泰森食品 (TSN) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Tyson Foods Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到泰森食品公司 2022 年第四季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Brandon Tucker, Senior Manager, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係高級經理 Brandon Tucker。請繼續。

Hello, and welcome to the Fourth Quarter Fiscal 2022 Earnings Conference Call for Tyson Foods. Prepared remarks today will be provided by Donnie King, President and Chief Executive Officer; and John R. Tyson, EVP and Chief Financial Officer. Additionally, Shane Miller, Group President, Fresh Meats; Stewart Glendinning, Group President, Prepared Foods; David Bray, Group President, Poultry; and Amy Tu, Group President, International and CAO, 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，歡迎來到泰森食品公司 2022 財年第四季度收益電話會議。總裁兼首席執行官 Donnie King 將在今天發表準備好的講話；執行副總裁兼首席財務官 John R. Tyson。此外，鮮肉集團總裁 Shane Miller； Stewart Glendinning，預製食品集團總裁；家禽業務集團總裁 David Bray；國際和CAO集團總裁Amy Tu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和我們的網絡廣播鏈接中獲得。

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 our 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. We assume no obligation to update any forward-looking statements.

在這次電話會議中，我們將就我們對未來的期望做出前瞻性陳述。這些陳述受風險、不確定性和假設的影響，這可能導致我們的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，了解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。我們不承擔更新任何前瞻性陳述的義務。

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，否則我們評論中提及的每股收益、營業收入和營業利潤率均經過調整。有關這些非 GAAP 措施與其相應的 GAAP 措施的調節，請參閱我們的收益新聞稿。

I will now turn the call over to Donnie.

我現在將電話轉給唐尼。

Thank you, Brandon, and thank you to everyone for joining us for the call. Earlier today, we announced our fourth quarter and total fiscal year 2022 results. We showed record annual financial performance, including revenue, adjusted operating income and earnings per share. I'm grateful for the hard work and dedication of our team members. Our results would not have been possible without them.

謝謝布蘭登，也感謝大家加入我們的電話會議。今天早些時候，我們公佈了第四季度和 2022 財年的總業績。我們展示了創紀錄的年度財務業績，包括收入、調整後的營業收入和每股收益。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。

In this challenging macroeconomic environment with historically high inflation, consumer demand for protein remains relatively steady. We remain well positioned to serve this demand. We leveraged our diverse protein portfolio across multiple channels and brands to meet customer and consumer needs across a broad range of products and price points, serving an estimated 1/5 of U.S. protein consumption. And as proven by our double-digit sales growth, our portfolio of value-added and branded products positions us uniquely to win.

在這個具有歷史高通脹的充滿挑戰的宏觀經濟環境中，消費者對蛋白質的需求保持相對穩定。我們仍然有能力滿足這一需求。我們利用跨多個渠道和品牌的多樣化蛋白質產品組合來滿足客戶和消費者對廣泛產品和價位的需求，服務於估計占美國蛋白質消費量的 1/5。正如我們兩位數的銷售額增長所證明的那樣，我們的增值產品和品牌產品組合使我們獨樹一幟地贏得了勝利。

In addition to growing sales, we are also aggressively mitigating inflationary cost and SG&A expenses through a disciplined revenue management and enterprise-wide productivity actions, including investments in automation to improve operational excellence and efficiency. As we progress our efforts to be the most sought-after place to work, we continue to listen to our team members' needs and invest in areas like childcare to provide a better quality of life for our team members. We're beginning to see results from these investments through improved staffing levels and reduced turnover.

除了增加銷售額外，我們還通過嚴格的收入管理和企業範圍內的生產力行動（包括投資自動化以提高卓越運營和效率）積極降低通貨膨脹成本和 SG&A 費用。在我們努力成為最受歡迎的工作場所的過程中，我們繼續傾聽團隊成員的需求，並投資於兒童保育等領域，為我們的團隊成員提供更好的生活質量。通過提高人員配備水平和減少人員流動，我們開始看到這些投資的成果。

Before I discuss our financial performance, let me provide a bit of strategic context. As you are well aware, we have a strong and disciplined strategic growth plan. In this past year, we continue to methodically execute against this plan as we strengthened our position as a global protein leader. Our growth strategy is built on 5 key pillars: transforming our team member experience, growing with our customers to service demand, investing in digital and automation to drive operational excellence, restoring competitiveness in our Chicken segment and leveraging our financial strength to invest in the business and return cash to shareholders.

在我討論我們的財務業績之前，讓我提供一些戰略背景。如您所知，我們有一個強大而有紀律的戰略增長計劃。在過去的一年裡，我們繼續有條不紊地執行該計劃，同時鞏固了我們作為全球蛋白質領導者的地位。我們的增長戰略建立在 5 個關鍵支柱之上：改變我們的團隊成員體驗、與客戶一起成長以滿足服務需求、投資數字和自動化以推動卓越運營、恢復我們雞肉部門的競爭力以及利用我們的財務實力投資業務並將現金返還給股東。

I'm pleased to report that we have executed on each of these imperatives and delivered what we said we would entering the fiscal year. Our commitment to strengthening our position as a global protein leader and driving value creation for our shareholders is the most important goal for our team.

我很高興地報告，我們已經執行了每一項必要措施，並兌現了我們所說的進入本財年的目標。我們致力於鞏固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，這是我們團隊最重要的目標。

Having the right leadership team in place is also imperative as a global protein leader. To accomplish this, we recently announced changes in our executive leadership team, which we believe will drive improved results across our organization. Overall, we feel good about our performance. We saw a lot of really good things. We delivered record sales, revenue and earnings. The Chicken turnaround progressed as promised. Beef performed better than expected, and Prepared Foods is seeing positive volume momentum exiting the year.

作為全球蛋白質領導者，擁有合適的領導團隊也勢在必行。為實現這一目標，我們最近宣布了執行領導團隊的變動，我們相信這將推動我們整個組織取得更好的成果。總的來說，我們對自己的表現感覺良好。我們看到了很多非常好的東西。我們實現了創紀錄的銷售額、收入和收益。 Chicken 的轉變如期進行。牛肉的表現好於預期，而 Prepared Foods 則在今年看到了積極的銷量勢頭。

With that strategic context, let's turn to our financial performance. Compared to our initial fiscal year guidance, we exceeded our total company sales and Beef margin guidance, and we met guidance on Chicken and Prepared Foods margins. We managed our balance sheet and sit today at a leverage ratio comfortably below our guidance. Sales improved 7% for the fourth quarter and 13% year-over-year. We delivered record sales revenue as a company and across each of our 4 largest operating segments.

在這種戰略背景下，讓我們轉向我們的財務業績。與我們最初的財政年度指導相比，我們超過了公司總銷售額和牛肉利潤率指導，並且我們達到了雞肉和預製食品利潤率的指導。我們管理了資產負債表，今天的槓桿率輕鬆低於我們的指導。第四季度銷售額增長 7%，同比增長 13%。作為一家公司，我們在 4 個最大的運營部門中的每一個部門都實現了創紀錄的銷售收入。

We delivered record annual adjusted operating income of $4.4 billion, up 3% over the prior year. As expected, our fourth quarter earnings were lower compared to the prior year, but this was almost entirely due to record strength in Beef a year ago. Our operating income performance translated to adjusted earnings per share of $1.63 for the fourth quarter and a record $8.73 for the full year, up 5% from last year.

我們實現了創紀錄的年度調整後營業收入 44 億美元，比上年增長 3%。正如預期的那樣，我們第四季度的收益低於去年同期，但這幾乎完全是由於一年前牛肉業務創紀錄的強勁勢頭。我們的營業收入表現轉化為調整後的每股收益，第四季度為 1.63 美元，全年達到創紀錄的 8.73 美元，比去年增長 5%。

Turning to our results on volume. We're continuing 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. We saw benefits of our efforts in the fourth quarter as total company volume increased 2.1%. We are building positive momentum and remain confident that our strategy will enable us to grow volumes across all segments long term.

轉向我們在數量上的結果。我們將繼續優化我們現有的足跡，增加新產能，按工廠調整我們的產品組合，並使我們的產品組合更貼近客戶和消費者的需求。我們在第四季度看到了我們努力的好處，因為公司總銷量增長了 2.1%。我們正在建立積極的勢頭，並且仍然相信我們的戰略將使我們能夠長期增長所有細分市場的銷量。

Chicken volumes increased 1.1% in the quarter compared to the prior year driven by increased domestic production. In Prepared Foods, volumes were relatively flat in the quarter compared to the prior year. We are gaining momentum delivering sequential quarterly improvement driven primarily by the strength of our retail brands. The categories in which we play continue to be highly consumer-relevant with the vast majority remaining elevated relative to pre pandemic. In a few slides, we'll discuss our strong share performance.

在國內產量增加的推動下，本季度雞肉銷量較上年同期增長 1.1%。在預製食品中，本季度的銷量與去年同期相比相對持平。我們正在獲得動力，主要由我們零售品牌的實力推動連續季度改進。我們參與的類別繼續與消費者高度相關，其中絕大多數類別相對於大流行前仍處於較高水平。在幾張幻燈片中，我們將討論我們強勁的股票表現。

Compared to prior year, Beef volumes were up 5.1% for the quarter, driven by higher head throughput and carcass weights, improving from a full year volume deficit of 1.5% in the third quarter. We finished the year relatively flat. Pork volumes were down 1.1% for the quarter compared to prior year due to limited hog supply and reduced export demand. In International, volumes continue to grow, up 7.3% compared to the prior year quarter driven by our investments in capacity, innovations and brands that support market share growth.

與去年同期相比，本季度牛肉銷量增長 5.1%，受頭部吞吐量和胴體重量增加的推動，第三季度全年銷量下降 1.5%，有所改善。我們完成了相對平穩的一年。由於生豬供應有限和出口需求減少，本季度豬肉銷量比去年同期下降 1.1%。在國際市場，銷量繼續增長，與去年同期相比增長 7.3%，這得益於我們對支持市場份額增長的產能、創新和品牌的投資。

As we look ahead, one thing that excites me is the momentum I see in our branded retail business. It is evident that we are delivering the brands and the products that consumers want. With our iconic retail brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park, Tyson core business lines outpaced total food and beverage and our peers in growth, up 18% in volume sales in the last 13 weeks compared to prepandemic levels per Nielsen data.

展望未來，令我興奮的一件事是我在品牌零售業務中看到的勢頭。很明顯，我們正在提供消費者想要的品牌和產品。憑藉我們標誌性的零售品牌 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park，Tyson 核心業務線的增長速度超過了食品和飲料總量以及我們的同行，根據尼爾森數據，過去 13 週的銷量比大流行前水平增長了 18% .

According to Nielsen data, Tyson core business lines grew volume share by 2.6 points this quarter compared to prepandemic levels while also growing share relative to a year ago. We continue to be the market share leader in the majority of the retail core categories in which we compete while also gaining share in 7 of these 9 core categories. We experienced the greatest share gains in frozen protein breakfast, smoked sausage and corn dog category. Our brand strength relative to our peers is undeniable as Tyson, Jimmy Dean, Hillshire Farm and Ball Park all hold favorite brand status with consumers in the categories in which we compete.

根據尼爾森數據，與大流行前水平相比，本季度泰森核心業務線的銷量份額增長了 2.6 個百分點，同時份額也比一年前有所增長。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領先地位，同時還在這 9 個核心類別中的 7 個中獲得份額。我們在冷凍蛋白質早餐、煙熏香腸和玉米熱狗類別中獲得了最大的份額增長。我們相對於同行的品牌實力是不可否認的，因為 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park 在我們競爭的類別中都擁有消費者最喜愛的品牌地位。

Many of our retail businesses continue to outperform total food and beverage and remain highly relevant to consumers and therefore, elevated in consumption. Consumers will continue to spend on relevant categories and brands they know and trust. This data shows the recovery we're seeing versus a year ago and the momentum we are gaining as we move into fiscal 2023.

我們的許多零售業務的表現繼續優於整體食品和飲料，並且與消費者保持高度相關，因此消費量增加。消費者將繼續在他們了解和信任的相關品類和品牌上消費。該數據顯示了我們看到的與一年前相比的複蘇，以及我們在進入 2023 財年時獲得的勢頭。

We have made steady progress improving fill rates and on-shelf availability as we focus on serving our current customers and attracting new customers to grow our distribution and volume. Additionally, we took various degrees of pricing in our key categories earlier this fiscal year to offset inflationary cost pressures. Recently, we have seen competitors follow by increasing their prices, nearing Tyson's price gap relative to our competitors. This is supporting improved volume performance across our portfolio of prepared foods products as we are continuing to see price elasticities remain below historical levels.

隨著我們專注於服務現有客戶和吸引新客戶以增加我們的分銷和銷量，我們在提高填充率和貨架可用性方面取得了穩步進展。此外，我們在本財政年度早些時候對我們的關鍵類別進行了不同程度的定價，以抵消通脹成本壓力。最近，我們看到競爭對手也跟著漲價，接近泰森與我們競爭對手的價格差距。由於我們繼續看到價格彈性仍低於歷史水平，因此這有助於提高我們預製食品產品組合的銷量表現。

We're investing strategically in merchandising and advertising to support the long-term health of our brands as their strength enables continued growth in both dollar and volume retail share. These factors, along with our strong business fundamentals, resulted in sequential quarterly share growth in many of our key retail category, and we expect our retail share growth to continue.

我們正在對商品銷售和廣告進行戰略性投資，以支持我們品牌的長期健康發展，因為它們的實力能夠使美元和銷量零售份額持續增長。這些因素，加上我們強大的業務基礎，導致我們許多主要零售類別的季度份額連續增長，我們預計我們的零售份額增長將繼續。

While the foodservice industry has yet to recover to prepandemic traffic levels, the Tyson Focus 6 group is outpacing both total broadline and respective categories and volume sales, up 18.9% and 0.9 share points in the last 52 weeks compared to last year according to NPD's SupplyTrack data. The Tyson Focus 6 group, composed of value-added chicken, breakfast sausage, dinner sausage, pepperoni pizza toppings, bacon and Philly steak, is also up 1.7 volume share points in the last 52 weeks compared to prepandemic levels.

儘管餐飲服務行業尚未恢復到大流行前的流量水平，但根據 NPD 的 SupplyTrack，Tyson Focus 6 集團在過去 52 週內的總銷量和各自類別和銷量均超過了去年，分別增長了 18.9% 和 0.9 個份額點數據。由增值雞肉、早餐香腸、晚餐香腸、意大利辣香腸披薩配料、培根和費城牛排組成的 Tyson Focus 6 組在過去 52 週內與大流行前水平相比也增加了 1.7 個體積份額點。

We believe strongly in our foodservice portfolio and are confident there is immediate and long-term growth ahead of this business as we align with key growing customers and execute our strategy across all categories to build momentum for the future.

我們堅信我們的餐飲服務組合，並相信隨著我們與主要增長客戶保持一致並在所有類別中執行我們的戰略以建立未來勢頭，該業務將實現近期和長期增長。

Our team members are essential to providing the products our customers and consumers demand. Staffing levels and the impact on operational throughput were a challenge in our business. We continue to make significant investments in our team members' experience, prioritizing these 3 key areas of health, safety and well-being of our team members, total rewards and team member growth and our One Tyson culture with digitalization as a key enabler. We're now seeing business results from investing in becoming the most sought-after place to work.

我們的團隊成員對於提供客戶和消費者所需的產品至關重要。人員配置水平和對運營吞吐量的影響是我們業務中的一個挑戰。我們繼續對團隊成員的體驗進行大量投資，優先考慮團隊成員的健康、安全和福祉、總回報和團隊成員成長以及我們以數字化為關鍵推動力的 One Tyson 文化這 3 個關鍵領域。我們現在看到了通過投資成為最受歡迎的工作場所而取得的商業成果。

Examples of these investments are free education, childcare solutions, citizenship support, transportation, maternity and paternity leave and expanded mental health and well-being benefits. In August, we received national recognition for our innovative ridesharing program benefiting team members across the nation. The program provides an option for team members who may have difficulty accessing reliable transportation to get to work and thus improving their quality of life.

這些投資的例子包括免費教育、兒童保育解決方案、公民支持、交通、產假和陪產假以及擴大的心理健康和福祉福利。 8 月，我們的創新拼車計劃使全國各地的團隊成員受益，因此獲得了全國認可。該計劃為可能難以獲得可靠交通工具上班的團隊成員提供了一種選擇，從而改善了他們的生活質量。

Investments in enhanced benefits, digitalized processes and tools and career growth opportunities for our team members are paying off. In October, we announced our One Tyson corporate office consolidation to world headquarters in Springdale, Arkansas. The move will enable excellence and execution by bringing our corporate business unit roles together on one campus, driving a culture that optimize collaboration, innovation, accelerate speed and facilitates career growth for our team members. The feedback we've received from our customers for this change has been well received.

為我們的團隊成員在增強福利、數字化流程和工具以及職業發展機會方面的投資正在取得回報。 10 月，我們宣布將 One Tyson 公司辦公室合併至位於阿肯色州斯普林代爾的全球總部。此舉將通過將我們公司業務部門的角色集中在一個園區，推動一種優化協作、創新、加快速度並促進我們團隊成員職業發展的文化，從而實現卓越和執行。我們從客戶那裡收到的有關此更改的反饋得到了好評。

These investments we're making in our people are part of our broader effort to evolve our business from an environmental, social and governance perspective. Today, we are focused on 3 core pillars of our ESG framework, the formula to feed the future. Those 3 pillars are reimagining people and community impact, driving 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環境、社會和治理角度發展業務的更廣泛努力的一部分。今天，我們專注於我們 ESG 框架的 3 個核心支柱，即養活未來的公式。這三大支柱正在重新構想對人和社區的影響，將產品責任從農場推向餐桌，並努力實現淨零。

In July, we released our sustainability report for 2021, which highlights our ambition to become the world's most sustainable and transparent protein company. In addition to the investments in people mentioned, 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.

7 月，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。除了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、減少廢物、水資源管理以及在我們的運營和供應鏈中努力減少排放方面所做的努力。

Significant progress was achieved in the past fiscal year in improving our scores and metrics within ESG rating agencies. We are particularly proud of a more than 30% increase in our Dow Jones Sustainability Index score year-over-year, and we're taking more steps to continue to improve our standing with ESG stakeholders.

在上一財年，我們在提高 ESG 評級機構的分數和指標方面取得了重大進展。我們感到特別自豪的是，我們的道瓊斯可持續發展指數得分同比增長超過 30%，並且我們正在採取更多措施來繼續提高我們在 ESG 利益相關者中的地位。

In the past fiscal year, our productivity program outperformed on our commitments, delivering over $700 million in savings impact across all components of our business. This performance indicates how Tyson has remained focused on optimizing our business processes, digitalizing our supply chain and increasing automation and aggressively managing SG&A across our operations.

在過去的財政年度，我們的生產力計劃超出了我們的承諾，為我們所有業務部門帶來了超過 7 億美元的節約影響。這一業績表明泰森食品如何繼續專注於優化我們的業務流程、數字化我們的供應鍊和提高自動化程度，以及積極管理我們整個運營過程中的 SG&A。

We expect the productivity program will continue to outperform our original expectations of more than $1 billion in recurring savings by the end of fiscal year 2024. The program is now on track to deliver this commitment by the end of fiscal year 2023, a year earlier than expected. As mentioned before, these recurring savings support the partial offset of inflationary pressures while at the same time, improving our competitiveness in the marketplace.

我們預計到 2024 財年末，生產力計劃將繼續超出我們最初預期的超過 10 億美元的經常性節省。該計劃現在有望在 2023 財年末兌現這一承諾，比之前提前一年。預期的。如前所述，這些經常性儲蓄支持部分抵消通脹壓力，同時提高我們在市場上的競爭力。

Automation remains a top priority, and I'm very pleased with the aggressive rollout of automation technologies across all segments in fiscal year 2022, including continuing to scale debone automation in our poultry operations and pack-out automation across all businesses.

自動化仍然是重中之重，我對 2022 財年所有部門積極推出自動化技術感到非常高興，包括繼續擴大我們家禽業務的去骨自動化和所有業務的包裝自動化。

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

我現在將電話轉給約翰，讓我們詳細了解第四季度的財務業績。

Thank you, Donnie. Let me turn first to a summary of our total company financial performance. We're pleased to report resilient fourth quarter and record annual performance in the fiscal year. Sales were up for both the fourth quarter and fiscal year, benefiting from our pricing initiatives to offset the increase in cost of goods. Volumes were up for the fourth quarter and relatively flat for the full year as we overcame supply constraints in an elevated inflationary environment pressuring 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。我們很高興地報告第四季度的彈性和本財年創紀錄的年度業績。受益於我們抵消商品成本增加的定價舉措，第四季度和本財年的銷售額均有所增長。由於我們克服了高通脹環境給消費者需求帶來的供應限制，第四季度的銷量有所上升，全年相對持平。

Looking at our sales results by channel for the fiscal year. Retail drove $1.4 billion of top line improvement, while the ongoing recovery in the foodservice channel drove an increase of $2 billion. Fiscal year sales in international markets, including both domestically and internationally produced products, were $1.3 billion greater than the prior year as we leverage our global scale to grow our business. Donnie covered our operating income and earnings per share results, so I won't repeat.

按渠道查看我們本財年的銷售業績。零售推動了 14 億美元的收入增長，而餐飲服務渠道的持續復甦推動了 20 億美元的增長。由於我們利用我們的全球規模來發展我們的業務，國際市場的財政年度銷售額（包括國內和國際生產的產品）比上一年增加了 13 億美元。唐尼涵蓋了我們的營業收入和每股收益結果，所以我不會重複。

Slide 16 bridges operating income for the fiscal year, which was $126 million greater than the fiscal 2021. We significantly improved earnings in our Chicken segment and generated higher earnings in Prepared Foods, which more than offset the expected decline in Beef earnings. Our pricing actions, which offset the higher input costs, led to higher sales during the year. We saw notable year-over-year increases of 20% to 25% across the business in cost of goods, including labor, feed ingredients, live animals and freight costs.

Slide 16 本財年營業收入比 2021 財年多 1.26 億美元。我們顯著提高了雞肉部門的收益，並在預製食品中產生了更高的收益，這大大抵消了牛肉收益的預期下降。我們的定價行動抵消了較高的投入成本，導致年內銷售額增加。我們看到整個企業的商品成本（包括勞動力、飼料原料、活動物和運費）同比顯著增長 20% 至 25%。

Investment in growth is our priority. To facilitate this growth, an additional $80 million in SG&A expenses compared to last fiscal year was invested in team members, marketing, advertising and promotional spend to support our brand and digitalization initiatives, among other things. While SG&A expenses increased, SG&A as a percentage of total sales was down to 4.2% from 4.5% in the prior fiscal year, reflecting our continued focus on assessing all expenses across the business to identify non-value-added spend and continuing to build leverage across the scale of our business.

投資增長是我們的首要任務。為了促進這一增長，與上一財年相比，額外的 8000 萬美元 SG&A 支出投資於團隊成員、營銷、廣告和促銷支出，以支持我們的品牌和數字化計劃等。雖然 SG&A 費用增加，但 SG&A 佔總銷售額的百分比從上一財年的 4.5% 降至 4.2%，反映出我們繼續專注於評估整個企業的所有費用以識別非增值支出並繼續建立槓桿作用在我們的業務範圍內。

As mentioned by Donnie, we significantly accelerated our productivity actions to improve efficiency across all segments during the past year, which has had a meaningful positive impact on our margin profile. 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.

正如 Donnie 所提到的，我們在過去一年中顯著加快了生產力行動以提高所有部門的效率，這對我們的利潤率狀況產生了有意義的積極影響。我們年初至今的業績清楚地表明，我們多樣化的投資組合支持我們的增長目標，即比整體市場增長更快、提高營業利潤率並為我們的股東帶來豐厚的回報。

Now moving to the Beef segment. Sales were approximately $4.9 billion for the fourth quarter, down 3% versus the same period last year, but up 10% for the fiscal year at nearly $20 billion. Sales in the quarter remained strong, supported by higher volume, but offset by lower average sales price. Global consumer demand for beef products remains strong. We expect volumes to remain stable next year amid tightening supply of cattle, offset by improved labor participation, supporting higher plant productivity.

現在轉到牛肉部分。第四季度銷售額約為 49 億美元，與去年同期相比下降 3%，但本財年銷售額增長 10%，達到近 200 億美元。在銷量增加的支持下，本季度的銷售依然強勁，但被較低的平均銷售價格所抵消。全球消費者對牛肉產品的需求依然強勁。我們預計明年牛的供應量將保持穩定，但勞動力參與度的提高將抵消這種影響，從而支持更高的工廠生產率。

On expenses, we incurred greater costs during the fiscal year compared to the prior year as live cattle costs increased approximately $2 billion. But we have sufficient livestock available to finish the year, and we continue to have ample supply to support our operations.

在費用方面，由於活牛成本增加了約 20 億美元，我們在本財年比上一年產生了更多成本。但我們有足夠的牲畜來完成這一年，而且我們繼續有充足的供應來支持我們的運營。

We delivered segment operating income of $2.5 billion for the year, and our fiscal year operating margin of 12.5% was a very strong performance by historical standards. We still expect future beef margins to be in a normalized range of 5% to 7% over the long term.

我們今年的部門營業收入為 25 億美元，本財年營業利潤率為 12.5%，以歷史標準衡量是非常強勁的表現。從長遠來看，我們仍然預計未來的牛肉利潤率將處於 5% 至 7% 的正常範圍內。

Looking next to the Pork segment. Sales were approximately $1.6 billion for the quarter and $6.4 billion for the fiscal year, down 3% and up 2%, respectively, versus the prior year. Global demand remains challenged by high domestic retail prices and the strong U.S. dollar, making U.S. pork relatively expensive as compared to alternative sources globally. For the year, the average sales price increased 4.1%, offsetting the decrease in volume of 1.9%. We expect these headwinds to impact pork volumes next year to a lesser extent than the past year.

看旁邊的豬肉段。本季度銷售額約為 16 億美元，本財年銷售額約為 64 億美元，與上年同期相比分別下降 3% 和上升 2%。全球需求仍然受到國內零售價格高企和美元走強的挑戰，這使得美國豬肉與全球其他來源相比相對昂貴。全年平均銷售價格上漲 4.1%，抵消了銷量下降 1.9% 的影響。我們預計這些不利因素對明年豬肉產量的影響程度將低於去年。

Segment operating income and margins were $198 million and 3.1%, respectively, for the fiscal year. The operating income deterioration was driven by herd health issues negatively impacting hog costs and a constrained cutout compressing pork margins in the elevated inflationary environment, increasing operating costs overall. While the Q4 result was negative operating income, we do expect to flip back to positive returns in Q1.

本財年的部門營業收入和利潤率分別為 1.98 億美元和 3.1%。營業收入惡化的原因是畜群健康問題對生豬成本產生負面影響，以及在高通脹環境下受限的減產壓縮了豬肉利潤率，從而增加了總體運營成本。雖然第四季度的營業收入為負，但我們確實希望在第一季度恢復正回報。

Moving now to Prepared Foods. Sales were approximately $2.5 billion for the quarter, up 12% relative to the same period last year. For the fiscal year, sales increased 9.4%, driven by the higher average sales price increase of 13.5%, partially offset by the volume decline of 4.1%, in which 0.9% of the decline was due to the sale of our pet treats business.

現在轉到預製食品。本季度銷售額約為 25 億美元，比去年同期增長 12%。在本財年，銷售額增長了 9.4%，這是由於平均銷售價格上漲了 13.5%，部分被銷量下降 4.1% 所抵消，其中 0.9% 的下降是由於出售我們的寵物零食業務。

Volume performance improved in the fourth quarter as our investments in brands and merchandising drove an increase in portfolio market share. Our fourth quarter result, which was roughly flat versus last year, was our strongest performance this year and better than the competition, which underscores the strength of our brands. We expect volume to grow sequentially next year driven by foodservice recovery, improved supply and continued investment in our brands.

由於我們對品牌和商品的投資推動了投資組合市場份額的增加，因此第四季度的銷量表現有所改善。我們第四季度的業績與去年基本持平，是我們今年最強勁的業績，優於競爭對手，這凸顯了我們品牌的實力。在餐飲服務復甦、供應改善和對我們品牌的持續投資的推動下，我們預計明年銷量將連續增長。

Operating margin for the segment was 5.8% or $147 million for the quarter, up 4.1% compared to last year. For the fiscal year, our operating margin was 8.1%, up 0.5% compared to the prior year at $782 million.

該部門本季度的營業利潤率為 5.8% 或 1.47 億美元，比去年同期增長 4.1%。本財年，我們的營業利潤率為 8.1%，比上年增長 0.5%，為 7.82 億美元。

Now on to the Chicken segment's results. Sales were $4.6 billion for the quarter, up 19%. And for the full year, sales were up 24% at $17 billion. Volumes improved both for the quarter and fiscal year as we gained momentum in the improvement of our live operations. We expect this operational improvement to continue driving sequential quarterly volume growth into next fiscal year.

現在來看看雞肉部分的結果。本季度銷售額為 46 億美元，增長 19%。全年銷售額增長 24%，達到 170 億美元。隨著我們在改進現場運營方面獲得動力，本季度和本財年的銷量都有所提高。我們預計這一運營改善將繼續推動下一財年的連續季度銷量增長。

Average sales price increased by approximately 18% for both the quarter and the fiscal year compared to last year. Our shift in pricing mechanisms to more variable structures, allowing us to be more agile in response to market conditions, was a key decision by our management team.

與去年同期相比，本季度和本財年的平均銷售價格均上漲了約 18%。我們將定價機制轉變為更多變的結構，使我們能夠更靈活地響應市場狀況，這是我們管理團隊的一項關鍵決定。

Chicken delivered operating income of $337 million or 7.3% for the fourth quarter and $926 million or 5.5% margin for the total fiscal year. Respectively, this represents margin improvement of 10.2% and 5.3% over the prior year comparable periods. This quarter, we surpassed our goal of processing 40 million head per week by the end of the fiscal year.

Chicken 第四季度的營業收入為 3.37 億美元或 7.3%，整個財年的利潤率為 9.26 億美元或 5.5%。與去年同期相比，這分別意味著利潤率提高了 10.2% 和 5.3%。本季度，我們超額完成了到本財年末每周處理 4000 萬頭的目標。

We intend to continue to grow next year to 42 million head per week, enabling us to maximize our fixed cost leverage and grow market share along with our value-added business. With live operations on a positive trajectory, we will continue optimizing our plant network and portfolio mix to maximize the profitability of our Chicken segment.

我們打算明年繼續增長到每週 4200 萬頭，使我們能夠最大限度地利用固定成本槓桿並隨著我們的增值業務增加市場份額。隨著實時運營的積極發展，我們將繼續優化我們的工廠網絡和產品組合，以最大限度地提高雞肉部門的盈利能力。

I am pleased with the tremendous progress we have made against our road map to restoring competitiveness in this business. However, there's still work to do to attain industry-leading performance, and I look forward to more great things to come from the team on this one.

我很高興我們在恢復該業務競爭力的路線圖方面取得了巨大進展。然而，要達到行業領先的性能，還有很多工作要做，我期待團隊在這方面做出更多偉大的事情。

Now turning to Slide 20. Our healthy cash flows and improved balance sheet have continued to support our disciplined capital allocation approach with a focus on total shareholder return. We remain focused on building financial strength, investing in our team members and business and returning cash to shareholders. We produced $2.7 billion of operating cash flows in fiscal year '22. This is after funding a $2.1 billion increase in working capital, which included an investment of $1 billion in inventory to better service our customers as well as the impact of cost inflation.

現在轉到幻燈片 20。我們健康的現金流和改善的資產負債表繼續支持我們以股東總回報為重點的紀律嚴明的資本配置方法。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，並將現金返還給股東。我們在 22 財年產生了 27 億美元的運營現金流。這是在為增加 21 億美元的營運資金提供資金之後，其中包括 10 億美元的庫存投資，以更好地服務我們的客戶以及應對成本通脹的影響。

Additionally, we had other planned working capital outflows associated with taxes paid on the divestiture of our pet treats business, payment of a portion of deferred payroll taxes from the CARES Act and the settlement of certain legal accruals.

此外，我們還有其他計劃的營運資金流出，這些流動資金與剝離我們的寵物零食業務所繳納的稅款、根據 CARES 法案支付的部分遞延工資稅以及某些法定應計費用的結算有關。

Our leverage ratio finished the year at 1.3x net debt-to-adjusted EBITDA, demonstrating 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 as we utilize a disciplined capital allocation and balance sheet management approach to invest in desirable projects, brands, categories and geographies.

我們的槓桿率為 1.3 倍的調整後 EBITDA 淨債務比率在年底結束，展示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是一個重要的優先事項，因為我們利用嚴格的資本分配和資產負債表管理方法來投資理想的項目、品牌、類別和地區。

We also maintain a disciplined M&A approach, investing in opportunities that fit well with our existing portfolio or our growth objectives, such as the recent acquisition in Saudi Arabia providing access to the growing halal market. While M&A will always be a consideration for growth, we're focused first on investing in growth in our existing footprint. This will facilitate Tyson increasing production capacity, market capabilities and profitability, providing return on capital generation above the market and at a minimum of 12% return on invested capital for our shareholders as our long-term target. To address projected demand growth over the next decade, we invested $1.9 billion in our business in the past fiscal year, focused primarily on new capacity and automation objectives.

我們還保持嚴格的併購方法，投資於符合我們現有投資組合或增長目標的機會，例如最近在沙特阿拉伯的收購提供了進入不斷增長的清真市場的機會。雖然併購始終是增長的考慮因素，但我們首先關注的是投資於現有足蹟的增長。這將有助於泰森提高產能、市場能力和盈利能力，提供高於市場的資本回報率，並為我們的股東提供至少 12% 的投資資本回報率作為我們的長期目標。為了應對未來十年的預期需求增長，我們在上一財年投資了 19 億美元，主要關注新產能和自動化目標。

Finally, we remain committed to returning cash to shareholders through both dividends and share buybacks. For the fiscal year, we returned nearly $1.4 billion in cash to shareholders through $653 million in dividends and $702 million of share repurchases as we continue to prioritize shareholder return.

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。在本財年，我們通過 6.53 億美元的股息和 7.02 億美元的股票回購向股東返還了近 14 億美元的現金，因為我們繼續優先考慮股東回報。

Let's now discuss the fiscal 2023 financial outlook. We anticipate total company sales between $55 billion and $57 billion and also expect volume growth compared to the prior fiscal year. Both total company sales and volume growth in fiscal '23 will largely be driven by our Chicken, Prepared Foods and International businesses as we work to run our plants full, optimizing our existing footprint and utilizing new capacity expansions.

現在讓我們討論 2023 財年的財務前景。我們預計公司總銷售額在 550 億美元至 570 億美元之間，並且預計與上一財年相比銷量會有所增長。 23 財年的公司總銷售額和銷量增長將主要由我們的雞肉、預製食品和國際業務推動，因為我們努力使我們的工廠全面運轉，優化我們現有的足跡並利用新的產能擴張。

To grow volumes in our Chicken, Prepared Foods and International businesses, construction is in progress of 6 new plants, all to be in operation by the end of fiscal 2023. We're building a value-added chicken plant in Danville, Virginia, and we're growing our bacon business with a new location in Bowling Green, Kentucky. And we're also expanding our footprint and increasing volumes outside the U.S. with 3 plants going live in China and one in Malaysia during 2023.

為了增加我們的雞肉、預製食品和國際業務的產量，6 家新工廠的建設正在進行中，所有工廠都將在 2023 財年末投入運營。我們正在弗吉尼亞州丹維爾建設一家增值雞肉工廠，我們正在通過位於肯塔基州鮑靈格林的新地點發展我們的培根業務。我們還在擴大我們的足跡並增加美國以外的產量，2023 年將有 3 家工廠在中國投產，1 家在馬來西亞投產。

These investments and the recently announced joint venture partnerships are fueling future growth, both organically and inorganically in our international business. We remain focused on growing internationally and on those fastest-growing protein consumption markets in the world.

這些投資和最近宣布的合資夥伴關係正在推動我們國際業務的未來有機和無機增長。我們仍然專注於國際增長和世界上增長最快的蛋白質消費市場。

Now as we touched on earlier, our productivity program is expected to deliver an additional $300 million to $400 million of savings during fiscal 2023 as we build upon the foundation laid across the enterprise this year with focus on operational and functional excellence, digital solutions and programmatic automation initiatives. To continue to capitalize upon the organic growth opportunities ahead for our business, we expect to increase CapEx spending to approximately $2.5 billion during fiscal 2023 to pursue a healthy pipeline of projects with strong return profiles.

現在，正如我們之前提到的那樣，我們的生產力計劃預計將在 2023 財年額外節省 3 億至 4 億美元，因為我們將在今年為整個企業奠定的基礎上進一步發展，重點是卓越運營和功能、數字解決方案和程序化自動化舉措。為了繼續利用我們業務未來的有機增長機會，我們預計在 2023 財年將資本支出增加到約 25 億美元，以尋求具有良好回報率的健康項目管道。

We currently expect our adjusted tax rate to be around 23%, and we anticipate net interest expense of approximately $320 million. Liquidity is expected to significantly exceed our minimum target, and net leverage is expected to remain below 2x net debt-to-adjusted EBITDA. We expect strong and meaningfully better operating cash flows in fiscal 2023 as we do not expect to invest as much in working capital as experienced in the past fiscal year.

我們目前預計調整後的稅率約為 23%，我們預計淨利息支出約為 3.2 億美元。流動性預計將大大超過我們的最低目標，淨槓桿率預計將保持在調整後 EBITDA 淨債務比率的 2 倍以下。我們預計 2023 財年的運營現金流將強勁且顯著改善，因為我們預計不會像上一財年那樣投資於營運資本。

Now finally, let's look at how each of our segments will contribute to our total company performance. As mentioned earlier, we continue to expect future Beef segment margins to be in a normalized range of 5% to 7% for the long term. However, based on current market dynamics, we expect fiscal 2023 to be at or below the low end of that range.

最後，讓我們看看我們的每個部門將如何為我們的公司整體業績做出貢獻。如前所述，我們繼續預計未來牛肉部門的長期利潤率將在 5% 至 7% 的正常範圍內。然而，根據當前的市場動態，我們預計 2023 財年將處於或低於該範圍的低端。

In Pork, we expect return on sales between 2% and 4%. Due to normal seasonality for our Pork segment, we expect the front half of the year to outperform the back half of the year. We continue to invest behind our expanded case-ready capacity, increasing volume through organic growth with new and existing customers, underpinned by product innovation for both our Beef and Pork segments.

在豬肉方面，我們預計銷售回報率在 2% 到 4% 之間。由於我們豬肉業務的正常季節性，我們預計上半年的表現將優於下半年。我們繼續投資於我們擴大的案例準備能力，通過與新客戶和現有客戶的有機增長來增加產量，並以我們的牛肉和豬肉部門的產品創新為基礎。

Prepared Foods is expected to deliver margins during fiscal 2023 between 8% and 10%, driven by volume growth, productivity and disciplined revenue management. We expect volume, sales revenue and operating income to all increase through the fiscal year with stronger quarters in the second half of the year compared to the first half of the year.

在銷量增長、生產力和嚴格的收入管理的推動下，預加工食品預計在 2023 財年實現 8% 至 10% 的利潤率。我們預計本財年的銷量、銷售收入和營業收入都將增長，下半年的季度表現將優於上半年。

In Chicken, our operational turnaround progress as forecasted, and we are now increasing our focus on optimizing our mix to maximize profitability of our value-added portfolio. We expect to deliver full year margins of 6% to 8% driven primarily by progressively growing volume and sales revenue while at the same time realizing additional operational improvements. And in International, we anticipate improved profitability from our operations in fiscal 2023, driven by volume growth from capacity expansions ramping up.

在雞肉方面，我們的運營周轉進展如預期，我們現在更加註重優化我們的組合，以最大限度地提高我們增值產品組合的盈利能力。我們預計全年利潤率將達到 6% 至 8%，這主要得益於銷量和銷售收入的逐步增長，同時實現額外的運營改進。在國際業務方面，我們預計 2023 財年的運營盈利能力將有所提高，這主要得益於產能擴張帶來的銷量增長。

Our segments individually and in aggregate have clear and compelling roles within Tyson's portfolio strategy. We make products that provide options for consumers across proteins and up and down the value chain, delivering performance that supports the company's long-term earnings objectives and desirable returns for shareholders.

我們的各個部門和整體在泰森的投資組合戰略中扮演著明確而引人注目的角色。我們生產的產品為消費者提供跨蛋白質和價值鏈上下游的選擇，提供支持公司長期盈利目標和股東可取回報的績效。

To sum it up, fiscal 2022 was a record year in revenue, operating income and EPS. And as a result, we are in a strong financial position as we enter fiscal 2023 to support continued investment in our existing footprint, new capacity expansion, more automation and support for our brands as we continue to grow our business.

總而言之，2022 財年是收入、營業收入和每股收益創紀錄的一年。因此，隨著我們進入 2023 財年，我們的財務狀況良好，可以在我們繼續發展業務的同時支持對現有足蹟的持續投資、新的產能擴張、更多的自動化和對我們品牌的支持。

Now before I turn the call over for your questions, I want to take a moment to address an important issue. I'm sure you've seen the news about the recent incident involving me. I'm embarrassed and I want to let you know that I take full responsibility for my actions. I also want to apologize to our investors as I have to our employees. This was an incident inconsistent with our company values as well as my personal values. I just wanted you guys to hear this directly from me and to know that I'm committed to making sure this never happens again.

現在，在我轉交您的問題之前，我想花點時間解決一個重要問題。我相信你已經看到了關於我最近發生的事件的新聞。我很尷尬，我想讓你知道我對我的行為負全部責任。我還想向我們的投資者道歉，就像我必須向我們的員工道歉一樣。這是一起不符合我們公司價值觀和我個人價值觀的事件。我只是想讓你們直接從我這裡聽到這件事，並知道我致力於確保這種情況不再發生。

And with that, I'll turn the call back over to Donnie. Donnie?

有了這個，我會把電話轉回給唐尼。唐尼？

Thanks, John. I would like to take a moment to make one final point. Like John, the company takes this matter seriously. Tyson Foods has a strong, robust corporate governance process. Our independent Board of Directors are overseeing a thorough review of this matter, and I'm confident in this independent process.

謝謝，約翰。我想花點時間談最後一點。和約翰一樣，公司非常重視這件事。泰森食品擁有強有力的公司治理流程。我們的獨立董事會正在監督對此事的徹底審查，我對這個獨立程序充滿信心。

With this said, and before I turn the call back over to Brandon for your questions, I'd like to remind you that 2022 was a record year for sales, for operating income as well as EPS, and we look forward to a strong 2023.

話雖如此，在我將電話轉回給布蘭登回答您的問題之前，我想提醒您，2022 年是銷售額、營業收入和每股收益創紀錄的一年，我們期待 2023 年表現強勁.

Thanks, Donnie. 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，唐尼。我們現在將繼續回答您的問題。請記住，我們對前瞻性陳述和非 GAAP 措施的警告適用於我們準備好的評論和以下問答。運營商，請提供問答說明。

(Operator Instructions) Our first question comes from Adam Samuelson with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的亞當薩繆爾森。

So I guess my first question is thinking about the outlook for fiscal 2023 in Beef, and you're kind of saying at or below the low end of the normalized range. Clearly, there's been some herd liquidation that's been happening in the U.S. industry. Cattle prices have risen. I guess I'm trying to understand if we're already at or below the low end of that normalized range. The cattle herd was going to keep -- is going to keep shrinking.

所以我想我的第一個問題是考慮牛肉 2023 財年的前景，你說的是處於或低於正常範圍的低端。顯然，美國行業正在發生一些羊群清算。牛價上漲。我想我想了解我們是否已經處於或低於該標準化範圍的低端。牛群將繼續——將繼續減少。

Can you help us think about how we would ever get -- how we would get back to that normalized range in the next few years with the smaller herd? Talk about kind of what you're doing from productivity, from mix and case-ready capacity that would be a ballast to margins in what would seem like a more challenging kind of multiyear outlook.

您能否幫助我們考慮一下我們將如何獲得——我們將如何在未來幾年內隨著較小的牛群回到正常範圍？談談你在生產力方面所做的事情，從混合和案例準備能力，這將是一個鎮流器到利潤率，這似乎是一種更具挑戰性的多年展望。

Adam, this is John, and thanks for the question. I think, look, first, I'd reiterate what we see as the long-term guidance for the Beef business. And we -- that's a full outlook for the year, long term. We're not, at this point, going to give quarterly guidance. And what I think I'd say is we're, at Tyson, not necessarily immune to the cattle cycle, but there are a couple of things I'd point out that maybe make this cycle a little bit different.

亞當，我是約翰，謝謝你的提問。我想，首先，我要重申我們對牛肉業務的長期指導。我們——這是對今年的長期展望。在這一點上，我們不會給出季度指導。我想我要說的是，在泰森，我們不一定不受牛週期的影響，但我要指出的幾件事可能會使這個週期有點不同。

Number one, we see the quality, generally speaking, around the industry is stronger and better that has kind of supported demand for beef cattle. I think secondly, the global demand is pretty stong. That's a little bit tempered by FX that we're seeing in our business. But generally speaking, I think that makes this cycle that we're heading into slightly different. I'll let Shane maybe comment on some of the investments we're making around the business and give a little more detail as it relates to the outlook on beef.

第一，我們看到質量，一般來說，圍繞行業的質量越來越好，對肉牛的需求得到了某種支持。其次，我認為全球需求非常強勁。我們在業務中看到的 FX 有點緩和了這一點。但總的來說，我認為這使得我們正在進入的這個週期略有不同。我會讓 Shane 對我們圍繞該業務進行的一些投資發表評論，並提供更多與牛肉前景相關的細節。

Thanks for the question, Adam. John touched on a couple of things that I think -- to think about that's a bit different this cycle versus previous cycles is one, John touched on the cattle quality. That's extremely different this go-round than the last time we went through this cycle. The second component is globally beef has remained and still has been a strong demand product that's going into different channels throughout Asia. And also, we're seeing interest from different parts of the globe that historically have not been big buyers of U.S. beef.

謝謝你的問題，亞當。約翰談到了我認為的幾件事——想想這個週期與以前的周期有點不同是一個，約翰談到了牛的質量。這與我們上次經歷這個週期時的情況截然不同。第二個組成部分是全球牛肉一直是需求強勁的產品，正在進入整個亞洲的不同渠道。此外，我們還看到了全球不同地區的興趣，這些地區歷來不是美國牛肉的大買家。

And then finally, if you think about the -- even though we do have the strong quality that's coming out of the meat products, but you have items such as our specialty products, fats and oils are off -- all items, items like that, that typically haven't been large contributors that this go-round are significant contributors. So if you think of it in direction, in relationship to the last cycle, I think we have an opportunity here to scale in here and do much better than the last go-round. So I think all those things coupled together give us confidence and hope that we're going to continue to be able to drive this type of return.

最後，如果你考慮一下——儘管我們的肉類產品質量確實很高，但你有我們的特色產品、脂肪和油等物品——所有物品，諸如此類的物品，這通常不是重要的貢獻者，而這一輪是重要的貢獻者。因此，如果你從方向上考慮它，與上一個週期相關，我認為我們有機會在這裡擴大規模，比上一輪做得更好。因此，我認為所有這些因素加在一起給了我們信心，並希望我們能夠繼續推動這種回報。

Okay. That's helpful. And if I could just maybe switch gears to the Chicken business. And if you think about the exit margins coming out of fiscal fourth quarter and 7.3%. Can you just help us think about the trajectory of Chicken from here? I think there was some mark-to-market derivative gains in the quarter. But how do we think about the volume scaling kind of mix contribution? And help us think about kind of what would get you to the 8% versus the 6% at the upper and lower bounds of your guidance range.

好的。這很有幫助。如果我可以換檔到雞肉業務。如果你考慮一下第四財季的退出利潤率和 7.3%。你能不能從這裡幫我們想想Chicken的軌跡？我認為本季度有一些按市值計價的衍生品收益。但是我們如何考慮混合貢獻的體積縮放類型？並幫助我們思考在您的指導範圍的上限和下限內，是什麼讓您達到 8% 而不是 6%。

Thanks, Adam. This is Donnie. Thanks for the question. The Chicken turnaround continues. We've made a lot of progress. David and his team have got our Chicken business in a better place than it's been in some time. But we haven't arrived yet. There's still things to do. And we get better sequentially each quarter and would expect that to continue.

謝謝，亞當。這是唐尼。謝謝你的問題。雞的轉變仍在繼續。我們取得了很大的進步。大衛和他的團隊使我們的雞肉業務比以往任何時候都更好。但是我們還沒有到。還有事情要做。而且我們每個季度都會依次好轉，並希望這種情況會繼續下去。

I would point out that we're guiding to a 6% to 8% for '23, and we feel very good about that. And we feel good about investing in our Tyson brand and continuing to use that. But let me just flip it over to David, and this is the guy who's been doing all the work and -- he and his team and let him add some additional color for you.

我要指出的是，我們將 23 年的目標定為 6% 到 8%，對此我們感覺非常好。我們對投資我們的泰森品牌並繼續使用它感到滿意。但是讓我把它交給大衛，這就是一直在做所有工作的人——他和他的團隊，讓他為你添加一些額外的顏色。

Perfect, Donnie. Thank you very much. And you said it very well. We have made progress in 2022, but we've got a considerable amount of work to do as we get into 2023. But it's also important to understand that our goals have not changed within this segment, and we are aligned on not only making sure that we service our customers, but we run our facilities at capacity. And that's incredibly important to us as we move into 2023.

完美，唐尼。非常感謝。而且你說得很好。我們在 2022 年取得了進展，但在進入 2023 年時我們還有大量工作要做。但同樣重要的是要了解我們在這一領域的目標沒有改變，我們不僅要確保我們為客戶提供服務，但我們會滿負荷運行我們的設施。隨著我們進入 2023 年，這對我們來說非常重要。

As a team, we're focused on making sure that our customers are serviced, that we fill our plants and that we're taking care of our team members. And in total, we've got a very strong plan for 2023. And John mentioned the guidance between 6% to 8%, and we feel very good about the plan we have in place to deliver those numbers.

作為一個團隊，我們專注於確保我們的客戶得到服務，確保我們的工廠充滿活力，並確保我們照顧好我們的團隊成員。總的來說，我們為 2023 年制定了一個非常強大的計劃。約翰提到了 6% 到 8% 之間的指導，我們對我們為實現這些數字而製定的計劃感到非常滿意。

Our next question comes from Ben Bienvenu with Stephens.

我們的下一個問題來自 Ben Bienvenu 和 Stephens。

So I want to ask about the Prepared Foods business, and you talked about the cadence of improvements that we should expect as we move through the year. Could you talk about the critical path to achieve that cadence of improvement through the year? And if we think about the pricing that you've taken today, is that sufficient to cover the costs to get to that 8% to 10% range? Or is there additional pricing that you might need to take?

所以我想問一下預製食品業務，你談到了我們在這一年中應該期待的改進節奏。您能否談談實現全年改進節奏的關鍵途徑？如果我們考慮您今天採取的定價，是否足以支付達到 8% 到 10% 範圍的成本？或者是否有您可能需要採取的額外定價？

Let me just say that -- and I'll pass it over to Stewart to add some commentary. We guided to 8% to 10% in 2023. And behind productivity, capacity utilization and mix improvements, we anticipate improved volume sales and AOI for '23. Our foodservice recovery is a little slower than -- pace than expected, but we feel very good about this segment and the performance. And I'm personally very proud that we have Stewart leading this business. And Stewart, why don't you add some comments?

讓我這麼說——我會把它傳遞給斯圖爾特來添加一些評論。我們指導 2023 年達到 8% 到 10%。在生產力、產能利用率和組合改進的背後，我們預計 23 年的銷量和 AOI 會有所提高。我們的餐飲服務恢復速度比預期的要慢一些，但我們對這一細分市場和業績感到非常滿意。我個人為我們有斯圖爾特領導這項業務感到非常自豪。斯圖爾特，你為什麼不添加一些評論？

Yes. Thanks. I'd start by saying that it's great to run this business because when you look at the construct of the Prepared Foods business, on the retail side, out of the 9 categories, we've got the #1 position in 8. And on the foodservice side, we're in, I think, about 19 categories or so there. But -- and in the majority of those, we've got the #1 position. So we're really starting from a position of strength just from a portfolio standpoint.

是的。謝謝。我首先要說經營這項業務很棒，因為當你看一下預製食品業務的結構時，在零售方面，在 9 個類別中，我們在 8 個類別中排名第一。在餐飲服務方面，我認為我們大約有 19 個類別。但是——在其中的大多數中，我們都排名第一。所以我們真的只是從投資組合的角度出發。

You look at the way this year has gone, we took pricing earlier in the year. And so as we went through the year, of course, we had continued inflation. So looking to the back part of this -- of '23, as we'd go through '23, we're going to be recovering from the 5.8% to get up to the 8%. And that's really going to have a couple of big drivers.

你看看今年的情況，我們在今年早些時候進行了定價。因此，當我們度過這一年時，當然，我們繼續通貨膨脹。所以看看這個的後半部分——23 年，當我們經歷 23 年時，我們將從 5.8% 恢復到 8%。這真的會有幾個重要的驅動因素。

The first one and the most important is volume. If you look back in the volume history, we shared last quarter that we'd lost some foodservice volume. We're working on getting that back. Our fill rates, we still have an opportunity in fill rates. And so there's volume that's actually sitting in our order queue that we can go and get, and we're working on that and seeing improvement week over week.

第一個也是最重要的是音量。如果你回顧一下銷量歷史，我們上個季度分享了我們失去了一些餐飲服務量。我們正在努力恢復它。我們的填充率，我們仍然有填充率的機會。因此，我們的訂單隊列中實際上有一些我們可以去拿的數量，我們正在努力解決這個問題，並且每週都會看到改進。

As to pricing, we'll see how the year goes. In this fourth quarter, we saw a strong volume performance. Some of that came on the back of increased promotions. But I'd note that our promotions were in line with our competition. So back half of the year, probably the last point to make is we've got pretty strong plans for cost reduction this year, and that will also contribute to getting us to the 8% to 10%.

至於定價，我們將拭目以待。在第四季度，我們看到了強勁的銷量表現。其中一些是由於促銷活動的增加。但我會注意到我們的晉升與我們的競爭一致。所以回到今年的一半，可能最後一點是我們今年有相當強大的成本削減計劃，這也將有助於使我們達到 8% 到 10%。

Okay. Great. And if I could circle back to the Chicken business. I believe your goal that you laid out at the Investor Day in 2021 was to be at an 84% hatch rate as of kind of around right now. Is that where you are? Are you on track? You mentioned commentary in your slides that you're on track with your hatch improvement goals. Are we kind of now at a new cruising level and shouldn't expect further improvement from here? Or could that continue to improve or would you want it to?

好的。偉大的。如果我可以回到雞肉業務。我相信你在 2021 年投資者日制定的目標是在目前左右達到 84% 的孵化率。那是你所在的地方嗎？你走上正軌了嗎？您在幻燈片中提到您正在實現孵化器改進目標的評論。我們現在是否處於一個新的巡航水平，不應該期望從這裡進一步改進？還是可以繼續改進，或者您希望它繼續改進嗎？

We are well on track. We are very pleased with the work that our live team has done in getting us put back in a position where we're no longer having daily conversations about what our hatch rates are. So we are on track and feel good.

我們進展順利。我們對我們的現場團隊所做的工作感到非常滿意，因為他們讓我們回到了一個我們不再每天討論孵化率是多少的位置。所以我們走上了正軌，感覺很好。

Our next question comes from Alexia Howard with AllianceBernstein.

我們的下一個問題來自 AllianceBernstein 的 Alexia Howard。

Can I ask about the productivity savings program? You obviously overdelivered in fiscal '22 relative to where you were expecting to get to. Can you talk about what it was that went better than expected? And I guess linked to that, a second question, if the automation part is going faster than expected, how quickly is total employee count coming down? And how much more is there to go on that front?

我可以問一下生產力節約計劃嗎？相對於你期望達到的目標，你在 22 財年顯然超額交付了。你能談談比預期更好的是什麼嗎？我想與此相關的第二個問題是，如果自動化部分的進展速度比預期的要快，那麼員工總數下降的速度有多快？在這方面還有多少工作要做？

Sure. Thanks for the question. So the productivity program, as we laid it out, was a 3-year program, and we're well ahead of that in 2022. And we talked about this in terms of really 3 buckets. Automation is obviously one of those, digital is another and then operational and functional excellence. And all of those are working together really, really well. We think we'll meet our commitment by the end of this fiscal year '23. But it seems like every rock we turn over, we find something new and we capture that, and we'll continue to do that.

當然。謝謝你的問題。因此，正如我們制定的那樣，生產力計劃是一個為期 3 年的計劃，我們在 2022 年遠遠領先於該計劃。我們談到了這個真正的 3 個桶。自動化顯然是其中之一，數字化是另一個，然後是卓越的運營和功能。所有這些都非常非常好地一起工作。我們認為我們將在本財年 23 年底前兌現我們的承諾。但似乎我們翻過的每一塊石頭，我們都會發現一些新的東西，我們會捕捉到它，我們將繼續這樣做。

The automation piece specifically is progressing faster than what we had planned. And of course, we're happy about that. But -- and remember, the automation piece was to eliminate some laborious, difficult, high turnover type of positions. And in the program, as I think it was in the script that I mentioned, in chicken, the debone automation project -- but we also, in this programmatic approach to automation, we have focused in our pack-out area. And we've also launched our digital enablement group as we take technology throughout Tyson. And we're progressing on all of those, and we'll update you each and every quarter on how we're doing in that area.

特別是自動化部分的進展速度比我們計劃的要快。當然，我們對此感到高興。但是——請記住，自動化部分是為了消除一些費力、困難、高周轉率的職位。在程序中，正如我認為是在我提到的腳本中，在雞肉中，去骨自動化項目——但我們也在這種自動化的程序化方法中，我們專注於我們的打包區域。我們還推出了我們的數字支持小組，因為我們在整個泰森食品中採用技術。我們在所有這些方面都取得了進展，我們每個季度都會向您通報我們在該領域的進展情況。

Great. And anything on the headcount side of things?

偉大的。還有關於人數方面的任何事情嗎？

I have nothing to report on that now. We obviously are eliminating positions and are eliminating difficult jobs, and we are reassigning people to open positions throughout the company.

我現在沒有什麼可報告的。我們很明顯是在裁員，在裁掉困難的工作，我們正在重新分配人員到整個公司的空缺職位。

Our next question comes from Robert Moskow with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Robert Moskow。

Look, those of us who have followed Tyson for a long time are used to the company putting people with a lot of brand management expertise in charge of Prepared Foods because it's a heavily branded food portfolio and putting people into the CFO role who have 20-plus years of experience in the finance track. And this latest reshuffling did the opposite. Can you speak to how the organization is responding culturally to these decisions, especially in light of the fact that you're also closing down 2 of your headquarters, consolidating into Springdale. Donnie, what are you doing to mitigate execution risk during this kind of high turmoil period?

看，我們這些長期關注泰森的人已經習慣了公司讓具有大量品牌管理專業知識的人負責預製食品，因為它是一個品牌食品組合，並讓擁有 20-加上多年的財務經驗。而最近的改組恰恰相反。您能否談談該組織如何從文化上響應這些決定，尤其是考慮到您還關閉了 2 個總部並合併到斯普林代爾的事實。 Donnie，在這種高動盪時期，您正在採取哪些措施來降低執行風險？

Thank you. In short, we have a plan. Let's start with the office consolidation that you referenced. This is something that we've talked about, we've looked at for a number of years now. And we made the decision to do that in an effort to be a better version of ourself. We're still working through, trying to finalize which team members are moving and which ones are not.

謝謝你。簡而言之，我們有一個計劃。讓我們從您提到的辦公室合併開始。這是我們已經討論過的事情，我們已經研究了很多年了。我們決定這樣做是為了努力成為更好的自己。我們仍在努力，試圖最終確定哪些團隊成員正在移動，哪些沒有。

We certainly realize it's a difficult decision for those team members, and we're committed to providing the resources. And the way we've characterized that here at Tyson is we're trying to help those team members, and it's about 1,100 of them, to be able to find the yes in terms of being able to move here with their families. And I would just characterize it as integration a few years later.

我們當然意識到這對那些團隊成員來說是一個艱難的決定，我們致力於提供資源。我們在 Tyson 的特點是，我們正在努力幫助這些團隊成員，其中大約 1,100 人，能夠找到能夠與家人一起搬到這裡的肯定。幾年後我會將其描述為整合。

And there's opportunity, obviously, that we see in terms of being better, being more agile and delivering better results, being more productive, all those type attributes. And in order to get that, we had to do our project concept.

顯然，我們有機會在變得更好、更敏捷、交付更好的結果、提高生產力以及所有這些類型屬性方面看到。為了做到這一點，我們必須制定我們的項目概念。

Now in terms of the people, I would remind you, at Tyson, we have a -- our succession planning process is very robust. And we're working that program. It's a living document, and we did, to your point, make some decisions.

現在就人員而言，我想提醒你，在泰森，我們有一個 - 我們的繼任計劃流程非常強大。我們正在開展該計劃。這是一份動態文檔，根據您的觀點，我們確實做出了一些決定。

I would start with I am very pleased with the decisions that we've met around John Randal, around Stewart and Amy Tu. These are very talented individuals, and all of them have experience in other areas that -- and then they brought that to Tyson. So we're comfortable with the team that we've got. The team feels good with the leaders that they have, and I already see great progress in the work that they're doing. And -- but we're -- I'm perfectly comfortable with the people we put in place.

首先，我對我們圍繞 John Randal、Stewart 和 Amy Tu 做出的決定感到非常滿意。這些都是非常有才華的人，他們都有其他領域的經驗——然後他們把這些經驗帶到了泰森。因此，我們對現有的團隊感到滿意。團隊對他們擁有的領導感覺很好，我已經看到他們所做的工作取得了很大進展。而且 - 但我們 - 我對我們安排的人員非常滿意。

Appreciate that, Donnie. Maybe a follow-up. When do you expect to be able to give more clarity to those 1,100 people? In my experience, people want to know stuff like that sooner than later. How quickly can you move?

多謝，唐尼。也許是後續行動。您希望什麼時候能夠讓這 1,100 人更加清楚？根據我的經驗，人們希望儘早了解此類信息。你能移動多快？

Sure. So I think the thing that you need to know about that is we've been working and meeting almost on a daily basis. We put together a team to execute the plan that we have in place. We've invited every team member to join us here in Northwest Arkansas. And that's open. We've asked them to commit to us what their intentions are. And in fact, today, I don't know the numbers yet, but today was the day at which we needed to know that.

當然。所以我認為你需要知道的是我們幾乎每天都在工作和開會。我們組建了一個團隊來執行我們制定的計劃。我們已經邀請每一位團隊成員加入我們在阿肯色州西北部的這裡。那是開放的。我們已經要求他們向我們承諾他們的意圖是什麼。事實上，今天，我還不知道這些數字，但今天是我們需要知道這些數字的日子。

And we really approached this in a couple of different ways. One is we want you to be here. We want you to remain a part of Tyson Foods. And quite frankly, I've been out recruiting people to, as other leaders have, to come to Northwest Arkansas. And we've had a lot of success. There will be some people who, at this point in their life, can't move. And so we will try to create an opportunity where they can stay with the company long enough so that their replacement could be hired and trained so that we have no business interruption or interruption of business continuity.

我們確實以幾種不同的方式來解決這個問題。一是我們希望你在這裡。我們希望您繼續留在泰森食品公司。坦率地說，就像其他領導人一樣，我一直在招募人員來到阿肯色州西北部。我們取得了很大的成功。會有一些人，在他們生命中的這個時刻，無法移動。因此，我們將努力創造一個機會，讓他們可以在公司呆足夠長的時間，以便可以聘用和培訓他們的替代者，這樣我們就不會出現業務中斷或業務連續性中斷的情況。

Our next question comes from Ben Theurer with Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Theurer。

This is Antonio Hernández on behalf of Ben Theurer. My question is regarding your CapEx plans for the next year. You clearly provided us some color on that, but could you provide a little bit more breakdown on the different items that you're spending? And what should we expect more in the medium to long term?

我是代表 Ben Theurer 的 Antonio Hernández。我的問題是關於您明年的資本支出計劃。你清楚地為我們提供了一些顏色，但你能提供更多關於你正在消費的不同項目的細目嗎？從中長期來看，我們應該期待什麼？

You're kind of muffled on our end. I think your question was about CapEx and just wondering if we could expound upon that. Is that right?

你在我們這邊有點悶悶不樂。我認為你的問題是關於資本支出的，只是想知道我們是否可以對此進行闡述。那正確嗎？

Exactly. Yes.

確切地。是的。

Sure thing. Well, I think, look, what we've talked to you about already this morning is our plans for a heavier investment in our business compared to historical years. And I think in a small part, that's driven a little bit about the inflationary environment that we're in. But really, I think the point we want you to take away is that we see a lot of opportunity in our business in terms of productivity improvements, things like automation and a little bit of capacity expansion.

肯定的事。好吧，我想，看，我們今天早上已經和你談過的是，與歷史年份相比，我們計劃加大對我們業務的投資。而且我認為在一小部分，這是我們所處的通貨膨脹環境的一點點驅動。但實際上，我認為我們希望你帶走的一點是，我們在我們的業務中看到了很多機會生產力的提高，自動化和一點點的產能擴張。

So as it relates to priorities, I would tell you that in our value-added segments, we're trying to grow capacity. In some of our chicken, prepared foods and fresh meats businesses, we see opportunities for network optimization. So I don't think it's any departure from what you would expect us to be investing in, a decent balance of growth and productivity investment.

因此，就優先事項而言，我會告訴你，在我們的增值領域，我們正在努力提高產能。在我們的一些雞肉、熟食和鮮肉業務中，我們看到了網絡優化的機會。因此，我認為這與您期望我們投資的目標沒有任何偏差，即增長和生產力投資之間的良好平衡。

I would emphasize, back to the question that someone asked earlier, automation is a huge part of our agenda. And what we like about those investments is we see sustained productivity as we reapportion team members to different parts of our operations. And so we feel really confident in some of the more programmatic investments we're making around our automation agenda.

我要強調，回到之前有人提出的問題，自動化是我們議程的重要組成部分。我們喜歡這些投資的一點是，當我們將團隊成員重新分配到我們運營的不同部分時，我們看到了持續的生產力。因此，我們對我們圍繞自動化議程進行的一些更具程序化的投資感到非常有信心。

My next question comes from Ken Goldman with JPMorgan.

我的下一個問題來自摩根大通的 Ken Goldman。

I wanted to ask about your guidance for the sales range of $55 billion to $57 billion. I do appreciate that there are 6 new plants coming on and that you'll have some additional pricing and some mix improvements. I guess one of the questions we're getting from investors this morning is, is it reasonable to expect the high end of that range, just given some of the potential trade down coming as consumers potentially face some more challenges and more importantly, where we're seeing chicken prices today?

我想問一下您對 550 億美元至 570 億美元銷售額範圍的指導。我很感激有 6 家新工廠即將上市，您將獲得一些額外的定價和一些混合改進。我想我們今天早上從投資者那裡得到的一個問題是，考慮到隨著消費者可能面臨更多挑戰，更重要的是，我們可能會面臨一些潛在的交易下降，期望該範圍的高端是否合理今天看到雞價了嗎？

So I guess I'm curious if you can expand a little bit perhaps on how much production the 6 new plants are expected to cumulatively add. I think that would help people really kind of maybe bridge the gap there to that higher end perhaps.

所以我想我很好奇你是否可以稍微擴展一下這 6 家新工廠預計累計增加的產量。我認為這可能真的會幫助人們縮小與更高端之間的差距。

Let me start off, Ken, and say this. I mean we feel very confident in the -- what we've laid out in terms of outlook. Could we move to the higher side? Perhaps. But we're guiding to have a really, really good year. We factored in things like inflation. We factored in growing share in both dollar and volume. We've included all those things in terms of the drought and the conditions that we're seeing in the Beef segment, the strength of the dollar from an export position. So in short, I would tell you that we've considered all those things in coming up with this plan. And we rolled it up as a team, and we all signed off on it. But I'll pass it to John and see if he wants to...

讓我開始，肯，然後說這個。我的意思是，我們對我們在前景方面的佈局感到非常有信心。我們可以搬到更高的地方嗎？也許。但我們正在指導度過一個非常非常好的一年。我們考慮了通貨膨脹等因素。我們考慮了美元和數量的增長份額。我們已經將所有這些事情都包括在乾旱和我們在牛肉領域看到的情況，以及美元從出口頭寸中走強的情況。所以簡而言之，我會告訴你，我們在製定這個計劃時已經考慮了所有這些事情。我們作為一個團隊將其整合起來，我們都簽署了它。但我會把它傳給約翰，看看他是否願意……

Yes. Donnie, I think that was a fair summary. I mean there's a balance in that projection between the volume growth and what we see from a sales growth from a pricing standpoint. And I think that we feel confident in the mix between those 2 things to achieve the range that we gave.

是的。唐尼，我認為這是一個公平的總結。我的意思是，從定價的角度來看，銷量增長與我們從銷售增長中看到的預測之間存在平衡。而且我認為我們對將這兩件事結合起來以達到我們給出的範圍充滿信心。

You also asked a question about what's the capacity coming online with the new build. And I think without going into details of each of those operations, a little bit of that is dependent on the timing of when things come online in '23. But I think overall, what we want you to take away is that we feel confident in the range at this standpoint as a roll-up of multiple factors that go into the number.

您還問了一個問題，即新版本上線的容量是多少。而且我認為，無需深入了解這些操作中的每一項操作的細節，其中一點取決於 23 年事物上線的時間。但我認為總的來說，我們希望你帶走的是，從這個角度來看，我們對這個範圍充滿信心，因為這個數字是多種因素的匯總。

Okay. And then a quick follow-up. You obviously have done really well with getting your productivity at an accelerated pace. I don't think -- and forgive me if I missed this, you did talk about productivity after '23. Previously, you had kind of guided into '24. Is it fair to assume that there will be still significant productivity savings after '23 now that you've pulled those forward a little bit? And if so, when might we get a little bit of color on the dollar or percentage amount there?

好的。然後快速跟進。顯然，您在加快工作效率方面做得非常好。我不認為 - 如果我錯過了這一點，請原諒我，你確實在 23 年後談到了生產力。以前，您有點被引導進入 24 世紀。既然你已經把那些向前拉了一點，那麼假設在 23 年後仍然會有顯著的生產力節省是公平的嗎？如果是這樣，我們什麼時候可以在美元或那裡的百分比金額上得到一點顏色？

So great question. First thing I would say to you is we had a good '22, and we feel very good about delivering a year early in '23. Our nature is that we are -- have a continuous improvement mindset. So we will identify and continue to identify opportunities to become more productive, become more efficient, to run lines at rate better -- to automate, do all those type of things that will continue to bring money to the bottom line. We feel good about that, and I think you could expect that we would have another program or continuation of this program. I don't know what that is at this moment. John, anything?

這麼好的問題。我要對你說的第一件事是我們有一個很好的 22 年，我們對在 23 年提前一年交付感覺非常好。我們的本質是我們 - 擁有持續改進的心態。因此，我們將確定並繼續尋找提高生產力、提高效率、以更好的速度運行生產線的機會——自動化，做所有這些類型的事情，這些事情將繼續把錢帶到底線。我們對此感覺很好，我想你可以期待我們會有另一個項目或這個項目的延續。我現在不知道那是什麼。約翰，有什麼事嗎？

No, nothing to add, Donnie. Thanks.

不，沒有什麼要補充的，唐尼。謝謝。

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

我們的下一個問題來自美國銀行的 Peter Galbo。

John, I just wanted to maybe clarify a couple of points you made on the volume growth assumptions between some of the segments. I think what you're calling for in Chicken is maybe like a 5% growth in '23, just given the weekly slaughter levels. Just wanted to check that. And then on Beef, I wanted to make sure I heard you correctly, even with USDA kind of calling for down mid-single digit on volumes, you were thinking you could be relatively stable. I don't know if that meant flat for the year or how you were thinking about that.

約翰，我只是想澄清你對某些細分市場之間的銷量增長假設提出的幾點看法。我認為，考慮到每週的屠宰水平，你在雞肉方面的要求可能是 23 年 5% 的增長。只是想檢查一下。然後在 Beef 上，我想確保我聽到的是正確的，即使美國農業部要求將數量下降到中個位數，你認為你可以相對穩定。我不知道這是否意味著今年持平或您是如何考慮的。

Sure. I think, look, we've kind of tried to give some overall indications on volume as it relates to the various segments. And there's a lot of factors that go into the sales and AOI numbers we're looking at, part of which is volume. I think in our poultry business, we do feel comfortable about the sequential growth, directionally speaking, that we're talking about as we head into FY '23.

當然。我想，看，我們已經嘗試給出一些與各個細分市場相關的總體指標。我們正在查看的銷售和 AOI 數字有很多因素，其中一部分是數量。我認為在我們的家禽業務中，我們確實對連續增長感到滿意，從方向上講，我們在進入 23 財年時正在談論這一點。

And I think on the Beef business, even amidst the total environment and USDA calling out the harvest, I think what I'd point to is some of the investments we make in terms of our business model around our relationships with suppliers, investments in kind of the value-added parts of our business and continuing to grow in specific channels. I think we see it as critical to preserving the outlook for '23. Shane, maybe you have a little bit to add on the Beef segment.

我認為在牛肉業務上，即使在整體環境和美國農業部宣布收成的情況下，我想我要指出的是我們在圍繞與供應商的關係、實物投資的商業模式方面所做的一些投資我們業務的增值部分，並在特定渠道中繼續增長。我認為我們認為它對於保持 23 年的前景至關重要。 Shane，也許你有一點要補充牛肉部分。

Yes. Peter, I think one of the things to keep in mind, too, when you look at Beef is you're lapping a period a year ago with still COVID-induced reduction in volumes. And we've seen our operations get back to we're getting 5 days of animals harvested, processed in 5 days, and sixth day is really turned into a flex day.

是的。彼得，我認為還有一件事要記住，當你看牛肉時，你在一年前的一段時間裡仍然在 COVID 引起的體積減少。我們已經看到我們的業務恢復到我們收穫了 5 天的動物，在 5 天內加工，而第六天真的變成了靈活的一天。

So on top of that, from the supply component, you're right. I mean we are in the middle of the drought still, and we're seeing drought-induced movement into the feed yards continues to show lower weights at placement, which in a sense means that cattle are being pulled forward and so forth. So as you look forward here into the next several months, I mean, we're still going to have plenty of animals to work through.

所以最重要的是，從供應部分來看，你是對的。我的意思是我們仍然處於乾旱之中，我們看到干旱引起的進入飼料場的運動繼續顯示出放置時的重量較低，這在某種意義上意味著牛被向前拉等等。所以當你在這裡期待接下來的幾個月時，我的意思是，我們仍然會有很多動物需要解決。

Got it. That's very helpful. And Donnie, I guess, just to follow-up on Ken's last question around chicken. Just given that you have transitioned more of your contracts to a more variable pricing structure, what we've seen in the spot markets in terms of pricing, can you just kind of remind us where you stand today in terms of how commodity markets or commodity chicken markets might impact pricing relative to history where maybe it wasn't as impactful to your business?

知道了。這很有幫助。我猜 Donnie 只是為了跟進 Ken 關於雞肉的最後一個問題。鑑於您已將更多合同轉變為更具可變性的定價結構，我們在現貨市場上看到的定價方面，您能否提醒我們您今天在商品市場或商品方面的立場雞肉市場可能會影響相對於歷史的定價，而這可能對您的業務沒有那麼大的影響？

Let me -- I'll mention a few things, and then I'll let David add some additional color. Yes, we feel very good about that. I would remind you that in our portfolio, the percentage of our portfolio that is value-added is significant. And a significant portion of that is branded. And so we have a lot more discretion with that. Some of the pricing variability is essentially more associated with some of the segments like fresh chicken or things like that. But we feel very good.

讓我——我會提到一些事情，然後我會讓大衛添加一些額外的顏色。是的，我們對此感覺很好。我想提醒您，在我們的投資組合中，我們的投資組合中增值的百分比非常重要。其中很大一部分是品牌化的。因此，我們對此有更多的自由裁量權。一些定價可變性本質上更多地與一些細分市場相關，比如新鮮雞肉或類似的東西。但是我們感覺很好。

And if you go back and look at us through history, you will find when the market goes up really high in breast meat, and I think a quarter or so ago, breast meat was trading at around $2.60 and you can buy that for about $0.90 today. You know what, we never got the high of that based on our model, and we never get the lows either. So we trade within a range here, and we have -- on purpose and have more -- or better, more predictable results. David?

如果你回頭看看我們的歷史，你會發現胸肉的市場價格上漲的時候，我認為大約一個季度前，胸肉的交易價格約為 2.60 美元，你可以以 0.90 美元左右的價格購買今天。你知道嗎，根據我們的模型，我們從來沒有得到過最高點，也從來沒有得到過最低點。因此，我們在這裡的一個範圍內進行交易，並且我們有意有更多或更好、更可預測的結果。大衛？

Donnie, I think that was perfect, especially when you talk about our exposure and the amount of big bird breast meat that we actually have a part of. But the other piece to that is we have great customers at Tyson Foods. And what we've done within our variable pricing, it's provided us the opportunity to have more consistent conversations with them about the things that make their prices go up and the things that make their prices go down. And we'll continue to have those conversations despite soft times and seasonality. So a lot of progress has been made against that. And again, we've done a lot of work to shift into more of a value-added mix.

唐尼，我認為那是完美的，尤其是當你談論我們的曝光率和我們實際擁有的大鳥胸肉的數量時。但另一方面，我們在泰森食品公司擁有出色的客戶。我們在可變定價中所做的一切，讓我們有機會與他們就導致價格上漲和價格下跌的因素進行更一致的對話。儘管經濟疲軟和季節性，我們仍會繼續進行這些對話。所以在這方面已經取得了很多進展。再一次，我們做了很多工作來轉向更多的增值組合。

Our next question comes from Ken Zaslow with BMO.

我們的下一個問題來自 BMO 的 Ken Zaslow。

John, Stewart, can you kind of tell us, as you enter the new role, what is your key actions you expect to do within the next, call it, 6 to 12 months and how you think that role for you will evolve and what contribution you will actually have to the changes that need to be done?

約翰，斯圖爾特，你能不能告訴我們，當你進入新角色時，你希望在接下來的 6 到 12 個月內採取什麼關鍵行動，你認為你的角色將如何演變，以及什麼您實際上將對需要完成的更改做出貢獻？

Ken, this is John. Maybe let me answer that question first. And I think the first thing I would point out, just as it relates to kind of the overall leadership team here, as you know, I've been on the executive team for going on a few years now and involved in the senior leadership level for more than that. So I don't think from a capital allocation standpoint or a strategy standpoint, you should expect too many significant changes or departure from how things have been handled in the past.

肯，這是約翰。也許讓我先回答這個問題。我想我要指出的第一件事，就像它與這裡的整體領導團隊有關，如你所知，我已經在執行團隊工作了幾年，並參與了高級領導層不止於此。所以我認為，從資本配置的角度或戰略的角度來看，你不應該期待太多重大變化或偏離過去的處理方式。

I guess that's the first point I'd make. Stewart and I are sitting here next to each other -- stylistically, you might see a few differences between the 2 of us. But I think overall, I think the direction of the company stays the same. I think check back with me in a quarter or 2 to see if there's any new ideas. But I think overall, I'll just provide the perspective that I think that these leadership moves are kind of both for continuity rather than radical change of any kind.

我想這是我要說的第一點。斯圖爾特和我坐在一起——在風格上，你可能會發現我們兩個之間的一些差異。但我認為總的來說，我認為公司的方向保持不變。我想在一兩個季度後與我聯繫，看看是否有任何新想法。但我認為總的來說，我只是提供這樣一種觀點，即我認為這些領導層變動是為了連續性而不是任何形式的根本性變化。

Yes. Ken, maybe first just with the background point. I spent 13 years before this in the beer business, 10 of those as an executive officer, 4 of those as the CFO (inaudible) running the branded businesses. So I'm coming to this business with a good knowledge of brands, and I'm excited to run what is a powerful part of our portfolio.

是的。肯，也許首先只是背景點。在此之前，我在啤酒行業工作了 13 年，其中 10 年擔任執行官，4 年擔任負責品牌業務的首席財務官（聽不清）。因此，我帶著對品牌的深入了解來到這個行業，我很高興能夠經營我們產品組合中強大的部分。

When I look at the business, I see huge opportunity mainly because the platform is so strong. Starting off, if you look at the volume performance of Prepared Foods for the last number of years, while share has been good, volume could be stronger. And so as I started with this job, I see real opportunity for volume improvement, particularly in the foodservice business, and I'm pressing hard against that. That means filling the orders we already have and then selling out the capacity that exists in our network. And both of those have a big opportunity in our company.

當我審視業務時，我看到了巨大的機會，主要是因為平台非常強大。首先，如果你看看過去幾年預製食品的銷量表現，雖然份額一直不錯，但銷量可能會更高。因此，當我開始這份工作時，我看到了提高銷量的真正機會，尤其是在餐飲服務行業，我正在努力反對這一點。這意味著完成我們已有的訂單，然後賣掉我們網絡中存在的容量。這兩者在我們公司都有很大的機會。

I also, by the way, look at our cost structures and believe that we've got the ability to run our business in a leaner way and still achieve the growth goals that we want to see in the company. And then I'll probably finish up by saying that I further believe that on the innovation side, we have lots of runway and lots of opportunity to press hard in the market. So I come into the role full of confidence and believing that we have a strong pathway ahead.

順便說一句，我還查看了我們的成本結構，並相信我們有能力以更精簡的方式經營我們的業務，並且仍然能夠實現我們希望在公司中看到的增長目標。最後我可能會說我進一步相信在創新方面，我們有很多跑道和很多機會在市場上努力。因此，我充滿信心地進入這個角色，並相信我們有一個強大的前進道路。

Yes. If I might, Ken, just a couple of things. Stewart touched in fairly great detail his prior experience, and he does have great experience coming into Tyson. But John Randal, he's had experience outside of Tyson. He's had escalating levels of responsibility in banking and venture capitalism prior to joining Tyson. But you may not know that within Tyson, for the last 4 years, he's led the M&A strategy, ventures and other areas of the company. So -- but don't forget about the fact that he's been involved in this business essentially his whole life. So a lot of experience there.

是的。肯，如果可以的話，我只想說幾件事。斯圖爾特非常詳細地談到了他之前的經歷，他在進入泰森時確實擁有豐富的經驗。但是約翰蘭德爾，他在泰森之外有過經驗。在加入泰森之前，他在銀行業和風險投資領域的職責不斷升級。但你可能不知道，在泰森內部，過去 4 年裡，他一直領導著公司的併購戰略、風險投資和其他領域。所以——但不要忘記他一生基本上都參與了這項業務。那裡有很多經驗。

Let me mention Amy, too, which you didn't ask about very specifically. But Amy came to us with a great deal of global leadership outside of Tyson with Boeing and Walmart. She has strong experience in M&A, strategy and commercial as well as the legal background, and she's a very talented person. And I'm very happy with what I'm seeing out of all 3 of these today, and I think they will make us a better Tyson as we move forward.

讓我也提一下艾米，你沒有特別具體地問到這個問題。但艾米帶著泰森食品以外的大量全球領導力來到我們這裡，任職於波音和沃爾瑪。她在併購、戰略和商業以及法律背景方面擁有豐富的經驗，是一個非常有才華的人。我對今天從這三者中看到的一切感到非常高興，我認為隨著我們前進，他們將使我們成為更好的泰森。

Great. I was not minimizing the experience. I just wanted to see the actions, particularly in Prepared Foods because I sense that you're in the 8% margin and you're kind of wanting to go to that 8% to 10%, but it sounds like there's a little bit of a touch on operational efficiencies.

偉大的。我並沒有最小化這種體驗。我只是想看看行動，特別是在預製食品中，因為我感覺到你處於 8% 的利潤率中，你有點想達到 8% 到 10%，但聽起來有點觸及運營效率。

My second question would be, as I think about Beef longer term, and I know there was an allusion to how you can actually get back to the midpoint of the range. What are the concrete actions that you can do? Or is it really dependent on the market in terms of just making sure that China remains a key exporter? Because that's the single biggest thing that's changed over the last couple of years. So is it the new environment that you think will get you back there? Or do you think that there is internal actions that can be taken to put you back into that margin structure?

我的第二個問題是，當我長期考慮牛肉時，我知道有一個暗示你如何才能真正回到範圍的中點。你可以採取哪些具體行動？還是僅僅確保中國仍然是主要出口國，它真的取決於市場？因為這是過去幾年發生的最大變化。那麼你認為新環境會讓你回到那裡嗎？或者您是否認為可以採取內部行動讓您回到那個保證金結構中？

Let me -- Ken, thank you. Let me just say a couple of things. We think we have a bit of a different business model than we had, let's say, in 2015, when we went through the drought last time. It's already been talked about today in terms of our relationship with these producers that provide us with this better quality grading animals that we have.

讓我——肯，謝謝。讓我說幾件事。我們認為我們的商業模式與 2015 年我們上次經歷乾旱時的商業模式有所不同。今天已經討論了我們與這些生產商的關係，這些生產商為我們提供了我們擁有的質量更好的分級動物。

I think it's also important to remind you about the global demand that's better than previous cycles. People outside the United States are looking for high-quality, grain-fed U.S. beef. And so we're able to meet that. But we've also invested heavily to be able to take boxed beef up the value chain with our investments most recently in Eagle Mountain, Utah and also in Columbia, South Carolina. So we continue to take beef and pork up the value chain.

我認為提醒您全球需求好於之前的周期也很重要。美國以外的人正在尋找優質的谷飼美國牛肉。所以我們能夠滿足這一點。但我們也投入了大量資金，以便能夠通過我們最近在猶他州鷹山和南卡羅來納州哥倫比亞的投資，將盒裝牛肉提升到價值鏈的頂端。因此，我們繼續將牛肉和豬肉提升到價值鏈上。

And so we feel better. We feel -- the drought is real. We see that. We're not kidding ourselves about that, but we intend to manage through it and perform better than we did the last time through. Shane?

所以我們感覺好多了。我們覺得——乾旱是真實存在的。我們看到了。我們不是在自欺欺人，但我們打算通過它進行管理，並比上次表現得更好。謝恩？

Thanks for the question. Donnie, I think you hit on all the key points. The only thing I would mention is no matter what the market conditions are or the cattle supply, we feel good about all these investments to differentiate our Beef business model. And on top of that, if you think about the investments that we've made and we are making into our supply chain on beef and cattle sustainability, these are key important topics that our customers and ultimately, the consumer are asking about. And we feel really good about what we're doing there, telling the story back up into the feed yard, but even further back into the ranch and to maintain and preserve resources and have focus on sustainability for the future.

謝謝你的問題。 Donnie，我認為你抓住了所有要點。我唯一要提的是，無論市場狀況如何或牛的供應情況如何，我們對所有這些投資都感到滿意，以使我們的牛肉業務模式與眾不同。最重要的是，如果您考慮一下我們已經進行的投資以及我們正在對牛肉和牛的可持續性供應鏈進行的投資，這些都是我們的客戶以及最終消費者所詢問的關鍵重要主題。我們對我們在那裡所做的事情感覺非常好，將故事講述回飼料場，但更進一步回到牧場，維護和保護資源，並關注未來的可持續性。

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

我們的問答環節到此結束。我想將會議轉回給 Donnie King 作閉幕詞。

We have a powerful and diverse portfolio across proteins, channels and geographies. We are improving operational efficiencies and have a team that is positioned to take advantage of the opportunities in front of us. For these reasons, we are confident we will grow revenue and maintain strong profitability in fiscal year 2023 and have future long-term growth ahead of us. At Tyson, we're focused on making food affordable, accessible and nutritious for customers and consumers around the world. Thanks again for your interest in Tyson Foods. We look forward to speaking again soon.

我們在蛋白質、渠道和地域方面擁有強大而多樣化的產品組合。我們正在提高運營效率，並擁有一支能夠利用我們面前的機會的團隊。由於這些原因，我們有信心在 2023 財年增加收入並保持強勁的盈利能力，並在未來實現長期增長。在泰森，我們專注於為世界各地的客戶和消費者提供價格合理、易於獲取且營養豐富的食品。再次感謝您對泰森食品的關注。我們期待很快再次發言。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。