Post Holdings Inc (POST) 2025 Q1 法說會逐字稿

Welcome to the Post Holdings First Quarter 2025 Earnings Conference Call and Webcast. (Operator instructions)

歡迎參加郵政控股 2025 年第一季財報電話會議及網路廣播。（操作員指令）

I would now like to turn the call over to Daniel O'Rourke, Investor Relations.

現在我想將電話轉給投資者關係部門的丹尼爾·奧羅克 (Daniel O'Rourke)。

Thank you for joining us today from Post First Quarter Fiscal 2025 earnings call. I'm joined this morning by just Radix are still low in that manner, our CFO and Treasurer, Jeff and that will make prepared remarks. And afterwards I will answer your questions. The press release that supports these remarks is posted on both the investors and the SEC filings portions of our website and is also available on the SEC's website. (Operator instructions)

感謝您今天參加我們的 2025 財年第一季後財報電話會議。今天上午，我與 Radix 一起出席，我們的財務長兼財務主管 Jeff 將發表準備好的演講。之後我會回答你們的問題。支持這些言論的新聞稿已發佈在我們網站的投資者和美國證券交易委員會 (SEC) 文件部分，也可在美國證券交易委員會 (SEC) 網站上查閱。（操作員指令）

I'd like to remind you that this call will contain forward looking statements which are subject to risks and uncertainties should be carefully considered by investors as actual results could differ materially from these statements. These forward looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. This call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website.

我想提醒您，本次電話會議將包含前瞻性陳述，這些陳述受風險和不確定性的影響，投資者應仔細考慮，因為實際結果可能與這些陳述有重大差異。這些前瞻性陳述截至本次電話會議之日均為最新，管理階層不承擔更新這些陳述的義務。本次電話會議將討論某些非公認會計準則指標。有關這些非公認會計準則指標與最接近的公認會計準則指標的對照表，請參閱我們昨天發布並在我們網站上發布的新聞稿。

With that, I will turn the call over to Jeff.

說完這些，我會把電話轉給傑夫。

Thank you and good morning, everyone. Before we get to our prepared remarks, I'm sure all of you are wondering why Rob visit with us, unfortunately, he cost the flu book that's been going around the country and won't be with us today. I'm quite sure he's listening, however, is going to be critiquing nor performance.

謝謝大家，早安。在我們開始準備好的發言之前，我確信大家都想知道為什麼羅布會來拜訪我們，不幸的是，他損失了在全國流傳的流感書籍，今天不能和我們在一起。我很確定他在聽，但是，他不會提出批評也不會做出表現。

So Matt and I are going to do our best to get through this call in and hopefully get a good review for him when we talk to him later. With that, I'll turn back to our prepared remarks. Fiscal '25 is off to a good start our strong Q1 financial results were driven by cost management and benefits as we continue to see from our diversified portfolio. These results were delivered as we successfully executed major ERP conversions at PCB, PET and Weetabix during the quarter. Given the potential pitfalls involved with these types of projects, the performance of our teams was commendable, and we are grateful for their efforts at PCD.

因此，馬特和我將盡最大努力接通這次電話，希望在我們稍後與他交談時能得到他的好評。說完這些，我將回顧我們準備好的發言。25 財年開局良好，我們強勁的第一季財務表現得益於成本管理和收益，這一點我們從多元化投資組合中繼續看到。這些成果的取得得益於我們在本季度成功實施了 PCB、PET 和 Weetabix 的主要 ERP 轉換。考慮到此類專案可能存在的缺陷，我們團隊的表現值得稱讚，我們感謝他們在 PCD 的努力。

In grocery, we had a strong quarter with improved gross gross margin in both driven by cost performance. For grocery, we benefited from improved utilization due to our plant closure completed last September as well as create efficiencies. For PET we benefited from improved cost and plant performance. From a volume standpoint, the cereal category declined 3.2%, slightly more than our plan assumptions.

在食品雜貨方面，我們本季表現強勁，在成本績效的推動下，毛利率均有所提高。對於雜貨而言，由於去年 9 月工廠關閉完成，我們受益於利用率的提高以及效率的提高。對於 PET，我們受益於成本和工廠性能的改善。從銷售角度來看，穀類商品下降了 3.2%，略高於我們的計畫假設。

PCBs top-tier remained flat at 22%, with solid performance across the portfolio. Meanwhile, PET category consumption was down approximately 1%, with our portfolio declining 5% as we continue to lap lost distribution points to Nutrish and experienced price elasticity gravy train. Our overall share was down slightly. We are now turning our attention to innovation for PET in Q2, led by the relaunch of Nutrish, which is underway now with phasing throughout the balance of the fiscal year.

PCB 頂級份額維持穩定在 22%，整個投資組合表現穩健。同時，PET 類消費量下降約 1%，我們的產品組合下降了 5%，因為我們繼續將分銷點輸給 Nutrish，並且經歷了價格彈性的順風車。我們的整體份額略有下降。我們現在將注意力轉向第二季的 PET 創新，以 Nutrish 的重新推出為主導，目前正在進行中，並將在整個財政年度內分階段進行。

In addition, we are rolling out innovation with new product launches in Nature's Recipe and Kibbles & bits shipment quarter continued volume growth, ongoing avian influenza pricing from the May 2024 outbreak and improved supply chain performance. While restaurant foot traffic remained soft, we saw some year-over-year stabilization. Nevertheless, we continue to grow our volumes in both egg and potato products with a higher value added is leading the way at plus 5%. The quarter ended on a challenging no as two of our third party contracted farms were hit with avian influenza in December.

此外，我們正在推出創新產品，在 Nature's Recipe 和 Kibbles & bits 的出貨量季度中推出新產品，持續成長，自 2024 年 5 月疫情爆發以來持續進行禽流感定價，並改善供應鏈績效。儘管餐廳客流量仍然疲軟，但我們看到同比有所穩定。儘管如此，我們仍繼續增加雞蛋和馬鈴薯製品的產量，且附加價值更高，成長率達到 5%。由於我們與第三方簽約的兩個農場在 12 月遭遇了禽流感疫情，本季以充滿挑戰的「零」收官。

While this did not have a material impact on Q1, when combined with the significant additional avian influenza outbreaks across the industry, our supply imbalance will cause sourcing and cost challenges, especially in our fiscal Q2. We have successfully priced through each avian influenza outbreak in the past. And while the magnitude of current market prices and volatility are unprecedented, we are confident in our ability to navigate through the current landscape. We I think the cost before pricing impact on our fiscal second quarter will be a headwind in the range of $30 million to $50 million when compared to the fiscal first quarter results.

雖然這對第一季沒有重大影響，但加上整個產業大量禽流感疫情的爆發，我們的供應不平衡將導致採購和成本方面的挑戰，尤其是在我們的第二財季。我們已經成功地對過去的每次禽流感疫情進行了定價。儘管當前市場價格和波動的幅度是前所未有的，但我們有信心駕馭當前的情況。我認為，與第一財季的業績相比，定價前成本對我們第二財季的影響將在 3,000 萬至 5,000 萬美元之間。

Given the volatility and market prices, the actual results could vary perhaps significantly from this range. Importantly, however, we remain confident in our ability to recover any second quarter cost before pricing impact in the balance of the fiscal year. Please note, this assumes we recover our lost supplied by as planned and see no additional avian influenza outbreaks within our control farms. Turning to Refrigerated Retail, Q1 adjusted EBITDA was down significantly to prior year. Roughly half of this decline was expected as last year benefited from customer sponsored promotion than that that did not repeat this year.

考慮到波動性和市場價格，實際結果可能與該範圍有很大差異。然而，重要的是，我們仍然有信心在財政年度餘額產生價格影響之前收回第二季度的任何成本。請注意，這是假設我們按計劃收回損失的供應，並且在我們的控制農場內沒有看到額外的禽流感疫情。談到冷藏零售，第一季調整後的 EBITDA 較前一年大幅下降。由於去年受益於客戶贊助的促銷，而今年沒有出現同樣的情況，因此大約有一半的降幅是可以預料的。

In addition, set shelf reset, leave relocations at a major customer created a temporary weakness in our side offerings. Finally, we experienced cost ahead of pricing for both sides of the generics are focusing. The balance of the year for this segment is to continue driving growth in our sights business. While we maintain cost discipline at Weetabix business performance was down as expected as we pull back on promotions while we work through our ERP conversion. From a volume perspective, the cereal category was down 1.6% with declines in both branded and private-label.

此外，由於主要客戶的貨架重置和離店搬遷，導致我方供貨出現暫時疲軟。最後，我們經歷了仿製藥雙方都關注的成本優先於定價。本部門今年的目標是繼續推動我們的觀光產品業務的成長。雖然我們在 Weetabix 嚴格控製成本，但由於我們在進行 ERP 轉換期間減少了促銷活動，因此業務績效如預期般下降。從銷售來看，穀物食品類別下降了 1.6%，品牌食品和自有品牌的銷售量均下降。

However, a bright spot was our record Weetabix product, which was up 3.6%, with the year feed conversion behind us, our focus shifts to ramping marketing to support and drive volume growth. While we continue to execute our identified cost out opportunities. Before turning the call over to Matt, I want to make a few comments on the macro consumer environment and capital allocation. The macro environment remains challenging, with continued pressure on the consumer and therefore, collective value across our sector.

然而，一個亮點是我們創紀錄的 Weetabix 產品，其銷售量成長了 3.6%，隨著飼料轉換率的提高，我們的重點轉向加強行銷以支持和推動銷售成長。我們將繼續執行已確定的成本削減機會。在將電話轉給馬特之前，我想就宏觀消費環境和資本配置發表一些評論。宏觀環境仍充滿挑戰，消費者面臨持續壓力，因此整個產業的整體價值也面臨壓力。

Adding to this new administration and its potential policies have driven uncertainty across the consumer landscape. We continue to see an active pipeline of potential M&A transactions, both large and small. However, just like with all of our capital allocation decisions, development of these opportunities will come down evaluation since the beginning of the fiscal year. Our capital allocation is focused on share repurchase as we bought back over 4% of our shares while keeping our net leverage flat. Given our strong liquidity and cash flow, we continue to be well positioned to take advantage of the opportunities that will naturally result in the macro uncertainties. And we remain disciplined as we evaluate the optimal allocation of your capital.

新政府及其潛在政策加劇了整個消費領域的不確定性。我們繼續看到大量潛在的大型和小型併購交易正在進行中。然而，就像我們所有的資本配置決策一樣，這些機會的發展將在財政年度開始後進行評估。我們的資本配置專注於股票回購，我們回購了超過4％的股票，同時保持淨槓桿率穩定。鑑於我們強大的流動性和現金流，我們繼續處於有利地位，可以利用自然導致的宏觀不確定性的機會。在評估您的資本的最佳配置時，我們會嚴守紀律。

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

說完這些，我會把電話轉給馬特。

Thanks, Jeff, and good morning. And as for children and adjusted, EBITDA was $370 million, including acquisitions, net sales are flat to the prior year. Excluding acquisitions, sales decreased 2% as lower overall volumes in our retail businesses for partially offset by volume growth and elevated avian influenza driven pricing and foodservice. Excluding the benefit of protection, PET acquisition and the current and prior year Post Consumer Brands, net sales decreased 6%, volumes decreased 9% and average net pricing increased 3%. Sales volumes decreased 2%, slightly less than the price category I'll add volumes decreased 13%.

謝謝，傑夫，早安。對於兒童產品，調整後的 EBITDA 為 3.7 億美元，包括收購在內，淨銷售額與前一年持平。不計收購，銷售額下降了 2％，因為我們零售業務的整體銷量下降，但被銷售增長和禽流感導致的價格和餐飲服務上漲部分抵消。不包括保護利益、PET 收購以及當前和去年的消費後品牌，淨銷售額下降 6%，銷售下降 9%，平均淨定價上漲 3%。銷售量下降了 2%，略低於我要補充的價格類別銷售量下降 13% 的幅度。

Approximately half of that decline is due to profit enhancing decisions, including the exit of co-man and low margin items and volume elasticities, data pricing action and gravy train. The remaining half is generally timing related to changes in customer inventory levels and the time and prior year plus lower consumption, particularly in Nutrish segment. Adjusted EBITDA increased 8% versus prior year as we benefited from the incremental contribution perfection pad and strong manufacturing and supply chain cost performance for both grocery and pests foodservice net sales increased 9% and volumes increased 3%. Revenue reflects favorable volumes and elevated avian influenza. Karen pricing volumes reflect distribution gain had both a and potato products.

大約一半的下降是由於提高利潤的決策，包括退出合作商和低利潤項目、銷售彈性、數據定價行動和不當行為。剩下的一半通常與客戶庫存水準的變化以及時間和前一年以及較低的消費有關，特別是在 Nutrish 部分。調整後的 EBITDA 較上年增長 8%，這得益於我們受益於增量貢獻的完美墊和強大的製造和供應鏈成本表現，雜貨和害蟲食品服務淨銷售額增長 9%，銷量增長 3%。收入的增加反映了良好的銷售和禽流感的加劇。Karen 的定價量反映了馬鈴薯產品的分銷收益。

Adjusted EBITDA increased 10%, driven by favorable egg and potato volumes and payroll manufacture and freight costs. Refrigerated Retail sales decreased 5% and volumes decreased 4% payroll sausage volumes were offset by declines in scientist a and cheese products segment adjusted EBITDA decreased 22%, driven primarily by lower scientists volumes and increased manufacturing and input costs. We index net sales decreased 1% versus the prior year. Sales benefited from the Deeside acquisition and a foreign currency tailwind of 300 basis points from a stronger British pound.

調整後的 EBITDA 成長了 10%，這得益於雞蛋和馬鈴薯銷售良好以及工資製造和運費成本的上漲。冷藏零售額下降 5%，工資香腸銷量下降 4%，但被科學家 A 和起司產品部門的下降所抵消，調整後 EBITDA 下降 22%，主要原因是科學家銷量下降以及製造和投入成本增加。我們預期淨銷售額較上年下降 1%。銷售額受益於對 Deeside 的收購以及英鎊走強帶來的 300 個基點的外幣順風。

On a currency and acquisition neutral basis, net sales decreased 7% and volumes decreased 12%. And the strength we saw in yellow box consumption is more than offset by timing impacts of our ERP conversion as well as profit enhancing decisions around non-core product discontinuations angela elasticities related to pricing visions. Dan adjusted EBITDA decreased 8% versus prior year, led by lower volumes and increased input costs. Turning to cash flow, we had a strong quarter generating $310 million from operations of approximately $170 million in free cash flow net of CapEx spend.

以貨幣和收購中性計算，淨銷售額下降 7%，銷量下降 12%。我們在黃色盒子消費中看到的強勢被 ERP 轉換的時間影響以及圍繞非核心產品停產的利潤提升決策和與定價願景相關的安吉拉彈性所抵消。丹的調整後 EBITDA 較上年下降 8%，主要原因是銷售下降和投入成本增加。談到現金流，我們本季表現強勁，從營運中產生了 3.1 億美元的自由現金流，扣除資本支出後，淨自由現金流約為 1.7 億美元。

This partially benefited from working capital timing, which will reverse in Q2. We used our strong cash flow to repurchase $1.6 million shares of common stock at an average products price of approximately $14 per share for the remaining leverage-neutral in the quarter at 4.3 times and additional repair system, a million shares so far in Q2, bringing our total size of the fiscal year to $2.6 million shares. Last night, we raised the bottom end of our FY 25 adjusted EBITDA guidance by $10 million to the range of $1.42 billion to $1.46 billion sequentially from Q1. We expect Q2 to be down in line with the cost of hedging pricing dynamic just discussed and foodservice.

這在一定程度上受益於營運資本時機的掌握，但這種時機將在第二季發生逆轉。我們利用強勁的現金流以平均每股約 14 美元的價格回購了 160 萬股普通股，本季剩餘的槓桿率為中性，為 4.3 倍，第二季迄今已額外回購了 100 萬股，使我們本財年的總規模達到 260 萬股。昨晚，我們將 25 財年調整後 EBITDA 預期下限調高 1,000 萬美元，至 14.2 億美元至 14.6 億美元之間，與第一季持平。我們預計第二季的成本將與剛剛討論的對沖定價動態和食品服務成本一致下降。

Thank you for joining us today, and I'll now turn the call back over to the operator.

感謝您今天的收看，現在我將把電話轉回給接線生。

(Operator instructions)

（操作員指令）

Our first question is coming from Andrew Lazar, Barclays.

我們的第一個問題來自巴克萊銀行的安德魯·拉扎爾。

I'm hopeful Bob feels better quickly. I think my question is historically, when when valuations in the group get to sort of these sorts of compressed levels in general, seem to an increase in larger scale M&A deals with more of an eye towards maybe even synergy capture that become more palatable as opposed to necessarily top-line growth posted certainly well known for being on opportunistic, right?

我希望鮑伯能很快康復。我認為我的問題是，從歷史上看，當集團的估值普遍達到這種壓縮水平時，似乎更大規模的併購交易有所增加，更多地著眼於協同效應，這變得更容易接受，而不是必然實現營收增長，這當然是眾所周知的機會主義，對吧？

When it comes to M&A and you've seen an increase of activity on your past several calls, in this name sort of the current valuations for this increase, the likelihood that the post would conclude consider a more transformational deal. We talked about the significant share repurchase of late. So I'm just wondering if this sort of preclude it's a larger scale transaction or or single than an acquisition like that as more unlikely at this time?

當談到併購時，您在過去幾次電話會議上看到活動有所增加，從這個角度來看，這種增加的當前估值表明，該職位可能會考慮一項更具變革性的交易。我們最近討論了大量的股票回購。所以我只是想知道，這是否會阻止它成為一項更大規模的交易，或者比目前的收購更不可能？

It's literally trying to address that in two parts with first year comment about whether or not we think they're going to be more activity. We agree with that hypothesis, we're going to see broad activity. The peers look for carve-outs and whole company transaction private equity that have reached there investment horizon. So I do think that there's going to be more activity.

它實際上是試圖透過兩部分來解決這個問題，第一年的評論是關於我們是否認為他們會更加活躍。我們同意這一假設，我們將看到廣泛的活動。同行尋求已達到投資期限的剝離和整個公司交易私募股權。因此我確實認為將會有更多的活動。

If you specifically look at post for the last part of your question, as we tried to address in the prepared comments, we're in spite of the share buybacks that we've done. We're well positioned to entertain any opportunity that would come forward, be it large or small, given where we are with our leverage compared to the levels that in the past as well as the cash flow profile that we have. So even though there's been a bit of the dearth of activity on that, you see there's not a slowdown in activity based on the opportunities that are reviewing. The pipeline continues to be pretty robust and as we said in our prepared remarks, that's really across the spectrum of the size of deals. So we're looking at it's going to come down the valuation and fit can you I think you used the term less sexy. We really enjoy synergy deals as we've had in the past.

如果你專門看一下問題的最後一部分，你會發現正如我們在準備好的評論中試圖解決的那樣，儘管我們已經進行了股票回購，但我們仍然堅持這樣做。考慮到我們現在的槓桿率與過去水準相比的變化以及我們擁有的現金流狀況，我們有能力抓住出現的任何機會，無論大小。因此，儘管這方面的活動有些缺乏，但從正在審查的機會來看，活動並沒有放緩。頻道繼續保持強勁，正如我們在準備好的評論中所說的那樣，這確實涉及各種規模的交易。因此，我們正在考慮降低估值並使其合適，我認為您使用的術語不那麼性感。我們非常享受像過去一樣的協同交易。

So we don't really consider those less that actually, we consider those right in our wheelhouse. For a long way of saying we're still looking and we think the opportunities are going to be out there, and we think we're well positioned to take advantage when the right one comes along.

因此，我們實際上並沒有考慮這些，而是認為這些是我們的職責範圍內的事情。長此以往，我們將繼續尋找機會，我們認為機會就在那裡，當合適的機會出現時，我們有能力去抓住它。

No, thank you for that. And then you talked about on some of the actions you're taking to stabilize Nutrish brand. I'm just wondering how much flexibility post might have to optimize the supply chain sort of impact from given all the work that's already been done as part of the integration? Because I know you've talked about them the cereal category being in decline, but you've got done quite a bit of manufacturing optimization opportunity work that can still be done there. If that business proves to be more in sort of longer-term structural decline? I'm just trying to get a sense of what type of opportunity might still exist impact.

不，謝謝你。然後您談到了為穩定 Nutrish 品牌而採取的一些措施。我只是想知道，考慮到整合過程中已經完成的所有工作，後期可以有多大的彈性來優化供應鏈的影響？因為我知道您已經談到穀物類別正在衰退，但您已經做了相當多的製造優化機會工作，這些工作仍然可以在那裡完成。如果事實證明該業務更像是一種長期結構性衰退呢？我只是想知道什麼類型的機會可能仍然存在影響。

Sure there are opportunities to be to be. There are a plan here is to do the things we've been doing up to now note that a lot of our volume decline is from actions that we've chosen to take. So paring back on low margin opportunities to free up capacity to do our higher margin products. So we're in the early innings of that of that activity and obviously in the very early innings of the Nutrish activity.

當然，有機會。這裡有一個計劃，就是做我們到目前為止一直在做的事情，請注意，我們的業務量下降很大程度上是由於我們選擇採取的行動。因此，削減低利潤機會可以釋放產能來生產利潤較高的產品。因此，我們正處於該活動的早期階段，顯然也處於 Nutrish 活動的早期階段。

So our airplane with the capacity to in-source everything that we want to in-source and recall that we still have some product through March that's being prepared for U.S. manufactured for us by smoker still. So we still have to in source capacity within our network work that isn't currently there. Should we look out a year or two and or work on nutrition and other brands to stabilize and then begin them to grow. There are opportunities for further optimization, but that's a longer tail on them.

因此，我們的飛機有能力採購我們想要採購的一切，並記得我們在三月仍然有一些產品正在準備由吸煙者為我們在美國生產。因此，我們仍然需要在我們的網路工作中挖掘目前尚不存在的來源容量。我們是否應該等待一兩年，或致力於營養和其他品牌，以使其穩定下來，然後開始發展。還有進一步優化的機會，但這需要更長的時間。

Great. Thanks so much.

偉大的。非常感謝。

Next question comes from David Palmer, Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

First one on foodservice EBITDA drag, do you think I mean, you mentioned that you plan to make that up in fiscal '25. I wonder, though, is there any degree that you think that this might represent easy comparisons going into fiscal '26? In other words that this might be just something you're making out elsewhere that is still going to be some some net impact in fiscal '25? And then on foodservices, well, I'm wondering what your feeling about demand this year. It feels like restaurants have been weak, but we see notable customers that are getting better like Starbucks to wondering how you think about demand throughout this fiscal year.

首先關於餐飲服務 EBITDA 拖累的問題，您認為我的意思是，您提到您計劃在 25 財年彌補這一損失。不過，我想知道，您是否認為這可能在某種程度上代表著進入 26 財年的簡單比較？換句話說，這可能只是你在其他地方提出的一些觀點，但仍會對 25 財年產生一些淨影響？然後關於餐飲服務，嗯，我想知道您對今年的需求有何感受。感覺餐廳一直很疲軟，但我們看到像星巴克這樣表現更好的知名客戶，想知道您如何看待整個財年的需求。

So our commentary really within a materiality threshold is that we think the recovery self contained within foodservice. We're not banking on overperformance somewhere else in the opening in the portfolio. Now to be fair, we're talking large numbers and lots of things that are outside of our control. So it possible that there's some of that lingering effect into '26.

因此，我們的評論實際上在實質閾值之內，我們認為復甦本身包含在食品服務中。我們並不指望投資組合中其他地方能有出色的表現。公平地說，我們討論的是大量數字，而且很多事情是我們無法控制的。因此，這種影響可能會持續到26年。

Sure, that's possible, but that's not our current expectation. With regard to foot traffic, obviously, we'd like to the broader foodservice industry to be stronger than it currently is. But we've been doing well for a variety of reasons that I recall that our value proposition in both eggs and potatoes is to take labor out of the system, which is a evergreen benefit to our customers that doesn't change with their foot traffic. So that can continue to get growth from that simply because it improves their margin profile by eliminating in simply eliminate labor and simplifying.

當然，這是可能的，但這不是我們目前的期望。就客流量而言，顯然我們希望更廣泛的餐飲業比現在更強大。但我們由於各種原因一直表現良好，我記得我們在雞蛋和馬鈴薯方面的價值主張是從系統中去除勞動力，這對我們的客戶來說是一項永久的利益，不會隨著客流量的增加而改變。因此，可以繼續從中獲得成長，因為透過消除勞動力和簡化流程可以提高利潤率。

And other interesting thing that's happening in the current environment for eggs in particular are existent, especially is with shell egg prices as high as they are realizing that liquid egg is also very high, but not quite as inflated as shell eggs. It brings to the forefront in our customers or potential customers' minds on the fact that they could go to liquid at a lower price than the shell egg. And those are the folks that can convert easily are trying to do that. Now, unfortunately, there's not enough supply available to meet all the customer demand that we're seeing for liquid egg.

在當前環境下，對於雞蛋而言，還有其他有趣的事情，特別是當帶殼雞蛋的價格很高時，他們意識到液體雞蛋的價格也很高，但沒有帶殼雞蛋那麼貴。它讓我們的客戶或潛在客戶意識到他們可以以比帶殼雞蛋更低的價格購買液體雞蛋。那些能夠輕鬆轉變的人正在嘗試這樣做。不幸的是，現在沒有足夠的供應來滿足我們看到的所有客戶對液體蛋的需求。

But as our supply comes back, that's something that we can take it Alberta advantage of in the long term to continue to add to our volumes even if the broader category remained soft.

但隨著供應的恢復，我們可以利用阿爾伯塔省的長期優勢，繼續增加我們的產量，即使整體類別仍然疲軟。

That's interesting facts. And just wanted to ask you just on PAT, you mentioned some steps you're taking that are hurting your volume presumably there's some SKU rationalization there. But when it comes to demand creation plans for the four new treasury, whatever brands you have plans, how are you planning on demand in the rest of this fiscal year are shaping up in PAT that share?

這是有趣的事實。我只是想問您關於 PAT 的問題，您提到您正在採取的一些措施正在損害您的銷量，大概是那裡有一些 SKU 合理化。但是當涉及四個新資金部門的需求創造計劃時，無論您有什麼品牌計劃，您計劃如何滿足本財年剩餘時間的需求，以及在淨利潤中所佔的份額？

I cannot walk away yet of what we tried to break it out in our script into three buckets, really first bucket around, as you talked about some nice profit enhancing actions that we took and those are exiting low margin business of pricing elasticity or seeing around gravy train. So lower-volume gravy train, but we're making more money on. The other item is really just freeing up some capacity silicon carryover, Nature's Recipe as it comes off, Tom analyst, Smucker's. These will be able to continue to be a drag as they move through the fiscal year.

我暫時還不能放棄我們試圖在腳本中將其分成三個桶的想法，實際上是第一個桶，正如你談到的，我們採取了一些很好的提高利潤的行動，這些行動包括退出價格彈性的低利潤業務或尋求豐厚的利潤。因此，雖然利潤不大，但我們賺的錢更多了。另一個其實只是釋放一些產能矽結轉，Nature's Recipe 就是這樣的，Tom 分析師，Smucker's。這些問題將會在整個財政年度繼續成為拖累因素。

And in terms of that negative 13%, it's about half the variance. So think of year-over-year, continuing down six until we lap that as we get into Q3 and Q4 second, but it is really customer inventory levels and two components to this that are pretty equal. A year ago, we had a positive and that came off allocation for nine lives that side when this year. And then we add admittedly off that this year as the ERP conversion cause that deload at customers, we'll see some benefit in Q2 is that reverses, but that bucket after Q2 is going away.

而對於負 13% 來說，它大約是變異數的一半。因此，想想與去年同期相比，繼續下降 6 個，直到我們進入第三季度和第四季度，但實際上是客戶庫存水準和兩個組成部分相當平等。一年前，我們取得了積極的成果，而今年，這成果為那邊的九條生命提供了分配。然後，我們不可否認的是，今年由於 ERP 轉換導致客戶負載減輕，我們將在第二季度看到一些好處，這種逆轉是不可避免的，但第二季之後的桶將會消失。

So that's a 4% improvement over the 13. And then the final bucket is the smallest, and that's around consumption in your question on what we're seeing, mainly in the trash, that's a 2% to 3% drag over last year when we think about the quarter. And that's why the innovation comes, then I think or a rational about the innovation that's going to turn the corner immediately at us as a phased rollout, in particular.

因此，這比 13 提高了 4%。最後一個桶子是最小的，這就是你所問的消費情況，我們看到主要是垃圾消費，就本季而言，這比去年同期下降了 2% 到 3%。這就是創新出現的原因，然後我認為，或者說，對於創新的一個理性認識就是，創新將以分階段推出的形式立即為我們帶來轉機。

For nutrition, as Jeff mentioned, we've got other innovation and the other products. We think that starts to turn the tide as we ended the fiscal year and see a benefit for that as we enter fiscal '26. So I guess to summarize down 13%, but we need to say we expect the balance of '25 to be down more like seven to nine. Once we get past that Q2 customer inventory bucket and then meanwhile, of course, we're benefiting from our more profitable, more efficient portfolio. And that is going into the end of the year, we will lap those profit enhancing decisions. So down sub nine would drop to really down two to three, which does affect consumption piece. And again, we think will address that as we move into '26 with the innovation. And then I'll finish show some growth there.

對於營養，正如傑夫所提到的，我們有其他創新和其他產品。我們認為，在我們結束財政年度時，這種情況會開始扭轉，並且在我們進入26財年時會看到它帶來的好處。因此，我猜總結一下是下降了 13％，但我們需要說，我們預計 25 年的餘額將下降 7 到 9％。一旦我們突破第二季客戶庫存瓶頸，那麼我們當然會從更有利可圖、更有效率的投資組合中受益。到今年年底，我們將會實施這些提高利潤的決策。因此，下降 9 分將真正下降 2 到 3 分，這確實會影響消費。而且，我們認為，隨著我們進入26年創新階段，我們將解決這個問題。然後我會在那裡展示一些成長。

That's helpful.

這很有幫助。

Thank you.

謝謝。

We'll go next to Ken Goldman, J.P. Morgan.

接下來我們來談談摩根大通的肯‧戈德曼。

You took the bottom end of guidance up, it's only $10 million. It's not large, obviously in the scheme of things. But last quarter you mentioned that risks related to the ERP conversion might lead your guidance to win closer to the lower end. Do you I just wanted to get a bit of a better sense of where the guidance boost came from? Was it in part some cancer, the ERP transition going as planned? It sounds like that's in the past or were there other factors that we should keep in mind?

你把指導價的底線提高了，只有 1000 萬美元。顯然，從整體來看，它並不大。但上個季度您提到，與 ERP 轉換相關的風險可能會導致您的預期收益更接近低階。你是否只是想更了解指導推動力來自何處？這是否在一定程度上導致了 ERP 轉換按計劃進行？聽起來這已經是過去的事情了還是還有其他我們應該牢記的因素？

So the raising of the bottom end is largely a reflection of Q1 performance, which part of that was getting through the therapies with the relatively unscathed, not to say it wasn't without some bumps in the road, but got through those better than better than we had allowed for some risk there. The other part of your question, and it dovetails into why we did raise the high end of our range on foot that unfortunately, we've traded ERP risk for other risks. So now we've got avian influenza that again, as we said, we think we can work through, but we've got at least the leave open the possibility that there is some variability there.

因此，底端的提高在很大程度上反映了第一季的表現，其中一部分是相對毫髮無損地完成了治療，並不是說沒有遇到一些坎坷，而是比我們允許的要好得多。你問題的另一部分，它與我們為什麼確實提高了範圍的高端相吻合，不幸的是，我們用 ERP 風險換取了其他風險。所以現在我們又遇到了禽流感，正如我們所說的，我們認為我們可以解決，但我們至少保留了一些變化的可能性。

And then there's the and the tariffs or they are going to have them or we're not going to have them on what countries are we going to have them at what rate are we going to have them. So given those things and again, the broader softness in volumes, we thought it prudent not to raise the the high end of our range because of those variables.

然後還有關稅，或者他們要徵收關稅，或者我們不會徵收關稅，對哪些國家徵收關稅，以什麼稅率徵收關稅。因此，考慮到這些因素，以及交易量普遍疲軟的情況，我們認為，由於這些變量，不提高區間高端是明智的。

And when you think about the main risks on the foodservice side, the AG side, is it more on your ability to procure a is it more on the price that you might pay or the ability to pass it on and meet with all of the above is going to get a better sense for where those risks are with the obvious? Have we don't really know what's ahead given that this is a unique situation here?

當您考慮食品服務方面、AG 方面的主要風險時，它更多地取決於您的採購能力，還是更多地取決於您可能支付的價格，還是轉嫁和滿足上述所有條件的能力，這樣就能更好地了解這些風險在哪裡？鑑於這裡的特殊情況，難道我們真的不知道未來會發生什麼嗎？

The Q2 risk for sure, in the $20 million is a pretty wide range in what we gave in our commentary step that risk is because we don't know where markets are going. So between now and the end of the quarter, we don't really have levers to pull that quickly that would mitigate what would be in the quarter effective of those price changes for the full year, we set variability is going to come from the timing and the amount of pricing, obviously, the timing and how successfully our supply comes back online, whether or not there other outbreaks in the industry and to what degree. So those are the things that we'd be concerned about and trying to navigate as we get into the second half of the year.

肯定存在第二季的風險，2000 萬美元的風險範圍相當廣，我們在評論步驟中給出了這種風險，是因為我們不知道市場走向何方。因此，從現在到本季末，我們實際上沒有可以迅速採取的措施來減輕本季價格變化對全年的影響，我們設定的變動將來自定價的時間和數量，顯然，還有我們的供應恢復的時間和成功程度，行業中是否爆發其他疫情以及爆發程度如何。所以，這些都是我們在進入下半年時擔心並試圖解決的事情。

Great. Thanks so much.

偉大的。非常感謝。

We'll go next to Matt Smith, Stifel.

接下來我們來談談 Stifel 的 Matt Smith。

And just maybe just follow up on the avian influenza impacted post, trying to understand how posts disruption for meaningful into compares to the rest of the industry at this point? I know a few months ago has had more disruption relative to the industry, but has that shifted and are you seeing a pricing benefit for the portion of your business where your supply has not been impacted?

也許只是跟進禽流感對帖子的影響，試圖了解目前與行業其他部分相比，帖子的中斷對有意義的影響如何？我知道幾個月前該行業出現了更多混亂，但這種情況是否已經發生了變化？

So our best guess right now is that we're about on par with the percentage of our supply affected compared to the broader network, somewhere in the neighborhood of 12% to 14%, depending on different sources of the information. And unfortunately, some of the information is harder to get now with the change in administration, the eight This website is in as up-to-date as it used to be, but we get information from anecdotal discussions around the industry, etcetera.

因此，我們目前最好的猜測是，與更廣泛的網路相比，我們的供應受影響的百分比大約在 12% 到 14% 之間，具體取決於不同的資訊來源。不幸的是，隨著政府的更迭，現在一些資訊更難獲得，八個網站的內容與以前一樣新，但我們從圍繞該行業的軼事討論等中獲取資訊。

So that's our best guess in terms of pricing benefit that we are continuing to get the pricing benefit from the adders that we had for the May eighth, 2024 outbreak and those are going to continue. And we still do have some portion of our business that is a market base, market-based pricing, but that would generate some revenue benefit but doesn't necessarily create a margin benefit because typically we're supplying those those Exxon on a market base. So in the short term, what you're going to see the benefit of the AI. adders, our expectation would be that there will be an extension of those adders along with new adders on top of that. But that's going to be out into Jeff.

因此，就定價收益而言，我們最好的猜測是，我們將繼續從 2024 年 5 月 8 日疫情爆發時的加法器中獲得定價收益，而且這種收益還將繼續下去。我們的業務中仍有一部分是基於市場、基於市場的定價，但這會產生一些收入效益，但不一定能產生利潤效益，因為我們通常是基於市場向埃克森美孚供應產品。所以從短期來看，你會看到人工智慧帶來的好處。加法器，我們期望這些加法器能夠擴展，並且在其基礎上添加新的加法器。但那將會是傑夫的事。

I'll leave it there. Thank you.

我就把它留在那裡。謝謝。

We'll go next to Michael Lavery, Piper Sandler.

接下來我們來談談麥可‧拉弗里 (Michael Lavery) 和派珀‧桑德勒 (Piper Sandler)。

Just wanted to start with a follow-up on Ken's question. Just really trying to understand maybe if you felt the visibility even with some range on coming nearer term, more upfront costs come from the flu impact. It's more than just the key things, I guess two watch that you're watching the second half to make sure it comes through on the recovery side of the building your own supply as the key, or is it the market pricing a little bit above? Just kind of want to make sure I understand what the key factors are and where maybe there the risk score launch Eldar?

我只是想先回答肯的問題。只是想真正理解，也許如果您感覺到可見性，即使在近期有所增加，更多的前期成本也會來自流感的影響。這不僅僅是關鍵的事情，我想有兩個方面需要關注，一是要確保下半年能夠實現復甦，二是要建立自己的供應作為關鍵，或者是市場定價略高一些？只是想確保我理解關鍵因素是什麼，以及風險評分可能在哪裡啟動 Eldar？

Yes, the return of our suppliers key. The other key will be the timing and magnitude of the pricing we pass through compared to how the market changes. So if the market comes down quickly, we will recover more quickly. If the market stays elevated longer or higher, that would have a tendency to extend the recovery period. So those are really the key variables. Now there are there are lots and lots of variables, but those are the key ones.

是的，歸還我們供應商的鑰匙。另一個關鍵是，與市場變化相比，我們制定定價的時間和幅度。因此，如果市場快速下跌，我們就能更快復甦。如果市場維持高位的時間較長或較高，則復甦期將會延長。所以這些確實是關鍵變數。現在有很多變量，但這些是關鍵的變量。

That's helpful. And just curious if you could elaborate a little bit on you touched on distribution gains for both eggs and potatoes. Is that new to the quarter? How do we think about the runway there? A little more color there would be great.

這很有幫助。我很好奇您是否可以詳細說明您提到的雞蛋和馬鈴薯的分銷收益。這是本季的新情況嗎？我們覺得那裡的跑道怎麼樣？如果顏色再多一點就更好了。

It goes back to what I what I said earlier is a number of things, but the general and this is true of the of what the our ownership period as well as the pre ownership period for this business, the way they do we drive growth is a combination of variables. One is adding new customers who are converting from shell eggs to liquid eggs within add buy, moving them up the value chain.

這可以追溯到我之前說過的很多事情，但總體而言，這對於我們的所有權期以及這項業務的所有權前期而言都是正確的，我們推動成長的方式是多種變數的組合。一是增加新客戶，這些新客戶正在從購買帶殼雞蛋轉變為購買液體雞蛋，從而提升他們的價值鏈。

So typically customers start with the more commoditized liquid egg and then we endeavor to move them up the pertaining to precooked and the labor component. So our value proposition is to attempt to convince our prospective customers that they can drive more efficiency and better performance out of their restaurants by eliminating the manual activities that are involved either in cracking X or manually fueling potatoes. It's really those efforts that are constant regardless of whether we have or not. Those are the foundational principles of the business that we expect period on period and will continue to drive growth in the business.

因此，通常客戶會從更商品化的液體雞蛋開始，然後我們努力將它們提升到預煮和勞動力成分的水平。因此，我們的價值主張是試圖說服我們的潛在客戶，透過消除涉及破碎 X 或手動為馬鈴薯加油的手動活動，他們可以提高餐廳的效率和性能。確實，無論我們是否擁有，這些努力都是持續不斷的。這些是我們預期會逐期延續的業務基本原則，並將繼續推動業務成長。

Again, we obviously endeavor to add new customers all the time we endeavored to get of larger percentages of the volumes of our customers. So those are things that we're focused on when we're lucky enough not to be dealing with AI.

再說一遍，我們顯然一直在努力增加新客戶，並努力獲得更大比例的客戶量。所以，當我們夠幸運不用處理人工智慧時，這些就是我們關注的事情。

No, that's helpful. And maybe just lastly on the ready-to-drink shakes, the ramp up there as well, taken some time to get where you want and you just update on kind of the run rate expectations there.

不，這很有幫助。也許最後是關於即飲奶昔，那裡也需要一些時間才能達到你想要的水平，然後你就可以更新那裡的運行率預期。

We've seen some modest improvement, but we're still a ways away from where that needs to be. So its contribution is minimal at the moment. We're putting out toward identifying the problems in fixing the problems. And again, we're making progress, but it's a slower than we wish, it would be.

我們已經看到了一些適度的改善，但距離所需的水平還有一段距離。因此目前它的貢獻很小。我們正在努力發現問題，並解決問題。而且，我們正在取得進展，但進展速度比我們所希望的要慢。

Okay.

好的。

Thanks so much.

非常感謝。

(Operator instructions)

（操作員指令）

We'll go next to John Tom Gardner, Accenture.

接下來我們請到埃森哲的約翰‧湯姆‧加德納 (John Tom Gardner)。

Jeff, I wanted to ask about the ag business in light of the macros. When Michael was acquired, was a strong plan protein even at that time. But as you look at the evolution of the category over the past decade, influenza now seems to be a normalized event with the associated volatility. We've also seen a demand stress tested with pretty favorable elasticity. There's new segments such as pasture-raised, which are seeing very solid demand. So I'm curious how you think about navigating this evolution. Is there a case to make for larger exposure to retail at this point? Is there a case to make to play more in premium or does it go the other way volatility hurts valuation and makes you less interested category? I'm just curious how you can be opportunistic with the model at this point, either organically or inorganically?

傑夫，我想從宏觀角度詢問有關農業業務的問題。當邁克爾被收購時，即使在當時也是一個強大的計劃蛋白質。但當你回顧過去十年該類別的演變時，流感現在似乎已成為伴隨波動的正常化事件。我們也看到需求壓力測試顯示出相當良好的彈性。還有諸如牧場飼養等新的細分市場，其需求非常強勁。所以我很好奇你是如何看待這演變的。目前是否有理由加大對零售業的投資？是否有理由在溢價方面發揮更大的作用，或者反過來，波動性會損害估值並降低你對類別的興趣？我只是好奇您現在如何利用該模型來獲取機會，無論是有機的還是無機的？

So it's hard for us to say that the current business doesn't have volatility given given what we've seen. But I know you've been following us long enough to know that the fundamental thesis of that of our existing businesses that it's less volatile in normal times because of its pricing model, we haven't given up hope that AI will go away or become less of an event. But obviously, we need to plan for it being a more frequent frequent visitor, but it doesn't change our view of the of the shell egg market, which even in normal times is volatile. And that's not really what we're interested in getting into now. We obviously have a within our Refrigerated Retail had a liquid egg business that we would like to continue to invest behind and improve. But I don't see us endeavoring to get more into shell egg either in foodservice or for retail.

因此，根據我們所看到的情況，我們很難說當前業務沒有波動。但我知道，你們關注我們的時間已經夠長了，知道我們現有業務的基本論點是，由於其定價模式，它在正常時期的波動性較小，我們並沒有放棄人工智慧會消失或變得不那麼重要的希望。但顯然，我們需要為它成為更頻繁的常客做好計劃，但這並沒有改變我們對蛋殼市場的看法，即使在正常時期蛋殼市場也是不穩定的。而這其實並不是我們現在感興趣的。顯然，我們的冷藏零售業務中有一個液體雞蛋業務，我們希望繼續投資並改善該業務。但我認為我們不會努力在餐飲業或零售業增加更多帶殼雞蛋。

I think you had another part of that question and it's slipped my mind, but the that cover that question or is there something else do you want me to trying to address.

我認為您還提到了該問題的另一部分，而我卻忘記了，但這涵蓋了該問題還是您希望我嘗試解決其他問題。

Dan, I think time with that, just looking at so the volatility on some of the parts basis and to the extent that impact evaluation for post more broadly, does it sort of thing making less interested in the category over time?

丹，我認為隨著時間的推移，只看一下某些部分基礎的波動性以及對職位影響評估的更廣泛程度，隨著時間的推移，是否會對該類別的興趣降低？

What we tried to until people and it's true, if you look at the trend line of that business way back to the beginning of this in 2020 or excuse me, the two thousands, if you trend line that it grows three, 4%, maybe even a little bit more than that over that '20 now '25 year period, unfortunately, there's been some volatility that's been experienced mostly in the US, a handful of years with COVID and avian influenza. But we believe we come out of each of these events in the business is stronger than it was before.

我們一直努力向人們證明，這是真的，如果您回顧 2020 年初或對不起，2000 年初的業務趨勢線，如果您看趨勢線，它增長了 3.4%，甚至可能比 20 年到 25 年期間的增長還要多一點，不幸的是，出現了一些波動，主要是在美國，幾年來出現了 COVID 和禽流感。但我們相信，經過每一次事件的考驗，我們的業務將會比以前更強大。

So we'd like to convince people to see through the volatility and look at the trend line. And it continues to be a very strong business that delivers growth over the long term. And for that reason, we are obviously recognizing that we've had some volatility in the recent past.

因此，我們希望讓人們看透波動性並關注趨勢線。而且它仍然是一個非常強勁的業務，能夠實現長期成長。因此，我們顯然認識到最近我們經歷了一些波動。

Yes, very fair point there. On my follow up on cereal and I guess putting the protein team, we're seeing a bifurcation significant volume growth, dairy products like yogurt, cottage cheese on higher protein products or cereals more challenged to compete at this point.Are you still thinking that normalized volume for the cereal category may settle it? We could point that history down 1% or so and what do you think the category can do from here? Is there an innovation lever that can be hit the category near to immediate broad pricing reset and play more in relative value equation for Brexit? Just your high-level thoughts and I appreciate.

是的，觀點很公平。在我對穀物食品以及蛋白質團隊的追蹤中，我們看到了產量顯著增長的現象，優格、起司等乳製品和蛋白質含量較高的產品或穀物食品在這一點上面臨更大的競爭挑戰。我們可以將歷史資料降低 1% 左右，您認為該類別接下來可以做些什麼？是否存在一種創新槓桿，可以觸及接近立即全面重置價格的類別，並在英國脫歐的相對價值方程中發揮更多作用？只是您的高水平想法，我很感激。

That's complicated question difficult to answer, but we definitely see the benefit forwards, more nichey cereals, gaining gaining share and growing. It's been a challenge for the large manufacturers to to succeed in that space, but partly because we and our peers are not set up first of all run products for them. The margins are really difficult to make sense, but that the brands may be helpful or older older population to recognize them. Maybe some of the young demographic doesn't doesn't resonate with them.

這是一個很難回答的複雜問題，但我們確實看到了未來的好處，更多的小眾穀物獲得了越來越多的份額並且不斷增長。對於大型製造商來說，在這一領域取得成功一直是一個挑戰，但部分原因是我們和我們的同行首先沒有為他們生產產品。利潤率確實很難理解，但品牌可能對老年人有幫助，或讓他們認識到這一點。也許有些年輕人並不認同這些觀點。

So we're looking at things like the premier brand, which we already have cereals and perhaps extending upon that it looking for other that a benefit forward criteria that would enhance things comment about playing the value chain. That's obviously what we believe because we do and have them. We'll continue to play up and down the value chain on cereal, and that's the right way to go.

因此，我們正在關注諸如頂級品牌之類的東西，我們已經擁有穀物，並且可能在此基礎上進行擴展，以尋找其他有益的前瞻性標準，從而增強對價值鏈的評論。這顯然是我們所相信的，因為我們確實擁有它們。我們將繼續在穀物價值鏈上上下下地發揮作用，這是正確的做法。

With regard to your comment about the long-term growth rate, I don't think we're yet prepared to I declare that the 3% we saw this last quarter is now the new permanent run rate, but we're definitely preparing strategies that would enable us to to perform well, if it turns out to be the case, but also planning for strategies that hopefully would help the turnaround that trajectory.

關於您對長期成長率的評論，我認為我們還沒有準備好宣布上個季度看到的 3% 是新的永久運行率，但我們肯定在製定能夠讓我們表現良好的戰略（如果事實確實如此），同時也在規劃希望有助於扭轉這一軌蹟的戰略。

Thanks a lot.

多謝。

We'll go next to Marc Torrente, Wells Fargo.

接下來我們造訪富國銀行的馬克‧托倫特 (Marc Torrente)。

First, I guess it seems as though profits very was perhaps a bit better and PTDD. service versus plan, but maybe a bit softer elsewhere DRPCB. upside in particular sit on feel sustainable. First, is that all of banners plus nine and then maybe excluding the expected impact, has your outlook for contribution or cadence by segment underlying your guidance change at all?

首先，我猜看起來利潤似乎非常可能好一點，而且是 PTDD。服務與計劃，但 DRPCB 其他地方可能稍微柔和一些。尤其是上行潛力仍可持續。首先，所有橫幅廣告加上九個，然後可能排除預期的影響，您對指導變化所依據的各部分的貢獻或節奏前景是否有所改變？

So the first part, I think that's fair. He had the biggest risk associated with it. With regard to the ERP conversion, it kind of doesn't do justice to call it an ERP conversion because it involves a lot more things and that is changing distribution networks among other things. So it's certainly performs better than what we thought in the first quarter in the margins in that business continue to be very strong, which is something we expect to continue.

因此，我認為第一部分是公平的。他所面臨的風險是最大的。關於 ERP 轉換，稱為 ERP 轉換有點不太恰當，因為它涉及到很多事情，其中​​包括改變分銷網絡等。因此，它的表現肯定比我們在第一季預想的要好，因為該業務的利潤率繼續保持強勁，我們預計這種趨勢將會持續下去。

With regard to the second part of your question, absent the the AI. on foodservice in Q2 and the subsequent impact in the second half, the rest of our guidance and segment expectation is comparable to what it was at the beginning of the year.

關於你問題的第二部分，缺少人工智慧。對第二季的餐飲服務以及下半年的後續影響，我們其餘的指導和分部預期與年初相當。

And then CapEx for the quarter was about opponent both for years and how should we think about phasing through the year? Are you tracking ahead of a guess trying to get a sense of project timing and perhaps run rate exiting into on '26 understanding some of the current projects under way to likely carryover takes share?

然後，本季的資本支出與多年的對手有關，我們應該如何考慮全年的分階段實施？您是否在提前追蹤猜測，試圖了解專案時間表以及 26 年的運行率，以了解目前正在進行的一些專案可能延續的份額？

So obviously, Q1 was a little bit elevated relative to sunny that run rate for our guidance from, and that's really just timing around those projects and per ADS of progress there. So I don't think anything more to read into it. We still think guidance range is appropriate. So I'd expect subsequent quarters into lower.

因此顯然，相對於我們預期的運行率而言，第一季的業績略有上升，而這實際上只是圍繞這些項目和每個 ADS 的進展情況計算的。因此我認為不需要再進一步解讀了。我們仍然認為指導範圍是適當的。因此我預計接下來幾季的情況會更低。

This concludes today's Post Holdings First Quarter 2025 Earnings Conference Call and Webcast. Please disconnect your line at this time and have a wonderful day.

今天的郵政控股 2025 年第一季財報電話會議和網路廣播到此結束。請立即斷開您的線路並祝您有美好的一天。