泰森食品 (TSN) 2021 Q4 法說會逐字稿

Good day and welcome to the Tyson Foods fourth quarter earnings conference call.

美好的一天，歡迎參加泰森食品第四季度財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Megan Britt, Vice President of Investor Relations.

我現在想將會議轉交給投資者關係副總裁梅根布里特。

Please go ahead, ma'am.

請繼續，女士。

Hello and welcome to the Fourth Quarter Fiscal 2021 Earnings Conference Call for Tyson Foods.

您好，歡迎參加泰森食品公司 2021 財年第四季度收益電話會議。

Prepared remarks today will be provided by Donnie King, President and Chief Executive Officer; and Stewart Glendinning, EVP and Chief Financial Officer.

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。

Additionally, David Bray, Group President, Poultry; Noelle O’Mara, Group President, Prepared Foods; and Shane Miller, Group President, Fresh Meats will join the live Q&A session.

此外，家禽集團總裁 David Bray； Noelle O'Mara，預製食品集團總裁； Fresh Meats 集團總裁 Shane Miller 將參加現場問答環節。

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.

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.

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。

These statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections.

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。

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.

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 and our remarks are on an adjusted basis unless otherwise noted.

請注意，除非另有說明，否則對每股收益、營業收入和營業利潤率的引用以及我們的評論都是經過調整的。

For reconciliations on these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

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.

謝謝你，梅根。

I'll start by saying that the safety of our team members continue to be our top priority, and I'm very pleased that we now have a team in the U.S. that is fully vaccinated.

我首先要說的是，我們團隊成員的安全仍然是我們的首要任務，我很高興我們現在在美國擁有一支完全接種疫苗的團隊。

As we focus on meeting the needs of our customers and consumers, vaccination is the best way that we can protect our team members from the impacts related to COVID-19 and ensure business continuity.

由於我們專注於滿足客戶和消費者的需求，因此疫苗接種是保護我們的團隊成員免受 COVID-19 相關影響並確保業務連續性的最佳方式。

Earlier today, we reported strong fourth quarter and fiscal year 2021 results.

今天早些時候，我們報告了強勁的第四季度和 2021 財年業績。

We delivered double-digit sales and earnings growth in a challenging year.

在充滿挑戰的一年中，我們實現了兩位數的銷售額和盈利增長。

Our performance was supported by continued strength in consumer demand for protein.

我們的表現受到消費者對蛋白質需求持續強勁的支持。

Our retail core business lines, which include our iconic brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park have driven strong share growth in the retail channel, delivering 13 quarters of consecutive growth.

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，推動了零售渠道的強勁份額增長，實現了 13 個季度的連續增長。

Continued recovery in the foodservice channel, led by QSRs, also supported our strong results.

在 QSR 的帶領下，餐飲服務渠道的持續復甦也支持了我們的強勁業績。

Overall, we saw our volume recover in the second half from the pandemic lows to finish the fiscal year only slightly down.

總體而言，我們看到我們的銷量在下半年從大流行的低點回升，到本財年結束時僅略有下降。

We are taking several deliberate actions by segment to improve our volumes, including investing behind capacities, brands and product innovation and our team members.

我們正在按細分市場採取幾項深思熟慮的行動來提高我們的銷量，包括投資於能力、品牌和產品創新以及我們的團隊成員。

Our investments in team members include our successful vaccination mandate as well as automation and technology initiatives that I'll discuss in a moment.

我們對團隊成員的投資包括我們成功的疫苗接種任務以及我稍後將討論的自動化和技術計劃。

The construction of the 12 new plants that we've mentioned previously are progressing well and, once complete, will enable Tyson to address capacity constraints and growing global demand for protein.

我們之前提到的 12 家新工廠的建設進展順利，一旦完成，泰森將能夠解決產能限制和全球對蛋白質不斷增長的需求。

These new capacities include 9 chicken plants, 2 case-ready beef and pork plants and 1 new vacant plant.

這些新產能包括 9 家雞肉工廠、2 家現成牛肉和豬肉工廠以及 1 家新的空置工廠。

In parallel to our actions to improve volume, we have also worked to recover inflation through pricing, achieving a 13% price improvement for the fiscal year and a 24% increase for the fourth quarter.

在我們提高銷量的同時，我們還努力通過定價來恢復通脹，實現了本財年 13% 的價格改善和第四季度 24% 的增長。

In this dynamic environment, we will be aggressive in monitoring inflation and driving price recovery activities.

在這個充滿活力的環境中，我們將積極監測通脹並推動價格復甦活動。

And the diversity of our portfolio showed its value again this quarter as demonstrated by earnings.

正如收益所證明的那樣，我們投資組合的多樣性在本季度再次顯示出其價值。

Performance in our Beef segment supported the delivery of a strong fiscal year earnings result.

我們牛肉部門的表現支持了強勁的財年收益結果。

Our performance has allowed us to build financial strength.

我們的表現使我們能夠建立財務實力。

Our balance sheet is strong, resilient and provides Tyson the optionality needed to pursue strategic growth priorities.

我們的資產負債表強勁、有彈性，並為泰森提供了追求戰略增長重點所需的選擇權。

And to that point, our investment in future growth across our portfolio continue.

到那時，我們對整個投資組合未來增長的投資仍在繼續。

We demonstrated resilience in fiscal year 2021, and we are entering fiscal 2022 with tremendous momentum.

我們在 2021 財年表現出了韌性，我們正以巨大的勢頭進入 2022 財年。

Our results demonstrate the dedication of our global team, the importance of our diverse portfolio strategy and our ability to meet consumer demand across proteins, channels and meal occasions.

我們的結果證明了我們全球團隊的奉獻精神、我們多元化投資組合戰略的重要性以及我們滿足消費者對蛋白質、渠道和用餐場合需求的能力。

Now turning to financial results.

現在轉向財務結果。

Let me give you some highlights overall.

讓我給你一些整體的亮點。

I was pleased with both a strong quarter and full year.

我對強勁的季度和全年都感到滿意。

Sales improved 20% in the fourth quarter and 11% during the full year.

第四季度銷售額增長 20%，全年增長 11%。

Our sales gains were largely driven by higher average sales price.

我們的銷售增長主要是由較高的平均銷售價格推動的。

Average sales price trends reflect successful pricing strategies during the ongoing inflationary environment, but we still have opportunities, specifically in Prepared Foods, where we delivered softer results than anticipated.

平均銷售價格趨勢反映了在持續的通貨膨脹環境中成功的定價策略，但我們仍然有機會，特別是在預製食品領域，我們的業績比預期的要弱。

Like many other companies, we were faced with a range of higher levels of inflation, notably higher grains, labor, meat and transportation costs.

像許多其他公司一樣，我們面臨著一系列更高水平的通貨膨脹，特別是更高的穀物、勞動力、肉類和運輸成本。

Our teams have worked together with our customers to pass along that inflation through price increases.

我們的團隊與我們的客戶合作，通過價格上漲來傳遞通貨膨脹。

On volume, we saw improvement in the second half relative to the same period last year.

在數量上，我們看到下半年與去年同期相比有所改善。

Volumes were up 3% for the second half or nearly 350 million pounds.

下半年的銷量增長了 3%，接近 3.5 億磅。

Although we're working diligently to achieve optimal throughput across our segments, labor challenges are still impacting our volumes and ability to achieve optimal mix across our processing footprint.

儘管我們正在努力實現各個細分市場的最佳吞吐量，但勞動力挑戰仍在影響我們的產量和在我們的加工足跡中實現最佳混合的能力。

Having said that, we're taking aggressive actions as a team to address the labor constraints, and we're seeing improvement.

話雖如此，我們作為一個團隊正在採取積極行動來解決勞動力限制問題，並且我們看到了進步。

We delivered solid operating income performance, up 26% during the fourth quarter and 42% for the full year.

我們實現了穩健的營業收入表現，第四季度增長 26%，全年增長 42%。

This performance was largely due to strength in our Beef segment where continued strong consumer demand and ample cattle supply have driven higher earnings.

這一表現主要是由於我們牛肉部門的實力，持續強勁的消費者需求和充足的牛供應推動了更高的收益。

Overall, our operating income performance translated to earnings per share of $2.30 for the fourth quarter, up 35%; and $8.28 for the full year, up 53%.

總體而言，我們的營業收入表現轉化為第四季度每股收益 2.30 美元，增長 35%；全年為 8.28 美元，增長 53%。

Looking at our results on volume.

查看我們的成交量結果。

We're taking aggressive actions to optimize our existing footprint, add new capacity, adjust our product mix by plant and match our portfolio more closely with customer and consumer needs.

我們正在採取積極行動來優化我們現有的足跡，增加新的產能，按工廠調整我們的產品組合，並使我們的產品組合更接近客戶和消費者的需求。

For the fiscal year, our volume was down slightly.

在本財年，我們的銷量略有下降。

Customer demand during the fiscal '21 outpaced our ability to supply products, but we're working aggressively to fill that void.

21 財年的客戶需求超過了我們提供產品的能力，但我們正在積極努力填補這一空白。

We recognize how important service levels are to our customers, and we're committed to improving our fill rates and reliability of supply.

我們認識到服務水平對我們的客戶有多麼重要，我們致力於提高我們的填充率和供應可靠性。

With respect to supply, we have focused on ensuring our ability to maintain business continuity, and our team has been resilient in the face of numerous supply chain challenges.

在供應方面，我們專注於確保我們保持業務連續性的能力，並且我們的團隊在面對眾多供應鏈挑戰時一直保持韌性。

As we look toward fiscal '22, improving volumes will be key to delivering against our commitments.

當我們展望 '22 財年時，提高銷量將是兌現我們承諾的關鍵。

We expect to grow our total company volumes by 2% to 3% next year, outpacing overall protein consumption growth.

我們預計明年我們公司的總銷量將增長 2% 至 3%，超過整體蛋白質消費增長。

A large percentage of that growth will come from the Chicken segment.

這一增長的很大一部分將來自雞肉市場。

And across our business, we're working to optimize our product portfolio, remove complexities, enhance capacities and pursue operational improvement initiatives to deliver against these volume growth objectives.

在我們的整個業務中，我們正在努力優化我們的產品組合、消除複雜性、增強能力並實施運營改進計劃，以實現這些銷量增長目標。

Moving now to Slide 6. We acknowledge the challenging and competitive labor environment.

現在轉到幻燈片 6。我們承認具有挑戰性和競爭性的勞動力環境。

And it's no secret that we want to be the most sought-after place to work.

我們希望成為最受歡迎的工作場所，這已不是什麼秘密。

We fully understand that this starts with an unrelenting focus on safety, every minute, every shift, every day.

我們完全理解，這始於對安全的不懈關注，每一分鐘，每一班，每一天。

The health, safety and wellness of our team members has been and will continue to be our top priority.

我們團隊成員的健康、安全和健康一直是並將繼續是我們的首要任務。

So I'd like to take a minute to stop and commend our team members and our leadership team for doing their part to keep themselves, their colleagues, their families and their community safe, which has helped us reach our vaccination goals.

因此，我想停下來，讚揚我們的團隊成員和我們的領導團隊為保護自己、同事、家人和社區的安全所做的努力，這幫助我們實現了疫苗接種目標。

The vaccines and investments in COVID-19 protection measures are certainly not the only actions that we've taken to become the most sought-after place to work.

疫苗和對 COVID-19 保護措施的投資當然不是我們為成為最受歡迎的工作場所而採取的唯一行動。

To ensure that every Tyson team member feels as though they can bring their true and complete self to work each day, we've invested behind diversity, equity and inclusion efforts.

為確保泰森團隊的每一位成員都覺得他們每天都能帶著真實和完整的自我投入工作，我們在多元化、公平和包容性方面投入了大量資金。

And we also understand the importance of a strong compensation offering, and we believe that we hold a leadership position in this space.

我們也了解提供強大薪酬的重要性，我們相信我們在這一領域處於領先地位。

We have raised wages and across our business today, we pay an average of $24 per hour, which includes full medical, vision, dental and other benefits like access to retirement plan and sick pay, and we will continue to explore other innovative benefit offerings that remove barriers and make our team members' lives easier.

我們提高了工資，今天在我們的整個業務中，我們平均每小時支付 24 美元，其中包括全面的醫療、視力、牙科和其他福利，例如獲得退休計劃和病假工資，我們將繼續探索其他創新福利產品消除障礙，讓我們團隊成員的生活更輕鬆。

We're also accelerating investments in automation and advanced technologies to make existing roles safer and easier while reducing costs.

我們還在加速對自動化和先進技術的投資，以使現有角色更安全、更輕鬆，同時降低成本。

We're confident that our actions will increase Tyson staffing levels and position us for volume growth.

我們有信心，我們的行動將提高泰森的人員配備水平，並使我們為銷量增長做好準備。

Relating to operational excellence and market competitiveness, today, we are announcing 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.

關於卓越運營和市場競爭力，今天，我們宣布啟動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。

The program is targeted to deliver $1 billion in recurring productivity savings by the end of fiscal '24 relative to fiscal '21 cost baseline.

該計劃的目標是在 24 財年結束前實現 10 億美元的經常性生產力節約，相對於 21 財年的成本基準。

These savings are included in the guidance expectations that Stewart will share in a moment.

這些節省包含在斯圖爾特稍後將分享的指導期望中。

Execution of the effort will be supported by a program management office that will ensure delivery of key project milestones and report on savings achievements connected to 3 imperatives.

項目管理辦公室將支持這項工作的執行，該辦公室將確保關鍵項目里程碑的交付，並報告與 3 個必要條件相關的節約成就。

The first is operational and functional excellence and is targeted to deliver greater than $300 million in recurring savings.

第一個是卓越的運營和功能，目標是提供超過 3 億美元的經常性節省。

This includes functional efficiency efforts in finance, HR and procurement that are focused on applying best practices to reduce cost.

這包括財務、人力資源和採購方面的職能效率工作，重點是應用最佳實踐來降低成本。

The second is digital solutions, which is targeted to deliver more than $250 million in recurring savings.

第二個是數字解決方案，其目標是提供超過 2.5 億美元的經常性節省。

We'll achieve this goal by leveraging new digital solutions like artificial intelligence and predictive analytics to drive efficiency in operations, supply chain, planning, logistics and warehousing.

我們將通過利用人工智能和預測分析等新的數字解決方案來提高運營、供應鏈、規劃、物流和倉儲的效率，從而實現這一目標。

For example, we're using technology to ensure that our shipments are optimally loaded to save freight cost and enhance customer service levels.

例如，我們正在使用技術來確保我們的貨物以最佳方式裝載，以節省運費並提高客戶服務水平。

In many ways, the pandemic has already accelerated our push to more digital footing, and our commitment in this space will continue that focus.

在許多方面，大流行已經加速了我們向更多數字化立足的推動，我們在這一領域的承諾將繼續這一重點。

The third is automation.

三是自動化。

We will leverage automation and robotics technologies to automate difficult and higher turnover positions.

我們將利用自動化和機器人技術來自動化困難和更高流動率的職位。

For example, we have substantial opportunity to automate the debone process within our poultry harvest facilities using the combination of both third-party and proprietary technologies.

例如，我們有大量機會結合使用第三方和專有技術，在我們的家禽收穫設施內實現去骨過程自動化。

Chicken remains a top priority for me personally and for our company.

雞肉對我個人和我們公司來說仍然是重中之重。

We continue to execute against our road map to bring operating income margin to at least the 5% to 7% range on a run rate basis by mid-fiscal '22.

我們將繼續執行我們的路線圖，以在 22 財年中期將營業利潤率至少提高到 5% 到 7% 的範圍內。

Our goal has not changed, and we remain committed to restoring top-tier performance.

我們的目標沒有改變，我們仍然致力於恢復頂級性能。

The first imperative is to be the most sought-after place to work.

第一個當務之急是成為最受歡迎的工作場所。

I've outlined the investments we're making to enhance our team member experience in my earlier comments.

我在之前的評論中概述了我們為增強團隊成員體驗所做的投資。

This will ensure that we have the right levels of staffing to fulfill our customer orders on time and in full.

這將確保我們擁有合適的人員配置水平，以按時、足額完成客戶訂單。

The second imperative is to improve operational performance.

第二個當務之急是提高運營績效。

Critical to improving operational performance is maximizing our fixed cost leverage, which means having enough birds in our internal networks to run our plants full.

提高運營績效的關鍵是最大限度地利用我們的固定成本槓桿，這意味著我們的內部網絡中有足夠的鳥類來讓我們的工廠滿負荷運轉。

By reconfiguring and optimizing our existing footprint, we can increase our harvest capacity by more than 10% without building another plant.

通過重新配置和優化我們現有的足跡，我們可以將收穫能力提高 10% 以上，而無需建造另一個工廠。

In addition, we have clear initiatives to remove complexity from our plants, reduce transportation and handling and minimize waste.

此外，我們有明確的舉措來消除工廠的複雜性，減少運輸和處理，並儘量減少浪費。

Our operational improvements will unlock significant unused capacity in our network and take advantage of the fixed cost leverage.

我們的運營改進將釋放我們網絡中大量未使用的容量，並利用固定成本槓桿。

Each of these initiatives will support leading operational performance from our Chicken business in the future.

這些舉措中的每一項都將支持我們未來雞肉業務的領先運營績效。

Hatch rates have impacted our ability to do this, and we've shared the initiatives underway to correct this.

孵化率影響了我們做到這一點的能力，我們已經分享了正在進行的糾正這一問題的舉措。

Our new male rollout is progressing as planned, and we believe we've hit the inflection point that will lead to sequential improvements through the entirety of fiscal 2022.

我們的新男性推出正在按計劃進行，我們相信我們已經達到了拐點，這將導致整個 2022 財年的連續改進。

The new male rollout at our pullet farms is nearly complete, and we continue to observe improved hatch rates associated with these new males.

我們小母雞場的新公雞推廣工作已接近完成，我們繼續觀察到與這些新公雞相關的孵化率提高。

We've also mentioned how strength in spot prices for commodity chicken products throughout the fiscal year has put our buy versus growth program at a relative disadvantage versus history.

我們還提到了整個財年商品雞肉產品現貨價格的強勢如何使我們的購買與增長計劃相對於歷史處於相對劣勢。

From Q3 to Q4, we again reduced our rate of outside purchases, this time by nearly 30%.

從第三季度到第四季度，我們再次降低了外部採購率，這次降低了近 30%。

The final imperative is to service our customers on time and in full.

最後的當務之急是按時、全面地為我們的客戶服務。

Tyson's branded value-added product offerings have continued to gain share during both the fourth quarter and the latest 52 weeks, and new capacity expansions will help us maintain momentum.

泰森的品牌增值產品在第四季度和最近 52 週內繼續獲得份額，新的產能擴張將幫助我們保持勢頭。

Inflation has clearly had an impact on the business.

通貨膨脹顯然對企業產生了影響。

Our commercial teams have successfully pursued inflation-justified pricing, delivering top line growth for the business to offset the cost increases.

我們的商業團隊成功地追求通脹合理的定價，為業務帶來了收入增長，以抵消成本增加。

As rates of inflation continue, so will our pricing actions with an equivalent level of emphasis on disciplined operational execution and volume throughput.

隨著通貨膨脹率的繼續，我們的定價行動也將同等程度地強調有紀律的運營執行和產量。

We will staff our plants, service our customers, grow volumes and be the best chicken business.

我們將為我們的工廠配備人員，為我們的客戶提供服務，增加產量並成為最好的雞肉企業。

The plan we have in place is still the right plan, and our level of confidence, conviction and excitement as a team continue to grow.

我們制定的計劃仍然是正確的計劃，我們作為一個團隊的信心、信念和興奮程度繼續增長。

Looking forward to fiscal year 2022, I feel confident in our ability to drive value creation.

展望 2022 財年，我對我們推動價值創造的能力充滿信心。

We have strong consumer demand, a powerful and diverse portfolio across geographies and channels and a team that is positioned to take advantage of the opportunities in front of us.

我們擁有強大的消費者需求、跨地域和渠道的強大而多樣化的產品組合，以及能夠利用我們面前機會的團隊。

Our priorities are clear: winning with customers and consumers, winning with team members and winning with excellence in execution.

我們的優先事項很明確：贏得客戶和消費者的青睞，贏得團隊成員的青睞，以及卓越的執行力。

With these priorities as our guide, we are taking aggressive actions to accelerate our growth relative to the overall market, improve operating margins and drive stronger returns on invested capital.

以這些優先事項為指導，我們正在採取積極行動，以加快我們相對於整體市場的增長，提高營業利潤率並推動更高的投資資本回報。

We are committed 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 every shift, every day, every location with no exceptions.

我們致力於我們的團隊成員，重點是確保他們的健康、安全和福祉，並確保每個班次、每天、每個地點都無一例外地提供包容和公平的工作環境。

We have shown that we are willing to take bold actions in support of this commitment.

我們已經表明，我們願意採取大膽的行動來支持這一承諾。

Second, we are working to enhance our portfolio and capacity to better serve demand.

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。

This includes increasing the contribution of branded and value-added sales by focusing our product portfolio and by adding capacity to meet demand.

這包括通過集中我們的產品組合和增加滿足需求的能力來增加品牌和增值銷售的貢獻。

We expect our volume to outpace the market in the intermediate term.

我們預計我們的交易量將在中期內超過市場。

Third, we are aggressively restoring competitiveness in our Chicken segment.

第三，我們正在積極恢復雞肉領域的競爭力。

This starts by returning our operating margin to the 5% to 7% level by the middle of fiscal 2022.

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 are driving operational and functional excellence in investing in digital and automation initiatives.

第四，我們在投資數字化和自動化計劃方面推動運營和功能卓越。

This is at the heart of our new productivity program.

這是我們新的生產力計劃的核心。

We're working diligently to drive out waste, minimize bureaucracy and enhance decision-making speed across the organization.

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。

Finally, to address expected demand growth over the next decade, we're using our financial strength to invest in our business through both organic investments and strategic M&A.

最後，為了應對未來十年的預期需求增長，我們正在利用我們的財務實力通過有機投資和戰略併購來投資我們的業務。

On capital alone, we expect to invest $2 billion in fiscal year '22 with a disproportionate share focused on new capacity and automation objectives.

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。

Tyson has the right portfolio, the consumer-driven insights and the scale and the capabilities to win in the marketplace across proteins, channels and meal locations.

泰森擁有正確的產品組合、以消費者為導向的洞察力，以及在蛋白質、渠道和餐飲場所贏得市場的規模和能力。

We also have the financial strength to invest behind our business to accelerate growth and to maintain our momentum.

我們還擁有財務實力來支持我們的業務進行投資，以加速增長並保持我們的發展勢頭。

I look forward to sharing with you our progress as we work through the year, and I'll be sharing more details with you at our Investor Day in a few weeks.

我期待與您分享我們全年工作的進展，幾週後我將在我們的投資者日與您分享更多細節。

I'll now turn the call over to Stewart to walk us through our financial results in detail.

我現在將把電話轉給斯圖爾特，讓我們詳細了解我們的財務業績。

Thank you, Donnie.

謝謝你，唐尼。

Let me turn first to a summary of our total company financial results.

讓我先來總結一下我們公司的總體財務業績。

We're pleased to report a strong overall finish to the year.

我們很高興地報告今年的整體表現強勁。

Sales were up approximately 20% in the fourth quarter, largely a function of our successful pricing initiatives that were pursued to offset inflationary pressures.

第四季度銷售額增長了約 20%，這主要歸功於我們為抵消通脹壓力而採取的成功定價舉措。

Volumes were down 4% during the fourth quarter, primarily due to labor challenges, hampering our efforts to fully benefit from strong retail demand and recovery in foodservice.

第四季度的銷量下降了 4%，主要是由於勞動力挑戰，阻礙了我們充分受益於強勁的零售需求和餐飲服務復甦的努力。

Fourth quarter operating income of nearly $1.2 billion was up 26% due to continued strong performance in our Beef business.

由於我們牛肉業務的持續強勁表現，第四季度營業收入接近 12 億美元，增長 26%。

For the full year, operating income improved to nearly $4.3 billion, up 42%.

全年營業收入提高至近 43 億美元，增長 42%。

Driven by the strength in operating income, fourth quarter EPS grew 35% to $2.30, with the full year up 53% to $8.28.

在營業收入強勁的推動下，第四季度每股收益增長 35% 至 2.30 美元，全年增長 53% 至 8.28 美元。

Slide 11 bridges our total company sales for fiscal year '21.

幻燈片 11 連接了我們公司在 21 財年的總銷售額。

Sales dollars were up across all segments.

所有細分市場的銷售額均有所增長。

As you can see, the most substantial sales dollars benefit came from the Beef segment, which saw market conditions that led to a wider-than-historical cutout margin.

如您所見，最大的銷售額收益來自牛肉部分，該部分看到的市場條件導致了比歷史更寬的截止利潤率。

At the same time, we saw price increases across the business to offset the high levels of inflation we faced.

與此同時，我們看到整個企業的價格上漲，以抵消我們面臨的高通脹水平。

Looking at our channel results.

查看我們的頻道結果。

Sales at retail drove over $1 billion of top line improvement versus last year, even after exceptionally strong volumes in the comparable period.

與去年相比，零售銷售額推動了超過 10 億美元的收入增長，即使在可比期間銷量異常強勁的情況下也是如此。

Improvements in sales through the foodservice channel drove an increase of $1.6 billion, and our fiscal year export sales were nearly $1 billion stronger than the prior year as we leveraged our global scale to grow our business.

通過餐飲服務渠道銷售的改善推動了 16 億美元的增長，我們的財政年度出口銷售額比上一年增加了近 10 億美元，因為我們利用我們的全球規模來發展我們的業務。

Slide 12 bridges year-to-date operating income, which was about $1.3 billion higher than fiscal 2020.

Slide 12 彌補了年初至今的營業收入，比 2020 財年高出約 13 億美元。

As I mentioned previously, volumes were down slightly during the year, primarily a result of a challenging labor environment.

正如我之前提到的，這一年的銷量略有下降，主要是由於勞動力環境充滿挑戰。

Our pricing actions and strength in the Beef segment led to approximately $5.6 billion of sales price/mix benefit, which more than offset the higher COGS price/mix of $4.6 billion.

我們在牛肉領域的定價行動和實力帶來了大約 56 億美元的銷售價格/組合收益，這足以抵消 46 億美元的較高的 COGS 價格/組合收益。

We saw inflation across the business.

我們看到了整個企業的通貨膨脹。

Notable areas were in wages, grain costs, live animal costs and pork meat costs in prepared foods and freight costs across the enterprise.

值得注意的領域是工資、穀物成本、活體動物成本和預製食品中的豬肉成本以及整個企業的貨運成本。

Incremental direct COVID-19 costs were favorable by approximately $200 million during the year, although our total spending at $335 million was still substantial.

儘管我們在 3.35 億美元的總支出仍然很大，但在這一年中，增加的直接 COVID-19 成本大約增加了 2 億美元。

The decrease was driven primarily by cycling onetime bonuses that were paid last year, and a large portion of that was reinvested in permanent wage increases for our team members this year.

下降的主要原因是去年支付的一次性獎金，其中很大一部分重新投資於今年我們團隊成員的永久性工資增長。

Lower onetime bonus costs were partially offset by higher testing and vaccination costs incurred during fiscal 2021.

較低的一次性獎金成本被 2021 財年更高的檢測和疫苗接種成本部分抵消。

While these costs are expected to reduce in fiscal '22, we will continue to spend against initiatives to keep our team members safe.

雖然這些成本預計將在 '22 財年減少，但我們將繼續採取措施確保團隊成員的安全。

And finally, SG&A was over $100 million favorable to prior year, which was largely a result of a net benefit associated with the beef supplier fraud.

最後，SG&A 比上一年有利 1 億多美元，這主要是與牛肉供應商欺詐相關的淨收益的結果。

Now moving to the Beef segment.

現在轉到牛肉部分。

Segment sales were over $5 billion for the quarter, up 26% versus the same period last year.

本季度分部銷售額超過 50 億美元，比去年同期增長 26%。

Key sales drivers included strong domestic and export demand for beef products.

主要銷售驅動因素包括對牛肉產品的強勁國內和出口需求。

Offsetting higher sales prices were higher cattle costs, up more than 20% during the fourth quarter.

較高的銷售價格抵消了較高的牛成本，在第四季度上漲了 20% 以上。

We had ample livestock available in the quarter driven by strong front-end supplies.

在強勁的前端供應的推動下，我們在本季度有充足的牲畜。

And we have good visibility into cattle availability through fiscal '22 and currently believe it will also be sufficient to support our customer needs.

通過 '22 財年，我們對牛的可用性有很好的了解，目前相信這也足以支持我們的客戶需求。

Sales volume for the quarter was up year-over-year due to continued strong demand in contrast to a soft comparable period a year ago driven by lower production volumes.

由於持續強勁的需求，與去年同期因產量下降而導致的疲軟可比期間相比，本季度的銷量同比增長。

We delivered segment operating income of $1.1 billion or 22.9% for the fourth quarter.

我們在第四季度實現了 11 億美元或 22.9% 的分部營業收入。

This improvement was driven by strong global demand for beef products and a higher cutout, which were partially offset by higher operating costs.

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。

While our Beef segment experienced strong results during the quarter and fiscal year, we are still not at optimal levels of capacity throughput due to labor challenges, which we expect to normalize over the course of fiscal '22.

雖然我們的牛肉部門在本季度和財年取得了強勁的業績，但由於勞動力挑戰，我們仍未達到最佳產能水平，我們預計在 22 財年將正常化。

Now let's move on to the Pork segment on Slide 14.

現在讓我們繼續討論幻燈片 14 上的豬肉部分。

Segment sales were over $1.6 billion for the quarter, up 30% versus the same period last year.

本季度分部銷售額超過 16 億美元，比去年同期增長 30%。

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.

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。

Average sales price increased more than 40%.

平均銷售價格上漲超過40%。

Our volumes were down relative to the same period last year.

與去年同期相比，我們的銷量有所下降。

Segment operating income was $78 million for the quarter, down 52% versus the comparable period.

本季度分部營業收入為 7800 萬美元，與可比期間相比下降了 52%。

Overall, operating margins for the segment declined to 4.7% for the quarter.

總體而言，該部門的營業利潤率在本季度下降至 4.7%。

The operating income decline was driven by higher hog costs and increased labor and freight costs.

營業收入下降的原因是生豬成本增加以及勞動力和貨運成本增加。

Moving now to Prepared Foods.

現在轉到預製食品。

Sales were $2.3 billion for the quarter, up 7% relative to the same period last year.

本季度銷售額為 23 億美元，比去年同期增長 7%。

Total volume was down 5.7% in the quarter, with strength in the retail channel and continued recovery in foodservice more than offset by labor challenges.

本季度總銷量下降了 5.7%，零售渠道的實力和餐飲服務的持續復甦被勞動力挑戰所抵消。

Sales growth outpaced volume growth driven by inflation-justified pricing and better sales mix.

由於通脹合理的定價和更好的銷售組合，銷售額增長超過了銷量增長。

During the fourth quarter, retail core business lines experienced their 13th straight quarter of volume share growth driven by consumer demand for our brands and continued strong brand execution by our team.

在第四季度，零售核心業務線在消費者對我們品牌的需求和我們團隊持續強勁的品牌執行力的推動下連續第 13 個季度實現銷量份額增長。

Operating margins for the segment were 1.7% or $39 million for the fourth quarter.

第四季度該部門的營業利潤率為 1.7% 或 3900 萬美元。

A slowdown in segment operating margins versus the same quarter last year was driven by significant increases in raw material input costs that we were not able to fully recover through price during the quarter.

與去年同期相比，分部營業利潤率放緩的原因是原材料投入成本顯著增加，我們無法在本季度通過價格完全恢復。

For the full year, operating income margin was 7.6% or $672 million.

全年營業利潤率為 7.6%，即 6.72 億美元。

As we mentioned last quarter, the ongoing inflationary environment created a meaningful headwind for Prepared Foods during the fourth quarter.

正如我們上個季度提到的，持續的通脹環境在第四季度為預製食品製造了一個有意義的逆風。

Raw material costs, logistics, ingredients, packaging and labor have increased our cost of production.

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。

We've executed pricing, revenue management and commercial spend optimization initiatives while ensuring the continued development of brand equity through marketing and trade support.

我們執行了定價、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。

We expect to take continued pricing actions to ensure that any inflationary cost increases that our business incurs are passed along.

我們希望採取持續的定價行動，以確保我們的業務產生的任何通脹成本增加都被轉移。

Our pricing has lagged inflation, but we expect to recover those cost increases during fiscal '22.

我們的定價落後於通貨膨脹，但我們預計將在 22 財年收回這些成本增加。

Moving into the Chicken segment's results.

進入雞肉部分的結果。

Sales were $3.9 billion for the fourth quarter, up 21%.

第四季度銷售額為 39 億美元，增長 21%。

Volumes improved 1.3% in the quarter as strong consumer demand offset both labor challenges and the detrimental impact of a fire at our Hanceville rendering facility.

由於強勁的消費者需求抵消了勞動力挑戰和我們 Hanceville 提煉設施火災的不利影響，本季度的銷量增長了 1.3%。

Our teams have been focused on streamlining our plants to deliver higher volumes, and we expect to deliver substantial volume improvements in fiscal '22 as the hatch rate recovers and we operate our plants more efficiently.

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，隨著孵化率的恢復和我們更有效地運營我們的工廠，我們預計在 22 財年實現大幅提升產量。

Average sales price improved over 20% in the fourth quarter and 11.4% for the fiscal year compared to the same periods last year.

與去年同期相比，第四季度平均銷售價格上漲了 20% 以上，本財年上漲了 11.4%。

This increase is due to favorable product mix and price recovery to offset cost inflation.

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。

Our pricing has admittedly lagged our realization of cost inflation, but we made tremendous progress in the last few months to close that gap and are now seeing those benefits.

誠然，我們的定價落後於我們對成本通脹的認識，但我們在過去幾個月中取得了巨大進展，以縮小這一差距，現在看到了這些好處。

We have restructured our pricing strategies given our experience in fiscal '21 to ensure that we have the flexibility to better respond to market and inflationary conditions.

鑑於我們在 21 財年的經驗，我們已經調整了定價策略，以確保我們能夠靈活地更好地應對市場和通脹條件。

Chicken experienced an operating loss of $113 million in the fourth quarter.

雞肉在第四季度經歷了 1.13 億美元的經營虧損。

The segment earned $24 million, representing an operating margin of 0.2% for the fiscal year 2021.

該部門賺取了 2400 萬美元，代表 2021 財年的營業利潤率為 0.2%。

Operating income was negatively impacted by $945 million of higher feed ingredient costs, grow-out expenses and outside meat purchases.

營業收入受到 9.45 億美元的飼料原料成本增加、養殖費用和外部肉類採購的負面影響。

For the fourth quarter, feed ingredients were $325 million higher than the same period last year.

第四季度，飼料原料比去年同期高出 3.25 億美元。

Segment performance also reflects net derivative losses of $75 million during the fourth quarter, which was $120 million worse than the same period last year.

分部業績還反映了第四季度淨衍生品虧損 7500 萬美元，比去年同期減少了 1.2 億美元。

Turning to Slide 17.

轉到幻燈片 17。

In pursuit of our priority to build financial strength and flexibility, we have substantially delevered our business over the past 12 months, reducing leverage to 1.2x net debt to adjusted EBITDA as we paid down $2 billion of debt while growing our earnings and cash flow.

為了追求我們建立財務實力和靈活性的優先事項，我們在過去 12 個月中大幅去槓桿化了我們的業務，將槓桿率降低至 1.2 倍淨債務與調整後的 EBITDA，因為我們償還了 20 億美元的債務，同時增加了我們的收益和現金流。

Investing organically in our business will continue to be an important priority and will help Tyson increase production capacity and market capabilities.

對我們的業務進行有機投資將繼續成為重要的優先事項，並將幫助泰森提高產能和市場能力。

Each of these levers will support strong return generation for our shareholders.

這些槓桿中的每一個都將為我們的股東帶來強勁的回報。

We will also continue to explore parts to optimize our portfolio through M&A through the lens of value creation and shareholder return.

我們還將通過價值創造和股東回報的視角，繼續探索通過併購優化我們的投資組合的部分。

Finally, as our track record has demonstrated, we are committed to returning cash to shareholders through both dividends and share buybacks.

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。

We're pleased to announce that last week, our Board approved a $0.06 increase to our annual dividend payment now totaling $1.84 per Class A share.

我們很高興地宣布，上週，我們的董事會批准將我們的年度股息支付增加 0.06 美元，現在每股 A 類股票總計 1.84 美元。

Let's now discuss the fiscal '22 financial outlook.

現在讓我們討論一下 22 財年的財務前景。

We currently anticipate total company sales between $49 million and $51 billion, which translate to sales growth of between 5% and 7%.

我們目前預計公司總銷售額在 4900 萬美元至 510 億美元之間，這意味著銷售額將增長 5% 至 7%。

We expect 2% to 3% volume growth on a year-over-year basis as we work to optimize our existing footprint and run our plants full.

隨著我們努力優化現有足跡並讓工廠滿負荷運轉，我們預計銷量將同比增長 2% 至 3%。

Our new productivity initiative is expected to deliver $300 million to $400 million of savings during fiscal '22, driven by operational and functional excellence initiatives, the rollout of digital solutions across the enterprise and extensive automation projects that are currently underway.

我們的新生產力計劃預計將在 22 財年節省 3 億至 4 億美元，這得益於運營和功能卓越計劃、在整個企業中推出數字解決方案以及目前正在進行的廣泛自動化項目。

Now as we look at the organic growth opportunities ahead for our business, we expect a meaningful increase in CapEx spending to pursue a healthy pipeline of projects with strong return profiles.

現在，當我們審視我們業務未來的有機增長機會時，我們預計資本支出將顯著增加，以追求具有強勁回報的健康項目管道。

We currently anticipate CapEx spending of approximately $2 billion during fiscal '22, an increase of roughly $800 million.

我們目前預計 22 財年的資本支出約為 20 億美元，增加了約 8 億美元。

This investment will support our initiatives to meet global protein demand growth into the future, allow us to gain share and will deliver strong financial returns for our shareholders.

這項投資將支持我們滿足未來全球蛋白質需求增長的舉措，使我們能夠獲得份額，並將為我們的股東帶來強勁的財務回報。

Excluding the impact of changes from potential tax legislation, we currently expect our adjusted tax rate to be around 23%.

排除潛在稅法變化的影響，我們目前預計調整後的稅率約為 23%。

We anticipate net interest expense of approximately $380 million because of intentional deleveraging during fiscal '21.

由於在 21 財年有意去槓桿，我們預計淨利息支出約為 3.8 億美元。

Liquidity is expected to significantly exceed our target, while net leverage is expected to remain well below 2x net debt to adjusted EBITDA.

流動性預計將大大超過我們的目標，而淨槓桿預計將遠低於調整後 EBITDA 的 2 倍淨債務。

It is important to note though that over the last 2 years, working capital has been a source of cash.

值得注意的是，在過去的兩年中，營運資金一直是現金的來源。

We don't expect this to be the case in fiscal '22.

我們預計 22 財年不會出現這種情況。

Moving forward, our business growth will require increased working capital, which, combined with deferred tax payments under the CARES Act, taxes on the gain of the Pet Treats divestiture, litigation settlements and other discrete items, will lead to a substantial use of cash during fiscal 2022.

展望未來，我們的業務增長將需要增加營運資金，再加上 CARES 法案規定的遞延稅款、寵物零食剝離收益稅、訴訟和解和其他離散項目，將導致在期間大量使用現金2022財年。

Now let's look at how each of our segments will contribute to that total company performance.

現在讓我們看看我們的每個部門將如何為公司的整體業績做出貢獻。

Prepared Foods is expected to deliver margins during fiscal '22 of between 7% and 9%.

預製食品預計將在 22 財年實現 7% 至 9% 的利潤率。

We will remain disciplined and agile in our pricing initiatives to ensure that any additional inflationary pressures are passed along to customers while also working diligently to deliver productivity savings to reduce costs.

我們將在定價計劃中保持紀律性和敏捷性，以確保將任何額外的通脹壓力傳遞給客戶，同時努力提高生產力以降低成本。

We expect the Beef segment to continue to show strength due to prolonged industry dynamics, leading to segment margins of between 9% and 11%.

我們預計，由於長期的行業動態，牛肉細分市場將繼續表現強勁，導致細分市場利潤率在 9% 至 11% 之間。

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.

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 Chicken, our operational turnaround is working, and we still expect to achieve run rate profitability of 5% to 7% by the middle of the year.

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。

We expect this will be achieved through sequential quarterly margin improvements during the first half of the year, resulting in full year margins that fall between 5% to 7%, although expected at the lower end of that range.

我們預計這將通過上半年連續季度利潤率改善來實現，導致全年利潤率下降 5% 至 7%，儘管預計在該範圍的下限。

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%.

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。

In International/Other, we expect margins of 2% to 3% as capacity expansions and strong global demand support volume growth and improved profitability.

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%。

Our segments individually and in aggregate have clear and compelling role within Tyson's portfolio strategy.

我們的細分市場單獨和總體在泰森的投資組合戰略中具有明確而引人注目的作用。

They deliver diverse countercyclical performance that supports the company's long-term earnings objectives and deliver strong value for shareholders.

它們提供多樣化的反週期業績，支持公司的長期盈利目標，並為股東創造強大的價值。

We'll now turn the call back over to Megan for Q&A instructions.

我們現在將電話轉回給梅根以獲取問答說明。

Megan?

梅根？

Thanks, Stewart.

謝謝，斯圖爾特。

We'll now move to your questions.

我們現在將轉到您的問題。

Please recall that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

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。

Operator, please provide the Q&A instructions.

接線員，請提供問答說明。

(Operator Instructions) And the first question will come from Ben Bienvenu with Stephens.

（操作員說明）第一個問題將來自 Ben Bienvenu 和 Stephens。

So I want to ask, in the commentary on the guidance, the productivity savings of $300 million to $400 million for this year and $1 billion by the end of 2024, could you talk about how much of that you expect to be realized on a net basis to the bottom line?

因此，我想在對指南的評論中問，今年將節省 3 億至 4 億美元的生產力，到 2024 年底將節省 10 億美元，您能否談談您希望在網絡上實現多少？底線的基礎？

And how much of it might be reinvested back into the business to drive growth?

有多少可以再投資於業務以推動增長？

Stewart?

斯圖爾特？

Ben, Stewart here.

本，斯圖爾特在這裡。

Look, we're trying to drive for as much of it as possible to the bottom line.

看，我們正在努力爭取盡可能多的利潤。

But keep in mind that our assumptions around what's going to drop to the bottom line are already embedded in the guidance that we've given you by segment.

但請記住，我們關於將下降到底線的假設已經嵌入到我們按細分為您提供的指導中。

But that's the short story.

但這就是短篇小說。

Okay.

好的。

Perfect.

完美的。

And then if I look at the balance sheet, you're -- even with a pretty substantial increase in capital expenditures for 2022, you're going to have a cash build potentially.

然後，如果我查看資產負債表，您會發現，即使 2022 年資本支出大幅增加，您也可能會積累現金。

Though I know, Stewart, you noted some commentary on the business -- the working capital being a use of cash in 2022.

雖然我知道，斯圖爾特，但你注意到了一些關於該業務的評論——營運資金是 2022 年現金的使用。

Could you talk about what you expect that use of cash to look like?

你能談談你對現金使用的期望嗎？

So that we can get a sense of what the cash balance at year-end looks like.

這樣我們就可以了解年終的現金餘額是什麼樣的。

And then along the same lines, you talked about reinvestment in M&A.

然後沿著同樣的思路，你談到了併購的再投資。

What is your prioritization of that relative to potentially share repurchase given that you've upped the authorization there?

鑑於您已經提高了那裡的授權，您對潛在股票回購的優先級是什麼？

Okay.

好的。

Right.

對。

Let me unpack that a little bit.

讓我把它拆開一點。

So yes, look, we're super pleased with the way the year has worked out.

所以，是的，看，我們對這一年的結果感到非常滿意。

This is really a diverse portfolio that's delivered a great result, and that's driven the increase in cash.

這確實是一個多元化的投資組合，取得了很好的成果，這推動了現金的增加。

So sitting at 1.2x leverage, we've got $1 billion of debt that will come due this year.

因此，以 1.2 倍的槓桿率，我們有 10 億美元的債務將於今年到期。

We're planning to pay that down.

我們打算付清那筆錢。

We also, as you called out, are going to have a much larger expenditure on CapEx, which is going to be great for our investors.

正如您所說，我們還將在資本支出上投入更多，這對我們的投資者來說將是一件好事。

And as our business grows, that's going to consume some more working capital, regular working capital.

隨著我們業務的增長，這將消耗更多的營運資金，即常規營運資金。

In addition to that, we've got a number of one-off payments that we expect to pay out this year, which are pretty meaningful.

除此之外，我們還有一些我們希望在今年支付的一次性付款，這是非常有意義的。

And to characterize that, it's around $1 billion of deferred taxes related to the CARES Act, taxes that are owed on the sale of the pet business, as well as some payout of the litigation accruals that you've seen in our books.

為了描述這一點，與 CARES 法案有關的大約 10 億美元的遞延稅款、出售寵物業務的稅款以及您在我們的書中看到的訴訟應計費用的一些支出。

Oh, to M&A.

哦，併購。

Maybe -- the last question on -- is on M&A versus buyback.

也許——最後一個問題——是關於併購與回購。

Look, as a normal course, we don't comment on any specific M&A.

看，作為一個正常的過程，我們不對任何具體的併購發表評論。

But we've shared our specific levers in our business.

但我們已經分享了我們在業務中的具體槓桿。

We have successfully pulled all those levers over the last number of years.

在過去的幾年裡，我們成功地拉動了所有這些槓桿。

And I think that's been to good effect.

我認為這已經取得了很好的效果。

We don't imagine that we're going to change that this year.

我們不認為我們會在今年改變這一點。

The next question will come from Ben Theurer with Barclays.

下一個問題將來自巴克萊銀行的 Ben Theurer。

Congrats on the results.

祝賀結果。

Now just to unfold one thing and maybe you can help us a little bit on what you're planning into 2022.

現在只是為了展開一件事，也許您可以幫助我們了解您對 2022 年的計劃。

So clearly, it feels like a lot of your growth in the quarter was impacted by lack of labor, be it in Beef, be it in Pork.

很明顯，感覺本季度的很多增長都受到勞動力不足的影響，無論是牛肉還是豬肉。

I mean you've pointed out in the segment commentary is -- there was a lot around labor shortage.

我的意思是你在部分評論中指出 - 勞動力短缺有很多問題。

And we know you've been investing in people, but what do you have to do looking into 2022 to overcome these headwinds on the labor market just in order to get actually the volume out that you want to get out?

而且我們知道您一直在投資於人，但是您必須在 2022 年做些什麼來克服勞動力市場上的這些逆風，才能真正獲得您想要獲得的數量？

Because it seems like you have the assets, but you don't have the people to process.

因為看起來你有資產，但你沒有人來處理。

Is that a fair assumption?

這是一個公平的假設嗎？

Let me take that, Stewart.

讓我接受，斯圖爾特。

Labor has been very challenging throughout the year.

勞動力全年都非常具有挑戰性。

But as we've mentioned in the script earlier, we're seeing a light at the end of this tunnel.

但正如我們之前在腳本中提到的，我們看到了隧道盡頭的曙光。

We're seeing our ability to get plant staffed.

我們看到了我們為工廠配備人員的能力。

I think from a poultry perspective, for example, we're almost fully staffed since November 1. We've made great progress across Prepared Foods and our Beef and Pork businesses.

例如，我認為從家禽的角度來看，自 11 月 1 日以來，我們的人員幾乎已滿員。我們在預製食品以及牛肉和豬肉業務方面取得了很大進展。

So we're gaining on that post the close of our vaccine mandate.

因此，在我們的疫苗任務結束後，我們正在取得進展。

So we're very optimistic about '22.

所以我們對'22'非常樂觀。

But in addition to having a labor shortfall, which is constrained capacity, we've also had just capacity shortfall in some key categories, for example, ready-to-eat products that would be for the more value-added poultry and also for prepared foods.

但除了勞動力短缺（產能受限）之外，我們在一些關鍵類別也存在產能短缺，例如，用於高附加值家禽的即食產品和預製食物。

And again, we're just now bringing on 2 new case-ready beef and pork plants to enable us to have more capacity in there and a startup mode.

再說一次，我們剛剛引進了 2 家新的牛肉和豬肉工廠，使我們能夠在那裡擁有更多的產能和啟動模式。

So yes, the labor has been a challenge.

所以，是的，勞動力一直是一個挑戰。

We see -- we're seeing progress.

我們看到了——我們看到了進步。

We're very excited about '22 from that perspective.

從這個角度來看，我們對 22 年感到非常興奮。

We believe we've got the worst behind us, and we're looking forward to that, but we're also -- we've got 12 new plants going -- or under construction to deliver more capacity, and we have strong demand for that.

我們相信我們已經度過了最糟糕的時期，我們對此充滿期待，但我們也 - 我們有 12 座新工廠正在運行 - 或正在建設中以提供更多產能，我們有強勁的需求為了那個原因。

And so we look forward to what that would deliver for us, not only this year but also in the coming years.

因此，我們期待著這將為我們帶來什麼，不僅在今年，而且在未來幾年。

Okay.

好的。

And then within Prepared Foods, I mean, clearly, we're seeing the headwinds from the input costs most here and just you holding back a little bit on pushing through price with that operating income margin adjusted down to a little less than 2%.

然後在Prepared Foods中，我的意思是，很明顯，我們在這裡看到了來自投入成本的最大阻力，只是你在推動價格方面有所保留，營業收入利潤率調整到略低於2%。

Now the guidance for next year basically implies something flat.

現在，明年的指導基本上意味著一些平坦的東西。

Does that mean over the course of the year, we would just think about still headwinds in the first half and as pricing comes through in the second half, we're going to see that picking up a little bit?

這是否意味著在這一年中，我們只會考慮上半年仍然存在逆風，而隨著下半年定價的到來，我們會看到這種情況有所回升嗎？

Or how should we think about the cadence of margins into 2022 in the Prepared Foods business?

或者我們應該如何看待預製食品業務到 2022 年的利潤率變化趨勢？

So Ben, I'll make a couple of comments, and I'll pass that on to our expert, to Noelle O’Mara, who leads our Prepared Foods businesses.

因此，本，我將發表一些評論，並將其轉達給我們的專家，即領導我們預製食品業務的 Noelle O'Mara。

And so it's -- you characterized much of it.

所以它是 - 你對它的大部分進行了描述。

We're trying to absorb the rapid inflation, predominantly in pork products and meat.

我們正試圖吸收快速通脹，主要是豬肉產品和肉類。

And as we go with this branded portfolio that we have to the marketplace, it's no different than any other CPG company has dealt with.

當我們將這個品牌組合推向市場時，它與任何其他 CPG 公司處理過的沒有什麼不同。

You're trying to balance share and price.

你試圖平衡份額和價格。

And it takes a little bit of time, unlike the commodity portion of our business, like beef and pork and -- takes a little more time to get that executed.

與我們業務的商品部分（如牛肉和豬肉）不同，這需要一點時間，並且需要更多時間來執行。

We're looking for ways -- always looking for ways to try to expedite that process, but it takes a bit to be able to get customers aligned, to be able to get promotional and those activities aligned.

我們正在尋找方法——一直在尋找方法來加快這一過程，但需要一些時間才能讓客戶保持一致，才能讓促銷和這些活動保持一致。

But let me stop with that, and I'll toss it over to Noelle to add some color as well.

但是讓我停下來，我會把它扔給 Noelle 來添加一些顏色。

Sure.

當然。

Thanks, Donnie.

謝謝，唐尼。

Ben, as we mentioned, demand continues to be incredibly strong across the portfolio.

正如我們所提到的，本，整個投資組合的需求仍然非常強勁。

Our Q4 performance was impacted because of the inflationary environment accelerating faster than anticipated.

由於通脹環境加速超過預期，我們的第四季度業績受到影響。

Despite the unprecedented inflationary headwinds, the actions that we took in the second half of '21 and the beginning here of '22, I expect, will allow us to offset the headwinds and drive sequential improvements in profitability.

儘管出現了前所未有的通脹逆風，但我預計，我們在 21 年下半年和 22 年初採取的行動將使我們能夠抵消逆風並推動盈利能力的連續提高。

The next question will come from Peter Galbo with Bank of America.

下一個問題將來自美國銀行的 Peter Galbo。

I guess, Donnie and Noelle, I'd like to get your thoughts on this.

我想，Donnie 和 Noelle，我想听聽你們對此的看法。

Just as you're taking a lot more pricing in prepared and, I guess, across the rest of the portfolio, just what are you seeing from a consumer perspective in terms of trade down?

正如您在準備好的產品中以及我想在其他產品組合中採取更多定價一樣，從消費者的角度來看，您在貿易下降方面看到了什麼？

Is -- are elasticity still kind of holding or, I should say, holding at an inelastic level?

是否——彈性仍然保持某種程度，或者我應該說，保持在非彈性水平？

Or are you starting to see just some of that roll through?

還是您開始看到其中的一部分？

And how do you think about that into '22 as prices continue to go up?

隨著價格繼續上漲，您如何看待 22 年的情況？

Sure.

當然。

Let me take that.

讓我接受。

So demand continues to be strong across the portfolio in both retail and foodservice.

因此，零售和餐飲服務組合的需求持續強勁。

We're pleased with the market performance we're seeing despite the price increases.

儘管價格上漲，我們對我們看到的市場表現感到滿意。

Elasticity has been less than historical models would have predicted.

彈性低於歷史模型的預測。

We're seeing penetration and buy rate increases versus pre-COVID levels across categories.

我們看到各個類別的滲透率和購買率與 COVID 之前的水平相比有所提高。

As Donnie referenced, we've had our 13th consecutive quarter of share growth, but we'll continue to learn and adapt as the landscape evolves.

正如唐尼所提到的，我們已經連續第 13 個季度實現了份額增長，但隨著形勢的發展，我們將繼續學習和適應。

No.

不。

That's helpful.

這很有幫助。

And then, Donnie, just in terms of the productivity plan and the CapEx, is there a way for us to think about it -- you gave some helpful detail on the slides, but just to think about it by segment?

然後，Donnie，就生產力計劃和資本支出而言，有沒有辦法讓我們考慮它——你在幻燈片上提供了一些有用的細節，但只是按部分考慮？

Well, it's -- let me start, Peter, by saying it applies to all segments.

好吧，彼得，讓我先說它適用於所有細分市場。

And the first part of the program has to do with operational and functional excellence.

該計劃的第一部分與卓越的運營和功能有關。

And quite frankly, that is really doing our jobs better, taking out waste, removing bureaucracy.

坦率地說，這確實讓我們的工作做得更好，消除了浪費，消除了官僚主義。

And that's primarily targeted against our finance, human resources and procurement groups.

這主要針對我們的財務、人力資源和採購團隊。

It's executing at a much higher level.

它在更高的水平上執行。

There's another component that is digital solutions, and that's about $250 million in recurring savings.

還有另一個組成部分是數字解決方案，經常性節省約 2.5 億美元。

That's more on the operational side, the supply chain planning, logistics and warehousing.

這更多是在運營方面，供應鏈規劃、物流和倉儲。

So you can think of that in that bucket.

所以你可以在那個桶裡想到那個。

And that's across all businesses.

這適用於所有企業。

In fact, the first 2 across all businesses.

事實上，前 2 個是所有企業。

And then third, automation, leveraging robotics and technology, and we're spending significantly -- a significant portion of the $2 billion in capital that we're spending or a disproportionate amount of that is going against capacity expansion in these 12 plants that we talked about over the next 3 years.

第三，自動化，利用機器人和技術，我們正在大量支出——我們花費的 20 億美元資本中的很大一部分或不成比例的金額與我們在這 12 家工廠的產能擴張背道而馳談到未來3年。

But in addition to that, it's to put automation and technology and to eliminate difficult higher turnover jobs.

但除此之外，還需要引入自動化和技術，並消除困難的高流動性工作。

Think, for example, debone automation, whether it be for the white meat or dark meat, think about in terms of material handling and you would see more of that from -- in our Prepared Foods group.

例如，想想去骨自動化，無論是白肉還是黑肉，考慮材料處理，你會從我們的預製食品組看到更多。

And then you've got -- if we think about outside the United States, then we just have, I'd say, a plethora of automation and technology and a digital footprint as we build those plants up outside the U.S.

然後你有 - 如果我們考慮在美國以外的地方，那麼當我們在美國以外建立這些工廠時，我們就會擁有大量的自動化和技術以及數字足跡。

The next question will come from Anoori Naughton with JPMorgan.

下一個問題將來自摩根大通的 Anoori Naughton。

We wanted to get some additional color on some of the chicken initiatives you discussed.

我們想為您討論的一些雞肉計劃增加一些色彩。

You talked about optimization efforts increasing the harvest capacity by 10%.

您談到了將收穫能力提高 10% 的優化工作。

Over what time frame are you thinking you'll be able to achieve that level of capacity expansion?

您認為在什麼時間範圍內您將能夠實現該級別的產能擴張？

And does the run rate EBIT margin of 5% to 7% already contemplate that higher fixed cost leverage from these efforts?

5% 到 7% 的運行率 EBIT 利潤率是否已經考慮到這些努力帶來的更高的固定成本槓桿？

Great question.

好問題。

Let me -- I'll start out and then -- and give you some very top line stuff, and I'll flip it over to David Bray, who leads our poultry group.

讓我——我會開始然後——給你一些非常重要的東西，我會把它交給領導我們家禽小組的大衛布雷。

Think of this in terms of the 5% to 7% being a waypoint.

考慮到 5% 到 7% 是一個航路點。

And we've communicated that we think by the middle part of '22, that's where we will be.

我們已經溝通過，我們認為到 22 年中期，這就是我們的目標。

That's not the goal.

那不是目標。

That's the waypoint, and we backed into that.

那是航路點，我們支持它。

But if you think about those building blocks that are necessary to get there and beyond, it's really starting with volume.

但是，如果您考慮實現目標和超越所需的那些構建塊，那麼它實際上是從數量開始的。

And we've talked a lot about the hatch issue that we've had and the male.

我們已經談了很多關於我們和雄性的孵化問題。

And -- but as we move into '22, we're already seeing great results.

而且——但是隨著我們進入 22 世紀，我們已經看到了很好的結果。

Remember, this male that we put in is not new to the world.

請記住，我們放入的這個男性對這個世界並不陌生。

It's one we've used and delivered great results for years.

這是我們多年來一直使用並取得出色成果的一種。

So we have a great deal of confidence in that.

所以我們對此充滿信心。

But it's also efficiency, it's about running plants at capacity and not having to go to the outside and buy as much boneless, skinless breast meat as we have in '21.

但這也是效率，它是關於滿負荷運行工廠，而不必像 21 年那樣到外面去購買盡可能多的去骨去皮胸肉。

And then labor.

然後是勞動。

I mean I mentioned earlier that we're back to near complete staffing, and we're seeing some really, really good results from that.

我的意思是我之前提到過，我們已經恢復到接近完整的人員配置，並且我們看到了一些非常非常好的結果。

And our team is excited in terms of just the efficiency and improvement we've seen since completing our vaccine mandate on November 1.

我們的團隊對自 11 月 1 日完成疫苗任務以來所看到的效率和改進感到興奮。

But this comes down to an execution story, and volume is absolutely critical to getting us to the waypoint of 5% to 7% but also in terms of taking us into the future.

但這歸結為一個執行故事，而數量對於讓我們達到 5% 到 7% 的航路點以及將我們帶入未來而言絕對是至關重要的。

And with that, let me flip it over to David to -- you may add a little more color to that.

有了這個，讓我把它交給大衛 - 你可以給它添加更多顏色。

Yes.

是的。

Just a little bit of color, Donnie.

只是一點點顏色，唐尼。

Thank you very much for the opportunity.

非常感謝您的機會。

And again, I think it is critical for us to state that volume is a critical pillar for that.

再說一次，我認為對我們來說至關重要的是要說明數量是實現這一目標的關鍵支柱。

But we also have a very structured success program that we've built across our organization, where we're focused on being the most sought-after place to work, where we're focused on servicing our customer, growing our optimal products and brands and performing with the best.

但我們也有一個非常結構化的成功計劃，我們已經在整個組織中建立，我們專注於成為最受歡迎的工作場所，我們專注於服務我們的客戶，發展我們的最佳產品和品牌並表現最好。

Hatch is a component of that.

孵化是其中的一個組成部分。

And again, we are seeing sequential week-over-week improvement and feel good about the plan that we have in place relative to the hatch.

再一次，我們看到了連續一周的改進，並且對我們制定的與孵化相關的計劃感覺良好。

But we're also working on other imperatives within our business, and a lot of this really began within the Q4 time frame.

但我們也在處理我們業務中的其他當務之急，其中很多都是在第四季度的時間框架內開始的。

We're increasing our investment in dark meat debone capacity.

我們正在增加對黑肉去骨能力的投資。

There was also significant price investment or improvement that we realized within the quarter.

我們在本季度還實現了重大的價格投資或改進。

And ultimately, we're optimizing our plant efficiency ahead of our increased harvest.

最終，我們在增加收成之前優化我們的工廠效率。

The improvements are coming from price/mix, volume, spend and labor.

改進來自價格/組合、數量、支出和勞動力。

In short, we are driving operational excellence across our poultry segment, and we are aligned on that plan.

簡而言之，我們正在推動我們家禽部門的卓越運營，並且我們在該計劃上保持一致。

I would tell you, we have the right plan and we have the right people to make sure that we execute on the fundamentals of our business.

我會告訴你，我們有正確的計劃，我們有合適的人來確保我們在業務基礎上執行。

The next question will come from Alexia Howard with Bernstein.

下一個問題將來自 Alexia Howard 和 Bernstein。

So can I ask, first of all, about the labor cost implications for the longer term?

那麼，我可以首先問一下長期勞動力成本的影響嗎？

I mean you're obviously spending up, presumably raising wage rates and so on.

我的意思是你顯然在花錢，大概是提高工資率等等。

How much do you expect the entire labor cost to be above prepandemic levels once all the dust has settled?

一旦塵埃落定，您預計整個勞動力成本將高於疫情前水平多少？

And then I have a follow-up.

然後我有一個跟進。

Thank you for the question.

感謝你的提問。

I would tell you that as we stated, we have to win with team members.

我會告訴你，正如我們所說，我們必須與團隊成員一起取勝。

We have to be the most sought-after place to work.

我們必須成為最受歡迎的工作場所。

And we've done a number of things already to try to do that.

我們已經做了很多事情來嘗試做到這一點。

It's the recognition that the workforce today, they have many, many options, and there are far few people chasing the number of jobs that are actually out there.

這是對當今勞動力的認識，他們有很多很多的選擇，而且很少有人追逐實際存在的工作數量。

And so as we've talked internally, we're not trying to solve the labor problem for America.

因此，正如我們在內部討論過的那樣，我們並不是要為美國解決勞工問題。

We're trying to solve it for Tyson Foods.

我們正在努力為泰森食品公司解決這個問題。

And we want to give people an option.

我們想給人們一個選擇。

We want to give them a better option.

我們想給他們一個更好的選擇。

And we think the key to the staffing plans, but more importantly, being able to service customers and execute at a high level, absolutely starts with people.

我們認為人員配備計劃的關鍵，但更重要的是，能夠為客戶提供服務並在高水平上執行，絕對從人開始。

So the $24 an hour, it includes a number of things, but it is -- it's the benefits that go with that.

所以每小時 24 美元，它包括很多東西，但它是——這是隨之而來的好處。

We've had to enhance a number of those things, these things like scheduling differences, meaning multiple shifts or being very creative at each location.

我們不得不增強其中的一些東西，比如日程安排差異、意味著多個班次或在每個位置都非常有創意。

Childcare is a component of that.

托兒服務是其中的一個組成部分。

We've experimented with on-site health clinics, there's another we've experimented with.

我們已經嘗試過現場健康診所，還有另一個我們已經嘗試過。

But we're trying to be creative and trying to make sure that we're positioned well to have a place people want to come to work.

但我們正在努力發揮創造力，並努力確保我們處於有利位置，擁有人們想要來工作的地方。

And we see that as being critical to our future success.

我們認為這對我們未來的成功至關重要。

And so that's what we're doing, $24 an hour.

這就是我們正在做的，每小時 24 美元。

I would tell you that maybe leading in the marketplace but it's -- I think it's also a competitive wage.

我會告訴你，這可能在市場上處於領先地位，但它——我認為這也是一個有競爭力的工資。

And so we want to be on the leading side of that.

所以我們希望在這方面處於領先地位。

And so that is our intent.

這就是我們的意圖。

That's how you can think about it as we think about labor going forward.

當我們考慮未來的勞動力時，這就是你可以考慮的方式。

We see that as the cost of inflation and the cost of labor going forward.

我們將其視為未來的通脹成本和勞動力成本。

Great.

偉大的。

And just as you look out to fiscal '22, what do you see as the biggest uncertainties and risks this year?

正如您展望 22 財年一樣，您認為今年最大的不確定性和風險是什麼？

It sounds that you're fairly confident in the Chicken margin recovery, but across the business, what do you see as the biggest uncertainties from this perspective today?

聽起來您對雞肉利潤率的恢復相當有信心，但在整個業務中，您認為今天從這個角度來看最大的不確定性是什麼？

Sure.

當然。

I would tell you that in all my years of being in this business, there are always risks that come up.

我會告訴你，在我從事這項業務的這些年裡，總會有風險出現。

The one thing I am certain of is as we get into '22, we will -- there's going to be something that happened we hadn't anticipated.

我可以肯定的一件事是，當我們進入 22 年時，我們會——將會發生一些我們沒有預料到的事情。

If you go back to this time a year ago, we thought we had a pretty solid plan around -- in poultry around grain price -- or pricing relative to grain.

如果你回到一年前的這個時候，我們認為我們有一個非常可靠的計劃——圍繞穀物價格的家禽——或相對於穀物的定價。

And then we saw a tremendous increase in the cost of grain, and we were sitting with fixed pricing on -- so much.

然後我們看到糧食成本大幅上漲，我們坐在固定價格上——這麼多。

So those type of things happen.

所以會發生這類事情。

What I can tell you and why we're excited is that we've adjusted our model, our pricing model and -- so that we've derisked it not only for us, but also for our customers.

我可以告訴你的以及我們為什麼感到興奮的是，我們已經調整了我們的模型、我們的定價模型，並且——因此我們不僅為我們自己，而且為我們的客戶都放棄了它。

So that when there is inflation, then we're in a position we can adjust pricing with those customers.

因此，當出現通貨膨脹時，我們就可以與這些客戶一起調整定價。

And our relationships with them are really second to none.

我們與他們的關係真的是首屈一指的。

And these have been really good conversations.

這些都是非常好的對話。

It's been a win-win approach in these conversations, and we're proud of that.

在這些對話中，這是一種雙贏的方法，我們為此感到自豪。

And it starts with that relationship with the customer.

它始於與客戶的關係。

So we've moved and derisked our model relative to pricing and inflation.

因此，我們已經移動並取消了與定價和通貨膨脹相關的模型。

And that, we believe, puts us in a better position.

我們相信，這使我們處於更好的位置。

In terms of labor, I don't know how to anticipate a new COVID variant or something that the vaccine might not protect against.

在勞動力方面，我不知道如何預測新的 COVID 變種或疫苗可能無法預防的東西。

But I can tell you that we took a bold action to do everything we need to do to protect team members.

但我可以告訴你，我們採取了大膽的行動，竭盡全力保護團隊成員。

And we saw it as an investment and a derisking of our business just by having a vaccinated workforce.

我們將其視為一項投資，只是通過擁有一支接種疫苗的勞動力來降低我們的業務風險。

And so I think we believe that's one less thing we'll have to deal with this year.

所以我認為我們相信這是我們今年必須處理的少一件事情。

That's one less thing we're seeing in terms of complexity to our business.

就我們業務的複雜性而言，這是我們所看到的少一件事。

The next question will come from Adam Samuelson with Goldman Sachs.

下一個問題將來自高盛的亞當薩繆爾森。

So maybe just a bit of a clarification question on the guidance.

所以也許只是對指導的一點澄清問題。

And as we think about kind of what's embedded in the segment margin assumptions, can you help us think at the total company level, what level of kind of non-raw material inflation is assumed for things around logistics and labor and packaging to -- in there?

當我們考慮細分市場利潤率假設中包含的內容時，您能否幫助我們在整個公司層面思考，對於物流、勞動力和包裝等方面的非原材料通脹水平的假設那裡？

And as well, what is assumed on a year-on-year basis for feed costs in the Chicken segment?

此外，假設雞肉部門的飼料成本同比是多少？

Thanks, Adam.

謝謝，亞當。

I'll start with it, and I'll pass it over to Stewart.

我將從它開始，然後將它傳遞給斯圖爾特。

He can cover maybe in greater detail on some of those non-grain.

他可以更詳細地介紹其中一些非穀物。

We've positioned ourselves from a poultry perspective as well as from a prepared foods perspective so that we can respond to the inflation, whether it be grain, labor, transportation, warehousing costs, which are the biggest ones.

我們從家禽的角度和預製食品的角度定位自己，以便我們能夠應對通貨膨脹，無論是糧食、勞動力、運輸、倉儲成本，這些都是最大的成本。

Packaging and ingredients have all gone up in price as well.

包裝和配料也都漲價了。

In fact, I would -- it might be easier for me to tell you what hasn't seen -- what component hasn't seen inflation in this past year.

事實上，我會 - 我可能更容易告訴你沒有看到什麼 - 在過去的一年中哪些組件沒有看到通貨膨脹。

But we think we've got our model positioned to adjust for that around pricing and responsiveness.

但我們認為我們的模型已經定位為圍繞定價和響應能力進行調整。

And we don't expect customers to pay for inefficiencies, but we'd like to think that we have relationships with customers that allow us to be able to take to them inflation that we see in the marketplace and be able to pass that on ultimately to the consumer.

我們不希望客戶為效率低下買單，但我們想認為我們與客戶的關係使我們能夠承受我們在市場上看到的通貨膨脹並最終將其傳遞給他們給消費者。

And so that's the way we thought about our model.

這就是我們對模型的思考方式。

That's how we've adjusted our model and it's been a yearlong -- really a yearlong event doing that.

這就是我們調整模型的方式，並且已經持續了一年——實際上是一年的活動。

And we are in a pretty good place right now.

我們現在處於一個相當不錯的位置。

With respect to Chicken, I think based on today's current level of inflation, we have currently caught up with that inflation with pricing across the Chicken segment.

關於雞肉，我認為根據目前的通貨膨脹水平，我們目前已經通過雞肉部分的定價趕上了通貨膨脹。

We're putting that pricing in place in Prepared Foods.

我們正在準備食品中實施該定價。

And of course, our commodity businesses of Beef and Pork, those respond more rapidly to the inflation.

當然，我們的牛肉和豬肉商品業務對通貨膨脹的反應更快。

And so those are working as designed as well.

因此，它們也按設計工作。

Stewart, would you like to add any color to that?

斯圖爾特，你想給它加點顏色嗎？

Sure, Donnie.

當然，唐尼。

Adam, just a couple of points to make here.

亞當，這裡只需要說明幾點。

So first of all, I had a question earlier on about the savings.

所以首先，我之前有一個關於儲蓄的問題。

That -- the $300 million to $400 million is coming through as a benefit in the year.

那 - 3 億至 4 億美元將作為今年的一項福利。

We shared with you that, obviously, volume is increasing so you're going to see some increase from volume.

我們與您分享了，顯然，交易量正在增加，因此您會看到交易量有所增加。

And of course, we're continuing to pass through price and have the benefit of some mix.

當然，我們將繼續通過價格並獲得一些組合的好處。

When you look at the top line in the business, keep in mind -- and actually, when you look at the cost, keep in mind, the guidance around beef, which is lower than last year, right?

當您查看業務的頂線時，請記住 - 實際上，當您查看成本時，請記住圍繞牛肉的指導，這低於去年，對嗎？

And FOB, you should expect to see both the cutout [for] and you should expect to see the cattle costs increase.

而離岸價，你應該會看到 [for] 的削減和你應該看到牛的成本增加。

And that's going to be part of it.

這將成為其中的一部分。

Perhaps a couple of other things to keep in mind.

也許還有一些其他的事情要記住。

There are ingredient costs that are outside of grains, things like cooking oil, you've seen the price of oil, that increased.

穀物之外的成分成本，比如食用油，你已經看到石油價格上漲了。

Distribution is up.

分佈已上。

And we've had 13 strong quarters of share gain in our Prepared Foods business, and that business will likely invest money behind our brands this year to make sure that, that kind of momentum continues.

我們的預製食品業務已經實現了 13 個季度的強勁份額增長，該業務今年可能會在我們的品牌上投入資金，以確保這種勢頭持續下去。

So that's probably a run-through through the big items.

所以這可能是大項目的貫穿。

All right.

好的。

That's really helpful.

這真的很有幫助。

And then on the productivity, you talked about it, look, it's a bit more of a gross productivity action where you hope to capture as much as you can to the bottom line or you choose to reinvest.

然後關於生產力，你談到了它，看，它更像是一種總體生產力行動，你希望盡可能多地獲得利潤，或者你選擇再投資。

But can you help frame kind of the scope of the spend that, that productivity is going after?

但是，您能否幫助確定生產力所追求的支出範圍？

Obviously, it wouldn't have that much impact on some of the direct raw materials in terms of the feed ingredients or cattle or hogs that you buy.

顯然，就您購買的飼料原料或牛或豬而言，它不會對某些直接原材料產生太大影響。

What's the right denominator to think about the scope of the savings, [a couple of million dollars] over a couple of years?

考慮幾年內節省的範圍（幾百萬美元）的正確分母是什麼？

Yes.

是的。

I mean it's complicated in our business, of course, because you've got all the commodity meat inputs as we usually pull those off.

我的意思是，這在我們的業務中很複雜，當然，因為您擁有所有商品肉類投入，因為我們通常會將這些投入。

But I don't know that I've got a great number to put to you to give that.

但我不知道我有很多數字可以給你。

What I would go back to is your starting point, which is I said we hope that this drops the bottom line (inaudible) -- not a hope strategy, actually.

我要回到你的出發點，我說過我們希望這會降低底線（聽不清）——實際上不是希望策略。

We have a very strong game plan here to drive these costs to the bottom line.

我們在這裡有一個非常強大的遊戲計劃，以將這些成本推向底線。

And they are part of -- they're part of our equation for next year.

它們是——它們是我們明年等式的一部分。

And you'll see that.

你會看到的。

I mean, that's part of our guidance.

我的意思是，這是我們指導的一部分。

The shape of next year looks good.

明年的造型看起來不錯。

I mean Prepared Foods and Chicken are both showing improvement -- strong improvement from the fourth quarter.

我的意思是預製食品和雞肉都出現了改善——與第四季度相比有很大改善。

Beef still expecting a very strong year despite lower numbers than we had this year.

儘管數量低於今年，但牛肉仍然期待非常強勁的一年。

So I think the shape of things looks good.

所以我覺得東西的形狀看起來不錯。

Those savings are embedded in the forecast that I've given you.

這些節省都包含在我給你的預測中。

So, Matt, if I may add to -- or add one more thing to that.

所以，Matt，如果我可以添加 - 或添加一件事。

This -- every one of these savings that we've talked about over the next 3 years, we have a program management office, and we track that to the bottom line.

這 - 我們在接下來的 3 年中談到的每一項節省，我們都有一個項目管理辦公室，我們會跟踪到最終結果。

We have built that into our '22 plan.

我們已將其納入我們的 '22 計劃。

And if you look at the out years of '23 and '24, we've also built that into operating income.

如果你看看 23 年和 24 年的過去幾年，我們也將其納入營業收入。

We did not count it unless we could show it hitting the operating income line of the business.

除非我們能證明它達到了業務的營業收入線，否則我們沒有計算它。

This is -- we did -- we've done our work here to make sure this was not a sleight of hand but a true delivering of results and more importantly, delivering of a much, much better process all the way around.

這是 - 我們做到了 - 我們在這裡完成了我們的工作，以確保這不是一種花招，而是真正交付結果，更重要的是，交付一個更好的過程。

The next question will come from Ken Zaslow with Bank of America -- Montreal.

下一個問題將來自美國銀行的 Ken Zaslow——蒙特利爾。

I just have a couple of jobs apparently, Bank of America, Bank of Montreal, but a couple of questions.

我顯然只有幾份工作，美國銀行，蒙特利爾銀行，但有幾個問題。

You said you cover -- you actually covered costs with pricing on the Chicken business as of now.

您說您涵蓋了-到目前為止，您實際上已經通過雞肉業務的定價來涵蓋成本。

Help me understand, so does that mean that the issues right now are really operational issues?

幫助我理解，這是否意味著現在的問題真的是運營問題？

And then as you move into the new year, you're going to have price on top of that as your pricing contracts come to anniversary?

然後當你進入新的一年時，你會在定價合同到週年紀念日的時候得到價格嗎？

Is that how to think about it?

是這樣想的嗎？

Or did I misunderstand?

還是我誤會了？

I think -- Ken, thanks.

我想——肯，謝謝。

I think it's probably more of a point in time.

我認為這可能更像是一個時間點。

My comment was, as of today, we have -- we are now -- we have our pricing at a point where it covers the cost of inflation.

我的評論是，截至今天，我們已經 - 我們現在 - 我們的定價已經涵蓋了通貨膨脹成本。

We've also had, during the quarter, most recent quarter, we've had issues with the labor availability and inefficiencies associated with that.

在本季度，最近一個季度，我們還遇到了勞動力可用性和與之相關的低效率問題。

But we're now staffed.

但我們現在有人員。

So as -- I mentioned that in terms of a go-forward position.

所以 - 我在前進的立場方面提到了這一點。

We will be fully staffed.

我們將配備齊全的人員。

And again, I'm speaking of Chicken here, but we'll be fully staffed.

再說一次，我在這裡說的是雞肉，但我們會配備齊全的人員。

We'll be far more efficient.

我們會更有效率。

David and his team are laser-focused on the executional excellence in the business.

大衛和他的團隊專注於業務的卓越執行。

And we're seeing great progress in there.

我們在那裡看到了巨大的進步。

And Noelle and her team are prepared -- are doing exactly the same thing.

諾艾爾和她的團隊已經做好了準備——正在做同樣的事情。

So we're optimistic going forward.

所以我們對未來持樂觀態度。

We believe the worst is behind us, and we're excited about what we're seeing in our Q1 and what we'll see for the year.

我們相信最壞的情況已經過去，我們對我們在第一季度看到的以及我們今年將看到的情況感到興奮。

It's very much in line with what we project.

這非常符合我們的計劃。

So just to understand it, what is -- for the next year or 2 is really in your control as you're trying to align more with the industry on the pricing and the cost structure -- on the cost, not the cost structure?

因此，只是為了理解它，在您試圖在定價和成本結構上與行業保持更多一致時，下一兩年或第二年真正在您的控制範圍內 - 在成本上，而不是成本結構上？

But it's more right now, it is internal improvements that will drive the next year or 2 versus you're now relatively capturing what the market is giving to you on the pricing versus the corn side?

但現在更重要的是，內部改進將推動明年或 2 年，而您現在相對捕捉市場在定價方面與玉米方面給您的信息？

Is that a fair assessment?

這是一個公平的評價嗎？

It's fair and largely accurate.

這是公平的，而且在很大程度上是準確的。

The only thing I would add about that is in some of the more branded part of the portfolio, there is typically a lag between inflation and it's a point we're able to get pricing.

我唯一要補充的是，在投資組合的一些品牌化程度更高的部分中，通貨膨脹之間通常存在滯後，這是我們能夠獲得定價的一點。

And we're looking constantly at ways to try to shorten that cycle with our customers.

我們一直在尋找方法來縮短與客戶的周期。

So think of that as being the differentiator there.

因此，將其視為那裡的差異化因素。

But I would tell you, much of what we have to do and the way we structured our model, executional excellence, and I called that out specifically in the script, this will be top of mind to all of us across all businesses and functions at Tyson.

但我會告訴你，我們必須做的大部分事情以及我們構建模型的方式、卓越執行力，我在腳本中特別提到了這一點，這將是我們所有業務和職能部門的首要任務泰森。

If I could squeeze in one more, and then I'll leave it there.

如果我能再擠一個，然後我會把它留在那裡。

When you put in the capital spending that you're doing, and I know we all have to think about 2022, but when we think about 2023, 2024, what do you think the returns on that would be?

當你投入你正在做的資本支出時，我知道我們都必須考慮 2022 年，但是當我們考慮 2023 年、2024 年時，你認為這會帶來什麼回報？

And does that enhance either the stability of your model or the growth algorithm of your model as you are now deploying almost enough capital that it's almost like an acquisition, right?

這是否會增強模型的穩定性或模型的增長算法，因為您現在部署了幾乎足夠的資本，這幾乎就像收購一樣，對吧？

You're not actually making an acquisition, but you're putting enough capital there.

你實際上並沒有進行收購，但你在那裡投入了足夠的資金。

There should be a return on that, that may be something changes in 2023, 2024.

應該會有回報，這可能會在 2023 年、2024 年發生變化。

And I will leave it there, and I appreciate your time.

我會把它留在那裡，我很感激你的時間。

Yes.

是的。

I will start with that and Stewart may want to add something to it.

我將從這個開始，斯圖爾特可能想要添加一些東西。

But the spend that we have, the return on that invested capital, we certainly understand that we've had a few issues in delivering that over the past.

但是我們所擁有的支出，投資資本的回報，我們當然明白我們過去在實現這些方面遇到了一些問題。

But I will tell you that return on invested capital is a part of the entire leadership team's scorecard.

但我會告訴你，投資資本回報率是整個領導團隊記分卡的一部分。

So we're approving those dollars spent against a demand that is known and a return that is known.

因此，我們正在批准根據已知需求和已知回報所花費的這些美元。

And so we feel very confident about the returns on those businesses.

因此，我們對這些業務的回報充滿信心。

And so we're not concerned about the fact that we're going to get a really good return on that investment.

所以我們並不擔心我們會從這項投資中獲得非常好的回報這一事實。

In fact, we think it, versus other options, is a much better return.

事實上，我們認為與其他選擇相比，它的回報要好得多。

So -- but it's still ours to -- ultimately, you still have to execute.

所以 - 但它仍然是我們的 - 最終，你仍然必須執行。

Stewart?

斯圖爾特？

Yes.

是的。

Ken, just a couple of things.

肯，只是幾件事。

So first of all, we're targeting double-digit returns and let us share to you the guidance as we move forward so you get the timing of that right.

因此，首先，我們的目標是兩位數的回報，並讓我們在前進的過程中與您分享指導，以便您掌握正確的時機。

But I mean we have strong returns here.

但我的意思是我們在這裡有豐厚的回報。

In terms of the algorithm, it's going to do 2 things for us.

就算法而言，它將為我們做兩件事。

First of all, it's bringing some of the savings we're talking about, the $300 million to $400 million.

首先，它帶來了我們所說的一些節省，從 3 億美元到 4 億美元。

It is providing a better and safer workplace for our team members.

它為我們的團隊成員提供了一個更好、更安全的工作場所。

And let's not forget that there's going to be a considerable expansion of capacity here, particularly in the international business on a percentage basis.

我們不要忘記，這裡的產能將會有相當大的擴張，特別是在國際業務方面，按百分比計算。

So that is going to fuel that future growth.

因此，這將推動未來的增長。

So we feel great about it.

所以我們對此感覺很好。

The numbers are big.

數字很大。

But one thing about internal CapEx, you know exactly where you're putting the money, you know exactly what you're getting for it.

但是關於內部資本支出的一件事，你確切地知道你把錢放在哪裡，你確切地知道你得到了什麼。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Donnie King for any closing remarks.

我想把會議轉回給 Donnie King 做任何閉幕詞。

Please go ahead.

請繼續。

Thanks again for your interest in Tyson Foods.

再次感謝您對泰森食品的關注。

We look forward to speaking again soon and hope to hear from you at our Investor Day on December 9. Have a great day.

我們期待很快再次發言，並希望在 12 月 9 日的投資者日收到您的來信。祝您有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。