Primo Brands Corp (PRMB) 2026 Q1 法說會逐字稿

Welcome to the Primo Brands 2026 first quarter earnings conference call. I will now turn the call over to Traci Mangini, Vice President, Investor Relations.

歡迎參加 Primo Brands 2026 年第一季財報電話會議。現在我將把電話交給投資人關係副總裁 Traci Mangini。

Thank you, operator, and hello, everyone. With me on the call today are Eric Foss, Chairman and Chief Executive Officer; and David Hass, Chief Financial Officer. Our discussion today includes forward-looking statements within the meaning of US federal securities laws, which are subject to risks and uncertainties that may cause actual results to differ materially. For more information, please refer to the forward-looking statements disclosure in our earnings release.

謝謝，接線員，各位大家好。今天與我一同出席電話會議的有董事長兼執行長 Eric Foss，以及財務長 David Hass。我們今天的討論包含美國聯邦證券法所定義的前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果出現重大差異。更多資訊請參閱我們財報新聞稿中的前瞻性陳述揭露。

In addition, the definition of an applicable reconciliations for any non-US GAAP measures are included in our earnings release and the supplemental earnings slides, which were made available earlier today on the Investor Relations section of our website.

此外，任何非美國一般公認會計原則（Non-US GAAP）衡量指標的適用調節（reconciliations）之定義，均載於我們的財報新聞稿與補充財報簡報中；上述資料已於今日稍早公布於我們網站的投資人關係專區。

With that, I'll pass it to you, Eric.

那麼，我把時間交給你，Eric。

Thanks, Traci. Good morning, and thank you all for joining us. This morning, I'll provide a high-level review of our 2026 first quarter results. I'll share with you an update on our progress on our direct delivery customer experience, and discuss the current operating environment and our key growth priorities. David will then take you through our financial results and our updated 2026 guidance.

謝謝你，Traci。各位早安，也感謝大家加入我們。今天早上我將先就 2026 年第一季業績做高層次回顧，並向各位更新我們在直送（direct delivery）客戶體驗方面的進展，討論目前的營運環境與我們的關鍵成長優先事項。接著 David 會帶各位檢視財務結果以及更新後的 2026 年財測指引。

Let me begin by stating how encouraged we are by the strong start to 2026 and the momentum building broadly across the business. First quarter net sales of $1.63 billion were up 1.7% on a comparable basis versus prior year. Marketing a return to growth for Primo Brands. Top line performance was broad-based, driven by both price mix and volume. It was fueled by the strength of our brands in retail, particularly premium and another quarter of sequential improvement for direct delivery with service levels exceeding our expectations.

首先，我想先表示我們對 2026 年強勁開局以及整體業務動能的廣泛提升感到非常振奮。第一季淨銷售額為 16.3 億美元，以可比基礎（comparable basis）計算較去年同期成長 1.7%，標誌著 Primo Brands 重回成長軌道。營收表現具廣泛性，價格／組合與銷量皆有貢獻。成長動能來自我們零售端品牌的強勁表現，尤其是高端產品；同時，直送業務也連續一季改善，服務水準超出我們預期。

Our comparable adjusted EBITDA was $306 million, down 10.4%. This was driven by increased investments in the business discussed during our last earnings call to improve service and direct delivery, which have yielded operational improvements, higher on-time in full and an improved customer experience as well as incremental cost incurred attributable to the winter storms and incremental freight and logistics costs year-over-year.

我們的可比調整後 EBITDA 為 3.06 億美元，下降 10.4%。主要原因是我們在上一季財報電話會議中提到、為改善服務與直送業務而加大投資，這些投資已帶來營運改善、準時且完整交付（on-time in full）提升，以及更佳的客戶體驗；此外，冬季風暴所致的額外成本，以及年對年增加的運輸與物流成本亦造成影響。

Based on our strong first quarter top line growth, we're raising our 2026 comparable organic net sales growth guidance to 1% to 3% from flat to 1% previously. At the same time, given recent geopolitical events and the dynamic cost landscape, while we believe we're well equipped with multiple levers to help mitigate oil-related commodities inflation, we are prudently widening our adjusted EBITDA range. As a result, we're updating the low end to $1.465 billion while maintaining the high end at $1.515 billion.

基於第一季強勁的營收成長，我們將 2026 年可比有機淨銷售額成長指引由先前的持平至 1%，上調至 1% 至 3%。同時，鑑於近期地緣政治事件與成本環境的動態變化，雖然我們相信已具備多項槓桿可協助緩解與油價相關的大宗商品通膨影響，但我們審慎地擴大調整後 EBITDA 的區間。因此，我們將下限更新為 14.65 億美元，並維持上限 15.15 億美元不變。

This implies a revised adjusted EBITDA margin midpoint of 22%, which would be up 20 basis points versus prior year. Despite the macro environment, we are executing with pace and purpose, so we are fit to win. We believe we are well positioned in an attractive growing category, supported by our differentiated portfolio of leading brands and our advantaged to market.

這意味著調整後 EBITDA 利潤率中位數為 22%，較去年同期提高 20 個基點。儘管宏觀環境充滿挑戰，我們仍以速度與目標推進執行，具備致勝條件。我們相信公司在一個具吸引力且持續成長的品類中占有良好位置，並由我們差異化的領導品牌組合與具優勢的市場布局所支撐。

On our fourth quarter earnings call in February, we outlined two critical near-term priorities. First was improving the customer experience in direct delivery and second was returning the company to balance growth. Our actions in the quarter drove meaningful progress across both of these priorities.

在 2 月的第四季財報電話會議上，我們提出兩項短期內至關重要的優先事項：第一，改善直送業務的客戶體驗；第二，讓公司回到均衡成長。第一季我們的行動在這兩項優先事項上都帶來了顯著進展。

First, on direct delivery, we achieved another quarter of improvement in key leading indicators and more importantly, sequential improvement in financial performance. Top of the funnel demand remains strong, and customer quits continue to decline, leading to a sequential improvement in customer nets, which approached a net breakeven customer position in March. Customer call volume declined and our respond and recover solved by send-out initiative resulted in an accelerated pace of customer issue resolutions. Notably, one of our most important success metrics on-time in full reached over 90% in March.

首先，在直送方面，我們在關鍵領先指標上再度取得一季的改善，更重要的是財務表現也呈現連續改善。漏斗上端需求依然強勁，客戶流失（quits）持續下降，帶動客戶淨增（customer nets）連續改善，3 月已接近客戶淨持平。客戶來電量下降，而我們的「respond and recover solved by send-out」專案使客訴問題解決速度加快。值得注意的是，我們最重要的成功指標之一——準時且完整交付（on-time in full）——在 3 月達到 90% 以上。

While pleased with our progress, there's more to do. So we're taking some additional actions. We're implementing a new warehouse management system to support superior supply chain execution from product supply to in-branch inventory to help satisfy customer demand. With the final wave of our US integration behind us and those delivery customers now on one enterprise management system, we're focusing on harmonizing data enhancing analytics and insights and strengthening management tools to better serve our customers.

雖然我們對進展感到滿意，但仍有更多工作要做，因此我們正在採取一些額外行動。我們正導入新的倉儲管理系統，以支援更卓越的供應鏈執行，從產品供應到分站庫存（in-branch inventory），以更好地滿足客戶需求。隨著美國整合的最後一波已完成，且這些直送客戶現已納入同一套企業管理系統，我們將聚焦於資料一致化、強化分析與洞察，以及強化管理工具，以更好地服務客戶。

We're reimagining and optimizing the end-to-end customer journey from customer sign-up and delivery, through billing and issue resolution. By enhancing the digital and mobile app experience, strengthening our win-back initiatives and designing a more efficient customer contact center. This ongoing work is grounded in three principles that we believe matter most to our customers: transparency, convenience and trust. And with that in mind, our current initiatives are focused on streamlining and improving communications across every stage of the customer experience.

我們正在重新構想並優化端到端的客戶旅程，從客戶註冊與配送，到帳單與問題解決。透過提升數位與行動 App 體驗、強化挽回（win-back）計畫，以及設計更有效率的客戶聯絡中心。這項持續性的工作奠基於我們認為客戶最重視的三項原則：透明、便利與信任。基於此，我們目前的各項計畫聚焦於在客戶體驗的每個階段，精簡並改善溝通。

Our second priority was to get the overall business growing again. First quarter results put us firmly on that path led by retail, where we expanded our leadership position in branded bottled water, gaining both dollar and volume share in the category. We plan to build on this momentum through multiple growth vectors going forward, including brand building and innovation, improving our in-store presence, leveraging the momentum behind our leading premium brands and a comprehensive development approach to revenue growth management and pricing.

第二項優先事項是讓整體業務重新成長。第一季結果讓我們穩健走在這條路上，其中以零售端領軍；我們在品牌瓶裝水的領導地位進一步擴大，在該品類同時提升金額與銷量市占。我們計畫透過多元成長動能延續這股勢頭，包括品牌建設與創新、改善店內能見度、善用我們領先高端品牌的動能，以及以更全面的方法推動營收成長管理與定價。

Our summer plans around brand building include building on our successful partnership with Major League Baseball for our regional spring waters. This marks the first time our entire regional spring water portfolio is under one creative campaign. In addition, we'll have a significant presence in Philadelphia this July as we celebrate this year's All-Star game.

我們在夏季的品牌建設計畫，包括延續我們與美國職棒大聯盟（Major League Baseball）在區域天然泉水（regional spring waters）上的成功合作。這是我們首次讓整個區域天然泉水產品組合統一於同一個創意行銷活動之下。此外，今年 7 月我們將在費城有顯著曝光，與大家一同慶祝今年的明星賽（All-Star game）。

As part of our multiyear partnership with Disney, we're launching a limited edition Pure Life bottle series this summer, featuring Toy Story 5. We are also focused on extending our retail presence by driving new points of distribution getting more display inventory and expanding our exchange and refill footprint. Expanding our presence extends beyond physical footprints to e-commerce. In April, for the first time, our regional spring waters became available through Amazon Grocery, providing an opportunity to increase household penetration, further accelerate brand awareness increase our share of virtual shelf at this important marketplace and add new customers.

作為我們與迪士尼多年合作的一部分，我們將於今年夏天推出限量版 Pure Life 瓶身系列，主題為《玩具總動員 5》（Toy Story 5）。我們也聚焦於擴大零售端布局，推動新增配銷據點（points of distribution）、增加陳列庫存（display inventory），並擴大我們的換桶與補充（exchange and refill）覆蓋範圍。擴大布局不僅限於實體通路，也延伸至電商。4 月，我們的區域天然泉水首次在 Amazon Grocery 上架，提供機會提升家庭滲透率、進一步加速品牌知名度、提高在此重要平台的虛擬貨架占比（share of virtual shelf），並帶來新客戶。

Another growth vector is prioritizing premium. Saratoga and Mountain Valley continue to be incredible contributors to growth, growing an impressive 43% in the first quarter. Both brands showed momentum via new points of distribution and grew volume and dollar share of category in the quarter. Going forward, we'll be amplifying awareness of our new Saratoga collection, four sparkling flavors in a slim can with the highly recognizable Saratoga's signature blue color.

另一個成長動能是優先發展高端產品。Saratoga 與 Mountain Valley 持續成為成長的重要貢獻者，第一季大幅成長 43%。兩個品牌皆透過新增配銷據點展現動能，並在本季提升該品類的銷量與金額市占。展望未來，我們將加大對 Saratoga 全新系列的宣傳：四款氣泡口味，採用細長罐型（slim can），並以高度辨識度的 Saratoga 招牌藍色呈現。

Also for the second year, Mountain Valley is the proud sponsor of the Academy of Country Music Awards in May. We believe these brands are early in their growth trajectory with expanding distribution, strong brand equity, and investments in additional capacity coming online to drive continued momentum. Saratoga capacity in Texas became operational in May and adding the second production location supports lower distribution costs. We expect to complete the Mountain Valley new greenfield facility in mid-summer.

此外，Mountain Valley 連續第二年成為 5 月鄉村音樂學院獎（Academy of Country Music Awards）的榮譽贊助商。我們相信這些品牌仍處於成長軌跡的早期階段，具備持續擴張的通路、強勁的品牌資產（brand equity），以及新增產能投資陸續到位以推動動能延續。Saratoga 在德州的產能已於 5 月投入營運，新增第二個生產據點可降低配送成本。我們預期 Mountain Valley 的新綠地（greenfield）廠房將於仲夏完工。

Our final growth priority is the development and execution of a more strategic and holistic revenue growth management approach across price points, package types and channels. Our pricing strategy begins and ends with the consumer, understanding how they define value and how that perception shapes their purchase and usage behaviors. At the same time, we assess our competitive position across our brands and products, while attempting to make sure our decisions reflect both our cost structure and margin goals as well as the economics of our retail partners. As we navigate today's dynamic macro environment, pricing, along with productivity initiatives, are levers we can use to help offset commodity headwinds.

我們最後一項成長優先事項，是在不同價格帶、包裝型態與通路上，建立並落實更具策略性且更全面的營收成長管理方法。我們的定價策略以消費者為起點也以消費者為終點，理解他們如何定義價值，以及這種認知如何形塑其購買與使用行為。同時，我們也評估旗下各品牌與產品的競爭定位，並努力確保決策同時反映我們的成本結構與利潤率目標，以及零售合作夥伴的經濟性。在當前動態的宏觀環境下，定價與生產力提升計畫，都是我們可用來協助抵消大宗商品逆風的槓桿。

In closing, I want to extend my thanks to our associates for their pride and commitment to ensure we sell and serve our customers with passion each and every day. Let me also reiterate that the investment thesis behind the merger that created Primo Brands, the US bottled water leader remains intact. We compete in an attractive category and continue to benefit from strong tailwinds in health and wellness and hydration. It's highly penetrated, frequently purchased and among the fastest-growing categories within liquid refreshment beverages.

最後，我要向我們的同仁致上謝意，感謝大家以自豪感與承諾，確保我們每天都以熱情銷售並服務客戶。我也要再次強調，促成 Primo Brands（美國瓶裝水領導者）誕生之合併案背後的投資論點依然成立。我們在一個具吸引力的品類中競爭，並持續受惠於健康與福祉以及補水需求的強勁順風。該品類滲透率高、購買頻率高，且是液體即飲飲料中成長最快的品類之一。

We are a clear leader in branded water and healthy hydration and a major player across the liquid refreshment beverage category. As a leader in a structurally advantaged category with consumer and customer-first culture, we're investing to capitalize on the category momentum and the power of our brands. By ensuring we elevate service and execution, we're positioned for sustained growth, margin expansion, stronger free cash flow and long-term stakeholder value.

我們在品牌水與健康補水領域是明確的領導者，並且在整個液體即飲飲料品類中也是重要參與者。作為一個在結構上具優勢品類的領導者，並擁有以消費者與客戶為先的文化，我們正加大投資，以把握品類動能與品牌力量。透過確保我們提升服務與執行力，我們已具備實現持續成長、毛利率擴張、更強勁自由現金流以及長期利害關係人價值的有利位置。

With that, let me turn the call over to David.

接下來，我把電話會議交給 David。

Thank you, Eric. For 2026, reported financials include Primo Brands results for both 2026 and 2025 as we're now past the anniversary of our first quarter as a merged company. For greater comparability on our continuing operations, we focus on comparable results, which exclude the Eastern Canadian operations, which we exited in the first quarter of 2025 and our Office Coffee services business, which we exited across 2025. Reconciliations of this information is available in our earnings supplemental deck available on our website.

謝謝你，Eric。就 2026 年而言，由於我們已經度過作為合併公司第一季的周年，因此申報財務數字同時包含 Primo Brands 在 2026 年與 2025 年的結果。為了讓持續營運的可比性更高，我們聚焦於可比結果，其中排除我們在 2025 年第一季退出的加拿大東部業務，以及我們在 2025 年期間退出的辦公室咖啡服務業務。相關資訊的調節表可在我們網站上的財報補充簡報中取得。

For the first quarter, comparable net sales increased 1.7% versus the prior year, driven by a 1.3% price or mix contribution increase and a 0.4% volume contribution increase. These results reflect an earlier-than-expected positive inflection in the business and validate that our actions are driving measurable top line progress ahead of plan. Simply put, we had a priority of returning to growth, and we delivered that with a fairly balanced first quarter top line performance.

第一季可比淨銷售額較去年同期成長 1.7%，主要由 1.3% 的價格或組合貢獻提升，以及 0.4% 的銷量貢獻提升所帶動。這些結果反映出業務出現早於預期的正向拐點，並驗證我們的行動正在推動可衡量的營收進展，且進度超前於計畫。簡而言之，我們的優先事項是重回成長，而我們以相當均衡的第一季營收表現達成了這一點。

Volume, which we define as case goods equivalents measured in 12 liters, was driven by an increase in retail channels, partially offset by a decline in direct delivery. In retail, net sales growth was driven across multiple channels, particularly mass, club and away-from-home, pack sizes driven by occasion and case packs and brands led by Primo. As Eric mentioned, Saratoga and Mountain Valley, combined net sales were up 43% in the quarter, continuing their incredible momentum.

我們將銷量定義為以 12 公升計量的箱裝等量（case goods equivalents）。銷量成長主要由零售通路的增加所帶動，但部分被直送（direct delivery）下滑所抵銷。在零售方面，淨銷售成長來自多個通路，尤其是量販（mass）、會員制（club）以及離家消費（away-from-home）；包裝規格則由消費情境與整箱包裝（case packs）所驅動；品牌方面則以 Primo 為首。如 Eric 所提，Saratoga 與 Mountain Valley 合計淨銷售在本季成長 43%，延續其驚人的動能。

While direct delivery net sales declined in the quarter, it reflected lower volume from a smaller customer base and a tough comparison to prior year, which was just prior to the main integration activities. That said, customer net adds trend continued to improve approaching breakeven. On a comparable basis, direct delivery sales declined 3% with sequential improvement each month within the quarter. The performance also reflects sequential improvement over the last couple of quarters, a trend we expect to continue over the balance of 2026.

雖然本季直送淨銷售下滑，但主要反映客戶基礎縮小所致的較低銷量，以及與去年同期的艱難比較（當時正值主要整合活動開始之前）。即便如此，客戶淨新增的趨勢持續改善，接近損益兩平。以可比口徑計算，直送銷售下滑 3%，且在本季內每個月皆呈現逐月改善。該表現也反映過去幾季的逐季改善趨勢，我們預期此趨勢將在 2026 年剩餘期間持續。

Comparable adjusted EBITDA decreased $35.5 million to $306 million with comparable adjusted EBITDA margin, down 260 basis points to 18.8% versus the prior year. Margins were affected by our decision to continue to operate with a higher route count than typical in order to strengthen our direct delivery service levels, an investment that we -- that contributed to better-than-expected net sales and customer retention. We expect these costs to begin to normalize in the second half of the year as we realign the cost structure under the improved operating model, which should improve the overall margin profile.

可比調整後 EBITDA 減少 3,550 萬美元至 3.06 億美元；可比調整後 EBITDA 利潤率較去年同期下降 260 個基點至 18.8%。利潤率受到我們決定持續以高於一般水準的路線數（route count）運作所影響，以強化直送服務水準；這項投資——也促成了優於預期的淨銷售與客戶留存。我們預期，隨著我們在改善後的營運模式下重新調整成本結構，這些成本將在下半年開始正常化，進而改善整體利潤率結構。

This approach also helped us navigate the temporary disruptions caused by severe weather across many of our markets during the quarter. Leading indicators such as OTIF and customer volume trends validate these actions. Additionally, margins were pressured by higher transportation costs in retail tied to severe weather and a tighter freight market.

此一作法也協助我們在本季期間，因多個市場遭遇惡劣天候所造成的短期干擾中順利應對。OTIF（準時且完整交付）與客戶銷量趨勢等領先指標驗證了這些行動。此外，零售端的運輸成本因惡劣天候與更緊俏的貨運市場而上升，也對利潤率造成壓力。

Moving to our balance sheet and cash flows. Underscoring our commitment to a disciplined capital structure, on March 31, 2026, we proactively refinanced our $3.1 billion term loan at SOFR plus 275 basis points, extending the largest and nearest maturity in our debt stack to 2031 from 2028. Our liquidity remained strong with $874 million of availability between our cash balance and our unused line of credit. At quarter end, our net leverage ratio was 3.52 times, reflecting expected seasonal working capital dynamics in the first quarter.

接著談資產負債表與現金流。為彰顯我們對嚴謹資本結構的承諾，我們於 2026 年 3 月 31 日主動為 31 億美元的定期貸款進行再融資，利率為 SOFR 加 275 個基點，並將我們債務結構中最大且最近的到期日由 2028 年延長至 2031 年。我們的流動性仍然強勁，現金餘額與未動用的信用額度合計可用額度為 8.74 億美元。季末淨槓桿比率為 3.52 倍，反映第一季預期的季節性營運資金變動。

We believe we remain well positioned to generate leverage ratio improvement as cash flow strengthens throughout the year. We generated $103.8 million of cash flow from operations for the quarter, adjusting for significant items, most notably our integration and merger activities cash flow from operations would have been $191.6 million. Adjusted free cash flow, which excludes integration-related capital expenditures, was $128.6 million representing a $73.9 million improvement versus prior year.

我們相信，隨著全年現金流逐步增強，我們仍具備推動槓桿比率改善的良好條件。本季我們來自營運活動的現金流為 1.038 億美元；若調整重大項目，尤其是整合與合併活動，則營運活動現金流本應為 1.916 億美元。調整後自由現金流（排除整合相關資本支出）為 1.286 億美元，較去年同期改善 7,390 萬美元。

Our strong financial flexibility allows us to reinvest in the business while returning cash to stockholders. First quarter total capital expenditures were $118.1 million, while $47.2 million were related to integration capital expenditures, the majority supported growth initiatives and maintenance. We also continued to execute our share repurchase program, repurchasing $29 million or approximately 1.5 million shares under the $300 million program announced last November.

我們強勁的財務彈性使我們能在回饋股東的同時，持續再投資於業務。第一季資本支出總額為 1.181 億美元，其中 4,720 萬美元為整合資本支出，其餘多數用於成長計畫與維護。我們也持續執行庫藏股回購計畫，在去年 11 月宣布的 3 億美元計畫下，回購 2,900 萬美元、約 150 萬股。

Before we move to our financial guidance, we believe it's important given the macro environment to outline our oil-related commodities exposure and how we manage that risk. We do not speculate on the market. Instead, we hedge key input costs to create predictability around our input costs and to strengthen our ability to forecast. Our risk management program blends fixed price and forward contracts where those instruments are available. The strategy is intentionally balanced and programmatic in structure and opportunistic when conditions allow.

在我們進入財務指引之前，鑑於總體環境，我們認為有必要說明我們對石油相關大宗商品的曝險，以及我們如何管理該風險。我們不進行市場投機；相反地，我們對關鍵投入成本進行避險，以提升投入成本的可預測性並強化預測能力。我們的風險管理計畫在可取得相關工具時，結合固定價格與遠期合約。該策略在結構上刻意保持均衡與制度化，並在條件允許時採取機會性操作。

It's guided by guardrails and typically include coverage that extends 12 to 24 months. Our primary oil-related commodities include plastic resins, virgin PET or VPET, recycled PET or RPET, high-density polyethylene or HDPE and low-density polyethylene or LDPE which are used across our product portfolio as well as diesel and propane. Within our delivery fleet, about 40% of our trucks run on propane and given elevated industry inventory levels, propane markets have been relatively stable. For the diesel-powered portion of the fleet, we have significant hedge coverage in 2026, and we are extending some of that margin protection into 2027 through longer-term derivative contracts that lock in prices well below current spot levels.

該計畫受風險控管框架（guardrails）所引導，通常涵蓋 12 至 24 個月。我們主要的石油相關大宗商品包括塑膠樹脂、原生 PET（VPET）、再生 PET（RPET）、高密度聚乙烯（HDPE）與低密度聚乙烯（LDPE），這些材料廣泛用於我們的產品組合，此外還包括柴油與丙烷。在我們的配送車隊中，約 40% 的卡車使用丙烷；由於產業庫存水位偏高，丙烷市場相對穩定。至於車隊中使用柴油的部分，我們在 2026 年有相當程度的避險覆蓋，並透過較長天期的衍生性合約將部分利潤保護延伸至 2027 年，以鎖定遠低於目前現貨水準的價格。

At present oil futures in 2027 remain significantly below today's levels, which, in our view, provides visibility and confidence to navigate the current situation. That said, the recent unexpected volatility in these oil-related input costs occurred shortly after providing our full year 2026 guidance in February. While this will likely result in some added headwinds, we are actively managing our cost outlook and believe our financial risk management program is one of the multiple levers to help mitigate the impact.

目前 2027 年的原油期貨仍顯著低於今日水準，我們認為這為應對當前情勢提供了能見度與信心。不過，這些石油相關投入成本近期出現的意外波動，發生在我們於 2 月提供 2026 年全年指引之後不久。雖然這可能帶來一些額外逆風，我們正積極管理成本展望，並相信我們的財務風險管理計畫是多項槓桿之一，可協助緩解其影響。

Moving to our financial outlook. We are raising our comparable organic net sales guidance for the year. As a reminder, in 2026, we cycled the exit of our Office Coffee Services business, which accounted for $25.5 million in our reported 2025 net sales. This puts our comparable 2025 net sales at $6.635 billion. This is the base for our full year 2026 guidance and growth rate.

接著談我們的財務展望。我們上調今年可比有機淨銷售指引。提醒一下，2026 年我們已納入辦公室咖啡服務業務退出的影響；該業務在 2025 年申報淨銷售中貢獻 2,550 萬美元。因此，我們 2025 年的可比淨銷售為 66.35 億美元。這將作為我們 2026 年全年指引與成長率的基礎。

With that in mind, we now expect comparable organic net sales growth in the range of 1% to 3% as compared to flat to 1% as provided in February. The increase is driven by not only the broad-based better-than-expected first quarter top line, but also a trajectory change in direct delivery. We now expect direct delivery to transition from the down 3% in the first quarter to closer to breakeven in the second quarter and to modest growth in the second half of the year.

考量到這些因素，我們目前預期可比的有機淨銷售成長將落在 1% 至 3% 的區間，相較於我們在 2 月提供的「持平至 1%」。這項上修不僅來自第一季整體營收表現優於預期，也來自直送（direct delivery）成長軌跡的改變。我們現在預期直送將從第一季下滑 3%，在第二季轉為更接近損益兩平，並在下半年實現溫和成長。

We also expect continued strength in our consolidated retail channels behind our brands and premium momentum. Our revenue growth management capabilities intend to fully leverage the power of our brands and should also help mitigate some of the commodity cost pressures.

我們也預期在品牌帶動與高端化動能的支撐下，整體零售通路將持續展現強勁表現。我們的營收成長管理能力將充分運用品牌力，並有助於緩解部分大宗商品成本壓力。

Turning to adjusted EBITDA. We are widening our previous range to include an updated low end of $1.465 billion and maintaining the $1.515 billion on the high end. While we are confident in the guidance provided in February, the macro and commodity environment meaningfully change shortly after. Despite the shift, we believe we have multiple levers, including pricing actions, growth initiatives, ongoing supply chain cost initiatives and our financial risk management program to help mitigate the impact.

接著談調整後 EBITDA。我們將先前區間擴大，更新後的低端為 14.65 億美元，高端維持 15.15 億美元。雖然我們對 2 月提供的指引有信心，但宏觀與大宗商品環境在其後不久即出現顯著變化。儘管環境轉變，我們相信仍有多項槓桿可用，包括定價行動、成長計畫、持續的供應鏈成本改善措施，以及我們的財務風險管理計畫，以協助降低影響。

We expect to benefit from productivity improvements in direct delivery in the second half of the year as we realigned the cost structure under the improved operating model. At the same time, we plan to prudently invest in enhancements in the customer experience, including the redesign of our contact center and capabilities that support future growth.

我們預期在下半年，直送業務將受惠於生產力提升，因為我們已在改善後的營運模式下重新調整成本結構。同時，我們計畫審慎投資於客戶體驗的提升，包括客服中心的重新設計，以及支援未來成長的相關能力。

The revised midpoint adjusted EBITDA margin is 22.0%, down approximately 50 basis points compared to the previous guidance and continues to imply margin expansion for the year. We are reaffirming our adjusted free cash flow range of $790 million to $810 million.

修訂後的調整後 EBITDA 利潤率中位數為 22.0%，較先前指引約下降 50 個基點，但仍意味著全年利潤率擴張。我們重申調整後自由現金流區間為 7.90 億至 8.10 億美元。

Beginning in Q2, we anticipate free cash flow add-backs to decline. This trend follows the first quarter reduction in EBITDA add-backs and reflects the typical reporting lag between expense recognition and cash payment. As integration activities mature, we expect a cleaner cash flow profile that more closely aligns with our underlying operational performance. Our strong free cash flow supports our capital allocation priorities, we continue to expect to deploy approximately 4% of net sales and capital expenditures for the year in addition to the approximately $100 million in integration capital expenditures.

自第二季起，我們預期自由現金流的加回項（add-backs）將下降。此趨勢延續第一季 EBITDA 加回項的減少，並反映費用認列與現金支付之間通常存在的申報時滯。隨著整合活動逐步成熟，我們預期現金流輪廓將更為乾淨，並更貼近我們的基礎營運表現。我們強勁的自由現金流支撐資本配置優先事項；我們仍預期今年資本支出約為淨銷售的 4%，此外另加約 1 億美元的整合資本支出。

Also, given our commitment to return cash to stockholders last week, we announced our Board of Directors authorized a $0.12 quarterly dividend, which annualizes to $0.48 per share. We also intend to continue to execute our share repurchase plan, which had $78.3 million available under the program authorization as of the end of the first quarter.

另外，基於我們致力於回饋股東的承諾，上週我們宣布董事會已核准每季 0.12 美元的現金股利，年化為每股 0.48 美元。我們也打算持續執行庫藏股回購計畫，截至第一季末，該計畫授權額度下尚有 7,830 萬美元可用。

And with that, I'd like to turn the call back to Traci.

那麼接下來，我想把電話交回給 Traci。

Thanks, David. To ensure we can address as many of your questions as possible, please limit yourself to one question. And if we have time remaining, we will reap poll for additional ones.

謝謝，David。為了確保我們能回答盡可能多的問題，請各位每次僅提一個問題。如果還有剩餘時間，我們會再重新輪詢以接受更多提問。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions)

（接線員指示）

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, goog morning, guys. Thanks for taking the question. David, thanks for all the detail around the hedging program, particularly slide 6, I think is very helpful. I wanted to just kind of pressure test that a little bit, David, first question being just how locked are you for the year? So if we do get kind of resolution based on the conflict and let's say, oil goes lower from here, is there actually kind of upside to what you presented, are you pretty much locked for this year?

各位早安，謝謝讓我提問。David，也謝謝你對避險計畫的詳細說明，尤其是第 6 張投影片，我覺得非常有幫助。我想稍微做一下壓力測試，David。第一個問題是：你們今年的避險到底鎖得有多死？如果衝突出現某種程度的解決，假設油價從這裡開始走低，那你們所呈現的內容是否其實還有上行空間？還是說你們今年基本上已經鎖定了？

And then the second question is, I believe last quarter, you talked about a 48/52 split on EBITDA first half, second half for the year, I wanted to see if that still holds in light of kind of the updated guidance? And given that Q1 maybe came in a little bit light of Street, but maybe you could address those two items for us.

第二個問題是：我記得上季你們提到全年 EBITDA 在上半年/下半年的分布大約是 48/52。我想確認在更新後的指引下，這個分布是否仍然成立？另外，考量第一季可能略低於市場預期，你們也許可以就這兩點回應一下。

Sure. Let me maybe start with the second one quickly because I think in that regard, we're probably a little bit more like $47.53 and be about maybe one point from those investments inside the quarter. But again, I think we remain very encouraged by what that led to in our top line performance. And notably, when you see the momentum building in direct delivery, it gives us that confidence to go from essentially the down 3% in Q1 to closer to breakeven in Q2 and then resuming growth.

好的。我先快速回答第二個問題。我認為在這方面，我們可能更接近 47/53，而其中大概有 1 個百分點來自於我們在該季內的投資。不過，我們仍對這些投資帶動的營收表現感到非常鼓舞。特別是當你看到直送動能正在建立，這讓我們有信心從第一季約下滑 3%，在第二季拉升到更接近損益兩平，然後再恢復成長。

So we think that those investments have really yielded the right activity set to respond to the consumer, deliver what they ordered on time and in full. And if not recover very quickly to sort of retain them, which is our number 1 priority. Into the actual hedging and some of that activity year-to-date, really where we have technical hedges is within our diesel activity, and that's basically just using sort of market-based hedges.

因此我們認為，這些投資確實帶來了正確的行動組合，能夠回應消費者需求，準時且足量交付他們所訂購的商品；若未能達成，也能非常快速地補救以留住客戶，這是我們的第一優先事項。至於實際的避險以及今年迄今的一些作法，我們真正有做技術性避險的主要是在柴油相關，基本上就是使用市場型的避險工具。

And then that allows us to sort of transact with that and sort of align that usage to our sort of what we believe is our fleet consumption. We're pretty far hedged but if there were to be a resolution as maybe the markets have anticipated this week, that would provide some opportunity for benefit balance of year. And it would obviously allow us to start to lock, if we felt so inclined, locked prices for '27 in that category itself.

這讓我們能夠進行相應交易，並把避險用量與我們認為的車隊燃料消耗進行對齊。我們的避險覆蓋已相當高，但如果如同本週市場可能已在預期的那樣出現某種解決，這將為今年剩餘期間帶來一些受益的機會。當然，這也會讓我們能夠在該品類上，若我們願意的話，開始鎖定 2027 年的價格。

Where we have more forward priced contracts with our vendors, that happens in the resin portfolio. I think if there was a resolution, whatever premium that vendor or supplier is attempting to pass through to customers like ourselves and others, that would provide a more advantageous sort of negotiation posture for balance of the year and again into 2027 activities.

至於我們與供應商之間較多採用遠期定價合約的部分，主要是在樹脂（resin）組合。我認為如果出現解決，無論供應商目前試圖轉嫁給像我們及其他客戶的任何溢價，都會讓我們在今年剩餘期間的談判立場更有利，並同樣延伸到 2027 年的相關作業。

Nik Modi, RBC Capital Markets.

Nik Modi，RBC 資本市場。

Thank you. Good morning, everyone. Maybe we can just talk a little bit about the scenarios between kind of the low end and the high end, whether it be on the revenue side and the EBITDA just so we can understand exactly kind of scenario wise, what would need to happen to get you to the high end versus, let's say, the low end?

謝謝。各位早安。或許我們可以談一下低端與高端之間的情境差異，不論是在營收端或 EBITDA 端，讓我們能更清楚了解：就情境而言，要達到高端需要發生什麼，相對地要落在低端又會是什麼狀況？

And then the second question is, would love just some more clarity around some of the pricing actions that recently have taken place. Maybe you can just kind of quantify like what percent of the portfolio is that happening? My understanding is that's not the case pack side. And do you believe you have opportunity to actually take price in case pack if you need to offset some of these headwinds from inflation?

第二個問題是：我也希望能更清楚了解近期採取的一些定價行動。你們能否量化一下，大概有多少比例的產品組合正在進行這些調價？我的理解是箱裝（case pack）那邊並不是這樣。若你們需要抵消通膨帶來的逆風，你們是否認為在箱裝業務上其實也有機會調價？

Nik, it's Eric. Yes, thanks for your question. I think -- let me just start with the fact that I think we're really pleased, and I think we made meaningful progress in the quarter versus some of the growth priorities we laid out. So I'll get to your question. But I think the way to connect the dots to the low end or the high end on the growth side is look, we continue to improve our customer experience in direct delivery. That happened faster than we anticipated. So we were pleased by that.

Nik，我是 Eric。謝謝你的提問。我先從一點開始：我們對本季在我們所提出的一些成長優先事項上取得的進展感到非常滿意，而且我認為我們確實有實質進步。我會回到你的問題。不過，我認為要把成長端的低端與高端串起來看，關鍵在於：我們持續改善直送的客戶體驗，而這件事發生得比我們預期更快，所以我們對此感到高興。

I think we also delivered earlier than anticipated this commitment to return the business to growth. I think on the last call, I talked about those two being our two focal points for the business. And I think what to me -- leads me to conclude that the growth is durable and even structural is the fact that, that growth was balanced and broad-based. And it was -- it took place across premium, which has been a key growth facilitator for us. But it also was applicable to our regional spring water portfolio. It was applicable to Pure Life. It was fairly broad-based across channels.

我認為我們也比預期更早兌現了讓業務回到成長的承諾。我記得在上次電話會議中，我提到這兩點是我們業務的兩大焦點。而讓我認為這個成長是可持續、甚至具有結構性的原因在於：這個成長是均衡且廣泛的；它發生在高端產品上，而高端一直是我們重要的成長推動力；同時也適用於我們的區域性泉水產品組合，也適用於 Pure Life；而且在各通路的表現也相當廣泛。

And so as we look ahead, to me, the path forward is clearly compelling. We think that the continued brand building to create demand, continuing to raise the bar on execution. We are going to leverage a very disciplined revenue growth management approach to drive value and over time, expand margins. So anyway, we really believe that we're in a good spot as we look forward to the rest of the year.

因此，展望未來，對我而言，前進的道路顯然極具吸引力。我們認為，持續進行品牌建設以創造需求、持續提高執行標準。我們將運用非常嚴謹的營收成長管理（RGM）方法來驅動價值，並隨時間推進擴大利潤率。總之，展望今年剩餘時間，我們確實相信我們處於一個很好的位置。

Second, I think when it comes to pricing, again, we still have a lot of work to do on RGM, but I'll give you a little bit of just the framework on how we think about pricing. Our first principle is that all of our pricing actions start and end with the consumer. So we keep the consumer and her decision-making matrix at the forefront of anything we would do. We also have to maintain competitiveness, which we have and will continue to do.

第二，我認為在定價方面，再次強調，我們在RGM上仍有很多工作要做，但我先給你一點我們如何看待定價的框架。我們的第一個原則是：所有定價行動都以消費者為起點，也以消費者為終點。因此，我們把消費者及其決策矩陣放在我們任何行動的最前面。我們也必須維持競爭力，而我們已經做到並將持續做到。

And then we've got to look at the company P&L and look at the cost margin implications and try to make sure we're appropriately managing margins. So I'd say it's a comprehensive development approach that includes rate mix and trade spend. And what we've done is we felt like given the current environment, our focus would be more on immediate consumption, where you tend to see the consumer be more convenience oriented than price-oriented. We did take actions on the immediate consumption portfolio.

接著，我們必須檢視公司的損益表（P&L），看成本與毛利的影響，並確保我們在適當地管理利潤率。所以我會說，這是一個全面性的制定方法，包含價格/組合（rate mix）以及通路促銷費用（trade spend）。我們所做的是，考量到目前環境，我們的重點會更放在即時消費（immediate consumption），因為在那裡你通常會看到消費者更偏向便利導向，而非價格導向。我們確實對即時消費產品組合採取了行動。

We still maintain kind of the best value across channels in the marketplace. And relative to your question on case pack, yes, I think later this year, we probably look at taking some pricing on case pack, obviously, being very sensitized to the starting point, which is making sure we understand consumer value and elasticity on that package.

我們仍然在市場上各通路維持某種程度的最佳價值。至於你問到的箱規（case pack），是的，我認為今年稍晚我們可能會考慮對箱規做一些定價調整；當然，我們會非常敏感於起點，也就是要先確保我們理解消費者價值，以及該包裝的需求彈性。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thank you. Good morning, Eric. Good morning, David. Thanks for taking questions. Obviously, encouraged to see the increased revenue growth -- revenue and growth guidance. Of the delta or change beyond the improvement or faster recovery in direct delivery, are there other areas of the business you're seeing more significant opportunities or acceleration? And how much of that delta is kind of volume versus price?

謝謝。早安，Eric。早安，David。感謝接受提問。顯然，很高興看到營收成長——營收與成長指引上調。除了直送（direct delivery）改善或更快復甦所帶來的提升之外，你們是否在業務的其他領域看到更顯著的機會或加速？另外，這個增量大概有多少來自銷量、多少來自價格？

Yeah. Well, again, I think, Dan, we want to continue to be very balanced. So I think we came out of the quarter with a combination of price mix and volume. I think as we look at the growth opportunities, I think, again, if you think about the kind of the structural tailwinds at the category and consumer level, you look at our leadership position within the category and then you think about the strength of our brands and where we can continue to make, I think, significant inroads on the direct delivery business. We also have an opportunity to continue to grow our presence in retail execution in store.

是的。再次強調，Dan，我們希望持續保持非常均衡。因此，我認為我們本季的表現是價格/組合與銷量的結合。談到成長機會，我想，如果你思考品類與消費者層面的結構性順風，再看我們在品類中的領導地位，然後再看我們品牌的強勢，以及我們在直送業務上仍可持續取得、我認為是顯著的進展。我們也有機會持續提升我們在零售端門店內的執行力與存在感。

And so you look at the momentum we have had at retail, I think that's poised to continue to run really well for us the rest of the year. And again, the encouraging thing, as I mentioned on Nik's question, is how broad-based that momentum has started to become as evidenced by the Q1 results.

因此，看看我們在零售端已經取得的動能，我認為今年剩餘時間這股動能很有機會持續對我們非常有利。再者，如同我在回答Nik的問題時提到的，令人鼓舞的是，從第一季的結果可以看出，這股動能開始變得更為廣泛、基礎更扎實。

Super helpful. I'll just sneak one more in. Just you are at your six-month anniversary, congratulations. Beyond the stabilizing the HOD business, any surprises, takeaways or just things that you're hoping to change kind of culturally kind of high level, would love your thoughts there. And I'll jump back in queue.

非常有幫助。我再偷偷問一個。你剛好上任滿六個月，恭喜。除了穩定HOD業務之外，有沒有任何驚喜、心得，或是你希望在文化層面做的高層次改變？很想聽聽你的想法。我會回到隊列。

Sure. Well, again, we -- I think have made a lot of progress on the culture front. We had our senior leadership team together a few weeks ago and had a very good discussion around our mission around hydrating a healthier America, rolled out a new set of values with the customer in our frontline really at the centerpiece of that.

當然。再次強調，我們——我認為在文化面向已經取得很大進展。幾週前我們把高階領導團隊聚在一起，針對我們「為更健康的美國補充水分」的使命進行了非常好的討論，並推出一套新的價值觀，把客戶與我們的一線團隊真正放在核心位置。

And so we continue, I think, to strengthen the team. I think we continue to change the mindset, which is we're a leader in not just the water and healthy hydration space, but a major player across LRB. And I think we're developing a winning mindset and changing our pace to be a little faster to market and our perspective of who we really are. So I'm really pleased with what's happened on the culture front and how the team has responded. And I think we're in a very different position than when I entered in November.

因此，我認為我們持續強化團隊。我們也持續改變心態：我們不只是水與健康補水領域的領導者，更是在LRB領域的重要玩家。我認為我們正在建立致勝心態，並把節奏調整得更快、更快推向市場，也重新定位我們真正是誰。我對文化面向的進展以及團隊的回應非常滿意。我認為我們現在的位置，與我在11月加入時相比，已經非常不同。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，JPMorgan。

Hey, good morning. This is Drew Levine on for Andrea. You mentioned a number of potential mitigation options for the potential commodity inflation that we can be seeing, productivity and pass-through mechanisms among them. Just hoping you could talk a little bit more about some options on the pass-through side, particularly on direct delivery, maybe how quickly you would be willing to pull that lever?

嗨，早安。我是代替Andrea的Drew Levine。你提到一些可用來緩解可能出現的大宗商品通膨的選項，包括生產力提升與轉嫁機制等。想請你再多談一點轉嫁（pass-through）方面的選項，特別是在直送（direct delivery）上，可能你們願意多快拉動那個槓桿？

And if you could give some perspective on the stickiness of the customer base historically when there are changes in delivery fees, for example, I think in the past, it's really not been too much of an issue when the service is good. But clearly, that's been an area that was maybe a little bit more challenged over the past year. So if you could give us some perspective on when and if you would be able to adjust the delivery fee and expectations from a customer perspective when that happens?

另外，如果你能提供一些觀點：歷史上當例如配送費（delivery fees）發生變動時，客戶基礎的黏著度如何？我想過去只要服務好，通常不是太大問題。但顯然，過去一年這可能是相對更具挑戰的領域。所以你能否分享一下，你們何時、以及是否能調整配送費；以及當發生時，從客戶角度的預期會是什麼？

Sure. Yes, it's Eric. I'll take that, and then David can jump in as well. I think let me just maybe back up as we think about how we might face any commodity or inflationary pressures, I think there's a variety of ways and a variety of levers for us to think about. One is just more top line growth and leveraging that growth through the P&L.

當然。是的，我是Eric。我先回答，David也可以補充。我想先稍微退一步，談談我們如何面對任何大宗商品或通膨壓力。我認為我們有多種方式、也有多個槓桿可以思考。其中之一是更高的營收成長，並透過損益表（P&L）去槓桿化這個成長。

Second is productivity and cost management third is pricing. And then we have two other ones available to us, which historically at times have been activated, whether that's the delivery fee that you referenced or fuel surcharges. I think our near-term focus is really on the productivity and the pricing side and wouldn't see us, at least in the near term, thinking about any changes on the delivery fee or fuel surcharge.

第二是生產力與成本管理；第三是定價。然後我們還有另外兩個可用的選項，過去在某些時候也曾啟動過，也就是你提到的配送費，或燃油附加費（fuel surcharges）。我認為我們短期的重點主要會放在生產力與定價這兩端，至少在短期內，我不認為我們會考慮對配送費或燃油附加費做任何變動。

And I think, again, our goal here is to make sure we have a balanced algorithm, meaning growth and margin improvement over time and that growth being a combination of sustainable volume and pricing actions. And that's what's reflected in the full year uptick in our growth guidance that you saw earlier this morning.

而且我想再次確保我傳達清楚：我們的目標是確保有一個均衡的演算法（algorithm），也就是隨時間推進的成長與利潤率改善；而成長則是可持續的銷量與定價行動的組合。這也反映在你今天早上看到我們全年成長指引上調的內容中。

The other thing I think I want to just make sure that I message is I've seen this movie before in the beverage industry. And I think when something like this happens, there's a couple of things to keep in mind. I think the first thing to keep in mind is unlike the growth potential that we have in this company, which is very much structural. This issue is transitory and it is not while near term, there is volatility and uncertainty that we have to deal with, it's not structural.

另外一點，我想確保我傳達的是：我在飲料產業以前看過這種情況。我認為當這類事情發生時，有幾點要記住。第一點是：不同於我們公司所擁有、非常結構性的成長潛力，這個議題是暫時性的（transitory），它不是結構性的。雖然短期內我們必須面對波動與不確定性，但它不是結構性問題。

Second, it tends to impact the industry broadly, both branded and private label players. And so everyone is kind of equally impacted. We all have our hedging strategies and forward by processes that David highlighted. But that's the reality of how this typically gets impacted. And then the final one is that we have multiple levers to offset, which I talked about earlier. So again, we are, I think, in a very good position to deal with this and to continue to move this business forward.

第二，它往往會廣泛影響整個產業，包含品牌與自有品牌（private label）業者。因此大家基本上都受到同等影響。我們都有各自的避險策略與遠期採購流程（forward buy processes），如同David先前提到的。但這就是通常受到影響的現實情況。最後一點是：我們有多個槓桿可以用來抵消，我先前也談過。因此，我認為我們處於非常有利的位置來應對這件事，並持續推動業務向前。

Derek Lessard, TD Cowen.

Derek Lessard，TD Cowen。

Hey, good morning, guys. Great to see you at sales and performance, Eric and David. Just one for me. I just want to maybe touch on the retail side. Can you maybe just talk about sort of the growth in your points of distribution category growth or maybe some share gains that you're getting in some of the categories?

各位早安。很高興在銷售與績效方面見到你們，Eric 和 David。我這邊只有一個問題。我想稍微談一下零售端。你們能否談談你們在鋪貨點（points of distribution）的成長、品類成長，或是在某些品類中取得的市占提升？

Sure. Yes, I think this quarter, what you saw at retail as you saw us continue to expand points of availability across the portfolio. Certainly, we gain points of availability on the premium side, we also saw improved execution around number of displays. And I think as we go forward, again, we've talked about a more holistic approach to in-store executional excellence whether that be displays, space, certainly, coolers over time is a big priority for us.

當然可以。是的，我認為本季你在零售端看到的是，我們持續在整個產品組合擴大可購買點（points of availability）。我們在高端產品方面確實增加了可購買點，同時也看到在陳列數量上的執行有所改善。我想展望未來，我們也談過要以更全面的方法來提升店內執行卓越，不論是陳列、貨架空間，當然還有冷藏櫃（coolers），長期來看這對我們是很大的優先事項。

I think we were encouraged because from a market share standpoint, in addition to the great growth, we obviously translated that into both dollar and volume share gains in water and the same thing across LRB. So again, we are making progress. We still have more work to do, whether that's on the customer direct and direct delivery side or the retail side. But again, some of those success metrics executionally are starting to trend in a more positive direction.

我想我們感到鼓舞的是，從市占角度來看，除了亮眼的成長之外，我們也明顯把它轉化為瓶裝水在金額與銷量市占的提升，LRB 也是同樣的情況。所以我們確實在取得進展。我們仍有更多工作要做，不論是在客戶直營與直送（direct delivery）端，或是零售端。但就執行面的部分成功指標而言，其中一些趨勢已開始朝更正面的方向發展。

Absolutely. Congrats on that. And that's it for me.

非常好。恭喜你們。我的問題就到這裡。

(Operator Instructions) David Shakno, William Blair.

（接線員指示）David Shakno，William Blair。

Hey, thanks for taking my question. This is David Shakno stepping in for Jon Andersen. Question, looking at Q2 specifically, if I recall correctly, a year ago, it was a pretty wet and cold spring season across the US. I just wanted to understand what we should be looking for in trends over the next couple of months here, especially as we get throughout May and June.

嗨，謝謝讓我提問。我是 David Shakno，代替 Jon Andersen 提問。問題是，特別看第二季（Q2），如果我沒記錯的話，一年前美國春季相當潮濕且寒冷。我想了解接下來幾個月我們應該關注哪些趨勢，尤其是進入 5 月與 6 月之後。

And then separate from that, just kind of -- almost as a follow-up for the previous question, I wanted to understand if you're feeling kind of competitive pressures from private label, given the weaker consumer right now? I wasn't sure if there's pressure in specific channels, be it club or somewhere else or just kind of overall what you're seeing across channels related to private label, too?

另外，作為前一題的延伸，我想了解在目前消費者較疲弱的情況下，你們是否感受到來自自有品牌（private label）的競爭壓力？我不確定壓力是否出現在特定通路，例如量販俱樂部（club）或其他地方，或是你們在各通路整體上看到與自有品牌相關的情況是什麼？

Yes. Thanks, David. This is David. I think maybe let's start with a little bit of chronological framework of Q2 last year. So -- but what I want to start with is, first, Q1's performance. So if you recall last quarter, excuse me, same quarter prior year, we delivered a 3% top line. So on a two-year basis, not only was this our hardest comp in which we still delivered actual growth. But it was obviously higher within the retail pieces of the business in our Q1 of this year. Obviously, offsetting what was the direct delivery decline I mentioned earlier, of approximately 3%. And so we feel incredibly encouraged by taking on a very challenged comp and still delivering. And again, that growth was broad-based and really balanced.

是的，謝謝你，David。我是 David。我想我們先從去年第二季（Q2）的時間序列框架談起。不過我想先從第一季（Q1）的表現開始。如果你還記得，上個季度，呃，去年同期我們的營收（top line）成長 3%。以兩年期基礎來看，這不僅是我們最難比較的基期，但我們仍交出實際成長。而且很明顯地，在今年第一季的業務中，零售端的占比更高。當然，這抵銷了我先前提到的直送（direct delivery）約 3% 的下滑。因此，我們對於在非常具挑戰的比較基期下仍能交出成績感到非常振奮。而且這個成長是廣泛且相當均衡的。

And when you look at the disclosure tables in our quarter information in the supplemental, you'll see a couple of things that I want to call out. One, almost every brand and pack basically expanded in the quarter. And when you see things like purified water showing de minimis growth, if not a slight decline, that actually reflects a little bit more of the drag that's occurring in the direct delivery business itself.

當你查看我們補充資料（supplemental）中本季資訊的揭露表格時，你會看到幾點我想特別指出。第一，幾乎每個品牌與包裝規格在本季都有所擴張。當你看到例如純淨水（purified water）呈現極小幅成長，甚至略為下滑時，那其實反映了直送業務本身正在發生的拖累更大一些。

Similar things when you look at the premium water that grew substantially in Q1. And on a -- two years ago, this was a $50 million business in that quarter. So we've basically essentially doubled that business in two years. That's actually held back because Mountain Valley was a larger distributed brand on our route-based system in direct delivery. So that growth actually would have been even higher if we wouldn't have gone through some of the integration challenges and like you mentioned, weather disruption that occurred.

同樣地，當你看高端水（premium water）在第一季大幅成長。兩年前，該季度這是一個 5,000 萬美元的業務，所以我們基本上在兩年內把這個業務規模幾乎翻倍。這其實受到一些抑制，因為 Mountain Valley 是我們在直送的路線式系統（route-based system）上分銷規模較大的品牌。因此，如果不是我們經歷了一些整合挑戰，以及如你所提到的天候干擾，那個成長其實會更高。

So now let's kind of go into that sort of time line. Last year, just a few weeks ago, last year is when our Hawkin's facility was hit by a tornado. Actually, we held our board meeting in Texas in the market. And went and visited the plant, went celebrated what that team has done to rally and bring that factory back online and not only bring it online, but actually enhance it with an expanded line that we mentioned where Saratoga product will be coming to market from that facility.

現在我們來談談那個時間軸。去年就在幾週前的這個時點，去年我們的 Hawkin's 廠遭到龍捲風襲擊。當時我們其實在德州的市場召開董事會，並去參觀工廠，也一起慶祝那個團隊如何凝聚力量、讓工廠恢復運作；不僅恢復運作，還透過我們提到的新增產線進一步強化，Saratoga 產品將會由該廠投放市場。

And then obviously, later in the quarter when some of the integration disruptions began. So we're not raising guidance because we have an easier comp. We're raising guidance because we have structural tailwinds that are occurring in the business and feel pretty confident in what's happening and what we're watching with both service levels as well as the retail execution, which was your original question, that retail execution continues to perform quite well. And it's not really at the expense of another brand and not really feeling directionally threatened at this point from private label, but I'll let maybe Eric provide some perspective there.

然後很明顯地，在該季度後段，一些整合干擾開始出現。所以我們上調指引不是因為比較基期變得更容易；我們上調指引是因為業務中出現結構性順風（structural tailwinds），而且我們對正在發生的事情以及我們所觀察到的服務水準與零售端執行（這也是你原本的問題）都相當有信心；零售端執行持續表現得很好。就目前而言，這並不是以犧牲其他品牌為代價，也沒有在方向上感受到自有品牌帶來的威脅，但我想讓 Eric 也提供一些看法。

Sure. I think when it comes to private label, again, in this sector, you're always going to have a price-only shopper that's going to look for what's cheapest, which tends to be, in most instances, private label. Having said that, as the leader in the category, the good news is there is a high level of brand loyalty. And so as we look at our future consumption business.

當然。我認為談到自有品牌時，在這個產業裡，你永遠都會有只看價格的消費者，他們會尋找最便宜的選項，而在多數情況下那往往是自有品牌。話雖如此，作為品類領導者，好消息是我們擁有很高的品牌忠誠度。因此，當我們看我們未來的消費業務（future consumption business）時。

As I mentioned earlier, we have and intend to continue as we go through the summer months to maintain very good value around that portfolio. The encouraging thing in the first quarter is all six of our regional spring water brands grew.

如我先前提到的，我們已經、並且打算在接下來的夏季月份持續，維持該產品組合非常好的價值主張。第一季令人鼓舞的是，我們六個區域性天然泉水品牌全部都成長。

In addition to that, Pure Life, which is really our brand that tends to compete most against private label, and we manage a gap accordingly, also grow, as a matter of fact, grew mid-single digit. And so I think the point David and I are trying to convey is the durability and sustainability of some of the things we're starting to see on the recovery side. And certainly, that applies to our retail business in a big way.

此外，Pure Life 這個品牌其實是我們最常與自有品牌競爭的品牌，我們也相應地管理兩者之間的價差（gap），它同樣成長，事實上達到中個位數成長。因此，我想 David 和我想傳達的重點是，我們在復甦面開始看到的一些現象具有韌性與可持續性。而且這點在我們的零售業務上尤其明顯。

Thank you so much. That concludes our Q&A. I would now like to turn the call back to Eric Foss for closing remarks.

非常感謝。問答環節到此結束。接下來我想把電話交回給 Eric Foss 做結語。

Thank you. Well, in closing, let me just state how excited we are by our start to the year. I think the fundamentals are strengthening. The momentum is building, and we're very energized by the opportunities ahead. and feel like we're well positioned to deliver sustainable long-term growth. So thank you for your continued interest, and we look forward to updating you on our progress.

謝謝。最後我想說，我們對今年的開局感到非常振奮。我認為基本面正在轉強，動能正在累積，我們也對前方的機會感到非常有活力，並且覺得我們已做好準備，能夠實現可持續的長期成長。感謝各位持續的關注，我們也期待向各位更新我們的進展。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。