泰森食品 (TSN) 2023 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Tyson Foods Third Quarter 2023 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 2023 年第三季度收益電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Sean Cornett from Investor Relations. Sir, please go ahead.

現在，我想將發言權交給投資者關係部的 Sean Cornett。先生，請繼續。

Good morning and welcome to Tyson Foods' Fiscal Third Quarter 2023 Earnings Conference Call. On today's call, Tyson's President and Chief Executive Officer, Donnie King; and Chief Financial Officer, John R. Tyson, will provide some prepared remarks followed by Q&A. Additionally, joining us today are Brady Stewart, Group President, Fresh Meat; Stewart Glendinning, Group President, Prepared Foods; Wes Morris, Group President, Poultry; and Amy Tu, President, International and Chief Administrative Officer. We have also provided a supplemental presentation, which may be referenced on today's call and is available on Tyson's Investor Relations website and via the link in our webcast.

早上好，歡迎參加泰森食品 2023 年第三季度財報電話會議。在今天的電話會議上，泰森食品總裁兼首席執行官唐尼·金 (Donnie King) 表示：首席財務官約翰·R·泰森 (John R. Tyson) 將提供一些準備好的發言，然後進行問答。此外，今天加入我們的還有 Fresh Meat 集團總裁 Brady Stewart； Stewart Glendinning，預製食品集團總裁； Wes Morris，家禽業務集團總裁；以及國際總裁兼首席行政官 Amy Tu。我們還提供了補充演示文稿，可在今天的電話會議中引用，也可以在泰森食品的投資者關係網站上以及通過我們的網絡廣播中的鏈接獲取。

During today's call, we will make forward-looking statements regarding our expectations for the future. These forward-looking statements made during this call are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to certain risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections.

在今天的電話會議中，我們將就我們對未來的期望發表前瞻性聲明。本次電話會議期間做出的這些前瞻性陳述是根據1995 年《私人證券訴訟改革法案》的安全港條款提供的。前瞻性陳述包括反映我們對未來事件或業績的預期、假設或信念的所有評論，這些評論與我們無關僅限於歷史時期。這些前瞻性陳述受到某些風險、不確定性和假設的影響，可能導致實際結果與我們當前的預測存在重大差異。

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

請參閱幻燈片 2 上的前瞻性聲明免責聲明以及我們向 SEC 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，否則我們的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。有關這些非公認會計準則衡量標準與其相應公認會計準則衡量標準的調節表，請參閱我們的收益新聞稿。

Now I'll turn the call over to Donnie.

現在我將把電話轉給唐尼。

Thanks, Sean, and thank you to everyone for joining us this morning. Before we review the results, I'd like to start out by discussing my vision for Tyson and the decisive actions that we are taking to successfully navigate the current market environment.

謝謝肖恩，也感謝大家今天早上加入我們。在我們審查結果之前，我想首先討論我對泰森食品的願景以及我們為成功駕馭當前市場環境而採取的果斷行動。

We remain fully committed to our vision of delivering sustainable top line growth and margin improvement over the long run. With our leadership team, we are executing a multi-point plan focused on efficiency and modernization, including taking a much closer look at our cost structure across the business to drive operational excellence. We are already seeing tangible benefits of our efforts. We've been through market cycles before, and I'm confident that we have the right strategy, seasoned leadership and team members in place to emerge stronger from this one.

我們仍然完全致力於實現長期可持續的營收增長和利潤率改善的願景。我們與我們的領導團隊一起執行一項專注於效率和現代化的多點計劃，包括更仔細地審視整個業務的成本結構，以推動卓越運營。我們已經看到我們的努力帶來的實實在在的好處。我們之前經歷過市場週期，我相信我們擁有正確的戰略、經驗豐富的領導層和團隊成員，能夠在這一輪中變得更加強大。

We are making good progress and saw sequential improvements in our results in Q3. We're not yet where we need to be so we continue to focus on what we can control. Earlier today, we announced our intention to close 4 more of our chicken facilities, demonstrating our commitment to taking bold actions to improve performance.

我們正在取得良好進展，並在第三季度看到我們的業績連續改善。我們還沒有達到我們需要達到的目標，所以我們繼續專注於我們可以控制的事情。今天早些時候，我們宣布打算關閉另外 4 個養雞場，這表明我們致力於採取大膽行動來提高業績。

Beyond these important actions, I remain optimistic about our future. We are a leader in our industry, and we continue to innovate and take market share in most of our categories. I remain very confident in our long-term strategy, and we are leaving no stone unturned to maximize value for shareholders.

除了這些重要行動之外，我對我們的未來仍然持樂觀態度。我們是行業的領導者，我們不斷創新並在大多數類別中佔據市場份額。我對我們的長期戰略仍然充滿信心，我們將不遺餘力地為股東創造最大價值。

Diving into our results. We continue to compare against strong performance across our segments last year. However, I am encouraged by the sequential improvements we've made in Q3.

深入研究我們的結果。我們繼續與去年各部門的強勁表現進行比較。然而，我們在第三季度取得的連續改進令我感到鼓舞。

Let me start with chicken. Market conditions in chicken are still challenged with commodity prices across most cuts remaining significantly lower compared to last year. However, adjusted operating income improved by more than $100 million sequentially without any material benefits of market tailwinds.

讓我從雞肉開始吧。雞肉市場狀況仍面臨挑戰，大多數切塊的商品價格仍顯著低於去年。然而，調整後的營業收入環比增加了 1 億多美元，而市場順風車並沒有帶來任何實質性的好處。

The sequential increase was primarily due to internal actions we took. For example, in our fiscal Q2, we decided to close 2 of our plants, convert 2 others to boneless and rationalize our SKUs, inventory and other assets. In Q3, the team made significant improvements in yield, spend and efficiency, leading to strong improvement in profitability in just 1 quarter.

環比增長主要是由於我們採取的內部行動。例如，在第二財季，我們決定關閉 2 家工廠，將另外 2 家工廠轉為去骨工廠，並合理化我們的 SKU、庫存和其他資產。第三季度，團隊在產量、支出和效率方面取得了顯著改善，導致盈利能力在短短一個季度內得到了強勁提升。

As we become more productive with automation and team member engagement, we can further optimize our footprint and reallocate resources to more efficient plants while still having ample capacity to service and grow with our customers. This enabled us to announce today that we plan to close 4 additional chicken facilities, bringing the total announced closures to 6 this year.

隨著我們通過自動化和團隊成員參與提高生產力，我們可以進一步優化我們的足跡並將資源重新分配給更高效的工廠，同時仍然有足夠的能力來服務客戶並與客戶一起成長。這使得我們今天宣布計劃關閉另外 4 個養雞場，使今年宣布關閉的總數達到 6 個。

We also recently made the decision to transition away from the no-antibiotics-ever labeling for Tyson-branded chicken to a "no antibiotics important for human medicine" approach. Data suggests the use of ionophores can lead to more uniform birds with consistent weight. In turn, we can more accurately forecast supply and demand, helping to meet the needs of our customers and consumers.

我們最近還決定從泰森品牌雞肉的無抗生素標籤過渡到“對人類醫學重要的無抗生素”方法。數據表明，使用離子載體可以使家禽的體重更加均勻、一致。反過來，我們可以更準確地預測供應和需求，幫助滿足客戶和消費者的需求。

And I want to emphasize that we will continue to evaluate all options, including more actions like these across all of our businesses. In beef, we performed better than expected. Our results were driven by our disciplined approach to balancing supply with customer demand while taking advantage of seasonal increases in cutout values.

我想強調的是，我們將繼續評估所有選項，包括在我們所有業務中採取更多類似的行動。在牛肉方面，我們的表現好於預期。我們的業績得益於我們平衡供應與客戶需求的嚴格方法，同時利用了切分價值的季節性增長。

However, the beef industry will likely continue facing headwinds. As you may have seen in the latest USDA cattle inventory report, herd liquidation continues to tighten supply, leading to higher cattle cost, narrowing spreads and difficult export market conditions. Pork remains under pressure across the industry, and we continue to see headwinds there with both our internal live production and our external sourced hog supply, increased feed cost and low cutouts drove spread compression through our results. We also had incremental negative impacts in Q3 from a fire at one of our processing facilities.

然而，牛肉行業可能將繼續面臨阻力。正如您可能在美國農業部最新的牛庫存報告中看到的那樣，牛群清理繼續導致供應緊張，導致牛成本上升、價差縮小和出口市場狀況困難。整個行業的豬肉仍然面臨壓力，我們繼續看到內部生豬生產和外部生豬供應方面的阻力，飼料成本增加和分切率低推動了我們業績的價差壓縮。第三季度，我們的一個加工設施發生火災，也給我們帶來了越來越多的負面影響。

Finally, to Prepared Foods, which is a key growth pillar for the future. The business performed well in Q3. In retail, our core business lines saw strong volume growth in the quarter and continued to gain pound and dollar share.

最後是預製食品，這是未來的關鍵增長支柱。第三季度該業務表現良好。在零售方面，我們的核心業務線在本季度實現了強勁的銷量增長，並繼續增加英鎊和美元份額。

In broadline foodservice, Tyson Focus 6 continues to outpace the industry in volume growth. This led to better-than-anticipated margins in Prepared Foods. In short, our results this quarter demonstrate that Chicken is gaining momentum, and our branded foods business remains an area of strength.

在廣泛的餐飲服務領域，泰森 Focus 6 的銷量增長繼續領先於行業。這導致預製食品的利潤率好於預期。簡而言之，我們本季度的業績表明雞肉業務正在強勁增長，而我們的品牌食品業務仍然是一個優勢領域。

Let me add some further color on the performance of our branded business versus our top peers. As I mentioned earlier, our Tyson core business lines, including the iconic retail brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park, continue to outpace total food and beverage and our peers in volume growth up 5% versus a year ago. We believe this points to the strength of our core brands and sets us up well for the future.

讓我進一步介紹一下我們的品牌業務與頂級同行相比的表現。正如我之前提到的，我們的泰森核心業務線，包括標誌性零售品牌 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park，銷量同比增長 5%，繼續超過食品和飲料總量以及我們的同行。我們相信這體現了我們核心品牌的實力，並為我們的未來奠定了良好的基礎。

We continue to show market share leadership in most of the retail categories in which we compete, delivering both dollar and pound share growth in the aggregate and across dayparts. Tyson, Jimmy Dean, Hillshire Farm and Ball Park all hold favorite brand status with consumers over our nearest competitor by a wide margin. Our share performance and brand strength demonstrate the momentum we've gained with consumers, and they will continue to spend on brands they know and trust. Likewise, we will continue to invest in merchandising and advertising to support our brands.

我們繼續在我們競爭的大多數零售類別中展現出市場份額的領先地位，實現了美元和英鎊份額在總體和各個時段的增長。泰森、吉米·迪恩、Hillshire Farm 和 Ball Park 都享有消費者最喜愛的品牌地位，遠遠超過我們最接近的競爭對手。我們的股價表現和品牌實力證明了我們在消費者中獲得的動力，他們將繼續在他們了解和信任的品牌上花錢。同樣，我們將繼續投資於營銷和廣告以支持我們的品牌。

While we are pleased with our brand strength and share performance, we are constantly building new innovations to expand the appeal and market opportunities for our products. Over the past few years, our innovations have generated roughly $2 billion in annual sales. Let me highlight a few products we've launched this fiscal year that I'm most excited about.

雖然我們對我們的品牌實力和份額表現感到滿意，但我們仍在不斷進行新的創新，以擴大我們產品的吸引力和市場機會。過去幾年，我們的創新創造了大約 20 億美元的年銷售額。讓我重點介紹一下我們本財年推出的一些令我最興奮的產品。

Earlier this year, we announced the Tyson Original Chicken Breast Sandwich for retail channel, which won the People Magazine Food Award for Best frozen sandwich. Furthermore, we were excited to see that more than 70% of the buyers were new to the Tyson brand and more than 20% were new to the category.

今年早些時候，我們宣布推出零售渠道的泰森原味雞胸肉三明治，該三明治榮獲《人物》雜誌食品獎最佳冷凍三明治獎。此外，我們很高興看到超過 70% 的買家是泰森品牌的新買家，超過 20% 的買家是該類別的新買家。

We also launched Tyson chicken sandwiches in food service space, where our sandwiches won awards from Food and Beverage Industry, National Agri-Marketing Association and National Association of Convenience Stores. As you can see, our innovation in chicken is able to be deployed across channels and occasions, highlighting the power of our scale.

我們還在食品服務領域推出了泰森雞肉三明治，我們的三明治獲得了食品和飲料行業、美國農產品營銷協會和美國便利店協會的獎項。正如您所看到的，我們在雞肉方面的創新能夠跨渠道、跨場合部署，凸顯了我們規模的力量。

Moving to Jimmy Dean, which is already a clear leader in the breakfast meal occasion. We're expanding with differentiated capability-based innovation by launching handheld breakfast items. For instance, this year, we launched the Jimmy Dean Biscuit Roll-ups in foodservice channel and Maple Griddle Cakes and Toaster Pop-ups in retail. We are seeing strong customer adoption of these products and promising early consumer demand.

轉向吉米·迪恩 (Jimmy Dean)，它已經是早餐場合的明顯領導者。我們通過推出手持式早餐食品，通過基於差異化能力的創新進行擴張。例如，今年，我們在餐飲服務渠道推出了吉米狄恩餅乾卷，在零售渠道推出了楓木煎鍋蛋糕和烤麵包機快閃店。我們看到客戶對這些產品的大力採用，並有望滿足早期消費者的需求。

In Hillshire Farm, one area of focus in retail has been the trend towards healthy snacking. For instance, we launched Hillshire Farm Snack Kits with 100% real premium meats, cheeses and crackers, all ready to eat on the go. If you haven't already, I encourage you to try our Snack Kits like oven-roasted turkey breast, cheddar cheese and wheat crackers. We launched these products at attractive price points and have already seen strong acceptance with major retail customers.

在 Hillshire Farm，零售業的重點領域之一是健康零食的趨勢。例如，我們推出了 Hillshire 農場零食套裝，其中包含 100% 真正的優質肉類、奶酪和餅乾，所有這些都可以隨時隨地食用。如果您還沒有嘗試過我們的零食套裝，例如烤箱烤火雞胸肉、切達干酪和小麥餅乾。我們以極具吸引力的價格推出這些產品，並已得到主要零售客戶的強烈認可。

In the foodservice channel, we are now participating in the fast-growing Cupping Pepperoni category with our very own Hillshire-branded Cupping Pepperoni product. We are always on the lookout for how to keep our brands on trend across channels.

在餐飲服務渠道中，我們現在通過我們自己的 Hillshire 品牌 Cupping Pepperoni 產品參與快速增長的 Cupping Pepperoni 類別。我們一直在尋找如何讓我們的品牌在各個渠道中保持潮流。

Now I'll turn things over to John to review our financial results for the quarter in more detail.

現在我將把事情交給約翰來更詳細地審查我們本季度的財務業績。

Thank you, Donnie. Let me start with a quick summary of our total company results and then review our individual segments. Our sales were down 2.6% year-over-year driven by pork and chicken, where we saw a reduction in price per pound. More than 90% of the decline in adjusted operating profit was driven by lower profitability in our Beef and Chicken segments.

謝謝你，唐尼。讓我首先快速總結一下我們公司的總體業績，然後回顧一下我們的各個部門。由於豬肉和雞肉每磅價格下降，我們的銷售額同比下降了 2.6%。調整後營業利潤下降的 90% 以上是由我們的牛肉和雞肉部門盈利能力下降造成的。

Higher input cost per pound was primarily due to the increase in cattle costs along with unfavorable derivative impacts and higher labor costs, but these were partially offset by lower hog costs, reduced outside purchases of meat in our Chicken segment and lower raw material costs in Prepared Foods.

每磅投入成本上升主要是由於牛成本增加以及不利的衍生影響和勞動力成本上升，但這些因素被生豬成本下降、雞肉部門外部採購肉類減少以及預製食品原材料成本下降所部分抵消。食品。

While profit was down substantially versus last year, it's important to note that it improved meaningfully versus last quarter, and adjusted EPS increased $0.19 on a sequential basis. Challenges remain, but we continue to improve efficiencies by controlling what we can and believe we're heading in the right direction.

雖然利潤與去年相比大幅下降，但值得注意的是，與上季度相比，利潤顯著改善，調整後每股收益環比增長 0.19 美元。挑戰依然存在，但我們繼續通過控制力來提高效率，並相信我們正在朝著正確的方向前進。

Now on to the individual segment results, starting with Beef. In Beef, revenue was essentially flat year-over-year with lower head throughput offset by higher pricing. Operating profit was down, primarily reflecting higher cattle costs, which increased $610 million on a like per pound basis. Operating margin of 1.6% was down from the historically strong margins of more than 10% in Q3 last year.

現在來看各個部分的結果，從牛肉開始。在牛肉方面，收入同比基本持平，較低的牛肉產量被較高的價格所抵消。營業利潤下降，主要反映了養牛成本上升，每磅成本增加了 6.1 億美元。營業利潤率為 1.6%，低於去年第三季度超過 10% 的歷史最高利潤率。

On a sequential basis, disciplined yield and procurement benefits, along with seasonal cutout improvement, helped drive better-than-expected operating profits. Beef is likely to continue to face headwinds, and we don't expect the ongoing tightening of cattle supply and spread compression to abate until herd rebuilding is well underway.

從環比來看，嚴格的產量和採購效益，以及季節性停工改善，幫助推動了好於預期的營業利潤。牛肉可能會繼續面臨逆風，我們預計，在牛群重建順利進行之前，牛供應的持續收緊和擴散壓縮不會減弱。

Now moving to Pork. Revenue was down 18% driven primarily by lower pricing due to softer demand. The operating loss in the quarter was $70 million as spread compression continued to pressure our margins. This was exacerbated by market pressures in our live operations, lower exports and the operational impact of the fire at our Madison facility.

現在轉向豬肉。收入下降 18%，主要是由於需求疲軟導致定價下降。由於利差壓縮繼續給我們的利潤帶來壓力，本季度的運營虧損為 7000 萬美元。我們現場運營中的市場壓力、出口下降以及麥迪遜工廠火災對運營的影響加劇了這種情況。

Moving on to Chicken now. Sales declined 3.5% year-on-year driven by lower pricing, partially offset by volume growth. The decrease in pricing reflects the challenging commodity market. While volume grew modestly versus last year, it decreased more than 4% on a sequential basis. This sequential decline is more than historical seasonality, reflecting steps we took to align internal production to consumer demand while also reducing finished good inventory by $70 million.

現在轉向雞肉。由於價格下降，銷售額同比下降 3.5%，但銷量增長部分抵消了這一影響。定價下降反映出大宗商品市場充滿挑戰。儘管銷量與去年相比略有增長，但環比下降了 4% 以上。這種連續下降的程度超出了歷史季節性的範圍，反映出我們為使內部生產與消費者需求保持一致而採取的措施，同時還將成品庫存減少了 7,000 萬美元。

Year-over-year profitability was negatively impacted by market conditions and higher feed costs and a $65 million net derivative loss in the current quarter compared to a $23 million loss in the prior year period. On a sequential basis, it's worth noting that AOI improved by more than $100 million.

同比盈利能力受到市場狀況和飼料成本上漲的負面影響，本季度衍生品淨虧損為 6500 萬美元，而上年同期虧損為 2300 萬美元。值得注意的是，AOI 環比提高了 1 億多美元。

In Prepared Foods, sales declined 2.6% driven by both volume and price. The volume decline was driven by foodservice as the trajectory of this channel's recovery remains a little uneven. As Donnie mentioned, our Focus 6 categories are outpacing broadline industry and maintaining their share. Our lower foodservice volumes were partially offset by continued growth in retail, highlighting the strength of our brands.

在預製食品中，受數量和價格的影響，銷售額下降了 2.6%。銷量下降是由餐飲服務推動的，因為該渠道的複蘇軌跡仍然有些不平衡。正如 Donnie 提到的，我們的 Focus 6 類別正在超越廣泛行業並保持其份額。我們較低的餐飲服務量被零售業的持續增長部分抵消，凸顯了我們品牌的實力。

Lower pricing was primarily driven by lower bacon prices, reflecting the underlying cutout values for bellies. Compared to the prior year period, operating profit was up $34 million due to lower raw material costs and productivity gains, which was partially offset by lower sales, higher packaging costs and increased MAP investments.

定價下降主要是由於培根價格下降，反映了腹肉的基本分切價值。與去年同期相比，由於原材料成本下降和生產率提高，營業利潤增加了 3400 萬美元，但銷售額下降、包裝成本上升和 MAP 投資增加部分抵消了這一影響。

Despite increased spending in brand-building efforts, we were pleased with our operating margin of 9.2%, particularly so given the challenging retail food environment. Our Prepared Foods segment remains key to our strategy, providing a high-margin, stable business with many growth opportunities ahead, helping to offset the pressures and volatility in commodity prices.

儘管在品牌建設方面的支出有所增加，但我們對 9.2% 的營業利潤率感到滿意，特別是考慮到零售食品環境充滿挑戰。我們的預製食品部門仍然是我們戰略的關鍵，提供高利潤、穩定的業務以及未來的許多增長機會，有助於抵消大宗商品價格的壓力和波動。

Before moving on to balance sheet items, I want to provide some context on the goodwill impairment charge that impacted our reported numbers on a GAAP basis. The details of which will be provided in our 10-Q when we file it later this week.

在繼續討論資產負債表項目之前，我想提供一些有關商譽減值費用的背景信息，該費用影響了我們按公認會計準則計算的報告數據。詳細信息將在本週晚些時候提交的 10-Q 中提供。

The interim impairment testing we did this quarter resulted in noncash charges in the reporting units that we have been disclosing as at risk in our filings going back to last fiscal year. The impacts of the charges are not shown in our presentation this morning as they are not reflected in our adjusted results, but all reconciliations to reported results can be found in the appendix.

我們本季度進行的中期減值測試導致報告單位產生非現金費用，我們在上一財年的文件中一直將這些費用披露為存在風險。這些費用的影響沒有在我們今天早上的演示中顯示，因為它們沒有反映在我們的調整結果中，但與報告結果的所有調節都可以在附錄中找到。

Now to our financial position and capital priorities. We're building financial strength, investing in our business and returning cash to shareholders remain the priorities of our capital allocation strategy. Q3 operating cash flow was $660 million, in line with expectations with prudent working capital management partially offsetting lower profitability. Inventory reduction was the primary driver of improved core working capital. We still see some opportunity to improve inventory days and drive better cash flow.

現在談談我們的財務狀況和資本優先事項。我們正在增強財務實力，投資我們的業務並向股東返還現金仍然是我們資本配置策略的優先事項。第三季度運營現金流為 6.6 億美元，符合預期，審慎的營運資本管理部分抵消了盈利能力下降的影響。庫存減少是核心營運資本改善的主要推動力。我們仍然看到一些改善庫存天數和推動更好現金流的機會。

Year-to-date, CapEx is roughly $1.6 billion as we continue to moderate our pace of spending. Based on this pace, we don't expect CapEx to exceed $2.1 billion, below our prior guidance of $2.3 billion.

今年迄今為止，隨著我們繼續放緩支出步伐，資本支出約為 16 億美元。根據這一速度，我們預計資本支出不會超過 21 億美元，低於我們之前 23 億美元的指導。

We ended the quarter with $3.7 billion of liquidity and net leverage of 3.2x. Our balance sheet management approach remains unchanged as we are committed to building financial strength, maintaining our investment-grade credit rating and targeting net leverage of at or below 2x net debt to EBITDA for the long term.

本季度結束時，我們的流動性為 37 億美元，淨槓桿率為 3.2 倍。我們的資產負債表管理方法保持不變，因為我們致力於增強財務實力，維持我們的投資級信用評級，並長期將淨槓桿率定為或低於 EBITDA 淨債務的 2 倍。

During Q3, we returned $167 million to shareholders via dividends and $11 million in share repurchases. We remain committed to maintaining a disciplined yet opportunistic capital allocation strategy, ensuring that we deploy resources to maximize long-term shareholder value.

第三季度，我們通過股息和 1100 萬美元的股票回購向股東返還 1.67 億美元。我們仍然致力於維持紀律嚴明但機會主義的資本配置策略，確保我們部署資源以實現長期股東價值最大化。

Now let's review our updated outlook for fiscal 2023. We're maintaining our total company sales guidance range of $53 billion to $54 billion, and we expect to be at the lower end with roughly flat sales growth for the year.

現在讓我們回顧一下我們對 2023 財年的最新展望。我們將公司總銷售指導範圍維持在 530 億美元至 540 億美元之間，我們預計今年的銷售增長將基本持平，處於較低水平。

Turning to AOI. In Beef, based on our year-to-date results, offset by anticipated live cattle cutout spread compression, we expect full year margins to be at the higher end of our range of between a loss of 1% and a gain of 1%.

轉向 AOI。在牛肉方面，根據我們今年迄今為止的業績，並被預期的活牛分切價差壓縮所抵消，我們預計全年利潤率將處於我們範圍的較高端，即虧損 1% 到增長 1% 之間。

For Pork, due to ongoing market dynamics impacting our Pork segment, we now expect full year margins to be between a loss of 4% and a loss of 2%, but at the higher end of that range.

對於豬肉，由於持續的市場動態影響我們的豬肉部門，我們現在預計全年利潤率將在 4% 至 2% 的損失之間，但處於該範圍的高端。

In Chicken, we're gaining momentum. But with our results year-to-date, including net derivative losses, we expect full year margins to be at the lower end of our range of between a loss of 1% and a gain of 1%.

在雞肉方面，我們正在蓄勢待發。但根據我們今年迄今的業績（包括淨衍生品損失），我們預計全年利潤率將處於我們範圍的下限，即虧損 1% 至盈利 1% 之間。

Prepared Foods has generated strong margins throughout the year. With continued investment to support our brands, we expect margins to be at the higher end of the 8% to 10% range for fiscal 2023. And as I mentioned earlier, we're reducing our expectations for CapEx to approximately $2.1 billion.

預製食品全年利潤豐厚。通過持續投資支持我們的品牌，我們預計 2023 財年的利潤率將達到 8% 至 10% 的較高水平。正如我之前提到的，我們將資本支出預期降低至約 21 億美元。

Our expectations for net interest expense and tax rate remain unchanged at around $340 million and 22%, respectively.

我們對淨利息支出和稅率的預期保持不變，分別為 3.4 億美元和 22% 左右。

So in summary, while the current operating environment is difficult in several of our businesses, we are making improvements across our operations, and we are optimistic on our long-term growth opportunities. We have great teams across our segments. We've got growing demand for our products and the right portfolio mix to win in the marketplace.

總而言之，雖然我們的一些業務目前的運營環境很困難，但我們正在改善我們的運營，並且我們對我們的長期增長機會感到樂觀。我們在各個細分領域都擁有優秀的團隊。我們對我們的產品和正確的產品組合的需求不斷增長，以贏得市場。

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

現在我將把電話轉回 Sean 以獲取問答說明。

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

謝謝，約翰。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。運營商，請提供問答說明。

(Operator Instructions) And our first question today comes from Alexia Howard from AllianceBernstein.

（操作員說明）今天我們的第一個問題來自 AllianceBernstein 的 Alexia Howard。

So there's obviously a lot of moving pieces here on the quarter. Could we maybe take a step back and get your overall take on the quarter and where we're at in the recovery of your commodity meat segments? Just trying to put things into context here. And then I have a follow-up.

因此，本季度顯然有很多變化。我們能否退後一步，了解一下您對本季度的總體看法以及我們在商品肉類領域復甦方面的進展？只是想把事情放在上下文中。然後我有一個後續行動。

Okay. Well, Alexia, this is Donnie King. Let me start out with thanking you for the question. And as is no surprise, markets continue to be challenging, and they're challenging for everyone. I will tell you that we continue to execute our strategy. And I would tell you, we've had the best execution in our Q3 that we've had since prepandemic times.

好的。好吧，亞歷克西婭，這是唐尼·金。首先我要感謝你提出這個問題。毫不奇怪，市場仍然充滿挑戰，而且對每個人來說都充滿挑戰。我會告訴你，我們將繼續執行我們的戰略。我想告訴你，我們在第三季度的執行力是自大流行前時期以來最好的。

In Q3, we saw a sequential improvement across all businesses so led by Chicken as well as -- led by chicken as we focused on our cost structure. We have aligned our supply to our demand as we pursue profitable growth. We are controlling the controllables across all businesses.

在第三季度，我們看到所有業務都取得了連續的改善，因為我們專注於我們的成本結構，因此由雞肉領導以及由雞肉領導。在追求利潤增長的過程中，我們已根據需求調整供應。我們正在控制所有業務的可控因素。

I would tell you that we're not surprised by Beef and Pork results. We expected it. We are happy to report that we're winning with customers and consumers and gaining volume and dollar share. We are taking decisive actions, as we talked about this morning, rightsizing and modernizing our footprint. We continue to invest in automation and digitalization. We continue to invest in our team members and their work experience.

我想告訴你，我們對牛肉和豬肉的結果並不感到驚訝。我們預料到了。我們很高興地報告，我們正在贏得客戶和消費者的青睞，並獲得銷量和美元份額。正如我們今天早上所說的那樣，我們正在採取果斷行動，對我們的足跡進行精簡和現代化。我們繼續投資自動化和數字化。我們繼續投資於我們的團隊成員及其工作經驗。

We are pursuing growth in value-added and branded categories. In Chicken, behind the #1 brand in chicken, Tyson; in Prepared Foods behind Jimmy Dean, Hillshire Farm and Ball Park, we are #1 in 8 of 9 categories we compete in at retail. We hold #1 or #2 positions in most foodservice categories.

我們正在追求增值和品牌類別的增長。在雞肉方面，泰森是雞肉第一品牌的背後；在預製食品領域，我們在零售競爭的 9 個類別中的 8 個類別中排名第一，僅次於 Jimmy Dean、Hillshire Farm 和 Ball Park。我們在大多數餐飲服務類別中佔據第一或第二的位置。

And as I said this morning, we will continue to evaluate everything we do.

正如我今天早上所說，我們將繼續評估我們所做的一切。

Tyson has been around since 1935, and I've been around since the early '80s, and we've seen many cycles before. We always come out better, stronger and faster, and we will this time as well. That said, we have more to do, and we're excited about our future. Our leadership team and our 140,000 team members are aligned to maximizing shareholder value. That's a little bit of color.

泰森從 1935 年就開始了，我從 80 年代初就開始了，之前我們已經見過很多周期了。我們總是表現得更好、更強、更快，這一次也是如此。也就是說，我們還有更多工作要做，我們對未來感到興奮。我們的領導團隊和 140,000 名團隊成員一致致力於股東價值最大化。那是一點點顏色。

Let me flip it over to Brady, and he can speak to a little bit around the Pork and Beef business.

讓我把它轉給布雷迪，他可以談談豬肉和牛肉業務。

Sure. Thanks, Donnie. First of all, on the Pork -- in our Pork business, I think it's important to break the Pork business into 2 different segments. First, as John and Donnie indicated in the opening remarks, we faced some challenges relative to the economics in the Pork business, specific with live operations. It's well documented that the pork industry is in the midst of a liquidation cycle right now. We believe that the markets will, in fact, take care of themselves. But over half of our losses in the quarter were attributable to live ops and price discovery relative to live ops with some of our suppliers.

當然。謝謝，唐尼。首先，在豬肉方面——在我們的豬肉業務中，我認為將豬肉業務分為兩個不同的部分很重要。首先，正如約翰和唐尼在開場白中指出的那樣，我們面臨著一些與豬肉行業的經濟相關的挑戰，特別是現場運營。有充分證據表明，豬肉行業目前正處於清算週期之中。我們相信，市場實際上會自我照顧。但本季度超過一半的虧損歸因於與我們的一些供應商的實時運營相關的實時運營和價格發現。

Fresh pork, on the other hand, the other half of that segment, was impacted by the fire we had in Madison. And outside of that, we saw strong improvement in terms of operational execution in our Pork business. We're excited about the team that we've assembled here in Springdale and believe we have a bright future in front of us as we continue to execute on those operations.

另一方面，新鮮豬肉，即該細分市場的另一半，受到麥迪遜火災的影響。除此之外，我們在豬肉業務的運營執行方面看到了強勁的進步。我們對在斯普林代爾組建的團隊感到很興奮，並相信隨著我們繼續執行這些業務，我們面前會有光明的未來。

On the Beef side, we'll continue to focus on what we can control relative to moving through this beef cycle. We're going to continue to align our supply with demand and drive value-added, including case-ready, to make sure that we continue to be closer to our customer and try to decommoditize that business. Thanks for the question.

在牛肉方面，我們將繼續關注與經歷這個牛肉週期有關的我們可以控制的事情。我們將繼續使我們的供應與需求保持一致，並推動增值，包括備箱，以確保我們繼續更貼近客戶，並嘗試使該業務非商品化。謝謝你的提問。

Great. And then if I go back to year, I mean, this time last year, you were looking for strong and speedy recovery in the Chicken margins based on improved hatch rates and capacity utilization. Obviously, there was the hiccup over the holidays with the forecasting error, but it seems as though the environment has changed materially. What has changed in the environment? And how quickly do you think you can get back on track on the Chicken side of the business?

偉大的。然後，如果我回到去年，我的意思是，去年的這個時候，您希望基於孵化率和產能利用率的提高，雞的利潤率強勁而迅速地恢復。顯然，假期期間出現了預測錯誤，但環境似乎發生了重大變化。環境發生了什麼變化？您認為雞肉業務要多快才能回到正軌？

Thank you, Alexia. We are encouraged by the sequential improvement in 3Q and especially in June. As -- we have much work left to do, but we're on the right path. And I think that's important to call out. We're controlling the controllables better than before, and I mentioned earlier that the best I've seen in terms of execution since prepandemic.

謝謝你，亞歷克西婭。我們對第三季度尤其是六月份的連續改善感到鼓舞。我們還有很多工作要做，但我們正走在正確的道路上。我認為這一點很重要。我們比以前更好地控制了可控因素，我之前提到過，這是自大流行前以來我所見過的最好的執行情況。

But let me flip that over to Wes and let him add a little bit more color on chicken.

但讓我把這個問題轉給韋斯，讓他給雞肉增添一點色彩。

Yes, sure. I too am encouraged by the sequential improvement. The team is focused on what they do day in and day out. And we've seen a big step change in improving yields, labor efficiency, line efficiency and spend. And at the same time, we've seen great improvement in order fill and on-time delivery.

是的，當然。我也對連續的改進感到鼓舞。該團隊每天都專注於他們所做的事情。我們已經看到在提高產量、勞動效率、生產線效率和支出方面發生了巨大的變化。與此同時，我們在訂單履行和準時交貨方面也看到了巨大的進步。

And ladies and gentlemen, our next question comes from Ben Bienvenu from Stephens.

女士們、先生們，我們的下一個問題來自斯蒂芬斯的本·比恩韋努 (Ben Bienvenu)。

So I want to start on the Chicken business. Donnie, you noted the sequential improvement in the business. You also called out the actions you took to close 4 facilities. I recognize not all of those are large-scale harvest facilities, but I do think there's some sizable facilities in that footprint. So could you talk a little bit about what the net impact to production might look like as you layer some of that production into the rest of your facilities and then think about what the go-forward looks like?

所以我想開始做雞肉生意。唐尼，您注意到業務的連續改善。您還指出了關閉 4 家設施所採取的行動。我認識到並非所有這些都是大型收穫設施，但我確實認為該足跡中有一些相當大的設施。那麼，您能否談談當您將部分生產分層到其餘設施中時對生產可能產生的淨影響，然後考慮下一步會是什麼樣子？

Sure, Ben. I'll add a few comments, and I'll flip it to Wes to add a little more color. In terms of the plant closings, closing plants is never easy for anyone involved. In fact, it can be gut-wrenching. But I would tell you with a great deal of gratitude and thanks to our team members, our family farmers and the communities impacted, we made those decisions.

當然，本。我會添加一些評論，然後將其翻轉給 Wes 以添加更多顏色。就工廠關閉而言，關閉工廠對於任何相關人員來說都不是一件容易的事。事實上，這可能會令人痛苦。但我要懷著極大的感激之情告訴你們，感謝我們的團隊成員、家庭農民和受影響的社區，我們做出了這些決定。

And earlier today, we announced the closure of the 4 plants, bringing the total to 6 this year. The facilities that we are closing, just to give a little color about them, they're typically smaller in scale and in need of major capital to make them viable. And so that's an important detail. And I'll flip it over to Wes to give you a little color on the capacity.

今天早些時候，我們宣布關閉 4 家工廠，使今年工廠總數達到 6 家。我們正在關閉的設施只是為了給它們增添一點色彩，它們通常規模較小，需要大量資金才能使其可行。這是一個重要的細節。我會把它轉給韋斯，讓你了解一下容量。

Yes, Ben, I would answer it simply this way: we're moving our existing sales to more efficient assets. And so no material change in volume in any way, shape or form in excess of 90% once implemented.

是的，本，我會這樣簡單地回答：我們正在將現有的銷售轉移到更高效的資產上。因此，一旦實施，體積、形狀或形式的實質性變化不會超過 90%。

Ben, this is John, if I can just add in a little bit because I think you're trying to ask what's the impact on these moves. So you heard Donnie talk about adjusting the need for capital investment in some of the older facilities. We see that as a benefit with these moves.

本，我是約翰，我可以補充一點嗎，因為我認為您想問這些舉措有何影響。所以你聽到唐尼談論調整一些舊設施的資本投資需求。我們認為這是這些舉措的好處。

I think, number two, we're talking about taking out around 10% of harvest capacity, which puts our asset utilization when all things are said and done, up closer to that 90% out of the low 80s. And not just talking about the asset closures, but when you think about the asset closures, the NAE to NAIHM move and some other operational changes that we're making we've talked a lot about last year around mix, et cetera, we would expect somewhere around a $200 million run rate uplift from those moves. And so exactly when all that comes to fruition in the end of '23 and '24, we can't pay it all to 1 day. But that's kind of order of magnitude what we're talking about here.

我認為，第二，我們正在討論取消大約 10% 的收割能力，這使得我們的資產利用率在所有事情都說完、做完後，接近 80 年代低水平的 90%。不僅僅是談論資產關閉，而且當你想到資產關閉、從 NAE 到 NAIHM 的轉變以及我們正在做出的其他一些運營變革時，我們去年已經圍繞混合等問題進行了很多討論，我們會預計這些舉措將帶來約2 億美元的運行率提升。因此，當所有這些都在 23 和 24 年底實現時，我們無法在 1 天內全部付清。但這就是我們在這裡討論的一個數量級。

Okay. That's very helpful. Maybe thinking about the Pork business. You noted the facility fire impact in the quarter. We have been seeing the cutout rally pretty materially. So kind of a 2-part question. One, I know despite the guide down for the balance of the year in Pork, how would you expect Port packer margins to migrate as we move through the rest of this year? And then two, as you've seen some of the cutout costs prices that rally pretty materially, what impact does that have to cost of goods sold on the Prepared Foods business as well?

好的。這非常有幫助。也許正在考慮豬肉生意。您注意到本季度設施火災的影響。我們已經看到了相當實質性的空頭反彈。這是一個由兩部分組成的問題。第一，我知道儘管今年剩餘時間的豬肉產量指南有所下降，但隨著今年剩餘時間的推移，您預計港口包裝商的利潤將如何變化？第二，正如您所看到的一些分切成本價格大幅上漲，這對預製食品業務的銷售成本有何影響？

So Ben, if I could make a couple of comments and I'll let Brady add color too, Q3 was challenging, and we expected it to be. But as Brady mentioned earlier, we are absolutely laser-focused on those things in which we can control.

所以本，如果我可以發表一些評論，並且我會讓布雷迪也增添色彩，第三季度充滿挑戰，我們也期望如此。但正如布雷迪之前提到的，我們絕對專注於那些我們可以控制的事情。

I'll let Brady, if you would, speak to from the hog side as well as from a Pork perspective.

如果你願意的話，我會讓布雷迪從生豬方面以及豬肉的角度來談談。

Sure. Thanks, Donnie. I think there's a number of things at play here that we'll continue to evaluate as we learn more about these markets. And obviously, one of the biggest impacts relative to the supply-demand equation that we've seen in the last several months is the Supreme Court's ruling on Proposition 12. I think as an industry, we're still learning what total impact that has from a supply-demand perspective. I think it's somewhat difficult right now to totally forecast with great accuracy how that all plays out, coupled with the fact that, as I referenced earlier, we're in the midst of a -- liquidation cycle as well in the industry.

當然。謝謝，唐尼。我認為，隨著我們對這些市場的了解越來越多，我們將繼續評估許多因素。顯然，過去幾個月我們看到的與供需方程相關的最大影響之一是最高法院對第 12 號提案的裁決。我認為作為一個行業，我們仍在了解這會產生什麼總體影響從供需角度來看。我認為現在要完全準確地預測這一切將如何發展有些困難，再加上正如我之前提到的那樣，我們行業也正處於清算週期之中。

We're going to continue to monitor these macroeconomic factors that impact our business. But let me be clear, we have the opportunity to continue to control the controllables, continue to use our footprint with our case-ready and value-added assets to get closer to the consumer. And I feel good with the team that we have here in Springdale, who stood up to manage the Pork business and are seeing significant operational improvements in that business.

我們將繼續監控這些影響我們業務的宏觀經濟因素。但我要明確的是，我們有機會繼續控制可控因素，繼續利用我們的足跡和我們的現成增值資產來拉近與消費者的距離。我對斯普林代爾的團隊感覺很好，他們站出來管理豬肉業務，並看到該業務的運營取得了重大改進。

And ladies and gentlemen, our next question comes from Peter Galbo from Bank of America.

女士們、先生們，我們的下一個問題來自美國銀行的彼得·加爾博。

Donnie, maybe we can actually start on Beef. I think you said it came in better than you expected in the quarter, but again, your outlook here in 4Q, maybe a bit weaker. And I just wanted to give you a chance to talk about kind of how you see that business playing out over the next 18 months. Not asking for formal guidance, but I think the last time we were in this part of the beef cycle in '14 and '15, you went through an extended period where packer margins were actually negative. And is that -- within your consideration set, is that in your outlook? Just would be helpful to hear from you.

唐尼，也許我們實際上可以從牛肉開始。我認為您說過本季度的情況比您預期的要好，但同樣，您對第四季度的展望可能有點弱。我只是想讓您有機會談談您對未來 18 個月該業務的發展的看法。不尋求正式指導，但我認為上次我們在 14 年和 15 年進入牛肉週期的這一部分時，您經歷了很長一段時間，包裝商利潤實際上為負值。在您的考慮範圍內，您的觀點是否也是如此？收到您的來信將會很有幫助。

So Peter, let me start off with -- and we did, in fact, have a better quarter than expected. We were not surprised necessarily by the Beef results. As Brady has mentioned and John did in the opening remarks, we continue to see herd liquidation, but we are focused on what we can control.

彼得，讓我首先——事實上，我們的季度業績確實比預期要好。我們對牛肉的結果並不感到驚訝。正如布雷迪和約翰在開場白中提到的那樣，我們繼續看到牛群清算，但我們專注於我們可以控制的事情。

Let me flip it over to John and let him add some commentary around this.

讓我把它轉給約翰，讓他對此添加一些評論。

Peter, yes, just regarding your question on the outlook, I think a couple of things. So you did note, right, just on what the implications are with our guidance ranges on the balance of our '23, and we base that on dynamic market conditions. We're obviously being as intentional and aggressive as possible in trying to balance that supply and demand to manage the spread. But knowing what we know today, that's where things sit.

彼得，是的，關於你對前景的問題，我認為有幾件事。所以你確實注意到了，對吧，我們的指導範圍對我們 23 年平衡的影響是什麼，我們是基於動態的市場條件。顯然，我們正在盡可能有意和積極地嘗試平衡供需以控制價差。但就我們今天所知，這就是事情的真相。

As we think about '24, we expect to give you guidance in November, as has been customary for us in the past kind of annual cycles. But as it relates to making any projections or estimations about what the future looks like. As we move into the fall, we'll start to see some data around where pasture conditions were, what are the herd numbers looking like, what is the cow harvest. And I think from there, at that point in time, we might be able to make better projections about what '24 and '25 look like. And so I think that's probably as much as we can tell you on that today.

當我們考慮 24 世紀時，我們預計將在 11 月為您提供指導，就像我們在過去的年度週期中的慣例一樣。但因為它涉及對未來的情況做出任何預測或估計。當我們進入秋季時，我們將開始看到一些有關牧場條件、牛群數量、奶牛收成的數據。我認為從那時起，在那個時間點，我們也許能夠對“24”和“25”做出更好的預測。我想這可能就是我們今天能告訴你們的全部內容了。

No, that's helpful, John, just kind of as we think about patch outs. And then maybe just back on Chicken, guys, just 2 questions -- or a 2-part question. First, with the 4 facilities you have today, are there any further anticipated impairments that you may have to take? Or kind of was that all contemplated today?

不，這很有幫助，約翰，就像我們考慮補丁一樣。然後也許回到雞肉，伙計們，只有兩個問題——或者一個由兩部分組成的問題。首先，對於您目前擁有的 4 項設施，您可能需要承擔任何進一步的預期損害嗎？或者說這就是今天所考慮的？

And then secondly, maybe more broadly, Donnie, this mark-to-market hedging program in Chicken seems to kind of be an unexpected headwind a lot of quarters. Just curious, as you're reevaluating all parts of the business, I mean, is there a thought process on just unwinding the hedging program and kind of going to a more hand-and-out approach?

其次，也許更廣泛地說，唐尼，雞肉的按市值計價的對沖計劃似乎在很多季度都是一種意想不到的逆風。只是好奇，當你重新評估業務的所有部分時，我的意思是，是否有一個關於解除對沖計劃並採取一種更加主動的方法的思考過程？

Sure. Thanks. Let me -- in terms of the plant closures, as I said earlier, we're continuing to evaluate everything as we automate and modernize these assets. And so we'll continue to look. I will tell you from an execution standpoint, again, performance was much better in Q3 and a lot of momentum moving into Q4 in our Chicken business.

當然。謝謝。讓我——就工廠關閉而言，正如我之前所說，我們將繼續評估一切，因為我們對這些資產進行自動化和現代化改造。所以我們將繼續尋找。我將從執行的角度再次告訴您，第三季度的業績要好得多，並且我們的雞肉業務進入第四季度有很大的動力。

We're still growing with customers, and we still have capacity to be able to do that going forward. So -- but in terms of mark-to-market, I see it as well. We've talked about it a great deal and what the other options are for that in the business.

我們仍在與客戶一起成長，並且我們仍然有能力繼續做到這一點。所以，但就按市值計價而言，我也看到了這一點。我們已經對此進行了大量討論，以及業務中的其他選擇。

Let me send it over to John and let him add a little color about that.

讓我將其發送給約翰，讓他對此添加一些色彩。

Yes. I think there are 2 questions in there: one around the impairments and one around the mark-to-market program. I think on the hedging program, look, we manage that -- try to manage for margin with -- for ourselves and as part of our relationship with our customers. We're always evaluating how we can do things different and better and recognize that it can create a little bit of noise in the numbers. But at this point in time, don't have any plans to change our approach on how we do that. That's number one.

是的。我認為其中有兩個問題：一是關於減值，一是關於按市值計價的計劃。我認為在對沖計劃上，我們設法為自己管理保證金，並將其作為我們與客戶關係的一部分。我們總是在評估如何才能做得不同、做得更好，並認識到這可能會在數字中產生一些噪音。但目前，我們還沒有任何計劃改變我們的做法。這是第一。

And then on the impairment, I think it's just worth pointing out, there was a goodwill impairment in our Chicken business in our Q3. But as it relates to these asset closures, the details of those charges would come through in our Q4. And we'll give a little more clarity on that as it relates to the asset impairments and the onetime cash costs, which all continue to get worked through as we just work through the details of the closure.

關於減值，我認為值得指出的是，我們的雞肉業務在第三季度出現了商譽減值。但由於它與這些資產關閉有關，這些費用的細節將在第四季度公佈。我們將對此進行更清晰的說明，因為它涉及資產減值和一次性現金成本，當我們只是處理關閉的細節時，所有這些都將繼續得到解決。

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。

So maybe just continuing in Chicken. And John, you gave some helpful color on quantifying kind of the benefits from some of the plant closures and production shift. On the business, you quoted a $200 million kind of profit run rate. That would equate to, give or take, 110 or 120 basis points of margin at your current revenue levels.

所以也許只是繼續吃雞。約翰，您在量化某些工廠關閉和生產轉移帶來的好處方面提供了一些有用的信息。在業務方面，您給出了 2 億美元的利潤運行率。這相當於在您當前的收入水平上增加或減少 110 或 120 個基點的利潤。

So as we think about where you're exiting fiscal '23 with the business in a loss position, the cumulative effect of those actions would get you to functionally marginal levels of profitability. So help us think about beyond that. So these are things you can control, and they get you slightly profitable. Is it really a market-dependent question on chicken demand has to improve chicken commodity, chicken pricing has to improve is what would actually get you to those historical 5%-plus margins that the company had been previously still aiming for longer term?

因此，當我們考慮您在 23 財年退出時企業處於虧損狀態時，這些行動的累積效應將使您的盈利能力達到邊際水平。所以請幫助我們思考除此之外的事情。所以這些都是你可以控制的事情，它們會給你帶來一些微薄的利潤。這真的是一個取決於市場的問題嗎？雞肉需求必須改善雞肉商品，雞肉定價必須改善，什麼才能真正讓你達到該公司此前一直追求的長期目標5%以上的歷史利潤率？

Yes, Adam, I think I would point out to a couple of things there. So first off, we're talking about the sequential improvements in operational execution. And more or less, you haven't seen market conditions materially change quarter-to-quarter. So I guess we just do emphasize that as a proof point that we're talking about execution, but holding the external data mostly static, we're starting to see that come through.

是的，亞當，我想我要指出一些事情。首先，我們討論的是運營執行方面的連續改進。或多或少，您還沒有看到市場狀況逐季度發生重大變化。所以我想我們只是強調，作為我們正在談論執行的證據，但保持外部數據大部分靜態，我們開始看到它的實現。

And you did pick up correctly on the $200 million as kind of a run rate number. And again, when we talk about making the same amount of food in a smaller footprint, we do have some -- we have confidence in just what that cost elimination means from an overall profitability.

你確實正確地把 2 億美元作為運行率數字。再說一次，當我們談論在更小的佔地面積中生產相同數量的食物時，我們確實有一些——我們對成本消除對整體盈利能力的意義充滿信心。

We obviously are subject to where commodity markets move on both the input and the market side. So recovery there helps us as it does everyone in the industry. So we kind of focus on what's in our control. And I think beyond what I've just said, it's probably too early to issue any numbers for '24. We'll give a look at that when we get to the November call. So hopefully, that's somewhat more helpful than what you're looking for.

顯然，我們在投入和市場方面都受到商品市場走勢的影響。因此，那裡的複蘇對我們和行業中的每個人都有幫助。所以我們關注的是我們能控制的事情。我認為除了我剛才所說的之外，現在發布 24 年的任何數據可能還為時過早。當我們召開 11 月份的電話會議時，我們會對此進行討論。希望這比您正在尋找的更有幫助。

No, it is. And I guess, though, if I think philosophically, historically, the company would always talk about profitability in Chicken and less volatility than the industry as a whole and not seeing the lows that others in the industry see not seeing the same highs. And I guess, not saying that others in the industry haven't seen real lows in the last 6 to 12 months. It's been a real challenge for the whole industry.

不，是的。不過，我想，如果我從哲學角度、歷史角度思考，該公司總是會談論雞肉的盈利能力和比整個行業更少的波動性，並且不會看到行業其他人看到的低點，也不會看到相同的高點。我想，並不是說業內其他人在過去 6 到 12 個月裡沒有看到真正的低點。這對整個行業來說是一個真正的挑戰。

I guess the historical model would have made us think that Tyson's Chicken business would be more resilient. So how do you -- how does the experience of the last year kind of inform how you would think about the Tyson's relative performance versus the industry and the margin potential of the business is currently constructed?

我想歷史模型會讓我們認為泰森雞肉業務將更具彈性。那麼，去年的經驗如何告訴您如何看待泰森食品相對於行業的相對業績以及目前該業務的利潤潛力？

I'll let Donnie comment on that one.

我會讓唐尼對此發表評論。

As I said earlier, Adam, we believe in Chicken, we're on the right path. I would tell you, it's the right path. We've been on that path for about 2 years now. And we've had a number of fits and starts from the breeder side to demand -- the demand picture. We're on our way to healing from a genetics perspective on the live side.

正如我之前所說，亞當，我們相信雞肉，我們走在正確的道路上。我告訴你，這是一條正確的道路。我們在這條路上已經走了大約兩年了。從育種者方面到需求——需求情況，我們經歷了多次斷斷續續的過程。從遺傳學的角度來看，我們正走在活生生的治愈之路上。

In terms of our operations, they're performing better than they have. But then the third one, and it really impacted us in Q1 last year, is the demand picture that we struggled with getting a really accurate view of that. I would tell you the good news is in Q2, we were able to get that done. We actually started seeing benefit of that in Q3. And so we feel like we have a better picture of what the demand truly and consumption truly looks like. And that informs us again in terms of supply.

就我們的運營而言，他們的表現比以前更好。但第三個，它在去年第一季度對我們產生了真正的影響，是我們很難真正準確地了解需求情況。我想告訴你好消息是在第二季度，我們能夠完成這項工作。我們實際上在第三季度開始看到這一點的好處。因此，我們覺得我們可以更好地了解需求和消費的真實情況。這再次告訴我們供應方面的信息。

And so we feel more balanced today than we have over the past 2 quarters. And the executional elements that we've talked about, we're obviously doing those a lot better than before. And then if you look at the bridge that you're trying to create basis your question, yes, there are some asset impairments. Yes, there are some plant closures. There's the typical labor yield and all those type things that we're managing. But we are doing every one of those things. And so I feel really good about where we are in Chicken and the path that we're on. And the future looks really good to me. John?

因此，我們今天感覺比過去兩個季度更加平衡。我們談到的執行要素，我們顯然比以前做得更好。然後，如果你看看你試圖為你的問題創建基礎的橋樑，是的，存在一些資產減值。是的，有一些工廠關閉。有典型的勞動生產率和我們正在管理的所有這些類型的東西。但我們正在做每一件事情。因此，我對我們在《Chicken》中所處的位置以及我們所走的道路感到非常滿意。對我來說，未來看起來非常美好。約翰？

Yes. And Adam, I just want to add and emphasize something we already talked about, but I don't remember exactly how you asked your question, but something to the effect of, hey, what's different right now or looking backwards. And it's worth pointing out, I think we've taken pretty meaningful steps to get the cost structure back in balance. That includes the 2 closures back in the March time frame, the NAE move that we've talked about as well as these additional ones.

是的。亞當，我只是想補充和強調我們已經討論過的一些事情，但我不記得你到底是如何問你的問題的，但大意是，嘿，現在有什麼不同，或者回顧一下。值得指出的是，我認為我們已經採取了非常有意義的步驟來使成本結構恢復平衡。這包括 3 月份期間的 2 次關閉、我們討論過的 NAE 舉措以及這些額外的舉措。

So I think just pointing to that evidence and then when you look at quarter-over-quarter, market condition is the same. We're delivering on the operational execution. There are multiple proof points in the last, call it, 9 to 12 months that I think we are -- we believe, are indicative of the trajectory on this business.

因此，我認為只要指出這些證據，然後當你查看季度與季度之間的情況時，市場狀況是相同的。我們正在交付運營執行。我認為，最後 9 到 12 個月有多個證據點表明了這項業務的發展軌跡。

Our next question comes from Andrew Strelzik from BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

My first one is related to the chicken facility closures that you just announced. But I'm wondering if you could kind of compare and contrast the Chicken dynamics to what's going on in the Beef and Pork operating environment. You talked about controlling the controllables and utilization rates. And certainly, you talked about how difficult decisions are to close plants. But why does it make sense to do that in Chicken and not across your Beef and Pork businesses given the supply contraction that you're talking about?

我的第一個問題與您剛剛宣布的關閉養雞設施有關。但我想知道您是否可以將雞肉動態與牛肉和豬肉操作環境中發生的情況進行比較和對比。您談到控制可控因素和利用率。當然，您談到了關閉工廠的決定是多麼困難。但是，考慮到您所說的供應收縮，為什麼在雞肉業務中這樣做是有意義的，而不是在牛肉和豬肉業務中這樣做呢？

Sure. Let me start out and remind you that I said we were looking at everything, and we are. And so I get your question around why not look at Beef and Pork. And again, I would tell you we are looking at everything in terms of how it works across the board.

當然。讓我首先提醒您，我說過我們正在考慮一切，而且我們確實這樣做了。所以我明白了你的問題為什麼不看看牛肉和豬肉。我想再次告訴你們，我們正在從全面運作的角度來審視一切。

Fundamentally, we are focused on executional excellence across all businesses and functions at Tyson, including the overhead and cost structure at our corporate facilities. And so we're doing that well. I'm not saying -- I'm not telling you that we're not looking at Beef and Pork in the same manner that we have looked at Chicken. We're evaluating everything. And I think that's probably the biggest takeaway from that, but there was a -- the first part of that, there was a Chicken component.

從根本上講，我們專注於泰森食品所有業務和職能部門的卓越執行力，包括我們公司設施的管理費用和成本結構。所以我們做得很好。我並不是說——我不是告訴你我們看待牛肉和豬肉的方式與看待雞肉的方式不同。我們正在評估一切。我認為這可能是最大的收穫，但其中的第一部分是雞肉成分。

Yes. I think the specific question was comparing Chicken to Beef here and how do you think about that. And I think -- look, there are multiple factors that go into making decisions like this. Asset efficiency and projected capital requirements are a big driver here. And when we talk about poultry today and we just think about the older kind of slower, less efficient assets compared to where we're moving the birds, we see that as a big uplift. And we make those same kind of evaluations across the whole network. In fact if I would make the comparison there.

是的。我認為具體的問題是比較雞肉和牛肉，你對此有何看法。我認為——看，做出這樣的決定需要考慮多種因素。資產效率和預計資本需求是這裡的一個重要驅動因素。當我們今天談論家禽時，我們只想到與我們轉移家禽的地方相比，較舊的速度較慢、效率較低的資產，我們認為這是一個巨大的提升。我們在整個網絡上進行同樣的評估。事實上，如果我在那裡進行比較的話。

I think the other thing to point out, we've talked about this on previous calls, we are in this kind of special moment of facing headwinds in Chicken, Pork and Beef segment. The recovery time line in each of those is different. We would expect to see Chicken recover most quickly. Pork is a little different. And then the beef cycle and those dynamics, I think, are well documented. So it's just worth recalling attention to that, that we've discussed before.

我認為需要指出的另一件事是，我們在之前的電話會議中已經討論過這一點，我們正處於雞肉、豬肉和牛肉領域面臨逆風的特殊時刻。每一個的恢復時間線都不同。我們希望看到雞恢復得最快。豬肉有點不同。我認為，牛肉週期和這些動態都有詳細記錄。因此值得回顧一下我們之前討論過的這一點。

I would say this, John, as one final thought. As we think about Chicken and you mentioned, John, that Chicken would recover faster. And I think that's all true. But I think if you look at the Chicken business today versus where we were just a quarter ago, there are more tailwinds than headwinds in the Chicken business in the near to long term here.

約翰，我要這麼說，作為最後一個想法。當我們想到雞時，約翰，你提到雞會恢復得更快。我認為這都是真的。但我認為，如果你看看今天的雞肉業務與一個季度前的情況相比，從短期到長期來看，雞肉業務的順風因素多於逆風因素。

Great. That's really helpful color. And then I guess for my second question, I just wanted to go back to the change to the CapEx guidance for the year. Can you talk about more specifically the change there? And does it have any implication for '24 CapEx? And I guess, just generally, as you think about the flexibility of your CapEx budget, is there a way, given projects that are already underway, et cetera, to think about kind of a minimum CapEx budget for next year? I don't know if there's a way to frame that.

偉大的。這真是有用的顏色。然後我想對於我的第二個問題，我只想回到今年資本支出指導的變化。您能更具體地談談那裡的變化嗎？這對 '24 資本支出有什麼影響嗎？我想，一般來說，當您考慮資本支出預算的靈活性時，考慮到已經在進行的項目等，是否有辦法考慮明年的最低資本支出預算？不知道有沒有什麼辦法可以把它框起來。

This is John. I'll take that question. Let me talk a little bit about CapEx and just kind of maybe some other related matters on the balance sheet and leverage. So I think, first off, we have pared back the CapEx kind of quarter-over-quarter. We've been managing the spend throughout the year, and we feel good about that.

這是約翰。我來回答這個問題。讓我談談資本支出以及資產負債表和槓桿方面的其他一些相關問題。所以我認為，首先，我們已經逐季度削減了資本支出。我們全年都在管理支出，對此我們感覺很好。

Based on our guidance today, you would expect to see about $500 million in Q4, which just worth pointing out that's still above what has been a historical annual run rate for us of about $1.5 billion. We are targeting to get to that $1.5 billion spend annually. And I think it would be premature to say where the '24 number lands, but safe to say that we're trending in that direction.

根據我們今天的指導，您預計第四季度的收入約為 5 億美元，值得指出的是，這仍然高於我們約 15 億美元的歷史年運行率。我們的目標是每年支出 15 億美元。我認為現在說 24 號的走向還為時過早，但可以肯定地說我們正在朝這個方向發展。

I think it's also worth just taking a second to talk about where we are with leverage and -- because capital, obviously, the capital has been obviously influences that. I think the headline for us is we're sitting on a sound balance sheet, and that's really a product of the capital allocation choices we've made through the last few years, where we're really focused on kind of preserving a good financial position, targeting at or around that 2x leverage number for the long term.

我認為也值得花點時間來談談我們的槓桿水平，因為資本顯然對這一點產生了明顯的影響。我認為我們的頭條新聞是我們擁有健全的資產負債表，這實際上是我們過去幾年做出的資本配置選擇的產物，我們真正專注於保持良好的財務狀況頭寸，長期目標是2 倍槓桿數或附近。

So leverage has increased with where profitability has been on an LTM basis. But I think overall, we feel good about where we are from being able to manage the capital spend standpoint and everything else that we've got going on.

因此，隨著盈利能力以 LTM 為基礎，槓桿率也隨之增加。但我認為總的來說，我們對能夠管理資本支出以及我們正在進行的其他一切感到滿意。

We've made a couple of moves, just tried to be tighter on working capital. We've pulled that down about $100 million in inventory this quarter just despite what's going on in the market. So I think overall, capital spend, working capital efficiency, all in line with that long-term leverage number have been. We're comfortable with where we sit today.

我們已經採取了一些舉措，只是試圖收緊營運資金。儘管市場發生了變化，本季度我們還是減少了約 1 億美元的庫存。因此，我認為總體而言，資本支出、營運資本效率都與長期槓桿數字相符。我們對今天的坐姿感到滿意。

Our next question comes from Benjamin Theurer from Barclays.

我們的下一個問題來自巴克萊銀行的本傑明·特雷爾。

Now consider that Pork margins after this [dilution], and you already commented on market conditions. Can you provide more light on company-specific initiatives, maybe some plant closures in Chicken, maybe that could be an auction? Anything else that you can provide towards improving operations there?

現在考慮一下[稀釋]後的豬肉利潤，並且您已經對市場狀況發表了評論。您能否提供更多有關公司特定舉措的信息，也許是關閉 Chicken 的一些工廠，也許這可能是一場拍賣？您還可以提供什麼來改善那裡的運營嗎？

Ben, it's kind of hard to understand you. You're a little muffled. Do you mind repeating that question, sorry, because that was -- there was a lot in there?

本，有點難以理解你。你有點悶。抱歉，你介意重複這個問題嗎？因為那是——裡面有很多東西？

Sure on Pork margin, you already revised this and you mentioned the market conditions operational results. But can you provide more light on company-specific initiatives, maybe some plant closures? Could that be an option same as in chicken? Anything else on Pork profitability to improve that?

當然，關於豬肉利潤，您已經對此進行了修改，並且提到了市場狀況的運營結果。但您能否提供更多有關公司特定舉措的信息，例如關閉一些工廠？這可能是和雞肉一樣的選擇嗎？豬肉盈利能力還有什麼可以提高的嗎？

Thanks, Benjamin. This is Brady Stewart. Appreciate the question. As Donnie just indicated, we are evaluating our business in totality. And first and foremost, really, I think we need to unpack those Pork results back into the live and the actual fresh Pork segments that roll up to the specific BU. I'm going to speak specifically to our plants and operations from the fresh pork perspective.

謝謝，本傑明。這是布雷迪·斯圖爾特。感謝這個問題。正如唐尼剛才所說，我們正在全面評估我們的業務。首先也是最重要的是，我認為我們需要將這些豬肉結果重新包裝到現場和實際的新鮮豬肉部分中，並彙總到特定的業務部門。我將從生鮮豬肉的角度專門談論我們的工廠和運營。

Very comfortable with our strategy moving forward. Obviously, from an impact perspective, we're focused on everything from our expenses and expense structure that we have within our assets. The efficiency of our assets, we have plans in place to make sure that we focus on better efficiency within those assets. And then obviously, traditional price yield and mix matrices that really provide us the opportunity to maximize the margins and our opportunity to go to market.

對我們的戰略進展感到非常滿意。顯然，從影響的角度來看，我們關注的是我們資產中的費用和費用結構的一切。我們的資產效率，我們制定了計劃，以確保我們專注於提高這些資產的效率。顯然，傳統的價格收益率和組合矩陣確實為我們提供了最大化利潤的機會和進入市場的機會。

So that's the approach we take. We feel very comfortable with the team we have in place. We'll feel very comfortable with the strategy that we have in place. I feel very comfortable from an operational execution perspective that we're making strides and improvements in that particular segment.

這就是我們採取的方法。我們對現有的團隊感到非常滿意。我們會對我們現有的策略感到非常滿意。從運營執行的角度來看，我對我們在該特定領域取得的進步和改進感到非常滿意。

Okay. So no plant closures except Chicken, I guess?

好的。所以我猜除了雞之外沒有工廠關閉？

As Donnie indicated earlier, we literally are evaluating everything. And that's both asset utilization, along with how we frame our strategy and our business moving forward, and we're comfortable with our approach as we move forward.

正如唐尼之前指出的，我們確實正在評估一切。這既是資產利用率，也是我們如何制定戰略和業務發展的方式，而且我們對前進過程中的方法感到滿意。

(Operator Instructions) Our next question comes from Michael Lavery from Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Michael Lavery。

I just wanted to come back to Chicken and how you think about, I guess, capacity. It's impressive to be able to cut some facilities and maintain the volume output. This is obviously from an efficiency standpoint. But I guess just given the industry supply and where pricing is so pressured, is there any rationalization or kind of reduction beyond that, that would make sense just given the market dynamics?

我只是想回到“雞”以及你如何看待容量。能夠削減一些設施並保持產量是令人印象深刻的。這顯然是從效率的角度來看的。但我想，考慮到行業供應以及定價面臨如此大的壓力，除此之外是否還有任何合理化或某種程度的減少，考慮到市場動態，這才有意義？

Sure. I think there's a couple of things to say on that. I mean we've been pretty consistent going back to the -- to last year talking about capacity utilization as a driver for profitability in this business. And we were in the low 80s in '22. And so with the balance of growing our business and rationalizing some of the footprint, we feel as though we've now optimized the network and continue to push toward those utilization levels that would be in line with the historical drivers for profitability for us. So I think that's the first thing.

當然。我認為對此有幾點要說。我的意思是，我們一直非常一致地回到去年，談論產能利用率作為該業務盈利的驅動力。 22 世紀 80 年代，我們正處於 80 年代初期。因此，通過發展業務和合理化部分足蹟的平衡，我們覺得我們現在已經優化了網絡，並繼續推動與我們盈利的歷史驅動因素相符的利用率水平。所以我認為這是第一件事。

And then you talk about -- you asked about just where demand is or what the customer is doing or the industry dynamics. We don't mean to make any projections about what's going on in the industry and focus on what we can control. And I think that with these moves, we're going to get closer to our customers, which is a benefit with how we're moving things around. And I think we feel good about the choices on that front.

然後你談論——你詢問需求在哪裡、客戶在做什麼或行業動態。我們無意對行業正在發生的事情做出任何預測，而是專注於我們可以控制的事情。我認為，通過這些舉措，我們將更加貼近客戶，這對於我們的轉移方式來說是一個好處。我認為我們對這方面的選擇感覺良好。

I don't know if you got anything to add, Wes or Donnie?

我不知道韋斯或唐尼你有什麼要補充的嗎？

Yes, Michael, I think just as a reminder, we talk about it often that we're a demand-backwards slaughter production organization. And so when you look at our customers' forward demand curve, plus some of the business we've picked up. We're literally gaining momentum on both sides, rightsizing capacity and growing at the same time.

是的，邁克爾，我想提醒一下，我們經常談論我們是一個需求倒退的屠宰生產組織。因此，當你查看我們客戶的遠期需求曲線以及我們已經接手的一些業務時。我們確實在雙方都獲得了動力，在調整產能的同時也在不斷增長。

Yes. And maybe I could add one additional thing too that -- there's been a lot of conversation this morning about capital and what is that going to be going forward. We obviously talked about the assets that we're closing. I think that what you may not understand is how all those fit together. And so maybe I can help with that.

是的。也許我還可以補充一件事——今天早上有很多關於資本以及未來會發生什麼的討論。我們顯然討論了我們要關閉的資產。我認為你可能不明白的是所有這些是如何組合在一起的。也許我可以幫忙。

A couple of years ago, we heavied up intentionally in capital to get ourselves in a position to have capacity, specifically more value-added branded-type capacity. And so that's where a lot of the extra spending above and beyond $1.5 billion.

幾年前，我們有意增加資本，以使自己能夠擁有產能，特別是更具附加值的品牌型產能。因此，這就是 15 億美元以上的大量額外支出的來源。

I think it's also important to link the plant closures that we talked about with the reduction in the capital that we're going to spend for the balance of '23 and probably what that looks like in '24. That work is done today, and these assets that we're shuttering would have required significant capital in order to make them competitive. And if you look at the returns on those, it really didn't make sense to do that.

我認為將我們談到的工廠關閉與我們將在 23 年剩餘時間以及 24 年可能會花費的資本減少聯繫起來也很重要。這項工作今天已經完成，我們要關閉的這些資產需要大量資金才能使其具有競爭力。如果你看看這些回報，就會發現這樣做確實沒有意義。

But I would tell you in terms of Chicken specifically and the capacity with -- even with the 10% reduction, we're just over 90% capacity, and we still have room to grow with the customers and as the market grows.

但我會具體告訴你雞肉和產能方面——即使減少 10%，我們的產能也剛剛超過 90%，而且隨著客戶和市場的增長，我們仍然有增長的空間。

And ladies and gentlemen, in showing no additional questions, this will conclude our 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，在沒有提出任何其他問題的情況下，我們的問答環節就此結束。我想請唐尼·金 (Donnie King) 發表結束語。

All right. Thank you, and thanks, everyone, for being with us today. As you've heard today, we're executing in the face of macro headwinds, and we're seeing early success demonstrated by the sequential improvement in Q3. I remain optimistic about our long-term outlook. Our customers and consumers are behind us. We're winning with both, while we remain focused on operational excellence. And we will continue to combat the current environment by focusing on what we can control, all in an effort to maximize value for shareholders.

好的。謝謝你們，也謝謝大家今天和我們在一起。正如您今天所聽到的，我們正在面對宏​​觀逆風，並且我們看到第三季度的連續改善證明了早期的成功。我對我們的長期前景保持樂觀。我們的客戶和消費者在我們身後。我們在這兩方面都取得了勝利，同時我們仍然專注於卓越運營。我們將繼續通過專注於我們能夠控制的事情來應對當前的環境，一切都是為了股東的價值最大化。

I'm very thankful for the hard work that our team members do every day to support these efforts. As we continue to build a world-class organization positioned to take advantage of the opportunities in front of us, we remain confident that our strategy will deliver long-term growth and shareholder value.

我非常感謝我們的團隊成員每天為支持這些努力所做的辛勤工作。隨著我們繼續建立一個世界一流的組織，以利用我們面前的機遇，我們仍然相信我們的戰略將實現長期增長和股東價值。

Thanks for your interest in Tyson Foods, and we look forward to speaking soon.

感謝您對泰森食品的興趣，我們期待盡快與您交談。

Ladies and gentlemen, the conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，會議現已結束。我們感謝您參加今天的演講。您現在可以斷開線路。