Simply Good Foods Co (SMPL) 2025 Q1 法說會逐字稿

Greetings and welcome to the Simply Good Foods Company fiscal first quarter 2025 conference call.

歡迎參加 Simply Good Foods Company 2025 財年第一季電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Mark Pogharian, Vice President of Investor Relations for Simply Good Foods Company.

現在我想將會議交給東道主、Simply Good Foods 公司投資者關係副總裁 Mark Pogharian 先生。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Good morning.

早安.

I'm pleased to welcome into the Simply Good Foods Company first quarter fiscal year 2025 earnings call.

我很高興歡迎參加 Simply Good Foods Company 2025 財年第一季財報電話會議。

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.

總裁兼執行長 Geoff Tanner 和財務長 Shaun Mara 將為您提供結果概述，然後進行問答環節。

The company issued its earnings release this morning at approximately 7:00 AM. eastern time.

該公司今天早上 7 點左右發布了財報。東部時間。

A copy of the release and accompanying presentation are available on the investor section of the company's website at www.thesimplygoodfoodscompany.com. This call is being webcast and an archive of today's remarks will also be available.

新聞稿和隨附簡報的副本可在該公司網站 www.thesimplygoodfoodscompany.com 的投資者部分取得。這次電話會議正在網路直播，今天的演講存檔也將提供。

During the course of today's call, management will make forward-looking statements that are subject to various risks and uncertainties that may cause actual results to differ materially.

在今天的電話會議期間，管理層將做出前瞻性聲明，這些聲明受到各種風險和不確定性的影響，可能導致實際結果出現重大差異。

The company undertakes no obligation to update these statements based on subsequent events.

本公司不承擔根據後續事件更新這些聲明的義務。

A detailed listing of such risks and uncertainties can be found in today's press release and the company's SEC filings.

此類風險和不確定性的詳細清單可以在今天的新聞稿和公司向 SEC 提交的文件中找到。

Note that on today's call, we will refer to certain non-GAAP financial measures that we believe will provide useful information for investors.

請注意，在今天的電話會議上，我們將提及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。

Due to the company's asset light, strong cash flow business model, we evaluate our performance on an adjusted basis as it relates to EBITDA and diluted EPS.

由於公司資產輕、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 EBITDA 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.

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。

The acquisition of Only What You Need or OWYN was completed on June 13, 2024.

對 Only What You Need 或 OWYN 的收購已於 2024 年 6 月 13 日完成。

Therefore, the company's year ago performance for the 13 weeks ended November 25, 2023, does not include results from the OWYN business.

因此，該公司截至2023年11月25日的13週的去年業績不包括OWYN業務的業績。

The reference to organic or legacy Simply Good Foods refers to Simply Good Foods business excluding OWYN.

所提及的有機或傳統 Simply Good Foods 是指 Simply Good Foods 業務，不包括 OWYN。

I'll now turn the call over to Geoff Tanner, President and CEO.

現在我將把電話轉給總裁兼執行長 Geoff Tanner。

Thank you, Mark.

謝謝你，馬克。

Good morning and thank you for joining us.

早安，感謝您加入我們。

Today, I will recap Simply Good Foods financial results and the performance of our brands.

今天，我將回顧 Simply Good Foods 的財務表現和我們品牌的表現。

Then Shaun will discuss our financial results in more detail before we wrap it up with a discussion of our fiscal year 2025 outlook and your question.

然後，肖恩將更詳細地討論我們的財務業績，然後我們將討論我們的 2025 財年展望和您的問題。

We're pleased with our fiscal first quarter retail takeaway of about 8%.

我們對第一財季零售額成長約 8% 感到滿意。

Quest's growth was strong despite some chip stockouts early in the quarter and OWYN momentum continued.

儘管本季初出現一些晶片缺貨，但 Quest 的成長依然強勁，而且 OWYN 的勢頭仍在繼續。

This was partially offset by expected Atkins declines, although Atkins performance was slightly better than our estimates.

儘管阿特金斯的業績略好於我們的預期，但這部分被預期的阿特金斯下降所抵消。

Net sales increased 10.6% driven by the OWYN acquisition.

收購 OWYN 推動淨銷售額成長 10.6%。

Legacy net sales were affected by the timing of shipment.

傳統的淨銷售額受到出貨時間的影響。

As Shaun will discuss shortly, we anticipate that legacy shipments and consumption should be more in line by the end of Q2.

正如肖恩稍後將討論的那樣，我們預計到第二季末，傳統出貨量和消費量應該會更加一致。

First quarter growth margin was 38.2% and greater than our forecast.

第一季成長率為 38.2%，高於我們的預期。

The gross profit growth as well as the inclusion of OWYN resulted in adjusted EBITDA growth of 13.1%.

毛利成長以及 OWYN 的納入導致調整後 EBITDA 成長 13.1%。

Shaun will provide you with more details related to our financial performance in a bit.

肖恩稍後將為您提供有關我們財務業績的更多詳細資訊。

Nutritional snacking category momentum continued in the quarter with growth of about 12% that was largely driven by volume.

本季營養零食類別持續保持成長勢頭，成長約 12%，這主要是由銷量推動的。

All major sub segments of the category, bars, shakes, and chips increased in Q1.

此類別的所有主要子細分市場（棒材、奶昔和薯條）在第一季均有所成長。

The growth of the category shows the increasing relevance in mainstreaming of nutritional snacking products as consumers seek high protein, low sugar, low carb food and beverage options.

這個類別的成長表明，隨著消費者尋求高蛋白、低糖、低碳水化合物的食品和飲料選擇，營養零食產品主流化的相關性越來越大。

With three uniquely positioned brands aligned against these consumer mega trends and world class innovation and sales capabilities, we believe Simply Good Foods is well positioned to drive sustained growth and increased shareholder value.

憑藉與這些消費大趨勢一致的三個獨特定位品牌以及世界一流的創新和銷售能力，我們相信 Simply Good Foods 處於有利地位，能夠推動持續成長並增加股東價值。

We're excited about the prospects for the category in our business and we are on track to deliver on our objectives.

我們對該類別在我們業務中的前景感到興奮，並且我們正在實現我們的目標。

As a result, we reaffirm the fiscal year 2025 outlook discussed last quarter.

因此，我們重申上季討論的 2025 財年展望。

Moreover, 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, fiscal year 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.

此外，假設 OWYN 全年的可比業績包含在 2024 財年中，並且排除 2024 財年的第 53 週，則 2025 財年預計將符合該公司的長期演算法，特別是 2024 財年的淨銷售額增長。 4% 至6% 範圍內，調整後EBITDA 成長略大於淨銷售額成長。

Let me now turn to Quest. the increased relevance and mainstreaming of consumers seeking high protein, low sugar, low carb foods is a driver of Quest growth.

現在讓我談談 Quest。追求高蛋白、低糖、低碳水化合物食品的消費者的相關性增強和主流化是 Quest 成長的驅動力。

The brand is one of the pioneers of the mainstreaming of this category and has a broad range of products with this nutritional profile.

該品牌是該類別主流化的先驅之一，擁有多種具有該營養成分的產品。

Quest salty snacks is a great example, as we essentially created a $300 million retail sales business in a short amount of time since the acquisition.

Quest 鹹味零食就是一個很好的例子，因為自收購以來，我們在短時間內就創造了價值 3 億美元的零售業務。

Given the size of the total salty snacks addressable market, we believe we are still in the early innings of growth for this platform.

考慮到鹹味零食潛在市場的規模，我們相信我們仍處於該平台成長的早期階段。

In addition to our portfolio today, our world class R&D team has an impressive pipeline of new products that represent a sustained source of growth for years to come.

除了我們今天的產品組合外，我們世界一流的研發團隊還擁有令人印象深刻的新產品系列，這些新產品代表著未來幾年持續成長的來源。

Unlike many large cap food companies, our outsourced co manufacturing business model provides us with the flexibility to quickly follow the consumer and an efficient way to create new avenues for growth, rather than be constrained by what a specific company owned asset can produce.

與許多大型食品公司不同，我們的外包聯合製造業務模式為我們提供了快速追蹤消費者的靈活性和創造新成長途徑的有效方式，而不是受到特定公司擁有的資產可以生產的產品的限制。

In Q1 Quest retail takeaway growth was 10% and was solid across all major channels and customers.

第一季度，Quest 零售外送成長率為 10%，並且在所有主要通路和客戶中均保持穩定成長。

While early, we're pleased with our recent innovation that is performing in line with our estimates.

雖然還為時過早，但我們對最近的創新感到滿意，其表現符合我們的預期。

This includes new products such as strawberry frosted cookie and baked shop muffins and brownies.

其中包括草莓磨砂餅乾、烘焙店鬆餅和布朗尼等新產品。

In Q1.

在第一季。

Quest's total unmeasured channel retail takeaway increased mid teens driven by strong ecommerce growth of about 18%.

在約 18% 的強勁電子商務成長的推動下，Quest 的未計量通路零售外送總額成長了 15%。

Ecommerce strength was partially offset by softness in specialty channels.

電子商務的強勢被專業通路的疲軟部分抵消。

Quest snacks and bars retail takeaway and the combined measured and unmeasured channels increased about 19% and 1% respectively.

Quest零食和酒吧零售外賣以及已測和未測通路合計分別成長約19%和1%。

We continue to be pleased with our salty snacks POS performance quarter.

我們對鹹味零食 POS 季度業績持續感到滿意。

We were supply constrained.

我們的供應受到限制。

And we start, however, as we noted on the last call coming into the (inaudible) second production line.

然而，正如我們在進入（聽不清楚）第二條生產線的最後一個電話中所指出的那樣，我們開始了。

As we exited Q1 with the second line up and running, we are no longer capacity constrained.

當我們退出第一季並啟動並運行第二條生產線時，我們不再受到產能限制。

And as we enter the New year, New you season, retail inventory is back at optimal level.

隨著我們進入新年、新你季節，零售庫存恢復到最佳水準。

As evidenced, retail takeaway for Quest Chips in November and December was about 35%, the strongest growth rates we've achieved since June.

事實證明，11 月和 12 月 Quest Chips 的零售額增長了約 35%，這是我們自 6 月以來實現的最強勁增長率。

We now have the capability to fully support merchandizing and programming as well as increase distribution.

我們現在有能力全面支持商品推銷和節目製作以及增加分銷。

Quest bar growth of about 1% was relatively in line with expectations.

Quest bar 成長約 1%，比較符合預期。

The brand responded well to targeted marketplace investments in the C store channel.

該品牌對 C 店通路的定向市場投資反應良好。

The retail takeaway improved to nearly 4%.

零售外送改善至近4%。

Despite this, our bar growth is not what we expect from the leading protein bar brand, which is why we are accelerating an exciting new overload bar platform.

儘管如此，我們的蛋白棒成長並未達到我們對領先蛋白棒品牌的預期，這就是為什麼我們正在加速推出令人興奮的新超載棒平台。

Over the remainder of the year, we expect Quest momentum will continue and anticipate fiscal year 2025 retail takeaway growth of 9% to 10%.

在今年剩餘時間內，我們預計 Quest 的動能將持續下去，並預計 2025 財年零售外送將成長 9% 至 10%。

Key drivers of growth include continued chips momentum and a calendar Q1 nationwide trial at a large new club customer.

成長的主要驅動力包括晶片的持續成長勢頭以及在大型新俱樂部客戶處進行的第一季全國範圍內的試用。

We will assess results upon completion of the test that could potentially lead to an expanded presence.

我們將在測試完成後評估結果，這可能會導致擴大業務範圍。

Performance of our new bake shop item that is proving to be highly incremental to both the brand and the category.

事實證明，我們的新烘焙店產品的性能對品牌和品類都有很大的提升。

The February launch of the Quest overload bar platform.

2 月推出 Quest 超載酒吧平台。

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

這些酒吧充滿了內含物，具有獨特的質地和口感，將為酒吧市場帶來多樣性和興奮感。

And finally, a full year of the successful, it's basically cheating advertising campaign.

最後，一整年的成功，基本上都是欺騙性的廣告活動。

GRPs will increase meaningfully in fiscal 2025 particularly in Q2 supporting the New Year, New You Season and should drive greater brand awareness and trial.

GRP 將在 2025 財年顯著增加，特別是在支持新年、新你季節的第二季度，並且應該會推動更高的品牌知名度和試用。

Recall, the campaign debuted in mid-March of 2024 and helped drive an almost immediate lift in consumption.

回想一下，該活動於 2024 年 3 月中旬首次推出，幾乎立即帶動了消費的成長。

Turning to Atkins.

轉向阿特金斯。

Q1 retail takeaway was off 4%.

第一季零售外送下降 4%。

This was slightly better than planned and sequentially improved from the Q4 decline of 5%.

這略好於計劃，比第四季 5% 的下降有所改善。

Better than expected performance was driven by ready-to-drink shakes where retail takeaway increased about 5% with growth in both measured and unmeasured channels.

比預期的表現更好是由即飲奶昔推動的，其中零售外送成長了約 5%，衡量通路和非衡量通路均有所成長。

We're particularly pleased that total brand retail takeaway increased at Atkin's two largest customers which when combined represents about 50% of total brand retail dollar sales.

我們特別高興的是，阿特金兩位最大客戶的品牌零售總額增加，這兩位客戶合計約佔品牌零售總額的 50%。

Specifically, e-commerce PLS increased 12% driven by growth of all three major forms, bars, shakes, and confections.

具體而言，在巧克力棒、奶昔和糖果這三種主要形式的成長推動下，電子商務 PLS 成長了 12%。

Additionally, retail takeaway at Atkins largest customer increased about 2% driven by shakes growth of 13%.

此外，在奶昔成長 13% 的推動下，阿特金斯最大客戶的零售外送成長了約 2%。

We remain focused on executing the Atkins revitalization plan and continue to be optimistic about the long-term future for the brand, especially given the renewed cultural conversation and relevance of weight wellness driven in part by the new weight loss drugs.

我們仍然專注於執行阿特金斯振興計劃，並繼續對品牌的長期未來持樂觀態度，特別是考慮到新的減肥藥物在一定程度上推動了新的文化對話和體重健康的相關性。

The new Atkins items we launched in the fall are performing well and importantly, are significantly outperforming the items they replaced.

我們在秋季推出的新阿特金斯產品表現良好，重要的是，其性能明顯優於它們所取代的產品。

The top performing items are the 30 gram Atkins strong protein shake and Atkins indulge gummies and truffles.

表現最好的產品是 30 克 Atkins 強蛋白奶昔和 Atkins 軟糖和松露。

We know innovation is critical for the brands and I'm pleased with the multi-year pipeline we now have in place.

我們知道創新對品牌至關重要，我對我們現在擁有的多年管道感到滿意。

The new advertising campaign, Atkins Way has been in market since September and more strongly positioned.

新的廣告活動「Atkins Way」自 9 月以來已投放市場，定位更加穩固。

Atkins is a weight wellness brand.

阿特金斯是一個體重健康品牌。

The top performing spot specifically references the new GLP-1 drug and positions Atkins as a sustainable and diet free way for GLP-1 consumers.

表現最好的廣告特別提到了新的 GLP-1 藥物，並將阿特金斯定位為 GLP-1 消費者的可持續且無節食的方式。

And by extension, anyone who has lost weight to hold on to their weight loss gain.

推而廣之，任何減肥的人都可以維持減重後的體重增加。

These ads scored exceptionally well and while early we believe they are contributing to the improved results we've seen this quarter.

這些廣告的得分非常高，雖然我們很早就相信它們對我們本​​季看到的業績改善做出了貢獻。

Other elements of the revitalization plan including new packaging, bar reformulation, and enhanced category management capabilities attracting to plan.

振興計畫的其他要素包括新包裝、酒吧重新配方以及增強吸引計畫的品類管理能力。

However, despite the recent progress, we continue to anticipate Atkin's fiscal year 2025 retail takeaway to decline high single digits recall.

然而，儘管最近取得了進展，我們仍然預計阿特金 2025 財年零售外賣將下降高個位數召回率。

We are proactively eliminating low ROI investments including trade and marketing programs that don't meet specific ROI hurdles.

我們正在積極消除低投資報酬率投資，包括不符合特定投資報酬率障礙的貿易和行銷計劃。

The effect of these decisions will disproportionately affect retail takeaway over the balance of the fiscal year particularly in calendar Q1 where [PLS] could be down low double digits.

這些決定的影響將不成比例地影響本財年剩餘時間的零售外賣，特別是在第一季度，[PLS] 可能會下降兩位數。

Additionally, during the new year, new year season, we will not repeat a large volume driving promotion at Atkins largest customer.

另外，新年期間，我們不會在阿特金斯最大的客戶那裡重複進行大量的駕駛促銷活動。

These are difficult decisions but necessary to ensure Atkins is a long-term sustainable business.

這些都是艱難的決定，但對於確保阿特金斯成為長期可持續發展的企業來說是必要的。

Also, as mentioned last quarter in the space constrained club channel, we lost distribution in October and as expected, we will see some further losses in this channel in the spring.

此外，正如上個季度在空間有限的俱樂部管道中提到的，我們在 10 月失去了分銷，正如預期的那樣，我們將在春季看到該管道的進一步損失。

However, we are having very productive discussions with this customer to repurpose and optimize the space with other Simply Good Food brands and form.

然而，我們正在與該客戶進行非常富有成效的討論，以與其他 Simply Good Food 品牌和形式重新利用和優化該空間。

More to come here in the second half of the year.

下半年還會有更多的事情來到這裡。

In summary, we continue to believe in the long term vitality of Atkins, and I'm pleased with the progress we're making to revitalize and position the brand for a new era of weight wellness.

總之，我們仍然相信阿特金斯的長期活力，我對我們在振興品牌並為其定位於體重健康新時代方面所取得的進展感到高興。

We believe the actions we are taking should improve the trajectory of the brand as we exit fiscal Q4 and enter fiscal '26, all in support of building a healthy, profitable, and sustainable long term business.

我們相信，隨著我們退出第四財季並進入第二十六財年，我們正在採取的行動應該會改善品牌的發展軌跡，所有這些都是為了支持建立健康、盈利和可持續的長期業務。

However, as we have previously stated, it will take time to get there.

然而，正如我們之前所說，要實現這一目標需要時間。

Turning to OWYN, retail takeaway of 67% in the combined measured and unmeasured channels was driven by both distribution and velocity increases.

就 OWYN 而言，經衡量和未經衡量的通路中 67% 的零售外送是由分銷和流通速度的成長所推動的。

In the measured channel universe, OWYN is the third largest sports nutrition multipack brand in the US and growing the fastest in dollar sales.

在可測通路範圍內，OWYN 是美國第三大運動營養合裝品牌，銷售額成長最快。

Our measured channel growth was a solid 39%.

我們測得的通路成長率為 39%。

We continue to be excited about the acquisition and the runway for sustained profitable growth.

我們仍然對此次收購和持續獲利成長的跑道感到興奮。

OWYN is the leading plant based ready to drink protein shake in the market.

OWYN 是市面上領先的植物性即飲蛋白奶昔。

The brand continues to outpace growth of both the plant and dairy based protein shake segment because of its superior taste profile that also appeals to mainstream consumers.

該品牌的成長速度持續超過植物和乳製品蛋白奶昔領域，因為其卓越的口味也吸引了主流消費者。

Conversations with retailers are universally and unanimously positive and we expect both near term and long term distribution growth, not just of the existing lines, but also new flavors and pack sizes.

與零售商的對話普遍一致積極，我們預期近期和長期的分銷成長，不僅是現有系列，還有新口味和包裝尺寸。

Looking a little further out, I'm excited by what I'm already seeing from our joint R&D team in terms of where we can further extend the brand.

再往前看一點，我對我們的聯合研發團隊已經看到的關於我們可以進一步擴展品牌的內容感到興奮。

We continue to have confidence, we'll double net sales in three to four years.

我們仍然有信心，我們將在三到四年內將淨銷售額翻倍。

The integration is progressing as planned.

整合正在按計劃進行。

As a reminder to align with our fiscal year in 2025 we will achieve the majority of the synergy about 80% at the onset or first day of fiscal 2026.

為了與 2025 財年保持一致，我們將在 2026 財年開始或第一天實現約 80% 的大部分綜效。

This should result in OWYN fiscal 2026 adjusted EBITDA margin the mid to high teen.

這應該會導致 OWYN 2026 財年調整後的 EBITDA 利潤率為中位數至高位數。

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.

總而言之，Simply Good Foods 擁有獨特的定位，是營養零食類別中淨銷售額達 14 億美元的領先者，擁有跨品牌和產品形式的多元化產品組合。

We're pleased with our Q1 results and retail takeaway on all three brands.

我們對第一季的業績和所有三個品牌的零售業績感到滿意。

Additionally, while early Q2 is tracking to our expectations.

此外，雖然第二季初的情況符合我們的預期。

Although as we discussed, the proactive reduction of Atkins' low ROI investment and lost club distribution will pressure brand performance.

儘管正如我們所討論的，阿特金斯主動減少低投資回報率投資和失去俱樂部分銷將給品牌績效帶來壓力。

However, as I stated earlier, we believe our category and our brands represent the future of food and beverage given the increased relevance and mainstreaming of consumers seeking high protein, low sugar, low carb foods and beverages.

然而，正如我之前所說，鑑於尋求高蛋白、低糖、低碳水化合物食品和飲料的消費者的相關性和主流化程度不斷提高，我們相信我們的品類和品牌代表了食品和飲料的未來。

We have three brands that are aligned with this consumer megatrend and world class innovation and sales capabilities that we believe position us well to drive sustained growth and increased shareholder value.

我們擁有三個符合這一消費大趨勢的品牌以及世界一流的創新和銷售能力，我們相信這使我們能夠很好地推動持續成長並增加股東價值。

Now I'll turn the call over to Shaun who will provide you with some greater financial details.

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詳細資訊。

Thank you, Geoff.

謝謝你，傑夫。

Good morning, everyone.

大家早安。

I will begin with an overview of our net sales.

我將首先概述我們的淨銷售額。

Total Simply Good Foods' first quarter net sales of $341.3 million increased 10.6% versus last year, primarily driven by the OWYN acquisition.

Total Simply Good Foods 第一季淨銷售額為 3.413 億美元，比去年同期成長 10.6%，主要是由於收購 OWYN 所致。

We're very pleased with OWYN's performance and given the strong [POS] growth, OWYN's net sales increase was slightly greater than our plan.

我們對 OWYN 的業績非常滿意，鑑於 [POS] 的強勁增長，OWYN 的淨銷售額增幅略高於我們的計劃。

Legacy Q1 net sales of $309 million was about the same as the year ago period.

Legacy 在第一季淨銷售額為 3.09 億美元，與去年同期基本持平。

Atkins was in line with our estimates and Quest was less than planned due to the timing of shipments that occurred subsequent to the end of the first quarter.

Atkins 符合我們的預期，而 Quest 則低於計劃，因為發貨時間發生在第一季末之後。

We estimate the timing of shipments that slipped into the second quarter was about a 3 percentage point miss and nonprice display and promotion captured between gross and net sales was a 1 percentage point headwind to growth.

我們估計，第二季的出貨時間大約落後了 3 個百分點，總銷售額和淨銷售額之間的非價格展示和促銷對成長造成了 1 個百分點的阻力。

Importantly, demand for our products is strong as evidenced by the Q1 Legacy US retail takeaway increase of about 4%.

重要的是，對我們產品的需求強勁，第一季 Legacy 美國零售外送成長約 4% 就證明了這一點。

As we have said in the past, quarterly net sales and POS may not align due to timing of shipments, but we are confident that it should be more in line by the end of Q2 and somewhat similar by year end.

正如我們過去所說，季度淨銷售額和 POS 可能因發貨時間而不一致，但我們有信心到第二季度末應該會更加一致，到年底會有些相似。

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 $130.5 million, an increase of $15.4 million from the year ago period driven by lower than anticipated legacy business ingredient and packaging costs as well as the inclusion of [OWYN] This was partially offset by a non-cash $1 million inventory purchase accounting step up adjustment related to the OWYN acquisition.

毛利為 1.305 億美元，較上年同期增加 1,540 萬美元，原因是遺留業務成分和包裝成本低於預期，以及納入 [OWYN]。收購相關的調整力道。

As a result, gross margin was 38.2%, a 90 basis points increase versus last year.

結果，毛利率為38.2%，比去年增加了90個基點。

The non-cash inventory purchase accounting step up adversely affect the gross margin by 30 basis points.

非現金庫存採購核算的加強對毛利率產生了 30 個基點的不利影響。

Adjusted EBITDA was $70.1 million an increase of $8.1 million from the year ago period.

調整後 EBITDA 為 7,010 萬美元，比去年同期增加 810 萬美元。

Selling and marketing expenses increased $1 million to $33 million, primarily due to the inclusion of OWYN.

銷售和行銷費用增加了 100 萬美元，達到 3,300 萬美元，主要是由於 OWYN 的納入。

GAAP G&A expenses were $38.1 million, an increase of $11.1 million versus last year.

GAAP G&A 費用為 3,810 萬美元，比去年增加 1,110 萬美元。

The increase was primarily due to higher legacy employee related costs and corporate expenses, the inclusion of OWYN, as well as business combination and integration expenses.

這一增長主要是由於舊員工相關成本和公司費用增加、OWYN 的納入以及業務合併和整合費用增加。

Excluding stock based compensation as well as business combination integration costs, Q1 G&A increased $6.8 million to $29.5 million.

不包括股票薪酬以及業務合併整合成本，第一季一般管理費用增加 680 萬美元，達到 2,950 萬美元。

Net interest income and interest expense was $7.1 million, an increase of $2.1 million versus Q1 of fiscal 2024.

淨利息收入和利息支出為 710 萬美元，比 2024 財年第一季增加 210 萬美元。

The increase versus the year ago period is primarily driven by a higher debt balance 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。

Our Q1 effective tax rate was about 20% lower than the year ago period due to equity compensation.

由於股權補償，我們第一季的有效稅率比去年同期低約 20%。

We continue to anticipate the fiscal year 2025 tax rate to be around 25%.

我們繼續預期 2025 財年稅率為 25% 左右。

As a result, net income was $38.1 million versus $35.6 million last year.

結果，淨利潤為 3,810 萬美元，而去年為 3,560 萬美元。

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的稀釋每股盈餘的調節表。

First quarter reported PS was $0.38 per share diluted compared to $0.35 per share diluted in 2024.

第一季攤薄後每股收益為 0.38 美元，而 2024 年攤薄後每股收益為 0.35 美元。

Adjusted diluted EPS was $0.49 compared to $0.43 in the year ago period.

調整後攤薄每股收益為 0.49 美元，去年同期為 0.43 美元。

Note that we calculate adjusted diluted EPS, as [adjusted EBITDA] the less interest income, interest expense and income taxes.

請注意，我們計算調整後稀釋每股收益，因為[調整後 EBITDA] 減去利息收入、利息支出和所得稅。

We've referred to today's press release for an explanation and reconciliation of non-GAAP financial measures.

我們參考了今天的新聞稿，對非公認會計準則財務指標進行了解釋和調整。

Moving to the balance sheet and cash flow as of November 30, 2024, the company had cash of $121.8 million.

截至 2024 年 11 月 30 日的資產負債表和現金流量顯示，該公司擁有現金 1.218 億美元。

Cash flow from operations in Q1 was about $32 million compared to $47.5 million last year.

第一季營運現金流約為 3,200 萬美元，而去年為 4,750 萬美元。

The decline was primarily due to higher networking capital, principally inventory including OWYN.

下降的主要原因是網路資本增加，主要是包括 OWYN 在內的庫存。

During the quarter, the company repaid $50 million of its term loan debt.

本季度，該公司償還了 5,000 萬美元的定期貸款債務。

And at the end of the first quarter, the outstanding principal balance was $350 million.

截至第一季末，未償本金餘額為3.5億美元。

Capital expenditures in Q1 were $300,000.

第一季的資本支出為 30 萬美元。

Despite this, in fiscal year 2025, we continue to expect CapEx to be in a $10 million to $15 million range.

儘管如此，我們仍預期 2025 財年的資本支出將在 1,000 萬至 1,500 萬美元範圍內。

In fiscal year 2025, we anticipate net interest expense to be around $23 million to $25 million including non-cash amortization expense related to the deferred financing fees.

2025 財年，我們預計淨利息費用約為 2,300 萬至 2,500 萬美元，包括與遞延融資費用相關的非現金攤提費用。

Now, to wrap up with our outlook.

現在，總結一下我們的展望。

Due to solid retail takeaway, visibility in the second quarter orders, and strong adjusted EBITA growth to start the year, we reaffirm our fiscal year 2025 outlook.

由於零售業務穩健、第二季度訂單可見度以及年初調整後的息稅折舊攤銷前利潤 (EBITA) 強勁增長，我們重申 2025 財年展望。

We expect organic sales growth to be driven primarily by volume, and have strong advertising and marketing plans in place, as well as innovation, merchandizing, and promotions that should enable us to achieve our objectives.

我們預計有機銷售成長將主要由銷售驅動，並制定了強有力的廣告和行銷計劃，以及創新、推銷和促銷活動，使我們能夠實現我們的目標。

As discussed last quarter, the company expects input cost inflation in fiscal year 2025 with headwinds increasing beginning in the second quarter.

正如上季所討論的，該公司預計 2025 財年的投入成本將會上漲，而阻力將從第二季開始增加。

There is no material change to the company's fiscal year 2025 gross margin outlook with productivity and cost savings initiatives expected to partially offset these higher costs.

該公司 2025 財年的毛利率前景沒有重大變化，生產力和成本節約措施預計將部分抵銷這些較高的成本。

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

因此，2025財年該公司公佈的淨銷售額預計將成長8.5%至10.5%。

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

其中，我們預計 OWYN 2025 財年的淨銷售額將在 1.35 億至 1.45 億美元之間。

And total company adjusted EBITA is expected to increase 4% to 6%.

公司調整後的 EBITA 總額預計將成長 4% 至 6%。

Note that the 53rd week in fiscal year 2024 is about a 2 percentage points headwind to both net sales and adjusted EBITDA growth in fiscal year 2025.

請注意，2024 財年的第 53 週對於 2025 財年的淨銷售額和調整後 EBITDA 成長來說大約有 2 個百分點的阻力。

Before we move to Q&A, I want to take a moment and highlight this will be Mark Pogharian's last conference call as head of investor relations at Simply Good Foods as he will be retiring later this spring.

在我們進行問答之前，我想花點時間強調一下，這將是 Mark Pogharian 作為 Simply Good Foods 投資者關係主管的最後一次電話會議，因為他將於今年春天晚些時候退休。

I have worked with Mark for many years, and I want to thank him for his leadership across a number of functions in particular, leading us through our destock process, multiple M&A transactions, and building a strong IR practice here at Simply Good Foods.

我與 Mark 共事多年，我要感謝他在多個職能部門的領導，特別是他帶領我們完成了去庫存流程、多項併購交易，並在 Simply Good Foods 建立了強大的 IR 實踐。

On behalf of the management team and board of directors, we commend Mark on a great career and wish him well.

我們代表管理團隊和董事會，讚揚馬克的出色職業生涯並祝他一切順利。

As we move forward, I am proud to announce that Josh Levine joined the company last month with a plan for him to succeed Mark beginning in February.

隨著我們的前進，我很自豪地宣布 Josh Levine 上個月加入了公司，並計劃從二月開始接替 Mark。

Many of you know Josh, from his prior roles on the sell and buyside as well as his time at several brands.

你們中的許多人都認識喬什，因為他之前在賣方和買方擔任過職務，也曾在多個品牌工作過。

Josh is a seasoned and experienced professional and given the overlap with Mark, we know it will be a seamless transition.

喬許是一位經驗豐富的專業人士，考慮到與馬克的重疊，我們知道這將是一個無縫的過渡。

We appreciate everybody's interest in our company and we're now available to take your questions.

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。

(Operator Instructions)

（操作員說明）

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

Good morning.

早安.

Thanks for the questions and congratulations both Mark and Josh.

感謝馬克和喬希的提問和祝賀。

I hope for you just fine tune expectations, I guess, on the gross margin side.

我想，我希望你能在毛利率方面微調預期。

I think you previously discussed around 200 basis points of gross margin compression in each of the next three quarters.

我想您之前討論過未來三個季度每季毛利率壓縮約 200 個基點。

Is this still the outlook or might there be a bit more nuance to consider from quarter to quarter at this point?

這仍然是前景嗎？

Yeah, I mean, let's take a step back on Q1 first of all.

是的，我的意思是，讓我們先回顧一下第一季。

So the headline for Q1 is the margin came in better than we thought.

因此，第一季的標題是利潤率比我們想像的要好。

That's largely due to more favorable commodities than we had forecasted.

這主要是由於大宗商品比我們預期的更有利。

The main reason here is the fact that our commands had slightly higher levels of lower priced raw materials than we expected.

主要原因是我們的訂單中低價原料的水平略高於我們的預期。

Took a little longer for the higher cost raw material inventory to flow through the P&L.

成本較高的原料庫存需要更長的時間才能流經損益表。

Our guidance for the full year holds around down 200.

我們對全年的指引保持在 200 左右。

Q1 favorability helping it offset greater than expected inflation we're seeing in cocoa in a way that will happen towards the end of the year.

第一季的好感有助於抵消我們在年底前看到的可可超出預期的通膨。

As it relates to Q2, we expect gross margin decline to be close to about 300 basis points versus last year as the flow through the higher commodity cost we thought about in Q1 will hit us in Q2, in addition to the impact of OWYN, which is about a third of the decline.

就第二季度而言，我們預計毛利率將比去年下降約 300 個基點，因為我們在第一季度考慮的商品成本較高的流量將在第二季度受到影響，此外還有 OWYN 的影響。幅度約為三分之一。

You didn't ask the question, but overall, from a coverage standpoint, we're covered through fiscal Q3 a little longer with the flow through to the P&L.

您沒有問這個問題，但總體而言，從覆蓋範圍的角度來看，我們在第三財季的覆蓋時間更長一些，並且流向損益表。

I want to be cautious here as we consider the inflationary levels of some of the input costs, particularly coco one way.

當我們考慮某些投入成本的通膨水準時，我想保持謹慎，尤其是可可。

All that said we're in a much better sense of where we are for margin for the year and the April conference call.

綜上所述，我們對今年的利潤率和四月的電話會議有了更好的了解。

At that point in time, we commodities largely locked up for the year.

那時，我們的大宗商品基本上已經鎖定了一年。

So did I answer to your question or not?

那我有沒有回答你的問題呢？

That answered it in more.

這在更多內容中得到了回答。

So, thank you for that.

所以，謝謝你。

Second, you noted the collaborative discussions with a flood channel customer just related to kind of offsetting the distribution losses for Atkins and repurposing that.

其次，您注意到與洪水渠道客戶的合作討論只是與抵消阿特金斯的分銷損失並重新利用它有關。

Just I know it's still early but any details on kind of what products are really being focused on here and when that placement might take hold?

我只知道現在還為時過早，但有關這裡真正關注的產品類型以及該佈局何時可以實施的任何詳細資訊？

It's a little early.

時間有點早了。

You know, we're, we're midway through those conversations that have been very productive.

你知道，我們正在進行那些非常有成效的對話。

They're big fans of both Quest and OWYN.

他們是 Quest 和 OWYN 的忠實粉絲。

And both brands have have opportunity there.

這兩個品牌都有機會。

Hopefully, by April we will be able to share more detail on where we see opportunity across both of those businesses.

希望到四月我們能夠分享更多關於我們在這兩個業務中看到的機會的細節。

Great.

偉大的。

Thank you.

謝謝。

Matt Smith, Stifel.

馬特史密斯，史蒂菲爾。

Hi, good morning.

嗨，早安。

And before jumping in, Mark, thanks for the help over the years, wish you well in and what comes next.

在開始之前，馬克，感謝您多年來的幫助，祝您一切順利以及接下來會發生什麼。

Geoff, just to start at a high level, the overall category growth remains a stand out in the store with volume growth accelerating on a sequential basis.

傑夫，從高水準開始，整體品類成長仍然在商店中表現突出，銷售成長環比加速。

As you look at the category and the sub segments that drove the sequential improvement.

當您查看推動連續改進的類別和子細分市場。

Has your expectation for the category growth changed over the remainder of fiscal '25?

您對 25 財年剩餘時間內該品類成長的預期是否發生了變化？

Not materially, Matt.

不是物質上的，馬特。

We continue to be excited about the level of growth we are seeing which is high single digit on average.

我們仍然對我們所看到的平均高個位數的成長水平感到興奮。

And as you noted, it is materially greater than rest of food and beverage.

正如您所指出的，它在實質上比其他食品和飲料要多。

They are -- the reason that nutritional snacking is a standout is that we continue to see a mainstreaming of demand for nutritional food and beverage products.

它們是——營養零食之所以脫穎而出，是因為我們繼續看到對營養食品和飲料產品的需求主流化。

The products that historically perhaps would have been more specialty or targeted towards athletes or your gym goers are now mainstreaming, as consumers seek high protein, low sugar, low carb.

歷史上可能更專業或針對運動員或健身愛好者的產品現在已成為主流，因為消費者尋求高蛋白、低糖、低碳水化合物。

And this trend is accelerating.

而且這種趨勢正在加速。

It's backed by science.

它有科學支持。

It's amplified on social media.

它在社交媒體上被放大。

One of the drivers of the growth underlying that is that we continue to bring new products to market that are more mainstream.

成長的驅動因素之一是我們不斷向市場推出更主流的新產品。

Products like chips where we built a $300 million business.

我們在晶片等產品上建立了價值 3 億美元的業務。

We're very pleased with the early read on that bake shop platform.

我們對烘焙店平台上的早期閱讀感到非常滿意。

We've got a crackers' business that we're going to be able to accelerate as we get additional supply.

我們有餅乾業務，隨著我們獲得額外的供應，我們將能夠加速業務。

And as we bring more mainstream products to the market, what we're seeing is those products are bringing in more and more consumers and they're more -- they're highly incremental to the category.

隨著我們將更多主流產品推向市場，我們看到這些產品正在吸引越來越多的消費者，而且它們對該類別的影響力非常大。

So I think that this represents -- what we're seeing is a long term trend.

所以我認為這代表了我們所看到的是一個長期趨勢。

And very simply, it's consumers seeking high protein versus high carbs and seeking low sugar and products, where we will continue to be the leader in offering them more choices.

很簡單，消費者尋求高蛋白質而不是高碳水化合物，並尋求低糖和產品，我們將繼續成為為他們提供更多選擇的領導者。

And I will say that that trend is also obviously noticed very much by retailers, who are working with us very proactively on how we can expand the presence of those products in the store.

我要說的是，零售商顯然也非常注意到這一趨勢，他們正在積極主動地與我們合作，研究如何擴大這些產品在商店中的存在。

Thank you for that, Geoff.

謝謝你，傑夫。

And Shaun, as a follow up to the comments on the shipment timing, there are three points of timing impact in the first quarter.

Shaun，作為對出貨時間評論的跟進，第一季有三個時間點影響。

Can you clarify if that was entirely for the Quest brand?

您能澄清一下這是否完全是為了 Quest 品牌嗎？

And is the comment that shipments and take away are more aligned in 2Q, imply that headwind reverses in the second quarter.

還有評論稱第二季度的出貨量和帶走量更加一致，這意味著第二季度的逆風將逆轉。

So that fiscal year-to-date consumption and shipments are aligned or that shipments and consumption align going forward without that reversal?

那麼，本財年迄今的消費和出貨量是否保持一致，或者未來的出貨量和消費是否保持一致，而不會出現這種逆轉？

Okay.

好的。

Fair question.

公平的問題。

I know it's a little complicated.

我知道這有點複雜。

So let me just start with the quarter.

讓我從本季開始吧。

To answer your specific question about Quest, it's probably about two thirds of the three points if you want to call it that.

要回答你關於 Quest 的具體問題，如果你想這樣稱呼它，它可能大約是三分之二。

So the driver here is really timing of shipments to a single customer for Quest at the end of the quarter where we think the focus for that customer was on Black Friday and separate money, less so on the food side.

因此，這裡的驅動因素實際上是在季度末向 Quest 的單一客戶發貨的時間，我們認為該客戶的重點是黑色星期五和單獨的錢，而在食品方面則較少。

The balance of the changes is basically gross net adjustments.

變動餘額基本上為淨調整總額。

If I just take a step back and look at consumption, overall, consumption continues to be solid.

如果我退後一步看看消費，整體而言，消費仍然強勁。

We're essentially on plan through the first quarter, up 4% on a combined legacy basis.

第一季我們基本上按計劃進行，在合併遺留基礎上成長 4%。

Quest is up around 10% snacking, and as Geoff said, in particular, chips continuing to grow nicely and even bars up again.

Quest 的零食價格上漲了 10% 左右，正如 Geoff 所說，薯片的增長尤其強勁，甚至再次上漲。

At the same time, Atkins came in a little better than we were thinking helped by performance in the two key customers, as Geoff mentioned with innovation and performance in RTVs encouraging for us.

同時，阿特金斯的表現比我們想像的要好一些，這得益於兩個主要客戶的業績，正如 Geoff 所提到的，RTV 的創新和性能對我們來說是令人鼓舞的。

As we look to Q2, we accept shipments and consumption to be much more in line with each other.

展望第二季度，我們認為出貨量和消費量更一致。

If you look at it by brand, we continue to expect Quest consumption to be high single digit, low double digits.

如果以品牌來看，我們仍然預期 Quest 消費量將處於高個位數、低兩位數的水平。

Shipments largely in line with consumption through the first half.

上半年出貨量與消費量大致一致。

Atkins could show high single digit declines in Q2 driven by a number of items we've previously talked about.

由於我們之前討論過的許多項目的推動，阿特金斯可能會在第二季度出現高個位數的下降。

Reducing the low roi trade events.

減少低投資報酬率的貿易事件。

Additionally, in Q2, we anticipate shipments will trail consumption due to expected club distribution losses.

此外，由於預期的俱樂部分銷損失，我們預計第二季的出貨量將落後於消費。

So for the first half, we'll be largely in line with consumption overall.

因此，上半年，我們基本上將與整體消費保持一致。

For the full year, we expect consumption and shipments to be largely in line by the end of the year.

就全年而言，我們預計到年底消費量和出貨量將基本保持一致。

Does that help you, Matt?

這對你有幫助嗎，馬特？

Yes, thank you for that.

是的，謝謝你。

I'll leave it there and pass it on.

我會把它留在那裡並傳遞下去。

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

Good morning.

早安.

Mark, all the best.

馬克，一切順利。

Many thanks for your assistance over the years, greatly appreciate it.

非常感謝您多年來的幫助，非常感謝。

Maybe first question.

也許是第一個問題。

I wanted to come back to the innovation that was launched at the end of the summer, both for Atkins snacks and the Quest bake shop.

我想回到夏末為阿特金斯零食和 Quest 烘焙店推出的創新。

The run rate contributions are created by about two points to sales in Nielsen.

尼爾森的運行率貢獻約為銷售額的兩個百分點。

And I know it's still early.

我知道現在還早。

But can you comment at all, Geoff, on what you're seeing?

但傑夫，你能對你所看到的內容發表評論嗎？

How incremental are these products?

這些產品的增量有多大？

Do you have a sense for the return of lapsed users to the brand?

您對流失用戶回歸品牌有感覺嗎？

Is it mostly new first time consumers?

大部分是首次消費的新消費者嗎？

Just any high level thoughts there would be appreciated.

任何高層次的想法都會受到讚賞。

Yeah, let me start with Atkins.

是的，讓我從阿特金斯開始。

We are very pleased with how the new items are performing.

我們對新產品的表現非常滿意。

And Recall, we launched around about 17 new items in the fall that essentially replaced items on shelf.

回想一下，我們在秋季推出了大約 17 種新產品，基本上取代了貨架上的產品。

Those new items are outperforming the items they replaced by about 2 to 1.

這些新產品的性能優於它們所取代的產品，比例約為 2 比 1。

And as you look at the sequential improvement we've been seeing in Atkins, that's a key driver of that improvement.

當你看到我們在阿特金斯身上看到的連續改進時，你會發現這是這種改進的關鍵驅動力。

And to drill down one more level, the top performing new items are the Atkins strong, a 30 gram shake which is highly incremental to the Atkins brand.

再深入一層，表現最好的新產品是阿特金斯強效奶昔，這是一種 30 克的奶昔，對阿特金斯品牌來說是高度增量的。

And actually proven to be relatively incremental to the category.

事實上，事實證明，該類別相對增量。

And then you have gummies and chocolates also performing very well, gummies in particular is proving out to be highly incremental.

然後，軟糖和巧克力的表現也非常好，特別是軟糖被證明是高度增量的。

Turning to Quest.

轉向任務。

As I referenced, I think it was Matt's question.

正如我所提到的，我認為這是馬特的問題。

The Bake Shop platform is meeting our expectations.

Bake Shop 平台滿足了我們的期望。

It's proven to be 50% incremental to Quest and 30% incremental to the category.

事實證明，它比 Quest 增加了 50%，比同類產品增加了 30%。

And this comes back to the view that we have around how this category is mainstreaming that when we bring more products that are beyond just sizes and shapes, we're reaching new consumers.

這又回到了我們圍繞這一類別如何成為主流的觀點，即當我們帶來更多超出尺寸和形狀的產品時，我們正在吸引新的消費者。

They're coming to the category.

他們即將進入這個類別。

And what we're seeing early is that those consumers then that becomes a gateway into other products across the business.

我們早期看到的是，這些消費者將成為進入整個企業其他產品的門戶。

And certainly, that's what we saw on Quest Chips.

當然，這就是我們在 Quest Chips 上看到的。

The Quest Chips, which is our $300 million business has become a gateway into the rest of the portfolio.

Quest Chips 是我們價值 3 億美元的業務，它已成為進入其他產品組合的門戶。

On Quest.

在探索中。

So it's an astute question because to judge innovation, you want to look at how well is it performing in total.

所以這是一個敏銳的問題，因為要判斷創新，你需要看看它的整體表現如何。

But importantly, how incremental is it, how incremental is it to the brand and how incremental is it to the category.

但重要的是，它的增量有多大，品牌的增量有多大，對品類的增量有多大。

And on both of those measures, I'm very pleased on both Quest and Atkins.

就這兩項指標而言，我對 Quest 和阿特金斯都非常滿意。

Okay.

好的。

Thanks for that.

謝謝你。

And then on OWYN, Q1 sales I think were better than expected.

然後，我認為 OWYN 第一季的銷售比預期好。

You reiterated the guide for the full year.

您重申了全年的指導方針。

In terms of the sales drivers, you're looking at the Nielsen data.

就銷售驅動因素而言，您正在查看尼爾森數據。

It looks as though the multipacks are becoming a larger share of sales.

看起來合裝包在銷售中所佔的份額越來越大。

You've got some new flavors seeing a strong contribution.

您已經看到了一些新口味的巨大貢獻。

And in distribution also building, it looks like a bit in the drug channel as well.

在分銷和建設方面，它看起來也有點像毒品管道。

Are there any components over the next 9 to 12 months, are tracking more broadly, better than expected or areas where you see potential risks at this point, whether it's supply chain, shelf resets, just your thoughts there in terms of the balance of upside versus downside?

未來 9 到 12 個月是否有任何組成部分，是否有更廣泛、比預期更好的跟踪，或者您目前看到潛在風險的領域，無論是供應鏈、貨架重置，還是您對上行平衡的看法與缺點？

Yeah, we look, we continue to be really pleased with how OWYN is performing.

是的，我們看起來，我們仍然對 OWYN 的表現感到非常滿意。

Very pleased with the acquisition, consumption, nearly 70% in Q1.

對收購、消費非常滿意，第一季接近 70%。

And you know, notably you're seeing growth in both distribution and velocity.

你知道，值得注意的是，你看到了分佈和速度的成長。

You don't normally see those two trend in the same direction but we are with OWYN.

您通常不會看到這兩個趨勢朝同一方向發展，但我們支持 OWYN。

As you know, the growth is coming from the core.

如您所知，成長來自核心。

And multi pack in particular has been a GAAP on the business that we have been working against, and we continue to drive additional doors on the business.

尤其是多件裝，這一直是我們一直在努力爭取的業務中的公認會計原則，並且我們將繼續推動該業務的更多發展。

In recent customer meetings, they're very positive and we have strong support for expanded distribution gains across 2025.

在最近的客戶會議上，他們非常積極，我們強烈支持在 2025 年擴大分銷收益。

I would also highlight powders.

我還要強調粉末。

It's a smaller part of the business right now.

目前它只佔業務的一小部分。

But it is growing and is proving to be highly incremental.

但它正在增長，並且被證明是高度增量的。

If you think OWYN, the average number of SKUs at retail is about six.

如果您想到 OWYN，零售店的 SKU 平均數量約為 6 個。

Okay, so there is significant headroom for multipacks.

好的，所以合裝包還有很大的空間。

LTO is limited time offerings and just expanding the number of doors.

LTO 是限時產品，只是增加了門的數量。

Then household penetration obviously is low awareness is low.

那麼家庭普及率顯然是低的，認知度也是低的。

So you know that's why we're confident that we'll be able to deliver on our commitment for this business to double sales in the next three to four years.

所以你知道，這就是為什麼我們有信心兌現我們對這項業務的承諾，在未來三到四年內將銷售額翻倍。

Thanks, Geoff.

謝謝，傑夫。

Thanks, Shaun.

謝謝，肖恩。

Thank you.

謝謝。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Hey, great.

嘿，太棒了。

Good morning, everybody.

大家早安。

Geoff, I wanted to drill into some of your comments on Atkins, if I could.

傑夫，如果可以的話，我想深入了解您對阿特金斯的一些評論。

So I 100% appreciate the incremental headwinds that will build January forward on the brand, consistent with what you call that coming into the year.

因此，我 100% 欣賞增量逆風，這將使品牌在 1 月向前發展，這與你所說的進入今年是一致的。

But as you also highlighted, the consumption through December has been ahead of expectation.

但正如您也強調的那樣，12 月的消費量超出了預期。

And there are some consumer trends that you can as you talked about lean into a bit.

正如您所談到的，您可以稍微了解一些消費趨勢。

So I'm just trying to take your temperature a little bit on whether you're feeling at all more optimistic on the trajectory of that brands and kind of maintaining the full year, call down high single digits more out of prudence or if the January forward headwinds are really going to be as material a setback as it was?

因此，我只是想了解一下您是否對這些品牌的發展軌跡感到更加樂觀，是否會維持全年業績，是出於謹慎而進一步下調高個位數，還是一月份的業績會更加樂觀？真的會像以前一樣成為重大挫折嗎？

Yeah.

是的。

No, it's a very fair question.

不，這是一個非常公平的問題。

Look, I remain confident in the long-term trajectory of Atkins, and that's somewhat reinforced by the sequential improvement we have seen.

看，我對阿特金斯的長期發展軌跡仍然充滿信心，我們所看到的連續改善在一定程度上強化了這一點。

And as we mentioned earlier, when you click underneath that with better innovation without performing the items that replaced, the advertising is performing.

正如我們之前提到的，當您點擊具有更好創新的下方而不執行替換的項目時，廣告就會發揮作用。

You can see the impact it's having on the business.

您可以看到它對業務的影響。

And I think the proof of that is in two of our most important customers that represent over 50% of the business, we're growing.

我認為這證明了我們兩個最重要的客戶（占我們業務的 50% 以上），我們正在成長。

Now with that being said and particularly as we look to Jan, Feb, March, there are some actions that we're taking that will have a short term disproportionate negative impact on consumption.

話雖如此，特別是當我們展望一月、二月和三月時，我們正在採取的一些行動將對消費產生短期不成比例的負面影響。

And they are the right decisions for the business long term.

從長遠來看，它們是正確的決策。

But we did want to call them out because for example, we're not repeating a large bonus pack program that was unprofitable, but certainly drove a lot of volume.

但我們確實想把它們叫出來，因為例如，我們不會重複一個無利可圖的大型獎金包計劃，但肯定會帶來很大的銷售。

We are reducing our footprint in

我們正在減少我們的足跡

[SAM].

[薩姆]。

Now we hope and expect to offset that through gains from OWYN and Quest, but we'll certainly see the impact of that.

現在，我們希望並期望透過 OWYN 和 Quest 的收益來抵消這一影響，但我們肯定會看到其影響。

And as we've noted before, we are pulling low ROI trade that has been subsidizing the business.

正如我們之前指出的，我們正在取消一直在補貼業務的低投資回報率貿易。

They're all the right decisions for the long term, but they will have a short-term volume effect that we believe would be most pronounced January, February, March.

從長遠來看，它們都是正確的決定，但它們會產生短期銷售效應，我們認為這種效應在一月、二月和三月最為明顯。

But that notwithstanding, I am very pleased with what I'm seeing in the business.

但儘管如此，我對我在這個行業所看到的情況感到非常滿意。

The demand for weight loss, weight wellness is still high. 60% of people looking to lose and maintain weight.

減肥、體重健康的需求仍然很高。 60% 的人希望減肥並維持體重。

As we've talked about in the past, the weight loss drugs have amplified the cultural conversation.

正如我們過去談到的，減肥藥擴大了文化對話。

We're part of that.

我們是其中的一部分。

I think it's a GLP.

我認為這是一個 GLP。

It can work very well with people on the GLP, whether you're on it or coming off the drugs.

它對遵循 GLP 的人非常有效，無論您正在服用還是正在戒毒。

I think that the long term future for this business is strong.

我認為這項業務的長期前景是光明的。

But what we have to do is we've got some short term decisions that will have a short term volume impact.

但我們要做的是做出一些短期決策，這些決策將對短期銷售產生影響。

But I think as we look forward to particularly '26, like to see this business, expect to see this business come back and be a lot more stable.

但我認為，我們特別期待 26 年，喜歡看到這項業務，期望看到這項業務回來並且更加穩定。

Just another point just to build off of that, Steve.

史蒂夫，這是在此基礎上的另一點。

Just we entered the year, I think we knew there were three time frames from a calendar standpoint that would present some challenges to the business.

就在我們進入這一年的時候，我想我們知道從日曆的角度來看，有三個時間框架會為業務帶來一些挑戰。

One was the fall resets and how the innovation did in the last fall.

一是秋季重置以及去年秋季的創新表現。

New Year, New you performance with less trade and the competitive activity.

新年，以更少的貿易和競爭活動來展現新的表現。

And then fall '25 resets and what the innovation is to help offset that.

然後 25 年秋季重置，以及創新是什麼來幫助抵消這一點。

I think as we get through the first quarter, we're happy that we performed better than plan in Q1.

我認為，當我們度過第一季時，我們很高興我們第一季的表現比計劃更好。

As Geoff said, innovation performed well and allowed us to secure distribution related to the fall resets.

正如傑夫所說，創新表現良好，使我們能夠確保與秋季重置相關的分配。

We're going to have a much better picture on New Year, New You in the next couple of months.

在接下來的幾個月裡，我們將對新年、新你有更好的了解。

And we'll have fall '25 resets, sort of decided later this year.

我們將在 25 年秋季進行重置，這在今年晚些時候就已經決定了。

So as we look past this year, as Geoff said, we expect expect velocities to stabilize and we shouldn't have further investments to remove.

因此，正如傑夫所說，當我們回顧今年時，我們預計速度將趨於穩定，我們不應該取消進一步的投資。

But we need to see where we are in New Year, New You and the fall resets before we get a feel of '26 and beyond performance overall.

但我們需要先看看我們在新年、新你和秋季重置中所處的位置，然後才能感受到 '26 及以後的整體表現。

It's going to be bumpy, not linear to go through this.

經歷這一切將會是坎坷的，不是線性的。

But we do think we need to do the right things as longer term for the business despite the short-term pain.

但我們確實認為，儘管存在短期痛苦，但從長遠來看，我們需要為業務做正確的事情。

So I just think that's how we're looking at it internally as we think about it, calendarization wise.

所以我認為這就是我們內部看待它的方式，日曆方面。

I don know if it helps you or not, but that's just effective.

我不知道它是否對你有幫助，但這只是有效的。

Yeah.

是的。

No, that is very helpful and actually kind of dovetails into my next question it.

不，這非常有幫助，實際上與我的下一個問題相吻合。

But because I think Geoff, you called out an expectation that you'd enter fiscal '26 right, with momentum, kind of from the get go is the way I interpreted your commentary.

但因為我認為傑夫，你提出了一種期望，你將進入 26 財年，勢頭良好，從一開始就是我解釋你的評論的方式。

And I guess, if there's these incremental headwinds building in the back half of '25, they're going to carry over into 2026 and you're going to be lapping this better performance in the early part of '25.

我想，如果 25 年下半年出現這些增量逆風，它們將延續到 2026 年，並且您將在 25 年初獲得更好的表現。

So the call for improved performance to kick off '26 seems to put a lot of pressure on those fall resets that Shaun just mentioned.

因此，在 26 年開始時要求提高性能的呼籲似乎給肖恩剛才提到的秋季重置帶來了巨大的壓力。

If I'm thinking about it correctly or but maybe I'm not.

如果我的想法是正確的，或者也許我沒有。

So I just want to clarify that.

所以我想澄清一下。

Well, the four resets are critical.

那麼，四次重置至關重要。

For us, they always are.

對我們來說，他們始終如此。

And I'm really pleased with the innovation that we have in the pipeline that we will do what we did this year, which is replace lower performing items with better performing items.

我對我們正在實施的創新感到非常滿意，我們將做今年所做的事情，即用性能更好的產品取代性能較低的產品。

If you think about fiscal '26, I wouldn't sit here and say, we expect the brand to return to growth necessarily.

如果您考慮 26 財年，我不會坐在這裡說，我們預計該品牌必然會恢復成長。

But what we've done in '25 is we've removed unsustainable investment.

但我們在 25 年所做的是取消了不可持續的投資。

And that's why we've got the high single digit decline for '25 on Atkins.

這就是為什麼阿特金斯 25 年出現高個位數下降。

So as Shaun noted when we get to '26, we won't be repeating that.

因此，正如肖恩所指出的那樣，當我們進入 26 年時，我們不會重複這一點。

To your point, we will be likely lapping fans.

就你的觀點而言，我們很可能會成為圈內粉絲。

But that will be part of the lap in '26, but that's very specific, less profitable part of the business.

但這將是 26 年的一部分，但這是非常具體的、利潤較低的業務部分。

So I don't know if that answers your question.

所以我不知道這是否回答了你的問題。

I wouldn't sit here and say model growth on for '26.

我不會坐在這裡說 26 年的模型增長。

But what I would -- what I do want to emphasize is we're using '25 to remove the unsustainable investment in the brand that crept in over the past few years.

但我想強調的是，我們正在利用「25」來消除過去幾年對品牌的不可持續投資。

And that is why '25 will be a more challenging year for us.

這就是為什麼 25 年對我們來說將是更具挑戰性的一年。

Yeah, okay.

是啊，好吧。

Very helpful discussion.

非常有幫助的討論。

Thank you.

謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

And Mark, thanks for all the help over the years.

馬克，感謝多年來的所有幫助。

I wanted to know Geoff, if you could kind of focus in on Quest bars.

我想認識傑夫，你是否可以專注於 Quest 酒吧。

And I think you said yourself it's a little bit weaker than you thought.

我想你自己也說過，它比你想的要弱一些。

Can you talk about the new product launch that you have planned and how it's differentiated from what I perceive as a pretty crowded and low entry -- low barriers to entry category.

您能談談您計劃推出的新產品嗎？

If you, if you look at all these small players, I think that it's very confusing to shop that area.

如果你看看所有這些小玩家，我認為在那個區域購物是非常混亂的。

And so my next question would be, down the road, does your bars business still need to grow in order to hit your targets for Quest?

因此，我的下一個問題是，今後您的酒吧業務是否仍需要成長才能實現 Quest 的目標？

Like could you foresee the growth of Quest coming from other segments of the portfolio rather than bars or does bars really need to grow in order to hit your numbers?

就像您能否預見 Quest 的成長來自投資組合的其他部分而不是金條，或者金條是否真的需要成長才能達到您的數字？

Yeah, it's a good question.

是的，這是一個好問題。

I'll answer it directly and then come back.

我會直接回答然後回來。

For us to hit our forecast, long range forecast on Quest, we need bars low single digits.

為了達到我們的預測，對 Quest 的長期預測，我們需要低個位數的柱線。

The majority of growth of Quest is going to come from chips where we still we think we're still in the early innings even with $300 million in retail sales.

Quest 的大部分成長將來自晶片，儘管零售銷售額為 3 億美元，但我們仍然認為我們仍處於早期階段。

That platform is still growing 30% and now we've doubled supply.

該平台仍在成長 30%，現在我們的供應量增加了一倍。

Bake Shop represents another big platform opportunity for us and we have such an impressive pipeline that I'm excited to bring to market over the coming years that will prove to be very additive and incremental to the brand.

Bake Shop 代表了我們的另一個大平台機會，我們擁有如此令人印象深刻的管道，我很高興在未來幾年將其推向市場，這將證明對品牌來說是非常附加和增量的。

Yes, bars is a more mature segment.

是的，酒吧是一個更成熟的細分市場。

And for us to hit our algorithm, low single -- all we need is low single digit growth on bars.

為了達到我們的演算法，低個位數——我們所需要的只是長條圖上的低個位數成長。

With that being said, I'm not satisfied with that.

話雖如此，我對此並不滿意。

And that is why over the last year we have significantly ramped up our innovation and focus on that.

這就是為什麼在過去的一年裡我們大幅加強了創新並專注於此。

And this is a category that does respond to new news and excitement.

這是一個對新消息和興奮做出反應的類別。

And the new overload platform that we're bringing out in the spring, in my opinion, the best tasting protein bar I've had in my life.

在我看來，我們在春季推出的新超載平台是我一生中吃過的味道最好的蛋白質棒。

It is shocked full of inclusions.

它充滿了包裹體，令人震驚。

It's absolutely delicious.

絕對好吃。

And I think it's going to bring needed news and excitement, not just to Quest but to the category.

我認為這將帶來所需的新聞和興奮，不僅是對 Quest 來說，而且是對這個類別。

But coming behind that, we now have multi years of exciting new bar innovation that will certainly bring new life into quest if not a category.

但在這背後，我們現在擁有多年令人興奮的新酒吧創新，即使不是一個類別，也肯定會為探索帶來新的活力。

We're turning on more of a focus on advertising on bars.

我們將更專注於酒吧廣告。

So we're certainly not giving up on bars.

所以我們當然不會放棄酒吧。

All we need is low single digit, but I think we can do significantly better than that.

我們所需要的只是低個位數，但我認為我們可以做得更好。

It's very helpful.

這非常有幫助。

A follow up to that.

對此的後續行動。

When you talk about the pipeline broadly, are there -- is there a consistent or is there a considerable effort to come up with new categories to extend into as well?

當您廣泛地談論管道時，是否有一致的或是否有相當大的努力來提出新的類別來擴展？

Or is most of the innovation you have in the pipeline just to build out chips more, bake shop more, et cetera?

或者您正在醞釀的大部分創新只是為了生產更多晶片、更多烘焙車間等等？

Yes and yes.

是的，是的。

We must innovate on as we talked about.

我們必須像我們談到的那樣進行創新。

We're in the very early innings on chips.

我們正處於籌碼的早期階段。

Think about the size of the addressable market of salty.

想想鹹味的潛在市場有多大。

We're a tiny fraction of that market with a very small range of products.

我們只佔該市場的一小部分，產品範圍也很小。

So probably, not a surprise that we have a very robust salty line of products to come out over the coming years.

因此，我們在未來幾年將推出非常強大的鹹味產品系列，這可能並不令人意外。

But with that being said, what Quest does is it flips the macros on unhealthy, high carb, high sugar categories, like we've just done on baked shop.

但話雖這麼說，Quest 所做的是翻轉不健康、高碳水化合物、高糖類別的宏，就像我們剛剛在烘焙店所做的那樣。

So you should assume that we're looking at large addressable categories where we can go in and flip those macros.

因此，您應該假設我們正在尋找大型可尋址類別，我們可以進入其中並翻轉這些巨集。

And for me, this all add back to the mainstreaming of the demand for high protein, low sugar.

對我來說，這一切又重新回到了高蛋白、低糖需求的主流化。

And Quest have pioneered the expansion, the product expansion under that trend and we will continue to do so and we'll continue to look at where we can continue to bring products that flip those macros.

Quest 引領了這一趨勢下的擴張和產品擴張，我們將繼續這樣做，我們將繼續尋找可以繼續帶來顛覆這些宏觀的產品的地方。

So it's an end.

所以這就結束了。

It's yes and yes.

是的，是的。

Got it.

知道了。

Thank you.

謝謝。

Brian Holland, DA Davidson.

布萊恩·霍蘭德，檢察官戴維森。

Yeah.

是的。

Good morning, everyone.

大家早安。

Mark, Congrats and thanks, and Josh, look forward to working with you.

馬克，恭喜並感謝，喬希，期待與您合作。

Great to have you back.

很高興你回來了。

Maybe just -- as we step in here to New Year, New You season.

也許只是——當我們踏入這裡迎接新年、新你的季節時。

Obviously, you've gone into great detail, talking about some of the forces that play within your own portfolio and the drivers and things to be mindful of.

顯然，您已經非常詳細地討論了您自己的投資組合中發揮作用的一些力量以及驅動因素和需要注意的事項。

Just wondering, what your perspective is with respect to the category.

只是想知道您對該類別的看法是什麼。

So, retail activity, competitive activity, consumer behavior.

因此，零售活動、競爭活動、消費者行為。

Last year, obviously, you were kind of set up and then we were impacted by a competitor bringing product back on shelf.

顯然，去年你已經做好了準備，然後我們受到了競爭對手將產品重新上架的影響。

So just curious if you could compare contrast, the broader set up into New Year, New You in 2025 versus 2024?

所以只是想知道您是否可以比較 2025 年和 2024 年新年、新你的更廣泛設置？

Yeah.

是的。

So from what we can see, retailers are continuing to get behind New year, New You in a bigger way, year on year on year.

因此，從我們所看到的情況來看，零售商正繼續以更大的方式支持“新年，新你”，年復一年。

Again, it comes back to they're seeing the same trends that we're seeing, which is consumers seeking out these products.

再次，他們看到了與我們看到的相同趨勢，即消費者正在尋找這些產品。

So at a total category level across the customer base, we're seeing increased support for the category, whether that merchandizing displays, promotions, et cetera.

因此，在整個客戶群的總體類別層面上，我們看到對該類別的支援有所增加，無論是商品展示、促銷等。

Drilling down, we're very pleased with our own plans.

深入研究，我們對自己的計劃非常滿意。

As we've noted, Atkins has a couple of areas where we, where we are pulling back.

正如我們所指出的，阿特金斯有幾個領域我們正在退縮。

But Quest extremely pleased with the level of support we're getting to drill down one level lower.

但 Quest 對我們向下鑽取一級的支援水準感到非常滿意。

Chips in particular is a part of the business where we expect significantly increased support over the New Year and New You period.

尤其是晶片業務，我們預計新年和新年期間的支援將顯著增加。

Now, with that being said, it's too early to see the level of competitive activity.

話雖如此，現在判斷競爭活動的水平還為時過早。

As you noted last year, a major competitor came back, and we were negatively impacted by that.

正如您去年所指出的，一個主要競爭對手捲土重來，我們受到了負面影響。

I think we're more eyes wide open to the competitive landscape this year.

我認為我們今年對競爭格局更加開放。

But it will play out.

但它會發揮出來。

But the retailers look, they're looking across the store, they're seeing the same growth we are.

但零售商們環顧整個商店，看到了與我們相同的成長。

They're moving their assets to support that growth.

他們正在轉移資產來支持這種成長。

And I think at a total company level, we will perform very well.

我認為在整個公司層面上，我們將表現得非常好。

I appreciate that.

我很欣賞這一點。

And then forgive me if this was addressed clearly and I just missed it.

如果這個問題已明確解決而我只是錯過了，請原諒我。

But with respect to input cost and direction where they're moving, just views on if or when pricing action would need to be taken in response?

但就投入成本和發展方向而言，是否或何時需要採取定價行動作為回應？

But we did do pricing actions as it relates to RTDs.

但我們確實採取了與 RTD 相關的定價行動。

We announced a mid-single digit price increase in effect in the spring.

我們宣布春季將實行中個位數的價格上漲。

So we did do that.

所以我們確實這麼做了。

We continue to evaluate commodities and we've really focused more on productivity at this point in time.

我們繼續評估商品，目前我們確實更加關註生產力。

And with productivity, we'll see some of that in this year and a full impact of that really in '26.

就生產力而言，我們將在今年看到其中的一些變化，並在 26 年看到其真正的全面影響。

So we'll continue to evaluate pricing, but we have not announced anything beyond the mid single increase for RTDs.

因此，我們將繼續評估定價，但除了 RTD 的中期單價上漲之外，我們還沒有宣布任何其他消息。

Great.

偉大的。

We'll leave it there.

我們會把它留在那裡。

Thanks.

謝謝。

Thank you.

謝謝。

Jim Salera, Stephens Inc.

吉姆·薩萊拉，史蒂芬斯公司

Guys, thanks for taking our question and echo all the congrats for, for Mark and look forward to working with you in the future, Josh.

夥計們，感謝您提出我們的問題並回應對馬克的所有祝賀，並期待將來與您合作，喬什。

I want to drill a little bit on the RTD shaike growth at Atkins. and I think general Atkins is better than expected, but that was a kind of particular bright spot.

我想深入了解阿特金斯的 RTD shaike 成長。我認為阿特金斯將軍比預期的要好，但這是一個特別的亮點。

In those RTD shake consumers, are you seeing Atkins consumers that maybe have kind of gotten away from the brand reengaging or do you find that those are new consumers coming to the Atkins brand through that very popular RTD shake format?

在那些即飲奶昔消費者中，您是否看到阿特金斯消費者可能已經擺脫了該品牌的重新參與，或者您是否發現這些新消費者通過非常流行的即飲奶昔形式來到阿特金斯品牌？

It's both.

兩者都是。

We're seeing new users come into the brand more than we had forecast.

我們看到該品牌的新用戶數量超出了我們的預期。

We're also seeing buy rate increase.

我們也看到購買率上升。

I think there's a couple of drivers of that.

我認為這有幾個驅動因素。

One, it's early, but we think the new advertising is performing exceptionally well.

第一，現在還為時過早，但我們認為新廣告的效果非常好。

And then the other driver of that is we launched a 30 gram shake or action strong with fiber, which was positioned as a great companion for those on a GLP-1, but certainly not limited to that.

另一個推動因素是我們推出了 30 克的含有纖維的奶昔或強效飲料，它被定位為 GLP-1 用戶的絕佳伴侶，但當然不僅限於此。

And that has been an important driver of the growth we're seeing in shakes.

這是我們看到的震動成長的重要驅動力。

And so if you look at the overall performance of shakes, that addition of the 30 grams, this is the thing we have right now is proving to be highly incremental to the Atkins shake business.

因此，如果你看看奶昔的整體性能，我們現在擁有的 30 克的添加量被證明對阿特金斯奶昔業務來說是高度增量的。

And I know it's still early days but is there an opportunity if you're bringing new consumers to the Atkins brand through the shake platform to convert them to some of the other innovations like the Gummies or the Truffles or do you find that they, if you're a shape consumer, your kind of siloed in that consumption format?

我知道現在還為時過早，但如果你透過奶昔平台為阿特金斯品牌帶來新消費者，將他們轉化為其他一些創新產品，如軟糖或鬆露，或者你是否發現他們，如果你是個形狀消費者，你的消費方式是孤立的嗎？

No, it's a great point.

不，這是一個很好的觀點。

One of the strengths of Atkins is the breadth of the portfolio.

阿特金斯的優勢之一是產品組合的廣度。

And we do see that when they come in on a shake, they'll go over to ready to eat or vice versa.

我們確實看到，當他們進來喝一杯奶昔時，他們會轉向即食食品，反之亦然。

So there's a lot of switching within the portfolio.

因此，投資組合中有很多轉換。

And you know, it's too early to know if that's happening on strong, for example.

你知道，現在判斷這種情況是否發生在 Strong 上還為時過早。

But certainly, that's consistent with how the brand has grown in the past, which is I'll come into the brand.

但當然，這與該品牌過去的發展方式是一致的，即我將加入該品牌。

They understand the brand promise, they see the effective products and then they'll shop across those products.

他們了解品牌承諾，看到有效的產品，然後會購買這些產品。

So that's what I would expect.

這就是我所期望的。

But it's a little early to tell right now whether that's happening on strong, for example.

但現在判斷這種情況是否發生在 Strong 上還為時過早。

Great.

偉大的。

I appreciate the color.

我很欣賞它的顏色。

I'll hop back in the queue.

我會跳回到隊列中。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Yeah.

是的。

Thanks for the question, operator.

謝謝接線員的提問。

And Mark, shout out to you on retirement and thanks for your help over the years and one question Atkins and one on one.

馬克，在退休之際向您大聲喊叫，感謝您多年來的幫助以及阿特金斯和一對一的問題。

On Atkins, you've talked a lot about optimizing spend and eliminating low ROI spend.

在阿特金斯，您談論了很多關於優化支出和消除低投資回報率支出的內容。

Can you give us a little bit more context on what this means from -- how much the historical spend has been, what it might look like post optimization and the margin implications for the Atkins brand?

您能否為我們提供更多背景信息，說明這意味著什麼——歷史支出是多少、優化後可能會是什麼樣子以及對阿特金斯品牌的利潤影響？

And then on OWYN, are you seeing or expecting any changes from a competitive standpoint in the category or the segment?

那麼在 OWYN 上，您是否看到或期望從該類別或細分市場的競爭角度來看有任何變化？

And are those kind of baked in to your kind of expectations through the balance of the year and into fiscal '26?

這些是否符合您對今年剩餘時間和 26 財年的預期？

Thank you.

謝謝。

I guess on the Atkins one, we don't really want to get into a lot of profitability by brand for competitive reasons.

我想就阿特金斯而言，出於競爭原因，我們真的不想透過品牌獲得大量獲利。

We don't really look at that.

我們並不真正關注這一點。

I think what we're trying to do is use the spending that we have overall in the most efficient and effective way.

我認為我們正在努力做的是以最高效和最有效的方式利用我們的整體支出。

We do see a lot of the spend that we are reducing for Atkins being reinvested in Quest and a little bit more in OWYN.

我們確實看到，我們為阿特金斯減少的大量支出重新投資於 Quest，並在 OWYN 上投入更多。

So I think overall we're trying to get to a business that we think is a sustainable business longer term.

因此，我認為總體而言，我們正在努力開展一項我們認為長期可持續發展的業務。

And that's what we think we can get to for Atkins by eliminating some of the investments and the returns on those and aligning those more with expectations.

我們認為，透過取消一些投資和投資回報，並使這些投資與預期更加一致，我們可以為阿特金斯實現這一目標。

So I don't really want to get more into the detail on that if that's okay.

因此，如果可以的話，我真的不想詳細介紹這一點。

Yeah, the only example I'll give you is trade, where over the years, and I think driven perhaps by not having efficiently robust innovation pipeline.

是的，我給你的唯一例子是貿易，多年來，我認為這可能是由於缺乏高效、穩健的創新管道所驅動的。

Trade did creep into the business.

貿易確實滲透到了這個行業。

And when we review, we review every single trade event, what we found is that many of those events are very unprofitable.

當我們回顧時，我們回顧每一個貿易活動，我們發現其中許多活動都非常無利可圖。

But perhaps even more importantly, we're subsidizing based business.

但也許更重要的是，我們正在補貼基礎業務。

And that -- looking at the business from that lens, it's the right decision to remove trade that is unprofitable and it's generally to subsidize the face.

從這個角度來看，取消無利可圖的貿易是正確的決定，通常是為了補貼面子。

So just to give you one example.

舉一個例子。

And on marketing, our marketing spend had gotten out of line with even our own guidelines on marketing as a percentage of sales.

在行銷方面，我們的行銷支出甚至與我們自己的行銷佔銷售額百分比的指導方針不符。

What I would note is that the majority of the cuts in marketing were to non working.

我要指出的是，行銷方面的大部分削減都是為了不起作用。

I would also note that through a new media partnership, we have -- we're able to offset the working impact, but there still is an impact as we bring that spin back into line.

我還想指出，透過新的媒體合作夥伴關係，我們能夠抵消工作影響，但當我們使這種旋轉恢復正常時，影響仍然存在。

I think your question, I just want to clarify was it on competitive response to OWYN?

我想你的問題，我只是想澄清一下是對 OWYN 的競爭反應嗎？

Was that the question?

是這個問題嗎？

Yes, OWYN, and any change to the competitive landscape and plant based segment?

是的，OWYN，競爭格局和植物基細分市場有什麼變化嗎？

No, we haven't seen any.

不，我們還沒有看到。

OWYN is the clear leader in plant based.

OWYN 是植物基領域的明顯領導者。

And I think when we announced the deal, the data point that really convinced me to make this acquisition was that OWYN just excels on taste.

我認為，當我們宣布這筆交易時，真正說服我進行此次收購的數據點是 OWYN 的品味非常出色。

It's the plant-based offering that is now close enough for the dairy based alternative on taste.

這種以植物為基礎的產品現在在味道上已經足夠接近以乳製品為基礎的替代品了。

And that's why it is a clear leader and plant based.

這就是為什麼它是一個明確的領導者和基於植物的原因。

And it's not easy to get there, but they've figured it out.

到達那裡並不容易，但他們已經找到了辦法。

Actually, we're working with them on getting an even improved taste profile.

事實上，我們正​​在與他們合作，以進一步改善口味。

But that taste profile is now close enough to dairy, which is why we're seeing the majority of new consumers come into that business from dairy.

但這種口味現在已經足夠接近乳製品，這就是為什麼我們看到大多數新消費者從乳製品進入該行業。

So we're not hearing, we're not seeing plant-based competitors of note to OWYN, it has emerged as the clear plant-based leader.

所以我們沒有聽到，我們沒有看到 OWYN 值得注意的植物基競爭對手，它已經成為明顯的植物基領導者。

What I would say is as we look at the future of the business, we want it in the rotation as part of the mainstream consumers.

我想說的是，當我們展望業務的未來時，我們希望它成為主流消費者的一部分。

That where we're going with this business

這就是我們這項業務的發展方向

That's great.

那太棒了。

Thank you so much for the color.

非常感謝你的顏色。

Alexia Howard, Bernstein Research.

亞歷克西婭·霍華德，伯恩斯坦研究中心。

Good morning, everyone.

大家早安。

Good morning.

早安.

Okay.

好的。

So can I start with the GLP-1 question?

那我可以從 GLP-1 問題開始嗎？

You mentioned your plans to tap into that GLP-1 trend in your prepared remarks.

您在準備好的演講中提到了您計劃利用 GLP-1 趨勢。

Can you give us a little bit more color on what that -- what it is that you're doing?

你能給我們更多關於你正在做什麼的資訊嗎？

And by when is it messaging and marketing, is it on pack labels?

何時開始進行訊息傳遞和行銷？

Is it dedicated new products?

是專門的新產品嗎？

Just a little bit more color would be helpful and then I have a follow up.

再多一點顏色就會有幫助，然後我會進行後續操作。

Yeah, so Lexi, I mean, it's obviously still early innings with the GLP-1 drugs.

是的，Lexi，我的意思是，GLP-1 藥物顯然還處於早期階段。

But we do see this as a tailwind to our category.

但我們確實認為這是我們類別的順風車。

And the tailwind is both our products are a great companion.

和順風是我們的產品都是很好的伴侶。

When you're on the drug, what we found even in our own research is that consumers, when they're on the drugs are looking for protein to maintain muscle mass.

當您服用藥物時，我們在自己的研究中發現，消費者在服用藥物時會尋找蛋白質來維持肌肉質量。

And fiber is very important because many of them have got health issues.

纖維非常重要，因為他們中的許多人都有健康問題。

And then the equal opportunity if not greater is as an offramp, which is they've achieved their weight loss goals.

然後，平等的機會（如果不是更大的話）就是作為一個出口，這就是他們已經實現了減肥目標。

They're looking to how they can sustainably hold on to the emotional and physical benefits of that weight loss, which is where Atkins in particular has an important role to play.

他們正在尋找如何可持續地保持減肥帶來的情感和身體益處，這正是阿特金斯可以發揮重要作用的地方。

So then your question is, what are we doing?

那你的問題是，我們在做什麼？

How are we tapping into that?

我們如何利用這一點？

On Atkins, a new advertising specifically references GLP-1 users and specifically the positions Atkins as a sustainable offramp to hold on to those gains.

關於阿特金斯，一則新廣告特別提到了 GLP-1 用戶，並將阿特金斯定位為永續發展的替代品，以維持這些成果。

That ad was the best ad, best growing ad we've ever had on Atkins.

該廣告是我們在阿特金斯上見過的最好的廣告，成長最快的廣告。

And while early we believe that is part of the reason we're seeing sequential improvement in the consumption numbers right now.

雖然我們早期認為這是我們目前看到消費數字連續改善的部分原因。

And as we -- as I mentioned, just previously, we also launched a product Atkin Strong that is positioned as a perfect companion high protein by fiber.

正如我之前提到的，我們也推出了一款產品 Atkin Strong，該產品被定位為高纖維蛋白的完美伴侶。

And that product continues to do very well.

該產品繼續表現出色。

And then we obviously have supporting all of that, we do have targeted advertising where we're positioning that product in digital to as a GLP-1 companion.

然後我們顯然支持所有這些，我們確實有針對性的廣告，我們將該產品定位為數位產品，作為 GLP-1 伴侶。

So our primary focus on tapping into GLP-1 is Atkins.

因此，我們利用 GLP-1 的主要重點是阿特金斯。

But what I would say is that quest will also benefit just from that demand that consumers have for high protein and healthy products.

但我想說的是，這種追求也將受益於消費者對高蛋白和健康產品的需求。

Lastly, we are working with customers at a category level to reinforce the importance of the category.

最後，我們正在品類層面與顧客合作，以強化該品類的重要性。

And it's how important it is to support consumers, whether they're on the drug GLP-1 consumers and on the drug retailers get it.

這就是支持消費者的重要性，無論他們是服用 GLP-1 藥物的消費者還是從藥物零售商那裡獲得的。

It's a benefit to be located near the pharmacy section.

位於藥房附近是一個好處。

We're working on some tie ins with some pharmacies with some retailers.

我們正在與一些藥局和一些零售商進行一些合作。

So we see that as a significant tailwind and we are pleased with the early response.

因此，我們認為這是一個重要的推動因素，我們對早期的反應感到滿意。

We're seeing to some of the tactics and initiatives we have in place.

我們正在研究我們已經採取的一些策略和措施。

Perfect.

完美的。

Just to finish up here, first of all.

首先，先到這裡結束。

Mark, thank you so much for your help over the years and Josh, welcome.

馬克，非常感謝你多年來的幫助，喬什，歡迎。

Do you have any data specifically on repeat rates for OWYN and how those are trending over time?

您是否有專門關於 OWYN 重複率的數據以及這些數據隨時間的變化趨勢？

I'll leave it there.

我會把它留在那裡。

Thank you so much.

太感謝了。

Yeah, so OWYN repeats have actually improved significantly over the last three years.

是的，過去三年來，OWYN 的重複率實際上有了顯著提高。

Again, this was another data point we looked at closely during diligence.

同樣，這是我們在盡職調查期間仔細研究的另一個數據點。

And what's really interesting is you can tie the increase in repeat rates, which I think now are around 40%-ish to the product improvements they've made over time.

真正有趣的是，您可以將重複率的增加與他們隨著時間的推移所做的產品改進聯繫起來，我認為現在重複率約為 40%。

And that was another data point that gave us confidence that this was the right acquisition.

這是另一個數據點，讓我們相信這是正確的收購。

I've always.

我一直都是

If you have a repeat rate with a four in front of it, Alexia, you're in pretty good shape.

如果你的重複率前面有 4，Alexia，那麼你的狀態就相當不錯了。

And, OWYN is there right now.

而且，歐文現在就在那裡。

And I think actually, as we combine our two R&D organizations, we'll get even, we'll get even better.

我認為實際上，當我們合併兩個研發組織時，我們會變得平衡，我們會變得更好。

Wonderful.

精彩的。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I'll turn the floor back to management for any final comments.

我將把最後的意見轉回給管理階層。

Great.

偉大的。

Thank you so much for joining us for today's call.

非常感謝您參加我們今天的電話會議。

Josh and I will be around to answer any follow up questions you may call and we'll speak to you again during our fiscal second quarter conference call in early April.

喬許和我將回答您可能致電的任何後續問題，我們將在四月初的第二財季電話會議期間再次與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。