泰森食品 (TSN) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Tyson Foods first-quarter 2026 earnings conference call.

早安，歡迎參加泰森食品2026年第一季財報電話會議。

(Operator Instructions)

（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Jon Kathol, VP Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁喬恩·卡索爾。請繼續。

Good morning, and welcome to Tyson Foods first-quarter fiscal 2026 earnings conference call. On today's call, Tyson's President and Chief Executive Officer, Donnie King, Chief Financial Officer, Curt Calaway, and Chief Operating Officer, Devin Cole, will provide prepared remarks.

早安，歡迎參加泰森食品2026財年第一季財報電話會議。在今天的電話會議上，泰森公司總裁兼執行長唐尼金、財務長科特卡拉威和營運長德文科爾將發表準備好的演講。

Following the prepared remarks, we will have a Q&A session with the participants who will be joined by our Chief Growth Officer, Kristina Lambert. We have also provided a supplemental presentation, which may be referenced on today's call and is available on the Tyson's Investor Relations website and via the link in our webcast. During today's call, we will make forward-looking statements regarding our expectations for the future.

在準備好的演講之後，我們將與與會者進行問答環節，我們的首席增長官克里斯蒂娜·蘭伯特也將出席。我們還提供了一份補充演示文稿，可在今天的電話會議上參考，也可在泰森投資者關係網站上以及透過我們網路直播中的連結取得。在今天的電話會議上，我們將就我們對未來的預期發表前瞻性聲明。

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.

本次電話會議中所做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。前瞻性陳述包括所有反映我們對未來事件或業績的預期、假設或信念的評論，這些評論不完全與歷史時期有關。

These forward-looking statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on slide 2 as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections.

這些前瞻性陳述存在風險、不確定性和假設，可能導致實際結果與我們目前的預測有重大差異。有關可能導致我們的實際結果與預測結果存在重大差異的風險因素的更多信息，請參閱第 2 頁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。

We assume no obligation to update any forward-looking statements. Today's segment results are presented on a segment operating income level and will be discussed on an adjusted basis. The primary difference between segment operating income and the method used in previous quarters, is that we will no longer allocate corporate expenses and amortization down to the segment level.

我們不承擔更新任何前瞻性陳述的義務。現今的分部業績以分部營業收入為單位展示，並將以調整後的形式進行討論。分部營業收入與前幾季所採用的方法的主要差異在於，我們將不再把公司費用和攤提分攤到分部層級。

Donnie and Curt will share more thoughts on the change in their prepared remarks. We have recast previously reported quarterly results for the previous 3 fiscal years to reflect the new format. The segment change has no impact on consolidated historical U.S. GAAP financial results. The recast financial information is accessible through the Events and Presentations section of the company's Investor Relations website at ir.tyson.com.

唐尼和科特將在事先準備好的演講稿中分享更多關於這項變更的看法。我們已對先前公佈的過去三個財政年度的季度業績進行了重新修訂，以反映新的格式。此業務板塊調整對合併後的歷史美國通用會計準則財務表現沒有影響。重述後的財務資訊可透過公司投資者關係網站 ir.tyson.com 的「活動與演示」部分取得。

Please note that the references to earnings per share, segment operating income, operating income and operating margin in our remarks are on an adjusted basis for our fiscal periods 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，否則我們在評論中提及的每股收益、分部營業收入、營業收入和營業利潤率均已根據我們的財務期間進行了調整。有關這些非GAAP指標與其對應的GAAP指標的調節表，請參閱我們的獲利新聞稿。

Now I will turn the call over to Donnie.

現在我把電話交給唐尼。

Thank you, Jon, and thanks to everyone joining us today. Before walking you through our first quarter results, I want to remind everyone of what we're building at Tyson, a diversified protein-centric company positioned to capture growing demand for high-quality protein.

謝謝你，喬恩，也謝謝今天所有到場的朋友。在向大家介紹我們第一季的業績之前，我想提醒大家，泰森正在打造的是一家多元化的蛋白質公司，旨在滿足市場對高品質蛋白質日益增長的需求。

We're driving operational excellence, investing in our branded portfolio and innovation to capture market share and deploying our capital strategically to strengthen our competitive position. Our Q1 results with sales increasing to more than $14 billion, demonstrate our initiatives and our strategy are clearly working. We're driving operational excellence daily, and the team is energized for what's ahead.

我們正在努力提升營運效率，投資於我們的品牌產品組合和創新，以獲取市場份額，並策略性地部署我們的資本，以加強我們的競爭地位。第一季銷售額成長超過 140 億美元，證明我們的舉措和策略顯然是有效的。我們每天都在努力實現卓越運營，團隊也對未來充滿熱情。

As Jon mentioned, we've made an important change to our segment reporting measure from adjusted operating income to segment operating income as this will allow you, the investor, to see the results in the same manner that I utilized to judge the effectiveness of our business decisions and accountability for the choices we make. This empowers our business leaders to pursue volume growth and enhance our decision-making based on a more direct view of the impacts of those decisions without corporate expenses and amortization, which are more fixed in nature.

正如 Jon 所提到的，我們對分部報告指標進行了重要調整，從調整後的營業收入改為分部營業收入，這樣一來，投資者就可以用我用來判斷我們業務決策的有效性和我們所做選擇的責任的相同方式來查看結果。這使我們的業務領導者能夠追求銷售成長，並基於對決策影響的更直接了解，增強我們的決策能力，而無需考慮本質上較為固定的公司費用和攤提。

Of course, we will continue to focus on reducing their spend and maximizing efficiencies in our corporate functions. On the businesses, Prepared Foods took another step forward this quarter with sales increasing in volume, channel mix and pass-through pricing. Segment operating income increased to $338 million. Importantly, our products are winning in the marketplace during a clearly dynamic consumer backdrop. Our Prepared Foods business is capturing more market share by volume and dollars, driven by increased brand investments and targeted MAP spending that is showing favorable returns.

當然，我們將繼續致力於降低他們的支出，並最大限度地提高公司職能部門的效率。在業務方面，預製食品業務本季又向前邁進了一步，銷量、通路組合和轉嫁價格均有所成長。分部營業收入增至 3.38 億美元。重要的是，在當前瞬息萬變的消費環境下，我們的產品在市場上取得了成功。我們的預製食品業務在銷售和銷售額方面都獲得了更大的市場份額，這得益於品牌投資的增加和有針對性的最低廣告價格 (MAP) 支出，這些都帶來了良好的回報。

Our production facilities continue to make performance improvements through operational efficiencies. The Chicken segment delivered another strong quarter with $459 million in segment operating income, a margin of 10.9% and a less favorable operating environment. These positive sales and earnings gains were fueled by more efficient marketing and promotional expenses.

我們的生產設施透過提高營運效率，不斷提升效能。雞肉業務部門在不太有利的經營環境下，又取得了強勁的季度業績，部門營業收入達 4.59 億美元，利潤率為 10.9%。銷售額和利潤的正面成長得益於更有效率的行銷和促銷支出。

Results are becoming increasingly more sustainable and predictable with plenty of untapped potential in areas we can control within the business. Chicken is an affordable high-quality protein and our value-added offerings position us uniquely to serve both retail and food service customers. In the first quarter, we announced the strategic decision in our Beef business to close our Lexington, Nebraska facility and scale back operations at our Amarillo, Texas plant to a single ship. These changes were implemented in January, and as a result, our first quarter results do not reflect the impact of these operational adjustments.

結果正變得越來越永續和可預測，在企業內部我們可以控制的領域，還有許多尚未開發的潛力。雞肉是一種價格實惠的高品質蛋白質，我們提供的增值產品使我們能夠以獨特的方式服務零售和餐飲服務客戶。第一季度，我們宣布了牛肉業務的戰略決策，關閉位於內布拉斯加州萊剋星頓的工廠，並將位於德克薩斯州阿馬裡洛的工廠的運營規模縮減至僅生產一艘船。這些變化已於 1 月實施，因此，我們第一季的業績並未反映這些營運調整的影響。

We recognize the impact on people's lives, and we did not make them lightly. At the same time, we made this necessary choice to rightsize our Beef operations with a smaller and more efficient footprint, higher capacity utilization and stronger alignment with the long-term outlook for the U.S. cattle herd. These decisions position us to improve our overall beef capacity utilization and to compete more effectively in the beef business, both now and in the future. Continuing to absorb losses like we have been seeing for the past 2 years is simply unacceptable.

我們意識到這些措施會對人們的生活造成影響，所以我們並沒有輕率地做出這些措施。同時，我們做出了這個必要的選擇，以更小、更有效率的規模、更高的產能利用率和更符合美國牛群長期發展前景的方式，調整我們的牛肉業務規模。這些決策使我們能夠提高整體牛肉產能利用率，並在現在和未來更有效地參與牛肉業務的競爭。像過去兩年那樣繼續承受虧損是不可接受的。

Looking forward, we expect cattle supplies to remain tight throughout 2026 and 2027. During this period, Chicken is likely to continue to benefit most from the changing consumer preferences, both at retail and in foodservice and we're obviously well positioned to win.

展望未來，我們預計2026年和2027年牛隻的供應將持續緊張。在此期間，雞肉很可能繼續從不斷變化的消費者偏好中受益最大，無論是在零售還是餐飲服務領域，我們顯然已經做好了贏得勝利的準備。

Once again, our Pork segment performed well in a stable operating environment. We continue to increase yield and revenue by developing more value-added products, all parts of the pork value chain from hog supply, pork production through retail and foodservice customers are in relative balance allow for more predictable and stable operating margins.

在穩定的經營環境下，我們的豬肉業務再次表現出色。我們透過開發更多加值產品不斷提高產量和收入，豬肉價值鏈的各個環節，從生豬供應、豬肉生產到零售和餐飲服務客戶，都處於相對平衡的狀態，從而實現了更可預測和更穩定的營運利潤率。

Finally, our International segment continued its momentum and had another good quarter. Now let me share with you why we are very well positioned relative to what's occurring in the food industry. A recent development beneficial for Tyson Foods was the release of the new U.S. dietary guidelines. As you are aware, health care costs are rising and it is important to have viable solutions to combat the challenge of obesity and inadequate nutrition.

最後，我們的國際業務部門延續了成長勢頭，又取得了一個不錯的季度業績。現在讓我來和大家分享一下，為什麼我們在食品產業的發展中處於非常有利的地位。最近對泰森食品有利的一項進展是美國新膳食指南的發布。如您所知，醫療保健成本不斷上漲，因此找到切實可行的解決方案來應對肥胖和營養不良的挑戰至關重要。

These updated guidelines and recommendations represent a historic validation of our core mission, providing high-quality essential protein to millions. By advocating for increased animal protein consumption as a leading pillar of a healthy lifestyle, the administration has underscored what we have always known.

這些更新後的指南和建議是對我們核心使命的歷史性驗證，即為數百萬人提供高品質的必需蛋白質。政府提倡增加動物性蛋白質的攝取量，將其視為健康生活方式的重要支柱，這印證了我們一直以來都知道的事實。

Animal protein is a foundational building block of a nutritious diet. As a producer of 1 out of every 5 pounds of chicken, beef and pork in the United States, Tyson is uniquely positioned as the leader in this real protein space. And as the demand for protein continues to increase, Tyson will be there to meet this demand. These policy recommendations underscore how public health priorities and consumer demand for high-quality protein are moving in the same direction. And even in a dynamic economic environment, protein remains essential in the grocery card with consumers continuing to favor chicken, beef and pork.

動物性蛋白質是營養均衡飲食的基礎組成部分。作為美國每 5 磅雞肉、牛肉和豬肉中就有 1 磅的生產商，泰森公司在這個真正的蛋白質領域擁有獨特的領導地位。隨著對蛋白質的需求持續成長，泰森公司將滿足這項需求。這些政策建議強調了公共衛生優先事項和消費者對高品質蛋白質的需求正朝著同一方向發展。即使在瞬息萬變的經濟環境下，蛋白質仍然是食品雜貨中不可或缺的成分，消費者仍然偏好雞肉、牛肉和豬肉。

The updated guidelines also recommend limiting artificial flavors, petroleum-based dyes and artificial preservatives.

更新後的指南也建議限制人工香料、石油基染料和人工防腐劑的使用。

At Tyson, we have been ahead of this curve and have already proactively removed petroleum-based synthetic dye and other ingredients, including high fructose corn syrup across our U.S. branded portfolio. By simplifying our labels and using the same ingredients you could find in your pantry, we are providing consumers what they are looking for, protein. It's real food that tastes good and is good for you. And we're confident that this commitment to quality will continue to drive superior value for our customers and our shareholders.

在泰森，我們一直走在前列，並已主動從我們美國品牌產品組合中去除石油基合成染料和其他成分，包括高果糖玉米糖漿。透過簡化標籤並使用您在食品儲藏室中可以找到的相同成分，我們為消費者提供他們正在尋找的產品——蛋白質。這是真正美味又有益健康的食物。我們相信，這種對品質的承諾將繼續為我們的客戶和股東創造卓越價值。

Let me now tell you about how we are winning in the market. According to Nielsen data, total category food and beverage retail volume declined 1.8%, with dollars up 0.9% over 13 weeks ending in December. In contrast, our retail branded products, which include our national and regional brands, grew by 2.5% in volume and 3.6% in dollars significantly outperforming the broader sector. This retail growth was broad based, highlighted by strong volume performances across several national and regional brands and categories. A few examples include: Tyson National and regional branded fresh chicken, up 10.7%.

現在讓我來告訴你們我們是如何在市場上取得成功的。根據尼爾森的數據，截至 12 月的 13 週內，食品和飲料零售總量下降了 1.8%，但銷售額增加了 0.9%。相較之下，我們的零售品牌產品（包括我們的全國性和區域品牌）銷售量成長了 2.5%，銷售額成長了 3.6%，顯著優於整個產業。零售業的成長是全面性的，多個全國性和區域品牌及品類的銷售量均表現強勁。例如：泰森全國及地區品牌鮮雞銷量成長 10.7%。

Hillshire Farm lunch meats increased by 10.4%. Fuelshire snacking grew by 12.5% and Aidells sausage went up 7.2%.

Hillshire Farm 午餐肉銷量成長了 10.4%。Fuelshire 零食銷量成長了 12.5%，Aidells 香腸銷量成長了 7.2%。

In addition to the volume growth, all 4 grew dollars and share. We are also performing well in foodservice with share gains and volume growth of 27 basis points. Our ongoing investments in innovation, wider distribution and effective targeted marketing are driving growth and keeping us competitive providing substantial opportunities for further progress. As more shoppers turn to the perimeter of the store, we are meeting their demand for fresh, high-quality options. This is why it matters.

除了銷售成長外，這四家公司的銷售額和市場份額也都實現了成長。我們在餐飲服務領域也表現出色，市佔率和銷售量均成長了 27 個基點。我們持續投資於創新、擴大分銷管道和有效的目標行銷，這正在推動成長並保持我們的競爭力，為進一步發展提供實質的機會。隨著越來越多的顧客轉向商店外圍區域購物，我們正在滿足他們對新鮮、高品質商品的需求。這就是它重要的原因。

Demand for Tyson Foods products continues to grow, and we are well positioned to capture this momentum. While some companies face challenges in generating demand, our share gains demonstrate both our strength in our expectation for further growth, an essential driver of our ongoing and future success. Our focus on protein-centric offerings combined with the disciplined capital allocation enables us to accelerate expansion, optimize operations and reinforce our supply chain and marketing capabilities.

泰森食品產品的需求持續成長，我們已做好充分準備，抓住這一發展動能。儘管一些公司在創造需求方面面臨挑戰，但我們的市佔率成長顯示了我們的實力，也顯示了我們對未來成長的預期，這是我們持續和未來成功的關鍵驅動力。我們專注於以蛋白質為中心的產品，並輔以嚴格的資本配置，這使我們能夠加速擴張、優化營運並加強我們的供應鏈和行銷能力。

As a 90-year-old American company, we provide durability, trust, and strategic continuity across cycles. These strengths allow us to deliver lasting value to our customers, consumers, team members and shareholders. Looking ahead, the opportunities before us are more promising than ever, and I'm very confident in our portfolio and in our strategy.

作為一家擁有90年歷史的美國公司，我們提供持久性、信任度和跨週期的策略連續性。這些優勢使我們能夠為客戶、消費者、團隊成員和股東創造持久價值。展望未來，我們面臨的機會比以往任何時候都更加光明，我對我們的投資組合和策略充滿信心。

With that, I'll turn it over to Devin to take you through the segments in more detail.

接下來，我將把麥克風交給德文，讓他更詳細地為大家講解各個部分。

Thank you, Donnie, and good morning. In the first quarter, our team made tangible progress toward our strategic objectives and we remain committed to delivering best-in-class performance and holding ourselves accountable to our customers and consumers' expectations.

謝謝你，唐尼，早安。第一季度，我們的團隊在實現策略目標方面取得了實際進展，我們將繼續致力於提供一流的業績，並對客戶和消費者的期望負責。

Now let's review our segment performance. Prepared Foods delivered a strong quarter with sales up 8.1% versus last year. Growth was driven by volume, channel mix and pass-through pricing. Segment operating income was $338 million, up $16 million versus prior year, reflecting continued progress on our multiyear plan to enhance profitability in this business, and we see more ahead. Our fill rates in prepared foods remained solid, but with room to improve, reflecting the improved S&OP process and unlocking efficiencies in our plants and distribution systems.

現在讓我們回顧一下我們各個業務板塊的表現。預製食品業務本季表現強勁，銷售額比去年同期成長 8.1%。成長主要由銷售、通路組合和轉嫁價格驅動。該業務部門的營業收入為 3.38 億美元，比上年增長 1,600 萬美元，這反映出我們在提高該業務盈利能力方面多年計劃的持續進展，而且我們看到未來會有更大的發展。我們的預製食品供應率保持穩定，但仍有提升空間，這反映了銷售與營運計畫流程的改進，以及我們工廠和配送系統效率的提升。

Our retail businesses outpaced the category in volume, dollars and units leading to share growth in all 3 measures. This has enabled us to better serve our strategic customers with greater consistency and reliability. The progress we achieved in the quarter was expected and have laid the groundwork for an exciting 2026. Growth in Prepared Foods is important to us as it grows our customers' business, expands the reach of our brands and utilizes a sizable portion of our raw material availability. We see significant opportunities ahead to drive growth and improve profits.

我們的零售業務在銷售、金額和單位數量方面均超過了同類業務，從而在所有 3 項指標上實現了市場份額的成長。這使我們能夠以更高的一致性和可靠性更好地服務我們的策略客戶。本季的進展符合預期，並為令人振奮的 2026 年奠定了基礎。預製食品業務的成長對我們而言非常重要，因為它能促進客戶業務成長，擴大我們品牌的覆蓋範圍，並利用我們相當一部分的原材料。我們看到未來有很大的發展機遇，可以推動成長並提高利潤。

Our conviction in this multiyear opportunity to expand profitability in prepared foods remain strong. Our Chicken segment delivered a strong first quarter, in line with the prior year with a significantly more challenging operating backdrop demonstrating the resilience of our business model and disciplined execution.

我們依然堅信，在未來幾年內，預製食品領域將迎來提升獲利能力的絕佳機會。在更具挑戰性的經營環境下，我們的雞肉業務在第一季取得了強勁的業績，與去年同期持平，證明了我們商業模式的韌性和嚴謹的執行力。

Demand for Chicken remains strong. Our diversified pricing strategies and product mix kept average selling process steady, offsetting declines in commodity prices and disruptions from the temporary government shutdown. The efforts helped us overcome market volatility and achieved 3.6% year-over-year sales growth driven entirely by volume and strong consumer demand for chicken. This marks our fifth consecutive quarter of year-over-year volume and net sales gains, underscoring sustained demand for chicken and continued momentum of our strategic customer partnerships.

雞肉需求依然強勁。我們多元化的定價策略和產品組合使平均銷售過程保持穩定，抵消了商品價格下跌和政府暫時停擺的干擾。這些努力幫助我們克服了市場波動，實現了 3.6% 的同比增長，這完全得益於銷售和消費者對雞肉的強勁需求。這標誌著我們連續第五個季度實現同比增長，銷售和淨銷售額均有所增長，凸顯了市場對雞肉的持續需求以及我們戰略客戶合作關係的持續發展勢頭。

While the retail channel saw a strong growth across fresh and value-added products resulting in growth across nearly all retail sub-channels, we also saw strength in our foodservice business led by solid results with QSR and distribution customers as consumers increasingly opt for value-oriented protein choices. Segment operating income for the Chicken segment reached $459 million, driven by improvements in live performance, along with strong volume expansion and continued operational excellence. These factors enabled the Chicken segment to deliver consistent operating income further validating our confidence in the long-term durability and resilience of our business model. In our Beef segment, we remain focused on the factors within our control as we navigate a challenging and dynamic market environment.

雖然零售通路在新鮮和加值產品方面實現了強勁成長，帶動了幾乎所有零售子通路的成長，但我們的餐飲服務業務也表現強勁，這主要得益於快餐店和分銷客戶的穩健業績，因為消費者越來越傾向於選擇物有所值的蛋白質產品。雞肉業務部門的營業收入達到 4.59 億美元，這得益於活禽銷售業績的改善、銷售的強勁成長以及持續卓越的營運表現。這些因素使得雞肉業務部門能夠持續獲得營業收入，進一步驗證了我們對業務模式長期持久性和韌性的信心。在牛肉業務方面，我們將繼續專注於我們可控的因素，以應對充滿挑戰和瞬息萬變的市場環境。

Beef sales increase, reflecting continued healthy consumer demand. As Donnie mentioned in his remarks, we announced changes to rightsize our Beef business. These moves were completed after the close of our first quarter. Both moves are in response to the ongoing challenges of a tighter U.S. cattle supply and we believe these moves allow us to compete more effectively this year and over the long term, with a smaller production footprint and a higher capacity utilization.

牛肉銷售成長，反映出消費者需求持續旺盛。正如唐尼在演講中提到的，我們宣布了調整牛肉業務規模的計劃。這些舉措是在第一季結束後完成的。這兩項措施都是為了應對美國牛隻供應持續緊張的挑戰，我們相信這些舉措能夠讓我們在今年以及長遠來看更有效地參與競爭，縮小生產規模，提高產能利用率。

We expect to benefit in the coming quarters from the effect of the actions taken.

我們預計在接下來的幾個季度裡，將受益於所採取措施的效果。

Segment operating income declined compared to the prior year as higher cattle costs more than offset higher cutout values and continued high consumer demand. While navigating the headwinds, we remain committed to the elements we can control, like optimizing our operational footprint as well as seeking out alternatives to improve our long-term results. In Pork, segment operating income margin increased 220 basis points to 6.7%, fueled by network optimization and operational efficiencies. Hog supplies were adequate during the quarter and projections for an ample supply appear favorable for the upcoming year. The accessibility of pork raw material for our Prepared Foods division is a key part of our end-to-end Pork strategy.

由於牛價上漲抵消了屠宰價格上漲和消費者持續高需求，該部門的營業收入較上年下降。儘管面臨許多不利因素，我們仍致力於我們能夠控制的因素，例如優化我們的營運佈局，以及尋求替代方案來改善我們的長期業績。在豬肉業務方面，由於網路優化和營運效率提高，分部營業利潤率成長了 220 個基點，達到 6.7%。本季生豬供應充足，預計來年供應也將十分充足。對於我們的預製食品部門而言，豬肉原料的可及性是我們端到端豬肉策略的關鍵部分。

We have made substantial progress in utilizing raw materials like pork bellies to supply branded bacon and the supply launch meat in (inaudible) sausage. We will continue to push for higher utilization as we'll improve access, quality and (inaudible) cost for our raw materials.

我們在利用豬五花肉等原料供應品牌培根和供應香腸等肉類方面取得了實質進展。我們將繼續努力提高原料的利用率，同時改善原料的取得、品質和（聽不清楚）成本。

Overall, I am encouraged by the incremental steps we have taken in the first quarter, and I'm confident that we have room to grow and improve across the operational and controllable aspects of our business in 2026 and beyond. We are focusing on our strategic customers and consumers while delivering value to our shareholders. With protein remaining a clear winner in the mind of consumers, the diversity of our portfolio enables us to make investments by partnering with our strategic customers to drive category expansion. With that, I will turn it over to Curt to walk through our financial results and outlook in more detail.

總的來說，我對我們在第一季取得的穩定進展感到鼓舞，我相信，在 2026 年及以後，我們在業務的營運和可控方面還有成長和改進的空間。我們專注於服務策略客戶和消費者，同時為股東創造價值。蛋白質仍然是消費者心目中的絕對贏家，我們多元化的產品組合使我們能夠透過與策略客戶合作進行投資，從而推動品類擴張。接下來，我將把發言權交給科特，讓他更詳細地介紹我們的財務表現和展望。

Thanks, Devin. As mentioned earlier, our first quarter results reflect a change in financial metrics as we are now referring to segment operating income, which excludes corporate expenses and amortization at the segment level. For comparative purposes, all historical results and comparisons presented have been updated to reflect this change. As Donnie mentioned, the reason for this important change is to report results in the same manner that our decision-maker utilizes to assess business performance and allocate resources. We believe this provides investors with an increased level of transparency and it enables them to better compare our results to other food producers.

謝謝你，德文。如前所述，我們第一季的業績反映了財務指標的變化，因為我們現在指的是分部營業收入，其中不包括分部層級的公司費用和攤銷。為了便於比較，所有歷史結果和比較結果均已更新，以反映此變更。正如唐尼所提到的，這項重要改變的原因是為了以與決策者評估業務績效和分配資源相同的方式報告結果。我們相信這將為投資者提供更高的透明度，並使他們能夠更好地將我們的業績與其他食品生產商進行比較。

For the first quarter, total company sales grew 6.2% to $14.3 billion compared to prior year led by beef with solid contributions from Prepared Foods, chicken and pork, reflecting the healthy demand environment for protein. For comparative purposes, the sales increase was calculated excluding the effect of a $150 million legal contingency reserve that was recognized in the quarter. First quarter segment operating income was $811 million, down 12% compared to prior year, driven primarily by the decline in our Beef segment, partially offset by growth in our other businesses. Additionally, Corporate expenses and amortization were lower by $20 million or 7.7% as compared to the same period last year.

第一季度，該公司總銷售額年增 6.2% 至 143 億美元，其中牛肉銷售額成長強勁，預製食品、雞肉和豬肉也貢獻穩健，反映出市場對蛋白質的健康需求。為了便於比較，銷售額成長的計算不包括本季確認的 1.5 億美元法律或有準備金的影響。第一季分部營業收入為 8.11 億美元，比上年同期下降 12%，主要原因是牛肉業務的下滑，但其他業務的成長部分抵消了這一下滑。此外，與去年同期相比，公司支出和攤提減少了 2,000 萬美元，降幅為 7.7%。

Adjusted earnings per share for the quarter were $0.97, down 15% compared to last year, some of which was driven by a higher tax rate. Our multi-protein multichannel portfolio, combined with our team's focus on operational execution and a dynamic macro environment performed well compared to the overall food industry during the quarter.

本季調整後每股收益為 0.97 美元，比去年同期下降 15%，部分原因是稅率上升。本季度，我們的多蛋白多通路產品組合，加上我們團隊對營運執行的重視以及動態的宏觀環境，與整個食品行業相比表現良好。

Turning to our financial position. Our approach to capital allocation remains disciplined, deliberate and forward-looking, and we have a strong balance sheet. We are focused on maintaining financial strength, investing in the business and returning cash to shareholders. Free cash flow is critical to us, and I am pleased with how cash trended in Q1. First quarter operating cash flow was $942 million, and capital expenditures were $252 million, resulting in free cash flow of just under $700 million, well ahead of dividends for the quarter, which were $177 million.

接下來談談我們的財務狀況。我們採取的資本配置方法依然嚴謹、審慎且具有前瞻性，且我們擁有強勁的資產負債表。我們專注於維持財務實力、投資業務並向股東返還現金。自由現金流對我們至關重要，我對第一季的現金流趨勢感到滿意。第一季經營現金流為 9.42 億美元，資本支出為 2.52 億美元，由此產生的自由現金流略低於 7 億美元，遠高於該季度的股息 1.77 億美元。

We ended the quarter with $4.5 billion in liquidity and net leverage declined to 2.0x, an improvement of [0.1] since year-end.

本季末，我們的流動資金為 45 億美元，淨槓桿降至 2.0 倍，較年末改善了 0.1 倍。

If you step back and look at our balance sheet and leverage over the last few years, we've made immense progress strengthening our foundation. In fact, we have reduced gross debt by $1.4 billion over just the last 12 months. With leverage continuing to decline and cash flows remaining strong, we continued share repurchases of $47 million during the quarter, and we returned $224 million to shareholders through a combination of dividends and repurchases.

如果回顧過去幾年我們的資產負債表和槓桿率，就會發現我們在加強自身基礎方面取得了巨大進步。事實上，光是在過去 12 個月裡，我們就減少了 14 億美元的總債務。由於槓桿率持續下降，現金流保持強勁，我們在本季繼續回購了 4,700 萬美元的股票，並透過股息和回購相結合的方式向股東返還了 2.24 億美元。

Our balance sheet remains healthy as we prioritize financial strength, our investment-grade credit rating and cash management to drive long-term shareholder value.

我們優先考慮財務實力、投資等級信用評級和現金管理，以推動股東長期價值成長，因此我們的資產負債表保持健康。

Let's take a moment to review our outlook for 2026. As a reminder, our accounting cycle results in a 53-week year in fiscal 2026 as compared to a 52-week year in 2025. The 2026 outlook is based on a comparative 52-week year. We still anticipate full year sales to be up 2% to 4% year-over-year. We expect the range for total company adjusted operating income to be between $2.1 billion to $2.3 billion.

讓我們花點時間回顧一下我們對 2026 年的展望。提醒一下，根據我們的會計週期，2026 財年為 53 週，而 2025 財年為 52 週。2026 年的展望是基於 52 週的比較年度。我們仍然預計全年銷售額將年增 2% 至 4%。我們預計公司調整後的總營業收入將在 21 億美元至 23 億美元之間。

We anticipate interest expense of approximately $370 million and a tax rate of around 25%. We remain disciplined in managing cash with CapEx expected to be $700 million to $1 billion and free cash flow in the range of $1.1 billion to $1.7 billion. The improved outlook in free cash flow is mostly associated with expected improvements in working capital compared to our prior outlook.

我們預計利息支出約為 3.7 億美元，稅率約為 25%。我們將繼續嚴格管理現金，預計資本支出為 7 億至 10 億美元，自由現金流為 11 億至 17 億美元。自由現金流前景的改善主要與營運資本預期較我們先前的預期有所改善有關。

Now to provide more color on our segment outlook. Based on the continuation of a tight cattle supply, we expect segment operating income in beef to be a loss of $500 million to $250 million. The beef outlook does not include costs related to facility closures. We anticipate segment operating income for pork to be $250 million to $300 million based on an adequate supply of hogs, continued productivity and operational improvements and robust consumer demand for pork.

現在來更詳細地介紹一下我們業務板塊的前景。由於牛源供應持續緊張，我們預期牛肉業務部門的營業收入將虧損 5 億至 2.5 億美元。牛肉市場前景預測不包括與工廠關閉相關的成本。我們預計，在生豬供應充足、生產效率和營運持續提高以及消費者對豬肉的強勁需求的前提下，豬肉業務的營業收入將達到 2.5 億美元至 3 億美元。

We anticipate our segment operating income for chicken to be $1.65 billion to $1.9 billion. We believe chicken will be a preferred protein in the upcoming year. We also expect our operational execution and performance to continue to perform at a high level. In Prepared Foods, we expect segment operating income to be $1.25 billion to $1.35 billion. We expect a continuation of improved performance this year because of ongoing operational discipline and strategic investments in our categories.

我們預計雞肉業務的分部營業收入將達到 16.5 億美元至 19 億美元。我們認為雞肉在未來一年將成為人們更青睞的蛋白質來源。我們也期望我們的營運執行和業績能夠繼續保持高水準。在預製食品業務方面，我們預計該業務部門的營業收入將達到 12.5 億美元至 13.5 億美元。由於持續的營運紀律和對各品類的策略投資，我們預計今年的業績將繼續改善。

Our International segment performed well last year by managing controllable costs, maximizing efficiencies and lowering conversion costs. We expect a continuation of these metrics in 2026 and segment operating income in International to be $150 million to $200 million. Corporate expenses and amortization are anticipated to be $950 million to $975 million. These results align with total company adjusted operating income range of $2.1 billion to $2.3 billion. Overall, I'm pleased with the first quarter's performance and confident that 2026 will be another strong year for our company.

去年，我們的國際業務部門透過控制可控成本、提高效率和降低轉換成本，取得了良好的表現。我們預計這些指標在 2026 年將持續維持，國際業務部門的營業收入將達到 1.5 億至 2 億美元。公司費用和攤銷預計為 9.5 億美元至 9.75 億美元。這些結果與公司調整後營業收入總額 21 億美元至 23 億美元的預期範圍相符。整體而言，我對第一季的業績感到滿意，並相信2026年將是我們公司又一個強勁的年份。

That covers our segment performance, financial highlights and outlook for 2026.

內容涵蓋我們的業務部門業績、財務亮點以及 2026 年展望。

Now I will turn the call over to Donnie.

現在我把電話交給唐尼。

Thanks, Curt. In the first quarter, our team successfully navigated a dynamic and challenging market landscape. These achievements are a direct result of our collective dedication and we look forward to building on this momentum as we move further into 2026. I want to extend my deepest gratitude to every team member at Tyson Foods. It is your passion, dedication and unwavering commitment to our purpose that makes me most excited about our future.

謝謝你，科特。第一季度，我們的團隊成功應對了瞬息萬變且充滿挑戰的市場環境。這些成就直接源自於我們共同的努力，我們期待在2026年繼續保持這股勢頭。我謹向泰森食品公司的每位團隊成員表達我最深切的感謝。正是你們的熱情、奉獻精神和對我們目標的堅定承諾，讓我對我們的未來感到無比興奮。

Together, we have the unique responsibility and privilege to feed the world like family by providing high-quality protein that not only taste good, but is nutritious, affordable and convenient. Our purpose is about more than providing food.

我們共同肩負著獨特的責任和榮幸，像對待家人一樣為世界提供優質蛋白質，這些蛋白質不僅味道鮮美，而且營養豐富、價格實惠、方便快捷。我們的宗旨不僅僅是提供食物。

By providing protein, we have the ability to support good health. This shared purpose is what drives us forward and is the foundation of the future we are building together. With that, I'll turn things back over to Jon as we begin the Q&A session.

提供蛋白質，我們就能促進身體健康。這種共同的目標激勵我們前進，也是我們共同建立未來的基礎。接下來，我將把發言權交還給喬恩，讓我們開始問答環節。

(Operator Instructions)

（操作說明）

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Donnie, Devin and Curt, congrats on a good first quarter. First question I'd like to kick it off. Obviously, the change in some of that segment reporting versus adjusted reporting. Maybe if you could explain us a little bit more the rationale behind that and like the management incentives on a per business level.

Donnie、Devin 和 Curt，恭喜你們第一季表現出色。我想先問一個問題。顯然，部分分部報告與調整後報告有所不同。如果您能再詳細解釋背後的邏輯，以及各個業務層面的管理激勵措施，那就太好了。

And if there is any relationship from that into what the free cash flow changes, you've briefly mentioned working capital, so maybe there is something connected here. So I would like to understand the rationale behind how to manage the business and what's ultimately then driving that free cash flow revision. That would be my question.

如果這與自由現金流的變化有任何關係，你剛才簡要提到了營運資本，所以也許這兩者之間存在某種聯繫。因此，我想了解企業管理背後的邏輯，以及最終是什麼因素導致了自由現金流的調整。這也是我的問題。

Thanks for the question, Ben. Great question. And so let me start with the change was very intentional. It was on purpose. And let me back up a little bit and give you some some of the rationale that for why I wanted it changed.

謝謝你的提問，本。問得好。首先我想說的是，這次改變是經過深思熟慮的。這是故意的。讓我稍微回顧一下，並解釋一下我為什麼想做出改變。

And so let's start with -- if you go back a number of quarters ago, we talked about the fact that we were going to turn over every rock in this organization to be the best-in-class in terms of food companies. And we've been doing those things. There are a lot of proof points relative to that.

那麼，讓我們從——如果你回顧幾個季度前，我們曾談到，我們將徹底改革這個組織，使其成為食品公司中的佼佼者。我們一直在做這些事。這方面有很多證據。

One of the issues that we've had is, and particularly over the last couple of years as it relates to be is volume. So very simply, this. I would need the organization to grow this business, to grow volume in this business, grow it in our branded and value-added increased household penetration with consumers. And in order to do that, I kept bumping up against the fact that people would say things like this corporate overhead structure is, I'm uncompetitive in the marketplace on all these different things. And so here's the math very simply behind that and why we did this is this is how we run the business.

我們遇到的問題之一，尤其是在過去幾年裡，就是銷售問題。很簡單，就是這樣。我需要組織發展這項業務，提高這項業務的銷售量，提高我們品牌化和增值產品的在消費者家庭中的滲透率。為了實現這個目標，我不斷遇到這樣的情況：人們會說，這種公司管理費用結構導致我在市場上缺乏競爭力。所以，背後的數學原理很簡單，我們這樣做的原因就是，這就是我們經營業務的方式。

But before we make the first sale every week, before we turn on the first machine at Tyson Foods every week, we're sitting with something on the order of $1 billion of amortization and corporate expenses.

但是，在我們每週完成第一筆銷售之前，在我們每週啟動泰森食品公司的第一台機器之前，我們都要面對大約 10 億美元的攤銷和公司費用。

Now corporate expenses make up about 80% of that; amortization, about 20%. It is largely fixed in nature. And so therefore, we start every week with about $20 million of fixed costs before we sell the first pound, produce the first pound. And so very simply, I wanted to move that -- a barrier to our organization in terms of trying to sell and grow our business. And particularly in light of the fact that there is less beef production at the same time.

目前，公司支出約佔其中的 80%；攤還約佔 20%。它在自然界中很大程度上是固定的。因此，我們每週在售出第一磅產品、生產第一磅產品之前，都要承擔約 2,000 萬美元的固定成本。因此，簡單來說，我想消除這個障礙——這個障礙阻礙了我們組織在銷售和發展業務方面取得進展。尤其考慮到同時牛肉產量卻有所下降。

We're employing an ROIC mentality. But it energized our organization. And in fact, if you look at where we are at this point, we're down 8%, and we're just announcing it to you. But it gave me visibility that I needed, it gave those business leaders across the organization and function leaders to be able to see where through an activity-based process where we could manage our business better.

我們採用的是投資報酬率（ROIC）的思維模式。但這激發了我們組織的活力。事實上，如果你看看我們目前的處境，我們下跌了 8%，而我們現在才剛剛宣布這一點。但這給了我所需的洞察力，讓整個組織的業務領導者和職能領導者能夠透過基於活動的流程看到我們可以在哪些方面更好地管理我們的業務。

And very simply, it was a matter of looking at things and saying, does the shareholder want to pay for this? Does a customer want to pay for this? Are they willing to pay for it? Is the consumer willing to pay for this? So all of those type things will add into this decision.

簡單來說，就是審視一下狀況，然後問自己：股東願不願意為此買單？顧客願意為此付費嗎？他們願意為此付費嗎？消費者願意為此付費嗎？所以所有這些因素都會影響最終的決定。

Now just changing from AOI to segment operating income doesn't change anything. But what we did was exposed of what those corporate expenses are.

現在，僅僅將 AOI 改為分部營業收入並不會改變任何事情。但我們所做的，揭露了這些公司開支究竟是什麼。

And at the same time, we worked on some of those that are embedded in the cost structure and businesses as well. but it was to simplify how we look at the business and be a catalyst for us growing the business. Curt, let me see if you want to add anything to that, too.

同時，我們也著手處理一些嵌入成本結構和業務中的因素。這樣做是為了簡化我們看待業務的方式，並成為推動業務成長的催化劑。科特，我問你是否還有什麼要補充的。

Yes. Thanks, Donnie. And Ben, great question. I think about the change today is more the journey where we've been the last couple of years. We intentionally moved away from a return on sales percentage of a business a couple of years ago and really focused on dollar contribution of each of our businesses and we did that and certainly how we talk, but also how we provide guidance to you.

是的。謝謝你，唐尼。本，問得好。我認為今天的變化更多的是過去幾年我們走過的歷程。幾年前，我們有意放棄了以銷售回報率來衡量業務，轉而真正專注於每項業務的美元貢獻。我們不僅這樣做了，也改變了我們與您溝通的方式，以及我們為您提供指導的方式。

While not as apparent, but Donnie mentioned it, we've, over the last couple of years also had a very renewed internal metric and focus on return on invested capital. And today's changes, as we're sharing with you, and we've changed internally this past quarter as well, is very intentional in setting us up to be very focused from a growth standpoint and a clarity standpoint.

雖然不太明顯，但唐尼也提到了，在過去的幾年裡，我們也重新重視並更加關注投資回報率這一內部指標。正如我們今天與大家分享的，以及我們上個季度在內部做出的改變，都是經過深思熟慮的，旨在讓我們從成長和清晰的角度出發，更加專注於目標。

Hopefully, that gives you a little bit of Intel. But I think the other part of your question was around improved free cash flow and perhaps whether that was included in or changed as we think about the relative segments.

希望這些資訊能給你一些啟發。但我認為你問題的另一部分是關於自由現金流的改善，以及當我們考慮相關業務板塊時，這是否已被納入或改變。

So let me maybe just back up a second and talk about guidance overall and what changed and what didn't change. And let me just start with clarifying what did not change. So we did not change total company adjusted operating income, which was still $2.1 billion to $2.3 billion, sales growth still positive, up 2% to 4%. And CapEx stayed constant at $700 million to $1 billion and then adjusted tax rate still at approximately 25%. None of those changed.

那麼，讓我先回顧整體指導方針，談談哪些方面發生了變化，哪些方面沒有改變。首先，我想澄清一下哪些方面沒有改變。因此，我們沒有改變公司調整後的總營業收入，仍在 21 億美元至 23 億美元之間，銷售額成長仍為正，成長了 2% 至 4%。資本支出維持在 7 億至 10 億美元之間，調整後的稅率仍約為 25%。這些都沒有改變。

We -- as you pointed out, we did change free cash flow and actually improved it now a range of $1.1 billion to $1.7 billion. And you're right, the working capital performance is a driver of that better than we had previously included in our prior forecast for free cash flow. That also aided in reducing interest expense, interest expense now on a net basis at $370 million partially from that improved free cash flow, partially from capital structure efficiencies that we put in place.

正如您所指出的，我們確實改變了自由現金流，並且實際上將其提高到了 11 億美元至 17 億美元之間。你說得對，營運資本表現比我們先前在自由現金流預測中考慮的因素更能推動這一結果。這也有助於減少利息支出，目前淨利息支出為 3.7 億美元，部分原因是自由現金流改善，部分原因是我們實施了資本結構效率最佳化。

But the other changes you highlighted certainly was a new type of guidance at the segment operating income level. Prepared Foods, $1.25 billion to $1.35 billion, still a range of $100 million; Chicken, $1.65 billion to $1.9 billion, still a range of about $250 million; International, $150 million to $200 million, still a range of $50 million; Pork, we did narrow the range to $250 million to $300 million really following a good Q1 performance but also the seasonally usually a little bit better Q1 for us; and Beef, losses of $500 million to $250 million. So widened the range a little bit certainly in light of a very dynamic beef environment, we widened that loss range a little bit; and then new corporate expenses and amortization, a range of $950 million to $750 million.

但您強調的其他變化無疑是分部營業收入層面的一種新型指引。預製食品，12.5億美元至13.5億美元，仍為1億美元；雞肉，16.5億美元至19億美元，仍為約2.5億美元；國際業務，1.5億美元至2億美元，仍為5000萬美元；豬肉，我們已將範圍縮小至2.5億美元至3億美元，這主要是由於第一季度的良好表現，而且通常來說，第一季度對我們來說會略好一些；牛肉，虧損5億美元至2.5億美元。鑑於牛肉市場環境瞬息萬變，我們確實稍微擴大了虧損範圍；此外，新的公司支出和攤銷範圍為 7.5 億美元至 9.5 億美元。

But I just finish with Q1 was very much in line with our expectations. And from a total outlook, still a range of adjusted operating income at $2.1 billion to $2.3 billion.

但我剛剛總結說，第一季的業績完全符合我們的預期。從整體展望來看，調整後的營業收入預計在 21 億美元至 23 億美元之間。

Okay. Perfect. And then a quick follow-up on Prepared Foods. You've flagged a very strong pricing increase over last year with essentially flattish volumes. But it seems that profit margin is still somewhat under pressure.

好的。完美的。然後快速跟進一下預製食品的狀況。您指出，與去年相比，價格出現了非常強勁的上漲，而銷售量基本上持平。但利潤率似乎仍面臨一定壓力。

Can you help us understand where you are in the journey of price increases of some of the food -- of the input cost inflation that you've been facing, particularly from beef that goes into Prepared Foods. So where -- how much more price increases do you need to push through? And like what magnitude would that be to get a more stable profit margin versus last year.

您能否幫助我們了解您目前面臨的食品價格上漲問題—特別是您一直面臨的投入成本上漲問題，特別是用於預製食品的牛肉價格上漲問題？那麼，你們到底還要提價多少呢？那麼，要獲得比去年更穩定的利潤率，需要多大的調整呢？

Sure. I'll take that one. And let me start with, Ben, we -- our multiyear strategy is working. Our business is growing, which will create long-term value for the company. Our net sales were up about 8%.

當然。我選那個。首先，本，我想說的是，我們──我們的多年策略正在奏效。我們的業務正在成長，這將為公司創造長期價值。我們的淨銷售額成長了約 8%。

So let me touch on that here. The 8% increase was not pure price. The increase reflected a combination of channel mix and formula-based pass-through pricing. A large portion of the foodservice business is formula-priced and as raw materials go up, finished goods pricing follows, and there is, of course, a lag with that. So the current state, as you think about commodities, and we talked about this last quarter, our commodity cost in this quarter is up $100 million.

所以，我在這裡就簡單談談這個問題。8%的漲幅並非純粹的價格上漲。這一成長反映了通路組合和基於公式的轉嫁定價的綜合影響。餐飲服務業很大一部分採用公式定價，隨著原物料價格上漲，成品價格也會上漲，當然，這其中有一定的滯後性。所以，就目前大宗商品市場的情況而言，正如我們上個季度討論的那樣，本季我們的大宗商品成本增加了 1 億美元。

But I would tell you that pricing is catching up, which is you're seeing it in sales price. Beef and Pork trim remains elevated and other inputs are stabilizing. So it's predominantly a foodservice driving, but I have to point out this in our -- in terms of growth in our Prepared Foods business, we grew market share, we grew volume, dollars and unit share. And this is the fifth consecutive quarter of sequential improvement. But the pricing is not pure pricing. It's our pricing particularly in foodservice, catching up with those increase in raw materials.

但我可以告訴你，價格正在迎頭趕上，你會在銷售價格中看到這一點。牛肉和豬肉邊角料價格仍居高不下，其他投入價格趨於穩定。所以，這主要是受餐飲服務業的推動，但我必須指出，就我們的預製食品業務成長而言，我們的市佔率、銷售量、金額和單位份額都成長了。這是連續第五個季度實現環比增長。但這種定價並非純粹的定價。尤其是在餐飲服務領域，我們的定價正在跟上原物料價格上漲的步伐。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Great job on a nice quarter. I understand protein demand is really elevated right now, which is helpful for you. But what -- it's really great to see is your branded portfolio across prepared and fresh continue to take share. Just what do you think you're doing differently to position your brands today. Why do you think they're resonating in the current environment, especially when the consumer backdrop has been mixed? And maybe how much do you think innovation has been a driving factor as well?

幹得漂亮，完成了一個漂亮的四分之一英里。我知道目前蛋白質需求量很高，這對你來說是好事。但真正令人欣喜的是，你們的品牌產品組合，包括預製食品和新鮮食品，都在持續擴大市場份額。您認為如今您在品牌定位上有哪些與眾不同的做法？你認為為什麼它們在當前環境下，尤其是在消費市場情緒複雜多變的情況下，能夠引起共鳴？那麼，您認為創新在多大程度上也是一個驅動因素呢？

Sure, Leah, thank you for the question. Let me start out with the punchline, I thank you for recognizing that. But there's a number of things. Let's start with protein. Protein is a superstar in the story.

當然，莉婭，謝謝你的提問。讓我先說笑點，謝謝你注意到這一點。但還有很多其他因素。我們先從蛋白質說起。蛋白質在這個故事中扮演著超級明星的角色。

The execution of the businesses, which -- yes, you can think about it in terms of the traditional labor yield spend, those kind of things. But in terms of using tools in the market that we have available to us, that we haven't had before. We see a number of things. For example, we're expanding our core distribution, we are -- with our customers, our strategic customers that we talk about across all segments.

企業的執行情況，是的，你可以從傳統的勞動力產出支出等方面來考慮。但就利用市場上現有的、我們以前從未擁有過的工具而言。我們看到了很多東西。例如，我們正在擴大我們的核心分銷管道，我們正在與我們的客戶，也就是我們在所有細分市場中談論的策略客戶進行合作。

We're doing that with them. We're accelerating innovation, and we continue to invest in MAP. And so those are the levers that we're using. So I would give you this statistic, which I'm very proud of from an organizational perspective, acknowledging that there's still plenty to do. Tyson was the only food company in consumer staples, growing volume and dollar share in the most recent report.

我們正在和他們一起做這件事。我們正在加速創新，並將繼續投資於MAP。所以，這些就是我們正在使用的手段。因此，我想向你們提供這項統計數據，從組織的角度來看，我對此感到非常自豪，但也承認還有很多工作要做。在最新的報告中，泰森是唯一一家在消費必需品領域實現銷售和銷售額份額成長的食品公司。

The only other one was P&G, which is not in the food space. So I'm very proud of that. Our machine is working, but it's largely execution from one end of the supply chain to the other. And let me pass it over to Kristina Lambert and let her add a little more finer points to this.

另一家公司是寶潔，但它並不涉足食品領域。所以我為此感到非常自豪。我們的機器運作正常，但很大程度取決於供應鏈一端到另一端的執行情況。接下來，我將把麥克風交給克里斯蒂娜·蘭伯特，讓她補充一些細節。

Yes. Thanks, Donnie. I think you started out earlier really well talking about our commitment to growing the volume within our businesses. And what you're seeing across our brands is that continued effort to increase household penetration, focusing on younger consumers, meeting their needs in unique ways, whether it be renovation of our existing core items or innovating into new spaces to meet those unmet consumer needs. Donnie also talked about the expanded distribution.

是的。謝謝你，唐尼。我認為你前面談到我們致力於提升公司業務規模的立場時，表現得非常好。您在我們各個品牌中看到的是，我們不斷努力提高家庭滲透率，重點關注年輕消費者，以獨特的方式滿足他們的需求，無論是翻新我們現有的核心產品，還是創新進入新的領域以滿足這些尚未被滿足的消費者需求。唐尼也談到了擴大分銷範圍的問題。

We've been able to gain increased distribution across our Tyson, Jimmy Dean, Hillshire Farm, Ball Park, all driven by that commitment with our strategic customers and our intent to grow our business and their business at the same time.

我們得以在 Tyson、Jimmy Dean、Hillshire Farm、Ball Park 等通路擴大分銷，這一切都源自於我們對策略客戶的承諾，以及我們希望同時發展我們自身業務和客戶業務的意願。

With the new dietary guidelines emphasizing protein, we're really excited about the opportunity for having 3 of the top 10 brands within the Food segment for the US, so Tyson, Jimmy Dean and Hillshire Farms. We are outpacing most of the channels and those strategic customers, again, in retail and foodservice. Our portfolio will allow us to meet continued needs as we go on this journey to provide food that tastes good, it's made with ingredients that consumers can find in their own pantries. They'll be nutritious, affordable and convenient, and those are our commitments. We're really excited about the opportunity for Tyson Foods.

新的飲食指南強調蛋白質，我們非常高興有機會擁有美國食品領域排名前十的品牌中的三個，分別是泰森、吉米·迪恩和希爾郡農場。我們在零售和餐飲服務領域再次超越了大多數通路和策略客戶。我們的產品組合將使我們能夠滿足不斷增長的需求，因為我們將繼續致力於提供美味的食品，這些食品採用消費者可以在自家食品櫃中找到的原料製成。它們將營養豐富、價格實惠、方便快捷，這是我們的承諾。我們對泰森食品公司的發展機會感到非常興奮。

That's very helpful. And then just switching over to Beef, given the wider guidance range there. Just more color on the trends you're seeing in that segment. Any puts and takes the potential impact from your recent capacity closures as we think about the next few quarters, I think I heard in the prepared remarks that it wasn't reflected fully in the updated guide? And just how are you thinking about capacity for the overall industry as we go forward?

那很有幫助。然後，鑑於牛肉的指導範圍更廣，就直接轉向牛肉吧。更詳細地描述你在該領域看到的趨勢。考慮到近期產能關閉可能對未來幾季造成的影響，大家有什麼看法？我好像在事先準備好的發言稿中聽到，更新後的績效指南並沒有完全反映出這些影響？那麼，您如何看待未來整個產業的產能問題？

Yes. This is Devin. We continue to be in a very dynamic and volatile situation with the Beef segment has been mentioned. In the quarter, there are really 4 key drivers that affect the results in this business. And we certainly have cattle costs, which we've talked a good bit about historically and continue to be a challenge just due to the general cattle availability, but also, we have cut out, we have to drop credit and the manufacturing cost structure.

是的。這是德文。正如先前所提到的，牛肉市場目前仍處於非常動態和動盪的局面。本季度，真正影響該業務業績的關鍵因素有 4 個。當然，我們也有牛的成本問題，我們過去也多次談到這個問題，而且由於牛的供應情況，牛的成本仍然是一個挑戰。此外，我們也削減了信貸，不得不降低製造成本結構。

There's really a balance for us between all of those factors. And in this quarter, we did experience, as I mentioned, the higher cattle costs. We also had additional freight impact as we work to fill the production needs within the regional supply deficits that we saw.

對我們來說，所有這些因素之間確實存在著一種平衡。正如我之前提到的，本季我們確實經歷了更高的牛價。由於我們發現區域供應短缺，需要滿足生產需求，因此貨運也受到了額外的影響。

And certainly, from quarter-to-quarter, we can and we'll have differences in basis derivatives that we use as the risk management business. What I'm proud of this team, despite some very difficult circumstances that we are performing well with the metrics we can control. We had heavier weights that did negatively -- in fact, cutout values due to body compositions, but they also help us with our volume. Overall, volume was slightly down, it was down 7.3% in the quarter despite these heavier weights. So there's pluses and minus with those factors as well. But really, all of these weighed into our decision to make changes to the production footprint.

當然，每季我們都會在使用基差衍生性商品進行風險管理時出現差異。令我感到自豪的是，儘管面臨一些非常困難的情況，但我們這支團隊在我們能夠控制的指標上表現出色。我們之前用過更重的重量，結果出現了負面影響——實際上，由於身體組成的原因，我們的訓練量被削減了——但它們也幫助我們增加了訓練量。總體而言，成交量略有下降，儘管有這些重量級指標，本季仍下降了 7.3%。所以這些因素也有利有弊。但實際上，所有這些因素都影響了我們改變生產佈局的決定。

We just recently completed these so that would not be anything that would be in the Q1 reporting relative to what we expect to see moving forward. I think if you think about the future of this, it's important to point out that the data that we see indicates an ultimate smaller herd as it does rebuild, which is been historically true for the last several cycles.

這些工作我們最近才完成，因此與我們預期未來發展方向相關的內容不會出現在第一季的報告中。我認為，如果你考慮未來，那麼你必須指出，我們看到的數據表明，隨著族群的重建，最終族群規模會縮小，這在過去的幾個週期中都是如此。

And the strategic steps we've taken to put us in the best possible position to maximize capacity utilization and it allows us to increase our efficiencies, reduce our costs and capture value from improved yields. And really, our -- as in all of the businesses, as we've talked about, our objective is to be the most efficient and best performing company.

我們採取的策略步驟使我們處於最佳位置，最大限度地利用產能，從而提高效率，降低成本，並從提高產量中獲取價值。事實上，正如我們之前討論過的所有業務一樣，我們的目標是成為效率最高、業績最好的公司。

And so we're not only focused on the operational excellence but continue to work with strategic customers and supply partners to make sure we're optimizing the mix and find innovative ways to add value and convenience for consumers.

因此，我們不僅專注於卓越運營，而且還繼續與策略客戶和供應合作夥伴合作，以確保我們優化產品組合，並找到創新的方法為消費者增加價值和便利性。

I think as well, just one clarification in the question. As Devin had pointed out, right, the announcement of that was obviously in Q1. The activities didn't occur until our second quarter. The comments in the prepared remarks I also referenced that our outlook would not include the cost associated with all that closure, obviously because that is adjusted out as we did in Q1 as well.

我也覺得，這個問題需要澄清一點。正如德文指出的那樣，沒錯，那項公告顯然是在第一季發布的。這些活動直到第二季才開始。我在準備好的發言稿中也提到，我們的展望不包括與所有這些關閉相關的成本，顯然，因為這部分成本已經像我們在第一季所做的那樣進行了調整。

Thomas Palmer, JPMorgan.

Thomas Palmer，摩根大通。

Donnie, I was curious your updated views of the chicken industry. You're telling, in recent quarters, I think, has been very constructive about supply growth being limited though in today's prepared remarks, you also referenced the weaker chicken environment in the quarter and the annual outlook was reiterated. So maybe just an update on kind of how you're seeing the market environment.

唐尼，我很好奇你對養雞業的最新看法。我認為，您在最近幾季對供應成長受限的表態一直非常積極，儘管在今天的發言稿中，您也提到了本季度雞肉市場環境疲軟，並重申了年度展望。所以，或許可以簡單介紹一下您對當前市場環境的看法。

Sure, and thanks for the question. Let me start with -- begin with the end here and just tell you that, once again, we think that 2026 will be similar to what we saw in 2025. And so that's what we have modeled. But in terms of supply, just from an industry perspective, USDA projects a 1% growth in production we think is very manageable. You saw some recent excess increases, and we think that's also manageable.

當然，謝謝你的提問。讓我先從結尾說起，再次告訴大家，我們認為 2026 年的情況將與 2025 年類似。所以，這就是我們所建立的模型。但就供應而言，僅從產業角度來看，美國農業部預計產量將成長 1%，我們認為這是完全可控的。最近出現了一些過度成長，我們認為這也是可以控制的。

But the other part of that equation, the demand side that demand continues to be strong and our supply at Tyson, we're in very good balance. I think the industry is at a very good balance based on publicly available data. So we're very excited about that. But for Tyson, we think it's a constructive environment. But our confidence in last quarter, this quarter is -- it's based on the execution that we have in this business.

但等式的另一部分，即需求方面，需求仍然強勁，而泰森的供應也處於非常良好的平衡狀態。我認為，根據公開數據來看，目前該產業的平衡狀態非常好。我們對此感到非常興奮。但我們認為，對泰森來說，這是一個建設性的環境。但我們對上個季度和本季的信心——是基於我們在這個業務中的執行力。

For example, we did experience some commodity softness in the quarter. And in fact, we talked about a little bit earlier about in 2025, you saw some record recipe prices. And I would expect, and we've seen that it's possible there will be some market normalization throughout '26 and there is.

例如，本季我們確實經歷了一些大宗商品價格疲軟的情況。事實上，我們之前也稍微提到過，2025 年，有些食譜的價格可能會創下歷史新高。而且我預計，我們也看到了，2026 年市場可能會出現一些正常化跡象，而事實也的確如此。

You saw mid-December prices moved down on some of the commodities and they're back up more recently. I just call this typical seasonality. I'm not concerned about that. I think I would also point out and we have in the past that at Tyson that we are not tied directly to commodity markets. And so that's also another point that you should be aware of.

12月中旬，一些大宗商品的價格有所下跌，但最近又回升了。我認為這只是典型的季節性現象。我並不擔心。我想指出，而且我們過去也曾指出，泰森公司並沒有直接與大宗商品市場掛鉤。所以，這也是你該注意的另一點。

So we feel very good about it. And it's based on our execution and every one of our -- from hatch livability, customer relationships, but the secret sauce, if you will, around the Tyson model is that we continue to grow volume, and we continue to be aligned with strategic customers and the execution with those customers in quality service, consistency, those type of things is paying huge dividends.

所以我們對此感到非常滿意。這都基於我們的執行力，以及我們每一個人——從孵化適宜性到客戶關係，但泰森模式的秘訣在於，我們不斷提高產量，並繼續與策略客戶保持一致，在服務品質、一致性等方面與這些客戶合作，這些都帶來了巨大的回報。

And it's what we've been working on now for some time. You see the evidence of that in our volume being up 3.8%. And in fact, our volume in Q1 for poultry is an all-time record in terms of volume. But we saw it in places where we told you we wanted to see it. For example, our branded fresh business is up 9% and our branded frozen is up 12.2%. So a very nice job.

而這正是我們一段時間以來一直在努力的方向。從我們交易量成長 3.8% 就能看出這一點。事實上，我們第一季的家禽銷量創下了歷史新高。但我們確實在之前告訴過你們我們想看的地方看到了它。例如，我們的品牌新鮮食品業務成長了 9%，品牌冷凍食品業務成長了 12.2%。幹得漂亮！

The other part of that, and it gets back to your question, our net sales were up 3.6%. That's largely mix, but our actual pricing remained flat versus the prior year. And so I'll stop or take a pause right there and see if you have a follow-up to that.

另一方面，這也回到了你的問題，我們的淨銷售額成長了 3.6%。雖然產品種類繁多，但我們的實際定價與前一年相比保持不變。所以我就先停下來，看看你還有沒有後續問題。

That was really helpful color. Maybe just pivot a little bit. On the -- now that we're seeing the corporate amortization for the first time, I guess, guidance would imply it's down at least 4% year-over-year, I think. What's driving that decrease?

那真是個很有用的顏色。或許可以稍微調整一下方向。關於——既然我們現在第一次看到了企業攤銷，我想，指導意見應該意味著它比去年同期下降了至少 4%。導致這種下降的原因是什麼？

Or your question is on amortization down year over year, Tom?

或者你的問題是關於攤銷額逐年下降的情況，湯姆？

Sorry, the corporate plus amortization line with kind of the newly introduced line, I think guidance implies it's down at least 4% year-over-year.

抱歉，企業利潤加上攤提這一項，也就是新推出的那項，我認為指導意見暗示它比去年同期至少下降了 4%。

Yes. Yes. I think acknowledging in the first quarter, right, we were down $20 million on a year-over-year basis. That really is driven by our focus from an overhead cost as we disclosed in the 10-Q as well that team member costs were down about $13 million versus the prior quarter. There will be a little bit of reduction as well in amortization on a year-over-year basis, but the largest contributor to that would just be team member related costs.

是的。是的。我認為應該承認，在第一季度，我們比去年同期下降了 2000 萬美元。這實際上是由於我們對管理費用的關注，正如我們在 10-Q 文件中所揭露的那樣，團隊成員成本比上一季下降了約 1300 萬美元。與前一年相比，攤銷費用也會略有減少，但造成這項減少的最大因素是與團隊成員相關的成本。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Can I ask about an update on heifer retention? And any signals that you're seeing out in the marketplace about how that's playing out. I think last quarter, you talked about how in certain regions, we start to be seeing some heifer retention in the beginnings of the resolution of a beef cycle. Is that still the case? And are you seeing it expanding?

請問關於小母牛留存的最新狀況如何？以及你在市場上看到的任何與此相關的訊號。我認為上個季度，您談到在某些地區，我們開始看到在牛肉生產週期初期出現一些小母牛留存的情況。現在情況仍然如此嗎？你看到它正在擴張嗎？

Yes. The USDA did release their annual report on Friday, and I think a few points to note in there, it is the smallest [herd] since 1951, but maybe more important to today's world, it's 9% lower than it was in 2019. So capital availability continues to be the issue for the industry. However, I would say that we do continue to see some signs, early signs of a rebuild, replacement heifer in that report and did increase 1%, and there's some regionality in that, not a surprise similar to what we've been seeing.

是的。美國農業部週五發布了年度報告，我認為其中有幾點需要注意：這是自 1951 年以來最小的畜群數量，但對當今世界來說，也許更重要的是，它比 2019 年下降了 9%。因此，資金可用性仍然是該行業面臨的問題。不過，我想說的是，我們確實繼續看到一些跡象，重建的早期跡象，報告中提到的替換小母牛數量增加了 1%，而且這其中存在一些區域性差異，這並不令人意外，與我們一直以來看到的情況類似。

I think as we get through the winter months and into the spring, that will become more clear if that stay on course. But also, I would say, beef cow slaughter was down [17.7%] in 2025. So that's well below the historical average. And heifer feed is also down 3.1% from the prior year.

我認為，隨著我們度過冬季進入春季，如果情況繼續朝著這個方向發展，這一點將會變得更加明朗。但同時，我認為，到 2025 年，牛肉牛屠宰量下降了 17.7%。所以遠低於歷史平均。母牛飼料用量也比前一年下降了3.1%。

So again, there are some bright spots in there as we begin to see these early signs of hard rebuild. But bear in mind, too, as that happens, those cattle will become -- will be taken out of supply chain, and we'll go through a period here where we will have less availability in the short term as we build back this herd. I think the summary for all of those data points for us is that cattle is going to remain extremely tough of the foreseeable future than we are in these early stages.

所以，隨著我們開始看到艱難重建的早期跡象，其中也出現了一些亮點。但也要記住，隨著這種情況的發生，這些牛將會——將會從供應鏈中移除，在我們重建牛群的過程中，短期內我們將面臨供應減少的時期。我認為，綜合所有這些數據點來看，可以得出的結論是，在可預見的未來，牛群的生存狀況將比目前這個初期階段要艱難得多。

I think coming out of other side, as I mentioned, this herd, will be smaller than historical numbers post cycle, which would be indicative of recent times. And we've gone through rebuild cycle, they do come out with a lower overall number.

我認為，正如我之前提到的，走出困境後，這群人的數量將比歷史上週期後的數量要少，這預示著近期的趨勢。我們已經經歷了重建週期，他們的整體數據確實有所下降。

As a result, feedlots are having to hold cattle longer, certainly with stable grain and puts, they're maximizing their weight, which is helpful from a volume standpoint to a point, as I mentioned earlier, we do have some body composition issues as they become certainly really large.

因此，飼養場不得不讓牛飼養更長時間，當然，在穩定的穀物和飼料的幫助下，它們正在最大限度地增加體重，這在一定程度上是有幫助的，正如我之前提到的，隨著牛變得非常大，我們確實遇到了一些體成分問題。

But I think in all of this, the point to the demand remains very robust. USDA indicates that the forecast in 2026 will be very similar to what consumption was in 2022. So no changes throughout all of this. But to me, really, what it does is it emphasizes why we've made the decisions to make the changes in our harvest footprint and really setting ourselves up for future based on the data that we can see today.

但我認為，在所有這些因素中，需求依然非常強勁。美國農業部表示，2026 年的預測消費量將與 2022 年的消費量非常相似。所以整個過程中沒有任何變化。但對我來說，它真正強調的是，我們為什麼要做出改變收割規模的決定，並根據我們今天看到的數據，真正為未來做好準備。

And then as a follow-up, have you quantified how much the net savings are from the beef plant closure and the shift reduction? Just trying to figure out how that affects the profitability of that segment going forward?

其次，您是否量化了關閉牛肉加工廠和減少輪班可以節省多少淨成本？我只是想弄清楚這會對該業務板塊未來的獲利能力產生怎樣的影響？

Yes. I think I'd just point you to the guidance that we have for the year, and we have baked into that everything that we are able to quantify today, it is early. We just recently completed this transition into our new footprint. And we do intend to not only increase our capacity utilization, but continue with all of the operational benchmarks and improvements that we see. And ultimately, we intend to run a best-in-class operation. But I don't have any other specific numbers to give you.

是的。我想請您參考我們今年的指導方針，其中已經包含了我們今天能夠量化的所有內容，現在還為時過早。我們最近剛完成了搬遷到新址的工作。我們不僅打算提高產能利用率，而且還將繼續推進我們看到的所有營運基準和改進措施。最終，我們的目標是經營一流企業。但我沒有其他具體數字可以提供給你。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Thanks for the question. Congrats on the results here. Just wanted to maybe start off with beef here. And just trying to get a little bit more color around guidance and cadence really. I think midpoint of [3.75] signify some sort of kind of improvement from here.

謝謝你的提問。恭喜你取得這樣的成績。想先從牛肉說起。我只是想讓指導和節奏方面多一些細節。我認為 [3.75] 的中點顯示情況有所改善。

You've kind of spelled it out a little bit saying you're going to get some benefits from the facility closure. But I was wondering if you could help us kind of think about the margin aspect. I think beef packer margins are trending slightly worse right now than they were in 4Q.

你已經稍微明確地表示過，你會從工廠關閉中獲得一些好處。但我很想知道您能否幫我們考慮一下利潤率方面的問題。我認為目前牛肉加工商的利潤率趨勢比第四季略差。

And I was just wondering if you guys are seeing the same thing. And then in terms of the cadence, do you expect kind of just sequential improvements from here? Do you expect like a a step-up improvement next quarter because of the facility costs and then kind of normal seasonality? Or how should we think about cadence overall.

我想知道你們是否也遇到了同樣的情況。那麼就節奏而言，您是否預期接下來會逐步改進？您是否預期下個季度會因為設施成本和正常的季節性因素而顯著改善？或者我們應該如何看待整體節奏？

This is Curt. I'll start and Devin may have something to add here. I would certainly remind you, as you kind of highlighted, there is always generally a little bit of seasonality in the beef business with our second quarter usually having challenges not to make the least of which would be weather related.

這是柯特。我先開始，Devin 可能還會補充一些內容。正如您所指出的，我當然要提醒您，牛肉行業通常都會有一些季節性因素，我們的第二季度通常會面臨一些挑戰，其中最主要的挑戰莫過於天氣因素。

But a range is we've widened it out $50 million at a loss of $500 million to a loss of $250 million I think acknowledging our Q2 challenge and perhaps what would seasonally be a little bit better in the back half of the year as you get into grilling season, but certainly, animal availability is going to be a key determinant of that, and I'll let Devin add anything else he wants.

但我們已經將虧損範圍擴大到 5000 萬美元（虧損 5 億美元）到 2.5 億美元，我認為這考慮到了我們第二季度的挑戰，以及隨著燒烤季的到來，下半年情況可能會有所好轉，但可以肯定的是，牲畜供應情況將是決定性因素，至於 Devin 還有什麼要補充的，就讓他自己來吧。

Yeah. No. I think that's really it. I mean, you can certainly see our results in Q1, and it's many of those issues that I mentioned previously were the drivers in that as we had regional disparity and had to move some cattle around Q2. As Curt mentioned, we'll always have its fair share of challenges.

是的。不。我想應該就是這樣了。我的意思是，你當然可以從我們第一季的業績中看到這一點，而我之前提到的許多問題都是造成業績下滑的原因，因為我們存在區域差異，並且不得不在第二季度轉移一些牛群。正如柯特所說，我們總是會面臨各種不同的挑戰。

But again, this is really why we've done what we've done to put ourselves not only in the back half of the year, but looking out beyond that to be in the best possible position for success with the cattle that are available to us. So again, we don't guide quarterly, but certainly, you can put those building blocks together.

但話說回來，這正是我們採取這些措施的真正原因，不僅是為了下半年，更是為了放眼未來，以便我們能夠利用現有的牛群，在最有利的條件下取得成功。所以，我們不按季度提供指導，但當然，你可以把這些要素組合起來。

Absolutely. I appreciate the color. And maybe just for the follow-up. I wanted to ask about Prepared Foods. I think in the past, you've noted that there's a little bit more seasonality in the first half of the year. But we've had some challenges with input costs in the past few quarters. So I was just wondering if as we look out into this business, do you expect to see a more evening pace throughout the year? Or how should we think about seasonality in Prepared Foods?

絕對地。我喜歡這個顏色。或許只是為了後續跟進。我想諮詢一下預製食品的情況。我認為你過去曾指出，上半年季節性因素比較明顯。但過去幾個季度，我們在投入成本方面遇到了一些挑戰。所以我想知道，展望未來，您是否預期全年業務節奏會更加緩慢？或者，我們應該如何看待預製食品的季節性？

Thanks, Pooran. You're correct. Last year, we pointed to a more balanced front half, back half, and that was really driven by the building effect of our operational execution inside the walls of the plant that we're really giving us some benefit that kind of tilted the access a bit, if you will, I think on balance, we said that, that would probably start to revert back to a bit more normalized level.

謝謝你，普蘭。你說得對。去年，我們指出前半年和後半年的業績更加平衡，這實際上是由我們在工廠內部運營執行的建設性影響所驅動的，這確實為我們帶來了一些好處，使業績略有好轉。我認為，總的來說，我們說過，這種情況可能會開始恢復到更正常的水平。

I think the only other data point you kind of alluded to it was we did make the comment a quarter ago that some of the run-up in raw material costs didn't fully get flushed through the P&L in Q4. We still carried some of that in inventory that was the inventory we sold out, or COGS, if you will, at the beginning part of the quarter, which may alter a little bit, a little closer to 50-50, but it's a mix of those, right? I would say, generally, it's a little bit more front half loaded, but we did again carry some higher inventory into Q1 -- into this Q1.

我認為你提到的唯一其他數據點是，我們曾在一個季度前評論說，原材料成本上漲的部分影響並沒有完全反映在第四季度的損益表中。我們仍然保留了一些庫存，這些庫存是我們在本季度初售出的庫存，或者說是銷售成本，這個比例可能會略有變化，更接近 50-50，但總體來說是兩者的混合，對吧？總的來說，我認為前半部的情況比較常見，但我們確實在第一季——也就是今年第一季——又累積了一些較高的庫存。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Curt, maybe just a housekeeping to go back to Ben Theurer's initial question. So understanding, right, no change at the consolidated sales or operating income line. I think you talked about maybe some flex within pork and beef, but the range is remaining relatively unchanged. So like should we be viewing this as ex the accounting changes were announced today, none of the segment dollar ranges really would have changed aside from maybe a little bit of tweaking at the top and bottom end just so that we're comparing kind of an apples-to-apples basis?

Curt，或許我只是想補充一下，回到 Ben Theurer 最初的問題。所以理解上，合併銷售額或營業收入沒有改變。我認為你提到過豬肉和牛肉的價格可能會有一些彈性，但價格範圍基本上保持不變。所以，我們是否應該這樣看待這個問題：例如，今天宣布了會計變更，除了可能在最高和最低端稍作調整外，所有分部的美元範圍實際上都不會改變，這樣我們才能進行公平的比較？

Yeah, that's reasonable. I think as we said, $2.1 billion to $2.3 billion in total doesn't change. And hopefully, my clarity around free cash flow and the reasons why helped understand the additional components to that. But overall, right, our message is Q1 performed in line with our expectation. And on the full year, we see the year -- we see it similar as we did in November.

是的，這很合理。我認為正如我們所說，總額在 21 億美元到 23 億美元之間不會改變。希望我對自由現金流及其原因的清晰理解，能夠幫助大家理解其中的其他組成部分。但總的來說，沒錯，我們的訊息是第一季業績符合預期。而從全年來看，我們看到的情況與 11 月的情況類似。

So I think you're -- it's a reasonable push, a reasonable thesis you have. And I should have added earlier, but hopefully, it's helpful if you haven't seen it yet, we did also file an 8-K this morning with the recast historicals for '23, '24 and '25 by quarter, by segment. So you can see each of those changes, and it's available on our IR website as well. Hopefully, that gives you some really good clarity and ability to update models as well.

所以我認為你——這是一個合理的推動力，你的論點也是合理的。我應該早點補充一下，但希望這對還沒看到的人有所幫助，我們今天早上還提交了一份 8-K 表格，其中包含按季度和分部重述的 2023 年、2024 年和 2025 年的歷史數據。所以您可以查看這些變化，這些變化也可以在我們的投資者關係網站上找到。希望這能讓你更清楚地了解情況，並且能夠更新模型。

Yes. Maybe I'd add one thing to that, Pete. And it's this. It's the obvious. But as we separated the corporate expense and amortization, we obviously intend to manage that more closely than we have in the past.

是的。或許我還要補充一點，皮特。就是這樣。這是顯而易見的。但是，由於我們將公司費用和攤銷分開了，我們顯然打算比以往更加嚴格地管理這兩項費用。

So you should expect greater efficiency and greater leverage against that what we have termed largely a fixed -- being fixed in nature. The other piece of that is you should see us growing volume across all the businesses in all the right places in order to fill capacities. So the outcome of this will be more volume, greater capacity utilization, which results in a better cost structure overall in terms of the controllable or plant cost, for example.

因此，你應該期待更高的效率和更大的槓桿作用，以對抗我們所說的很大程度上固定不變的——本質上是固定的。另一方面，您應該會看到我們在所有業務領域、所有合適的地方擴大業務量，以充分利用產能。因此，這將帶來更大的產量、更高的產能利用率，從而在可控成本或工廠成本等方面實現更好的整體成本結構。

Got it. Okay. That's very clear. As a follow-up, if I could just ask kind of on chicken. A lot of that -- again, a lot of that accounting change, I think, kind of footed out of that segment, both from a corporate and an amortization standpoint.

知道了。好的。這一點很清楚。作為後續問題，能否問一下關於雞肉的問題？我認為，許多會計變更——再次強調，許多會計變更——都與該業務板塊有關，無論是從公司層級還是攤銷層級。

But historically, there's been a fair amount of seasonality in the chicken business, particularly into the second quarter. Just does anything change regarding that? Is it more accentuated now because there's other costs that have moved out? Or just any kind of nuances we should think about in chicken as it relates to 2Q specifically.

但從歷史上看，雞肉產業一直存在相當程度的季節性，尤其是在第二季。這方面會有什麼改變嗎？現在這個問題是否更加突出，是因為其他成本轉移出去了？或者，關於雞肉，特別是與第二季度相關的任何細微差別，我們都應該考慮一下。

Sure. Thank you for the question. And it's -- I would tell you across all businesses, I mean, we're off to a good start in Q2 and very much in line with our guidance and our internal expectations. So I'll start with that. You'll see normal seasonality, which I referenced earlier as being typical.

當然。謝謝你的提問。而且——我可以告訴你，就所有業務而言，我們第二季開局良好，完全符合我們的指導方針和內部預期。那我就從這裡開始吧。你會看到正常的季節性變化，我之前提到過這是典型的。

I think you'll continue to see that. I don't know -- I can't tell you at this point what breast meat prices, for example, will do. What I can tell you is we are -- as I said earlier, we are not immune, but we're less influenced by commodity markets. And that's essentially the biggest part of that is because of our strategic customer relationships. And at the same time, it's the makeup of our portfolio, particularly those things in the Tyson brand that obviously gives us an advantage.

我想你還會繼續看到這種情況。我不知道——我現在無法告訴你，例如，雞胸肉的價格會如何變化。我可以告訴你們的是——正如我之前所說，我們並非完全免疫，但我們受大宗商品市場的影響較小。這主要歸功於我們與客戶的策略合作關係。同時，我們產品組合的組成，特別是泰森品牌的產品，顯然為我們帶來了優勢。

It gives us more consistency. And frankly, as a company across all businesses, the highs and lows of markets, whether it be inputs or finished goods and commodity market, we're looking for consistency and that provides a much more stable operating environment.

它使我們更加穩定。坦白說，對於我們公司所有業務而言，無論投入品、成品或大宗商品市場，市場的起伏波動，我們都在尋求穩定性，而穩定性能夠提供更穩定的經營環境。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

Thanks for the question. First one is going to be on chicken. And your outlook for the year, roughly similar with fiscal '25. And as we come into the year for the broader industry, we're seeing fresh pricing down fairly significantly versus last year. So I'm just wondering if you could give us a sense of how much of your confidence in the full year is related to either thinking that supply and demand is going to be more balanced for the full year than then initial indications would indicate versus how much is Tyson specific?

謝謝你的提問。第一篇是關於雞肉的。今年的展望與 2025 財年大致相同。隨著新一年的到來，整個行業的價格與去年相比出現了相當大的下降。所以我想知道，您能否告訴我們，您對全年的信心有多少是基於您認為全年的供需將比初步跡象所顯示的更加平衡，又有多少是基於您對泰森公司的具體看法？

Like you've got this really amazing breed that's kicked in, you're operating at a better level than you have in many years. And so just wondering if you could just help us parse out the factors that are driving your full year view.

就像你擁有了一個非常神奇的基因，它開始發揮作用，你的表現比多年來都要好。所以，我們想請您幫忙分析一下影響您全年展望的因素。

Well, I mean, I mentioned earlier, Heather, and thanks for the question, is our confidence in our chicken business, not only for this quarter, but for the year and after is in our execution from one end of the supply chain to the other. So let's start with that. The other thing in terms of supply, we do not anticipate any kind of supply run away. We think the 1% increase is manageable. And I'd be so bold as to tell you, I think it will be necessary in order to meet the chicken demand in '26 and beyond. So really important.

嗯，我的意思是，我之前提到過，Heather，謝謝你的提問，我們對雞肉業務的信心，不僅是對本季度，更是對未來一年及以後的信心，都來自於我們從供應鏈一端到另一端的執行力。那我們就從這裡開始吧。至於供應方面，我們預計不會有任何供應短缺的情況。我們認為1%的成長是可以接受的。我甚至可以大膽地告訴你，我認為這對於滿足 2026 年及以後的雞肉需求是必要的。所以非常重要。

Another factor here is USDA recently reported economic research service reported a document that says by 2030, 50% of animal protein consumption will come from chicken. And so there will be some pluses and minus across the broader sector, but chicken is a great place to be, and there's never been a better time to be in protein. And so we see the supply/demand fundamentals is good, and we like our execution, and we like our strategic customers alignment and relationships, and we like being and having the number one brand in chicken, Tyson.

另一個因素是美國農業部最近發布的一份經濟研究報告，該報告指出，到 2030 年，50% 的動物性蛋白質消費將來自雞肉。因此，整個產業會有好有壞，但雞肉產業是個不錯的選擇，現在是投資蛋白質的最佳時機。因此，我們看到供需基本面良好，我們對自身的執行力感到滿意，我們對與策略客戶的協調一致和關係感到滿意，我們也樂於成為泰森雞肉行業的第一品牌。

Okay. And then my follow-up was on beef. And so just for the quarter, just trying to do an apples-to-apples comparison as far as how it's reported. Your all's relative performance to some industry benchmarks that I've developed and monitor were meaningfully weaker than they have been in recent quarters.

好的。然後我的後續問題是關於牛肉的。因此，就本季而言，我們只是想在報告方式上進行公平的比較。你們整體的表現相對於我制定和監控的一些行業基準而言，明顯遜於最近幾季的表現。

And so -- and I think one of the reasons that benchmarks were so much better is you just had a really strong downdraft in cattle prices for much of the quarter. And so I was wondering -- would it be an issue of you all for bought more of your cattle or for sold? Just trying to understand that just so have a -- how to set for projections going forward in Q2 through Q4.

因此——我認為基準指數表現如此優異的原因之一是，本季大部分時間裡，牛價都出現了強勁的下跌。所以我想知道──你們會多買牛還是多賣牛呢？我只是想弄清楚，這樣才能有──如何設定第二季到第四季的預測。

Yeah, Heather, sorry, I really can't, I guess, comment on your benchmarks directly. I'm just not familiar with what you're talking about, but I can kind of reiterate the issues that drove the performance in the quarter. Curt certainly had higher cattle cost. The freight impacts I've mentioned a couple of times as we really work to make sure that we got cattle moved around the fuel production needs, but also meet our customers' demand. And I think to your point that as far as I'd be willing to go is that we do have differences quarter-to-quarter in basis and derivatives.

是的，Heather，抱歉，我真的不能直接評論你的基準測試結果。我不太了解你在說什麼，但我可以大致複述一下導致本季業績下滑的問題。科特的牛成本肯定更高。我曾多次提到貨運的影響，因為我們確實在努力確保牲畜能夠運送到燃料生產需求的地方，同時也要滿足顧客的需求。我認為，就你所說的而言，我願意承認的是，我們在基差和衍生性商品方面確實存在季度間的差異。

We're not speculators. And depending on circumstances, depending on commitments, depending on things that are going on in the external market, we do use different metrics to risk manage the business. So really, that's probably about as much as I can say to be helpful.

我們不是投機者。根據具體情況、根據承諾、根據外部市場的情況，我們會使用不同的指標來管理業務風險。所以，我能提供的幫助大概也就只有這些了。

Saumya Jain, UBS.

Saumya Jain，瑞銀集團。

Congrats on the quarter. With recent initiatives to reformulate products and remove certain additives, how do you balance these quality improvements with cost and consumer pricing sensitivity? And have you seen any measurable consumer response yet?

恭喜你本季取得佳績。最近，為了改進產品配方並去除某些添加劑，您如何平衡這些品質提升與成本和消費者對價格的敏感度？你們是否已經看到任何可衡量的消費者回饋？

Thank you for the question. We're really proud of the product reformulations that we've been bringing into the market. And frankly, we've been doing for many decades as the consumer evolves and what they want and expect for their products at all. And as far as balancing with the costing, I mean, that's what we do every day to evaluate, can we make a better product and still having -- be at an affordable and convenient offering for the consumer.

謝謝你的提問。我們為我們推向市場的產品配方改良感到非常自豪。坦白說，幾十年來，我們一直在這樣做，因為消費者的需求和期望也在不斷變化，而他們對產品的要求和期望也在不斷變化。至於成本平衡，我的意思是，我們每天都在評估，我們能否在確保消費者能夠負擔得起的價格和方便購買到產品的同時，製造出更好的產品。

So I wouldn't say that we have had any negative impact. And if anything, a positive impact, we will continue to see as packaging gets updated to some of these changes, we've reformulated ahead of some of the packaging evolution, and that's something you can do if you're just in absence of some ingredients. So consumers should continue to see these products improve in the marketplace. And I think we'll continue to see demand grow as consumers watch for opportunities to improve their nutrition in their diet.

所以我覺得我們並沒有造成任何負面影響。如果有什麼正面的影響的話，那就是隨著包裝更新以適應這些變化，我們將繼續看到這種影響。我們已經提前對一些包裝進行了重新配製，如果你只是缺少某些成分，你也可以這樣做。因此，消費者應該會在市場上繼續看到這些產品不斷改進。我認為，隨著消費者尋求改善飲食營養的機會，需求將會持續成長。

Great. And you've highlighted a jump in retail branded volume sales and (inaudible) peers of yours engaged in M&A to grow certain brand sales? Is M&A from that you guys would consider as well? Or could you provide more color on the capital allocation strategy going ahead?

偉大的。您也重點提到了零售品牌銷售的大幅成長，以及（聽不清楚）您的同行們透過併購來提升某些品牌的銷售？你們也會考慮從這個方向進行的併購嗎？或者您能否更詳細地介紹未來的資本配置策略？

Yes, thanks. Our capital allocation priorities, I think I said this morning in the prepared remarks are the same, very disciplined, deliberate and forward-looking on maintaining our financial strength, investing in the business and returning cash to shareholders. What we're looking for going forward is certainly from a financial strength standpoint, we like where we're at. We have optionality and flexibility. We can continue to build on our strong balance sheet and improve our financial strength.

好的，謝謝。正如我今天早上在準備好的發言稿中所說，我們的資本配置優先事項仍然相同，那就是非常嚴謹、深思熟慮且具有前瞻性地保持我們的財務實力、投資於業務並向股東返還現金。從財務實力角度來看，我們展望未來所追求的，當然是我們對目前的財務狀況感到滿意。我們擁有選擇權和靈活性。我們可以繼續鞏固我們強勁的資產負債表，並提高我們的財務實力。

We're looking for opportunities to invest in the businesses, and we see organic growth opportunities to continue to meet our consumers' increasing desire for protein. We returned cash to shareholders about $224 million in Q1 through dividends and share repurchases, and we delivered nearly $900 million last year. With respect to M&A, I think we've demonstrated a very disciplined approach as we look at inorganic opportunities in the past. And we seek to balance growth consumer trends and ultimately, returns for our shareholders.

我們正在尋找投資這些企業的機會，我們看到了有機成長的機會，可以繼續滿足消費者對蛋白質日益增長的需求。第一季度，我們透過股利和股票回購向股東返還了約 2.24 億美元現金，去年我們返還了近 9 億美元。在併購方面，我認為我們過去在尋找非有機成長機會時，展現出了非常嚴謹的態度。我們力求在滿足消費成長趨勢的同時，最終也為股東帶來回報。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

I just wanted to unpack the top line maybe a little bit. You talked about how the corporate costs being separated helps set up better volume incentives or visibility? And you also had a great strong 1Q start to the year, but didn't do anything to change the guidance? Is the volume lift you expect more coming further down the road? Or is there a pricing offset with it? Or how do we think about just kind of where your head is on the top line?

我只是想稍微解讀一下最上面的幾句話。您曾提到，將公司成本分離出來有助於建立更好的銷售誘因機製或提高透明度？而你們今年第一季開局非常強勁，但卻沒有採取任何措施來改變業績預期？你預期銷售成長會在更遠的將來才會出現嗎？或者說，它有價格方面的優惠嗎？或者，我們如何看待你對公司最高層的看法？

Sure. I think the best way for me to explain that is probably because you're looking at it in totality, I think is that, remember, chicken, Prepared, International and Pork are growing. We saw a reduction in volume as it relates to be. And the quantum of beef is very large. So I think that is probably the math that is a bit confusing. But to be very clear, we're growing the other businesses, particularly behind the brand, not only at retail but in foodservice as well.

當然。我認為解釋這一點的最佳方式可能是因為你要從整體上看待這個問題，記住，雞肉、預製食品、國際食品和豬肉都在成長。我們看到與此相關的數量減少。而且牛肉的數量非常龐大。所以我覺得可能是這部分數學計算有點讓人困惑。但需要明確的是，我們正在發展其他業務，特別是品牌背後的業務，不僅包括零售業務，還包括餐飲服務業務。

Those brands are healthy, and we're in the protein business. And so the gains that we're seeing in volume and share is based on strong protein demand and disciplined execution. And it's -- there are a number of notable wins across the enterprise from Jimmy Dean sausage, Hillshire Farm lunchmeat, was up 10.4%, bacon ballpark hot dog, Hillshire Farm snacking was up 12.5%.

這些品牌主打健康食品，而我們從事的是蛋白質業務。因此，我們在銷售和市場份額方面取得的成長是基於強勁的蛋白質需求和嚴格的執行。而且——整個企業有很多值得注意的勝利，例如 Jimmy Dean 香腸、Hillshire Farm 午餐肉的銷量增長了 10.4%，培根棒球場熱狗、Hillshire Farm 零食的銷量增長了 12.5%。

I talked earlier about (inaudible) frozen chicken across retail and foodservice being up, it was up 9% branded in fresh -- 9% branded fresh and up 12.2% in frozen. So we continue to gain share there and grow the business. So hopefully, that answers your question.

我之前提到（聽不清楚）零售和餐飲服務業的冷凍雞肉銷量上升，新鮮品牌雞肉銷量上升了 9%，冷凍雞肉銷量上升了 12.2%。因此，我們不斷擴大市場份額，發展業務。希望這能解答你的疑問。

Yes, that's helpful. And just a follow-up on the plant closure. I think the cost savings rationale and approach that is all very clear. But did you expect any impact on market dynamics from it? I realize, obviously, it wouldn't change consumer demand.

是的，這很有幫助。關於工廠關閉一事，我還有後續要補充說明。我認為節省成本的理由和方法都很明確。但你預期這會對市場動態產生任何影響嗎？我當然明白，這不會改變消費者的需求。

And if you increase capacity utilization, with the theme throughput, it wouldn't seem to impact supply realistically. But I know there can be regional or local components to the market that may be impacted. And I know it's just a couple of weeks in, but is it progressing like you expected? And what are you seeing there?

如果提高產能利用率，同時保持吞吐量不變，似乎不會對供應產生實際影響。但我知道市場中可能存在一些區域性或地方性因素會受到影響。我知道現在才過了幾個星期，但進展是否如你所願？你在那裡看到了什麼？

I'll start with that. And look, I think our message was clear and we're positioning our footprint for the long term relative to what we see cattle availability at. I don't have any else -- any additional comments relative to how we expected the market to react.

我先從這一點說起。而且，我認為我們的訊息很明確，我們正在根據牛的供應情況，為長遠發展佈局。我沒有其他補充品——關於我們預期市場反應的任何補充說明。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

First one, back on the beef topic. Can you share with us what you're seeing in terms of screw (inaudible) in Mexico and maybe some of the signposts or milestones to watch for the border to potentially reopen there?

首先，我們還是回到牛肉的話題上來。您能否和我們分享您在墨西哥看到的局勢（聽不清楚）以及一些值得關注的跡像或里程碑，以便邊境有可能重新開放？

Yes. Thanks for the question. I mean other than what we see is publicly released relative to some of the incidents that continue to occur in Mexico, very close to the border, but thankfully, at this point, not across the border. I don't really have anything else to add. I think just some of the cold temperatures that you've seen unseasonably cold -- and you've seen an impact that certainly would benefit or maybe help help prevent some of the movement of that particular in fact around, but something we'll watch as we get into the spring, but we don't really have anything that would give us any insight as to the when the government would open the border.

是的。謝謝你的提問。我的意思是，除了我們公開披露的與墨西哥境內持續發生的一些事件有關的情況之外，這些事件非常靠近邊境，但值得慶幸的是，目前還沒有蔓延到邊境另一側。我沒什麼要補充的了。我認為，最近出現的一些異常寒冷的氣溫——以及由此產生的影響，肯定會有利於或有助於阻止某些特定病毒的傳播，但我們會隨著春天的到來繼續觀察，但我們目前沒有任何跡象表明政府何時會開放邊境。

Okay. And if we go back over the last several years, Tyson has obviously benefited from significant internal improvements, cost improvements you talk now about wanting to continue to work some of the corporate costs lower. I guess across your business, when you look at where you are today, where are you versus where you want to be in terms of your operations broadly? And where do you still see meaningful opportunities to realize internal improvements?

好的。回顧過去幾年，泰森顯然受益於重大的內部改進和成本改善，而你現在也談到希望繼續降低一些公司成本。我想，縱觀您的整個業務，當您審視您目前的業務狀況時，您與您希望在整體營運方面達到的目標之間有何差距？您認為還有哪些有意義的機會可以實現內部改善？

Sure. Let me take that and then anyone else can add to that. But very simply, it's across -- it's across every facet of every business and function, including corporate, and we're simply challenging challenging everything we're doing. We're obviously utilizing more technology today to help us be more efficient. And all of that is paying off. We talked early on about investing in those things. And so we're seeing the benefit of a number of those things.

當然。我先把這個寫下來，然後其他人可以補充。但簡單來說，它影響到各個層面——影響到每個業務和職能的方方面面，包括公司層面，我們正在挑戰我們正在做的一切。如今，我們顯然更多地利用科技來提高效率。而這一切努力都得到了回報。我們很早就討論過投資這些領域。因此，我們看到了其中許多措施帶來的好處。

There's a lot more to come relative to that. But we continue to assess everything about our business. Now that being said, I would tell you that we have a great business that is running very, very well. We have the big challenge right now as it relates to beef, and we're looking at that and looking for solutions beyond what we can control. But nevertheless, we are controlling what we can.

除此之外，還有很多相關內容即將推出。但我們會繼續評估公司營運的方方面面。話雖如此，我還是要說，我們公司經營得非常好，非常成功。目前我們在牛肉方面面臨著巨大的挑戰，我們正在研究這個問題，並尋找我們無法控制的因素之外的解決方案。但即便如此，我們還是會盡力控制我們能控制的事情。

But even with as good as the business is running. There's still ample opportunity to improve capacity utilization to grow this business to be more targeted as it relates to math and promotional spend and just everywhere we spend $1, just being better at it and making sure that dollar is working for us.

但即便公司營運狀況如此良好。我們仍有充足的機會提高產能利用率，使這項業務在數學和促銷支出方面更有針對性，並且我們花的每一分錢都要做得更好，確保每一分錢都能為我們帶來收益。

And this is the whole concept that I think Curt mentioned earlier, this ROIC mentality is what we're using. And so we have a good business. It hasn't been this good in a long time, but there's still a great deal that can be done that's within our control. I would not even come close to telling you we peaked in terms of performance.

這就是 Curt 之前提到的整個概念，我們正在使用的是 ROIC 思維。所以我們的生意很好。情況已經很久沒有這麼好了，但我們仍然可以做很多我們所能做的事情。我絕對不會說我們的表現已經達到巔峰。

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。我謹將會議交還給唐尼金，請他作總結發言。

Thank you for your time and continued interest in Tyson Foods. We look forward to sharing our progress with you next quarter.

感謝您抽出時間並持續關注泰森食品。我們期待在下個季度與您分享我們的進展。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。