Universal Corp (UVV) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Universal Corporation first-quarter fiscal year 2025 earnings call.

大家好，歡迎參加今日的環球公司 2025 財年第一季財報電話會議。

(Operator Instructions) Please note, this session is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

(Operator Instructions)

（操作員說明）

And it is now my pleasure to turn the floor over to Jennifer Rowe.

現在我很高興將發言權交給珍妮佛羅。

Please go ahead.

請繼續。

Thank you, Jim.

謝謝你，吉姆。

Thank you for joining us.

感謝您加入我們。

George Freeman, our Chairman, President and CEO; Airton Hentschke, our Chief Operating Officer; and Johan Kroner, our Chief Financial Officer, are here with me today and will join me in answering questions after these brief remarks.

喬治‧弗里曼，我們的董事長、總裁兼執行長； Airton Hentschke，我們的營運長；我們的財務長約翰·克羅納 (Johan Kroner) 今天也和我在一起，在簡短發言後將與我一起回答問題。

This call is being webcast live and will be available on our website and on telephone taped replay.

這次電話會議正在進行網路直播，並將在我們的網站上和電話錄音重播中播放。

They remain on our website through November 7, 2024.

它們將在 2024 年 11 月 7 日之前保留在我們的網站上。

Other than the replay, we have not authorized and disclaim responsibility for any recording, replay or distribution of any transcription of this call.

除重播外，我們未授權對本次通話的任何錄音、重播或分發進行任何錄音、重播或分發，且不承擔任何責任。

This call is copyrighted and may not be used without our permission.

此通話受版權保護，未經我們許可不得使用。

Before I begin to discuss our results, I caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only.

在開始討論我們的結果之前，我提醒您，我們將根據我們當前的知識和對未來的一些假設做出前瞻性陳述，並且僅在今天具有代表性。

Actual results could differ materially from projected or estimated results, and we assume no obligation to update any forward-looking statements.

實際結果可能與預期或估計結果有重大差異，我們不承擔更新任何前瞻性陳述的義務。

For information on some of the factors that can affect our estimates, I urge you to read our 10-K for the year ended March 31, 2024.

有關可能影響我們估計的一些因素的信息，我強烈建議您閱讀我們截至 2024 年 3 月 31 日的年度 10-K。

Such risks and uncertainties include, but are not limited to, customer-mandated timing of shipments, weather conditions, political and economic environment, government regulation and taxation, changes in exchange rate and interest rates, industry consolidation and evolution and changes in market structure or sources.

此類風險和不確定性包括但不限於客戶規定的發貨時間、天氣條件、政治和經濟環境、政府監管和稅收、匯率和利率的變化、行業整合和演變以及市場結構的變化或來源。

Finally, some of the information that I have for you today may be based on unaudited allocations and is subject to reclassification.

最後，我今天為您提供的一些資訊可能基於未經審計的分配，並且可能會重新分類。

In an effort to provide useful information to investors, our comments today may also include non-GAAP financial measures.

為了向投資者提供有用的信息，我們今天的評論可能還包括非公認會計準則財務指標。

For details on these measures, including reconciliations to the most comparable GAAP measures, please refer to our current earnings press release.

有關這些措施的詳細信息，包括與最具可比性的公認會計準則措施的調節，請參閱我們當前的收益新聞稿。

Universal Corporation is off to a strong start for our fiscal year 2025.

Universal Corporation 的 2025 財年開局良好。

For the quarter ended June 30, 2024, revenue was $597.1 million, up approximately 15% for both our tobacco and ingredient operations segments, while operating income was $17.2 million, up $6.2 million or 56% compared to the same quarter last fiscal year.

截至2024 年6 月30 日的季度，菸草和原料業務部門的營收為5.971 億美元，成長約15%，營業收入為1,720 萬美元，與上一財年同期相比成長620 萬美元，成長56% 。

Our revenue increase in the tobacco operations segment was driven by higher sales volumes and prices.

我們菸草業務部門的收入成長是由銷售和價格上漲所推動的。

Coming out of an exceptional fiscal year 2024, we benefited from continued strong demand from our tobacco customers.

2024 財年是優秀的財年，我們受惠於菸草客戶持續強勁的需求。

We believe this demand will continue to support solid results for the segment for fiscal year 2025.

我們相信這項需求將繼續支持該部門在 2025 財年取得穩健的表現。

Our strategic decisions to accelerate tobacco crop purchasing allowed us to secure our contracted tobacco in certain dynamic markets, which has positioned us well to meet customer demand.

我們加速菸草作物採購的策略決策使我們能夠在某些活躍的市場中確保我們的合約菸草，這使我們能夠很好地滿足客戶的需求。

As in previous fiscal years, we expect that tobacco shipment timing and related revenue recognition will be more heavily weighted towards the second half of fiscal year 2025.

與先前的財年一樣，我們預期菸草運輸時間和相關收入確認將在 2025 財年下半年得到更大的重視。

Our uncommitted tobacco inventory levels at June 30, 2024, remained low at about 13%, and we believe that global leaf tobacco remains in an undersupply position.

截至 2024 年 6 月 30 日，我們的未承諾菸草庫存水準仍處於約 13% 的低位，我們認為全球菸葉仍處於供應不足的狀態。

Looking ahead, we expect that recent elevated green tobacco prices will incentivize farmers to increase planting for the next season, potentially leading to more balanced markets in the coming years.

展望未來，我們預計近期綠色菸草價格的上漲將激勵農民增加下一季的種植面積，從而有可能在未來幾年帶來更平衡的市場。

We work closely with our contract farmers to provide guidance and support to promote increased production.

我們與合約農民密切合作，為促進產量增加提供指導和支持。

During the quarter ended June 30, 2024, our ingredients operations segment also delivered improved performance, primarily based on increased sales volume.

在截至 2024 年 6 月 30 日的季度中，我們的原料營運部門的業績也有所改善，這主要是由於銷售量的增加。

New product sales have increased across our ingredients platform, contributing to positive results.

我們的原料平台上的新產品銷售量增加，帶來了正面的業績。

These increased sales, combined with general improvement in certain markets and recovery of demand for our core products drove the 15% increase in sales revenue for the segment as compared to the same quarter last fiscal year.

銷售額的增加，加上某些市場的普遍改善以及我們核心產品需求的復甦，推動該部門的銷售收入與上一財年同期相比增長了 15%。

As expected, our debt level remained elevated at June 30, 2024.

正如預期的那樣，截至 2024 年 6 月 30 日，我們的債務水準仍處於較高水準。

As our committed tobacco inventory, which represented 87% of total tobacco inventories at June 30, 2024, are processed and delivered to customers, we anticipate working capital to unwind during fiscal year 2025.

截至 2024 年 6 月 30 日，我們承諾的菸草庫存（佔菸草庫存總量的 87%）已處理並交付給客戶，我們預計營運資金將在 2025 財政年度釋放。

Some financial highlights for the quarter ended June 30, 2024.

截至 2024 年 6 月 30 日的季度的一些財務亮點。

Net income for the quarter was $0.1 million or $0.01 per diluted share.

本季淨利為 10 萬美元，即稀釋後每股收益 0.01 美元。

Net income increased by $2.2 million and diluted earnings per share increased by $0.09 for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023.

與截至 2023 年 6 月 30 日的季度相比，截至 2024 年 6 月 30 日的季度淨利潤增加了 220 萬美元，稀釋每股收益增加了 0.09 美元。

Operating income of $17.2 million for the quarter increased by $6.2 million.

該季度營業收入為 1,720 萬美元，增加了 620 萬美元。

Selling, general and administrative expenses were up $3.2 million in the quarter ended June 30, 2024, largely on unfavorable foreign currency comparisons.

截至 2024 年 6 月 30 日的季度，銷售、一般和管理費用增加了 320 萬美元，主要是由於不利的外幣比較。

Some highlights for our operating segments.

我們營運部門的一些亮點。

Operating income for the tobacco operations segment increased by $5.6 million to $14.5 million for the quarter ended June 30, 2024, compared to the quarter ended June 30, 2023. tobacco operations segment operating income was up in the quarter ended June 30, 2024, largely on higher carryover crop shipments as well as higher earnings from our oriental tobacco joint venture.

與截至2023 年6 月30 日的季度相比，截至2024 年6 月30 日的季度，菸草業務部門的營業收入增加了560 萬美元，達到1,450 萬美元。菸草業務部門的營業收入成長了560 萬美元，增幅最大。

Operating income for the ingredients operations segment was up $4.9 million for the quarter ended June 30, 2024.

截至 2024 年 6 月 30 日的季度，原料營運部門的營業收入成長了 490 萬美元。

Results for the ingredients operations segment for the quarter were up primarily due to increased sales volumes, which included higher sales of new products as well as some increases in sales of core products, notably fruit juices.

本季原料業務部門的業績成長主要是由於銷售量增加，其中包括新產品銷售的增加以及核心產品（尤其是果汁）銷售的一些成長。

Accelerated purchasing by certain customers and lower inventory write-downs also increased results for the segment in the first quarter of fiscal year 2025 compared to the same period last fiscal year.

與上一財年同期相比，某些客戶的加速採購和較低的庫存減記也提高了該部門 2025 財年第一季的表現。

Test runs and certifications of the processing lines for our Lancaster, Pennsylvania expansion project are progressing well, and the facility remains on track to become fully operational in the second half of this fiscal year.

我們賓州蘭卡斯特擴建計畫的加工生產線的測試運作和認證進展順利，該設施預計在本財年下半年全面投入營運。

Along with the expansion project, we continue to focus on our commercial and research and development teams to enhance the capabilities and specialized products, we are able to offer universal ingredients' customers.

隨著擴建專案的進行，我們繼續專注於我們的商業和研發團隊，以增強能力和專業產品，我們能夠為通用成分的客戶提供服務。

We continue to expect the project to meaningfully contribute to our ingredients operations segment results in fiscal year 2026.

我們仍預期該專案將為我們 2026 財年的原料業務部門業績做出有意義的貢獻。

Reducing our environmental impact remains a key business goal for Universal.

減少對環境的影響仍然是環球公司的關鍵業務目標。

Setting Scope 1, 2, and 3 greenhouse gas emission targets with the science-based target initiative in 2021 and committing to publicly disclosing our progress towards meeting those targets by 2030 are some of the ways we demonstrate our commitment to sustainability.

我們透過基於科學的目標倡議在2021 年設定範圍1、範圍2 和範圍3 溫室氣體排放目標，並承諾公開披露我們在2030 年前實現這些目標的進展情況，這是我們展示我們對永續發展承諾的一些方式。

The credibility of our disclosures is contingent on the accuracy of our emissions data and the methods we use to calculate them.

我們揭露的可信度取決於我們排放數據的準確性以及我們用於計算這些數據的方法。

We are pleased to announce that we received independent third-party verification of our Scope 1 and 2 emissions data as well as our Scope 3 emissions data associated with tobacco purchased through our supply chain and the methods we use to calculate our missions.

我們很高興地宣布，我們收到了獨立第三方對我們的範圍 1 和 2 排放數據以及與透過我們的供應鏈購買的煙草相關的範圍 3 排放數據以及我們用於計算任務的方法的驗證。

These important milestones reinforce our dedication to the public and transparent disclosure of our progress towards our goals and the importance of sustainability to Universal.

這些重要的里程碑強化了我們對大眾的奉獻精神，透明地揭露了我們實現目標的進展以及永續發展對環球影業的重要性。

For over 100 years, Universal has successfully managed our business and generated strong cash flows over time under a wide range of market conditions.

100 多年來，Universal 成功管理了我們的業務，並在廣泛的市場條件下隨著時間的推移產生了強勁的現金流。

We continue to leverage our global footprint to alleviate the impact of localized disruptions, such as adverse weather.

我們繼續利用我們的全球足跡來減輕惡劣天氣等局部幹擾的影響。

Our proactive approach to understanding and responding to the changing world in which we operate and our deep understanding of our customers' needs will serve us well as we continue our endeavor to deliver consistent results year over year.

我們積極主動地了解和應對我們所處的不斷變化的世界，以及我們對客戶需求的深刻理解，將為我們提供良好的服務，讓我們繼續努力年復一年地提供一致的結果。

At this time, we are available to take your questions.

目前，我們可以回答您的問題。

(Operator Instructions) Ann Gurkin, Davenport & Co.

（操作員說明）Ann Gurkin，Davenport & Co.

Congratulations on a terrific start to your fiscal year.

祝賀您的財政年度取得了良好的開端。

Thank you very much.

非常感謝。

I want to talk -- start with tobacco and the update about estimated lease production for 2025, and your comments, we might move towards more of a balanced supply environment.

我想談談——從菸草和 2025 年估計租賃產量的最新情況開始，以及您的評論，我們可能會轉向更平衡的供應環境。

So that outlook combined with some comments from some of your top customers indicating prices, tobacco leaf prices have been up, but expected to moderate going into 2025.

因此，這一前景與一些頂級客戶對價格的評論相結合，菸葉價格已經上漲，但預計到 2025 年將有所放緩。

I was wondering how I should think about the combination of those two factors as we look forward to fiscal '26 and potential margins for your tobacco segment.

我想知道當我們期待 26 財年和菸草部門的潛在利潤時，我應該如何考慮這兩個因素的組合。

Yes.

是的。

No, that's a very good point there.

不，這是一個很好的觀點。

And we are coming out of two, three crops of undersupply.

我們正在擺脫兩、三茬作物的供應不足。

And that, of course, has generated an inflationary green price all around the globe.

當然，這在全球範圍內導致了綠色價格的通貨膨脹。

But what we are seeing now is for 2025, different weather pattern, mild La Niña, which means a little bit dry in South America and Brazil and some more rain in Africa.

但我們現在看到的是 2025 年，不同的天氣模式，溫和的拉尼娜現象，這意味著南美洲和巴西會有點乾燥，而非洲會有更多降雨。

So a mild La Niña should produce bigger crops, and we have positioned universally to increase as we are working with our farmers to increase our own tobacco production in the key markets, and that should bring a more balanced situation into the tobacco industry.

因此，溫和的拉尼娜現象應該會產生更大的產量，我們已經普遍定位於增加產量，因為我們正在與農民合作，增加我們自己在主要市場的煙草產量，這應該會給煙草業帶來更加平衡的局面。

With the combination of that more balanced scenario, what -- how does that support your ability to price leaf and keep margins at attractive levels in fiscal '26?

結合更平衡的情況，這將如何支持您在 26 財年對菸葉進行定價並將利潤率保持在有吸引力的水平的能力？

We will definitely be looking at a reduction in this inflationary green price, green tobacco.

我們肯定會考慮降低這種通貨膨脹的綠色菸草價格。

And at the same time, we would have also more volume to process in our facilities, reducing our overall fixed cost and believe that we can definitely in this scenario, maintain our margins.

同時，我們的設施也將有更多的處理量，從而降低我們的整體固定成本，並相信在這種情況下我們絕對可以保持我們的利潤。

And then you talked about in the release about consolidating sheet production in Europe.

然後您在新聞稿中談到了整合歐洲板材生產的問題。

Can you tell me what the potential cost savings are from that effort?

您能告訴我這項工作可能節省多少成本嗎？

Ann, we can't go into exact numbers here.

安，我們無法在這裡提供確切的數字。

Certainly, there will be some cost savings.

當然，會節省一些成本。

The number currently for restructuring is between $10 million and $15 million.

目前重組金額在1000萬至1500萬美元之間。

Most of that is noncash.

其中大部分是非現金。

But we're still talking to the workers' council and a number of other things that we need to look at to determine what the exact cost is going to be of that restructuring.

但我們仍在與工人委員會以及我們需要考慮的其他一些事情進行討論，以確定重組的確切成本是多少。

We do see some efficiencies there by bringing all that under one roof.

透過將所有這些都集中到一個屋簷下，我們確實看到了一些效率的提升。

That facility wasn't exactly efficient.

該設施效率不高。

So certainly, there are going to be some benefits, but we need to see what that is going forward.

當然，會有一些好處，但我們需要看看未來會發生什麼。

And will those cost savings -- potential cost savings flow through in fiscal '26?

這些成本節約——潛在的成本節約會在 26 財年實現嗎？

That's what we would expect, yes, ma'am.

這就是我們所期望的，是的，女士。

Great.

偉大的。

And then are you having any issues obtaining shipping containers to move the lease in the back half of fiscal '25?

那麼，您在 25 財年後半段取得貨櫃以轉移租賃時是否遇到任何問題？

Lately, and we have seen some of the disruptions.

最近，我們看到了一些幹擾。

We have seen increased freight and overall logistic cost in some geographies.

我們發現某些地區的貨運和整體物流成本增加。

Of course, this is a lot related to the situation in the Red Sea and the Middle East conflict there.

當然，這與紅海局勢和中東衝突有很大關係。

But -- and also some availability of containers.

但是——還有一些容器的可用性。

Yes.

是的。

But I think over the COVID period, we managed much more, let's say, strength situation there.

但我認為在新冠疫情期間，我們控制了更多的情況，比如說，那裡的實力狀況。

And we worked very, very optimistic and very diligently with our customers.

我們與客戶的合作非常、非常樂觀、非常勤奮。

And we are being as proactive as we can to avoid any constraint on the supply chain.

我們正在盡可能積極主動地避免供應鏈受到任何限制。

And then it's nice to see the strong results for the oriental tobacco.

然後很高興看到香料煙草的強勁成果。

How should I think about that for the balance of the year?

我該如何考慮今年剩下的時間？

Ann, a lot of that has to do with, of course, last year, specifically with regard to the Turkish market, that currency there was whipping around -- we're paying some hefty interest rates on local loans and everything.

安，當然，這很大程度上與去年有關，特別是與土耳其市場有關，那裡的貨幣一直在波動——我們為當地貸款和其他一切支付了高額利率。

So it's a very good start for the oriental, and we expect to see a nice pop up from last year because certainly, last year, they didn't do so well.

所以這對東方人來說是一個非常好的開始，我們預計會看到去年的良好表現，因為去年他們的表現顯然不太好。

But it's going to be more in line with the past.

但它會更符合過去。

Great.

偉大的。

Waiting in Richmond for Hurricane Debby.

在里士滿等待颶風黛比。

How should I think about that as it moves up the coast?

當它向海岸移動時我該如何思考？

Well, first of all, our thoughts and prayers are with all the communities that have been affected and potentially will be affected in the next couple of days.

好吧，首先，我們的想法和祈禱與所有受到影響並可能在未來幾天內受到影響的社區同在。

So what we know so far, there was a negative impact in some of the production areas in Georgia and Florida, but those are very small production areas.

據我們目前所知，喬治亞州和佛羅裡達州的一些產區受到了負面影響，但這些產區都非常小。

The balance of the production areas where the majority of the volume is located, it's too early to project as the storm path and pattern continue to evolve.

大部分產量所在的生產區的平衡，隨著風暴路徑和模式的不斷發展，現在預測還為時過早。

So we are closely monitoring the situation, and we will have a clear picture by this weekend.

因此，我們正在密切關注事態發展，到本週末我們就會清楚地了解情況。

Ann, I just want to note that the -- again, the US represents less than 10% of our tobacco segment results.

安，我只想指出，美國僅占我們菸草部門業績的不到 10%。

Great.

偉大的。

We will keep our fingers crossed.

我們將祈禱。

Okay.

好的。

Jennifer, do you have uncommitted worldwide tobacco leaf numbers?

詹妮弗，您有未公開的全球菸葉數量嗎？

Sure.

當然。

The worldwide flue-cured and burley uncommitted stocks stood at 21 million kilos at the end of June.

截至 6 月底，全球未使用的烤煙和白肋煙庫存為 2,100 萬公斤。

That's down 7 million kilos from the end of March.

比 3 月底減少了 700 萬公斤。

Okay.

好的。

And then turning to Ingredients, nice improvement sequentially on your ingredients segment.

然後轉向成分，你的成分部分得到了很好的改進。

Nice to see that pick up stronger than I was expecting.

很高興看到這種回升比我預期的還要強。

How should I think about the full year and potential margin for that segment.

我應該如何考慮該細分市場的全年利潤率和潛在利潤率。

Q1 came in higher than I would have thought.

第一季的表現比我想像的還要高。

So that's great to see.

所以很高興看到這一點。

Yes.

是的。

Look, in the first quarter, they improved certainly from last year.

看，第一季度，他們比去年有明顯的進步。

That was primarily driven by a combination of sale of new products under new contracts.

這主要是由新合約下的新產品銷售組合所推動的。

As our investments in the platform, commercial sales team and R&D functions are finally starting to pay off there.

隨著我們對平台、商業銷售團隊和研發職能的投資終於開始得到回報。

And also the stabilization in some of the markets we serve and the recovery in the sales of our core products, and so we saw it on both sides, volume was up nicely.

而且我們所服務的一些市場的穩定以及我們核心產品銷售的復甦，所以我們看到雙方的銷售都很好地成長了。

Keep in mind that pricing was down in that most of those areas because of the raw materials have come down quite a bit over the last year or so.

請記住，由於原材料在過去一年左右的時間大幅下降，大多數這些領域的價格都下降了。

For the year, we expect to see continued improvement as new customer contracts ramp up throughout the year.

今年，隨著全年新客戶合約的增加，我們預計會持續改善。

And we expect to see some benefits from the expansion project in Lancaster, but we don't expect to see meaningful impact until fiscal year '26.

我們預計蘭開斯特的擴建項目會帶來一些好處，但我們預計要到 26 財年才能看到有意義的影響。

So again, last year, we started out down.

去年，我們再次開始了低谷。

There were some inventory write-downs, so we didn't repeat that this year.

有一些庫存減記，所以今年我們沒有重複這種情況。

So that is a nice pick up there.

所以這是一個很好的選擇。

And again, we're seeing a nice, nice pickup on volume, and it's going in the right direction.

再次，我們看到成交量出現了非常好的回升，並且正在朝著正確的方向發展。

So we expect that, and we hope to continue that momentum.

所以我們期待這一點，並且希望繼續保持這種勢頭。

That's great.

那太棒了。

So can you get margins back to that mid-single-digit range by the end of the year, fiscal year?

那麼，到本財年年底，您能否將利潤率恢復到中個位數範圍？

We certainly hope so.

我們當然希望如此。

Congratulations.

恭喜。

That's great.

那太棒了。

What are the new products?

有哪些新產品？

Can you give me an example?

你能舉個例子嗎？

There is lots of things we're putting out there.

我們在那裡發布了很多東西。

We can't exactly -- we have lots of NDA, so we can't exactly be specific about it, but we're putting in all kinds of flavors, endeavor for a number of customers, different customers.

我們不能完全——我們有很多保密協議，所以我們不能具體說明，但我們正在投入各種口味，努力為許多客戶、不同的客戶服務。

And again, we have signed some beverages.

我們再次簽署了一些飲料。

We were producing all kinds of beverages at the moment.

目前我們正在生產各種飲料。

So it's really widespread.

所以它確實很廣泛。

We're throwing a wide net.

我們正在撒一張大網。

Our guys are out there trying all kinds of different things.

我們的人正在嘗試各種不同的事情。

And again, we have been spending a lot of money on R&D and commercial ramping that up.

再說一遍，我們在研發和商業上投入了大量資金，以提高這一水平。

So we hope to see the fruit of that in the next couple of quarters and going into '26.

因此，我們希望在接下來的幾個季度以及進入 26 年時看到這一成果。

And then it looks like you did pull some business forward into this quarter.

看來您確實將一些業務提前到了本季度。

Can you give me a dollar amount?

你能給我一個美元金額嗎？

No, I can't give you a dollar amount, but it was nice to see that.

不，我不能給你一美元的金額，但很高興看到這一點。

It was earlier than we had certainly anticipated.

這比我們預期的還要早。

Those lines are now up and running.

這些線路現已啟動並運行。

We have gotten the approvals and the certifications for the aseptic both on the high and the low asset.

我們已經獲得了高資產和低資產無菌的批准和認證。

So -- and we have started to produce product for a number of customers or buy slowly.

因此，我們已經開始為許多客戶生產產品或慢慢購買。

So we, again, hope to see that ramp up throughout the rest of the year and then really meaningful into fiscal year '26.

因此，我們再次希望看到這一數字在今年剩餘時間內有所增加，然後在 26 財年真正有意義。

SG&A for the full year, we have a range of $300 million to $310 million.

全年的 SG&A，我們的範圍為 3 億至 3.1 億美元。

Is that fair?

這樣公平嗎？

Yes.

是的。

Look, in the first quarter, we were up about $3 million.

看，第一季我們增加了約 300 萬美元。

Normally, we'll give you the variances there.

通常，我們會在那裡給您差異。

Certainly, that was FX related, where we were up.

當然，這與我們上漲的外匯有關。

Last year, the number was $3.11 million.

去年，這一數字為 311 萬美元。

We expect to come in below that number for fiscal year '25.

我們預計 25 財年的收入將低於該數字。

And just expense was higher and you outlined the increased -- partially due to the increased debt levels to carry the higher tobacco inventory.

只是費用增加了，你概述了增加的部分原因是由於菸草庫存增加而導致的債務水平增加。

So how do I think about that interest expense in the back half as hopefully you ship and sell that tobacco?

那麼，當您希望運輸和銷售菸草時，我如何看待後半段的利息支出？

Yes, exactly right.

是的，完全正確。

And then we'll have to see what interest rates do later in the year, whether or not the Fed actually is going to do something.

然後我們必須看看今年晚些時候利率會發生什麼，而聯準會是否真的會採取行動。

So we do certainly expect to see the unwind leverage to come down later this year, hopefully, by buying that crop in Brazil earlier, we can ship it earlier as well.

因此，我們確實預計今年稍後解除槓桿率會下降，希望透過更早在巴西購買農作物，我們也可以更早出貨。

We bought slightly earlier in Africa in certain origins as well.

我們在非洲的某些產地也稍早買了一些。

So hopefully, we can speed that up a little bit and just bring that whole leverage down, and that will also help the interest expense later this year.

因此，希望我們可以稍微加快速度，降低整個槓桿率，這也將有助於今年稍後的利息支出。

Great.

偉大的。

And CapEx looks like it was moderated a little bit.

資本支出看起來有所緩和。

Any reason for that?

有什麼理由嗎？

Yes.

是的。

Well, again, we made some hefty investments in Lancaster.

好吧，我們再次在蘭卡斯特進行了一些巨額投資。

So that all is almost finished.

這樣一切就差不多完成了。

So we do expect that to come down over time.

因此，我們確實預期這一數字會隨著時間的推移而下降。

Great.

偉大的。

And then congratulations on your hard work on sustainability and your progress against your goals, that is nice to see.

然後祝賀您在永續發展方面的辛勤工作以及您在實現目標方面取得的進展，這是很高興看到的。

I guess along that same line, you've commented on working with farmers globally to grow additional crops.

我想沿著同樣的思路，您已經評論過與全球農民合作種植更多作物。

So I was wondering if you could just flesh that out a little bit as to opportunities for your farmer base to grow crops that maybe you could sell throughout your business.

所以我想知道你是否可以充實一下你的農民基地種植農作物的機會，也許你可以在整個企業中出售這些農作物。

And at what point are you able to ramp up that program?

什麼時候可以加強該計劃？

Ann, as part of our farmer programs over the last couple of years, we have provided our farmer base, our contracted farmer base with food crops.

安，作為過去幾年我們農民計畫的一部分，我們為我們的農民基地、我們的合約農民基地提供了糧食作物。

We have done that for quite some time already.

我們這樣做已經有一段時間了。

So that is really a sustenance thing there.

所以這確實是一個維持生計的東西。

And we also, in certain markets provide a market for those products to -- for them to sell it.

我們也在某些市場為這些產品提供了一個市場，供他們銷售。

So we have been doing that for quite some time, and we are trying to expand that when you saw that video yesterday in the Annual Shareholders Meeting that was specifically in Brazil, but we're doing that already in Africa for a number of years.

所以我們已經這樣做了相當長一段時間了，當你昨天在年度股東大會上看到那個視頻時，我們正在努力擴大這一點，特別是在巴西，但我們已經在非洲這樣做了很多年。

So we're just going to continue that where possible.

因此，我們將盡可能繼續這樣做。

So it's still on a test mode.

所以目前還處於測試模式。

Is that fair right now?

現在公平嗎？

No, I don't think it's a test mode.

不，我不認為這是測試模式。

I think we're doing that in the markets where it's possible to do.

我認為我們正在有可能的市場上這樣做。

And again, we're providing it to them for their own use.

再說一遍，我們將其提供給他們供他們自己使用。

Now if you're going to take it a step further and you want to look at what we can do on the Ingredients side, yes, there is a test mode.

現在，如果您想更進一步，想看看我們在成分方面可以做什麼，是的，有一個測試模式。

We are in a number of origins who are trying some things out certain products that we currently use that we're buying out of different markets where there might be some issues in the future.

我們來自多個國家，正在嘗試一些我們目前使用的某些產品，這些產品是從不同的市場購買的，這些市場將來可能會出現一些問題。

Certainly, we love to apply our traceability and sustainability on the Ingredients side as well.

當然，我們也喜歡在成分方面應用我們的可追溯性和可持續性。

So that's something that we're certainly looking at.

所以這就是我們正在關注的事情。

And in the long term, I think that we can achieve some really good results.

從長遠來看，我認為我們可以取得一些非常好的結果。

(Operator Instructions) And Ms. Rowe, we have no signals from our audience.

（操作員指示）羅女士，我們沒有收到觀眾的訊號。

I'll turn it back to you for any additional or closing remarks.

如果有任何補充或結束語，我會將其轉回給您。

Thank you all for joining us on our call today.

感謝大家今天參加我們的電話會議。

Ladies and gentlemen, this does conclude today's session, and we do thank you for your participation.

女士們、先生們，今天的會議到此結束，我們非常感謝你們的參與。

You may now disconnect your lines.

現在您可以斷開線路。

We hope you have a great day.

我們希望您度過愉快的一天。