Oatly Group AB (publ) (OTLY) 2022 Q4 法說會逐字稿

Greetings. Welcome to Oatly's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎來到 Oatly 2022 年第四季度收益電話會議。 （操作員說明）請注意正在錄製此會議。

I will now turn the conference over to Brian Kearney, Vice President of Investor Relations. Thank you. You may begin.

我現在將會議轉交給投資者關係副總裁 Brian Kearney。謝謝。你可以開始了。

Good morning, and thank you for joining us today on Oatly's Fourth Quarter and Full Year 2022 Earnings Conference Call and webcast. I'm Brian Kearney, Oatly's Head of Investor Relations. On today's call are Toni Petersson, Chief Executive Officer and Christian Hanke, Chief Financial Officer. Jean-Christophe Flatin, Global President and Daniel Ordonez, Chief Operating Officer, will also be available for questions.

早上好，感謝您今天加入我們的 Oatly 第四季度和 2022 年全年收益電話會議和網絡直播。我是 Oatly 的投資者關係主管 Brian Kearney。參加今天電話會議的有首席執行官 Toni Petersson 和首席財務官 Christian Hanke。全球總裁 Jean-Christophe Flatin 和首席運營官 Daniel Ordonez 也將回答問題。

Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future results and operations and financial position, industry and business trends, business strategy, market growth and anticipated cost savings. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events or those described in these forward-looking statements. Please refer to the company's annual report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 6, 2022, or our report on Form 6-K for the period ended September 30, 2022, filed with the SEC on November 14, 2022, and other reports filed from time to time with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在我們開始之前，請記住，在本次電話會議期間，管理層可能會根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述，包括關於我們未來業績和運營以及財務狀況、行業和業務趨勢的陳述、業務戰略、市場增長和預期的成本節約。這些陳述基於管理層當前的預期和信念，涉及可能與實際事件或這些前瞻性陳述中描述的事件存在重大差異的風險和不確定性。請參閱公司於 2022 年 4 月 6 日向美國證券交易委員會提交的截至 2021 年 12 月 31 日止年度的 20-F 表年度報告，或我們向美國證券交易委員會提交的截至 2022 年 9 月 30 日止年度的 6-K 表年度報告， SEC 於 2022 年 11 月 14 日提交，以及不時向 SEC 提交的其他報告，以詳細討論可能導致實際結果與今天所做的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險。

Please note, on today's call, management will refer to certain non-IFRS financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin and constant currency revenue. While the company believes these non-IFRS financial measures will provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS. Please refer to today's release for a reconciliation of non-IFRS financial measures to the most comparable measures prepared in accordance with IFRS. In addition, Oatly has posted a supplemental presentation on its website for reference.

請注意，在今天的電話會議上，管理層將參考某些非 IFRS 財務指標，包括 EBITDA、調整後的 EBITDA、調整後的 EBITDA 利潤率和固定貨幣收入。雖然公司認為這些非 IFRS 財務措施將為投資者提供有用的信息，但不應孤立地考慮或替代根據 IFRS 提供的財務信息。請參閱今天發布的非 IFRS 財務措施與根據 IFRS 編制的最可比措施的調節表。此外，Oatly 還在其網站上發布了補充介紹，以供參考。

I'd now like to turn the call over to Toni Petersson.

我現在想把電話轉給 Toni Petersson。

Thanks, Brian. Good morning, everyone. We appreciate you joining us to discuss our fourth quarter and full year 2020 results. Page 5 shows the key messages that I want you to take away from today. We ended fiscal 2022 with a solid fourth quarter and gained momentum as we moved through the quarter. We continue to see strong underlying demand from our consumers and customers. We've improved the stability and enhanced our global supply chain across the regions. As we announced last quarter, we have shifted to a more asset-light supply chain strategy and closed the transaction with Ya YA Foods from Ogden and Dallas Fort Worth facilities in the Americas.

謝謝，布萊恩。大家，早安。感謝您加入我們討論我們 2020 年第四季度和全年的業績。第 5 頁顯示了我希望您從今天學到的關鍵信息。我們以穩健的第四季度結束了 2022 財年，並在整個季度中獲得了動力。我們繼續看到來自消費者和客戶的強勁潛在需求。我們提高了穩定性並加強了我們跨地區的全球供應鏈。正如我們上個季度宣布的那樣，我們已經轉向更加輕資產的供應鏈戰略，並完成了與來自美洲奧格登和達拉斯沃思堡設施的 Ya YA Foods 的交易。

Also, as you've seen in the press release that we issued this morning, we have received $425 million in secured and committed financing, which we believe is enough to fund our growth plans and reach financial self-sufficiency. With our operations now stabilized and our funding in place, the company is now well positioned to start playing offense in 2023. Let's dig into each of these points.

此外，正如您在我們今天上午發布的新聞稿中看到的那樣，我們已獲得 4.25 億美元的有擔保和承諾融資，我們認為這足以為我們的增長計劃提供資金並實現財務自給自足。隨著我們的運營現已穩定且資金到位，該公司現在已做好準備，可以在 2023 年開始進攻。讓我們深入探討這些要點。

On Page 6, you can see our financial results for the total company for the fourth quarter and full year 2022. I'd draw your attention to the fourth quarter constant currency revenue growth of 14% year-over-year. Which was at the high end of our expectations. On our last call, we said that we will start seeing sequential margin improvement, and that's exactly what we saw this quarter. On a quarter-over-quarter basis, our gross margin improved over 1,300 basis points, and our adjusted EBITDA improved USD 22 million compared to the third quarter.

在第 6 頁上，您可以看到我們整個公司 2022 年第四季度和全年的財務業績。我提請您注意第四季度固定貨幣收入同比增長 14%。這是我們期望的高端。在上次電話會議上，我們表示我們將開始看到連續的利潤率改善，而這正是我們本季度所看到的。與上一季度相比，我們的毛利率提高了 1,300 個基點以上，調整後的 EBITDA 比第三季度提高了 2200 萬美元。

Turning to Page 7, where you can see the that the category growth rate remained strong in the quarter with oatmeal growing at 3x the rate of the total plant-based category. On the right-hand side, you can see that we've been gaining share in our core markets with a significant acceleration in the second half of the year. This performance has been driven by our teams refocusing on the execution fundamentals, increasing distribution and in-store visibility, building strong momentum of the enhance portfolio, such as Chilled and Mini Barista.

翻到第 7 頁，您可以看到本季度的類別增長率仍然強勁，燕麥片的增長率是整個植物類類別的 3 倍。在右側，您可以看到我們在核心市場的份額在今年下半年顯著加速增長。這一業績是由我們的團隊重新關注執行基礎、增加分銷和店內知名度、增強產品組合（如 Chilled 和 Mini Barista）的強勁勢頭推動的。

Slide 8 shows how we intend to continue this momentum in 2023. In short, EMEA will leverage its existing people and supply chain assets to expand further. We will expand the product portfolio from coffee occasions into all milk-based moments, including an exciting no-sugar alternative.

幻燈片 8 展示了我們打算如何在 2023 年延續這一勢頭。簡而言之，EMEA 將利用其現有人員和供應鏈資產進一步擴張。我們會將產品組合從咖啡場合擴展到所有基於牛奶的時刻，包括令人興奮的無糖替代品。

As we said in the past, we will also look to expand our food service customer base. On this page, you can see the logos of several of our more recent customer wins, and we are very excited to partner with these high-quality companies.

正如我們過去所說，我們還將尋求擴大我們的餐飲服務客戶群。在這個頁面上，您可以看到我們最近贏得的幾個客戶的標誌，我們很高興能與這些優質公司合作。

Finally, we will be expanding geographically into adjacent markets. The geographic expansion will be executed in a controlled manner, where we are leveraging many of our existing people and supply chain facilities to service the neighboring markets. This will allow us to move faster and minimize the need for additional resources.

最後，我們將在地理上擴展到鄰近市場。地域擴張將以可控的方式進行，我們將利用現有的許多人員和供應鏈設施為鄰近市場提供服務。這將使我們能夠更快地行動並最大限度地減少對額外資源的需求。

Turning to the Americas on Page 9. We believe that the Americas continues to have significant upside relative to its recent performance. You can see on the left-hand side that the category had strong double-digit growth in the quarter, and we grew below the category. We are not satisfied with this performance. As we mentioned in prior quarters, this was largely related to supply chain issues which impacted our ability to adequately supply the marketplace.

轉到第 9 頁上的美洲。我們認為，相對於最近的表現，美洲繼續具有顯著的上行空間。您可以在左側看到該類別在本季度實現了兩位數的強勁增長，而我們的增長低於該類別。我們對這樣的表現並不滿意。正如我們在前幾個季度提到的，這在很大程度上與供應鏈問題有關，這些問題影響了我們充分供應市場的能力。

That being said, we have a very solid base to grow from. Our velocities remain very strong despite recent price increases, and are still a multiple of the nearest competitors. On top of that, we improved our fill rates back to the mid-90s, where they should be. This means that our supply chain is finally able to fulfill all orders and strengthening customer relationships to drive volume growth in 2023.

話雖這麼說，我們有一個非常堅實的發展基礎。儘管最近價格上漲，但我們的速度仍然非常強勁，並且仍然是最接近的競爭對手的數倍。最重要的是，我們將填充率提高到 90 年代中期，這是它們應該達到的水平。這意味著我們的供應鏈最終能夠履行所有訂單並加強客戶關係，以推動 2023 年的銷量增長。

Slide 10 goes a bit deeper on our supply chain improvements. You can see that our Ogden, Utah facility has now been stable for over 4 months. This stability has been a key driver of our improved fill rates. Also, our Millville, New Jersey plant has added an additional oat-based production line which once it's fully ramped, will double Millville's oat-based production and increase America's capacity by over 30%. This capacity expansion is enabled by our strategic alliance with a local hybrid manufacturing partner.

幻燈片 10 更深入地介紹了我們的供應鏈改進。您可以看到我們位於猶他州奧格登的設施現已穩定運行 4 個多月。這種穩定性一直是我們提高填充率的關鍵驅動因素。此外，我們位於新澤西州 Millville 的工廠增加了一條額外的燕麥生產線，一旦完全投產，將使 Millville 的燕麥產量翻一番，並將美國的產能提高 30% 以上。我們與本地混合製造合作夥伴的戰略聯盟促成了這種產能擴張。

We expect this stability and expanded capacity to be a critical part of unlocking the growth of our Americas segment and expanding our distribution as well as drive significant margin growth as we consolidate co-packers.

我們預計這種穩定性和擴大的產能將成為釋放我們美洲業務增長和擴大我們的分銷以及在我們整合代加工商時推動利潤率顯著增長的關鍵部分。

Turning to Page 11. You can see the details of the Ya YA Foods transaction which we recently closed on March 1. We are very excited about this long-term partnership, which will convert our Ogden and Dallas Fort Worth facilities from self-manufacturing to a hybrid model, meaning that we will retain ownership and operation of our proprietary oat-based technology and Ya YA will be responsible for the filling portion of the production process.

翻到第 11 頁。您可以看到我們最近於 3 月 1 日完成的 Ya YA Foods 交易的詳細信息。我們對這種長期合作夥伴關係感到非常興奮，這將使我們的奧格登和達拉斯沃思堡設施從自我製造轉變為一種混合模式，這意味著我們將保留我們專有的燕麥技術的所有權和運營權，而 Ya YA 將負責生產過程中的灌裝部分。

This partnership simplifies our operations and it's expected to further support our growth. We are working hand-in-hand with the Ya YA Foods team to develop a joint site plan for a Dallas DFW facility in order to optimize facility design and the road map to completion, which we expect to be in 2024 or 2025.

這種夥伴關係簡化了我們的運營，預計將進一步支持我們的發展。我們正在與 Ya YA Foods 團隊攜手合作，為達拉斯 DFW 設施制定聯合場地規劃，以優化設施設計和完工路線圖，我們預計將於 2024 年或 2025 年完成。

For this transaction, all of our American manufacturing facilities will now be a hybrid model, reducing both cost volatility and future CapEx. We expect that having 2 strong co-packing partners will enable us to consolidate our co-packing network and drive margin expansion going forward.

對於此次交易，我們所有的美國製造工廠現在都將採用混合模式，從而降低成本波動和未來的資本支出。我們預計，擁有 2 個強大的代加工合作夥伴將使我們能夠鞏固我們的代加工網絡並推動未來的利潤增長。

On Page 12, we laid out Americas plans and priorities for 2023, which is accelerating growth and continuous improvement of the supply chain. Now that the supply chain is back on firmer footing and we have the capacity to meet our estimated demand in the near to medium term, we can focus more on building awareness, trial, repeat and ultimately brand loyalty.

在第 12 頁，我們制定了美洲 2023 年的計劃和優先事項，這將加速供應鏈的增長和持續改進。現在供應鏈已經站穩腳跟，我們有能力在中短期內滿足我們的估計需求，我們可以更加專注於建立知名度、試用、重複以及最終的品牌忠誠度。

We will be looking to expand our distribution across all channels by adding new doors and customers as well as incremental SKUs at existing customers. We'll also be stepping up our in-store promotions beginning in Q1 and gain significant visibility and competitiveness. To support this expansion, we will be unleashing our creative department to amplify our culture-creating brand voice starting in late Q1 and early Q2.

我們將尋求通過增加新的門和客戶以及現有客戶的增量 SKU 來擴大我們在所有渠道的分銷。我們還將從第一季度開始加強我們的店內促銷活動，並獲得顯著的知名度和競爭力。為了支持這種擴張，我們將釋放我們的創意部門，從第一季度末和第二季度初開始擴大我們的文化創造品牌聲音。

And while we are very happy with the progress that our supply chain has made to date, we're not done yet. Now that the local deal closed, our teams on the ground will now be focused on executing the transition to Ya YA Foods, completing the DFW facility and ensuring that we fulfill our customers' and consumers' needs.

雖然我們對我們的供應鏈迄今為止取得的進展感到非常滿意，但我們還沒有完成。現在本地交易已經完成，我們在當地的團隊現在將專注於執行向 Ya YA Foods 的過渡，完成 DFW 設施並確保我們滿足客戶和消費者的需求。

Finally, we're consolidating our Americas co-packer network to drive significant additional efficiency and absorption into the supply chain.

最後，我們正在整合我們的美洲代加工商網絡，以顯著提高效率並吸收到供應鏈中。

Turning to Asia on Page 13. As you all know, our Asia business have been impacted by the ongoing COVID-19 pandemic. And the Asia team has been managing through the volatility very well. Given the uncertainties and restrictions due to the virus, managing inventory has been a challenge. The team had to adjust prices to be unable to minimize inventory write-offs. You can see this in the sales bridge shown on the left hand of the slide.

轉到第 13 頁的亞洲。眾所周知，我們的亞洲業務受到了持續的 COVID-19 大流行的影響。亞洲團隊一直很好地應對波動。鑑於病毒帶來的不確定性和限制，管理庫存一直是一個挑戰。該團隊不得不調整價格，無法將庫存沖銷降至最低。您可以在幻燈片左側顯示的銷售橋中看到這一點。

However, the team has not lost sight about the longer-term health of the business. We have cautiously continued to invest in marketing as we moved through the year. In fact, we increased the marketing spend as a percentage of segment's revenue from the mid-teens in Q1 to north of 20% as of Q4 to support the brand and strengthen our position ahead of the post-COVID reopening.

然而，該團隊並沒有忽視業務的長期健康發展。在過去的一年中，我們謹慎地繼續投資於營銷。事實上，我們將營銷支出佔部門收入的百分比從第一季度的十幾歲增加到第四季度的 20% 以上，以支持品牌並在 COVID 後重新開放之前鞏固我們的地位。

We concentrated our efforts in the retail channel, which, as many of you know, requires a higher level of marketing support. And on the slide, you can see an example of our presence online and in-store leading up to the Chinese New Year. This rate of marketing spend is well above what we would consider normal levels, and we expect it to migrate down going forward.

我們把精力集中在零售渠道，正如你們很多人所知，這需要更高水平的營銷支持。在幻燈片上，您可以看到我們在中國農曆新年之前在網上和店內展示的示例。這種營銷支出率遠高於我們認為的正常水平，我們預計它會在未來下降。

The team also did a terrific job gaining distribution through the year. We increased the number of doors, and we're now sold in 150% in 2022 compared to 2021.

該團隊在全年獲得分銷方面也做得非常出色。我們增加了門的數量，與 2021 年相比，我們現在 2022 年的銷量增加了 150%。

Page 14 discusses how the Asia business is going to capitalize on those strong distribution gains and brand awareness. First, it's important to remind you that the Asia business now has local supply and is no longer as reliant on EMEA for product. And after a brief COVID-related disruption that impacted production in January, the production is stable. This stable local supply will be a key enabler for Asia in 2023.

第 14 頁討論了亞洲業務將如何利用這些強大的分銷收益和品牌知名度。首先，重要的是要提醒您，亞洲業務現在有本地供應，不再依賴 EMEA 的產品。在 1 月份因 COVID 相關的短暫中斷影響生產後，生產穩定。這種穩定的本地供應將成為 2023 年亞洲的關鍵推動力。

In 2023, the Asia segment will be focused on 3 strategies: Expanding distribution, launching new products and driving efficiency. We believe there are plenty of opportunities that remain in the coffee channel as well as QSRs, and we will be aggressively pursuing those in the year to come. We also believe that there is an even bigger opportunity to expand in the tea channel as well as e-commerce. And finally, we will be accelerating our entrance into the retail channel in Mainland China this year.

2023年，亞洲分部將重點關註三大戰略：擴大分銷、推出新產品和提高效率。我們相信咖啡渠道和快餐店仍有很多機會，我們將在未來一年積極追求這些機會。我們還認為，在茶飲渠道和電子商務方面的擴張機會更大。最後，我們將在今年加快進入中國大陸的零售渠道。

To enhance our distribution expansion, we'll continue rolling out our recent new product launches, such as our Tea Master product, which is our tea channel-focused item. We helped pioneer the plant-based ice cream category. We will look to capitalize on and grow our very strong market share in this category.

為了加強我們的分銷擴張，我們將繼續推出我們最近推出的新產品，例如我們的 Tea Master 產品，這是我們專注於茶渠道的產品。我們幫助開創了植物冰淇淋類別。我們將尋求利用並擴大我們在這一類別中非常強大的市場份額。

We'll also be launching new formats and sizes of our existing products. For those who know the Chinese market well, you know that having the smaller format items is critical in order to really tap into the retail and e-commerce channels.

我們還將推出現有產品的新格式和尺寸。對於那些熟悉中國市場的人來說，您知道擁有較小規格的商品對於真正打入零售和電子商務渠道至關重要。

We'll also be leveraging our co-branding for additional ready-to-drink items, including the item you see on the page. That is a co-branded LAN Fong Yuen milk tea that we are very excited about.

我們還將利用我們的聯合品牌推廣其他即飲產品，包括您在頁面上看到的產品。那就是我們非常期待的聯名款蘭芳園奶茶。

Finally, efficiency, the supply chain team will look for continuous improvement opportunities and used additional expected volume to drive absorption. The team will focus on cost control, both in cost of goods sold, as well as SG&A while continuing to enable growth.

最後，效率，供應鏈團隊將尋找持續改進的機會，並使用額外的預期數量來推動吸收。該團隊將專注於成本控制，包括銷售成本和 SG&A，同時繼續實現增長。

Turning to Page 15. As I mentioned earlier, we have received $425 million in secured and committed financing between the combination of private convertible bonds as well as Term Loan B. We've also signed a commitment letter to renew our revolving credit facility.

翻到第 15 頁。正如我之前提到的，我們已經收到 4.25 億美元的有擔保和承諾融資，包括私人可轉換債券和定期貸款 B。我們還簽署了一份承諾書，以更新我們的循環信貸額度。

We have support by our key anchor shareholders, and we believe that this fundraising will be enough for us to support our growth investment and enable us to reach financial self-sufficiency. Christian will take you through the finer details in a moment.

我們得到了主要股東的支持，我們相信此次籌資將足以支持我們的增長投資，並使我們能夠實現財務自給自足。 Christian 稍後會帶您了解更詳細的信息。

So to wrap it up on Page 16. Our foundation for growth is stronger than ever. We have an enormous global market opportunity. Our relative velocities remain outstanding, and we have enhanced and upgraded our supply chain, increased the agility of our organization, and we now have our financing in place. Trust me when I say that our team is excited to start playing offense in 2023.

所以在第 16 頁總結一下。我們的增長基礎比以往任何時候都更強大。我們擁有巨大的全球市場機會。我們的相對速度仍然很出色，我們已經加強和升級了我們的供應鏈，提高了我們組織的敏捷性，現在我們的融資已經到位。相信我，我們的團隊很高興在 2023 年開始進攻。

In 2023, we'll be focused on: One, accelerating our topline growth across all segments; two, continuously improving the supply chain; three, balancing growth and efficiency appropriately as we drive towards profitability; and fourth and finally, delivering our 2023 guidance.

2023 年，我們將專注於：一是加快所有業務領域的營收增長；二、不斷完善供應鏈；第三，在我們推動盈利的過程中適當平衡增長和效率；第四，也是最後，提供我們的 2023 年指南。

With that, I would now like to turn the call over to Christian to walk through the financials and guidance.

有了這個，我現在想把電話轉給克里斯蒂安來完成財務和指導。

Thanks, Toni, and good morning, everyone. Nice to speak with you today. Turning to the financials on Slide 18. As Toni mentioned, we ended the year with a solid fourth quarter. Revenue for the fourth quarter of 2022 was $195.1 million, an increase of 5% or 14% on a constant currency basis compared to the prior year period. Gross margin in the fourth quarter of 2022 was 16%, flat compared to the prior year period and an increase of 1,320 basis points compared to the third quarter of 2022. Adjusted EBITDA for the fourth quarter of 2022 was a loss of $60 million, a $5 million improvement versus the prior year and a $22 million improvement from the third quarter of 2022.

謝謝，托尼，大家早上好。今天很高興和你交談。轉向幻燈片 18 上的財務數據。正如 Toni 所提到的，我們以穩健的第四季度結束了這一年。 2022 年第四季度的收入為 1.951 億美元，按固定匯率計算比去年同期增長 5% 或 14%。 2022 年第四季度毛利率為 16%，與去年同期持平，與 2022 年第三季度相比增加 1,320 個基點。2022 年第四季度調整後 EBITDA 為虧損 6000 萬美元，與上一年相比增加 500 萬美元，與 2022 年第三季度相比增加 2200 萬美元。

On Slide 19, you can see the total company bridge for the fourth quarter's 5% revenue growth. The 14% constant currency revenue increase was primarily driven by continued sold volume growth for Oatly product in addition to price increases implemented during the year. We also experienced a 900 basis point headwind from foreign exchange impact.

在幻燈片 19 上，您可以看到第四季度 5% 收入增長的公司總橋。 14% 的固定貨幣收入增長主要是由於 Oatly 產品的銷量持續增長以及年內實施的價格上漲。我們還經歷了外匯影響帶來的 900 個基點的逆風。

Turning to Slide 20. You can see the fourth quarter sales bridges for each segment. EMEA reported a solid 15% constant currency growth behind a good balance of volume and price/mix growth. The 4% price/mix growth does not fully reflect the segment's recent pricing actions as we have implemented a double digit price increase in December and January across all markets and channels.

轉到幻燈片 20。您可以看到每個細分市場的第四季度銷售橋。歐洲、中東和非洲地區報告稱，在銷量和價格/組合增長保持良好平衡的情況下，貨幣穩步增長 15%。 4% 的價格/組合增長並未完全反映該細分市場最近的定價行動，因為我們在 12 月和 1 月對所有市場和渠道實施了兩位數的價格上漲。

Americas reported 16% constant currency revenue growth driven by their price increases that were executed during the third quarter. Sold volume was flat as we lapped a very strong year-ago period in the foodservice business as the U.S. was reopening. We also focused on improving fill rates and rebuilding inventory in the fourth quarter, as Toni mentioned earlier.

美洲報告稱，受第三季度執行的價格上漲推動，貨幣收入增長 16%。隨著美國重新開放，我們的餐飲服務業務經歷了一年前非常強勁的時期，因此銷量持平。正如 Toni 之前提到的，我們還專注於提高第四季度的供貨率和重建庫存。

In Asia, we reduced selling prices to manage inventory as the team continued to navigate through the pandemic.

在亞洲，隨著團隊繼續應對疫情，我們降低了售價以管理庫存。

Digging into gross margin a bit deeper on Slide 21. Compared to the third quarter of 2022, gross profit margin of 2.7%, we had a 1,320 basis point sequential margin improvement. The increase was mainly driven by supply chain improvements in Americas and EMEA, including improved absorption and productivity as well as fewer one-offs of 660 basis points; the COVID-19 impact easing in Asia that resulted in better utilization of the Asia facilities and net fewer one-off expenses of 430 basis points; pricing actions of 140 basis points, with a full quarter pricing impact in Americas; deflationary costs of 60 basis points, mainly driven by lower energy costs; other items net of approximately 30 basis points.

在幻燈片 21 上更深入地研究毛利率。與 2022 年第三季度 2.7% 的毛利率相比，我們的連續利潤率提高了 1,320 個基點。這一增長主要是由美洲和歐洲、中東和非洲供應鏈的改善推動的，包括提高吸收率和生產率，以及減少一次性 660 個基點； COVID-19 對亞洲的影響緩和，導致亞洲設施的利用率更高，一次性支出淨額減少 430 個基點； 140 個基點的定價行動，對美洲的整個季度定價產生影響； 60 個基點的通貨緊縮成本，主要受能源成本下降的推動；其他項目扣除約 30 個基點。

Moving to Slide 22. Adjusted EBITDA loss for the fourth quarter of 2022 was $60 million compared to a loss of $83 million in the third quarter of 2022. We saw sequential EBITDA improvement across each operating segment with EMEA returning to positive adjusted EBITDA in the quarter. The quarter-over-quarter increase in corporate expenses was largely driven by the seasonality of spending given the European vacation period as well as higher consulting expenses.

轉到幻燈片 22。2022 年第四季度調整後的 EBITDA 虧損為 6000 萬美元，而 2022 年第三季度為虧損 8300 萬美元。我們看到每個運營部門的 EBITDA 連續改善，歐洲、中東和非洲地區在本季度恢復到正的調整後 EBITDA .公司支出的環比增長主要是由於歐洲假期期間支出的季節性以及更高的諮詢費用。

Now focusing on our balance sheet and cash flow. As of December 31, 2022, we had cash and cash equivalents of $82.6 million and total outstanding debt to credit institution of $52.6 million. With the closing of the Ya YA Foods transaction subsequent to year-end on March 1, we received $44 million in cash. Net cash used in operating activities was $268.9 million for the year ended December 31, 2022, compared to $213.8 million during the prior year period, driven by our higher loss from operations. Capital expenditures were $201.7 million for the year ended December 31, 2022, compared to $273.8 million in the prior year period, and below our guidance of $220 million to $240 million due to the phasing of our facility investments. Our 2022 CapEx was mainly spent on the construction of our future facilities as well as maintenance.

現在關注我們的資產負債表和現金流。截至 2022 年 12 月 31 日，我們擁有現金和現金等價物 8260 萬美元，未償還信貸機構的債務總額為 5260 萬美元。隨著 Ya YA Foods 交易在年終後的 3 月 1 日結束，我們收到了 4400 萬美元的現金。截至 2022 年 12 月 31 日止年度，用於經營活動的現金淨額為 2.689 億美元，而去年同期為 2.138 億美元，這是由於我們的經營虧損增加所致。截至 2022 年 12 月 31 日止年度的資本支出為 2.017 億美元，而去年同期為 2.738 億美元，由於我們的設施投資分階段進行，低於我們 2.2 億美元至 2.4 億美元的指導。我們 2022 年的資本支出主要用於未來設施的建設和維護。

Turning to Slide 23. As Toni mentioned earlier, we announced that we have received $425 million of secured and committed financing through a combination of private convertible bonds and a Term Loan B. We also signed a commitment letter for the renewal of our revolving credit facility to approximately $200 million and extending the term. With these actions, we believe we are now fully funded to support our growth investment until we reach financial self-sufficiency.

轉到幻燈片 23。正如 Toni 之前提到的，我們宣布我們已經通過私人可轉換債券和定期貸款 B 的組合獲得了 4.25 億美元的擔保和承諾融資。我們還簽署了一份續簽循環信貸額度的承諾書增加到大約 2 億美元並延長期限。通過這些行動，我們相信我們現在有足夠的資金來支持我們的增長投資，直到我們實現財務自給自足。

The private convertible bonds totaling $300 million have key shareholder support from Verlinvest China Resources and Blackstone. They have a 5.5-year term and a conversion premium of 17% based on yesterday's closing price. The $125 million senior secured Term Loan B has a 5-year term with an interest rate of SOFR plus 7.5%. The approximately $200 million RCF, which is currently undrawn, will be used as a liquidity backstop.

總計 3 億美元的私人可轉換債券得到了 Verlinvest China Resources 和 Blackstone 的主要股東支持。他們有 5.5 年的期限和基於昨天收盤價的 17% 的轉換溢價。 1.25 億美元的高級有擔保定期貸款 B 的期限為 5 年，利率為 SOFR 加 7.5%。目前未提取的約 2 億美元 RCF 將用作流動性支持。

When we combine the proceeds from this financing event with the proceeds from the Ya YA Food transaction, we have raised over $450 million. We intend to use these funds as fuel to drive our growth. The funds will be used for activities such as completing our supply chain network build-out, efficiency programs and entering new markets.

當我們將此次融資活動的收益與 Ya YA Food 交易的收益相結合時，我們籌集了超過 4.5 億美元。我們打算將這些資金用作推動我們增長的燃料。這些資金將用於完成我們的供應鍊網絡建設、效率計劃和進入新市場等活動。

Turning to our guidance on Slide 24. Fiscal year 2023 is expected to set us up for fiscal 2024 to have a positive full year adjusted EBITDA. In 2023, revenue growth of 23% to 28% on a constant currency basis compared to the full year 2022, driven by the actions Toni outlined earlier. We currently expect foreign currency to be a headwind of approximately 250 basis points for the year, with the first quarter being slightly below the Q4 impact and then moderating thereafter. Please refer to the last slide in the appendix of the earnings presentation for additional details on exchange rates.

轉向我們對幻燈片 24 的指導。預計 2023 財年將使我們在 2024 財年獲得正的全年調整後 EBITDA。在 Toni 之前概述的行動的推動下，與 2022 年全年相比，2023 年收入在固定匯率基礎上增長 23% 至 28%。我們目前預計外匯今年將成為約 250 個基點的逆風，第一季度略低於第四季度的影響，然後放緩。有關匯率的更多詳細信息，請參閱收益演示文稿附錄中的最後一張幻燈片。

From a gross margin perspective, we expect sequential quarter-over-quarter improvement, reaching the high 20s in the fourth quarter of 2023. For fiscal 2023, we expect capital expenditures to be in the range of $180 million to $200 million, which is below fiscal 2022's level given the phasing of certain projects and our shift to a more asset-light production model in the U.S. CapEx investment in 2023 will be primarily linked to the ongoing construction and purchasing of equipment for Peterborough, Fort Worth and Asia III as well as maintenance CapEx at our existing facilities.

從毛利率的角度來看，我們預計季度環比有所改善，在 2023 年第四季度達到 20 年代的高點。對於 2023 財年，我們預計資本支出將在 1.8 億美元至 2 億美元之間，低於考慮到某些項目的分階段實施以及我們在美國向更輕資產的生產模式轉變，2022 財年的水平。2023 年的資本支出投資將主要與彼得伯勒、沃思堡和亞洲 III 以及正在進行的設備建設和採購有關我們現有設施的維護資本支出。

Consistent with what we communicated last quarter, we believe that our progress in 2023 will set us up for fiscal year 2024 to deliver positive adjusted EBITDA on a full year basis.

與我們上個季度傳達的信息一致，我們相信我們在 2023 年取得的進展將使我們在 2024 財年實現全年調整後的 EBITDA 為正。

Slide 25 shows our expectations for the major drivers of our 2023 gross margin expansion. As you see, we have a clear line of sight to improved margins. Walking from fourth quarter 2022 to the fourth quarter of 2023, we expect improvement to come from 4 key buckets.

幻燈片 25 顯示了我們對 2023 年毛利率擴張的主要驅動因素的預期。如您所見，我們對提高利潤率有著清晰的認識。從 2022 年第四季度到 2023 年第四季度，我們預計改善將來自 4 個關鍵領域。

Fewer COVID-19-related one-offs in Asia, which we expect to more fully flow through starting in the second quarter as the first quarter is expected to still have some lingering COVID-19 impacts. EMEA price increases, which have already been implemented. Third, improving America's channel mix as we expand distribution. And finally, and an improvement in our cost per liter, driven by improving utilization and co-packer consolidation, net of mid-single digit inflation. With this, we expect to have the gross margin in the high 20s in the fourth quarter of 2023.

亞洲與 COVID-19 相關的一次性事件較少，我們預計從第二季度開始將更充分地流動，因為預計第一季度仍會產生一些揮之不去的 COVID-19 影響。 EMEA 價格上漲，已經實施。第三，隨著我們擴大分銷，改善美國的渠道組合。最後，我們的每升成本有所改善，這得益於提高利用率和聯合包裝商整合，扣除中等個位數的通貨膨脹率。有了這個，我們預計 2023 年第四季度的毛利率將達到 20 多歲。

Additionally, we have also started to make good progress against our $50 million cost savings program. We have taken action on over half of the expected savings, and we have clear plans on actions to be taken to deliver the remaining portion. Recall that we intend to reinvest the savings into growth-driving investments, and the benefits are captured in the accelerated sales growth.

此外，我們的 5000 萬美元成本節約計劃也開始取得良好進展。我們已經對超過一半的預期節省採取了行動，並且我們有明確的行動計劃來交付剩餘部分。回想一下，我們打算將節省下來的資金重新投資到推動增長的投資中，並從加速的銷售增長中獲得收益。

Turning to Slide 26 for our longer-term targets. We expect gross margin in the 35% to 40% range and an adjusted EBITDA margin in the mid- to high teens. It is important to note that we believe we can achieve these targets across a range of production mixes. On the right side of the page, you'll see a production model mix post Ya YA Foods transaction. You'll also see that we've noted that this chart assumes that both Peterborough and Asia III facilities will be end-to-end. We are still evaluating whether these plants will ultimately be end-to-end or hybrid. Whichever way we decide, we believe, we still be -- we will still be able to achieve these longer-term margin targets.

轉到幻燈片 26 了解我們的長期目標。我們預計毛利率在 35% 至 40% 之間，調整後的 EBITDA 利潤率在中高水平。值得注意的是，我們相信我們可以在一系列生產組合中實現這些目標。在頁面右側，您將看到 Ya YA Foods 交易後的生產模型組合。您還會看到，我們注意到此圖表假設彼得伯勒和亞洲 III 設施都是端到端的。我們仍在評估這些工廠最終是端到端的還是混合的。無論我們決定採用哪種方式，我們相信，我們仍然是——我們仍然能夠實現這些長期利潤率目標。

The map on Slide 27 reflects our current and planned manufacturing facilities to support our future growth. With the closing of the Ya YA Foods transaction on March 1, Americas is now converted to a hybrid footprint, whereas EMEA and Asia are currently split between hybrid and self-manufacturing. Due to the phasing of projects and ongoing evaluation, Asia III is now expected to commence production in '24, '25 and Peterborough, U.K. in '25, '26.

幻燈片 27 上的地圖反映了我們當前和計劃中的製造設施，以支持我們未來的增長。隨著 Ya YA Foods 交易於 3 月 1 日結束，美洲現已轉變為混合足跡，而 EMEA 和亞洲目前分為混合足跡和自營製造。由於項目分階段和持續評估，Asia III 現在預計將在 24 年、25 年和英國彼得伯勒於 25 年、26 年開始生產。

We believe that our current capacity plans are adequate to achieve our near- to medium-term growth ambitions.

我們相信，我們目前的產能計劃足以實現我們近期至中期的增長目標。

With that, we are now ready to take your questions, operator.

有了這個，我們現在準備好回答你的問題了，接線員。

(Operator Instructions) Our first question is from Ken Goldman with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Ken Goldman。

I wanted to ask a little bit about sort of the cadence of EBITDA. You talked about where you think it will be at least a minimum in 2024. You've talked about the gross margin improvement coming this year, but also spending a little more. I just wanted to get a little bit of a better sense of how we should think about sort of that EBITDA dollar cadence as we run through 2023? And if there's any kind of parameters you might be able to give us in terms of actual dollars for that number?

我想問一下 EBITDA 的節奏。你談到了你認為它至少會在 2024 年達到最低水平的地方。你談到了今年毛利率的改善，但也增加了一些支出。我只是想更好地了解我們應該如何考慮 2023 年的 EBITDA 美元節奏？如果有任何類型的參數，您可以根據該數字的實際美元給我們？

Ken, it's Christian here. That's a good question. The key indicators to keep track of is the gross profit margin's sequential improvement that you will see throughout the year, starting from the first quarter, and ending in the high 20s, as we talked through in our opening remarks. And we are managing our SG&A cost base to grow at a much lower rate than our top line growth. And that will drive and support and resulting us sort of set up for a positive adjusted EBITDA on a full year basis in 2024.

肯，這裡是基督徒。這是個好問題。正如我們在開場白中所說的那樣，要跟踪的關鍵指標是毛利率的連續改善，從第一季度開始，到 20 年代的高位結束。我們正在管理我們的 SG&A 成本基礎，使其增長速度遠低於我們的收入增長速度。這將推動和支持並使我們在某種程度上為 2024 年全年調整後的 EBITDA 做好準備。

Got it. And then a follow-up question. Ogden has been stable for over 4 months, as you mentioned. At least what we can see in scanner data, we haven't seen necessarily yet an uptick in your share. I know that doesn't show every channel and certainly not foodservice. But I was just curious, given that and given that you haven't leaned into marketing yet as much as you'd like, is there any concern at all yet that some of the numbers that we're seeing out there are more demand driven than supply driven? Or are you still very confident that, as supply continues to stabilize, marketing picks up, that maybe we'll see a little bit of a share improvement. In the U.S., I'm talking about.

知道了。然後是後續問題。正如你提到的，Ogden 已經穩定了 4 個多月。至少我們可以在掃描儀數據中看到，我們還沒有看到您的份額必然上升。我知道這不會顯示每個頻道，當然也不會顯示餐飲服務。但我只是很好奇，考慮到這一點，並且考慮到你還沒有像你想要的那樣深入營銷，我們是否擔心我們看到的一些數字更多地是由需求驅動的比供應驅動？或者你是否仍然非常有信心，隨著供應繼續穩定，營銷回升，也許我們會看到一些份額的改善。在美國，我說的是。

Ken, it's Daniel here. No, we are not concerned. We see -- what we see is a steady dollar sales growth since we resolved, as you said, the supply issues. We're now at the moment, and we have been for the last couple of months, committing to the fill rates that are steadily back up at above 95%. And now what you see is the catch-up game of customer orders, our inventories build taking place at the customers, and that takes time. So that's why we are not concerned.

肯，我是丹尼爾。不，我們不擔心。我們看到——正如您所說，自從我們解決了供應問題以來，我們看到的是穩定的美元銷售額增長。我們現在，在過去的幾個月裡，我們一直致力於將填充率穩步回升至 95% 以上。現在你看到的是客戶訂單的追趕遊戲，我們的庫存是在客戶那裡建立的，這需要時間。所以這就是我們不擔心的原因。

We -- and in fact, Ken, we see the very good first signs of that, those fill rates and that's customer orders filling in with velocities and a significant increase in the last 2 periods of above 10%. That is something we have not seen for the last 6 months in the U.S., right?

我們——事實上，Ken，我們看到了非常好的初步跡象，即那些填充率，即客戶訂單的填充速度，並且在過去兩個時期顯著增加了 10% 以上。這是我們過去 6 個月在美國未曾見過的情況，對吧？

And then I will leave it there because, of course, with capacity and availability, we are going to come back. The brand will come back. Imagine these velocities increase has been without promotions. And you know what's happening out there, is heavy promotions from the competitive sales.

然後我會把它留在那裡，因為當然，有了容量和可用性，我們會回來的。品牌會回來的。想像一下這些速度的增加是沒有促銷的。你知道那裡正在發生什麼，是來自有競爭力的銷售的大量促銷。

So as we are able to supply, we're able to promote, and we are planning a big comeback for the brand for the quarter 2, that gives us confidence of the sequential improvement we want to see in net sales, volumes and market shares.

因此，由於我們能夠供應，我們能夠促銷，並且我們計劃在第二季度對該品牌進行一次大回歸，這讓我們對我們希望在淨銷售額、銷量和市場份額方面看到的連續改善充滿信心.

Our next question is from John Baumgartner with Mizuho Securities.

我們的下一個問題來自瑞穗證券的 John Baumgartner。

I guess, first off, just building on that comment with the supply chain coming back, the opportunity to recover distribution points. You mentioned in your comments a ramp in brand-building in the Americas here in the first half, and I'm wondering if you could talk more about that.

我想，首先，只是基於供應鏈回歸的評論，恢復分銷點的機會。你在評論中提到了上半年在美洲的品牌建設，我想知道你是否可以多談談這個。

Where do you see the largest opportunities? Is it coming to consumers saying, "Hey, oat milk performs better than almond milk or soy milk as a coffee creamer." Is it prioritizing oat milk as an ingredient? What's sort of your view for the largest opportunities to increase that consumption frequency at home? And how do you go about that? Do you co-promote other categories? What does the brand-building look like in the first half of this year?

您在哪裡看到最大的機會？是不是消費者會說，“嘿，作為咖啡奶精，燕麥奶比杏仁奶或豆奶表現更好。”它是否優先考慮燕麥奶作為一種成分？您如何看待增加家庭消費頻率的最大機會？你是怎麼做到的？你們是否共同推廣其他品類？今年上半年的品牌建設情況如何？

Thank you for the question. Daniel here again. I think what you saw is us being silent out there for more than a year, in fact, 18 months. So we are coming back. We believe, we trust, our playbook, as we have seen in Europe in the second half of the year. So we are coming back. That's what we're orchestrating.

感謝你的提問。丹尼爾又來了。我想你看到的是我們在那裡沉默了一年多，實際上是 18 個月。所以我們回來了。我們相信，我們相信我們的劇本，正如我們在今年下半年在歐洲看到的那樣。所以我們回來了。這就是我們正在策劃的。

And apologies if it sounds a bit mechanic, but what you would see us is concentrated in execution and resource allocation. Just to name a few examples, we have a lot of distribution to be gotten out of existing doors, new items in existing doors, Imagine, we are -- we average 2 items per door at the moment with a range of 4. Imagine now, with available capacity, what we can achieve. And new doors incremental. We're normally in 70% of the doors in existing customers. So all that inertia, now that with available capacity and brand-building, is what you're going to see from quarter 2.

抱歉，這聽起來有點機械化，但您會看到我們專注於執行和資源分配。僅舉幾個例子，我們有很多分佈要從現有門中取出，現有門中有新物品，想像一下，我們是——我們現在平均每門 2 件物品，範圍為 4。想像一下現在, 可用容量，我們可以實現什麼。和新門增量。我們通常有 70% 的現有客戶。因此，所有這些慣性，現在有了可用的容量和品牌建設，就是你將從第二季度開始看到的。

So we want to remain simple. We are a simple brand and a super attractive brand, and that is what you see in the velocities, which are the highest that possibly they can be here in the U.S., but also in Europe.

所以我們希望保持簡單。我們是一個簡單的品牌，也是一個超級有吸引力的品牌，這就是你在速度中看到的，這是他們在美國和歐洲可能達到的最高速度。

Okay. And then just a follow-up on Asia. Volume was pretty good for the quarter, price/mix was pretty weak. Can you speak to the price/mix evolution in Asia in 2023? And then as China comes out of these COVID lockdowns, is it fair to think foodservice still stays about 2/3 of sales there? Or should we see more of a retail rollout in 2023?

好的。然後只是對亞洲的跟進。本季度的銷量非常好，價格/組合非常疲軟。您能談談 2023 年亞洲的價格/組合演變嗎？然後，隨著中國擺脫 COVID 封鎖，認為餐飲服務仍佔那裡銷售額的 2/3 左右是否公平？還是我們應該在 2023 年看到更多零售店的推出？

I can start first with the price/mix. So essentially, that data as -- is a result of the COVID-19 restrictions and the impact that data has had on the market in China. So we had to use heavier levels of promotions to offload inventory.

我可以先從價格/組合開始。因此，從本質上講，該數據是 COVID-19 限制以及該數據對中國市場產生的影響的結果。因此，我們不得不使用更高級別的促銷來卸載庫存。

And just to build on that expansion. Yes, as I said in my opening remarks here, our customer base has increased significantly throughout the year. We're also putting investments behind the branding to position us for the acceleration that is going to happen in China.

並以此為基礎進行擴展。是的，正如我在這裡的開場白中所說，我們的客戶群在這一年中顯著增加。我們還在品牌背後進行投資，以使我們為中國即將發生的加速發展做好準備。

And yes, we're going to enter with new local production we had, new formats, new innovation that we can bring, we can target consumers in a completely different way than we have done before, and that is just a matter of time. So yes, you're going to see us diversifying to more channels in China.

是的，我們將以我們擁有的新本地產品、新格式、新創新進入市場，我們可以以與以往完全不同的方式瞄準消費者，這只是時間問題。所以是的，你會看到我們在中國向更多渠道多元化。

Our next question is from Rob Dickerson with Jefferies.

我們的下一個問題來自 Jefferies 的 Rob Dickerson。

I guess just first question, in terms of the topline revenue guidance. Clearly, there's some pricing in there. So maybe if you could just help us understand kind of maybe the delta between pricing and volume that's implied in the guide?

我想這只是第一個問題，就收入指導而言。顯然，那裡有一些定價。那麼，也許您可以幫助我們了解指南中隱含的定價和數量之間的差異？

And then secondly, kind of within that, just given kind of the shift positive momentum hopefully that's expected to come with the capacity and probably improved culture, I'd assume internally in the Americas, how are you thinking about volume growth potential in '23 in the Americas? And then I have a quick follow-up.

然後其次，在某種程度上，只是考慮到這種轉變的積極勢頭，希望這種勢頭會伴隨著能力和可能改進的文化而來，我假設在美洲內部，你如何看待 23 年的銷量增長潛力在美洲？然後我有一個快速跟進。

Sure. I mean, I'll start off with some high level and then maybe the team, if you guys want to chime in. But we expect constant currency revenue growth in the second half to be stronger than the first half. And in the first half of the year, price/mix growth will be higher than volume growth. As you've seen in our prepared remarks, that we will have the full impact of the EMEA pricing actions that we executed in December of last year and in January of this year.

當然。我的意思是，如果你們想插話的話，我將從一些高層開始，然後可能是團隊。但我們預計下半年貨幣收入的持續增長將強於上半年。而在今年上半年，價格/組合增長將高於銷量增長。正如您在我們準備好的評論中看到的那樣，我們將對去年 12 月和今年 1 月執行的 EMEA 定價行動產生全面影響。

And then in the second half, with the anniversary of the Americas pricing actions and our expansion strategies will be taking hold, which will cause volume growth to outpace price/mix in the second half.

然後在下半年，隨著美洲定價行動的周年紀念日和我們的擴張戰略將佔據主導地位，這將導致下半年銷量增長超過價格/組合。

My build on that will be simple. There is a significant mechanical growth to be gotten in the Americas when it comes to distribution. So think about 3 buckets, distribution within existing doors, as I said to one of your colleagues before, new doors, but also foodservice. Now with available capacity, we are going to expand ambitiously as well in that channel. And that -- those 3 things combined should drive volume growth.

我在此基礎上的構建將很簡單。在分銷方面，美洲將實現顯著的機械增長。所以想想 3 個桶，在現有門內分配，正如我之前對你的一位同事說的那樣，新門，還有餐飲服務。現在有了可用容量，我們也將在該渠道中雄心勃勃地擴張。那——這三件事結合起來應該會推動銷量增長。

Okay. Super. And then I guess just the follow-up then. Is it -- I mean, clearly, the past couple of years in the U.S., right, you've been kind of operating with your hand side behind your back. Others have been able to enter the market a little bit more quickly and take share, but consumer demand still seems high.

好的。極好的。然後我想只是後續行動。是嗎——我的意思是，很明顯，過去幾年在美國，對吧，你一直在用你的手在背後操作。其他公司能夠更快地進入市場並佔據份額，但消費者需求似乎仍然很高。

So as we think about kind of this progression on the margin side, specifically in the Americas, is there an opportunity here such that you're really just kind of infilling demand, right, and kind of working with those retailers that have probably been asking for a product for 2 years, like you can finally give them that product. But maybe there isn't such a need to really promote, right, and increase materially trade spend, what have you.

因此，當我們考慮利潤率方面的這種進展時，特別是在美洲，這裡是否有機會讓您真的只是一種填充需求，對，並且與那些可能一直在詢問的零售商合作一個產品用了 2 年，就像你終於可以給他們那個產品一樣。但也許沒有必要真正促進、正確和實質性地增加貿易支出，你有什麼。

Just trying to figure out, is there kind of like a nice little margin upside potential, kind of given you've been lagging demand and now you're just infilling, without necessarily having to push on the brand as much as we might think you need? And that's it.

只是想弄清楚，是否有一種不錯的小利潤上升潛力，有點像你一直滯後的需求，現在你只是在填充，而不必像我們想像的那樣大力推動品牌需要？就是這樣。

Thank you. Daniel again. Well, yes, the reality is, as you said. Now we can unleash the power of the brand and the velocities that you see now picking up in the Americas have no help from promotions, right? So we manage that equalizer very wisely and in a very disciplined manner.

謝謝。又是丹尼爾。嗯，是的，正如你所說，現實是這樣的。現在我們可以釋放品牌的力量，而您現在看到的在美洲加速的速度並沒有受到促銷的幫助，對吧？因此，我們以非常有紀律的方式非常明智地管理均衡器。

So what you will see as of quarter 2 in that uptake of TDPs, because we are going to be focused in existing doors and existing customers first in a disciplined manner, will be more on brand building. So you will see the voice of the brand heard again in the U.S. That's our priority, more than the heavy heating on promotions.

因此，從第二季度開始，您將看到 TDP 的採用，因為我們將首先以有紀律的方式關注現有門和現有客戶，將更多地關注品牌建設。所以你會看到品牌的聲音在美國再次被聽到。這是我們的首要任務，而不是大肆宣傳。

Our next question is from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

I want to talk a bit more about distribution and velocity. I think first one, from a distribution perspective, it's the middle of March. Maybe anything you can add on April shelf space resets? And perhaps some of what you're talking about, maybe you can give some more color because these -- there will be some context on how those resets have gone.

我想多談談分佈和速度。我認為第一個，從分佈的角度來看，是三月中旬。也許您可以在 4 月貨架空間重置時添加任何內容？也許您正在談論的一些內容，也許您可以提供更多顏色，因為這些 - 將有一些關於這些重置如何進行的背景信息。

On velocity, I just want to make sure as maybe the year goes by or as time goes by, we're thinking about it appropriately in that, typically, what we see when there's a notable expansion of distribution, we often also see a slowdown in velocity, which is normal because it's -- you're selling over a much wider base. And a lot of the conversation so far has been on accelerating velocity, I get that given where we're coming from.

關於速度，我只想確保隨著時間的流逝或隨著時間的流逝，我們正在適當地考慮它，通常情況下，當分佈顯著擴張時，我們通常也會看到放緩速度，這是正常的，因為它 - 你在更廣泛的基礎上銷售。到目前為止，很多談話都是關於加快速度的，考慮到我們的出發點，我明白了。

But I just want to make sure as we're thinking maybe a little bit further along, is that something we should watch for? Or perhaps said differently, something we shouldn't worry about if we start to see it in the data?

但我只是想確定，在我們考慮得更遠一點的時候，這是我們應該注意的事情嗎？或者換句話說，如果我們開始在數據中看到它，我們不應該擔心的事情？

Thank you. How you phrase that as we -- so of course, we will be looking at that. And we -- just to give you some color on the first part of your question, we have significant total distribution points to be gained in existing doors. So let me ask you -- give you some color there. As of quarter 2, we believe that more than 10% of our current distribution base can be increased in the Americas in the existing doors.

謝謝。你如何表達我們 - 當然，我們會考慮這一點。我們 - 只是為了讓您對問題的第一部分有所了解，我們在現有門中可以獲得重要的總分佈點。所以讓我問你 - 給你一些顏色。截至第 2 季度，我們相信在美洲現有的門中，我們目前的分銷基礎可以增加 10% 以上。

We have -- let me repeat, we have a range of 4, and we have 2 units per store in average today. And that will enhance also our share of shelf, physically, our muscle on shelf.

我們 - 讓我重複一遍，我們有 4 個範圍，今天我們平均每家商店有 2 個單位。這也將增加我們的貨架份額，身體上，我們的貨架上的肌肉。

And then the second bucket of distribution gains will be on new doors within existing customers. What you described obviously in the resets is new customers, and that will be coming. We will leave that for future earnings calls. Of course, we're working on increasing ACV. But at the moment, you see our growth is very mechanical, and our teams are executing more TDPs and in existing customers and new doors within existing customers.

然後，第二桶分銷收益將出現在現有客戶的新門上。您在重置中明顯描述的是新客戶，這將會到來。我們將把它留給未來的財報電話會議。當然，我們正在努力提高 ACV。但目前，你看到我們的增長非常機械化，我們的團隊正在執行更多的 TDP，在現有客戶和現有客戶的新門中。

And then on how velocity should trend as you get those distribution gains?

然後，當您獲得這些分配收益時，速度應該如何發展？

Yes, of course. That's what I noted you are absolutely right. We will keep on track on that as we are.

是的當然。那就是我注意到你是絕對正確的。我們將保持原樣。

Our next question is from Michael Lavery with Piper Sandler.

我們的下一個問題來自 Michael Lavery 和 Piper Sandler。

Can you just help us understand, when you talk about the production mix and the potential for Peterborough or Asia III to even still be maybe converted to hybrid, what's changed, that wouldn't have an impact on overall margins? Versus where you had initially characterized end-to-end production as pretty significantly more attractive margins?

您能否幫助我們理解，當您談論生產組合以及彼得伯勒或 Asia III 甚至仍可能轉換為混合動力車的潛力時，發生了什麼變化，這不會對整體利潤率產生影響？與您最初將端到端生產描述為更具吸引力的利潤相比？

Michael, it's Jean-Christophe. First of all, I think the direction is very consistent with what we announced in the last quarter, but we want to focus on the foreseeable future on more hybrid solution because they allow us to focus our resources and be simpler.

邁克爾，我是讓-克里斯托夫。首先，我認為方向與我們在上個季度宣布的非常一致，但我們希望在可預見的未來專注於更多混合解決方案，因為它們使我們能夠集中資源並變得更簡單。

Now when it comes to these 2 factories and all the options that we are exploring, we are committed to getting the business to those margin targets over time, the one we shared in the deck this morning. So we need to keep in mind that the evolution of the production mix is just one lever that impact the margins. We have many other levers in our hands: Pricing, product mix, channel mix, customer mix, promotional levels, et cetera, et cetera.

現在，當談到這兩家工廠和我們正在探索的所有選擇時，我們致力於讓企業隨著時間的推移達到這些利潤率目標，這是我們今天早上在甲板上分享的目標。因此，我們需要記住，生產組合的演變只是影響利潤率的一個槓桿。我們手上還有許多其他槓桿：定價、產品組合、渠道組合、客戶組合、促銷級別等等。

So ultimately, we will make the right decisions for the business while delivering on our commitment to our shareholders.

因此，最終，我們將為業務做出正確的決策，同時兌現我們對股東的承諾。

Okay. That's helpful. And can you just touch a little bit on -- you've got the capital raise in hand, which is significantly more than you had expressed that you need, so it seems like a pretty clear positive there. But as far as -- you touched on your expectations for 2024, EBITDA positive on the full year. Sorry if I might have missed this, but can you give a sense of when you think you become self-sustaining from a cash flow perspective?

好的。這很有幫助。你能不能稍微談談——你手頭已經籌集了資金，這比你表達的需要多得多，所以這似乎是一個非常明顯的積極因素。但就-你談到了你對 2024 年的期望，全年 EBITDA 為正。對不起，如果我可能錯過了這一點，但你能從現金流的角度說明你認為什麼時候可以自給自足嗎？

And recognizing that this amount of capital sets you up quite well. But as far as how we think about the modeling and maybe your expectations at least, when does that cash flow positive run rate start to kick in?

並認識到這筆資金會讓你做得很好。但就我們如何考慮建模以及至少您的期望而言，現金流正運行率何時開始發揮作用？

Mike, it's Christian here. I mean, essentially, this capital of $425 million that we have now brought in will be self-sufficient until we are generating positive free cash flow, it will bridge us until we get to that point.

邁克，我是克里斯蒂安。我的意思是，從本質上講，我們現在引入的 4.25 億美元資金將自給自足，直到我們產生正的自由現金流，它將在我們達到這一點之前為我們架起橋樑。

We expect them to be -- as we've said in our prepared remarks, to be adjusted positive EBITDA in 2024. And operating cash flow should then also be moving in the right direction. And then we are managing our CapEx accordingly based on the plans that we have in terms of the facilities that are coming online.

正如我們在準備好的發言中所說，我們預計它們將在 2024 年調整為正 EBITDA。屆時經營現金流也應該朝著正確的方向發展。然後我們根據我們在即將上線的設施方面的計劃相應地管理我們的資本支出。

And so is free cash flow positive, like a second half of 2024, -- when does the...

自由現金流也是正的，比如 2024 年下半年，——什麼時候……

It's beyond that, I mean if you think about the CapEx investment that we're planning for next year is between $180 million to $200 million. We are improving operating cash flow in '24. So it's more moving into '25.

不僅如此，我的意思是，如果你考慮一下我們明年計劃的資本支出投資在 1.8 億美元到 2 億美元之間。我們正在改善 24 年的經營現金流。所以它更像是進入 25 世紀。

This will conclude our -- actually, we do have one more question from Jon Andersen with William Blair.

這將結束我們的——實際上，我們確實還有一個來自 Jon Andersen 和 William Blair 的問題。

I was wondering if you could just, housekeeping-wise, talk about where you finished 2022 from a finished goods production standpoint and leaders capacity. And then where you expect to finish 2023 given the work you're doing on the supply chain and with Ya YA?

我想知道你是否可以，就內務管理而言，從成品生產的角度和領導者的能力來談談你在 2022 年的完成情況。然後，考慮到您在供應鍊和 Ya YA 所做的工作，您預計 2023 年會在哪裡完成？

Thank you. So I think we -- Jean-Christophe speaking. We finished the year at the 900 million-liter -- liters we were planning to get to, so fully in line with our expectations. And I think Ya YA Foods will provide us visibility and predictability on the cost side, which is super helpful for us. In terms of capacity, what we will gain in 2023 is the full year impact of the second on baseline. We have implemented in the Millville plants in the second part of the year. So that's what you can expect in terms of major change in 2023 versus 2022.

謝謝。所以我認為我們——Jean-Christophe 發言。我們以 9 億升結束了這一年 - 我們計劃達到的升數，完全符合我們的預期。而且我認為 Ya YA Foods 將為我們提供成本方面的可見性和可預測性，這對我們非常有幫助。在容量方面，我們將在 2023 年獲得的是第二個對基線的全年影響。我們已於今年下半年在 Millville 工廠實施。這就是您可以預期的 2023 年與 2022 年相比的重大變化。

Okay, great. And then I'm wondering if you could talk a little bit about EMEA. You dug into the Americas and Asia. But could you talk about what you're seeing from a category perspective in EMEA, your brands' shelf positioning? I think there was quite a bit of reset activity that happened through 2022. And just kind of the overall tenor of the category and the business in that region and what you're expecting for '23.

好的，太好了。然後我想知道你是否可以談談 EMEA。你深入美洲和亞洲。但您能否談談您從 EMEA 的類別角度看到的情況，即您品牌的貨架定位？我認為到 2022 年發生了相當多的重置活動。這只是該類別和該地區業務的總體趨勢，以及您對 23 年的期望。

Thank you for the question. Daniel, again, I will take that. And thanks for acknowledging what happened in the second part of the year. And I think we see sustained momentum in Europe. We see -- as we disclosed in the last earnings call, we continue to hit record market shares across the core markets, U.K., Germany, the Netherlands, with double digit volume growth. So we feel good about that.

感謝你的提問。丹尼爾，再一次，我會接受的。感謝您承認今年下半年發生的事情。我認為我們在歐洲看到了持續的勢頭。我們看到——正如我們在上次財報電話會議上披露的那樣，我們在英國、德國、荷蘭等核心市場的市場份額繼續創下歷史新高，銷量增長達到兩位數。所以我們對此感覺很好。

In countries like Netherlands, Austria, Switzerland, we are really narrowing the gap to become market leaders with only one crop. And we are outpacing competition significantly in some markets, including private label. So the momentum hasn't changed, and we're carrying that momentum into 2023. 2023, as we explained in the U.S., in Europe will be even more so important.

在荷蘭、奧地利、瑞士等國家，我們確實正在縮小差距，成為僅一種作物的市場領導者。而且我們在一些市場上大大超過了競爭對手，包括自有品牌。所以勢頭沒有改變，我們將這種勢頭延續到 2023 年。2023 年，正如我們在美國解釋的那樣，在歐洲將更加重要。

You will see 3 elements there, 3 buckets of incremental growth that will continue to dynamize and stimulate growth of the category. The first, we will enhance our portfolio, as it is in the deck, across dairy milk occasions. In Europe in particular, we have been extremely focused on coffee occasions, and now we're going to hack across the board. And that's important because it's going to give us muscle in the retail space to grow share of shelf. That's number one.

你會在那裡看到 3 個元素，3 個增量增長桶，它們將繼續推動和刺激該類別的增長。首先，我們將加強我們的產品組合，就像它在甲板上一樣，跨越乳製品的場合。特別是在歐洲，我們一直非常專注於咖啡場合，現在我們要全面攻克。這很重要，因為它會讓我們在零售領域有力量來增加貨架份額。這是第一。

Number two, we are expanding. We are expanding -- Long view, you would say, we're expanding with existing capacity on existing teams into neighboring markets.

第二，我們正在擴張。我們正在擴張——從長遠來看，你會說，我們正在將現有團隊的現有能力擴展到鄰近市場。

So those are 2 very mechanical ways that we will add up to the momentum that we have built in the second part of 2022. So we are very confident about EMEA into 2023.

因此，我們將通過兩種非常機械的方式來增加我們在 2022 年下半年建立的勢頭。因此，我們對 EMEA 進入 2023 年充滿信心。

We have now reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing comments.

現在我們的問答環節已經結束。我想將會議轉回管理層徵求結束意見。

Great. Thanks, everybody, for joining us today. Feel free to reach out to the Investor Relations team if you have any follow-up questions. Have a great day.

偉大的。謝謝大家今天加入我們。如果您有任何後續問題，請隨時聯繫投資者關係團隊。祝你有美好的一天。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。