Sunopta Inc (STKL) 2025 Q1 法說會逐字稿

Greetings and welcome to SunOpta's first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. As a reminder, this conference is being recorded.

問候並歡迎參加 SunOpta 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。準備好的發言之後將進行問答環節。提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Reed Anderson with ICR. Thank you. You may begin.

現在我想將會議交給主持人，ICR 的 Reed Anderson。謝謝。你可以開始了。

Good afternoon, and thank you for joining us on SunOpta's first-quarter fiscal 2025 earnings conference call. On the call today are Brian Kocher, Chief Executive Officer, and Greg Gaba, Chief Financial Officer.

下午好，感謝您參加 SunOpta 2025 財年第一季財報電話會議。今天參加電話會議的有執行長 Brian Kocher 和財務長 Greg Gaba。

By now, everyone should have access to the earnings press release that was issued earlier this afternoon, and is available on the Investor Relations page of SunOpta's website at www.sunopta.com. This call is being webcast, and a transcription will also be available on the company's website. The investor presentation referenced during this call and webcast is also posted on the company's investor relations website.

現在，大家應該已經可以訪問今天下午早些時候發布的盈利新聞稿，該新聞稿可在 SunOpta 網站 www.sunopta.com 的投資者關係頁面上查閱。本次電話會議將進行網路直播，會議記錄也將在公司網站上發布。本次電話會議和網路廣播中提到的投資者介紹也發佈在公司的投資者關係網站上。

As a reminder, please note that the prepared remarks, which will follow, contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. We refer you to all risk factors contained in SunOpta's press release issued this afternoon, the company's annual report filed on Form 10-K and other filings with the Securities and Exchange Commission for a more detailed discussion of the factors that could cause actual results to differ materially from those projections and any forward-looking statements. The company undertakes no obligation to publicly correct or update the forward-looking statements made during the presentation to reflect future events or circumstances, except as may be required under applicable securities laws.

提醒一下，請注意，接下來的準備好的評論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。這些聲明並不保證未來的表現，因此，不應過度依賴它們。我們請您參閱 SunOpta 今天下午發布的新聞稿、公司提交的 10-K 表年度報告以及向美國證券交易委員會提交的其他文件中包含的所有風險因素，以便更詳細地討論可能導致實際結果與這些預測和任何前瞻性陳述存在重大差異的因素。除適用證券法另有要求外，本公司不承擔公開更正或更新演示過程中所作的前瞻性陳述以反映未來事件或情況的義務。

Finally, we would like to remind listeners that the company may refer to certain non-GAAP financial measures during this teleconference. A reconciliation of these non-GAAP financial measures was included with the company's press release issued earlier today. Also, please note, in the prepared remarks to follow, unless otherwise stated, the company will be referring to the continuing operations portion of the business and all figures are in US dollars, occasionally rounded to the nearest million.

最後，我們想提醒聽眾，公司可能會在本次電話會議中參考某些非公認會計準則財務指標。該公司今天稍早發布的新聞稿中包含了這些非公認會計準則財務指標的對帳表。另外，請注意，在隨後準備好的評論中，除非另有說明，公司將指的是業務的持續營運部分，所有數字均以美元為單位，有時會四捨五入到最接近的百萬。

Now, I'll turn the call over to Brian to begin. Brian?

現在，我將把電話交給 Brian 開始。布賴恩？

Good afternoon, and thank you for joining us today. As noted on Slide 4, Greg and I will cover the following topics today. Quickly cover our first-quarter 2025 performance, visibility into our revenue growth resiliency and staying power, provide a deeper look at our four-point plan to achieve an improved gross margin, overview our plan for managing the fluid tariff situation, and reiterate our capital allocation priorities and provide you the whys behind them.

下午好，感謝您今天加入我們。正如幻燈片 4 所示，Greg 和我今天將討論以下主題。快速介紹我們 2025 年第一季的業績，了解我們的收入成長彈性和持久力，深入了解我們實現提高毛利率的四點計劃，概述我們管理流動關稅狀況的計劃，重申我們的資本配置優先事項並向您說明背後的原因。

At the end of the call, you will have a clearer understanding of our confidence in achieving our long-term growth, cash flow, and return on invested capital goals. After our scripted comments, we'll take your questions.

通話結束時，您將更清楚地了解我們對實現長期成長、現金流和投資資本回報目標的信心。在我們按照腳本發表評論後，我們將回答您的問題。

As you can see on Slide 6, Q1 performance exceeded our expectations with revenue increasing 9%, driven by volume growth of 12%, reflecting continued broad-based gains across segments, products, and customers. Reported gross margin improved sequentially, and we anticipate this sequential improvement continuing throughout the balance of the fiscal year. Adjusted EBITDA of $22.4 million exceeded our expectations.

正如您在幻燈片 6 中看到的，第一季的業績超出了我們的預期，收入增長了 9%，這得益於銷量增長了 12%，反映了各個部門、產品和客戶的持續廣泛增長。報告的毛利率環比提高，我們預計這種環比改善將持續整個財政年度。調整後的 EBITDA 為 2,240 萬美元，超出了我們的預期。

We are raising the bottom end of our fiscal year 2025 guidance to reflect the outperformance in Q1 and Greg will cover more financial details in his section. The takeaway from Q1 is we are ahead of our plan and marching along the path that we outlined for 2025.

我們正在提高 2025 財年指引的底線，以反映第一季度的優​​異表現，Greg 將在他的部分介紹更多財務細節。從第一季來看，我們已經提前完成了計劃，並正在沿著我們為 2025 年規劃的道路前進。

Looking ahead, I am excited to share additional details on some of the key factors that underpin our conviction in SunOpta's outlook and value creation potential, which are: the continued strength of our categories and customers; the resilience of our solution-centric proposition; and the progress we are making on our asset optimization strategy.

展望未來，我很高興與大家分享更多細節，說明我們對 SunOpta 前景和價值創造潛力的信心所依賴的一些關鍵因素，這些因素包括：我們的產品類別和客戶的持續實力；我們以解決方案為中心的主張的彈性；以及我們在資產優化戰略方面取得的進展。

Starting with our category and customer strength, all of our categories are growing. Based on internal estimates, we anticipate the shelf-stable, plant-based beverage category will grow high-single-digits in 2025, an increase from the mid-single-digit growth in recent quarters. Better-for-you fruit snacks and ready-to-drink protein shakes are growing at a rate exceeding 15%, while broth and tea continue to grow at mid-single-digits.

從我們的類別和客戶實力開始，我們所有的類別都在成長。根據內部估計，我們預計到 2025 年，貨架穩定的植物性飲料類別將實現高個位數成長，高於最近幾季的中位數個位數成長。對您更有益的水果零食和即飲蛋白奶昔的增長率超過 15%，而肉湯和茶則繼續以中等個位數的速度增長。

Furthermore, our customers and channels continue to outperform the market. Each of our top five customers delivered year-over-year growth in Q1 '25. Our foodservice customers grew in the mid-single digits, and our club channel customers grew double digits.

此外，我們的客戶和通路也持續超越市場。我們前五大客戶在 2025 年第一季均實現了同比增長。我們的餐飲服務客戶數量增加了中等個位數，而我們的俱樂部通路客戶數量增加了兩位數。

Complementing our category and customer growth, we have a sustaining value proposition. In light of heightened market uncertainty, I think it's important to highlight how resilient our business is, given our diversification across categories, segments, and channels, a core strength of our model and a key point of differentiation.

除了我們的產品類別和客戶成長之外，我們還有一個持續的價值主張。鑑於市場不確定性加劇，我認為有必要強調我們的業務具有多麼強的韌性，因為我們在類別、細分市場和通路方面的多樣化，這是我們模式的核心優勢和關鍵的差異點。

In terms of categories, in addition to being a leader in plant-based beverages, we are the manufacturing leader in better-for-you fruit-based snacks. Additionally, we have a sizable and growing presence in broth, ready-to-drink protein beverages, and tea.

從品類來看，我們除了是植物性飲料的領導者之外，也是對健康有益的水果類零食的生產領導者。此外，我們在肉湯、即飲蛋白飲料和茶領域的市佔率也相當可觀，而且還在持續成長中。

Within plant-based beverages, our largest category, our portfolio is diversified across oat, almond, coconut, and soy bases, serving both brands and private label customers who go to market through retail, club, e-commerce, and foodservice channels. Our customer and channel diversity positions us to consistently win and grow with the overall category even as consumer preferences for plant-based milk types and purchase channels evolve over time.

在我們最大的類別植物性飲料中，我們的產品組合涵蓋燕麥、杏仁、椰子和大豆基，為透過零售、俱樂部、電子商務和餐飲服務管道進入市場的品牌和自有品牌客戶提供服務。即使消費者對植物奶類型和購買管道的偏好隨著時間的推移而變化，我們的客戶和管道多樣性也使我們能夠持續獲勝並與整個類別一起成長。

In fruit snacks, we continue to see very strong demand, and we have delivered double-digit revenue growth for 19 consecutive quarters. The optionality and flexibility this diversification provides is particularly relevant in periods of transition or when consumers feel cost pressure.

在水果零食方面，我們繼續看到非常強勁的需求，並且我們已連續 19 個季度實現兩位數的收入成長。這種多樣化提供的可選性和靈活性在過渡時期或消費者感受到成本壓力時尤其重要。

We can adapt quickly to changes in the marketplace and are well-positioned across the entire spectrum of consumer purchase options, whether it's food at home or away, from fast casual to premium in foodservice, or from private label to branded within retail and club. All of those data points give me confidence in our revenue outlook.

我們可以快速適應市場變化，並在整個消費者購買選擇範圍內佔據有利地位，無論是在家還是外出就餐，從快餐到高檔餐飲服務，或從自有品牌到零售和俱樂部內的品牌。所有這些數據點都讓我對我們的收入前景充滿信心。

In addition, the status of our pipeline is a reflection of the value and relevance of our solution-centric offering and showcases the future potential. As of today, our new business pipeline stands at almost 25% of annual sales volume, which is 2 times the pipeline level we experienced over the prior 15 months and includes share and TAM expansion opportunities.

此外，我們的管道狀態反映了以解決方案為中心的產品的價值和相關性，並展示了未來的潛力。截至今天，我們的新業務通路已佔年銷售額的近 25%，是前 15 個月通路水準的 2 倍，其中包括份額和 TAM 擴展機會。

For clarity, our pipeline progress is not a substitute for our revenue guidance. However, our business development efforts are accelerating and creating additional opportunities.

需要明確的是，我們的管道進度不能取代我們的收入指導。然而，我們的業務發展努力正在加速並創造更多機會。

As you can see on slide 8, our pipeline momentum coupled with category growth tailwinds give us a high degree of confidence in achieving our long-term revenue growth target of approximately 10%. While we are committed to a communication strategy that is based upon what we can see and not what we hope, based on the significant growth in our pipeline, it should be clear why I am so excited about our future.

正如您在第 8 張投影片上看到的，我們的通路發展動能加上品類成長的順風，使我們對實現約 10% 的長期營收成長目標充滿信心。雖然我們致力於制定基於我們所看到的而不是我們所希望的溝通策略，但基於我們管道的顯著增長，我對我們的未來如此興奮的原因應該很清楚。

Finally, we are making good progress on our asset optimization strategy. We have demand and we have an accelerating pipeline, but we still must make the product and make the product at an acceptable gross margin. In addition to having the right assets, we are implementing more consistent processes and practices to unlock the latent capacity in our manufacturing network and deliver product at an improved margin. The progress we have made in these areas is undeniable.

最後，我們的資產優化策略正在取得良好進展。我們有需求，也有加速發展的管道，但我們仍然必須生產產品，並以可接受的毛利率生產產品。除了擁有合適的資產外，我們還在實施更一致的流程和實踐，以釋放製造網路中的潛在產能，並以更高的利潤率交付產品。我們在這些領域所取得的進步是不可否認的。

On Slide 9, you can see that in our aseptic network, we increased Q1 volume production by over 6% from the fourth quarter of '24, which was 6% more than in the third quarter of '24. Our fruit snacks network produced 7% more units in Q1 '25 than in the same quarter of '24 with exactly the same equipment.

在投影片 9 上，您可以看到，在我們的無菌網路中，我們第一季的產量比 2024 年第四季增加了 6% 以上，比 2024 年第三季增加了 6%。我們的水果零食網路在 2025 年第一季使用完全相同的設備生產的數量比 2024 年同期增加了 7%。

We are significantly ahead of schedule on creating capacity within our network. I do want to see and expect more to show up in gross profit.

我們在網路容量建置方面已經大大提前了規劃。我確實希望看到並期待毛利會出現更多成長。

As shown on Slide 10, the full benefit of our capacity expansion on gross margin will materialize as we make progress on the following four major areas of operational emphasis: First, we see fixed cost leverage positively impacting our margin profile for the balance of the year. We are making so much progress in unlocking trapped capacity that we've unlocked enough volume to achieve the midpoint of our 2025 revenue guidance. As that additional volume sells through, we anticipate approximately 150 basis points of operating leverage will flow to the bottom line between now and our Q4 reporting period.

如投影片 10 所示，隨著我們在以下四個主要營運重點領域取得進展，產能擴張對毛利率的全部好處將會實現：首先，我們看到固定成本槓桿對我們今年餘額的利潤率狀況產生了積極影響。我們在釋放被困產能方面取得了巨大進展，釋放的產能足以實現 2025 年收入預期的中點。隨著額外銷售的銷售，我們預計從現在到第四季報告期，約有 150 個基點的營運槓桿將流入底線。

Second, optimizing manufacturing yield relative to units produced. While we have significantly ramped up production volume, we are using more raw material than anticipated. As our product yield improvement initiatives progress from the R&D stage to pilot testing to network-wide implementation over the next several quarters, our yields will increase materially. Between now and Q4 2025, product yield improvements are expected to result in approximately 100 basis points of margin expansion.

第二，優化相對於生產單位的製造產量。雖然我們大幅提高了產量，但我們使用的原材料比預期的多。隨著我們的產品產量提升計畫在未來幾季從研發階段進展到試點測試，再到全網實施，我們的產量將大幅提升。從現在到 2025 年第四季度，產品產量的提高預計將帶來利潤率擴大約 100 個基點。

Third, labor productivity. We have several active training programs throughout our manufacturing network designed to improve the efficiency and the effectiveness of our team members, but rolling this out across four shifts in seven plants that operate 24/7 takes time to fully implement and validate. We've made significant progress and are on track with year-end targets. I anticipate labor productivity and improvements driving an additional 50 basis points of margin expansion between now and the end of the year.

第三，勞動生產力。我們在整個製造網絡中開展了多項積極的培訓計劃，旨在提高團隊成員的效率和效力，但要將這些計劃推廣到全天候運營的七個工廠的四個班次中，需要時間來全面實施和驗證。我們已取得重大進展，並有望實現年底目標。我預計，從現在到年底，勞動生產力和改進將推動利潤率再擴大 50 個基點。

We are facing a headwind that prevents us from accelerating margin faster. We have a temporary technical limitation at Midlothian. We are out of the startup phase at Midlothian and are making good progress across output labor and yield metrics.

我們正面臨著阻礙我們更快提高利潤率的逆風。米德洛錫安 (Midlothian) 出現了暫時的技術限制。我們在米德洛錫安已經度過了新創階段，並且在產出勞動力和產量指標方面取得了良好的進展。

However, a combination of a more restrictive regulatory environment and a subscale wastewater management system is creating a temporary bottleneck that limits our output volume. We will face some headwinds on maximum output volume and margins in Midlothian until our wastewater solution is installed in mid-2026 and expect to incur approximately $500,000 per quarter in excess wastewater haul-off fees until that time. Once completed, we believe the additional output unlocked at Midlothian could positively impact total company gross margins by approximately 50 basis points. Again, starting in the second half of 2026.

然而，更嚴格的監管環境和不規模的廢水管理系統正在形成暫時的瓶頸，限制我們的產量。在我們的廢水解決方案於 2026 年中期安裝完成之前，我們將在米德洛錫安的最大產量和利潤率方面面臨一些阻力，並且預計在此之前每季度將產生約 50 萬美元的超額廢水運出費用。一旦完工，我們相信米德洛錫安釋放的額外產出將對公司總毛利率產生約 50 個基點的正面影響。再次，從 2026 年下半年開始。

Combining the capacity we have already unlocked, our plans to seize more latent capacity, and the planned improvements in yield and labor efficiencies bolster my confidence in achieving our 2025 gross margin expansion targets. If you add our initiatives together, we built the bridge from our first-quarter 2025 adjusted gross margin of 15.3% to our guided fourth-quarter 2025 gross margin range of 18% to 19%.

結合我們已經釋放的產能、我們計劃抓住更多潛在產能以及計劃提高產量和勞動效率，增強了我對實現 2025 年毛利率擴張目標的信心。如果將我們的措施加在一起，我們就可以從 2025 年第一季的調整後毛利率 15.3% 提高到 2025 年第四季的指導毛利率範圍 18% 至 19%。

For clarity, our fourth quarter is typically our highest revenue and margin rate quarter of the year due to seasonality of our broth business. For Q1 2026, we would expect to see a 200-basis-point improvement versus Q1 of 2025, and full year '26 gross margin range of 18% to 19%. With the progress already made, additional capacity unlocks that we see over the next year, and the benefit of resolving our wastewater challenges in Midlothian, we see reaching 20% gross margin in the back half of 2026 and reaching a full year gross margin of 20% plus in 2027.

需要明確的是，由於肉湯業務的季節性，我們的第四季通常是一年中收入和利潤率最高的季度。對於 2026 年第一季度，我們預計其毛利率將比 2025 年第一季提高 200 個基點，26 年全年毛利率將在 18% 至 19% 之間。隨著已經取得的進展、明年我們將看到的額外產能釋放以及解決米德洛錫安廢水挑戰的好處，我們預計 2026 年下半年的毛利率將達到 20%，2027 年全年毛利率將達到 20% 以上。

In summary, the three key points I would like you to take away are: first, our customized supply chain solutions generate diverse and growing revenue streams and deepen our partnership with customers that are growing faster than the categories in which we serve. Our pipeline is strong and accelerating in spite of challenging macro dynamics.

總而言之，我希望您記住的三個關鍵點是：首先，我們的客製化供應鏈解決方案創造了多樣化且不斷增長的收入來源，並加深了我們與成長速度快於我們服務類別的客戶的合作夥伴關係。儘管宏觀環境充滿挑戰，我們的產品線依然強勁且在加速發展。

Second, our diversified product and channel portfolio creates an index fund-like exposure to the high-growth categories and customers we serve, mitigating the impact of changes in consumer preference and shopper behavior across channels, products, and brands.

其次，我們多樣化的產品和通路組合為我們服務的高成長類別和客戶提供了類似指數基金的曝險，從而減輕了跨通路、產品和品牌的消費者偏好和購物者行為變化的影響。

Third, our supply chain initiatives are making progress and ahead of our plan. I am confident in achieving sequential margin improvement for the remainder of the year, as well as expanding margins into 2026.

第三，我們的供應鏈計劃正在取得進展，並且超出了我們的計劃。我有信心在今年剩餘時間內實現利潤率的連續提升，並在 2026 年繼續擴大利潤率。

Now I'll turn the call over to Greg to highlight our key financial metrics and discuss our tariff response plan and capital allocation priorities.

現在，我將把電話轉給格雷格，重點介紹我們的關鍵財務指標，並討論我們的關稅響應計劃和資本配置優先事項。

Thank you, Brian. And good afternoon, everyone. We had another strong quarter. As shown on Slide 12, revenue of $202 million was up 9% compared to last year and continued to be driven by solid volume growth. Gross profit decreased by $0.8 million to $30.3 million compared to $31.1 million in the prior year.

謝謝你，布萊恩。大家下午好。我們又度過了一個強勁的季度。如投影片 12 所示，2.02 億美元的營收比去年同期成長了 9%，並持續受到穩健銷售成長的推動。毛利從上年的 3,110 萬美元減少 80 萬美元至 3,030 萬美元。

Adjusted gross margin was 15.3% compared to 17% in the prior year. The 170-basis-point decrease in adjusted gross margin reflected investments in talent and infrastructure to improve long-term margins, the inefficiencies related to the volume limitations resulting from the excess wastewater issue at our Midlothian, Texas facility, and incremental depreciation related to assets recently placed in service but not fully utilized as production ramps up. These factors are partially offset by higher sales and production volumes for beverages, broths, and fruit snacks, driving improved plant utilization.

調整後毛利率為 15.3%，去年同期為 17%。調整後毛利率下降 170 個基點，反映了為提高長期利潤率而對人才和基礎設施的投資、與我們位於德克薩斯州米德洛錫安的工廠廢水過量問題導致的數量限制相關的效率低下，以及與最近投入使用但隨著產量增加而未充分利用的資產相關的增量折舊。這些因素被飲料、肉湯和水果零食的銷售量和產量增加部分抵消，從而提高了工廠利用率。

Earnings from continuing operations was $4.8 million compared to $3.8 million in the prior-year period. Adjusted earnings from continuing operations was $5.3 million or $0.04 per diluted share compared to $1.9 million or $0.02 per diluted share in the prior year period. Adjusted EBITDA from continuing operations increased from $21.9 million to $22.4 million.

持續經營利潤為 480 萬美元，去年同期為 380 萬美元。調整後持續經營收益為 530 萬美元，即每股攤薄收益 0.04 美元，去年同期為 190 萬美元，即每股攤薄收益 0.02 美元。持續經營業務的調整後 EBITDA 從 2,190 萬美元增至 2,240 萬美元。

Turning to our balance sheet. At the end of the first quarter, debt was $261 million, down $4 million from the end of the fourth quarter, and leverage was 2.9 times versus 3 times at the end of the fourth quarter.

轉向我們的資產負債表。第一季末，債務為 2.61 億美元，較第四季末減少 400 萬美元，槓桿率為 2.9 倍，而第四季末為 3 倍。

Cash generation was strong, with $22 million of cash provided by operating activities of continuing operations in the first quarter compared to $7 million in the prior year period. Cash used in investing activities of continuing operations was $15 million in the first quarter compared to $4 million in the prior year period.

現金產生能力強勁，第一季持續經營業務的經營活動提供了 2,200 萬美元現金，而去年同期為 700 萬美元。第一季持續經營投資活動所用現金為 1,500 萬美元，去年同期為 400 萬美元。

Now turning to our outlook on Slide 13. We would like to be very clear on our outlook for 2025 and 2026. As such, we are providing guidance without using run rates or exit rates going forward. We are raising our outlook for the year to reflect the strong performance in Q1. We now expect revenue in the range of $788 million to $805 million, growth of 9% to 11% versus 2024, compared to our prior guidance of 7% to 11%.

現在轉到幻燈片 13 上的展望。我們希望非常明確地闡述我們對 2025 年和 2026 年的展望。因此，我們提供的指導不會使用未來的運行率或退出率。我們上調了今年的業績展望，以反映第一季的強勁表現。我們現在預計營收將在 7.88 億美元至 8.05 億美元之間，較 2024 年成長 9% 至 11%，而我們先前的預期為 7% 至 11%。

From a profit perspective, we now expect adjusted EBITDA of $99 million to $103 million, which represents growth of 12% to 16% compared to our prior guidance of 9% to 16%. From a pacing standpoint, we expect the pacing to remain the same as we discussed in our February call, with the Q1 outperformance being the only change.

從利潤角度來看，我們現在預計調整後的 EBITDA 為 9,900 萬美元至 1.03 億美元，與我們先前預測的 9% 至 16% 相比成長 12% 至 16%。從節奏的角度來看，我們預期節奏將與我們在二月電話會議上討論的保持一致，第一季的優異表現是唯一的變化。

For 2025, we continue to expect adjusted EBITDA to improve sequentially throughout the year. We also continue to expect interest expense of $24 million to $26 million, capital expenditures on the cash flow statement of approximately $30 million to $35 million, and free cash flow of $25 million to $30 million. Please note essentially all of the free cash flow in 2025 is allocated for mandatory debt and notes payable repayments which is reflected in our 2.5 times leverage target that we continue to expect to achieve by the end of 2025.

對於 2025 年，我們繼續預計調整後的 EBITDA 將全年持續改善。我們也繼續預期利息支出為 2,400 萬至 2,600 萬美元，現金流量表上的資本支出約為 3,000 萬至 3,500 萬美元，自由現金流為 2,500 萬至 3,000 萬美元。請注意，2025 年的所有自由現金流基本上都用於強制債務和應付票據償還，這反映在我們 2.5 倍的槓桿目標中，我們預計到 2025 年底將繼續實現這一目標。

Slide 14 shows our long-term growth algorithm we published in our February investor presentation, which remains unchanged. We continue to target annual revenue growth of 8% to 10%, adjusted EBITDA growth of 13% to 17%, and expect to deliver approximately the midpoint of these ranges in 2026, as well as ROIC of 16% to 18% by the end of 2026.

投影片 14 展示了我們在 2 月投資者簡報中發布的長期成長演算法，該演算法保持不變。我們繼續將年度營收成長目標設定為 8% 至 10%，調整後 EBITDA 成長目標設定為 13% 至 17%，並預計到 2026 年將達到這些範圍的中間值，到 2026 年底將達到 16% 至 18% 的 ROIC。

Turning to Slide 16, as it relates to tariffs, this is obviously a fluid situation that we continue to monitor. While our employees, production facilities, and customers are predominantly located in the US, we source a portion of our raw material ingredients and packaging globally, and less than 8% of our total revenue is generated from the sale of fruit snack products imported into the US from our Niagara, Ontario facility. In response to these tariffs we started communications with our customers at the beginning of the year and we intend to pass through essentially all the incremental costs to our customers, similar to our pass of pricing of raw material cost increases.

轉到投影片 16，由於它與關稅有關，這顯然是一個不穩定的情況，我們會繼續監測。雖然我們的員工、生產設施和客戶主要位於美國，但我們的部分原料和包裝是在全球範圍內採購的，而且我們總收入的不到 8% 來自從安大略省尼亞加拉工廠進口到美國的水果零食產品的銷售。為了因應這些關稅，我們在年初就開始與客戶溝通，我們打算將所有增加成本轉嫁給客戶，類似於我們對原材料成本上漲的定價轉嫁。

While our pass mechanisms may trail some tariff costs by a month or two, we expect to recover substantially all incremental costs. As a result of the pass-through approach, we do not expect a material impact to our gross profit dollars or adjusted EBITDA in our guidance. However, there could be an increase in revenue and decrease in gross margin and adjusted EBITDA margin simply due to the passing through of the incremental tariff costs.

雖然我們的轉嫁機制可能會落後於部分關稅成本一兩個月，但我們預計基本上可以收回所有增量成本。由於採用了轉嫁方式，我們預計不會對我們的毛利或調整後的 EBITDA 產生重大影響。然而，由於增量關稅成本的轉嫁，收入可能會增加，而毛利率和調整後的 EBITDA 利潤率可能會減少。

Turning to our capital allocation priorities on Slide 17. As a supply chain solutions provider serving growing customers in growing categories, we have great conviction in our long-term growth of our categories, and our capital allocation priorities must incorporate and reflect that conviction. As such, the confidence in our growth trajectory ripples through our capital allocation decisions.

轉向投影片 17 上的資本配置優先事項。作為一家服務於不斷增長的類別中不斷增長的客戶的供應鏈解決方案提供商，我們對我們產品的長期增長充滿信心，我們的資本配置重點必須融入並反映這一信念。因此，我們對成長軌跡的信心會透過我們的資本配置決策產生連鎖反應。

In February 2024, on Brian's initial earnings call, we clarified our capital allocation priorities. At that time, we said that our first priority was to be under 3 times levered, and once we achieved that target, we would continuously evaluate the best use of free cash flow that may include share buybacks, funding high ROI capital projects, and/or accretive M&A. We achieved our leverage target at the end of 2024, and that did exactly what we promised, by continuously evaluating the best use of cash going forward.

2024 年 2 月，在 Brian 的首次收益電話會議上，我們明確了我們的資本配置重點。當時，我們表示，我們的首要任務是將槓桿率控制在 3 倍以下，一旦實現該目標，我們將不斷評估自由現金流的最佳利用方式，其中可能包括股票回購、為高投資回報率的資本項目提供資金和/或增值性併購。透過不斷評估未來現金的最佳使用方式，我們在 2024 年底實現了槓桿目標，這也完全兌現了我們的承諾。

The world has changed since February of 2024, and on our last call, we discussed our top priority was to reduce leverage to 2.5 times by the end of 2025. Let me expand on why we made that decision and discuss our current priorities after we achieve our leverage target.

自 2024 年 2 月以來，世界發生了變化，在我們上次電話會議上，我們討論了我們的首要任務是到 2025 年底將槓桿率降低到 2.5 倍。讓我詳細說明一下我們做出該決定的原因，並討論我們實現槓桿目標後的當前優先事項。

In our eyes, delevering further is critical because of our conviction in our long-term growth potential of our categories and our customers. While we currently don't need significant growth CapEx to drive our revenue and EBITDA trajectory, our more disciplined approach will allow us to continue to have a reasonable leverage level even when we eventually start to ramp growth investments again. Also, delevering our balance sheet allows us to adapt to volatility in the commercial marketplace and to take advantage of unique opportunities if they yield a disproportionately positive ROIC profile.

在我們看來，進一步去槓桿至關重要，因為我們對我們的產品類別和客戶的長期成長潛力充滿信心。雖然我們目前不需要大量的成長資本支出來推動我們的收入和 EBITDA 軌跡，但我們更嚴謹的方法將使我們即使最終開始再次增加成長投資也能繼續保持合理的槓桿水平。此外，降低資產負債表的槓桿率使我們能夠適應商業市場的波動，並在產生不成比例的正 ROIC 狀況時利用獨特的機會。

Once we achieve our leverage target at the end of the year, our second priority is investing back in the SunOpta business through capacity expansion to meet the growth of our categories and customers. In almost every scenario we evaluate, the highest return is to invest in growth CapEx and is the best option for long-term value creation for shareholders.

一旦我們在年底實現了槓桿目標，我們的第二要務就是透過產能擴張重新投資於 SunOpta 業務，以滿足我們產品類別和客戶的成長。在我們評估的幾乎所有情境中，最高的回報是投資於成長資本支出，並且是為股東創造長期價值的最佳選擇。

We are excited about our future outlook and consistently look at our capital needs two to three years out. We are constantly gauging commercial market, consumer trends, and the outlooks of our customers for growth. Investing wisely, combined with our focus on operational excellence, are the key elements of achieving our long-term growth algorithm.

我們對未來前景感到興奮，並持續關注兩到三年後的資本需求。我們不斷評估商業市場、消費者趨勢以及客戶的成長前景。明智的投資，加上我們對卓越營運的關注，是我們實現長期成長演算法的關鍵要素。

When it comes time for growth investment, we will always analyze relative returns between new production lines and/or acquired businesses. Delevering to 2.5 times in the near term will allow greater financial flexibility to invest in the business in the longer term.

當需要進行成長投資時，我們總是會分析新生產線和/或收購業務之間的相對回報。短期內將槓桿率降至 2.5 倍將為長期業務投資提供更大的財務彈性。

Our third capital allocation priority is returning capital to shareholders. While our immediate plans are to achieve a 2.5 times leverage target, since we currently do not envision needing growth CapEx in 2025, we would like to be positioned for opportunistic share repurchases if we are trending ahead of plan and have excess cash available while still being able to meet our leverage target.

我們的第三個資本配置重點是向股東返還資本。雖然我們的近期計劃是實現 2.5 倍的槓桿率目標，但由於我們目前預計 2025 年不需要增長資本支出，如果我們的趨勢領先於計劃並且擁有過剩現金，同時仍然能夠實現我們的槓桿率目標，我們希望能夠有機會回購股票。

Accordingly, our Board has approved a share repurchase program authorizing the purchase of up to $25 million in common shares. The size and timing of repurchases, if any, will depend on a multitude of factors, including the company's progress towards its leveraged target, financial position, capital allocation priorities, market conditions, regulatory requirements, and other considerations.

因此，我們的董事會批准了一項股票回購計劃，授權購買價值高達 2,500 萬美元的普通股。回購的規模和時間（如果有）將取決於多種因素，包括公司實現槓桿目標的進度、財務狀況、資本配置優先順序、市場條件、監管要求和其他考慮因素。

We are committed to driving shareholder value. We are committed to maximizing our cash generation and ROIC opportunities as the best way to drive long-term shareholder value. We believe the best way to maximize cash generation and ROIC is to maintain a reasonable debt level while fueling and funding our growth strategy with high growth projects. We believe the capital allocation priorities outlined above will generate long-term value.

我們致力於提高股東價值。我們致力於最大限度地提高現金創造和投資回報率機會，這是推動長期股東價值的最佳方式。我們認為，最大化現金產生和投資回報率的最佳方式是保持合理的債務水平，同時透過高成長項目推動和資助我們的成長策略。我們相信上述資本配置優先事項將產生長期價值。

Before opening the call for questions, just a reminder that for competitive reasons, we do not provide detailed commentary regarding customer or SKU level activity. And with that, operator, please open the call for questions.

在開始提問之前，請注意，出於競爭原因，我們不提供有關客戶或 SKU 級別活動的詳細評論。接線員，請開始提問環節。

(Operator Instructions)

（操作員指示）

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

My first one is about the commentary you made about the accelerating category growth and your accelerating pipeline. And I just find it interesting that that's happening amid what is a pretty choppy consumer environment, a lot of consumer companies talking about incremental slowdown. So why do you think those two things are happening now? Do you think they're related?

我的第一個問題是關於您對加速類別成長和加速管道的評論。我發現有趣的是，這種情況發生在一個相當不穩定的消費環境中，許多消費品公司都在談論逐步放緩。那麼您認為為什麼現在會發生這兩件事呢？您認為他們有關係嗎？

Or with respect to the pipeline, is it more internal or external kind of push? I'm just trying to wrap my head around why those things are happening now because it's great to see.

或者就管道而言，它的推動力更多的是內部推動還是外部推動？我只是想知道為什麼這些事情會發生，因為看到這些事情真是太好了。

There's a couple of things that I would think about as I think about long-term growth. First of all, if you look at our categories, in particular plant-based beverages, those usage occasions and purchase intentions are oftentimes not considered discretionary. They're lifestyle choices. They're medicinal purposes. They're taste preferences.

當我考慮長期成長時，我會考慮幾件事。首先，如果你看看我們的類別，特別是植物性飲料，那些使用場合和購買意圖通常不被視為可自由支配的。它們是生活方式的選擇。它們有藥用價值。它們是口味偏好。

And so we believe that there are sustaining headwinds in those categories which are fueling growth. That's one thing to keep in mind. If you look at some of our other categories, better-for-you and our nutritional protein, again, those are -- better-for-you fruit snacks, those are growing as a category. So again, I think there's some reasons that our categories are growing. That's one.

因此，我們認為，在推動成長的這些類別中存在持續的阻力。這是需要牢記的一件事。如果你看我們的其他一些類別，對你更有益的產品和營養蛋白質，你會發現，那些對你更有益的水果零食，作為一個類別正在不斷增長。所以，我認為我們的類別不斷成長是有原因的。那是一個。

Two, I also think that most of our products either fall outside of what someone would consider a luxury product or are considered a small luxury that they can afford themselves even in tough times or challenging environments. So I think that's another reason. And it's helpful when we think about that in terms of the categories growing.

第二，我還認為，我們的大多數產品要么不屬於人們所認為的奢侈品，要么被視為即使在困難時期或充滿挑戰的環境中也能負擔得起的小奢侈品。所以我認為這是另一個原因。當我們從類別成長的角度考慮這一點時，這是很有幫助的。

Also remember, we support great customers. Our customers are performing better than the categories in which they participate. So we get a bump for that.

也要記住，我們支持優秀的客戶。我們的客戶表現比他們參與的類別更好。因此我們得到了提升。

Finally, I think our demand generation engine, which, by the way, has been a strength for the last several years. I think I've mentioned on several calls in a row that demand generation is pacing our business. Our demand generation is able to take advantage of some of the capacity we're creating and then turn around and meet the needs of what I still believe is an underserved market. Underserved in terms of capacity, underserved in terms of consistent supply, and underserved in terms of innovation and high product quality. Or sorry, high quality product.

最後，我認為我們的需求產生引擎在過去幾年中一直是個優勢。我想我已經在連續幾次電話會議中提到過，需求產生正在推動我們的業務發展。我們的需求產生能夠利用我們正在創造的一些能力，然後扭轉局面，滿足我仍然認為服務不足的市場的需求。產能方面服務不足，持續供應方面服務不足，創新和高產品品質服務不足。或者抱歉，高品質產品。

So that's how I look at marrying those two, Andrew.

這就是我對他們兩個結婚的看法，安德魯。

That's super helpful. I appreciate that. Maybe I'll ask on the tariff side. It's great to hear that you've been so proactive on passing that through. I guess I just would like to get a better sense for kind of what that looks like from a cost bucket, if you're able to frame that based on what we know today, and how much pricing that implies that you need to pass through. And even maybe some color on how those conversations with your customers have gone.

這非常有幫助。我很感激。也許我會問關稅方面的問題。很高興聽到您如此積極地傳達這一訊息。我想我只是想更好地了解從成本角度來看這是什麼樣的，如果你能夠根據我們今天所知道的情況來構建它，以及這意味著你需要通過多少定價。甚至可能還透露出一些與客戶對話的進展。

Sure. So, Andrew, six of our seven plants are [located] in the US. 98% of our revenue in 2024 was to US-based customers. We do have a small portion of raw material and packaging that is sourced globally. In addition, we do have a portion of a fruit snacks product that is imported into the US from our Niagara, Canada facility.

當然。安德魯，我們的七家工廠中有六家位於美國。 2024 年我們 98% 的營收來自美國客戶。我們確實有一小部分原料和包裝是從全球採購的。此外，我們確實有一部分水果零食產品從加拿大尼亞加拉的工廠進口到美國。

But we view the tariff increases, Andrew, no different than our other raw material increases. We have the business model to pass through those changes in raw materials to our customers as a normal process. We do that all the time.

但是安德魯，我們認為關稅上調與我們其他原材料的關稅上調沒有什麼不同。我們擁有這樣的商業模式：將原料的變化作為正常流程傳遞給我們的客戶。我們一直都是這麼做的。

We're very transparent. If the cost goes up, we increase the price. If the cost goes down, we decrease the price. And we view this exactly the same way.

我們非常透明。如果成本上升，我們就提高價格。如果成本下降，我們就會降低價格。我們對此的看法完全相同。

Our goal is to make a fair margin on producing our products. And when the raw materials increase or decrease, we pass those on. And we started our conversations with our customers back in January, and we do expect to substantially pass on all the incremental costs to our customers.

我們的目標是在生產我們的產品時獲得合理的利潤。當原材料增加或減少時，我們就會將其轉嫁出去。我們從一月就開始與客戶對話，我們確實希望將所有增加成本轉嫁給客戶。

Jim Salera, Stephens, Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司

Brian, I wanted to start off on your comments on the wastewater treatment in Midlothian. Maybe two parts on that. One, is there any way to pull forward because it sounds like we're still over a year out on having that up and running. Is that just an equipment availability issue or is there anything that you guys could do to accelerate that and pull that forward and get it installed?

布萊恩，我想先聽聽你對米德洛錫安污水處理的評論。或許可以分為兩部分。首先，有什麼辦法可以推動這項進程嗎？因為聽起來我們還需要一年以上的時間才能達成這個目標。這僅僅是設備可用性問題嗎？或者你們可以做些什麼來加速並提前安裝它？

And then secondly, are there other plants in the network that you can lean on in the interim to shoulder some of the volume that you could run through Midlothian that you can't right now, or should we view that as there's just a cap on certain products until you get that wastewater up and running.

其次，在過渡期間，網路中是否有其他工廠可以依靠來承擔部分目前無法通過米德洛錫安處理而需要處理的廢水量，或者我們是否應該認為，在廢水處理開始運行之前，某些產品的處理量是有上限的。

Here is the way that I would think about that. There isn't a day go by that Greg and I don't try to figure out how to accelerate that solution. The fact of the matter is it's a capital solution.

這是我對此的看法。我和格雷格無時無刻都在嘗試尋找如何加速這個解決方案。事實上，這是一個重要的解決方案。

So the plan is designed. The equipment is designed. The capital outlay is already included in our guidance for our maintenance CapEx. So this isn't incremental.

所以計劃就設計好了。該設備已設計完畢。資本支出已包含在我們的維護資本支出指引中。所以這不是增量的。

It's already included in our guidance for maintenance CapEx. And we are leaning on our engineers, fabricators, and everyone involved in that process as fast as we can.

它已經包含在我們的維護資本支出指導中。我們正在盡快依靠我們的工程師、製造商以及參與流程的每個人。

I do still see some incremental advances in Midlothian between now and when the solution is implemented in mid '26. But I think it's also fair to say this is a limitation that we didn't foresee six months ago or nine months ago. We were ramping up Midlothian. We have some problems.

從現在到 26 年中期解決方案實施之間，我確實仍然看到米德洛錫安取得了一些漸進式的進步。但我認為也可以公平地說，這是我們六個月前或九個月前沒有預見到的限制。我們正在加強米德洛錫安。我們遇到了一些問題。

But, boy, as we continue to make increases in output, it finally came to the head that we were going to have some limitations on our maximum output at Midlothian until such time as we could get a more a more permanent solution for that. We are already leaning on other plants. I think the good news underlying in a lot of our communication is we've made a lot of progress on capacity creation.

但是，隨著我們不斷增加產量，我們最終意識到，我們將對米德洛錫安的最大產量進行一些限制，直到我們能夠找到更持久的解決方案。我們已經開始依賴其他工廠了。我認為，我們許多溝通中蘊含的好消息是，我們在能力建構方面取得了巨大進展。

If you remember going back in time, one of the risks that potentially we had in in 2025 on our revenue guidance was timing with respect to output creation and capacity creation. We freed up enough capacity in the first quarter that we feel confident we could deliver the midpoint of our revenue guide for 2025.

如果你還記得過去，那麼我們在 2025 年收入預測中可能面臨的風險之一就是產出創造和產能創造的時機。我們在第一季釋放了足夠的產能，因此我們有信心實現 2025 年收入指南的中點。

So that continues to -- we continue to have more work to do. We continue to drive our other facilities and plants. But in fact, we are relying on other plants to help us continue servicing the demand that we face. So hopefully, that answers that on --

因此，我們還有更多的工作要做。我們將繼續推動其他設施和工廠的發展。但事實上，我們依靠其他工廠來幫助我們繼續滿足我們面臨的需求。希望這能解答--

Yeah, that's very helpful. And then second question just on the demand side. With retailers, I think, trying to diversify their supply sourcing into the extent that they can source more products domestically, have you guys been having more conversations with retail partners that aren't currently utilizing your network that maybe sourced from Canada or Mexico, that in order to sidestep some of the tariffs would consider switching?

是的，這非常有幫助。第二個問題是關於需求方面的。我認為，零售商正在嘗試實現供應來源多元化，以便在國內採購更多產品。你們是否與目前未使用你們網路的零售合作夥伴進行過更多對話，這些合作夥伴可能從加拿大或墨西哥採購產品，為了避開部分關稅，他們會考慮轉換嗎？

And do you guys have a latent capacity that you can allocate to new business? Or is it really just all being absorbed with what you have in the existing customer pipeline?

你們是否有可以分配給新業務的潛在能力？或者它實際上只是被您現有的客戶管道所吸收？

Yeah, I just think realistically in our market, US sales are being sourced by US providers. So I don't really see that as an opportunity. I would remind you that our pipeline continues to accelerate. In fact, it's twice as much as it was the day that I walked into the place. So I'm excited about that.

是的，我只是認為在我們的市場上，美國的銷售實際上來自美國供應商。所以我並不認為這是一個機會。我想提醒您，我們的管道正在繼續加速發展。事實上，它是我走進這個地方那天的兩倍。所以我對此感到很興奮。

We are trying to create latent capacity every single day. And the faster that we create it, I think the faster that we'll be able to sell it. But it's really the more traditional demand generation tools that you see. Innovation, share expansion with existing customers, expansion with new customers. And that's how you should probably think about our revenue growth.

我們每天都在努力創造潛在能力。我認為我們創造的速度越快，我們就能越快地銷售它。但您看到的實際上是更為傳統的需求產生工具。創新，與現有客戶分享擴張，與新客戶一起擴張。您可能也應該這樣看待我們的收入成長。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

I wanted to stick with the pipeline for a minute. Brian, you mentioned it's twice as large as it was maybe a year ago or so. What does that mean? The sales potential, the sales volume associated with that pipeline is 2x what it's averaged over time. I guess is what trying to understand the definition of that a little bit.

我想堅持管道一分鐘。布萊恩，你提到它現在大概比一年前大了一倍。這意味著什麼？與該通路相關的銷售潛力和銷售量是其長期平均值的 2 倍。我想這就是試著理解一點這個定義的原因。

And then could you give us some sense of the composition of the pipeline, maybe by product type, whether it's more on the plant-based beverage side or protein shake or fruit snacks, and whether there are any maybe incremental investments required if it tilts toward fruit snacks. I'm not sure where you stand with your capacity in Omak, et cetera. Thanks.

然後，您能否為我們介紹產品線的組成，可能是按產品類型劃分，是更多的是植物性飲料還是蛋白質奶昔或水果零食，以及如果傾向於水果零食，是否可能需要進行增量投資。我不確定您在奧馬克等地的能力如何。謝謝。

Let's talk a -- just to get the definition right, and we included this in our prepared remarks. We're looking at a pipeline that right now is approximately a quarter of our annual revenue, 25% of our 2025 guided revenue. So in terms of overall dollars, that's about twice as big as it was a year ago or 15 months ago at this time.

讓我們談談——只是為了得到正確的定義，我們將其納入我們準備好的發言中。我們正在考慮的管道目前約占我們年收入的四分之一，占我們 2025 年指導收入的 25%。因此，就整體金額而言，這大約是一年前或 15 個月前的兩倍。

So again, I never want anyone to confuse pipeline with our guidance. They're not the same. But it is -- we are trying to dimensionalize you -- for you the strength and the size of our pipeline. So hopefully, that helped do that.

所以，我再說一遍，我不希望任何人將管道與我們的指導混淆。它們不一樣。但我們正在嘗試向您詳細展示我們管道的強度和規模。所以希望這有助於實現這一點。

If I look at the composition of the pipeline, it is a wide range of channel opportunities. When you think about club, foodservice, it's wide range of what I'll call product lines. So yes, we see heavy plant-based beverage opportunities. We also see fruit snack opportunities. We see some opportunities in the ready-to-drink protein shake.

如果我看一下管道的組成，它就是廣泛的通路機會。當你想到俱樂部、餐飲服務時，我稱之為產品線的範圍很廣。所以是的，我們看到了巨大的植物性飲料機會。我們也看到了水果零食的機會。我們在即飲蛋白奶昔中看到了一些機會。

Probably, just realistically, less there because we do have a theoretical limit at Midlothian right now. But one area that we don't talk about as much about, Jon, is our broth business. Remember, we've kind of said, broth, I don't know that it's strategic, but it's for strategic customers. And we've really seen more recently, let's say over the last year, an opportunity to really create value by solving problems in some of our broth customers networks.

可能，只是現實情況是，那裡的人數會少一些，因為我們現在在米德洛錫安確實有一個理論限制。但是喬恩，有一個領域我們很少談論，那就是我們的肉湯生意。請記住，我們說過，肉湯，我不知道它是否具有戰略意義，但它是針對戰略客戶的。我們最近，比如說去年，確實看到了透過解決一些肉湯客戶網路中的問題來真正創造價值的機會。

And so, we see that pipeline as being very strong. I'm not trying to give you overall numbers here, but I'd say it's probably more heavily weighted to plant-based beverages followed by broth, followed by fruit snacks, is a good way to think of it. I would also say it's probably more heavier weighted towards growth with existing customers than with new customers. But the new customer component and the new product line component of the pipeline is also substantial as well. So I hope that's a little bit of color for you.

因此，我們認為該管道非常強大。我並不是想在這裡給出總體數字，但我想說的是，植物飲料的比重可能更大，其次是肉湯，然後是水果零食，這是一個很好的思考方式。我還想說，它可能更側重於現有客戶的成長，而不是新客戶的成長。但管道中的新客戶組件和新產品線組件也同樣重要。我希望這對你來說能有點啟發。

Got it. That's really great. And obviously, if you're growing with existing customers, they like what you're doing. So it's a good sign of your success on the solution front.

知道了。這真是太棒了。顯然，如果您與現有客戶一起成長，他們會喜歡您所做的事情。所以這是您在解決方案方面取得成功的一個好兆頭。

Jon, I'm so glad you brought that up. Just one point. Sorry to interrupt you. I'm a firm believer that the absolute best indicator that your value proposition resonates in the commercial marketplace is when your volume grows.

喬恩，我很高興你提起這件事。僅一點。抱歉打擾您。我深信，當你的銷售成長時，最能反映你的價值主張在商業市場上引起共鳴。

And if you think about our growth over the last couple of years, our growth over the first quarter, it is volume-based growth. And I think that's the best indication that our value proposition in the commercial market resonates because that means customers are voting.

如果你回顧我們過去幾年的成長，我們第一季的成長，這是基於數量的成長。我認為這是我們在商業市場的價值主張引起共鳴的最佳證明，因為這意味著客戶在投票。

Yeah. Two-part question that more I guess just around some of the financial or volume and margin implications of what you talked about. With respect to the wastewater program, how would you articulate your visibility into getting that done by the middle of next year?

是的。我猜這個問題分為兩部分，主要圍繞著您所談論的一些財務、數量和利潤影響。關於廢水處理項目，您如何闡明您對明年年中完成專案的設想？

And are the volume limitations that you talked about that are associated with that upgrade, until you make that upgrade, are those in this year's guidance? Are they incorporated into the first half of 2026 when you talked about '26 growth being kind of at the midpoint of the long-term algo? I guess I'll start with that. I have one quick follow-up.

在進行升級之前，您談到的與升級相關的數量限制是否包含在今年的指導中？當您談到 26 年的成長處於長期演算法的中點時，它們是否被納入了 2026 年上半年？我想我會從那裡開始。我有一個快速的後續問題。

Yeah. So let's answer the second question first. Yes, incorporated into our 2025 guidance. Yes, incorporated into our comfort level with the midpoint of our long-term algorithm for 2026. Yes to both of those.

是的。那我們先來回答第二個問題。是的，已納入我們的 2025 年指導方針。是的，已將其納入我們的舒適水平，並納入我們 2026 年長期演算法的中點。這兩個答案都是肯定的。

Think of the wastewater challenge that we have, the limitation on output. At this point, we're very clear. I mean we've got the equipment designed. We've got purchase orders that are going out for the equipment.

想想我們面臨的廢水挑戰和產量的限制。至此，我們已經非常清楚了。我的意思是我們已經設計好了設備。我們已經收到了設備的採購訂單。

Remember, just to be perfectly clear, this is an expenditure that we can manage within the confines of our maintenance and CapEx. So not additional CapEx, but it would be included in that maintenance CapEx that you can think about in our long-term algorithm. We are literally trying to get fabricators to work as fast as they can.

請記住，為了完全清楚，這是我們可以在維護和資本支出範圍內管理的支出。因此，這不是額外的資本支出，但它將包含在我們的長期演算法中您可以考慮的維護資本支出中。我們確實在努力讓製造商盡快開始工作。

I mean, Jon, we had one analyst asked. I mean Greg and I are doing math and trying to figure out if air freighting things faster works or if it's worth it. We're really trying to drive that solution faster. But it is to the point where the solution's designed.

我的意思是，喬恩，我們有一位分析師被問到。我的意思是格雷格和我正在做數學題，試圖弄清楚空運貨物是否更快可行或是否值得。我們確實在努力加快這項解決方案的實施。但它已經到了解決方案設計的地步。

We've got the equipment that's ordered. We need to get it fabricated. And then, obviously, you have an installation that goes along with that. So I think mid-2026 gives us plenty of room. A, we're farther along the path in terms of design, but I think that also gives us some room for any what you would consider normal contingencies. Hope that helps.

我們已經收到所訂購的設備。我們需要把它捏造出來。然後，顯然，您有一個與之相符的安裝。所以我認為 2026 年中期給我們足夠的空間。答：就設計而言，我們已經取得了長足進步，但我認為這也為我們應對任何您認為正常的突發事件提供了一些空間。希望有幫助。

Okay. And then -- yeah, it does. And thank you for the detail around the four-point plan and how that unlocks capacity and helps drive productivity. The gross margin path pacing that you've outlined, I guess, does that incorporate your best effort view of tariffs at present?

好的。然後——是的，確實如此。感謝您詳細介紹四點計劃以及該計劃如何釋放產能並幫助提高生產力。我想，您所概述的毛利率路徑步調是否體現了您對當前關稅的最佳看法？

Or is the tariff thing just too early to walk into that? Because as you point out in your press release that it could have an impact on your margin rate, even if you're fully recovering dollar costs, right? So just trying to get clarity on whether that's baked into the gross margin cadence at this point or not. Thank you.

或者說，現在談關稅問題還為時過早？因為正如您在新聞稿中指出的那樣，即使您完全收回美元成本，它也可能會對您的利潤率產生影響，對嗎？因此，只是想弄清楚這是否已經納入目前的毛利率節奏中。謝謝。

Yeah, Jon, it is not baked in. As you mentioned, it is a fluid situation. We continue to evaluate and we continue to expect to substantially pass on all of our costs.

是的，喬恩，它沒有被烤熟。正如您所說，這是一個不穩定的情況。我們將繼續評估，並繼續期望大幅轉嫁所有成本。

I wouldn't view it as a material impact, a significant impact, either due to our revenue or our increasing costs. And our goal is to protect our gross profit dollars, not have an impact on adjusted EBITDA. But as we called out in our press release, there could be an impact on increase in revenue and increase in cost.

我不認為這會對我們的收入或成本增加造成實質影響或重大影響。我們的目標是保護我們的毛利，而不是對調整後的 EBITDA 產生影響。但正如我們在新聞稿中所說，這可能會影響收入的增加和成本的增加。

Ryan Meyers, Lake Street Capital Markets.

萊恩·邁耶斯 (Ryan Meyers)，Lake Street Capital Markets。

Just one for me here, just kind of following up on the new business pipeline. So just to get a good understanding of it, what's the typical timeline for converting this, let's call it, new business, into actual sales and revenue? I know you said it was 25% of what the numbers in 2025 could be. But just curious the nuances of that and when we would potentially see that actually come through on the revenue side.

對我來說，這裡只是跟進新的業務管道。那麼，為了更好地理解這一點，將這種所謂的新業務轉化為實際銷售和收入的典型時間表是什麼？我知道您說過這只是 2025 年數字的 25%。但我只是好奇其中的細微差別，以及我們何時才有可能在收入方面真正看到這一點。

I would consider this driving confidence in our ability to hit our long-term growth algorithm. I don't want to get too far ahead of ourselves in figuring out what percentage gets baked into '25, '26, '27. But it is a very common approach. The bigger your pipeline, the more that ultimately you convert and close into revenue. So I'm excited that we have a bigger pipeline.

我認為這增強了我們實現長期成長演算法的能力的信心。我不想太超前於我們去弄清楚有多少百分比會被納入 25、26、27 年。但這是一個非常常見的方法。您的管道越大，最終轉化並產生收入的就越多。所以我很高興我們有更大的管道。

The way that I would try to think about it is our pipeline has somewhere between 6 months and 18 months in a closed cycle. There are certain things that are faster, other things that are slower. This is a pipeline that we just tried to give you an order of magnitude, so you can understand what the potential is.

我嘗試思考的方式是，我們的管道有一個封閉週期，大約在 6 個月到 18 個月之間。有些事情比較快，有些事情比較慢。這是我們試圖為您提供數量級的管道，以便您可以了解其潛力。

We have projects along all those stages of the pipeline. And, again, we guide to what we see, not what we hope. As those things become more clear, as those things convert from pipeline to actual, we will update our guidance, and you guys will be the first to know. But right now, I wanted to give you a perspective that our categories are growing, our customers are growing even faster than the categories in which we participate. And oh, by the way, our demand generation is clicking, and that provides me and Greg great confidence in our 2025 outlook as well as our long-term algorithm for the future.

我們在管道的各個階段都有項目。再次強調，我們指導的是我們所看到的東西，而不是我們所希望的東西。隨著這些事情變得更加清晰，隨著這些事情從管道轉化為實際，我們將更新我們的指導，你們將是第一個知道的人。但現在，我想讓大家看到，我們的產品類別正在成長，我們的客戶成長速度甚至比我們參與的類別還要快。哦，順便說一句，我們的需求生成正在順利進行，這讓我和格雷格對我們的 2025 年展望以及未來的長期演算法充滿信心。

Brian Holland, D.A. Davidson.

布萊恩霍蘭德、D.A.戴維森。

Yeah. I wanted to ask about the upside delivery on revenue in 1Q, which, Brian, as you mentioned in your prepared remarks, came in ahead of expectations. I guess as we had conversations in the second half of the fall of 2024, thinking about distribution gains at your largest customer, thinking about the removal of the plant-based surcharge that we started to see at several coffee chains, many of whom are customers of yours, what I inferred from your comments was that that's kind of baked into expectations at the time.

是的。我想問一下第一季收入的成長情況，布萊恩，正如你在準備好的發言中提到的那樣，第一季的收入超出了預期。我想，當我們在 2024 年秋季下半年進行對話時，考慮過您最大客戶的分銷收益，考慮過取消我們開始在幾家咖啡連鎖店看到的植物基附加費，其中許多都是您的客戶，我從您的評論中推斷出，這在當時已經融入了預期。

So I'm just curious, the source of the upside, are we seeing incremental benefits from above and beyond what was planned for things like plant-based surcharge? Or is there any other dynamic that you would speak to that was specifically coming in ahead of expectations?

所以我只是很好奇，好處的來源，我們是否看到了超出計劃的增量收益，例如植物基附加費？或者您可以談談其他超出預期的具體動態？

Clearly, we guided to what we see, not what we hope in 2025. But if you think about it, and we mentioned this in our prepared comments, our top five customers delivered year-over-year growth. Our food service customers grew in the mid-single digits. Our club channel customers grew double-digits. And frankly, the outperformance was probably more on the capacity creation side than it really was on the demand side.

顯然，我們指導的是我們所看到的，而不是我們對 2025 年的期望。但如果你仔細想想，我們在準備好的評論中也提到了這一點，我們的前五名客戶實現了同比增長。我們的餐飲服務客戶數量增加了中等個位數。我們的俱樂部渠道客戶數量增加了兩位數。坦白說，這種優異表現可能更體現在產能創造方面，而不是需求方面。

I think we had the demand already and just weren't sure that we could produce enough units to fulfill it. And like I said, on our supply chain, I'd say overall we're ahead on capacity creation; and I'm excited about that. We still have some work to do in those four areas that I mentioned in the prepared remarks.

我認為我們已經有需求了，只是不確定我們能否生產足夠的產品來滿足它。正如我所說的，就我們的供應鏈而言，我認為我們在產能創造方面總體處於領先地位；我對此感到興奮。我們在我準備好的演講中提到的四個領域還有一些工作要做。

That's helpful. And then quickly on the pipeline, obviously the 2027 revenue target includes the assumption of a less than 20% success rate of converting that pipeline. Seems low, but I don't have a lot of context there. Can you -- forgive me if you mentioned this already, but is there a bogey that you can provide for like, historically, we convert 50% of this or 10% of this? I don't even know if that's a fair question, but figured it was worth a stab.

這很有幫助。然後快速談到管道，顯然 2027 年的收入目標包括轉換該管道的成功率低於 20% 的假設。看起來很低，但我對此沒有太多了解。您能否——請原諒我，如果您已經提到了這一點，但是您是否可以提供一個標準，例如，從歷史上看，我們轉換了其中的 50％ 或 10％？我什至不知道這是否是一個公平的問題，但我認為值得一試。

It's absolutely worth a stab. I will not give you a target on what we convert our pipeline. But I will say this, Brian. I mean in all -- again, transparently, a bigger pipeline translates to more volume growth.

這絕對值得一試。我不會給你一個關於我們轉換管道的目標。但我要說的是，布萊恩。我的意思是，總的來說，更廣闊的管道意味著更大的產量成長。

In general, a bigger pipeline translates to more volume growth. And as I mentioned to one of the other questions, I would think of a bigger pipeline also providing us more confidence in our long-term revenue growth target of approximately 10%.

一般來說，更大的管道意味著更大的產量成長。正如我在另一個問題中提到的那樣，我認為更大的管道也能讓我們對約 10% 的長期收入成長目標更有信心。

(multiple speakers) Last question for me. One of your customers in the protein shake category talked about some inventory destocking. I'm just curious whether or to what extent that might have flowed through to you. And maybe just any broader commentary about your positioning within that protein shake space, which I know just amounts to, I believe, one line today, but any updated thoughts from there?

（多位發言者）這是我的最後一個問題。你們的一位蛋白奶昔客戶談到了一些庫存去庫存的問題。我只是好奇這是否或在多大程度上影響到了你。也許只是關於您在蛋白質奶昔領域的定位的任何更廣泛的評論，我知道這只相當於今天的一行，但是您對此有什麼更新的想法嗎？

We won't discuss any particular customer or the impact of any particular customer. I will tell you this. We're excited about the category. We still see consumption in the ready-to-drink protein shake category growing dramatically.

我們不會討論任何特定客戶或任何特定客戶的影響。我會告訴你這個。我們對這個類別感到很興奮。我們仍然看到即飲蛋白奶昔類別的消費量急劇增長。

We have an opportunity, I think, even though Midlothian is -- has some limitations in terms of its ultimate output, I still think we can eke out some more units that eventually we could sell. So, overall, we continue to be excited about the ready-to-drink protein shake category.

我認為，我們有機會，儘管米德洛錫安在最終產量方面存在一些限制，但我仍然認為我們可以生產更多最終可以出售的單位。因此，總體而言，我們繼續對即飲蛋白奶昔類別感到興奮。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

First off, Brian, if I see the detail on the gross margin bridge, very helpful. But I want to focus on the middle of the P&L. There was some nice leverage on OpEx in Q1. And I'm curious to what extent was that timing related? And if there are more ongoing factors in there, are there any notable callouts you have on SG&A, the benefits there, similar to what you laid out for gross margin?

首先，布萊恩，如果我看到毛利率橋的詳細信息，那將非常有幫助。但我想集中討論損益表的中間部分。第一季的營運支出有一些不錯的槓桿作用。我很好奇這跟時間有多大關係？如果其中還有更多持續的因素，您是否對銷售、一般和行政費用 (SG&A) 有任何值得注意的標註，那裡的好處與您為毛利率列出的類似？

Yeah, John. The decrease in SG&A, $3.1 million, that was basically all related to timing with stock compensation. So a couple of things. One is we had some forfeitures in Q1 and some employees left in Q1 2025.

是的，約翰。銷售、一般及行政費用減少 310 萬美元，基本上都與股票薪酬的時間表有關。有幾件事。一是我們在第一季有一些員工被沒收，有些員工在 2025 年第一季離職。

In addition, in Q1 2024, with the retirement of our prior CEO, there was certain vesting of certain awards that accelerated, which made the Q1 '24 number larger. So really, your delta is all stock comp. I wouldn't expect the number to be this low going forward, to go slightly higher as we wouldn't anticipate to have forfeitures. But that's really our driver year over year.

此外，2024 年第一季度，隨著我們前任執行長的退休，某些獎勵的歸屬加速，這使得 2024 年第一季的數字更大。所以實際上，您的 delta 全部都是股票補償。我預計未來這個數字不會這麼低，可能會略高一些，因為我們預計不會有沒收行為。但這確實是我們年復一年的推動力。

My second question is, can you speak a little bit more to the raw materials, the yield improvement that you're expecting in that forthcoming gross margin benefit? I guess, what does that entail? Are there any specific raw materials where you anticipate the greatest benefit and any, I guess, related costs to achieve that?

我的第二個問題是，您能否再多談談原材料以及您預期即將到來的毛利率收益中的產量提高？我想，這意味著什麼？您預計哪些特定原料能帶來最大的效益？為了實現這個目標，大概需要哪些相關成本？

John, it's a great question, and thanks for asking it. Look, I think you might be overthinking it. We're right now just using a little more product than we had planned based upon our standards.

約翰，這是一個很好的問題，謝謝你提出這個問題。聽著，我覺得你可能想太多了。我們現在使用的產品比我們根據標準計劃的多一點。

Now that comes from a couple of different reasons. Could be recipe compliance. So we've got training programs in place to try to ensure recipe compliance is in the same area. It might be ingredient substitutes that can help us get more productive, which is why I said sometimes raw product and raw material yield, we first have to test it out in the R&D center, make sure we've identified it, then we go to a pilot plant, then we roll it across the network.

這有幾個不同的原因。可能是符合食譜。因此，我們制定了培訓計劃，試圖確保食譜合規性在同一領域。它可能是可以幫助我們提高生產力的成分替代品，這就是為什麼我說有時原材料和原材料的產量，我們必須先在研發中心進行測試，確保我們已經識別它，然後我們去一個試驗工廠，然後我們將其推廣到整個網路。

So it could be compliance-related or recipe compliance-related. It could be raw product substitution. It could be the right mixture. It could be the right processing time for product.

因此它可能與合規性有關，或與配方合規性有關。這可能是原始產品的替代品。這可能是正確的混合物。這可能是產品的正確處理時間。

So it's a little bit of all those things. I wouldn't say there's one silver bullet in there that would solve all of this. We've made some progress, but that's an area where I'd say, look, if some initiatives we have are pacing faster than we expected, like capacity creation, the improvements we expected in raw product yields are probably pacing a little bit behind. So we need to catch up on that and do better.

所以這些都是有一點的。我不會說有一顆靈丹妙藥可以解決所有問題。我們已經取得了一些進展，但我想說，如果我們的一些舉措（例如產能創造）的進展速度比我們預期的要快，那麼我們預期的原材料產量提高可能會稍微落後一些。所以我們需要迎頭趕上並做得更好。

Daniel Biolsi, Hedgeye.

丹尼爾·比奧爾西（Daniel Biolsi），Hedgeye。

I know it's not a driver of your margins, but I'm just curious what your outlook is for the raw material costs and what level of pricing we should expect for the year.

我知道這不是您利潤率的驅動因素，但我只是好奇您對原材料成本的展望以及我們應該預期今年的定價水平。

Dan, you're just talking raw material in general? In tariff? Could you clarify your question?

丹，你只是在泛泛地談論原料嗎？在關稅方面？你能解釋一下你的問題嗎？

In general, just for the top line, between volume and price.

整體來說，只是成交量和價格之間的頂線。

Yeah, excluding tariff, I don't see a major increase or decrease this year. If you see in Q1 here, we had a giveback on price, which we're very transparent on. We had pass-through giveback, mainly oat-related in Q1, but it was less than 2%. I mean, it's probably fair to think of that similar type range, plus or minus, in each quarter for the rest of the year.

是的，除了關稅，我認為今年不會大幅成長或下降。如果你看到第一季的情況，我們會發現價格有所回落，這一點我們非常透明。我們在第一季進行了轉嫁回饋，主要與燕麥有關，但回饋率不到 2%。我的意思是，考慮今年剩餘時間每季的類似範圍（正負）可能是公平的。

Okay. So I was encouraged by the share repurchase authorization announcement. And when I think about when you adjust your plans for risk or probability for free cash flow, it seems difficult to me to have a better ROI on free cash flow than buying back stock below $5, for example. I'm wondering are you thinking about share purchases opportunistically? Or is it just after all those other factors that you're thinking about share repurchase?

好的。因此，股票回購授權公告令我感到鼓舞。當我考慮何時調整自由現金流的風險或機率計劃時，我發現，要獲得比例如低於 5 美元的價格回購股票更好的自由現金流投資回報率，似乎很困難。我想知道您是否正在考慮投機性地購買股票？或者只是在考慮了所有其他因素之後，您才考慮回購股票？

Yeah. We tried to be clear on this one. So our top priority is to delever, right? To delever to get under 2.5 times by the end of 2025. We don't envision needing growth CapEx in 2025. So we wanted to get this authorization in place if we're achieving that plan.

是的。我們試圖明確這一點。所以我們的首要任務是去槓桿，對嗎？到2025年底，去槓桿率要降到2.5倍以下。我們預期 2025 年不需要成長資本支出。因此，如果我們要實現該計劃，我們希望獲得這項授權。

If we're on track and we're ahead of that plan to delever, we think there's an opportunistic area here to allow us to go buy back some shares, and that's why we have that plan in place.

如果我們的計劃進展順利，並且領先於去槓桿計劃，我們認為這裡就有一個機會，可以讓我們回購一些股票，這就是我們制定該計劃的原因。

That's good habit.

這是個好習慣。

I think it's a great tool to have in our toolbox to continue trying to drive shareholder value, and that's the way we look at it.

我認為這是我們工具箱中一個很棒的工具，可以幫助我們繼續努力提高股東價值，我們就是這樣看待它的。

I will turn the call back over to Brian Kocher for closing remarks.

我將把電話轉回給 Brian Kocher 作結束語。

Thank you, Kate. Thanks to everyone who joined today for your questions, for supporting us. I'd really like to summarize just a couple of key things. If you only remember four things from the call today, please remember these four.

謝謝你，凱特。感謝今天提出問題並支持我們的所有人。我真的很想總結幾個關鍵的事情。如果您只記得今天通話中的四件事，請記住這四件事。

First, Q1 results beat expectations, and we raised guidance accordingly. Beyond 2025, the combination of sustained, multi-category growth and an accelerating sales pipeline gives us confidence in delivering our '25 revenue and long-term growth algorithm. So that's a key point to remember.

首先，第一季的業績超出預期，我們相應提高了預期。2025 年以後，持續的多類別成長和加速的銷售管道結合，使我們有信心實現 2025 年的收入和長期成長演算法。這是需要記住的關鍵點。

Secondly, we've made real progress on our operational priorities, particularly in unlocking trapped capacity. There is more progress to come. We identified and quantified supply chain projects for you, and those will drive significant and sustained improvement in gross margin throughout the balance of '25, into '26, and then continuing into '27 as well. Although the tariff situation is fluid, we have a plan in place to mitigate substantially all of the direct impact on SunOpta's financials and outlook.

其次，我們在營運重點方面取得了真正的進展，特別是在釋放受困產能方面。未來還會有更多進展。我們為您確定並量化了供應鏈項目，這些項目將推動毛利率在 25 年、26 年以及 27 年期間實現顯著且持續的改善。儘管關稅情況不穩定，但我們已製定計劃，以減輕對 SunOpta 財務和前景的所有直接影響。

And then finally, we have a disciplined capital allocation process in place. And our $25 million share repurchase authorization gives management another tool in the toolbox for the pursuit of shareholder value creation.

最後，我們建立了一套規範的資本配置流程。我們 2500 萬美元的股票回購授權為管理層追求股東價值創造提供了另一種工具。

Thank you for your time. Thanks for your questions. We look forward to updating you on our continued progress, and we'll talk to you soon. Thank you all.

感謝您抽出時間。感謝您的提問。我們期待向您通報我們的持續進展，並很快與您聯繫。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。