Reynolds Consumer Products Inc (REYN) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Reynolds Consumer Products First Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加雷諾消費品 2023 年第一季度財報電話會議。 （操作員說明）請注意，今天的通話正在錄音。

I would now like to hand the conference over to your speaker today, Mark Swartzberg. Thank you. Please go ahead.

現在我想將會議交給今天的發言人馬克·斯沃茨伯格。謝謝。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us on Reynolds Consumer Products' First Quarter 2023 Earnings Conference Call. Please note that this call is being simultaneously webcast on the Investor Relations section of our corporate website at reynoldsconsumerproducts.com. Our earnings press release and accompanying presentation slides are also available on the site.

謝謝你，接線員。大家早上好，感謝您參加雷諾消費品公司 2023 年第一季度收益電話會議。請注意，本次電話會議同時在我們公司網站 reynoldsconsumerproducts.com 的投資者關係部分進行網絡直播。我們的收益新聞稿和隨附的演示幻燈片也可以在該網站上獲取。

With me on the call today are Lance Mitchell, our President and Chief Executive Officer; and Michael Graham, our Chief Financial Officer.

今天與我一起參加電話會議的是我們的總裁兼首席執行官蘭斯·米切爾 (Lance Mitchell)；和我們的首席財務官邁克爾·格雷厄姆。

For our call, Lance will focus his remarks on our first quarter performance, progress on the Reynolds Cooking & Baking recovery plan and what we are doing to drive results across our business. Michael will review our first quarter financials and our outlook for the second quarter and the full year. Following prepared remarks, we will open the call for questions.

在我們的電話會議中，蘭斯將重點討論我們第一季度的業績、雷諾烹飪和烘焙復甦計劃的進展以及我們為推動整個業務取得成果而採取的措施。邁克爾將回顧我們第一季度的財務狀況以及第二季度和全年的前景。在準備好發言後，我們將開始提問。

Before we begin, I would like to provide a few reminders. First, this morning's discussion may contain forward-looking statements based on current expectations and beliefs. These statements are subject to risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those described today. Please refer to our Risk Factors section in our SEC filings, including in our annual report on Form 10-K and our quarterly report on Form 10-Q. Please note that the company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after the call.

在我們開始之前，我想提供一些提醒。首先，今天上午的討論可能包含基於當前期望和信念的前瞻性陳述。這些陳述受到風險、不確定性和情況變化的影響，可能導致實際結果和結果與今天描述的結果存在重大差異。請參閱我們向 SEC 提交的文件中的風險因素部分，包括我們的 10-K 表年度報告和 10-Q 表季度報告。請注意，公司無意更新或更改這些前瞻性陳述以反映電話會議後發生的事件或情況。

Second, during today's call, we will refer to certain non-GAAP or adjusted financial measures. Reconciliations of these GAAP to non-GAAP financial measures are available in our earnings press release, investor presentation deck and Form 10-Q. Copies of which can be found on the Investor Relations section of our website.

其次，在今天的電話會議中，我們將提及某些非公認會計原則或調整後的財務指標。這些 GAAP 與非 GAAP 財務指標的調節可在我們的收益新聞稿、投資者演示文稿和 10-Q 表格中找到。其副本可以在我們網站的投資者關係部分找到。

Now I'd like to turn the call over to Lance Mitchell.

現在我想把電話轉給蘭斯·米切爾。

Thanks, Mark, and good morning, everyone. I will begin today with comments on our performance and what we are doing to drive stronger results across our business. Then I will turn the call over to Michael to elaborate on our results and our guide and followed by your questions.

謝謝，馬克，大家早上好。今天我將首先評論我們的業績以及我們為推動整個業務取得更強勁業績而採取的措施。然後我會將電話轉給邁克爾，詳細說明我們的結果和指南，然後提出您的問題。

We exited 2022 with strong positions in our categories, restored profitability in 3 of our 4 business segments and implemented a comprehensive plan for returning Reynolds Cooking & Baking to historical levels of profitability. We executed that plan well in the first quarter, setting the stage for strong earnings growth for the year. We stabilized Reynolds Cooking & Baking operations by reducing operational inefficiencies. And the other 3 businesses, Hefty Waste & Storage, Hefty Tableware and Presto continue to operate at restored levels of profitability.

我們在 2022 年結束時在我們的品類中佔據了強勢地位，恢復了 4 個業務部門中 3 個業務的盈利能力，並實施了一項全面計劃，使雷諾茲烹飪和烘焙業務恢復到歷史盈利水平。我們在第一季度很好地執行了該計劃，為今年的強勁盈利增長奠定了基礎。我們通過降低運營效率來穩定雷諾烹飪和烘焙業務。其他 3 家企業（Hefty Waste & Storage、Hefty Tableware 和 Presto）繼續以恢復的盈利水平運營。

Before I speak to what we're doing to drive improved results across our business, I'd like to review Reynolds Cooking & Baking segment more specifically from an operational, commercial and financial perspective. Operationally, we met our goals for stability in the quarter as we implemented the measures mentioned in our last earnings call, including cross-functional teams focus on critical asset efficiencies, increased technical expertise alongside key production assets and redesign of equipment reliability processes and practices. We're also standardizing processes across operations in order to further ensure operational stability. We have now entered the next phase of our recovery plan, which is to rebuild margins driven by moderating material costs and improved operational efficiencies.

在我談論我們正在採取哪些措施來推動整個業務的業績改善之前，我想從運營、商業和財務角度更具體地回顧一下雷諾烹飪和烘焙部門。在運營方面，我們實現了本季度的穩定目標，因為我們實施了上次財報電話會議中提到的措施，包括跨職能團隊專注於關鍵資產效率、提高關鍵生產資產的技術專業知識以及重新設計設備可靠性流程和實踐。我們還對各個運營流程進行標準化，以進一步確保運營穩定性。我們現在已經進入復甦計劃的下一階段，即通過降低材料成本和提高運營效率來重建利潤。

We're also making continued progress in automation and recently installed our second new spooling line in our Louisville facility. Now while we've hit our goals for the first quarter, we still have work to do to fully restore production efficiencies and our cost position. Commercially, dollar and volume share for Reynolds Wrap is growing, reflecting strength with millennials and other key demographics. We're back to on-air advertising and lifting trade support for Reynolds Wrap this summer, including Memorial Day and Fourth of July. And new products including Reynolds Kitchens Stay Flat Parchment Paper and Reynolds Kitchens Air Fryer Liners are expanding distribution, driven by strong consumer trial and adoption.

我們還在自動化方面不斷取得進展，最近在路易斯維爾工廠安裝了第二條新的繞線生產線。現在，雖然我們已經實現了第一季度的目標，但我們仍有工作要做，以完全恢復生產效率和成本狀況。從商業角度來看，Reynolds Wrap 的美元和銷量份額正在增長，反映出千禧一代和其他關鍵人群的實力。今年夏天，包括陣亡將士紀念日和七月四日，我們將恢復對 Reynolds Wrap 的廣播廣告和貿易支持。在強勁的消費者試用和採用的推動下，包括 Reynolds Kitchens Stay Flat Parchment Paper 和 Reynolds Kitchens Air Fryer Liners 在內的新產品正在擴大分銷範圍。

Financially, profits are in line with our expectations for the quarter, driven by Reynolds Wrap share gains. And we're on track to attain our quarterly earnings targets and a return to profit consistent with historical levels in the second half of 2023. Reynolds Cooking & Baking is delivering against the plan we established at the start of the year, and we're confident we will achieve the plan this year.

從財務角度來看，在 Reynolds Wrap 股價上漲的推動下，本季度利潤符合我們的預期。我們有望在 2023 年下半年實現季度盈利目標，並實現與歷史水平一致的利潤回報。雷諾茲烹飪和烘焙正在按照我們年初制定的計劃實現目標，我們正在我們有信心今年能夠實現這個計劃。

So now let me turn to what we're doing to drive continued momentum across our entire business. As you know, many super staples brands benefited from the pandemic. We participate in that trend, and we've gained additional brand share in 2023 as well. I mentioned the improving share trends for Reynolds. Hefty share Waste Bags also grew in the quarter. And in recent weeks, Hefty also delivered a solid gain in food bag share driven by innovation. I tribute much of our company's strength to our integrated brand and store brand model, together with our role as a category adviser to the vast majority of our customer base. Syndicated data makes it difficult externally to see how we're doing on a combined brand and store brand basis. But I can tell you, we're pleased with our category share trend as well as our performance within store brands.

現在讓我談談我們正在採取哪些措施來推動整個業務的持續發展勢頭。如您所知，許多超級主食品牌都從疫情中受益。我們參與了這一趨勢，並且在 2023 年也獲得了額外的品牌份額。我提到了雷諾茲股票不斷增長的趨勢。垃圾袋的份額在本季度也有所增長。最近幾週，在創新的推動下，Hefty 的食品袋份額也實現了穩步增長。我將公司的實力歸功於我們的綜合品牌和商店品牌模式，以及我們作為絕大多數客戶群的品類顧問的角色。聯合數據使得外部很難了解我們在組合品牌和商店品牌基礎上的表現。但我可以告訴你，我們對我們的品類份額趨勢以及我們在商店品牌中的表現感到滿意。

For example, store brand share of food bags is growing, and our share of that segment is also growing. Investment and innovation are driving strength, and we plan for that to continue. We've increased trade investment consistent with our plan and the results have achieved our expectations. Trade is driving volume and share, and we will continue to execute our plan to continue promotions around holidays and retailer key events. We're advertising at pre-pandemic historical levels, which represents a higher investment than prior years.

例如，食品袋的商店品牌份額正在增長，我們在該領域的份額也在增長。投資和創新正在推動力量，我們計劃繼續這樣做。我們按照計劃加大了貿易投資，效果達到了預期。貿易正在推動銷量和份額，我們將繼續執行我們的計劃，在假期和零售商重大活動期間繼續促銷。我們的廣告投放處於大流行前的歷史水平，這代表著比前幾年更高的投資。

Advertising spend was up in the first quarter versus a year ago, and we plan for increased advertising on top of last year's increase versus 2021 levels. This is expected to translate not only into additional awareness, as I mentioned, Reynolds Wrap return to air advertising but also increases in household penetration. In new products, we're strengthening our market position by elevating and expanding our categories while bringing value to consumers through sustainable solutions. Our Hefty Fabuloso waste bags continued to demonstrate momentum, driven by expanding distribution for Fabuloso Lavender and strong retailer adoption of the new Hefty Fabuloso with Lemon sense.

第一季度的廣告支出較去年同期有所增加，我們計劃在去年較 2021 年增加的基礎上增加廣告支出。正如我所提到的，這不僅會轉化為更多的認知度，Reynolds Wrap 重返空中廣告，還會提高家庭滲透率。在新產品方面，我們通過提升和擴展我們的品類來鞏固我們的市場地位，同時通過可持續的解決方案為消費者帶來價值。我們的 Hefty Fabuloso 垃圾袋繼續展現出強勁的勢頭，這得益於 Fabuloso Lavender 的分銷範圍擴大以及零售商大力採用帶有檸檬味的新型 Hefty Fabuloso。

Hefty EnergyBag, our partnership program for recycling and hard-to-recycle plastics continues to perform well and is being rebranded as Hefty ReNew. Other sustainable solutions, including Hefty and store-branded waste bags made with 20% post-consumer recycled materials and Reynolds Kitchens Air Fryer Liners made with compostable unbleached paper, are performing well. Our new product pipeline is very strong. So look for more on that whenever you and your families are shopping and our future earnings calls.

我們針對回收和難以回收塑料的合作夥伴計劃 Hefty EnergyBag 繼續表現良好，並正在更名為 Hefty ReNew。其他可持續解決方案，包括由 20% 消費後回收材料製成的 Hefty 和商店品牌垃圾袋，以及由可堆肥未漂白紙製成的 Reynolds Kitchens 空氣炸鍋內襯，均表現良好。我們的新產品管線非常強大。因此，每當您和您的家人購物以及我們未來的財報電話會議時，請注意更多相關內容。

Our integrated brand and store brand model is a competitive advantage, and I'm pleased how our portfolio is performing at retail. But consumers are under pressure, and we're watching volumes more closely than ever before for impacts from price elasticity and changes in consumer behavior.

我們的綜合品牌和商店品牌模式是一種競爭優勢，我很高興我們的產品組合在零售領域的表現。但消費者面臨著壓力，我們比以往任何時候都更加密切地關注價格彈性和消費者行為變化的影響。

We believe our relentless focus on profitability puts us on track for strong earnings growth and financial performance in 2023.

我們相信，對盈利能力的不懈關注將使我們有望在 2023 年實現強勁的盈利增長和財務業績。

With that, over to you, Michael.

那麼，就交給你了，邁克爾。

Thanks, Lance, and good morning, everyone. Our first quarter results were consistent with our expectations and provide us with a foundation for strong earnings growth and cash flow this year.

謝謝蘭斯，大家早上好。我們第一季度的業績符合我們的預期，為我們今年強勁的盈利增長和現金流奠定了基礎。

Net revenues increased 3% versus the prior year as the price increases implemented last year more than offset a 2% volume decline. Net income and adjusted EBITDA declined versus the prior year as the anticipated increases in material and manufacturing costs in the Reynolds Cooking & Baking business as well as higher personnel costs, professional fees and advertising costs were partially offset by increased profitability in the rest of our businesses.

由於去年實施的價格上漲抵消了銷量下降 2% 的影響，淨收入比上年增長了 3%。淨利潤和調整後的 EBITDA 較上年有所下降，因為雷諾烹飪和烘焙業務的材料和製造成本的預期增長以及人員成本、專業費用和廣告成本的增加被我們其他業務盈利能力的增長部分抵消。

In addition, net income was negatively impacted by higher interest costs due to increased interest rates. We drove an improvement in cash flow compared to the first quarter of prior year in spite of the anticipated earnings decline. Working capital initiatives contributed to an improvement in cash conversion and we remain disciplined with our capital spending, including strategic investments in Reynolds Cooking & Baking operations, consistent with the plans for the year.

此外，由於利率上升，利息成本上升也對淨利潤產生了負面影響。儘管預期收益下降，但與去年第一季度相比，我們推動了現金流的改善。營運資本計劃有助於改善現金轉換，我們仍然嚴格遵守資本支出，包括對雷諾烹飪和烘焙業務的戰略投資，與今年的計劃保持一致。

For the full year of 2023, we are reiterating our previously provided guidance metrics. We expect net revenues to be flat, plus or minus 1%, with pricing flat to slightly up compared to net revenues of $3.8 billion in 2022. Adjusted EBITDA to be in the range of $605 million to $635 million and adjusted EPS to be in the range of $1.30 to $1.41 per share.

對於 2023 年全年，我們重申之前提供的指導指標。我們預計淨收入將持平，正負 1%，與 2022 年 38 億美元的淨收入相比，定價持平或略有上漲。調整後的 EBITDA 將在 6.05 億美元至 6.35 億美元之間，調整後的每股收益將在每股 1.30 美元至 1.41 美元之間。

Our key assumptions that underpin this guide include, continued execution of the Reynolds Cooking & Baking recovery plan which, as Lance said, is off to a strong start and further solid performance for Hefty Waste & Storage, Hefty Tableware and Presto. Commodity rates are relatively stable versus the end of April levels. Commodity prices are certainly more stable than they have been, but the environment remains dynamic, including 2 polyethylene price increases in the first quarter. Another year of approximately 200 basis points of incremental margin from Reyvolution cost savings, where we continue to use these savings as potential sources of investment in our categories and business. Gross profit of approximately $920 million at the midpoint of our adjusted EBITDA guide and the same depreciation and amortization, interest expense, effective tax rate and capital spending estimates that we provided in our last earnings call.

我們支持本指南的關鍵假設包括繼續執行雷諾烹飪和烘焙恢復計劃，正如蘭斯所說，該計劃為 Hefty Waste & Storage、Hefty Tableware 和 Presto 帶來了良好的開端和進一步穩健的表現。與四月底的水平相比，大宗商品價格相對穩定。大宗商品價格肯定比以往更加穩定，但環境仍然充滿活力，包括第一季度聚乙烯價格兩次上漲。又一年，Reyvolution 成本節省帶來約 200 個基點的增量利潤，我們繼續將這些節省作為我們品類和業務的潛在投資來源。按照我們調整後的 EBITDA 指南的中值計算，毛利潤約為 9.2 億美元，折舊和攤銷、利息費用、有效稅率和資本支出估計與我們在上次財報電話會議中提供的相同。

For the second quarter, we expect net revenue growth in the range of flat 2% on net revenues of $917 million in the prior year, including an approximate 2% increase from price. Adjusted EBITDA to be in the range of $135 million to $145 million, up by comparison to the adjusted EBITDA of $118 million in the prior year period. And adjusted EPS in the range of $0.27 to $0.30 per share.

對於第二季度，我們預計淨收入增長將與上一年淨收入 9.17 億美元持平，增幅為 2%，其中價格上漲約 2%。調整後 EBITDA 在 1.35 億美元至 1.45 億美元之間，高於上年同期調整後 EBITDA 1.18 億美元。調整後每股收益在 0.27 美元至 0.30 美元之間。

Now we'll turn to the phasing and the factors that drive our confidence in earnings growth in the second quarter and for the year. We are pleased with the progress we are making in Reynolds Cooking & Baking and are on track to achieve our quarterly margin targets in this business.

現在我們將討論推動我們對第二季度和全年盈利增長信心的階段和因素。我們對雷諾烹飪和烘焙業務取得的進展感到滿意，並有望實現該業務的季度利潤目標。

Hefty Waste & Storage, Hefty Tableware and Presto are operating at restored levels of profitability. The level of pricing and margin already achieved in these businesses translates into restored margin in 2023. We have the retail momentum that Lance discussed and are investing to build on that, including increases in spending and trade and advertising.

Hefty Waste & Storage、Hefty Tableware 和 Presto 的盈利水平已恢復。這些業務已經達到的定價和利潤水平將在 2023 年恢復利潤。我們擁有蘭斯討論過的零售勢頭，並正在投資以鞏固這一勢頭，包括增加支出、貿易和廣告。

Operational inefficiencies and carryover of the higher cost aluminum are expected to remain a headwind in Reynolds Cooking & Baking in the second quarter, but to a lesser extent than the first quarter. These headwinds are also expected to moderate during the quarter, contributing to our confidence in return to earnings consistent with historical levels for this business in the second half of the year.

運營效率低下和成本較高的鋁的結轉預計仍將是雷諾烹飪和烘焙第二季度的阻力，但程度較第一季度有所減輕。預計這些不利因素在本季度也會有所緩解，這將增強我們對下半年該業務盈利恢復到歷史水平的信心。

In terms of cash flows and capital allocation. As mentioned, cash conversion improved in the first quarter versus the same period last year. Multiple initiatives are in flight to drive further working capital improvements. We plan to remain disciplined in the area of capital spending as well. Together with the anticipated earnings growth, we expect these measures to enable us to pay down an additional debt this year. And our capital allocation priorities are unchanged.

在現金流和資本配置方面。如前所述，第一季度的現金轉換率與去年同期相比有所改善。多項舉措正在實施中，以推動進一步改善營運資本。我們還計劃在資本支出領域保持紀律。加上預期的盈利增長，我們預計這些措施將使我們能夠償還今年的額外債務。我們的資本配置優先順序沒有改變。

With that, I'll hand the call back over to you, Lance.

這樣，我會將電話轉回給你，蘭斯。

Before we turn the call over to your questions, I know you would like to get an update on our CFO search following Michael's decision to retire following the release of earnings for the fiscal year.

在我們將電話轉交給您提問之前，我知道您希望了解我們在邁克爾決定在本財年收益發布後退休後尋找首席財務官的最新情況。

Our search for Michael's replacement is going well, and I'm confident in a smooth transition. We are looking at strong internal and external candidates, and we expect to announce Michael's replacement before reporting fourth quarter results for the fiscal year. We plan for an appropriate period of overlap between the new CFO's assumption of the role and Michael's departure from RCP.

我們尋找邁克爾繼任者的工作進展順利，我對順利過渡充滿信心。我們正在尋找強大的內部和外部候選人，我們預計將在報告本財年第四季度業績之前宣布邁克爾的繼任者。我們計劃在新 CFO 就任和 Michael 離開 RCP 之間有一段適當的重疊時間。

Since we have nothing further to add on the CFO transition at this time, please hold off any questions on this topic. And with that, operator, let's go to our first question.

由於目前我們對首席財務官的過渡沒有任何進一步的補充，因此請不要提出任何有關此主題的問題。接線員，接下來我們來討論第一個問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Our first question is from the line of Nik Modi with RBC Capital Markets.

我們的第一個問題來自尼克·莫迪與加拿大皇家銀行資本市場的聯繫。

Michael, best of luck in your future endeavors. I was hoping you guys can just talk about critical price thresholds. I mean, obviously, in foil you had to deal with some issues a year ago last year -- late last year. And I'm just curious, as you look across the rest of the portfolio, do you feel like pricing is in the right place for -- given some of what we call the part of my friends with the [pinch] off point where consumers really start exiting categories or buying less of the category because of a certain price threshold was crossed? Any thoughts around that? And if you're seeing any consumer behavior changes in terms of people using more usable containers to store their fruits.

邁克爾，祝你未來一切順利。我希望你們能談談關鍵的價格門檻。我的意思是，很明顯，去年你必須處理一年前的一些問題——去年年底。我只是很好奇，當你瀏覽該產品組合的其餘部分時，你是否覺得定價處於正確的位置——考慮到我們所說的我的一些朋友的部分，消費者的[捏]偏離點由於超過了一定的價格門檻，真的開始退出類別或減少購買該類別嗎？對此有什麼想法嗎？如果您發現消費者行為發生變化，人們會使用更多可用的容器來儲存水果。

And Nik, overall, we're pretty happy with our price gaps. (inaudible) what we expected and we're pleased with the gaps. We continue to monitor and manage our categories through pricing and trade as necessary. But for all of our categories, we're pretty pleased with where they're currently at. Our volume is doing well across most of our categories. Customers are course feeling the pinch and seeing alternatives to offset some prolonged and inflationary prices. But overall, our categories are performing well, and our shares are performing well across our categories.

尼克，總的來說，我們對我們的價格差距非常滿意。 （聽不清）我們所期望的，我們對差距感到滿意。我們將繼續根據需要通過定價和貿易來監控和管理我們的類別。但對於我們所有的類別，我們對它們目前的狀況非常滿意。我們的大部分類別銷量都表現良好。客戶當然感受到了壓力，並尋找替代方案來抵消一些長期的通貨膨脹價格。但總體而言，我們的類別表現良好，我們的股票在各個類別中表現良好。

And Lance, any thoughts on just the consumer behavioral changes anything you're seeing in terms of reusables and things like that.

蘭斯，任何關於消費者行為的想法都會改變你在可重複使用等方面看到的任何東西。

Essentially, we're seeing -- we're seeing continued use of our household staple products, and we're seeing share growth across most of our categories. In fact, the only 2 areas where we are not gaining share are in party cups and parchment, and we are addressing those specifically. But all the rest of our brands and our categories are growing, and we're gaining share.

本質上，我們看到——我們看到我們的家庭主食產品的持續使用，我們看到我們大多數類別的份額都在增長。事實上，我們唯一沒有獲得份額的兩個領域是派對杯和羊皮紙，我們正在專門解決這些問題。但我們所有其他品牌和品類都在增長，我們的份額也在增加。

Our next question is from the line of Rob Ottenstein with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rob Ottenstein。

A couple of questions here. First, looking at the Q2 guidance, it looks like you're suggesting volumes could be, I guess, flat to maybe down a couple of percent versus '22, is that right? And then I think more importantly, can you give us a sense of where volumes are, where the business is compared to 2019 so we can get an assess of what's happened kind of changed over the last few years? And what would explain any particular changes? And then I'll have a follow-up.

這裡有幾個問題。首先，看看第二季度的指導，我猜你似乎建議銷量可能會與 22 年相比持平，甚至可能下降幾個百分點，對嗎？然後我認為更重要的是，您能否讓我們了解一下銷量、業務與 2019 年相比的情況，以便我們能夠評估過去幾年發生的變化？什麼可以解釋任何特定的變化？然後我會進行跟進。

Consumers -- higher income consumers are purchasing larger sizes. They're concerned more about value per bag or per square foot which is extending the purchase cycle and lower-income houses are purchasing smaller sizes are more concerned about specific price points.

消費者——收入較高的消費者正在購買更大尺寸的產品。他們更關心每袋或每平方英尺的價值，這會延長購買週期，而低收入房屋購買較小的尺寸時更關心具體的價格點。

Foil consumption is up 3% versus a pandemic. Household formation increased activity in the home have benefited consumption. Reynolds Wrap under 2023 with higher share than it had in 2019, and we gained 3 share points during the quarter. Waste bag consumption continues to be above prepandemic levels. It's up 4%. Hefty gained share before the pandemic, during the pandemic and continue to gain share in the first quarter. Hefty is also growing buyers of all generational groups, especially millennials.

與大流行相比，鋁箔消耗量增加了 3%。家庭組建和家庭活動的增加有利於消費。雷諾茲預計 2023 年的份額將高於 2019 年，本季度我們的份額增加了 3 個百分點。垃圾袋消耗量繼續高於大流行前的水平。上漲了 4%。 Hefty 在大流行之前、大流行期間都增加了份額，並且在第一季度繼續增加份額。 Hefty 的買家數量也不斷增加，各代群體的買家數量也不斷增加，尤其是千禧一代。

In food bags, we estimate food bag consumption is up slightly in all channels, but it shifted to on-track channels, driven by both press-to-close and (inaudible).Our first quarter trends in food bags were strong , Hefty Sliders began gaining share driven in part by the introduction of a half-gallon freezer bag and our private label food bags also gained share during the quarter.

在食品袋方面，我們估計所有渠道的食品袋消費量均略有上升，但在按下關閉和（聽不清）的推動下，它轉向了正常渠道。我們第一季度食品袋的趨勢強勁，Hefty Sliders開始獲得份額，部分原因是推出了半加侖冷凍袋，我們的自有品牌食品袋在本季度也獲得了份額。

Plastic party cups also remain above pre-pandemic levels. They've grown 4%. I did mention a moment ago that our branded share has gone down, but we have a very high participation in private label, and we're growing very effectively in our private label in this segment.

塑料派對杯也仍高於大流行前的水平。他們增長了 4%。我剛才確實提到，我們的品牌份額已經下降，但我們對自有品牌的參與度非常高，而且我們在這一領域的自有品牌正在非常有效地增長。

Disposable dish consumption is up slightly to prepandemic levels, and our share of Hefty dishes is up versus prepandemic levels. And parchment consumption is probably the strongest of all. It's up 43% versus prepandemic levels, driven by the increase of baking among young adults and consumer behavior, and we have a large share of this category and we're introducing some new products, specifically the Reynolds Stay Flat Parchment.

一次性餐具的消費量略有上升至大流行前的水平，而我們的 Hefty 餐具的份額也較大流行前的水平有所上升。羊皮紙的消耗量可能是其中最強的。由於年輕人烘焙的增加和消費者行為的推動，它比大流行前的水平上升了 43%，我們在這一類別中佔有很大份額，我們正在推出一些新產品，特別是 Reynolds Stay Flat 羊皮紙。

So just -- I mean, if we just look at Bags, would you say your volumes are kind of running up 2% to 4% over 2019 levels?

所以，我的意思是，如果我們只看手袋，你會說你們的銷量比 2019 年的水平增長了 2% 到 4% 嗎？

The category is up 4% and our share is up versus 2019.

該類別增長了 4%，我們的份額比 2019 年有所上升。

So you're up more like 5% then?

那麼你的漲幅大約是 5% 嗎？

High single digits, yes.

高個位數，是的。

And then as you -- given, right, these share gains that you've executed and one, can you talk a little bit about the competitive intensity in the market? And if you're seeing more of a promotional stance from your competition? Or are they trying to win through innovation and marketing?

然後，鑑於您所執行的這些份額收益，您能談談市場上的競爭強度嗎？如果您從競爭對手那裡看到了更多的促銷立場？或者他們試圖通過創新和營銷來取勝？

I described the competitive environment right now at this point in time as being rational in all of our categories. We are seeing some increases in promotional activities across our categories. But we've planned for that as well. We're returning our trade to pre-pandemic levels and that's reflected in our guide and our plan.

我將目前的競爭環境描述為我們所有類別的競爭環境都是理性的。我們看到各個類別的促銷活動有所增加。但我們也為此做好了計劃。我們正在將貿易恢復到大流行前的水平，這反映在我們的指南和計劃中。

(Operator Instructions) The next question is from the line of Lauren Lieberman with Barclays.

（操作員說明）下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great. Mediation in Reynolds Cooking & Baking, I was just curious about cost to get that done? Was there sort of excess costs embedded in the P&L this quarter that you had to incur along that process? And also just anything maybe that was uncovered through that work that may lay groundwork for things to be arguably even better going forward, like new efficiencies that you found opportunities for within the scope of that work.

偉大的。雷諾茲烹飪和烘焙的調解，我只是好奇完成這項工作的成本？本季度的損益表中是否存在您在此過程中必須承擔的超額成本？還有通過這項工作發現的任何可能為事情可以說更好的發展奠定基礎的東西，比如你在這項工作範圍內找到了機會的新效率。

Yes. So one thing -- let me answer this in a couple of parts. The professional fees -- we are experiencing higher professional fees, which is flowing through our SG&A, and that's part of the reason that you're seeing and a slightly higher SG&A increase in overall results. So that's kind of the professional fee component of that. As it relates to -- I want to understand -- make sure I'm clear on the rest of your question now.

是的。所以有一件事——讓我分幾個部分來回答這個問題。專業費用——我們正在經歷更高的專業費用，這些費用流經我們的SG&A，這是您看到總體結果中SG&A 略有增加的部分原因。這就是其中的專業費用部分。因為它涉及到——我想了解——請確保我現在清楚你問題的其餘部分。

Sure. So I think with those external consultants or someone that you've been working with, if in the work to remediate the issues you run into, if you also uncover any incremental opportunities for efficiency that may build beyond, again, remediation, like taking it a step further, if there's any sort of incremental findings as you've been working on this.

當然。因此，我認為，與那些外部顧問或與您一起工作的人一起，如果在工作中修復您遇到的問題，如果您還發現了任何可能超越修復的增量機會，例如採取補救措施更進一步，如果在您一直致力於此方面有任何增量發現。

I would answer that by saying we are exactly on the plan that we had expected and when we developed at the beginning of the year. Those operational costs that Michael just referred to were in our plan and in our guide. And the KPIs that we established, and we shared with the Board on a monthly basis are exactly on plan.

我的回答是，我們完全按照我們預期的計劃以及年初制定的計劃進行。邁克爾剛才提到的那些運營成本都在我們的計劃和指南中。我們制定的、每月與董事會分享的 KPI 完全符合計劃。

So I wouldn't say that there's anything that's potentially above the plan, but we are executing exactly what we'd expect to achieve in Q1 and on track to achieve in Q2.

因此，我不會說有任何可能超出計劃的事情，但我們正在執行我們期望在第一季度實現的目標，並有望在第二季度實現。

And Lauren, this is Mark, those professional fees were built into the guide we provided for the first quarter and what we actually had in the first quarter and for the year.

勞倫，我是馬克，這些專業費用已納入我們為第一季度提供的指南以及我們在第一季度和全年的實際費用中。

Perfect. Okay, great. And I also ask that in the context of, I think a lot of other companies would probably exclude those charges -- those expenses. So yes, that was sort of the genesis of the question. So that's great. Okay.

完美的。好的，太好了。我還想問，我認為很多其他公司可能會排除這些費用——這些費用。是的，這就是問題的起源。那太好了。好的。

And then other thing was just -- I know aluminum has been really very volatile, but it seems to be -- pricing is coming down. You still got high cost aluminum flowing through your P&L. Your promotion is back in the -- you've got some promotional activity back and the market shares are back up.

然後另一件事是 - 我知道鋁確實非常不穩定，但似乎 - 價格正在下降。您的損益表中仍然有高成本的鋁。您的促銷活動又回來了——您已經恢復了一些促銷活動，並且市場份額也有所回升。

But just curious like when should we, I guess, a, start to see some of that lower cost aluminum make its way through given your expectations for volume growth and working directness inventory? And is there any pressure in the marketplace to take trade promo deeper than what you would -- what you have planned, just given the spot rate deflation that's out there?

但只是好奇，我猜，考慮到您對產量增長和工作直接庫存的預期，我們什麼時候應該開始看到一些成本較低的鋁材上市？考慮到當前的即期利率通貨緊縮，市場上是否存在壓力要求比您計劃的更深入的貿易促銷？

Yes, I'll remind you the aluminum during 2020 was like at $0.70 a pound. At the end of the year, it was $1.30. It spiked up to $1.40 in Q1 and is back down to $1.30. So it is more stable than it was, but it's stable at a much higher price than it was.

是的，我會提醒您，2020 年鋁的價格約為每磅 0.70 美元。到年底，價格為 1.30 美元。第一季度飆升至 1.40 美元，隨後回落至 1.30 美元。所以它比以前更穩定，但它穩定在比以前高得多的價格上。

Our retailers recognize that it is a commodity. They are in line with our plans for trades and pricing. And so I -- at this point, we're executing exactly what we had expected and planned, and our retailers are in agreement with our plans.

我們的零售商認識到它是一種商品。它們符合我們的交易和定價計劃。所以我——在這一點上，我們正​​在完全執行我們的預期和計劃，並且我們的零售商也同意我們的計劃。

Our next question is from the line of Mark Astrachan with Stifel.

我們的下一個問題來自 Mark Astrachan 和 Stifel。

First question, anything in particular that drove the higher unallocated costs in the quarter? Because if you look at the profitability on a segment basis, it was obviously much better offset by that. So what was in that? And kind of how do we think about that going forward?

第一個問題，有什麼特別因素導致本季度未分配成本上升？因為如果你看一下細分市場的盈利能力，你會發現它顯然能更好地抵消這一影響。那裡面是什麼？我們如何看待未來的發展？

Yes. Let me start off with, say the costs were in line with our expectation. Higher costs over prior year due to higher variable comp and professional fees. The majority of which are in support of the Cooking & Baking recovery that we just talked about. And also worth noting that there are some costs in Q1 2023 that had historically been added back such as D&O insurance. But again, these costs were expected and baked into our overall guide.

是的。首先，我想說成本符合我們的預期。由於可變薪酬和專業費用較高，成本高於上一年。其中大部分都支持我們剛才談到的烹飪和烘焙復甦。另外值得注意的是，2023 年第一季度的一些成本歷來被加回，例如 D&O 保險。但同樣，這些成本是預期的，並已納入我們的總體指南中。

And did those recur? And I guess, if not, then that would suggest that the profitability on a segment basis would be greater because the base is higher? Is that reasonable?

這些又復發了嗎？我想，如果不是，那麼這將意味著細分市場的盈利能力會更大，因為基數更高？這合理嗎？

I'm not sure we're understand -- can you repeat that?

我不確定我們是否理解了——你能再說一遍嗎？

Yes, I'm just basically saying like that was a bigger drag in 1Q on EBITDA, right? So the base on the segment profitability is higher. So those costs -- unallocated costs don't recur and then the base on the segments are higher.

是的，我只是基本上說，這對第一季度的 EBITDA 造成了更大的拖累，對吧？因此，該部門盈利能力的基礎較高。因此，這些成本——未分配的成本不會重複發生，然後細分市場的基礎就會更高。

Should be pretty flat throughout the year, Mark.

馬克，全年應該相當平穩。

And I guess just switching to more of a higher level question. Any sort of thoughts, any -- to the extent you can relay how your customers, the retailers are thinking about the balance of private label and your brands as they think about what's potentially a more volatile consumer environment and how you think about both the pricing and the promotional activity as it relates to those discussions.

我想只是轉向更高層次的問題。任何形式的想法，任何形式——只要你能傳達你的客戶、零售商在考慮潛在的更加​​不穩定的消費環境時如何考慮自有品牌和你的品牌的平衡，以及你如何看待定價以及與這些討論相關的促銷活動。

Well, overall, private label share is up, in waste bags, food bags, party cups and parchment paper and plastic graph. And it's down in foil, foam dishes, slow cooker liners and oven bags. But as I think I indicated in our prepared remarks, our integrated brand, store brand model is really a competitive advantage, and it positions us to benefit and shifts in either direction.

嗯，總體而言，自有品牌的份額有所上升，包括垃圾袋、食品袋、派對杯、羊皮紙和塑料圖表。它存在於鋁箔、泡沫盤子、慢燉鍋內襯和烤箱袋中。但正如我在準備好的發言中指出的那樣，我們的綜合品牌、商店品牌模式確實是一種競爭優勢，它使我們能夠受益並朝任一方向轉變。

Our retailers really rely on us to advise them on the category mix, and we've been doing that for years. So the relative stability that we've seen between brands and store brands is sound economically for both consumers and retailers alike and that our category adviser counsel is reliable.

我們的零售商確實依賴我們就品類組合提供建議，而且我們多年來一直這樣做。因此，我們看到品牌和商店品牌之間的相對穩定性對於消費者和零售商來說都是經濟上合理的，而且我們的品類顧問建議也是可靠的。

Private label already represents a sizable portion of our category's consumption and private labels category share has been relatively consistent and stable throughout all these economic cycles, including this one. And we have a strong share of private label in many of our categories, including food bags, plastic wrap, waste bags, foam dishes, and slow cooker liners.

自有品牌已經占我們類別消費的相當大一部分，並且自有品牌類別份額在所有這些經濟周期（包括本次經濟周期）中一直相對一致和穩定。我們在許多類別中都擁有很大的自有品牌份額，包括食品袋、保鮮膜、垃圾袋、泡沫餐具和慢燉鍋內襯。

And if I could just squeeze one more quick one in there. Pricing flat up slightly, I think I heard for the year. So what does that imply in the back half of the year? Does pricing come down? Or is it negative in 2H volumes, up in 2H, the best way to think about it?

如果我能再快點擠一顆進去就好了。我想我今年聽說價格略有上漲。那麼這對下半年意味著什麼呢？價格會下降嗎？還是 2 小時成交量為負，2 小時成交量上升，這是最好的思考方式？

Go ahead.

前進。

Second half down a bit. And remember we are at a higher rate in the fourth...

下半場有點下滑。請記住，第四季度我們的比率更高......

We've got some contractual pass-throughs that occur in our private label business as well as our related party transactions.

我們的自有品牌業務以及關聯方交易中發生了一些合同傳遞。

Next question is coming from the line of Andrea Teixeira with JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

Just wanted to check in, in terms of how you're tracking on coming back to the prepandemic margins in Q3. And I know you did speak to that on the last earnings call. Today, I think, Lance or Michael, I think you both kind of alluded that you're on track to that comment. But then knowing what you had said actually about the pass-through last quarter. Obviously, that was on track, and that's why we knew it would happen as you put in the initial guide into the last quarter. Now you iterated it but the resins have since changed.

只是想了解一下您在第三季度如何恢復到大流行前的利潤率。我知道你在上次財報電話會議上確實談到了這一點。今天，我想，蘭斯或邁克爾，我想你們都暗示你們正在發表這一評論。但後來知道你實際上所說的有關上個季度的傳遞的內容。顯然，這是在正軌上，這就是為什麼當您將初始指南放入上個季度時我們就知道它會發生。現在您對其進行了迭代，但樹脂已經發生了變化。

I'm thinking for Presto, when you think about these margins, as they settle, and going back to that, hopefully, high 20s and potentially 30 in the fourth quarter. Is that contemplated including the price the reduction in pricing for Presto products into the fourth quarter? Or the private label that you have with your key customer, is that included or that's only on apples-to-apples basis?

我想到的是 Presto，當你考慮到這些利潤率時，當它們穩定下來時，並回到那個水平，希望在第四季度能達到 20 多美元，甚至可能達到 30 美元。是否考慮將 Presto 產品的價格下調納入第四季度？或者您與主要客戶擁有的自有品牌，是否包括在內，還是僅在同類基礎上？

Yes. So let me kind of take that on. From an overall standpoint, we're quite pleased on how our recovery process is working, right? We're on track, and we anticipate that consistent with our guide that the recovery plan is pretty much right in line with our overall expectations. And I think Lance spoke to this earlier.

是的。那麼讓我來承擔一下吧。從整體角度來看，我們對恢復過程的進展感到非常滿意，對吧？我們正在步入正軌，並且我們預計，與我們的指南一致，恢復計劃與我們的總體預期基本一致。我認為蘭斯早些時候談到過這一點。

So at this point in time, really, there is no additional updates we can provide in overall space because we're tracking in accordance with plan. So and we're quite pleased with that. As it relates to the private label pass-through, that pass-through is built into our Presto business already. So as Lance indicated, there is some contractual stuff that we already have to give back to our customer base. So that's already baked in.

因此，目前我們實際上無法在整體空間中提供其他更新，因為我們正在按照計劃進行跟踪。所以我們對此感到非常滿意。由於它與自有品牌直通相關，因此該直通已內置到我們的 Presto 業務中。因此，正如蘭斯所指出的，我們已經必須將一些合同內容回饋給我們的客戶群。所以這已經是烤好的了。

And just -- this is super helpful, Michael. Just one quick fine point on the second quarter specifically because -- I did the math right and with the top line that you're saying, as expected, right, the first quarter was a tough quarter where you had the Cooking & Baking issues kind of most [prominent] and the recovery there.

只是——這非常有幫助，邁克爾。只是關於第二季度的一個快速的要點，特別是因為——我做了正確的數學計算，並且按照你所說的頂線，正如預期的那樣，對，第一季度是一個艱難的季度，你遇到了烹飪和烘焙問題大多數[突出]以及那裡的複蘇。

And then in the second quarter, you have a very seasonally high number for Grilling and Cooking. And it implies in your guide that your tracking actually to do an inflection and we all had it in the second quarter an inflection, I think, in margins that this consensus shows that. But is it fair to say that the second quarter is probably shaping up better than you -- your thought?

然後在第二季度，燒烤和烹飪的數量非常高。它在你的指南中暗示，你的跟踪實際上發生了變化，我認為，我們在第二季度都經歷了變化，這一共識表明了這一點。但可以公平地說，第二季度的情況可能比你想像的更好嗎？

No, I wouldn't draw that conclusion. I mean, we do, and we've shared this before that on a sequential quarter basis that we did expect to see improvements as the higher cost of aluminum that was flowing through our business would begin to abate as well as we start to make progress on our operational efficiencies. And we're tracking to that. So I don't see at this point in time any additional upside. Hopefully, there will be, but nothing that we are willing to commit to at this point.

不，我不會得出這個結論。我的意思是，我們確實這樣做了，而且我們之前已經在連續季度的基礎上分享過這一點，我們確實預計會看到改善，因為流經我們業務的鋁成本較高將開始減弱，並且我們開始取得進展關於我們的運營效率。我們正在追踪這一點。因此，我目前看不到任何額外的好處。希望會有，但目前我們還不願意做出任何承諾。

And Andrea, I would entirely echo everything Michael just said and add that on a total company basis, you can tell from the second quarter guide that we expect our gross profit dollars and gross margin percentage to be up year-on-year in the second quarter.

安德里亞（Andrea），我完全贊同邁克爾剛才所說的一切，並補充說，在整個公司的基礎上，您可以從第二季度的指南中看出，我們預計第二季度的毛利潤和毛利率將同比增長四分之一。

(Operator Instructions) The next question is from the line of Bill Chappell with Truist Securities.

（操作員說明）下一個問題來自 Truist Securities 的 Bill Chappell。

Just had a couple, I guess, clarifications of the prior question. First, I guess I didn't fully understand the answer to Lauren's question in terms of pricing promotion. And I think you've said that elasticities in aluminum foil have been higher than you had expected and you've had some customers switching and kind of behavioral change to other options.

我想，剛剛對之前的問題做了一些澄清。首先，我想我並沒有完全理解勞倫關於定價促銷問題的答案。我想你已經說過鋁箔的彈性比你預期的要高，而且你已經讓一些客戶轉向了其他選擇，並且行為發生了變化。

So I would think from a consumer standpoint, you would want to get the prices down where you drive volume as fast as possible, let alone what you have planned with the retailers. Am I thinking about that wrong? Or are you just -- do you believe consumers will eventually adjust?

因此，我認為從消費者的角度來看，你會希望在盡可能快地增加銷量的情況下降低價格，更不用說你與零售商的計劃了。我這樣想是不是錯了？或者您只是——您相信消費者最終會適應嗎？

Well, if you look at our volume and aluminum foil in Q1, we actually surpassed our expectations, and we've gotten our price gaps to across all of our categories to where we want to have them. So we've got really good price points. Granted, they are higher than they were because of inflation, but price gaps across the categories, we've established points where we're pleased with.

好吧，如果你看看我們第一季度的銷量和鋁箔，我們實際上超出了我們的預期，並且我們所有類別的價格差距都達到了我們想要的水平。所以我們有非常好的價格點。誠然，由於通貨膨脹，它們的價格高於原來的水平，但各個類別之間的價格差距，我們已經建立了令我們滿意的點。

So you look at like the elasticity and kind of the demand destruction last year, but you just figure consumers will just kind of bounce back to that. I mean, they'll get used to the new prices over time?

所以你看看去年的彈性和需求破壞的類型，但你只是認為消費者會反彈回來。我的意思是，隨著時間的推移，他們會習慣新的價格嗎？

Yes, they have. I mean look at the growth across the categories and our share growth. And you can see that, that there's strong evidence of that. Consistent with what we've guided, we're promoting at prepandemic levels, and it's been very effective.

是的，他們有。我的意思是看看各個類別的增長以及我們的份額增長。你可以看到，有強有力的證據證明這一點。與我們的指導一致，我們正在大流行前的水平上進行推廣，而且非常有效。

Moving on to -- just the comment on margins, I just want to make sure I understand, getting back to prepandemic margins would entail costs coming down. You have a price for margin improvement. -- you would need some help from I think to get back to that level. Is that right? Or have you actually priced for margin?

接下來——只是對利潤率的評論，我只是想確保我理解，回到大流行前的利潤率將需要成本下降。提高利潤率是有代價的。 ——我認為你需要一些幫助才能回到那個水平。是對的嗎？或者你實際上已經按保證金定價了嗎？

Bill, really since the beginning of pandemic and the inflation that began with that, we've been saying we're about dollar gross profit, unit economics in dollar terms, not percentage margins. So in 3 of our businesses, we're there, and we're tracking to where we want to be in the Reynolds Cooking & Baking business later this year.

比爾，實際上自從大流行和隨之而來的通貨膨脹開始以來，我們一直在說我們關注的是美元毛利潤，以美元計算的單位經濟效益，而不是利潤率。因此，在我們的 3 項業務中，我們已經實現了目標，並且正在努力實現今年晚些時候雷諾烹飪和烘焙業務的目標。

And as you know, we expect approximately $920 million of gross profit this year at the midpoint of our guide. That's approximately 4 points of margin expansion versus last year. And in terms of progression through the year, we're on track for dollar gross profit growth in the second quarter, and that translates into multiple points of expansion in terms of gross profit as a percentage of sales versus 20% in Q2 of last year. And we look for that trend to continue to go forward in Q3 and Q4 as well.

如您所知，我們預計今年的毛利潤約為 9.2 億美元，處於我們指南的中點。與去年相比，利潤率擴大了約 4 個百分點。就全年進展而言，我們第二季度的美元毛利潤有望實現增長，這意味著毛利潤佔銷售額的百分比將出現多個點的擴張，而去年第二季度為 20% 。我們預計這一趨勢將在第三季度和第四季度繼續發展。

The next question is from the line of Rob Ottenstein with Evercore ISI.

下一個問題來自 Evercore ISI 的 Rob Ottenstein。

So I'd like to kind of shift gears a little bit, stand back and think more longer term. Obviously, a lot of fires to put out over the last 2, 3 years, incredibly challenging environment where you had to think short term in many ways out of necessity. Lance, I'd love to get a sense of are you at the point now where you can start spending more time thinking longer term strategically?

所以我想稍微改變一下態度，退一步思考更長遠的問題。顯然，在過去的兩三年裡，有很多火災需要撲滅，環境非常具有挑戰性，出於必要，你必須在很多方面進行短期思考。蘭斯，我很想知道您現在是否可以開始花更多時間進行長期戰略思考？

And maybe give us a little bit of your thoughts kind of going forward over the next 3, 4, 5 years, whatever time frame you want in terms of the things that -- your initiatives that you're thinking about in terms of driving the value of the business?

也許請給我們一些您對未來 3 年、4 年、5 年的一些想法，無論您想要什麼時間框架，您正在考慮的推動業務價值？

So you asked a question that the Board asked last month. And absolutely, we have been having to really think short term over the last 2 years. And we are in the process of developing our long-term strategic plan.

所以你問了董事會上個月提出的問題。當然，在過去的兩年裡，我們一直在認真思考短期問題。我們正在製定長期戰略計劃。

We obviously had a long-term strategic plan on the road show, which we shared with everybody. But the world has changed since then, and we're redeveloping our long-term plan. It is not fully ready for prime time, but I expect us to have an Investor Day after we've completed our discussions with the Board, and they're aligned with our plan.

顯然我們在路演中有一個長期的戰略計劃，我們與大家分享了。但從那時起世界已經發生了變化，我們正在重新制定我們的長期計劃。它還沒有完全準備好迎接黃金時段，但我希望在我們完成與董事會的討論並且他們與我們的計劃保持一致後，我們會舉辦投資者日。

We are sharing that plan with them in July at our Board meeting. So perhaps third or fourth quarter, we'll have an Investor Day, and we'll be able to go into more detail.

我們將在 7 月份的董事會會議上與他們分享該計劃。因此，也許在第三或第四季度，我們將舉辦投資者日，我們將能夠討論更多細節。

(Operator Instructions) Our next question is from the line of Brian McNamara with Canaccord Genuity.

（操作員說明）我們的下一個問題來自 Canaccord Genuity 的 Brian McNamara。

Our profitability inflection question was already answered. So just one from us. Perhaps this is a longer-term question. I guess while it's tough for anybody to grow volumes in the current inflationary environment, what is the reasonable expectation for volume growth across your product lines during normal times. You guys have what appears to be a winner's curse with really high brand awareness and household penetration. So we're curious what drives those incremental volumes.

我們的盈利能力拐點問題已經得到解答。所以我們只提供一份。也許這是一個更長遠的問題。我想雖然在當前的通貨膨脹環境下任何人都很難增加銷量，但在正常情況下對整個產品線的銷量增長的合理預期是多少。你們擁有非常高的品牌知名度和家庭滲透率，這似乎是贏家的詛咒。所以我們很好奇是什麼推動了這些增量。

So as we said on the road show, and the algorithm has really not changed since then with household formation and the overall household staples and use of our products. Low single digits, which is what we've been performing at now versus pre-pandemic levels for most of our categories is a fair volume growth to use as a model.

正如我們在路演中所說，從那時起，隨著家庭的形成、整體家庭主食和我們產品的使用，算法實際上並沒有改變。與大流行前的水平相比，我們大多數類別目前的表現是低個位數，這是一個可以用作模型的公平銷量增長。

At this time, we've reached the end of our question-and-answer session. I'll turn the call over to Lance Mitchell for closing remarks.

此時，我們的問答環節已經結束。我將把電話轉給蘭斯·米切爾做總結髮言。

Well, thank you, operator, and thank you, everyone, for your questions and your interest in our business.

好的，謝謝您，接線員，也謝謝大家提出的問題以及對我們業務的興趣。

I want to extend a sincere thank you to all of our employees and to our team that's been focused on the execution of the Reynolds [BU] recovery plan. They've done an outstanding job, and I'm really proud of them. We're off to a good start in 2023, and I look forward to updating you further throughout the year. Thank you.

我想向我們所有的員工以及一直致力於執行雷諾 [BU] 恢復計劃的團隊致以誠摯的謝意。他們做得非常出色，我真的為他們感到驕傲。我們在 2023 年有了一個良好的開端，我期待著全年為您提供更多最新信息。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。