Oatly Group AB (publ) (OTLY) 2023 Q4 法說會逐字稿

Good day and welcome to the Oatly fourth-quarter 2023 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Oatly 2023 年第四季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Brian Kearney, VP of Investor Relations. Please go ahead, sir.

我現在想將會議交給投資者關係副總裁布萊恩·科爾尼 (Brian Kearney)。請繼續，先生。

Good morning, and thank you for joining us today on Oatly's fourth-quarter 2023 earnings conference call. On today's call are our Chief Executive Officer, Jean-Christophe Flatin; our Chief Operating Officer, Daniel Ordonez; and our Chief Financial Officer, Marie-José David.

早安，感謝您今天參加 Oatly 2023 年第四季財報電話會議。出席今天電話會議的是我們的執行長 Jean-Christophe Flatin；我們的營運長 Daniel Ordonez；以及我們的財務長 Marie-José David。

Before we begin, please review the disclaimer on slide 3. During 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 of operations and financial position, industry and business trends, business strategy, market growth, and anticipated cost savings.

在我們開始之前，請先查看投影片 3 上的免責聲明。在本次電話會議中，管理層可能會做出1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明，包括有關我們未來經營業績和財務狀況、行業和業務趨勢、業務戰略、市場成長和預期成本的聲明節省。

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.

這些陳述是基於管理階層目前的預期和信念，涉及可能與實際事件或這些前瞻性陳述中描述的事件有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聲明中明示或暗示的結果存在重大差異的風險。

Also, please note on today's call, management will refer to certain non-IFRS financial measures, including EBITDA, adjusted EBITDA, constant currency revenue, and free cash flow.

另請注意，在今天的電話會議上，管理層將參考某些非國際財務報告準則財務指標，包括 EBITDA、調整後 EBITDA、恆定貨幣收入和自由現金流。

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 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.

雖然公司相信這些非國際財務報告準則財務指標將提供有用的信息，但這些信息的列報並不旨在被孤立地考慮或作為根據國際財務報告準則列報的財務信息的替代品。請參閱今天發布的非國際財務報告準則財務指標與根據國際財務報告準則編制的最具可比較指標的調節表。此外，Oatly還在其網站上發布了補充介紹，以供參考。

I'd like to now turn the call over to Jean-Christophe.

我現在想把電話轉給讓-克里斯托夫。

Thank you, Brian, and good morning, everyone. Slide 5 has the key messages that I want you to take away from today's presentation. First, 2023 was a pivotal year for the company where we focused on stabilizing and recalibrating our business.

謝謝你，布萊恩，大家早安。第 5 張投影片包含了我希望您從今天的簡報中獲得的關鍵資訊。首先，2023 年對公司來說是關鍵的一年，我們專注於穩定和重新調整業務。

We have achieved a lot last year, including fully funding our business plan by raising $465 million, transitioning our senior leadership team, taking actions to rightsize our SG&A structure, doubling down on our asset-light supply chain strategy by entering a long-term strategic partnership with Ya YA Foods, as well as discontinuing the construction of the production facilities in the US and the UK, both of which will help us better focus our operations while adding appropriately timed expansion and capital efficiency. And we also increased our focus on the most profitable part of our business to ensure that our goals will be profitable and sustainable.

去年我們取得了許多成就，包括透過籌集4.65 億美元為我們的業務計畫提供充分資金、調整我們的高階領導團隊、採取行動調整我們的SG&A 結構、透過制定長期策略來加倍實施我們的輕資產供應鏈策略。我們也更加關注業務中最賺錢的部分，以確保我們的目標能夠獲利且可持續。

We did this all while improving our financial profile, and we ended 2023 with a solid fourth quarter, where both top- and bottom-line results exceeded our expectations. As we look forward to 2024, our financial guidance reflects solid top-line goals while delivering significant bottom-line improvements as we maintain our focus on driving this business towards profitable goals.

我們在做到這一切的同時改善了我們的財務狀況，並以穩健的第四季度結束了 2023 年，頂線和底線結果都超出了我們的預期。展望 2024 年，我們的財務指引反映了堅實的營收目標，同時在我們繼續專注於推動該業務實現盈利目標的同時實現了顯著的盈利改善。

Specifically, for the full year of 2024, we are guiding to the following: constant currency revenue growth in the range of 5% to 10%, an adjusted EBITDA loss in the range of $35 million to $60 million, and for capital expenditure to be below $75 million.

具體而言，對於 2024 年全年，我們的指導目標如下：貨幣收入恆定增長在 5% 至 10% 範圍內，調整後 EBITDA 損失在 3500 萬美元至 6000 萬美元範圍內，資本支出為低於7500萬美元。

Slide 6 gives you an overview of the progress that we have been making on moving each region towards consistent profitable goals. You may recall that we began with the EMEA segment where we prepare for goals by setting clear strategies for our teams. We also increased the simplicity of the region by reducing the spans and the layers in order to enable them to move quickly.

投影片 6 向您概述了我們在推動每個地區實現一致的獲利目標方面所取得的進展。您可能還記得，我們​​從 EMEA 細分市場開始，透過為團隊制定明確的策略來為目標做好準備。我們還透過減少跨度和層數來增加該區域的簡單性，以使它們能夠快速移動。

Now the business is driving consistent profitable growth whilst reinvesting behind the brand building and innovation. We have since applied the same simple framework to the Americas and Asia, setting clear strategy and rightsizing these organizations in order to increase focus and agility. These two regions have improved their profitability through this combination of cost discipline and mix management, and I am happy to report that the American segment reported its first months of positive adjusted EBITDA during the fourth quarter and that the Asia segment is making very good progress.

現在，該業務正在推動持續的獲利成長，同時對品牌建立和創新進行再投資。此後，我們將同樣的簡單框架應用於美洲和亞洲，制定明確的策略並調整這些組織的規模，以提高重點和敏捷性。這兩個地區透過成本紀律和混合管理的結合提高了盈利能力，我很高興地報告，美國部門在第四季度報告了其前幾個月的正調整EBITDA，而亞洲部門也取得了非常好的進展。

We have still a lot of work to do in order to get them both to consistent profitable growth, which is why those segments do not yet have the last checkmarks on our dashboard slide.

為了讓它們持續的獲利成長，我們還有很多工作要做，這就是為什麼這些細分市場在我們的儀表板幻燈片上還沒有最後的複選標記。

On slide 7, you can see the financial results of our actions. Both our gross margin and adjusted EBITDA have improved as we have moved through the year, just as one example of how much progress we have made in such a short amount of time. The midpoint of our guidance range for the full year 2024 adjusted EBITDA is better than what we reported in the second quarter of 2023 alone. We are clearly making good progress.

在投影片 7 上，您可以看到我們行動的財務結果。隨著這一年的過去，我們的毛利率和調整後的 EBITDA 均有所改善，這就是我們在如此短的時間內取得如此巨大進展的一個例子。我們 2024 年全年調整後 EBITDA 指引範圍的中點優於我們僅在 2023 年第二季報告的數據。我們顯然正在取得良好進展。

Now that we believe a big part of the heavy lifting of recalibrating and stabilizing our business is behind us, our teams are excited to refocus their energy on growing the business and continuing to drive results. In 2024, our top priority remains driving towards profitable growth. The entire organization is focused on driving the business towards structural, consistent, profitable growth. We have made progress on improving our profitability, and we will continue to do so.

現在，我們相信重新調整和穩定業務的大部分工作已經過去，我們的團隊很高興能夠將精力重新集中在發展業務和繼續推動業績上。2024 年，我們的首要任務仍然是推動獲利成長。整個組織致力於推動業務實現結構性、持續性、獲利性成長。我們在提高盈利能力方面取得了進展，並將繼續這樣做。

To drive towards profitability, we must bring the Oatly magic to more people. We have a terrific brand that resonates with consumers around the world, and we believe our products are second to none. In 2024, we will be stepping up our efforts to bring the Oatly magic to even more consumers.

為了實現盈利，我們必須將 Oatly 的魔力帶給更多人。我們擁有一個出色的品牌，能夠與世界各地的消費者產生共鳴，我們相信我們的產品是首屈一指的。2024年，我們將加緊努力，將Oatly的魔力帶給更多消費者。

Each region will execute this slightly differently. But whether we are launching new products, expanding with new channels, or activating the brands in our unique Oatly voice, the overall goal is to bring our products to more consumers.

每個地區的執行方式略有不同。但無論我們是推出新產品、拓展新管道，還是以我們獨特的 Oatly 聲音激活品牌，整體目標都是將我們的產品帶給更多消費者。

Next, we must continue to work on the calibration of our resources. This calibration includes work on our supply chain as well as support functions. On the supply chain, this includes completing our work on discontinuing the construction of our Americas and EMEA production facilities as well as the valuation of our Asian supply chain. On the support functions, this includes delivering on our SG&A cost reduction program, which remains on track. Finally, the entire organization will also continue to focus on strong execution to ensure that we meet the expectations of our customers and consumers.

接下來，我們要繼續做好資源校準工作。這種校準包括我們的供應鏈以及支援職能方面的工作。在供應鏈方面，這包括完成停止建造美洲和歐洲、中東和非洲生產設施的工作以及對亞洲供應鏈的評估。在支援職能方面，這包括實施我們的 SG&A 成本削減計劃，該計劃仍在按計劃進行。最後，整個組織也將繼續專注於強大的執行力，以確保我們滿足客戶和消費者的期望。

As we execute, in 2024, we will be true to our mission and keep our eyes on our long-term opportunity. The World Meteorological Organization confirmed that 2023 was the warmest year in history. Given that our food systems are responsible for one-third of total human-caused global greenhouse gas emissions, we as a society need to drive a shift in our food system. And we at Oakley intend to lead that shift by making it easier for consumers to make more sustainable choices.

在我們執行 2024 年的過程中，我們將忠於我們的使命，並專注於我們的長期機會。世界氣象組織確認2023年是史上最熱的一年。鑑於我們的糧食系統佔人類造成的全球溫室氣體排放總量的三分之一，我們作為一個社會需要推動糧食系統的轉變。Oakley 打算透過讓消費者更容易做出更永續的選擇來引領這一轉變。

The opportunity is massive. Global dairy retail sales were nearly $660 billion in 2023, and foodservice sales would make that number even bigger. Converting consumers from dairy products to oat milk products will drive a reduction in carbon emissions, and we are working to convert those consumers to our products as well as reduce the carbon footprints of our own products.

機會是巨大的。到 2023 年，全球乳製品零售額將接近 6,600 億美元，而餐飲服務銷售將使這個數字變得更大。將消費者從乳製品轉向燕麥奶產品將減少碳排放，我們正在努力將這些消費者轉變為我們的產品，並減少我們自己產品的碳足跡。

Sustainability sits at the heart of Oatly and is a core component of our mission. Recently, we have made some modifications to our organization in order to bring our sustainability experts closer to the business in order to increase their impact. As part of this evolution, I will be assuming the responsibilities of being the company's Chief Sustainability Officer.

永續發展是 Oatly 的核心，也是我們使命的核心組成部分。最近，我們對我們的組織進行了一些修改，以使我們的永續發展專家更貼近企業，從而增加他們的影響力。作為這項發展的一部分，我將承擔擔任公司首席永續發展長的職責。

We also know that we must continue to balance purpose and performance as while I believe performance without purpose is meaningless, I also know that purpose without performance is not possible. As an illustration of Oatly's purpose and performance working hand in hand, we see a massive opportunity to continue to expand our margins as a lever to fuel our company's purpose of converting consumers to our products.

我們也知道，我們必須繼續平衡目標和績效，雖然我相信沒有目標的績效毫無意義，但我也知道沒有績效的目標是不可能的。作為 Oatly 的宗旨和績效攜手並進的例證，我們看到了繼續擴大利潤的巨大機會，以此作為推動我們公司實現將消費者轉變為我們產品的目標的槓桿。

Our full-year 2023 gross margin is approximately half of our long-term target of 35% to 40%. As we grow our volumes, leverage our assets, and drive additional efficiencies, we expect our margins to expand so that we can expand our impact.

我們的 2023 年全年毛利率約為我們長期目標 35% 至 40% 的一半。隨著我們增加產量、利用我們的資產並提高效率，我們預期我們的利潤率會擴大，從而擴大我們的影響力。

With that, I will now turn the call over to our Chief Operating Officer, Daniel Ordonez.

現在，我將把電話轉給我們的營運長 Daniel Ordonez。

Thank you, J. C., and good morning, everyone. I'll begin my discussion on slide 11 with EMEA, which is our largest operating segment. The EMEA segment had a strong 2023, and it finished the year with a solid quarter. Constant currency net revenue growth was just below 12% in the quarter.

謝謝你，J.C.，大家早安。我將在投影片 11 中開始討論歐洲、中東和非洲地區，這是我們最大的營運部門。歐洲、中東和非洲地區在 2023 年表現強勁，並以穩健的季度業績結束了這一年。以固定匯率計算，本季淨收入成長率略低於 12%。

Some customers bought product ahead of our price increases last year, which drove a strong 11.5% volume growth in the year-ago period. This impacted the year-over-year growth. And however, looking through that, we continue to see this business as quite strong, and the retail scanner data I will present shortly supports exactly that view.

去年，一些客戶在我們漲價之前購買了產品，這推動了去年同期銷量強勁增長 11.5%。這影響了同比增長。然而，縱觀這一點，我們仍然認為這項業務相當強勁，我很快就會展示的零售掃描器數據恰恰支持了這一觀點。

The segment's adjusted EBITDA margin improved to 15.9% in the fourth quarter, with capacity utilization just in the mid 70s in the quarter. We continue to believe this segment continues to have room to improve margins.

第四季該部門調整後的 EBITDA 利潤率提高至 15.9%，該季度的產能利用率僅為 70 多歲。我們仍然相信該細分市場的利潤率仍有提高的空間。

Turning to slide 12, on the left, you can see that the category growth remains healthy with oat drinks growth of 11%. On the right, you can see that throughout the year, we have steadily gained market share in our largest established markets. We are very proud to say that during the second half of 2023, we have achieved the number-one market share in all plant-based milks in Germany, Austria, Switzerland, and in the Netherlands. This is quite a feat given that we only sell oat milk, one crop, and not multiple crops of other plant-based milks.

轉向左側投影片 12，您可以看到品類成長保持健康，燕麥飲料成長了 11%。在右側，您可以看到，全年我們在最大的成熟市場中的市場份額穩步增長。我們非常自豪地說，2023 年下半年，我們在德國、奧地利、瑞士和荷蘭的所有植物奶市場份額均排名第一。這是一項相當大的壯舉，因為我們只銷售一種燕麥奶，而不是多種其他植物奶。

On slide 13, you can see some of the progress we have made in our new markets. Our strategy is to enter these new markets by first entering the specialty coffee channel to create the oat milk category, the phenomenon in each market. These cafés are purely focused on super high-quality coffee and the coffee experience, and they are the cutting edge of the coffee culture.

在投影片 13 上，您可以看到我們在新市場中取得的一些進展。我們的策略是透過首先進入精品咖啡通路來創建燕麥奶類別，這是每個市場的現象，從而進入這些新市場。這些咖啡館純粹專注於超品質的咖啡和咖啡體驗，他們是咖啡文化的前沿。

By demonstrating our product quality and establishing trust within each community, we build our brand's credibility and value proposition. As you can see, our strategy is working. We are already selling our products at a significant portion of this coffee specialty cafés in our new markets with most countries over 60% represented. Going forward, we plan to continue nurturing these relationships while expanding beyond this channel.

透過展示我們的產品品質並在每個社群中建立信任，我們建立了我們品牌的信譽和價值主張。正如您所看到的，我們的策略正在發揮作用。我們已經在新市場的大部分咖啡精品咖啡館中銷售我們的產品，其中大多數國家的銷售比例超過 60%。展望未來，我們計劃繼續培育這些關係，同時擴展到這個管道之外。

Now turning to slide 14, where we will start looking ahead at our plans for the EMEA segment, in 2024, we are planning to launch several exciting new products that will help round out our coffee portfolio. A decade after the introduction of the iconic barista edition that defined the rules of the game in this category, we're stepping up on our mission to drive further conversion away from cow's milk and into oat milk by making it easier and more accessible for our consumers and customers with new innovations and new formats.

現在轉向幻燈片 14，我們將開始展望 2024 年 EMEA 細分市場的計劃，我們計劃推出幾種令人興奮的新產品，這將有助於完善我們的咖啡產品組合。在推出定義了這個類別遊戲規則的標誌性咖啡師版本十年後，我們正在加緊履行我們的使命，透過讓我們的消費者更容易、更容易獲得燕麥奶，推動進一步從牛奶轉向燕麥奶。為消費者和客戶帶來新的創新和新的業態。

Specifically, we are launching the following: the Barista Edition, Jigger, which is an individual portion-size serving, great for locations as airplanes, trains, and cafés; an organic version of our Barista product, which will perform just as well as the original version; a version of our Barista design for lighter or medium roasted coffee and high-acidity coffee; finally, a 1.5-liter version of our original Barista, which is focused on saving baristas time and minimizing packaging waste. Be sure for us that these exciting new products at your local cafés, in the air, or at the rails very, very soon.

具體來說，我們將推出以下產品：Barista Edition Jigger，這是一種單獨份量的服務，非常適合飛機、火車和咖啡館等場所；我們的 Barista 產品的有機版本，其性能與原始版本一樣好；我們的 Barista 設計版本，適用於輕度或中度烘焙咖啡和高酸度咖啡；最後是我們原始的 Barista 的 1.5 升版本，它的重點是節省咖啡師的時間並最大限度地減少包裝浪費。請確保這些令人興奮的新產品很快就會在您當地的咖啡館、空中或鐵路上推出。

Turning to slide 15, we have had success in expanding consumers' usage of our products by offering them a range of options. We have been calling this our Go Blue strategy. In 2024, we will continue rolling out this strategy to continue making the conversion from dairy to oat milk easier.

轉向投影片 15，我們透過向消費者提供一系列選擇，成功地擴大了消費者對我們產品的使用。我們一直將此稱為「Go Blue」策略。2024 年，我們將繼續推行這項策略，繼續讓從乳製品到燕麥奶的轉換變得更加容易。

Finally, we will be launching a new and improved Oatgurt in selected geographies with current high per-capita yogurt consumption. It contains live bacteria, and we believe it is the best-tasting plant-based yogurt on the market. And it is on par with dairy yogurt, if not better.

最後，我們將在目前人均優格消費量較高的選定地區推出新的改良燕麥奶。它含有活細菌，我們相信它是市場上味道最好的植物性優格。它與酸奶相當，甚至更好。

Turning now to our Americas segment on slide 17, in the fourth quarter, the Americas segment continued to improve. Revenue grew 2% despite some of top-line headwinds in foodservice that I will discuss. Adjusted EBITDA continue its strength to improve steadily. As J. C. mentioned earlier, the Americas segment reported its first-ever month of positive adjusted EBITDA during the quarter. Overall, we are very pleased with the progress on executing and improving our margin mix and delivering on our cost-saving actions.

現在轉向幻燈片 17 上的美洲部分，第四季美洲部分繼續改善。儘管我將討論餐飲服務業面臨一些頂線阻力，但營收仍成長了 2%。調整後 EBITDA 繼續保持穩定改善的勢頭。正如 J.C. 之前提到的，美洲部門報告本季首次出現調整後 EBITDA 為正數的月份。總體而言，我們對執行和改善利潤組合以及實施成本節約行動所取得的進展感到非常滿意。

On slide 18, you can see our progress in retail on the left-hand side, showing that we have been steadily making progress on gaining market share in the chilled oat milk category, while our market share is above 25% in the four weeks ending December 30. The right-hand side chart shows our chilled old milk percentage, ACV.

在幻燈片18 中，您可以在左側看到我們在零售方面的進展，這表明我們在冷凍燕麥奶類別的市場份額方面一直在穩步取得進展，而在截至2019 年4 週的時間裡，我們的市佔率超過25% 12 月 30 日。右側圖表顯示了我們的冷凍舊牛奶百分比 (ACV)。

Over the past year, we have made steady gains throughout the year, enabled by our supply chain stability. You can see now that the distribution gains I discussed with you over the last quarter are starting to show up in the most recent data as the impact of the shelf reset is starting to flow through. Not all of those shelf resets have been reflected in the scanner data yet, so we expect this number to continue to increase. So overall, very good progress on the retail side of our business.

在過去的一年裡，我們的供應鏈穩定性使我們全年取得了穩定的收益。現在您可以看到，隨著貨架重置的影響開始顯現，我在上個季度與您討論的分配收益開始顯示在最新數據中。並非所有貨架重置都已反映在掃描器數據中，因此我們預計這一數字將繼續增加。總的來說，我們業務的零售方面取得了非常好的進展。

Slide 19 brings the impact of the shelf reset to life and a bit better. As you can see in these pictures, we now have a good branding block on our new products, usweetened, super basics, and creamers are all of those on shelf. Our products are now showing up in more places and they are standing out better on shelves.

幻燈片 19 生動地呈現了架子重置的影響，而且效果更好一些。正如您在這些圖片中看到的，我們現在在新產品上有一個很好的品牌塊，我們的甜點、超級基本品和奶精都在貨架上。我們的產品現在出現在更多的地方，並且在貨架上更加引人注目。

Turning to slide 20, on the foodservice side of the business, as we discussed last quarter, we have been aggressively pursuing new customers to expand and diversify our foodservice customer base to drive better growth and better margins.

轉向幻燈片20，在餐飲服務業務方面，正如我們上季度所討論的那樣，我們一直在積極尋找新客戶，以擴大我們的餐飲服務客戶群並使之多樣化，從而推動更好的增長和更高的利潤。

The Americas segment grew its foodservice revenue by 4.5% year on year in the fourth quarter. Excluding its largest foodservice customer, this business grew nearly 26%. So we are clearly making excellent progress in expanding our food service customer base to bring the Oatly magic to more consumers, more customers while we're driving improved margins.

美洲業務第四季餐飲服務營收年增4.5%。不包括其最大的餐飲服務客戶，該業務成長了近 26%。因此，我們在擴大食品服務客戶群方面顯然取得了巨大進展，將 Oatly 的魔力帶給更多消費者、更多客戶，同時提高利潤。

Moving down the P&L, slide 21 shows that our co-packer consolidation in Americas drove solid results throughout the year. This initiative has driven the segment's cost of goods per liter down by a solid 12% from quarter one to quarter four. This was enabled by the Ya YA Foods transaction we completed earlier this year, as well as our strong ongoing partnership with Innovation Foods at our Millville facility.

從損益表向下看，投影片 21 顯示我們在美洲的代加工商整合全年帶來了穩健的業績。這項舉措使該細分市場的每公升商品成本從第一季到第四季大幅下降了 12%。這是我們今年稍早完成的 Ya YA Foods 交易以及我們與 Innovation Foods 在米爾維爾工廠的持續牢固合作夥伴關係促成的。

Both Ya YA Foods and Innovation Foods have been terrific partners. As we continue to work with them to become more and more efficient, we believe we can continue to reduce our costs going forward.

丫丫食品和創新食品都是非常好的合作夥伴。隨著我們繼續與他們合作，變得越來越高效，我們相信我們可以繼續降低未來的成本。

In 2024, the Americas segments will look to capitalize on the progress we've made in 2023 and bring the Oatly magic to a lot more people. For example, we will be executing several exciting campaigns such as partnering with gyms and innovations and activations that are tailor made for the health and fitness community and target almond milk consumers in particular.

2024 年，美洲部門將利用我們在 2023 年的進展，將 Oatly 的魔力帶給更多人。例如，我們將進行幾項令人興奮的活動，例如與健身房合作，以及為健康和健身社群、特別是杏仁奶消費者量身定制的創新和活動。

We will also be continuing our partnership with Minor League Baseball, where we have some very exciting activations planned. This is such a great way to expand the reach of our brand beyond the country's biggest cities. So we look forward to sharing more with you just before the 2024 season begins.

我們也將繼續與美國職棒大聯盟的合作關係，並計劃進行一些非常令人興奮的活動。這是將我們的品牌影響力擴展到全國最大城市以外的絕佳方式。因此，我們期待在 2024 年賽季開始之前與您分享更多資訊。

Turning now into Asia on slide 23, as we discussed on last quarter's call, the Asia team has moved quickly to implement the first stage of their strategy reset plan. On this slide, you can see the impact of those actions. By refocusing the business on reducing costs, there has been a top-line impact and a significant bottom-line impact. In the fourth quarter, we saw the top-line trends started to stabilize, while adjusted EBITDA improved by $10 million sequentially.

現在轉到幻燈片 23 上的亞洲，正如我們在上個季度電話會議中討論的那樣，亞洲團隊已迅速採取行動實施其戰略重置計劃的第一階段。在此投影片上，您可以看到這些操作的影響。透過重新將業務重點放在降低成本上，對營收和利潤產生了重大影響。第四季度，我們看到營收趨勢開始穩定，調整後的 EBITDA 環比提高了 1,000 萬美元。

Slide 24 focuses on the supply chain. You will recall that last quarter, we told you that in Asia, the team reduced our SKUs by over 70%. This helped improved efficiency in the plants. We have also significantly shifted our production from our hybrid facility in Singapore to our end-to-end facility in Ma'anshan, China, which is closer to our distribution points.

投影片 24 重點在於供應鏈。您可能還記得，上個季度，我們告訴您，在亞洲，團隊將 SKU 減少了 70% 以上。這有助於提高工廠的效率。我們也大幅將生產從新加坡的混合工廠轉移到中國馬鞍山的端到端工廠，該工廠距離我們的分銷點更近。

With fewer SKUs to produce, the Ma'anshan facility is able to run longer product runs and therefore increase efficiencies. The combination of the SKUs' reduction and production shift has resulted in a reduction of our cost of goods per liter by over 30% since the first quarter of 2023.

由於需要生產的 SKU 較少，馬鞍山工廠能夠運作更長的產品週期，從而提高效率。自 2023 年第一季以來，SKU 的減少和生產轉移相結合，使我們每公升的商品成本降低了 30% 以上。

Now turning to Slide 25, while we are pleased with the progress today, we know that we still have work to do to get the segment to where it needs to be. And the team is squarely focused on achieving profitable growth. Phase 1 of our reset plan was to cut back on SKUs, drive supply chain efficiency, and reduce SG&A. Phase 2 is to rebuild the foodservice business in a disciplined way.

現在轉向幻燈片 25，雖然我們對今天的進展感到滿意，但我們知道，要使該細分市場達到所需的水平，我們仍有工作要做。該團隊專注於實現獲利成長。我們重置計劃的第一階段是削減 SKU、提高供應鏈效率並減少 SG&A。第二階段是以規範的方式重建餐飲服務業務。

As I mentioned on the last call, our sales teams are active and energized. They have been given the direction to continue to build the business with our core channels, geographies, and SKUs for our business is strong, profitable, and sustainable. Maintaining a high level of channel intimacy will be important as we look to rebuild the top line and improve profitability.

正如我在上次電話會議中提到的，我們的銷售團隊活躍且充滿活力。他們得到指示，繼續利用我們的核心管道、地區和 SKU 來發展業務，因為我們的業務強勁、盈利且可持續。當我們尋求重建營收並提高獲利能力時，保持高水準的渠道緊密度非常重要。

As we have been speaking with customers, we know we will need to round out our portfolio with additional SKUs that are optimized for the foodservice channel. This includes products that hit certain price points of flavorings that cater to seasonal preferences. And in 2024, we plan to introduce some of these products, and we will rebuild this business.

正如我們一直在與客戶交談的那樣，我們知道我們需要透過針對餐飲服務管道優化的其他 SKU 來完善我們的產品組合。這包括滿足季節性偏好的特定調味品價格點的產品。2024年，我們計劃推出其中一些產品，我們將重建這項業務。

With that, I would now like to turn the call over to our CFO, Marie-José David. M. J.?

現在，我想將電話轉給我們的財務長 Marie-José David。M.J.？

Thank you, and good morning, everyone. Slide 27 gives you an overview of the P&L for the quarter. We reported 4.6% year-over-year revenue growth and constant currency revenue growth of 2.5%. This was above our expectations driven by outperformance in our EMEA and Americas segments.

謝謝大家，大家早安。投影片 27 概述了本季的損益表。我們的營收年增 4.6%，固定貨幣收入成長 2.5%。由於歐洲、中東和非洲和美洲市場的優異表現，這超出了我們的預期。

Gross margin for the quarter was 23.4%, which is a 750-basis-point improvement versus the prior-year quarter and a 600-basis-point sequential improvement from Q3. Gross profit dollars were in line with our expectations, while the percentage margin was slightly below our expectations, partially driven by an unfavorable mix impact.

本季毛利率為 23.4%，較去年同期提高 750 個基點，較第三季較上季提高 600 個基點。毛利符合我們的預期，而百分比率略低於我們的預期，部分原因是不利的組合影響。

Adjusted EBITDA was a loss of $19.2 million, which was ahead of our expectations. This was a $41.2 million improvement versus the prior year and $16.8 million improvement versus the first quarter.

調整後 EBITDA 虧損 1,920 萬美元，超出了我們的預期。與去年相比，增加了 4,120 萬美元，與第一季相比，增加了 1,680 萬美元。

Slide 28 shows the bridging items of our quarterly revenue growth. You can see volume increased 2% and price mix improved by 0.5% for a 2.5% constant currency revenue growth. Foreign exchange was a tailwind of 2.1%, resulting in 4.6% total revenue growth for the quarter.

投影片 28 顯示了我們季度營收成長的過渡項目。您可以看到交易量增加了 2%，價格組合改善了 0.5%，貨幣收入恆定成長 2.5%。外匯帶來 2.1% 的推動力，導致本季總營收成長 4.6%。

Slide 29 shows the revenue bridge by segment. EMEA continued to report strong growth with 11.8% constant currency revenue growth led by an 11.3% price mix improvement, which was driven by the price increase we took last winter, and we started to anniversary this quarter. Americas, 2.4% growth, was driven by 9.2% volume growth, which was aided by distribution gains and sell-in of our new products.

幻燈片 29 顯示了按細分市場劃分的收入橋。歐洲、中東和非洲地區持續強勁成長，貨幣收入穩定成長 11.8%，價格組合改善 11.3%，這是我們去年冬天漲價的推動因素，本季我們開始迎來週年紀念。美洲成長 2.4%，銷售成長 9.2%，這得益於我們新產品的分銷收益和銷售。

Price mix was a headwind of 6.8%, driven by new product-related slotting as well as customer mix. Asia's 18% constant currency decline was driven by the actions we have taken as part of the segment's strategic reset plan. Volume declined 3.3%, which is a significant improvement for the first quarter's 15% decline. Price mix declined 14.7%, largely driven by unfavorable sales mix as we have rationalized SKUs that were higher priced but lower margins.

由於新產品相關的時段和客戶組合的推動，價格組合出現了 6.8% 的逆風。亞洲貨幣持續下跌 18% 是由我們作為該部門策略重置計畫的一部分所採取的行動所推動的。成交量下降 3.3%，較第一季 15% 的下降有了顯著改善。價格組合下降了 14.7%，主要是由於不利的銷售組合，我們對價格較高但利潤較低的 SKU 進行了合理化調整。

Slide 30 shows you the sequential quarter-over-quarter gross margin bridge. The year-over-year bridge is provided in the appendix of this presentation. The largest driver of the sequential improvement in gross margin is the 490-basis-point benefit from Asia strategic reset. As Daniel mentioned, this is a combination of cutting low-margin SKUs and driving increased efficiency in the supply chain.

幻燈片 30 顯示了連續季度毛利率橋。本簡報的附錄中提供了同比橋樑。毛利率季比改善的最大推動力是亞洲策略重置帶來的 490 個基點的好處。正如 Daniel 所提到的，這是削減低利潤 SKU 和提高供應鏈效率的結合。

Within EMEA and America, we saw a 60-basis-point positive impact from pricing net of trade spend, and that was offset by a 250-basis-point headwind, primarily from customer mix. We also saw continued benefit from supply chain efficiencies coming from absorption and Americas co-packer consolidation, all of which drove 270 basis point improvement.

在歐洲、中東和非洲和美洲，我們看到扣除貿易支出的定價帶來了 60 個基點的正面影響，但這一影響被主要來自客戶組合的 250 個基點的逆風所抵消。我們也看到吸收和美洲代加工商整合帶來的供應鏈效率持續受益，所有這些都推動了 270 個基點的改善。

Slide 31 shows our adjusted EBITDA by segment. And you can see each segment reported a significant improvement compared to the prior year for both the quarter and full year. Also, the fourth quarter was the first time that this sum total of the adjusted EBITDA for the three regions was positive. It's clear that the Board strategic actions we have been taking are driving results. Quarter after quarter, we have been executing our plan, improving the business, and driving the business towards profitable growth.

投影片 31 顯示了我們按部門調整後的 EBITDA。您可以看到每個細分市場的季度和全年與去年相比都有顯著改善。此外，第四季這三個地區的調整後 EBITDA 總和首次為正值。顯然，董事會採取的策略行動正在推動成果。每個季度，我們都在執行我們的計劃，改善業務，推動業務實現獲利成長。

Turning to our balance sheet and cash flow on slide 32, overall, our liquidity position is strong, and we are continuing to improve our free cash flow. The left-hand chart shows our liquidity position at the end of the quarter. We ended the quarter with $454 million in total liquidity, comprised of $249 million of cash and equivalents and $205 million of undrawn bank facilities.

轉向投影片 32 上我們的資產負債表和現金流，總體而言，我們的流動性狀況強勁，並且我們正在繼續改善我們的自由現金流。左圖顯示了我們在季度末的流動性狀況。本季結束時，我們的流動資金總額為 4.54 億美元，其中包括 2.49 億美元的現金及等價物以及 2.05 億美元的未提取銀行融資。

The right-hand chart shows that we have made good progress in improving our free cash flow. In the fourth quarter, free cash flow was an outflow of $31 million. As I have said previously, improving our cash flow is a priority for me and our organization is very focused on this. As such, we expect our cash flow to continue to improve, driven primarily by improvement in adjusted EBITDA and aided by improvements in working capital metrics as well as optimized capital expenditures.

右圖顯示我們在改善自由現金流方面取得了良好進展。第四季自由現金流流出 3,100 萬美元。正如我之前所說，改善我們的現金流是我的首要任務，我們的組織非常關注這一點。因此，我們預計我們的現金流量將繼續改善，這主要是由於調整後 EBITDA 的改善以及營運資本指標的改善以及優化的資本支出的幫助。

Slide 33 shows you our 2024 guidance. Our 2024 outlook reflects the continued impact of the actions we have been taking to build a stronger business and set ourselves up for strong, sustainable, long-term profitable growth.

投影片 33 向您展示了我們的 2024 年指引。我們的 2024 年展望反映了我們為打造更強大的業務並為實現強勁、可持續、長期盈利增長而採取的行動的持續影響。

Turning to details, we expect constant currency revenue growth in the range of 5% to 10%. We expect currency to be a small headwind. We expect the second-half constant currency growth rate to be stronger than the first half, largely driven by volume growth acceleration in each region. For adjusted EBITDA, we expect to report a loss of between $35 million and $60 million in 2024.

至於細節，我們預計貨幣收入將持續成長在 5% 至 10% 的範圍內。我們預期貨幣將成為一個小阻力。我們預計下半年的恆定貨幣成長率將強於上半年，這主要是受各地區銷售成長加速的推動。對於調整後的 EBITDA，我們預計 2024 年將出現 3,500 萬至 6,000 萬美元的虧損。

At the midpoint, this would be a year-over-year improvement of over $100 million from where we landed in 2023. We expect this improvement to be driven by an improvement in gross profit dollars with some benefit coming from SG&A as we continue to deliver on our communicated cost reduction program. We expect adjusted EBITDA dollars to be stronger in the second half than in the first half.

到中點時，這將比我們 2023 年的目標年增超過 1 億美元。我們預計這項改善將由毛利的改善所推動，其中一些收益來自於我們繼續履行已溝通的成本削減計畫的銷售管理及行政費用。我們預計下半年調整後的 EBITDA 美元將強於上半年。

We expect the increase in gross profit to be primarily driven by sales volume growth. We also expect the benefit from certain lower cost, which is partially driven by easing inflation in certain inputs, but also driven by our supply chain, eliminating cost for productivity and efficiency programs.

我們預計毛利的成長將主要由銷售成長推動。我們也期望從某些較低的成本中受益，這部分是由於某些投入品的通貨膨脹有所緩解，但也受到我們的供應鏈的推動，消除了生產力和效率計劃的成本。

While we believe that the business continually improved, our guidance range for adjusted EBITDA is below what we were previously targeting. That is primarily driven by more conservatism around our assumptions on new customer acquisition and new product launches while continuing to prioritize brand-building investments to energize the brand. We will continue to aggressively pursue new business and more efficient ways of working, and we have confidence in our volume-led growth in 2024. However, we believe that it's appropriate to have a more balanced outlook at this point.

雖然我們相信業務不斷改善，但調整後 EBITDA 的指導範圍低於我們先前的目標。這主要是由於我們對新客戶獲取和新產品發布的假設更加保守，同時繼續優先考慮品牌建立投資以激發品牌活力。我們將繼續積極尋求新業務和更有效率的工作方式，我們對 2024 年以銷售為主導的成長充滿信心。然而，我們認為目前應該採取更平衡的前景。

For CapEx, we are reiterating our guidance of below $75 million for 2024, which continues to assume that our first Asian manufacturing facility remains end to end. As a reminder, we are continuing to evaluate our options for this plant.

對於資本支出，我們重申 2024 年資本支出低於 7500 萬美元的指導，該指導仍然假設我們的第一個亞洲製造工廠保持端到端。提醒一下，我們正在繼續評估該工廠的選擇。

Lastly, I would like to update you on the change we are making to our reportable segments. Effective the beginning of fiscal 2024, we began managing our operation with slightly different reportable segments: Europe and international and North America, Greater China, and corporate.

最後，我想向您通報我們對可報告分部所做的更改的最新情況。自 2024 財年年初起，我們開始管理略有不同的可報告部門的營運：歐洲、國際、北美、大中華區和企業。

The most significant change is that the Greater China business will be separated from the Asia segment. The rest of the Asia business, which includes the Singapore manufacturing facility, together with the current EMEA segment, will constitute the new Europe and international segments.

最顯著的變化是大中華區業務將從亞洲業務中分離出來。亞洲業務的其餘部分，包括新加坡製造工廠，與目前的歐洲、中東和非洲業務部門一起，將構​​成新的歐洲和國際業務部門。

We will also be moving R&D expenses out of corporate and into the individual segments to better align with how we allocate resources. In the coming weeks, we will provide recast financial information that is consistent with our new reporting segment structure, we will begin to provide our financial results under the new reportable segments with our first-quarter results.

我們也將把研發費用從公司轉移到各個部門，以更好地配合我們分配資源的方式。在未來幾週內，我們將提供與新的報告分部結構一致的改寫財務信息，我們將開始提供新的報告分部下的財務業績以及第一季度業績。

This concludes our prepared remarks. Operator, we are now prepared to take questions.

我們準備好的演講到此結束。接線員，我們現在準備回答問題。

(Operator Instructions) Michael Lavery, Piper Sandler.

（操作說明）Michael Lavery、Piper Sandler。

Good morning. Thank you. You touched on in your prepared remarks on the status of the relationship with your largest foodservice customer in the Americas and how that may or may not be changing. Can you maybe just give a little bit more detail there, please?

早安.謝謝。您在準備好的評論中談到了與美洲最大的餐飲服務客戶的關係狀況，以及這種關係可能會或可能不會改變。能否提供更多細節？

Thank you, Michael. Daniel here. How are you? Thank you for joining us this morning. Listen, as you know and we have said repeatedly in the last earnings, we have only one North Star, and that is profitable growth.

謝謝你，麥可。丹尼爾在這裡。你好嗎？感謝您今天早上加入我們。聽著，正如你所知，我們在上一份財報中多次說過，我們只有一個北極星，那就是獲利成長。

We have, since last earnings, continue to make steady progress on channel mix in general. We are actively rebalancing growth between the very important foodservice customers that are low margin with significant growth in higher-margin channels that presented very significant growth opportunity for us. You would have appreciated seeing that in the prepared remarks and in the presentation.

自上次財報以來，我們在通路組合方面整體上持續取得穩定進展。我們正在積極重新平衡低利潤的非常重要的餐飲服務客戶與高利潤通路的顯著成長之間的成長，這為我們提供了非常重要的成長機會。如果您能在準備好的發言和簡報中看到這一點，您一定會很感激。

These channels are, number one, retail; and number two, the foodservice subchannels, in which the brand can be experienced to its fullest by customers, right, like example, universities, campuses, workplaces, and all other iconic high street customers that you've seen in recent press releases. So as you saw in the prepared remarks, we are making steady progress in these two domains, retail and foodservice, outside the largest customer. And the headspace for growth continues to be very significant.

這些通路第一是零售；第二是零售。第二，餐飲服務子管道，客戶可以在其中充分體驗該品牌，例如大學、校園、工作場所以及您在最近的新聞稿中看到的所有其他標誌性商業街客戶。正如您在準備好的演講中所看到的那樣，除了最大的客戶之外，我們正在零售和餐飲服務這兩個領域取得穩步進展。而且成長空間仍然非常巨大。

Now to your question, we continue to work very well with all customers, and let me underline all. Our largest customer is no different to that. In fact, over the past few months, our conversations have become more and more constructive, and we believe there is path forward that is mutually beneficial. With regards to the 2024 outlook, without giving any forecast by customer, we expect less of a quarterly headwind going forward versus what we presented at the last earnings. So thank you, Michael, for the question.

現在回答你的問題，我們將繼續與所有客戶合作，讓我強調所有內容。我們最大的客戶與此沒有什麼不同。事實上，在過去的幾個月裡，我們的對話變得越來越有建設性，我們相信存在著互利共贏的前進道路。關於 2024 年的前景，在沒有客戶給出任何預測的情況下，我們預計未來的季度阻力將小於我們在上次財報中提出的情況。謝謝邁克爾提出的問題。

That's helpful. And just given the updated thoughts on 2024 EBITDA and the progression there, I know on slide 32, I think it is -- you touched on liquidity and the balance sheet. But can you give a sense of your expectations a little bit further out? Would your change now suggest that you may be coming up towards another capital raise at some point? Or do you have the multi-year plan that you've kept that off the table? Just how should we think about the trajectory there and what your expectations are?

這很有幫助。剛剛考慮到 2024 年 EBITDA 的最新想法以及進展情況，我知道在第 32 張投影片上，我認為您談到了流動性和資產負債表。但你能進一步表達一下你的期望嗎？您現在的變化是否表明您可能會在某個時候進行另一次融資？或者你是否有一個多年計劃卻沒有被提及？我們應該如何思考那裡的發展軌跡以及您的期望是什麼？

Yes, hi, Michael. This is Marie-José. Let me allow first to go back to the prepared remarks, where I mentioned that our liquidity position is strong and we continue to improve our free cash flow. When I say we believe our liquidity position remains really strong is because we are adequately funded from a business plan standpoint. We have healthy cash balance as well as revolver backup.

是的，嗨，麥可。這是瑪麗-何塞。首先讓我回到準備好的發言，我在其中提到我們的流動性狀況強勁，並且我們繼續改善我們的自由現金流。當我說我們相信我們的流動性狀況仍然非常強勁時，是因為從商業計劃的角度來看，我們的資金充足。我們有健康的現金餘額以及左輪手槍備用。

We are as well, as we called out last quarter, driving improvement on our free cash flow from, of course, a stronger adjusted EBITDA but as well working capital opportunities. You know that those metrics from working capital are definitely super important for me, so we definitely are strong on this front. We are fully funded until we reach free cash flow quality, and we continue to work on that front.

正如我們上個季度所呼籲的那樣，我們也在推動自由現金流的改善，當然，這得益於更強勁的調整後 EBITDA 以及營運資本機會。你知道，營運資金的這些指標對我來說絕對非常重要，所以我們在這方面絕對是強大的。在達到自由現金流品質之前，我們的資金充足，我們將繼續在這方面努力。

That's really helpful. Thanks so much.

這真的很有幫助。非常感謝。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Hey, everybody, good morning -- good afternoon, I suppose, depending where you guys are. Given the change in your 2024 outlook, maybe you could just provide a few more details? You've mentioned some shifts on expectations on new customers, expectations on innovation. Any more color you could provide would be useful.

嘿，大家早安——我想下午好，這取決於你們在哪裡。鑑於您對 2024 年展望的變化，也許您可以提供更多細節？您提到了對新客戶的期望、對創新的期望的一些轉變。您可以提供的任何更多顏色都會很有用。

Good morning, Kaumil. It's great to speak to you again, and thank you for asking. Let me unpack for you the three main drivers that shaped the design of our guidance.

早上好，考米爾。很高興再次與您交談，並感謝您的詢問。讓我為您解析塑造我們指南設計的三個主要驅動因素。

Number one, I just want to reiterate the magnitude of the turnaround journey that we are driving. As a reminder, in 2022, which is just 13 months ago, this business lost $268 million of adjusted EBITDA. In 2023, as you just heard, thanks to our efforts and the mobilization around profitable growth, we have reduced this loss by $110 million.

第一，我只想重申我們正在推動的轉型之旅的重要性。提醒一下，2022 年，也就是 13 個月前，該業務損失了 2.68 億美元的調整後 EBITDA。正如您剛才所聽到的，到 2023 年，由於我們的努力和圍繞盈利增長的動員，我們將這一損失減少了 1.1 億美元。

And when you look at the midpoint of our 2024 guidance, it's projecting another reduction of $110 million between '24 and '23. So the magnitude of this turnaround, $220 million improvement in adjusted EBITDA in two years and what it takes to achieve it operationally, is the first driver of our guidance.

當你查看我們 2024 年指導的中點時，預計在 24 年至 23 年間將再減少 1.1 億美元。因此，這一轉變的幅度、兩年內調整後 EBITDA 提高 2.2 億美元以及在營運上實現這一目標所需的條件是我們指導的首要驅動因素。

Second, very clearly in profitable growth, you hear growth. Why do I underline that? I and we strongly -- this business has a massive growth opportunity in front of us. We are convinced about that. Hence, our duty is to capture the growth potential.

其次，在獲利成長中，你可以非常明顯地聽到成長。我為什麼要強調這一點？我和我們強烈地認為，這項業務在我們面前有著巨大的成長機會。我們對此深信不疑。因此，我們的責任是抓住成長潛力。

So our adjusted EBITDA guidance also reflects healthy growth investments, innovation projects, slotting fees for our new products, new fields set forth [in some fees], and of course, brand investment to carry our unique brand voice, all of this in a very rigorous and choiceful manner. So the second driver of our adjusted EBITDA guidance is really a reflection of this balanced, profitable growth North Star.

因此，我們調整後的EBITDA 指導也反映了健康的成長投資、創新項目、新產品的進場費、[在某些費用中]規定的新領域，當然還有承載我們獨特品牌聲音的品牌投資，所有這些都以非常好的方式進行。因此，我們調整後的 EBITDA 指導的第二個驅動因素實際上反映了這種平衡、獲利成長的北極星。

Finally, as you have heard in our remarks, our three segments are in three very diverse situations when it comes to maturity and execution. Some are more advanced, while some, like Greater China, for example, just completed the first phase of their reset. And therefore, our guidance needed to reflect this diversity within our segment's portfolio, and that's what guided our guidance.

最後，正如您在我們的演講中所聽到的，在成熟度和執行力方面，我們的三個部門處於三種截然不同的情況。有些更先進，而有些，例如大中華區，剛完成重置的第一階段。因此，我們的指導需要反映我們細分市場投資組合中的這種多樣性，這就是我們指導的指導原則。

Got it. Thank you. And then if I may ask, you highlighted the shelf space or expected shelf space gains. Can you again provide a bit more color? Is that 10%, 20% more, and then how does that translate to incremental sales?

知道了。謝謝。然後，如果我可以問的話，您強調了貨架空間或預期貨架空間增益。能再提供一點顏色嗎？是增加 10%、20%，然後如何轉換為增量銷售？

Kaumil, Daniel here. I guess you are referring to the Americas in particular?

考米爾，丹尼爾在這裡。我猜你指的是美洲？

Yeah, I'm sorry. That's where you highlighted it, specifically for the Americas.

是的，對不起。這就是您強調的地方，特別是針對美洲。

Yeah, I will try my best to answer what's behind your question, Kaumil, which is our progress in the retail space, and I'll try to comment in the evident question about shelf space, which is, obviously, we're tracking and we're gaining, right? Although, data is very recent, and I won't be able to fully share that with you today.

是的，我會盡力回答你的問題背後的原因，考米爾，這是我們在零售領域的進展，我將嘗試在有關貨架空間的明顯問題中發表評論，顯然，我們正在跟踪和我們正在收穫，對嗎？不過，數據是最近的，我今天無法與您完全分享。

But as you saw in the prepared remarks, Kaumil, the team is delivering some very significant distribution gains, consistent with the discussions we had in previous ones, in previous quarters.

但正如您在準備好的演講中看到的那樣，Kaumil，該團隊正在實現一些非常顯著的分配收益，這與我們在前幾個季度的討論一致。

So as you heard us talking about controlling the controllables, we were able to drive TDPs' growth above 50%, five-zero. And the ACVs have grown for above 1,000 basis points year on year to 43% and still counting. So there is more room to go there in terms of TDPs and ACVs, so weighted distribution.

因此，當您聽到我們談論控制可控因素時，我們能夠推動 TDP 的成長超過 50%（五個零）。ACV 年成長超過 1,000 個基點，達到 43%，並且仍在成長。因此，就 TDP 和 ACV 而言，還有更多的空間，因此加權分配。

This has, Kaumil, generated the highest-ever market share in oat milk. You guys are tracking the scanner data, I know you are, so above 25% for oat milk and 6% across all plant-based drinks. So the traction you might have seen in the recent scanner data with solid growth in both units and dollars in our core business.

考米爾由此創造了燕麥奶有史以來最高的市場份額。我知道你們正在追蹤掃描器數據，所以燕麥奶的數據超過 25%，所有植物性飲料的數據超過 6%。因此，您可能已經在最近的掃描器資料中看到了我們核心業務的銷售量和美元穩健成長的吸引力。

We believe, yes, indeed, shelf is growing, distribution is growing, and we see this only the beginning. Kaumil, we are the only category pure player in oat milk, and we are the brand that has proven to drive category penetration. So holding that unique space and with so much -- plenty of ACV runway ahead, there is more to come and more to go. With supply chain reliability issues behind and having regained distribution, we expect steady progress on distribution and sales execution to drive further profitable growth.

我們相信，是的，確實，貨架正在成長，分銷正在成長，而我們認為這只是一個開始。Kaumil，我們是燕麥奶領域唯一的純品類參與者，而我們是已被證明能夠推動品類滲透的品牌。因此，擁有這個獨特的空間，並擁有如此多的 ACV 跑道，未來將有更多的事情發生。隨著供應鏈可靠性問題的解決並重新獲得分銷，我們預計分銷和銷售執行的穩步進展將推動利潤進一步成長。

Hope that answers your question, Kaumil.

希望這能回答你的問題，考米爾。

It does, yeah. Thank you.

確實如此，是的。謝謝。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great. Thanks so much. Good morning, everybody.

偉大的。非常感謝。大家早安。

Hi, Andrew.

嗨，安德魯。

I think -- I guess I'm curious about the cadence of EBITDA as we move through 2024. EBITDA obviously improved sequentially each quarter through 2023. I guess I'm curious whether this pattern continues as we start '24, meaning sequential improvement or there are reasons that perhaps EBITDA losses expand again versus the fourth quarter as we move into the first half. And if so, why?

我想——我想我對 2024 年 EBITDA 的節奏感到好奇。到 2023 年，每季 EBITDA 都明顯連續改善。我想我很好奇這種模式是否會在 24 年開始時繼續下去，這意味著連續改善，或者有原因表明，隨著我們進入上半年，EBITDA 損失可能會比第四季度再次擴大。如果是這樣，為什麼？

Because I think I heard you say that EBITDA dollars would be concentrated more in the back half. So maybe I've answered my own question, but I'm trying to get a sense of how you see the EBITDA cadence going as we go through the year and what the rationale behind that cadence would be.

因為我想我聽到你說 EBITDA 美元將更多地集中在後半部分。也許我已經回答了我自己的問題，但我試圖了解您如何看待這一年的 EBITDA 節奏，以及這種節奏背後的理由是什麼。

Hi, Andrew. This is Marie-José, very nice meeting you. I will answer in two steps when it comes to your question. So the first one is over the past 12 months, right, you know that we have established a foundation to drive better business toward profitable growth.

嗨，安德魯。我是瑪麗-何塞，很高興見到你。針對你的問題我分兩步驟回答。所以第一個是過去12個月，對吧，你知道我們已經建立了一個基礎來推動更好的業務實現獲利成長。

It's true that last year, we guided to quarterly improvement, but we thought that it's more [nonaccrual] out of these 12 months of establishing conditions that we look more at the long-term time horizon than just the upcoming quarter. So this is just to give you an overview of why we are not driving quarter over quarter anymore.

確實，去年我們指導了季度改進，但我們認為，在這 12 個月的建立條件中，我們更多地著眼於長期時間範圍，而不僅僅是下一個季度，這更[非應計]。因此，這只是為了向您概述為什麼我們不再逐季推動。

Now, as you mentioned and you just said it, our guidance calls for the second half to be stronger than the first half on sales growth and on EBITDA, and this is true as well for gross margin. We are not guiding to quarters. But the first quarter, as I just said, we obviously have some dynamics, such as the Chinese New Year, such as the spend from new products, new distribution, driving/slotting span and trade support. I mean, you've heard us saying that two times already. Also, as I mentioned in the prepared remarks, we are working on eliminating cost through profitability and efficiency programs.

現在，正如您所提到的，我們的指導要求下半年的銷售成長和 EBITDA 要強於上半年，毛利率也是如此。我們不引導您前往宿舍。但正如我剛才所說，第一季我們顯然有一些動態，例如農曆新年，例如新產品、新分銷、驅動/時段跨度和貿易支持的支出。我的意思是，你已經聽我們說過兩次了。此外，正如我在準備好的演講中提到的，我們正在努力透過獲利能力和效率計劃來消除成本。

So it's now my answer to the question on EBITDA. Our EBITDA will be between $35 million and $60 million, which, again, I want to emphasize the year-over-year improvement between $98 million and $123 million. So out of this improvement, just to be very precise, we are expecting roughly $20 million to $25 million to come from SG&A reduction.

現在這是我對 EBITDA 問題的回答。我們的 EBITDA 將在 3500 萬美元至 6000 萬美元之間，我想再次強調 9800 萬美元至 1.23 億美元之間的同比改善。因此，從這項改進中，非常準確地說，我們預計 SG&A 減少將帶來約 2,000 萬至 2,500 萬美元。

As a reminder, SG&A includes distribution costs, and we know those are pretty variable. And the remaining portion of this EBITDA improvement will come from gross profit. So in a nutshell, there is no guidance on quarter over quarter. There is more annual and long-term view, understanding, as I just said, that the second half will be stronger than the first half and this is all about from top line to bottom line.

提醒一下，SG&A 包括分銷成本，我們知道這些成本變化很大。EBITDA 改善的剩餘部分將來自毛利。簡而言之，沒有季度環比的指導。正如我剛才所說，有更多的年度和長期觀點和理解，下半年將比上半年更強，這都是從營收到利潤的。

Got it. Thank you for that. (Multiple speakers) Yeah, keep going.

知道了。謝謝你。（多個發言者）是的，繼續。

No, I wanted to make sure that answered your question.

不，我想確保這回答了你的問題。

That does, thank you. And then you talked a little about this in the prepared remarks, but I want to make sure I have it right. Despite a lot of the sequential progress that you clearly have been making and you've talked about, you've pushed back the timing on getting to EBITDA positive several times now. And I think don't expect that this year either, it would seem.

確實如此，謝謝。然後你在準備好的發言中談到了這一點，但我想確保我的說法是正確的。儘管您顯然已經取得並談到了許多連續的進展，但您現在已經多次推遲了實現 EBITDA 為正值的時間。我認為今年也不要指望如此。

I guess if you had to just boil it down and sort of bucket it into maybe the top couple of things that have been the main rationale or reason for that shifting, and why maybe the visibility to that hasn't been what you would have wanted it to be, what would those be?

我想如果你必須把它歸結為可能是這種轉變的主要理由或原因的最重要的幾件事，以及為什麼它的可見性可能不是你想要的如果是的話，那會是什麼？

What I'm trying to assess is why has it gotten pushed back? Why would your visibility to the EBITDA guidance you're providing for this year be more solid maybe than what it's been in whatever past couple of quarters, if you get my point. Thank you.

我想評估的是為什麼它被推遲了？如果您明白我的觀點，為什麼您對今年提供的 EBITDA 指導的了解可能比過去幾季更加可靠。謝謝。

Well, thank you, Andrew. J. C. here. I'll take this one. Clearly, the way we have guided today is the outcome of our budgeting process. And if you say, what have you been doing since we last spoke? One of the things we did was budgeting, which is evaluating scenarios in the light of the business context.

嗯，謝謝你，安德魯。J.C. 在這裡。我要這個。顯然，我們今天的指導方式是我們預算流程的結果。如果你問，自從我們上次談話以來你在做什麼？我們所做的事情之一是預算，即根據業務環境評估場景。

We have the choice to go for profit only, but this is not in line with our North Star, which is profitable growth, because it could have impaired the future growth potential of this business. So as I've explained, when we boil it down to answer your question, the main drivers of this guidance -- first, it is an immense turnaround journey to reduce $220 million loss of adjusted EBITDA in two years.

我們可以選擇只追求利潤，但這不符合我們的北極星，即獲利成長，因為這可能會損害該業務的未來成長潛力。正如我所解釋的，當我們歸結起來回答你的問題時，本指南的主要驅動因素——首先，這是一個巨大的轉變之旅，可以在兩年內減少 2.2 億美元的調整後 EBITDA 損失。

Second, we really wanted to protect healthy growth investments to capture the massive growth potential that we believe we have. And finally, taking into account, really, the diverse situation of all three segments. So in a nutshell, boiling down, this is what drove us.

其次，我們確實希望保護健康成長的投資，以抓住我們認為擁有的巨大成長潛力。最後，實際上要考慮到所有三個細分市場的不同情況。簡而言之，這就是我們的動力。

Got it. Thanks so much.

知道了。非常感謝。

Max Gumport, BNP Paribas.

馬克斯‧岡波特，法國巴黎銀行。

Hi. Thanks for the question. One quickly on Americas. So it sounds like foodservice in Americas revenue was up 4.5%; total Americas, up 2%. So it would imply not much growth for US retail. In the scanner data, at least, we're seeing for the milk business, it's up mid-single digits or better in 4Q. So I just wanted to make sure we're not missing anything in terms of non-tracked channel impact or inventory dynamics that held back US retail revenue in 4Q. Thanks.

你好。謝謝你的提問。很快就到了美洲。聽起來美洲的餐飲服務收入成長了 4.5%；美洲總計成長 2%。因此，這意味著美國零售業不會有太大成長。至少在掃描器數據中，我們看到牛奶業務在第四季度實現了中個位數或更好的成長。因此，我只是想確保我們不會錯過任何阻礙第四季度美國零售收入的非追蹤管道影響或庫存動態。謝謝。

Thank you, Max, and good morning. Daniel here. Yes, I will go straight into your question. What you see is the net effect of the slotting fees in quarter four, Max. As you saw, there is a very heavy NPD innovation agenda that the teams are working on starting at the end of last year, beginning of this year with some very exciting new listings and that's the impact. You can see there in the volume growth, and you can see in the very exciting market data that I'm sure you've seen on January 30.

謝謝你，麥克斯，早安。丹尼爾在這裡。是的，我會直接回答你的問題。您看到的是第四季度進場費的淨效應，Max。正如您所看到的，團隊從去年底開始就制定了一項非常繁重的 NPD 創新議程，今年年初將推出一些非常令人興奮的新產品，這就是影響。你可以看到交易量的成長，也可以看到非常令人興奮的市場數據，我相信你已經在 1 月 30 日看到了。

Listen, we are seeing TDPs off the chart at 50% growth, ACV at 43% and growing. Remember, a year ago, we were at 34%, three-four, and with room to grow. So record market shares and really very, very nice dynamics in top-line growth. In our core oat milk business, about 10%. So positive outlook and the net effect of the slotting fees, that's what we can add, Max.

聽著，我們看到 TDP 成長了 50%，ACV 成長了 43%，而且還在成長。請記住，一年前，我們的比例為 34%，三比四，並且還有成長空間。因此，創紀錄的市場份額和收入成長的動力非常非常好。在我們的核心燕麥奶業務中，約佔10%。如此積極的前景和進場費的淨效應，這就是我們可以補充的，麥克斯。

Great. Makes sense. And then a year ago, you laid out your expectation to achieve a high 20% gross margin this quarter. Obviously, the business has changed quite a bit. The strategy has changed.

偉大的。有道理。一年前，您提出了本季實現 20% 毛利率的預期。顯然，業務發生了很大變化。策略已經改變。

Looking at the bridges you provided over the last year, it seems like one headwind that's been larger than you might have expected a year ago was the trade promotion and mix strength that you added. Just hoping you could expand on why that played out a bit differently than expected and also what this means for gross margin and '24. I'll leave it there. Thank you very much.

看看您去年提供的橋樑，似乎比您一年前預期的更大的阻力是您添加的貿易促進和混合強度。只是希望您能詳細說明為什麼結果與預期略有不同，以及這對毛利率和“24”意味著什麼。我會把它留在那裡。非常感謝。

Hi, Matt. This is M. J., Marie-José. So look, when we look at where we landed for gross profit, there is no anything structural or any pull out. As a reminder, when we changed our margin guidance last quarter from high 20 to mid-20, it was driven by the expected cost related to the execution of our reset plan in China, mainly from the store rationalization as we mentioned, combined with the impact from the foodservice mix in the US.

嗨，馬特。我是 M.J.，瑪麗-何塞。所以，當我們看看我們的毛利下降時，沒有任何結構性或任何退出。提醒一下，當我們將上季的利潤指引從20 高點調整為20 點中點時，這是由與我們在中國執行重置計劃相關的預期成本驅動的，主要來自我們提到的商店合理化，再加上美國餐飲服務組合的影響。

So both elements somehow came slightly different from our forecast. But as I said, there is absolutely nothing structured here. I mean, we said it and Jean-Christophe mentioned it. There is a gross margin as a key lever to deliver on our North Star, and I'm very confident on 2024.

因此，這兩個因素在某種程度上都與我們的預測略有不同。但正如我所說，這裡絕對沒有任何結構化的東西。我的意思是，我們說過，克里斯托夫也提到過。毛利率是實現北極星目標的關鍵槓桿，我對 2024 年充滿信心。

John Baumgartner, Mizuho.

約翰·鮑姆加特納，瑞穗。

Good morning. Thanks for the questions. (Multiple speakers) First off, I wanted to come back to the impairment charge in Q4. I'm not entirely clear what happened there. The press release noted certain events that resulted in discontinued construction. Can you disclose the events that happened and what drove the charge? Is there a pivot from here similar to another sort of Ya YA agreement in your future? Any comments would be helpful.

早安.感謝您的提問。（多位發言者）首先，我想回到第四季的減損費​​用。我不太清楚那裡發生了什麼事。新聞稿指出了導致施工中斷的某些事件。您能透露一下發生的事件以及導致指控的原因嗎？你們未來是否有類似另一種 Ya YA 協議的支點？任何評論都會有幫助。

Thank you, John. Let me take the context point. Honestly, what you see in the impairment charge for Q4 is only, and I insist only, the execution of the discontinuation of the US and EMEA factory we announced in the Q3 call. Nothing new, nothing different.

謝謝你，約翰。讓我看看上下文。老實說，您在第四季度的減損費用中看到的只是（我堅持認為）我們在第三季電話會議中宣布的美國和歐洲、中東和非洲工廠停產的執行情況。沒有什麼新的，沒有什麼不同。

Okay, great. Second question for Daniel, if I could. Going back to slide 14 and the innovation there in EMEA, I guess it was the Jigger, the Mini, the one liter, the 1.5 liter. It feels as though you're introducing a lot more complexity into the portfolio. And I think that's the ice cream and frozen dessert strategy in Asia and how complexity there impacts the business and profitability.

好的，太好了。丹尼爾的第二個問題，如果可以的話。回到投影片 14 以及歐洲、中東和非洲地區的創新，我猜是 Jigger、Mini、1 公升、1.5 公升。感覺好像你在投資組合中引入了更多的複雜性。我認為這就是亞洲的冰淇淋和冷凍甜點策略以及其複雜性如何影響業務和獲利能力。

Can you speak to the complexity in EMEA? I mean, are these products produced internally? Are they profitable? I'm just wondering at what point the complexity becomes more of a headwind than a revenue opportunity for you.

能談談 EMEA 的複雜性嗎？我的意思是，這些產品是內部生產的嗎？他們有利可圖嗎？我只是想知道在什麼時候，複雜性對您來說不再是一個收入機會，而是一個阻力。

Fantastic, John. Well, thank you. That's a great question. Well, two ways in which I would approach that question, John. First, from a consumer standpoint and from a revenue pool, from growth space standpoint, we're doubling down on the range, the Barista addition, which is what really pretty much defined the rules of the game in plant-based and in oat milk.

太棒了，約翰。嗯，謝謝。這是一個很好的問題。好吧，約翰，我會用兩種方式來解決這個問題。首先，從消費者的角度、從收入池、從成長空間的角度來看，我們正在加倍投入咖啡師的產品範圍，這實際上幾乎定義了植物奶和燕麥奶的遊戲規則。

So what you see here -- since you made a comparison versus China, there is nothing similar to what we have resetted in China. This is doubling down vertically, allow me to use this geometrical metaphor, on what's working for us. So it's more occasions and more spaces and more cultural spaces for our coffee moments.

所以你在這裡看到的——自從你與中國進行比較以來，沒有什麼與我們在中國重置的情況相似。這是垂直加倍的，請容許我用這個幾何比喻來說明什麼對我們有用。因此，我們的咖啡時光需要更多的場合、更多的空間、更多的文化空間。

That's incremental growth in different spaces. Jigger, you will see it in railway stations, in airplanes, et cetera. Organic, there are many customers that were not prepared to welcome Oatly because we didn't have an organic opportunity. That's what you see from a customer-consumer standpoint.

這是不同空間的增量成長。Jigger，你會在火車站、飛機上等等看到它。有機的，有很多顧客沒有準備好歡迎Oatly，因為我們沒有有機的機會。這就是您從客戶消費者的角度所看到的。

And all your question on complexity had to do with the way we manage the operations, in which we are relentlessly focusing on efficiency. This change is pretty much nothing to us. This is doubling down on the same supply chain network as we have today.

您關於複雜性的所有問題都與我們管理營運的方式有關，在這種方式中，我們不懈地關注效率。這種變化對我們來說幾乎沒什麼。這在我們今天擁有的同一供應鏈網路上加倍了。

In Europe, it's Vlissingen, and it lands krona more and more, so more efficiency. Imagine, from an engineering standpoint, from a manufacturing standpoint, you're talking about the same pack sizes and the same pack formats. So you're doubling down on the utilization of the same line.

在歐洲，它是弗利辛根，它的克朗越來越多，因此效率更高。想像一下，從工程的角度來看，從製造的角度來看，您正在談論相同的包裝尺寸和相同的包裝格式。因此，您將加倍提高同一條線路的利用率。

Okay. And then last if I could, for guidance for 2024, I can appreciate the incremental conservatism there, and I think there was a mention of customer acquisition timing and some conservatism built in there.

好的。最後，如果可以的話，對於 2024 年的指導，我可以欣賞那裡的漸進保守主義，我認為其中提到了客戶獲取時機和其中內置的一些保守主義。

I'm curious, do we come back to that? Is that comment in the context of some of the volatility in the Americas foodservice with customer mix? Are you seeing anything at retail just given the softness in plant-based beverage volumes? Are you seeing customers being maybe less inclined to add SKUs at this point? Any color there would be helpful. Thank you.

我很好奇，我們會回到這個話題嗎？這則評論是否是在美洲餐飲服務和顧客結構出現波動的背景下做出的？鑑於植物性飲料銷量疲軟，您是否在零售業看到了一些變化？您是否發現客戶此時不太願意添加 SKU？任何顏色都會有幫助。謝謝。

Thank you, John, for the question. No, not really. No. It is a general assessment of adopting a conservative outlook in how we look at the business at the moment of setting the guidance.

謝謝約翰提出這個問題。不，不是真的。不。這是我們在製定指導意見時對業務採取保守看法的整體評估。

And of course, there are multiple variables when it comes to that. It's certainly not specifically related to foodservice or the largest customer as you might have in your head or the retail dynamics, which, in the Americas, go in the exact opposite direction.

當然，這方面存在多個變數。它當然與餐飲服務或您腦海中可能想到的最大客戶或零售動態沒有具體關係，而在美洲，這與您的想法完全相反。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Thank you. This concludes our question-and-answer session. I would like to turn in the call for any closing remarks.

謝謝。我們的問答環節到此結束。我想提交結束語。

Great. Thank you very much. This concludes our call. Feel free to reach out to the Investor Relations team if you'd like to schedule any follow-up call. Take care.

偉大的。非常感謝。我們的通話到此結束。如果您想安排任何後續電話，請隨時聯絡投資者關係團隊。小心。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。