SpartanNash Co (SPTN) 2024 Q4 法說會逐字稿

Welcome to the SpartanNash fourth quarter and fiscal 2024 earnings conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session. I would now like to turn the conference over to Kayleigh Campbell, SpartanNash, Head of Investor Relations. Please go ahead.

歡迎參加 SpartanNash 第四季和 2024 財年財報電話會議。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節。現在，我想將會議交給 SpartanNash 投資者關係主管 Kayleigh Campbell。請繼續。

Thank you, and good morning. On the call today from the company, our President and Chief Executive Officer, Tony Sarsam, and Executive Vice President and Chief Financial Officer, Jason Monaco.

謝謝，早安。今天公司電話會議的嘉賓有我們的總裁兼執行長 Tony Sarsam 和執行副總裁兼財務長 Jason Monaco。

By now everyone should have access to the earnings release which was issued this morning at approximately 7:00 AM Eastern time. For a copy of the earnings release as well as the company's supplemental earnings presentation, please visit SpartanNash's website.

現在每個人都應該可以看到今天早上（東部時間）大約 7:00 發布的收益報告。如需查看收益報告以及公司補充收益報告的副本，請造訪 SpartanNash 的網站。

This call is being recorded and a replay will be available on the company's website.

本次通話正在錄音，重播將在公司網站上提供。

Before we begin, the company would like to remind you that today's discussion will include a number of forward-looking statements. These statements are subject to certain risks and asserts that could cause actual results to differ materially from those expressed in the forward-looking statements.

在我們開始之前，公司想提醒您，今天的討論將包括一些前瞻性的陳述。這些聲明受某些風險和斷言的影響，可能導致實際結果與前瞻性聲明中表達的結果有重大差異。

If you will refer to SpartanNash's earnings release from this morning, as well as the company's most recent SEC filings, you will see a discussion of factors that could cause the company's actual results to differ materially from these forward-looking statements.

如果您參考 SpartanNash 今早發布的收益報告以及該公司最近向美國證券交易委員會提交的文件，您將看到有關可能導致公司實際結果與這些前瞻性陳述存在重大差異的因素的討論。

Please remember that all forward-looking statements made today reflect our current expectations only, and SpartanNash undertakes no obligation to update or revise these forward-looking statements.

請記住，今天所做的所有前瞻性陳述僅反映我們目前的預期，SpartanNash 不承擔更新或修改這些前瞻性陳述的義務。

The company will also make a number of references to non-GAAP financial measures. The company believes these measures provide investors with useful perspective on the underlying growth trends of the business, and it has included in the earnings release a full reconciliation of certain non-GAAP financial measures to the most comparable GAAP measures, which can be found on SpartanNash's website.

該公司也將多次引用非公認會計準則財務指標。該公司認為，這些指標為投資者提供了有關業務潛在成長趨勢的有用視角，並在收益報告中將某些非 GAAP 財務指標與最具可比性的 GAAP 指標進行了全面對賬，可在 SpartanNash 的網站上找到。

And now it is my pleasure to turn the call over to Tony.

現在我很高興將電話轉給托尼。

Thank you, Kayleigh, and good morning everyone. Glad to be here.

謝謝你，凱莉，大家早安。很高興來到這裡。

As we normally do, I would like to start today's call with a focus on our people. SpartanNash is harnessing the power of both our people first culture and our performance culture to win in grocery.

像往常一樣，今天的電話會議我將首先重點討論我們的員工。SpartanNash 正在利用我們的以人為本文化和績效文化的力量在食品雜貨行業中取得勝利。

During a recent company-wide town hall, we provided our associates with details of our 2025 master action plan.

在最近的全公司全體會議期間，我們向員工提供了 2025 年總體行動計畫的詳細資訊。

We are working cross functionally with a discipline focused on finishing every mission within our strategic plan. Finishing every mission requires the imagination to explore new possibilities, the desire to say yes, the discipline to get things done with haste and the sheer will to overcome obstacles and drive results.

我們正在跨職能開展工作，並專注於完成戰略計劃中的每項任務。完成每項任務都需要探索新可能性的想像力、說「是」的願望、迅速完成任務的紀律以及克服障礙並取得成果的堅強意志。

One proof point that reflects our progress with our people first culture has to do with safety. Since 2020, we have improved our safety KPIs by a remarkable 83%, and in 2024 we also improved our 90day new high retention rate by nearly 5% exceeding our goal for the year.

反映我們以人為本文化進步的證據點之一與安全有關。自 2020 年以來，我們的安全 KPI 提高了 83%，2024 年我們的 90 天新高留存率也提高了近 5%，超出了我們全年的目標。

Before jumping into our financials, I want to provide some color on the overall grocery industry.

在介紹財務狀況之前，我想先介紹一下整個雜貨行業的情況。

Inflation has largely returned to pre-pandemic conditions at around low single digits, and promotional rates are about what they were in 2019. Overall, we expect the grocery industry to grow at around 1.5% in our geographies in 2025.

通貨膨脹率已基本恢復到疫情前的水平，約為個位數低位，促銷率與 2019 年的水平大致相同。總體而言，我們預計 2025 年我們所在地區的雜貨業將成長 1.5% 左右。

SpartanNash sits at the center of this essential industry, providing food solutions through innovation.

SpartanNash 位於這個重要產業的中心，透過創新提供食品解決方案。

One key element of our master action plan is capturing market share. Our team is leveraging the unique insights of having two complementary, highly synergistic segments, wholesale and retail. This is the core difference between us and others in the space.

我們的整體行動計劃的關鍵要素是佔領市場份額。我們的團隊正在利用批發和零售兩個互補、高度協同的領域的獨特見解。這是我們與該領域其他人的核心差異。

We've done a ton of work but still have many opportunities ahead, and I want to thank all of our associates for being part of this incredible journey.

我們已經做了很多工作，但未來仍有許多機會，我要感謝所有同事參與這段不可思議的旅程。

Okay, shifting gears to our results, we finished the year strong, delivering our third consecutive year of record adjusted EBITDA.

好的，讓我們來看看我們的業績，我們以強勁的勢頭結束了這一年，連續第三年創下了調整後 EBITDA 的新高。

So, our full year net sales are down a little less than 2% to $9.55 billion. We returned to growth in Q4, with sales increasing to 70 basis points compared to the prior year quarter.

因此，我們的全年淨銷售額下降不到 2% 至 95.5 億美元。我們在第四季度恢復了成長，銷售額與去年同期相比增加了 70 個基點。

The acquisitions we made contributed to our sales momentum at the end of the year. In retail, net sales increased over 100 basis points to more than $2.84 billion. Incremental sales from the acquired stores in 2024 more than offset slightly softer demand we experienced within some of our existing stores. We are very pleased with the early performance of our newly acquired stores.

我們的收購促進了我們年底的銷售動能。在零售方面，淨銷售額成長超過 100 個基點，達到 28.4 億美元以上。2024 年收購門市的增量銷售額足以抵銷我們現有部分門市略微疲軟的需求。我們對新收購商店的早期表現感到非常滿意。

From a retail comparable sales standpoint, we've seen a positive progression in comp sales throughout 2024, ending the year with a decrease of 0.7% [comp] sales in Q4.

從零售可比較銷售額的角度來看，我們看到 2024 年全年的可比銷售額呈現正面成長，年底第四季的可比銷售額下降了 0.7%。

Notably, our largest market, Michigan had positive [comps] in the last two quarters.

值得注意的是，我們最大的市場密西根州在過去兩個季度都取得了積極的進展。

[Train to] wholesale. Net sales for our wholesale business, which includes independent grocery customers, national accounts, and military channels were over $6.7 billion.

[直通車]批發。我們的批發業務（包括獨立雜貨客戶、國內客戶和軍事管道）的淨銷售額超過 67 億美元。

Speaking of the military business, we continue to be very pleased with this channel's performance. Military sales have grown for 12 consecutive quarters. This is a unique sales channel that our team was able to turn around, and it is now consistently generating accretive results.

說到軍事業務，我們對該管道的表現繼續感到非常滿意。軍售已連續12季成長。這是一個獨特的銷售管道，我們的團隊能夠扭轉這一局面，現在它正在持續產生增值成果。

Along with having a great sense of pride in serving our armed forces and veterans, we also see this channel as an avenue for additional organic growth.

我們除了對服務我們的軍隊和退伍軍人感到非常自豪之外，還將這一渠道視為實現額外有機增長的途徑。

Okay, pivoting to the bottom line, we accomplished our third consecutive year of record adjusted EBITDA coming in at $258 million. Notably, we exceeded our expectations in Q4 with adjusted EBITDA increasing more than 9% compared to the prior year quarter.

好的，回到底線，我們連續第三年創下調整後 EBITDA 紀錄，達到 2.58 億美元。值得注意的是，我們第四季的調整後 EBITDA 較去年同期成長了 9% 以上，超出了我們的預期。

We generated higher profitability in 2024 due to the improvements we made in wholesale margins, new efficiencies in our DC network, and the contributions from our recently acquired retail stores.

由於批發利潤率的提高、DC 網路效率的提高以及最近收購的零售店的貢獻，我們在 2024 年實現了更高的獲利能力。

And to give you a little more context of our results, relative to 2019, we have; one, increased net sales by over a billion dollars; two, improves it as an EBITDA by $80 million; and three, expanded adjusted EBITDA margin by more than 60 basis points.

為了讓您更詳細地了解我們的業績，相對於 2019 年，我們有：一、淨銷售額增加10多億美元；二、將其 EBITDA 提高 8,000 萬美元；三是調整後EBITDA利潤率擴大60個基點以上。

Before I turn the caller to Jason, I want to provide an update on both our retail strategy and M&A.

在將電話轉給傑森之前，我想先介紹一下我們的零售策略和併購方面的最新情況。

As you saw in this morning's press release, we took a goodwill impairment charge in the quarter. Jason will discuss the details, but I want to focus on the opportunities within the retail segment.

正如您在今天早上的新聞稿中看到的，我們在本季度計入了商譽減損費用。傑森將討論細節，但我想專注於零售領域內的機會。

We're implementing a platform to capture growth in our retail business through organic and organic initiatives.

我們正在實施一個平台，透過有機和有機措施來推動零售業務的成長。

These growth factors will focus on; one, expanding our remodel of capital deployment into select conventional and upmarket store; two, leaning into the attractive convenience store sector; and three, leveraging our capabilities in the expanding food markets by growing our ethnic store footprint in 2025.

這些成長因素將集中於；一、拓展資本配置轉型，精選傳統及高級門市；二、向有吸引力的便利商店領域傾斜；第三，到 2025 年，擴大我們的國家特色商店足跡，充分利用我們在不斷擴大的食品市場中的能力。

As you may recall, last year we launched our customer value proposition. We are now taking some of the learnings from our CDP pilot and implementing program components into other retail stores.

您可能還記得，去年我們推出了顧客價值主張。我們現在正在吸收 CDP 試點的一些經驗，並將該計劃的組成部分應用到其他零售店。

Also, as you may recall, I introduced our new Chief Retail Officer, Djouma Barry on the last earnings call. Djouma brings a wealth of leadership, experience and knowledge in retail operations and strategy. We look forward to providing more details about our retail segment's transformation in the coming months as Djouma begins to implement his plan.

另外，您可能還記得，我在上次財報電話會議上介紹了我們的新任首席零售長 Djouma Barry。Djouma 在零售營運和策略方面擁有豐富的領導力、經驗和知識。隨著朱馬開始實施他的計劃，我們期待在未來幾個月提供有關我們零售部門轉型的更多細節。

Now on our recent retail acquisitions, as I mentioned a few moments ago, we were very pleased with the performance of the grocery and convenience stores we acquired in 2024. In fact, these stores outperformed our forecast in Q4. Looking ahead, we will continue to evaluate M&A opportunities, both large and small, based on our M&A framework to continue to improve the retail segment overall.

談到我們最近的零售收購，正如我剛才提到的，我們對 2024 年收購的雜貨店和便利商店的表現非常滿意。事實上，這些商店在第四季度的表現超出了我們的預測。展望未來，我們將繼續根據我們的併購框架評估大大小小的併購機會，以繼續整體改善零售業。

We are taking a balanced and methodical approach to organic and inorganic growth initiatives which are all designed to improve results and maximize shareholder value.

我們對有機和無機成長計劃採取平衡且有條不紊的方法，旨在提高業績並實現股東價值最大化。

With that, I'll now turn the call over to Jason to walk you through the quarterly financials and 2025 Outlook in greater detail.

說完這些，我現在將電話轉給 Jason，讓他更詳細地向您介紹季度財務狀況和 2025 年展望。

Thanks Tony, and welcome to everyone joining us on today's call. I want to highlight some of our key successes from this past year before jumping into the detailed quarterly results. These highlights include one, achieving a record adjusted EBITDA of $258.5 million with net earnings of nearly $300,000; two, returning $45 million to shareholders through share repurchases and dividends; three, generating $206 million in cash from operating activities, which represents a 130% increase compared to fiscal 2023; and four, maintaining strong liquidity, giving us flexibility to support our long term strategic plan that includes both organic and inorganic investments.

謝謝托尼，歡迎大家參加今天的電話會議。在介紹詳細的季度業績之前，我想先強調一下我們過去一年取得的一些主要成功。這些亮點包括：一是實現創紀錄的調整後 EBITDA 2.585 億美元，淨利潤近 30 萬美元；二、透過股票回購和股利向股東返還4,500萬美元；三、經營活動產生現金2.06億美元，較2023財年成長130%；第四，保持強勁的流動性，使我們能夠靈活地支持包括有機和無機投資在內的長期策略計畫。

This past year we also made significant progress on our margin enhancing initiatives. These programs, the supply chain transformation, merchandizing transformation, marketing innovation work, and go to market plan drove approximately $50 million in benefits in 2024.

過去的一年，我們在提高利潤率的措施上也取得了重大進展。這些項目、供應鏈轉型、商品化轉型、行銷創新工作以及進入市場計畫將在 2024 年帶來約 5,000 萬美元的收益。

Notably, since launching our strategic plan in 2021, we have generated almost $130 million in total benefits, achieving our plan target of $125million to $150 million a year ahead of schedule.

值得注意的是，自 2021 年啟動策略計畫以來，我們已創造了近 1.3 億美元的總收益，提前一年實現了 1.25 億至 1.5 億美元的計畫目標。

We still have plenty of runway ahead with our margin enhancing initiatives. In fact, we recently implemented a new cost leadership plan.

我們在提高利潤率的措施上還有很大的發展空間。事實上，我們最近實施了一項新的成本領先計畫。

Following a successful pilot, we are already in flight implementing an inventory selecting system using robots in our largest distribution center. This innovative automated solution is streamlining certain processes and removing manual labor hours.

在成功試點之後，我們已經開始在我們最大的配送中心使用機器人實施庫存選擇系統。這種創新的自動化解決方案正在簡化某些流程並減少人工勞動時間。

Now turning to our fourth quarter results, we finished the year strong by pivoting back to growth. Consolidated net sales in the quarter increased by 73 basis points to $2.26 billion versus fourth quarter 2023 sales of $2.25 billion.

現在回顧我們第四季的業績，我們透過重回成長，強勢結束了這一年。本季綜合淨銷售額較 2023 年第四季的 22.5 億美元成長 73 個基點，達到 22.6 億美元。

While we experienced lower volumes in our wholesale segment, we more than offset those trends with incremental sales in our retail segment.

雖然我們的批發部門的銷售量有所下降，但我們零售部門的銷售額有所增加，抵消了這一趨勢的負面影響。

Gross profit for the quarter increased to $365 million or 16.1% of net sales compared to $339 million or 15.1% of net sales in the prior year's fourth quarter.

本季毛利增至 3.65 億美元，佔淨銷售額的 16.1%，去年同期為 3.39 億美元，佔淨銷售額的 15.1%。

The 102 basis point margin increase was driven by pricing, merchandizing transformation benefits, and reduced shrink expense.

利潤率增加 102 個基點，主要得益於定價、商品轉型效益以及收縮費用的減少。

Our reported operating expenses notably included $45.7 million related to the retail goodwill impairment charge that Tony mentioned earlier.

我們報告的營運費用中特別包括托尼之前提到的 4,570 萬美元的零售商譽減損費用。

I wanted to take a moment to provide more cover on the impairment charges. While the recent acquisitions contributed to our goodwill balance and subsequent impairment, the underperformance that led to the impairment is driven by our legacy retail business.

我想花一點時間來提供更多有關減損費用的介紹。雖然最近的收購導致了我們的商譽餘額和隨後的減值，但導致減損的表現不佳是由於我們傳統的零售業務造成的。

We believe that the acquisitions will help us scale our retail operations and grow profitably. Along with acquiring assets that have improved our retail portfolio, we are continuously evaluating the performance of our existing stores. To further improve the portfolio, we are in the process of closing some underperforming stores.

我們相信這些收購將幫助我們擴大零售業務並實現獲利成長。在收購可以改善我們零售組合的資產的同時，我們也持續評估現有商店的表現。為了進一步改善產品組合，我們正在關閉一些表現不佳的商店。

Okay, turning back to our quarterly results, compared to the prior year quarter, interest expense increased $1.2 million to $10.9 million due primarily to an increase in borrowings related to our recent acquisitions and capital investments.

好的，回顧我們的季度業績，與去年同期相比，利息支出增加了 120 萬美元，達到 1090 萬美元，這主要是由於我們最近的收購和資本投資相關的借款增加。

On a reported basis, our net loss was $35.1 million or [$1 per diluted share]. This is compared to net earnings of $0.30 per diluted share in Q4 of last year.

據報道，我們的淨虧損為 3510 萬美元，即[每股攤薄收益 1 美元]。相比之下，去年第四季每股淨收益為 0.30 美元。

On an adjusted basis, net earnings increased $2.4 million to $14.4 million or $0.42 per diluted share compared to $0.35 in Q4 last year.

經調整後，淨利潤增加 240 萬美元至 1,440 萬美元，即每股攤薄收益 0.42 美元，而去年第四季為 0.35 美元。

And notably, we finished the year strong with adjusted EBITDA and Q4 of $58.6 million increasing 9.2% compared to the prior year quarter. This increase was driven by higher gross margin rates in both segments, including benefits from the merchandizing transformation, contributions from the recently acquired retail stores and lower health insurance costs. The increase was partially offset by lower case volumes within the wholesale segment as well as higher corporate administrative expenses.

值得注意的是，我們以強勁的業績結束了這一年度，調整後的 EBITDA 和第四季度為 5,860 萬美元，較去年同期增長 9.2%。這一成長主要得益於兩個部門的毛利率提高，包括商品轉型的好處、最近收購的零售店的貢獻以及較低的健康保險成本。但批發部門的箱量下降和公司管理費用的增加部分抵消了這一增長。

Now turning to our segments, compared to the prior year quarter, net sales and wholesale decreased 2.1%. This is primarily due to reduced case volumes with national accounts and independent retailers. This performance includes the intercompany elimination of some revenue related to the recent fresh encounter acquisition, which was previously reported in our wholesale segment.

現在回顧我們的各部門，與去年同期相比，淨銷售額和批發額下降了 2.1%。這主要是由於國家帳戶和獨立零售商的銷售量減少。這一業績包括與最近的新鮮遭遇收購相關的部分公司間收入的抵消，這部分收入之前已在我們的批發部門中報告。

These components, the decline in a certain national account's customer and the movement of a former wholesale customer to the retail segment represents approximately 3% of wholesale sales.

這些組成部分、某個國家帳戶客戶的減少以及前批發客戶向零售部門的轉移約佔批發銷售額的 3%。

Wholesale adjusted EBITDA was $43.8 million, an increase of 7.7% compared to last year's $40.7 million.

批發調整後 EBITDA 為 4,380 萬美元，較去年的 4,070 萬美元成長 7.7%。

The improved results were driven by a higher gross profit rate and benefits from the merchandizing transformation initiative.

業績改善主要得益於毛利率提高以及商品銷售轉型措施帶來的好處。

Wholesale reported fourth quarter operating earnings were $18.3 million, a decrease of 15.6% compared to $21.7 million in the prior year's fourth quarter.

批發業務報告第四季營業收入為 1,830 萬美元，較去年同期的 2,170 萬美元下降 15.6%。

Now, moving to the retail segment, as Tony mentioned, we've seen a positive progression in [comp] sales throughout 2024, concluding the year with a decrease of 0.7% for the quarter.

現在，轉向零售領域，正如 Tony 所提到的，我們看到 2024 年全年的 [comp] 銷售額呈積極增長，今年年底本季銷售額下降了 0.7%。

The retail segments sales grew 7.7% to $697 million versus the prior year quarter. And our supermarkets ex fuel centers were up 8.5% compared to the prior year quarter.

零售部門銷售額較去年同期成長 7.7%，達到 6.97 億美元。我們的超市（不含加油站）的銷售額與去年同期相比成長了 8.5%。

As mentioned, the sales contributions from the stores we acquired in 2024 more than offset softer consumer demand in the quarter.

如上所述，我們在 2024 年收購的商店的銷售貢獻足以抵消本季疲軟的消費者需求。

Retail adjusted EBITDA increased to $14.8 million compared to $13 million in the prior year's quarter. The improvement was due to higher sales volumes, improved margin rate, and lower health insurance costs.

零售調整後 EBITDA 增至 1,480 萬美元，而去年同期為 1,300 萬美元。這一改善是由於銷售量增加、利潤率提高以及健康保險成本降低。

Retail reported an operating loss of $46 million compared to earnings of $1.9 million in the fourth quarter of 2023.

零售業務報告稱，2023 年第四季的營業虧損為 4,600 萬美元，而獲利為 190 萬美元。

With that, let's turn to our balance sheet. Our leverage ratio of net long-term debt to adjust the EBITDA increased in the fourth quarter to 2.8 times compared to 2.4 times at the end of the third quarter.

接下來，讓我們來看看資產負債表。我們的淨長期債務調整 EBITDA 槓桿率在第四季度上升至 2.8 倍，而第三季末為 2.4 倍。

The increase was due to the acquisitions we made in the fourth quarter. As I mentioned earlier, we generated nearly $206 million of cash from operating activities during the year. The 130% increase was due largely to working capital improvements and has been integral in funding in organic growth.

成長是由於我們在第四季度進行的收購。正如我之前提到的，我們今年從經營活動中產生了近 2.06 億美元的現金。130% 的成長主要歸功於營運資本的改善，並且對於有機成長的資金投入至關重要。

Our liquidity at the end of the quarter was about $300 million giving us capacity to fund our strategic growth plan with the flexibility to pursue M&A opportunities.

本季末的流動資金約為 3 億美元，使我們能夠為策略性成長計畫提供資金，並能夠靈活地尋求併購機會。

Following a strong finish to the year, we feel confident that our plan will continue driving results as covered in today's press release, we are providing our initial guidance for fiscal 2025, which incorporates several items that include the challenging market conditions in the grocery industry, which have been partially offset by our operating performance to date and the ongoing benefits we expect to realize from our transformational initiatives. As a reminder, our outlook [includes acquisitions] and the impact of an additional week in fiscal 2025. To execute this plan, we continue to invest in our capabilities and initiatives that deliver long term shareholder value.

在強勁結束今年之後，我們相信我們的計劃將繼續推動業績，正如今天的新聞稿中所述，我們正在提供 2025 財年的初步指引，其中包含幾個項目，包括食品雜貨行業的嚴峻市場條件，這些條件已被我們迄今為止的經營業績和我們期望從轉型舉措中實現的持續收益部分抵消。提醒一下，我們的展望[包括收購]以及 2025 財年額外一週的影響。為了實施這項計劃，我們將繼續投資於能夠為股東帶來長期價值的能力和措施。

As I previously mentioned, we recently launched a new cost leadership plan that will build on the success of our margin enhancing programs. Our focus on cost leadership enables us to invest in growth and expand margins. This year's investments have already begun, and we expect them to continue throughout the year. We did more in the first half. We expect Q1's bottom line to be about equal compared to last year's Q1 as we invest in this new round of margin enhancing programs to maximize run rate value exiting 2025.

正如我之前提到的，我們最近推出了一項新的成本領先計劃，該計劃將以我們的利潤提高計劃的成功為基礎。我們注重成本領先，這使我們能夠投資於成長並擴大利潤率。今年的投資已經開始，我們預計投資將持續全年。我們在上半場做得更多。我們預計第一季的利潤將與去年第一季大致持平，因為我們正在投資新一輪的利潤率提高計劃，以最大限度地提高 2025 年後運行率的價值。

Turning to the guidance ranges, consistent with the 2025 preview we provided in our third quarter earnings released back in November, we expect net sales to be $9.8billion to $10 billion with a midpoint of 3.7% growth and adjusted EBITDA is expected to be $263million to $278 million with a midpoint of 4.6% growth.

談到指導範圍，與我們在 11 月發布的第三季度收益中提供的 2025 年預測一致，我們預計淨銷售額為 98 億美元至 100 億美元，中間值為增長 3.7%，調整後的 EBITDA 預計為 2.63 億美元至 2.78 億美元，中間值為 4.6%。

For your models, non-cash expenses, primarily [DNA] are expected to have about a [$0.30 drag] on EPS.

對於您的模型，非現金支出（主要是 [DNA]）預計會對 EPS 造成約 [$0.30 的拖累]。

We expect adjusted EPS to be [$1.60 to $1.85] per diluted share.

我們預計調整後每股收益為 [1.60 美元至 1.85 美元]。

The [DNA] impact is driven by acquired assets and our deferred capital investments we've made as part of our growth strategy.

[DNA] 影響是由我們作為成長策略的一部分而收購的資產和進行的遞延資本投資所驅動的。

Our CapEx is expected to be in the range of $150million to $165 million inclusive of ongoing capital requirements for recently acquired assets, and we expect food inflation to be about 1% for the fiscal year. Achieving this outlook would deliver an adjusted EBITDA compound annual growth rate of approximately 7% since 2019.

我們的資本支出預計在 1.5 億至 1.65 億美元之間，其中包括最近收購資產的持續資本需求，並且我們預計本財年的食品通膨率將在 1% 左右。實現這一前景將使調整後的 EBITDA 自 2019 年以來實現約 7% 的複合年增長率。

On a reported basis compared to 2019, net earnings decreased by $5.4 million while net margin was essentially flat. However, we've been pleased with our results. To reiterate Tony's comments earlier, relative to 2019, we have increased net sales by over a billion dollars, improved adjusted EBITDA by $80 million and expanded adjusted EBITDA margin by more than 60 basis points. And with that, I'd like to turn the call back over to Tony.

據報道，與 2019 年相比，淨收益減少了 540 萬美元，而淨利潤率基本上持平。然而，我們對於結果感到滿意。重申 Tony 先前的評論，與 2019 年相比，我們的淨銷售額增加了 10 多億美元，調整後的 EBITDA 提高了 8000 萬美元，調整後的 EBITDA 利潤率提高了 60 個基點以上。說完這些，我想把電話轉回給東尼。

Thank you, Jason.

謝謝你，傑森。

This past year delivered meaningful progress in tangible results in our transformational journey. We hit an inflection point and return to growth at year end. We also completed three acquisitions created new efficiencies in our distribution network, tested and launched innovative new retail programs, improved margins, and captured additional cost savings. Generated strong cash flow and accomplished a third consecutive year of record adjusted EBITDA.

過去的一年，我們在轉型之路上取得了有意義的、實際的進展。我們在年底達到了轉折點並恢復成長。我們還完成了三項收購，提高了我們的分銷網絡的效率，測試並推出了創新的新零售計劃，提高了利潤率，並獲得了額外的成本節約。產生了強勁的現金流，連續第三年創下調整後 EBITDA 紀錄。

The momentum we have going into 2025 gives us confidence that our strategic plan is working. A winning recipe will serve as our guide to drive results, capture market share, win new business, grow a bottom line, and maximize shareholder value.

我們邁向 2025 年的勢頭讓我們相信我們的戰略計劃正在發揮作用。成功的秘訣將引導我們推動績效、佔領市場份額、贏得新業務、增加利潤並最大化股東價值。

All right, before we open the call for Q&A, I'd like to take a moment to thank our associates who are going above and beyond to finish every mission. I would also like to thank our leaders for their steadfast commitment to creating careers for a better life for our growing family of associates.

好的，在我們開始問答環節之前，我想花點時間感謝我們的同事，他們竭盡全力完成每一項任務。我還要感謝我們的領導階層堅定不移地致力於為不斷成長的員工大家庭創造更美好的生活。

Thank you all. With that, I'd like to turn the call back over to the operator and open it up for your questions.

謝謝大家。說完這些，我想把電話轉回給接線生，並回答你們的問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Your first question comes from the line of Ben Wood with BMO Capital Markets. Please go ahead.

您的第一個問題來自 BMO 資本市場部門的 Ben Wood。請繼續。

Hey, good morning guys.

嘿，大家早安。

Thank you for taking our questions.

感謝您回答我們的問題。

So, can we start with kind of the cadence within the quarter and quarter to date from a sales volumes and inflation perspective, anything incremental happening with the customer behavior? I know you guys have some puts and takes with acquisitions and some national account pressure but trying to [parse] out if the underlying customer demand softened or was it stable, just any details you can provide around that.

那麼，我們能否從銷售量和通貨膨脹的角度，了解本季以及本季迄今的節奏，看看客戶行為是否有任何增量變化？我知道你們在收購和國家帳戶壓力方面有一些利弊，但試圖[分析]潛在的客戶需求是否減弱或保持穩定，您是否可以提供相關細節。

Yeah, just.

是啊，只是。

[Ben, and I'll ask Jason to add some color graphs] so from a customer standpoint in our stores, we saw broadly our foot traffic was roughly flat and over and better than most conventional groceries. So, we see that there's the story the last 18 months more of a migration to the really deep discounter. So, we've seen sequential progress on traffic, sequential progress on our comps. So, we feel good about the overall direction of where we're going. So, the customer, we feel great about the shopper in our stores, and we feel good about the progress also with our primary independent grocery customers. So, we're seeing a movement there and the movement in the right direction.

[本，我會讓傑森添加一些彩色圖表] 從我們商店的顧客角度來看，我們大體上看到我們的客流量大致平穩，而且比大多數傳統雜貨店都要好。所以，我們看到，過去 18 個月的故事更多是遷移到深度折扣店。因此，我們看到了流量的連續進展，以及我們的同類產品的連續進展。因此，我們對於整體的發展方向感到很滿意。所以，作為顧客，我們對我們商店的購物者感到非常滿意，並且我們也對我們主要獨立雜貨客戶的進展感到滿意。所以，我們看到了那裡的運動，並且是朝著正確的方向發展的。

Yes, Ben, this is Jason. So maybe within the [corridor] to build on Tony's comments was pretty stable within our retail business. Tony called out a few minutes ago that we had really nice strength in our Michigan business, which represents more than half of our stores where we saw positive comps and we were really pleased with that outcome. Underlying that that performance was, as Tony said, not only solid traffic but continued progress on our private label owned brands penetration which finished the quarter [north] of 27%. So, overall solid quarter, solid cadence, and maybe I'd even add to that the completion of or the closure of our two acquisitions in the quarter delivered solidly in the in the last kind of handful of weeks after we closed them, so we're really pleased with the outcome.

是的，本，這是傑森。因此，也許在托尼的評論的基礎上，我們的零售業務已經相當穩定。幾分鐘前，托尼說，我們在密西根州的業務表現確實不錯，這占我們一半以上的門市的比重呈正面趨勢，我們對這一結果感到非常滿意。正如托尼所說，這一業績的背後不僅是穩定的客流量，還有我們自有品牌滲透率的持續進步，本季的滲透率達到了 27%。因此，總體而言，這是一個穩健的季度，我甚至可能還要補充一點，我們本季度完成的兩筆收購在完成後的最後幾週內取得了穩健的成果，所以我們對結果非常滿意。

Okay, great. That's helpful and then just wanted to dig in a little bit on the 2025 guidance and if we strip out the extra week and the contributions from acquisitions by my math, it kind of looks like you're implying negative low single digit sales growth and maybe flattish EBITDA at the midpoint. Is that the right way to think about it on an organic basis and how does that compare to kind of your industry expectations which seem to imply maybe slightly positive volumes.

好的，太好了。這很有幫助，然後我只想深入研究一下 2025 年的指引，如果我們根據我的數學去掉額外的一周和收購帶來的貢獻，看起來你暗示的是負的低個位數銷售額增長，中間點的 EBITDA 可能持平。這是從有機基礎上思考的正確方法嗎？

Yes, Ben, maybe a little color on the year and the guidance. The fifty third week is worth a little less than $200 million. We finished 2024 revenues at $9.55 billion and so, if you were to kind of mentally back out the impact of that sub $200 million impact on the top line from the guidance, you'd still see a pretty solid step up in revenues even at the midpoint. As a reminder that the transactions that we closed late in the year impacted our revenues are expected to impact the revenues by a couple $100 million annually as we pick up incremental retail revenue but we lose the kind of intercompany wholesale piece of that. We expect that our all in organic growth is flattish in an environment where we have relatively modest inflation. So, our inflation assumption at this point is about 1% for the year. And we we're pursuing market share growth in our markets.

是的，本，也許對年份和指導有點影響。第五十三週的票房收入略低於 2 億美元。我們預計 2024 年的收入將達到 95.5 億美元，因此，如果您在心理上排除指引中 2 億美元以下對收入的影響，您仍然會看到收入大幅增長，即使在中間點也是如此。提醒一下，我們在年底完成的交易影響了我們的收入，預計每年將對收入產生幾億美元的負面影響，因為我們獲得了增量零售收入，但卻失去了公司間批發業務的收入。我們預計，在通膨相對溫和的環境下，我們的整體有機成長將持平。因此，我們目前的通膨假設是今年的通膨率約為 1%。我們正在追求我們所在市場的市場份額的成長。

Okay, thank you very much.

好的，非常感謝。

Thank you and once again if you would like to ask a question. (Operator Instructions)

謝謝您，如果您想提問的話，我們再次感謝您的提問。（操作員指令）

And your next question comes from the line of Scott Mushkin with R5. Please go ahead.

您的下一個問題來自 R5 的 Scott Mushkin。請繼續。

Oh great, so thanks for taking the question.

哦，太好了，感謝您回答這個問題。

Tony, I wanted to dive into something you mentioned in your prepared remarks, which is the ethnic store footprint and the growth opportunity there. Maybe it's not so much in 2025, maybe it's more 2026, 2027, but I was wondering if you could give us a little bit more details on your expectations there and what it would mean to revenue growth.

東尼，我想深入探討你在準備好的發言中提到的內容，即民族商店的足跡和那裡的成長機會。也許不是在 2025 年，也許更多的是在 2026 年、2027 年，但我想知道您是否可以提供更多有關您對此的期望以及這對收入增長意味著什麼的詳細信息。

Sure, great question. So, we have, [we've run] 3 ethnic stores in Nebraska for years, and they're great performing stores for us, have been for a long time. They grow faster, we've got terrific margins at those stores as well, and we're looking at where a couple of different angles where else in the Midwest are there places where we could have a great presence in that way. And so, we're looking at opportunities amongst other cities within our current footprint where we can look at either acquisitions or brownfield or even greenfield startups of Hispanic stores. And you're right, the impact of this year we will have an increased footprint in the number of stores we have, but looking at this as a long term development as well. We have expertise in serving those stores and it's a growing community that also we believe. A lot of long runway ahead of it in terms of the types of both growth and profitability in that segment. So, we're excited about that we've got a kind of [subteam] that's looking into that, and we've got [some sites] and, looking to essentially double our footprint of this year and then they grow more significantly in the out years.

當然，這個問題問得好。因此，我們在內布拉斯加州經營了 3 家民族商店多年，這些商店對於我們來說都是業績出色的商店，長期以來都是如此。它們的成長速度更快，我們在這些商店也獲得了巨大的利潤，我們正在從幾個不同的角度尋找中西部其他能讓我們以這種方式佔據重要地位的地方。因此，我們正在尋找當前業務範圍內其他城市的機會，我們可以考慮收購或新建西班牙裔商店，甚至是新建西班牙裔商店。您說得對，今年我們的門市數量將會增加，但這也被視為長期發展趨勢。我們擁有為這些商店提供服務的專業知識，我們相信這是一個不斷發展的社區。從該領域的成長和獲利類型來看，它還有很長的路要走。因此，我們很高興我們有一個[子團隊]正在研究這個問題，我們有[一些站點]，並希望將今年的足跡擴大一倍，然後在未來幾年實現更顯著的增長。

Perfect, and then Jason, I just wanted to again go back to something I think you said with the guidance that tuck-in acquisitions are included in EBITDA guidance. Is that material or is that more kind of rounding?

非常好，然後 Jason，我只是想再次回到我認為你所說的指導上，即將收購納入 EBITDA 指導中。那是物質嗎，還是更圓潤的形式？

Hey. So, the way I think about it is we've completed some tuck-in acquisitions already in 2024, and the full year impacts of those are reflected in the 2025 guidance, but the remainder I think about as being not particularly material based on what's in the kind of in the near term frame at this point.

嘿。因此，我的想法是，我們已經在 2024 年完成了一些補充收購，這些收購對全年的影響反映在 2025 年的指引中，但我認為其餘部分並不是特別重要，這取決於目前短期內的情況。

But you should think about and the way we think about this is we're going to continue to pursue our M&A strategy and as opportunities present themselves to create value, we'll execute on those. So, long term broadly speaking, [you] kind of smallish tuck-in acquisitions are included. The way to think about the current guide is largely [e that] we've got in the kind of in the bag and completed already.

但你應該想想，我們的想法是，我們將繼續推行我們的併購策略，當創造價值的機會出現時，我們就會執行這些機會。因此，從長遠來看，廣義上講，包括一些小型收購。對於目前指南的思考方式很大程度上是，我們已經將其納入囊中並已完成。

And overall, maybe Scott to build on the comments, Tony made earlier, when I think about our business, we're really energized by where our retail business is going. If you think about the trends in the business in the first half of 2024, we had a negative comp of about 1.7%. In the second half of the year, we had a negative comp of 0.7% as we've seen really nice progression in the growth of our business. And as we look forward to 2025, we're expecting that comp outlook to change and to turn positive. And we see that that opportunity both in execution of within our retail operations as well as growth within certain segments or platforms that Tony mentioned of the call both our C-store and our Hispanic operations. So, we're thinking about how do we reshape the portfolio, how can we invest in the things that are going to drive the most value and the most growth over time and see elements of that in our traditional retail business. You're going to see elements of that of that in our ethnic business which has outsized performance with respect to the demographics and the growth opportunities, and you're going to see it in the sea store operations where we see, and we have really attractive market dynamics to participate in.

總的來說，也許斯科特可以基於托尼之前的評論，當我想到我們的業務時，我們真的為零售業務的發展方向而充滿活力。如果您考慮 2024 年上半年的業務趨勢，我們的年減約為 1.7%。由於我們的業務成長取得了非常好的進展，今年下半年我們的營收下降了 0.7%。展望 2025 年，我們預期公司前景將會改變並轉為正面。我們看到，無論是在我們的零售業務執行中，還是在某些細分市場或平台的成長中，都存在著機會，正如 Tony 所提到的，包括我們的便利商店和西班牙裔業務。因此，我們正在思考如何重塑投資組合，如何投資那些隨著時間的推移而帶來最大價值和最大成長的項目，並在傳統零售業務中看到其中的元素。您會在我們的民族業務中看到這些元素，這些業務在人口統計和增長機會方面都有著出色的表現，您還會在我們看到的海上商店運營中看到這些元素，我們擁有真正具有吸引力的市場動態值得參與。

All three of those are going to be growth vectors for us in 2025 and beyond. As we build on the momentum of 2024 and continue to create what we think is going to be a great business outcome, as a reminder, the midpoint of our guidance for this year at the bottom line would deliver [77% ish] compound annual growth rate since 2019 that outperforms many in the grocery space and we're excited by the capabilities, the performance, and the opportunities we have in front of us to create shareholder value.

這三個都將成為我們在 2025 年及以後的成長動力。隨著我們借助 2024 年的勢頭繼續創造我們認為將會偉大的商業成果，提醒一下，我們今年盈利預測的中點將實現自 2019 年以來 [77% 左右] 的複合年增長率，這一增長率超過雜貨領域的許多公司，我們對我們的能力、業績和擺在面前的創造股東價值的機會感到興奮。

That's excellent, Jason. I really appreciate all the detail.

太棒了，傑森。我真的很感謝所有的細節。

All right, thank you. (Operator Instructions)

好的，謝謝。（操作員指令）

And your next question comes from the line of Aaron Switalski with Northcoast Research. Please go ahead.

您的下一個問題來自 Northcoast Research 的 Aaron Switalski。請繼續。

Hey guys, good morning. Thanks so much for taking the question. So just a little bit more interest in the [M&A] market, particularly as you have expressed interest in sea stores in the past, particularly with regards to the pressured economic environment, and pertaining to smaller independent C-store operators, there was kind of talk that Some of these were more willing to engage in M&A discussions and kind of get out of things while they could with kind of a potential shift in sentiment about where the economy is going to go in macro conditions. Do you see any reservation on operators wanting to sell because they think there might be some improvement? I guess just some color on what the M&A market looks like for you guys, what the sentiment you're picking up is. Thanks so much.

大家早安。非常感謝您回答這個問題。因此，對 [M&A] 市場有更多一點的興趣，特別是您過去曾表達過對海上商店的興趣，特別是在壓力很大的經濟環境下，以及涉及較小的獨立便利店經營者時，有傳言說，其中一些人更願意參與併購討論，並在可能的情況下退出，因為在宏觀條件下，人們對經濟轉變的情緒可能會發生某種情緒。您是否看到營運商對出售持保留態度，因為他們認為可能會有所改善？我想只是想告訴大家，對你們來說，併購市場是什麼樣的，你們感受到的情緒是什麼樣的。非常感謝。

Great. Thank you. We are very active in terms of engaging in conversations and looking for those right opportunities for us. There is and I'm going to tell you there's a full mix. There are folks who are who are looking for the ideas around exit strategies as folks are saying that they see great things ahead and they want to continue to run their business. So, it runs the full [gamut]. What we're seeing is that good operators in this space have a great business. They continue to grow, the base idea around convenience and being able to offer the one stop for fuel and picking up snacks or whatever, that's a trend that's going to that we think is going to continue to look at how the shopper changed over the Over the period of time, kind of a pandemic, post-pandemic, there's a lot of shifts, but the shifts around sea stores have been pretty stable, and again, the good operators are growing and we see that as a great place for us to play as well. So, kind of runs the [gamut], we're always engaged with folks, we talked about the acquisition [we did of the] Markham Group this past year, and I would expect you'd see us doing more of those types of things in 2025.

偉大的。謝謝。我們非常積極地參與對話並尋找適合​​我們的機會。有，而且我會告訴你，這是一個完整的組合。有些人正在尋找退出策略的想法，因為人們說他們看到了偉大的未來並且他們希望繼續經營他們的業務。因此，它運行完整的[色域]。我們看到的是，該領域的優秀營運商擁有出色的業務。它們繼續發展，基本理念圍繞著便利，能夠提供一站式加油、購買零食等服務，這是一個趨勢，我們認為，我們將繼續關注購物者在一段時間內的變化，在某種意義上，在大流行期間和大流行後，有很多變化，但海上商店的變化一直相當穩定，而且，優秀的運營商也在成長，我們也認為這也是我們發揮作用的好地方。所以，我們總是在與大家接觸，我們談到了去年對 Markham Group 的收購，我希望你會看到我們在 2025 年做更多這樣的事情。

Great, thank you so much.

太好了，非常感謝。

Thank you, and there are no further questions at this time. I will now turn the call back to Tony Sarsam for closing remarks.

謝謝。現在我將邀請托尼·薩薩姆作結束語。

All right. Well, thank you to everybody for their participation in today's call. We certainly appreciate your interest in the SpartanNash. And so, from our family to yours, we'd like to wish you all a very pleasant, good day.

好的。好吧，感謝大家參加今天的電話會議。我們非常感謝您對 SpartanNash 的關注。因此，我們全家祝福你們大家有個愉快、美好的一天。

Thank you and this concludes today's conference call.

謝謝大家，今天的電話會議到此結束。

Thank you all for attending. Let me now disconnect.

感謝大家的參加。現在讓我斷開連線。