years, we've had carryover of raw into the new fiscal years, and we've been running through that raw. And so we're in a position this year where we didn't need as much.

是的。因此對我們來說，我們確實減少了進入這個承包季節的土地面積。部分原因是我們在市場上看到的需求疲軟，也就是伯納黛特在 QSR 流量方面談到的情況。但另一個問題是我們擁有大量的成品庫存。所以我們要確保以正確的方式進行這些工作。在過去的幾年裡，我們一直將原始數據結轉到新的財政年度，並且一直在使用這些原始數據。因此，今年我們不需要那麼多。

And then you mentioned the mid-single-digit decline in price in your slides, how much of that do you expect to fall to the bottom line versus reinvestment?

然後您在幻燈片中提到了價格的中等個位數下降，您預計與再投資相比，其中有多少會落入底線？

Yeajh. I think it's a great question. I mean we haven't gone through any of the customer contracting for this coming year. As I mentioned earlier, with Andrew's question, while raw is down, there's other inflationary impacts and inputs that are going to affect the business. And so we'll just continue to watch that and as we get in those negotiations, we'll update this group as we do in years past.

是的。我認為這是一個很好的問題。我的意思是我們還沒有簽訂來年的任何客戶合約。正如我之前提到的，對於安德魯的問題，雖然原料價格下降，但其他通膨影響和投入也會對業務產生影響。因此，我們將繼續關注此事，一旦我們進入談判階段，我們將像過去幾年一樣向該小組通報最新情況。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

I wanted to ask about the Connell plant and what your plans are for the future. I think there was an article in a local paper speculating that you might sell it rather than shut it down. And my concern would be if another operator comes in and keeps the capacity up, it might hurt your capacity utilization outlook. And then similarly, a couple of your biggest competitors here in the US had plans this year to start up new facilities or at least new production lines that were pretty significant. Is it your expectation that those are on track or not?

我想詢問一下康乃爾工廠的情況以及你們未來的計劃。我記得當地報紙上有一篇文章推測你可能會出售它而不是關閉它。我擔心的是，如果另一家業者加入並保持產能，這可能會損害你的產能利用率前景。同樣，你們在美國最大的幾個競爭對手今年也計劃啟動新工廠或至少是相當重要的新生產線。您是否預期這些都會順利進行？

Yeah. Let me answer the first part, Rob. As we discussed, we're doing this comprehensive review of our business. And so everything is on the table. And as part of that, we undertook really an exploratory process to understand the possibilities of potentially selling that Connell, Washington building, obviously, just the building itself, none of the technology or anything that was inside of it.

是的。讓我來回答第一部分，羅布。正如我們所討論的，我們正在對我們的業務進行全面審查。因此，一切都擺在桌面上。作為其中的一部分，我們進行了一個真正的探索過程，以了解出售華盛頓州康奈爾大樓的可能性，顯然，只是出售大樓本身，而不出售大樓內部的任何技術或任何東西。

We've gone through our process, we've determined that a sale of that facility is not in the best interest of our business at this time. So we'll continue to complete our strategic review of other options that are out there. But yeah, that one is off the table for right now.

我們已經完成了所有流程，並確定出售該設施目前不符合我們業務的最佳利益。因此，我們將繼續完成對其他現有選擇的策略審查。但是的，那個現在不在考慮範圍內。

In terms of new facilities from other manufacturers here or even around the globe, believe that there are some out there that have been delayed. We believe that some processors are taking extended downtime.

就這裡乃至全球其他製造商的新設施而言，相信有些設施已經被推遲了。我們相信一些處理器的停機時間正在延長。

We've heard that others have reduced acres similar to what we have as well. But I can't speak to any of the details around what our competitors or other manufacturers are planning to do with their capacity moving forward.

我們聽說其他人也減少了與我們類似的土地面積。但我無法透露有關我們的競爭對手或其他製造商未來計劃如何利用其產能的任何細節。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯·甘波特（Max Gumport）。

I was hoping to get a bit more commentary on the weakness in QSR traffic that you're seeing, particularly what you think is driving the sequential weakening in trends, in particular for QSR hamburgers and then how that informs your demand forecast for FY26?

我希望對您看到的 QSR 流量疲軟現象獲得更多評論，特別是您認為趨勢連續減弱的原因，特別是 QSR 漢堡包，然後這如何為您對 FY26 的需求預測提供資訊？

Yeah. So as Bernadette said, QSR traffic is down, burger QSR was down 4%. And it really comes back to the uncertainty with the consumer. There's obviously a lot going on from a macroeconomic perspective. We're taking all those demand signals into account as we think about -- as I just mentioned, the raw that we're sourcing as well as the amount of downtime we're potentially taking our facilities with curtailments. But also have the flexibility should things turn around to bring those lines and facilities back on so that we can keep up with any changes in demand.

是的。正如伯納黛特所說，QSR 客流量下降，漢堡 QSR 下降了 4%。這其實又歸結於消費者的不確定性。從宏觀經濟角度來看，顯然有很多事情發生。我們正在考慮所有這些需求訊號——正如我剛才提到的，我們採購的原材料以及我們可能因削減設施而導致的停機時間。但如果情況發生變化，我們也有能力重新啟用這些生產線和設施，以便我們能夠滿足需求的任何變化。

Anything you'd add, Bernadette?

您還有什麼要補充嗎，伯納黛特？

No, I think that covers it, Mike.

不，我想這就涵蓋了，麥克。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

So you've obviously got a pretty fast start on this broad-based turnaround plan. Can you talk about what's been most surprising as you've embarked on this process in terms of the biggest opportunities to improve performance and create value, anything that's been surprising to the negative side as well?

所以，你們顯然已經相當快地啟動了這個廣泛的扭轉計劃。您能否談談在開始這一過程時最令人驚訝的事情是什麼？就提高績效和創造價值的最大機會而言，還有什麼負面的事情讓您感到驚訝？

Yeah. As I think about the work that's been underway, I mean we are in the early innings. But I will tell you, it's a lot of the things that you'd expect around throughputs in our facilities potato utilization, our logistics, procurement side of things, just across the Board.

是的。當我思考正在進行的工作時，我認為我們才剛剛開始。但我會告訴你，很多事情都是你所期望的，圍繞著我們設施的馬鈴薯利用率、物流、採購方面的生產量，都是全方位的。

The thing that I really appreciate, Alexia, that our advisers have been helping with on is really taking an unbiased, data-driven approach to this work and putting everything on the table, in that way that we can evaluate all the options and they're pushing us. And I appreciate that and the work they're doing. I appreciate the leadership team here at Lamb Weston for embracing it and acting with urgency to make sure we get things turned around.

亞歷克西亞，我真正感激的是，我們的顧問一直在幫助我們採取一種公正、數據驅動的方式來開展這項工作，並將所有因素都擺到桌面上，這樣我們就可以評估所有的選擇，而他們也在推動我們。我對此表示讚賞，也感謝他們所做的工作。我感謝 Lamb Weston 的領導團隊接受這項建議並緊急採取行動，確保扭轉局面。

As a quick follow-up, in terms of diagnosing the continuing and deteriorating weakness in the burger chains, particularly in the US, do you have a good handle on what's driving that at this point? Is it the low income consumer getting worse? Is it a higher-income consumer, maybe slowing traffic in the burger chains. Or is it possibly a GLP-1 drug impact? I'm just wondering what you're turning over to try and figure it out.

作為一個快速的後續問題，在診斷漢堡連鎖店持續惡化的疲軟狀況（特別是在美國）方面，您是否清楚目前造成這種狀況的原因是什麼？低收入消費者的境況是否變得更糟？消費者收入是否較高，或許會減緩漢堡連鎖店的客流量。或者可能是 GLP-1 藥物的影響？我只是想知道您正在嘗試解決什麼問題。

Yeah. I don't think we have a good read on the why, to answer the first part of your question. I will tell you that the French fry attachment rate, so the percent of orders that have fries as part of that order has remained strong, and it's still up a couple of points from pre-pandemic levels. So folks are still out there purchasing french fries when they are going to QSRs.

是的。我認為我們還沒有很好地理解原因，無法回答你問題的第一部分。我會告訴你，炸薯條的附加率，即包含炸薯條的訂單百分比一直保持強勁，並且仍比大流行前的水平高出幾個百分點。因此，人們去快餐店時仍然會購買炸薯條。

Matt Smith, Stifel.

馬特史密斯（Matt Smith），史蒂費爾（Stifel）。

North America volume was stronger than I think many were expecting. And at the same time, you called out a slight volume decline into the fourth quarter. You walked through some of those factors that benefited the North America volume in the third quarter. But can you help bridge the plus 8 to kind of down sequentially maybe by the factors that most benefited the third quarter that were more unique?

我認為北美的銷售量比許多人預期的還要強勁。同時，您指出第四季度的銷量略有下降。您介紹了一些有利於第三季北美銷售的因素。但是，您能否幫助縮小 8% 的增幅與連續下降的幅度，也許是透過對第三季最有利且更為獨特的因素？

Yeah, I'll take that, Matt. As it relates to the factors that we expect to affect the fourth quarter, it's primarily the fact that we've seen and expect to see the continued increase in our small regional and retail volumes as we have lapped the ERP transition in the prior year.

是的，我接受，馬特。至於我們預計會影響第四季度的因素，主要是因為我們在前一年完成了 ERP 轉型，我們已經看到並預計將看到我們的小區域和零售量持續成長。

We saw that in the third quarter as well, but that was more pronounced because the third quarter is the quarter that was impacted and then what we're seeing in the fourth quarter then is those increases are being offset by some of the lost customers that we've spoken about previously.

我們在第三季度也看到了這種情況，但這種情況更加明顯，因為第三季度是受到影響的季度，而我們在第四季度看到的是，這些增長被我們之前談到的部分客戶流失所抵消。

But what I can tell you is we do have a pipeline, and Mike mentioned some of those in terms of those volume wins that will be starting and being increased as next year progresses, and we'll give more of an update on that when we give our guidance in next quarter call.

但我可以告訴你的是，我們確實有一個管道，麥克提到了其中一些，即隨著明年的進展，這些管道將開始並增加銷量，我們將在下個季度電話會議中提供指導時提供更多更新。

Yeaj, Matt, the thing I'd add is we're putting a full court press on the customer and ensuring that Lamb Weston gets back to a stronger customer first mentality and as I mentioned in the prepared remarks, I've been spending time out with these customers, our large customers and listening directly from them.

是的，馬特，我想補充的是，我們正在全力以赴地向客戶施壓，並確保 Lamb Weston 恢復更強大的客戶至上心態，正如我在準備好的發言中提到的那樣，我一直在花時間與這些客戶，我們的大客戶在一起，直接聽取他們的意見。

And they value the innovation and the product quality and the consistency that Lamb Weston has had in the past. They want to have better continuity of supply and assured supply. And that's where we're putting a focus, and I'm happy to share that we have improved our fill rates and have some momentum behind us.

他們重視 Lamb Weston 過去的創新、產品品質和一致性。他們希望擁有更好的供應連續性和保證供應。這就是我們關注的重點，我很高興地告訴大家，我們已經提高了我們的填充率，並且獲得了一些發展動力。

And as a follow-up, it sounds like you've done -- you're in process on doing a lot of work with AlixPartners and looking at your expense structure and revenue opportunities. Based on what you've seen to date, can you comment on how you view the 19% to 20% EBITDA margin that I think was discussed last quarter as an achievable level perhaps in the medium term?

作為後續問題，聽起來您已經做了——您正在與 AlixPartners 進行大量工作，並研究您的費用結構和收入機會。根據您迄今為止看到的情況，您能否評論一下您如何看待上個季度討論的 19% 至 20% 的 EBITDA 利潤率，認為這可能是中期可以實現的水平？

Matt, we're not going to discuss that today. We have a lot of initiatives in play right now. And I understand the need or the question. We'll come back as we get to this process as we get through our annual operating plan, and we'll share that. We typically share our guidance on the next fiscal year in Q4, and we'll continue to do that in the future.

馬特，我們今天不討論這個。我們目前正在實施多項措施。我了解這個需要或這個問題。當我們完成年度營運計劃後，我們會回到這個流程，並與大家分享。我們通常會在第四季分享對下一財年的指導，未來我們也會繼續這樣做。

Marc Torrente, Wells Fargo Securities.

富國證券的馬克‧托倫特 (Marc Torrente)。

I appreciate the update on the capacity outlook. Any change on your level of comfort around pricing to remain rational in North America? And maybe any kind of stabilization in international price/mix, international was pretty weak. Was that in line with your own expectations, maybe an FX? And how are you thinking about that progressing from here?

我很欣賞關於產能前景的更新。您對北美保持合理定價的接受程度有何變化？也許國際價格/組合的任何穩定，國際上都相當薄弱。這符合您自己的預期嗎？也許是 FX？您認為下一步的進展如何？

Yeah. As I mentioned in the prepared remarks, since last quarter, we have heard of some additional announcements. Most of those have been internationally, primarily in some of the developing markets. There's been rumors of delays and extended downtimes in areas.

是的。正如我在準備好的發言中提到的，自上個季度以來，我們聽到了一些額外的公告。其中大部分是國際性的，主要是一些發展中市場。有傳言稱，一些地區將出現延誤和停機時間延長的情況。

But as Bernadette said, with the softness in demand and some of the macroeconomic impacts we believe price will be pressured over the course of the next -- over the near term.

但正如伯納黛特所說，由於需求疲軟和一些宏觀經濟影響，我們認為價格將在未來一段時間內面臨壓力。

Carla Casella, JPMorgan.

摩根大通的卡拉·卡塞拉。

Two quick follow-ups. One on CapEx, nice to see you can increase your cash flow by -- as you finish off some of these projects. I'm wondering what's your maintenance level of CapEx beyond that? And do you think you've got more opportunities to change that?

兩個快速的後續行動。關於資本支出，很高興看到你在完成其中一些項目後可以增加現金流。我想知道除此之外您的資本支出維護水準是多少？您認為您還有更多機會改變這種狀況嗎？

Yeah. As it relates to capital spending, I think we've previously discussed that maintenance is about 3% of sales, add another 2% of sales for modernization. And then aside from that, it's environmental expenditures. But those are the three main components as it relates to our capital expenditure plans.

是的。至於資本支出，我想我們之前討論過維護約佔銷售額的 3%，再加上現代化所需的 2% 的銷售額。除此之外，還有環境支出。但這些是與我們的資本支出計畫相關的三個主要組成部分。

And in your new business wins, is there a change in how the QSRs are operating? Are you seeing more? It sounds like somewhere it's just open to outsourcing. But is there -- as that happens, are you seeing any different competitive threats as you bid on the project the way you and your competitors go after it or how the QSRs look to bid out those projects or the [price] contracts?

在您贏得新業務後，QSR 的運作方式是否改變了？你看到了更多嗎？聽起來有些地方只是對外包持開放態度。但是，當這種情況發生時，您在競標該項目時是否看到了與您和您的競爭對手競標該項目的方式不同的競爭威脅，或者 QSR 如何競標這些項目或[價格]合約？

Yeah. One thing that we've been working on is -- and I believe we mentioned this in prepared remarks, is adjusting our contract schedule. In the normalized environment, typically, we'd have about a third of our large chain customers come due for negotiations every year. And we've cycled back to that. So we'll have about a third of those that will come due this coming contract cycle. And customers are starting to look towards driving traffic to their restaurants, given the environment, and they're open to some new ideas and new innovation as we spoke to already.

是的。我們一直在努力的一件事是——我相信我們在準備好的演講中提到了這一點——就是調整我們的合約時間表。在正常化環境下，通常我們每年會有大約三分之一的大型連鎖客戶需要進行談判。我們又回到了那個狀態。因此，我們將有大約三分之一的合約將在即將到來的合約週期到期。考慮到當前的環境，顧客開始考慮增加餐廳的客流量，而且正如我們已經談到的，他們願意接受一些新想法和新創新。

It appears there are no further telephone questions. I'd like to turn the conference back over to Debbie for any additional or closing comments.

看來沒有其他電話詢問了。我想將會議交還給黛比，請她發表任何補充或結束語。

Thank you, Anna, and thank you, everyone, for joining us today. The replay of the call will be available on our website later this afternoon. And I just hope everyone has a good rest of your day. Thank you.

謝謝你，安娜，也謝謝大家今天的參與。今天下午晚些時候我們將在我們的網站上重播通話。我只希望大家今天剩下的時間都能過得很愉快。謝謝。

And that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。