Simply Good Foods Co (SMPL) 2024 Q4 法說會逐字稿

Ladies and chairmen. Good morning and welcome to the Simply Good Foods Company fiscal fourth quarter, 2024 conference call at this time, all participant lines are in a listen-only mode, a brief question and answer session will follow the formal presentation.

女士們、主席們。早安，歡迎來到 Simply Good Foods Company 2024 財年第四季的電話會議，所有參與者線路均處於僅聽模式，正式演示後將有一個簡短的問答環節。

If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按電話鍵盤上的星號和零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mark Bulgarian, Vice President of Investor Relations. Please go ahead, sir.

現在我很高興向您介紹主持人，投資者關係副總裁馬克保加利亞 (Mark Bulgarian)。請繼續，先生。

Thank you operator. Good morning. I'm pleased to welcome you to the Simply Good Foods Company fourth quarter earnings call note that fiscal Q4 and full year amounts reflect results for the '14 and 53 weeks ended. August 31 2024. Geoff Tanner, President and CEO and Shaun Mara CFO will provide you with an overview of results which will then be followed by a Q&A session. The company issued its earnings release this morning at approximately 7 a.m. Eastern time. A copy of the release and presentation slides are available under the investor section of the website at www.thesimplygoodfoodscompany.com. This call is being webcast and an archive of today's remarks will also be available during the course of today's call management will make forward-looking statements are subject to various risks [and uncertainties] that may cause actual results to differ. Materially, the company undertakes no obligation to update these statements based on subsequent events. A detailed listing of such risks [and uncertainties] can be found in today's press release. And the company's SEC filings note that on today's call, we will refer to certain non GAAP financial measures that we believe will provide useful information for investors due to the company's asset light, strong cash flow business model. We evaluate our performance on an adjusted basis as it relates to EBITA and diluted EPS.

謝謝運營商。早安.我很高興歡迎您參加 Simply Good Foods Company 第四季財報電話會議，注意第四財季和全年的金額反映了截至 14 週和 53 週的業績。 2024 年 8 月 31 日。該公司於東部時間今天上午 7 點左右發布了財報。發布和簡報投影片的副本可在網站 www.thesimlygoodfoodscompany.com 的投資者部分找到。本次電話會議正在網路上直播，今天的言論檔案也將在今天的電話會議過程中提供，管理層將做出前瞻性陳述，這些陳述受到各種風險[和不確定性]的影響，可能導致實際結果有所不同。實質上，本公司不承擔根據後續事件更新這些聲明的義務。此類風險[和不確定性]的詳細清單可以在今天的新聞稿中找到。該公司向美國證券交易委員會提交的文件指出，在今天的電話會議上，我們將參考某些非公認會計準則財務指標，我們相信這些指標將為投資者提供有用的信息，因為該公司資產輕、現金流強勁的業務模式。我們在調整後的基礎上評估我們的業績，因為它與 EBITA 和稀釋每股收益相關。

Please refer to today's press release for a reconciliation of the historical non GAAP Financial measures to the most comparable measures prepared in accordance with GAAP. The acquisition of OWYN was completed on June 13th, 2024. Therefore, the company's fourth quarter and full year 2024 results include about '11 weeks of own performance. The reference to legacy simply good foods encompasses simply good foods business excluding I'll now turn the call over to Geoff E. Tanner President and CEO.

請參閱今天的新聞稿，以了解歷史非 GAAP 財務指標與根據 GAAP 制定的最具可比較指標的調整表。對OWYN的收購於2024年6月13日完成。提到傳統的「簡單的好食品」包括「簡單的好食品」業務，但我現在將把電話轉給總裁兼執行長傑夫·E·坦納(Geoff E. Tanner)。

Thank you, Mark Good morning. Thank you for joining us today. I'll recap simply good foods financial results and the performance of our brands. Then Sean will discuss our financial results in more detail before we wrap it up with a discussion of our fiscal 2025 outlook and your questions.

謝謝你，馬克早安。感謝您今天加入我們。我將簡單回顧一下良好的食品財務表現和我們品牌的表現。然後，肖恩將更詳細地討論我們的財務業績，然後我們以 2025 財年展望和您的問題作為總結。

We're pleased with our fiscal fourth quarter. Financial results with net sales increasing 17.2%.

我們對第四財季的業績感到滿意。財務業績淨銷售額成長 17.2%。

The acquisition of OWYN and the 53rd week are a nine and 8% point contributor to growth on a like for like basis, North America. Quest net sales increased about 5% and Atkins declined about 5%.

收購 OWYN 和第 53 週分別對北美的年成長貢獻了 9 個百分點和 8 個百分點。 Quest 淨銷售額成長約 5%，Atkins 淨銷售額下降約 5%。

Quest performance was less than expected due to temporary chip supply constraints and Atkins was in line with our estimates.

由於暫時的晶片供應限制，Quest 的表現低於預期，而阿特金斯的表現符合我們的預期。

Our gross margin improvement continued in the fourth quarter and resulted in adjusted EBITDA of $77.5 million. An increase of 15% compared to the year ago period.

第四季我們的毛利率持續改善，調整後的 EBITDA 達到 7,750 萬美元。與去年同期相比成長15%。

Total. Simply good foods, retail takeaway including OWYN and the combined measured and unmeasured channels was about 8% for both the Q4 and full fiscal year 2024 periods, Quest and OWYN full year POS was about 13% and 80% and Atkins was off 5%.

全部的。在第四季度和2024 年整個財年期間，包括OWYN 在內的簡單食品、零售外賣以及綜合測量和未測量通路的銷售收入約為8%，Quest 和OWYN 全年POS 約為13% 和80% ，阿特金斯則下降了5%。

Importantly, nutritional snacking category growth remains strong driven by volume.

重要的是，營養零食類別的成長在數量的推動下仍然強勁。

Key sub segments of the category including bars, shakes and chips, all increased in both Q4 and full year fiscal 2024.

此品類的主要細分市場，包括能量棒、奶昔和洋芋片，在第四季和 2024 財年全年均有所成長。

We are category advisor at most retailers and we will continue to work with our customers to develop and support initiatives in the aisle to further accelerate category growth.

我們是大多數零售商的品類顧問，我們將繼續與客戶合作，開發和支援通路舉措，以進一步加速品類成長。

Given the twin tailwinds of snacking and health and wellness as well as low household penetration. The category is expected to maintain its momentum and its multiyear growth trajectory.

鑑於零食和健康的雙重推動力以及家庭普及率較低。該類別預計將保持其勢頭和多年的成長軌跡。

As we look to fiscal 2025 we're excited about the prospects for our category and our business and we believe we are well positioned to deliver on our objectives.

展望 2025 財年，我們對我們的類別和業務的前景感到興奮，我們相信我們有能力實現我們的目標。

We execute against our strategic initiatives, focusing on innovation, marketing and increased physical availability that we expect will drive trial and increase household penetration.

我們執行我們的策略性舉措，重點關注創新、行銷和增加實體可用性，我們預計這將推動試驗並提高家庭普及率。

The OWYN acquisition closed early in Q4 and the integration work is progressing as planned.

OWYN 收購已於第四季初完成，整合工作正按計畫進行。

We continue to be very pleased with this brand and believe the combination of our two businesses will create future significant shareholder value through revenue growth margin expansion and cost synergies.

我們仍然對這個品牌感到非常滿意，並相信我們兩家公司的合併將透過收入成長、利潤率擴張和成本協同效應創造未來顯著的股東價值。

Sean will provide you with the details of our fiscal 2025 outlook but assuming a comparable full year of OWYN results are included in fiscal 2024 as well as the exclusion of the 53rd week in fiscal 2024.

Sean 將為您提供我們 2025 財年展望的詳細信息，但假設 OWYN 全年的可比較業績包含在 2024 財年中，並且不包括 2024 財年的第 53 週。

Fiscal 2025 is expected to be in line with the company's long term algorithm specifically net sales growth in the 4% to 6% range and adjusted ebita growth slightly greater than the net sales increase.

預計 2025 財年將符合公司的長期演算法，特別是淨銷售額成長在 4% 至 6% 範圍內，調整後的 EBITA 成長略高於淨銷售額成長。

The next slide provides you with a perspective of nutritional snacking category growth as well as our retail takeaway performance within the IRI Mulo plus C store universe. And in the combined measured and unmeasured channels, nutritional snacking category Q4 growth in the measured channels was 7.3% driven primarily by volume.

下一張投影片為您提供了營養零食類別成長的視角以及我們在 IRI Mulo plus C 商店領域內的零售外送業績。在測量和未測量的綜合管道中，已測量通路中營養零食類別第四季的成長為 7.3%，主要由銷售推動。

The category continues to be a standout performance and is increasingly a focus of our retail partners as they look for growth opportunities.

該類別繼續表現出色，並日益成為我們尋求成長機會的零售合作夥伴的焦點。

Quest and OWYN retail takeaway in measured channels increased about 9% and 112% and outpaced the category atkins' performance down about 8% in measured channels was similar to last quarter.

Quest 和 OWYN 零售外送在可測通路中分別成長了約 9% 和 112%，超過了阿特金斯在可測通路的表現，下降了約 8%，與上季相似。

Our e-commerce business continues to do well.

我們的電子商務業務繼續表現良好。

As a result, retail takeaway in unmeasured channels is nearly 2% points additive to total simply good foods measured channel P OS.

因此，未衡量通路的零售外送比衡量通路 P OS 的簡單好食品總數增加了近 2 個百分點。

Let me now turn to Quest in Q4 retail takeaway growth in measured and combined measured and unmeasured channels with 9% and 10% consumption slowed versus Q3 primarily due to temporary chips capacity constraints that resulted in stockouts at retailers.

現在讓我談談Quest 在第四季度的零售外賣成長情況，在已測量和綜合已測量及未測量通路中，消費量較第三季度放緩9% 和10%，主要是由於臨時晶片產能限制導致零售商缺貨。

Additionally, we saw some increased competitive distribution and promotions in the bar category.

此外，我們還看到酒吧類別的競爭性分銷和促銷活動增加。

In Q4, we estimate total unmeasured channel retail takeaway increased about 16% driven by strong ecommerce growth of 21%. That was nearly 450 basis points greater than Q3.

第四季度，我們估計在電子商務強勁成長 21% 的推動下，未衡量的通路零售外送總額成長了約 16%。這比第三季高出近 450 個基點。

Ecommerce strength was partially offset by softness and specialty channels.

電子商務的實力被疲軟和專業管道部分抵消。

Quest snacks and bars, retail takeaway in the combined measured and unmeasured channels increased about 17% and 1% respectively.

Quest零食和酒吧、零售外賣在已測和未測通路中分別成長約17%和1%。

Despite the chip supply challenges, we continue to be pleased with our salty snacks POS growth of 34% which is a standout in the category and represents about 25% of Quest retail sales.

儘管面臨晶片供應方面的挑戰，我們仍然對鹹味零食 POS 成長 34% 感到滿意，這在該類別中表現突出，約佔 Quest 零售額的 25%。

Chips retail takeaway slowed during the quarter due to temporary capacity constraints that impacted our ability to keep retail shelves fully stocked.

由於臨時產能限制影響了我們維持零售貨架備貨充足的能力，本季晶片零售外送放緩。

We brought on a second chips manufacturing line during the quarter, and it took some time to get up the learning curve as we exit the first quarter. In November, we anticipate supply will be back to normal with now two chips production lines.

我們在本季度引進了第二條晶片生產線，當我們退出第一季時，我們花了一些時間來提高學習曲線。 11 月份，我們預計供應將恢復正常，目前有兩條晶片生產線。

This positions us well for the upcoming new year, new year season and any new distribution wins [B] segment competition increase driven by distribution of some new entrants into the measured channel universe.

這使我們在即將到來的新年、新年季節和任何新的發行管道獲勝方面處於有利地位[B]，由於一些新進入者進入可測量的渠道領域的發行，導致細分市場競爭加劇。

In response, we will increase promotional activity at select retailers starting in Q1 of fiscal 2025.

作為回應，我們將從 2025 財年第一季開始在部分零售商處增加促銷活動。

And we have accelerated the launch of the Quest overload bar platform to February.

而我們將Quest超載吧平台的上線時間提前到了2月。

These bars are loaded with inclusion and have a unique texture and mouth feel that will bring variety news and excitement to the bar segment.

這些酒吧充滿了內含物，具有獨特的質地和口感，將為酒吧市場帶來各種新聞和興奮。

Therefore, in fiscal 2025 we expect that Quest will have another strong year driven by volume that should result in retail takeaway growth of 9% to 10%.

因此，在 2025 財年，我們預計 Quest 將迎來另一個在銷售驅動下強勁的一年，零售外賣量將成長 9% 至 10%。

As I mentioned earlier, chip's recovery has already begun with two production lines. We have the flexibility to meet increased demand for this fast growing business.

正如我之前提到的，晶片的復甦已經從兩條生產線開始。我們可以靈活地滿足這一快速成長的業務不斷增長的需求。

In the fourth quarter of fiscal 2024 we partnered with a large club customer on a small regional trial of Quest Chips due to the success in the second half of fiscal 2025 we have a broader nationwide test with this retailer that could lead to an expanded presence at the bottom of this slide. You'll note images of the key innovation items in fiscal year 2025 that I just discussed.

由於2025 財年下半年的成功，我們在2024 財年第四季度與一家大型俱樂部客戶合作，對Quest Chips 進行了小型區域試驗，我們與這家零售商進行了更廣泛的全國性測試，這可能會擴大在這張投影片的底部。您會注意到我剛剛討論的 2025 財年關鍵創新項目的圖片。

Additionally, the rollout of the bake shop line began in late fiscal 2024.

此外，烘焙店系列已於 2024 財政年度結束前開始推出。

It is ongoing and while early is progressing nicely and in line with our estimates, importantly, quest core products and innovation will be supported with a full year marketing campaign recall. The successful it's basically cheating. Advertising debuted in mid-March and drove an almost immediate lift in consumption, particularly chips. As this is where a large portion of the advertising was focused in fiscal 2025, we will have a full year benefit of the campaign at even higher media rates which we expect will drive greater awareness and household penetration of all Quest products. [turn into action] for retail takeaway. It measured and combined measured and unmeasured channels was up 8% and 5%.

它正在進行中，雖然早期進展順利並且符合我們的估計，但重要的是，Quest 核心產品和創新將得到全年行銷活動召回的支持。成功的基本上都是作弊。廣告於三月中旬首次推出，幾乎立即帶動了消費的成長，尤其是晶片的消費。由於2025 財年大部分廣告都集中在這一領域，因此我們將以更高的媒體費率為全年帶來該活動的效益，我們預計這將提高所有Quest 產品的認知度和家庭滲透率。 【化為行動】零售外送。它測量並結合已測量和未測量的通道分別增加了 8% 和 5%。

Strong ecommerce growth continued driven by Amazon whose POS growth was 15% in Q4 Atkins. Retail dollar sales were relatively consistent.

亞馬遜持續推動電子商務強勁成長，阿特金斯第四季 POS 成長率為 15%。零售額銷售額相對穩定。

Specifically, during the last '11 weeks of Q4, average weekly dollars in measured channels were $10.6 million and very similar on a week to week basis.

具體來說，在第四季的最後 11 週內，所測的管道平均每週收入為 1,060 萬美元，每週的收入非常相似。

This was partially due to RTD shakes where retail takeaway improved and was about the same as the year ago period in the combined measured and unmeasured channels.

這部分是由於 RTD 的波動，其中零售外賣有所改善，並且在綜合測量和未測量管道中與去年同期大致相同。

We continue to believe in the long-term vitality of the brand given the renewed cultural relevance and conversation on weight and we are confident we have the right plans in place to bring actions back to growth.

鑑於新的文化相關性和關於體重的對話，我們仍然相信該品牌的長期活力，並且我們相信我們已經制定了正確的計劃來使行動恢復增長。

I'm pleased with the execution of the Atkins revitalization plan that is progressing as scheduled.

我對阿特金斯振興計畫的執行如期進行感到高興。

Some elements of the plan are in market now and we expect all elements to be in the market as we exit fiscal year 2025.

該計劃的一些要素現已投入市場，我們預計在 2025 財年結束時所有要素都將投入市場。

While early the innovation rolling out in the marketplace in conjunction with the four shelf resets is tracking to our estimates.

雖然早期在市場上推出的創新以及四個貨架重置正在追蹤我們的估計。

We have a full suite of innovation across forms including the Atkins Strong ready to drink 30 g protein shake, a new wafer bar and Atkins indulge confectionery, gummy bears and truffles.

我們擁有一整套跨形式的創新，包括阿特金斯強效即飲 30 克蛋白質奶昔、新型威化棒以及阿特金斯縱情糖果、小熊軟糖和松露。

Our innovation enabled us to maintain distribution at key food and mass customers. However, we do anticipate that some items in the more space constrained club channel could be at risk in the spring shelf recess product upgrades or reformulation work is progressing as well as new packaging.

我們的創新使我們能夠維持對主要食品和大眾客戶的分銷。然而，我們確實預計，在春季貨架凹槽產品升級或重新配製工作以及新包裝正在進行中，空間有限的俱樂部管道中的某些商品可能會面臨風險。

The Atkins Strong Shaike packaging is an indication of what you'll see.

Atkins Strong Shaike 包裝顯示了您將看到的內容。

Note the fresh, new look including a bold A in the middle as our new more modern logo. More to come here soon. As we exited fiscal 2024, new Atkins advertising was on air and the Atkins.com website was refreshed. If you haven't seen it, the revised advertising one more clearly communicates and owns the benefit of weight management. Two more strongly communicates the brand's unique macronutrient profile focused on weight and three emphasizes actions as a sustainable and diet-free eating approach to weight wellness.

請注意清新的外觀，包括中間的粗體 A 作為我們新的更現代的標誌。更多即將來到這裡。 2024 財年結束時，新的阿特金斯廣告開始播出，Atkins.com 網站也已更新。如果您還沒看過，修改後的廣告更清楚地傳達了體重管理的好處。兩個更強烈地傳達了該品牌專注於體重的獨特常量營養成分，三個則強調採取可持續和無節食的飲食方法來實現體重健康。

We believe this messaging links better to the evolving consumer views and conversation on weight wellness.

我們相信這些資訊能夠更好地與不斷變化的消費者觀點和有關體重健康的對話聯繫起來。

Notably, one of the spots specifically positions Atkins as a diet free and sustainable way for G LP. One users or anyone who has lost weight to hold on to their gains.

值得注意的是，其中一個廣告特別將阿特金斯定位為 G LP 的一種無節食且可持續的方式。使用者或任何為了保持體重而減肥的人。

The refreshed Atkins.com website has been contemporized and is user friendly as has always been the case, it is loaded with customizable tools to help consumers achieve their weight wellness goals.

更新後的 Atkins.com 網站一如既往地與時俱進，用戶友好，加載了可自訂的工具，幫助消費者實現體重健康目標。

While we work on revitalizing the brand, we also recognize the need to ensure Atkins is a longterm sustainable business. As such, beginning in festival 2025 we will work to optimize ROI and investment levels, Specifically eliminating trade and marketing investments that don't meet specific ROI hurdles. This will impact fiscal 2025 sales growth as we expect some volume to climb due to the reduction in spending as well as some distribution losses.

在我們致力於振興品牌的同時，我們也意識到需要確保阿特金斯成為長期可持續發展的企業。因此，從 2025 年節日開始，我們將努力優化投資回報率和投資水平，特別是消除不符合特定投資回報率障礙的貿易和行銷投資。這將影響 2025 財年的銷售成長，因為我們預計，由於支出減少以及一些分銷損失，銷售將有所攀升。

We'll also discontinue our break. Even Canada export business as such, we anticipate Atkins full year fiscal 2025 retail takeaway to decline high single digits half of which is due to the aforementioned planned lower spend to conclude we're making progress and positioning the brand to succeed in the future. However, as we have previously stated, it will take some time to get there.

我們也將停止休息。即使是加拿大出口業務，我們預計阿特金斯2025 財年全年零售外賣也將出現高個位數下降，其中一半是由於上述計劃的較低支出，得出的結論是我們正在取得進展，並使該品牌在未來取得成功。然而，正如我們之前所說，實現這一目標還需要一些時間。

Turning to OWYN, this brand continues to deliver on the potential we envisioned retail takeaway in the measured and unmeasured channels is strong with both distribution and velocity growth assuming a full year of own operations. Q4 and full fiscal year 2024. Net sales and retail takeaway are relatively in line with each other and it's not one customer or channel OWYN growth has significantly accelerated across all major retail customers in the measured channel universe. OWYN is the third largest sports nutrition multipack brand in the US and growing the fastest in dollar sales.

轉向 OWYN，該品牌繼續發揮我們所設想的潛力，在可衡量和不可衡量的通路中零售外賣強勁，假設全年自營運營，分銷和速度都會增長。第四季和 2024 年整個財年。 OWYN 是美國第三大運動營養合裝品牌，銷售額成長最快。

We remain confident in our ability to effectively integrate into our business and deliver on the acquisition model commitments in 2024 OWYN benefited from increased distribution into new customers with solid ACV. In fiscal 2025 we expect POS growth of '20% to 30% driven by higher velocities and increased items or skews at select retailers as such in fiscal 2025. We expect net sales to be in the $135 million to $145 million range. Also a '20% to 30% increase versus the last year.

我們仍然相信我們有能力有效地融入我們的業務並在 2024 年兌現收購模式的承諾，OWYN 受益於透過穩定的 ACV 增加對新客戶的分銷。在2025 財年，我們預計POS 成長將達到20% 至30%，這是由2025 財年特定零售商的更高速度和增加的商品或偏差所推動的。至1.45 億美元之間。與去年相比也增加了 20% 至 30%。

The integration work is underway and progressing as planned as a reminder to align with our fiscal year end 2025 we will achieve the majority of the synergies about 80% at the onset or first day of fiscal 2026.

整合工作正在進行中，並按計劃進展，以提醒我們與 2025 財年結束保持一致，我們將在 2026 財年開始或第一天實現約 80% 的大部分協同效應。

This should result in OWYN fiscal 2026 adjusted ebita margin of high to mid to summarize simply good foods is uniquely positioned as a $1.4 billion net sales leader in the nutritional snacking category. With a diversified portfolio across brands and product forms.

這應該會導致 OWYN 2026 財年調整後的息稅前利潤率達到中高水平，總而言之，好食品在營養零食類別中處於獨特的地位，為 14 億美元的淨銷售額領先者。擁有跨品牌和產品形式的多元化投資組合。

The relevance of the category and demand for our products only continues to increase as more and more consumers turn away from high carb, high sugar food, seeking high protein, low sugar, low carb options.

隨著越來越多的消費者遠離高碳水化合物、高糖食品，尋求高蛋白、低糖、低碳水化合物的選擇，該類別和對我們產品的需求的相關性只會繼續增加。

We believe our category and our brands represent the future of food and beverage. And we have three uniquely positioned brands that are aligned around these consumer megatrends.

我們相信我們的品類和品牌代表著食品和飲料的未來。我們擁有三個定位獨特的品牌，與這些消費者大趨勢保持一致。

Consumers trust our brands to help them achieve their wellness goals. As such. We're focused on our innovation and marketing plans to provide consumers with products to help them in their journey.

消費者相信我們的品牌可以幫助他們實現健康目標。像這樣。我們專注於我們的創新和行銷計劃，為消費者提供幫助他們完成旅程的產品。

We will continue to execute our strategic priorities that we expect will enable us to deliver on our long term growth objectives that ultimately drive increased shareholder value.

我們將繼續執行我們的策略重點，我們希望這些策略重點將使我們能夠實現長期成長目標，最終提高股東價值。

The work we're doing in fiscal 2025 positions us well for fiscal 2026 which should enable us to achieve results at the high end of our long term algorithm. Now, I will turn the call over to Sean who will provide you with some greater financial details.

我們在 2025 財年所做的工作為我們在 2026 財年做好了準備，這將使我們能夠在長期演算法的高端取得成果。現在，我將把電話轉給肖恩，他將為您提供一些更詳細的財務細節。

Thank you, Geoff. And good morning, everyone.

謝謝你，傑夫。大家早安。

I will begin with an overview of our net sales. Total Simply Good Foods fourth quarter net sales of $375.7 million increased 17.2% versus the year-ago period.

我將首先概述我們的淨銷售額。 Simply Good Foods 第四季淨銷售額為 3.757 億美元，比去年同期成長 17.2%。

The primary drivers of growth were the OWYN acquisition and the 53rd week that were about a 9 and 8 percentage point benefit, respectively to net sales growth.

成長的主要動力是 OWYN 收購和第 53 週，分別為淨銷售額成長帶來約 9 個和 8 個百分點的收益。

Legacy net sales growth, excluding the extra week, increased about 1%. Full-year net sales of $1.33 billion increased 7.1% versus the year-ago period.

不包括額外一週的傳統淨銷售額成長約 1%。全年淨銷售額為 13.3 億美元，較去年同期成長 7.1%。

OWYN was a 2.4 percentage point contribution to net sales growth.

OWYN 對淨銷售額成長的貢獻為 2.4 個百分點。

Legacy net sales increased 4.8%, including the benefit of the 53rd week that was slightly less than a 2 percentage point benefit.

Legacy 淨銷售額成長 4.8%，其中第 53 週的收益略低於 2 個百分點。

As we exited fiscal 2024 retail inventory returned to normal levels but slightly below the fiscal 2023 the reduction in retail inventory levels combined with additional incremental trade investments resulted in full year legacy retail takeaway slightly greater than net sales.

隨著我們退出 2024 財年，零售庫存恢復到正常水平，但略低於 2023 財年，零售庫存水準的下降加上額外增量貿易投資導致全年傳統零售外賣略高於淨銷售額。

Moving on to other P&L items for the quarter.

繼續討論本季的其他損益項目。

Gross profit was $146 million. An increase of $25.5 million from the year ago period driven by lower legacy business ingredient and packaging costs partially offset by a noncash $3.2 million inventory purchase accounting step up adjustment related to the acquisition.

毛利為 1.46 億美元。與去年同期相比增加了 2,550 萬美元，原因是遺留業務成分和包裝成本降低，部分被與收購相關的 320 萬美元非現金庫存採購會計逐步調整所抵銷。

As a result, gross margin was 38.8% 120 basis point increase. Versus last year, the noncash inventory purchase accounting step up adversely affect the gross margin by 90 basis points. Adjusted EBITDA was $77.5 million million. An increase of $10.2 million from the year ago period.

結果，毛利率為38.8%，提高了120個基點。與去年相比，非現金庫存採購核算的加強對毛利率產生了 90 個基點的不利影響。調整後 EBITDA 為 7,750 萬美元。比去年同期增加 1,020 萬美元。

Selling and marketing expenses increased $10 million to $40.8 million. Primarily due to increased investments in marketing growth initiatives and the inclusion of OWYN GAAP G&A expenses were $41.3 million An increase of $11.8 million versus last year, the increase was primarily due to higher employee related costs. The inclusion of OWYN Stock based compensation as well as executive transition and integration costs excluding stock based compensation, as well as the executive transition and integration costs Q4 G&A increased [$8.7 million] to $32.1 million.

銷售和行銷費用增加 1,000 萬美元，達到 4,080 萬美元。主要是由於對行銷成長計畫的投資增加以及納入 OWYN GAAP 一般管理費用為 4,130 萬美元。納入 OWYN 股票薪酬以及高階主管過渡和整合成本（不包括股票薪酬）以及高階主管過渡和整合成本，第四季度一般管理費用增加了 [870 萬美元]，達到 3,210 萬美元。

Additionally, in the fourth quarter of fiscal 2024 the company incurred costs related to the acquisition of $11.8 million.

此外，在 2024 財年第四季度，該公司產生了 1,180 萬美元的收購相關成本。

Finally, net interest income and interest expense was $8 million. An increase of $1.6 million versus the fourth quarter of fiscal 2023.

最後，淨利息收入和利息支出為 800 萬美元。與 2023 財年第四季相比增加了 160 萬美元。

The increase versus the year ago period is primarily driven by a higher debt balance due to the OWYN acquisition and our Q4 effective tax rate was about 28.3% slightly higher than a year ago period due to the OWYN acquisition.

與去年同期相比的成長主要是由於收購 OWYN 導致債務餘額增加，而由於收購 OWYN，我們第四季度的有效稅率約為 28.3%，略高於去年同期。

As a result, net income was $29.3 million versus $36.6 million last year.

結果，淨利潤為 2,930 萬美元，而去年為 3,660 萬美元。

Moving on to full year results, gross profit was $511.6 million. An increase of $58.1 million compared to the year ago period.

來看全年業績，毛利為 5.116 億美元。與去年同期相比增加了 5,810 萬美元。

The increase was driven by the legacy business due to lower ingredient and packaging costs, partially offset a noncash $3.2 million inventory purchase. Accounting step up adjustment related to the OWYN acquisition. As a result, gross margin was 38.4%. A 190 basis point increase versus last year, the noncash inventory purchase accounting step up adversely affect the gross margin by '20 basis points.

這一成長是由傳統業務推動的，因為原料和包裝成本較低，部分抵消了 320 萬美元的非現金庫存採購。與 OWYN 收購相關的會計逐步調整。結果，毛利率為38.4%。非現金庫存採購會計比去年增加了 190 個基點，對毛利率產生了 20 個基點的不利影響。

We're pleased with our gross margin progress in fiscal 2024. However, in fiscal 2025 we anticipate that input cost. Inflation will be a headwind and result in gross margin contraction of about 200 basis points.

我們對 2024 財年的毛利率進展感到滿意。通貨膨脹將是一個逆風，導致毛利率收縮約200個基點。

Note, this includes OWYN as about a 50 basis point headwind to total company gross margin adjusted EBITA was $269.1 million an increase of 9.6% versus last year.

請注意，這包括 OWYN，因為該公司總毛利率下降約 50 個基點，調整後的 EBITA 為 2.691 億美元，比去年增長 9.6%。

In addition, for the full fiscal year 2024 the company incurred costs related to the OWYN acquisition of $14.5 million net interest income and interest expense was $21.7 million. A decline of $7.2 million versus last year.

此外，在2024年整個財年，該公司因收購OWYN而產生的淨利息收入為1,450萬美元，利息支出為2,170萬美元。與去年相比減少了 720 萬美元。

The interest expense component decline was due to a lower term loan debt balance. Prior to the OWYN acquisition versus the year ago period, our fiscal 2024 tax rate was about 25% and we anticipate fiscal 2025 to be similar as a result, net income was $139.3 million versus $133.6 million last year.

利息支出部分下降是由於定期貸款債務餘額較低。在收購 OWYN 之前，與去年同期相比，我們 2024 財年的稅率約為 25%，我們預計 2025 財年的稅率與去年相似，因此淨利潤為 1.393 億美元，而去年為 1.336 億美元。

The next slide provides you with a reconciliation of reported and adjusted diluted. EPS.

下一張投影片為您提供了報告和調整後稀釋的調節表。每股收益。

Fourth quarter report, EPS was $0.29 per share diluted compared to $0.36 per share diluted in 2023 adjusted diluted. EPS was $0.50 per share compared to $0.45 in a year ago period.

第四季報告，稀釋後每股收益為 0.29 美元，而 2023 年調整後稀釋後每股收益為 0.36 美元。 EPS 為每股 0.50 美元，而去年同期為 0.45 美元。

Note that we calculated adjusted diluted EPS as adjusted EBITA less interest, income, interest, expense and income taxes. Please refer to today's press release for an explanation and reconciliation of non-GAAP financial measures.

請注意，我們計算調整後稀釋每股盈餘為調整後 EBITA 減去利息、收入、利息、費用和所得稅。請參閱今天的新聞稿，以了解非公認會計原則財務指標的解釋和調節。

Moving to the balance sheet and cash flow. Fourth quarter and full year cash provided by operating activities was about $49 million and $216 million. Strong cash generation is a Hallmark of the company. As a result at August 31st 2024 the company had cash of $132.5 million.

轉向資產負債表和現金流量。第四季和全年經營活動提供的現金約為4,900萬美元和2.16億美元。強勁的現金產生能力是該公司的標誌。截至 2024 年 8 月 31 日，該公司擁有現金 1.325 億美元。

In fiscal 2024 the company repaid $135 million of its term loan. And at the end of the year, the outstanding principal balance was $400 million resulting in a trailing 12 month net debt to adjusted ebita ratio of one times. Capital expenditures in 2024 were $5.7 million. In fiscal 2025 CapEx is expected to be in the $10 million to $15 million range. In fiscal 2025. We anticipate net interest expense to be around $25 million $27 million including noncash amortization expense related to the deferred financing fees. We currently anticipate our net debt to adjust the EBITDA ratio to be about half a term or better by year end fiscal 2025.

2024 財年，該公司償還了 1.35 億美元的定期貸款。截至年底，未償本金餘額為 4 億美元，導致過去 12 個月的淨債務與調整後息稅前利潤比率達到一倍。 2024 年的資本支出為 570 萬美元。 2025 財年的資本支出預計將在 1,000 萬至 1,500 萬美元之間。 2025 財政年度。目前，我們預計到 2025 財年底，我們的淨負債將把 EBITDA 比率調整至半個期限左右或更好。

Now to wrap up while early retail takeaway is off to a good start and we believe we're on track to deliver our fiscal year 2025 plans. We continue to execute against our strategic initiatives and are making investments in the business that we expect will strengthen our brands in the marketplace.

現在總結一下，早期零售外賣已經有了一個良好的開端，我們相信我們預計將實現 2025 財年計劃。我們繼續執行我們的策略舉措，並對我們期望將增強我們在市場上的品牌的業務進行投資。

Our integration work is well underway and progressing as planned.

我們的整合工作正在順利進行，並按計劃進行。

We expect strong quest and OWYN net sales and retail takeaway growth in fiscal 2025 driven by greater velocity, increased distribution innovation and marketing investments.

我們預計，在加速、分銷創新和行銷投資增加的推動下，Quest 和 OWYN 的淨銷售額和零售外賣將在 2025 財年實現強勁成長。

As Geoff discussed earlier in fiscal 2025 we're focusing on optimizing Atkins ROI's related to brand investments. This will affect Atkins net sales and retail takeaway in fiscal 2025. But we believe this is necessary to ensure Atkins remains a sustainable and profitable business over the long term.

正如 Geoff 在 2025 財年早些時候討論的那樣，我們專注於優化與品牌投資相關的阿特金斯投資回報率。這將影響阿特金斯 2025 財年的淨銷售額和零售外賣。

In fiscal 2025 the company continues to expect input cost inflation, solid productivity and cost savings initiatives are in place that partially offset these higher costs. However, given the unprecedented increase in the cost of select inputs, we anticipate gross margin compression in fiscal 2025.

到 2025 財年，該公司仍預計投入成本通膨、穩定的生產力和成本節約措施將部分抵銷這些較高的成本。然而，鑑於精選投入成本空前增加，我們預計 2025 財年毛利率將壓縮。

Therefore, in fiscal 2025 total company reported net sales are expected to increase 8.5% to 10.5%.

因此，2025財年公司報告的總淨銷售額預計將成長8.5%至10.5%。

Embedded in that we anticipate and full fiscal year 2025 net sales to be in the $135 million to $145 million range.

我們預計 2025 財年的淨銷售額將在 1.35 億美元至 1.45 億美元之間。

Total company reported adjusted EBITDA is expected to increase 4% to 6%.

公司公佈的調整後 EBITDA 總額預計將成長 4% 至 6%。

Note that the 53rd week in fiscal 2024 comparison year is about a 2% point headwind to both net sales and adjusted ebit growth in full year. Fiscal 2025.

請注意，與 2024 財年相比，第 53 週全年淨銷售額和調整後息稅前成長均出現約 2% 的逆風。 2025 財年。

Lastly, assuming a comparable full year of own results are included in fiscal 2024 as well as the exclusion of the 53rd week in fiscal 2024. Fiscal 2025 is expected to be in line with the company's long-term algorithm. Specifically net sales growth in the 4% to 6% range and adjusted EBITDA growth slightly greater than the net sales increase. Just as importantly, we believe the work we're doing in fiscal 2025 positions us very well for fiscal 2026 which should enable us to achieve top and bottom-line results. At the high end of our long term algorithm. We appreciate everybody's interest in our company and we're now available to take your questions.

最後，假設 2024 財年包含可比較的全年業績，並排除 2024 財年的第 53 週。具體來說，淨銷售額成長在 4% 至 6% 範圍內，調整後的 EBITDA 成長略大於淨銷售額成長。同樣重要的是，我們相信我們在 2025 財年所做的工作使我們在 2026 財年處於有利位置，這將使我們能夠實現頂線和底線結果。處於我們長期演算法的高端。我們感謝大家對我們公司的興趣，我們現在可以回答您的問題。

Thank you, ladies and gentlemen, we will now be conducting a question-and-answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, you may press star and two. If you would like to remove your question from the queue for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

謝謝女士們、先生們，我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號和一。確認音將表示您的線路已在問題佇列中，您可以按星號和二號。如果您想從使用揚聲器裝置的參與者群組中刪除您的問題，可能需要在按星號鍵之前拿起聽筒。

Ladies and gentlemen, we will wait for a moment while we poll for questions.

女士們先生們，我們將稍等片刻，然後進行投票提問。

Our first question comes from the line of Brian Holland with [D A Davidson]. Please go ahead.

我們的第一個問題來自 Brian Holland 和 [D A Davidson] 的對話。請繼續。

Yeah, thanks. Good morning. Maybe just starting with some of the recent innovation, specifically looking at Bake Shop and some of the coffee drinks, we seem to be performing quite well. You've talked before about some of the struggles from an innovation standpoint and then having gone quiet for a little while. Any perspective that you can provide about the incrementality of these launches, what you are seeing so far vis a vis previous innovation cycles at the company.

是的，謝謝。早安.也許只是從最近的一些創新開始，特別是烘焙店和一些咖啡飲料，我們似乎表現得相當不錯。您之前曾從創新的角度談論過一些困難，然後沉默了一段時間。您可以提供有關這些發布的增量的任何觀點，以及您迄今為止所看到的與公司之前的創新週期相比的情況。

Yeah, good morning. Let me start with the innovation on quest and specifically bake shop. It's a big platform launch for us. We're encouraged by the early read. If you recall, this was a muffin and a brownie, 10 grams of protein, less than 1 gram of sugar where it's in distribution, performance is on par or even better in some of our best performing innovation. And certainly, feedback from retailers is very encouraging, that platform is it hits on flavor, taste checks, all the boxes of protein, low carb, low sugar also targeting a sizable addressable market, just sweet baked goods.

是的，早安。讓我從探索中的創新開始，特別是烘焙店。這對我們來說是一個重要的平台發布。我們對早期閱讀感到鼓舞。如果你還記得的話，這是一個鬆餅和一個布朗尼蛋糕，10 克蛋白質，少於1 克糖，在我們的一些表現最好的創新中，性能與我們的一些表現最佳的創新相當甚至更好。當然，來自零售商的回饋非常令人鼓舞，該平台在口味、口味檢查方面很受歡迎，所有蛋白質、低碳水化合物、低糖的盒子也瞄準了相當大的潛在市場，只是甜烘焙食品。

So, in the early innings, still building distribution. But very encouraging chips which I'm sure we'll probably talk about on the call as we recover supply, we continue to drive that. We've got new flavors coming out. It's about a $300 million business today directly growing at 25% to 30% again. And it's a massive addressable market where we see the largest source of volume from mainstream salty tax. So, at a high level, very encouraged by what we're seeing on quest innovation. What quest does is it flips the macros on large addressable snacks. And the inroads we made into salty snacks. Now with base you can believe we're looking around the store identifying other spaces where we can disrupt and then just to close it out on quest, we have accelerated the launch of the overload bar which is chock full of inclusions it's delicious. And so, we're also innovating on our core on Atkins Innovation is a key driver of this business performance. And as I've stated on previous calls, when I joined the organization, you know, the state of the pipeline on actions was not where it needed to be had contributed to the slowdown we've seen in the business. Credit to the team, we did jumpstart efforts there. The recent slate of innovation in the marketplace is performing well. In the case of Atkins, what we're doing is replacing, underperforming [skews] say at a Walmart or a large customer, you know, one, one and a half units per week and replacing it with items that these new innovation items that are doing two to two and half. So, whether that be the Atkins strong, the gummies, the truffles, they rule of thumb kind of doubled the velocity performance of the items that they're replacing, and it just underscores how critical innovation is on Atkins. And so, you, we have made sure that we're filling that pipeline so we can continue to bring items to market on actions. We're largely looking to replace underperforming items with better items, but it is now a key focus for the business

所以，在前幾局，仍然建立分配。但非常令人鼓舞的晶片，我相信當我們恢復供應時我們可能會在電話會議上討論這些晶片，我們將繼續推動這一進程。我們推出了新口味。如今，這是一項價值約 3 億美元的業務，並且再次以 25% 至 30% 的速度直接成長。這是一個巨大的潛在市場，我們看到主流鹹稅的最大銷售來源。因此，從高水準來看，我們對探索創新的所見所聞感到非常鼓舞。任務的作用是翻轉大型可尋址零食的宏。我們也進軍鹹味零食領域。現在有了基地，你可以相信我們正在商店周圍尋找我們可以破壞的其他空間，然後只是為了在任務中關閉它，我們加速了超載酒吧的推出，裡面充滿了美味的內含物。因此，我們也在阿特金斯的核心上進行創新，而創新是這項業務績效的關鍵驅動力。正如我在之前的電話會議中所說，當我加入該組織時，您知道，行動管道的狀態並未達到所需的水平，從而導致了我們在業務中看到的放緩。感謝團隊，我們在那裡做了快速的努力。最近市場上的一系列創新表現良好。就阿特金斯而言，我們正在做的是在沃爾瑪或大客戶處更換表現不佳的[偏斜]，你知道，每週更換一個、一個半單位，並將其替換為這些新的創新產品正在做兩到兩半。因此，無論是阿特金斯強力飲料、軟糖還是松露，他們根據經驗將其所取代的產品的速度性能提高了一倍，這恰恰強調了創新對阿特金斯的重要性。因此，我們已確保填補該管道，以便我們能夠繼續將產品推向市場。我們主要希望用更好的產品取代表現不佳的產品，但它現在是業務的重點

And just kind of maybe dimension-wise a little bit just on, on that, on the Atkins piece. I'd say just an example. If you look at Walmart, I think we, they took out '17 skews for the fall reset, they replaced them with about '18 or '19 skews of innovation. That innovation to dimensionalize what Geoff was saying, is turning about two times a week as opposed to one time a week for the stuff they replace. So, it's been a good, good, early, early read on innovation for Atkins.

也許是在維度方面，在阿特金斯作品上。我只想說一個例子。如果你看看沃爾瑪，我想我們，他們在秋季重置中剔除了“17 傾斜”，他們用大約“18”或“19 傾斜的創新”取而代之。這項創新將傑夫所說的內容具體化，每週更換兩次，而不是每週更換一次。所以，對阿特金斯來說，這是一本關於創新的好、好、早、早的讀物。

No, great color. Appreciate that. And then just looking into New year, new you and maybe this falls on to the innovation point. I know historically, that period can be valuable and volatile in both directions you called out earlier, the '24 resolution season impacted by, you know, another category participant and you know, who didn't have adequate supply in '23 had adequate supply in '24. As you look at the up into 2025 any sense of whether we're kind of in a more stable backdrop or if there are any heightened competitive issues or somebody out of stock in stock, whatever. I I know some of that we may not know until early '25. But as we look at fall shelf sets, do we feel like we're in a more stable place than we have been the past couple of years.

不，顏色很棒。很欣賞這一點。然後看看新的一年，新的你，也許這就落到了創新點上。我知道從歷史上看，這個時期在你之前提到的兩個方向上都可能是有價值的和不穩定的，'24 決議季節受到另一個類別參與者的影響，你知道，誰在23 年沒有足夠的供應，但有足夠的供應在'24。當你展望 2025 年時，你會感覺到我們是否處於更穩定的背景下，或者是否有任何激烈的競爭問題或有人缺貨，等等。我知道其中一些我們可能要等到 25 年初才能知道。但當我們看到秋季貨架套裝時，我們是否覺得我們現在的處境比過去幾年更加穩定。

As we look at the four shelfs, four shelf sets? You know, I'm very pleased with how we performed on both businesses an OWYN as well to your point last year. It was somewhat of an anomaly because we were laughing an, and you made this point, we were lapping a period where we had received outside support due to a large competitor being out of stock. So that was a difficult lap for us. Looking forward to this upcoming New Year, New Year, I'm encouraged by the plans we have in place. We have strong merchandizing plans at every customer. You know, to your point, it's a competitive category. We don't know, we know what the competition is going to do at this point. But I'm very pleased with how our teams built the plans customer by customer, which should put us in a strong position. But again, you know, you said it, we'll know much more in February, March.

當我們看到四個架子時，四個架子組？你知道，我對我們去年在 OWYN 和 OWYN 兩個業務上的表現感到非常滿意，也達到了你的觀點。這有點反常，因為我們在笑，而且你也指出了這一點，我們正在經歷一段由於大型競爭對手缺貨而獲得外部支持的時期。所以這對我們來說是艱難的一圈。期待即將到來的新年，新年，我對我們所製定的計劃感到鼓舞。我們對每個客戶都有強大的銷售計劃。你知道，就你而言，這是一個競爭激烈的類別。我們不知道，但我們知道競爭對手此時會做什麼。但我對我們的團隊如何逐一客戶制定計劃感到非常滿意，這將使我們處於有利地位。但再說一次，你知道，你說過，我們會在二月、三月知道更多。

I'll leave it there. Thanks.

我會把它留在那裡。謝謝。

Thank you.

謝謝。

The next question is from the line of Matt Smith with Stifel. Please go ahead.

下一個問題來自 Matt Smith 和 Stifel。請繼續。

Hi, good morning. I wanted to dig in a little bit about around the underlying growth outlook for the legacy business in fiscal '25. I think guidance implies like 3% underlying growth on a like for like basis, but there's a few moving parts here including the quest capacity, improving the first quarter. You get some new distribution in the second half of the year and on Atkins, you have lower or you're optimizing ROI or optimizing trade spend there. So can you help with the phasing of growth for each one of those brands due to the year given, given the moving parts here

嗨，早安。我想深入探討 25 財年傳統業務的潛在成長前景。我認為指導意味著在同等基礎上實現 3% 左右的基本成長，但這裡有一些變化，包括任務能力，第一季有所改善。下半年你會得到一些新的分配，而在阿特金斯，你的投資回報率較低，或者你正在優化投資回報率或優化那裡的貿易支出。鑑於此處的活動部件，您能否協助確定這些品牌在給定年份的成長階段

Phasing in terms of quarterly growth,

從季度成長來看，

Just if, if there's any unique consideration, we should take into account, you know, when we think about Atkins pulling back on trade and merchandizing support is that changing the shape of the decline through the year that we should be considering.

如果有任何獨特的考慮因素，我們應該考慮到，當我們考慮阿特金斯減少貿易和商品化支持時，我們應該考慮改變全年下降的形狀。

Yeah, I mean, I think if you take a step back and look at the kind of quarters just in general, I'll just kind of, you know, depending on where your guidance range is net sales on a reported basis, reported should be somewhat similar in Q1 to Q3, up low double digits to maybe low mid 10s, Q4 will be flattish because the year ago period included the 53rd week and '11 weeks of OWYN and then ebita depending on where you are on guidance should be up mid to high single digits on a reported basis, the first three quarters and then down slightly in Q4 from a gross margin standpoint, we're going to benefit from lower input costs earlier in the year, so close to flat in the first quarter and then down about two and a quarter basis points. The rest of the way that excludes the impact of the onetime step up that we talked about on on the, on the call. So, I don't know if that's what you're looking for. Matt.

是的，我的意思是，我認為如果你退後一步，看看一般情況下的季度情況，我會說，你知道，這取決於你的指導範圍是報告的淨銷售額，報告應該第一季度到第三季度有些相似，上升兩位數到可能低至10 多歲，第四季度將持平，因為去年同期包括OWYN 的第53 周和第11 週，然後根據您的指導情況，息稅前利潤應該會上升從毛利率的角度來看，前三個季度為中高個位數，然後第四季度略有下降，我們將受益於今年早些時候較低的投入成本，因此第一季接近持平，然後下降約兩個又四分之一個基點。其餘的方式排除了我們在電話會議上討論過的一次性升級的影響。所以，我不知道這是否是您要找的。馬特。

No, it's great. I appreciate that. And then

不，這太棒了。我很欣賞這一點。進而

The added color. I would just give you is on Quest Chips, which we talked about in the scripted remarks.

新增的顏色。我只想給你關於 Quest Chips 的信息，我們在腳本評論中談到了這一點。

We had been trending, just give you an idea of how this should flow. We've been trending in the $4.75 million to $5 million per week range in measured channels because of the stockouts. We ended up closer to four and, you know, we expect to get that business back in the $5 million per week range starting the end of October. And we've got a great partner, but two sites operational and we've got a, a test with a large club customer coming in. If you look at the consumption trends and you think, how's that going to flow into the new year? You know, you should probably look at that is adding to perhaps three points to quest growth versus what you're seeing right now.

我們一直在關注趨勢，只是讓您了解它應該如何流動。由於缺貨，我們在測量通路的趨勢一直在每週 475 萬美元到 500 萬美元之間。我們最終接近四家，您知道，我們預計從 10 月底開始，該業務將恢復到每週 500 萬美元的範圍。我們有一個很棒的合作夥伴，但有兩個站點正在運營，我們已經對一個大型俱樂部客戶進行了測試。你知道，你可能應該看看，與你現在所看到的相比，這可能為追求成長增加了三點。

The other thing Matt I'll say is related to Atkins POS. I think you were kind of poking around there. I think you're going to see that a little softer in January through August where it's trending for the first six weeks of the fiscal year.

馬特我要說的另一件事與阿特金斯 POS 有關。我認為你在那裡閒逛。我認為在一月到八月期間您會看到該財年前六週的趨勢會稍微疲軟。

We have not seen the cuts in the underlying investments really starts in kind of October ish and then it kind of continues through fiscal year. So you'll see softer as we go through the year versus where it is today.

我們還沒有看到基礎投資的削減真正在 10 月左右開始，然後持續到整個財年。因此，隨著這一年的過去，你會看到與今天相比更加疲軟。

Great. Thank you for all the detail. I'll pass it on.

偉大的。謝謝你提供的所有細節。我會把它傳遞下去。

Thanks, man.

謝謝，夥計。

Thank you. The next question is from John Anderson, from William Blair. Please go ahead.

謝謝。下一個問題來自威廉·布萊爾的約翰·安德森。請繼續。

Hey, good morning, everybody. Thanks for the questions I wanted to ask. Good morning. I wanted to ask about the point of sale assumptions for fiscal '25 by brand. It looks like the assumptions that you communicated for both Quest and Atkins are kind of in line with recent scans but quite a bit lower for. And it looks to us like OWYN has been running up, you know, closer to triple digits and I know you've kind of communicated '20% to 30%. Can you just talk a little bit about the dynamic there for OWYN in 2025? Is it, is it more challenging comparisons or is there a certain element of conservatism baked in as it's a new brand, you know, for your business?

嘿，大家早安。謝謝你提出我想問的問題。早安.我想問 25 財年各品牌的銷售點假設。看起來您對 Quest 和 Atkins 傳達的假設與最近的掃描一致，但要低得多。在我們看來，OWYN 的漲幅已經接近三位數，我知道你們已經傳達了「20% 到 30%」的訊息。能簡單談談 OWYN 2025 年的動態嗎？是的，比較是否更具挑戰性，或者是否存在一定的保守主義元素，因為它是一個新品牌，你知道，對你的業務來說？

Yeah, and I appreciate the question. You know, we continue to be excited about this acquisition expands our presence in the fast growing shake category, fastest growing multipack protein shake and measured channels the last '13 and '26. You know, and, and we, we purchased this business because it reaches a new consumer. I was looking for plant and clean label and clear and obvious cost synergies to your point. If you look at current performance, it's exceptionally strong, it's up around 80% all outlets. You know, Sam's Club is a big driver. You know, you're seeing significant growth in every customer. So it's not just one customer. Our focus right now on this business is driving the core. So, you know, expanding the number of doors, perhaps adding a larger pack and then integrating the business delivering on the synergies which will hit in '26.

是的，我很欣賞這個問題。您知道，我們仍然對此次收購感到興奮，這次收購擴大了我們在快速成長的奶昔類別、成長最快的合裝蛋白質奶昔和去年 13 年和 26 年測量管道的影響力。你知道，我們買了這項業務，因為它吸引了新的消費者。我一直在尋找符合您觀點的工廠和清潔標籤以及清晰明顯的成本協同效應。如果你看看目前的表現，你會發現它異常強勁，所有門市的漲幅都在 80% 左右。你知道，山姆會員店是一個很大的推動力。您知道，您會看到每個客戶的顯著成長。所以這不僅僅是一位客戶。我們現在對這項業務的關注點是驅動核心。所以，你知道，擴大門的數量，也許增加一個更大的包裝，然後整合業務以實現 26 年將實現的協同效應。

And in terms of why we're have a lower growth number. The in, in fiscal '20 our fiscal '24 we saw significant growth in distribution as they got into new stores and channels. In fiscal '25 there's still distribution opportunities, but as I said, it's more around filling voids pack sizes. And we're lapping some pipes. So the recent growth is very much driven by a significant distribution push. We'll continue to look to fill voids, look to drive increased pack sizes, but it won't be at the same level that we have are currently seeing the benefit of.

至於為什麼我們的成長率較低。在 20 財年和 24 財年，隨著他們進入新的商店和管道，我們看到分銷量顯著增長。在 25 財年，仍然存在分銷機會，但正如我所說，更多的是圍繞填補包裝尺寸的空白。我們正在研磨一些管道。因此，最近的成長很大程度上是由分銷推動推動的。我們將繼續尋求填補空白，尋求增加包裝尺寸，但它不會達到我們目前看到的好處的水平。

And I think in the first half of the year, you're going to see OWYN consumption trends higher than they are for the full year if we really lap that stuff in the second half of the year.

我認為，如果我們在下半年真正做到這一點，那麼今年上半年，您將看到 OWYN 的消費趨勢高於全年。

Thanks. That's helpful. Thanks for that. Just to follow up on, on marketing, I know you've tweaked. I think the messaging around some of the marketing campaigns for Atkins. And then you have some, I guess in market data on quest and the it's, it's basically cheating messaging. Can you talk about the kind of the state of the marketing programs today? And your sense of the ROI, you're getting there and, and then your overall level of marketing spending, are you at the right level now? You know, by brand? Thanks.

謝謝。這很有幫助。謝謝你。只是為了跟進行銷，我知道你已經進行了調整。我認為圍繞著阿特金斯的一些行銷活動傳遞的訊息。然後你會看到一些，我想在任務的市場數據中，它基本上是作弊訊息。能談談目前行銷計畫的狀況嗎？你對投資回報率的感覺，你正在達到的目標，然後你的行銷支出的整體水平，你現在處於正確的水平嗎？按品牌你知道嗎？謝謝。

Let me start with quess. So, in fiscal 2025 we will have a full year of, it's basically cheating campaign. I've been doing marketing for, you know, 20/'20 years and it's very rare to see a campaign drive a significant short and long-term increase in sales. That's exactly what happened with the Quest campaign. And where we really saw that was on chips, an almost instant significant lift in consumption candidly, that's what caused us to have to revisit the second site on chips. And so we're excited to see a full year benefit of that. And in fiscal 2025 you'll see it over an increase, 20% increase in advertising on on Quest and getting the Quest advertising levels up, you know, to that eight ish percent range which, you know, probably a good zip code on Atkins. We've recently dropped new advertising into the market. It's still early, but advertising has didn't really start until September. The advertising more squarely positions Atkins as a weight brand and emphasizes our unique macro nutrient profile to support that. What I will say is now testing, neuro testing was one of the top boring ads that Nielsen has seen.

讓我從問題開始。因此，在 2025 財年，我們將有一整年，基本上都是作弊活動。你知道，我從事行銷工作已經有 20/'20 年了，很少會看到某個行銷活動能夠推動短期和長期銷售的顯著成長。這正是 Quest 活動所發生的情況。我們真正看到的是晶片上的情況，坦白說，消費幾乎立即顯著提升，這就是導致我們不得不重新訪問晶片上的第二個站點的原因。因此，我們很高興看到全年的效益。在 2025 財年，您將看到 Quest 上的廣告增加 20%，並將 Quest 廣告水平提高到百分之八左右的範圍，您知道，這可能是阿特金斯的一個很好的郵政編碼。我們最近向市場投放了新的廣告。現在還早，但廣告直到九月才真正開始。廣告更明確地將阿特金斯定位為體重品牌，並強調我們獨特的宏觀營養成分來支持這一點。我現在要說的是測試，神經測試是尼爾森見過的最無聊的廣告之一。

And particularly the spot that referenced the new weight loss drugs. So I'm encouraged and optimistic. It's a little early to tell, but I think what we've learned, what we're learning from this advertising is going back to the core promise of the brand, which is weight wellness, putting in a, putting it in a culturally relevant context. For example, these new weight loss drugs and being very clear that we are the solution to consumers, the 60% of consumers who want to lose weight. So now I'll close by saying one of the areas that we are throttling back on Atkins is the level of marketing which had gotten ahead of where we wanted it to be. Most of those cuts have come in nonwork, but there will be some impact, you know, probably mid single digit impact to the actual media impact.

尤其是提到新減肥藥的廣告。所以我很受鼓舞，也很樂觀。 It's a little early to tell, but I think what we've learned, what we're learning from this advertising is going back to the core promise of the brand, which is weight wellness, putting in a, putting it in a culturally relevant情境.例如，這些新的減肥藥，並且非常清楚我們是消費者的解決方案，60％的消費者想要減肥。最後，我要說的是，我們對阿特金斯進行限制的領域之一是行銷水平，它已經超出了我們的預期。這些削減大部分都是非工作性質的，但也會產生一些影響，你知道，可能對實際媒體影響有中等個位數的影響。

Yeah. And just in terms of level of spend, I think if you look at '24 results, we're probably no low nines as a percentage of sales will probably be mid to low eight s overall as a company. But as Jeff said, a big chunk of that is actually nonworking media that we are marketing, that we cut back. So I think the level of spend we think is right for the business. As of right now, we'll continue to evaluate that and we'll probably look at that further as we get into '26. I just want to go back on the OWYN thing in terms of where we are for next year. For growth rates, it's a '20% to 30% growth rate just to dimensionalize it a little bit. If we grow '20% to 30% over the next three years, we kind of double the business. So, it's not like it's, you know, an insignificant growth on the overall business.

是的。就支出水準而言，我認為如果你看看 24 年的業績，我們可能不會低於 9，因為作為一家公司，銷售額的百分比可能會處於中到低的 8。但正如傑夫所說，其中很大一部分實際上是我們正在行銷、我們削減的非工作媒體。所以我認為我們認為的支出水準適合企業。截至目前，我們將繼續評估這一點，並且在進入 26 年後我們可能會進一步研究這一點。我只想回顧一下 OWYN 的事情，看看我們明年的情況。對於成長率，它是「20% 到 30%」的成長率，只是為了稍微維度化它。如果我們在未來三年內成長 20% 到 30%，我們的業務就會翻倍。所以，你知道，整體業務的成長並不是微不足道的。

Absolutely. Thanks so much.

絕對地。非常感謝。

Thank you. The next question is from Alexia Howard from Bernstein. Please go ahead.

謝謝。下一個問題來自伯恩斯坦的亞歷克西婭·霍華德。請繼續。

Good morning, everyone

大家早安

Good morning, Alexia

早安，亞歷克西婭

So just sticking with Atkins. It sounds to me as though given, the top line headwinds that you've mentioned the pullback in promotion a bit of a pullback in marketing. The possibility of distribution losses are we basically saying at this point, we shouldn't expect an inflection and back to positive sales growth organically until fiscal '26.

所以堅持使用阿特金斯。在我看來，您提到的促銷活動的回落和行銷方面的回落似乎是給定的頂線阻力。我們現在基本上是說，分銷損失的可能性是，我們不應該期望在 26 財年之前出現拐點並有機地恢復正銷售成長。

I mean, that's fair. So, you know, we've made these difficult but they're the right decisions to right size investment. And the focus has been on very low ROI spend on marketing, the predominant of the cars have come in nonwork, but there will be a small impact to media and in more space, constrained channel like club, you know, we certainly expect to lose a slot or two that will have a volume impact in fiscal 2026.

我的意思是，這很公平。所以，你知道，我們讓這些變得困難，但它們是調整投資規模的正確決定。重點是行銷投資回報率非常低，大部分汽車都是非工作用途，但對媒體和更多空間、像俱樂部這樣的受限管道的影響很小，你知道，我們當然預計會失去一兩個時段將對2026 財年的銷售量產生影響。

And that is despite the positive signals we're seeing from the revitalization plan, whether it be the new innovation that is performing well, new advertising, it's early. But I'm encouraged, we've got new packaging coming. But the net effect of that alexia is that we should expect we are expecting a negative accelerated decline on Atkins. But you have to remember that most of that choices we've made including getting out of our break, even Canada business looking forward, you know that our thinking is just a continuous sequential. We like to see sequential improvement, but we have to address these issues, and we've decided to do it now. Yeah, I could

儘管我們從振興計劃中看到了積極的信號，但無論是表現良好的新創新還是新廣告，現在還為時過早。但令我感到鼓舞的是，我們即將推出新包裝。但這種亞歷克西斯的淨效應是，我們應該預期阿特金斯會出現負面的加速下降。但你必須記住，我們所做的大多數選擇包括擺脫休息，甚至加拿大企業展望未來，你知道我們的想法只是一個連續的順序。我們希望看到連續的改進，但我們必須解決這些問題，而且我們決定現在就這樣做。是的，我可以

Just take a little bit. I think if you look at the guidance we gave on consumption kind of high single digit decline on Atkins. Basically, we break it down. We think base velocity declines are going to improve versus Q4 effectively, innovation is going to offset distribution losses effectively in the club channel. We're at the next page. We reassess the investment levels. We're eliminating a just said on profitable investments, discontinuing a breakeven business in Canada and half of the expected decline is basically going to be decisions we make overall, I also point out that all elements of the plan are not in the market until the end of fiscal '25. So, as we continue to get more innovation, like we said, for Walmart, as an example, for this fall, we're going to replace lower performing skews, which should help the business overall. So, I think it sets itself up nicely for '26 but there will be some impact on

只需一點點。我想，如果你看看我們給出的關於阿特金斯消費量高個位數下降的指導。基本上，我們將其分解。我們認為與第四季度相比，基本速度下降將有效改善，創新將有效抵消俱樂部通路的分銷損失。我們到了下一頁。我們重新評估投資水準。我們正在取消剛才所說的盈利投資，停止在加拿大的盈虧平衡業務，預期下降的一半基本上將是我們整體做出的決定，我還指出，該計劃的所有要素在市場上都不會出現，直到'25 財年末。因此，隨著我們繼續獲得更多創新，就像我們所說的那樣，以沃爾瑪為例，今年秋天，我們將取代表現較低的偏差，這應該有助於整體業務。所以，我認為它為 26 年做好了準備，但會對

The call on Atkins is a relevant modern contemporary brand that is sustainable and profitable and one that we can bet on for the long term.

阿特金斯是一個相關的現代品牌，具有永續發展和獲利能力，是我們可以長期投資的品牌。

Perfect. And then as a follow up on quest, are you able to quantify the potential benefits from the club customer rollout? I think you said that was probably in the second half of the fiscal year. Any views as to how much distribution you'll gain as a percentage or how many percentage points on sales that might give you on the quest brand? Thank you and I'll pass it on.

完美的。然後，作為任務的後續行動，您是否能夠量化俱樂部客戶推出的潛在收益？我想你說那可能是在本財年下半年。對於您將獲得多少分配百分比或可能為您帶來 Quest 品牌的銷售百分比有什麼看法嗎？謝謝你，我會把它轉達給你。

Yeah, it's a little reluctant to share specific growth numbers or dollar numbers by, customer. You know, with this, we've had a small very regional test with this customer mostly on the west coast and we're very pleased with the performance based on that. Based on our performance, we have an all a nationwide test now, it's a significant customer. So, it's not an insignificant amount. But I still view it as a as a test and we still have to prove it out. But I'm sure you can appreciate this if we perform in this test, the upside potential to our business starting with chips is significant.

是的，它有點不願意分享客戶的具體成長數字或美元數字。您知道，透過這個，我們對這個客戶進行了一次小型的區域性測試，主要是在西海岸，我們對基於此的性能非常滿意。根據我們的表現，我們現在在全國範圍內進行了測試，這是一個重要的客戶。所以，這並不是一個小數目。但我仍然將其視為一次測試，我們仍然需要證明這一點。但我相信，如果我們在這次測試中表現出色，您會理解這一點，我們從晶片開始的業務的上行潛力是巨大的。

Great. I'll pass it on. Thank you.

偉大的。我會把它傳遞下去。謝謝。

Thanks a lot, sir.

非常感謝，先生。

Okay. The next question is from the line of John Baumgartner with Miso Securities. Please go ahead.

好的。下一個問題來自 Miso 證券公司的 John Baumgartner。請繼續。

Hi, this is Isabella on for John. Thank you for taking our question. So, in terms of the Quest Bars business looks like the brand has recently faced some elevated competition from increased distribution and discounting from some smaller brands in the category. So, from this competition, what have you learned about Quest Bars? Has it given you any reason to think maybe differently about the relative demand drivers for the brand? And what are your expectations for Quest Bars revenue in fiscal year? 25? For example, is it reasonable to think like mix single digit growth for the full year is achievable? Thank you.

大家好，我是約翰的伊莎貝拉。感謝您提出我們的問題。因此，就 Quest Bars 業務而言，該品牌最近面臨一些激烈的競爭，因為該類別中一些較小品牌的分銷和折扣增加了。那麼，透過這次比賽，你對Quest Bars了解了哪些呢？它是否讓您有理由對品牌的相對需求驅動因素進行不同的思考？您對 Quest Bars 本財年的營收有何預期？ 25？例如，認為全年實現個位數混合成長是否合理？謝謝。

You know, as we look at Quest Bars, obviously, it's a significant part of the business. It's a, it is a more mature business versus a chips or baked goods. But if you look, if you take a step back and look at the overall protein bar category, that category increased around 4% to 5% in Q4.

你知道，當我們觀察 Quest Bars 時，很明顯，它是業務的重要組成部分。與薯片或烘焙食品相比，這是一項更成熟的業務。但如果你退後一步，看看整個蛋白質棒類別，你會發現該類別在第四季度增加了 4% 至 5% 左右。

Quest bars were up not quite at that level. And recall that when we think about the bar category, we're focused on protein bars, not the better for you bars but high protein bars. So, the overall category is pretty healthy up four or 5%.

任務條並沒有達到那個水準。請記住，當我們考慮能量棒類別時，我們關注的是蛋白質棒，不是對您更好的能量棒，而是高蛋白能量棒。因此，整體類別成長了 4% 或 5%，相當健康。

We're not quite keeping pace with that as the leader in the category that is unacceptable. To me, it's unacceptable to team quest.

作為該類別的領導者，我們並沒有跟上這一步伐，這是不可接受的。對我來說，團隊任務是不可接受的。

In response we have firstly, we are accelerating the launch of the overload platforms I mentioned earlier, pulling that forward to February. This is a category that responds to new news. And this is a an incredibly delicious platform chock full of inclusions and we'll strongly support it with the it's basically cheating marketing campaign.

作為回應，我們首先，我們正在加速推出我之前提到的超載平台，將其提前到二月。這是一個對新消息做出反應的類別。這是一個令人難以置信的美味平台，充滿了豐富的內容，我們將透過它基本上是欺騙性的行銷活動來大力支持它。

We are and we did acknowledge that we have seen competition in the space that's not new in the context of the of you know, liberal bar category. But we have, we have seen some, some competitors come in and we are going to also respond to that as you would expect as the leader by sharpening some price points and key channels. And I would, I would contest also that we expect and probably are seeing some cannibalization, small amount of cannibalization as we launch bars as we launch chips highly, highly incremental to the business, but likely not 100% incremental. But rest assured bars are a big part of the quest business. We're the market leader and we're going to act that way. We are going to defend our house and we're going to do what quest does best, which is bring world class innovation and the step up out there. Yeah,

我們確實承認，我們已經看到了這個領域的競爭，這在你知道的自由主義酒吧類別的背景下並不新鮮。但我們已經看到了一些競爭對手的加入，我們也將透過提高一些價格點和關鍵管道來回應，正如您作為領導者所期望的那樣。我也想爭辯說，當我們推出晶片時，我們預計並且可能會看到一些蠶食，少量的蠶食，因為我們推出晶片，對業務高度增量，但可能不是 100% 增量。但請放心，酒吧是任務業務的重要組成部分。我們是市場領導者，我們也會這樣做。我們將保衛我們的家園，我們將做任務最擅長的事情，那就是帶來世界級的創新和進步。是的，

I think just as you think about the year, I think '25 the plan for bars right now is sort of low single digit to flattish overall for quests. We kind of get into the year. I would say this, that the headwind we're going to have in the first quarter would be the spend we're having on these sharpening the price points. However, I look at consumption quarter days, the first six weeks of the quarter, including all the outlet, we're up 3% in bars overall requests. So, we're making some progress there as Jeff said, not exactly where we want to be yet, but I feel like we're kind of bouncing back from where we're in Q4.

我認為正如你對今年的看法一樣，我認為 25 現在的酒吧計劃有點低個位數，整體任務持平。我們進入了這一年。我想說的是，我們在第一季將面臨的阻力將是我們在這些銳利價格點上的支出。然而，我看一下消費季度的天數，也就是該季度的前六週，包括所有出口，我們的金條總體請求量增加了 3%。因此，正如傑夫所說，我們正在這方面取得一些進展，雖然還不是我們想要的目標，但我覺得我們正在從第四季的狀態反彈。

Great. Thank you for the color and then for the OWYN business. What are you learning about the business? Is it taking and appreciable amount of cells from the few other plant-based shakes in the category or is it sourcing more volume from dairy protein? And how do you think about OWYN'S ability to bring incremental consumers to the category once you bring to market? Is there anything you can take away from the experience of other plant-based shakes brands that have already begun to scale ahead of OWYN? Thank you.

偉大的。感謝您提供的顏色，以及 OWYN 的業務。您在業務方面學到了什麼？它是從該類別中其他少數幾種植物性奶昔中獲取大量細胞，還是從乳蛋白中獲取更多量？您如何看待 OWYN 在將該品類推向市場後吸引更多消費者的能力？您可以從其他已經開始領先於 OWYN 的植物性奶昔品牌的經驗中汲取什麼經驗嗎？謝謝。

Yes. So, as I said earlier, we continue to be really excited about this acquisition. It's, it's, it's delivering on everything we saw in the business. As we said, when we announced the acquisition, obviously, this gets us into the plants clean label segment, which is growing about double the rate of the total shake category which is very healthy category. What really excited us about this acquisition though was n is increasingly pulling in consumption from more mainstream consumers. And when we dug underneath that, we did our own research that showed that on this, on pure taste study. And we did a comprehensive taste study that OWYN has separated from plant-based shakes, and it's gotten much closer to dairy based shakes. And this explains why they're pulling in consumption from consumers who want to add a clean or plant-based option into the rotation that total addressable market obviously is significant. And that we see as, as upside so become the clear leader in plants and increasingly grow through attracting consumption from more mainstream consumers. But that's what we saw in our research, and we continue to see it in the results. That's why they're up to 80%. What I will say is, you know, you should expect us to right now. We're focused on driving the core, but you should assume that we're going to look at the quest playbook on this business and how can we extend OWYN outside of Shakes. We've started work on that, combining our R&D organizations, creates a very powerful and very, very talented team. And so, you should assume that we want to continue to grow this brand beyond just core shakes more to come, but that's our thesis and I'd look to the Quest playbook and say yeah, it's some high derivative on how we're going to run on.

是的。因此，正如我之前所說，我們仍然對此次收購感到非常興奮。它正在實現我們在業務中看到的一切。正如我們所說，當我們宣布收購時，顯然，這讓我們進入了植物清潔標籤領域，該領域的成長速度是非常健康的奶昔類別的兩倍。這次收購真正讓我們興奮的是越來越多地吸引更多主流消費者的消費。當我們深入挖掘這一點時，我們做了自己的研究，表明了這一點，即純粹的口味研究。我們進行了一項全面的口味研究，發現 OWYN 已與植物奶昔分離，並且它更接近乳製品奶昔。這解釋了為什麼他們吸引那些想要在輪換中添加清潔或植物性選擇的消費者的消費，而總的潛在市場顯然是重要的。我們認為，作為優勢，成為植物領域明顯的領導者，並透過吸引更多主流消費者的消費來不斷增長。但這就是我們在研究中看到的，我們繼續在結果中看到它。這就是為什麼他們的比例高達80%。我要說的是，你知道，你現在就應該期待我們。我們專注於驅動核心，但您應該假設我們將查看有關此業務的任務手冊以及我們如何將 OWYN 擴展到 Shakes 之外。我們已經開始了這方面的工作，結合我們的研發組織，創造了一個非常強大、非常非常有才華的團隊。所以，你應該假設我們希望繼續發展這個品牌，而不僅僅是未來的核心震動，但這就是我們的論點，我會看看 Quest 劇本並說，是的，這是我們前進方向的一些高度衍生繼續運行。

Great. Thank you so much.

偉大的。太感謝了。

Thank you, ladies and gentlemen, we take the last question from the line of Jim Solaria from Stephen Snk. Please go ahead.

謝謝各位，女士們先生們，我們從 Stephen Snk 的 Jim Solaria 那裡回答了最後一個問題。請繼續。

Hey guys, thanks

嘿夥計們，謝謝

For fitting us in. I appreciate all the detail on OWYN wanted to ask a follow up there. If you continue to see, you know, household adoption and higher velocities, can you just give us a sense of what the capacity is for 2025 especially in light of, you know, some of the success you saw with the quest ships leading to capacity constraints. There is there kind of an upper bound for OWYN for what you guys can do for 2025.

為了讓我們適應。如果您繼續看到家庭採用率和更高的速度，您能否讓我們了解 2025 年的容量，特別是考慮到您在任務船方面看到的一些成功，從而提高了容量限制。 OWYN 對於你們在 2025 年可以做的事情有一個上限。

Yeah, I mean the short answer is no, we don't. There are no, there are no capacity issues near term or even medium long term for OWYN. I will say one of the benefits of bringing them into simply network is we have significantly helped them expand their capacity and in this industry you capacity with, but a lot of new capacity either come online or coming online.

是的，我的意思是簡短的回答是否定的，我們不這樣做。 OWYN 近期甚至中長期不存在產能問題。我要說的是，將他們納入簡單網路的好處之一是，我們極大地幫助他們擴大了產能，在這個行業中，你擁有的產能，但很多新產能要么上線，要么上線。

So capacity is not an issue at all.

所以容量根本不是問題。

And I also say if we look at it, we think there's an opportunity and we're working on it right now as we optimize that network for [RTDS] for the overall Business for Quest Atkins and OWYN. I think there's an opportunity from a cost saving standpoint. We wouldn't see that in fiscal '25 but we are looking hard at that and that could be a meaningful synergy for us.

我還想說，如果我們看看它，我們認為這是一個機會，我們現在正在努力優化 [RTDS] 網絡，以實現 Quest Atkins 和 OWYN 的整體業務。我認為從節省成本的角度來看這是一個機會。我們不會在 25 財年看到這種情況，但我們正在認真考慮這一點，這對我們來說可能是一個有意義的協同效應。

Great and one final question given that, you know, you guys have already levered the balance sheet back down to just one times. Just any thoughts on on capital allocation in FY 25? Given that it sounds like you guys have a pretty detailed plan on marketing, but I would expect there's going to be some, some cash left over. So do you have any thoughts on, on buybacks or, or anything there?

很好，最後一個問題是，你們知道，你們已經將資產負債表的槓桿率降回了一倍。對 25 財年的資本配置有什麼想法嗎？鑑於聽起來你們有一個非常詳細的行銷計劃，但我預計會有一些剩餘的現金。那麼您對回購或其他方面有什麼想法嗎？

I mean, listen, take a step back. I think cash generation is a hallmark of the company. I mean, I think we had a fantastic year last year, cash from operating activities, $215 million should be strong. Again this year, we have over $100 million in cash on the balance sheet right now. So we continue to evaluate what the best way to return cash to our shareholders is that look at that pay now, we look at share repurchases, we look at M&A so we'll continue to evaluate that and we'll look at opportunities to buy back shares and really finalize and, and continue to fine tune our capital allocation strategy as we get into the year.

我的意思是，聽著，退後一步。我認為現金生成是公司的一個標誌。我的意思是，我認為去年我們度過了美好的一年，來自經營活動的現金 2.15 億美元應該會很強勁。今年，我們的資產負債表上仍然有超過 1 億美元的現金。因此，我們繼續評估向股東返還現金的最佳方式是什麼，看看現在的薪酬，我們看看股票回購，我們看看併購，所以我們將繼續評估這一點，我們將尋找購買的機會來支持股票並真正最終確定，並在進入今年時繼續微調我們的資本配置策略。

Great. Thanks guys. I'll thank you.

偉大的。謝謝你們。我會謝謝你的。

Thank you, ladies and gentlemen. This concludes our question and answer session. I would now hand the conference over to the management for closing comments.

謝謝你們，女士們、先生們。我們的問答環節到此結束。我現在將把會議交給管理層徵求總結意見。

Thank you so much for joining us today. I'll be available for any follow up calls you may have, and we'll be, I look forward to updating on our first quarter results in January.

非常感謝您今天加入我們。我將隨時接聽您可能接到的任何後續電話，我期待在一月份更新我們第一季的業績。

Thank you. The conference of Simply Good Foods Company has now concluded. Thank you for your participation. You may now disconnect your line.

謝謝。 Simply Good Foods 公司的會議現已結束。感謝您的參與。現在您可以斷開線路。