泰森食品 (TSN) 2022 Q2 法說會逐字稿

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

早安，歡迎參加泰森食品 2022 年第二季財報電話會議。 （操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁梅根·布里特 (Megan Britt)。請繼續。

Hello, and welcome to the Second Quarter Fiscal 2022 Earnings Conference Call for Tyson Foods. Prepared remarks today will be provided by Donnie King, President and Chief Executive Officer; and Stewart Glendinning, EVP and Chief Financial Officer. Additionally, David Bray, Group President, Poultry; Noelle O’Mara, Group President, Prepared Foods; Shane Miller, Group President, Fresh Meats; and Chris Langholz, Group President, International, will join the live Q&A session. We have prepared presentation slides to supplement our comments, which are available on the Investor Relations section of the Tyson website and through the link to our webcast.

您好，歡迎參加泰森食品 2022 財年第二季財報電話會議。總裁兼執行長唐尼金 (Donnie King) 將發表今天的準備好的演講；以及執行副總裁兼財務長 Stewart Glendinning。此外，還有家禽集團總裁 David Bray； Noelle O’Mara，預製食品集團總裁； Shane Miller，Fresh Meats 集團總裁；以及集團國際總裁 Chris Langholz 將參加​​現場問答環節。我們準備了簡報投影片來補充我們的評論，您可以在泰森網站的投資者關係部分或透過我們的網路廣播連結取得。

During this call, we'll make forward-looking statements regarding our expectations for the future. These statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on Slide 2 as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections.

在本次電話會議中，我們將就未來的預期做出前瞻性陳述。這些聲明受風險、不確定性和假設的影響，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存在重大差異的風險因素的更多信息，請參閱幻燈片 2 上的前瞻性聲明免責聲明以及我們的 SEC 文件。

Please note that references to our earnings per share, operating income and operating margin in our remarks are on an adjusted basis unless otherwise noted. For a reconciliation 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，我們評論中提到的每股收益、營業收入和營業利潤率都是經過調整的。有關這些非 GAAP 指標與其對應的 GAAP 指標的對賬，請參閱我們的收益新聞稿。

I'll now turn the call over to Donnie.

我現在將電話轉給唐尼。

Thank you, Megan, and thank you to everyone for joining us for the call. Earlier today, we reported strong second quarter and first half fiscal year '22 results. Our results would not have been possible without the work of our team members. I'm grateful for their dedication and diligent efforts this quarter as we continue to manage a complex and dynamic operating environment. We delivered double-digit sales and earnings growth driven by strong market fundamentals, acceleration of our productivity actions and improving operational execution across our segments.

謝謝你，梅根，也謝謝大家參加我們的電話會議。今天早些時候，我們公佈了強勁的 22 財年第二季和上半年業績。如果沒有我們團隊成員的努力，我們的成果就不可能實現。我感謝他們在本季的奉獻和勤奮努力，因為我們將繼續管理複雜而動態的營運環境。在強勁的市場基本面、生產力行動的加速以及各部門營運執行力的改善的推動下，我們實現了兩位數的銷售額和獲利成長。

Our diverse protein portfolio, omnichannel capabilities, leading brands and value-added products all contributed to our results. Strong performance in our Beef segment, continued recovery in Prepared Foods and an improvement in Chicken supported improved sales and earnings.

我們多樣化的蛋白質產品組合、全通路能力、領先品牌和增值產品都為我們的業績做出了貢獻。牛肉業務表現強勁、預製食品業務持續復甦以及雞肉業務改善，支持了銷售和收益的成長。

Our retail core business lines, which include our iconic brands, Tyson, Jimmy Dean, Hillshire Farm and Ball Park, have driven strong share performance in the retail channel since the onset of the pandemic. This quarter, we delivered share gains in bacon, hotdogs and snacking.

我們的零售核心業務線包括我們的標誌性品牌泰森、吉米迪恩、希爾郡農場和鮑爾公園，自疫情爆發以來，推動了零售通路的強勁份額表現。本季度，我們的培根、熱狗和零食市佔率均有所成長。

We also continue to see recovery in the foodservice channel with our relative strength in QSRs and K-12, supporting continued share gains in branded value-added chicken. Overall, consumer demand for protein has remained strong, and we are taking deliberate actions by segment to improve our volumes to better meet customer needs, including investing in new capacity, brands, product innovation and our team member experience.

我們也看到餐飲服務通路持續復甦，我們在 QSR 和 K-12 領域的相對優勢支撐了品牌增值雞肉的份額持續成長。整體而言，消費者對蛋白質的需求仍然強勁，我們正在採取逐步措施來提高產量，以更好地滿足客戶需求，包括投資新產能、品牌、產品創新和團隊成員體驗。

We are seeing our investments in team members making an impact. Despite continued labor challenge during the Omicron surge this quarter, we're seeing lower turnover and absenteeism. We have invested in higher wages, benefits and other workplace enhancements, such as flexible schedules, child care and transportation.

我們看到我們對團隊成員的投資正在產生影響。儘管本季度 Omicron 激增期間勞動力挑戰持續存在，但我們發現員工流動率和缺勤率有所下降。我們投資於更高的薪資、福利和其他工作場所改善，例如靈活的工作時間、兒童保育和交通。

The construction of new plants continue to progress. This additional capacity will enable our team to address capacity constraints and better serve growing demand for protein across all segments. Along with ramping up utilization of our newest plants in Humboldt, Eagle Mountain and Thailand, we have 4 plants expected to commence operation in the fourth quarter of fiscal year '22. In addition to the new sites, we're continually upgrading capacity as needed with approximately 10 projects planned in the third quarter, representing 25 million pounds of volume in Prepared Foods alone.

新工廠建設持續推進。額外的產能將使我們的團隊能夠解決產能限制問題，並更好地滿足各個領域日益增長的蛋白質需求。除了提高我們在洪堡、鷹山和泰國的最新工廠的利用率外，我們還有 4 家工廠預計將於 22 財年第四季開始運作。除了新工廠外，我們還根據需求不斷升級產能，第三季計劃啟動約 10 個項目，僅預製食品的產量將達到 2,500 萬磅。

In addition, we are working closely with our customers to ensure that the fair value of our products incorporates the inflationary cost pressures impacting our business. For the first half, our cost of goods sold rose 15% relative to the same period last year. Every part of our business has been impacted by inflation. We experienced higher costs across our supply chain for all inputs from feed ingredients, live animals and other raw materials to cooking oils and basic supplies. We're also managing higher cost of labor and transportation due to robust demand, higher fuel costs and limited availability. As part of our effort to combat inflation and increase profitability, I'm pleased by our accomplishments to drive costs lower by accelerating our productivity actions.

此外，我們正在與客戶密切合作，以確保我們產品的公允價值考慮到影響我們業務的通膨成本壓力。上半年，我們的銷售成本比去年同期上漲了15%。我們業務的每個部分都受到通貨膨脹的影響。從飼料成分、活體動物和其他原料到食用油和基本用品，我們整個供應鏈的所有投入成本都在增加。由於需求強勁、燃料成本上升以及供應有限，我們也面臨勞動力和運輸成本上升的問題。作為我們應對通貨膨脹和提高盈利能力的努力的一部分，我很高興看到我們透過加快生產力行動來降低成本。

Also, our balance sheet and liquidity position remain healthy, providing optionality to invest in growth across our portfolio and return cash to shareholders. We have a disciplined approach to deploying capital with a focus on total shareholder return. Our first half results clearly demonstrate that we are making progress on our growth objectives and that we remain focused on outpacing the overall market, improving operating margins and driving stronger returns for our shareholders.

此外，我們的資產負債表和流動性狀況仍然健康，為投資我們投資組合的成長和向股東返還現金提供了選擇權。我們採取嚴謹的資本配置方法，並專注於股東總回報。我們的上半年業績清楚地表明，我們在實現成長目標方面正在取得進展，並且我們仍然專注於超越整體市場、提高營業利潤率和為股東帶來更強勁的回報。

Now turning to the financial results. Let me give you some highlights. Sales improved 16% in the second quarter and 20% during the first half. Our sales gains were largely driven by higher average sales price and mix improvement. Average sales price trends reflect disciplined revenue management strategies in the context of a volatile, high-inflation environment. Like many other companies, we've seen varying levels of heightened inflation, notably in grains, labor, live animals, raw material and transportation costs. As I mentioned earlier, our teams have worked together with our customers to manage inflationary pressures.

現在來談談財務結果。讓我來跟你講一些重點。第二季銷售額成長了 16%，上半年銷售額成長了 20%。我們的銷售成長主要得益於平均銷售價格的提高和產品組合的改善。平均銷售價格趨勢反映了動盪、高通膨環境下嚴格的收入管理策略。與許多其他公司一樣，我們也看到了不同程度的通貨膨脹，尤其是穀物、勞動力、活體動物、原材料和運輸成本。正如我之前提到的，我們的團隊與客戶共同努力應對通膨壓力。

We delivered solid operating income performance, up 57% during the second quarter and 47% for the first half. The performance in the first half was due to strength in Beef, Chicken and Prepared Foods. Overall, our operating income performance translated to $2.29 in earnings per share for the second quarter, up 71% and $5.16 in earnings per share for the first half of 57%.

我們的營業收入表現穩健，第二季成長 57%，上半年成長 47%。上半年的業績表現得益於牛肉、雞肉和熟食的強勁表現。整體而言，我們的營業收入表現為第二季每股收益 2.29 美元，成長 71%，上半年每股收益 5.16 美元，成長 57%。

Looking at our results on volume, we remain confident that our actions will improve our performance. But we are not where we expected to be by now as we faced the Omicron surge in the quarter and other labor and supply chain challenges. Due to these factors, our total volume was down slightly for the first half versus last year.

從數量上看，我們仍然相信我們的行動將會提高我們的業績。但由於本季我們面臨 Omicron 激增以及其他勞動力和供應鏈挑戰，因此我們目前尚未達到預期目標。由於這些因素，我們上半年的總量與去年相比略有下降。

Chicken remained a bright spot, where volume was up 2.1% through the first half compared to the same period last year. This improvement was driven by solid fundamental demand as well as operational improvements. There is much more work to be done as we focus on filling our existing capacity. We are pulling multiple levers to drive sequential improvement in our performance. And as a result, I'm confident that we will see continued volume performance in the second half.

雞肉仍然是一大亮點，上半年雞肉銷售與去年同期相比增長了 2.1%。這項改善是由強勁的基本需求以及營運改善所推動的。當我們專注於填補現有產能時，還有很多工作要做。我們正在採取多種措施來推動業績的持續改善。因此，我相信下半年銷售將持續保持良好表現。

In Prepared Foods, volumes were down 4% in the first half compared to the same period last year. Approximately 1/3 of this decline was related to the pet treats divestiture with the remainder as a result of a challenging supply environment and uneven recovery of the foodservice channel. We are working to improve these results over the remainder of FY '22 as we continue to take actions to expand and improve capacity utilization.

就熟食而言，上半年銷售與去年同期相比下降了 4%。其中約三分之一的下降與寵物零食業務的剝離有關，其餘部分則是由於供應環境的挑戰和食品服務管道復甦不均衡造成的。我們正努力在 22 財年剩餘時間內改善這些業績，同時我們將繼續採取行動擴大和提高產能利用率。

In Beef, volumes were down 2.9% in the first half compared to the same period last year. However, Beef volumes increased quarter-over-quarter due to higher harvest weights. We expect continued volume improvements for the remainder of our fiscal year '22 as new team member recruitment strategies support an improved labor position and higher throughput.

就牛肉而言，上半年銷售量與去年同期相比下降了 2.9%。然而，由於收穫重量增加，牛肉產量較上季增加。我們預計，隨著新團隊成員招募策略支持改善勞動力狀況和提高產量，2022 財年剩餘時間內產量將持續提高。

In Pork, impacts associated with a challenging labor environment contributed to a 2.3% decline in volume in the first half compared to the same period last year. We expect tightness in live hog inventories to affect our second half volume.

在豬肉方面，受嚴峻的勞動力環境影響，上半年豬肉產量與去年同期相比下降了 2.3%。我們預計生豬庫存緊張將影響我們下半年的產量。

In International/Other, our investments in capacity, innovation and brands are supporting our market share growth objectives and volume improvement. Overall, we will continue to take actions across our business to optimize our existing footprint, add new capacity, adjust our product mix and align our portfolio with customer and consumer needs. Although we have reduced our expectations for the full year, we still expect to grow our total company volumes in fiscal year '22.

在國際/其他領域，我們在產能、創新和品牌方面的投資正在支持我們的市佔率成長目標和銷售提升。總體而言，我們將繼續在整個業務範圍內採取行動，優化現有業務，增加新產能，調整產品組合，並使我們的產品組合與客戶和消費者的需求保持一致。儘管我們降低了全年業績預期，但我們仍預計 22 財年公司總銷量將有所成長。

We continue to take meaningful action toward becoming the most sought-after place to work, and we're making significant investments to attract and retain team members. Our U.S.-based workforce is comprised of team members from more than 160 countries. In April, we announced that we are investing over $1 million in several nonprofit groups to expand legal and citizenship support for the team members aspiring to become U.S. citizens. This will allow us to scale a program from 7 Tyson facilities to serve 40 company locations in 14 states.

我們將繼續採取有意義的行動，努力成為最受歡迎的工作場所，我們正在進行大量投資以吸引和留住團隊成員。我們位於美國的員工隊伍由來自 160 多個國家的團隊成員組成。今年 4 月，我們宣布將向多個非營利組織投資超過 100 萬美元，為有志成為美國公民的團隊成員提供法律和公民身份支援。這將使我們能夠將專案從 7 個泰森工廠擴展到為 14 個州的 40 個公司地點提供服務。

We recently announced an expansion of the Upward Academy program as our latest investment in our team members. Starting this summer, U.S. team members will have access to free education, including masters, undergraduate and associate degrees, career certificates as well as class in literacy and technology fundamentals. And Tyson will pay 100% of the cost of tuition, books and fees with an estimated investment of $60 million over the next 4 years.

我們最近宣布擴大 Upward Academy 計劃，作為我們對團隊成員的最新投資。從今年夏天開始，美國隊成員將可以享受免費教育，包括碩士、本科和副學士學位、職業證書以及讀寫和技術基礎課程。泰森將承擔該校全部學費、書籍和雜費，預計未來4年投資金額為6,000萬美元。

Ensuring the health and safety of our global team is a top priority. We continue to challenge ourselves to be an organization that stays ahead of the unforeseen event and adjusting our protocols to keep our team members healthy and safe. We have educated and encouraged team members to get vaccine boosters and have offered over 100 clinics across our office and plant locations.

確保我們全球團隊的健康和安全是首要任務。我們不斷挑戰自己，成為一個能夠應對不可預見事件的組織，並調整我們的協議以確保我們團隊成員的健康和安全。我們已經教育並鼓勵團隊成員接種疫苗加強劑，並在我們的辦公室和工廠內提供了 100 多家診所。

We are also investing to support team member well-being more proactively in our rural communities. We now have 7 on or near-site Tyson health centers opened and operating. These clinics provide comprehensive health care services, including preventive screenings, chronic condition coaching, mental health counseling, lab services and sick visits at little to no cost to most of our team members or their spouses and dependents. Overall, we're confident that our actions will increase Tyson staffing levels and position us for future growth, and we will continue to explore innovative benefit offerings that make our team members' lives better.

我們也在農村社區進行更積極的投資，以支持團隊成員的福祉。目前，我們已經在現場或附近開設並經營了 ​​7 家泰森健康中心。這些診所提供全面的醫療保健服務，包括預防性篩檢、慢性病指導、心理健康諮詢、實驗室服務和病人就診，對於我們的大多數團隊成員或其配偶和家屬來說，這些服務幾乎不需要花費任何費用。總體而言，我們相信我們的行動將提高泰森的員工水平並為我們未來的發展做好準備，我們將繼續探索創新的福利方案，使我們的團隊成員的生活更加美好。

We're making excellent progress on our productivity program, which will deliver more than $1 billion in recurring productivity savings by the end of fiscal year '24. Based on current progress, we now expect to deliver more than $400 million of savings in fiscal year '22, which is on the high end of our previously disclosed range for the year.

我們的生產力計劃正在取得巨大進展，到 2024 財年末，該計劃將帶來超過 10 億美元的經常性生產力節約。根據目前的進展，我們預計 22 財年將節省超過 4 億美元，這處於我們先前揭露的年度範圍的高端。

Last quarter, I highlighted our work in Prepared Foods to build a digital manufacturing platform that utilizes data to simplify complexity and optimize processing. I also shared our work to enhance the mix and allocation of our trucking fleet resources to enable better on-time deliveries to customers.

上個季度，我重點介紹了我們在預製食品領域的工作，即建立一個利用數據簡化複雜性並優化流程的數位化製造平台。我還分享了我們為加強卡車車隊資源組合和分配所做的工作，以便更好地按時向客戶交貨。

This quarter, deployment of our Tyson production system approach has improved our yield across all segments versus a year ago. Additionally, our procurement program is addressing total company spend, including direct material as well as plant and corporate indirect areas. This program continues to deliver savings in line with expectations.

本季度，我們部署的泰森生產系統方法提高了我們所有部門的產量，與去年同期相比。此外，我們的採購計劃涉及公司總支出，包括直接材料以及工廠和公司間接領域。該計劃繼續按照預期實現節約。

Our digital solutions journey has also progressed. In our supply chain, we are leveraging new processes and digital tools to quickly identify gaps in fulfillment. Meeting the demands of our customers on time and in full is of the utmost priority, and we are continuing to maximize our service levels.

我們的數位解決方案之旅也取得了進展。在我們的供應鏈中，我們利用新流程和數位工具來快速識別履行中的差距。準時、全面地滿足客戶的需求是我們的首要任務，我們將繼續最大限度地提高我們的服務水準。

The early results of our finance automation and digitization work also remain promising. For example, this program is providing more accurate billing and improved collections for Tyson while lowering our intensive labor. We are also investing aggressively in automation and technology to help address some of our most difficult roles in repetitive tasks. This is a well-planned program of automation to use common designs and equipment across our plants to optimize cost, maintenance and asset utilization.

我們的財務自動化和數位化工作的早期成果也依然令人鼓舞。例如，該計劃為泰森提供了更準確的計費和改進的收款，同時降低了我們的密集勞動。我們也積極投資自動化和技術，以幫助解決重複性任務中一些最困難的角色。這是一個精心策劃的自動化計劃，旨在在我們的工廠中使用通用的設計和設備來優化成本、維護和資產利用率。

The debone automation program is continuing to scale in plants, and our Tyson proprietary debone automation solution is also beginning to roll out in select facilities. Looking ahead, we're starting to scale new programs like pack-out robotics to continue automating highly manual processes and deliver savings.

去骨自動化計畫正在工廠中繼續擴大規模，我們泰森專有的去骨自動化解決方案也開始在部分工廠中推廣。展望未來，我們將開始擴展包裝機器人等新項目，以繼續實現高度手動的流程自動化並節省成本。

Chicken remains a top priority, and we continue to execute against our road map to restore top-quartile profitability for this segment. We've been committed to returning our operating margins to 5% to 7% level by the middle of FY '22.

雞肉仍然是我們的首要任務，我們將繼續按照我們的路線圖執行，以恢復該細分市場的上四分位獲利能力。我們致力於在 2022 財年中期將營業利潤率恢復到 5% 至 7% 的水平。

This quarter, we delivered a 5% adjusted operating margin, in line with our previously communicated plan. Critical to improving our profitability is maximizing our fixed cost leverage of being staffed to standard and having enough birds to run our plants full. Since September, we have seen an improvement in our hatch rate that is consistent with the expectations that we shared at our December Investor Day.

本季度，我們實現了 5% 的調整後營業利潤率，與我們先前傳達的計劃一致。提高獲利能力的關鍵是最大限度地提高我們的固定成本槓桿，即配備標準的員工並擁有足夠的雞來使我們的工廠充分運作。自九月以來，我們的孵化率有所提高，這與我們在十二月投資者日分享的預期一致。

We are committed to growing our harvest capacity utilization, and we outpaced the industry in the second quarter. Achieving improved chicken harvest and higher capacity utilization will allow us to build on the volume growth delivered by Chicken in the first half.

我們致力於提高收穫能力利用率，並且在第二季度我們的收穫能力利用率已經超過了行業平均值。實現雞肉產量的提高和產能利用率的提高將使我們能夠在上半年雞肉產量成長的基礎上再接再厲。

In parallel to actions to improve volume, we have also worked with customers to manage inflationary pressures by adjusting pricing to achieve a fair value for our products. This will be important to ensuring we deliver sequential improvement in our operating margins in the second half of fiscal year '22, especially with continued increases in key input costs, such as labor and feed ingredients.

在採取措施提高銷售量的同時，我們也與客戶合作，透過調整價格來管理通膨壓力，以實現我們產品的公平價值。這對於確保我們在 22 財年下半年實現營業利潤率的連續提高至關重要，尤其是在勞動力和飼料成分等關鍵投入成本持續增加的情況下。

As I mentioned a moment ago, we are also making good progress on our automation objectives for the segment. This includes the rollout of debone automation and a range of other equipment, which will enhance our productivity and cost effectiveness. We have come a long way in a short period of time, and I'm pleased with the progress we are making in Chicken.

正如我剛才提到的，我們在該領域的自動化目標上也取得了良好的進展。這包括推出去骨自動化和一系列其他設備，這將提高我們的生產力和成本效益。我們在短時間內取得了長足的進步，我對我們在雞肉方面的進展感到非常滿意。

To recap, we have strong consumer demand, a powerful and diverse portfolio across geographies and channels and a team that is positioned to take advantage of the opportunities in front of us. The 5 imperatives on this slide show how we will achieve our commitments and drive value creation for our shareholders. This starts first with our commitment to our team members with a focus on ensuring their health, safety and well-being as well as investing in improving our team member experience.

總而言之，我們擁有強勁的消費者需求、跨地域和管道的強大而多樣化的產品組合以及一支能夠利用我們面前機會的團隊。這張投影片上的五項要務展示了我們如何履行承諾並為股東創造價值。首先從我們對團隊成員的承諾開始，重點是確保他們的健康、安全和福祉，並投資於改善團隊成員的體驗。

Second, we are working to enhance our portfolio and capacity to better address demand. This includes increasing the contribution of branded and value-added sales. As a result, we expect our volume to outpace overall market growth over the next several years.

第二，我們正在努力增強我們的產品組合和能力，以更好地滿足需求。這包括增加品牌和增值銷售的貢獻。因此，我們預計未來幾年我們的銷售量將超過整體市場的成長。

Third, we are aggressively restoring competitiveness in our Chicken segment and continue to achieve key milestones on our road map to top-quartile profitability. Fourth, we are driving operational and functional excellence and investing in digital and automation initiatives. This is at the heart of our productivity program, where we are accelerating our efforts and now expect to deliver more than $400 million in savings this year.

第三，我們正在積極恢復雞肉領域的競爭力，並繼續在實現上四分之一盈利的路線圖上實現關鍵里程碑。第四，我們正在推動卓越營運和功能，並投資於數位化和自動化計劃。這是我們生產力計劃的核心，我們正在加快努力，預計今年將節省 4 億多美元。

Fifth, to address projected demand growth over the next decade, we're using our financial strength to invest in our business. We're on track to invest $2 billion in fiscal year '22 with a disproportionate share focused on new capacity and automation objectives.

第五，為了滿足未來十年預計的需求成長，我們正在利用我們的財務實力投資我們的業務。我們計劃在 22 財年投資 20 億美元，其中很大一部分將用於新產能和自動化目標。

We also continue to return cash to shareholders. Through the first half, we returned approximately $850 million in dividends and share repurchases.

我們也繼續向股東返還現金。上半年，我們返還了約 8.5 億美元的股利和股票回購。

As a final comment before turning the call over to Stewart, I want to highlight that Tyson Foods understands we have a critical role to play in the global food system to make it more resilient, more sustainable and more equitable for current and future generations. Just recently, we completed a materiality analysis that will inform our long-range strategy. These insights from key stakeholders shape our strategic framework and provide direction on the expectations of our company.

在將電話轉給史都華之前，我想最後強調一下，泰森食品明白，我們在全球糧食體系中發揮關鍵作用，以使其對當代和後代更具彈性、更永續、更公平。就在最近，我們完成了重要性分析，這將為我們的長期策略提供參考。這些來自關鍵利害關係人的見解塑造了我們的策略框架並為我們公司的期望提供了方向。

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

現在我將把電話轉給斯圖爾特，讓他向我們詳細介紹第二季的財務表現。

Thank you, Donnie. Let me turn first to a summary of our total company financial performance. We're pleased to report strong results in the second quarter and first half of this fiscal year. Sales were up in the second quarter and the first half, benefiting from our pricing initiatives to offset inflation as well as improved product and channel mix. Volumes were down slightly through the first half impacted by continued labor challenges and a temporary disruption from the Omicron variant surge.

謝謝你，唐尼。首先，讓我來總結一下我們公司的整體財務表現。我們很高興地報告本財年第二季和上半年的強勁業績。第二季和上半年的銷售量有所成長，這得益於我們為抵銷通貨膨脹所採取的定價措施以及產品和通路組合的改善。受持續的勞動力挑戰以及 Omicron 變體激增造成的暫時中斷的影響，上半年銷量略有下降。

Looking at our sales results by channel. Retail drove $424 million of top line improvement in the second quarter relative to the same quarter last year. Through the first half, retail sales have improved $773 million. In the second quarter, improvements in sales through the foodservice channel drove an increase of $684 million, and domestic export sales to international markets were $311 million stronger than the prior year period as we leveraged our global scale to grow our business.

按通路查看我們的銷售業績。與去年同期相比，第二季零售業務推動營業收入成長 4.24 億美元。上半年，零售額成長了7.73億美元。在第二季度，透過餐飲服務管道的銷售額成長了 6.84 億美元，而由於我們利用全球規模來發展業務，國內出口到國際市場的銷售額比去年同期增長了 3.11 億美元。

Second quarter adjusted operating income of $1.2 billion was up 57% relative to the same quarter last year, led by increases in Chicken, Beef and Prepared Foods. First half adjusted operating income of $2.6 billion was up 47%, supported by increases in Beef and Chicken. Driven by the strong increase in operating income, second quarter adjusted EPS of $2.29 grew 71% compared to the same period last year. Second quarter earnings per share also benefited from lower net interest expense and higher other income.

第二季調整後的營業收入為 12 億美元，較去年同期成長 57%，主要得益於雞肉、牛肉和預製食品的成長。上半年調整後的營業收入為 26 億美元，成長 47%，主要得益於牛肉和雞肉銷售的成長。受營業收入強勁成長的推動，第二季調整後每股收益為 2.29 美元，較去年同期成長 71%。第二季每股收益也受惠於淨利息支出的降低和其他收入的增加。

Slide 11 bridges year-to-date operating income for the second quarter, which was $422 million higher than fiscal 2021. Volumes were down 1.5% in the second quarter. Volume improvement in Chicken, International/Other and Beef were offset by declines in Pork and Prepared Foods, where continued labor and supply chain challenges impacted throughput.

投影片 11 顯示了第二季年初至今的營業收入，比 2021 財年高出 4.22 億美元。第二季銷量下降了 1.5%。雞肉、國際/其他和牛肉銷售的成長被豬肉和預製食品銷售的下降所抵消，因為持續的勞動力和供應鏈挑戰影響了產量。

Our price and mix and portfolio efforts led to higher sales during the quarter, which offset the higher input costs. We saw continued inflation across the business, in some instances, up 25% or more. Notable examples were labor, feed ingredients, live cattle, lean hogs and freight costs.

我們的價格、產品組合和產品組合努力使得本季銷售額增加，抵銷了投入成本的增加。我們看到整個行業的通貨膨脹持續存在，在某些情況下甚至上漲了 25％ 或更多。值得注意的例子是勞力、飼料成分、活牛、瘦肉豬和運費。

SG&A was $46 million unfavorable to the same period last year due to increased team member-related costs and investments in advertising and promotional spend in support of our brands. As a final note, both cost of goods sold and SG&A expenses in the quarter were partially offset by productivity savings.

由於團隊成員相關成本以及為支持我們的品牌而對廣告和促銷支出的投資增加，銷售、一般及行政開支與去年同期相比減少 4,600 萬美元。最後要注意的是，本季的銷售成本和銷售、一般及行政費用都被生產力節省部分抵銷。

Moving to the Beef segment on Slide 12. Segment sales were approximately $5 billion for the second quarter, up 24% versus the same period last year. Sales growth in the quarter was driven by continued robust demand for Beef products, which supported higher average sales price and volume. The cut-out and our average sales price remained relatively strong during the quarter despite some consumer demand shifting toward lower-cost beef cuts.

前往投影片 12 上的牛肉部分。第二季該部分的銷售額約為 50 億美元，比去年同期成長 24%。本季銷售額的成長得益於牛肉產品持續強勁的需求，這支撐了更高的平均銷售價格和銷售量。儘管部分消費者需求轉向低成本牛肉切塊，但本季切塊價格和平均銷售價格仍保持相對強勁。

Quarterly volume improved compared to the prior year despite the Omicron surge experienced by the business. We expect volume to continue to improve in the second half of this fiscal year as new team member recruitment strategies support improved staffing and higher throughput levels. On expenses, we incurred greater costs during the second quarter versus the comparable period a year ago as live capital costs increased approximately $545 million in the quarter. We had sufficient livestock available in the quarter driven by higher herd liquidation due to drought conditions. As of February, 54% of cattle inventory were in areas experiencing drought conditions, which may lead to additional herd liquidation through the remainder of the fiscal year.

儘管業務經歷了 Omicron 激增，但季度銷量與去年相比仍有所提高。我們預計本財年下半年的業務量將持續提高，因為新的團隊成員招募策略支援改善人員配置和提高吞吐量水準。在費用方面，與去年同期相比，我們在第二季度產生的成本有所增加，因為本季的活躍資本成本增加了約 5.45 億美元。由於乾旱導致牲畜清算量增加，本季我們有足夠的牲畜可用。截至 2 月份，54% 的牛群位於乾旱地區，這可能會導致本財政年度剩餘時間內牛群進一步減少。

We delivered segment operating income of $638 million in the quarter, up 43% versus the comparable period. This improvement was driven by solid global demand for beef products, supporting a higher cut-out as well as higher specialty product values, which were partially offset by higher operating costs. Our operating margin of 12.7% was higher than the same quarter last year but was down on a sequential basis versus the last 2 quarters as cost increases led to a narrowing of the spread.

本季我們的分部營業收入為 6.38 億美元，較去年同期成長 43%。這項改善是由全球對牛肉產品的強勁需求推動的，支持了更高的切割率以及更高的特色產品價值，但營運成本的上升部分抵消了這些影響。我們的營業利潤率為 12.7%，高於去年同期，但與前兩個季度相比有所下降，因為成本增加導致利差縮小。

Looking next at the Pork segment. Sales were approximately $1.6 billion for the quarter, up 6% versus the same period last year. Average sales price increased 10.8%, but volumes were 4.8% lower relative to the same period last year. Average sales price was up due to higher input costs, while volumes were lower due to labor challenges from the Omicron surge, which led to lower processing throughput.

接下來看看豬肉部分。本季銷售額約 16 億美元，較去年同期成長 6%。平均銷售價格上漲 10.8%，但銷售量與去年同期相比下降了 4.8%。由於投入成本上升，平均銷售價格上漲，而由於 Omicron 激增帶來的勞動力挑戰，導致加工吞吐量下降，銷售下降。

Segment operating income was $59 million for the quarter, down 12% versus the comparable period. Overall, operating margins for the segment declined to 3.8%. The operating income deterioration was driven by softer exports, higher input costs and labor challenges.

本季分部營業收入為 5,900 萬美元，較去年同期下降 12%。整體而言，該部門的營業利潤率下降至3.8%。營業收入的惡化是由於出口疲軟、投入成本上升和勞動挑戰造成的。

Moving now to Prepared Foods. Sales were approximately $2.4 billion for the quarter, up 11% relative to the same period last year. Total volume was down in the quarter given labor and supply chain challenges and uneven foodservice recovery and the sale of our pet treats business. Sales growth outpaced volume growth driven by higher average sales price. Consumer demand has remained durable even as we've worked to manage inflation through price increase. Overall, consumer response to higher price levels is below historical expectations as our brand strength and category relevance has enabled continuing strong demand. Raw material costs and logistics, ingredients, packaging and labor all increased our cost of production.

現在轉向預製食品。本季銷售額約 24 億美元，較去年同期成長 11%。由於勞動力和供應鏈挑戰、餐飲服務復甦不均衡以及寵物零食業務的出售，本季總銷量下降。由於平均銷售價格上漲，銷售額成長超過了銷售成長。儘管我們努力透過提高價格來控制通貨膨脹，但消費者需求仍然保持強勁。整體而言，由於我們的品牌實力和類別相關性使得需求持續強勁，消費者對更高價格水準的反應低於歷史預期。原料成本、物流、配料、包裝和勞動力都增加了我們的生產成本。

To offset higher costs, we have executed productivity, revenue management and commercial spend optimization initiatives, while ensuring the continued development of brand equity through increased marketing and trade support. Operating margins for the segment were 11% or $263 million for the quarter, up 21% versus the same quarter last year.

為了抵​​消更高的成本，我們實施了生產力、收入管理和商業支出優化計劃，同時透過增加行銷和貿易支援確保品牌資產的持續發展。該部門本季的營業利潤率為 11% 或 2.63 億美元，比去年同期成長 21%。

Moving on to the Chicken segment's results. Sales were $4.1 billion for the quarter, up 15%. Volumes improved in the quarter due to strong consumer demand and operational improvements. Our teams have been focused on streamlining our plants to deliver higher volumes. We expect to deliver further volume improvements in the second half of fiscal 2022 as harvest numbers improve and we continue to optimize the operational efficiency of our plants. Average sales price improved 14.4% in the quarter compared to the same period last year. This increase was primarily due to price recovery offsetting inflationary costs.

接下來看看雞肉部分的結果。本季銷售額為 41 億美元，成長 15%。由於強勁的消費者需求和營運改善，本季銷量有所改善。我們的團隊一直致力於精簡工廠以提高產量。隨著收穫數量的增加以及我們繼續優化工廠的營運效率，我們預計 2022 財年下半年的產量將進一步提高。本季平均銷售價格與去年同期相比上漲了 14.4%。這一增長主要是由於價格回升抵消了通膨成本。

On pricing, we made meaningful progress to shift our pricing mechanisms toward more variable structures and are now seeing those benefits. We restructured our pricing strategies given our experience in fiscal 2021 to be more agile in response to market and inflationary conditions.

在定價方面，我們在將定價機制轉向更靈活的結構方面取得了重大進展，並且現在已經看到了這些好處。根據 2021 財年的經驗，我們調整了定價策略，以便更靈活地應對市場和通膨狀況。

Chicken delivered adjusted operating income of $203 million in the second quarter of fiscal '22, representing an operating margin of 5%. Operating income increased in the second quarter due to increased sales volume and higher average sales prices, partially offset by the impacts of inflationary market conditions, including increased supply chain costs and a challenging labor environment.

Chicken 在 22 財年第二季實現調整後營業收入 2.03 億美元，營業利益率為 5%。第二季營業收入的成長是由於銷售量增加和平均銷售價格上漲，但被通膨市場條件的影響（包括供應鏈成本增加和勞動力環境挑戰）部分抵銷。

In the second quarter of fiscal '22, we experienced $100 million of higher feed ingredient costs and $101 million of net derivative gain as compared to $10 million of net derivative gains in the second quarter of fiscal 2021. During the fiscal month of April, the beginning of our third quarter, we have achieved an approximate 5% operating margin, excluding mark-to-market derivative impacts. Restoring competitiveness in our Chicken business remains a top priority, and we are making progress on achieving our long-term targets for adjusted operating margin, but we still have work to do.

在 2022 財年第二季度，我們的飼料原料成本增加了 1 億美元，淨衍生性商品收益為 1.01 億美元，而 2021 財年第二季的淨衍生性商品收益為 1,000 萬美元。在 4 月（第三季初），我們實現了約 5% 的營業利潤率，不包括以市價計價的衍生性商品影響。恢復雞肉業務的競爭力仍然是我們的首要任務，我們在實現調整後營業利潤率的長期目標方面正在取得進展，但我們仍有工作要做。

Turning to Slide 16. Our healthy cash flows have continued to support a broad capital allocation approach. We are focused on building financial strength, investing in our team members, investing in our business and returning cash to shareholders. Consistent with our expectations, our operating cash flows were down slightly in the first half of the year due to planned investment in working capital.

翻到第 16 張投影片。我們健康的現金流繼續支持廣泛的資本配置方法。我們專注於增強財務實力、投資團隊成員、投資業務並向股東返還現金。與我們的預期一致，由於計劃投資營運資金，我們的上半年營運現金流略有下降。

And considering of our priority to build financial strength and flexibility, we used our existing liquidity to retire $1 billion of debt in the second quarter. Since the start of the pandemic, which this quarter now marks 2 years ago, we have reduced gross debt by approximately $3.8 billion. We maintained our leverage ratio at 1.1x net debt to adjusted EBITDA, demonstrating our powerful balance sheet and our continued capital allocation optionality.

考慮到我們優先建立財務實力和靈活性，我們利用現有的流動資金在第二季度償還了 10 億美元的債務。自疫情爆發以來（本季已是兩年前），我們已減少了約 38 億美元的總債務。我們將槓桿率維持在淨債務與調整後 EBITDA 的 1.1 倍，這反映了我們強大的資產負債表和持續的資本配置選擇性。

Investing in our business for both organic and inorganic growth will continue to be an important priority and will help Tyson increase production capacity and market capabilities. This will support strong return on capital generation for our shareholders.

對我們的業務進行有機和無機成長的投資將繼續成為一項重要優先事項，並將幫助泰森提高生產能力和市場能力。這將為我們的股東帶來強勁的資本回報。

Finally, as our track record has demonstrated, we are committed to returning cash to shareholders through both dividends and share buybacks. We bought back $175 million of shares at an average price of $88.50 per share during the second quarter. This is in addition to the $348 million of shares repurchased during the first quarter.

最後，正如我們的業績記錄所表明的那樣，我們致力於透過股利和股票回購向股東返還現金。我們在第二季以每股平均 88.50 美元的價格回購了價值 1.75 億美元的股票。這是在第一季回購價值 3.48 億美元的股票的基礎上的額外回購。

Let's now discuss the fiscal '22 financial outlook. Based on the strong first half results, we're raising our total company sales guidance to a range of $52 billion to $54 billion. In support of our sales growth, we now expect 1% to 2% volume growth on a year-over-year basis as we work to optimize our existing footprint and run our plants full.

現在讓我們來討論一下 22 財年的財務前景。基於上半年強勁的業績，我們將公司總銷售額預期上調至 520 億美元至 540 億美元。為了支持我們的銷售成長，我們目前預計銷量將年增 1% 至 2%，因為我們致力於優化現有佈局並滿載運作我們的工廠。

Looking at AOI margin target ranges for our segments. In Chicken, our operational turnaround is working, and we expect full year margins to be between 5% and 7%. Based on our first half performance, we now expect the full year margin in Prepared Foods to be in the range of 8% to 10%.

查看我們各部門的 AOI 利潤目標範圍。在雞肉業務方面，我們的營運轉型正在奏效，我們預計全年利潤率將在 5% 至 7% 之間。根據我們上半年的業績，我們目前預計全年預製食品的利潤率將在 8% 至 10% 之間。

In Beef, we are raising our AOI margin to 11% to 13%. We still expect the first half of the year to be meaningfully stronger than the back half as industry and labor conditions are expected to normalize in the second half. We expect the cattle price increases will reduce the overall margin in the back half.

在牛肉方面，我們將 AOI 利潤率提高到 11% 至 13%。我們仍然預計上半年的表現將明顯強於下半年，因為預計下半年產業和勞動力狀況將恢復正常。我們預計牛價上漲將會降低下半年的整體利潤率。

In Pork, we expect similar performance during fiscal '22 to what we accomplished during fiscal 2021, equating to a margin of between 5% and 7%. As is normal seasonality for Pork, we expect the first quarter to be the strongest.

在豬肉方面，我們預計 22 財年的表現將與 2021 財年的表現相似，利潤率在 5% 至 7% 之間。由於豬肉具有正常的季節性，我們預計第一季將是表現最強勁的季度。

In International/Other, we anticipate reduced results from our foreign operations in fiscal '22 due to supply chain disruptions and other impacts related to COVID-19. Our expectations for CapEx, net interest expense and tax rate remain unchanged. Our net leverage is expected to remain well below 2x net debt to adjusted EBITDA, providing optionality for inorganic investment and additional return of cash to shareholders over the course of the year.

在國際/其他領域，由於供應鏈中斷和與 COVID-19 相關的其他影響，我們預計 22 財年海外業務的業績將下降。我們對資本支出、淨利息支出和稅率的預期保持不變。我們的淨槓桿率預計將遠低於淨債務與調整後 EBITDA 比率的 2 倍，從而為無機投資提供選擇性，並在全年為股東帶來額外的現金回報。

I will now turn the call back over to Megan for Q&A instructions. Megan?

現在我將把電話轉回給梅根，以便進行問答。梅根？

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

謝謝，斯圖爾特。我們現在來回答您的問題。請記住，我們對前瞻性陳述和非公認會計準則衡量標準的警告既適用於我們準備好的評論，也適用於以下問答。接線員，請提供問答說明。

(Operator Instructions) And our first question will come from Ken Goldman of JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的肯‧戈德曼。

Donnie, I wondered if you mentioned your expectation for sequential improvements in operating margins in the back half of the year. I just wanted to clarify, does this mean that you expect your operating margin in 3Q to be above 2Q, so above 8.9%, and then for 4Q to be above that once again? Or are you simply saying that the second half will be above the first half with, I guess, no comment on the cadence of 3Q versus 4Q? I know it's hard to measure these things. I just wanted to be sure what you were suggesting there.

唐尼，我想知道您是否提到了對今年下半年營業利潤率連續提高的期望。我只是想澄清一下，這是否意味著您預計第三季度的營業利潤率將高於第二季度，即 8.9% 以上，而第四季度的營業利潤率將再次高於這一水平？或者您只是說下半年的表現將高於上半年，我想，對於第三季與第四季的節奏沒有評論？我知道衡量這些事情很難。我只是想確定你在那裡建議什麼。

Yes. Let me pick that up for Donnie. This is Stewart. I think you can take it as the first half is going to be not as strong as the second half. We haven't got obviously into giving you quarter-by-quarter. But we expect our business to strengthen over the back half. You'll recall from the prepared remarks that we expect our Beef to start to weaken in the second half. So some of that quarter-by-quarter timing will depend a little bit on the timing update.

是的。讓我幫唐尼把它撿起來。這是斯圖爾特。我認為你可以認為上半年不會像下半年那麼強。顯然，我們不會逐季度向您提供數據。但我們預計下半年我們的業務將會增強。您會記得，從準備好的發言稿中我們預計我們的牛肉產量將在下半年開始下降。因此，部分季度時間表將在一定程度上取決於時間更新。

Okay. That's helpful. And then how are you thinking about the timing of the cattle cycle right now? What I mean by that is you mentioned that you expected the herd liquidation to continue the rest of the year. Again, no one has a crystal ball on these things. But do you have even a rough estimate for when you might expect the liquidation cycle to end next year?

好的。這很有幫助。那麼，您現在如何看待牛群週期的時間？我的意思是，您提到您預計牛群清算將在今年剩餘時間內持續下去。再說一遍，沒有人能預知這些事。但是，您是否可以粗略估計明年清算週期何時結束？

Thanks, Ken. This is Donnie. We expect it to -- in fact, we thought we would have already seen lower supply than what we are seeing right now. An interesting data point is that cattle and feed recorded over 12 million head, a record high from March 1. So there's a little bit of noise in that still. Drought conditions and grain costs are certainly impacting supply. But we -- as we said, we think in the back half of the year, we'll see the spread tighten in our Beef business.

謝謝，肯。這是唐尼。我們預計——事實上，我們認為我們已經看到了比現在更低的供應量。一個有趣的數據是，牛和飼料的數量超過了 1200 萬頭，創下了 3 月 1 日以來的最高紀錄。所以這其中仍然存在一些噪音。乾旱狀況和糧食成本肯定會影響供應。但正如我們所說，我們認為在今年下半年，我們的牛肉業務的價差將會縮小。

And -- but I would also point out that we think it will be much higher. In fact, we call it 6% to 8% on a normalized range these days. But it's holding up pretty good right now. And while we're -- it's not going to be a record back half, we think it will be a very good one.

而且——但我還要指出，我們認為這個數字還會高很多。事實上，我們現在稱之為正常範圍內的 6% 到 8%。但現在情況還不錯。儘管我們認為下半年的業績不會創下新高，但我們認為這將是一個非常好的成績。

The next question comes from Adam Samuelson of Goldman Sachs.

下一個問題來自高盛的亞當·薩繆爾森。

So I just wanted to dig a little bit more in Chicken and thinking through the margin expectations in the back half of the year specifically and then what that implies as you move into fiscal '23. I think in the prepared comments, you talked about April being at 5% kind of even after any mark-to-market impact on grain. How do we think about the different levers to further margin improvement in Chicken through the back half of the year, whether it's volume, in terms of the hatch and your throughput in the slaughter plants, mix-pricing actions versus some of incremental inflation as we look at grain and some of your other purchase inputs?

因此，我只是想對 Chicken 進行更深入的研究，並具體思考下半年的利潤預期，以及這對進入 23 財年意味著什麼。我認為在準備好的評論中，您談到了即使在對穀物進行任何按市價計價的影響之後，4 月份的漲幅仍將達到 5%。我們如何看待下半年進一步提高雞肉利潤率的不同槓桿，無論是數量（就孵化量和屠宰場的吞吐量而言）、混合定價行動還是一些增量通膨（就穀物和其他一些購買投入而言）？

Thanks, Adam. Let me say a few words, and I'll flip it to David Bray to add a few a few details. It was a year ago this quarter that I talked about the turnaround in Chicken, and in fact, talked about being at a 5% to 7% business. I will tell you, in this quarter, January, from a Omicron resurgence, it was painful across all of our businesses. But we've improved sequentially throughout the quarter.

謝謝，亞當。讓我說幾句話，然後我會把它翻給大衛布雷 (David Bray) 來補充一些細節。一年前這個季度，我曾談到雞肉業務的復甦，事實上，當時我談到雞肉業務的成長速度為 5% 到 7%。我要告訴你，今年一月份，由於 Omicron 的復甦，我們所有的業務都受到了影響。但我們在整個季度中都取得了連續的進步。

The back half of the year, in Chicken specifically, the thing that we need is greater volume, greater efficiency from the assets that we currently have. And we've announced a further processing plant that will come online next year that will add some incremental capacity. But our productivity program is working. We are becoming more efficient, and our volume is growing. And I would expect you to see that to continue to grow and develop over the balance of the year. I would tell you, in short, we're on point.

今年下半年，特別是在雞肉方面，我們需要的是利用現有資產來實現更大的產量和更高的效率。我們也宣布將於明年投入營運的深加工工廠將增加一些產能。但我們的生產力計劃正在發揮作用。我們的效率越來越高，業務量也越來越大。我希望你們能看到它在今年餘下的時間裡繼續成長和發展。我想告訴你，簡而言之，我們說對了。

And let me flip it to David, if he can add some more texture.

讓我把它翻給大衛，看看他能否添加一些紋理。

Adam, thank you for the question. I think, first and foremost, what I do want you to hear is that we have made progress within the Chicken segment. But we also know that we have much, much more work to do, and we're focused against that. I would also tell you that we said that we would deliver sequential improvement throughout the fiscal year, and we have.

亞當，謝謝你的提問。我認為，首先，我希望你們聽到的是，我們在雞肉領域取得了進展。但我們也知道，我們還有許多工作要做，我們會專注於完成這些工作。我還要告訴你們，我們說過我們將在整個財政年度實現連續的改善，而我們做到了。

We also shared that we would see improved volumes sequentially. And quarter-over-quarter, we have seen improved volume. And we also said that we would outpace the market for growth. And within the Q2 time frame, we did that as well. In Q2, our harvest head was up 2.9%, and our harvest volume was up 4.9%, which actually allowed pricing to gain share in the Q2 time frame of about 0.75 point. We've also improved our adjusted operating income and our AOI margins sequentially quarter-over-quarter, and this was the case whether we include or exclude any impacts of derivatives against our business.

我們也表示，我們將看到銷量逐年增加。與上一季相比，我們的銷量有所提高。我們也說過，我們的成長速度將超過市場。在第二季的時間範圍內，我們也做到了這一點。在第二季度，我們的收穫頭數增加了 2.9%，收穫量增加了 4.9%，這實際上使定價在第二季度的時間範圍內獲得了約 0.75 個百分點的份額。我們的調整後營業收入和 AOI 利潤率也比上一季提高，無論我們是否包括衍生性商品對我們業務的影響，情況都是如此。

And so again, I would tell you, we're making progress. We have more work to do. We are focused, and our goal has not changed: to be the best Chicken company as we focus on the levers of our business. We're continuing to work hard to staff our plants. And today, I would tell you the poultry segment is staffed to standard. We're continuing to work on servicing our customers, growing our business and to drive overall operational improvement.

因此，我再次告訴你們，我們正在取得進展。我們還有更多的工作要做。我們專注，我們的目標沒有改變：成為最好的雞肉公司，因為我們專注於業務的槓桿。我們將繼續努力為我們的工廠配備人員。今天，我要告訴大家，家禽部門的人員配置是達到標準的。我們將繼續致力於為客戶提供服務、發展業務並推動整體營運的改善。

If I could, David, if I could add one more thing, Adam. On Friday, we closed on April. By the way, it was a 5-day close, which is a new record thanks to Stewart and Phillip Thomas and the team. But in Chicken specifically, April was a good month, and Stewart referenced in his prepared remarks around 5%. I can tell you from the close that it's better than 5%. So I'll leave it at that.

如果可以的話，大衛，如果可以的話，亞當，我可以再補充一點。星期五，我們結束了四月的活動。順便說一句，這是一個為期 5 天的閉幕式，這要感謝斯圖爾特、菲利普·托馬斯和團隊，創造了新的紀錄。但具體到雞肉方面，四月是一個好月份，斯圖爾特在他準備好的演講中提到了 5% 左右。從收盤價來看，我可以告訴你，它比 5% 要好。所以我不再談論這個了。

All right. No, that's really helpful. And if I can maybe just follow up in Chicken. I'm just trying to think about the internal kind of actions you're taking, and what you have under your control is very clear. And I'm trying to make sure we can calibrate how the external environment has evolved in terms of record breast meat prices, maybe some declines in wings, kind of risk around avian influenza and what that could potentially do to exports relative to the grain markets. And just trying to think about how changes in that external environment would or would not impact kind of how you think about Chicken moving forward.

好的。不，這真的很有幫助。如果可以的話我可能只是跟進雞肉。我只是試著思考你正在採取的內在行動，以及你所控制的事情是非常清楚的。我正在努力確保我們能夠校準外部環境的變化，包括創紀錄的雞胸肉價格、雞翅價格的下跌、禽流感的風險以及這些因素可能對穀物市場出口造成的影響。並試著思考外在環境的改變會不會影響您對 Chicken 未來發展的看法。

Thanks, Adam. I will tell you, we started over a year ago with 4 -- with what we call our 4 pillars, which was staffing our plants, servicing our customers, growing our business and restoring industry-leading operating performance. That's still our plan. As you well know, there are a number of variables going on right now in the poultry business.

謝謝，亞當。我可以告訴你們，我們在一年多前就開始了四大支柱工作，即為工廠配備人員、為客戶服務、發展業務和恢復行業領先的營運業績。這仍然是我們的計劃。眾所周知，目前家禽業存在許多變數。

What I can tell you is volume is good. Demand is strong. In fact, I would tell you that if you look at the price of boneless, skinless breast meat, I think Friday, it was somewhere around $3.60. It's been a long time since I've seen that kind of strength in breast meat and chicken overall.

我可以告訴你的是音量很好。需求強勁。事實上，我想告訴你，如果你看看去骨去皮雞胸肉的價格，我想週五的價格大約是 3.60 美元。我已經很久沒有見過雞胸肉和雞肉有如此強健的體魄了。

And so grain is higher, of course. We are seeing that. Dave and his team are responding with shorter-term contracts to try to protect Tyson and try to protect our customers as well. And I'll stop -- flip it over to David, see if there's any other things he'd like to add. David?

當然，穀物價格更高。我們正在見證這一點。戴夫和他的團隊正在透過短期合約來試圖保護泰森並試圖保護我們的客戶。我就停下來——把它翻給大衛，看看他是否還有其他想補充的內容。戴維？

Yes, I think just from the grain standpoint, despite what we're seeing from volatility in grain, the turnaround in Chicken is progressing as planned. And again, a large part of that is based off of our variable pricing structures. We're able to move much faster than we have in the past, and that's been a big benefit to us.

是的，我認為僅從穀物的角度來看，儘管我們看到穀物價格波動，但雞肉價格的轉變正在按計劃進行。再次強調，這很大一部分是基於我們可變的定價結構。我們能夠比過去更快地行動，這對我們來說是一個很大的優勢。

Relative to avian influenza hub, yes, we are watching that closely, and it is always a risk within this business. But I would tell you that we mitigate that risk through the use of our biosecurity measures, and that they are in place across all of our facilities right now. This includes testing every flock that we have for AI before it leaves the farm.

相對於禽流感中心，是的，我們正在密切關注，這在這個行業中始終是一個風險。但我想告訴你們，我們透過採取生物安全措施來降低這種風險，而且這些措施目前已在我們所有的設施中實施。這包括在每隻雞離開農場之前對其進行禽流感檢測。

We are operating under heightened measures in some geographic areas of the country right now, and the heightened measures would basically be we're limiting the amount of people and trips that are taken to our farms as well as making sure that the people that do go to the farms are in clean vehicles, and we will continue to monitor that. To that, I would tell you that any bird loss related to disease impacts our growers, and it impacts our plants as well, but these have been relatively minimal to our business to date.

目前，我們正在全國某些地區採取加強措施，這些加強措施基本上是限制前往我們農場的人數和次數，並確保前往農場的人員乘坐乾淨的車輛，我們將繼續對此進行監控。對此，我想告訴你，任何與疾病有關的鳥類損失都會影響我們的種植者，也會影響我們的植物，但到目前為止，這些對我們的業務的影響相對較小。

The next question comes from Ben Bienvenu of Stephens.

下一個問題來自史蒂芬斯的本‧比恩維努 (Ben Bienvenu)。

So I want to ask -- I want to follow up on Adam's questions about the Chicken business. Obviously, your commentary on April is quite strong. Your guidance suggests continued strength in that business. If we could -- I want to ask a little bit about the mechanics of what happened in the quarter and kind of mechanics of cost-plus. I think we have an understanding of what happens when you have derivative gains and why. But would you talk about when and why you hedge your grain?

所以我想問一下——我想跟進亞當關於雞肉生意的問題。顯然，你對四月的評論相當有力。您的指導表明該業務將繼續保持強勁勢頭。如果可以的話——我想問一下本季發生的事情的機制以及成本加成的機制。我認為我們已經了解了獲得衍生收益時會發生什麼以及為什麼會發生。但是您能談談何時以及為何對穀物進行避險嗎？

And to the extent that we look into the balance of the year and that reflects hedges that you have on and benefits that you might enjoy as a result of that, could you talk about that versus a cost-plus sort of mechanism that would, as the grain prices go up, allow you to take high prices? I'm just trying to understand the moving pieces around what we should be mindful of as we monitor the environment going forward.

並且，就我們研究的年度餘額以及反映您所進行的對沖以及您可能因此享受到的利益而言，您能否談談這與成本加成機制相比的情況，隨著糧食價格上漲，這種機制可以讓您獲得高價？我只是想了解我們在監測未來環境時應該注意哪些動態因素。

Yes. Let me -- this is Stewart. Let me go ahead and pick up the question on hedging. So we hedge primarily when we are obligated to fixed price, particularly any kind of agreements that are longer term that makes sure that we're not exposed to a fixed price with a moving commodity base.

是的。讓我——我是史都華。讓我繼續回答有關對沖的問題。因此，我們主要在有義務固定價格時進行對沖，特別是任何長期協議，以確保我們不會因商品基礎變動而受到固定價格的影響。

This year, we've seen a shift. We've talked about that in a couple of our calls. We have shifted to more variable or commodity-driven pricing, which means that we don't have to hedge as much. Keep in mind also, though, that those pricing mechanisms will have various triggers and, therefore, they won't be repricing every day. And so you will see us, of course, hedging over the shorter term to make sure that during that kind of lag period, where we're obligated to price, that we've got protection from movements in the year in grains and other commodities. Is that helpful?

今年，我們看到了轉變。我們在幾次通話中討論過這個問題。我們已經轉向更加可變或由商品驅動的定價，這意味著我們不必進行太多對沖。不過，也請記住，這些定價機制會有各種觸發因素，因此它們不會每天重新定價。當然，你會看到我們在短期內進行對沖，以確保在我們有義務定價的那種滯後期內，我們能夠免受一年中穀物和其他商品波動的影響。這樣有幫助嗎？

Perfect. Very helpful. Pivoting and thinking about the Prepared Foods business, really solid margin results in the quarter. I know there's this cost/price dynamics that you and all of your peers are navigating. The back half of the year suggests maybe a little bit of margin pressure and then expansion thereafter.

完美的。非常有幫助。回顧一下預製食品業務，本季的利潤率確實很穩健。我知道您和您的所有同行都在應對這種成本/價格動態。今年下半年利潤率可能會面臨一點壓力，隨後將會擴大。

Can you talk about how you feel about your price elasticities in that business, how you feel about your ability to operate the business well and perhaps as we cycle through some of the volume losses from the pet food business, pet treat business, improve and deliver on fixed cost absorption? And your balance of -- the margin balance when we move through this year and into next year would be helpful.

您能否談談您對該業務的價格彈性有何看法，您對良好經營該業務的能力有何看法，以及隨著我們經歷寵物食品業務、寵物零食業務的一些銷售損失，如何改善和實現固定成本吸收？當我們度過今年並進入明年時，您的保證金餘額將會有所幫助。

Thank you, Ben. Let me hit a couple of points, and I'll flip it over to Noelle, and she can go into greater detail with you. And you saw in our statement, the first half was down. We had lower production throughput. Again, January was troubling with the Omicron resurgence, challenging labor. And we did have the sale of pet treats in the quarter -- or in the first half. Yes, we expect the volume to improve. Retail demand remained strong, and we had some uneven recovery in our foodservice business, meaning there are some spots -- and I'll call them out specifically, and then I'll flip it to Noelle.

謝謝你，本。讓我講幾點，然後我會把它交給諾埃爾，她可以和你更詳細地討論。正如您在我們的聲明中所看到的，上半年業績有所下滑。我們的生產吞吐量較低。再次，由於 Omicron 的復甦，一月份令人擔憂，給勞動力帶來了挑戰。我們在本季（或者說上半年）確實銷售了寵物零食。是的，我們預計銷量會有所提高。零售需求依然強勁，而我們的餐飲服務業務復甦並不均衡，這意味著存在一些問題——我會具體指出，然後再交給諾埃爾。

In our pizza topping business, for example, it was softer than expected. Our Philly business was softer than expected, and our tortilla business was softer than projected. And with that, I'll flip it over to Noelle, and she can talk about the elasticities.

例如，我們的披薩配料業務表現比預期的要差。我們的費城業務比預期的要差，我們的玉米餅業務也比預期的要差。然後，我會把它翻給諾埃爾 (Noelle)，她可以談談彈性。

Great. Thanks, Donnie. So as Donnie referenced, demand really does continue to be strong driven by our strong brand equities and our diverse portfolio. And we do see that demand continues to exceed supply in a majority of our categories. We've made significant improvements in our labor vacancy rates. We expect to be back to pre-pandemic levels. In the second half, we also have investments coming online that we referenced in the prepared remarks on capacity.

偉大的。謝謝，唐尼。正如唐尼所提到的，在我們強大的品牌資產和多元化投資組合的推動下，需求確實持續強勁。我們確實看到，大多數類別的需求仍然超過供應。我們的勞動空缺率已取得顯著改善。我們預計將恢復到疫情前的水準。下半年，我們還將有一些投資上線，我們在關於產能的準備好的評論中提到過。

As Donnie referenced, in foodservice, we are seeing a bit of uneven recovery. Overall, I would say it's showing momentum. Where we did see impacts is in January and February, where the Omicron variant surge had a brief negative impact as consumer mobility waned and foodservice traffic declined.

正如唐尼所提到的，在餐飲服務領域，我們看到復甦有些不平衡。總體而言，我認為它正在展現出良好的勢頭。我們確實看到影響是在 1 月和 2 月，當時 Omicron 變種激增產生了短暫的負面影響，導致消費者流動性減弱，餐飲服務流量下降。

This, along with some of the other dynamics from a labor perspective in the industry, slowed recovery at the beginning of the year. But as we look at March traffic, the data shows that we are returning to pre-Omicron recovery levels as COVID cases drop back to a bit more normative levels.

這一因素，加上行業勞動力方面的其他一些動態因素，導致年初復甦放緩。但當我們查看 3 月的流量時，數據顯示，隨著 COVID 病例數回落至更正常的水平，我們正在恢復到 Omicron 疫情爆發前的恢復水平。

But broadly speaking, QSRs and C-stores continue to lead the recovery relative to other channels. We're also seeing great momentum in K-12 and continue to be optimistic in the overall recovery. And as referenced, we continue to make significant impacts on cost transformation. And so you'll continue to see a focus on that holistically for us across the business as we continue to improve labor, as we continue to expand our capacity, as we continue to invest in our portfolio and our leading brands and expect to deliver 8% to 10% ROS for the year.

但總體而言，與其他通路相比，快餐店和便利商店繼續引領復甦。我們也看到 K-12 領域發展勢頭強勁，並繼續對整體復甦持樂觀態度。正如所提到的，我們繼續對成本轉型產生重大影響。因此，隨著我們繼續改善勞動力，繼續擴大產能，繼續投資我們的產品組合和領先品牌，並預計今年的 ROS 將達到 8% 至 10%，您將繼續看到我們在整個業務中全面關注這一點。

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

下一個問題來自美國銀行的 Peter Galbo。

Maybe we could start with Beef. You guys have obviously seen your business, I think, disaggregate a bit from some of the third-party sources. And I do think a lot of that probably comes from your export business and maybe some of the byproduct business. But can you talk about maybe those 2 specifically in the quarter and how we should think about them going forward as we monitor external data versus kind of what your report, stronger results that you're reporting in Beef?

也許我們可以從牛肉開始。我認為，你們顯然已經看到自己的業務與一些第三方來源的業務有所不同。我確實認為其中很大一部分可能來自於你們的出口業務，或許還有一些副產品業務。但是，您能否具體談談本季度的這兩項數據，以及在我們監控外部數據而不是您的報告中報告的更強勁的結果時，我們應該如何看待它們？

Peter, I'll make a couple of comments, and I'll pick it to Shane to make a couple. In our Q2, sales volume did increase. We had improved staffing and higher harvest weight. We talked a lot about the fact that we're buying a higher grade of animal to process. Grades have improved significantly through the last couple of decades, and that continues to be the case for us.

彼得，我會發表一些評論，我會選擇讓肖恩發表一些評論。在我們的第二季度，銷售量確實增加了。我們改善了人員配備並提高了收穫重量。我們多次談論了我們購買更高等級的動物進行加工的事實。在過去的幾十年裡，成績有了顯著提高，我們的情況也將繼續如此。

But as you pointed out, we're seeing a lot of help from our specialty products group, particularly in the fat and tallow area, our relationship with Jacob Stern that we've had there. We're able to take a lot of that product, and with the price of diesel and fuels, we're able to now -- to get some really great value out of those products, and that's providing some tailwinds for us in our Beef business.

但正如您所指出的，我們的特色產品集團給予了我們很大的幫助，特別是在脂肪和牛脂領域，我們與 Jacob Stern 在那裡建立了良好的關係。我們能夠購買大量此類產品，而且由於柴油和燃料的價格，我們現在能夠從這些產品中獲得真正巨大的價值，這為我們的牛肉業務提供了一些順風。

But I'll flip it to Shane, and he can add a little bit more color to that.

但我會把它翻轉給 Shane，他可以給它一點顏色。

Yes. Thanks, Donnie, and thanks, Peter, for the question. Donnie, he hit on a couple of the categories. Obviously, specialty products, which is everything that's coming off of the drop or the harvest side of our operations, has improved. We continue to see better value coming from the fats and oils category. But also if you think about areas like proteins, you think about hides, you think about some of the variety meats that are typically sold into the export arena, we're seeing very strong demand globally from the product mix that we're supplying to the marketplace.

是的。謝謝唐尼，也謝謝彼得提出這個問題。唐尼，他觸及了幾個類別。顯然，特色產品，也就是我們營運過程中從採摘或收穫環節產生的所有產品，都得到了改善。我們繼續看到脂肪和油類產品的價值不斷提高。但是，如果您考慮蛋白質、獸皮、以及一些通常在出口領域銷售的雜肉，您會發現，全球對我們向市場供應的產品組合有著非常強勁的需求。

This is still a cyclical business. We believe over that continuum that beef demand will continue to be very strong from a global perspective. And on top of that, if you think about the value that we're bringing to the marketplace and also to -- ultimately to the consumer, the meat quality and the cattle genetics that are being supplied to us today have never been better. So I think as we look forward here, strong quality, great product mix and diversification of customers and programs will lend to stronger support.

這仍然是一個週期性業務。我們相信，從全球角度來看，牛肉需求將持續保持強勁。除此之外，如果你想想我們為市場以及最終為消費者帶來的價值，你會發現今天供應給我們的肉質和牛基因從未如此好。因此，我認為，展望未來，卓越的品質、出色的產品組合以及多樣化的客戶和專案將提供更強有力的支援。

That's helpful. And then, Donnie, I just wanted to reconcile some of your comments in Chicken around your hatch plan or hatch improvement plan being on track. I think for total company, though, you took the volume guide down, and just wanted to understand what that implied around back-half Chicken volumes. I think previously, we had talked about them being up maybe double digits to kind of make the year. So just wanted to reconcile kind of those 2 aspects.

這很有幫助。然後，唐尼，我只是想調和一下你在《雞》中關於你的孵化計劃或孵化改進計劃是否按計劃進行的一些評論。不過，我認為對於整個公司來說，你把交易量指南拿下來了，只是想了解這對後半部分雞肉交易量意味著什麼。我想之前我們曾討論過他們可能會以兩位數的增幅來打好今年的比賽。所以只是想調和這兩個面向。

Sure. There's a number of things going on there. We had the -- our hatch has improved. We're better than the average of the industry, for example, today. A year ago, we could not say that. So we have seen improvement there. We have also reduced our outside purchase of meat, and that's had a pretty significant impact on our overall volume, in Chicken specifically.

當然。那裡發生了許多事情。我們的艙口已經改進。例如，今天我們的表現優於行業平均。一年前我們還不能這麼說。所以我們看到了那裡的進步。我們也減少了外部肉類的採購，這對我們的整體銷售產生了相當大的影響，特別是雞肉的銷售。

We also -- if you'll recall, we had a fire in Huntsville, Alabama that impacted our volume. Not only of the rendered product that we produce ourselves, but on the ability to go buy that on the outside. That had a pretty significant impact as well. So those are kind of the top line things relative to volume.

如果你還記得的話，阿拉巴馬州亨茨維爾也發生了一場火災，影響了我們的銷售量。不僅是我們自己生產的產品，而且還有在外面購買產品的能力。這也產生了相當大的影響。所以這些是與音量相關的最重要的事情。

What I will tell you is we grew in the quarter. We grew in the first half. We didn't grow at the rate which we said. And if you'll recall, we were -- we wanted to grow faster than the market, which we did but not where we want to be in terms of overall volume. And I'll let David touch on some of that.

我要告訴你們的是，我們在本季實現了成長。我們在上半年實現了成長。我們並沒有按照我們所說的速度成長。如果你還記得的話，我們想要比市場成長得更快，我們做到了，但就整體銷售而言，我們還沒有達到我們想要的水平。我會讓大衛談談其中的一些內容。

Yes. I think one other comment, too, that is we have seen several weeks, 5 weeks, of continuous improvement within our live operations. And one big component of what's going to continue to improve for us is we are on track with the delivery of the new male into all of our farms. And so we feel very optimistic about that. It's a male that we know very well. With that, we will continue to see improved hatch rates within our facilities as well as improved weight gain across with the new male coming in.

是的。我想還有一條評論，那就是我們已經看到我們的現場運作在幾週、五週內持續改善。我們將繼續改進的一個重要因素是，我們正在按計劃向我們所有的農場提供新的雄性豬。因此我們對此感到非常樂觀。這是我們非常熟悉的一隻雄性。這樣，我們將繼續看到我們設施內的孵化率提高，以及隨著新雄性的加入，體重增加也得到改善。

The next question comes from Ben Theurer of Barclays.

下一個問題來自巴克萊銀行的 Ben Theurer。

Donnie, Stewart, congrats on the results. First question, just if you could elaborate a little more about the productivity program and the savings realizations which you had, the roughly $400 million you've mentioned. Can you give us a breakdown on like sector basis, how we should think about where focus has been mainly put within more recently? And where do you think low-hanging fruits are for the back half to deliver here? That would be my first question.

唐尼、史都華，恭喜你們所取得的成績。第一個問題，您能否更詳細地介紹一下生產力計劃以及您提到的大約 4 億美元的節省情況？您能否根據同類行業的情況給我們細分，我們該如何看待最近主要關注的領域？您認為後半部可以實現的目標在哪裡呢？這是我的第一個問題。

Sure. Thank you. So in terms of productivity, I'll just start out by reminding what we said in our Investor Day. We said that from an operational and functional excellence perspective, between now and '24, we would save $300-plus million. From a digital -- applying digital throughout our supply chain was worth another $250 million, and automation was $450 million.

當然。謝謝。因此，就生產力而言，我首先要回顧我們在投資者日上說過的內容。我們表示，從營運和功能卓越的角度來看，從現在到24年，我們將節省3億多美元。從數位化角度來看——在我們的整個供應鏈中應用數位化技術價值又增加了 2.5 億美元，而自動化價值增加了 4.5 億美元。

What I can tell you to date is that we will deliver near $400 million in year 1. And each and every day, we identify new things that we can put on our tracker that will deliver better results.

到目前為止，我可以告訴你們的是，我們將在第一年交付近 4 億美元的收益。而且每一天，我們都在發現可以放入追蹤器的新事物，以取得更好的結果。

But I would want you to take away from this is that there's unprecedented inflation, inflation we haven't seen in generations, really. And so this is not just a pricing for inflation. We're also doing everything we know to do to become a more productive, a more efficient, a lower-cost producer. And as we say in our poultry business, we want to be top quartile or better in every place that we play, and we still got room to do that.

但我希望你們明白，現在正存在著前所未有的通貨膨脹，實際上我們已經好幾代沒有見過這樣的通貨膨脹了。所以這不只是通貨膨脹的定價。我們也盡一切努力成為生產力更高、效率更高、成本更低的生產商。正如我們在家禽業務中所說的那樣，我們希望在我們開展業務的每個地方都達到前四分之一或更好，而且我們仍然有空間來實現這一目標。

So I'd tell you that we're on track. There are things like trucking fleet, resources and optimization, we -- our procurement program to address total company spend and then gas and fulfillment. The debone automation projects that we have in poultry, they're progressing as planned. In fact, they're a little ahead of that. And so we feel good about that. But our future is going to, one, we'll have a fair market value price in the marketplace; but two, we want to be among the very best in every place that we participate.

所以我想告訴你，我們正走在正確的軌道上。我們的採購計劃涉及卡車車隊、資源和優化等問題，旨在解決公司總支出問題，然後是汽油和履行問題。我們在禽肉方面所進行的去骨自動化計畫正在按計畫進行。事實上，他們已經領先了一點。因此我們對此感到很高興。但我們的未來是，第一，我們將在市場上擁有公平的市場價值價格；第二，我們希望在我們所參與的每個地方都名列前茅。

Okay. Perfect. And then my follow-up is actually just a quick one for Noelle on one of her comments she made around the adjusted operating margin in Prepared Foods to get this to the 10% level. So obviously, if we look into, first half was very strong, roughly 9.5%. So that's already the higher end of the range. So how should we think about that 8% to 10%? Is it really achievable, the higher level? Because I think you said something like you want to be at 10%. So you want to be at 10%, but there might be some uncertainty which could bring it down for whatever reason, which we don't know today. But we should more plan on 10% than maybe 8%. Is that fair?

好的。完美的。然後，我的後續問題實際上只是對諾埃爾 (Noelle) 的一個評論進行快速跟進，她就調整後的預製食品營業利潤率將其提高到 10% 的水平發表了評論。因此，顯然，如果我們仔細研究，就會發現上半年的成長非常強勁，大約為 9.5%。這已經是該範圍的高端了。那我們該如何看待那8%到10%呢？更高層次真的可以實現嗎？因為我認為你說過類似「你想達到 10%」這樣的話。所以你希望達到 10%，但可能會存在一些不確定性，無論出於什麼原因，它都可能下降，而我們今天還不知道。但我們應該多計劃 10%，而不是 8%。這樣公平嗎？

So what I'd start by saying is, to your point -- and you've heard this in the prepared remarks and Stewart emphasized as well that we had a better-than-expected first half really driven by the actions that we took on price to offset inflationary impacts, the improvements that we saw in labor, the cost transformation starting to come through as well as mix. As I referenced a few minutes ago, the demand expectations that we see continues to outpace supply. And with labor momentum and the capacity investments, we do expect volume improvements as we continue through the second half. We also anticipate continued foodservice recovery.

因此，首先我想說的是，正如您所說——您已經在準備好的發言中聽到了這一點，斯圖爾特也強調說，我們上半年的業績好於預期，這主要是由於我們採取了價格措施來抵消通脹影響、勞動力狀況有所改善、成本轉型開始顯現以及多種因素綜合作用的結果。正如我幾分鐘前提到的，我們看到的需求預期繼續超過供應。隨著勞動力的成長動能和產能投資的增加，我們確實預計下半年產量將會提高。我們也預計餐飲服務業將持續復甦。

As we look towards the back half on the inflationary side, we do continue to expect inflationary pressures through the back half, which is why it's sort of top of mind on the cost transformation efforts that Donnie just referenced. And so holistically, we're confident about the 8% to 10% ROS range.

當我們展望下半年通膨方面時，我們確實預計下半年仍將面臨通膨壓力，這就是為什麼唐尼剛才提到的成本轉型努力成為首要考慮因素。因此，從整體來看，我們對 8% 至 10% 的 ROS 範圍充滿信心。

The next question comes from Alexia Howard of Bernstein.

下一個問題來自伯恩斯坦的 Alexia Howard。

Can I dig into the labor cost issue, to begin with, maybe some numbers if you have them. The labor costs as a percentage of COGS, especially in Chicken, your vacancy rates and how they're trending over time? And specifically, just more philosophically, you've been improving pay ands benefit for 2 years now since that summer of 2020. And it seems as though the pandemic is easing and yet these labor challenges are persisting. I think you alluded to the diversity of your team members. Is there a more structural problem that with the tightening of integration policies that, that sort of dried up the well of where you can recruit people into those types of roles?

首先，我可以深入研究一下勞動成本問題嗎？如果你有的話，可以提供一些數字。勞動成本佔 COGS 的百分比，特別是在 Chicken，您的空置率以及它們隨時間的變化趨勢如何？具體來說，從哲學角度來說，自 2020 年夏天以來，你們已經連續兩年提高了薪資和福利。目前看來，疫情正在緩解，但這些勞工挑戰仍然存在。我認為您提到了團隊成員的多樣性。隨著融合政策的收緊，是否存在更結構性的問題，導致無法招募人才擔任此類職位？

And then secondly, on the labor side, I'm just thinking from a cultural perspective, from a morale perspective, I think your automation processes are talking about a 3,000-person reduction in job counts over the next 3 years to fiscal '24. How do you recruit and retain people as you're going through that automation process? I mean is this like -- I'm trying to get a whether this labor issue is likely to be a persistent problem despite all the efforts that you're making to improve the working conditions.

其次，在勞動力方面，我只是從文化角度和士氣角度來思考，我認為你們的自動化流程將導致未來 3 年（至 24 財年）內就業機會減少 3,000 人。在進行自動化流程時，您如何招募和留住人才？我的意思是，這是否就像——我想了解，儘管你們為改善工作條件做出了種種努力，但勞工問題是否會成為一個持續存在的問題。

Thank you for that question. And I'll hit on a few points. For example, we realize, fully realize that we have to create a desirable place to work. In fact, we talked about it in terms of being the most sought-after place to work. We realized that those team members that we have can work wherever they choose to work. And we want to give them a reason to work for us.

謝謝你的提問。我將談幾點。例如，我們意識到，充分意識到我們必須創造一個理想的工作場所。事實上，我們談論的是它是最受歡迎的工作場所。我們意識到，我們的團隊成員可以在他們選擇的任何地方工作。我們想給他們一個為我們工作的理由。

I believe I said in the last call, it is not my objective to fix the labor problem in the United States. My objective is to fix the labor issues that we have at Tyson Foods, and we're doing that. And it's not a -- there's not a one thing that fits all the needs. For example, child care, you can talk about child care, and there's a subset of the population that, that is of value. And -- but there's also other areas where it's not.

我相信我在上次通話中說過，解決美國的勞工問題不是我的目標。我的目標是解決泰森食品存在的勞工問題，我們正在這樣做。這並不是——沒有一件事可以滿足所有的需求。例如，兒童保育，你可以談論兒童保育，這對一部分人群來說是有價值的。但也有其他領域並非如此。

Transportation is more desired and needed in other areas. We have, in some rural communities, for example, the need for health care. So we created on-site or near-site health clinics that our team members and their families have access to little or no cost. And that's one more opportunity for us to have a differentiated place to work.

其他地區對交通運輸的需求也較大。例如，在一些農村社區，我們需要醫療保健。因此，我們創建了現場或近現場的健康診所，我們的團隊成員及其家人可以免費或幾乎不花錢地享受服務。這為我們提供了一個差異化工作場所的又一個機會。

It's true. We continue to invest in wages and benefits. And booster shots and booster clinics, we've done over 100 of them. And we think we're seeing a positive impact from those things. We're seeing improved absenteeism and turnover rates. We announced that we're going to support team members through nonprofits to try to for legal citizenship support. And then 2 weeks ago, I think it was, we announced the Upward Academy program. And we're going to spend $60 million over the next 4 years for education for our team members. That's master's degree, bachelor's degree, associate's degrees, live skills training, English, for example, whatever we can do to try to differentiate Tyson as a place to work. We are committed to that result.

這是真的。我們繼續在薪資和福利方面進行投資。我們已經進行了 100 多次加強注射和加強診所。我們認為這些事情正在產生正面的影響。我們發現缺勤率和離職率有所改善。我們宣布，我們將透過非營利組織支持團隊成員，爭取合法的公民支持。然後，我想是兩週前，我們宣布了「向上學院」計畫。我們將在未來四年內投入 6000 萬美元用於團隊成員的教育。例如碩士學位、學士學位、副學士學位、生活技能培訓、英語等等，無論我們做什麼，都試圖讓泰森成為一個與眾不同的工作場所。我們致力於實現這項結果。

We, this past year, paid all of our team members end-of-the-year thank you bonuses. And we were happy to do that. Those team members we have are the lifeblood of this company. We don't do anything without them. And so investing in them, taking care of them, keeping them safe is our highest priority. One other -- okay.

去年，我們向所有團隊成員發放了年終感謝獎金。我們很樂意這麼做。我們的團隊成員是公司的命脈。沒有他們我們什麼都做不了。因此，對他們進行投資、照顧他們、確保他們的安全是我們的首要任務。還有一個——好的。

The next question is from Ken Zaslow of BMO.

下一個問題來自 BMO 的 Ken Zaslow。

So when you talk about the Prepared Foods business, it sounds like there's a lot of internal improvement. How does this margin structure that you've created for this year kind of forecast how you're going to be going forward in 2023 and 2024? Does this give you more confidence? Or are you more tempered because of the inflation? I got a sense of both those sides throughout the conference so far. So I'm just trying to figure out. I would have thought it would have been more bullish longer term, but it sounds like you were tempering it a little bit on the inflation. I'll leave it there for now.

因此，當您談到預製食品業務時，聽起來內部有很多改進。今年創建的利潤結構如何預測 2023 年和 2024 年的發展方向？這是否給你更多的信心？還是因為通貨膨脹，你變得更脾氣暴躁了？到目前為止，透過整個會議，我對雙方都有所了解。所以我只是想弄清楚。我原本以為長遠來看它會更樂觀，但聽起來你在通貨膨脹方面做得有點緩和。我暫時把它留在那裡。

Thanks, Ken. I'll start off, and then I'll let Noelle, see if she wants to add anything. I think it's important that everyone here, that we're pricing and trying to get a fair market value for our product in the marketplace. That's one avenue. But secondly, the fact -- the one that's absolutely in our control is to be able to do what we do better as being best-in-class in operations. That's labor, that's yields, that spend, productivity, running lines, at rate. And then let's not forget the fact that a location, we all have 168 hours in a week. How do we run more hours in a week and get greater asset utilization of the assets that we currently have? And so we're looking at all those things.

謝謝，肯。我先開始，然後讓諾艾爾看看她是否想補充什麼。我認為對在座的各位來說，重要的是我們要定價並努力在市場上為我們的產品獲得公平的市場價值。這是其中一條途徑。但其次，事實是──我們完全可以控制的是能夠做得更好，成為一流的營運。這就是勞動力、收益、支出、生產力、運作線、速率。然後我們不要忘記這樣一個事實：我們每週都有 168 小時。我們如何在一周內運行更多小時並提高現有資產的利用率？所以我們正在關注所有這些事情。

So I think productivity -- don't think it -- of it as something to offset inflation. Think of it as a way of life and who we are as a company. And it's the gift that -- pardon the expression, it's the gift that's going to keep on giving for us, and it will never go out of style for us.

所以我認為生產力——不要以為——可以抵消通貨膨脹。將其視為一種生活方式以及我們作為一家公司的身份。這是一份禮物——請原諒我這樣說，這是一份會繼續給我們的禮物，而且它永遠不會過時。

So with that, let me pause, and I'll let Noelle add some color to that.

因此，請允許我暫停一下，讓諾埃爾 (Noelle) 為它添加一些色彩。

Thank you, Donnie, and thanks for the question, Ken. So what we've talked about through Investor Day and as we've come together on these calls, we continue to believe in our confidence that this portfolio is a double-digit ROS business. And the foundations of those building blocks continue to be the same. Demand continues to be strong across retail as well as the expected continued foodservice recovery.

謝謝你，唐尼，也謝謝你的提問，肯。因此，我們在投資者日以及這些電話會議上所討論的內容，我們仍然相信這個投資組合是一個兩位數的 ROS 業務。而這些建置模組的基礎仍然保持不變。零售業的需求持續強勁，餐飲服務業也可望持續復甦。

As we look holistically, the top line acceleration will come from actions that we're taking to increase capacity, both in our existing footprint as well as through expansion in our network, including step-change investments in automation that Donnie referenced. We're also taking significant actions to transform our cost base, and we'll continue navigating the increase of inputs with pricing to offset inflation as necessary. And so you do recognize that there is inflationary dynamics that we're mindful of as well as continuing to keep a very close watch on the elasticities as we go throughout the second half.

從整體來看，營收成長將來自於我們為增加產能而採取的行動，包括擴大現有業務範圍以及網路擴展，包括唐尼提到的對自動化的逐步投資。我們也正在採取重大措施來轉變我們的成本基礎，並將繼續透過定價來引導投入的增加，以便在必要時抵消通貨膨脹。因此，您確實認識到存在通膨動態，我們注意到了這一點，並且在整個下半年我們將繼續密切關注彈性。

But as we look holistically in terms of the strength of this business, the demand outlook, coupled with investments across our portfolio, mixed opportunities within the business, which includes organic discriminating investments as well as inorganic portfolio shaping and aggressive cost transformation, we're confident in our path to deliver sustainable double-digit margins. And then for the year, as we referenced, we do expect to be in that 8% to 10% ROS range.

但是，當我們從整體上看待這項業務的實力、需求前景，加上我們投資組合中的投資、業務中的混合機會（包括有機的歧視性投資以及無機的投資組合塑造和積極的成本轉型）時，我們對實現可持續的兩位數利潤率的道路充滿信心。然後，正如我們所提到的，我們確實預計今年的 ROS 將在 8% 到 10% 的範圍內。

Great. I appreciate that. And then my second question is, when you think about the cattle cycle longer term, there seems to be a lot of -- or a fair bit of new capacity announcements over the last 6-or-so months going out 2023, 2024. How do you think about that new capacity versus the cattle supply versus the demand? And how does that impact how you think about Beef margins longer term, not just this year?

偉大的。我很感激。我的第二個問題是，從長期來看，如果從牛的周期來看，過去 6 個月左右，到 2023 年、2024 年，似乎有很多——或者說相當多的新產能公告。您如何看待這些新產能與牛隻的供應量和需求量之間的關係？這會對您對長期牛肉利潤率的看法產生什麼影響，而不僅僅是今年？

Thank you, Ken. I will start off, and then I will flip it to Shane to add a little extra color. In terms of incremental capacity, competition makes us better. So we're not frightened by that. We welcome that. So -- but in terms of cattle supply, because of the drought and herd liquidation and a number of other things going on, I mean that -- it will have some impact on supply in the cattle out front.

謝謝你，肯。我將開始，然後將其翻轉給 Shane 以添加一些額外的顏色。從增量產能來看，競爭讓我們變得更好。所以我們並不害怕這一點。我們對此表示歡迎。所以——但就牛的供應而言，由於乾旱和牛群清算以及正在發生的許多其他事情，我的意思是——這將對前線牛的供應產生一定的影響。

In terms of our business, so I think it's really important to understand that a cow is not a cow, and the fact that we work with our ranchers and feeders and we buy premium cattle. And that premium cattle, we pay more for it, but we also get a better cut-out before it.

就我們的業務而言，我認為真正重要的是要明白，牛不是牛，事實上，我們與牧場主和飼養者合作，購買優質牛。對於優質牛，我們付出了更高的價格，但我們也得到了更好的切割。

And now we talked earlier about specialty products, particularly fats and oils and hides and the like and how that helps that whole cut-out value. So we've had some really extraordinary margins over the last couple of years. We don't think that will maintain that level. It was a point in time and a shock to the system. However, we do believe that we will be in that 6% to 8% range on a go-forward basis because of some of those things that I talked about earlier.

現在我們剛剛討論了特種產品，特別是脂肪、油和生皮等，以及它們如何有助於提高整體切割價值。因此，過去幾年我們獲得了非常可觀的利潤。我們認為不會維持這一水平。這是一個時間點，也是對系統的衝擊。然而，我們確實相信，由於我之前談到的一些因素，我們未來的成長率將保持在 6% 到 8% 的範圍內。

And with that, Shane, anything I've missed if you'd like to add on?

那麼，Shane，您是否還有什麼我遺漏的，需要補充嗎？

Yes. And thank you for the question, Donnie. You hit on most of it here. I would say a couple of things here, and I mentioned it earlier. That from a cattle kind of genetics perspective and the quality that our feeding partners are bringing to the marketplace today, it's never been better. And the drought conditions that are plaguing, I'd say, over 50%, 55% of the country continue to persist.

是的。謝謝你的提問，唐尼。您在這裡已經了解了大部分內容。我想在這裡說幾件事，我之前提到過。從牛的遺傳學角度以及我們的飼養合作夥伴今天向市場提供的品質來看，情況從未如此好過。我認為困擾全國 50% 至 55% 以上地區的乾旱狀況仍在持續。

So you've seen heavy cow liquidation year-to-date that's impacting the forward curve because this is what's going to impact you 2 and 3 years out. And that's due to the lack of grass and forage that's in the country right now.

因此，您已經看到年初至今的大量乳牛清算，這對遠期曲線產生了影響，因為這將對您未來 2 年和 3 年產生影響。這是因為該國目前缺乏草料和飼料。

So as Donnie mentioned, we expect to see more competition for livestock here as we go forward. We're laser-focused on staffing our plants, building our supply chain, enhancing our relationships, servicing customers and performing with the best.

正如唐尼所提到的，我們預計隨著時間的推移，這裡的牲畜競爭將更加激烈。我們專注於為工廠配備人員、建立供應鏈、增強關係、為客戶提供服務並發揮最佳表現。

And this is a very competitive industry, and it always has been. But at the end of the day, it's having a diversification of programs and customers. We feel we offer a solution to customers through our case-ready business with 2 new plants that have been added here this past year. They're going to lend to our overall success, too.

這是一個競爭非常激烈的行業，而且一直都是如此。但最終，它的專案和客戶都是多樣化的。我們認為，透過我們的現成業務，我們可以為客戶提供解決方案，去年我們在這裡增加了 2 家新工廠。它們也將為我們的整體成功做出貢獻。

So yes, we're seeing higher prices here from a cattle perspective, and we anticipated that here, and we continue to navigate that. But your point and your question is spot on. There's going to be more competition in the future.

所以是的，從牛的角度來看，我們看到這裡的價格上漲，我們預料到了這一點，我們會繼續關注這一點。但你的觀點和問題是正確的。未來競爭將會更加激烈。

Ken, Stewart here. Just one thing to add. I mean it's, I think, important to just think about how this impacts the shape of the year. Ken Goldman opened with a question on sequential improvement. That answer I gave him, just so all of you are really clear, related specifically to Chicken. That was Donnie's comment on Chicken, sequential improvement in Chicken with -- and the guidance that supports that.

肯，我是史都華。只需補充一點。我的意思是，我認為，思考這將如何影響今年的情況是很重要的。肯·戈德曼首先提出了一個關於持續改進的問題。我給了他這個答案，只是為了讓你們都清楚，具體地與雞肉有關。這是唐尼對雞肉的評論，雞肉的​​連續改進——以及支持這一點的指導。

But my comment on Beef, which ties into your question, is that you have to watch Beef in the back part of the year when you start thinking about Tyson as a whole. Because the first half of the year has been better. It's been a better half of the year, 16% in total. And that's been a great result for us.

但我對《牛肉》的評論與您的問題相關，那就是當您開始從整體上考慮泰森時，您必須在年底關注《牛肉》節目。因為上半年的情況比較好。今年上半年表現較好，整體成長了 16%。這對我們來說是一個很好的結果。

Of course, the back part of the year, we'll start to see that come off. And in the coming quarters, we'll be able to give you the guidance on the future years. But be clear that we've been consistent in Investor Day and in recent calls in saying that we think that global demand for beef is strong. And so long as the cattle are there to supply that, over the long haul, Beef, we think, will be a better business than it has been historically.

當然，今年下半年，我們就會開始看到這情況的出現。在接下來的幾個季度中，我們將為您提供未來幾年的指導。但要明確的是，我們在投資者日和最近的電話會議上一直一致表示，我們認為全球對牛肉的需求強勁。只要有足夠的牛來供應，從長遠來看，我們認為牛肉產業將比歷史上任何時候都更好。

I agree.

我同意。

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

我們的問答環節到此結束。我想將會議交還給唐尼金先生，請他作最後發言。

Thanks again for your interest in Tyson Foods. We look forward to speaking to you again soon.

再次感謝您對泰森食品的關注。我們期待很快再次與您交談。

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

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。