Simply Good Foods Co (SMPL) 2025 Q4 法說會逐字稿

Greetings and welcome to the Simply Good Foods Company fiscal 4th quarter 2025 conference call. At this time, all participants are in a listen-only mood. A question-and-answer session will follow the formal presentation. If anyone should require operate assistance, please press 0 on your telephone keypad.

各位好，歡迎參加 Simply Good Foods 公司 2025 財年第四季電話會議。此時，所有參與者都處於只聽的狀態。正式演講結束後將進行問答環節。如果有人需要操作協助，請按下電話鍵盤上的 0。

It is now my pleasure to introduce your host, Joshua Levine, Vice President of Invested relations.

現在，我榮幸地向大家介紹主持人，投資關係副總裁約書亞‧萊文。

Thank you. You may be good.

謝謝。你或許很優秀。

Thank you, operator. Good morning and welcome to the Simply Good Foods Company's 4th quarter and full fiscal year 2025 earnings call for the period ended August 30th, 2025. Today, Jeff Tanner, President and CEO, and Chris Beeler, CFO, will provide you with an overview of our results which were provided in our earnings release issued earlier this morning. Our prepared remarks will then be followed by a Q&A session. A copy of the release and accompanying presentation are available on the investors section of the company's website at the Simplygoodfoodscompany.com.

謝謝接線生。早安，歡迎參加 Simply Good Foods 公司 2025 財年第四季及全年財報電話會議，本次會議涵蓋截至 2025 年 8 月 30 日的期間。今天，總裁兼執行長傑夫·坦納和財務長克里斯·比勒將為大家概述我們今天早上發布的盈利報告中公佈的業績。接下來我們將發表準備好的講話，之後是問答環節。新聞稿及相關簡報可於本公司網站 Simplygoodfoodscompany.com 的投資人關係部分查閱。

This call is being webcast, and an archive of today's remarks will be made available.

本次電話會議將進行網路直播，今天的演講內容將提供存檔。

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

在今天的電話會議中，管理階層將發表一些前瞻性聲明，這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。

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.

本公司不承擔根據後續事件更新這些聲明的義務。有關此類風險和不確定性的詳細清單，請參閱今天的新聞稿和公司向美國證券交易委員會提交的文件。

On today's call, we will refer to certain non-GAAP financial measures that we believe provide useful information for investors. Due to the company's asset light, high cash flow business model, we evaluate our performance on an adjusted basis as it relates to EBITDA and diluted EPS.

在今天的電話會議上，我們將提及一些我們認為對投資人有用的非GAAP財務指標。由於公司採用輕資產、高現金流的商業模式，我們根據 EBITDA 和稀釋後每股收益對公司業績進行調整後評估。

Please refer to today's press release for reconciliation of our non-GAAP financial measures to their most comparable measures prepared in accordance with GAAP.

請參閱今天的新聞稿，以了解我們的非GAAP財務指標與根據GAAP編制的最可比較指標的調節情況。

The acquisition of only what you need, or Owen, was completed on June 13, 2024.

收購你所需要的東西，或者說歐文，於 2024 年 6 月 13 日完成。

As we have now lapped the anniversary date of the Owen acquisition, the use of organic refers to year over year growth for brands we have owned for more than 12 months on a comparable basis.

由於我們已經過了收購 Owen 的周年紀念日，因此「有機成長」指的是我們擁有超過 12 個月的品牌在可比基礎上實現的同比增長。

For Q4, organic growth includes year over year growth for Simply Good Foods's business, excluding the period of time prior to the closing of the Owen acquisition, as well as the impact of lapping the extra week in the 4th quarter of fiscal year 2024.

第四季有機成長包括 Simply Good Foods 業務的年成長，但不包括 Owen 收購完成之前的時期，以及 2024 財年第四季多出一週的影響。

Finally, all retail takeaway data included in our discussion today, unless otherwise noted, reflects a combination of Circa's Mullo C measured channel data and company estimates for unmeasured channels for the 13 weeks ended August 30, 2025 as compared to the prior year.

最後，除非另有說明，我們今天討論的所有零售外賣數據均反映了 Circa 的 Mullo C 測量通路數據和公司對截至 2025 年 8 月 30 日的 13 週內未測量渠道的估計值與前一年相比的綜合情況。

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

現在我將把電話交給總裁兼執行長傑夫·坦納。

Thank you, Josh. Good morning, everyone, and thank you for joining us.

謝謝你，喬許。各位早安，感謝各位的參與。

Fiscal year 2025 was a solid year for Simply Good Foods. We delivered 9% reported net sales growth, including 3% on an organic basis, and grew adjusted EID by 3%.

2025財年對Simply Good Foods來說是穩健的一年。我們實現了 9% 的報告淨銷售額成長，其中有機成長 3%，調整後的 EID 成長了 3%。

On a pro forma basis, including Owen, but excluding the extra week from the prior year, net sales increased over 4% with adjusted EBITDA up approximately 6%.

以備考基準計算（包括 Owen，但不包括前一年多出的一周），淨銷售額增長超過 4%，調整後的 EBITDA 增長約 6%。

We largely completed the integration of Owen, invested in our people and capabilities, and put our cash to work, paying off $150 million of debt and repurchasing more than $50 million of our stock.

我們基本上完成了對 Owen 的整合，投資於我們的員工和能力，並利用我們的現金償還了 1.5 億美元的債務，回購了超過 5000 萬美元的股票。

Our vision is clear, to be the scaled leader in high protein, low sugar, and low carb food and beverage.

我們的願景很明確，就是成為高蛋白、低糖、低碳水化合物食品和飲料領域的規模化領導者。

There is a generational shift towards these products that is quickly mainstreaming, one of the most impactful trends in food and beverage today.

人們的消費習慣正在發生代際轉變，這些產品正迅速成為主流，這是當今食品飲料行業最具影響力的趨勢之一。

This is best highlighted by the continued strength of the nutritional snacking category, our traditional aisle, which includes on trend high protein, performance nutrition, as well as adult nutrition, and several other fast growing subcategories.

營養零食品類的持續強勁表現最能體現這一點，這是我們傳統的貨架區域，其中包括流行的高蛋白、運動營養、成人營養以及其他幾個快速增長的子類別。

In aggregate, this broader category has grown at least high single-digits for the past 5 years and grew plus 13% this year, reinforcing how relevant it is today and supporting studies that show more than 70% of Americans are actively seeking more protein and less sugar, as well as fewer carbs in their diets.

總體而言，這一大類在過去 5 年中至少實現了高個位數的增長，今年增長了 13%，這進一步印證了它在當今的重要性，並支持了相關研究，這些研究表明超過 70% 的美國人正在積極尋求在飲食中增加蛋白質、減少糖分和碳水化合物的攝入。

In support of our vision, we have been on a journey to rapidly evolve our organization to win in this exciting and dynamic space.

為了實現我們的願景，我們一直在努力快速發展我們的組織，以在這個令人興奮、充滿活力的領域中取得成功。

In the last couple of years, we have rapidly shifted our portfolio. Quest and Owen now represent nearly three-quarters of our net sales, with both growing double-digits in fiscal year 2025.

在過去的幾年裡，我們迅速調整了投資組合。Quest 和 Owen 目前占我們淨銷售額的近四分之三，預計在 2025 財年都將達到兩位數成長。

Quest, which generated almost 2/3 of the company's net sales in Q4, is the category disruptor, flipping the macros on large mainstream snacking categories.

Quest 在第四季度為該公司貢獻了近三分之二的淨銷售額，是該品類的顛覆者，扭轉了大型主流零食品類的宏觀格局。

Over the past two years, we have accelerated the pace of product innovation while broadening our reach, with marketing up about 50% since fiscal 2023, and household penetration now approaching 20%.

過去兩年，我們加快了產品創新步伐，同時擴大了業務範圍，自 2023 財年以來，行銷投入成長了約 50%，家庭滲透率目前已接近 20%。

Our recent acquisition of Owen enhanced our presence in the fast-growing ready to drink shake segment, while positioning us to become a leader of the rapidly accelerating clean label movement.

我們最近收購了 Owen，這增強了我們在快速成長的即飲奶昔領域的實力，同時也使我們成為快速發展的清潔標籤運動的領導者。

To support our fast-growing salty snacks business, we're expanding capacity for the second time in 2 years with construction on an additional production line now in progress.

為了支持我們快速成長的鹹味零食業務，我們正在擴大產能，這是兩年內的第二次擴建，目前正在建造一條新的生產線。

We increased our investment in innovation, strengthening R&D, and reducing time from concept to launch.

我們加大了對創新的投入，加強了研發，縮短了從概念到產品上市的時間。

We invested in new sales talent and selling capabilities, expanding our opportunity to drive distribution both within and beyond our core aisle and to deepen penetration within channels, and we ramped up productivity initiatives to combat inflation and free up funds to fuel our growth.

我們投資了新的銷售人才和銷售能力，擴大了我們在核心貨架內外推動分銷的機會，並加深了在通路內的滲透；我們還加大了生產力提升力度，以應對通貨膨脹，並釋放資金來推動我們的成長。

Additionally, to compete and win in our space, we have consciously increased our organizational output across all facets of the company.

此外，為了在我們的領域中競爭並取得成功，我們有意識地提高了公司各個方面的組織產出。

We have challenged ourselves to reduce lead times and innovation and marketing, embrace agility in our supply chain, and evolve our marketing playbook to incorporate an insurgent mindset to compete against brands large and small.

我們不斷挑戰自我，縮短交貨時間，加強創新和行銷，提高供應鏈的敏捷性，並改善行銷策略，融入顛覆性思維，與大大小小的品牌競爭。

The goal is an organization that combines the agility and speed of an insurgent challenger with the advantages of scaled R&D supply chain, and selling capabilities.

目標是打造一個既具備顛覆性挑戰者的敏捷性和速度，又擁有規模化研發供應鏈和銷售能力優勢的組織。

I am excited by the improvements we've made and how these actions position our company to win.

我對我們所取得的進步感到興奮，也對這些舉措如何使我們公司在競爭中獲勝感到振奮。

In the near term, however, we must address two important challenges.

但就近期而言，我們必須應對兩個重要挑戰。

We understand the magnitude of each have plans against both and are confident we will work through these headwinds as we continue to evolve the company.

我們了解這兩件事的嚴重性，並製定了應對計劃，我們有信心克服這些不利因素，繼續推動公司發展。

First, as we've discussed in the past, Atkins is losing shelf space in the highly competitive nutritional snacking aisle.

首先，正如我們之前討論過的，阿特金斯在競爭激烈的營養零食貨架上正在失去市場份額。

Over the last several years, as sales for this category doubled in size with space at a premium, Atkins' large distribution and merchandizing footprints have come under pressure, with sales declines in recent periods, mainly driven by distribution cuts at several retailers, especially at clubs and mass.

過去幾年，隨著該類別的銷售額翻了一番，而貨架空間又變得非常寶貴，阿特金斯龐大的分銷和銷售網絡面臨著壓力，近幾年銷售額有所下降，這主要是由於幾家零售商（尤其是俱樂部和大型超市）削減了分銷渠道。

75% of Action's retail sales today come from approximately half of its skews, which turn in the top two quartiles of the category velocity rankings.

Action 目前 75% 的零售額來自其約一半的銷售點，這些銷售點在品類銷售速度排名中位列前 2/4。

As we enter fiscal 26, our tail skews that turn on the bottom of category velocity rankings have been trimmed back at some accounts.

進入 26 財年，我們根據類別速度排名底部計算出的尾部偏差在某些帳戶上有所減少。

As we consider potential future distribution risk across our top accounts, it's important to note that only approximately 10% to 15% of Atkins skews on average are still in the bottom quartile today.

當我們考慮未來主要客戶的潛在分銷風險時，值得注意的是，目前平均只有大約 10% 到 15% 的 Atkins 偏度仍處於最低四分之一。

While painful in the short-term, this process will better align act and shelf space with sales and support of a sustainable business powered by a strong core assortment. Encouragingly, at a large retailer where we recently saw a double-digit decline in distribution, our average velocities are up nicely across the reset, giving us confidence we're on the right track.

雖然短期內會帶來痛苦，但這個過程將更好地使商品和貨架空間與銷售和支援永續業務相匹配，而強大的核心產品組合將推動這項業務的可持續發展。令人鼓舞的是，在我們最近看到分銷量出現兩位數下降的一家大型零售商中，我們的平均分銷速度在重置後有了顯著提高，這讓我們相信我們走在正確的道路上。

To help strengthen the brand and attract new consumers. In September, we began to flow into market several initiatives.

有助於加強品牌形象並吸引新消費者。9月份，我們開始向市場推出幾項措施。

These include new advertising that reorients Atkins from a more general lifestyle brand back towards weight management.

其中包括新的廣告宣傳，將阿特金斯從一個更全面的生活方式品牌重新定位回體重管理領域。

As well as modernized packaging, innovation, and an updated website, we've also brought to market a smaller pack size within our bar portfolio, providing consumers a more attractive entry price point intended to stem declines in one of the more challenged parts of the business.

除了現代化的包裝、創新和更新的網站外，我們還在產品組合中推出了更小的包裝規格，為消費者提供了更具吸引力的入門價格，旨在遏制業務中最具挑戰性的部分之一的下滑。

Our strategy acknowledges the need to right side back in space rather than trying to prop up our underperforming tail.

我們的策略認識到需要調整方向，使其重回正軌，而不是試圖支撐表現不佳的尾部。

A key component of this approach is proactively working with senior teams at our key retailers to manage our assortment and flow back to support the continued expansion and prioritization of Quest and Owen.

該方法的關鍵組成部分是積極與我們主要零售商的高級團隊合作，管理我們的產品組合和流程，以支持 Quest 和 Owen 的持續擴張和優先發展。

Again, while these decisions may be painful for the Atkins brand in the short-term, we're taking the right decisions and the right actions for the brand, the category, and for simply good.

雖然這些決定短期內可能會給阿特金斯品牌帶來痛苦，但我們正在為品牌、品類以及造福社會做出正確的決定和行動。

Our second major challenge is inflation. In order to ensure we had adequate supply to meet consumer demand, we contracted for cocoa at historically high prices, which, in addition to tariffs, weighed heavily on our margins in the back half of fiscal 2025.

我們面臨的第二個主要挑戰是通貨膨脹。為了確保我們有足夠的供應來滿足消費者的需求，我們以歷史高價簽訂了可可合同，這加上關稅，嚴重影響了我們在 2025 財年下半年的利潤率。

This pressure will continue in the first half of fiscal year 2026.

這種壓力將持續到 2026 財年上半年。

At this point, we're confident our gross margins will improve, beginning modestly in Q3 and more meaningfully into Q4, driven in part by the coverage we've already secured on Coco through most of the second half at rates well below prior year.

目前，我們有信心毛利率將會改善，從第三季度開始小幅改善，並在第四季度得到更顯著的改善，部分原因是我們已經以遠低於去年同期的價格為 Coco 爭取到了下半年大部分時間的保險。

We continue to monitor the markets and note that current spot levels present further potential favorability as we exit this year and primarily into fiscal 2027.

我們將繼續關注市場，並注意到，隨著今年結束，尤其是在進入 2027 財年之際，目前的現貨價格水準顯示出進一步的潛在利多因素。

In addition, we've also responded to inflation with aggressive productivity actions and pricing, which we announced to the trade in August and which will be in market by the end of Q1 of fiscal 2026.

此外，我們還採取了積極的生產力提升措施和定價策略來應對通貨膨脹，這些措施我們在 8 月向業界宣布，並將於 2026 財年第一季末在市場上實施。

I'm pleased with the significant progress our teams have made on productivity, the capability that we've significantly expanded over the past two years with benefits that will flow into our margins in the second half of fiscal 2026 and into 207.

我對我們團隊在生產力方面取得的顯著進步感到滿意，我們在過去兩年中大幅擴展了這一能力，這將帶來收益，並在 2026 財年下半年和 2027 財年轉化為我們的利潤。

Looking ahead, we're in a strong position. We operate in an on trend high-growth category, benefiting from a generational shift towards high protein, low sugar, low carb products.

展望未來，我們處於有利地位。我們身處在一個快速成長的潮流領域，受惠於消費者對高蛋白、低糖、低碳水化合物產品的世代轉變。

We will lead this shift and create value for our shareholders by accelerating innovation, expanding physical availability of our products, and from breakthrough marketing.

我們將引領這一轉變，並透過加速創新、擴大產品實際供應範圍以及突破性行銷，為股東創造價值。

Our world-class R&D team, asset light model, category leadership role with retailers, and enhanced selling capabilities give us a competitive edge, and our strong balance sheet provides optionality for M&A.

我們世界一流的研發團隊、輕資產模式、在零售商中的品類領導地位以及增強的銷售能力使我們具有競爭優勢，而我們強大的資產負債表為併購提供了選擇餘地。

Turning to quest Which represented almost 2/3 of our net sales in Q4.

轉向 quest，這占我們第四季淨銷售額的近 2/3。

Quest delivered year over year consumption growth of 11% in the quarter and expanded household penetration to 19%, up 170 basis points versus prior year.

Quest 在本季度實現了同比增長 11%，家庭滲透率擴大至 19%，比上年同期增長 170 個基點。

For fiscal year 2025, Quest grew consumption 12% and net sales over 13% on a 52 week basis, hoping to deliver a five-year ca gift of nearly 20% under our ownership.

2025 財年，Quest 的消費量成長了 12%，淨銷售額成長了 13%（以 52 週計算），希望在我們擁有的五年內實現近 20% 的成長。

As the brand approaches $1 billion in that sales, we're very pleased with its performance, and we remain confident in our ability to continue to disrupt the nutritional macros across many categories. Credit goes to the quest team, a nimble and competitive culture and a framework for growth based on disruptive innovation, expanding physical availability, and increasing brand awareness.

隨著該品牌銷售額接近 10 億美元，我們對其表現感到非常滿意，並且我們仍然有信心繼續在多個類別中顛覆營養成分。功勞歸於探索團隊、靈活且富有競爭力的企業文化，以及基於顛覆性創新、擴大實體供應範圍和提高品牌知名度的成長框架。

Our Quest salty snacks portfolio continues to outperform, with consumption up 31% for the quarter and 34% for the full year.

我們的 Quest 鹹味零食系列產品持續表現出色，本季消費量成長了 31%，全年消費量成長了 34%。

From representing 20% of Quest's retail sales three years ago, Salty is on target to be our largest platform by the end of fiscal year 2026.

三年前，Salty 佔 Quest 零售額的 20%，到 2026 財年末，Salty 有望成為我們最大的平台。

The size of the addressable market is large. We have a rich pipeline of innovation. We continue to gain shelf and merchandizing space in and outside our aisle, and as mentioned, we've invested to expand capacity.

潛在市場規模龐大。我們擁有豐富的創新資源。我們不斷增加貨架和走道內外的陳列空間，而且正如前面提到的，我們已經投資擴大了產能。

Our Quest bar business grew 2% in Q4 and for the full year, driven by our hero line and our new overload bar platform. If you recall, our hero or chocolate covered crispy line of bars and our recently launched overload bars with delicious inclusion heavy offerings are part of the wave of more indulgent protein bars.

在主打產品線和全新超強能量棒平台的推動下，我們的 Quest 能量棒業務在第四季度和全年均成長了 2%。如果你還記得的話，我們的招牌巧克力脆皮棒系列和我們最近推出的添加了大量美味配料的超值棒，都是更令人愉悅的蛋白質棒浪潮的一部分。

These products amp up taste and texture while delivering the nutritional macros consumers are looking for.

這些產品在提升口感與質地的同時，也能提供消費者所追求的營養成分。

While we're moving in the right direction on bars, our goal is to further accelerate our growth in the space.

雖然我們在酒吧業務方面正朝著正確的方向發展，但我們的目標是進一步加快我們在該領域的成長。

Over the past 18 months, we've built an impressive pipeline of exciting new bar forms, flavors and textures that will bring to market in the coming years.

在過去的 18 個月裡，我們建立了一個令人印象深刻的新產品線，包括令人興奮的新棒狀產品、口味和質地，這些產品將在未來幾年推向市場。

Our Quest Bakeshop platform continues to perform, and I'm excited for the launch of our first Bakeshop line extension, a great tasting high protein doughnut expected to hit shelves during Q1 of fiscal 2026.

我們的 Quest Bakeshop 平台持續表現良好，我很高興推出我們的第一個 Bakeshop 產品線延伸產品，這是一款美味的高蛋白甜甜圈，預計將於 2026 財年第一季上架。

We're also encouraged by the early performance of our new RTD milkshake platform, which is disrupting the category in a way only Quest can, with leading macros and great taste.

我們也對新推出的即飲奶昔平台的早期表現感到鼓舞，該平台以領先的營養成分和絕佳的口味，以只有 Quest 才能做到的方式顛覆了這一品類。

With strong commercial execution and more platform expansion to come in the spring, we're confident we can win in the fast-growing competitive RTD category.

憑藉強大的商業執行力和春季即將到來的更多平台擴張，我們有信心在快速成長且競爭激烈的即飲飲料市場中取得成功。

Lastly, we're thrilled with the recent launch of the second generation of our, it's basically cheating advertising campaign.

最後，我們很高興地宣布第二代「這基本上就是作弊」廣告宣傳活動已於近期推出。

Campaign of humorous ads highlights how Quest uniquely enables consumers to succumb to their food desires by resolving the inherent tension between food that tastes great and food with good nutrition. Ads have already begun on Thursday Night Football and will continue to be featured across a range of digital, social, and other media properties throughout the year.

一系列幽默廣告突顯了 Quest 如何透過解決美味食物與營養食物之間固有的矛盾，獨特地讓消費者滿足他們的美食慾望。廣告已於週四晚間橄欖球賽期間開始投放，並將於全年持續在各種數位、社交和其他媒體平台上播出。

Quest is our largest and highest margin brand and the innovation leader in the category. As we rapidly evolve our organization, Quest will be at the forefront, continuing to deliver strong growth.

Quest 是我們規模最大、利潤最高的品牌，也是該品類的創新領導者。隨著我們組織的快速發展，Quest 將始終處於領先地位，並繼續保持強勁成長。

Moving to Atkins, fiscal year 2025 is a challenging year.

搬到阿特金斯後，2025 財政年度將是一個充滿挑戰的一年。

Consumption declined 12% for Q4 and 10% for the full year, largely driven by losing distribution at club and not repeating certain high volume, low ROI merchandizing events, principally in math.

第四季消費量下降了 12%，全年消費量下降了 10%，這主要是由於失去了俱樂部的分銷管道，以及不再重複某些高銷量、低投資回報率的促銷活動，主要體現在數學方面。

Challenges continue to be concentrated primarily in bars and confections, whereas shakes were down 4% in the quarter and only 2% for the full year, supported by the success of the 30 g Atkins Strong RTDs we launched a year ago.

挑戰仍然主要集中在能量棒和糖果上，而奶昔在本季度下降了 4%，全年僅下降了 2%，這得益於我們一年前推出的 30 克 Atkins Strong 即飲飲料的成功。

In the e-commerce channel, where space is not a constraint, we continue to drive solid growth with a key partner up mid single-digits.

在空間不受限制的電子商務通路中，我們與主要合作夥伴持續保持穩健成長，實現了中等個位數的成長。

As mentioned, as we evolve our company, Atkins will be a more focused brand around a core assortment, and we are being proactive in our efforts to get there.

如同前面所提到的，隨著公司的發展，Atkins 將成為一個更專注於核心產品系列的品牌，我們正在積極努力實現這一目標。

We acknowledge that there will continue to be short-term pain for Atkins, with consumption expected to decline approximately 20% in fiscal year 2026.

我們承認，阿特金斯短期內仍將面臨痛苦，預計 2026 財年消費量將下降約 20%。

Consumer research continues to show that Atkins' core strength lies in its scientific credibility and proven history of helping consumers achieve their weight loss or maintenance goals. In short, Atkins works.

消費者研究不斷表明，阿特金斯的核心優勢在於其科學可信度和幫助消費者實現減肥或維持體重目標的可靠歷史。簡而言之，阿特金斯方法有效。

This gives us confidence that even as we are partnering with key retailers to repurpose A space to accelerate growth for Quest and Owen, we're making the right investments and taking the correct action to stabilize and ultimately support the long-term sustainability and profitability of the brand.

這讓我們有信心，即使我們正在與主要零售商合作，重新利用 A 空間來加速 Quest 和 Owen 的成長，我們也在進行正確的投資並採取正確的行動，以穩定並最終支持該品牌的長期可持續性和盈利能力。

Turning to Owen, consumption grew 14% in the fourth quarter and 34% for the full year, with household penetration up 100 basis points, 4.2%. Double-digit RTD retail sales benefited from new distribution gains at a key mass customer and a tests of club.

厄文方面，第四季消費量成長14%，全年成長34%，家庭滲透率上升100個基點，達到4.2%。即飲飲料零售額達到兩位數成長，得益於在重要的大眾客戶群中拓展了新的通路，以及在俱樂部通路的試水。

I want to address the somewhat slower consumption growth we've observed over the last few months. The impact of lapping distribution, which I discussed before, was exacerbated by a product quality issue related to a raw materials sourcing decision for pea protein made prior to the closing of the acquisition.

我想談談過去幾個月來我們觀察到的消費成長放緩的現象。我之前討論過的研磨分佈的影響，由於收購完成之前對豌豆蛋白原料採購決策相關的產品品質問題而加劇。

Specifically, this pea protein, which was used in a portion of production during Q2, resulted in taste and texture issues on certain lots as the product aged.

具體來說，這種豌豆蛋白在第二季度的部分生產中使用，導致某些批次的產品在老化過程中出現味道和質地問題。

While the affected product made up only a small minority, they want to be clear that it was 100% safe and met all of our allergen testing protocols.

雖然受影響的產品只佔很小一部分，但他們想明確表示，該產品 100% 安全，符合我們所有的過敏原測試規程。

However, the product experience was poor and showed up in ratings and reviews.

然而，產品體驗很差，這一點在評分和評論中都有所體現。

Therefore, as we ran distribution and trial coming into Q4, our consumer response was not as robust as we would have liked, and as a result, velocity slowed.

因此，在進入第四季度進行分銷和試用時，消費者的反應不如我們預期的那麼強勁，結果，銷售速度放緩了。

We have already mitigated the issue and begun aggressive programming and trade and customer marketing aimed at re-accelerating trial and growth rates.

我們已經緩解了這個問題，並開始積極開展專案、貿易和客戶行銷活動，旨在重新加快試用率和成長率。

In spite of the challenge, Owen still grew double-digits in Q4, which is a testament to the unique positioning and strength of the brand.

儘管面臨挑戰，厄文在第四季仍然實現了兩位數的成長，這證明了該品牌獨特的定位和實力。

And early on here in Q1, Owen sustained a mid-teens growth rate in September, even as it lapped a big event at club last year.

在第一季初，歐文在9月份保持了15%左右的成長率，儘管它超越了去年俱樂部舉辦的一場大型賽事。

With the integration largely completed, we will now leverage the full scale and capabilities of Simply good to drive growth of the business.

隨著整合工作基本上完成，我們將充分利用 Simply good 的規模和能力來推動業務成長。

In fiscal year 2026, this will include significantly stepped up trade and marketing investments I spoke about.

在 2026 財年，這將包括我之前提到的大幅增加的貿易和行銷投資。

In addition to leveraging our retail teams to drive displays, both distribution gaps, and bring highly differentiated innovation to market.

除了利用我們的零售團隊來推動展示、彌補分銷缺口，並將高度差異化的創新推向市場之外。

In addition to shakes, powders also represent a huge opportunity for us. At 12% of the brands mixed today, growing significantly.

除了奶昔之外，粉劑也代表我們龐大的商機。目前混合品牌佔 12%，成長顯著。

Owen's mission is to forge a new standard of clean. Its products are free from the TOP9 allergens and have a cleaner and simpler list of ingredients. Simply put, Owen is built for today's evolving consumer preferences.

歐文的使命是樹立清潔的新標準。它的產品不含前9大過敏原，成分錶更簡潔。簡而言之，Owen 的設計旨在滿足當今不斷變化的消費者偏好。

Recently completed research shows Owen has leading equities in clean plant-based nutrition.

最近完成的研究表明，歐文在清潔植物營養領域擁有領先的股權。

Aided awareness is low at 20%, reflecting significant hadron with ACV for shakes in the mid-60s and only 26% for powders.

輔助意識較低，僅 20%，反映出 ACV 對奶昔的影響顯著，約 60% 左右，而對粉末的影響僅為 26%。

This is why we must invest more to drive awareness and build household penetration. We're only scratching the surface for what this brain can be, and we're fully committed to unleash its full potential.

因此，我們必須加大投入，提高公眾意識，擴大家庭滲透率。我們目前對大腦的了解還只是冰山一角，我們將全力以赴，釋放它的全部潛能。

To summarize, fiscal year 2025 was a solid year, but much work remains to evolve the company to win in this exciting category.

總而言之，2025 財年是穩健的一年，但要讓公司在這個令人興奮的領域取得成功，還有很多工作要做。

I acknowledge our guidance for fiscal '26 is below our long-term algorithm, and we are committed and confident we're making the right investments and taking the right actions in fiscal 2026 to set up fiscal 2027 for success.

我承認我們對 2026 財年的業績預期低於我們的長期演算法，但我們致力於並有信心在 2026 財年進行正確的投資並採取正確的行動，為 2027 財年的成功奠定基礎。

Approximately 3/4 of our portfolio through Quest and Owen is driving strong top and bottom line growth. We're building a fast-paced, agile culture backed with world-class capabilities necessary to win in this category. With Quest and Owen driving growth, Atkins being reshaped for the future, and productivity and pricing initiatives underway, we're confident in our ability to deliver sustained growth and value creation for years to come.

我們透過 Quest 和 Owen 持有的投資組合中約有 3/4 實現了強勁的營收和利潤成長。我們正在建立一種快節奏、敏捷的企業文化，並輔以世界一流的能力，以在這個領域取得成功。在 Quest 和 Owen 的推動下，Atkins 正在為未來進行重組，並且生產力和定價計劃正在實施，我們有信心在未來幾年內實現持續成長和價值創造。

I'll now hand the call over to Chris who'll provide you with details of our financial results and outlook.

現在我將把電話交給克里斯，他將為您詳細介紹我們的財務表現和展望。

Thank you, Jeff. Good morning, everyone.

謝謝你，傑夫。各位早安。

Overall, our fiscal year finished generally in line with our guidance, with some modestly higher costs impacting our margins as we exited the year.

整體而言，我們的財政年度基本上符合預期，只是在年末時一些略微上漲的成本對我們的利潤率產生了影響。

Organic net sales grew at least 3% in each of the last three quarters. We continue to invest in our brands, our talent, and our capabilities to position the company for the long-term, and we generated a lot of cash that we put to work.

過去三個季度，有機淨銷售額每季至少成長 3%。我們持續投資於我們的品牌、人才和能力，以使公司為長期發展做好準備，並且我們創造了大量現金並將其投入使用。

We are operating from a position of strength as we exit fiscal 2025 and assess the challenges facing us in fiscal 2026.

在 2025 財年結束之際，我們處於有利地位，並正在評估 2026 財年面臨的挑戰。

I will now discuss the financial results.

接下來我將討論財務表現。

For net sales, Total Simply Good Food's fourth quarter reported net sales of $369 million declined 1.8% versus last year.

就淨銷售額而言，Simply Good Food 第四季報告的淨銷售額為 3.69 億美元，比去年同期下降了 1.8%。

Excluding the small contribution from Owen prior to the anniversary date of the acquisition's closing, as well as the lap of the fifty-3rd week, organic net sales grew 3.5%. The key driver of this organic growth was Quest, which grew 15.9% primarily from strong performance in our salty snacks business.

剔除收購完成週年日之前 Owen 的少量貢獻以及第 53 週的業績，有機淨銷售額成長了 3.5%。推動這一有機成長的關鍵因素是 Quest，其成長了 15.9%，主要得益於我們鹹味零食業務的強勁表現。

While Atkins declined 18.3% as a result of distribution losses and related trade inventory reductions.

由於分銷損失和相關的貿易庫存減少，Atkins 的股價下跌了 18.3%。

Gross profit of $126.6 million declined 13.3% on a reported basis from the year ago period.

根據報告數據，毛利為 1.266 億美元，較上年同期下降 13.3%。

Driven mainly by lapping the fifty-3rd week and elevated inflationary costs, most notably cocoa.

主要原因是達到第 53 週以及通貨膨脹成本上升，尤其是可可價格上漲。

Gross margin was 34.3%, a decline of 450 basis points versus prior year on a GAAP basis, largely reflecting higher input costs and the initial impact of tariffs that were only partially offset by productivity and pricing.

毛利率為 34.3%，以 GAAP 計算比上年下降 450 個基點，主要反映了投入成本上升和關稅的初期影響，而這些影響僅被生產力和定價部分抵消。

Excluding the inventory step up related to the acquisition of Owen, which was a 90 basis points headwind to gross margins in the 4th quarter of last year, gross margins declined 540 basis points.

如果排除與收購 Owen 相關的庫存增加（這在去年第四季對毛利率造成了 90 個基點的不利影響），毛利率下降了 540 個基點。

Selling and marketing expenses of $32.4 million were down 20.6% versus prior year, primarily the result of a planned pullback in Atkins marketing and lapping the fifty-3rd week.

銷售和行銷費用為 3,240 萬美元，比上年下降 20.6%，主要是由於 Atkins 計劃縮減行銷規模以及第 53 週結束所致。

G&A expenses of $40.6 million declined 1.6%, primarily due to lapping the fifty-3rd week that was mostly offset by own integration expenses.

一般及行政費用為 4,060 萬美元，下降 1.6%，主要是由於跨越了第 53 週，但大部分被自身的整合費用所抵銷。

Excluding stock-based compensation and one-time integration and other costs, G&A declined 16.6% to $27.6 million driven by the lapping the fifty3 week and the initial realization of cost synergies related to the own acquisition.

剔除股票選擇權激勵、一次性整合及其他成本後，一般及行政費用下降 16.6% 至 2,760 萬美元，主要原因是第 53 週結束以及與自身收購相關的成本協同效應的初步實現。

As a result, adjusted EBITDA was $66.2 million down 14.5% from the year ago period.

因此，調整後的 EBITDA 為 6,620 萬美元，比去年同期下降 14.5%。

Excluding the lap of the 53rd week, adjusted EITA declined in the high single-digit range.

剔除第 53 週的數據，調整後的 EITA 下降了接近兩位數。

During the 4th quarter, we determined that there were indicators of impairment related to the Atkins brand and related intangible assets.

第四季度，我們發現與 Atkins 品牌及相關無形資產相關的減損跡象。

After conducting a quantitative impairment assessment, we recorded a non-cash loss on impairment of $60.9 million.

經過定量減損評估，我們確認了6,090萬美元的非現金減損損失。

The impairment is the result of Atkins' performance in fiscal year 2025 and updated projections of future revenue.

減損是由於 Atkins 在 2025 財年的表現以及對未來營收的最新預測。

Net interest expense of $3.6 million was down $4.3 million versus the prior year as a result of lower debt balances while the effective tax rate was 20.2%. Net loss was $12.4 million down from the net income of $29.3 million last year, due primarily to the impairment charge I just mentioned.

由於債務餘額減少，淨利息支出為360萬美元，較上年減少430萬美元，實際稅率為20.2%。淨虧損為1240萬美元，而上年淨利潤為2930萬美元，這主要是由於我剛才提到的減損支出。

On a 4-year basis, reported net sales grew 9%, mainly driven by the ON acquisition, which added nearly 8 points of growth, partially offset by approximately 2% impact from lapping the 53rd week.

以四年計算，報告淨銷售額增長了 9%，主要得益於 ON 收購，該收購帶來了近 8 個百分點的增長，但部分被跨越第 53 週帶來的約 2% 的影響所抵消。

On an organic basis, net sales increased 3% driven by quests, which grew 13.4%, as well as a small contribution from Owen in Q4.

從有機成長來看，淨銷售額成長了 3%，這主要得益於 Quests 業務成長了 13.4%，以及 Owen 在第四季的少量貢獻。

Atkins was down 4.9%. Gross profit grew 2.8% year over year on a reported basis, driven by net sales growth that was partially offset by inflation, while gross margins for the full year declined 220 basis points as a result of elevated input costs, as well as dilution from the ON acquisition.

Atkins 股價下跌 4.9%。以報告數據計算，毛利潤年增 2.8%，這主要得益於淨銷售額的成長，但部分被通貨膨脹所抵銷。由於投入成本上升以及收購 ON 帶來的稀釋，全年毛利率下降了 220 個基點。

Finally, adjusted EBITA grew 3.4%, driven primarily by net sales growth, while reported that income declined largely as a result of the loss and impairment and other significant one-time costs primarily related to the own acquisition.

最後，經調整的 EBITA 成長了 3.4%，主要得益於淨銷售額的成長；而報告顯示，收入下降主要是由於損失和減損以及其他與自身收購相關的重大一次性成本。

Fourth quarter diluted loss per share was $0.12 versus earnings per share of $0.29 in the year ago period, driven primarily by the impairment charge I mentioned a moment ago.

第四季稀釋後每股虧損為 0.12 美元，而去年同期每股收益為 0.29 美元，這主要是由於我剛才提到的減損支出所致。

Which was a $0.45 after-tax headwind in the quarter.

這給該季度帶來了0.45美元的稅後不利影響。

Q4 adjusted diluted earnings per share was $0.46 compared to $0.50 in the year ago period.

第四季調整後稀釋每股收益為 0.46 美元，去年同期為 0.50 美元。

On a full year basis, the company generated diluted EPS of $1.02 a decline of 26.1% versus the prior year, largely due to the aforementioned impairment charge and one-time integration costs.

從全年來看，該公司稀釋後每股收益為 1.02 美元，比前一年下降 26.1%，主要原因是上述減損費用和一次性整合成本。

Adjusted diluted EPS of $1.92 increased 4.9% versus the comparable prior year period.

調整後的稀釋每股收益為 1.92 美元，比上年同期成長 4.9%。

Please note that we calculate adjusted diluted EPS as adjusted EBITDA, less interest income, interest expense and income taxes divided by deleted shares outstanding.

請注意，我們計算調整後稀釋每股盈餘的方法是：調整後 EBITDA 減去利息收入、利息支出和所得稅，再除以刪除的流通股數。

Moving to the balance sheet and cash flow, as of the end of Q4, the company had cash of $98 million an outstanding principal balance on its term loan of $250 million bringing our net debt to trailing 12 month adjusted EBITDA to approximately 0.5 times.

接下來來看資產負債表和現金流量表，截至第四季末，公司現金為 9,800 萬美元，未償還的定期貸款本金餘額為 2.5 億美元，這使得我們的淨債務與過去 12 個月的調整後 EBITDA 比率約為 0.5 倍。

4 year cash flow from operations was $178 million compared to approximately $216 million last year.

過去四年的營運活動現金流為 1.78 億美元，去年約為 2.16 億美元。

The decline was primarily due to higher uses of working capital.

下降的主要原因是營運資金使用量增加。

Capital expenditures finished the year at approximately $20 million reflecting the timing of initial payments related to the strategic investment we're making to support additional capacity. I will discuss this in more detail in a moment.

本年度資本支出約為 2,000 萬美元，反映了我們為支持新增產能而進行的策略性投資的初始付款時間。我稍後會更詳細地討論這個問題。

The fiscal year 2025, the company repaid a total of $150 million of its term loan debt, bringing total repayments since the ON acquisition to $240 million or essentially all of the $250 million borrowed to fund the purchase.

2025 財年，該公司償還了 1.5 億美元的定期貸款債務，使自收購 ON 以來的償還總額達到 2.4 億美元，基本上相當於為收購而藉入的 2.5 億美元的全部。

We remain very comfortable with our gross debt levels today.

我們對目前的總債務水準仍然非常滿意。

In addition, during the quarter, the company used approximately $27 million to repurchase nearly 900,000 shares.

此外，本季該公司還動用了約 2,700 萬美元回購了近 90 萬股股票。

For the full year, the company used approximately $51 million to repurchase nearly 1.6 million shares, or almost 2% of our outstanding common stock.

全年，該公司使用約 5,100 萬美元回購了近 160 萬股股票，約占公司已發行普通股的 2%。

Finally, as detailed in this morning's press release and to reflect management's and the board's continued confidence in the business, the board of directors recently approved a $150 million dollar increase, the company's existing stock repurchase program.

最後，正如今天早上的新聞稿中所詳述的，為了反映管理層和董事會對公司業務的持續信心，董事會最近批准將公司現有的股票回購計畫增加 1.5 億美元。

As of October 23, 2025, the company has approximately $171 million remaining under its revised stock repurchase authorization.

截至 2025 年 10 月 23 日，該公司根據修訂後的股票回購授權，還有約 1.71 億美元的剩餘額度。

Moving on to a discussion of our outlook.

接下來我們來討論一下我們的展望。

Since we last spoke with you in July, here is what has changed.

自從我們上次在7月份與您聯繫以來，發生了以下變化。

First, as a result of the accelerating pressures from inflation and tariffs, we announced the targeted pricing actions that will be in market by the end of Q1 and are expected to be a low single-digit benefit once fully implemented.

首先，由於通貨膨脹和關稅帶來的壓力不斷加劇，我們宣布了有針對性的定價措施，這些措施將在第一季末之前投放市場，預計全面實施後將帶來個位數百分比的收益。

These actions cover all three brands and will help us restore our margins, but in the near term will cause our top-line trends to be more subdued as a result of initial elasticity.

這些措施涵蓋所有三個品牌，將有助於我們恢復利潤率，但由於初期彈性效應，短期內將導致我們的營收成長趨勢較為疲軟。

Second, near term growth slowed for Irwin as a result of the identified quality issue, which will also require incremental trade and brand investment to re-accelerate growth.

其次，由於已發現的品質問題，Irwin 的近期成長放緩，這也需要增加貿易和品牌投資才能重新加速成長。

Third, the impact from tariffs are now generally more certain apart from any changes in the prevailing tariff rates for Chinese imports, considering the ongoing negotiations where timing and magnitude remains uncertain.

第三，考慮到談判仍在進行中，時間和幅度仍存在不確定性，除了中國進口現行關稅稅率的任何變化之外，關稅的影響現在總體上更加確定。

Assuming no significant change in prevailing tariff rates on China, we estimate our total tariff exposure will be less than 2% of our fiscal 2026 cost of goods sold on a net basis, including the benefit of currently identified mitigates against which we are already taking action.

假設對華現行關稅稅率沒有重大變化，我們估計，包括目前已確定的緩解措施帶來的收益（我們正在採取行動應對這些措施），我們的關稅總敞口將不到 2026 財年商品銷售成本淨額的 2%。

Given the trade agreements announced to date, the blended tariff rates will come in slightly higher than we were previously expecting.

根據目前已公佈的貿易協定，綜合關稅稅率將略高於我們先前的預期。

Fourth, we have a secured coverage on Cocoa's supply that as we move through the second half of fiscal 2026 will be progressively at prices below prior year, giving us good visibility on cost and margin improvement as we move through fiscal 2026 and into 2027.

第四，我們已確保可可供應，隨著 2026 財年下半年的到來，可可價格將逐步低於上年，這使我們能夠很好地了解 2026 財年及 2027 年成本和利潤率的改善情況。

We continue to diligently monitor the commodity markets with the op opportunity to further lock in more favorable costs and ensure supply.

我們將繼續密切關注大宗商品市場，伺機進一步鎖定更有利的成本並確保供應。

And finally, while not a change, I want to point out that we remain committed to investing in our growth platforms for the long-term, even while we face higher inflation, especially in the first half.

最後，雖然這並非一項改變，但我還是要指出，即使面臨更高的通貨膨脹，尤其是在上半年，我們仍然致力於長期投資於我們的成長平台。

Therefore, for fiscal year 2026, we expect the following.

因此，對於 2026 財年，我們預計如下。

Net sales growth is expected to be in the range of negative 2% to positive 2%, with growth from Quest and Owen offset by Atkins. Gross margins are expected to decline in the range of 100 to 150 basis points, and adjusted EBITDA year over year is expected to be in the range of negative 4% to positive 1%.

預計淨銷售額成長在-2%至+2%之間，Quest和Owen的成長將被Atkins的成長所抵銷。預計毛利率將下降100至150個基點，調整後EBITDA年比預計在-4%至+1%之間。

This includes increased marketing spend on Quest and Owen to support growth while focusing on profitability for Atkins.

這包括增加對 Quest 和 Owen 的行銷支出以支持其成長，同時專注於 Atkins 的獲利能力。

Management is focused on long-term growth for the total company and will look to provide more fuel should it find the opportunity to do so.

管理層專注於公司的整體長期成長，如果發現機會，將會尋求提供更多動力。

As we look at the shape of fiscal year 2026, the year will be a tale of two halves, with the second half expected to be stronger on both the top and bottom line than our first half.

展望 2026 財年，這一年將呈現出截然不同的兩階段，預計下半年的營收和利潤都將比上半年更加強勁。

Starting with net sales, we expect growth in the first half to be at or below the lower end of our 4 year range, with Q2 likely to be our weakest quarter of the year.

從淨銷售額來看，我們預計上半年的成長將達到或低於我們四年預期範圍的下限，第二季可能是我們全年最疲軟的季度。

The first half will be impacted by initial elasticities related to our recently announced pricing actions and the wraparound drag from Atkins' distribution losses.

上半年將受到近期宣布的價格調整措施帶來的初始彈性以及 Atkins 分銷損失帶來的後續拖累的影響。

While we will see the underlying benefit of recent distribution gains on Quest and Owen, growth will be muted by the lingering effects from the Owen quality issue and a generally tough lap for Quest and Owen, both of which benefited in the prior year from strong merchandizing programs, particularly in Q2.

儘管我們將看到 Quest 和 Owen 近期分銷增長帶來的潛在好處，但 Owen 品質問題的持續影響以及 Quest 和 Owen 整體上艱難的處境將抑製成長，這兩家公司在前一年都受益於強有力的商品推廣計劃，尤其是在第二季度。

By the second half, we expect trends to improve meaningfully driven by an exciting slate of innovation launches across our brands, normalizing elasticity, lapping the initial impacts from moments product issues, and tailwinds from distribution.

到下半年，我們預計趨勢將得到顯著改善，這得益於我們旗下各品牌一系列激動人心的創新產品的推出，這些創新產品將使市場彈性趨於正常，抵消產品問題帶來的初期影響，並帶來分銷渠道的順風。

Therefore, we expect net sales growth in the second half of the year to be at the higher end of our 4-year outlook range.

因此，我們預計下半年淨銷售額成長將達到我們4年預測範圍的上限。

Moving down the P&L, the shape of the year will be even more pronounced, driven by elevated inflation and tariffs impacting our margins in the first half.

從損益表來看，今年的業績走勢將更加明顯，這是由於通貨膨脹加劇和關稅上漲影響了我們上半年的利潤率。

Before we benefit from the combination of lower cocoa costs, building productivity and realized pricing in the second half.

之後，我們將受益於下半年可可成本下降、生產力提高和價格上漲的綜合影響。

This lag will be most accused in 11 when we will have very little benefit from pricing and productivity to help offset the higher costs, including the historically high cocoa inflation and our first full quarter of tariffs.

到 2011 年，這種滯後現象將最為突出，因為屆時我們將很難從價格和生產力方面獲得收益來抵消更高的成本，包括歷史上高企的可可通膨和我們第一個完整的關稅季度。

As a result, we expect Q1 gross margins around 32.5%, representing a year over year decline of nearly 600 basis points.

因此，我們預計第一季毛利率約為 32.5%，年減近 600 個基點。

Beginning in Q2, we expect to deliver sequential improvement in year over year trends for gross margin, and by the second half, we expect our gross margins to be in line or slightly better than our four year fiscal 2025 gross margins on a GAAP basis, implying gross margin expansion in Q4 of nearly 200 basis points year over year.

從第二季開始，我們預計毛利率年比趨勢將逐步改善，到下半年，我們預計毛利率將達到或略高於我們 2025 財年四年按美國通用會計準則計算的毛利率，這意味著第四季度毛利率將同比增長近 200 個基點。

Adjusted EBITDA should generally track the shape of our expectations for gross margins with pressures in the first half and much stronger results by the second half.

調整後的 EBITDA 總體上應該會與我們對毛利率的預期走勢保持一致，上半年會面臨壓力，下半年業績會強勁得多。

Specifically, we expect first quarter adjusted EBITDA to decline by approximately 25% year over year.

具體而言，我們預計第一季調整後 EBITDA 將年減約 25%。

By Q2, we would expect more subdued year over year declines in the high single-digit range before we return to growth in the second half.

到第二季度，我們預計同比降幅將較為溫和，在高個位數範圍內，然後在下半年恢復成長。

Similar to gross margins, we expect the 4th quarter to be our strongest period of growth, up double-digits year over year.

與毛利率類似，我們預計第四季將是成長最強勁的時期，年增兩位數。

I would note that our outlook assumes current economic conditions, consumer purchasing behavior, and prevailing tariff rates will generally remain consistent across the company's fiscal year.

我想指出的是，我們的展望假設當前的經濟狀況、消費者購買行為和現行關稅稅率在公司整個財政年度將基本保持不變。

While our outlook includes a number of important assumptions, there remain several uncertain swing factors outside of our control that could represent risk to our outlook.

雖然我們的展望包含許多重要假設，但仍有一些我們無法控制的不確定波動因素可能會對我們的展望造成風險。

Before we open up the call for questions, I wanted to finish by explaining our plans to spend $30 to $40 million on CapEx in fiscal 2026.

在正式開始提問環節之前，我想先解釋一下我們計劃在 2026 財年投入 3,000 萬至 4,000 萬美元用於資本支出。

Nearly all of this investment will be to support growth in our most attractive areas and particularly to reinforce our competitive mode in our salty business.

幾乎所有這些投資都將用於支持我們最具吸引力領域的成長，特別是加強我們在鹹水業務中的競爭力。

They've been very clear that there is a big opportunity to drive continued expansion in our salty platform.

他們非常明確地表示，我們的鹹水平台擁有巨大的持續擴張潛力。

Consumers love the products and retailers are leaning in with us. The investment in incremental and more flexible capacity enables us to support our long-term growth aspirations on the business and has an attractive payback.

消費者喜歡我們的產品，零售商也積極與我們合作。對增量和更靈活產能的投資使我們能夠支持業務的長期成長目標，並具有可觀的回報。

Strong cash flow generation is the hallmark of this company, and next year will be no different. Our low debt levels and high cash conversion rate provides us the optionality to create meaningful long-term value for our shareholders in multiple ways, including by investing in capacity through share buybacks and via M&A.

強勁的現金流是這家公司的標誌，明年也不例外。我們較低的債務水平和較高的現金轉換率使我們有多種選擇，可以透過多種方式為股東創造有意義的長期價值，包括透過股票回購和併購投資產能。

For a comprehensive summary of our full year outlook, please see slide 17 in our presentation.

有關我們全年展望的全面總結，請參閱我們簡報中的第 17 頁。

I want to commend our team for their hard work and tenacity to deliver the year and thank them for their support and collaboration in my first quarter as CFO.

我要表揚我們的團隊，感謝他們為完成這一年的工作所付出的辛勤努力和堅韌不拔的精神，並感謝他們在我擔任首席財務官的第一個季度裡給予的支持與合作。

That concludes our prepared remarks.

我們的發言稿到此結束。

Thank you for your interest in our company. We are now available to take your questions.

感謝您對我們公司的關注。現在我們可以回答您的問題了。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate a line is in the question queue. You may press 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys.

謝謝。接下來我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示問題已進入佇列。您可以按 2 從佇列中移除自己。對於使用揚聲器裝置的參與者，可能需要在按下星號鍵之前拿起聽筒。

And also as a reminder to allow time for everyone to ask a question, we ask that everyone in the queue to provide only one question.

另外，為了確保每個人都有時間提問，我們要求排隊的每個人只提一個問題。

Our first question comes from the line of Peter Grom with UBS. Please proceed with your Question.

我們的第一個問題來自瑞銀集團的 Peter Grom。請繼續提問。

Thank you, operator.

謝謝接線生。

And good morning Jeff Chris Josh. I hope you all are doing well. So I wanted to just pick up on the comments around Owen and kind of the product quality issues that you that you alluded to that impacted the quarter, Jeff, it sounds like these are now kind of in the rear rear view here. So just curious how you think about the past, from here, maybe what you've seen more recently from from the brand. And then I guess just related when you think about the full year full year sales guidance what's the range of outcome does it relates to a one based on what we know today thanks.

早安，傑夫、克里斯、喬希。希望你們一切都好。所以我想就歐文以及你提到的影響本季業績的產品品質問題發表一下看法，傑夫，聽起來這些問題現在已經過去了。所以，我很好奇你如何看待這個品牌的過去，以及你最近看到的一些事情。然後，我想問一下，在考慮全年銷售預期時，結果範圍是多少？根據我們目前所掌握的信息，這與預期值是否相關？謝謝。

Yeah, I appreciate the question.

是的，感謝你的提問。

And as we said on the call, our guidance for the year had always expected Q4 to slow a bit as we were lapping, no one distribution wins.

正如我們在電話會議上所說，我們對全年的預期一直是第四季度會稍微放緩，因為我們一直在追趕，沒有哪一種分銷模式能夠勝出。

However, as mentioned, Q4 was impacted by product quality issue related to the raw material sourcing.

然而，如同前面所提到的，第四季度受到了與原物料採購相關的產品品質問題的影響。

For the Protein, a decision that was Made prior to Closing the acquisition, more specifically.

對於蛋白質而言，更確切地說，這是在完成收購之前做出的決定。

The pea Protein was used, in production during Q2.

豌豆蛋白在第二季生產中使用。

Which did impact taste and texture on certain lots of the product age.

這確實對某些批次產品的口感和質地產生了影響。

Used in our estimate around 10%. But certainly, material enough to impact consumption and.

據我們估計，約佔10%。但這無疑足以對消費產生影響。

We certainly saw it come through in ratings And Reviews.

這一點在評分和評論中確實得到了體現。

So as soon as we saw it, we jumped on it. I will say the product 100% safe within the ON allergen free guidelines. A small portion of product was impacted, but enough to impact consumption and show up in ratings and reviews. So what do we do about it?

所以我們一看到它，就立刻搶購了。我可以肯定地說，該產品100%符合安大略省無過敏原標準。雖然只有一小部分產品受到影響，但足以影響消費，並在評分和評論中有所體現。那我們該怎麼辦？

We have rectified the issue. We've got a newer and More Stable.

我們已經解決了這個問題。我們有了更新、更穩定的版本。

Formulation that is shipping and shipping since August, will be fully in market by.

自八月以來一直在發貨的配方，將於近期全面上市。

Fiscal Q2. Obviously work With customers that were more disproportionately impacted.

財政年度第二季。顯然，要優先與受影響更嚴重的客戶合作。

We increased trade, To restart trial and we've increased marketing as part of that. So, we've dealt with the issue. It's mostly in the rear vision mirror, probably a little bit of product out there.

我們增加了貿易，重啟了試驗，並為此加強了行銷力度。所以，這個問題我們已經解決了。大部分都在後視鏡裡，可能市面上只有少量產品。

But that's why we're ramping up our investments in both trade and marketing.

但正因如此，我們正在加大對貿易和行銷的投資。

We continue to be extremely confident about the trajectory of this business, strategically, it.

我們對這項業務的策略發展軌跡仍然充滿信心。

It's. Expanded our presence in the shake.

是的。擴大了我們在奶昔領域的市場份額。

Category. It reaches a new consumer, namely those looking for plants. Clean label, feedback from retailers that this is a very distinct incremental segment. The integration has gone well, the synergies are on track, so, this was, this product issue, we've jumped on it, we've dealt with it, but as you do look, as you look forward, I could not be more excited about the Owen brand, it. It's the clear leader in clean and as we sit today, even versus where we were when we completed the acquisition, you're seeing the increasing emergence of clean and consumers looking for clean options and we certainly hear that from retailers.

類別。它吸引了新的消費群體，即那些尋找植物的人。清潔標籤產品，零售商回饋顯示這是一個非常獨特的成長細分市場。整合進展順利，綜效也正在按計畫進行，所以，對於這個產品問題，我們已經迅速著手解決，但展望未來，我對歐文品牌感到無比興奮。它是清潔領域的絕對領導者，而且就目前而言，即使與我們完成收購時的情況相比，清潔產品越來越受歡迎，消費者也在尋找清潔產品，我們當然也從零售商那裡聽到了這種說法。

We see distribution upside on the core business, ACV is still low, if you look at brand awareness.

我們看到核心業務的分銷還有提升空間，但從品牌知名度來看，ACV仍然很低。

It's only aided. Awareness around 20%.

只有輔助人員才能提供協助。認知度約20%。

That's why we're significantly increasing marketing, but this is not just on the core shakes business. I think as we mentioned on the call, the powder's business, smallish portion today, but that's extremely high growth, very incremental, and. One of the things with did right at close of acquisition is we integrated the R&D teams and we've been working, you should assume.

這就是為什麼我們要大幅增加行銷投入，但這不僅限於核心奶昔業務。我認為正如我們在電話會議上提到的，粉末業務目前佔比不大，但成長速度極快，而且成長幅度非常大。我們在收購完成後立即採取的措施之一就是整合研發團隊，並且一直在努力，你應該明白這一點。

We've been working on some exciting platform innovation that will build from there. So.

我們一直在進行一些令人興奮的平台創新，這些創新將以此為基礎發展壯大。所以。

We saw the product issue, it impacted consumption, we jumped on it, we've addressed it. One of the reasons we increase investment just to really get that trial accelerated.

我們發現了產品問題，它影響了消費，我們立即著手解決。我們增加投資的原因之一就是為了真正加快試驗進程。

Confident in the near term, confident in the long-term, and we're very pleased we acquired this business.

我們對短期和長期都充滿信心，並且非常高興收購了這家公司。

Thank you.

謝謝。

Our next question comes from the line of Steve Powers with Deutsche Bank. Please proceed with your question.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。請繼續提問。

Great, good morning guys.

太好了，各位早安。

Jeff, morning. So Jeff, maybe picking up on where you started the conversation just on the low sugar, high protein macro trends, assuming it's a strong and enduring a structural shift as you discussed in your opening, and I don't think there are a lot of reasons to believe it is. I guess how do you handicap future competition?

傑夫，早安。所以傑夫，也許可以接著你剛才開始的關於低糖、高蛋白宏觀趨勢的討論，假設它像你在開場白中討論的那樣，是一種強勁而持久的結構性轉變，但我認為沒有太多理由相信它會如此。我想問的是，如何預測未來的競爭狀況？

Maybe how have those views changed since you first arrived is simply And maybe a bit more detail how you've incorporated those allowances and forecasts into your business planning for fiscal '26. If I could also, Chris, just picking up on where you you wrapped up on cap allocation, just given the dynamics that the business is contending with organically this year, both top-line and cost related, as well as the decision to lean into CapEx a bit more to drive capacity, just was curious to see if Is any, shift in your appetite or capacity to handle M&A. It didn't sound like it from your comments, but I just wanted to clarify that.

或許，自從你來到這裡以來，這些觀點發生了什麼樣的變化？或許，你還可以詳細說明一下，你是如何將這些津貼和預測納入到你 2026 財年的業務計劃中的。克里斯，如果可以的話，我還想就你剛才關於資本分配的總結提出一點意見。鑑於公司今年在營收和成本方面面臨的各種挑戰，以及為了提高產能而更多地依賴資本支出的決定，我很好奇你們在處理併購方面是否有任何意願或能力上的變化。從你的評論來看，似乎並非如此，但我還是想澄清一下。

Thank you.

謝謝。

Yeah, I'll start, Steve. So to your question on category and competition, but this is a fantastic category, especially versus in store.

好的，我先來，史蒂夫。至於你問到的品類和競爭問題，這是一個非常棒的品類，尤其是在實體店。

We're seeing now 5 Years.

我們現在看到的是5年。

Of high single Or low double-digit growth, category grew 13% and.

該類別實現了高個位數或低兩位數的成長，成長了 13%。

Fiscal 25% and Most of that was volume.

財政收入佔25%，其中大部分是銷售成長。

To your point on competition, it's not a surprise to us, but it's a very competitive space, particularly with those growth rates.

關於您提到的競爭問題，我們並不感到意外，但這是一個競爭非常激烈的領域，尤其是在這樣的成長速度下。

What I Will Say is competition is not new to us.

我想說的是，競爭對我們來說並不陌生。

Not new, it's not a new. Dynamic for simply, this category has always had a pretty high level of competition.

這並非新鮮事，也不是什麼新鮮事。簡單來說，這個領域的競爭一直都非常激烈。

We've always been able. To.

我們一直都能做到。

Do well, and it's the reason why we've invested so heavily in R&D.

做得好，這就是我們大力投資研發的原因。

More recently bolstered. Our sales capabilities with category cap and retailers, and we've got a very agile and robust supply chain, I think M&A capabilities, and the success we've had to play a role there.

最近，我們的銷售能力得到了加強，包括品類上限和零售商資源，我們擁有非常靈活且強大的供應鏈，我認為我們的併購能力以及我們在這方面取得的成功都發揮了作用。

As you think about the market though, what I would point out is.

不過，在思考市場問題時，我想指出的是：

This one of the dimensions. Steve, is the category is.

這是其中一個維度。史蒂夫，這是類別。

Mainstreaming. It's. Not just.

主流化。不，不僅僅是。

Limited anymore. To the poor traditional aisle, and as that category mainstreams.

不再局限於傳統的貨架通道，而隨著這個類別逐漸成為主流，這種情況將更加普遍。

The addressable. Market for us is increasing substantially, which is why we're putting much more emphasis on getting out of our aisle. You can see that with chips, and the displays we're getting and merchandizing, placement, secondary placement, and you can see that with the kind of products we're bringing to market, more mainstream products like chips, like bakes, like milkshakes. So. Competitions and dynamics.

我們的潛在市場正在大幅成長，因此我們更加重視走出傳統貨架，拓展市場。從薯片的展示和陳列、擺放位置、輔助擺放位置可以看出這一點，從我們推向市場的產品類型，如薯片、烘焙食品、奶昔等主流產品也可以看出這一點。所以，競爭與動態。

Well, it's something we've always dealt with. What I would say when I hand it over to Chris is one of the things I've tried to do is simply is to beats per minute.

嗯，這是我們一直以來都在處理的問題。當我把這個任務交給克里斯時，我想說的是，我一直努力做到的一點就是每分鐘節拍數。

Output. To better handle competition than we have. In the past.

產出。為了比以往更好地應對競爭。

So that's a more agile, organization, everything needs to be faster.

所以，這是一個更敏捷的組織，所有事情都需要更快。

Innovation needs to be faster to market.

創新需要更快地推向市場。

And marketing, more digital.

行銷方面，要更加數位化。

More always on the decision making that the organization needs to be quicker, and, This is something that we're, we continue to work.

組織需要更快地做出決策，而這正是我們一直在努力的方向。

On as an organization as we face up to large scale competitors and insurgent.

作為一個組織，我們將繼續面對大規模的競爭對手和叛亂分子。

Brands, it has to be Part of the DNA of Simply good, and we're committed to being an organization that combines the best of a scaled organization with.

對於品牌而言，這必須是 Simply good 的 DNA 的一部分，我們致力於成為一個結合了規模化組織優勢和…的組織。

The mindset and agility of an insurgent operator. So I'll turn it over to Chris for the second part.

叛亂分子的思維模式和敏捷性。接下來，我將把第二部分交給克里斯。

Thanks for the question. So just maybe just to set the set the table up there.

謝謝你的提問。所以也許只是為了在那裡擺放桌子。

In 25, just to remind you, we generated around 180 million of cash from operations. We spent about $20 million in CapEx.

提醒一下，在 25 年，我們從營運中產生了約 1.8 億美元的現金。我們在資本支出方面投入了約2000萬美元。

We paid off $150 million in debt and we bought back 50, just over 50 million in shares. So as you look at that, this business continues to generate a lot of cash. We're starting out 26 with a very low net debt level, and we're very comfortable with our debt levels. As we look at cash priorities, we're constantly evolving the best use of excess cash through a very structured framework. I would say our priorities have not changed. I would say that we look at these options, really as an and and not an all. So we believe we can, buy back shares. We believe we can invest in capital, we believe that it, the right M&A opportunity comes along, we certainly have capacity to take that on. And we do look at M&A you really on through a constant lens, but in the short-term, today, we look at our stock, we believe it's attractively valued, and we do think buyback represent a good opportunity for us to create long-term value.

我們償還了 1.5 億美元的債務，並回購了 5,000 多萬股股票。所以從這個角度來看，這家企業持續創造大量現金流。我們26年前的淨債務水準非常低，我們對目前的債務水準非常滿意。在檢視現金優先事項時，我們透過一個非常結構化的框架，不斷改進對剩餘現金的最佳利用方式。我認為我們的工作重點沒有改變。我認為我們應該把這些選項看作是“兩者兼顧”，而不是“全部”。所以我們相信我們可以回購股票。我們相信我們有能力進行資本投資，我們相信，一旦出現合適的併購機會，我們絕對有能力抓住它。我們確實會持續關注併購，但就短期而言，就目前而言，我們認為我們的股票估值很有吸引力，而且我們認為股票回購對我們來說是一個創造長期價值的好機會。

That that's just the one build on that with me from.

這只是我基於此構建的一個版本。

A, from a Capex Perspective.

A，從資本支出角度來看。

If you think about our supply chain, Steve.

史蒂夫，想想我們的供應鏈吧。

We have an agile supply chain built to follow the consumer.

我們擁有靈活的供應鏈，能夠跟隨消費者的需求而建立。

Which is a real asset for us. And that that is that that that is part of our operating model, however, where we see an opportunity.

這對我們來說是一項真正的優勢。這也是我們營運模式的一部分，然而，我們也從中看到了機會。

To invest to strengthen a competitive. Mode, we will, which we've seen on chips.

為了增強競爭力，我們將進行投資。這種模式我們已經在晶片領域看到了。

It's obviously the fastest growing part of our portfolio and in that instance, we're willing to invest capital in partnership with a key strategic con man. To strengthen our competitive mode.

這顯然是我們投資組合中成長最快的部分，因此，我們願意與一位關鍵的策略性騙子合作投資，以增強我們的競爭力。

Thank you.

謝謝。

Our next question comes from the line of Robert Moscow with TD Cowen. Please proceed with your question.

我們的下一個問題來自羅伯特·莫斯科和TD·考恩的連線。請繼續提問。

Hi, thanks for the question. I just want to make sure, hi, I'm getting my math right, because you know the top-line guidance was a thing that I think surprised us being, lower and zero at the midpoint.

您好，感謝您的提問。我只是想確認一下，嗨，我的計算沒有錯，因為你知道，整體預期讓我們感到意外，中點值較低，甚至為零。

The Atkins decline was not the surprise though. So given that, I think Quest exited the year at 14% organic growth, and I think he even said that. That despite the problems on and you were also double-digit there, just mathematically it looks like these two are going to be up high single-digit in fiscal '26.

但阿特金斯的衰落並不令人意外。所以有鑑於此，我認為 Quest 年底的有機成長率為 14%，而且我認為他本人也說過這一點。儘管存在一些問題，而且你們也曾達到兩位數，但從數學角度來看，這兩個數字在 2026 財年似乎都將達到個位數。

I just want to make sure I got that math right and if so, are you forecasting a deceleration in quest in 206? Is that is that also part Of the guide along with Owen's issues. Thanks.

我只是想確認一下我的計算是否正確，如果正確的話，您是否預測 Quest 在 206 年會減速？那是不是也算是指南的一部分，以及歐文的問題？謝謝。

Yeah, so, I think you've got the math roughly right. We're looking at Quest up really high single-digits. Owen will be in double-digit range, and as we talked about on the call, Atkins is going to be down in consumption of about 20%. I think a couple of factors that perhaps will explain it. We have, as we said on the call, we have a price increase that we've announced to trade. It's not in market yet.

是的，所以，我認為你的計算大致正確。我們看到 Quest 的股價上漲了不少於兩位數。歐文的成長率將達到兩位數，正如我們在電話會議上討論的那樣，阿特金斯的消費量將下降約 20%。我認為有兩個因素或許可以解釋這一點。正如我們在電話會議上所說，我們已經宣布了交易價格上漲。目前尚未上市。

So it won't be showing up in consumption numbers yet, so we do have a price elasticity effect that'll be heaviest in the first half.

因此，它暫時不會反映在消費數據中，所以我們確實存在價格彈性效應，這種效應在上半年最為顯著。

We're also assuming Atkins trade inventories will come down, driven by the distribution losses, which also helps explain a little bit of the consumption versus net sales guidance, and then from a quest perspective and our own perspective, if you look at the first half, they have some tough laps. Which we will have to work through, which is also why half one is a little bit lower, perhaps in the full year.

我們也假設受分銷損失的影響，Atkins 的貿易庫存將會下降，這也在一定程度上解釋了消費量與淨銷售額的預期，然後從 Quest 和我們自身的角度來看，如果你看看上半年，他們面臨著一些艱難的挑戰。我們需要想辦法解決這個問題，這也是為什麼一年中一半的時間會略低一些的原因，也許全年會更低一些。

Thank you.

謝謝。

Our next question comes from the line of John Anderson with William Blair. Please proceed with your question.

我們的下一個問題來自約翰·安德森和威廉·布萊爾的傳承。請繼續提問。

Hi, thanks for the question.

您好，感謝您的提問。

I've got several, but I'll just H1 in on this.

我有很多，但我先說說這個吧。

Maybe big picture. So Jeff, you mentioned earlier that and we're seeing this obviously too that that the the category is mainstreaming to some extent and as you pointed out, not necessarily, constrained to the traditional traditional is anymore as a result. So I guess my question is if if kind of the incremental household or incremental consumer. For these types of products may not be in that traditional aisle, maybe more in a mainline aisle. How are you kind of approaching, serving that customer, getting in front of that customer, interrupting that path to purchase? What kind of capabilities are you building if you invest in? How do you see the offering evolving and maybe moving around the store?

或許是從宏觀角度來看。傑夫，你之前提到過，我們也明顯看到了這一點，那就是這個類別在某種程度上正在走向主流化，而且正如你所指出的，因此，它不再一定局限於傳統的範疇。所以我想問的是，如果是增量家庭或增量消費者的話。這類產品可能不會擺放在傳統的貨架通道裡，而可能更多地擺放在主貨架通道裡。你是如何接近、服務客戶、接觸客戶、打斷客戶購買流程的？投資後，您將建立哪些類型的能力？您認為產品會如何發展，以及在店內如何調整擺放位置？

Thank you.

謝謝。

Yeah, it's a, it's. a good question and, we certainly see it, if you just.

是的，這是一個很好的問題，我們當然明白，如果你只是…

Look at the increase in Household penetration that Quest has experienced.

看看Quest的家庭滲透率成長。

And Owen has Experienced Quest up 19%.

歐文的體驗任務增加了 19%。

And Owen up close to a Point. But you're right, so as the category has mainstreamed.

歐文離一個點很近。但你說得對，隨著這個類別的普及，情況也是如此。

As more and more consumers are looking for High Protein, low carb, low sugar options.

越來越多的消費者正在尋找高蛋白、低碳水化合物、低糖的產品。

They're looking for those options everywhere they shop. This is no longer just isolated to the more traditional aisle near the pharmacy.

他們無論在哪裡購物，都會尋找這些選擇。這種情況不再侷限於藥局附近的傳統貨架通道。

In my opinion This is one of the biggest trends that is shaping this category, the mainstreaming of it.

在我看來，這是塑造這一領域的最大趨勢之一，即它的主流化。

And that is why we, over the last year in particular, We've had a focused effort on expanding the physical availability of our products outside our aisle. And so you will see secondary placement in mainline aisles, for example, chips.

正因如此，尤其是在過去一年裡，我們一直致力於擴大我們產品在貨架之外的實體銷售管道。因此，你會看到主通道裡有次要的擺放位置，例如薯片。

We've built a new retail team that is focused on driving displays across the store.

我們組建了一支新的零售團隊，專注於推動整個商店的商品陳列。

We have made progress in new channels, particularly in the club space. We've invested in away from home, so I think universities.

我們在新的管道，特別是俱樂部領域，取得了進展。我們已經在家鄉以外的地方進行了投資，所以我認為大學很重要。

Gyms, and Airports. And what I would say is.

健身房和機場。我想說的是…

We're still in the early innings of That. That is one of the biggest growth vectors that we are focused against right now and we've.

我們還處於那件事的早期階段。這是我們目前重點關注並致力於解決的最大成長問題之一。

Built the capabilities to do that. The second piece.

具備了實現這目標的能力。第二部分。

To that Is continuing to bring products that are more mainstream, not just limiting our innovation to bars and shakes.

為此，我們將繼續推出更主流的產品，而不只將創新局限於能量棒和奶昔。

And. We've seen that with, with Quest Chips, and We Are In the early innings of Quest Chips. You've.

而且，我們已經從 Quest Chips 身上看到了這一點，而我們目前還處於 Quest Chips 的早期階段。你已經。

Seen that With our Bake shop launched, which has Proven to be highly incremental, and you Know, that Thinking more broadly with innovation.

鑑於我們的烘焙店已經開業，並且已被證明具有很高的增量價值，您也知道，這需要更廣泛地思考創新。

And really tapping into what I think possibly the greatest strengths we have in our organization, which is our R&D team.

真正發揮我們組織中我認為可能是最大的優勢，那就是我們的研發團隊。

And Disrupting the Macros of large snacking categories.

顛覆大型零食品類的宏觀格局。

So, it, this is all in support of mainstream, Mainstreaming.

所以，這一切都是為了支持主流化，也就是主流化。

Being available everywhere Consumers shop and are looking for our products and offering them a broader range of products that flip the macros on large unhealthy Snacking categories.

我們的產品隨處可見，消費者在購物時都會尋找我們的產品，我們為他們提供更廣泛的產品選擇，從而徹底改變大型不健康零食類別的營養成分。

Thank you.

謝謝。

Our next question comes from the line of Megan Clap with Morgan Stanley. Please proceed with your question.

我們的下一個問題來自摩根士丹利的梅根·克拉普。請繼續提問。

Hi, good morning. Thanks for all the detail. I wanted to ask about Atkins, Jeff, I think you mentioned.

您好，早安。謝謝你提供的所有細節。我想問關於阿特金斯的事，傑夫，我想你之前有提到過。

At this point, 75% of the brand sales come from SKUs in the top two quartiles of category velocity. Are you able to just tell us, are those SKUs growing at this point? Just trying to kind of square with the 20% decline you're expecting this year. Is is that concentrated in kind of the lower velocity skews, or are you still seeing some pressure within the core? And just how should we think about kind of that 10 to 15% in the bottom quartile is the bulk of the rationalization, you think, as we get through 26 going to be behind you.

目前，該品牌 75% 的銷售額來自品類銷售速度排名前 2/4 的產品。請問您能否告知我們，目前這些 SKU 的銷售量是否在成長？我只是想大致確認一下你預計今年會下降 20%。這種壓力是集中在低速偏斜區域，還是仍然在核心區域看到一些壓力？那麼我們該如何看待處於最低四分之一的 10% 到 15% 的人呢？你認為，隨著我們度過 26 歲，這種情況就會成為過去。

Thank you.

謝謝。

Yeah, so yes.

是的，沒錯。

By far the majority of the SKUs in the top two quartiles that represent 75% of sales are.

銷售額排名前二分之一（佔總銷售額的 75%）的 SKU 絕大多數是…

Growing and healthy.

正在茁壯成長。

The issue with Atkins, As we've talked about in the past and on the call today.

阿特金斯的問題，正如我們過去以及今天電話會議上討論的那樣。

Is it had a long Tail of SKUs that have Underperformed. So the Declines that.

是否存在大量表現不佳的SKU？所以，下降了。

Have Impacted Atkins have been.

對阿特金斯的影響已經顯現。

By mostly driven by what you're seeing in the tail skews.

主要取決於你在尾部傾斜中看到的情況。

And if you want to zero in on that 10% to 15% in the bottom quartile of the category.

如果你想專注於該類別中排名後四分之一的 10% 到 15% 的人群。

So that's where we're focused.

所以這就是我們關注的重點。

That's where we're focused on Rationalizing that tail and working with retailers to drive to a more optimal assortment, a more Sustainable assortment concentrated around the core.

這就是我們目前關注的重點：合理化尾部產品，並與零售商合作，推動形成更優化、更永續的產品組合，以核心產品為中心。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

Thank you.

謝謝。

Our next question comes from Brian Holland with DA Davidson. Please proceed with your question.

下一個問題來自地方檢察官戴維森的布萊恩·霍蘭德。請繼續提問。

Thanks. Good morning. .

謝謝。早安.。

I wanted to ask about the selling and marketing line, which, if we go back, depending on what starting point you want to use, it's come down about 30-400 basis points as a percentage of sales. This obviously dates back to, when Atkins was the only asset in the portfolio.

我想問一下銷售和行銷方面的數據，如果我們回顧一下，根據你想使用的起點不同，它佔銷售額的百分比已經下降了大約 30-400 個基點。這顯然可以追溯到 Atkins 還是投資組合中唯一資產的時期。

You talked this morning about leaning into the Owen brand despite the fact that you have margin pressures elsewhere so you're taking an incremental hit to to support that brand you've had.

今天早上你談到要增加對 Owen 品牌的投入，儘管你在其他方面面臨利潤壓力，所以你正在承受逐步下降的損失來支持你已有的品牌。

A pretty clear success since you rolled out copy on Quest, so you have some proof of concept there back in early 24 and obviously Atkins maybe is in a different place than it was, if we go back, 5 or 6 years. What it requires from a support level, but again, just thinking about where that numbers come down and thinking about modeling this business going forward and the earnings power, just wondering what the right level of brand support for this portfolio requires. Thanks.

自從在 Quest 上推出廣告以來，已經取得了相當明顯的成功，所以早在 2024 年初，你就已經證明了這一點。顯然，如果我們回顧 5 或 6 年前，Atkins 的情況可能已經有所不同了。這需要怎樣的支持力道？但話說回來，想想這些數字最終會降到什麼程度，想想如何建立這個業務的未來模型以及盈利能力，我只是想知道這個產品組合需要怎樣的品牌支持力度。謝謝。

Yeah, and I'll take it and turn over to Chris.

好的，我接過來交給克里斯。

So, we We've been really pleased With.

所以，我們對此非常滿意。

The impact that advertising has had on Quest.

廣告對 Quest 的影響。

Over The last couple of years, Quest is up substantially up the double-digit in dollars.

過去幾年，Quest 的股價實現了兩位數的顯著成長。

And the New campaign that we rolled out just over a year ago had An almost immediate impact on Consumption.

我們一年多前推出的新活動幾乎立即對消費產生了影響。

You could see it I've been doing this for 25 years.

你可以看出我已經從事這項工作25年了。

And It's very rare to see such an immediate impact of advertising on the business.

廣告對企業產生如此立竿見影的影響實屬罕見。

Just Rolled out, released a 2.0 version of It's basically cheating.

剛剛發布了 2.0 版本，基本上就是作弊。

And the test scores there were terrific.

那裡的考試成績非常好。

So advertising works, for us it works in.

所以廣告是有效的，對我們來說是有效的。

In this space As you think about how we're allocating our marketing spend, so quest up double-digits, significant advertising to support that business.

在這個領域，當你思考我們如何分配行銷支出時，不妨考慮投入兩位數的資金，進行大量的廣告宣傳來支持這項業務。

And then As we look at the trajectory we see on.

然後，當我們觀察我們所看到的軌跡時。

Owen And the future We see on Owen and the customer conversations with Owen.

歐文與未來 我們從歐文身上看到的未來​​以及客戶與歐文的對話。

We think the right decision for us is to make a substantial increase in marketing on that business for the long-term. You're right, where we have rationalized advertising is on Atkins as we've brought spending back.

我們認為，從長遠來看，對我們來說正確的決定是大幅增加該業務的行銷投入。你說得對，我們已經合理化了廣告宣傳，尤其是在阿特金斯減肥法方面，因為我們已經恢復了相關支出。

In line With the size of that business and with the trajectory of that business. And then just one more point on advertising.

與該企業的規模和發展軌跡相符。最後，關於廣告，我還有一點要補充。

Shifting more and more to digital. So, social media, winning with influences, retail media outlets, so there's also a mixed shift within a marketing span. And then the only the only thing.

越來越傾向於數位化。因此，社群媒體、影響者行銷、零售媒體管道等等，行銷領域內部也存在著混合轉變。然後，唯一不變的就是這一點。

I'd really add to Jeff's comments is, as we find, opportunities through the year to invest more in marketing, we absolutely will, and that's definitely a priority for us is to set ourselves up well, for future continued sustained growth.

我還要補充傑夫的觀點，那就是，如果我們在這一年中發現有機會加大對行銷的投入，我們一定會這樣做，這絕對是我們的首要任務，目的是為未來持續穩定的成長奠定良好的基礎。

Thank you.

謝謝。

Our next question comes from the line of Carmil Gaalla with Jeffreys. Please proceed with your question.

我們的下一個問題來自卡米爾·加拉和傑弗里斯的對話。請繼續提問。

Hey guys, good morning. I wanted to dig into something that you talked about related to the Owen, product issue on, I don't know if you said if it was reviews or if it was something on social, but, maybe if you just talk a little bit about how you might be addressing, Owen from a brand issue, maybe the product quality issues are resolved, but what impact did it have on the brand. You've talked a lot about sort of incremental marketing, but maybe what specifically are you doing and and perhaps what is the narrative or has the narrative been impacted in any way from this issue?

嘿，各位，早安。我想深入探討你之前提到的與歐文產品相關的問題，我不知道你是否說過是評論方面的問題，還是社交媒體上的問題，但是，也許你可以稍微談談你如何從品牌角度解決歐文的問題，也許產品質量問題已經解決，但這對品牌產生了什麼影響。您多次談到漸進式行銷，但您具體在做什麼？以及，您的行銷策略是什麼？或者，這個策略是否受到了這次事件的影響？

Thanks. Yeah, so let me just reinforce that the Pro the Product issue is largely behind us.

謝謝。是的，所以我想再次強調，Pro the Product 的問題基本上已經過去了。

We've been shipping, new, more stable products since August.

自八月以來，我們一直在發售新的、更穩定的產品。

And that the impact Was Less than 10% product.

而影響小於10%的產品。

That notwithstanding. It did have an impact on consumption.

儘管如此，它確實對消費產生了影響。

And ratings and reviews, which did drop.

評分和評論也確實下降了。

They Product and market with a little more concentrated in a few channels.

他們的產品和市場推廣更加集中於少數幾個管道。

We've overinvested in those channels to get the ratings back up.

為了提升收視率，我們對這些管道投入了過多的資金。

To drive trial and I, I'm confident that this business will be Very quickly back to where it was.

為了推動試驗，我相信這項業務很快就會恢復到以前的水平。

And, to underscore that even with the issue in market, the brand is growing mid-teens.

而且，需要強調的是，即使市場存在問題，該品牌仍維持著十幾個百分點的成長。

As you look long term again, we have tremendous confidence.

從長遠來看，我們充滿信心。

In this business the clean. Movement is really accelerating. We're hearing it from retailers.

在這個行業，清潔運動正在加速發展。我們從零售商那裡也聽到了類似的說法。

We're planning on Making significant investments in marketing.

我們計劃在行銷方面進行大量投資。

To drive awareness from a pretty low base. We See distribution opportunities in front of us, and I'm really excited about disruptive innovation we'll be bringing out, within the next year on the business.

從相當低的基數提升知名度。我們看到了擺在我們面前的分銷機會，我對我們將在未來一年內為公司帶來的顛覆性創新感到非常興奮。

Thank you.

謝謝。

Our next question comes from the line of John Baumgartner with Mizuho Securities. Please proceed with your Question.

我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。請繼續提問。

Good morning. Thanks for the question.

早安.謝謝你的提問。

I'm Geoff.

我是傑夫。

Good morning. Geoff, you mentioned the price increase that's forthcoming at retail. How are you thinking about elasticity on the back of that? Should it be higher than history, given the health of the consumer? And related to that, if you can just please clarify, the focus on the entry prices for Atkins bars. Are you finding that absolute price is after the last few price increases taken, have prices become an impediment to consumption among existing buyers, or is this more of a mixed shift whereas as a category mainstreams, new households come in, maybe more middle income consumers, does it require lower prices to attract new households?

早安.傑夫，你提到了零售價格即將上漲。你覺得背後的彈性該怎麼考慮？考慮到消費者的健康狀況，這個數字是否應該高於歷史水準？另外，請問您能否澄清一下，重點是阿特金斯能量棒的入門價格嗎？您是否發現，在最近幾次漲價之後，絕對價格是否已經成為現有買家消費的障礙？或者，這是一種混合變化，隨著某個品類逐漸普及，新的家庭（可能是更多的中等收入消費者）加入進來，是否需要降低價格來吸引新的家庭？

Yeah, so, on pricing, we have announced pricing on.

是的，關於定價，我們已經公佈了定價資訊。

Portions of the portfolio.

投資組合的部分內容。

Kind of in the mid to high single-digit range.

大概在個位數的中高段位。

We expect elasticity to be in line with what we would historically see.

我們預期彈性將與歷史數據相符。

But we have seen that initially the elasticity impact may be a little higher and then tends to burn off.

但我們發現，最初彈性影響可能會稍微高一些，然後往往會逐漸消失。

Which is, as you heard Chris mentioned earlier, is one of, one of the Drivers of our.

正如你之前聽到克里斯提到的，他是我們的司機之一。

First Half, second half inflection.

上半場，下半場轉折點。

To your question on have we seen pricing dampen, growth?

關於您提出的「我們是否看到價格抑製或成長？」這個問題，

Absolutely not This has proven to be a category that is pretty resilient to pricing in the long run.

絕對不是。事實證明，從長遠來看，這個品類的價格波動相當穩定。

Yeah You don't get to 5 years of High single.

是的，你不可能單身五年。

Low double-digit growth if that's happening.

如果情況屬實，那麼成長率將達到兩位數以下。

So this seems to be a category that's very resilient to pricing in the long run.

因此，從長遠來看，這似乎是一個價格波動較不嚴重的類別。

To your question on the Atkins more attractive entry price point.

關於您提出的阿特金斯更具吸引力的入門價格點的問題。

We, at the Atkins, products, our entry price point was in a 5 pack.

我們 Atkins 產品最初的定價是 5 件裝。

Where the majority of competition was in a 4-pack.

大部分的比賽都是四人一組進行。

And that just created a Higher absolute price on the shelf. If we.

這直接導致了貨架上商品的絕對價格上漲。如果我們。

Did our research We identified an opportunity to come out with a 4-pack at a lower absolute price.

我們進行了市場調查，發現有機會以更低的絕對價格推出四件裝產品。

And it's early, too early to call it.

現在下結論還為時過早。

We are certainly seeing the entry price point bring in new users to the brand.

我們確實看到，入門價格為該品牌帶來了新用戶。

Okay, thanks, yeah.

好的，謝謝。

Thank you. Our next question comes from the line of Matt Smith with Steel. Please proceed with your question.

謝謝。我們的下一個問題來自 Matt Smith 與 Steel 的對話。請繼續提問。

Hi, good morning. Just wanted to come back to the comments on sales expectations by brand and phasing.

您好，早安。我只是想回覆一下關於按品牌和階段劃分的銷售預期方面的評論。

First, Atkins' consumption is expected to be around down around 20%. You also called out that inventories may move lower given some of the distribution losses. Do you have an estimate for where you would expect that inventory headwind to come in? And second, you called out a tough merchandizing comparison in the second quarter specifically for Quest. Is that related to lapping the large club event last year? And can you provide an update on how your distribution opportunity or expansion is going within the club channel? I think you had some positive takeaways from a large event last year and you were going through an evaluation period and curious how you're continuing to see that evolve.

首先，阿特金斯的消費量預計將下降約 20%。您還指出，考慮到部分分銷損失，庫存可能會下降。您能否預估一下庫存阻力會在何時出現？其次，你特別指出 Quest 在第二季面臨嚴峻的商品銷售對比挑戰。這和去年在大型俱樂部賽事中取得圈速有關嗎？能否介紹一下您在俱樂部通路的分銷機會或擴張進度？我認為你從去年的大型活動中獲得了一些積極的收穫，你當時正處於評估期，我很想知道這些收穫將如何繼續發展。

Thank you.

謝謝。

Yeah, just address the start address Atkins, yeah, we do see Atkins, we think net sales will be down more than 20% in the first half, which is, as you rightly pointed out, is the consumption decline we called out on on the the call earlier as well as the distribution impact, and that distribution comes out obviously we'll be loaded at retail, for those points. So that will be coming down.

是的，就從阿特金斯開始吧，是的，我們確實看到了阿特金斯，我們認為上半年淨銷售額將下降超過 20%，正如您所指出的，這與我們之前在電話會議上提到的消費下降以及分銷的影響有關，而分銷的影響顯然會體現在零售方面，因此我們會在這些方面投入大量資金。所以它會被拆除。

More than 20% in the first half and they better in the second half. In terms of quest, yeah, there is, we are lapping, some heavy merchandizing in Q2 last year. Also remember that as we just talked about, we have price elasticities that will be really in effect, full effect in the second second quarter, which is an impact, but we're very happy with where especially the salty business is running, obviously still very strong and lots of momentum left on that business.

上半場超過20%，下半場表現較好。就任務而言，是的，我們正在超越去年第二季的一些大型商品銷售活動。還要記住，正如我們剛才討論的那樣，價格彈性將在第二季度真正發揮作用，全面發揮作用，這將產生影響，但我們對鹽業業務的運作情況非常滿意，顯然該業務仍然非常強勁，並且還有很大的增長勢頭。

Yeah, and I can, I Can pick up the question on quest.

是的，我可以，我可以接受這個問題。

So Yeah, you're right, last year.

是的，你說得對，是去年。

During New Year, we had a test. A large club customer where we have really not had any business at all.

新年期間，我們進行了一次測試。我們測試的是一家大型俱樂部客戶，之前我們幾乎沒有任何業務往來。

Test performed very well.

測試結果非常好。

And we've had continued conversations with that customer about. How to Roll.

我們一直與那位客戶就「如何滾動」這個問題進行溝通。

That out and the way it looks Like. It's Going to haze.

外面的情況看起來是這樣的：要起霧了。

At this point is that it will be more spread out throughout the year, more consistent distribution versus having all of that distribution as we as we did in January, February, and a little bit into March. So.

目前來看，銷售將更加分散在全年，分佈更加均勻，而不是像我們在 1 月、2 月以及 3 月初期那樣集中銷售。所以。

That, that's where we're landing right now. We continue to work with that customer.

這就是我們目前的處境。我們繼續與該客戶合作。

I'm really excited about the new relationship we're building with that customer.

我對我們與這位客戶建立的新關係感到非常興奮。

It does represent for simply significant white space.

它確實代表了大量的留白。

From a distribution perspective.

從分銷的角度來看。

And, just more specifically. Back to the quest chips.

更具體地說，回到任務晶片的話題。

And the lap. Is the spreading effect of that volume that will.

而膝部。是該體積的擴散效應。

Now be more spread throughout the rest of the year as opposed to concentrated.

現在，工作內容應該更分散地分佈在一年中的其他時間，而不是集中在某一天。

Thank you.

謝謝。

Our last question comes from the line of Jim Cellera with Stevens Inc. Please proceed with your question.

最後一個問題來自 Stevens Inc. 的 Jim Cellera。請繼續提問。

Hey Jeff.

嘿，傑夫。

Good morning. Thanks for taking our question.

早安.感謝您回答我們的問題。

I wanted to circle back on the the margining component of the guidance. Are you guys able to remind us what percentage of COGS cocoa represents? And if you can give any commentary around kind of the layering of your hedges, there's been a lot of volatility in Cocoa, so we're just trying to get a sense, if prices continue to fall, could there be gross margin relief maybe earlier than 3, or to a greater magnitude in 3, just any comments that would be helpful.

我想再談談指導意見中的邊際收益部分。你們能提醒一下可可佔銷售成本的百分比嗎？如果您能就您的對沖策略的分層進行一些評論，那就太好了。可可價格波動很大，所以我們只是想了解一下，如果價格繼續下跌，毛利率是否有可能在 3 月之前得到緩解，或者在 3 月得到更大幅度的緩解。任何評論都將有所幫助。

Yeah, I mean, in terms of Coco, just to remind you, Coco is, we do buy cocoa directly, we also have, Coco is a significant component of our coating layers and inclusions, as a percentage of our overall cost it's in the mid-single-digit range, and then from a coverage perspective, which I think was the other part of your question, we do have, we are covered.

是的，我的意思是，就可可而言，提醒一下，我們確實直接購買可可，可可也是我們塗層和添加劑的重要組成部分，占我們總成本的比例在個位數中段，然後從覆蓋率的角度來看，我認為這是你問題的另一部分，我們確實有覆蓋。

Out quite far into the year, certainly the first half, to remind you, I think we talked about it on the call, we are covered in the first half of the year at at fairly high prices that we were, we took as we were just ensuring supply.

到今年下半年，尤其是上半年，提醒一下，我想我們在電話會議上討論過，我們上半年的供應已經足夠，而且價格相當高，我們這樣做只是為了確保供應。

As we get into Q3, we'll be transitioning into much lower cost than actually deflationary year over year. And then as we go into Q4 that will take into take even more into effect, lower prices which will then carry into FO 27, and then the only other point I would say on margins as you started with a more general point is we have pricing, as we said, and really starting in Q1, really mostly in fiscal November and building into Q2. Productivity, we said, we've always said is on a lag, and that will be really kicking in fully in the second half. So that's why we have pretty good confidence if you look at our costs. Costs are well understood through most of the fiscal year. Pricing is building, productivity is building, and we do see even in the spot prices are specifically on Coco, even further opportunity, again, as we think about Q4 into 207.

進入第三季後，我們的成本將比去年同期實際通貨緊縮水準低得多。然後，隨著我們進入第四季度，價格下降的影響將更加顯著，這將延續到 2027 年 FO 財年。關於利潤率，我唯一要補充的是，正如你一開始提出的更普遍的觀點，我們有定價策略，正如我們所說，這實際上從第一季度開始，主要是在 11 財年，並持續到第二季​​度。我們一直都說，生產力有滯後性，這種情況將在下半年全面顯現。所以，如果你看看我們的成本，你會發現我們有相當大的信心。在財政年度的大部分時間裡，成本都比較容易掌握。價格正在上漲，生產力也在提高，我們看到，即使在現貨價格方面，特別是對於可可而言，還有更大的機會，當我們展望 207 年第四季時。

The spot has come down quite considerably.

該地點的氣溫已經大幅下降。

In the last couple of months, and certainly.

在過去的幾個月裡，確實如此。

Considerably from the position. We have today through the first half.

從目前的情況來看，情況相當不錯。我們今天還有上半場比賽。

Thank you.

謝謝。

And we have reached the end of the question-and-answer session. I'll now turn the floor back to Jeff Tanner for closed remarks.

問答環節到此結束。現在我將發言權交還給傑夫·坦納，請他作總結發言。

I just want to thank everyone for the participation today on the call. If you've got any follow-up, please.

我只想感謝今天所有參加電話會議的人。如有任何後續問題，請告知。

Feel free to reach out to Josh.

請隨時聯繫喬許。

We look forward to.

我們期待著。

Speaking to you in January.

一月份再見。

Thank you. This concludes today's conference, and you may disconnect your line at this time.

謝謝。今天的會議到此結束，您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。

Goodbye.

再見。