UTZ Brands Inc (UTZ) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Desiree], and I will be your operator for today's call. At this time, I would like to welcome everyone to the UTZ Brands Inc., first-quarter 2025 earnings call.

女士們、先生們，感謝你們的支持。我的名字是 [Desiree]，我將擔任您今天電話的接線生。現在，我歡迎大家參加 UTZ Brands Inc. 2025 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Kevin Powers, Head of Investor Relations. You may begin.

（操作員指示）現在，我想將會議交給投資者關係主管 Kevin Powers。你可以開始了。

Thank you, operator, and good morning, everyone. Thank you for joining us today for our live Q&A session and our first quarter of 2025 results. With me in today's call are Howard Friedman, CEO; and Ajay Kataria, CFO. I hope everyone has had a chance to listen or read our prepared remarks and also view our presentation, all of which are available on our Investor Relations website.

謝謝接線員，大家早安。感謝您今天參加我們的現場問答環節和 2025 年第一季業績。和我一起參加今天電話會議的還有執行長 Howard Friedman 和財務長 Ajay Kataria。我希望每個人都有機會聆聽或閱讀我們準備好的發言稿並觀看我們的簡報，所有這些都可以在我們的投資者關係網站上找到。

Before we begin our Q&A session, I just have a few housekeeping items to review. Please note that some of our comments today will contain forward-looking statements based on our current view of our business, and the actual future results may differ materially. Please see our recent SEC filings which identify the principal risks and uncertainties that could affect future performance.

在我們開始問答環節之前，我只想回顧一些基本事項。請注意，我們今天的一些評論將包含基於我們目前對業務的看法的前瞻性陳述，而實際的未來結果可能會存在重大差異。請參閱我們最近向美國證券交易委員會提交的文件，其中列出了可能影響未來業績的主要風險和不確定性。

Today, we will discuss certain adjusted or non-GAAP financial measures which are described in more detail in this morning's earnings materials. Reconciliations of non-GAAP financial measures and other associated disclosures are contained in our earnings materials and posted on our website.

今天，我們將討論某些調整後或非 GAAP 財務指標，這些指標在今天早上的收益資料中有更詳細的描述。非公認會計準則財務指標的對帳及其他相關揭露包含在我們的收益資料中並發佈在我們的網站上。

Now operator, we are ready to open up the line for questions.

接線員，現在我們準備開始回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Good morning, everybody.

太好了，非常感謝。大家早安。

Morning, Andrew. Good morning.

早安，安德魯。早安.

I was hoping maybe to start off with, if you could just explain the difference between sort of flat overall retail sales and the 3% organic sales growth that you reported this quarter. Just trying to get a sense of how much of that difference, if any, is sort of timing related that may reverse in future quarters or if it was simply unmeasured channels and the like.

我希望首先您能解釋一下本季總體零售額持平和您報告的 3% 有機銷售額成長之間的差異。只是想了解這種差異（如果有的話）有多少是與時間相關的，可能會在未來幾季逆轉，或者它是否只是未測量的管道等。

Yeah. I appreciate the question, Andrew. Look, I think broadly, I think what you see in our results is a lot of the benefits of some of the opportunities that we continue to have as you think about expansion in our expansion geographies as well as obviously our -- in our core.

是的。我很感謝你提出這個問題，安德魯。看，我認為從廣義上講，我認為您在我們的結果中看到的是我們在擴張地理區域以及核心區域擴張時繼續擁有的一些機會所帶來的許多好處。

Specifically to the bridge between net sales and consumption, it's exactly what you said, which is we have had some significant strength in our untracked channels. Natural channel is doing quite well for us, discount and club. We also have the benefit now of the Rice Distribution Center being opened.

具體來說，對於淨銷售額和消費之間的橋樑，正如您所說的，我們在未追蹤的管道中具有顯著的優勢。自然渠道、折扣和俱樂部對我們來說做得很好。現在我們也受惠於米配送中心的開放。

So we are seeing much better throughput through that facility as we consolidated six warehouses down to one, and so we're getting our shipments out a little bit earlier. So there's a little bit of revenue recognition, which we'll expect to continue. But there is nothing in these results that were pulled forward in the quarter. And we're obviously quite pleased with how the volumes have responded.

當我們將六個倉庫合併為一個倉庫時，我們看到該設施的吞吐量大大提高，因此我們可以更早出貨。因此，會有少量收入確認，我們預期這種情況將會持續下去。但這些結果中沒有任何內容是本季提前公佈的。顯然，我們對銷量的反應感到非常滿意。

That's helpful. Thank you. And then I know you had anticipated some volume share gains, but some value share contraction in core markets in the near term. Is that simply the bonus pack efforts? And if so, how do you balance the volume outcome with the return on such programs as we think about sort of the sustainability of the approach?

這很有幫助。謝謝。然後我知道您預計短期內核心市場的銷售份額會有所增長，但價值份額會有所萎縮。這只是獎勵包的努力嗎？如果是這樣，當我們考慮這種方法的可持續性時，您如何平衡數量結果和此類計劃的回報？

Yeah. So you'll recall when we met in December 23 at our Investor Day, one of the things that we've said pretty consistently is that we want to be able to hold share in our core while we're growing in expansion geographies. And this is largely held true as we continue to grow our volume shares.

是的。所以你會記得，當我們在 12 月 23 日的投資者日見面時，我們一直在說的一件事是，我們希望能夠在擴張地域的同時保持核心份額。隨著我們的銷售份額不斷增加，這一點基本上得到證實。

The quarter, obviously, is a little bit more competitive, naturally because we are, in a lot of cases, the number two player. And so it's -- we're a little bit more exposed to where the category looks. But I think what you see right now is a couple of things. I think first, you do see the benefit of bonus packs.

顯然，本季的競爭更加激烈，這自然是因為在許多情況下，我們都是排名第二的選手。因此，我們對類別的外觀有了更多的了解。但我認為您現在看到的是幾件事。我認為首先，您確實看到了獎勵包的好處。

Second, you're seeing incremental distribution in Boulder Canyon and On The Border, which is also helping. And so yeah, I think a lot of it is things that we're trying to just get into balance as we go forward. But really, I think what you'll expect to see is sort of a little bit more normalized volume to value relationship as we go forward as bonus packs wind down.

其次，您會看到 Boulder Canyon 和 On The Border 的增量分佈，這也有幫助。是的，我認為很多事情都是我們在前進的過程中試圖達到平衡的。但實際上，我認為隨著獎勵包的減少，你會看到數量與價值的關係更加正常化。

That's helpful. Thanks for that. And I appreciate you putting the case study that you did in the slide deck. That was actually really helpful around what you're seeing in expansion markets. And Ajay, thanks so much for all of your help and wish you all the best going forward. Thanks.

這很有幫助。謝謝。我很感謝您將所做的案例研究放入幻燈片中。這實際上對於您在擴張市場中看到的情況非常有幫助。Ajay，非常感謝你的幫助，祝你一切順利。謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Thanks, Andrew.

謝謝，安德魯。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey guys, good morning. Thanks for taking the questions. And Howard, I had to do a double take on slide 4. I thought you had stuck in a photo of Kevin as a final send-off to the slide deck there. But unfortunately, it was not him. We'll have to get that in the future.

大家好，早安。感謝您回答這些問題。霍華德，我不得不再仔細看看第四張幻燈片。我以為你把凱文的照片放在幻燈片裡當最後的告別。但很遺憾，不是他。我們將來一定會實現這一點。

I just wanted to follow up maybe on Andrew's question on the bonus pack impact. I think on slide 23 of the deck, you guys lay out that the impact to price was about 300 basis points. Just is that kind of the similar offset in terms of vol/mix? I didn't see if there was a contribution number for what bonus packs actually contributed to vol/mix in the quarter. So just any additional help there would be appreciated.

我只是想跟進一下安德魯關於獎勵包影響的問題。我認為在簡報的第 23 張投影片上，你們闡述了對價格的影響約為 300 個基點。就成交量/混合而言，這是否是一種類似的偏移？我沒有看到獎勵包在本季度是否對銷售/組合做出了實際貢獻。因此，任何額外的幫助都將不勝感激。

Yeah. So the short answer is yes. I'll leave it at that. And as you saw, most of our price was related to bonus pack. There was about 60 bps that was not bonus pack related. And that's the true price cap investment that we are -- we made in the quarter, and that flowed through down through the P&L.

是的。所以簡短的回答是肯定的。我就不多說了。如您所見，我們的大部分價格都與獎勵包有關。大約有 60 個 bps 與獎勵包無關。這就是我們在本季進行的真正的價格上限投資，而該投資貫穿了損益表。

Okay, all right, got it, helpful. And then Howard, just on Boulder Canyon, look, like it's obviously been a tremendous growth driver. I'm not even sure if some of the tracked channel data is picking up some of the new product yet. But just what's kind of been the early reception to some of the new category expansions with Boulder Canyon?

好的，好的，知道了，有幫助。然後霍華德，就在博爾德峽谷，看起來，它顯然是一個巨大的成長動力。我什至不確定某些追蹤的通路資料是否已經取得了一些新產品。但是，Boulder Canyon 的一些新類別擴展的早期反應如何呢？

How much of what we're seeing in the Nielsen or Circana data is just existing distribution being pushed out more? And should we kind of start to see that accelerate as the new products start to hit shelves as well? Thanks very much.

我們在尼爾森或 Circana 數據中看到的有多少只是現有分銷管道被進一步擴張？隨著新產品開始上架，我們是否應該看到這種成長加速？非常感謝。

Yes. So look, we're very pleased with the performance of Boulder Canyon. It's a great product. And for consumers who are looking for non-seed oil offerings, it's a product that delivers great taste, non-seed oil in a lot of cases, non-GMO. And we're very pleased with, obviously, the consumer and the customer reception to it. Obviously, it's a huge driver, as you saw in our untracked channels, in the Natural channel as well as we're now gaining retail distribution in traditional channels and as we move into food.

是的。所以，我們對 Boulder Canyon 的表現非常滿意。這是一個很棒的產品。對於尋求非種子油產品的消費者來說，這是一種美味、在許多情況下是非種子油、非基因改造的產品。顯然，我們對消費者和客戶對此的接受度感到非常滿意。顯然，這是一個巨大的驅動力，正如您在我們的未追蹤管道、天然通路以及我們現在在傳統通路獲得零售分銷以及進入食品領域所看到的那樣。

But a lot of that gain is still in front of us. We've gotten the distribution. And so you'll continue to see that business continue to grow in more measured channels. Specifically to reception, we've launched Canyon Poppers last year, which is performing quite well in the cheese ball competitive set. And we also launched incremental flavors. We have a wavy product that's out.

但我們還有很大的進步空間。我們已經得到了分佈。因此，您將繼續看到業務在更有節制的管道中持續成長。具體到接待方面，我們去年推出了 Canyon Poppers，它在起司球競賽中表現相當不錯。我們還推出了增量口味。我們推出了一款波浪形產品。

And then obviously, most recently in March, we launched our Tortilla Chip. Tortilla Chips is still a little bit early to see in the read, but the rest of the business and the innovation is readable. And the last thing I'll say is while distribution is growing and we're quite pleased with it, what is giving us a lot of optimism on this brand is that velocity is also growing quickly.

顯然，最近在三月份，我們推出了 Tortilla Chip。Tortilla Chips 的閱讀量還為時過早，但其餘業務和創新是可讀的。最後我想說的是，雖然分銷量正在成長，我們對此感到非常滿意，但讓我們對這個品牌充滿信心的是，速度也在快速成長。

So it's a -- it's sort of the best combination that you could hope for, gaining distribution, growing velocity in an on-trend segment where our consumers are headed. So we're quite pleased with it, and we look forward to continuing to drive that business longer term.

所以，這是你能期望的最佳組合，在消費者所追求的流行趨勢領域獲得分銷、實現成長。因此我們對此非常滿意，並期待繼續長期推動該業務。

Great. Thanks very much and thanks to Ajay as well for the partnership over the years. Appreciate it guys.

偉大的。非常感謝，也感謝 Ajay 多年來的合作。感謝你們。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. When you preannounced a nice sales dissection and just some of the non-branded or partner brands versus the rest and how they've been growing, can you just give us a sense of what you expect going forward? And for Partner Brands, maybe how you can manage those? Or if and how much you control kind of how they flow through and what the growth outlook or declines might look like going forward?

謝謝。早安.當您預先宣布了良好的銷售分析，並將一些非品牌或合作品牌與其他品牌進行了比較，並說明了它們的成長時，您能否告訴我們您對未來的期望？對於合作品牌，您如何管理它們？或者您是否以及在多大程度上控制它們的流通方式以及未來的成長前景或衰退情況如何？

So a couple of things. Obviously, on our non-branded non-salty piece of business, Dips & Salsa continues to be a business that we would expect we'll have some near-term pressure on it as we continue to lap prior year, and then we expect it to start to inflect and become more stable as we get into the end of Q2.

有幾件事。顯然，對於我們的非品牌非鹹味業務，Dips & Salsa 仍然是一項我們預計在短期內面臨一些壓力的業務，因為我們將繼續超越去年，然後我們預計它會開始轉變並變得更加穩定，因為我們進入第二季末。

With respect to Partner Brands, what Partner Brands are by their nature of brands that we carry on our -- our IOs carry and deliver for route averages and to make sure that they're delivering what the retailer and what our customers ultimately want.

關於合作夥伴品牌，合作夥伴品牌本質上是我們在我們的 IO 上承載的品牌——我們的 IO 按路線平均承載和交付，並確保他們交付的是零售商和我們的客戶最終想要的東西。

We don't really control them. What we do try to do is make sure that over time that as our brand grows, that we actually get more of our products on every truck and that those businesses will naturally get a little bit smaller. But we would expect them to continue to decline, although we don't expect them to be as negative as we go forward.

我們實際上並不能控制它們。我們確實試圖確保隨著時間的推移，隨著我們品牌的發展，每輛卡車上都能裝載更多的產品，而這些業務的規模自然會變小一些。但我們預計它們將繼續下降，儘管我們預計它們在未來不會變得如此負面。

Okay. That's helpful. And you called out the new flavored On The Border tortilla chips. Maybe can you just give us a sense of how far that brand could go or how big a flavored opportunity might be? And what, if any, other white spaces you see as an opportunity?

好的。這很有幫助。您還喊出了新口味的 On The Border 玉米片。您能否讓我們了解一下該品牌可以走多遠，或者其調味機會有多大？還有哪些空白領域（如果有的話）您認為是機會？

Yeah. So obviously, we're quite pleased with On The Border. It was an acquisition that we made a couple of years -- a couple of years back, and it has continued to grow nicely as the -- as we continue to expand distribution. I still think that there's a distribution gain opportunity in our expansion markets, much like there is for the rest of our portfolio.

是的。顯然，我們對《On The Border》非常滿意。這是我們幾年前進行的收購，隨著我們不斷擴大分銷範圍，它一直在持續良好成長。我仍然認為，我們的擴張市場中存在分銷收益機會，就像我們投資組合中的其他產品一樣。

And then with respect to innovation, look, we know that unflavored tortilla chips is a great place for On The Border. We would expect that we can also bring flavors and it's a piece of the category that is growing, that continues to grow, and it's a place where we think that there's a fair bit of white space.

然後就創新而言，我們知道無味玉米片對於 On The Border 來說是一個絕佳的選擇。我們希望也能帶來口味，這是該類別中正在成長、持續成長的一部分，我們認為這是一個相當大的空白領域。

I think longer term, just like any other business, On The Border rather has got opportunities in additional flavors. Potentially, there are other formats that we can introduce. And as consumers indicate their interests in different product experiences, we think that brand has got a lot of legs to stretch.

我認為從長遠來看，就像其他企業一樣，On The Border 在其他方面也擁有發展機會。我們可能還可以引入其他格式。隨著消費者對不同的產品體驗表現出興趣，我們認為品牌還有很大的發展空間。

Okay, great. Thanks.

好的，太好了。謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi, thanks. The bonus pack program, I think you're talking about it in terms of a limited time offer. Is that right? And how will you evaluate how long to keep it in the market? Does it depend on competitive dynamics or just the category kind of response to it? Thanks.

你好，謝謝。獎勵包計劃，我認為您是在談論限時優惠。是嗎？您如何評估它在市場上能維持多久？它是否取決於競爭動態或只是類別對它的反應？謝謝。

Yeah. Well, a couple of things. You're correct. The intention was for this to be an opportunity for us to try and test different ways to deliver value to consumers, right? And so one thing that we have certainly seen on bonus packs, obviously, the consumer response was very positive, and we feel really good about how we're going to kind of play different roles in different places, to be perfectly honest.

是的。嗯，有幾件事。你是對的。我們的目的是藉此機會嘗試和測試為消費者提供價值的不同方式，對嗎？因此，我們在獎勵包中看到的一件事顯然是，消費者的反應非常積極，坦白說，我們對如何在不同的地方扮演不同的角色感到非常滿意。

In expansion geographies, it was also a great trial vehicle. So we were able to -- as we are getting product into new markets is giving consumers an opportunity to opt in and try it. And then at our core, it was obviously a way to deliver -- a different way to deliver value.

在擴張地域方面，它也是一個很好的試驗工具。因此，當我們將產品推向新市場時，我們能夠為消費者提供選擇和嘗試的機會。從本質上講，這顯然是一種交付方式——一種交付價值的不同方式。

The one thing I would say, though, is we're doing that across the entire portfolio. Obviously, you can see Boulder Canyon in the Natural channel as well as in Club and then also, obviously, with the rest of our portfolio in the discount channels. So I think our expectation was that we would do it for a brief period of time. It would flow in and flow out, and we continue to expect that to be true as we transition into the merchandising plans that we have for the summertime.

不過，我想說的是，我們正在整個投資組合中這樣做。顯然，您可以在自然頻道和俱樂部中看到 Boulder Canyon，當然，也可以在折扣頻道中看到我們產品組合的其他部分。所以我認為我們的預期是我們會在短時間內做到這一點。它將流入和流出，我們繼續期待這一點成為現實，因為我們將過渡到夏季的商品銷售計劃。

Okay. Does that mean as you transition, it might be pulled back -- pulled out in the summer? And then a quick follow-up.

好的。這是否意味著，隨著你們的轉變，它可能會在夏天被撤回——撤出？然後進行快速跟進。

Yeah. So yes, our expectation is that that program is winding down now. And as we transition into the summertime, we have pretty normal commercial plans to go to support our innovation, increased marketing and making sure that our pricing is correct in the market as we go through a -- through the peak selling seasons for us.

是的。是的，我們預計該計劃現在正在逐漸結束。隨著我們進入夏季，我們有相當正常的商業計劃來支持我們的創新，增加行銷，並確保我們的定價在市場上是正確的，因為我們正經歷著銷售旺季。

Okay. And then maybe broadly speaking, how should we think about price mix compared to volume for the rest of the year? Should we expect price mix to continue to be negative? Can you balance out those two in your sales forecast?

好的。那麼從廣義上講，我們該如何看待今年剩餘時間的價格組合與銷售量的比較？我們是否應該預期價格組合會繼續呈現負值？您能在銷售預測中平衡這兩者嗎？

Yeah. So we should be normal course from here on out. So you should expect about a point of price investment going forward.

是的。所以從現在開始我們應該一切正常。因此，您應該預期未來的價格投資點。

Okay, great. All right, thanks Ajay, and best wishes.

好的，太好了。好的，謝謝 Ajay，祝一切順利。

Thank you.

謝謝。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning. This is actually Erica Eiler on for Rupesh. Thank for taking your questions. So I guess first, I wanted to touch on natural organic. So we've obviously seen tremendous momentum across the natural inorganic space.

早安.這實際上是 Erica Eiler 為 Rupesh 主持的。感謝您回答問題。所以我想先談談天然有機物。因此，我們顯然看到了自然無機領域的巨大發展動能。

You've seen great results in Boulder Canyon. So maybe you could just talk about the further opportunities that you see to capitalize on this trend, whether it's accelerating initiatives in Boulder Canyon or through M&A. I would just love to get your thoughts there.

您已經在博爾德峽谷看到了出色的成果。因此，也許您可以談談您看到的利用這一趨勢的進一步機會，無論是加速博爾德峽谷的舉措還是通過併購。我只是想了解你的想法。

Yeah. So I agree, we're quite happy with how Boulder Canyon has been doing in the natural and organic class of trade. And what you're seeing right now is we are extending innovation, so we're entering into new segments of the category, talked a little bit about Canyon Poppers and some of our flavors to our Tortilla Chips launching right now.

是的。所以我同意，我們對 Boulder Canyon 在天然和有機貿易類別中的表現感到非常滿意。而您現在看到的是，我們正在擴展創新，因此我們正在進入該類別的新領域，稍微談談 Canyon Poppers 和我們現在推出的玉米片的一些口味。

I think the opportunity also more broadly for us, specifically to Boulder, is to actually start telling its story. So we're working on ways to make investments in the brand equity and drive its overall awareness. But I think in the near term, what you're going to continue to see is distribution gains supported by shopper and consumer support and innovation as we go forward.

我認為，對我們，特別是對於博爾德來說，更廣泛的機會是真正開始講述它的故事。因此，我們正在研究如何投資品牌資產並提高其整體知名度。但我認為，在短期內，隨著我們不斷前進，您將繼續看到由購物者和消費者支持和創新所支持的分銷收益。

So I think we got a lot of runway left. It's growing quite nicely. Right now, consumer response has been excellent, and we would continue to see opportunities to drive that momentum further.

所以我認為我們還有很大的發展空間。它長得相當好。目前，消費者的反應非常好，我們將繼續看到進一步推動這股勢頭的機會。

Okay. That's super helpful. And then just on the channels, I mean, you called out, I think, natural hard discount and dollar again in your scripted remarks. As we think about channels, I mean, particularly in light of the current backdrop that we're seeing and those, obviously, a couple of those channels, hard discount, dollars cater to that value-seeking behavior, are there any other new shifts of note from a channel perspective lately?

好的。這非常有幫助。然後就在頻道上，我的意思是，我認為你在腳本發言中再次提到了自然硬折扣和美元。當我們考慮管道時，我的意思是，特別是考慮到我們所看到的當前背景，顯然，其中一些管道、硬折扣、美元迎合了這種尋求價值的行為，最近從管道角度來看還有其他值得注意的新變化嗎？

Look, I think so a couple of things. One, we obviously -- we use Circana MULO-C+ with convenience as the read, which actually helps, we think, understand our business. And so some of what you see in the bridge is really just a question of like what's tracked versus what's not.

瞧，我認為有幾件事是這樣的。首先，我們顯然使用 Circana MULO-C+ 是為了方便閱讀，我們認為這實際上有助於我們了解業務。因此，您在橋上看到的一些東西實際上只是一個問題，例如什麼是被追蹤的，什麼不是。

So obviously, we continue to see good support and strong momentum in food. Our Mass channel is doing -- is also performing. But really, what we see right now is as consumers seek value, they're seeking value across the spectrum from premium to merchandising support, promotional support, and different classes of trade.

因此，顯然，我們繼續看到食品領域的良好支持和強勁勢頭。我們的大眾頻道也正在表演。但實際上，我們現在看到的是，消費者在尋求價值時，他們尋求的是從高端到商品支援、促銷支援和不同類別的貿易等各個方面的價值。

So I think that's, I think, really the kind of the story of our print. You continue to see that value-seeking reaction and consumers responding well to what we're doing and what we're offering across the spectrum.

所以我認為這就是我們印刷品中真正要講述的故事。您將繼續看到這種尋求價值的反應，消費者對我們所做的事情以及我們提供的各種產品反應良好。

Okay. Great. Thanks. I'll pass it along.

好的。偉大的。謝謝。我會傳達的。

Jim Salera, Stephens Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司

[Thanks for taking my question]. However, I wanted to maybe drill down a little bit on potato chip subcategory. Obviously, that's where your growth saw kind of the most stark outperformance driven by Boulder and Utz, which is interesting because Boulder is kind of a premium offering where Utz, particularly with the bonus bag, is I would use more of a value offering. Just kind of walk us through the dynamic at play there and how we're seeing household growth both at the kind of premium and at the value side?

[感謝您回答我的問題]。然而，我可能想對薯片子類別進行更深入的研究。顯然，這就是你們的成長在 Boulder 和 Utz 的推動下表現最為突出的地方，這很有趣，因為 Boulder 是一種高端產品，而 Utz，尤其是帶有獎勵包的產品，我會更多地使用價值產品。您能向我們介紹那裡的動態情況，以及我們如何看到家庭在溢價和價值方面的成長嗎？

Yeah. So I think there's a couple of things. One, I think we believe that consumers are seeking value broadly, right? And as you look at Boulder Canyon, Boulder Canyon obviously is the most -- is a premium priced chip and is delivered into different classes of trade. And I think to your point on Utz, Utz is really -- we're quite proud of the brand, and we're quite proud of the consumer responds to it.

是的。所以我認為有幾件事。首先，我認為我們相信消費者正在廣泛地尋求價值，對嗎？當您看到 Boulder Canyon 時，Boulder Canyon 顯然是最昂貴的晶片，並且可交付到不同級別的交易中。我認為您對 Utz 的觀點是，Utz 確實——我們對這個品牌感到非常自豪，我們也對消費者對它的反應感到非常自豪。

But the opportunity for us is really in that expansion market distribution gains and the perimeter display activity that we were able to get, the IOs were able to deliver behind the bonus pack. So kind of different reasons for their outperformance, right? Boulder distribution gains, Utz a little bit more merchandising support are really what's driving that difference.

但對我們來說，真正的機會在於擴張市場分銷收益和我們能夠獲得的周邊展示活動，IO 能夠在獎金包背後提供支援。那麼，他們表現優異的原因各有不同，對嗎？博爾德分銷的增加和 Utz 稍多的商品推銷支持才是造成這種差異的真正原因。

Okay. And then are there any significant distinctions between -- when we think about an Utz household versus the Boulder household, I mean, is there a lot of overlap there? Or are there kind of unique characteristics that you can assign to each and you find that there isn't a ton of cross-pollination?

好的。那麼，當我們考慮 Utz 家庭和 Boulder 家庭時，它們之間是否存在顯著的差異？我的意思是，它們之間是否有很多重疊之處？或者您可以為每種植物賦予某種獨特的特性，並發現沒有大量的交叉授粉？

I'm not sure we've ever actually shared sort of the overlap. I would be a little cautious on thinking that they would be exclusive households. It just doesn't -- it wouldn't necessarily be what I would expect to happen, right?

我不確定我們是否真的有過這樣的重疊。我會謹慎一點，認為他們會是專屬家庭。事實並非如此——這不一定是我所期望發生的事情，對嗎？

But what I would tell you is both the Boulder household specifically tends to be a household that is a little bit more affluent and is actually looking for better-for-you credentials than non-seed oil, where I think what you see in us is a more mainstream household, broadly speaking. But I don't know that we've ever really looked to say is there an overlap or an exclusivity to them. Generally speaking, I think we would expect to see overlap across the portfolio.

但我想告訴你們的是，博爾德家庭往往是一個比較富裕的家庭，他們實際上在尋找比非種子油更適合自己的產品，而我認為，從廣義上講，你們在我們這裡看到的是一個更主流的家庭。但我不知道我們是否真的研究過它們之間是否存在重疊或排他性。總體而言，我認為我們預計會看到整個投資組合重疊。

Okay. And maybe if I could just sneak in one other quick one. Just thinking about the distribution gain opportunity at Boulder, you talked about still a lot of runway ahead of you. I had seen the product in some new places and retailers in my area. Can you just give us a sense for kind of maybe what we should expect from a sequencing perspective this year?

好的。也許我可以再偷偷地快速做一個。僅考慮一下博爾德的分銷收益機會，您就說過前面還有很長的路要走。我在我所在地區的一些新地方和零售店看到了該產品。您能否讓我們了解今年從排序角度該期待什麼？

I mean, is it in all the major club regions? Is there anything kind of imminent that we should be thinking about as we're building out the demand drivers for the back half of the year?

我的意思是，它是否遍布所有主要俱樂部地區？在我們建構下半年的需求驅動因素時，有什麼緊急事件是我們應該考慮的嗎？

Look, I think we've seen a significant amount of distribution gains. We have gotten some support and some rotational support and some retailers as well. I think what you'll see is continued distribution gains in the business.

看，我認為我們已經看到了大量的分銷收益。我們得到了一些支持、一些輪換支持以及一些零售商的支持。我認為您會看到業務分銷的持續成長。

Obviously, in the natural channel, it's a little harder to see, but we continue to get incremental space there, and you're seeing it now in the more conventional grocer -- in conventional grocers as well. So you should see continued distribution gains.

顯然，在自然管道中，這有點難以察覺，但我們在那裡繼續獲得增量空間，現在你可以在更傳統的雜貨店中看到它 - 在傳統雜貨店中也是如此。因此，您應該會看到持續的分銷收益。

We've got a lot of white space left across this portfolio, as you know. And we would expect to continue to demonstrate our benefits of the category and to consumers with retailers across our portfolio and with Boulder being, I think, a near-term beneficiary. And I'm not surprised you're seeing it, and I expect you'll see more of it as we go forward.

如您所知，我們的整個投資組合中還留有大量空白。我們希望繼續向投資組合中的零售商和消費者展示這一類別的優勢，而我認為博爾德是近期的受益者。我對於您看到這一點並不感到驚訝，並且我希望隨著我們繼續前進，您會看到更多這樣的情況。

Okay. Great. And Ajay, I just wanted to say it's been a pleasure working with you. Best of luck and, whatever the next endeavor is for you.

好的。偉大的。阿傑，我只想說和你一起工作很愉快。祝你好運，無論你的下一個目標是什麼。

Thank you, Jim.

謝謝你，吉姆。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good morning, guys. Thanks so much for taking our questions. First question from my side is you spoke to kind of volume share gains in core geographies. It seems like maybe some of that could be attributed to those bonus packs. So just wondering, one, if that's the case? And then two, how do you think about incremental distribution opportunities within those core geographies as maybe larger peers continue to see a bit more pressure.

嘿，大家早安。非常感謝您回答我們的問題。我這邊的第一個問題是，您談到了核心地區的銷售份額成長。看起來也許其中一些可以歸因於那些獎勵包。所以我只是想知道，第一，情況是否如此？其次，您如何看待這些核心地區內的增量分銷機會，因為規模較大的同行可能會繼續面臨更大的壓力。

Yeah. So the first answer to your question is, of course, some of the volume share gain that we had is being driven by bonus packs. You'll recall at our Investor Day, what we basically have said is we believe that we can continue to grow by holding our volume share in the core and then driving outsized distribution gains in our expansion markets and to be able to deliver on our top-line expectations.

是的。因此，對你的問題，第一個答案當然是，我們的銷售份額成長有一部分是由獎勵包推動的。您會記得，在我們的投資者日上，我們基本上說過，我們相信，透過保持核心市場的銷售份額，然後在擴張市場中推動超額分銷收益，我們能夠繼續成長，並能夠實現我們的營收預期。

Part of what was happening in the core was also our core -- us as core has significant opportunity on our -- on three of our remaining Power 4 brands. So On The Border, Zapps and Boulder Canyon, all have average item carry opportunities and distribution opportunities within the core geography to be able to drive gains, which is part and parcel of how we expect to hold our volume share.

核心中發生的部分事情也是我們的核心——我們作為核心在我們剩下的三個 Power 4 品牌上擁有重大機會。因此，On The Border、Zapps 和 Boulder Canyon 均擁有核心地理區域內的平均商品攜帶機會和分銷機會，從而能夠推動收益，這是我們期望保持銷售份額的重要組成部分。

What you certainly see in the current quarter is you do see gains in On The Border and Boulder Canyon in our core geography. Distribution gains are up, which is also helping support volume share. And then obviously, again, to your point, the bonus packs was a contributor as well.

您在本季肯定會看到的是，我們核心地區的邊境地區和博爾德峽谷地區確實取得了成長。分銷收益上升，這也有助於支持銷售份額。然後顯然，再次重申你的觀點，獎勵包也是一個貢獻因素。

I think as you go forward, you should expect us to continue to drive our white space opportunities in our core with those items and then our expansion geographies and incrementally in additional classes of trade with the rest of our portfolio because the one thing that we continue to see is that as we gain distribution, we stay and we are more helpful to the consumer, the customer and obviously, the category.

我認為，隨著業務的推進，您應該期待我們繼續利用這些產品在核心領域拓展空白領域，然後拓展我們的擴張地域，並逐步拓展與我們投資組合中的其他產品相關的其他貿易類別，因為我們持續看到的是，隨著分銷渠道的擴大，我們會繼續為消費者、客戶以及整個產品類別提供更多幫助。

Understood. Thanks for that. And then a second question for me, understand you've been speaking about this bonus packs program being more limited and winding down right now. But I guess based on what we've heard maybe from some peers around the industry is that the US consumer seems to be maybe a little bit more pressure. Maybe there's some weakening sentiment out there.

明白了。謝謝。然後我要問第二個問題，我了解到您一直在談論這個獎勵包計劃現在變得更加有限並且正在逐漸結束。但根據我們從業內一些同行那裡聽到的消息，我想美國消費者似乎面臨更大的壓力。也許外界的情緒正在減弱。

So maybe what might change your mind about maybe bringing back this bonus packs program? Is there certain metrics you might have to see that would make you want to bring that back and test it again? Thanks.

那麼什麼可能會改變您關於恢復此獎勵包計劃的想法呢？是否有某些指標會讓你想要將其帶回來並再次測試？謝謝。

Yes. So look, I think -- and I'm not going to break any new ground here by saying that I think we're watching what -- how the market is responding and what consumer behavior looks like as a branded company. That's obviously job one for us. And value seeking across the consumer base continues to be an area that we're all watching.

是的。所以，我認為——在這裡我不想開闢任何新局面，我只是說，我認為我們正在觀察——市場如何反應，以及作為品牌公司的消費者行為是什麼樣的。這顯然是我們的首要任務。整個消費者群體的價值追求仍然是我們關注的領域。

Our theory has been that we can add value in a variety of different ways, whether it's in premium products and value offerings or in innovation and marketing, which have always been the thing that has sustained this category. We've never been a price-driven business. Consumers come down the aisle because they like the brands, they like the innovation and they like the marketing and then fair pricing.

我們的理論是，我們可以透過各種不同的方式增加價值，無論是優質產品和價值產品，還是創新和行銷，這一直是維持這個類別的因素。我們從來都不是一個受價格驅動的企業。消費者之所以選擇這家商店，是因為他們喜歡這些品牌、喜歡這些創新、喜歡這些行銷手段以及公平的定價。

So we'll continue to look at ways to address value as we go forward. The bonus pack program, obviously, was one way that we went after it. We maintained our price gaps. We've also gained distribution in our items. So we're going to play the full marketing mix. And if the opportunity came back again, we had a lot of learnings from this round of bonus packs, and we'll evaluate it as conditions change.

因此，我們將繼續尋找解決價值問題的方法。顯然，獎勵包計劃是我們追求這一目標的一種方式。我們保持了價格差距。我們的產品也獲得了分銷。因此，我們將採取全面的營銷組合。如果機會再次出現，我們從這一輪獎勵包中學到了很多東西，我們會根據情況的變化對其進行評估。

Understood. Thanks so much. I'll pass it on.

明白了。非常感謝。我會傳達的。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

Good morning. Thanks for the question.

早安.謝謝你的提問。

Hey, John. Good morning.

嘿，約翰。早安.

Maybe first off, just sticking with the bonus packs and the volume response there. I'm curious, Howard, if you can see through any impact on consumption from new trial and new consumers relative to benefits from frequency. How much has been subsidized relative to maybe accelerating new buyer growth that has a longer tail benefit for you from here? I know it's not a long duration program, but just any gleanings you have thus far.

也許首先，只需堅持獎勵包和音量響應。霍華德，我很好奇，你是否能看到新試用和新消費者對消費的影響相對於頻率帶來的好處。相對於加速新買家的成長，您獲得了多少補貼，從現在起這會為您帶來更長遠的利益？我知道這不是一個長期計劃，但這只是您迄今為止所獲得的一些收穫。

Yeah. So look, I think I would say it's a little hard for us to tease it out exclusively for bonus packs because it was a flow-through item. So they were not -- what we did was we delivered the product. We wanted to have it sell-through, through this window of time and then move forward. So it's a little harder for us to tease that out.

是的。所以，我認為我們很難專門將其挑出用於獎勵包，因為它是一個流通項目。所以他們沒有——我們所做的就是交付產品。我們希望透過這段時間將其銷售出去，然後再繼續前進。因此，我們很難弄清楚這一點。

What I would point to, however, John, is if you look at the household penetration results that we continue to see on our business, we've gotten now to 49% if you look at the rolling 12 months, which is an all-time high for us. And we are, broadly speaking, holding our buy rate, which as you know, it's hard to do when you bring in a lot of new users and then they try you and then they move on.

然而，約翰，我想指出的是，如果你看一下我們業務中持續看到的家庭滲透率結果，如果你看一下連續 12 個月，我們現在已經達到了 49%，這對我們來說是一個歷史最高水平。總體來說，我們正在保持我們的購買率，正如你所知，當你吸引大量新用戶，然後他們嘗試了你的產品，然後轉向別處時，做到這一點很難。

So we're obviously quite proud of the panel metrics and continue to be pretty optimistic about the residents of our overall portfolio and its quality. But I do believe that there is some trial that is happening with respect to expansion markets with the bonus pack because it was a -- it was broadly consume -- it was probably delivered to the classes of trade.

因此，我們顯然對小組指標感到非常自豪，並且繼續對我們整體投資組合的居民及其品質保持相當樂觀的態度。但我確實相信，在透過獎勵包擴展市場方面正在進行一些嘗試，因為它——它被廣泛消費——它可能會交付給貿易類別。

And we'll obviously continue to watch it as we go forward. But trial and repeat rates on our business are pretty strong and household penetration continues to grow, which, at least from my seat, is the one thing that we want to make sure that we continue to deliver against.

顯然，我們會繼續關注此事。但我們業務的嘗試和重複率相當高，家庭滲透率持續成長，至少從我的角度來看，這是我們希望確保繼續實現的一件事。

Okay. And then as a follow-up, on C-stores specifically, I think the comment there was that performance is improving, but it's not yet back to growth. Is there anything at this point that you can do as a company to accelerate that turn? Or is it just largely dependent on overall traffic trends and sort of the macro backdrop?

好的。然後作為後續行動，特別是關於 C 商店，我認為那裡的評論是業績正在改善，但尚未恢復成長。目前，作為一家公司，你們可以做些什麼來加速這一轉變？或者它只是很大程度上取決於整體流量趨勢和宏觀背景？

Yeah. So I think there's a two-part answer to that. Obviously, the channel needs to continue to improve. And as the channel improves, I think you'll -- I think what you're seeing now is that is starting to happen. I wouldn't broadly say that it's improved period, but I think it's getting better.

是的。所以我認為這個問題的答案有兩個部分。顯然，該管道需要繼續改進。隨著管道的改善，我認為你會——我認為你現在看到的是這種情況開始發生。我不會廣泛地說這是一個改進的時期，但我認為它正在變得更好。

I think for us, specifically, there's three things that we are continuing to work on and they're kind of things we've talked about in previous calls. First is we need to continue to drive our distribution in those -- in convenience stores and make sure that we have the price pack architecture correct. Get those sizes right, get the items right, get the planograms correct. And so we're focused on distribution.

我認為，對我們來說，具體來說，有三件事我們正在繼續努力，這些是我們在之前的電話會議中討論過的事情。首先，我們需要繼續推動我們在便利商店的分銷，並確保我們的價格包架構正確。確保尺寸正確、物品正確、規劃圖正確。因此我們專注於分銷。

And then the second is delivering innovation in that channel at times can be a little different because a lot of that -- a lot of convenience is a me moment, right, smaller bags that tend to be consumed right away. And so I think we have opportunities on the flavor profiles of some of our products as well and the innovation that we need to offer to that class of trade.

第二，在該管道中提供創新有時會有所不同，因為許多便利都是屬於我的時刻，對吧，較小的包裝往往會立即被消費掉。因此，我認為我們在某些​​產品的風味特徵以及我們需要為此類貿易提供的創新方面也有機會。

And then the last is just making sure that we continue to work with those retailers and our IOs to make sure that we have the space and service that I think the consumer reasonably should expect when they walk in to be able to get our products wherever it is that they want to shop.

最後就是確保我們繼續與這些零售商和我們的IO合作，以確保我們擁有我認為消費者走進來時應該合理期待的空間和服務，以便能夠在他們想要購物的任何地方購買我們的產品。

Okay. Great. Thanks, Howard and Ajay.

好的。偉大的。謝謝，霍華德和阿傑。

That includes the question-and-answer session. I would like to turn the call back over to our CEO, Howard Friedman, for final remarks.

其中包括問答環節。我想將電話轉回給我們的執行長霍華德·弗里德曼，請他做最後的演講。

Yeah. So thanks, operator. I just want to say thank you to everybody for the call. I think what you see through our first quarter is us executing our playbook and continuing to drive the results that we expect to deliver. There's obviously it's only the first quarter, and so there's quite a bit more to do.

是的。謝謝您，接線生。我只想對大家的來電表示感謝。我想，大家在第一季看到的是我們執行了我們的計劃並繼續推動我們期望實現的結果。顯然這只是第一季度，還有很多事情要做。

But I would be remiss if I didn't thank Ajay live on the call for all his leadership and support over the last several years and say thank you and good luck, and we appreciate everything that you've done.

但如果我不在電話會議上現場感謝阿賈伊過去幾年的領導和支持，並表示感謝和祝你好運，那我就失職了，我們感謝你所做的一切。

Thank you, Howard.

謝謝你，霍華德。

And then last but not least, I'd like to thank Kevin who's also moving forward as he winds down his time. Obviously, many of you know we have an extraordinary IR program here at Utz, and it's been largely driven by his leadership and support over the years. So we also wish Kevin all the best as he moves on to his next great adventure.

最後但同樣重要的一點是，我要感謝凱文，他的任期即將結束，他也將繼續前進。顯然，你們很多人都知道，Utz 有一個非凡的 IR 計劃，這在很大程度上得益於他多年來的領導和支持。因此，我們也祝福凱文在下一次偉大的冒險中一切順利。

Thank you, Howard.

謝謝你，霍華德。

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。