The Simply Good Foods Company (SMPL) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Simply Good Foods Company third-quarter fiscal 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Simply Good Foods Company 2026 會計年度第三季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Matt Siler, Vice President, Investor Relations and Treasury. Please go ahead.

提醒各位，本次會議將進行錄音。現在我將把電話交給本次會議主持人——投資人關係與財務部副總裁 Matt Siler。請開始。

Thank you, operator. Good morning, and welcome to the Simply Good Foods Company's third-quarter fiscal year 2026 earnings call for the period ended May 30, 2026. I'm joined this morning by President and CEO, Joe Scalzo; and Chris Bealer, Chief Financial Officer.

謝謝，接線員。各位早安，歡迎參加 Simply Good Foods Company 2026 會計年度第三季財報電話會議，本季截至 2026 年 5 月 30 日。今天早上與我一同出席的有總裁暨執行長 Joe Scalzo，以及財務長 Chris Bealer。

A copy of our earnings release and accompanying presentation is available on the Investors section of the company's website at thesimplygoodfoodscompany.com. This call is being webcast and an archive of today's remarks will be made available.

我們的財報新聞稿及隨附簡報可於公司網站 thesimplygoodfoodscompany.com 的「投資人」專區取得。本次電話會議將以網路直播方式進行，並將提供今日談話內容的存檔供日後查閱。

During 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. 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 in the company's SEC filings.

在今天的電話會議中，管理階層將提出前瞻性陳述，該等陳述受多項風險與不確定性影響，可能導致實際結果與預期有重大差異。公司不承擔因後續事件而更新該等陳述之義務。相關風險與不確定性的詳細清單，請參閱今日新聞稿及公司向 SEC 提交之文件。

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-like business model, we evaluate our performance on an adjusted basis as it relates to EBITDA and diluted EPS. 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.

在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標，我們認為這些指標可為投資人提供有用資訊。由於公司採取資產輕型（asset-like）的商業模式，我們以調整後口徑評估績效，主要著重於 EBITDA 與稀釋後 EPS。請參閱今日新聞稿，了解我們的非 GAAP 財務衡量指標與依 GAAP 編製之最可比指標之調節表。

Finally, all retail takeaway data included in our discussion today, unless otherwise noted, reflects a combination of Circana's MULO++C measured retail channel data and company estimates for unmeasured channels for the 13 weeks ended May 31, 2026, as compared to the prior year.

最後，除非另有說明，今日討論中所引用的所有零售帶出（retail takeaway）數據，係反映截至 2026 年 5 月 31 日之 13 週期間，Circana 的 MULO++C 量測零售通路數據與公司對未量測通路之估計合併結果，並與前一年度同期比較。

I will now turn the call over to Joe Scalzo.

現在我將把電話交給 Joe Scalzo。

Thanks, Matt. Good morning, everyone. Thank you for joining us today. This morning, I'll recap our third-quarter results and then provide you with some perspective on the performance of our brands, as well as an update on our progress toward our turnaround objectives. Then, I'll turn the call over to Chris, who will discuss our financial results and our updated outlook in a bit more detail before we open it up to take your questions.

謝謝，Matt。各位早安。感謝各位今天加入我們。今天早上，我將回顧第三季業績，並就我們各品牌的表現提供一些觀點，同時更新我們在達成轉型目標方面的進展。接著我會把電話交給 Chris，他將更詳細說明我們的財務結果與更新後的展望，之後我們將開放提問。

In the third quarter, our results came in ahead of our expectations. While we're not satisfied with our overall performance, the quarter reinforced our belief that the actions we are taking are the right ones. We are ensuring organizational focus, improving execution, and strengthening the economic foundation of the business.

第三季的結果優於我們的預期。雖然我們對整體表現仍不滿意，但本季再次強化了我們的信念：我們正在採取的行動方向正確。我們正確保組織聚焦、提升執行力，並強化公司業務的經濟基礎。

As we discussed on our last earnings call, our overall performance remains well below where we believe this business should perform, with each key financial metric declining meaningfully versus the prior year. Importantly, we remain in the early stages of our turnaround and have significant work ahead.

如同我們在上次財報電話會議所討論的，我們的整體表現仍遠低於我們認為此業務應有的水準，各項關鍵財務指標相較去年均出現顯著下滑。重要的是，我們仍處於轉型的早期階段，未來仍有大量工作要做。

Net sales declined 6.3% to $357 million. Gross margin declined 390 basis points to 32.5%, and adjusted EBITDA declined 22.5% to $57.2 million. Quest and OWYN net sales grew 1.1% and 3.6% versus prior year, respectively, and both brands performed slightly better than we expected.

淨銷售額下滑 6.3% 至 3.57 億美元。毛利率下滑 390 個基點至 32.5%，調整後 EBITDA 下滑 22.5% 至 5,720 萬美元。Quest 與 OWYN 的淨銷售額分別較去年成長 1.1% 與 3.6%，兩個品牌的表現也都略優於我們的預期。

We continue to see encouraging momentum in some parts of the portfolio, particularly Quest chips and milkshakes. Atkins net sales declined 24.6% in the quarter reflecting continued pressure from declining household penetration as a result of insufficient marketing support behind the brand.

我們持續在產品組合的部分領域看到令人鼓舞的動能，尤其是 Quest 的洋芋片與奶昔產品。Atkins 本季淨銷售額下滑 24.6%，反映由於品牌行銷支持不足，導致家庭滲透率（household penetration）持續下降所帶來的壓力。

Our retail takeaway declined 6.7% during the quarter, essentially unchanged from the second quarter. The Purposeful Nutrition category grew 10% during the same time frame. As I have spent more time inside the business, it's becoming increasingly clear to me that our challenges are largely execution-driven rather than category-driven.

本季我們的零售帶出下滑 6.7%，與第二季基本持平。在同一期間，Purposeful Nutrition（目的性營養）品類成長 10%。隨著我在公司內部投入更多時間，我愈來愈清楚地看到，我們的挑戰主要來自執行層面，而非品類本身。

Purposeful Nutrition remains an attractive category supported by favorable long-term consumer trends, and retailers continue to view the category as an important source of growth. Importantly, these execution challenges are within our control to fix, and the actions we are taking are designed to address each of them directly.

Purposeful Nutrition 仍是具吸引力的品類，並受到有利的長期消費者趨勢所支持，零售商也持續將該品類視為重要的成長來源。重要的是，這些執行面的挑戰在我們可控範圍內可以修正，而我們正在採取的行動旨在直接逐一解決這些問題。

Against that backdrop, we remain focused on three priorities that will determine the success of our turnaround. One, strengthening the economics of our business. Two, ensuring consistency and discipline in strategic choices driving organizational clarity, focus, and efficiency. And three, rebuilding brand investment behind superior consumer insights and marketing execution.

在此背景下，我們仍聚焦於三項將決定轉型成敗的優先事項。第一，強化公司業務的經濟性。第二，在策略選擇上確保一致性與紀律，以提升組織清晰度、聚焦與效率。第三，基於更優質的消費者洞察與行銷執行，重建品牌投資。

We are making progress on each, although we are still in the early stages of the work. First, we are strengthening the economics of the business by improving our cost structure and rebuilding margins. We remain disciplined in managing our cost base and are executing against the structural actions we previously outlined.

我們在各項工作上都在取得進展，儘管仍處於早期階段。首先，我們透過改善成本結構並重建利潤率，來強化業務的經濟性。我們在成本基礎管理上維持紀律，並正落實先前所說明的結構性措施。

On pricing, we are taking the actions needed to offset inflation and other cost pressures. In addition, our productivity initiatives are gaining traction and are expected to provide benefits as we move forward. Given the significant cost inflation we are experiencing this fiscal year and believe will continue into the next year.

在定價方面，我們正採取必要行動以抵銷通膨及其他成本壓力。此外，我們的生產力提升計畫正逐步見效，預期在未來將帶來效益。鑑於本會計年度我們正面臨顯著的成本通膨，且我們認為此情況將延續至下一年度。

We recently announced a high single-digit price increase across most of our portfolio that will become effective in September. This increase is necessary to offset inflation we are experiencing across proteins, packaging, and other key cost inputs.

我們近期宣布，將於 9 月起對我們大部分產品組合進行高個位數（high single-digit）的漲價。此一調價為必要之舉，以抵銷我們在蛋白質、包材及其他關鍵成本投入項目上所面臨的通膨。

While we remain focused on productivity initiatives and cost reduction efforts, rebuilding margins requires decisive action on pricing, and we believe this increase is appropriate.

雖然我們仍聚焦於生產力提升計畫與降本措施，但要重建利潤率，必須在定價上採取果斷行動，我們認為此次調價是適當的。

Second, while still early, we are beginning to see signs that the organization is operating with greater focus and accountability. Decisions are being made faster, priorities are clearer, and resources are increasingly concentrated behind fewer, higher-return opportunities. We believe our better-than-expected financial performance in the quarter is early evidence of our progress.

第二，雖然仍在早期階段，但我們開始看到組織以更高的聚焦度與問責性在運作的跡象。決策速度更快、優先事項更清楚，資源也愈來愈集中於較少但報酬更高的機會上。我們認為，本季優於預期的財務表現，是我們進展的初步證據。

Third, we are revamping our brand-building capabilities through stronger consumer insights, more effective marketing, and using ROI as our key metric in making future investment decisions. As an example of the progress in this area, we were already shifting investments towards top-of-the-funnel streaming and connected brand media investments to drive higher returns and strengthen our brand metrics.

第三，我們正透過更強的消費者洞察、更有效的行銷，並以 ROI 作為未來投資決策的關鍵指標，來全面重塑我們的品牌建設能力。作為此領域進展的例子，我們已在將投資轉向漏斗上層（top-of-the-funnel）的串流與連網品牌媒體投放，以帶動更高報酬並強化品牌指標。

Additionally, we just completed a thorough assessment of GLP-1 therapies and their impact on consumption behaviors that provided us invaluable consumer insights to guide our marketing and innovation efforts moving forward.

此外，我們剛完成對 GLP-1 療法及其對消費行為影響的全面評估，該評估為我們提供了極具價值的消費者洞察，以指引我們未來的行銷與創新工作。

With that, let me turn to an update on each of our brands.

基於此，讓我接著就我們各個品牌的最新進展進行更新。

Turning first to Quest remains our largest brand and most important growth engine of the company. In the third quarter, Quest retail takeaway grew 1.4% compared to 2.4% growth last quarter. Importantly, Household Penetration increased 120 basis points year-over-year to 20.5%.

首先談到 Quest，它仍是我們最大的品牌，也是公司最重要的成長引擎。第三季，Quest 的零售帶出（retail takeaway）較去年同期成長 1.4%，相較於上一季的 2.4% 成長。重要的是，家庭滲透率（Household Penetration）年增 120 個基點至 20.5%。

The most important takeaway is that Quest continues to recruit consumers, demonstrating that the brand remains highly relevant. Our challenge today is to refocus on our core bar and chip segments that represent 80% of the brand, while improving buy rate, particularly within bars.

最重要的重點是，Quest 持續吸引新消費者，顯示該品牌仍高度貼近市場需求。我們目前的挑戰，是重新聚焦於占品牌 80% 的核心棒狀與洋芋片品類，同時提升購買率（buy rate），尤其是在棒狀產品上。

Within Quest, chips continue to perform well as consumers increasingly seek better-for-use salty snack alternatives. Quest chips consumption grew by over 17% in the quarter and household penetration for Quest chips is now approximately 11%. This remains a strong example of where the brand is aligned with consumer demand and where focused investment can continue to drive growth.

在 Quest 之中，洋芋片持續表現良好，因為消費者愈來愈尋求更健康的鹹味零食替代選擇。本季 Quest 洋芋片的消費量成長超過 17%，Quest 洋芋片的家庭滲透率目前約為 11%。這仍是品牌與消費者需求一致、且透過聚焦投資可持續推動成長的強力例證。

We see encouraging signs across pockets of our recent innovation. We're seeing a strong growth in our milkshake segment, which was up almost 50% in the period, albeit from a small base. This is another example of our ability to grow the brand when closely aligned with evolving consumer demand.

我們在近期創新產品的部分領域看到令人鼓舞的跡象。我們看到奶昔品類強勁成長，期間增幅接近 50%，儘管基期較小。這也是我們在緊密貼合消費者需求演變時，能夠推動品牌成長的另一個例子。

At the same time, we're not satisfied with the recent performance of our bar business. Despite an incremental club rotation that began during the quarter, bar consumption declined by roughly 5%, which impacted total brand buy rate. Re-accelerating growth in Quest bars is our highest priority.

同時，我們對近期棒狀產品業務的表現並不滿意。儘管本季開始進行額外的會員制通路（club）品項輪替（rotation），棒狀產品消費量仍約下滑 5%，進而影響整體品牌購買率。讓 Quest 棒狀產品的成長重新加速，是我們的最高優先事項。

Our work is focused on improving top-of-the-funnel communication, ensuring our innovation pipeline reflects evolving consumer preferences, and supporting the bar segment with an appropriate level of marketing investment.

我們的工作重點在於改善漏斗上端（top-of-the-funnel）的溝通，確保創新產品管線反映消費者偏好的演變，並以適當的行銷投資水準支持棒狀產品品類。

During the quarter, we hired a new marketing agency on Quest with a single-minded objective of improving brand message to our key target consumer group by reasserting our superior nutritionals and taste across the entire brand portfolio and most importantly, in our key bar segment.

本季我們為 Quest 聘請了新的行銷代理商，目標非常明確：透過再次強調全品牌產品組合、尤其是關鍵棒狀品類在營養價值與口感上的優勢，改善對核心目標消費族群的品牌訊息傳達。

Moving to Atkins retail takeaway declined 23.9% in the quarter, compared to a decline of 23.4% last quarter. Declining household penetration leading to distribution losses continue to be the main drivers of the decline. Total brand household penetration currently stands at 80.5%, down 220 basis points from last year.

接著談 Atkins，本季零售帶出下滑 23.9%，相較於上一季下滑 23.4%。家庭滲透率下降導致通路鋪貨（distribution）流失，仍是下滑的主要驅動因素。整體品牌家庭滲透率目前為 80.5%，較去年下降 220 個基點。

Consistent with what we said last quarter, there are also broad brand factors we are addressing. Atkins has not received the proper level of marketing support, messaging was less consistent and moved away from the brand's core weight management proposition, and the ability to recruit new consumers weakened, which led to slower velocities.

如同我們上一季所說，我們也在處理一些更廣泛的品牌層面因素。Atkins 未獲得適當水準的行銷支持，訊息傳遞一致性不足且偏離品牌核心的體重管理主張；同時，吸引新消費者的能力轉弱，導致銷售速度（velocities）放緩。

Our focus now is on resetting the retail baseline and managing Atkins in a more disciplined, fact-based manner. Many of our retail partners continue to view Atkins as a relevant brand with a meaningful base of loyal, heavy buyers. Importantly, we do not believe Atkins needs to be a different brand. Rather, it needs to become a better executed version of the brand consumers have trusted for decades.

我們目前的重點是重設零售基準（retail baseline），並以更有紀律、以事實為基礎的方式管理 Atkins。我們許多零售合作夥伴仍認為 Atkins 是具相關性的品牌，且擁有可觀的忠誠重度購買者基礎。重要的是，我們不認為 Atkins 需要變成一個不同的品牌。相反地，它需要成為消費者數十年來信賴的那個品牌的「更好執行版本」。

We believe that Atkins can play a meaningful role in a GLP-1 world with consumers seeking weight management benefits. Of note, Atkins consumption was more consistent during the quarter on a weekly run rate basis. As we move into the fourth quarter and into next year, Atkins comparisons become more favorable as we lap household and distribution losses during the prior year.

我們相信，在 GLP-1 的時代，當消費者尋求體重管理效益時，Atkins 仍能扮演重要角色。值得注意的是，本季 Atkins 的消費量以每週運行率（weekly run rate）來看更為一致。隨著我們進入第四季及明年，Atkins 的比較基期將更有利，因為我們將跨越（lap）前一年家庭滲透率與通路鋪貨流失的影響。

This is a very consistent with our second turnaround priority, remaining consistent in our strategic choices. For Atkins, that means restoring clarity around the consumer proposition, being disciplined about where we invest, and rebuilding the brand from a stronger, more focused foundation.

這與我們第二項轉型優先事項高度一致：在策略選擇上保持一致性。對 Atkins 而言，這意味著恢復消費者主張的清晰度、在投資去向上保持紀律，並在更強、更聚焦的基礎上重建品牌。

Turning to OWYN retail takeaway declined 1.3% in the third quarter, compared to a decline of 2.4% last quarter. Total brand household penetration currently stands at 4.3%, flat year-over-year. As we reported last quarter, the combination of a product quality issue and ineffective marketing execution negatively impacted performance on a number of OWYN products.

接著談 OWYN，本季零售帶出下滑 1.3%，相較於上一季下滑 2.4%。整體品牌家庭滲透率目前為 4.3%，與去年同期持平。如同我們上一季所報告，產品品質問題與行銷執行不佳的組合，對多項 OWYN 產品的表現造成負面影響。

We have addressed the product issue but do expect distribution losses over the next six to 12 months because of poor marketplace performance. With that said, we continue to believe OWYN has meaningful long-term potential. Importantly, our confidence in OWYN is based on the underlying consumer proposition, not on recent execution.

我們已解決產品問題，但由於市場端表現不佳，我們預期未來 6 至 12 個月將出現通路鋪貨流失。即便如此，我們仍相信 OWYN 具備可觀的長期潛力。重要的是，我們對 OWYN 的信心是建立在其底層的消費者主張上，而非近期的執行表現。

We believe the challenges we are addressing stem primarily from integration and execution issues rather than a lack of consumer demand for clean label plant-based nutrition. Our consumer research continues to indicate there is a significant and growing audience seeking functional nutrition benefits such as plant-based protein and clean label ingredients.

我們認為目前正在處理的挑戰，主要源自整合與執行問題，而非市場對潔淨標示（clean label）植物性營養的消費需求不足。我們的消費者研究持續顯示，尋求功能性營養效益（例如植物性蛋白與潔淨標示成分）的受眾規模可觀且正在成長。

Looking ahead, our priority is to complete the distribution reset and refocus OWYN growth on core ready-to-drink and powder business.

展望未來，我們的優先事項是完成通路鋪貨重整（distribution reset），並將 OWYN 的成長重新聚焦於核心即飲（ready-to-drink）與粉末業務。

Before I turn the call over to Chris, I'd like to leave you with why I remain confident in the future of Simply Good Foods, despite our current performance challenges. Simply put, I believe our category remains attractive, and our brands remain relevant, and our challenges are fixable.

在我把電話會議交給 Chris 之前，我想說明為何儘管目前面臨績效挑戰，我仍對 Simply Good Foods 的未來保持信心。簡而言之，我相信我們所處的品類仍具吸引力、我們的品牌仍具相關性，而我們面臨的問題是可以修正的。

First, we operate in an attractive category supported by long-term consumer trends around health, wellness, and convenient nutrition. These trends remain highly relevant, and retailers continue to view purposeful nutrition as an important source of growth. In the food and beverage sectors, where any type of growth is at a premium, this category continues to outperform.

第一，我們在一個具吸引力的品類中營運，並受到健康、福祉與便利營養等長期消費趨勢的支持。這些趨勢仍高度相關，零售商也持續將目的性營養（purposeful nutrition）視為重要的成長來源。在食品與飲料產業中，任何形式的成長都極為珍貴，而此品類仍持續跑贏大盤。

Second, we have a portfolio of strong brands that connect with distinct consumer segments, and we are confident we can grow these brands longer-term. Quest continues to expand its household penetration and remains one of the leading brands in the category.

第二，我們擁有一組強勢品牌組合，能與不同的消費者族群建立連結，我們有信心能在長期推動這些品牌成長。Quest 持續擴大家庭滲透率，並仍是該品類的領先品牌之一。

Atkins retains a loyal consumer base and meaningful brand equity ideally suited to address the needs of GLP-1 weight management consumers, while OWYN gives us access to the growing plant-based and clean label protein segment.

Atkins 保有忠誠的消費者基礎與可觀的品牌資產（brand equity），非常適合用來滿足 GLP-1 體重管理消費者的需求；而 OWYN 則讓我們得以切入成長中的植物性與潔淨標示蛋白市場區隔。

Third, we have built strong capabilities in marketing, sales, R&D, and managing an outsourced supply chain. While we have not consistently translated those capabilities into performance recently, we believe they remain an important competitive advantage that can support future growth and value creation.

第三，我們已在行銷、銷售、研發（R&D）以及外包供應鏈管理方面建立了強大能力。雖然近期我們未能一貫地將這些能力轉化為績效表現，但我們相信這些能力仍是重要的競爭優勢，可支持未來成長與價值創造。

Fourth, our asset-light operating model remains a competitive advantage. It provides flexibility. Supports strong cash generation and allows us to direct resources towards the areas where we see the greatest opportunities to create value.

第四，我們的輕資產（asset-light）營運模式仍是競爭優勢。它提供彈性。支持強勁的現金創造能力，並使我們能將資源導向我們認為最有機會創造價值的領域。

And finally, we continue to maintain a strong balance sheet and substantial financial flexibility, which provides the ability to invest behind our brands, pursue the right strategic opportunities, and continue allocating capital to the best long-term return.

最後，我們仍維持強健的資產負債表與充足的財務彈性，使我們能夠加大對品牌的投資、追求正確的策略機會，並持續將資本配置於具最佳長期報酬的用途。

Taken together, these strengths reinforce our confidence that we can restore profitable growth and deliver against our long-term financial algorithm. To be clear, we're not satisfied with our current performance, and there is considerable work ahead.

綜合而言，這些優勢強化了我們的信心：我們能夠恢復獲利性成長，並依照我們的長期財務演算法達成目標。坦白說，我們對目前的表現並不滿意，前方仍有大量工作要做。

However, I am increasingly confident that we've correctly identified the issues, established the right priorities and are taking the actions necessary to improve execution, restore profitability and return the company to sustainable growth. While the turnaround remains in its early stages, I believe we are building a stronger and more valuable company for the long-term.

然而，我愈來愈有信心，我們已正確辨識問題、建立正確的優先順序，並正在採取必要行動，以改善執行、恢復獲利能力，並讓公司回到可持續的成長軌道。雖然轉型仍處於早期階段，但我相信我們正在為長期打造一家更強大、更有價值的公司。

I'll turn the call over to Chris, who will provide more detail on this quarter's results and our updated outlook for the year. Chris?

接下來我把電話交給 Chris，他將更詳細說明本季業績以及我們更新後的年度展望。Chris？

Thanks, Joe. Good morning, everyone. As Joe mentioned, our Q3 performance was ahead of our expectations. Specifically, we reported third quarter net sales of $357 million, which declined 6.3% versus the prior year, mainly due to weaker consumption.

謝謝，Joe。各位早安。如 Joe 所提到的，我們第三季（Q3）的表現優於預期。具體而言，我們第三季淨銷售額為 3.57 億美元，較去年同期下滑 6.3%，主要因消費疲弱所致。

Adjusted EBITDA was $57.2 million, a decline of 22.5% year-over-year. Gross profit of $116.1 million decreased 16.2% versus last year, largely driven by volume declines, higher input costs and one-time restructuring costs to streamline our operations.

調整後 EBITDA 為 5,720 萬美元，年減 22.5%。毛利為 1.161 億美元，較去年下降 16.2%，主要受銷量下滑、投入成本上升，以及為精簡營運而產生的一次性重整成本所影響。

Gross margin was 32.5%, a decline of 390 basis points versus prior year due to the higher input and restructuring costs. Excluding $6.2 million in restructuring costs, gross margin was 34.3%, a 210-basis point decline versus the prior year period, exceeding our forecast, driven by productivity initiatives.

毛利率為 32.5%，因投入成本與重整成本較高，較去年同期下滑 390 個基點。若排除 620 萬美元的重整成本，毛利率為 34.3%，較去年同期下滑 210 個基點；在生產力提升措施帶動下，表現優於我們的預測。

Selling and marketing expenses of $39.2 million increased 15.9% versus the comparable year-ago period, driven by investments in our selling capability and increased spend to support longer-term brand growth. Excluding $1.1 million in one-time expenses due to a marketing agency change, selling and marketing expenses increased 12.7%. A portion of this marketing investment allows us the complete key marketing mix study, which will improve the effectiveness of our future marketing spend.

銷售與行銷費用為 3,920 萬美元，較去年同期增加 15.9%，主要因我們投資於銷售能力，以及增加支出以支持品牌的長期成長。若排除因更換行銷代理商而產生的 110 萬美元一次性費用，銷售與行銷費用增加 12.7%。其中一部分行銷投資使我們得以完成關鍵的行銷組合研究，將提升未來行銷支出的效益。

G&A expenses of $40.5 million decreased 1.9% versus the comparable year-ago period. Excluding $6.2 million in restructuring costs in the current period and $5.2 million of integration expenses from the prior period, G&A declined 5% to $34.2 million, principally due to the impact of lower employee costs.

一般及行政（G&A）費用為 4,050 萬美元，較去年同期下降 1.9%。若排除本期 620 萬美元的重整成本，以及前期 520 萬美元的整合費用，G&A 下降 5% 至 3,420 萬美元，主要因員工成本降低所致。

On a GAAP basis, we had an operating loss of $49.9 million compared to income from operations of $59.3 million last year, primarily due to the non-cash loss on impairment of $82 million related to goodwill and the Atkins and OWYN brand intangible assets.

按 GAAP 基礎計算，我們的營業損失為 4,990 萬美元；去年同期則為營業利益 5,930 萬美元，主要因與商譽以及 Atkins 與 OWYN 品牌無形資產相關的 8,200 萬美元非現金減損損失。

Net interest expense was $5.1 million, while the effective tax rate was 5.4%. Net loss was $52 million, down from net income of $41.1 million last year, primarily due to the impairment I noted a moment ago.

淨利息費用為 510 萬美元，而有效稅率為 5.4%。淨損為 5,200 萬美元，較去年淨利 4,110 萬美元下滑，主要因我剛才提到的減損所致。

Moving to the balance sheet and cash flows, as of the end of Q3, the company had cash of $123.9 million and an outstanding principal balance on its term loan of $400 million, bringing our net debt to trailing 12-month adjusted EBITDA to approximately 1.2 times.

接著看資產負債表與現金流，截至第三季末，公司現金為 1.239 億美元，定期貸款未償還本金餘額為 4 億美元，使得我們的淨負債對過去 12 個月調整後 EBITDA 約為 1.2 倍。

The company bought back about 2 million shares in the third quarter. We have spent approximately $240 million buying back our outstanding common stock over the past 12 months, including approximately $213 million this fiscal year. As of July 9, 2026, the company has approximately $158 million remaining under its current share repurchase authorization.

公司在第三季回購約 200 萬股股票。過去 12 個月我們已投入約 2.40 億美元回購流通普通股，其中本會計年度約 2.13 億美元。截至 2026 年 7 月 9 日，公司在現行股票回購授權下尚餘約 1.58 億美元可用額度。

Year-to-date cash flow from operations was $102.2 million compared to $133.1 million last year. Capital expenditure was $10.1 million, mainly reflecting the investment to support additional capacity in our salty snacks business that we previously discussed.

年初至今營運活動現金流為 1.022 億美元，去年同期為 1.331 億美元。資本支出為 1,010 萬美元，主要反映我們先前討論過、為支持鹹味零食業務新增產能所做的投資。

Finally, moving to our updated outlook, we now expect the following: fiscal year 2026 net sales are now expected in the range of $1.345 billion to $1.355 billion, representing a decline of 7% to 6%. This assumes current consumption trends continue and includes the impact of expected distribution losses.

最後，談到我們更新後的展望，我們目前預期如下：2026 會計年度淨銷售額預計介於 13.45 億至 13.55 億美元，代表下滑 7% 至 6%。此假設目前的消費趨勢持續，並納入預期通路流失的影響。

GAAP gross margins are now expected to decline roughly 375 basis points. This is a result of slightly higher input costs, especially proteins, restructuring costs within our supply chain and a cost of mitigating the product quality issue earlier this year.

GAAP 毛利率目前預期將下滑約 375 個基點。這是由於投入成本略高（尤其是蛋白質）、供應鏈內的重整成本，以及今年稍早為緩解產品品質問題所產生的成本。

Fiscal year 2026 adjusted EBITDA is now expected in the range of $220 million to $225 million, representing a year-over-year decline of 21% to 19%, respectively.

2026 會計年度調整後 EBITDA 目前預期介於 2.20 億至 2.25 億美元，分別代表年減 21% 至 19%。

We expect our Q4 effective tax rate to be roughly 25%. Our expectations on interest expense remain unchanged, and we now expect capital expenditures to be in the range of $25 million to $30 million. Given shares repurchased year-to-date, the company expects a weighted average diluted share count of approximately 90 million shares outstanding.

我們預期第四季（Q4）有效稅率約為 25%。我們對利息費用的預期維持不變，而資本支出目前預期介於 2,500 萬至 3,000 萬美元。考量年初至今已回購的股份，公司預期加權平均稀釋後流通股數約為 9,000 萬股。

As it relates to the fourth quarter, we expect net sales in the range of $322 million to $332 million, which represents a decline of 13% to 10% versus prior year. This incorporates a similar consumption trend as we've been experiencing, plus our belief that we will undershirt consumption.

至於第四季，我們預期淨銷售額介於 3.22 億至 3.32 億美元，較去年同期下滑 13% 至 10%。此反映我們目前所經歷的類似消費趨勢，並加上我們認為出貨將低於消費的判斷。

We expect our Q4 GAAP gross margin performance will be our strongest of the year as productivity initiatives provide some relief against sustained inflationary pressure. We expect adjusted EBITDA in the range of $52 million to $57 million, representing a year-over-year decline of 22% to 14%.

我們預期第四季 GAAP 毛利率表現將是全年最強，因生產力提升措施可在持續的通膨壓力下提供一定緩解。我們預期調整後 EBITDA 介於 5,200 萬至 5,700 萬美元，代表年減 22% 至 14%。

With that, Joe and I will now take your questions.

接下來，Joe 和我將開始回答各位的提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Peter Grom, UBS.

UBS 的 Peter Grom。

So I was just hoping to get some perspective on the top-line trajectory. I think the quarter itself came in better than most were expecting, but the guidance does imply a bit of a weaker exit rate. So can you maybe speak to that? Maybe touch on what we should be thinking about in terms of the gap relative from shipments and consumption. That's part one.

我想請教一下對營收（top line）走勢的看法。我認為本季本身的表現優於多數人的預期，但指引確實暗示期末退出速度（exit rate）會稍微偏弱一些。能否請你談談這點？也請順帶說明一下，我們在出貨（shipments）與消費（consumption）之間的落差應該如何看待。這是第一部分。

And then, and I guess just as we think about, and I know we'll get guidance at a later date, but just as we think about '27, any thoughts around how we should be thinking about the exit rate, as well as the fact that you touched on kind of this high-single digit pricing action in September? So just any thoughts on how we should be thinking about the top-line trajectory and the related pricing as we look out to '27 would be helpful as well.

另外，當我們思考 2027 年時——我知道你們會在之後提供指引——但就 2027 年而言，對於退出速度（exit rate）你們有什麼想法？以及你們提到 9 月會有大約高個位數的漲價行動。因此，若能分享一下我們在展望 2027 年時，應如何看待營收走勢以及相關定價，會很有幫助。

I'll take your first question. So in terms of Q4, look, consumption, as we said, in Q3 was slightly better than expected, and we expect those trends to continue into Q4, similar consumption in Q4 as Q3 overall. We've incorporated those consumption trends, and as we said on the call, our belief that we're going to slightly undershirt consumption in Q4 to enter next year with correctly organized and sized customer inventories.

我先回答你的第一個問題。就第四季而言，如同我們所說，第三季的消費表現略優於預期，我們預期這些趨勢會延續到第四季，整體而言第四季的消費將與第三季相近。我們已將這些消費趨勢納入考量；而且如同我們在電話會議中提到的，我們相信第四季會讓消費略低一些，以便在進入明年時，客戶庫存能以正確的方式被整理並調整到適當規模。

Part of the inventory reduction we talked about as well is related to the distribution losses we're expecting mostly on OWYN. And then from an EBITDA perspective, we've updated guidance to reflect the Q3 outperformance and improving overall improving gross margins. Again, keeping in mind the restructuring costs that we had in Q3, we talked about again on the prepared remarks.

我們談到的部分庫存降低，也與我們預期的通路損失有關，主要是在 OWYN。另外，從 EBITDA 的角度來看，我們已更新指引，以反映第三季表現優於預期，以及整體毛利率的改善。同樣也要記得，我們在第三季有重整成本，我們在事先準備的發言中也再次提到。

Peter, I'll talk about the second part of your question, which is about how to think about what's happening now as it pertains to FY '27. I thought we'd get at least three questions in before someone asks us about fiscal '27, but here we go.

Peter，我來談你問題的第二部分，也就是如何看待目前發生的事情與 2027 財年之間的關聯。我原本以為至少會先有三個問題，才會有人問到我們 2027 財年的事，但好吧，就從這裡開始。

So look, I think it's we're in the planning stages for next year. So we're still pulling together the assumptions necessary to get a view of what we think next year's look like and we're still obviously executing against this year. So there's still a lot of work in front of us before we have a confirmed view of next year. I think if you just step back, we now have two quarters of pretty consistent consumption change versus a year ago. I think that's a pretty good jumping off point as you think about next year.

我想我們目前正處於明年的規劃階段。因此，我們仍在彙整必要的假設，以形成我們對明年可能樣貌的看法，同時也仍在執行今年的計畫。所以在我們能對明年形成確認的觀點之前，還有很多工作要做。如果你退一步看，我們現在已經有連續兩季的消費變化，相較去年相當一致。我認為，這是你在思考明年時一個相當不錯的起點。

And then you mentioned the price increase, I just want to step back. We believe the pricing action that we announced this quarter is appropriate for the current economic environment. We are facing this year, when it came back to the business, substantial price inflation driven by protein complex packaging costs and other cost pressures.

你也提到漲價，我想先退一步說明。我們認為本季宣布的定價行動，對於目前的經濟環境是合適的。今年回到業務本身，我們面臨顯著的價格通膨，主要由蛋白原料組合、包材成本以及其他成本壓力所驅動。

We did talk at the last earnings call that one of our turnaround beliefs was that we will use pricing to offset cost inflation, so -- and we expect the inflation we're experiencing now to continue into the next fiscal year. So, again, we think the pricing action is appropriate for the current economic environment, frankly, not ideal for a turnaround. So we're going to take pricing.

我們在上一次財報電話會議中確實提到，我們的轉型信念之一，就是會運用定價來抵銷成本通膨；而且我們預期目前經歷的通膨會延續到下一個會計年度。因此，再次強調，我們認為這項定價行動對目前的經濟環境是合適的，但坦白說，對轉型而言並不理想。所以我們會採取漲價。

We would expect as we look at fiscal '27 elasticities to be at one or higher. So there's going to be a volume impact to our business. Volume drives household penetration and buy rate just makes the consumer dynamics of the turnaround that much more difficult.

我們預期在看 2027 財年時，需求彈性會在 1 或更高。因此，我們的業務將會受到一定的銷量影響。銷量會帶動家庭滲透率與購買頻率，這只會讓轉型的消費者動態變得更加困難。

But you end up having to look at these situations as short-term pain for long-term gain and for us to be able to compete in this category effectively, we need a P&L that gives us the firepower to invest in marketing, which is one of the issues that we face, structural issues that we talked about last quarter.

但你最終必須把這類情況視為「短期痛苦、長期收益」。對我們而言，若要在此品類中有效競爭，我們需要一份能提供火力的損益表，讓我們可以投資行銷；而這正是我們面臨的問題之一，也是我們上季談到的結構性問題。

Gross margins eroding, marketing as a percent of sales going down, over-reliance on price promotion, SG&A growing faster than the topline. So first step here is address the cost inflation issue. And then as we go forward into next year, we'll deal with the volume impact of that and the consumer dynamics of that as we work through the year. Did I answer the second part of your question?

毛利率下滑、行銷費用占銷售比重下降、過度依賴價格促銷、SG&A 成長快於營收。所以第一步是先處理成本通膨問題。接著在進入明年後，我們會在年度推進過程中，處理由此帶來的銷量影響與消費者動態。我有回答到你問題的第二部分嗎？

No, that was great. Thank you. Thank you both for that, super helpful. I'll pass it on.

有，這很棒。謝謝。謝謝你們兩位，這非常有幫助。我把問題交給下一位。

Matt Smith, Stifel.

Matt Smith，Stifel。

I wanted to come back to the performance of Quest in the quarter. Consumption was down 5%, but that included the benefit of a club rotation. Should we think of a deceleration in consumption for Quest in the fourth quarter without that rotation? Can you expand on your view of the performance of the brand in the rotation and distribution expectations for Quest as we move forward.

我想回到本季 Quest 的表現。消費下滑 5%，但其中包含了會員制通路輪換（club rotation）的助益。若第四季沒有這個輪換，我們是否應該把 Quest 的消費視為會進一步放緩？你能否進一步說明你對該品牌在輪換期間的表現看法，以及我們往後對 Quest 的輪換與通路（distribution）預期。

Let me talk Quest overall first because I think it's important to put bar in relationship to brand. So if you just step back, the brand's been able to consistently grow household penetration in the category. So don't have a brand relevance issue based on the consumer dynamics.

我先談 Quest 整體，因為我認為把棒狀產品（bar）放在品牌脈絡下來看很重要。如果你退一步看，這個品牌一直能在該品類中持續提升家庭滲透率。因此，從消費者動態來看，並不存在品牌相關性（brand relevance）問題。

And as you look at the business, there are parts of this portfolio doing particularly well. Our salty snack business continues to grow. We have a small but growing shake business with our milkshakes. So as you look at the brand, not a brand relevance issue, we have a bar issue, which we believe ties to a number of issues that we face with that business.

再看這門生意，這個產品組合中有些部分表現特別好。我們的鹹味零食業務持續成長。我們也有一個規模不大但正在成長的飲品業務，也就是我們的奶昔。所以就品牌而言，不是品牌相關性問題；我們有的是棒狀產品的問題，而我們認為這與該業務面臨的多項問題有關。

The first one is our innovation over the last few years, frankly, hasn't met our own expectations. So I don't think we saw where the consumer was going, and our innovation kind of failed to address the movement of the consumer in what is a pretty dynamic category. So that would be the first thing.

第一點是，坦白說，我們過去幾年的創新並未達到我們自己的期待。所以我不認為我們看準了消費者的走向，而我們的創新在一個相當動態的品類中，未能有效回應消費者的變化。這是第一個因素。

Second thing, top-of-the-funnel communication on this business has been less than optimal and not highly supportive of bars. So having to fix the top of the funnel communication and strategy such that it more directly addresses bars is important. And where I think we've been missing there is this is a brand that's always been about superior nutritionals and cravable taste. I think we lost focus on that, and we need to get that back.

第二點，這門業務在漏斗上端（top-of-the-funnel）的溝通做得不夠理想，對棒狀產品的支持度也不高。因此，必須修正漏斗上端的溝通與策略，使其更直接地聚焦在棒狀產品，這很重要。而我認為我們過去缺失的地方在於：這個品牌一向主打更優異的營養成分與令人想吃的口感。我覺得我們失去了這個焦點，我們需要把它找回來。

And then as we look at the investments that we've made in the business just overall, spending less money on top of the funnel over the brand overall has not helped our bar business. So again, bars is a piece of the business, we got to get back on track, but we're doing that from the basis of a pretty healthy brand.

再來，從我們對整體業務的投資來看，品牌整體在漏斗上端投入的資金變少，對我們的棒狀產品業務並沒有幫助。所以再次強調，棒狀產品只是業務的一部分，我們必須把它拉回正軌；但我們是建立在一個相當健康的品牌基礎上來做這件事。

So as you look at what we experienced in the third quarter relative to the fourth quarter, consumption in the third quarter down 5%. We had a bar rotation at a club store, which will continue to consume through the fourth quarter. So we'll see, we think, similar trends on bar and on Quest as we move third in the fourth quarter.

因此，若看第三季相對於第四季的情況，第三季消費下滑 5%。我們在一家會員制通路有棒狀產品輪換，這個輪換會延續到第四季並持續帶動消費。所以我們認為，當我們從第三季走到第四季時，棒狀產品以及 Quest 整體會呈現相近的趨勢。

As we move into the next fiscal year, that rotation burns off and we're back to a more steady-state consumption business. And so as we move into '27, I would expect bars to be a little bit weaker than what we expected in the third and fourth quarter as we move into the next fiscal year. And obviously, our top priority is to get that back on track.

進入下一個會計年度後，這個輪換效應會消退，我們會回到較為穩態的消費型態。因此，當我們進入 2027 財年時，我預期棒狀產品的表現會比我們在第三、第四季所看到的還要弱一些，因為我們進入了下一個會計年度。而且很明顯，我們的首要任務就是把它拉回正軌。

If I could ask a follow-up, you talked about the requirement or one of the priorities for the business is increasing the investment in top of the funnel marketing or maybe marketing overall. You have a couple of changes underway, marketing agency and your marketing mix study.

如果我可以追問一下，您談到對於業務而言的要求或其中一項優先事項，是增加在漏斗頂端行銷的投資，或可能是整體行銷的投資。你們目前有幾項變動正在進行，包括行銷代理商以及你們的行銷組合研究。

Do you have the ability to confidently increase the investment in marketing today or are you waiting out for the new messaging to be tailored in the new marketing mix results to come in? I guess, as we look ahead, you talked about some of the pressure in fiscal '27, is it waiting to increase the marketing spend or do you feel confident you can start to pursue that more quickly?

你們今天是否有能力有把握地提高行銷投資，還是正在等待新的訊息定位完成、以及新的行銷組合研究結果出爐？我想，往前看，你提到在 2027 會計年度有一些壓力；那是要等到那時才增加行銷支出，還是你覺得可以更快開始推進？

I think it's first of all, in coming back and fresh eyes in the business, where we've been spending the money. There's a hard look. So I think first and foremost, there's a reallocation of investment, right? We were shifting on Quest, we actually grew marketing investment, but we're shifting it down the funnel.

我認為首先是回到業務本身、以新的視角檢視我們把錢花在哪裡。我們會做一次嚴格的檢視。所以我認為最重要的是重新配置投資，對吧？在 Quest 上，我們其實增加了行銷投資，但我們把它往漏斗下端移。

So money spent less in top of funnel activities, more down into the funnel, more closer with customers. So I think we missed an opportunity there to strengthen our brand proposition, I think. So that's the first thing.

也就是在漏斗頂端活動上花得更少，把更多資源放到漏斗下端、更貼近客戶的地方。所以我認為我們錯失了強化品牌主張的機會。這是第一點。

Second, we're going to get the marketing mix back in a few weeks. So I'm going to get a sense of ROI. But historically, top of the funnel marketing investment is the highest return we have as a business, right? So the shift down the funnel certainly has hurt ROI. So we know we're going to be shifting mix.

第二，我們會在幾週內拿到行銷組合研究結果。所以我會對投資報酬率（ROI）有更清楚的掌握。但從歷史來看，漏斗頂端的行銷投資是我們這個業務回報最高的項目，對吧？因此，把資源往漏斗下端移，確實傷害了 ROI。所以我們知道我們會調整組合配置。

Your larger question, which I think is an important one, is more structural, right? So I believe this is a business that should be that require we're in a consumer-driven, brand-driven business where you're constantly recruiting consumers and driving buy rate. You need marketing firepower to do that, which is a P&L very different than the one I have right now.

你更大的問題——我認為這很重要——其實更偏結構性，對吧？所以我相信這是一門應該、也需要這樣運作的生意：我們處在一個以消費者驅動、以品牌驅動的市場，你必須持續招募消費者並提升購買率。要做到這點，你需要行銷火力；而這會形成一個與我目前所看到的損益表（P&L）非常不同的結構。

Gross margins approaching 40%, marketing as a percent of sales at 10%, EBITDA margins approaching 20%. We're not there today. We're just not there today. I want to have the ability. Over time with increasing gross margins to put more money back into advertising to drive our top-line and improve our overall brand metrics and attributes.

毛利率接近 40%、行銷費用占銷售額 10%、EBITDA 利潤率接近 20%。我們今天還沒到那裡。我們確實還沒到那裡。我希望具備那樣的能力。隨著毛利率逐步提升，長期來看把更多資金回投到廣告上，以帶動營收成長並改善我們整體的品牌指標與品牌屬性。

We'll use marketing mix to justify the -- even with the shape of the P&L that ideally, we want to get to, we're going to use ROI to justify further investments. That's true on Quest and that's true on any other brand, right? It's got to be justified by the investment.

我們會用行銷組合研究來佐證——即使在理想上我們希望達到的那種 P&L 結構之下——我們也會用 ROI 來證明進一步投資的合理性。這對 Quest 是如此，對任何其他品牌也是如此，對吧？投資必須有依據。

But my fundamental belief is that if your insights are good enough, your communication's good enough, and I love the new agency that we brought on Quest, you'll have that ability to make those investments. So I'm optimistic about the future. We've got some work to do right now to get there.

但我根本的信念是：只要你的洞察夠好、溝通夠好，而且我很喜歡我們為 Quest 新引進的代理商，你就會有能力做這些投資。所以我對未來是樂觀的。我們現在還有一些工作要做，才能走到那一步。

Jim Salera, Stephens Inc.

Jim Salera，Stephens Inc.（史蒂芬斯公司）

So you talked about the distribution losses for Atkins and OWYN over the next six to 12 months. I assume there's probably still opportunity for Quest to continue to gain distribution. Can you just walk us through how we should think about the portfolio as a whole, plus or minus on distribution for the next six to 12 months?

你提到 Atkins 和 OWYN 在未來 6 到 12 個月會有通路流失。我猜 Quest 可能仍有機會持續擴大通路覆蓋。你能否帶我們了解一下，未來 6 到 12 個月，整體產品組合在通路方面應該如何看待：哪些會增加、哪些會減少？

I have thought that the organization has been too focused on distribution as a key metric in running the business rather than household penetration and buy rate. We're a consumer-driven company or ow we think about driving our business should be more consumer-centric than distribution-centric.

我一直認為，組織過度把「通路」當作經營業務的關鍵指標，而不是把「家庭滲透率」與「購買率」當作核心。我們是一家消費者驅動的公司；我們思考如何推動業務成長時，應該更以消費者為中心，而不是以通路為中心。

So I'll give you -- and the reason I say that is I've been in businesses, this is one of them, where I've grown distribution. And the business hasn't grown, and I've lost distribution against the backdrop of rapidly growing consumption.

我之所以這麼說，是因為我曾在一些業務裡——這個也是其中之一——把通路做大。但業務並沒有成長；也曾在消費快速成長的背景下，我反而失去通路。

So I don't find it to be a particularly predictive metric of your ability to grow the business. If your household penetration, if your marketing is working, your innovation is good, and you're bringing people into your brand, distribution could be a top spin. But I never believed it's the most important metric.

所以我不認為通路是一個特別具有預測力的指標，用來判斷你是否有能力讓業務成長。如果你的家庭滲透率提升、行銷有效、創新夠好、你能把人帶進你的品牌，通路可能會是「順勢而來」的結果。但我從不認為它是最重要的指標。

That said, I'll answer your question. I'll talk about OWYN first, because I think it's easy to understand. Post-integration, we did a lot of line extension, non-core extensions on the business at a time when. We're taking control of the marketing on Owen, and the marketing misfired, and those non-core items didn't perform well. Those have to come out of the mix.

話雖如此，我會回答你的問題。我先談 OWYN，因為我覺得它比較容易理解。在整合後，我們做了很多產品線延伸、也就是一些非核心的延伸，當時我們正在接手 OWYN 的行銷主導權，而行銷沒有打中要點，那些非核心品項表現也不好。

And it's a majority non-core items. If you look at the core, underlying core, and that's going to take us, call it, six-plus months for that to work out. Nicely, though, if you look at the core, so a 32-gram protein shake business in our powders. It's all they're already starting to show signs of growth.

而且多數都是非核心品項。如果你看核心、也就是底層的核心業務，這需要我們大概 6 個月以上把它消化調整完。不過好的一點是，如果你看核心——例如我們的 32 克蛋白飲品業務以及粉類產品——它們都已經開始出現成長跡象。

So our focus on OWYN is get the marketing back to what works, focus on our core powder and shake business and start closing the gap between our household penetration somewhere around 4% and the universe of people interested in the benefits of plant-based and clean, which is closer to 18%, 19%. So that one's easily to understand that's going to happen over the next, call it, six-plus months.

所以我們在 OWYN 的重點是：把行銷拉回到有效的方法，聚焦在核心的粉類與奶昔（shake）業務，並開始縮小差距——我們的家庭滲透率大約在 4%，而對植物基與潔淨（clean）訴求有興趣的人群規模更接近 18%、19%。所以這一塊很容易理解：接下來大約 6 個月以上會發生這些調整。

Atkins, different stories, kind of same situation though. Atkins, we, and it's a kind of a chicken or an egg, which you want to believe. I believe that when I was running this business and we grew it for over a decade, the key driver of it was our ability to recruit consumers.

Atkins 則是不同的故事，但情況有點類似。Atkins，我們——這有點像先有雞還是先有蛋，看你想相信哪一個。我相信當我在經營這個業務、並且讓它成長超過十年時，關鍵驅動因素是我們招募消費者的能力。

And the key weapon that we had is our ability to increase marketing support. You pull the marketing back, you stop recruiting consumers, your household penetration shrinks, and you lose distribution. So we've been undoing what we -- over the last few years, what we did to build the business over the previous decade.

而我們最關鍵的武器，是提升行銷支持的能力。你把行銷縮回去，就停止招募消費者，你的家庭滲透率就會下滑，然後你就會失去通路。所以過去幾年，我們其實是在把之前十年用來建立這門業務的做法，一點一點拆掉。

So you have to get back to the fundamentals enacted. So we're seeing distribution losses that reset the business at retail in line with our current household penetration. That's you're going to start seeing as we move through the fourth quarter and then the next year, the comparisons start the household penetration is getting flatter, and you're going to start seeing the business start to stabilize.

所以你必須回到基本功並把它落實。我們看到的通路流失，是在零售端把業務重置到與我們目前家庭滲透率相匹配的水準。你會在第四季以及明年看到這些情況；當比較基期過去後，家庭滲透率會趨於平坦，你也會開始看到業務逐步穩定下來。

So that's going to happen, call it, as we move through -- It'll start getting, the comps get a little bit better in the fourth quarter, and as we move through next year, the comps continue to improve, right? And then it's going to be our job, once we get that reset, can we actually grow household penetration on this brand?

所以這件事會發生，我們就這麼說吧，隨著我們往下推進——第四季開始，同店比較（comps）會稍微好一些；而隨著我們進入明年，同店比較會持續改善，對吧？接著，一旦我們完成那次重置，我們的工作就是：我們是否真的能提升這個品牌的家庭滲透率？

Can we find a consumer inside idea, the room in the P&L to make the investment to grow household penetration? By the way, when I ran this company before, the highest return on marketing was Atkins top-of-funnel communication. So if you just reverse that, pulling it out is the worst decision you could possibly make.

我們能否找到一個以消費者洞察為核心的想法，並在損益表（P&L）中騰出空間來投資，以提升家庭滲透率？順帶一提，當我以前經營這家公司時，行銷投資報酬率最高的是 Atkins 的漏斗頂端（top-of-funnel）溝通。所以如果你把它反過來做、把它抽掉，那可能是你能做出的最糟決策。

So thirdly, we've been growing distribution on Quest. We had growth this last year on our bar business, we had growth on our salty snack business, we even grew our baked business. Right? And despite the TDP growth, we've seen softening of consumption.

第三，我們一直在擴大 Quest 的通路覆蓋。去年我們的棒狀產品業務有成長、鹹味零食業務有成長，甚至烘焙品類也有成長。對吧？但儘管 TDP 有成長，我們仍看到消費量走弱。

So I expect we're going to continue to see a benefit from distribution gains on Quest. I'm not sure that's the issue on this business. I think the issue on our business is top-of-funnel communication, innovation on bars that has consumer insight to it and our ability to drive household penetration on the brand over time.

所以我預期，我們會持續從 Quest 的通路增量中受益。我不確定這就是這門業務的問題所在。我認為我們業務的問題在於：漏斗頂端溝通、具備消費者洞察的棒狀產品創新，以及我們隨時間推進提升品牌家庭滲透率的能力。

Did I digress that, Jim?

Jim，我是不是講遠了？

And if you'll indulge me in a small follow-up, just expanding on the conversation related to the household penetration, how should we think about the impact of some of the changes you're making on the marketing front, whether it's the messaging or scaling? And what's sort of the timeframe when we should really start to see that flow through to velocity and presumably back to household penetration in a positive way.

如果你允許我再追問一下，延伸剛才關於家庭滲透率的討論：我們應該如何看待你們在行銷端所做的一些改變（不論是訊息傳達或投放規模）所帶來的影響？以及大概在什麼時間點，我們應該真正開始看到這些改變反映到銷售速度（velocity），並且推測以正向方式回到家庭滲透率上？

It's probably the question that keeps me up the most at night. And it's the magic question. It's the when question in a turnaround. So I caution against thinking about turnaround in terms of a time, a quarter when all of a sudden everything gets better. I've been in a few turnarounds, my experience, they happen in stages. So let me try to give you what I think, how this thing will play out so you can get some sense of what to be paying attention to.

這大概是最讓我夜裡睡不著的問題。而且這是那個「魔法問題」。在一個扭轉（turnaround）裡，這就是「何時」的問題。所以我會提醒大家，不要用一個時間點、某一季突然一切都變好來思考扭轉。我參與過幾次扭轉；以我的經驗，它們是分階段發生的。所以我試著跟你說說我認為事情會如何展開，讓你大概知道該關注哪些重點。

The first part of a turnaround is diagnosing the issue, get focused on addressing those issues, approve accountability, execute better, make better decisions, right? That's the earliest stages. I think we've been doing a pretty good job on that. But early stages, more work to do. So rather than anchor you on a specific timeline, I'd encourage you to watch leading indicators.

扭轉的第一部分是診斷問題，聚焦在解決那些問題上，建立問責，執行得更好，做出更好的決策，對吧？那是最早期的階段。我認為我們在這方面做得相當不錯。但在早期階段，仍有更多工作要做。所以與其把你錨定在某個特定時間表上，我會鼓勵你去看領先指標（leading indicators）。

First group would be, are we being consistent in our choices? You talk to us quarterly; you get to have conversations with us, are we saying the same things in a consistent basis? Are we executing better? Do we say what we're going to do and deliver on what we say we're going to do?

第一組會是：我們的選擇是否一致？你們每季都會跟我們對話；你們有機會跟我們交流，我們是否持續一致地講同樣的事情？我們是否執行得更好？我們是否說到做到，交付我們說要做的事？

And then a real key one are our margins. We've told you we've got structural margin issues. Are those getting better over time? Because that provides us the fuel we need to drive our top-line. Then you get to strengthening household metrics. And then with household metric strengthening, do you start seeing stability in Atkins? Do you see core performance improving on Quest, right?

然後一個真正關鍵的是我們的毛利率。我們告訴過你們，我們有結構性的毛利率問題。這些是否隨時間改善？因為那會提供我們推動營收（top-line）所需要的燃料。接著你會看到家庭端指標的強化。而在家庭指標強化之後，你是否開始看到 Atkins 走向穩定？你是否看到 Quest 的核心表現改善，對吧？

That's kind of the sequence, once you get to those brand metrics getting better, the brand starting to stabilize and grow, I'm pretty confident the financial results will follow. So when it's going to come in stages, it's going to take some time. My crystal ball is not that good, frankly. So we're just going to play the hand we've got and make it better as we go along.

大致就是這個順序：一旦你看到那些品牌指標變好、品牌開始穩定並成長，我相當有信心財務結果會跟上。所以「何時」會是分階段到來，而且需要一些時間。老實說，我的水晶球沒那麼靈。所以我們只能打好手上這副牌，並在過程中把它打得更好。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Can I switch to the margin side of things and the inflation question? I'm specifically interested in [cocoa], I think the input must be coming down at this point. That was a problem last year. But you're now faced with a fairly sharp spike in trucking costs here in the US, and I assume that dairy input cost inflation is also trending up fairly meaningfully. Where are you at in terms of expected COGS growth? And therefore, how much pricing are you expecting to take in September?

我可以把話題轉到毛利率與通膨的問題嗎？我特別關注的是[cocoa]（可可）；我認為這項投入成本此刻應該正在下降。那是去年的一個問題。但你們現在又面臨美國卡車運輸成本相當明顯的飆升；而且我假設乳製品投入成本通膨也正在相當明顯地走高。就你們預期的銷貨成本（COGS）成長而言，目前處於什麼狀態？因此，你們預期在九月要採取多少幅度的漲價？

We are seeing input inflation across multiple areas of the business, as we talked about in the prepared remarks. I would keep in mind; we also said that we -- Joe also said earlier that we'd be taking a high single-digit price increase that will be effective in September. We feel that's appropriate to offset input inflation that we're seeing.

我們確實在業務的多個領域看到投入成本通膨，正如我們在事先準備的講稿中提到的。我也會提醒大家：我們也說過——Joe 先前也提到——我們將在九月實施一個高個位數（high single-digit）的漲價。我們認為這樣做適合用來抵消我們所看到的投入成本通膨。

To your specific comment on cocoa, as I said, I think, on the last couple of calls, we were expecting and have seen a consistent reduction in cocoa prices in our P&L over this year, and we are still seeing what we expected for Q4. So there's really no change in the cocoa price we'll have in the P&L in Q4, and that's significant. Actually, there is a deflation there versus what we had this time last year.

針對你特別提到的可可，如我所說，我想在前幾次電話會議上也提過，我們原本預期、而且今年在損益表（P&L）中也確實看到可可價格持續下降；我們對第四季的觀察仍符合原先預期。所以第四季損益表中的可可價格基本沒有變化，而這點很重要。事實上，相較於去年同期，那裡是有通縮（deflation）的。

But again, that's very consistent with what we said that's been, as I said last quarter, significantly offset by the very high ramp-up in weight pricing. So yes, we're seeing overall ingredient inflation, we're seeing packaging inflation, we are seeing some freight inflation as well.

但同樣地，這與我們所說的非常一致：正如我上季提到的，這些效益被重量定價（weight pricing）的非常快速上升所大幅抵消。所以是的，我們看到整體原料通膨、包材通膨，也看到一些運輸（freight）通膨。

And this is exactly why we've announced recently a high-single digit price increase that we need to offset the input inflation and start to move our economic structure of the business back towards the long-term algorithm that Joe laid out earlier.

而這也正是為什麼我們最近宣布需要一個高個位數的漲價，以抵消投入成本通膨，並開始把我們的業務經濟結構拉回到 Joe 先前所描述的長期演算法（long-term algorithm）軌道上。

And as a follow-up, you mentioned the plan to lean into the GLP-1 opportunity more deliberately. Could you talk about how you're planning to do that based on the insights you've generated so far? I think previously the former management team thought they were going to help people who were coming off those drugs to maintain their weight loss once they gave up the GLP-1 drugs. Is there a new idea here for how to lean into that?

另外追問一下，你提到計畫更有意識地加大對 GLP-1 機會的投入。你能談談基於目前所產生的洞察，你們打算如何做嗎？我記得先前前任管理團隊的想法是：協助那些停用 GLP-1 藥物的人，在停止用藥後維持減重成果。在如何切入（lean into）這個機會上，是否有新的想法？

Can I just ask you to be a little patient? I'd like to get a little bit -- I just reviewed the strategy work on it. I just want to step back. I brought back the agency that crafted the lifestyle work on Atkins a few years back. They did the very successful [Rob Lowe work], understand the brand and the category better than. Any folks I've ever worked with, right? So very talented. They've been on a project since I came back to address that exact same question you're asking about.

我可以請你稍微有點耐心嗎？我想先稍微——我剛剛回顧了相關的策略工作。我只是想先退一步看。我把幾年前為 Atkins 打造生活風格行銷的那家代理商請回來了。他們做過非常成功的 [Rob Lowe work]，對品牌與品類的理解比我過去合作過的任何人都更深入，對吧？所以非常有才華。自從我回來後，他們就一直在做一個專案，來回應你現在問的這個完全相同的問題。

I saw the work, their strategic work and their insight work about three weeks ago. There's a little bit more work we need to do. We are hopefully going to be --as we move into the next fiscal year, testing some ideas in the marketplace that'll give us some confidence that we're on the right path.

大約三週前我看了他們的成果——他們的策略工作與洞察研究。我們還需要再做一些工作。我們希望——隨著進入下一個會計年度，在市場上測試一些想法，讓我們更有信心確認我們走在正確的路徑上。

So I'd like to answer that question for you maybe the next time we get together when we're closer to the marketplace. But suffice it to say, just stepping back and looking at GLP-1 consumers, those that are using the therapies for weight management a lot of really compelling insights coming out of that work that are, I think, important for a brand like Atkins, but I think important for the entire category going forward.

所以我想也許等我們下次再聚、而且更接近市場端時，再回答你這個問題。但簡單說，退一步看 GLP-1 消費者——也就是使用這些療法來做體重管理的人——從那份研究中出現了很多非常有說服力的洞察；我認為這些洞察對像 Atkins 這樣的品牌很重要，但對整個品類未來的發展也很重要。

On Atkins, the one tidbit I would give you is high interactivity between Atkins snack product buyers and the use of GLP-1s for weight management. So there's already high interactivity between the two, which just tells you the brand is relevant among these people. You have to tap into an insight that can help you start growing the population of people using the brand, and I'm pretty confident that we can do that.

就 Atkins 而言，我可以先給你一個小重點：Atkins 零食產品的購買者，與使用 GLP-1 進行體重管理之間有很高的重疊／互動性。所以兩者之間已經有很高的關聯，這只是在告訴你，這個品牌在這些人當中是相關且有意義的。你必須抓住一個洞察，才能幫助你開始擴大使用這個品牌的人口，我相當有信心我們做得到。

But we got some work to do, and we got to prove the economics of that work, too. We got to prove that we get a return for marketing investment that we can grow household penetration over the brand and get some confidence that we can get back into the marketing business on Atkins.

但我們還有一些工作要做，而且也必須證明這些工作的經濟性。我們得證明行銷投資能帶來回報、能提升品牌的家庭滲透率，並建立信心，讓我們能重新回到 Atkins 的行銷投放上。

Work to do, give me a little bit more time, and I'll come back to you with some of those insights.

還有工作要做，請再給我一點時間，我會帶著其中一些洞察再回來跟你分享。

Jon Anderson, William Blair.

Jon Anderson，William Blair。

Two quick ones. For Quest, the chips business has really been kind of a workhorse for the franchise. The past few years, I was wondering, Joe, if you could talk a little bit about the recent performance of the chips part of that portfolio and maybe more important, kind of your outlook, kind of performance outlook as you look ahead to maybe more fiscal '27. And maybe the competitive backdrop.

兩個很快的問題。就 Quest 而言，洋芋片（chips）業務這幾年一直算是這個品牌組合的主力功臣。過去幾年，我想請教 Joe，你能否談談這個產品組合中 chips 部分近期的表現，以及更重要的是，往前看、可能到 2027 會計年度左右，你對其表現的展望？以及競爭環境。

And then the second is just related to capital allocation. You obviously have plans for reinvestment in the business, and you've talked about top-of-funnel marketing, et cetera, also been buying back quite a bit of stock. So how you're thinking about capital allocation going forward relative to the past couple of years?

第二個是關於資本配置。你們顯然有再投資於業務的計畫，也談到漏斗上端行銷（top-of-funnel marketing）等等，同時也回購了相當多的股票。所以你們未來對資本配置的思考，與過去這兩年的做法相比會是如何？

You know. just try to frame it a little bit it's a half a billion-dollar brand already. And you know, so big brand growing in the mid-teens and continues to we've continued to show the ability to grow the topline by growing household penetration and driving buy rate.

你知道，我先稍微框架一下：這已經是一個 5 億美元規模的品牌了。而且你知道，這麼大的品牌仍以十幾%的中段增速成長，並且我們也持續展現出透過提升家庭滲透率與拉動購買頻率（buy rate）來帶動營收成長的能力。

So we continue to be pretty confident in our ability to do that. We believe focusing on the core of our business on Quest, reallocating our marketing investment to the top of the funnel around a message around nutrition and taste can only help in that regard.

所以我們對自己做到這點的能力仍然相當有信心。我們相信，聚焦 Quest 的核心業務，並把行銷投資重新配置到漏斗上端、圍繞「營養」與「口味」的訊息，只會在這方面帶來幫助。

As you step back a little bit and you look at kind of our recent innovation on our tortilla business, we've played through the flavor variety and that as you add more flavors to the business, they become less incremental over time. So it puts a little bit of pressure on us to come up with innovation ideas that are more incremental and we think we can do that.

當你稍微退一步看我們近期在玉米餅（tortilla）業務上的創新，我們主要是透過口味多樣化來推進；但當你在業務中加入更多口味後，隨著時間推移，新增口味帶來的增量效果會變得越來越小。因此這會對我們造成一些壓力，要求我們提出更具增量性的創新點子，而我們認為我們做得到。

We think there's other areas of salty snacks that we can continue to perform well in. One of the areas when I came back that I was surprised hadn't progressed more was our cheese cracker business. And I believe there's opportunities for that business to grow and then I've looked at the innovation pipeline, I'm very confident that there are ideas coming in salty that will enable us to continue to grow.

我們認為在其他鹹味零食領域，我們仍能持續有良好表現。我回來後其中一個讓我意外、覺得進展不如預期的領域，是我們的起司餅乾（cheese cracker）業務。我相信那個業務有成長機會；而且我看過創新管線後，我非常有信心，在鹹味品類會有一些點子推出，讓我們能持續成長。

But overall, very optimistic in it, can you grow up? In the first quarter, I think the business was growing 35%. Can you grow $0.5 billion brand at 20% to 30% into perpetuity? No, you can't do that. But can we grow the household penetration, grow that business, continue to drive the top-line? Yes, we can, and we intend to do that.

但整體而言，我非常樂觀。你能一直高速成長嗎？第一季我記得這個業務成長了 35%。一個 5 億美元品牌能否長期以 20% 到 30% 的速度永遠成長？不，你做不到。但我們能否提升家庭滲透率、擴大這個業務、持續推動營收成長？是的，我們可以，而且我們也打算這麼做。

And then I'll take the capital allocation question. Our first priority on capital is to provide funding for the turnaround, as Jim mentioned. Second priority that we've, again, commitments we've already made, we've talked about previously is the capacity expansion on chips.

接著我來回答資本配置的問題。我們資本的第一優先順序，是如 Jim 所提到的，為扭轉計畫提供資金。第二優先順序——同樣是我們已經做出的承諾、也先前談過的——是 chips 的產能擴張。

And as you probably noted in the updated guidance, we did reduce our capital expenditure outlook. We made some investment priority changes, so we reduced our outlook to $25 million to $30 million from $30 million to $40 million. So we're taking a hard look at everything we're spending capital on.

而且如你可能注意到的，在更新後的財測指引中，我們確實下調了資本支出展望。我們調整了一些投資優先順序，因此把展望從 3,000 萬到 4,000 萬美元，下調到 2,500 萬到 3,000 萬美元。所以我們正在嚴格檢視每一項資本支出。

As we look to the balance of the year and maybe into next year, we'll continuously assess the best uses of cash, which could be for the turnarounds, it could be for buybacks, it could be for debt paydowns, it could be for other strategic priorities. So we'll continuously assess where the best returns are for the business.

當我們看今年剩餘期間、以及可能延伸到明年時，我們會持續評估現金的最佳用途：可能用於扭轉計畫、可能用於回購、可能用於償還債務，也可能用於其他策略性優先事項。因此我們會持續評估，哪裡能為公司帶來最佳回報。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Just a clarification there, Chris. The guidance for share count of $90 million would imply. That there's a lot of share repurchase going on in fourth quarter. So as you went through your capital priorities, I didn't hear you bring that up. Am I doing the math right? Is there a big slug coming in fourth quarter?

Chris，我這邊只是想釐清一下。你們對股數的指引是 9,000 萬股，這似乎意味著第四季會有大量的股票回購在進行。所以你在談資本優先順序時，我沒有聽到你提到這一點。我算得對嗎？第四季會有一大筆回購進來嗎？

No, Rob, actually, we're essentially telling you what the diluted share account is as of today. So that's our guidance for Q4 as it typically is, right? We typically have -- we typically just guide for whatever our share count is on the day of the earnings call.

不，Rob，其實我們基本上是在告訴你，截至今天的稀釋後股數是多少。所以那就是我們對第四季的指引，一般來說都是這樣，對吧？我們通常——我們通常就是以財報電話會議當天的股數來提供指引。

So I understand now. And maybe just a broader marketing question. Joe, I remember you talking a lot about how not all proteins are created equal, and that net protein or net carbs is like a really important metric that consumers should be more educated on. Is there any effort from a marketing standpoint that you're working on to try to educate the consumer either through retailer advocates or others to help you versus competition?

所以我現在明白了。另外也許是一個更廣泛的行銷問題。Joe，我記得你談過很多次，不是所有蛋白質都一樣，而且淨蛋白或淨碳水是消費者應該更了解的一個非常重要的指標。從行銷角度來看，你們是否正在做任何努力，試圖透過零售商倡議者或其他人來教育消費者，以協助你們相較於競爭對手更具優勢？

It was actually [Dr. John] that I think when you came into town that did the nutritional 101. So yeah, look, the strength of Quest has always been like a craveable taste with the best in the industry nutritionals, right? And when you're looking to restore, accelerate growth, you always go back to the core DNA of a brand. I firmly believe that.

其實我想是[John 醫師]，當你進城時做了營養學101的分享。所以是的，你看，Quest 的強項一直是令人想吃的口感，加上業界最佳的營養成分表現，對吧？而當你要恢復、加速成長時，你總是會回到品牌的核心DNA。我堅信這一點。

And so you can expect going back to the core, which is our bar and chip business, going back to the core DNA, which is nutrition and taste, going back to the core of top of funnel communication. So yes, you can expect us to go back there, and you can expect us through all elements of the funnel. So influencers, social, digital, top of the funnel to be talking about those two things going forward.

因此你可以期待我們回到核心，也就是我們的能量棒與洋芋片業務，回到核心DNA，也就是營養與口感，回到漏斗頂端的溝通核心。所以是的，你可以期待我們回到那裡，也可以期待我們在漏斗的各個環節都會這麼做。因此，影響者、社群、數位、漏斗頂端，未來都會圍繞這兩件事來溝通。

And as we innovate, those are the two vectors you innovate on, right? Cravable taste, best-in-class nutrition, right? And so, we will absolutely do that. And as we get down into the funnel and other parts of our marketing mix, do that in a more competitive way, right? Point out opportunities in some of the competition for where they may not be as a compelling and nutritional profile as maybe consumers would think.

而且當我們創新時，創新也就是沿著這兩個向量來做，對吧？令人想吃的口感、同級最佳的營養，對吧？所以，我們絕對會這麼做。而當我們往漏斗下端以及行銷組合的其他部分推進時，也會以更具競爭力的方式來做，對吧？指出某些競品的機會點：他們的營養成分輪廓可能沒有消費者以為的那麼有吸引力。

So, yes, a little bit of education on that too. So, yes, great question.

所以，是的，這方面也會做一些教育。所以，是的，問得很好。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

So Chris, just a quick follow-up on just to 100% clarify on the share count. So you're saying, round about 90 for the fourth quarter, which I think would imply more like 93 for the year as opposed to I think a lot of people this morning were thinking 90 for the full year. So just want to fully confirm that.

Chris，我想就股數再快速追問一下，為了百分之百釐清。所以你的意思是，第四季大約是90（百萬股）左右；我認為這表示全年更像是93（百萬股）左右，而不是今天早上很多人以為的全年90（百萬股）。所以我只是想完全確認一下。

Yeah, our deleted share count is around 90 million shares. Keep in mind, we have a net loss -- on a GAAP basis, a net loss for the year, so that might be feeding into the calculation you're looking at. As I said on the prepared remarks, we did purchase some shares during the quarter we just ended.

是的，我們的稀釋後股數大約是9,000萬股。請記住，我們全年在GAAP基礎下是淨損，所以這可能會影響你所看的那個計算。如同我在事先準備的講稿中提到的，我們在剛結束的這一季確實回購了一些股票。

And then, Joe, we talked about it a lot across the portfolio, but the perspective I wanted to get from you was more around aggregate SKU complexity and productivity per SKU. It sounds like on OWYN, there's some envisions reduction there as you refocus on the core.

另外，Joe，我們在整個產品組合上談了很多，但我想從你這裡了解的是更偏向整體SKU複雜度，以及每個SKU的生產力。聽起來在OWYN上，當你們重新聚焦核心時，會有一些SKU縮減的構想。

As I think about plans on Quest and Atkins, talking more about top of the funnel communication, that kind of stuff, didn't seem like there's as much kind of work to clean up the portfolio in terms of eradicating less productive SKUs, just want to get your perspective on where that stands and whether there is work to do there or not.

當我想到Quest和Atkins的計畫，更多在談漏斗頂端的溝通、那類事情時，看起來在清理產品組合、例如淘汰較低產出的SKU方面，似乎沒有那麼多動作；我想聽聽你對目前狀況的看法，以及那裡是否還有工作要做。

It's an area where I think the team here has done a pretty good job over the last year or 18 months. They've done a nice job of cleaning up the portfolio, replacing less productive SKUs with more productive SKUs. I don't see it as a burning platform for us. I think we've done a pretty good job.

我認為這是團隊在過去一年到一年半做得相當不錯的領域。他們在清理產品組合方面做得很好，用更高產出的SKU取代較低產出的SKU。我不認為這對我們來說是迫在眉睫的問題。我覺得我們做得相當不錯。

And I think it's always worked, right? So I have a simple philosophy, if you're going to launch an item, you're deleting an item, right? So you're always trying to have your most productive assortment in the marketplace and keeping your complexity down. It's never a surprise that when you look at any business that 25% of the SKUs drive most of the value in the company.

而且我認為這一直都有效，對吧？我有個簡單的理念：如果你要推出一個品項，你就要刪掉一個品項，對吧？所以你總是在市場上維持最具生產力的品項組合，同時降低複雜度。在任何企業中，通常都是25%的SKU驅動公司大部分的價值，這一點從來不令人意外。

So you want to be focusing on those items and driving those items. But the team has done a pretty good job in driving efficiency in SKUs, which drives efficiency back into your supply chain. We have a little bit of trimming to do, but it's not excessive at all.

所以你要把重點放在那些品項上，並推動那些品項。但團隊在提升SKU效率方面做得相當不錯，而這也會把效率回饋到供應鏈。我們還有一點需要修剪的地方，但完全不算多。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back now for final comments.

謝謝。各位女士先生，我們的問答環節到此結束。現在我把時間交回去做最後的結語。

Yeah, thanks for your participation today. I did want to close with thanking the employees here at Simply Good Foods. Turnarounds are never easy. The team here has done a marvelous job of rallying around the turnaround, getting focused on priorities and executing better. Really proud of the organization. And I just want to say thank you to all of them, and thank you for your interest in our business.

好的，感謝各位今天的參與。我想在結尾時感謝Simply Good Foods的員工。轉型從來都不容易。這裡的團隊在凝聚共識推動轉型、聚焦優先事項並提升執行力方面做得非常出色。我對這個組織感到非常自豪。我只想對他們所有人說聲謝謝，也謝謝各位對我們業務的關注。

Look forward to talking to you next quarter. Have a good day.

期待下個季度再與各位交流。祝各位有美好的一天。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。