Middleby Corp (MIDD) 2023 Q1 法說會逐字稿

Good day, and welcome to the Middleby Corporation First Quarter 2023 Conference Call. With us today from management are Tim FitzGerald, CEO; Bryan Mittelman, CFO; James Pool, Chief Technology and Operations Officer; and Mr. Steve Spittle, Chief Commercial Officer.

美好的一天，歡迎來到 Middleby Corporation 2023 年第一季度電話會議。今天與我們一起來自管理層的是首席執行官蒂姆·菲茨杰拉德 (Tim FitzGerald)；布萊恩·米特爾曼，首席財務官； James Pool，首席技術和運營官；首席商務官 Steve Spittle 先生。

Management will begin with opening comments, and then we will open the call for questions. Instructions to enter the queue will be given at that time.

管理層將從開放意見開始，然後我們將開放問題徵集。屆時將給出進入隊列的說明。

Now I'd like to turn the call over to Mr. FitzGerald for his opening remarks. Please go ahead, sir.

現在我想把電話轉給菲茨杰拉德先生，讓他發表開場白。請繼續，先生。

Good morning, and thank you for joining us today on our first quarter earnings call. As we begin, please note, there are slides to accompany the call on the investor page of our website.

早上好，感謝您今天加入我們的第一季度財報電話會議。在我們開始時，請注意，我們網站的投資者頁面上有幻燈片伴隨電話會議。

We are pleased to have posted solid results to begin the year, reporting a first quarter with strong performance both in our Commercial and Food Processing businesses. While our Residential business was expectedly impacted by challenging market conditions and destocking of inventories at our retail partners. In the quarter, we drove improved profitability, and we continue to make progress towards our longer-term margin targets to focus on profitability of our sales mix and with further improvements yet to come through efficiency gains and supply chain initiatives.

我們很高興在今年年初公佈了穩健的業績，第一季度我們的商業和食品加工業務均表現強勁。雖然我們的住宅業務預計會受到具有挑戰性的市場條件和我們零售合作夥伴庫存去庫存的影響。在本季度，我們推動了盈利能力的提高，我們繼續在實現長期利潤率目標方面取得進展，以專注於我們銷售組合的盈利能力，並通過提高效率和供應鏈計劃進一步改善。

During the quarter, we were pleased to have also realized meaningful reduction in production lead times across most of our businesses as we benefit from improvements in our supply chain and through the investments made across our manufacturing operations. We are now in a significantly improved position to better serve our customers and take advantage of market opportunities.

在本季度，我們很高興還實現了大部分業務的生產提前期顯著縮短，因為我們受益於供應鏈的改善以及對製造業務的投資。我們現在處於顯著改善的位置，可以更好地服務我們的客戶並利用市場機會。

At the start of the year, we continue to have strong engagement with our channel partners and customers across all 3 of our Food Service businesses with interest in our latest products and innovations offering benefits focused on energy, labor, speed and sustainability. The investments made in our innovation centers demonstrating these latest solutions have proven to be a strategic asset for our businesses. The traffic in these showrooms continues to increase as we invest heavily in training with our channel partners. As our world-class culinary team is engaging a hands-on with customers looking to evolve the kitchen and food service operations.

今年年初，我們繼續與我們所有 3 家食品服務業務的渠道合作夥伴和客戶保持密切聯繫，他們對我們最新的產品和創新感興趣，這些產品和創新提供以能源、勞動力、速度和可持續性為重點的優勢。對展示這些最新解決方案的創新中心的投資已被證明是我們業務的戰略資產。隨著我們在與渠道合作夥伴的培訓方面投入巨資，這些展廳的客流量持續增加。由於我們世界一流的烹飪團隊正在與希望改進廚房和食品服務運營的客戶進行實踐。

We're excited to have recently opened our latest Middleby Innovation Kitchen in Spain, now providing a resource to our partners and customers throughout Europe.

我們很高興最近在西班牙開設了我們最新的 Middleby Innovation Kitchen，現在為我們在歐洲的合作夥伴和客戶提供資源。

In the quarter, we also continue to make strategic and financial investments in our business, investing [$25 million] in our manufacturing operations as we continue to retool our operations to support the product launches, increased capacity and advance the automation within our operations.

在本季度，我們還繼續對我們的業務進行戰略和財務投資，在我們的製造業務中投資 [2500 萬美元]，因為我們繼續重組我們的業務以支持產品發布、增加產能並推進我們業務中的自動化。

We repurchased $48 million of Middleby shares during the quarter, and we were also excited to complete the acquisitions of Flavor Burst and Blue Sparq, adding to the innovation in our beverage portfolio and expanding our in-house controls development capabilities.

我們在本季度回購了價值 4800 萬美元的 Middleby 股票，我們也很高興完成對 Flavor Burst 和 Blue Sparq 的收購，增加了我們飲料產品組合的創新並擴大了我們的內部控制開發能力。

As we've progressed into 2023, economic conditions continue to present challenges and uncertainty, particularly as it relates to our Residential segment, but we remain excited about the direction and long-term goals and confidence in the investment strategic initiatives underway that are enhancing the competitive positioning for each of our 3 foodservice businesses.

隨著我們進入 2023 年，經濟狀況繼續帶來挑戰和不確定性，尤其是與我們的住宅部門相關時，但我們仍然對方向和長期目標感到興奮，並對正在進行的投資戰略舉措充滿信心，這些舉措正在加強我們 3 家餐飲服務企業的競爭定位。

Now I'll pass it over to James to spotlight of our exciting recent product innovations, which were also highlighted in the investor slides. James?

現在我將把它傳遞給 James，讓他重點介紹我們最近令人興奮的產品創新，這些創新在投資者幻燈片中也得到了強調。詹姆士？

Thanks, Tim. We have a few items to cover. So I'll jump in today with the Frybot. If you've heard us speak on other calls, you know that I'll be talking about the digital embedded and collaborative automation that's driving innovation across Middleby. Frybot bring these together in a complete Middleby solution. It is the only automated fryer, designed, manufactured and integrated by a single company from the collaborative robot to the dispenser fryer holding in [spice] spot, the Frybot is 100% Middleby.

謝謝，蒂姆。我們有幾個項目要涵蓋。所以我今天會加入 Frybot。如果您在其他電話會議上聽過我們的演講，您就會知道我將談論推動 Middleby 創新的數字嵌入式和協作自動化。 Frybot 將這些整合到一個完整的 Middleby 解決方案中。它是唯一一款由一家公司設計、製造和集成的自動化油炸機，從協作機器人到持有 [spice] 點的分配器油炸機，Frybot 是 100% Middleby。

The base Frybot, as shown is capable of automatically dispensing, frying and seasoning 2 unique items at rates hitting 65 baskets per hour depending on products. The Frybot will is designed with ease of installation, meaning it could easily be rolled out to new but most importantly, existing restaurants. The Frybot is currently in test with leading brands. We look forward to continued Frybot installations in test locations in 2023 with Frybot hitting revenue-producing stores in 2024 and 2025.

如圖所示，基礎 Frybot 能夠自動分配、油炸和調味 2 種獨特的物品，根據產品的不同，每小時可達到 65 籃子的速度。 Frybot will 的設計易於安裝，這意味著它可以很容易地推廣到新的但最重要的是現有的餐廳。 Frybot 目前正在與領先品牌進行測試。我們期待 2023 年繼續在測試地點安裝 Frybot，Frybot 將在 2024 年和 2025 年進入創收商店。

If you'd like to see the case the Frybot in action, it will be on full display at the NRA show in May in the Middleby automated burger and chicken bar as well in the NRA Kitchen Innovation pavilion. At the NAFEM show, this past February, the Frybot flawlessly delivered over 1,500 orders of fries and chicken in just over 2 days.

如果您想親眼看看 Frybot 的實際應用，它會在 5 月份的 NRA 展會上在 Middleby 自動化漢堡和雞肉吧以及 NRA 廚房創新館中全面展示。在今年 2 月的 NAFEM 展會上，Frybot 在短短 2 天多的時間內完美地交付了 1,500 多份薯條和雞肉訂單。

Continuing with the NRA show, the Frybot will be accompanied by (inaudible), a concept created by [John Perruccio] features an all-electric and all (inaudible) Middleby kitchen. The Middleby (inaudible) a concept of dispensing the highest quality espresso and [direct] coffees from the Middleby Coffee Group, the best (inaudible) and best (inaudible) in the Chicago area.

繼續 NRA 展示，Frybot 將伴隨（聽不清），這是由 [John Perruccio] 創造的概念，具有全電動和全（聽不清）Middleby 廚房。 Middleby（聽不清）一個概念，即從 Middleby Coffee Group 分配最高品質的濃縮咖啡和 [直接] 咖啡，這是芝加哥地區最好的（聽不清）和最好的（聽不清）。

OPEN KITCHEN, Middleby enterprise IoT platform, Middleby Electrified innovation alley, where we will show these latest electric products designed for the efficient electrified kitchen. And lastly, please look for the [hydro rigs] and the pressure into additional KI award winners in the Kitchen Innovation Awards pavilion in NRA show. [Hydronics] automates the cleaning the mode [soften] machines by washing, renting and sanitizing the machines while machines are still on site. The (inaudible) into is the latest modular and rapid cook and accelerated cooking platform from (inaudible).

OPEN KITCHEN、米德爾比企業物聯網平台、米德爾比電氣化創新胡同，展示為高效電氣化廚房設計的最新電動產品。最後，請在 NRA 展會的廚房創新獎展館尋找 [hydro rigs] 和其他 KI 獎獲得者的壓力。 [Hydronics] 通過在機器仍在現場時清洗、租用和消毒機器，自動清潔模式 [軟化] 機器。 （聽不清）into 是（聽不清）最新的模塊化快速烹飪和加速烹飪平台。

I would like to close by talking a little bit about Blue Sparq, our latest acquisition. Blue Sparq met the Middleby's common control strategy by helping our brands develop and launch controls faster than ever before, thus accelerating new product development across Commercial, Residential and Food Processing groups with the industry-recognized capabilities in the area of UX, UI design, and embedded for (inaudible) future development. Blue Sparq also brings fast PCB board manufacturing while also enable to support volume production. We are excited in Blue Sparq developing from Middleby. Thank you, and over to you, Bryan.

最後，我想談談我們最新收購的 Blue Sparq。 Blue Sparq 通過幫助我們的品牌以前所未有的速度開發和啟動控件來滿足 Middleby 的共同控制策略，從而加速商業、住宅和食品加工集團的新產品開發，並在 UX、UI 設計和嵌入（聽不清）未來的發展。 Blue Sparq 還帶來了快速 PCB 板製造，同時還支持批量生產。我們對從 Middleby 開發的 Blue Sparq 感到興奮。謝謝你，交給你了，布萊恩。

Thank you, James. 2023 has started out with strong performance. We posted another quarter with revenues of over $1 billion with exceptional growth in 2 of our segments. Our adjusted EBITDA exceeded $210 million resulting in an organic adjusted EBITDA margin of over 21%. While our total revenue growth was rather modest, given challenges in Residential, we were still able to grow our adjusted EBITDA 6% over the prior year.

謝謝你，詹姆斯。 2023 年以強勁的表現開局。我們公佈了另一個季度的收入超過 10 億美元，其中 2 個部門實現了驚人的增長。我們調整後的 EBITDA 超過 2.1 億美元，有機調整後 EBITDA 利潤率超過 21%。雖然我們的總收入增長相當溫和，但考慮到住宅業務面臨的挑戰，我們仍然能夠將調整後的 EBITDA 比上一年增長 6%。

Our margins expanded 100 basis points. All the margin values I will discuss hereafter are on an organic basis, meaning excluding any acquisitions and foreign exchange impacts.

我們的利潤率擴大了 100 個基點。我將在下文中討論的所有保證金值都是有機的，這意味著不包括任何收購和外匯影響。

GAAP earnings per share were $1.82. Adjusted EPS which excludes amortization expense and nonoperating pension income as well as other items noted in the reconciliation at the back of our press release was $2.19. I will go through our segment results in a moment. But first, I wanted to briefly note that we re-outline some small operations internally, which, in turn, had a small impact on the composition of our segments. Nonetheless, I know some people will see differences in their models. So here are the details.

GAAP 每股收益為 1.82 美元。調整後的每股收益為 2.19 美元，不包括攤銷費用和非營業養老金收入以及我們新聞稿後面的對賬中提到的其他項目。稍後我將介紹我們的細分結果。但首先，我想簡要說明一下，我們在內部重新規劃了一些小業務，這反過來對我們部門的構成產生了很小的影響。儘管如此，我知道有些人會發現他們的模型存在差異。所以這裡是細節。

We have moved approximately $4 million of quarterly revenue from the Commercial segment to Food Processing. We have restated prior periods in our press release and the growth figures I will discuss here are based on a consistent basis. The impact will be approximately $4 million per quarter as well for the remainder of the year. But back to our (inaudible) results.

我們已將大約 400 萬美元的季度收入從商業部門轉移到食品加工部門。我們在新聞稿中重申了之前的時期，我將在這裡討論的增長數據是基於一致的基礎。每個季度以及今年剩餘時間的影響約為 400 萬美元。但回到我們的（聽不清）結果。

Commercial Food Service revenues were up over 11.5% organically over the prior year with (inaudible) up 14% and international regions growing 5%. The adjusted EBITDA margin was 26.5%, 23 basis points ahead of the prior year.

商業食品服務收入比上一年有機增長超過 11.5%，其中（聽不清）增長 14%，國際地區增長 5%。調整後的 EBITDA 利潤率為 26.5%，比上一年高出 23 個基點。

In Residential, we saw organic revenue decline of 32% versus 2022. The adjusted EBITDA margin was 13%.

在住宅領域，我們發現有機收入與 2022 年相比下降了 32%。調整後的 EBITDA 利潤率為 13%。

Food Processing continues to perform extremely well. Total revenues exceeded $173 million, an increase of over 24% organically. Our adjusted EBITDA margin was 24% and up over 500 basis points over the prior year.

食品加工繼續表現出色。總收入超過 1.73 億美元，有機增長超過 24%。我們調整後的 EBITDA 利潤率為 24%，比上一年增長了 500 多個基點。

As I've noted before, our full-line solutions continue to resonate with customers. Our operating cash flow generation of $92 million was a record for the first quarter. During the quarter, as Tim noted, we invested approximately $25 million in capital expenditures and had $10 million of acquisitions. We utilized $48 million for open market stock buybacks.

正如我之前提到的，我們的全線解決方案繼續引起客戶的共鳴。第一季度，我們產生的運營現金流量為 9200 萬美元，創歷史新高。正如蒂姆指出的那樣，本季度我們投入了大約 2500 萬美元的資本支出，並進行了 1000 萬美元的收購。我們使用 4800 萬美元用於公開市場股票回購。

After giving effect to all this activity, our total leverage ratio moved down slightly to just under 3x. I'll remind folks that our covenant limit is 5.5x . So we currently have over $2.3 billion of borrowing capacity.

在實施所有這些活動後，我們的總槓桿率略微下降至略低於 3 倍。我會提醒大家，我們的契約限制是 5.5 倍。因此，我們目前擁有超過 23 億美元的借貸能力。

It was not an easy quarter but we still delivered strong results. While we have noted that supply chain has improved, I do have to add that it does remain a constraint in numerous areas, especially around legacy chips and controls. Customer inventory levels represent a short-term headwind as well in Residential and, to some extent, in Commercial too.

這不是一個輕鬆的季度，但我們仍然取得了強勁的業績。雖然我們注意到供應鏈有所改善，但我必須補充一點，它在許多領域仍然是一個制約因素，尤其是在遺留芯片和控制方面。客戶庫存水平在住宅領域以及在某種程度上在商業領域也是一個短期逆風。

In terms of the near-term outlook, I will start with Residential. Demand in the marketplace obviously remains off from the peak last seen a year ago. However, our revenues have been relatively consistent for the past 3 quarters. When I discussed results last quarter, I noted that Residential revenues for this Q1 might be slightly below Q4. We ended up actually exceeding Q4 by a few million dollars. Thus, given the timing of some shipments and current demand levels, with softer than expected conditions in the U.K., I expect Q2, we'll see revenues relatively flat to what we just posted for Q1 and margin also similar to Q1.

就近期前景而言，我將從住宅開始。市場需求明顯低於一年前的峰值。然而，我們的收入在過去 3 個季度相對穩定。當我討論上個季度的結果時，我注意到第一季度的住宅收入可能略低於第四季度。我們最終實際上比第四季度多了幾百萬美元。因此，考慮到一些出貨的時間和當前的需求水平，加上英國的情況比預期的要疲軟，我預計第二季度，我們將看到收入與我們剛剛公佈的第一季度相對持平，利潤率也與第一季度相似。

And thinking about all of 2023 for this segment, it is hard to offer a very clear view given all the dynamics impacting us currently. Nonetheless, our current assessment which is subject to a fair amount of risk is still to see sequential improvements over Q2 in the back half of the year. This also means year-over-year growth for the second half of '23.

考慮到該細分市場在整個 2023 年的情況，鑑於目前影響我們的所有動態，很難提供一個非常清晰的觀點。儘管如此，我們目前的評估仍面臨相當大的風險，但仍會看到下半年第二季度的環比改善。這也意味著 23 年下半年的同比增長。

For Food Processing, we obviously posted a very strong first quarter. This business will continue to exhibit strength. I expect Q2 to look similar to Q1 and we should continue to grow and improve from there over the back end of the year.

對於食品加工，我們顯然發布了非常強勁的第一季度。該業務將繼續展現實力。我希望第二季度看起來與第一季度相似，我們應該在今年年底繼續增長和改進。

For Commercial, when comparing Q2 to Q1 sequentially, revenue would be up modestly with slightly better margins. Our engagements with customers remains incredibly positive, and they are continuing to invest. But chain activity is probably somewhat back-end loaded for the year. So consistent with what I poked quarter ago, each quarter of the year should improve sequentially, just the improvements from Q1 to Q2 will be modest.

對於商業，當按順序比較第二季度和第一季度時，收入將適度增長，利潤率略有提高。我們與客戶的互動仍然非常積極，他們也在繼續投資。但今年的連鎖活動可能有點後端負荷。因此，與我在一個季度前所說的一致，今年每個季度都應該依次改善，只是從第一季度到第二季度的改善將是適度的。

Putting the 3 segments together, when looking at the total company potential Q2 performance, revenue and EBITDA levels are likely to show single-digit growth when comparing either back to Q1 of '23 or Q2 of '22. Thinking about '23 will shape up overall, our view remains consistent with what I noted last quarter. We continue to expect full year-over-year growth in margin expansion in Commercial and Food Processing. Resi at (inaudible) in Q2 to likely see year-over-year growth in the second half of '23.

將這三個部分放在一起，在查看公司潛在的第二季度總業績時，與 23 年第一季度或 22 年第二季度相比，收入和 EBITDA 水平可能會顯示個位數增長。考慮到 23 年的整體情況，我們的觀點與我上個季度所指出的一致。我們繼續預計商業和食品加工的利潤率將實現同比增長。第二季度的 Resi（聽不清）可能會在 23 年下半年出現同比增長。

Reiterating, this means for full year '23, we could see total company revenues up modestly and growth in EBITDA dollars and (inaudible). In true Middleby style, we look to continue to deliver solid results and have another record year.

重申一下，這意味著 23 年全年，我們可以看到公司總收入溫和增長，EBITDA 美元和（聽不清）增長。本著真正的 Middleby 風格，我們希望繼續取得穩固的成果，並再創紀錄。

Thanks. And with that, we will now open up to your questions.

謝謝。有了這個，我們現在將開放您的問題。

(Operator Instructions) And our first question will come from John Joyner with BMO.

（操作員說明）我們的第一個問題將來自 BMO 的 John Joyner。

Definitely a solid start. Bryan, I was just waiting for your stories there, but kind of let me down.

絕對是一個堅實的開始。布賴恩，我只是在那裡等你的故事，但有點讓我失望。

I let your taste buds work rather than I have to hear me to tell stories.

我讓你的味蕾發揮作用，而不是我必須聽我講故事。

Okay. Excellent. I look forward to it. So I guess for the Commercial business, I mean, are there any particular areas that you would call out? I mean it's definitely a strong quarter, but any areas that you call out has being stronger than others or ones that may be are performing better than kind of your internal expectations?

好的。出色的。我很期待。所以我想對於商業業務，我的意思是，你會提到任何特定的領域嗎？我的意思是這絕對是一個強勁的季度，但你提到的任何領域都比其他領域更強大，或者可能表現得比你的內部預期更好？

And then -- and also kind of based on the conversations that you're having, right? I mean, I have -- would you say that CapEx intentions by your customers lately have actually taken a step higher?

然後 - 也有點基於你正在進行的對話，對吧？我的意思是，我有——你會說你的客戶最近的資本支出意向實際上提高了一步嗎？

Maybe I'll take a first pass at it. So I think what I would maybe call out over the last quarter or 2, we've talked about on prior calls, the progression of how different segments have more or less recovered since COVID.

也許我會首先通過它。因此，我認為我可能會在上一季度或第二季度中呼籲，我們已經在之前的電話會議上討論過，自 COVID 以來不同細分市場或多或少恢復的進展。

And obviously, we spent a lot of time talking on the big QSR chains, which have done so well these last couple of years, I think what I would call out or maybe some of the other areas that are just kind of getting back to recovery, I would call out probably more of the independent restaurants than some of the casual dining restaurants.

顯然，我們花了很多時間討論過去幾年做得很好的大型 QSR 連鎖店，我想我會說些什麼，或者可能是其他一些正在恢復復甦的領域, 與一些休閒餐廳相比，我可能會提到更多的獨立餐廳。

I think what I'm excited about there is a lot of those customers were served by our dealer partners in the U.S. And I think we've spent a lot of time over the last 2 years, getting closer to those dealer partners, giving them tools to help navigate the dynamic that we're all faced with.

我認為令我興奮的是，我們在美國的經銷商合作夥伴為這些客戶中的很多人提供了服務，而且我認為我們在過去兩年中花了很多時間來接近這些經銷商合作夥伴，給他們工具來幫助駕馭我們都面臨的動態。

We spent a lot of time training a lot of those dealer customers and the mix, and so I think you're starting to see that pay off. And I think actually, if you go to the pie charts there in the deck, it's an interesting nuance that you see the independence and casual dining changes tick up as a part of the overall revenue mix.

我們花了很多時間培訓很多經銷商客戶和組合，所以我認為你開始看到這種回報。而且我認為實際上，如果你去甲板上的餅圖，這是一個有趣的細微差別，你會看到獨立性和休閒餐飲變化作為整體收入組合的一部分。

I think it's a direct correlation to us something about just being closer to the dealers, but also really just seeing those segments kind of start to pick up on the recovery if that makes sense.

我認為這與我們更接近經銷商有直接關係，但如果有意義的話，也真的只是看到這些細分市場開始復蘇。

Okay. That's helpful. And then just maybe just one more on the Food Processing business. Bryan, I believe highlighted that the -- you expect 2Q to be more or less flattish with 1Q and similar to Commercial, I mean the results there were probably even more impressive. But when you think about the EBITDA margins for the year, right, I mean, starting at a higher level than probably most anticipated, do you expect margins there to progress? I mean maybe you answered this already, I don't know, but do you progress sequentially higher as the year unfolds?

好的。這很有幫助。然後也許只是關於食品加工業務的一個。布萊恩，我相信強調 - 你預計 2Q 或多或少與 1Q 持平並且類似於 Commercial，我的意思是那裡的結果可能更令人印象深刻。但是當你考慮今年的 EBITDA 利潤率時，我的意思是，從比大多數人預期的更高的水平開始，你預計那裡的利潤率會提高嗎？我的意思是，也許您已經回答了這個問題，我不知道，但是隨著時間的推移，您的進步會越來越高嗎？

As you said, we're thinking about Food Processing here. Q1 certainly was a big step up from where we've been in the prior year. And to your point, was strong and higher than we may have expected.

正如您所說，我們正在考慮這裡的食品加工。第一季度肯定比我們去年的水平有了很大的進步。就您的觀點而言，它比我們預期的要強大且更高。

So that's why I think Q2 looks like Q1 and we can see some expansion in the back half of the year, just given how strong we started, I'd say that needs to temper expectations on how much they grow from here. But obviously, we have our target margin now well within sight. And again, as we especially think about the back half of the year, I think we can move up a little bit from what we -- where we started the year.

所以這就是為什麼我認為第二季度看起來像第一季度，我們可以在今年下半年看到一些擴張，考慮到我們的開局有多強勁，我想說這需要緩和對他們從這裡增長多少的預期。但顯然，我們的目標利潤率現在就在眼前。再一次，當我們特別考慮今年下半年時，我認為我們可以從我們今年開始的地方有所提高。

The next question will come from Saree Boroditsky with Jefferies.

下一個問題將來自 Jefferies 的 Saree Boroditsky。

Congrats on the results. So within Residential, can you just strip out the performance you saw in grills versus the legacy business? How do you see channel inventory currently? And how should we think about the cadence of destocking through the remainder of the year? Because I believe you have much easier comps as we get to the second half?

祝賀結果。那麼在 Residential 中，您能否只剔除您在烤架中看到的與傳統業務相比的性能？您如何看待目前的渠道庫存？我們應該如何考慮今年剩餘時間去庫存的節奏？因為我相信當我們進入下半場時你有更容易的比賽？

Yes, this is Tim. I'll kick off and then Bryan can maybe break it out a little bit. I mean definitely is kind of I commented, the inventory levels are higher, right? So they continue to come down. There's still inventory in the channel. Sell-through is probably a little bit lighter at the start the year given, I'll say, whether there is other market dynamics. But I mean, I think it still holds true that we'll be in a much better position from an inventory standpoint in the back half of the year as it relates to growth.

是的，這是蒂姆。我會開始，然後 Bryan 可能會打破它一點點。我的意思是肯定是我評論過的，庫存水平更高，對吧？所以他們繼續下來。渠道內仍有庫存。考慮到是否存在其他市場動態，今年年初的銷售量可能會略有下降。但我的意思是，我認為從今年下半年的庫存角度來看，我們將處於一個更好的位置，因為它與增長有關，這仍然是正確的。

We are excited about a lot of the new product introductions that we've got coming out right now, the digital Kamado Joe or Konnected Joe that we talked about in the past, and James has highlighted as well as continued promotion and penetration of the Masterbuilt, Gravity Series. So I mean I think we feel pretty good about the long-term momentum that we've got that we think will build as we go through the back half of the year. But certainly, we'll still see some of the probably the destocking in the second quarter, but improvement as we go through the back half of the year.

我們對現在推出的許多新產品感到興奮，我們過去談到的數字 Kamado Joe 或 Konnected Joe，James 強調了 Masterbuilt 的持續推廣和滲透, 重力系列。所以我的意思是，我認為我們對我們認為將在今年下半年建立起來的長期勢頭感到非常滿意。但可以肯定的是，我們仍會在第二季度看到一些可能的去庫存，但在我們經歷今年下半年時會有所改善。

And definitely, I mean, as you look at the overall Residential results, the grills had an oversized impact on Residential, which was expected and certainly seen across that whole category not only by us.

當然，我的意思是，當你看一下住宅的整體結果時，烤架對住宅產生了巨大的影響，這不僅是我們預期的，而且肯定在整個類別中都看到了。

As we talked about in the last year, I mean -- I'm sorry, last quarter, but last year in Q1 really was the peak of the performance for the Grills company. We talked about revenues, I think, being in excess of $110 million then. And we're obviously down quite significantly from that. Excluding Grills, Residential had probably been down more along the order of 20%. We still are expecting -- as we think about grill season, I would say Q2 is right still part of this year's growth season. And so we will -- again, this is consistent with what we've talked about before, see certainly challenges year-over-year, if you were to look at Grills alone.

正如我們在去年談到的那樣，我的意思是 - 對不起，上個季度，但去年第一季度確實是 Grills 公司業績的頂峰。我認為，我們當時談到的收入超過 1.1 億美元。而且我們顯然從那方面下降了很多。不包括 Grills，Residential 可能下降了 20% 左右。我們仍然期待——當我們考慮燒烤季節時，我會說第二季度仍然是今年增長季節的一部分。因此，我們將——再一次，這與我們之前談到的一致，如果你單獨看 Grills，肯定會看到年復一年的挑戰。

And then you're right, the comps are certainly much easier in the back half of the year, right, because in the back half of '22, we were still part of this destocking phenomena we're dealing with. And so that's why we do believe Grills will be better in the back half of '23 than the back half of '22, and that really gets after our comments of, as you think about Residential overall as well second half of '23 being better than second half of '22.

然後你是對的，在今年下半年，補償肯定要容易得多，對，因為在 22 年下半年，我們仍然是我們正在處理的這種去庫存現象的一部分。因此，這就是為什麼我們確實相信 Grills 在 23 年的後半年會比 22 年的後半年更好，這確實符合我們的評論，因為您認為整體住宅以及 23 年的下半年會更好比'22的下半年。

Appreciate the color. And then just one more. Obviously, Commercial Food Service had another strong quarter. How do you see underlying demand as you might be working down some backlog here? And are you seeing any headwinds from more challenging financing conditions, especially on the franchise side?

欣賞顏色。然後還有一個。顯然，商業食品服務有另一個強勁的季度。您如何看待潛在需求，因為您可能正在處理一些積壓的訂單？您是否看到更具挑戰性的融資條件帶來的不利因素，尤其是在特許經營方面？

So Saree, I would say demand more or less across the customer segments, again, talked a little bit about the dealer side, the independent side, nice to see that coming back. But also the chains that we talked about, the QSRs continue to do well. And so I see the demand continue there both from a new store standpoint and also starting to see some new replacement business come back, which we've talked about before. So yes, from that standpoint, we believe we're in a good position. And I'm sorry, Saree, your second question.

所以 Saree，我想說客戶群的需求或多或少，再次談到經銷商方面，獨立方面，很高興看到它回來。還有我們談到的連鎖店，QSR 繼續表現良好。因此，從新商店的角度來看，我看到需求繼續存在，並且開始看到一些新的替代業務回歸，我們之前已經討論過。所以是的，從這個角度來看，我們相信我們處於有利地位。對不起，Saree，你的第二個問題。

Yes. Just are you seeing headwinds from the challenging financing conditions?

是的。您是否看到了具有挑戰性的融資條件帶來的阻力？

Yes. So it's interesting that we have had a lot of discussions with the bigger QSRs really focused on what I'll call it, unit economics of making sure the ROI on the new stores for their franchisees is where it needs to be. And it's critically important for, I think, for -- 2 or 3 reasons. If you look at the big QSRs that have aggressive growth plans, which many of them do, and many of them are in international markets, how are you growing? You're growing with either existing franchisee groups, taking on more locations, signing up more locations or you're going out and finding new franchisee groups to expand into new markets.

是的。因此，有趣的是，我們與更大的 QSR 進行了很多討論，真正關注的是我所說的，即確保特許經營商新店投資回報率達到所需水平的單位經濟學。我認為這非常重要，原因有 2 或 3 個。如果你看看有雄心勃勃的增長計劃的大型快餐店，他們中的許多人都在做，而且他們中的許多人都在國際市場上，你是如何成長的？您要么與現有的加盟商團體一起成長，在更多地點、簽約更多地點，要么您正在尋找新的加盟商團體以擴展到新市場。

And so the ROI of those new stores when you're trying to attract those franchisees is more important than ever. And obviously, as our financing has become more expensive over the last year or 2, again, the equipment that is going into those locations is not necessarily about, hey, what is the upfront cost. It's always important, but actually, it's more about the ROI to open those stores and have an attractive package to the franchisees if that makes sense.

因此，當您試圖吸引那些特許經營商時，這些新店的投資回報率比以往任何時候都更加重要。顯然，由於我們的融資在過去一兩年變得更加昂貴，再次進入這些地點的設備不一定是，嘿，前期成本是多少。這始終很重要，但實際上，更多的是關於開設這些商店的投資回報率，如果有意義的話，對特許經營商提供有吸引力的套餐。

So it's a very active conversation that we've had, I would say, the last 6 or 8 months with the change specific to this question and issue. And just it supports the plans for pretty aggressive growth, especially in some of those international markets over the next 2, 3, 4 years.

所以這是一個非常活躍的對話，我想說，在過去的 6 或 8 個月裡，我們針對這個問題進行了特定的更改。而且它支持相當積極的增長計劃，特別是在未來 2、3、4 年的一些國際市場。

The next question will come from Mig Dobre with Baird.

下一個問題將來自 Mig Dobre 和 Baird。

I wanted to go back to Residential for maybe some clarification. What I heard just moments ago was that leading growth to decide the core, call it Viking, AGA business was down maybe 20% in the quarter. So maybe can you confirm that? And as you talk about the business getting better overall the segment, getting better from a revenue standpoint overall. What sort of assumptions do you have embedded for Viking and AGA as the year progresses? Because presumably, the comparisons are not nearly as easy there as they are on the growth side?

我想回到住宅區進行一些澄清。我剛才聽到的是決定核心業務的領先增長，稱之為 Viking，AGA 業務在本季度可能下降了 20%。那麼也許你能確認一下嗎？當你談論業務在整個細分市場變得更好時，從整體收入的角度來看變得更好。隨著時間的推移，您為 Viking 和 AGA 嵌入了什麼樣的假設？因為據推測，比較並不像在增長方面那麼容易？

Yes. So Mig, you did hear me correctly on the Residential side, I'll say it's kind of with and without Grills. As we look at the rest of the year, the outlook I would say -- if I had to pick one word and then I will stand on it, it's kind of flat from here. We feel like we've kind of are at a bottom. Q2, I said will be similar to Q1, same neighborhood, right? I was very specific in pointing out that we've been at a relatively consistent level for the past 3 quarters.

是的。所以米格，你在住宅方面確實聽對了我的話，我會說它有和沒有烤架。當我們回顧今年剩下的時間時，我會說前景——如果我必須選擇一個詞然後我會堅持下去，從這裡開始它有點平坦。我們覺得我們有點處於底部。 Q2，我說會和Q1類似，同一個街區，對吧？我非常具體地指出，過去 3 個季度我們一直處於相對穩定的水平。

I think what we're not seeing yet is outside of Grills where there really are some unique circumstances with the destocking, we're not really ticking up our expectations specifically yet, right? I don't have exact indicators that, okay, all of a sudden, your next quarter is going to really change the trajectory.

我認為我們還沒有看到的是在 Grills 之外，在去庫存方面確實存在一些獨特的情況，我們還沒有真正具體地提高我們的期望，對吧？我沒有確切的指標表明，好吧，突然間，你的下一個季度將真正改變軌跡。

I would say, I mean, I think uncertain is the word unfortunately, right now. I mean, we've seen, obviously, the housing market being challenged all in the back half of last year. There was maybe a little bit of signs here at the beginning but the world continues to be a bit tough, interest rates went up. I think we also feel like we're kind of stabilized at a lower level. So I think that -- I think the question is when does it inflect up as opposed to is going to continue to come down.

我會說，我的意思是，我認為不幸的是，現在不確定這個詞。我的意思是，我們顯然已經看到房地產市場在去年下半年都受到了挑戰。一開始這裡可能有一些跡象，但世界仍然有點艱難，利率上升了。我想我們也覺得我們有點穩定在一個較低的水平上。所以我認為 - 我認為問題是它什麼時候會上升而不是繼續下降。

So I mean, I think if you look at a lot of the housing stats, is expected to maybe bottom out in the middle of the year and then start seeing things pick up. So I mean, I think those are broader macroeconomic trends, we can kind of take a look at it and I think we would expect our business to follow. But I mean, I think we feel like we're stable here at the bottom, and then we'll kind of see how the year goes.

所以我的意思是，我認為如果你看很多住房統計數據，預計可能會在年中觸底，然後開始看到情況好轉。所以我的意思是，我認為這些是更廣泛的宏觀經濟趨勢，我們可以看看它，我認為我們希望我們的業務能夠跟進。但我的意思是，我認為我們感覺我們在底部很穩定，然後我們會看看今年的情況如何。

Now beyond that, we can continue to be investing in our business, right? Like we have a lot of new products coming out. I would say our electric products are doing fairly well. That includes a lot of the production we've been launching over the last several years, such as the AGA products that have come into the U.S. that are growing, right now, despite the market being done, brands like [La Gardu] are doing very well. We've got other new products that are coming out that are induction-based as we kind of go through the back half of the year and kind of along the big comments also about the investments that we're making, go to market activities. We've had a lot of great interacted at our showrooms bringing our dealer partners, our designers that really have not seen the portfolio that Middleby had to offer.

現在除此之外，我們可以繼續投資我們的業務，對嗎？就像我們有很多新產品問世一樣。我會說我們的電子產品做得很好。這包括我們在過去幾年推出的很多產品，例如進入美國的 AGA 產品正在增長，現在，儘管市場已經完成，但像 [La Gardu] 這樣的品牌正在做很好。我們已經推出了其他基於歸納的新產品，因為我們經歷了今年下半年，並且還對我們正在進行的投資發表了重大評論，進入市場活動。我們在展廳中與我們的經銷商合作夥伴、我們的設計師進行了很多精彩的互動，他們真的沒有看到 Middleby 必須提供的產品組合。

So I mean a lot of that stuff has been exposed to a broad audience over the last year, and we see some traction in that, and we expect that to continue. We're excited about opening a new show in Chicago, which will really be kind of the -- I'll say, the really state-of-the-art for us kind of in the middle of the year. We capture the expanded product portfolio that has grown over the last year. We acquired Novy about a year ago plus, which has got some great technology induction, hobs, ventilation, et cetera. So we think we're very excited about the product portfolio.

所以我的意思是，在過去的一年裡，很多這樣的東西已經暴露給了廣泛的觀眾，我們看到了一些吸引力，我們希望這種情況會繼續下去。我們很高興在芝加哥舉辦一場新演出，這真的有點——我會說，在年中對我們來說是最先進的。我們捕獲了去年增長的擴展產品組合。我們大約一年前收購了 Novy plus，它擁有一些很棒的技術感應、爐灶、通風等。所以我們認為我們對產品組合感到非常興奮。

So again, the market is going to do what the market is going to do. But I mean, I think we're -- I think there's a lot of great things going on as we go through the back half of the year and into 2024.

因此，再次強調，市場將按照市場將要做的事情去做。但我的意思是，我認為我們 - 我認為在我們經歷今年下半年和進入 2024 年的過程中，有很多很棒的事情正在發生。

Let me maybe clarify what I was trying to get at. The -- my impression was that Viking was still operating with longer lead times and a fair amount of backlog for much of last year. You're running that backlog down, my question is, do you have to essentially reduce production or have a sequential headwind in the back half of '23 relative to the current run rate.

也許讓我澄清一下我想要達到的目的。我的印像是 Viking 在去年的大部分時間裡仍然以更長的交貨時間和相當數量的積壓工作。你正在減少積壓，我的問題是，你是否必須從根本上減少產量，或者在 23 世紀的後半段相對於當前的運行率有連續的逆風。

So I don't know, Bryan if you want to.

所以我不知道，布萊恩，如果你願意的話。

As Tim noted, the backlogs have come down. Our lead times are much closer to what I'll call normal levels. There are some pockets there. But again, given, I'll say, the modest amount of backlog that remains as well as just the baseline day-to-day demand from customers, I mean, is why we're kind of calling the year the way we are.

正如蒂姆指出的那樣，積壓的訂單已經減少。我們的交貨時間更接近我所說的正常水平。那裡有一些口袋。但是，我要說的是，考慮到仍然存在的少量積壓以及客戶的基本日常需求，我的意思是，這就是為什麼我們要這樣稱呼這一年。

Understood. And then I would like to ask a question on the Frybot and I guess a question in 3 parts. You're saying here that this is a modular design, but I'm sort of curious when you're trying to sell this product, are you seeing customers looking to essentially buy the entire set? Or is it just maybe the robot arm and they're keeping the existing equipment. I guess that will be question number one.

明白了。然後我想問一個關於 Frybot 的問題，我猜這個問題分為 3 個部分。你在這裡說這是一個模塊化設計，但我有點好奇當你試圖銷售這個產品時，你是否看到客戶想要購買整套產品？還是只是機械臂，他們保留了現有設備。我想這將是第一個問題。

The second thing is how big of an investment is this for a customer?

第二件事是這對客戶來說有多大投資？

And lastly, what is the payback in terms of what you guys have seen or calculated thus far?

最後，根據你們到目前為止所看到或計算的結果，回報是多少？

Yes. I think when we look at our customers and they see kind of the advancements with fryers today, the advancements that the Frybot brings, the customer is typically going to want to upgrade the frying solutions they have in their stores with kind of the latest frying to take advantage of automatic filtration, smart oil sensing and various other features that are built into the fryers to help you with profitability around oil management and oil quality.

是的。我認為，當我們審視我們的客戶時，他們看到了當今油炸鍋的進步，Frybot 帶來的進步，客戶通常會想要升級他們商店中的油炸解決方案，以提供最新的油炸產品利用自動過濾、智能油感應和油炸鍋內置的各種其他功能，幫助您在油管理和油質量方面實現盈利。

So we really do see the majority of customers buying kind of everything that you see on the page from the RAM dispenser to the fryers, the robot and to the holding and the [spike] spot. Now there could be some situations where we are integrating in with existing fryers.

因此，我們確實看到大多數客戶購買了您在頁面上看到的所有東西，從 RAM 分配器到油炸鍋、機器人，再到支架和 [尖峰] 點。現在，在某些情況下，我們可能會整合現有的油炸鍋。

But I would say that's not really what we expect to do day to day. When I think of modularity, I'm really thinking that our Frybot doesn't require kind of customized engineering to go into the store, build a structure in the store to come off space in the store to put something behind the shield or any sort of protective cover or Frybot kind of designed to work out in the middle of the restaurant with the employees in a collaborative fashion.

但我要說的是，這並不是我們每天期望做的事情。當我想到模塊化時，我真的認為我們的 Frybot 不需要某種定制工程來進入商店，在商店中構建結構以釋放商店中的空間以將東西放在防護罩後面或任何其他類型保護罩或 Frybot 的設計旨在以協作方式在餐廳中間與員工一起鍛煉。

So it's modular and that it's going to kind of roll up and interface with our products and roll away if you need to be installed for any reason. I think when we look at kind of the ROI on it, and I think this will probably kind of get into the cost and really talking about the cost but we really do see the ROI kind of being slightly over a year for the Frybot solution and the equipment package.

所以它是模塊化的，它會捲起並與我們的產品接口，如果您出於任何原因需要安裝，它會捲起來。我認為當我們查看它的投資回報率時，我認為這可能會涉及到成本並真正談論成本，但我們確實看到 Frybot 解決方案的投資回報率略高於一年，並且設備包。

Understood. My final question is on your CapEx. Significant investment. Maybe you can talk a little bit about what was unique about the quarter. Certainly, that's the biggest Q1 CapEx that I think I've ever seen. And what sort of payback are you hoping to achieve here? Is there a segment that is getting maybe more investment than others? And how do you think about free cash flow for the year?

明白了。我的最後一個問題是關於您的資本支出。重大投資。也許你可以談談這個季度的獨特之處。當然，這是我認為我見過的最大的第一季度資本支出。您希望在這裡獲得什麼樣的回報？是否有一個細分市場比其他細分市場獲得更多投資？您如何看待今年的自由現金流？

Yes. Certainly, this was our highest CapEx quarter. I mean some of the just kind of the timing of payments and projects have come together. I don't expect we will be at 4x Q1 for the year. Tim has noted, we've talked about -- we're actually making fairly sizable investments in Residential before really a lot of retooling of the AGA Rangemaster plants. And much like our customers, we see challenges with labor availability and cost, and we've been adding fabrication equipment across the board. But our Residential plants, if you think about, I'll call it, revenue per plant tend to be larger facilities and thus tend to get larger.

是的。當然，這是我們最高的資本支出季度。我的意思是付款和項目的一些恰到好處的時間安排在一起了。我預計我們今年不會達到第一季度的 4 倍。蒂姆指出，我們已經討論過——在對 AGA Rangemaster 工廠進行大量重組之前，我們實際上正在對住宅進行相當大的投資。和我們的客戶一樣，我們看到了勞動力可用性和成本方面的挑戰，並且我們一直在全面增加製造設備。但是我們的住宅工廠，如果你考慮一下，我會稱之為，每家工廠的收入往往是更大的設施，因此往往會變得更大。

Larger investments, but we really have been spreading it around.

更大的投資，但我們真的一直在分散它。

The paybacks really do vary. I mean, obviously, when we're making investments in buildings, that's something we have a longer expectation on than when we're doing something more modest around welders or small equipment. But usually, if I focus on fabrication equipment, it tends to be, I'll say, 2 to 3 or 4 years in terms of payback for us.

回報確實有所不同。我的意思是，很明顯，當我們對建築物進行投資時，我們對它的期望比我們在焊工或小型設備周圍做一些更適度的事情時要長。但通常情況下，如果我專注於製造設備，我會說，就我們的投資回報而言，它往往是 2 到 3 或 4 年。

Free cash flow?

自由現金流？

I have to echo what I said at year-end, where I think we start being much closer in terms of a margin plus or minus of our income for the year.

我必須回應我在年底所說的話，我認為我們在當年收入的利潤率正負方面開始更加接近。

Yes. I mean I think if you look at the last couple of years, obviously, supply chain has been a big challenge. It's been hard to balance inventory and probably, I'll say, sometimes difficult forecasting demand levels, et cetera. So I mean I think one of the benefits that we have as we go through this year is we do expect inventory to decline as opposed to kind of being a cash use over the last several years. So I think we've got a little bit of a tailwind from a cash flow perspective coming into the year. So it should be solid from that perspective.

是的。我的意思是，我認為如果你看看過去幾年，供應鏈顯然是一個巨大的挑戰。很難平衡庫存，我會說，有時很難預測需求水平，等等。所以我的意思是我認為我們今年經歷的好處之一是我們確實預計庫存會下降，而不是過去幾年的現金使用。所以我認為從今年的現金流角度來看，我們有一點順風。所以從這個角度來看，它應該是可靠的。

The next question will come from Tami Zakaria with JPMorgan.

下一個問題將來自摩根大通的 Tami Zakaria。

Congrats on excellent results. I have a couple of quick questions. The first one is I think you mentioned that lead times have normalized for most part of your business because of increased capacity and also supply chain getting better. So can you just remind us which segments you saw or have the most increased manufacturing capacity? And at what capacity are your facilities currently running on average right now?

祝賀取得優異成績。我有幾個簡單的問題。第一個是我認為你提到由於產能增加和供應鏈變得更好，你的大部分業務的交貨時間已經正常化。那麼您能否提醒我們您看到哪些細分市場或製造能力增長最多？您的設施目前的平均運行能力是多少？

Yes, that's kind of tough to answer, given we got [115] brands, I'll be honest with you because we run decentralized, right? So it's going to vary significantly across the platform. I think the way I think about it is our backlog is still a fairly healthy level. But certainly, it's come down from a lead time -- I wouldn't say about 90% of our factories now are at a normalized lead time, may not be every SKU but by and large.

是的，這很難回答，因為我們有 [115] 個品牌，老實說，因為我們是分散經營的，對吧？所以它會在整個平台上有很大的不同。我認為我的想法是我們的積壓仍然是一個相當健康的水平。但可以肯定的是，它是從交貨時間上下來的——我不會說我們現在大約 90% 的工廠都處於標準化的交貨時間，可能不是每個 SKU，但總的來說。

There still is a 8 percentage of our factories, about 10% that remain a bit challenged, and that's usually because of 1 of 2 reasons or maybe 2 of 2 reasons. One, we have very strong demand for those product categories. In some cases, those are more automated products or newer lines. The other area Bryan touched on is where we've got controls and some of the electronic components continues to be a challenge. So particularly as if it's legacy control.

我們仍有 8% 的工廠（約 10%）仍面臨一些挑戰，這通常是由於 2 個原因中的 1 個或可能是 2 個原因中的 2 個。第一，我們對這些產品類別有非常強烈的需求。在某些情況下，這些是自動化程度更高的產品或更新的生產線。布賴恩談到的另一個領域是我們有控制權的地方，一些電子元件仍然是一個挑戰。如此特別，就好像它是遺留控制一樣。

So I mean we've done a lot to invest in our next-generation control and James talked about that in the past where they'll be -- one time we're excited about moving a lot of our new brands and products over to that, which we will continue to do through the year, which is also connected to our OPEN KITCHEN platform, but we still have a lot of legacy control boards, and it's hard to move everything quickly.

所以我的意思是我們在下一代控制方面做了很多投資，James 過去曾談到過他們將會在哪裡 - 有一次我們很高興將我們的許多新品牌和產品轉移到我們將在這一年繼續這樣做，它也與我們的 OPEN KITCHEN 平台相關聯，但我們仍然有很多遺留控制板，很難快速移動所有內容。

So I think that's where we still see challenges at about 10%. But the good news is about 90%, you're going to get within a window that's kind of more normalized. And I think that's an opportunity for us also as we go through the year because I think there's been some business and also, as we went through last year, which we were really not in a position to serve the -- our customers. So I think as that kind of comes back in, there's some areas that we'll be able to accommodate and really take some orders where we had to walk (inaudible) last year.

所以我認為這就是我們仍然看到約 10% 的挑戰的地方。但好消息是大約 90%，你將進入一個更加規範化的窗口。而且我認為這對我們來說也是一個機會，因為我們經歷了這一年，因為我認為有一些業務，而且，正如我們去年經歷的那樣，我們真的無法為我們的客戶提供服務。因此，我認為隨著這種情況的回歸，我們將能夠容納一些區域，並真正接受去年我們不得不步行（聽不清）的一些訂單。

So I kind of think of it is a 90-10 situation, if that's helpful. And lead time say, depending on the product category. And that's -- and what I'm seeing is true for really those comments relate to Residential like Commercial predominantly.

所以我有點認為這是 90-10 的情況，如果這有幫助的話。和交貨時間說，取決於產品類別。那就是——我所看到的是真實的，因為那些評論主要與住宅有關，比如商業。

Got it. That's very helpful. It seems like things are looking up. That's great to hear. And then my second question is on -- I think if I heard you correctly, you're saying that the Commercial Food segment margin should be modestly higher quarter-over-quarter. When we were speaking last quarter, I think the expectation was like a 26%, 27%, 28%, 29% sort of margin cadence for the 4 quarters of this year. So is that sort of still the expectation? Or you think 2Q should be somewhere between 26% and 27% and not really like the 27% range we talked about last time in the last quarter.

知道了。這很有幫助。看起來事情正在好轉。聽到這個消息我很高興。然後我的第二個問題是——我想如果我沒聽錯的話，你是說商業食品部門的利潤率應該比上一季度略高。當我們在上個季度講話時，我認為今年 4 個季度的預期利潤率為 26%、27%、28%、29%。那麼這種期望仍然存在嗎？或者你認為第二季度應該在 26% 到 27% 之間，而不是我們上次在上個季度談到的 27% 的範圍。

Yes. I mean, I think those numbers represent, I'll call it, a general trend. I'm not going to comment to whether we're going to specifically hit 27% or be above it next quarter. I think the -- I'd say the appropriate modeling is, as you just kind of noted, somewhere between 26% and 27% and I think the back half of the year, we'll see improvements from there, right? But I'm trying to be very specific about not offering point guidance, but I'll call it general trend expectations, let's say.

是的。我的意思是，我認為這些數字代表了，我稱之為總體趨勢。我不會評論我們是否會在下個季度具體達到 27% 或高於它。我認為——我想說合適的建模是，正如你剛才提到的那樣，在 26% 到 27% 之間，我認為在今年下半年，我們會看到那裡的改進，對吧？但我試圖非常具體地說明不提供點位指導，但我稱其為總體趨勢預期。

As I think our business is always a little bit difficult to forecast just because there's so many moving pieces and mix has a lot to do with it. I think as we're working through the backlog, there still is a little bit of a, I'll say, older backlog out there that we've got to put into the system as we go through the second quarter that is at, I'll say, older pricing. So that is still a little bit left to get out of the system, so to speak, as we kind of move to more current pricing in the back half of the year.

正如我認為我們的業務總是有點難以預測，因為有太多的變化和組合與它有很大關係。我認為，在我們處理積壓工作時，我會說，在我們經歷第二季度時，我們必須將一些較舊的積壓工作放入系統中，即，我會說，舊的定價。所以這仍然有點離開系統，可以這麼說，因為我們在今年下半年轉向更當前的定價。

The next question will come from Tim Thein with Citi.

下一個問題將來自花旗銀行的 Tim Thein。

Just to continue on that discussion, Tim. So as we think about the kind of the margin just for Commercial, the exit rate or second half looking into '24. So as we went back to the conversation in Dallas last fall, where we outlined price/cost and mix being 2 drivers to longer term to get margins up? I would imagine, is it fair to assume that those that start to become more meaningful tailwinds for you in the back half? And then that likely extends as we think about where we're exiting '23. Is that a fair kind of synopsis?

只是為了繼續討論，蒂姆。因此，當我們考慮僅針對商業的利潤率時，退出率或下半年將進入 24 年。因此，當我們回到去年秋天在達拉斯的談話時，我們在那裡概述了價格/成本和混合作為 2 個驅動因素以實現長期增長以提高利潤率？我想，假設那些在後半段開始對你來說變得更有意義的順風是公平的嗎？然後，當我們考慮退出 23 年的時候，這種情況可能會擴大。這是一個公平的概要嗎？

Yes. I'll make a couple of comments, and then Bryan can clean it up. So again, the mix of our portfolio as we focus on higher technology categories, same product, same brands. I mean that's the underlying theme. And that that's always -- that may be difficult to forecast on a quarter-to-quarter basis, but I think we continue to make progress towards with the mix of the portfolio, and that's something that I think is reflected right now, but continues to be something that I think we'll see improvement as we go through the -- make progress the year going into 2024.

是的。我會發表一些評論，然後 Bryan 可以清理它。因此，當我們專注於更高的技術類別、相同的產品、相同的品牌時，我們的投資組合再次組合。我的意思是這是潛在的主題。而且這總是 - 這可能很難按季度預測，但我認為我們繼續在投資組合的組合方面取得進展，我認為這是現在反映出來的，但會繼續成為我認為我們會看到改進的東西——在進入 2024 年的一年中取得進展。

As there's other factors, we still -- from a supply chain standpoint, I just make 2 comments. One, the -- there are some commodity areas that we'll see improvement as we get to the latter part of the year. Like we still have higher price, steels come down, but we haven't seen the benefit of that yet because we do have some -- a lot of that in our inventory is steel. So we'll get some of the supply chain -- a little bit of supply chain relief as we go through the latter part of the year as well. So those are 2 things.

由於還有其他因素，我們仍然 - 從供應鏈的角度來看，我只發表 2 條評論。第一，到今年下半年，我們會看到一些商品領域有所改善。就像我們仍然有更高的價格一樣，鋼材價格下降，但我們還沒有看到它的好處，因為我們確實有一些 - 我們庫存中的很多都是鋼材。因此，我們將獲得一些供應鏈——在今年下半年我們也將獲得一些供應鏈緩解。所以這是兩件事。

And I guess maybe the third is also production efficiencies. There's still a lot of thresh that we have in our operations right now. I think as lead times normalize, order rates kind of normalize with customers and how they're placing orders with us with our lead times as we can better utilize some of the investments that we've made in the fact a lot of that stuff is on the floor operating. But I wouldn't say that we're getting all the benefit yet because we're working through thresh touch and equipment still sometimes -- a couple of times before it goes out to the door, we really get into better cadence.

我想也許第三個也是生產效率。我們現在的運營中仍然存在很多問題。我認為隨著交貨時間的正常化，客戶的訂單率以及他們如何根據我們的交貨時間向我們下訂單，因為我們可以更好地利用我們所做的一些投資，事實上很多東西是在地板上操作。但我不會說我們得到了所有的好處，因為我們有時仍然會通過打穀和設備進行工作——在它出門之前有幾次，我們真的進入了更好的節奏。

I think there's -- that's kind of the color behind some of the comment I made about some of the manufacturing efficiencies. So I think those are the things that we'll be working on as we go through the latter part of the year that is part of the bridge to get us the higher margin.

我認為有 - 這就是我對某些製造效率所做的一些評論背後的顏色。所以我認為這些是我們將在今年下半年進行的工作，這是讓我們獲得更高利潤的橋樑的一部分。

Now there's still some headwinds out there as well because I will tell you, supply chain -- as Bryan comment is not done. I mean it's not only that we get some costs that's harder to get. But there's still increases out there that we're -- our teams are fighting hard to push back on or think about how do we be -- we've kind of gone through a period of right, let's make sure we get product out the door.

現在還有一些不利因素，因為我會告訴你，供應鏈——因為布萊恩的評論還沒有完成。我的意思是，這不僅是我們獲得了一些更難獲得的成本。但是我們仍然有增加——我們的團隊正在努力反擊或思考我們如何做——我們已經經歷了一段正確的時期，讓我們確保我們把產品拿出來門。

And now as we kind of start thinking about that as a lever, again, and I think that's something over the next several years. But I mean, I think we've been a price taker to this point. And I think we'll kind of this year be a little bit of an inflection for that as well.

現在，當我們再次開始將其視為一種槓桿時，我認為這是未來幾年的事情。但我的意思是，我認為到目前為止我們一直是價格接受者。而且我認為我們今年也會對此有所改變。

So I think we're still getting price increases as we go into 2024, I think the supply chain teams will be focused on driving there as well.

所以我認為進入 2024 年我們的價格仍然會上漲，我認為供應鏈團隊也將專注於推動那裡的發展。

Okay. No, that all makes sense. And then maybe I think it was you or Steve, I forget, but there was a comment earlier about the supply -- or the inventory levels posing a headwind for you. And the Residential side makes perfect sense, but I was surprised. I think you referenced on the Commercial side as well. Can you maybe just touch on that, we've been hearing just to your point, I mean, supply chain has been an issue and just for you guys to get products out the door. So I was a little surprised to hear that comment, but maybe it's just more of a one-off? Any thoughts on that? I'm assuming I heard that right.

好的。不，這一切都是有道理的。然後也許我認為是你或史蒂夫，我忘記了，但早些時候有關於供應或庫存水平對你構成不利影響的評論。住宅方面非常有道理，但我很驚訝。我想你也提到了商業方面。你能不能談談這個，我們一直在聽你的觀點，我的意思是，供應鏈一直是一個問題，只是為了讓你們把產品運出門外。所以聽到這個評論我有點驚訝，但也許這只是一次性的？對此有什麼想法嗎？我假設我沒聽錯。

Yes, I believe Bryan actually touched on it briefly. So I just say, I think there is some inventory in the channel in Commercial both for general market and for chains. And you have -- the chain side especially. And I would say you we've gone through such an odd period of time in the last year or 2 of how your customers have ordered with the longer lead times, placing orders go back a year ago, they place orders, you're farther out than they ever have before and our dealer partners with the [KS] service chains, their job was to get as much equipment in place to support new store openings and replacement.

是的，我相信 Bryan 實際上簡單地談到了它。所以我只是說，我認為商業渠道中的一般市場和連鎖店都有一些庫存。你有——尤其是鏈端。我會說你在過去一年或兩年中經歷瞭如此奇怪的一段時間，你的客戶如何以更長的交貨時間訂購，下訂單回到一年前，他們下訂單，你更遠比以往任何時候都多，我們的經銷商與 [KS] 服務鏈合作，他們的工作是準備盡可能多的設備，以支持新店開業和更換。

So I think you're seeing a byproduct of that. There was so much ordering that took place just to make sure everybody was in a good place to support new store openings and replacement. And so we're going back to normal, "normalizing" lead times normalizing, how our customers order from us kind of back to how it was pre-COVID. And so I think, again, the inventory that's in the channel right now is a byproduct of just the longer lead times and ordering process. I do think that normalizes as this quarter unfolds and certainly the back half of the year unfolds, and we get back to, again, more of a normalized cadence of ordering in the channel.

所以我認為你看到了它的副產品。有如此多的訂單只是為了確保每個人都處於支持新店開業和更換的好地方。因此，我們將恢復正常，“正常化”交貨時間正常化，我們的客戶從我們這裡訂購的方式有點回到 COVID 之前的狀態。所以我再次認為，現在渠道中的庫存只是更長的交貨時間和訂購流程的副產品。我確實認為隨著本季度的展開以及今年下半年的展開，這種情況會正常化，我們會再次回到渠道中更多正常化的訂購節奏。

The next question will come from Larry De Maria with William Blair.

下一個問題將來自 Larry De Maria 和 William Blair。

I know you've touched on a lot of this stuff, but I wanted to get some clarity in Resi second half, flat 2Q sequentially, I guess? And then we expect sales up in the second half? And so it shouldn't that imply we're back to mid-teens or better EBITDA margins in the second half in -- specifically in Resi and maybe you can discuss some of the restructuring you've done in there, maybe lead to even higher margins into what might be a clean year in 2024. So just some further color on second half and maybe run rate EBITDA margins in Resi?

我知道你已經觸及了很多這樣的東西，但我想在 Resi 下半年弄清楚一些，我猜第二季度連續持平？然後我們預計下半年銷售額會上升？因此，這並不意味著我們在下半年回到了十幾歲或更好的 EBITDA 利潤率——特別是在 Resi，也許你可以討論你在那裡所做的一些重組，甚至可能導致更高的利潤率進入 2024 年可能是乾淨的一年。那麼下半年只是一些進一步的顏色，也許是 Resi 的運行率 EBITDA 利潤率？

Yes. No, we do expect margins to be increasing in the back half of the year as well with the, with the increases in revenue, given the dynamics of the Grill business, we do get nice leverage incrementals as those revenues improve. And in terms of the benefits of the manufacturing, that really, especially given current demand levels, really isn't something that has a meaningful impact this year.

是的。不，我們確實預計今年下半年的利潤率會隨著收入的增加而增加，鑑於燒烤業務的動態，我們確實會隨著這些收入的增加而獲得不錯的槓桿增量。就製造業的好處而言，特別是考慮到當前的需求水平，今年確實不會產生有意義的影響。

But it's certainly a meaningful driver as we get into next year as we hope to look forward to better revenue levels. And again, is one of those drivers in bringing us back towards the target margin levels. But specifically to the stuff we've talked about for AGA in the U.K., this is a long-term project that really comes together over the remainder of this year, that's my benefits start accruing much more so next year.

但隨著我們進入明年，這肯定是一個有意義的推動因素，因為我們希望期待更好的收入水平。再一次，是使我們回到目標利潤率水平的驅動因素之一。但具體到我們在英國為 AGA 討論的內容，這是一個長期項目，在今年餘下的時間裡真正匯集在一起，明年我的收益將開始增加。

Okay. But now if we think about second half margin to EBITDA margins, I guess, obviously, rolls a bit better, but you have some a little bit of benefit and -- but maybe some mix headwinds, not sure. So did that imply mid-teens or better EBITDA margins in the second half? Or is that the way to think about it, mid- to upper teens?

好的。但現在，如果我們考慮下半年利潤率與 EBITDA 利潤率的關係，我想，顯然，滾動會好一些，但你有一些好處，而且 - 但也許有些混合逆風，不確定。那麼，這是否意味著下半年的 EBITDA 利潤率達到十幾歲或更高？或者這是思考它的方式，中高年級的青少年？

Yes. I mean I talked, I think, some about some of this last quarter and back to the fall. I mean, I do feel like mid-teens is where we can get. I just need to take that with a little bit of caution. I mean, I've tried to use the words risk, uncertainty here as we look at the back half of the year. But I mean, I think that's a fair assessment. But again, I just everyone needs -- I think everyone is aware of the risks and uncertainties surrounding that business. But again, I think that's probably a fair assumption.

是的。我的意思是，我想，我談到了上個季度的一些事情，然後回到秋天。我的意思是，我確實覺得我們可以達到十幾歲。我只需要謹慎一點。我的意思是，當我們回顧今年下半年時，我試圖在這裡使用風險、不確定性這些詞。但我的意思是，我認為這是一個公平的評估。但同樣，我只是每個人都需要——我認為每個人都意識到圍繞該業務的風險和不確定性。但同樣，我認為這可能是一個合理的假設。

Okay. Fair enough. And then my second question, I want to talk about Food Processing, backlog and order trends. How did orders progress through the quarter, the postpones, delays that were still strong, maybe touch on some of the end markets. I know poultry, might may not be huge, but there's some headwinds in the market. So just give us some color to get comfortable on sort of the duration on the processing upturn.

好的。很公平。然後是我的第二個問題，我想談談食品加工、積壓和訂單趨勢。本季度的訂單進展如何，延期、延誤仍然很嚴重，可能會影響到一些終端市場。我知道家禽，可能不是很大，但市場上有一些不利因素。因此，只需給我們一些顏色，讓我們對處理好轉的持續時間感到滿意。

I can't hear. I don't know Food Processing orders in trajectory.

我聽不見。我不知道軌跡中的食品加工訂單。

Yes. I mean Food Processing has continued to do well for us. I mean, obviously, last year was a really exceptional year in terms of order intake and in driving up our backlog. I mean things are still very good there. Again, last year was really exceptional. So maybe at the current is not at the same levels.

是的。我的意思是食品加工繼續為我們做的很好。我的意思是，很明顯，去年在訂單接收和推動我們的積壓方面是非常特別的一年。我的意思是那裡的情況仍然很好。同樣，去年真的很特別。所以也許在當前不在同一水平。

But nonetheless, orders continue to be strong. Our backlog is holding in well. The areas where we've been strong, we continue to be strong. We've seen a lot with bacon. We've seen a lot of acceptance and excitement around the Turbochef by Alkar. We're making inroads into pet food and snacks. And so it has been fairly good across the board. I would say, for us.

儘管如此，訂單依然強勁。我們的積壓工作很好。我們一直強大的領域，我們將繼續強大。我們見過很多培根。我們已經看到了很多人對 Alkar 的 Turbochef 的接受和興奮。我們正在進軍寵物食品和零食領域。因此，它在各方面都相當不錯。我會說，對我們來說。

Larry, I'm sorry I can't -- we have a speaker problem. Yes, I'd just say the backlog is holding pretty solid. I think as we look at -- the orders for food processing are always kind of lumpy from 1 quarter to the next, depending on what projects come in. So I think we kind of look at what the pipeline of opportunities is out there. And as Bryan just alluded to, I mean, I think we feel pretty good about the pipeline in the areas that we've been targeting with full-line solutions, which continue to resonate.

拉里，很抱歉我不能——我們的揚聲器有問題。是的，我只想說積壓情況非常穩定。我認為，正如我們所看到的那樣——從一個季度到下一個季度，食品加工的訂單總是有點不穩定，這取決於進入的項目。所以我認為我們有點看看那裡的機會管道是什麼。正如布賴恩剛才提到的，我的意思是，我認為我們對我們一直以全線解決方案為目標的領域的管道感到非常滿意，這些解決方案繼續引起共鳴。

And again, I just going to remind everybody, we've invested a lot in automation. If you look at a lot of the acquisitions over the last year, particularly with Proxaut, Ve.Ma.C. more recently, Escher, Colussi, where the teams are really working together on some bigger projects to help customers, again, with align a lot of different applications that we were not in, if you kind of go back 5 years ago, as Bryan just alluded to a number of them. So I think we feel pretty good about the momentum of the business. So nothing's really changed from that perspective from what we (inaudible) that we're seeing last year.

再一次，我只想提醒大家，我們在自動化方面投入了大量資金。如果你看一下去年的很多收購，尤其是 Proxaut、Ve.Ma.C。最近，Escher、Colussi，團隊真正在一些更大的項目上一起工作，以幫助客戶，再次調整我們沒有參與的許多不同的應用程序，如果你回到 5 年前，就像 Bryan 剛剛提到了其中的一些。所以我認為我們對業務的發展勢頭感覺很好。因此，從我們去年所看到的（聽不清）的角度來看，沒有任何真正的改變。

The next question will come from Brian McNamara with Canaccord Genuity.

下一個問題將來自 Canaccord Genuity 的 Brian McNamara。

This is [Madison Callinan] on for Brian. Just to payback of a previous franchisee question. With the recent high-profile bank failures, we're just curious where you're like restaurant customers and franchisees predominantly get their financing from. And any additional color you can give on how that affects your commercial foodservice equipment business.

這是 [Madison Callinan] 為 Brian 準備的。只是為了回報以前的加盟商問題。隨著最近備受矚目的銀行倒閉，我們很好奇您像餐廳顧客和特許經營商主要從哪裡獲得融資。以及您可以提供的任何其他顏色，說明這將如何影響您的商業餐飲服務設備業務。

As we think about our commercial customers, there's a few things. They're obviously our largest customers. I don't have a roster of where they all bank, but they tend to be large entities. And I haven't seen anything in the public domain, I'd say, aligned with our large customers about concerns about their financing.

當我們考慮我們的商業客戶時，有幾件事。他們顯然是我們最大的客戶。我沒有他們所有銀行的名冊，但他們往往是大型實體。而且我還沒有在公共領域看到任何東西，我想說，與我們的大客戶對他們融資的擔憂保持一致。

There's obviously lots of really large franchisee organizations out there. I would say that we haven't -- I understand where the question is coming from. I can't say that we've explicitly seen any slowdown or change in our activity level or negotiations with customers specific to what's happening with regional banks and the like.

那裡顯然有很多非常大的特許經營組織。我會說我們還沒有——我知道問題來自哪裡。我不能說我們已經明確看到我們的活動水平有任何放緩或變化，或者與客戶就區域銀行等正在發生的事情進行具體談判。

I think if you take it all the way down to our smallest customers, kind of independent restaurants, they're probably raising cash to open things up, given some of the risk profiles with really small entities. So again, overall, we don't feel like it has been yet impacting us in a noticeable way.

我認為，如果你把它一直帶到我們最小的客戶，比如獨立餐廳，考慮到非常小的實體的一些風險狀況，他們可能正在籌集現金來開張。所以，總的來說，我們覺得它還沒有以明顯的方式影響我們。

Awesome. And then just as a follow-up. In terms of grills, can you give any color on material distribution gains you expect for your grill brands after the wholesale channel is cleared, whether they'll be deeper with current resale partners or new partners altogether?

驚人的。然後作為後續行動。就烤架而言，您能否在批發渠道清理後對您的烤架品牌的材料分銷收益給出任何顏色，它們是否會與當前的轉售合作夥伴或新合作夥伴一起更深入？

With the grill company, so we are seeing gains with our existing customers in terms of what I'll call the floor space allocated to us and really acceptance of our products for a variety of reasons, right? Charcoal gives a better cooking experience. We have awesome technology. We have different features, for all these reasons, -- so we are seeing gains with, I'll call it, our current base of customers.

對於燒烤公司，我們看到現有客戶在我稱之為分配給我們的佔地面積以及出於各種原因真正接受我們產品方面的收益，對吧？木炭提供更好的烹飪體驗。我們有很棒的技術。由於所有這些原因，我們有不同的功能——所以我們看到了收益，我稱之為我們當前的客戶群。

But we're also making headways in terms of bringing these grill products to like specialty retailers, where they may not have been carrying them before or we're really able to -- because of everything Middleby offers, also have them bringing especially Kamado Joe go into their showrooms as well as leveraging what we're doing internationally. There are a couple of pockets, I would say, of new distribution in the U.S. as well.

但我們也在將這些燒烤產品帶到專業零售商方面取得了進展，他們以前可能沒有攜帶過這些產品，或者我們真的有能力——因為 Middleby 提供的一切，還讓他們帶來了特別是 Kamado Joe進入他們的陳列室，並利用我們在國際上所做的事情。我想說，在美國也有一些新的分銷渠道。

The next question will come from Jeff Hammond with KeyBanc Capital Markets.

下一個問題將來自 KeyBanc Capital Markets 的 Jeff Hammond。

I just have one quick one. Just on the cash flows should look better this year. I noticed you guys bought back stock, which I guess was a little surprising given your pension for deals and kind of the current rates and leverage. So just kind of update us on kind of how you're thinking about capital allocation as we move through the year.

我只有一個快速的。就現金流量而言，今年應該會更好。我注意到你們回購了股票，考慮到你們的交易養老金以及當前的利率和槓桿率，我想這有點令人驚訝。因此，請向我們介紹一下您在這一年中對資本配置的看法。

Yes, I think it's probably unchanged for how it's been for a long time. I mean certainly, we're more conscious of the cost of capital and interest rates, et cetera. I think as we kind of think about deals, I mean, we're very strategic in our approach and how we build out the portfolio and things that we think will strengthen us for the long term and stay in the test of time.

是的，我認為很長一段時間以來它可能沒有變化。我的意思是，當然，我們更加關注資本成本和利率等。我認為當我們考慮交易時，我的意思是，我們在我們的方法以及我們如何構建投資組合和我們認為將長期加強我們並經受時間考驗的事情方面非常具有戰略意義。

So we'll be active, but we're also keenly aware of the cost of capital has gone up as well as uncertainty and outlook in certain parts of the market. So just from a valuation standpoint. So we do think valuation will kind of evolve here and that will be part of the -- our thought process as we look at deals. But I mean, again, M&A is -- we always put the slide up there, we've been doing this for a long time and believe we're building upon 3 industry-leading platform.

所以我們會很活躍，但我們也敏銳地意識到資本成本已經上升，以及市場某些部分的不確定性和前景。因此，僅從估值的角度來看。所以我們確實認為估值會在這裡發生變化，這將成為我們看待交易時的思維過程的一部分。但我的意思是，併購是——我們總是把幻燈片放在那裡，我們已經這樣做了很長時間，並且相信我們正在建立在 3 個行業領先的平台之上。

So -- and obviously, mentioned that the 2 transactions in the start of the year, we're excited about. So M&A will continue to be the forefront. Obviously, we will try to -- we will delever in the process as well. I mean I think stock buyback, we've always said that we will do that opportunistically. And I mean I think we just -- we felt that it was an opportunistic time. So I think that was something that (inaudible) a good timing to buyback some shares. We started that in the fourth quarter of last year. So that was kind of a continuation of something that we have put in place to finish the year and start (inaudible).

所以 - 顯然，提到年初的 2 筆交易，我們感到很興奮。因此，併購將繼續走在前列。顯然，我們會嘗試——我們也會在這個過程中去槓桿化。我的意思是我認為股票回購，我們一直說我們會機會主義地這樣做。我的意思是我認為我們只是 - 我們覺得這是一個機會主義的時代。所以我認為這是（聽不清）回購一些股票的好時機。我們從去年第四季度開始。因此，這是我們為結束這一年和開始（聽不清）而採取的某些措施的延續。

The final question we have time for today will come from Todd Brooks with the Benchmark Company.

我們今天有時間提出的最後一個問題將來自 Benchmark 公司的 Todd Brooks。

Congrats on the results in the quarter. It's a 3-parter but it's all on the same topic. If we look at Commercial Food Service, what's the mix of kind of new build versus replacement demand now versus what it would look like normally?

祝賀本季度的結果。這是一個 3 部分，但都是關於同一個主題的。如果我們看一下商業食品服務，現在新建與替換需求的組合與正常情況下的組合是什麼？

And then I'm wondering, you talked about with maybe lead times normalizing, you may not get as much visibility into the new build programs with the restaurant partners. I'm just wondering about as replacement seems to be picking up based on the comment you made. Is your visibility there better than it's been historically?

然後我想知道，你談到了交貨時間正常化，你可能無法與餐廳合作夥伴一起了解新的構建計劃。我只是想知道，根據您的評論，更換似乎正在增加。你在那裡的能見度比以往任何時候都好嗎？

And then finally, the margin spread between new versus replacement demand, if there are some.

最後，新需求與替代需求之間的利潤差（如果有的話）。

Yes, go ahead.

好，去吧。

So Todd, start with first question. The mix of new build versus replacement, the pie charts that are in the deck, I think, are helpful. And as you see today, your new build and replacement for 2022 were pretty much the same. So historically, if you go back to, again, pre-COVID levels, I believe there's prior chart somewhere that replacement was historically half the demand that we would normally see probably in the period of 2017 and 2019, if you were going into COVID.

所以托德，從第一個問題開始。新構建與替換的混合，甲板上的餅圖，我認為是有幫助的。正如您今天所見，2022 年的新構建和替換幾乎相同。因此，從歷史上看，如果你再次回到 COVID 之前的水平，我相信之前的圖表顯示，如果你進入 COVID，替換在歷史上是我們通常在 2017 年和 2019 年期間可能看到的需求的一半。

So obviously, the new build demand primarily from the bigger chains really '20, '21, '22, obviously, is significantly higher than it was prior. So that's why you see the mix being different.

很明顯，主要來自大型連鎖店的新建需求實際上是'20、'21、'22，顯然比以前高得多。所以這就是為什麼你看到混合是不同的。

I do think as you get into probably '24, '25, even though I do think you'll see new builds continue for a lot of chains, I do think you'll probably see some replacement business uptick and actually be maybe not back to 50%, but probably be higher than the new build mix, if that makes sense.

我確實認為，當你可能進入 24、25 年時，儘管我確實認為你會看到很多連鎖店的新建築仍在繼續，但我確實認為你可能會看到一些替代業務的增長，實際上可能不會回來到 50%，但如果有意義的話，可能會高於新構建組合。

In terms of visibility into new locations, I talked about on prior calls, one of the very nice byproducts of this disruptive period that we've looked through is being closer to our big chain customers, they've given us more visibility than ever into their development plans from timing, locations, et cetera, which has been extremely helpful. And that has not changed.

就新地點的可見性而言，我在之前的電話中談到，我們所經歷的這個顛覆性時期的一個非常好的副產品是更接近我們的大型連鎖店客戶，他們讓我們比以往任何時候都更加了解他們從時間、地點等方面的發展計劃，這非常有幫助。這並沒有改變。

And I actually don't think it will change a whole lot as we go forward, just because there are so many good [besets] on both sides of the equation to giving us that visibility to make sure that we're always aligned with hitting a new store opening. And then also, your other question was makes us understand the replacement demand. So again, we're in a good position to support that on that side, I think.

實際上，我認為隨著我們的前進，它不會發生很大變化，只是因為等式兩邊都有很多好的 [besets] 給我們提供可見性，以確保我們始終與擊球保持一致一家新店開張。然後，您的另一個問題是讓我們了解更換需求。因此，我認為我們再次處於支持這一方面的有利位置。

So visibility remains, I think, very open, very transparent, and I do expect that to continue as we go forward. From a margin perspective, your replacement versus new build, I would say new build, I would guess, is probably higher margins just because if you think about new builds, they're putting in the newer technology products, which historically do have higher margins. It's not a hard and fast rule, but that would be my answer that new store builds would historically probably have better margins than replacement business. If you're placing kind of like-for-like product, if that makes sense.

因此，我認為可見性仍然非常開放、非常透明，我確實希望隨著我們的前進，這種情況會繼續下去。從利潤率的角度來看，你的替代品與新的構建，我想說新的構建，我猜，可能是更高的利潤率，因為如果你考慮新的構建，他們正在投入更新的技術產品，這些產品在歷史上確實有更高的利潤率.這不是一個硬性規定，但我的回答是，從歷史上看，新店建設可能比替代業務有更高的利潤。如果你要放置類似的產品，如果這是有道理的。

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

我們的問答環節到此結束。我想將會議轉回管理層聽取任何閉幕詞。

Thanks, everybody, for attending the call today, and we look forward to speaking to you next quarter. Thanks.

感謝大家參加今天的電話會議，我們期待在下個季度與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。