Hostess Brands Inc (TWNK) 2023 Q2 法說會逐字稿

Greetings, and welcome to Hostess Brands, Inc. Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to turn the conference over to your host, Amit Sharma. Thank you. You may begin.

您好，歡迎參加 Hostess Brands, Inc. 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將會議交給東道主阿米特·夏爾馬 (Amit Sharma)。謝謝。你可以開始了。

Good afternoon, and welcome to Hostess Brands' Second Quarter 2023 Earnings Conference Call. Joining me on today's call is Andy Callahan, Hostess Brands' President and CEO; and Travis Leonard, Chief Financial Officer.

下午好，歡迎參加 Hostess Brands 2023 年第二季度收益電話會議。參加今天電話會議的是 Hostess Brands 總裁兼首席執行官安迪·卡拉漢 (Andy Callahan)。和首席財務官特拉維斯·倫納德。

By now, everyone should have access to the earnings release for the period ended June 30, 2023, that was published at approximately 4:00 p.m. Eastern Time. The press release and investor presentation are available on Hostess' website at hostessbrands.com. This call is being webcast, and a replay will be available on our website.

到目前為止，每個人都應該可以查看截至 2023 年 6 月 30 日的財報，該財報於下午 4:00 左右發布。東部時間。新聞稿和投資者介紹可在 Hostess 網站 hostessbrands.com 上獲取。該電話會議正在網絡直播，我們的網站上將提供重播。

During the course of this call, management will make a number of forward-looking statements, including expectations and assumptions regarding the company's future performance. Actual results may differ materially from these forward-looking statements, and we undertake no obligation to update or revise these forward-looking statements.

在本次電話會議期間，管理層將做出一些前瞻性聲明，包括有關公司未來業績的預期和假設。實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新或修改這些前瞻性陳述的義務。

A detailed list of these risks and uncertainties can be found in today's earnings release and in our SEC filings. Management will make a number of references to non-GAAP financial measures that we believe will provide useful information to the investors. A full reconciliation of these non-GAAP measures to the most comparable GAAP measures is included in the earnings release.

這些風險和不確定性的詳細列表可以在今天的收益報告和我們向 SEC 提交的文件中找到。管理層將大量參考非公認會計準則財務指標，我們相信這些指標將為投資者提供有用的信息。這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的全面調節包含在收益發布中。

With that, I will turn the call over to Andy Callahan, our President and CEO.

接下來，我會將電話轉給我們的總裁兼首席執行官安迪·卡拉漢 (Andy Callahan)。

Good afternoon, everyone, and thank you for joining us today. Let me start by thanking our dedicated and hardworking team members across the Hostess Brands organization for delivering a good first half and positioning us well for the second half of the year.

大家下午好，感謝您今天加入我們。首先，我要感謝 Hostess Brands 組織中敬業、勤奮的團隊成員，他們在上半年取得了良好的業績，並為我們下半年的發展奠定了良好的基礎。

I'll begin with a few highlights of our second quarter performance, discuss key drivers of our attractive growth outlook, and then Travis will provide a more detailed review of our quarterly financial results. We will close with a discussion of our higher full year outlook before opening up to your questions.

我將首先介紹我們第二季度業績的一些亮點，討論我們有吸引力的增長前景的關鍵驅動因素，然後特拉維斯將對我們的季度財務業績進行更詳細的審查。在回答大家的問題之前，我們將首先討論我們更高的全年展望。

We delivered another quarter of strong operating results with double digit profit growth and higher margins, enabling us to raise our adjusted EBITDA and EPS expectations, which are both well above our long-term growth targets, while maintaining our full year top line outlook.

我們又一個季度實現了強勁的經營業績，利潤增長兩位數，利潤率提高，使我們能夠提高調整後的EBITDA 和每股收益預期，這兩者都遠高於我們的長期增長目標，同時維持我們的全年營收前景。

Now to a few highlights for the quarter. Net revenue increased by 3.5% as we lapped 16.8% growth in the year ago quarter. Net revenue for the second quarter was driven by higher price/mix offset by expected volume decline due to the impact of carryover pricing and the lapping of the year ago growth. That said, our volume trends improved in the quarter.

現在介紹本季度的一些亮點。淨收入增長 3.5%，而去年同期增長 16.8%。第二季度的淨收入是由較高的價格/組合推動的，抵消了由於結轉定價和去年同期增長的影響而導致的預期銷量下降。也就是說，我們的銷量趨勢在本季度有所改善。

This positive trend accelerated in July, where we are seeing a meaningful step up in shipments versus the prior year behind customer support of favorable shelf resets and a strong merchandising for back-to-school programming, providing additional confidence in our second half volume expectations. Our Sweet Baked Goods point-of-sale dollars were up 2.9% during the quarter and up by 18.5% on a 2-year stacked basis.

這種積極的趨勢在7 月加速，我們看到出貨量較上一年顯著增加，這得益於客戶對有利的貨架重置的支持以及返校計劃的強勁銷售，這為我們下半年的銷量預期提供了更多信心。我們的甜烘焙食品銷售點銷售額在本季度增長了 2.9%，在 2 年累計基礎上增長了 18.5%。

Turning to the Voortman brand. Voortman POS increased 7.2% in the quarter, including 13.1% growth for the recently rebranded Voortman Zero Sugar cookies and wafers. On a 2-year stacked basis, Voortman's POS increased by 32.2% as we continue to capitalize on our leading position in the faster-growing zero sugar cookies subsegment, with strong innovation and our ongoing and increasing investment to drive brand awareness and penetration.

轉向 Voortman 品牌。 Voortman POS 本季度增長了 7.2%，其中最近重新命名的 Voortman 零糖餅乾和威化餅乾增長了 13.1%。在兩年疊加的基礎上，Voortman 的POS 增長了32.2%，因為我們繼續利用我們在快速增長的零糖餅乾細分市場中的領先地位，憑藉強大的創新以及我們持續不斷和不斷增加的投資來提高品牌知名度和滲透率。

Second quarter profit trends highlighted the strength of our business and our continued focus on retail and operational execution as both EBITDA and EPS grew by strong double digits along with a meaningful year-over-year increase in our quarterly gross margin. In addition, we successfully refinanced our term loan and revolving credit facility during the quarter and are very proud of our team's ability to achieve very attractive rates in the current markets.

第二季度利潤趨勢凸顯了我們業務的實力以及我們對零售和運營執行的持續關注，EBITDA 和每股收益均實現了兩位數的強勁增長，同時我們的季度毛利率同比也實現了有意義的增長。此外，我們在本季度成功地為定期貸款和循環信貸融資進行了再融資，並對我們的團隊在當前市場上實現極具吸引力的利率的能力感到非常自豪。

The ability to extend our debt maturity with minimal impact to our future interest expense while gaining additional liquidity through the new revolver is a testament to investors' confidence in the underlying strength of our business and our strong operating performance. We believe the successful refinancing provides us significant financial flexibility to execute on our strategic objectives and continue to drive strong shareholder returns.

我們能夠在對未來利息支出影響最小的情況下延長債務期限，同時通過新的左輪手槍獲得額外的流動性，這證明了投資者對我們業務的潛在實力和強勁的經營業績的信心。我們相信，成功的再融資為我們提供了巨大的財務靈活性，以執行我們的戰略目標並繼續推動強勁的股東回報。

Given the strong first half results, we now expect adjusted EBITDA towards the higher end of our $315 million to $325 million range and adjusted EPS towards the higher end of our $1.08 to $1.13 per share range, delivering above our long-term algorithm profit growth. We now expect full year gross margins to be 40 to 50 basis points higher than last year, while our top line guidance remains unchanged at 4% to 6% growth.

鑑於上半年的強勁業績，我們現在預計調整後的EBITDA 將達到3.15 億美元至3.25 億美元範圍的高端，調整後的每股收益將達到每股1.08 美元至1.13 美元的高端，從而實現高於我們長期算法利潤增長的目標。我們現在預計全年毛利率將比去年高出 40 至 50 個基點，而我們的營收指引仍保持 4% 至 6% 的增長不變。

I am proud of the sustainability of our growth as we built a premier pure-play snacking company on the foundation of favorable positioning in growing snacking categories with expandable consumption occasions, category-leading innovation, focused investments and strong and growing executional capabilities. I continue to believe the foundation of Hostess Brands has never been stronger.

我為我們的可持續增長感到自豪，因為我們在不斷增長的零食類別中擁有有利的定位，具有可擴展的消費場合、類別領先的創新、集中的投資以及強大且不斷增長的執行能力，因此我們建立了一家一流的純零食公司。我仍然相信 Hostess Brands 的基礎從未如此堅固。

Let me talk about a few of the key growth drivers in more detail, which provide me confidence in our ability to deliver another year of strong, sustainable top line growth and above algorithm profit growth in 2023. Consumer preferences for snacking, including sweet snacks, remains resilient even as they adjust to the current economic environment.

讓我更詳細地談談一些關鍵的增長驅動因素，這讓我相信我們有能力在2023 年實現又一個強勁、可持續的營收增長和高於算法的利潤增長。消費者對零食的偏好，包括甜零食、即使它們適應當前的經濟環境，也仍然保持彈性。

The number of snacking occasions throughout the day continues to increase, and consumers are seeking out a wide range of options as they increasingly adopt a balance sheet approach when making decisions on what to snack on from savory to sweet, from nutritional to rewarding, and from mindful to indulgent. We have a deep understanding of these occasions and continue to refine our strategy focus on 5 of the fastest-growing occasions with an addressable market of more than $65 billion in retail sales and more important, where we believe our portfolio has a strong right to win.

一天中吃零食的次數持續增加，消費者正在尋找各種各樣的選擇，因為他們越來越多地採用資產負債表的方法來決定吃什麼零食，從鹹味到甜味，從營養到有益，從營養到有益。留意到放縱。我們對這些場合有深入的了解，並繼續完善我們的戰略，重點關注5 個增長最快的場合，其潛在市場零售額超過650 億美元，更重要的是，我們相信我們的投資組合在這些場合有強大的獲勝權利。

Our prolific innovation continues to be a key enabler of our strategy to access these attractive occasions. Hostess was the #1 innovator in Sweet Baked Goods category in both '21 and '22, and with over 1.5x share of innovation dollars relative to our overall market share. We continue to over-index on innovation in the second quarter, driven by the launch of Hostess Kazbars, which started shipping in late Q1. Initial performance continues to be highly encouraging, with both distribution and velocities trending in line with our high expectations.

我們豐富的創新仍然是我們進入這些有吸引力的場合的戰略的關鍵推動力。 Hostess 是 21 年和 22 年甜烘焙食品類別中排名第一的創新者，相對於我們的整體市場份額，其創新美元份額超過 1.5 倍。在 Hostess Kazbars 推出的推動下，我們繼續高估第二季度的創新，該產品於第一季度末開始發貨。初始表現仍然非常令人鼓舞，分佈和速度趨勢都符合我們的高期望。

Kazbars also is receiving high praise from consumers, with initial positive feedback at some of the highest levels among all of our recently launched innovations such as Baby Bundts and other highly successful and category-expanding launches. Kazbars is the standout innovation in Sweet Baked Goods category in 2023 and is getting strong support from our retailer partners as we continue to build on our track record of bringing excitement and news to the category.

Kazbars 也受到了消費者的高度讚揚，在我們最近推出的所有創新產品（例如 Baby Bundts 和其他非常成功的品類擴展產品）中，一些最高級別的產品獲得了初步積極反饋。 Kazbars 是 2023 年甜烘焙食品類別中的傑出創新，隨著我們繼續為該類別帶來興奮和新聞，我們得到了零售商合作夥伴的大力支持。

In the first half, along with Kazbars, we introduced Old Fashioned Donettes and Chocolate Baby Bundts under the Hostess Brand and rebranded our Voortman sugar-free cookie and wafer product lines to Zero Sugar, expanding its appeal to a wider consumer demographic and increasing taste perceptions. Initial results are terrific. Hostess Brands family packs are generating high velocities, repeat purchases and incrementality as we profitably deliver value to customers. With strong support from our retail customers, we are extending Family Packs to our other iconic brands, including Coffee Cakes and Baby Bundts.

上半年，我們與Kazbars 一起推出了Hostess 品牌的老式Donettes 和Chocolate Baby Bundts，並將Voortman 無糖餅乾和威化產品線重新命名為零糖，擴大了其對更廣泛消費者群體的吸引力，並提高了口味認知。初步結果非常棒。 Hostess Brands 家庭套裝正在產生高速、重複購買和增量，因為我們為客戶創造了可盈利的價值。在零售客戶的大力支持下，我們正在將家庭裝擴展到我們的其他標誌性品牌，包括 Coffee Cakes 和 Baby Bundts。

We continue to support our innovation as well as core portfolio through high ROI marketing and advertising. Second quarter A&M was up nearly 30% as we shifted some of our planned spend to the second quarter behind Kazbars. In late June, we launched a national digital campaign for Kazbars focused on driving awareness through digital video, social media, e-commerce and retail media. We continue to believe that A&M investments are a key component of our growth strategy and critical to attract millennial parents to the Hostess brand and increase share of overall snacking.

我們繼續通過高投資回報率的營銷和廣告來支持我們的創新和核心產品組合。第二季度 A&M 增長了近 30%，因為我們將部分計劃支出轉移到第二季度，落後於 Kazbars。六月下旬，我們為 Kazbars 發起了一項全國數字活動，重點是通過數字視頻、社交媒體、電子商務和零售媒體提高認識。我們仍然相信 A&M 投資是我們增長戰略的關鍵組成部分，對於吸引千禧一代父母使用 Hostess 品牌並增加整體零食份額至關重要。

As we continue to bring growth, innovation and excitement to the category, I believe our growth partnerships with key retail customers has never been stronger. Our multitiered approach to drive greater availability throughout the store and win additional permanent and temporary displays is beginning to pay off. We are getting additional merchandising opportunities and gaining TDPs at a faster rate than the overall category.

隨著我們繼續為該類別帶來增長、創新和興奮，我相信我們與主要零售客戶的增長夥伴關係從未如此牢固。我們為提高整個商店的可用性並贏得更多永久和臨時展示而採取的多層次方法已開始取得成效。我們正在獲得更多的銷售機會，並以比整個類別更快的速度獲得 TDP。

Recent shelf space resets in many of our large customers are leading to favorable planogram changes and additional front-end distribution for us, which is very attractive for our impulse-driven snacking portfolio. During the second quarter, the timing of the impact of our growth and customer initiatives varied across retailers. We expect these initiatives to have a bigger impact on our sales in the second half. Our shipments are up meaningfully in July, reinforcing our confidence in our second half volume expectations.

最近，我們許多大客戶的貨架空間重新調整，為我們帶來了有利的貨架圖變化和額外的前端分銷，這對我們的衝動驅動的零食產品組合非常有吸引力。在第二季度，我們的增長和客戶計劃的影響時間因零售商而異。我們預計這些舉措將對我們下半年的銷售產生更大的影響。我們 7 月份的出貨量大幅增長，增強了我們對下半年銷量預期的信心。

Though the timing and flow-through of competitor pricing and merchandising is creating some short-term noise, I am confident that our year-to-go promotion and merchandising activity will drive growth. As a reminder, promotion levels in the back half of last year were below historical levels. As planned, our activities include a stronger back-to-school program and a return to more historical frequency in the second half.

儘管競爭對手定價和推銷的時機和流程正在產生一些短期噪音，但我相信我們未來一年的促銷和推銷活動將推動增長。提醒一下，去年下半年的促銷水平低於歷史水平。按照計劃，我們的活動包括更強有力的返校計劃以及下半年恢復到更多歷史頻率。

We continue to monitor the competitive landscape and we'll adjust our programming and events as needed in this dynamic environment. We continue to refine and optimize our RGM toolkit to make our overall trade spending more efficient and further strengthen our attractive value proposition for our consumers and see good initial evidence these programs are working.

我們將繼續監控競爭格局，並將根據這個動態環境的需要調整我們的節目安排和活動。我們繼續完善和優化我們的 RGM 工具包，以使我們的整體貿易支出更加高效，並進一步加強我們對消費者有吸引力的價值主張，並看到這些計劃正在發揮作用的良好初步證據。

As I look to the second half, we are executing at a high level. I am very confident in our team's ability to deliver strong volume-driven growth as our innovation, higher advertising support and strong retail execution becomes more evident as we fully lap the volume impact from last year's multiple pricing actions and the distortion caused by strong execution in last year's dynamic competitive environment.

展望下半場，我們的執行力很高。我對我們的團隊實現強勁的銷量驅動增長的能力非常有信心，因為我們的創新、更高的廣告支持和強大的零售執行力變得更加明顯，因為我們完全接受了去年多次定價行動對銷量的影響以及強有力的執行力造成的扭曲。去年充滿活力的競爭環境。

In addition, our dedicated and talented workforce is driving significant improvements across the supply chain and advancing our productivity agenda to enable us to raise our EBITDA and EPS guidance. At Hostess Brands, we remain focused on growing the right way over the long term. We are making good progress on our corporate responsibility initiatives and released our most recent corporate responsibility report in late June, which reaffirms our tangible commitments to our stakeholders, including communities in which we live and work.

此外，我們敬業且才華橫溢的員工隊伍正在推動整個供應鏈的重大改進，並推進我們的生產力議程，使我們能夠提高 EBITDA 和 EPS 指導。在 Hostess Brands，我們仍然專注於以正確的方式實現長期增長。我們在企業責任舉措方面取得了良好進展，並於 6 月下旬發布了最新的企業責任報告，該報告重申了我們對利益相關者（包括我們生活和工作的社區）的切實承諾。

Attaining our key corporate responsibility goals is an important component of the strategic objectives of our executive team with direct oversight from our Board of Directors. In summary, I am pleased with our first half performance. While the consumer environment remains dynamic, we are confident of strong second half growth enabling us to raise our full year adjusted EBITDA and EPS guidance.

實現我們的關鍵企業責任目標是我們執行團隊戰略目標的重要組成部分，並受到董事會的直接監督。總而言之，我對我們上半場的表現感到滿意。儘管消費者環境仍然充滿活力，但我們對下半年的強勁增長充滿信心，使我們能夠提高全年調整後 EBITDA 和 EPS 指導。

Our strong execution of growth fundamentals and customer partnerships supports our second half volume expectations and enable us to reaffirm our full year top line guidance. We continue to execute on our strategic priorities and are well positioned to deliver long-term sustainable growth and shareholder value.

我們對增長基本面和客戶合作夥伴關係的強有力執行支持了我們下半年的銷量預期，並使我們能夠重申我們的全年營收指導。我們將繼續執行我們的戰略重點，並做好充分準備來實現長期可持續增長和股東價值。

With that, let me turn it over to Travis to go through the quarterly financial results and our reaffirmed outlook in greater detail.

接下來，讓我將其交給特拉維斯，以更詳細地介紹季度財務業績和我們重申的前景。

Thanks, Andy. I will start with a review of our top line results. Organic net revenue for the second quarter increased 3.5% to $352.4 million, driven primarily by price/mix as we benefited from favorable net price realization. Price/mix contributed 10.4% to the quarterly net revenue growth partially offset by a 6.9% decline from lower volume. Our net revenue growth was driven by 4.6% growth in the Sweet Baked Goods portfolio, which accounts for nearly 90% of our total net revenue, while our cookie portfolio declined by 5.9% after lapping 27.6% growth a year ago.

謝謝，安迪。我將首先回顧我們的主要業績。第二季度的有機淨收入增長了 3.5%，達到 3.524 億美元，這主要是由價格/組合推動的，因為我們受益於有利的淨價格實現。價格/組合對季度淨收入增長的貢獻為 10.4%，但部分被銷量下降 6.9% 的下降所抵消。我們的淨收入增長是由甜烘焙食品產品組合 4.6% 的增長推動的，該產品組合占我們總淨收入的近 90%，而我們的餅乾產品組合在去年增長 27.6% 後下降了 5.9%。

Switching to retail sales trends. Our Nielsen-measured Sweet Baked Goods point of sale increased by 2.9% for the 13-week period ending July 1, while our U.S. cookie point of sale increased by 7.2% in the period, both lapping last year's strong growth. On a 2-year stacked basis, our Sweet Baked Goods retail sales were up 18.5% in the quarter, and Voortman growth was even stronger at 32.2%, driven by our continued momentum in the Zero Sugar subsegment.

轉向零售銷售趨勢。根據尼爾森的測量，截​​至7 月1 日的13 週期間，我們的甜烘焙食品銷售點增長了2.9%，而我們的美國餅乾銷售點在此期間增長了7.2%，均超過了去年的強勁增長。按 2 年疊加計算，本季度我們的甜烘焙食品零售額增長了 18.5%，在我們零糖細分市場持續增長的推動下，Voortman 的增長更為強勁，達到 32.2%。

In the 13 weeks ended July 1, 2023, our share of the Sweet Baked Goods category dollar sales declined by 93 basis points to 20.8%, while Voortman's share of the cookie category was relatively flat at 2.1%. We have a strong foundation with the right capabilities to drive our category growth strategy, which provide us the confidence we can continue to grow market share over time.

截至 2023 年 7 月 1 日的 13 週內，我們在甜烘焙食品類別銷售額中的份額下降了 93 個基點，至 20.8%，而 Voortman 在餅乾類別中的份額相對持平，為 2.1%。我們擁有堅實的基礎和適當的能力來推動我們的品類增長戰略，這使我們有信心隨著時間的推移繼續擴大市場份額。

Our net revenue growth was ahead of our retail takeaway growth this quarter due to growth in our non-tracked channels as well as timing of shipments, which expect to normalize over time. Our single-serve POS increased by 3.7% during the quarter, while our multipack offerings grew by 2.2% as both lapped high-teens growth in the year ago period.

由於我們的非跟踪渠道的增長以及發貨時間的增長，我們本季度的淨收入增長領先於零售外賣增長，預計隨著時間的推移，這些增長將趨於正常化。本季度我們的單一服務 POS 增長了 3.7%，而我們的多件包裝產品增長了 2.2%，兩者均超過了去年同期的高雙位數增長。

Moving to the rest of the P&L. Adjusted gross profit of $126.4 million increased by 12.1%, driven by favorable net price realization, normalizing supply chain versus the fragility we experienced last year, and productivity benefits which more than offset high single-digit inflation and lower volume.

轉向損益表的其餘部分。調整後的毛利潤為1.264 億美元，增長了12.1%，這主要得益於有利的淨價格實現、供應鏈相對於去年的脆弱性實現正常化，以及生產率的提高，這足以抵消高單位數通脹和較低的銷量。

Adjusted gross margin of 35.9% improved by 275 basis points from the year ago period. Adjusted EBITDA increased by 16.1% to $80.0 million in the quarter, primarily driven by higher gross profit. Adjusted EBITDA margin increased by 247 basis points to 22.7% for the quarter. Our adjusted operating expenses increased by 20.1% to $62.1 million due to the planned increase in advertising and marketing investments, partially offset by lower G&A costs.

調整後毛利率為 35.9%，較去年同期提高 275 個基點。本季度調整後 EBITDA 增長 16.1%，達到 8000 萬美元，主要是由於毛利潤增加。本季度調整後 EBITDA 利潤率增長 247 個基點，達到 22.7%。由於計劃增加廣告和營銷投資，調整後的運營費用增加了 20.1%，達到 6210 萬美元，但部分被一般管理費用的下降所抵消。

Advertising and marketing spend increased by 29.5% to $20.2 million in the quarter to support both our innovation and our core portfolio. Our effective tax rate excluding discrete items was 27.3%, consistent with the prior year quarter and largely in line with our 27% outlook for the full year.

本季度的廣告和營銷支出增長了 29.5%，達到 2020 萬美元，以支持我們的創新和核心產品組合。不包括離散項目的有效稅率為 27.3%，與去年同期一致，並且與我們 27% 的全年預期基本一致。

Adjusted net income of $37.7 million for the quarter increased 23.6% as compared to the prior year period, driven by higher EBITDA. Adjusted earnings per share of $0.28 increased 27.3%, driven by higher profitability in the current quarter and lower average shares outstanding. At the end of the quarter, we had cash and cash equivalents of $99.4 million and net debt of $885.6 million with a net debt leverage ratio of 2.9x.

在 EBITDA 上升的推動下，本季度調整後淨利潤為 3770 萬美元，較上年同期增長 23.6%。調整後每股收益為 0.28 美元，增長 27.3%，這得益於本季度盈利能力的提高和平均流通股數量的下降。截至本季度末，我們的現金和現金等價物為 9,940 萬美元，淨債務為 8.856 億美元，淨債務槓桿率為 2.9 倍。

Our capital deployment strategy continues to include returning capital to shareholders through opportunistic share repurchases. Year-to-date, we repurchased shares for an aggregate purchase price of $19.4 million. Additionally, as Andy mentioned, during the second quarter, we refinanced our first lien credit agreement.

我們的資本配置策略繼續包括通過機會性股票回購向股東返還資本。年初至今，我們回購了股票，總購買價為 1,940 萬美元。此外，正如安迪提到的，在第二季度，我們為我們的第一份留置權信貸協議進行了再融資。

The new agreement extends the maturity of our term loan, which represents one of the most favorably-priced loans recently issued for our ratings category and increases the capacity of our revolving credit facility. We have also maintained our existing interest rate swaps. As a result, there is minimal impact to our expected effective interest rate following the refinancing. We believe this was a critical step, and continue with disciplined management of our capital structure and provide balance sheet stability as we continue to drive growth in the business.

新協議延長了我們定期貸款的期限，這是最近為我們的評級類別發放的價格最優惠的貸款之一，並增加了我們循環信貸額度的能力。我們還維持了現有的利率掉期。因此，再融資後對我們預期實際利率的影響很小。我們相信這是關鍵的一步，並將繼續對我們的資本結構進行嚴格的管理，並在我們繼續推動業務增長的同時提供資產負債表的穩定性。

Turning to our outlook for the year. Given our first half results and visibility to the second half, we are reaffirming our full year top line guidance and raising our EBITDA and EPS guidance towards the higher end of our previous guidance ranges. Our full year net revenue growth outlook of 4% to 6% remains unchanged. However, we now expect full year volume to be down slightly relative to previous expectations of relatively flat, which is expected to be offset by stronger net price realization.

轉向我們對今年的展望。鑑於我們上半年的業績和下半年的前景，我們重申全年營收指導，並將 EBITDA 和 EPS 指導提高到之前指導範圍的高端。我們對全年淨收入增長 4% 至 6% 的預期保持不變。然而，我們現在預計全年銷量將比之前相對持平的預期略有下降，預計這將被更強勁的淨價格實現所抵消。

As Andy mentioned, our second half volume expectations remain largely unchanged. Our growth and customer initiatives, which had a lower-than-expected impact in some retailers in the second quarter, are expected to have a sequentially bigger impact on our second half volume as evidenced by meaningful step up in our July shipment trends ahead of the key back-to-school event.

正如安迪提到的，我們下半年的銷量預期基本保持不變。我們的增長和客戶計劃在第二季度對一些零售商的影​​響低於預期，預計將對我們下半年的銷量產生更大的影響，正如我們 7 月份發貨趨勢在關鍵的返校活動。

In addition, we expect continued contributions from our category-leading innovation, the deployment of our brand-building A&M investments and benefit of lapping significant prior year pricing in the back half of the year. We now expect adjusted EBITDA towards the higher end of our $315 million to $325 million range and adjusted EPS towards the higher end of our $1.08 to $1.13 per share range, delivering above our long-term algorithm profit growth.

此外，我們預計我們領先的類別創新、品牌建設 A&M 投資的部署以及今年下半年大幅上年定價的好處將繼續做出貢獻。我們現在預計調整後的 EBITDA 將達到 3.15 億美元至 3.25 億美元範圍的高端，調整後的每股收益將達到每股 1.08 美元至 1.13 美元的高端，從而實現高於我們長期算法利潤增長的目標。

Given the strong contribution of revenue growth management and productivity initiatives in the first half, we now expect our full year gross margin to improve by 40 to 50 basis points over prior year, including the anticipated headwinds from the Arkadelphia bakery startup, of which approximately $5 million are expected to be onetime. We continue to expect high single-digit inflation for the full year with moderating headwinds in the second half.

鑑於上半年收入增長管理和生產力計劃的強勁貢獻，我們現在預計全年毛利率將比上年提高 40 至 50 個基點，其中包括阿卡德爾菲亞麵包店初創公司的預期阻力，其中約 5 美元預計一次性將達100 萬。我們繼續預計全年通脹率將保持在個位數高水平，下半年阻力將有所緩解。

Consistent with our forward-buying strategy, our market-traded commodities are fully covered for the year. Our productivity initiatives, which we refer to as fuel, continue to be a key driver of our margin recovery. We have a pipeline of initiatives to drive efficiencies to provide "fuel" for our top line growth while supporting margin expansion to drive stronger profit growth.

根據我們的遠期購買策略，我們的市場交易商品已全面覆蓋全年。我們的生產力計劃（我們稱之為燃料）仍然是我們利潤率復甦的關鍵驅動力。我們有一系列舉措來提高效率，為我們的營收增長提供“燃料”，同時支持利潤率擴張，以推動更強勁的利潤增長。

As previously discussed, we are committed to supporting both our innovation and core with higher advertising and marketing investments, which we anticipate will continue to increase faster than our revenue growth. We expect our full year G&A cost to be lower in 2023, driving positive operating leverage. 2023 capital expenditures are still expected to be in the range of $150 million to $170 million, including the investments in our new Arkadelphia bakery, which remains on track to begin production in the fourth quarter.

如前所述，我們致力於通過更高的廣告和營銷投資來支持我們的創新和核心，我們預計這些投資的增長速度將繼續快於我們的收入增長。我們預計 2023 年全年 G&A 成本將會降低，從而推動積極的運營槓桿。 2023 年的資本支出預計仍將在 1.5 億至 1.7 億美元之間，其中包括對新阿卡德爾菲亞麵包店的投資，該麵包店仍有望在第四季度開始生產。

We expect to return to our track record of strong free cash flow generation as our CapEx begins to normalize in 2024, combined with continued profit growth. Given our strong operating cash flow and absent any M&A, we continue to anticipate our leverage ratio to be below 3x at the end of 2023. I am proud of our team's ability to continue to deliver attractive long-term growth as we build a premier pure-play snacking company.

隨著我們的資本支出在 2024 年開始正常化，加上利潤持續增長，我們預計將恢復強勁的自由現金流生成記錄。鑑於我們強勁的運營現金流並且沒有任何併購，我們繼續預計到2023 年底我們的槓桿率將低於3 倍。我為我們的團隊在建立一流的純純金融公司過程中繼續實現有吸引力的長期增長的能力感到自豪。 - 玩零食公司。

With that, I will turn it back to Andy for closing comments.

至此，我將把它轉回安迪以徵求結束意見。

Thanks, Travis. Once again, I would like to close by thanking and congratulating the talented Hostess Brands team, who put their hearts into everything they do and continue to execute at a high level. We are well positioned to deliver another year of strong results with above algorithm profits and continue our track record of generating sustained profitable growth and leading shareholder value. With that, we are ready for your questions.

謝謝，特拉維斯。最後，我要再次感謝和祝賀才華橫溢的 Hostess Brands 團隊，他們全身心投入所做的一切，並繼續高水平執行。我們有能力通過上述算法利潤再創一年強勁業績，並繼續保持實現持續盈利增長和領先股東價值的記錄。至此，我們已經準備好回答您的問題了。

(Operator Instructions) Our first question comes from Jim Salera with Stephens.

（操作員說明）我們的第一個問題來自 Jim Salera 和 Stephens。

This is Jonathan on for Jim.

這是喬納森替吉姆發言。

Jonathan, can you speak up a little bit?

喬納森，你能說一點嗎？

Yes. Is that better?

是的。那個更好嗎？

Yes.

是的。

Perfect. Yes, on the Kazbars rollout, could you maybe talk a little bit more about what the response has been from retailers? Any color you could provide on in-store displays, that would be great.

完美的。是的，關於 Kazbars 的推出，您能否多談談零售商的反應？您可以在店內展示上提供任何顏色，那就太好了。

Yes. We feel really good. In general, we feel good about our back half in-store display stepping up, both in convenience and in all of our channels. So we feel good about that as we move into the back half program. Innovation is the strength of this business as we activate our long-term growth strategy. We've never stopped with that through the time.

是的。我們感覺真的很好。總的來說，我們對後半店內展示的加強感到滿意，無論是在便利性還是在我們所有的渠道中。因此，當我們進入後半程計劃時，我們對此感覺良好。在我們激活長期增長戰略時，創新是該業務的優勢。一直以來我們從未停止過這一點。

Kazbars is another iteration of that. The enthusiasm behind our customer base was extremely strong, so the support with good distribution and velocities, as I mentioned in my prepared remarks, are at our very high expectations as we went in. And that's just one of them. We rebranded our Voortman Zero Sugar line, and velocities are performing extremely well there. We had Old Fashioned Donettes. We had Chocolate Baby Bundts. The portfolio of our business is performing extremely well, and Kazbars is another iteration of that.

Kazbars 是它的另一個版本。我們的客戶群背後的熱情非常強烈，因此正如我在準備好的發言中提到的那樣，良好的分銷和速度的支持是我們進入時的非常高的期望。而這只是其中之一。我們重新命名了 Voortman 零糖系列，其速度表現非常出色。我們有老式的多內特餅。我們吃了巧克力寶貝外灘。我們的業務組合表現非常出色，Kazbars 是其中的另一個迭代。

As you think about the $65 billion addressable market in which we compete, innovation is a big part of that because understanding the attributes consumers are looking for in a broader snacking universe very important for our ability to be able to innovate, give them those attributes, and therefore expand the consideration sets of consumers into baked goods in total. And baking is performing extremely well in snacking. That's going to continue. Our strategies are designed to capture that market, and Kazbars is a very good example of that, that strategy could work and is working well.

當你想到我們競爭的 650 億美元潛在市場時，創新是其中的重要組成部分，因為了解消費者在更廣闊的零食領域中尋找的屬性對於我們創新的能力非常重要，為他們提供這些屬性，從而將消費者的考慮範圍全面擴展到烘焙食品。烘焙在零食中的表現非常出色。這種情況將會繼續下去。我們的策略旨在佔領該市場，Kazbars 就是一個很好的例子，該策略可以發揮作用，而且效果良好。

Great. And then for the follow-up, could you maybe discuss some of the headwinds that are impacting the cookie part of the portfolio? Is it primarily demand elasticity from pricing? Or are there other dynamics at play?

偉大的。接下來，您能否討論一下影響投資組合 cookie 部分的一些不利因素？主要是來自定價的需求彈性嗎？或者還有其他動力在起作用嗎？

Well, the cookie category -- our cookie category continues to perform -- our cookie business performs well in the overall category. It's an $8 billion category. We're about a 2.1 share. We're in -- we have a very strong position in the reduced sugar, zero sugar subsegment of that, which has growing at a greater rate. On a 2-year stacked basis, our Voortman business is nearly 32% growth, and in this quarter, we grew at 7%.

好吧，Cookie 類別——我們的 Cookie 類別繼續表現出色——我們的 Cookie 業務在整個類別中表現良好。這是一個價值 80 億美元的類別。我們的份額約為 2.1。我們在減糖、零糖細分市場中處於非常有利的地位，該細分市場的增長速度更快。按 2 年疊加計算，我們的 Voortman 業務增長了近 32%，本季度增長了 7%。

So we feel really good about our position within Voortman. We continue to drive awareness. We continue to partner with customers to drive what's important within the category, that is enhancing and is very strong. And so I feel good about Voortman. Now we have moved through some pricing. There are some other things that -- we've obviously actively managed the portfolio, but the underlying health of the Voortman business is extremely strong as we continue to grow into a large $8 billion total cookie category.

因此，我們對自己在 Voortman 中的地位感到非常滿意。我們繼續提高意識。我們將繼續與客戶合作，推動該類別中重要的事情不斷發展，變得非常強大。所以我對沃特曼感覺很好。現在我們已經完成了一些定價。還有其他一些事情 - 我們顯然積極管理了投資組合，但隨著我們繼續發展到總價值 80 億美元的大型餅乾類別，Voortman 業務的基本健康狀況非常強勁。

Our next question is from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的肯·戈德曼。

Just curious how you are looking at your consumption trends on-shelf versus your expectations. You mentioned that shipments are doing great into July. And I guess that's really what matters. But just in terms of on-shelf market share, I think perhaps you might have -- I'm not trying to put words in your mouth, hope that you'd be retaking share or at least your main competitor wouldn't still be taking share by now, at least that's the sense I got. So I just want to make sure I'm thinking about that correctly in the scheme of things in terms of end demand.

只是好奇您如何看待貨架上的消費趨勢與您的期望。您提到七月份的發貨情況良好。我想這才是真正重要的。但就現成市場份額而言，我想也許你可能會——我不想把話放在你嘴裡，希望你能重新奪回份額，或者至少你的主要競爭對手不會仍然是現在正在分享，至少這是我的感覺。所以我只是想確保我在最終需求方面正確地考慮了這一點。

Yes. Ken. Good to hear from you. Let me -- there's 2 parts to that. One is the share and the other is how do we feel about how we're working at the shelf. So I'll take each of them up, both of them separately, maybe I'll put them together a little bit. At a macro level, we're coming through our customer resets, with most of our program and partnership for the year in our category in Sweet Baked Goods mostly happens in the spring.

是的。肯.很高興聽到你的消息。讓我來說一下——這有兩個部分。一是份額，二是我們對貨架工作的感受如何。所以我會把它們分別拿出來，也許我會把它們放在一起。在宏觀層面上，我們正在經歷客戶重置，我們今年在甜烘焙食品類別中的大部分計劃和合作夥伴關係大多發生在春季。

If you look at the data there, we feel really good about coming out of there. Our share of the shelf, this is the permanent shelf, has increased as we come out of there. As we mentioned in the prepared remarks, we did expect the timing of some of those impacts to be greater. We see some customers that are actually performing very well, and they've executed early. Some of them have lagged.

如果你看看那裡的數據，我們對離開那裡感到非常高興。當我們離開那裡時，我們所佔的架子（這是永久架子）的份額已經增加。正如我們在準備好的發言中提到的，我們確實預計其中一些影響的時間會更大。我們看到一些客戶實際上表現非常好，而且他們很早就執行了。其中一些已經滯後。

But overall, our partnerships with our customers, their support and enthusiasm around our innovation, the support and enthusiasm around the insights that we bring them, our continued support of category growth via increasing in our advertising, our investments in quality. So our partnerships, I think, with our customers' broad base across channels, is the strength of this business and has never been stronger. And we see that from their support of increasing our share of the merchandising. So the timing of that, we believe, would be more impactful in the back half, but it's very strong.

但總的來說，我們與客戶的合作夥伴關係，他們對我們創新的支持和熱情，對我們為他們帶來的見解的支持和熱情，我們通過增加廣告和質量投資對品類增長的持續支持。因此，我認為，我們的合作夥伴關係以及跨渠道的廣泛客戶基礎是該業務的優勢，而且從未如此強大。我們從他們對增加我們的銷售份額的支持中看到了這一點。因此，我們相信，這一時機在後半場會更具影響力，但它非常強大。

Now related to your comment on share, absolutely. As you know, and I've mentioned before, and I understand the spirit of bringing up share, because I grew up in categories where share was more important than potentially it is here. But I always -- you always want to see it positive, and you don't like to see it negative. But we compete in indulgent snacking in the $65 billion user base, which is interchangeable, and we can grow the pie.

現在絕對與您對分享的評論相關。正如你所知，我之前已經提到過，我理解提升分享的精神，因為在我成長的行業中，分享比這裡潛在的更重要。但我總是——你總是希望看到積極的一面，而不喜歡看到消極的一面。但我們在 650 億美元的用戶群中進行放縱零食的競爭，這是可以互換的，我們可以做大蛋糕。

And the fact that we're able to see Sweet Baked Goods who experience really high pricing in a sharper period of time than a lot of the category and grow overall a percentage of dollars in that pie is really a testament to the strength of baking, and therefore the baking's ability to get share of dollars within that total category. So it's not -- it is important, but it's not important in this category. We don't like to see it negative, but it doesn't undermine our strategies and our ability to be able to continue to grow, which we're staying on top of.

事實上，我們能夠看到甜烘焙食品在比許多同類產品更短的時間內經歷了非常高的定價，並且在該餡餅中整體增長了一定比例的美元，這確實證明了烘焙的實力，因此烘焙有能力在該總類別中獲得份額。所以它不是——它很重要，但在這個類別中並不重要。我們不希望看到它是負面的，但它不會損害我們的戰略和我們持續增長的能力，而我們正在保持這一點。

We're growing the share of [TBs.] We're going to be -- continue to be #1 in innovation. We're going to invest in our quality and we're going to invest in high ROI advertising and underlying the partnerships with our customers. We believe that will play well over time. So yes, we want share to grow, but we believe we're in a good position to deliver our back half as we communicated. And over time, we expect if we continue to do that, which we think we're positioned to do well, share will take care of itself.

我們正在增加 [TBs] 的份額。我們將繼續成為創新領域的第一名。我們將投資於我們的質量，我們將投資於高投資回報率的廣告以及與客戶的合作夥伴關係。我們相信隨著時間的推移，這將會發揮良好的作用。所以，是的，我們希望份額增長，但我們相信，正如我們所溝通的那樣，我們處於一個很好的位置來交付我們的後半部分。隨著時間的推移，我們預計，如果我們繼續這樣做，我們認為我們有能力做得很好，那麼分享就會自然而然地實現。

Our next question is from Rob Dickerson with Jefferies.

我們的下一個問題來自杰弗里斯的羅布·迪克森。

Great. I guess I just have a question around the back half in terms of price/mix relative to volume. I mean clearly, you're stating pretty explicitly. Shipments are very strong. In July, you really expect a material, I think you said that a couple of times, improvement in the back half. But then I also thought I heard you say maybe volumes were a little bit weaker in the second quarter, maybe pricing was slightly higher than you originally expected.

偉大的。我想我只是在後半部分有一個關於價格/組合相對於數量的問題。我的意思很明確，你說得很明確。出貨量非常強勁。七月，你真的期待一個材料，我想你說過幾次，後半部分有所改善。但後來我也想我聽到你說第二季度的銷量可能有點疲軟，也許定價略高於你最初的預期。

So if we kind of think through the back half of the year, is this kind of like -- if you're willing to provide some incremental color, is this kind of 2 quarters where we think, on average, we're getting kind of price/mix maybe around flattish, maybe slightly up, but volumes -- does it still get to that guy? Like it sounds like volume should really accelerate, like nicely positively accelerate. So just trying to kind of get some definition on what meaningful means. That's it.

因此，如果我們想一想今年下半年，如果你願意提供一些增量色彩，我們認為平均而言，這兩個季度我們會變得越來越好價格/組合可能持平，可能略有上升，但數量——它仍然能影響到那個人嗎？聽起來音量確實應該加速，就像積極加速一樣。所以只是想對有意義的含義給出一些定義。就是這樣。

Yes. So as you know, we held on to the back half. Just a couple of things -- clarity on the second quarter. There was a lot happening in the second quarter related to -- that's when the customer resets were happening in, the TDP executions were happening. We were coming off a large part of the category disruptions on supply chain at Hostess, but the category that we benefited from. So that was difficult to forecast.

是的。如你所知，我們堅守著後半場。只有幾件事——第二季度的情況是清晰的。第二季度發生了很多與客戶重置、TDP 執行相關的事情。我們擺脫了 Hostess 供應鏈上大部分類別中斷的影響，但我們從中受益的類別。所以這很難預測。

But as we move into July, we are seeing strong positive shipments, and we feel good about our partnerships with our customers in the back-to-school. We will see -- we do expect to see very good support by the back-to-school, which, as you know, Rob, is very important to this category.

但隨著進入七月，我們看到了強勁的出貨量，我們對返校期間與客戶的合作夥伴關係感到滿意。我們將會看到——我們確實希望看到返校活動的大力支持，正如你所知，羅布，這對於這一類別非常重要。

So the indications are well that a lot of the impacts of those, which Q2 was a dynamic time, and we didn't get exactly forecasted right, but it was going to be difficult and always a transition quarter. We believe a lot of that, as we look at the July shipments are behind us. Feel good about the lineup we have around August back-to-school, which, given the shipments, our customers do as well. And therefore, that's the spirit of most of the comments.

因此，有跡象表明，這些影響有很多，第二季度是一個充滿活力的時期，我們沒有得到準確的預測，但這將是困難的，而且總是一個過渡季度。從 7 月份的出貨量來看，我們相信其中大部分已經過去了。我們對八月返校前後的產品陣容感到滿意，考慮到發貨量，我們的客戶也是如此。因此，這就是大多數評論的精神。

Related to price/mix, we did do our last pricing in -- was announced in July. But that filtered through in different ways through Q3, depending on it. So we will see some price/mix benefit in Q3, but it should be passed when we get to Q4. We'll be relying on the incremental merchandising that we're putting in, the enhanced programs we're putting in, the benefit from the share of the TDPs, the continued growth of the innovation that we're doing and the step up in advertising. All of those are lined up as we move through into the back half. Did that help with the color?

與價格/組合相關，我們確實在 7 月份宣布了最後一次定價。但這在第三季度以不同的方式滲透進來，具體取決於具體情況。因此，我們將在第三季度看到一些價格/組合優勢，但當我們進入第四季度時，它應該會被傳遞。我們將依靠我們正在投入的增量營銷、我們正在投入的增強計劃、TDP 份額的收益、我們正在進行的創新的持續增長以及我們在技術方面的進步。廣告。當我們進入後半場時，所有這些都已排好隊。這對顏色有幫助嗎？

Yes. Good enough. And then I guess just to follow up. Just on gross margin, the guide of 40, 50 basis points, I think it implies essentially kind of clearly flat to down in the back half. Not sure of kind of cadence of which quarter might see a little bit more pressure year-over-year. I mean it sounds like that's because of preopening costs of Arkadelphia. Maybe that's more Q4. And then kind of the core of the question is like if we think forward 1 year, I mean, those are just onetime costs, right? This isn't a kind of margin compression dynamic in the back half because of higher promotional expenses. It sounds like it's mostly driven by the new facility. Is that right?

是的。夠好了。然後我想只是跟進。就毛利率而言，40、50 個基點的指導值，我認為這意味著後半段基本上持平甚至下降。不確定哪個季度的節奏可能會比去年同期更大一些。我的意思是，聽起來這是因為阿卡德爾菲亞的開業前成本。也許這就是第四季度的情況。問題的核心是，如果我們展望一年，我的意思是，這些只是一次性成本，對嗎？這並不是由於促銷費用增加而導致下半年利潤壓縮的動態。聽起來這主要是由新設施推動的。是對的嗎？

Yes. Yes, that's right. So let me take this one, and Andy can chime in as well. So a couple of things. So we are really pleased with our productivity that we've seen in the first half, particularly from our fuel program that I outlined and also from revenue growth management. So as a reminder, these are capabilities that we've been building and are really pleased to see there are benefits coming through.

是的。恩，那就對了。那麼讓我來聽聽這個吧，安迪也可以插話一下。有幾件事。因此，我們對上半年的生產力感到非常滿意，特別是我概述的燃料計劃以及收入增長管理。提醒一下，這些是我們一直在構建的功能，並且非常高興看到這些功能正在帶來好處。

And the benefit that we received in the first half, it's truly what's driving our confidence in increasing our margin expectation for the full year to that 40 to 50 basis points. And as you alluded to, in the back half, we do have our Arkadelphia bakery. So that again is -- it's on track. It's on time to come online in Q4. So that expense is out there in the back half. And as I said in my prepared remarks, $5 million is onetime in nature. I'll turn it to Andy to...

我們在上半年獲得的收益確實推動了我們將全年利潤率預期提高至 40 至 50 個基點的信心。正如您提到的，在後半部分，我們確實有阿卡德爾菲亞麵包店。所以這又是——一切都步入正軌了。第四季度準時上線。所以這筆費用是在後半部分。正如我在準備好的發言中所說，500 萬美元本質上是一次性的。我會把它轉給安迪...

That's it. And we're excited about getting Arkadelphia. It's coming right on time. We're working to utilize that additional capacity right away.

就是這樣。我們很高興能夠獲得阿卡德爾菲亞。來得正是時候。我們正在努力立即利用這些額外的容量。

Our next question is from Pamela Kaufman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕梅拉·考夫曼。

I just have a follow-up to Rob's question. I wanted to clarify. On your expectations for volumes to be down slightly this year, does that assume that volumes are still down in the second half?

我只是對羅布的問題進行跟進。我想澄清一下。您預計今年銷量將略有下降，這是否假設下半年銷量仍會下降？

No, it does not. Matter of fact, for the most part, we believe that the second half, given the -- what we've learned as we've gone through Q2, we did see some -- with the consumer, the transition timing of what we do, lapping out of a lot of the distortion that we saw. We saw the majority of that volume impacted, the change was really in Q2. And that the enhancements that we've made and the changes that we've made in our program, we made in the back half, for the most part keeps the back half close to where we originally expected during our guide. So that's the way we're looking at it.

不，不是的。事實上，在很大程度上，我們相信下半年，考慮到我們在第二季度所學到的知識，我們確實看到了一些——消費者，我們所做的事情的過渡時機，消除了我們看到的很多失真。我們看到大部分銷量受到影響，變化實際上是在第二季度。我們在後半部分所做的增強和更改，在很大程度上使後半部分接近我們在指南中最初預期的位置。這就是我們看待它的方式。

Okay. That's helpful. And then this quarter, there's obviously very strong gross margin performance that seems to be driving some of your confidence in getting to the higher end of your full year guidance. How are you thinking about reinvestment into the business and stepping up either marketing or promotional support behind top line growth?

好的。這很有幫助。然後，本季度，毛利率表現顯然非常強勁，這似乎在一定程度上增強了您達到全年指導上限的信心。您如何考慮對業務進行再投資並加強營銷或促銷支持以支持收入增長？

Yes. Well, we stay on that. As we've been very consistent, and I have over 5-plus years, the sustainable long-term growth of the business and our ability [to continue]. And we've done a nice job. If you take a step back and look at our 2-year growth, our CAGR on the revenue side is 8%, which is in line with top indulgent snacking. So the distortion we're seeing is real. That's right in line and stock with them. I think I saw that on your report as well, Pam.

是的。好吧，我們堅持下去。由於我們一直非常一致，而且我已經有超過 5 年的時間，業務的可持續長期增長和我們的能力[繼續]。我們做得很好。如果你退後一步看看我們兩年的增長，我們的收入方面的複合年增長率是 8%，這與頂級零食的水平一致。所以我們看到的扭曲是真實的。這與他們的庫存相符。我想我也在你的報告中看到了這一點，帕姆。

And so we protected margins very well in this last year as inflation went up probably at a more -- a shorter timeframe for our category versus others. So we're in a good spot for that. You bring up a good point, though. So how are we thinking? And we're balancing the long term, but we are taking some of that. We've enhanced some of the program in the back half versus year ago. We have incremental frequency on our promotions, where we've invested in data, so that we can sharper -- including RGM, so we can sharpen on our offers to customers.

因此，去年我們很好地保護了利潤率，因為與其他類別相比，我們類別的通脹上升時間可能更長、更短。所以我們處於有利位置。不過，你提出了一個很好的觀點。那麼我們如何思考呢？我們正在平衡長期目標，但我們正在採取一些措施。與去年同期相比，我們在後半段增強了一些計劃。我們的促銷活動頻率不斷增加，我們在數據上進行了投資，這樣我們就可以更加銳利——包括 RGM，這樣我們就可以銳化向客戶提供的優惠。

We're looking at digital overlays that enhance those programs to increase the effectiveness. We partner where they want, and increasing our display activity in the back half. So all of those are helping to give us fuel as we come off the distortion driven by the customer and the high pricing that we're going to be bleeding off of in Q3. All of those are part of the equation that are incorporated into our guide.

我們正在研究數字覆蓋來增強這些程序以提高效率。我們在他們想要的地方進行合作，並增加我們在後半部分的展示活動。因此，所有這些都有助於為我們提供動力，幫助我們擺脫客戶驅動的扭曲以及我們將在第三季度擺脫的高定價。所有這些都是納入我們指南中的等式的一部分。

That's helpful. And just one more question. I think in the last couple of quarters, your reported sales growth has been further ahead of what we've seen in the scanner data. And I think there was a benefit from inventory movement or easier compares, also some benefit from untracked channels. This quarter, it was a narrower gap. So just wondering if there's anything influencing that and if you're seeing any differences in the performance in untracked versus tracked channels.

這很有幫助。還有一個問題。我認為在過去的幾個季度中，你們報告的銷售增長遠遠領先於我們在掃描儀數據中看到的增長。我認為庫存流動或更容易比較有好處，未跟踪的渠道也有一些好處。本季度，差距縮小。因此，我想知道是否有任何因素會影響這一點，以及您是否發現未跟踪通道與跟踪通道的性能有任何差異。

No. I think generally, it does -- I know you track this and we talked about this on a lot of the calls, and it does vary on Sweet Baked Goods from quarter-to-quarter. Most of the time it normalizes. We do have a good non-tracked channel. There are some little things this year like we see [ben] coming back a little bit higher, and there is some benefits of some of our programs within non-tracked channels. And over time, we expect the breadth of our availability, including some of the non-tracked, to be a strength of the business. But I wouldn't read too much into the variation from quarter-to-quarter.

不，我認為一般來說，確實如此——我知道你會跟踪這一點，我們在很多電話中都討論過這一點，而且甜烘焙食品的情況確實每個季度都有所不同。大多數時候它會正常化。我們確實有一個很好的非跟踪渠道。今年有一些小事情，比如我們看到 [ben] 回升了一點，而且我們在非跟踪渠道中的一些計劃也有一些好處。隨著時間的推移，我們預計可用性的廣度（包括一些非跟踪的）將成為業務的優勢。但我不會過多解讀季度與季度之間的變化。

Our next question is from Cody Ross with UBS.

我們的下一個問題來自瑞銀集團的科迪·羅斯。

I want to go back to Ken Goldman's question just around the competitive environment. You talked about this a little on the call that some of your competitors are getting more promotional and you have seen some share losses, albeit you're above where you were 2 years ago. At what point would you guys consider ratcheting up your promotional stance to protect market share? And how are you looking at the competitive environment? Do you think most of your competitors are acting rational? And do you expect them to in the back half of the year?

我想回到肯·戈德曼關於競爭環境的問題。您在電話會議上談到了這一點，即您的一些競爭對手正在進行更多促銷，而您已經看到了一些份額損失，儘管您的水平高於兩年前。你們會在什麼時候考慮加大促銷力度以保護市場份額？您如何看待競爭環境？您認為大多數競爭對手的行為都是理性的嗎？您預計他們會在今年下半年實現這一目標嗎？

Yes. Certainly, it was difficult in some -- when we have such a large disruption due to the supply chain services and coming back into the business, it's difficult to forecast. That was certainly true in Q2. The competition, I would say, in our category -- yes, I would say -- I think rationales are fine, but very competitive. We take the competition serious.

是的。當然，這對某些人來說很困難——當我們因供應鏈服務而受到如此大的干擾並重新恢復業務時，很難預測。第二季度確實如此。我想說的是，在我們這個類別中的競爭——是的，我想說——我認為理由很好，但競爭非常激烈。我們認真對待競爭。

What we want to do is continue to compete aggressively relative to value for the consumer. And we believe over time that when we do that, when we give them the innovation they want, at the quality they want, at the price value they want, and we look at other ways to do that, we're in position. We're going to win. That's true for our single-serve business. That's true for our bagged Donettes. It's true for our multipacks. And it's also true for our Family Packs, which are doing very well, and we introduced about a year ago and we'll continue, as we said on the prepared call, to expand on that.

我們想要做的是繼續在消費者價值方面積極競爭。我們相信，隨著時間的推移，當我們這樣做時，當我們為他們提供他們想要的創新、他們想要的質量、他們想要的價格價值，並且我們尋找其他方法來做到這一點時，我們就處於有利地位。我們會贏。對於我們的單一服務業務來說也是如此。對於我們的袋裝多內特餅來說就是如此。我們的合裝包也是如此。我們的家庭包也是如此，它做得非常好，我們大約一年前推出了，正如我們在準備好的電話會議上所說，我們將繼續擴展這一點。

So with that being said, we do acknowledge the short term. The consumers appear to becoming more price sensitive in the back half of the year, so we do see that's good that we're kind of lapping the base price where we are. But based on that price sensitivity, the sharpening of the price points and making sure we have them right in the back half, the add in the frequency, the increase in the display for a reminder for everybody out there we're one of the highest impulse categories. So we expect our shipper at least enthusiasm for our customers and our program is up versus a year ago.

話雖如此，我們確實承認短期的情況。消費者似乎在今年下半年對價格變得更加敏感，因此我們確實看到，我們正在接近目前的基本價格，這確實是件好事。但基於價格敏感性，價格點的銳化並確保我們將它們放在後半部分，增加頻率，增加顯示以提醒每個人，我們是最高的之一衝動類別。因此，我們希望托運人至少對我們的客戶充滿熱情，並且我們的計劃比一年前有所提高。

We expect to be all benefit. So we have a lot in our toolbox to compete, both in the short term, but more importantly, continuing to keep our strategies that are going to drive the long-term success of the business. But we do -- similar to what Pam asked, we do take the short term and making sure delivering for our customers and our consumers meeting them where they are today in the current environment. And I think we've done that for the back half.

我們期望所有人都能受益。因此，我們的工具箱中有很多東西可供競爭，無論是在短期內，但更重要的是，繼續保持我們的戰略，以推動業務的長期成功。但我們確實這樣做——類似於帕姆所要求的，我們確實著眼於短期，並確保為我們的客戶和我們的消費者提供服務，滿足他們在當前環境下的需求。我認為我們已經在後半場做到了這一點。

Got you. And then one last question. Broadly speaking, in the industry, we've heard this from some packaged food peers as well as some upstream players. What are you seeing from a retail inventory perspective? Are you seeing any retailers decide to lower their inventory levels in an effort to manage the working capital? Can you just discuss that in a little bit for us?

明白你了。最後一個問題。從廣義上講，在行業中，我們從一些包裝食品同行以及一些上游企業那裡聽到了這一點。從零售庫存的角度來看，您有何看法？您是否看到任何零售商決定降低庫存水平以管理營運資金？您能為我們稍微討論一下嗎？

Yes. The largest part -- let me talk about Sweet Baked Goods. The largest part of our category, Sweet Baked Goods, has relatively short shelf life. So for the most part, it doesn't impact us as much, because when -- by the time we get it and we manage the shelf inventory for the turns, there's not a lot of room for them to manage large days of supply. So our Voortman business has a little bit bigger thing, but the majority of our business, it's not really a major factor for our business. What I meant to say was that Voortman has a larger shelf life. But for the most part, for our business, inventory is not a large part of our business.

是的。最重要的部分——讓我談談甜烘焙食品。我們類別中最大的一部分，甜烘焙食品，保質期相對較短。因此，在大多數情況下，它對我們的影響不大，因為當我們拿到它並管理周轉的貨架庫存時，他們沒有太多空間來管理大量的供應。所以我們的 Voortman 業務有一點更大，但我們的大部分業務，這並不是我們業務的主要因素。我的意思是說，沃特曼的保質期更長。但在大多數情況下，對於我們的業務來說，庫存並不是我們業務的很大一部分。

Our next question is from Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯。

So just on the promotion discussion, picking that up. I think you used the word historical frequency or historical cadence in your prepared remarks, returning to that historical frequency in the back half. I guess I'd love a little perspective on historical depth or historical levels and how you expect the promotional environment in the back half and going forward to compare not just on a cadence basis, but on a depth of promotion. Is that also going to return to historical levels? Or do we think we normalize a slightly less, kind of less deep, if equal breadth of promotion, if that makes sense.

因此，就促銷討論而言，請採納這一點。我想你在準備好的發言中使用了歷史頻率或歷史節奏這個詞，在後半部分又回到了歷史頻率。我想我希望對歷史深度或歷史水平有一些了解，以及您如何期望後半部分的促銷環境以及未來的比較，不僅是在節奏的基礎上，而且是在促銷的深度上。這是否也會回到歷史水平？或者我們是否認為我們會標準化稍微少一些、深度少一些、但同樣廣度的促銷，如果這有意義的話。

Yes. So there's a couple of things going on here. It's a terrific question. There's -- when we think about merchandising, we're very focused on price point but also driving display from that price point. So both of them matter. We have tools to be able to do that with LTOs, with our partnership with customers on displays, et cetera. So we do have multiple tools related to making sure we have successful merchandising programs.

是的。這裡發生了一些事情。這是一個很棒的問題。當我們考慮商品推銷時，我們非常關注價格點，但也從該價格點推動展示。所以兩者都很重要。我們擁有能夠通過 LTO 以及與客戶在顯示器等方面的合作來實現這一目標的工具。因此，我們確實擁有多種工具來確保我們擁有成功的營銷計劃。

Related to the frequency, there's a longer-term frequency that I referred to in my prepared remarks, and that's the amount of times that we promote during a season. Last year, we reduced the frequency in the back half, mostly in Q4. We took out an entire event, and we raised the promoted price points the higher -- to a higher level that frankly, was -- we believe, was too high. We've already adjusted some of that in the front half, but we're going to get the benefit of that where -- in the back half where it raised.

與頻率相關的是，我在準備好的發言中提到了一個長期頻率，那就是我們在一個賽季中進行推廣的次數。去年，我們減少了後半段的頻率，主要是在第四季度。我們舉辦了整個活動，並將促銷價格點提高到更高的水平，坦率地說，我們認為太高了。我們已經在前半部分進行了一些調整，但我們將從中受益——在後半部分升高的地方。

Additionally, by adding the frequency, we're getting back to more historical. Now put this in all context. In a year ago, when we were in our Q4, when we experienced the customer -- the category disruption due to a competitor, the merchandising wasn't going to give any -- it wasn't going to add as much because we were already up there. We were getting all the support. We were running to service our customers. We did that extremely well. They remember that and [partnered us].

此外，通過增加頻率，我們將回到更多的歷史。現在將其放在所有上下文中。一年前，當我們處於第四季度時，當我們遇到客戶時——由於競爭對手造成的品類中斷，推銷不會提供任何——它不會增加太多，因為我們已經在上面了。我們得到了所有的支持。我們跑步是為了服務我們的客戶。我們做得非常好。他們記得這一點並[與我們合作]。

So our merchandising cadence wasn't as required and needed, right? And so we're coming back and adding additional on top of that at more sharper price points that we believe is sustainable. It's not going back to the price points at the depth that we were pre the inflation times. So we're not spending that back. We're just getting them to what we believe is the sustainable level.

那麼我們的營銷節奏沒有達到要求和需要，對吧？因此，我們會回來並以我們認為可持續的更高價格點添加更多產品。它不會回到通貨膨脹時代之前的深度價格點。所以我們不會把這筆錢花回來。我們只是讓它們達到我們認為的可持續水平。

Okay. Yes. That's helpful. And then maybe for Travis. You talked about the positive gross margin drivers principally being the productivity momentum and revenue growth management. I guess I'm curious sort of what's in the guidance, what you were able to achieve in the second quarter extrapolated forward? Or do you see incremental room for further productivity or further RGM benefits as time goes on? Is it -- are we -- are you kind of guiding to what you already achieved carried forward? Or is there layer on top of that incremental benefits that you're expecting?

好的。是的。這很有幫助。然後也許是特拉維斯。您談到積極的毛利率驅動因素主要是生產力動力和收入增長管理。我想我很好奇指導中的內容，您在第二季度能夠實現什麼目標？或者，隨著時間的推移，您是否認為生產力或 RGM 的進一步優勢還有更大的空間？您是否正在引導您將已經取得的成就發揚光大？或者除了您所期望的增量收益之外還有其他層嗎？

Yes. Think about this year as a pull force on acceleration of these initiatives is the way to think about it. And -- but I will tell you, as you think about our margins longer term, really productivity of our fuel program and revenue growth management are going to be the key linchpins into driving our continued investment into our business as well as modest margin expansion over time.

是的。思考這一問題的方式是將今年視為加速這些舉措的拉力。而且 - 但我會告訴你，當你考慮我們的長期利潤時，我們的燃料計劃和收入增長管理的真正生產力將成為推動我們持續投資於我們的業務以及適度的利潤擴張的關鍵關鍵時間。

The only thing I'd add to that is, let's put this in context for the maturity of our company. We're in the early stages of this, and I'm very proud of the progress the team has made. But that's a good position for our investors because my experience in this industry, there's a long runway for us to continue to drive a pipeline of continuous improvement, efficiency programs at industry accepted margins that will drive fuel, as we call it, to invest into our proven growth strategies that history has proven will work. And so we're at the early stages of that., so I think there's a good runway for that, both in RGM as well as in our productivity initiatives.

我唯一要補充的是，讓我們將其放在我們公司成熟度的背景下。我們正處於早期階段，我對團隊所取得的進展感到非常自豪。但這對我們的投資者來說是一個很好的位置，因為我在這個行業的經驗，我們還有很長的路要走，以行業可接受的利潤率繼續推動一系列持續改進和效率計劃，這將推動燃料（我們稱之為燃料）投資於我們的增長戰略已經被歷史證明是有效的。因此，我們正處於早期階段。所以我認為，無論是在 RGM 還是在我們的生產力計劃中，都有一個良好的跑道。

Next question is from [Robert Maffeo] with TD Cowen.

下一個問題來自 [Robert Maffeo] 和 TD Cowen。

I guess my question here, on one hand, today, your marketers have more data than ever to make the right decisions on how deep your promos should go. But that data is still based on historical patterns, and the patterns are moving just really quickly, and consumer sentiment is changing really rapidly. You can't really look at that historical data and probably find the right price point that you need for these promotions. So how do you continually adapt to that? Like are you able to move faster because of the data analytics that you have? And how do you know with confidence that you've got the right price points right now for the back half of the year?

我想我的問題是，一方面，今天，營銷人員擁有比以往更多的數據，可以就促銷的深度做出正確的決定。但這些數據仍然基於歷史模式，而且這些模式變化得非常快，消費者情緒也變化得非常快。您無法真正查看歷史數據並可能找到這些促銷活動所需的正確價格點。那麼你如何不斷適應這一點呢？比如，您是否能夠因為擁有數據分析而加快行動速度？您如何確信自己現在已經獲得了下半年的正確價格點？

Well, you are certainly right. I've been doing this for 28 years. And certainly, as we sit here today, we have more data than we certainly did. And every year, the tools get sharper and better. I will tell you specifically that this year, if I implied we looked at too far in the history, that would be a bad takeaway. Because even with the agility we have, we've adjusted or enhanced some of our back at program just based on what we're seeing in the first half with both the consumer sensitivity to pricing as we moved in our response to what the customer needed.

嗯，你當然是對的。我這樣做已經28年了。當然，當我們今天坐在這裡時，我們擁有的數據比我們實際擁有的還要多。每年，這些工具都變得更加鋒利、更好。我會特別告訴你，今年，如果我暗示我們對歷史看得太遠，那將是一個糟糕的結果。因為即使我們擁有敏捷性，我們也根據上半年所看到的情況調整或增強了我們的一些支持計劃，同時考慮到消費者對定價的敏感度以及我們對客戶需求的響應。

So we're looking at that all of the time and trying to make sure that we get to the right price for our business that is going to drive us both sustainably and providing value to the consumer. So we're -- I'm not going to say we're probably any better than anybody else, but we use those tools with everybody else. What we may be better is being more agile and having the strength of our customer partnerships. But we're looking at that all the time, Rob.

因此，我們一直在關注這一點，並努力確保我們的業務達到合適的價格，這將推動我們可持續發展並為消費者提供價值。所以我們——我不會說我們可能比其他人更好，但我們與其他人一起使用這些工具。我們可能做得更好的是更加敏捷並擁有強大的客戶合作夥伴關係。但我們一直在關注這個問題，羅布。

What we're seeing right now, as I look to the back half of the -- I think a consumer that is maybe even more price sensitive they were maybe even a year ago. I think that puts us in the position well, as I said, as we sharpen the price points to make sure they're at the right level, and we're coming off the pricing. We're adding a frequency. I think that's all. Family Packs are doing well. There's a lot of things that can address that sensitivity to the consumer. So it's a real-time process.

我們現在所看到的，當我看到後半部分時，我認為消費者可能比一年前更加對價格敏感。正如我所說，我認為這使我們處於有利的位置，因為我們提高了價格點以確保它們處於正確的水平，並且我們正在降低定價。我們正在添加頻率。我想僅此而已。家庭包表現良好。有很多事情可以解決消費者的這種敏感性。所以這是一個實時過程。

Okay. And just for forecasting, can I assume that fourth quarter is when the volume turns positive? Or do you think both quarters, you could be positive for volume growth?

好的。只是為了預測，我可以假設第四季度是銷量轉正的時候嗎？或者您認為這兩個季度的銷量增長都可能是積極的嗎？

Well, as I said, we need to -- we expect both quarters to be close to positive and then positive in Q4. So -- and we expect a strong back-to-school programming and the enthusiasm of our customers as we see shipments early in July or a good future to that.

嗯，正如我所說，我們需要 - 我們預計兩個季度都將接近正值，然後在第四季度為正值。因此，我們期待著強大的返校計劃和客戶的熱情，因為我們看到七月初的發貨或美好的未來。

Our next question is from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

I have a question. With regard to the volume guidance change, is that related to that competitive pricing and promotional activity that -- and the fact that Hostess was just not going to chase volume and sacrifice profitability too much for that volume?

我有個問題。關於銷量指導的變化，這是否與競爭性定價和促銷活動有關——以及 Hostess 不會為了追逐銷量而犧牲太多盈利能力這一事實？

Well, yes. In the second quarter, there was a lot of dynamics going around. Some of it are forecasting. Some of it, it was our timing of the competitor coming back. Some of it was the consumer component and the retailer execution of some of the changes in the TDP. So it was a difficult time for us to forecast. It came out the way it was. When we saw it real time, we adjusted into the back half. We didn't over adjust those programs, as you talked, David.

嗯，是。第二季度，出現了很多動態。其中一些是預測。其中一些是我們的競爭對手回來的時間。其中一些是消費者因素和零售商執行 TDP 中的一些變化。所以這對我們來說是一個很難預測的時期。結果就是這樣。當我們看到實時情況時，我們調整到後半部分。正如你所說，大衛，我們並沒有過度調整這些計劃。

We're going to balance, making sure we continue to have the margins we protected very well, invest back for the sustainable growth and continue to manage through because we believe the whole portfolio of -- I won't go through it again, that are driving growth, both long term and short term are important to keep in balance. So we've adjusted to real-time Q2, which was a little bit below where we expected for those factors, and we believe we're set up for the back half.

我們將保持平衡，確保我們繼續擁有我們保護得很好的利潤，為可持續增長進行投資，並繼續進行管理，因為我們相信整個投資組合 - 我不會再經歷一次，正在推動增長，長期和短期對於保持平衡都很重要。因此，我們已經調整到實時第二季度，這略低於我們對這些因素的預期，我們相信我們已經為下半年做好了準備。

Yes. I'm almost in need of an education about how things might work in the Sweet Baked Goods category, in some categories like chocolate, candy, for example, there's a lot of the programming that's really set. Maybe you might even know a full 1/3 or 40% of your volume, what's going to happen with the programs that are in place, maybe not even for almost the whole year.

是的。我幾乎需要接受關於甜烘焙食品類別中事物如何運作的教育，例如在巧克力、糖果等某些類別中，有很多真正設定的編程。也許您甚至可能知道全部 1/3 或 40% 的內容，以及現有計劃會發生什麼，甚至可能不知道幾乎一整年。

But is it possible that this category, because you have a mixture of small and large, DSD and non-DSD, that there's a little bit more unknown here? Or do you feel like maybe you're getting a handle around the -- what's coming up, yourselves and your competitors, such that maybe you're going to learn how to not be surprised by what's happening by competitors. I'd love your thoughts on that.

但這個類別是否有可能因為混合了小型和大型、DSD 和非 DSD 而存在更多未知？或者你是否覺得你可能已經掌握了你自己和你的競爭對手即將發生的事情，這樣你也許會學會如何不對競爭對手發生的事情感到驚訝。我很想听聽你對此的想法。

Well, there's -- this is a unique situation relative to having a competitor that's with a large disruption in the category. Related to your customer comment on do different categories work differently or the same, I'd say they're generally the same. But given the dynamics we're seeing within the consumer, our customers are always looking for ideas that how do we -- and they go to us increasingly. I think we have a great partnership in the leadership partnered with our customers.

嗯，相對於在該類別中具有巨大破壞力的競爭對手而言，這是一種獨特的情況。與您的客戶關於不同類別的工作方式不同還是相同的評論相關，我想說它們通常是相同的。但考慮到我們在消費者中看到的動態，我們的客戶總是在尋找我們如何做的想法——而且他們越來越多地向我們求助。我認為我們在領導層與客戶之間建立了良好的合作夥伴關係。

So if we have the framework of a full year plan, which you're referring to, which every category does and every brand does, we certainly do, but they are certainly agile as the year goes on as you continue to enhance and drive better merchandising by better displays. So any implication in any category that I've been in is that as you start the year, everything with the customer is set in stone. That's not the categories I've lived in. It's certainly not the agility that we respond to with Hostess, when we see something that can enhance programming for our business and for our customer.

因此，如果我們有一個全年計劃的框架，正如您所指的，每個類別和每個品牌都這樣做，我們當然會這樣做，但隨著時間的推移，隨著您繼續增強和推動更好，它們肯定會變得敏捷通過更好的展示進行推銷。因此，我所從事的任何類別的任何暗示都是，當你開始新的一年時，與客戶有關的一切都是一成不變的。這不是我所生活的類別。當我們看到可以增強我們的業務和客戶的編程的東西時，這當然不是我們對 Hostess 的敏捷性的回應。

We've reached the end of the question-and-answer session. I'd now like to turn the call back over to Andy Callahan for closing comments.

我們的問答環節已經結束了。我現在想將電話轉回安迪·卡拉漢以徵求結束意見。

Thanks, everyone. I appreciate your confidence that you place in our team to execute on our plan and drive sustainable profitable growth over time. So thanks for joining the call, and we look forward to seeing you next quarter where we continue to work hard for everybody on the call and all of our investors and our team.

感謝大家。感謝您對我們團隊的信任，讓我們能夠執行我們的計劃並隨著時間的推移推動可持續的盈利增長。感謝您參加電話會議，我們期待下個季度見到您，我們將繼續為電話會議中的每個人、所有投資者和我們的團隊努力工作。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。