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.

早上好，歡迎參加泰森食品 2022 年第二季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

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

我現在想將會議轉交給投資者關係副總裁梅根布里特。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，歡迎參加泰森食品公司 2022 財年第二季度收益電話會議。今天準備好的講話將由總裁兼首席執行官 Donnie King 提供；以及執行副總裁兼首席財務官 Stewart Glendinning。此外，家禽集團總裁 David Bray； Noelle O'Mara，預製食品集團總裁； Shane Miller，鮮肉集團總裁；國際集團總裁 Chris Langholz 將參加現場問答環節。我們準備了演示幻燈片來補充我們的評論，這些幻燈片可在泰森網站的投資者關係部分以及通過我們的網絡廣播的鏈接獲得。

During this call, we'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.

在這次電話會議中，我們將就我們對未來的預期做出前瞻性陳述。這些陳述受風險、不確定性和假設的影響，可能導致實際結果與我們當前的預測存在重大差異。請參閱我們在幻燈片 2 上的前瞻性聲明免責聲明以及我們向美國證券交易委員會提交的文件，以獲取有關可能導致我們的實際結果與我們的預測存在重大差異的風險因素的更多信息。

Please note that references to 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，否則我們在評論中提及的每股收益、營業收入和營業利潤率均是經過調整的。有關這些非公認會計原則措施與其相應公認會計原則措施的對賬，請參閱我們的收益新聞稿。

I'll now turn the call over to Donnie.

我現在把電話轉給唐尼。

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，也感謝大家加入我們的電話。今天早些時候，我們報告了 22 財年第二季度和上半年的強勁業績。如果沒有我們團隊成員的努力，我們的成果是不可能的。我感謝他們本季度的奉獻和勤奮努力，因為我們將繼續管理複雜而動態的運營環境。在強勁的市場基本面、加速我們的生產力行動和改善我們各部門的運營執行力的推動下，我們實現了兩位數的銷售額和盈利增長。

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組合、全渠道能力、領先品牌和增值產品都為我們的業績做出了貢獻。我們牛肉部門的強勁表現、預製食品的持續復甦和雞肉的改善支持了銷售和收益的改善。

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.

自疫情爆發以來，我們的零售核心業務線（包括我們的標誌性品牌 Tyson、Jimmy Dean、Hillshire Farm 和 Ball Park）推動了零售渠道的強勁份額表現。本季度，我們在培根、熱狗和零食方面實現了份額增長。

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.

我們還繼續看到餐飲服務渠道的複蘇，我們在 QSR 和 K-12 方面的相對實力，支持品牌增值雞肉的份額持續增長。總體而言，消費者對蛋白質的需求依然強勁，我們正在按細分市場採取慎重行動，以提高我們的產量，以更好地滿足客戶需求，包括投資新產能、品牌、產品創新和我們的團隊成員體驗。

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 激增期間勞動力持續面臨挑戰，但我們看到營業額和缺勤率下降。我們已投資於更高的工資、福利和其他工作場所改進，例如靈活的時間表、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.

新工廠的建設繼續推進。這種額外的產能將使我們的團隊能夠解決產能限制並更好地滿足所有細分市場對蛋白質不斷增長的需求。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 家工廠預計將在 22 財年第四季度開始運營。除了新站點之外，我們還在根據需要不斷升級產能，計劃在第三季度進行大約 10 個項目，僅預製食品就代表了 2500 萬磅的產量。

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，我們正與客戶密切合作，以確保我們產品的公允價值包含影響我們業務的通脹成本壓力。上半年，我們的商品銷售成本比去年同期上升了 15%。我們業務的每個部分都受到通貨膨脹的影響。從飼料原料、活體動物和其他原材料到食用油和基本用品，我們在整個供應鏈中都經歷了更高的成本。由於強勁的需求、更高的燃料成本和有限的可用性，我們還管理著更高的勞動力和運輸成本。作為我們對抗通貨膨脹和提高盈利能力的努力的一部分，我很高興我們通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保持健康，為投資組合的增長和向股東返還現金提供了選擇權。我們有嚴格的方法來部署資本，重點是股東總回報。我們上半年的業績清楚地表明，我們正在實現我們的增長目標，並且我們仍然專注於超越整體市場、提高營業利潤率並為股東帶來更高的回報。

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.

現在轉向財務結果。讓我給你一些亮點。第二季度銷售額增長了 16%，上半年增長了 20%。我們的銷售增長主要是由較高的平均銷售價格和組合改善推動的。平均銷售價格趨勢反映了在動蕩的高通脹環境中嚴格的收入管理策略。與許多其他公司一樣，我們已經看到不同程度的通貨膨脹加劇，特別是在穀物、勞動力、活體動物、原材料和運輸成本方面。正如我之前提到的，我們的團隊與客戶合作應對通脹壓力。

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%.

我們實現了穩健的營業收入表現，第二季度增長 57%，上半年增長 47%。上半年的表現得益於牛肉、雞肉和預製食品的強勢。總體而言，我們第二季度的營業收入表現轉化為每股收益 2.29 美元，增長 71%，上半年每股收益為 5.16 美元，增長 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.

從數量上看我們的結果，我們仍然相信我們的行動將改善我們的表現。但是，由於我們面臨著本季度 Omicron 的激增以及其他勞動力和供應鏈挑戰，我們現在還沒有達到預期的水平。由於這些因素，我們上半年的總銷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.

雞肉仍然是一個亮點，與去年同期相比，上半年的銷量增長了 2.1%。這種改善是由堅實的基本需求和運營改善推動的。當我們專注於填補現有產能時，還有很多工作要做。我們正在拉動多個槓桿來推動業績的連續改進。因此，我相信我們將在下半年看到持續的銷量表現。

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.

在預製食品方面，上半年的銷量與去年同期相比下降了 4%。大約 1/3 的下降與寵物零食的剝離有關，其餘的則是由於供應環境的挑戰和餐飲服務渠道的不均衡恢復。隨著我們繼續採取行動擴大和提高產能利用率，我們正在努力在 22 財年的剩餘時間內改善這些結果。

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.

在牛肉方面，上半年的銷量與去年同期相比下降了 2.9%。然而，由於收穫重量增加，牛肉量環比增加。我們預計 22 財年剩餘時間內的數量將繼續增加，因為新的團隊成員招聘策略支持改善的勞動力狀況和更高的吞吐量。

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，與充滿挑戰的勞動力環境相關的影響導致上半年的銷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銷量。

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/其他方面，我們在產能、創新和品牌方面的投資正在支持我們的市場份額增長目標和銷量提升。總體而言，我們將繼續在我們的業務中採取行動，優化我們現有的足跡，增加新的產能，調整我們的產品組合，並使我們的產品組合與客戶和消費者的需求保持一致。儘管我們已經降低了對全年的預期，但我們仍然希望在 22 財年增加我們公司的總銷量。

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，並且我們正在進行大量投資以吸引和留住團隊成員。我們在美國的員工隊伍由來自 160 多個國家的團隊成員組成。 4 月，我們宣布將向幾個非營利組織投資超過 100 萬美元，以擴大對渴望成為美國公民的團隊成員的法律和公民支持。這將使我們能夠從 7 個泰森工廠擴展一個項目，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，美國團隊成員將獲得免費教育，包括碩士、本科和副學士學位、職業證書以及識字和技術基礎課程。泰森將支付 100% 的學費、書本費和雜費，預計在未來 4 年內投資 6000 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重中之重。我們將繼續挑戰自己，成為一個能夠領先於不可預見事件並調整我們的協議以保持我們團隊成員健康和安全的組織。我們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.

我們還在投資以更積極地在我們的農村社區支持團隊成員的福祉。我們現在有 7 個在現場或附近的泰森健康中心開業並運營。這些診所為我們的大多數團隊成員或其配偶和家屬提供全面的醫療保健服務，包括預防性篩查、慢性病指導、心理健康諮詢、實驗室服務和病假就診。總體而言，我們相信我們的行動將提高泰森的人員配備水平，並使我們為未來的增長做好準備，我們將繼續探索創新的福利產品，讓我們的團隊成員的生活更美好。

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.

我們的生產力計劃取得了顯著進展，該計劃將在 24 財年末實現超過 10 億美元的經常性生產力節省。根據目前的進展，我們現在預計將在 22 財年節省超過 4 億美元，這是我們之前披露的該年度範圍的高端。

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，我強調了我們在預製食品方面的工作，即構建一個利用數據簡化複雜性和優化加工的數字製造平台。我還分享了我們在加強貨運車隊資源的組合和分配方面所做的工作，以便更好地按時向客戶交付貨物。

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，與一年前相比，我們泰森生產系統方法的部署提高了我們所有部門的產量。此外，我們的採購計劃正在解決公司總支出，包括直接材料以及工廠和公司間接領域。該計劃繼續提供符合預期的節省。

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.

我們的數字解決方案之旅也取得了進展。在我們的供應鏈中，我們正在利用新的流程和數字工具來快速識別履行方面的差距。及時、全面地滿足客戶的需求是重中之重，我們將繼續最大限度地提高我們的服務水平。

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.

我們財務自動化和數字化工作的早期成果也仍然充滿希望。例如，該計劃正在為泰森提供更準確的計費和改進的收款，同時降低我們的密集勞動。我們還在積極投資自動化和技術，以幫助解決我們在重複性任務中的一些最困難的角色。這是一個精心策劃的自動化計劃，旨在使用我們工廠的通用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.

debone 自動化計劃繼續在工廠中擴展，我們的 Tyson 專有 debone 自動化解決方案也開始在選定的設施中推出。展望未來，我們將開始擴展諸如打包機器人之類的新程序，以繼續自動化高度手動的流程並節省開支。

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.

雞肉仍然是重中之重，我們將繼續執行我們的路線圖，以恢復該細分市場的前四分之一盈利能力。我們一直致力於在 22 財年中期將我們的營業利潤率恢復到 5% 到 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，符合我們之前傳達的計劃。提高我們的盈利能力的關鍵是最大限度地提高我們的固定成本槓桿，即人員配備達到標準並有足夠的雞隻來讓我們的工廠滿負荷運轉。自 9 月以來，我們的孵化率有所提高，這與我們在 12 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.

我們致力於提高我們的收穫產能利用率，我們在第二季度超過了行業。實現更好的雞肉收成和更高的產能利用率將使我們能夠在上半年實現雞肉產量增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.

在採取行動提高銷量的同時，我們還與客戶合作，通過調整定價來管理通脹壓力，以實現我們產品的公允價值。這對於確保我們在 22 財年下半年連續提高營業利潤率非常重要，尤其是在勞動力和飼料原料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方面也取得了良好進展。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。我們在很短的時間內取得了長足的進步，我對我們在雞肉方面取得的進展感到高興。

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.

回顧一下，我們擁有強大的消費者需求、跨地域和渠道的強大而多樣化的產品組合，以及能夠利用我們面前機會的團隊。這張幻燈片上的 5 條當務之急展示了我們將如何實現我們的承諾並為我們的股東推動價值創造。首先是我們對團隊成員的承諾，重點是確保他們的健康、安全和福祉，並投資於改善我們的團隊成員體驗。

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.

其次，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量將超過整體市場增長。

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業務的競爭力，並繼續在我們的路線圖中實現關鍵里程碑，以實現最高四分之一的盈利能力。第四，我們正在推動運營和功能卓越，並投資於數字和自動化計劃。這是我們生產力計劃的核心，我們正在加快努力，現在預計今年將節省超過 4 億美元。

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，為了應對未來十年的預計需求增長，我們正在利用我們的財務實力投資於我們的業務。我們有望在 22 財年投資 20 億美元，其中不成比例的份額專注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.

我們還繼續向股東返還現金。上半年，我們返還了大約 8.5 億美元的股息和股票回購。

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.

作為將電話轉給斯圖爾特之前的最後評論，我想強調泰森食品公司了解我們在全球食品系統中發揮關鍵作用，以使其對當代和後代更具彈性、更可持續和更公平。就在最近，我們完成了一項重要性分析，將為我們的長期戰略提供信息。這些來自主要利益相關者的見解塑造了我們的戰略框架，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.

我現在將把電話轉給斯圖爾特，讓我們詳細了解第二季度的財務業績。

Thank you, Donnie. Let me turn first to a summary of our total company financial performance. We're pleased to report 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。首先讓我總結一下我們公司的總體財務業績。我們很高興地報告本財年第二季度和上半年的強勁業績。得益於我們為抵消通脹而採取的定價舉措以及產品和渠道組合的改善，第二季度和上半年的銷售額有所增長。受持續的勞動力挑戰和 Omicron 變體激增造成的暫時中斷影響，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.

按渠道查看我們的銷售結果。與去年同期相比，零售業在第二季度推動了 4.24 億美元的收入增長。上半年，零售額增加了 7.73 億美元。第二季度，由於我們利用全球規模發展業務，通過餐飲服務渠道的銷售額增加了 6.84 億美元，對國際市場的國內出口銷售額比去年同期增加了 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.

第二季度調整後的營業收入為 12 億美元，較去年同期增長 57%，主要是雞肉、牛肉和預製食品的增長。上半年調整後營業收入為 26 億美元，增長 47%，這得益於牛肉和雞肉的增長。在營業收入強勁增長的推動下，第二季度調整後每股收益為 2.29 美元，同比增長 71%。第二季度每股收益也受益於較低的淨利息支出和較高的其他收入。

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.

幻燈片 11 連接了第二季度年初至今的營業收入，比 2021 財年高出 4.22 億美元。第二季度的銷量下降了 1.5%。雞肉、國際/其他和牛肉的銷量增長被豬肉和預製食品的下降所抵消，其中持續的勞動力和供應鏈挑戰影響了吞吐量。

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、組合和投資組合努力導致本季度銷售額增加，這抵消了較高的投入成本。我們看到整個企業的通貨膨脹持續存在，在某些情況下，上漲了 25% 或更多。值得注意的例子是勞動力、飼料原料、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.

由於與團隊成員相關的成本以及為支持我們的品牌而在廣告和促銷支出方面的投資增加，SG&A 與去年同期相比為 4600 萬美元。最後一點，本季度的商品銷售成本和 SG&A 費用部分被生產力節省所抵消。

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.

在幻燈片 12 上轉到牛肉部分。第二季度的部分銷售額約為 50 億美元，比去年同期增長 24%。本季度的銷售增長是由對牛肉產品的持續強勁需求推動的，這支持了更高的平均銷售價格和數量。儘管一些消費者需求轉向低成本的牛肉削減，但本季度的削減和我們的平均銷售價格仍然相對強勁。

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.

儘管該業務經歷了 Omicron 激增，但季度銷量與上一年相比有所改善。我們預計本財年下半年的數量將繼續改善，因為新的團隊成員招聘策略支持改進的人員配備和更高的吞吐量水平。在費用方面，與去年同期相比，我們在第二季度產生了更大的成本，因為該季度的實時資本成本增加了約 5.45 億美元。由於乾旱條件導致畜群清算量增加，本季度我們有足夠的牲畜可用。截至 2 月，54% 的牛庫存在經歷乾旱的地區，這可能導致在本財年剩餘時間內額外的牛群清算。

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.

我們在本季度實現了 6.38 億美元的部門營業收入，與可比期間相比增長了 43%。這一改善是由全球對牛肉產品的強勁需求推動的，支持更高的切肉率和更高的特色產品價值，這部分被更高的運營成本所抵消。我們的營業利潤率為 12.7%，高於去年同期，但與過去兩個季度相比連續下降，因為成本增加導致價差收窄。

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。本季度銷售額約為 16 億美元，比去年同期增長 6%。平均銷售價格上漲 10.8%，但銷量較去年同期下降 4.8%。由於投入成本增加，平均銷售價格上漲，而由於 Omicron 激增帶來的勞動力挑戰，導致處理量下降，銷量下降。

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.

本季度分部營業收入為 5900 萬美元，與可比期間相比下降 12%。總體而言，該部門的營業利潤率下降至 3.8%。營業收入惡化是由於出口疲軟、投入成本增加和勞動力挑戰所致。

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.

現在轉到預製食品。本季度銷售額約為 24 億美元，比去年同期增長 11%。由於勞動力和供應鏈的挑戰以及餐飲服務恢復不均衡以及我們的寵物零食業務的銷售，本季度的總銷量有所下降。由於平均銷售價格較高，銷售增長超過銷量增長。即使我們一直在努力通過價格上漲來控制通貨膨脹，消費者的需求仍然保持穩定。總體而言，消費者對更高價格水平的反應低於歷史預期，因為我們的品牌實力和類別相關性促成了持續強勁的需求。原材料成本和物流、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，我們執行了生產力、收入管理和商業支出優化計劃，同時通過增加營銷和貿易支持來確保品牌資產的持續發展。本季度該部門的營業利潤率為 11% 或 2.63 億美元，比去年同期增長 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.

繼續討論雞肉部分的結果。本季度銷售額為 41 億美元，增長 15%。由於強勁的消費者需求和運營改善，本季度的銷量有所改善。我們的團隊一直專注於精簡我們的工廠以提供更高的產量。隨著收穫數量的增加，我們預計在 2022 財年下半年將進一步提高產量，並且我們將繼續優化工廠的運營效率。本季度平均銷售價格與去年同期相比提高了 14.4%。這一增長主要是由於價格回升抵消了通脹成本。

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多可變結構方面取得了有意義的進展，現在看到了這些好處。鑑於我們在 2021 財年的經驗，我們重組了定價策略，以更加靈活地應對市場和通脹條件。

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.

在 22 財年第二季度，Chicken 的調整後營業收入為 2.03 億美元，營業利潤率為 5%。由於銷量增加和平均銷售價格上漲，第二季度營業收入增加，但部分被通貨膨脹市場條件的影響所抵消，包括供應鏈成本增加和充滿挑戰的勞動力環境。

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 22 財年第二季度，我們經歷了 1 億美元的飼料原料成本增加和 1.01 億美元的淨衍生收益，而 2021 財年第二季度的淨衍生收益為 1000 萬美元。第三季度初，我們實現了大約 5% 的營業利潤率，不包括按市值計價的衍生品影響。恢復我們雞肉業務的競爭力仍然是重中之重，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.

轉到幻燈片 16。我們健康的現金流繼續支持廣泛的資本配置方法。我們專注於建立財務實力，投資於我們的團隊成員，投資於我們的業務並向股東返還現金。與我們的預期一致，由於計劃對營運資金進行投資，我們的經營現金流在上半年略有下降。

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.

考慮到我們優先考慮建立財務實力和靈活性，我們利用現有的流動性在第二季度償還了 10 億美元的債務。自大流行開始以來，本季度現在標誌著 2 年前，我們已將總債務減少了約 38 億美元。我們將槓桿率維持在 1.1 倍淨債務與調整後 EBITDA 之比，顯示了我們強大的資產負債表和我們持續的資本配置選擇權。

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.

投資於我們的業務以實現有機和無機增長將繼續成為一個重要的優先事項，並將幫助泰森提高產能和市場能力。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，我們致力於通過股息和股票回購向股東返還現金。我們在第二季度以每股 88.50 美元的平均價格回購了 1.75 億美元的股票。這是第一季度回購的 3.48 億美元股票的補充。

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，我們將公司總銷售指導提高到 520 億美元至 540 億美元之間。為了支持我們的銷售增長，我們現在預計銷量將同比增長 1% 至 2%，因為我們正在努力優化我們現有的足跡並讓我們的工廠滿負荷運轉。

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%.

查看我們細分市場的 AOI 利潤目標範圍。在 Chicken 中，我們的運營轉型正在發揮作用，我們預計全年利潤率將在 5% 至 7% 之間。根據我們上半年的表現，我們現在預計預製食品的全年利潤率將在 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%。我們仍然預計今年上半年將明顯強於下半年，因為預計下半年行業和勞動力狀況將正常化。我們預計牛價上漲將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 財年的業績與我們在 2021 財年的業績相似，利潤率在 5% 到 7% 之間。與豬肉的正常季節性一樣，我們預計第一季度將是最強勁的。

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/其他方面，我們預計由於供應鏈中斷和與 COVID-19 相關的其他影響，我們在 22 財年的海外業務的結果會減少。我們對資本支出、淨利息支出和稅率的預期保持不變。預計我們的淨槓桿率將遠低於調整後 EBITDA 的 2 倍淨債務，為無機投資提供選擇權，並在年內向股東提供額外的現金回報。

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

我現在將把電話轉給梅根以獲取問答說明。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。我們現在將轉到您的問題。請記住，我們對前瞻性陳述和非公認會計原則措施的警告適用於我們準備好的評論和以下問答。接線員，請提供問答說明。

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

（操作員說明）我們的第一個問題將來自摩根大通的 Ken Goldman。

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.

Donnie，我想知道您是否提到了您對下半年營業利潤率連續提高的預期。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，因此高於 8.9%，然後第四季度再次高於該水平？或者你只是說下半年將高於上半年，我猜，沒有評論 3Q 與 4Q 的節奏？我知道很難衡量這些東西。我只是想確定你在那裡的建議。

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。讓我替唐尼接。這是斯圖爾特。我認為你可以接受它，因為上半場不會像下半場那麼強。我們顯然沒有按季度給你。但我們預計我們的業務將在下半年加強。您會從準備好的評論中回憶起我們預計我們的牛肉將在下半年開始走弱。因此，其中一些季度時間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。那麼你現在如何考慮牛週期的時間安排？我的意思是你提到你預計牛群清算將在今年剩下的時間裡繼續。再說一次，沒有人對這些事情有把握。但是，您對清算週期將於明年結束的時間有一個粗略的估計嗎？

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。我們預計它會 - 事實上，我們認為我們已經看到供應量低於我們現在看到的供應量。一個有趣的數據點是，牛和飼料記錄了超過 1200 萬頭，這是自 3 月 1 日以來的最高記錄。所以仍然有一點噪音。乾旱條件和糧食成本肯定會影響供應。但是我們 - 正如我們所說，我們認為在今年下半年，我們將看到我們牛肉業務的價差收緊。

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，我們認為它會更高。事實上，我們現在將其稱為標準化範圍內的 6% 到 8%。不過現在的表現還不錯。雖然我們 - 這不會是創紀錄的後半部分，但我們認為這將是一個非常好的。

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?

所以我只是想在雞肉方面再深入一點，並具體考慮今年下半年的利潤率預期，然後在進入 23 財年時這意味著什麼。我認為在準備好的評論中，您談到 4 月份的增長率為 5%，即使在對穀物產生任何按市值計價的影響之後也是如此。我們如何考慮在今年下半年進一步提高雞肉利潤率的不同槓桿，無論是數量，就孵化和屠宰廠的吞吐量而言，混合定價行動與一些增量通脹，因為我們看看穀物和其他一些採購投入？

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，然後我會轉給 David Bray 補充一些細節。一年前的這個季度，我談到了雞的轉變，事實上，談到了 5% 到 7% 的業務。我會告訴你，在本季度，即 1 月份，由於 Omicron 的複蘇，我們所有的業務都遭受了痛苦。但是我們在整個季度中都有所改善。

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，特別是在雞場，我們需要的是更大的數量，我們目前擁有的資產的更高效率。我們還宣布了一個深加工工廠，該工廠將於明年上線，這將增加一些產能。但我們的生產力計劃正在發揮作用。我們的效率越來越高，我們的數量也在增長。我希望你能看到它在今年餘下的時間裡繼續增長和發展。我會告訴你，簡而言之，我們是正確的。

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

讓我把它交給大衛，如果他能增加一些紋理的話。

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，謝謝你的問題。我認為，首先，我希望您聽到的是，我們在雞肉領域取得了進展。但我們也知道，我們還有很多很多工作要做，我們正致力於解決這個問題。我還要告訴你，我們說過我們將在整個財政年度實現連續改進，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.

我們還分享說，我們會看到數量依次增加。與季度相比，我們看到銷量有所改善。我們還表示，我們的增長速度將超過市場。在第二季度的時間框架內，我們也這樣做了。在第二季度，我們的收穫頭增長了 2.9%，我們的收穫量增長了 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 個點的份額。我們還提高了調整後的營業收入和我們的 AOI 利潤率環比，無論我們是否包括或排除衍生品對我們業務的任何影響，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.

再說一次，我要告訴你，我們正在取得進展。我們還有更多工作要做。我們專注，我們的目標沒有改變：成為最好的雞肉公司，因為我們專注於我們的業務槓桿。我們將繼續努力為我們的工廠配備人員。今天，我要告訴你家禽部門的人員配備符合標準。我們將繼續致力於為客戶提供服務、發展我們的業務並推動整體運營改進。

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，如果我可以再補充一件事，亞當。星期五，我們在四月關閉。順便說一句，這是一個為期 5 天的收盤價，這要感謝 Stewart 和 Phillip Thomas 以及團隊的新紀錄。但特別是在雞肉方面，四月是一個好月份，斯圖爾特在他準備好的評論中提到了大約 5%。我可以從收盤時告訴你，它優於 5%。所以我就這樣吧。

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。如果我可以在雞肉中跟進。我只是想想想你正在採取的內部行動，你所控制的東西是非常清楚的。我正在努力確保我們能夠根據創紀錄的胸肉價格、翅膀的一些下降、禽流感的某種風險以及相對於穀物市場可能對出口產生的影響來校準外部環境的演變.只是想想想外部環境的變化會或不會影響你對小雞前進的看法。

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。我會告訴你，一年多以前，我們從 4 個開始——我們稱之為 4 個支柱，即為我們的工廠配備人員、為我們的客戶提供服務、發展我們的業務並恢復行業領先的運營績效。這仍然是我們的計劃。眾所周知，家禽業目前存在許多變數。

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，我會告訴你，如果你看一下去骨去皮胸肉的價格，我想週五大概是 3.60 美元左右。我已經很久沒有在胸肉和雞肉中看到這種強度了。

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?

所以穀物當然更高。我們正在看到這一點。戴夫和他的團隊正在以短期合同作為回應，以試圖保護泰森並試圖保護我們的客戶。我會停下來——把它交給大衛，看看他是否還有其他要補充的東西。大衛？

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，儘管我們從穀物的波動中看到了這一點，但雞肉的好轉正在按計劃進行。同樣，其中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移動，這對我們來說是一個很大的好處。

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一點，這始終是該行業的風險。但我會告訴你，我們通過使用我們的生物安全措施來減輕這種風險，並且這些措施現在已在我們所有的設施中實施。這包括在我們為 AI 離開農場之前測試我們擁有的每一隻雞群。

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.

我們現在在該國的一些地理區域採取了加強措施，加強措施基本上是我們限制前往我們農場的人數和旅行，並確保確實去的人到農場的車輛是乾淨的，我們將繼續監測。對此，我會告訴你，任何與疾病相關的鳥類損失都會影響我們的種植者，它也會影響我們的植物，但迄今為止，這些對我們的業務而言相對較小。

The next question comes from Ben Bienvenu of Stephens.

下一個問題來自 Stephens 的 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——我想跟進亞當關於雞肉業務的問題。顯然，你對四月的評論是相當有力的。您的指導表明該業務的持續實力。如果可以的話——我想問一些關於本季度發生的事情的機制以及成本加成機制的類型。我認為我們了解當您獲得衍生收益時會發生什麼以及原因。但是你會談談你何時以及為什麼對沖你的糧食嗎？

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.

在我們調查今年的餘額並反映您擁有的對沖以及您可能因此享受的好處的範圍內，您能否談談與成本加成的機制相比，如糧價上去，讓你拿高價嗎？我只是想了解我們在監控未來環境時應該注意的事情。

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——這是斯圖爾特。讓我繼續討論關於對沖的問題。因此，當我們有義務遵守固定價格時，我們主要對沖，特別是任何類型的長期協議，以確保我們不會因商品基礎移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。我們已經在幾次電話會議中談到了這一點。我們已經轉向更多變數或商品驅動的定價，這意味著我們不必進行太多的對沖。但請記住，這些定價機制將有各種觸發因素，因此它們不會每天都重新定價。因此，您當然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，我們得到保護，免受穀物和其他商品一年中的波動影響.這有幫助嗎？

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。很有幫助。轉向和思考預製食品業務，本季度的利潤率結果非常可靠。我知道您和您的所有同行都在應對這種成本/價格動態。下半年可能會出現一點利潤率壓力，然後會出現擴張。

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，您對自己經營該業務的能力有何看法，也許當我們在寵物食品業務、寵物零食業務、改進和交付的一些數量損失中循環時關於固定成本吸收？當我們從今年到明年時，您的保證金餘額將有所幫助。

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。讓我說兩點，然後我會把它轉給諾艾爾，她可以和你更詳細地討論。你在我們的聲明中看到，上半場表現不佳。我們的生產量較低。再次，1 月份對 Omicron 的複蘇感到不安，挑戰勞動力。我們確實在本季度或上半年銷售了寵物零食。是的，我們預計銷量會有所改善。零售需求依然強勁，我們的餐飲服務業務出現了一些不均衡的複蘇，這意味著存在一些問題——我會特別指出它們，然後我會把它交給 Noelle。

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，在我們的披薩澆頭業務中，它比預期的要軟。我們的費城業務比預期疲軟，我們的玉米餅業務比預期疲軟。有了這個，我會把它交給 Noelle，她可以談論彈性。

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。因此，正如 Donnie 所提到的，在我們強大的品牌資產和多樣化的投資組合的推動下，需求確實繼續強勁。我們確實看到，在我們的大多數類別中，需求繼續超過供應。我們在勞動力空缺率方面取得了顯著改善。我們預計將恢復到大流行前的水平。下半年，我們也有投資上線，我們在準備好的產能評論中提到了這些投資。

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 Donnie 所提到的，在餐飲服務領域，我們看到了一些不均衡的恢復。總的來說，我會說它正在顯示出勢頭。我們確實在 1 月和 2 月看到了影響，隨著消費者流動性減弱和餐飲服務流量下降，Omicron 變體激增產生了短暫的負面影響。

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.

從行業勞動力的角度來看，這與其他一些動態一起減緩了年初的複蘇。但是，當我們查看 3 月份的流量時，數據顯示，隨著 COVID 病例回落到更規範的水平，我們正在恢復到 Omicron 之前的恢復水平。

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.

但從廣義上講，QSR 和 C 店相對於其他渠道繼續引領復甦。我們也看到 K-12 的強勁勢頭，並繼續對整體復甦持樂觀態度。如前所述，我們繼續對成本轉換產生重大影響。因此，隨著我們繼續改善勞動力，隨著我們繼續擴大產能，隨著我們繼續投資於我們的產品組合和領先品牌並預計交付 8 % 到 10% 的年度 ROS。

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。你們顯然已經看到了你們的業務，我認為，從一些第三方來源中分解了一些。而且我確實認為其中很大一部分可能來自您的出口業務，也許還有一些副產品業務。但是，您能否具體談談本季度的那兩個，以及我們在監控外部數據與您的報告類型、您在牛肉報告的更強勁結果時應該如何看待它們？

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，然後我會挑選給 Shane 做一些評論。在我們的第二季度，銷量確實增加了。我們改進了人員配備和更高的收穫重量。我們談了很多關於我們正在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，我們的情況仍然如此。

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，我們看到了我們的特色產品組提供了很多幫助，特別是在脂肪和牛脂領域，我們與 Jacob Stern 的關係。我們能夠購買很多這種產品，並且由於柴油和燃料的價格，我們現在能夠 - 從這些產品中獲得一些真正巨大的價值，這為我們的牛肉提供了一些順風商業。

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

但我會把它轉給 Shane，他可以給它增加一點顏色。

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，謝謝彼得的問題。唐尼，他提到了幾個類別。顯然，特種產品，即從我們運營的下降或收穫方面產生的一切，都得到了改善。我們繼續看到油脂類產品帶來更好的價值。但是，如果您考慮蛋白質等領域，考慮皮革，考慮通常銷往出口領域的一些肉類品種，我們看到全球範圍內對我們供應的產品組合的需求非常強勁市場。

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的業務。我們相信，從全球角度來看，牛肉需求將繼續保持強勁勢頭。最重要的是，如果您考慮一下我們為市場帶來的價值，以及最終為消費者帶來的價值，今天提供給我們的肉質和牛基因從未像現在這樣好。因此，我認為，正如我們在這裡展望的那樣，強大的質量、出色的產品組合以及客戶和計劃的多樣化將提供更強大的支持。

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，Donnie，我只是想協調一下您在 Chicken 中圍繞您的孵化計劃或孵化改進計劃進行中的一些評論。不過，我認為對於整個公司而言，您降低了成交量指南，只是想了解後半部分雞肉成交量意味著什麼。我認為之前，我們曾討論過他們可能會以兩位數的數字增長以達到今年的水平。所以只是想調和這兩個方面。

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。那裡發生了很多事情。我們有——我們的艙口已經改進了。例如，今天我們比行業的平均水平要好。一年前，我們不能這麼說。所以我們在那裡看到了改進。我們還減少了從外部購買肉類，這對我們的整體銷量產生了相當大的影響，特別是雞肉。

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.

我們還 - 如果你還記得的話，我們在阿拉巴馬州亨茨維爾發生了一場火災，影響了我們的銷量。不僅是我們自己生產的提煉產品，還有在外面購買的能力。這也產生了相當大的影響。所以這些是相對於數量的最重要的事情。

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.

我要告訴你的是我們在本季度有所增長。我們在上半年增長。我們沒有按照我們所說的速度增長。如果你還記得的話，我們曾經 - 我們希望比市場增長得更快，我們做到了，但就整體數量而言，並不是我們想要達到的目標。我會讓大衛談談其中的一些。

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。我認為還有另一條評論，那就是我們已經看到了幾週、5 週的持續改進。對我們來說將繼續改進的一個重要組成部分是，我們正在將新雄性交付到我們所有的農場。所以我們對此感到非常樂觀。這是一個我們非常熟悉的男性。有了這個，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而體重增加的改善。

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，斯圖爾特，對結果表示祝賀。第一個問題，如果你能詳細說明一下生產力計劃和你所擁有的節省實現，你提到的大約 4 億美元。你能否給我們一個類似部門的細分，我們應該如何考慮最近的重點主要放在哪裡？您認為後半部分可以在哪裡交付低垂的果實？那將是我的第一個問題。

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。謝謝你。因此，就生產力而言，我將首先提醒我們在投資者日所說的話。我們說過，從運營和功能卓越的角度來看，從現在到 24 年，我們將節省 300 多萬美元。從數字化——在我們的整個供應鏈中應用數字化又價值 2.5 億美元，自動化價值 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.

迄今為止，我可以告訴您的是，我們將在第一年交付近 4 億美元。每天，我們都會確定可以放在跟踪器上的新事物，從而產生更好的結果。

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.

但我希望你能從中看出，這是前所未有的通貨膨脹，我們幾代人都沒有見過的通貨膨脹，真的。因此，這不僅僅是通貨膨脹的定價。我們也在竭盡全力成為更高效、更高效、成本更低的生產商。正如我們在家禽業務中所說的那樣，我們希望在我們所玩的每個地方都成為前四分之一或更好，我們仍然有空間做到這一點。

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.

所以我會告訴你，我們正在走上正軌。有卡車車隊、資源和優化之類的東西，我們 - 我們的採購計劃是為了解決公司的總支出，然後是天然氣和履行。我們在家禽方面的去骨自動化項目正在按計劃進行。事實上，他們有點超前了。所以我們對此感覺很好。但我們的未來將是，一，我們將在市場上有一個公平的市場價值價格；但是第二，我們希望在我們參與的每個地方都成為最好的。

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。然後我的後續行動實際上只是對 Noelle 的一個快速跟進，她對她在 Prepared Foods 調整後的營業利潤率發表的評論之一將其提高到 10% 的水平。所以很明顯，如果我們調查一下，上半年非常強勁，大約 9.5%。所以這已經是范圍的高端。那麼我們應該如何看待這 8% 到 10% 呢？真的可以達到，更高的水平嗎？因為我認為你說過你想達到 10%。因此，您希望達到 10%，但可能存在一些不確定性，無論出於何種原因，它都可能會降低，我們今天還不知道。但我們應該更多地計劃 10% 而不是 8%。這公平嗎？

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.

所以我首先要說的是，就你的觀點而言——你已經在準備好的講話中聽到了這一點，斯圖爾特也強調說，在我們採取的行動的推動下，我們的上半場表現好於預期價格以抵消通貨膨脹影響，我們在勞動力方面看到的改善，成本轉變開始實現以及混合。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。隨著勞動力的發展勢頭和產能投資，我們確實預計隨著下半年的繼續，銷量會有所改善。我們還預計餐飲服務將繼續復甦。

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.

當我們展望通脹方面的後半部分時，我們確實繼續預計後半部分將面臨通脹壓力，這就是唐尼剛剛提到的成本轉型努力的首要考慮因素。因此，整體而言，我們對 8% 到 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 Bernstein 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力成本問題，如果你有一些數字的話。勞動力成本佔 COGS 的百分比，尤其是在雞肉方面，您的空置率以及隨著時間的推移它們的趨勢如何？具體來說，從哲學上講，自 2020 年夏天以來，您已經在兩年內一直在提高薪酬和福利。而且似乎大流行正在緩解，但這些勞動力挑戰仍在持續。我認為您提到了團隊成員的多樣性。有沒有一個更結構性的問題，隨著整合政策的收緊，你可以招募人員擔任這些類型的角色？

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，我只是從文化的角度思考，從士氣的角度來看，我認為你們的自動化流程正在談論在 24 財年的未來 3 年內減少 3,000 人的工作崗位。在經歷自動化過程時，您如何招聘和留住人才？我的意思是這樣的——我試圖弄清楚這個勞工問題是否可能是一個持續存在的問題，儘管你正在努力改善工作條件。

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.

謝謝你的問題。我會談談幾點。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，我們談到它是最受追捧的工作場所。我們意識到，我們擁有的那些團隊成員可以在他們選擇工作的任何地方工作。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.

我相信我在上次電話會議中說過，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公司的勞工問題，我們正在這樣做。這不是——沒有一個東西可以滿足所有需求。例如，兒童保育，您可以談論兒童保育，並且有一部分人口是有價值的。而且 - 但還有其他領域不是。

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.

其他地區更需要和需要交通。例如，在一些農村社區，我們需要醫療保健。因此，我們創建了現場或附近的健康診所，我們的團隊成員和他們的家人可以使用很少或免費的費用。這是我們擁有一個與眾不同的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。我們繼續投資於工資和福利。以及加強注射和加強診所，我們已經完成了 100 多次。我們認為我們看到了這些事情的積極影響。我們看到缺勤率和離職率有所改善。我們宣布我們將通過非營利組織支持團隊成員，以嘗試獲得合法公民身份的支持。然後兩週前，我認為是，我們宣布了 Upward Academy 計劃。在接下來的 4 年中，我們將花費 6000 萬美元用於團隊成員的教育。那是碩士學位，學士學位，副學士學位，生活技能培訓，英語，例如，我們可以做的任何事情來試圖區分泰森作為一個工作的地方。我們致力於實現這一結果。

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.

在過去的一年裡，我們向所有團隊成員支付了年終感謝獎金。我們很高興這樣做。我們擁有的那些團隊成員是這家公司的命脈。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、保證他們的安全是我們的首要任務。另一個——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.

所以當你談到預製食品業務時，聽起來內部有很多改進。您為今年創建的這種保證金結構如何預測您在 2023 年和 2024 年的發展前景？這會讓你更有信心嗎？還是因為通貨膨脹而變得更加脾氣暴躁？到目前為止，我在整個會議期間對這兩方面都有所了解。所以我只是想弄清楚。我原以為從長遠來看會更加看漲，但聽起來你對通脹有所緩和。我暫時把它放在那裡。

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。我認為重要的是這裡的每個人，我們正在定價並試圖為我們的產品在市場上獲得公平的市場價值。這是一個途徑。但第二個事實——我們完全可以控制的事實是能夠做我們做得更好的事情，成為一流的運營。那是勞動力，那是產量，那是支出，生產率，運行線，以速率。然後讓我們不要忘記一個事實，一個位置，我們每週都有 168 小時。我們如何在一周內運行更多小時，並更好地利用我們目前擁有的資產？所以我們正在研究所有這些事情。

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——不要這麼認為——是為了抵消通貨膨脹。將其視為一種生活方式以及我們作為一家公司的身份。這是禮物——請原諒我的表達方式，這是將繼續為我們提供的禮物，它對我們來說永遠不會過時。

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

因此，讓我暫停一下，讓諾艾爾為它添加一些顏色。

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，謝謝你的問題，肯。因此，我們在投資者日討論的內容以及我們在這些電話會議上走到一起時，我們仍然相信我們對這個投資組合是兩位數的 ROS 業務的信心。這些構建塊的基礎仍然是相同的。零售業的需求繼續強勁，以及預期的餐飲服務持續復甦。

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.

從整體上看，收入加速將來自我們為增加容量而採取的行動，無論是在我們現有的足跡中，還是通過我們網絡的擴展，包括唐尼提到的對自動化的逐步變革投資。我們還採取了重大行動來改變我們的成本基礎，我們將繼續通過定價來增加投入，以在必要時抵消通貨膨脹。因此，您確實認識到存在我們關注的通脹動態，並在整個下半年繼續密切關注彈性。

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，再加上我們投資組合的投資、業務中的混合機會（包括有機歧視性投資以及無機投資組合塑造和積極的成本轉型）時，我們認為對我們實現可持續兩位數利潤率的道路充滿信心。然後，正如我們所提到的，今年我們確實預計會在 8% 到 10% 的 ROS 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。然後我的第二個問題是，當你考慮長期的牛週期時，在 2023 年和 2024 年的過去 6 個月左右的時間裡，似乎有很多或相當多的新產能公告。您認為新產能與牛供應與需求之間的關係？這對您對牛肉利潤率的長期看法有何影響，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，然後我會將它翻轉給 Shane 以添加一些額外的顏色。在增量能力方面，競爭使我們變得更好。所以我們並不害怕。我們對此表示歡迎。所以 - 但就牛群供應而言，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 - 這將對前面牛群的供應產生一些影響。

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，所以我認為了解奶牛不是奶牛以及我們與牧場主和飼養員合作併購買優質牛這一事實非常重要。還有那頭優質牛，我們為此付出了更多，但在它之前我們也得到了更好的選擇。

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.

現在我們早些時候談到了特種產品，特別是油脂和皮革等，以及它們如何幫助實現整體切割價值。因此，在過去的幾年裡，我們的利潤非常可觀。我們認為這不會保持這個水平。這是一個時間點，對系統造成了衝擊。但是，我們確實相信，由於我之前談到的一些事情，我們將在前進的基礎上保持在 6% 到 8% 的範圍內。

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

有了這個，Shane，如果你想補充的話，我錯過了什麼？

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。謝謝你的問題，唐尼。您在這裡找到了大部分內容。我會在這裡說幾件事，我之前提到過。從牛的遺傳學角度來看，以及我們的飼養合作夥伴今天為市場帶來的質量，它從未像現在這樣好過。我想說，困擾全國超過 50%、55% 的干旱狀況繼續存在。

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，今年迄今為止，您已經看到大量的奶牛清算正在影響遠期曲線，因為這將在 2 年和 3 年後影響您。這是由於該國目前缺乏草和飼料。

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.

正如唐尼所說，隨著我們的發展，我們預計會在這裡看到更多的牲畜競爭。我們專注於為我們的工廠配備人員、建立我們的供應鏈、加強我們的關係、為客戶提供服務並以最好的方式表現。

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，而且一直如此。但歸根結底，它擁有多樣化的項目和客戶。我們認為我們通過我們的案例就緒業務為客戶提供解決方案，去年在這裡增加了 2 家新工廠。他們也將有助於我們的整體成功。

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，我們在這裡看到了更高的價格，我們在這裡預料到了這一點，我們將繼續導航。但是你的觀點和你的問題是正確的。未來會有更多的競爭。

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，斯圖爾特在這裡。只需添加一件事。我的意思是，我認為，重要的是要考慮一下這如何影響今年的形狀。 Ken Goldman 首先提出了一個關於順序改進的問題。我給他的那個答案，只是為了讓你們都非常清楚，具體與雞有關。那是 Donnie 對 Chicken 的評論，Chicken with 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你的問題有關，你必須在今年下半年開始考慮整個泰森時觀看牛肉。因為上半年過得更好。今年上半年情況較好，總共增長了 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，在今年下半年，我們將開始看到這種情況消失。在接下來的幾個季度中，我們將能夠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中一直表示我們認為全球對牛肉的需求強勁。只要有牛來供應，從長遠來看，牛肉，我們認為，將是一個比歷史上更好的業務。

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。我想把會議轉回給 Donnie King 先生做任何閉幕詞。

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，您現在可以斷開連接。