Oatly Group AB (publ) (OTLY) 2023 Q1 法說會逐字稿

Good morning and welcome to the Oatly 2023 First Quarter Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

早上好，歡迎來到 Oatly 2023 第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would like to turn the conference over to Mr. Brian Kearney, investor relations. Please go ahead.

我想將會議轉交給投資者關係部的 Brian Kearney 先生。請繼續。

Good morning, and thanks for joining us today on Oatly's First Quarter 2023 Earnings Conference Call.

早上好，感謝您今天加入我們參加 Oatly 2023 年第一季度收益電話會議。

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.

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。 Jean-Christophe Flatin，全球總裁；首席運營官 Daniel Ordonez 也將回答問題。

Before we begin, please review the disclaimer on Slide 3. During today's 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 of 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 documents we have filed 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. Also 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 growth. While the company believes these non-IFRS financial measures will provide useful information, 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 or the appendix of the earnings presentation for reconciliation to the most comparable IFRS measures.

在我們開始之前，請查看幻燈片 3 上的免責聲明。在今天的電話會議中，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，包括關於我們未來的經營業績和財務狀況、行業和業務趨勢、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。請參閱我們向美國證券交易委員會提交的文件，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。另請注意，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 利潤率和恆定的貨幣收入增長。雖然公司認為這些非 IFRS 財務措施將提供有用的信息，但不應孤立地考慮或替代根據 IFRS 提供的財務信息。請參閱今天的新聞稿或收益報告的附錄，了解與最具可比性的 IFRS 措施的對賬情況。

With that, I'll now turn the call over to Toni.

有了這個，我現在將電話轉給托尼。

Thanks, Brian. Good morning, everyone. We appreciate you joining us today.

謝謝，布萊恩。大家，早安。感謝您今天加入我們。

Before we get to the results, I would like to take a moment to discuss our announcement this morning that I will be transitioning from CEO to Co-Chairman of the Board of Directors. I have led Oatly since 2012, through both our global expansion and our IPO, and I'm extremely proud of the work that we have done as a team over the last 11 years. I look forward to taking on a new and exciting challenge as Co-Chairman of the Board alongside our current Chairman, Eric Melloul. And I have the utmost confidence in the future of this company under our new leadership.

在我們得出結果之前，我想花點時間討論一下我們今天早上宣布的我將從首席執行官過渡到董事會聯席主席的消息。自 2012 年以來，我一直領導 Oatly，經歷了我們的全球擴張和首次公開募股，我為我們在過去 11 年中作為一個團隊所做的工作感到非常自豪。作為董事會聯席主席，我期待著與我們的現任主席 Eric Melloul 一起迎接新的、令人興奮的挑戰。在我們的新領導下，我對這家公司的未來充滿信心。

We are pleased that Jean-Christophe Flatin will become our CEO, beginning on June 1. He joined us about a year ago as our Global President and has done a great job implementing significant value-creating transformation throughout the organization. He brings over 30 years of experience leading global high-growth consumer brands. And he has a strong track record of delivering both top and bottom line growth while also nurturing collaborative cultures. I have full faith that he will do a wonderful job and look forward to working alongside him as we continue to execute on our growth strategy.

我們很高興 Jean-Christophe Flatin 將從 6 月 1 日開始擔任我們的首席執行官。他大約一年前加入我們，擔任我們的全球總裁，並在整個組織實施重大的價值創造轉型方面做得非常出色。他擁有 30 多年領導全球高增長消費品牌的經驗。他在實現收入和利潤增長以及培養協作文化方面有著良好的記錄。我完全相信他會做得很好，並期待在我們繼續執行我們的增長戰略時與他一起工作。

Moving on to our results. We delivered solid results in the first quarter, and we believe 2023 is off to a good start. We made progress against each of our key 2023 priorities: accelerate top line growth globally; continue to make improvements in the supply chain; and drive towards profitability, which we continue to expect to reach in 2024. As I said on our last call, Oatly is starting to play offense in 2023; and each segment is starting to play offense in its own way. Given the good progress so far this year, we are reiterating our 2023 guidance.

繼續我們的結果。我們在第一季度取得了穩健的業績，我們相信 2023 年會有一個良好的開端。我們在 2023 年的每一個關鍵優先事項上都取得了進展：加速全球收入增長；持續改進供應鏈；並推動實現盈利，我們繼續期望在 2024 年實現盈利。正如我在上次電話會議上所說，Oatly 將在 2023 年開始進攻；每個部分都開始以自己的方式進攻。鑑於今年迄今取得的良好進展，我們重申了 2023 年的指導方針。

You can see that we made progress on each of our priorities. Our constant currency revenue growth of 24% was a 960 basis point acceleration relative to our fourth quarter growth rate. Our gross margin expanded by 150 basis points sequentially. And we improved our adjusted EBITDA both year-over-year and quarter-over-quarter.

您可以看到我們在每個優先事項上都取得了進展。相對於我們第四季度的增長率，我們 24% 的固定貨幣收入增長率為 960 個基點。我們的毛利率環比增長了 150 個基點。我們的調整後 EBITDA 同比和環比都有所改善。

Page 8 lays out the EMEA segment's 2023 priorities which we discussed last call. As you will see, we made good progress against each of these priorities. Page 9 shows progress in the first 2 priorities. The total EMEA category growth remained quite robust with oat milk continuing to grow double-digit rate on a year-over-year basis. And our key markets of Germany, U.K. and Netherlands continued to post very strong market shares. We have also continued to sign up new customers in foodservice. You may have seen some of our recent press releases announcing some exciting partnerships, and we continue to sign new and exciting customers like the ones on this page.

第 8 頁列出了我們在上次電話會議中討論的 EMEA 部分 2023 年優先事項。正如您將看到的，我們在每個優先事項上都取得了良好進展。第 9 頁顯示了前 2 個優先事項的進展。歐洲、中東和非洲地區的總品類增長仍然相當強勁，燕麥奶繼續以兩位數的速度同比增長。我們的主要市場德國、英國和荷蘭繼續佔據非常強勁的市場份額。我們還繼續在餐飲服務領域簽下新客戶。您可能已經看到我們最近發布的一些新聞稿宣布了一些令人興奮的合作夥伴關係，並且我們將繼續與新的和令人興奮的客戶簽約，就像本頁上的客戶一樣。

Moving to Slide 10 and our expansion beyond coffee occasions. Our product portfolio is able to replace almost any type of milk. Whether you want an oat-based milk for your breakfast cereal, you fruit smoothie, for baking or any other use, we have a delicious product for you to enjoy. We can see on this page that retail shelves now stock an enhanced lineup. We are supporting these products with disruptive in-store activations and media that educate the consumers on how they can use our products to replace dairy. We are very excited about this as it increases the number of ways that our consumers can engage with our products. We intend to engage with consumers with an aggressive marketing plan in Q2 and Q3. On Slide 11, you can see some of the ways we'll be engaging with consumers. We will be supporting the expansion beyond coffee with a campaign across all our core markets in multiple types of media. In foodservice, we'll also be rolling out soft serve but introducing it to consumers at a variety of events and festivals across EMEA.

移動到幻燈片 10 和我們超越咖啡場合的擴展。我們的產品組合幾乎可以替代任何類型的牛奶。無論您是想將燕麥奶用於早餐麥片、水果冰沙、烘焙還是任何其他用途，我們都有美味的產品供您享用。我們可以在此頁面上看到，零售貨架現在有更多的商品。我們通過破壞性的店內活動和媒體來支持這些產品，教育消費者如何使用我們的產品來替代乳製品。我們對此感到非常興奮，因為它增加了消費者與我們產品互動的方式。我們打算在第二季度和第三季度通過積極的營銷計劃與消費者互動。在幻燈片 11 上，您可以看到我們與消費者互動的一些方式。我們將通過多種類型的媒體在我們所有的核心市場開展活動，支持咖啡以外的擴張。在餐飲服務方面，我們還將推出軟服務，但會在 EMEA 的各種活動和節日中向消費者介紹。

Finally for EMEA, Slide 12 gives you an update on our geographical expansion. These new markets are still a small portion of the segment's total volume, but they drove almost 1/3 of the volume growth in the quarter. This is very good progress, so far, and we're excited about what to come.

最後，對於 EMEA，幻燈片 12 為您提供了我們地域擴張的最新信息。這些新市場仍然只佔該細分市場總量的一小部分，但它們推動了本季度近 1/3 的銷量增長。到目前為止，這是非常好的進展，我們對即將發生的事情感到興奮。

Turning to the Americas segment on Slide 13. Here we have laid out the Americas segment's 2023 priorities that we discussed on our last quarter's call. As we noted, we are pleased that this segment has improved the supply chain and is now able to be more aggressive on the commercial side. Let's start with a supply chain update on Slide 14. The transition to Ya Ya food is going very well, which has largely been enabled by not only Ya Ya's deep operational experience but also Ya Ya hiring Oatly frontline employees. We are pleased with the progress and see that our service levels have remained in the mid-90s. The successful transition to Ya Ya is enabling us to consolidate our co-packer network. In the first quarter, we moved quickly to terminate agreements that impacted co-packers. We expect this consolidation to have material benefit on our cost structure as we are moving from a costly, inefficient situation where we have to search far and wide for partners to a more simple and efficient structure that is lower cost. We expect a complete operational consolidation to be complete by the end of third quarter.

轉到幻燈片 13 上的美洲部分。在這裡，我們列出了我們在上一季度的電話會議上討論的美洲部分 2023 年的優先事項。正如我們所指出的，我們很高興該部門改善了供應鏈，現在能夠在商業方面更加積極。讓我們從幻燈片 14 上的供應鏈更新開始。向 Ya Ya 食品的過渡進展順利，這在很大程度上不僅得益於 Ya Ya 豐富的運營經驗，而且 Ya Ya 聘請了 Oatly 一線員工。我們對進展感到滿意，並看到我們的服務水平保持在 90 年代中期。成功過渡到 Ya Ya 使我們能夠鞏固我們的代加工商網絡。在第一季度，我們迅速採取行動終止了影響代加工商的協議。我們預計這種整合將對我們的成本結構產生實質性好處，因為我們正在從成本高昂、效率低下的情況（我們必須廣泛尋找合作夥伴）轉變為更簡單、更高效、成本更低的結構。我們預計到第三季度末將完成完整的運營整合。

Turning to Page 15. Here you can see that we are executing well on our commercials priorities. Given that our supply chain is stable, we have been able to drive good distribution expansion in retail, largely driven by an increase in the number of items per distribution point while also seeing good expansion in the number of stores. You can also see that we have started to increase our promotional rates in the last few weeks of the quarter. We expect that our promotional rates will continue to increase in the coming months. The promotions are not only intended to drive consumer demand, but they also send an important signal to our retail customers that we are confident in our supply chain stability and ability to service the demand.

翻到第 15 頁。在這裡您可以看到我們在商業優先事項上執行得很好。鑑於我們的供應鏈穩定，我們能夠推動零售業的良好分銷擴張，這主要是由於每個分銷點的商品數量增加，同時也看到商店數量的良好擴張。您還可以看到，我們在本季度的最後幾週開始提高促銷率。我們預計我們的促銷率將在未來幾個月繼續增加。這些促銷活動不僅旨在推動消費者需求，而且還向我們的零售客戶發出重要信號，表明我們對我們的供應鏈穩定性和滿足需求的能力充滿信心。

On the right side of this slide, you can see that our market share has started to improve in the most recent data. It's still early and we still have plenty of work to do, but we are happy with the progress we're making.

在這張幻燈片的右側，您可以看到我們的市場份額在最近的數據中已經開始提高。現在還早，我們還有很多工作要做，但我們對取得的進展感到滿意。

Slide 16 outlines some of the additional actions we'll be taking to support this segment. This month, we are launching 2 marketing initiatives that will kick off a series of brand-building activations. The first is an unprecedented partnership [that marks] Oatly as the first-ever plant-based food sponsor of a U.S. national sport league. This multiyear partnership with the Minor League Baseball association designates Oatly as the official oat milk and nondairy frozen dessert of all 120 Minor League Baseball teams, spanning Albuquerque, New Mexico to Portland, Maine. The sponsorship will include on-field branding, stadium concessions, digital media and hundreds of sampling events that bring the plant-based revolution to fans in cities big and small.

幻燈片 16 概述了我們將採取的一些額外行動來支持這一細分市場。本月，我們將啟動 2 項營銷計劃，以啟動一系列品牌建設活動。首先是史無前例的合作夥伴關係 [這標誌著] Oatly 成為美國國家體育聯盟有史以來第一個植物性食品贊助商。與小聯盟棒球協會的多年合作夥伴關係指定 Oatly 為所有 120 支小聯盟棒球隊的官方燕麥奶和非乳製冷凍甜點，覆蓋新墨西哥州阿爾伯克基和緬因州波特蘭。贊助將包括現場品牌推廣、體育場特許權、數字媒體和數百個採樣活動，這些活動將以植物為基礎的革命帶給大大小小的城市的球迷。

And just this week, we called the dairy industry to action, asking it to follow our lead on publishing the climate footprint of its products' climate impacts just like we do on our packaging. We are executing this through high-impact billboard and center-page spreads in the country's biggest markets. On Slide 17, you can see that we are even offering free advertising to any dairy company that dares to share their verified climate footprint of its product and match our standard of climate transparency. This is just another example of us starting to play offense in 2023.

就在本週，我們呼籲乳製品行業採取行動，要求它跟隨我們的腳步，像我們在包裝上所做的那樣，公佈其產品對氣候影響的氣候足跡。我們正在該國最大的市場中通過高影響力的廣告牌和中心版面傳播來執行此操作。在幻燈片 17 上，您可以看到我們甚至向任何敢於分享其產品經過驗證的氣候足跡並符合我們的氣候透明度標準的乳製品公司提供免費廣告。這只是我們在 2023 年開始進攻的另一個例子。

Turning to Asia on Slide 18. Here we remind you that our priorities for 2023 include expanding distribution, launching new products and driving efficiency. Asia has continued to see steady gains in foodservice via the coffee and tea channels and it has also seen rapid growth in retail.

轉到幻燈片 18 上的亞洲。在這裡，我們提醒您，我們 2023 年的優先事項包括擴大分銷、推出新產品和提高效率。亞洲繼續通過咖啡和茶渠道在餐飲服務方面穩步增長，並且在零售方面也實現了快速增長。

Slide 19 shows how our retail execution is a great example of 2 of our priorities: expanding distribution and launching new products. You can see on the left-hand side of the page that we are continuing to expand distribution in retail, with over 200% year-over-year growth in store count, great progress by the team. We can also see here some recent examples of new product launches in both drinks and ice cream. In Q1, ice cream already reached approximately 7% of segment revenue, driven by new SKU launches and strategic partnering with specific customers with special editions. In drinks, we have several exciting new product launches. In Q1, we launched a Camellia-flavored ready-to-drink latte as well as multiple flavors of oat milk in smaller packaging. And we are very excited about the anticipated Q2 launches of our ready-to-drink lattes that are co-branded with Peet's and Tim Hortons. Our team's ability to locally develop, design and produce these products to cater to the local consumers' preferences is truly differentiating for us.

幻燈片 19 展示了我們的零售執行如何很好地體現了我們的兩個優先事項：擴大分銷和推出新產品。您可以在頁面左側看到我們正在繼續擴大零售分銷，門店數量同比增長超過 200%，團隊取得了長足的進步。我們還可以在這裡看到一些最近推出的飲料和冰淇淋新產品的例子。在第一季度，受新 SKU 發布以及與特定客戶的戰略合作夥伴關係的推動，冰淇淋已經達到分部收入的 7% 左右。在飲料方面，我們推出了幾款令人興奮的新產品。第一季度，我們推出了山茶花口味的即飲拿鐵咖啡以及多種口味的小包裝燕麥奶。我們對即將在第二季度推出的與 Peet's 和 Tim Hortons 聯名的即飲拿鐵咖啡感到非常興奮。我們的團隊能夠在本地開發、設計和生產這些產品以滿足當地消費者的喜好，這對我們來說確實與眾不同。

Turning to Slide 20. The Asia team is making good progress on the efficiency programs. So far, this progress -- enabled by the significant year-over-year increase in both volumes sold and volume produced locally. Now almost all of our Asia volumes is produced locally, opposed to purchased from EMEA. As we mentioned on last quarter's call, the Asia business saw an impact from COVID-19 at the very beginning of the quarter. This temporarily impacted demand, our ability to supply as well as our supporting functions in the office. The Asia team has recently launched several efficiency programs that we expect to reduce costs. We look forward to updating you on them in the future.

轉到幻燈片 20。亞洲團隊在效率計劃方面取得了良好進展。到目前為止，這一進展得益於本地銷售量和生產量的同比顯著增長。現在我們幾乎所有的亞洲產品都是本地生產的，而不是從 EMEA 購買。正如我們在上個季度的電話會議上提到的那樣，亞洲業務在本季度初就受到了 COVID-19 的影響。這暫時影響了需求、我們的供應能力以及我們在辦公室的支持功能。亞洲團隊最近啟動了多項我們希望降低成本的效率計劃。我們期待著在未來為您更新它們。

So in summary. We reported a solid first quarter. We're making progress on each of our strategic priorities. We will continue to be disciplined in balancing growth, driving investments and profitability. And we remain on track to deliver on our 2023 guidance.

所以綜上所述。我們報告了第一季度的穩健表現。我們在每一個戰略重點上都取得了進展。我們將繼續在平衡增長、推動投資和盈利方面保持自律。我們仍有望實現我們的 2023 年指導方針。

With that, I will turn it over to Christian.

有了這個，我會把它交給克里斯蒂安。

Thank you, Toni. Good morning, everyone.

謝謝你，托尼。大家，早安。

Turning to the financials on Slide 23, you can see that we had a solid first quarter with year-over-year revenue growth of 18% which was driven by constant currency revenue growth of 24%, which is an acceleration from the fourth quarter. We reported gross margin of 17%, which is an increase of 790 basis points compared to the prior year and an improvement of 150 basis points compared to the fourth quarter. Our adjusted EBITDA in the quarter was a $50 million loss, which was an improvement of $22 million versus the prior year as well as an improvement of $11 million compared to the fourth quarter of 2022.

轉到幻燈片 23 上的財務數據，您可以看到我們第一季度表現穩健，收入同比增長 18%，這是由 24% 的貨幣收入增長推動的，比第四季度有所加速。我們報告的毛利率為 17%，與去年同期相比增加了 790 個基點，與第四季度相比提高了 150 個基點。我們本季度調整後的 EBITDA 虧損 5000 萬美元，比上年同期減少 2200 萬美元，比 2022 年第四季度減少 1100 萬美元。

On Page 24, you can see the total company sales bridge for the first quarter. We increased our revenue by 18% to $195.6 million. And the 24% constant currency revenue growth was driven by a 9% increase in volume and a 15% increase in price/mix. Slide 25 shows the sales bridge for each one of our segments. I will only call out a few notable items.

在第 24 頁，您可以看到公司第一季度的總銷售額。我們的收入增加了 18%，達到 1.956 億美元。 24% 的固定貨幣收入增長是由 9% 的銷量增長和 15% 的價格/組合增長推動的。幻燈片 25 顯示了我們每個細分市場的銷售橋樑。我只會說出一些值得注意的項目。

EMEA showed strong volume growth in the face of the recent price increases as elasticities remained muted. The Americas saw a large price/mix benefit reflecting 3 drivers: the price increase we took in the third quarter of fiscal 2022 across all channels; an additional price increase we took within the foodservice channel; and a positive customer mix benefit, as we had strong retail volume growth and a positive customer mix in foodservice. Asia continued to show strong volume growth. And the 1% increase in price/mix was an improvement compared to the fourth quarter's 15% decline, as promotional intensity moderated. Overall, we are pleased with the sales growth across each segment.

面對最近的價格上漲，歐洲、中東和非洲地區的銷量增長強勁，因為彈性仍然低迷。美洲看到了巨大的價格/組合收益，反映了 3 個驅動因素：我們在 2022 財年第三季度所有渠道的價格上漲；我們在餐飲服務渠道內進行了額外的價格上漲；以及積極的客戶組合帶來的好處，因為我們的零售量增長強勁，而且餐飲服務的客戶組合也很積極。亞洲繼續表現出強勁的銷量增長。與第四季度 15% 的降幅相比，價格/產品組合增長 1% 是一種改善，因為促銷強度有所緩和。總體而言，我們對每個細分市場的銷售增長感到滿意。

Slide 26 shows the sequential quarter-over-quarter gross margin bridge for the total company. We have grouped the bridging items to be consistent with the margin bridge that we presented alongside our fiscal 2023 guidance last quarter, and we have provided a year-over-year bridge in the appendix of the presentation. Compared to the fourth quarter, we saw an 80 basis point headwind related to the COVID-19 environment in Asia. As Toni mentioned, there was an increase in cases early in the quarter, which led to lower utilization and absorption. That headwind was partially offset by the lower promotional spend in Asia. EMEA price increases implemented in December of last year and throughout the first quarter contributed a 240 basis point margin improvement. We also saw a 140 basis point benefit primarily related to customer and channel mix in the Americas.

幻燈片 26 顯示了整個公司連續的季度毛利率橋。我們已將橋接項目分組，以與我們在上個季度與我們的 2023 財年指南一起提出的保證金橋接保持一致，並且我們在演示文稿的附錄中提供了同比橋接。與第四季度相比，我們看到與亞洲 COVID-19 環境相關的逆風 80 個基點。正如 Toni 提到的那樣，本季度初的案例有所增加，導致利用率和吸收率下降。亞洲較低的促銷支出部分抵消了這一不利因素。去年 12 月和整個第一季度實施的 EMEA 價格上漲貢獻了 240 個基點的利潤率改善。我們還看到主要與美洲客戶和渠道組合相關的 140 個基點收益。

Cost of goods per liter saw a sequential headwind of 200 basis points. This is primarily related to the Americas which saw a negative impact related to costs from the co-packer network consolidation. We also experienced a slight headwind related to inflation, which was partially offset by supply chain improvements in EMEA. Finally, we saw a 40 basis point benefit primarily related to segment mix and FX. We don't expect segment mix or FX to be a meaningful margin driver for the full year.

每升商品成本連續下跌 200 個基點。這主要與美洲有關，美洲看到了與代加工網絡整合成本相關的負面影響。我們還經歷了與通貨膨脹相關的輕微逆風，這部分被 EMEA 供應鏈的改善所抵消。最後，我們看到主要與細分市場組合和外匯相關的 40 個基點收益。我們預計細分市場組合或外匯不會成為全年有意義的利潤率驅動因素。

Turning to Slide 27. We are pleased to say that our EBITDA continues to improve sequentially in total. EMEA continued to report positive EBITDA, and the Americas made progress absent the noise caused by the co-packer consolidation. Asia continued to make progress as they transitioned to a post-COVID world. And the corporate expense line has settled into what we expect to be a normal quarterly level.

轉到幻燈片 27。我們很高興地說，我們的 EBITDA 總體上繼續改善。歐洲、中東和非洲地區繼續報告正 EBITDA，而美洲在沒有代加工商合併引起的噪音的情況下取得了進展。亞洲在向後 COVID 世界過渡的過程中繼續取得進步。公司費用線已經穩定在我們預期的正常季度水平。

We also closed on the previously announced fundraising in mid-April. We raised a total of $430 million, which is $5 million more than we -- what we announced on last quarter's call, with the difference being a slightly larger term loan. We are also excited to share that Hillhouse, a global investment firm, will invest $35 million in Oatly's convertible notes, pending shareholder approval and receipt of certain lender consents. Hillhouse will receive convertible notes with nearly identical economic terms to the convertible notes that we announced on last quarter's call. Hillhouse is also buying 50 million (sic) [$15 million] of convertible notes from our shareholder Verlinvest. Hillhouse has a great track record as a global investor with expertise in Asia and an extensive portfolio of leading consumer and foodservice brands. They have successfully helped companies accelerate Asian growth; and navigate regional complexities through capital investments, customer and partner introductions and support on strategic decision-making.

我們還在 4 月中旬結束了先前宣布的籌款活動。我們總共籌集了 4.3 億美元，比我們在上個季度的電話會議上宣布的多 500 萬美元，不同之處在於定期貸款略多。我們也很高興地宣布，全球投資公司 Hillhouse 將向 Oatly 的可轉換票據投資 3500 萬美元，等待股東批准並獲得某些貸方同意。 Hillhouse 將收到與我們在上季度電話會議上宣布的可轉換票據幾乎相同的經濟條款的可轉換票據。 Hillhouse 還從我們的股東 Verlinvest 購買了 5000 萬（原文如此）[1500 萬美元] 的可轉換票據。作為全球投資者，高瓴資本在亞洲擁有豐富的專業知識，擁有廣泛的領先消費和餐飲服務品牌組合。他們成功地幫助企業加速亞洲增長；通過資本投資、客戶和合作夥伴介紹以及對戰略決策的支持來駕馭區域複雜性。

Oatly and Hillhouse have known each other for years, and I can confidently say there is a mutual respect and admiration. We see enormous potential in our relationship with Hillhouse not only financially but also strategically by leveraging their track record, expertise and relationships to continue to scale our operations across China. While our business plan was already fully funded with the $430 million, we believe this investment aligns interests while providing us with additional firepower to augment our business plan and achieve our long-term ambitions.

Oatly 和 Hillhouse 相識多年，我可以自信地說，他們相互尊重和欽佩。我們看到了我們與高瓴資本的巨大潛力，不僅在財務上，而且在戰略上，通過利用他們的往績、專業知識和關係，繼續擴大我們在中國的業務規模。雖然我們的商業計劃已經得到 4.3 億美元的全額資助，但我們相信這項投資符合利益，同時為我們提供了額外的火力來增強我們的商業計劃並實現我們的長期目標。

Turning to Slide 28. As Toni mentioned, we are reiterating our 2023 guidance. We continue to expect constant currency revenue growth in the range of 23% to 28% with the acceleration driven by the initiatives that Toni discussed. We continue to expect sequential quarter-over-quarter improvement in gross margin, even with the increase in Americas promotional support, in the second quarter; and to reach the high 20s in the fourth quarter. We also expect capital expenditures to be in the range of $180 million to $200 million.

轉到幻燈片 28。正如 Toni 提到的，我們正在重申我們的 2023 年指導方針。我們繼續預計，在 Toni 討論的舉措推動下，貨幣收入將持續增長 23% 至 28%。我們繼續預計第二季度毛利率將環比提高，即使美洲促銷支持有所增加；並在第四季度達到 20 多歲。我們還預計資本支出將在 1.8 億美元至 2 億美元之間。

Finally, we continue to believe that our actions will enable us to improve adjusted EBITDA profitability and reach positive adjusted EBITDA in 2024. As we move through this fiscal year, we expect second quarter adjusted EBITDA to be close to the first quarter's level after sequential increase in net sales dollars and the sequential expansion of gross margin are offset by the increase in marketing investments in the U.S. as well as in EMEA. And then we expect the second half to see a more material inflection in dollar profitability. This cadence is consistent with our original budget.

最後，我們仍然相信，我們的行動將使我們能夠提高調整後的 EBITDA 盈利能力，並在 2024 年實現調整後的 EBITDA 正值。隨著本財年的推進，我們預計第二季度調整後的 EBITDA 將在連續增長後接近第一季度的水平淨銷售額和毛利率的環比增長被美國和歐洲、中東和非洲市場營銷投資的增加所抵消。然後我們預計下半年美元盈利能力將出現更實質性的變化。這個節奏與我們最初的預算是一致的。

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。操作員？

(Operator Instructions) First question comes from Michael Lavery of Piper Sandler.

（操作員說明）第一個問題來自 Piper Sandler 的 Michael Lavery。

Congrats on your new roles.

祝賀你擔任新角色。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，邁克爾。

Just was wondering if you could give us a little bit of a peek further ahead. You mentioned again how you expect EBITDA positive in fiscal '24. Do you have a little better line of sight on how that unfolds? Would that be a run rate at the beginning of the year? Or how would we think about just modeling a little bit further out? I know you don't want to be too specific and it's still a ways off, but just given that you've got some -- seem to have some plans there, just any color you could add would be helpful.

只是想知道您是否可以讓我們稍微了解一下。您再次提到您如何期望 24 財年的 EBITDA 為正。你對它如何展開有更好的看法嗎？那會是年初的運行率嗎？或者我們如何考慮更遠一點的建模？我知道你不想說得太具體而且還有很長的路要走，但只要你有一些 - 似乎有一些計劃，你可以添加的任何顏色都會有所幫助。

So Mike, it's Christian. I can start. And then anyone else in the team, feel free to chime in. And as we have said in our previous earnings call, we expect to close the year enabling us to achieve a positive adjusted EBITDA on a full year basis in 2024. We are not at this point in time giving any quarterly guidance in terms of how that will unfold in 2024. So it's on a full year basis.

邁克，這是基督徒。我可以開始了。然後團隊中的其他任何人都可以隨意插話。正如我們在之前的財報電話會議上所說的那樣，我們希望在今年結束時使我們能夠在 2024 年的全年基礎上實現積極的調整後 EBITDA。我們不是在這個時間點，就 2024 年將如何展開給出任何季度指導。所以它是在全年的基礎上。

Okay, that's helpful. And just on the European foodservice opportunities and specifically the announcement with McDonald's, can you give a sense of how much more doors that could open or any sense of how that's -- a start that's gotten off to or maybe just an update on how that can unfold?

好的，這很有幫助。就歐洲餐飲服務的機會，特別是麥當勞的公告而言，您能否了解可以打開多少扇門，或者這是如何開始的，或者可能只是關於如何打開的更新展開？

Thanks, Michael. It's Daniel here. Yes, it's early days, early weeks; is going really, really well. And what I, what we can say at this stage is that there are many -- there are some more in the making in the same profile of QSR and foodservice customers, but we are very excited about this McDonald's arrangement and partnership in Austria.

謝謝，邁克爾。我是丹尼爾。是的，現在是早期，早期的幾週；真的，真的很好。而我，我們在這個階段可以說的是，有很多 - 在 QSR 和餐飲服務客戶的相同資料中還有更多正在製作，但我們對麥當勞在奧地利的安排和合作夥伴關係感到非常興奮。

And the next question will be from Rob Dickerson of Jefferies.

下一個問題將來自 Jefferies 的 Rob Dickerson。

Just a question -- 2 quick questions; 1 on America pricing -- Americas pricing, clearly up almost 30% in Q1, but then there's the commentary around kind of leaning in a little bit more on promotional activity, so I'm just curious. As kind of we get through the year, it sounds like, because of the increased promotional activity, we should see kind of a -- let's say, a deceleration in the year-over-year pricing growth as we get through Q2 and the back half of the year, but at the same time, it does seem like it was a little bit higher, right, in Q1 than expected. I think you were kind of pointing to more high teens, so if you think about the full year, are you thinking Americas pricing kind of up, let's say, mid-teens? And then I also ask just because supply is more beneficial. We saw revenues on an absolute basis kind of flat sequentially relative to Q4 and Q1. Is the expectation here that we start to see actual better volumes with also higher pricing such that we would see a material acceleration in absolute revenue dollars? And then I have a quick follow-up.

只是一個問題——2 個快速問題；關於美國定價的第一名——美國定價，第一季度明顯上漲了近 30%，但隨後有評論稱有點傾向於促銷活動，所以我很好奇。作為我們度過這一年的一種方式，這聽起來像是，由於促銷活動的增加，我們應該看到 - 比方說，隨著我們度過第二季度和後面，價格同比增長有所放緩半年，但與此同時，第一季度似乎確實比預期高一點，對吧。我認為你指的是更多的青少年，所以如果你考慮全年，你是否認為美國的定價有點高，比方說，十幾歲？然後我也問只是因為供應更有利。相對於第四季度和第一季度，我們看到收入在絕對基礎上持平。這裡是否期望我們開始看到實際更好的銷量和更高的價格，以便我們看到絕對收入美元的實質性加速？然後我有一個快速跟進。

It's Christian. I can start out. And then I'll -- I think Daniel will sort of add to it. In terms of the price/mix, it will decelerate throughout this year, quarter by quarter. So I just wanted to give you that context. Daniel, anything else to add? No...

是基督教的。我可以開始了。然後我會——我認為 Daniel 會添加一些內容。就價格/組合而言，今年全年將逐季放緩。所以我只想給你那個背景。丹尼爾，還有什麼要補充的嗎？不...

Just as to add some color to Christian. Yes, we will see in the second part of the year that deceleration coming in net sales per liter as we lap our price increases. And as you said, we are improving. Given the availability and consistency of supply and fill rates, we are improving and adjusting month after month the promotional levels. And we start seeing some early good signals of that based -- if you look at the [scan data] of the month of April: We started seeing not only net sales significant improvement but some units sales volume growth that we haven't seen for some time, so yes, we see -- we expect these continued sequential improvement as we move forward.

正好給克里斯蒂安添點色彩。是的，我們將在今年下半年看到，隨著價格上漲，每升淨銷售額將出現減速。正如您所說，我們正在改進。鑑於供應和填充率的可用性和一致性，我們正在逐月改進和調整促銷水平。我們開始看到一些早期的良好信號——如果你看一下 4 月份的[掃描數據]：我們不僅開始看到淨銷售額顯著改善，而且一些我們從未見過的單位銷量增長一段時間，所以是的，我們看到了——我們希望隨著我們的前進，這些持續的連續改進。

Okay, super. And then just a quick question on the supply chain. It sounds like transition going well, so far, with Ya Ya. Was -- is there anything else potentially in the pipeline that could benefit from a similar transaction? Or do you feel as if at this point you're fairly comfortable with what you have? That's it.

好的，超級。然後只是一個關於供應鏈的快速問題。到目前為止，與 Ya Ya 的過渡聽起來很順利。是 - 管道中是否還有其他可能從類似交易中受益的東西？還是您覺得此時您對自己擁有的東西相當滿意？就是這樣。

Thank you. Jean-Christophe speaking. I think we are fairly comfortable with what we have. We have no further updates today because we are still evaluating options, as we have said in previous calls, both on Peterborough in the U.K.; as well as on Asia Pac III, our third factory in Asia, and simply because we are evaluating options as we speak. So the only [build] I would say is our long-term margin targets that we shared with you guys in the last, previous earnings calls are absolutely in-line and achievable no matter which supply model we choose for them.

謝謝。讓-克里斯托夫發言。我認為我們對我們擁有的東西相當滿意。我們今天沒有進一步的更新，因為我們仍在評估選項，正如我們在之前的電話會議中所說的那樣，都在英國的彼得伯勒；以及我們在亞洲的第三家工廠 Asia Pac III，這僅僅是因為我們正在評估各種選擇。因此，我唯一要說的 [build] 是我們在上次與大家分享的長期利潤率目標，無論我們為他們選擇哪種供應模式，之前的財報電話會議絕對符合併且可以實現。

Next question will be from Peter Galbo of Bank of America.

下一個問題將來自美國銀行的 Peter Galbo。

Just maybe we could start off just on Americas now that -- and maybe this is a good follow-up to Rob's question, but just look. Now that the supply chain is obviously back on solid footing, have you gone back and kind of reevaluated just your priorities between foodservice and retail on a go-forward basis? I know you have the slide that kind of shows a 50-50 kind of revenues mix split in Americas, but just again, now that you're kind of back in more normal setting, just kind of how you're thinking about the split, maybe more on the volume side, between those 2 channels going forward.

也許我們現在可以從美洲開始——也許這是對 Rob 問題的一個很好的跟進，但請看一下。既然供應鏈顯然已經站穩腳跟，您是否回過頭來重新評估您在餐飲服務和零售業之間的優先事項？我知道你的幻燈片顯示了美洲 50-50 的收入組合分裂，但現在你又回到了更正常的環境，這就是你對分裂的看法，在這兩個渠道之間的音量方面可能更多。

I will take that, Peter. It's Daniel here again. Indeed, as supply becomes stable, we have ambitious plans on both channels. That's the reality, right? So as you will remember, in retail we have ambitious plans in TDPs, existing and new doors, to accomplish this year. We expect some robust results as we move forward, especially quarter 2 onwards. And we also are moving ambitiously ahead in foodservice. So we expect, because of our recent past, the retail footprint to enhance versus foodservice. And with that, of course, will come a big part of the improve on margins that we expect this year, but in a -- as a headline, Peter, I would say we have ambitious plans in both channels.

我會接受的，彼得。丹尼爾又來了。事實上，隨著供應變得穩定，我們在這兩個渠道上都有雄心勃勃的計劃。這就是現實，對吧？所以你會記得，在零售業，我們有雄心勃勃的 TDPs 計劃，現有的和新的門，今年要完成。隨著我們的前進，我們預計會有一些強勁的結果，尤其是從第二季度開始。我們也在餐飲服務領域雄心勃勃地向前邁進。因此，由於我們最近的過去，我們預計零售足跡會比餐飲服務有所增強。當然，隨之而來的是我們今年預期的利潤率提高的很大一部分，但作為一個標題，彼得，我想說我們在兩個渠道都有雄心勃勃的計劃。

Okay. And then maybe just going back to the EBITDA profitability targets for '24. I know you don't want to get into quarterly guidance or phasing or timing on that, but just is there any way you can kind of help us bucket reaching that target of EBITDA profitability? How much of that is supply chain change? How much of that is mix improvement? How much of that is inflation getting better? Just what are kind of the big buckets? And any kind of, I don't know, percentage you could assign to them?

好的。然後也許只是回到 24 年的 EBITDA 盈利目標。我知道你不想進入季度指導或分階段或時間安排，但你有什麼辦法可以幫助我們實現 EBITDA 盈利目標？其中有多少是供應鏈變化？其中有多少是混合改進？其中有多少是通貨膨脹好轉？什麼樣的大水桶？還有任何一種，我不知道，你可以分配給他們的百分比？

Yes. I mean I can start. It's Christian here. I mean it's the big driver is to continue to improve the utilization of our facilities as we grow our business. I mean that's -- and then you will see the leverage on the operating expense side.

是的。我是說我可以開始了。這裡是基督徒。我的意思是，在我們發展業務的同時，繼續提高我們設施的利用率是最大的驅動力。我的意思是——然後你會看到運營費用方面的槓桿作用。

Next question will be from John Baumgartner of Mizuho.

下一個問題將來自瑞穗的 John Baumgartner。

I wanted to come back to North America and your promotional plans and the increased promotion there. How should we think about the balance between price-based promos relative to investments in display feature, more sort of the quality approach just given where the category is right now, the broader consumer; and how you're thinking about managing the promotional approach?

我想回到北美和你們的促銷計劃以及那裡增加的促銷活動。我們應該如何考慮基於價格的促銷與展示功能投資之間的平衡，更多的質量方法只是考慮到現在的類別，更廣泛的消費者；以及您如何考慮管理促銷方法？

Thank you, John. It's Daniel again here. You saw we're doing both things. As we consistently improved and maintain fill rates and execution, we are improving promotions. And that is exactly the 2 things you have mentioned. First, we have to enhance our promo pressure given the competitive context. And we see some very good early results of that in the last [scan data], both March and April. And in-store availability and visibility is key. Let me tell you that's exactly what we do very well in Europe, consistently in Europe, which is our velocities significant improve when we have promotional displays and not just price promo, so we expect to do that as we move along. So just to stress again: We're planning to do both now that we have consistent availability.

謝謝你，約翰。又是丹尼爾。你看到我們正在做兩件事。隨著我們不斷改進和保持填充率和執行，我們正在改進促銷活動。這正是您提到的兩件事。首先，在競爭環境下，我們必須加大促銷壓力。我們在 3 月和 4 月的最後一個 [掃描數據] 中看到了一些非常好的早期結果。店內可用性和可見性是關鍵。讓我告訴你，這正是我們在歐洲做得很好的地方，一直在歐洲，當我們有促銷展示而不僅僅是價格促銷時，我們的速度會顯著提高，所以我們希望在我們前進的過程中做到這一點。因此，再次強調：既然我們擁有一致的可用性，我們正計劃同時進行這兩項工作。

Okay. And then in Asia, assuming we're finally past the COVID overhang here, could you talk a bit about your operating plans for the next 6 to 9 months? I mean you seem to be in a position to leverage a lot of new distribution points built since COVID. You're working through some efficiency projects, but how has the environment or the opportunity changed since COVID? And how do you plan to reinvest as this market reopens now?

好的。然後在亞洲，假設我們終於度過了這裡的 COVID 懸垂期，你能談談你未來 6 到 9 個月的運營計劃嗎？我的意思是你似乎能夠利用自 COVID 以來建立的許多新分發點。您正在開展一些提高效率的項目，但自 COVID 以來環境或機會發生了怎樣的變化？隨著這個市場現在重新開放，您打算如何進行再投資？

Again like we said last earnings call, we are ready to play offense, China being a very dynamic, very different market from a consumer perspective. We are, as we are stating in our deck here, increasing significantly number of stores in retail. We're going to continue to expand. Also we have a lot to do in rolling out our expansion in tea shop channels. All of what we said, we are going to execute on. And investing in the brand continues to be important for us, but again we have a very strong brand position in China, especially when it comes to coffee shop channel and tea shop channel and QSRs; and building our way into retail now but also very, very excited about the expansion that we see in innovation. The Maanshan facility now allows us to bring a number of new innovation to really, really hit the consumer market directly; and that, we think, is -- will benefit us greatly. As an example, 7% of our total shares in China comes from ice cream, so very happy with the development. The Maanshan facility is instrumental to our success there together with our brand position.

就像我們在上次財報電話會議上所說的那樣，我們準備進攻，從消費者的角度來看，中國是一個充滿活力、截然不同的市場。正如我們在這裡的甲板上所說的那樣，我們正在顯著增加零售商店的數量。我們將繼續擴大。此外，我們在擴展茶店渠道方面還有很多工作要做。我們所說的一切，我們將繼續執行。投資品牌對我們來說仍然很重要，但我們在中國擁有非常強大的品牌地位，尤其是在咖啡店渠道、茶店渠道和快餐店方面；現在我們正在進入零售業，但也對我們在創新中看到的擴張感到非常、非常興奮。馬鞍山工廠現在讓我們能夠帶來許多新的創新，真正、真正地直接衝擊消費市場；我們認為，這將使我們受益匪淺。舉個例子，我們在中國總份額的7%來自冰淇淋，所以很高興發展。馬鞍山工廠與我們的品牌地位一起對我們在那裡的成功起到了重要作用。

(Operator Instructions) Next question will be from Max Gumport of BNP Paribas.

（操作員說明）下一個問題將來自法國巴黎銀行的 Max Gumport。

Congrats on the new roles. First question is on gross margins. It was nice to see the sequential improvement you posted this quarter. From what I understand, that was roughly in line with your expectations. And I was hoping we could get a bit more color on the cadence you expect to deliver as you move towards that high-20% target for 4Q '23, in terms of how much expansion we might expect in 2Q versus 3Q and versus 4Q, if there's any 1 quarter that will drive most of that improvement and what the key drivers are.

祝賀新角色。第一個問題是關於毛利率。很高興看到您在本季度發布的連續改進。據我了解，這大致符合您的預期。而且我希望我們能夠在您朝著 23 年第四季度的 20% 高目標邁進時，在您期望交付的節奏上獲得更多色彩，就我們在第二季度與第三季度和第四季度的預期擴張程度而言，如果有任何一個季度將推動大部分改進以及關鍵驅動因素是什麼。

Thank you for that question. And we don't really give specific guidance on the quarter other than that we are -- we will sequentially improve each quarter this year until we reach the high 20s in the fourth quarter. I mean I think we have articulated a few things. We expect a sequential improvement in the second quarter, but we have higher promotional levels in the U.S. as well, so I just want to highlight that piece.

謝謝你提出這個問題。我們並沒有真正給出本季度的具體指導，我們將在今年每個季度依次改進，直到我們在第四季度達到 20 多歲。我的意思是我認為我們已經闡明了一些事情。我們預計第二季度會出現連續改善，但我們在美國也有更高的促銷水平，所以我只想強調這一點。

And then on capacity, could you give us an update on where your 2023 target stands and also how you would expect your utilization of your capacity to end up as you get towards the end of 2023?

然後關於產能，您能否向我們介紹一下您的 2023 年目標的最新情況，以及您預計到 2023 年底您的產能利用率將如何結束？

There's no change in terms of the capacity that we have on hand and what we have communicated before, so we expect to continuously improve and -- the utilization of our assets as we are expanding our business. We have plenty of capacity to grow this and next year.

我們手頭的能力和我們之前溝通過的能力沒有變化，因此我們希望在擴展業務時不斷改進和使用我們的資產。我們有足夠的能力在今年和明年實現增長。

Thank you. This concludes our question-and-answer session. Now I'd like to turn the conference back over to Toni Petersson for closing remarks.

謝謝。我們的問答環節到此結束。現在我想把會議轉回給 Toni Petersson 作閉幕詞。

Thank you so much.

太感謝了。

This marks my final earnings call as the CEO of Oatly, before I transition to my new role as Co-Chairman. When I joined Oatly in late 2012, we set out to transform the company and create a meaningful mission. And over the past decade, we took a small Swedish company to build a global brand phenomenon that's making real impact on the food industry in the world. I want to take -- thank our investors, partners, customers, consumers and most importantly all employees, past and present, for the partnership, trust and contributions. I couldn't be more proud of what we have accomplished, and I'm eager to witness the incredible accomplishments that lie ahead for Oatly.

這是我作為 Oatly 首席執行官的最後一次財報電話會議，之後我將擔任聯合主席的新角色。當我在 2012 年底加入 Oatly 時，我們著手改造公司並創造一個有意義的使命。在過去的十年裡，我們帶領一家瑞典小公司建立了一個全球品牌現象，對世界食品行業產生了真正的影響。我要感謝我們的投資者、合作夥伴、客戶、消費者，最重要的是感謝所有過去和現在的員工，感謝他們的合作、信任和貢獻。我為我們所取得的成就感到無比自豪，我渴望見證 Oatly 未來取得的令人難以置信的成就。

Thank you for your time. And have a great day, everybody.

感謝您的時間。祝大家有美好的一天。

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

謝謝。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。