Pilgrims Pride Corp (PPC) 2024 Q4 法說會逐字稿

Good morning, and welcome to the fourth quarter and fiscal year 2024 Pilgrim's Pride earnings conference call and webcast. (Operator instructions) At the company's request, this call is being recorded.

早安，歡迎參加 Pilgrim's Pride 2024 財年第四季和收益電話會議和網路廣播。（接線員指示）應本公司要求，本次通話正在錄音。

Please note that the slides referenced during today's call are available for download from the Investors section of the company's website at www.pilgrims.com. After today's presentation, there will be an opportunity to ask questions.

請注意，今天電話會議上引用的幻燈片可以從公司網站 www.pilgrims.com 的投資者部分下載。今天的演講結束後，將有機會提問。

I would now like to turn the conference over to Andrew Rojeski, Head of Strategy, Investor Relations, and Sustainability for Pilgrim's Pride.

現在，我想將會議交給 Pilgrim's Pride 策略、投資者關係和永續發展主管 Andrew Rojeski。

Good morning, and thank you for joining us today as we review our operating and financial results for the fourth quarter and fiscal year ended December 29, 2024. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter and the year, including a reconciliation of any non-GAAP measures we may disclose. A copy of the release is available on our website at ir.pilgrims.com along with slides for reference. These items have also been filed as Forms 8-Ks and are available online at sec.gov.

早安，感謝您今天加入我們，一起回顧截至 2024 年 12 月 29 日的第四季度和財政年度的營運和財務表現。昨天下午，我們發布了一份新聞稿，概述了本季度和全年的財務業績，包括我們可能披露的任何非公認會計準則指標的對帳。我們的網站 ir.pilgrims.com 上提供該新聞稿的副本以及可供參考的幻燈片。這些項目也已作為 8-K 表格提交，可在 sec.gov 網站上查閱。

Fabio Sandri, President and Chief Executive Officer; and Matt Galvanoni, Chief Financial Officer, will present on today's call.

總裁兼執行長 Fabio Sandri；財務長 Matt Galvanoni 將出席今天的電話會議。

Before we begin our prepared remarks, I would like to remind everyone of our safe harbor disclaimer. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as the day of this release. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements.

在我們開始準備好的發言之前，我想提醒大家注意我們的安全港免責聲明。今天的電話會議可能包含某些前瞻性陳述，這些陳述代表了我們在發布之日的展望和當前預期。管理階層未預料到的其他額外因素可能會導致實際結果與這些前瞻性陳述中的預測有重大差異。

Further information concerning these factors haven't been provided in yesterday's press release, our Form 10-K, and our regular filings with the SEC. I would now like to turn the call over to Fabio Sandri.

昨天的新聞稿、我們的 10-K 表格以及我們向美國證券交易委員會提交的定期文件中均未提供有關這些因素的更多資​​訊。現在我想將電話轉給 Fabio Sandri。

Thank you, Andy. Good morning, everyone, and thank you for joining us today. I look forward to reviewing our Q4 and full year 2024 results today with you and invite everyone for our upcoming Investor Day on March 14 for a more detailed view on our long-term vision, strategies, and methods.

謝謝你，安迪。大家早安，感謝大家今天的參與。我期待今天與您一起回顧我們的 2024 年第四季度和全年業績，並邀請大家參加我們即將於 3 月 14 日舉行的投資者日，以更詳細地了解我們的長期願景、戰略和方法。

For the fourth quarter of 2024, we reported net revenues of $4.4 billion along with the adjusted EBITDA of $526 million and adjusted EBITDA margin of 12%. Our Q4 performance reflects the execution of our strategies of a diversified portfolio. They can capture market upsize while offering differentiated products that answers to consumer demand combined with our relentless suite of operational excellence.

2024 年第四季度，我們報告淨收入為 44 億美元，調整後 EBITDA 為 5.26 億美元，調整後 EBITDA 利潤率為 12%。我們第四季的業績反映了我們多元化投資組合策略的執行情況。他們可以佔領市場規模，同時提供滿足消費者需求的差異化產品，並結合我們不懈的卓越營運。

Our US fresh portfolio improved compared to last year as Big Bird extended margins to a combination of strong, stable commodity cutout values, progress in operational excellence, and enhanced mix. Case Ready and Small Bird also drove profitable growth to improve performance and production efficiencies and increase key customer demand in retail, QSR, and deli.

由於 Big Bird 將利潤率擴大到強勁、穩定的商品分切價值、卓越營運的進步和增強的產品組合，我們的美國新鮮產品組合較去年同期有所改善。Case Ready 和 Small Bird 也推動了獲利成長，提高了性能和生產效率，並增加了零售、QSR 和熟食店領域的關鍵客戶需求。

Prepared foods, good sales compared to last year as interest strengthened for our brand offerings in retail and foodservice, further diversifying our portfolio.

由於零售和餐飲服務領域對我們品牌產品的興趣增強，預製食品的銷售量與去年相比有所增長，進一步豐富了我們的產品組合。

In Europe, margins expanded, given continued optimization of our manufacturing network and integration of support activities, including our back office. Overall sales remain stable in retail as consumers increasingly migrated across our diversified portfolio into key main meals, branded offerings, and poultry. Foodservice grew double digits from a combination of additional distribution and increased traffic for away-from-home eating occasions.

在歐洲，由於我們不斷優化製造網絡並整合包括後台辦公室在內的支援活動，利潤率有所擴大。隨著消費者越來越多地從我們多元化的產品組合轉向主要主食、品牌產品和家禽，零售業的整體銷售額保持穩定。由於配送範圍擴大和外食客流量增加，餐飲服務實現了兩位數的成長。

Mexico experienced a stronger Q4 as commodity market prices increased throughout the quarter. In both fresh and prepared, sales to key customers continue to grow from prior years. Similarly, momentum for our branded offerings increased throughout the marketplace, further diversifying our portfolio.

由於整個季度大宗商品市場價格上漲，墨西哥第四季表現更為強勁。無論是新鮮產品還是熟食，對主要客戶的銷售額都比前幾年持續成長。同樣，我們品牌產品在整個市場上的成長動能也不斷增強，進一步豐富了我們的產品組合。

For the fiscal year 2024, net revenues were $17.9 billion, with an adjusted EBITDA of $2.2 billion, translating into an adjusted EBITDA margin of 12.4%. Throughout 2024, the US experienced improved chicken demand, lower grain costs, and positive commodity values. When these factors were combined with customer key customer growth and progress in operational excellence, profitability increased compared to prior years.

2024 財年，淨收入為 179 億美元，調整後 EBITDA 為 22 億美元，調整後 EBITDA 利潤率為 12.4%。在整個 2024 年，美國的雞肉需求增加、穀物成本下降以及商品價值上漲。當這些因素與客戶關鍵客戶的成長以及卓越營運的進步相結合時，獲利能力與前幾年相比有所提高。

Our Europe business undertook a variety of steps to improve our manufacturing network, simplify our structure, and drive innovation based on the efforts with strengthening our marketplace presence and expanded markets. In Mexico, commodity sales benefited from reduced import costs and balanced supply demand that generated more stable prices. These factors were further amplified by growth with our key customers that included the interest of our branded offerings among consumers, improving margins compared to last year.

我們的歐洲業務採取了各種措施來改善我們的製造網絡，簡化我們的結構，並在加強我們的市場地位和擴大市場的努力的基礎上推動創新。在墨西哥，商品銷售受益於進口成本的降低和供需平衡，從而產生了更穩定的價格。這些因素因我們主要客戶的成長而進一步放大，其中包括消費者對我們品牌產品的興趣，從而提高了利潤率。

Turning to supply in the US, the FDA indicated ready-to-cook production for the US chicken should be 2.5% compared to the fourth quarter of 2023. Increases in headcount accounted for the production grow as average live weight comparable to last year.

談到美國的供應情況，FDA 表示，與 2023 年第四季相比，美國即食雞肉產量應增加 2.5%。數量增加導致產量成長，平均活重與去年相當。

Throughout 2024, the industry layer flock consistently declined year over year. However, sustaining efficiencies, improvements in the flock, coupled with reductions in exports of eggs due to an increase in exits, resulting in record capture utilization. Similar to earlier in the year, hatchability continues to be challenged, even with the benefits and seasonality based on the FDA data. As a result, industry rates still trail prior year, limiting realization of increased debt.

在整個2024年，產業蛋雞數量持續逐年下降。然而，由於效率的維持、雞群狀況的改善，加上出口量增加導致雞蛋出口減少，捕獲利用率達到了創紀錄的水平。與今年稍早類似，即使根據 FDA 數據，孵化率具有一定優勢且受季節性影響，但孵化率仍面臨挑戰。因此，行業利率仍落後於上年，限制了增加的債務的實現。

As hatchability continue to lag historical averages, the FDA data also suggests the industry has placed additional access to upset the productivity challenges. Improved feed conversion, [yields], and live weights also further mitigate those issues.

由於孵化率繼續落後於歷史平均水平，FDA 數據還表明該行業已經採取了額外的措施來應對生產力挑戰。飼料轉換率、產量和活重的提高也進一步緩解了這些問題。

The USDA's most recent production report indicated that ready-to-cook production increased by 1.3% for the year, driven by significant growth in the second half. For 2035, the FDA is projecting growth of 1.4%, with increases in excess and placements partially compensated by continuing challenges in hatchability and mortality. The USDA also reports overall protein availability to go only 1.2% with a significant decline in overall beef availability, leading to a supportive demand environment for chicken.

美國農業部最新的生產報告顯示，受下半年大幅成長的推動，今年即食食品產量增加了 1.3%。FDA 預測2035年的成長率為1.4%，過剩數量和安置數量的增加將因孵化率和死亡率的持續挑戰而得到部分補償。美國農業部也報告稱，由於牛肉整體供應量大幅下降，蛋白質整體供應量僅上升 1.2%，為雞肉提供了有利的需求環境。

As for the demand in the US, fresh proteins in retail benefited as the cost of eating out increased more rapidly than eating at home. Boneless (inaudible) pricing at retail remain very competitive, significantly lower than two years ago and stable compared to prior year, while dark meat continues to increase in domestic demand.

就美國的需求而言，由於外食的成本成長速度快於在家用餐，零售業的新鮮蛋白質受益。無骨（聽不清楚）零售價格仍然非常有競爭力，明顯低於兩年前，與前一年相比保持穩定，而深​​色肉的國內需求持續增加。

While the entire fresh meat department experience sales growth during the quarter, chicken's significant pricing advantage compared to the other proteins continue to enable growth and satisfy strong consumer demand for a healthy center of the plate option.

雖然整個鮮肉部門在本季度都經歷了銷售成長，但雞肉相對於其他蛋白質的顯著價格優勢繼續推動成長並滿足了消費者對健康餐盤中心選擇的強烈需求。

The remainder of chicken at retail continue to build on the strong foundation set earlier in the year. Growth in both the deli and frozen value-added demonstrates chicken's ability to meet the needs of consumers seeking to rationalize spending without sacrificing convenience.

剩餘的零售雞肉銷售量繼續在年初奠定的強勁基礎上成長。熟食和冷凍食品的附加價值增長表明雞肉能夠滿足消費者尋求在不犧牲便利性的情況下合理化支出的需求。

In foodservice, dollar and volume sales, both grew in commercial and non-commercial distribution of channels. Both were specifically bolstered by strong demand for value added products.

在餐飲服務領域，商業和非商業通路分銷的銷售額和銷量均實現成長。兩者都因對加值產品的強勁需求而特別提振。

Volume and dollar growth also indicate continued transition from full-service restaurants to QSRs, suggesting consumers are favoring a relatively less expensive away-from-home option to stretch their dollars farther.

銷量和金額的成長也顯示全方位服務餐廳向快餐店的轉變仍在繼續，這表明消費者更青睞相對便宜的外出用餐選擇，以便花更多的錢。

US export volume was lower year over year while passing the name at (inaudible) levels. Domestic demand for product in the US continues to be the key for increased values and limited export availability.

美國出口量較去年同期下降，但水準卻維持在（聽不清楚）水準。美國國內產品需求仍是產品價值增加和出口量限制的關鍵。

At the end of Q4, overall inventory declined as food storage inventory dropped 1% month over month and was 8% lower compared to last year. Both breast meat and dark meat once again fell year over year. We still anticipated export demand to remain strong, despite some redirection of trade force triggered by multiple high path AI outbreaks in the Eastern and the Southeastern United States.

第四季末，整體庫存下降，食品庫存較上季下降1%，較去年同期下降8%。胸肉和深色肉的銷量較去年同期再次下降。儘管美國東部和東南部多起高路徑禽流感疫情引發貿易力量一定程度的轉移，我們仍預期出口需求將保持強勁。

Most US trading partners other than China and Thailand have reduced demand levels to zones and counties. As such, the geographic diversity of our production locations in the US continue to provide flexibility to transition production should [breaks] occur.

除中國和泰國之外，大多數美國貿易夥伴都已減少了對地區和縣的需求水準。因此，我們在美國生產地點的地理多樣性繼續為生產過渡提供靈活性，以應對可能發生的中斷。

In addition, Taiwan has recently established a release procedure to follow if disruptions emerge, which further mitigate the impact of potential bans.

此外，台灣最近也建立了幹擾發生時的解禁程序，進一步減輕了潛在禁令的影響。

Turning to feed, corn appreciated moderately in Q4 as strong US yields somewhat mitigated price gains from healthy corn export demands. In contrast, soybean meals fell as new soybean meal processing capacity increase supply for the next consumption.

談到飼料，第四季玉米適度升值，因為美國強勁的產量在一定程度上緩解了玉米出口需求旺盛帶來的價格漲幅。相反，由於新的豆粕加工能力增加了下一輪消費的供應，豆粕價格下跌。

Taken together, overall feed costs slightly declined. The USDA lowered the final yields for the 2024 corn and soybeans in their January crop report. Even with those changes, both corn and soy realize improved deals. Nonetheless, corn stocks in the US and globally are expected to contract versus the prior year.

綜合來看，飼料整體成本略有下降。美國農業部在 1 月作物報告中下調了 2024 年玉米和大豆的最終產量。即使發生了這些變化，玉米和大豆的貿易情況仍然有所改善。儘管如此，預計美國和全球的玉米庫存將較上年減少。

Given this contraction, the likely trading range and market volatility for corn is expected to increase during the first half of 2025. The limited demand from China for corn and potential for strong growth in US corn acreage versus last year has currently limited upsides so far. In contrast, soybean stocks are expected to grow in both the US and globally compared to last year, as Brazil increased production is expected to more than offset crop losses from dryness in Argentina. As such, soybean meal is anticipated to be well supplied across the globe.

鑑於這種收縮，預計 2025 年上半年玉米的交易區間和市場波動將會增加。由於中國對玉米的需求有限，且美國玉米種植面積較去年同期有強勁成長的潛力，迄今上漲空間有限。相較之下，與去年相比，美國和全球的大豆庫存預計將增加，因為巴西的增產預計將超過阿根廷乾旱造成的農作物損失。因此，預計全球豆粕供應充足。

In wheat, global stocks are expected to decline slightly compared to last year. Nonetheless, winter wheat planting in the fall of 2024 throughout the US and Europe, better than expected harvest in Australia and Argentina, and increased acreage in the UK may improve availability and pricing for next year.

就小麥而言，預計全球庫存將比去年同期略有下降。儘管如此，2024 年秋季美國和歐洲的冬小麥種植、澳洲和阿根廷的收成好於預期以及英國的種植面積增加可能會改善明年的供應和價格。

Moving forward, we'll continue to monitor changes in global grain demand, planting, and development of the second crop in Brazil and US planting intentions and conditions moving forward.

展望未來，我們將繼續監測全球糧食需求、種植和巴西第二季作物生長的變化以及美國的種植意圖和條件。

Turning to the US, our diversified portfolio across both sizes benefited from elevated demand compared to seasonal trends. As such, commodity cutout values were notably higher than the average of the past five years. Furthermore, input costs fell slightly throughout the quarter as the price in soybean yield more than offset an increasing cost.

轉向美國，與季節性趨勢相比，我們兩種規模的多元化投資組合都受益於需求上升。因此，商品切割價值明顯高於過去五年的平均值。此外，由於大豆產量價格上漲超過了成本上漲，因此整個季度的投入成本略有下降。

Given this environment, profitability in our Big Bird business improved significantly compared to last year. Our products and operational excellence to improve yields, mix, and labor productivity further amplified our performance. In Case Ready, retail demands remain strong as consumer increasingly saw chicken given its relative of affordability. Growth with our key customers continue to accelerate as our sales increase significantly above the category average.

在這種環境下，我們的Big Bird業務的獲利能力與去年相比有顯著提高。我們的產品和卓越的營運提高了產量、產品組合和勞動生產力，進一步提升了我們的業績。在 Case Ready 中，由於雞肉相對便宜，消費者越來越多地看到雞肉，因此零售需求仍然強勁。隨著我們的銷售額大幅高於同類平均水平，我們與主要客戶的成長持續加速。

When these factors are combined with a continued focus on quality and service, Case Ready's profitability improved considerably compared to last year.

將這些因素與對品質和服務的持續關注結合起來，Case Ready 的獲利能力與去年相比有了大幅提高。

Israel also continues to cultivate its competitive advantage to differentiated offerings and operational capability. To that end, during the quarter, we converted one of our locations to an [air chill] technology in partnership with a key customer. As a result, we consolidated our leadership in the differentiated categories and reinforced our key customer relationships given these recent investments along with our leadership in the organic and the more (inaudible) chicken categories.

以色列也持續培養其差異化產品和營運能力的競爭優勢。為此，在本季度，我們與一家重要客戶合作，將其中一家工廠改用了[空氣冷卻]技術。因此，鑑於最近的投資以及我們在有機食品和更多（聽不清楚）雞肉類別中的領導地位，我們鞏固了在差異化類別中的領導地位，並加強了我們的關鍵客戶關係。

Case Ready already continues to enhance its competitive advantage to higher attributes negotiated offerings. Additional growth opportunities continue to emerge as we have our key customers to differentiate and generate robust demand from consumers.

Case Ready 已持續增強其競爭優勢，以提供更高屬性的協商產品。由於我們擁有關鍵客戶來區分我們並產生來自消費者的強勁需求，因此額外的成長機會不斷湧現。

(inaudible) also benefited from further demand in QSRs and deli as our key customers continue to increase their marketplace revenues. When combined with our advances in operational excellence, our profitability grew substantially compared to Q4 2033.

(聽不清楚) 也受益於 QSR 和熟食店的進一步需求，因為我們的主要客戶繼續增加他們的市場收入。結合我們在卓越營運方面的進步，我們的獲利能力與 2033 年第四季相比大幅成長。

Our diversification to prepared foods continued its momentum. In the fourth quarter, our sales to keep customers significantly outpace the category average. Brands continue to play an instrumental role as the share of Just Bare has increased by over 200 basis points compared to last year. In addition, the recent relaunch of Pilgrim's gained traction with continued consumer [affinity], given its high quality and through increase distribution.

我們向預製食品的多元化發展勢頭持續增強。第四季度，我們的留住客戶銷售量大幅超過同類平均水準。品牌繼續發揮重要作用，Just Bare 的份額與去年相比增加了 200 多個基點。此外，由於Pilgrim's的高品質和分銷量的增加，其最近重新推出的系列產品也獲得了消費者的持續青睞。

Similarly, our foodservice business continues to grow through additional distribution and increase velocity throughout our portfolios.

同樣，我們的餐飲服務業務也透過增加分銷管道和提高整個產品組合的速度而持續成長。

In Europe, we continue to improve our business through integration of our support functions and optimization of our manufacturing network. Through this effort, we've consistently driven margin expansion while cultivating a more meaningful, customer-focused organization to scale profitable growth in 2025 and beyond.

在歐洲，我們透過整合支援功能和優化製造網路來不斷改善業務。透過這些努力，我們不斷推動利潤率的擴大，同時培養一個更有意義、以客戶為中心的組織，以在 2025 年及以後實現獲利成長。

During the quarter, the environment became increasingly attractive as consumer sentiment improved as wage growth continued to surplus inflation. As such, of poultry and chilled meals business benefited from (inaudible) growth in both value and volume in groceries.

本季度，由於薪資成長持續超過通膨，消費者信心改善，環境變得越來越有吸引力。因此，家禽和冷藏食品業務受益於（聽不清楚）食品雜貨價值和數量的增長。

Our branded portfolio realized similar gains, given its growth through the quarter, led by Fridge Raiders and Rollovers, and it grew faster than the category. We continue to leverage the Richmond consumer affiliation and expand its portfolio. It recently received Groceries Best New Products award for its roast chicken sausage.

我們的品牌組合在本季度實現了類似的成長，以 Fridge Raiders 和 Rollovers 為首，且成長速度快於其他類別。我們將繼續利用里士滿消費者聯盟並擴大其投資組合。該公司最近憑藉其烤雞香腸獲得了《雜貨》最佳新產品獎。

Our foodservice business has also experienced similar success as net sales increased double digits. Innovation remains a priority to drive profitable growth. So that then we strengthen our partnership with key customers through innovation with a series of investments in line extensions, new products, and packaging updates.

我們的餐飲業務也取得了類似的成功，淨銷售額實現了兩位數的成長。創新仍然是推動獲利成長的首要任務。因此，我們透過對產品線擴展、新產品和包裝更新進行一系列投資，透過創新加強與關鍵客戶的合作關係。

When combined with a working brand, we have to launch and renew a significant portion of our portfolio products with several launches in this fourth quarter. Our efforts continue to be remarkably well received by customers. The innovation now accounts for over 6% of unmet sales. Our efforts with sustainability also have generated commercial benefits for key customers.

與有效品牌結合時，我們必須在第四季度推出並更新我們產品組合中很大一部分產品，並推出幾款新產品。我們的努力持續受到客戶的一致好評。這項創新目前佔未滿足銷售額的6%以上。我們在永續發展方面的努力也為主要客戶創造了商業利益。

During the quarter, we were recently awarded incremental business give our animal welfare standards. We will continue to explore opportunities throughout the trade based on our differentiated performance and standards.

在本季度，我們最近獲得了符合動物福利標準的增量業務。我們將基於差異化的表現和標準，繼續探索整個產業的機會。

Turning to Mexico, margins increased from better supply and demand fundamentals and continued execution of our strategies. In the live bird market, commodity values increased throughout the quarter, and overall grain costs fell slightly compared to Q3 of 2024. The customer relationships strengthen as retail fresh volumes grow in the high single digits.

談到墨西哥，由於供需基本面改善和我們策略的持續執行，利潤率增加。在活禽市場，整個季度商品價值都有所增加，與 2024 年第三季相比，整體穀物成本略有下降。隨著零售生鮮商品銷售量以高個位數成長，客戶關係也得到加強。

(inaudible) change, the volume rose over 15%, and the momentum in our fresh branded offerings continued as volumes grew nearly 10% compared to the same quarter last year. We continue to diversify our portfolio to value-added offerings given the growth in our prepared food business.

（聽不清楚）變化，銷量增長了 15% 以上，而且我們的新鮮品牌產品繼續保持增長勢頭，銷量與去年同期相比增長了近 10%。鑑於我們的預製食品業務的成長，我們繼續使我們的產品組合多樣化，提供增值產品。

Our key customer volumes continue to grow in both retail and foodservice, and our innovation pipeline has been well received through the [trade]. Efforts to reduce our operational risk in live operations and extend our production capacity remain on track. Our ramp up for production in Merida is proceeding as planned, and our relocation of the breeder farms remain on track. We recently brought online additional production in our Porvenir plant as well as we continue to explore opportunities for expansion.

我們在零售和餐飲服務領域的關鍵客戶數量持續成長，我們的創新管道也受到了廣泛好評。[貿易]。我們降低現場營運風險和擴大生產能力的努力仍在繼續。我們在梅里達的產量提升工作正按計畫進行，養殖場的搬遷工作也按計畫進行。我們最近在 Porvenir 工廠啟動了額外的生產，同時我們繼續探索擴張的機會。

We also continue our journey in sustainability. To that end, we've driven a reduction in our scope 1 and 2 emissions intensity across all regions. In addition, we continue to explore solutions from leading industry partners that leverage our operational capabilities. As such, we've collaborated with GreenGasUSA to transform our biogas into renewable natural gas at our Sumter facility. Based on this effort, we can reduce emissions while further supporting the renewable energy market. Moving forward, we continue to drive efforts to further reduce our emissions footprint.

我們也將持續我們的永續發展之路。為此，我們在所有地區推動降低範圍 1 和範圍 2 的排放強度。此外，我們還將繼續探索來自領先產業合作夥伴的解決方案，以利用我們的營運能力。因此，我們與 GreenGasUSA 合作，在我們的薩姆特工廠將沼氣轉化為再生天然氣。基於這項努力，我們可以減少排放，同時進一步支持再生能源市場。展望未來，我們將繼續努力進一步減少我們的排放足跡。

With that, I'd like to ask our CFO, Matt Galvanoni, to discuss our financial results.

因此，我想請我們的財務長 Matt Galvanoni 討論我們的財務表現。

Good morning, everyone. As I review our financial performance, please note that our fourth quarter of 2023 and fiscal year 2023 periods with 14-week and 53-week periods respectively, which will impact the period-over-period comparison.

大家早安。當我回顧我們的財務表現時，請注意，我們的 2023 年第四季和 2023 財年期間分別為 14 週和 53 週，這將影響同期的比較。

For the fourth quarter of 2024, net revenues were $4.37 billion versus $4.53 billion a year ago with adjusted EBITDA of $525.7 million and a margin of 12% compared to $309.5 million and a 6.8% margin in Q4 last year.

2024 年第四季，淨收入為 43.7 億美元，而去年同期為 45.3 億美元，調整後 EBITDA 為 5.257 億美元，利潤率為 12%，而去年第四季為 3.095 億美元，利潤率為 6.8%。

For fiscal year 2024, net revenues were $17.9 billion versus $17.4 billion in fiscal 2023. With adjusted EBITDA of $2.21 billion and a 12.4% margin compared to $1.03 billion and a 6% margin last year. Adjusted EBITDA in the US for Q4 came in at $371.6 million with adjusted EBITDA margins at 14.2%.

2024 財年淨收入為 179 億美元，而 2023 財年為 174 億美元。調整後 EBITDA 為 22.1 億美元，利潤率為 12.4%，去年同期為 10.3 億美元，利潤率為 6%。美國第四季調整後 EBITDA 為 3.716 億美元，調整後 EBITDA 利潤率為 14.2%。

Our Big Bird business profitability significantly improved year over year as commodity market pricing improved, grain costs were lower, and the business achieved further operational improvement. Also driving the improvement in the quarterly US results were increases in profitability in both our Case Ready and Small Bird businesses. These businesses continue to deliver high quality and strong customer service, allowing us the opportunity to increase distribution with our key customers.

由於商品市場定價改善、糧食成本下降以及業務實現進一步營運改善，我們的大鳥業務獲利能力較去年同期大幅提高。我們的 Case Ready 和 Small Bird 業務的獲利能力提高也是推動美國季度業績改善的原因。這些業務繼續提供高品質和強大的客戶服務，使我們有機會增加與主要客戶的分銷。

Our prepared food business continued its momentum of branded product sales growth with both retail and food service customers.

我們的預製食品業務在零售和食品服務客戶中持續保持品牌產品銷售成長的勢頭。

During the quarter, within our US GAAP earnings, we recorded $95 million in litigation-related settlement charges. Also in the quarter, we finalized the US pension plan termination program that commenced earlier in the year and recorded $10.9 million of pension settlement charges. This pension obligation termination is now fully completed.

在本季度，根據我們的美國 GAAP 收益，我們記錄了 9,500 萬美元的訴訟相關和解費用。此外，在本季度，我們完成了今年稍早開始的美國退休金計畫終止計劃，並記錄了 1,090 萬美元的退休金結算費用。此項退休金義務終止現已全部完成。

For the fiscal year, our US net revenues were $10.63 billion versus $10.03 billion in fiscal 2023, with adjusted EBITDA of $1.56 billion and a 14.7% margin compared to $531.5 million and a 5.3% margin last year. The US business maintained its momentum throughout the year with increased sales volume and delivering operating efficiencies with the backdrop of supportive commodity markets and lower grade costs.

本財年，我們的美國淨收入為 106.3 億美元，而 2023 財年為 100.3 億美元，調整後 EBITDA 為 15.6 億美元，利潤率為 14.7%，而去年為 5.315 億美元，利潤率為 5.3%。在商品市場利多和等級成本下降的背景下，美國業務全年保持了強勁發展勢頭，銷售量增加，營運效率提高。

In Europe, adjusted EBITDA in Q4 was $117.1 million versus $102.5 million in 2023, a 14.2% increase. For the full year, Europe's adjusted EBITDA proved 28.3% to $407 million in 2024 from $317 million in 2023. Europre drove improved profitability through further operational excellence, including plant closures, consolidation of support functions, and streamlining the overall management organizations structure.

在歐洲，第四季調整後的 EBITDA 為 1.171 億美元，而 2023 年為 1.025 億美元，成長 14.2%。就全年而言，歐洲調整後的 EBITDA 從 2023 年的 3.17 億美元成長 28.3% 至 2024 年的 4.07 億美元。Europre 透過進一步的卓越營運（包括關閉工廠、整合支援職能以及簡化整體管理組織結構）來提高獲利能力。

These efforts over the last two years have provided the foundation for further cost savings and have allowed us to partner more efficiently with our key customers in the region. We recognize approximately $93 million from structuring charges during the year. While we continue to pursue efficiency measures, we anticipate the vast majority of the charges for these programs are behind.

過去兩年的努力為進一步節省成本奠定了基礎，並使我們能夠與該地區的關鍵客戶更有效地合作。我們確認本年度的結構費用約為 9,300 萬美元。在我們繼續推行效率措施的同時，我們預計這些項目的絕大部分費用都已落後。

Mexico made $36.9 million in adjusted EBITDA in Q4 compared to $6.8 million last year. When considering the full year, Mexico made $248.5 million in adjusted EBITDA or an 11.8% adjusted EBITDA margin, bettering last year's 8.7% margin. Through the year, the supply demand fundamentals were well balanced in Mexico.

墨西哥第四季的調整後 EBITDA 為 3,690 萬美元，而去年同期為 680 萬美元。從全年來看，墨西哥的調整後 EBITDA 為 2.485 億美元，即調整後 EBITDA 利潤率為 11.8%，高於去年的 8.7%。全年來看，墨西哥的供需基本面保持良好平衡。

Our GAAP SG&A expenses in the fourth quarter and for the full year were higher than prior periods, primarily due to increased legal settlement expenses and higher incentive compensation costs, partially offset by cost efficiencies primarily achieved in Europe.

我們第四季和全年的 GAAP 銷售、一般及行政費用高於前期，主要由於法律和解費用增加和激勵薪酬成本上升，但主要在歐洲實現的成本效率部分抵消了這一影響。

Net interest expense for the year was approximately $100 million, including the gain -- excluding the gain on the realized debt purchases we completed earlier in the year. Currently, we forecast, for 2024, net interest expense to be between $65 million and $75 million dollars.

本年度淨利息支出約為 1 億美元，其中包括收益（但不包括我們今年稍早完成的已實現債務購買的收益）。目前，我們預測 2024 年的淨利息支出將在 6,500 萬美元至 7,500 萬美元之間。

Our full year effective tax rate was 23.0%. We recorded a discrete tax planning item in the fourth quarter, which lowered our full year effective tax rate from our pace through the first three quarters of the year. For 2025, we anticipate our effective tax rate to approximate 25%.

我們的全年有效稅率為23.0%。我們在第四季度記錄了一項單獨的稅務規劃項目，這使得我們的全年有效稅率低於前三個季度的水平。到 2025 年，我們預計有效稅率約為 25%。

We have a strong balance sheet, and we still continue to emphasize cash flows from operating activities, management of working capital, and discipline investment in high-return projects. As of the end of the year, our net debt totaled approximately $1.15 billion with a leverage ratio of approximately 0.5 times our last 12 months adjusted EBITDA.

我們擁有強大的資產負債表，我們仍然繼續強調經營活動的現金流量、營運資本的管理以及對高回報項目的紀律投資。截至年底，我們的淨債務總額約為 11.5 億美元，槓桿率約為過去 12 個月調整後 EBITDA 的 0.5 倍。

Our liquidity position remains very strong, and at the end of the fiscal year, we had approximately $3.1 billion in total cash and available credit. We have no short-term immediate cash requirements with our bonds (inaudible) between 2031 and 2034, and the US credit facility is not expiring until 2028. Our liquidity position allows us to explore further growth opportunities, including organic growth, to meet our key customers' needs.

我們的流動性狀況仍然非常強勁，截至本財政年度末，我們的現金和可用信貸總額約為 31 億美元。我們的債券（聽不清楚）在 2031 年至 2034 年期間沒有短期即時現金需求，而美國信貸額度要到 2028 年才到期。我們的流動性狀況使我們能夠探索進一步的成長機會，包括有機成長，以滿足我們主要客戶的需求。

We finished the year spending $476 million of CapEx. This included the conclusion of the construction of the protein conversion plant in South Georgia and other growth projects to support differentiated product attributes for our key customers. We will continue to prioritize our capital spending plans to ensure the safety of our team members, optimize our product mix, and strengthen our partnerships with key customers.

我們今年的資本支出為 4.76 億美元。其中包括在南喬治亞州建造蛋白質轉換工廠的完成以及其他成長項目，以支持我們的主要客戶提供差異化的產品屬性。我們將繼續優先考慮我們的資本支出計劃，以確保我們團隊成員的安全，優化我們的產品組合，並加強與主要客戶的合作夥伴關係。

Currently, we forecast spending between $450 million and $500 million in CapEx in 2025, primarily to sustain our operations and for other more routine growth projects. We are intently focused on growth opportunities. First, in the last few years, we have invested in our plans to meet both growth targets and product attributes requested by our key customers, and we will continue to do so as we cultivate these relationships.

目前，我們預計 2025 年的資本支出將在 4.5 億至 5 億美元之間，主要用於維持我們的營運和其他更常規的成長項目。我們全神貫注於成長機會。首先，在過去的幾年裡，我們已經投資了我們的計劃，以滿足我們主要客戶所要求的成長目標和產品屬性，我們將在培養這些關係的同時繼續這樣做。

Also, we foresee investments in additional protein conversion capacity to both upgrade our product mix and manage risk by reducing our exposure to outside protein conversion operators. Finally, as we've discussed extensively, our US prepared foods business has grown our brand portfolio through innovative and differentiated products, and we anticipate expanding our capacity to meet the growth trajectory of this portfolio.

此外，我們預計將投資於額外的蛋白質轉化能力，以升級我們的產品組合，並透過減少對外部蛋白質轉化運營商的依賴來管理風險。最後，正如我們廣泛討論的那樣，我們的美國預製食品業務透過創新和差異化的產品擴大了我們的品牌組合，我們期待擴大我們的產能以滿足該組合的成長軌跡。

Finally, we have a great business in Mexico and organic growth opportunity in both fresh and prepared. These near-term growth opportunities align to our overall strategies of portfolio diversification, focus on key customers, operational excellence, and our commitment to team member health and safety. Please note, we may revise CapEx spending estimates to accommodate our growth aspiration.

最後，我們在墨西哥擁有出色的業務，並且在新鮮食品和熟食方面都有有機成長的機會。這些近期的成長機會與我們的投資組合多元化、關注重點、卓越營運以及對團隊成員健康和安全的承諾等整體策略相一致。請注意，我們可能會修改資本支出估算以適應我們的成長意願。

We'll continue to follow a disciplined approach to capital allocations and look to properly grow for the company. We'll continue to align investment priorities with these overall strategies.

我們將繼續遵循嚴謹的資本配置方式，尋求公司適當的發展。我們將繼續使投資重點與這些整體策略保持一致。

We are looking forward to our Investor Day on March 14 to share with you our strategic outlook, more detailed views on these growth opportunities, and further commentary on our capital allocation philosophy.

我們期待 3 月 14 日的投資者日，與您分享我們的策略展望、對這些成長機會的更詳細的看法以及對我們的資本配置理念的進一步評論。

Operator, this concludes our prepared remarks. Please open the call for questions.

接線員，我們的準備好的發言到此結束。請打開電話來回答問題。

We will now begin the question-and-answer session. (Operator instructions)

我們現在開始問答環節。（操作員指令）

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Yeah, good morning, and thanks for taking my question. Fabio, Matt, congrats on the results.

是的，早上好，感謝您回答我的問題。法比奧、馬特，恭喜你們所取得的成績。

Good morning, Benjamin.

早安，本傑明。

Yeah, so to start off, maybe just to talk a little bit about the market dynamics, what happened in the fourth quarter and as we're moving into the first quarter. Clearly, 4Q was very strong. I mean, it feels like there was still a little bit disruption from the hurricanes late September, early October, coupled with AI. So maybe help us understand a little bit what's been driving these very strong cutout values, particularly on the Big Bird side as you think about it throughout the fourth quarter, but also what you're showing early stage in January still being very elevated. So that would be my first question.

是的，首先，讓我們來談談市場動態，第四季以及第一季的情況。顯然，第四季表現非常強勁。我的意思是，感覺九月下旬和十月初的颶風以及人工智慧仍然造成了一點幹擾。因此，也許可以幫助我們稍微理解一下是什麼推動了這些非常強勁的剪切值，特別是在第四季度大鳥方面，但你在 1 月初就表現出仍然非常高的價值。這是我的第一個問題。

And second question, that would be more for Matt, in regards to the capital allocation on the guidance for the CapEx of $450 million to $500 million. It kind of feels a little low of what you can do, given the $2 billion in cash that you have available, what tends to be long-term average, more like $500 million. So anything that you can share maybe in terms of the thoughts around dividends or any other way of cash return just given where the leverage is? Thank you very much.

第二個問題，這更多是針對馬特 (Matt) 的問題，關於 4.5 億至 5 億美元資本支出指導的資本分配。考慮到你們手上有的 20 億美元現金，這個數字似乎有點低，長期平均值大概是 5 億美元。那麼，考慮到槓桿率，您能分享一下有關股息或其他現金回報方式的想法嗎？非常感謝。

Sure. Thank you, Ben. Yeah, you're right. There's always some seasonality in the chicken business and typically just for the [week] a quarter in the year. It's because of the seasonality of the consumption, because of Thanksgiving and Christmas. What we saw this year was a very strong demand for chicken. I think that is because of the relative affordability of chicken and some of the menu penetration in foodservice.

當然。謝謝你，本。是的，你說得對。雞肉生意總是有一定的季節性，通常一年只有第一季的某個[週]。這是因為消費的季節性，例如感恩節和聖誕節。我們今年發現，雞肉的需求非常強勁。我認為這是因為雞肉相對便宜，並且在一定程度上滲透到了餐飲菜單當中。

In Q4 and throughout the year, we saw an increase in demand in retail and foodservice for chicken. In the retail, and most notably, we saw on the frozen food category and on the fresh category and also on the deli. So we saw those three categories leading the demand in the retail. And in the foodservice, we also saw, despite a reduction in the traffic that especially affected the foodservice restaurants, the queue and the (inaudible) continue to grow the demand for chicken. I think that's because of the chicken promotions and the many penetration that we've been seeing.

在第四季及全年，我們發現零售和餐飲服務對雞肉的需求增加。在零售業，最值得注意的是，我們看到了冷凍食品類別、新鮮食品類別以及熟食類別。因此，我們看到這三個類別引領了零售業的需求。在餐飲領域，我們也看到，儘管客流量減少（尤其影響餐飲餐廳），但排隊和（聽不清楚）對雞肉的需求仍在繼續增長。我認為這是因為我們看到雞肉促銷和大量滲透。

So both the retail and the foodservice actually increased during Q4 year over year. At the same time, what we saw during Q4 because of some of the storms and some of the bad weather and the continued problem with hatchability and mortality, production was up close to 1.4%, but the Big Bird category, which was the more commoditized one, was actually flat. So we saw an increase in demand because of the factors that I mentioned, with a flat production in the commodity category.

因此，第四季度零售和餐飲服務實際上都比去年同期成長了。同時，我們看到，由於第四季度的一些風暴和惡劣天氣以及孵化率和死亡率的持續問題，產量上漲了近 1.4%，但商品化程度更高的大鳥類別實際上持平。因此，由於我提到的因素，我們看到需求增加，而商品類別的產量持平。

And that sustained the prices at the stable levels. And as a matter of fact, now, in Q1, we typically see this, which is a rebound in the demand for chicken. We see prices actually going up almost every day in the commodity category.

這使價格維持在穩定水平。事實上，現在，在第一季度，我們通常會看到這種情況，即雞肉需求的反彈。我們看到商品類別的價格幾乎每天都在上漲。

And Ben, this is Matt. Thanks. That's a completely fair question relative to where our cash position sits today and our overall leverage. I think I'd go back to what I mentioned in the prepared remarks that right now, we're guiding at a $450 million to $500 million on, we'll call it, sustaining CapEx plus more routine or smaller growth projects.

本，這是馬特。謝謝。相對於我們目前的現金狀況和整體槓桿率來說，這是一個完全公平的問題。我想我應該回到我在準備好的發言中提到的內容，現在，我們預計維持資本支出為 4.5 億至 5 億美元，加上更多常規或小型成長項目。

As I mentioned in (inaudible) before and in the prepared remarks, now, we are really looking at growth opportunities, organic growth opportunities to partner with our key customers to increase our protein conversion. Our prepared business needs to expand its capacity. And I think we'll be able to talk more about that at the Investor Day in about a month, and we really look forward to talking about that and just kind of overall capital allocation philosophy and thoughts at that time.

正如我之前在（聽不清楚）和準備好的演講中提到的那樣，現在，我們正在尋找成長機會、有機成長機會，以便與我們的關鍵客戶合作，以提高我們的蛋白質轉換率。我們的準備好的業務需要擴大產能。我認為我們將能夠在大約一個月後的投資者日上更多地談論這個問題，我們非常期待當時談論這個問題以及整體資本配置理念和想法。

Okay, thank you very much. Congrats again.

好的，非常感謝。再次恭喜。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, guys. Good morning. Thank you for the question. Maybe to pick up just on Ben's question around the US, Fabio, I think, a little bit of the pressure this morning is probably that the US, even seasonally, still came in a bit below expectations relative to the street. So just trying to get maybe a layer deeper on the underlying, I know that you have some contracts, obviously, that are more grain-based, and so we don't have the details of the 10-K yet, but was there more of a pass through element just in pricing on grain that maybe hit you in the fourth quarter more so than anticipated? Just any additional color maybe by sub channel would be helpful as we think about 4Q relative to your own expectations and relative to where the street was.

嘿，大家好。早安.感謝您的提問。法比奧，也許只是為了回答本關於美國的問題，我認為，今天早上的一點壓力可能是美國，即使是季節性的，仍然比華爾街的預期略低。因此，只是想更深入地了解底層情況，我知道您有一些合同，顯然，這些合同更多的是基於穀物的，因此我們還沒有 10-K 的詳細信息，但是在穀物定價中是否存在更多的傳遞因素，這可能會在第四季度對您造成比預期更大的影響？當我們根據您自己的期望以及街道的位置來考慮 4Q 時，透過子通道添加任何附加顏色都會有所幫助。

Sure, I think we've been always talking about our portfolio, right? And we have exposure to the commodity markets through our Big Bird operations, but that is a third of our portfolio. And the other two-thirds of our portfolio are more the Small Birds and the Case Ready operations, which tend to be way more stable. And I think, as we mentioned, because our contracts and pricing in those other segments are more grain-based or a negotiation that we keep the prices unless something changes, either in cost or in the supply and demand. And when you look at the comparison year over year, we actually improve in every single category because of our operational excellence initiatives.

當然，我想我們一直在談論我們的投資組合，對嗎？我們透過 Big Bird 業務接觸了商品市場，但這只占我們投資組合的三分之一。我們投資組合中的另外三分之二更多的是 Small Birds 和 Case Ready 業務，它們往往更加穩定。我認為，正如我們所提到的，由於我們在其他領域的合約和定價更多地以穀物為基礎，或者是一種談判，除非成本或供需發生變化，否則我們會保持價格不變。如果與去年同期進行比較，就會發現由於我們採取了卓越營運舉措，我們在每個類別上都取得了進步。

So there is a lot of operational excellence that went through the dotted line. For the year, we have more than $100 million in operation improvements, but those segments are more stable. And that's why we are able to capture the upsides when the market is really strong but protecting the downsides, and I think that's what makes our bottom line less volatile. And we've been working in this portfolio over time to make sure that we again can benefit from the commodity cycles and can capture the upsides while protecting the downsides.

因此，有許多卓越的營運都貫穿了虛線。今年，我們的營運改善支出超過 1 億美元，但這些部門更加穩定。這就是為什麼我們能夠在市場非常強勁時抓住上行機會，同時保護下行風險，我認為這也使我們的底線波動性更小。我們一直在努力管理這個投資組合，以確保我們能夠再次從商品週期中受益，並且能夠抓住上行機會，同時避免下行風險。

Also on the prepared foods, we've been growing our brands and through distribution, and we -- of course, it's an offset to the commodity cycle as a lot of the raw materials for this prepared foods is the commodity meat.

此外，在預製食品方面，我們一直透過分銷​​來擴大我們的品牌，當然，這是對商品週期的一種抵消，因為這種預製食品的許多原材料都是商品肉。

So I think that's why Q4 was not even stronger than it could be. But when you look at year over year, there's a significant improvement, and when we look into the yearly, I think we saw how the portfolio reacts when prices really changes. So we are more stable, but we're able to capture those upsides.

所以我認為這就是為什麼第四季的表現沒有達到應有的水準。但是，如果逐年觀察，就會發現有一個顯著的改善；如果逐年觀察，我想我們會看到當價格真正改變時投資組合如何反應。因此我們更加穩定，但我們能夠抓住這些優勢。

Great, thank you for that. And Matt, maybe just a couple of quick ones, modeling-wise for '25. I think you said net interest expense of 65% to 75%. I just wanted to make sure that I heard that correctly. And then just the two others if you could help us with DNA, and then just how you're thinking about SG&A expense as well. Thanks very much.

太好了，謝謝你。馬特，也許我只想快速問幾個問題，關於 25 年的建模方面。我記得您說的是淨利息支出為 65% 到 75%。我只是想確保我聽得正確。然後還有另外兩個問題，如果您能幫助我們了解 DNA，那麼您對 SG&A 費用的看法是什麼？非常感謝。

Sure, I would -- from an SD&A perspective, I would kind of model of this $130 million to $135 million a quarter. I think that'll give you a good range there to use. Relative to DNA, in about a $440 million number annually, $440 million. And then the interest expense, the net interest expense, that's based on kind of the current guide on the capital expenditures of the $450 million to $500 million and just using that kind of as the baseline to kind of look at that relative to cash generation during the year and cash use based on an estimate of what we can do for net interest -- for interest income, too.

當然，從 SD&A 的角度來看，我會將其建模為每季 1.3 億美元到 1.35 億美元。我認為這會給你一個很好的使用範圍。相對於 DNA，每年約 4.4 億美元，4.4 億美元。然後是利息支出，即淨利息支出，這是基於目前 4.5 億至 5 億美元資本支出的指導，並以此為基線，根據我們對淨利息——利息收入——所能做的事情的估計，來觀察其與年度現金產生量和現金使用量的關係。

Got it. Thanks very much, guys.

知道了。非常感謝大家。

Andrew Strelzik, BMO.

安德魯·斯特雷爾齊克（BMO）。

Hey, good morning. Thanks for taking the questions. My first one, I wanted to ask about Mexico. I just wanted to better understand, what drove the counter seasonal kind of improvement and kind of values that you talked about and kind of how to think about given that margins in Mexico into 2025 or through 2025? I assume that first quarter margins are probably going to be up year over year, but just trying to better understand what's going on in Mexico and how to think about the outlook there.

嘿，早安。感謝您回答這些問題。第一個問題，我想問關於墨西哥的情況。我只是想更好地理解，是什麼推動了您談到的反季節性改善和價值觀，以及如何考慮墨西哥在 2025 年或 2025 年的利潤率？我估計第一季的利潤率可能會比去年同期有所上升，但只是想更好地了解墨西哥的情況以及如何看待那裡的前景。

Sure, and once again, we're really happy with the margins we have in Mexico. It's a growing economy. We continue to invest there. As I mentioned, we just started a new complex in the peninsula in the Merida region, so we're diversifying our geographic position in Mexico and capturing those growth opportunities. I think Mexico can be very volatile quarter over quarter, but when you look at the year number, typical, more stable and double digits in terms of EBIT.

當然，我們對墨西哥的利潤感到非常滿意。這是一個正在成長的經濟。我們將繼續在那裡投資。正如我所提到的，我們剛剛在梅里達地區的半島建立了一個新的綜合體，因此我們正在實現我們在墨西哥的地理位置多元化並抓住這些增長機會。我認為墨西哥的每個季度的波動性都很大，但是從年度數據來看，息稅前利潤通常更為穩定，並且達到兩位數。

So we -- once again, we believe in the economy of Mexico and continue to invest there. I think what we saw this year was a strong demand for the chicken products. I think we saw also that with the high prices of the commodities in the United States, especially like [quarters] and breast meat, we saw more demand in the domestic market in Mexico.

因此，我們再次表示，我們相信墨西哥的經濟，並將繼續在那裡投資。我認為我們今年看到的是對雞肉產品的強勁需求。我認為我們也看到，由於美國商品價格高企，尤其是像四分之一和胸肉這樣的商品，墨西哥國內市場的需求增加。

The big volatility in Mexico typically comes from the live market. I think we've mentioned this many times. There is still a market in Mexico where we produce the birds, and we sell them live to wholesalers, then we distribute those birds to small slaughterhouses that will sell the meat to the consumers, especially around the Mexico City. This live market is highly volatile because there's a lot of small competitors that can appear and go as the profitability is strong or weak in that segment, which, again, once again, calls a high volatility there.

墨西哥的巨大波動通常來自於現場市場。我想我們已經多次提到這一點。在墨西哥仍然有一個市場，我們在那裡生產鳥類，並將它們活著賣給批發商，然後我們將這些鳥類分銷到小型屠宰場，屠宰場將肉賣給消費者，特別是在墨西哥城周圍。這個即時市場波動性很大，因為有許多小競爭對手，隨著該領域的獲利能力強弱而出現和消失，這再次導致了該市場的波動性很大。

I think we've been able to improve our presence in that market. We continue to grow in that market as well, which is stable in Mexico, but we continue to differentiate our portfolio with the growth of prepared foods and the growth of our branded fresh offerings.

我認為我們已經能夠提高我們在該市場的地位。我們在該市場也繼續成長，墨西哥的市場比較穩定，但我們繼續透過預製食品的成長和品牌新鮮食品的成長來使我們的產品組合與眾不同。

And I think that is the market that continues to be highly volatile. And this year, I think we saw some diseases in Mexico that impacted the live production, and that created a little bit more volatility there. We don't know if that is going to be the case in 2025. Of course, we follow a very strong biosecurity in Mexico, but the movement of these live birds increased the risk in terms of biosecurity. That's why we have a disease in Mexico, which is higher than the US. So that's what creates more volatility in Mexico.

我認為這個市場仍然高度不穩定。今年，我認為我們看到墨西哥出現了一些對活體生產造成影響的疾病，並給那裡帶來了更大的波動。我們不知道 2025 年的情況是否還會出現這種情況。當然，墨西哥實行非常嚴格的生物安全措施，但這些活禽的流動增加了生物安全的風險。這就是為什麼墨西哥的疾病發生率比美國更高。這就是導致墨西哥局勢更加動盪的原因。

But once again, we continue to expect increasing demand for chicken. Chicken continue to be an affordable category for the Mexican families, and we continue to invest in Mexico to grow our production there.

但我們再次預計雞肉的需求將會增加。雞肉仍然是墨西哥家庭可以負擔得起的食品類別，我們將繼續在墨西哥投資以擴大那裡的產量。

Yes. And Andrew, it's Matt. Just when we look back at Q1 of last year, Mexico adjusted EBITDA margins of 9.2%, very, very solid. Q1 of last year, great year overall, and so just something just to consider when you think about Q1 2025, we are lapping 9.2% margins, which were solid.

是的。安德魯，我是馬特。回顧去年第一季度，墨西哥調整後的 EBITDA 利潤率為 9.2%，非常非常穩健。去年第一季總體來說是偉大的一年，所以當你想到 2025 年第一季時，只需考慮一下，我們的利潤率達到了 9.2%，這是穩固的。

Got it. Okay. Okay, that's clear, and that's helpful. My other question is going back to the US side. And if I think back to the summer, US margins were excellent. But breast prices were basically around the five-year average level, and now, we're coming into this year with above average seasonal prices. So I guess I'm trying to think about, given the way you're talking about supply and demand, the right way to think about breast prices over the summer, again, I mean, do you think that the setup here is to get to above normal prices or hold above normal prices as we get into the summer? Or set up more similar to last year, especially in the context of feed costs which, especially on the corn side, have gone up a little bit? Thanks.

知道了。好的。好的，這很清楚，而且很有幫助。我的另一個問題是回到美國方面。如果我回想一下夏天，美國的利潤率非常高。但雞胸肉價格基本上維持在五年平均值左右，而今年的季節性價格則高於平均值。所以我想我正在嘗試思考，鑑於您談論供需關係的方式，夏季乳房價格的正確思考方式是什麼，我的意思是，您認為這裡的設置是讓價格高於正常價格還是在進入夏季時保持高於正常價格？或者與去年更相似，特別是在飼料成本（尤其是玉米成本）略有增加的情況下？謝謝。

Yeah, I think the demand for the breast, it continues to be really strong. As I mentioned last year, we saw prices close to the five-year average. I think the five-year average are also highly impacted by a bit because of a very high prices during the 2022 period.

是的，我認為對乳房的需求持續強勁。正如我去年提到的，我們看到價格接近五年平均值。我認為，由於 2022 年期間的價格非常高，五年平均值也會受到一定影響。

So I expected the demand to continue to be strong. If you look into the supply, we are seeing with the (inaudible) and Chick-fil-As, and based on what we are seeing on the hatchability numbers and mortality numbers that demand according to the USDA will be close to 1% or [4%]. And that is more in the first semester rather than the second semester.

因此我預計需求將持續強勁。如果你看一下供應情況，我們可以看到（聽不清楚）和 Chick-fil-As，根據我們所看到的孵化率和死亡率數據，根據美國農業部的數據，需求將接近 1% 或[4%]。而且這在第一學期比在第二學期更常見。

Beef, and if you look into the overall protein availability in the US, will be close to 1%. When you look at all the other proteins, especially if the beef [harvest] is really below as the USDA is expecting. And because of the delta and pricing we're seeing at retail, boneless breast, compared to ground beef is what we typically compare. It's at the highest level in history. So there is a strong demand in retail for the chicken products.

如果你看美國的整體蛋白質供應量，你會發現牛肉的供應量接近 1%。當你查看所有其他蛋白質時，特別是如果牛肉[收成]確實低於美國農業部的預期。由於我們在零售中看到的差異和定價，我們通常會比較無骨胸肉和碎牛肉。這是歷史上最高的水準。因此零售業對雞肉產品的需求強勁。

And that goes over the supply in the case ready category because it takes Big Bird meat, which is the commodity meat, to augment the strong demand, especially during the summer. That's what tends to increase the commodity pricing on the commodity segment.

這超出了即食肉類的供應量，因為需要大鳥肉（一種商品肉）來滿足強勁的需求，尤其是在夏季。這往往會導致商品領域的商品定價上漲。

So I expect there are continuing strong demand for chicken, especially during the summer, and I think the prices will react accordingly.

因此我預計雞肉的需求將持續強勁，特別是在夏季，我認為價格也會做出相應的反應。

Great. Thank you very much.

偉大的。非常感謝。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Good morning. Congratulations on the quarter. Good morning. I wanted to really ask for clarification because Fabio, some of your prepared comments, I was -- had a difficulty understanding. So really quickly on bird flu, you mentioned some of the US export partners that have changed to like a county level as opposed to state level. I know Mexico does that, but I was wondering if you could repeat those comments. Which countries have switched to doing just county level?

早安.恭喜本季取得佳績。早安.我真的想請求澄清，因為 Fabio，你準備好的一些評論我很難理解。那麼，關於禽流感，您很快就提到美國的一些出口夥伴已經從州級變為縣級。我知道墨西哥就是這樣做的，但我想知道您是否可以重複這些評論。哪些國家已改為只在縣級層級開展工作？

Yeah, I think the biggest reduction in terms of exports, if you look into the United States, has been Southeast Asia, especially Taiwan. So I think Taiwan was the one that is creating a new procedure. It's not a -- I don't know specific on county levels, but they are changing their protocols to take these ban levels more into some zones.

是的，我認為，如果你看看美國，出口降幅最大的是東南亞，尤其是台灣。因此我認為台灣正在創建新的程式。這不是——我不知道縣級的具體情況，但他們正在改變他們的協議，以便將這些禁令級別進一步擴展到某些區域。

I think Taiwan is a big change, and that was a big change for this year. Again, overall, (inaudible) as we mentioned many times, I think it has been a big issue for turkey and for the egg industry. For us, we have the biosecurity protocols at the maximum.

我覺得台灣的變化很大，這是今年的一大變動。再次，總的來說，（聽不清楚）正如我們多次提到的，我認為這對火雞和蛋類行業來說是一個大問題。對我們來說，我們已經達到了最高等級的生物安全協議。

We have a very widespread production footprints. We have [23] plants, and even our houses are very spread, as you know very well, and each one has typically three to four houses, so it has 110,000 to 150,000 birds in each of one of those (inaudible) farms. So I think our biosecurity and our geographic diversification helps on creating less impact on high path AI in terms of losing birds. But as you mentioned, the export bans are the ones that are really impactful for business.

我們的生產足跡遍佈全球。我們有 [23] 家工廠，甚至我們的雞舍也分佈得很分散，正如你所知，每個雞舍通常有三到四間雞舍，所以每個農場 (聽不清楚) 裡都有 11 萬到 15 萬隻雞。因此，我認為我們的生物安全和地理多樣化有助於減少高致病性禽流感病毒（如鳥類死亡）的影響。但正如你所提到的，出口禁令才是對企業真正影響的。

But as we are seeing a very strong demand in the external markets for the American product because of its affordability and competitiveness compared to all other proteins and even all other chicken geographies. And we're seeing also strong demand in here in the United States, especially for the dark meat, and that is limiting the availability of exports of leg quarters, so very strong pricing over the year.

但我們看到外部市場對美國產品的需求非常強勁，因為與所有其他蛋白質甚至所有其他雞肉產地相比，美國產品價格實惠且具有競爭力。我們也看到美國市場對雞肉的需求強勁，尤其是深色雞肉，這限制了雞腿的出口量，因此全年價格都非常堅挺。

Okay, thank you for that. And then moving back to the to the US Big Bird, I hate to belabor this point, but I just was wondering, so the US profitability was a little light. And I understand that you've got a diversified business and two-thirds of the business, the pricing doesn't move around a lot. I was wondering if also there was effect from the Douglas complex being down because my my understanding is that because of the loss of a lot of that housing that you guys might be having to buy logs on the outside to process. And so I was just wondering if you could talk qualitatively to how the Douglas complex impacted results during the quarter and when do you all expect that complex to -- the housing there to be back to normal?

好的，謝謝你。然後回到美國大鳥，我不想過多地討論這一點，但我只是想知道，美國的盈利能力有點弱。我知道你們的業務多元化，其中三分之二的業務定價不會太大波動。我想知道道格拉斯綜合大樓倒塌是否也造成了影響，因為我的理解是，由於大量住房的損失，你們可能不得不從外面購買原木來加工。所以我想知道您是否可以定性地談談道格拉斯綜合大樓對本季業績的影響，以及您預計該綜合大樓何時能恢復正常？

Yeah. Thank you for the question. Once again, yeah, there was a devastating storm that we have in the Douglas. We helped the community. We invest in the community. We donated $1 million to help with the efforts to improve and rebuild the community, and we unfortunately lost a lot of housing in that region. I think we've been building houses. We've been getting houses on the market, and we've been increasing our production there.

是的。感謝您的提問。是的，道格拉斯再次遭遇了一場毀滅性的風暴。我們幫助了社區。我們投資社區。我們捐贈了 100 萬美元來幫助改善和重建社區，但不幸的是，該地區失去了許多住房。我想我們一直在蓋房子。我們一直在向市場推出房屋，並且我們在那裡的產量也在增加。

But what we did, we have a lot of other operations in the region. We moved some birds around. And we've been able to operate the complex at a very satisfying operational level, so we're not focusing the losses of Douglas in just that complex. Of course, it was more impacted than others. We also have some impact in Live Oak because of the storm, but we're moving those around. And again, we are with a very efficient operation there, and we are with a great efficiency in all the other complexes to these movements of birds.

但我們在該地區還有很多其他業務。我們移動了一些鳥。我們已經能夠在非常令人滿意的營運水準上運作該綜合設施，因此我們不會將道格拉斯的損失僅集中在該綜合設施上。當然，它受到的影響比其他的要大。由於風暴，Live Oak 也受到了一定影響，但我們正在將其轉移。而且，我們在那裡的行動非常高效，我們在所有其他有關鳥類遷徙的綜合行動中也非常有效率。

I think we're also impacted a little bit in the quarter by the change in our facility that we moved to (inaudible). I think we stayed down for close to a week in that facility, but I think those were not very impactful for the quarter of material things that we expect to continue to impact our operation.

我認為我們本季也受到了工廠搬遷的影響（聽不清楚）。我想我們在該設施內停留了將近一周的時間，但我認為這些對於我們預計將繼續影響我們營運的本季重要因素影響並不大。

We expect the Douglas ramp-up to be close to Q3, Q4 as building houses is not as simple as it was in the past, but we see a great level of commitment from our growers, and we see a great level of commitment from the authorities also on helping on financing those houses and the permitting on those houses.

我們預計道格拉斯的產量將在第三季和第四季接近，因為建造房屋並不像過去那麼簡單，但我們看到種植者做出了巨大的承諾，我們也看到當局做出了巨大的承諾，幫助為這些房屋提供融資並發放這些房屋的許可。

Perfect. Thank you so much for that color.

完美的。非常感謝這個顏色。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Thank you, and congrats on the quarter. I just -- yeah, I just wanted to focus on -- I think you kind of mentioned this in the prepared remarks, but wanted to dive into hatchability, livability. It looks like trends still look challenged for production. Just wondering if you could give us an update if there's a fix on the way? Could you maybe just remind us what those fixes are and what are the potential timelines here?

謝謝，並恭喜本季取得佳績。我只是 — — 是的，我只是想關注 — — 我想你在準備好的發言中提到了這一點，但想深入探討孵化率和宜居性。看起來趨勢對於生產仍然面臨挑戰。我只是想知道如果有修復的話您是否可以向我們提供最新消息？您能否提醒我們這些修復是什麼以及這裡可能的時間表是什麼？

Of course. Thank you. Yeah, it's a (inaudible) question. And we've seen this hatchability issue for a while now. It all started with a new breed, and this new breed has great numbers in terms of yields and in terms of conversion. So I think what the genetic companies do is that they always try to answer the questions from the industry, and that's what we want, quality yields and conversion costs. And this new breed answered those questions. So it has improved numbers close to 1% to 2% every year on those categories and a very good quality. Unfortunately, it is a bird that is really difficult to manage on the life side. And I think on the life side, it generates a smaller amount of eggs but also has a very low hatch.

當然。謝謝。是的，這是一個（聽不清楚）的問題。我們已經看到這個孵化率問題有一段時間了。這一切都始於一個新品種，這個新品種在產量和轉換率方面都有很大的提高。所以我認為基因公司所做的就是他們總是試圖回答來自產業的問題，這就是我們想要的，優質的產量和轉換成本。這個新品種回答了這些問題。因此，這些類別的數字每年都有接近 1% 到 2% 的提高，而且品質非常好。不幸的是，從生活方面來說，這是一種非常難以管理的鳥。我認為從生命角度來看，它產的卵數量較少，而且孵化率也很低。

And as we look into the numbers, actually 2025 is starting with a lower number than we saw in 2024. There is always some seasonality because of the weather, but 2025 is actually starting lower from 2024, which was the lowest on record for the hatchability. It is about animal handling on the life side.

當我們研究這些數字時，我們會發現 2025 年的實際數字低於 2024 年的數字。由於天氣原因，總是存在一些季節性，但 2025 年的孵化率實際上比 2024 年要低，而 2024 年的孵化率是有史以來的最低值。這是關於動物生命方面的處理。

And the United States is structured to have minimal interaction with the birds. So we need the birds in the houses to create the fertile eggs, but because of the difficult management of these birds, we need to have individual management of these birds. We have that in Europe, in Mexico, and somewhat in Brazil. So we're seeing better hatchability there. But it is the structure of the houses and the way we manage the birds.

而美國的政策則盡量減少與鳥類的互動。所以我們需要捨內的鳥來產下受精卵，但由於這些鳥的管理較困難，我們需要對這些鳥進行單獨管理。歐洲、墨西哥和巴西都有這種現象。因此，我們看到那裡的孵化率更高。但這是房屋的結構和我們管理鳥類的方式。

To change and we've been changing our protocols to spending more time to manage these birds, specifically the weight of these birds because the weight impacts the hatchability. And we are spending more time in the houses, but we need to change the structure of the houses. We completely need to change the way we manage those birds. And as I mentioned, that helps -- in biosecurity, we also have partner farms that do the -- that keep the the breeders for us, and it is all scattered throughout the country. And we need to invest in those houses and change all the management, and that takes a lot of time. So there's no for the improving hatchability, but we expect to get better at managing this breed with time.

為了改變，我們一直在改變我們的協議，花更多的時間來管理這些鳥類，特別是這些鳥類的重量，因為重量會影響孵化率。我們在家裡度過的時間越來越多，但我們需要改變房子的結構。我們徹底需要改變管理這些鳥類的方式。正如我所提到的，這有助於——在生物安全方面，我們也有合作農場為我們保管飼養者，這些農場分散在全國各地。我們需要對這些房屋進行投資並改變所有的管理，這需要很長時間。因此，孵化率無法提高，但我們希望隨著時間的推移，能夠更好地管理這個品種。

Okay, great. I appreciate that commentary. And I guess, just furthermore just flushing out your commentary here, you mentioned that you had weather disruptions, and we we've seen this Arctic weather come in, so I think a lot of people are talking about that. I think you mentioned Big Bird production may have been flat at some point. Just wondering how to think about this for 1Q given we have seen this colder weather kind of persist.

好的，太好了。我很欣賞這一評論。我想，進一步補充您的評論，您提到遇到了天氣幹擾，我們已經看到北極天氣的到來，所以我想很多人都在談論這個。我覺得你提到過，大鳥的產量在某個時候可能已經持平了。我只是想知道，鑑於我們已經看到這種寒冷的天氣持續存在，該如何看待第一季的這種情況。

Yeah, the weather is always a challenge for us, especially because we saw some really cold weather in the South, right? At some point, we have snow in Florida, and that disrupts for a little while, but I don't think it is a persistent or significant event that will impact the productivity or the production or even the demand in that region for a long time. I think we always have one or two weather events.

是的，天氣對我們來說始終是一個挑戰，特別是因為我們在南方看到了一些非常寒冷的天氣，對吧？在某個時候，佛羅裡達州會下雪，這會造成一段時間的干擾，但我不認為這是一個持續或重大的事件，不會長期影響該地區的生產力、產量甚至需求。我認為我們總是會遇到一兩次天氣事件。

Of course, we mentioned also the very mini hurricane that we have in the Belgian region, and that was really impactful for that operation. I think we always have that -- those types of events, and that's why the geographic diversification that we have allowed us to keep great service levels to our key customers and didn't disrupt a lot into our bottom line.

當然，我們也提到了比利時地區遭遇的微型颶風，這對行動產生了很大影響。我認為我們總是會遇到這樣的情況——那些類型的事件，這就是為什麼我們的地理多樣化使我們能夠為主要客戶保持優質的服務水平，並且不會對我們的底線造成太大的影響。

Great. I appreciate the color. Congrats again on the quarter. I'll jump back in the queue.

偉大的。我很欣賞這個顏色。再次恭喜本季取得佳績。我將重新回到隊列中。

Thank you.

謝謝。

Priya Ohri-Gupta, Barclays.

巴克萊銀行的 Priya Ohri-Gupta。

Good morning. Thank you, and congrats on the quarter. Matt, I was wondering if we could start with you a little bit, really strong free cash flow performance to round out the year. As we look to '25 and some of the comments around volatility on the input side, could you maybe walk us through how we should think about working capital as contributing to cash flow, how much of a drag should it be or could we see a potentially neutral outcome?

早安.謝謝，並恭喜本季取得佳績。馬特，我想問我們是否可以先跟您簡單介紹一下今年的自由現金流表現是否非常強勁。當我們展望 25 年以及一些有關輸入端波動的評論時，您能否向我們介紹一下我們應該如何看待營運資本對現金流的貢獻，它應該造成多大的拖累，或者我們是否可以看到一個潛在的中性結果？

And then secondly, maybe Fabio, if you could touch on the impact that the business could potentially see with regards to some of the tariffs that are being considered not just globally but also with regards to Mexico? And if you walk us through your puts and takes between the US and the Mexican businesses and how that dynamic could affect both of those things?

其次，法比奧，您能否談談一些正在考慮的關稅對企業可能產生的影響？這些關稅不僅對全球，對墨西哥也同樣適用。您能否向我們介紹美國和墨西哥業務之間的利弊，以及這種動態如何影響這兩方面？

Sure, thanks for the questions, Priya. I'll start, and then I'll pass it over to Fabio after. When you think about our cash flows for '24, when I look at our working capital contributions were significant, right? I mean we were in that over $300 million just working capital for this past year. I don't anticipate having that type of uplift. I think with the grains being kind of low where they were really just provided us a nice benefit last year.

當然，謝謝你的提問，Priya。我先開始，然後交給 Fabio。當您考慮我們 24 年的現金流時，我發現我們的營運資本貢獻很重要，對嗎？我的意思是，我們去年的營運資金就超過 3 億美元。我並不期望會有這麼大的提升。我認為，由於穀物價格較低，去年它們確實為我們帶來了許多利益。

Now, I'm not necessarily predicting a major drag against this year because I think we've got enough offsets with corn being a bit higher, soy being a bit lower. I just think that the working capital impact to be more flattish. We should still have very, very strong free cash flow. But I just don't think the working capital is going to be the type of benefit that we saw in '24.

現在，我不一定會預測今年會出現重大拖累，因為我認為我們已經獲得了足夠的補償，玉米價格略高，大豆價格略低。我只是認為營運資本的影響會比較平緩。我們仍然應該擁有非常非常強大的自由現金流。但我只是不認為營運資金會是我們在24年看到的那種好處。

Hopefully, that helps.

希望這能有所幫助。

Yeah, we saw a significant reduction in our finished goods inventory as well as we all saw the frozen inventory in the whole US going down year over year.

是的，我們發現成品庫存大幅減少，並且我們都看到整個美國的冷凍庫存逐年下降。

On the tariffs side, I think there's still a lot of uncertainty about if, when, and where the tariffs will be in place and also what would be the answer from the trading partners, and you mentioned Mexico, right? Mexico is our largest trading partner. What we export and we export close to 24% of the US exports go to Mexico, and it's typically leg quarters, (inaudible) and trade for prepared foods. So it's a very important source for Mexico. I think it's more than 70% of the Mexican imports of chicken come from the United States, so I don't expect massive or any important reduction in that trade.

在關稅方面，我認為，關稅是否實施、何時實施、在何處實施，以及貿易夥伴的答覆如何，仍然存在許多不確定性，您提到了墨西哥，對嗎？墨西哥是我們最大的貿易夥伴。我們出口的商品，美國出口的近 24% 都出口到墨西哥，一般是腿肉（聽不清楚）和熟食貿易。所以它對墨西哥來說是一個非常重要的來源。我認為墨西哥進口的雞肉中有 70% 以上來自美國，因此我預計該貿易不會大幅或重大的減少。

I think the Mexicans are very concerned about food inflation, and I think this is a great opportunity for Mexico to bring very competitive meat to their country. Of course, we also have a large operation in Mexico, and Mexico is a growing economy. As I mentioned, we will continue to invest in growing your operation there. But there's also other proteins that they import from the US, and its mainly pork. I think that also -- I don't expect the big impact in that trade, but if that happens, of course, we will have the benefits of having our operation in Mexico. So there's a little bit of hedge for us if there's any problem in trade with Mexico from having the operations there.

我認為墨西哥人非常擔心食品通膨，我認為這對墨西哥來說是一個為國家帶來極具競爭力的肉類的好機會。當然，我們在墨西哥也有大規模業務，墨西哥的經濟正在成長。正如我所提到的，我們將繼續投資以擴大您在當地的業務。但他們也從美國進口其他蛋白質，主要是豬肉。我也認為——我預計這筆貿易不會產生太大影響，但如果發生這種情況，當然，我們將從在墨西哥開展業務中受益。因此，如果與墨西哥的貿易因在墨西哥開展業務而出現任何問題，我們可以提供一點防範措施。

I think the other big part of the trade, it's corn that means a lot from the United States to Mexico. And I also don't expect any disruption from in that trade. Once again, I think the Mexico country is very concerned about food inflation and having the access to the USA corn, which is the cheapest in the world, it's very important for their economy.

我認為貿易的另一個重要部分是從美國到墨西哥意義重大的玉米。我也不認為這筆交易會造成任何干擾。再次，我認為墨西哥國家非常擔心食品通膨，並且能夠獲得世界上最便宜的美國玉米，這對他們的經濟非常重要。

Okay, thank you so much for the color.

好的，非常感謝你提供的顏色。

Thank you. This concludes our question-and-answer session. I would like to turn the conference over to Mr. Sandri for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交給桑德里先生作最後發言。

Well, thank you, everyone, for attending today's call. 2024 was a very successful year. And I'd like to thank our team members for demonstrating a leadership mindset, driving our values, and elevating our performance throughout the year. Following our strategies, we captured the effect from enhanced market competitions, grew our presence with key customers, further diversify our portfolio, and improve production efficiency through operational excellence. As a result, we collectively established new financial operational milestones for our business.

好吧，謝謝大家參加今天的電話會議。 2024年是非常成功的一年。我要感謝我們的團隊成員展現出的領導思維、推動我們的價值觀以及全年提升我們的績效。我們依照既定策略，抓住市場競爭加劇帶來的影響，擴大重點客戶覆蓋率，進一步豐富產品組合，並透過卓越營運提高生產效率。因此，我們共同為我們的業務建立了新的財務營運里程碑。

Nonetheless, our vision is to be the best and most respected company in our industry, creating a better future for our team members and their families, and that remains the same. To that end, I look forward to accelerating our work throughout 2025 and beyond. Thank you, everyone.

儘管如此，我們的願景是成為業界最好、最受尊敬的公司，為我們的團隊成員及其家人創造更美好的未來，這一點始終不變。為此，我期待在 2025 年及以後加快我們的工作。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。