Reynolds Consumer Products Inc (REYN) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Reynolds Consumer Products Inc. First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加雷諾消費品公司 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mark Swartzberg, Vice President of Investor Relations. Thank you, sir. You may now begin.

現在我很高興向您介紹主持人，投資者關係副總裁馬克‧斯瓦茨伯格(Mark Swartzberg)。謝謝你，先生。你現在可以開始了。

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

謝謝你，接線生。早安，感謝您參加雷諾消費品公司第一季財報電話會議。請注意，本次電話會議將在我們公司網站 reynoldsconsumerproducts.com 的投資者關係部分進行錄音和網路直播。我們的收益新聞稿和簡報投影片也可供使用。

With me on the call today are Lance Mitchell, our President and Chief Executive Officer; and Scott Huckins, our Chief Financial Officer. For our call, Lance will review our business performance and the actions we are taking to continue leading our categories followed by Scott, who will review our first quarter results and our outlook. Following prepared remarks, we will open the call for your questions.

今天與我一起參加電話會議的是我們的總裁兼執行長蘭斯米切爾 (Lance Mitchell)；和我們的財務長斯科特哈金斯。在我們的電話會議中，蘭斯將審查我們的業務績效以及我們為繼續領先我們的類別而採取的行動，隨後斯科特將審查我們第一季的業績和我們的前景。在準備好發言後，我們將開始電話詢問您的問題。

Before we begin, I would like to provide a couple of 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 the 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，我想提幾點提醒。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有重大差異。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，本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 財務指標的調整可在我們的收益新聞稿、投資者簡報和 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.

現在我想把電話轉給蘭斯。

Thank you, Mark, and good morning, everyone. We're off to a strong start in 2024. We continued to lead our categories delivering retail volume at the high end of our guide, which reflects the strength of our integrated brand and store brand business model. We continue to launch a robust line of innovative products and our focus remains steadfast on offering sustainable alternatives across our product categories.

謝謝你，馬克，大家早安。我們在 2024 年有了一個良好的開端。我們繼續推出一系列強大的創新產品，並且我們的重點仍然是在我們的產品類別中提供可持續的替代品。

We're delivering results from our Reyvolution program and continue to develop further opportunities. And we outperformed our first quarter guide delivering strong earnings growth. We have a high level of confidence in our plans and actions that we're taking to lead our categories, drive earnings growth and continue to increase our financial flexibility.

我們正在交付 Reyvolution 計畫的成果，並持續開發更多機會。我們的表現超越了第一季的預期，實現了強勁的獲利成長。我們對我們為引領我們的類別、推動獲利成長並繼續提高我們的財務靈活性而採取的計劃和行動充滿信心。

Before I get into the specifics of each business, I'd like to first comment on the consumer environment. When we reported results in February, I spoke to volume as being under pressure across the consumer staples sector. During the quarter, demand was modestly better than expected in some of our categories and share gains also contributed to our retail performance, reflecting the strength of our integrated business model.

在詳細介紹每項業務之前，我想先評論一下消費者環境。當我們在二月報告業績時，我談到整個消費必需品產業的成交量面臨壓力。本季度，我們某些類別的需求略好於預期，份額成長也對我們的零售業績做出了貢獻，反映了我們綜合業務模式的實力。

However, factors, including reduced consumer savings, increasing credit card debt, continued inflationary pressure and elevated interest rates, continue to pressure consumption in our categories.

然而，消費者儲蓄減少、信用卡債務增加、持續的通膨壓力和利率上升等因素繼續給我們類別的消費帶來壓力。

In this context, we're not complacent. We ended the year expecting ongoing consumer pressure and we're taking actions that we planned to drive our categories, our profitability and additional financial flexibility. Our actions are wide-ranging and include the following: as category advisors, we are in ongoing dialogue with our retail partners and constantly evaluating and adjusting our joint plans to meet their needs and the needs of our consumers. We're investing in compelling and impactful omnichannel and multiproduct advertising and we're actively managing proven price, pack and architecture plans to drive volume in our categories.

在此背景下，我們並不自滿。我們預計年底將面臨持續的消費者壓力，我們正在採取計劃的行動來推動我們的品類、盈利能力和額外的財務靈活性。我們的行動範圍廣泛，包括以下內容：作為品類顧問，我們與零售合作夥伴持續對話，不斷評估和調整我們的聯合計劃，以滿足他們和消費者的需求。我們正在投資引人注目且有影響力的全通路和多產品廣告，並積極管理經過驗證的價格、包裝和架構計劃，以推動我們類別的銷售。

Our innovation pipeline has been a key contributor to sourcing incremental volume and as strong as it's ever been. We have a robust lineup of branded innovation, which recently received top ratings from a third-party review.

我們的創新管道一直是採購增量的關鍵貢獻者，並且一如既往地強大。我們擁有強大的品牌創新陣容，最近獲得了第三方評論的最高評級。

For our Presto business, we will have more product launches in 2024 than any other year since RCP and Presto came together. And we're on track for offering sustainable solutions in every product line by 2025. We're very excited about the innovations that we're bringing to the market. And we're driving productivity and Reyvolution savings and procurement, manufacturing, supply chain and other areas of our business as an additional lever for earnings growth and reinvest it back into the business.

對於我們的 Presto 業務，我們在 2024 年推出的產品將比 RCP 和 Presto 合併以來的任何一年都要多。我們預計在 2025 年之前為每個產品線提供可持續的解決方案。我們正在推動生產力和 Reyvolution 節省以及採購、製造、供應鏈和我們業務的其他領域，作為獲利成長的額外槓桿，並將其重新投資回業務。

I'll now review our performance outlook by business. The Reynolds Cooking & Baking business is performing very well and we're building on the operational, commercial and financial success that we drove in the first quarter. Reynolds continue to grow share in household foil where it gained 3 share points in 2023 and we're driving significant growth in the rapidly expanding parchment paper category, which remains a focus area of innovation.

我現在將按業務回顧我們的業績前景。雷諾茲烹飪和烘焙業務表現非常出色，我們正在第一季度取得的營運、商業和財務成功的基礎上再接再厲。雷諾茲在家用箔紙領域的份額繼續增長，到 2023 年增長了 3 個百分點，我們正在推動快速擴張的羊皮紙類別的顯著增長，該類別仍然是創新的重點領域。

Innovations such as Reynolds Kitchen Stay Flat Parchment are doing well, and we look forward to unveiling our plans for commercialization of our number of new sustainable solutions across the portfolio in the future.

Reynolds Kitchen Stay Flat Parchment 等創新產品表現良好，我們期待未來發表整個產品組合中眾多新型永續解決方案的商業化計畫。

We continue to recruit millennial and Gen Z consumers to our products and categories. As a part of our new Chef's Kiss marketing campaign targeting young cooks, we launched a multiproduct advertising campaign with influencers, highlighting products in Reynolds' portfolio, which is amplified in digital and social channels.

我們持續吸引千禧世代和 Z 世代消費者購買我們的產品和品類。作為我們針對年輕廚師的新「Chef's Kiss」行銷活動的一部分，我們與有影響力的人發起了多產品廣告活動，突出了雷諾茲產品組合中的產品，這些產品在數位和社交管道中得到了放大。

As we reviewed at our Investor Day, new processes and technologies are in place and proven to be very effective in supporting operational stability.

正如我們在投資者日回顧的那樣，新的流程和技術已經到位，並被證明在支持營運穩定性方面非常有效。

Finally, Reynolds' position as the only vertically-integrated aluminum foil manufacturer in the United States is a significant competitive advantage, providing us with a high level of control over quality, continuity of supply and other attributes of our leading market position.

最後，雷諾茲作為美國唯一一家垂直一體化鋁箔製造商的地位具有顯著的競爭優勢，為我們提供了對品質、供應連續性以及我們領先市場地位的其他屬性的高水平控制。

Our Hefty and Presto Waste & Storage bag business continue to perform well in the first quarter, and we're executing comprehensive plans to drive further commercial and financial success. The quarter featured a number of commercial highlights, including Hefty's continued outperformance of our branded waste bags, sequential improvement in private label food bags and continued strength from product innovation.

我們的 Hefty 和 Presto 廢棄物與收納袋業務在第一季繼續表現良好，我們正在執行全面的計劃，以推動進一步的商業和財務成功。本季度有許多商業亮點，包括 Hefty 品牌垃圾袋的持續出色表現、自有品牌食品袋的連續改進以及產品創新的持續強勁。

Looking forward, we expect product innovation to remain a major source of volume growth.

展望未來，我們預期產品創新仍將是銷售成長的主要來源。

Hefty Fabuloso reached $180 million in annual retail sales over the last 12 months, and we expect further distribution gains from new sense and sizes. We're introducing new sustainable product solutions, including Hefty Ultra Strong Coastal. Coastal just began shipping and is made with 35% recovered materials, including 10% coastal materials. And Hefty and Presto waste and storage bags are off to a strong start, leveraging the mid-teen other categories.

Hefty Fabuloso 過去 12 個月的年零售額達到 1.8 億美元，我們預計新的感覺和尺寸將進一步帶來分銷收益。我們正在推出新的永續產品解決方案，包括 Hefty Ultra Strong Coastal。 Coastal 剛開始運輸，由 35% 的回收材料製成，其中包括 10% 的沿海材料。 Hefty 和 Presto 垃圾袋和收納袋在其他類別中取得了良好的開端。

We're also innovating in store brands, including new compostable sandwich bags and reformulated stretchable waste bag. We recently extended our contract with John Cena, who features in a new omnichannel campaign for Hefty Ultra Strong trash bags and highlights strength that is anything but ordinary, with a number of new spots rolling out over the course of the year.

我們也在商店品牌上進行創新，包括新的可堆肥三明治袋和重新配製的可拉伸垃圾袋。我們最近與約翰·希南(John Cena) 續簽了合同，約翰·希南(John Cena) 在Hefty Ultra Strong 垃圾袋的全新全渠道廣告活動中擔任主角，強調了非凡的力量，並在這一年中推出了許多新廣告。

Turning now to our disposable tableware segment. Our first quarter results demonstrated a moderation in volume declines from the second half of 2023. It's important to recognize that this entire category is impacted by price elasticity after a period of significant inflation and resulting price actions.

現在轉向我們的一次性餐具部分。我們第一季的業績表明，自2023 年下半年以來，銷量下降幅度有所放緩。受到價格彈性的影響。

On the commercial front, we adjusted trade promotions in the quarter and we've made progress on several initiatives, including lower pack counts at competitive price points, increases in cross-portfolio promotion and expansion of multiple new products and distribution, including Hefty ECOSAVE, Hefty Compostable Printed Plates and Hefty pet cups made with post-consumer recycled content, and we continue to migrate the category to more sustainable solutions. And despite the decline in revenue, profits were unchanged in the quarter.

在商業方面，我們在本季度調整了貿易促銷活動，並在多項舉措上取得了進展，包括以有競爭力的價格點減少包裝數量、增加跨產品組合促銷以及擴大多種新產品和分銷，包括Hefty ECOSAVE、 Hefty 可堆肥印刷板和 Hefty 寵物杯由消費後回收材料製成，我們繼續將該類別遷移到更永續的解決方案。儘管收入下降，但本季利潤保持不變。

Before turning the call over to Scott, I'd like to reiterate that our business model is a competitive advantage, and we have the right team and plan in place to build on the momentum in the first quarter, the entire RCP organization remains committed to leading our categories and driving earnings growth.

在將電話轉給 Scott 之前，我想重申我們的業務模式是一種競爭優勢，我們擁有合適的團隊和計劃來鞏固第一季的勢頭，整個 RCP 組織仍然致力於引領我們的品類並推動盈利增長。

Scott, over to you.

史考特，交給你了。

Thank you, Lance. Good morning, everyone. 2024 is off to a strong start as our first quarter performance closely aligned with the objectives we outlined when introducing our full year 2024 guide in February.

謝謝你，蘭斯。大家，早安。 2024 年有一個良好的開端，因為我們第一季的業績與我們在 2 月介紹 2024 年全年指南時概述的目標密切相關。

As a reminder, those objectives are: driving retail volume at or above category performance, delivering double-digit earnings growth, investing in our categories and product innovation, driving productivity, disciplined cost management and additional Reyvolution cost savings and generating strong free cash flow and reducing leverage.

提醒一下，這些目標是：推動零售量達到或超過品類業績，實現兩位數的盈利增長，投資於我們的品類和產品創新，提高生產力，嚴格的成本管理和額外的Reyvolution 成本節約，並產生強勁的自由現金流和減少槓桿。

In totality, we delivered the first quarter we expected and are on track to deliver our guide for 2024.

總的來說，我們第一季的業績達到了預期，並且預計將交付 2024 年指南。

During the first quarter, we generated revenues, adjusted EBITDA and earnings that surpassed the high end of our guide and continue to increase financial flexibility. First quarter retail revenues were $794 million, at the top end of our expectations and $23 million below retail revenues in the year ago period. After giving effect to 150 basis points of product portfolio optimization, our retail revenues outperformed our categories by approximately 50 basis points. Low-margin, non-retail revenues declined to $39 million in the quarter but outperformed our expectations.

第一季度，我們的收入、調整後 EBITDA 和收益都超過了我們指導的上限，並繼續提高財務靈活性。第一季零售收入為 7.94 億美元，高於我們預期，比去年同期零售收入低 2,300 萬美元。在實施 150 個基點的產品組合最佳化後，我們的零售收入優於我們的品類約 50 個基點。本季低利潤的非零售收入下降至 3,900 萬美元，但超出了我們的預期。

Adjusted EBITDA increased $40 million to $122 million, reflecting high teens or more earnings growth in 3 of our 4 businesses, driven by manufacturing output and lower operational costs.

調整後的 EBITDA 增加了 4,000 萬美元，達到 1.22 億美元，反映出我們 4 項業務中的 3 項在製造產出和營運成本降低的推動下實現了兩位數或更高的收入成長。

Earnings per share were $0.23, up significantly from $0.08 per share in the first quarter of 2023, reflecting EBITDA growth and lower interest expense from a significant reduction in debt in 2023.

每股收益為 0.23 美元，較 2023 年第一季的每股 0.08 美元大幅成長，反映出 EBITDA 成長以及 2023 年債務大幅減少帶來的利息支出下降。

Operating cash flow of $99 million was a record for the first quarter, driving a reduction of net debt to 2.5x trailing 12-month adjusted EBITDA and enabled an additional $50 million voluntary principal payment on our term loan facility subsequent to quarter end.

第一季營運現金流達到 9,900 萬美元，創歷史新高，推動淨債務減少至過去 12 個月調整後 EBITDA 的 2.5 倍，並在季度末後為我們的定期貸款安排額外自願支付 5,000 萬美元本金。

Turning to our 2024 guide. Our financial objectives remain simple and clear: protect and expand market share, drive earnings growth, and continue to delever and increase financial flexibility.

轉向我們的 2024 年指南。我們的財務目標仍然簡單而明確：保護和擴大市場份額，推動獲利成長，並繼續去槓桿化和提高財務靈活性。

We continue to forecast 2024 net revenues in the range of $3.530 billion to $3.640 billion compared to net revenues of $3.756 billion in 2023. The elements of our guide are also unchanged as follows: we expect pricing to reduce revenue by approximately 1%, which included certain contractual pass-throughs. We expect retail volume to perform at or better than our categories at a rate of minus 2% to plus 1%; and we expect most of our anticipated decrease in net revenues to be driven by our low-margin, non-retail business and optimization of our retail product portfolio.

我們繼續預測2024 年淨收入在35.30 億美元至36.40 億美元之間，而2023 年淨收入為37.56 億美元。其中包括某些合約傳遞。我們預期零售量的表現將達到或優於我們的類別，增幅為負 2% 至正 1%；我們預計，淨收入下降的大部分原因是我們的低利潤、非零售業務和零售產品組合的最佳化。

We continue to forecast full year adjusted EBITDA within a range of $660 million to $680 million on the basis of our revenue forecasts and margin expansion, driven by improvements in product mix, the Reynolds Cooking & Baking recovery of historical earnings and the delivery of additional Reyvolution cost savings in all 4 businesses. And we are increasing our forecast of earnings per share by $0.05 per share, were approximately $10 million in net income to a range of $1.62 to $1.70 per share for updated tax expectations for the second quarter and full year 2024.

基於我們的收入預測和利潤率擴張，我們繼續預測全年調整後EBITDA 在6.6 億美元至6.8 億美元之間，這主要得益於產品組合的改進、雷諾烹飪和烘焙公司歷史收益的恢復以及額外Reyvolution 的交付所有 4 項業務都節省了成本。我們將每股盈餘預測上調了 0.05 美元，淨利潤約為 1,000 萬美元，達到每股 1.62 至 1.70 美元，以更新 2024 年第二季和全年的稅務預期。

Other considerations for the full year forecast consist of: commodity rates more stable than in recent years; SG&A unchanged compared to SG&A in 2023; depreciation and amortization of approximately $120 million for the year; and interest expense is estimated to be $100 million for the year.

其他全年預測的考慮因素包括： 大宗商品價格比近年來更加穩定； SG&A 與 2023 年的 SG&A 相比保持不變；本年度折舊及攤提約1.2億美元；預計全年利息支出為1億美元。

In terms of each quarter's contribution to full year earnings. In 2023, with the Reynolds Cooking & Baking business executing a recovery plan, the quarterly contributions of earnings were not representative of historical phasing.

就每季對全年獲利的貢獻而言。 2023年，隨著雷諾烹飪和烘焙業務執行復甦計劃，季度收益貢獻並不能代表歷史階段。

In particular, we pointed out on our fourth quarter earnings call that Q4 2023 EBITDA was a record, which was in part driven by the anomaly in earnings contribution stemming from the recovery in Cooking & Baking last year.

我們特別在第四季財報電話會議上指出，2023 年第四季 EBITDA 創歷史新高，部分原因是去年烹飪和烘焙業務復甦帶來的獲利貢獻異常。

In 2024, and as we mentioned on our fourth quarter 2023 earnings call, we see the quarterly contribution of earnings looking a lot more like it did prior to 2023.

到 2024 年，正如我們在 2023 年第四季財報電話會議上提到的那樣，我們看到季度收益的貢獻看起來更像 2023 年之前的情況。

For the second quarter, we expect revenues in a range of $875 million to $900 million versus second quarter 2023 revenues of $940 million consisting of: unchanged pricing; a 3.5 point to a 1.5 point reduction from retail volume at or better than category forecasts; and a 3.5 point reduction from lower-margin, non-retail volume and the optimization of the retail product portfolio.

我們預計第二季的營收將在 8.75 億美元至 9 億美元之間，而 2023 年第二季的營收為 9.4 億美元，其中包括： 定價不變；零售量減少 3.5 個百分點至 1.5 個百分點，達到或優於品類預測；利潤率較低、非零售量下降 3.5 個百分點，零售產品組合優化。

We forecast second quarter adjusted EBITDA in a range of $160 million to $170 million, representing a $10 million to $20 million increase over second quarter 2023 adjusted EBITDA. And earnings per share and adjusted earnings per share in a range of $0.42 to $0.46 per share versus $0.32 per share in the year ago period. The adjusted EPS forecast includes the tax benefit that I mentioned earlier.

我們預測第二季調整後 EBITDA 在 1.6 億至 1.7 億美元之間，比 2023 年第二季調整後 EBITDA 增加 1,000 萬至 2,000 萬美元。每股收益和調整後每股收益在 0.42 美元至 0.46 美元之間，而去年同期為 0.32 美元。調整後的每股盈餘預測包括我之前提到的稅收優惠。

Now before turning to cash flow and capital allocation. For those of you using Circana data, it is worth noting that in evaluating Circana's expansion of reported channels, we have compared our historical share trends on a MULO+ basis to those on a MULO basis. And concluded that our share trends in MULO+ are similar to what they are on a MULO basis.

現在開始討論現金流和資本配置。對於使用 Circana 數據的人來說，值得注意的是，在評估 Circana 報告管道的擴展時，我們將 MULO+ 基礎上的歷史份額趨勢與 MULO 基礎上的歷史份額趨勢進行了比較。並得出結論，我們在 MULO+ 中的份額趨勢與 MULO 基礎上的份額趨勢相似。

On capital allocation, our top priority remains the enhancement of financial flexibility through ongoing debt reduction. We continue to estimate free cash flow of over $300 million this year. As a result, we are tracking very well against our plan for leverage to be within our target range of 2x to 2.5x adjusted EBITDA at year-end. Our other capital allocation priorities to invest in organic growth, automation and other Reyvolution cost savings. And to pursue targeted acquisitions consistent with our marketplace position and core competencies are unchanged.

在資本配置方面，我們的首要任務仍然是透過持續削減債務來增強財務靈活性。我們繼續估計今年的自由現金流將超過 3 億美元。因此，我們正在很好地追蹤我們的計劃，使槓桿率在年底達到 2 倍至 2.5 倍調整後 EBITDA 的目標範圍內。我們的其他資本配置重點是投資於有機成長、自動化和其他 Reyvolution 成本節約。並追求與我們的市場地位一致的有針對性的收購，核心競爭力保持不變。

Finally, on capital structure, I want to make note that we will file an amended shelf registration later today. As you know, these statements facilitate debt and equity offerings without stating and intent. While we do not have any specific plans for an offering, we will certainly update the market if that were to change.

最後，關於資本結構，我想指出的是，我們將在今天稍後提交修改後的擱置登記。如您所知，這些聲明在沒有說明和意圖的情況下促進了債務和股票發行。雖然我們沒有任何特定的產品計劃，但如果情況發生變化，我們肯定會更新市場狀況。

In closing, our first quarter results provided us with a strong start to 2024, and I am very pleased with our operational execution and balance sheet discipline. Consumer pressures continue, as Lance noted, but we have the business model, the team, the plans and the actions in motion to continue delivering on our financial objectives for the year and over the long term.

最後，我們第一季的業績為我們 2024 年提供了一個良好的開端，我對我們的營運執行和資產負債表紀律感到非常滿意。正如蘭斯指出的那樣，消費者壓力仍然存在，但我們有商業模式、團隊、計劃和行動來繼續實現我們的年度和長期財務目標。

With that, let's turn to your questions. Operator?

那麼，讓我們來回答你的問題。操作員？

(Operator Instructions) Our first question comes from the line of Rob Ottenstein from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Rob Ottenstein。

Great and good start to the year. Two questions. You mentioned a weakening consumer environment and some pressures on the business potentially because of that. Can you talk about that point within the context of also the possibility, and I think we see it in a number of areas, of people going away from restaurants, which have gotten incredibly expensive to at-home meals. And so that's an opportunity and kind of maybe how you can use that trend to offset the weaker consumer? So that's question number one.

今年的良好開端。兩個問題。您提到消費環境疲軟以及因此可能給業務帶來的一些壓力。您是否可以在人們離開餐廳的可能性（我認為我們在許多領域都看到了這種可能性）的背景下談論這一點，因為餐廳在家吃飯變得非常昂貴。所以這是一個機會，也許你可以如何利用這個趨勢來抵消消費者的疲軟？這是第一個問題。

And then question number two, when we met last, a lot of excitement on some of your new innovations, can you maybe talk about kind of the initial view of the incrementality of those innovations and whether you're getting incremental shelf space at Target and Walmart, and when does that hit? Is that in the market now? Or is that more of kind of a June-July event?

然後是第二個問題，當我們上次見面時，你們對你們的一些新創新感到非常興奮，你們能否談談對這些創新增量的初步看法，以及你們是否在塔吉特和塔吉特獲得了增量貨架空間？現在市面上有這種嗎？還是這更像是六月至七月的活動？

Robert. Well, the macroeconomic environment, inflation remains a concern on a number of factors that I have outlined in the prepared remarks. The consumer continues to be price sensitive in this environment, and we're continuing to look for ways to provide them with value.

羅伯特.嗯，宏觀經濟環境、通貨膨脹仍然是我在準備好的發言中概述的許多因素的擔憂。在這種環境下，消費者仍然對價格敏感，我們將繼續尋找為他們提供價值的方法。

You're absolutely right that with restaurant foot traffic going back to in-home use, so that's a potential upside to a lot of our categories, particularly Reynolds Cooking & Baking. So we have factored that in, but it could be some potential upside as we go forward. Of course, we'll stay very close to watching that.

你說得完全正確，隨著餐廳客流量回歸到家庭使用，這對我們的許多類別（尤其是雷諾烹飪和烘焙）來說是一個潛在的優勢。所以我們已經考慮到了這一點，但隨著我們的前進，這可能會帶來一些潛在的好處。當然，我們會密切關注這一點。

Regarding our innovations, we're very pleased with the distribution gains that we've achieved in a number of retailers, including the 2 that you noted. Those mods have dropped already. They are in store. And we've got a number of our new innovations on the shelf. We'll see how those perform. And of course, we'll be reporting on that in the quarters ahead.

關於我們的創新，我們對在許多零售商（包括您提到的兩家）中取得的分銷收益感到非常滿意。那些模組已經掉落了。它們在商店裡。我們已經推出了許多新的創新產品。我們將看看它們的表現如何。當然，我們將在未來幾季對此進行報告。

Our next question comes from the line of Peter Grom from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的彼得·格羅姆 (Peter Grom)。

Maybe just one follow-up to Robert's question. I just want to make sure I heard that right. Did you say that you are including some sort of assumption in terms of the shift in food away from home to food at home and your kind of your projections for this year. That's my first question.

也許只是羅伯特問題的一個後續行動。我只是想確保我沒聽錯。你是否說過，你在食物從外地到家裡的轉變方麵包含了某種假設，以及你對今年的預測。這是我的第一個問題。

And then I just wanted to ask about the commodity outlook. I know the guidance embeds an assumption for more stable rates, but we've started to see an increase in spot rates across certain buckets. So maybe can you just help us understand what you're seeing across your commodity basket and kind of should inflation begin to move higher here? Can you talk about plan of action, particularly to the point of the consumer appears to be more under more pressure.

然後我只想問一下商品前景。我知道該指導意見包含了更穩定費率的假設，但我們已經開始看到某些類別的即期費率增加。那麼，也許您可以幫助我們了解您在商品籃子中看到的情況以及通貨膨脹是否應該開始走高？您能否談談行動計劃，特別是消費者似乎承受更大壓力的這一點。

Peter, I'll take the first part of that. We have factored modestly in our guide, some restaurant moving back to in-home use. So that's particularly -- Reynolds Cooking & Baking is modestly uptick in that consumption. And I'll turn the commodity question over to Scott.

彼得，我先講第一部分。我們在指南中謙虛地考慮了一些餐廳重新回到家庭使用的情況。因此，雷諾茲烹飪和烘焙公司的消費量略有上升。我會將商品問題轉交給史考特。

Thanks for the question. So we certainly have seen a modest uptick in a few of the commodity inputs at least relative to the end of 2023. However, when we built the original guide and our current outlook, we did factor in a modest amount of increase in those costs and feel very comfortable that, that's reflected in our outlook.

謝謝你的提問。因此，我們確實看到了一些大宗商品投入的小幅上升，至少相對於2023 年底而言是如此。而且感覺很舒服，這反映在我們的觀點上。

Our next question comes from the line of Mark Astrachan from Stifel.

我們的下一個問題來自 Stifel 的 Mark Astrachan。

On market share and category expectations, I wanted to make sure I understand this. So I think you said you outperformed your categories by 50 bps in the quarter. Your volumes were down 3% ex non-retail. So category is down 3.5%, something like that. But I think expectations for the year are still for category to be down 2% in total. So could you just reconcile that? I guess that just means you think it's going to get better through the year. Is that correct?

關於市場份額和類別期望，我想確保我理解這一點。所以我認為您說過本季您的表現優於您的類別 50 個基點。您的銷售量（非零售除外）下降了 3%。所以類別下降了 3.5%，類似的情況。但我認為今年該類別的預期仍然是整體下降 2%。那你能調和一下嗎？我想這只是意味著你認為今年情況會變得更好。那是對的嗎？

I'll start with that. I'll have Scott add on to it. That is correct, 2%, and I reinforce the fact that we aren't expecting an increase in category performance in the second half.

我將從那開始。我會讓斯科特補充一下。這是正確的，2%，我強調這樣一個事實，即我們預計下半年的品類表現不會有所增長。

So I think the reconcilement question you're asking is retail revenues in the quarter were down 3%. Of that 3%, there was about 150 basis point effect from product portfolio optimization for, call it, a net result of 1.5 points of decline in a category down to that was the math behind the 50 basis point capture comment.

因此，我認為您提出的調節問題是本季零售收入下降了 3%。在這 3% 中，產品組合最佳化產生了約 150 個基點的影響，即類別下降 1.5 個百分點的淨結果，這就是 50 個基點捕捉評論背後的數學原理。

Got it. Okay. So that makes sense. And the category effectively is the same through the year and you're just taking away the optimization piece. Okay.

知道了。好的。所以這是有道理的。而且全年的類別實際上都是相同的，您只是去掉了優化部分。好的。

And maybe if you could drill down a little bit in the market share progression by category, just sort of report card in the early part of the year, particularly given that the consumer seems to be a bit volatile sector to sector. That would be helpful. And then just sort of related to that, any updates on private label. I know you talked a little bit about how you're thinking about that through the year, but any sort of move there, again, sort of related to the category-by-category question would be helpful, too.

也許如果你可以按類別深入了解市場份額的進展情況，就像今年年初的成績單一樣，特別是考慮到消費者似乎在不同行業之間有點波動。那會有幫助的。然後就是與此相關的自有品牌的任何更新。我知道你談了一些關於這一年你是如何思考這個問題的，但是任何與逐個類別問題相關的舉措也會有所幫助。

I'll start with the last question. We can talk a little bit more about the specific categories in the share. Private label is, for the most part, been stable. We haven't seen a significant shift in the private label in our categories. We have seen some movement in some of the categories, but it was also factored into our guide.

我將從最後一個問題開始。我們可以多談談分享中的具體類別。自有品牌在很大程度上是穩定的。我們還沒有看到我們類別中的自有品牌發生重大轉變。我們已經看到某些類別發生了一些變化，但它也被納入我們的指南中。

As far as the share gains go, I think we outlined that in the prepared remarks is particularly in the cookie and baking business. We had some share gains, continued share gains in foil. We continue to gain share in private label food bags. We've held share in the other categories.

就份額收益而言，我認為我們在準備好的評論中概述了這一點，特別是在餅乾和烘焙業務中。我們取得了一些份額成長，鋁箔領域的份額持續成長。我們繼續擴大自有品牌食品袋的份額。我們在其他類別中也佔有份額。

(Operator Instructions) Our next question comes from the line of Andrea Teixeira from JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Andrea Teixeira。

Lance, I wanted to go back to your comments about the U.S. consumer, but more in the perspective of the price pack architecture that you reviewed, I think, with more details at the Analyst Day. And just now you mentioned foil gaining share. But what has been the dynamic in trash bags, I think you brought in a lot more kind of accented, that you're getting a lot more market share with Fabuloso. I was hoping to see if you can comment a little bit on the price pack architecture, perhaps diminishing account and seeing how you can be positioned for that consumer that might be -- that don't want to get out of your branded and go to your private label, but perhaps stay in the brand.

蘭斯，我想回顧一下您對美國消費者的評論，但更多的是從您評論的價格包架構的角度來看，我想，在分析師日上會提供更多詳細資訊。剛才您提到箔紙正在增加市場份額。但垃圾袋的動態是什麼，我認為你帶來了更多的口音，你透過 Fabuloso 獲得了更多的市場份額。我希望看看您是否可以對價格包架構發表一些評論，也許會減少帳戶，並看看您如何為那些可能不想脫離您的品牌並前往的消費者進行定位您的自有品牌，但也許仍保留在品牌中。

And then a clarification on Scott's commentary on the shelf registration. Is that just for to potentially optimize your cost of debt? Or is there any use of capital that you wanted to be prepared for in case you want to make acquisition? Or is there anything related to your CapEx plans?

然後對斯科特關於貨架註冊的評論進行了澄清。這只是為了潛在地優化您的債務成本嗎？或者您希望為收購時的資金使用做好準備？或者有什麼與您的資本支出計劃相關的事情嗎？

I'll certainly let Scott answer that second question. The first question on the price pack architecture is that is primarily focused on the tableware business. As we talked about at Investor Day, and I've talked about even in previous earnings calls, that category overall has really been impacted by inflationary pressures, and we're responding to that with a number of actions, some of which I outlined in our prepared remarks. But one of those is price pack architecture, make sure we get the accounts right, we get the price points correct. And we are seeing improvement in that category and our performance in the category.

我當然會讓史考特回答第二個問題。關於價格包架構的第一個問題是，它主要集中在餐具業務上。正如我們在投資者日談到的那樣，我甚至在之前的財報電話會議中也談到過，該類別整體確實受到了通膨壓力的影響，我們正在採取一系列行動來應對這一點，其中一些我在我們準備好的發言。但其中之一是價格包架構，確保我們的帳戶正確，我們得到正確的價格點。我們看到該類別以及我們在該類別中的表現有所改善。

Again, we're both brand and store brand in that category and very pleased with the performance that we're seeing on both from a sequential standpoint, but we're not done yet. We've got more work to do to ensure that we continue to grow that category and ensure our position grows within it as well. The other categories from a price pack architecture standpoint, we've got already corrected. We're in good position across our other categories in that regard and the price points and the gaps with brand and private label, we're very pleased with.

再說一次，我們既是該類別中的品牌又是商店品牌，並且從順序的角度來看，我們對兩者的表現感到非常滿意，但我們還沒有完成。我們還有更多的工作要做，以確保我們繼續發展該類別，並確保我們在該類別中的地位也不斷提高。從價格包架構的角度來看，其他類別我們已經得到了修正。在這方面，我們在其他類別中處於有利地位，我們對價格點以及與品牌和自有品牌的差距感到非常滿意。

I'll turn it over to Scott for the question on the shelf.

我會把它交給史考特來解決架子上的問題。

So I think my 3 points to make on the shelf, the first is just a reminder, that our near-term priority remains to pay down debt. I think that's important context for the question. And as we've mentioned in the prepared remarks, the shelf itself is the normal administrative vehicle to facilitate potential debt and equity offerings. And I think the last point is, I think we mentioned in the prepared remarks, we do not have current plans.

因此，我認為我要提出的三點是，第一點只是提醒我們，我們近期的首要任務仍然是償還債務。我認為這是這個問題的重要背景。正如我們在準備好的評論中所提到的，擱置本身就是促進潛在債務和權益發行的正常行政工具。我認為最後一點是，我認為我們在準備好的發言中提到，我們目前沒有計劃。

Our next question comes from the line of Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Just 2 follow-ups. One, I think I know the answer to this, but are your service levels now kind of back to pre-COVID levels? Or is there still work to be done on that score? And then second, can you talk a little bit about competitive activity? Is it rational? Are there any things in any particular categories that are worrisome?

只有 2 個後續行動。第一，我想我知道這個問題的答案，但是你們的服務水準現在是否回到了新冠疫情之前的水平？或者說在這方面還有工作要做嗎？其次，您能談談競爭活動嗎？是理性的嗎？在任何特定類別中是否有任何令人擔憂的事情？

Rob. First of all, on the question of our service levels, I see a report every day at our service levels by overall and, of course, by product line. And we are back to the 98.5%, that is our 98.5% case fill that we hold ourselves accountable to for our retail partners. So yes, to answer your question on service, we are back.

搶。首先，關於我們的服務水準問題，我每天都會看到一份關於我們服務水準的整體報告，當然還有產品線報告。我們又回到了 98.5%，即我們對零售合作夥伴負責的 98.5% 案例填充率。所以，是的，為了回答您有關服務的問題，我們回來了。

On the second question, yes, competitive activity is rational. We are seeing more promotions. We had planned for that, and we are increasing our promotions as well and ensuring we -- as I mentioned a moment ago, again, our price point is correct. But what we'd expected from a competitive environment standpoint is playing out to this point to be what we'd expected.

關於第二個問題，是的，競爭活動是理性的。我們看到更多促銷活動。我們已經為此做好了計劃，我們也在增加促銷活動，並確保我們——正如我剛才提到的那樣，我們的價格點是正確的。但從競爭環境的角度來看，我們所預期的結果到目前為止已經達到了我們的預期。

Our next question comes from the line of Brian McNamara from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Brian McNamara。

This is Madison Callinan on for Brian. It sounds like you're perhaps a little bit more cautious on the consumer relative to Q4. So what gives you the confidence to reiterate most of your guidance? And what would you expect the major delta to be if results deviate materially, either positive or negative from your current forecast?

我是布萊恩的麥迪遜·卡利南。聽起來相對於第四季度，您對消費者的態度可能更加謹慎。那麼是什麼讓您有信心重申您的大部分指導呢？如果結果與您目前的預測有重大偏差（無論是正值還是負值），您預期主要增量會是多少？

Yes. It's Scott. I'll take it. So the takeaway on the state of the consumer, I think, is largely unchanged. We pointed to those same dynamics about drivers of consumer behavior on the fourth quarter call in February as we did here on this call.

是的。這是斯科特。我要買它。因此，我認為，關於消費者狀況的結論基本上沒有改變。我們在二月第四季的電話會議上指出了消費者行為驅動因素的動態，就像我們在這次電話會議上所做的那樣。

I think your second part of your question is what might cause out performance, what might cause underperformance, I'd say, if we were to see, for instance, further escalation of inflation that had the trickle-down effect of the consumer reducing demand, that would be "the downside case". Similarly, if the marketplace was unchanged and we actually had more success taking share for the balance of the year, that would be the case for outperformance. But again, the state of the consumer, the point of view is unchanged.

我認為你的問題的第二部分是，什麼可能導致表現不佳，什麼可能導致表現不佳，我想說的是，如果我們看到通貨膨脹進一步升級，從而產生消費者減少需求的涓滴效應，這將是“不利的情況”。同樣，如果市場沒有變化，並且我們實際上在今年餘下的時間裡更成功地佔領了市場份額，那就是表現優異的情況。但同樣，消費者的狀態、觀點並沒有改變。

Great. And secondly, we're just curious what innovation launches are outperforming or underperforming your internal expectations? And is that relative performance continuing contemplated in your updated guidance?

偉大的。其次，我們只是好奇哪些創新產品的表現超出或低於您的內部預期？您的更新指南中是否繼續考慮了這種相對錶現？

It is contemplated in the guide, but I think it's too early for us to declare victory on some of the innovations we've introduced. As I mentioned in a previous question, as we go throughout the year, we'll provide details on how innovation is performing, the ones that we've recently launched.

指南中已經考慮到了這一點，但我認為現在宣布我們推出的一些創新取得勝利還為時過早。正如我在上一個問題中提到的，隨著全年的發展，我們將提供有關創新表現的詳細信息，以及我們最近推出的創新。

Our next question comes from the line of Andrea Teixeira from JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

I was just hoping if you can comment a little bit more on the distribution gains. You mentioned in the prepared remarks about Hefty Fabuloso and also several of the tableware gains. I'm assuming with your guide, you obviously have the adjustment for the contract manufacturing and the price concession there. But anything you can say about like how we should be thinking into the fall and also for the Cooking & Baking.

我只是希望您能對分配收益發表更多評論。您在準備好的評論中提到了 Hefty Fabuloso 以及一些餐具的收穫。我假設根據您的指南，您顯然已經對合約製造和價格優惠進行了調整。但你可以說的任何事情，例如我們應該如何思考秋天以及烹飪和烘焙。

And I appreciate when you -- when Scott, you called out that you had a record fourth quarter that we shouldn't be assuming that's going to be the same. So it's a different seasonality there. But just curious if you're planning to see some distribution gains into that category as well or it's mostly on trash -- and on the trash bags and on the tableware.

我很感激斯科特，你指出你在第四季度創下了創紀錄的成績，我們不應該假設情況會是一樣的。所以那裡有不同的季節性。但只是好奇你是否計劃在該類別中看到一些分銷收益，或者主要是在垃圾上——以及在垃圾袋和餐具上。

Andrea, the distribution gains are in several of our categories. I won't go into the details of those, but we are pleased with the modulars that have been set at our retail partners as we go in and how those perform are yet to be determined, but the distribution gains are factored into our guide.

安德里亞，分配收益屬於我們的幾個類別。我不會詳細介紹這些內容，但我們對零售合作夥伴在我們進入時設置的模組感到滿意，這些模組的性能尚未確定，但分銷收益已納入我們的指南中。

I think you also got at kind of the phasing or pacing of performance, and that was the intent of the prepared remarks, that last year, if you just looked at the quarterly results, we had a low teens contribution of EBITDA at the full year in the first quarter, a high 30% contribution to EBITDA in the fourth quarter. In round numbers, those are about 5 points off. You would normally see a high teens, just like we did relative to the first quarter to our full year guide contribution, and the fourth quarter would look like -- or more like low 30%.

我認為你也了解了業績的階段性或節奏，這就是準備好的評論的意圖，去年，如果你只看季度業績，我們全年的 EBITDA 貢獻只有十幾歲第一季度對第四季度EBITDA的貢獻高達30%。以整數計算，大約有 5 分的差距。通常情況下，您會看到較高的10%，就像我們相對於第一季度對全年指南的貢獻所做的那樣，而第四季度看起來會是這樣——或者更像是低30 %。

(Operator Instructions) Our next question comes from the line of Jim Abbott from Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Jim Abbott。

Just a quick question on pricing. So it was flat in the first quarter and guided to flat in the second. But then the outlook for the full year calls right down one, so implying some pressure in the back half despite easier comps in the year-ago period. So any dynamics to be aware of on that or segments to call out with pricing pressure?

只是一個關於定價的簡單問題。因此，第一季持平，第二季持平。但全年的前景卻不容樂觀，這意味著儘管去年同期的業績比較容易，但下半年仍將面臨一些壓力。那麼，在定價壓力方面有什麼需要注意的動態或需要注意的細分市場嗎？

Yes. So no pricing pressure per se. You're right, just to kind of reset, no change in price in Q1, no expected change in price in Q2. Full year down one remains. It's more a function of pricing activity from last year than pricing pressure this year. That's probably the easiest way to think about it.

是的。因此本身沒有定價壓力。你是對的，只是為了重置，第一季的價格沒有變化，第二季的價格沒有預期的變化。全年還剩一年。這更多是去年定價活動的結果，而不是今年的定價壓力。這可能是最簡單的思考方式。

There are no further questions at this time. I would like to turn the call back to Mr. Lance Mitchell. Please go ahead.

目前沒有其他問題。我想把電話轉回蘭斯·米切爾先生。請繼續。

Well, thank you, operator, and thank you, everyone, for your time today on behalf of everyone at Reynolds Consumer Products, we appreciate your interest in our business. Stay safe. Take care. Thank you.

好的，謝謝您，操作員，也謝謝大家，今天我代表雷諾消費產品公司的每個人抽出寶貴的時間，我們感謝您對我們業務的興趣。注意安全。小心。謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。