Vital Farms Inc (VITL) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vital Farms Second Quarter 2025 Earnings Conference Call and Webcast (Operator Instructions) please be advised that today's conference is being recorded. I would now like to hand it over to your host, John Mills with ICR.

您好，感謝您的支持。歡迎參加 Vital Farms 2025 年第二季財報電話會議和網路廣播（操作員說明），請注意，今天的會議正在錄製。現在我想把它交給主持人，ICR 的 John Mills。

Good morning, and welcome to Vital Farms Second Quarter 2025 Earnings Conference Call and Webcast. I am John Mills, Managing Partner at ICR. On the call today are Russell Diaz-Canseco, President and Chief Executive Officer; and Thilo Wrede, Chief Financial Officer. By now, everyone should have access to the company's second quarter 2025 earnings press release issued this morning. This is available on the Investor Relations section of Vital Farms' website at investors.vitalfarms.com, and it will be under the News banner.

早安，歡迎參加 Vital Farms 2025 年第二季財報電話會議和網路廣播。我是 ICR 的執行合夥人 John Mills。今天參加電話會議的有總裁兼執行長 Russell Diaz-Canseco 和財務長 Thilo Wrede。現在，每個人都應該可以看到該公司今天早上發布的 2025 年第二季財報新聞稿。您可以在 Vital Farms 網站 investors.vitalfarms.com 的投資者關係部分找到該訊息，該資訊位於新聞標題下。

Throughout this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and do involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release, the company's quarterly report on Form 10-Q for the fiscal quarter ended June 29, 2025, filed with the SEC today as well as other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在整個電話會議中，管理階層可能會做出聯邦證券法所定義的前瞻性陳述。這些聲明是基於管理層目前的預期和信念，確實涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中描述的結果有重大差異。請參閱今天的新聞稿、本公司今天向美國證券交易委員會提交的截至 2025 年 6 月 29 日的財政季度的 10-Q 表季度報告以及向美國證券交易委員會提交的其他文件，詳細討論可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果存在重大差異的風險。

Please note that on today's call, management will refer to adjusted EBITDA, which is a non-GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to our earnings press release for a reconciliation of adjusted EBITDA and to its most comparable measure prepared in accordance with GAAP.

請注意，在今天的電話會議上，管理層將參考調整後的 EBITDA，這是非 GAAP 財務指標。雖然公司認為該非公認會計準則財務指標為投資者提供了有用的信息，但該信息的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務信息。請參閱我們的收益新聞稿，以了解調整後的 EBITDA 與根據 GAAP 編制的最具可比性的指標之間的對帳。

And with that, I will now turn the call over to Russell Diez-Canseco, President and Chief Executive Officer of Vital Farms.

現在，我將把電話轉給 Vital Farms 總裁兼執行長 Russell Diez-Canseco。

Thank you, John. Good morning, and thank you for your time today. Before talking about the broader business trends, I want to start with a big thank you to the entire Vital Farms Group. We achieved several important milestones since our last earnings call, and these were made possible by the dedication, engagement and passion of crew across our organization.

謝謝你，約翰。早上好，感謝您今天抽出時間。在談論更廣泛的商業趨勢之前，我首先要向整個 Vital Farms Group 表達衷心的感謝。自從上次收益電話會議以來，我們取得了幾個重要的里程碑，這要歸功於我們整個組織全體員工的奉獻、參與和熱情。

These milestones include working with more than 500 family farms, an increase of about 50 farms since the first quarter, breaking ground on our Seymour facility and placing birds on our first accelerator farm. All of these are supply chain milestones that deserve special recognition and support the future growth potential that we see for Vital Farms. Another highlight worth mentioning upfront is the appointment of Billy Ser to Vital Farms Board of Directors. As the current CEO of Freshpet and with his extensive consumer products expertise, Billy brings valuable experience in brand building, retail partnerships and scaling operations in the CPG space that will be instrumental as we continue our growth journey. We're thrilled to have Billy join our Board.

這些里程碑包括與 500 多個家庭農場合作（自第一季以來增加了約 50 個農場）、在我們的西摩工廠破土動工以及將家禽安置在我們的第一個加速器農場。所有這些都是值得特別認可的供應鏈里程碑，並支持我們所看到的 Vital Farms 未來的成長潛力。另一個值得一提的亮點是任命 Billy Ser 為 Vital Farms 董事會成員。作為 Freshpet 的現任首席執行官，Billy 憑藉其豐富的消費品專業知識，在品牌建設、零售合作夥伴關係和快速消費品領域的擴大運營方面擁有寶貴的經驗，這對於我們繼續發展至關重要。我們很高興 Billy 加入我們的董事會。

With that, let me talk more about the details of the second quarter. Our second quarter performance exceeded our initial top and bottom line expectations. Net revenue grew to $184.8 million, up 25.4% year-over-year, driven by both volume growth and strategic pricing actions. Adjusted EBITDA of $29.9 million represents a new quarterly record for us. I'm pleased to report that the volume growth constraints we faced in the first quarter have begun to ease as we forecasted. We've been able to start rebuilding our inventory, and we are seeing continued strength in consumer demand and brand loyalty even as we implemented our recent price increases. These factors position us well for accelerated growth in the back half of the year. With this solid foundation in place, we are raising our 2025 financial outlook, and Thilo will give more details.

下面我再詳細講一下第二季的情況。我們第二季的業績超出了我們最初的最高和最低預期。受銷售成長和策略定價行動的推動，淨收入成長至 1.848 億美元，年增 25.4%。調整後的 EBITDA 為 2,990 萬美元，創下了我們的季度新高。我很高興地報告，我們在第一季面臨的銷售成長限制已開始如我們預測的那樣緩解。我們已經能夠開始重建庫存，即使在我們實施了最近的價格上漲之後，我們也看到消費者需求和品牌忠誠度持續強勁。這些因素為我們下半年加速成長奠定了良好的基礎。有了這個堅實的基礎，我們正在提高 2025 年的財務前景，Thilo 將提供更多細節。

As I reflect on our second quarter performance, I want to share two key observations that shape our outlook. First, despite the increasingly dynamic macro environment, Vital Farms continues to demonstrate remarkable resilience and growth, outperforming across key metrics. Second, we believe we remain a structurally advantaged business with significant runway for growth in a category with meaningful long-term tailwinds. Key to our growth are our supply initiatives, where we've made excellent progress expanding our farmer network, which I mentioned earlier, and we now have 9 million hens under contract. With a robust pipeline of prospective family farm partners, we are confident in our ability to continue to grow this network at the necessary pace throughout the remainder of the year and beyond to support our updated guidance. The ongoing farm network expansion reflects the compelling value proposition we offer family farms and the expertise of our world-class farm team in communicating the benefits of our partnership model. This growing network positions us to meet increasing demand while maintaining our high-quality standards.

當我回顧我們第二季的表現時，我想分享兩個影響我們前景的關鍵觀察。首先，儘管宏觀環境日益動態，Vital Farms 仍然表現出顯著的韌性和成長能力，在關鍵指標上表現出色。其次，我們相信，我們仍然是一家具有結構優勢的企業，在具有長期重大順風的類別中擁有巨大的成長空間。我們成長的關鍵是我們的供應計劃，我們在擴大農民網絡方面取得了巨大進展，正如我之前提到的，現在我們已經簽訂了 900 萬隻母雞的合約。憑藉強大的潛在家庭農場合作夥伴管道，我們有信心在今年剩餘時間及以後繼續以必要的速度擴大這一網絡，以支持我們最新的指導。持續的農場網路擴張反映了我們為家庭農場提供的引人注目的價值主張，以及我們世界一流的農場團隊在傳達我們的合作模式的好處方面的專業知識。這個不斷增長的網路使我們能夠滿足日益增長的需求，同時保持我們的高品質標準。

Scaling our farmer network aligns with the strategic infrastructure investments we've been advancing on multiple fronts. At Egg Central Station, or ECS in Springfield, our third production line remains on track to be operational in the fourth quarter, which we expect will expand our capacity by 30%. We're also enhancing our distribution capabilities in the coming months by transitioning to an above-ground cold storage facility just 1 mile from ECS, improving operational efficiency.

擴大我們的農民網絡與我們在多個方面所推動的策略基礎設施投資一致。在斯普林菲爾德的 Egg Central Station（ECS），我們的第三條生產線仍有望在第四季度投入運營，我們預計這將使我們的產能提高 30%。我們還將在未來幾個月內透過轉移到距離 ECS 僅 1 英里的地上冷藏設施來增強我們的配送能力，從而提高營運效率。

We're continuing to work with the same warehouse partner, but this expands our shipping capabilities and improves our efficiencies as the facility is now closer to ECS and with a purpose-built design to better handle outbound distribution. Next week, we plan to break ground at our new Seymour, Indiana facility. After a thorough assessment by our Chief Supply Chain Officer, Joe Holland, who joined us in the third quarter of last year, we revised our Seymour expansion plans and are now working on installing rwo lines at the same time instead of the original plan of doing this in two phases. With this updated approach, we expect to have more than $900 million of revenue capacity from the new Seymour facility by early 2027.

我們將繼續與同一個倉庫合作夥伴合作，但這擴大了我們的運輸能力並提高了我們的效率，因為該設施現在更靠近 ECS，並且採用專門的設計以更好地處理出站分銷。下週，我們計劃在印第安納州西摩的新工廠破土動工。在經過我們的首席供應鏈官喬·霍蘭德（Joe Holland，他於去年第三季度加入我們）的全面評估後，我們修改了西摩擴張計劃，現在正致力於同時安裝兩條生產線，而不是按原計劃分兩個階段進行。透過這種更新的方法，我們預計到 2027 年初新的 Seymour 工廠將產生超過 9 億美元的收入。

It's important to point out here that the timing for the new facility to be operational does not meaningfully changed with this increased scope. The updated approach also means that we now expect CapEx spending of $90 million to $110 million this year. Our full plan now includes a cold storage facility adjacent to the Seymour facility that we plan to build, but will be operated by our current warehouse partner.

這裡需要指出的是，新設施投入營運的時間不會隨著範圍的擴大而發生重大改變。更新後的方法也意味著我們預計今年的資本支出為 9,000 萬美元至 1.1 億美元。我們的完整計劃現在包括我們計劃建造的毗鄰西摩工廠的冷藏設施，但將由我們目前的倉庫合作夥伴運營。

Even with this increased scope, we continue to project $5 of annual revenue capacity for every dollar of CapEx we're investing in the facility. In other words, our cost per square foot is decreasing compared to the initial plan. It also means that we're anticipating higher CapEx spend next year than previously indicated. The recent jump in brand awareness we've seen this year for Vital Farms Egg and our continued high growth rate indicate to us there is unmet demand that we will have to satisfy in the coming years.

即使範圍擴大了，我們仍預計，我們在該設施上投資的每一美元資本支出都將帶來 5 美元的年收入。換句話說，與最初的計劃相比，我們每平方英尺的成本正在下降。這也意味著我們預計明年的資本支出將高於先前預測的。今年，Vital Farms Egg 的品牌知名度不斷提升，而且我們的成長率持續較高，這表明未來幾年我們必須滿足尚未滿足的需求。

After several years of supply and capacity constraints, we want to get ahead and ensure we are well positioned to meet our future demand expectations. Farm recruiting is one piece of this puzzle, and we believe we are currently in a good place there. Production capacity is the other piece. And by installing two production lines in Seymour simultaneously, we anticipate having sufficient scale for the foreseeable future. While expanding supply is critical, the true cornerstone of our success lies in the strength of our brand and the deep loyalty of our consumers.

經過數年的供應和產能限制之後，我們希望取得進展並確保我們能夠很好地滿足未來的需求預期。農場招募是這個難題的一部分，我們相信我們目前處於良好的狀態。生產能力是另一個因素。透過在西摩同時安裝兩條生產線，我們預計在可預見的未來將擁有足夠的規模。雖然擴大供應至關重要，但我們成功的真正基石在於我們品牌的實力和消費者的忠誠度。

Time and again, our consumers have demonstrated remarkable commitment to our products because of our mission and what our brand represents. In particular, we've grown household penetration while simultaneously increasing the loyalty of our existing consumers. We continue to see the record high aided brand awareness of 31% that we hit in the first quarter, and we believe we know how to turn this increased awareness into purchases over time. This is happening across all income groups, but particularly among higher income households who continue to demonstrate strong loyalty to our brand.

由於我們的使命和品牌所代表的意義，我們的消費者一次又一次地表現出對我們產品的非凡忠誠。特別是，我們提高了家庭滲透率，同時提高了現有消費者的忠誠度。我們繼續看到我們在第一季創下的 31% 的輔助品牌知名度新高，並且我們相信我們知道如何將這種提高的知名度轉化為購買量。所有收入群體都存在這種情況，尤其是高收入家庭，他們繼續對我們的品牌表現出強烈的忠誠度。

I think it's important to note that this isn't just brand loyalty. It's a testament to the authentic relationships we've built with consumers who fundamentally understand and value our mission. We believe they understand how we partner with family farmers, maintain rigorous ethical standards and consistently deliver superior quality eggs. And we believe that our consumers are willing to pay a premium for these practices and for the value our brand represents.

我認為需要注意的是，這不僅僅是品牌忠誠度。這證明了我們與消費者建立了真誠的關係，他們從根本上理解並重視我們的使命。我們相信他們了解我們如何與家庭農場主合作、保持嚴格的道德標準並始終如一地提供優質雞蛋。我們相信，我們的消費者願意為這些做法和我們的品牌所代表的價值支付溢價。

We continue to grow brand awareness through meaningful engagement. We recently rolled out a new advertising campaign built around season 4 of FX's Emmy award-winning TV show, The Bear, which has already generated positive feedback. The campaign success demonstrates our ability to connect with consumers through culturally relevant content that resonates with our target demographic.

我們透過有意義的參與不斷提高品牌知名度。我們最近圍繞 FX 艾美獎獲獎電視劇《熊》第四季推出了一項新的廣告活動，該活動已經獲得了積極的反饋。這項活動的成功證明了我們能夠透過與目標族群產生共鳴的文化相關內容與消費者建立聯繫。

Another good example of our broader engagement strategy is a limited time promotional campaign that will launch later this month. It will involve products that will only be available through an online giveaway. They're not for sale, and we want to make it very clear that it's not related to any thinking about a new category. It will just be a fun way to connect with some very critical stakeholders and continue to grow brand awareness. We don't want to spoil the surprise yet, so please stay tuned until later this month.

我們的更廣泛的參與策略的另一個很好的例子是本月稍後推出的限時促銷活動。它將涉及僅透過線上贈品提供的產品。它們不出售，我們想非常清楚地表明，這與任何關於新類別的思考無關。這只是一種與一些非常重要的利害關係人建立聯繫並繼續提高品牌知名度的有趣方式。我們不想現在就破壞驚喜，所以請繼續關注本月晚些時候的消息。

In summary, we exceeded our initial second quarter expectations and believe our business model is uniquely positioned to continue delivering strong results. We have a loyal consumer base, a growing network of family farms delivering improving supply chain stability and the investments we make in retail penetration and brand awareness are delivering measurable results. Our volumes are improving as we enter the back half of this year with improving supply and what we would consider to be pent-up consumer demand. Finally, all of our expansion plans are tracking as expected. This momentum enables us to raise our guidance for full year 2025.

總而言之，我們超越了最初的第二季預期，並相信我們的商業模式具有獨特的優勢，可以繼續帶來強勁的業績。我們擁有忠實的消費者群體、不斷增長的家庭農場網絡，從而不斷提高供應鏈的穩定性，我們在零售滲透和品牌知名度方面的投資也帶來了可衡量的成果。隨著進入今年下半年，供應量不斷改善，而且我們認為被壓抑的消費者需求也在增加，我們的銷售量也不斷提高。最後，我們所有的擴張計劃都如預期進行。這一勢頭使我們能夠提高 2025 年全年的預期。

Over the long term, we see significant potential runway for growth as we capture greater market share from low penetration levels and continue building our loyal, resilient consumer base. I'm very excited about our future and believe we're on our way to becoming America's most trusted food company. I'm certainly looking forward to it, and I hope you are, too. Thilo will now provide additional color on our second quarter results and increased guidance for this fiscal year 2025.

從長遠來看，隨著我們從低滲透水平奪取更大的市場份額並繼續建立忠誠、有韌性的消費者群體，我們看到了巨大的成長潛力。我對我們的未來感到非常興奮，並相信我們正在成為美國最值得信賴的食品公司。我當然很期待它，我希望你也是。Thilo 現在將為我們第二季的業績提供更多細節，並為 2025 財年提供更多指導。

Thank you, Russell. Hello, everyone, and thank you for joining us today. I will now review our financial results for the second quarter ended June 29, 2025, and then provide color on our guidance for fiscal year 2025. Net revenue for the second quarter of 2025 rose to $184.8 million, an increase of 25.4% compared to the prior year period. This was primarily driven by price mix benefits of $15.7 million and volume growth of $21.7 million. We have seen that our second quarter price increase has been well received, which we attribute to the strength of our brand. Gross profit for the second quarter rose to $71.8 million or 38.9% of net revenue from $57.7 million or 39.1% of net revenue last year.

謝謝你，拉塞爾。大家好，感謝大家今天加入我們。我現在將回顧截至 2025 年 6 月 29 日的第二季財務業績，然後對 2025 財年的指引做出詳細說明。2025 年第二季淨收入增至 1.848 億美元，較去年同期成長 25.4%。這主要得益於 1,570 萬美元的價格組合效益和 2,170 萬美元的銷售成長。我們看到，第二季的價格上漲受到了廣泛好評，這歸功於我們品牌的實力。第二季毛利從去年的 5,770 萬美元（佔淨收入的 39.1%）增至 7,180 萬美元（佔淨收入的 38.9%）。

The increase in gross profit dollars was primarily driven by revenue growth from higher volume and increased pricing across our (inaudible) portfolio and favorable mix benefits. Gross profit margin declined slightly year-over-year due to increased investments in crew members to keep pace with expected company growth and less efficient operations due to limited egg supply after an exceptional operating quarter last year.

毛利的成長主要得益於銷售增加、產品組合定價上漲以及有利的組合效益所帶來的收入成長。由於為跟上公司預期的增長步伐而增加了對船員的投資，以及去年一個季度的運營異常出色後雞蛋供應有限導致運營效率降低，毛利率同比略有下降。

SG&A expenses for the second quarter were $39.0 million or 21.1% of net revenue compared with $33.3 million or 22.6% of net revenue in the second quarter last year. The increase in SG&A in the second quarter was driven primarily by expenses to support the expansion of our business, including marketing expenses, employee-related costs, including stock-based compensation and increased headcount, professional service expenses, technology and software-related expenses and future farm expansion expenses.

第二季銷售、一般及行政費用為 3,900 萬美元，佔淨收入的 21.1%，而去年第二季為 3,330 萬美元，佔淨收入的 22.6%。第二季銷售、一般及行政費用的增加主要由於支持業務擴張的費用，包括行銷費用、員工相關成本（包括股票薪酬和增加的員工人數）、專業服務費用、技術和軟體相關費用以及未來農場擴張費用。

Shipping and distribution expenses for the second quarter of 2025 were $9.0 million or 4.9% of net revenue compared to $7.2 million or 4.9% of net revenue in the second quarter of 2024. The increase was driven by higher sales volume.

2025 年第二季的運輸和分銷費用為 900 萬美元，佔淨收入的 4.9%，而 2024 年第二季的運輸和分銷費用為 720 萬美元，佔淨收入的 4.9%。成長的動力來自於銷量的增加。

Net income for the second quarter of 2025 increased 1.8% to $16.6 million or $0.36 per diluted share compared to $16.3 million or $0.36 per diluted share for the second quarter of 2024. The increase in net income was driven by operating profit growth, mostly offset by a year-over-year increase in tax provisions. Adjusted EBITDA for the second quarter of 2025 was $29.9 million or 16.2% of net revenue compared to $23.3 million or 15.8% of net revenue for the second quarter of 2024. The increase in adjusted EBITDA was driven by higher revenue and scale benefits, partially offset by higher personnel investments.

2025 年第二季淨收入為 1,660 萬美元或每股稀釋後收入 0.36 美元，而 2024 年第二季淨收入為 1,630 萬美元或每股稀釋後收入 0.36 美元，成長 1.8%。淨收入的成長是由營業利潤的成長所推動的，但大部分被稅收準備金的年成長所抵消。2025 年第二季調整後 EBITDA 為 2,990 萬美元，佔淨收入的 16.2%，而 2024 年第二季調整後 EBITDA 為 2,330 萬美元，佔淨收入的 15.8%。調整後 EBITDA 的成長是由更高的收入和規模效益推動的，但被更高的人員投資部分抵消。

Turning now to our balance sheet. As of June 29, 2025, we had total cash, cash equivalents and marketable securities of $155.0 million with no debt outstanding. Our digital transformation initiative remains on track, and we continue to target early fall 2025 for the switchover. Before I discuss our guidance, I want to update you on our progress with remediating the material weakness in internal controls previously highlighted in our annual report on Form 10-K for fiscal year 2024.

現在來看我們的資產負債表。截至 2025 年 6 月 29 日，我們的現金、現金等價物及有價證券總額為 1.55 億美元，沒有未償還債務。我們的數位轉型計畫仍在順利進行中，我們仍以 2025 年初秋為目標完成轉型。在討論我們的指導之前，我想向您通報我們在糾正 2024 財年 10-K 表年度報告中先前強調的內部控制重大缺陷方面的進展。

The finding relates to the revenue recognition process. Specifically, we lack automated reconciliation between purchase orders and sales reporting. Importantly, this was a design deficiency only. No revenue inconsistencies were found, and we do not anticipate any restatement. Our remediation plan is progressing well, and we remain on track to properly correct this by the end of fiscal 2025.

此發現與收入確認流程有關。具體來說，我們缺乏採購訂單和銷售報告之間的自動核對。重要的是，這只是一個設計缺陷。沒有發現收入不一致的情況，我們預計不會有任何重述。我們的補救計畫進展順利，我們預計在 2025 財年末之前妥善糾正這個問題。

Now looking ahead, given our strong performance in the second quarter, including successful implementation of our price increase, we are raising our full year 2025 guidance. We now expect net revenue of at least $770 million, representing growth of at least 27% versus 2024, an increase from our previous guidance of at least $740 million. This increased outlook reflects the strength we are seeing in our core business, particularly the positive consumer response to our recent price increase and accelerating volume growth as our newly added farms ramp up production. We are increasing our adjusted EBITDA guidance to at least $110 million from the previous guidance of at least $100 million for the full year 2025.

展望未來，鑑於我們第二季的強勁表現，包括成功實施價格上漲，我們將上調 2025 年全年業績預期。我們現在預計淨收入至少為 7.7 億美元，比 2024 年成長至少 27%，高於我們之前至少 7.4 億美元的預期。這種成長的前景反映了我們核心業務的強勁成長，特別是消費者對我們近期價格上漲的正面反應，以及隨著我們新增農場提高產量而加速的銷售成長。我們將 2025 年全年調整後 EBITDA 指引從先前至少的 1 億美元提高至至少 1.1 億美元。

For the remainder of 2025, we continue to expect different margin dynamics between the first and second half of the year. The first half of the year has benefited from the impact of favorable price/mix, our recent price increase and relatively stable commodity costs. However, in the second half, we anticipate margin pressure from three key sources. First, the impact of US tariffs on imported items. This headwind continues to be challenging to predict in terms of timing and magnitude of the impact, but we currently expect it to mainly affect the fourth quarter.

對於 2025 年剩餘時間，我們預計上半年和下半年的利潤率動態仍將有所不同。上半年受益於有利的價格/組合、我們最近的價格上漲以及相對穩定的商品成本的影響。然而，我們預計下半年利潤率將面臨來自三個主要方面的壓力。首先，美國關稅對進口商品的影響。就影響的時間和程度而言，這種不利因素仍然難以預測，但我們目前預計它將主要影響第四季。

Second, now that our supply constraints have eased, we plan to increase promotional activity in the second half of the year. And third, similar to prior years, we anticipate higher marketing spend as a percent of net sales in the second half compared to the first half of the year. We have factored these headwinds into our guidance and pricing decisions and remain confident in our ability to deliver on our increased full year revenue guidance.

其次，由於我們的供應限制已經緩解，我們計劃在下半年增加促銷活動。第三，與往年類似，我們預期下半年行銷支出佔淨銷售額的百分比將高於上半年。我們已將這些不利因素納入我們的指導和定價決策中，並對我們實現全年收入成長指導的能力充滿信心。

Lastly, we now expect fiscal year 2025 capital expenditures in the range of $90 million to $110 million, pulling forward CapEx spend that was previously planned for later years. This is an increase from our previous guidance of $50 million to $60 million and reflects our strategic decision to construct both production lines at our Seymour, Indiana facility simultaneously rather than in phases together with on-site cold storage. We believe this will provide us with needed capacity for future growth and optimize our capital efficiency on a per square foot basis. Once operational, we expect the two lines to have total annual revenue capacity of more than $900 million. As previously disclosed, we will have elevated CapEx spending in 2025 and 2026 because of the new production line at ECS Springfield, construction of our planned new facility in Seymour, Indiana, the construction of accelerator farms and our digital transformation project. We expect to fund our current plans for our Seymour facility and all other projects this year with existing cash and operating cash flow.

最後，我們現在預計 2025 財年的資本支出將在 9,000 萬美元至 1.1 億美元之間，從而提前完成了先前計劃在以後幾年進行的資本支出。這比我們之前預計的 5,000 萬美元至 6,000 萬美元有所增加，這反映了我們的戰略決策，即同時在印第安納州西摩的工廠建設兩條生產線，而不是分階段與現場冷藏一起建設。我們相信這將為我們提供未來成長所需的能力，並優化每平方英尺的資本效率。一旦投入運營，我們預計這兩條生產線的年總收入將超過 9 億美元。如前所述，由於 ECS Springfield 的新生產線、我們在印第安納州西摩計劃的新工廠的建設、加速器農場的建設以及我們的數位轉型項目，我們將在 2025 年和 2026 年增加資本支出。我們預計今年將利用現有現金和經營現金流為西摩工廠的現有計劃和所有其他項目提供資金。

We continue to project that every dollar of CapEx investment in Seymour will generate more than $5 of annual revenue capacity, which we consider a very strong return. This decision to accelerate the Seymour build-out means we are putting our balance sheet to work, and we expect free cash flow to turn negative this year after two very strong positive years. After the last several quarters, we want to ensure that we have enough capacity in place ahead of expected demand growth and that we optimize the use of capital and the return for all our stakeholders.

我們繼續預測，在 Seymour 投資的每一美元資本支出都將產生超過 5 美元的年收入能力，我們認為這是一個非常強勁的回報。加速西摩建設的決定意味著我們正在利用資產負債表，我們預計在經歷了兩年非常強勁的正現金流之後，今年的自由現金流將轉為負現金流。經過過去幾個季度，我們希望確保我們在預期需求成長之前擁有足夠的產能，並優化資本使用和所有利害關係人的回報。

As always, we continue to evaluate and monitor our capital allocation priorities, and we'll provide updates on this as necessary. The raised financial outlook I've just shared demonstrates the strength of our business model and validates our strategic decisions. We continue to see our loyal consumer base growing, and we believe expansion of our network of over 500 family farms strengthens our supply chain capabilities. Our investments in retail penetration and brand awareness are delivering strong results as we reach new households and deepen relationships with existing customers. The positive consumer response to our brands that we have seen, combined with our operational execution, reinforces our confidence that we are creating sustainable value for all stakeholders as we progress toward our long-term objectives.

像往常一樣，我們將繼續評估和監控我們的資本配置優先事項，並將根據需要提供最新資訊。我剛剛分享的上調的財務前景證明了我們商業模式的實力，並驗證了我們的策略決策。我們持續看到忠實消費者群體不斷成長，我們相信超過 500 個家庭農場網路的擴張將增強我們的供應鏈能力。隨著我們接觸到新的家庭並加深與現有客戶的關係，我們在零售滲透率和品牌知名度方面的投資正在產生強勁的成果。我們看到消費者對我們品牌的正面反應，加上我們的營運執行力，增強了我們的信心，讓我們相信，在朝著長期目標邁進的過程中，我們正在為所有利害關係人創造可持續的價值。

Once again, we thank you for your time and interest in Vital Farms today and for the confidence that you have placed in us with your investment. With that, we are now happy to take your questions.

我們再次感謝您今天對 Vital Farms 的時間和關注，以及您對我們的投資的信任。現在我們很高興回答您的問題。

(Operator Instructions)

（操作員指示）

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good morning, Russell Diez. Thanks for taking my question. Maybe we could start with the volume performance and then maybe what's changing in the guide. So volumes up mid-teens in the second quarter, really nice acceleration from last quarter. Maybe you can talk about just how that played out versus your own expectations. And then big picture, it does seem like the pricing going better than expected and the positive consumer response you called out is the primary driver of what's changing in kind of the better second half implied outlook. But maybe, Thilo, you can just unpack a little bit more in terms of how we should think about what's changing in the back half and the cadence of growth 3Q to 4Q. I know there's a lot in there. So, thank you.

你好，早安，Russell Diez。感謝您回答我的問題。也許我們可以從音量表現開始，然後再看看指南中有什麼變化。因此，第二季的交易量成長了百分之十幾，與上一季相比有了很大的加速。也許您可以談談這件事與您的預期相比如何。從整體來看，定價似乎確實比預期要好，而且您提到的積極的消費者反應是下半年隱含前景向好變化的主要驅動力。但是，蒂洛，也許您可以更詳細地解釋我們應該如何看待下半年的變化以及第三季到第四季的成長節奏。我知道裡面有很多東西。所以，謝謝你。

All right. Megan, I appreciate how you're asking three questions and one. So the -- I think the volume over the quarter played out the way we thought it would play out, right? In first quarter call, we talked about that we wanted to give ourselves a bit of time to watch how retailers are reacting to our price increase from mid-May and then how consumers are reacting to it. I think the price elasticity similar to previous price increases was better than what we had assumed. And with that, the volume growth as it played out over the course of the quarter, it played out the way we thought it would, right, acceleration throughout the quarter. That is what is reflected in the guidance right now that we continue to accelerate volume growth every quarter, third quarter higher than second quarter, fourth quarter higher than third.

好的。梅根，我很感激你提出三個問題和一個問題。所以——我認為本季的交易量正如我們想像的那樣，對嗎？在第一季的電話會議上，我們談到，我們希望給自己一些時間來觀察零售商對我們從五月中旬開始的漲價有何反應，以及消費者對此有何反應。我認為與先前價格上漲類似的價格彈性比我們假設的要好。與此同時，整個季度的銷量成長正如我們所想的那樣，整個季度都在加速。這就是目前的指引所反映的，我們每季的銷售成長都在加速，第三季高於第二季度，第四季高於第三季。

And so the year from a volume perspective is pretty much playing out the way we had initially planned it at the beginning of the year. And then we have the benefit from the price increase on top of that, right? And that price increase, first quarter, we were hesitant to already put all of that into the guidance because we wanted to first see how the reaction is. With the reaction now in, I would call a positive territory, we feel more confident putting a bit of that price increase into the guidance as well.

因此，從銷售角度來看，今年的業績與我們年初的計畫基本一致。然後我們還能從價格上漲中獲益，對嗎？對於第一季的價格上漲，我們猶豫著是否將其全部納入指導，因為我們想先看看市場反應如何。現在有了反應，我認為這是一個積極的領域，我們更有信心將部分價格上漲納入指導範圍。

Okay. That's helpful. And not to be greedy, but if I could just sneak in a follow-up on that. The promotions, Thilo, that you expect to pressure gross margin in the second half relative to the first half, I guess it seems like those were already in the plan as supply comes online. But maybe you can just clarify that. Are you increasing promotions any more than you had previously expected just given the price increase? Or is it mainly similar to what you had planned coming into the year and it's around -- it's really more about driving trial now that you have supply?

好的。這很有幫助。並不是貪心，但如果我可以偷偷地跟進這一點就好了。Thilo，您預計這些促銷活動會對下半年的毛利率造成壓力（相對於上半年），我想這些促銷活動似乎已經在計劃中了，因為供應已經上線了。但也許你可以澄清一下。考慮到價格上漲，你們的促銷力道是否會超出先前的預期？或者它主要與您今年計劃的類似——現在有了供應，這實際上更多的是關於推動試驗？

Yes. It's really similar to what we have planned at the beginning of the year. And I think we have talked about it at the beginning of the year as well, right? As supply increases, we are in a much better position to support the lift that we usually get from promotions. And so promotions were always back half weighted. There is still a bit of a wild card out there, which is impact from tariffs, magnitude of tariffs and so on. And we have talked about it on the first quarter call that better supply picture in the back half of the year gives us maybe a bit of flexibility to potentially get more aggressive on promotions if tariffs allow us to do that while we are watching gross margin, right? So the overall picture, the way we think about the back half of the year right now is promotions the way we had always planned them for the year. But if there's an opportunity to maybe do a bit more based on where tariffs are landing, then we will be open to doing that.

是的。這與我們年初計劃的非常相似。我想我們年初也討論過這個問題，對吧？隨著供應量的增加，我們能夠更好地支持通常透過促銷獲得的提升。因此，晉升總是受到一半權重的影響。仍存在一些不確定因素，例如關稅的影響、關稅幅度等等。我們在第一季的電話會議上討論過，如果關稅允許我們在關注毛利率的同時，下半年更好的供應情況可能會給我們帶來一些靈活性，讓我們有可能在促銷方面採取更積極的行動，對嗎？因此，總體而言，我們現在對下半年的考慮是按照我們全年計劃的方式進行促銷。但如果有機會根據關稅的實施情況採取更多措施，我們願意這樣做。

Okay, great. Thank you. I'll pass it on.

好的，太好了。謝謝。我會傳達的。

Jon Anderson, William Blair.

喬恩安德森、威廉布萊爾。

Good morning guys. Congrats on a good quarter. I wanted to ask on the revenue cadence for the year. The 25% growth you put up in 2Q looks like will accelerate to something in the mid-30s in the back half based on the current guidance. So that kind of 10 percentage point step-up, I was just wondering if you could give us a sense of how much of that is related to full benefit of price increase, which I think went in around the middle of 2Q and how much of that is related to a step-up in volume?

大家早安。恭喜本季取得良好業績。我想詢問一下今年的收入節奏。根據目前的指導，您在第二季提出的 25% 的成長率似乎將在下半年加速到 35% 左右。所以這種 10 個百分點的增幅，我只是想知道您是否可以告訴我們其中有多少與價格上漲的全部好處有關，我認為價格上漲大約發生在第二季度中期，其中有多少與銷量的增長有關？

Yes, good morning, John. Primarily, it is the step-up in volume, right? The -- I think we have been talking about the cadence of the year that we will see an acceleration in growth sequentially every quarter over the course of the year, and that continues to hold up. The pricing then is on top of that, right? So the acceleration in the back half of the year, it's primarily driven by the better supply and then pricing gives us a little bit of a cherry on the top there.

是的，早上好，約翰。主要是音量增大了，對嗎？我認為我們一直在談論今年的節奏，我們將看到全年每個季度的成長都呈現連續加速趨勢，而且這種趨勢將持續保持。那麼定價就是在此基礎上的，對嗎？因此，下半年的成長加速主要是因為供應增加，而定價又為我們帶來了一些好處。

Great. Just a quick follow-up. I'm curious if a little bit more detail around the decision to kind of commit to two lines right out of the gates and Seymour and pulling forward that capital spend? What kind of the benefit of making that decision to do that now? And also, as you pull forward capital spending, does that alter your ability to kind of self-fund that out of -- from your own balance sheet? Thank you.

偉大的。只是一個快速的跟進。我很好奇，能否更詳細地介紹一下一開始就投入兩條生產線和西摩生產線並提前進行資本支出的決定？現在做這個決定有什麼好處？此外，隨著您提前增加資本支出，這是否會改變您從自己的資產負債表中自行籌資的能力？謝謝。

Thanks, Jon. So as we said in the prepared remarks, so much of that decision is rooted in a desire to kind of catch up to the growth that we've generated with this powerful brand over the last five-plus years. I think we've been to varying degrees, supply or capacity constrained, which in many respects, has been a good problem to have. But the reality is that this is really sort of a secular shift in the way that people look to brands like ours to feed their families. And we need to get closer to really fulfilling that demand. I think that pulling forward that second line, which is all this is, is pulling forward an investment we plan to make later gives us a much better chance at sort of catching up to the demand we're creating and really doing an even better job of satisfying the needs of both our retail customers, foodservice customers and our consumers. I don't think this in any way affects our ability to fund it ourselves. As you well know, we have a very strong balance sheet, our operations are cash flow positive. And so Tilo can speak in more detail about how that works. But we've always said that we -- after maintenance CapEx, growth CapEx is our number one priority. And I think this is a great example of how we're leveraging our balance sheet to drive accelerated growth in the future.

謝謝，喬恩。因此，正如我們在準備好的發言中所說的那樣，這一決定很大程度上是出於一種願望，即希望趕上我們在過去五年多的時間裡透過這個強大的品牌所創造的增長。我認為我們在不同程度上受到了供應或產能的限制，從很多方面來說，這都是一個好問題。但事實是，這實際上是一種長期的轉變，人們開始尋求像我們這樣的品牌來養家糊口。我們需要更加接近真正滿足這項需求。我認為，提前第二條生產線，也就是提前我們計劃稍後進行的投資，使我們有更好的機會滿足我們正在創造的需求，並更好地滿足我們的零售客戶、餐飲服務客戶和消費者的需求。我認為這不會以任何方式影響我們自行籌資的能力。眾所周知，我們的資產負債表非常強勁，我們的營運現金流為正。因此，Tilo 可以更詳細地講解其工作原理。但我們一直說，在維護資本支出之後，成長資本支出是我們的首要任務。我認為這是我們如何利用資產負債表推動未來加速成長的一個很好的例子。

Yes. I think that's exactly right. It's about acceleration of CapEx spend. This was always in our five-year plans to spend this CapEx. Now we're pulling it forward. And with the $150 million plus of cash and investments that we have on the balance sheet with the operating cash flow that we are generating this year and next year, that is how we are funding this. We will continue to maintain a very healthy cash position just because we like to have that cushion, but there is no need to tap any loans for this. We have the money and as Russell just put it, right now, we're putting it to work. And I'm happy to use some of the cash that we have been building up.

是的。我認為這是完全正確的。這是關於加速資本支出。這筆資本支出一直都在我們的五年計畫中。現在我們正在推動它。我們的資產負債表上有超過 1.5 億美元的現金和投資，以及我們今年和明年產生的營運現金流，這就是我們為此提供資金的方式。我們將繼續保持非常健康的現金狀況，因為我們希望擁有這種緩衝，但沒有必要為此動用任何貸款。我們有錢，正如拉塞爾剛才所說，現在我們正在利用這些錢。我很高興使用我們累積的部分現金。

Great. Thanks so much. Congrats again.

偉大的。非常感謝。再次恭喜。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi, thanks. Congratulations. Just a couple of questions. One is, it's great to see the price elasticity coming out better than you expected. Can you talk also about price gaps versus other pasture-raised competitors? Our data would indicate that those gaps kind of increased a little bit, not a lot. Are you comfortable where they are compared to normal? And then I had a quick follow-up for you.

你好，謝謝。恭喜。僅有幾個問題。一是，很高興看到價格彈性比預期的要好。您能談談與其他牧場飼養競爭對手之間的價格差距嗎？我們的數據表明，這些差距有所擴大，但不是很大。與正常情況相比，你對他們的處境感到滿意嗎？然後我會快速跟進一下你的情況。

Thanks, Rob. Good morning. Yes. As we've seen, I think, time and time again, the brand that we've built, I think, resonates with consumers and establishes us as something more than just a producer of a commodity called pasture-raised eggs. At this point, we're not seeing anything in pricing data or consumption data that would suggest that we're somehow kind of out of whack with meeting the needs of our consumers and customers at the prices at which they well value what we're doing. So I think the headline would be, yes, I'm comfortable with where we are.

謝謝，羅布。早安.是的。我認為，正如我們一次又一次看到的那樣，我們所創造的品牌引起了消費者的共鳴，並使我們不僅僅是一家生產牧場飼養雞蛋的生產商。目前，我們在定價數據或消費數據中沒有看到任何跡象表明，我們在某種程度上無法以消費者和客戶所認可的價格滿足他們的需求。所以我認為標題應該是，是的，我對我們現在的狀況感到滿意。

Okay. Great. And Thilo, just so I'm sure, when you say that the wildcard for the back half of the year is tariffs and it may influence your promotional plans. Are you saying that if the tariffs are less than you think, that means you have more money to spend on the promo. Is that what you meant or something else?

好的。偉大的。蒂洛，我確信，您說下半年的不確定因素是關稅，它可能會影響您的促銷計劃。您的意思是，如果關稅比您想像的要低，那就意味著您有更多的錢可以花在促銷上。您是這個意思還是有別的意思？

Yes, Rob, thanks for the follow-up. So just a reminder that we look at pricing as a way to protect gross margin, right? We took pricing at the beginning of the year became effective middle of the second quarter in anticipation of higher costs that we would have to offset in the business and tariffs were part of that. Obviously, tariffs are still -- at least to me, they still feel like a bit of a moving target right now. And so as we get more clarity on what the tariff levels are for the countries that we are importing from, and how quickly they're impacting our business. As we get more clarity on that, we'll have a bit more clarity on how much pricing we need to keep in the market to do this gross margin protection that I just talked about. And as we get more clarity there, we get more clarity on how much could we potentially do in addition to what we already have planned in terms of promotions.

是的，羅布，謝謝你的跟進。所以提醒一下，我們將定價視為保護毛利率的一種方式，對嗎？我們在年初制定的定價在第二季中期生效，因為我們預期業務中需要抵銷更高的成本，而關稅就是其中的一部分。顯然，關稅仍然——至少對我來說，現在仍然感覺像是一個移動的目標。因此，我們可以更清楚地了解我們進口的國家的關稅水平，以及它們對我們業務的影響有多快。隨著我們對此更加清楚，我們將更加清楚我們需要在市場上保持多少定價才能實現我剛才談到的毛利率保護。隨著我們對此越來越清晰，我們也越來越清楚除了我們已經計劃好的促銷活動之外，我們還能做多少。

Okay, great. Thank you.

好的，太好了。謝謝。

Eric Des Lauriers, Craig-Hallum.

艾瑞克·德斯·勞里埃斯、克雷格·哈勒姆。

Great, thanks for taking my questions. Congrats on a very strong quarter here. Wondering if you could elaborate a bit on the decision to add cold storage to both ECS and adjacent to Seymour. To what extent are you currently utilizing cold storage? And how does this change impact profitability or throughput or otherwise improve your supply chain management?

太好了，謝謝你回答我的問題。恭喜本季業績表現強勁。想知道您是否可以詳細說明一下在 ECS 和 Seymour 附近增加冷藏庫的決定。您目前對冷藏的利用程度如何？這種變化如何影響獲利能力或產量或改善您的供應鏈管理？

Thanks. Good morning. At a high level, certainly, eggs being a refrigerated product, cold storage is a critical part of our supply chain, bringing eggs in off of farms, bringing them from cold storage to our processing facility in Springfield and then in the future, Seymour. And then ultimately, outbound distribution from a cold storage facility. It's very tightly integrated. And we do work with a partner in Springfield, same partner, 10-plus years, which is doing a terrific job for us. The reality is that because that cold storage facility is not co-located with our processing plant, that product has to ride on trucks. And so a big part of the equation is simply eliminating the need to put product on and pull it back off of trucks to move between the cold storage part of our supply chain and the farms on one end and the packing center on the other end. Obviously, we'll still need to bring eggs in off of farms, but we eliminate the other half of that by eliminating the trip between the packing center and the cold storage facility. So the economics are just really compelling to be able to do that in Seymour.

謝謝。早安.從高層次來看，雞蛋當然是冷藏產品，冷藏是我們供應鏈的關鍵部分，將雞蛋從農場運出，從冷藏庫運送到我們位於斯普林菲爾德的加工廠，將來再運送到西摩。最後，從冷藏設施進行出站配送。它集成得非常緊密。我們確實與斯普林菲爾德的一位合作夥伴合作，同一個合作夥伴，已經合作了 10 多年，為我們做出了卓越的貢獻。實際情況是，由於冷藏設施與我們的加工廠不在同一地點，因此產品必須透過卡車運輸。因此，等式的很大一部分就是簡單地消除將產品裝上卡車並將其從卡車上拉下來以在供應鏈的冷藏部分和一端的農場與另一端的包裝中心之間移動的需要。顯然，我們仍然需要從農場運送雞蛋，但透過消除包裝中心和冷藏設施之間的往返，我們減少了另一半的運輸成本。因此，從經濟角度來看，在西摩做到這一點確實很有吸引力。

Meanwhile, we also mentioned in the prepared remarks that our partner has been able to construct a new facility that's much closer to Egg Central Station in Springfield, and that already provides us with an opportunity for improved economics as we ship product between the two facilities.

同時，我們在準備好的發言中也提到，我們的合作夥伴已經能夠建造一個更靠近斯普林菲爾德 Egg Central Station 的新設施，這為我們在兩個設施之間運輸產品時提供了改善經濟效益的機會。

And Eric, let me just clarify one thing, right? We had always intended to use cold storage in Seymour as well to Russell's point, right? As we store the eggs before we process them, we need cold storage. And as we did the more detailed planning on the facility in Seymour, we realized that literally having a shared wall between cold storage and the facility that just drives up efficiency. And with that, we made the decision to construct cold storage on site so that we make this a process that is as efficient as possible, right? This goes back to how we have been talking about Seymour for a while that all the learnings that we got from Springfield, we want to apply them to Seymour to make sure that we get the best bang for the buck there.

艾瑞克，讓我澄清一件事，好嗎？正如羅素所說，我們一直打算在西摩使用冷藏設施，對嗎？由於我們在加工雞蛋之前要先儲存它們，所以我們需要冷藏。當我們對西摩的設施進行更詳細的規劃時，我們意識到在冷藏庫和設施之間共用一堵牆可以提高效率。因此，我們決定在現場建造冷藏庫，以使這個過程盡可能高效，對嗎？這又回到了我們之前談論西摩的話題，我們從斯普林菲爾德學到的所有知識，我們都想應用到西摩，以確保我們在那裡獲得最大的收益。

That's very helpful color. I appreciate that. And then just as a follow-up to obviously meeting this increasing demand, nice progress in Q2. We should see further progress in the second half. Can you just kind of comment on your ability or perhaps the risks around potentially accelerating family farms coming into the network kind of ahead of initial expectations. You have a very robust pipeline there. It's obviously a lever you can pull to help meet the demand. Just kind of help us understand the risks of doing that either too quickly or too slowly. Help us understand how you're kind of thinking about managing that pipeline.

這是非常有用的顏色。我很感激。然後，作為滿足這一日益增長的需求的後續行動，第二季度取得了良好的進展。我們應該會在下半年看到進一步的進展。您能否評論一下您的能力，或評論一下加速家庭農場進入網路的潛在風險，這種加速可能超出最初的預期。那裡有非常強大的管道。顯然，這是一個可以用來滿足需求的槓桿。只是幫助我們了解做得太快或太慢的風險。幫助我們了解您對管理該管道的想法。

Yes. Great question. I appreciate it. So as you've come to know about us, we're pretty darn intentional in everything that we do. And the number 1 risk that we work to manage in every decision is really the trust we built with all of our stakeholders, including the trusted brand we've built with consumers and retail partners. So the number 1 risk we would look at when we accelerate something like new farm additions to our network would be how do we do that without compromising the quality of that farmer, our ability to train and onboard them and set them up for success to do a great job of caring for the hands and producing a really high-quality product.

是的。好問題。我很感激。正如您所了解的，我們所做的每一件事都是非常有目的性的。我們在每個決策中努力管理的首要風險實際上是我們與所有利害關係人建立的信任，包括我們與消費者和零售合作夥伴建立的值得信賴的品牌。因此，當我們加速諸如將新農場添加到我們的網絡中時，我們首先要考慮的風險是如何在不損害農民素質、培訓和引導農民能力的情況下做到這一點，並讓他們能夠成功地照顧好自己的雙手並生產出真正高質量的產品。

So long before we accelerated the rate at which we brought on new farmers, we accelerated and built out our capability to do so by building out a bigger team, by arming them with better technology and by actually bringing in a really powerful leader, our sales leader, Pete Pappas, to lead the entire farm support and farm recruiting team. So we really started the process of preparing for that acceleration at the beginning of the year. And what we're seeing now is the beginnings of the fruition of all those investments.

早在我們加快吸引新農民的速度之前，我們就透過組建更大的團隊、為他們配備更好的技術以及引進一位真正強大的領導者——我們的銷售主管 Pete Pappas——來領導整個農場支持和農場招聘團隊，來加速和增強我們的能力。因此，我們從年初就真正開始了為加速做準備的過程。我們現在看到的是所有這些投資開始取得成果。

Beyond that, I think our plans are not to have farms in advance of our ability to pack eggs. It's really a process that we plan to be very much in sync and balanced. So as we continue to hit new production records at ECS every week or so as we continue to build out the team, do the training and improve our operations there, we're looking ahead to the Q4 third line being coming online in Q4 of this year. Those things are all timed so that we'll have the processing capacity to bring those eggs to market.

除此之外，我認為我們的計畫是不在具備雞蛋包裝能力之前建立農場。這確實是一個我們計劃同步且平衡的過程。因此，隨著我們繼續組建團隊、進行培訓並改善我們在那裡的運營，我們每週都會在 ECS 創下新的生產記錄，我們期待著 Q4 第三條生產線在今年第四季度上線。這些事情都是有時間安排的，這樣我們才有足夠的加工能力將這些雞蛋推向市場。

Very helpful. I appreciate that color.

非常有幫助。我很欣賞那個顏色。

Thank you.

謝謝。

Matt Smith, Stifel.

馬特史密斯（Matt Smith），Stifel。

Hi, good morning. Thanks for taking my question. Russell, I wanted to come back to the demand environment that you're seeing as you exit the supply constraint more from a retailer perspective. You've talked about the opportunity for growth in the future expansion of distribution to come from getting more items on shelf versus new retailers. Can you update us on your thoughts there given the significant growth you've seen in the category and how that informed your decision to expand Seymour? Are you seeing a greater opportunity from new stores? Or is it more still about greater items of -- greater number of items on shelf? Thank you.

嗨，早安。感謝您回答我的問題。拉塞爾，我想從零售商的角度來談談您在擺脫供應限制時看到的需求環境。您談到了未來分銷擴張的成長機會，即透過向新零售商提供更多的商品來實現。鑑於您所看到的該類別的顯著增長，您能否向我們介紹您的想法，以及這如何促使您做出擴大 Seymour 的決定？您是否從新店中看到了更大的機會？或者更多的是有關貨架上物品數量的增加？謝謝。

Yes. Terrific question. So we continue to be in well over 20,000 stores. I think different measures have us somewhere between 23,000 and 25,000 stores, but it's in that range. And if we did our jobs right over the last 15 years, we're in the right first 240 or so thousand stores. The opportunity, I believe, is to continue to build out our portfolio of products and frankly, shelf space in those really high-performing doors. And the fact that we've got entrants into the category of pasture-raised eggs, which really is a process that got started back in 2014, 2015, I think has done a terrific job of growing awareness of different types of eggs -- and expanding the TAM, if you will, for a very premium egg. I don't believe it's come at the expense of our own growth. So anything we can do to continue to both highlight the availability and benefits of buying a premium egg and more importantly, to expand the holding power on those shelves of the brand Vital Farms, whether it comes in the form of additional SKUs or simply additional facings of existing SKUs, I think, will be an important driver of our growth.

是的。非常好的問題。因此，我們的業務將繼續涵蓋超過 20,000 家商店。我認為，根據不同的衡量標準，我們的門市數量應該在 23,000 到 25,000 家之間，但應該在這個範圍內。如果我們在過去 15 年裡做得正確，那麼我們已經進入了前 24 萬家左右的商店。我相信，機會在於繼續擴大我們的產品組合，坦白說，在那些真正高性能的門上佔據貨架空間。事實上，我們已經將產品引入了牧場飼養雞蛋類別，這個過程實際上始於 2014 年、2015 年，我認為，這一過程在提高人們對不同類型雞蛋的認識方面發揮了巨大作用 - 並且擴大了優質雞蛋的 TAM（潛在市場）。我不相信這是以犧牲我們自身的成長為代價的。因此，我們可以採取任何措施繼續強調購買優質雞蛋的可用性和好處，更重要的是，擴大 Vital Farms 品牌貨架的保有量，無論是增加 SKU 還是僅僅增加現有 SKU 的陳列面，我認為，都將成為我們成長的重要驅動力。

And Thilo, as a follow-up, price mix came in quite strong, about 10% again this quarter. I know there's -- and that was with a partial benefit of the recent price increase. Can you talk about mix over the rest of the year? It sounds like pricing is going to remain somewhat flexible with your promotional step-up in the second half with some flexibility reserved there. But from a mix standpoint, anything to call out as we move forward? Thank you.

作為後續行動，Thilo 的價格組合表現相當強勁，本季再次上漲約 10%。我知道有——而且這是最近價格上漲的部分好處。能談談今年剩餘時間的混音情況嗎？聽起來，隨著​​下半年促銷的提升，定價將保持一定的彈性，並且保留一定的彈性。但是從混合的角度來看，我們在前進的過程中有什麼需要注意的嗎？謝謝。

Yes. From a mix perspective, we continue to have the long-term trend of the business shifting from conventional eggs to organic eggs. So there is a price per unit benefit that we get from that. Second quarter, we obviously had roughly half a quarter of the benefit of the price increase. Second half of the year, obviously, that will be full quarters. but then partially offset from the increase in promotions that we talked about. And then the last piece that benefited us in Q2 and that will fade in the second half is the shift from untracked channels to tracked channels. We talked about it on the first quarter call that we were sending less eggs to the breaker channel or the wholesale channel because we found more outlets in the retail channel for these eggs. And with that, we get a price mix benefit as well. It was a few points in the second quarter. Given that we are starting to lap this effort to move eggs from the breaker channel to the retail channel, that benefit will be less prevalent in the second half of the year, but it certainly was a positive impact in Q2. Thank you.

是的。從組合角度來看，我們的業務繼續從傳統雞蛋轉向有機雞蛋的長期趨勢。因此，我們從中獲得了單位價格效益。第二季度，我們顯然獲得了大約四分之一的價格上漲所帶來的好處。顯然，下半年將是整個季度，但部分抵消了我們所談論的促銷活動的增加。然後，最後一點對我們在第二季有利、但在下半年將會逐漸消失的因素是從非追蹤管道轉向追蹤管道的轉變。我們在第一季的電話會議上談到，我們向拆解通路或批發通路發送的雞蛋減少了，因為我們在零售通路找到了更多這些雞蛋的銷售管道。這樣，我們也能獲得價格組合優勢。第二節比賽只拿下了幾分。鑑於我們開始努力將雞蛋從打蛋機管道轉移到零售管道，這種好處在下半年將不那麼明顯，但對第二季度肯定產生了積極影響。謝謝。

Thanks. Bye.

謝謝。再見。

Brian Holland, D.A. Davidson.

布萊恩霍蘭德、D.A.戴維森。

Good thanks. Good morning. Most of my questions have been answered, but I did want to ask about the guidance, and maybe it's a bit of a philosophical question or -- but you -- typically, you have not flowed through all of the upside that you are realizing in current quarter when you've taken guidance up at least in the recent past. Obviously, there's a number of reasons for that, whether that's reinvestment or what have you. So I'm just curious because, again, you flowed through, again, dangerous doing math, me doing back of the envelope math this morning. But curious, if you did indeed flow through all of the upside, right, it implies kind of second half estimates need to at least stay where they are, come up. What are you seeing specifically to give you that level of confidence and visibility, whether it's with respect to the consumer, competitive landscape, your customers? Just curious if there's anything you can sort of hone in on there. Thanks.

很好，謝謝。早安.我的大部分問題都得到了回答，但我確實想問一下有關指導的問題，也許這是一個有點哲學的問題，或者 - 但是你 - 通常情況下，當你至少在最近一段時間內接受指導時，你還沒有充分利用你在本季度意識到的所有好處。顯然，造成這種情況的原因有很多，無論是再投資還是其他原因。所以我只是很好奇，因為，你又一次經歷了危險的數學運算，今天早上我做了信封背後的數學運算。但奇怪的是，如果你確實經歷了所有的上行趨勢，對吧，這意味著下半年的估計至少需要維持現狀，上升。您具體看到了什麼，讓您有如此程度的信心和知名度，無論是關於消費者、競爭格局還是您的客戶？我只是好奇您是否可以就此進行深入研究。謝謝。

Brian, so I'll start since you used the word philosophical, that's my love language. We'll let Thilo follow up with the math. Philosophically, as you've come to know, we're -- Thilo and I, we're pretty conservative in how we operate and how we think about and forecast the business. And so at a high level, philosophically, this does not reflect a change in our level of conservatism, our desire to do what we say and say we do throughout the business. This reflects our perspective on the high level of execution we're seeing as we expand the supply of eggs coming off farms, expand the capacity that we have at Egg Central Station week over week over week. And as we continue to see really high levels of consumer awareness and consistently high levels of conversion through the funnel from awareness all the way through to heavy user. The commercial engine, if you will, remains strong and has been. And our operations are now really substantially catching up to that commercial engine. And so it's fun to see. It's not always so exciting. It's day-to-day blocking and tackling, but it's great to see our plans come to fruition this year.

布萊恩，既然你使用了哲學這個詞，那麼我就先說到這裡，這是我的愛情語言。我們會讓 Thilo 繼續進行數學計算。從哲學上講，正如您所知，蒂洛和我對我們的運作方式以及我們對業務的思考和預測方式都相當保守。因此，從哲學角度來看，從高層次來看，這並不反映我們保守程度的改變，也不反映我們在整個業務中實踐自己所說和所做的願望的改變。這反映了我們對高水準執行的看法，隨著我們不斷擴大農場雞蛋的供應量，不斷擴大雞蛋中心站的產能，我們已經取得了顯著成效。我們不斷看到消費者認知度不斷提高，從認知到重度使用者的轉換率也持續保持在高水準。如果你願意的話，商業引擎依然強勁，而且一直如此。我們的營運現在確實正在大幅追趕那個商業引擎。所以看起來很有趣。它並不總是那麼令人興奮。這是每天的阻擋和鏟球，但很高興看到我們的計劃今年取得了成果。

Yes, Brian, I would just add to that. We said after the first quarter call, we wanted to give ourselves a bit more time to see the reaction in the market to the price increase. Now that we have had the time now that we have been able to watch how retailers are reacting, how consumers are reacting, we're just getting more confident that the plans for the second half, to Russell's point, that they are working out the way we thought they would work out. And with that, we thought it was the right thing to do to reflect that in the guidance that we continue to have the strong volume growth that we have planned since the beginning of the year and that we get some additional benefit from pricing.

是的，布萊恩，我只是想補充一點。我們在第一季電話會議後表示，我們希望給自己更多時間來觀察市場對價格上漲的反應。現在我們有時間觀察零售商和消費者的反應，我們更加相信下半年的計畫會以我們預想的方式順利實施，正如羅素所說。因此，我們認為應該在指導中反映出我們將繼續保持自年初以來計劃的強勁銷售成長，並從定價中獲得一些額外收益。

Yes, I appreciate the color from both of you. That's, I guess, directionally what I was trying to get at, what you provided in your answer there. So I appreciate that. But maybe just kind of double-clicking on that, right? I mean -- so like if we just take last year for instance, you talked about, hey, we're going to reinvest, we're going to pull forward hiring of people, advertising, infrastructure, all that good stuff. As we start to look forward, kind of where are we in that process of having people, having infrastructure, relative advertising levels. Are those numbers that you still think you under-index to relative to where you need to be? Or conversely, as we start to look forward, are we getting to a point where we start to see the scale benefits of those investments over the last 12, 24 months, whatever, really flow through the model as you continue to keep up this level of volume throughput? I'll leave it there. Thanks.

是的，我很欣賞你們兩位的態度。我想，這就是我想要的方向，也是您在回答中提供的內容。我很感激。但也許只需雙擊它，對嗎？我的意思是——就拿去年為例，你說過，我們要重新投資，我們要提前招聘員工，投放廣告，建設基礎設施，所有這些好東西。當我們開始展望未來時，我們在擁有人才、基礎設施、相關廣告水平方面處於什麼位置。您是否仍認為這些數字相對於您需要達到的水平而言還不夠呢？或者相反，當我們開始展望未來時，我們是否會到達這樣一個點：隨著您繼續保持這種吞吐量水平，我們開始看到過去 12、24 個月內這些投資的規模效益真正流經該模型？我就把它留在那裡。謝謝。

Yes. I would argue, Brian, that we are starting to see scale benefits. I think we have been seeing scale benefits for quite a while now. And the acceleration of hiring that we did second half of last year after we had very strong margins in the first half, that we are starting to lap, right? So there is a bit of a benefit there. But remember, we continue to invest in the business, right? I think the change in the CapEx guidance, that's one example of where we are investing in the business to make sure that we continue to deliver the high growth rate that you expect from us. And there are a few additional positions that we are creating and filling maybe a bit ahead of time. It is less of a meaningful acceleration of the hiring than what we had last year. But given that the year is playing out pretty well, we continue to build out the organization. We have our aspiration to have a world-class organization to drive this business, and that continues to require investments. And that's not to say that we are reinvesting all the profit that we are generating, right? Obviously, we want to generate margin upside from scale. But margins are also at a level where we are very comfortable with the level that we are at. And so that gives us the -- I think, the flexibility to make these investments in the business to ensure that we deliver the next quarter, but we also deliver the next decade.

是的。布萊恩，我想說，我們開始看到規模效益。我認為我們已經看到規模效益很長一段時間了。我們在去年上半年獲得了非常高的利潤率，之後在下半年加快了招募速度，現在我們開始追趕上來，對嗎？因此這有一點好處。但請記住，我們會繼續投資於業務，對嗎？我認為資本支出指引的變化就是我們對業務進行投資的一個例子，以確保我們繼續實現您期望的高成長率。我們也正在創建一些額外的職位，也許會提前一些時間填補。與去年相比，這次招募的加速意義不大。但鑑於今年的進展順利，我們將繼續建立組織。我們渴望擁有一個世界一流的組織來推動這項業務，而這需要持續的投資。這並不是說我們要把所有產生的利潤都重新投資，對嗎？顯然，我們希望透過規模創造利潤空間。但利潤率也處於我們非常滿意的水平。因此，我認為，這給了我們靈活性，可以對業務進行這些投資，以確保我們在下個季度以及未來十年實現目標。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good morning, guys. Thanks so much for taking our questions. First thing I wanted to ask about, you have made some commentary around being able to rebuild some of your own internal inventories. So wondering if you can just kind of share an update on that in terms of where you are relative to where you think you need to be in order to drive a more smooth growth rate, let's say, going forward?

嘿，大家早安。非常感謝您回答我們的問題。首先我想問的是，您對重建自己的一些內部庫存發表了一些評論。所以我想知道您是否可以分享一下最新情況，就您目前的狀況以及您認為需要達到的水平而言，以便推動更平穩的增長率，比如說，向前發展？

Yes. Great question, Scott. So with inventory, if you look through the press release, you'd see that we had quite a bit of inventory build in the second quarter. That will -- we will have to continue on that path for a little bit longer with eggs, we are just at over -- just over a week of inventory for eggs that come off the farm. We prefer to have two or three weeks of inventory there simply because it gives us a bit of a buffer as we go into the busy season in Q4, but also because it allows us to run ECS much more efficiently than the way we run it when we only have a few days of inventory, right? So expect a bit of additional buildup there.

是的。好問題，史考特。因此，對於庫存，如果您查看新聞稿，您會發現我們在第二季度累積了相當多的庫存。那就 — — 我們將不得不繼續沿著這條路走一段時間，雞蛋庫存剛剛超過 — — 農場產出的雞蛋庫存剛好超過一周。我們傾向於在那裡保留兩到三週的庫存，因為當我們進入第四季度的繁忙季節時，這給了我們一點緩衝，而且它還使我們能夠比只有幾天庫存時更有效率地運行 ECS，對嗎？因此預計那裡會有一些額外的累積。

Our better inventory, the really busy season of the year is the fourth quarter when the country gets to really a lot of baking. And so we'd like to build up inventory going into that. And then we have packaging inventory that it has to grow with the business. We need to have enough packaging on hand to make sure that we can keep running. So given that we started the year with a very low inventory position, it's important for us to continue to rebuild inventory so that there will be a drain on working capital for the year. And thinking back to an earlier question, how we're funding our CapEx, even with more inventory building, we have the cash flow and we have the cash on hand to ensure that we can fund all of our CapEx projects out of existing cash without having to go to the market in any way.

我們的庫存較好，一年中真正繁忙的季節是第四季度，那時全國的烘焙產量非常大。因此，我們希望建立庫存。然後我們有包裝庫存，它必須隨著業務的成長而成長。我們需要有足夠的包裝以確保我們能夠繼續運作。因此，考慮到我們今年年初的庫存水準非常低，對我們來說繼續重建庫存非常重要，這樣今年的營運資金就不會耗盡。回想一下之前的問題，我們如何為我們的資本支出提供資金，即使庫存增加，我們也有現金流，並且我們手頭有現金，以確保我們可以用現有現金為所有資本支出項目提供資金，而無需以任何方式進入市場。

Got it. And then last one for me. As we think about maybe the more mainstream part of the egg market, where we've had more AV and flu disruption, I know there's been what seems like some signs of normalization of supply there. And I know there has been some questions about what that means for kind of pricing and shelf space and other dynamics in the egg market. So wondering if you can just share your updated view on what's happening there and whether or not you are seeing any impacts to your business because of that.

知道了。這是我的最後一個。當我們考慮雞蛋市場中更主流的部分時，我們受到了更多的禽流感和流感的干擾，我知道那裡似乎出現了一些供應正常化的跡象。我知道有人質疑這對雞蛋市場的定價、貨架空間和其他動態意味著什麼。所以我想知道您是否可以分享您對那裡發生的事情的最新看法，以及您是否看到這對您的業務產生了任何影響。

Thanks, Scott. It is our sincere hope that we do not see a return of avian influenza this fall and the mass slaughter of so many laying hands in this country. And that's anybody's guess. I don't have any insider information about the likelihood of that returning. I will say that in our experience, the pricing of commodity eggs in the market has a very limited impact on our business, our ability to grow, our ability to attract and retain new households. And so we are -- I think we can all see in the scan data, sequential decreases in egg retails as supply comes back online, as the national flock gets rebuilt as it were, still, I think, above same time last year, but coming down. That's not appearing to impact consumer demand or retailer demand for our products. I think we're just playing in a different part of the market and appealing to a different set of consumer needs.

謝謝，斯科特。我們真誠地希望今年秋天禽流感不會捲土重來，也希望這個國家不會出現大量禽鳥被屠殺的現象。這只是猜測。我沒有任何關於這種情況是否會再次發生的內部消息。我想說的是，根據我們的經驗，市場上商品雞蛋的定價對我們的業務、我們的發展能力、我們吸引和留住新家庭的能力的影響非常有限。所以，我想我們都可以從掃描數據中看到，隨著供應恢復，隨著全國雞群的重建，雞蛋零售量連續下降，但我認為，仍然高於去年同期，但正在下降。這似乎不會影響消費者或零售商對我們產品的需求。我認為我們只是在市場的不同部分發揮作用並滿足不同的消費者需求。

Got it, thanks so much. I'll pass it on.

明白了，非常感謝。我會傳達的。

Thank you.

謝謝。

Ben Cleve, Lake Street Capital Markets.

本‧克利夫 (Ben Cleve)，Lake Street Capital Markets。

Congratulations on a good quarter here. Russell, a philosophical question for you. The -- it's really encouraging to see the expanded farm supply network and also really encouraging to see the data point you called out of having kind of 8x the number of folks in the pipeline relative to the number of new farms that you need here in the next year. I'm curious, given the success that you've had in onboarding new folks in that pipeline, if that kind of changes your philosophy around the need for accelerator farms?

恭喜本季取得良好業績。羅素，我問你一個哲學問題。看到農場供應網絡的擴大確實令人鼓舞，同樣令人鼓舞的是，您所說的數據表明，相對於明年所需的新農場數量，待建農場的數量是 8 倍。我很好奇，鑑於您在招募新員工方面的成功，這是否會改變您對加速器農場需求的理念？

Yes. Thanks, Ben, and I appreciate you continuing on the philosophy theme. The intention of Accelerator farms, which are -- continue to be, I think, an important part of our long-term strategy is not as a substantial source of supply for eggs. It is to help make better the performance of and the performance of the profitability of and the animal welfare of our network of growing family farms. It's to try out new technologies, new techniques and see on our dime with our CapEx, limited CapEx what else is possible to help improve the performance of those existing farms. The reality is, if anything, ironically, it makes the work we're doing on those accelerator farms even more important because we're able to leverage the learnings in the future over more and more and more family farms. So while I certainly don't think it increases the need for additional farms, I think the number that we've planned, roughly 15 accelerator farms will give us learnings that we can leverage over more and more and more family farms and improve outcomes for those farmers for our -- for the hands and for the quality of the products we bring to market.

是的。謝謝，本，我很感謝你繼續討論哲學主題。我認為，加速器農場的意圖仍然是我們長期策略的重要組成部分，其目的並不是成為雞蛋的主要供應來源。這是為了幫助提高我們不斷壯大的家庭農場網絡的績效、獲利能力和動物福利。這是為了嘗試新技術、新技巧，看看在我們的資本支出、有限的資本支出下，還有什麼可以幫助提高現有農場的績效。諷刺的是，現實情況是，這使得我們在這些加速器農場所做的工作變得更加重要，因為我們能夠在未來將所學到的知識應用到越來越多的家庭農場中。因此，雖然我當然不認為這會增加對額外農場的需求，但我認為我們計劃的大約 15 個加速器農場的數量將為我們提供經驗，我們可以利用這些經驗來影響越來越多的家庭農場，並改善這些農民的成果——提高我們推向市場的產品的質量。

Very good. I appreciate that. Alright, thanks for taking my questions. I'll get back to you.

非常好。我很感激。好的，感謝您回答我的問題。我會回覆你。

Ben Mayhew, BM Capital Markets.

Ben Mayhew，BM 資本市場。

Hey, good morning guys. Congratulations on the strong results. A lot has been asked already, but I would like to just focus on maybe the health of the consumer and what you guys are seeing in your data specific to Vital Farms, but also the larger food category. And you mentioned that there's an opportunity with unmet demand. So I was just hoping that you could maybe unpack that a little bit more as it relates to Vital Farms. Thanks.

嘿，大家早安。恭喜您取得如此優異的成績。已經有很多問題了，但我只想專注在消費者的健康狀況以及你們在 Vital Farms 數據中看到的情況，也關注更大的食品類別。您提到了未滿足的需求中存在著機會。所以我只是希望您能更詳細地解釋一下與 Vital Farms 相關的問題。謝謝。

Yes. Great questions. We certainly see a lot of headlines and a lot of discussion in your world around the health of the consumer. And I think the reality is that while there are certainly potentially macro headwinds out there, I don't know that it's having a big impact on our ability to create and communicate the value of our brand to our current and potential consumers. And I think that's the critical point here. This is not a big sort of capital purchase for households. This is an under $10 in most cases, consumption item that is in reach for a lot of American households. And the important part is whether we're creating and communicating enough value to warrant to justify them spending their precious dollars on our products. And that's the job at hand.

是的。很好的問題。我們確實看到你們世界裡有很多關於消費者健康的頭條新聞和討論。我認為現實情況是，雖然肯定存在潛在的宏觀阻力，但我不知道這是否會對我們創造品牌價值並向現有和潛在消費者傳達品牌價值的能力產生重大影響。我認為這就是關鍵點。對於家庭來說，這並不是什麼大額的資本購買。在大多數情況下，這是一種價格低於 10 美元的消費品，許多美國家庭都可以負擔。重要的是我們是否創造和傳達了足夠的價值，以確保他們花寶貴的錢購買我們的產品是合理的。這就是當前的任務。

And so while American consumers may be facing a make, -- and I think we've proven our ability to continue to do that regardless of the macro backdrop. So we -- and what gives us confidence that there's unmet demand besides the fact that the orders that come in from retailers aren't always getting met in full week-to-week, but we're getting better is the fact that we have driven a substantial increase in consumer awareness of our brand this year and that the historic relationship between consumer awareness as a preview of trial and new household penetration, that there's been a gap that's formed there, where we've driven a lot more awareness than we've captured in households. And I think that's driven by our limited supply in the first half of the year. So the growth in the back half, in large part, simply satisfies the need of the households we've reached but aren't fully supplying yet.

因此，儘管美國消費者可能面臨困境，但我認為我們已經證明了我們有能力無論宏觀背景如何繼續做到這一點。因此，除了零售商的訂單並不總是每週都得到全額滿足之外，讓我們有信心還有未滿足的需求，但我們正在變得更好，因為我們今年已經大幅提高了消費者對我們品牌的認知度，並且消費者認知度作為試用預覽和新家庭滲透之間的歷史關係，在那裡形成了一個差距，我們推動的認知度遠遠高於我們在家庭中獲得的認知度。我認為這是由於我們上半年的供應有限造成的。因此，後半段的成長在很大程度上只是滿足了我們已經接觸到但尚未完全供應的家庭的需求。

Thank you. That's very Clear. I'll hop back in the queue.

謝謝。這非常清楚。我會重新回到隊列中。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

Good morning. Thanks for the question. Maybe building on that theme with consumption, but looking more at net demand rather than unmet demand. When you segment your buyers by frequency, the light, the medium, the heavy, over the past few years, the proportion across those buckets hasn't really changed. And I understand that as new buyers come in with household growth, that naturally keeps that light buyer portion on the heavier end. But I'm curious how you think about your ability to actively migrate a larger share of buyers up that frequency curve from one unit a year to more regular purchases. Are there other noneconomic factors or levers that you can address to accelerate conversion? Are there certain geographies or demos that are underpenetrated that could be naturally heavier buyers right out of the gate? Or is it more so just sort of waiting for the market to develop on its own?

早安.謝謝你的提問。也許可以以消費為主題，但更專注於淨需求而不是未滿足的需求。在過去幾年裡，當你根據購買頻率對買家進行細分，即輕度、中度、重度，這些類別的比例實際上並沒有改變。我明白，隨著家庭規模的擴大，新買家的湧入，自然會使輕度購買者的比例保持在較高水準。但我很好奇，您如何看待自己能夠積極地將更大比例的買家從每年購買一個單位的頻率曲線轉變為更定期的購買。是否有其他非經濟因素或槓桿可以幫助您加速轉換？是否存在某些尚未普及的地區或群體，可能一開始就自然而然地成為更大的買家？或只是在等待市場自行發展？

Yes. It's interesting. I actually view that statistic, the fact that the proportion of light, medium, heavy, extra heavy over time has remained consistent, remarkably consistent even as we have grown the number of households as a real positive. I think that there's a very natural and in essence, predictable migration over time. So the number of extra heavy and heavy using households has grown in proportion to total households year after year after year. And what we found is that our primary objective is actually to continue to drive the top of the funnel, awareness and new households because there's, again, a very natural progression from trial all the way to heavy user.

是的。這很有趣。事實上，我認為這個統計數據是一個積極的信號，即輕度、中度、重度和超重度的比例一直保持一致，甚至在家庭數量增加的情況下也保持了驚人的一致。我認為隨著時間的推移，這種遷移是非常自然的，本質上也是可預測的。因此，超重和重度用電家庭的數量佔家庭總數的比例逐年增加。我們發現，我們的主要目標實際上是繼續推動漏斗頂端、知名度和新家庭的發展，因為從試用到重度用戶有一個非常自然的進步過程。

When I first started at Vital Farms, I kept asking that same question. Surely, our existing customers is our best customer and why aren't we doing more to drive that migration to heavy use. And I've learned over time that actually adding households over time is the highest and best use of our commercial dollars. And we haven't come close to hitting the point at which we need to focus -- to shift focus from new households to simply improving the profitability or buy rate of the existing ones.

當我剛開始在 Vital Farms 工作時，我一直問同樣的問題。當然，我們現有的客戶是我們最好的客戶，為什麼我們不做更多的事情來推動這種遷移到大量使用？隨著時間的推移，我了解到，隨著時間的推移，增加家庭數量實際上是對我們商業資金的最高和最佳利用。我們還遠遠沒有達到我們需要關注的點——將重點從新家庭轉移到僅僅提高現有家庭的盈利能力或購買率。

Sarang Vora, Telsey Group.

Sarang Vora，Telsey 集團。

Great. Congrats on a great quarter and guidance. My question is on Seymour, Indiana. You're accelerating the production line set up two lines, $900 million revenue. Back of the envelope math suggests you need another 500 farms roughly to support this lineup of $900 million. So curious to know like how is the curve of the family farm ramp you expect over the next two years? Is this like '26 and '27 could be a massive ramp of like roughly 500 farms or it could be a little longer curve over the farms and then the production line? Just curious to know how you're thinking of Seymour, Indiana curve.

偉大的。恭喜您取得了出色的季度業績和出色的指導。我的問題是關於印第安納州西摩的。你們正在加速生產線設置兩條線，收入9億美元。粗略計算表明，大約需要另外 500 個農場來支持這價值 9 億美元的陣容。所以我很好奇，想知道您預計未來兩年家庭農場的成長曲線是怎麼樣的？這是否像 26 年和 27 年那樣，可能是一條覆蓋大約 500 個農場的大型坡道，或者可能是一條覆蓋農場然後是生產線的稍長的曲線？只是好奇想知道您如何看待印第安納州西摩曲線。

Yes, I appreciate that. So I do think that previewing the curve of new farm ramp-ups is, in some senses, a preview of longer-term guide. And so we're not quite prepared to do that. What I would say is that our current plans are to continue our current pace of adding new family farms. And as we continue through this year and perhaps into next year, we may be in a better position to update further out goals for the brand and for the company.

是的，我很感激。因此，我確實認為，從某種意義上說，預測新農場成長曲線是長期指南的預覽。所以我們還沒有做好這樣的準備。我想說的是，我們目前的計劃是繼續按照目前的步伐增加新的家庭農場。隨著我們今年乃至明年的繼續發展，我們可能能夠更好地更新品牌和公司的進一步目標。

Great, thank you.

太好了，謝謝。

I will turn the call back over to John Mills for closing remarks. Great. Thank you.

我將把電話轉回給約翰·米爾斯，請他作最後發言。偉大的。謝謝。

Thank you for participating on the Vital Farms second quarter call today. We have a number of investor events that we will be attending in the next few months and look forward to seeing hopefully you there. Also, we look forward to updating you on our business progress during our third quarter call, which will take place in November. Thanks, everyone, and have a great day.

感謝您今天參加 Vital Farms 第二季度電話會議。我們將在接下來的幾個月裡參加許多投資者活動，並希望在那裡見到您。此外，我們期待在 11 月舉行的第三季電話會議上向您通報我們的業務進度。謝謝大家，祝大家有個愉快的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. 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。您現在可以斷開連線。