泰森食品 (TSN) 2022 Q1 法說會逐字稿

Good morning and welcome to the Tyson Foods First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Megan Britt, Vice President of Investor Relations. Please go ahead.

早上好，歡迎參加泰森食品 2022 年第一季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係副總裁梅根布里特。請繼續。

Hello and welcome to the First Quarter Fiscal 2022 Earnings Conference Call for Tyson Foods. Prepared remarks today will be provided by Donnie King, President and Chief Executive Officer; and Stewart Glendinning, EVP and Chief Financial Officer. Additionally, David Bray, Group President, Poultry; Noelle O’Mara, Group President, Prepared Foods; Shane Miller, Group President, Fresh Meats; and Chris Langholz, Group President, International, will join the live Q&A session. We have prepared presentation slides to supplement our remarks, and these are available on the Investor Relations section of the Tyson website and through the link to our webcast.

您好，歡迎參加泰森食品公司 2022 財年第一季度收益電話會議。今天準備好的講話將由總裁兼首席執行官 Donnie King 提供；以及執行副總裁兼首席財務官 Stewart Glendinning。此外，家禽集團總裁 David Bray； Noelle O'Mara，預製食品集團總裁； Shane Miller，鮮肉集團總裁；國際集團總裁 Chris Langholz 將參加現場問答環節。我們準備了演示幻燈片來補充我們的評論，這些幻燈片可在泰森網站的投資者關係部分以及通過我們的網絡廣播的鏈接獲得。

During this call, we'll make forward-looking statements regarding our expectations for the future. These statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on Slide 2 as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections.

在這次電話會議中，我們將就我們對未來的預期做出前瞻性陳述。這些陳述受風險、不確定性和假設的影響，可能導致實際結果與我們當前的預測存在重大差異。請參閱我們在幻燈片 2 上的前瞻性聲明免責聲明以及我們向美國證券交易委員會提交的文件，以獲取有關可能導致我們的實際結果與我們的預測存在重大差異的風險因素的更多信息。

Please note that references to earnings per share, operating income and operating margin in our remarks are on an adjusted basis unless otherwise noted. For reconciliations of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

請注意，除非另有說明，否則我們的評論中提及的每股收益、營業收入和營業利潤率是經過調整的。有關這些非公認會計原則措施與其相應公認會計原則措施的對賬，請參閱我們的收益新聞稿。

I'll now turn the call over to Donnie.

我現在把電話轉給唐尼。

Thank you, Megan, and thank you to everyone for joining us for the call today. Earlier today, we announced our first quarter fiscal 2022 results. Tyson Foods once again delivered strong financial results. I would like to start by thanking our team members for their dedication, Herculean efforts this quarter as we managed a complex and dynamic operating environment.

謝謝你，梅根，也感謝大家今天加入我們的電話。今天早些時候，我們公佈了 2022 財年第一季度的業績。泰森食品再次取得強勁的財務業績。首先，我要感謝我們的團隊成員在本季度為我們管理複雜而動態的運營環境所做的奉獻和艱鉅的努力。

At our Investor Day, I shared our plan to grow our top and bottom lines aggressively over the next 3 years. This meant EPS growth of high single digits relative to a 2019 baseline and volume growth ahead of the market. Our results this quarter put us firmly on that path. We achieved double-digit sales and earnings growth, both of which were driven by ongoing demand strength, productivity savings and improving execution across our segments. Our diverse protein portfolio, omnichannel capabilities, leading brands and value-added products contributed to our results.

在我們的投資者日，我分享了我們在未來 3 年積極增加收入和利潤的計劃。這意味著相對於 2019 年的基線和市場領先的銷量增長，每股收益增長了個位數。我們本季度的業績使我們堅定地走上了這條道路。我們實現了兩位數的銷售額和盈利增長，這兩者都是由持續的需求強度、生產力節省和我們各個部門的執行力提高所推動的。我們多樣化的蛋白質組合、全渠道能力、領先品牌和增值產品為我們的業績做出了貢獻。

Strong performance in our Beef segment, earlier-than-expected recovery in Prepared Foods and improvement in Chicken and Pork all supported strong earning results. Our retail core business lines, which include our iconic brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park, maintain their volume share position even as we work through price increases to address inflationary pressure. And our foodservice Focus 6 product lines grew share year-over-year in broadline distribution. This growth was driven in large part by value-added chicken, which outperformed industry recovery, and breakfast sausage where we were seeing improved fill rates. Importantly, and despite the continued impact of COVID-19, our volumes improved slightly across the company relative to the same quarter last year.

牛肉業務的強勁表現、預製食品早於預期的複蘇以及雞肉和豬肉的改善都支持了強勁的盈利結果。我們的零售核心業務線，包括我們的標誌性品牌 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park，在我們努力通過提價來應對通脹壓力的同時，仍保持其銷量份額地位。我們的餐飲服務 Focus 6 產品線在廣泛分銷中的份額同比增長。這種增長在很大程度上是由增值雞肉驅動的，它的表現優於行業復甦，以及我們看到填充率提高的早餐香腸。重要的是，儘管 COVID-19 的持續影響，我們整個公司的銷量與去年同期相比略有改善。

Chicken was a bright spot, where we saw our volumes improve 3.6%. While this is a good start, we are not where we want to be on volume. So we're taking actions segment by segment to improve our volume performance. These actions include investing in our team members, in additional capacity and in brands and product innovation.

雞肉是一個亮點，我們看到我們的銷量增長了 3.6%。雖然這是一個好的開始，但我們並沒有達到我們想要的音量。因此，我們正在逐段採取行動，以提高我們的銷量表現。這些行動包括投資於我們的團隊成員、增加能力以及品牌和產品創新。

As discussed at Investor Day, we are also in the process of building 12 new plants. Each of these is progressing, and each will enable Tyson to address capacity constraints and meet the growing global demand for protein. Bottom line, we're committed to improving our total company volumes during the year.

正如投資者日所討論的，我們還在建設 12 座新工廠。每一項都在取得進展，每一項都將使泰森能夠解決產能限制並滿足全球對蛋白質不斷增長的需求。最重要的是，我們致力於在這一年提高公司的總銷量。

We're also making sure that our pricing incorporates inflationary cost pressures on our business. In the quarter, our cost of goods sold was up 18% relative to the same period last year. We are seeing higher costs across our supply chain, including higher input costs, such as feed and ingredients. We're also managing higher cost of labor, transportation due to strong demand and limited availability. With these higher costs, we work closely with our customers to achieve a fair value for our products. As a result, our average sales price for the quarter increased 19.6% relative to the same period last year. This helped us capture some of the unrecovered costs due to the timing lag between inflation and price.

我們還確保我們的定價包含我們業務的通脹成本壓力。本季度，我們的商品銷售成本比去年同期增長了 18%。我們看到整個供應鏈的成本更高，包括更高的投入成本，例如飼料和配料。由於強勁的需求和有限的可用性，我們還管理著更高的勞動力和運輸成本。由於成本較高，我們與客戶密切合作，為我們的產品實現公允價值。因此，我們本季度的平均銷售價格較去年同期上漲了 19.6%。這有助於我們捕捉由於通貨膨脹和價格之間的時間滯後而導致的一些未收回成本。

Finally, our balance sheet and overall liquidity position are strong, providing optionality to pursue strategic growth priorities and invest in growth across our portfolio. We have a disciplined approach to deploying capital to support capacity expansion while achieving improved returns on invested capital. Our first quarter results clearly demonstrate that we are making progress on our growth objectives, that we remain focused on outpacing the overall market, improving operating margins and driving strong returns for our shareholders.

最後，我們的資產負債表和整體流動性狀況強勁，為追求戰略增長重點和投資於我們投資組合的增長提供了選擇權。我們有嚴格的方法來部署資本以支持產能擴張，同時提高投資資本的回報。我們的第一季度業績清楚地表明，我們在實現增長目標方面取得了進展，我們仍然專注於超越整體市場、提高營業利潤率並為股東帶來強勁回報。

While we're growing our business, we are mindful of our corporate responsibilities around environment, social and governance goals. For example, we committed to investing in and supporting our communities in rural America and around the world. Last year, Tyson Foods donated more than 16 million pounds of protein, the equivalent of 64 million meals, to fight hunger. We're incredibly proud of this work and the people that make it possible.

在我們發展業務的同時，我們牢記我們在環境、社會和治理目標方面的企業責任。例如，我們致力於投資和支持我們在美國農村和世界各地的社區。去年，泰森食品公司捐贈了超過 1600 萬磅的蛋白質，相當於 6400 萬份膳食，以對抗飢餓。我們為這項工作和使之成為可能的人們感到無比自豪。

Tyson is a great company with a great team doing great things, and I'm pleased that this was recognized just last week by Fortune magazine, who announced that for the sixth year in a row, Tyson Foods was #1 in our sector in their rankings of the world's most admired companies.

泰森是一家偉大的公司，擁有一支偉大的團隊做偉大的事情，我很高興上週《財富》雜誌承認了這一點，該雜誌宣布泰森食品連續第六年在我們的行業中排名第一世界上最受尊敬的公司排名。

Now let's look at a few financial highlights from the first quarter. Our results included double-digit top and bottom line growth. We delivered solid operating income performance, up 40% for the quarter. This performance was broad-based across segments where continued strong consumer demand and effective pricing to mitigate the impact of inflation drove higher earnings.

現在讓我們看一下第一季度的一些財務亮點。我們的結果包括兩位數的頂線和底線增長。我們實現了穩健的營業收入表現，本季度增長了 40%。這種表現在各個細分市場都有廣泛的基礎，持續強勁的消費者需求和有效定價以減輕通貨膨脹的影響推動了更高的收益。

On volume, we are up slightly. And while we're working to achieve optimal throughput across our segments, labor challenges are still impacting our volumes and the ability to achieve optimal mix across our network. Compared to prepandemic levels, our volume performance is outpacing our peer set. In retail, despite substantial market pressures, core business lines held share in the first quarter led by strong performance in lunch meat, hotdogs, snacking and bacon. We also realized strong e-commerce results with Tyson Foods outpacing total food and beverage growth in our core lines, gaining share in the quarter.

成交量方面，我們略有上漲。雖然我們正在努力在我們的細分市場中實現最佳吞吐量，但勞動力挑戰仍在影響我們的產量以及在我們的網絡中實現最佳組合的能力。與大流行前的水平相比，我們的銷量表現超過了同行。在零售方面，儘管市場壓力很大，但由於午餐肉、熱狗、零食和培根的強勁表現，核心業務線在第一季度佔據了份額。我們還實現了強勁的電子商務業績，泰森食品在我們的核心業務中超過了食品和飲料的總增長，在本季度獲得了份額。

Still, customer demand continues to outpace our ability to supply products. So we have targeted actions in each segment to improve volumes. This is key to delivering on our commitments. To realize our volume goals, we must be able to fully staff our plants across the company. We continue to take meaningful action toward becoming the most sought-after place to work.

儘管如此，客戶的需求仍然超過了我們提供產品的能力。因此，我們在每個細分市場都採取了有針對性的行動來提高銷量。這是兌現我們承諾的關鍵。為了實現我們的產量目標，我們必須能夠在整個公司的工廠配備齊全的人員。我們將繼續採取有意義的行動，努力成為最受歡迎的工作場所。

For example, we provided our hourly team members with more than $50 million in bonuses during the first quarter. We are piloting subsidized and on-site childcare, and we are adjusting schedules to flex with workforce needs. These actions are bearing fruit as we see some improvement on the labor front. And while we have seen some labor challenges during the Omicron surge, we are generally seeing lower turnover and absenteeism.

例如，我們在第一季度為我們的小時工團隊成員提供了超過 5000 萬美元的獎金。我們正在試行補貼和現場托兒服務，我們正在調整時間表以適應勞動力需求。這些行動正在結出碩果，因為我們看到勞工陣線有所改善。雖然我們在 Omicron 激增期間看到了一些勞動力挑戰，但我們普遍看到較低的流動率和缺勤率。

We saw Chicken volumes grow 3.6% in the quarter driven by strong fundamental demand and improved live production. What is important to note is that we grew ahead of the market and gained market share.

我們看到本季度雞肉銷量增長 3.6%，這主要得益於強勁的基本面需求和生鮮生產的改善。需要注意的是，我們領先於市場並獲得了市場份額。

In Prepared Foods, volumes were down 2.6% in the first quarter. About half of the decline was related to pet treats' divestiture. We expect to sequentially improve these results over the remainder of fiscal year '22 as we take actions to expand and improve capacity utilization.

在預製食品中，第一季度的銷量下降了 2.6%。大約一半的下降與寵物零食的剝離有關。隨著我們採取行動擴大和提高產能利用率，我們預計將在 22 財年的剩餘時間內逐步改善這些結果。

In Beef, volumes were down 6.2% driven by labor shortages previously mentioned. In addition, port congestion has also dipped in export volumes in the segment. We expect these headwinds on volume to normalize over the course of fiscal 2022.

在牛肉方面，由於前面提到的勞動力短缺，銷量下降了 6.2%。此外，港口擁堵也導致該領域的出口量下降。我們預計這些對銷量的不利影響將在 2022 財年正常化。

In Pork, we have sequentially improved our capacity utilization. We are still working to optimize the mix.

在豬肉方面，我們依次提高了產能利用率。我們仍在努力優化組合。

In International/Other, while we are starting from a relatively small base, our investment in capacity, innovation and brands are supporting our market share growth objective. Overall, we expect to grow our total company volumes by 2% to 3% in FY '22, outpacing protein consumption growth.

在國際/其他方面，雖然我們從相對較小的基礎開始，但我們在產能、創新和品牌方面的投資正在支持我們的市場份額增長目標。總體而言，我們預計 22 財年公司總銷量將增長 2% 至 3%，超過蛋白質消費增長。

Chicken remains a top priority, and we continue to execute against our road map to achieve an operating income margin of 5% to 7% on a run rate basis by mid-fiscal '22. I remain confident we will meet this goal. In the first quarter, we have started to see profitability improvement resulting from our actions. For example, we're investing aggressively in automation and technology to help us address some of the most hard to fill roles. This is not a series of projects but is a well-planned program with automation designed to use common designs and equipment across our plants to optimize cost, maintenance and asset utilization.

雞肉仍然是重中之重，我們將繼續執行我們的路線圖，以在 22 財年中期實現 5% 至 7% 的營業利潤率。我仍然相信我們將實現這一目標。在第一季度，我們已經開始看到我們的行動帶來了盈利能力的提高。例如，我們正在積極投資自動化和技術，以幫助我們解決一些最難填補的角色。這不是一系列項目，而是一個精心策劃的自動化計劃，旨在使用我們工廠的通用設計和設備來優化成本、維護和資產利用率。

The second imperative is to improve operational performance, and critical to improving performance is maximizing our fixed cost leverage, which means having enough birds to run our plants full. Since September, we have seen an improvement in our hatch rate ahead of our expectations. We continue to expect full recovery in this year. We were pleased with our volume growth in the quarter and expect further improvements as we grow our harvest capacity utilization from an average of 37 million head per week in FY '21 to 40 million head per week by year-end. We've noted previously that strength in spot prices for commodity chicken products put our buy versus grow program at a relative disadvantage. We have reduced our reliance on outside meat accordingly.

第二個當務之急是提高運營績效，而提高績效的關鍵是最大化我們的固定成本槓桿，這意味著有足夠的雞隻來讓我們的工廠滿負荷運轉。自 9 月以來，我們看到孵化率的提高超出了我們的預期。我們繼續預計今年將全面復甦。我們對本季度的產量增長感到滿意，並預計隨著我們將收穫產能利用率從 21 財年的平均每週 3700 萬頭增加到年底的每週 4000 萬頭，進一步改善。我們之前已經註意到，商品雞肉產品的現貨價格走強使我們的購買與種植計劃處於相對不利的地位。我們相應地減少了對外部肉類的依賴。

We will staff our plants, service our customers, grow our volumes and be the best in the business. The plan we have continues to be the right plan, and our commitment to winning with our team members, winning with our customers and consumers and winning with operational excellence is delivering results.

我們將為我們的工廠配備人員，為我們的客戶提供服務，增加我們的產量並成為行業中的佼佼者。我們的計劃仍然是正確的計劃，我們致力於與團隊成員共贏、與客戶和消費者共贏以及以卓越運營取勝的承諾正在取得成果。

Last year, we announced the launch of a new productivity program designed to drive a better, faster and more agile organization that is supported by a culture of continuous improvement and faster decision-making. The program aims to deliver $1 billion in recurring productivity savings by the end of fiscal '24 relative to a fiscal 2021 cost baseline and has 3 critical focus areas, which are operational and functional excellence, digital solutions and automation.

去年，我們宣布推出一項新的生產力計劃，旨在推動一個更好、更快、更敏捷的組織，該組織由持續改進和更快決策的文化支持。該計劃旨在相對於 2021 財年的成本基線，在 24 財年末實現 10 億美元的經常性生產力節省，並具有 3 個關鍵重點領域，即運營和功能卓越、數字解決方案和自動化。

We're making some good progress on this front. I spoke just a minute ago about our investments in automation, but we've also attacked other issues. In Prepared Foods, we're making use of supply chain digitization and advanced analytics. Our digital manufacturing platform allows us to analyze real-time data to take actions to optimize process conditions that drive better yields, lower costs, consistent quality and increased output.

我們在這方面取得了一些不錯的進展。一分鐘前我談到了我們在自動化方面的投資，但我們也談到了其他問題。在預製食品中，我們正在利用供應鏈數字化和高級分析。我們的數字製造平台使我們能夠分析實時數據以採取行動優化工藝條件，從而提高產量、降低成本、保持質量穩定並提高產量。

In transportation and logistics, we have established ongoing optimization of the mix and allocation of our private fleet, dedicated fleet and third-party fleet, mitigating inflationary pressures and supporting better on-time deliveries to our customers. In addition, we continued the expansion of our direct shipment program, reducing miles driven and product touches in our supply chain. As a result of projects like these, we're on track to deliver $300 million to $400 million of savings in fiscal 2022.

在運輸和物流方面，我們對私人車隊、專用車隊和第三方車隊的組合和分配進行了持續優化，以減輕通脹壓力並支持更好地按時向客戶交付。此外，我們繼續擴展我們的直運計劃，減少我們供應鏈中的里程驅動和產品接觸。由於這些項目，我們有望在 2022 財年節省 3 億至 4 億美元。

We shared at our Investor Day that we are taking actions to accelerate our growth and drive disciplined return on invested capital. The 5 imperatives on this slide show how we will achieve our commitments and drive value creation. This starts first with our commitment to our team members with a focus on ensuring their health, safety and well-being as well as ensuring an inclusive and equitable work environment.

我們在投資者日分享了我們正在採取行動加速我們的增長並推動有紀律的投資回報。這張幻燈片上的 5 條當務之急展示了我們將如何實現我們的承諾並推動價值創造。首先是我們對團隊成員的承諾，重點是確保他們的健康、安全和福祉，以及確保包容和公平的工作環境。

We are proud of our COVID-19 vaccine policy implemented last year in the U.S. and of the broader investments that we have made to keep our team members, their families and our communities safe. Because of our policy, our team members are better protected and the cases we do see have been mild or asymptomatic, resulting in an extremely low number of hospitalizations. We are strongly encouraging boosters and are hosting clinics to make it easier for our team members and their families to get boosted.

我們為去年在美國實施的 COVID-19 疫苗政策以及為確保我們的團隊成員、他們的家人和我們的社區安全而進行的更廣泛的投資感到自豪。由於我們的政策，我們的團隊成員得到了更好的保護，而且我們看到的病例都是輕度或無症狀的，因此住院人數極少。我們強烈鼓勵助推器，並正在舉辦診所，以使我們的團隊成員及其家人更容易獲得助推器。

Second, we are working to enhance our portfolio and capacity to better address demand. This includes increasing the contribution of branded and value-added sales. As a result, we expect our volume to outpace this growing market.

其次，我們正在努力增強我們的產品組合和能力，以更好地滿足需求。這包括增加品牌和增值銷售的貢獻。因此，我們預計我們的銷量將超過這個不斷增長的市場。

Third, we are aggressively restoring competitiveness in our Chicken segment. This starts by returning our operating margin to the 5% to 7% level by the middle of fiscal 2022.

第三，我們正在積極恢復雞肉領域的競爭力。首先是到 2022 財年中期將我們的營業利潤率恢復到 5% 到 7% 的水平。

Fourth, we're driving operational and functional excellence and investing in digital and automation initiatives. This is at the heart of our new productivity program. We're working diligently to drive out waste, minimize bureaucracy and enhance decision-making speed across the organization.

第四，我們正在推動運營和功能卓越，並投資於數字和自動化計劃。這是我們新的生產力計劃的核心。我們正在努力消除浪費，最大限度地減少官僚作風，並提高整個組織的決策速度。

Fifth, to address projected demand growth over the next decade, we are using our financial strength to invest in our business. On capital alone, we're expected to invest $2 billion in fiscal year '22 with a disproportionate share focused on new capacity and automation objectives. And we continue to return cash to shareholders. During the quarter, we returned over $500 million in dividends and share repurchases.

第五，為了應對未來十年的預計需求增長，我們正在利用我們的財務實力投資於我們的業務。僅在資本方面，我們預計將在 22 財年投資 20 億美元，其中不成比例的份額專注於新的產能和自動化目標。我們繼續向股東返還現金。在本季度，我們返還了超過 5 億美元的股息和股票回購。

To wrap it up, we are committed to winning with our team members, customers and consumers as well as winning with operational excellence. I'm more excited about the future of Tyson Foods with each passing day. And I will now turn the call over to Stewart to walk us through our financial results in detail.

總而言之，我們致力於與我們的團隊成員、客戶和消費者一起取勝，並以卓越的運營取勝。日復一日，我對泰森食品的未來感到更加興奮。我現在將把電話轉給斯圖爾特，詳細介紹我們的財務業績。

Thank you, Donnie. Let me turn first to a summary of our total company financial results. We're pleased to report a strong overall start to the year. Our sales were up approximately 24% in the first quarter, largely a function of our pricing initiatives to offset inflationary pressures. Volumes were also up slightly, although impacted by continued labor challenges.

謝謝你，唐尼。讓我先來總結一下我們公司的總體財務業績。我們很高興地報告今年整體開局強勁。我們的銷售額在第一季度增長了約 24%，這主要歸功於我們為抵消通脹壓力而採取的定價舉措。儘管受到持續的勞動力挑戰的影響，銷量也略有上升。

Looking at our sales results by channel, retail drove almost $350 million of top line improvements versus last year. Improvements in sales through the foodservice channel drove an increase of $1 billion, and our export sales were nearly $333 million stronger than the prior year period as we leveraged our global scale to grow our business.

按渠道查看我們的銷售業績，與去年相比，零售推動了近 3.5 億美元的收入增長。通過餐飲服務渠道銷售的改善推動了 10 億美元的增長，我們的出口銷售額比去年同期增長了近 3.33 億美元，因為我們利用我們的全球規模來發展我們的業務。

First quarter operating income of $1.4 billion was up 40% relative to the same quarter last year due to increased earnings in Beef, Pork and Chicken. Driven by the strength in operating income, first quarter earnings per share grew 48% to $2.87. Higher operating income led to higher adjusted earnings per share compared to the same period last year. And first quarter EPS also benefited from lower net interest expense and taxes.

由於牛肉、豬肉和雞肉的收益增加，第一季度營業收入為 14 億美元，較去年同期增長 40%。在營業收入強勁的推動下，第一季度每股收益增長 48% 至 2.87 美元。與去年同期相比，更高的營業收入導致更高的調整後每股收益。第一季度每股收益也受益於較低的淨利息費用和稅收。

Slide 10 bridges year-to-date operating income, which was $407 million higher than fiscal 2021. Volumes were up slightly during the year, primarily a result of improvement in Chicken, Pork and International/Other, offset by declines in Beef and Prepared Foods. Declines in Beef and Prepared Foods were largely due to continued labor challenges in those segments.

幻燈片 10 連接了年初至今的營業收入，比 2021 財年高出 4.07 億美元。這一年的營業收入略有上升，主要是由於雞肉、豬肉和國際/其他方面的改善，但被牛肉和預製食品的下降所抵消.牛肉和預製食品的下降主要是由於這些領域的持續勞動力挑戰。

Our pricing actions led to approximately $2.1 billion in sales and price/mix benefit during the quarter. which offset the higher cost of goods sold of $1.6 billion. We saw continued inflation across the business, in some instances, up 20% to 30%. Notable examples were labor, grain costs, live cattle and hog costs and freight costs. And finally, SG&A was $88 million unfavorable to the same period last year, which was largely a result of cycling a $55 million benefit recorded last year for the recovery of cattle.

我們的定價行動在本季度帶來了大約 21 億美元的銷售額和價格/組合收益。這抵消了 16 億美元的較高商品銷售成本。我們看到整個企業的持續通脹，在某些情況下，上升了 20% 到 30%。值得注意的例子是勞動力、穀物成本、活牛和生豬成本以及貨運成本。最後，SG&A 與去年同期相比是 8800 萬美元，這主要是由於去年記錄的用於恢復牛的 5500 萬美元的收益循環。

Moving to the Beef segment. Segment sales were more than $5 billion for the quarter, up 25% versus the same period last year. Sales growth was driven by continued strong demand for beef products, which has supported higher average sales price. Partially offsetting higher sales prices were higher cattle costs during the first quarter versus the comparable prior year period. We had sufficient livestock available in the quarter driven by strong front-end supplies. We have good visibility into cattle availability through fiscal year 2022 and continue to expect it will also be sufficient to support our customer needs.

轉到牛肉部分。本季度分部銷售額超過 50 億美元，比去年同期增長 25%。銷售增長是由對牛肉產品的持續強勁需求推動的，這支撐了更高的平均銷售價格。與去年同期相比，第一季度的牛成本較高，部分抵消了較高的銷售價格。在強勁的前端供應的推動下，我們在本季度有足夠的牲畜可用。我們對 2022 財年的牛供應量有很好的了解，並繼續期望它也足以支持我們的客戶需求。

We delivered segment operating income of $956 million, up 81% versus the prior comparable period. This improvement was driven by strong global demand for beef products and a higher cutout, which were partially offset by higher operating costs. Our operating margin of 19.1% was notably higher than the same quarter last year but was down on a sequential basis versus the last 2 quarters as cost increases led to a narrowing of the spread.

我們實現了 9.56 億美元的分部營業收入，與上一可比期間相比增長了 81%。這一改善是由全球對牛肉產品的強勁需求和較高的切口推動的，這部分被較高的運營成本所抵消。我們的營業利潤率為 19.1%，明顯高於去年同期，但由於成本增加導致價差收窄，與過去兩個季度相比環比下降。

Now let's move on to the Pork segment on Slide 12. Segment sales were over $1.6 billion for the quarter, up 13% versus the same period last year. Key sales drivers for the segment included higher average sales price due to strong demand and increased hog costs partially offset by a challenging labor environment. Average sales price increased 12.8%, and volumes were slightly higher relative to the same period last year. Segment operating income was $164 million for the quarter, up 41% versus the comparable period. Overall, operating margins for the segment improved to 10.1% for the quarter. The operating income improvement was driven by higher spreads in the business.

現在讓我們繼續討論幻燈片 12 中的豬肉部分。該季度的部分銷售額超過 16 億美元，比去年同期增長 13%。該部門的主要銷售驅動因素包括由於強勁的需求導致平均銷售價格上漲，以及生豬成本增加部分被充滿挑戰的勞動力環境所抵消。平均銷售價格上漲 12.8%，銷量比去年同期略高。本季度分部營業收入為 1.64 億美元，比可比期間增長 41%。總體而言，該部門的營業利潤率在本季度提高到 10.1%。營業收入的改善是由業務的較高利差推動的。

Moving now to Prepared Foods. Sales were $2.3 billion for the quarter, up 10% relative to the same period last year. Total volume was down in the quarter with strength in the retail channel and continued recovery in foodservice more than offset by labor and supply chain challenges. Sales growth outpaced volume growth driven by inflation-justified pricing. During the quarter, retail core business mines maintained share driven by consumer demand for our brands and continued strong execution by our team.

現在轉到預製食品。本季度銷售額為 23 億美元，比去年同期增長 10%。由於零售渠道的強勢和餐飲服務的持續復甦，本季度總銷量下降，但被勞動力和供應鏈挑戰所抵消。在通脹合理定價的推動下，銷售額增長超過了銷量增長。在本季度，零售核心業務礦山在消費者對我們品牌的需求和我們團隊的持續強勁執行力的推動下保持了份額。

Operating margins for the segment were 8% or $186 million for the first quarter. The decline in segment operating margins versus the same quarter last year was driven by significant increases in raw material and other input costs that we were not able to fully recover through price during the quarter. Raw material costs, logistics, ingredients, packaging and labor have increased our cost of production. Our pricing lagged inflation, but we expect to recover cost increases during fiscal 2022. In addition to pricing, we've executed productivity, revenue management and commercial spend optimization initiatives while ensuring the continued development of brand equity through marketing and trade support.

第一季度該部門的營業利潤率為 8% 或 1.86 億美元。與去年同期相比，部門營業利潤率下降的原因是原材料和其他投入成本的顯著增加，我們無法在本季度通過價格完全恢復。原材料成本、物流、配料、包裝和勞動力增加了我們的生產成本。我們的定價落後於通脹，但我們預計將在 2022 財年收回成本增長。除了定價之外，我們還執行了生產力、收入管理和商業支出優化計劃，同時通過營銷和貿易支持確保品牌資產的持續發展。

Moving into the Chicken segment's results. Sales were $3.9 billion for the quarter, up 37%. Volumes improved 3.6% in the quarter due to strong consumer demand and increased live production. Our teams have been focused on streamlining our plants to deliver higher volumes, and we expect to deliver substantial volume improvements in fiscal 2022 as hatch recovers and we continue to look for ways to operate our plant more efficiently.

進入雞肉部分的結果。本季度銷售額為 39 億美元，增長 37%。由於強勁的消費者需求和現場製作的增加，本季度的銷量增長了 3.6%。我們的團隊一直專注於精簡我們的工廠以提供更高的產量，隨著孵化的恢復，我們預計將在 2022 財年實現大幅提升產量，我們將繼續尋找更有效地運營我們工廠的方法。

Average sales price improved around 20% in the first quarter compared to the same period last year. This increase is due to favorable product mix and price recovery to offset cost inflation. On pricing, we made tremendous progress toward driving our pricing mechanisms toward more variable structures and are now seeing those benefits. We restructured our pricing strategies given our experience in fiscal 2021 to ensure that we have the flexibility to better respond to market and inflationary conditions.

與去年同期相比，第一季度的平均銷售價格提高了 20% 左右。這一增長是由於有利的產品組合和價格回升以抵消成本上漲。在定價方面，我們在推動定價機制向更多可變結構方面取得了巨大進展，現在看到了這些好處。鑑於我們在 2021 財年的經驗，我們重新調整了定價策略，以確保我們能夠靈活地更好地應對市場和通脹條件。

Chicken delivered adjusted operating income of $117 million in the first quarter of fiscal 2022, representing an operating margin of 3%. Operating income in the quarter was negatively impacted by $185 million of higher feed ingredient costs.

雞肉在 2022 財年第一季度實現了 1.17 億美元的調整後營業收入，營業利潤率為 3%。本季度的營業收入受到 1.85 億美元飼料原料成本上漲的負面影響。

Now turning to Slide 15. As part of our capital allocation approach, we focused on building financial strength, investing in our business and returning cash to shareholders. In pursuit of our priority to build financial strength and flexibility, we used improved earnings to retire debt in fiscal year 2021 and expect to do the same this year.

現在轉到幻燈片 15。作為我們資本配置方法的一部分，我們專注於建立財務實力、投資於我們的業務並將現金返還給股東。為了追求我們建立財務實力和靈活性的優先事項，我們在 2021 財年利用改善的收益來償還債務，並預計今年也會這樣做。

Continued strength in our earnings this quarter have further improved our leverage ratio to 1.1x net debt-to-adjusted EBITDA. Investing in our business for both organic and inorganic growth will continue to be an important priority and will help Tyson increase production capacity and market capabilities. This will support strong return generation for our shareholders.

本季度盈利的持續強勁進一步將我們的槓桿率提高至 1.1 倍淨債務與調整後 EBITDA 的比率。投資於我們的業務以實現有機和無機增長將繼續成為一個重要的優先事項，並將幫助泰森提高產能和市場能力。這將為我們的股東帶來強勁的回報。

Finally, as our track record has demonstrated, we are committed to returning cash to shareholders through both dividends and share buybacks. We finished the quarter with a powerful balance sheet and continued capital allocation optionality.

最後，正如我們的業績記錄所表明的那樣，我們致力於通過股息和股票回購向股東返還現金。我們以強大的資產負債表和持續的資本配置選擇權結束了本季度。

Let's now discuss the fiscal '22 financial outlook. We are maintaining our total company sales guidance of $49 billion to $51 billion, although we expect to perform at the upper end of the range. In support of our sales growth, we still expect a 2% to 3% volume growth on a year-over-year basis as we work to optimize our existing footprint and run our plants full.

現在讓我們討論一下 22 財年的財務前景。我們維持 490 億美元至 510 億美元的公司總銷售額指引，儘管我們預計將在該範圍的高端表現。為了支持我們的銷售增長，我們仍預計銷量將同比增長 2% 至 3%，因為我們正在努力優化我們現有的足跡並讓我們的工廠滿負荷運轉。

Looking at AOI margin target ranges for our segments. In Chicken, our operational turnaround is working, and we still expect to achieve a run rate profitability of 5% to 7% by the middle of the year. We expect full year margins that also fall between 5% to 7%.

查看我們細分市場的 AOI 利潤目標範圍。在雞肉方面，我們的運營轉型正在發揮作用，我們仍預計到今年年中將實現 5% 至 7% 的運行率盈利能力。我們預計全年利潤率也將下降 5% 至 7%。

Prepared Foods is expected to deliver margins during fiscal '22 of between 7% and 9%. Based on our first quarter performance, we now expect the full year margin performance in Prepared Foods to be at the upper end of the range.

預製食品預計將在 22 財年實現 7% 至 9% 的利潤率。根據我們第一季度的表現，我們現在預計預製食品的全年利潤率表現將處於該範圍的上限。

In Beef, we're maintaining our AOI margin at 9% to 11%, but we expect to perform at the upper end of the range. Also, we expect the front half of the year to be meaningfully stronger than the back half as industry and labor conditions are expected to normalize partway through the year.

在牛肉方面，我們將 AOI 利潤率維持在 9% 至 11% 之間，但我們預計將在該範圍的高端表現。此外，我們預計今年上半年將明顯強於下半年，因為行業和勞動力狀況預計將在今年中途恢復正常。

In Pork, we expect similar performance during fiscal '22 to what we accomplished during fiscal '21, equating to a margin of between 5% and 7%. As is normal seasonality for pork, we expect the first quarter to be the strongest. In International/Other, we expect margins of 2% to 3% as capacity expansions and strong global demand support volume growth and improved profitability.

在豬肉方面，我們預計 22 財年的業績與我們在 21 財年的表現相似，利潤率在 5% 到 7% 之間。與豬肉的正常季節性一樣，我們預計第一季度將是最強勁的。在國際/其他方面，由於產能擴張和強勁的全球需求支持銷量增長和盈利能力提高，我們預計利潤率為 2% 至 3%。

Consistent with our expectation for a meaningful increase in CapEx spending to pursue a healthy pipeline of projects with strong return profiles, we anticipate CapEx spending of approximately $2 billion during fiscal 2022. We now expect lower net interest expense due to lower anticipated average debt balances during the fiscal year. Our expectations for productivity savings and tax rate changes remain unchanged. Our net leverage is expected to remain well below 2x net debt-to-adjusted EBITDA, providing optionality for inorganic investment and additional return of cash to shareholders over the course of the year.

與我們對顯著增加資本支出以追求具有強勁回報的項目的健康管道的預期一致，我們預計 2022 財年資本支出將約為 20 億美元。我們現在預計，由於預期的平均債務餘額較低，淨利息支出將減少財政年度。我們對生產力節省和稅率變化的預期保持不變。我們的淨槓桿預計將遠低於 2 倍的淨債務與調整後 EBITDA 的比率，從而為無機投資提供選擇權，並在一年內向股東提供額外的現金回報。

In summary, we've had a strong start to the fiscal year. We have a great team, growing demand for our products, strong portfolio diversity and the differentiated asset footprint needed to win in the marketplace. We set out ambitious calls at our Investor Day, and we expect to achieve them. I'll now turn the call back over to Megan for Q&A instructions. Megan?

總而言之，我們在本財年有一個強勁的開端。我們擁有一支優秀的團隊、對我們產品的需求不斷增長、強大的投資組合多樣性以及在市場上獲勝所需的差異化資產足跡。我們在投資者日提出了雄心勃勃的呼籲，我們希望實現這些目標。我現在將電話轉回給梅根以獲取問答說明。梅根？

Thanks, Stewart. We'll now move to your questions. Please recall that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instruction.

謝謝，斯圖爾特。我們現在將轉到您的問題。請記住，我們對前瞻性陳述和非公認會計原則措施的警告適用於我們準備好的評論和以下問答。接線員，請提供問答說明。

(Operator Instructions) And our first question will come from Adam Samuelson of Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的亞當薩繆爾森。

So I guess my first question, just maybe taking the quarter and the kind of updated kind of view of fiscal '22 kind of broadly, can you help us frame kind of the areas where the margin expectations for the year have maybe incrementally inched up on a point estimate basis and some of the drivers? Is that really reflecting the strong fiscal first quarter? Is that a more constructive view of pricing and price/cost balance over the balance of the year? Just help us think about how your outlook has evolved relative to when you gave -- given initially in November.

所以我想我的第一個問題，也許只是考慮一下這個季度和對 22 財年的更新觀點，你能幫助我們確定今年的利潤率預期可能會逐漸上升的領域嗎？一個點估計的基礎和一些驅動因素？這真的反映了強勁的第一財季嗎？這是對今年餘下時間定價和價格/成本平衡的更具建設性的看法嗎？只是幫助我們想想你的觀點相對於你捐贈的時候是如何演變的——最初是在 11 月給出的。

Okay. Well, let me start off with -- tell you that we really got off to a good start in Q1. And there are a number of factors with Q1 and what we saw in Q1 and our optimism as we look to the balance of the year. We've adjusted a number of pricing mechanisms to be more variable in nature. We've seen price elasticities, for example, in Prepared Foods being less or lower than what they have historically been, which is exciting there. We've been able to maintain volume in this inflationary environment.

好的。好吧，讓我開始 - 告訴你我們在第一季度真的有一個良好的開端。第一季度以及我們在第一季度看到的情況以及我們對今年餘額的樂觀情緒有很多因素。我們已經調整了一些定價機制，使其在本質上更具可變性。例如，我們已經看到預製食品的價格彈性低於或低於歷史水平，這令人興奮。在這種通脹環境下，我們已經能夠保持成交量。

Inflation, as we see it, will continue -- is continuing to move up. We're really excited about our productivity program relative to the whole company. We're anticipating $300 million, $400 million, and we're on track through Q1 relative to that. Just doing what we do better and we talk about becoming a more agile, a faster decision-making organization. Essentially, that's all about process and being better, faster and making decisions at -- with greater speed at lower levels within the organization.

正如我們所見，通貨膨脹將繼續——繼續上升。我們對我們相對於整個公司的生產力計劃感到非常興奮。我們預計 3 億美元，4 億美元，相對於這一點，我們在第一季度處於正軌。只是做我們做得更好的事情，我們談論成為一個更敏捷、更快的決策組織。從本質上講，這一切都與流程和更好、更快以及在組織內的較低級別以更快的速度做出決策有關。

But because of our vaccination position, we've now moved past the surge of the Omicron spike, as we call it, which occurred predominantly in the first 3 weeks of January, and we're back to normal levels. We think our vaccine mandate served us well, and making that commitment and really making our team members' health and safety and their families and communities our highest priority has served us through the new variant.

但是由於我們的疫苗接種位置，我們現在已經擺脫了我們所說的 Omicron 峰值的激增，這主要發生在 1 月的前 3 週，我們回到了正常水平。我們認為我們的疫苗任務對我們很有幫助，做出這一承諾並真正將我們團隊成員的健康和安全以及他們的家人和社區作為我們的首要任務，通過新變種為我們服務。

We've seen better absenteeism and turnover throughout the organization. We think labor will be much greater in the balance of the year. And we certainly have capacities coming online with head and harvest and Chicken and further processing capabilities, value-added capabilities in prepared and Chicken. And we've got labor going back into beef and pork plants, and we'll be able to improve those mixes as well as increase the harvest capacity.

我們在整個組織中看到了更好的缺勤率和人員流動率。我們認為今年餘下時間的勞動力將會更多。我們當然有能力上線，包括頭部和收穫、雞肉以及深加工能力、準備好的雞肉和雞肉的增值能力。我們已經將勞動力重新投入到牛肉和豬肉工廠，我們將能夠改善這些混合物並提高收穫能力。

All right. All right. That color is really helpful. And I guess just a quick follow-up. On capital allocation, you stepped up the buyback in the fiscal first quarter. It was something that was notably absent from the kind of multiyear view at the Analyst Day in December. And I was wondering if you could just help us think, Stewart, maybe just cadence on buybacks going forward. Should we think about it being more ratable, more opportunistic? Just certainly have the balance sheet capacity to make it more ratable, but I'm just trying to think about how to bring that expectation going forward.

好的。好的。這個顏色真的很有幫助。我想只是一個快速的跟進。在資本配置方面，您在第一財季加大了回購力度。在 12 月的分析師日，這種多年觀點明顯缺乏這一點。我想知道你是否可以幫助我們思考，斯圖爾特，也許只是未來回購的節奏。我們是否應該認為它更受歡迎，更投機取巧？只是肯定有資產負債表能力使其更受好評，但我只是想考慮如何推動這種期望向前發展。

Yes. Look, thanks for that, Adam. If you go back to Investor Day, we were really focused on being able to point to the strong growth story that sits in front of our Tyson future. And part of that was a pretty significant allocation of increased capital to CapEx spending and various capacity expansion. So it was intentional to leave stock buyback to the end, but stock buybacks have been part of Tyson's history, and they will be in the future. The one thing we've said is that we do look each year to try to buy back the dilution. And after that, it will be more opportunistic. But growth is a focus for our company.

是的。看，謝謝你，亞當。如果你回到投資者日，我們真的專注於能夠指出泰森未來的強勁增長故事。其中一部分是將增加的資本大量分配給資本支出和各種產能擴張。因此，有意將股票回購留到最後，但股票回購已經成為泰森歷史的一部分，而且將來也會如此。我們說過的一件事是，我們確實每年都在嘗試回購稀釋的股票。在那之後，它會更加投機取巧。但增長是我們公司的重點。

The next question comes from Peter Galbo of Bank of America.

下一個問題來自美國銀行的 Peter Galbo。

I guess first question for Donnie, and I believe David is on the line as well. Donnie, you've spoken in the past, and it's been helpful just on how buy versus grow gets put at a disadvantage, particularly when spot prices move. You've made some strides to lower kind of outside meat purchases here on a sequential basis. But just in the month of January, with where spot prices kind of moved, how should we think about that impact on Chicken and on the overall turnaround maybe just in the short term here?

我猜是唐尼的第一個問題，我相信大衛也在線。唐尼，你過去曾說過，它有助於說明購買與增長如何被置於不利地位，尤其是在現貨價格變動時。你已經取得了一些進步，逐步減少了這裡的外部肉類購買量。但是就在 1 月份，隨著現貨價格的波動，我們應該如何考慮這種影響對雞肉和整體轉變的影響，也許只是在短期內？

Okay. Peter, I'll tell you -- I'll start, and then I will let David make a few comments. But over the last year or so, we've been -- the recovery for our Chicken business has been a priority. Specifically, as it relates to buy versus grow, the fact of the matter is we became too dependent on the buy portion of the model. And we forgot to grow chickens, which hurt us from a capacity utilization perspective, and those additional pounds flowing through our business really impacted our fixed cost leverage. So we tilted too far on the buy portion of this.

好的。彼得，我會告訴你——我會開始，然後讓大衛發表一些意見。但在過去一年左右的時間裡，我們的雞肉業務的複蘇一直是當務之急。具體來說，由於它與購買與增長有關，事實是我們變得過於依賴模型的購買部分。而且我們忘記了養雞，從產能利用率的角度來看，這對我們造成了傷害，而流經我們業務的額外磅數確實影響了我們的固定成本槓桿。所以我們在這部分的購買部分上傾斜得太遠了。

And over the last year, as we have been building the breeding stock and getting past the hatch issue that we talked about so much last year, we're now in a better position to get more head through our processing and harvest facilities and -- which will give us more breast meat at a much more attractive price point versus the buy in the marketplace right now. We have not totally abandoned the buy portion and do not anticipate totally abandoning that, but there's a smaller percentage of our overall needs that we will go to the market to secure. But we're on plan with what we intended to do. And with that, David, why don't you add a little...

在過去的一年中，由於我們一直在建立種畜並解決了我們去年談論的孵化問題，我們現在處於更好的位置，可以通過我們的加工和收穫設施獲得更多的頭，並且 -與現在在市場上購買相比，這將以更具吸引力的價格為我們提供更多的胸肉。我們並沒有完全放棄購買部分，也不預計會完全放棄，但我們將通過市場來確保我們整體需求的一小部分。但我們正在計劃我們打算做的事情。有了這個，大衛，你為什麼不加一點……

Yes. I think, Peter -- and again, thank you for the question. I think one way to also look at this is we will buy outside meat to the extent that it's the right financial decision. From our standpoint, we will continue to manage against what is right as whether buy versus grow. But generally, outside meat purchases are going to be used to supplement what we're doing when it's the right financial decision. And as what Donnie -- as Donnie stated, volume is critical. It's one of the big levers of what we are going to accomplish in FY '22, to grow the animals ourselves and to process it, and that will make us much more efficient.

是的。我想，彼得——再次感謝你的提問。我認為一種看待這一點的方法是，我們將購買外部肉類，只要這是正確的財務決定。從我們的角度來看，我們將繼續管理購買與增長之間的正確選擇。但一般來說，當財務決策正確時，外部肉類採購將用於補充我們正在做的事情。正如唐尼所說——正如唐尼所說，數量至關重要。這是我們將在 22 財年完成的工作的重要槓桿之一，即自己種植和加工動物，這將使我們更有效率。

Got it. Okay. And Donnie, in both your comments, prepared remarks, and Stewart, you both commented on restructuring the pricing strategy to be more variable in nature, particularly in Chicken. I'm just curious, what percentage of that business now is tied to more of the spot market versus kind of where you had been historically? I think that would be just helpful for us as we think about how to think about the new business going forward.

知道了。好的。 Donnie，在您的評論、準備好的評論和 Stewart 中，你們都評論了重組定價策略以使其在本質上更具可變性，特別是在雞肉方面。我只是好奇，現在該業務中有多少百分比與更多的現貨市場相關，而不是您歷史上的那種？我認為這對我們有幫助，因為我們考慮如何考慮未來的新業務。

Yes. So I would tell you, within Chicken specifically, I would tell you, we have restructured our pricing approach, and that's really in large part, thanks to our commercial organization as well as the great customer relationships that we have across both our retail and foodservice networks. I would tell you today, we are significantly more variable pricing versus fixed. And again, we're not even utilizing fixed within our conversations. Every contractor program that we have is either tied to grain, tied to market value, and we will continue to use that. Pricing was up significantly in Chicken in the Q1 time frame, up over 20%, and a large part of that was because of the variable programs that we put in place.

是的。所以我會告訴你，特別是在雞肉內部，我會告訴你，我們已經重組了我們的定價方法，這在很大程度上要歸功於我們的商業組織以及我們在零售和餐飲服務中擁有的良好客戶關係網絡。我今天要告訴你，我們的可變定價比固定定價要多得多。再一次，我們甚至沒有在我們的對話中使用固定。我們擁有的每個承包商計劃要么與糧食掛鉤，要么與市場價值掛鉤，我們將繼續使用它。在第一季度，Chicken 的價格大幅上漲，漲幅超過 20%，其中很大一部分是因為我們實施了可變計劃。

The next question comes from Ken Goldman of JPMorgan.

下一個問題來自摩根大通的 Ken Goldman。

I wanted to ask, it's obviously extremely early and this could lead to nothing, but there have been a couple of cases of avian influenza, obviously not in the poultry industry. I'm just curious, are you seeing anything? Are you doing anything on your part to take extra precautions against this? I think you're probably one of the most up-to-speed companies in the world in terms of already taking those precautions. So maybe you're already there. I'm just trying to get a sense of what you see the industry doing and if there's been a lot of changes since the last time bird flu came around.

我想問一下，這顯然是非常早的，這可能不會導致任何結果，但是已經有幾例禽流感病例，顯然不是在家禽業。我只是好奇，你看到什麼了嗎？您是否正在採取任何措施來對此採取額外的預防措施？我認為就已經採取這些預防措施而言，您可能是世界上最先進的公司之一。所以也許你已經在那裡了。我只是想了解你看到這個行業在做什麼，以及自上次禽流感出現以來是否發生了很多變化。

Yes. Absolutely. Thank you. And yes, the USDA has reported that this high path variant has only been found in the wild bird population. And it's really been within the East Coast of the United States. I would tell you that more specifically to what Tyson is doing versus what the industry doing is, but we have a very robust biosecurity measures in place across all of our facilities, and that includes testing every flock for avian influenza.

是的。絕對地。謝謝你。是的，美國農業部報告說，這種高路徑變異只在野生鳥類種群中發現。它真的在美國東海岸。我會告訴你，更具體地說，泰森正在做什麼與行業正在做什麼，但我們在所有設施中都採取了非常強大的生物安全措施，其中包括對每隻雞群進行禽流感檢測。

In addition, at Tyson, we have heightened our biosecurity measures in all of our facilities on the East Coast. Some of those things that we've done are we're reducing number of trips that we're taking to farms. We're actually taking extra time in doing more cleaning of our vehicles that do go to the farms, but we are ahead of this and have been watching it very closely.

此外，在泰森，我們在東海岸的所有設施中都加強了生物安全措施。我們所做的其中一些事情是我們減少了前往農場的次數。實際上，我們需要額外的時間來清潔去農場的車輛，但我們走在了前面，並且一直在密切關注它。

I would add to this that we are -- we have -- in our biosecurity programs, we have green, which is just normal business; yellow, orange and red, which are progressive. On the East Coast, as David mentioned, we are in the orange category at this point. So a lot of attention and a lot of watching. I saw the case over the weekend in Florida, which I think now is 5 states, which we have seen avian influenza.

我要補充一點，我們是——我們有——在我們的生物安全計劃中，我們有綠色，這只是正常的業務；黃色、橙色和紅色，它們是漸進的。正如大衛所說，在東海岸，我們目前處於橙色類別。所以很多關注和觀看。我周末在佛羅里達州看到了這個案例，我認為現在是 5 個州，我們已經看到了禽流感。

Okay. That is helpful. And then I wanted to also ask, you had -- you obviously still have a plant-based alternative business -- not obviously the biggest part of your business at this point. But it was a little bit of an initiative for you a couple of years ago and still mentioned from time to time. We've heard some of your competitors and peers out there talk about how demand has slowed for that part of the business. I'm just curious what your take is on the industry in general. How much of -- has your optimism waned at all for that? Just want to get a sense for how you see that current balance between animal-based and alternative-based meat.

好的。這很有幫助。然後我還想問，你有 - 你顯然仍然有一個基於植物的替代業務 - 在這一點上顯然不是你業務的最大部分。但這對你來說是幾年前的一個倡議，現在仍然不時被提及。我們已經聽到您的一些競爭對手和同行談論這部分業務的需求是如何放緩的。我只是好奇你對整個行業的看法。你的樂觀情緒有多少減弱了？只是想了解一下您如何看待動物肉和替代肉之間的當前平衡。

Sure. Well, I mean, we're still in the plant-based protein business. We still like it. Consumer demand continues to be good. We've seen a lot more growth on the -- domestically in foodservice than retail of late. But across retail and foodservice, we continue to see growth. Now that's off a very small base, as you might imagine. But we're continuing to see growth. But for us, with our presence outside the United States, in Europe and China and also in Southeast Asia, we also have plant-based products in those markets that are doing really, really well also.

當然。好吧，我的意思是，我們仍然從事植物蛋白業務。我們還是喜歡它。消費需求持續向好。最近，我們在國內的餐飲服務領域看到了比零售更多的增長。但在零售和餐飲服務領域，我們繼續看到增長。正如您可能想像的那樣，現在這是一個非常小的基礎。但我們繼續看到增長。但對我們來說，由於我們在美國以外、歐洲和中國以及東南亞的存在，我們在這些市場也有植物基產品，這些市場也做得非常非常好。

So we're still excited about the plant-based business and when consumers prefer that, we want to have the opportunity to be able to provide that for them and are currently and are growing. And let me ask Noelle if there's anything she'd like to add to that.

因此，我們仍然對以植物為基礎的業務感到興奮，當消費者更喜歡這種業務時，我們希望有機會能夠為他們提供這種業務，並且目前正在增長。讓我問諾艾爾是否有什麼她想補充的。

Sure. Just as a build, we want to be leaders across all the proteins that consumers seek. And we know that consumer interest and adoption is growing in this space. And we'll continue to be guided by the consumer needs and the opportunities. And you see the Raised & Rooted products that we've launched domestically. We continue to have opportunities internationally, and we'll continue to ensure that we are participating with consumer interest and adoption growth.

當然。作為一個構建，我們希望成為消費者尋求的所有蛋白質的領導者。我們知道，消費者對這一領域的興趣和採用率正在增長。我們將繼續以消費者的需求和機會為導向。你看到我們在國內推出的Raised & Rooted產品。我們繼續在國際上擁有機會，我們將繼續確保我們參與消費者興趣和採用增長。

The next question comes from Ben Theurer of Barclays.

下一個問題來自巴克萊銀行的 Ben Theurer。

This is Antonio Hernandez on behalf of Ben Theurer. My question is regarding Prepared Foods, and you basically performed in line with guidance during this last quarter but it remains the long-term target of 10% to 12%. How do you see the potential in Prepared Foods to -- further passing pricing to recover margins within this year and also next fiscal year?

我是代表 Ben Theurer 的 Antonio Hernandez。我的問題是關於預製食品的，你在上個季度的表現基本符合指導方針，但它仍然是 10% 到 12% 的長期目標。您如何看待預製食品的潛力——進一步通過定價以在今年和下一財年恢復利潤率？

I can give you a bit of context to what we're currently seeing. So demand continues to be strong across both retail and foodservice driven by our strong equities in our diverse portfolio. And as you said, we're pleased with the market performance that we're seeing despite the price increases, which is really due to the strength of our brands and the strong partnership and relationships that we've built with our customers.

我可以為您提供一些關於我們目前所看到的內容的背景信息。因此，在我們多元化投資組合中強勁的股票推動下，零售和餐飲服務的需求繼續強勁。正如您所說，儘管價格上漲，但我們對我們看到的市場表現感到滿意，這實際上是由於我們的品牌實力以及我們與客戶建立的強大夥伴關係和關係。

Elasticity has been less than the historical models that Donnie has mentioned, but it's clearly something that we're watching closely. And so we're constantly reviewing our pricing and revenue management strategies as the landscape changes while continuing to take thoughtful approaches on those critical levers.

彈性一直低於唐尼提到的歷史模型，但顯然我們正在密切關注。因此，隨著形勢的變化，我們不斷審查我們的定價和收入管理策略，同時繼續對這些關鍵槓桿採取深思熟慮的方法。

As you also heard in the comments, we're taking significant actions to transform our cost base, and we're creating good momentum there. And so on the year, we continue to feel good about the 7% to 9% range that we've given, and we believe we have the right building blocks in place on our path to deliver sustainable double-digit margin.

正如您在評論中所聽到的那樣，我們正在採取重大行動來改變我們的成本基礎，並且我們正在創造良好的勢頭。在這一年中，我們繼續對我們給出的 7% 到 9% 的範圍感到滿意，我們相信我們在實現可持續兩位數利潤率的道路上擁有正確的基石。

The next question comes from Ken Zaslow of Bank of Montreal.

下一個問題來自蒙特利爾銀行的 Ken Zaslow。

Just 2 questions. One is automation. Can you talk about the progress and what anecdotal evidence you've seen? How much has been actually done? And is it changing your yields? Just some framework to the automation story would be helpful.

就2個問題。一是自動化。你能談談進展以及你看到的軼事證據嗎？實際做了多少？它會改變你的產量嗎？只是自動化故事的一些框架會有所幫助。

Well, automation is -- I've talked about it in a great deal in our productivity program. I talked about at Investor Day that we anticipate over the next 3 years that, that would be worth about $450 million to us. So we're spending significant amounts of capital on that. Stewart talked about in his opening remarks about the $2 billion of CapEx for capacity. But a great deal of the money is being spent -- is on automation and technology that we are deploying.

好吧，自動化是——我已經在我們的生產力計劃中大量討論過它。我在投資者日談到，我們預計未來 3 年這對我們來說價值約 4.5 億美元。因此，我們為此投入了大量資金。斯圖爾特在開場白中談到了 20 億美元的產能資本支出。但是大部分資金都花在了我們正在部署的自動化和技術上。

I would tell you, in our Q1, we are on track. We had a number of different projects, and we've moved from a -- have really moved from a project to project to more of a programmatic approach where we attack common things across our production footprint, for example, could be deboning across all chicken, could be like palletizing, for example, and automation that's available there across the entire enterprise, material handling-type things, but all of these are in terms of priority or the more difficult, harder to staff jobs.

我會告訴你，在我們的第一季度，我們正在走上正軌。我們有許多不同的項目，我們已經從一個——真正從一個項目轉移到另一個項目，轉變為更多的程序化方法，在這種方法中，我們在整個生產足跡中攻擊常見事物，例如，可能對所有雞進行剔骨，例如，可能像碼垛，以及整個企業都可以使用的自動化，材料處理類型的東西，但所有這些都是優先級或更難，更難為員工配備的工作。

And so I would tell you, in short, we are on track. We will deliver $300 million to $400 million in productivity savings, and some of that is coming from the automation piece. To the best of my knowledge, we've not disclosed how much is coming from each sector, but we're moving as quickly as humanly possible, as quickly as the supply chain will allow us to get new pieces of equipment and so forth.

所以我要告訴你，簡而言之，我們正在走上正軌。我們將節省 3 億到 4 億美元的生產力，其中一些來自自動化部分。據我所知，我們還沒有透露每個部門有多少，但我們正在盡可能快地採取行動，盡可能快地讓供應鏈讓我們獲得新的設備等等。

Great. My second question is on hatchability. We haven't really seen it in the data -- on the public data, but you're saying that you're moving faster than you've expected on the hatchability. Can you talk about what you're actually seeing in your operation and when do you think it will actually translate to the numbers in the publicly available data? And just kind of give us a little bit of what you've actually done to move that hatchability up to where you are actually ahead of schedule. And I (inaudible).

偉大的。我的第二個問題是關於孵化率的。我們還沒有真正在數據中看到它 - 在公共數據中，但你說你的移動速度比你對孵化率的預期要快。您能談談您在運營中實際看到的情況嗎？您認為它何時會真正轉化為公開數據中的數字？只是給我們一點你實際所做的工作，以將孵化率提升到你實際上提前的位置。而我（聽不清）。

Absolutely, Ken. Thank you. I think first and foremost, we do need to say that we are ahead of what we had expected from a Q1 standpoint related to our overall hatch. I will also share with you that -- and again, this is everything specific to Tyson and I really -- I won't speak to and cannot speak to what's happening within the industry. Understand we entered FY '22 with a growth mindset, and we really demonstrated that within Q1 where we grew our volumes 3.6%. As we enter '21, I can tell you, we are up in egg sets. We are up in both chicks placed as well as overall breeder production. Our plan is to continue to grow like we did for the -- in Q1 for the balance of '22. Our hatch is a critical component to that.

當然，肯。謝謝你。我認為首先，我們確實需要說，從與我們的整體孵化相關的第一季度的角度來看，我們領先於我們的預期。我還將與您分享——再一次，這是泰森和我真正特有的一切——我不會談論也不能談論行業內正在發生的事情。了解我們以成長心態進入 22 財年，我們確實證明了在第一季度我們的銷量增長了 3.6%。當我們進入 21 年時，我可以告訴你，我們已經準備好了。我們的雛雞和整體種雞產量都在上升。我們的計劃是像我們在第一季度所做的那樣，在 22 年的餘額中繼續增長。我們的艙口是其中的關鍵組成部分。

I would add this piece of context to that, Ken, that in '22, we have this -- we've -- where we intersect in publicly benchmark data. We have crossed that line with competitors, the industry at large with our hatch.

Ken，我會在 22 年將這一背景添加到這一點上，我們有這個 - 我們已經 - 我們在公共基準數據中相交的地方。我們已經與競爭對手跨越了這條線，我們孵化了整個行業。

The next question comes from Ben Bienvenu of Stephens.

下一個問題來自 Stephens 的 Ben Bienvenu。

So I want to ask, in your presentation that you issued concurrent with the results this morning, you noted on the Pork business that there's a continued opportunity around mix. I'd hope that you could elaborate a little bit on that.

所以我想問一下，在您今天早上與結果同時發布的演示文稿中，您在豬肉業務中指出，圍繞混合存在持續的機會。我希望你能詳細說明一下。

And then also to the extent that you think about that as a component of your Chicken business, I know repricing contracts, hatchability and plant productivity are all kind of the highlight items associated with improving that business. Where does mix stand in the opportunity to margin up the Chicken business?

然後，如果您將其視為雞肉業務的組成部分，我知道重新定價合同、孵化率和工廠生產力都是與改善該業務相關的重點項目。混合在雞肉業務中獲利的機會在哪裡？

Okay. Let me start broadly, and then I will let Shane speak a few details around Pork, and there are similarities with that. But for example, in the Pork business -- labor availability in Pork and Chicken has been the single biggest challenge that we've had over the last 2 years in the pandemic. Capacity utilization has been better in Pork than it has been in Chicken. Labor and capacity utilization is continuing. It has been good in Pork and continues to get better.

好的。讓我從廣義上開始，然後我將讓 Shane 談談 Pork 的一些細節，這有相似之處。但例如，在豬肉業務中——豬肉和雞肉的勞動力供應一直是我們在過去 2 年大流行中面臨的最大挑戰。豬肉的產能利用率比雞肉要好。勞動力和產能利用率仍在繼續。豬肉一直很好，並且繼續變得更好。

The thing that has hurt us to some degree on both Pork and Chicken is mix or capturing some things like (inaudible) harvest in chicken or pause or similar specialty products in pork. We've just not been able to fully optimize that. For example, in pork, maybe the inability to debone a ham versus selling a whole ham. And those are the type of things. But as we enter '22 in both businesses, we're in a much better position in terms of labor improving, and we still have some ways to go, but we see improving mix and capacity utilization across all businesses. And I'll let Shane speak to -- maybe give a few more things in Pork.

在豬肉和雞肉上對我們造成一定程度傷害的事情是混合或捕捉一些東西，比如（聽不清）雞肉中的收穫或豬肉中的暫停或類似的特色產品。我們只是無法完全優化它。例如，在豬肉中，可能無法將火腿去骨而不是出售整條火腿。這些就是事物的類型。但隨著我們在這兩個業務中進入 22 年，我們在勞動力改善方面處於更好的位置，我們還有一些路要走，但我們看到所有業務的組合和產能利用率都有所改善。我會讓 Shane 說話——也許再給一些 Pork 的東西。

Yes. Thanks, Donnie, and you hit on most of it there. But I think the other thing to add to this, too, is as we think globally here, Tyson is a global company, and we're servicing a lot of companies and countries across the globe. And the key is -- to this is being able to balance that with our domestic business and looking at what we have from a throughput and a labor perspective. So labor has been a challenge. We're getting the animals through the facility, but it's the further processing we're doing on the back end of the plant that's been a bit of a challenge. So staying focused on optimizing our labor usage and maximizing throughput and contribution when we look at it on a labor per man-hour basis has been the key.

是的。謝謝，唐尼，你在那裡找到了大部分內容。但我認為還有一點要補充的是，正如我們在全球範圍內的看法一樣，泰森是一家全球性公司，我們為全球許多公司和國家提供服務。關鍵是 - 能夠平衡我們的國內業務，並從吞吐量和勞動力的角度看待我們擁有的東西。因此，勞動力一直是一個挑戰。我們正在讓動物通過設施，但我們在工廠後端進行的進一步處理有點挑戰。因此，當我們以每工時的勞動力來看待它時，保持專注於優化我們的勞動力使用和最大化吞吐量和貢獻一直是關鍵。

Okay. That's great. And then my second question is related to export demand. You called out in the presentation as well around Beef that port congestion and labor shortages impacted the business. Export demand has been exceptionally strong for Beef in particular. I'm curious, your outlook for this year for continued export demand.

好的。那太棒了。然後我的第二個問題與出口需求有關。你在演講中也提到了關於牛肉的港口擁堵和勞動力短缺影響了業務。特別是牛肉的出口需求異常強勁。我很好奇，您對今年持續出口需求的展望。

And then for Chicken, I know that there's a mix challenge that perhaps weighed on leg quarters domestically. But with this very strong crude backdrop, I would think that would also benefit export demand for domestic leg quarters. So can you talk a little bit about exports and your outlook for that across all the businesses for the balance of the year?

然後對於雞，我知道有一個混合挑戰可能會影響國內的腿圍。但在這種非常強勁的原油背景下，我認為這也將有利於國內腿季度的出口需求。那麼你能談談出口以及你對今年餘下所有業務的出口前景嗎？

Yes. So I'll take the Beef question. So the U.S. is a leader in global beef production, and it's centered around our superior taste and quality. And the producers that we're partnering with in this country are doing a phenomenal job of bringing quality to the marketplace. So global consumers are increasingly preferring U.S.-produced beef, and we're seeing stronger global demand as a result of that.

是的。所以我會回答牛肉的問題。所以美國是全球牛肉生產的領導者，它以我們卓越的口味和質量為中心。我們在這個國家與之合作的生產商在為市場帶來質量方面做得非常出色。因此，全球消費者越來越喜歡美國生產的牛肉，因此我們看到全球需求強勁。

Port congestion on the West Coast, as you mentioned, has been an issue, and it's impacting not only the short-term international demand, but also fulfillment on orders that have taken prior to this. And that's really what we've been focused on, is implementing strategies and options to not only diversify shipping ports, but also to mitigate our risk as we go forward. But we continue to see very good interest coming out of Asia, especially for our high-quality U.S. beef.

正如您所提到的，西海岸的港口擁堵一直是一個問題，它不僅影響短期國際需求，還影響在此之前訂單的履行。這正是我們一直關注的重點，正在實施戰略和選擇，不僅使航運港口多樣化，而且在我們前進的過程中降低我們的風險。但我們繼續看到來自亞洲的濃厚興趣，尤其是對我們的優質美國牛肉。

And a good example around that is China. China has become the #3 destination for U.S. beef. And Tyson has a competitive advantage with not only our direct business, but our international business unit that we have in-country there in China. So significant resources in country, a lot of customers demand in beef, and we feel real good about 2022 and going forward.

中國就是一個很好的例子。中國已成為美國牛肉的第三大目的地。泰森不僅在我們的直接業務方面，而且在我們在中國的國內擁有的國際業務部門方面都具有競爭優勢。國家資源如此豐富，很多客戶對牛肉有需求，我們對 2022 年及未來感到非常滿意。

Then to answer your question relative to what we're seeing within poultry, and very similar to the comments that Shane was making, that the demand remains extremely strong. And I would tell you that it's really not a -- demand and price are really not the issue. And we're dealing with the same port congestion in the poultry organization. But that really underscores the need for us as an organization to make sure that we are upgrading our mix and to utilize those in domestic use. A lot of work being done right now relative to leg quarters and cutting those into drums and thighs and using them within alternate channels domestically. We are targeting both deli and foodservice for some of those opportunities.

然後回答您關於我們在家禽中看到的問題，並且與 Shane 所做的評論非常相似，即需求仍然非常強勁。我會告訴你，這真的不是——需求和價格真的不是問題。我們正在處理家禽組織中相同的港口擁堵問題。但這確實強調了我們作為一個組織需要確保我們正在升級我們的組合併利用那些在國內使用的組合。目前正在做很多關於腿部四分之一的工作，並將它們切割成鼓和大腿，並在國內的備用渠道中使用它們。我們針對其中一些機會同時瞄準熟食店和餐飲服務。

Let me add one comment to this that I try to remind everyone. In addition to all the things that both Shane and David have said, I would remind us of the One Tyson approach, which is our international business unit that we have in China. And with leg quarters and pork and beef products and prepared foods product as well, when we export those commodity-based products outside the United States, in many cases today -- or in most cases today, we take them in and further process chicken leg quarters and the like into value-added, branded products into China in an approach we call One Tyson. And then we're able to sell it and capture an additional margin on top of all that, eliminating a number of activities and hands touched in the middle of the process. So I'll leave it at that.

讓我對此添加一條評論，我試圖提醒大家。除了 Shane 和 David 說過的所有事情，我想提醒我們 One Tyson 方法，這是我們在中國擁有的國際業務部門。對於腿肉、豬肉和牛肉產品以及預製食品產品，當我們將這些以商品為基礎的產品出口到美國境外時，在今天的許多情況下——或者在今天的大多數情況下，我們將它們進口並進一步加工雞腿季度之類的增值產品進入中國，我們稱之為 One Tyson。然後我們能夠出售它並在所有這些之上獲得額外的利潤，消除了在過程中間涉及的一些活動和手。所以我就這樣吧。

Congratulations on a great start to the year.

祝賀今年有一個良好的開端。

The next question comes from Rob Moskow of Credit Suisse.

下一個問題來自瑞士信貸的 Rob Moskow。

I have a couple of questions, one, I think easy to answer and maybe one that's not so easy. So I'll start with the first. You talked about being able to get fair value for transportation surcharges. A lot of your branded food peers can't seem to recoup those charges. So why is yours different? Is it easier in fresh meat than it is in branded foods to charge the customer for that surcharge? And then I'll wait and ask another one.

我有幾個問題，一個是我認為很容易回答的問題，一個可能不太容易回答的問題。所以我將從第一個開始。您談到能夠獲得運輸附加費的公允價值。您的許多品牌食品同行似乎無法收回這些費用。那為什麼你的不一樣？新鮮肉類比品牌食品更容易向顧客收取附加費嗎？然後我會等著再問另一個。

Let me start with that one. Let me start with simply saying that freight costs are up 32% for us. I talked about some of the technology we use to -- in my opening remarks, where we would intersect between our private fleet, contract fleet, outside carriers and try to optimize how we do that. And we've seen a lot -- we've had a lot of success. It took -- like a lot of the inflation happened so rapidly. It took a bit to get on top of that. But thus far, we have been successful in being able to get the transportation, and we've asked our customers to pay us for that and pay us for freight, and we've been successful in doing so.

讓我從那個開始。讓我首先簡單地說，我們的運費上漲了 32%。我談到了我們使用的一些技術——在我的開場白中，我們將在我們的私人機隊、合同機隊、外部運營商之間進行交叉，並嘗試優化我們的操作方式。我們已經看到了很多——我們取得了很多成功。它花了 - 就像很多通貨膨脹發生得如此之快。花了一點時間來解決這個問題。但是到目前為止，我們已經成功地獲得了運輸，我們已經要求我們的客戶支付我們的費用並支付我們的運費，我們已經成功地做到了。

So is it -- go ahead.

就是這樣——繼續。

(inaudible) is not able to do that.

（聽不清）無法做到這一點。

Well, is it easier in one part of the business than it is in another part of the business, like easier in fresh and not so easy in branded?

那麼，在業務的某個部分是否比在業務的另一部分更容易，比如新鮮的更容易，而品牌則不那麼容易？

Not -- as I look around the room and from all those leading the businesses, I don't think -- if you're a branded portfolio versus a more commodity-oriented business, I don't think that really matters. What we try to do with our customers is say, freight is freight and the price of the product is the price of the product, and we don't -- we try not to blend the 2. And so I don't -- I wouldn't say one is any easier than the other.

不——當我環顧房間和所有領導業務的人時，我不認為——如果你是一個品牌投資組合而不是一個更以商品為導向的企業，我認為這並不重要。我們試圖對客戶做的就是說，運費就是運費，產品的價格就是產品的價格，我們不——我們盡量不混合兩者。所以我不——我不會說一個比另一個更容易。

But I think the fact of the matter is what -- this freight being up 32%, that's what it cost to get the product moved and delivered to a customer, and we're asking our customers to pay for that. (inaudible).

但我認為事實是——運費上漲了 32%，這就是將產品運送並交付給客戶的成本，我們要求客戶為此付費。 （聽不清）。

Yes. I was going to say -- this is Shane. The only thing I'd add on to that is if you think of it regionally, too, there are certain markets that are a little more difficult to shift into versus others. So you got to think about backhauls and what your cost mechanism is going to be to recover that, too. So that would be the only other component I'd add on to what Donnie said.

是的。我本來想說——這是Shane。我要補充的唯一一點是，如果您也從區域性角度考慮，與其他市場相比，某些市場更難轉移。所以你必須考慮回程以及你的成本機制將是什麼來恢復它，也是。所以這將是我在 Donnie 所說的內容中添加的唯一其他內容。

Okay. Great. Here's the second question. The industry has been dealing with a labor shortage for a long time. It's unclear when it's going to get better. In the past, I remember hearing that Tyson and others have found pockets of international immigrants, communities to source, to improve their labor utilization in certain facilities. Is that -- is your access to international immigrants compromised in the current environment more so than it has in the past? And is there something that the industry can do to gain access to more people from international locations in a legal fashion?

好的。偉大的。這是第二個問題。該行業長期以來一直在應對勞動力短缺的問題。目前還不清楚什麼時候會好轉。過去，我記得聽說泰森和其他人已經找到了一些國際移民、社區資源，以提高他們在某些設施中的勞動力利用率。是不是——在當前環境下，你接觸國際移民的機會比過去更嚴重？該行業是否可以採取一些措施以合法的方式從國際地區接觸更多人？

So I -- you're right. Labor has been a challenge for a bit now. We looked at this in terms of trying to solve for Tyson. And our approach has been to try to create a better place for people to work, a better work experience with less turnover and less absenteeism with just keeping team members safe. In our first quarter, we paid $50 million in bonuses to our team members for no reason other than to say, "Thank you for choosing Tyson. Thank you for being on our team." And we've had to do a number of things like piloting childcare and subsidized childcare, on-site clinics. And we've also -- are investing with our strong balance sheet heavily in terms of automation to take away some of those more difficult jobs.

所以我——你是對的。勞動力現在一直是一個挑戰。我們從試圖解決泰森的角度來看待這個問題。我們的方法是努力為人們創造一個更好的工作場所，創造更好的工作體驗，減少人員流動和缺勤，同時保證團隊成員的安全。在我們的第一季度，我們向我們的團隊成員支付了 5000 萬美元的獎金，只是說：“感謝您選擇泰森。感謝您加入我們的團隊。”我們不得不做很多事情，比如試點托兒服務和補貼托兒服務、現場診所。而且我們還 - 在自動化方面大力投資我們強大的資產負債表，以消除一些更困難的工作。

Now our workforce, to be clear, is made up of a number of different immigrants and people from all over the world in different nationalities. And so we've benefited through the years like many others have of having such a diverse workforce. And so we continue to pursue those things like Afghan refugees. We tried to be available with -- and working with the government in terms of having availability and we've worked with communities in terms of trying to build or to find housing to support that, to make it easier.

現在我們的勞動力，明確地說，是由許多不同的移民和來自世界各地不同國籍的人組成的。因此，多年來，我們像許多其他人一樣受益於擁有如此多元化的員工隊伍。所以我們繼續追求像阿富汗難民這樣的東西。我們試圖與政府合作並在可用性方面與政府合作，我們與社區合作嘗試建造或尋找住房來支持這一點，使其更容易。

I mean we're doing all kinds of things along that line to be able to make it easy to do business with Tyson, easy to go to work for Tyson and do it all the right way. And so that's been our approach. I know of no magic or no pool of people anywhere that we are targeting to try to take care of the labor situation. We're trying to solve it by doing a number of things to make us a better place to work.

我的意思是，我們正在沿著這條線做各種各樣的事情，以便能夠輕鬆地與泰森開展業務，輕鬆地為泰森工作並以正確的方式進行。這就是我們的方法。我知道我們在任何地方都沒有魔法或沒有一群人試圖解決勞工狀況。我們正試圖通過做一些事情來解決這個問題，使我們成為一個更好的工作場所。

The next question comes from Michael Lavery of Piper Sandler.

下一個問題來自 Piper Sandler 的 Michael Lavery。

You touched on elasticities a little bit, and I realize they've held up quite well. We've heard that from a lot of companies. But just curious how you think about some of your assumptions for that going forward. And especially just with pricing up as strongly as it is, that's a few multiples of what wage growth looks like. So just curious what your planning assumptions are for how that unfolds over the rest of the year. And maybe a little bit color by segment, if you can.

你稍微談到了彈性，我意識到它們已經很好地支撐了。我們從很多公司那裡聽說過。但只是好奇你如何看待你對未來的一些假設。尤其是在定價如此強勁的情況下，這是工資增長的幾倍。所以只是好奇你的計劃假設是如何在今年剩下的時間裡展開的。如果可以的話，也許可以逐段著色。

Noelle, would you like to start with that?

諾艾爾，你想從那個開始嗎？

Sure. So as I mentioned, we're constantly reviewing pricing and revenue management strategies, and it is a dynamic environment. And as the environment continues to evolve, we'll be very thoughtful about our approaches. Pricing is just one of the levers in our tool kit. We look at productivity and cost opportunities and other levers to ensure that we have all the pieces coming together to best grow our brands and create business continuity and profitability.

當然。正如我所提到的，我們一直在審查定價和收入管理策略，這是一個動態的環境。隨著環境的不斷發展，我們將對我們的方法進行深思熟慮。定價只是我們工具包中的槓桿之一。我們著眼於生產力和成本機會以及其他槓桿，以確保我們將所有部分結合在一起，以最好地發展我們的品牌並創造業務連續性和盈利能力。

And so maybe the other aspects that I would point to is that we have a broad and diverse portfolio with a range of price points to ensure that we have offerings that meet a variety of consumer needs, and price pack architecture also becomes critical in these inflationary times, and you see that focus for us across the business.

因此，也許我要指出的其他方面是，我們擁有廣泛而多樣化的產品組合，具有一系列價格點，以確保我們提供滿足各種消費者需求的產品，並且價格包架構在這些通貨膨脹中也變得至關重要時代，您會在整個業務中看到我們的關注點。

Yes. I would add this to what Noelle said, we have seen a lot of inflation. But I would remind you that cost of food in the U.S., while it is higher, is still very attractive relative to the balance of the world. Labor costs have been up 20%, cattle costs are -- had been -- are up 22%. Grain has been up 29% this year, and freight, I mentioned earlier, is up 32%. We're not asking customers or the consumer ultimately to pay for our inefficiencies. We're asking them to pay for inflation. And the rest of what we do is we try to find ways to be more productive, to lower cost and increase throughputs and so forth. And we feel good about our ability to do a lot of that while serving our customers.

是的。我會在 Noelle 所說的內容中添加這一點，我們已經看到了很多通貨膨脹。但我要提醒你，美國的食品成本雖然較高，但相對於世界平衡而言仍然非常有吸引力。勞動力成本上漲了 20%，牛的成本——曾經——上漲了 22%。今年穀物上漲了 29%，我之前提到的運費上漲了 32%。我們並沒有要求客戶或消費者最終為我們的低效率買單。我們要求他們為通貨膨脹買單。我們接下來要做的就是努力尋找提高生產力、降低成本和提高產量等的方法。我們對自己在為客戶服務的同時做很多事情的能力感到滿意。

The inflation headwinds are obviously clear and certainly a driver of the pricing. But just maybe with respect to some of your assumptions on elasticities, maybe at a very high level, do you assume they revert to more normal levels or that they can hold at sort of what we're seeing currently?

通脹逆風顯然很明顯，而且肯定是定價的驅動因素。但是，也許就您對彈性的一些假設而言，可能處於非常高的水平，您是否假設它們會恢復到更正常的水平，或者它們可以保持在我們目前所看到的那種水平？

They are where they are right now. And I know that's not a very good answer. I mean there is a price point where it could be impactful. But at Tyson, we play across the spectrum from the most value-added of value-added products to the most commodity of commodity products, and we meet the consumer wherever they are on the value chain. And so we intend to continue to grow our business and serve those consumers wherever they are.

他們現在在哪裡。我知道這不是一個很好的答案。我的意思是有一個價格點可能會產生影響。但在泰森，我們從增值產品的最高附加值到商品產品的最商品化，我們在價值鏈上的任何地方都能滿足消費者的需求。因此，我們打算繼續發展我們的業務並為這些消費者提供服務，無論他們身在何處。

Okay. Great. And I just want to follow up on the chicken pricing and understand some of the flexibility that you've implemented and maybe just understand if it's meant to allow for more upside or if it drives more volatility. Is it flexible in both directions? Or does it have any sort of floors that just mostly allow for easier increases?

好的。偉大的。我只想跟進雞肉定價並了解您實施的一些靈活性，也許只是了解它是否意味著允許更多上漲或是否會導致更多波動。雙向靈活嗎？或者它是否有任何類型的地板，主要是為了更容易增加？

Well, absolutely. Thank very much. And again, there's flexibility both going up and there's flexibility going down. Our partners in both retail and foodservice understand what those metrics are. And we will go up and we will go down based off of how we put our programs together. But the biggest piece of it is the fact that it is much more variable today than it has been at any point in time.

嗯，絕對的。非常感謝。再一次，靈活性既有上升也有下降。我們在零售和餐飲服務領域的合作夥伴了解這些指標是什麼。我們將根據我們如何將程序組合在一起而上升和下降。但其中最大的一點是，今天它比以往任何時候都更加多變。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Donnie King, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給總裁兼首席執行官唐尼·金先生做任何閉幕詞。

Thank you, Andrea, and thanks again for your interest in Tyson Foods. We look forward to speaking again soon.

謝謝您，Andrea，再次感謝您對 Tyson Foods 的關注。我們期待很快再次發言。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。