泰森食品 (TSN) 2022 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Tyson Foods Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

大家早上好，歡迎參加泰森食品 2022 年第三季度收益電話會議。 （操作員說明）還請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Brandon Tucker, Senior Manager. Sir, please go ahead.

在這個時候，我想把發言權交給高級經理 Brandon Tucker。先生，請繼續。

Hello, and welcome to the third 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, Shane Miller, Group President, Fresh Meats; Noelle O'Mara, Group President, Prepared Foods; David Bray, Group President, Poultry; and Chris Langholz, Group President, International, will join the live Q&A session. We have prepared presentation slides to supplement our comments, which 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 財年第三季度財報電話會議。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，鮮肉集團總裁 Shane Miller； Noelle O'Mara，預製食品集團總裁； David Bray，家禽集團總裁；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 will 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 will now turn the call over to Donnie.

我現在將把電話轉給唐尼。

Thank you, Brandon, and thank you to everyone for joining us for the call. Earlier today, we reported solid third quarter and year-to-date results. We continue to navigate through a complex and dynamic operating environment, and I'm grateful for the hard work and dedication of our team members. Our results would not have been possible without them.

謝謝你，布蘭登，也感謝大家加入我們的電話。今天早些時候，我們報告了穩健的第三季度和年初至今的業績。我們將繼續在復雜而充滿活力的運營環境中航行，我感謝我們團隊成員的辛勤工作和奉獻精神。沒有他們，我們的結果是不可能的。

At our Investor Day last year, we shared 3 priorities with you: winning with team members, winning with customers and consumers and winning with execution. And I'm pleased to say that we're making progress. For team members, our continuing investments are reducing turnover and improving staffing levels. For customers, our service levels are improving. Our execution, we're getting stronger, driving substantial savings and improving business results. I'm confident we're on the right track and recognize that there is more work to do.

在去年的投資者日，我們與您分享了 3 個優先事項：與團隊成員共贏、與客戶和消費者共贏以及與執行共贏。我很高興地說我們正在取得進展。對於團隊成員，我們的持續投資正在減少人員流動並提高人員配備水平。對於客戶，我們的服務水平正在提高。我們的執行力越來越強，節省了大量資金並改善了業務成果。我相信我們正走在正確的軌道上，並認識到還有更多工作要做。

Let me cover some highlights from the quarter. Our multi-protein portfolio enabled our business results. In the third quarter versus last year, we delivered substantially improved earnings in our Chicken segment as well as higher earnings in Prepared Foods, which partially offset a decline in Beef and Pork earnings, and we continued to accelerate our productivity actions to improve efficiency across all segments.

讓我介紹一下本季度的一些亮點。我們的多蛋白產品組合促成了我們的業務成果。與去年相比，第三季度我們的雞肉業務收入顯著提高，預製食品業務收入增加，部分抵消了牛肉和豬肉收入的下降，我們繼續加快生產力行動以提高所有業務的效率段。

With our iconic retail brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park, Tyson core business lines outpaced total food and beverage, up 13% in the last 13 weeks compared to prepandemic levels. We continue to be the market share leader in the majority of the retail core categories in which we compete. While gaining share in both bacon and breakfast sausage in 6 of the 9 core business lines, we grew share versus our second quarter. I was also pleased to see continued growth in our e-commerce channel, where approximately 1 in 5 U.S. households bought a Tyson product during the past quarter with e-commerce sales growing 15% versus last year.

憑藉我們標誌性的零售品牌 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park，Tyson 的核心業務線在過去 13 週內比大流行前的水平增長了 13%，超過了食品和飲料的總量。在我們競爭的大多數零售核心類別中，我們繼續保持市場份額的領先地位。雖然在 9 條核心業務線中的 6 條中獲得了培根和早餐香腸的份額，但與第二季度相比，我們的份額有所增長。我也很高興看到我們的電子商務渠道持續增長，過去一個季度約有五分之一的美國家庭購買了泰森產品，電子商務銷售額比去年增長了 15%。

We're seeing some recovery in the foodservice channel with continued gains in quarterly sales. In broadline distribution, we have seen specific strength in branded value-added chicken, breakfast sausage and bacon. In this challenging economic environment, where our cost of goods has continued to increase, consumer demand for protein remains relatively steady. Our diverse portfolio allows us to meet customer and consumer needs across a broad range of products and price points even as consumers shift between proteins and products.

我們看到餐飲服務渠道有所復甦，季度銷售額持續增長。在廣泛的分銷中，我們看到了品牌增值雞肉、早餐香腸和培根的特定優勢。在這個充滿挑戰的經濟環境下，我們的商品成本持續上漲，消費者對蛋白質的需求保持相對穩定。我們多樣化的產品組合使我們能夠在廣泛的產品和價格點上滿足客戶和消費者的需求，即使消費者在蛋白質和產品之間轉換也是如此。

Our balance sheet grew stronger, providing optionality to invest in growth across our portfolio and return cash to shareholders. We have a disciplined approach to deploying capital with a focus on total shareholder return. Our year-to-date results clearly demonstrate that our diverse portfolio supports our growth objectives of growing faster than the overall market, improving operating margins and driving strong returns for our shareholders.

我們的資產負債表變得更強大，為投資組合的增長和向股東返還現金提供了選擇權。我們有嚴格的方法來部署資本，重點是股東總回報。我們年初至今的業績清楚地表明，我們多元化的投資組合支持我們的增長目標，即增長速度快於整體市場、提高營業利潤率並為股東帶來豐厚回報。

Now for highlights from our financial performance. Sales improved 8% for the third quarter and 16% year-to-date compared to the prior period. Our sales gains were largely driven by higher average sales price in Chicken and Prepared Foods. Average sales price increased in these segments in response to persistent increase in the cost of goods. Prices were lower in Beef, in line with expectations, and Pork segment versus the same quarter last year.

現在來看看我們財務業績的亮點。與上一季度相比，第三季度銷售額增長了 8%，年初至今增長了 16%。我們的銷售增長主要是由於雞肉和預製食品的平均銷售價格較高。這些分部的平均銷售價格因商品成本持續上升而上升。牛肉價格低於預期，豬肉價格與去年同期相比有所下降。

We delivered solid operating income of nearly $1 billion because of our diversified portfolio. Year-to-date, we are up 15% over prior year. As expected, year-over-year third quarter earnings were lower as Beef margins declined relative to a year ago but still performed well in comparison to historical results. Overall, earnings per share came in at $1.94 for the third quarter and $7.10 year-to-date.

由於我們多元化的投資組合，我們實現了近 10 億美元的穩健營業收入。年初至今，我們比去年增長了 15%。正如預期的那樣，由於牛肉利潤率較一年前下降，第三季度的收入同比下降，但與歷史業績相比仍表現良好。總體而言，第三季度每股收益為 1.94 美元，年初至今為 7.10 美元。

We remain confident our actions will improve our long-term volume performance. However, our total volume was down both for the quarter and year-to-date. We are focused on overcoming the supply chain challenges, running our plants full and reducing our costs.

我們仍然相信我們的行動將改善我們的長期銷量表現。然而，我們的總銷量在本季度和年初至今均有所下降。我們專注於克服供應鏈挑戰，讓我們的工廠滿負荷運轉並降低成本。

Chicken volume is up year-to-date, driven by demand and operational improvements, but down for the quarter. Lower quarterly volumes were driven by the fiscal year '21 fire at our rendering plant in Hanceville, Alabama as well as lower outside purchases of meat, chicks and eggs. This was partially offset by increased levels of internal harvest versus the same quarter last year, and we expect internal growth to continue as we ramp up our bird supply. For the full year, we expect Chicken to deliver 1% to 2% volume growth.

在需求和運營改善的推動下，雞肉銷量年初至今有所增長，但本季度有所下降。季度銷量下降的原因是 21 財年我們在阿拉巴馬州 Hanceville 的提煉廠發生火災，以及肉類、小雞和雞蛋的外部採購量減少。這部分被內部收穫水平與去年同期相比增加所抵消，我們預計隨著我們增加鳥類供應，內部增長將繼續。全年，我們預計雞肉將實現 1% 至 2% 的銷量增長。

In Prepared Foods, volumes are down 5.5% year-to-date due to supply chain challenges, uneven foodservice recovery and the impact of increased pricing. Note also that the divestiture of our pet treats business last year drives 1.2% of the total decline. Although retail volume is down, we maintained our market leadership positions. While the foodservice channel continues to recover, volume growth remains strong in the broadline distribution led by breakfast sausage and bacon.

由於供應鏈挑戰、餐飲服務恢復不均衡以及價格上漲的影響，預製食品的銷量今年迄今下降了 5.5%。另請注意，去年剝離我們的寵物零食業務導致了總跌幅的 1.2%。儘管零售量下降，但我們保持了市場領先地位。雖然餐飲服務渠道繼續復甦，但以早餐香腸和培根為首的廣泛分銷渠道的銷量增長依然強勁。

In Beef, volumes are down year-to-date but were up 1.3% versus the same quarter last year, and we continued to increase quarter-over-quarter due to higher head throughput and carcass weights.

在牛肉方面，今年以來的銷量有所下降，但與去年同期相比增長了 1.3%，由於頭部吞吐量和胴體重量增加，我們繼續環比增長。

In Pork, volumes were down year-to-date by 2.1% because of limited hog supply and lower export demand. We expect tightness in live hog inventories and declining export demand to continue to impact volumes in the fourth quarter.

由於生豬供應有限和出口需求下降，豬肉今年迄今的銷量下降了 2.1%。我們預計生豬庫存緊張和出口需求下降將繼續影響第四季度的銷量。

In the International/Other segment, volumes are up 11.7% year-to-date and 21.9% versus the same quarter last year. Investments in capacity, innovation and brands are supporting our market share growth. Volume growth was driven by our strengthening QSR and retail performance. Overall, our International business is growing both organically and inorganically.

在國際/其他領域，銷量今年迄今增長 11.7%，與去年同期相比增長 21.9%。對產能、創新和品牌的投資正在支持我們的市場份額增長。銷量增長是由我們不斷增強的 QSR 和零售業績推動的。總體而言，我們的國際業務正在有機地和無機地增長。

During Q4, we signed a joint venture agreement with Tanmiah Food Company in Saudi Arabia. This partnership will enable us to better serve our large global customers as well as expand our reach to new customers in the Middle East.

第四季度，我們與沙特阿拉伯的 Tanmiah Food Company 簽署了合資協議。這種夥伴關係將使我們能夠更好地服務於我們的大型全球客戶，並擴大我們對中東新客戶的影響力。

We're investing in new plants and expanding existing capacity across our global network. 8 plants are being constructed, with 2 expected to begin operation this fiscal year and 6 more by the end of fiscal year '23. This additional capacity will enable our team to address capacity constraints, accelerate our value-added growth and better serve growing consumer demand for protein.

我們正在投資新工廠，並在我們的全球網絡中擴大現有產能。 8 家工廠正在建設中，其中 2 家預計將在本財年開始運營，另外 6 家將在 23 財年末開始運營。這種額外的產能將使我們的團隊能夠解決產能限制，加速我們的增值增長，並更好地滿足消費者對蛋白質不斷增長的需求。

We continue to make significant investments to attract and retain team members, including childcare, citizenship support, transportation, free technical and college education, on-site health clinics, maternity and paternity leave and other health benefits. Our near-site health centers in rural communities are seeing increased usage. These clinics provide team members, spouses and dependents comprehensive health care services at little to no cost.

我們繼續進行重大投資以吸引和留住團隊成員，包括兒童保育、公民支持、交通、免費技術和大學教育、現場健康診所、產假和陪產假以及其他健康福利。我們在農村社區的附近衛生中心的使用率正在增加。這些診所以很少甚至免費的方式為團隊成員、配偶和家屬提供全面的醫療保健服務。

Investment in team members are making an impact as higher pay and enhanced benefit offerings have led to lower turnover and absenteeism in our plants, which positions Tyson for future growth. We are committed to creating a differentiated work experience for our team members.

對團隊成員的投資正在產生影響，因為更高的薪酬和更多的福利導致我們工廠的營業額和缺勤率降低，這為泰森未來的增長奠定了基礎。我們致力於為我們的團隊成員創造差異化的工作體驗。

These investments we're making in our people are part of our broader effort to evolve our business from an ESG standpoint. Over the past several years, we have made many investments to these ends. Today, we are focused on 3 core pillars of our ESG framework, the formula to feed the future. Those 3 pillars are: reimagine people and community impact, drive product responsibility from farm to table and working toward achieving net zero.

我們對員工進行的這些投資是我們從 ESG 角度發展業務的更廣泛努力的一部分。在過去的幾年裡，我們為此做了很多投資。今天，我們專注於 ESG 框架的 3 個核心支柱，即養活未來的公式。這三個支柱是：重新構想人和社區的影響，將產品責任從農場推到餐桌，並努力實現淨零。

Earlier this quarter, we released our sustainability report for 2021, which highlights our ambition and commitments to become the world's most sustainable and transparent protein company. In addition to the investments in people I mentioned a few moments ago, we also highlighted in our report our efforts around animal welfare, sustainable packaging, minimizing waste, water stewardship and working within our operations and supply chain to reduce emissions. We're setting aggressive ESG goals and working to meet them.

本季度早些時候，我們發布了 2021 年可持續發展報告，強調了我們成為世界上最具可持續性和透明度的蛋白質公司的雄心和承諾。除了我剛才提到的對人的投資外，我們還在報告中強調了我們在動物福利、可持續包裝、減少浪費、水資源管理以及在我們的運營和供應鏈中開展工作以減少排放方面所做的努力。我們正在設定積極的 ESG 目標並努力實現這些目標。

As we run our business better, we are making process improvements, digitalizing the supply chain, increasing automation and aggressively managing SG&A across our operations. Our productivity program continues to deliver at the upper range of our initial projections, and we'll realize more than $1 billion in recurring productivity savings by the end of fiscal year 2024. We're continuing to accelerate digitalization across Tyson through supply chain planning and executional processes to better serve our customer. Automation remains a top priority for our business, and I'm very pleased with the aggressive rollout of automation technologies. And given the macroeconomic environment, we are taking action to cut costs, reduce spend and reassess every role across the business to ensure that the work we do is value added for our customers and consumers.

隨著我們更好地經營業務，我們正在改進流程，將供應鏈數字化，提高自動化程度，並在我們的運營中積極管理 SG&A。我們的生產力計劃繼續在我們最初預測的上限範圍內交付，到 2024 財年末，我們將實現超過 10 億美元的經常性生產力節省。我們將繼續通過供應鏈規劃和加速泰森的數字化執行流程，以更好地為我們的客戶服務。自動化仍然是我們業務的重中之重，我對自動化技術的積極推出感到非常高興。鑑於宏觀經濟環境，我們正在採取行動削減成本、減少支出並重新評估整個企業的每一個角色，以確保我們所做的工作為我們的客戶和消費者增值。

Finally, as we look for new and innovative ideas that can have the greatest impact on Tyson's productivity and sustainability objectives, we held the first-ever Tyson Demo Day. More than 100 companies were considered as presenters for the Demo Day, 20 were selected to make their pitch and ultimately, 6 companies were chosen for partnership. We are committed to strengthening our position as a global protein leader and driving value creation for our shareholders.

最後，當我們尋找能夠對泰森的生產力和可持續發展目標產生最大影響的新創意時，我們舉辦了首屆泰森演示日。超過 100 家公司被認為是演示日的演示者，其中 20 家被選中進行宣傳，最終，6 家公司被選中成為合作夥伴。我們致力於加強我們作為全球蛋白質領導者的地位，並為我們的股東推動價值創造。

At our Investor Day, we outlined 5 imperatives for strengthening our position as a global protein leader. I've spoken about transforming our team member experience, increasing capacity, investing in digital and automation and the strength of our balance sheet. Chicken remains a key focus for our long-term success, and we are executing against our road map to restore top quartile performance for this segment. This quarter, we surpassed a 6% adjusted operating margin.

在我們的投資者日，我們概述了加強我們作為全球蛋白質領導者地位的 5 項當務之急。我已經談到了改變我們團隊成員的體驗、增加能力、投資於數字和自動化以及我們的資產負債表的實力。雞肉仍然是我們長期成功的關鍵焦點，我們正在執行我們的路線圖，以恢復該細分市場的前四分之一表現。本季度，我們超過了 6% 的調整後營業利潤率。

We expect to reach 40 million head per week by the end of this fiscal year and to continue to grow after that, enabling us to maximize our fixed cost leverage and grow our value-added business. We are optimizing our plant network by adding fully cooked capacity, converting plants for value-added production, implementing plant flexibility and optimizing our portfolio mix. We have come a long way and have more work to do, but I'm pleased with the progress that we are making in Chicken.

我們預計到本財年末每週將達到 4000 萬人，並在此之後繼續增長，使我們能夠最大限度地利用固定成本槓桿並發展我們的增值業務。我們正在通過增加全熟產能、轉換工廠以實現增值生產、實施工廠靈活性和優化我們的產品組合來優化我們的工廠網絡。我們已經走了很長一段路，還有更多的工作要做，但我對我們在雞肉方面取得的進展感到高興。

As we look to address projected demand growth over the next decade, we're using our financial strength to invest in our business. We will have invested nearly $1.9 billion in fiscal year '22 focused primarily on new capacity and automation objectives. Year-to-date, we returned to shareholders approximately $1.2 billion in dividends and share repurchases as we continue to prioritize shareholder return.

在我們尋求解決未來十年預計的需求增長時，我們正在利用我們的財務實力投資於我們的業務。我們將在 22 財年投資近 19 億美元，主要關注新產能和自動化目標。年初至今，隨著我們繼續優先考慮股東回報，我們向股東返還了大約 12 億美元的股息和股票回購。

I will now turn the call over to Stewart to walk us through more detail on our financial results for the third quarter.

我現在將把電話轉給斯圖爾特，讓我們詳細了解第三季度的財務業績。

Thank you, Donnie. Let me turn first to a summary of our total company financial performance. We're pleased to report solid results in the third quarter and year-to-date. Sales were up for both the third quarter and year-to-date, benefiting from our pricing initiatives to offset the increase in cost of goods. Volumes were down both for the third quarter and year-to-date due to supply constraints and a challenging macroeconomic environment impacting consumer demand.

謝謝你，唐尼。首先讓我總結一下我們公司的總體財務業績。我們很高興報告第三季度和年初至今的穩健業績。得益於我們為抵消商品成本上漲而採取的定價舉措，第三季度和年初至今的銷售額均有所增長。由於供應限制和影響消費者需求的具有挑戰性的宏觀經濟環境，第三季度和年初至今的銷量均有所下降。

Looking at our sales results by channel. Retail drove $173 million of top line improvement in the third quarter relative to the same quarter last year. In the third quarter, the ongoing recovery in the foodservice channel drove an increase of $165 million. Sales to international markets, including both domestically and internationally produced products, were $339 million greater than the prior year period as we leveraged our global scale to grow our business. Donnie covered our earnings and EPS results.

按渠道查看我們的銷售結果。與去年同期相比，零售業在第三季度推動了 1.73 億美元的收入增長。第三季度，餐飲服務渠道的持續復甦推動了 1.65 億美元的增長。由於我們利用全球規模發展業務，對國際市場的銷售額（包括國內和國際生產的產品）比去年同期增加了 3.39 億美元。唐尼報導了我們的收益和每股收益結果。

Slide 11 bridges operating income for the third quarter, which was $374 million lower than fiscal 2021. Volumes were down 1.9% in the quarter. Our pricing actions, which partially offset the higher input costs, led to higher sales during the quarter. We saw continued increases in cost of goods across the business, in some instances, up to 15%. Notable examples were labor, feed ingredients, live animals and freight costs.

Slide 11 彌補了第三季度的營業收入，該收入比 2021 財年低 3.74 億美元。該季度的銷量下降了 1.9%。我們的定價行動部分抵消了較高的投入成本，導致本季度銷售額增加。我們看到整個企業的商品成本持續上漲，在某些情況下高達 15%。值得注意的例子是勞動力、飼料成分、活體動物和運費。

SG&A was $20 million unfavorable to the same period last year due to increased investment in advertising and promotional spend and technology-related costs partially offset by lower commission costs incurred by selling direct to customers rather than via brokers. As Donnie said, we are assessing all of our SG&A expenses across the business to identify nonvalue-added spend. Savings from our productivity program initiatives continue to have a positive impact on margins.

SG&A 與去年同期相比為 2,000 萬美元，原因是廣告和促銷支出以及技術相關成本的投資增加，部分被直接向客戶而非通過經紀人銷售所產生的較低佣金成本所抵消。正如唐尼所說，我們正在評估整個業務的所有 SG&A 費用，以確定非增值支出。我們的生產力計劃舉措帶來的節省繼續對利潤率產生積極影響。

Moving to the Beef segment. Sales were approximately $5 billion for the third quarter, flat versus the same period last year but up 15% year-to-date at nearly $15 billion. Sales in the quarter remained strong supported by higher volume but offset by lower average sales price driven by softer consumer demand for premium cuts of beef. Global consumer demand for beef products remain strong, and we expect volume to continue to improve in the fourth quarter as improved labor participation supports higher plant productivity.

轉到牛肉部分。第三季度銷售額約為 50 億美元，與去年同期持平，但今年迄今增長 15%，接近 150 億美元。本季度的銷售仍然受到銷量增加的強勁支持，但被消費者對優質牛肉需求疲軟推動的平均銷售價格下降所抵消。全球消費者對牛肉產品的需求依然強勁，我們預計第四季度的銷量將繼續改善，因為勞動力參與度的提高支持了更高的工廠生產力。

On expenses, we incurred greater costs during the third quarter versus the comparable prior year period as live cattle costs increased approximately $480 million in the quarter. We had sufficient livestock available in the quarter driven by higher herd liquidation due to drought conditions.

在費用方面，由於本季度活牛成本增加了約 4.8 億美元，與去年同期相比，我們在第三季度產生了更大的成本。由於乾旱條件導致畜群清算量增加，本季度我們有足夠的牲畜可用。

We delivered segment operating income of $506 million in the quarter, down 55% versus the prior year comparable period. Our operating margin of 10.2% was lower than the same quarter last year but remains a strong performance. We expect to see Beef margins return closer to an expected long-term 5% to 7% average.

我們在本季度實現了 5.06 億美元的部門營業收入，與去年同期相比下降了 55%。我們 10.2% 的營業利潤率低於去年同期，但仍然表現強勁。我們預計牛肉利潤率將接近預期的 5% 至 7% 的長期平均水平。

Looking next to the Pork segment. Sales were approximately $1.6 billion for the quarter, down 6% versus the same period last year, but up 4% year-to-date at $4.8 billion. Global demand is being impacted domestically by high retail prices and internationally by the strong dollar, making U.S. pork relatively expensive as compared to alternative sources globally. For the quarter, the average sales price decreased 3.9%.

展望豬肉部分。本季度銷售額約為 16 億美元，與去年同期相比下降 6%，但今年迄今增長 4%，達到 48 億美元。全球需求在國內受到高零售價格的影響，在國際上受到強勢美元的影響，使得美國豬肉與全球替代來源相比相對昂貴。本季度，平均銷售價格下降 3.9%。

Segment operating income was $25 million and $248 million for the quarter and year-to-date, respectively. While down 63% versus the comparable prior year quarter, operating income is down less than 1% year-to-date. Overall operating margins for the segment declined to 1.5% for the quarter. The operating income deterioration was driven by compressed pork margins with rising hog costs and a constrained cutout.

本季度和年初至今的分部營業收入分別為 2500 萬美元和 2.48 億美元。雖然與去年同期相比下降了 63%，但營業收入今年迄今下降了不到 1%。該部門的整體營業利潤率在本季度下降至 1.5%。營業收入惡化是由豬肉利潤壓縮、生豬成本上升和削減限制所致。

Moving now to Prepared Foods. Sales were approximately $2.4 billion for the quarter, up 5% relative to the same period last year and up 9% year-to-date at $7.2 billion. Sales increased despite a volume decline driven by higher average sales prices. Note, part of the volume decline in the quarter was driven by the sale of our pet treats business.

現在轉到預製食品。本季度銷售額約為 24 億美元，較去年同期增長 5%，年初至今增長 9% 至 72 億美元。儘管平均銷售價格上漲導致銷量下降，但銷售額仍有所增長。請注意，本季度銷量下降的部分原因是出售我們的寵物零食業務。

Our brand strength and category relevance has enabled continued strong performance across multiple categories. Operating margin for the segment was 7.6% or $186 million for the quarter, up versus last year. Year-to-date, operating margin is 8.9% and flat compared to the prior year at $635 million.

我們的品牌實力和品類相關性使多個品類的表現持續強勁。本季度該部門的營業利潤率為 7.6%，即 1.86 億美元，高於去年同期。年初至今，營業利潤率為 8.9%，與去年同期持平，為 6.35 億美元。

Cost of goods continues to increase, pressuring our cost of production. To offset higher costs, we've executed productivity initiatives, revenue management and optimized our spend. To support our growth aspirations, we continue to invest in marketing and trade to increase the market share of our brands.

商品成本持續上升，令我們的生產成本承壓。為了抵消更高的成本，我們執行了生產力計劃、收入管理並優化了我們的支出。為了支持我們的增長願望，我們繼續投資於營銷和貿易，以增加我們品牌的市場份額。

Moving into the Chicken segment's results. Sales were $4.4 billion for the quarter, up 26%. Year-to-date, sales are up 25% at $12.3 billion. Average sales price increased in the quarter compared to the same period last year. Our shift in pricing mechanisms to more variable structures has reduced risk by allowing us to be more agile in response to increasing cost of goods.

進入雞肉部分的結果。本季度銷售額為 44 億美元，增長 26%。年初至今，銷售額增長了 25%，達到 123 億美元。本季度平均銷售價格與去年同期相比有所上升。我們將定價機制轉變為更多可變結構，使我們能夠更靈活地應對不斷增加的商品成本，從而降低了風險。

Chicken delivered adjusted operating income of $269 million in the third quarter, representing an operating margin of 6.2%. Quarterly operating income increased over the same quarter last year due to higher average sales price and efficiency improvements partially offset by increased cost of goods. For the third quarter, we experienced $145 million in higher feed ingredient costs versus prior year, and we recognized $23 million in net derivative losses compared to $56 million of net derivative gains in the prior year.

雞肉在第三季度實現了調整後的營業收入 2.69 億美元，營業利潤率為 6.2%。由於較高的平均銷售價格和效率提高部分被商品成本增加所抵消，季度營業收入較去年同期有所增加。第三季度，我們的飼料原料成本比上一年增加了 1.45 億美元，我們確認了 2300 萬美元的淨衍生品損失，而上一年的淨衍生品收益為 5600 萬美元。

Turning to Slide 16. Our healthy cash flows and improved balance sheet have continued to support our disciplined capital allocation approach. We remain focused on building financial strength, investing in our team members and business and returning cash to shareholders. We produced $1.9 billion of operating cash flow so far during fiscal year '22, and that's after funding a $1.9 billion increase in our working capital.

轉到幻燈片 16。我們健康的現金流和改善的資產負債表繼續支持我們嚴格的資本分配方法。我們仍然專注於建立財務實力，投資於我們的團隊成員和業務，並向股東返還現金。到目前為止，我們在 22 財年產生了 19 億美元的運營現金流，這是在為我們的營運資本增加 19 億美元提供資金之後。

Our leverage ratio at 1.2x net debt to adjusted EBITDA demonstrates our powerful balance sheet and our continued capital allocation optionality. Investing in our business for both organic and inorganic growth and operational efficiency will continue to be an important priority and will help Tyson increase production capacity, market capabilities and profitability. This will support return on capital generation above the market for our shareholders.

我們的 1.2 倍淨債務與調整後 EBITDA 的槓桿比率證明了我們強大的資產負債表和我們持續的資本配置選擇權。投資於我們的業務以實現有機和無機增長以及運營效率將繼續成為重中之重，並將幫助泰森提高產能、市場能力和盈利能力。這將為我們的股東提供高於市場的資本回報。

Finally, we remain committed to returning cash to shareholders through both dividends and share buybacks. Year-to-date, we have returned $491 million in dividends and repurchased $693 million of shares, including $170 million of shares during the third quarter.

最後，我們仍然致力於通過股息和股票回購向股東返還現金。年初至今，我們已返還 4.91 億美元的股息並回購了 6.93 億美元的股票，其中包括第三季度的 1.7 億美元股票。

Let's now discuss the financial outlook for the remainder of the fiscal year. Based on the strong results year-to-date, we're maintaining our total company sales guidance at a range of $52 billion to $54 billion. We now expect total volume growth to be flat on a year-over-year basis.

現在讓我們討論本財年剩餘時間的財務前景。基於年初至今的強勁業績，我們將公司總銷售額指引維持在 520 億美元至 540 億美元之間。我們現在預計總銷量同比增長將持平。

Looking at AOI margin target ranges for our segments. In Chicken, our operational turnaround is on track, and we expect full year margins to be between 5% and 7% but at the lower end. Based on the current trends in retail and foodservice, we expect the full year margin in Prepared Foods to be at the lower end of the 8% to 10% range.

查看我們細分市場的 AOI 利潤目標範圍。在雞肉方面，我們的運營周轉正步入正軌，我們預計全年利潤率將在 5% 至 7% 之間，但處於較低水平。根據零售和餐飲服務的當前趨勢，我們預計預製食品的全年利潤率將處於 8% 至 10% 範圍的下限。

In Beef, we expect margins to move toward our expected 5% to 7% range as the live cattle-to-cutout price spread continues to decline. However, we still expect to deliver a full year AOI margin of 11% to 13%.

在牛肉方面，隨著活牛與切塊的價格差繼續下降，我們預計利潤率將接近我們預期的 5% 至 7% 的範圍。然而，我們仍預計全年 AOI 利潤率將達到 11% 至 13%。

In Pork, due to margin compression from hog costs and global demand headwinds, we're reducing our full year AOI margin outlook to be in the range of 3% to 5%. In International/Other, we anticipate slightly lower results from our foreign operations in fiscal '22 due to supply chain disruptions and other impacts related to COVID-19.

在豬肉方面，由於生豬成本和全球需求逆風造成的利潤率壓縮，我們將全年 AOI 利潤率前景下調至 3% 至 5% 的範圍內。在國際/其他方面，由於供應鏈中斷和與 COVID-19 相關的其他影響，我們預計 22 財年我們的海外業務的結果會略低。

Our expectations for CapEx and net interest expense are lowered to $1.9 billion and $350 million, respectively. Our tax rate expectation is lowered from approximately 23% to approximately 22.5%. 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 for the remainder of the year.

我們對資本支出和淨利息支出的預期分別下調至 19 億美元和 3.5 億美元。我們的稅率預期從約 23% 下調至約 22.5%。預計我們的淨槓桿率將遠低於調整後 EBITDA 的 2 倍淨債務，為今年剩餘時間的無機投資和額外的現金回報提供選擇權。

I'll now turn the call back over to Brandon for Q&A instructions. Brandon?

我現在將把電話轉回給 Brandon 以獲取問答說明。布蘭登？

Thanks, Stewart. We will now move on 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 instructions.

謝謝，斯圖爾特。我們現在將繼續討論您的問題。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) Our first question today comes from Ben Theurer from Barclays.

（操作員說明）我們今天的第一個問題來自 Barclays 的 Ben Theurer。

Yes. The first one I wanted to kind of understand a little bit and -- your commentary around the Chicken segment and obviously, the -- on one side, improvements you have within your operations, but then at the same time, there seems to be a few headwinds arising on the industry side. So help us frame a little bit into the final quarter, but also maybe bridging into next year, how you think about the Chicken segment and what's your competitive advantage on the pricing side and how you think your investments into labor, better hatchability as well as better pricing is going to basically bring you to that 5% to 7% range, which you're almost there already on a year-to-date basis, but how should we think about next year.

是的。第一個我想稍微理解一下 - 你對雞肉部分的評論，顯然， - 一方面，你在運營中得到了改進，但與此同時，似乎有一個行業方面幾乎沒有出現逆風。因此，請幫助我們為最後一個季度製定一些框架，但也可能為明年搭建橋樑，您如何看待雞肉細分市場，您在定價方面的競爭優勢是什麼，您如何看待您對勞動力的投資，更好的孵化率以及更好的定價基本上會把你帶到 5% 到 7% 的範圍內，你幾乎已經在今年迄今為止的基礎上，但我們應該如何考慮明年。

Thank you, Ben, and -- for that question. And our -- the turnaround that we've talked about for the last year now continues. And I'm pleased with the progress that we've made and said that in the script. We still have work to do. Grain and the volatility around grain, supply, demand, so forth still exist out there. But the demand for chicken is extremely strong. Demand for ready-to-eat chicken, for example, is very strong. And we're at capacity as it relates to that. We are investing and have a new asset coming online early next year, and that will obviously be of help.

謝謝你，Ben，還有-- 這個問題。我們 - 我們去年談到的轉變現在仍在繼續。我對我們取得的進展感到滿意，並在劇本中提到了這一點。我們還有工作要做。糧食和圍繞糧食、供應、需求等的波動仍然存在。但對雞肉的需求卻異常旺盛。例如，對即食雞肉的需求非常強勁。我們有足夠的能力與此相關。我們正在投資並有一項新資產將於明年初上線，這顯然會有所幫助。

But the business did grow. And there's a lot of noise in this particular quarter around the Hanceville fire in Q4 of '21 that we'll work through. But the thing I'd want you to hear is that our harvest rates continue to improve, and there will be over -- there'll be 40 million or so in Q4, and it will continue to grow from there. But I want to stop and pause at that point, and I'm going to pass it to David Bray, and David, if you'd like to add some more color.

但業務確實增長了。在 21 年第四季度的 Hanceville 大火周圍的這個特定季度，我們將解決很多噪音。但我想讓你聽到的是，我們的收成率繼續提高，而且將會超過 - 第四季度將有 4000 萬左右，而且還會繼續增長。但我想在這一點停下來，如果你想添加更多顏色，我將把它傳遞給 David Bray 和 David。

Yes. Just a little bit of additional color to that. And I think it's important to note that we're doing what we said we would do in chicken. And we are progressing, but we are far from finished. And we know where our opportunities exist. And a large part of that will be uncovered as we can see that our volume grow through the Q4 time frame. The ability for us to process more head through our facilities will help us from a cost standpoint, which will benefit us as we continue to progress through FY '24 -- '23. And as Donnie stated, we are seeing share gains. Our harvest is up, and we will continue to grow share through the Q4 time frame and into FY '23 as well.

是的。只是一點點額外的顏色。我認為重要的是要注意我們正在做我們所說的我們會在雞肉上做的事情。我們正在取得進展，但我們還遠未完成。我們知道我們的機會在哪裡。其中很大一部分將被發現，因為我們可以看到我們的交易量在第四季度的時間範圍內增長。從成本的角度來看，我們通過我們的設施處理更多頭部的能力將對我們有所幫助，這將使我們在 24 至 23 財年繼續前進時受益。正如唐尼所說，我們看到了股票收益。我們的收成提高了，我們將在第四季度的時間範圍內繼續增加份額，並將其納入 23 財年。

Okay. Perfect. And then just as -- that's a very technical question maybe for Stewart. So as we are on a year-to-date basis, still down on the volume on a consolidated basis, is the flat guidance really a function of because 4Q Prepared Foods, you get the easier comp because the divestiture happened last year during 4Q and that's where the volume impact was? Is that the right way how we should think about it?

好的。完美的。然後就像 - 這對斯圖爾特來說可能是一個非常技術性的問題。因此，由於我們在年初至今的基礎上，仍然在綜合基礎上下降，所以扁平指導真的是因為 4Q Prepared Foods 的功能，你得到更容易的補償，因為剝離發生在去年 4Q 和那就是體積影響的地方？這是我們應該思考的正確方式嗎？

Well, I would just say, Ben, I mean, there's probably a few more moving parts than that. Of course, you're looking at all parts of the business to get to flat. But of course, you're right. I mean the divestiture is one of those things.

好吧，我只想說，本，我的意思是，可能還有比這更多的活動部分。當然，您正在查看業務的所有部分以達到平穩狀態。但當然，你是對的。我的意思是資產剝離就是其中之一。

Our next question comes from Alexia Howard from Bernstein.

我們的下一個問題來自 Bernstein 的 Alexia Howard。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes.

是的。

Perfect. All right. So first question is around the Prepared Foods elasticity. I'm wondering if you can talk about which categories were particularly affected this time and whether you expect those kind of trends to continue. I'm wondering whether competitive pricing dynamics are causing some pressure there. Let's start there.

完美的。好的。所以第一個問題是關於預製食品的彈性。我想知道您是否可以談談這次哪些類別受到特別影響，以及您是否希望這種趨勢繼續下去。我想知道競爭性定價動態是否在那裡造成了一些壓力。讓我們從那裡開始。

Okay. I'll start, and then I will flip it over to Noelle to add some details. But I would start with that we are seeing some movements in the marketplace between foodservice to retail. In-home dining continues to increase in this environment, which we would suspected. We're also seeing some movement from quick service chain account type business to more in -- on-premise dining as COVID wanes and the people are more adventurous so they get out. And so we're seeing some improvement in that as well. But I would tell you, overall, we are starting to see some elasticity, but I would tell you they're below what historical elasticity you would expect. Noelle, anything you'd like to add to that?

好的。我會開始，然後我會把它交給 Noelle 來添加一些細節。但我首先要說的是，我們看到餐飲服務與零售之間的市場出現了一些變化。在這種環境下，家庭用餐繼續增加，我們會懷疑這一點。我們還看到一些從快速服務鏈賬戶類型業務向更多業務的轉變——隨著 COVID 的消退，人們更加喜歡冒險，所以他們出去了。因此，我們也看到了一些改進。但我會告訴你，總的來說，我們開始看到一些彈性，但我會告訴你，它們低於你所期望的歷史彈性。諾艾爾，你有什麼要補充的嗎？

Sure. Thanks for the question, Alexia. As I look at our prepared performance holistically, top line remains strong behind disciplined revenue management actions, and profit is above prior year's. Pricing and productivity are partially offset by the cost of good increases. As referenced, our prepared volumes on an organic basis are down about 5.5% year-to-date.

當然。謝謝你的問題，亞歷克西亞。當我從整體上審視我們準備好的業績時，在嚴格的收入管理行動背後，收入仍然強勁，利潤高於去年。價格和生產力被良好增長的成本部分抵消。如前所述，我們在有機基礎上準備的交易量今年迄今下降了約 5.5%。

And it's really 3 key focus areas. The first is supply. We continue to not be able to fill all of the orders that we have across our portfolio. And as capacity continues to come online and as we improve our supply capabilities, it will allow us to not only improve availability but also merchandising that's been suppressed. And so you'll see, as those improvements continue to take shape in Q4, us investing back in merchandising.

這確實是 3 個重點關注領域。首先是供給。我們仍然無法完成我們投資組合中的所有訂單。隨著產能不斷上線，隨著我們提高供應能力，我們不僅可以提高可用性，還可以提高被抑制的商品銷售。所以你會看到，隨著這些改進在第四季度繼續形成，我們重新投資於商品銷售。

The second area is really around pricing. And as Donnie referenced -- well, elasticities are better than historical lows. They still are impacting the business. And given the macroeconomic environment, we're ensuring that we provide a breadth of value offerings across our portfolio, and you'll see us launching items focused on (inaudible) price points as well as larger sizes that can provide consumers value.

第二個領域實際上是圍繞定價。正如唐尼所引用的那樣——嗯，彈性要好於歷史低點。他們仍在影響業務。鑑於宏觀經濟環境，我們確保在我們的產品組合中提供廣泛的價值產品，您將看到我們推出專注於（聽不清）價格點的產品以及可以為消費者提供價值的更大尺寸的產品。

And then the third area is really foodservice recovery. And we're focused on not only getting back volume that we lost during the pandemic, but also driving portfolio offerings in many solutions that align to the operator and consumer needs.

然後第三個領域是真正的餐飲服務復甦。我們不僅專注於恢復我們在大流行期間失去的銷量，而且還在推動許多符合運營商和消費者需求的解決方案中的產品組合。

So what I feel good about is we have categories that continue to outpace total food and beverage. We have a portfolio of leading brands and a focus on continuing to innovate and meet our consumer and customer needs in an obviously very dynamic environment. And despite the continued market challenges, I'm expecting volume growth in the coming quarter driven by the improved supply and the commercial investments in merchandising and innovation and continued foodservice recovery.

所以我感覺很好的是，我們的類別繼續超過食品和飲料的總量。我們擁有一系列領先品牌，並專注於在一個明顯非常動態的環境中繼續創新並滿足我們的消費者和客戶需求。儘管市場挑戰持續存在，但我預計下個季度的銷量增長將受到供應改善和對商品和創新的商業投資以及餐飲服務持續復甦的推動。

Great. A quick follow-up. Sticking with that part of the business. Private label dynamics, it seems as though need is being particularly affected by private label. I know you make private label. Presumably, it may be lower margin for you. I'm just wondering what you're seeing in that area or is that (inaudible) occurs?

偉大的。快速跟進。堅持這部分業務。自有品牌動態，似乎需求特別受到自有品牌的影響。我知道你做私人標籤。據推測，這對您來說可能是較低的利潤。我只是想知道您在該區域看到了什麼，還是（聽不清）發生了什麼？

Sure. As we look at private label performance, we don't see any acceleration as we look at the past couple of periods. Where we do see share pressure in our portfolio, we also see the availability of merchandising lagging versus prior year. So that's why -- going back to -- our focus is on supply, our focus is on driving that volume so we can get back to the availability levels as well as the merchandising performance in the quarters ahead.

當然。當我們查看自有品牌的表現時，我們看不到過去幾個時期的任何加速。在我們確實看到我們的投資組合中的份額壓力的地方，我們還看到商品的可用性與上一年相比滯後。所以這就是為什麼 - 回到 - 我們的重點是供應，我們的重點是推動銷量，以便我們能夠在未來幾個季度恢復可用性水平以及銷售業績。

Our next question comes from Ken Goldman from JPMorgan.

我們的下一個問題來自摩根大通的 Ken Goldman。

I had 2 on beef and cattle. First is do you have any additional color on when you expect maybe the turn in the cycle, right, from the point of, we're still in the liquidation phase to maybe that ending and heading toward a little bit more of a shortage than what's ideal for you? Any more insights into how we should think about modeling that from a timing perspective?

我有2個牛肉和牛。首先是當您預期週期可能出現轉折時，您是否有任何額外的顏色，對，從這一點來看，我們仍處於清算階段，可能會結束並朝著比現在更多的短缺方向發展適合你嗎？關於我們應該如何從時序角度考慮建模的更多見解？

We -- thanks, Ken. We still are maintaining our guidance for the segment to 11% to 13% for the full year. I think our number was 10.2%. The cost increases we're seeing on cattle are certainly impacting the spread. And we've been talking now for a number of periods about the fact that there were going to be fewer cattle. I think we're current now from the cattle that we're involved in the backlog of COVID. We're current on that. The prices of those animals have continued to increase. And so there's drought and all those kind of conversations. But let me flip it over to Shane, and I'll let him give you some color around beef.

我們——謝謝，肯。我們仍將全年對該細分市場的指導維持在 11% 至 13% 之間。我認為我們的數字是 10.2%。我們在牛身上看到的成本增加肯定會影響傳播。我們現在已經討論了好幾個時期關於牛將會減少的事實。我認為我們現在已經擺脫了與 COVID 積壓有關的牛群。我們是最新的。這些動物的價格繼續上漲。所以有乾旱和所有這些類型的對話。但是讓我把它交給Shane，我會讓他給你一些關於牛肉的顏色。

Thanks for the question. Yes. So to Donnie's point earlier, we, as an industry, have moved through the backlog of the COVID impact and the harvest disruptions from COVID. We are still experiencing drought, and I'd say the drought impact is still impacting over 40% of the regions where we grow cattle out in this country. So the drought is real, and it's still having an impact today.

謝謝你的問題。是的。因此，就唐尼早些時候的觀點而言，作為一個行業，我們已經克服了 COVID 影響的積壓和 COVID 造成的收成中斷。我們仍在經歷乾旱，我想說乾旱的影響仍在影響我們在這個國家養牛的 40% 以上的地區。因此，乾旱是真實存在的，而且今天仍在產生影響。

I think getting precise and specific on the timing of when it's going to flip is awfully difficult to do because we're dealing with mother nature right now. But I would say, if you look at beef demand in general, we continue to see real robust demand, not just in the United States, but globally. So we feel real good from a demand perspective. The quality of beef that we're still bringing to the marketplace is historically strong. Grading continues to maintain a high level.

我認為要準確和具體地確定它何時翻轉的時間非常困難，因為我們現在正在與大自然打交道。但我想說，如果你從總體上看牛肉需求，我們將繼續看到真正強勁的需求，不僅在美國，而且在全球範圍內。因此，從需求的角度來看，我們感覺非常好。我們仍在向市場推出的牛肉質量歷史悠久。分級繼續保持較高水平。

So from a demand perspective and a quality perspective, we feel real good about this. But as to getting precise on the timing of when that's going to flip, I think that's awfully difficult to do.

因此，從需求角度和質量角度來看，我們對此感覺非常好。但至於準確確定何時會發生翻轉，我認為這很難做到。

Well, if you don't know, I don't think anyone knows. I have a quick follow-up. On the -- in the prepared remarks, you did provide a little bit more color on the ranges that you expect for the Chicken segment margin and the Prepared Foods margin. It still is a little bit of a wide range in Beef. Maybe you purposely left it that way because there's so much uncertainty. But maybe directionally, you could send us sort of how to think about that margin for the year now that you're -- the year is getting closer to done in that particular segment would be helpful, if you can.

好吧，如果你不知道，我想沒有人知道。我有一個快速跟進。在準備好的評論中，您確實在您期望的雞肉段邊距和預製食品邊距的範圍內提供了更多顏色。它在牛肉中仍然有點廣泛。也許你故意那樣做，因為有太多的不確定性。但也許在方向上，您可以向我們發送一些如何考慮這一年的利潤率的信息，如果可以的話，這一年在該特定細分市場中越來越接近完成會有所幫助。

Yes. I'll just reiterate what I said before, Ken, is, for the full year, 11% to 13%. We'll see this move to, let's call it, 6% to 8% as we're in Q4, the latter part of Q4. And then over time, let's talk '23, we've been saying for a couple of quarters now that we see that being a 5% to 7%, which is lower than where we've been over the last couple of years. But versus the historical level, what we would be seeing there is very much in line with what we've built into our modeling and what we would anticipate.

是的。我只是重申我之前說過的話，肯，全年是 11% 到 13%。我們將看到這一轉變，我們稱之為 6% 到 8%，因為我們在第四季度，即第四季度的後半部分。然後隨著時間的推移，讓我們談談'23，我們已經說了幾個季度，現在我們看到這是 5% 到 7%，這低於我們過去幾年的水平。但與歷史水平相比，我們將在那裡看到的內容與我們在建模中構建的內容和我們的預期非常一致。

Our next question comes from Adam Samuelson from Goldman Sachs.

我們的下一個問題來自高盛的亞當薩繆爾森。

I guess my first question, and maybe going back to Prepared Foods. And Stewart, I think I heard you say at the low end of the 8% to 10% range for the full fiscal year, which I guess for the fourth quarter, would get you something below 8%. And I guess I'm trying to just make sure I understand some of the key moving pieces around the margins there. I would have thought you were in a better place on the price/cost side by now given some of the pricing actions in the marketplace.

我想我的第一個問題，也許會回到預製食品。斯圖爾特，我想我聽到你說在整個財政年度的 8% 到 10% 範圍的低端，我猜第四季度，會讓你低於 8%。而且我想我只是想確保我了解那裡邊緣的一些關鍵移動部分。考慮到市場上的一些定價行為，我本以為你現在在價格/成本方面處於更好的位置。

And I guess the corollary to that is when thinking about the foodservice parts of this business, many of which -- legacy Tyson came from the AdvancePierre acquisition. Can you talk about kind of how those have been performing at this juncture? It would seem like the retail brands on Nielsen remain quite healthy and those have, I would think, good -- better margins than the segment average. And so I'm just trying to get a sense of how the foodservice pieces are performing margin-wise and if there's something that maybe more significant needs to happen to that part of the business.

而且我想這必然是在考慮該業務的餐飲服務部分時，其中許多 - 傳統泰森來自 AdvancePierre 收購。你能談談他們在這個時刻的表現嗎？尼爾森上的零售品牌似乎仍然很健康，而且我認為這些品牌的利潤率很好——比細分市場的平均水平更高。因此，我只是想了解餐飲服務部分在利潤率方面的表現如何，以及這部分業務是否需要發生更重要的事情。

Well, I'll just pick up the margin point quickly, and then Noelle can expand on some of the other pieces. But just look, from a margin perspective, as I said, we are going to come in at the low end of the range. That gives you a little bit of flex. Certainly, that means that we would just mathematically would be in the high 7s or low 8 for Q4.

好吧，我會快速找到邊緣點，然後 Noelle 可以擴展其他一些部分。但是，從利潤的角度來看，正如我所說，我們將進入該範圍的低端。這給了你一點靈活性。當然，這意味著我們在數學上只會在第四季度處於高位 7 或低位 8 中。

Just to build on Stewart's comment. So when you look at industry forecasts, they do show a slowdown in '22. However, the industry is still expected to rebound by 2025. And this unevenness of recovery is due to 2 things: the macroeconomic landscape as well as mix shifting between channels. So we see that, as Donnie referenced, with improved consumer mobility and comfort eating out, we see an increase in on-premise dining and a slowdown in some of the quick service restaurants that had originally led through the recovery.

只是為了建立斯圖爾特的評論。因此，當您查看行業預測時，它們確實顯示出 22 年的放緩。然而，到 2025 年，該行業仍有望反彈。這種複甦的不平衡歸因於兩件事：宏觀經濟格局以及渠道之間的組合轉移。所以我們看到，正如唐尼所提到的，隨著消費者流動性的提高和外出就餐的舒適度，我們看到內部就餐的增加和一些最初引領復甦的快餐店的放緩。

We've specifically seen some slowdown in our tortillas and pepperoni business that index against our commercial chain accounts. And we gave up some of the volume through the pandemic because of the spike in the demand. And so we're not only focused on getting back volume, but also, as I referenced, innovating and partnering with customers to ensure that we're leading through the overall recovery.

我們特別看到我們的玉米餅和意大利辣香腸業務出現了一些放緩，這與我們的商業連鎖賬戶有關。由於需求激增，我們在大流行期間放棄了部分銷量。因此，我們不僅專注於恢復銷量，而且正如我所提到的，創新並與客戶合作，以確保我們在整體復甦中處於領先地位。

Okay. All right. And then maybe another question for Stewart. If I look at the balance sheet trends in the quarter, net debt to EBITDA, you bought back a little bit of stock in the fiscal third quarter. But I guess just looking forward into the next -- over the next 12 to 24 months, I mean, I'm just -- the balance sheet is kind of comfortable with your leverage target. You're already investing quite aggressively on the organic CapEx side.

好的。好的。然後也許是斯圖爾特的另一個問題。如果我看一下本季度的資產負債表趨勢，即 EBITDA 的淨債務，你在第三財季回購了一點股票。但我想只是展望下一個 - 在接下來的 12 到 24 個月內，我的意思是，我只是 - 資產負債表對你的槓桿目標有點滿意。您已經在有機資本支出方面進行了非常積極的投資。

And so I guess I'm just trying to make sense of kind of the comfort level you have with the balance sheet kind of where it is versus what it would take to a significant releveraging event, but maybe a bigger step-up in share repurchase that there isn't continued excess cash building on the balance sheet from here. So any added color that you could provide just in priority of share repurchase moving forward?

所以我想我只是想弄明白你對資產負債表的舒適程度與對重大再槓桿化事件的影響，但可能是股票回購的更大步伐從這裡開始，資產負債表上沒有持續的超額現金積累。那麼，您可以在股票回購的優先級中提供任何額外的顏色嗎？

Sure, of course. Well, look, first, I mean, we're very pleased with the strength of our balance sheet. When you look at our leverage levels, we haven't seen leverage levels like these since 2011, that sort of time frame. So we're pleased with having come through COVID and put ourselves in a place where we've got a rock-solid balance sheet.

當然，當然。好吧，首先，我的意思是，我們對我們的資產負債表的實力感到非常滿意。當您查看我們的槓桿水平時，自 2011 年以來，我們還沒有看到像這樣的槓桿水平，那種時間框架。因此，我們很高興能夠通過 COVID 並將自己置於一個擁有堅如磐石的資產負債表的地方。

With respect to the capital allocation, our capital allocation approach, we've got a very good balanced approach. And that is strengthening our balance sheet, which we've done by investing in our business, which you pointed out. We have ramped up our spend on CapEx, and that is good spend because it's coming in at strong returns. And it's helping to grow our business.

關於資本分配，我們的資本分配方法，我們有一個很好的平衡方法。這正在加強我們的資產負債表，我們通過投資我們的業務來做到這一點，你指出了這一點。我們已經增加了在資本支出上的支出，這是一筆不錯的支出，因為它帶來了豐厚的回報。它有助於發展我們的業務。

And then, of course, your question really about why don't we go to the share buyback, I mean, last year, this time, we spent about $50 million on buybacks. This year, we've got almost $700 million. And part of that is catching up on the dilution that we had from last year. So we'll see how that goes, but we're very pleased with where we are from a balance sheet standpoint.

然後，當然，你的問題是關於我們為什麼不進行股票回購，我的意思是，去年，這一次，我們在回購上花費了大約 5000 萬美元。今年，我們獲得了近 7 億美元。其中一部分是彌補我們去年的稀釋。所以我們會看看情況如何，但從資產負債表的角度來看，我們對我們所處的位置非常滿意。

Our next question comes from Ben Bienvenu from Stephens.

我們的下一個問題來自 Stephens 的 Ben Bienvenu。

I want to revisit the Chicken segment. And I want to ask, when we think about kind of your new, more dynamic pricing that you have in that business relative to variable costs, how should we think about the factors that create variability in the Chicken margin, be they external or internal factors? And how insulated is that margin now relative to cyclicality in the industry?

我想重溫雞肉部分。我想問一下，當我們考慮您在該業務中相對於可變成本所擁有的新的、更具動態的定價時，我們應該如何考慮造成雞肉利潤率可變性的因素，無論是外部因素還是內部因素?相對於行業的周期性，該利潤率現在有多絕緣？

Let me say a couple of things, and then I'll flip it to David to talk about a few things. We feel very good about -- I feel better about our Chicken business than I have in a long time. And we're making progress every day. As I mentioned earlier, we're not where we want to be at this point. But I would -- if you look at across channels, foodservice, retail, we gained share with branded value-added chicken and foodservice, I think it was 2.6 points or maybe a little more than that in foodservice. We lost a little share because of capacity in retail, the branded portfolio, and we're gaining that back rather quickly.

讓我說幾件事，然後我會轉給大衛談幾件事。我們感覺很好——我對我們的雞肉業務感覺比很長時間以來都好。我們每天都在進步。正如我之前提到的，我們現在不是我們想要的。但我會——如果你看一下跨渠道、餐飲服務、零售，我們在品牌增值雞肉和餐飲服務方面獲得了份額，我認為這比餐飲服務高出 2.6 分或多一點。由於零售能力、品牌組合，我們失去了一點份額，但我們很快就恢復了。

But as we think about chicken and all these pieces and parts coming together, we're through the whole live animal livability/hatch kind of conversation. We now have the supply chain on the ground that's going to continue to grow our supply so that we can service the customers in the way that we'd like.

但是當我們想到雞肉和所有這些碎片和部分結合在一起時，我們正在經歷整個活體動物的宜居性/孵化類型的對話。現在，我們的供應鏈將繼續增加我們的供應量，以便我們能夠以我們想要的方式為客戶提供服務。

We got more fully cooked capacity coming online, which helps, which is already sold. So we like that. And so we'll continue to optimize and improve the mix, which helps. And we will brand -- it will be a branded portfolio play as well.

我們上線了更多完全熟化的容量，這很有幫助，已經售出。所以我們喜歡這樣。因此，我們將繼續優化和改進組合，這會有所幫助。我們將品牌化——這也將是一個品牌化的投資組合。

But there's still volatility in grain out there. But we like what we're seeing. We like our opportunity going forward. And we think we have the foundation of this business in a good place today, and we look for things to improve over Q4 and into next year. David?

但是那裡的穀物仍然存在波動。但我們喜歡我們所看到的。我們喜歡我們前進的機會。我們認為我們今天的業務基礎很好，我們希望在第四季度和明年有所改善。大衛？

Yes. I think one other thing to mention to that, Ben, and it's despite what we're seeing from an inflationary standpoint and despite what we're seeing from an overall grain volatility standpoint, we're continuing to progress as planned. And a large part of that was changing the way that we worked with our grain customers across the country and pricing more closer to what's going on within the market as well as inflation. And we're pricing quarterly now versus what we would have done previously from a 52-week standpoint.

是的。我認為還有一件事要提一下，本，儘管我們從通貨膨脹的角度來看，儘管我們從整體穀物波動的角度來看，我們仍在按計劃繼續前進。其中很大一部分是改變了我們與全國糧食客戶合作的方式，並且定價更接近市場內的情況以及通貨膨脹。我們現在按季度定價，而不是從 52 週的角度來看我們之前所做的。

So it's given us a lot more flexibility in what we do. But again, there's a lot of other things that we are doing that will put us in a position to win. And again, the volume unlock that we will see coming into this quarter will go a long way to help us build a much more sustainable model.

因此，它為我們的工作提供了更多的靈活性。但同樣，我們正在做很多其他的事情，這將使我們處於獲勝的位置。同樣，我們將在本季度看到的數量解鎖將大大有助於我們建立一個更具可持續性的模型。

Ben, Stewart. Just want to add one thing there. Don't overlook in David's model the leverage that you'll get from the increased volume. So you see him going up to 40 million birds this quarter. Every time he adds to those birds, they're not coming at any increase in fixed costs. That's already been paid for. And that's going to be of help to his P&L.

本，斯圖爾特。只想在那裡添加一件事。不要忽視大衛的模型中你將從增加的交易量中獲得的影響力。所以你看到他本季度的鴿子數量達到了 4000 萬羽。每次他添加這些鳥時，它們的固定成本都不會增加。這已經付清了。這將對他的損益表有所幫助。

Yes. Okay. Great. My second question is around beef. And I appreciate the commentary around margins into next year as we navigate through the cycle. I'd be curious, when thinking about that margin commentary for next year, would you characterize those margins as mid-cycle trough cycle margins? Kind of as we think about the up versus down in that business line, recognizing it's hard to see exactly where we are in the cycle, that would be helpful to us, I think.

是的。好的。偉大的。我的第二個問題是關於牛肉的。我很欣賞關於明年利潤率的評論，因為我們在這個週期中導航。我很好奇，在考慮明年的利潤率評論時，您會將這些利潤率描述為周期中期低谷週期利潤率嗎？當我們考慮該業務線的上升與下降時，認識到很難準確地看到我們在周期中的位置，我認為這對我們有幫助。

Shane?

謝恩？

Yes. So Ben, this is Shane. I think the way I would characterize it is as we're -- this year, we're in the 11% to 13% range for fiscal year '22. And as we transition to less numbers, and back to the prior conversation around trying to pinpoint exactly when this has flipped, it's like trying to predict the weather right now. So it's awfully difficult to do that.

是的。 Ben，我是 Shane。我認為我描述它的方式就是我們 - 今年，我們在 22 財年的 11% 到 13% 範圍內。隨著我們過渡到更少的數字，並回到之前關於試圖準確確定何時發生翻轉的對話，這就像試圖預測現在的天氣一樣。所以要做到這一點非常困難。

I would say it'd be more of the midterm. We believe over time -- to Donnie's earlier point, over time, we're going to be trading somewhere in the 5% to 7% returns in our Beef business.

我會說這將是更多的中期。我們相信隨著時間的推移——就唐尼早些時候的觀點而言，隨著時間的推移，我們將在牛肉業務中以 5% 到 7% 的回報率進行交易。

And we think about it in a couple of ways too, as you think about how we're decommoditizing this business, is the quality aspect that I mentioned earlier. We're partnered with some of the best cattle feeders in the world.

當您考慮我們如何使這項業務非商品化時，我們也以多種方式考慮它，這是我之前提到的質量方面。我們與一些世界上最好的牛飼養者合作。

And when you look at this global demand, it's going to continue. And we're not able to service all of that today because of some of the disruptions at the ports that we're dealing with. And having the ability to value up these components through our case-ready business through Prepared Foods and then also through our International business unit is an additional pro that this company has. So we feel like we're going to be scaling into that here as we go through the next 12 to 18 months.

當你看到這種全球需求時，它會繼續下去。由於我們正在處理的港口的一些中斷，我們今天無法為所有這些提供服務。並且能夠通過我們的案例準備業務通過Prepared Foods以及我們的國際業務部門來評估這些組件的價值是該公司擁有的額外優勢。所以我們覺得在接下來的 12 到 18 個月裡，我們將在這裡擴大規模。

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

我們的下一個問題來自美國銀行的 Peter Galbo。

Just 2 really quick ones for me. Shane and Donnie, maybe just to stick on the beef topic, and I know we've covered a lot of ground there. But one of the questions we've gotten, just given the level of liquidation you've seen this year, realizing the 5% to 7% kind of medium-term margin target, like what's the possibility though that next year comes in somewhat below that just because you're dealing with such a high level of liquidation this year that's relatively unprecedented?

對我來說只有 2 個非常快的。 Shane 和 Donnie，也許只是為了堅持牛肉話題，我知道我們已經涵蓋了很多領域。但是我們得到的一個問題是，考慮到你今年看到的清算水平，實現 5% 到 7% 的中期保證金目標，比如明年的可能性低於多少僅僅因為你今年要處理如此高水平的清算，這是相對史無前例的？

Yes. So thanks for the question. Similar to the comments I just made, it's -- we are still seeing quite a bit of cattle liquidation. To add a little more color to that, you haven't seen the heifer retention yet really start to build back. So if you think of the time line to building back the calf crop and so forth, it's going to be a 2- to 3-year cycle.

是的。所以謝謝你的問題。與我剛剛發表的評論類似，我們仍然看到相當多的牛清算。為了給它增加一點色彩，你還沒有看到小母牛的留存率，還真正開始恢復。因此，如果您考慮恢復犢牛作物等的時間線，這將是一個 2 到 3 年的周期。

And then in respect to the 5% to 7% comment, we feel like we're in a good spot. I mean, unfortunately, we can't control mother nature and the drought conditions we're dealing with here. But there's still further liquidation, I think, that's going to occur, and trying to pinpoint exactly when that finishes up and we start to see more heifer retention is awfully challenging.

然後關於 5% 到 7% 的評論，我們覺得我們處於一個好位置。我的意思是，不幸的是，我們無法控制大自然和我們正在處理的干旱條件。但我認為，還有進一步的清算，這將會發生，並且試圖準確地確定何時結束並且我們開始看到更多的小母牛保留是非常具有挑戰性的。

The most recent cattle on feed numbers would show the third highest amount here as of July 1. So we have plenty of cattle in feed yards here today that are going to take us through the balance of this quarter, obviously, and then into our fiscal -- excuse me, Q1 of fiscal '23. But in respect to overall, the 5% to 7% range, I still feel good about where we're at.

截至 7 月 1 日，最新的牛飼料數量將顯示為第三高。因此，今天我們這裡的飼料場有很多牛，很明顯，這將使我們度過本季度的餘額，然後進入我們的財政- 對不起，23 財年第一季度。但就整體而言，5% 到 7% 的範圍，我仍然對我們所處的位置感覺良好。

Okay. No, that's helpful. And then maybe just a technical one for Stewart and Noelle on Prepared's margins. Again, kind of exiting this year at the kind of high 7s, low 8s that Stewart mentioned. Just what's it going to take to build that back to a double digit? I know you had just come out of 2Q at 11%, but now it seems like those margins have taken a step back, and based on some of your commentary, it doesn't feel like there's a lot more pricing that can go through. So like what do we need to see, I guess, to restore those margins back to a double-digit run rate?

好的。不，這很有幫助。然後可能只是對準備好的邊緣的斯圖爾特和諾埃爾的技術問題。同樣，今年以斯圖爾特提到的那種高 7 分、低 8 分退出。究竟要如何才能將其恢復到兩位數？我知道你剛剛以 11% 的價格從第二季度結束，但現在這些利潤率似乎已經退了一步，根據你的一些評論，感覺沒有更多的定價可以通過。因此，我想我們需要看到什麼才能將這些利潤率恢復到兩位數的運行速度？

Sure, I can take that. So our building blocks remain the same. Just taking a step back, we play in attractive categories. We have leading share positions in those categories. Top line growth will come from the actions that we're taking to increase capacity into investments in innovation and continued equity building. We'll continue to have disciplined revenue management and cost transformation to drive our bottom line. So while I expect a continued dynamic marketplace, I believe we have the right building blocks in place and our path to deliver the sustainable double-digit margins.

當然，我可以接受。所以我們的構建塊保持不變。退後一步，我們在有吸引力的類別中發揮作用。我們在這些類別中處於領先地位。收入增長將來自我們為提高創新投資和持續股權建設能力而採取的行動。我們將繼續通過嚴格的收入管理和成本轉型來推動我們的盈利。因此，雖然我期待一個持續充滿活力的市場，但我相信我們擁有正確的構建模塊以及實現可持續兩位數利潤率的途徑。

Yes. Maybe just to build on that, I think as Noelle focuses on recovering some of that foodservice volume, and I guess, busy with the merchandising that she was talking about, again, you'll start then to see that she has the potential to gain volume and to start gaining back some of that fixed cost deleverage.

是的。也許只是以此為基礎，我認為 Noelle 專注於恢復部分餐飲服務量，而且我想，忙於她所說的商品推銷，你會開始看到她有潛力獲得量並開始收回部分固定成本去槓桿。

Our next question comes from Robert Moskow from Credit Suisse.

我們的下一個問題來自瑞士信貸的羅伯特莫斯科。

A few additional questions on Chicken. You -- I think you are guiding to the low end of your margin range for Chicken as well. Does that reflect a weaker outlook for 4Q? Or is 4Q pretty much how you thought it would be?

關於雞的一些附加問題。你——我認為你也在引導雞的保證金範圍的低端。這是否反映了第四季度的疲軟前景？還是 4Q 和你想像的差不多？

And then also, you mentioned you're trying to get to top quartile among your peers. Your peers are, from what I can see, like delivering really strong margins. So where are you now versus that top quartile? Are you in top 50%? Or are you below it?

然後，您還提到您正試圖在同行中排名前四分之一。據我所知，您的同行喜歡提供非常高的利潤率。那麼你現在與前四分之一相比在哪裡？你在前50%嗎？還是你在它之下？

So a couple of things there. So first and foremost, within Q4, I would say we are on pace with our expectations. What we've done through the course of FY '22 is make a lot of changes within our business related to mix. And the industry from that standpoint, has had strong favorability because it's been tied to a big bird debone breast meat market. As you know, Tyson does not operate in that, and we're continuing to shift towards what is more of a value-added standpoint.

所以有幾件事。因此，首先，在第四季度，我會說我們正在與我們的預期保持同步。我們在 22 財年所做的是在與混合相關的業務中進行了很多更改。從這個角度來看，這個行業有很強的好感度，因為它與一個大的鳥去骨胸肉市場聯繫在一起。如您所知，泰森公司並沒有這樣做，我們正在繼續轉向更有價值的觀點。

As we think about benchmarking versus our competition, we are making progress. And the biggest piece of that, Robert, is us getting our volume back in our facilities. And we've spent a lot of time talking about being 37 million head and growing that to 40 million head during the Q4 time frame will put us in a much stronger position as we work to close out this year.

當我們考慮基準測試與我們的競爭時，我們正在取得進展。羅伯特，其中最大的一部分是我們將我們的音量恢復到我們的設施中。我們花了很多時間談論 3700 萬頭，並在第四季度將其增加到 4000 萬頭，這將使我們在今年努力結束時處於更有利的地位。

Okay. And a follow-up. The USDA for next year is forecasting even less than 1% volume growth for chicken. Do you think that's like the right amount of volume for the market given the demand framework? From what you're reporting, pricing is up a lot, but demand has been pretty stable. Do you think that, that's in line with how the overall industry will perform?

好的。以及後續行動。美國農業部預測明年雞肉的銷量增長甚至不到 1%。考慮到需求框架，你認為這對市場來說是合適的數量嗎？根據您的報告，價格上漲了很多，但需求一直很穩定。您認為這符合整個行業的表現嗎？

So I would tell you -- so from a chicken standpoint, and especially as we enter into the Q4 time frame, what we're seeing from a demand standpoint in both foodservice and retail continues to be strong. And our customer orders continue to outpace our ability to fill them. And again, with additional volume coming through, we will be in a much better position to service our customers, but we anticipate strong demand in both retail and foodservice to continue.

所以我會告訴你——所以從雞肉的角度來看，特別是當我們進入第四季度的時間框架時，我們從食品服務和零售的需求角度看到的情況仍然很強勁。而且我們的客戶訂單繼續超過我們滿足它們的能力。同樣，隨著數量的增加，我們將能夠更好地為客戶提供服務，但我們預計零售和餐飲服務的強勁需求將繼續存在。

So does that mean that 1% supply growth is not enough to meet the market?

那麼這是否意味著 1% 的供應增長不足以滿足市場需求？

Well, we will grow in excess of that next year. So we will be driving a lot of share within the industry next year as we continue to increase our head. I think there is an opportunity for chicken to be very strong from a demand standpoint as we go into '23.

好吧，我們明年的增長將超過這個數字。因此，隨著我們繼續增加我們的頭腦，明年我們將在行業內獲得大量份額。我認為，隨著我們進入 23 世紀，從需求的角度來看，雞肉有機會變得非常強勁。

And our next question comes from Ken Zaslow from Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Ken Zaslow。

I just want to follow up on just Rob's question real quick. What do you think chicken production will be in 2022? What do you think beef production will be in -- I'm sorry, in 2023, I'm sorry. What do you think chicken production will be in 2023? What do you think beef production will be in 2023? Just trying to get a flavor for that.

我只想快速跟進 Rob 的問題。您認為 2022 年的雞肉產量將是多少？你認為牛肉生產會是什麼——對不起，在 2023 年，對不起。您認為 2023 年的雞肉產量會是多少？您認為 2023 年的牛肉產量將是多少？只是想嚐嚐那個味道。

Based on what we've quoted in the prior call, USDA is reporting a 1% maybe to flat. I think that's probably realistic. I think our demand is going to be stronger than that as we go into '23.

根據我們在之前的電話會議中引用的內容，美國農業部報告可能會持平 1%。我認為這可能是現實的。我認為隨著我們進入 23 世紀，我們的需求將比這更強烈。

And from a beef perspective, with the herd liquidation, there's going to be fewer cattle to harvest. And you're going to have more and more packers chasing those heads, particularly the -- those which have better genetics that grade better that provide additional revenue and margin opportunity. And so that's going to become very tight. And as we move into '23 and even into '24, beef is going to see some -- beef -- you're going to see some higher cutouts and higher-priced cattle in the marketplace.

從牛肉的角度來看，隨著牛群的清算，可以收穫的牛會減少。而且你將有越來越多的包裝商追逐這些人，特別是那些擁有更好基因、更好分級、提供額外收入和利潤機會的人。所以這將變得非常緊張。隨著我們進入 23 年甚至 24 年，牛肉將會看到一些——牛肉——你會在市場上看到一些更高的切口和更高價格的牛。

Okay. In the prepared remarks, it was said kind of about -- there was supply chain issues in Prepared Foods. As you talked about, the margin is still -- I don't know if maybe I missed a little bit, but is there options for you guys to improve your supply chain? What are you doing there? And does that have meaningful impact in 2023, 2024? And I'm not talking about pricing or anything like that, but -- and maybe I misheard the prepared remarks. So I just thought there was some opportunity in supply chain. Can you talk about that?

好的。在準備好的評論中，有人說 - 預製食品存在供應鏈問題。正如你所說，利潤仍然 - 我不知道我是否可能錯過了一點，但是你們是否有改善供應鏈的選擇？你在那裡做什麼？這對 2023 年和 2024 年會產生有意義的影響嗎？而且我不是在談論定價或類似的東西，而是 - 也許我聽錯了準備好的評論。所以我只是認為供應鏈中有一些機會。你能談談嗎？

Let me say a couple of things about that, Ken, and then I will flip it to Noelle. What we're talking about there is a big portion of that, for example, is in the first half, particularly in the first quarter. You may remember that we had a resurgence in COVID at that point. And so we got a little bit behind as we started the year or in our second quarter.

肯讓我說幾句話，然後我會把它交給諾艾爾。我們所說的其中很大一部分是在上半年，尤其是在第一季度。您可能還記得當時我們的 COVID 死灰復燃。因此，當我們年初或第二季度時，我們落後了一點。

But we've been out of capacity on a few key categories that we're seeing now come online. We got more capacity coming online next year for Prepared Foods. The demand is -- while it's been impacted a little bit in some key categories around the pricing, it's still, let's say, less elastic than maybe you would -- or even our models would have indicated, but we're still -- we're seeing some elasticity.

但是我們現在看到的一些關鍵類別已經出現產能不足。明年我們為預製食品上線了更多容量。需求是——雖然它在定價的一些關鍵類別中受到了一些影響，但它仍然比你想像的彈性要小——或者甚至我們的模型會表明，但我們仍然——我們'看到一些彈性。

But we expect the volume to grow. We expect to put forth a great deal of effort in our supply chain, those things that we can control. The productivity program, for example, is a huge -- huge for us in the way of automation and technology. We've been investing now for over a year, and we're starting to see some of those things bear fruit, and not only for this quarter, but as we move forward. And so those investments are paying off.

但我們預計銷量會增長。我們希望在我們可以控制的供應鏈上投入大量精力。例如，生產力計劃在自動化和技術方面對我們來說是一個巨大的——巨大的。我們已經進行了一年多的投資，我們開始看到其中一些事情取得成果，不僅在本季度，而且在我們前進的過程中。因此，這些投資正在獲得回報。

We're -- some of the things that we've done around autonomous planning and trying to eliminate or improve forecast accuracy and eliminate distress and those type of things, we're much better today than we were a quarter or 2 quarters ago, but there's still things to do. And -- but supply chain is improving. We're running at rate. In many cases or in most cases, we are staffed completely, but we just -- we're looking for opportunities to continue to get better. Noelle, anything you want to add to that?

我們 - 我們圍繞自主規劃所做的一些事情，試圖消除或提高預測準確性，消除痛苦和那些類型的事情，我們今天比一個季度或兩個季度前要好得多，但還有事情要做。而且——但供應鏈正在改善。我們正在按速度運行。在許多情況下或大多數情況下，我們的人員配備齊全，但我們只是 - 我們正在尋找機會繼續變得更好。諾艾爾，你想補充什麼嗎？

I think you covered it well, Donnie. To your point, we have made significant traction from a labor perspective as we think about automation within our facilities, digitization, the complexity reduction and flexibility that we've created in our network. And so all of those improvements are leading to a better supply picture as we've continued to progress through this year and as we are expected to progress through Q4 next year.

我認為你講得很好，唐尼。就您而言，當我們考慮設施內的自動化、數字化、降低複雜性和我們在網絡中創建的靈活性時，我們從勞動力的角度取得了重大進展。因此，所有這些改進都將帶來更好的供應情況，因為我們在今年繼續取得進展，並且預計我們將在明年第四季度取得進展。

And ladies and gentlemen, with that, we will be concluding today's question-and-answer session. I'd like to turn the floor back over to Donnie King for any closing remarks.

女士們，先生們，至此，我們將結束今天的問答環節。我想把發言權轉回給 Donnie King 來做任何閉幕詞。

Okay. Thank you. Thank you, everyone, for joining our conference call today. We have a powerful and diverse portfolio across proteins, channels and geographies, improving operational efficiency and a team that is positioned to take advantage of the opportunities in front of us. For these reasons, we are confident we will maintain strong volume and profitability in the short term and have future long-term growth ahead of us. At Tyson, we're focused on making food affordable, accessible and nutritious for our customers and consumers around the world. Thanks again for your interest in Tyson Foods. We look forward to speaking to you again soon.

好的。謝謝你。謝謝大家，今天加入我們的電話會議。我們在蛋白質、渠道和地理區域擁有強大而多樣化的產品組合，提高了運營效率，並擁有一支能夠充分利用我們面前機會的團隊。由於這些原因，我們有信心在短期內保持強勁的銷量和盈利能力，並在未來實現長期增長。在泰森，我們專注於為我們的全球客戶和消費者提供價格合理、易於獲取和營養豐富的食品。再次感謝您對泰森食品的關注。我們期待很快再次與您交談。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們，先生們，到此，我們將結束今天的電話會議和演講。我們感謝您的加入。您現在可以斷開線路。