UTZ Brands Inc (UTZ) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I'd like to welcome you to the UTZ Brand Inc third quarter 2025 earnings conference call.

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。現在，我謹代表 UTZ Brand Inc. 歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I will now turn the call over to Trevor Martin, senior President of Investor Relations.

現在我將把電話交給投資者關係高級總裁特雷弗馬丁。

Thank you, operator, and good morning everyone.

謝謝接線員，大家早安。

Thank you for joining us today for our live session in our third quarter 2025 results. With me on today's call are Howard Friedman, CEO and William Kelly, CFO. I hope everyone has had a chance to read our prepared remarks and view our presentation, all of which are available on our investor relations website.

感謝您今天參加我們2025年第三季業績的線上發表會。今天和我一起參加電話會議的有執行長霍華德·弗里德曼和財務長威廉·凱利。我希望大家都有機會閱讀我們準備好的發言稿並觀看我們的演示文稿，這些內容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 administrative items to review.

在開始問答環節之前，我還有一些行政事項需要處理。

Please note that some of our comments today will contain forward-looking statements based on our current view of the business and an actual future results in materialism.

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以及對未來實際結果的前瞻性陳述。

We see our recent SEC filings which identify the principal risks and uncertainties that could affect future performance.

我們看到，我們最近向美國證券交易委員會提交的文件指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 earning. Material reconciliations of non-GAAP financial measures and other associated disclosures are contained in our earning material and posted on our website.

今天我們將討論一些調整後的或非GAAP財務指標，這些指標在今天早上的收益報告中有更詳細的描述。非公認會計準則財務指標的重大調整和其他相關揭露資訊包含在我們的獲利資料中，並發佈在我們的網站上。

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

接線員，現在我們可以開始接聽電話了。

(Operator Instructions)

（操作說明）

Andrew Lazar from Barclays.

巴克萊銀行的安德魯·拉扎爾。

Thanks so much. Good morning, Howard and Bill.

非常感謝。早安，霍華德和比爾。

Maybe to start off, your investor day a couple of years ago, I know you laid out a 3 year financial plan and obviously the sales and consumer environment has changed dramatically since then with us though continuing to obviously outperform the category pretty meaningfully and the company's maintained its expectation for either di margins of around 16% and 26% or about 100 basis points of expansion each year.

或許可以先從幾年前的投資者日說起，我知道您當時制定了一個為期三年的財務計劃，但顯然，自那時以來，銷售和消費環境發生了巨大變化。儘管如此，我們仍然明顯地在同類產品中表現出色，公司也維持了其利潤率在 16% 到 26% 左右，或每年增長約 100 個基點的預期。

You've delivered that right the last 2 years.

過去兩年你都做得很好。

In the prepared remarks, I need to make some comments around maybe some incremental investments in 2026, particularly to support the California expansion for the acquisition announced today, which is exciting. I'm just curious if like in terms of thinking of the expectations for next year, if perhaps that EBIDTA margin expansion could be a bit less significant just in an effort to maintain the strong top-line momentum that you've been able to deliver over the last couple quarters.

在準備好的發言稿中，我需要就 2026 年可能進行的一些增量投資發表一些評論，特別是為了支持今天宣布的收購案在加州的擴張，這令人興奮。我只是好奇，就明年的預期而言，為了保持過去幾季以來強勁的營收成長勢頭，EBITDA利潤率的擴張幅度是否可以稍微小一些。

Andrew I'll start and I'll hand it over to BK to continue, look, I think if you went back to the investor day there were a few things that we had laid out.

Andrew，我先開始，然後交給 BK 繼續。你看，我想如果你回顧投資者日，我們當時已經提出了一些事項。

One obviously was that, we had a meaningful top-line, bottom line, and gross margin opportunity that we wanted to progressively address. And that we believe that we could drive accelerated top-line growth above the category as we were able to hold our core geographies and expand eventually getting coast to coast and funding that through a productivity program that, would deliver a meaningful gross margin expansion and obviously fall through to EBIDTA.

顯而易見，其中一個原因是，我們有機會在營收、利潤和毛利率方面取得顯著提升，我們希望逐步解決這個問題。我們相信，只要我們能夠保住核心地域並最終實現全國擴張，並透過生產力提升計劃為其提供資金，我們就能推動營收成長超過同類產品，從而實現有意義的毛利率成長，並最終提升 EBITDA。

I think if you look at over the last couple of years, we're pretty pleased with our progress around all of those objectives and one of the things that I think we that has been important in our story. Has been the ability for us to drive expansion market top-line growth and enter into new geographies, which we have at this point a pretty solid proven playbook and if you look at something like Florida, where we had entered a couple of years ago and you were actually able to see progression where we made incremental investments to build out that business and start to accelerate our top-line, we look at that as a good example of kind of what we are looking at in California, although obviously California is a much on greater scale. So if you look at our building blocks in 2025 turning into 2026, I think we feel very good about the top-line momentum that we have and the opportunity to further accelerate it as we get into California in a more meaningful way in 2026. We've said 200 basis points to 300 basis points ahead of the category and obviously by entering into California and making some incremental investments there, we believe we should be at the higher end of that range.

我認為，回顧過去幾年，我們對在所有這些目標上取得的進展感到非常滿意，而我認為在我們發展歷程中非常重要的一點是…我們能夠推動市場擴張，實現營收成長，並進入新的地域，這方面我們已經有了一套相當可靠的成熟策略。以佛羅裡達州為例，我們幾年前就進入了那裡，並且確實看到了進展，我們逐步投資發展業務，並開始加速營收成長。我們認為這是一個很好的例子，可以作為我們在加州發展模式的參考，儘管顯然加州的規模要大得多。因此，如果我們回顧 2025 年到 2026 年的發展歷程，我認為我們對目前的市場成長勢頭感到非常滿意，並且有機會在 2026 年以更有意義的方式進入加州市場後進一步加速這一增長。我們曾表示要比同類產品領先 200 到 300 個基點，顯然，隨著我們進入加州市場並在那裡進行一些增量投資，我們相信我們應該能夠達到這個範圍的高端。

I'll hand it over to BK for the rest of the question.

剩下的問題就交給BK來回答吧。

Yeah, thanks Andrew. Thanks, Howard. Good morning, everyone. The first thing I would say is there's nothing structural prevent us from getting to 15% EBIDTA.

謝謝你，安德魯。謝謝你，霍華德。各位早安。首先我想說的是，沒有任何結構性因素會阻止我們達到 15% 的 EBITDA 目標。

I think the building blocks that Howard talks about underlying our financials, strong productivity, the ability to have good, revenue growth management tools in place, those all are really strong. In 2026, as I said in, we will have. Continue to have investment class, productivity, activity coming through, as our supply chain transformation that has been a heavy lift with the essential CapEx, it kind of steps down. So when I start talking about the cash flow, that that's intended and to be incremental and additive to our story.

我認為霍華德所說的支撐我們財務狀況的基石，強大的生產力，以及擁有良好的收入成長管理工具的能力，這些都非常強大。正如我之前所說，到 2026 年，我們將擁有。投資水準、生產力和活動將繼續保持成長，因為我們的供應鏈轉型（這項需要大量資本支出的艱鉅任務）正在逐步放緩。所以當我開始談論現金流時，我的意思是，這是有意為之，並且會逐步增加我們故事的精彩內容。

We are doing the things you expect us to do at this point in time, having, come off our key taps and our key transformation cost, elements, and then so now the focus that started to, not only are we able to expand margins and our top-line, we can also drive the cash flow.

我們正在做你們期望我們在這個時候做的事情，我們已經完成了關鍵的支出和關鍵的轉型成本，因此現在的重點不僅是擴大利潤率和營收，還可以推動現金流。

Thank you for that. And then I would like to dig in a little bit more on the California root acquisition.

謝謝。然後，我想更深入地探討加州根基的收購。

Which is exciting, I guess maybe we can get into a little more detail, Howard, on how sort of previous deals like this in other regions sort of have enabled us to you know sort of step change the market penetration that we can look forward to in California or in other words, I guess I've allowed you to continue to sort of drive share in these expansion markets even after the initial launch into these markets, meaning in year 2 3, and beyond.

這令人興奮，我想我們可以更詳細地探討一下，霍華德，之前在其他地區達成的類似交易是如何讓我們在加州實現市場滲透率的飛躍式增長的，或者換句話說，我想我已經讓你們能夠在這些擴張市場中繼續推動市場份額的增長，即使在最初進入這些市場之後，也就是在第二、第三年及以後。

Yeah, I appreciate it. Obviously, probably the most, the easiest example for us to give you is something like Florida, where, it is a geography where we actually entered and then we have bought routes over time. Obviously we bought a route system last year back in that with our national acquisition, but if you were to go all the way back to say like 2020 in Florida. We were about a 2.5 market share, and you know the first couple of years was really about getting into the market in a more focused way and sort of starting to mature it.

是的，我很感激。顯然，最容易舉出的例子可能是佛羅裡達州，我們最初就是從那裡進入市場，然後隨著時間的推移，我們不斷收購航線。顯然，我們去年透過全國性收購購買了一套路線系統，但如果你追溯到 2020 年，例如在佛羅裡達州。我們當時的市佔率約為 2.5%，你知道，頭幾年我們的主要目標是以更專注的方式進入市場，並開始使其成熟。

And then really in 2022 was when we actually saw a meaningful, first meaningful step change which is about a 70 basis point improvement relative to that 2020 range and we've been able to add market share growth from there. So call it from a 2.5% to a 3.2% and latest 52 weeks in Florida, we're at about 4.2%. Then I think it's important to realize that this actually does to your point, grow gradually over time as we get into the market and get our execution up and running and actually make sure that our playbook is working the way we'd expect it to. But where we go, we say, and we have a high degree of confidence that this is the next step in continuing our accelerated top-line growth.

2022 年，我們才真正看到了有意義的、第一個有意義的進步，相對於 2020 年的水平，提高了約 70 個基點，並且從那時起，我們得以實現市場份額的增長。所以，我們姑且認為它從 2.5% 到 3.2% 之間，而佛羅裡達州最近 52 週的數據顯示，它大約為 4.2%。那麼我認為重要的是要意識到，正如你所說，隨著我們進入市場，我們的執行工作步入正軌，並確保我們的策略手冊按照我們預期的方式運作，這種情況會隨著時間的推移而逐漸發展。但我們會朝著既定的方向前進，我們對此充滿信心，並且非常確信這將是我們繼續加速營收成長的下一步。

Michael Lavery from Piper Sandler.

來自 Piper Sandler 的 Michael Lavery。

Thank you. Good morning.

謝謝。早安.

I wanted to unpack California maybe a little bit more. Can you give us a sense of does the acquired network cover the entire state?

我想更深入地了解加州。您能否大致說明一下，所收購的網路是否涵蓋了整個州？

What are those roots carrying now? Is there, how easily do you have room on the trucks for your products? What is there a swap out and, maybe a little sense of you mentioned it's included in guidance. I assume that means costs. What are, some of the costs that are associated with it other than the acquisition price.

這些根現在承載著什麼？你們的卡車上是否有足夠的空間存放你們的產品？是否有替代方案？也許你提到過，這包含在指導方針中。我猜那是指成本。除了購置價格之外，還有哪些相關成本？

Yeah, so let me start. Obviously it's early days on the integration work that we have to do, I think what the route network allows us to do is to actually look at the portfolio of products with an existing network and infrastructure and customer relationships and begin to introduce our products onto those routes called in the early 2026. So you know there is going to be some work there to make sure that we have the right assortment and that we're working with our IO partners and the retailers to make sure that we're getting the distribution that we're expecting. So a little early on the books and takes of what will be there, but yes, we're confident that we can bring our products into those systems and start to drive the growth. That we expect that we can get, I mean, for context, remember we're only about a 1.9 share of market in California and it's about 10% of the salty category in the total US.

好的，那我就先開始了。顯然，我們目前還處於整合工作的早期階段。我認為，路線網絡使我們能夠利用現有的網路、基礎設施和客戶關係來審視產品組合，並開始在 2026 年初將我們的產品引入這些路線。所以你知道，我們需要做一些工作來確保我們有合適的商品組合，並且我們正在與我們的IO合作夥伴和零售商合作，以確保我們獲得預期的分銷。所以現在談論未來會發生的事情還為時過早，但是，是的，我們有信心將我們的產品引入這些系統，並開始推動成長。我們期望能夠獲得這樣的結果，我的意思是，作為參考，請記住我們在加州的市場份額只有大約 1.9%，在美國鹹味食品市場中也只佔大約 10%。

So here's a big opportunity in terms of the size of the market. Obviously this is this is an entry and so they're about the same size as the national route system was. There's some routes in the upper Midwest that we also got as part of this transaction where we already carry some of our products, but we'll be making some, we'll make continued investments to fully mature that market with our hybrid distribution model over time.

所以，從市場規模來看，這是一個巨大的機會。顯然，這是一個入口，所以它們的規模與國家路線系統大致相同。作為交易的一部分，我們也獲得了美國中西部北部的一些路線，我們已經在這些路線上銷售我們的一些產品，但我們將進行一些投資，我們將持續投資，隨著時間的推移，透過我們的混合分銷模式，使該市場完全成熟。

Okay, thanks. And just on the volume price mix split, a very strong volume gains, obviously you have very slightly negative price. It would seem like that's probably helped or driven at least a bit by expansion markets where I think you tend to promote a bit more to drive trial. Can you unpack a little bit maybe just how to think about the runway there is priced at the right level? Is it mostly trial related? Obviously you've got the the strong volume momentum. Would would you expect price to be positive going forward, or it's sort of similar to the splits in this quarter here?

好的，謝謝。單就成交量價格組成而言，成交量大幅成長，但價格明顯略為負。這似乎可能在某種程度上受到了擴張市場的推動，我認為在這些市場中，你往往會加強推廣來推動試用。您能否稍微解釋一下，例如如何看待那裡的跑道定價是否合理？主要與審判有關嗎？顯然，成交量勢頭強勁。您認為未來價格會上漲嗎？還是會像本季一樣呈現類似的走勢？

On the pricing piece, what you saw in the quarter was about a 1% drag, 1% drag is what we talked about and it played out how we anticipate it, to your point, we are price followers, but we also have very good revenue management and our ability to compete in the best interests of both the consumers and the category. So there are many variety of ways for the price we think we will always choose the one that makes. And our surgical approach to, but we also manage it through through trade, through promotion and to your pointing managing fashion markets, and our goal is to be more effective more quickly, at those markets in line.

關於定價方面，本季出現了大約 1% 的下滑，1% 的下滑正是我們之前討論過的，而且實際情況也正如我們預期的那樣。正如您所說，我們是價格追隨者，但我們也擁有非常出色的收入管理能力，並且能夠以對消費者和品類都最有利的方式參與競爭。所以有很多種方法可以達到我們想要的價格，我們總是會選擇最適合的。我們採取外科手術式的方法，但我們也透過貿易、推廣以及管理時尚市場來管理它，我們的目標是在這些市場中更快地取得更有效的成效。

And I'll just add my, what we said in Q3 or in Q2 was that we expected a 1 point drag in Q3 and Q4 and so the year is largely quite the way we would have expected to, and I think as you go into next year, we'll kind of see where we are, but to be case point, so very good about what we're doing on the repman side of things, and I think the quarter, generally came in the way we had we would have envisioned when we started this.

我還要補充一點，我們在第三季或第二季說過，我們預期第三季和第四季會下滑1個百分點，所以今年的情況基本上符合我們的預期。我認為，進入明年，我們會看看情況如何，但就目前而言，我們在銷售代表方面做得非常好，我認為本季度總體上也符合我們開始時的設想。

Okay great thanks so much.

好的，非常感謝。

Peter Galbo with Bank of America.

Peter Galbo就職於美國銀行。

Howard, I just wanted to ask maybe a few, I don't know, more technical questions about the California expansion.

霍華德，我只是想問一些關於加州擴張的技術性問題。

It's been 2.5 years I guess since you last kind of acquired and that was Kings Mountain, so we've been going further back on routes, but I mean, should we expect that this like are these independent operators, are they company owned? Are we going to have to go through an IO conversion cycle again?

距離你們上次收購已經過了兩年半，當時收購的是 Kings Mountain，所以我們一直在追溯更早的路線，但我的意思是，我們應該期待這些是獨立運營商，還是公司所有？我們又要經歷一次 I/O 轉換週期了嗎？

Should we be looking at things like pruning of that portfolio the way you would have on an RW Garcia? Like I just want to understand some of the more technical components of what kind of will be factored in.

我們是否應該像對待 RW Garcia 那樣，考慮對該投資組合進行精簡？我只是想了解一些更技術性的組成部分，例如哪些因素會被考慮。

Now that the deal is kind of consummated.

現在這筆交易基本上已經完成了。

Yeah, fair question. So a couple of things, first of all, I would offer you we bought a similar size business or similar size route network in Nashville last year in Florida, and I'd say that generally the IO conversion discussion that we've had has not been driven by routes that we acquire because you think about it as we were already paying a commission.

嗯，問得好。首先，有幾點需要說明。我想說的是，我們去年在佛羅裡達州納許維爾收購了一家類似規模的公司或類似規模的路線網。我想說的是，我們通常進行的 IO 轉換討論並不是由我們收購的路線驅動的，因為您可以想想，我們已經支付佣金了。

In some cases, we didn't have a relationship and it was a new business, and so generally when we buy when we bought back our distribution is actually a benefit of less commission to a master distributor and they can put a commission to an independent operator where the IO conversion a couple of years ago was different as we were actually transitioning from we own the entire relationship on the revenue line to suddenly we had this commission that we were paying, so we don't anticipate mechanically. That being a topic of conversation next year, I do feel like you're getting the greatest hits of my first year when we talked about private labels rationalization. We're also not anticipating that to be a significant part of the story. If you think about where we've been on partner brands over time, all of these, all of the things that are on this route we would fall into the partner brand line within the P&L and we would expect that that will continue to decline modestly or you know continue to improve the decline will get lessened, but it will still continue over some period of time as we actually continue to expand our business. So I'm not sure I don't think you should expect a whole lot of historical mechanics to actually have to come back into this story.

在某些情況下，我們與對方沒有合作關係，而且這是一個新業務，因此通常情況下，當我們回購分銷權時，我們的分銷權實際上對總分銷商來說是一個優勢，佣金更少，他們可以向獨立運營商支付佣金。幾年前的 IO 轉換情況有所不同，因為我們實際上是從擁有整個收入關係過渡到突然要支付佣金，所以我們不會機械地進行預測。既然這將是明年要討論的話題，我覺得你正在聽到我第一年討論自有品牌合理化時的精華內容。我們也不認為這會成為故事的重要組成部分。如果你回顧一下我們過去在合作夥伴品牌方面取得的成就，所有這些，所有這些在這條路線上的東西，我們都會將其納入損益表中的合作夥伴品牌項下，我們預計它將繼續小幅下降，或者你知道，下降的幅度會逐漸減小，但隨著我們業務的不斷擴張，它仍會在一段時間內持續下去。所以我覺得你不應該期待很多歷史機制真的會在這個故事中重新出現。

Okay, cool, helpful, and then I don't know, a free served either Howard or Bill on this one, but I think part of the stock reaction today is in response to maybe the commentary around the 2026 margin and you know it seems like maybe there is a bit of backing off on that 16, but also in the quarter itself, I think that the EBITDA margins were okay, but the gross margins were a bit light. There was some discussion around a worse potato crop, I think that may be influenced and, I know you buy from the East Coast, but, there was like a record potato crop through most of the US this year, so just trying to understand like what happened and how quickly can you pivot and there should be a lot of cheap potatoes floating around. So just how quickly can you kind of recover that gross margin. Thanks very much.

好的，酷，很有幫助，然後我不知道，這次霍華德或比爾會免費提供什麼，但我認為今天股票的部分反應可能是對 2026 年利潤率相關評論的回應，你知道，看起來似乎對 16 的目標有所退縮，但就本季度本身而言，我認為 EBITDA 利潤率還可以，但毛利率有點​​低。有人討論過土豆收成不好的問題，我覺得這可能受到了影響。我知道你們是從東海岸進貨的，但是今年美國大部分地區的土豆都大豐收，所以我只是想了解到底發生了什麼，以及你們能多快調整策略，現在市面上應該有很多便宜的土豆。那麼，究竟要多快才能恢復毛利率呢？非常感謝。

Yeah, I'll start on potatoes and then Howard can can expand on it just to give a few facts, about a quarter of our raw materials basket is potatoes, and we source what we call chipping potatoes that that are mostly from the Midwest and East Coast. This is very different than the crop that is used by folks that manufacture, make and sell and deliver French fries as an example, but the areas that we source from are very close to our primary facilities. What we saw in the quarter was some weather related crop issues. Obviously we had a very cold, wettring in the east and then followed by a very dry summer. So what happens is that resulted in potatoes not meeting the quality specs, and it required more potatoes for the same throughput. So that was very different than a year ago. I think the good news is that that was that ended in the quarter. That's not something that is progressing. We've seen that the crowd come back and the tables are in good shape so we don't think we have a systemic issue here at all.

是的，我先從馬鈴薯說起，然後霍華德可以補充一些資訊。簡單來說，我們原料籃子裡大約四分之一是土豆，我們採購的土豆被稱為薯片用土豆，它們大多來自中西部和東海岸。這與生產、製造、銷售和配送炸薯條等食品的人們所使用的作物截然不同，但我們的原料來源地距離我們的主要生產設施非常近。本季我們看到了一些與天氣相關的農作物問題。顯然，東部地區經歷了非常寒冷潮濕的天氣，隨後又迎來了非常乾燥的夏季。因此，結果導致馬鈴薯不符合品質規格，同樣的產量需要更多的馬鈴薯。所以這和一年前的情況截然不同。我認為好消息是，這件事在本季就結束了。這件事並沒有取得進展。我們看到顧客又回來了，桌子也擺放得很好，所以我們認為這裡根本不存在系統性問題。

We think it happened in the quarter. It did add pressure to gross profit, but it is essentially behind us and isolated.

我們認為這件事發生在本季。這確實給毛利帶來了壓力，但基本上已經過去，而且是孤立的。

Yeah, and the only thing I'll add is, obviously if you think about the overall gross margin, while the some of the input costs were obviously a little bit higher, you also saw us address that with productivity and the distribution lines you saw distribution costs go down year over year which doesn't show up in gross margin for us.

是的，我唯一要補充的是，顯然，如果你考慮整體毛利率，雖然一些投入成本顯然略高，但你也看到我們透過提高生產效率和優化分銷管道解決了這個問題，分銷成本逐年下降，而這並沒有反映在我們的毛利率中。

So, I think if you look at the total cost basket and kind of how we work as operators to make sure that we're keeping those things in balance. I think that the journey through the P&L was a little bit different, but I think we address cost with cost.

所以，我認為，如果你看一下總體構成，以及我們作為運營商如何確保這些因素保持平衡，就會發現問題所在。我認為損益表的分析過程略有不同，但我認為我們是用成本控制來解決成本問題的。

Scott Marks with Jeffries.

Scott Marks 與 Jeffries 合作。

Hey, good morning. Thanks so much for taking the questions.

嘿，早安。非常感謝您回答這些問題。

The first thing I wanted to ask about is you called out in the prepared remarks some some softness on the border and talked about how you've you've kind of isolated the issues and are actively addressing them. Just wondering if you can share some incremental color on what you're seeing with that brand and and how you're thinking about those steps to correct the brand.

我首先想問的是，您在準備好的演講稿中提到了邊境問題上的一些軟弱之處，並談到您是如何將這些問題單獨列出來並積極解決的。想請您詳細介紹一下您目前對該品牌的觀察，以及您考慮採取哪些措施來糾正該品牌的問題。

Yeah, I think so. The first thing I would say, and I appreciate the question, the first thing I would say is, look, we don't believe that we have any sort of a structural issue on the border. I think it's a great brand for us. It's a business that we've been growing over time and we have a great deal of confidence

是的，我也這麼認為。首先我想說的是，我很感謝你的提問，首先我想說的是，我們認為邊境地區不存在任何結構性問題。我認為這對我們來說是一個很棒的品牌。這是一個我們隨著時間推移而不斷發展壯大的業務，我們對此充滿信心。

that the issues that we're having are relatively short-term in nature. And it's a couple of things.

我們目前遇到的問題本質上是短期的。有兩方面的原因。

One is obviously regionally we're seeing some greater consumer value seeking behavior both up and down the price ladder, and so we have some regional brands that have showed up that we are addressing that we're addressing in the near term. And then we had a we had a short-term issue that I don't really want to go too far into that we were able to identify early in Q3 that we had to that we had that we needed to address and we are actively addressing an isolated issue and you should see correction beginning in Q4 and into next year but I think overall we feel very good about the tortilla chip business just some short-term noise.

顯然，從區域層面來看，我們看到消費者在價格階梯的上下兩端都更加重視性價比，因此出現了一些區域性品牌，我們將在近期內著手解決這些問題。然後我們遇到了一個短期問題，我不太想深入探討，我們在第三季度初就發現了這個問題，我們必須解決它，我們正在積極解決這個孤立問題，你們應該會在第四季度開始看到調整，並持續到明年，但我認為總體而言，我們對玉米片業務感覺非常好，只是有一些短期波動。

Understood, thanks for that. And next question for me would be just on Boulder Canyon.

明白了，謝謝。接下來我想問的是關於博爾德峽谷的問題。

It sounds like it was another strong quarter, and I think he noted some shelf space being awarded for 2026. Wondering if you can kind of help us understand, is that kind of in expansion geographies, is that in core geographies with incremental products or categories, just trying to get a better sense of how those winds are coming about.

聽起來又是一個強勁的季度，而且我認為他提到了一些2026年的貨架空間。想請您幫我們理解一下，這種趨勢是在擴張地區，還是在核心地區透過增加產品或類別來實現？我們只是想更了解這些趨勢是如何形成的。

Yeah, so I appreciate the question.

是的，我很感謝你的提問。

Well, we feel very good about the momentum on Boulder Canyon, and obviously it will, it continues to drive a lot of growth for us and it's really driven by, obviously consumers looking for better for you credentials and a great tasting products and in the near over the last year-to-date we are, it is the number one potato chip brand in the national channel and we actually have the number one skew in the channel over all time periods for 13, 26, and 52 weeks. So that that business is growing really nicely primarily and I&I expected to continue.

我們對 Boulder Canyon 的發展勢頭感到非常滿意，顯然它將繼續為我們帶來巨大的成長，這主要得益於消費者對更健康、更美味產品的需求。在過去一年中，Boulder Canyon 一直是全國通路排名第一的薯片品牌，並且在 13 週、26 週和 52 週的所有時間段內，我們的銷售量都位居通路第一。所以這項業務目前發展勢頭良好，預計 I&I 將繼續保持這種勢頭。

If you look at the corner, it is being driven by both velocity and distribution gains. Velocity in the national channel up about 35% in the conventional channel up almost 200%. And you can, but you can also see the ACD where we are today is really only around 50, 52% versus say some a brand like us at a little over 80%. So as you look in the next year, we expect to continue to enjoy broader based distribution gains across channels and geography, we have a great deal of confidence and visibility into those into those opportunities.

如果你觀察一下角落，你會發現速度和分佈的提升都是推動它前進的因素。全國頻道收視率上升約 35%，傳統頻道收視率上升近 200%。當然可以，但你也可以看到，我們目前的 ACD 實際上只有 50% 到 52% 左右，而像我們這樣的品牌的 ACD 則略高於 80%。展望明年，我們預計將繼續在各個通路和地理上獲得更廣泛的分銷成長，我們對這些機會充滿信心和清晰的認識。

It will be predominantly getting our actual assortment correct broadly and actually driving potato chips. Into those markets and then innovation which we'll share a little bit more with you in February will also follow because I think one of the things we're we're most pleased with is our partners in both natural and conventional are supporting this brand and we're able to continue to sustain the momentum in both sides which is obviously a little bit unusual but an area that we take very seriously and making sure we're investing in growth.

主要目標是確保我們的產品種類齊全、準確無誤，並真正推動薯片的生產。進入這些市場，然後是創新，我們將在二月份與大家分享更多相關信息，因為我認為我們最欣慰的事情之一是，我們在天然和傳統領域的合作夥伴都在支持這個品牌，我們能夠繼續保持兩方面的增長勢頭，這顯然有點不尋常，但我們非常重視這個領域，並確保我們投資於增長。

Appreciate it. We'll pass it on.

謝謝。我們會轉達。

Thank you.

謝謝。

Robert Moskow from TD Cowen.

來自 TD Cowen 的 Robert Moskow。

Hi, thanks for the question. I wanted to ask Howard about how you viewed your biggest competitors line up of new products for next year.

您好，感謝您的提問。我想問霍華德，你如何看待你最大的競爭對手明年即將推出的一系列新產品。

They're adding a new subbrand that's natural colors. They're adding a protein chip line and a package redesign.

他們正在新增一個主打天然色彩的子品牌。他們正在增加蛋白質晶片產品線並重新設計包裝。

Do you see this having an impact on the category next year? Is it a positive?

你認為這會對明年的品類產生影響嗎？這是正面的嗎？

And do you think, in the fight for our shelf space does it does it influence what you're able to get in any way?

你認為，在爭奪貨架空間的過程中，這是否會對你能夠買到什麼商品產生任何影響？

Yeah, so look, a couple of things. I think that broadly speaking, anytime the category leader is active in trying to grow the category, it's a net positive for all of us. I just, I think that, what you look at this brand at this category over time and has been innovation and communication that is really kind of driven consumer interest and appeal. So I think that regardless of who the competitor is, if they are able to bring more shoppers down the aisle, that is a net positive for us and and for the category.

是的，有幾件事。我認為總的來說，任何時候，當品類領導者積極努力發展該品類時，對我們所有人來說都是利大於弊的。我認為，隨著時間的推移，這個品牌在這個品類中一直保持著創新和溝通，這真正推動了消費者的興趣和吸引力。所以我認為，無論競爭對手是誰，如果他們能吸引更多顧客進店購物，這對我們和整個品類來說都是利大於弊的。

I think if you look at what does that mean for us, I think there are a few things that retailers like about our business.

我認為，如果你看看這對我們意味著什麼，我認為零售商喜歡我們業務的幾個方面。

One is that we can that we are generally incremental.

一是我們可以說我們通常是漸進式的。

Two is that we actually bring investment and support through a hybrid model that can get it through DSC or DTW.

第二點是，我們實際上是透過混合模式引入投資和支持，可以透過 DSC 或 DTW 實現。

And third is that you know we all can see the same data sets now of what our products are doing in their stores. And so I'm not concerned that we can't get the distribution gains that we have certainly have not heard. For many retailers that that has been an issue because I think that they are that our core offering in our partnership.

第三，你知道我們現在都可以看到相同的資料集，了解我們的產品在商店裡的表現。因此，我並不擔心我們無法獲得我們尚未聽說的分配收益。對許多零售商來說，這一直是個問題，因為我認為它們是我們合作關係中的核心產品。

Continues to grow and mature and I think that will that should continue to yield the types of gains that we have been expecting to allow us to grow 200basis points to 300 basis points faster than the category. So I think overall I would view it as a net positive thing. Obviously communication and innovation are always uncertain, and we'll see how the consumer responds to all of the offerings across all the category participants next year.

持續成長和成熟，我認為這將繼續帶來我們一直期望的收益，使我們的成長速度比同類產品快 200 到 300 個基點。所以總的來說，我認為這是一件利大於弊的事。顯然，溝通和創新總是充滿不確定性，明年我們將看到消費者對所有品類參與者提供的所有產品的反應。

Okay, and I know you got asked this last quarter, but protein chips, there's clearly a significant pocket of demand for that type of product, and I want to know if you're thinking on that subcategory has evolved in any way and just to discuss that.

好的，我知道上個季度有人問過你這個問題，但是蛋白質薯片，顯然這類產品有很大的需求，我想知道你是否認為這個細分市場已經發生了任何變化，我們想討論一下這個問題。

Yeah, I mean, look, I think that if you were to look at sort of the consumer trends right now that are out there protein, non-seed oil, portion control, substantial snacking are all areas that we, continue to understand the consumer is looking for and are seeking to try to address, I think when we get to February we can show you how we think about addressing all of those subcategories as we talk about our innovation line up. But certainly, as a consumer marketing guy, I want to sell the products to consumers that they're most interested in and be able to sort of drive the trend, which is kind of what you're seeing right now in Boulder, so more to come on innovation, but it is certainly an area that we are paying attention to.

是的，我的意思是，你看，我認為如果你看看現在的消費趨勢，蛋白質、非種子油、份量控制、大量零食都是我們持續了解消費者正在尋找並試圖解決的領域。我認為到了二月份，我們可以向你展示我們是如何考慮解決所有這些細分領域的，同時也談到我們的創新產品線。當然，身為消費者行銷人員，我希望將產品賣給消費者最感興趣的人，並且能夠引領潮流，這正是你現在在博爾德看到的，所以關於創新還有更多內容，但這無疑是我們正在關注的領域。

John Bob Gartner from Mizuho.

來自瑞穗銀行的約翰·鮑勃·加特納。

I'd like to ask about next generation productivity. I guess as savings migrate down to more normalized levels as a percent of COGS, maybe the dollar amount of savings moderates, but how should we think about the ROI from new productivity initiatives elsewhere, whether it's on sales growth, volume, in store execution. I mean, I'm guessing there's benefits outside of pure dollar savings from new technology. So I'm curious, your thoughts, your view and implications for the top-line.

我想了解下一代生產力方面的問題。我想，隨著節省的成本佔銷售成本的比例逐漸下降到更正常的水平，節省的金額可能會趨於平穩，但我們應該如何看待其他方面新的生產力提升舉措的投資回報率，無論是銷售增長、銷量還是店內執行情況。我的意思是，我猜新技術除了節省金錢之外，還有其他好處。所以我很好奇，您對此有何看法、觀點以及對營收的影響。

Yeah, so I mean I can start and offer to be look, I think a lot of what we've done on the productivity line to your point has been really around getting the supply chain consolidation and modernization investments done, I think we still continue to have opportunities in our ways of working and and equipping our independent operator partners with better information on how to execute sales and make our assortment and our display activity further impactful.

是的，我的意思是，我可以先提出建議，我認為我們目前在提高生產力方面所做的許多工作，正如您所說，實際上都圍繞著供應鏈整合和現代化投資。我認為我們在工作方式方面仍然有機會，可以為我們的獨立運營商合作夥伴提供更好的信息，幫助他們更好地執行銷售，並使我們的產品組合和展示活動更具影響力。

I think it winds up it should be a top-line enabler over time and I would anticipate that's going to be part of the way that you'll see us continue to outperform the market as we as we continue and get audit that, a couple 100 basis points better than the category, I think in the in the near term. What I would offer you is that we have, a lot, we have a lot of work that we are completing and you'll start to see that productivity set down to, world, at or above world class levels still at that 3% to 4% and the rest will kind of communicate as we understand it.

我認為隨著時間的推移，它最終應該會成為一項重要的推動因素，我預計這將是我們繼續跑贏市場的部分原因，隨著我們不斷進行審計，我認為在短期內，我們的業績將比同類產品高出幾百個基點。我想告訴你們的是，我們有很多工作正在完成，你們將會看到生產力已經達到甚至超過世界一流水平，仍然保持在 3% 到 4% 的水平，其餘的我們會根據我們的理解進行溝通。

Yeah, thanks for the question. Thanks, Howard. You know that's a great point for us, and I'll just build on Howard's points, it's what we try to call our second wave of value capture. If you think about kind of within the supply chain and outside the rest of the company, there are still areas that we continue to grow, on the supply chain side, obviously we have opportunities in the indirect procurement that we've done in the direct procurement. We have opportunities to work in capital inventory management.

謝謝你的提問。謝謝你，霍華德。你知道這對我們來說非常重要，我只想在霍華德的觀點基礎上補充一點，這就是我們所說的第二波價值獲取浪潮。如果你從供應鏈內部以及公司外部的角度來看，我們仍然有一些領域需要繼續發展。在供應鏈方面，顯然我們在間接採購方面擁有與直接採購類似的機會。我們有從事資本庫存管理的工作機會。

If you think about the DSD network that we have and continue to optimize our transportation logistics, that's helpful to us. And then within the four walls of manufacturing plan, I think the team will take the next step on OEE improvement, predictive maintenance, etc. and then as you kind of expand outside the supply chain, parts of the business that other others of us drive, you can think about automation and data leverage, whether it's RPAs and analytics and bots, the advanced demand tools that are out there, self-serve analytics, digital twin modeling, I can go on and on, but there is a club of opportunities for us to continue to drive creativity at very high levels.

想想我們現有的DSD網絡，並不斷優化我們的運輸物流，這對我們來說是有幫助的。然後，在製造計畫的框架內，我認為團隊將著手改進 OEE、預測性維護等。隨著業務拓展到供應鏈之外，也就是我們其他人負責的業務領域，我們可以考慮自動化和數據利用，無論是 RPA、分析和機器人，還是現有的先進需求工具、自助式分析、數位孿生建模等等，我可以繼續列舉下去，但我們有很多機會可以繼續在高水準上推動創新。

Jim Salera from Stevens.

來自史蒂文斯的吉姆·薩萊拉。

I want to dig in a little bit on some of the market share dynamics because I, I've been impressed by the continued gain obviously and expansion but maybe even more so in core where you guys have a lot more visibility and awareness. You just kind of walk through where you're seeing that incremental market share pick up in the core market and is there maybe an opportunity as we think about, retailers really fine tuning what they have on shelf to make sure they're capitalizing on any pockets of growth, is there maybe opportunity to continue to see sustained share gains in the core market?

我想深入探討市場佔有率的動態，因為我對你們持續成長和擴張印象深刻，尤其是在核心市場，你們在那裡擁有更高的知名度和認知度。你只需仔細觀察核心市場中市場份額逐步增長的趨勢，就會發現，隨著零售商不斷調整貨架上的商品，確保抓住任何增長點，這是否意味著有機會在核心市場繼續獲得持續的市場份額增長？

Yeah, I mean, so a couple of things I think.

是的，我的意思是，我想有幾點。

I think as our strategy had been to hold the core and then grow it grow through expansion markets and obviously to your point, we are pleased with that that we're actually taking share in our core markets as well.

我認為我們的策略一直是守住核心市場，然後透過拓展市場實現成長，顯然正如您所說，我們很高興看到我們在核心市場也獲得了市場份額。

Not surprisingly, as when you look at our original strategy, we had said that really our core market is most significantly in us market. And that the opportunity was to continue to expand our assortment of our power for brands into the core geography as you look at kind of this year, obviously Boulder Canyon is a significant contributor to the core along with, pretzels and cheese. I think also continue to be areas where, we're seeing some better performance.

不出所料，正如我們最初的策略所述，我們曾說過，我們的核心市場實際上是美國市場。而今年的機會在於繼續擴大我們旗下品牌在核心地區的市場份額，正如你今年所看到的，博爾德峽谷（Boulder Canyon）顯然是核心市場的重要貢獻者，椒鹽捲餅和起司也是如此。我認為在某些領域，我們也看到了更好的表現。

So I think what you're seeing is the our portfolio shifting in the core a little bit and that the benefit of the breadth of our portfolio is actually coming through in that in that market share performance. I think the other thing that is helping us is that the convenience store channel continues to improve or by no means where we need to be yet, but as that becomes less negative, it actually also continues to help us as we look at overall market share. I think longer-term. It is the one geography where we are most linked to the category. It's kind of really the only one. And so I think what you'll expect to see us do is we'll drive our shares innovation, communication and assortment to drive it further. But I think we like the notion of over the long-term if we can hold if we can hold there and get our expansion markets growing faster, that you'll continue to see the performance that we're getting.

所以我認為你看到的是我們的核心投資組合略有調整，而我們投資組合的廣度優勢實際上正在市場份額表現中體現出來。我認為對我們有幫助的另一件事是便利商店通路持續改善，雖然遠未達到我們需要的水平，但隨著這種情況的負面影響減少，實際上也繼續幫助我們提升整體市場份額。我認為應該著眼長遠。這是與我們該類別聯繫最緊密的地區。它幾乎是唯一一個。因此，我認為大家將會看到我們透過創新、溝通和產品組合來推動我們的股票進一步成長。但我認為，從長遠來看，如果我們能夠守住現狀，並讓我們的擴張市場成長得更快，那麼我們將繼續看到我們正在取得的表現。

Right, and then maybe as a follow-up you guys called out Florida, Illinois, I think Colorado and Missouri as expansion markets that are above 4. I talked a little bit about Florida already, but maybe if you can just highlight, are there any kind of, idiosyncratic, whether it's brands or, consumer kind of consumption patterns in those states that drive that share, 100 basis points ahead of kind of the average expansion, market share.

對，然後作為後續，你們提到了佛羅裡達州、伊利諾伊州，我想還有科羅拉多州和密蘇裡州，它們都是擴張市場，而且都高於 4。我之前已經稍微談到了佛羅裡達州，但也許您可以重點指出，這些州是否存在某種獨特的品牌或消費者消費模式，從而推動市場份額比平均擴張率高出 100 個基點。

I actually, not really. I mean, generally speaking, they tend to those four markets obviously are some of our fastest growing. They're averaging, about 6%, 6.4% growth across them and what we wanted to highlight is that we're getting that after we get distribution gains in some of our older vintage expansion markets that we are continuing to show and sustain growth.

其實，我並不是真的。我的意思是，總的來說，他們傾向於這四個市場，這四個市場顯然是我們成長最快的市場之一。它們的平均成長率約為 6% 至 6.4%，我們想強調的是，在我們一些較早年份的擴張市場獲得分銷成長之後，我們正在繼續展示並保持成長。

I do think in those markets what is true is we do have very strong relationships with the national retailers and our IOs in those markets and so we continue to see very good execution there and I think that the nature of our relationship with those retailers is actually what you continue to see. They continue to reward us with space and we continue to invest and make sure that we're participating in their category growth and it's kind of working for everyone.

我認為在這些市場中，事實是我們與全國零售商和我們在這些市場的代理商建立了非常牢固的關係，因此我們繼續看到非常好的執行效果，我認為我們與這些零售商的關係的性質實際上就是你們繼續看到的結果。他們繼續給予我們空間作為回報，我們也繼續投資，確保我們能夠參與他們的品類成長中，這對每個人來說都是一個有利的局面。

Great, I appreciate that. I'll back in queue.

太好了，非常感謝。我重新排隊。

Rupesh Parikh from Oppenheimer.

奧本海默的魯佩什·帕里克。

So I guess just going back to the salty snacks category. I know it's, obviously there's still a challenge out there, but if you guys look forward, are there any green shoots or anything that gives you optimism as you look out in the coming quarters?

所以我想我還是回到鹹味零食這個類別吧。我知道，顯然現在仍然面臨挑戰，但展望未來，你們有沒有看到任何積極的跡像或令人樂觀的跡象，讓你們對未來幾季充滿信心？

Yeah, look, I think I continue to believe and have been a salty bowl. I think that it's a great category and I think it's probably the best in in food. And I continue to look at household penetration as the first place that I would look at is our consumers coming and participating in this category more this year than they did the year before and the year before that. And I think the answer to that continues to be yes.

是的，你看，我認為我仍然相信，而且一直都是個憤世嫉俗的人。我認為這是一個很棒的類別，而且我認為它可能是食品類中最好的類別。我將繼續關注家庭滲透率，這是我首先要關注的地方，即今年我們的消費者參與這一類別的積極性是否高於前一年和前年。我認為答案仍然是肯定的。

It's not immune to the dynamics of the market and the consumer environment, but on average, when consumers are choosing how to invest their money into an affordable indulgence, they continue to choose salty more than they did the year before. So I think in that regard I remain very optimistic about where the category is. I think second is if you look at the category progressing, we did say that we thought that the category would get better, would progress through the course of the year and become less negative, obviously we thought we'd be more flattish in the year, so we're a little off of that. But you do see that the category has been improving through the course of the year, which I also think. Isn't that positive and then the last thing I'll say is that if you look at category participants, it is, we have always been an innovation and communication brand brand led category and that continues to be the case. The pricing environment remains rational. You're not seeing things that they don't make sense, and I think you're seeing some of the some of the drivers that have always driven this category coming back more to the front.

雖然它並非不受市場和消費環境動態的影響，但平均而言，當消費者選擇如何將錢投資於負擔得起的享受時，他們選擇鹹味食品的次數仍然比前一年更多。所以我覺得在這方面，我對這個類別的發展前景仍然非常樂觀。我認為第二點是，如果你觀察這個類別的發展情況，我們確實說過我們認為這個類別會好轉，會在這一年中取得進步，並且負面情況會減少，顯然我們認為這一年會比較平穩，所以我們有點偏離了預期。但你確實可以看到，這個類別在這一年中一直在進步，我也這麼認為。這不是一個正面的訊號嗎？最後我想說的是，如果你看看這個品類的參與者，你會發現我們一直是個以創新和傳播為主導的品牌，而這種情況還會持續下去。定價環境依然理性。你看到的並非毫無道理，我認為你會看到一些一直以來在這個領域佔據主導地位的車手重新回到了前列。

So overall I feel pretty good about where the category is going, obviously it's been an uneven category for the last couple of years, but I continue to be very much, very optimistic about the future of this portfolio, about the category and this portfolio.

總的來說，我對這個類別的發展方向感覺相當不錯。顯然，過去幾年這個類別的發展並不穩定，但我仍然對這個投資組合、這個類別以及這個投資組合的未來非常非常樂觀。

Great. And then maybe just one follow-up question. You guys also, talked about some of your marketing efforts and also noted that I think you plan to increase your investments in retail media. So just curious what you're seeing there in terms of effectiveness and returns on your efforts with retail media.

偉大的。然後或許還可以問一個後續問題。你們也談到了一些行銷方面的舉措，並且提到你們計劃增加對零售媒體的投資。所以，我很好奇您在零售媒體方面的投入，在效果和回報方面看到了什麼。

Yeah, I, so a couple of things, obviously we committed investor day to 40% marketing investment year over year over year. Last year we delivered 68% this year, year-to-date we're right around 30% and that that is really being driven by the consumer pressure, our strategy has always been that we'll build the business overnight and our brands over time. And that will be flexible about where we make those investments in any given quarter. And so as we look at this quarter and we look at some of the distribution gains we had and some of the opportunities that we had to invest in retail, media, they were the place that we prioritize. We by no means have a lack of investment op high ROI investment opportunities that we can make, but we will we will always be choiceful in what we're doing first and this quarter. It made more, it made a lot of sense for us to invest in the retail pressure, that we could get as consumers or in store and making choices. So, you'll continue to see us making investments in consumer media, and you'll continue to see that 40% kind of progressing into 2026.

是的，有幾件事，顯然我們在投資者日承諾，行銷投資將逐年成長 40%。去年我們完成了 68% 的目標，而今年到目前為止，我們的目標完成率在 30% 左右，這主要是由於消費者的壓力造成的。我們的策略一直是，我們將在一夜之間建立起業務，並隨著時間的推移打造我們的品牌。而且，我們會根據每季的具體情況靈活調整投資方向。因此，當我們回顧本季度，審視我們在分銷方面的一些進展，以及我們在零售和媒體領域的一些投資機會時，這些領域是我們優先考慮的。我們絕不缺乏高投資報酬率的投資機會，但我們始終會謹慎選擇我們首先和本季要做的事情。對我們來說，投資零售壓力，也就是我們身為消費者在商店裡做出選擇時所感受到的壓力，是非常有意義的。所以，你會看到我們繼續投資消費者媒體，你會看到 40% 的比例在 2026 年繼續維持下去。

Peter Grom with UBS.

Peter Grom，來自瑞銀集團。

Great, thank you. Good morning, everyone. I wanted to ask maybe two related questions on the category, one more from an innovation perspective and maybe more just how you're seeing it going forward. So more just kind of a follow-up to Rob's question, which I thought was a good one.

太好了，謝謝。各位早安。我想就這個類別問兩個相關的問題，一個是從創新角度出發，另一個是想了解您對它未來發展的看法。所以，這其實是對羅布問題的補充，我覺得他的問題問得很好。

You talked about this a little bit in your prepared remarks around, highlighting your ingredients, removing artificial dyes and kind of the protein, dynamic that you alluded to earlier. I guess my question is. 00, do you think this innovation, can actually move the needle and drive an improvement in category growth as we look at, out of 26, and then, just related, you touched on kind of the sequential improvement, albeit maybe at a slower pace than you anticipated. Do you have any preliminary views on the category or industry as we look at the 2026?

你在事先準備好的演講稿中稍微談到了這一點，重點介紹了你的成分，去除了人工色素，以及你之前提到的那種活性蛋白質。我想問的是，00，您認為這項創新能否真正帶來改變，並推動品類成長的改善？我們來看，在26個品類中，您也提到了某種程度上的循序漸進的改善，儘管速度可能比您預期的要慢。展望 2026 年，您對該類別或產業有任何初步看法嗎？

So look, I think I'll start with the innovation question first. The short answer is yes, I do actually think that innovation can help move the category. I mean, it's, I think that what you really when you look at innovation, what you're really trying to do is to drive consumer engagement in the category and so a consumer may buy a product and then pick up a normal bag of whatever their typical repertoire is and if they haven't been down the aisle in a little while. I think that that always helps with consumer interest and keeping the assortment fresh and keeping news coming through. So I do think that it can help drive the category. Obviously, the category is large and it has a lot of, traditional portfolio of offerings and those offerings also need to be healthy and growing and part of that is I think what you're talking about in terms of Ingredient simplification, artificial dot flavors and colors, those are frankly the need not only addressing, what consumer interests are in, but also making sure that the that this category overall and obviously our products remain on trend and allow consumers engagement in potentially a modestly different way. I mean, a reminder 80% of our portfolio already exists as, no artificial flavors or colors. And and so we'll continue to highlight those credentials as we go forward across our range.

所以，我想我先從創新問題談起。簡而言之，答案是肯定的，我確實認為創新可以幫助推動這一領域的發展。我的意思是，我認為當你審視創新時，你真正想要做的是推動消費者對該品類的參與，因此消費者可能會購買一種產品，然後拿起他們通常購買的普通包裝袋，如果他們已經有一段時間沒有去過貨架區了。我認為這始終有助於維持消費者的興趣，保持產品種類新鮮，並不斷帶來新的資訊。所以我認為它有助於推動該品類的發展。顯然，這個品類很大，擁有許多傳統的產品組合，這些產品也需要保持健康成長。我認為，你提到的成分簡化、人工香料和色素等方面，正是實現這一目標的必要條件。坦白說，這些不僅是為了滿足消費者的興趣，也是為了確保整個品類，當然也包括我們的產品，保持潮流，並以可能略有不同的方式讓消費者參與其中。我的意思是，提醒一下，我們產品組合中 80% 的產品都不含人工香料或色素。因此，我們將繼續在產品系列中重點宣傳這些優勢。

I think if you look at our future innovation path, there are opportunities to, get new consumers into the portfolio who potentially weren't there before as we're entering into new geographies, I think innovation is a piece of the story, but our core assortment and it's trial and repeat rates are very strong and so getting those products in front of the consumer also will be critically important to our topline group. So yes, I think it can help. I think the whole portfolio story has to continue in order for the category to grow significantly over time and I feel pretty good that that's where we all are taking steps to do.

我認為，展望我們未來的創新之路，我們有機會將以前可能不在產品組合中的新消費者納入其中，因為我們正在進入新的地域市場。我認為創新是其中的一部分，但我們的核心產品組合及其試用率和復購率都非常強勁，因此，讓這些產品出現在消費者面前對於我們的營收成長也至關重要。所以，是的，我認為它會有幫助。我認為，為了讓這個類別隨著時間的推移而顯著增長，整個投資組合的故事必須繼續下去，我感覺我們所有人都在朝著這個方向努力，這真是太好了。

(Operator Instructions)

（操作說明）

And with no further questions and queue.

而且無需其他詢問和排隊。

This is going to conclude our conference call. You may now disconnect.

我們的電話會議到此結束。您現在可以斷開連線了。